Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
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 | $ 2,713,656,028 | ||
Entity Common Stock, Shares Outstanding | 150,541,896 | ||
Documents Incorporated by Reference | Portions of the registrant's Proxy Statement for the Annual Meeting of Shareholders to be held on April 25, 2023 are incorporated by reference in this Form 10-K into Part III. | ||
Entity Central Index Key | 0000007789 | ||
Document Fiscal Year Focus | 2022 | ||
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, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 436,952 | $ 343,831 |
Interest-bearing deposits in other financial institutions | 156,693 | 681,684 |
Federal funds sold and securities purchased under agreements to resell | 27,810 | 0 |
Available-for-Sale Securities | 2,742,025 | 4,332,015 |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss | 3,960,398 | 2,238,947 |
Equity securities | 25,216 | 18,352 |
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 295,496 | 168,281 |
Residential loans held for sale | 20,383 | 136,638 |
Loans | 28,799,569 | 24,224,949 |
Allowance for loan losses | (312,720) | (280,015) |
Loans, net | 28,486,849 | 23,944,934 |
Tax credit and other investments | 276,773 | 293,733 |
Premises and equipment, net | 376,906 | 385,173 |
Bank and corporate owned life insurance | 676,530 | 680,021 |
Goodwill | 1,104,992 | 1,104,992 |
Other intangible assets, net | 49,282 | 58,093 |
Equity securities without readily determinable fair values | 54,862 | |
Mortgage servicing rights, net(a) | 77,351 | 57,158 |
Interest receivable | 144,449 | 80,528 |
Other assets | 547,621 | 582,168 |
Total assets | 39,405,727 | 35,104,253 |
Liabilities and Stockholders' Equity | ||
Noninterest-bearing demand deposits | 7,760,811 | 8,504,077 |
Interest-bearing deposits | 21,875,343 | 19,962,353 |
Total deposits | 29,636,154 | 28,466,430 |
Federal funds purchased and securities sold under agreements to repurchase | 585,139 | 319,532 |
Commercial paper | 20,798 | 34,730 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 4,319,861 | 1,621,047 |
Other long-term funding | 248,071 | 249,324 |
Allowance for unfunded commitments | 38,776 | 39,776 |
Accrued expenses and other liabilities | 541,438 | 348,560 |
Total liabilities | 35,390,237 | 31,079,399 |
Stockholders’ Equity | ||
Preferred equity | 194,112 | 193,195 |
Common stock | 1,752 | 1,752 |
Surplus | 1,712,733 | 1,713,851 |
Retained earnings | 2,904,882 | 2,672,601 |
Accumulated other comprehensive (loss) | (272,799) | (10,317) |
Treasury stock, at cost | (525,190) | (546,229) |
Total common equity | 3,821,378 | 3,831,658 |
Total stockholders’ equity | 4,015,490 | 4,024,853 |
Total liabilities and stockholders’ equity | $ 39,405,727 | $ 35,104,253 |
Preferred shares authorized (par value $1.00 per share) | 750,000 | 750,000 |
Preferred shares issued and outstanding | 200,000 | 200,000 |
Common shares authorized (par value $0.01 per share) | 250,000,000 | 250,000,000 |
Common shares issued | 175,216,409 | 175,216,409 |
Common shares outstanding | 150,444,019 | 149,342,641 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Interest income | ||||
Interest and fees on loans | $ 992,642 | $ 693,729 | $ 785,241 | |
Interest and dividends on investment securities | ||||
Taxable | 75,444 | 37,916 | 59,806 | |
Tax-exempt | 65,691 | 58,710 | 58,320 | |
Other interest | 11,475 | 7,833 | 9,473 | |
Total interest income | 1,145,252 | 798,189 | 912,840 | |
Interest expense | ||||
Interest on deposits | 98,309 | 18,622 | 67,639 | |
Interest on federal funds purchased and securities sold under agreements to repurchase | 3,480 | 143 | 485 | |
Interest on other short-term funding | 2 | 22 | 51 | |
Interest on PPPLF Funding | 0 | 0 | 1,984 | |
Interest on FHLB advances | 75,487 | 36,493 | 57,359 | |
Interest on long-term funding | 10,653 | 17,053 | 22,365 | |
Total interest expense | 187,931 | 72,334 | 149,883 | |
Net interest income | 957,321 | 725,855 | 762,957 | |
Provision for credit losses | 32,998 | (88,011) | 174,006 | |
Net interest income after provision for credit losses | 924,323 | 813,866 | 588,950 | |
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | 201,953 | 212,278 | 246,077 | |
Capital markets, net | 29,917 | 30,602 | 27,966 | |
Mortgage banking, net | 18,873 | 50,751 | 45,580 | |
Bank Owned Life Insurance Income | 11,431 | 13,254 | 13,771 | |
Asset gains, net(a) | [1] | 1,338 | 11,009 | 155,589 |
Investment securities gains (losses), net | 3,746 | (16) | 9,222 | |
Gains on sale of branches, net(b) | 0 | 1,038 | 7,449 | |
Other(c) | 10,715 | 11,366 | 55,445 | |
Total noninterest income | 282,370 | 332,364 | 514,056 | |
Noninterest expense | ||||
Personnel | 454,101 | 426,687 | 432,151 | |
Technology | 90,700 | 81,689 | 81,214 | |
Occupancy | 59,794 | 63,513 | 64,064 | |
Business development and advertising | 25,525 | 21,149 | 18,428 | |
Equipment | 19,632 | 21,104 | 21,705 | |
Legal and professional | 18,250 | 21,923 | 21,546 | |
Loan and foreclosure costs | 5,925 | 8,143 | 12,600 | |
FDIC assessment | 22,650 | 18,150 | 20,350 | |
Other intangible amortization | 8,811 | 8,844 | 10,192 | |
Loss on prepayments of FHLB advances | 0 | 0 | ||
Other | 41,675 | 38,721 | 49,135 | |
Total noninterest expense | 747,063 | 709,924 | 776,034 | |
Income before income tax expense | 459,630 | 436,307 | 326,972 | |
Income tax expense | 93,508 | 85,313 | 20,200 | |
Net income | 366,122 | 350,994 | 306,771 | |
Preferred stock dividends | 11,500 | 17,111 | 18,358 | |
Net income available to common equity | $ 354,622 | $ 333,883 | $ 288,413 | |
Earnings per common share | ||||
Basic | $ 2.36 | $ 2.20 | $ 1.87 | |
Diluted | $ 2.34 | $ 2.18 | $ 1.86 | |
Average common shares outstanding | ||||
Basic | 149,162 | 150,773 | 153,005 | |
Diluted | 150,496 | 151,987 | 153,642 | |
Wealth management fees | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | [2] | $ 84,122 | $ 89,854 | $ 84,957 |
Service charges and deposit account fees | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | 62,310 | 64,406 | 56,307 | |
Card-based fees | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | 44,132 | 43,124 | 38,605 | |
Revenue from Contract with Customer, Including Assessed Tax | 44,014 | 43,014 | 38,534 | |
Other fee-based revenue | ||||
Noninterest income | ||||
Noninterest Income In Scope of Topic 606 | 11,389 | 14,894 | 66,208 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 15,903 | $ 17,086 | 19,238 | |
Risk Management and Shared Serivies [Member] | ||||
Noninterest expense | ||||
Loss on prepayments of FHLB advances | 44,650 | |||
Risk Management and Shared Serivies [Member] | ABRC [Member] | ||||
Average common shares outstanding | ||||
Gain (Loss) on Disposition of Assets for Financial Service Operations | $ 163,000 | |||
[1]The year ended December 31, 2020 includes a gain of $163 million from the sale of ABRC. See Note 2 Acquisitions and Dispositions for additional details on the sale of ABRC. (b) Includes the deposit premium on the sale of branches net of miscellaneous costs to sell. See Note 2 Acquisitions and Dispositions for additional details on the branch sales. (c) Includes insurance commissions and fees, which were elevated prior to the sale of ABRC. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 366,122 | $ 350,994 | $ 306,771 |
AFS investment securities | |||
Net unrealized gains (losses) | (250,273) | (63,714) | 55,628 |
Unrealized (losses) on AFS securities transferred to HTM securities | (67,604) | 0 | 0 |
Amortization of net unrealized losses on AFS securities transferred to HTM securities | 9,870 | 1,551 | 3,359 |
Reclassification adjustment for net losses (gains) realized in net income | 1,922 | 16 | (9,222) |
Income tax (expense) benefit | 78,159 | 15,557 | (12,429) |
Other comprehensive income (loss) on investment securities AFS | (227,926) | (46,591) | 37,336 |
Fair value adjustment on cash flow hedge | 3,626 | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (212) | 0 | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (54) | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | 3,360 | 0 | 0 |
Defined benefit pension and postretirement obligations | |||
Amortization of prior service cost | (325) | (148) | (148) |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 1,494 | 0 |
Net actuarial gain (loss) | (51,745) | 25,519 | 7,780 |
Amortization of actuarial loss | 658 | 4,594 | 3,897 |
Income tax (expense) benefit | 13,495 | (7,803) | (3,064) |
Other comprehensive income (loss) on pension and postretirement obligations | (37,917) | 23,656 | 8,465 |
Other Comprehensive Income (Loss), Net of Tax | (262,483) | (22,935) | 45,801 |
Comprehensive income | $ 103,639 | $ 328,059 | $ 352,572 |
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] | Series C Preferred Stock | Series D Preferred Stock | Series E Preferred Stock | Series F Preferred Stock [Member] | Preferred Equity | Preferred Equity Accounting Standards Update 2016-13 [Member] | Common Stock [Member] | Common Stock [Member] Accounting Standards Update 2016-13 [Member] | Surplus | Surplus Accounting Standards Update 2016-13 [Member] | Retained Earnings | Retained Earnings Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings Accounting Standards Update 2016-13 [Member] | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Accounting Standards Update 2016-13 [Member] | Treasury Stock | Treasury Stock Accounting Standards Update 2016-13 [Member] | Treasury Stock Performance/Service Based RSAs, RSA, [Member] | Treasury Stock Board Authorized Purchase Program [Member] | |
Beginning balance at Dec. 31, 2019 | $ 3,922,124 | $ 3,823,787 | $ 256,716 | $ 256,716 | $ 1,752 | $ 1,752 | $ 1,716,431 | $ 1,716,431 | $ 2,380,867 | $ 2,282,530 | $ (33,183) | $ (33,183) | $ (400,460) | $ (400,460) | |||||||||||
Beginning balance (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | $ (98,337) | $ (98,337) | |||||||||||||||||||||||
Preferred stock shares outstanding, beginning balance (in shares) at Dec. 31, 2019 | 264,000 | 264,000 | |||||||||||||||||||||||
Common stock shares outstanding, beginning balance (in shares) at Dec. 31, 2019 | 175,216,000 | 175,216,000 | |||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||
Net income | 306,771 | 306,771 | |||||||||||||||||||||||
Other Comprehensive Income, Other, Net of Tax | 45,801 | 45,801 | |||||||||||||||||||||||
Other comprehensive income | 45,801 | 45,801 | |||||||||||||||||||||||
Comprehensive income | 352,572 | ||||||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||||||
Stock-based compensation plans, net | 3,966 | (17,663) | 0 | 21,629 | |||||||||||||||||||||
Purchase of Treasury Stock | $ (6,113) | $ (71,255) | $ (6,113) | $ (71,255) | |||||||||||||||||||||
Cash dividends | |||||||||||||||||||||||||
Common stock dividends | (112,023) | (112,023) | |||||||||||||||||||||||
Preferred stock dividends | [1] | (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 | |||||||||||||||||||||||
Other | 0 | ||||||||||||||||||||||||
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 | 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 | [2] | (17,111) | (17,111) | ||||||||||||||||||||||
Stock-based compensation expense, net | 15,591 | 15,591 | |||||||||||||||||||||||
Other | 0 | ||||||||||||||||||||||||
Ending balance at Dec. 31, 2021 | 4,024,853 | 193,195 | $ 1,752 | 1,713,851 | 2,672,601 | (10,317) | (546,229) | ||||||||||||||||||
Ending balance (Cumulative Effect, Period of Adoption, Adjusted Balance [Member]) at Dec. 31, 2021 | 4,026,566 | $ 193,195 | $ 1,752 | 1,713,851 | 2,674,314 | (10,317) | (546,229) | ||||||||||||||||||
Ending balance (Cumulative Effect, Period of Adoption, Adjustment [Member]) at Dec. 31, 2021 | $ 1,713 | 1,713 | |||||||||||||||||||||||
Preferred stock shares outstanding, ending balance (in shares) at Dec. 31, 2021 | 200,000 | ||||||||||||||||||||||||
Preferred stock shares outstanding, ending balance (in shares) (Cumulative Effect, Period of Adoption, Adjusted Balance [Member]) at Dec. 31, 2021 | 200,000 | ||||||||||||||||||||||||
Common stock shares outstanding, ending balance (in shares) at Dec. 31, 2021 | 149,342,641 | 175,216,000 | |||||||||||||||||||||||
Common stock shares outstanding, ending balance (in shares) (Cumulative Effect, Period of Adoption, Adjusted Balance [Member]) at Dec. 31, 2021 | 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 | |||||||||||||||||||||
Net income | $ 366,122 | 366,122 | |||||||||||||||||||||||
Other comprehensive income | (262,483) | (262,483) | |||||||||||||||||||||||
Comprehensive income | 103,639 | ||||||||||||||||||||||||
Stock-based compensation plans, net | 11,061 | (17,397) | 28,458 | ||||||||||||||||||||||
Purchase of Treasury Stock | $ (6,480) | $ (6,480) | |||||||||||||||||||||||
Common stock dividends | (123,137) | (123,137) | |||||||||||||||||||||||
Preferred stock dividends | [3] | (11,500) | (11,500) | ||||||||||||||||||||||
Stock-based compensation expense, net | 16,280 | 16,280 | |||||||||||||||||||||||
Other | (938) | $ 916 | (916) | (938) | |||||||||||||||||||||
Ending balance at Dec. 31, 2022 | $ 4,015,490 | $ 194,112 | $ 1,752 | $ 1,712,733 | $ 2,904,882 | $ (272,799) | $ (525,190) | ||||||||||||||||||
Preferred stock shares outstanding, ending balance (in shares) at Dec. 31, 2022 | 200,000 | ||||||||||||||||||||||||
Common stock shares outstanding, ending balance (in shares) at Dec. 31, 2022 | 150,444,019 | 175,216,000 | |||||||||||||||||||||||
Cash dividends | |||||||||||||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.46875 | $ 1.40625 | |||||||||||||||||||||||
[1](a) Series C, $1.53125 per share; Series D, $1.34375 per share; Series E, $1.46875 per share; and Series F, $0.7881181 per share.[2](b) Series C, $0.70252 per share; Series D, $0.95613per share; Series E, $1.46875 per share; and Series F, $1.40625 per share.[3] (c) Series E, $1.46875 per share; and Series F, $1.40625 per share. (d) MSRs at December 31, 2021 were carried at LOCOM. On January 1, 2022, the Corporation made the irrevocable election to account for MSRs at fair value. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Cash Flows from Operating Activities | ||||
Net income | $ 366,122 | $ 350,994 | $ 306,771 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Provision for credit losses | 32,998 | (88,011) | 174,006 | |
Depreciation and amortization | 45,088 | 46,508 | 50,567 | |
Change in MSRs valuation(a) | (22,264) | (16,186) | 17,704 | |
Amortization of other intangible assets | 8,811 | 8,844 | 10,192 | |
Amortization and accretion on earning assets, funding, and other, net | 14,980 | 15,088 | 25,028 | |
Net amortization of tax credit investments | 34,684 | 34,070 | 25,556 | |
Losses (gains) on sales of investment securities, net | 1,674 | 16 | (9,222) | |
Asset (gains), net | [1] | (1,338) | (11,009) | (155,589) |
(Gains) on sale of branches, net | 0 | (1,038) | (7,449) | |
(Gain) loss on mortgage banking activities, net | 3,654 | (39,106) | (59,379) | |
Mortgage loans originated and acquired for sale | (600,114) | (1,749,556) | (1,642,135) | |
Proceeds from sales of mortgage loans held for sale | 715,035 | 1,774,791 | 1,959,571 | |
(Increase) decrease in interest receivable | (63,921) | 9,735 | 933 | |
(Decrease) increase in interest payable | 12,608 | (10,675) | (11,385) | |
(Decrease) increase in expense payable | (5,297) | 24,645 | (29,057) | |
(Decrease) increase in net derivative position | 269,774 | 120,418 | (113,760) | |
Net change in other assets and other liabilities | 34,072 | 60,025 | 7,666 | |
Net cash provided by operating activities | 846,566 | 529,551 | 550,020 | |
Cash Flows from Investing Activities | ||||
Net decrease (increase) in loans | (4,579,431) | 198,631 | (1,640,524) | |
Purchases of | ||||
AFS securities | (959,977) | (2,744,244) | (1,648,938) | |
HTM securities | (301,052) | (622,485) | (125,480) | |
Federal Home Loan Bank and Federal Reserve Bank stocks and equity securities | (128,620) | (2,760) | (84,152) | |
Premises, equipment, and software, net of disposals | (62,711) | (52,281) | (54,682) | |
Other intangibles | 0 | 0 | (200) | |
Proceeds from | ||||
Proceeds from sales of investment securities | 110,177 | 158,708 | 626,283 | |
Sales of Federal Home Loan Bank and Federal Reserve Bank stocks and equity securities | 528 | 35 | 144,000 | |
Prepayments, calls, and maturities of AFS securities | 494,197 | 1,216,657 | 1,343,056 | |
Prepayments, calls, and maturities of HTM securities | 196,605 | 299,761 | 449,078 | |
Sales, prepayments, calls and maturities of other assets | 33,795 | 29,833 | 27,964 | |
Net change in tax credit and alternative investments | (58,323) | (68,455) | (55,134) | |
Net cash (paid) in acquisitions | 0 | 0 | (31,518) | |
Net cash (used in) investing activities | (5,254,811) | (1,584,186) | (793,737) | |
Cash Flows from Financing Activities | ||||
Net increase in deposits | 1,169,983 | 2,015,423 | 2,497,378 | |
Net decrease in deposits due to branch sales | 0 | (31,083) | (222,878) | |
Net increase (decrease) in short-term funding | 251,674 | 101,946 | (238,655) | |
Net increase (decrease) in short-term FHLB advances | 3,125,000 | 0 | (520,000) | |
Repayment of long-term FHLB advances | (413,558) | (18,437) | (1,040,972) | |
Proceeds from long-term FHLB advances | 1,775 | 6,950 | 4,215 | |
Repayment of senior notes | 0 | (300,000) | 0 | |
(Repayment) proceeds of finance lease principal | 306 | (965) | (1,081) | |
Proceeds from issuance of preferred stock | 0 | 0 | 96,796 | |
Proceeds from issuance of common stock for stock-based compensation plans | 11,061 | 25,702 | 3,966 | |
Redemption of preferred shares | 0 | (164,458) | 0 | |
Cash dividends on common stock | (123,137) | (116,061) | (112,023) | |
Cash dividends on preferred stock | (11,500) | (17,111) | (18,358) | |
payments for repurchase of common stock for tax withholding | 938 | 0 | 0 | |
Net cash provided by financing activities | 4,004,185 | 1,364,102 | 371,020 | |
Net increase (decrease) in cash and cash equivalents | (404,060) | 309,467 | 127,304 | |
Cash and cash equivalents at beginning of period | 1,025,515 | 716,048 | 588,744 | |
Restricted Cash | 0 | 0 | 0 | |
Supplemental disclosures of cash flow information | ||||
Cash paid for interest | 174,675 | 81,604 | 159,291 | |
Cash paid for income and franchise taxes | 18,395 | 57,728 | 17,734 | |
Loans and bank premises transferred to OREO | 5,591 | 35,553 | 19,261 | |
Capitalized mortgage servicing rights | 7,279 | 16,151 | 13,667 | |
Loans transferred into held for sale from portfolio, net | 18 | 6,010 | 264,570 | |
Transfer of AFS securities to HTM securities | 1,621,990 | 0 | 0 | |
Unsettled trades to purchase securities | 0 | 4,459 | 0 | |
Write-up of equity securities without readily determinable fair values | 5,690 | 0 | 0 | |
Fair value adjustments on hedged long-term FHLB advances and subordinated debt | 16,163 | 0 | 0 | |
Fair value adjustment on cash flow hedge | 3,626 | 0 | 0 | |
Acquisitions | ||||
Fair value of assets acquired, including cash and cash equivalents | 0 | 0 | 456,480 | |
Fair value ascribed to goodwill and intangible assets | 0 | 0 | 23,548 | |
Fair value of liabilities assumed | 0 | 0 | 480,028 | |
Fair Value, Measurements, Recurring [Member] | ||||
Supplemental disclosures of cash flow information | ||||
Fair value adjustment on cash flow hedge | 3,360 | 0 | 0 | |
ABRC [Member] | ||||
Proceeds from | ||||
Net cash received in business segment sale | 0 | 2,415 | 256,511 | |
Performance/Service Based RSAs, RSA, [Member] | ||||
Cash Flows from Financing Activities | ||||
Payments for Repurchase of Common Stock | 6,480 | 4,847 | 6,113 | |
Board Authorized Purchase Program [Member] | ||||
Cash Flows from Financing Activities | ||||
Payments for Repurchase of Common Stock | $ 0 | $ 132,955 | $ 71,255 | |
[1]The year ended December 31, 2020 includes a gain of $163 million from the sale of ABRC. See Note 2 Acquisitions and Dispositions for additional details on 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. (c) Includes insurance commissions and fees, which were elevated prior to the sale of ABRC. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
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. The determination of the ACLL is particularly susceptible to significant change. 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. 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 HTM investment securities, 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 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 allowance for loan losses is 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 the 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 finance, 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. 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 lower of the book value or 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, an MSRs asset is capitalized, which represents the then current fair value of future net cash flows expected to be realized for performing servicing activities. On January 1, 2022, the Corporation made the irrevocable election to account for its MSRs asset under the fair value measurement method. As a result of the change, a cumulative effect adjustment of $2 million, increasing retained earnings on the consolidated balance sheets, was recognized. Under this methodology, changes in the fair value are recognized in earnings as they occur through mortgage banking, net on the consolidated statements of income. MSRs are not traded in active markets. A cash flow model is used to determine fair value. Key assumptions and estimates, including projected prepayment speeds, assumed servicing costs, ancillary income, costs to service delinquent loans, costs of foreclosure, and discount rates with option-adjusted spreads, used by this model are based on current market sources. Assumptions used to value MSRs are considered significant unobservable inputs. A separate third-party model is used to estimate prepayment speeds based on interest rates, housing turnover rates, estimated loan curtailment, anticipated defaults and other relevant factors. Fair value estimates from outside sources are received periodically to corroborate the results of the valuation model. See Note 5 for additional information on MSRs. Prior to January 1, 2022, upon sale, an MSRs asset was capitalized, which represented 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 had not elected to subsequently measure any class of servicing assets under the fair value measurement method, the Corporation followed the amortization method. MSRs were amortized in proportion to and over the period of estimated net servicing income, and assessed for impairment at each reporting date. MSRs were 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 evaluated its MSRs asset for impairment. Impairment was 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 was established, through a charge to earnings, to the extent the amortized cost of the MSRs exceeded the estimated fair value by stratification. If it was later determined that all or a portion of the temporary impairment no longer existed for a stratification, the valuation was reduced through a recovery to earnings. An other-than-temporary impairment (i.e., recoverability was considered remote when considering interest rates and loan pay off activity) was recognized as a write-down of the MSRs asset and the related valuation allowance (to the extent a valuation allowance was 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. 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. For a derivative designated as a cash flow hedge, 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, foreign currency exchange solutions, and until early 2022, commodity hedging. 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 and investment securities. Federal regulations require the Corporation to clear all LIBOR and compound SOFR 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 and the London Clearing House 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. For derivatives designated and that qualify as fair value hedges, as allowed under U.S. GAAP, we applied the "shortcut" method of accounting, which permits the assumption of perfect effectiveness. The gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest expense. These items, along with the net interest from the derivative, are reported in the same income statement line as the fixed-rate debt expense. 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 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 |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions and Dispositions | Acquisitions and Dispositions Acquisitions: The Corporation did not have any acquisitions during 2021 or 2022. Dispositions: The Corporation did not have any dispositions during 2022. 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. The Corporation 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. On December 11, 2020, the Bank closed on the sale of two branches in southwest Wisconsin to Royal Bank. Under the terms of the transaction, the Bank sold $53 million in total deposits and no loans. The Bank received a 4% purchase premium on deposits transferred in the Prairie du Chien and Richland Center branches. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Investment securities are classified as AFS, HTM, or equity on the consolidated balance sheets at the time of purchase. The amortized cost and fair values of AFS and HTM securities at December 31, 2022 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value AFS investment securities U.S. Treasury securities $ 124,441 $ — $ (15,063) $ 109,378 Agency securities 15,000 — (1,468) 13,532 Obligations of state and political subdivisions (municipal securities) 235,693 96 (5,074) 230,714 Residential mortgage-related securities FNMA / FHLMC 1,820,642 404 (216,436) 1,604,610 GNMA 502,537 314 (5,255) 497,596 Commercial mortgage-related securities FNMA / FHLMC 19,038 — (1,896) 17,142 GNMA 115,031 — (4,569) 110,462 Asset backed securities FFELP 157,138 — (5,947) 151,191 SBA 4,512 15 (51) 4,477 Other debt securities 3,000 — (78) 2,922 Total AFS investment securities $ 2,997,032 $ 830 $ (255,837) $ 2,742,025 HTM investment securities U.S. Treasury securities $ 999 $ — $ (62) $ 936 Obligations of state and political subdivisions (municipal securities) 1,732,351 1,994 (182,697) 1,551,647 Residential mortgage-related securities FNMA / FHLMC 961,231 31,301 (175,760) 816,771 GNMA 52,979 85 (3,436) 49,628 Private-label 364,728 11,697 (72,920) 303,505 Commercial mortgage-related securities FNMA/FHLMC 778,796 15,324 (178,281) 615,839 GNMA 69,369 577 (7,254) 62,691 Total HTM investment securities $ 3,960,451 $ 60,978 $ (620,411) $ 3,401,018 During the first quarter of 2022, the Corporation redesignated approximately $1.6 billion of mortgage-related securities from AFS to HTM. The reclassification of these investment securities was accounted for at fair value. Management elected to transfer these investment securities as the Corporation has the positive intent and ability to hold these investment securities to maturity. See Note 22 for additional information on the unrealized losses on investment securities transferred from AFS to HTM. The amortized cost and fair values of AFS and HTM securities at December 31, 2021 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value AFS investment securities 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 AFS investment securities $ 4,338,671 $ 28,850 $ (35,506) $ 4,332,015 HTM investment securities 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 HTM investment securities $ 2,239,003 $ 118,471 $ (8,809) $ 2,348,664 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, 2022, are shown below: AFS HTM ($ in Thousands) Amortized Fair Amortized Fair Due in one year or less $ 6,245 $ 6,230 $ 17,660 $ 17,621 Due after one year through five years 86,971 81,271 30,135 29,842 Due after five years through ten years 248,453 233,565 156,937 154,046 Due after ten years 36,465 35,480 1,528,616 1,351,075 Total debt securities 378,134 356,546 1,733,349 1,552,584 Residential mortgage-related securities FNMA / FHLMC 1,820,642 1,604,610 961,231 816,771 GNMA 502,537 497,596 52,979 49,628 Private-label — — 364,728 303,505 Commercial mortgage-related securities FNMA / FHLMC 19,038 17,142 778,796 615,839 GNMA 115,031 110,462 69,369 62,691 Asset backed securities FFELP 157,138 151,191 — — SBA 4,512 4,477 — — Total investment securities $ 2,997,032 $ 2,742,025 $ 3,960,451 $ 3,401,018 Ratio of Fair Value to Amortized Cost 91.5 % 85.9 % 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, 2022: ($ in Thousands) AAA AA A Not Rated Total U.S. Treasury securities $ 999 $ — $ — $ — $ 999 Obligations of state and political subdivisions (municipal securities) 806,529 917,059 7,604 1,158 1,732,351 Residential mortgage-related securities FNMA/FHLMC 961,231 — — — 961,231 GNMA 52,979 — — — 52,979 Private-label 364,728 — — — 364,728 Commercial mortgage-related securities FNMA/FHLMC 778,796 — — — 778,796 GNMA 69,369 — — — 69,369 Total HTM securities $ 3,034,630 $ 917,059 $ 7,604 $ 1,158 $ 3,960,451 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 gross realized gains and losses on AFS securities, the gain on sale and net write-up of equity securities, and proceeds from the sale of investment securities for each of the three years ended December 31 shown below: ($ in Thousands) 2022 2021 2020 Gross gains on AFS securities $ 21 $ 421 $ 9,312 Gross (losses) on AFS securities (1,943) (437) (90) Gain on sale and net write-up of equity securities 5,668 — — Investment securities gains (losses), net $ 3,746 $ (16) $ 9,222 Proceeds from sales of AFS investment securities $ 110,177 $ 158,708 $ 626,283 During the fourth quarter of 2022, the Corporation sold $110 million of lower yielding municipal securities at a loss of $2 million and reinvested the proceeds into higher yielding and lower risk-weighted GNMA securities. During the third quarter of 2022, the Corporation sold its Visa Class B restricted shares obtained in the acquisition of First Staunton, which were carried at a zero-cost basis. The remaining shares of Visa Class B restricted shares held by the Corporation, which are carried at fair value, were subsequently written up to reflect the new observable price resulting from that sale. During the second quarter of 2021, the Corporation sold $107 million of lower yielding FFELP student loan asset backed securities at an immaterial 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 an immaterial loss to take advantage of the steeper yield curve by reinvesting the proceeds into similar but higher yielding, longer duration securities. During the second quarter of 2020, the Corporation sold $261 million of less liquid securities at a gain of $3 million, reinvesting the proceeds into more liquid securities in order to further improve portfolio liquidity. During the first quarter of 2020, the Corporation sold $281 million of primarily prepayment sensitive mortgage-related securities at a gain of $6 million. Additionally, in February 2020, the Corporation sold $84 million of certain securities acquired in the First Staunton acquisition that did not fit the parameters of the Corporation's current investment strategy . Investment securities with a carrying value of $2.3 billion at both December 31, 2022 and 2021 were pledged to secure certain deposits or for other purposes. Accrued interest receivable on HTM securities totaled $19 million and $15 million at December 31, 2022 and 2021, respectively. Accrued interest receivable on AFS securities totaled $9 million at both December 31, 2022 and 2021. 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 for the years ended December 31, 2022 and 2021. A security is considered past due once it is 30 days past due under the terms of the agreement. At both December 31, 2022 and 2021, the Corporation had no past due HTM securities. The allowance for credit losses on HTM securities was approximately $54,000 and $55,000 at December 31, 2022 and 2021, respectively, attributable entirely to the Corporation's municipal securities, included in HTM investment securities, net, at amortized cost on the consolidated balance sheets. The Corporation also holds U.S. Treasury, municipal and mortgage-related securities issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government and private-label residential mortgage-related securities that have credit enhancement which covers the first 15% of losses and, as a result, no allowance for credit losses has been recorded related to these securities. The following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at December 31, 2022: Less than 12 months 12 months or more Total ($ in Thousands) Number Unrealized Fair Number Unrealized Fair Unrealized (Losses) Fair AFS investment securities U.S. Treasury securities — $ — $ — 7 $ (15,063) $ 109,378 $ (15,063) $ 109,378 Agency securities — — — 1 (1,468) 13,532 (1,468) 13,532 Obligations of state and political subdivisions (municipal securities) 358 (5,066) 201,260 4 (8) 1,916 (5,074) 203,176 Residential mortgage-related securities FNMA / FHLMC 24 (31,266) 260,986 84 (185,170) 1,321,420 (216,436) 1,582,406 GNMA 23 (4,415) 220,276 2 (840) 11,096 (5,255) 231,372 Commercial mortgage-related securities FNMA / FHLMC 1 (1,896) 17,142 — — — (1,896) 17,142 GNMA 33 (3,920) 101,036 4 (649) 9,426 (4,569) 110,462 Asset backed securities FFELP 3 (1,668) 44,304 12 (4,278) 106,887 (5,947) 151,191 SBA 2 (1) 417 6 (50) 2,057 (51) 2,474 Other debt securities 2 (30) 1,970 1 (49) 951 (78) 2,922 Total 446 $ (48,263) $ 847,391 121 $ (207,575) $ 1,576,665 $ (255,837) $ 2,424,055 HTM investment securities U.S. Treasury securities 1 $ (62) $ 936 — $ — $ — $ (62) $ 936 Obligations of state and political subdivisions (municipal securities) 771 (96,282) 1,079,216 156 (86,415) 231,022 (182,697) 1,310,238 Residential mortgage-related securities FNMA / FHLMC 79 (18,925) 143,201 22 (156,836) 671,570 (175,760) 814,770 GNMA 81 (3,436) 44,476 — — — (3,436) 44,476 Private-label 3 (9,509) 58,733 15 (63,411) 244,772 (72,920) 303,505 Commercial mortgage-related securities FNMA / FHLMC 4 (3,814) 20,338 39 (174,467) 576,911 (178,281) 597,249 GNMA 8 (2,528) 34,612 6 (4,726) 28,080 (7,254) 62,691 Total 947 $ (134,556) $ 1,381,511 238 $ (485,855) $ 1,752,354 $ (620,411) $ 3,133,865 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, 2021: Less than 12 months 12 months or more Total ($ in Thousands) Number Unrealized Fair Number Unrealized Fair Unrealized Fair AFS investment securities 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 HTM investment securities 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 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, 2022 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. 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 $209 million and $82 million at December 31, 2022 and 2021, respectively. The Corporation had Federal Reserve Bank stock of $87 million at both December 31, 2022 and 2021. Accrued interest receivable on FHLB stock totaled $3 million and approximately $975,000 at December 31, 2022 and 2021, respectively. There was no accrued interest receivable on Federal Reserve Bank stock at either December 31, 2022 or 2021. 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, 2022 and 2021, the Corporation had equity securities with readily determinable fair values of $6 million and $5 million, respectively. Equity securities without readily determinable fair values: The Corporation's portfolio of equity securities without readily determinable fair values, which primarily consists of Visa Class B restricted shares, was carried at $19 million and $14 million at December 31, 2022 and 2021, respectively. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Loans The period end loan composition was as follows: ($ in Thousands) Dec 31, 2022 Dec 31, 2021 Asset-based lending & equipment finance (a) $ 458,887 $ 178,027 Commercial and industrial 9,300,567 8,274,358 Commercial real estate - owner occupied 991,722 971,326 Commercial and business lending 10,751,176 9,423,711 Commercial real estate - investor 5,080,344 4,384,569 Real estate construction 2,155,222 1,808,976 Commercial real estate lending 7,235,565 6,193,545 Total commercial 17,986,742 15,617,256 Residential mortgage 8,511,550 7,567,310 Auto finance 1,382,073 143,045 Home equity 624,353 595,615 Other consumer 294,851 301,723 Total consumer 10,812,828 8,607,693 Total loans $ 28,799,569 $ 24,224,949 (a) Dec 31, 2021 does not include equipment finance . Accrued interest receivable on loans totaled $113 million at December 31, 2022, and $55 million at December 31, 2021, 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 $491,000 for the year ended December 31, 2022, and approximately $574,000 for the year ended December 31, 2021. The Corporation has granted loans to its directors, executive officers, or their related interests. These loans were made on substantially the same terms, including rates and collateral, as those prevailing at the time for comparable transactions with other unrelated customers, and do not involve more than a normal risk of collection. These loans to related parties are summarized below: ($ in Thousands) 2022 2021 Balance at beginning of year $ 45,245 $ 29,420 New loans 2,656 24,218 Repayments (1,416) (8,244) Change due to status of executive officers and directors (43,110) (150) Balance at end of year $ 3,376 $ 45,245 The following table presents commercial and consumer loans by credit quality indicator by origination year at December 31, 2022: Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis 2022 2021 2020 2019 2018 Prior Total Asset-based lending & equipment finance: Risk rating: Pass $ — $ 47,446 $ 269,258 $ 121,914 $ 1,832 $ 653 $ 85 $ — $ 441,189 Potential Problem — — 1,448 — 16,250 — — — 17,698 Asset-based lending & equipment finance $ — $ 47,446 $ 270,706 $ 121,914 $ 18,082 $ 653 $ 85 $ — $ 458,887 Commercial and industrial: Risk rating: Pass $ 1,423 $ 1,891,331 $ 2,976,288 $ 2,245,094 $ 566,001 $ 572,467 $ 330,557 $ 432,906 $ 9,014,644 Special Mention — 93,209 3,411 23,607 — — 19 32,497 152,744 Potential Problem 447 24,549 39,952 4,193 5,637 38,169 218 6,133 118,851 Nonaccrual 3,926 — 5,210 — 9,119 — — — 14,329 Commercial and industrial $ 5,796 $ 2,009,089 $ 3,024,861 $ 2,272,895 $ 580,757 $ 610,636 $ 330,794 $ 471,535 $ 9,300,567 Commercial real estate - owner occupied: Risk rating: Pass $ — $ 12,447 $ 211,645 $ 225,627 $ 163,965 $ 160,370 $ 73,487 $ 97,420 $ 944,961 Special Mention — — — — 1,136 1,491 9,713 — 12,339 Potential Problem — 1,325 1,238 11,141 5,523 10,769 370 4,055 34,422 Commercial real estate - owner occupied $ — $ 13,772 $ 212,883 $ 236,769 $ 170,624 $ 172,630 $ 83,570 $ 101,475 $ 991,722 Commercial and business lending: Risk rating: Pass $ 1,423 $ 1,951,224 $ 3,457,191 $ 2,592,636 $ 731,798 $ 733,490 $ 404,129 $ 530,326 $ 10,400,794 Special Mention — 93,209 3,411 23,607 1,136 1,491 9,732 32,497 165,083 Potential Problem 447 25,874 42,638 15,335 27,410 48,938 589 10,188 170,971 Nonaccrual 3,926 — 5,210 — 9,119 — — — 14,329 Commercial and business lending $ 5,796 $ 2,070,307 $ 3,508,450 $ 2,631,578 $ 769,463 $ 783,919 $ 414,449 $ 573,010 $ 10,751,176 Commercial real estate - investor: Risk rating: Pass $ 38,412 $ 106,280 $ 1,633,094 $ 1,419,000 $ 683,121 $ 530,444 $ 262,858 $ 210,299 $ 4,845,096 Special Mention — — 61,968 24,149 7,361 9,400 — 10,455 113,333 Potential Problem — — 16,147 21,303 27,635 1,333 19,017 7,099 92,535 Nonaccrual — — 2,177 25,668 — — — 1,535 29,380 Commercial real estate - investor $ 38,412 $ 106,280 $ 1,713,387 $ 1,490,120 $ 718,117 $ 541,177 $ 281,875 $ 229,387 $ 5,080,344 Real estate construction: Risk rating: Pass $ — $ 29,892 $ 900,593 $ 913,107 $ 241,230 $ 12,062 $ 2,226 $ 9,775 $ 2,108,885 Special Mention — — — — 12,174 33,087 — — 45,261 Potential Problem — — — — 970 — — — 970 Nonaccrual — — — — — — — 105 105 Real estate construction $ — $ 29,892 $ 900,593 $ 913,107 $ 254,374 $ 45,149 $ 2,226 $ 9,880 $ 2,155,222 Commercial real estate lending: Risk rating: Pass $ 38,412 $ 136,173 $ 2,533,687 $ 2,332,107 $ 924,351 $ 542,505 $ 265,083 $ 220,073 $ 6,953,981 Special Mention — — 61,968 24,149 19,535 42,487 — 10,455 158,595 Potential Problem — — 16,147 21,303 28,605 1,333 19,017 7,099 93,505 Nonaccrual — — 2,177 25,668 — — — 1,640 29,485 Commercial real estate lending $ 38,412 $ 136,173 $ 2,613,980 $ 2,403,227 $ 972,492 $ 586,326 $ 284,101 $ 239,267 $ 7,235,565 Total commercial: Risk rating: Pass $ 39,835 $ 2,087,396 $ 5,990,879 $ 4,924,743 $ 1,656,149 $ 1,275,996 $ 669,213 $ 750,399 $ 17,354,774 Special Mention — 93,209 65,379 47,756 20,671 43,978 9,732 42,952 323,677 Potential Problem 447 25,874 58,785 36,638 56,016 50,271 19,606 17,287 264,476 Nonaccrual 3,926 — 7,387 25,668 9,119 — — 1,640 43,814 Total commercial $ 44,208 $ 2,206,480 $ 6,122,430 $ 5,034,805 $ 1,741,955 $ 1,370,245 $ 698,550 $ 812,278 $ 17,986,742 Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis 2022 2021 2020 2019 2018 Prior Total Residential mortgage: Risk rating: Pass $ — $ — $ 1,410,566 $ 2,184,125 $ 1,716,663 $ 817,164 $ 370,724 $ 1,951,406 $ 8,450,648 Special Mention — — — 284 96 — — 63 444 Potential Problem — — 455 71 — 738 29 685 1,978 Nonaccrual — — 8,506 3,851 6,219 3,744 5,014 31,145 58,480 Residential mortgage $ — $ — $ 1,419,527 $ 2,188,332 $ 1,722,979 $ 821,645 $ 375,768 $ 1,983,299 $ 8,511,550 Auto finance: Risk rating: Pass $ — $ — $ 1,271,205 $ 106,102 $ 333 $ 1,267 $ 446 $ 61 $ 1,379,414 Special Mention — — 1,052 118 — — — — 1,170 Nonaccrual — — 1,149 331 — 9 — — 1,490 Auto finance $ — $ — $ 1,273,406 $ 106,551 $ 333 $ 1,276 $ 446 $ 61 $ 1,382,073 Home equity: Risk rating: Pass $ 7,254 $ 508,212 $ 31,389 $ 6,508 $ 2,112 $ 6,197 $ 6,966 $ 54,827 $ 616,211 Special Mention 47 102 — — — — 47 310 458 Potential Problem — 15 — — — 34 2 146 197 Nonaccrual 1,590 — 306 102 131 307 319 6,322 7,487 Home equity $ 8,891 $ 508,329 $ 31,695 $ 6,610 $ 2,243 $ 6,538 $ 7,333 $ 61,605 $ 624,353 Other consumer: Risk rating: Pass $ 64 $ 199,942 $ 7,429 $ 5,256 $ 2,468 $ 1,238 $ 174 $ 77,611 $ 294,117 Special Mention 6 490 11 — 5 5 — 25 537 Nonaccrual 78 56 11 21 10 56 10 34 197 Other consumer $ 147 $ 200,488 $ 7,452 $ 5,276 $ 2,482 $ 1,300 $ 184 $ 77,670 $ 294,851 Total consumer: Risk rating: Pass $ 7,318 $ 708,154 $ 2,720,589 $ 2,301,991 $ 1,721,576 $ 825,866 $ 378,310 $ 2,083,904 $ 10,740,390 Special Mention 52 592 1,063 403 101 5 47 398 2,609 Potential Problem — 15 455 71 — 772 31 831 2,175 Nonaccrual 1,668 56 9,973 4,304 6,360 4,116 5,343 37,501 67,654 Total consumer $ 9,038 $ 708,817 $ 2,732,080 $ 2,306,769 $ 1,728,037 $ 830,759 $ 383,731 $ 2,122,635 $ 10,812,828 Total loans: Risk rating: Pass $ 47,152 $ 2,795,551 $ 8,711,468 $ 7,226,734 $ 3,377,725 $ 2,101,861 $ 1,047,522 $ 2,834,303 $ 28,095,164 Special Mention 52 93,801 66,443 48,159 20,772 43,983 9,778 43,350 326,286 Potential Problem 447 25,889 59,240 36,709 56,016 51,043 19,637 18,118 266,651 Nonaccrual 5,595 56 17,360 29,972 15,479 4,116 5,343 39,141 111,467 Total loans $ 53,246 $ 2,915,297 $ 8,854,510 $ 7,341,574 $ 3,469,992 $ 2,201,004 $ 1,082,280 $ 2,934,912 $ 28,799,569 (a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination. The following table presents commercial and consumer loans by credit quality indicator by origination 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 Commercial and industrial: (b) Risk rating: Pass $ 2,084 $ 2,371,605 $ 2,676,674 $ 871,368 $ 986,300 $ 710,491 $ 177,568 $ 493,876 $ 8,287,882 Special Mention — 7,068 6,112 1,976 — — — 2,811 17,967 Potential Problem 2,706 26,387 25,415 19,960 46,296 20,924 104 1,172 140,258 Nonaccrual 76 — 5,996 207 52 24 — — 6,279 Commercial and industrial $ 4,867 $ 2,405,059 $ 2,714,198 $ 893,511 $ 1,032,647 $ 731,439 $ 177,671 $ 497,860 $ 8,452,385 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 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 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 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 Auto finance: Risk rating: Pass $ — $ — $ 137,952 $ 707 $ 2,675 $ 1,200 $ 352 $ 107 $ 142,993 Nonaccrual — — — — 36 15 — — 52 Auto finance $ — $ — $ 137,952 $ 707 $ 2,711 $ 1,216 $ 352 $ 107 $ 143,045 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 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 $ 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 those reported during the reporting period and are also reported in their year of origination. (b) Includes asset-based lending and equipment finance. 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 ACLL, 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 exhibiting acceptable financial statements, cash flow, and leverage. If any risk exists, it is mitigated by the loan structure, collateral, monitoring, or control. For consumer loans, performing loans include credits performing in accordance with the original contractual terms. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Special mention credits have potential weaknesses that warrant specific attention from management. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the credit. Accruing TDRs could be pass or special mention, depending on the risk rating on the loan. Potential problem loans are considered inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged. These loans generally have a well-defined weakness, or weaknesses, which may jeopardize liquidation of the debt, and are characterized by the distinct possibility the Corporation will sustain some loss if the deficiencies are not corrected. Management has determined commercial loan relationships in nonaccrual status, and commercial and consumer loan relationships with their terms restructured in a TDR, meet the criteria to be individually evaluated. Commercial loans classified as special mention, potential problem, and nonaccrual are reviewed at a minimum on a quarterly basis, while pass credits, which are performing rated credits, are generally reviewed on an annual basis or more frequently if the loan renewal is less than one year or if otherwise warranted. The following table presents loans by past due status at December 31, 2022: Accruing ($ in Thousands) Current 30-59 Days 60-89 Days 90+ Days Nonaccrual (a)(b) Total Asset-based lending & equipment finance $ 458,887 $ — $ — $ — $ — $ 458,887 Commercial and industrial 9,279,674 716 5,566 282 14,329 9,300,567 Commercial real estate - owner occupied 991,493 218 12 — — 991,722 Commercial and business lending 10,730,053 934 5,578 282 14,329 10,751,176 Commercial real estate - investor 5,049,897 1,067 — — 29,380 5,080,344 Real estate construction 2,155,077 39 — — 105 2,155,222 Commercial real estate lending 7,204,975 1,105 — — 29,485 7,235,565 Total commercial 17,935,028 2,040 5,578 282 43,814 17,986,742 Residential mortgage 8,443,072 9,811 63 124 58,480 8,511,550 Auto finance 1,371,176 8,238 1,170 — 1,490 1,382,073 Home equity 611,259 5,149 458 — 7,487 624,353 Other consumer 291,722 1,018 592 1,322 197 294,851 Total consumer 10,717,229 24,216 2,283 1,446 67,654 10,812,828 Total loans $ 28,652,257 $ 26,256 $ 7,861 $ 1,728 $ 111,467 $ 28,799,569 (a) Of the total nonaccrual loans, $64 million, or 58%, were current with respect to payment at December 31, 2022. (b) No interest income was recognized on nonaccrual loans for the year ended December 31, 2022. In addition, there were $11 million of nonaccrual loans for which there was no related ACLL at December 31, 2022. The following table presents loans by past due status at December 31, 2021: Accruing ($ in Thousands) Current 30-59 Days 60-89 Days 90+ Days Nonaccrual (a)(b) Total Asset-based lending $ 178,027 $ — $ — $ — $ — $ 178,027 Commercial and industrial (c) 8,267,213 619 97 151 6,279 8,274,358 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 Auto finance 142,982 11 — — 52 143,045 Home equity 584,177 2,867 844 — 7,726 595,615 Other consumer 298,261 1,835 472 986 170 301,723 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) Of the total nonaccrual loans, $84 million, or 65%, were current with respect to payment at December 31, 2021. (b) No interest income was recognized on nonaccrual loans for the year ended December 31, 2021. In addition, there were $9 million of nonaccrual loans for which there was no related ACLL at December 31, 2021. (c) Includes equipment finance. Troubled Debt Restructurings Loans are considered restructured loans if concessions have been granted to borrowers that are experiencing financial difficulty. See Note 1 for the Corporation's accounting policy for TDRs. The following table presents nonaccrual and performing restructured loans by loan portfolio: December 31, 2022 December 31, 2021 December 31, 2020 ($ in Thousands) Performing Nonaccrual Restructured Loans (a) Performing Nonaccrual Restructured Loans (a) Performing Nonaccrual Restructured Loans (a) Commercial and industrial $ 12,453 $ — $ 8,687 $ — $ 12,713 $ 6,967 Commercial real estate - owner occupied 316 — 967 — 1,711 — Commercial real estate - investor 128 2,074 12,866 3,093 26,435 225 Real estate construction 195 9 242 45 260 111 Residential mortgage 16,829 17,117 16,316 13,483 7,825 11,509 Home equity 2,148 927 2,648 806 1,957 1,379 Other consumer 798 — 803 — 1,191 — Total restructured loans $ 32,868 $ 20,127 $ 42,530 $ 17,426 $ 52,092 $ 20,190 (a) Nonaccrual restructured loans have been included within nonaccrual loans. The Corporation had a recorded investment of $11 million in loans modified as TDRs during the year ended December 31, 2022, of which $1 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. As of December 31, 2022, there were $20 million of commitments to lend additional funds to borrowers with restructured loans. The following table provides the number of loans modified in a TDR by loan portfolio, the recorded investment, and unpaid principal balance: Years Ended December 31, 2022 2021 2020 ($ 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 2 $ 281 $ 281 4 $ 610 $ 610 7 $ 1,823 $ 2,059 Commercial real estate - owner occupied — — — — — — 4 658 689 Commercial real estate - investor — — — 6 4,259 10,166 10 26,563 26,567 Residential mortgage 55 10,557 10,777 69 12,415 12,463 36 6,031 6,113 Home equity 15 531 557 9 932 963 20 1,078 1,697 Total loans modified 72 $ 11,370 $ 11,616 88 $ 18,216 $ 24,201 77 $ 36,154 $ 37,125 (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, 2022, 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 during the year ended December 31, 2022. 