Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 26, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-31343 | |
Entity Registrant Name | Associated Banc-Corp | |
Entity Incorporation, State or Country Code | WI | |
Entity Address, Address Line One | 433 Main Street | |
Entity Address, City or Town | Green Bay, | |
Entity Address, State or Province | WI | |
Entity Tax Identification Number | 39-1098068 | |
Entity Address, Postal Zip Code | 54301 | |
City Area Code | 920 | |
Local Phone Number | 491-7500 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 150,766,697 | |
Entity Central Index Key | 0000007789 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
The New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | ASB | |
Security Exchange Name | NYSE | |
The New York Stock Exchange | Two Thousand Twenty Three Subordinated Notes | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | 6.625% Fixed-Rate Reset Subordinated Notes due 2033 | |
Trading Symbol | ASBA | |
Security Exchange Name | NYSE | |
Series E Preferred Stock | The New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E | |
Trading Symbol | ASB PrE | |
Security Exchange Name | NYSE | |
Series F Preferred Stock | The New York Stock Exchange | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F | |
Trading Symbol | ASB PrF | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
AFS investment securities, at fair value | $ 3,724,148 | $ 3,600,892 |
HTM investment securities, net, at amortized cost | 3,832,967 | 3,860,160 |
Equity Securities, FV-NI and without Readily Determinable Fair Value | 19,571 | 41,651 |
FHLB and Federal Reserve Bank stocks, at cost | 173,968 | 229,171 |
Residential loans held for sale | 52,414 | 33,011 |
Commercial loans held for sale | 0 | 90,303 |
Loans | 29,494,263 | 29,216,218 |
Allowance for loan losses | (356,006) | (351,094) |
Tax credit and other investments | 255,252 | 258,067 |
Premises and equipment, net | 367,618 | 372,978 |
Goodwill | 1,104,992 | 1,104,992 |
Other intangible assets, net | 38,268 | 40,471 |
Mortgage servicing rights, net | 85,226 | 84,390 |
Interest receivable | 167,092 | 169,569 |
Other assets | 640,638 | 658,604 |
Total assets | 41,137,084 | 41,015,855 |
Liabilities and stockholders' equity | ||
Noninterest-bearing demand deposits | 6,254,135 | 6,119,956 |
Interest-bearing deposits | 27,459,023 | 27,326,093 |
Total deposits | 33,713,158 | 33,446,049 |
Short-Term Debt | 765,671 | 326,780 |
FHLB advances | 1,333,411 | 1,940,194 |
Allowance for unfunded commitments | 31,776 | 34,776 |
Accrued expenses and other liabilities | 588,341 | 552,814 |
Total liabilities | 36,968,412 | 36,841,882 |
Stockholders’ equity | ||
Preferred equity | 194,112 | 194,112 |
Common stock | 1,752 | 1,752 |
Surplus | 1,708,652 | 1,714,822 |
Retained earnings | 2,991,571 | 2,946,805 |
Accumulated other comprehensive (loss) | (209,881) | (171,096) |
Treasury stock, at cost | (517,533) | (512,421) |
Total common equity | 3,974,561 | 3,979,861 |
Total stockholders’ equity | 4,168,673 | 4,173,973 |
Total liabilities and stockholders’ equity | $ 41,137,084 | $ 41,015,855 |
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 | 150,738,678 | 151,036,674 |
Preferred shares, par value | $ 1 | $ 1 |
Common shares, par value | $ 0.01 | $ 0.01 |
Fair Value, Inputs, Level 1 | ||
Assets | ||
Cash and Due from Banks | $ 429,859 | $ 484,384 |
Interest-bearing deposits in other financial institutions | 420,114 | 425,089 |
Federal funds sold and securities purchased under agreements to resell | 1,610 | 14,350 |
Fair Value, Inputs, Level 2 | ||
Assets | ||
Bank and corporate owned life insurance | 685,089 | 682,649 |
Liabilities and stockholders' equity | ||
FHLB advances | 1,333,411 | 1,940,194 |
Other long-term funding | 536,055 | 541,269 |
Fair Value, Inputs, Level 3 | ||
Assets | ||
Loans, net | $ 29,138,257 | $ 28,865,124 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Dec. 31, 2023 |
Preferred shares, par value | $ 1 | $ 1 |
Common shares, par value | $ 0.01 | $ 0.01 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income | ||
Interest and fees on loans | $ 454,472 | $ 391,320 |
Interest and dividends on investment securities | ||
Taxable | 46,548 | 30,142 |
Tax-exempt | 14,774 | 16,025 |
Other interest | 7,595 | 5,329 |
Total interest income | 523,388 | 442,817 |
Interest expense | ||
Interest on deposits | 226,231 | 109,422 |
Interest on federal funds purchased and securities sold under agreements to repurchase | 2,863 | 3,143 |
Interest on other short-term funding | 4,708 | 0 |
Interest on FHLB advances | 21,671 | 49,960 |
Interest on long-term funding | 10,058 | 6,281 |
Total interest expense | 265,530 | 168,807 |
Net interest income | 257,858 | 274,010 |
Provision for credit losses | 24,001 | 17,971 |
Net interest income after provision for credit losses | 233,857 | 256,039 |
Noninterest income | ||
Capital markets, net | 4,050 | 5,083 |
Mortgage banking, net | 2,662 | 3,545 |
Bank and corporate owned life insurance | 2,570 | 2,664 |
Asset (losses) gains, net | (306) | 263 |
Investment securities gains, net | 3,879 | 51 |
Other | 2,327 | 2,422 |
Noninterest Income, Total | 64,985 | 62,073 |
Noninterest expense | ||
Personnel | 119,395 | 116,420 |
Technology | 26,200 | 23,598 |
Occupancy | 13,633 | 15,063 |
Business development and advertising | 6,517 | 5,849 |
Equipment | 4,599 | 4,930 |
Legal and professional | 4,672 | 3,857 |
Loan and foreclosure costs | 1,979 | 1,138 |
FDIC assessment | 13,946 | 6,875 |
Other intangible amortization | 2,203 | 2,203 |
Other | 4,513 | 7,479 |
Total noninterest expense | 197,657 | 187,412 |
Income before income taxes | 101,185 | 130,700 |
Income tax expense | 20,016 | 27,340 |
Net income | 81,169 | 103,360 |
Preferred stock dividends | 2,875 | 2,875 |
Net income available to common equity | $ 78,294 | $ 100,485 |
Earnings per common share | ||
Basic | $ 0.52 | $ 0.67 |
Diluted | $ 0.52 | $ 0.66 |
Average common shares outstanding | ||
Basic | 149,855 | 149,763 |
Diluted | 151,292 | 151,128 |
Wealth management fees | ||
Noninterest income | ||
Noninterest Income In Scope of Topic 606 | $ 21,694 | $ 20,189 |
Service charges and deposit account fees | ||
Noninterest income | ||
Noninterest Income In Scope of Topic 606 | 12,439 | 12,994 |
Card-based fees | ||
Noninterest income | ||
Card-based fees | 11,267 | 10,586 |
Other fee-based revenue | ||
Noninterest income | ||
Card-based fees | $ 4,402 | $ 4,276 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 81,169 | $ 103,360 |
AFS investment securities | ||
Net unrealized (losses) gains | (29,889) | 36,478 |
Amortization of net unrealized losses on AFS securities transferred to HTM securities | 2,060 | 2,267 |
Reclassification adjustment for net losses realized in net income | 197 | 0 |
Income tax benefit (expense) | 6,885 | (9,892) |
Other comprehensive (loss) income on AFS securities | (20,746) | 28,853 |
Cash flow hedge derivatives | ||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (19,461) | 13,763 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 4,823 | 1,262 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | (1,688) | (4,694) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (16,326) | 10,331 |
Defined benefit pension and postretirement obligations | ||
Amortization of prior service cost | (72) | (81) |
Amortization of actuarial (gain) loss | (7) | 30 |
Income tax (expense) benefit | (1,633) | 79 |
Other comprehensive (loss) income on pension and postretirement obligations | (1,712) | 27 |
Total other comprehensive (loss) income | (38,785) | 39,211 |
Comprehensive income | $ 42,384 | $ 142,571 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Board Authorized Purchase Program [Member] | Series E Preferred Stock | Series F Preferred Stock | Preferred Equity | Common Stock | Surplus | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) | Treasury Stock, Common | Treasury Stock, Common Board Authorized Purchase Program [Member] | Treasury Stock, Common Performance/Service Based RSAs, RSA, |
Beginning balance at Dec. 31, 2022 | $ 4,015,490 | $ 194,112 | $ 1,752 | $ 1,712,733 | $ 2,904,882 | $ (272,799) | $ (525,190) | |||||
Comprehensive income: | ||||||||||||
Net income | 103,360 | 103,360 | ||||||||||
Net other comprehensive (loss) during period | 39,211 | 39,211 | ||||||||||
Comprehensive income | 142,571 | |||||||||||
Common stock issued: | ||||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 1,766 | (12,612) | 0 | 14,379 | ||||||||
Purchase of treasury stock, | (5,362) | $ (5,362) | ||||||||||
Cash dividends: | ||||||||||||
Common stock | (32,013) | (32,013) | ||||||||||
Preferred stock(a) | (2,875) | (2,875) | ||||||||||
Stock-based compensation expense, net | 6,086 | 6,086 | ||||||||||
Ending balance at Mar. 31, 2023 | 4,125,663 | 194,112 | 1,752 | 1,706,206 | 2,973,354 | (233,588) | (516,173) | |||||
Cash dividends: | ||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.3671875 | $ 0.3515625 | ||||||||||
Beginning balance at Dec. 31, 2023 | 4,173,973 | 194,112 | 1,752 | 1,714,822 | 2,946,805 | (171,096) | (512,421) | |||||
Comprehensive income: | ||||||||||||
Net income | 81,169 | 81,169 | ||||||||||
Net other comprehensive (loss) during period | (38,785) | (38,785) | ||||||||||
Comprehensive income | 42,384 | |||||||||||
Common stock issued: | ||||||||||||
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture | 3,910 | (13,839) | 17,749 | |||||||||
Purchase of treasury stock, | (4,572) | $ (18,289) | $ (18,289) | $ (4,572) | ||||||||
Cash dividends: | ||||||||||||
Common stock | (33,527) | (33,527) | ||||||||||
Preferred stock(a) | (2,875) | (2,875) | ||||||||||
Stock-based compensation expense, net | 7,669 | 7,669 | ||||||||||
Ending balance at Mar. 31, 2024 | $ 4,168,673 | $ 194,112 | $ 1,752 | $ 1,708,652 | $ 2,991,571 | $ (209,881) | $ (517,533) | |||||
Cash dividends: | ||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.3671875 | $ 0.3515625 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Cash flows from operating activities | |||
Net income | $ 81,169 | $ 103,360 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 24,001 | 17,971 | |
Depreciation and amortization | 12,352 | 11,425 | |
Change in MSRs valuation | (1,646) | 1,857 | |
Amortization of other intangible assets | 2,203 | 2,203 | |
Amortization and accretion on earning assets, funding, and other, net | 10,673 | 338 | |
Net amortization of tax credit investments | 8,990 | 8,574 | |
(Gains) on sales of investment securities, net | (3,857) | 0 | |
Asset losses (gains), net | 306 | (263) | |
(Gains) loss on mortgage banking activities, net | (22) | 251 | |
Mortgage loans originated and acquired for sale | (105,394) | (69,254) | |
Proceeds from sales of mortgage loans held for sale | 91,026 | 54,652 | |
Changes in certain assets and liabilities: | |||
Decrease (increase) in interest receivable | 2,477 | (7,955) | |
Increase in interest payable | 15,590 | 14,775 | |
(Decrease) in expense payable | (30,827) | (52,396) | |
Increase (decrease) in net derivative position | 35,008 | (42,403) | |
Net change in other assets and other liabilities | 12,453 | 4,336 | |
Net cash provided by operating activities | 154,500 | 47,470 | |
Cash flows from investing activities | |||
Net (increase) in loans | (222,656) | (414,268) | |
Purchases of: | |||
AFS securities | (341,275) | (681,386) | |
HTM securities | 0 | (41,524) | |
FHLB and Federal Reserve Bank stocks and equity securities | (16,585) | (56,892) | |
Proceeds from: | |||
Sales of AFS securities | 9,472 | 0 | |
Sale of FHLB and Federal Reserve Bank stocks and equity securities | 98,005 | 15,765 | |
Prepayments, calls, and maturities of AFS securities | 176,266 | 79,746 | |
Prepayments, calls, and maturities of HTM securities | 28,026 | 33,053 | |
Sales, prepayments, calls, and maturities of other assets | 4,337 | 10,115 | |
Premises, equipment, and software | (8,500) | (13,898) | |
Net change in tax credit and alternative investments | (2,409) | (7,033) | |
Net cash (used in) investing activities | (275,320) | (1,076,322) | |
Cash flows from financing activities | |||
Net increase in deposits | 267,109 | 695,723 | |
Net increase (decrease) in short-term funding | 438,891 | (379,329) | |
Net (decrease) increase in short-term FHLB advances | (602,000) | 660,000 | |
Repayment of long-term FHLB advances | (664) | (507) | |
Proceeds from long-term FHLB advances | 619 | 115 | |
Proceeds from issuance of long-term funding | 0 | 292,740 | |
(Repayment) of finance lease principal | (22) | (21) | |
Proceeds from issuance of common stock for stock-based compensation plans | 3,910 | 1,766 | |
Cash dividends on common stock | (33,527) | (32,013) | |
Cash dividends on preferred stock | (2,875) | (2,875) | |
Net cash provided by financing activities | 48,580 | 1,230,238 | |
Net (decrease) increase in cash and cash equivalents | (72,239) | 201,385 | |
Cash and cash equivalents at beginning of period | 923,823 | 621,455 | $ 621,455 |
Cash and cash equivalents at end of period(a) | 851,583 | 822,840 | 923,823 |
Supplemental disclosures of cash flow information | |||
Cash paid for interest | 249,660 | 153,760 | |
Cash paid for income and franchise taxes | 1,995 | 1,086 | |
Loans and bank premises transferred to OREO | 577 | 3,599 | |
Capitalized mortgage servicing rights | 877 | 474 | $ 3,564 |
Loans transferred (from) into held for sale from (into) portfolio, net | (86,096) | 94 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, Net of Tax | (16,326) | 10,331 | |
Board Authorized Purchase Program [Member] | |||
Cash flows from financing activities | |||
Purchase of treasury stock, open market purchases | (18,289) | 0 | |
Other Assets [Member] | |||
Supplemental disclosures of cash flow information | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 2,708 | (341) | |
Other Liabilities [Member] | |||
Supplemental disclosures of cash flow information | |||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 10,210 | (10,724) | |
Performance/Service Based RSAs, RSA, | |||
Cash flows from financing activities | |||
Purchase of treasury stock, open market purchases | (4,572) | (5,362) | |
Retained Earnings [Member] | |||
Cash flows from operating activities | |||
