Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Transition Report | false | ||
Entity File Number | 001-31343 | ||
Entity Registrant Name | ASSOCIATED BANC-CORP | ||
Entity Incorporation, State or Country Code | WI | ||
Entity Tax Identification Number | 39-1098068 | ||
Entity Address, Address Line One | 433 Main Street | ||
Entity Address, City or Town | Green Bay, | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 54301 | ||
City Area Code | 920 | ||
Local Phone Number | 491-7500 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,085,259,987 | ||
Entity Common Stock, Shares Outstanding | 149,604,819 | ||
Documents Incorporated by Reference | Portions of the registrant's Proxy Statement for the Annual Meeting of Shareholders to be held on April 26, 2022 are incorporated by reference in this Form 10-K into Part III. | ||
Entity Central Index Key | 0000007789 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Auditor Location | Chicago, Illinois | ||
Auditor Firm ID | 185 | ||
Auditor Name | KPMG LLP | ||
NEW YORK STOCK EXCHANGE, INC. | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common stock, par value $0.01 per share | ||
Trading Symbol | ASB | ||
Security Exchange Name | NYSE | ||
Series E Preferred Stock | NEW YORK STOCK EXCHANGE, INC. | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E | ||
Trading Symbol | ASB PrE | ||
Security Exchange Name | NYSE | ||
Series F Preferred Stock [Member] | NEW YORK STOCK EXCHANGE, INC. | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F | ||
Trading Symbol | ASB PrF | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 343,831 | $ 416,154 |
Interest-bearing deposits in other financial institutions | 681,684 | 298,759 |
Federal funds sold and securities purchased under agreements to resell | 0 | 1,135 |
Fair Value | 4,332,015 | |
Investment securities AFS, at fair value | 541,305 | 3,085,441 |
Investment securities HTM, net, at amortized cost | 2,238,947 | 1,878,938 |
Equity securities | 18,352 | 15,106 |
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 168,281 | 168,280 |
Residential loans held for sale | 136,638 | 129,158 |
Loans | 24,224,949 | 24,451,724 |
Allowance for loan losses | (280,015) | (383,702) |
Loans, net | 23,944,934 | 24,068,022 |
Tax credit and other investments | 293,733 | 297,232 |
Premises and equipment, net | 385,173 | 418,914 |
Bank and corporate owned life insurance | 680,021 | 679,647 |
Goodwill | 1,104,992 | 1,109,300 |
Other intangible assets, net | 58,093 | 68,254 |
Mortgage servicing rights, net | 54,862 | 41,961 |
Interest receivable | 80,528 | 90,263 |
Other assets | 582,168 | 653,219 |
Total assets | 35,104,253 | 33,419,783 |
Liabilities and Stockholders' Equity | ||
Noninterest-bearing demand deposits | 8,504,077 | 7,661,728 |
Interest-bearing deposits | 19,962,353 | 18,820,753 |
Total deposits | 28,466,430 | 26,482,481 |
Federal funds purchased and securities sold under agreements to repurchase | 319,532 | 192,971 |
Commercial paper | 34,730 | 59,346 |
FHLB advances | 1,621,047 | 1,632,723 |
Other long-term funding | 1,870,371 | 2,182,188 |
Allowance for unfunded commitments | 39,776 | 47,776 |
Accrued expenses and other liabilities | 348,560 | 364,088 |
Total liabilities | 31,079,399 | 29,328,850 |
Stockholders’ Equity | ||
Preferred equity | 193,195 | 353,512 |
Common stock | 1,752 | 1,752 |
Surplus | 1,713,851 | 1,720,329 |
Retained earnings | 2,672,601 | 2,458,920 |
Accumulated other comprehensive income (loss) | (10,317) | 12,618 |
Treasury stock, at cost | (546,229) | (456,198) |
Total common equity | 3,831,658 | 3,737,421 |
Total stockholders’ equity | 4,024,853 | 4,090,933 |
Total liabilities and stockholders’ equity | $ 35,104,253 | $ 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 | 149,342,641 | 153,540,224 |
Other long-term funding | $ 1,870,371 | $ 2,182,188 |
Fair Value, Inputs, Level 2 | ||
Assets | ||
Investment securities AFS, at fair value | 4,209,058 | 3,058,910 |
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 168,281 | 168,280 |
Bank and corporate owned life insurance | 680,021 | 679,647 |
Liabilities and Stockholders' Equity | ||
Other long-term funding | 249,324 | 549,465 |
Other long-term funding | $ 249,324 | $ 549,465 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Interest income | ||||
Interest and fees on loans | $ 693,729 | $ 785,241 | $ 998,099 | |
Interest and dividends on investment securities | ||||
Taxable | 37,916 | 59,806 | 100,304 | |
Tax-exempt | 58,710 | 58,320 | 57,565 | |
Other interest | 7,833 | 9,473 | 16,643 | |
Total interest income | 798,189 | 912,840 | 1,172,610 | |
Interest expense | ||||
Interest on deposits | 18,622 | 67,639 | 237,286 | |
Interest on federal funds purchased and securities sold under agreements to repurchase | 143 | 485 | 1,579 | |
Interest on other short-term funding | 22 | 51 | 138 | |
Interest on PPPLF Funding | 0 | 1,984 | 0 | |
Interest on FHLB advances | 36,493 | 57,359 | 69,816 | |
Interest on long-term funding | 17,053 | 22,365 | 28,116 | |
Total interest expense | 72,334 | 149,883 | 336,936 | |
Net interest income | 725,855 | 762,957 | 835,674 | |
Provision for credit losses | (88,011) | 174,006 | 16,000 | |
Net interest income after provision for credit losses | 813,866 | 588,950 | 819,674 | |
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | 212,278 | 246,077 | 288,247 | |
Capital markets, net | 30,602 | 27,966 | 19,862 | |
Mortgage banking, net | 50,751 | 45,580 | 31,878 | |
Bank and corporate owned life insurance | 13,254 | 13,771 | 14,845 | |
Asset gains, net(a) | [1] | 11,009 | 155,589 | 2,713 |
Investment securities gains (losses), net | (16) | 9,222 | 5,957 | |
Gains on sale of branches, net(b) | 1,038 | 7,449 | 0 | |
Other | 11,031 | 10,200 | 11,165 | |
Total noninterest income | 332,364 | 514,056 | 380,824 | |
Noninterest expense | ||||
Personnel | 426,687 | 432,151 | 487,063 | |
Technology | 81,689 | 81,214 | 82,429 | |
Occupancy | 63,513 | 64,064 | 62,399 | |
Business development and advertising | 21,149 | 18,428 | 29,600 | |
Equipment | 21,104 | 21,705 | 23,550 | |
Legal and professional | 21,923 | 21,546 | 19,901 | |
Loan and foreclosure costs | 8,143 | 12,600 | 8,861 | |
FDIC assessment | 18,150 | 20,350 | 16,250 | |
Other intangible amortization | 8,844 | 10,192 | 9,948 | |
Loss on prepayments of FHLB advances | 0 | 0 | ||
Other | 38,721 | 49,135 | 53,986 | |
Total noninterest expense | 709,924 | 776,034 | 793,988 | |
Income before income tax expense | 436,307 | 326,972 | 406,509 | |
Income tax expense | 85,313 | 20,200 | 79,720 | |
Net income | 350,994 | 306,771 | 326,790 | |
Preferred stock dividends | 17,111 | 18,358 | 15,202 | |
Net income available to common equity | $ 333,883 | $ 288,413 | $ 311,587 | |
Earnings per common share | ||||
Basic | $ 2.20 | $ 1.87 | $ 1.93 | |
Diluted | $ 2.18 | $ 1.86 | $ 1.91 | |
Average common shares outstanding | ||||
Basic | 150,773 | 153,005 | 160,534 | |
Diluted | 151,987 | 153,642 | 161,932 | |
Insurance commissions and fees | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | $ 336 | $ 45,245 | $ 89,104 | |
Wealth management fees | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | [2] | 89,854 | 84,957 | 83,467 |
Service charges and deposit account fees | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | 64,406 | 56,307 | 63,135 | |
Card-based fees(a) | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | 43,124 | 38,605 | 39,912 | |
Card-based fees | 43,014 | 38,534 | 39,755 | |
Other revenue | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | 14,558 | 20,963 | 12,629 | |
Card-based fees | $ 17,086 | 19,238 | $ 18,942 | |
Risk Management and Shared Serivies [Member] | ||||
Noninterest expense | ||||
Loss on prepayments of FHLB advances | $ 44,650 | |||
[1] | The year ended December 31, 2020 includes a gain of $163 million from the sale of ABRC.(b) Includes the deposit premium on the sale of branches net of miscellaneous costs to sell. See Note 2 Acquisitions and Dispositions for additional details on the branch sales. | |||
[2] | (a) |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 350,994 | $ 306,771 | $ 326,790 |
Investment securities AFS | |||
Net unrealized gains (losses) | (63,714) | 55,628 | 111,592 |
Amortization of net unrealized losses on AFS securities transferred to HTM securities | 1,551 | 3,359 | 895 |
Reclassification adjustment for net losses (gains) realized in net income | 16 | (9,222) | (5,957) |
Income tax (expense) benefit | 15,557 | (12,429) | (26,898) |
Other comprehensive income (loss) on investment securities AFS | (46,591) | 37,336 | 79,631 |
Defined benefit pension and postretirement obligations | |||
Amortization of prior service cost | (148) | (148) | (148) |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 1,494 | 0 | 0 |
Net actuarial gain | 25,519 | 7,780 | 16,296 |
Amortization of actuarial loss | 4,594 | 3,897 | 476 |
Income tax (expense) | (7,803) | (3,064) | (4,465) |
Other comprehensive income on pension and postretirement obligations | 23,656 | 8,465 | 12,158 |
Other Comprehensive Income (Loss), Net of Tax | (22,935) | 45,801 | 91,789 |
Comprehensive income | $ 328,059 | $ 352,572 | $ 418,579 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | Performance/Service Based RSAs, RSA, [Member] | Board Authorized Purchase Program [Member] | Preferred Equity | Preferred EquityAccounting Standards Update 2016-13 [Member] | Common Stock [Member] | Common Stock [Member]Accounting Standards Update 2016-13 [Member] | Surplus | SurplusAccounting Standards Update 2016-13 [Member] | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment [Member] | Retained EarningsAccounting Standards Update 2016-13 [Member] | Retained EarningsSeries C Preferred Stock | Retained EarningsSeries D Preferred Stock | Retained EarningsSeries E Preferred Stock | Retained EarningsSeries F Preferred Stock [Member] | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Accounting Standards Update 2016-13 [Member] | Treasury Stock | Treasury StockAccounting Standards Update 2016-13 [Member] | Treasury StockPerformance/Service Based RSAs, RSA, [Member] | Treasury StockBoard Authorized Purchase Program [Member] | |
Beginning balance at Dec. 31, 2018 | $ 3,780,888 | $ 256,716 | $ 1,752 | $ 1,712,615 | $ 2,181,414 | $ (124,972) | $ (246,638) | ||||||||||||||||||
Preferred stock shares outstanding, beginning balance (in shares) at Dec. 31, 2018 | 264,000 | ||||||||||||||||||||||||
Common stock shares outstanding, beginning balance (in shares) at Dec. 31, 2018 | 175,216,000 | ||||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||
Net income | 326,790 | 326,790 | |||||||||||||||||||||||
Other Comprehensive Income, Other, Net of Tax | 91,789 | 91,789 | |||||||||||||||||||||||
Other comprehensive income | 91,789 | 91,789 | |||||||||||||||||||||||
Comprehensive income | 418,579 | ||||||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||||||
Stock-based compensation plans, net | 11,216 | (21,038) | 0 | 32,254 | |||||||||||||||||||||
Purchase of Treasury Stock | $ (8,592) | $ (177,484) | $ (8,592) | $ (177,484) | |||||||||||||||||||||
Cash dividends | |||||||||||||||||||||||||
Common stock dividends | (111,804) | (111,804) | |||||||||||||||||||||||
Preferred stock dividends | [1] | (15,202) | (15,202) | ||||||||||||||||||||||
Stock-based compensation expense, net | 24,854 | 24,854 | |||||||||||||||||||||||
Other | (331) | (331) | |||||||||||||||||||||||
Ending 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) | |||||||||||
Ending balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | $ (98,337) | $ (98,337) | |||||||||||||||||||||||
Preferred stock shares outstanding, ending balance (in shares) at Dec. 31, 2019 | 264,000 | 264,000 | |||||||||||||||||||||||
Common stock shares outstanding, ending balance (in shares) at Dec. 31, 2019 | 175,216,000 | 175,216,000 | |||||||||||||||||||||||
Cash dividends | |||||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.53125 | $ 1.34375 | $ 1.46875 | ||||||||||||||||||||||
Net income | 306,771 | 306,771 | |||||||||||||||||||||||
Other comprehensive income | 45,801 | 45,801 | |||||||||||||||||||||||
Comprehensive income | 352,572 | ||||||||||||||||||||||||
Stock-based compensation plans, net | 3,966 | (17,663) | 21,629 | ||||||||||||||||||||||
Purchase of Treasury Stock | (6,113) | (71,255) | (6,113) | (71,255) | |||||||||||||||||||||
Common stock dividends | (112,023) | (112,023) | |||||||||||||||||||||||
Preferred stock dividends | [2] | (18,358) | (18,358) | ||||||||||||||||||||||
Issuance of preferred stock | 100,000 | ||||||||||||||||||||||||
Issuance of preferred stock | 96,796 | $ 96,796 | |||||||||||||||||||||||
Stock-based compensation expense, net | 21,561 | 21,561 | |||||||||||||||||||||||
Ending balance at Dec. 31, 2020 | $ 4,090,933 | $ 353,512 | $ 1,752 | 1,720,329 | 2,458,920 | 12,618 | (456,198) | ||||||||||||||||||
Preferred stock shares outstanding, ending balance (in shares) at Dec. 31, 2020 | 364,000 | ||||||||||||||||||||||||
Common stock shares outstanding, ending balance (in shares) at Dec. 31, 2020 | 153,540,224 | 175,216,000 | |||||||||||||||||||||||
Cash dividends | |||||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | 1.53125 | 1.34375 | 1.46875 | $ 0.7881181 | |||||||||||||||||||||
Net income | $ 350,994 | 350,994 | |||||||||||||||||||||||
Other comprehensive income | (22,935) | (22,935) | |||||||||||||||||||||||
Comprehensive income | 328,059 | ||||||||||||||||||||||||
Purchase of preferred stock | (164,458) | $ (160,317) | (4,141) | ||||||||||||||||||||||
Stock-based compensation plans, net | 25,702 | (22,069) | 47,771 | ||||||||||||||||||||||
Purchase of Treasury Stock | $ (4,847) | $ (132,955) | $ (4,847) | $ (132,955) | |||||||||||||||||||||
Common stock dividends | (116,061) | (116,061) | |||||||||||||||||||||||
Preferred stock dividends | [3] | (17,111) | (17,111) | ||||||||||||||||||||||
Stock-based compensation expense, net | 15,591 | 15,591 | |||||||||||||||||||||||
Ending balance at Dec. 31, 2021 | $ 4,024,853 | $ 193,195 | $ 1,752 | $ 1,713,851 | $ 2,672,601 | $ (10,317) | $ (546,229) | ||||||||||||||||||
Preferred stock shares outstanding, ending balance (in shares) at Dec. 31, 2021 | 200,000 | ||||||||||||||||||||||||
Common stock shares outstanding, ending balance (in shares) at Dec. 31, 2021 | 149,342,641 | 175,216,000 | |||||||||||||||||||||||
Cash dividends | |||||||||||||||||||||||||
Purchase of preferred stock | (164,000) | ||||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.70252 | $ 0.95613 | $ 1.46875 | $ 1.40625 | |||||||||||||||||||||
[1] | (a) Series C, $1.53125 per share; Series D, $1.34375 per share; and Series E, $1.46875 per share. | ||||||||||||||||||||||||
[2] | (b) Series C, $1.53125 per share; Series D, $1.34375 per share; and Series E, $1.46875 per share; and Series F, $0.7881181 per share. | ||||||||||||||||||||||||
[3] | (c) Series C, $0.70252 per share; Series D, $0.95613 per share; Series E, $1.46875 per share; and Series F, $1.40625 per share. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash Flows from Operating Activities | ||||
Net income | $ 350,994 | $ 306,771 | $ 326,790 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for credit losses | (88,011) | 174,006 | 16,000 | |
Depreciation and amortization | 46,508 | 50,567 | 58,149 | |
Addition to (recovery of) valuation allowance on mortgage servicing rights, net | (16,186) | 17,704 | 63 | |
Amortization of mortgage servicing rights | 19,436 | 22,664 | 12,432 | |
Amortization of other intangible assets | 8,844 | 10,192 | 9,948 | |
Amortization and accretion on earning assets, funding, and other, net | 15,088 | 25,028 | 23,573 | |
Net amortization of tax credit investments | 34,070 | 25,556 | 20,062 | |
Losses (gains) on sales of investment securities, net | 16 | (9,222) | (5,957) | |
Asset (gains) losses, net | [1] | (11,009) | (155,589) | (2,713) |
(Gains) on sale of branches, net | (1,038) | (7,449) | 0 | |
(Gain) on mortgage banking activities, net | (39,106) | (59,379) | (20,120) | |
Mortgage loans originated for sale | (1,749,556) | (1,642,135) | (1,090,792) | |
Proceeds from sales of mortgage loans held for sale | 1,774,791 | 1,959,571 | 1,317,077 | |
Decrease in interest receivable | 9,735 | 933 | 7,595 | |
Increase (decrease) in interest payable | (10,675) | (11,385) | 2,495 | |
Increase (decrease) in accrued expenses | 24,645 | (29,057) | 723 | |
Increase (decrease) in derivative position | 120,418 | (113,760) | (102,966) | |
Increase (decrease) in net income tax position | (13,931) | (47,268) | 43,908 | |
Net change in other assets and other liabilities | 54,520 | 32,270 | (42,005) | |
Net cash provided by operating activities | 529,551 | 550,020 | 574,260 | |
Cash Flows from Investing Activities | ||||
Net decrease (increase) in loans | 198,631 | (1,640,524) | (137,990) | |
Purchases of | ||||
AFS securities | (2,746,994) | (1,648,938) | (460,124) | |
HTM securities | (622,485) | (125,480) | (423,682) | |
Federal Home Loan Bank and Federal Reserve Bank stocks | (10) | (84,152) | (246,836) | |
Premises, equipment, and software | (52,281) | (54,682) | (67,459) | |
Other intangibles | 0 | (200) | 0 | |
Proceeds from | ||||
Proceeds from sales of investment securities | 158,743 | 626,283 | 1,367,476 | |
Sale of Federal Home Loan Bank and Federal Reserve Bank stocks | 0 | 144,000 | 270,023 | |
Prepayments, calls, and maturities of AFS investment securities | 1,216,657 | 1,343,056 | 561,659 | |
Prepayments, calls, and maturities of HTM investment securities | 299,761 | 449,078 | 260,510 | |
Sales, prepayments, calls and maturities of other assets | 29,833 | 27,964 | 10,250 | |
Net change in tax credit and alternative investments | (68,455) | (55,134) | (67,632) | |
Net cash (paid) received in acquisitions | 0 | (31,518) | 551,250 | |
Net cash provided by (used in) investing activities | (1,584,186) | (793,737) | 1,617,446 | |
Cash Flows from Financing Activities | ||||
Net increase (decrease) in deposits | 2,015,423 | 2,497,378 | (1,842,748) | |
Net decrease in deposits due to branch sales | (31,083) | (222,878) | 0 | |
Net increase (decrease) in short-term funding | 101,946 | (238,655) | 308,039 | |
Net (decrease) in short-term FHLB advances | 0 | (520,000) | (380,000) | |
Repayment of long-term FHLB advances | (18,437) | (1,040,972) | (764,657) | |
Proceeds from long-term FHLB advances | 6,950 | 4,215 | 751,573 | |
Redemption of Corporation's senior notes | (300,000) | 0 | (250,000) | |
Repayment of finance lease principal | (965) | (1,081) | (1) | |
Proceeds from issuance of preferred stock | 0 | 96,796 | 0 | |
Proceeds from issuance of common stock for stock-based compensation plans | 25,702 | 3,966 | 11,216 | |
Redemption of preferred stock | (164,458) | 0 | 0 | |
Cash dividends on common stock | (116,061) | (112,023) | (111,804) | |
Cash dividends on preferred stock | (17,111) | (18,358) | (15,202) | |
Net cash provided by (used in) financing activities | 1,364,102 | 371,020 | (2,479,660) | |
Net increase (decrease) in cash and cash equivalents | 309,467 | 127,304 | (287,954) | |
Cash and cash equivalents at beginning of period | 716,048 | 588,744 | 876,698 | |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Ending Balance | 1,025,515 | 716,048 | 588,744 | |
Restricted Cash | 0 | 0 | 189,000 | |
Supplemental disclosures of cash flow information | ||||
Cash paid for interest | 81,604 | 159,291 | 332,919 | |
Cash paid for income and franchise taxes | 57,728 | 17,734 | 41,131 | |
Loans and bank premises transferred to OREO | 35,553 | 19,261 | 10,513 | |
Capitalized mortgage servicing rights | 16,151 | 13,667 | 11,606 | |
Loans transferred into held for sale from portfolio, net | 6,010 | 264,570 | 313,570 | |
Transfer of HTM securities to AFS securities (adoption of ASU 2019-04) | 0 | 0 | 692,414 | |
Unsettled trades to purchase securities | 4,459 | 0 | 0 | |
Acquisitions | ||||
Fair value of assets acquired, including cash and cash equivalents | 0 | 456,480 | 695,848 | |
Fair value ascribed to goodwill and intangible assets | 0 | 23,548 | 29,837 | |
Fair value of liabilities assumed | 0 | 480,028 | 725,764 | |
Common stock issued in acquisition | 0 | 0 | (79) | |
ABRC [Member] | ||||
Proceeds from | ||||
Net cash received in sale of subsidiary | 2,415 | 256,511 | 0 | |
Performance/Service Based RSAs, RSA, [Member] | ||||
Cash Flows from Financing Activities | ||||
Payments for Repurchase of Common Stock | 4,847 | 6,113 | 8,592 | |
Board Authorized Purchase Program [Member] | ||||
Cash Flows from Financing Activities | ||||
Payments for Repurchase of Common Stock | $ 132,955 | $ 71,255 | $ 177,484 | |
[1] | The year ended December 31, 2020 includes a gain of $163 million from the sale of ABRC.(b) Includes the deposit premium on the sale of branches net of miscellaneous costs to sell. See Note 2 Acquisitions and Dispositions for additional details on the branch sales. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Standards Update and Change in Accounting Principle [Text Block] | 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. The following is a description of the more significant of those policies. Business Associated Banc-Corp is a bank holding company headquartered in Wisconsin. The Corporation provides a full range of banking and related financial services to consumer and commercial customers through its network of bank and nonbank subsidiaries. The Corporation is subject to competition from other financial and non-financial institutions that offer similar or competing products and services. The Corporation is regulated by federal and state agencies and is subject to periodic examinations by those agencies. Basis of Financial Statement Presentation The consolidated financial statements include the accounts of the Parent Company and its subsidiaries. Investments in unconsolidated entities (none of which are considered to be variable interest entities in which the Corporation is the primary beneficiary) are accounted for using the cost method of accounting when the Corporation has determined that the cost method is appropriate. Investments not meeting the criteria for cost method accounting are accounted for using the equity method of accounting. Investments in unconsolidated entities are included in tax credit and other investments on the consolidated balance sheets, and the Corporation’s share of income or loss is recorded in other noninterest income, while distributions in excess of the investment are recorded in asset gains, net. All significant intercompany balances and transactions have been eliminated in consolidation. 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 and MSRs valuation. 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. Business Combinations The Corporation accounts for its acquisitions using the purchase accounting method. Purchase accounting requires the total purchase price to be allocated to the estimated fair values of assets acquired and liabilities assumed, including certain intangible assets that must be recognized. Typically, this allocation results in the purchase price exceeding the fair value of net assets acquired, which is recorded as goodwill. CDIs are a measure of the value of checking, money market and savings deposits acquired in business combinations accounted for under the purchase method. CDIs and other identified intangibles with finite useful lives are amortized using the straight line method over their estimated useful lives of up to ten years. Fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. For PCD loans, the credit discount includes estimated future credit losses expected over the life of the loan. The credit discount is recorded through a gross up of the allowance for loan loss and the corresponding loan. Adjustments to the allowance for loan losses are made through the provision for credit losses after the date of acquisition. Purchased performing loans are recorded at fair value, including credit, interest, and liquidity discounts. The fair value discount is accreted as an adjustment to yield over the estimated lives of the loans. There is no gross up to the allowance for loan loss and the corresponding loan, but instead provision for credit losses is recorded against the allowance for loan loss. See Note 2 for additional information on the Corporation's acquisitions. Investment Securities Securities are classified as HTM, AFS, or equity on the consolidated balance sheets at the time of purchase. Investment securities classified as HTM, which management has the positive intent and ability to hold to maturity, are reported at amortized cost. Investment securities classified as AFS, which management has the intent and ability to hold for an indefinite period of time, but not necessarily to maturity, are carried at fair value, with unrealized gains and losses, net of related deferred income taxes, included in stockholders’ equity as a separate component of OCI. Investment securities classified as equity securities are carried at fair value with changes in fair value immediately reflected in the consolidated statements of income. Any decision to sell AFS securities would be based on various factors, including, but not limited to, asset / liability management strategies, changes in interest rates or prepayment risks, liquidity needs, or regulatory capital considerations. Realized gains or losses on investment security sales (using specific identification method) are included in investment securities gains (losses), net, on the consolidated statements of income. Premiums and discounts are amortized or accreted into interest income over the estimated life (earlier of call date, maturity, or estimated life) of the related security, using a prospective method that approximates level yield. In certain situations, management may elect to transfer certain investment securities from the AFS classification to the HTM classification. In such cases, the investment securities are reclassified at fair value at the time of transfer. Any unrealized gain or loss included in accumulated other comprehensive income (loss) at the time of transfer is retained therein and amortized over the remaining life of the investment security as an adjustment to yield. Management measures expected credit losses on HTM securities on a collective basis by major security type. Accrued interest receivable on HTM securities is excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts and is included in investment securities HTM, net, at amortized cost on the consolidated balance sheets. For AFS securities, the Corporation evaluates whether any decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses on investments is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses on investments is recognized in OCI. Changes in the allowance for credit losses on investments are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the AFS security is uncollectible or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on AFS debt securities is excluded from the estimate of credit losses. See Note 3 for additional information on investment securities. 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. See Note 3 for additional information on the FHLB and Federal Reserve Bank Stocks. Loans Held for Sale Residential Loans Held for Sale: Residential loans held for sale, which consist generally of current production of certain fixed-rate, first-lien residential mortgage loans, are carried at estimated fair value. As a result of holding these loans at fair value, changes in the secondary market are reflected in earnings immediately, as opposed to being dependent upon the timing of sales. The estimated fair value is based on what secondary markets are currently offering for portfolios with similar characteristics. Commercial Loans Held for Sale: Commercial loans held for sale are carried at LOCOM. The estimated fair value is based on a discounted cash flow analysis. Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balances, net of any deferred fees and costs on originated loans. Origination fee income received on loans and amounts representing the estimated direct costs of origination are deferred and amortized to interest income over the life of the loan using the effective interest method. An ACLL is established for estimated credit losses in the loan portfolio. See Allowance for Credit Losses on Loans below for further policy discussion. See Note 4 for additional information on loans. Nonaccrual Loans: Management considers a loan to be nonaccrual when it believes it will be unable to collect all amounts due according to the original contractual terms of the note agreement, including both principal and interest. Interest income on loans is based on the principal balance outstanding computed using the effective interest method. The accrual of interest income for commercial loans is discontinued when there is a clear indication that the borrower’s cash flow may not be sufficient to meet payments as they become due, while the accrual of interest income for consumer loans is discontinued when loans reach specific delinquency levels. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are generally placed on nonaccrual status when contractually past due 90 days or more as to interest or principal payments, unless the loan is well secured and in the process of collection. Additionally, whenever management becomes aware of facts or circumstances that may adversely impact the collectability of principal or interest on loans, it is management’s practice to place such loans on a nonaccrual status immediately, rather than delaying such action until the loans become 90 days past due. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is reversed, amortization of related deferred loan fees or costs is suspended, and income is recorded only to the extent that interest payments are subsequently received in cash and a determination has been made that the principal and interest of the loan is collectible. If collectability of the principal and interest is in doubt, payments received are applied to loan principal. While a loan is in nonaccrual status, some or all of the cash interest payments received may be treated as interest income on a cash basis as long as the remaining recorded investment in the loan (i.e., after charge off of identified losses, if any) is deemed to be fully collectible. The determination as to the ultimate collectability of the loan's remaining recorded investment must be supported by a current, well documented credit evaluation of the borrower’s financial condition and prospects for repayment, including consideration of the borrower’s sustained historical repayment performance and other relevant factors. A nonaccrual loan is returned to accrual status when all delinquent principal and interest payments become current in accordance with the terms of the loan agreement, the borrower has demonstrated a period of sustained repayment performance, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. A sustained period of repayment performance generally would be a minimum of six months. See Note 4 for additional information on nonaccrual loans. Troubled Debt Restructurings (“Restructured Loans”) : Loans are considered restructured loans if concessions have been granted to borrowers that are experiencing financial difficulty. The concessions granted generally involve the modification of terms of the loan, such as changes in payment schedule or interest rate, which generally would not otherwise be considered. Restructured loans can involve loans remaining on nonaccrual, moving to nonaccrual, or continuing on accrual status, depending on the individual facts and circumstances of the borrower. Nonaccrual restructured loans are included and treated with all other nonaccrual loans. In addition, all accruing restructured loans are reported as TDRs, which are individually analyzed by management. Generally, restructured loans remain on nonaccrual until the customer has attained a sustained period of repayment performance under the modified loan terms (generally a minimum of six months). However, performance prior to the restructuring, or significant events that coincide with the restructuring, are considered in assessing whether the borrower can meet the new terms and whether the loan should be returned to or maintained on accrual status. If the borrower’s ability to meet the revised payment schedule is not reasonably assured, the loan remains on nonaccrual status. See Note 4 for additional information on restructured loans. Allowance for Credit Losses on Loans: The Corporation adopted ASU 2016-13 on January 1, 2020. As a result, the allowance for loan losses is now a reserve for estimated 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 estimate of probability of default, loss given default, and the individual loan level exposure at default on an undiscounted basis. The Corporation estimates the lifetime expected loss using prepayment assumptions over the projected lifetime cash flow of these loans. Actual credit losses, net of recoveries, are deducted from the allowance for loan losses. A provision for credit losses, which is a charge against earnings, is recorded to bring the allowance for loan losses to a level that, in management’s judgment, is appropriate to absorb the expected lifetime losses in the loan portfolio. The methodology applied by the Corporation is designed to assess the appropriateness of the allowance for loan losses within the Corporation's loan segmentation. The methodology also focuses on evaluation of several factors, including but not limited to: evaluation of facts and issues related to specific loans, management’s ongoing review and grading of the loan portfolio using a dual risk rating system consisting of probability of default and loss given default models, which are based on loan grades for commercial loans and credit reports for consumer loans applied based on portfolio segmentation leveraging industry breakouts in commercial and industrial and property types in CRE for commercial loans and loan types for consumer loans, consideration of historical loan loss and delinquency experience on each portfolio category, trends in past due and nonaccrual loans, the level of potential problem loans, the risk characteristics of the various classifications of loans, changes in the size and character of the loan portfolio, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, and other qualitative and quantitative factors which could affect potential credit losses. The Corporation utilizes the Moody's Baseline economic forecast in the allowance model and applies that forecast over a reasonable and supportable period with reversion to historical losses. For additional detail on the reasonable and supportable period and reversion inputs, see Note 4. The Corporation estimates the lifetime expected loss using prepayment assumptions over the projected lifetime cash flows of the loan. Because each of the criteria used is subject to change, the analysis of the allowance for loan losses is not necessarily indicative of the trend of future loan losses in any particular loan category. The total allowance for loan losses is available to absorb losses from any segment of the loan portfolio. Management individually analyzes loans that do not share similar risk characteristics to other loans in the portfolio. Management has determined that commercial loan relationships that have nonaccrual status or commercial and retail loans that have had their terms restructured in a TDR meet this definition. Probable TDRs are loans the Corporation has reviewed individually to determine whether there is a high likelihood that the loans will default and will require restructuring in the near future. Probable TDRs could be classified as Pass, Special Mention, Potential Problem or Nonaccrual within the Corporation's credit quality analysis depending on the specific circumstances surrounding the individual credits. Accrued interest receivable on loans is excluded from the estimate of credit losses. The ACLL attributable to the loan is allocated based on management’s estimate of the borrower’s ability to repay the loan given the availability of collateral, other sources of cash flows, as well as evaluation of legal options available to the Corporation. The amount of expected loan loss is measured based upon the present value of expected future cash flows discounted at the loan’s effective interest rate, the fair value of the underlying collateral less applicable selling costs, or the observable market price of the loan. If foreclosure is probable or the loan is collateral dependent, impairment is measured using the fair value of the loan’s collateral, less costs to sell. Large groups of homogeneous loans, such as residential mortgage, home equity, auto, and other consumer, are collectively evaluated for impairment. The allowance for unfunded commitments leverages the same methodology utilized to measure the allowance for loan losses. The Corporation estimates expected credit losses over the contractual period in which the Corporation is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Corporation. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. See Note 4 for additional information on the ACLL and Note 16 for additional information on the allowance for unfunded commitments. A portion of the ACLL is comprised of adjustments for qualitative factors not reflected in the quantitative model. Management believes that the level of the ACLL is appropriate. While management uses currently available information to recognize losses on loans, future adjustments to the ACLL may be necessary based on newly received appraisals, updated commercial customer financial statements, rapidly deteriorating cash flow, and changes in economic conditions that affect our customers. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Corporation’s ACLL. Such agencies may require additions to the ACLL or may require that certain loan balances be charged off or downgraded into criticized loan categories when their credit evaluations differ from those of management based on their judgments about information available to them at the time of their examinations. See Loans above for further policy discussion and see Note 4 for additional information on the allowance for loan losses. Prior to the adoption of ASU 2016-13 on January 1, 2020, the allowance for loan loss was recorded at a level deemed by management to be able to absorb probable losses inherent in the loan portfolio at the balance sheet date. Under this incurred loss methodology several factors were evaluated including, but not limited to ongoing loan grading, historical loan losses and delinquency experience, and other qualitative factors. OREO OREO is included in other assets on the consolidated balance sheets and is comprised of property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure, and loans classified as in-substance foreclosure. OREO is recorded at the fair value of the underlying property collateral, less estimated selling costs. This fair value becomes the new cost basis for the foreclosed asset. The initial write-down, if any, will be recorded as a charge off against the allowance for loan losses. Any subsequent write-downs to reflect current fair value, as well as gains and losses on disposition and revenues and expenses incurred in maintaining such properties, are expensed as incurred. OREO also includes bank premises formerly but no longer used for banking, property originally acquired for future expansion but no longer intended to be used for that purpose, and property currently held for sale. Banking premises are transferred at the lower of carrying value or fair value, less estimated selling costs and any write-down is expensed as incurred. Premises and Equipment and Software Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed on the straight-line method over the estimated useful lives of the related assets or the lease term. Maintenance and repairs are charged to expense as incurred, while additions or major improvements are capitalized and depreciated over the estimated useful lives. Leasehold improvements are amortized on a straight-line basis over the lesser of the lease terms, including extension options which the Corporation has determined are reasonably certain to be exercised, or the estimated useful lives of the improvements. Software, included in other assets on the consolidated balance sheets, is amortized on a straight-line basis over the lesser of the contract terms or the estimated useful life of the software. See Note 6 for additional information on premises and equipment. Goodwill and Intangible Assets Goodwill and Other Intangible Assets: The excess of the cost of an acquisition over the fair value of the net assets acquired consists primarily of goodwill and CDIs. CDIs have estimated finite lives and are amortized on a straight-line basis to expense over a 10-year period. The Corporation reviews long-lived assets and certain identifiable intangibles for impairment at least annually, or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, in which case an impairment charge would be recorded. Goodwill is not amortized but, instead, is 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 impairment testing process is conducted by assigning net assets and goodwill to each reporting unit. An initial qualitative evaluation is made to assess the likelihood of impairment and determine whether further quantitative testing to calculate the fair value is necessary. When the qualitative evaluation indicates that impairment is more likely than not, quantitative testing is required whereby the fair value of each reporting unit is calculated and compared to the recorded book value, “step one.” If the calculated fair value of the reporting unit exceeds its carrying value, goodwill is not considered impaired. If the carrying value of a reporting unit exceeds its calculated fair value, an impairment charge is assessed, limited to the amount of goodwill allocated to that reporting unit. See Note 5 for additional information on goodwill and other intangible assets. Mortgage Servicing Rights : The Corporation sells residential mortgage loans in the secondary market and typically retains the right to service the loans sold. Upon sale, a MSRs asset is capitalized, which represents the then current fair value of future net cash flows expected to be realized for performing servicing activities. MSRs, when purchased, are initially recorded at fair value. As the Corporation has not elected to subsequently measure any class of servicing assets under the fair value measurement method, the Corporation follows the amortization method. MSRs are amortized in proportion to and over the period of estimated net servicing income, and assessed for impairment at each reporting date. MSRs are carried at the lower of the initial capitalized amount, net of accumulated amortization, or estimated fair value, on the consolidated balance sheets. The Corporation periodically evaluates its MSRs asset for impairment. 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. If it is later determined that all or a portion of the temporary impairment no longer exists for a stratification, the valuation is reduced through a recovery to earnings. An other-than-temporary impairment (i.e., recoverability is considered remote when considering interest rates and loan pay off activity) is recognized as a write-down of the MSRs asset and the related valuation allowance (to the extent a valuation allowance is available) and then against earnings. A direct write-down permanently reduces the carrying value of the MSRs asset and valuation allowance, precluding subsequent recoveries. See Note 5 for additional information on MSRs. Income Taxes Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws. Deferred income taxes, which arise principally from temporary differences between the amounts reported in the financial statements and the tax bases of assets and liabilities, are included in the amounts provided for income taxes. In assessing the realizability of DTAs, management considers whether it is more likely than not that some portion or all of the DTAs will not be realized. The ultimate realization of DTAs is dependent upon the generation of future taxable income and tax planning strategies which will create taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, the amount of taxes paid in available carryback years, projected future taxable income, and, if necessary, tax planning strategies in making this assessment. The Corporation files a consolidated federal income tax return and separate or combined state income tax returns. Accordingly, amounts equal to tax benefits of those subsidiaries having taxable federal or state losses or credits are offset by other subsidiaries that incur federal or state tax liabilities. It is the Corporation’s policy to provide for uncertainty in income taxes as a part of income tax expense based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. At December 31, 2021 and 2020, the Corporation believes it has appropriately accounted for any unrecognized tax benefits. To the extent the Corporation prevails in matters for which a liability for an unrecognized tax benefit was established or is required to pay amounts in excess of the liability established, the Corporation’s effective tax rate in a given financial statement period may be impacted. See Note 13 for additional information on income taxes. Derivative and Hedging Activities Derivative instruments, including derivative instruments embedded in other contracts, are carried at fair value on the consolidated balance sheets with changes in the fair value recorded to earnings or accumulated other comprehensive income, as appropriate. On the date the derivative contract is entered into, the Corporation designates the derivative as a fair value hedge (i.e., a hedge of the fair value of a recognized asset or liability), a cash flow hedge (i.e., a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability), or a free-standing derivative instrument. For a derivative designated as a fair value hedge, the changes in the fair value of the derivative instrument and the changes in the fair value of the hedged asset or liability are recognized in current period earnings as an increase or decrease to the carrying value of the hedged item on the balance sheet and in the related income statement account. Amounts within accumulated other comprehensive income are reclassified into earnings in the period the hedged item affects earnings. For a derivative designated as a free-standing derivative instrument, changes in fair value are reported in capital markets, net on the consolidated statements of income. The free-standing derivative instruments included: interest rate risk management, commodity hedging, and foreign currency exchange solutions. The Corporation is exposed to counterparty credit risk, which is the risk that counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, our counterparty credit risk is equal to the amount reported as a derivative asset on our balance sheet. The Corporation uses master netting arrangements to mitigate counterparty credit risk in derivative transactions. To the extent the derivatives are subject to master netting arrangements, the Corporation takes into account the impact of master netting arrangements that allow the Corporation to settle all derivative contracts executed with the same counterparty on a net basis, and to offset the net derivative position with the related cash collateral. 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. See Note 14 for additional information on derivatives and hedging activities. Securities Sold Under Agreement 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. These repurchase agreements are accounted for as collateralized financing arrang |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions: The Corporation did not have any acquisitions during 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 (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. Loans were grouped together according to similar characteristics when applying various valuation techniques. 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 values 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 values of FHLB advances are estimated based on quoted market prices for the instrument if available, or for similar instruments if not available, or by using discounted cash flow analyses, based on current incremental borrowing rates for similar types of instruments. Dispositions: 2021: On March 1, 2021, the Corporation completed 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, 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, the Bank sold $31 million in total deposits and no loans. The 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, IL to Morton Community Bank. Under the terms of the transaction, the Bank sold $180 million in total deposits and no loans. The Bank received a 4% purchase premium on deposits transferred. With the sale of these branches, the Bank exited the Peoria market. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Note 3 Investment Securities Investment securities are classified as AFS, HTM, or equity on the consolidated balance sheets at the time of purchase. The amortized cost and fair values of AFS and HTM securities at December 31, 2021 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value Investment securities AFS U.S. Treasury securities $ 124,291 $ — $ (1,334) $ 122,957 Agency securities 15,000 — (103) 14,897 Obligations of state and political subdivisions (municipal securities) 381,517 18,940 — 400,457 Residential mortgage-related securities FNMA / FHLMC 2,709,399 3,729 (21,249) 2,691,879 GNMA 66,189 1,591 — 67,780 Private-label 332,028 31 (2,335) 329,724 Commercial mortgage-related securities FNMA / FHLMC 357,240 2,686 (9,302) 350,623 GNMA 165,439 1,360 — 166,799 Asset backed securities FFELP 177,974 475 (1,123) 177,325 SBA 6,594 39 (54) 6,580 Other debt securities 3,000 — (6) 2,994 Total investment securities AFS $ 4,338,671 $ 28,850 $ (35,506) $ 4,332,015 Investment securities HTM U.S. Treasury securities $ 1,000 $ 1 $ — $ 1,001 Obligations of state and political subdivisions (municipal securities) 1,628,759 113,179 (1,951) 1,739,988 Residential mortgage-related securities FNMA / FHLMC 34,347 1,792 — 36,139 GNMA 48,053 1,578 — 49,631 Commercial mortgage-related securities FNMA/FHLMC 425,937 122 (6,659) 419,400 GNMA 100,907 1,799 (200) 102,506 Total investment securities HTM $ 2,239,003 $ 118,471 $ (8,809) $ 2,348,664 The amortized cost and fair values of AFS and HTM securities 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 AFS and HTM securities at December 31, 2021, are shown below: AFS HTM ($ in Thousands) Amortized Fair Amortized Fair Due in one year or less $ 6,799 $ 6,809 $ 34,646 $ 34,842 Due after one year through five years 74,250 74,142 34,697 35,820 Due after five years through ten years 405,344 418,942 161,627 167,967 Due after ten years 37,416 41,412 1,398,789 1,502,359 Total debt securities 523,808 541,305 1,629,759 1,740,988 Residential mortgage-related securities FNMA / FHLMC 2,709,399 2,691,879 34,347 36,139 GNMA 66,189 67,780 48,053 49,631 Private-label 332,028 329,724 — — Commercial mortgage-related securities FNMA / FHLMC 357,240 350,623 425,937 419,400 GNMA 165,439 166,799 100,907 102,506 Asset backed securities FFELP 177,974 177,325 — — SBA 6,594 6,580 — — Total investment securities $ 4,338,671 $ 4,332,015 $ 2,239,003 $ 2,348,664 Ratio of Fair Value to Amortized Cost 99.8 % 104.9 % 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 December 31, 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) 702,399 914,591 10,873 896 1,628,759 Residential mortgage-related securities FNMA/FHLMC 34,347 — — — 34,347 GNMA 48,053 — — — 48,053 Commercial mortgage-related securities FNMA/FHLMC 425,937 — — — 425,937 GNMA 100,907 — — — 100,907 Total HTM securities $ 1,312,642 $ 914,591 $ 10,873 $ 896 $ 2,239,003 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 and write-up of investment securities for each of the three years ended December 31 are shown below: ($ in Thousands) 2021 2020 2019 Gross gains on AFS securities $ 421 $ 9,312 $ 6,374 Gross (losses) on AFS securities (437) (90) (13,861) Write-up of equity securities without readily determinable fair values — — 13,444 Investment securities gains (losses), net $ (16) $ 9,222 $ 5,957 Proceeds from sales of investment securities $ 158,708 $ 626,283 $ 1,367,476 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 MBS. 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 . During the third quarter of 2019, the Corporation made a one-time election to transfer municipal securities with an amortized cost of $692 million from HTM to AFS, as permitted by the adoption of ASU 2019-04 during the quarter. The Corporation sold shorter duration, lower yielding municipal securities that were included in the transfer for proceeds of $157 million at a gain of $3 million. Additionally, for the year ended December 31, 2019, the Corporation sold $1.2 billion of taxable, floating rate asset backed securities and shorter duration MBS, CMBS, and CMOs Agency securities. The proceeds from both sales were utilized to pay down borrowings and to reinvest into higher yielding securities with slightly longer durations, repositioning the portfolio for a declining rate environment. The Corporation also donated 42,039 shares of Visa Class B restricted shares to the Corporation's Charitable Remainder Trust during the second quarter of 2019, and the subsequent sale of those shares by the Trust resulted in an observable market price. As a result, the Corporation wrote up its remaining 77,000 Visa Class B restricted shares to fair value. Based on the existing transfer restriction and the uncertainty of covered litigation, the shares were previously carried at a zero cost basis. Investment securities with a carrying value of $2.3 billion and $2.1 billion at December 31, 2021 and 2020 respectively, were pledged to secure certain deposits or for other purposes. Accrued interest receivable on HTM securities totaled $15 million and $14 million at December 31, 2021 and 2020, respectively. Accrued interest receivable on AFS securities totaled $9 million and $8 million at December 31, 2021 and 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 December 31, 2021 or 2020. A security is considered past due once it is 30 days past due under the terms of the agreement. At both December 31, 2021 and 2020, the Corporation had no past due HTM securities. The allowance for credit losses on HTM securities was approximately $55,000 and $67,000 at December 31, 2021 and 2020, respectively, attributable entirely to the Corporation's municipal securities, included in investment securities HTM, net, at amortized cost on the consolidated balance sheets. The Corporation also holds U.S. Treasury, municipal and mortgage-related securities issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government and, as a result, no allowance for credit losses has been recorded related to these securities. The following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at December 31, 2021: Less than 12 months 12 months or more Total ($ in Thousands) Number Unrealized Fair Number Unrealized Fair Unrealized (Losses) Fair Investment securities AFS U.S. Treasury securities 7 $ (1,334) $ 122,957 — $ — $ — $ (1,334) $ 122,957 Agency securities 1 (103) 14,897 — — — (103) 14,897 Residential mortgage-related securities FNMA / FHLMC 74 (21,249) 2,172,837 — — — (21,249) 2,172,837 Private-label 12 (2,335) 248,617 — — — (2,335) 248,617 FNMA / FHLMC commercial mortgage-related securities 19 (9,302) 328,568 — — — (9,302) 328,568 Asset backed securities FFELP 4 (256) 64,282 8 (867) 62,576 (1,123) 126,858 SBA — — — 9 (54) 3,902 (54) 3,902 Other debt securities 3 (6) 2,994 — — — (6) 2,994 Total 120 $ (34,586) $ 2,955,152 17 $ (920) $ 66,478 $ (35,506) $ 3,021,630 Investment securities HTM Obligations of state and political subdivisions (municipal securities) 49 $ (1,951) $ 112,038 — $ — $ — $ (1,951) $ 112,038 Commercial mortgage-related securities FNMA / FHLMC 18 (6,272) 388,072 1 (387) 10,775 (6,659) 398,847 GNMA 5 (200) 33,468 — — — (200) 33,468 Total 72 $ (8,422) $ 533,577 1 $ (387) $ 10,775 $ (8,809) $ 544,352 For comparative purposes, the following represents gross unrealized losses and the related fair value of AFS and HTM securities, 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 security and industry specific economic conditions. Based on the Corporation’s evaluation, management does not believe any unrealized losses at December 31, 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 80 bp and 90 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 bank 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 December 31, 2021 and 2020. The Corporation had Federal Reserve Bank stock of $87 million at both December 31, 2021 and 2020. Accrued interest receivable on FHLB stock totaled approximately $975,000 and $972,000 at December 31, 2021 and 2020, respectively. There was no accrued interest receivable on Federal Reserve Bank stock at either December 31, 2021 or 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 other mutual funds. At December 31, 2021 and 2020, the Corporation had equity securities with readily determinable fair values of $5 million and $2 million, respectively. Equity securities without readily determinable fair values: The Corporation's portfolio of equity securities without readily determinable fair values primarily consists of 77,996 Visa Class B restricted shares, 77,000 of which the Corporation received in 2008 as part of Visa's initial public offering and carried at fair value after the Corporation donated 42,039 Visa Class B restricted shares to the Corporation's Charitable Remainder Trust during the second quarter of 2019, with the subsequent sale of those shares resulting in an observable market price after the shares were previously carried at a zero cost basis. During the first quarter of 2020, the Corporation acquired 996 Visa Class B restricted shares in the acquisition of First Staunton, and those shares are carried at a zero cost basis due to the lack of an observable market price since the time of acquisition. The Corporation had equity securities without readily determinable fair values of $14 million and $13 million at December 31, 2021 and 2020, respectively. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Note 4 Loans The period end loan composition was as follows: ($ in Thousands) Dec 31, 2021 Dec 31, 2020 PPP $ 66,070 $ 767,757 Asset-based lending 178,027 137,476 Commercial and industrial 8,208,289 7,563,945 Commercial real estate - owner occupied 971,326 900,912 Commercial and business lending 9,423,711 9,370,091 Commercial real estate - investor 4,384,569 4,342,584 Real estate construction 1,808,976 1,840,417 Commercial real estate lending 6,193,545 6,183,001 Total commercial 15,617,256 15,553,091 Residential mortgage 7,567,310 7,878,324 Home equity 595,615 707,255 Other consumer 301,723 301,876 Auto 143,045 11,177 Total consumer 8,607,693 8,898,632 Total loans $ 24,224,949 $ 24,451,724 Accrued interest receivable on loans totaled $55 million at December 31, 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 $574,000 for the year ended December 31, 2021, and $3 million for the year ended December 31, 2020. The Corporation has granted loans to its directors, executive officers, or their related interests. These loans were made on substantially the same terms, including rates and collateral, as those prevailing at the time for comparable transactions with other unrelated customers, and do not involve more than a normal risk of collection. These loans to related parties are summarized below: ($ in Thousands) 2021 2020 Balance at beginning of year $ 29,420 $ 16,772 New loans 24,218 19,140 Repayments (8,244) (6,643) Change due to status of executive officers and directors (150) 152 Balance at end of year $ 45,245 $ 29,420 The following table presents commercial and consumer loans by credit quality indicator by vintage year at December 31, 2021: Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis 2021 2020 2019 2018 2017 Prior Total PPP: (b) Risk rating: Pass $ — $ — $ 44,921 $ 18,610 $ — $ — $ — $ — $ 63,531 Special Mention — — 212 281 — — — — 493 Potential Problem — — 2,000 — — — — — 2,000 Nonaccrual — — — 46 — — — — 46 PPP $ — $ — $ 47,134 $ 18,936 $ — $ — $ — $ — $ 66,070 Commercial and industrial: (c) Risk rating: Pass $ 2,084 $ 2,371,605 $ 2,631,753 $ 852,758 $ 986,300 $ 710,491 $ 177,568 $ 493,876 $ 8,224,351 Special Mention — 7,068 5,900 1,695 — — — 2,811 17,474 Potential Problem 2,706 26,387 23,415 19,960 46,296 20,924 104 1,172 138,258 Nonaccrual 76 — 5,996 161 52 24 — — 6,233 Commercial and industrial $ 4,867 $ 2,405,059 $ 2,667,064 $ 874,575 $ 1,032,647 $ 731,439 $ 177,671 $ 497,860 $ 8,386,316 Commercial real estate - owner occupied: Risk rating: Pass $ 10,092 $ 30,869 $ 261,418 $ 178,424 $ 187,073 $ 110,169 $ 54,538 $ 117,011 $ 939,503 Special Mention — 226 — 4,628 — — — 245 5,100 Potential Problem — 526 5,953 4,721 10,047 727 2,204 2,546 26,723 Commercial real estate - owner occupied $ 10,092 $ 31,621 $ 267,371 $ 187,773 $ 197,120 $ 110,896 $ 56,742 $ 119,802 $ 971,326 Commercial and business lending: Risk rating: Pass $ 12,176 $ 2,402,474 $ 2,938,092 $ 1,049,792 $ 1,173,373 $ 820,660 $ 232,106 $ 610,887 $ 9,227,385 Special Mention — 7,294 6,112 6,604 — — — 3,056 23,066 Potential Problem 2,706 26,913 31,368 24,681 56,343 21,651 2,307 3,718 166,981 Nonaccrual 76 — 5,996 207 52 24 — — 6,279 Commercial and business lending $ 14,958 $ 2,436,680 $ 2,981,569 $ 1,081,284 $ 1,229,767 $ 842,335 $ 234,414 $ 617,662 $ 9,423,711 Commercial real estate - investor: Risk rating: Pass $ 37,430 $ 105,521 $ 1,650,936 $ 685,423 $ 867,606 $ 414,079 $ 139,320 $ 230,452 $ 4,093,337 Special Mention — — 57,163 27,384 33,016 72 — 6,781 124,416 Potential Problem — — 21,309 9,860 22,243 34,591 3,564 14,573 106,138 Nonaccrual — — 45,502 8,158 6,820 — — 197 60,677 Commercial real estate - investor $ 37,430 $ 105,521 $ 1,774,910 $ 730,825 $ 929,685 $ 448,741 $ 142,883 $ 252,003 $ 4,384,569 Real estate construction: Risk rating: Pass $ — $ 31,773 $ 843,664 $ 614,469 $ 204,337 $ 48,647 $ 2,229 $ 12,212 $ 1,757,331 Special Mention — — 2,203 11,929 — 15,885 41 2 30,060 Potential Problem — — 37 120 21,251 — — — 21,408 Nonaccrual — — — — — — — 177 177 Real estate construction $ — $ 31,773 $ 845,903 $ 626,518 $ 225,588 $ 64,532 $ 2,270 $ 12,392 $ 1,808,976 Commercial real estate lending: Risk rating: Pass $ 37,430 $ 137,294 $ 2,494,600 $ 1,299,893 $ 1,071,943 $ 462,726 $ 141,549 $ 242,664 $ 5,850,668 Special Mention — — 59,366 39,313 33,016 15,957 41 6,784 154,476 Potential Problem — — 21,345 9,980 43,494 34,591 3,564 14,573 127,546 Nonaccrual — — 45,502 8,158 6,820 — — 374 60,855 Commercial real estate lending $ 37,430 $ 137,294 $ 2,620,814 $ 1,357,343 $ 1,155,273 $ 513,273 $ 145,153 $ 264,395 $ 6,193,545 Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis 2021 2020 2019 2018 2017 Prior Total Total commercial: Risk rating: Pass $ 49,606 $ 2,539,768 $ 5,432,693 $ 2,349,685 $ 2,245,316 $ 1,283,386 $ 373,655 $ 853,551 $ 15,078,053 Special Mention — 7,294 65,478 45,917 33,016 15,957 41 9,840 177,543 Potential Problem 2,706 26,913 52,713 34,660 99,837 56,241 5,871 18,291 294,527 Nonaccrual 76 — 51,498 8,365 6,872 24 — 374 67,134 Total commercial $ 52,388 $ 2,573,974 $ 5,602,382 $ 2,438,627 $ 2,385,040 $ 1,355,608 $ 379,567 $ 882,057 $ 15,617,256 Residential mortgage: Risk rating: Pass $ — $ — $ 1,771,447 $ 1,945,029 $ 974,188 $ 428,459 $ 673,447 $ 1,716,419 $ 7,508,989 Special Mention — — — — — 285 — 461 746 Potential Problem — — 475 332 404 265 81 658 2,214 Nonaccrual — — 1,993 2,911 4,479 6,224 6,019 33,734 55,362 Residential mortgage $ — $ — $ 1,773,915 $ 1,948,272 $ 979,071 $ 435,233 $ 679,547 $ 1,751,272 $ 7,567,310 Home equity: Risk rating: Pass $ 6,728 $ 498,970 $ 1,216 $ 1,401 $ 7,640 $ 8,742 $ 7,660 $ 61,251 $ 586,880 Special Mention 133 100 — 102 4 — — 638 844 Potential Problem 6 — 6 — — 13 — 146 165 Nonaccrual 925 35 9 92 211 305 302 6,772 7,726 Home equity $ 7,792 $ 499,104 $ 1,232 $ 1,595 $ 7,856 $ 9,059 $ 7,962 $ 68,807 $ 595,615 Other consumer: Risk rating: Pass $ 443 $ 180,312 $ 9,297 $ 4,987 $ 2,884 $ 371 $ 265 $ 103,075 $ 301,191 Special Mention 7 351 — 4 — — — 7 363 Nonaccrual 6 120 — 14 7 — 19 11 170 Other consumer $ 456 $ 180,783 $ 9,297 $ 5,005 $ 2,890 $ 371 $ 284 $ 103,093 $ 301,723 Auto: Risk rating: Pass $ — $ — $ 137,952 $ 707 $ 2,675 $ 1,200 $ 352 $ 107 $ 142,993 Nonaccrual — — — — 36 15 — — 52 Auto $ — $ — $ 137,952 $ 707 $ 2,711 $ 1,216 $ 352 $ 107 $ 143,045 Total consumer: Risk rating: Pass $ 7,171 $ 679,353 $ 1,919,912 $ 1,952,124 $ 987,387 $ 438,771 $ 681,725 $ 1,880,781 $ 8,540,053 Special Mention 140 451 — 106 4 285 — 1,106 1,952 Potential Problem 6 — 481 332 404 277 81 804 2,379 Nonaccrual 931 154 2,003 3,017 4,733 6,545 6,340 40,517 63,309 Total consumer $ 8,248 $ 679,959 $ 1,922,396 $ 1,955,579 $ 992,528 $ 445,878 $ 688,145 $ 1,923,208 $ 8,607,693 Total loans: Risk rating: Pass (d) $ 56,777 $ 3,219,121 $ 7,352,605 $ 4,301,809 $ 3,232,703 $ 1,722,157 $ 1,055,380 $ 2,734,332 $ 23,618,106 Special Mention 140 7,745 65,478 46,023 33,021 16,241 41 10,946 179,495 Potential Problem 2,713 26,913 53,194 34,992 100,240 56,519 5,952 19,095 296,905 Nonaccrual 1,006 154 53,501 11,382 11,605 6,569 6,340 40,891 130,443 Total loans $ 60,636 $ 3,253,933 $ 7,524,778 $ 4,394,206 $ 3,377,569 $ 1,801,486 $ 1,067,713 $ 2,805,265 $ 24,224,949 (a) Revolving loans converted to term loans are also reported in their year of origination. (b) The Corporation’s policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans. (c) Includes asset-based lending. (d) 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: (c) 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: (d) 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 (e) $ 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 (b) The Corporation’s policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans. (c) Includes asset-based lending. (d) Includes auto. (e) 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. See Note 1 for the Corporation's accounting policy for loans. For commercial loans, management has determined the pass credit quality indicator to include credits that exhibit acceptable financial statements, cash flow, and leverage. If any risk exists, it is mitigated by the loan structure, collateral, monitoring, or control. For consumer loans, performing loans include credits performing in accordance with the original contractual terms. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Special mention credits have potential weaknesses that deserve management’s attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the credit. Potential problem loans are considered inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged. These loans generally have a well-defined weakness, or weaknesses, which may jeopardize liquidation of the debt, and are characterized by the distinct possibility that 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 December 31, 2021: Accruing ($ in Thousands) Current (a) 30-59 Days 60-89 Days 90+ Days Nonaccrual (b)(c) Total PPP $ 65,941 $ 40 $ 43 $ — $ 46 $ 66,070 Asset-based lending 178,027 — — — — 178,027 Commercial and industrial 8,201,272 579 54 151 6,233 8,208,289 Commercial real estate - owner occupied 971,163 163 — — — 971,326 Commercial and business lending 9,416,403 781 97 151 6,279 9,423,711 Commercial real estate - investor 4,323,276 142 474 — 60,677 4,384,569 Real estate construction 1,807,178 1,618 2 — 177 1,808,976 Commercial real estate lending 6,130,454 1,759 477 — 60,855 6,193,545 Total commercial 15,546,857 2,541 573 151 67,134 15,617,256 Residential mortgage 7,505,654 5,500 669 126 55,362 7,567,310 Home equity 584,177 2,867 844 — 7,726 595,615 Other consumer 298,261 1,835 472 986 170 301,723 Auto 142,982 11 — — 52 143,045 Total consumer 8,531,074 10,213 1,985 1,111 63,309 8,607,693 Total loans $ 24,077,931 $ 12,754 $ 2,558 $ 1,263 $ 130,443 $ 24,224,949 (a) Any loans deferred in connection with the COVID-19 pandemic are considered current in accordance with Section 4103 of the CARES Act. (b) Of the total nonaccrual loans, $84 million, or 65%, were current with respect to payment at December 31, 2021. (c) No interest income was recognized on nonaccrual loans for the year ended December 31, 2021. In addition, there were $9 million of nonaccrual loans for which there was no related ACLL at December 31, 2021. The following table presents loans by past due status at December 31, 2020: Accruing ($ in Thousands) Current (a) 30-59 Days 60-89 Days 90+ Days Nonaccrual (b)(c) Total PPP $ 767,757 $ — $ — $ — $ — $ 767,757 Asset-based lending 137,476 — — — — 137,476 Commercial and industrial 7,495,792 2,819 3,300 175 61,859 7,563,945 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 4103 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 $28 million of nonaccrual loans for which there was no related ACLL at December 31, 2020. Troubled Debt Restructurings Loans are considered restructured loans if concessions have been granted to borrowers that are experiencing financial difficulty. See Note 1 for the Corporation's accounting policy for TDRs. The following table presents nonaccrual and performing restructured loans by loan portfolio: December 31, 2021 December 31, 2020 December 31, 2019 ($ in Thousands) Performing Nonaccrual Restructured Loans (a) Performing Nonaccrual Restructured Loans (a) Performing Nonaccrual Restructured Loans (a) Commercial and industrial $ 8,687 $ — $ 12,713 $ 6,967 $ 16,678 $ 7,376 Commercial real estate - owner occupied 967 — 1,711 — 1,676 — Commercial real estate - investor 12,866 3,093 26,435 225 293 — Real estate construction 242 45 260 111 298 179 Residential mortgage 16,316 13,483 7,825 11,509 3,955 13,035 Home equity 2,648 806 1,957 1,379 1,896 1,904 Other consumer 803 — 1,191 — 1,246 1 Total restructured loans (b) $ 42,530 $ 17,426 $ 52,092 $ 20,190 $ 26,041 $ 22,494 (a) Nonaccrual restructured loans have been included within nonaccrual loans. (b) Does not include any restructured loans related to the COVID-19 pandemic in accordance with Section 4013 of the CARES Act. The Corporation had a recorded investment of $18 million in loans modified as TDRs during the year ended December 31, 2021, of which $8 million were in accrual status, included in pass or special mention based on their risk rating within the credit quality tables, and $10 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. As of December 31, 2021, there were $13 million of commitments to lend additional funds to borrowers with restructured loans. The following table provides the number of loans modified in a TDR by loan portfolio, the recorded investment, and unpaid principal balance: Years Ended December 31, 2021 2020 2019 ($ in Thousands) Number Recorded Investment (a) Unpaid Principal Balance (b) Number Recorded Investment (a) Unpaid Principal Balance (b) Number Recorded Investment (a) Unpaid Principal Balance (b) Commercial and industrial 4 $ 610 $ 610 7 $ 1,823 $ 2,059 6 $ 7,588 $ 7,703 Commercial real estate - owner occupied — — — 4 658 689 — — — Commercial real estate - investor 6 4,259 10,166 10 26,563 26,567 — — — Real estate construction — — — — — — 1 77 77 Residential mortgage 69 12,415 12,463 36 6,031 6,113 53 7,436 7,517 Home equity 9 932 963 20 1,078 1,697 24 831 845 Other consumer — — — — — — 1 8 8 Total loans modified 88 $ 18,216 $ 24,201 77 $ 36,154 $ 37,125 85 $ 15,940 $ 16,150 (a) Represents post-modification outstanding recorded investment. (b) Represents pre-modification outstanding recorded investment. Restructured loan modifications may include payment schedule modifications, interest rate concessions, maturity date extensions, modification of note structure (A/B Note), non-reaffirmed Chapter 7 bankruptcies, principal reduction, or some combination of these concessions. For the year ended December 31, 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 year ended December 31, 2021. The following table provides the number of loans modified in a TDR during the previous twelve months which subsequently defaulted during the years ended December 31, 2021, 2020, and 2019, respectively, as well as the recorded investment in these restructured loans as of December 31, 2021, 2020, and 2019, respectively: Years Ended December 31, 2021 2020 2019 ($ in Thousands) Number of Recorded Number of Recorded Number of Recorded Commercial real estate — investor 1 164 — — 1 461 Residential mortgage 11 1,171 5 1,036 38 5,630 Home equity — — 4 208 27 868 Total loans modified 12 $ 1,334 9 $ 1,244 66 $ 6,959 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 December 31, 2021, the Corporation had a single $7 million oil & gas loan that met this classification, compared to $68 million at December 31, 2020. Allowance for Credit Losses on Loans The ACLL is comprised of the allowance for loan losses and the allowance for unfunded commitments. The level of the ACLL represents management’s estimate of an amount appropriate to provide for expected lifetime credit losses in the loan portfolio at the balance sheet date. The expected lifetime credit losses are the product of multiplying the Corporation's estimates of probability of default, loss given default, and the individual loan level exposure at default on an undiscounted basis. A main factor in the determination of the ACLL is the economic forecast. The Corporation utilized Moody's baseline forecast, updated during December 2021, in the allowance model. The forecast is applied over a 2 year reasonable and supportable period with straight-line reversion to the historical losses over the second year of the period. See Note 1 for the Corporation's accounting policy on the ACLL. The allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). See Note 16 for additional information on the change in the allowance for unfunded commitments. The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 2021: ($ in Thousands) Dec. 31, 2020 Charge offs Recoveries Net Charge offs Provision for credit losses Dec. 31, 2021 ACLL / Loans Allowance for loan losses PPP $ 531 $ — $ — $ — $ (480) $ 51 Asset-based lending 2,077 — 412 412 1,693 4,182 Commercial and industrial 140,716 (21,564) 8,152 (13,412) (41,680) 85,624 Commercial real estate — owner occupied 11,274 — 120 120 80 11,473 Commercial and business lending 154,598 (21,564) 8,684 (12,880) (40,388) 101,330 Commercial real estate — investor 93,435 (14,346) 3,162 (11,184) (9,448) 72,803 Real estate construction 59,193 (5) 126 121 (21,672) 37,643 Commercial real estate lending 152,629 (14,351) 3,288 (11,063) (31,120) 110,446 Total commercial 307,226 (35,915) 11,972 (23,943) (71,508) 211,776 Residential mortgage 42,996 (880) 841 (38) (2,170) 40,787 Home equity 18,849 (668) 2,854 2,186 (7,024) 14,011 Other consumer 14,456 (3,168) 1,267 (1,901) (1,113) 11,441 Auto 174 (22) 31 9 1,816 1,999 Total consumer 76,475 (4,738) 4,993 256 (8,492) 68,239 Total $ 383,702 $ (40,652) $ 16,965 $ (23,687) $ (80,000) $ 280,015 Allowance for unfunded commitments Asset-based lending $ 901 $ — $ — $ — $ (43) $ 857 Commercial and industrial 21,411 — — — (3,809) 17,601 Commercial real estate — owner occupied 266 — — — (58) 208 Commercial and business lending 22,577 — — — (3,911) 18,667 Commercial real estate — investor 636 — — — 300 936 Real estate construction 18,887 — — — (3,301) 15,586 Commercial real estate lending 19,523 — — — (3,001) 16,522 Total commercial 42,101 — — — (6,912) 35,189 Home equity 3,118 — — — (526) 2,592 Other consumer 2,557 — — — (563) 1,995 Total consumer 5,675 — — — (1,088) 4,587 Total $ 47,776 $ — $ — $ — $ (8,000) $ 39,776 Allowance for credit losses on loans PPP $ 531 $ — $ — $ — $ (480) $ 51 0.08 % Asset-based lending 2,978 — 412 412 1,649 5,040 2.83 % Commercial and industrial (a) 162,126 (21,564) 8,152 (13,412) (45,490) 103,225 1.26 % Commercial real estate — owner occupied 11,539 — 120 120 22 11,681 1.20 % Commercial and business lending (b) 177,175 (21,564) 8,684 (12,880) (44,299) 119,997 1.27 % Commercial real estate — investor 94,071 (14,346) 3,162 (11,184) (9,148) 73,739 1.68 % Real estate construction 78,080 (5) 126 121 (24,972) 53,229 2.94 % Commercial real estate lending 172,152 (14,351) 3,288 (11,063) (34,121) 126,968 2.05 % Total commercial 349,327 (35,915) 11,972 (23,943) (78,419) 246,965 1.58 % Residential mortgage 42,996 (880) 841 (38) (2,170) 40,787 0.54 % Home equity 21,967 (668) 2,854 2,186 (7,550) 16,603 2.79 % Other consumer 17,013 (3,168) 1,267 (1,901) (1,676) 13,436 4.45 % Auto 174 (22) 31 9 1,816 1,999 1.40 % Total consumer 82,150 (4,738) 4,993 256 (9,581) 72,825 0.85 % Total $ 431,478 $ (40,652) $ 16,965 $ (23,687) $ (88,000) $ 319,791 1.32 % (a) The December 31, 2021 ACLL includes $6 million of oil and gas related ACLL. (b) The ACLL/Loans for commercial and business lending, excluding oil & gas and PPP loans, was 1.22% at December 31, 2021. The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 2020: ($ 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 Asset-based lending 3,407 64 3,470 (6,650) 561 (6,090) — — 4,697 2,077 Commercial and industrial 87,727 52,856 140,582 (73,670) 6,444 (67,226) 293 408 66,658 140,716 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 $ 201,371 $ 112,457 $ 313,828 $ (112,053) $ 11,422 $ (100,631) $ 3,504 $ 2,543 $ 164,457 $ 383,702 Allowance for unfunded commitments Asset-based lending $ 471 $ (144) $ 328 $ — $ — $ — $ — $ — $ 573 $ 901 Commercial and industrial 11,805 (3,854) 7,950 — — — — 61 13,399 21,411 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 $ 21,907 $ 18,690 $ 40,597 $ — $ — $ — $ — $ 179 $ 7,000 $ 47,776 Allowance for credit losses on loans PPP $ — $ — $ — $ — $ — $ — $ — $ — $ 531 $ 531 0.07 % Asset-based lending 3,878 (80) 3,798 (6,650) 561 (6,090) — — 5,270 2,978 2.17 % Commercial and industrial 99,531 49,001 148,532 (73,670) 6,444 (67,226) 293 469 80,058 162,126 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 $ 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 allowa |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 5 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. See Note 1 for the Corporation’s accounting policy for goodwill and other intangible assets. The Corporation conducted its most recent annual impairment testing in May 2021, utilizing a qualitative assessment. Factors that management considered in this assessment include 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 the 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 2021, 2020, or 2019. The Corporation had goodwill of $1.1 billion at both December 31, 2021 and 2020. During the second quarter of 2020, there was a reduction of $82 million of goodwill related to the sale of ABRC. Throughout 2020, there was a net increase in goodwill related to the First Staunton acquisition of $15 million. During the first quarter of 2021, there was a reduction of $4 million of goodwill related to the sale of Whitnell. See Note 2 for additional information on the Corporation's acquisitions and dispositions. Other Intangible Assets The Corporation has other intangible assets that are amortized, consisting of CDIs and MSRs. For CDIs and other intangibles, changes in the gross carrying amount, accumulated amortization, and net book value were as follows: ($ in Thousands) 2021 2020 2019 Core deposit intangibles Gross carrying amount at the beginning of the year $ 88,109 $ 80,730 $ 58,100 Additions during the year — 7,379 22,630 Accumulated amortization (30,016) (21,205) (12,456) Net book value $ 58,093 $ 66,904 $ 68,274 Amortization during the year $ 8,811 $ 8,749 $ 7,130 Other intangibles Gross carrying amount at the beginning of the year $ 2,000 $ 38,970 $ 44,887 Additions during the year — 200 — Reductions due to sale (1,317) (17,435) (217) Accumulated amortization (683) (20,385) (24,643) Net book value $ — $ 1,350 $ 20,027 Amortization during the year $ 33 $ 1,443 $ 2,818 Mortgage Servicing Rights The Corporation sells residential mortgage loans in the secondary market and typically retains the right to service the loans sold. MSRs are amortized in proportion to and over the period of estimated net servicing income and assessed for impairment at each reporting date. See Note 1 for the Corporation’s accounting policy for MSRs. See Note 16 for a discussion of the recourse provisions on sold residential mortgage loans. See Note 18 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) 2021 2020 2019 Mortgage servicing rights Mortgage servicing rights at beginning of year $ 59,967 $ 67,607 $ 68,433 Additions from acquisition — 1,357 — Additions 16,151 13,667 11,606 Amortization (19,436) (22,664) (12,432) Mortgage servicing rights at end of year $ 56,682 $ 59,967 $ 67,607 Valuation allowance at beginning of year (18,006) (302) (239) (Additions) recoveries, net 16,186 (17,704) (63) Valuation allowance at end of year (1,820) (18,006) (302) Mortgage servicing rights, net $ 54,862 $ 41,961 $ 67,306 Fair value of mortgage servicing rights $ 57,259 $ 41,990 $ 72,532 Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) 6,994,834 7,743,956 8,488,969 Mortgage servicing rights, net to servicing portfolio 0.78 % 0.54 % 0.79 % Mortgage servicing rights expense (a) $ 3,250 $ 40,369 $ 12,494 (a) Includes the amortization of mortgage servicing rights and additions / recoveries to the valuation allowance of mortgage servicing rights, and is a component of mortgage banking, net on the consolidated statements of income. The projections of amortization expense are based on existing asset balances, the current interest rate environment, and prepayment speeds as of December 31, 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 Year ending December 31, 2022 $ 8,811 $ 8,901 2023 8,811 9,614 2024 8,811 7,811 2025 8,811 6,490 2026 8,811 5,423 Beyond 2026 14,038 18,444 Total Estimated Amortization Expense $ 58,093 $ 56,682 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment See Note 1 for the Corporation’s accounting policy for premises and equipment. A summary of premises and equipment at December 31, 2021 and 2020 is as follows: 2021 2020 ($ in Thousands) Estimated Cost Accumulated Net Book Net Book Land — $ 66,830 $ — $ 66,830 $ 70,431 Land improvements 3 – 15 years 18,522 8,967 9,555 9,771 Buildings and improvements 5 – 39 years 386,859 173,729 213,130 222,162 Computers and related equipment 4 – 8 years 54,908 41,076 13,831 14,718 Furniture, fixtures and other equipment 3 – 20 years 136,426 94,639 41,787 58,058 Operating leases — 46,341 18,042 28,299 31,994 Leasehold improvements 2 – 20 years 35,489 23,748 11,741 11,781 Total premises and equipment $ 745,375 $ 360,202 $ 385,173 $ 418,914 Depreciation and amortization of premises and equipment totaled $33 million for 2021, and $34 million for 2020 and 2019. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Capital Leases in Financial Statements of Lessee Disclosure | Note 7 Leases The Corporation has operating leases for retail and corporate offices, land, and equipment. The Corporation also has finance leases for land and retail and corporate offices. These leases have original terms of 1 year or longer with remaining maturities up to 41 years, some of which include options to extend the lease term. An analysis of the lease options has been completed and any purchase options or optional periods that the Corporation is reasonably likely to extend have been included in the capitalization. The discount rate used to capitalize the operating leases is the Corporation's FHLB borrowing rate on the date of lease commencement. When determining the rate to discount specific lease obligations, the repayment period and term are considered. Operating and finance lease costs and cash flows resulting from these leases are presented below: Twelve Months Ended December 31, ($ in Thousands) 2021 2020 Operating Lease Costs $ 8,712 $ 11,450 Finance Lease Costs 107 154 Operating Lease Cash Flows 11,183 11,276 Finance Lease Cash Flows 137 122 The lease classifications on the consolidated balance sheets were as follows: Consolidated Balance Sheets Category December 31, 2021 December 31, 2020 ($ in Thousands) Amount Operating lease right-of-use asset Premises and equipment $ 28,299 $ 31,994 Finance lease right-of-use asset Other assets 143 962 Operating lease liability Accrued expenses and other liabilities 31,345 36,425 Finance lease liability Other long-term funding 163 1,128 The lease payment obligations, weighted-average remaining lease term, and weighted-average original discount rate were as follows: December 31, 2021 December 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 1.50 0.45 % $ 386 2.49 0.46 % Retail and corporate offices 29,008 5.56 3.26 % 34,036 6.04 3.33 % Land 5,551 8.29 3.12 % 6,385 8.99 3.09 % Total operating leases $ 34,751 5.94 3.22 % $ 40,806 6.45 3.27 % Finance leases Retail and corporate offices $ 112 1.25 1.32 % $ — 0.00 — % Land 51 0.67 1.07 % 1,145 1.65 1.05 % Total finance leases $ 164 1.07 1.24 % $ 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 Twelve Months Ending December 31, 2022 $ 8,056 $ 141 $ 8,197 2023 6,170 22 6,193 2024 5,383 — 5,383 2025 4,084 — 4,084 2026 3,518 — 3,518 Beyond 2026 7,541 — 7,541 Total lease payments $ 34,751 $ 164 $ 34,915 Less: interest 3,406 1 3,407 Present value of lease payments $ 31,345 $ 163 $ 31,508 As of December 31, 2021 and 2020, additional operating leases, primarily retail and corporate offices, that had not yet commenced totaled $13 million and $17 million, respectively. The leases that had not yet commenced as of December 31, 2021, will commence between January 2022 and October 2023 with lease terms of 3 years to 10 years. The Corporation conducts a portion of its business through certain facilities and equipment under noncancelable operating leases. The Corporation also leases a subdivision of some of its facilities and receives rental income from such lease agreements. The approximate minimum annual rental payments and rental receipts under noncancelable agreements and leases with remaining terms in excess of one year are as follows: ($ in Thousands) Payments Receipts 2022 $ 8,467 $ 3,099 2023 5,842 2,980 2024 5,238 2,715 2025 4,067 2,427 2026 3,506 2,184 Thereafter 6,420 7,113 Total $ 33,540 $ 20,519 Total rental expense under leases, net of lease income, totaled $5 million in 2021, 2020, and 2019. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposits | Deposits The distribution of deposits at December 31 is as follows: ($ in Thousands) 2021 2020 Noninterest-bearing demand $ 8,504,077 $ 7,661,728 Savings 4,410,198 3,650,085 Interest-bearing demand 7,019,782 6,090,869 Money market 7,185,111 7,322,769 Time deposits 1,347,262 1,757,030 Total deposits $ 28,466,430 $ 26,482,481 Uninsured deposits were $14.6 billion and $14.9 billion at December 31, 2021 and 2020, respectively. Time deposits of $250,000 or more were $215 million and $341 million at December 31, 2021 and 2020, respectively. Aggregate annual maturities of all time deposits at December 31, 2021, are as follows: Maturities During Year Ending December 31, ($ in Thousands) 2022 $ 1,055,614 2023 177,715 2024 66,105 2025 25,211 2026 22,612 Thereafter 5 Total $ 1,347,262 |
Short and Long-Term Funding
Short and Long-Term Funding | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 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) December 31, 2021 December 31, 2020 Short-Term Funding Federal funds purchased $ 120 $ 7,070 Securities sold under agreements to repurchase 319,412 185,901 Federal funds purchased and securities sold under agreements to repurchase 319,532 192,971 Commercial paper 34,730 59,346 Total short-term funding $ 354,262 $ 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 Capitalized costs (839) (1,663) Finance leases 163 1,128 FHLB advances 1,621,047 1,632,723 Total long-term funding 1,870,371 2,182,188 Total short and long-term funding $ 2,224,633 $ 2,434,505 Securities Sold Under Agreement 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 December 31, 2021, the Corporation pledged agency mortgage-related securities with a fair value of $448 million as collateral for the repurchase agreements. Securities pledged as collateral under repurchase agreements are maintained with the Corporation's safekeeping agents and are monitored on a daily basis due to the market risk of fair value changes in the underlying securities. The Corporation generally pledges excess securities to ensure there is sufficient collateral to satisfy short-term fluctuations in both the repurchase agreement balances and the fair value of the underlying securities. The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets as of December 31, 2021 and 2020 are presented in the following table: Overnight and Continuous ($ in Thousands) December 31, 2021 December 31, 2020 Repurchase agreements Agency mortgage-related securities $ 319,412 $ 185,901 Total $ 319,412 $ 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 Finance leases are used in conjunction with branch operations. See Note 7 for additional disclosure regarding the Corporation’s leases. FHLB Advances Under agreements with the FHLB of Chicago, FHLB advances are secured by qualifying mortgages of the subsidiary bank (such as residential mortgage, residential mortgage loans held for sale, home equity, and CRE). At December 31, 2021, the Corporation had $8.4 billion of total collateral capacity, primarily supported by residential mortgage, CRE and home equity loans. At December 31, 2021, the FHLB advances had maturity or call dates ranging from 2022 through 2028, and had a weighted average interest rate of 2.05%, compared to 2.34% at December 31, 2020. The table below summarizes the maturities of the Corporation’s long-term funding at December 31, 2021: ($ in Thousands) Long Term Funding Year 2022 $ 11,811 2023 2,363 2024 633 2025 649,377 2026 604,813 Thereafter 601,375 Total long-term funding $ 1,870,371 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Note 10 Stockholders' Equity Preferred Equity: In June 2015, the Corporation issued 2.6 million depositary shares, each representing a 1/40th interest in a share of the Corporation’s 6.125% Non-Cumulative Perpetual Preferred Stock, Series C, liquidation preference $1,000 per share. Dividends on the Series C Preferred Stock are payable quarterly in arrears only when, as and if declared by the Board of Directors at a rate per annum equal to 6.125%. Shares of the Series C Preferred Stock have priority over the Corporation’s common stock with regard to the payment of dividends and distributions upon liquidation, dissolution or winding up. As such, the Corporation may not pay dividends on or repurchase, redeem, or otherwise acquire for consideration shares of its common stock unless dividends for the Series C Preferred Stock have been declared for that period, and sufficient funds have been set aside to make payment. The Series C Preferred Stock may be redeemed by the Corporation at its option (i) either in whole or in part, from time to time, on any dividend payment date on or after the dividend payment date occurring on June 15, 2020, or (ii) in whole but not in part, at any time within 90 days following certain regulatory capital treatment events, in each case at a redemption price of $1,000 per share (equivalent to $25 per depositary share), plus any applicable dividends. Except in certain limited circumstances, the Series C Preferred Stock does not have any voting rights. On June 15, 2021, the Corporation redeemed all remaining Series C depositary shares for $65 million. In September 2016, the Corporation issued 4.0 million depositary shares, each representing a 1/40th interest in a share of the Corporation’s 5.375% Non-Cumulative Perpetual Preferred Stock, Series D, liquidation preference $1,000 per share. Dividends on the Series D Preferred Stock are payable quarterly in arrears only when, as and if declared by the Board of Directors at a rate per annum equal to 5.375%. Shares of the Series D Preferred Stock have priority over the Corporation’s common stock with regard to the payment of dividends and distributions upon liquidation, dissolution or winding up. As such, the Corporation may not pay dividends on or repurchase, redeem, or otherwise acquire for consideration shares of its common stock unless dividends for the Series D Preferred Stock have been declared for that period, and sufficient funds have been set aside to make payment. The Series D Preferred Stock may be redeemed by the Corporation at its option (i) either in whole or in part, from time to time, on any dividend payment date on or after the dividend payment date occurring on September 15, 2021, or (ii) in whole but not in part, at any time within 90 days following certain regulatory capital treatment events, in each case at a redemption price of $1,000 per share (equivalent to $25 per depositary share), plus any applicable dividends. Except in certain limited circumstances, the Series D Preferred Stock does not have any voting rights. On July 25, 2017, the Board of Directors authorized the repurchase of up to $15 million of depositary shares of the Corporation's Series D Preferred Stock. During 2018, the Corporation repurchased approximately 22,000 depositary shares for $1 million. On September 15, 2021, the Corporation redeemed all remaining Series D depositary shares for $99 million. In September 2018, the Corporation issued 4.0 million depositary shares, each representing a 1/40th interest in a share of the Corporation’s 5.875% Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $1,000 per share. Dividends on the Series E Preferred Stock are payable quarterly in arrears only when, as and if declared by the Board of Directors at a rate per annum equal to 5.875%. Shares of the Series E Preferred Stock have priority over the Corporation’s common stock with regard to the payment of dividends and distributions upon liquidation, dissolution or winding up. As such, the Corporation may not pay dividends on or repurchase, redeem, or otherwise acquire for consideration shares of its common stock unless dividends for the Series E Preferred Stock have been declared for that period, and sufficient funds have been set aside to make payment. The Series E Preferred Stock may be redeemed by the Corporation at its option (i) either in whole or in part, from time to time, on any dividend payment date on or after the dividend payment date occurring on December 15, 2023, or (ii) in whole but not in part, at any time within 90 days following certain regulatory capital treatment events, in each case at a redemption price of $1,000 per share (equivalent to $25 per depositary share), plus any applicable dividends. Except in certain limited circumstances, the Series E Preferred Stock does not have any voting rights. In June 2020, the Corporation issued 4.0 million depositary shares, each representing a 1/40th interest in a share of the Corporation’s 5.625% Non-Cumulative Perpetual Preferred Stock, Series F, liquidation preference $1,000 per share. Dividends on the Series F Preferred Stock are payable quarterly in arrears only when, as and if declared by the Board of Directors at a rate per annum equal to 5.625%. Shares of the Series F Preferred Stock have priority over the Corporation’s common stock with regard to the payment of dividends and distributions upon liquidation, dissolution or winding up. As such, the Corporation may not pay dividends on or repurchase, redeem, or otherwise acquire for consideration shares of its common stock unless dividends for the Series F Preferred Stock have been declared for that period, and sufficient funds have been set aside to make payment. The Series F Preferred Stock may be redeemed by the Corporation at its option (i) either in whole or in part, from time to time, on any dividend payment date on or after the dividend payment date occurring on September 15, 2025, or (ii) in whole but not in part, at any time within 90 days following certain regulatory capital treatment events, in each case at a redemption price of $1,000 per share (equivalent to $25 per depositary share), plus any applicable dividends. Except in certain limited circumstances, the Series F Preferred Stock does not have any voting rights. Subsidiary Equity: At December 31, 2021, subsidiary equity equaled $4.0 billion. See Note 19 for additional information on regulatory requirements for the Bank. Common Stock Repurchases: In 2021, the Board of Directors approved additional authorizations for the repurchase of up to $100 million of the Corporation’s common stock. In 2020, the Board of Directors did not approve any additional authorizations for the repurchase of the Corporation's common stock. During 2021, the Corporation repurchased 6.3 million shares for $133 million (or an average cost per common share of $21.12), compared to 4.3 million shares for $71 million (or an average cost per common share of $16.71) during 2020. As of December 31, 2021, $80 million remained available to repurchase shares of common stock under previously approved Board of Director authorizations. The repurchase of shares will be based on market and investment opportunities, capital levels, growth prospects, and any necessary regulatory approvals and other regulatory constraints. Such repurchases may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchase programs, or similar facilities. The Corporation also repurchased shares in satisfaction of minimum tax withholding obligations in connection with settlements of equity compensation totaling $5 million (242,966 shares at an average cost per common share of $19.95) during 2021, compared to $6 million (321,488 shares at an average cost per common share of $19.01) during 2020. Other Comprehensive Income (Loss): See the Consolidated Statements of Comprehensive Income for a summary of activity in other comprehensive income (loss) and see Note 22 for a summary of the components of accumulated other comprehensive income (loss). |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Note 11 Stock-Based Compensation Stock-Based Compensation Plan In February 2020, the Board of Directors, with subsequent approval of the Corporation’s shareholders, approved the adoption of the 2020 Incentive Compensation Plan. All remaining shares available for grant under the 2017 Incentive Compensation Plan were rolled into the 2020 Plan. As of December 31, 2021, approximately 11.0 million shares remained available for grant under the 2020 Plan. Under the 2020 Plan, options are generally exercisable up to ten years from the date of grant, have an exercise price that is equal to the closing price of the Corporation’s stock on the grant date, and vest ratably over four years. The Corporation also issues restricted stock awards under the 2020 Plan. The shares of restricted stock are restricted as to transfer, but are not restricted as to dividend payment or voting rights. Restricted stock units receive dividend equivalents but do not have voting rights. The transfer restrictions lapse over three years or four years, depending upon whether the awards are performance-based or service-based. Performance-based awards are based on earnings per share performance goals, relative total shareholder return, and continued employment or meeting the requirements for retirement and service-based awards are contingent upon continued employment or meeting the requirements for retirement. Performance-based restricted stock awards granted during 2020 and 2021 will cliff-vest after the three The 2020 Plan provides that restricted stock awards and stock options will immediately become fully vested upon retirement from the Corporation of retirement eligible colleagues. See Note 1 for the Corporation’s accounting policy for stock based compensation. Accounting for 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 retirement eligible colleagues, 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. 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. 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 that 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 during 2021. The following assumptions were used in estimating the fair value for options granted in 2020 and 2019: 2020 2019 Dividend yield 3.50 % 3.30 % Risk-free interest rate 1.60 % 2.60 % Weighted average expected volatility 21.00 % 24.00 % Weighted average expected life 5.75 years 5.75 years Weighted average per share fair value of options $2.39 $4.00 A summary of the Corporation’s stock option activity for the year ended December 31, 2021 is presented below: Stock Options Shares (a) Weighted Average Weighted Average Aggregate Outstanding at December 31, 2020 6,473 $ 19.77 6.23 years $ 2,005 Exercised (1,533) 16.58 Forfeited or expired (126) 22.28 Outstanding at December 31, 2021 4,814 $ 20.72 5.96 years $ 12,532 Options exercisable at December 31, 2021 3,264 $ 21.00 5.13 years $ 8,294 (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 years ended December 31, 2021, 2020, and 2019, the intrinsic value of stock options exercised was $9 million, approximately $816,000, and $4 million, respectively. The total fair value of stock options that vested was $4 million for the year ended December 31, 2021, $4 million for the year ended December 31, 2020, and $3 million for the year ended December 31, 2019. For the years ended December 31, 2021, 2020, and 2019, the Corporation recognized compensation expense of $1 million, $4 million, and $4 million, respectively, for the vesting of stock options. Included in compensation expense for 2021 was approximately $167,000 of expense for the accelerated vesting of stock options granted to retirement eligible colleagues. At December 31, 2021, the Corporation had $1 million of unrecognized compensation expense related to stock options that is expected to be recognized over the remaining requisite service periods that extend predominantly through the first quarter 2024. The following table summarizes information about the Corporation’s restricted stock activity for the year ended December 31, 2021: Restricted Stock Shares (a) Weighted Average Outstanding at December 31, 2020 2,293 $ 20.46 Granted 1,229 20.03 Vested (812) 21.23 Forfeited (75) 21.72 Outstanding at December 31, 2021 2,635 $ 19.87 (a) In thousands The Corporation amortizes the expense related to restricted stock awards as compensation expense over the vesting period specified in the grant. Expense for restricted stock awards of $15 million was recorded for the year ended December 31, 2021, $17 million for the year ended December 31, 2020 and $21 million for the year ended December 31, 2019. Included in compensation expense for 2021 was $3 million of expense for the accelerated vesting of restricted stock awards granted to retirement eligible colleagues. The Corporation had $21 million of unrecognized compensation costs related to restricted stock awards at December 31, 2021 that are expected to be recognized over the remaining requisite service periods that extend predominantly through first quarter 2025. The Corporation has the ability to issue shares from treasury or new shares upon the exercise of stock options or the granting of restricted stock awards. As described in Note 10, the Board of Directors has authorized management to repurchase shares of the Corporation’s common stock each quarter in the market, to be made available for issuance in connection with the Corporation’s employee incentive plans and for other corporate purposes. The repurchase of shares will be based on market and investment opportunities, capital levels, growth prospects, and the receipt of any necessary regulatory approvals. Such repurchases may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchase programs, or similar facilities. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13 Income Taxes The current and deferred amounts of income tax expense (benefit) were as follows: Years Ended December 31, ($ in Thousands) 2021 2020 2019 Current Federal $ 57,916 $ 33,020 $ 50,560 State 12,035 16,193 15,327 Total current 69,951 49,213 65,887 Deferred Federal 9,115 (25,895) 14,094 State 6,247 (3,118) (261) Total deferred 15,362 (29,013) 13,833 Total income tax expense $ 85,313 $ 20,200 $ 79,720 Temporary differences between the amounts reported on the financial statements and the tax bases of assets and liabilities resulted in deferred taxes. DTAs and liabilities at December 31, 2021 and 2020, included in other assets and accrued expenses and other liabilities on the consolidated balance sheets, respectively, were as follows: ($ in Thousands) 2021 2020 Deferred tax assets Allowance for loan losses $ 72,199 $ 88,967 Allowance for other losses 12,704 16,347 Accrued liabilities 4,285 3,776 Deferred compensation 31,896 27,896 Benefit of tax loss and credit carryforwards 6,245 9,789 Nonaccrual interest 1,374 1,763 Lease liability 12,954 13,328 Basis difference from equity securities and other investments — 6,329 Net unrealized losses on AFS securities 1,989 — Net unrealized losses on pension and postretirement benefits 1,308 9,110 Other 3,806 997 Total deferred tax assets $ 148,760 $ 178,302 Valuation allowance for deferred tax assets — (251) Total deferred tax assets after valuation allowance $ 148,760 $ 178,051 Deferred tax liabilities Prepaid expenses $ 61,826 $ 63,113 Goodwill 22,785 21,698 Mortgage banking activities 14,382 10,403 Deferred loan fee income 7,848 9,799 State deferred taxes 1,234 2,636 Lease financing — 116 Bank premises and equipment 20,705 30,188 Purchase accounting 11,500 12,658 Basis difference from equity securities and other investments 2,597 — Net unrealized gains on AFS securities — 13,568 Other 667 1,049 Total deferred tax liabilities $ 143,544 $ 165,228 Net deferred tax assets (liabilities) $ 5,216 $ 12,823 At December 31, 2020, the valuation allowance for DTAs of approximately $251,000 was related to the deferred tax benefit of specific federal tax loss carryforwards of $3 million from a 2017 acquisition. The changes in the valuation allowance related to net operating losses for 2021 and 2020 were as follows: ($ in Thousands) 2021 2020 Valuation allowance for deferred tax assets, beginning of year $ (251) $ (251) Decrease in current year 251 — Valuation allowance for deferred tax assets, end of year $ — $ (251) At December 31, 2021, the Corporation had state net operating loss carryforwards of $79 million (of which $32 million was acquired from various acquisitions) that will begin expiring in 2031. The effective income tax rate differs from the statutory federal tax rate. The major reasons for this difference were as follows: 2021 2020 2019 Federal income tax rate at statutory rate 21.0 % 21.0 % 21.0 % Increases (decreases) resulting from: Tax-exempt interest and dividends (3.0) % (3.9) % (3.3) % State income taxes (net of federal benefit) 3.8 % 3.7 % 3.5 % Bank owned life insurance (0.6) % (0.9) % (0.8) % Tax effect of tax credits and benefits, net of related expenses (1.8) % (1.8) % (0.9) % Tax reserve adjustments / settlements — % 0.1 % 0.2 % Net tax (benefit) expense from stock-based compensation — % 0.3 % (0.2) % Restructuring in conjunction with ABRC sale (0.1) % (13.7) % — % FDIC premium 0.5 % 0.8 % 0.5 % Other (0.2) % 0.6 % (0.4) % Effective income tax rate 19.6 % 6.2 % 19.6 % Savings banks acquired by the Corporation in 1997 and 2004 qualified under provisions of the Internal Revenue Code that permitted them to deduct from taxable income an allowance for bad debts that differed from the provision for such losses charged to income for financial reporting purposes. Accordingly, no provision for income taxes has been made for $100 million of retained income at December 31, 2021. If income taxes had been provided, the deferred tax liability would have been approximately $25 million. Management does not expect this amount to become taxable in the future; therefore, no provision for income taxes has been made. The Corporation and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Corporation’s federal income tax returns are open and subject to examination from the 2018 tax return year and forward. The years open to examination by state and local government authorities varies by jurisdiction. A reconciliation of the beginning and ending amount of unrecognized tax benefits was as f ollows: ($ in Millions) 2021 2020 Balance at beginning of year $ 3 $ 3 Subtractions for tax positions related to prior years (1) — Balance at end of year $ 2 $ 3 At December 31, 2021 and 2020, the total amounts of unrecognized tax benefits that, if recognized, would affect the effective tax rate were $2 million and $3 million, respectively. The Corporation recognizes interest and penalties accrued related to unrecognized tax benefits in the income tax expense line on the consolidated statements of income. Interest and penalty benefits were negligible at both December 31, 2021 and 2020. Accrued interest and penalties were negligible at both December 31, 2021 and December 31, 2020. Management does not anticipate significant adjustments to the total amount of unrecognized tax benefits within the next twelve months. |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | Note 14 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 $71 million of investment securities as collateral at December 31, 2021, and pledged $72 million of investment securities as collateral at December 31, 2020. Cash is often pledged as collateral for derivatives that are not centrally cleared. At December 31, 2021, the Corporation posted $11 million cash collateral compared to $31 million at December 31, 2020. See Note 18 for fair value information and disclosures and see Note 1 for the Corporation's accounting policy for derivative and hedging activities. Derivatives to Accommodate Customer Needs The Corporation also facilitates customer borrowing activity by entering into various derivative contracts which are designated as free standing derivative contracts. Free standing derivative products are entered into primarily for the benefit of commercial customers seeking to manage their exposures to interest rate risk, foreign currency, and commodity prices. These derivative contracts are not designated against specific assets and liabilities on the consolidated balance sheets or forecasted transactions and, therefore, do not qualify for hedge accounting treatment. Such derivative contracts are carried at fair value in other assets and accrued expenses and other liabilities on the consolidated balance sheets with changes in the fair value recorded as a component of capital markets, net, and typically include interest rate-related instruments (swaps and caps), foreign currency exchange forwards, and commodity contracts. See Note 15 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 Corporation's derivatives, as well as the balance sheet netting adjustments as of December 31, 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 December 31, 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. The table below identifies the balance sheet category and fair values of the Corporation’s derivative instruments: December 31, 2021 December 31, 2020 Asset Liability Asset Liability ($ in Thousands) Notional Amount Fair Notional Amount Fair Notional Amount Fair Notional Amount Fair Not designated as hedging instruments Interest rate-related instruments $ 3,874,781 $ 83,626 $ 3,874,781 $ 26,231 $ 3,639,679 $ 192,518 $ 3,639,679 $ 25,680 Foreign currency exchange forwards 490,057 5,490 478,745 5,441 411,292 4,909 398,890 4,836 Commodity contracts 3,894 1,264 3,910 1,248 87,547 12,486 83,214 11,155 Mortgage banking (a)(b) 133,990 2,647 245,016 — 226,818 9,624 335,500 2,046 Gross derivatives before netting $ 93,026 $ 32,921 $ 219,537 $ 43,716 Less: Legally enforceable master netting agreements 2,143 2,143 1,936 1,936 Less: Cash collateral pledged/received 1,313 11,357 10,879 25,625 Total derivative instruments, after netting $ 89,570 $ 19,421 $ 206,722 $ 16,155 (a) Mortgage derivative assets include interest rate lock commitments and mortgage derivative liabilities include forward commitments. (b) Includes approximately $30,000 of forward commitment fair value. The Corporation terminated its $500 million fair value hedge during the fourth quarter of 2019. At December 31, 2021, the amortized cost basis of the closed portfolios which had previously been used in the terminated hedging relationship was $414 million and is included in loans on the consolidated balance sheets. This amount includes $2 million of hedging adjustments on the discontinued hedging relationships. The table below identifies the effect of fair value hedge accounting on the Corporation's consolidated statements of income during the twelve months ended December 31, 2021, 2020,and 2019: Location and Amount of Gain or (Loss) Recognized on Consolidated Statements of Income in Fair Value and Cash Flow Hedging Relationships For the Years Ended December 31, 2021 2020 2019 ($ in Thousands) Interest Income Interest Income Other Expense Interest Income Total amounts of income and expense line items presented on the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded (a) $ (1,376) $ (1,779) $ (262) $ (448) The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items (1,376) (1,779) (262) 5,871 Derivatives designated as hedging instruments (a) — — — (6,319) (a) Includes net settlements as hedging instruments The table below identifies the effect of derivatives not designated as hedging instruments on the Corporation's consolidated statements of income during the twelve months ended December 31, 2021, 2020, and 2019: Consolidated Statements of Income Category of For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Derivative Instruments Interest rate-related instruments — customer and mirror, net Capital market fees, net $ 2,432 $ (1,758) $ (1,393) Interest rate lock commitments (mortgage) Mortgage banking, net (7,007) 7,097 319 Forward commitments (mortgage) Mortgage banking, net (2,075) 1,335 1,362 Foreign currency exchange forwards Capital market fees, net (25) (105) 132 Commodity contracts Capital market fees, net (1,316) 427 (1,763) |
Balance Sheet Offsetting
Balance Sheet Offsetting | 12 Months Ended |