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, 2022, 2021, and 2020, respectively, and the recorded investment in these restructured loans at the time of default as of December 31, 2022, 2021, and 2020, respectively: Years Ended December 31, 2022 2021 2020 ($ in Thousands) Number of Recorded Number of Recorded Number of Recorded Commercial real estate — investor — $ — 1 $ 164 — $ — Residential mortgage 4 1,178 11 1,171 5 1,036 Home equity — — — — 4 208 Total loans modified 4 $ 1,178 12 $ 1,334 9 $ 1,244 All loans modified in a TDR are individually evaluated for impairment. The nature and extent of the impairment of restructured loans, including those which have experienced a subsequent payment default, are considered in the determination of an appropriate level of the ACLL. The Corporation analyzes loans for classification as a probable TDR. This analysis includes identifying customers that are showing possible liquidity issues in the near term without reasonable access to alternative sources of capital. At December 31, 2022, the Corporation had no loans meeting this classification, compared to $7 million at December 31, 2021. Allowance for Credit Losses on Loans The ACLL is comprised of the allowance for loan losses and the allowance for unfunded commitments. The level of the ACLL represents management’s estimate of an amount appropriate to provide for expected lifetime credit losses in the loan portfolio at the balance sheet date. The expected lifetime credit losses are the product of multiplying the Corporation's estimates of probability of default, loss given default, and the individual loan level exposure at default on an undiscounted basis. A main factor in the determination of the ACLL is the economic forecast. The forecast the Corporation used for December 31, 2022 was the Moody's baseline scenario from November 2022, which was reviewed against the December 2022 baseline scenario with no material updates made, over a 2 year reasonable and supportable period with straight-line reversion to historical losses over the second year of the period. See Note 1 for the Corporation's accounting policy on the ACLL. The allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). See Note 16 for additional information on the change in the allowance for unfunded commitments. The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 2022: ($ in Thousands) Dec 31, 2021 Charge offs Recoveries Net Charge offs Provision for credit losses Dec 31, 2022 ACLL / Loans Allowance for loan losses Asset-based lending & equipment finance $ 4,182 $ — $ — $ — $ 2,382 $ 6,564 Commercial and industrial 85,675 (4,491) 5,282 791 26,047 112,512 Commercial real estate — owner occupied 11,473 — 13 13 (2,011) 9,475 Commercial and business lending 101,330 (4,491) 5,295 804 26,418 128,551 Commercial real estate — investor 72,803 (50) 50 — (18,405) 54,398 Real estate construction 37,643 (48) 106 58 7,887 45,589 Commercial real estate lending 110,446 (98) 156 58 (10,518) 99,986 Total commercial 211,776 (4,588) 5,451 862 15,900 228,538 Residential mortgage 40,787 (567) 908 341 (2,830) 38,298 Auto finance 1,999 (1,041) 98 (943) 18,563 19,619 Home equity 14,011 (587) 1,385 798 66 14,875 Other consumer 11,441 (3,363) 1,010 (2,353) 2,301 11,390 Total consumer 68,239 (5,558) 3,401 (2,157) 18,100 84,182 Total loans $ 280,015 $ (10,146) $ 8,852 $ (1,294) $ 34,000 $ 312,720 Allowance for unfunded commitments Asset-based lending & equipment finance $ 857 $ — $ — $ — $ (256) $ 601 Commercial and industrial 17,601 — — — (5,205) 12,396 Commercial real estate — owner occupied 208 — — — (105) 103 Commercial and business lending 18,667 — — — (5,566) 13,101 Commercial real estate — investor 936 — — — (226) 710 Real estate construction 15,586 — — — 4,997 20,583 Commercial real estate lending 16,522 — — — 4,770 21,292 Total commercial 35,189 — — — (796) 34,393 Home equity 2,592 — — — 107 2,699 Other consumer 1,995 — — — (311) 1,683 Total consumer 4,587 — — — (204) 4,382 Total loans $ 39,776 $ — $ — $ — $ (1,000) $ 38,776 Allowance for credit losses on loans Asset-based lending & equipment finance $ 5,040 $ — $ — $ — $ 2,125 $ 7,165 1.56 % Commercial and industrial 103,276 (4,491) 5,282 791 20,842 124,908 1.34 % Commercial real estate — owner occupied 11,681 — 13 13 (2,115) 9,579 0.97 % Commercial and business lending 119,997 (4,491) 5,295 804 20,852 141,652 1.32 % Commercial real estate — investor 73,739 (50) 50 — (18,631) 55,108 1.08 % Real estate construction 53,229 (48) 106 58 12,884 66,171 3.07 % Commercial real estate lending 126,968 (98) 156 58 (5,748) 121,279 1.68 % Total commercial 246,965 (4,588) 5,451 862 15,104 262,931 1.46 % Residential mortgage 40,787 (567) 908 341 (2,830) 38,298 0.45 % Auto finance 1,999 (1,041) 98 (943) 18,563 19,619 1.42 % Home equity 16,603 (587) 1,385 798 173 17,574 2.81 % Other consumer 13,436 (3,363) 1,010 (2,353) 1,990 13,073 4.43 % Total consumer 72,825 (5,558) 3,401 (2,157) 17,896 88,565 0.82 % Total loans $ 319,791 $ (10,146) $ 8,852 $ (1,294) $ 33,000 $ 351,496 1.22 % 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 Asset-based lending $ 2,077 $ — $ 412 $ 412 $ 1,693 $ 4,182 Commercial and industrial (a) 141,247 (21,564) 8,152 (13,412) (42,160) 85,675 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 Auto finance 174 (22) 31 9 1,816 1,999 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 Total consumer 76,475 (4,738) 4,993 256 (8,492) 68,239 Total loans $ 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 (a) 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 loans $ 47,776 $ — $ — $ — $ (8,000) $ 39,776 Allowance for credit losses on loans Asset-based lending $ 2,978 $ — $ 412 $ 412 $ 1,649 $ 5,040 2.83 % Commercial and industrial (a) 162,657 (21,564) 8,152 (13,412) (45,970) 103,276 1.25 % Commercial real estate — owner occupied 11,539 — 120 120 22 11,681 1.20 % Commercial and business lending 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 % Auto finance 174 (22) 31 9 1,816 1,999 1.40 % 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 % Total consumer 82,150 (4,738) 4,993 256 (9,581) 72,825 0.85 % Total loans $ 431,478 $ (40,652) $ 16,965 $ (23,687) $ (88,000) $ 319,791 1.32 % (a) Includes equipment finance |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Other Intangible Assets Goodwill Goodwill is not amortized but is instead subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. 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 2022, utilizing a qualitative assessment. Factors that management considered in this assessment included macroeconomic conditions, industry and market considerations, overall financial performance of the Corporation and each reporting unit (both current and projected), changes in management strategy, and changes in the composition or carrying amount of net assets. In addition, management considered the changes in both the Corporation's common stock price and in the overall bank common stock index (based on the S&P 400 Regional Bank Sub-Industry Index), as well as the Corporation's earnings per common share trend over the past year. Based on these assessments, management concluded that it is more likely than not that the estimated fair value exceeded the carrying value (including goodwill) for each reporting unit. Therefore, a step one quantitative analysis was not required. There have been no events since the May 2022 impairment test that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in 2022, 2021, or 2020. The Corporation had goodwill of $1.1 billion at both December 31, 2022 and 2021. Other Intangible Assets The Corporation has CDIs and historically had other intangible assets, both of which are amortized. For CDIs and other intangibles, changes in the gross carrying amount, accumulated amortization, and net book value were as follows: ($ in Thousands) 2022 2021 2020 Core deposit intangibles Gross carrying amount at the beginning of the year $ 88,109 $ 88,109 $ 80,730 Additions during the year — — 7,379 Accumulated amortization (38,827) (30,016) (21,205) Net book value $ 49,282 $ 58,093 $ 66,904 Amortization during the year $ 8,811 $ 8,811 $ 8,749 Other intangibles Gross carrying amount at the beginning of the year $ — $ 2,000 $ 38,970 Additions during the year — — 200 Reductions due to sale — (1,317) (17,435) Accumulated amortization — (683) (20,385) Net book value $ — $ — $ 1,350 Amortization during the year $ — $ 33 $ 1,443 Mortgage Servicing Rights The Corporation sells residential mortgage loans in the secondary market and typically retains the right to service the loans sold. On January 1, 2022, the Corporation made the irrevocable election to account for its MSRs under the fair value measurement method, with any change in fair value being recognized through earnings in mortgage banking, net on the consolidated statements of income. 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 under the fair value measurement method for the year ended December 31, 2022 is as follows: ($ in Thousands) 2022 Mortgage servicing rights Mortgage servicing rights at beginning of period $ 54,862 Cumulative effect of accounting methodology change 2,296 Balance at beginning of period, adjusted $ 57,158 Additions 7,279 Paydowns (9,350) Valuation: Change in fair value model assumptions 5,715 Changes in fair value of asset 16,549 Mortgage servicing rights at end of period $ 77,351 Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) $ 6,711,820 Mortgage servicing rights to servicing portfolio 1.15 % Prior to January 1, 2022, the Corporation accounted for its MSRs under the amortization methodology. See Note 1 for the Corporation’s accounting policy for MSRs when they were still under the amortization methodology. A summary of changes in the balance of the MSRs asset and the MSRs valuation allowance under the amortization methodology for the years ended December 31, 2021 and 2020 is as follows: ($ in Thousands) 2021 2020 Mortgage servicing rights Mortgage servicing rights at beginning of year $ 59,967 $ 67,607 Additions from acquisition — 1,357 Additions 16,151 13,667 Amortization (19,436) (22,664) Mortgage servicing rights at end of year $ 56,682 $ 59,967 Valuation allowance at beginning of year (18,006) (302) (Additions) recoveries, net 16,186 (17,704) Valuation allowance at end of year (1,820) (18,006) Mortgage servicing rights, net $ 54,862 $ 41,961 Fair value of mortgage servicing rights $ 57,259 $ 41,990 Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) 6,994,834 7,743,956 Mortgage servicing rights, net to servicing portfolio 0.78 % 0.54 % Mortgage servicing rights expense (a) $ 3,250 $ 40,369 (a) Includes the amortization of mortgage servicing rights and additions / recoveries to the valuation allowance of mortgage servicing rights, and is a component of mortgage banking, net on the consolidated statements of income. The projections of amortization expense for CDIs and decay for MSRs are based on existing asset balances, the current interest rate environment, and prepayment speeds as of December 31, 2022. The actual 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 CDIs and decay for MSRs: ($ in Thousands) Core Deposit Intangibles Mortgage Servicing Rights Year ending December 31, 2023 $ 8,811 $ 13,714 2024 8,811 10,364 2025 8,811 9,238 2026 8,811 8,108 2027 8,811 7,301 Beyond 2027 5,227 28,626 Total estimated amortization expense and MSRs decay $ 49,282 $ 77,351 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021 is as follows: 2022 2021 ($ in Thousands) Estimated Cost Accumulated Net Book Net Book Land — $ 65,516 $ — $ 65,516 $ 66,830 Land improvements 3 – 20 years 19,785 9,711 10,074 9,555 Buildings and improvements 5 – 40 years 393,329 179,833 213,496 213,130 Computers and related equipment 4 – 8 years 55,226 42,620 12,606 13,831 Furniture, fixtures and other equipment 3 – 20 years 118,887 85,776 33,110 41,787 Operating leases — 42,633 17,017 25,617 28,299 Leasehold improvements 2 – 20 years 39,454 22,966 16,487 11,741 Total premises and equipment $ 734,829 $ 357,923 $ 376,906 $ 385,173 Depreciation and amortization of premises and equipment totaled $31 million for 2022, $33 million for 2021, and $34 million for 2020. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Capital Leases in Financial Statements of Lessee Disclosure | Note 7 Leases The Corporation has operating leases for retail and corporate offices, land, and equipment. The Corporation also has a finance lease for retail and corporate offices. These leases have original terms of 1 year or longer with remaining maturities up to 40 years, some of which include options to extend the lease term. An analysis of the lease options has been completed and any purchase options or optional periods that the Corporation is reasonably likely to extend have been included in the capitalization. The discount rate used to capitalize the operating leases is the Corporation's FHLB borrowing rate on the date of lease commencement. When determining the rate to discount specific lease obligations, the repayment period and term are considered. Operating and finance lease costs and cash flows resulting from these leases are presented below: Twelve Months Ended December 31, ($ in Thousands) 2022 2021 2020 Operating Lease Costs $ 6,812 $ 8,712 $ 11,450 Finance Lease Costs 119 107 154 Operating Lease Cash Flows 8,440 11,183 11,276 Finance Lease Cash Flows 125 137 122 The lease classifications on the consolidated balance sheets were as follows: Consolidated Balance Sheets Category ($ in Thousands) December 31, 2022 December 31, 2021 Operating lease right-of-use asset Premises and equipment $ 25,617 $ 28,299 Finance lease right-of-use asset Other assets 455 143 Operating lease liability Accrued expenses and other liabilities 28,357 31,345 Finance lease liability Other long-term funding 469 163 The lease payment obligations, weighted-average remaining lease term, and weighted-average original discount rate were as follows: December 31, 2022 December 31, 2021 ($ 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 Retail and corporate offices $ 26,140 5.92 2.62 % $ 29,008 5.56 3.26 % Land 4,766 7.59 3.14 % 5,551 8.29 3.12 % Equipment — 0.00 — % 192 1.50 0.45 % Total operating leases $ 30,906 6.17 2.70 % $ 34,751 5.94 3.22 % Finance leases Retail and corporate offices $ 485 5.25 1.32 % $ 112 1.25 1.32 % Land — 0.00 — % 51 0.67 1.07 % Total finance leases $ 485 5.25 1.32 % $ 164 1.07 1.24 % 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, 2023 $ 6,187 $ 92 $ 6,279 2024 5,685 93 5,777 2025 4,512 93 4,605 2026 4,246 93 4,339 2027 3,807 93 3,899 Beyond 2027 6,469 23 6,492 Total lease payments $ 30,906 $ 485 $ 31,391 Less: interest 2,549 16 2,566 Present value of lease payments $ 28,357 $ 469 $ 28,826 At both December 31, 2022 and 2021, additional operating leases, primarily retail and corporate offices, that had not yet commenced totaled $13 million. The leases that had not yet commenced as of December 31, 2022 will commence between January 2023 and January 2024 with lease terms of 1 year to 6 years. The Corporation conducts a portion of its business through certain facilities and equipment under non-cancelable operating leases. The Corporation also leases a subdivision of some of its facilities and receives rental income from such lease agreements. The approximate minimum annual rental payments and rental receipts under non-cancelable agreements and leases with remaining terms in excess of one year are as follows: ($ in Thousands) Payments Receipts 2023 $ 5,969 $ 2,879 2024 5,748 3,056 2025 4,670 2,765 2026 4,403 2,451 2027 3,943 2,051 Beyond 2027 6,488 6,531 Total $ 31,220 $ 19,733 Total rental expense under leases, net of lease income, totaled $3 million in 2022, and $5 million 2021 and 2020, respectively. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Deposits | Deposits The distribution of deposits at December 31 is as follows: ($ in Thousands) 2022 2021 Noninterest-bearing demand $ 7,760,811 $ 8,504,077 Savings 4,604,848 4,410,198 Interest-bearing demand 7,100,727 7,019,782 Money market 8,239,610 7,185,111 Brokered CDs 541,916 — Other time deposits 1,388,242 1,347,262 Total deposits $ 29,636,154 $ 28,466,430 Uninsured deposits were $15.7 billion and $14.6 billion at December 31, 2022 and 2021, respectively. Time deposits in excess of $250,000 were $282 million and $215 million at December 31, 2022 and 2021, respectively. Aggregate annual maturities of all time deposits at December 31, 2022, are as follows: Maturities During Year Ending December 31, ($ in Thousands) 2023 $ 1,545,286 2024 240,599 2025 109,034 2026 19,998 2027 15,236 Thereafter 5 Total $ 1,930,158 |
Short and Long-Term Funding
Short and Long-Term Funding | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 Short-Term Funding Federal funds purchased $ 344,170 $ 120 Securities sold under agreements to repurchase 240,969 319,412 Federal funds purchased and securities sold under agreements to repurchase 585,139 319,532 Commercial paper 20,798 34,730 Total short-term funding $ 605,937 $ 354,262 Long-Term Funding Corporation subordinated notes, at par $ 250,000 $ 250,000 Capitalized costs (544) (839) Subordinated debt fair value hedge liability (a) (1,855) — Finance leases 469 163 Total long-term funding $ 248,071 $ 249,324 Total short and long-term funding, excluding FHLB advances $ 854,007 $ 603,587 FHLB Advances Short-term FHLB advances $ 3,125,000 $ — Long-term FHLB advances 1,209,170 1,621,047 FHLB advances fair value hedge liability (a) (14,308) — Total FHLB advances $ 4,319,861 $ 1,621,047 Total short and long-term funding $ 5,173,869 $ 2,224,633 (a) For additional information on the fair value hedge liability, see Note 14. 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. The fair value of securities pledged to secure repurchase agreements may decline. At December 31, 2022, the Corporation had pledged securities valued at 169% of the gross outstanding balance of repurchase agreements to manage this risk. The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets as of December 31, 2022 and 2021 are presented in the following table: Overnight and Continuous ($ in Thousands) December 31, 2022 December 31, 2021 Repurchase agreements Agency mortgage-related securities $ 240,969 $ 319,412 Long-Term Funding 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 pledging qualifying collateral of the subsidiary bank (such as residential mortgage, residential mortgage loans held for sale, home equity, CRE and investment securities). At December 31, 2022, the Corporation had $8.8 billion of total collateral capacity, primarily supported by pledged consumer and CRE loans and investment securities. At December 31, 2022, the FHLB advances had maturity or call dates ranging from 2023 through 2029, and had a weighted average interest rate of 4.06%, compared to 2.05% at December 31, 2021. The Corporation prepaid $400 million in long-term FHLB advances during the first quarter of 2022 with no prepayment fee. The table below summarizes the expected maturities of the Corporation’s long-term funding at December 31, 2022: ($ in Thousands) Long Term Funding Year 2023 $ 476 2024 248,234 2025 392,488 2026 604,695 2027 671 Beyond 2027 196,368 Total long-term funding $ 1,442,932 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2022 | |
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. 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. 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, 2022, subsidiary equity equaled $4.0 billion. See Note 19 for additional information on regulatory requirements for the Bank. Common Stock Repurchases: In 2022, the Board of Directors did not approve any additional authorizations for the repurchase of the Corporation's common stock. In 2021, the Board of Directors approved additional authorizations for the repurchase of up to $100 million of the Corporation’s common stock. During 2022, the Corporation did not repurchase any shares under the share repurchase program compared to 6.3 million shares for $133 million (or an average cost per common share of $21.12) during 2021. As of December 31, 2022, $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 $6 million (267,605 shares at an average cost per common share of $24.22) during 2022, compared to $5 million (242,966 shares at an average cost per common share of $19.95) during 2021. 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, 2022 | |
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, 2022, approximately 8.9 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 2021 and 2022 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 are amortized as compensation expense on a straight-line basis over the vesting period of the grants. For colleagues who meet the definition of retirement eligible under the 2017 Plan and the 2020 Plan, expenses related to stock options and restricted stock awards are fully recognized on the date the colleague meets the definition of normal or early retirement. Compensation expense recognized is included in personnel expense on the consolidated statements of income. 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 2022 or 2021. The following assumptions were used in estimating the fair value for options granted in 2020: 2020 Dividend yield 3.50 % Risk-free interest rate 1.60 % Weighted average expected volatility 21.00 % Weighted average expected life 5.75 years Weighted average per share fair value of options $2.39 A summary of the Corporation’s stock option activity for the year ended December 31, 2022 is presented below: Stock Options Shares (a) Weighted Average Weighted Average Aggregate Intrinsic Value (a) Outstanding at December 31, 2021 4,814 $ 20.72 5.96 years $ 12,532 Exercised 663 18.27 Forfeited or expired 157 22.33 Outstanding at December 31, 2022 3,994 $ 21.06 5.11 years $ 10,525 Options exercisable at December 31, 2022 3,435 $ 21.40 4.82 years $ 8,223 (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, 2022, 2021, and 2020, the intrinsic value of stock options exercised was $4 million, $9 million, and approximately $816,000, respectively. The total fair value of stock options that vested was $2 million for the year ended December 31, 2022, $4 million for the year ended December 31, 2021, and $4 million for the year ended December 31, 2020. For the years ended December 31, 2022, 2021, and 2020, the Corporation recognized compensation expense of approximately $710,000, $1 million, and $4 million, respectively, for the vesting of stock options. Compensation expense for 2022 related to the accelerated vesting of stock options granted to retirement eligible colleagues was immaterial. At December 31, 2022, the Corporation had approximately $378,000 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 of 2024. The following table summarizes information about the Corporation’s restricted stock activity for the year ended December 31, 2022: Restricted Stock Shares (a) Weighted Average Outstanding at December 31, 2021 2,635 $ 19.87 Granted 800 22.90 Vested 968 21.81 Forfeited 164 20.43 Outstanding at December 31, 2022 2,303 $ 20.92 (a) In thousands The Corporation amortizes the expense related to restricted stock awards as compensation expense over the vesting period specified in the grant's award agreement. Expense for restricted stock awards of $16 million was recorded for the year ended December 31, 2022, $15 million for the year ended December 31, 2021 and $17 million for the year ended December 31, 2020. Included in compensation expense for 2022 was $4 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, 2022 that are expected to be recognized over the remaining requisite service periods that extend predominantly through the first quarter of 2026. 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 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, if any, will be based on market and investment opportunities, capital levels, growth prospects, and regulatory constraints. Such repurchases may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchase programs, or similar facilities. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans The Corporation has a noncontributory defined benefit RAP, covering substantially all employees who meet participation requirements. The benefits are based primarily on years of service and the employee’s compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Any retirement plans of acquired entities are typically merged into the RAP after completion of the mergers, and credit is usually given to employees for years of service at the acquired institution for vesting and eligibility purposes. The Corporation also provides legacy healthcare access to a limited group of retired employees from a previous acquisition in the Postretirement Plan. There are no other active retiree healthcare plans. The funded status and amounts recognized on the 2022 and 2021 consolidated balance sheets, as measured on December 31, 2022 and 2021, respectively, for the RAP and Postretirement Plan were as follows: RAP Postretirement RAP Postretirement ($ in Thousands) 2022 2022 2021 2021 Change in Fair Value of Plan Assets Fair value of plan assets at beginning of year $ 497,796 $ — $ 478,849 $ — Actual return on plan assets (74,140) — 41,576 — Employer contributions — 193 — 201 Gross benefits paid (16,252) (193) (22,629) (201) Fair value of plan assets at end of year (a) $ 407,405 $ — $ 497,796 $ — Change in Benefit Obligation Net benefit obligation at beginning of year $ 261,321 $ 1,975 $ 280,017 $ 2,243 Service cost 3,670 — 7,779 — Interest cost 7,152 53 6,570 52 Plan amendments — — (1,494) — Actuarial (gain) loss (47,577) (305) (8,921) (119) Gross benefits paid (16,252) (193) (22,629) (201) Net benefit obligation at end of year (a) $ 208,315 $ 1,530 $ 261,321 $ 1,975 Funded (unfunded) status $ 199,089 $ (1,530) $ 236,475 $ (1,975) Noncurrent assets $ 199,089 $ — $ 236,475 $ — Current liabilities — (164) — (177) Noncurrent liabilities — (1,366) — (1,798) Asset (liability) recognized on the consolidated balance sheets $ 199,089 $ (1,530) $ 236,475 $ (1,975) (a) The fair value of the plan assets represented 196% and 190% of the net benefit obligation of the pension plan at December 31, 2022 and 2021, respectively. Amounts recognized in accumulated other comprehensive (income) loss, net of tax, as of December 31, 2022 and 2021 were as follows: RAP Postretirement RAP Postretirement ($ in Thousands) 2022 2022 2021 2021 Prior service cost $ (1,064) $ (362) $ (1,253) $ (419) Net actuarial loss (gain) 44,919 (316) 5,605 (89) Amount not yet recognized in net periodic benefit cost, but recognized in accumulated other comprehensive (income) loss $ 43,855 $ (678) $ 4,352 $ (508) Other changes in plan assets and benefit obligations recognized in OCI, net of tax, in 2022 and 2021 were as follows: RAP Postretirement RAP Postretirement ($ in Thousands) 2022 2022 2021 2021 Net actuarial gain (loss) $ (53,466) $ 305 $ 25,257 $ 119 Amortization of prior service cost (250) (75) (73) (75) Amortization of actuarial loss 658 — 4,594 — Prior service cost — — 1,494 — Income tax benefit (expense) 13,553 (58) (7,791) (11) Total recognized in OCI $ (39,504) $ 171 $ 23,480 $ 33 The components of net periodic pension cost for the RAP for 2022, 2021, and 2020 were as follows: ($ in Thousands) 2022 2021 2020 Service cost $ 3,670 $ 7,779 $ 8,244 Interest cost 7,152 6,570 8,185 Expected return on plan assets (26,903) (25,675) (25,595) Amortization of prior service cost (250) (73) (73) Amortization of actuarial loss 658 4,594 3,897 Recognized settlement loss — 434 — Total net periodic pension (income) $ (15,673) $ (6,370) $ (5,342) The components of net periodic benefit cost for the Postretirement Plan for 2022, 2021, and 2020 were as follows: ($ in Thousands) 2022 2021 2020 Interest cost $ 53 $ 52 $ 78 Amortization of prior service cost (75) (75) (75) Total net periodic benefit cost (income) $ (22) $ (24) $ 3 The components of net periodic pension cost and net periodic benefit cost, other than the service cost component, are included in the line item other of noninterest expense on the consolidated statements of income. The service cost components are included in personnel on the consolidated statements of income. RAP Postretirement RAP Postretirement 2022 2022 2021 2021 Weighted average assumptions used to determine benefit obligations Discount rate 5.40 % 5.40 % 2.80 % 2.80 % Rate of increase in compensation levels 2.50 % N/A 2.50 % N/A Interest crediting rate 3.46 % N/A 3.07 % N/A Weighted average assumptions used to determine net periodic benefit costs Discount rate 2.80 % 2.80 % 2.40 % 2.40 % Rate of increase in compensation levels 2.50 % N/A 2.00 % N/A Expected long-term rate of return on plan assets 6.00 % N/A 6.00 % N/A The expected long-term (more than 20 years) rate of return was estimated using market benchmarks for equities and bonds applied to the RAP’s anticipated asset allocations. The expected return on equities was computed utilizing a valuation framework, which projected future returns based on current equity valuations rather than historical returns. The actual rates of return for the RAP assets were (15.03)% and 10.10% for 2022 and 2021, respectively. The RAP’s investments are exposed to various risks, such as interest rate, market, and credit risks. Due to the level of risks associated with certain investments and the level of uncertainty related to changes in the value of the investments, it is at least reasonably possible that changes in risks in the near term could materially affect the amounts reported. The investment objective for the RAP is to ensure there are sufficient assets to pay pension obligations when they come due while mitigating risks and providing prudent governance. The RAP has a diversified portfolio designed to provide liquidity, current income, and growth of income and principal, with anticipated asset allocation ranges of: equity securities 50 to 70%, fixed-income securities 30 to 50%, alternative securities 0 to 15%, and other cash equivalents 0 to 10%. Based on changes in economic and market conditions, the Corporation could be outside of the allocation ranges for brief periods of time. The asset allocation for the RAP as of the December 31, 2022 and 2021 measurement dates, respectively, by asset category were as follows: Asset Category 2022 2021 Equity securities 53 % 55 % Fixed-income securities 35 % 34 % Group annuity contracts 10 % 10 % Other 2 % 1 % Total 100 % 100 % The RAP assets include cash equivalents, such as money market accounts, mutual funds, common / collective trust funds (which include investments in equity and bond securities), and a group annuity contract. Money market accounts are stated at cost plus accrued interest, mutual funds are valued at quoted market prices, investments in common / collective trust funds are valued at the amount at which units in the funds can be withdrawn, and the group annuity contract is valued at fair value by discounting the related cash flows based on current yields of similar instruments with comparable durations and considering the credit worthiness of the issuer. Based on these inputs, the following table summarizes the fair value of the RAP’s investments as of December 31, 2022 and 2021: Fair Value Measurements Using ($ in Thousands) December 31, 2022 Level 1 Level 2 Level 3 RAP Investments Money market account $ 6,628 $ 6,628 $ — $ — Common /collective trust funds 155,654 155,654 — — Mutual funds 204,184 204,184 — — Group annuity contracts 40,939 — — 40,939 Total RAP investments $ 407,405 $ 366,466 $ — $ 40,939 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 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 2022 2021 Fair value of group annuity contract at beginning of period $ 49,213 $ 50,866 Return on plan assets (5,671) 921 Transfers from money market funds and equity securities — 66 Benefits paid (2,604) (2,640) Fair value of group annuity contract at end of period $ 40,939 $ 49,213 The Corporation’s funding policy is to pay at least the minimum amount required by federal law and regulations, with consideration given to the maximum funding amounts allowed. The Corporation regularly reviews the funding of its RAP. There were no contributions to the RAP during 2022 and 2021. 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, 2022, reflecting expected future services, were as follows: ($ in Thousands) RAP Postretirement Plan Estimated future benefit payments 2023 $ 19,000 $ 169 2024 19,436 164 2025 21,315 159 2026 20,032 154 2027 18,924 148 2028-2032 81,944 638 The health care trend rate is an assumption as to how much the Postretirement Plan’s medical costs will change each year in the future. There are no remaining participants under age 65 in the Postretirement Plan. The actual change in 2022 health care premium rates for post-65 coverage was an increase of 2.50%. The health care trend rate assumption for post-65 coverage has the rate of increase growing by 2.50% in 2023 to an ultimate rate of 5.00% for 2023 and future years. The Corporation also has a 401(k) and Employee Stock Ownership Plan (the “401(k) plan”). The Corporation’s contribution is determined by the Compensation and Benefits Committee of the Board of Directors. Total expenses related to contributions to the 401(k) plan were $15 million, $13 million, and $15 million for 2022, 2021, and 2020, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13 Income Taxes The current and deferred amounts of income tax expense (benefit) were as follows: Years Ended December 31, ($ in Thousands) 2022 2021 2020 Current Federal $ 58,982 $ 57,916 $ 33,020 State 22,092 12,035 16,193 Total current 81,074 69,951 49,213 Deferred Federal 12,531 9,115 (25,895) State (97) 6,247 (3,118) Total deferred 12,434 15,362 (29,013) Total income tax expense $ 93,508 $ 85,313 $ 20,200 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, 2022 and 2021, included in other assets and accrued expenses and other liabilities on the consolidated balance sheets, respectively, were as follows: ($ in Thousands) 2022 2021 Deferred tax assets Allowance for loan losses $ 79,142 $ 72,199 Allowance for other losses 10,558 12,704 Accrued liabilities 2,842 4,285 Deferred compensation 30,246 31,896 Benefit of state tax losses and credit carryforwards 7,476 6,245 Nonaccrual interest 891 1,374 Lease liability 7,390 12,954 Net unrealized losses on AFS securities 80,148 1,989 Net unrealized losses on pension and postretirement benefits 14,803 1,308 Other 4,545 3,806 Total deferred tax assets $ 238,041 $ 148,760 Deferred tax liabilities Prepaid expenses $ 64,480 $ 61,826 Goodwill 23,119 22,785 Mortgage banking activities 20,145 14,382 Deferred loan fee income 4,269 7,848 State deferred taxes 1,389 1,234 Lease financing 3,145 — Bank premises and equipment 20,860 20,705 Purchase accounting 10,381 11,500 Basis difference from equity securities and other investments 5,582 2,597 Other 821 667 Total deferred tax liabilities $ 154,191 $ 143,544 Net deferred tax assets $ 83,850 $ 5,216 The changes in the valuation allowance related to net operating losses for 2022 and 2021 were as follows: ($ in Thousands) 2022 2021 Valuation allowance for deferred tax assets, beginning of year $ — $ (251) Decrease in current year — 251 Valuation allowance for deferred tax assets, end of year $ — $ — At December 31, 2022, the Corporation had state net operating loss carryforwards of $132 million (of which $25 million was acquired from various acquisitions) that will begin expiring in 2023. The effective income tax rate differs from the statutory federal tax rate. The major reasons for this difference were as follows: 2022 2021 2020 Federal income tax rate at statutory rate 21.0 % 21.0 % 21.0 % Increases (decreases) resulting from: Tax-exempt interest and dividends (3.4) % (3.0) % (3.9) % State income taxes (net of federal benefit) 4.2 % 3.8 % 3.7 % Bank owned life insurance (0.5) % (0.6) % (0.9) % Tax effect of tax credits and benefits, net of related expenses (1.6) % (1.8) % (1.8) % Tax reserve adjustments / settlements — % — % 0.1 % Net tax (benefit) expense from stock-based compensation (0.2) % — % 0.3 % Restructuring in conjunction with ABRC sale — % (0.1) % (13.7) % FDIC premium 0.7 % 0.5 % 0.8 % Other 0.1 % (0.2) % 0.6 % Effective income tax rate 20.3 % 19.6 % 6.2 % 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, 2022. If income taxes had been provided, the deferred tax liability would have been approximately $26 million. Management does not expect this amount to become taxable in the future; therefore, no provision for income taxes has been made. The Corporation and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various state jurisdictions. The Corporation’s federal income tax returns are open and subject to examination from the 2019 tax return year and forward. The years open to examination by state and local government authorities varies by jurisdiction. A reconciliation of the beginning and ending amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was as f ollows: ($ in Thousands) 2022 2021 Balance at beginning of year $ 2,324 $ 2,740 Subtractions for tax positions related to prior years (486) (613) Additions for tax positions related to current year 395 197 Balance at end of year $ 2,233 $ 2,324 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, as well as accrued interest and penalties, were immaterial at both December 31, 2022 and 2021. At December 31, 2022 and 2021, the Corporation believes it has appropriately accounted for any unrecognized tax benefits. Management does not anticipate significant adjustments to the total amount of unrecognized tax benefits within the next twelve months. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 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 $92 million and $71 million of investment securities as collateral at December 31, 2022, and 2021, respectively. Cash is often pledged as collateral for derivatives that are not centrally cleared. The Corporation's required cash collateral was $3 million at December 31, 2022, compared to $11 million at December 31, 2021. See Note 18 for fair value information and disclosures and see Note 1 for the Corporation's accounting policy for derivative and hedging activities. Fair Value Hedges of Interest Rate Risk The Corporation is exposed to changes in the fair value of its fixed-rate debt due to changes in benchmark interest rates. The Corporation uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rates. Interest rate swaps designated as fair value hedges involve receiving payment of fixed-rate amounts from a counterparty in exchange for the Corporation paying variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. Cash Flow Hedges of Interest Rate Risk The Corporation is exposed to variability in cash flows on its floating rate assets due to changes in benchmark interest rates. The Corporation uses interest rate swaps to hedge certain forecasted transactions for the variability in cash flows attributable to the contractually specified interest rate in order to add stability to net interest income and to manage its exposure to interest rate movements. Interest rate swaps designated as cash flow hedges involve receiving fixed-rate amounts from a counterparty in exchange for the Corporation making variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. These items, along with the net interest from the derivative, are reported in the same income statement line as the interest income from the floating-rate assets. When the relationship between the hedged item and hedging instrument is highly effective at achieving offsetting changes in cash flows attributable to the hedged risk, changes in the fair value of these cash flow hedges are recorded in accumulated other comprehensive income (loss) and are subsequently reclassified to interest income as interest payments are made on such variable rate loans. Derivatives to Accommodate Customer Needs The Corporation facilitates customer borrowing activity by entering into various derivative contracts which are designated as free standing derivative contracts. Free standing derivative products are entered into primarily for the benefit of commercial customers seeking to manage their exposures to interest rate risk, foreign currency, and until early 2022, commodity prices. As of the end of the first quarter of 2022, the Corporation no longer had any outstanding commodity contracts. 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 until the end of the first quarter of 2022, commodity contracts. See Note 15 for additional information and disclosures on balance sheet offsetting. Interest rate-related and other 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. The Corporation also enters into credit risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which we are either a participant or a lead bank. The risk participation agreements entered into by the Corporation as a participant bank provide credit protection to the financial institution counterparty should the borrower fail to perform on its interest rate derivative contract with that financial institution. 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: As of the end of the first quarter of 2022, the Corporation no longer had any outstanding commodity contracts. Historically, commodity contracts were entered into primarily for the benefit of commercial customers seeking to manage their exposure to fluctuating commodity prices. The Corporation mitigated 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 values of these commitments are 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. Interest rate-related instruments for MSRs hedge: The fair value of the Corporation's MSRs asset changes in response to changes in primary mortgage loan rates and other assumptions. To mitigate the earnings volatility caused by changes in the fair value of MSRs, the Corporation designates certain financial instruments as an economic hedge. Changes in the fair value of these instruments are generally expected to partially offset changes in the fair value of MSRs and are 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, 2022 and December 31, 2021. 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, 2022 and December 31, 2021. 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. December 31, 2022 December 31, 2021 Asset Liability Asset Liability ($ in Thousands) Notional Amount Fair Notional Amount Fair Notional Amount Fair Notional Amount Fair Designated as hedging instruments Interest rate-related instruments $ 900,000 $ 4,349 $ 1,150,000 $ 1,260 $ — $ — $ — $ — Not designated as hedging instruments Interest rate-related and other instruments 4,246,823 62,401 4,599,391 251,398 3,874,781 83,626 3,874,781 26,231 Foreign currency exchange forwards 499,078 1,922 461,134 1,801 490,057 5,490 478,745 5,441 Commodity contracts — — — — 3,894 1,264 3,910 1,248 Mortgage banking (a)(b) 21,265 86 33,000 46 133,990 2,647 245,016 — Total not designated as hedging instruments 64,410 253,245 93,026 32,921 Gross derivatives before netting 68,759 254,506 93,026 32,921 Less: Legally enforceable master netting agreements 2,788 2,788 2,143 2,143 Less: Cash collateral pledged/received 26,898 217 1,313 11,357 Total derivative instruments, after netting $ 39,072 $ 251,500 $ 89,570 $ 19,421 (a) The notional amount of the mortgage derivative asset includes interest rate lock commitments, while the notional amount of the mortgage derivative liability includes forward commitments. (b) At December 31, 2021, the mortgage derivative asset included approximately $30,000 of forward commitments fair value. The following table presents amounts that were recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges: Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) ($ in Thousands) December 31, 2022 Other long-term funding $ (248,145) $ 1,855 FHLB Advances (585,692) 14,308 Total $ (833,837) $ 16,163 The Corporation terminated its $500 million fair value hedge on loans and investment securities receivables during the fourth quarter of 2019. At December 31, 2022, the amortized cost basis of the closed portfolios which had previously been used in the terminated hedging relationship was $326 million and is included in loans on the consolidated balance sheets. This amount includes $1 million of hedging adjustments on the discontinued hedging relationships, which are not presented in the table above. The table below identifies the effect of fair value and cash flow hedge accounting on the Corporation's consolidated statements of income during the twelve months ended December 31, 2022, 2021,and 2020: Location and Amount Recognized on the Consolidated Statements of Income in Fair Value and Cash Flow Hedging Relationships For the Years Ended December 31, 2022 2021 2020 ($ in Thousands) Interest Income Interest Expense Interest Income Interest Income Other Expense Total amounts of income and expense presented on the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded (a) $ (263) $ 334 $ (1,376) $ (1,779) $ (262) The effects of fair value and cash flow hedging: Impact on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items (529) (16,163) (1,376) (1,779) (262) Derivatives designated as hedging instruments (a) 266 16,497 — — — (a) Includes net settlements on the derivatives. The following table presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss) for the year ended December 31, 2022: For the Year Ended December 31, ($ in Thousands) 2022 Interest rate-related instruments designated as cash flow hedging instruments Amount of gain recognized in OCI on cash flow hedge derivative (a) $ 3,626 Amount of (gain) reclassified from accumulated other comprehensive income into interest income (a) (266) (a) The entirety of gains recognized in OCI as well as those reclassified from accumulated other comprehensive income (loss) into interest income were included components in the assessment of hedge effectiveness. Amounts reported in accumulated other comprehensive income (loss) related to cash flow hedge derivatives are reclassified to interest income as interest payments are made on the hedged variable interest rate assets. The Corporation estimates that $7 million will be reclassified as a decrease to interest income over the next 12 months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, or the addition of other hedges subsequent to December 31, 2022. The maximum length of time over which the Corporation is hedging its exposure to the variability in future cash flows is 47 months as of December 31, 2022. The table below identifies the effect of derivatives not designated as hedging instruments on the Corporation's consolidated statements of income during the twelve months ended December 31, 2022, 2021, and 2020: Consolidated Statements of Income Category of For the Years Ended December 31, ($ in Thousands) 2022 2021 2020 Derivative Instruments Interest rate-related and other instruments — customer and mirror, net Capital markets, net $ 515 $ 2,432 $ (1,758) Interest rate-related instruments — MSRs hedge Mortgage banking, net (12,622) — — Foreign currency exchange forwards Capital markets, net 73 (25) (105) Commodity contracts Capital markets, net (16) (1,316) 427 Interest rate lock commitments (mortgage) Mortgage banking, net (2,531) (7,007) 7,097 Forward commitments (mortgage) Mortgage banking, net (123) 2,075 (1,335) |
Balance Sheet Offsetting
Balance Sheet Offsetting | 12 Months Ended |
Dec. 31, 2022 | |
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 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. Historically, the Corporation entered into commodity contracts to manage commercial customers' exposure to fluctuating commodity prices. As of the end of the first quarter of 2022, the Corporation no longer had any outstanding commodity contracts. The Corporation is party to master netting arrangements with some of its financial institution The following table presents the interest rate and foreign exchange assets and liabilities subject to an enforceable master netting arrangement as of December 31, 2022 and interest rate, commodity, and foreign exchange assets and liabilities subject to an enforceable master netting arrangement as of December 31, 2021. The interest and foreign exchange agreements the Corporation has with its commercial customers and the commodity agreements the Corporation had with its commercial customers are not subject to an enforceable master netting arrangement and are therefore 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 Gross Amounts Not Offset on the Consolidated Balance Sheets ($ in Thousands) Gross Amounts Recognized Derivative Liabilities Offset Cash Collateral Received Security Collateral Received Net Derivative assets December 31, 2022 $ 63,029 $ (2,788) $ (26,898) $ 33,342 $ (30,753) $ 2,589 December 31, 2021 3,567 (2,143) (1,313) 111 — 111 Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets Net Amounts Presented on the Consolidated Balance Sheets Gross Amounts Not Offset on the Consolidated Balance Sheets ($ in Thousands) Gross Amounts Recognized Derivative Assets Offset Cash Collateral Pledged Security Collateral Pledged Net Derivative liabilities December 31, 2022 $ 3,096 $ (2,788) $ (217) $ 91 $ — $ 91 December 31, 2021 15,620 (2,143) (11,357) 2,120 — 2,120 |
Commitments, Off-Balance Sheet