Net income | $ 81,169 | $ 103,360 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position, results of operations and comprehensive income, changes in stockholders’ equity, and cash flows of the Corporation and Parent Company for the periods presented, and all such adjustments are of a normal recurring nature. The consolidated financial statements include the accounts of all subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The accounting and reporting policies of the Corporation conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1 Summary of Significant Accounting Policies included in the Corporation’s 2023 Annual Report on Form 10-K. New Accounting Pronouncements Adopted Standard Description Date of adoption Effect on financial statements ASU 2023-02 Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. A reporting entity may make an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments. The amendments in this update also remove certain guidance for Qualified Affordable Housing Project investments and require the application of the delayed equity contribution guidance to all tax equity investments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and must be applied on either a modified retrospective or a retrospective basis. Early adoption is permitted in any interim period, however if adopted in an interim period the entity shall adopt the amendments in this update as of the beginning of the fiscal year that includes the interim period. 1st Quarter 2024 The Corporation has determined the impact on its results of operation, financial position, liquidity, and disclosures is immaterial. Future Accounting Pronouncements The expected impact of applicable material accounting pronouncements recently issued or proposed but not yet required to be adopted are discussed in the table below. To the extent that the adoption of new accounting standards materially affects the Corporation's financial condition, results of operations, liquidity or disclosures, the impacts are discussed in the applicable sections of this financial review. Standard Description Date of anticipated adoption Effect on financial statements ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this update also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Fiscal year 2024 and interim periods beginning in 1st quarter 2025 The Corporation is currently evaluating the impact on its disclosures. ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this update are effective for fiscal years beginning after December 15, 2024 and are to be applied on a prospective basis. Early adoption is permitted. 1st Quarter 2025 The Corporation is currently evaluating the impact on its disclosures. |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Earnings per common share are calculated utilizing the two-class method. Basic earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock awards). Presented below are the calculations for basic and diluted earnings per common share: Three Months Ended Mar 31, ($ in thousands, except per share data) 2024 2023 Net income $ 81,169 $ 103,360 Preferred stock dividends (2,875) (2,875) Net income available to common equity $ 78,294 $ 100,485 Common shareholder dividends (33,407) (31,808) Unvested share-based payment awards (120) (205) Undistributed earnings $ 44,767 $ 68,472 Undistributed earnings allocated to common shareholders $ 44,524 $ 68,086 Undistributed earnings allocated to unvested share-based payment awards 242 386 Undistributed earnings $ 44,767 $ 68,472 Basic Distributed earnings to common shareholders $ 33,407 $ 31,808 Undistributed earnings allocated to common shareholders 44,524 68,086 Total common shareholders earnings, basic $ 77,932 $ 99,894 Diluted Distributed earnings to common shareholders $ 33,407 $ 31,808 Undistributed earnings allocated to common shareholders 44,524 68,086 Total common shareholders earnings, diluted $ 77,932 $ 99,894 Weighted average common shares outstanding 149,855 149,763 Effect of dilutive common stock awards 1,436 1,365 Diluted weighted average common shares outstanding 151,292 151,128 Basic earnings per common share $ 0.52 $ 0.67 Diluted earnings per common share $ 0.52 $ 0.66 Approximately 2 million anti-dilutive common stock options were excluded from the earnings per common share calculations for both the three months ended March 31, 2024 and 2023. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Stock-Based Compensation | 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 Incentive Compensation Plan and the 2020 Incentive Compensation Plan, expenses related to stock options and restricted stock awards are fully recognized on the date the colleague meets the definition of normal or early retirement. Compensation expense recognized is included in personnel expense on the consolidated statements of income. A summary of the Corporation’s stock option activity for the three months ended March 31, 2024 is presented below: Stock Options Shares (a) Weighted Average Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (a) Outstanding at December 31, 2023 3,792 $ 21.25 4.26 years $ 5,834 Exercised 179 17.27 Outstanding at March 31, 2024 3,613 $ 21.45 4.08 years $ 5,299 Options Exercisable at March 31, 2024 3,613 $ 21.45 4.08 years $ 5,299 (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 three months ended March 31, 2024, the intrinsic value of stock options exercised was approximately $722,000, compared to approximately $219,000 for the three months ended March 31, 2023. For the three months ended March 31, 2024, the total fair value of stock options vested was approximately $489,000 compared to approximately $955,000 for the three months ended March 31, 2023. The Corporation also has issued time-based and performance-based restricted stock awards under the 2017 Incentive Compensation Plan and subsequent 2020 Incentive Compensation Plan. Performance awards are based on performance goals determined by the Compensation and Benefits Committee of the Corporation's Board of Directors, with vesting ranging from a minimum of 0% to a maximum of 150% of the target award. Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date. The following table summarizes information about the Corporation’s restricted stock awards activity for the three months ended March 31, 2024: Restricted Stock Shares (a) Weighted Average Outstanding at December 31, 2023 2,349 $ 21.20 Granted 802 21.00 Vested 631 24.39 Forfeited 4 22.05 Outstanding at March 31, 2024 2,516 $ 21.33 (a) In thousands The Corporation amortizes the expense related to restricted stock awards as compensation expense over the vesting period specified in the grant's award agreement. Performance-based restricted stock awards granted during 2023 and 2024 will cliff-vest after the three The Corporation has the ability to issue shares from treasury or new shares upon the exercise of stock options or the granting of restricted stock awards. The Board of Directors has authorized management to repurchase shares of the Corporation’s common stock, 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. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Investment securities are designated as AFS, HTM, or equity on the consolidated balance sheets. The amortized cost and fair values of AFS and HTM securities at March 31, 2024 were as follows: ($ in thousands) Amortized Gross Gross Fair Value AFS investment securities U.S. Treasury securities $ 39,985 $ — $ (4,427) $ 35,558 Obligations of state and political subdivisions (municipal securities) 83,823 1 (2,995) 80,830 Residential mortgage-related securities: FNMA/FHLMC 1,247,657 221 (156,880) 1,090,998 GNMA 2,219,058 6,114 (10,658) 2,214,513 Commercial mortgage-related securities: FNMA/FHLMC 18,603 — (1,595) 17,008 GNMA 159,523 — (7,291) 152,232 Asset backed securities: FFELP 130,196 22 (1,065) 129,154 SBA 916 1 (28) 890 Other debt securities 3,000 — (35) 2,965 Total AFS investment securities $ 3,902,762 $ 6,359 $ (184,973) $ 3,724,148 HTM investment securities U.S. Treasury securities $ 999 $ — $ (30) $ 969 Obligations of state and political subdivisions (municipal securities) 1,676,275 2,292 (154,833) 1,523,734 Residential mortgage-related securities: FNMA/FHLMC 930,148 26,023 (184,227) 771,944 GNMA 48,043 24 (3,609) 44,457 Private-label 341,153 9,399 (69,484) 281,069 Commercial mortgage-related securities: FNMA/FHLMC 779,310 12,068 (162,450) 628,928 GNMA 57,114 338 (7,270) 50,183 Total HTM investment securities $ 3,833,043 $ 50,145 $ (581,903) $ 3,301,284 The amortized cost and fair values of AFS and HTM securities at December 31, 2023 were as follows: ($ in thousands) Amortized Gross Gross Fair Value AFS investment securities U.S. Treasury securities $ 39,984 $ — $ (4,083) $ 35,902 Obligations of state and political subdivisions (municipal securities) 94,008 23 (2,214) 91,817 Residential mortgage-related securities: FNMA/FHLMC 1,274,052 294 (153,552) 1,120,794 GNMA 2,021,242 24,254 (2,822) 2,042,675 Commercial mortgage-related securities: FNMA/FHLMC 18,691 — (1,755) 16,937 GNMA 161,928 — (7,135) 154,793 Asset backed securities: FFELP 135,832 5 (1,862) 133,975 SBA 1,077 2 (28) 1,051 Other debt securities 3,000 — (50) 2,950 Total AFS investment securities $ 3,749,814 $ 24,579 $ (173,501) $ 3,600,892 HTM investment securities U.S. Treasury securities $ 999 $ — $ (36) $ 963 Obligations of state and political subdivisions (municipal securities) 1,682,473 5,638 (134,053) 1,554,059 Residential mortgage-related securities: FNMA/FHLMC 941,973 27,007 (164,587) 804,393 GNMA 48,979 92 (2,901) 46,170 Private-label 345,083 9,796 (65,372) 289,507 Commercial mortgage-related securities: FNMA/FHLMC 780,995 12,699 (160,781) 632,914 GNMA 59,733 386 (7,500) 52,619 Total HTM investment securities $ 3,860,235 $ 55,619 $ (535,230) $ 3,380,624 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 March 31, 2024, are shown below: AFS HTM ($ in thousands) Amortized Fair Amortized Fair Due in one year or less $ 1,915 $ 1,902 $ 11,061 $ 11,011 Due after one year through five years 47,142 42,470 58,092 57,522 Due after five years through ten years 50,863 48,613 166,954 162,309 Due after ten years 26,888 26,368 1,441,167 1,293,862 Total debt securities 126,808 119,353 1,677,274 1,524,703 Residential mortgage-related securities: FNMA/FHLMC 1,247,657 1,090,998 930,148 771,944 GNMA 2,219,058 2,214,513 48,043 44,457 Private-label — — 341,153 281,069 Commercial mortgage-related securities: FNMA/FHLMC 18,603 17,008 779,310 628,928 GNMA 159,523 152,232 57,114 50,183 Asset backed securities: FFELP 130,196 129,154 — — SBA 916 890 — — Total investment securities $ 3,902,762 $ 3,724,148 $ 3,833,043 $ 3,301,284 Ratio of fair value to amortized cost 95.4 % 86.1 % 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 March 31, 2024: ($ in thousands) AAA AA A Not Rated Total U.S. Treasury securities $ 999 $ — $ — $ — $ 999 Obligations of state and political subdivisions (municipal securities) 768,220 901,215 5,685 1,154 1,676,275 Residential mortgage-related securities: FNMA/FHLMC 930,148 — — — 930,148 GNMA 48,043 — — — 48,043 Private-label 341,153 — — — 341,153 Commercial mortgage-related securities: FNMA/FHLMC 779,310 — — — 779,310 GNMA 57,114 — — — 57,114 Total HTM securities $ 2,924,988 $ 901,215 $ 5,685 $ 1,154 $ 3,833,043 The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2023: ($ in thousands) AAA AA A Not Rated Total U.S. Treasury securities $ 999 $ — $ — $ — $ 999 Obligations of state and political subdivisions (municipal securities) 760,329 915,303 5,687 1,155 1,682,473 Residential mortgage-related securities: FNMA/FHLMC 941,973 — — — 941,973 GNMA 48,979 — — — 48,979 Private-label 345,083 — — — 345,083 Commercial mortgage-related securities: FNMA/FHLMC 780,995 — — — 780,995 GNMA 59,733 — — — 59,733 Total HTM securities $ 2,938,090 $ 915,303 $ 5,687 $ 1,155 $ 3,860,235 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 AFS investment securities for the three months ended March 31, 2024 and 2023: Three Months Ended Mar 31, ($ in thousands) 2024 2023 Gross realized (losses) on AFS securities $ (197) $ — Gain on sale and net write-up (down) of equity securities 4,076 51 Investment securities gains (losses), net $ 3,879 $ 51 Proceeds from sales of AFS investment securities $ 9,472 $ — During the first quarter of 2024, the Corporation sold its remaining Visa Class B restricted shares at a gain of $4 million. Investment securities with a carrying value of $1.5 billion and $1.6 billion at March 31, 2024 and December 31, 2023, respectively, were pledged as required to secure certain deposits or for other purposes. Accrued interest receivable on HTM securities totaled $16 million and $18 million at March 31, 2024 and December 31, 2023, respectively. Accrued interest receivable on AFS securities totaled $16 million and $15 million at March 31, 2024 and December 31, 2023, respectively. Accrued interest receivable on both HTM and AFS securities is included in interest receivable on the consolidated balance sheets. The allowance for credit losses on HTM securities was approximately $76,000 at March 31, 2024 and approximately $75,000 at December 31, 2023, attributable entirely to the Corporation's municipal securities, included in HTM investment securities, net, at amortized cost on the consolidated balance sheets. The Corporation also holds U.S. Treasury, municipal, and mortgage-related securities issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government and private-label residential mortgage-related securities that have credit enhancement which covers the first 15% of losses and, as a result, no allowance for credit losses has been recorded related to these securities. The following represents gross unrealized losses and the related fair value of AFS and HTM securities, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at March 31, 2024: Less than 12 months 12 months or more Total ($ in thousands) Number Unrealized Fair Number Unrealized Fair Unrealized Fair AFS investment securities U.S. Treasury securities — $ — $ — 1 $ (4,427) $ 35,558 $ (4,427) $ 35,558 Obligations of state and political subdivisions (municipal securities) 27 (218) 13,847 108 (2,777) 64,217 (2,995) 78,064 Residential mortgage-related securities: FNMA/FHLMC 24 (694) 31,375 71 (156,185) 1,045,343 (156,880) 1,076,718 GNMA 59 (7,016) 1,122,930 10 (3,643) 105,462 (10,658) 1,228,391 Commercial mortgage-related securities: FNMA/FHLMC — — — 1 (1,595) 17,008 (1,595) 17,008 GNMA 1 (337) 13,668 30 (6,954) 138,564 (7,291) 152,232 Asset backed securities: FFELP 2 (116) 40,177 12 (949) 75,411 (1,065) 115,588 SBA — — — 5 (28) 677 (28) 677 Other debt securities 1 (7) 993 2 (28) 1,972 (35) 2,965 Total 114 $ (8,388) $ 1,222,990 240 $ (176,585) $ 1,484,212 $ (184,973) $ 2,707,201 HTM investment securities U.S. Treasury securities — $ — $ — 1 $ (30) $ 969 $ (30) $ 969 Obligations of state and political