Dec. 31, 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 with assets and liabilities offset resulting in a net position which is further offset by any cash collateral, and is reported in other assets and accrued expenses and other liabilities, on the face of the consolidated balance sheets. See Note 14 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 therefore, are excluded from this table: Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets Net Amounts Presented on the Consolidated Balance Sheets ($ in Thousands) Gross Amounts Recognized Derivative Liabilities Offset Cash Collateral Received Derivative assets December 31, 2021 $ 3,567 $ (2,143) $ (1,313) $ 111 December 31, 2020 13,441 (1,936) (10,879) 626 Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets Net Amounts Presented on the Consolidated Balance Sheets ($ in Thousands) Gross Amounts Recognized Derivative Assets Offset Cash Collateral Pledged Derivative liabilities December 31, 2021 $ 15,620 $ (2,143) $ (11,357) $ 2,120 December 31, 2020 27,951 (1,936) (25,625) 390 |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Financial Information | Parent Company Only Financial Information Presented below are condensed financial statements for the Parent Company: Balance Sheets December 31, ($ in Thousands) 2021 2020 Assets Cash and due from banks $ 17,241 $ 40,204 Interest-bearing deposits in other financial institutions 20,743 15,228 Notes and interest receivable from subsidiaries 285,516 305,779 Investments in and receivable due from subsidiaries 3,953,461 4,005,198 Other assets 46,644 46,850 Total assets $ 4,323,605 $ 4,413,259 Liabilities and Stockholders' Equity Commercial paper $ 34,730 $ 59,346 Subordinated notes, at par 250,000 250,000 Long-term funding capitalized costs (839) (1,133) Total long-term funding 249,161 248,867 Accrued expenses and other liabilities 14,860 14,113 Total liabilities 298,752 322,326 Preferred equity 193,195 353,512 Common equity 3,831,658 3,737,421 Total stockholders’ equity 4,024,853 4,090,933 Total liabilities and stockholders’ equity $ 4,323,605 $ 4,413,259 Statements of Income For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Income Income from subsidiaries $ 361,198 $ 317,895 $ 341,789 Interest income on notes receivable from subsidiaries 3,247 3,257 13,983 Other income 682 933 761 Total income 365,127 322,084 356,532 Expense Interest expense on short and long-term funding 10,942 10,960 16,802 Other expense 7,330 6,422 6,583 Total expense 18,272 17,383 23,384 Income before income tax expense 346,856 304,702 333,148 Income tax expense (benefit) (4,138) (2,070) 6,359 Net income 350,994 306,771 326,790 Preferred stock dividends 17,111 18,358 15,202 Net income available to common equity $ 333,883 $ 288,413 $ 311,587 Statements of Cash Flows For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Cash Flows from Operating Activities Net income $ 350,994 $ 306,771 $ 326,790 Adjustments to reconcile net income to net cash provided by operating activities: (Increase) decrease in equity in undistributed net income (loss) of subsidiaries 28,802 (61,406) (21,789) Net change in other assets and accrued expenses and other liabilities 17,102 (49,890) 265 Net cash provided by operating activities 396,898 195,475 305,266 Cash Flows from Investing Activities Net (increase) decrease in notes receivable from subsidiaries 20,000 (105,000) 250,000 Net cash provided by (used in) investing activities 20,000 (105,000) 250,000 Cash Flows from Financing Activities Net increase (decrease) in commercial paper (24,616) 27,330 (13,406) Redemption of Corporation's senior notes — — (250,000) Proceeds from issuance of common stock for stock-based compensation plans 25,702 3,966 11,216 Proceeds from issuance of preferred stock — 96,796 — Redemption of preferred stock (164,458) — — Purchase of treasury stock, open market purchases (132,955) (71,255) (177,484) Purchase of treasury stock, stock-based compensation plans (4,847) (6,113) (8,592) Cash dividends on common stock (116,061) (112,023) (111,804) Cash dividends on preferred stock (17,111) (18,358) (15,202) Net cash used in financing activities (434,346) (79,656) (565,272) Net increase (decrease) in cash and cash equivalents (17,448) 10,819 (10,006) Cash and cash equivalents at beginning of year 55,432 44,613 54,619 Cash and cash equivalents at end of year $ 37,984 $ 55,432 $ 44,613 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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). See Note 1 for the Corporation’s accounting policy for fair value measurements. Following is a description of the valuation methodologies used for the Corporation’s more significant instruments measured on a recurring basis at fair value, including the general classification of such instruments pursuant to the valuation hierarchy. Assets and Liabilities Measured at Fair Value on a Recurring Basis Investment Securities AFS: Where quoted prices are available in an active market, investment securities are classified in Level 1 of the fair value hierarchy. If quoted market prices are not available for the specific security, then fair values are estimated by using pricing models, quoted prices of securities with similar characteristics, or discounted cash flows, with consideration given to the nature of the quote and the relationship of recently evidenced market activity to the fair value estimate, and are classified in Level 2 of the fair value hierarchy. Lastly, in certain cases where there is limited activity or less transparency around inputs to the estimated fair value, securities are classified within Level 3 of the fair value hierarchy. To validate the fair value estimates, assumptions, and controls, the Corporation looks to transactions for similar instruments and utilizes independent pricing provided by third party vendors or brokers and relevant market indices. While none of these sources are solely indicative of fair value, they serve as directional indicators for the appropriateness of the Corporation’s fair value estimates. The Corporation has determined that the fair value measures of its investment securities are classified predominantly within Level 2 of the fair value hierarchy. See Note 3 for additional disclosure regarding the Corporation’s investment 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 other mutual funds. Since quoted prices for the Corporation's equity securities are readily available in an active market, they are classified within Level 1 of the fair value hierarchy. See Note 3 for additional disclosure regarding the Corporation’s equity securities. Residential Loans Held For Sale: Residential loans held for sale, which consist generally of current production of certain fixed-rate, first-lien residential mortgage loans, are carried at estimated fair value. Management has elected the fair value option to account for all newly originated mortgage loans held for sale, which results in the financial impact of changing market conditions being reflected currently in earnings as opposed to being dependent upon the timing of sales. Therefore, the continually adjusted values better reflect the price the Corporation expects to receive from the sale of such loans. The estimated fair value is based on what secondary markets are currently offering for portfolios with similar characteristics, which the Corporation classifies as a Level 2 fair value measurement. Derivative Financial Instruments (Interest Rate-Related Instruments): The Corporation offers interest rate-related instruments (swaps and caps) to service its customers’ needs, for which the Corporation simultaneously enters into offsetting derivative financial instruments (i.e., mirror interest rate-related instruments) with third parties to manage its interest rate risk associated with these financial instruments. The valuation of the Corporation’s derivative financial instruments is determined using discounted cash flow analysis on the expected cash flows of each derivative and also includes a nonperformance / credit risk component (credit valuation adjustment). See Note 14 for additional disclosure regarding the Corporation’s interest rate-related instruments. The discounted cash flow analysis component in the fair value measurement reflects the contractual terms of the derivative financial instruments, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. More specifically, the fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) with the variable cash payments (or receipts) based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. Likewise, the fair values of interest rate options (i.e., interest rate caps) are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fall below (or rise above) the strike rate of the floors (or caps), with the variable interest rates used in the calculation of projected receipts on the floor (or cap) based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. The Corporation also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative financial instruments for the effect of nonperformance risk, the Corporation has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. While the Corporation has determined that the majority of the inputs used to value its interest rate-related derivative financial instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. The Corporation has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions as of December 31, 2021 and 2020, and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments for interest rate-related instruments. Therefore, the Corporation has determined that the fair value measures of its derivative financial instruments for interest rate-related instruments in their entirety are classified within Level 2 of the fair value hierarchy. Derivative Financial Instruments (Foreign Currency Exchange Forwards): The Corporation provides foreign currency exchange services to customers. In addition, the Corporation may enter into a foreign currency exchange forward to mitigate the exchange rate risk attached to the cash flows of a loan or as an offsetting contract to a forward entered into as a service to its customer. The valuation of the Corporation’s foreign currency exchange forwards is determined using quoted prices of foreign currency exchange forwards with similar characteristics, with consideration given to the nature of the quote and the relationship of recently evidenced market activity to the fair value estimate, and is classified within Level 2 of the fair value hierarchy. See Note 14 for additional disclosures regarding the Corporation’s foreign currency exchange forwards. Derivative Financial Instruments (Commodity Contracts): The Corporation enters into commodity contracts to manage commercial customers' exposure to fluctuating commodity prices, for which the Corporation simultaneously enters into offsetting derivative financial instruments (i.e., mirror commodity contracts) with third parties to manage its risk associated with these financial instruments. The valuation of the Corporation’s commodity contracts is determined using quoted prices of the underlying instruments, and also includes a nonperformance / credit risk component (credit valuation adjustment). See Note 14 for additional disclosures regarding the Corporation’s commodity contracts. The Corporation also incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty's nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative financial instruments for the effect of nonperformance risk, the Corporation has considered the impact of netting and any applicable credit enhancements, such as collateral postings. While the Corporation has determined that the majority of the inputs used to value its derivative financial instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments utilize Level 3 inputs, such as probability of default and loss given default of the underlying loans to evaluate the likelihood of default by itself and its counterparties. The Corporation has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions as of December 31, 2021 and 2020, and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative financial instruments for commodity contracts. Therefore, the Corporation has determined that the fair value measures of its derivative financial instruments for commodity contracts in their entirety are classified within Level 2 of the fair value hierarchy. The table below presents the Corporation’s financial instruments measured at fair value on a recurring basis as of December 31, 2021 and 2020, aggregated by the level in the fair value hierarchy within which those measurements fall: ($ in Thousands) Fair Value Hierarchy December 31, 2021 December 31, 2020 Assets Investment securities AFS U.S. Treasury securities Level 1 $ 122,957 $ 26,531 Agency securities Level 2 14,897 25,038 Obligations of state and political subdivisions (municipal securities) Level 2 400,457 450,662 Residential mortgage-related securities FNMA / FHLMC Level 2 2,691,879 1,461,241 GNMA Level 2 67,780 235,537 Private-label Level 2 329,724 — Commercial mortgage-related securities FNMA / FHLMC Level 2 350,623 22,904 GNMA Level 2 166,799 524,756 Asset backed securities FFELP Level 2 177,325 327,189 SBA Level 2 6,580 8,584 Other debt securities Level 2 2,994 3,000 Total investment securities AFS Level 1 $ 122,957 $ 26,531 Total investment securities AFS Level 2 4,209,058 3,058,910 Equity securities with readily determinable fair values Level 1 4,810 1,661 Residential loans held for sale Level 2 136,638 129,158 Interest rate-related instruments (a) Level 2 83,626 192,518 Foreign currency exchange forwards (a) Level 2 5,490 4,909 Commodity contracts (a) Level 2 1,264 12,486 Interest rate lock commitments to originate residential mortgage loans held for sale Level 3 2,617 9,624 Forward commitments to sell residential mortgage loans Level 3 30 — Liabilities Interest rate-related instruments (a) Level 2 $ 26,231 $ 25,680 Foreign currency exchange forwards (a) Level 2 5,441 4,836 Commodity contracts (a) Level 2 1,248 11,155 Forward commitments to sell residential mortgage loans Level 3 — 2,046 (a) Figures presented gross before netting. See Note 14 and Note 15 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place. The table below presents a rollforward of the consolidated balance sheets amounts for the years ended December 31, 2021 and 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 7,097 1,335 5,762 Balance December 31, 2020 $ 9,624 $ 2,046 $ 7,579 New production $ 53,686 $ (3,281) $ 56,966 Closed loans / settlements (53,477) 3,740 (57,217) Other (7,216) (2,535) (4,680) Mortgage derivative (loss) (7,007) (2,076) (4,932) Balance December 31, 2021 $ 2,617 $ (30) $ 2,647 For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2021, the Corporation utilized the following valuation techniques and significant unobservable inputs: Derivative Financial Instruments (Mortgage Derivative — Interest Rate Lock Commitments to Originate Residential Mortgage Loans Held For Sale): The fair value is determined by the change in value from each loan's rate lock date to the expected rate lock expiration date based on the underlying loan attributes, estimated closing ratios, and investor price matrix determined to be reasonably applicable to each loan commitment. The closing ratio calculation takes into consideration historical experience and loan-level attributes, particularly the change in the current interest rates from the time of initial rate lock. The closing ratio is periodically reviewed for reasonableness and reported to the Associated Mortgage Risk Management Committee. At December 31, 2021, the closing ratio was 86%. Derivative Financial Instruments (Mortgage Derivative—Forward Commitments to Sell Mortgage Loans): Mortgage derivatives include forward commitments to deliver closed-end residential mortgage loans into conforming Agency MBS or conforming Cash Forward sales. The fair value of such instruments is determined by the difference of current market prices for such traded instruments or available from forward cash delivery commitments and the original traded price for such commitments. The Corporation also relies on an internal valuation model to estimate the fair value of its forward commitments to sell residential mortgage loans (i.e., an estimate of what the Corporation would receive or pay to terminate the forward delivery contract based on market prices for similar financial instruments), which includes matching specific terms and maturities of the forward commitments against applicable investor pricing available. While there are Level 2 and 3 inputs used in the valuation models, the Corporation has determined that the majority of the inputs significant in the valuation of both of the mortgage derivatives fall within Level 3 of the fair value hierarchy. See Note 14 for additional disclosure regarding the Corporation’s mortgage derivatives. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Following is a description of the valuation methodologies used for the Corporation’s more significant instruments measured on a nonrecurring basis at LOCOM, including the general classification of such instruments pursuant to the valuation hierarchy. Commercial Loans Held For Sale: The estimated fair value is based on a discounted cash flow analysis, which the Corporation classifies as a Level 2 nonrecurring fair value measurement. OREO: Certain OREO, upon initial recognition, was re-measured and reported at fair value through a charge off to the allowance for loan losses based upon the estimated fair value of the OREO, less estimated selling costs. The fair value of OREO, upon initial recognition or subsequent impairment, was estimated using appraised values, which the Corporation classifies as a Level 2 nonrecurring fair value measurement. For Level 3 assets and liabilities measured at fair value on a nonrecurring basis as of December 31, 2021, the Corporation utilized the following valuation techniques and significant unobservable inputs. Individually Evaluated Loans: The Corporation individually evaluates loans when a commercial loan relationship is in nonaccrual status or when a commercial or consumer loan relationship has its terms restructured in a TDR or when a loan meets the Corporation's definition of a probable TDR. See Note 4 for additional information regarding the Corporation’s individually evaluated loans. Mortgage Servicing Rights: MSRs do not trade in an active, open market with readily observable prices. While sales of MSRs do occur, the precise terms and conditions typically are not readily available to allow for a “quoted price for similar assets” comparison. Accordingly, the Corporation utilizes an independent valuation from a third party which uses a discounted cash flow model to estimate the fair value of its MSRs. The valuation model incorporates prepayment assumptions to project MSRs cash flows based on the current interest rate scenario, which is then discounted to estimate an expected fair value of the MSRs. The valuation model considers portfolio characteristics of the underlying mortgages, contractually specified servicing fees, prepayment assumptions, discount rate assumptions, delinquency rates, late charges, other ancillary revenue, costs to service, and other economic factors. The Corporation periodically reviews and assesses the underlying inputs and assumptions used in the model. In addition, the Corporation compares its fair value estimates and assumptions to observable market data for MSRs, where available, and to recent market activity and actual portfolio experience. Due to the nature of the valuation inputs, MSRs are classified within Level 3 of the fair value hierarchy. The Corporation uses the amortization method (i.e., LOCOM measured on a nonrecurring basis), not fair value measurement accounting, for its MSRs assets. The discounted cash flow analyses that generate expected market prices utilize the observable characteristics of the MSRs portfolio, as well as certain unobservable valuation parameters. The significant unobservable inputs used in the fair value measurement of the Corporation’s MSRs are the weighted average constant prepayment rate and weighted average discount rate. Significant increases (decreases) in any of those inputs in isolation could result in a significantly lower (higher) fair value measurement. These parameter assumptions fall within a range that the Corporation, in consultation with an independent third party, believes purchasers of servicing would apply to such portfolios sold into the current secondary servicing market. Discussions are held with members from Treasury and the Community, Consumer, and Business segment to reconcile the fair value estimates and the key assumptions used by the respective parties in arriving at those estimates. The Associated Consumer Lending Risk Committee is responsible for providing control over the valuation methodology and key assumptions. To assess the reasonableness of the fair value measurement, the Corporation also compares the fair value and constant prepayment rate to a value calculated by an independent third party on an annual basis. See Note 5 for additional disclosure regarding the Corporation’s MSRs. On January 1, 2022, the Corporation elected to account for its MSRs under the fair value methodology. See Note 24 for details on the accounting policy change from LOCOM to fair value accounting. Equity Securities Without Readily Determinable Fair Values: The Corporation measures equity securities without readily determinable fair values at cost less impairment (if any), plus or minus observable price changes from an identical or similar investment of the same issuer, with such changes recognized in earnings. Included in equity securities without readily determinable fair values are 77,000 Visa Class B restricted shares carried at fair value. These shares are currently subject to certain transfer restrictions and will be convertible into Visa Class A shares upon final resolution of certain litigation matters involving Visa. During the first quarter of 2020, the Corporation also acquired 996 Visa Class B restricted shares from the acquisition of First Staunton, and those shares are currently carried at a zero cost basis due to the lack of an observable market price since the time of acquisition. Based on the current conversion factor, the Corporation expects 77,996 shares of Visa Class B to convert to 126,205 shares of Visa Class A upon the litigation resolution. In its determination of the new carrying values upon observable price changes, the Corporation will adjust the prices if deemed necessary to arrive at the Corporation's estimated fair values. Such adjustments may include adjustments to reflect the different rights and obligations of similar securities and other adjustments. See Note 3 for additional disclosure regarding the Corporation’s equity securities without readily determinable fair values. The following table presents the carrying value of equity securities without readily determinable fair values still held as of December 31, 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 December 31, 2021: ($ in Thousands) Equity securities without readily determinable fair values Carrying value as of December 31, 2020 $ 13,444 Additions 264 Sales (33) Donations (134) Carrying value as of December 31, 2021 $ 13,542 Cumulative upward carrying value changes between January 1, 2018 and December 31, 2021 $ 13,444 Cumulative downward carrying value changes between January 1, 2018 and December 31, 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: ($ in Thousands) Fair Value Hierarchy Fair Value Consolidated Statements of Income Category of Adjustment Recognized on the Consolidated Statements of Income (c) December 31, 2021 Assets Individually evaluated loans (a) Level 3 $ 69,917 Provision for credit losses $ (3,045) OREO (b) Level 2 21,299 Other noninterest expense / provision for credit losses (d) 7,345 Mortgage servicing rights Level 3 57,259 Mortgage banking, net 16,186 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 ACLL. (b) If the fair value of the collateral exceeds the carrying amount of the asset, no charge off or adjustment is necessary, the asset is not considered to be carried at fair value, and is therefore not included in the table. (c) Includes the full year impact on the consolidated statements of income. (d) When a property's value is written down at the time it is transferred to OREO, the charge off is booked to the provision for credit losses. When a property is already in OREO and subsequently written down, the charge off is booked to other noninterest expense. 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: December 31, 2021 Valuation Technique Significant Unobservable Input Range of Inputs Weighted Average Input Applied Mortgage servicing rights Discounted cash flow Discount rate 9% - 13% 9% Mortgage servicing rights Discounted cash flow Constant prepayment rate 8% - 39% 12% Individually evaluated loans Appraisals / Discounted cash flow Collateral / Discount factor 33% - 61% 38% 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: December 31, 2021 December 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 $ 343,831 $ 343,831 $ 416,154 $ 416,154 Interest-bearing deposits in other financial institutions Level 1 681,684 681,684 298,759 298,759 Federal funds sold and securities purchased under agreements to resell Level 1 — — 1,135 1,135 Investment securities AFS Level 1 122,957 122,957 26,531 26,531 Investment securities AFS Level 2 4,209,058 4,209,058 3,058,910 3,058,910 Investment securities HTM, net Level 1 1,000 1,001 999 1,024 Investment securities HTM, net Level 2 2,237,947 2,347,608 1,877,939 2,027,852 Equity securities with readily determinable fair values Level 1 4,810 4,810 1,661 1,661 Equity securities without readily determinable fair values Level 3 13,542 13,542 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 2 136,638 136,638 129,158 129,158 Loans, net Level 3 23,944,934 23,980,330 24,068,022 24,012,738 Bank and corporate owned life insurance Level 2 680,021 680,021 679,647 679,647 Derivatives (other assets) (a) Level 2 90,379 90,379 209,913 209,913 Interest rate lock commitments to originate residential mortgage loans held for sale (other assets) Level 3 2,617 2,617 9,624 9,624 Forward commitments to sell residential mortgage loans (other assets) Level 3 30 30 — — Financial liabilities Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts Level 3 $ 27,119,167 $ 27,119,167 $ 24,725,451 $ 24,725,451 Brokered CDs and other time deposits (b) Level 2 1,347,262 1,347,262 1,757,030 1,766,200 Short-term funding Level 2 354,262 354,248 252,317 252,303 FHLB advances Level 2 1,621,047 1,680,814 1,632,723 1,760,727 Other long-term funding Level 2 249,324 265,545 549,465 578,233 Standby letters of credit (c) Level 2 2,367 2,367 2,731 2,731 Derivatives (accrued expenses and other liabilities) (a) Level 2 32,921 32,921 41,671 41,671 Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities) Level 3 — — 2,046 2,046 (a) Figures presented gross before netting. See Note 14 and Note 15 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place. (b) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value. (c) The commitment on standby letters of credit was $248 million and $279 million at December 31, 2021 and 2020, respectively. See Note 16 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Regulatory Matters | Regulatory Matters Regulatory Capital Requirements The Corporation and its subsidiary bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possible additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Corporation’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Corporation must meet specific capital guidelines that involve quantitative measures of the Corporation’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Corporation’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Corporation to maintain minimum amounts and ratios (set forth in the table below) of total and CET1 capital to risk-weighted assets, and of tier 1 capital to average assets. Management believes, as of December 31, 2021 and 2020, that the Corporation meets all capital adequacy requirements to which it is subject. For additional information on the capital requirements applicable for the Corporation and the Bank, please see Part I, Item 1. As of December 31, 2021 and 2020, the most recent notifications from the OCC and the FDIC categorized the subsidiary bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the subsidiary bank must maintain minimum ratios as set forth in the table. There are no conditions or events since that notification that management believes have changed the institution’s category. The actual capital amounts and ratios of the Corporation and its significant subsidiary are presented below. No deductions from capital were made for interest rate risk in 2021 or 2020. Actual For Capital Adequacy To Be Well Capitalized Under Prompt Corrective Action Provisions (a) ($ in Thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31 , 2021 Associated Banc-Corp Total capital $ 3,570,026 13.10 % $ 2,179,419 ≥ 8.00 % Tier 1 capital 3,001,074 11.02 % 1,634,564 ≥ 6.00 % CET1 2,808,289 10.31 % 1,225,923 ≥ 4.50 % Leverage 3,001,074 8.83 % 1,359,299 ≥ 4.00 % Associated Bank, N.A. Total capital $ 3,243,672 11.93 % $ 2,175,689 ≥ 8.00 % $ 2,719,611 ≥ 10.00 % Tier 1 capital 2,923,881 10.75 % 1,631,766 ≥ 6.00 % 2,175,689 ≥ 8.00 % CET1 2,923,881 10.75 % 1,223,825 ≥ 4.50 % 1,767,747 ≥ 6.50 % Leverage 2,923,881 8.61 % 1,358,041 ≥ 4.00 % 1,697,551 ≥ 5.00 % As of December 31 , 2020 Associated Banc-Corp Total capital $ 3,632,807 14.02 % $ 2,072,273 ≥ 8.00 % Tier 1 capital 3,058,809 11.81 % 1,554,205 ≥ 6.00 % CET1 2,706,010 10.45 % 1,165,654 ≥ 4.50 % Leverage 3,058,809 9.37 % 1,305,604 ≥ 4.00 % Associated Bank, N.A. Total capital $ 3,295,823 12.74 % $ 2,068,801 ≥ 8.00 % $ 2,586,002 ≥ 10.00 % Tier 1 capital 2,971,234 11.49 % 1,551,601 ≥ 6.00 % 2,068,801 ≥ 8.00 % CET1 2,971,234 11.49 % 1,163,701 ≥ 4.50 % 1,680,901 ≥ 6.50 % Leverage 2,971,234 9.11 % 1,304,448 ≥ 4.00 % 1,630,560 ≥ 5.00 % (a) Prompt corrective action provisions are not applicable at the bank holding company level. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share See Note 1 for the Corporation’s accounting policy on earnings per common share. Presented below are the calculations for basic and diluted earnings per common share: For the Years Ended December 31, ($ in Thousands, except per share data) 2021 2020 2019 Net income $ 350,994 $ 306,771 $ 326,790 Preferred stock dividends (17,111) (18,358) (15,202) Net income available to common equity $ 333,883 $ 288,413 $ 311,587 Common shareholder dividends $ (115,212) $ (111,291) $ (111,091) Unvested share-based payment awards (849) (732) (713) Undistributed earnings $ 217,822 $ 176,390 $ 199,784 Undistributed earnings allocated to common shareholders $ 216,299 $ 175,134 $ 198,424 Undistributed earnings allocated to unvested share-based payment awards 1,523 1,256 1,360 Undistributed earnings $ 217,822 $ 176,390 $ 199,784 Basic Distributed earnings to common shareholders $ 115,212 $ 111,291 $ 111,091 Undistributed earnings allocated to common shareholders 216,299 175,134 198,424 Total common shareholders earnings, basic $ 331,510 $ 286,425 $ 309,514 Diluted Distributed earnings to common shareholders $ 115,212 $ 111,291 $ 111,091 Undistributed earnings allocated to common shareholders 216,299 175,134 198,424 Total common shareholders earnings, diluted $ 331,510 $ 286,425 $ 309,514 Weighted average common shares outstanding 150,773 153,005 160,534 Effect of dilutive common stock awards 1,214 637 1,398 Diluted weighted average common shares outstanding 151,987 153,642 161,932 Basic earnings per common share $ 2.20 $ 1.87 $ 1.93 Diluted earnings per common share $ 2.18 $ 1.86 $ 1.91 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 21 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 Note 1, 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 tax, 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. The 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 methodologies described in Note 1. The net effect of the provision for credit losses 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, asset gains on disposed business units, loss on the prepayment of FHLB advances, and income tax benefits as a result of corporate restructuring) 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 with the net tax residual recorded in Risk Management and Shared Services. 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 description of each business segment is presented below. Corporate and Commercial Specialty: The Corporate and Commercial Specialty segment serves a wide range of customers including private clients, 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, private clients, and small to mid-sized businesses. In serving this segment, we compete based on an in-depth understanding of our customers’ financial needs, the ability to match market competitive solutions to those needs, and the highest standards of relationship and service excellence in the delivery of these services. Delivery of services is provided through our corporate and commercial units, our CRE unit, as well as our specialized industries and commercial financial services units. Within this segment we provide the following products and services: (1) lending solutions, such as commercial loans and lines of credit, CRE financing, construction loans, letters of credit, leasing, asset-based lending, and, for our larger clients, loan syndications; (2) deposit and cash management solutions such as commercial checking and interest-bearing deposit products, cash vault and night depository services, liquidity solutions, payables and receivables solutions, and information services; (3) specialized financial services such as interest rate risk management, foreign exchange solutions, and commodity hedging; (4) fiduciary services such as administration of pension, profit-sharing and other employee benefit plans, fiduciary and corporate agency services, and institutional asset management; and (5) investable funds solutions such as savings, money market deposit accounts, IRA accounts, CDs, fixed and variable annuities, full-service, discount and online investment brokerage; investment advisory services; and trust and investment management accounts. During the first quarter of 2021, the Corporation sold its wealth management subsidiary, Whitnell. Community, Consumer, and Business: The Community, Consumer, and Business segment serves individuals, as well as small and mid-sized businesses, by providing lending and deposit solutions. In addition, the Corporation offered insurance and risk consulting services, until the sale of the business in June of 2020. In serving this segment, we compete based on providing a broad range of solutions to meet the needs of our customers in their entire financial lifecycle, convenient access to our services through multiple channels such as branches, phone based services, online and mobile banking, and a relationship based business model which assists our customers in navigating any changes and challenges in their financial circumstances. Delivery of services is provided through our various consumer banking and community banking units. Within this segment we provide the following products and services: (1) lending solutions such as residential mortgages, home equity loans and lines of credit, personal and installment loans, auto loans, business loans, and business lines of credit, and (2) deposit and transactional solutions such as checking, credit, debit and pre-paid cards, online banking and bill pay, and money transfer services. Risk Management and Shared 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). All acquisition related costs, the asset gain on sale of ABRC, loss on the prepayment of FHLB advances, and the tax benefit from corporate restructuring are included within the Risk Management and Shared Services segment. Effective during 2021, select back office support functions that specifically support Community, Consumer and Business were reorganized under that segment from the Risk Management and Shared Services segment. Information about the Corporation’s segments is presented below: Corporate and Commercial Specialty For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Net interest income $ 373,856 $ 395,135 $ 447,979 Net intersegment interest income (expense) 26,710 10,400 (52,200) Segment net interest income 400,565 405,535 395,779 Noninterest income 170,338 149,456 136,097 Total revenue 570,903 554,991 531,876 Provision for credit losses 62,795 59,780 49,341 Noninterest expense 229,444 209,507 233,655 Income before income taxes 278,664 285,705 248,879 Income tax expense 49,772 53,193 47,480 Net income $ 228,891 $ 232,512 $ 201,399 Allocated goodwill $ 525,836 $ 530,144 $ 530,144 Community, Consumer, and Business For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Net interest income $ 276,854 $ 295,297 $ 301,563 Net intersegment interest income 53,668 54,203 93,331 Segment net interest income 330,522 349,500 394,894 Noninterest income 146,457 185,737 223,712 Total revenue 476,978 535,237 618,606 Provision for credit losses 18,138 21,862 18,594 Noninterest expense 387,033 429,565 467,086 Income before income taxes 71,808 83,810 132,925 Income tax expense 15,080 17,600 27,914 Net income $ 56,728 $ 66,210 $ 105,011 Allocated goodwill $ 579,156 $ 579,156 $ 646,086 Risk Management and Shared Services For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Net interest income $ 75,146 $ 72,525 $ 86,132 Net intersegment interest (expense) (80,378) (64,603) (41,130) Segment net interest income (5,232) 7,922 45,001 Noninterest income (a) 15,570 178,862 21,015 Total revenue 10,338 186,784 66,017 Provision for credit losses (168,944) 92,365 (51,935) Noninterest expense 93,446 136,962 93,247 Income (loss) before income taxes 85,836 (42,543) 24,705 Income tax expense (benefit) (b) 20,461 (50,593) 4,325 Net income $ 65,374 $ 8,050 $ 20,379 Allocated goodwill $ — $ — $ — Consolidated Total For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Net interest income $ 725,855 $ 762,957 $ 835,674 Net intersegment interest income — — — Segment net interest income 725,855 762,957 835,674 Noninterest income (a) 332,364 514,056 380,824 Total revenue 1,058,219 1,277,012 1,216,498 Provision for credit losses (88,011) 174,006 16,000 Noninterest expense 709,924 776,034 793,988 Income before income taxes 436,307 326,972 406,509 Income tax expense (b) 85,313 20,200 79,720 Net income $ 350,994 $ 306,771 $ 326,790 Allocated goodwill $ 1,104,992 $ 1,109,300 $ 1,176,230 (a) For the year ended December 31, 2020, the Corporation recognized a $163 million asset gain related to the sale of ABRC. (b) The Corporation has recognized $63 million in tax benefits for the year ended December 31, 2020. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table summarizes the components of accumulated other comprehensive income (loss) at December 31, 2021, 2020, and 2019 respectively, including changes during the years then ended as well as any reclassifications out of accumulated other comprehensive income (loss): ($ in Thousands) Investment Defined Benefit Accumulated Balance, December 31, 2018 $ (75,643) $ (49,330) $ (124,972) Other comprehensive income before reclassifications 111,592 16,296 127,887 Amounts reclassified from accumulated other comprehensive income (loss) Investment securities (gains), net (5,957) — (5,957) Personnel expense — (148) (148) Other expense — 476 476 Interest income 895 — 895 Income tax (expense) (26,898) (4,465) (31,363) Net other comprehensive income during period 79,631 12,158 91,789 Balance, December 31, 2019 $ 3,989 $ (37,172) $ (33,183) Other comprehensive income before reclassifications $ 55,628 $ 7,780 $ 63,408 Amounts reclassified from accumulated other comprehensive income (loss) Investment securities (gains), net (9,222) — (9,222) Personnel expense — (148) (148) Other expense — 3,897 3,897 Interest income 3,359 — 3,359 Income tax (expense) (12,429) (3,064) (15,493) Net other comprehensive income during period 37,336 8,465 45,801 Balance, December 31, 2020 $ 41,325 $ (28,707) $ 12,618 Other comprehensive income (loss) before reclassifications $ (63,714) $ 25,519 $ (38,195) Amounts reclassified from accumulated other comprehensive income (loss) Investment securities losses, net 16 — 16 Personnel expense — 1,346 1,346 Other expense — 4,594 4,594 Interest income 1,551 — 1,551 Income tax (expense) benefit 15,557 (7,803) 7,754 Net other comprehensive income (loss) during period (46,591) 23,656 (22,935) Balance, December 31, 2021 $ (5,266) $ (5,051) $ (10,317) |
Revenues (Notes)
Revenues (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |
Revenue from Contract with Customer [Text Block] | Note 23 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 For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Wealth management fees $ 89,854 $ 83,570 $ 80,719 Service charges and deposit account fees 18,635 16,903 13,342 Card-based fees (a) 1,790 1,534 1,827 Insurance commissions and fees 138 208 364 Other revenue 3,450 3,462 1,647 Noninterest Income (in-scope of Topic 606) $ 113,866 $ 105,678 $ 97,899 Noninterest Income (out-of-scope of Topic 606) 56,471 43,778 38,198 Total Noninterest Income $ 170,338 $ 149,456 $ 136,097 Community, Consumer, and Business For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Wealth management fees $ — $ 1,387 $ 2,838 Service charges and deposit account fees 45,739 39,371 49,744 Card-based fees (a) 41,313 36,937 37,895 Insurance commissions and fees 190 45,027 88,727 Other revenue 9,349 19,053 9,462 Noninterest Income (in-scope of Topic 606) $ 96,592 $ 141,775 $ 188,666 Noninterest Income (out-of-scope of Topic 606) 49,865 43,962 35,046 Total Noninterest Income $ 146,457 $ 185,737 $ 223,712 Risk Management and Shared Services For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Wealth management fees $ — $ — $ (90) Service charges and deposit account fees 32 33 49 Card-based fees (a) 21 134 190 Insurance commissions and fees 8 10 13 Other revenue 1,760 (1,552) 1,370 Noninterest Income (in-scope of Topic 606) $ 1,820 $ (1,375) $ 1,532 Noninterest Income (out-of-scope of Topic 606) (b) 13,750 180,237 19,483 Total Noninterest Income $ 15,570 $ 178,862 $ 21,015 Consolidated Total For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Wealth management fees $ 89,854 $ 84,957 $ 83,467 Service charges and deposit account fees 64,406 56,307 63,135 Card-based fees (a) 43,124 38,605 39,912 Insurance commissions and fees 336 45,245 89,104 Other revenue 14,558 20,963 12,629 Noninterest Income (in-scope of Topic 606) $ 212,278 $ 246,077 $ 288,247 Noninterest Income (out-of-scope of Topic 606) (b) 120,086 267,979 92,577 Total Noninterest Income $ 332,364 $ 514,056 $ 380,824 (a) Certain card-based fees are out-of-scope of Topic 606. (b) The year ended December 31, 2020 includes a pre-tax gain of $163 million from the sale of ABRC. Below is a listing of performance obligations for the Corporation's main revenue streams: Revenue Stream Noninterest income in-scope of Topic 606 Service charges and deposit account fees Service charges on deposit accounts 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 the 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 consists 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. |
Recent Developments Recent Deve
Recent Developments Recent Developments Details (Notes) | 12 Months Ended |
Dec. 31, 2021 | |
Restructuring and Related Activities [Abstract] | |
Recent Developments | Note 24 Recent Developments As permitted under ASC 860-50-35-3, on January 1, 2022, the Corporation elected to begin accounting for its MSRs under the fair value methodology. This irrevocable election will result in a cumulative effect adjustment of $2 million, increasing retained earnings on the consolidated balance sheets. The valuation will be completed through an in-house valuation model with periodic external validation of the model's valuation. On January 20, 2022, the Corporation announced that Executive Vice President, Chief Financial Officer Christopher J. Del Moral-Niles will retire from the Corporation later this year. The Corporation has retained Diversified Search Group to assist in the search for a successor. To ensure a seamless transition, Mr. Niles will continue in his role until a successor is in place. On February 1, 2022, the Corporation's Board of Directors declared a regular quarterly cash dividend of $0.20 per common share, payable on March 15, 2022 to shareholders of record at the close of business on March 1, 2022. The Board of Directors also declared a regular quarterly cash dividend of $0.3671875 per depositary share on Associated's 5.875% Series E Perpetual Preferred Stock, payable on March 15, 2022 to shareholders of record at the close of business on March 1, 2022. The Board of Directors also declared a regular quarterly cash dividend of $0.3515625 per depositary share on Associated's 5.625% Series F Perpetual Preferred Stock, payable on March 15, 2022 to shareholders of record at the close of business on March 1, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Business and Basis of Financial Statement Presentation | Business Associated Banc-Corp is a bank holding company headquartered in Wisconsin. The Corporation provides a full range of banking and related financial services to consumer and commercial customers through its network of bank and nonbank subsidiaries. The Corporation is subject to competition from other financial and non-financial institutions that offer similar or competing products and services. The Corporation is regulated by federal and state agencies and is subject to periodic examinations by those agencies. Basis of Financial Statement Presentation The consolidated financial statements include the accounts of the Parent Company and its subsidiaries. Investments in unconsolidated entities (none of which are considered to be variable interest entities in which the Corporation is the primary beneficiary) are accounted for using the cost method of accounting when the Corporation has determined that the cost method is appropriate. Investments not meeting the criteria for cost method accounting are accounted for using the equity method of accounting. Investments in unconsolidated entities are included in tax credit and other investments on the consolidated balance sheets, and the Corporation’s share of income or loss is recorded in other noninterest income, while distributions in excess of the investment are recorded in asset gains, net. All significant intercompany balances and transactions have been eliminated in consolidation. 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 and MSRs valuation. 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. |
Business Combinations | Business Combinations The Corporation accounts for its acquisitions using the purchase accounting method. Purchase accounting requires the total purchase price to be allocated to the estimated fair values of assets acquired and liabilities assumed, including certain intangible assets that must be recognized. Typically, this allocation results in the purchase price exceeding the fair value of net assets acquired, which is recorded as goodwill. CDIs are a measure of the value of checking, money market and savings deposits acquired in business combinations accounted for under the purchase method. CDIs and other identified intangibles with finite useful lives are amortized using the straight line method over their estimated useful lives of up to ten years. Fair value of the loans involves estimating the amount and timing of principal and interest cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. For PCD loans, the credit discount includes estimated future credit losses expected over the life of the loan. The credit discount is recorded through a gross up of the allowance for loan loss and the corresponding loan. Adjustments to the allowance for loan losses are made through the provision for credit losses after the date of acquisition. Purchased performing loans are recorded at fair value, including credit, interest, and liquidity discounts. The fair value discount is accreted as an adjustment to yield over the estimated lives of the loans. There is no gross up to the allowance for loan loss and the corresponding loan, but instead provision for credit losses is recorded against the allowance for loan loss. See Note 2 for additional information on the Corporation's acquisitions. |
Investment Securities | Investment Securities Securities are classified as HTM, AFS, or equity on the consolidated balance sheets at the time of purchase. Investment securities classified as HTM, which management has the positive intent and ability to hold to maturity, are reported at amortized cost. Investment securities classified as AFS, which management has the intent and ability to hold for an indefinite period of time, but not necessarily to maturity, are carried at fair value, with unrealized gains and losses, net of related deferred income taxes, included in stockholders’ equity as a separate component of OCI. Investment securities classified as equity securities are carried at fair value with changes in fair value immediately reflected in the consolidated statements of income. Any decision to sell AFS securities would be based on various factors, including, but not limited to, asset / liability management strategies, changes in interest rates or prepayment risks, liquidity needs, or regulatory capital considerations. Realized gains or losses on investment security sales (using specific identification method) are included in investment securities gains (losses), net, on the consolidated statements of income. Premiums and discounts are amortized or accreted into interest income over the estimated life (earlier of call date, maturity, or estimated life) of the related security, using a prospective method that approximates level yield. In certain situations, management may elect to transfer certain investment securities from the AFS classification to the HTM classification. In such cases, the investment securities are reclassified at fair value at the time of transfer. Any unrealized gain or loss included in accumulated other comprehensive income (loss) at the time of transfer is retained therein and amortized over the remaining life of the investment security as an adjustment to yield. Management measures expected credit losses on HTM securities on a collective basis by major security type. Accrued interest receivable on HTM securities is excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts and is included in investment securities HTM, net, at amortized cost on the consolidated balance sheets. For AFS securities, the Corporation evaluates whether any decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses on investments is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses on investments is recognized in OCI. Changes in the allowance for credit losses on investments are recorded as provision for, or reversal of, credit loss expense. Losses are charged against the allowance when management believes the AFS security is uncollectible or when either of the criteria regarding intent or requirement to sell is met. Accrued interest receivable on AFS debt securities is excluded from the estimate of credit losses. See Note 3 for additional information on investment securities. |
Federal Home Loan Bank (FHLB) and Federal Reserve Bank Stocks | 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. See Note 3 for additional information on the FHLB and Federal Reserve Bank Stocks. |
Loans Held for Sale | Loans Held for Sale Residential Loans Held for Sale: Residential loans held for sale, which consist generally of current production of certain fixed-rate, first-lien residential mortgage loans, are carried at estimated fair value. As a result of holding these loans at fair value, changes in the secondary market are reflected in earnings immediately, as opposed to being dependent upon the timing of sales. The estimated fair value is based on what secondary markets are currently offering for portfolios with similar characteristics. Commercial Loans Held for Sale: Commercial loans held for sale are carried at LOCOM. The estimated fair value is based on a discounted cash flow analysis. |
Loans | Loans Loans that management has the intent and ability to hold for the foreseeable future or until maturity or pay-off are reported at their outstanding principal balances, net of any deferred fees and costs on originated loans. Origination fee income received on loans and amounts representing the estimated direct costs of origination are deferred and amortized to interest income over the life of the loan using the effective interest method. An ACLL is established for estimated credit losses in the loan portfolio. See Allowance for Credit Losses on Loans below for further policy discussion. See Note 4 for additional information on loans. Nonaccrual Loans: Management considers a loan to be nonaccrual when it believes it will be unable to collect all amounts due according to the original contractual terms of the note agreement, including both principal and interest. Interest income on loans is based on the principal balance outstanding computed using the effective interest method. The accrual of interest income for commercial loans is discontinued when there is a clear indication that the borrower’s cash flow may not be sufficient to meet payments as they become due, while the accrual of interest income for consumer loans is discontinued when loans reach specific delinquency levels. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are generally placed on nonaccrual status when contractually past due 90 days or more as to interest or principal payments, unless the loan is well secured and in the process of collection. Additionally, whenever management becomes aware of facts or circumstances that may adversely impact the collectability of principal or interest on loans, it is management’s practice to place such loans on a nonaccrual status immediately, rather than delaying such action until the loans become 90 days past due. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is reversed, amortization of related deferred loan fees or costs is suspended, and income is recorded only to the extent that interest payments are subsequently received in cash and a determination has been made that the principal and interest of the loan is collectible. If collectability of the principal and interest is in doubt, payments received are applied to loan principal. While a loan is in nonaccrual status, some or all of the cash interest payments received may be treated as interest income on a cash basis as long as the remaining recorded investment in the loan (i.e., after charge off of identified losses, if any) is deemed to be fully collectible. The determination as to the ultimate collectability of the loan's remaining recorded investment must be supported by a current, well documented credit evaluation of the borrower’s financial condition and prospects for repayment, including consideration of the borrower’s sustained historical repayment performance and other relevant factors. A nonaccrual loan is returned to accrual status when all delinquent principal and interest payments become current in accordance with the terms of the loan agreement, the borrower has demonstrated a period of sustained repayment performance, and the ultimate collectability of the total contractual principal and interest is no longer in doubt. A sustained period of repayment performance generally would be a minimum of six months. See Note 4 for additional information on nonaccrual loans. |
Troubled Debt Restructurings (Restructured Loans) | Troubled Debt Restructurings (“Restructured Loans”) : Loans are considered restructured loans if concessions have been granted to borrowers that are experiencing financial difficulty. The concessions granted generally involve the modification of terms of the loan, such as changes in payment schedule or interest rate, which generally would not otherwise be considered. Restructured loans can involve loans remaining on nonaccrual, moving to nonaccrual, or continuing on accrual status, depending on the individual facts and circumstances of the borrower. Nonaccrual restructured loans are included and treated with all other nonaccrual loans. In addition, all accruing restructured loans are reported as TDRs, which are individually analyzed by management. Generally, restructured loans remain on nonaccrual until the customer has attained a sustained period of repayment performance under the modified loan terms (generally a minimum of six months). However, performance prior to the restructuring, or significant events that coincide with the restructuring, are considered in assessing whether the borrower can meet the new terms and whether the loan should be returned to or maintained on accrual status. If the borrower’s ability to meet the revised payment schedule is not reasonably assured, the loan remains on nonaccrual status. See Note 4 for additional information on restructured loans. |
Allowance for Loan Losses | Allowance for Credit Losses on Loans: The Corporation adopted ASU 2016-13 on January 1, 2020. As a result, the allowance for loan losses is now a reserve for estimated 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 estimate of probability of default, loss given default, and the individual loan level exposure at default on an undiscounted basis. The Corporation estimates the lifetime expected loss using prepayment assumptions over the projected lifetime cash flow of these loans. Actual credit losses, net of recoveries, are deducted from the allowance for loan losses. A provision for credit losses, which is a charge against earnings, is recorded to bring the allowance for loan losses to a level that, in management’s judgment, is appropriate to absorb the expected lifetime losses in the loan portfolio. The methodology applied by the Corporation is designed to assess the appropriateness of the allowance for loan losses within the Corporation's loan segmentation. The methodology also focuses on evaluation of several factors, including but not limited to: evaluation of facts and issues related to specific loans, management’s ongoing review and grading of the loan portfolio using a dual risk rating system consisting of probability of default and loss given default models, which are based on loan grades for commercial loans and credit reports for consumer loans applied based on portfolio segmentation leveraging industry breakouts in commercial and industrial and property types in CRE for commercial loans and loan types for consumer loans, consideration of historical loan loss and delinquency experience on each portfolio category, trends in past due and nonaccrual loans, the level of potential problem loans, the risk characteristics of the various classifications of loans, changes in the size and character of the loan portfolio, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, and other qualitative and quantitative factors which could affect potential credit losses. The Corporation utilizes the Moody's Baseline economic forecast in the allowance model and applies that forecast over a reasonable and supportable period with reversion to historical losses. For additional detail on the reasonable and supportable period and reversion inputs, see Note 4. The Corporation estimates the lifetime expected loss using prepayment assumptions over the projected lifetime cash flows of the loan. Because each of the criteria used is subject to change, the analysis of the allowance for loan losses is not necessarily indicative of the trend of future loan losses in any particular loan category. The total allowance for loan losses is available to absorb losses from any segment of the loan portfolio. Management individually analyzes loans that do not share similar risk characteristics to other loans in the portfolio. Management has determined that commercial loan relationships that have nonaccrual status or commercial and retail loans that have had their terms restructured in a TDR meet this definition. Probable TDRs are loans the Corporation has reviewed individually to determine whether there is a high likelihood that the loans will default and will require restructuring in the near future. Probable TDRs could be classified as Pass, Special Mention, Potential Problem or Nonaccrual within the Corporation's credit quality analysis depending on the specific circumstances surrounding the individual credits. Accrued interest receivable on loans is excluded from the estimate of credit losses. The ACLL attributable to the loan is allocated based on management’s estimate of the borrower’s ability to repay the loan given the availability of collateral, other sources of cash flows, as well as evaluation of legal options available to the Corporation. The amount of expected loan loss is measured based upon the present value of expected future cash flows discounted at the loan’s effective interest rate, the fair value of the underlying collateral less applicable selling costs, or the observable market price of the loan. If foreclosure is probable or the loan is collateral dependent, impairment is measured using the fair value of the loan’s collateral, less costs to sell. Large groups of homogeneous loans, such as residential mortgage, home equity, auto, and other consumer, are collectively evaluated for impairment. The allowance for unfunded commitments leverages the same methodology utilized to measure the allowance for loan losses. The Corporation estimates expected credit losses over the contractual period in which the Corporation is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Corporation. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. See Note 4 for additional information on the ACLL and Note 16 for additional information on the allowance for unfunded commitments. A portion of the ACLL is comprised of adjustments for qualitative factors not reflected in the quantitative model. Management believes that the level of the ACLL is appropriate. While management uses currently available information to recognize losses on loans, future adjustments to the ACLL may be necessary based on newly received appraisals, updated commercial customer financial statements, rapidly deteriorating cash flow, and changes in economic conditions that affect our customers. In addition, various regulatory agencies, as an integral part of their examination process, periodically review the Corporation’s ACLL. Such agencies may require additions to the ACLL or may require that certain loan balances be charged off or downgraded into criticized loan categories when their credit evaluations differ from those of management based on their judgments about information available to them at the time of their examinations. See Loans above for further policy discussion and see Note 4 for additional information on the allowance for loan losses. |