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities | Commitments, Off-Balance Sheet Arrangements, and Legal Proceedings The Corporation utilizes a variety of financial instruments in the normal course of business to meet the financial needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments include lending-related and other commitments (see below) as well as derivative instruments (see Note 14). The following is a summary of lending-related commitments: ($ in Thousands) December 31, 2022 December 31, 2021 Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale (a)(b) $ 12,444,275 $ 10,848,136 Commercial letters of credit (a) 3,188 5,992 Standby letters of credit (c) 270,692 230,661 (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, 2022 or 2021. (b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 14. (c) Standby letters of credit are presented excluding participations. The Corporation has established a liability of $3 million and $2 million at December 31, 2022 and 2021, respectively, as an estimate of the fair value of these financial instruments. Lending-related Commitments As a financial services provider, the Corporation routinely enters into commitments to extend credit. Such commitments are subject to the same credit policies and approval process accorded to loans made by the Corporation, with each customer’s creditworthiness evaluated on a case-by-case basis. The commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to these financial instruments is represented by the contractual amount of those instruments. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the customer. Since a significant portion of commitments to extend credit are subject to specific restrictive loan covenants or may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. An allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded commitments (including unfunded loan commitments and letters of credit). The following table presents a summary of the changes in the allowance for unfunded commitments: ($ in Thousands) Year Ended December 31, 2022 Year Ended December 31, 2021 Allowance for Unfunded Commitments Balance at beginning of period $ 39,776 $ 47,776 Provision for unfunded commitments (1,000) (8,000) Balance at end of period $ 38,776 $ 39,776 Lending-related commitments include commitments to extend credit, commitments to originate residential mortgage loans held for sale, commercial letters of credit, and standby letters of credit. Commitments to extend credit are legally binding agreements to lend to customers at predetermined interest rates, as long as there is no violation of any condition established in the contracts. Interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans are considered derivative instruments, and the fair value of these commitments is recorded in other assets and accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s derivative and hedging activity is further described in Note 14. Commercial and standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party, while standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party. Other Commitments The Corporation invests in qualified affordable housing projects, historic projects, new market projects, and opportunity zone funds for the purpose of community reinvestment and obtaining tax credits and other tax benefits. Return on the Corporation's investment in these projects and funds comes in the form of the tax credits and tax losses that pass through to the Corporation, and deferral or elimination of capital gain recognition for tax purposes. The aggregate carrying value of these investments at December 31, 2022, was $250 million, compared to $268 million at December 31, 2021, included in tax credit and other investments on the consolidated balance sheets. The Corporation utilizes the proportional amortization method to account for investments in qualified affordable housing projects. Under the proportional amortization method, the Corporation amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits. The Corporation recognized additional income tax expense attributable to the amortization of investments in qualified affordable housing projects of $34 million, $33 million, and $23 million during the years ended December 31, 2022, 2021, and 2020, respectively. The Corporation's remaining investment in qualified affordable housing projects accounted for under the proportional amortization method totaled $246 million at December 31, 2022 and $262 million at December 31, 2021. The Corporation’s unfunded equity contributions relating to investments in qualified affordable housing and historic projects are recorded in accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s remaining unfunded equity contributions totaled $40 million and $80 million at December 31, 2022 and 2021, respectively. During the years ended December 31, 2022, 2021 and 2020, the Corporation did not record any impairment related to qualified affordable housing investments. The Corporation has principal investment commitments to provide capital-based financing to private companies through either direct investment in specific companies or through investment funds and partnerships. The timing of future cash requirements to fund such principal investment commitments is generally dependent on the investment cycle, whereby privately held companies are funded by private equity investors and ultimately sold, merged, or taken public through an initial offering, which can vary based on overall market conditions, as well as the nature and type of industry in which the companies operate. The Corporation also invests in loan pools that support CRA loans. The timing of future cash requirements to fund these pools is dependent upon loan demand, which can vary over time. The aggregate carrying value of these investments was $27 million and $25 million at December 31, 2022 and 2021, respectively, included in tax credit and other investments on the consolidated balance sheets. Legal Proceedings The Corporation is party to various pending and threatened claims and legal proceedings arising in the normal course of business activities, some of which involve claims for substantial amounts. Although there can be no assurance as to the ultimate outcomes, the Corporation believes it has meritorious defenses to the claims asserted against it in its currently outstanding matters and intends to continue to defend itself vigorously with respect to such legal proceedings. The Corporation will consider settlement of cases when, in management’s judgment, it is in the best interests of the Corporation and its shareholders. On at least a quarterly basis, the Corporation assesses its liabilities and contingencies in connection with all pending or threatened claims and litigation, utilizing the most recent information available. On a matter by matter basis, an accrual for loss is established for those matters which the Corporation believes it is probable that a loss may be incurred and that the amount of such loss can be reasonably estimated. Once established, each accrual is adjusted as appropriate to reflect any subsequent developments. Accordingly, management’s estimate will change from time to time, and actual losses may be more or less than the current estimate. For matters where a loss is not probable, or the amount of the loss cannot be estimated, no accrual is established. Resolution of legal claims is inherently unpredictable, and in many legal proceedings various factors exacerbate this inherent unpredictability, including where the damages sought are unsubstantiated or indeterminate, it is unclear whether a case brought as a class action will be allowed to proceed on that basis, discovery is not complete, the proceeding is not yet in its final stages, the matters present legal uncertainties, there are significant facts in dispute, there are a large number of parties (including where it is uncertain how liability, if any, will be shared among multiple defendants), or there is a wide range of potential results. The Corporation believes that the legal proceedings currently pending against it should not have a material adverse effect on the Corporation’s consolidated financial condition. The Corporation notes, however, that in light of the uncertainties involved in such proceedings, there is no assurance that the ultimate resolution of these matters will not significantly exceed the reserves it has currently accrued or that a matter will not have material reputational consequences. As a result, the outcome of a particular matter may be material to the Corporation’s operating results for a particular period, depending on, among other factors, the size of the loss or liability imposed and the level of the Corporation’s income for that period. Regulatory Matters A variety of consumer products, including mortgage and deposit products, and certain fees and charges related to such products, have come under increased regulatory scrutiny. It is possible that regulatory authorities could bring enforcement actions, including civil money penalties, or take other actions against the Corporation and the Bank in regard to these consumer products. The Bank could also determine of its own accord, or be required by regulators, to refund or otherwise make remediation payments to customers in connection with these products. It is not possible at this time for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss related to such matters. Operational Matters In November 2021, we became aware that during several routine purges of old documents, certain documents that were more than seven years old relating to active accounts were inadvertently purged from our electronic database. The active account documents that were inadvertently purged related to (1) certain customer documents obtained as part of bank acquisitions, and (2) certain customer documents that were transferred to a new cold storage system without correct retention coding. Both the acquisitions and the transfer occurred years ago. The majority of the documents inadvertently purged were signature cards. We have undertaken measures to replace (if possible) or otherwise lessen the impact on customers of any inadvertently purged documents. While the impact on the Corporation of this incident has been immaterial to date, and we are not aware of any material adverse customer impact, it is not possible at this time for management to reasonably estimate the amount of any potential loss related to this incident. Mortgage Repurchase Reserve The Corporation sells residential mortgage loans to investors in the normal course of business. Residential mortgage loans sold to others are predominantly conventional residential first lien mortgages originated under the Corporation's usual underwriting procedures, and are most often sold on a nonrecourse basis, primarily to the GSEs. The Corporation’s agreements to sell residential mortgage loans in the normal course of business usually require certain representations and warranties on the underlying loans sold, related to credit information, loan documentation, collateral, and insurability. Subsequent to being sold, if a material underwriting deficiency or documentation defect is discovered, the Corporation may be obligated to repurchase the loan or reimburse the GSEs for losses incurred (collectively, “make whole requests”). The make whole requests and any related risk of loss under the representations and warranties are largely driven by borrower performance. Additionally, beginning in the third quarter of 2021, qualifying residential mortgage loans guaranteed by U.S. government agencies have been sold into GNMA pools. As a result of make whole requests, the Corporation has repurchased loans with aggregate principal balances of $6 million and $8 million for the years ended December 31, 2022 and 2021, respectively. There were no loss reimbursement and settlement claims paid for the year ended December 31, 2022, and approximately $114,000 of such claims were paid for the year ended December 31, 2021. Make whole requests since January 1, 2021 generally arose from loans originated since January 1, 2018 and balances totaled $6.8 billion at the time of sale, and consisted primarily of loans sold to GSEs. As of December 31, 2022, $4.3 billion of loans originated since January 1, 2018 remain outstanding. The balance in the mortgage repurchase reserve at the balance sheet date reflects the estimated amount of potential loss the Corporation could incur from repurchasing a loan, as well as loss reimbursements, indemnifications, and other settlement resolutions. The mortgage repurchase reserve, included in accrued expenses and other liabilities on the consolidated balance sheets, was $1 million at both December 31, 2022 and December 31, 2021. The Corporation may also sell residential mortgage loans with limited recourse (limited in that the recourse period ends prior to the loan’s maturity, usually after certain time and/or loan paydown criteria have been met), whereby repurchase could be required if the loan had defined delinquency issues during the limited recourse periods. At December 31, 2022 and December 31, 2021, there were $7 million and $10 million, respectively, of residential mortgage loans sold with such recourse risk. There have been limited instances and immaterial historical losses on repurchases for recourse under the limited recourse criteria. The Corporation has a subordinate position to the FHLB in the credit risk on residential mortgage loans it sold to the FHLB in exchange for a monthly credit enhancement fee. The Corporation has not sold loans to the FHLB with such credit risk retention since February 2005. At December 31, 2022 and December 31, 2021, there were $19 million and $24 million, respectively, of such residential mortgage loans with credit risk recourse, upon which there have been negligible historical losses to the Corporation. |
Parent Company Only Financial I
Parent Company Only Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Only Financial Information | Parent Company Only Financial Information Presented below are condensed financial statements for the Parent Company: Balance Sheets December 31, ($ in Thousands) 2022 2021 Assets Cash and due from banks $ 14,899 $ 17,241 Interest-bearing deposits in other financial institutions 29,856 20,743 Notes and interest receivable from subsidiaries 172,066 285,516 Investments in and receivable due from subsidiaries 4,036,273 3,953,461 Other assets 48,097 46,644 Total assets $ 4,301,191 $ 4,323,605 Liabilities and Stockholders' Equity Commercial paper $ 20,798 $ 34,730 Subordinated notes, at par 250,000 250,000 Long-term funding capitalized costs and fair value hedge liability (2,399) (839) Total long-term funding 247,601 249,161 Accrued expenses and other liabilities 17,301 14,860 Total liabilities 285,701 298,752 Preferred equity 194,112 193,195 Common equity 3,821,378 3,831,658 Total stockholders’ equity 4,015,490 4,024,853 Total liabilities and stockholders’ equity $ 4,301,191 $ 4,323,605 Statements of Income For the Years Ended December 31, ($ in Thousands) 2022 2021 2020 Income Income from subsidiaries $ 373,581 $ 361,198 $ 317,895 Interest income on notes receivable from subsidiaries 5,632 3,247 3,257 Other income 1,262 682 933 Total income 380,475 365,127 322,084 Expense Interest expense on short and long-term funding 10,655 10,942 10,960 Other expense 6,118 7,330 6,422 Total expense 16,772 18,272 17,383 Income before income tax expense 363,702 346,856 304,702 Income tax (benefit) (2,420) (4,138) (2,070) Net income 366,122 350,994 306,771 Preferred stock dividends 11,500 17,111 18,358 Net income available to common equity $ 354,622 $ 333,883 $ 288,413 Statements of Cash Flows For the Years Ended December 31, ($ in Thousands) 2022 2021 2020 Cash Flows from Operating Activities Net income $ 366,122 $ 350,994 $ 306,771 Adjustments to reconcile net income to net cash provided by operating activities: (Increase) decrease in equity in undistributed net income (loss) of subsidiaries (343,582) 28,802 (61,406) Net change in other assets and accrued expenses and other liabilities 14,159 17,102 (49,890) Net cash provided by operating activities 36,699 396,898 195,475 Cash Flows from Investing Activities Net (increase) decrease in notes receivable from subsidiaries 115,000 20,000 (105,000) Net cash provided by (used in) investing activities 115,000 20,000 (105,000) Cash Flows from Financing Activities Net increase (decrease) in commercial paper (13,932) (24,616) 27,330 Proceeds from issuance of common stock for stock-based compensation plans 11,061 25,702 3,966 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) Purchase of treasury stock, stock-based compensation plans (6,480) (4,847) (6,113) Cash dividends on common stock (123,137) (116,061) (112,023) Cash dividends on preferred stock (11,500) (17,111) (18,358) Other (938) — — Net cash used in financing activities (144,928) (434,346) (79,656) Net increase (decrease) in cash and cash equivalents 6,771 (17,448) 10,819 Cash and cash equivalents at beginning of year 37,984 55,432 44,613 Cash and cash equivalents at end of year $ 44,755 $ 37,984 $ 55,432 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
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 - Both Designated and Not Designated as Hedging Instruments): The Corporation uses interest rate-related instruments (swaps and caps) to hedge its exposure to changes in fair value of its fixed-rate debt as well as to hedge its exposure to variability in cash flows on its floating rate assets, both due to changes in benchmark interest rates. Additionally, the Corporation also 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, 2022 and 2021, 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): As of the end of the first quarter of 2022, the Corporation no longer had any outstanding commodity contracts. The Corporation has historically entered into commodity contracts to manage commercial customers' exposure to fluctuating commodity prices, for which the Corporation simultaneously entered 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 was determined using quoted prices of the underlying instruments, and also included a nonperformance/credit risk component (credit valuation adjustment). See Note 14 for additional disclosures regarding the Corporation’s commodity contracts. The Corporation also incorporated 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, 2022 and 2021, and has determined that the credit valuation adjustments were 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 were classified within Level 2 of the fair value hierarchy. For Level 3 assets and liabilities measured at fair value on a recurring basis as of December 31, 2022, the Corporation utilized the following valuation techniques and significant unobservable inputs: Mortgage Servicing Rights: The Corporation sells residential mortgage loans in the secondary market and typically retains the rights to service the loans sold. Upon sale, an MSRs asset is capitalized, which represents the then current fair value of future net cash flows expected to be realized for performing servicing activities. On January 1, 2022, the Corporation made the irrevocable election to account for its MSRs asset under the fair value measurement method. Under this methodology, changes in the fair value are recognized in earnings as they occur through mortgage banking, net on the consolidated statements of income. MSRs are not traded in active markets. A cash flow model is used to determine fair value. Key assumptions and estimates, including projected prepayment speeds, assumed servicing costs, ancillary income, costs to service delinquent loans, costs of foreclosure, and discount rates with option-adjusted spreads, used by this model are based on current market sources. Assumptions used to value MSRs are considered significant unobservable inputs. A separate third-party model is used to estimate prepayment speeds based on interest rates, housing turnover rates, estimated loan curtailment, anticipated defaults and other relevant factors. Fair value estimates from outside sources are received periodically to corroborate the results of the valuation model. Due to the nature of the valuation inputs, MSRs are classified within Level 3 of the fair value hierarchy. See Note 5 for additional disclosure regarding the Corporation’s MSRs. 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. 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. The table below presents the Corporation’s financial instruments measured at fair value on a recurring basis as of December 31, 2022 and 2021, aggregated by the level in the fair value hierarchy within which those measurements fall: ($ in Thousands) Fair Value Hierarchy December 31, 2022 December 31, 2021 Assets AFS Investment securities U.S. Treasury securities Level 1 $ 109,378 $ 122,957 Agency securities Level 2 13,532 14,897 Obligations of state and political subdivisions (municipal securities) Level 2 230,714 400,457 Residential mortgage-related securities FNMA / FHLMC Level 2 1,604,610 2,691,879 GNMA Level 2 497,596 67,780 Private-label Level 2 — 329,724 Commercial mortgage-related securities FNMA / FHLMC Level 2 17,142 350,623 GNMA Level 2 110,462 166,799 Asset backed securities FFELP Level 2 151,191 177,325 SBA Level 2 4,477 6,580 Other debt securities Level 2 2,922 2,994 Total AFS investment securities Level 1 $ 109,378 $ 122,957 Total AFS investment securities Level 2 2,632,647 4,209,058 Equity securities with readily determinable fair values Level 1 5,991 4,810 Residential loans held for sale Level 2 20,383 136,638 Mortgage servicing rights, net (a) Level 3 77,351 N/A Interest rate-related instruments designated as hedging instruments (b) Level 2 4,349 — Interest rate-related and other instruments not designated as hedging instruments (b) Level 2 62,401 83,626 Foreign currency exchange forwards (b) Level 2 1,922 5,490 Commodity contracts (b) Level 2 — 1,264 Interest rate lock commitments to originate residential mortgage loans held for sale Level 3 86 2,617 Forward commitments to sell residential mortgage loans Level 3 — 30 Liabilities Interest rate-related instruments designated as hedging instruments (b) Level 2 $ 1,260 $ — Interest rate-related and other instruments not designated as hedging instruments (b) Level 2 251,398 26,231 Foreign currency exchange forwards (b) Level 2 1,801 5,441 Commodity contracts (b) Level 2 — 1,248 Forward commitments to sell residential mortgage loans Level 3 46 — (a) MSRs at December 31, 2021 were carried at LOCOM. On January 1, 2022, the Corporation made the irrevocable election to account for MSRs at fair value. (b) Figures are 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, 2022 and 2021, 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, 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) Change in mortgage derivative (7,007) (2,075) (4,932) Balance December 31, 2021 $ 2,617 $ (30) $ 2,647 New production $ 10,442 $ (2,028) $ 12,470 Closed loans / settlements (913) 24,766 (25,679) Other (12,060) (22,662) 10,603 Change in mortgage derivative (2,531) 76 (2,607) Balance December 31, 2022 $ 86 $ 46 $ 40 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, 2022, 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. 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. Based on the current conversion factor, the Corporation expects 77,000 shares of Visa Class B to convert to 123,131 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, 2022 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, 2022: ($ in Thousands) Equity securities without readily determinable fair values Carrying value as of December 31, 2021 $ 13,542 Carrying value changes 5,690 Additions 5 Sales (12) Carrying value as of December 31, 2022 $ 19,225 Cumulative upward carrying value changes between January 1, 2018 and December 31, 2022 $ 19,134 Cumulative downward carrying value changes between January 1, 2018 and December 31, 2022 $ — 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 (a) December 31, 2022 Assets Individually evaluated loans (b) Level 3 $ 23,584 Provision for credit losses $ 4,405 OREO (c) Level 2 2,196 Other noninterest expense / provision for credit losses (d) 971 Equity securities without readily determinable fair values Level 3 19,134 Investment securities gains (losses), net 5,690 December 31, 2021 Assets Individually evaluated loans (b) Level 3 $ 69,917 Provision for credit losses $ (3,045) OREO (c) Level 2 21,299 Other noninterest expense / provision for credit losses (d) 7,345 Mortgage servicing rights (e) Level 3 57,259 Mortgage banking, net 16,186 (a) Includes the full year impact on the consolidated statements of income. (b) Includes probable TDRs which are individually analyzed, net of the related ACLL, of which there were none at December 31, 2022. (c) 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. (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. (e) MSRs at December 31, 2021 were carried at LOCOM. On January 1, 2022, the Corporation made the irrevocable election to account for MSRs at fair value on a recurring basis. 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 table below presents the unobservable inputs that are readily quantifiable pertaining to Level 3 measurements: December 31, 2022 Valuation Technique Significant Unobservable Input Range of Inputs Weighted Average Input Applied Mortgage servicing rights Discounted cash flow Option adjusted spread 6% - 9% 7% Mortgage servicing rights Discounted cash flow Constant prepayment rate —% - 100% 5% Individually evaluated loans Appraisals / Discounted cash flow Collateral / Discount factor 22% - 51% 31% Interest rate lock commitments to originate residential mortgage loans held for sale Discounted cash flow Closing ratio 31% - 100% 83% 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, 2022 December 31, 2021 ($ in Thousands) Fair Value Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Cash and due from banks Level 1 $ 436,952 $ 436,952 $ 343,831 $ 343,831 Interest-bearing deposits in other financial institutions Level 1 156,693 156,693 681,684 681,684 Federal funds sold and securities purchased under agreements to resell Level 1 27,810 27,810 — — AFS investment securities Level 1 109,378 109,378 122,957 122,957 AFS investment securities Level 2 2,632,647 2,632,647 4,209,058 4,209,058 HTM investment securities, net Level 1 999 936 1,000 1,001 HTM investment securities, net Level 2 3,959,399 3,400,028 2,237,947 2,347,608 Equity securities with readily determinable fair values Level 1 5,991 5,991 4,810 4,810 Equity securities without readily determinable fair values Level 3 19,225 19,225 13,542 13,542 FHLB and Federal Reserve Bank stocks Level 2 295,496 295,496 168,281 168,281 Residential loans held for sale Level 2 20,383 20,383 136,638 136,638 Loans, net Level 3 28,486,849 27,481,426 23,944,934 23,980,330 Bank and corporate owned life insurance Level 2 676,530 676,530 680,021 680,021 Mortgage servicing rights, net (a) Level 3 77,351 77,351 54,862 57,259 Derivatives (other assets) (b) Level 2 68,672 68,672 90,379 90,379 Interest rate lock commitments to originate residential mortgage loans held for sale (other assets) Level 3 86 86 2,617 2,617 Forward commitments on residential mortgage loans (other assets) Level 3 — — 30 30 Financial liabilities Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts Level 3 $ 27,705,996 $ 27,705,996 $ 27,119,167 $ 27,119,167 Brokered CDs and other time deposits (c) Level 2 1,930,158 1,930,158 1,347,262 1,347,262 Short-term funding Level 2 605,937 605,205 354,262 354,248 FHLB advances Level 2 4,319,861 4,322,264 1,621,047 1,680,814 Other long-term funding Level 2 248,071 242,151 249,324 265,545 Standby letters of credit (d) Level 2 2,881 2,881 2,367 2,367 Derivatives (accrued expenses and other liabilities) (b) Level 2 254,459 254,459 32,921 32,921 Forward commitments on residential mortgage loans (accrued expenses and other liabilities) Level 3 46 46 — — (a) MSRs at December 31, 2021 were carried at LOCOM. On January 1, 2022, the Corporation made the irrevocable election to account for MSRs at fair value. (b) Figures are 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. (c) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value. (d) The commitment on standby letters of credit was $271 million and $231 million at December 31, 2022 and 2021, 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, 2022 | |
Banking and Thrift, Other Disclosure [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, 2022 and 2021, 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, 2022 and 2021, 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 2022 or 2021. 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 , 2022 Associated Banc-Corp Total capital $ 3,680,227 11.33 % $ 2,597,761 ≥ 8.00 % Tier 1 capital 3,229,690 9.95 % 1,948,320 ≥ 6.00 % CET1 3,035,578 9.35 % 1,461,240 ≥ 4.50 % Leverage 3,229,690 8.59 % 1,504,035 ≥ 4.00 % Associated Bank, N.A. Total capital $ 3,594,845 11.09 % $ 2,593,900 ≥ 8.00 % $ 3,242,374 ≥ 10.00 % Tier 1 capital 3,243,349 10.00 % 1,945,425 ≥ 6.00 % 2,593,900 ≥ 8.00 % CET1 3,243,349 10.00 % 1,459,068 ≥ 4.50 % 2,107,543 ≥ 6.50 % Leverage 3,243,349 8.63 % 1,503,666 ≥ 4.00 % 1,879,583 ≥ 5.00 % 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 % (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, 2022 | |
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) 2022 2021 2020 Net income $ 366,122 $ 350,994 $ 306,771 Preferred stock dividends (11,500) (17,111) (18,358) Net income available to common equity $ 354,622 $ 333,883 $ 288,413 Common shareholder dividends $ (122,417) $ (115,212) $ (111,291) Unvested share-based payment awards (720) (849) (732) Undistributed earnings $ 231,485 $ 217,822 $ 176,390 Undistributed earnings allocated to common shareholders $ 229,995 $ 216,299 $ 175,134 Undistributed earnings allocated to unvested share-based payment awards 1,490 1,523 1,256 Undistributed earnings $ 231,485 $ 217,822 $ 176,390 Basic Distributed earnings to common shareholders $ 122,417 $ 115,212 $ 111,291 Undistributed earnings allocated to common shareholders 229,995 216,299 175,134 Total common shareholders earnings, basic $ 352,412 $ 331,510 $ 286,425 Diluted Distributed earnings to common shareholders $ 122,417 $ 115,212 $ 111,291 Undistributed earnings allocated to common shareholders 229,995 216,299 175,134 Total common shareholders earnings, diluted $ 352,412 $ 331,510 $ 286,425 Weighted average common shares outstanding 149,162 150,773 153,005 Effect of dilutive common stock awards 1,334 1,214 637 Diluted weighted average common shares outstanding 150,496 151,987 153,642 Basic earnings per common share $ 2.36 $ 2.20 $ 1.87 Diluted earnings per common share $ 2.34 $ 2.18 $ 1.86 Approximately 2 million anti-dilutive common stock options were excluded from the earnings per share calculation at December 31, 2022, 3 million at December 31, 2021, and 7 million at December 31, 2020. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Corporation utilizes a risk-based internal profitability measurement system to provide strategic business unit reporting. The profitability measurement system is based on internal management methodologies designed to produce consistent results and reflect the underlying economics of the units. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The three reportable segments are Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. The financial information of the Corporation’s segments has been compiled utilizing the accounting policies described in 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 taxes, and equity to each segment. Allocation methodologies are subject to periodic adjustment as the internal management accounting system is revised, the interest rate environment evolves, and business or product lines within the segments change. Also, because the development and application of these methodologies is a dynamic process, the financial results presented may be periodically reviewed. The Corporation allocates net interest income using an internal FTP methodology that charges users of funds (assets, primarily loans) 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 credit provision is recorded in Risk Management and Shared Services. Indirect expenses incurred by certain centralized support areas are allocated to segments based on actual usage (for example, volume measurements) and other criteria. Certain types of administrative expense and bank-wide expense accruals (including amortization of CDIs and other intangible assets associated with acquisitions, acquisition-related costs, 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. 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, ABL & equipment finance, 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, and foreign exchange solutions; (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 finance 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 the third quarter of 2022, the product and marketing functions were moved to the Risk Management and Shared Services segment from the Community, Consumer, and Business and Corporate and Commercial Specialty segments in order to centralize these functions under common leadership. Effective during the first quarter of 2022, certain support functions and a select group of banking regions were realigned into the Community, Consumer, and Business segment from the Corporate and Commercial Specialty 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) 2022 2021 2020 Net interest income $ 566,566 $ 361,634 $ 382,570 Net intersegment interest income (expense) (103,360) 18,001 3,477 Segment net interest income 463,205 379,636 386,047 Noninterest income 145,751 165,345 144,274 Total revenue 608,956 544,980 530,321 Provision for credit losses 49,543 60,311 56,409 Noninterest expense 234,234 219,655 200,856 Income before income taxes 325,179 265,015 273,056 Income tax expense 59,000 46,906 50,537 Net income $ 266,179 $ 218,109 $ 222,519 Allocated goodwill $ 525,836 $ 525,836 $ 530,144 Community, Consumer, and Business For the Years Ended December 31, ($ in Thousands) 2022 2021 2020 Net interest income $ 322,725 $ 289,075 $ 307,862 Net intersegment interest income 176,164 62,376 61,126 Segment net interest income 498,889 351,451 368,988 Noninterest income 118,848 151,474 190,808 Total revenue 617,737 502,925 559,796 Provision for credit losses 20,755 20,622 25,233 Noninterest expense 416,742 401,053 441,527 Income before income taxes 180,240 81,251 93,035 Income tax expense 37,850 17,063 19,537 Net income $ 142,389 $ 64,188 $ 73,498 Allocated goodwill $ 579,156 $ 579,156 $ 579,156 Risk Management and Shared Services For the Years Ended December 31, ($ in Thousands) 2022 2021 2020 Net interest income $ 68,031 $ 75,146 $ 72,525 Net intersegment (expense) (72,803) (80,378) (64,603) Segment net interest income (4,772) (5,232) 7,922 Noninterest income (a) 17,772 15,546 178,974 Total revenue 12,999 10,314 186,896 Provision for credit losses (37,300) (168,944) 92,365 Noninterest expense (b) 96,088 89,216 133,651 Income (loss) before income taxes (45,788) 90,042 (39,120) Income tax expense (benefit) (c) (3,342) 21,345 (49,874) Net income $ (42,447) $ 68,697 $ 10,754 Allocated goodwill $ — $ — $ — Consolidated Total For the Years Ended December 31, ($ in Thousands) 2022 2021 2020 Net interest income $ 957,321 $ 725,855 $ 762,957 Net intersegment interest income — — — Segment net interest income 957,321 725,855 762,957 Noninterest income (a) 282,370 332,364 514,056 Total revenue 1,239,691 1,058,219 1,277,012 Provision for credit losses 32,998 (88,011) 174,006 Noninterest expense (b) 747,063 709,924 776,034 Income before income taxes 459,630 436,307 326,972 Income tax expense (c) 93,508 85,313 20,200 Net income $ 366,122 $ 350,994 $ 306,771 Allocated goodwill $ 1,104,992 $ 1,104,992 $ 1,109,300 (a) For the year ended December 31, 2020, the Corporation recognized a $163 million asset gain related to the sale of ABRC. (b) The Risk Management and Shared Services segment incurred a loss of $45 million on the prepayment of FHLB advances during the third quarter of 2020. (c) The Corporation has recognized $63 million in tax benefits for the year ended December 31, 2020. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table summarizes the components of accumulated other comprehensive income (loss) at December 31, 2022, 2021, and 2020 respectively, including changes during the years then ended as well as any reclassifications out of accumulated other comprehensive income (loss): ($ in Thousands) Investment Cash Flow Hedge Derivatives Defined Benefit Accumulated 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) HTM investment securities, net, at amortized cost 3,359 — — 3,359 Personnel expense — — (148) (148) Other expense — — 3,897 3,897 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 HTM investment securities, net, at amortized cost 1,551 — — 1,551 Personnel expense — — 1,346 1,346 Other expense — — 4,594 4,594 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) Other comprehensive (loss) before reclassifications $ (250,273) $ — $ (51,745) $ (302,018) Unrealized (losses) on AFS securities transferred to HTM securities (67,604) — — (67,604) Amounts reclassified from accumulated other comprehensive income (loss) Investment securities losses, net 1,922 — — 1,922 HTM investment securities, net, at amortized cost 9,870 — — 9,870 Other assets / accrued expenses and other liabilities — 3,626 — 3,626 Interest income — (212) — (212) Personnel expense — — (325) (325) Other expense — — 658 658 Income tax (expense) benefit 78,159 (54) 13,495 91,601 Net other comprehensive income (loss) during period (227,926) 3,360 (37,917) (262,483) Balance, December 31, 2022 $ (233,192) $ 3,360 $ (42,968) $ (272,799) |
Revenues (Notes)
Revenues (Notes) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue Recognition [Abstract] | |
Revenue from Contract with Customer [Text Block] | 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) 2022 2021 2020 Wealth management fees $ 84,122 $ 89,854 $ 83,570 Service charges and deposit account fees 13,240 15,880 14,639 Card-based fees (a) 1,547 1,397 1,098 Other revenue 2,964 3,208 3,476 Noninterest Income (in-scope of Topic 606) $ 101,873 $ 110,340 $ 102,783 Noninterest Income (out-of-scope of Topic 606) 43,878 55,004 41,491 Total Noninterest Income $ 145,751 $ 165,345 $ 144,274 Community, Consumer, and Business For the Years Ended December 31, ($ in Thousands) 2022 2021 2020 Wealth management fees $ — $ — $ 1,387 Service charges and deposit account fees 49,052 48,493 41,637 Card-based fees (a) 42,474 41,730 37,259 Other revenue (b) 7,046 10,719 64,274 Noninterest Income (in-scope of Topic 606) $ 98,572 $ 100,942 $ 144,558 Noninterest Income (out-of-scope of Topic 606) 20,276 50,532 46,249 Total Noninterest Income $ 118,848 $ 151,474 $ 190,808 Risk Management and Shared Services For the Years Ended December 31, ($ in Thousands) 2022 2021 2020 Service charges and deposit account fees $ 18 $ 32 $ 31 Card-based fees (a) 111 (3) 247 Other revenue 1,379 967 (1,542) Noninterest Income (in-scope of Topic 606) $ 1,508 $ 996 $ (1,264) Noninterest Income (out-of-scope of Topic 606) (c) 16,263 14,550 180,238 Total Noninterest Income $ 17,772 $ 15,546 $ 178,974 Consolidated Total For the Years Ended December 31, ($ in Thousands) 2022 2021 2020 Wealth management fees $ 84,122 $ 89,854 $ 84,957 Service charges and deposit account fees 62,310 64,406 56,307 Card-based fees (a) 44,132 43,124 38,605 Other revenue (b) 11,389 14,894 66,208 Noninterest Income (in-scope of Topic 606) $ 201,953 $ 212,278 $ 246,077 Noninterest Income (out-of-scope of Topic 606) (c) 80,417 120,086 267,979 Total Noninterest Income $ 282,370 $ 332,364 $ 514,056 (a) Certain card-based fees are out-of-scope of Topic 606. (b) Includes insurance commissions and fees, which were elevated prior to the sale of ABRC. (c) 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 and deposit account fees consist of monthly service fees (i.e. business analyzed fees and consumer service charges) and other deposit account related fees. The Corporation's performance obligation for monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Other deposit account related fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges and deposit account fees is primarily received immediately or in the following month through a direct charge to customers’ accounts. Card-based fees (a) Card-based fees are primarily comprised of debit and credit card income, ATM fees, and merchant services income. Debit and credit card income is primarily comprised of interchange fees earned whenever the Corporation's debit and credit cards are processed through card payment networks. ATM and merchant fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment is typically received immediately or in the following month. Trust and asset management fees (b) Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Corporation's performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to the customers’ accounts. The Corporation's performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered. Brokerage and advisory fees (b) Brokerage and advisory fees primarily consist of investment advisory, brokerage, retirement services, and annuities. The Corporation's performance obligation for investment advisory services and retirement services is generally satisfied, and the related revenue recognized, over the period in which the services are provided. The performance obligation for annuities is satisfied upon sale of the annuity, and therefore, the related revenue is primarily recognized at the time of sale. Payment for these services is 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, 2022 | |
Restructuring and Related Activities [Abstract] | |
Recent Developments | Recent Developments On February 1, 2023, the Corporation's Board of Directors declared a regular quarterly cash dividend of $0.21 per common share, payable on March 15, 2023 to shareholders of record at the close of business on March 1, 2023. 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, 2023 to shareholders of record at the close of business on March 1, 2023. 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, 2023 to shareholders of record at the close of business on March 1, 2023.On February 10, 2023, the Corporation issued $300 million of 10-year subordinated notes, due March 1, 2033 and redeemable starting on the reset date of March 1, 2028 and any interest payment date thereafter, or at any time during the three month period prior to the maturity date. The subordinated notes have a fixed coupon interest rate of 6.625% until the reset date, after which the rate will be equal to the Five-Year U.S. Treasury Rate as of the reset date plus 2.812% per annum. The notes were issued at a discount. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
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. The determination of the ACLL is particularly susceptible to significant change. 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. |
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 HTM investment securities, 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 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 |
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 allowance for loan losses is 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 the 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 finance, 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 lower of the book value or 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 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 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 |
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, an MSRs asset is capitalized, which represents the then current fair value of future net cash flows expected to be realized for performing servicing activities. On January 1, 2022, the Corporation made the irrevocable election to account for its MSRs asset under the fair value measurement method. As a result of the change, a cumulative effect adjustment of $2 million, increasing retained earnings on the consolidated balance sheets, was recognized. Under this methodology, changes in the fair value are recognized in earnings as they occur through mortgage banking, net on the consolidated statements of income. MSRs are not traded in active markets. A cash flow model is used to determine fair value. Key assumptions and estimates, including projected prepayment speeds, assumed servicing costs, ancillary income, costs to service delinquent loans, costs of foreclosure, and discount rates with option-adjusted spreads, used by this model are based on current market sources. Assumptions used to value MSRs are considered significant unobservable inputs. A separate third-party model is used to estimate prepayment speeds based on interest rates, housing turnover rates, estimated loan curtailment, anticipated defaults and other relevant factors. Fair value estimates from outside sources are received periodically to corroborate the results of the valuation model. See Note 5 for additional information on MSRs. Prior to January 1, 2022, upon sale, an MSRs asset was capitalized, which represented 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 had not elected to subsequently measure any class of servicing assets under the fair value measurement method, the Corporation followed the amortization method. MSRs were amortized in proportion to and over the period of estimated net servicing income, and assessed for impairment at each reporting date. MSRs were 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 evaluated its MSRs asset for impairment. Impairment was 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 was established, through a charge to earnings, to the extent the amortized cost of the MSRs exceeded the estimated fair value by stratification. If it was later determined that all or a portion of the temporary impairment no longer existed for a stratification, the valuation was reduced through a recovery to earnings. An other-than-temporary impairment (i.e., recoverability was considered remote when considering interest rates and loan pay off activity) was recognized as a write-down of the MSRs asset and the related valuation allowance (to the extent a valuation allowance was 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. 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. For a derivative designated as a cash flow hedge, 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, foreign currency exchange solutions, and until early 2022, commodity hedging. 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 and investment securities. Federal regulations require the Corporation to clear all LIBOR and compound SOFR 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 and the London Clearing House 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. For derivatives designated and that qualify as fair value hedges, as allowed under U.S. GAAP, we applied the "shortcut" method of accounting, which permits the assumption of perfect effectiveness. The gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in interest expense. These items, along with the net interest from the derivative, are reported in the same income statement line as the fixed-rate debt expense. 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 measured as of fiscal year end. The measurement of the projected benefit obligation and pension expense involve actuarial valuation methods and the use of various actuarial and economic assumptions. The Corporation monitors the assumptions and updates them periodically. Due to the long-term nature of the pension plan obligation, actual results may differ significantly from estimations. Such differences are adjusted over time as the assumptions are replaced by facts and values are recalculated. See Note 12 for additional information on the Corporation’s retirement plans. |
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, changes in unrealized gain/loss on cash flow hedge derivatives, 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 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Adopted There were no applicable material accounting pronouncements adopted by the Corporation during 2022. Future Accounting Pronouncements The expected impacts of applicable material accounting pronouncements recently issued or proposed but not yet required to be adopted, and their impact on the Corporation's financial condition, results of operations, liquidity or disclosures, are discussed in the following table. Standard Description Date of adoption Effect on financial statements ASU 2022-02 Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures The FASB issued these amendments to eliminate accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables-Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty, and to require that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost. The amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should be applied prospectively, except as provided in the next sentence. For the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. Early adoption is permitted if an entity has adopted the amendments in Update 2016-03, including adoption in an interim period. 1st Quarter 2023 Adoption of this amendment is not expected to have a material impact on the Corporation's results of operation, financial position or liquidity, but will result in additional disclosure requirements related to gross charge offs by vintage year and the removal of TDR disclosures, replaced by additional disclosures on the types of modifications of loans to borrowers experiencing financial difficulties. The Corporation intends to adopt this Update prospectively. |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment securities available for sale | 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, 2022 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value AFS investment securities U.S. Treasury securities $ 124,441 $ — $ (15,063) $ 109,378 Agency securities 15,000 — (1,468) 13,532 Obligations of state and political subdivisions (municipal securities) 235,693 96 (5,074) 230,714 Residential mortgage-related securities FNMA / FHLMC 1,820,642 404 (216,436) 1,604,610 GNMA 502,537 314 (5,255) 497,596 Commercial mortgage-related securities FNMA / FHLMC 19,038 — (1,896) 17,142 GNMA 115,031 — (4,569) 110,462 Asset backed securities FFELP 157,138 — (5,947) 151,191 SBA 4,512 15 (51) 4,477 Other debt securities 3,000 — (78) 2,922 Total AFS investment securities $ 2,997,032 $ 830 $ (255,837) $ 2,742,025 HTM investment securities U.S. Treasury securities $ 999 $ — $ (62) $ 936 Obligations of state and political subdivisions (municipal securities) 1,732,351 1,994 (182,697) 1,551,647 Residential mortgage-related securities FNMA / FHLMC 961,231 31,301 (175,760) 816,771 GNMA 52,979 85 (3,436) 49,628 Private-label 364,728 11,697 (72,920) 303,505 Commercial mortgage-related securities FNMA/FHLMC 778,796 15,324 (178,281) 615,839 GNMA 69,369 577 (7,254) 62,691 Total HTM investment securities $ 3,960,451 $ 60,978 $ (620,411) $ 3,401,018 During the first quarter of 2022, the Corporation redesignated approximately $1.6 billion of mortgage-related securities from AFS to HTM. The reclassification of these investment securities was accounted for at fair value. Management elected to transfer these investment securities as the Corporation has the positive intent and ability to hold these investment securities to maturity. See Note 22 for additional information on the unrealized losses on investment securities transferred from AFS to HTM. The amortized cost and fair values of AFS and HTM securities at December 31, 2021 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value AFS investment securities 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 AFS investment securities $ 4,338,671 $ 28,850 $ (35,506) $ 4,332,015 HTM investment securities 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 HTM investment securities $ 2,239,003 $ 118,471 $ (8,809) $ 2,348,664 |