subdivisions (municipal securities) 287 (2,536) 324,576 653 (152,297) 916,225 (154,833) 1,240,801 Residential mortgage-related securities: FNMA/FHLMC 5 (40) 3,489 113 (184,186) 768,182 (184,227) 771,671 GNMA 6 (99) 8,674 79 (3,511) 34,346 (3,609) 43,020 Private-label — — — 18 (69,484) 281,069 (69,484) 281,069 Commercial mortgage-related securities: FNMA/FHLMC 1 (263) 8,003 44 (162,187) 620,926 (162,450) 628,928 GNMA — — — 13 (7,270) 50,183 (7,270) 50,183 Total 299 $ (2,938) $ 344,741 921 $ (578,965) $ 2,671,899 $ (581,903) $ 3,016,640 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, 2023: 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 — $ — $ — 1 $ (4,083) $ 35,902 $ (4,083) $ 35,902 Obligations of state and political subdivisions (municipal securities) 41 (347) 23,762 92 (1,867) 53,022 (2,214) 76,784 Residential mortgage-related securities: FNMA/FHLMC 18 (333) 22,870 71 (153,219) 1,080,337 (153,552) 1,103,207 GNMA 13 (924) 156,847 5 (1,898) 26,643 (2,822) 183,490 Commercial mortgage-related securities: FNMA/FHLMC — — — 1 (1,755) 16,937 (1,755) 16,937 GNMA 9 (3,160) 103,055 22 (3,975) 51,738 (7,135) 154,793 Asset backed securities: FFELP — — — 14 (1,862) 125,339 (1,862) 125,339 SBA — — — 5 (28) 761 (28) 761 Other debt securities 1 (9) 991 2 (42) 1,958 (50) 2,950 Total 82 $ (4,773) $ 307,527 213 $ (168,728) $ 1,392,635 $ (173,501) $ 1,700,162 HTM investment securities U.S. Treasury securities — $ — $ — 1 $ (36) $ 963 $ (36) $ 963 Obligations of state and political subdivisions (municipal securities) 182 (1,535) 180,270 537 (132,518) 792,940 (134,053) 973,210 Residential mortgage-related securities: FNMA/FHLMC 20 (511) 30,323 94 (164,076) 771,042 (164,587) 801,365 GNMA 2 (17) 2,128 78 (2,884) 34,626 (2,901) 36,754 Private-label — — — 18 (65,372) 289,507 (65,372) 289,507 Commercial mortgage-related securities: FNMA/FHLMC 1 (121) 8,144 44 (160,660) 624,770 (160,781) 632,914 GNMA — — — 13 (7,500) 52,619 (7,500) 52,619 Total 205 $ (2,184) $ 220,865 785 $ (533,046) $ 2,566,468 $ (535,230) $ 2,787,333 The Corporation reviews the AFS investment securities portfolio on a quarterly basis to monitor its credit exposure. A determination as to whether a security’s decline in fair value is the result of credit risk takes into consideration numerous factors and the relative significance of any single factor can vary by security. Some factors the Corporation may consider in this impairment analysis include the extent to which the security has been in an unrealized loss position, the change in security rating, financial condition and near-term prospects of the issuer, as well as the security and industry specific economic conditions. Based on the Corporation’s evaluation, management does not believe any unrealized losses at March 31, 2024 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. As of March 31, 2024, 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 $86 million and $143 million at March 31, 2024 and December 31, 2023, respectively. The Corporation had Federal Reserve Bank stock of $88 million and $87 million at March 31, 2024 and December 31, 2023, respectively. Accrued interest receivable on FHLB stock totaled $2 million and $4 million at March 31, 2024 and December 31, 2023, respectively. There was approximately $921,000 of accrued interest receivable on Federal Reserve Bank Stock at March 31, 2024 and none at December 31, 2023. 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. The Corporation had equity securities with readily determinable fair values of $7 million at both March 31, 2024 and December 31, 2023. Equity securities without readily determinable fair values: The Corporation's portfolio of equity securities without readily determinable fair values primarily consists of an investment in a private loan fund. The Corporation had equity securities without readily determinable fair values carried at $13 million and $35 million at March 31, 2024 and December 31, 2023, respectively. During the first quarter of 2024, the Corporation sold all of its remaining Visa Class B restricted shares. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | Loans The period end loan composition was as follows: ($ in thousands) Mar 31, 2024 Dec 31, 2023 Commercial and industrial $ 9,858,329 $ 9,731,555 Commercial real estate — owner occupied 1,095,894 1,061,700 Commercial and business lending 10,954,223 10,793,255 Commercial real estate — investor 5,035,195 5,124,245 Real estate construction 2,287,041 2,271,398 Commercial real estate lending 7,322,237 7,395,644 Total commercial 18,276,460 18,188,898 Residential mortgage 7,868,180 7,864,891 Auto finance 2,471,257 2,256,162 Home equity 619,764 628,526 Other consumer 258,603 277,740 Total consumer 11,217,802 11,027,319 Total loans $ 29,494,263 $ 29,216,218 Accrued interest receivable on loans totaled $133 million at March 31, 2024, and $132 million at December 31, 2023, and is included in interest receivable on the consolidated balance sheets. Interest accrued but not received is reversed against interest income when a loan is placed on nonaccrual. The following table presents loans by credit quality indicator by origination year at March 31, 2024: Term Loans Amortized Cost Basis by Origination Year (a) ($ in thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis YTD 2024 2023 2022 2021 2020 Prior Total Commercial and industrial: Risk rating: Pass $ 279 $ 1,732,197 $ 318,587 $ 1,758,151 $ 2,806,636 $ 1,701,638 $ 380,164 $ 774,950 $ 9,472,322 Special mention — 14,287 — 13,305 24,216 27,909 3,392 865 83,973 Substandard 434 23,288 44,013 2,283 82,394 59,491 17,184 1,138 229,791 Nonaccrual 3,157 — 2,938 12,629 14,495 17,599 — 24,582 72,243 Commercial and industrial $ 3,869 $ 1,769,772 $ 365,538 $ 1,786,369 $ 2,927,740 $ 1,806,637 $ 400,739 $ 801,535 $ 9,858,329 Commercial real estate - owner occupied: Risk rating: Pass $ — $ 11,455 $ 56,257 $ 196,065 $ 191,357 $ 234,852 $ 133,883 $ 218,224 $ 1,042,093 Special mention — 94 — — — — — — 94 Substandard — 950 2,667 18,003 2,083 12,376 8,423 7,114 51,616 Nonaccrual — — 722 1,368 — — — — 2,090 Commercial real estate - owner occupied $ — $ 12,500 $ 59,646 $ 215,436 $ 193,440 $ 247,228 $ 142,306 $ 225,339 $ 1,095,894 Commercial and business lending: Risk rating: Pass $ 279 $ 1,743,652 $ 374,844 $ 1,954,216 $ 2,997,992 $ 1,936,490 $ 514,047 $ 993,174 $ 10,514,415 Special mention — 14,381 — 13,305 24,216 27,909 3,392 865 84,068 Substandard 434 24,239 46,680 20,286 84,477 71,867 25,606 8,252 281,408 Nonaccrual 3,157 — 3,659 13,997 14,495 17,599 — 24,582 74,333 Commercial and business lending $ 3,869 $ 1,782,272 $ 425,184 $ 2,001,805 $ 3,121,180 $ 2,053,865 $ 543,045 $ 1,026,873 $ 10,954,223 Commercial real estate - investor: Risk rating: Pass $ — $ 131,383 $ 196,066 $ 1,162,643 $ 1,274,328 $ 1,014,759 $ 418,534 $ 550,600 $ 4,748,313 Special mention — 502 — — 22,494 9,238 — 35,614 67,848 Substandard — — 38,662 94,918 33,540 25,949 975 6,293 200,338 Nonaccrual — — — — — — — 18,697 18,697 Commercial real estate - investor $ — $ 131,886 $ 234,727 $ 1,257,561 $ 1,330,362 $ 1,049,946 $ 419,509 $ 611,204 $ 5,035,195 Real estate construction: Risk rating: Pass $ — $ 24,266 $ 58,519 $ 474,768 $ 1,177,598 $ 494,047 $ 45,034 $ 12,792 $ 2,287,023 Nonaccrual — — — — — — — 18 18 Real estate construction $ — $ 24,266 $ 58,519 $ 474,768 $ 1,177,598 $ 494,047 $ 45,034 $ 12,810 $ 2,287,041 Commercial real estate lending: Risk rating: Pass $ — $ 155,649 $ 254,585 $ 1,637,410 $ 2,451,926 $ 1,508,806 $ 463,568 $ 563,392 $ 7,035,336 Special mention — 502 — — 22,494 9,238 — 35,614 67,848 Substandard — — 38,662 94,918 33,540 25,949 975 6,293 200,338 Nonaccrual — — — — — — — 18,715 18,715 Commercial real estate lending $ — $ 156,151 $ 293,246 $ 1,732,329 $ 2,507,960 $ 1,543,993 $ 464,543 $ 624,014 $ 7,322,237 Total commercial: Risk rating: Pass $ 279 $ 1,899,301 $ 629,429 $ 3,591,627 $ 5,449,918 $ 3,445,296 $ 977,615 $ 1,556,566 $ 17,549,751 Special mention — 14,883 — 13,305 46,710 37,146 3,392 36,480 151,916 Substandard 434 24,239 85,342 115,205 118,017 97,816 26,582 14,545 481,745 Nonaccrual 3,157 — 3,659 13,997 14,495 17,599 — 43,297 93,047 Total commercial $ 3,869 $ 1,938,423 $ 718,430 $ 3,734,133 $ 5,629,140 $ 3,597,858 $ 1,007,588 $ 1,650,888 $ 18,276,460 Term Loans Amortized Cost Basis by Origination Year (a) ($ in thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis YTD 2024 2023 2022 2021 2020 Prior Total Residential mortgage: Risk rating: Pass $ — $ — $ 23,550 $ 396,223 $ 1,657,013 $ 2,086,129 $ 1,389,566 $ 2,244,891 $ 7,797,372 Special mention — — — — — — — 94 94 Substandard — — — 467 92 — — 199 759 Nonaccrual — — 877 1,264 10,501 9,712 8,575 39,026 69,954 Residential mortgage $ — $ — $ 24,427 $ 397,954 $ 1,667,606 $ 2,095,841 $ 1,398,141 $ 2,284,210 $ 7,868,180 Auto finance: Risk rating: Pass $ — $ — $ 384,126 $ 1,133,964 $ 874,922 $ 68,423 $ 137 $ 352 $ 2,461,925 Special mention — — — 634 1,398 117 — — 2,148 Substandard — — — 26 — — — — 26 Nonaccrual — — 21 1,682 4,898 554 — 2 7,158 Auto finance $ — $ — $ 384,147 $ 1,136,306 $ 881,218 $ 69,094 $ 137 $ 354 $ 2,471,257 Home equity: Risk rating: Pass $ 3,830 $ 514,998 $ 21 $ 1,508 $ 29,539 $ 5,949 $ 2,278 $ 56,995 $ 611,286 Special mention 17 53 — 46 38 — — 175 312 Substandard — — — 9 — — — 56 65 Nonaccrual 505 76 31 — 671 141 120 7,061 8,100 Home equity $ 4,352 $ 515,127 $ 51 $ 1,563 $ 30,248 $ 6,090 $ 2,398 $ 64,286 $ 619,764 Other consumer: Risk rating: Pass $ 75 $ 186,540 $ 1,489 $ 4,995 $ 2,823 $ 1,474 $ 781 $ 57,722 $ 255,824 Special mention 3 850 — 14 24 6 7 3 904 Substandard — 1,788 — — — — — — 1,788 Nonaccrual 4 61 — 9 7 — — 11 87 Other consumer $ 82 $ 189,238 $ 1,489 $ 5,018 $ 2,854 $ 1,480 $ 788 $ 57,735 $ 258,603 Total consumer: Risk rating: Pass $ 3,905 $ 701,538 $ 409,186 $ 1,536,690 $ 2,564,297 $ 2,161,975 $ 1,392,762 $ 2,359,959 $ 11,126,407 Special mention 20 904 — 694 1,459 123 7 272 3,459 Substandard — 1,788 — 502 92 — — 255 2,637 Nonaccrual 509 137 928 2,955 16,077 10,407 8,695 46,100 85,299 Total consumer $ 4,434 $ 704,365 $ 410,115 $ 1,540,841 $ 2,581,926 $ 2,172,506 $ 1,401,464 $ 2,406,586 $ 11,217,802 Total loans: Risk rating: Pass $ 4,184 $ 2,600,839 $ 1,038,615 $ 5,128,316 $ 8,014,215 $ 5,607,272 $ 2,370,376 $ 3,916,525 $ 28,676,159 Special mention 20 15,787 — 13,999 48,169 37,270 3,399 36,752 155,375 Substandard 434 26,026 85,342 115,707 118,109 97,816 26,582 14,800 484,383 Nonaccrual 3,666 137 4,588 16,952 30,572 28,007 8,695 89,396 178,346 Total loans $ 8,303 $ 2,642,788 $ 1,128,545 $ 5,274,974 $ 8,211,066 $ 5,770,365 $ 2,409,052 $ 4,057,474 $ 29,494,263 (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 loans by credit quality indicator by origination year at December 31, 2023: Term Loans Amortized Cost Basis by Origination Year (a) ($ in thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis 2023 2022 2021 2020 2019 Prior Total Commercial and industrial: Risk rating: Pass $ 1,380 $ 1,693,249 $ 1,736,617 $ 2,877,173 $ 1,824,362 $ 398,046 $ 383,695 $ 449,006 $ 9,362,149 Special mention — 21,779 4,017 46,610 8,525 3,529 — 25,341 109,801 Substandard 804 81,924 10,515 39,748 47,279 17,732 94 291 197,582 Nonaccrual 6,414 — 13,317 14,188 33,891 627 — — 62,022 Commercial and industrial $ 8,598 $ 1,796,951 $ 1,764,466 $ 2,977,719 $ 1,914,057 $ 419,934 $ 383,789 $ 474,638 $ 9,731,555 Commercial real estate - owner occupied: Risk rating: Pass $ — $ 15,393 $ 204,039 $ 188,003 $ 239,218 $ 136,535 $ 135,730 $ 92,339 $ 1,011,259 Special mention — 271 — — 6,150 2,635 — 1,293 10,349 Substandard — 292 14,735 2,791 6,416 8,537 3,086 2,841 38,699 Nonaccrual — — 1,394 — — — — — 1,394 Commercial real estate - owner occupied $ — $ 15,957 $ 220,168 $ 190,794 $ 251,783 $ 147,708 $ 138,816 $ 96,473 $ 1,061,700 Commercial and business lending: Risk rating: Pass $ 1,380 $ 1,708,642 $ 1,940,657 $ 3,065,177 $ 2,063,580 $ 534,581 $ 519,426 $ 541,345 $ 10,373,408 Special mention — 22,050 4,017 46,610 14,675 6,164 — 26,634 120,150 Substandard 804 82,216 25,250 42,539 53,695 26,269 3,180 3,132 236,281 Nonaccrual 6,414 — 14,710 14,188 33,891 627 — — 63,416 Commercial and business lending $ 8,598 $ 1,812,909 $ 1,984,635 $ 3,168,514 $ 2,165,840 $ 567,642 $ 522,606 $ 571,111 $ 10,793,255 Commercial real estate - investor: Risk rating: Pass $ — $ 155,109 $ 1,263,866 $ 1,247,434 $ 1,080,425 $ 471,371 $ 358,996 $ 239,230 $ 4,816,433 Special mention — 502 4,248 25,474 26,208 — 29,772 6,014 92,218 Substandard — — 106,002 69,584 15,000 983 — 24,025 215,595 Commercial real estate - investor $ — $ 155,611 $ 1,374,116 $ 1,342,492 $ 1,121,633 $ 472,355 $ 388,768 $ 269,269 $ 5,124,245 Real estate construction: Risk rating: Pass $ — $ 23,307 $ 422,277 $ 1,176,608 $ 547,825 $ 87,680 $ 5,740 $ 7,954 $ 2,271,392 Nonaccrual — — — — — — — 6 6 Real estate construction $ — $ 23,307 $ 422,277 $ 1,176,608 $ 547,825 $ 87,680 $ 5,740 $ 7,960 $ 2,271,398 Commercial real estate lending: Risk rating: Pass $ — $ 178,416 $ 1,686,143 $ 2,424,042 $ 1,628,250 $ 559,052 $ 364,737 $ 247,184 $ 7,087,824 Special mention — 502 4,248 25,474 26,208 — 29,772 6,014 92,218 Substandard — — 106,002 69,584 15,000 983 — 24,025 215,595 Nonaccrual — — — — — — — 6 6 Commercial real estate lending $ — $ 178,918 $ 1,796,393 $ 2,519,100 $ 1,669,458 $ 560,035 $ 394,508 $ 277,230 $ 7,395,644 Term Loans Amortized Cost Basis by Origination Year (a) ($ in thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis 2023 2022 2021 2020 2019 Prior Total Total commercial: Risk rating: Pass $ 1,380 $ 1,887,058 $ 3,626,800 $ 5,489,219 $ 3,691,830 $ 1,093,633 $ 884,162 $ 788,529 $ 17,461,232 Special mention — 22,552 8,265 72,084 40,882 6,164 29,772 32,648 212,368 Substandard 804 82,216 131,253 112,123 68,695 27,253 3,180 27,157 451,876 Nonaccrual 6,414 — 14,710 14,188 33,891 627 — 6 63,422 Total commercial $ 8,598 $ 1,991,827 $ 3,781,028 $ 5,687,614 $ 3,835,298 $ 1,127,677 $ 917,114 $ 848,341 $ 18,188,898 Residential mortgage: Risk rating: Pass $ — $ — $ 352,321 $ 1,617,409 $ 2,110,577 $ 1,414,186 $ 647,778 $ 1,650,542 $ 7,792,813 Special mention — — — — — — 95 57 152 Substandard — — 490 93 — — 174 26 784 Nonaccrual — — 1,425 9,567 9,259 10,397 6,628 33,865 71,142 Residential mortgage $ — $ — $ 354,236 $ 1,627,070 $ 2,119,836 $ 1,424,583 $ 654,675 $ 1,684,490 $ 7,864,891 Auto finance: Risk rating: Pass $ — $ — $ 1,218,820 $ 952,839 $ 75,209 $ 163 $ 456 $ 132 $ 2,247,618 Special mention — — 619 1,850 205 — — — 2,674 Substandard — — — 73 — — — — 73 Nonaccrual — — 1,032 4,332 430 — 3 — 5,797 Auto finance $ — $ — $ 1,220,471 $ 959,094 $ 75,844 $ 163 $ 458 $ 132 $ 