Other Real Estate Owned | OREO OREO is included in other assets on the consolidated balance sheets and is comprised of property acquired through a foreclosure proceeding or acceptance of a deed-in-lieu of foreclosure, and loans classified as in-substance foreclosure. OREO is recorded at the fair value of the underlying property collateral, less estimated selling costs. This fair value becomes the new cost basis for the foreclosed asset. The initial write-down, if any, will be recorded as a charge off against the allowance for loan losses. Any subsequent write-downs to reflect current fair value, as well as gains and losses on disposition and revenues and expenses incurred in maintaining such properties, are expensed as incurred. OREO also includes bank premises formerly but no longer used for banking, property originally acquired for future expansion but no longer intended to be used for that purpose, and property currently held for sale. Banking premises are transferred at the lower of carrying value or fair value, less estimated selling costs and any write-down is expensed as incurred. |
Premises and Equipment and Software | Premises and Equipment and Software Premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed on the straight-line method over the estimated useful lives of the related assets or the lease term. Maintenance and |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill and Other Intangible Assets: The excess of the cost of an acquisition over the fair value of the net assets acquired consists primarily of goodwill and CDIs. CDIs have estimated finite lives and are amortized on a straight-line basis to expense over a 10-year period. The Corporation reviews long-lived assets and certain identifiable intangibles for impairment at least annually, or whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable, in which case an impairment charge would be recorded. Goodwill is not amortized but, instead, is 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 impairment testing process is conducted by assigning net assets and goodwill to each reporting unit. An initial qualitative evaluation is made to assess the likelihood of impairment and determine whether further quantitative testing to calculate the fair value is necessary. When the qualitative evaluation indicates that impairment is more likely than not, quantitative testing is required whereby the fair value of each reporting unit is calculated and compared to the recorded book value, “step one.” If the calculated fair value of the reporting unit exceeds its carrying value, goodwill is not considered impaired. If the carrying value of a reporting unit exceeds its calculated fair value, an impairment charge is assessed, limited to the amount of goodwill allocated to that reporting unit. See Note 5 for additional information on goodwill and other intangible assets. |
Mortgage Servicing Rights | Mortgage Servicing Rights : The Corporation sells residential mortgage loans in the secondary market and typically retains the right to service the loans sold. Upon sale, a MSRs asset is capitalized, which represents the then current fair value of future net cash flows expected to be realized for performing servicing activities. MSRs, when purchased, are initially recorded at fair value. As the Corporation has not elected to subsequently measure any class of servicing assets under the fair value measurement method, the Corporation follows the amortization method. MSRs are amortized in proportion to and over the period of estimated net servicing income, and assessed for impairment at each reporting date. MSRs are carried at the lower of the initial capitalized amount, net of accumulated amortization, or estimated fair value, on the consolidated balance sheets. The Corporation periodically evaluates its MSRs asset for impairment. 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. If it is later determined that all or a portion of the temporary impairment no longer exists for a stratification, the valuation is reduced through a recovery to earnings. An other-than-temporary impairment (i.e., recoverability is considered remote when considering interest rates and loan pay off activity) is recognized as a write-down of the MSRs asset and the related valuation allowance (to the extent a valuation allowance is available) and then against earnings. A direct write-down permanently reduces the carrying value of the MSRs asset and valuation allowance, precluding subsequent recoveries. See Note 5 for additional information on MSRs. |
Income Taxes | Income Taxes Amounts provided for income tax expense are based on income reported for financial statement purposes and do not necessarily represent amounts currently payable under tax laws. Deferred income taxes, which arise principally from temporary differences between the amounts reported in the financial statements and the tax bases of assets and liabilities, are included in the amounts provided for income taxes. In assessing the realizability of DTAs, management considers whether it is more likely than not that some portion or all of the DTAs will not be realized. The ultimate realization of DTAs is dependent upon the generation of future taxable income and tax planning strategies which will create taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, the amount of taxes paid in available carryback years, projected future taxable income, and, if necessary, tax planning strategies in making this assessment. The Corporation files a consolidated federal income tax return and separate or combined state income tax returns. Accordingly, amounts equal to tax benefits of those subsidiaries having taxable federal or state losses or credits are offset by other subsidiaries that incur federal or state tax liabilities. It is the Corporation’s policy to provide for uncertainty in income taxes as a part of income tax expense based upon management’s assessment of whether a tax benefit is more likely than not to be sustained upon examination by tax authorities. At December 31, 2021 and 2020, the Corporation believes it has appropriately accounted for any unrecognized tax benefits. To the extent the Corporation prevails in matters for which a liability for an unrecognized tax benefit was established or is required to pay amounts in excess of the liability established, the Corporation’s effective tax rate in a given financial statement period may be impacted. See Note 13 for additional information on income taxes. |
Derivative and Hedging Activities | Derivative and Hedging Activities Derivative instruments, including derivative instruments embedded in other contracts, are carried at fair value on the consolidated balance sheets with changes in the fair value recorded to earnings or accumulated other comprehensive income, as appropriate. On the date the derivative contract is entered into, the Corporation designates the derivative as a fair value hedge (i.e., a hedge of the fair value of a recognized asset or liability), a cash flow hedge (i.e., a hedge of the variability of cash flows to be received or paid related to a recognized asset or liability), or a free-standing derivative instrument. For a derivative designated as a fair value hedge, the changes in the fair value of the derivative instrument and the changes in the fair value of the hedged asset or liability are recognized in current period earnings as an increase or decrease to the carrying value of the hedged item on the balance sheet and in the related income statement account. Amounts within accumulated other comprehensive income are reclassified into earnings in the period the hedged item affects earnings. For a derivative designated as a free-standing derivative instrument, changes in fair value are reported in capital markets, net on the consolidated statements of income. The free-standing derivative instruments included: interest rate risk management, commodity hedging, and foreign currency exchange solutions. The Corporation is exposed to counterparty credit risk, which is the risk that counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, our counterparty credit risk is equal to the amount reported as a derivative asset on our balance sheet. The Corporation uses master netting arrangements to mitigate counterparty credit risk in derivative transactions. To the extent the derivatives are subject to master netting arrangements, the Corporation takes into account the impact of master netting arrangements that allow the Corporation to settle all derivative contracts executed with the same counterparty on a net basis, and to offset the net derivative position with the related cash collateral. 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. See Note 14 for additional information on derivatives and hedging activities. |
Securities Sold Under Agreement to Repurchase | Securities Sold Under Agreement 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. These repurchase agreements are accounted for as collateralized financing arrangements (i.e., secured borrowings whereby the collateral would be used to settle the fair value of the repurchase agreement should the Corporation be in default (e.g., fails to make an interest payment to the counterparty) and not as a sale and subsequent repurchase of securities (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities). The obligation to repurchase the securities is reflected as a liability within federal funds purchased and securities sold under agreements to repurchase on the Corporation’s consolidated balance sheets, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts. See Note 9 for additional information on repurchase agreements. |
Retirement Plan | Retirement Plans The funded status of the retirement plans is recognized as an asset or liability on the consolidated balance sheets and changes in that funded status are recognized in the year in which the changes occur through OCI. Plan assets and benefit obligations are |
Stock-Based Compensation | Stock-Based Compensation The fair value of restricted common stock awards is their fair market value on the date of grant. 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 fair values of stock options and restricted stock awards are amortized as compensation expense on a straight-line basis over the vesting period of the grants. 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. See Note 11 for additional information on stock-based compensation. |
Comprehensive Income | Comprehensive Income Comprehensive income includes all changes in stockholders’ equity during a period, except those resulting from transactions with stockholders. In addition to net income, other components of the Corporation’s comprehensive income include the after tax effect of changes in net unrealized gain / loss on AFS securities and changes in net actuarial gain / loss on defined benefit pension and postretirement plans. Comprehensive income is reported on the accompanying consolidated statements of changes in stockholder’s equity and consolidated statements of comprehensive income. See Note 22 for additional information on accumulated other comprehensive income (loss). |
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). As there is no active market for many of the Corporation’s financial instruments, estimates are made using discounted cash flow or other valuation techniques. Inputs into the valuation methods are subjective in nature, involve uncertainties, and require significant judgment and therefore cannot be determined with precision. Accordingly, the derived fair value estimates presented herein are not necessarily indicative of the amounts the Corporation could realize in a current market exchange. Assets and liabilities are categorized into three levels based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy in which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Corporation’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. See Note 18 for additional information on fair value measurements. Below is a brief description of each fair value level. Level 1 — Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Corporation has the ability to access. Level 2 — Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 — Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents are considered to include cash and due from banks, interest-bearing deposits in other financial institutions, and federal funds sold and securities purchased under agreements to resell. |
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) and common stock warrants. See Note 20 for additional information on earnings per common share. |
Recently Issued Authoritative Accounting Guidance | 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 |
Acquisitions Acquisitions (Tabl
Acquisitions Acquisitions (Tables) | Feb. 14, 2020 |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | 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 (premium) at acquisition (951) Par value of acquired loans at acquisition $ 79,774 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment securities available for sale | The amortized cost and fair values of AFS and HTM securities at December 31, 2021 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value Investment securities AFS U.S. Treasury securities $ 124,291 $ — $ (1,334) $ 122,957 Agency securities 15,000 — (103) 14,897 Obligations of state and political subdivisions (municipal securities) 381,517 18,940 — 400,457 Residential mortgage-related securities FNMA / FHLMC 2,709,399 3,729 (21,249) 2,691,879 GNMA 66,189 1,591 — 67,780 Private-label 332,028 31 (2,335) 329,724 Commercial mortgage-related securities FNMA / FHLMC 357,240 2,686 (9,302) 350,623 GNMA 165,439 1,360 — 166,799 Asset backed securities FFELP 177,974 475 (1,123) 177,325 SBA 6,594 39 (54) 6,580 Other debt securities 3,000 — (6) 2,994 Total investment securities AFS $ 4,338,671 $ 28,850 $ (35,506) $ 4,332,015 Investment securities HTM U.S. Treasury securities $ 1,000 $ 1 $ — $ 1,001 Obligations of state and political subdivisions (municipal securities) 1,628,759 113,179 (1,951) 1,739,988 Residential mortgage-related securities FNMA / FHLMC 34,347 1,792 — 36,139 GNMA 48,053 1,578 — 49,631 Commercial mortgage-related securities FNMA/FHLMC 425,937 122 (6,659) 419,400 GNMA 100,907 1,799 (200) 102,506 Total investment securities HTM $ 2,239,003 $ 118,471 $ (8,809) $ 2,348,664 The amortized cost and fair values of AFS and HTM securities 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 AFS and HTM securities at December 31, 2021 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value Investment securities AFS U.S. Treasury securities $ 124,291 $ — $ (1,334) $ 122,957 Agency securities 15,000 — (103) 14,897 Obligations of state and political subdivisions (municipal securities) 381,517 18,940 — 400,457 Residential mortgage-related securities FNMA / FHLMC 2,709,399 3,729 (21,249) 2,691,879 GNMA 66,189 1,591 — 67,780 Private-label 332,028 31 (2,335) 329,724 Commercial mortgage-related securities FNMA / FHLMC 357,240 2,686 (9,302) 350,623 GNMA 165,439 1,360 — 166,799 Asset backed securities FFELP 177,974 475 (1,123) 177,325 SBA 6,594 39 (54) 6,580 Other debt securities 3,000 — (6) 2,994 Total investment securities AFS $ 4,338,671 $ 28,850 $ (35,506) $ 4,332,015 Investment securities HTM U.S. Treasury securities $ 1,000 $ 1 $ — $ 1,001 Obligations of state and political subdivisions (municipal securities) 1,628,759 113,179 (1,951) 1,739,988 Residential mortgage-related securities FNMA / FHLMC 34,347 1,792 — 36,139 GNMA 48,053 1,578 — 49,631 Commercial mortgage-related securities FNMA/FHLMC 425,937 122 (6,659) 419,400 GNMA 100,907 1,799 (200) 102,506 Total investment securities HTM $ 2,239,003 $ 118,471 $ (8,809) $ 2,348,664 The amortized cost and fair values of AFS and HTM securities 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 available for sale and held to maturity by contractual maturity | 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 AFS and HTM securities at December 31, 2021, are shown below: AFS HTM ($ in Thousands) Amortized Fair Amortized Fair Due in one year or less $ 6,799 $ 6,809 $ 34,646 $ 34,842 Due after one year through five years 74,250 74,142 34,697 35,820 Due after five years through ten years 405,344 418,942 161,627 167,967 Due after ten years 37,416 41,412 1,398,789 1,502,359 Total debt securities 523,808 541,305 1,629,759 1,740,988 Residential mortgage-related securities FNMA / FHLMC 2,709,399 2,691,879 34,347 36,139 GNMA 66,189 67,780 48,053 49,631 Private-label 332,028 329,724 — — Commercial mortgage-related securities FNMA / FHLMC 357,240 350,623 425,937 419,400 GNMA 165,439 166,799 100,907 102,506 Asset backed securities FFELP 177,974 177,325 — — SBA 6,594 6,580 — — Total investment securities $ 4,338,671 $ 4,332,015 $ 2,239,003 $ 2,348,664 Ratio of Fair Value to Amortized Cost 99.8 % 104.9 % |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Table Text Block] | 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 December 31, 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) 702,399 914,591 10,873 896 1,628,759 Residential mortgage-related securities FNMA/FHLMC 34,347 — — — 34,347 GNMA 48,053 — — — 48,053 Commercial mortgage-related securities FNMA/FHLMC 425,937 — — — 425,937 GNMA 100,907 — — — 100,907 Total HTM securities $ 1,312,642 $ 914,591 $ 10,873 $ 896 $ 2,239,003 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 | 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 and write-up of investment securities for each of the three years ended December 31 are shown below: ($ in Thousands) 2021 2020 2019 Gross gains on AFS securities $ 421 $ 9,312 $ 6,374 Gross (losses) on AFS securities (437) (90) (13,861) Write-up of equity securities without readily determinable fair values — — 13,444 Investment securities gains (losses), net $ (16) $ 9,222 $ 5,957 Proceeds from sales of investment securities $ 158,708 $ 626,283 $ 1,367,476 |
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 AFS and HTM securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at December 31, 2021: Less than 12 months 12 months or more Total ($ in Thousands) Number Unrealized Fair Number Unrealized Fair Unrealized (Losses) Fair Investment securities AFS U.S. Treasury securities 7 $ (1,334) $ 122,957 — $ — $ — $ (1,334) $ 122,957 Agency securities 1 (103) 14,897 — — — (103) 14,897 Residential mortgage-related securities FNMA / FHLMC 74 (21,249) 2,172,837 — — — (21,249) 2,172,837 Private-label 12 (2,335) 248,617 — — — (2,335) 248,617 FNMA / FHLMC commercial mortgage-related securities 19 (9,302) 328,568 — — — (9,302) 328,568 Asset backed securities FFELP 4 (256) 64,282 8 (867) 62,576 (1,123) 126,858 SBA — — — 9 (54) 3,902 (54) 3,902 Other debt securities 3 (6) 2,994 — — — (6) 2,994 Total 120 $ (34,586) $ 2,955,152 17 $ (920) $ 66,478 $ (35,506) $ 3,021,630 Investment securities HTM Obligations of state and political subdivisions (municipal securities) 49 $ (1,951) $ 112,038 — $ — $ — $ (1,951) $ 112,038 Commercial mortgage-related securities FNMA / FHLMC 18 (6,272) 388,072 1 (387) 10,775 (6,659) 398,847 GNMA 5 (200) 33,468 — — — (200) 33,468 Total 72 $ (8,422) $ 533,577 1 $ (387) $ 10,775 $ (8,809) $ 544,352 For comparative purposes, the following represents gross unrealized losses and the related fair value of AFS and HTM securities, 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 (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Loan composition | The period end loan composition was as follows: ($ in Thousands) Dec 31, 2021 Dec 31, 2020 PPP $ 66,070 $ 767,757 Asset-based lending 178,027 137,476 Commercial and industrial 8,208,289 7,563,945 Commercial real estate - owner occupied 971,326 900,912 Commercial and business lending 9,423,711 9,370,091 Commercial real estate - investor 4,384,569 4,342,584 Real estate construction 1,808,976 1,840,417 Commercial real estate lending 6,193,545 6,183,001 Total commercial 15,617,256 15,553,091 Residential mortgage 7,567,310 7,878,324 Home equity 595,615 707,255 Other consumer 301,723 301,876 Auto 143,045 11,177 Total consumer 8,607,693 8,898,632 Total loans $ 24,224,949 $ 24,451,724 |
Loans to Related Parties | The Corporation has granted loans to its directors, executive officers, or their related interests. These loans were made on substantially the same terms, including rates and collateral, as those prevailing at the time for comparable transactions with other unrelated customers, and do not involve more than a normal risk of collection. These loans to related parties are summarized below: ($ in Thousands) 2021 2020 Balance at beginning of year $ 29,420 $ 16,772 New loans 24,218 19,140 Repayments (8,244) (6,643) Change due to status of executive officers and directors (150) 152 Balance at end of year $ 45,245 $ 29,420 |
Commercial and consumer loans by credit quality indicator | The following table presents commercial and consumer loans by credit quality indicator by vintage year at December 31, 2021: Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis 2021 2020 2019 2018 2017 Prior Total PPP: (b) Risk rating: Pass $ — $ — $ 44,921 $ 18,610 $ — $ — $ — $ — $ 63,531 Special Mention — — 212 281 — — — — 493 Potential Problem — — 2,000 — — — — — 2,000 Nonaccrual — — — 46 — — — — 46 PPP $ — $ — $ 47,134 $ 18,936 $ — $ — $ — $ — $ 66,070 Commercial and industrial: (c) Risk rating: Pass $ 2,084 $ 2,371,605 $ 2,631,753 $ 852,758 $ 986,300 $ 710,491 $ 177,568 $ 493,876 $ 8,224,351 Special Mention — 7,068 5,900 1,695 — — — 2,811 17,474 Potential Problem 2,706 26,387 23,415 19,960 46,296 20,924 104 1,172 138,258 Nonaccrual 76 — 5,996 161 52 24 — — 6,233 Commercial and industrial $ 4,867 $ 2,405,059 $ 2,667,064 $ 874,575 $ 1,032,647 $ 731,439 $ 177,671 $ 497,860 $ 8,386,316 Commercial real estate - owner occupied: Risk rating: Pass $ 10,092 $ 30,869 $ 261,418 $ 178,424 $ 187,073 $ 110,169 $ 54,538 $ 117,011 $ 939,503 Special Mention — 226 — 4,628 — — — 245 5,100 Potential Problem — 526 5,953 4,721 10,047 727 2,204 2,546 26,723 Commercial real estate - owner occupied $ 10,092 $ 31,621 $ 267,371 $ 187,773 $ 197,120 $ 110,896 $ 56,742 $ 119,802 $ 971,326 Commercial and business lending: Risk rating: Pass $ 12,176 $ 2,402,474 $ 2,938,092 $ 1,049,792 $ 1,173,373 $ 820,660 $ 232,106 $ 610,887 $ 9,227,385 Special Mention — 7,294 6,112 6,604 — — — 3,056 23,066 Potential Problem 2,706 26,913 31,368 24,681 56,343 21,651 2,307 3,718 166,981 Nonaccrual 76 — 5,996 207 52 24 — — 6,279 Commercial and business lending $ 14,958 $ 2,436,680 $ 2,981,569 $ 1,081,284 $ 1,229,767 $ 842,335 $ 234,414 $ 617,662 $ 9,423,711 Commercial real estate - investor: Risk rating: Pass $ 37,430 $ 105,521 $ 1,650,936 $ 685,423 $ 867,606 $ 414,079 $ 139,320 $ 230,452 $ 4,093,337 Special Mention — — 57,163 27,384 33,016 72 — 6,781 124,416 Potential Problem — — 21,309 9,860 22,243 34,591 3,564 14,573 106,138 Nonaccrual — — 45,502 8,158 6,820 — — 197 60,677 Commercial real estate - investor $ 37,430 $ 105,521 $ 1,774,910 $ 730,825 $ 929,685 $ 448,741 $ 142,883 $ 252,003 $ 4,384,569 Real estate construction: Risk rating: Pass $ — $ 31,773 $ 843,664 $ 614,469 $ 204,337 $ 48,647 $ 2,229 $ 12,212 $ 1,757,331 Special Mention — — 2,203 11,929 — 15,885 41 2 30,060 Potential Problem — — 37 120 21,251 — — — 21,408 Nonaccrual — — — — — — — 177 177 Real estate construction $ — $ 31,773 $ 845,903 $ 626,518 $ 225,588 $ 64,532 $ 2,270 $ 12,392 $ 1,808,976 Commercial real estate lending: Risk rating: Pass $ 37,430 $ 137,294 $ 2,494,600 $ 1,299,893 $ 1,071,943 $ 462,726 $ 141,549 $ 242,664 $ 5,850,668 Special Mention — — 59,366 39,313 33,016 15,957 41 6,784 154,476 Potential Problem — — 21,345 9,980 43,494 34,591 3,564 14,573 127,546 Nonaccrual — — 45,502 8,158 6,820 — — 374 60,855 Commercial real estate lending $ 37,430 $ 137,294 $ 2,620,814 $ 1,357,343 $ 1,155,273 $ 513,273 $ 145,153 $ 264,395 $ 6,193,545 Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis 2021 2020 2019 2018 2017 Prior Total Total commercial: Risk rating: Pass $ 49,606 $ 2,539,768 $ 5,432,693 $ 2,349,685 $ 2,245,316 $ 1,283,386 $ 373,655 $ 853,551 $ 15,078,053 Special Mention — 7,294 65,478 45,917 33,016 15,957 41 9,840 177,543 Potential Problem 2,706 26,913 52,713 34,660 99,837 56,241 5,871 18,291 294,527 Nonaccrual 76 — 51,498 8,365 6,872 24 — 374 67,134 Total commercial $ 52,388 $ 2,573,974 $ 5,602,382 $ 2,438,627 $ 2,385,040 $ 1,355,608 $ 379,567 $ 882,057 $ 15,617,256 Residential mortgage: Risk rating: Pass $ — $ — $ 1,771,447 $ 1,945,029 $ 974,188 $ 428,459 $ 673,447 $ 1,716,419 $ 7,508,989 Special Mention — — — — — 285 — 461 746 Potential Problem — — 475 332 404 265 81 658 2,214 Nonaccrual — — 1,993 2,911 4,479 6,224 6,019 33,734 55,362 Residential mortgage $ — $ — $ 1,773,915 $ 1,948,272 $ 979,071 $ 435,233 $ 679,547 $ 1,751,272 $ 7,567,310 Home equity: Risk rating: Pass $ 6,728 $ 498,970 $ 1,216 $ 1,401 $ 7,640 $ 8,742 $ 7,660 $ 61,251 $ 586,880 Special Mention 133 100 — 102 4 — — 638 844 Potential Problem 6 — 6 — — 13 — 146 165 Nonaccrual 925 35 9 92 211 305 302 6,772 7,726 Home equity $ 7,792 $ 499,104 $ 1,232 $ 1,595 $ 7,856 $ 9,059 $ 7,962 $ 68,807 $ 595,615 Other consumer: Risk rating: Pass $ 443 $ 180,312 $ 9,297 $ 4,987 $ 2,884 $ 371 $ 265 $ 103,075 $ 301,191 Special Mention 7 351 — 4 — — — 7 363 Nonaccrual 6 120 — 14 7 — 19 11 170 Other consumer $ 456 $ 180,783 $ 9,297 $ 5,005 $ 2,890 $ 371 $ 284 $ 103,093 $ 301,723 Auto: Risk rating: Pass $ — $ — $ 137,952 $ 707 $ 2,675 $ 1,200 $ 352 $ 107 $ 142,993 Nonaccrual — — — — 36 15 — — 52 Auto $ — $ — $ 137,952 $ 707 $ 2,711 $ 1,216 $ 352 $ 107 $ 143,045 Total consumer: Risk rating: Pass $ 7,171 $ 679,353 $ 1,919,912 $ 1,952,124 $ 987,387 $ 438,771 $ 681,725 $ 1,880,781 $ 8,540,053 Special Mention 140 451 — 106 4 285 — 1,106 1,952 Potential Problem 6 — 481 332 404 277 81 804 2,379 Nonaccrual 931 154 2,003 3,017 4,733 6,545 6,340 40,517 63,309 Total consumer $ 8,248 $ 679,959 $ 1,922,396 $ 1,955,579 $ 992,528 $ 445,878 $ 688,145 $ 1,923,208 $ 8,607,693 Total loans: Risk rating: Pass (d) $ 56,777 $ 3,219,121 $ 7,352,605 $ 4,301,809 $ 3,232,703 $ 1,722,157 $ 1,055,380 $ 2,734,332 $ 23,618,106 Special Mention 140 7,745 65,478 46,023 33,021 16,241 41 10,946 179,495 Potential Problem 2,713 26,913 53,194 34,992 100,240 56,519 5,952 19,095 296,905 Nonaccrual 1,006 154 53,501 11,382 11,605 6,569 6,340 40,891 130,443 Total loans $ 60,636 $ 3,253,933 $ 7,524,778 $ 4,394,206 $ 3,377,569 $ 1,801,486 $ 1,067,713 $ 2,805,265 $ 24,224,949 (a) Revolving loans converted to term loans are also reported in their year of origination. (b) The Corporation’s policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans. (c) Includes asset-based lending. (d) 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: (c) 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: (d) 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 (e) $ 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 (b) The Corporation’s policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans. (c) Includes asset-based lending. (d) Includes auto. (e) Accruing TDRs are included in pass unless otherwise rated as special mention. |
Summarized details of Loans by past due status | The following table presents loans by past due status at December 31, 2021: Accruing ($ in Thousands) Current (a) 30-59 Days 60-89 Days 90+ Days Nonaccrual (b)(c) Total PPP $ 65,941 $ 40 $ 43 $ — $ 46 $ 66,070 Asset-based lending 178,027 — — — — 178,027 Commercial and industrial 8,201,272 579 54 151 6,233 8,208,289 Commercial real estate - owner occupied 971,163 163 — — — 971,326 Commercial and business lending 9,416,403 781 97 151 6,279 9,423,711 Commercial real estate - investor 4,323,276 142 474 — 60,677 4,384,569 Real estate construction 1,807,178 1,618 2 — 177 1,808,976 Commercial real estate lending 6,130,454 1,759 477 — 60,855 6,193,545 Total commercial 15,546,857 2,541 573 151 67,134 15,617,256 Residential mortgage 7,505,654 5,500 669 126 55,362 7,567,310 Home equity 584,177 2,867 844 — 7,726 595,615 Other consumer 298,261 1,835 472 986 170 301,723 Auto 142,982 11 — — 52 143,045 Total consumer 8,531,074 10,213 1,985 1,111 63,309 8,607,693 Total loans $ 24,077,931 $ 12,754 $ 2,558 $ 1,263 $ 130,443 $ 24,224,949 (a) Any loans deferred in connection with the COVID-19 pandemic are considered current in accordance with Section 4103 of the CARES Act. (b) Of the total nonaccrual loans, $84 million, or 65%, were current with respect to payment at December 31, 2021. (c) No interest income was recognized on nonaccrual loans for the year ended December 31, 2021. In addition, there were $9 million of nonaccrual loans for which there was no related ACLL at December 31, 2021. The following table presents loans by past due status at December 31, 2020: Accruing ($ in Thousands) Current (a) 30-59 Days 60-89 Days 90+ Days Nonaccrual (b)(c) Total PPP $ 767,757 $ — $ — $ — $ — $ 767,757 Asset-based lending 137,476 — — — — 137,476 Commercial and industrial 7,495,792 2,819 3,300 175 61,859 7,563,945 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 4103 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 $28 million of nonaccrual loans for which there was no related ACLL at December 31, 2020. |
Nonaccrual and performing restructured loans | The following table presents nonaccrual and performing restructured loans by loan portfolio: December 31, 2021 December 31, 2020 December 31, 2019 ($ in Thousands) Performing Nonaccrual Restructured Loans (a) Performing Nonaccrual Restructured Loans (a) Performing Nonaccrual Restructured Loans (a) Commercial and industrial $ 8,687 $ — $ 12,713 $ 6,967 $ 16,678 $ 7,376 Commercial real estate - owner occupied 967 — 1,711 — 1,676 — Commercial real estate - investor 12,866 3,093 26,435 225 293 — Real estate construction 242 45 260 111 298 179 Residential mortgage 16,316 13,483 7,825 11,509 3,955 13,035 Home equity 2,648 806 1,957 1,379 1,896 1,904 Other consumer 803 — 1,191 — 1,246 1 Total restructured loans (b) $ 42,530 $ 17,426 $ 52,092 $ 20,190 $ 26,041 $ 22,494 (a) Nonaccrual restructured loans have been included within nonaccrual loans. (b) Does not include any restructured loans related to the COVID-19 pandemic in accordance with Section 4013 of the CARES Act. |
Summary of restructured loans | The following table provides the number of loans modified in a TDR by loan portfolio, the recorded investment, and unpaid principal balance: Years Ended December 31, 2021 2020 2019 ($ in Thousands) Number Recorded Investment (a) Unpaid Principal Balance (b) Number Recorded Investment (a) Unpaid Principal Balance (b) Number Recorded Investment (a) Unpaid Principal Balance (b) Commercial and industrial 4 $ 610 $ 610 7 $ 1,823 $ 2,059 6 $ 7,588 $ 7,703 Commercial real estate - owner occupied — — — 4 658 689 — — — Commercial real estate - investor 6 4,259 10,166 10 26,563 26,567 — — — Real estate construction — — — — — — 1 77 77 Residential mortgage 69 12,415 12,463 36 6,031 6,113 53 7,436 7,517 Home equity 9 932 963 20 1,078 1,697 24 831 845 Other consumer — — — — — — 1 8 8 Total loans modified 88 $ 18,216 $ 24,201 77 $ 36,154 $ 37,125 85 $ 15,940 $ 16,150 (a) Represents post-modification outstanding recorded investment. (b) Represents pre-modification outstanding recorded investment. |
Troubled debt restructurings subsequent redefault | The following table provides the number of loans modified in a TDR during the previous twelve months which subsequently defaulted during the years ended December 31, 2021, 2020, and 2019, respectively, as well as the recorded investment in these restructured loans as of December 31, 2021, 2020, and 2019, respectively: Years Ended December 31, 2021 2020 2019 ($ in Thousands) Number of Recorded Number of Recorded Number of Recorded Commercial real estate — investor 1 164 — — 1 461 Residential mortgage 11 1,171 5 1,036 38 5,630 Home equity — — 4 208 27 868 Total loans modified 12 $ 1,334 9 $ 1,244 66 $ 6,959 |
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 year ended December 31, 2021: ($ in Thousands) Dec. 31, 2020 Charge offs Recoveries Net Charge offs Provision for credit losses Dec. 31, 2021 ACLL / Loans Allowance for loan losses PPP $ 531 $ — $ — $ — $ (480) $ 51 Asset-based lending 2,077 — 412 412 1,693 4,182 Commercial and industrial 140,716 (21,564) 8,152 (13,412) (41,680) 85,624 Commercial real estate — owner occupied 11,274 — 120 120 80 11,473 Commercial and business lending 154,598 (21,564) 8,684 (12,880) (40,388) 101,330 Commercial real estate — investor 93,435 (14,346) 3,162 (11,184) (9,448) 72,803 Real estate construction 59,193 (5) 126 121 (21,672) 37,643 Commercial real estate lending 152,629 (14,351) 3,288 (11,063) (31,120) 110,446 Total commercial 307,226 (35,915) 11,972 (23,943) (71,508) 211,776 Residential mortgage 42,996 (880) 841 (38) (2,170) 40,787 Home equity 18,849 (668) 2,854 2,186 (7,024) 14,011 Other consumer 14,456 (3,168) 1,267 (1,901) (1,113) 11,441 Auto 174 (22) 31 9 1,816 1,999 Total consumer 76,475 (4,738) 4,993 256 (8,492) 68,239 Total $ 383,702 $ (40,652) $ 16,965 $ (23,687) $ (80,000) $ 280,015 Allowance for unfunded commitments Asset-based lending $ 901 $ — $ — $ — $ (43) $ 857 Commercial and industrial 21,411 — — — (3,809) 17,601 Commercial real estate — owner occupied 266 — — — (58) 208 Commercial and business lending 22,577 — — — (3,911) 18,667 Commercial real estate — investor 636 — — — 300 936 Real estate construction 18,887 — — — (3,301) 15,586 Commercial real estate lending 19,523 — — — (3,001) 16,522 Total commercial 42,101 — — — (6,912) 35,189 Home equity 3,118 — — — (526) 2,592 Other consumer 2,557 — — — (563) 1,995 Total consumer 5,675 — — — (1,088) 4,587 Total $ 47,776 $ — $ — $ — $ (8,000) $ 39,776 Allowance for credit losses on loans PPP $ 531 $ — $ — $ — $ (480) $ 51 0.08 % Asset-based lending 2,978 — 412 412 1,649 5,040 2.83 % Commercial and industrial (a) 162,126 (21,564) 8,152 (13,412) (45,490) 103,225 1.26 % Commercial real estate — owner occupied 11,539 — 120 120 22 11,681 1.20 % Commercial and business lending (b) 177,175 (21,564) 8,684 (12,880) (44,299) 119,997 1.27 % Commercial real estate — investor 94,071 (14,346) 3,162 (11,184) (9,148) 73,739 1.68 % Real estate construction 78,080 (5) 126 121 (24,972) 53,229 2.94 % Commercial real estate lending 172,152 (14,351) 3,288 (11,063) (34,121) 126,968 2.05 % Total commercial 349,327 (35,915) 11,972 (23,943) (78,419) 246,965 1.58 % Residential mortgage 42,996 (880) 841 (38) (2,170) 40,787 0.54 % Home equity 21,967 (668) 2,854 2,186 (7,550) 16,603 2.79 % Other consumer 17,013 (3,168) 1,267 (1,901) (1,676) 13,436 4.45 % Auto 174 (22) 31 9 1,816 1,999 1.40 % Total consumer 82,150 (4,738) 4,993 256 (9,581) 72,825 0.85 % Total $ 431,478 $ (40,652) $ 16,965 $ (23,687) $ (88,000) $ 319,791 1.32 % (a) The December 31, 2021 ACLL includes $6 million of oil and gas related ACLL. (b) The ACLL/Loans for commercial and business lending, excluding oil & gas and PPP loans, was 1.22% at December 31, 2021. The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 2020: ($ 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 Asset-based lending 3,407 64 3,470 (6,650) 561 (6,090) — — 4,697 2,077 Commercial and industrial 87,727 52,856 140,582 (73,670) 6,444 (67,226) 293 408 66,658 140,716 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 $ 201,371 $ 112,457 $ 313,828 $ (112,053) $ 11,422 $ (100,631) $ 3,504 $ 2,543 $ 164,457 $ 383,702 Allowance for unfunded commitments Asset-based lending $ 471 $ (144) $ 328 $ — $ — $ — $ — $ — $ 573 $ 901 Commercial and industrial 11,805 (3,854) 7,950 — — — — 61 13,399 21,411 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 $ 21,907 $ 18,690 $ 40,597 $ — $ — $ — $ — $ 179 $ 7,000 $ 47,776 Allowance for credit losses on loans PPP $ — $ — $ — $ — $ — $ — $ — $ — $ 531 $ 531 0.07 % Asset-based lending 3,878 (80) 3,798 (6,650) 561 (6,090) — — 5,270 2,978 2.17 % Commercial and industrial 99,531 49,001 148,532 (73,670) 6,444 (67,226) 293 469 80,058 162,126 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 $ 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 Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of core deposit intangibles and other intangibles | 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) 2021 2020 2019 Core deposit intangibles Gross carrying amount at the beginning of the year $ 88,109 $ 80,730 $ 58,100 Additions during the year — 7,379 22,630 Accumulated amortization (30,016) (21,205) (12,456) Net book value $ 58,093 $ 66,904 $ 68,274 Amortization during the year $ 8,811 $ 8,749 $ 7,130 Other intangibles Gross carrying amount at the beginning of the year $ 2,000 $ 38,970 $ 44,887 Additions during the year — 200 — Reductions due to sale (1,317) (17,435) (217) Accumulated amortization (683) (20,385) (24,643) Net book value $ — $ 1,350 $ 20,027 Amortization during the year $ 33 $ 1,443 $ 2,818 |
Summary of changes in balance of mortgage servicing rights asset and mortgage servicing rights valuation allowance | A summary of changes in the balance of the MSRs asset and the MSRs valuation allowance is as follows: ($ in Thousands) 2021 2020 2019 Mortgage servicing rights Mortgage servicing rights at beginning of year $ 59,967 $ 67,607 $ 68,433 Additions from acquisition — 1,357 — Additions 16,151 13,667 11,606 Amortization (19,436) (22,664) (12,432) Mortgage servicing rights at end of year $ 56,682 $ 59,967 $ 67,607 Valuation allowance at beginning of year (18,006) (302) (239) (Additions) recoveries, net 16,186 (17,704) (63) Valuation allowance at end of year (1,820) (18,006) (302) Mortgage servicing rights, net $ 54,862 $ 41,961 $ 67,306 Fair value of mortgage servicing rights $ 57,259 $ 41,990 $ 72,532 Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) 6,994,834 7,743,956 8,488,969 Mortgage servicing rights, net to servicing portfolio 0.78 % 0.54 % 0.79 % Mortgage servicing rights expense (a) $ 3,250 $ 40,369 $ 12,494 (a) Includes the amortization of mortgage servicing rights and additions / recoveries to the valuation allowance of mortgage servicing rights, and is a component of mortgage banking, net on the consolidated statements of income. |
Summary of estimated future amortization expense | The projections of amortization expense are based on existing asset balances, the current interest rate environment, and prepayment speeds as of December 31, 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 Year ending December 31, 2022 $ 8,811 $ 8,901 2023 8,811 9,614 2024 8,811 7,811 2025 8,811 6,490 2026 8,811 5,423 Beyond 2026 14,038 18,444 Total Estimated Amortization Expense $ 58,093 $ 56,682 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | A summary of premises and equipment at December 31, 2021 and 2020 is as follows: 2021 2020 ($ in Thousands) Estimated Cost Accumulated Net Book Net Book Land — $ 66,830 $ — $ 66,830 $ 70,431 Land improvements 3 – 15 years 18,522 8,967 9,555 9,771 Buildings and improvements 5 – 39 years 386,859 173,729 213,130 222,162 Computers and related equipment 4 – 8 years 54,908 41,076 13,831 14,718 Furniture, fixtures and other equipment 3 – 20 years 136,426 94,639 41,787 58,058 Operating leases — 46,341 18,042 28,299 31,994 Leasehold improvements 2 – 20 years 35,489 23,748 11,741 11,781 Total premises and equipment $ 745,375 $ 360,202 $ 385,173 $ 418,914 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease, Cost [Table Text Block] | Operating and finance lease costs and cash flows resulting from these leases are presented below: Twelve Months Ended December 31, ($ in Thousands) 2021 2020 Operating Lease Costs $ 8,712 $ 11,450 Finance Lease Costs 107 154 Operating Lease Cash Flows 11,183 11,276 Finance Lease Cash Flows 137 122 |
Assets And Liabilities, Lessee [Table Text Block] | The lease classifications on the consolidated balance sheets were as follows: Consolidated Balance Sheets Category December 31, 2021 December 31, 2020 ($ in Thousands) Amount Operating lease right-of-use asset Premises and equipment $ 28,299 $ 31,994 Finance lease right-of-use asset Other assets 143 962 Operating lease liability Accrued expenses and other liabilities 31,345 36,425 Finance lease liability Other long-term funding 163 1,128 |
Lessee, Operating Lease, Information [Table Text Block] | The lease payment obligations, weighted-average remaining lease term, and weighted-average original discount rate were as follows: December 31, 2021 December 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 1.50 0.45 % $ 386 2.49 0.46 % Retail and corporate offices 29,008 5.56 3.26 % 34,036 6.04 3.33 % Land 5,551 8.29 3.12 % 6,385 8.99 3.09 % Total operating leases $ 34,751 5.94 3.22 % $ 40,806 6.45 3.27 % Finance leases Retail and corporate offices $ 112 1.25 1.32 % $ — 0.00 — % Land 51 0.67 1.07 % 1,145 1.65 1.05 % Total finance leases $ 164 1.07 1.24 % $ 1,145 1.65 1.05 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | 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 Twelve Months Ending December 31, 2022 $ 8,056 $ 141 $ 8,197 2023 6,170 22 6,193 2024 5,383 — 5,383 2025 4,084 — 4,084 2026 3,518 — 3,518 Beyond 2026 7,541 — 7,541 Total lease payments $ 34,751 $ 164 $ 34,915 Less: interest 3,406 1 3,407 Present value of lease payments $ 31,345 $ 163 $ 31,508 |
Lessee, Operating Lease, Disclosure [Table Text Block] | The approximate minimum annual rental payments and rental receipts under noncancelable agreements and leases with remaining terms in excess of one year are as follows: ($ in Thousands) Payments Receipts 2022 $ 8,467 $ 3,099 2023 5,842 2,980 2024 5,238 2,715 2025 4,067 2,427 2026 3,506 2,184 Thereafter 6,420 7,113 Total $ 33,540 $ 20,519 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposits by type | The distribution of deposits at December 31 is as follows: ($ in Thousands) 2021 2020 Noninterest-bearing demand $ 8,504,077 $ 7,661,728 Savings 4,410,198 3,650,085 Interest-bearing demand 7,019,782 6,090,869 Money market 7,185,111 7,322,769 Time deposits 1,347,262 1,757,030 Total deposits $ 28,466,430 $ 26,482,481 |
Time deposits by maturity | Aggregate annual maturities of all time deposits at December 31, 2021, are as follows: Maturities During Year Ending December 31, ($ in Thousands) 2022 $ 1,055,614 2023 177,715 2024 66,105 2025 25,211 2026 22,612 Thereafter 5 Total $ 1,347,262 |
Short and Long-term Funding (Ta
Short and Long-term Funding (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Short-term Debt [Abstract] | |
Short and Long-Term Funding Composition | 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) December 31, 2021 December 31, 2020 Short-Term Funding Federal funds purchased $ 120 $ 7,070 Securities sold under agreements to repurchase 319,412 185,901 Federal funds purchased and securities sold under agreements to repurchase 319,532 192,971 Commercial paper 34,730 59,346 Total short-term funding $ 354,262 $ 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 Capitalized costs (839) (1,663) Finance leases 163 1,128 FHLB advances 1,621,047 1,632,723 Total long-term funding 1,870,371 2,182,188 Total short and long-term funding $ 2,224,633 $ 2,434,505 |
Schedule of Repurchase Agreements | The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets as of December 31, 2021 and 2020 are presented in the following table: Overnight and Continuous ($ in Thousands) December 31, 2021 December 31, 2020 Repurchase agreements Agency mortgage-related securities $ 319,412 $ 185,901 Total $ 319,412 $ 185,901 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The table below summarizes the maturities of the Corporation’s long-term funding at December 31, 2021: ($ in Thousands) Long Term Funding Year 2022 $ 11,811 2023 2,363 2024 633 2025 649,377 2026 604,813 Thereafter 601,375 Total long-term funding $ 1,870,371 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Fair value assumptions of stock options | The following assumptions were used in estimating the fair value for options granted in 2020 and 2019: 2020 2019 Dividend yield 3.50 % 3.30 % Risk-free interest rate 1.60 % 2.60 % Weighted average expected volatility 21.00 % 24.00 % Weighted average expected life 5.75 years 5.75 years Weighted average per share fair value of options $2.39 $4.00 |
Summary of Company's Stock Option Activities | A summary of the Corporation’s stock option activity for the year ended December 31, 2021 is presented below: Stock Options Shares (a) Weighted Average Weighted Average Aggregate Outstanding at December 31, 2020 6,473 $ 19.77 6.23 years $ 2,005 Exercised (1,533) 16.58 Forfeited or expired (126) 22.28 Outstanding at December 31, 2021 4,814 $ 20.72 5.96 years $ 12,532 Options exercisable at December 31, 2021 3,264 $ 21.00 5.13 years $ 8,294 (a) In thousands |
Summary of Restricted Stock Awards Activity (Excluding Salary Shares) | The following table summarizes information about the Corporation’s restricted stock activity for the year ended December 31, 2021: Restricted Stock Shares (a) Weighted Average Outstanding at December 31, 2020 2,293 $ 20.46 Granted 1,229 20.03 Vested (812) 21.23 Forfeited (75) 21.72 Outstanding at December 31, 2021 2,635 $ 19.87 (a) In thousands |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Change in Benefit Obligation | The funded status and amounts recognized on the 2021 and 2020 consolidated balance sheets, as measured on December 31, 2021 and 2020, respectively, for the RAP and Postretirement Plan were as follows: RAP Postretirement RAP Postretirement ($ in Thousands) 2021 2021 2020 2020 Change in Fair Value of Plan Assets Fair value of plan assets at beginning of year $ 478,849 $ — $ 442,034 $ — Actual return on plan assets 41,576 — 58,802 — Employer contributions — 201 — 210 Gross benefits paid (22,629) (201) (21,987) (210) Fair value of plan assets at end of year (a) $ 497,796 $ — $ 478,849 $ — Change in Benefit Obligation Net benefit obligation at beginning of year $ 280,017 $ 2,243 $ 260,576 $ 2,545 Service cost 7,779 — 8,244 — Interest cost 6,570 52 8,185 78 Plan amendments (1,494) — — — Actuarial (gain) loss (8,921) (119) 24,998 (169) Gross benefits paid (22,629) (201) (21,987) (210) Net benefit obligation at end of year (a) $ 261,321 $ 1,975 $ 280,017 $ 2,243 Funded (unfunded) status $ 236,475 $ (1,975) $ 198,832 $ (2,243) Noncurrent assets $ 236,475 $ — $ 198,832 $ — Current liabilities — (177) — (189) Noncurrent liabilities — (1,798) — (2,055) Asset (liability) recognized on the consolidated balance sheets $ 236,475 $ (1,975) $ 198,832 $ (2,243) (a) The fair value of the plan assets represented 190% and 171% of the net benefit obligation of the pension plan at December 31, 2021 and 2020, respectively. |
AOCI Components | Amounts recognized in accumulated other comprehensive (income) loss, net of tax, as of December 31, 2021 and 2020 were as follows: RAP Postretirement RAP Postretirement ($ in Thousands) 2021 2021 2020 2020 Prior service cost $ (1,253) $ (419) $ (194) $ (477) Net actuarial loss 5,605 (89) 28,029 — Amount not yet recognized in net periodic benefit cost, but recognized in accumulated other comprehensive (income) loss $ 4,352 $ (508) $ 27,835 $ (477) |
Changes in OCI | Other changes in plan assets and benefit obligations recognized in OCI, net of tax, in 2021 and 2020 were as follows: RAP Postretirement RAP Postretirement ($ in Thousands) 2021 2021 2020 2020 Net actuarial gain $ 25,257 $ 119 $ 8,209 $ 169 Amortization of prior service cost (73) (75) (73) (75) Amortization of actuarial loss 4,594 — 3,897 — Prior service cost 1,494 — — — Income tax (expense) (7,791) (11) (3,040) (23) Total Recognized in OCI $ 23,480 $ 33 $ 8,993 $ 71 |
Net period benefit cost for the pension plans | The components of net pension cost for the RAP for 2021, 2020, and 2019 were as follows: ($ in Thousands) 2021 2020 2019 Service cost $ 7,779 $ 8,244 $ 7,263 Interest cost 6,570 8,185 9,752 Expected return on plan assets (25,675) (25,595) (24,332) Amortization of prior service cost (73) (73) (73) Amortization of actuarial loss 4,594 3,897 480 Recognized settlement loss 434 — — Total net periodic pension (income) $ (6,370) $ (5,342) $ (6,910) |
Net period benefit cost for postretirement plan | The components of net periodic benefit cost for the Postretirement Plan for 2021, 2020, and 2019 were as follows: ($ in Thousands) 2021 2020 2019 Interest cost $ 52 $ 78 $ 104 Amortization of prior service cost (75) (75) (75) Amortization of actuarial (gain) — — (4) Total net periodic benefit cost (income) $ (24) $ 3 $ 25 |
Weighted Average Benefit Assumptions | RAP Postretirement RAP Postretirement 2021 2021 2020 2020 Weighted average assumptions used to determine benefit obligations Discount rate 2.80 % 2.80 % 2.40 % 2.40 % Rate of increase in compensation levels 2.50 % N/A 2.00 % N/A Interest crediting rate 3.07 % N/A 3.24 % N/A Weighted average assumptions used to determine net periodic benefit costs Discount rate 2.40 % 2.40 % 3.20 % 3.20 % Rate of increase in compensation levels 2.00 % N/A 2.00 % N/A Expected long-term rate of return on plan assets 6.00 % N/A 6.20 % N/A |
Plan Asset Allocation Percentages | The asset allocation for the RAP as of the December 31, 2021 and 2020 measurement dates, respectively, by asset category were as follows: Asset Category 2021 2020 Equity securities 55 % 53 % Fixed-income securities 34 % 33 % Group annuity contracts 10 % 11 % Alternative securities — % 1 % Other 1 % 2 % Total 100 % 100 % |
Pension Plan Investments | Based on these inputs, the following table summarizes the fair value of the RAP’s investments as of December 31, 2021 and 2020: Fair Value Measurements Using ($ in Thousands) December 31, 2021 Level 1 Level 2 Level 3 RAP Investments Money market account $ 5,446 $ 5,446 $ — $ — Common /collective trust funds 185,791 185,791 — — Mutual funds 257,345 257,345 — — Group annuity contracts 49,213 — — 49,213 Total RAP investments $ 497,796 $ 448,582 $ — $ 49,213 Fair Value Measurements Using ($ in Thousands) December 31, 2020 Level 1 Level 2 Level 3 RAP Investments Money market account $ 9,429 $ 9,429 $ — $ — Common /collective trust funds 172,950 172,950 — — Mutual funds 245,605 245,605 — — Group annuity contracts 50,866 — — 50,866 Total RAP investments $ 478,849 $ 427,983 $ — $ 50,866 |
Schedule of Changes in Fair Value of Plan Assets | The following presents a summary of the changes in the fair value of the RAP's Level 3 asset during the periods indicated. Fair Value Reconciliation of Level 3 RAP Investments 2021 2020 Fair value of group annuity contract at beginning of period $ 50,866 $ 50,055 Return on plan assets 921 3,499 Transfers from money market funds and equity securities 66 — Benefits paid (2,640) (2,688) Fair value of group annuity contract at end of period $ 49,213 $ 50,866 |
Expected Benefit Payments | The projected benefit payments were calculated using the same assumptions as those used to calculate the benefit obligations listed above. The projected benefit payments for the RAP and Postretirement Plan at December 31, 2021, reflecting expected future services, were as follows: ($ in Thousands) RAP Postretirement Plan Estimated future benefit payments 2022 $ 16,398 $ 180 2023 15,956 175 2024 16,897 169 2025 18,555 163 2026 17,051 156 2027-2031 77,883 674 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Current and Deferred Income Tax Expense (Benefit) | The current and deferred amounts of income tax expense (benefit) were as follows: Years Ended December 31, ($ in Thousands) 2021 2020 2019 Current Federal $ 57,916 $ 33,020 $ 50,560 State 12,035 16,193 15,327 Total current 69,951 49,213 65,887 Deferred Federal 9,115 (25,895) 14,094 State 6,247 (3,118) (261) Total deferred 15,362 (29,013) 13,833 Total income tax expense $ 85,313 $ 20,200 $ 79,720 |
Schedule of Deferred Tax Assets and Liabilities | Temporary differences between the amounts reported on the financial statements and the tax bases of assets and liabilities resulted in deferred taxes. DTAs and liabilities at December 31, 2021 and 2020, included in other assets and accrued expenses and other liabilities on the consolidated balance sheets, respectively, were as follows: ($ in Thousands) 2021 2020 Deferred tax assets Allowance for loan losses $ 72,199 $ 88,967 Allowance for other losses 12,704 16,347 Accrued liabilities 4,285 3,776 Deferred compensation 31,896 27,896 Benefit of tax loss and credit carryforwards 6,245 9,789 Nonaccrual interest 1,374 1,763 Lease liability 12,954 13,328 Basis difference from equity securities and other investments — 6,329 Net unrealized losses on AFS securities 1,989 — Net unrealized losses on pension and postretirement benefits 1,308 9,110 Other 3,806 997 Total deferred tax assets $ 148,760 $ 178,302 Valuation allowance for deferred tax assets — (251) Total deferred tax assets after valuation allowance $ 148,760 $ 178,051 Deferred tax liabilities Prepaid expenses $ 61,826 $ 63,113 Goodwill 22,785 21,698 Mortgage banking activities 14,382 10,403 Deferred loan fee income 7,848 9,799 State deferred taxes 1,234 2,636 Lease financing — 116 Bank premises and equipment 20,705 30,188 Purchase accounting 11,500 12,658 Basis difference from equity securities and other investments 2,597 — Net unrealized gains on AFS securities — 13,568 Other 667 1,049 Total deferred tax liabilities $ 143,544 $ 165,228 Net deferred tax assets (liabilities) $ 5,216 $ 12,823 |
Summary of Valuation Allowance [Table Text Block] | The changes in the valuation allowance related to net operating losses for 2021 and 2020 were as follows: ($ in Thousands) 2021 2020 Valuation allowance for deferred tax assets, beginning of year $ (251) $ (251) Decrease in current year 251 — Valuation allowance for deferred tax assets, end of year $ — $ (251) |
Schedule of Effective Income Tax Rate Reconciliation | The effective income tax rate differs from the statutory federal tax rate. The major reasons for this difference were as follows: 2021 2020 2019 Federal income tax rate at statutory rate 21.0 % 21.0 % 21.0 % Increases (decreases) resulting from: Tax-exempt interest and dividends (3.0) % (3.9) % (3.3) % State income taxes (net of federal benefit) 3.8 % 3.7 % 3.5 % Bank owned life insurance (0.6) % (0.9) % (0.8) % Tax effect of tax credits and benefits, net of related expenses (1.8) % (1.8) % (0.9) % Tax reserve adjustments / settlements — % 0.1 % 0.2 % Net tax (benefit) expense from stock-based compensation — % 0.3 % (0.2) % Restructuring in conjunction with ABRC sale (0.1) % (13.7) % — % FDIC premium 0.5 % 0.8 % 0.5 % Other (0.2) % 0.6 % (0.4) % Effective income tax rate 19.6 % 6.2 % 19.6 % |
Summary Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits was as f ollows: ($ in Millions) 2021 2020 Balance at beginning of year $ 3 $ 3 Subtractions for tax positions related to prior years (1) — Balance at end of year $ 2 $ 3 |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary Of Other Derivative Instruments Not Designated As Hedging Instruments [Table Text Block] | The table below identifies the balance sheet category and fair values of the Corporation’s derivative instruments: December 31, 2021 December 31, 2020 Asset Liability Asset Liability ($ in Thousands) Notional Amount Fair Notional Amount Fair Notional Amount Fair Notional Amount Fair Not designated as hedging instruments Interest rate-related instruments $ 3,874,781 $ 83,626 $ 3,874,781 $ 26,231 $ 3,639,679 $ 192,518 $ 3,639,679 $ 25,680 Foreign currency exchange forwards 490,057 5,490 478,745 5,441 411,292 4,909 398,890 4,836 Commodity contracts 3,894 1,264 3,910 1,248 87,547 12,486 83,214 11,155 Mortgage banking (a)(b) 133,990 2,647 245,016 — 226,818 9,624 335,500 2,046 Gross derivatives before netting $ 93,026 $ 32,921 $ 219,537 $ 43,716 Less: Legally enforceable master netting agreements 2,143 2,143 1,936 1,936 Less: Cash collateral pledged/received 1,313 11,357 10,879 25,625 Total derivative instruments, after netting $ 89,570 $ 19,421 $ 206,722 $ 16,155 (a) Mortgage derivative assets include interest rate lock commitments and mortgage derivative liabilities include forward commitments. (b) Includes approximately $30,000 of forward commitment fair value. |
Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block] | The table below identifies the effect of fair value hedge accounting on the Corporation's consolidated statements of income during the twelve months ended December 31, 2021, 2020,and 2019: Location and Amount of Gain or (Loss) Recognized on Consolidated Statements of Income in Fair Value and Cash Flow Hedging Relationships For the Years Ended December 31, 2021 2020 2019 ($ in Thousands) Interest Income Interest Income Other Expense Interest Income Total amounts of income and expense line items presented on the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded (a) $ (1,376) $ (1,779) $ (262) $ (448) The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items (1,376) (1,779) (262) 5,871 Derivatives designated as hedging instruments (a) — — — (6,319) (a) Includes net settlements as hedging instruments |
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 during the twelve months ended December 31, 2021, 2020, and 2019: Consolidated Statements of Income Category of For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Derivative Instruments Interest rate-related instruments — customer and mirror, net Capital market fees, net $ 2,432 $ (1,758) $ (1,393) Interest rate lock commitments (mortgage) Mortgage banking, net (7,007) 7,097 319 Forward commitments (mortgage) Mortgage banking, net (2,075) 1,335 1,362 Foreign currency exchange forwards Capital market fees, net (25) (105) 132 Commodity contracts Capital market fees, net (1,316) 427 (1,763) |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Offsetting [Abstract] | |
Balance Sheet Offsetting of Derivative Assets and Liabilities | The interest, commodity and foreign exchange agreements the Corporation has with its commercial customers are not subject to an enforceable master netting arrangement, and therefore, are excluded from this table: Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets Net Amounts Presented on the Consolidated Balance Sheets ($ in Thousands) Gross Amounts Recognized Derivative Liabilities Offset Cash Collateral Received Derivative assets December 31, 2021 $ 3,567 $ (2,143) $ (1,313) $ 111 December 31, 2020 13,441 (1,936) (10,879) 626 Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets Net Amounts Presented on the Consolidated Balance Sheets ($ in Thousands) Gross Amounts Recognized Derivative Assets Offset Cash Collateral Pledged Derivative liabilities December 31, 2021 $ 15,620 $ (2,143) $ (11,357) $ 2,120 December 31, 2020 27,951 (1,936) (25,625) 390 |