Investment securities held to maturity | 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, 2022 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value AFS investment securities U.S. Treasury securities $ 124,441 $ — $ (15,063) $ 109,378 Agency securities 15,000 — (1,468) 13,532 Obligations of state and political subdivisions (municipal securities) 235,693 96 (5,074) 230,714 Residential mortgage-related securities FNMA / FHLMC 1,820,642 404 (216,436) 1,604,610 GNMA 502,537 314 (5,255) 497,596 Commercial mortgage-related securities FNMA / FHLMC 19,038 — (1,896) 17,142 GNMA 115,031 — (4,569) 110,462 Asset backed securities FFELP 157,138 — (5,947) 151,191 SBA 4,512 15 (51) 4,477 Other debt securities 3,000 — (78) 2,922 Total AFS investment securities $ 2,997,032 $ 830 $ (255,837) $ 2,742,025 HTM investment securities U.S. Treasury securities $ 999 $ — $ (62) $ 936 Obligations of state and political subdivisions (municipal securities) 1,732,351 1,994 (182,697) 1,551,647 Residential mortgage-related securities FNMA / FHLMC 961,231 31,301 (175,760) 816,771 GNMA 52,979 85 (3,436) 49,628 Private-label 364,728 11,697 (72,920) 303,505 Commercial mortgage-related securities FNMA/FHLMC 778,796 15,324 (178,281) 615,839 GNMA 69,369 577 (7,254) 62,691 Total HTM investment securities $ 3,960,451 $ 60,978 $ (620,411) $ 3,401,018 During the first quarter of 2022, the Corporation redesignated approximately $1.6 billion of mortgage-related securities from AFS to HTM. The reclassification of these investment securities was accounted for at fair value. Management elected to transfer these investment securities as the Corporation has the positive intent and ability to hold these investment securities to maturity. See Note 22 for additional information on the unrealized losses on investment securities transferred from AFS to HTM. The amortized cost and fair values of AFS and HTM securities at December 31, 2021 were as follows: ($ in Thousands) Amortized Gross Gross Fair Value AFS investment securities 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 AFS investment securities $ 4,338,671 $ 28,850 $ (35,506) $ 4,332,015 HTM investment securities 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 HTM investment securities $ 2,239,003 $ 118,471 $ (8,809) $ 2,348,664 |
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, 2022, are shown below: AFS HTM ($ in Thousands) Amortized Fair Amortized Fair Due in one year or less $ 6,245 $ 6,230 $ 17,660 $ 17,621 Due after one year through five years 86,971 81,271 30,135 29,842 Due after five years through ten years 248,453 233,565 156,937 154,046 Due after ten years 36,465 35,480 1,528,616 1,351,075 Total debt securities 378,134 356,546 1,733,349 1,552,584 Residential mortgage-related securities FNMA / FHLMC 1,820,642 1,604,610 961,231 816,771 GNMA 502,537 497,596 52,979 49,628 Private-label — — 364,728 303,505 Commercial mortgage-related securities FNMA / FHLMC 19,038 17,142 778,796 615,839 GNMA 115,031 110,462 69,369 62,691 Asset backed securities FFELP 157,138 151,191 — — SBA 4,512 4,477 — — Total investment securities $ 2,997,032 $ 2,742,025 $ 3,960,451 $ 3,401,018 Ratio of Fair Value to Amortized Cost 91.5 % 85.9 % |
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, 2022: ($ in Thousands) AAA AA A Not Rated Total U.S. Treasury securities $ 999 $ — $ — $ — $ 999 Obligations of state and political subdivisions (municipal securities) 806,529 917,059 7,604 1,158 1,732,351 Residential mortgage-related securities FNMA/FHLMC 961,231 — — — 961,231 GNMA 52,979 — — — 52,979 Private-label 364,728 — — — 364,728 Commercial mortgage-related securities FNMA/FHLMC 778,796 — — — 778,796 GNMA 69,369 — — — 69,369 Total HTM securities $ 3,034,630 $ 917,059 $ 7,604 $ 1,158 $ 3,960,451 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 |
Realized gains and losses and proceeds from sale | The following table summarizes gross realized gains and losses on AFS securities, the gain on sale and net write-up of equity securities, and proceeds from the sale of investment securities for each of the three years ended December 31 shown below: ($ in Thousands) 2022 2021 2020 Gross gains on AFS securities $ 21 $ 421 $ 9,312 Gross (losses) on AFS securities (1,943) (437) (90) Gain on sale and net write-up of equity securities 5,668 — — Investment securities gains (losses), net $ 3,746 $ (16) $ 9,222 Proceeds from sales of AFS investment securities $ 110,177 $ 158,708 $ 626,283 |
Unrealized losses and fair value of available for sale and held to maturity securities, by investment category and time length | The following represents gross unrealized losses and the related fair value of 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, 2022: Less than 12 months 12 months or more Total ($ in Thousands) Number Unrealized Fair Number Unrealized Fair Unrealized (Losses) Fair AFS investment securities U.S. Treasury securities — $ — $ — 7 $ (15,063) $ 109,378 $ (15,063) $ 109,378 Agency securities — — — 1 (1,468) 13,532 (1,468) 13,532 Obligations of state and political subdivisions (municipal securities) 358 (5,066) 201,260 4 (8) 1,916 (5,074) 203,176 Residential mortgage-related securities FNMA / FHLMC 24 (31,266) 260,986 84 (185,170) 1,321,420 (216,436) 1,582,406 GNMA 23 (4,415) 220,276 2 (840) 11,096 (5,255) 231,372 Commercial mortgage-related securities FNMA / FHLMC 1 (1,896) 17,142 — — — (1,896) 17,142 GNMA 33 (3,920) 101,036 4 (649) 9,426 (4,569) 110,462 Asset backed securities FFELP 3 (1,668) 44,304 12 (4,278) 106,887 (5,947) 151,191 SBA 2 (1) 417 6 (50) 2,057 (51) 2,474 Other debt securities 2 (30) 1,970 1 (49) 951 (78) 2,922 Total 446 $ (48,263) $ 847,391 121 $ (207,575) $ 1,576,665 $ (255,837) $ 2,424,055 HTM investment securities U.S. Treasury securities 1 $ (62) $ 936 — $ — $ — $ (62) $ 936 Obligations of state and political subdivisions (municipal securities) 771 (96,282) 1,079,216 156 (86,415) 231,022 (182,697) 1,310,238 Residential mortgage-related securities FNMA / FHLMC 79 (18,925) 143,201 22 (156,836) 671,570 (175,760) 814,770 GNMA 81 (3,436) 44,476 — — — (3,436) 44,476 Private-label 3 (9,509) 58,733 15 (63,411) 244,772 (72,920) 303,505 Commercial mortgage-related securities FNMA / FHLMC 4 (3,814) 20,338 39 (174,467) 576,911 (178,281) 597,249 GNMA 8 (2,528) 34,612 6 (4,726) 28,080 (7,254) 62,691 Total 947 $ (134,556) $ 1,381,511 238 $ (485,855) $ 1,752,354 $ (620,411) $ 3,133,865 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, 2021: Less than 12 months 12 months or more Total ($ in Thousands) Number Unrealized Fair Number Unrealized Fair Unrealized Fair AFS investment securities 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 HTM investment securities 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 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Loan composition | The period end loan composition was as follows: ($ in Thousands) Dec 31, 2022 Dec 31, 2021 Asset-based lending & equipment finance (a) $ 458,887 $ 178,027 Commercial and industrial 9,300,567 8,274,358 Commercial real estate - owner occupied 991,722 971,326 Commercial and business lending 10,751,176 9,423,711 Commercial real estate - investor 5,080,344 4,384,569 Real estate construction 2,155,222 1,808,976 Commercial real estate lending 7,235,565 6,193,545 Total commercial 17,986,742 15,617,256 Residential mortgage 8,511,550 7,567,310 Auto finance 1,382,073 143,045 Home equity 624,353 595,615 Other consumer 294,851 301,723 Total consumer 10,812,828 8,607,693 Total loans $ 28,799,569 $ 24,224,949 (a) Dec 31, 2021 does not include equipment finance . |
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) 2022 2021 Balance at beginning of year $ 45,245 $ 29,420 New loans 2,656 24,218 Repayments (1,416) (8,244) Change due to status of executive officers and directors (43,110) (150) Balance at end of year $ 3,376 $ 45,245 |
Commercial and consumer loans by credit quality indicator | The following table presents commercial and consumer loans by credit quality indicator by origination year at December 31, 2022: Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis 2022 2021 2020 2019 2018 Prior Total Asset-based lending & equipment finance: Risk rating: Pass $ — $ 47,446 $ 269,258 $ 121,914 $ 1,832 $ 653 $ 85 $ — $ 441,189 Potential Problem — — 1,448 — 16,250 — — — 17,698 Asset-based lending & equipment finance $ — $ 47,446 $ 270,706 $ 121,914 $ 18,082 $ 653 $ 85 $ — $ 458,887 Commercial and industrial: Risk rating: Pass $ 1,423 $ 1,891,331 $ 2,976,288 $ 2,245,094 $ 566,001 $ 572,467 $ 330,557 $ 432,906 $ 9,014,644 Special Mention — 93,209 3,411 23,607 — — 19 32,497 152,744 Potential Problem 447 24,549 39,952 4,193 5,637 38,169 218 6,133 118,851 Nonaccrual 3,926 — 5,210 — 9,119 — — — 14,329 Commercial and industrial $ 5,796 $ 2,009,089 $ 3,024,861 $ 2,272,895 $ 580,757 $ 610,636 $ 330,794 $ 471,535 $ 9,300,567 Commercial real estate - owner occupied: Risk rating: Pass $ — $ 12,447 $ 211,645 $ 225,627 $ 163,965 $ 160,370 $ 73,487 $ 97,420 $ 944,961 Special Mention — — — — 1,136 1,491 9,713 — 12,339 Potential Problem — 1,325 1,238 11,141 5,523 10,769 370 4,055 34,422 Commercial real estate - owner occupied $ — $ 13,772 $ 212,883 $ 236,769 $ 170,624 $ 172,630 $ 83,570 $ 101,475 $ 991,722 Commercial and business lending: Risk rating: Pass $ 1,423 $ 1,951,224 $ 3,457,191 $ 2,592,636 $ 731,798 $ 733,490 $ 404,129 $ 530,326 $ 10,400,794 Special Mention — 93,209 3,411 23,607 1,136 1,491 9,732 32,497 165,083 Potential Problem 447 25,874 42,638 15,335 27,410 48,938 589 10,188 170,971 Nonaccrual 3,926 — 5,210 — 9,119 — — — 14,329 Commercial and business lending $ 5,796 $ 2,070,307 $ 3,508,450 $ 2,631,578 $ 769,463 $ 783,919 $ 414,449 $ 573,010 $ 10,751,176 Commercial real estate - investor: Risk rating: Pass $ 38,412 $ 106,280 $ 1,633,094 $ 1,419,000 $ 683,121 $ 530,444 $ 262,858 $ 210,299 $ 4,845,096 Special Mention — — 61,968 24,149 7,361 9,400 — 10,455 113,333 Potential Problem — — 16,147 21,303 27,635 1,333 19,017 7,099 92,535 Nonaccrual — — 2,177 25,668 — — — 1,535 29,380 Commercial real estate - investor $ 38,412 $ 106,280 $ 1,713,387 $ 1,490,120 $ 718,117 $ 541,177 $ 281,875 $ 229,387 $ 5,080,344 Real estate construction: Risk rating: Pass $ — $ 29,892 $ 900,593 $ 913,107 $ 241,230 $ 12,062 $ 2,226 $ 9,775 $ 2,108,885 Special Mention — — — — 12,174 33,087 — — 45,261 Potential Problem — — — — 970 — — — 970 Nonaccrual — — — — — — — 105 105 Real estate construction $ — $ 29,892 $ 900,593 $ 913,107 $ 254,374 $ 45,149 $ 2,226 $ 9,880 $ 2,155,222 Commercial real estate lending: Risk rating: Pass $ 38,412 $ 136,173 $ 2,533,687 $ 2,332,107 $ 924,351 $ 542,505 $ 265,083 $ 220,073 $ 6,953,981 Special Mention — — 61,968 24,149 19,535 42,487 — 10,455 158,595 Potential Problem — — 16,147 21,303 28,605 1,333 19,017 7,099 93,505 Nonaccrual — — 2,177 25,668 — — — 1,640 29,485 Commercial real estate lending $ 38,412 $ 136,173 $ 2,613,980 $ 2,403,227 $ 972,492 $ 586,326 $ 284,101 $ 239,267 $ 7,235,565 Total commercial: Risk rating: Pass $ 39,835 $ 2,087,396 $ 5,990,879 $ 4,924,743 $ 1,656,149 $ 1,275,996 $ 669,213 $ 750,399 $ 17,354,774 Special Mention — 93,209 65,379 47,756 20,671 43,978 9,732 42,952 323,677 Potential Problem 447 25,874 58,785 36,638 56,016 50,271 19,606 17,287 264,476 Nonaccrual 3,926 — 7,387 25,668 9,119 — — 1,640 43,814 Total commercial $ 44,208 $ 2,206,480 $ 6,122,430 $ 5,034,805 $ 1,741,955 $ 1,370,245 $ 698,550 $ 812,278 $ 17,986,742 Term Loans Amortized Cost Basis by Origination Year (a) ($ in Thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis 2022 2021 2020 2019 2018 Prior Total Residential mortgage: Risk rating: Pass $ — $ — $ 1,410,566 $ 2,184,125 $ 1,716,663 $ 817,164 $ 370,724 $ 1,951,406 $ 8,450,648 Special Mention — — — 284 96 — — 63 444 Potential Problem — — 455 71 — 738 29 685 1,978 Nonaccrual — — 8,506 3,851 6,219 3,744 5,014 31,145 58,480 Residential mortgage $ — $ — $ 1,419,527 $ 2,188,332 $ 1,722,979 $ 821,645 $ 375,768 $ 1,983,299 $ 8,511,550 Auto finance: Risk rating: Pass $ — $ — $ 1,271,205 $ 106,102 $ 333 $ 1,267 $ 446 $ 61 $ 1,379,414 Special Mention — — 1,052 118 — — — — 1,170 Nonaccrual — — 1,149 331 — 9 — — 1,490 Auto finance $ — $ — $ 1,273,406 $ 106,551 $ 333 $ 1,276 $ 446 $ 61 $ 1,382,073 Home equity: Risk rating: Pass $ 7,254 $ 508,212 $ 31,389 $ 6,508 $ 2,112 $ 6,197 $ 6,966 $ 54,827 $ 616,211 Special Mention 47 102 — — — — 47 310 458 Potential Problem — 15 — — — 34 2 146 197 Nonaccrual 1,590 — 306 102 131 307 319 6,322 7,487 Home equity $ 8,891 $ 508,329 $ 31,695 $ 6,610 $ 2,243 $ 6,538 $ 7,333 $ 61,605 $ 624,353 Other consumer: Risk rating: Pass $ 64 $ 199,942 $ 7,429 $ 5,256 $ 2,468 $ 1,238 $ 174 $ 77,611 $ 294,117 Special Mention 6 490 11 — 5 5 — 25 537 Nonaccrual 78 56 11 21 10 56 10 34 197 Other consumer $ 147 $ 200,488 $ 7,452 $ 5,276 $ 2,482 $ 1,300 $ 184 $ 77,670 $ 294,851 Total consumer: Risk rating: Pass $ 7,318 $ 708,154 $ 2,720,589 $ 2,301,991 $ 1,721,576 $ 825,866 $ 378,310 $ 2,083,904 $ 10,740,390 Special Mention 52 592 1,063 403 101 5 47 398 2,609 Potential Problem — 15 455 71 — 772 31 831 2,175 Nonaccrual 1,668 56 9,973 4,304 6,360 4,116 5,343 37,501 67,654 Total consumer $ 9,038 $ 708,817 $ 2,732,080 $ 2,306,769 $ 1,728,037 $ 830,759 $ 383,731 $ 2,122,635 $ 10,812,828 Total loans: Risk rating: Pass $ 47,152 $ 2,795,551 $ 8,711,468 $ 7,226,734 $ 3,377,725 $ 2,101,861 $ 1,047,522 $ 2,834,303 $ 28,095,164 Special Mention 52 93,801 66,443 48,159 20,772 43,983 9,778 43,350 326,286 Potential Problem 447 25,889 59,240 36,709 56,016 51,043 19,637 18,118 266,651 Nonaccrual 5,595 56 17,360 29,972 15,479 4,116 5,343 39,141 111,467 Total loans $ 53,246 $ 2,915,297 $ 8,854,510 $ 7,341,574 $ 3,469,992 $ 2,201,004 $ 1,082,280 $ 2,934,912 $ 28,799,569 (a) Revolving loans converted to term loans are those converted during the reporting period and are also reported in their year of origination. The following table presents commercial and consumer loans by credit quality indicator by origination 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 Commercial and industrial: (b) Risk rating: Pass $ 2,084 $ 2,371,605 $ 2,676,674 $ 871,368 $ 986,300 $ 710,491 $ 177,568 $ 493,876 $ 8,287,882 Special Mention — 7,068 6,112 1,976 — — — 2,811 17,967 Potential Problem 2,706 26,387 25,415 19,960 46,296 20,924 104 1,172 140,258 Nonaccrual 76 — 5,996 207 52 24 — — 6,279 Commercial and industrial $ 4,867 $ 2,405,059 $ 2,714,198 $ 893,511 $ 1,032,647 $ 731,439 $ 177,671 $ 497,860 $ 8,452,385 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 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 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 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 Auto finance: Risk rating: Pass $ — $ — $ 137,952 $ 707 $ 2,675 $ 1,200 $ 352 $ 107 $ 142,993 Nonaccrual — — — — 36 15 — — 52 Auto finance $ — $ — $ 137,952 $ 707 $ 2,711 $ 1,216 $ 352 $ 107 $ 143,045 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 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 $ 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 those reported during the reporting period and are also reported in their year of origination. (b) Includes asset-based lending and equipment finance. |
Summarized details of Loans by past due status | The following table presents loans by past due status at December 31, 2022: Accruing ($ in Thousands) Current 30-59 Days 60-89 Days 90+ Days Nonaccrual (a)(b) Total Asset-based lending & equipment finance $ 458,887 $ — $ — $ — $ — $ 458,887 Commercial and industrial 9,279,674 716 5,566 282 14,329 9,300,567 Commercial real estate - owner occupied 991,493 218 12 — — 991,722 Commercial and business lending 10,730,053 934 5,578 282 14,329 10,751,176 Commercial real estate - investor 5,049,897 1,067 — — 29,380 5,080,344 Real estate construction 2,155,077 39 — — 105 2,155,222 Commercial real estate lending 7,204,975 1,105 — — 29,485 7,235,565 Total commercial 17,935,028 2,040 5,578 282 43,814 17,986,742 Residential mortgage 8,443,072 9,811 63 124 58,480 8,511,550 Auto finance 1,371,176 8,238 1,170 — 1,490 1,382,073 Home equity 611,259 5,149 458 — 7,487 624,353 Other consumer 291,722 1,018 592 1,322 197 294,851 Total consumer 10,717,229 24,216 2,283 1,446 67,654 10,812,828 Total loans $ 28,652,257 $ 26,256 $ 7,861 $ 1,728 $ 111,467 $ 28,799,569 (a) Of the total nonaccrual loans, $64 million, or 58%, were current with respect to payment at December 31, 2022. (b) No interest income was recognized on nonaccrual loans for the year ended December 31, 2022. In addition, there were $11 million of nonaccrual loans for which there was no related ACLL at December 31, 2022. The following table presents loans by past due status at December 31, 2021: Accruing ($ in Thousands) Current 30-59 Days 60-89 Days 90+ Days Nonaccrual (a)(b) Total Asset-based lending $ 178,027 $ — $ — $ — $ — $ 178,027 Commercial and industrial (c) 8,267,213 619 97 151 6,279 8,274,358 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 Auto finance 142,982 11 — — 52 143,045 Home equity 584,177 2,867 844 — 7,726 595,615 Other consumer 298,261 1,835 472 986 170 301,723 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) Of the total nonaccrual loans, $84 million, or 65%, were current with respect to payment at December 31, 2021. (b) No interest income was recognized on nonaccrual loans for the year ended December 31, 2021. In addition, there were $9 million of nonaccrual loans for which there was no related ACLL at December 31, 2021. (c) Includes equipment finance. |
Nonaccrual and performing restructured loans | The following table presents nonaccrual and performing restructured loans by loan portfolio: December 31, 2022 December 31, 2021 December 31, 2020 ($ in Thousands) Performing Nonaccrual Restructured Loans (a) Performing Nonaccrual Restructured Loans (a) Performing Nonaccrual Restructured Loans (a) Commercial and industrial $ 12,453 $ — $ 8,687 $ — $ 12,713 $ 6,967 Commercial real estate - owner occupied 316 — 967 — 1,711 — Commercial real estate - investor 128 2,074 12,866 3,093 26,435 225 Real estate construction 195 9 242 45 260 111 Residential mortgage 16,829 17,117 16,316 13,483 7,825 11,509 Home equity 2,148 927 2,648 806 1,957 1,379 Other consumer 798 — 803 — 1,191 — Total restructured loans $ 32,868 $ 20,127 $ 42,530 $ 17,426 $ 52,092 $ 20,190 (a) Nonaccrual restructured loans have been included within nonaccrual loans. |
Summary of restructured loans | The following table provides the number of loans modified in a TDR by loan portfolio, the recorded investment, and unpaid principal balance: Years Ended December 31, 2022 2021 2020 ($ 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 2 $ 281 $ 281 4 $ 610 $ 610 7 $ 1,823 $ 2,059 Commercial real estate - owner occupied — — — — — — 4 658 689 Commercial real estate - investor — — — 6 4,259 10,166 10 26,563 26,567 Residential mortgage 55 10,557 10,777 69 12,415 12,463 36 6,031 6,113 Home equity 15 531 557 9 932 963 20 1,078 1,697 Total loans modified 72 $ 11,370 $ 11,616 88 $ 18,216 $ 24,201 77 $ 36,154 $ 37,125 (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, 2022, 2021, and 2020, respectively, and the recorded investment in these restructured loans at the time of default as of December 31, 2022, 2021, and 2020, respectively: Years Ended December 31, 2022 2021 2020 ($ in Thousands) Number of Recorded Number of Recorded Number of Recorded Commercial real estate — investor — $ — 1 $ 164 — $ — Residential mortgage 4 1,178 11 1,171 5 1,036 Home equity — — — — 4 208 Total loans modified 4 $ 1,178 12 $ 1,334 9 $ 1,244 |
Changes in the allowance for credit 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, 2022: ($ in Thousands) Dec 31, 2021 Charge offs Recoveries Net Charge offs Provision for credit losses Dec 31, 2022 ACLL / Loans Allowance for loan losses Asset-based lending & equipment finance $ 4,182 $ — $ — $ — $ 2,382 $ 6,564 Commercial and industrial 85,675 (4,491) 5,282 791 26,047 112,512 Commercial real estate — owner occupied 11,473 — 13 13 (2,011) 9,475 Commercial and business lending 101,330 (4,491) 5,295 804 26,418 128,551 Commercial real estate — investor 72,803 (50) 50 — (18,405) 54,398 Real estate construction 37,643 (48) 106 58 7,887 45,589 Commercial real estate lending 110,446 (98) 156 58 (10,518) 99,986 Total commercial 211,776 (4,588) 5,451 862 15,900 228,538 Residential mortgage 40,787 (567) 908 341 (2,830) 38,298 Auto finance 1,999 (1,041) 98 (943) 18,563 19,619 Home equity 14,011 (587) 1,385 798 66 14,875 Other consumer 11,441 (3,363) 1,010 (2,353) 2,301 11,390 Total consumer 68,239 (5,558) 3,401 (2,157) 18,100 84,182 Total loans $ 280,015 $ (10,146) $ 8,852 $ (1,294) $ 34,000 $ 312,720 Allowance for unfunded commitments Asset-based lending & equipment finance $ 857 $ — $ — $ — $ (256) $ 601 Commercial and industrial 17,601 — — — (5,205) 12,396 Commercial real estate — owner occupied 208 — — — (105) 103 Commercial and business lending 18,667 — — — (5,566) 13,101 Commercial real estate — investor 936 — — — (226) 710 Real estate construction 15,586 — — — 4,997 20,583 Commercial real estate lending 16,522 — — — 4,770 21,292 Total commercial 35,189 — — — (796) 34,393 Home equity 2,592 — — — 107 2,699 Other consumer 1,995 — — — (311) 1,683 Total consumer 4,587 — — — (204) 4,382 Total loans $ 39,776 $ — $ — $ — $ (1,000) $ 38,776 Allowance for credit losses on loans Asset-based lending & equipment finance $ 5,040 $ — $ — $ — $ 2,125 $ 7,165 1.56 % Commercial and industrial 103,276 (4,491) 5,282 791 20,842 124,908 1.34 % Commercial real estate — owner occupied 11,681 — 13 13 (2,115) 9,579 0.97 % Commercial and business lending 119,997 (4,491) 5,295 804 20,852 141,652 1.32 % Commercial real estate — investor 73,739 (50) 50 — (18,631) 55,108 1.08 % Real estate construction 53,229 (48) 106 58 12,884 66,171 3.07 % Commercial real estate lending 126,968 (98) 156 58 (5,748) 121,279 1.68 % Total commercial 246,965 (4,588) 5,451 862 15,104 262,931 1.46 % Residential mortgage 40,787 (567) 908 341 (2,830) 38,298 0.45 % Auto finance 1,999 (1,041) 98 (943) 18,563 19,619 1.42 % Home equity 16,603 (587) 1,385 798 173 17,574 2.81 % Other consumer 13,436 (3,363) 1,010 (2,353) 1,990 13,073 4.43 % Total consumer 72,825 (5,558) 3,401 (2,157) 17,896 88,565 0.82 % Total loans $ 319,791 $ (10,146) $ 8,852 $ (1,294) $ 33,000 $ 351,496 1.22 % 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 Asset-based lending $ 2,077 $ — $ 412 $ 412 $ 1,693 $ 4,182 Commercial and industrial (a) 141,247 (21,564) 8,152 (13,412) (42,160) 85,675 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 Auto finance 174 (22) 31 9 1,816 1,999 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 Total consumer 76,475 (4,738) 4,993 256 (8,492) 68,239 Total loans $ 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 (a) 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 loans $ 47,776 $ — $ — $ — $ (8,000) $ 39,776 Allowance for credit losses on loans Asset-based lending $ 2,978 $ — $ 412 $ 412 $ 1,649 $ 5,040 2.83 % Commercial and industrial (a) 162,657 (21,564) 8,152 (13,412) (45,970) 103,276 1.25 % Commercial real estate — owner occupied 11,539 — 120 120 22 11,681 1.20 % Commercial and business lending 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 % Auto finance 174 (22) 31 9 1,816 1,999 1.40 % 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 % Total consumer 82,150 (4,738) 4,993 256 (9,581) 72,825 0.85 % Total loans $ 431,478 $ (40,652) $ 16,965 $ (23,687) $ (88,000) $ 319,791 1.32 % (a) Includes equipment finance |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of core deposit intangibles and other intangibles | The Corporation has CDIs and historically had other intangible assets, both of which are amortized. For CDIs and other intangibles, changes in the gross carrying amount, accumulated amortization, and net book value were as follows: ($ in Thousands) 2022 2021 2020 Core deposit intangibles Gross carrying amount at the beginning of the year $ 88,109 $ 88,109 $ 80,730 Additions during the year — — 7,379 Accumulated amortization (38,827) (30,016) (21,205) Net book value $ 49,282 $ 58,093 $ 66,904 Amortization during the year $ 8,811 $ 8,811 $ 8,749 Other intangibles Gross carrying amount at the beginning of the year $ — $ 2,000 $ 38,970 Additions during the year — — 200 Reductions due to sale — (1,317) (17,435) Accumulated amortization — (683) (20,385) Net book value $ — $ — $ 1,350 Amortization during the year $ — $ 33 $ 1,443 |
Summary of changes in balance of mortgage servicing rights asset and mortgage servicing rights valuation allowance | A summary of changes in the balance of the MSRs asset under the fair value measurement method for the year ended December 31, 2022 is as follows: ($ in Thousands) 2022 Mortgage servicing rights Mortgage servicing rights at beginning of period $ 54,862 Cumulative effect of accounting methodology change 2,296 Balance at beginning of period, adjusted $ 57,158 Additions 7,279 Paydowns (9,350) Valuation: Change in fair value model assumptions 5,715 Changes in fair value of asset 16,549 Mortgage servicing rights at end of period $ 77,351 Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) $ 6,711,820 Mortgage servicing rights to servicing portfolio 1.15 % Prior to January 1, 2022, the Corporation accounted for its MSRs under the amortization methodology. See Note 1 for the Corporation’s accounting policy for MSRs when they were still under the amortization methodology. A summary of changes in the balance of the MSRs asset and the MSRs valuation allowance under the amortization methodology for the years ended December 31, 2021 and 2020 is as follows: ($ in Thousands) 2021 2020 Mortgage servicing rights Mortgage servicing rights at beginning of year $ 59,967 $ 67,607 Additions from acquisition — 1,357 Additions 16,151 13,667 Amortization (19,436) (22,664) Mortgage servicing rights at end of year $ 56,682 $ 59,967 Valuation allowance at beginning of year (18,006) (302) (Additions) recoveries, net 16,186 (17,704) Valuation allowance at end of year (1,820) (18,006) Mortgage servicing rights, net $ 54,862 $ 41,961 Fair value of mortgage servicing rights $ 57,259 $ 41,990 Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) 6,994,834 7,743,956 Mortgage servicing rights, net to servicing portfolio 0.78 % 0.54 % Mortgage servicing rights expense (a) $ 3,250 $ 40,369 (a) Includes the amortization of mortgage servicing rights and additions / recoveries to the valuation allowance of mortgage servicing rights, and is a component of mortgage banking, net on the consolidated statements of income. |
Summary of estimated future amortization expense | The projections of amortization expense for CDIs and decay for MSRs are based on existing asset balances, the current interest rate environment, and prepayment speeds as of December 31, 2022. The actual 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 CDIs and decay for MSRs: ($ in Thousands) Core Deposit Intangibles Mortgage Servicing Rights Year ending December 31, 2023 $ 8,811 $ 13,714 2024 8,811 10,364 2025 8,811 9,238 2026 8,811 8,108 2027 8,811 7,301 Beyond 2027 5,227 28,626 Total estimated amortization expense and MSRs decay $ 49,282 $ 77,351 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | A summary of premises and equipment at December 31, 2022 and 2021 is as follows: 2022 2021 ($ in Thousands) Estimated Cost Accumulated Net Book Net Book Land — $ 65,516 $ — $ 65,516 $ 66,830 Land improvements 3 – 20 years 19,785 9,711 10,074 9,555 Buildings and improvements 5 – 40 years 393,329 179,833 213,496 213,130 Computers and related equipment 4 – 8 years 55,226 42,620 12,606 13,831 Furniture, fixtures and other equipment 3 – 20 years 118,887 85,776 33,110 41,787 Operating leases — 42,633 17,017 25,617 28,299 Leasehold improvements 2 – 20 years 39,454 22,966 16,487 11,741 Total premises and equipment $ 734,829 $ 357,923 $ 376,906 $ 385,173 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 2020 Operating Lease Costs $ 6,812 $ 8,712 $ 11,450 Finance Lease Costs 119 107 154 Operating Lease Cash Flows 8,440 11,183 11,276 Finance Lease Cash Flows 125 137 122 |
Assets And Liabilities, Lessee [Table Text Block] | The lease classifications on the consolidated balance sheets were as follows: Consolidated Balance Sheets Category ($ in Thousands) December 31, 2022 December 31, 2021 Operating lease right-of-use asset Premises and equipment $ 25,617 $ 28,299 Finance lease right-of-use asset Other assets 455 143 Operating lease liability Accrued expenses and other liabilities 28,357 31,345 Finance lease liability Other long-term funding 469 163 |
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, 2022 December 31, 2021 ($ 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 Retail and corporate offices $ 26,140 5.92 2.62 % $ 29,008 5.56 3.26 % Land 4,766 7.59 3.14 % 5,551 8.29 3.12 % Equipment — 0.00 — % 192 1.50 0.45 % Total operating leases $ 30,906 6.17 2.70 % $ 34,751 5.94 3.22 % Finance leases Retail and corporate offices $ 485 5.25 1.32 % $ 112 1.25 1.32 % Land — 0.00 — % 51 0.67 1.07 % Total finance leases $ 485 5.25 1.32 % $ 164 1.07 1.24 % |
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, 2023 $ 6,187 $ 92 $ 6,279 2024 5,685 93 5,777 2025 4,512 93 4,605 2026 4,246 93 4,339 2027 3,807 93 3,899 Beyond 2027 6,469 23 6,492 Total lease payments $ 30,906 $ 485 $ 31,391 Less: interest 2,549 16 2,566 Present value of lease payments $ 28,357 $ 469 $ 28,826 |
Lessee, Operating Lease, Disclosure [Table Text Block] | The approximate minimum annual rental payments and rental receipts under non-cancelable agreements and leases with remaining terms in excess of one year are as follows: ($ in Thousands) Payments Receipts 2023 $ 5,969 $ 2,879 2024 5,748 3,056 2025 4,670 2,765 2026 4,403 2,451 2027 3,943 2,051 Beyond 2027 6,488 6,531 Total $ 31,220 $ 19,733 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Deposits by type | The distribution of deposits at December 31 is as follows: ($ in Thousands) 2022 2021 Noninterest-bearing demand $ 7,760,811 $ 8,504,077 Savings 4,604,848 4,410,198 Interest-bearing demand 7,100,727 7,019,782 Money market 8,239,610 7,185,111 Brokered CDs 541,916 — Other time deposits 1,388,242 1,347,262 Total deposits $ 29,636,154 $ 28,466,430 |
Time deposits by maturity | Aggregate annual maturities of all time deposits at December 31, 2022, are as follows: Maturities During Year Ending December 31, ($ in Thousands) 2023 $ 1,545,286 2024 240,599 2025 109,034 2026 19,998 2027 15,236 Thereafter 5 Total $ 1,930,158 |
Short and Long-term Funding (Ta
Short and Long-term Funding (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 Short-Term Funding Federal funds purchased $ 344,170 $ 120 Securities sold under agreements to repurchase 240,969 319,412 Federal funds purchased and securities sold under agreements to repurchase 585,139 319,532 Commercial paper 20,798 34,730 Total short-term funding $ 605,937 $ 354,262 Long-Term Funding Corporation subordinated notes, at par $ 250,000 $ 250,000 Capitalized costs (544) (839) Subordinated debt fair value hedge liability (a) (1,855) — Finance leases 469 163 Total long-term funding $ 248,071 $ 249,324 Total short and long-term funding, excluding FHLB advances $ 854,007 $ 603,587 FHLB Advances Short-term FHLB advances $ 3,125,000 $ — Long-term FHLB advances 1,209,170 1,621,047 FHLB advances fair value hedge liability (a) (14,308) — Total FHLB advances $ 4,319,861 $ 1,621,047 Total short and long-term funding $ 5,173,869 $ 2,224,633 (a) For additional information on the fair value hedge liability, see Note 14. |
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, 2022 and 2021 are presented in the following table: Overnight and Continuous ($ in Thousands) December 31, 2022 December 31, 2021 Repurchase agreements Agency mortgage-related securities $ 240,969 $ 319,412 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The table below summarizes the expected maturities of the Corporation’s long-term funding at December 31, 2022: ($ in Thousands) Long Term Funding Year 2023 $ 476 2024 248,234 2025 392,488 2026 604,695 2027 671 Beyond 2027 196,368 Total long-term funding $ 1,442,932 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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: 2020 Dividend yield 3.50 % Risk-free interest rate 1.60 % Weighted average expected volatility 21.00 % Weighted average expected life 5.75 years Weighted average per share fair value of options $2.39 |
Summary of Company's Stock Option Activities | A summary of the Corporation’s stock option activity for the year ended December 31, 2022 is presented below: Stock Options Shares (a) Weighted Average Weighted Average Aggregate Intrinsic Value (a) Outstanding at December 31, 2021 4,814 $ 20.72 5.96 years $ 12,532 Exercised 663 18.27 Forfeited or expired 157 22.33 Outstanding at December 31, 2022 3,994 $ 21.06 5.11 years $ 10,525 Options exercisable at December 31, 2022 3,435 $ 21.40 4.82 years $ 8,223 (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, 2022: Restricted Stock Shares (a) Weighted Average Outstanding at December 31, 2021 2,635 $ 19.87 Granted 800 22.90 Vested 968 21.81 Forfeited 164 20.43 Outstanding at December 31, 2022 2,303 $ 20.92 (a) In thousands |
Retirement Plans (Tables)
Retirement Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Change in Benefit Obligation | The funded status and amounts recognized on the 2022 and 2021 consolidated balance sheets, as measured on December 31, 2022 and 2021, respectively, for the RAP and Postretirement Plan were as follows: RAP Postretirement RAP Postretirement ($ in Thousands) 2022 2022 2021 2021 Change in Fair Value of Plan Assets Fair value of plan assets at beginning of year $ 497,796 $ — $ 478,849 $ — Actual return on plan assets (74,140) — 41,576 — Employer contributions — 193 — 201 Gross benefits paid (16,252) (193) (22,629) (201) Fair value of plan assets at end of year (a) $ 407,405 $ — $ 497,796 $ — Change in Benefit Obligation Net benefit obligation at beginning of year $ 261,321 $ 1,975 $ 280,017 $ 2,243 Service cost 3,670 — 7,779 — Interest cost 7,152 53 6,570 52 Plan amendments — — (1,494) — Actuarial (gain) loss (47,577) (305) (8,921) (119) Gross benefits paid (16,252) (193) (22,629) (201) Net benefit obligation at end of year (a) $ 208,315 $ 1,530 $ 261,321 $ 1,975 Funded (unfunded) status $ 199,089 $ (1,530) $ 236,475 $ (1,975) Noncurrent assets $ 199,089 $ — $ 236,475 $ — Current liabilities — (164) — (177) Noncurrent liabilities — (1,366) — (1,798) Asset (liability) recognized on the consolidated balance sheets $ 199,089 $ (1,530) $ 236,475 $ (1,975) (a) The fair value of the plan assets represented 196% and 190% of the net benefit obligation of the pension plan at December 31, 2022 and 2021, respectively. |
AOCI Components | Amounts recognized in accumulated other comprehensive (income) loss, net of tax, as of December 31, 2022 and 2021 were as follows: RAP Postretirement RAP Postretirement ($ in Thousands) 2022 2022 2021 2021 Prior service cost $ (1,064) $ (362) $ (1,253) $ (419) Net actuarial loss (gain) 44,919 (316) 5,605 (89) Amount not yet recognized in net periodic benefit cost, but recognized in accumulated other comprehensive (income) loss $ 43,855 $ (678) $ 4,352 $ (508) |
Changes in OCI | Other changes in plan assets and benefit obligations recognized in OCI, net of tax, in 2022 and 2021 were as follows: RAP Postretirement RAP Postretirement ($ in Thousands) 2022 2022 2021 2021 Net actuarial gain (loss) $ (53,466) $ 305 $ 25,257 $ 119 Amortization of prior service cost (250) (75) (73) (75) Amortization of actuarial loss 658 — 4,594 — Prior service cost — — 1,494 — Income tax benefit (expense) 13,553 (58) (7,791) (11) Total recognized in OCI $ (39,504) $ 171 $ 23,480 $ 33 |
Net period benefit cost for the pension plans | The components of net periodic pension cost for the RAP for 2022, 2021, and 2020 were as follows: ($ in Thousands) 2022 2021 2020 Service cost $ 3,670 $ 7,779 $ 8,244 Interest cost 7,152 6,570 8,185 Expected return on plan assets (26,903) (25,675) (25,595) Amortization of prior service cost (250) (73) (73) Amortization of actuarial loss 658 4,594 3,897 Recognized settlement loss — 434 — Total net periodic pension (income) $ (15,673) $ (6,370) $ (5,342) |
Net period benefit cost for postretirement plan | The components of net periodic benefit cost for the Postretirement Plan for 2022, 2021, and 2020 were as follows: ($ in Thousands) 2022 2021 2020 Interest cost $ 53 $ 52 $ 78 Amortization of prior service cost (75) (75) (75) Total net periodic benefit cost (income) $ (22) $ (24) $ 3 |
Weighted Average Benefit Assumptions | RAP Postretirement RAP Postretirement 2022 2022 2021 2021 Weighted average assumptions used to determine benefit obligations Discount rate 5.40 % 5.40 % 2.80 % 2.80 % Rate of increase in compensation levels 2.50 % N/A 2.50 % N/A Interest crediting rate 3.46 % N/A 3.07 % N/A Weighted average assumptions used to determine net periodic benefit costs Discount rate 2.80 % 2.80 % 2.40 % 2.40 % Rate of increase in compensation levels 2.50 % N/A 2.00 % N/A Expected long-term rate of return on plan assets 6.00 % N/A 6.00 % N/A |
Plan Asset Allocation Percentages | The asset allocation for the RAP as of the December 31, 2022 and 2021 measurement dates, respectively, by asset category were as follows: Asset Category 2022 2021 Equity securities 53 % 55 % Fixed-income securities 35 % 34 % Group annuity contracts 10 % 10 % Other 2 % 1 % Total 100 % 100 % |
Schedule Of Pension Plan Investments [Table Text Block] | Based on these inputs, the following table summarizes the fair value of the RAP’s investments as of December 31, 2022 and 2021: Fair Value Measurements Using ($ in Thousands) December 31, 2022 Level 1 Level 2 Level 3 RAP Investments Money market account $ 6,628 $ 6,628 $ — $ — Common /collective trust funds 155,654 155,654 — — Mutual funds 204,184 204,184 — — Group annuity contracts 40,939 — — 40,939 Total RAP investments $ 407,405 $ 366,466 $ — $ 40,939 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 |
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 2022 2021 Fair value of group annuity contract at beginning of period $ 49,213 $ 50,866 Return on plan assets (5,671) 921 Transfers from money market funds and equity securities — 66 Benefits paid (2,604) (2,640) Fair value of group annuity contract at end of period $ 40,939 $ 49,213 |
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, 2022, reflecting expected future services, were as follows: ($ in Thousands) RAP Postretirement Plan Estimated future benefit payments 2023 $ 19,000 $ 169 2024 19,436 164 2025 21,315 159 2026 20,032 154 2027 18,924 148 2028-2032 81,944 638 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 2020 Current Federal $ 58,982 $ 57,916 $ 33,020 State 22,092 12,035 16,193 Total current 81,074 69,951 49,213 Deferred Federal 12,531 9,115 (25,895) State (97) 6,247 (3,118) Total deferred 12,434 15,362 (29,013) Total income tax expense $ 93,508 $ 85,313 $ 20,200 |
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, 2022 and 2021, included in other assets and accrued expenses and other liabilities on the consolidated balance sheets, respectively, were as follows: ($ in Thousands) 2022 2021 Deferred tax assets Allowance for loan losses $ 79,142 $ 72,199 Allowance for other losses 10,558 12,704 Accrued liabilities 2,842 4,285 Deferred compensation 30,246 31,896 Benefit of state tax losses and credit carryforwards 7,476 6,245 Nonaccrual interest 891 1,374 Lease liability 7,390 12,954 Net unrealized losses on AFS securities 80,148 1,989 Net unrealized losses on pension and postretirement benefits 14,803 1,308 Other 4,545 3,806 Total deferred tax assets $ 238,041 $ 148,760 Deferred tax liabilities Prepaid expenses $ 64,480 $ 61,826 Goodwill 23,119 22,785 Mortgage banking activities 20,145 14,382 Deferred loan fee income 4,269 7,848 State deferred taxes 1,389 1,234 Lease financing 3,145 — Bank premises and equipment 20,860 20,705 Purchase accounting 10,381 11,500 Basis difference from equity securities and other investments 5,582 2,597 Other 821 667 Total deferred tax liabilities $ 154,191 $ 143,544 Net deferred tax assets $ 83,850 $ 5,216 |
Summary of Valuation Allowance [Table Text Block] | The changes in the valuation allowance related to net operating losses for 2022 and 2021 were as follows: ($ in Thousands) 2022 2021 Valuation allowance for deferred tax assets, beginning of year $ — $ (251) Decrease in current year — 251 Valuation allowance for deferred tax assets, end of year $ — $ — |
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: 2022 2021 2020 Federal income tax rate at statutory rate 21.0 % 21.0 % 21.0 % Increases (decreases) resulting from: Tax-exempt interest and dividends (3.4) % (3.0) % (3.9) % State income taxes (net of federal benefit) 4.2 % 3.8 % 3.7 % Bank owned life insurance (0.5) % (0.6) % (0.9) % Tax effect of tax credits and benefits, net of related expenses (1.6) % (1.8) % (1.8) % Tax reserve adjustments / settlements — % — % 0.1 % Net tax (benefit) expense from stock-based compensation (0.2) % — % 0.3 % Restructuring in conjunction with ABRC sale — % (0.1) % (13.7) % FDIC premium 0.7 % 0.5 % 0.8 % Other 0.1 % (0.2) % 0.6 % Effective income tax rate 20.3 % 19.6 % 6.2 % |
Summary Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was as f ollows: ($ in Thousands) 2022 2021 Balance at beginning of year $ 2,324 $ 2,740 Subtractions for tax positions related to prior years (486) (613) Additions for tax positions related to current year 395 197 Balance at end of year $ 2,233 $ 2,324 |
Derivative and Hedging Activiti
Derivative and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary Of Other Derivative Instruments Not Designated As Hedging Instruments [Table Text Block] | December 31, 2022 December 31, 2021 Asset Liability Asset Liability ($ in Thousands) Notional Amount Fair Notional Amount Fair Notional Amount Fair Notional Amount Fair Designated as hedging instruments Interest rate-related instruments $ 900,000 $ 4,349 $ 1,150,000 $ 1,260 $ — $ — $ — $ — Not designated as hedging instruments Interest rate-related and other instruments 4,246,823 62,401 4,599,391 251,398 3,874,781 83,626 3,874,781 26,231 Foreign currency exchange forwards 499,078 1,922 461,134 1,801 490,057 5,490 478,745 5,441 Commodity contracts — — — — 3,894 1,264 3,910 1,248 Mortgage banking (a)(b) 21,265 86 33,000 46 133,990 2,647 245,016 — Total not designated as hedging instruments 64,410 253,245 93,026 32,921 Gross derivatives before netting 68,759 254,506 93,026 32,921 Less: Legally enforceable master netting agreements 2,788 2,788 2,143 2,143 Less: Cash collateral pledged/received 26,898 217 1,313 11,357 Total derivative instruments, after netting $ 39,072 $ 251,500 $ 89,570 $ 19,421 (a) The notional amount of the mortgage derivative asset includes interest rate lock commitments, while the notional amount of the mortgage derivative liability includes forward commitments. (b) At December 31, 2021, the mortgage derivative asset included approximately $30,000 of forward commitments fair value. |
Balance Sheet Recording of Fair Value Hedge [Table] | The following table presents amounts that were recorded on the consolidated balance sheets related to cumulative basis adjustments for fair value hedges: Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) ($ in Thousands) December 31, 2022 Other long-term funding $ (248,145) $ 1,855 FHLB Advances (585,692) 14,308 Total $ (833,837) $ 16,163 |
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 and cash flow hedge accounting on the Corporation's consolidated statements of income during the twelve months ended December 31, 2022, 2021,and 2020: Location and Amount Recognized on the Consolidated Statements of Income in Fair Value and Cash Flow Hedging Relationships For the Years Ended December 31, 2022 2021 2020 ($ in Thousands) Interest Income Interest Expense Interest Income Interest Income Other Expense Total amounts of income and expense presented on the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded (a) $ (263) $ 334 $ (1,376) $ (1,779) $ (262) The effects of fair value and cash flow hedging: Impact on fair value hedging relationships in Subtopic 815-20 Interest contracts Hedged items (529) (16,163) (1,376) (1,779) (262) Derivatives designated as hedging instruments (a) 266 16,497 — — — |
Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The following table presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss) for the year ended December 31, 2022: For the Year Ended December 31, ($ in Thousands) 2022 Interest rate-related instruments designated as cash flow hedging instruments Amount of gain recognized in OCI on cash flow hedge derivative (a) $ 3,626 Amount of (gain) reclassified from accumulated other comprehensive income into interest income (a) (266) (a) The entirety of gains recognized in OCI as well as those reclassified from accumulated other comprehensive income (loss) into interest income were included components in the assessment of hedge effectiveness. |
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, 2022, 2021, and 2020: Consolidated Statements of Income Category of For the Years Ended December 31, ($ in Thousands) 2022 2021 2020 Derivative Instruments Interest rate-related and other instruments — customer and mirror, net Capital markets, net $ 515 $ 2,432 $ (1,758) Interest rate-related instruments — MSRs hedge Mortgage banking, net (12,622) — — Foreign currency exchange forwards Capital markets, net 73 (25) (105) Commodity contracts Capital markets, net (16) (1,316) 427 Interest rate lock commitments (mortgage) Mortgage banking, net (2,531) (7,007) 7,097 Forward commitments (mortgage) Mortgage banking, net (123) 2,075 (1,335) |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Offsetting [Abstract] | |
Balance Sheet Offsetting of Derivative Assets and Liabilities | The interest and foreign exchange agreements the Corporation has with its commercial customers and the commodity agreements the Corporation had with its commercial customers are not subject to an enforceable master netting arrangement and are therefore 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 Gross Amounts Not Offset on the Consolidated Balance Sheets ($ in Thousands) Gross Amounts Recognized Derivative Liabilities Offset Cash Collateral Received Security Collateral Received Net Derivative assets December 31, 2022 $ 63,029 $ (2,788) $ (26,898) $ 33,342 $ (30,753) $ 2,589 December 31, 2021 3,567 (2,143) (1,313) 111 — 111 Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets Net Amounts Presented on the Consolidated Balance Sheets Gross Amounts Not Offset on the Consolidated Balance Sheets ($ in Thousands) Gross Amounts Recognized Derivative Assets Offset Cash Collateral Pledged Security Collateral Pledged Net Derivative liabilities December 31, 2022 $ 3,096 $ (2,788) $ (217) $ 91 $ — $ 91 December 31, 2021 15,620 (2,143) (11,357) 2,120 — 2,120 |
Commitments, Off-Balance Shee_2
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 December 31, 2021 Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale (a)(b) $ 12,444,275 $ 10,848,136 Commercial letters of credit (a) 3,188 5,992 Standby letters of credit (c) 270,692 230,661 (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, 2022 or 2021. (b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 14. (c) Standby letters of credit are presented excluding participations. The Corporation has established a liability of $3 million and $2 million at December 31, 2022 and 2021, respectively, as an estimate of the fair value of these financial instruments. |
Schedule Of Unfunded Commitments [Table Text Block] | The following table presents a summary of the changes in the allowance for unfunded commitments: ($ in Thousands) Year Ended December 31, 2022 Year Ended December 31, 2021 Allowance for Unfunded Commitments Balance at beginning of period $ 39,776 $ 47,776 Provision for unfunded commitments (1,000) (8,000) Balance at end of period $ 38,776 $ 39,776 |
Parent Company Only Financial_2
Parent Company Only Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Balance Sheet | Balance Sheets December 31, ($ in Thousands) 2022 2021 Assets Cash and due from banks $ 14,899 $ 17,241 Interest-bearing deposits in other financial institutions 29,856 20,743 Notes and interest receivable from subsidiaries 172,066 285,516 Investments in and receivable due from subsidiaries 4,036,273 3,953,461 Other assets 48,097 46,644 Total assets $ 4,301,191 $ 4,323,605 Liabilities and Stockholders' Equity Commercial paper $ 20,798 $ 34,730 Subordinated notes, at par 250,000 250,000 Long-term funding capitalized costs and fair value hedge liability (2,399) (839) Total long-term funding 247,601 249,161 Accrued expenses and other liabilities 17,301 14,860 Total liabilities 285,701 298,752 Preferred equity 194,112 193,195 Common equity 3,821,378 3,831,658 Total stockholders’ equity 4,015,490 4,024,853 Total liabilities and stockholders’ equity $ 4,301,191 $ 4,323,605 |