2,256,162 Home equity: Risk rating: Pass $ 8,703 $ 521,000 $ 1,678 $ 29,863 $ 6,084 $ 2,327 $ 4,891 $ 53,350 $ 619,192 Special mention 179 200 — 87 — 29 15 378 708 Substandard 10 75 10 — — — 33 — 118 Nonaccrual 1,302 160 29 495 132 144 368 7,180 8,508 Home equity $ 10,195 $ 521,434 $ 1,717 $ 30,445 $ 6,217 $ 2,500 $ 5,308 $ 60,907 $ 628,526 Other consumer: Risk rating: Pass $ 121 $ 196,632 $ 6,419 $ 3,732 $ 2,658 $ 1,127 $ 460 $ 64,121 $ 275,149 Special mention 26 843 9 — 3 20 — 6 881 Substandard — 1,582 — — — — — — 1,582 Nonaccrual 27 71 10 1 6 2 8 29 128 Other consumer $ 174 $ 199,129 $ 6,438 $ 3,733 $ 2,668 $ 1,149 $ 468 $ 64,156 $ 277,740 Total consumer: Risk rating: Pass $ 8,824 $ 717,632 $ 1,579,238 $ 2,603,843 $ 2,194,529 $ 1,417,802 $ 653,584 $ 1,768,145 $ 10,934,773 Special mention 205 1,043 628 1,936 208 49 110 441 4,416 Substandard 10 1,656 500 166 — — 207 26 2,556 Nonaccrual 1,330 231 2,496 14,396 9,827 10,544 7,007 41,073 85,574 Total consumer $ 10,369 $ 720,563 $ 1,582,862 $ 2,620,341 $ 2,204,564 $ 1,428,395 $ 660,909 $ 1,809,685 $ 11,027,319 Total loans: Risk rating: Pass $ 10,204 $ 2,604,690 $ 5,206,038 $ 8,093,062 $ 5,886,359 $ 2,511,435 $ 1,537,747 $ 2,556,674 $ 28,396,005 Special mention 205 23,595 8,893 74,020 41,091 6,213 29,882 33,089 216,784 Substandard 814 83,872 131,753 112,289 68,695 27,253 3,387 27,183 454,432 Nonaccrual 7,744 231 17,206 28,584 43,718 11,170 7,007 41,080 148,997 Total loans $ 18,966 $ 2,712,389 $ 5,363,890 $ 8,307,956 $ 6,039,862 $ 2,556,071 $ 1,578,023 $ 2,658,026 $ 29,216,218 (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 gross charge offs by origination year for the three months ended March 31, 2024: Gross Charge Offs by Origination Year ($ in thousands) Rev Loans Amortized Cost Basis YTD 2024 2023 2022 2021 2020 Prior Total Commercial and industrial $ 1,024 $ — $ 125 $ 553 $ 17,724 $ 3 $ — $ 19,429 Commercial real estate-owner occupied — — — — — — 3 3 Commercial and business lending 1,024 — 125 553 17,724 3 3 19,432 Total commercial 1,024 — 125 553 17,724 3 3 19,432 Residential mortgage — — 40 — — 2 47 89 Auto finance — — 767 1,675 158 — — 2,600 Home equity 93 — — — — — 15 108 Other consumer 1,688 — 15 8 17 28 34 1,790 Total consumer 1,782 — 822 1,683 175 30 95 4,586 Total gross charge offs $ 2,806 $ — $ 947 $ 2,236 $ 17,899 $ 33 $ 98 $ 24,018 The following table presents gross charge offs by origination year for the year ended December 31, 2023: Gross Charge Offs by Origination Year ($ in thousands) Rev Loans Amortized Cost Basis 2023 2022 2021 2020 2019 Prior Total Commercial and industrial $ 4,130 $ 717 $ 9,594 $ 25,270 $ 5,958 $ — $ 18 $ 45,687 Commercial real estate-owner occupied — — — — — 25 — 25 Commercial and business lending 4,130 717 9,594 25,270 5,958 25 18 45,713 Commercial real estate-investor — — — — — — 252 252 Real estate construction — — — — — — 25 25 Commercial real estate lending — — — — — — 277 277 Total commercial 4,130 717 9,594 25,270 5,958 25 295 45,989 Residential mortgage — 2 32 42 148 5 723 952 Auto finance — 795 4,524 626 — 5 — 5,950 Home equity 53 21 3 31 — 22 294 424 Other consumer 4,884 — 72 124 131 72 170 5,453 Total consumer 4,937 818 4,630 823 279 105 1,187 12,779 Total gross charge offs $ 9,068 $ 1,535 $ 14,224 $ 26,093 $ 6,237 $ 130 $ 1,482 $ 58,768 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. 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 loan modifications could be pass or special mention, depending on the risk rating on the loan. Substandard 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 loan modification, meet the criteria to be individually evaluated. Commercial loans classified as special mention, substandard, 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 March 31, 2024: Accruing ($ in thousands) Current 30-59 Days 60-89 Days 90+ Days Nonaccrual (a)(b) Total Commercial and industrial $ 9,785,140 $ 371 $ 150 $ 426 $ 72,243 $ 9,858,329 Commercial real estate - owner occupied 1,093,804 — — — 2,090 1,095,894 Commercial and business lending 10,878,944 371 150 426 74,333 10,954,223 Commercial real estate - investor 4,997,335 — 19,164 — 18,697 5,035,195 Real estate construction 2,285,763 1,260 — — 18 2,287,041 Commercial real estate lending 7,283,098 1,260 19,164 — 18,715 7,322,237 Total commercial 18,162,042 1,631 19,314 426 93,047 18,276,460 Residential mortgage 7,788,322 9,808 94 — 69,954 7,868,180 Auto finance 2,451,552 10,373 2,148 26 7,158 2,471,257 Home equity 608,821 2,506 312 24 8,100 619,764 Other consumer 254,313 1,298 963 1,942 87 258,603 Total consumer 11,103,009 23,985 3,517 1,992 85,299 11,217,802 Total loans $ 29,265,051 $ 25,617 $ 22,831 $ 2,417 $ 178,346 $ 29,494,263 (a) Of the total nonaccrual loans, $98 million, or 55%, were current with respect to payment at March 31, 2024. (b) No interest income was recognized on nonaccrual loans for the three months ended March 31, 2024. In addition, there were $20 million of nonaccrual loans for which there was no related ACLL at March 31, 2024. The following table presents loans by past due status at December 31, 2023: Accruing ($ in thousands) Current 30-59 Days 60-89 Days 90+ Days Nonaccrual (a)(b) Total Commercial and industrial $ 9,663,587 $ 5,374 $ 191 $ 380 $ 62,022 $ 9,731,555 Commercial real estate - owner occupied 1,059,948 — 358 — 1,394 1,061,700 Commercial and business lending 10,723,536 5,374 549 380 63,416 10,793,255 Commercial real estate - investor 5,086,117 — 18,697 19,432 — 5,124,245 Real estate construction 2,271,392 — — — 6 2,271,398 Commercial real estate lending 7,357,509 — 18,697 19,432 6 7,395,644 Total commercial 18,081,044 5,374 19,246 19,812 63,422 18,188,898 Residential mortgage 7,780,304 13,294 152 — 71,142 7,864,891 Auto finance 2,232,906 14,712 2,674 73 5,797 2,256,162 Home equity 615,810 3,500 708 — 8,508 628,526 Other consumer 273,644 1,233 932 1,803 128 277,740 Total consumer 10,902,664 32,739 4,467 1,876 85,574 11,027,319 Total loans $ 28,983,708 $ 38,113 $ 23,712 $ 21,689 $ 148,997 $ 29,216,218 (a) Of the total nonaccrual loans, $80 million, or 53%, were current with respect to payment at December 31, 2023. (b) No interest income was recognized on nonaccrual loans for the year ended December 31, 2023. In addition, there were $23 million of nonaccrual loans for which there was no related ACLL at December 31, 2023. Loan Modifications The following tables show the composition of loan modifications made to borrowers experiencing financial difficulty by the loan portfolio and type of concessions granted during the three months ended March 31, 2024 and March 31, 2023. Each of the types of concessions granted comprised less than 1% of their respective classes of loan portfolios at March 31, 2024. Interest Rate Concession Amortized Cost ($ in thousands) March 31, 2024 March 31, 2023 Commercial and industrial $ 159 $ 47 Auto 46 61 Home equity — 31 Other consumer 534 498 Total loans modified $ 739 $ 637 Term Extension Amortized Cost ($ in thousands) March 31, 2024 March 31, 2023 Residential mortgage $ — $ 209 Total loans modified $ — $ 209 Combination - Interest Rate Concession and Term Extension Amortized Cost ($ in thousands) March 31, 2024 March 31, 2023 Residential mortgage $ 643 $ 165 Home equity 31 93 Total loans modified $ 674 $ 258 The following tables summarize, by loan portfolio, the financial effect of the Corporation's loan modifications on the modified loans as of March 31, 2024 and March 31, 2023: Interest Rate Concession Financial Effect, Weighted Average Contractual Interest Rate (Decrease) Increase (a) Loan Type March 31, 2024 March 31, 2023 Commercial and industrial (16) % (16) % Residential mortgage 3 % — % Auto (9) % (2) % Home equity (3) % 1 % Other consumer (21) % (20) % Weighted average of total loans modified (9) % (17) % (a) Due to market conditions, some interest rate concessions on floating rate loans may involve an increase in rate that was lower in comparison to the rate of increase for floating rate loans not modified. Term Extension Financial Effect, Weighted Average Term Increase (a) Loan Type March 31, 2024 March 31, 2023 Residential mortgage 158 months 26 months Home equity 64 months 0 months Weighted average of total loans modified 153 months 26 months (a) During the three months ended March 31, 2024 and March 31, 2023, term extensions changed the weighted average term on modified loans from 254 to 407 months and 334 to 360 months, respectively. The Corporation closely monitors the performance of loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the twelve months ended March 31, 2024: Payment Status (Amortized Cost Basis) ($ in thousands) Current 30-89 Days Past Due 90+ Days Past Due Nonaccrual Commercial and industrial $ 377 $ — $ — $ — Residential mortgage 345 — — 991 Auto 63 3 — 11 Home equity 135 47 — 139 Other consumer 1,487 — — — Total loans modified $ 2,407 $ 50 $ — $ 1,141 The following table depicts the performance of loans that have been modified in the three months ended March 31, 2023: Payment Status (Amortized Cost Basis) ($ in thousands) Current 30-89 Days Past Due 90+ Days Past Due Nonaccrual Commercial and industrial $ 47 $ — $ — $ — Residential mortgage 126 — — 248 Auto 61 — — — Home equity 31 — — 93 Other consumer 498 — — — Total loans modified $ 763 $ — $ — $ 341 The following table provides the amortized cost of loan modifications by loan portfolio and type of concession that were modified in the previous twelve months and subsequently had a payment default during the three months ended March 31, 2024: Amortized Cost of Loan Modifications that Subsequently Defaulted ($ in thousands) Interest Rate Concession Term Extension Combination Interest Rate Reduction and Term Extension Auto $ 11 $ — $ — Total loans modified $ 11 $ — $ — The following table provides the amortized cost of loan modifications by loan portfolio and type of concession that were modified in the previous three months and subsequently had a payment default during the three months ended March 31, 2023: Amortized Cost of Loan Modifications that Subsequently Defaulted ($ in thousands) Interest Rate Concession Term Extension Combination Interest Rate Reduction and Term Extension Home equity $ — $ — $ 60 Total loans modified $ — $ — $ 60 The nature and extent of the impairment of modified loans, including those which have experienced a subsequent payment default, are considered in the determination of an appropriate level of the ACLL. 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 March 31, 2024 was the Moody's baseline scenario from February 2024, which was reviewed against the March 2024 baseline scenario with no material updates made, over a two year reasonable and supportable period with straight-line reversion to the historical losses over the second year of the period. The allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). See Note 11 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 three months ended March 31, 2024: ($ in thousands) Dec 31, 2023 Charge offs Recoveries Net Charge offs Provision for credit losses Mar 31, 2024 ACLL / Loans Allowance for loan losses Commercial and industrial $ 128,263 $ (19,429) $ 791 $ (18,638) $ 23,202 $ 132,826 Commercial real estate — owner occupied 10,610 (3) 5 2 1,768 12,381 Commercial and business lending 138,873 (19,432) 796 (18,636) 24,970 145,207 Commercial real estate — investor 67,858 — — — 4,137 71,995 Real estate construction 53,554 — 30 30 (4,281) 49,303 Commercial real estate lending 121,412 — 30 30 (144) 121,298 Total commercial 260,285 (19,432) 826 (18,606) 24,826 266,506 Residential mortgage 37,808 (89) 27 (62) (1,831) 35,915 Auto finance 24,961 (2,600) 506 (2,094) 3,248 26,114 Home equity 15,403 (108) 319 211 (874) 14,740 Other consumer 12,638 (1,790) 252 (1,537) 1,630 12,731 Total consumer 90,809 (4,586) 1,104 (3,482) 2,174 89,501 Total loans $ 351,094 $ (24,018) $ 1,930 $ (22,088) $ 27,000 $ 356,006 Allowance for unfunded commitments Commercial and industrial $ 13,319 $ — $ — $ — $ (757) $ 12,562 Commercial real estate — owner occupied 149 — — — 15 164 Commercial and business lending 13,468 — — — (742) 12,725 Commercial real estate — investor 480 — — — 37 517 Real estate construction 17,024 — — — (2,103) 14,921 Commercial real estate lending 17,504 — — — (2,066) 15,438 Total commercial 30,972 — — — (2,808) 28,164 Home equity 2,629 — — — (316) 2,313 Other consumer 1,174 — — — 124 1,298 Total consumer 3,803 — — — (192) 3,612 Total loans $ 34,776 $ — $ — $ — $ (3,000) $ 31,776 Allowance for credit losses on loans Commercial and industrial $ 141,582 $ (19,429) $ 791 $ (18,638) $ 22,445 $ 145,388 1.47 % Commercial real estate — owner occupied 10,759 (3) 5 2 1,783 12,544 1.14 % Commercial and business lending 152,341 (19,432) 796 (18,636) 24,227 157,933 1.44 % Commercial real estate — investor 68,338 — — — 4,174 72,512 1.44 % Real estate construction 70,578 — 30 30 (6,383) 64,225 2.81 % Commercial real estate lending 138,916 — 30 30 (2,209) 136,737 1.87 % Total commercial 291,257 (19,432) 826 (18,606) 22,018 294,669 1.61 % Residential mortgage 37,808 (89) 27 (62) (1,831) 35,915 0.46 % Auto finance 24,961 (2,600) 506 (2,094) 3,248 26,114 1.06 % Home equity 18,032 (108) 319 211 (1,190) 17,054 2.75 % Other consumer 13,812 (1,790) 252 (1,537) 1,755 14,029 5.43 % Total consumer 94,613 (4,586) 1,104 (3,482) 1,982 93,112 0.83 % Total loans $ 385,870 $ (24,018) $ 1,930 $ (22,088) $ 24,000 $ 387,782 1.31 % The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 2023: ($ in thousands) Dec 31, 2022 Charge offs Recoveries Net Charge offs Provision for credit losses Dec 31, 2023 ACLL / Loans Allowance for loan losses Commercial and industrial $ 119,076 $ (45,687) $ 3,015 $ (42,672) $ 51,859 $ 128,263 Commercial real estate — owner occupied 9,475 (25) 11 (15) 1,150 10,610 Commercial and business lending 128,551 (45,713) 3,026 (42,687) 53,009 138,873 Commercial real estate — investor 54,398 (252) 3,016 2,763 10,697 67,858 Real estate construction 45,589 (25) 80 55 7,910 53,554 Commercial real estate lending 99,986 (277) 3,095 2,819 18,607 121,412 Total commercial 228,538 (45,989) 6,121 (39,868) 71,616 260,285 Residential mortgage 38,298 (952) 541 (411) (79) 37,808 Auto finance 19,619 (5,950) 1,241 (4,709) 10,051 24,961 Home equity 14,875 (424) 1,262 837 (310) 15,403 Other consumer 11,390 (5,453) 978 (4,475) 5,723 12,638 Total consumer 84,182 (12,779) 4,021 (8,758) 15,384 90,809 Total loans $ 312,720 $ (58,768) $ 10,142 $ (48,626) $ 87,000 $ 351,094 Allowance for unfunded commitments Commercial and industrial $ 12,997 $ — $ — $ — $ 321 $ 13,319 Commercial