Commitments, Off-Balance Sheet
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of lending-related and other commitments | The following is a summary of lending-related commitments: ($ in Thousands) December 31, 2021 December 31, 2020 Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale (a)(b) $ 10,848,136 $ 10,010,492 Commercial letters of credit (a) 5,992 3,642 Standby letters of credit (c) 248,292 278,798 (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 current fair value, or the fair value is based on fees currently charged to enter into similar agreements and was not material at December 31, 2021 or 2020. (b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 14. (c) The Corporation has established a liability of $2 million and $3 million at December 31, 2021 and 2020, respectively, as an estimate of the fair value of these financial instruments. |
Schedule Of Unfunded Commitments [Table Text Block] | The following table presents a summary of the changes in the allowance for unfunded commitments: ($ in Thousands) Year Ended December 31, 2021 Year Ended December 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 (8,000) 7,000 Amount recorded at acquisition — 179 Balance at end of period $ 39,776 $ 47,776 |
Parent Company Only Financial_2
Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Balance Sheet | Balance Sheets December 31, ($ in Thousands) 2021 2020 Assets Cash and due from banks $ 17,241 $ 40,204 Interest-bearing deposits in other financial institutions 20,743 15,228 Notes and interest receivable from subsidiaries 285,516 305,779 Investments in and receivable due from subsidiaries 3,953,461 4,005,198 Other assets 46,644 46,850 Total assets $ 4,323,605 $ 4,413,259 Liabilities and Stockholders' Equity Commercial paper $ 34,730 $ 59,346 Subordinated notes, at par 250,000 250,000 Long-term funding capitalized costs (839) (1,133) Total long-term funding 249,161 248,867 Accrued expenses and other liabilities 14,860 14,113 Total liabilities 298,752 322,326 Preferred equity 193,195 353,512 Common equity 3,831,658 3,737,421 Total stockholders’ equity 4,024,853 4,090,933 Total liabilities and stockholders’ equity $ 4,323,605 $ 4,413,259 |
Parent Company Income Statement | Statements of Income For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Income Income from subsidiaries $ 361,198 $ 317,895 $ 341,789 Interest income on notes receivable from subsidiaries 3,247 3,257 13,983 Other income 682 933 761 Total income 365,127 322,084 356,532 Expense Interest expense on short and long-term funding 10,942 10,960 16,802 Other expense 7,330 6,422 6,583 Total expense 18,272 17,383 23,384 Income before income tax expense 346,856 304,702 333,148 Income tax expense (benefit) (4,138) (2,070) 6,359 Net income 350,994 306,771 326,790 Preferred stock dividends 17,111 18,358 15,202 Net income available to common equity $ 333,883 $ 288,413 $ 311,587 |
Parent Company Statement of Cash Flows | Statements of Cash Flows For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Cash Flows from Operating Activities Net income $ 350,994 $ 306,771 $ 326,790 Adjustments to reconcile net income to net cash provided by operating activities: (Increase) decrease in equity in undistributed net income (loss) of subsidiaries 28,802 (61,406) (21,789) Net change in other assets and accrued expenses and other liabilities 17,102 (49,890) 265 Net cash provided by operating activities 396,898 195,475 305,266 Cash Flows from Investing Activities Net (increase) decrease in notes receivable from subsidiaries 20,000 (105,000) 250,000 Net cash provided by (used in) investing activities 20,000 (105,000) 250,000 Cash Flows from Financing Activities Net increase (decrease) in commercial paper (24,616) 27,330 (13,406) Redemption of Corporation's senior notes — — (250,000) Proceeds from issuance of common stock for stock-based compensation plans 25,702 3,966 11,216 Proceeds from issuance of preferred stock — 96,796 — Redemption of preferred stock (164,458) — — Purchase of treasury stock, open market purchases (132,955) (71,255) (177,484) Purchase of treasury stock, stock-based compensation plans (4,847) (6,113) (8,592) Cash dividends on common stock (116,061) (112,023) (111,804) Cash dividends on preferred stock (17,111) (18,358) (15,202) Net cash used in financing activities (434,346) (79,656) (565,272) Net increase (decrease) in cash and cash equivalents (17,448) 10,819 (10,006) Cash and cash equivalents at beginning of year 55,432 44,613 54,619 Cash and cash equivalents at end of year $ 37,984 $ 55,432 $ 44,613 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 2020, aggregated by the level in the fair value hierarchy within which those measurements fall: ($ in Thousands) Fair Value Hierarchy December 31, 2021 December 31, 2020 Assets Investment securities AFS U.S. Treasury securities Level 1 $ 122,957 $ 26,531 Agency securities Level 2 14,897 25,038 Obligations of state and political subdivisions (municipal securities) Level 2 400,457 450,662 Residential mortgage-related securities FNMA / FHLMC Level 2 2,691,879 1,461,241 GNMA Level 2 67,780 235,537 Private-label Level 2 329,724 — Commercial mortgage-related securities FNMA / FHLMC Level 2 350,623 22,904 GNMA Level 2 166,799 524,756 Asset backed securities FFELP Level 2 177,325 327,189 SBA Level 2 6,580 8,584 Other debt securities Level 2 2,994 3,000 Total investment securities AFS Level 1 $ 122,957 $ 26,531 Total investment securities AFS Level 2 4,209,058 3,058,910 Equity securities with readily determinable fair values Level 1 4,810 1,661 Residential loans held for sale Level 2 136,638 129,158 Interest rate-related instruments (a) Level 2 83,626 192,518 Foreign currency exchange forwards (a) Level 2 5,490 4,909 Commodity contracts (a) Level 2 1,264 12,486 Interest rate lock commitments to originate residential mortgage loans held for sale Level 3 2,617 9,624 Forward commitments to sell residential mortgage loans Level 3 30 — Liabilities Interest rate-related instruments (a) Level 2 $ 26,231 $ 25,680 Foreign currency exchange forwards (a) Level 2 5,441 4,836 Commodity contracts (a) Level 2 1,248 11,155 Forward commitments to sell residential mortgage loans Level 3 — 2,046 (a) Figures presented gross before netting. See Note 14 and Note 15 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place. |
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 years ended December 31, 2021 and 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 7,097 1,335 5,762 Balance December 31, 2020 $ 9,624 $ 2,046 $ 7,579 New production $ 53,686 $ (3,281) $ 56,966 Closed loans / settlements (53,477) 3,740 (57,217) Other (7,216) (2,535) (4,680) Mortgage derivative (loss) (7,007) (2,076) (4,932) Balance December 31, 2021 $ 2,617 $ (30) $ 2,647 |
Equity Securities without Readily Determinable Fair Value | Also shown are the cumulative upward and downward adjustments for the Corporation's equity securities without readily determinable fair values as of December 31, 2021: ($ in Thousands) Equity securities without readily determinable fair values Carrying value as of December 31, 2020 $ 13,444 Additions 264 Sales (33) Donations (134) Carrying value as of December 31, 2021 $ 13,542 Cumulative upward carrying value changes between January 1, 2018 and December 31, 2021 $ 13,444 Cumulative downward carrying value changes between January 1, 2018 and December 31, 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: ($ in Thousands) Fair Value Hierarchy Fair Value Consolidated Statements of Income Category of Adjustment Recognized on the Consolidated Statements of Income (c) December 31, 2021 Assets Individually evaluated loans (a) Level 3 $ 69,917 Provision for credit losses $ (3,045) OREO (b) Level 2 21,299 Other noninterest expense / provision for credit losses (d) 7,345 Mortgage servicing rights Level 3 57,259 Mortgage banking, net 16,186 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 ACLL. (b) If the fair value of the collateral exceeds the carrying amount of the asset, no charge off or adjustment is necessary, the asset is not considered to be carried at fair value, and is therefore not included in the table. (c) Includes the full year impact on the consolidated statements of income. (d) When a property's value is written down at the time it is transferred to OREO, the charge off is booked to the provision for credit losses. When a property is already in OREO and subsequently written down, the charge off is booked to other noninterest expense. |
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: December 31, 2021 Valuation Technique Significant Unobservable Input Range of Inputs Weighted Average Input Applied Mortgage servicing rights Discounted cash flow Discount rate 9% - 13% 9% Mortgage servicing rights Discounted cash flow Constant prepayment rate 8% - 39% 12% Individually evaluated loans Appraisals / Discounted cash flow Collateral / Discount factor 33% - 61% 38% |
Estimated fair values of financial instruments | Fair value estimates are set forth below for the Corporation’s financial instruments: December 31, 2021 December 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 $ 343,831 $ 343,831 $ 416,154 $ 416,154 Interest-bearing deposits in other financial institutions Level 1 681,684 681,684 298,759 298,759 Federal funds sold and securities purchased under agreements to resell Level 1 — — 1,135 1,135 Investment securities AFS Level 1 122,957 122,957 26,531 26,531 Investment securities AFS Level 2 4,209,058 4,209,058 3,058,910 3,058,910 Investment securities HTM, net Level 1 1,000 1,001 999 1,024 Investment securities HTM, net Level 2 2,237,947 2,347,608 1,877,939 2,027,852 Equity securities with readily determinable fair values Level 1 4,810 4,810 1,661 1,661 Equity securities without readily determinable fair values Level 3 13,542 13,542 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 2 136,638 136,638 129,158 129,158 Loans, net Level 3 23,944,934 23,980,330 24,068,022 24,012,738 Bank and corporate owned life insurance Level 2 680,021 680,021 679,647 679,647 Derivatives (other assets) (a) Level 2 90,379 90,379 209,913 209,913 Interest rate lock commitments to originate residential mortgage loans held for sale (other assets) Level 3 2,617 2,617 9,624 9,624 Forward commitments to sell residential mortgage loans (other assets) Level 3 30 30 — — Financial liabilities Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts Level 3 $ 27,119,167 $ 27,119,167 $ 24,725,451 $ 24,725,451 Brokered CDs and other time deposits (b) Level 2 1,347,262 1,347,262 1,757,030 1,766,200 Short-term funding Level 2 354,262 354,248 252,317 252,303 FHLB advances Level 2 1,621,047 1,680,814 1,632,723 1,760,727 Other long-term funding Level 2 249,324 265,545 549,465 578,233 Standby letters of credit (c) Level 2 2,367 2,367 2,731 2,731 Derivatives (accrued expenses and other liabilities) (a) Level 2 32,921 32,921 41,671 41,671 Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities) Level 3 — — 2,046 2,046 (a) Figures presented gross before netting. See Note 14 and Note 15 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place. (b) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value. (c) The commitment on standby letters of credit was $248 million and $279 million at December 31, 2021 and 2020, respectively. See Note 16 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The actual capital amounts and ratios of the Corporation and its significant subsidiary are presented below. No deductions from capital were made for interest rate risk in 2021 or 2020. Actual For Capital Adequacy To Be Well Capitalized Under Prompt Corrective Action Provisions (a) ($ in Thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31 , 2021 Associated Banc-Corp Total capital $ 3,570,026 13.10 % $ 2,179,419 ≥ 8.00 % Tier 1 capital 3,001,074 11.02 % 1,634,564 ≥ 6.00 % CET1 2,808,289 10.31 % 1,225,923 ≥ 4.50 % Leverage 3,001,074 8.83 % 1,359,299 ≥ 4.00 % Associated Bank, N.A. Total capital $ 3,243,672 11.93 % $ 2,175,689 ≥ 8.00 % $ 2,719,611 ≥ 10.00 % Tier 1 capital 2,923,881 10.75 % 1,631,766 ≥ 6.00 % 2,175,689 ≥ 8.00 % CET1 2,923,881 10.75 % 1,223,825 ≥ 4.50 % 1,767,747 ≥ 6.50 % Leverage 2,923,881 8.61 % 1,358,041 ≥ 4.00 % 1,697,551 ≥ 5.00 % As of December 31 , 2020 Associated Banc-Corp Total capital $ 3,632,807 14.02 % $ 2,072,273 ≥ 8.00 % Tier 1 capital 3,058,809 11.81 % 1,554,205 ≥ 6.00 % CET1 2,706,010 10.45 % 1,165,654 ≥ 4.50 % Leverage 3,058,809 9.37 % 1,305,604 ≥ 4.00 % Associated Bank, N.A. Total capital $ 3,295,823 12.74 % $ 2,068,801 ≥ 8.00 % $ 2,586,002 ≥ 10.00 % Tier 1 capital 2,971,234 11.49 % 1,551,601 ≥ 6.00 % 2,068,801 ≥ 8.00 % CET1 2,971,234 11.49 % 1,163,701 ≥ 4.50 % 1,680,901 ≥ 6.50 % Leverage 2,971,234 9.11 % 1,304,448 ≥ 4.00 % 1,630,560 ≥ 5.00 % (a) Prompt corrective action provisions are not applicable at the bank holding company level. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 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: For the Years Ended December 31, ($ in Thousands, except per share data) 2021 2020 2019 Net income $ 350,994 $ 306,771 $ 326,790 Preferred stock dividends (17,111) (18,358) (15,202) Net income available to common equity $ 333,883 $ 288,413 $ 311,587 Common shareholder dividends $ (115,212) $ (111,291) $ (111,091) Unvested share-based payment awards (849) (732) (713) Undistributed earnings $ 217,822 $ 176,390 $ 199,784 Undistributed earnings allocated to common shareholders $ 216,299 $ 175,134 $ 198,424 Undistributed earnings allocated to unvested share-based payment awards 1,523 1,256 1,360 Undistributed earnings $ 217,822 $ 176,390 $ 199,784 Basic Distributed earnings to common shareholders $ 115,212 $ 111,291 $ 111,091 Undistributed earnings allocated to common shareholders 216,299 175,134 198,424 Total common shareholders earnings, basic $ 331,510 $ 286,425 $ 309,514 Diluted Distributed earnings to common shareholders $ 115,212 $ 111,291 $ 111,091 Undistributed earnings allocated to common shareholders 216,299 175,134 198,424 Total common shareholders earnings, diluted $ 331,510 $ 286,425 $ 309,514 Weighted average common shares outstanding 150,773 153,005 160,534 Effect of dilutive common stock awards 1,214 637 1,398 Diluted weighted average common shares outstanding 151,987 153,642 161,932 Basic earnings per common share $ 2.20 $ 1.87 $ 1.93 Diluted earnings per common share $ 2.18 $ 1.86 $ 1.91 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Selected segment information | Information about the Corporation’s segments is presented below: Corporate and Commercial Specialty For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Net interest income $ 373,856 $ 395,135 $ 447,979 Net intersegment interest income (expense) 26,710 10,400 (52,200) Segment net interest income 400,565 405,535 395,779 Noninterest income 170,338 149,456 136,097 Total revenue 570,903 554,991 531,876 Provision for credit losses 62,795 59,780 49,341 Noninterest expense 229,444 209,507 233,655 Income before income taxes 278,664 285,705 248,879 Income tax expense 49,772 53,193 47,480 Net income $ 228,891 $ 232,512 $ 201,399 Allocated goodwill $ 525,836 $ 530,144 $ 530,144 Community, Consumer, and Business For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Net interest income $ 276,854 $ 295,297 $ 301,563 Net intersegment interest income 53,668 54,203 93,331 Segment net interest income 330,522 349,500 394,894 Noninterest income 146,457 185,737 223,712 Total revenue 476,978 535,237 618,606 Provision for credit losses 18,138 21,862 18,594 Noninterest expense 387,033 429,565 467,086 Income before income taxes 71,808 83,810 132,925 Income tax expense 15,080 17,600 27,914 Net income $ 56,728 $ 66,210 $ 105,011 Allocated goodwill $ 579,156 $ 579,156 $ 646,086 Risk Management and Shared Services For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Net interest income $ 75,146 $ 72,525 $ 86,132 Net intersegment interest (expense) (80,378) (64,603) (41,130) Segment net interest income (5,232) 7,922 45,001 Noninterest income (a) 15,570 178,862 21,015 Total revenue 10,338 186,784 66,017 Provision for credit losses (168,944) 92,365 (51,935) Noninterest expense 93,446 136,962 93,247 Income (loss) before income taxes 85,836 (42,543) 24,705 Income tax expense (benefit) (b) 20,461 (50,593) 4,325 Net income $ 65,374 $ 8,050 $ 20,379 Allocated goodwill $ — $ — $ — Consolidated Total For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Net interest income $ 725,855 $ 762,957 $ 835,674 Net intersegment interest income — — — Segment net interest income 725,855 762,957 835,674 Noninterest income (a) 332,364 514,056 380,824 Total revenue 1,058,219 1,277,012 1,216,498 Provision for credit losses (88,011) 174,006 16,000 Noninterest expense 709,924 776,034 793,988 Income before income taxes 436,307 326,972 406,509 Income tax expense (b) 85,313 20,200 79,720 Net income $ 350,994 $ 306,771 $ 326,790 Allocated goodwill $ 1,104,992 $ 1,109,300 $ 1,176,230 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Summary of activity in accumulated other comprehensive income (loss) | The following table summarizes the components of accumulated other comprehensive income (loss) at December 31, 2021, 2020, and 2019 respectively, including changes during the years then ended as well as any reclassifications out of accumulated other comprehensive income (loss): ($ in Thousands) Investment Defined Benefit Accumulated Balance, December 31, 2018 $ (75,643) $ (49,330) $ (124,972) Other comprehensive income before reclassifications 111,592 16,296 127,887 Amounts reclassified from accumulated other comprehensive income (loss) Investment securities (gains), net (5,957) — (5,957) Personnel expense — (148) (148) Other expense — 476 476 Interest income 895 — 895 Income tax (expense) (26,898) (4,465) (31,363) Net other comprehensive income during period 79,631 12,158 91,789 Balance, December 31, 2019 $ 3,989 $ (37,172) $ (33,183) Other comprehensive income before reclassifications $ 55,628 $ 7,780 $ 63,408 Amounts reclassified from accumulated other comprehensive income (loss) Investment securities (gains), net (9,222) — (9,222) Personnel expense — (148) (148) Other expense — 3,897 3,897 Interest income 3,359 — 3,359 Income tax (expense) (12,429) (3,064) (15,493) Net other comprehensive income during period 37,336 8,465 45,801 Balance, December 31, 2020 $ 41,325 $ (28,707) $ 12,618 Other comprehensive income (loss) before reclassifications $ (63,714) $ 25,519 $ (38,195) Amounts reclassified from accumulated other comprehensive income (loss) Investment securities losses, net 16 — 16 Personnel expense — 1,346 1,346 Other expense — 4,594 4,594 Interest income 1,551 — 1,551 Income tax (expense) benefit 15,557 (7,803) 7,754 Net other comprehensive income (loss) during period (46,591) 23,656 (22,935) Balance, December 31, 2021 $ (5,266) $ (5,051) $ (10,317) |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue Recognition [Abstract] | |
Disaggregation of Revenue [Table Text Block] | The Corporation's disaggregated revenue by major source is presented below: Corporate and Commercial Specialty For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Wealth management fees $ 89,854 $ 83,570 $ 80,719 Service charges and deposit account fees 18,635 16,903 13,342 Card-based fees (a) 1,790 1,534 1,827 Insurance commissions and fees 138 208 364 Other revenue 3,450 3,462 1,647 Noninterest Income (in-scope of Topic 606) $ 113,866 $ 105,678 $ 97,899 Noninterest Income (out-of-scope of Topic 606) 56,471 43,778 38,198 Total Noninterest Income $ 170,338 $ 149,456 $ 136,097 Community, Consumer, and Business For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Wealth management fees $ — $ 1,387 $ 2,838 Service charges and deposit account fees 45,739 39,371 49,744 Card-based fees (a) 41,313 36,937 37,895 Insurance commissions and fees 190 45,027 88,727 Other revenue 9,349 19,053 9,462 Noninterest Income (in-scope of Topic 606) $ 96,592 $ 141,775 $ 188,666 Noninterest Income (out-of-scope of Topic 606) 49,865 43,962 35,046 Total Noninterest Income $ 146,457 $ 185,737 $ 223,712 Risk Management and Shared Services For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Wealth management fees $ — $ — $ (90) Service charges and deposit account fees 32 33 49 Card-based fees (a) 21 134 190 Insurance commissions and fees 8 10 13 Other revenue 1,760 (1,552) 1,370 Noninterest Income (in-scope of Topic 606) $ 1,820 $ (1,375) $ 1,532 Noninterest Income (out-of-scope of Topic 606) (b) 13,750 180,237 19,483 Total Noninterest Income $ 15,570 $ 178,862 $ 21,015 Consolidated Total For the Years Ended December 31, ($ in Thousands) 2021 2020 2019 Wealth management fees $ 89,854 $ 84,957 $ 83,467 Service charges and deposit account fees 64,406 56,307 63,135 Card-based fees (a) 43,124 38,605 39,912 Insurance commissions and fees 336 45,245 89,104 Other revenue 14,558 20,963 12,629 Noninterest Income (in-scope of Topic 606) $ 212,278 $ 246,077 $ 288,247 Noninterest Income (out-of-scope of Topic 606) (b) 120,086 267,979 92,577 Total Noninterest Income $ 332,364 $ 514,056 $ 380,824 (a) Certain card-based fees are out-of-scope of Topic 606. (b) The year ended December 31, 2020 includes a pre-tax gain of $163 million from the sale of ABRC. |
Revenue Recognition 606 [Text Block] | 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 on deposit accounts 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 the 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 consists 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. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Narrative (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Core Deposits [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Acquisitions Staunton Acquisiti
Acquisitions Staunton Acquisition (Details) - USD ($) $ in Thousands | Feb. 14, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
February 14, 2020 | ||||
Fair value of liabilities assumed | $ 0 | $ 480,028 | $ 725,764 | |
First Staunton Bancshares | ||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments [Abstract] | ||||
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 | |||
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 (premium) at acquisition | (951) |
Par value of acquired loans at acquisition | $ 79,774 |
Huntington Acquisition (Details
Huntington Acquisition (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
June 14, 2019 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | $ 0 | $ 480,028 | $ 725,764 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Business Combinations [Abstract] | ||
Deposits | $ 28,466,430 | $ 26,482,481 |
Acquisitions (Details Textuals)
Acquisitions (Details Textuals) $ in Thousands | Dec. 11, 2020USD ($)branch | Jun. 30, 2020USD ($) | Feb. 14, 2020USD ($)branch | Mar. 31, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2021USD ($) | Mar. 01, 2021USD ($) | Feb. 26, 2021USD ($)branch | Dec. 31, 2020USD ($) |
Business Acquisition [Line Items] | |||||||||
Deposits | $ 28,466,430 | $ 26,482,481 | |||||||
First Staunton Bancshares | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Acquisition, Effective Date of Acquisition | Feb. 14, 2020 | ||||||||
Business Combination, Control Obtained Description | The purchase price was based on an assumed 4% deposit premium at announcement. | ||||||||
Business Acquisition, Name of Acquired Entity | First Staunton | ||||||||
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 | ||||||||
Huntington National Bank [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Control Obtained Description | received a 4% purchase premium | ||||||||
Monroe, WI [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination, Control Obtained Description | 4 | ||||||||
ABRC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 82,000 | ||||||||
Total consideration paid | $ 266,000 | ||||||||
Gain (Loss) on Disposition of Intangible Assets | $ 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 | ||||||||
Monroe, WI [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
disposed net branches | branch | 1 | ||||||||
Deposits | $ 31,000 | ||||||||
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 | ||||||||
Goodwill | $ 4,000 |
Investment Securities, AFS and
Investment Securities, AFS and HTM Securities Amortized Costs and Fair Values (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Investment securities AFS | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 4,338,671 | $ 3,028,399 |
Debt Securities, Available-for-sale, Unrealized Gain | 28,850 | 60,612 |
Debt Securities, Available-for-sale, Unrealized Loss | (35,506) | (3,570) |
Debt Securities, Available-for-sale | 541,305 | 3,085,441 |
Fair Value | 4,332,015 | |
Investment securities HTM | ||
Investment securities held to maturity | 2,239,003 | 1,879,005 |
Gross Unrealized Gains | 118,471 | 149,938 |
Held-to-maturity, Gross Unrealized Loss | (8,809) | 0 |
Fair Value | 2,348,664 | 2,028,943 |
U.S. Treasury securities | ||
Investment securities AFS | ||
Debt Securities, Available-for-sale, Amortized Cost | 124,291 | 26,436 |
Debt Securities, Available-for-sale, Unrealized Gain | 0 | 95 |
Debt Securities, Available-for-sale, Unrealized Loss | (1,334) | 0 |
Debt Securities, Available-for-sale | 122,957 | 26,531 |
Investment securities HTM | ||
Investment securities held to maturity | 1,000 | 999 |
Gross Unrealized Gains | 1 | 25 |
Held-to-maturity, Gross Unrealized Loss | 0 | 0 |
Fair Value | 1,001 | 1,024 |
Obligations of state and political subdivisions (municipal securities) | ||
Investment securities AFS | ||
Debt Securities, Available-for-sale, Amortized Cost | 381,517 | 425,057 |
Debt Securities, Available-for-sale, Unrealized Gain | 18,940 | 25,605 |
Debt Securities, Available-for-sale, Unrealized Loss | 0 | 0 |
Debt Securities, Available-for-sale | 400,457 | 450,662 |
Investment securities HTM | ||
Investment securities held to maturity | 1,628,759 | 1,441,900 |
Gross Unrealized Gains | 113,179 | 133,544 |
Held-to-maturity, Gross Unrealized Loss | (1,951) | 0 |
Fair Value | 1,739,988 | 1,575,445 |
FFELP asset backed securities | ||
Investment securities AFS | ||
Debt Securities, Available-for-sale, Amortized Cost | 177,974 | 329,030 |
Debt Securities, Available-for-sale, Unrealized Gain | 475 | 1,172 |
Debt Securities, Available-for-sale, Unrealized Loss | (1,123) | (3,013) |
Debt Securities, Available-for-sale | 177,325 | 327,189 |
Investment securities HTM | ||
Investment securities held to maturity | 0 | |
Fair Value | 0 | |
Fixed-income securities | ||
Investment securities AFS | ||
Debt Securities, Available-for-sale, Amortized Cost | 3,000 | 3,000 |
Debt Securities, Available-for-sale, Unrealized Gain | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss | (6) | 0 |
Debt Securities, Available-for-sale | 2,994 | 3,000 |
Agency securities | ||
Investment securities AFS | ||
Debt Securities, Available-for-sale, Amortized Cost | 15,000 | 24,985 |
Debt Securities, Available-for-sale, Unrealized Gain | 0 | 53 |
Debt Securities, Available-for-sale, Unrealized Loss | (103) | 0 |
Debt Securities, Available-for-sale | 14,897 | 25,038 |
SBA | ||
Investment securities AFS | ||
Debt Securities, Available-for-sale, Amortized Cost | 6,594 | 8,637 |
Debt Securities, Available-for-sale, Unrealized Gain | 39 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss | (54) | (53) |
Debt Securities, Available-for-sale | 6,580 | 8,584 |
Investment securities HTM | ||
Investment securities held to maturity | 0 | |
Fair Value | 0 | |
Private-label | ||
Investment securities AFS | ||
Debt Securities, Available-for-sale, Amortized Cost | 332,028 | |
Debt Securities, Available-for-sale, Unrealized Gain | 31 | |
Debt Securities, Available-for-sale, Unrealized Loss | (2,335) | |
Debt Securities, Available-for-sale | 329,724 | |
Investment securities HTM | ||
Investment securities held to maturity | 0 | |
Fair Value | 0 | |
FNMA/FHLMC [Member] | Residential Related Securities | ||
Investment securities AFS | ||
Debt Securities, Available-for-sale, Amortized Cost | 2,709,399 | 1,448,806 |
Debt Securities, Available-for-sale, Unrealized Gain | 3,729 | 12,935 |
Debt Securities, Available-for-sale, Unrealized Loss | (21,249) | (500) |
Debt Securities, Available-for-sale | 2,691,879 | 1,461,241 |
Investment securities HTM | ||
Investment securities held to maturity | 34,347 | 54,599 |
Gross Unrealized Gains | 1,792 | 2,891 |
Held-to-maturity, Gross Unrealized Loss | 0 | 0 |
Fair Value | 36,139 | 57,490 |
FNMA/FHLMC [Member] | Commercial mortgage-related securities | ||
Investment securities AFS | ||
Debt Securities, Available-for-sale, Amortized Cost | 357,240 | 19,654 |
Debt Securities, Available-for-sale, Unrealized Gain | 2,686 | 3,250 |
Debt Securities, Available-for-sale, Unrealized Loss | (9,302) | 0 |
Debt Securities, Available-for-sale | 350,623 | 22,904 |
Investment securities HTM | ||
Investment securities held to maturity | 425,937 | 11,211 |
Gross Unrealized Gains | 122 | 0 |
Held-to-maturity, Gross Unrealized Loss | (6,659) | 0 |
Fair Value | 419,400 | 11,211 |
GNMA | Residential Related Securities | ||
Investment securities AFS | ||
Debt Securities, Available-for-sale, Amortized Cost | 66,189 | 231,364 |
Debt Securities, Available-for-sale, Unrealized Gain | 1,591 | 4,176 |
Debt Securities, Available-for-sale, Unrealized Loss | 0 | (3) |
Debt Securities, Available-for-sale | 67,780 | 235,537 |
Investment securities HTM | ||
Investment securities held to maturity | 48,053 | 114,553 |
Gross Unrealized Gains | 1,578 | 4,260 |
Held-to-maturity, Gross Unrealized Loss | 0 | 0 |
Fair Value | 49,631 | 118,813 |
GNMA | Commercial mortgage-related securities | ||
Investment securities AFS | ||
Debt Securities, Available-for-sale, Amortized Cost | 165,439 | 511,429 |
Debt Securities, Available-for-sale, Unrealized Gain | 1,360 | 13,327 |
Debt Securities, Available-for-sale, Unrealized Loss | 0 | 0 |
Debt Securities, Available-for-sale | 166,799 | 524,756 |
Investment securities HTM | ||
Investment securities held to maturity | 100,907 | 255,742 |
Gross Unrealized Gains | 1,799 | 9,218 |
Held-to-maturity, Gross Unrealized Loss | (200) | 0 |
Fair Value | $ 102,506 | $ 264,960 |
Investment Securities, AFS an_2
Investment Securities, AFS and HTM Expected Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due in one year or less | $ 6,799 | |
Due after one year through five years | 74,250 | |
Due after five years through ten years | 405,344 | |
Due after ten years | 37,416 | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | 523,808 | |
Total debt securities | 4,338,671 | $ 3,028,399 |
Investment securities available for sale, amortized cost | 4,338,671 | 3,028,399 |
Fair Value | ||
Due in one year or less | 6,809 | |
Due after one year through five years | 74,142 | |
Due after five years through ten years | 418,942 | |
Due after ten years | 41,412 | |
Total debt securities, AFS Fair Value | 541,305 | 3,085,441 |
Investment securities AFS, at fair value | $ 541,305 | 3,085,441 |
Ratio of Fair Value to Amortized Cost | 99.80% | |
Amortized Cost | ||
Due in one year or less | $ 34,646 | |
Due after one year through five years | 34,697 | |
Due after five years through ten years | 161,627 | |
Due after ten years | 1,398,789 | |
Amortized Cost | 2,239,003 | 1,879,005 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost | 1,629,759 | |
Fair Value | ||
Due in one year or less | 34,842 | |
Due after one year through five years | 35,820 | |
Due after five years through ten years | 167,967 | |
Due after ten years | 1,502,359 | |
Debt Securities, Held-to-maturity, Fair Value | $ 2,348,664 | 2,028,943 |
Ratio of Fair Value to Amortized Cost | 104.90% | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value | $ 1,740,988 | |
FFELP asset backed securities | ||
Amortized Cost | ||
Total debt securities | 177,974 | 329,030 |
Investment securities available for sale, amortized cost | 177,974 | 329,030 |
Fair Value | ||
Total debt securities, AFS Fair Value | 177,325 | 327,189 |
Investment securities AFS, at fair value | 177,325 | 327,189 |
Amortized Cost | ||
Amortized Cost | 0 | |
Fair Value | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | |
SBA | ||
Amortized Cost | ||
Total debt securities | 6,594 | 8,637 |
Investment securities available for sale, amortized cost | 6,594 | 8,637 |
Fair Value | ||
Total debt securities, AFS Fair Value | 6,580 | 8,584 |
Investment securities AFS, at fair value | 6,580 | 8,584 |
Amortized Cost | ||
Amortized Cost | 0 | |
Fair Value | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | |
Private-label | ||
Amortized Cost | ||
Total debt securities | 332,028 | |
Investment securities available for sale, amortized cost | 332,028 | |
Fair Value | ||
Total debt securities, AFS Fair Value | 329,724 | |
Investment securities AFS, at fair value | 329,724 | |
Amortized Cost | ||
Amortized Cost | 0 | |
Fair Value | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | |
FNMA/FHLMC [Member] | Residential Related Securities | ||
Amortized Cost | ||
Total debt securities | 2,709,399 | 1,448,806 |
Investment securities available for sale, amortized cost | 2,709,399 | 1,448,806 |
Fair Value | ||
Total debt securities, AFS Fair Value | 2,691,879 | 1,461,241 |
Investment securities AFS, at fair value | 2,691,879 | 1,461,241 |
Amortized Cost | ||
Amortized Cost | 34,347 | 54,599 |
Fair Value | ||
Debt Securities, Held-to-maturity, Fair Value | 36,139 | 57,490 |
FNMA/FHLMC [Member] | Commercial mortgage-related securities | ||
Amortized Cost | ||
Total debt securities | 357,240 | 19,654 |
Investment securities available for sale, amortized cost | 357,240 | 19,654 |
Fair Value | ||
Total debt securities, AFS Fair Value | 350,623 | 22,904 |
Investment securities AFS, at fair value | 350,623 | 22,904 |
Amortized Cost | ||
Amortized Cost | 425,937 | 11,211 |
Fair Value | ||
Debt Securities, Held-to-maturity, Fair Value | 419,400 | 11,211 |
GNMA | Residential Related Securities | ||
Amortized Cost | ||
Total debt securities | 66,189 | 231,364 |
Investment securities available for sale, amortized cost | 66,189 | 231,364 |
Fair Value | ||
Total debt securities, AFS Fair Value | 67,780 | 235,537 |
Investment securities AFS, at fair value | 67,780 | 235,537 |
Amortized Cost | ||
Amortized Cost | 48,053 | 114,553 |
Fair Value | ||
Debt Securities, Held-to-maturity, Fair Value | 49,631 | 118,813 |
GNMA | Commercial mortgage-related securities | ||
Amortized Cost | ||
Total debt securities | 165,439 | 511,429 |
Investment securities available for sale, amortized cost | 165,439 | 511,429 |
Fair Value | ||
Total debt securities, AFS Fair Value | 166,799 | 524,756 |
Investment securities AFS, at fair value | 166,799 | 524,756 |
Amortized Cost | ||
Amortized Cost | 100,907 | 255,742 |
Fair Value | ||
Debt Securities, Held-to-maturity, Fair Value | $ 102,506 | $ 264,960 |
Investment Securities, HTM Cred
Investment Securities, HTM Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | $ 2,239,003 | $ 1,879,005 |
Not Rated [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 896 | |
U.S. Treasury securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 1,000 | 999 |
U.S. Treasury securities | Not Rated [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
Obligations of state and political subdivisions (municipal securities) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 1,628,759 | 1,441,900 |
Obligations of state and political subdivisions (municipal securities) | Not Rated [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 896 | |
FNMA/FHLMC | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 34,347 | 54,599 |
FNMA/FHLMC | Not Rated [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
GNMA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 48,053 | 114,553 |
GNMA | Not Rated [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
Federal Home Loan Mortgage Corporation Certificates And Obligations (FHLMC) And Federal National Mortgage Association Certificates And Obligations (FNMA), Commercial [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 425,937 | 11,211 |
Federal Home Loan Mortgage Corporation Certificates And Obligations (FHLMC) And Federal National Mortgage Association Certificates And Obligations (FNMA), Commercial [Member] | Not Rated [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
Government National Mortgage Association Certificates And Obligations (GNMA), Commercial [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 100,907 | 255,742 |
Government National Mortgage Association Certificates And Obligations (GNMA), Commercial [Member] | Not Rated [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 1,312,642 | 1,004,357 |
AAA | U.S. Treasury securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 1,000 | 999 |
AAA | Obligations of state and political subdivisions (municipal securities) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 702,399 | 567,252 |
AAA | FNMA/FHLMC | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 34,347 | 54,599 |
AAA | GNMA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 48,053 | 114,553 |
AAA | Federal Home Loan Mortgage Corporation Certificates And Obligations (FHLMC) And Federal National Mortgage Association Certificates And Obligations (FNMA), Commercial [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 425,937 | 11,211 |
AAA | Government National Mortgage Association Certificates And Obligations (GNMA), Commercial [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 100,907 | 255,742 |
AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 914,591 | 860,607 |
AA | U.S. Treasury securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
AA | Obligations of state and political subdivisions (municipal securities) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 914,591 | 860,607 |
AA | FNMA/FHLMC | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
AA | GNMA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
AA | Federal Home Loan Mortgage Corporation Certificates And Obligations (FHLMC) And Federal National Mortgage Association Certificates And Obligations (FNMA), Commercial [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
AA | Government National Mortgage Association Certificates And Obligations (GNMA), Commercial [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 10,873 | 14,041 |
A | U.S. Treasury securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
A | Obligations of state and political subdivisions (municipal securities) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 10,873 | 14,041 |
A | FNMA/FHLMC | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
A | GNMA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
A | Federal Home Loan Mortgage Corporation Certificates And Obligations (FHLMC) And Federal National Mortgage Association Certificates And Obligations (FNMA), Commercial [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
A | Government National Mortgage Association Certificates And Obligations (GNMA), Commercial [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | $ 0 | $ 0 |
Investment Securities, Gains, L
Investment Securities, Gains, Losses, and Proceeds (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gross gains on AFS securities | $ 421 | $ 9,312 | $ 6,374 | |
Gross (losses) on AFS securities | (437) | (90) | (13,861) | |
Carrying value changes | 0 | 0 | 13,444 | |
Investment securities gains (losses), net | (16) | 9,222 | 5,957 | |
Proceeds from sales of investment securities | $ 51,000 | $ 158,708 | $ 626,283 | $ 1,367,476 |
Investment Securities, AFS an_3
Investment Securities, AFS and HTM Securities Gross Unrealized Losses (Details) $ in Thousands | Dec. 31, 2021USD ($)security | Dec. 31, 2020USD ($)security |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (34,586) | $ (685) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,955,152 | 192,720 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (920) | (2,885) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 66,478 | 178,681 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (35,506) | (3,570) |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 3,021,630 | $ 371,400 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 120 | 27 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 17 | 16 |
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Unrealized losses on held to maturity securities, less than 12 months | $ (8,422) | $ 0 |
Unrealized losses on held to maturity securities, 12 months or more | (387) | 0 |
Total unrealized losses on held to maturity securities | (8,809) | 0 |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 533,577 | 325 |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 10,775 | 0 |
Total fair value of unrealized losses on held to maturity securities | $ 544,352 | $ 325 |
Held-to-maturity, Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions, less than 12 Months | security | 72 | 1 |
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, 12 Months or Longer | security | 1 | 0 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (1,334) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 122,957 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (1,334) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 122,957 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 7 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 0 | |
Obligations of state and political subdivisions (municipal securities) | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Unrealized losses on held to maturity securities, less than 12 months | $ (1,951) | |
Unrealized losses on held to maturity securities, 12 months or more | 0 | |
Total unrealized losses on held to maturity securities | (1,951) | |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 112,038 | |
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 | $ 112,038 | |
Obligations of state and political subdivisions (municipal securities) | Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Less Than One Year [Member] | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 49 | |
Obligations of state and political subdivisions (municipal securities) | Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year [Member] | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 0 | |
Residential Related Securities | GNMA | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (3) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 9,784 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (3) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 9,784 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 2 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 0 | |
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
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 | |
Residential Related Securities | FNMA/FHLMC [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (21,249) | (500) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,172,837 | 163,002 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (21,249) | (500) |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 2,172,837 | $ 163,002 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 74 | 7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 0 | 0 |
Residential Related Securities | Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Less Than One Year [Member] | GNMA | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 1 | |
Residential Related Securities | Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year [Member] | GNMA | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 0 | |
Commercial mortgage-related securities | GNMA | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 287 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 287 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 1 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 0 | |
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Unrealized losses on held to maturity securities, less than 12 months | $ (200) | |
Unrealized losses on held to maturity securities, 12 months or more | 0 | |
Total unrealized losses on held to maturity securities | (200) | |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 33,468 | |
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 | 33,468 | |
Commercial mortgage-related securities | FNMA/FHLMC [Member] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (9,302) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 328,568 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (9,302) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 328,568 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 19 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 0 | |
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Unrealized losses on held to maturity securities, less than 12 months | $ (6,272) | |
Unrealized losses on held to maturity securities, 12 months or more | (387) | |
Total unrealized losses on held to maturity securities | (6,659) | |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 388,072 | |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 10,775 | |
Total fair value of unrealized losses on held to maturity securities | $ 398,847 | |
Commercial mortgage-related securities | Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Less Than One Year [Member] | GNMA | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 5 | |
Commercial mortgage-related securities | Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Less Than One Year [Member] | FNMA/FHLMC [Member] | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 18 | |
Commercial mortgage-related securities | Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year [Member] | GNMA | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 0 | |
Commercial mortgage-related securities | Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year [Member] | FNMA/FHLMC [Member] | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 1 | |
FFELP asset backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (256) | $ (129) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 64,282 | 9,267 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (867) | (2,885) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 62,576 | 178,681 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (1,123) | (3,013) |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 126,858 | $ 187,948 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 4 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 8 | 16 |
SBA | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ (53) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 8,379 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (54) | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 3,902 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (54) | (53) |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 3,902 | $ 8,379 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 0 | 14 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 9 | 0 |
Other debt securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (6) | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 2,994 | 2,000 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (6) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 2,994 | $ 2,000 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 3 | 2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 0 | 0 |
Agency securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (103) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 14,897 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (103) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 14,897 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 1 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 0 | |
Private-label | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (2,335) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 248,617 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (2,335) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 248,617 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Number of Positions [Abstract] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 12 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 0 |
Investment Securities (Details
Investment Securities (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investment Securities Information [Line Items] | |||||||||
Interest receivable | $ 80,528,000 | $ 90,263,000 | |||||||
Proceeds from sales of investment securities | $ 51,000,000 | 158,708,000 | 626,283,000 | $ 1,367,476,000 | |||||
Debt Securities, Held-to-maturity, transfer to AFS | $ 692,000,000 | ||||||||
Investment Securities (Textuals) [Abstract] | |||||||||
Debt Securities AFS Principal Sold | $ 261,000,000 | $ 281,000,000 | 157,000,000 | ||||||
Gain (Loss) on Sales of Mortgage Backed Securities (MBS) | $ 3,000,000 | $ 6,000,000 | |||||||
Transfer of HTM securities to AFS securities (adoption of ASU 2019-04) | $ 0 | 0 | 692,414,000 | ||||||
Debt Securities, Available-for-sale, Gain (Loss) | 3,000,000 | ||||||||
Carrying amount of Securities Sold | $ 1,200,000,000 | ||||||||
Visa Restricted Stock Owned. Total | 77,996 | ||||||||
Visa Restricted Stock Owned at Fair Value [Member] | 77,000 | 77,000 | |||||||
Visa Restricted Stock Donated [Member] | 42,039 | ||||||||
Pledged Financial Instruments, Not Separately Reported, Securities | $ 2,300,000,000 | 2,100,000,000 | |||||||
Interest receivable | 80,528,000 | 90,263,000 | |||||||
Debt Securities, HTM, Past Due Status | 0 | ||||||||
Held to maturity allowance for credit loss | (55,000) | (67,000) | |||||||
Federal Home Loan Bank Stock | 82,000,000 | 82,000,000 | |||||||
Federal Reserve Bank Stock | 87,000,000 | 87,000,000 | |||||||
Equity Securities with Readily Determined Fair Value | 5,000,000 | 2,000,000 | |||||||
Equity Securities without Readily Determinable Fair Value, Amount | 14,000,000 | 13,000,000 | |||||||
Visa Restricted Stock Owned at Zero Cost | 996 | ||||||||
Debt Securities, Held-to-maturity, Transfer [Abstract] | |||||||||
Debt Securities, Held-to-maturity, transfer to AFS | 692,000,000 | ||||||||
Gain (Loss) on Securities [Line Items] | |||||||||
Debt Securities, Held-to-maturity, transfer to AFS | $ 692,000,000 | ||||||||
First Staunton Bancshares | |||||||||
Investment Securities Information [Line Items] | |||||||||
Carrying amount of Securities Sold | $ 84,000,000 | ||||||||
Investment Securities (Textuals) [Abstract] | |||||||||
Carrying amount of Securities Sold | $ 84,000,000 | ||||||||
Held-to-maturity Securities | |||||||||
Investment Securities Information [Line Items] | |||||||||
Interest receivable | 15,000,000 | 14,000,000 | |||||||
Investment Securities (Textuals) [Abstract] | |||||||||
Interest receivable | 15,000,000 | 14,000,000 | |||||||
Available-for-sale Securities [Member] | |||||||||
Investment Securities Information [Line Items] | |||||||||
Interest receivable | 9,000,000 | 8,000,000 | |||||||
Investment Securities (Textuals) [Abstract] | |||||||||
Interest receivable | 9,000,000 | 8,000,000 | |||||||
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | |||||||||
Investment Securities Information [Line Items] | |||||||||
Interest receivable | 975,000 | 972,000 | |||||||
Investment Securities (Textuals) [Abstract] | |||||||||
Interest receivable | 975,000 | 972,000 | |||||||
Federal Reserve Bank Stock [Member] | |||||||||
Investment Securities Information [Line Items] | |||||||||
Interest receivable | 0 | 0 | |||||||
Investment Securities (Textuals) [Abstract] | |||||||||
Interest receivable | $ 0 | $ 0 | |||||||
FFELP asset backed securities | |||||||||
Investment Securities Information [Line Items] | |||||||||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 107,000,000 |
Loans, Loan Composition (Detail
Loans, Loan Composition (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans and Leases Receivable [Line Items] | ||
Loans | $ 24,224,949 | $ 24,451,724 |
PPP | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 66,070 | 767,757 |
Commercial Finance and Asset Based Lending | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 178,027 | 137,476 |
Commercial and industrial | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 8,208,289 | 7,563,945 |
Commercial real estate - owner occupied | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 971,326 | 900,912 |
Commercial and business lending | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 9,423,711 | 9,370,091 |
Commercial real estate - investor | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 4,384,569 | 4,342,584 |
Real estate construction | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 1,808,976 | 1,840,417 |
Commercial real estate lending | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 6,193,545 | 6,183,001 |
Total commercial | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 15,617,256 | 15,553,091 |
Residential mortgage | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 7,567,310 | 7,878,324 |
Home equity | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 595,615 | 707,255 |
Other consumer | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 301,723 | 301,876 |
Auto | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 143,045 | 11,177 |
Total consumer | ||
Loans and Leases Receivable [Line Items] | ||
Loans | $ 8,607,693 | $ 8,898,632 |
Loans, Related Party Loan Rollf
Loans, Related Party Loan Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Balance at beginning of year | $ 29,420 | $ 16,772 |
New loans | 24,218 | 19,140 |
Repayments | (8,244) | (6,643) |
Change due to status of executive officers and directors | (150) | 152 |
Balance at end of year | $ 45,245 | $ 29,420 |
Loans, Credit Quality Indicator
Loans, Credit Quality Indicator by Vintage Year (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | $ 60,636 | $ 69,246 |
Financing Receivable, Revolving | 3,253,933 | 3,173,996 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 7,524,778 | 6,590,550 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,394,206 | 5,127,451 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,377,569 | 3,189,745 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,801,486 | 1,937,912 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,067,713 | 1,770,647 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,805,265 | 2,661,424 |
Total | 24,224,949 | 24,451,724 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 56,777 | 27,819 |
Financing Receivable, Revolving | 3,219,121 | 3,149,039 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 7,352,605 | 6,413,278 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,301,809 | 4,873,347 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,232,703 | 2,960,705 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,722,157 | 1,892,247 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,055,380 | 1,716,226 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,734,332 | 2,570,534 |
Total | 23,618,106 | 23,575,376 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 140 | 602 |
Financing Receivable, Revolving | 7,745 | 11,341 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 65,478 | 99,324 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 46,023 | 141,213 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 33,021 | 98,320 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 16,241 | 958 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 41 | 22,498 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 10,946 | 9,911 |
Total | 179,495 | 383,566 |
Potential Problem [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 2,713 | 2,565 |
Financing Receivable, Revolving | 26,913 | 13,483 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 53,194 | 59,116 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 34,992 | 51,593 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 100,240 | 106,947 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 56,519 | 6,038 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 5,952 | 11,426 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 19,095 | 33,324 |
Total | 296,905 | 281,928 |
Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 1,006 | 38,260 |
Financing Receivable, Revolving | 154 | 133 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 53,501 | 18,831 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 11,382 | 61,298 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 11,605 | 23,773 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6,569 | 38,669 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,340 | 20,496 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 40,891 | 47,655 |
Total | 130,443 | 210,854 |
Total commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 52,388 | 56,745 |
Financing Receivable, Revolving | 2,573,974 | 2,436,370 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 5,602,382 | 4,390,063 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,438,627 | 3,610,033 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,385,040 | 2,547,526 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,355,608 | 918,783 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 379,567 | 839,831 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 882,057 | 810,485 |
Total | 15,617,256 | 15,553,091 |
Total commercial | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 49,606 | 17,524 |
Financing Receivable, Revolving | 2,539,768 | 2,414,537 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 5,432,693 | 4,216,457 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,349,685 | 3,359,482 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,245,316 | 2,325,808 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,283,386 | 880,708 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 373,655 | 797,441 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 853,551 | 760,973 |
Total | 15,078,053 | 14,755,405 |
Total commercial | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 7,294 | 10,272 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 65,478 | 99,311 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 45,917 | 140,803 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 33,016 | 97,964 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 15,957 | 813 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 41 | 22,361 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 9,840 | 8,562 |
Total | 177,543 | 380,086 |
Total commercial | Potential Problem [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 2,706 | 2,565 |
Financing Receivable, Revolving | 26,913 | 11,561 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 52,713 | 57,916 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 34,660 | 50,905 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 99,837 | 106,295 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 56,241 | 6,038 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 5,871 | 11,247 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 18,291 | 32,150 |
Total | 294,527 | 276,111 |