Parent Company Income Statement | Statements of Income For the Years Ended December 31, ($ in Thousands) 2022 2021 2020 Income Income from subsidiaries $ 373,581 $ 361,198 $ 317,895 Interest income on notes receivable from subsidiaries 5,632 3,247 3,257 Other income 1,262 682 933 Total income 380,475 365,127 322,084 Expense Interest expense on short and long-term funding 10,655 10,942 10,960 Other expense 6,118 7,330 6,422 Total expense 16,772 18,272 17,383 Income before income tax expense 363,702 346,856 304,702 Income tax (benefit) (2,420) (4,138) (2,070) Net income 366,122 350,994 306,771 Preferred stock dividends 11,500 17,111 18,358 Net income available to common equity $ 354,622 $ 333,883 $ 288,413 |
Parent Company Statement of Cash Flows | Statements of Cash Flows For the Years Ended December 31, ($ in Thousands) 2022 2021 2020 Cash Flows from Operating Activities Net income $ 366,122 $ 350,994 $ 306,771 Adjustments to reconcile net income to net cash provided by operating activities: (Increase) decrease in equity in undistributed net income (loss) of subsidiaries (343,582) 28,802 (61,406) Net change in other assets and accrued expenses and other liabilities 14,159 17,102 (49,890) Net cash provided by operating activities 36,699 396,898 195,475 Cash Flows from Investing Activities Net (increase) decrease in notes receivable from subsidiaries 115,000 20,000 (105,000) Net cash provided by (used in) investing activities 115,000 20,000 (105,000) Cash Flows from Financing Activities Net increase (decrease) in commercial paper (13,932) (24,616) 27,330 Proceeds from issuance of common stock for stock-based compensation plans 11,061 25,702 3,966 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) Purchase of treasury stock, stock-based compensation plans (6,480) (4,847) (6,113) Cash dividends on common stock (123,137) (116,061) (112,023) Cash dividends on preferred stock (11,500) (17,111) (18,358) Other (938) — — Net cash used in financing activities (144,928) (434,346) (79,656) Net increase (decrease) in cash and cash equivalents 6,771 (17,448) 10,819 Cash and cash equivalents at beginning of year 37,984 55,432 44,613 Cash and cash equivalents at end of year $ 44,755 $ 37,984 $ 55,432 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021, aggregated by the level in the fair value hierarchy within which those measurements fall: ($ in Thousands) Fair Value Hierarchy December 31, 2022 December 31, 2021 Assets AFS Investment securities U.S. Treasury securities Level 1 $ 109,378 $ 122,957 Agency securities Level 2 13,532 14,897 Obligations of state and political subdivisions (municipal securities) Level 2 230,714 400,457 Residential mortgage-related securities FNMA / FHLMC Level 2 1,604,610 2,691,879 GNMA Level 2 497,596 67,780 Private-label Level 2 — 329,724 Commercial mortgage-related securities FNMA / FHLMC Level 2 17,142 350,623 GNMA Level 2 110,462 166,799 Asset backed securities FFELP Level 2 151,191 177,325 SBA Level 2 4,477 6,580 Other debt securities Level 2 2,922 2,994 Total AFS investment securities Level 1 $ 109,378 $ 122,957 Total AFS investment securities Level 2 2,632,647 4,209,058 Equity securities with readily determinable fair values Level 1 5,991 4,810 Residential loans held for sale Level 2 20,383 136,638 Mortgage servicing rights, net (a) Level 3 77,351 N/A Interest rate-related instruments designated as hedging instruments (b) Level 2 4,349 — Interest rate-related and other instruments not designated as hedging instruments (b) Level 2 62,401 83,626 Foreign currency exchange forwards (b) Level 2 1,922 5,490 Commodity contracts (b) Level 2 — 1,264 Interest rate lock commitments to originate residential mortgage loans held for sale Level 3 86 2,617 Forward commitments to sell residential mortgage loans Level 3 — 30 Liabilities Interest rate-related instruments designated as hedging instruments (b) Level 2 $ 1,260 $ — Interest rate-related and other instruments not designated as hedging instruments (b) Level 2 251,398 26,231 Foreign currency exchange forwards (b) Level 2 1,801 5,441 Commodity contracts (b) Level 2 — 1,248 Forward commitments to sell residential mortgage loans Level 3 46 — (a) MSRs at December 31, 2021 were carried at LOCOM. On January 1, 2022, the Corporation made the irrevocable election to account for MSRs at fair value. (b) Figures are 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, 2022 and 2021, 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, 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) Change in mortgage derivative (7,007) (2,075) (4,932) Balance December 31, 2021 $ 2,617 $ (30) $ 2,647 New production $ 10,442 $ (2,028) $ 12,470 Closed loans / settlements (913) 24,766 (25,679) Other (12,060) (22,662) 10,603 Change in mortgage derivative (2,531) 76 (2,607) Balance December 31, 2022 $ 86 $ 46 $ 40 |
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, 2022: ($ in Thousands) Equity securities without readily determinable fair values Carrying value as of December 31, 2021 $ 13,542 Carrying value changes 5,690 Additions 5 Sales (12) Carrying value as of December 31, 2022 $ 19,225 Cumulative upward carrying value changes between January 1, 2018 and December 31, 2022 $ 19,134 Cumulative downward carrying value changes between January 1, 2018 and December 31, 2022 $ — |
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 (a) December 31, 2022 Assets Individually evaluated loans (b) Level 3 $ 23,584 Provision for credit losses $ 4,405 OREO (c) Level 2 2,196 Other noninterest expense / provision for credit losses (d) 971 Equity securities without readily determinable fair values Level 3 19,134 Investment securities gains (losses), net 5,690 December 31, 2021 Assets Individually evaluated loans (b) Level 3 $ 69,917 Provision for credit losses $ (3,045) OREO (c) Level 2 21,299 Other noninterest expense / provision for credit losses (d) 7,345 Mortgage servicing rights (e) Level 3 57,259 Mortgage banking, net 16,186 (a) Includes the full year impact on the consolidated statements of income. (b) Includes probable TDRs which are individually analyzed, net of the related ACLL, of which there were none at December 31, 2022. (c) 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. (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. (e) MSRs at December 31, 2021 were carried at LOCOM. On January 1, 2022, the Corporation made the irrevocable election to account for MSRs at fair value on a recurring basis. |
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 the unobservable inputs that are readily quantifiable pertaining to Level 3 measurements: December 31, 2022 Valuation Technique Significant Unobservable Input Range of Inputs Weighted Average Input Applied Mortgage servicing rights Discounted cash flow Option adjusted spread 6% - 9% 7% Mortgage servicing rights Discounted cash flow Constant prepayment rate —% - 100% 5% Individually evaluated loans Appraisals / Discounted cash flow Collateral / Discount factor 22% - 51% 31% Interest rate lock commitments to originate residential mortgage loans held for sale Discounted cash flow Closing ratio 31% - 100% 83% |
Estimated fair values of financial instruments | Fair value estimates are set forth below for the Corporation’s financial instruments: December 31, 2022 December 31, 2021 ($ in Thousands) Fair Value Hierarchy Level Carrying Amount Fair Value Carrying Amount Fair Value Financial assets Cash and due from banks Level 1 $ 436,952 $ 436,952 $ 343,831 $ 343,831 Interest-bearing deposits in other financial institutions Level 1 156,693 156,693 681,684 681,684 Federal funds sold and securities purchased under agreements to resell Level 1 27,810 27,810 — — AFS investment securities Level 1 109,378 109,378 122,957 122,957 AFS investment securities Level 2 2,632,647 2,632,647 4,209,058 4,209,058 HTM investment securities, net Level 1 999 936 1,000 1,001 HTM investment securities, net Level 2 3,959,399 3,400,028 2,237,947 2,347,608 Equity securities with readily determinable fair values Level 1 5,991 5,991 4,810 4,810 Equity securities without readily determinable fair values Level 3 19,225 19,225 13,542 13,542 FHLB and Federal Reserve Bank stocks Level 2 295,496 295,496 168,281 168,281 Residential loans held for sale Level 2 20,383 20,383 136,638 136,638 Loans, net Level 3 28,486,849 27,481,426 23,944,934 23,980,330 Bank and corporate owned life insurance Level 2 676,530 676,530 680,021 680,021 Mortgage servicing rights, net (a) Level 3 77,351 77,351 54,862 57,259 Derivatives (other assets) (b) Level 2 68,672 68,672 90,379 90,379 Interest rate lock commitments to originate residential mortgage loans held for sale (other assets) Level 3 86 86 2,617 2,617 Forward commitments on residential mortgage loans (other assets) Level 3 — — 30 30 Financial liabilities Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts Level 3 $ 27,705,996 $ 27,705,996 $ 27,119,167 $ 27,119,167 Brokered CDs and other time deposits (c) Level 2 1,930,158 1,930,158 1,347,262 1,347,262 Short-term funding Level 2 605,937 605,205 354,262 354,248 FHLB advances Level 2 4,319,861 4,322,264 1,621,047 1,680,814 Other long-term funding Level 2 248,071 242,151 249,324 265,545 Standby letters of credit (d) Level 2 2,881 2,881 2,367 2,367 Derivatives (accrued expenses and other liabilities) (b) Level 2 254,459 254,459 32,921 32,921 Forward commitments on residential mortgage loans (accrued expenses and other liabilities) Level 3 46 46 — — (a) MSRs at December 31, 2021 were carried at LOCOM. On January 1, 2022, the Corporation made the irrevocable election to account for MSRs at fair value. (b) Figures are 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. (c) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value. (d) The commitment on standby letters of credit was $271 million and $231 million at December 31, 2022 and 2021, respectively. See Note 16 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Banking and Thrift, Other Disclosure [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The actual capital amounts and ratios of the Corporation and its significant subsidiary are presented below. No deductions from capital were made for interest rate risk in 2022 or 2021. Actual For Capital Adequacy To Be Well Capitalized Under Prompt Corrective Action Provisions (a) ($ in Thousands) Amount Ratio Amount Ratio Amount Ratio As of December 31 , 2022 Associated Banc-Corp Total capital $ 3,680,227 11.33 % $ 2,597,761 ≥ 8.00 % Tier 1 capital 3,229,690 9.95 % 1,948,320 ≥ 6.00 % CET1 3,035,578 9.35 % 1,461,240 ≥ 4.50 % Leverage 3,229,690 8.59 % 1,504,035 ≥ 4.00 % Associated Bank, N.A. Total capital $ 3,594,845 11.09 % $ 2,593,900 ≥ 8.00 % $ 3,242,374 ≥ 10.00 % Tier 1 capital 3,243,349 10.00 % 1,945,425 ≥ 6.00 % 2,593,900 ≥ 8.00 % CET1 3,243,349 10.00 % 1,459,068 ≥ 4.50 % 2,107,543 ≥ 6.50 % Leverage 3,243,349 8.63 % 1,503,666 ≥ 4.00 % 1,879,583 ≥ 5.00 % 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 % |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 2020 Net income $ 366,122 $ 350,994 $ 306,771 Preferred stock dividends (11,500) (17,111) (18,358) Net income available to common equity $ 354,622 $ 333,883 $ 288,413 Common shareholder dividends $ (122,417) $ (115,212) $ (111,291) Unvested share-based payment awards (720) (849) (732) Undistributed earnings $ 231,485 $ 217,822 $ 176,390 Undistributed earnings allocated to common shareholders $ 229,995 $ 216,299 $ 175,134 Undistributed earnings allocated to unvested share-based payment awards 1,490 1,523 1,256 Undistributed earnings $ 231,485 $ 217,822 $ 176,390 Basic Distributed earnings to common shareholders $ 122,417 $ 115,212 $ 111,291 Undistributed earnings allocated to common shareholders 229,995 216,299 175,134 Total common shareholders earnings, basic $ 352,412 $ 331,510 $ 286,425 Diluted Distributed earnings to common shareholders $ 122,417 $ 115,212 $ 111,291 Undistributed earnings allocated to common shareholders 229,995 216,299 175,134 Total common shareholders earnings, diluted $ 352,412 $ 331,510 $ 286,425 Weighted average common shares outstanding 149,162 150,773 153,005 Effect of dilutive common stock awards 1,334 1,214 637 Diluted weighted average common shares outstanding 150,496 151,987 153,642 Basic earnings per common share $ 2.36 $ 2.20 $ 1.87 Diluted earnings per common share $ 2.34 $ 2.18 $ 1.86 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 2020 Net interest income $ 566,566 $ 361,634 $ 382,570 Net intersegment interest income (expense) (103,360) 18,001 3,477 Segment net interest income 463,205 379,636 386,047 Noninterest income 145,751 165,345 144,274 Total revenue 608,956 544,980 530,321 Provision for credit losses 49,543 60,311 56,409 Noninterest expense 234,234 219,655 200,856 Income before income taxes 325,179 265,015 273,056 Income tax expense 59,000 46,906 50,537 Net income $ 266,179 $ 218,109 $ 222,519 Allocated goodwill $ 525,836 $ 525,836 $ 530,144 Community, Consumer, and Business For the Years Ended December 31, ($ in Thousands) 2022 2021 2020 Net interest income $ 322,725 $ 289,075 $ 307,862 Net intersegment interest income 176,164 62,376 61,126 Segment net interest income 498,889 351,451 368,988 Noninterest income 118,848 151,474 190,808 Total revenue 617,737 502,925 559,796 Provision for credit losses 20,755 20,622 25,233 Noninterest expense 416,742 401,053 441,527 Income before income taxes 180,240 81,251 93,035 Income tax expense 37,850 17,063 19,537 Net income $ 142,389 $ 64,188 $ 73,498 Allocated goodwill $ 579,156 $ 579,156 $ 579,156 Risk Management and Shared Services For the Years Ended December 31, ($ in Thousands) 2022 2021 2020 Net interest income $ 68,031 $ 75,146 $ 72,525 Net intersegment (expense) (72,803) (80,378) (64,603) Segment net interest income (4,772) (5,232) 7,922 Noninterest income (a) 17,772 15,546 178,974 Total revenue 12,999 10,314 186,896 Provision for credit losses (37,300) (168,944) 92,365 Noninterest expense (b) 96,088 89,216 133,651 Income (loss) before income taxes (45,788) 90,042 (39,120) Income tax expense (benefit) (c) (3,342) 21,345 (49,874) Net income $ (42,447) $ 68,697 $ 10,754 Allocated goodwill $ — $ — $ — Consolidated Total For the Years Ended December 31, ($ in Thousands) 2022 2021 2020 Net interest income $ 957,321 $ 725,855 $ 762,957 Net intersegment interest income — — — Segment net interest income 957,321 725,855 762,957 Noninterest income (a) 282,370 332,364 514,056 Total revenue 1,239,691 1,058,219 1,277,012 Provision for credit losses 32,998 (88,011) 174,006 Noninterest expense (b) 747,063 709,924 776,034 Income before income taxes 459,630 436,307 326,972 Income tax expense (c) 93,508 85,313 20,200 Net income $ 366,122 $ 350,994 $ 306,771 Allocated goodwill $ 1,104,992 $ 1,104,992 $ 1,109,300 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022, 2021, and 2020 respectively, including changes during the years then ended as well as any reclassifications out of accumulated other comprehensive income (loss): ($ in Thousands) Investment Cash Flow Hedge Derivatives Defined Benefit Accumulated 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) HTM investment securities, net, at amortized cost 3,359 — — 3,359 Personnel expense — — (148) (148) Other expense — — 3,897 3,897 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 HTM investment securities, net, at amortized cost 1,551 — — 1,551 Personnel expense — — 1,346 1,346 Other expense — — 4,594 4,594 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) Other comprehensive (loss) before reclassifications $ (250,273) $ — $ (51,745) $ (302,018) Unrealized (losses) on AFS securities transferred to HTM securities (67,604) — — (67,604) Amounts reclassified from accumulated other comprehensive income (loss) Investment securities losses, net 1,922 — — 1,922 HTM investment securities, net, at amortized cost 9,870 — — 9,870 Other assets / accrued expenses and other liabilities — 3,626 — 3,626 Interest income — (212) — (212) Personnel expense — — (325) (325) Other expense — — 658 658 Income tax (expense) benefit 78,159 (54) 13,495 91,601 Net other comprehensive income (loss) during period (227,926) 3,360 (37,917) (262,483) Balance, December 31, 2022 $ (233,192) $ 3,360 $ (42,968) $ (272,799) |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 2020 Wealth management fees $ 84,122 $ 89,854 $ 83,570 Service charges and deposit account fees 13,240 15,880 14,639 Card-based fees (a) 1,547 1,397 1,098 Other revenue 2,964 3,208 3,476 Noninterest Income (in-scope of Topic 606) $ 101,873 $ 110,340 $ 102,783 Noninterest Income (out-of-scope of Topic 606) 43,878 55,004 41,491 Total Noninterest Income $ 145,751 $ 165,345 $ 144,274 Community, Consumer, and Business For the Years Ended December 31, ($ in Thousands) 2022 2021 2020 Wealth management fees $ — $ — $ 1,387 Service charges and deposit account fees 49,052 48,493 41,637 Card-based fees (a) 42,474 41,730 37,259 Other revenue (b) 7,046 10,719 64,274 Noninterest Income (in-scope of Topic 606) $ 98,572 $ 100,942 $ 144,558 Noninterest Income (out-of-scope of Topic 606) 20,276 50,532 46,249 Total Noninterest Income $ 118,848 $ 151,474 $ 190,808 Risk Management and Shared Services For the Years Ended December 31, ($ in Thousands) 2022 2021 2020 Service charges and deposit account fees $ 18 $ 32 $ 31 Card-based fees (a) 111 (3) 247 Other revenue 1,379 967 (1,542) Noninterest Income (in-scope of Topic 606) $ 1,508 $ 996 $ (1,264) Noninterest Income (out-of-scope of Topic 606) (c) 16,263 14,550 180,238 Total Noninterest Income $ 17,772 $ 15,546 $ 178,974 Consolidated Total For the Years Ended December 31, ($ in Thousands) 2022 2021 2020 Wealth management fees $ 84,122 $ 89,854 $ 84,957 Service charges and deposit account fees 62,310 64,406 56,307 Card-based fees (a) 44,132 43,124 38,605 Other revenue (b) 11,389 14,894 66,208 Noninterest Income (in-scope of Topic 606) $ 201,953 $ 212,278 $ 246,077 Noninterest Income (out-of-scope of Topic 606) (c) 80,417 120,086 267,979 Total Noninterest Income $ 282,370 $ 332,364 $ 514,056 (a) Certain card-based fees are out-of-scope of Topic 606. (b) Includes insurance commissions and fees, which were elevated prior to the sale of ABRC. (c) 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 and deposit account fees consist of monthly service fees (i.e. business analyzed fees and consumer service charges) and other deposit account related fees. The Corporation's performance obligation for monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Other deposit account related fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges and deposit account fees is primarily received immediately or in the following month through a direct charge to customers’ accounts. Card-based fees (a) Card-based fees are primarily comprised of debit and credit card income, ATM fees, and merchant services income. Debit and credit card income is primarily comprised of interchange fees earned whenever the Corporation's debit and credit cards are processed through card payment networks. ATM and merchant fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment is typically received immediately or in the following month. Trust and asset management fees (b) Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Corporation's performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to the customers’ accounts. The Corporation's performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered. Brokerage and advisory fees (b) Brokerage and advisory fees primarily consist of investment advisory, brokerage, retirement services, and annuities. The Corporation's performance obligation for investment advisory services and retirement services is generally satisfied, and the related revenue recognized, over the period in which the services are provided. The performance obligation for annuities is satisfied upon sale of the annuity, and therefore, the related revenue is primarily recognized at the time of sale. Payment for these services is 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) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Jan. 01, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of accounting methodology change | $ 2,296 | |
Core Deposits [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Finite-Lived Intangible Asset, Useful Life | 10 years | |
Maximum | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 150% | |
Minimum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0% |
Acquisitions (Details Textuals)
Acquisitions (Details Textuals) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2020 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 01, 2021 USD ($) | Feb. 26, 2021 USD ($) branch | Dec. 11, 2020 USD ($) branch | |
Business Acquisition [Line Items] | ||||||||
Deposits | $ 29,636,154 | $ 28,466,430 | ||||||
Loans and Leases Receivable, Net Amount | $ 28,486,849 | $ 23,944,934 | ||||||
Monroe, WI [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
purchase premium on deposits | 4% | |||||||
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 | |||||||
ABRC [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Disposal Group, Including Discontinued Operation, Consideration | $ 266,000 | |||||||
Gain (Loss) on Disposition of Intangible Assets | $ 163,000 | $ 163,000 | ||||||
Peoria, IL [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Deposits | $ 180,000 | |||||||
Number of branches sold in disposition | branch | 5 | |||||||
Loans and Leases Receivable, Net Amount | $ 0 | |||||||
purchase premium on deposits | 4% | |||||||
Southwest Wisconsin [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Deposits | $ 53,000 | |||||||
Number of branches sold in disposition | branch | 2 | |||||||
Loans and Leases Receivable, Net Amount | $ 0 | |||||||
purchase premium on deposits | 4% |
Investment Securities, AFS and
Investment Securities, AFS and HTM Securities Amortized Costs and Fair Values (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
AFS investment securities | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 2,997,032 | $ 4,338,671 |
Debt Securities, Available-for-sale, Unrealized Gain | 830 | 28,850 |
Debt Securities, Available-for-sale, Unrealized Loss | (255,837) | (35,506) |
Debt Securities, Available-for-sale | 2,742,025 | 4,332,015 |
HTM investment securities | ||
Investment securities held to maturity | 3,960,451 | 2,239,003 |
Gross Unrealized Gains | 60,978 | 118,471 |
Held-to-maturity, Gross Unrealized Loss | (620,411) | (8,809) |
Fair Value | 3,401,018 | 2,348,664 |
US Treasury Securities [Member] | ||
AFS investment securities | ||
Debt Securities, Available-for-sale, Amortized Cost | 124,441 | 124,291 |
Debt Securities, Available-for-sale, Unrealized Gain | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss | (15,063) | (1,334) |
Debt Securities, Available-for-sale | 109,378 | 122,957 |
HTM investment securities | ||
Investment securities held to maturity | 999 | 1,000 |
Gross Unrealized Gains | 0 | 1 |
Held-to-maturity, Gross Unrealized Loss | (62) | 0 |
Fair Value | 936 | 1,001 |
US States and Political Subdivisions Debt Securities [Member] | ||
AFS investment securities | ||
Debt Securities, Available-for-sale, Amortized Cost | 235,693 | 381,517 |
Debt Securities, Available-for-sale, Unrealized Gain | 96 | 18,940 |
Debt Securities, Available-for-sale, Unrealized Loss | (5,074) | 0 |
Debt Securities, Available-for-sale | 230,714 | 400,457 |
HTM investment securities | ||
Investment securities held to maturity | 1,732,351 | 1,628,759 |
Gross Unrealized Gains | 1,994 | 113,179 |
Held-to-maturity, Gross Unrealized Loss | (182,697) | (1,951) |
Fair Value | 1,551,647 | 1,739,988 |
Residential Related Securities | FNMA/FHLMC [Member] | ||
AFS investment securities | ||
Debt Securities, Available-for-sale, Amortized Cost | 1,820,642 | 2,709,399 |
Debt Securities, Available-for-sale, Unrealized Gain | 404 | 3,729 |
Debt Securities, Available-for-sale, Unrealized Loss | (216,436) | (21,249) |
Debt Securities, Available-for-sale | 1,604,610 | 2,691,879 |
HTM investment securities | ||
Investment securities held to maturity | 961,231 | 34,347 |
Gross Unrealized Gains | 31,301 | 1,792 |
Held-to-maturity, Gross Unrealized Loss | (175,760) | 0 |
Fair Value | 816,771 | 36,139 |
Residential Related Securities | Government National Mortgage Association (GNMA) | ||
AFS investment securities | ||
Debt Securities, Available-for-sale, Amortized Cost | 502,537 | 66,189 |
Debt Securities, Available-for-sale, Unrealized Gain | 314 | 1,591 |
Debt Securities, Available-for-sale, Unrealized Loss | (5,255) | 0 |
Debt Securities, Available-for-sale | 497,596 | 67,780 |
HTM investment securities | ||
Investment securities held to maturity | 52,979 | 48,053 |
Gross Unrealized Gains | 85 | 1,578 |
Held-to-maturity, Gross Unrealized Loss | (3,436) | 0 |
Fair Value | 49,628 | 49,631 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
AFS investment securities | ||
Debt Securities, Available-for-sale, Amortized Cost | 0 | 332,028 |
Debt Securities, Available-for-sale, Unrealized Gain | 31 | |
Debt Securities, Available-for-sale, Unrealized Loss | 2,335 | |
Debt Securities, Available-for-sale | 0 | 329,724 |
HTM investment securities | ||
Investment securities held to maturity | 364,728 | |
Gross Unrealized Gains | 11,697 | |
Held-to-maturity, Gross Unrealized Loss | (72,920) | |
Fair Value | 303,505 | |
Commercial Mortgage-Backed Securities [Member] | FNMA/FHLMC [Member] | ||
AFS investment securities | ||
Debt Securities, Available-for-sale, Amortized Cost | 19,038 | 357,240 |
Debt Securities, Available-for-sale, Unrealized Gain | 0 | 2,686 |
Debt Securities, Available-for-sale, Unrealized Loss | (1,896) | (9,302) |
Debt Securities, Available-for-sale | 17,142 | 350,623 |
HTM investment securities | ||
Investment securities held to maturity | 778,796 | 425,937 |
Gross Unrealized Gains | 15,324 | 122 |
Held-to-maturity, Gross Unrealized Loss | (178,281) | (6,659) |
Fair Value | 615,839 | 419,400 |
Commercial Mortgage-Backed Securities [Member] | Government National Mortgage Association (GNMA) | ||
AFS investment securities | ||
Debt Securities, Available-for-sale, Amortized Cost | 115,031 | 165,439 |
Debt Securities, Available-for-sale, Unrealized Gain | 0 | 1,360 |
Debt Securities, Available-for-sale, Unrealized Loss | (4,569) | 0 |
Debt Securities, Available-for-sale | 110,462 | 166,799 |
HTM investment securities | ||
Investment securities held to maturity | 69,369 | 100,907 |
Gross Unrealized Gains | 577 | 1,799 |
Held-to-maturity, Gross Unrealized Loss | (7,254) | (200) |
Fair Value | 62,691 | 102,506 |
FFELP asset backed securities | ||
AFS investment securities | ||
Debt Securities, Available-for-sale, Amortized Cost | 157,138 | 177,974 |
Debt Securities, Available-for-sale, Unrealized Gain | 0 | 475 |
Debt Securities, Available-for-sale, Unrealized Loss | (5,947) | (1,123) |
Debt Securities, Available-for-sale | 151,191 | 177,325 |
HTM investment securities | ||
Investment securities held to maturity | 0 | |
Fair Value | 0 | |
Debt Securities [Member] | ||
AFS investment securities | ||
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 | (78) | (6) |
Debt Securities, Available-for-sale | 2,922 | 2,994 |
Agency Securities [Member] | ||
AFS investment securities | ||
Debt Securities, Available-for-sale, Amortized Cost | 15,000 | 15,000 |
Debt Securities, Available-for-sale, Unrealized Gain | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss | (1,468) | (103) |
Debt Securities, Available-for-sale | 13,532 | 14,897 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
AFS investment securities | ||
Debt Securities, Available-for-sale, Amortized Cost | 4,512 | 6,594 |
Debt Securities, Available-for-sale, Unrealized Gain | 15 | 39 |
Debt Securities, Available-for-sale, Unrealized Loss | (51) | (54) |
Debt Securities, Available-for-sale | 4,477 | $ 6,580 |
HTM investment securities | ||
Investment securities held to maturity | 0 | |
Fair Value | $ 0 |
Investment Securities, AFS an_2
Investment Securities, AFS and HTM Expected Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Amortized Cost | ||
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $ 6,245 | |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 86,971 | |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | 248,453 | |
Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year 10 | 36,465 | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | 378,134 | |
Debt Securities, Available-for-Sale, Amortized Cost, Total | 2,997,032 | $ 4,338,671 |
Fair Value | ||
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 6,230 | |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 81,271 | |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | 233,565 | |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | 35,480 | |
Debt Securities, Available-for-Sale, Maturity, without Single Maturity Date, Fair Value | 356,546 | |
Total debt securities, AFS Fair Value | $ 2,742,025 | 4,332,015 |
Ratio of Fair Value to Amortized Cost, AFS | 91.50% | |
Amortized Cost | ||
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, Year One | $ 17,660 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year One through Five | 30,135 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 5 through 10 | 156,937 | |
Debt Securities, Held-to-Maturity, Amortized Cost, after Allowance for Credit Loss, Maturity, Allocated and Single Maturity Date, after Year 10 | 1,528,616 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost | 1,733,349 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 3,960,451 | 2,239,003 |
Fair Value | ||
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 17,621 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | 29,842 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 5 Through 10 | 154,046 | |
Debt Securities, Held-to-Maturity, Fair Value, Maturity, Allocated and Single Maturity Date, after Year 10 | 1,351,075 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value | 1,552,584 | |
Debt Securities, Held-to-maturity, Fair Value | $ 3,401,018 | 2,348,664 |
Ratio of Fair Value to Amortized Cost, HTM | 85.90% | |
Residential Related Securities | FNMA/FHLMC [Member] | ||
Amortized Cost | ||
Debt Securities, Available-for-Sale, Amortized Cost, Total | $ 1,820,642 | 2,709,399 |
Fair Value | ||
Total debt securities, AFS Fair Value | 1,604,610 | 2,691,879 |
Amortized Cost | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 961,231 | 34,347 |
Fair Value | ||
Debt Securities, Held-to-maturity, Fair Value | 816,771 | 36,139 |
Residential Related Securities | Government National Mortgage Association (GNMA) | ||
Amortized Cost | ||
Debt Securities, Available-for-Sale, Amortized Cost, Total | 502,537 | 66,189 |
Fair Value | ||
Total debt securities, AFS Fair Value | 497,596 | 67,780 |
Amortized Cost | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 52,979 | 48,053 |
Fair Value | ||
Debt Securities, Held-to-maturity, Fair Value | 49,628 | 49,631 |
Commercial Mortgage-Backed Securities [Member] | FNMA/FHLMC [Member] | ||
Amortized Cost | ||
Debt Securities, Available-for-Sale, Amortized Cost, Total | 19,038 | 357,240 |
Fair Value | ||
Total debt securities, AFS Fair Value | 17,142 | 350,623 |
Amortized Cost | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 778,796 | 425,937 |
Fair Value | ||
Debt Securities, Held-to-maturity, Fair Value | 615,839 | 419,400 |
Commercial Mortgage-Backed Securities [Member] | Government National Mortgage Association (GNMA) | ||
Amortized Cost | ||
Debt Securities, Available-for-Sale, Amortized Cost, Total | 115,031 | 165,439 |
Fair Value | ||
Total debt securities, AFS Fair Value | 110,462 | 166,799 |
Amortized Cost | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 69,369 | 100,907 |
Fair Value | ||
Debt Securities, Held-to-maturity, Fair Value | 62,691 | 102,506 |
FFELP asset backed securities | ||
Amortized Cost | ||
Debt Securities, Available-for-Sale, Amortized Cost, Total | 157,138 | 177,974 |
Fair Value | ||
Total debt securities, AFS Fair Value | 151,191 | 177,325 |
Amortized Cost | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | |
Fair Value | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Amortized Cost | ||
Debt Securities, Available-for-Sale, Amortized Cost, Total | 4,512 | 6,594 |
Fair Value | ||
Total debt securities, AFS Fair Value | 4,477 | 6,580 |
Amortized Cost | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | |
Fair Value | ||
Debt Securities, Held-to-maturity, Fair Value | 0 | |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Amortized Cost | ||
Debt Securities, Available-for-Sale, Amortized Cost, Total | 0 | 332,028 |
Fair Value | ||
Total debt securities, AFS Fair Value | 0 | $ 329,724 |
Amortized Cost | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 364,728 | |
Fair Value | ||
Debt Securities, Held-to-maturity, Fair Value | $ 303,505 |
Investment Securities, HTM Cred
Investment Securities, HTM Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | $ 3,960,451 | $ 2,239,003 |
Not Rated [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 1,158 | 896 |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 3,034,630 | 1,312,642 |
AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 917,059 | 914,591 |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 7,604 | 10,873 |
Residential Related Securities | FNMA/FHLMC [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 961,231 | 34,347 |
Residential Related Securities | FNMA/FHLMC [Member] | Not Rated [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
Residential Related Securities | FNMA/FHLMC [Member] | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 961,231 | 34,347 |
Residential Related Securities | FNMA/FHLMC [Member] | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
Residential Related Securities | FNMA/FHLMC [Member] | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
Residential Related Securities | Government National Mortgage Association (GNMA) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 52,979 | 48,053 |
Residential Related Securities | Government National Mortgage Association (GNMA) | Not Rated [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
Residential Related Securities | Government National Mortgage Association (GNMA) | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 52,979 | 48,053 |
Residential Related Securities | Government National Mortgage Association (GNMA) | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
Residential Related Securities | Government National Mortgage Association (GNMA) | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 364,728 | |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | Not Rated [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 364,728 | |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | |
Commercial Mortgage-Backed Securities [Member] | FNMA/FHLMC [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 778,796 | 425,937 |
Commercial Mortgage-Backed Securities [Member] | FNMA/FHLMC [Member] | Not Rated [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | FNMA/FHLMC [Member] | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 778,796 | 425,937 |
Commercial Mortgage-Backed Securities [Member] | FNMA/FHLMC [Member] | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | FNMA/FHLMC [Member] | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | Government National Mortgage Association (GNMA) | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 69,369 | 100,907 |
Commercial Mortgage-Backed Securities [Member] | Government National Mortgage Association (GNMA) | Not Rated [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | Government National Mortgage Association (GNMA) | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 69,369 | 100,907 |
Commercial Mortgage-Backed Securities [Member] | Government National Mortgage Association (GNMA) | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | Government National Mortgage Association (GNMA) | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
US Treasury Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 999 | 1,000 |
US Treasury Securities [Member] | Not Rated [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
US Treasury Securities [Member] | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 999 | 1,000 |
US Treasury Securities [Member] | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
US Treasury Securities [Member] | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 1,732,351 | 1,628,759 |
US States and Political Subdivisions Debt Securities [Member] | Not Rated [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 1,158 | 896 |
US States and Political Subdivisions Debt Securities [Member] | AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 806,529 | 702,399 |
US States and Political Subdivisions Debt Securities [Member] | AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | 917,059 | 914,591 |
US States and Political Subdivisions Debt Securities [Member] | A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Investment securities held to maturity | $ 7,604 | $ 10,873 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Gross gains on AFS securities | $ 21 | $ 421 | $ 9,312 | |
Gross (losses) on AFS securities | (1,943) | (437) | (90) | |
Gain on sale and net write-up of equity securities | 5,668 | 0 | 0 | |
Investment securities gains (losses), net | 3,746 | (16) | 9,222 | |
Proceeds from sales of AFS investment securities | $ 51,000 | $ 110,177 | $ 158,708 | $ 626,283 |
Investment Securities, AFS an_3
Investment Securities, AFS and HTM Securities Gross Unrealized Losses (Details) $ in Thousands | Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) 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, Number of Positions | security | 446 | 120 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (48,263) | $ (34,586) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 847,391 | $ 2,955,152 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 121 | 17 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (207,575) | $ (920) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,576,665 | 66,478 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (255,837) | (35,506) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,424,055 | 3,021,630 |
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (134,556) | (8,422) |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 1,381,511 | 533,577 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (485,855) | (387) |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 1,752,354 | 10,775 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | (620,411) | (8,809) |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | $ 3,133,865 | $ 544,352 |
US Treasury Securities [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, Number of Positions | security | 0 | 7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ (1,334) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | $ 122,957 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 7 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (15,063) | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 109,378 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (15,063) | (1,334) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 109,378 | $ 122,957 |
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (62) | |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 936 | |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | (62) | |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | $ 936 | |
Agency Securities [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, Number of Positions | security | 0 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ (103) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | $ 14,897 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 1 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (1,468) | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 13,532 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (1,468) | (103) |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 13,532 | 14,897 |
US States and Political Subdivisions Debt Securities [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, Number of Positions | security | 358 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (5,066) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 201,260 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 4 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (8) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,916 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (5,074) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 203,176 | |
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (96,282) | (1,951) |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 1,079,216 | 112,038 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (86,415) | 0 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 231,022 | 0 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | (182,697) | (1,951) |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | 1,310,238 | $ 112,038 |
Mortgage-Backed Securities, Issued by Private Enterprises [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, Number of Positions | security | 12 | |
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, Number of Positions | security | 0 | |
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 | |
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (9,509) | |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 58,733 | |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (63,411) | |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 244,772 | |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | (72,920) | |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | $ 303,505 | |
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, Number of Positions | security | 3 | 4 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (1,668) | $ (256) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 44,304 | $ 64,282 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 12 | 8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (4,278) | $ (867) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 106,887 | 62,576 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (5,947) | (1,123) |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 151,191 | $ 126,858 |
US Government-sponsored Enterprises Debt Securities [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, Number of Positions | security | 2 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (1) | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 417 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 6 | 9 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (50) | $ (54) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,057 | 3,902 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (51) | (54) |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 2,474 | $ 3,902 |
Debt Securities [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, Number of Positions | security | 2 | 3 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (30) | $ (6) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 1,970 | $ 2,994 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 1 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (49) | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 951 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (78) | (6) |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 2,922 | $ 2,994 |
FNMA/FHLMC [Member] | Residential Related 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, Number of Positions | security | 24 | 74 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (31,266) | $ (21,249) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 260,986 | $ 2,172,837 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 84 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (185,170) | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,321,420 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (216,436) | (21,249) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,582,406 | $ 2,172,837 |
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (18,925) | |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 143,201 | |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (156,836) | |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 671,570 | |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | (175,760) | |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | $ 814,770 | |
FNMA/FHLMC [Member] | Commercial Mortgage-Backed Securities [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, Number of Positions | security | 1 | 19 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (1,896) | $ (9,302) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 17,142 | $ 328,568 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 0 | 0 |
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 | (1,896) | (9,302) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 17,142 | 328,568 |
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3,814) | (6,272) |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 20,338 | 388,072 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (174,467) | (387) |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 576,911 | 10,775 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | (178,281) | (6,659) |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | $ 597,249 | 398,847 |
Government National Mortgage Association (GNMA) | Residential Related 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, Number of Positions | security | 23 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (4,415) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 220,276 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 2 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (840) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 11,096 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (5,255) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 231,372 | |
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3,436) | |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 44,476 | |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 0 | |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | (3,436) | |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | $ 44,476 | |
Government National Mortgage Association (GNMA) | Commercial Mortgage-Backed Securities [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, Number of Positions | security | 33 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (3,920) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 101,036 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 4 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (649) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 9,426 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (4,569) | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 110,462 | |
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (2,528) | (200) |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, Less than 12 Months, Fair Value | 34,612 | 33,468 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4,726) | 0 |
Debt Securities, Held-to-Maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Fair Value | 28,080 | 0 |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Accumulated Loss | (7,254) | (200) |
Debt Securities, Held-to-Maturity, Unrealized Loss Position, Fair Value | $ 62,691 | $ 33,468 |
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 | 947 | 72 |
Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Less Than One Year [Member] | US Treasury Securities [Member] | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 1 | |
Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Less Than One Year [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 771 | 49 |
Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Less Than One Year [Member] | Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 3 | |
Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Less Than One Year [Member] | FNMA/FHLMC [Member] | Residential Related Securities | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 79 | |
Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Less Than One Year [Member] | FNMA/FHLMC [Member] | Commercial Mortgage-Backed Securities [Member] | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 4 | 18 |
Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Less Than One Year [Member] | Government National Mortgage Association (GNMA) | Residential Related Securities | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 81 | |
Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Less Than One Year [Member] | Government National Mortgage Association (GNMA) | Commercial Mortgage-Backed Securities [Member] | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 8 | 5 |
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 | 238 | 1 |
Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year [Member] | US Treasury Securities [Member] | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 0 | |
Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year [Member] | US States and Political Subdivisions Debt Securities [Member] | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 156 | 0 |
Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year [Member] | Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 15 | |
Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year [Member] | FNMA/FHLMC [Member] | Residential Related Securities | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 22 | |
Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year [Member] | FNMA/FHLMC [Member] | Commercial Mortgage-Backed Securities [Member] | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 39 | 1 |
Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year [Member] | Government National Mortgage Association (GNMA) | Residential Related Securities | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 0 | |