real estate — owner occupied 103 — — — 46 149 Commercial and business lending 13,101 — — — 367 13,468 Commercial real estate — investor 710 — — — (230) 480 Real estate construction 20,583 — — — (3,558) 17,024 Commercial real estate lending 21,292 — — — (3,788) 17,504 Total commercial 34,393 — — — (3,421) 30,972 Home equity 2,699 — — — (70) 2,629 Other consumer 1,683 — — — (509) 1,174 Total consumer 4,382 — — — (579) 3,803 Total loans $ 38,776 $ — $ — $ — $ (4,000) $ 34,776 Allowance for credit losses on loans Commercial and industrial $ 132,073 $ (45,687) $ 3,015 $ (42,672) $ 52,181 $ 141,582 1.45 % Commercial real estate — owner occupied 9,579 (25) 11 (15) 1,195 10,759 1.01 % Commercial and business lending 141,652 (45,713) 3,026 (42,687) 53,376 152,341 1.41 % Commercial real estate — investor 55,108 (252) 3,016 2,763 10,467 68,338 1.33 % Real estate construction 66,171 (25) 80 55 4,351 70,578 3.11 % Commercial real estate lending 121,279 (277) 3,095 2,819 14,819 138,916 1.88 % Total commercial 262,931 (45,989) 6,121 (39,868) 68,195 291,257 1.60 % Residential mortgage 38,298 (952) 541 (411) (79) 37,808 0.48 % Auto finance 19,619 (5,950) 1,241 (4,709) 10,051 24,961 1.11 % Home equity 17,574 (424) 1,262 837 (380) 18,032 2.87 % Other consumer 13,073 (5,453) 978 (4,475) 5,214 13,812 4.97 % Total consumer 88,565 (12,779) 4,021 (8,758) 14,805 94,613 0.86 % Total loans $ 351,496 $ (58,768) $ 10,142 $ (48,626) $ 83,000 $ 385,870 1.32 % |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Goodwill is not amortized but is instead subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount. The Corporation conducted its most recent annual impairment testing in May 2023, 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 KBW Nasdaq Regional Banking Index (KRX), 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 2023 impairment test that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in 2023 or the first three months of 2024. The Corporation had goodwill of $1.1 billion at both March 31, 2024 and December 31, 2023. Core Deposit Intangibles The Corporation has CDIs which are amortized. Changes in the gross carrying amount, accumulated amortization, and net book value for CDIs were as follows: ($ in thousands) Three Months Ended March 31, 2024 Year Ended Dec 31, 2023 Core deposit intangibles Gross carrying amount at the beginning of period $ 88,109 $ 88,109 Accumulated amortization (49,841) (47,638) Net book value $ 38,268 $ 40,471 Amortization during the period $ 2,203 $ 8,811 Mortgage Servicing Rights The Corporation sells residential mortgage loans in the secondary market and typically retains the right to service the loans sold. MSRs are not traded in active markets. As a result, 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, are used in measuring the fair value of the MSRs asset. These assumptions are considered significant unobservable inputs. See Note 11 for a discussion of the recourse provisions on sold residential mortgage loans. See Note 12 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 three months ended March 31, 2024 and the year ended December 31, 2023 is as follows: ($ in thousands) Three Months Ended March 31, 2024 Year Ended Dec 31, 2023 Mortgage servicing rights Mortgage servicing rights at beginning of period $ 84,390 $ 77,351 Additions 877 3,564 Paydowns (1,687) (7,185) Valuation: Change in fair value model assumptions — 8,881 Changes in fair value of asset 1,646 1,778 Mortgage servicing rights at end of period $ 85,226 $ 84,390 Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) (a) $ 6,349,049 $ 7,364,492 Mortgage servicing rights to servicing portfolio (a) 1.34 % 1.15 % (a) During the fourth quarter of 2023, the Corporation transferred $969 million of residential mortgages into held for sale and subsequently sold them for $844 million. After sale, the servicing was retained for a short period until full servicing was transferred to the purchaser in January 2024. The projections of amortization expense for CDIs and decay for MSRs are based on existing asset balances, the current interest rate environment, and prepayment speeds as of March 31, 2024. The actual expense the Corporation recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements, and events or circumstances that indicate the carrying amount of an asset may not be recoverable. The following table shows the estimated future amortization expense for CDIs and decay for MSRs: ($ in thousands) Core Deposit Intangibles Mortgage Servicing Rights Nine months ended December 31, 2024 $ 6,608 $ 6,930 2025 8,811 11,133 2026 8,811 11,013 2027 8,811 10,506 2028 3,485 9,628 2029 1,681 8,614 Beyond 2029 61 27,402 Total estimated amortization expense and MSRs decay $ 38,268 $ 85,226 |
Short and Long-Term Funding
Short and Long-Term Funding | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Short and Long-Term Funding | Short and Long-Term Funding The following table presents the components of short-term funding (funding with original contractual maturities of one year or less), and long-term funding (funding with original contractual maturities greater than one year): ($ in thousands) Mar 31, 2024 Dec 31, 2023 Short-term funding Federal funds purchased $ 175,135 $ 220,160 Securities sold under agreements to repurchase 90,536 106,620 Federal funds purchased and securities sold under agreements to repurchase 265,671 326,780 BTFP funding 500,000 — Total short-term funding $ 765,671 $ 326,780 Long-term funding Corporation subordinated notes, at par $ 550,000 $ 550,000 Discount and capitalized costs (7,468) (7,748) Subordinated debt fair value hedge (a) (6,838) (1,366) Finance leases 361 383 Total long-term funding $ 536,055 $ 541,269 Total short and long-term funding, excluding FHLB advances $ 1,301,726 $ 868,049 FHLB advances Short-term FHLB advances $ 138,000 $ 740,000 Long-term FHLB advances 1,209,862 1,209,907 FHLB advances fair value hedge (a) (14,451) (9,713) Total FHLB advances $ 1,333,411 $ 1,940,194 Total short and long-term funding $ 2,635,137 $ 2,808,243 (a) For additional information on the fair value hedges, see Note 9. Securities Sold Under Agreements to Repurchase The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability on the Corporation’s consolidated balance sheets, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities). The Corporation utilizes repurchase agreements to facilitate the needs of its customers. The fair value of securities pledged to secure repurchase agreements may decline. At March 31, 2024, the Corporation had pledged securities valued at 215% 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 March 31, 2024 and December 31, 2023 are presented in the following table: Overnight and Continuous ($ in thousands) Mar 31, 2024 Dec 31, 2023 Repurchase agreements Agency mortgage-related securities $ 90,536 $ 106,620 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. In February 2023, the Corporation issued $300 million of 10-year subordinated notes, due March 1, 2033 and redeemable (i) on the reset date of March 1, 2028 and any interest payment date thereafter, (ii) at any time on or after the three month period prior to the maturity date, and (iii) upon the occurrence of a Regulatory Capital Treatment Event (as defined in the Global Note). 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. Finance Leases Finance leases are used in conjunction with branch operations. See Note 16 for additional disclosure regarding the Corporation’s leases. |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative and Hedging Activities | Derivative and Hedging Activities The Corporation is exposed to certain risk arising from both its business operations and economic conditions. The Corporation principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Corporation manages economic risks, including interest rate, liquidity, foreign currency, 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 values of which are determined by interest rates and/or foreign currency exchange 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 $89 million and $93 million of investment securities as collateral at March 31, 2024 and December 31, 2023, respectively. Cash is often pledged as collateral for derivatives that are not centrally cleared. The Corporation had no required cash collateral at March 31, 2024, compared to $5 million at December 31, 2023. To qualify for hedge accounting, a hedging relationship must be highly effective at mitigating the risk associated with the exposure being hedged. The Corporation performs effectiveness assessments of its derivative financial instruments prospectively at inception and both prospectively and retrospectively quarterly thereafter. The initial prospective assessment is performed on a quantitative basis unless the hedging relationship meets certain conditions, and subsequent assessments are performed on a quantitative basis unless certain conditions are met where a qualitative basis may be used. If it is determined that a derivative financial instrument is not highly effective at hedging the designated exposure, hedge accounting is discontinued. Federal regulations require the Corporation to clear all 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. 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. For derivatives designated and that qualify as fair value hedges, as allowed under U.S. GAAP, the Corporation 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. Fair Value Hedges of Foreign Currency Exchange Rate Risk The Corporation is exposed to changes in the fair value of its foreign currency denominated loans due to changes in foreign currency exchange rates. The Corporation uses foreign currency exchange forward contracts to manage its exposure to changes in fair value on these foreign currency denominated loans. To assess effectiveness of the foreign currency exchange forward contracts, the Corporation has elected to utilize the critical terms match method. Under the critical terms match method, if the hedging relationship meets certain criteria, it allows the Corporation to assume that the hedging relationship is perfectly effective, eliminating the quantitative aspect of assessing 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 capital markets, net. 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. To assess effectiveness of interest rate swaps, the Corporation performs a quantitative analysis using a period by period regression method. 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 and foreign currency. 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) and foreign currency exchange forwards. See Note 10 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 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, except in rare circumstances where the indices are not identical which creates a negligible basis mismatch. The Corporation also enters into credit risk participation agreements with financial institution counterparties for interest rate swaps related to loans as 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. 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 March 31, 2024 and December 31, 2023. 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 March 31, 2024 and December 31, 2023. 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. Mar 31, 2024 Dec 31, 2023 Asset Liability Asset Liability ($ in thousands) Notional Amount Fair Value Notional Amount Fair Value Notional Amount Fair Value Notional Amount Fair Value Designated as hedging instruments: Interest rate-related instruments $ 1,350,000 $ 2,164 $ 1,750,000 $ 10,685 $ 2,300,000 $ 8,075 $ 550,000 $ 930 Foreign currency exchange forwards 147,695 624 263,335 230 231,566 632 189,212 2,946 Total designated as hedging instruments 2,788 10,915 8,707 3,876 Not designated as hedging instruments: Interest rate-related and other instruments 3,770,832 113,337 6,262,958 222,303 3,603,513 111,623 6,528,471 195,662 Foreign currency exchange forwards 115,002 5,276 88,602 4,956 87,526 2,954 135,654 2,746 Mortgage banking (a) 49,808 666 98,000 222 29,490 439 51,500 673 Total not designated as hedging instruments 119,279 227,482 115,016 199,082 Gross derivatives before netting 122,067 238,397 123,723 202,958 Less: Legally enforceable master netting agreements 6,463 6,463 18,234 18,234 Less: Cash collateral pledged/received 55,681 — 35,855 — Total derivative instruments, after netting $ 59,923 $ 231,934 $ 69,634 $ 184,724 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) (a) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Carrying Amount of the Hedged Assets/(Liabilities) (a) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) ($ in thousands) March 31, 2024 December 31, 2023 Other long-term funding $ (543,162) $ 6,838 $ (548,634) $ 1,366 FHLB advances (585,549) 14,451 (590,287) 9,713 Total $ (1,128,711) $ 21,289 $ (1,138,921) $ 11,079 (a) Excludes hedged items where only foreign currency risk is the designated hedged risk. At March 31, 2024 and December 31, 2023, the carrying amount excluded for foreign currency denominated loans was $411 million and $421 million, respectively. The Corporation terminated its $500 million fair value hedge during the fourth quarter of 2019. At March 31, 2024, the amortized cost basis of the closed portfolios which had previously been used in the terminated hedging relationship was $260 million and is included in loans on the consolidated balance sheets. This amount includes $1 million of hedging adjustments on the discontinued hedging relationships, which are not presented in the table above. The tables below identify the effect of fair value and cash flow hedge accounting on the Corporation's consolidated statements of income for the three months ended March 31, 2024 and 2023: Location and Amount Recognized on the Consolidated Statements of Income in Three months ended Mar 31, 2024 2023 ($ in thousands) Interest Income Interest Expense Interest Income Interest Expense Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value or cash flow hedges are recorded (a) $ (4,863) $ 5,322 $ (1,321) $ 2,515 The effects of fair value and cash flow hedging: Impact on fair value hedging relationships in Subtopic 815-20 Interest contracts: Hedged items (40) (10,210) (59) 10,724 Derivatives designated as hedging instruments (a) (4,823) 15,532 (1,262) (8,209) (a) Includes net settlements on the derivatives. Location and Amount Recognized on the Consolidated Statements of Income in Three months ended Mar 31, 2024 2023 ($ in thousands) Capital Markets, Net Capital Markets, Net Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value hedges are recorded $ — $ — The effects of fair value hedging: Impact on fair value hedging relationships in Subtopic 815-20 Foreign currency contracts: Hedged items (9,070) 1,802 Derivatives designated as hedging instruments 9,070 (1,802) The following table presents the effect of cash flow hedge accounting on accumulated other comprehensive income (loss) for the three months ended March 31, 2024 and 2023: Three Months Ended Mar 31, ($ in thousands) 2024 2023 Interest rate-related instruments designated as cash flow hedging instruments Amount of (loss) income recognized in OCI on cash flow hedge derivative (a) $ (19,461) $ 13,763 Amount of loss reclassified from accumulated other comprehensive income (loss) into interest income (a) 4,823 1,262 (a) The entirety of gains (losses) recognized in OCI as well as the losses 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 $12 million will be reclassified as a decrease to interest income over the next 12 months. This amount could differ from amounts actually recognized due to changes in interest rates, hedge de-designations, or the addition of other hedges subsequent to March 31, 2024. The maximum length of time over which the Corporation is hedging its exposure to the variability in future cash flows is 38 months as of March 31, 2024. The table below identifies the effect of derivatives not designated as hedging instruments on the Corporation's consolidated statements of income for the three months ended March 31, 2024 and 2023: Consolidated Statements of Income Category of Gain / (Loss) Three Months Ended Mar 31, ($ in thousands) 2024 2023 Derivative instruments Interest rate-related and other instruments — customer and mirror, net Capital markets, net $ (71) $ (70) Interest rate-related instruments — MSRs hedge Mortgage banking, net (2,937) 2,521 Foreign currency exchange forwards Capital markets, net 746 228 Interest rate lock commitments (mortgage) Mortgage banking, net 227 252 Forward commitments (mortgage) Mortgage banking, net 451 (395) |