Total commercial | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 76 | 36,655 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 51,498 | 16,379 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 8,365 | 58,845 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 6,872 | 17,460 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 24 | 31,224 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 8,781 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 374 | 8,801 |
Total | 67,134 | 141,490 |
Total commercial | PPP | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 47,134 | 767,757 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 18,936 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Total | 66,070 | 767,757 |
Total commercial | PPP | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 44,921 | 745,767 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 18,610 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Total | 63,531 | 745,767 |
Total commercial | PPP | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 212 | 3,988 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 281 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Total | 493 | 3,988 |
Total commercial | PPP | Potential Problem [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,000 | 18,002 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 0 |
Total | 2,000 | 18,002 |
Total commercial | PPP | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 46 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Total | 46 | |
Total commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 4,867 | 24,045 |
Financing Receivable, Revolving | 2,405,059 | 2,194,534 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,667,064 | 1,417,548 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 874,575 | 1,509,575 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,032,647 | 1,292,938 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 731,439 | 502,962 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 177,671 | 321,471 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 497,860 | 462,394 |
Total | 8,386,316 | 7,701,422 |
Total commercial | Commercial and industrial | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 2,084 | 4,628 |
Financing Receivable, Revolving | 2,371,605 | 2,177,138 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,631,753 | 1,389,260 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 852,758 | 1,435,519 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 986,300 | 1,182,302 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 710,491 | 483,957 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 177,568 | 305,998 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 493,876 | 453,734 |
Total | 8,224,351 | 7,427,908 |
Total commercial | Commercial and industrial | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 7,068 | 10,159 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 5,900 | 2,719 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,695 | 39,854 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 37,042 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 113 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 215 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,811 | 67 |
Total | 17,474 | 90,169 |
Total commercial | Commercial and industrial | Potential Problem [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 2,706 | 2,565 |
Financing Receivable, Revolving | 26,387 | 7,237 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 23,415 | 19,331 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 19,960 | 28,413 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 46,296 | 56,580 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 20,924 | 2,269 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 104 | 6,477 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,172 | 1,179 |
Total | 138,258 | 121,487 |
Total commercial | Commercial and industrial | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 76 | 16,852 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 5,996 | 6,238 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 161 | 5,789 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 52 | 17,014 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 24 | 16,623 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 8,781 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 7,414 |
Total | 6,233 | 61,859 |
Total commercial | Commercial real estate - owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 10,092 | 1,150 |
Financing Receivable, Revolving | 31,621 | 21,621 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 267,371 | 191,847 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 187,773 | 221,107 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 197,120 | 128,660 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 110,896 | 102,012 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 56,742 | 152,067 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 119,802 | 83,598 |
Total | 971,326 | 900,912 |
Total commercial | Commercial real estate - owner occupied | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 10,092 | 1,150 |
Financing Receivable, Revolving | 30,869 | 18,022 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 261,418 | 185,861 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 178,424 | 209,069 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 187,073 | 128,360 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 110,169 | 99,546 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 54,538 | 147,366 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 117,011 | 79,111 |
Total | 939,503 | 867,335 |
Total commercial | Commercial real estate - owner occupied | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 226 | 113 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 1,882 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,628 | 3,122 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 300 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 658 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 264 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 245 | 0 |
Total | 5,100 | 6,339 |
Total commercial | Commercial real estate - owner occupied | Potential Problem [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 526 | 3,486 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 5,953 | 4,104 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,721 | 8,916 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 10,047 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 727 | 1,490 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,204 | 4,437 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,546 | 3,747 |
Total | 26,723 | 26,179 |
Total commercial | Commercial real estate - owner occupied | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 318 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 740 | |
Total | 1,058 | |
Total commercial | Commercial and business lending | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 14,958 | 25,195 |
Financing Receivable, Revolving | 2,436,680 | 2,216,154 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,981,569 | 2,377,152 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,081,284 | 1,730,682 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,229,767 | 1,421,598 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 842,335 | 604,974 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 234,414 | 473,539 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 617,662 | 545,992 |
Total | 9,423,711 | 9,370,091 |
Total commercial | Commercial and business lending | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 12,176 | 5,778 |
Financing Receivable, Revolving | 2,402,474 | 2,195,160 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,938,092 | 2,320,888 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,049,792 | 1,644,588 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,173,373 | 1,310,662 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 820,660 | 583,503 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 232,106 | 453,364 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 610,887 | 532,845 |
Total | 9,227,385 | 9,041,009 |
Total commercial | Commercial and business lending | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 7,294 | 10,272 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,112 | 8,589 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 6,604 | 42,976 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 37,342 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 771 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 479 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,056 | 67 |
Total | 23,066 | 100,496 |
Total commercial | Commercial and business lending | Potential Problem [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 2,706 | 2,565 |
Financing Receivable, Revolving | 26,913 | 10,723 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 31,368 | 41,437 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 24,681 | 37,329 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 56,343 | 56,580 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 21,651 | 3,759 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,307 | 10,915 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 3,718 | 4,926 |
Total | 166,981 | 165,668 |
Total commercial | Commercial and business lending | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 76 | 16,852 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 5,996 | 6,238 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 207 | 5,789 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 52 | 17,014 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 24 | 16,941 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 8,781 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 8,154 |
Total | 6,279 | 62,917 |
Total commercial | Commercial real estate - investor | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 37,430 | 30,774 |
Financing Receivable, Revolving | 105,521 | 172,335 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,774,910 | 1,366,364 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 730,825 | 1,140,297 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 929,685 | 763,933 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 448,741 | 288,533 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 142,883 | 363,779 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 252,003 | 247,343 |
Total | 4,384,569 | 4,342,584 |
Total commercial | Commercial real estate - investor | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 37,430 | 10,971 |
Financing Receivable, Revolving | 105,521 | 171,497 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,650,936 | 1,249,644 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 685,423 | 976,332 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 867,606 | 720,237 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 414,079 | 271,987 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 139,320 | 341,658 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 230,452 | 211,360 |
Total | 4,093,337 | 3,942,714 |
Total commercial | Commercial real estate - investor | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 57,163 | 90,235 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 27,384 | 97,333 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 33,016 | 12,339 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 72 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 21,882 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6,781 | 8,465 |
Total | 124,416 | 230,254 |
Total commercial | Commercial real estate - investor | Potential Problem [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 838 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 21,309 | 16,343 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 9,860 | 13,575 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 22,243 | 30,911 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 34,591 | 2,279 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,564 | 239 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 14,573 | 27,209 |
Total | 106,138 | 91,396 |
Total commercial | Commercial real estate - investor | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 19,803 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 45,502 | 10,141 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 8,158 | 53,056 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 6,820 | 446 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 14,267 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 197 | 309 |
Total | 60,677 | 78,220 |
Total commercial | Real estate construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 776 |
Financing Receivable, Revolving | 31,773 | 47,880 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 845,903 | 646,547 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 626,518 | 739,055 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 225,588 | 361,996 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 64,532 | 25,277 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,270 | 2,513 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 12,392 | 17,150 |
Total | 1,808,976 | 1,840,417 |
Total commercial | Real estate construction | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 776 |
Financing Receivable, Revolving | 31,773 | 47,880 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 843,664 | 645,925 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 614,469 | 738,561 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 204,337 | 294,910 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 48,647 | 25,219 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,229 | 2,420 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 12,212 | 16,768 |
Total | 1,757,331 | 1,771,682 |
Total commercial | Real estate construction | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,203 | 487 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 11,929 | 494 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 48,283 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 15,885 | 42 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 41 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2 | 30 |
Total | 30,060 | 49,336 |
Total commercial | Real estate construction | Potential Problem [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 37 | 135 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 120 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 21,251 | 18,803 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 93 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 15 |
Total | 21,408 | 19,046 |
Total commercial | Real estate construction | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 16 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 177 | 338 |
Total | 177 | 353 |
Total commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 37,430 | 31,549 |
Financing Receivable, Revolving | 137,294 | 220,215 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,620,814 | 2,012,911 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,357,343 | 1,879,352 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,155,273 | 1,125,929 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 513,273 | 313,810 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 145,153 | 366,292 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 264,395 | 264,493 |
Total | 6,193,545 | 6,183,001 |
Total commercial | Commercial Real Estate | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 37,430 | 11,746 |
Financing Receivable, Revolving | 137,294 | 219,377 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,494,600 | 1,895,569 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,299,893 | 1,714,893 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,071,943 | 1,015,146 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 462,726 | 297,205 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 141,549 | 344,078 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 242,664 | 228,127 |
Total | 5,850,668 | 5,714,396 |
Total commercial | Commercial Real Estate | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 59,366 | 90,722 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 39,313 | 97,827 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 33,016 | 60,622 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 15,957 | 42 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 41 | 21,882 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6,784 | 8,494 |
Total | 154,476 | 279,590 |
Total commercial | Commercial Real Estate | Potential Problem [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 838 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 21,345 | 16,479 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 9,980 | 13,575 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 43,494 | 49,714 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 34,591 | 2,279 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 3,564 | 332 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 14,573 | 27,224 |
Total | 127,546 | 110,442 |
Total commercial | Commercial Real Estate | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 19,803 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 45,502 | 10,141 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 8,158 | 53,056 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 6,820 | 446 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 14,283 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 374 | 647 |
Total | 60,855 | 78,573 |
Total consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 8,248 | 12,501 |
Financing Receivable, Revolving | 679,959 | 737,626 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,922,396 | 2,200,487 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,955,579 | 1,517,417 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 992,528 | 642,218 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 445,878 | 1,019,128 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 688,145 | 930,816 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,923,208 | 1,850,939 |
Total | 8,607,693 | 8,898,632 |
Total consumer | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 7,171 | 10,294 |
Financing Receivable, Revolving | 679,353 | 734,502 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,919,912 | 2,196,822 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,952,124 | 1,513,865 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 987,387 | 634,897 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 438,771 | 1,011,539 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 681,725 | 918,785 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,880,781 | 1,809,561 |
Total | 8,540,053 | 8,819,971 |
Total consumer | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 140 | 602 |
Financing Receivable, Revolving | 451 | 1,069 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 13 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 106 | 410 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4 | 356 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 285 | 145 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 137 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,106 | 1,349 |
Total | 1,952 | 3,480 |
Total consumer | Potential Problem [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 6 | 0 |
Financing Receivable, Revolving | 0 | 1,922 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 481 | 1,200 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 332 | 689 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 404 | 652 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 277 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 81 | 179 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 804 | 1,174 |
Total | 2,379 | 5,817 |
Total consumer | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 931 | 1,605 |
Financing Receivable, Revolving | 154 | 133 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,003 | 2,452 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,017 | 2,454 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,733 | 6,313 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6,545 | 7,445 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,340 | 11,714 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 40,517 | 38,854 |
Total | 63,309 | 69,364 |
Total consumer | Residential mortgage | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,773,915 | 2,187,918 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,948,272 | 1,493,903 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 979,071 | 621,983 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 435,233 | 1,005,290 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 679,547 | 923,105 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,751,272 | 1,646,124 |
Total | 7,567,310 | 7,878,324 |
Total consumer | Residential mortgage | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,771,447 | 2,185,240 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,945,029 | 1,490,589 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 974,188 | 615,118 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 428,459 | 998,072 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 673,447 | 911,797 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,716,419 | 1,612,971 |
Total | 7,508,989 | 7,813,788 |
Total consumer | Residential mortgage | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 355 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 330 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 285 | 102 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 126 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 461 | 537 |
Total | 746 | 1,450 |
Total consumer | Residential mortgage | Potential Problem [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 475 | 1,200 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 332 | 689 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 404 | 652 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 265 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 81 | 179 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 658 | 1,028 |
Total | 2,214 | 3,749 |
Total consumer | Residential mortgage | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,993 | 1,478 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,911 | 2,271 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4,479 | 5,882 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6,224 | 7,116 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,019 | 11,003 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 33,734 | 31,587 |
Total | 55,362 | 59,337 |
Total consumer | Home Equity Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 7,792 | 12,421 |
Financing Receivable, Revolving | 499,104 | 572,041 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,232 | 3,022 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,595 | 13,141 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 7,856 | 16,216 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 9,059 | 11,952 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7,962 | 6,518 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 68,807 | 84,364 |
Total | 595,615 | 707,255 |
Total consumer | Home Equity Loan | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 6,728 | 10,224 |
Financing Receivable, Revolving | 498,970 | 569,389 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,216 | 2,057 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,401 | 12,968 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 7,640 | 15,792 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 8,742 | 11,594 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7,660 | 5,803 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 61,251 | 76,165 |
Total | 586,880 | 693,767 |
Total consumer | Home Equity Loan | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 133 | 596 |
Financing Receivable, Revolving | 100 | 631 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 102 | 39 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 4 | 14 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 39 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 4 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 638 | 804 |
Total | 844 | 1,532 |
Total consumer | Home Equity Loan | Potential Problem [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 6 | 0 |
Financing Receivable, Revolving | 0 | 1,922 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 6 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 13 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 146 | 146 |
Total | 165 | 2,068 |
Total consumer | Home Equity Loan | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 925 | 1,600 |
Financing Receivable, Revolving | 35 | 100 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 9 | 965 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 92 | 134 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 211 | 410 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 305 | 319 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 302 | 711 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6,772 | 7,249 |
Total | 7,726 | 9,888 |
Total consumer | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 456 | 81 |
Financing Receivable, Revolving | 180,783 | 165,585 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 9,297 | 9,547 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 5,005 | 10,374 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,890 | 4,019 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 371 | 1,886 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 284 | 1,192 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 103,093 | 120,451 |
Total | 301,723 | 313,054 |
Total consumer | Other consumer | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 443 | 70 |
Financing Receivable, Revolving | 180,312 | 165,114 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 9,297 | 9,525 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,987 | 10,309 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,884 | 3,987 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 371 | 1,872 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 265 | 1,185 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 103,075 | 120,425 |
Total | 301,191 | 312,416 |
Total consumer | Other consumer | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 7 | 5 |
Financing Receivable, Revolving | 351 | 438 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 13 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4 | 16 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 11 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 4 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 7 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 7 | 8 |
Total | 363 | 498 |
Total consumer | Other consumer | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 6 | 5 |
Financing Receivable, Revolving | 120 | 33 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 9 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 14 | 49 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 7 | 21 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 10 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 19 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 11 | 18 |
Total | 170 | $ 140 |
Total consumer | Auto | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 137,952 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 707 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,711 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,216 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 352 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 107 | |
Total | 143,045 | |
Total consumer | Auto | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 137,952 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 707 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,675 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,200 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 352 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 107 | |
Total | 142,993 | |
Total consumer | Auto | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 36 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 15 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Total | $ 52 |
Loans, Loans by Past Due Status
Loans, Loans by Past Due Status (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | $ 24,077,931 | $ 24,202,209 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 130,443 | 210,854 |
Loans | 24,224,949 | 24,451,724 |
Nonaccrual Loans, Current Portion | $ 84,000 | $ 128,000 |
Percent of current nonaccrual loans | 65.00% | 61.00% |
Financing Receivable, Nonaccrual, Interest Income | $ 0 | $ 0 |
Financing Receivable, Nonaccrual, No Allowance | 9,000 | 28,000 |
30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 12,754 | 18,077 |
60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 2,558 | 18,985 |
90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 1,263 | 1,598 |
PPP | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 65,941 | 767,757 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 46 | 0 |
Loans | 66,070 | 767,757 |
PPP | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 40 | 0 |
PPP | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 43 | 0 |
PPP | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 0 | 0 |
Asset-based Lending | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 178,027 | 137,476 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Loans | 178,027 | 137,476 |
Asset-based Lending | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 0 | 0 |
Asset-based Lending | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 0 | 0 |
Asset-based Lending | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 0 | 0 |
Commercial and industrial | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 8,201,272 | 7,495,792 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 6,233 | 61,859 |
Loans | 8,208,289 | 7,563,945 |
Commercial and industrial | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 579 | 2,819 |
Commercial and industrial | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 54 | 3,300 |
Commercial and industrial | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 151 | 175 |
Commercial real estate - owner occupied | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 971,163 | 899,480 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 1,058 |
Loans | 971,326 | 900,912 |
Commercial real estate - owner occupied | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 163 | 158 |
Commercial real estate - owner occupied | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 0 | 215 |
Commercial real estate - owner occupied | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 0 | 0 |
Commercial and business lending | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 9,416,403 | 9,300,506 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 6,279 | 62,917 |
Loans | 9,423,711 | 9,370,091 |
Commercial and business lending | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 781 | 2,977 |
Commercial and business lending | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 97 | 3,516 |
Commercial and business lending | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 151 | 175 |
Commercial real estate - investor | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 4,323,276 | 4,251,571 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 60,677 | 78,220 |
Loans | 4,384,569 | 4,342,584 |
Commercial real estate - investor | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 142 | 1,024 |
Commercial real estate - investor | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 474 | 11,769 |
Commercial real estate - investor | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 0 | 0 |
Real estate construction | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 1,807,178 | 1,839,073 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 177 | 353 |
Loans | 1,808,976 | 1,840,417 |
Real estate construction | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 1,618 | 991 |
Real estate construction | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 2 | 0 |
Real estate construction | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 0 | 0 |
Commercial real estate lending | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 6,130,454 | 6,090,644 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 60,855 | 78,573 |
Loans | 6,193,545 | 6,183,001 |
Commercial real estate lending | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 1,759 | 2,015 |
Commercial real estate lending | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 477 | 11,769 |
Commercial real estate lending | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 0 | 0 |
Total commercial | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 15,546,857 | 15,391,150 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 67,134 | 141,490 |
Loans | 15,617,256 | 15,553,091 |
Total commercial | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 2,541 | 4,992 |
Total commercial | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 573 | 15,284 |
Total commercial | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 151 | 175 |
Residential mortgage | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 7,505,654 | 7,808,294 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 55,362 | 59,337 |
Loans | 7,567,310 | 7,878,324 |
Residential mortgage | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 5,500 | 8,975 |
Residential mortgage | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 669 | 1,410 |
Residential mortgage | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 126 | 308 |
Home equity | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 584,177 | 692,565 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 7,726 | 9,888 |
Loans | 595,615 | 707,255 |
Home equity | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 2,867 | 3,071 |
Home equity | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 844 | 1,731 |
Home equity | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 0 | 0 |
Other consumer | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 298,261 | 299,128 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 170 | 91 |
Loans | 301,723 | 301,876 |
Other consumer | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 1,835 | 998 |
Other consumer | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 472 | 545 |
Other consumer | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 986 | 1,115 |
Auto | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 142,982 | 11,072 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 52 | 49 |
Loans | 143,045 | 11,177 |
Auto | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 11 | 41 |
Auto | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 0 | 15 |
Auto | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 0 | 0 |
Total consumer | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 8,531,074 | 8,811,060 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 63,309 | 69,364 |
Loans | 8,607,693 | 8,898,632 |
Total consumer | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 10,213 | 13,085 |
Total consumer | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 1,985 | 3,701 |
Total consumer | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | $ 1,111 | $ 1,423 |
Loans, Troubled Debt Restructur
Loans, Troubled Debt Restructurings Performing and Nonaccrual (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Modifications [Line Items] | |||
Performing Restructured Loans | $ 42,530 | $ 52,092 | $ 26,041 |
Nonaccrual Restructured Loans | 17,426 | 20,190 | 22,494 |
Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Performing Restructured Loans | 8,687 | 12,713 | 16,678 |
Nonaccrual Restructured Loans | 0 | 6,967 | 7,376 |
Commercial real estate - owner occupied | |||
Financing Receivable, Modifications [Line Items] | |||
Performing Restructured Loans | 967 | 1,711 | 1,676 |
Nonaccrual Restructured Loans | 0 | 0 | 0 |
Commercial real estate - investor | |||
Financing Receivable, Modifications [Line Items] | |||
Performing Restructured Loans | 12,866 | 26,435 | 293 |
Nonaccrual Restructured Loans | 3,093 | 225 | 0 |
Real estate construction | |||
Financing Receivable, Modifications [Line Items] | |||
Performing Restructured Loans | 242 | 260 | 298 |
Nonaccrual Restructured Loans | 45 | 111 | 179 |
Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Performing Restructured Loans | 16,316 | 7,825 | 3,955 |
Nonaccrual Restructured Loans | 13,483 | 11,509 | 13,035 |
Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Performing Restructured Loans | 2,648 | 1,957 | 1,896 |
Nonaccrual Restructured Loans | 806 | 1,379 | 1,904 |
Other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Performing Restructured Loans | 803 | 1,191 | 1,246 |
Nonaccrual Restructured Loans | $ 0 | $ 0 | $ 1 |
Loans, Loans Modified in a Trou
Loans, Loans Modified in a Troubled Debt Restructuring (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 88 | 77 | 85 |
Recorded Investment(a) | $ 18,216 | $ 36,154 | $ 15,940 |
Unpaid Principal Balance(b) | $ 24,201 | $ 37,125 | $ 16,150 |
Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 4 | 7 | 6 |
Recorded Investment(a) | $ 610 | $ 1,823 | $ 7,588 |
Unpaid Principal Balance(b) | $ 610 | $ 2,059 | $ 7,703 |
Commercial real estate - owner occupied | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 4 | 0 |
Recorded Investment(a) | $ 0 | $ 658 | $ 0 |
Unpaid Principal Balance(b) | $ 0 | $ 689 | $ 0 |
Commercial real estate - investor | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 6 | 10 | 0 |
Recorded Investment(a) | $ 4,259 | $ 26,563 | $ 0 |
Unpaid Principal Balance(b) | $ 10,166 | $ 26,567 | $ 0 |
Real estate construction | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 0 | 1 |
Recorded Investment(a) | $ 0 | $ 0 | $ 77 |
Unpaid Principal Balance(b) | $ 0 | $ 0 | $ 77 |
Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 69 | 36 | 53 |
Recorded Investment(a) | $ 12,415 | $ 6,031 | $ 7,436 |
Unpaid Principal Balance(b) | $ 12,463 | $ 6,113 | $ 7,517 |
Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 9 | 20 | 24 |
Recorded Investment(a) | $ 932 | $ 1,078 | $ 831 |
Unpaid Principal Balance(b) | $ 963 | $ 1,697 | $ 845 |
Other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 0 | 1 |
Recorded Investment(a) | $ 0 | $ 0 | $ 8 |
Unpaid Principal Balance(b) | $ 0 | $ 0 | $ 8 |
Loans, Troubled Debt Restruct_2
Loans, Troubled Debt Restructurings Subsequent Default (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 12 | 9 | 66 |
Recorded Investment | $ | $ 1,334 | $ 1,244 | $ 6,959 |
Commercial real estate - investor | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 1 | 0 | 1 |
Recorded Investment | $ | $ 164 | $ 0 | $ 461 |
Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 11 | 5 | 38 |
Recorded Investment | $ | $ 1,171 | $ 1,036 | $ 5,630 |
Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 4 | 27 |
Recorded Investment | $ | $ 0 | $ 208 | $ 868 |
Loans, Changes in the Allowance
Loans, Changes in the Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Balance at beginning of period | $ 47,776 | $ 21,907 | ||
Cumulative effect of ASU 2016-13 adoption (CECL) | 39,776 | 47,776 | $ 21,907 | |
Provision for credit losses | (8,000) | 7,000 | ||
Balance at end of period | 39,776 | 47,776 | 21,907 | |
Allowance for Credit Losses on Loans [Abstract] | ||||
Provision for credit losses | (88,011) | 174,006 | 16,000 | |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Balance at beginning of period | 47,776 | |||
Cumulative effect of ASU 2016-13 adoption (CECL) | 47,776 | $ 40,597 | ||
Balance at end of period | 47,776 | |||
First Staunton Bancshares | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Provision for credit losses | 0 | 179 | ||
Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 18,690 | |||
Allowance for Loan Losses [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 383,702 | 201,371 | ||
Financing Receivable, Allowance for Credit Loss | 280,015 | 383,702 | 201,371 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (40,652) | (112,053) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 16,965 | 11,422 | ||
Net Charge offs | (23,687) | (100,631) | ||
Gross up of allowance for PCD loans at acquistion | 3,504 | |||
Provision for loan losses | (80,000) | 164,457 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 280,015 | 383,702 | 201,371 | |
Allowance for Credit Losses on Loans [Abstract] | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 16,965 | 11,422 | ||
Net Charge offs | (23,687) | (100,631) | ||
Gross up of allowance for PCD loans at acquistion | 3,504 | |||
Allowance for Loan Losses [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 313,828 | |||
Financing Receivable, Allowance for Credit Loss | 313,828 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 313,828 | |||
Allowance for Loan Losses [Member] | First Staunton Bancshares | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Provision for loan losses | 2,543 | |||
Allowance for Loan Losses [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss | 112,457 | |||
Allowance for Loan Losses [Member] | PPP | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 531 | 0 | ||
Financing Receivable, Allowance for Credit Loss | 51 | 531 | 0 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | ||
Net Charge offs | 0 | 0 | ||
Gross up of allowance for PCD loans at acquistion | 0 | |||
Provision for loan losses | (480) | 531 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 51 | 531 | 0 | |
Allowance for Credit Losses on Loans [Abstract] | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | ||
Net Charge offs | 0 | 0 | ||
Gross up of allowance for PCD loans at acquistion | 0 | |||
Allowance for Loan Losses [Member] | PPP | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 0 | |||
Financing Receivable, Allowance for Credit Loss | 0 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 0 | |||
Allowance for Loan Losses [Member] | PPP | First Staunton Bancshares | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Provision for loan losses | 0 | |||
Allowance for Loan Losses [Member] | PPP | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss | 0 | |||
Allowance for Loan Losses [Member] | Asset-based Lending | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 2,077 | 3,407 | ||
Financing Receivable, Allowance for Credit Loss | 4,182 | 2,077 | 3,407 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | (6,650) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 412 | 561 | ||
Net Charge offs | 412 | (6,090) | ||
Gross up of allowance for PCD loans at acquistion | 0 | |||
Provision for loan losses | 1,693 | 4,697 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 4,182 | 2,077 | 3,407 | |
Allowance for Credit Losses on Loans [Abstract] | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 412 | 561 | ||
Net Charge offs | 412 | (6,090) | ||
Gross up of allowance for PCD loans at acquistion | 0 | |||
Allowance for Loan Losses [Member] | Asset-based Lending | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 3,470 | |||
Financing Receivable, Allowance for Credit Loss | 3,470 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 3,470 | |||
Allowance for Loan Losses [Member] | Asset-based Lending | First Staunton Bancshares | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Provision for loan losses | 0 | |||
Allowance for Loan Losses [Member] | Asset-based Lending | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss | 64 | |||
Allowance for Loan Losses [Member] | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 140,716 | 87,727 | ||
Financing Receivable, Allowance for Credit Loss | 85,624 | 140,716 | 87,727 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (21,564) | (73,670) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 8,152 | 6,444 | ||
Net Charge offs | (13,412) | (67,226) | ||
Gross up of allowance for PCD loans at acquistion | 293 | |||
Provision for loan losses | (41,680) | 66,658 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 85,624 | 140,716 | 87,727 | |
Allowance for Credit Losses on Loans [Abstract] | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 8,152 | 6,444 | ||
Net Charge offs | (13,412) | (67,226) | ||
Gross up of allowance for PCD loans at acquistion | 293 | |||
Allowance for Loan Losses [Member] | Commercial and industrial | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 140,582 | |||
Financing Receivable, Allowance for Credit Loss | 140,582 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 140,582 | |||
Allowance for Loan Losses [Member] | Commercial and industrial | First Staunton Bancshares | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Provision for loan losses | 408 | |||
Allowance for Loan Losses [Member] | Commercial and industrial | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss | 52,856 | |||
Allowance for Loan Losses [Member] | Commercial real estate - owner occupied | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 11,274 | 10,284 | ||
Financing Receivable, Allowance for Credit Loss | 11,473 | 11,274 | 10,284 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | 0 | (419) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 120 | 147 | ||
Net Charge offs | 120 | (272) | ||
Gross up of allowance for PCD loans at acquistion | 890 | |||
Provision for loan losses | 80 | 1,967 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 11,473 | 11,274 | 10,284 | |
Allowance for Credit Losses on Loans [Abstract] | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 120 | 147 | ||
Net Charge offs | 120 | (272) | ||
Gross up of allowance for PCD loans at acquistion | 890 | |||
Allowance for Loan Losses [Member] | Commercial real estate - owner occupied | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 8,433 | |||
Financing Receivable, Allowance for Credit Loss | 8,433 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 8,433 | |||
Allowance for Loan Losses [Member] | Commercial real estate - owner occupied | First Staunton Bancshares | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Provision for loan losses | 255 | |||
Allowance for Loan Losses [Member] | Commercial real estate - owner occupied | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss | (1,851) | |||
Allowance for Loan Losses [Member] | Commercial and business lending | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 154,598 | 101,417 | ||
Financing Receivable, Allowance for Credit Loss | 101,330 | 154,598 | 101,417 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (21,564) | (80,739) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 8,684 | 7,151 | ||
Net Charge offs | (12,880) | (73,588) | ||
Gross up of allowance for PCD loans at acquistion | 1,183 | |||
Provision for loan losses | (40,388) | 73,853 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 101,330 | 154,598 | 101,417 | |
Allowance for Credit Losses on Loans [Abstract] | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 8,684 | 7,151 | ||
Net Charge offs | (12,880) | (73,588) | ||
Gross up of allowance for PCD loans at acquistion | 1,183 | |||
Allowance for Loan Losses [Member] | Commercial and business lending | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 152,485 | |||
Financing Receivable, Allowance for Credit Loss | 152,485 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 152,485 | |||
Allowance for Loan Losses [Member] | Commercial and business lending | First Staunton Bancshares | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Provision for loan losses | 663 | |||
Allowance for Loan Losses [Member] | Commercial and business lending | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss | 51,068 | |||
Allowance for Loan Losses [Member] | Commercial real estate - investor | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 93,435 | 40,514 | ||
Financing Receivable, Allowance for Credit Loss | 72,803 | 93,435 | 40,514 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (14,346) | (22,920) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 3,162 | 643 | ||
Net Charge offs | (11,184) | (22,277) | ||
Gross up of allowance for PCD loans at acquistion | 753 | |||
Provision for loan losses | (9,448) | 71,933 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 72,803 | 93,435 | 40,514 | |
Allowance for Credit Losses on Loans [Abstract] | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 3,162 | 643 | ||
Net Charge offs | (11,184) | (22,277) | ||
Gross up of allowance for PCD loans at acquistion | 753 | |||
Allowance for Loan Losses [Member] | Commercial real estate - investor | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 42,555 | |||
Financing Receivable, Allowance for Credit Loss | 42,555 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 42,555 | |||
Allowance for Loan Losses [Member] | Commercial real estate - investor | First Staunton Bancshares | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Provision for loan losses | 472 | |||
Allowance for Loan Losses [Member] | Commercial real estate - investor | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss | 2,041 | |||
Allowance for Loan Losses [Member] | Real estate construction | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 59,193 | 24,915 | ||
Financing Receivable, Allowance for Credit Loss | 37,643 | 59,193 | 24,915 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (5) | (19) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 126 | 49 | ||
Net Charge offs | 121 | 31 | ||
Gross up of allowance for PCD loans at acquistion | 435 | |||
Provision for loan losses | (21,672) | 25,854 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 37,643 | 59,193 | 24,915 | |
Allowance for Credit Losses on Loans [Abstract] | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 126 | 49 | ||
Net Charge offs | 121 | 31 | ||
Gross up of allowance for PCD loans at acquistion | 435 | |||
Allowance for Loan Losses [Member] | Real estate construction | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 32,382 | |||
Financing Receivable, Allowance for Credit Loss | 32,382 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 32,382 | |||
Allowance for Loan Losses [Member] | Real estate construction | First Staunton Bancshares | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Provision for loan losses | 492 | |||
Allowance for Loan Losses [Member] | Real estate construction | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss | 7,467 | |||
Allowance for Loan Losses [Member] | Commercial real estate lending | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 152,629 | 65,428 | ||
Financing Receivable, Allowance for Credit Loss | 110,446 | 152,629 | 65,428 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (14,351) | (22,938) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 3,288 | 692 | ||
Net Charge offs | (11,063) | (22,246) | ||
Gross up of allowance for PCD loans at acquistion | 1,188 | |||
Provision for loan losses | (31,120) | 97,787 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 110,446 | 152,629 | 65,428 | |
Allowance for Credit Losses on Loans [Abstract] | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 3,288 | 692 | ||
Net Charge offs | (11,063) | (22,246) | ||
Gross up of allowance for PCD loans at acquistion | 1,188 | |||
Allowance for Loan Losses [Member] | Commercial real estate lending | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 74,937 | |||
Financing Receivable, Allowance for Credit Loss | 74,937 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 74,937 | |||
Allowance for Loan Losses [Member] | Commercial real estate lending | First Staunton Bancshares | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Provision for loan losses | 964 | |||
Allowance for Loan Losses [Member] | Commercial real estate lending | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss | 9,508 | |||
Allowance for Loan Losses [Member] | Total commercial | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 307,226 | 166,846 | ||
Financing Receivable, Allowance for Credit Loss | 211,776 | 307,226 | 166,846 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (35,915) | (103,677) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 11,972 | 7,844 | ||
Net Charge offs | (23,943) | (95,834) | ||
Gross up of allowance for PCD loans at acquistion | 2,371 | |||
Provision for loan losses | (71,508) | 171,641 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 211,776 | 307,226 | 166,846 | |
Allowance for Credit Losses on Loans [Abstract] | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 11,972 | 7,844 | ||
Net Charge offs | (23,943) | (95,834) | ||
Gross up of allowance for PCD loans at acquistion | 2,371 | |||
Allowance for Loan Losses [Member] | Total commercial | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 227,422 | |||
Financing Receivable, Allowance for Credit Loss | 227,422 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 227,422 | |||
Allowance for Loan Losses [Member] | Total commercial | First Staunton Bancshares | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Provision for loan losses | 1,627 | |||
Allowance for Loan Losses [Member] | Total commercial | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss | 60,576 | |||
Allowance for Loan Losses [Member] | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 42,996 | 16,960 | ||
Financing Receivable, Allowance for Credit Loss | 40,787 | 42,996 | 16,960 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (880) | (1,867) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 841 | 500 | ||
Net Charge offs | (38) | (1,367) | ||
Gross up of allowance for PCD loans at acquistion | 651 | |||
Provision for loan losses | (2,170) | (6,864) | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 40,787 | 42,996 | 16,960 | |
Allowance for Credit Losses on Loans [Abstract] | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 841 | 500 | ||
Net Charge offs | (38) | (1,367) | ||
Gross up of allowance for PCD loans at acquistion | 651 | |||
Allowance for Loan Losses [Member] | Residential mortgage | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 50,175 | |||
Financing Receivable, Allowance for Credit Loss | 50,175 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 50,175 | |||
Allowance for Loan Losses [Member] | Residential mortgage | First Staunton Bancshares | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Provision for loan losses | 403 | |||
Allowance for Loan Losses [Member] | Residential mortgage | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss | 33,215 | |||
Allowance for Loan Losses [Member] | Home equity | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 18,849 | 10,926 | ||
Financing Receivable, Allowance for Credit Loss | 14,011 | 18,849 | 10,926 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (668) | (1,719) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 2,854 | 1,978 | ||
Net Charge offs | 2,186 | 259 | ||
Gross up of allowance for PCD loans at acquistion | 422 | |||
Provision for loan losses | (7,024) | (4,781) | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 14,011 | 18,849 | 10,926 | |
Allowance for Credit Losses on Loans [Abstract] | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 2,854 | 1,978 | ||
Net Charge offs | 2,186 | 259 | ||
Gross up of allowance for PCD loans at acquistion | 422 | |||
Allowance for Loan Losses [Member] | Home equity | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 22,575 | |||
Financing Receivable, Allowance for Credit Loss | 22,575 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 22,575 | |||
Allowance for Loan Losses [Member] | Home equity | First Staunton Bancshares | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Provision for loan losses | 374 | |||
Allowance for Loan Losses [Member] | Home equity | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss | 11,649 | |||
Allowance for Loan Losses [Member] | Installment and Credit Cards Portfolio Segment, Excluding Auto | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 14,456 | |||
Financing Receivable, Allowance for Credit Loss | 14,456 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 14,456 | |||
Allowance for Loan Losses [Member] | Auto | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 174 | |||
Financing Receivable, Allowance for Credit Loss | 1,999 | 174 | ||
Financing Receivable, Allowance for Credit Loss, Writeoff | (22) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 31 | |||
Net Charge offs | 9 | |||
Provision for loan losses | 1,816 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 1,999 | 174 | ||
Allowance for Credit Losses on Loans [Abstract] | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 31 | |||
Net Charge offs | 9 | |||
Allowance for Loan Losses [Member] | Other consumer(a) | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 14,630 | 6,639 | ||
Financing Receivable, Allowance for Credit Loss | 11,441 | 14,630 | 6,639 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (3,168) | (4,790) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 1,267 | 1,101 | ||
Net Charge offs | (1,901) | (3,689) | ||
Gross up of allowance for PCD loans at acquistion | 61 | |||
Provision for loan losses | (1,113) | 4,462 | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 11,441 | 14,630 | 6,639 | |
Allowance for Credit Losses on Loans [Abstract] | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 1,267 | 1,101 | ||
Net Charge offs | (1,901) | (3,689) | ||
Gross up of allowance for PCD loans at acquistion | 61 | |||
Allowance for Loan Losses [Member] | Other consumer(a) | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 13,655 | |||
Financing Receivable, Allowance for Credit Loss | 13,655 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 13,655 | |||
Allowance for Loan Losses [Member] | Other consumer(a) | First Staunton Bancshares | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Provision for loan losses | 140 | |||
Allowance for Loan Losses [Member] | Other consumer(a) | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss | 7,016 | |||
Allowance for Loan Losses [Member] | Total consumer | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 76,475 | 34,525 | ||
Financing Receivable, Allowance for Credit Loss | 68,239 | 76,475 | 34,525 | |
Financing Receivable, Allowance for Credit Loss, Writeoff | (4,738) | (8,376) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 4,993 | 3,579 | ||
Net Charge offs | 256 | (4,797) | ||
Gross up of allowance for PCD loans at acquistion | 1,134 | |||
Provision for loan losses | (8,492) | (7,183) | ||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 68,239 | 76,475 | 34,525 | |
Allowance for Credit Losses on Loans [Abstract] | ||||
Financing Receivable, Allowance for Credit Loss, Recovery | 4,993 | 3,579 | ||