Held To Maturity Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year [Member] | Government National Mortgage Association (GNMA) | Commercial Mortgage-Backed Securities [Member] | ||
Held-to-maturity Securities Continuous Unrealized Loss Position [Abstract] | ||
Debt Securities, Available-for-sale, Unrealized Loss Position, Number of Positions | security | 6 | 0 |
Investment Securities (Details
Investment Securities (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment Securities Information [Line Items] | |||||||||
Transfer of AFS securities to HTM, Fair Value | $ 1,600,000,000 | ||||||||
Proceeds from sales of AFS investment securities | $ 51,000,000 | $ 110,177,000 | $ 158,708,000 | $ 626,283,000 | |||||
Debt Securities AFS Principal Sold | $ 261,000,000 | $ 281,000,000 | |||||||
Gain (Loss) on Sales of Mortgage Backed Securities (MBS) | $ 3,000,000 | 6,000,000 | |||||||
Debt Instrument, Collateral Amount | $ 2,300,000,000 | 2,300,000,000 | 2,300,000,000 | ||||||
Interest receivable | 144,449,000 | 144,449,000 | 80,528,000 | ||||||
Debt Securities, Held-to-maturity, Nonaccrual, Interest Income | 0 | 0 | |||||||
Debt Securities, HTM, Past Due Status | 0 | 0 | 0 | ||||||
Held to maturity allowance for credit loss | (54,000) | (54,000) | (55,000) | ||||||
Federal Home Loan Bank Stock | 209,000,000 | 209,000,000 | 82,000,000 | ||||||
Federal Reserve Bank Stock | 87,000,000 | 87,000,000 | 87,000,000 | ||||||
Equity Securities with Readily Determined Fair Value | 6,000,000 | 6,000,000 | 5,000,000 | ||||||
Equity Securities without Readily Determinable Fair Value, Amount | 19,000,000 | 19,000,000 | 14,000,000 | ||||||
FFELP asset backed securities | |||||||||
Investment Securities Information [Line Items] | |||||||||
Proceeds from Sale of Debt Securities, Available-for-sale | $ 107,000,000 | ||||||||
Held-to-maturity Securities | |||||||||
Investment Securities Information [Line Items] | |||||||||
Interest receivable | 19,000,000 | 19,000,000 | 15,000,000 | ||||||
Available-for-sale Securities [Member] | |||||||||
Investment Securities Information [Line Items] | |||||||||
Interest receivable | 9,000,000 | 9,000,000 | 9,000,000 | ||||||
Federal Reserve Bank Stock [Member] | |||||||||
Investment Securities Information [Line Items] | |||||||||
Interest receivable | 0 | 0 | 0 | ||||||
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | |||||||||
Investment Securities Information [Line Items] | |||||||||
Interest receivable | 3,000,000 | 3,000,000 | 975,000 | ||||||
US States and Political Subdivisions Debt Securities [Member] | |||||||||
Investment Securities Information [Line Items] | |||||||||
Proceeds from Sale of Debt Securities, Available-for-sale | 110,000,000 | ||||||||
Gain (Loss) on Sale of Investments | 2,000,000 | ||||||||
First Staunton Bancshares | |||||||||
Investment Securities Information [Line Items] | |||||||||
Carrying amount of Securities Sold | $ 84,000,000 | ||||||||
Agency mortgage-related securities | |||||||||
Investment Securities Information [Line Items] | |||||||||
Held to maturity allowance for credit loss | 0 | 0 | 0 | ||||||
US Treasury Securities [Member] | |||||||||
Investment Securities Information [Line Items] | |||||||||
Held to maturity allowance for credit loss | 0 | 0 | 0 | ||||||
US States and Political Subdivisions Debt Securities [Member] | |||||||||
Investment Securities Information [Line Items] | |||||||||
Held to maturity allowance for credit loss | $ 0 | $ 0 | $ 0 |
Loans, Loan Composition (Detail
Loans, Loan Composition (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Loans and Leases Receivable [Line Items] | ||
Loans | $ 28,799,569 | $ 24,224,949 |
Commercial Finance and Asset Based Lending | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 458,887 | 178,027 |
Commercial and industrial | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 9,300,567 | 8,274,358 |
Commercial real estate - owner occupied | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 991,722 | 971,326 |
Commercial and business lending | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 10,751,176 | 9,423,711 |
Commercial real estate - investor | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 5,080,344 | 4,384,569 |
Real estate construction | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 2,155,222 | 1,808,976 |
Commercial real estate lending | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 7,235,565 | 6,193,545 |
Total commercial | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 17,986,742 | 15,617,256 |
Residential mortgage | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 8,511,550 | 7,567,310 |
Auto | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 1,382,073 | 143,045 |
Home equity | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 624,353 | 595,615 |
Other consumer | ||
Loans and Leases Receivable [Line Items] | ||
Loans | 294,851 | 301,723 |
Total consumer | ||
Loans and Leases Receivable [Line Items] | ||
Loans | $ 10,812,828 | $ 8,607,693 |
Loans, Related Party Loan Rollf
Loans, Related Party Loan Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | ||
Balance at beginning of year | $ 45,245 | $ 29,420 |
New loans | 2,656 | 24,218 |
Repayments | (1,416) | (8,244) |
Change due to status of executive officers and directors | (43,110) | (150) |
Balance at end of year | $ 3,376 | $ 45,245 |
Loans, Credit Quality Indicator
Loans, Credit Quality Indicator by Vintage Year (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | $ 53,246 | $ 60,636 |
Financing Receivable, Revolving | 2,915,297 | 3,253,933 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 8,854,510 | 7,524,778 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7,341,574 | 4,394,206 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,469,992 | 3,377,569 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,201,004 | 1,801,486 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,082,280 | 1,067,713 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,934,912 | 2,805,265 |
Total | 28,799,569 | 24,224,949 |
Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 47,152 | 56,777 |
Financing Receivable, Revolving | 2,795,551 | 3,219,121 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 8,711,468 | 7,352,605 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 7,226,734 | 4,301,809 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 3,377,725 | 3,232,703 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 2,101,861 | 1,722,157 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 1,047,522 | 1,055,380 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,834,303 | 2,734,332 |
Total | 28,095,164 | 23,618,106 |
Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 52 | 140 |
Financing Receivable, Revolving | 93,801 | 7,745 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 66,443 | 65,478 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 48,159 | 46,023 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 20,772 | 33,021 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 43,983 | 16,241 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 9,778 | 41 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 43,350 | 10,946 |
Total | 326,286 | 179,495 |
Potential Problem [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 447 | 2,713 |
Financing Receivable, Revolving | 25,889 | 26,913 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 59,240 | 53,194 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 36,709 | 34,992 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 56,016 | 100,240 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 51,043 | 56,519 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 19,637 | 5,952 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 18,118 | 19,095 |
Total | 266,651 | 296,905 |
Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 5,595 | 1,006 |
Financing Receivable, Revolving | 56 | 154 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 17,360 | 53,501 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 29,972 | 11,382 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 15,479 | 11,605 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 4,116 | 6,569 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 5,343 | 6,340 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 39,141 | 40,891 |
Total | 111,467 | 130,443 |
Total commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 44,208 | 52,388 |
Financing Receivable, Revolving | 2,206,480 | 2,573,974 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 6,122,430 | 5,602,382 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 5,034,805 | 2,438,627 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,741,955 | 2,385,040 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,370,245 | 1,355,608 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 698,550 | 379,567 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 812,278 | 882,057 |
Total | 17,986,742 | 15,617,256 |
Total commercial | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 39,835 | 49,606 |
Financing Receivable, Revolving | 2,087,396 | 2,539,768 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 5,990,879 | 5,432,693 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,924,743 | 2,349,685 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,656,149 | 2,245,316 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,275,996 | 1,283,386 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 669,213 | 373,655 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 750,399 | 853,551 |
Total | 17,354,774 | 15,078,053 |
Total commercial | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 93,209 | 7,294 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 65,379 | 65,478 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 47,756 | 45,917 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 20,671 | 33,016 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 43,978 | 15,957 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 9,732 | 41 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 42,952 | 9,840 |
Total | 323,677 | 177,543 |
Total commercial | Potential Problem [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 447 | 2,706 |
Financing Receivable, Revolving | 25,874 | 26,913 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 58,785 | 52,713 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 36,638 | 34,660 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 56,016 | 99,837 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 50,271 | 56,241 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 19,606 | 5,871 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 17,287 | 18,291 |
Total | 264,476 | 294,527 |
Total commercial | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 3,926 | 76 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 7,387 | 51,498 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 25,668 | 8,365 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 9,119 | 6,872 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 24 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,640 | 374 |
Total | 43,814 | 67,134 |
Total commercial | Asset-based Lending | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Financing Receivable, Revolving | 47,446 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 270,706 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 121,914 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 18,082 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 653 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 85 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Total | 458,887 | |
Total commercial | Asset-based Lending | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | |
Financing Receivable, Revolving | 47,446 | |
Financing Receivable, Year One, Originated, Current Fiscal Year | 269,258 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 121,914 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,832 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 653 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 85 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | |
Total | 441,189 | |
Total commercial | Asset-based Lending | Potential Problem [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 | 1,448 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 16,250 | |
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 | 17,698 | |
Total commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 5,796 | 4,867 |
Financing Receivable, Revolving | 2,009,089 | 2,405,059 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 3,024,861 | 2,714,198 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,272,895 | 893,511 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 580,757 | 1,032,647 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 610,636 | 731,439 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 330,794 | 177,671 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 471,535 | 497,860 |
Total | 9,300,567 | 8,452,385 |
Total commercial | Commercial and industrial | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 1,423 | 2,084 |
Financing Receivable, Revolving | 1,891,331 | 2,371,605 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,976,288 | 2,676,674 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,245,094 | 871,368 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 566,001 | 986,300 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 572,467 | 710,491 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 330,557 | 177,568 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 432,906 | 493,876 |
Total | 9,014,644 | 8,287,882 |
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 | 93,209 | 7,068 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 3,411 | 6,112 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 23,607 | 1,976 |
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 | 19 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 32,497 | 2,811 |
Total | 152,744 | 17,967 |
Total commercial | Commercial and industrial | Potential Problem [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 447 | 2,706 |
Financing Receivable, Revolving | 24,549 | 26,387 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 39,952 | 25,415 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,193 | 19,960 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 5,637 | 46,296 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 38,169 | 20,924 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 218 | 104 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6,133 | 1,172 |
Total | 118,851 | 140,258 |
Total commercial | Commercial and industrial | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 3,926 | 76 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 5,210 | 5,996 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 207 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 9,119 | 52 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 24 |
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 | 14,329 | 6,279 |
Total commercial | Commercial real estate - owner occupied | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 10,092 |
Financing Receivable, Revolving | 13,772 | 31,621 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 212,883 | 267,371 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 236,769 | 187,773 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 170,624 | 197,120 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 172,630 | 110,896 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 83,570 | 56,742 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 101,475 | 119,802 |
Total | 991,722 | 971,326 |
Total commercial | Commercial real estate - owner occupied | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 10,092 |
Financing Receivable, Revolving | 12,447 | 30,869 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 211,645 | 261,418 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 225,627 | 178,424 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 163,965 | 187,073 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 160,370 | 110,169 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 73,487 | 54,538 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 97,420 | 117,011 |
Total | 944,961 | 939,503 |
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 | 0 | 226 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 4,628 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,136 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,491 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 9,713 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 245 |
Total | 12,339 | 5,100 |
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 | 1,325 | 526 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,238 | 5,953 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 11,141 | 4,721 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 5,523 | 10,047 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 10,769 | 727 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 370 | 2,204 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 4,055 | 2,546 |
Total | 34,422 | 26,723 |
Total commercial | Commercial and business lending | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 5,796 | 14,958 |
Financing Receivable, Revolving | 2,070,307 | 2,436,680 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 3,508,450 | 2,981,569 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,631,578 | 1,081,284 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 769,463 | 1,229,767 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 783,919 | 842,335 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 414,449 | 234,414 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 573,010 | 617,662 |
Total | 10,751,176 | 9,423,711 |
Total commercial | Commercial and business lending | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 1,423 | 12,176 |
Financing Receivable, Revolving | 1,951,224 | 2,402,474 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 3,457,191 | 2,938,092 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,592,636 | 1,049,792 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 731,798 | 1,173,373 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 733,490 | 820,660 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 404,129 | 232,106 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 530,326 | 610,887 |
Total | 10,400,794 | 9,227,385 |
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 | 93,209 | 7,294 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 3,411 | 6,112 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 23,607 | 6,604 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,136 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,491 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 9,732 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 32,497 | 3,056 |
Total | 165,083 | 23,066 |
Total commercial | Commercial and business lending | Potential Problem [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 447 | 2,706 |
Financing Receivable, Revolving | 25,874 | 26,913 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 42,638 | 31,368 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 15,335 | 24,681 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 27,410 | 56,343 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 48,938 | 21,651 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 589 | 2,307 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 10,188 | 3,718 |
Total | 170,971 | 166,981 |
Total commercial | Commercial and business lending | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 3,926 | 76 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 5,210 | 5,996 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 207 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 9,119 | 52 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 24 |
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 | 14,329 | 6,279 |
Total commercial | Commercial real estate - investor | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 38,412 | 37,430 |
Financing Receivable, Revolving | 106,280 | 105,521 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,713,387 | 1,774,910 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,490,120 | 730,825 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 718,117 | 929,685 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 541,177 | 448,741 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 281,875 | 142,883 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 229,387 | 252,003 |
Total | 5,080,344 | 4,384,569 |
Total commercial | Commercial real estate - investor | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 38,412 | 37,430 |
Financing Receivable, Revolving | 106,280 | 105,521 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,633,094 | 1,650,936 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 1,419,000 | 685,423 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 683,121 | 867,606 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 530,444 | 414,079 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 262,858 | 139,320 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 210,299 | 230,452 |
Total | 4,845,096 | 4,093,337 |
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 | 61,968 | 57,163 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 24,149 | 27,384 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 7,361 | 33,016 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 9,400 | 72 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 10,455 | 6,781 |
Total | 113,333 | 124,416 |
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 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 16,147 | 21,309 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 21,303 | 9,860 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 27,635 | 22,243 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,333 | 34,591 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 19,017 | 3,564 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 7,099 | 14,573 |
Total | 92,535 | 106,138 |
Total commercial | Commercial real estate - investor | 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 | 2,177 | 45,502 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 25,668 | 8,158 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 6,820 |
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 | 1,535 | 197 |
Total | 29,380 | 60,677 |
Total commercial | Real estate construction | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 29,892 | 31,773 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 900,593 | 845,903 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 913,107 | 626,518 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 254,374 | 225,588 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 45,149 | 64,532 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,226 | 2,270 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 9,880 | 12,392 |
Total | 2,155,222 | 1,808,976 |
Total commercial | Real estate construction | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 0 |
Financing Receivable, Revolving | 29,892 | 31,773 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 900,593 | 843,664 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 913,107 | 614,469 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 241,230 | 204,337 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 12,062 | 48,647 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2,226 | 2,229 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 9,775 | 12,212 |
Total | 2,108,885 | 1,757,331 |
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 | 0 | 2,203 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 11,929 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 12,174 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 33,087 | 15,885 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 41 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 0 | 2 |
Total | 45,261 | 30,060 |
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 | 0 | 37 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 120 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 970 | 21,251 |
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 | 970 | 21,408 |
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 | 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 | 105 | 177 |
Total | 105 | 177 |
Total commercial | Commercial Real Estate | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 38,412 | 37,430 |
Financing Receivable, Revolving | 136,173 | 137,294 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,613,980 | 2,620,814 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,403,227 | 1,357,343 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 972,492 | 1,155,273 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 586,326 | 513,273 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 284,101 | 145,153 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 239,267 | 264,395 |
Total | 7,235,565 | 6,193,545 |
Total commercial | Commercial Real Estate | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 38,412 | 37,430 |
Financing Receivable, Revolving | 136,173 | 137,294 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,533,687 | 2,494,600 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,332,107 | 1,299,893 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 924,351 | 1,071,943 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 542,505 | 462,726 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 265,083 | 141,549 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 220,073 | 242,664 |
Total | 6,953,981 | 5,850,668 |
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 | 61,968 | 59,366 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 24,149 | 39,313 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 19,535 | 33,016 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 42,487 | 15,957 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 41 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 10,455 | 6,784 |
Total | 158,595 | 154,476 |
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 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 16,147 | 21,345 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 21,303 | 9,980 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 28,605 | 43,494 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,333 | 34,591 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 19,017 | 3,564 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 7,099 | 14,573 |
Total | 93,505 | 127,546 |
Total commercial | Commercial Real Estate | 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 | 2,177 | 45,502 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 25,668 | 8,158 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 6,820 |
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 | 1,640 | 374 |
Total | 29,485 | 60,855 |
Total consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 9,038 | 8,248 |
Financing Receivable, Revolving | 708,817 | 679,959 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,732,080 | 1,922,396 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,306,769 | 1,955,579 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,728,037 | 992,528 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 830,759 | 445,878 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 383,731 | 688,145 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,122,635 | 1,923,208 |
Total | 10,812,828 | 8,607,693 |
Total consumer | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 7,318 | 7,171 |
Financing Receivable, Revolving | 708,154 | 679,353 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 2,720,589 | 1,919,912 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,301,991 | 1,952,124 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,721,576 | 987,387 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 825,866 | 438,771 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 378,310 | 681,725 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 2,083,904 | 1,880,781 |
Total | 10,740,390 | 8,540,053 |
Total consumer | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 52 | 140 |
Financing Receivable, Revolving | 592 | 451 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 1,063 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 403 | 106 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 101 | 4 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 5 | 285 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 47 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 398 | 1,106 |
Total | 2,609 | 1,952 |
Total consumer | Potential Problem [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 6 |
Financing Receivable, Revolving | 15 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 455 | 481 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 71 | 332 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 404 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 772 | 277 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 31 | 81 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 831 | 804 |
Total | 2,175 | 2,379 |
Total consumer | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 1,668 | 931 |
Financing Receivable, Revolving | 56 | 154 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 9,973 | 2,003 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 4,304 | 3,017 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 6,360 | 4,733 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 4,116 | 6,545 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 5,343 | 6,340 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 37,501 | 40,517 |
Total | 67,654 | 63,309 |
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 | 1,419,527 | 1,773,915 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,188,332 | 1,948,272 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,722,979 | 979,071 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 821,645 | 435,233 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 375,768 | 679,547 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,983,299 | 1,751,272 |
Total | 8,511,550 | 7,567,310 |
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 | 1,410,566 | 1,771,447 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 2,184,125 | 1,945,029 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 1,716,663 | 974,188 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 817,164 | 428,459 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 370,724 | 673,447 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 1,951,406 | 1,716,419 |
Total | 8,450,648 | 7,508,989 |
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 | 284 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 96 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 285 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 63 | 461 |
Total | 444 | 746 |
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 | 455 | 475 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 71 | 332 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 404 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 738 | 265 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 29 | 81 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 685 | 658 |
Total | 1,978 | 2,214 |
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 | 8,506 | 1,993 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 3,851 | 2,911 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 6,219 | 4,479 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 3,744 | 6,224 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 5,014 | 6,019 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 31,145 | 33,734 |
Total | 58,480 | 55,362 |
Total consumer | Auto | ||
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 | 1,273,406 | 137,952 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 106,551 | 707 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 333 | 2,711 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,276 | 1,216 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 446 | 352 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 61 | 107 |
Total | 1,382,073 | 143,045 |
Total consumer | Auto | 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 | 1,271,205 | 137,952 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 106,102 | 707 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 333 | 2,675 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,267 | 1,200 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 446 | 352 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 61 | 107 |
Total | 1,379,414 | 142,993 |
Total consumer | Auto | Special Mention [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 | 1,052 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 118 | |
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 | 1,170 | |
Total consumer | Auto | 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 | 1,149 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 331 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 36 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 9 | 15 |
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 | 1,490 | 52 |
Total consumer | Home Equity Loan | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 8,891 | 7,792 |
Financing Receivable, Revolving | 508,329 | 499,104 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 31,695 | 1,232 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 6,610 | 1,595 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,243 | 7,856 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6,538 | 9,059 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 7,333 | 7,962 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 61,605 | 68,807 |
Total | 624,353 | 595,615 |
Total consumer | Home Equity Loan | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 7,254 | 6,728 |
Financing Receivable, Revolving | 508,212 | 498,970 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 31,389 | 1,216 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 6,508 | 1,401 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,112 | 7,640 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 6,197 | 8,742 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 6,966 | 7,660 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 54,827 | 61,251 |
Total | 616,211 | 586,880 |
Total consumer | Home Equity Loan | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 47 | 133 |
Financing Receivable, Revolving | 102 | 100 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 102 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 0 | 4 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 47 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 310 | 638 |
Total | 458 | 844 |
Total consumer | Home Equity Loan | Potential Problem [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 0 | 6 |
Financing Receivable, Revolving | 15 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 0 | 6 |
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 | 34 | 13 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 2 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 146 | 146 |
Total | 197 | 165 |
Total consumer | Home Equity Loan | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 1,590 | 925 |
Financing Receivable, Revolving | 0 | 35 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 306 | 9 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 102 | 92 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 131 | 211 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 307 | 305 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 319 | 302 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 6,322 | 6,772 |
Total | 7,487 | 7,726 |
Total consumer | Other consumer | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 147 | 456 |
Financing Receivable, Revolving | 200,488 | 180,783 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 7,452 | 9,297 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 5,276 | 5,005 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,482 | 2,890 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,300 | 371 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 184 | 284 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 77,670 | 103,093 |
Total | 294,851 | 301,723 |
Total consumer | Other consumer | Pass [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 64 | 443 |
Financing Receivable, Revolving | 199,942 | 180,312 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 7,429 | 9,297 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 5,256 | 4,987 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 2,468 | 2,884 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 1,238 | 371 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 174 | 265 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 77,611 | 103,075 |
Total | 294,117 | 301,191 |
Total consumer | Other consumer | Special Mention [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 6 | 7 |
Financing Receivable, Revolving | 490 | 351 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 11 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 0 | 4 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 5 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 5 | 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 | 25 | 7 |
Total | 537 | 363 |
Total consumer | Other consumer | Nonaccrual Loan [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Revolving, Converted to Term Loan | 78 | 6 |
Financing Receivable, Revolving | 56 | 120 |
Financing Receivable, Year One, Originated, Current Fiscal Year | 11 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year | 21 | 14 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year | 10 | 7 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year | 56 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year | 10 | 19 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year | 34 | 11 |
Total | $ 197 | $ 170 |
Loans, Loans by Past Due Status
Loans, Loans by Past Due Status (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | $ 28,652,257 | $ 24,077,931 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 111,467 | 130,443 |
Loans | 28,799,569 | 24,224,949 |
Nonaccrual Loans, Current Portion | $ 64,000 | $ 84,000 |
Percent of current nonaccrual loans | 58% | 65% |
Financing Receivable, Nonaccrual, Interest Income | $ 0 | $ 0 |
Financing Receivable, Nonaccrual, No Allowance | 11,000 | 9,000 |
30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 26,256 | 12,754 |
60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 7,861 | 2,558 |
90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 1,728 | 1,263 |
Asset-based Lending | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 458,887 | 178,027 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Loans | 458,887 | 178,027 |
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 | 9,279,674 | 8,267,213 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 14,329 | 6,279 |
Loans | 9,300,567 | 8,274,358 |
Commercial and industrial | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 716 | 619 |
Commercial and industrial | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 5,566 | 97 |
Commercial and industrial | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 282 | 151 |
Commercial real estate - owner occupied | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 991,493 | 971,163 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 0 | 0 |
Loans | 991,722 | 971,326 |
Commercial real estate - owner occupied | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 218 | 163 |
Commercial real estate - owner occupied | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 12 | 0 |
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 | 10,730,053 | 9,416,403 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 14,329 | 6,279 |
Loans | 10,751,176 | 9,423,711 |
Commercial and business lending | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 934 | 781 |
Commercial and business lending | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 5,578 | 97 |
Commercial and business lending | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 282 | 151 |
Commercial real estate - investor | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 5,049,897 | 4,323,276 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 29,380 | 60,677 |
Loans | 5,080,344 | 4,384,569 |
Commercial real estate - investor | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 1,067 | 142 |
Commercial real estate - investor | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 0 | 474 |
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 | 2,155,077 | 1,807,178 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 105 | 177 |
Loans | 2,155,222 | 1,808,976 |
Real estate construction | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 39 | 1,618 |
Real estate construction | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 0 | 2 |
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 | 7,204,975 | 6,130,454 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 29,485 | 60,855 |
Loans | 7,235,565 | 6,193,545 |
Commercial real estate lending | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 1,105 | 1,759 |
Commercial real estate lending | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 0 | 477 |
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 | 17,935,028 | 15,546,857 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 43,814 | 67,134 |
Loans | 17,986,742 | 15,617,256 |
Total commercial | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 2,040 | 2,541 |
Total commercial | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 5,578 | 573 |
Total commercial | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 282 | 151 |
Residential mortgage | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 8,443,072 | 7,505,654 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 58,480 | 55,362 |
Loans | 8,511,550 | 7,567,310 |
Residential mortgage | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 9,811 | 5,500 |
Residential mortgage | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 63 | 669 |
Residential mortgage | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 124 | 126 |
Auto | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 1,371,176 | 142,982 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 1,490 | 52 |
Loans | 1,382,073 | 143,045 |
Auto | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 8,238 | 11 |
Auto | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 1,170 | 0 |
Auto | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 0 | 0 |
Home equity | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 611,259 | 584,177 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 7,487 | 7,726 |
Loans | 624,353 | 595,615 |
Home equity | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 5,149 | 2,867 |
Home equity | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 458 | 844 |
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 | 291,722 | 298,261 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 197 | 170 |
Loans | 294,851 | 301,723 |
Other consumer | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 1,018 | 1,835 |
Other consumer | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 592 | 472 |
Other consumer | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 1,322 | 986 |
Total consumer | ||
Summarized details of Loans | ||
Financing Receivable, Not Past Due Status | 10,717,229 | 8,531,074 |
Financing Receivable, Recorded Investment, Nonaccrual Status | 67,654 | 63,309 |
Loans | 10,812,828 | 8,607,693 |
Total consumer | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 24,216 | 10,213 |
Total consumer | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | 2,283 | 1,985 |
Total consumer | 90+ Days Past Due | ||
Summarized details of Loans | ||
Financing Receivable, Past Due Status | $ 1,446 | $ 1,111 |
Loans, Troubled Debt Restructur
Loans, Troubled Debt Restructurings Performing and Nonaccrual (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Modifications [Line Items] | |||
Performing Restructured Loans | $ 32,868 | $ 42,530 | $ 52,092 |
Nonaccrual Restructured Loans | 20,127 | 17,426 | 20,190 |
Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Performing Restructured Loans | 12,453 | 8,687 | 12,713 |
Nonaccrual Restructured Loans | 0 | 0 | 6,967 |
Commercial real estate - owner occupied | |||
Financing Receivable, Modifications [Line Items] | |||
Performing Restructured Loans | 316 | 967 | 1,711 |
Nonaccrual Restructured Loans | 0 | 0 | 0 |
Commercial real estate - investor | |||
Financing Receivable, Modifications [Line Items] | |||
Performing Restructured Loans | 128 | 12,866 | 26,435 |
Nonaccrual Restructured Loans | 2,074 | 3,093 | 225 |
Real estate construction | |||
Financing Receivable, Modifications [Line Items] | |||
Performing Restructured Loans | 195 | 242 | 260 |
Nonaccrual Restructured Loans | 9 | 45 | 111 |
Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Performing Restructured Loans | 16,829 | 16,316 | 7,825 |
Nonaccrual Restructured Loans | 17,117 | 13,483 | 11,509 |
Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Performing Restructured Loans | 2,148 | 2,648 | 1,957 |
Nonaccrual Restructured Loans | 927 | 806 | 1,379 |
Other consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Performing Restructured Loans | 798 | 803 | 1,191 |
Nonaccrual Restructured Loans | $ 0 | $ 0 | $ 0 |
Loans, Loans Modified in a Trou
Loans, Loans Modified in a Troubled Debt Restructuring (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) loan | Dec. 31, 2020 USD ($) loan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 72 | 88 | 77 |
Recorded Investment(a) | $ 11,370 | $ 18,216 | $ 36,154 |
Unpaid Principal Balance(b) | $ 11,616 | $ 24,201 | $ 37,125 |
Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 2 | 4 | 7 |
Recorded Investment(a) | $ 281 | $ 610 | $ 1,823 |
Unpaid Principal Balance(b) | $ 281 | $ 610 | $ 2,059 |
Commercial real estate - owner occupied | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 0 | 4 |
Recorded Investment(a) | $ 0 | $ 0 | $ 658 |
Unpaid Principal Balance(b) | $ 0 | $ 0 | $ 689 |
Commercial real estate - investor | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 6 | 10 |
Recorded Investment(a) | $ 0 | $ 4,259 | $ 26,563 |
Unpaid Principal Balance(b) | $ 0 | $ 10,166 | $ 26,567 |
Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 55 | 69 | 36 |
Recorded Investment(a) | $ 10,557 | $ 12,415 | $ 6,031 |
Unpaid Principal Balance(b) | $ 10,777 | $ 12,463 | $ 6,113 |
Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 15 | 9 | 20 |
Recorded Investment(a) | $ 531 | $ 932 | $ 1,078 |
Unpaid Principal Balance(b) | $ 557 | $ 963 | $ 1,697 |
Loans, Troubled Debt Restruct_2
Loans, Troubled Debt Restructurings Subsequent Default (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) loan | Dec. 31, 2020 USD ($) loan | |
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 4 | 12 | 9 |
Recorded Investment | $ | $ 1,178 | $ 1,334 | $ 1,244 |
Commercial real estate - investor | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 1 | 0 |
Recorded Investment | $ | $ 0 | $ 164 | $ 0 |
Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 4 | 11 | 5 |
Recorded Investment | $ | $ 1,178 | $ 1,171 | $ 1,036 |
Home equity | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Loans | loan | 0 | 0 | 4 |
Recorded Investment | $ | $ 0 | $ 0 | $ 208 |
Loans, Changes in the Allowance
Loans, Changes in the Allowance for Credit Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at beginning of period | $ 39,776 | $ 47,776 | |
Provision for credit losses | (1,000) | (8,000) | |
Balance at end of period | 38,776 | 39,776 | $ 47,776 |
Allowance for Credit Losses on Loans [Abstract] | |||
Provision for credit losses | 32,998 | (88,011) | 174,006 |
Allowance for Loan Losses [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 280,015 | 383,702 | |
Charge offs | (10,146) | (40,652) | |
Recoveries | 8,852 | 16,965 | |
Net Charge offs | (1,294) | (23,687) | |
Provision for loan losses | 34,000 | (80,000) | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 312,720 | 280,015 | 383,702 |
Allowance for Credit Losses on Loans [Abstract] | |||
Charge offs | (10,146) | (40,652) | |
Recoveries | 8,852 | 16,965 | |
Net Charge offs | (1,294) | (23,687) | |
Allowance for Loan Losses [Member] | Asset-based Lending | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 4,182 | 2,077 | |
Charge offs | 0 | 0 | |
Recoveries | 0 | 412 | |
Net Charge offs | 0 | 412 | |
Provision for loan losses | 2,382 | 1,693 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 6,564 | 4,182 | 2,077 |
Allowance for Credit Losses on Loans [Abstract] | |||
Charge offs | 0 | 0 | |
Recoveries | 0 | 412 | |
Net Charge offs | 0 | 412 | |
Allowance for Loan Losses [Member] | Commercial and industrial | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 85,675 | 141,247 | |
Charge offs | (4,491) | (21,564) | |
Recoveries | 5,282 | 8,152 | |
Net Charge offs | 791 | (13,412) | |
Provision for loan losses | 26,047 | (42,160) | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 112,512 | 85,675 | 141,247 |
Allowance for Credit Losses on Loans [Abstract] | |||
Charge offs | (4,491) | (21,564) | |
Recoveries | 5,282 | 8,152 | |
Net Charge offs | 791 | (13,412) | |
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 | 11,473 | 11,274 | |
Charge offs | 0 | 0 | |
Recoveries | 13 | 120 | |
Net Charge offs | 13 | 120 | |
Provision for loan losses | (2,011) | 80 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 9,475 | 11,473 | 11,274 |
Allowance for Credit Losses on Loans [Abstract] | |||
Charge offs | 0 | 0 | |
Recoveries | 13 | 120 | |
Net Charge offs | 13 | 120 | |
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 | 101,330 | 154,598 | |
Charge offs | (4,491) | (21,564) | |
Recoveries | 5,295 | 8,684 | |