Balance Sheet Offsetting
Balance Sheet Offsetting | 3 Months Ended |
Mar. 31, 2024 | |
Offsetting [Abstract] | |
Balance Sheet Offsetting | Balance Sheet Offsetting Interest Rate-Related Instruments and Foreign Exchange Forwards (“Interest 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 typically mitigates these risks by entering into equal and offsetting agreements with highly rated third-party financial institutions, though in rare circumstances the agreements are not perfectly equal and offsetting, which creates a negligible basis mismatch. The Corporation is party to master netting arrangements with some of its financial institution counterparties that create single net settlements of all legal claims or obligations to pay or receive the net amount of settlement of the individual interest and foreign exchange agreements. Collateral, usually in the form of investment securities and cash, is posted by the counterparty with net liability positions in accordance with contract thresholds. Derivatives subject to a legally enforceable master netting agreement are reported with assets and liabilities offset resulting in a net position which is further offset by any cash collateral, and is reported in other assets and accrued expenses and other liabilities on the face of the consolidated balance sheets. For disclosure purposes, the net position on the consolidated balance sheets can be further netted down by investment securities collateral received or pledged. See Note 9 for additional information on the Corporation’s derivative and hedging activities. The following table presents the interest rate and foreign exchange assets and liabilities subject to an enforceable master netting arrangement as of March 31, 2024 and December 31, 2023. The interest rate and foreign exchange agreements the Corporation has with its commercial customers are not subject to an enforceable master netting arrangement and are therefore excluded from this table: Gross Amounts Recognized Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets Net Amounts Presented on the Consolidated Balance Sheets Gross Amounts Not Offset on the Consolidated Balance Sheets ($ in thousands) Derivative Cash Collateral Received Security Collateral Received Net Derivative assets March 31, 2024 $ 102,956 $ (6,463) $ (55,681) $ 40,812 $ (32,683) $ 8,129 December 31, 2023 87,075 (18,234) (35,855) 32,985 (32,985) — Gross Amounts Recognized 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) Derivative Cash Collateral Pledged Security Collateral Pledged Net Derivative liabilities March 31, 2024 $ 17,172 $ (6,463) $ — $ 10,709 $ — $ 10,709 December 31, 2023 18,767 (18,234) — 533 — 533 |
Commitments, Off-Balance Sheet
Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters | Commitments, Off-Balance Sheet Arrangements, Legal Proceedings, and Regulatory Matters The Corporation utilizes a variety of financial instruments in the normal course of business to meet the financial needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments include lending-related and other commitments (see below) as well as derivative instruments (see Note 9). The following is a summary of lending-related commitments: ($ in thousands) Mar 31, 2024 Dec 31, 2023 Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale (a)(b) $ 10,828,869 $ 11,170,147 Commercial letters of credit (a) 4,580 3,697 Standby letters of credit (c) 230,396 212,029 (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 March 31, 2024 or December 31, 2023. (b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 9. (c) Standby letters of credit are presented excluding participations. The Corporation has established a liability of $2 million at both March 31, 2024 and December 31, 2023, as an estimate of the fair value of these financial instruments. Lending-related Commitments As a financial services provider, the Corporation routinely enters into commitments to extend credit. Such commitments are subject to the same credit policies and approval process accorded to loans made by the Corporation, with each customer’s creditworthiness evaluated on a case-by-case basis. The commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to these financial instruments is represented by the contractual amount of those instruments. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the customer. Since a significant portion of commitments to extend credit are subject to specific restrictive loan covenants or may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. An allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded commitments (including unfunded loan commitments and letters of credit). The following table presents a summary of the changes in the allowance for unfunded commitments: ($ in thousands) Three Months Ended March 31, 2024 Year Ended December 31, 2023 Allowance for unfunded commitments Balance at beginning of period $ 34,776 $ 38,776 Provision for unfunded commitments (3,000) (4,000) Balance at end of period $ 31,776 $ 34,776 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 9. 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 March 31, 2024 was $215 million, compared to $219 million at December 31, 2023, 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 $9 million for both the three months ended March 31, 2024 and March 31, 2023. The Corporation's remaining investment in qualified affordable housing projects accounted for under the proportional amortization method totaled $212 million at March 31, 2024 and $215 million at December 31, 2023. 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 $31 million at March 31, 2024 and $27 million at December 31, 2023. Additionally, at March 31, 2024, the Corporation also invests in a private SBA loan fund, recorded in equity securities on the consolidated balance sheets, the purpose of which is to identify CRA qualifying loans within a target region, which has a remaining unfunded equity contribution of $3 million. For the three months ended March 31, 2024 and the year ended December 31, 2023, 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 $40 million at both March 31, 2024 and December 31, 2023, 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. Management believes that the legal proceedings currently pending against it should not have a material adverse effect on the Corporation’s consolidated financial condition. However, 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 the Corporation has currently accrued or that a matter will not have material reputational or other qualitative 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 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, fees and charges. 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. In recent consent orders with financial institutions, the CFPB has asserted that certain overdraft charges constitute “unfair and abusive acts and practices.” In certain instances, these financial institutions have agreed to make restitution to customers and to pay civil money penalties. Included in the practices that the CFPB has asserted are “unfair and abusive” are 1) overdraft fees on transactions that had a sufficient balance at the time authorized but then later settled with an insufficient balance (“APSN Fees”), and 2) repeat insufficient funds fees on transactions resubmitted for payment after they were initially declined (“Representment Fees”). In light of these orders, the Corporation has undertaken a review of its current and past practices regarding APSN Fees and Representment Fees. Such review could result in changes to our overdraft fee policies, which would reduce our fee income in future periods and which could also result in a decision to make remediation payments to current and past customers who incurred such fees. The Corporation’s financial results may be materially impacted in any period in which the Corporation determines to make any such remediation payments. In addition to the review described above, the Corporation received an arbitration request in July 2023 which, among other things, sought to recover APSN Fees and Representment Fees on behalf of approximately 1,400 current and former deposit customers of the Corporation (the “arbitration request”). After mediation of the arbitration request, a settlement of up to $2.1 million including attorneys' fees was concluded in February 2024. 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. The Corporation also sells qualifying residential mortgage loans guaranteed by U.S. government agencies into GNMA pools. As a result of make whole requests, the Corporation has repurchased loans with aggregate principal balances of $1 million and $5 million for the three months ended March 31, 2024 and the year ended December 31, 2023, respectively. There were no loss reimbursement and settlement claims paid in the three months ended March 31, 2024 or for the year ended December 31, 2023. Make whole requests since January 1, 2023 generally arose from loans originated since January 1, 2021 with such balances totaling $3.9 billion at the time of sale, consisting primarily of loans sold to GSEs. As of March 31, 2024, $3.3 billion of those loans originated since January 1, 2021 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 approximately $704,000 at March 31, 2024 and $835,000 at December 31, 2023. 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 both March 31, 2024 and December 31, 2023, there were $15 million 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 Mortgage Partnership Finance Traditional program in exchange for a monthly credit enhancement fee. The Corporation resumed selling loans to the FHLB with such credit risk retention in February 2024, but prior to that, had not sold any loans with this credit risk retention since February 2005. At March 31, 2024 and December 31, 2023, there were $37 million and $16 million, respectively, of such residential mortgage loans with credit risk recourse, upon which there have been immaterial historical losses to the Corporation. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value represents the estimated price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept). The valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis are described in the Fair Value Measurements note in the Corporation’s 2023 Annual Report on Form 10-K. The tables below present the Corporation’s financial instruments measured at fair value on a recurring basis and carrying amounts and estimated fair values of certain financial instruments as of March 31, 2024 and December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements fall: Mar 31, 2024 ($ in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and due from banks $ 429,859 $ 429,859 $ 429,859 $ — $ — Interest-bearing deposits in other financial institutions 420,114 420,114 420,114 — — Federal funds sold and securities purchased under agreements to resell 1,610 1,610 1,610 — — AFS investment securities: U.S. Treasury securities 35,558 35,558 35,558 — — Obligations of state and political subdivisions (municipal securities) 80,830 80,830 — 80,830 — Residential mortgage-related securities: FNMA / FHLMC 1,090,998 1,090,998 — 1,090,998 — GNMA 2,214,513 2,214,513 — 2,214,513 — Commercial mortgage-related securities: FNMA / FHLMC 17,008 17,008 — 17,008 — GNMA 152,232 152,232 — 152,232 — Asset backed securities: FFELP 129,154 129,154 — 129,154 — SBA 890 890 — 890 — Other debt securities 2,965 2,965 — 2,965 — Total AFS investment securities 3,724,148 3,724,148 35,558 3,688,590 — HTM investment securities: U.S. Treasury securities 999 969 969 — — Obligations of state and political subdivisions (municipal securities), net 1,676,199 1,523,658 — 1,523,658 — Residential mortgage-related securities: FNMA / FHLMC 930,148 771,944 — 771,944 — GNMA 48,043 44,457 — 44,457 — Private-label 341,153 281,069 — 281,069 — Commercial mortgage-related securities: FNMA / FHLMC 779,310 628,928 — 628,928 — GNMA 57,114 50,183 — 50,183 — Total HTM investment securities, net 3,832,967 3,301,209 969 3,300,239 — Equity securities: Equity securities 7,071 7,071 6,966 — 105 Equity securities at NAV 12,500 12,500 Total equity securities 19,571 19,571 FHLB and Federal Reserve Bank stocks 173,968 173,968 — 173,968 — Residential loans held for sale 52,414 52,414 — 52,414 — Loans, net 29,138,257 27,739,448 — — 27,739,448 Bank and corporate owned life insurance 685,089 685,089 — 685,089 — Mortgage