Net Charge offs | 256 | (4,797) | ||
Gross up of allowance for PCD loans at acquistion | 1,134 | |||
Allowance for Loan Losses [Member] | Total consumer | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 86,405 | |||
Financing Receivable, Allowance for Credit Loss | 86,405 | |||
Financing Receivable, Allowance for Credit Loss, Ending Balance | 86,405 | |||
Allowance for Loan Losses [Member] | Total consumer | First Staunton Bancshares | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Provision for loan losses | 917 | |||
Allowance for Loan Losses [Member] | Total consumer | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Financing Receivable, Allowance for Credit Losses [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 | ||
Cumulative effect of ASU 2016-13 adoption (CECL) | 39,776 | 47,776 | 21,907 | |
Provision for credit losses | (8,000) | 7,000 | ||
Balance at end of period | 39,776 | 47,776 | 21,907 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 40,597 | |||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | First Staunton Bancshares | ||||
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 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 18,690 | |||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Asset-based Lending | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Balance at beginning of period | 901 | 471 | ||
Cumulative effect of ASU 2016-13 adoption (CECL) | 857 | 901 | 471 | |
Provision for credit losses | (43) | 573 | ||
Balance at end of period | 857 | 901 | 471 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Asset-based Lending | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 328 | |||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Asset-based Lending | First Staunton Bancshares | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Provision for credit losses | 0 | |||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Asset-based Lending | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | (144) | |||
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 | 21,411 | 11,805 | ||
Cumulative effect of ASU 2016-13 adoption (CECL) | 17,601 | 21,411 | 11,805 | |
Provision for credit losses | (3,809) | 13,399 | ||
Balance at end of period | 17,601 | 21,411 | 11,805 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and industrial | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 7,950 | |||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and industrial | First Staunton Bancshares | ||||
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 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | (3,854) | |||
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 | ||
Cumulative effect of ASU 2016-13 adoption (CECL) | 208 | 266 | 127 | |
Provision for credit losses | (58) | 135 | ||
Balance at end of period | 208 | 266 | 127 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate - owner occupied | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 127 | |||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate - owner occupied | First Staunton Bancshares | ||||
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 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 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 | ||
Cumulative effect of ASU 2016-13 adoption (CECL) | 18,667 | 22,577 | 12,403 | |
Provision for credit losses | (3,911) | 14,108 | ||
Balance at end of period | 18,667 | 22,577 | 12,403 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and business lending | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 8,405 | |||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and business lending | First Staunton Bancshares | ||||
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 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | (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 | ||
Cumulative effect of ASU 2016-13 adoption (CECL) | 936 | 636 | 530 | |
Provision for credit losses | 300 | (141) | ||
Balance at end of period | 936 | 636 | 530 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate - investor | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 776 | |||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate - investor | First Staunton Bancshares | ||||
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 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 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 | ||
Cumulative effect of ASU 2016-13 adoption (CECL) | 15,586 | 18,887 | 7,532 | |
Provision for credit losses | (3,301) | (7,038) | ||
Balance at end of period | 15,586 | 18,887 | 7,532 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Real estate construction | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 25,879 | |||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Real estate construction | First Staunton Bancshares | ||||
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 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 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 | ||
Cumulative effect of ASU 2016-13 adoption (CECL) | 16,522 | 19,523 | 8,062 | |
Provision for credit losses | (3,001) | (7,179) | ||
Balance at end of period | 16,522 | 19,523 | 8,062 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate lending | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 26,655 | |||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate lending | First Staunton Bancshares | ||||
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 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 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 | ||
Cumulative effect of ASU 2016-13 adoption (CECL) | 35,189 | 42,101 | 20,465 | |
Provision for credit losses | (6,912) | 6,929 | ||
Balance at end of period | 35,189 | 42,101 | 20,465 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total commercial | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 35,060 | |||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total commercial | First Staunton Bancshares | ||||
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 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 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 | ||
Cumulative effect of ASU 2016-13 adoption (CECL) | 2,592 | 3,118 | 1,038 | |
Provision for credit losses | (526) | (577) | ||
Balance at end of period | 2,592 | 3,118 | 1,038 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Home equity | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 3,629 | |||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Home equity | First Staunton Bancshares | ||||
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 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 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 | ||
Cumulative effect of ASU 2016-13 adoption (CECL) | 1,995 | 2,557 | 405 | |
Provision for credit losses | (563) | 649 | ||
Balance at end of period | 1,995 | 2,557 | 405 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Other consumer(a) | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 1,909 | |||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Other consumer(a) | First Staunton Bancshares | ||||
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 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 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 | ||
Cumulative effect of ASU 2016-13 adoption (CECL) | 4,587 | 5,675 | 1,443 | |
Provision for credit losses | (1,088) | 72 | ||
Balance at end of period | 4,587 | 5,675 | 1,443 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total consumer | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 5,538 | |||
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total consumer | First Staunton Bancshares | ||||
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 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | 4,095 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (40,652) | (112,053) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 16,965 | 11,422 | ||
Net Charge offs | (23,687) | (100,631) | ||
Gross up of allowance for PCD loans at acquistion | 3,504 | |||
Allowance for Credit Losses on Loans [Abstract] | ||||
Balance at beginning of period | 431,478 | 223,278 | ||
allowance for credit losses on loans | 319,791 | 431,478 | 223,278 | |
Financing Receivable, Allowance for Credit Loss, Recovery | 16,965 | 11,422 | ||
Net Charge offs | (23,687) | (100,631) | ||
Gross up of allowance for PCD loans at acquistion | 3,504 | |||
Provision for credit losses | (88,000) | 171,457 | ||
Balance at end of period | $ 319,791 | $ 431,478 | 223,278 | |
Percent of Loans | 1.32% | 1.76% | ||
Allowance for Loans Losses and Unfunded Commitments [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 354,425 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | First Staunton Bancshares | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
Provision for credit losses | $ 2,722 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 131,147 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | PPP | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 0 | 0 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | ||
Net Charge offs | 0 | 0 | ||
Gross up of allowance for PCD loans at acquistion | 0 | |||
Allowance for Credit Losses on Loans [Abstract] | ||||
Balance at beginning of period | 531 | 0 | ||
allowance for credit losses on loans | 51 | 531 | 0 | |
Financing Receivable, Allowance for Credit Loss, Recovery | 0 | 0 | ||
Net Charge offs | 0 | 0 | ||
Gross up of allowance for PCD loans at acquistion | 0 | |||
Provision for credit losses | (480) | 531 | ||
Balance at end of period | $ 51 | $ 531 | 0 | |
Percent of Loans | 0.08% | 0.07% | ||
Allowance for Loans Losses and Unfunded Commitments [Member] | PPP | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 0 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | PPP | First Staunton Bancshares | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
Provision for credit losses | $ 0 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | PPP | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 0 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Asset-based Lending | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 0 | (6,650) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 412 | 561 | ||
Net Charge offs | 412 | (6,090) | ||
Gross up of allowance for PCD loans at acquistion | 0 | |||
Allowance for Credit Losses on Loans [Abstract] | ||||
Balance at beginning of period | 2,978 | 3,878 | ||
allowance for credit losses on loans | 5,040 | 2,978 | 3,878 | |
Financing Receivable, Allowance for Credit Loss, Recovery | 412 | 561 | ||
Net Charge offs | 412 | (6,090) | ||
Gross up of allowance for PCD loans at acquistion | 0 | |||
Provision for credit losses | 1,649 | 5,270 | ||
Balance at end of period | $ 5,040 | $ 2,978 | 3,878 | |
Percent of Loans | 2.83% | 2.17% | ||
Allowance for Loans Losses and Unfunded Commitments [Member] | Asset-based Lending | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 3,798 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Asset-based Lending | First Staunton Bancshares | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
Provision for credit losses | $ 0 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Asset-based Lending | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | (80) | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ (21,564) | (73,670) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 8,152 | 6,444 | ||
Net Charge offs | (13,412) | (67,226) | ||
Gross up of allowance for PCD loans at acquistion | 293 | |||
Allowance for Credit Losses on Loans [Abstract] | ||||
Balance at beginning of period | 162,126 | 99,531 | ||
allowance for credit losses on loans | 103,225 | 162,126 | 99,531 | |
Financing Receivable, Allowance for Credit Loss, Recovery | 8,152 | 6,444 | ||
Net Charge offs | (13,412) | (67,226) | ||
Gross up of allowance for PCD loans at acquistion | 293 | |||
Provision for credit losses | (45,490) | 80,058 | ||
Balance at end of period | $ 103,225 | $ 162,126 | 99,531 | |
Percent of Loans | 1.26% | 2.14% | ||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and industrial | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 148,532 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and industrial | First Staunton Bancshares | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
Provision for credit losses | $ 469 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and industrial | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 49,001 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate - owner occupied | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ 0 | (419) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 120 | 147 | ||
Net Charge offs | 120 | (272) | ||
Gross up of allowance for PCD loans at acquistion | 890 | |||
Allowance for Credit Losses on Loans [Abstract] | ||||
Balance at beginning of period | 11,539 | 10,411 | ||
allowance for credit losses on loans | 11,681 | 11,539 | 10,411 | |
Financing Receivable, Allowance for Credit Loss, Recovery | 120 | 147 | ||
Net Charge offs | 120 | (272) | ||
Gross up of allowance for PCD loans at acquistion | 890 | |||
Provision for credit losses | 22 | 2,102 | ||
Balance at end of period | $ 11,681 | $ 11,539 | 10,411 | |
Percent of Loans | 1.20% | 1.28% | ||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate - owner occupied | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 8,560 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate - owner occupied | First Staunton Bancshares | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
Provision for credit losses | $ 259 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate - owner occupied | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
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 Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ (21,564) | (80,739) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 8,684 | 7,151 | ||
Net Charge offs | (12,880) | (73,588) | ||
Gross up of allowance for PCD loans at acquistion | 1,183 | |||
Allowance for Credit Losses on Loans [Abstract] | ||||
Balance at beginning of period | 177,175 | 113,820 | ||
allowance for credit losses on loans | 119,997 | 177,175 | 113,820 | |
Financing Receivable, Allowance for Credit Loss, Recovery | 8,684 | 7,151 | ||
Net Charge offs | (12,880) | (73,588) | ||
Gross up of allowance for PCD loans at acquistion | 1,183 | |||
Provision for credit losses | (44,299) | 87,961 | ||
Balance at end of period | $ 119,997 | $ 177,175 | 113,820 | |
Percent of Loans | 1.27% | 1.89% | ||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and business lending | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 160,890 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and business lending | First Staunton Bancshares | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
Provision for credit losses | $ 728 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and business lending | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
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 Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ (14,346) | (22,920) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 3,162 | 643 | ||
Net Charge offs | (11,184) | (22,277) | ||
Gross up of allowance for PCD loans at acquistion | 753 | |||
Allowance for Credit Losses on Loans [Abstract] | ||||
Balance at beginning of period | 94,071 | 41,044 | ||
allowance for credit losses on loans | 73,739 | 94,071 | 41,044 | |
Financing Receivable, Allowance for Credit Loss, Recovery | 3,162 | 643 | ||
Net Charge offs | (11,184) | (22,277) | ||
Gross up of allowance for PCD loans at acquistion | 753 | |||
Provision for credit losses | (9,148) | 71,792 | ||
Balance at end of period | $ 73,739 | $ 94,071 | 41,044 | |
Percent of Loans | 1.68% | 2.17% | ||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate - investor | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 43,331 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate - investor | First Staunton Bancshares | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
Provision for credit losses | $ 474 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate - investor | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 2,287 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Real estate construction | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ (5) | (19) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 126 | 49 | ||
Net Charge offs | 121 | 31 | ||
Gross up of allowance for PCD loans at acquistion | 435 | |||
Allowance for Credit Losses on Loans [Abstract] | ||||
Balance at beginning of period | 78,080 | 32,447 | ||
allowance for credit losses on loans | 53,229 | 78,080 | 32,447 | |
Financing Receivable, Allowance for Credit Loss, Recovery | 126 | 49 | ||
Net Charge offs | 121 | 31 | ||
Gross up of allowance for PCD loans at acquistion | 435 | |||
Provision for credit losses | (24,972) | 18,816 | ||
Balance at end of period | $ 53,229 | $ 78,080 | 32,447 | |
Percent of Loans | 2.94% | 4.24% | ||
Allowance for Loans Losses and Unfunded Commitments [Member] | Real estate construction | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 58,261 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Real estate construction | First Staunton Bancshares | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
Provision for credit losses | $ 537 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Real estate construction | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
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 Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ (14,351) | (22,938) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 3,288 | 692 | ||
Net Charge offs | (11,063) | (22,246) | ||
Gross up of allowance for PCD loans at acquistion | 1,188 | |||
Allowance for Credit Losses on Loans [Abstract] | ||||
Balance at beginning of period | 172,152 | 73,490 | ||
allowance for credit losses on loans | 126,968 | 172,152 | 73,490 | |
Financing Receivable, Allowance for Credit Loss, Recovery | 3,288 | 692 | ||
Net Charge offs | (11,063) | (22,246) | ||
Gross up of allowance for PCD loans at acquistion | 1,188 | |||
Provision for credit losses | (34,121) | 90,608 | ||
Balance at end of period | $ 126,968 | $ 172,152 | 73,490 | |
Percent of Loans | 2.05% | 2.78% | ||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate lending | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 101,591 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate lending | First Staunton Bancshares | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
Provision for credit losses | $ 1,011 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate lending | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 28,101 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Total commercial | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ (35,915) | (103,677) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 11,972 | 7,844 | ||
Net Charge offs | (23,943) | (95,834) | ||
Gross up of allowance for PCD loans at acquistion | 2,371 | |||
Allowance for Credit Losses on Loans [Abstract] | ||||
Balance at beginning of period | 349,327 | 187,311 | ||
allowance for credit losses on loans | 246,965 | 349,327 | 187,311 | |
Financing Receivable, Allowance for Credit Loss, Recovery | 11,972 | 7,844 | ||
Net Charge offs | (23,943) | (95,834) | ||
Gross up of allowance for PCD loans at acquistion | 2,371 | |||
Provision for credit losses | (78,419) | 178,569 | ||
Balance at end of period | $ 246,965 | $ 349,327 | 187,311 | |
Percent of Loans | 1.58% | 2.25% | ||
Allowance for Loans Losses and Unfunded Commitments [Member] | Total commercial | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 262,482 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Total commercial | First Staunton Bancshares | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
Provision for credit losses | $ 1,739 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Total commercial | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 75,171 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ (880) | (1,867) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 841 | 500 | ||
Net Charge offs | (38) | (1,367) | ||
Gross up of allowance for PCD loans at acquistion | 651 | |||
Allowance for Credit Losses on Loans [Abstract] | ||||
Balance at beginning of period | 42,996 | 16,960 | ||
allowance for credit losses on loans | 40,787 | 42,996 | 16,960 | |
Financing Receivable, Allowance for Credit Loss, Recovery | 841 | 500 | ||
Net Charge offs | (38) | (1,367) | ||
Gross up of allowance for PCD loans at acquistion | 651 | |||
Provision for credit losses | (2,170) | (6,864) | ||
Balance at end of period | $ 40,787 | $ 42,996 | 16,960 | |
Percent of Loans | 0.54% | 0.55% | ||
Allowance for Loans Losses and Unfunded Commitments [Member] | Residential mortgage | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 50,175 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Residential mortgage | First Staunton Bancshares | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
Provision for credit losses | $ 403 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Residential mortgage | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 33,215 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Home equity | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ (668) | (1,719) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 2,854 | 1,978 | ||
Net Charge offs | 2,186 | 259 | ||
Gross up of allowance for PCD loans at acquistion | 422 | |||
Allowance for Credit Losses on Loans [Abstract] | ||||
Balance at beginning of period | 21,967 | 11,964 | ||
allowance for credit losses on loans | 16,603 | 21,967 | 11,964 | |
Financing Receivable, Allowance for Credit Loss, Recovery | 2,854 | 1,978 | ||
Net Charge offs | 2,186 | 259 | ||
Gross up of allowance for PCD loans at acquistion | 422 | |||
Provision for credit losses | (7,550) | (5,358) | ||
Balance at end of period | $ 16,603 | $ 21,967 | 11,964 | |
Percent of Loans | 2.79% | 3.11% | ||
Allowance for Loans Losses and Unfunded Commitments [Member] | Home equity | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 26,204 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Home equity | First Staunton Bancshares | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
Provision for credit losses | $ 440 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Home equity | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 14,240 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Installment and Credit Cards Portfolio Segment, Excluding Auto | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
Balance at beginning of period | $ 17,013 | |||
allowance for credit losses on loans | 17,013 | |||
Balance at end of period | 17,013 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Auto | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | (22) | |||
Financing Receivable, Allowance for Credit Loss, Recovery | 31 | |||
Net Charge offs | 9 | |||
Allowance for Credit Losses on Loans [Abstract] | ||||
Balance at beginning of period | 174 | |||
allowance for credit losses on loans | 1,999 | 174 | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 31 | |||
Net Charge offs | 9 | |||
Provision for credit losses | 1,816 | |||
Balance at end of period | $ 1,999 | 174 | ||
Percent of Loans | 1.40% | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Other consumer(a) | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ (3,168) | (4,790) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 1,267 | 1,101 | ||
Net Charge offs | (1,901) | (3,689) | ||
Gross up of allowance for PCD loans at acquistion | 61 | |||
Allowance for Credit Losses on Loans [Abstract] | ||||
Balance at beginning of period | 17,187 | 7,044 | ||
allowance for credit losses on loans | 13,436 | 17,187 | 7,044 | |
Financing Receivable, Allowance for Credit Loss, Recovery | 1,267 | 1,101 | ||
Net Charge offs | (1,901) | (3,689) | ||
Gross up of allowance for PCD loans at acquistion | 61 | |||
Provision for credit losses | (1,676) | 5,111 | ||
Balance at end of period | $ 13,436 | $ 17,187 | 7,044 | |
Percent of Loans | 4.45% | 5.49% | ||
Allowance for Loans Losses and Unfunded Commitments [Member] | Other consumer(a) | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 15,564 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Other consumer(a) | First Staunton Bancshares | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
Provision for credit losses | $ 140 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Other consumer(a) | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 8,520 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Total consumer | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Financing Receivable, Allowance for Credit Loss, Writeoff | $ (4,738) | (8,376) | ||
Financing Receivable, Allowance for Credit Loss, Recovery | 4,993 | 3,579 | ||
Net Charge offs | 256 | (4,797) | ||
Gross up of allowance for PCD loans at acquistion | 1,134 | |||
Allowance for Credit Losses on Loans [Abstract] | ||||
Balance at beginning of period | 82,150 | 35,968 | ||
allowance for credit losses on loans | 72,825 | 82,150 | 35,968 | |
Financing Receivable, Allowance for Credit Loss, Recovery | 4,993 | 3,579 | ||
Net Charge offs | 256 | (4,797) | ||
Gross up of allowance for PCD loans at acquistion | 1,134 | |||
Provision for credit losses | (9,581) | (7,112) | ||
Balance at end of period | $ 72,825 | $ 82,150 | $ 35,968 | |
Percent of Loans | 0.85% | 0.92% | ||
Allowance for Loans Losses and Unfunded Commitments [Member] | Total consumer | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | 91,943 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Total consumer | First Staunton Bancshares | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
Provision for credit losses | $ 983 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Total consumer | Accounting Standards Update 2016-13 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | $ 55,975 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Oil and Gas Portfolio Segment [Member] | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
allowance for credit losses on loans | $ 6,000 | |||
Balance at end of period | $ 6,000 | |||
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and Business Lending (Excluding PPP and Oil & Gas) | ||||
Allowance for Credit Losses on Loans [Abstract] | ||||
Percent of Loans | 1.22% |
Loans Narrative (Details)
Loans Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loans Information [Line Items] | |||
Interest receivable | $ 80,528 | $ 90,263 | |
Financing Receivable, Nonaccrual, Interest Income | 574 | 3,000 | |
Recorded Investment(a) | 18,216 | 36,154 | $ 15,940 |
Restructured Loans Subsequently Accruing | 8,000 | ||
Ytd Restructured Loans Still On Nonaccrual | 10,000 | ||
Loans and Leases Receivable, Impaired, Commitment to Lend | 13,000 | ||
Loans and Finance Receivables [Member] | |||
Loans Information [Line Items] | |||
Interest receivable | 55,000 | 66,000 | |
Possible liquidity issues [Member] | |||
Loans Information [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | $ 7,000 | $ 68,000 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Summary of Core Deposit and Other Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of core deposit intangibles and other intangibles | ||||
Amortization of other intangible assets | $ 8,844 | $ 10,192 | $ 9,948 | |
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) | (217) | |
Core Deposits [Member] | ||||
Summary of core deposit intangibles and other intangibles | ||||
Gross carrying amount at the beginning of the year | 88,109 | 80,730 | $ 58,100 | |
Accumulated amortization | (30,016) | (21,205) | (12,456) | |
Total Estimated Amortization Expense | 58,093 | 66,904 | 68,274 | |
Amortization of other intangible assets | 8,811 | 8,749 | 7,130 | |
Adjustments to Core Deposits [Member] | ||||
Summary of core deposit intangibles and other intangibles | ||||
Additions during the year | 0 | 7,379 | 22,630 | |
Other Intangible Assets [Member] | ||||
Summary of core deposit intangibles and other intangibles | ||||
Gross carrying amount at the beginning of the year | 2,000 | 38,970 | $ 44,887 | |
Additions during the year | 0 | 200 | 0 | |
Accumulated amortization | (683) | (20,385) | (24,643) | |
Total Estimated Amortization Expense | 0 | 1,350 | 20,027 | |
Amortization of other intangible assets | $ 33 | $ 1,443 | $ 2,818 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Mortgage Servicing Rights Roll-Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Mortgage servicing rights: | |||
Mortgage servicing rights at beginning of year | $ 59,967 | $ 67,607 | $ 68,433 |
Additions from acquisition | 0 | 1,357 | 0 |
Additions | 16,151 | 13,667 | 11,606 |
Amortization | (19,436) | (22,664) | (12,432) |
Mortgage servicing rights at end of year | 56,682 | 59,967 | 67,607 |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | |||
Valuation allowance at beginning of year | (18,006) | (302) | (239) |
(Additions) recoveries, net | 16,186 | (17,704) | (63) |
Valuation allowance at end of year | (1,820) | (18,006) | (302) |
Mortgage servicing rights, net | 54,862 | 41,961 | 67,306 |
Fair value of mortgage servicing rights | 57,259 | 41,990 | 72,532 |
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) | $ 6,994,834 | $ 7,743,956 | $ 8,488,969 |
Mortgage servicing rights, net to servicing portfolio | 0.78% | 0.54% | 0.79% |
Mortgage servicing rights expense (a) | $ 3,250 | $ 40,369 | $ 12,494 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Core Deposits [Member] | |||
Estimated future amortization expense | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 8,811 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 8,811 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 8,811 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 8,811 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 8,811 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 14,038 | ||
Total Estimated Amortization Expense | 58,093 | $ 66,904 | $ 68,274 |
Other Intangible Assets [Member] | |||
Estimated future amortization expense | |||
Total Estimated Amortization Expense | 0 | $ 1,350 | $ 20,027 |
Servicing Contracts [Member] | |||
Estimated future amortization expense | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 8,901 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 9,614 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 7,811 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 6,490 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 5,423 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 18,444 | ||
Total Estimated Amortization Expense | $ 56,682 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | Feb. 14, 2020 | Mar. 31, 2021 | Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 | |||
Goodwill | 1,104,992 | 1,109,300 | ||||
ABRC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 82,000 | |||||
Whitnell | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 4,000 | |||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Reductions due to sale | (1,317) | $ (17,435) | $ (217) | |||
First Staunton Bancshares | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 14,812 | $ 15,000 |
Premises and Equipment, Summary
Premises and Equipment, Summary Composition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Cost | $ 745,375 | ||
Accumulated Depreciation | 360,202 | ||
Net Book Value | 385,173 | $ 418,914 | |
Depreciation and amortization | 46,508 | 50,567 | $ 58,149 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 66,830 | ||
Accumulated Depreciation | 0 | ||
Net Book Value | 66,830 | 70,431 | |
Land improvements | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 18,522 | ||
Accumulated Depreciation | 8,967 | ||
Net Book Value | 9,555 | 9,771 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 386,859 | ||
Accumulated Depreciation | 173,729 | ||
Net Book Value | 213,130 | 222,162 | |
Computers and related equipment | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 54,908 | ||
Accumulated Depreciation | 41,076 | ||
Net Book Value | 13,831 | 14,718 | |
Furniture, fixtures and other equipment | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 136,426 | ||
Accumulated Depreciation | 94,639 | ||
Net Book Value | 41,787 | 58,058 | |
Operating leases | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 46,341 | ||
Accumulated Depreciation | 18,042 | ||
Net Book Value | 28,299 | 31,994 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 35,489 | ||
Accumulated Depreciation | 23,748 | ||
Net Book Value | $ 11,741 | $ 11,781 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization | $ 46,508 | $ 50,567 | $ 58,149 |
Property, Plant and Equipment, Net | 385,173 | 418,914 | |
Land Improvement, Building, Leasehold Improvements, ATM, Computers, Furniture, Fixtures, and Auto [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization | 33,000 | 34,000 | $ 34,000 |
Operating leases | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Net | $ 28,299 | $ 31,994 |
Leases Lease, Cost and Cash Flo
Leases Lease, Cost and Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating Lease, Cost | $ 8,712 | $ 11,450 |
Finance Lease, Cost | 107 | 154 |
Operating Lease, Payments | 11,183 | 11,276 |
Finance Lease, Payments | $ 137 | $ 122 |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Right-of-Use Asset | $ 143 | $ 962 |
Finance Lease, Liability | 163 | 1,128 |
Assets | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | 28,299 | 31,994 |
Accrued Liabilities | ||
Lessee, Lease, Description [Line Items] | ||
Present value of lease payments | $ 31,345 | $ 36,425 |
Leases Operating Lease Informat
Leases Operating Lease Information (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due | $ 34,751 | $ 40,806 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 11 months 8 days | 6 years 5 months 12 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.22% | 3.27% |
Finance Lease, Liability, Payment, Due | $ 164 | $ 1,145 |
Finance Lease, Weighted Average Remaining Lease Term | 1 year 25 days | 1 year 7 months 24 days |
Finance Lease, Weighted Average Discount Rate, Percent | 1.24% | 1.05% |
Equipment [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due | $ 192 | $ 386 |
Operating Lease, Weighted Average Remaining Lease Term | 1 year 6 months | 2 years 5 months 26 days |
Operating Lease, Weighted Average Discount Rate, Percent | 0.45% | 0.46% |
Retail and Corporate Offices [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due | $ 29,008 | $ 34,036 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 6 months 21 days | 6 years 14 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.26% | 3.33% |
Finance Lease, Liability, Payment, Due | $ 112 | $ 0 |
Finance Lease, Weighted Average Remaining Lease Term | 1 year 3 months | 0 years |
Finance Lease, Weighted Average Discount Rate, Percent | 1.32% | 0.00% |
Land | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due | $ 5,551 | $ 6,385 |
Operating Lease, Weighted Average Remaining Lease Term | 8 years 3 months 14 days | 8 years 11 months 26 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.12% | 3.09% |
Finance Lease, Liability, Payment, Due | $ 51 | $ 1,145 |
Finance Lease, Weighted Average Remaining Lease Term | 8 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 | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 8,056 | |
2023 | 6,170 | |
2024 | 5,383 | |
2025 | 4,084 | |
2026 | 3,518 | |
Beyond 2026 | 7,541 | |
Total lease payments | 34,751 | $ 40,806 |
Less: interest | 3,406 | |
Finance Leases | ||
Finance Lease, Liability, Payments, Due Next Twelve Months | 141 | |
2023 | 22 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
Beyond 2026 | 0 | |
Total lease payments | 164 | 1,145 |
Less: interest | 1 | |
Present value of lease payments | 163 | 1,128 |
Total Leases [Line Items] | ||
Twelve Months Ending December 31, 2022 | 8,197 | |
2023 | 6,193 | |
2024 | 5,383 | |
2025 | 4,084 | |
2026 | 3,518 | |
Beyond 2026 | 7,541 | |
Lease, Liability, Payments, Due, Total | 34,915 | |
Less: interest | 3,407 | |
Present value of lease payments | 31,508 | |
Accrued Liabilities | ||
Lessee, Lease, Description [Line Items] | ||
Present value of lease payments | $ 31,345 | $ 36,425 |
Leases, Minimum Annual Rent Und
Leases, Minimum Annual Rent Under Operating Lease Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Payments | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 8,056 | |
2023 | 6,170 | |
2024 | 5,383 | |
2025 | 4,084 | |
2026 | 3,518 | |
Beyond 2026 | 7,541 | |
Lessee, Operating Lease, Liability, Payments, Due | 34,751 | $ 40,806 |
Receipts | ||
Lessor, Operating Lease, Payment to be Received, Year One | 3,099 | |
Lessor, Operating Lease, Payment to be Received, Year Two | 2,980 | |
Lessor, Operating Lease, Payment to be Received, Year Three | 2,715 | |
Lessor, Operating Lease, Payment to be Received, Year Four | 2,427 | |
Lessor, Operating Lease, Payment to be Received, Year Five | 2,184 | |
Lessor, Operating Lease, Payment to be Received, after Year Five | 7,113 | |
Lessor, Operating Lease, Payments to be Received | 20,519 | |
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | 8,056 | |
2023 | 6,170 | |
2024 | 5,383 | |
2025 | 4,084 | |
2026 | 3,518 | |
Beyond 2026 | 7,541 | |
Lessee, Operating Lease, Liability, Payments, Due | 34,751 | $ 40,806 |
Rental Payments | ||
Payments | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | 8,467 | |
2023 | 5,842 | |
2024 | 5,238 | |
2025 | 4,067 | |
2026 | 3,506 | |
Beyond 2026 | 6,420 | |
Lessee, Operating Lease, Liability, Payments, Due | 33,540 | |
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | 8,467 | |
2023 | 5,842 | |
2024 | 5,238 | |
2025 | 4,067 | |
2026 | 3,506 | |
Beyond 2026 | 6,420 | |
Lessee, Operating Lease, Liability, Payments, Due | $ 33,540 |
Leases (Details Textuals)
Leases (Details Textuals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Lease Not yet Commenced, Liability | $ 13 | $ 17 | |
Operating Leases, Rent Expense, Net of Lease Income | $ 5 | $ 5 | $ 5 |
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 1 year | ||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 3 years | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Term of Contract | 41 years | ||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 10 years |
Deposits, Composition (Details)
Deposits, Composition (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits, by Type [Abstract] | ||
Noninterest-bearing demand deposits | $ 8,504,077 | $ 7,661,728 |
Savings | 4,410,198 | 3,650,085 |
Interest-bearing demand | 7,019,782 | 6,090,869 |
Money market | 7,185,111 | 7,322,769 |
Time deposits | 1,347,262 | 1,757,030 |
Total deposits | $ 28,466,430 | $ 26,482,481 |
Deposits, Time Deposit Maturiti
Deposits, Time Deposit Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Time Deposits, Fiscal Year Maturity [Abstract] | ||
2022 | $ 1,055,614 | |
2023 | 177,715 | |
2024 | 66,105 | |
2025 | 25,211 | |
2026 | 22,612 | |
Thereafter | 5 | |
Total | 1,347,262 | |
Time Deposit Liability, Uninsured | $ 14,600,000 | $ 14,900,000 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
Time Deposits, $250,000 Or More | $ 215 | $ 341 |
Short and Long-term Funding, Co
Short and Long-term Funding, Composition (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Federal funds purchased | $ 120 | $ 7,070 |
Securities sold under agreements to repurchase | 319,412 | 185,901 |
Federal funds purchased and securities sold under agreements to repurchase | 319,532 | 192,971 |
Commercial paper | 34,730 | 59,346 |
Total short-term funding | 354,262 | 252,317 |
Debt Instrument [Line Items] | ||
Corporation subordinated notes, at par, due 2025 | 250,000 | 250,000 |
Other Long-term Debt and Capitalized Costs | (839) | (1,663) |
Finance Lease, Liability | 163 | 1,128 |
Other Long-term Debt | 1,870,371 | 2,182,188 |
Advances from Federal Home Loan Banks [Abstract] | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 1,621,047 | 1,632,723 |
Debt, Long-term and Short-term, Combined Amount [Abstract] | ||
Debt, Long-term and Short-term, Combined Amount, Total | 2,224,633 | 2,434,505 |
Bank senior notes, at par, due 2021 | ||
Debt Instrument [Line Items] | ||
Senior Notes | $ 0 | $ 300,000 |
Short and Long-term Funding Rem
Short and Long-term Funding Remaining Contractual Maturity of Agreements (Details) - Overnight and Continuous - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | $ 319,412 | $ 185,901 |
Agency mortgage-related securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | $ 319,412 | $ 185,901 |
Short and Long-term Funding Lon
Short and Long-term Funding Long-term Funding, Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Line Items] | ||
Long-term Debt | $ 1,870,371 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 1,621,047 | $ 1,632,723 |
Weighted Average Coupon Rate | 2.05% | 2.34% |
Long Term Funding Maturity within One Year [Domain] | ||
Debt Disclosure [Line Items] | ||
Long-term Debt | $ 11,811 | |
Long Term Funding Maturity One Year to Two Years [Domain] | ||
Debt Disclosure [Line Items] | ||
Long-term Debt | 2,363 | |
Long Term Funding Maturity Two Years to Three Years [Domain] | ||
Debt Disclosure [Line Items] | ||
Long-term Debt | 633 | |
Long Term Funding Maturity Year Three to Year Four [Domain] | ||
Debt Disclosure [Line Items] | ||
Long-term Debt | 649,377 | |
Long Term Funding Maturity Year Four to Year Five [Domain] | ||
Debt Disclosure [Line Items] | ||
Long-term Debt | 604,813 | |
Long Term Funding Maturity After Year Five [Domain] | ||
Debt Disclosure [Line Items] | ||
Long-term Debt | $ 601,375 |
Short and Long-term Funding Sho
Short and Long-term Funding Short and Long-term Funding (Details) - USD ($) $ in Thousands | Aug. 13, 2018 | Nov. 13, 2014 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 1,621,047 | $ 1,632,723 | |||
Collateral for repurchase agreements | 448,000 | ||||
Loss on prepayments of FHLB advances | $ 0 | $ 0 | |||
Weighted Average Coupon Rate | 2.05% | 2.34% | |||
Risk Management and Shared Serivies [Member] | |||||
Debt Instrument [Line Items] | |||||
Loss on prepayments of FHLB advances | $ 44,650 | ||||
Maximum | |||||
Debt Instrument [Line Items] | |||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 8,400,000 | ||||
Two Thousand Eighteen Senior Notes [Member] [Domain] | |||||
Debt Instrument [Line Items] | |||||
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, Interest Rate, Stated Percentage | 3.50% | ||||
Two Thousand Fourteen Subordinated Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
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% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 01, 2022 | Jun. 01, 2020 | Sep. 19, 2018 | Sep. 15, 2016 | Jun. 15, 2015 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | Sep. 15, 2021 | Jun. 15, 2021 | Jul. 25, 2017 |
Stockholders' Equity Note [Abstract] | |||||||||||
Subsidiary equity balance | $ 4,000 | ||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred Stock, Shares Issued | 200,000 | 364,458 | |||||||||
Series C Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred Stock, Shares Issued | 2,600,000 | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.125% | ||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||||||||||
Preferred Stock, Redemption Price Per Share | $ 1,000 | ||||||||||
Preferred Stock, Dividend Payment Terms | Shares of the Series C Preferred Stock have priority over the Corporation’s common stock with regard to the payment of dividends and distributions upon liquidation, dissolution or winding up. As such, the Corporation may not pay dividends on or repurchase, redeem, or otherwise acquire for consideration shares of its common stock unless dividends for the Series C Preferred Stock have been declared for that period, and sufficient funds have been set aside to make payment. | ||||||||||
Preferred Stock, Redemption Terms | The Series C Preferred Stock may be redeemed by the Corporation at its option (i) either in whole or in part, from time to time, on any dividend payment date on or after the dividend payment date occurring on June 15, 2020, or (ii) in whole but not in part, at any time within 90 days following certain regulatory capital treatment events, in each case at a redemption price of $1,000 per share (equivalent to $25 per depositary share), plus any applicable dividends. | ||||||||||
Preferred Stock, Voting Rights | Except in certain limited circumstances, the Series C Preferred Stock does not have any voting rights. | ||||||||||
Preferred Stock, Redemption Amount | $ 65 | ||||||||||
Series D Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred Stock, Shares Issued | 4,000,000 | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 5.375% | ||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||||||||||
Preferred Stock, Redemption Price Per Share | $ 1,000 | ||||||||||
Preferred Stock, Participation Rights | Dividends on the Series D Preferred Stock are payable quarterly in arrears only when, as and if declared by the Board of Directors at a rate per annum equal to 5.375%. | ||||||||||
Preferred Stock, Dividend Payment Terms | Shares of the Series D Preferred Stock have priority over the Corporation’s common stock with regard to the payment of dividends and distributions upon liquidation, dissolution or winding up. As such, the Corporation may not pay dividends on or repurchase, redeem, or otherwise acquire for consideration shares of its common stock unless dividends for the Series D Preferred Stock have been declared for that period, and sufficient funds have been set aside to make payment. | ||||||||||
Preferred Stock, Redemption Terms | The Series D Preferred Stock may be redeemed by the Corporation at its option (i) either in whole or in part, from time to time, on any dividend payment date on or after the dividend payment date occurring on September 15, 2021, or (ii) in whole but not in part, at any time within 90 days following certain regulatory capital treatment events, in each case at a redemption price of $1,000 per share (equivalent to $25 per depositary share), plus any applicable dividends. | ||||||||||
Preferred Stock, Voting Rights | Except in certain limited circumstances, the Series D Preferred Stock does not have any voting rights. | ||||||||||
Stock repurchase program authorized amount | $ 15 | ||||||||||
Preferred Stock, Redemption Amount | $ 1 | $ 99 | |||||||||
Purchase of Preferred Stock Repurchased During Period, Shares | 22,000 | ||||||||||
Series E Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred Stock, Shares Issued | 4,000,000 | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 5.875% | 5.875% | |||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||||||||||
Preferred Stock, Redemption Price Per Share | $ 1,000 | ||||||||||
Preferred Stock, Participation Rights | Dividends on the Series E Preferred Stock are payable quarterly in arrears only when, as and if declared by the Board of Directors at a rate per annum equal to 5.875%. | ||||||||||
Preferred Stock, Dividend Payment Terms | Shares of the Series E Preferred Stock have priority over the Corporation’s common stock with regard to the payment of dividends and distributions upon liquidation, dissolution or winding up. As such, the Corporation may not pay dividends on or repurchase, redeem, or otherwise acquire for consideration shares of its common stock unless dividends for the Series E Preferred Stock have been declared for that period, and sufficient funds have been set aside to make payment. | ||||||||||
Preferred Stock, Redemption Terms | The Series E Preferred Stock may be redeemed by the Corporation at its option (i) either in whole or in part, from time to time, on any dividend payment date on or after the dividend payment date occurring on December 15, 2023, or (ii) in whole but not in part, at any time within 90 days following certain regulatory capital treatment events, in each case at a redemption price of $1,000 per share (equivalent to $25 per depositary share), plus any applicable dividends. | ||||||||||
Preferred Stock, Voting Rights | Except in certain limited circumstances, the Series E Preferred Stock does not have any voting rights. | ||||||||||
Series F Preferred Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred Stock, Shares Issued | 4,000,000 | ||||||||||
Preferred Stock, Dividend Rate, Percentage | 5.625% | ||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 1,000 | ||||||||||
Preferred Stock, Redemption Price Per Share | $ 1,000 | ||||||||||
Preferred Stock, Participation Rights | Dividends on the Series F Preferred Stock are payable quarterly in arrears only when, as and if declared by the Board of Directors at a rate per annum equal to 5.625%. | ||||||||||
Preferred Stock, Dividend Payment Terms | Shares of the Series F Preferred Stock have priority over the Corporation’s common stock with regard to the payment of dividends and distributions upon liquidation, dissolution or winding up. As such, the Corporation may not pay dividends on or repurchase, redeem, or otherwise acquire for consideration shares of its common stock unless dividends for the Series F Preferred Stock have been declared for that period, and sufficient funds have been set aside to make payment. | ||||||||||
Preferred Stock, Redemption Terms | The Series F Preferred Stock may be redeemed by the Corporation at its option (i) either in whole or in part, from time to time, on any dividend payment date on or after the dividend payment date occurring on September 15, 2025, or (ii) in whole but not in part, at any time within 90 days following certain regulatory capital treatment events, in each case at a redemption price of $1,000 per share (equivalent to $25 per depositary share), plus any applicable dividends. | ||||||||||
Preferred Stock, Voting Rights | Except in certain limited circumstances, the Series F Preferred Stock does not have any voting rights. | ||||||||||
Treasury Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Stock repurchase program authorized amount | $ 100 | ||||||||||
Treasury stock shares acquired (in shares) | 4,300,000 | ||||||||||
Treasury stock carrying basis | $ 71 | ||||||||||
Treasury stock acquired average cost per share (in usd per share) | $ 16.71 | ||||||||||
Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 5 | $ 6 | |||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 242,966 | 321,488 | |||||||||
Minimum tax withholding settlement average cost per share (in usd per share) | $ 19.95 | $ 19.01 | |||||||||
Remaining authorized repurchase amount | $ 80 |
Stock-Based Compensation Assump
Stock-Based Compensation Assumptions used in Estimating the Fair Value for Options Granted (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Dividend yield | 3.50% | 3.30% |
Risk-free interest rate | 1.60% | 2.60% |
Weighted average expected volatility | 21.00% | 24.00% |
Weighted average expected life | 5 years 9 months | 5 years 9 months |
Weighted average per share fair value of options | $ 2.39 | $ 4 |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Stock Options Shares Outstanding, Beginning balance (in shares) | 6,473 | |
Exercised (in shares) | (1,533) | |
Forfeited or expired (in shares) | (126) | |
Stock Options Shares Outstanding, Ending balance (in shares) | 4,814 | 6,473 |
Options exercisable (in shares) | 3,264 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Stock Options Outstanding, Weighted Average Exercise Price, Beginning balance (in usd per share) | $ 19.77 | |
Exercised, Weighted Average Exercise Price (in usd per share) | 16.58 | |
Forfeited or expired, Weighted Average Exercise Price (in usd per share) | 22.28 | |
Stock Options Outstanding, Weighted Average Exercise Price, Ending balance (in usd per share) | 20.72 | $ 19.77 |
Options Exercisable, Weighted Average Exercise Price (in usd per share) | $ 21 | |
Stock Options Outstanding, Weighted Average Remaining Contractual Term | 5 years 11 months 15 days | 6 years 2 months 23 days |
Options exercisable, Weighted Average Remaining Contractual Term | 5 years 1 month 17 days | |
Stock Options Outstanding, Aggregate Intrinsic Value | $ 12,532 | $ 2,005 |
Options exercisable, Aggregate Intrinsic Value | $ 8,294 |
Stock-Based Compensation, Restr
Stock-Based Compensation, Restricted Stock Activity (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 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 (in shares) | shares | 1,229 |
Vested (in shares) | shares | (812) |
Forfeited (in shares) | shares | (75) |
Outstanding Shares, Ending balance (in shares) | shares | 2,635 |
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 | $ 20.46 |
Granted, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares | 20.03 |
Vested, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares | 21.23 |
Forfeited, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares | 21.72 |
Outstanding Weighted Average Grant Date Fair Value, Ending balance (in usd per share) | $ / shares | $ 19.87 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of stock options exercised | $ 9,000,000 | $ 816,000 | $ 4,000,000 |
Total fair value of vested stock options | $ 4,000,000 | 4,000,000 | 3,000,000 |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
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 [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 150.00% | ||
Performance-based Restricted Stock Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Term of transfer restrictions | 3 years | ||
Service-based Restricted Stock Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Period | 4 years | ||
Term of transfer restrictions | 4 years | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized compensation expense for vesting of stock options | $ 1,000,000 | 4,000,000 | 4,000,000 |
Recognized compensation expense for accelerated vesting of stock options | 167,000 | ||
Unvested share-based payment awards | $ 1,000,000 | ||
Employee Service Share Based Compensation Nonvested Awards Compensation Cost Not Yet Recognized Year For Recognition | first quarter 2024 | ||
Restricted Stock Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized compensation expense for vesting of stock options | $ 15,000,000 | $ 17,000,000 | $ 21,000,000 |
Recognized compensation expense for accelerated vesting of stock options | 3,000,000 | ||
Unvested share-based payment awards | $ 21,000,000 | ||
Employee Service Share Based Compensation Nonvested Awards Compensation Cost Not Yet Recognized Year For Recognition | first quarter 2025 | ||
Performance Shares | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting Period | 3 years | 3 years | |
2020 Incentive Compensation Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares remaining available for grant (in shares) | 11 | ||
Expiration term of awards | 10 years | ||
Vesting Period | 4 years |
Retirement Plans, Pension and P
Retirement Plans, Pension and Postretirement Plans Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Of Plan Assets As A Percentage Of Net Benefit Obligation | 190.00% | 171.00% | |
Change in Benefit Obligation | |||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | $ 1,494 | $ 0 | $ 0 |
RAP | |||
Change in Fair Value of Plan Assets | |||
Fair value of plan assets at beginning of year | 478,849 | 442,034 | |
Actual return on plan assets | 41,576 | 58,802 | |
Employer contributions | 0 | 0 | |
Gross benefits paid | (22,629) | (21,987) | |
Fair value of plan assets at end of year(a) | 497,796 | 478,849 | 442,034 |
Change in Benefit Obligation | |||
Net benefit obligation at beginning of year | 280,017 | 260,576 | |
Service cost | 7,779 | 8,244 | 7,263 |
Interest cost | 6,570 | 8,185 | 9,752 |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | (1,494) | 0 | |
Actuarial (gain) loss | (8,921) | 24,998 | |
Gross benefits paid | (22,629) | (21,987) | |
Net benefit obligation at end of year(a) | 261,321 | 280,017 | 260,576 |
Funded (unfunded) status | 236,475 | 198,832 | |
Noncurrent assets | 236,475 | 198,832 | |
Current liabilities | 0 | 0 | |
Noncurrent liabilities | 0 | 0 | |
Asset (liability) recognized on the consolidated balance sheets | $ 236,475 | 198,832 | |
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. | ||
Postretirement Plan | |||
Change in Fair Value of Plan Assets | |||
Fair value of plan assets at beginning of year | $ 0 | 0 | |
Actual return on plan assets | 0 | 0 | |
Employer contributions | 201 | 210 | |
Gross benefits paid | (201) | (210) | |
Fair value of plan assets at end of year(a) | 0 | 0 | 0 |
Change in Benefit Obligation | |||
Net benefit obligation at beginning of year | 2,243 | 2,545 | |
Service cost | 0 | 0 | |
Interest cost | 52 | 78 | 104 |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | |
Actuarial (gain) loss | (119) | (169) | |
Gross benefits paid | (201) | (210) | |
Net benefit obligation at end of year(a) | 1,975 | 2,243 | $ 2,545 |
Funded (unfunded) status | (1,975) | (2,243) | |
Noncurrent assets | 0 | 0 | |
Current liabilities | (177) | (189) | |
Noncurrent liabilities | (1,798) | (2,055) | |
Asset (liability) recognized on the consolidated balance sheets | $ (1,975) | $ (2,243) | |
Defined Benefit Plan, Description | 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. |
Retirement Plans, Amounts Recog
Retirement Plans, Amounts Recognized in Accumulated Other Comprehensive Income Table (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
RAP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | $ (1,253) | $ (194) |
Net actuarial loss | 5,605 | 28,029 |
Amount not yet recognized in net periodic benefit cost, but recognized in accumulated other comprehensive (income) loss | 4,352 | 27,835 |
Postretirement Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | (419) | (477) |
Net actuarial loss | (89) | 0 |
Amount not yet recognized in net periodic benefit cost, but recognized in accumulated other comprehensive (income) loss | $ (508) | $ (477) |
Retirement Plans, Other Changes
Retirement Plans, Other Changes in Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of prior service cost | $ (148) | $ (148) | $ (148) |
Amortization of actuarial loss | 25,519 | 7,780 | 16,296 |
Income tax (expense) | (7,803) | (3,064) | (4,465) |
Other comprehensive income on pension and postretirement obligations | 23,656 | 8,465 | $ 12,158 |
RAP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial gain | 25,257 | 8,209 | |
Amortization of prior service cost | (73) | (73) | |
Amortization of actuarial loss | 4,594 | 3,897 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 1,494 | 0 | |
Income tax (expense) | (7,791) | (3,040) | |
Other comprehensive income on pension and postretirement obligations | 23,480 | 8,993 | |
Postretirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial gain | 119 | 169 | |
Amortization of prior service cost | (75) | (75) | |