Net Charge offs | 804 | (12,880) | |
Provision for loan losses | 26,418 | (40,388) | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 128,551 | 101,330 | 154,598 |
Allowance for Credit Losses on Loans [Abstract] | |||
Charge offs | (4,491) | (21,564) | |
Recoveries | 5,295 | 8,684 | |
Net Charge offs | 804 | (12,880) | |
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 | 72,803 | 93,435 | |
Charge offs | (50) | (14,346) | |
Recoveries | 50 | 3,162 | |
Net Charge offs | 0 | (11,184) | |
Provision for loan losses | (18,405) | (9,448) | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 54,398 | 72,803 | 93,435 |
Allowance for Credit Losses on Loans [Abstract] | |||
Charge offs | (50) | (14,346) | |
Recoveries | 50 | 3,162 | |
Net Charge offs | 0 | (11,184) | |
Allowance for Loan Losses [Member] | Real estate construction | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 37,643 | 59,193 | |
Charge offs | (48) | (5) | |
Recoveries | 106 | 126 | |
Net Charge offs | 58 | 121 | |
Provision for loan losses | 7,887 | (21,672) | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 45,589 | 37,643 | 59,193 |
Allowance for Credit Losses on Loans [Abstract] | |||
Charge offs | (48) | (5) | |
Recoveries | 106 | 126 | |
Net Charge offs | 58 | 121 | |
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 | 110,446 | 152,629 | |
Charge offs | (98) | (14,351) | |
Recoveries | 156 | 3,288 | |
Net Charge offs | 58 | (11,063) | |
Provision for loan losses | (10,518) | (31,120) | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 99,986 | 110,446 | 152,629 |
Allowance for Credit Losses on Loans [Abstract] | |||
Charge offs | (98) | (14,351) | |
Recoveries | 156 | 3,288 | |
Net Charge offs | 58 | (11,063) | |
Allowance for Loan Losses [Member] | Total commercial | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 211,776 | 307,226 | |
Charge offs | (4,588) | (35,915) | |
Recoveries | 5,451 | 11,972 | |
Net Charge offs | 862 | (23,943) | |
Provision for loan losses | 15,900 | (71,508) | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 228,538 | 211,776 | 307,226 |
Allowance for Credit Losses on Loans [Abstract] | |||
Charge offs | (4,588) | (35,915) | |
Recoveries | 5,451 | 11,972 | |
Net Charge offs | 862 | (23,943) | |
Allowance for Loan Losses [Member] | Residential mortgage | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 40,787 | 42,996 | |
Charge offs | (567) | (880) | |
Recoveries | 908 | 841 | |
Net Charge offs | 341 | (38) | |
Provision for loan losses | (2,830) | (2,170) | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 38,298 | 40,787 | 42,996 |
Allowance for Credit Losses on Loans [Abstract] | |||
Charge offs | (567) | (880) | |
Recoveries | 908 | 841 | |
Net Charge offs | 341 | (38) | |
Allowance for Loan Losses [Member] | Auto | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 1,999 | 174 | |
Charge offs | (1,041) | (22) | |
Recoveries | 98 | 31 | |
Net Charge offs | (943) | 9 | |
Provision for loan losses | 18,563 | 1,816 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 19,619 | 1,999 | 174 |
Allowance for Credit Losses on Loans [Abstract] | |||
Charge offs | (1,041) | (22) | |
Recoveries | 98 | 31 | |
Net Charge offs | (943) | 9 | |
Allowance for Loan Losses [Member] | Home equity | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 14,011 | 18,849 | |
Charge offs | (587) | (668) | |
Recoveries | 1,385 | 2,854 | |
Net Charge offs | 798 | 2,186 | |
Provision for loan losses | 66 | (7,024) | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 14,875 | 14,011 | 18,849 |
Allowance for Credit Losses on Loans [Abstract] | |||
Charge offs | (587) | (668) | |
Recoveries | 1,385 | 2,854 | |
Net Charge offs | 798 | 2,186 | |
Allowance for Loan Losses [Member] | Other consumer | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 11,441 | 14,456 | |
Charge offs | (3,363) | (3,168) | |
Recoveries | 1,010 | 1,267 | |
Net Charge offs | (2,353) | (1,901) | |
Provision for loan losses | 2,301 | (1,113) | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 11,390 | 11,441 | 14,456 |
Allowance for Credit Losses on Loans [Abstract] | |||
Charge offs | (3,363) | (3,168) | |
Recoveries | 1,010 | 1,267 | |
Net Charge offs | (2,353) | (1,901) | |
Allowance for Loan Losses [Member] | Total consumer | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 68,239 | 76,475 | |
Charge offs | (5,558) | (4,738) | |
Recoveries | 3,401 | 4,993 | |
Net Charge offs | (2,157) | 256 | |
Provision for loan losses | 18,100 | (8,492) | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 84,182 | 68,239 | 76,475 |
Allowance for Credit Losses on Loans [Abstract] | |||
Charge offs | (5,558) | (4,738) | |
Recoveries | 3,401 | 4,993 | |
Net Charge offs | (2,157) | 256 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at beginning of period | 39,776 | 47,776 | |
Provision for credit losses | (1,000) | (8,000) | |
Balance at end of period | 38,776 | 39,776 | 47,776 |
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 | 857 | 901 | |
Provision for credit losses | (256) | (43) | |
Balance at end of period | 601 | 857 | 901 |
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 | 17,601 | 21,411 | |
Provision for credit losses | (5,205) | (3,809) | |
Balance at end of period | 12,396 | 17,601 | 21,411 |
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 | 208 | 266 | |
Provision for credit losses | (105) | (58) | |
Balance at end of period | 103 | 208 | 266 |
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 | 18,667 | 22,577 | |
Provision for credit losses | (5,566) | (3,911) | |
Balance at end of period | 13,101 | 18,667 | 22,577 |
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 | 936 | 636 | |
Provision for credit losses | (226) | 300 | |
Balance at end of period | 710 | 936 | 636 |
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 | 15,586 | 18,887 | |
Provision for credit losses | 4,997 | (3,301) | |
Balance at end of period | 20,583 | 15,586 | 18,887 |
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 | 16,522 | 19,523 | |
Provision for credit losses | 4,770 | (3,001) | |
Balance at end of period | 21,292 | 16,522 | 19,523 |
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 | 35,189 | 42,101 | |
Provision for credit losses | (796) | (6,912) | |
Balance at end of period | 34,393 | 35,189 | 42,101 |
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 | 2,592 | 3,118 | |
Provision for credit losses | 107 | (526) | |
Balance at end of period | 2,699 | 2,592 | 3,118 |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Other consumer | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Balance at beginning of period | 1,995 | 2,557 | |
Provision for credit losses | (311) | (563) | |
Balance at end of period | 1,683 | 1,995 | 2,557 |
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 | 4,587 | 5,675 | |
Provision for credit losses | (204) | (1,088) | |
Balance at end of period | 4,382 | 4,587 | 5,675 |
Allowance for Loans Losses and Unfunded Commitments [Member] | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Charge offs | (10,146) | (40,652) | |
Recoveries | 8,852 | 16,965 | |
Net Charge offs | (1,294) | (23,687) | |
Allowance for Credit Losses on Loans [Abstract] | |||
Balance at beginning of period | 319,791 | 431,478 | |
Charge offs | (10,146) | (40,652) | |
Recoveries | 8,852 | 16,965 | |
Net Charge offs | (1,294) | (23,687) | |
Provision for credit losses | 33,000 | (88,000) | |
Balance at end of period | $ 351,496 | $ 319,791 | 431,478 |
Percent of Loans | 1.22% | 1.32% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Asset-based Lending | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Charge offs | $ 0 | $ 0 | |
Recoveries | 0 | 412 | |
Net Charge offs | 0 | 412 | |
Allowance for Credit Losses on Loans [Abstract] | |||
Balance at beginning of period | 5,040 | 2,978 | |
Charge offs | 0 | 0 | |
Recoveries | 0 | 412 | |
Net Charge offs | 0 | 412 | |
Provision for credit losses | 2,125 | 1,649 | |
Balance at end of period | $ 7,165 | $ 5,040 | 2,978 |
Percent of Loans | 1.56% | 2.83% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and industrial | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Charge offs | $ (4,491) | $ (21,564) | |
Recoveries | 5,282 | 8,152 | |
Net Charge offs | 791 | (13,412) | |
Allowance for Credit Losses on Loans [Abstract] | |||
Balance at beginning of period | 103,276 | 162,657 | |
Charge offs | (4,491) | (21,564) | |
Recoveries | 5,282 | 8,152 | |
Net Charge offs | 791 | (13,412) | |
Provision for credit losses | 20,842 | (45,970) | |
Balance at end of period | $ 124,908 | $ 103,276 | 162,657 |
Percent of Loans | 1.34% | 1.25% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate - owner occupied | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Charge offs | $ 0 | $ 0 | |
Recoveries | 13 | 120 | |
Net Charge offs | 13 | 120 | |
Allowance for Credit Losses on Loans [Abstract] | |||
Balance at beginning of period | 11,681 | 11,539 | |
Charge offs | 0 | 0 | |
Recoveries | 13 | 120 | |
Net Charge offs | 13 | 120 | |
Provision for credit losses | (2,115) | 22 | |
Balance at end of period | $ 9,579 | $ 11,681 | 11,539 |
Percent of Loans | 0.97% | 1.20% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and business lending | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Charge offs | $ (4,491) | $ (21,564) | |
Recoveries | 5,295 | 8,684 | |
Net Charge offs | 804 | (12,880) | |
Allowance for Credit Losses on Loans [Abstract] | |||
Balance at beginning of period | 119,997 | 177,175 | |
Charge offs | (4,491) | (21,564) | |
Recoveries | 5,295 | 8,684 | |
Net Charge offs | 804 | (12,880) | |
Provision for credit losses | 20,852 | (44,299) | |
Balance at end of period | $ 141,652 | $ 119,997 | 177,175 |
Percent of Loans | 1.32% | 1.27% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate - investor | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Charge offs | $ (50) | $ (14,346) | |
Recoveries | 50 | 3,162 | |
Net Charge offs | 0 | (11,184) | |
Allowance for Credit Losses on Loans [Abstract] | |||
Balance at beginning of period | 73,739 | 94,071 | |
Charge offs | (50) | (14,346) | |
Recoveries | 50 | 3,162 | |
Net Charge offs | 0 | (11,184) | |
Provision for credit losses | (18,631) | (9,148) | |
Balance at end of period | $ 55,108 | $ 73,739 | 94,071 |
Percent of Loans | 1.08% | 1.68% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Real estate construction | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Charge offs | $ (48) | $ (5) | |
Recoveries | 106 | 126 | |
Net Charge offs | 58 | 121 | |
Allowance for Credit Losses on Loans [Abstract] | |||
Balance at beginning of period | 53,229 | 78,080 | |
Charge offs | (48) | (5) | |
Recoveries | 106 | 126 | |
Net Charge offs | 58 | 121 | |
Provision for credit losses | 12,884 | (24,972) | |
Balance at end of period | $ 66,171 | $ 53,229 | 78,080 |
Percent of Loans | 3.07% | 2.94% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate lending | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Charge offs | $ (98) | $ (14,351) | |
Recoveries | 156 | 3,288 | |
Net Charge offs | 58 | (11,063) | |
Allowance for Credit Losses on Loans [Abstract] | |||
Balance at beginning of period | 126,968 | 172,152 | |
Charge offs | (98) | (14,351) | |
Recoveries | 156 | 3,288 | |
Net Charge offs | 58 | (11,063) | |
Provision for credit losses | (5,748) | (34,121) | |
Balance at end of period | $ 121,279 | $ 126,968 | 172,152 |
Percent of Loans | 1.68% | 2.05% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Total commercial | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Charge offs | $ (4,588) | $ (35,915) | |
Recoveries | 5,451 | 11,972 | |
Net Charge offs | 862 | (23,943) | |
Allowance for Credit Losses on Loans [Abstract] | |||
Balance at beginning of period | 246,965 | 349,327 | |
Charge offs | (4,588) | (35,915) | |
Recoveries | 5,451 | 11,972 | |
Net Charge offs | 862 | (23,943) | |
Provision for credit losses | 15,104 | (78,419) | |
Balance at end of period | $ 262,931 | $ 246,965 | 349,327 |
Percent of Loans | 1.46% | 1.58% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Residential mortgage | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Charge offs | $ (567) | $ (880) | |
Recoveries | 908 | 841 | |
Net Charge offs | 341 | (38) | |
Allowance for Credit Losses on Loans [Abstract] | |||
Balance at beginning of period | 40,787 | 42,996 | |
Charge offs | (567) | (880) | |
Recoveries | 908 | 841 | |
Net Charge offs | 341 | (38) | |
Provision for credit losses | (2,830) | (2,170) | |
Balance at end of period | $ 38,298 | $ 40,787 | 42,996 |
Percent of Loans | 0.45% | 0.54% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Auto | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Charge offs | $ (1,041) | $ (22) | |
Recoveries | 98 | 31 | |
Net Charge offs | (943) | 9 | |
Allowance for Credit Losses on Loans [Abstract] | |||
Balance at beginning of period | 1,999 | 174 | |
Charge offs | (1,041) | (22) | |
Recoveries | 98 | 31 | |
Net Charge offs | (943) | 9 | |
Provision for credit losses | 18,563 | 1,816 | |
Balance at end of period | $ 19,619 | $ 1,999 | 174 |
Percent of Loans | 1.42% | 1.40% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Home equity | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Charge offs | $ (587) | $ (668) | |
Recoveries | 1,385 | 2,854 | |
Net Charge offs | 798 | 2,186 | |
Allowance for Credit Losses on Loans [Abstract] | |||
Balance at beginning of period | 16,603 | 21,967 | |
Charge offs | (587) | (668) | |
Recoveries | 1,385 | 2,854 | |
Net Charge offs | 798 | 2,186 | |
Provision for credit losses | 173 | (7,550) | |
Balance at end of period | $ 17,574 | $ 16,603 | 21,967 |
Percent of Loans | 2.81% | 2.79% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Other consumer | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Charge offs | $ (3,363) | $ (3,168) | |
Recoveries | 1,010 | 1,267 | |
Net Charge offs | (2,353) | (1,901) | |
Allowance for Credit Losses on Loans [Abstract] | |||
Balance at beginning of period | 13,436 | 17,013 | |
Charge offs | (3,363) | (3,168) | |
Recoveries | 1,010 | 1,267 | |
Net Charge offs | (2,353) | (1,901) | |
Provision for credit losses | 1,990 | (1,676) | |
Balance at end of period | $ 13,073 | $ 13,436 | 17,013 |
Percent of Loans | 4.43% | 4.45% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Total consumer | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Charge offs | $ (5,558) | $ (4,738) | |
Recoveries | 3,401 | 4,993 | |
Net Charge offs | (2,157) | 256 | |
Allowance for Credit Losses on Loans [Abstract] | |||
Balance at beginning of period | 72,825 | 82,150 | |
Charge offs | (5,558) | (4,738) | |
Recoveries | 3,401 | 4,993 | |
Net Charge offs | (2,157) | 256 | |
Provision for credit losses | 17,896 | (9,581) | |
Balance at end of period | $ 88,565 | $ 72,825 | $ 82,150 |
Percent of Loans | 0.82% | 0.85% |
Loans Narrative (Details)
Loans Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Loans Information [Line Items] | |||
Interest receivable | $ 144,449 | $ 80,528 | |
Financing Receivable, Nonaccrual, Interest Income | 491 | 574 | |
Recorded Investment(a) | 11,370 | 18,216 | $ 36,154 |
Restructured Loans Subsequently Accruing | 1,000 | ||
Ytd Restructured Loans Still On Nonaccrual | 10,000 | ||
Loans and Leases Receivable, Impaired, Commitment to Lend | 20,000 | ||
Loans and Finance Receivables [Member] | |||
Loans Information [Line Items] | |||
Interest receivable | 113,000 | 55,000 | |
Possible liquidity issues [Member] | |||
Loans Information [Line Items] | |||
Financing Receivable, Troubled Debt Restructuring | $ 0 | $ 7,000 |
Goodwill and Intangible Assets,
Goodwill and Intangible Assets, Summary of Core Deposit and Other Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Summary of core deposit intangibles and other intangibles | ||||
Amortization of other intangible assets | $ 8,811 | $ 8,844 | $ 10,192 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||
Summary of core deposit intangibles and other intangibles | ||||
Reductions due to sale | 0 | (1,317) | (17,435) | |
Core Deposits [Member] | ||||
Summary of core deposit intangibles and other intangibles | ||||
Gross carrying amount at the beginning of the year | 88,109 | 88,109 | $ 80,730 | |
Accumulated amortization | (38,827) | (30,016) | (21,205) | |
Total estimated amortization expense and MSRs decay | 49,282 | 58,093 | 66,904 | |
Amortization of other intangible assets | 8,811 | 8,811 | 8,749 | |
Adjustments to Core Deposits [Member] | ||||
Summary of core deposit intangibles and other intangibles | ||||
Additions during the year | 0 | 0 | 7,379 | |
Other Intangible Assets [Member] | ||||
Summary of core deposit intangibles and other intangibles | ||||
Gross carrying amount at the beginning of the year | 0 | 2,000 | $ 38,970 | |
Additions during the year | 0 | 0 | 200 | |
Accumulated amortization | 0 | (683) | (20,385) | |
Total estimated amortization expense and MSRs decay | 0 | 0 | 1,350 | |
Amortization of other intangible assets | $ 0 | $ 33 | $ 1,443 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets, Mortgage Servicing Rights Roll-Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2022 | Dec. 31, 2019 | |
Summary of changes in balance of mortgage servicing rights asset and mortgage servicing rights valuation allowance | |||||
Servicing Asset at Amortized Cost | $ 56,682 | $ 59,967 | $ 67,607 | ||
Cumulative effect of accounting methodology change | $ 2,296 | ||||
Mortgage servicing rights, net(a) | $ 77,351 | 57,158 | |||
Servicing Asset at Fair Value, Additions | 7,279 | 16,151 | 13,667 | ||
Servicing Asset at Fair Value, Disposals | (9,350) | ||||
Servicing Asset at Fair Value, Changes in Fair Value Resulting from Changes in Valuation Inputs or Changes in Assumptions | 5,715 | ||||
Servicing Asset at Fair Value, Other Changes in Fair Value | 16,549 | ||||
Mortgage servicing rights: | |||||
Servicing Asset at Amortized Cost | 56,682 | 59,967 | $ 67,607 | ||
Additions from acquisition | 0 | 1,357 | |||
Additions | 16,151 | 13,667 | |||
Amortization | (19,436) | (22,664) | |||
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | |||||
Valuation allowance at beginning of year | (1,820) | (18,006) | (302) | ||
(Additions) recoveries, net | 16,186 | (17,704) | |||
Valuation allowance at end of year | (1,820) | (18,006) | |||
Equity securities without readily determinable fair values | 54,862 | 41,961 | |||
Fair value of mortgage servicing rights | 57,259 | 41,990 | |||
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) | $ 6,711,820 | $ 6,994,834 | $ 7,743,956 | ||
Mortgage servicing rights, net to servicing portfolio | 1.15% | 0.78% | 0.54% | ||
Mortgage servicing rights expense (a) | $ 3,250 | $ 40,369 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets, Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
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 | 5,227 | ||
Total estimated amortization expense and MSRs decay | 49,282 | $ 58,093 | $ 66,904 |
Other Intangible Assets [Member] | |||
Estimated future amortization expense | |||
Total estimated amortization expense and MSRs decay | 0 | $ 0 | $ 1,350 |
Servicing Contracts [Member] | |||
Estimated future amortization expense | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 13,714 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 10,364 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 9,238 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 8,108 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 7,301 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 28,626 | ||
Total estimated amortization expense and MSRs decay | $ 77,351 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||
Goodwill, Impairment Loss | $ 0 | $ 0 | $ 0 |
Goodwill | 1,104,992 | 1,104,992 | 1,109,300 |
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||
Business Acquisition [Line Items] | |||
Reductions due to sale | $ 0 | $ (1,317) | $ (17,435) |
Premises and Equipment, Summary
Premises and Equipment, Summary Composition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Cost | $ 734,829 | ||
Accumulated Depreciation | 357,923 | ||
Net Book Value | 376,906 | $ 385,173 | |
Depreciation and amortization | 45,088 | 46,508 | $ 50,567 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 65,516 | ||
Accumulated Depreciation | 0 | ||
Net Book Value | 65,516 | 66,830 | |
Land improvements | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 19,785 | ||
Accumulated Depreciation | 9,711 | ||
Net Book Value | 10,074 | 9,555 | |
Buildings and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 393,329 | ||
Accumulated Depreciation | 179,833 | ||
Net Book Value | 213,496 | 213,130 | |
Computers and related equipment | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 55,226 | ||
Accumulated Depreciation | 42,620 | ||
Net Book Value | 12,606 | 13,831 | |
Furniture, fixtures and other equipment | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 118,887 | ||
Accumulated Depreciation | 85,776 | ||
Net Book Value | 33,110 | 41,787 | |
Operating leases | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 42,633 | ||
Accumulated Depreciation | 17,017 | ||
Net Book Value | 25,617 | 28,299 | |
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 39,454 | ||
Accumulated Depreciation | 22,966 | ||
Net Book Value | $ 16,487 | $ 11,741 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization | $ 45,088 | $ 46,508 | $ 50,567 |
Property, Plant and Equipment, Net | 376,906 | 385,173 | |
Land Improvement, Building, Leasehold Improvements, ATM, Computers, Furniture, Fixtures, and Auto [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Depreciation and amortization | $ 31,000 | $ 33,000 | $ 34,000 |
Leases Lease, Cost and Cash Flo
Leases Lease, Cost and Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | |||
Operating Lease, Cost | $ 6,812 | $ 8,712 | $ 11,450 |
Finance Lease, Cost | 119 | 107 | 154 |
Operating Lease, Payments | 8,440 | 11,183 | 11,276 |
Finance Lease, Payments | $ 125 | $ 137 | $ 122 |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
Present value of lease payments | $ 28,357 | |
Finance Lease, Liability | 469 | $ 163 |
Assets | ||
Lessee, Lease, Description [Line Items] | ||
Operating Lease, Right-of-Use Asset | 25,617 | 28,299 |
Other Assets [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Right-of-Use Asset | 455 | 143 |
Accrued Liabilities | ||
Lessee, Lease, Description [Line Items] | ||
Present value of lease payments | 28,357 | 31,345 |
Long-Term Debt [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Liability | $ 469 | $ 163 |
Leases Operating Lease Informat
Leases Operating Lease Information (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due | $ 30,906 | $ 34,751 |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 2 months 1 day | 5 years 11 months 8 days |
Operating Lease, Weighted Average Discount Rate, Percent | 2.70% | 3.22% |
Finance Lease, Liability, Payment, Due | $ 485 | $ 164 |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 3 months | 1 year 25 days |
Finance Lease, Weighted Average Discount Rate, Percent | 1.32% | 1.24% |
Equipment [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due | $ 0 | $ 192 |
Operating Lease, Weighted Average Remaining Lease Term | 0 years | 1 year 6 months |
Operating Lease, Weighted Average Discount Rate, Percent | 0% | 0.45% |
Retail and Corporate Offices [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due | $ 26,140 | $ 29,008 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 11 months 1 day | 5 years 6 months 21 days |
Operating Lease, Weighted Average Discount Rate, Percent | 2.62% | 3.26% |
Finance Lease, Liability, Payment, Due | $ 485 | $ 112 |
Finance Lease, Weighted Average Remaining Lease Term | 5 years 3 months | 1 year 3 months |
Finance Lease, Weighted Average Discount Rate, Percent | 1.32% | 1.32% |
Land | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, Payments, Due | $ 4,766 | $ 5,551 |
Operating Lease, Weighted Average Remaining Lease Term | 7 years 7 months 2 days | 8 years 3 months 14 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.14% | 3.12% |
Finance Lease, Liability, Payment, Due | $ 0 | $ 51 |
Finance Lease, Weighted Average Remaining Lease Term | 0 years | 8 months 1 day |
Finance Lease, Weighted Average Discount Rate, Percent | 0% | 1.07% |
Leases Amortization of Operatin
Leases Amortization of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 6,187 | |
2024 | 5,685 | |
2025 | 4,512 | |
2026 | 4,246 | |
2027 | 3,807 | |
Beyond 2027 | 6,469 | |
Total lease payments | 30,906 | $ 34,751 |
Less: interest | 2,549 | |
Present value of lease payments | 28,357 | |
Finance Leases | ||
Finance Lease, Liability, Payments, Due Next Twelve Months | 92 | |
2024 | 93 | |
2025 | 93 | |
2026 | 93 | |
2027 | 93 | |
Beyond 2027 | 23 | |
Total lease payments | 485 | 164 |
Less: interest | 16 | |
Present value of lease payments | 469 | $ 163 |
Total Leases [Line Items] | ||
Twelve Months Ending December 31, 2023 | 6,279 | |
2024 | 5,777 | |
2025 | 4,605 | |
2026 | 4,339 | |
2027 | 3,899 | |
Beyond 2027 | 6,492 | |
Lease, Liability, Payments, Due, Total | 31,391 | |
Less: interest | 2,566 | |
Present value of lease payments | $ 28,826 |
Leases, Minimum Annual Rent Und
Leases, Minimum Annual Rent Under Operating Lease Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Payments | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | $ 6,187 | |
2024 | 5,685 | |
2025 | 4,512 | |
2026 | 4,246 | |
2027 | 3,807 | |
Beyond 2027 | 6,469 | |
Lessee, Operating Lease, Liability, Payments, Due | 30,906 | $ 34,751 |
Receipts | ||
Lessor, Operating Lease, Payment to be Received, Year One | 2,879 | |
Lessor, Operating Lease, Payment to be Received, Year Two | 3,056 | |
Lessor, Operating Lease, Payment to be Received, Year Three | 2,765 | |
Lessor, Operating Lease, Payment to be Received, Year Four | 2,451 | |
Lessor, Operating Lease, Payment to be Received, Year Five | 2,051 | |
Lessor, Operating Lease, Payment to be Received, after Year Five | 6,531 | |
Lessor, Operating Lease, Payments to be Received | 19,733 | |
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | 6,187 | |
2024 | 5,685 | |
2025 | 4,512 | |
2026 | 4,246 | |
2027 | 3,807 | |
Beyond 2027 | 6,469 | |
Lessee, Operating Lease, Liability, Payments, Due | 30,906 | $ 34,751 |
Rental Payments | ||
Payments | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | 5,969 | |
2024 | 5,748 | |
2025 | 4,670 | |
2026 | 4,403 | |
2027 | 3,943 | |
Beyond 2027 | 6,488 | |
Lessee, Operating Lease, Liability, Payments, Due | 31,220 | |
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, to be Paid, Year One | 5,969 | |
2024 | 5,748 | |
2025 | 4,670 | |
2026 | 4,403 | |
2027 | 3,943 | |
Beyond 2027 | 6,488 | |
Lessee, Operating Lease, Liability, Payments, Due | $ 31,220 |
Leases (Details Textuals)
Leases (Details Textuals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Lease Not yet Commenced, Liability | $ 13 | $ 13 | |
Operating Leases, Rent Expense, Net of Lease Income | $ 3 | $ 5 | $ 5 |
Minimum [Member] | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 1 year | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Lessee, Operating Lease, Lease Not yet Commenced, Term of Contract | 6 years |
Deposits, Composition (Details)
Deposits, Composition (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits, by Type [Abstract] | ||
Noninterest-bearing demand deposits | $ 7,760,811 | $ 8,504,077 |
Savings | 4,604,848 | 4,410,198 |
Interest-bearing demand | 7,100,727 | 7,019,782 |
Money market | 8,239,610 | 7,185,111 |
Brokered CDs | 541,916 | 0 |
Other time deposits | 1,388,242 | 1,347,262 |
Total deposits | $ 29,636,154 | $ 28,466,430 |
Deposits, Time Deposit Maturiti
Deposits, Time Deposit Maturities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Time Deposits, Fiscal Year Maturity [Abstract] | |
2023 | $ 1,545,286 |
2024 | 240,599 |
2025 | 109,034 |
2026 | 19,998 |
2027 | 15,236 |
Thereafter | 5 |
Total | $ 1,930,158 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Deposit Liability, Uninsured | $ 15,700 | $ 14,600 |
Time Deposits, $250,000 Or More | $ 282 | $ 215 |
Short and Long-term Funding, Co
Short and Long-term Funding, Composition (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Short-Term Funding | ||
Federal funds purchased | $ 344,170 | $ 120 |
Securities sold under agreements to repurchase | 240,969 | 319,412 |
Federal funds purchased and securities sold under agreements to repurchase | 585,139 | 319,532 |
Commercial paper | 20,798 | 34,730 |
Total short-term funding | 605,937 | 354,262 |
Long-Term Funding | ||
Subordinated Debt | 250,000 | 250,000 |
Other Long-term Debt and Capitalized Costs | (544) | (839) |
Finance Lease, Liability | 469 | 163 |
Other Long-term Debt | 248,071 | 249,324 |
TotalShortTermLongTermExcludingFHLB | 854,007 | 603,587 |
Advance from Federal Home Loan Bank | 3,125,000 | 0 |
Advances from Federal Home Loan Banks [Abstract] | ||
Advance from Federal Home Loan Bank | 3,125,000 | 0 |
Long-term FHLB advances | 1,209,170 | 1,621,047 |
Total FHLB advances | 4,319,861 | 1,621,047 |
Total short and long-term funding | 5,173,869 | 2,224,633 |
Fair Value Hedging | ||
Long-Term Funding | ||
Subordinated Debt | (1,855) | 0 |
Advance from Federal Home Loan Bank | (14,308) | 0 |
Advances from Federal Home Loan Banks [Abstract] | ||
Advance from Federal Home Loan Bank | $ (14,308) | $ 0 |
Short and Long-term Funding Rem
Short and Long-term Funding Remaining Contractual Maturity of Agreements (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Agency mortgage-related securities | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | $ 240,969 | $ 319,412 |
Short and Long-term Funding Lon
Short and Long-term Funding Long-term Funding, Maturities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Line Items] | |
Long-term Debt | $ 1,442,932 |
Long Term Funding Maturity within One Year [Domain] | |
Debt Disclosure [Line Items] | |
Long-term Debt | 476 |
Long Term Funding Maturity One Year to Two Years [Domain] | |
Debt Disclosure [Line Items] | |
Long-term Debt | 248,234 |
Long Term Funding Maturity Two Years to Three Years [Domain] | |
Debt Disclosure [Line Items] | |
Long-term Debt | 392,488 |
Long Term Funding Maturity Year Three to Year Four [Domain] | |
Debt Disclosure [Line Items] | |
Long-term Debt | 604,695 |
Long Term Funding Maturity Year Four to Year Five [Domain] | |
Debt Disclosure [Line Items] | |
Long-term Debt | 671 |
Long Term Funding Maturity After Year Five [Domain] | |
Debt Disclosure [Line Items] | |
Long-term Debt | $ 196,368 |
Short and Long-term Funding Sho
Short and Long-term Funding Short and Long-term Funding (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Nov. 13, 2014 | Mar. 31, 2022 | Feb. 06, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Long-Term Funding | |||||
Junior Subordinated Debentures Issued | $ 300 | ||||
Fair Value of Pledged Securities to Securities Sold under Agreements to Repurchase | 169% | ||||
Weighted Average Coupon Rate | 4.06% | 2.05% | |||
Prepayment of FHLB Advances | $ 400 | ||||
Maximum | |||||
Long-Term Funding | |||||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | $ 8,800 | ||||
Two Thousand Fourteen Subordinated Notes [Member] | |||||
Long-Term Funding | |||||
Junior Subordinated Debentures Issued | $ 250 | ||||
Debt Instrument, Term | 10 years | ||||
Debt Instrument, Maturity Date Month, Year | January 2025 | ||||
Debt Instrument Call Date Earliest Month Year | October 2024 | ||||
Subordinated Borrowing, Interest Rate | 4.25% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||||||
Feb. 01, 2022 | Jun. 01, 2020 | Sep. 19, 2018 | Sep. 15, 2016 | Jun. 15, 2015 | Dec. 31, 2022 | Dec. 31, 2021 | 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 | 200,000 | |||||||||
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, 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 | ||||||||||
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 | $ 0 | $ 100 | |||||||||
Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Payments Related to Tax Withholding for Share-based Compensation | $ 6 | $ 5 | |||||||||
Shares Paid for Tax Withholding for Share Based Compensation | 267,605 | 242,966 | |||||||||
Minimum tax withholding settlement average cost per share (in usd per share) | $ 24.22 | $ 19.95 | |||||||||
Remaining authorized repurchase amount | $ 80 | ||||||||||
Treasury Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Purchase of stock, value | $ 133 | ||||||||||
Purchase of Preferred Stock Repurchased During Period, Shares | 0 | 6,300,000 |
Stock-Based Compensation Assump
Stock-Based Compensation Assumptions used in Estimating the Fair Value for Options Granted (Details) | 12 Months Ended |
Dec. 31, 2020 $ / shares | |
Share-Based Payment Arrangement [Abstract] | |
Dividend yield | 3.50% |
Risk-free interest rate | 1.60% |
Weighted average expected volatility | 21% |
Weighted average expected life | 5 years 9 months |
Weighted average per share fair value of options | $ 2.39 |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Stock Options Shares Outstanding, Beginning balance (in shares) | 4,814 | |
Exercised (in shares) | 663 | |
Forfeited or expired (in shares) | 157 | |
Stock Options Shares Outstanding, Ending balance (in shares) | 3,994 | 4,814 |
Options exercisable (in shares) | 3,435 | |
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) | $ 20.72 | |
Exercised, Weighted Average Exercise Price (in usd per share) | 18.27 | |
Forfeited or expired, Weighted Average Exercise Price (in usd per share) | 22.33 | |
Stock Options Outstanding, Weighted Average Exercise Price, Ending balance (in usd per share) | 21.06 | $ 20.72 |
Options Exercisable, Weighted Average Exercise Price (in usd per share) | $ 21.40 | |
Stock Options Outstanding, Weighted Average Remaining Contractual Term | 5 years 1 month 9 days | 5 years 11 months 15 days |
Options exercisable, Weighted Average Remaining Contractual Term | 4 years 9 months 25 days | |
Stock Options Outstanding, Aggregate Intrinsic Value | $ 10,525 | $ 12,532 |
Options exercisable, Aggregate Intrinsic Value | $ 8,223 |
Stock-Based Compensation, Restr
Stock-Based Compensation, Restricted Stock Activity (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
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 | 2,635 |
Granted (in shares) | shares | 800 |
Vested (in shares) | shares | 968 |
Forfeited (in shares) | shares | 164 |
Outstanding Shares, Ending balance (in shares) | shares | 2,303 |
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 | $ 19.87 |
Granted, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares | 22.90 |
Vested, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares | 21.81 |
Forfeited, Weighted Average Grant Date Fair Value (in usd per share) | $ / shares | 20.43 |
Outstanding Weighted Average Grant Date Fair Value, Ending balance (in usd per share) | $ / shares | $ 20.92 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of stock options exercised | $ 4,000,000 | $ 9,000,000 | $ 816,000 |
Total fair value of vested stock options | $ 2,000,000 | 4,000,000 | 4,000,000 |
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% | ||
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% | ||
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 | $ 710,000 | 1,000,000 | 4,000,000 |
Recognized compensation expense for accelerated vesting of stock options | 0 | ||
Unvested share-based payment awards | $ 378,000 | ||
Employee Service Share Based Compensation Nonvested Awards Compensation Cost Not Yet Recognized Year For Recognition | first quarter of 2024 | ||
Restricted Stock Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Recognized compensation expense for vesting of stock options | $ 16,000,000 | $ 15,000,000 | $ 17,000,000 |
Recognized compensation expense for accelerated vesting of stock options | 4,000,000 | ||
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 of 2026 | ||
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) | 8.9 | ||
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Fair Value Of Plan Assets As A Percentage Of Net Benefit Obligation | 196% | 190% | |
Change in Benefit Obligation | |||
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | $ 0 | $ 1,494 | $ 0 |
RAP | |||
Change in Fair Value of Plan Assets | |||
Fair value of plan assets at beginning of year | 497,796 | 478,849 | |
Actual return on plan assets | (74,140) | 41,576 | |
Employer contributions | 0 | 0 | |
Gross benefits paid | (16,252) | (22,629) | |
Fair value of plan assets at end of year(a) | 407,405 | 497,796 | 478,849 |
Change in Benefit Obligation | |||
Net benefit obligation at beginning of year | 261,321 | 280,017 | |
Service cost | 3,670 | 7,779 | 8,244 |
Interest cost | 7,152 | 6,570 | 8,185 |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | (1,494) | |
Actuarial (gain) loss | (47,577) | (8,921) | |
Gross benefits paid | (16,252) | (22,629) | |
Net benefit obligation at end of year(a) | 208,315 | 261,321 | 280,017 |
Funded (unfunded) status | 199,089 | 236,475 | |
Noncurrent assets | 199,089 | 236,475 | |
Current liabilities | 0 | 0 | |
Noncurrent liabilities | 0 | 0 | |
Asset (liability) recognized on the consolidated balance sheets | $ 199,089 | 236,475 | |
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 | 193 | 201 | |
Gross benefits paid | (193) | (201) | |
Fair value of plan assets at end of year(a) | 0 | 0 | 0 |
Change in Benefit Obligation | |||
Net benefit obligation at beginning of year | 1,975 | 2,243 | |
Service cost | 0 | 0 | |
Interest cost | 53 | 52 | 78 |
Defined Benefit Plan, Benefit Obligation, Increase (Decrease) for Plan Amendment | 0 | 0 | |
Actuarial (gain) loss | (305) | (119) | |
Gross benefits paid | (193) | (201) | |
Net benefit obligation at end of year(a) | 1,530 | 1,975 | $ 2,243 |
Funded (unfunded) status | (1,530) | (1,975) | |
Noncurrent assets | 0 | 0 | |
Current liabilities | (164) | (177) | |
Noncurrent liabilities | (1,366) | (1,798) | |
Asset (liability) recognized on the consolidated balance sheets | $ (1,530) | $ (1,975) | |
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, 2022 | Dec. 31, 2021 |
RAP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | $ (1,064) | $ (1,253) |
Net actuarial loss (gain) | 44,919 | 5,605 |
Amount not yet recognized in net periodic benefit cost, but recognized in accumulated other comprehensive (income) loss | 43,855 | 4,352 |
Postretirement Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Prior service cost | (362) | (419) |
Net actuarial loss (gain) | (316) | (89) |
Amount not yet recognized in net periodic benefit cost, but recognized in accumulated other comprehensive (income) loss | $ (678) | $ (508) |
Retirement Plans, Other Changes
Retirement Plans, Other Changes in Plan Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Amortization of prior service cost | $ (325) | $ (148) | $ (148) |
Amortization of actuarial loss | (51,745) | 25,519 | 7,780 |
Income tax benefit (expense) | 13,495 | (7,803) | (3,064) |
Other comprehensive income (loss) on pension and postretirement obligations | (37,917) | 23,656 | $ 8,465 |
RAP | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial gain (loss) | (53,466) | 25,257 | |
Amortization of prior service cost | (250) | (73) | |
Amortization of actuarial loss | 658 | 4,594 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), before Tax | 0 | 1,494 | |
Income tax benefit (expense) | 13,553 | (7,791) | |
Other comprehensive income (loss) on pension and postretirement obligations | (39,504) | 23,480 | |
Postretirement Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Net actuarial gain (loss) | 305 | 119 | |
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 benefit (expense) | (58) | (11) | |
Other comprehensive income (loss) on pension and postretirement obligations | $ 171 | $ 33 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net period benefit cost for the pension and postretirement plans | |||
Service cost | $ 3,670 | $ 7,779 | $ 8,244 |
Interest cost | 7,152 | 6,570 | 8,185 |
Expected return on plan assets | (26,903) | (25,675) | (25,595) |
Amortization of prior service cost | (250) | (73) | (73) |
Amortization of actuarial loss | 658 | 4,594 | 3,897 |
Recognized settlement loss | 0 | 434 | 0 |
Total net periodic pension (income) | $ (15,673) | $ (6,370) | $ (5,342) |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Interest Cost | $ 53 | $ 52 | $ 78 |
Defined Benefit Plan, Amortization of Prior Service Cost (Credit) | (75) | (75) | (75) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) | $ (22) | $ (24) | $ 3 |
Retirement Plans, Weighted Aver
Retirement Plans, Weighted Average Assumptions used to Determine Benefit and Net Periodic Benefit Costs (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
RAP | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 5.40% | 2.80% |
Rate of increase in compensation levels | 2.50% | 2.50% |
Interest crediting rate | 3.46% | 3.07% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 2.80% | 2.40% |
Rate of increase in compensation levels | 2.50% | 2% |
Expected long-term rate of return on plan assets | 6% | 6% |
Postretirement Plan | ||
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract] | ||
Discount rate | 5.40% | 2.80% |
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract] | ||
Discount rate | 2.80% | 2.40% |
Retirement Plans, Asset Allocat
Retirement Plans, Asset Allocation for Pension Plan Table (Details) - RAP | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 100% | 100% |
Equity securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 53% | 55% |
Fixed-income securities | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 35% | 34% |
Group annuity contracts | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 10% | 10% |
Other | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total | 2% | 1% |
Retirement Plans, Fair Value of
Retirement Plans, Fair Value of Pension Plan Investments Table (Details) - RAP - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Pension Plan Investments | |||
RAP Investment Amount | $ 407,405 | $ 497,796 | $ 478,849 |
Fair Value, Inputs, Level 1 | |||
Pension Plan Investments | |||
RAP Investment Amount | 366,466 | 448,582 | |
Fair Value, Inputs, Level 2 | |||
Pension Plan Investments | |||
RAP Investment Amount | 0 | 0 | |
Fair Value, Inputs, Level 3 | |||
Pension Plan Investments | |||
RAP Investment Amount | 40,939 | 49,213 | |
Money market account | |||
Pension Plan Investments | |||
RAP Investment Amount | 6,628 | 5,446 | |
Money market account | Fair Value, Inputs, Level 1 | |||
Pension Plan Investments | |||
RAP Investment Amount | 6,628 | 5,446 | |
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 | |
Mutual funds | |||
Pension Plan Investments | |||
RAP Investment Amount | 204,184 | 257,345 | |
Mutual funds | Fair Value, Inputs, Level 1 | |||
Pension Plan Investments | |||
RAP Investment Amount | 204,184 | 257,345 | |
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 | 40,939 | 49,213 | |
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 | 40,939 | 49,213 | |
Defined Benefit Plan, Common Collective Trust | |||
Pension Plan Investments | |||
RAP Investment Amount | 155,654 | 185,791 | |
Defined Benefit Plan, Common Collective Trust | Fair Value, Inputs, Level 1 | |||
Pension Plan Investments | |||
RAP Investment Amount | 155,654 | 185,791 | |
Defined Benefit Plan, Common Collective Trust | Fair Value, Inputs, Level 2 | |||
Pension Plan Investments | |||
RAP Investment Amount | 0 | 0 | |
Defined Benefit Plan, Common Collective Trust | Fair Value, Inputs, Level 3 | |||
Pension Plan Investments | |||
RAP Investment Amount | $ 0 | $ 0 |
Retirement Plans Retirement P_2
Retirement Plans Retirement Plans, Fair Value Reconciliation of Level 3 Retirement Account Plan Investments (Details) - RAP - Group annuity contracts - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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 | $ 49,213 | $ 50,866 |
Return on plan assets | (5,671) | 921 |
Defined Benefit Plan, Plan Assets Level 3 Reconciliation, Decrease for Settlement | (2,604) | (2,640) |
Fair value of group annuity contract at end of period | 40,939 | 49,213 |
Transfers from money market funds and equity securities | $ 0 | $ 66 |
Retirement Plans, Estimated Fut
Retirement Plans, Estimated Future Benefit Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
RAP | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 19,000 |
2024 | 19,436 |
2025 | 21,315 |
2026 | 20,032 |
2027 | 18,924 |
2028-2032 | 81,944 |
Postretirement Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 169 |
2024 | 164 |
2025 | 159 |
2026 | 154 |
2027 | 148 |
2028-2032 | $ 638 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | (15.03%) | 10.10% | |
Employer contributions | $ 0 | $ 0 | |
Interest crediting rate | 3.46% | 3.07% | |
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 | $ 193 | $ 201 | |
Defined Benefit Plan Health Care Cost Rate Change | 2.50% | ||
Defined Benefit Plan, Health Care Cost Trend, Reduction in Trend Rate Minimum | 2.50% | ||
Ultimate future rate | 5% | ||
401(k) plan | |||
Retirements Plans [Line Items] | |||
Total expense related to 401(k) | $ 15,000 | $ 13,000 | $ 15,000 |
Minimum [Member] | RAP | Equity securities | |||
Retirements Plans [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50% | ||
Minimum [Member] | RAP | Fixed-income securities | |||
Retirements Plans [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 30% | ||
Minimum [Member] | RAP | Other Cash Equivalents | |||
Retirements Plans [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | ||
Minimum [Member] | RAP | Alternative securities | |||
Retirements Plans [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 0% | ||
Maximum [Member] | RAP | Equity securities | |||
Retirements Plans [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 70% | ||
Maximum [Member] | RAP | Fixed-income securities | |||
Retirements Plans [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 50% | ||
Maximum [Member] | RAP | Other Cash Equivalents | |||
Retirements Plans [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 10% | ||
Maximum [Member] | RAP | Alternative securities | |||
Retirements Plans [Line Items] | |||
Defined Benefit Plan, Plan Assets, Target Allocation, Percentage | 15% |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Federal | $ 58,982 | $ 57,916 | $ 33,020 |
State | 22,092 | 12,035 | 16,193 |
Total current | 81,074 | 69,951 | 49,213 |
Deferred: | |||
Federal | 12,531 | 9,115 | (25,895) |
State | (97) | 6,247 | (3,118) |
Total deferred | 12,434 | 15,362 | (29,013) |
Total income tax expense | $ 93,508 | $ 85,313 | $ 20,200 |
Income Taxes, Deferred Tax Asse
Income Taxes, Deferred Tax Assets and Liabilities Resulted in Deferred Taxes Table (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Gross deferred tax assets: | |||
Allowance for loan losses | $ 79,142 | $ 72,199 | |
Allowance for other losses | 10,558 | 12,704 | |
Accrued liabilities | 2,842 | 4,285 | |
Deferred compensation | 30,246 | 31,896 | |
Benefit of state tax losses and credit carryforwards | 7,476 | 6,245 | |
Nonaccrual interest | 891 | 1,374 | |
Lease liability | 7,390 | 12,954 | |
Net unrealized losses on AFS securities | 80,148 | 1,989 | |
Net unrealized losses on pension and postretirement benefits | 14,803 | 1,308 | |
Other | 4,545 | 3,806 | |
Total deferred tax assets | 238,041 | 148,760 | |
Valuation allowance for deferred tax assets | 0 | 0 | $ (251) |
Gross deferred tax liabilities | |||
Prepaid expenses | 64,480 | 61,826 | |
Goodwill | 23,119 | 22,785 | |
Mortgage banking activities | 20,145 | 14,382 | |
Deferred loan fee income | 4,269 | 7,848 | |
State deferred taxes | 1,389 | 1,234 | |
Lease financing | 3,145 | 0 | |
Bank premises and equipment | 20,860 | 20,705 | |
Purchase accounting | 10,381 | 11,500 | |
Deferred Tax Liability, Basis Difference From Equity Securities and Other Investments | 5,582 | 2,597 | |
Other | 821 | 667 | |
Total deferred tax liabilities | 154,191 | 143,544 | |
Net deferred tax assets | $ 83,850 | $ 5,216 |
Income Taxes, Summary of Valuat
Income Taxes, Summary of Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Tax Assets, Valuation Allowance [Roll Forward] | ||
Valuation allowance for deferred tax assets, beginning of year | $ 0 | $ (251) |
Decrease in current year | 0 | 251 |
Valuation allowance for deferred tax assets, end of year | $ 0 | $ 0 |
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation | |||
Federal income tax rate at statutory rate | 21% | 21% | 21% |
Increases (decreases) resulting from: | |||
Tax-exempt interest and dividends | (3.40%) | (3.00%) | (3.90%) |
State income taxes (net of federal benefit) | 4.20% | 3.80% | 3.70% |
Bank owned life insurance | (0.50%) | (0.60%) | (0.90%) |
Tax effect of tax credits and benefits, net of related expenses | (1.60%) | (1.80%) | (1.80%) |
Tax reserve adjustments / settlements | 0% | 0% | 0.10% |
Net tax (benefit) expense from stock-based compensation | (0.20%) | 0% | 0.30% |
Restructuring in conjunction with ABRC sale | 0% | (0.10%) | (13.70%) |
FDIC premium | 0.70% | 0.50% | 0.80% |
Other | 0.10% | (0.20%) | 0.60% |
Effective income tax rate | 20.30% | 19.60% | 6.20% |
Income Taxes, Reconciliation of
Income Taxes, Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits Table (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $ 2,324 | $ 2,740 |
Subtractions for tax positions related to prior years | (486) | (613) |
Additions for tax positions related to current year | 395 | 197 |
Balance at end of year | $ 2,233 | $ 2,324 |
Income Taxes, Textuals (Details
Income Taxes, Textuals (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | |||
Valuation allowance for deferred tax assets | $ 0 | $ 0 | $ (251) |
Bad debt from acquired savings banks | 100,000 | ||
Deferred tax on bad debt from acquired savings banks | 26,000 | ||
Income Tax Examination, Penalties and Interest Expense | 0 | $ 0 | |
State and Local Jurisdiction | |||
Operating Loss Carryforwards [Line Items] | |||
Operating Loss Carryforwards | 132,000 | ||
Operating tax loss carryforwards from acquisitions | $ 25,000 | ||
Operating Loss Carryforwards, Expiration Begin Date | begin expiring in 2023 |