Amortization of actuarial loss | 0 | 0 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 0 | |
Income tax (expense) | (11) | (23) | |
Other comprehensive income on pension and postretirement obligations | $ 33 | $ 71 |
Retirement Plans, Components of
Retirement Plans, Components of Net Pension Cost for the Retirement Account Plan Tables (Details) - RAP - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net period benefit cost for the pension and postretirement plans | |||
Service cost | $ 7,779 | $ 8,244 | $ 7,263 |
Interest cost | 6,570 | 8,185 | 9,752 |
Expected return on plan assets | (25,675) | (25,595) | (24,332) |
Amortization of prior service cost | (73) | (73) | (73) |
Amortization of actuarial loss | 4,594 | 3,897 | 480 |
Recognized settlement loss | 434 | 0 | 0 |
Total net periodic pension (income) | $ (6,370) | $ (5,342) | $ (6,910) |
Retirement Plans Retirement Pla
Retirement Plans Retirement Plans, Components of Net Pension Cost for the Post Retirement Plan Table (Details) - Postretirement Plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Interest Cost | $ 52 | $ 78 | $ 104 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (75) | (75) | (75) |
Defined Benefit Plan, Amortization of Gain (Loss) | 0 | 0 | (4) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (24) | $ 3 | $ 25 |
Retirement Plans, Weighted Aver
Retirement Plans, Weighted Average Assumptions used to Determine Benefit and Net Periodic Benefit Costs (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
RAP | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 2.80% | 2.40% |
Rate of increase in compensation levels | 2.50% | 2.00% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 2.40% | 3.20% |
Rate of increase in compensation levels | 2.00% | 2.00% |
Expected long-term rate of return on plan assets | 6.00% | 6.20% |
Postretirement Plan | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 2.80% | 2.40% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 2.40% | 3.20% |
Retirement Plans, Asset Allocat
Retirement Plans, Asset Allocation for Pension Plan Table (Details) - RAP | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 100.00% | 100.00% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 55.00% | 53.00% |
Fixed-income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 34.00% | 33.00% |
Group annuity contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 10.00% | 11.00% |
Alternative securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 0.00% | 1.00% |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 1.00% | 2.00% |
Retirement Plans, Fair Value of
Retirement Plans, Fair Value of Pension Plan Investments Table (Details) - RAP - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Pension Plan Investments | |||
RAP Investment Amount | $ 497,796 | $ 478,849 | $ 442,034 |
Fair Value, Inputs, Level 1 | |||
Pension Plan Investments | |||
RAP Investment Amount | 448,582 | 427,983 | |
Fair Value, Inputs, Level 2 | |||
Pension Plan Investments | |||
RAP Investment Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 | |||
Pension Plan Investments | |||
RAP Investment Amount | 49,213 | 50,866 | |
Money market account | |||
Pension Plan Investments | |||
RAP Investment Amount | 5,446 | 9,429 | |
Money market account | Fair Value, Inputs, Level 1 | |||
Pension Plan Investments | |||
RAP Investment Amount | 5,446 | 9,429 | |
Money market account | Fair Value, Inputs, Level 2 | |||
Pension Plan Investments | |||
RAP Investment Amount | 0 | 0 | |
Money market account | Fair Value, Inputs, Level 3 | |||
Pension Plan Investments | |||
RAP Investment Amount | 0 | 0 | |
Common /collective trust funds | |||
Pension Plan Investments | |||
RAP Investment Amount | 185,791 | 172,950 | |
Common /collective trust funds | Fair Value, Inputs, Level 1 | |||
Pension Plan Investments | |||
RAP Investment Amount | 185,791 | 172,950 | |
Common /collective trust funds | Fair Value, Inputs, Level 2 | |||
Pension Plan Investments | |||
RAP Investment Amount | 0 | 0 | |
Common /collective trust funds | Fair Value, Inputs, Level 3 | |||
Pension Plan Investments | |||
RAP Investment Amount | 0 | 0 | |
Mutual funds | |||
Pension Plan Investments | |||
RAP Investment Amount | 257,345 | 245,605 | |
Mutual funds | Fair Value, Inputs, Level 1 | |||
Pension Plan Investments | |||
RAP Investment Amount | 257,345 | 245,605 | |
Mutual funds | Fair Value, Inputs, Level 2 | |||
Pension Plan Investments | |||
RAP Investment Amount | 0 | 0 | |
Mutual funds | Fair Value, Inputs, Level 3 | |||
Pension Plan Investments | |||
RAP Investment Amount | 0 | 0 | |
Group annuity contracts | |||
Pension Plan Investments | |||
RAP Investment Amount | 49,213 | 50,866 | |
Group annuity contracts | Fair Value, Inputs, Level 1 | |||
Pension Plan Investments | |||
RAP Investment Amount | 0 | 0 | |
Group annuity contracts | Fair Value, Inputs, Level 2 | |||
Pension Plan Investments | |||
RAP Investment Amount | 0 | 0 | |
Group annuity contracts | Fair Value, Inputs, Level 3 | |||
Pension Plan Investments | |||
RAP Investment Amount | $ 49,213 | $ 50,866 |
Retirement Plans Retirement P_2
Retirement Plans Retirement Plans, Fair Value Reconciliation of Level 3 Retirement Account Plan Investments (Details) - Group annuity contracts - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Transfers from money market funds and equity securities | $ 66 | $ 0 |
RAP | ||
Defined Benefit Plan, Change in Fair Value of Plan Assets, Level 3 Reconciliation [Roll Forward] | ||
Fair value of group annuity contract at beginning of period | 50,866 | 50,055 |
Return on plan assets | 921 | 3,499 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Decrease for Settlement | (2,640) | (2,688) |
Fair value of group annuity contract at end of period | $ 49,213 | $ 50,866 |
Retirement Plans, Estimated Fut
Retirement Plans, Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
RAP | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 16,398 |
2023 | 15,956 |
2024 | 16,897 |
2025 | 18,555 |
2026 | 17,051 |
2027-2031 | 77,883 |
Postretirement Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 180 |
2023 | 175 |
2024 | 169 |
2025 | 163 |
2026 | 156 |
2027-2031 | $ 674 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Thousands | Feb. 15, 2020 | Feb. 14, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
RAP | |||||
Retirements Plans [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. | ||||
Actual return on plan assets percentage | 10.10% | 15.18% | |||
Employer contributions | $ 0 | $ 0 | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 3.07% | 3.24% | |||
Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Weighted-Average Interest Crediting Rate | 3.07% | 3.24% | |||
Postretirement Plan | |||||
Retirements Plans [Line Items] | |||||
Defined Benefit Plan, Description | 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. | ||||
Employer contributions | $ 201 | $ 210 | |||
Defined Benefit Plan Health Care Cost Rate Change | (2.00%) | ||||
Health care trend rate assumption | 5.25% | ||||
Defined Benefit Plan, Health Care Cost Trend, Reduction in Trend Rate Minimum | 0.25% | ||||
Ultimate future rate | 5.00% | ||||
401(k) plan | |||||
Retirements Plans [Line Items] | |||||
Total expense related to 401(k) | $ 13,000 | $ 15,000 | $ 16,000 | ||
Minimum [Member] | RAP | Equity securities | |||||
Retirements Plans [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | ||||
Minimum [Member] | RAP | Fixed-income securities | |||||
Retirements Plans [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30.00% | ||||
Minimum [Member] | RAP | Other Cash Equivalents | |||||
Retirements Plans [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | ||||
Minimum [Member] | RAP | Alternative securities | |||||
Retirements Plans [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0.00% | ||||
Maximum [Member] | RAP | Equity securities | |||||
Retirements Plans [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 70.00% | ||||
Maximum [Member] | RAP | Fixed-income securities | |||||
Retirements Plans [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50.00% | ||||
Maximum [Member] | RAP | Other Cash Equivalents | |||||
Retirements Plans [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10.00% | ||||
Maximum [Member] | RAP | Alternative securities | |||||
Retirements Plans [Line Items] | |||||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 15.00% | ||||
First Staunton Bancshares | |||||
Retirements Plans [Line Items] | |||||
Business Acquisition, Effective Date of Acquisition | Feb. 14, 2020 | ||||
Business Acquisition, Effective Date of Retirement Eligibility | Feb. 15, 2020 |
Income Taxes, Current and Defer
Income Taxes, Current and Deferred Amounts of Income Tax Expense Table (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 57,916 | $ 33,020 | $ 50,560 |
State | 12,035 | 16,193 | 15,327 |
Total current | 69,951 | 49,213 | 65,887 |
Deferred: | |||
Federal | 9,115 | (25,895) | 14,094 |
State | 6,247 | (3,118) | (261) |
Total deferred | 15,362 | (29,013) | 13,833 |
Total income tax expense | $ 85,313 | $ 20,200 | $ 79,720 |
Income Taxes, Deferred Tax Asse
Income Taxes, Deferred Tax Assets and Liabilities Resulted in Deferred Taxes Table (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Gross deferred tax assets: | |||
Allowance for loan losses | $ 72,199 | $ 88,967 | |
Allowance for other losses | 12,704 | 16,347 | |
Accrued liabilities | 4,285 | 3,776 | |
Deferred compensation | 31,896 | 27,896 | |
Benefit of tax loss and credit carryforwards | 6,245 | 9,789 | |
Nonaccrual interest | 1,374 | 1,763 | |
Deferred Tax Assets, Leasing Arrangements | 12,954 | 13,328 | |
Basis Difference From Equity Securities and Other Investments | 0 | 6,329 | |
Net unrealized losses on AFS securities | 1,989 | 0 | |
Net unrealized losses on pension and postretirement benefits | 1,308 | 9,110 | |
Other | 3,806 | 997 | |
Total deferred tax assets | 148,760 | 178,302 | |
Valuation allowance for deferred tax assets | 0 | (251) | $ (251) |
Total deferred tax assets after valuation allowance | 148,760 | 178,051 | |
Gross deferred tax liabilities | |||
Prepaid expenses | 61,826 | 63,113 | |
Goodwill | 22,785 | 21,698 | |
Mortgage banking activities | 14,382 | 10,403 | |
Deferred loan fee income | 7,848 | 9,799 | |
State deferred taxes | 1,234 | 2,636 | |
Lease financing | 0 | 116 | |
Bank premises and equipment | 20,705 | 30,188 | |
Purchase accounting | 11,500 | 12,658 | |
Deferred Tax Liability, Basis Difference From Equity Securities and Other Investments | 2,597 | 0 | |
Net unrealized gains on AFS securities | 0 | 13,568 | |
Other | 667 | 1,049 | |
Total deferred tax liabilities | 143,544 | 165,228 | |
Net deferred tax assets (liabilities) | $ 12,823 | ||
Net deferred tax assets (liabilities) | $ 5,216 |
Income Taxes, Summary of Valuat
Income Taxes, Summary of Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred Tax Assets, Valuation Allowance [Roll Forward] | ||
Valuation allowance for deferred tax assets, beginning of year | $ (251) | $ (251) |
Decrease in current year | 251 | 0 |
Valuation allowance for deferred tax assets, end of year | $ 0 | $ (251) |
Income Taxes, Major Reasons for
Income Taxes, Major Reasons for the Difference in Effective Income Tax Rate from the Federal Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation | |||
Federal income tax rate at statutory rate | 21.00% | 21.00% | 21.00% |
Increases (decreases) resulting from: | |||
Tax-exempt interest and dividends | (3.00%) | (3.90%) | (3.30%) |
State income taxes (net of federal benefit) | 3.80% | 3.70% | 3.50% |
Bank owned life insurance | (0.60%) | (0.90%) | (0.80%) |
Tax effect of tax credits and benefits, net of related expenses | (1.80%) | (1.80%) | (0.90%) |
Tax reserve adjustments / settlements | 0.00% | 0.10% | 0.20% |
Net tax (benefit) expense from stock-based compensation | 0.00% | 0.30% | (0.20%) |
Restructuring in conjunction with ABRC sale | (0.10%) | (13.70%) | 0.00% |
FDIC premium | 0.50% | 0.80% | 0.50% |
Other | (0.20%) | 0.60% | (0.40%) |
Effective income tax rate | 19.60% | 6.20% | 19.60% |
Income Taxes, Reconciliation of
Income Taxes, Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits Table (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $ 3 | $ 3 |
Subtractions for tax positions related to prior years | (1) | 0 |
Balance at end of year | $ 2 | $ 3 |
Income Taxes, Textuals (Details
Income Taxes, Textuals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance for deferred tax assets | $ 0 | $ (251) | $ (251) |
Bad debt from acquired savings banks | 100,000 | ||
Deferred tax on bad debt from acquired savings banks | 25,000 | ||
Unrecognized tax benefit impact on effective tax rate | 2,000 | 3,000 | |
Loss on prepayments of FHLB advances | 0 | $ 0 | |
Risk Management and Shared Serivies [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Loss on prepayments of FHLB advances | $ 44,650 | ||
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 79,000 | ||
Operating tax loss carryforwards from acquisitions | $ 32,000 | ||
Operating Loss Carryforwards, Expiration Begin Date | begin expiring in 2031 | ||
Internal Revenue Service (IRS) | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | $ 3,000 |
Derivative and Hedging Activi_3
Derivative and Hedging Activities, Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Forward Commitment Fair Value | $ 30 | |
Asset | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivatives (trading and other assets), fair value | 93,026 | $ 219,537 |
Less: Legally enforceable master netting agreements | 2,143 | 1,936 |
Less: Cash collateral pledged/received | 1,313 | 10,879 |
Net Amounts Presented on the Consolidated Balance Sheets | 89,570 | 206,722 |
Liability | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivatives (trading and other liabilities), fair value | 32,921 | 43,716 |
Less: Legally enforceable master netting Liability | 2,143 | 1,936 |
Less: Cash collateral pledged/received | 11,357 | 25,625 |
Net Amounts Presented on the Consolidated Balance Sheets | 19,421 | 16,155 |
Not designated as hedging instruments | Asset | Interest Rate Related Instruments Customer and Mirror | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivative Asset, Notional Amount | 3,874,781 | 3,639,679 |
Derivatives (trading and other assets), fair value | 83,626 | 192,518 |
Not designated as hedging instruments | Asset | Foreign currency exchange forwards | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivative Asset, Notional Amount | 490,057 | 411,292 |
Derivatives (trading and other assets), fair value | 5,490 | 4,909 |
Not designated as hedging instruments | Asset | Commodity contracts | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivative Asset, Notional Amount | 3,894 | 87,547 |
Derivatives (trading and other assets), fair value | 1,264 | 12,486 |
Not designated as hedging instruments | Asset | Mortgage banking(a)(b) | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivative Asset, Notional Amount | 133,990 | 226,818 |
Derivatives (trading and other assets), fair value | 2,647 | 9,624 |
Not designated as hedging instruments | Liability | Interest Rate Related Instruments Customer and Mirror | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivative Liability, Notional Amount | 3,874,781 | 3,639,679 |
Derivatives (trading and other liabilities), fair value | 26,231 | 25,680 |
Not designated as hedging instruments | Liability | Foreign currency exchange forwards | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivative Liability, Notional Amount | 478,745 | 398,890 |
Derivatives (trading and other liabilities), fair value | 5,441 | 4,836 |
Not designated as hedging instruments | Liability | Commodity contracts | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivative Liability, Notional Amount | 3,910 | 83,214 |
Derivatives (trading and other liabilities), fair value | 1,248 | 11,155 |
Not designated as hedging instruments | Liability | Mortgage banking(a)(b) | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivative Liability, Notional Amount | 245,016 | 335,500 |
Derivatives (trading and other liabilities), fair value | $ 0 | $ 2,046 |
Derivative and Hedging Activi_4
Derivative and Hedging Activities Cumulative Basis Adjustment for Fair Value Hedges (Details) - Designated as Hedging Instrument [Member] $ in Millions | Dec. 31, 2021USD ($) |
Balance Sheet Recording of Fair Value Hedge [Line Items] | |
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | $ 2 |
Underlying Hedged Asset, Amortized Cost Basis | 414 |
Derivative Liability Notional Amount, Terminated | $ 500 |
Derivative and Hedging Activi_5
Derivative and Hedging Activities Income Impact of Fair Value and Cash Flow Hedge (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Income [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | $ (1,376) | $ (1,779) | $ (448) |
Interest Income [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (1,376) | (1,779) | 5,871 |
Interest Income [Member] | Derivatives designated as hedging instruments(a) | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | $ 0 | 0 | $ (6,319) |
Other Operating Income (Expense) [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (262) | ||
Other Operating Income (Expense) [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (262) | ||
Other Operating Income (Expense) [Member] | Derivatives designated as hedging instruments(a) | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | $ 0 |
Derivative and Hedging Activi_6
Derivative and Hedging Activities, Income Statement Category of the Gains and Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Capital market fees, net | Interest Rate Related Instruments Customer and Mirror | |||
Gain (loss) on derivative instruments not designated as hedging instruments | |||
Gain / (Loss) Recognized in Income | $ 2,432 | $ (1,758) | $ (1,393) |
Capital market fees, net | Foreign currency exchange forwards | |||
Gain (loss) on derivative instruments not designated as hedging instruments | |||
Gain / (Loss) Recognized in Income | (25) | (105) | 132 |
Capital market fees, net | Commodity contracts | |||
Gain (loss) on derivative instruments not designated as hedging instruments | |||
Gain / (Loss) Recognized in Income | (1,316) | 427 | (1,763) |
Mortgage banking, net | Mortgage banking(a)(b) | |||
Gain (loss) on derivative instruments not designated as hedging instruments | |||
Gain / (Loss) Recognized in Income | (7,007) | 7,097 | 319 |
Mortgage banking, net | Forward commitments (mortgage) | |||
Gain (loss) on derivative instruments not designated as hedging instruments | |||
Gain / (Loss) Recognized in Income | $ (2,075) | $ 1,335 | $ 1,362 |
Derivative and Hedging Activi_7
Derivative and Hedging Activities (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Investment securities pledged as collateral | $ 71 | $ 72 |
Derivative collateral right to reclaim cash | $ 11 | $ 31 |
Balance Sheet Offsetting (Detai
Balance Sheet Offsetting (Details) - Interest Rate Contract - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Offsetting Derivative Assets [Abstract] | ||
Gross Amounts Recognized | $ 3,567 | $ 13,441 |
Derivative Liabilities Offset | (2,143) | (1,936) |
Cash Collateral Received | (1,313) | (10,879) |
Net Amounts Presented on the Consolidated Balance Sheets | 111 | 626 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross Amounts Recognized | 15,620 | 27,951 |
Derivative Assets Offset | (2,143) | (1,936) |
Cash Collateral Pledged | (11,357) | (25,625) |
Net Amounts Presented on the Consolidated Balance Sheets | $ 2,120 | $ 390 |
Commitments, Off-Balance Shee_2
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities, Summary of Lending Related and Other Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 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 | 10,848,136 | 10,010,492 |
Commercial letters of credit(a) | ||
Summary of lending-related and other commitments | ||
Lending related commitments | 5,992 | 3,642 |
Standby letters of credit(c) | ||
Summary of lending-related and other commitments | ||
Lending related commitments | 248,292 | 278,798 |
Standby letters of credit, fair value | $ 2,000 | $ 3,000 |
Commitments, Changes in the All
Commitments, Changes in the Allowance for Unfunded Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | $ 39,776 | $ 47,776 | $ 21,907 | |
Provision for credit losses | (8,000) | 7,000 | ||
First Staunton Bancshares | ||||
Financing Receivable, Allowance for Credit Loss | ||||
Provision for credit losses | $ 0 | 179 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Loss | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | $ 18,690 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | ||||
Financing Receivable, Allowance for Credit Loss | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | $ 47,776 | $ 40,597 |
Commitments, Off-Balance Shee_3
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Details Textuals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items] | |||
Allowances and Reserve Balance | $ 39,776 | $ 47,776 | |
Expense Related to Qualified Affordable Housing Projects | 33,000 | 23,000 | $ 19,000 |
Remaining Investment in Qualified Affordable Housing Projects | 262,000 | 268,000 | |
Unfunded Equity Contributions Obligation Amount | 80,000 | 118,000 | |
Loans repurchased under make whole requests | 8,000 | 10,000 | |
Loans Sold To Outside Investors Loss Reimbursement Settlement Paid | 114 | ||
Loans sold to outside investors original amount | 16,100,000 | ||
Loans sold to outside investors remaining outstanding amount | 6,500,000 | ||
Mortgage Repurchase Reserve | 1,000 | 2,000 | |
Residential mortgage loans sold with recourse risk | 10,000 | 36,000 | |
Residential mortgage loans sold with credit recourse risk | 24,000 | 33,000 | |
Community Reinvestment, Obtaining Tax Credits, and Other Tax Benefits [Member] | |||
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items] | |||
Carrying value of investments | 268,000 | 272,000 | |
Tax Credit and Other Investments | |||
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items] | |||
Carrying value of investments | $ 25,000 | $ 25,000 |
Parent Company Only Financial_3
Parent Company Only Financial Information, Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||||
Cash and due from banks | $ 343,831 | $ 416,154 | ||
Interest-bearing deposits in other financial institutions | 681,684 | 298,759 | ||
Other assets | 582,168 | 653,219 | ||
Total assets | 35,104,253 | 33,419,783 | ||
Liabilities and Stockholders' Equity | ||||
Commercial paper | 34,730 | 59,346 | ||
Subordinated notes, at par | 250,000 | 250,000 | ||
Long-term funding capitalized costs | 839 | 1,663 | ||
Total long-term funding | 1,870,371 | |||
Other Liabilities | 348,560 | 364,088 | ||
Total liabilities | 31,079,399 | 29,328,850 | ||
Preferred equity | 193,195 | 353,512 | ||
Common equity | 1,752 | 1,752 | ||
Total stockholders’ equity | 4,024,853 | 4,090,933 | $ 3,922,124 | $ 3,780,888 |
Total liabilities and stockholders’ equity | 35,104,253 | 33,419,783 | ||
Parent Company Only | ||||
Assets | ||||
Cash and due from banks | 17,241 | 40,204 | ||
Interest-bearing deposits in other financial institutions | 20,743 | 15,228 | ||
Notes and interest receivable from subsidiaries | 285,516 | 305,779 | ||
Investments in and receivable due from subsidiaries | 3,953,461 | 4,005,198 | ||
Other assets | 46,644 | 46,850 | ||
Total assets | 4,323,605 | 4,413,259 | ||
Liabilities and Stockholders' Equity | ||||
Commercial paper | 34,730 | 59,346 | ||
Subordinated notes, at par | 250,000 | 250,000 | ||
Long-term funding capitalized costs | (839) | (1,133) | ||
Total long-term funding | 249,161 | 248,867 | ||
Other Liabilities | 14,860 | 14,113 | ||
Total liabilities | 298,752 | 322,326 | ||
Preferred equity | 193,195 | 353,512 | ||
Common equity | 3,831,658 | 3,737,421 | ||
Total stockholders’ equity | 4,024,853 | 4,090,933 | ||
Total liabilities and stockholders’ equity | $ 4,323,605 | $ 4,413,259 |
Parent Company Only Financial_4
Parent Company Only Financial Information, Statement of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income | |||
Interest income on notes receivable from subsidiaries | $ 693,729 | $ 785,241 | $ 998,099 |
Total revenue | 1,058,219 | 1,277,012 | 1,216,498 |
Expense | |||
Income before income tax expense | 436,307 | 326,972 | 406,509 |
Income tax expense | 85,313 | 20,200 | 79,720 |
Net income | 350,994 | 306,771 | 326,790 |
Preferred stock dividends | 17,111 | 18,358 | 15,202 |
Net income available to common equity | 333,883 | 288,413 | 311,587 |
Parent Company Only | |||
Income | |||
Income from subsidiaries | 361,198 | 317,895 | 341,789 |
Interest income on notes receivable from subsidiaries | 3,247 | 3,257 | 13,983 |
Other income | 682 | 933 | 761 |
Total revenue | 365,127 | 322,084 | 356,532 |
Expense | |||
Interest expense on short and long-term funding | 10,942 | 10,960 | 16,802 |
Other expense | 7,330 | 6,422 | 6,583 |
Total expense | 18,272 | 17,383 | 23,384 |
Income before income tax expense | 346,856 | 304,702 | 333,148 |
Income tax expense | (4,138) | (2,070) | 6,359 |
Net income | 350,994 | 306,771 | 326,790 |
Preferred stock dividends | 17,111 | 18,358 | 15,202 |
Net income available to common equity | $ 333,883 | $ 288,413 | $ 311,587 |
Parent Company Only Financial_5
Parent Company Only Financial Information, Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flows from Operating Activities | |||
Net income | $ 350,994 | $ 306,771 | $ 326,790 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Losses (gains) on sales of investment securities, net | 16 | (9,222) | (5,957) |
Net change in other assets and other liabilities | 54,520 | 32,270 | (42,005) |
Net cash provided by operating activities | 529,551 | 550,020 | 574,260 |
Cash Flows from Investing Activities | |||
Proceeds from sales of investment securities | 158,743 | 626,283 | 1,367,476 |
Net cash provided by (used in) investing activities | (1,584,186) | (793,737) | 1,617,446 |
Cash Flows from Financing Activities | |||
Net increase (decrease) in commercial paper | 101,946 | (238,655) | 308,039 |
Redemption of Corporation's senior notes | 300,000 | 0 | 250,000 |
Proceeds from issuance of common stock for stock-based compensation plans | 25,702 | 3,966 | 11,216 |
Proceeds from issuance of preferred stock | 0 | 96,796 | 0 |
Redemption of preferred stock | (164,458) | 0 | 0 |
Cash dividends on common stock | (116,061) | (112,023) | (111,804) |
Cash dividends on preferred stock | (17,111) | (18,358) | (15,202) |
Net cash used in financing activities | 1,364,102 | 371,020 | (2,479,660) |
Performance/Service Based RSAs, RSA, [Member] | |||
Cash Flows from Financing Activities | |||
Payments for Repurchase of Common Stock | (4,847) | (6,113) | (8,592) |
Parent Company Only | |||
Cash Flows from Operating Activities | |||
Net income | 350,994 | 306,771 | 326,790 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Increase) decrease in equity in undistributed net income (loss) of subsidiaries | 28,802 | (61,406) | (21,789) |
Net change in other assets and other liabilities | 17,102 | (49,890) | 265 |
Net cash provided by operating activities | 396,898 | 195,475 | 305,266 |
Cash Flows from Investing Activities | |||
Net (increase) decrease in notes receivable from subsidiaries | 20,000 | (105,000) | 250,000 |
Net cash provided by (used in) investing activities | 20,000 | (105,000) | 250,000 |
Cash Flows from Financing Activities | |||
Net increase (decrease) in commercial paper | (24,616) | 27,330 | (13,406) |
Redemption of Corporation's senior notes | 0 | 0 | (250,000) |
Proceeds from issuance of common stock for stock-based compensation plans | 25,702 | 3,966 | 11,216 |
Proceeds from issuance of preferred stock | 0 | 96,796 | 0 |
Purchase of treasury stock, open market purchases | (132,955) | (71,255) | (177,484) |
Cash dividends on common stock | (116,061) | (112,023) | (111,804) |
Cash dividends on preferred stock | (17,111) | (18,358) | (15,202) |
Net cash used in financing activities | (434,346) | (79,656) | (565,272) |
Net increase (decrease) in cash and cash equivalents | (17,448) | 10,819 | (10,006) |
Cash and cash equivalents at beginning of year | 55,432 | 44,613 | 54,619 |
Cash and cash equivalents at end of year | 37,984 | 55,432 | 44,613 |
Redemption of preferred stock | $ (164,458) | $ 0 | $ 0 |
Fair Value Measurements, Assets
Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | $ 541,305 | $ 3,085,441 |
Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 122,957 | 26,531 |
Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 4,209,058 | 3,058,910 |
Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets | 2,617 | 9,624 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Net Amounts Presented on the Consolidated Balance Sheets | 0 | 2,046 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | U.S. Treasury securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 122,957 | 26,531 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 4,810 | 1,661 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | Total investment securities AFS | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 122,957 | 26,531 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | GNMA | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 67,780 | 235,537 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | Private-label | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 329,724 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | FFELP | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 177,325 | 327,189 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | Other debt securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 2,994 | 3,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | Total investment securities AFS | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 4,209,058 | 3,058,910 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | Residential loans held for sale | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets | 136,638 | 129,158 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | Interest rate-related instruments(a) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets | 83,626 | 192,518 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Net Amounts Presented on the Consolidated Balance Sheets | 26,231 | 25,680 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | Foreign currency exchange forwards(a) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets | 5,490 | 4,909 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Net Amounts Presented on the Consolidated Balance Sheets | 5,441 | 4,836 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | Commodity contracts(a) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets | 1,264 | 12,486 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Net Amounts Presented on the Consolidated Balance Sheets | 1,248 | 11,155 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | Interest rate lock commitments to originate residential mortgage loans held for sale | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets | 2,617 | 9,624 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | Forward commitments to sell residential mortgage loans | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets | 30 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | Forward commitments to sell residential mortgage loans | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Net Amounts Presented on the Consolidated Balance Sheets | 0 | 2,046 |
FNMA / FHLMC | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | FNMA / FHLMC | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 2,691,879 | 1,461,241 |
FNMA / FHLMC | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | Commercial mortgage-related securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 350,623 | 22,904 |
GNMA | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | Commercial mortgage-related securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 166,799 | 524,756 |
U.S. Treasury securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 122,957 | 26,531 |
Agency securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 14,897 | 25,038 |
Agency securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 14,897 | 25,038 |
Obligations of state and political subdivisions (municipal securities) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 400,457 | 450,662 |
Obligations of state and political subdivisions (municipal securities) | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 400,457 | 450,662 |
SBA | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 6,580 | 8,584 |
SBA | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | $ 6,580 | $ 8,584 |
Fair Value Measurements, Asse_2
Fair Value Measurements, Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 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 | 53,686 | 72,659 |
Closed loans / settlements | (53,477) | (76,001) |
Other | (7,216) | 10,439 |
Mortgage derivative gain | (7,007) | 7,097 |
Ending Balance | 2,617 | 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 | (3,281) | (3,505) |
Closed loans / settlements | 3,740 | (12,587) |
Other | (2,535) | 17,427 |
Mortgage derivative gain | (2,076) | 1,335 |
Ending Balance | (30) | 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 | 56,966 | 76,164 |
Closed loans / settlements | (57,217) | (63,414) |
Other | (4,680) | (6,988) |
Mortgage derivative gain | (4,932) | 5,762 |
Ending Balance | $ 2,647 | $ 7,579 |
Fair Value Measurements Equity
Fair Value Measurements Equity Securities Without Readily Determinable Fair Values (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity Securities Without Readily Determinable Fair Value Amount [Roll Forward] | |||
Carrying value as of December 31, 2020 | $ 13,000 | ||
Carrying value changes | 0 | $ 0 | $ 13,444 |
Equity Securities without Readily Determinable Fair Value, Additions, Annual Amount | 264 | ||
Equity Securities without Readily Determinable Fair Value, Sales, Annual Amount | (33) | ||
Equity Securities without Readily Determinable Fair Value, Donations, Annual Amount | (134) | ||
Equity Securities without Readily Determinable Fair Value, Amount | 14,000 | 13,000 | |
Fair Value, Inputs, Level 3 | |||
Equity Securities Without Readily Determinable Fair Value Amount [Roll Forward] | |||
Carrying value as of December 31, 2020 | 13,444 | ||
Equity Securities without Readily Determinable Fair Value, Amount | 13,542 | $ 13,444 | |
Cumulative upward carrying value changes between January 1, 2018 and December 31, 2021 | 13,444 | ||
Cumulative downward carrying value changes between January 1, 2018 and December 31, 2021 | $ 0 |
Fair Value Measurements, Asse_3
Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | |||
Mortgage servicing rights | $ 57,259 | $ 41,990 | $ 72,532 |
Mortgage banking, net | (16,186) | 17,704 | $ 63 |
Equity Securities without Readily Determinable Fair Value, Amount | 14,000 | 13,000 | |
Equity securities | 18,352 | 15,106 | |
Fair Value, Inputs, Level 3 | |||
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | |||
Equity Securities without Readily Determinable Fair Value, Amount | 13,542 | 13,444 | |
Equity securities | 13,542 | 13,444 | |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 | |||
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | |||
OREO(b) | 21,299 | 6,125 | |
Other noninterest expense | 7,345 | 3,747 | |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | |||
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | |||
Individually evaluated loans(a) | 69,917 | 138,752 | |
Provision for credit losses | (3,045) | 97,519 | |
Mortgage servicing rights | 57,259 | 41,990 | |
Mortgage banking, net | $ 16,186 | $ (17,704) |
Fair Value Measurements, Schedu
Fair Value Measurements, Schedule of Assumptions for Fair Value as of Balance Sheet Date of Assets or Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Forward Commitment Fair Value | $ 30 | |
Fair Value, Inputs, Level 3 | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Net Amounts Presented on the Consolidated Balance Sheets | 2,617 | $ 9,624 |
Derivatives (trading and other assets), fair value | 2,617 | 9,624 |
Forward Commitment Fair Value | 30 | 0 |
Forward Commitment Carrying Value | $ 30 | 0 |
Fair Value, Inputs, Level 3 | Discounted Cash Flow [Member] | Servicing Contracts [Member] | Minimum [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 | 8.00% | |
Fair Value, Inputs, Level 3 | Discounted Cash Flow [Member] | Servicing Contracts [Member] | 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 | 12.00% | |
Fair Value, Inputs, Level 3 | Discounted Cash Flow [Member] | Servicing Contracts [Member] | 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 | 13.00% | |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Prepayment Speed | 39.00% | |
Fair Value, Inputs, Level 3 | Appraisals/Discounted Cash Flow [Member] | Impaired Finance Receivable [Member] | Minimum [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 | 33.00% | |
Fair Value, Inputs, Level 3 | Appraisals/Discounted Cash Flow [Member] | Impaired Finance Receivable [Member] | 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 | 38.00% | |
Fair Value, Inputs, Level 3 | Appraisals/Discounted Cash Flow [Member] | Impaired Finance Receivable [Member] | 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 | 61.00% | |
Fair Value, Inputs, Level 2 | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
Long-term Debt, Fair Value | $ 265,545 | 578,233 |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Nonrecurring | ||
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | ||
OREO(b) | $ 21,299 | $ 6,125 |
Fair Value Measurements, Fair V
Fair Value Measurements, Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets | ||
Cash and due from banks | $ 343,831 | $ 416,154 |
Interest-bearing deposits in other financial institutions | 681,684 | 298,759 |
Federal funds sold and securities purchased under agreements to resell | 0 | 1,135 |
Debt Securities, Available-for-sale | 541,305 | 3,085,441 |
Investment securities held to maturity | 2,239,003 | 1,879,005 |
Investment securities held to maturity, fair value | 2,348,664 | 2,028,943 |
Equity Securities with Readily Determined Fair Value | 5,000 | 2,000 |
Equity Securities without Readily Determinable Fair Value, Amount | 14,000 | 13,000 |
Equity securities | 18,352 | 15,106 |
FHLB and Federal Reserve Bank stocks | 168,281 | 168,280 |
Loans, net | 23,944,934 | 24,068,022 |
Bank and Corporate Owned Life Insurance | 680,021 | 679,647 |
Forward Commitment Fair Value | 30 | |
Financial liabilities | ||
Short-term funding | 354,262 | 252,317 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 1,621,047 | 1,632,723 |
Other long-term funding | 1,870,371 | |
Commitment on standby letters of credit | 248,000 | 279,000 |
Fair Value, Inputs, Level 1 | ||
Financial assets | ||
Cash and due from banks | 343,831 | 416,154 |
Cash and due from banks, Fair Value | 343,831 | 416,154 |
Interest-bearing deposits in other financial institutions | 681,684 | 298,759 |
Interest-bearing deposits in other financial institutions, fair value | 681,684 | 298,759 |
Federal funds sold and securities purchased under agreements to resell | 0 | 1,135 |
Federal funds sold and securities purchased under agreements to resell, fair value | 0 | 1,135 |
Debt Securities, Available-for-sale | 122,957 | 26,531 |
Investment securities available for sale, at fair value | 122,957 | 26,531 |
Investment securities held to maturity | 1,000 | 999 |
Investment securities held to maturity, fair value | 1,001 | 1,024 |
Equity securities with readily determinable fair value, Carrying Amount | 4,810 | 1,661 |
Equity Securities with Readily Determined Fair Value | 4,810 | 1,661 |
Fair Value, Inputs, Level 2 | ||
Financial assets | ||
Debt Securities, Available-for-sale | 4,209,058 | 3,058,910 |
Investment securities available for sale, at fair value | 4,209,058 | 3,058,910 |
Investment securities held to maturity | 2,237,947 | 1,877,939 |
Investment securities held to maturity, fair value | 2,347,608 | 2,027,852 |
FHLB and Federal Reserve Bank stocks | 168,281 | 168,280 |
FHLB and Federal Reserve Bank stocks, fair value | 168,281 | 168,280 |
Residential Loans Receivable Held for sale Net Not Part of Disposal Group | 136,638 | 129,158 |
Residential Held-for-sale, Fair Value Disclosure | 136,638 | 129,158 |
Bank and Corporate Owned Life Insurance | 680,021 | 679,647 |
Bank owned life insurance, fair value | 680,021 | 679,647 |
Financial liabilities | ||
Brokered CDs and other time deposits | 1,347,262 | 1,757,030 |
Brokered CDs and other time deposits, fair value | 1,347,262 | 1,766,200 |
Short-term funding | 354,262 | 252,317 |
Short-term funding, fair value | 354,248 | 252,303 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 1,621,047 | 1,632,723 |
Advances, Fair Value Disclosure | 1,680,814 | 1,760,727 |
Other long-term funding | 249,324 | 549,465 |
Long-term funding, fair value | 265,545 | 578,233 |
Standby letters of credit | 2,367 | 2,731 |
Standby letters of credit, fair value | 2,367 | 2,731 |
Fair Value, Inputs, Level 2 | Asset | ||
Financial assets | ||
Derivative Assets | 90,379 | 209,913 |
Derivatives (trading and other assets), fair value | 90,379 | 209,913 |
Fair Value, Inputs, Level 2 | Liability | ||
Financial liabilities | ||
Net Amounts Presented on the Consolidated Balance Sheets | 32,921 | 41,671 |
Derivatives (trading and other liabilities), fair value | 32,921 | 41,671 |
Fair Value, Inputs, Level 3 | ||
Financial assets | ||
Equity Securities without Readily Determinable Fair Value, Amount | 13,542 | 13,444 |
Equity securities | 13,542 | 13,444 |
Loans, net | 23,944,934 | 24,068,022 |
Loans, net, fair value | 23,980,330 | 24,012,738 |
Derivative Assets | 2,617 | 9,624 |
Derivatives (trading and other assets), fair value | 2,617 | 9,624 |
Forward Commitment Carrying Value | 30 | 0 |
Forward Commitment Fair Value | 30 | 0 |
Financial liabilities | ||
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts | 27,119,167 | 24,725,451 |
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts, fair value | 27,119,167 | 24,725,451 |
Net Amounts Presented on the Consolidated Balance Sheets | 0 | 2,046 |
Derivatives (trading and other liabilities), fair value | $ 0 | $ 2,046 |
Fair Value Measurements, Textua
Fair Value Measurements, Textuals (Details) - shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Jun. 30, 2019 | Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |||
Closing Ratio | 86.00% | ||
Visa Restricted Stock Owned at Fair Value [Member] | 77,000 | 77,000 | |
Visa Restricted Stock Owned at Zero Cost | 996 | ||
Visa Restricted Shares Owned | 77,996 | ||
Visa Class A Shares Current Conversion from Class B | 126,205 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Associated Banc-Corp | ||
Regulatory Capital [Abstract] | ||
Total capital | $ 3,570,026 | $ 3,632,807 |
Total Capital Actual Ratio | 13.10% | 14.02% |
Total Capital for Capital Adequacy Purposes Amount | $ 2,179,419 | $ 2,072,273 |
Total Capital for Adequacy Purposes Ratio | 8.00% | 8.00% |
Tier 1 Capital Actual Amount | $ 3,001,074 | $ 3,058,809 |
Tier 1 Capital Actual Ratio | 11.02% | 11.81% |
Tier 1 Capital for Adequacy Purposes Amount | $ 1,634,564 | $ 1,554,205 |
Tier 1 Capital for Adequacy Purposes Ratio | 6.00% | 6.00% |
Common Equity Tier One Capital | $ 2,808,289 | $ 2,706,010 |
Common Equity Tier One Capital to Risk Weighted Assets | 10.31% | 10.45% |
Common Equity Tier One Capital Required for Capital Adequacy | $ 1,225,923 | $ 1,165,654 |
Common Equity Tier One Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Tier 1 Leverage Capital Actual Amount | $ 3,001,074 | $ 3,058,809 |
Tier 1 Leverage Capital Actual Ratio | 8.83% | 9.37% |
Tier 1 Leverage Capital for Adequacy Purposes Amount | $ 1,359,299 | $ 1,305,604 |
Tier 1 Leverage Capital for Adequacy Purposes Ratio | 4.00% | 4.00% |
Associated Bank, N.A. | ||
Regulatory Capital [Abstract] | ||
Total capital | $ 3,243,672 | $ 3,295,823 |
Total Capital Actual Ratio | 11.93% | 12.74% |
Total Capital for Capital Adequacy Purposes Amount | $ 2,175,689 | $ 2,068,801 |
Total Capital for Adequacy Purposes Ratio | 8.00% | 8.00% |
Total Capital to be Well Capitalized Amount | $ 2,719,611 | $ 2,586,002 |
Total Capital to be Well Capitalized Ratio | 10.00% | 10.00% |
Tier 1 Capital Actual Amount | $ 2,923,881 | $ 2,971,234 |
Tier 1 Capital Actual Ratio | 10.75% | 11.49% |
Tier 1 Capital for Adequacy Purposes Amount | $ 1,631,766 | $ 1,551,601 |
Tier 1 Capital for Adequacy Purposes Ratio | 6.00% | 6.00% |
Tier 1 Capital To Be Well Capitalized Amount | $ 2,175,689 | $ 2,068,801 |
Tier 1 Capital To Be Well Capitalized Ratio | 8.00% | 8.00% |
Common Equity Tier One Capital | $ 2,923,881 | $ 2,971,234 |
Common Equity Tier One Capital to Risk Weighted Assets | 10.75% | 11.49% |
Common Equity Tier One Capital Required for Capital Adequacy | $ 1,223,825 | $ 1,163,701 |
Common Equity Tier One Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Tier 1 Equity Capital to be Well Capitalized Amount | $ 1,767,747 | $ 1,680,901 |
Tier 1 Equity Capital to be Well Capitalized Ratio | 6.50% | 6.50% |
Tier 1 Leverage Capital Actual Amount | $ 2,923,881 | $ 2,971,234 |
Tier 1 Leverage Capital Actual Ratio | 8.61% | 9.11% |
Tier 1 Leverage Capital for Adequacy Purposes Amount | $ 1,358,041 | $ 1,304,448 |
Tier 1 Leverage Capital for Adequacy Purposes Ratio | 4.00% | 4.00% |
Tier 1 Leverage Capital To Be Well Capitalized Amount | $ 1,697,551 | $ 1,630,560 |
Tier 1 Leverage Capital To Be Well Capitalized Ratio | 5.00% | 5.00% |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Calculations for basic and diluted earnings per common share | |||
Net income | $ 350,994 | $ 306,771 | $ 326,790 |
Preferred stock dividends | (17,111) | (18,358) | (15,202) |
Net income available to common equity | 333,883 | 288,413 | 311,587 |
Common shareholder dividends | (115,212) | (111,291) | (111,091) |
Unvested share-based payment awards | (849) | (732) | (713) |
Undistributed earnings | 217,822 | 176,390 | 199,784 |
Undistributed earnings allocated to common shareholders | 216,299 | 175,134 | 198,424 |
Undistributed earnings allocated to unvested share-based payment awards | 1,523 | 1,256 | 1,360 |
Undistributed earnings | 217,822 | 176,390 | 199,784 |
Basic | |||
Distributed earnings to common shareholders | 115,212 | 111,291 | 111,091 |
Undistributed earnings allocated to common shareholders | 216,299 | 175,134 | 198,424 |
Total common shareholders earnings, basic | 331,510 | 286,425 | 309,514 |
Diluted | |||
Distributed earnings to common shareholders | 115,212 | 111,291 | 111,091 |
Undistributed earnings allocated to common shareholders | 216,299 | 175,134 | 198,424 |
Total common shareholders earnings, diluted | $ 331,510 | $ 286,425 | $ 309,514 |
Weighted average common shares outstanding | 150,773 | 153,005 | 160,534 |
Effect of dilutive common stock awards | 1,214 | 637 | 1,398 |
Diluted weighted average common shares outstanding | 151,987 | 153,642 | 161,932 |
Basic earnings per common share | $ 2.20 | $ 1.87 | $ 1.93 |
Diluted earnings per common share | $ 2.18 | $ 1.86 | $ 1.91 |
Earnings Per Common Share Narra
Earnings Per Common Share Narrative (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3 | 7 | 3 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Income Statement Data Abstract | |||
Net interest income | $ 725,855 | $ 762,957 | $ 835,674 |
Net intersegment interest income (expense) | 0 | 0 | 0 |
Segment net interest income | 725,855 | 762,957 | 835,674 |
Noninterest income | 332,364 | 514,056 | 380,824 |
Total revenue | 1,058,219 | 1,277,012 | 1,216,498 |
Provision for credit losses | (88,011) | 174,006 | 16,000 |
Noninterest expense | 709,924 | 776,034 | 793,988 |
Income before income taxes | 436,307 | 326,972 | 406,509 |
Income tax expense | 85,313 | 20,200 | 79,720 |
Net income | 350,994 | 306,771 | 326,790 |
Segment Balance Sheet Data | |||
Allocated goodwill | 1,104,992 | 1,109,300 | 1,176,230 |
Operating Segments | Corporate and Commercial Specialty [Member] | |||
Segment Income Statement Data Abstract | |||
Net interest income | 373,856 | 395,135 | 447,979 |
Net intersegment interest income (expense) | 26,710 | 10,400 | (52,200) |
Segment net interest income | 400,565 | 405,535 | 395,779 |
Noninterest income | 170,338 | 149,456 | 136,097 |
Total revenue | 570,903 | 554,991 | 531,876 |
Provision for credit losses | 62,795 | 59,780 | 49,341 |
Noninterest expense | 229,444 | 209,507 | 233,655 |
Income before income taxes | 278,664 | 285,705 | 248,879 |
Income tax expense | 49,772 | 53,193 | 47,480 |
Net income | 228,891 | 232,512 | 201,399 |
Segment Balance Sheet Data | |||
Allocated goodwill | 525,836 | 530,144 | 530,144 |
Operating Segments | Community, Consumer and Business [Member] | |||
Segment Income Statement Data Abstract | |||
Net interest income | 276,854 | 295,297 | 301,563 |
Net intersegment interest income (expense) | 53,668 | 54,203 | 93,331 |
Segment net interest income | 330,522 | 349,500 | 394,894 |
Noninterest income | 146,457 | 185,737 | 223,712 |
Total revenue | 476,978 | 535,237 | 618,606 |
Provision for credit losses | 18,138 | 21,862 | 18,594 |
Noninterest expense | 387,033 | 429,565 | 467,086 |
Income before income taxes | 71,808 | 83,810 | 132,925 |
Income tax expense | 15,080 | 17,600 | 27,914 |
Net income | 56,728 | 66,210 | 105,011 |
Segment Balance Sheet Data | |||
Allocated goodwill | 579,156 | 579,156 | 646,086 |
Operating Segments | Risk Management and Shared Services [Member] | |||
Segment Income Statement Data Abstract | |||
Net interest income | 75,146 | 72,525 | 86,132 |
Net intersegment interest income (expense) | (80,378) | (64,603) | (41,130) |
Segment net interest income | (5,232) | 7,922 | 45,001 |
Noninterest income | 15,570 | 178,862 | 21,015 |
Total revenue | 10,338 | 186,784 | 66,017 |
Provision for credit losses | (168,944) | 92,365 | (51,935) |
Noninterest expense | 93,446 | 136,962 | 93,247 |
Income before income taxes | 85,836 | (42,543) | 24,705 |
Income tax expense | 20,461 | (50,593) | 4,325 |
Net income | 65,374 | 8,050 | 20,379 |
Segment Balance Sheet Data | |||
Allocated goodwill | $ 0 | $ 0 | $ 0 |
Segment Reporting (Details Text
Segment Reporting (Details Textuals) $ in Millions | 12 Months Ended | |
Dec. 31, 2021segment | Dec. 31, 2020USD ($) | |
Segment Reporting, Measurement Disclosures [Abstract] | ||
Number of Reportable Segments | segment | 3 | |
Tax Benefit from Tax Planning Strategies | $ | $ 63 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | $ 12,618 | ||
Personnel | (426,687) | $ (432,151) | $ (487,063) |
Interest income | 1,551 | 3,359 | 895 |
Net other comprehensive income (loss) during period | (22,935) | 45,801 | 91,789 |
Ending Balance | (10,317) | 12,618 | |
Investment Securities AFS | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | 41,325 | 3,989 | (75,643) |
Other comprehensive income before reclassifications | (63,714) | 55,628 | 111,592 |
Investment securities (gains), net | 16 | (9,222) | (5,957) |
Personnel | 0 | 0 | 0 |
Other Expenses | 0 | 0 | |
Interest income | 1,551 | 3,359 | 895 |
Other Comprehensive Income (Loss), Tax | 15,557 | (12,429) | (26,898) |
Net other comprehensive income (loss) during period | (46,591) | 37,336 | 79,631 |
Ending Balance | (5,266) | 41,325 | 3,989 |
Defined Benefit Pension and Postretirement Obligations | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (28,707) | (37,172) | (49,330) |
Other comprehensive income before reclassifications | 25,519 | 7,780 | 16,296 |
Investment securities (gains), net | 0 | 0 | 0 |
Personnel | 1,346 | (148) | (148) |
Other Expenses | 4,594 | 3,897 | 476 |
Interest income | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Tax | (7,803) | (3,064) | (4,465) |
Net other comprehensive income (loss) during period | 23,656 | 8,465 | 12,158 |
Ending Balance | (5,051) | (28,707) | (37,172) |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | 12,618 | (33,183) | (124,972) |
Other comprehensive income before reclassifications | (38,195) | 63,408 | 127,887 |
Investment securities (gains), net | 16 | (9,222) | (5,957) |
Personnel | 1,346 | (148) | (148) |
Other Expenses | 4,594 | 3,897 | 476 |
Interest income | 1,551 | 3,359 | 895 |
Other Comprehensive Income (Loss), Tax | 7,754 | (15,493) | (31,363) |
Net other comprehensive income (loss) during period | (22,935) | 45,801 | 91,789 |
Ending Balance | $ (10,317) | $ 12,618 | $ (33,183) |
Revenues Revenue Recognition by
Revenues Revenue Recognition by Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | $ 212,278 | $ 246,077 | $ 288,247 | ||
Noninterest Income, Outside of Scope of Topic 606 | 120,086 | 267,979 | 92,577 | ||
Total noninterest income | 332,364 | 514,056 | 380,824 | ||
Whitnell | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Gain (Loss) on Sale and Maturity of Other Investments, Before Tax | $ 2,000 | ||||
Wealth management fees | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | [1] | 89,854 | 84,957 | 83,467 | |
Service charges and deposit account fees | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 64,406 | 56,307 | 63,135 | ||
Card-based fees(a) | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 43,124 | 38,605 | 39,912 | ||
Insurance commissions and fees | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 336 | 45,245 | 89,104 | ||
Other revenue | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 14,558 | 20,963 | 12,629 | ||
Corporate and Commercial Specialty [Member] | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 113,866 | 105,678 | 97,899 | ||
Noninterest Income, Outside of Scope of Topic 606 | 56,471 | 43,778 | 38,198 | ||
Corporate and Commercial Specialty [Member] | Wealth management fees | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 89,854 | 83,570 | 80,719 | ||
Corporate and Commercial Specialty [Member] | Service charges and deposit account fees | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 18,635 | 16,903 | 13,342 | ||
Corporate and Commercial Specialty [Member] | Card-based fees(a) | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 1,790 | 1,534 | 1,827 | ||
Corporate and Commercial Specialty [Member] | Insurance commissions and fees | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 138 | 208 | 364 | ||
Corporate and Commercial Specialty [Member] | Other revenue | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 3,450 | 3,462 | 1,647 | ||
Community, Consumer and Business [Member] | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 96,592 | 141,775 | 188,666 | ||
Noninterest Income, Outside of Scope of Topic 606 | 49,865 | 43,962 | 35,046 | ||
Community, Consumer and Business [Member] | Wealth management fees | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 0 | 1,387 | 2,838 | ||
Community, Consumer and Business [Member] | Service charges and deposit account fees | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 45,739 | 39,371 | 49,744 | ||
Community, Consumer and Business [Member] | Card-based fees(a) | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 41,313 | 36,937 | 37,895 | ||
Community, Consumer and Business [Member] | Insurance commissions and fees | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 190 | 45,027 | 88,727 | ||
Community, Consumer and Business [Member] | Other revenue | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 9,349 | 19,053 | 9,462 | ||
Risk Management and Shared Services [Member] | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 1,820 | (1,375) | 1,532 | ||
Noninterest Income, Outside of Scope of Topic 606 | 13,750 | 180,237 | 19,483 | ||
Risk Management and Shared Services [Member] | Wealth management fees | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 0 | 0 | (90) | ||
Risk Management and Shared Services [Member] | Service charges and deposit account fees | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 32 | 33 | 49 | ||
Risk Management and Shared Services [Member] | Card-based fees(a) | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 21 | 134 | 190 | ||
Risk Management and Shared Services [Member] | Insurance commissions and fees | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 8 | 10 | 13 | ||
Risk Management and Shared Services [Member] | Other revenue | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Noninterest Income In Scope of Topic 606 | 1,760 | (1,552) | 1,370 | ||
Risk Management and Shared Serivies [Member] | ABRC [Member] | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Gain (Loss) on Disposition of Assets for Financial Service Operations | 163,000 | ||||
Operating Segments [Member] | Corporate and Commercial Specialty [Member] | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Total noninterest income | 170,338 | 149,456 | 136,097 | ||
Operating Segments [Member] | Community, Consumer and Business [Member] | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Total noninterest income | 146,457 | 185,737 | 223,712 | ||
Operating Segments [Member] | Risk Management and Shared Services [Member] | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Total noninterest income | $ 15,570 | $ 178,862 | $ 21,015 | ||
[1] | (a) |
Recent Developments (Details)
Recent Developments (Details) - $ / shares | Feb. 01, 2022 | Jun. 01, 2020 | Sep. 19, 2018 | Sep. 15, 2016 | Jun. 15, 2015 |
Series C Preferred Stock | |||||
Recent Developments [Line Items] | |||||
Preferred Stock, Dividend Rate, Percentage | 6.125% | ||||
Series D Preferred Stock | |||||
Recent Developments [Line Items] | |||||
Preferred Stock, Dividend Rate, Percentage | 5.375% | ||||
Series E Preferred Stock | |||||
Recent Developments [Line Items] | |||||
Preferred Stock, Dividend Rate, Percentage | 5.875% | 5.875% | |||
Series F Preferred Stock [Member] | |||||
Recent Developments [Line Items] | |||||
Preferred Stock, Dividend Rate, Percentage | 5.625% | ||||
Subsequent Event [Member] | |||||
Recent Developments [Line Items] | |||||
Dividends Payable, Date Declared | Feb. 1, 2022 | ||||
Subsequent Event [Member] | Common Stock [Member] | |||||
Recent Developments [Line Items] | |||||
Dividends Payable, Date to be Paid | Mar. 15, 2022 | ||||
Dividends Payable, Date of Record | Mar. 1, 2022 | ||||
Subsequent Event [Member] | Common Stock [Member] | Dividend Declared [Member] | |||||
Recent Developments [Line Items] | |||||
Common stock, dividends declared ($ per share) | $ 0.20 | ||||
Subsequent Event [Member] | Series E Preferred Stock | |||||
Recent Developments [Line Items] | |||||
Dividends Payable, Date to be Paid | Mar. 15, 2022 | ||||
Dividends Payable, Date of Record | Mar. 1, 2022 | ||||
Subsequent Event [Member] | Series E Preferred Stock | Dividend Declared [Member] | |||||
Recent Developments [Line Items] | |||||
Preferred stock, dividends declared ($ per share) | $ 0.3671875 | ||||
Subsequent Event [Member] | Series F Preferred Stock [Member] | Dividend Declared [Member] | |||||
Recent Developments [Line Items] | |||||
Preferred stock, dividends declared ($ per share) | $ 0.3515625 | ||||
Preferred Stock, Dividend Rate, Percentage | 5.625% |