Derivative and Hedging Activi_2
Derivative and Hedging Activities, Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Inputs, Level 3 | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Net Amounts Presented on the Consolidated Balance Sheets | $ 30 | |
Other Assets [Member] | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivatives (trading and other assets), fair value | $ 68,759 | 93,026 |
Less: Legally enforceable master netting agreements | 2,788 | 2,143 |
Less: Cash collateral pledged/received | 26,898 | 1,313 |
Net Amounts Presented on the Consolidated Balance Sheets | 39,072 | 89,570 |
Liability | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivatives (trading and other liabilities), fair value | 254,506 | 32,921 |
Less: Legally enforceable master netting Liability | 2,788 | 2,143 |
Less: Cash collateral pledged/received | 217 | 11,357 |
Derivative Liability | 251,500 | 19,421 |
Not designated as hedging instruments | Other Assets [Member] | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivatives (trading and other assets), fair value | 64,410 | 93,026 |
Not designated as hedging instruments | Other Assets [Member] | Interest Rate Related Instruments Customer and Mirror | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivative Asset, Notional Amount | 4,246,823 | 3,874,781 |
Derivatives (trading and other assets), fair value | 62,401 | 83,626 |
Not designated as hedging instruments | Other Assets [Member] | Foreign currency exchange forwards | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivative Asset, Notional Amount | 499,078 | 490,057 |
Derivatives (trading and other assets), fair value | 1,922 | 5,490 |
Not designated as hedging instruments | Other Assets [Member] | Commodity contracts | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivative Asset, Notional Amount | 0 | 3,894 |
Derivatives (trading and other assets), fair value | 1,264 | |
Not designated as hedging instruments | Other Assets [Member] | Mortgage banking(a)(b) | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivative Asset, Notional Amount | 21,265 | 133,990 |
Derivatives (trading and other assets), fair value | 86 | 2,647 |
Not designated as hedging instruments | Liability | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivatives (trading and other liabilities), fair value | 253,245 | 32,921 |
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 | 4,599,391 | 3,874,781 |
Derivatives (trading and other liabilities), fair value | 251,398 | 26,231 |
Not designated as hedging instruments | Liability | Foreign currency exchange forwards | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivative Liability, Notional Amount | 461,134 | 478,745 |
Derivatives (trading and other liabilities), fair value | 1,801 | 5,441 |
Not designated as hedging instruments | Liability | Commodity contracts | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivative Liability, Notional Amount | 0 | 3,910 |
Derivatives (trading and other liabilities), fair value | 0 | 1,248 |
Not designated as hedging instruments | Liability | Mortgage banking(a)(b) | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivative Liability, Notional Amount | 33,000 | 245,016 |
Derivatives (trading and other liabilities), fair value | 46 | 0 |
Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest Rate Related Instruments Customer and Mirror | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivative Asset, Notional Amount | 900,000 | 0 |
Derivatives (trading and other assets), fair value | 4,349 | 0 |
Designated as Hedging Instrument [Member] | Liability | Interest Rate Related Instruments Customer and Mirror | ||
Derivative Instruments Designated/Not Designated as Hedging Instruments | ||
Derivative Liability, Notional Amount | 1,150,000 | 0 |
Derivatives (trading and other liabilities), fair value | $ 1,260 | $ 0 |
Derivative and Hedging Activi_3
Derivative and Hedging Activities Cumulative Basis Adjustment for Fair Value Hedges (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Derivative Financial Instruments, Liabilities [Member] | |
Balance Sheet Recording of Fair Value Hedge [Line Items] | |
Derivative Liability | $ (833,837) |
Fair Value Hedging | |
Balance Sheet Recording of Fair Value Hedge [Line Items] | |
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 16,163 |
Long-Term Debt [Member] | Derivative Financial Instruments, Liabilities [Member] | |
Balance Sheet Recording of Fair Value Hedge [Line Items] | |
Derivative Liability | (248,145) |
Long-Term Debt [Member] | Fair Value Hedging | |
Balance Sheet Recording of Fair Value Hedge [Line Items] | |
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 1,855 |
Federal Home Loan Bank Advances | Derivative Financial Instruments, Liabilities [Member] | |
Balance Sheet Recording of Fair Value Hedge [Line Items] | |
Derivative Liability | (585,692) |
Federal Home Loan Bank Advances | Fair Value Hedging | |
Balance Sheet Recording of Fair Value Hedge [Line Items] | |
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | 14,308 |
Designated as Hedging Instrument [Member] | |
Balance Sheet Recording of Fair Value Hedge [Line Items] | |
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | $ 1,000 |
Derivative and Hedging Activi_4
Derivative and Hedging Activities Income Impact of Fair Value and Cash Flow Hedge (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Fair value adjustments on hedged long-term FHLB advances and subordinated debt | $ 16,163 | $ 0 | $ 0 |
Interest Income [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Fair value adjustments on hedged long-term FHLB advances and subordinated debt | (263) | (1,376) | (1,779) |
Interest Income [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Fair value adjustments on hedged long-term FHLB advances and subordinated debt | (529) | (1,376) | (1,779) |
Interest Income [Member] | Derivatives Designated as hedging instruments [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | 266 | $ 0 | 0 |
Other Operating Income (Expense) [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Fair value adjustments on hedged long-term FHLB advances and subordinated debt | 334 | (262) | |
Other Operating Income (Expense) [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Fair value adjustments on hedged long-term FHLB advances and subordinated debt | (16,163) | (262) | |
Other Operating Income (Expense) [Member] | Derivatives Designated as hedging instruments [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, Fair Value Hedge, Included in Effectiveness, Gain (Loss) | $ 16,497 | $ 0 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities, Cash Flow Hedge Impact on AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flow Hedge Impacts on AOCI [Line Items] | |||
Fair value adjustment on cash flow hedge | $ 3,626 | $ 0 | $ 0 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (266) |
Derivative and Hedging Activi_5
Derivative and Hedging Activities, Income Statement Category of the Gains and Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 | $ 515 | $ 2,432 | $ (1,758) |
Capital market fees, net | Foreign currency exchange forwards | |||
Gain (loss) on derivative instruments not designated as hedging instruments | |||
Gain / (Loss) Recognized in Income | 73 | (25) | (105) |
Capital market fees, net | Commodity contracts | |||
Gain (loss) on derivative instruments not designated as hedging instruments | |||
Gain / (Loss) Recognized in Income | (16) | (1,316) | 427 |
Mortgage banking, net | Interest Rate Related Instruments Customer and Mirror | |||
Gain (loss) on derivative instruments not designated as hedging instruments | |||
Gain / (Loss) Recognized in Income | (12,622) | 0 | 0 |
Mortgage banking, net | Mortgage banking(a)(b) | |||
Gain (loss) on derivative instruments not designated as hedging instruments | |||
Gain / (Loss) Recognized in Income | (2,531) | (7,007) | 7,097 |
Mortgage banking, net | Forward commitments (mortgage) | |||
Gain (loss) on derivative instruments not designated as hedging instruments | |||
Gain / (Loss) Recognized in Income | $ (123) | $ 2,075 | $ (1,335) |
Derivative and Hedging Activi_6
Derivative and Hedging Activities (Details Textuals) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Underlying Hedged Asset, Amortized Cost Basis | $ 326 | ||
Additional Collateral, Aggregate Fair Value | 92 | $ 71 | |
Derivative collateral right to reclaim cash | 3 | $ 11 | |
Derivative Liability Notional Amount, Terminated | $ 500 | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months | $ 7 | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 47 months |
Balance Sheet Offsetting (Detai
Balance Sheet Offsetting (Details) - Interest Rate Contract - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Offsetting Derivative Assets [Abstract] | ||
Gross Amounts Recognized | $ 63,029 | $ 3,567 |
Derivative Liabilities Offset | (2,788) | (2,143) |
Cash Collateral Received | (26,898) | (1,313) |
Net Amounts Presented on the Consolidated Balance Sheets | 33,342 | 111 |
Gross Amounts Not Offset on the Consolidated Balance Sheets | (30,753) | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 2,589 | 111 |
Offsetting Derivative Liabilities [Abstract] | ||
Gross Amounts Recognized | 3,096 | 15,620 |
Derivative Assets Offset | (2,788) | (2,143) |
Cash Collateral Pledged | (217) | (11,357) |
Derivative Liability | 91 | 2,120 |
Gross Amounts Not Offset on the Consolidated Balance Sheets | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | $ 91 | $ 2,120 |
Commitments, Off-Balance Shee_3
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities, Summary of Lending Related and Other Commitments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
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 | 12,444,275 | 10,848,136 |
Commercial letters of credit(a) | ||
Summary of lending-related and other commitments | ||
Lending related commitments | 3,188 | 5,992 |
Standby letters of credit(c) | ||
Summary of lending-related and other commitments | ||
Lending related commitments | 270,692 | 230,661 |
Standby letters of credit, fair value | $ 3,000 | $ 2,000 |
Commitments, Changes in the All
Commitments, Changes in the Allowance for Unfunded Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss | |||
Cumulative effect of ASU 2016-13 adoption (CECL) | $ 38,776 | $ 39,776 | $ 47,776 |
Provision for credit losses | $ (1,000) | $ (8,000) |
Commitments, Off-Balance Shee_4
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Details Textuals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments, Amortization | $ 34,000,000 | $ 33,000,000 | $ 23,000,000 |
Remaining Investment in Qualified Affordable Housing Projects | 246,000,000 | 262,000,000 | |
Unfunded Equity Contributions Obligation Amount | 40,000,000 | 80,000,000 | |
Affordable Housing Project Investment, Write-down, Amount | 0 | 0 | $ 0 |
Loans repurchased under make whole requests | 6,000,000 | 8,000,000 | |
Loans Sold To Outside Investors Loss Reimbursement Settlement Paid | 114,000 | ||
Loans sold to outside investors original amount | 6,800,000,000 | ||
Loans sold to outside investors remaining outstanding amount | 4,300,000,000 | ||
Mortgage Repurchase Reserve | 1,000,000 | 1,000,000 | |
Residential mortgage loans sold with recourse risk | 7,000,000 | 10,000,000 | |
Residential mortgage loans sold with credit recourse risk | 19,000,000 | 24,000,000 | |
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 | 250,000,000 | 268,000,000 | |
Tax Credit and Other Investments | |||
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items] | |||
Carrying value of investments | $ 27,000,000 | $ 25,000,000 |
Parent Company Only Financial_3
Parent Company Only Financial Information, Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||||
Cash and due from banks | $ 436,952 | $ 343,831 | ||
Interest-bearing deposits in other financial institutions | 156,693 | 681,684 | ||
Other assets | 547,621 | 582,168 | ||
Total assets | 39,405,727 | 35,104,253 | ||
Liabilities and Stockholders' Equity | ||||
Commercial paper | 20,798 | 34,730 | ||
Subordinated notes, at par | 250,000 | 250,000 | ||
Long-term funding capitalized costs and fair value hedge liability | 544 | 839 | ||
Total long-term funding | 1,442,932 | |||
Other Liabilities | 541,438 | 348,560 | ||
Total liabilities | 35,390,237 | 31,079,399 | ||
Preferred equity | 194,112 | 193,195 | ||
Common equity | 1,752 | 1,752 | ||
Total stockholders’ equity | 4,015,490 | 4,024,853 | $ 4,090,933 | $ 3,922,124 |
Total liabilities and stockholders’ equity | 39,405,727 | 35,104,253 | ||
Parent Company Only | ||||
Assets | ||||
Cash and due from banks | 14,899 | 17,241 | ||
Interest-bearing deposits in other financial institutions | 29,856 | 20,743 | ||
Notes and interest receivable from subsidiaries | 172,066 | 285,516 | ||
Investments in and receivable due from subsidiaries | 4,036,273 | 3,953,461 | ||
Other assets | 48,097 | 46,644 | ||
Total assets | 4,301,191 | 4,323,605 | ||
Liabilities and Stockholders' Equity | ||||
Commercial paper | 20,798 | 34,730 | ||
Subordinated notes, at par | 250,000 | 250,000 | ||
Long-term funding capitalized costs and fair value hedge liability | (2,399) | (839) | ||
Total long-term funding | 247,601 | 249,161 | ||
Other Liabilities | 17,301 | 14,860 | ||
Total liabilities | 285,701 | 298,752 | ||
Preferred equity | 194,112 | 193,195 | ||
Common equity | 3,821,378 | 3,831,658 | ||
Total stockholders’ equity | 4,015,490 | 4,024,853 | ||
Total liabilities and stockholders’ equity | $ 4,301,191 | $ 4,323,605 |
Parent Company Only Financial_4
Parent Company Only Financial Information, Statement of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income | |||
Interest income on notes receivable from subsidiaries | $ 992,642 | $ 693,729 | $ 785,241 |
Total revenue | 1,239,691 | 1,058,219 | 1,277,012 |
Expense | |||
Income before income tax expense | 459,630 | 436,307 | 326,972 |
Income tax expense | 93,508 | 85,313 | 20,200 |
Net income | 366,122 | 350,994 | 306,771 |
Preferred stock dividends | 11,500 | 17,111 | 18,358 |
Net income available to common equity | 354,622 | 333,883 | 288,413 |
Parent Company Only | |||
Income | |||
Income from subsidiaries | 373,581 | 361,198 | 317,895 |
Interest income on notes receivable from subsidiaries | 5,632 | 3,247 | 3,257 |
Other income | 1,262 | 682 | 933 |
Total revenue | 380,475 | 365,127 | 322,084 |
Expense | |||
Interest expense on short and long-term funding | 10,655 | 10,942 | 10,960 |
Other expense | 6,118 | 7,330 | 6,422 |
Total expense | 16,772 | 18,272 | 17,383 |
Income before income tax expense | 363,702 | 346,856 | 304,702 |
Income tax expense | (2,420) | (4,138) | (2,070) |
Net income | 366,122 | 350,994 | 306,771 |
Preferred stock dividends | 11,500 | 17,111 | 18,358 |
Net income available to common equity | $ 354,622 | $ 333,883 | $ 288,413 |
Parent Company Only Financial_5
Parent Company Only Financial Information, Statement of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities | |||
Net income | $ 366,122 | $ 350,994 | $ 306,771 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Net change in other assets and other liabilities | 34,072 | 60,025 | 7,666 |
Net cash provided by operating activities | 846,566 | 529,551 | 550,020 |
Cash Flows from Investing Activities | |||
Net cash (used in) investing activities | (5,254,811) | (1,584,186) | (793,737) |
Cash Flows from Financing Activities | |||
Net increase (decrease) in commercial paper | 251,674 | 101,946 | (238,655) |
Redemption of Corporation's senior notes | 0 | 300,000 | 0 |
Proceeds from issuance of common stock for stock-based compensation plans | 11,061 | 25,702 | 3,966 |
Proceeds from issuance of preferred stock | 0 | 0 | 96,796 |
Purchase of treasury stock, open market purchases | (938) | 0 | 0 |
Cash dividends on common stock | (123,137) | (116,061) | (112,023) |
Cash dividends on preferred stock | (11,500) | (17,111) | (18,358) |
Other | (938) | ||
Net cash used in financing activities | 4,004,185 | 1,364,102 | 371,020 |
Net increase (decrease) in cash and cash equivalents | (404,060) | 309,467 | 127,304 |
Treasury Stock | |||
Cash Flows from Financing Activities | |||
Other | (938) | 0 | 0 |
Performance/Service Based RSAs, RSA, [Member] | |||
Cash Flows from Financing Activities | |||
Payments for Repurchase of Common Stock | (6,480) | (4,847) | (6,113) |
Parent Company Only | |||
Cash Flows from Operating Activities | |||
Net income | 366,122 | 350,994 | 306,771 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
(Increase) decrease in equity in undistributed net income (loss) of subsidiaries | (343,582) | 28,802 | (61,406) |
Net change in other assets and other liabilities | 14,159 | 17,102 | (49,890) |
Net cash provided by operating activities | 36,699 | 396,898 | 195,475 |
Cash Flows from Investing Activities | |||
Net (increase) decrease in notes receivable from subsidiaries | 115,000 | 20,000 | (105,000) |
Net cash (used in) investing activities | 115,000 | 20,000 | (105,000) |
Cash Flows from Financing Activities | |||
Net increase (decrease) in commercial paper | (13,932) | (24,616) | 27,330 |
Proceeds from issuance of common stock for stock-based compensation plans | 11,061 | 25,702 | 3,966 |
Proceeds from issuance of preferred stock | 0 | 0 | 96,796 |
Redemption of preferred stock | 0 | (164,458) | 0 |
Purchase of treasury stock, open market purchases | 0 | (132,955) | (71,255) |
Cash dividends on common stock | (123,137) | (116,061) | (112,023) |
Cash dividends on preferred stock | (11,500) | (17,111) | (18,358) |
Net cash used in financing activities | (144,928) | (434,346) | (79,656) |
Net increase (decrease) in cash and cash equivalents | 6,771 | (17,448) | 10,819 |
Cash and cash equivalents at end of year | 44,755 | 37,984 | 55,432 |
Cash and cash equivalents at beginning of year | $ 37,984 | $ 55,432 | $ 44,613 |
Fair Value Measurements, Assets
Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | $ 2,742,025 | $ 4,332,015 |
Equity Securities with Readily Determined Fair Value | 6,000 | 5,000 |
Mortgage servicing rights, net(a) | 77,351 | 57,158 |
Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 109,378 | 122,957 |
Equity Securities with Readily Determined Fair Value | 5,991 | 4,810 |
Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 2,632,647 | 4,209,058 |
Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets | 30 | |
Mortgage servicing rights, net(a) | 77,351 | 57,259 |
Designated as Hedging Instrument [Member] | Fair Value, Inputs, Level 2 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Interest Rate Fair Value Hedge Liability at Fair Value | 1,260 | 0 |
Designated as Hedging Instrument [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Interest Rate Fair Value Hedge Asset at Fair Value | 4,349 | 0 |
US Treasury Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 109,378 | 122,957 |
US Treasury Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 109,378 | 122,957 |
Agency Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 13,532 | 14,897 |
Agency Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 13,532 | 14,897 |
US States and Political Subdivisions Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 230,714 | 400,457 |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 230,714 | 400,457 |
Residential Related Securities | FNMA/FHLMC [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 1,604,610 | 2,691,879 |
Residential Related Securities | Government National Mortgage Association (GNMA) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 497,596 | 67,780 |
Residential Related Securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | FNMA/FHLMC [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 1,604,610 | 2,691,879 |
Residential Related Securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | Government National Mortgage Association (GNMA) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 497,596 | 67,780 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 329,724 |
Mortgage-Backed Securities, Issued by Private Enterprises [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 0 | 329,724 |
Commercial Mortgage-Backed Securities [Member] | FNMA/FHLMC [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 17,142 | 350,623 |
Commercial Mortgage-Backed Securities [Member] | Government National Mortgage Association (GNMA) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 110,462 | 166,799 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | FNMA/FHLMC [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 17,142 | 350,623 |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | Government National Mortgage Association (GNMA) | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 110,462 | 166,799 |
FFELP asset backed securities | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 151,191 | 177,325 |
FFELP asset backed securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 151,191 | 177,325 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 4,477 | 6,580 |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 4,477 | 6,580 |
Debt Securities [Member] | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 2,922 | 2,994 |
Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 2,922 | 2,994 |
Total AFS investment securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 109,378 | 122,957 |
Total AFS investment securities | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Debt Securities, Available-for-sale | 2,632,647 | 4,209,058 |
Other Debt And Other Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Equity Securities with Readily Determined Fair Value | 5,991 | 4,810 |
Residential loans held for sale | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets | 20,383 | 136,638 |
Interest rate-related and other instruments not designated as hedging instruments(b) | Not designated as hedging instruments | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets | 62,401 | 83,626 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative Liability | 251,398 | 26,231 |
Foreign currency exchange forwards(b) | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative Liability | 1,801 | 5,441 |
Foreign currency exchange forwards(b) | Not designated as hedging instruments | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets | 1,922 | 5,490 |
Commodity contracts(b) | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative Liability | 0 | 1,248 |
Commodity contracts(b) | Not designated as hedging instruments | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets | 0 | 1,264 |
Interest rate lock commitments to originate residential mortgage loans held for sale | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets | 86 | 2,617 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative Liability | 46 | 0 |
Forward commitments to sell residential mortgage loans | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets | 0 | 30 |
Forward commitments to sell residential mortgage loans | Fair Value, Inputs, Level 3 | ||
Assets, Fair Value Disclosure [Abstract] | ||
Derivative Assets | 0 | 30 |
Forward commitments to sell residential mortgage loans | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 | ||
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative Liability | $ 46 | $ 0 |
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, 2022 | Dec. 31, 2021 | |
Derivative Financial Instruments, Assets [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning Balance | $ 2,617 | $ 9,624 |
New production | 10,442 | 53,686 |
Closed loans / settlements | (913) | (53,477) |
Other | (12,060) | (7,216) |
Change in mortgage derivative | (2,531) | (7,007) |
Ending Balance | 86 | 2,617 |
Derivative Financial Instruments, Liabilities [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning Balance | (30) | 2,046 |
New production | (2,028) | (3,281) |
Closed loans / settlements | 24,766 | 3,740 |
Other | (22,662) | (2,535) |
Change in mortgage derivative | 76 | (2,075) |
Ending Balance | 46 | (30) |
Total derivatives | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning Balance | 2,647 | 7,579 |
New production | 12,470 | 56,966 |
Closed loans / settlements | (25,679) | (57,217) |
Other | 10,603 | (4,680) |
Change in mortgage derivative | (2,607) | (4,932) |
Ending Balance | $ 40 | $ 2,647 |
Fair Value Measurements Equity
Fair Value Measurements Equity Securities Without Readily Determinable Fair Values (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Equity Securities Without Readily Determinable Fair Value Amount [Roll Forward] | |||
Carrying value as of December 31, 2021 | $ 14,000 | ||
Write-up of equity securities without readily determinable fair values | 5,690 | $ 0 | $ 0 |
Equity Securities without Readily Determinable Fair Value, Additions, Annual Amount | 5 | ||
Equity Securities without Readily Determinable Fair Value, Sales, Annual Amount | (12) | ||
Equity Securities without Readily Determinable Fair Value, Amount | 19,000 | 14,000 | |
Fair Value, Inputs, Level 3 | |||
Equity Securities Without Readily Determinable Fair Value Amount [Roll Forward] | |||
Carrying value as of December 31, 2021 | 13,542 | ||
Write-up of equity securities without readily determinable fair values | 5,690 | ||
Equity Securities without Readily Determinable Fair Value, Amount | 19,225 | $ 13,542 | |
Equity Securities without Readily Determinable Fair Value, Upward Price Adjustment, Cumulative Amount | 19,134 | ||
Cumulative downward carrying value changes between January 1, 2018 and December 31, 2022 | $ 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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | |||
Equity Securities without Readily Determinable Fair Value, Amount | $ 19,000 | $ 14,000 | |
Write-up of equity securities without readily determinable fair values | 5,690 | 0 | $ 0 |
Servicing Asset at Amortized Cost, Fair Value | 57,259 | 41,990 | |
Change in MSRs valuation(a) | (22,264) | (16,186) | $ 17,704 |
Possible liquidity issues [Member] | |||
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | |||
Financing Receivable, Troubled Debt Restructuring | 0 | 7,000 | |
Fair Value, Inputs, Level 3 | |||
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | |||
Loans Receivable, Fair Value Disclosure | 27,481,426 | 23,980,330 | |
Equity Securities without Readily Determinable Fair Value, Amount | 19,225 | 13,542 | |
Write-up of equity securities without readily determinable fair values | 5,690 | ||
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 2 | |||
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve, Amount | 971 | 7,345 | |
OREO(c) | 2,196 | 21,299 | |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | |||
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | |||
Loans Receivable, Fair Value Disclosure | 23,584 | 69,917 | |
Provision for credit losses | 4,405 | (3,045) | |
Equity Securities without Readily Determinable Fair Value, Amount | 19,134 | ||
Write-up of equity securities without readily determinable fair values | $ 5,690 | ||
Servicing Asset at Amortized Cost, Fair Value | 57,259 | ||
Change in MSRs valuation(a) | $ 16,186 |
Fair Value Measurements, Unobse
Fair Value Measurements, Unobservable Inputs, Readily Quantifiable to Level 3 (details) - Fair Value, Inputs, Level 3 | 12 Months Ended |
Dec. 31, 2022 | |
Valuation Technique, Discounted Cash Flow | 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 | 6% |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Prepayment Speed | 0% |
Valuation Technique, Discounted Cash Flow | 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 | 9% |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Prepayment Speed | 100% |
Valuation Technique, Discounted Cash Flow | 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 | 7% |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Prepayment Speed | 5% |
Valuation Technique, Discounted Cash Flow | Mortgage banking(a)(b) | 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 | 31% |
Valuation Technique, Discounted Cash Flow | Mortgage banking(a)(b) | 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 | 100% |
Valuation Technique, Discounted Cash Flow | Mortgage banking(a)(b) | 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 | 83% |
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 | 22% |
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 | 51% |
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 | 31% |
Fair Value Measurements, Fair V
Fair Value Measurements, Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial assets | ||
Cash and due from banks | $ 436,952 | $ 343,831 |
Interest-bearing deposits in other financial institutions | 156,693 | 681,684 |
Federal funds sold and securities purchased under agreements to resell | 27,810 | 0 |
Debt Securities, Available-for-sale | 2,742,025 | 4,332,015 |
Investment securities held to maturity | 3,960,451 | 2,239,003 |
Investment securities held to maturity, fair value | 3,401,018 | 2,348,664 |
Equity Securities with Readily Determined Fair Value | 6,000 | 5,000 |
Equity Securities without Readily Determinable Fair Value, Amount | 19,000 | 14,000 |
Equity securities | 25,216 | 18,352 |
FHLB and Federal Reserve Bank stocks | 295,496 | 168,281 |
Loans and Leases Receivable, Net Amount | 28,486,849 | 23,944,934 |
Life Insurance, Corporate or Bank Owned, Amount | 676,530 | 680,021 |
Mortgage servicing rights, net(a) | 77,351 | 57,158 |
Financial liabilities | ||
Short-term funding | 605,937 | 354,262 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 4,319,861 | 1,621,047 |
Other long-term funding | 1,442,932 | |
Commitment on standby letters of credit | 271,000 | 231,000 |
US Treasury Securities [Member] | ||
Financial assets | ||
Debt Securities, Available-for-sale | 109,378 | 122,957 |
Investment securities held to maturity | 999 | 1,000 |
Investment securities held to maturity, fair value | 936 | 1,001 |
Fair Value, Inputs, Level 1 | ||
Financial assets | ||
Cash and due from banks | 436,952 | 343,831 |
Interest-bearing deposits in other financial institutions | 156,693 | 681,684 |
Federal funds sold and securities purchased under agreements to resell | 27,810 | 0 |
Debt Securities, Available-for-sale | 109,378 | 122,957 |
Equity securities with readily determinable fair value, Carrying Amount | 5,991 | 4,810 |
Equity Securities with Readily Determined Fair Value | 5,991 | 4,810 |
Fair Value, Inputs, Level 1 | US Treasury Securities [Member] | ||
Financial assets | ||
Investment securities held to maturity | 999 | 1,000 |
Investment securities held to maturity, fair value | 936 | 1,001 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring [Member] | US Treasury Securities [Member] | ||
Financial assets | ||
Debt Securities, Available-for-sale | 109,378 | 122,957 |
Fair Value, Inputs, Level 2 | ||
Financial assets | ||
Debt Securities, Available-for-sale | 2,632,647 | 4,209,058 |
Investment securities held to maturity | 3,959,399 | 2,237,947 |
Investment securities held to maturity, fair value | 3,400,028 | 2,347,608 |
FHLB and Federal Reserve Bank stocks | 295,496 | 168,281 |
Loans Held-for-sale, Fair Value Disclosure | 20,383 | 136,638 |
Life Insurance, Corporate or Bank Owned, Amount | 676,530 | 680,021 |
Financial liabilities | ||
Brokered CDs and other time deposits | 1,930,158 | 1,347,262 |
Brokered CDs and other time deposits, fair value | 1,930,158 | 1,347,262 |
Short-term funding | 605,937 | 354,262 |
Short-term funding, fair value | 605,205 | 354,248 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 4,319,861 | 1,621,047 |
Advances, Fair Value Disclosure | 4,322,264 | 1,680,814 |
Other long-term funding | 248,071 | 249,324 |
Long-term funding, fair value | 242,151 | 265,545 |
Standby letters of credit | 2,881 | 2,367 |
Standby letters of credit, fair value | 2,881 | 2,367 |
Fair Value, Inputs, Level 2 | Other Assets [Member] | ||
Financial assets | ||
Derivative Assets | 68,672 | 90,379 |
Derivatives (trading and other assets), fair value | 68,672 | 90,379 |
Fair Value, Inputs, Level 2 | Liability | ||
Financial liabilities | ||
Derivative Liability | 254,459 | 32,921 |
Derivatives (trading and other liabilities), fair value | 254,459 | 32,921 |
Fair Value, Inputs, Level 3 | ||
Financial assets | ||
Equity Securities without Readily Determinable Fair Value, Amount | 19,225 | 13,542 |
Equity securities | 19,225 | 13,542 |
Loans and Leases Receivable, Net Amount | 28,486,849 | 23,944,934 |
Loans Receivable, Fair Value Disclosure | 27,481,426 | 23,980,330 |
Servicing Asset | 77,351 | 54,862 |
Mortgage servicing rights, net(a) | 77,351 | 57,259 |
Derivative Assets | 30 | |
Financial liabilities | ||
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts | 27,705,996 | 27,119,167 |
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts, fair value | 27,705,996 | 27,119,167 |
Fair Value, Inputs, Level 3 | Forward commitments (mortgage) | ||
Financial assets | ||
Derivative Assets | 0 | 30 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring [Member] | Mortgage banking(a)(b) | ||
Financial assets | ||
Derivative Assets | 86 | 2,617 |
Financial liabilities | ||
Derivative Liability | 46 | 0 |
Derivatives (trading and other liabilities), fair value | 46 | 0 |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring [Member] | Forward commitments (mortgage) | ||
Financial liabilities | ||
Derivative Liability | $ 46 | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) Textuals | 12 Months Ended |
Dec. 31, 2022 shares | |
Fair Value Disclosures [Abstract] | |
Visa Restricted Stock Owned at Fair Value [Member] | 77,000 |
Visa Restricted Shares Owned | 77,000 |
Visa Class A Shares Current Conversion from Class B | 123,131 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Associated Banc-Corp | ||
Regulatory Capital [Abstract] | ||
Total capital | $ 3,680,227 | $ 3,570,026 |
Total Capital Actual Ratio | 11.33% | 13.10% |
Total Capital for Capital Adequacy Purposes Amount | $ 2,597,761 | $ 2,179,419 |
Total Capital for Adequacy Purposes Ratio | 8% | 8% |
Tier 1 Capital Actual Amount | $ 3,229,690 | $ 3,001,074 |
Tier 1 Capital Actual Ratio | 9.95% | 11.02% |
Tier 1 Capital for Adequacy Purposes Amount | $ 1,948,320 | $ 1,634,564 |
Tier 1 Capital for Adequacy Purposes Ratio | 6% | 6% |
Common Equity Tier One Capital | $ 3,035,578 | $ 2,808,289 |
Common Equity Tier One Capital to Risk Weighted Assets | 9.35% | 10.31% |
Common Equity Tier One Capital Required for Capital Adequacy | $ 1,461,240 | $ 1,225,923 |
Common Equity Tier One Capital Required for Capital Adequacy to Risk Weighted Assets | 4.50% | 4.50% |
Tier 1 Leverage Capital Actual Amount | $ 3,229,690 | $ 3,001,074 |
Tier 1 Leverage Capital Actual Ratio | 8.59% | 8.83% |
Tier 1 Leverage Capital for Adequacy Purposes Amount | $ 1,504,035 | $ 1,359,299 |
Tier 1 Leverage Capital for Adequacy Purposes Ratio | 4% | 4% |
Associated Bank, N.A. | ||
Regulatory Capital [Abstract] | ||
Total capital | $ 3,594,845 | $ 3,243,672 |
Total Capital Actual Ratio | 11.09% | 11.93% |
Total Capital for Capital Adequacy Purposes Amount | $ 2,593,900 | $ 2,175,689 |
Total Capital for Adequacy Purposes Ratio | 8% | 8% |
Total Capital to be Well Capitalized Amount | $ 3,242,374 | $ 2,719,611 |
Total Capital to be Well Capitalized Ratio | 10% | 10% |
Tier 1 Capital Actual Amount | $ 3,243,349 | $ 2,923,881 |
Tier 1 Capital Actual Ratio | 10% | 10.75% |
Tier 1 Capital for Adequacy Purposes Amount | $ 1,945,425 | $ 1,631,766 |
Tier 1 Capital for Adequacy Purposes Ratio | 6% | 6% |
Tier 1 Capital To Be Well Capitalized Amount | $ 2,593,900 | $ 2,175,689 |
Tier 1 Capital To Be Well Capitalized Ratio | 8% | 8% |
Common Equity Tier One Capital | $ 3,243,349 | $ 2,923,881 |
Common Equity Tier One Capital to Risk Weighted Assets | 10% | 10.75% |
Common Equity Tier One Capital Required for Capital Adequacy | $ 1,459,068 | $ 1,223,825 |
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 | $ 2,107,543 | $ 1,767,747 |
Tier 1 Equity Capital to be Well Capitalized Ratio | 6.50% | 6.50% |
Tier 1 Leverage Capital Actual Amount | $ 3,243,349 | $ 2,923,881 |
Tier 1 Leverage Capital Actual Ratio | 8.63% | 8.61% |
Tier 1 Leverage Capital for Adequacy Purposes Amount | $ 1,503,666 | $ 1,358,041 |
Tier 1 Leverage Capital for Adequacy Purposes Ratio | 4% | 4% |
Tier 1 Leverage Capital To Be Well Capitalized Amount | $ 1,879,583 | $ 1,697,551 |
Tier 1 Leverage Capital To Be Well Capitalized Ratio | 5% | 5% |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net income | $ 366,122 | $ 350,994 | $ 306,771 |
Preferred stock dividends | (11,500) | (17,111) | (18,358) |
Net income available to common equity | 354,622 | 333,883 | 288,413 |
Common shareholder dividends | (122,417) | (115,212) | (111,291) |
Unvested share-based payment awards | (720) | (849) | (732) |
Undistributed earnings | 231,485 | 217,822 | 176,390 |
Undistributed earnings allocated to common shareholders | 229,995 | 216,299 | 175,134 |
Undistributed earnings allocated to unvested share-based payment awards | 1,490 | 1,523 | 1,256 |
Undistributed earnings | 231,485 | 217,822 | 176,390 |
Basic | |||
Distributed earnings to common shareholders | 122,417 | 115,212 | 111,291 |
Undistributed earnings allocated to common shareholders | 229,995 | 216,299 | 175,134 |
Total common shareholders earnings, basic | 352,412 | 331,510 | 286,425 |
Diluted | |||
Distributed earnings to common shareholders | 122,417 | 115,212 | 111,291 |
Undistributed earnings allocated to common shareholders | 229,995 | 216,299 | 175,134 |
Total common shareholders earnings, diluted | $ 352,412 | $ 331,510 | $ 286,425 |
Weighted average common shares outstanding | 149,162 | 150,773 | 153,005 |
Effect of dilutive common stock awards | 1,334 | 1,214 | 637 |
Diluted weighted average common shares outstanding | 150,496 | 151,987 | 153,642 |
Basic earnings per common share | $ 2.36 | $ 2.20 | $ 1.87 |
Diluted earnings per common share | $ 2.34 | $ 2.18 | $ 1.86 |
Earnings Per Common Share Narra
Earnings Per Common Share Narrative (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2 | 3 | 7 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Income Statement Data Abstract | |||
Net interest income | $ 957,321 | $ 725,855 | $ 762,957 |
Net intersegment interest income (expense) | 0 | 0 | 0 |
Segment net interest income | 957,321 | 725,855 | 762,957 |
Noninterest income | 282,370 | 332,364 | 514,056 |
Total revenue | 1,239,691 | 1,058,219 | 1,277,012 |
Provision for credit losses | 32,998 | (88,011) | 174,006 |
Noninterest expense | 747,063 | 709,924 | 776,034 |
Income before income taxes | 459,630 | 436,307 | 326,972 |
Income tax expense | 93,508 | 85,313 | 20,200 |
Net income | 366,122 | 350,994 | 306,771 |
Goodwill | 1,104,992 | 1,104,992 | 1,109,300 |
Operating Segments | Corporate and Commercial Specialty [Member] | |||
Segment Income Statement Data Abstract | |||
Net interest income | 566,566 | 361,634 | 382,570 |
Net intersegment interest income (expense) | (103,360) | 18,001 | 3,477 |
Segment net interest income | 463,205 | 379,636 | 386,047 |
Noninterest income | 145,751 | 165,345 | 144,274 |
Total revenue | 608,956 | 544,980 | 530,321 |
Provision for credit losses | 49,543 | 60,311 | 56,409 |
Noninterest expense | 234,234 | 219,655 | 200,856 |
Income before income taxes | 325,179 | 265,015 | 273,056 |
Income tax expense | 59,000 | 46,906 | 50,537 |
Net income | 266,179 | 218,109 | 222,519 |
Goodwill | 525,836 | 525,836 | 530,144 |
Operating Segments | Community, Consumer and Business [Member] | |||
Segment Income Statement Data Abstract | |||
Net interest income | 322,725 | 289,075 | 307,862 |
Net intersegment interest income (expense) | 176,164 | 62,376 | 61,126 |
Segment net interest income | 498,889 | 351,451 | 368,988 |
Noninterest income | 118,848 | 151,474 | 190,808 |
Total revenue | 617,737 | 502,925 | 559,796 |
Provision for credit losses | 20,755 | 20,622 | 25,233 |
Noninterest expense | 416,742 | 401,053 | 441,527 |
Income before income taxes | 180,240 | 81,251 | 93,035 |
Income tax expense | 37,850 | 17,063 | 19,537 |
Net income | 142,389 | 64,188 | 73,498 |
Goodwill | 579,156 | 579,156 | 579,156 |
Operating Segments | Risk Management and Shared Services [Member] | |||
Segment Income Statement Data Abstract | |||
Net interest income | 68,031 | 75,146 | 72,525 |
Net intersegment interest income (expense) | (72,803) | (80,378) | (64,603) |
Segment net interest income | (4,772) | (5,232) | 7,922 |
Noninterest income | 17,772 | 15,546 | 178,974 |
Total revenue | 12,999 | 10,314 | 186,896 |
Provision for credit losses | (37,300) | (168,944) | 92,365 |
Noninterest expense | 96,088 | 89,216 | 133,651 |
Income before income taxes | (45,788) | 90,042 | (39,120) |
Income tax expense | (3,342) | 21,345 | (49,874) |
Net income | (42,447) | 68,697 | 10,754 |
Goodwill | $ 0 | $ 0 | $ 0 |
Segment Reporting (Details Text
Segment Reporting (Details Textuals) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 USD ($) | Sep. 30, 2020 USD ($) | Dec. 31, 2022 segment | Dec. 31, 2020 USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of Reportable Segments | segment | 3 | |||
Tax Benefit from Tax Planning Strategies | $ 63 | |||
Loss on prepayments of FHLB advances | $ 45 | |||
ABRC [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Gain (Loss) on Disposition of Intangible Assets | $ 163 | $ 163 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | $ (10,317) | ||
HTM investment securities, net, at amortized cost | 9,870 | $ 1,551 | $ 3,359 |
Personnel | (454,101) | (426,687) | (432,151) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (54) | 0 | 0 |
Net other comprehensive income (loss) during period | (262,483) | (22,935) | 45,801 |
Ending Balance | (272,799) | (10,317) | |
Fair value adjustment on cash flow hedge | 3,626 | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | (212) | 0 | 0 |
Investment Securities AFS | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (5,266) | 41,325 | 3,989 |
Other comprehensive income before reclassifications | (250,273) | (63,714) | 55,628 |
Unrealized (losses) on AFS securities transferred to HTM securities | (67,604) | ||
Investment securities losses, net | 1,922 | 16 | (9,222) |
HTM investment securities, net, at amortized cost | 9,870 | 1,551 | 3,359 |
Personnel | 0 | 0 | 0 |
Other Expenses | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Tax | 78,159 | 15,557 | (12,429) |
Net other comprehensive income (loss) during period | (227,926) | (46,591) | 37,336 |
Ending Balance | (233,192) | (5,266) | 41,325 |
Fair value adjustment on cash flow hedge | 0 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 0 | ||
Defined Benefit Pension and Postretirement Obligations | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (5,051) | (28,707) | (37,172) |
Other comprehensive income before reclassifications | (51,745) | 25,519 | 7,780 |
Unrealized (losses) on AFS securities transferred to HTM securities | 0 | ||
Investment securities losses, net | 0 | 0 | 0 |
HTM investment securities, net, at amortized cost | 0 | 0 | 0 |
Personnel | (325) | 1,346 | (148) |
Other Expenses | 658 | 4,594 | 3,897 |
Other Comprehensive Income (Loss), Tax | 13,495 | (7,803) | (3,064) |
Net other comprehensive income (loss) during period | (37,917) | 23,656 | 8,465 |
Ending Balance | (42,968) | (5,051) | (28,707) |
Fair value adjustment on cash flow hedge | 0 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 0 | ||
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | (10,317) | 12,618 | (33,183) |
Other comprehensive income before reclassifications | (302,018) | (38,195) | 63,408 |
Unrealized (losses) on AFS securities transferred to HTM securities | (67,604) | ||
Investment securities losses, net | 1,922 | 16 | (9,222) |
HTM investment securities, net, at amortized cost | 9,870 | 1,551 | 3,359 |
Personnel | (325) | 1,346 | (148) |
Other Expenses | 658 | 4,594 | 3,897 |
Other Comprehensive Income (Loss), Tax | 91,601 | 7,754 | (15,493) |
Net other comprehensive income (loss) during period | (262,483) | (22,935) | 45,801 |
Ending Balance | (272,799) | (10,317) | 12,618 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | |||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | |||
Beginning Balance | 0 | 0 | 0 |
Other comprehensive income before reclassifications | 0 | 0 | 0 |
Unrealized (losses) on AFS securities transferred to HTM securities | 0 | ||
Investment securities losses, net | 0 | 0 | 0 |
HTM investment securities, net, at amortized cost | 0 | 0 | 0 |
Personnel | 0 | 0 | 0 |
Other Expenses | 0 | 0 | 0 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (54) | ||
Other Comprehensive Income (Loss), Tax | 0 | 0 | |
Net other comprehensive income (loss) during period | 3,360 | 0 | 0 |
Ending Balance | 3,360 | $ 0 | $ 0 |
Fair value adjustment on cash flow hedge | 3,626 | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | $ (212) |
Revenues Revenue Recognition by
Revenues Revenue Recognition by Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Noninterest Income In Scope of Topic 606 | $ 201,953 | $ 212,278 | $ 246,077 | |
Noninterest Income, Outside of Scope of Topic 606 | 80,417 | 120,086 | 267,979 | |
Total noninterest income | 282,370 | 332,364 | 514,056 | |
Wealth management fees | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Noninterest Income In Scope of Topic 606 | [1] | 84,122 | 89,854 | 84,957 |
Service charges and deposit account fees | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Noninterest Income In Scope of Topic 606 | 62,310 | 64,406 | 56,307 | |
Card-based fees | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Noninterest Income In Scope of Topic 606 | 44,132 | 43,124 | 38,605 | |
Other fee-based revenue | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Noninterest Income In Scope of Topic 606 | 11,389 | 14,894 | 66,208 | |
Corporate and Commercial Specialty [Member] | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Noninterest Income In Scope of Topic 606 | 101,873 | 110,340 | 102,783 | |
Noninterest Income, Outside of Scope of Topic 606 | 43,878 | 55,004 | 41,491 | |
Corporate and Commercial Specialty [Member] | Wealth management fees | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Noninterest Income In Scope of Topic 606 | 84,122 | 89,854 | 83,570 | |
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 | 13,240 | 15,880 | 14,639 | |
Corporate and Commercial Specialty [Member] | Card-based fees | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Noninterest Income In Scope of Topic 606 | 1,547 | 1,397 | 1,098 | |
Corporate and Commercial Specialty [Member] | Other fee-based revenue | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Noninterest Income In Scope of Topic 606 | 2,964 | 3,208 | 3,476 | |
Community, Consumer and Business [Member] | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Noninterest Income In Scope of Topic 606 | 98,572 | 100,942 | 144,558 | |
Noninterest Income, Outside of Scope of Topic 606 | 20,276 | 50,532 | 46,249 | |
Community, Consumer and Business [Member] | Wealth management fees | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Noninterest Income In Scope of Topic 606 | 0 | 0 | 1,387 | |
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 | 49,052 | 48,493 | 41,637 | |
Community, Consumer and Business [Member] | Card-based fees | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Noninterest Income In Scope of Topic 606 | 42,474 | 41,730 | 37,259 | |
Community, Consumer and Business [Member] | Other fee-based revenue | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Noninterest Income In Scope of Topic 606 | 7,046 | 10,719 | 64,274 | |
Risk Management and Shared Services [Member] | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Noninterest Income In Scope of Topic 606 | 1,508 | 996 | (1,264) | |
Noninterest Income, Outside of Scope of Topic 606 | 16,263 | 14,550 | 180,238 | |
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 | 18 | 32 | 31 | |
Risk Management and Shared Services [Member] | Card-based fees | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Noninterest Income In Scope of Topic 606 | 111 | (3) | 247 | |
Risk Management and Shared Services [Member] | Other fee-based revenue | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Noninterest Income In Scope of Topic 606 | 1,379 | 967 | (1,542) | |
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 | 145,751 | 165,345 | 144,274 | |
Operating Segments [Member] | Community, Consumer and Business [Member] | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Total noninterest income | 118,848 | 151,474 | 190,808 | |
Operating Segments [Member] | Risk Management and Shared Services [Member] | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Total noninterest income | $ 17,772 | $ 15,546 | $ 178,974 | |
[1](a) |
Recent Developments (Details)
Recent Developments (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 06, 2023 | Feb. 01, 2022 | Jun. 01, 2020 | Sep. 19, 2018 |
Recent Developments [Line Items] | ||||
Junior Subordinated Debentures Issued | $ 300 | |||
Interest Added to 5 Year UST Rate | 2.812% | |||
2023 Subordinated Notes | ||||
Recent Developments [Line Items] | ||||
Debt Instrument, Term | 10 years | |||
Subordinated Borrowing, Due Date | Mar. 01, 2033 | |||
Subordinated Borrowing Redemption Date | Mar. 01, 2028 | |||
Subordinated Borrowing, Interest Rate | 6.625% | |||
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. 01, 2023 | |||
Subsequent Event [Member] | Common Stock [Member] | ||||
Recent Developments [Line Items] | ||||
Dividends Payable, Date to be Paid | Mar. 15, 2023 | |||
Dividends Payable, Date of Record | Mar. 01, 2023 | |||
Subsequent Event [Member] | Common Stock [Member] | Dividend Declared [Member] | ||||
Recent Developments [Line Items] | ||||
Common stock, dividends declared ($ per share) | $ 0.21 | |||
Subsequent Event [Member] | Series E Preferred Stock | ||||
Recent Developments [Line Items] | ||||
Dividends Payable, Date to be Paid | Mar. 15, 2023 | |||
Dividends Payable, Date of Record | Mar. 01, 2023 | |||
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% |
Uncategorized Items - asb-20221
Label | Element | Value |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents | us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents | $ 621,455,000 |