servicing rights, net 85,226 85,226 — — 85,226 Interest rate-related instruments designated as hedging instruments (a) 2,164 2,164 — 2,164 — Foreign currency exchange forwards designated as hedging instruments (a) 624 624 — 624 — Interest rate-related and other instruments not designated as hedging instruments (a) 113,337 113,337 — 113,337 — Foreign currency exchange forwards not designated as hedging instruments (a) 5,276 5,276 — 5,276 — Interest rate lock commitments to originate residential mortgage loans held for sale 666 666 — — 666 Total selected assets at fair value $ 38,685,290 $ 36,754,723 $ 895,077 $ 8,021,701 $ 27,825,445 (a) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the Mar 31, 2024 ($ in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Liabilities Deposits: Noninterest-bearing demand $ 6,254,135 $ 6,254,135 $ — $ — $ 6,254,135 Savings 5,124,639 5,124,639 — — 5,124,639 Interest-bearing demand 8,747,127 8,747,127 — — 8,747,127 Money market 6,721,674 6,721,674 — — 6,721,674 Brokered CDs (a) 3,931,230 3,931,230 — 3,931,230 — Other time deposits (a) 2,934,352 2,934,352 — 2,934,352 — Total deposits 33,713,158 33,713,158 — 6,865,582 26,847,575 Short-term funding: Federal funds purchased and securities sold under agreements to repurchase 265,671 265,661 — 265,661 — BTFP funding 500,000 497,959 — 497,959 — Total short-term funding 765,671 763,620 — 763,620 — FHLB advances 1,333,411 1,320,280 — 1,320,280 — Other long-term funding 536,055 517,009 — 517,009 — Standby letters of credit (b) 2,347 2,347 — 2,347 — Interest rate-related instruments designated as hedging instruments (c) 10,685 10,685 — 10,685 — Foreign currency exchange forwards designated as hedging instruments (c) 230 230 — 230 — Interest rate-related and other instruments not designated as hedging instruments (c) 222,303 222,303 — 222,303 — Foreign currency exchange forwards not designated as hedging instruments (c) 4,956 4,956 — 4,956 — Forward commitments to sell residential mortgage loans 222 222 — — 222 Total selected liabilities at fair value $ 36,589,039 $ 36,554,811 $ — $ 9,707,013 $ 26,847,797 (a) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value. Dec 31, 2023 ($ in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and due from banks $ 484,384 $ 484,384 $ 484,384 $ — $ — Interest-bearing deposits in other financial institutions 425,089 425,089 425,089 — — Federal funds sold and securities purchased under agreements to resell 14,350 14,350 14,350 — — AFS investment securities: U.S. Treasury securities 35,902 35,902 35,902 — — Obligations of state and political subdivisions (municipal securities) 91,817 91,817 — 91,817 — Residential mortgage-related securities: FNMA / FHLMC 1,120,794 1,120,794 — 1,120,794 — GNMA 2,042,675 2,042,675 — 2,042,675 — Commercial mortgage-related securities: FNMA / FHLMC 16,937 16,937 — 16,937 — GNMA 154,793 154,793 — 154,793 — Asset backed securities: FFELP 133,975 133,975 — 133,975 — SBA 1,051 1,051 — 1,051 — Other debt securities 2,950 2,950 — 2,950 — Total AFS investment securities 3,600,892 3,600,892 35,902 3,564,990 — HTM investment securities: U.S. Treasury securities 999 963 963 — — Obligations of state and political subdivisions (municipal securities), net 1,682,398 1,553,984 — 1,553,984 — Residential mortgage-related securities: FNMA / FHLMC 941,973 804,393 — 804,393 — GNMA 48,979 46,170 — 46,170 — Private-label 345,083 289,507 — 289,507 — Commercial mortgage-related securities: FNMA / FHLMC 780,995 632,914 — 632,914 — GNMA 59,733 52,619 — 52,619 — Total HTM investment securities, net 3,860,160 3,380,550 963 3,379,586 — Equity securities: Equity securities 31,651 31,651 6,883 — 24,769 Equity securities at NAV 10,000 10,000 Total equity securities 41,651 41,651 FHLB and Federal Reserve Bank stocks 229,171 229,171 — 229,171 — Residential loans held for sale 33,011 33,011 — 33,011 — Commercial loans held for sale 90,303 90,303 — 90,303 — Loans, net 28,865,124 27,371,086 — — 27,371,086 Bank and corporate owned life insurance 682,649 682,649 — 682,649 — Mortgage servicing rights, net 84,390 84,390 — — 84,390 Interest rate-related instruments designated as hedging instruments (a) 8,075 8,075 — 8,075 — Foreign currency exchange forwards designated as hedging instruments (a) 632 632 — 632 — Interest rate-related and other instruments not designated as hedging instruments (a) 111,623 111,623 — 111,623 — Foreign currency exchange forwards not designated as hedging instruments (a) 2,954 2,954 — 2,954 — Interest rate lock commitments to originate residential mortgage loans held for sale 439 439 — — 439 Total selected assets at fair value $ 38,534,897 $ 36,561,249 $ 967,570 $ 8,102,995 $ 27,480,684 (a) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the Dec 31, 2023 ($ in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Liabilities Deposits: Noninterest-bearing demand $ 6,119,956 $ 6,119,956 $ — $ — $ 6,119,956 Savings 4,835,701 4,835,701 — — 4,835,701 Interest-bearing demand 8,843,967 8,843,967 — — 8,843,967 Money market 6,330,453 6,330,453 — — 6,330,453 Brokered CDs (a) 4,447,479 4,447,479 — 4,447,479 — Other time deposits (a) 2,868,494 2,868,494 — 2,868,494 — Total deposits 33,446,049 33,446,049 — 7,315,973 26,130,076 Federal funds purchased and securities sold under agreements to repurchase 326,780 326,757 — 326,757 — FHLB advances 1,940,194 1,944,600 — 1,944,600 — Other long-term funding 541,269 534,983 — 534,983 — Standby letters of credit (b) 2,157 2,157 — 2,157 — Interest rate-related instruments designated as hedging instruments (c) 930 930 — 930 — Foreign currency exchange forwards designated as hedging instruments (c) 2,946 2,946 — 2,946 — Interest rate-related and other instruments not designated as hedging instruments (c) 195,662 195,662 — 195,662 — Foreign currency exchange forwards not designated as hedging instruments (c) 2,746 2,746 — 2,746 — Forward commitments to sell residential mortgage loans 673 673 — — 673 Total selected liabilities at fair value $ 36,459,407 $ 36,457,504 $ — $ 10,326,755 $ 26,130,749 (a) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value. (b) The commitment on standby letters of credit was $212 million at December 31, 2023. See Note 11 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments. (c) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place. The table below presents a rollforward of the consolidated balance sheets amounts for the three months ended March 31, 2024 and the year ended December 31, 2023, for the Corporation's mortgage derivatives measured on a recurring basis and classified within Level 3 of the fair value hierarchy: ($ 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, 2022 $ 86 $ 46 $ 40 New production 6,557 (1,816) 8,373 Closed loans / settlements (4,171) 2,494 (6,665) Other (2,033) (51) (1,982) Change in mortgage derivative 352 627 (274) Balance December 31, 2023 $ 439 $ 673 $ (234) New production $ 1,820 $ (590) $ 2,409 Closed loans / settlements (1,546) 188 (1,734) Other (46) (49) 3 Change in mortgage derivative 227 (451) 678 Balance March 31, 2024 $ 666 $ 222 $ 444 The following table presents a rollforward of the fair value of Level 3 equity securities, for the three months ended March 31, 2024 and the year ended December 31, 2023, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes: ($ in thousands) Fair value as of December 31, 2022 $ 19,225 Gains recognized in investment securities gains, net 5,861 Purchases 11 Sales (329) Fair value as of December 31, 2023 $ 24,769 Gains recognized in investment securities gains, net $ 4,054 Purchases 8 Sales (28,725) Fair value as of March 31, 2024 $ 105 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 in Income Adjustment Recognized on the Consolidated Statements of Income (a) March 31, 2024 Assets Individually evaluated loans Level 3 $ 67,625 Provision for credit losses $ 22,305 OREO (b) Level 2 102 Other noninterest expense / provision for credit losses (c) 21 December 31, 2023 Assets Individually evaluated loans Level 3 $ 47,221 Provision for credit losses $ 45,709 OREO (b) Level 2 3,139 Other noninterest expense / provision for credit losses (c) 2,532 Equity securities without readily determinable fair values Level 3 24,671 Investment securities gains (losses), net 5,785 (a) Includes the YTD impact on the consolidated statements of income. (b) If the fair value of the collateral exceeds the carrying amount of the asset, no charge off or adjustment is necessary, the asset is not considered to be carried at fair value and is therefore not included in the table. (c) When a property's value is written down at the time it is transferred to OREO, the charge off is booked to the provision for credit losses. When a property is already in OREO and subsequently written down, the charge off is booked to other noninterest expense. Certain nonfinancial assets and nonfinancial liabilities measured at fair value on a nonrecurring basis include the fair value analysis in the goodwill impairment test as well as intangible assets and other nonfinancial long-lived assets measured at fair value for the purpose of impairment assessment. The table below presents the unobservable inputs that are readily quantifiable pertaining to Level 3 measurements: March 31, 2024 Valuation Technique Significant Unobservable Input Range of Inputs Weighted Average Input Applied Mortgage servicing rights Discounted cash flow Option adjusted spread 5% - 8% 5% Mortgage servicing rights Discounted cash flow Constant prepayment rate —% - 100% 6% Individually evaluated loans Appraisals / Discounted cash flow Collateral / Discount factor 11% - 56% 52% Interest rate lock commitments to originate residential mortgage loans held for sale Discounted cash flow Closing Ratio 25% - 100% 86% |
Retirement Plans
Retirement Plans | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Retirement Plans | Retirement Plans The Corporation has a noncontributory defined benefit RAP, covering substantially all employees who meet the eligibility requirements. The benefits are based primarily on years of service and the employee’s eligible compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Retirement plans of acquired entities are typically merged into the RAP depending on the terms of the merger agreement, and, as applicable, credit is usually applied to employees for years of service at the acquired institution for vesting and eligibility purposes. The Corporation also provides 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 components of net periodic pension cost and net periodic benefit cost for the RAP and Postretirement Plan for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended Mar 31, ($ in thousands) 2024 2023 RAP Service cost $ 874 $ 796 Interest cost 2,719 2,686 Expected return on plan assets (8,650) (8,202) Amortization of prior service cost (53) (63) Amortization of actuarial loss — 37 Total net periodic pension cost $ (5,111) $ (4,746) Postretirement Plan Interest cost $ 18 $ 20 Amortization of prior service cost (19) (19) Amortization of actuarial (gain) (7) (7) Total net periodic benefit cost $ (8) $ (7) The components of net periodic pension cost and net periodic benefit cost, other than the service cost component, are included in the line item other of noninterest expense on the consolidated statements of income. The service cost components are included in personnel on the consolidated statements of income. The Corporation’s funding policy is to pay at least the minimum amount required by federal law and regulations, with consideration given to the maximum funding amounts allowed. The Corporation regularly reviews the funding of its RAP. There were no contributions during 2023 or the three months ended March 31, 2024. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Corporation utilizes a risk-based internal profitability measurement system to provide strategic business unit reporting. The profitability measurement system is based on internal management methodologies designed to produce consistent results and reflect the underlying economics of the units. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The three reportable segments are Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. The financial information of the Corporation’s segments has been compiled utilizing the accounting policies described in the Corporation’s 2023 Annual Report on Form 10-K, with certain exceptions. The more significant of these exceptions are described herein. The reportable segment results are presented based on the Corporation's internal management accounting process. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to U.S. GAAP. As a result, reported segments and the financial information of the reported segments are not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in previously reported segment financial data. Additionally, the information presented is not indicative of how the segments would perform if they operated as independent entities. To determine financial performance of each segment, the Corporation allocates FTP assignments, the provision for credit losses, certain noninterest expenses, income taxes, and equity to each segment. Allocation methodologies are subject to periodic adjustment as the internal management accounting system is revised, the interest rate environment evolves, and business or product lines within the segments change. Also, because the development and application of these methodologies is a dynamic process, the financial results presented may be periodically reviewed. The Corporation allocates net interest income using an internal FTP methodology that charges users of funds (assets, 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 the methodologies described in the Corporation’s 2023 Annual Report on Form 10-K. The net effect of the credit provision is recorded in Risk Management and Shared Services. Indirect expenses incurred by certain centralized support areas are allocated to segments based on actual usage (for example, volume measurements) and other criteria. Certain types of administrative expense and bank-wide expense accruals (including, when applicable, amortization of CDIs and other intangible assets associated with acquisitions, acquisition-related costs, and asset gains on disposed business units) are generally not allocated to segments. Income taxes are allocated to segments based on the Corporation’s estimated effective tax rate, with certain segments adjusted for any tax-exempt income or non-deductible expenses. Equity is allocated to the segments based on regulatory capital requirements and in proportion to an assessment of the inherent risks associated with the business of the segment (including interest, credit and operating risk). A brief description of each business segment is presented below. A more in-depth discussion of these segments can be found in the Segment Reporting note in the Corporation’s 2023 Annual Report on Form 10-K. The Corporate and Commercial Specialty segment serves a wide range of customers including larger businesses, developers, not-for-profits, municipalities, and financial institutions by providing lending and deposit solutions as well as the support to deliver, fund, and manage such banking solutions. In addition, this segment provides a variety of investment, fiduciary, and retirement planning products and services to individuals and small to mid-sized businesses. The Community, Consumer, and Business segment serves individuals, as well as small and mid-sized businesses, by providing lending and deposit solutions. The Risk Management and Shared Services segment includes key shared operational functions and also includes residual revenue and expenses, representing the difference between actual amounts incurred and the amounts allocated to operating segments, including interest rate risk residuals (FTP mismatches) and credit risk and provision residuals (long-term credit charge mismatches). Information about the Corporation’s segments is presented below: Corporate and Commercial Specialty Three Months Ended Mar 31, ($ in thousands) 2024 2023 Net interest income $ 242,931 $ 219,123 Net intersegment interest (expense) (93,736) (80,980) Segment net interest income 149,195 138,143 Noninterest income 34,422 32,717 Total revenue 183,617 170,860 Provision for credit losses 15,428 13,782 Noninterest expense 66,350 62,119 Income before income taxes 101,839 94,960 Income tax expense 21,081 17,726 Net income $ 80,758 $ 77,234 Allocated goodwill $ 525,836 $ 525,836 Community, Consumer, and Business Three Months Ended Mar 31, ($ in thousands) 2024 2023 Net interest income $ 58,192 $ 80,284 Net intersegment interest income 130,159 88,079 Segment net interest income 188,351 168,363 Noninterest income 24,494 25,947 Total revenue 212,845 194,310 Provision for credit losses 6,825 6,758 Noninterest expense 110,490 111,735 Income before income taxes 95,530 75,817 Income tax expense 20,062 15,922 Net income $ 75,468 $ 59,895 Allocated goodwill $ 579,156 $ 579,156 Risk Management and Shared Services Three Months Ended Mar 31, ($ in thousands) 2024 2023 Net interest (loss) $ (43,266) $ (25,397) Net intersegment (expense) (36,422) (7,099) Segment net interest (loss) (79,688) (32,496) Noninterest income 6,068 3,409 Total revenue (73,620) (29,087) Provision for credit losses 1,747 (2,568) Noninterest expense 20,817 13,558 (Loss) before income taxes (96,184) (40,077) Income tax (benefit) (21,127) (6,307) Net (loss) $ (75,058) $ (33,770) Allocated goodwill $ — $ — Consolidated Total Three Months Ended Mar 31, ($ in thousands) 2024 2023 Net interest income $ 257,858 $ 274,010 Net intersegment interest income — — Segment net interest income 257,858 274,010 Noninterest income 64,985 62,073 Total revenue 322,842 336,083 Provision for credit losses 24,001 17,971 Noninterest expense 197,657 187,412 Income before income taxes 101,185 130,700 Income tax expense 20,016 27,340 Net income $ 81,169 $ 103,360 Allocated goodwill $ 1,104,992 $ 1,104,992 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following tables summarize the components of accumulated other comprehensive income (loss) at March 31, 2024 and 2023, including changes during the preceding three month periods as well as any reclassifications out of accumulated other comprehensive income (loss): ($ in thousands) AFS Investment Cash Flow Hedge Derivatives Defined Benefit Accumulated Balance December 31, 2023 $ (148,641) $ 3,080 $ (25,535) $ (171,096) Other comprehensive (loss) before reclassifications (29,889) — — (29,889) Amounts reclassified from accumulated other comprehensive income (loss): Investment securities losses, net 197 — — 197 HTM investment securities, net, at amortized cost (a) 2,060 — — 2,060 Other assets / accrued expenses and other liabilities — (19,461) — (19,461) Interest income — 4,823 — 4,823 Personnel expense — — (72) (72) Other expense — — (7) (7) Income tax benefit (expense) 6,885 (1,688) (1,633) 3,564 Net other comprehensive (loss) during period (20,746) (16,326) (1,712) (38,785) Balance March 31, 2024 $ (169,388) $ (13,246) $ (27,247) $ (209,881) Balance December 31, 2022 $ (233,192) $ 3,360 $ (42,968) $ (272,799) Other comprehensive income before reclassifications 36,478 — — 36,478 Amounts reclassified from accumulated other comprehensive income (loss): HTM investment securities, net, at amortized cost (a) 2,267 — — 2,267 Other assets / accrued expenses and other liabilities — 13,763 — 13,763 Interest income — 1,262 — 1,262 Personnel expense — — (81) (81) Other expense — — 30 30 Income tax (expense) benefit (9,892) (4,694) 79 (14,507) Net other comprehensive income during period 28,853 10,331 27 39,211 Balance March 31, 2023 $ (204,339) $ 13,691 $ (42,940) $ (233,588) (a) Amortization of net unrealized losses on AFS securities transferred to HTM securities. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | Leases The Corporation has operating leases for retail and corporate offices, land, and equipment. The Corporation also has a finance lease for retail and corporate offices. These leases have original terms of 1 year or longer with remaining maturities up to 39 years, some of which include options to extend the lease term. An analysis of the lease options has been completed and any purchase options or optional periods that the Corporation is reasonably likely to extend have been included in the capitalization. The discount rate used to capitalize the operating leases is the Corporation's FHLB borrowing rate on the date of lease commencement. When determining the rate to discount specific lease obligations, the repayment period and term are considered. Operating and finance lease costs and cash flows resulting from these leases are presented below: Three Months Ended Mar 31, ($ in thousands) 2024 2023 Operating lease costs $ 1,545 $ 1,464 Finance lease costs 23 23 Operating lease cash flows 1,844 1,828 Finance lease cash flows 23 22 The right-of-use asset and lease liability by lease classifications on the consolidated balance sheets were as follows: ($ in thousands) Consolidated Balance Sheets Category Mar 31, 2024 Dec 31, 2023 Operating lease right-of-use asset Premises and equipment $ 23,310 $ 24,712 Finance lease right-of-use asset Other assets 347 368 Operating lease liability Accrued expenses and other liabilities 25,813 27,311 Finance lease liability Other long-term funding 361 383 The lease payment obligations, weighted-average remaining lease term, and weighted-average original discount rate were as follows: Mar 31, 2024 Dec 31, 2023 ($ 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 $ 24,223 5.61 3.14 % $ 25,729 5.76 3.12 % Land 3,846 6.87 3.49 % 4,050 6.98 3.48 % Equipment 408 2.25 4.62 % 408 2.50 4.62 % Total operating leases $ 28,476 5.73 3.21 % $ 30,187 5.88 3.19 % Finance leases Retail and corporate offices $ 370 4.00 1.32 % $ 394 4.25 1.32 % Total finance leases $ 370 4.00 1.32 % $ 394 4.25 1.32 % 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 Nine months ended December 31, 2024 $ 4,828 $ 69 $ 4,898 2025 5,629 93 5,721 2026 5,023 93 5,116 2027 4,312 93 4,404 2028 3,428 23 3,451 Beyond 2028 5,257 — 5,257 Total lease payments $ 28,476 $ 370 $ 28,847 Less: interest 2,663 9 2,673 Present value of lease payments $ 25,813 $ 361 $ 26,174 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements Adopted | New Accounting Pronouncements Adopted Standard Description Date of adoption Effect on financial statements ASU 2023-02 Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. A reporting entity may make an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments. The amendments in this update also remove certain guidance for Qualified Affordable Housing Project investments and require the application of the delayed equity contribution guidance to all tax equity investments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and must be applied on either a modified retrospective or a retrospective basis. Early adoption is permitted in any interim period, however if adopted in an interim period the entity shall adopt the amendments in this update as of the beginning of the fiscal year that includes the interim period. 1st Quarter 2024 The Corporation has determined the impact on its results of operation, financial position, liquidity, and disclosures is immaterial. |
Future Accounting Pronouncements | Future Accounting Pronouncements The expected impact of applicable material accounting pronouncements recently issued or proposed but not yet required to be adopted are discussed in the table below. To the extent that the adoption of new accounting standards materially affects the Corporation's financial condition, results of operations, liquidity or disclosures, the impacts are discussed in the applicable sections of this financial review. Standard Description Date of anticipated adoption Effect on financial statements ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this update also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. Fiscal year 2024 and interim periods beginning in 1st quarter 2025 The Corporation is currently evaluating the impact on its disclosures. ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this update are effective for fiscal years beginning after December 15, 2024 and are to be applied on a prospective basis. Early adoption is permitted. 1st Quarter 2025 The Corporation is currently evaluating the impact on its disclosures. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Calculations for basic and diluted earnings per common share | Presented below are the calculations for basic and diluted earnings per common share: Three Months Ended Mar 31, ($ in thousands, except per share data) 2024 2023 Net income $ 81,169 $ 103,360 Preferred stock dividends (2,875) (2,875) Net income available to common equity $ 78,294 $ 100,485 Common shareholder dividends (33,407) (31,808) Unvested share-based payment awards (120) (205) Undistributed earnings $ 44,767 $ 68,472 Undistributed earnings allocated to common shareholders $ 44,524 $ 68,086 Undistributed earnings allocated to unvested share-based payment awards 242 386 Undistributed earnings $ 44,767 $ 68,472 Basic Distributed earnings to common shareholders $ 33,407 $ 31,808 Undistributed earnings allocated to common shareholders 44,524 68,086 Total common shareholders earnings, basic $ 77,932 $ 99,894 Diluted Distributed earnings to common shareholders $ 33,407 $ 31,808 Undistributed earnings allocated to common shareholders 44,524 68,086 Total common shareholders earnings, diluted $ 77,932 $ 99,894 Weighted average common shares outstanding 149,855 149,763 Effect of dilutive common stock awards 1,436 1,365 Diluted weighted average common shares outstanding 151,292 151,128 Basic earnings per common share $ 0.52 $ 0.67 Diluted earnings per common share $ 0.52 $ 0.66 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Summary of company's stock option activities | A summary of the Corporation’s stock option activity for the three months ended March 31, 2024 is presented below: Stock Options Shares (a) Weighted Average Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (a) Outstanding at December 31, 2023 3,792 $ 21.25 4.26 years $ 5,834 Exercised 179 17.27 Outstanding at March 31, 2024 3,613 $ 21.45 4.08 years $ 5,299 Options Exercisable at March 31, 2024 3,613 $ 21.45 4.08 years $ 5,299 (a) In thousands |
Summary of restricted stock awards activity (excluding salary shares) | The following table summarizes information about the Corporation’s restricted stock awards activity for the three months ended March 31, 2024: Restricted Stock Shares (a) Weighted Average Outstanding at December 31, 2023 2,349 $ 21.20 Granted 802 21.00 Vested 631 24.39 Forfeited 4 22.05 Outstanding at March 31, 2024 2,516 $ 21.33 (a) In thousands |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment securities available for sale | The amortized cost and fair values of AFS and HTM securities at March 31, 2024 were as follows: ($ in thousands) Amortized Gross Gross Fair Value AFS investment securities U.S. Treasury securities $ 39,985 $ — $ (4,427) $ 35,558 Obligations of state and political subdivisions (municipal securities) 83,823 1 (2,995) 80,830 Residential mortgage-related securities: FNMA/FHLMC 1,247,657 221 (156,880) 1,090,998 GNMA 2,219,058 6,114 (10,658) 2,214,513 Commercial mortgage-related securities: FNMA/FHLMC 18,603 — (1,595) 17,008 GNMA 159,523 — (7,291) 152,232 Asset backed securities: FFELP 130,196 22 (1,065) 129,154 SBA 916 1 (28) 890 Other debt securities 3,000 — (35) 2,965 Total AFS investment securities $ 3,902,762 $ 6,359 $ (184,973) $ 3,724,148 HTM investment securities U.S. Treasury securities $ 999 $ — $ (30) $ 969 Obligations of state and political subdivisions (municipal securities) 1,676,275 2,292 (154,833) 1,523,734 Residential mortgage-related securities: FNMA/FHLMC 930,148 26,023 (184,227) 771,944 GNMA 48,043 24 (3,609) 44,457 Private-label 341,153 9,399 (69,484) 281,069 Commercial mortgage-related securities: FNMA/FHLMC 779,310 12,068 (162,450) 628,928 GNMA 57,114 338 (7,270) 50,183 Total HTM investment securities $ 3,833,043 $ 50,145 $ (581,903) $ 3,301,284 The amortized cost and fair values of AFS and HTM securities at December 31, 2023 were as follows: ($ in thousands) Amortized Gross Gross Fair Value AFS investment securities U.S. Treasury securities $ 39,984 $ — $ (4,083) $ 35,902 Obligations of state and political subdivisions (municipal securities) 94,008 23 (2,214) 91,817 Residential mortgage-related securities: FNMA/FHLMC 1,274,052 294 (153,552) 1,120,794 GNMA 2,021,242 24,254 (2,822) 2,042,675 Commercial mortgage-related securities: FNMA/FHLMC 18,691 — (1,755) 16,937 GNMA 161,928 — (7,135) 154,793 Asset backed securities: FFELP 135,832 5 (1,862) 133,975 SBA 1,077 2 (28) 1,051 Other debt securities 3,000 — (50) 2,950 Total AFS investment securities $ 3,749,814 $ 24,579 $ (173,501) $ 3,600,892 HTM investment securities U.S. Treasury securities $ 999 $ — $ (36) $ 963 Obligations of state and political subdivisions (municipal securities) 1,682,473 5,638 (134,053) 1,554,059 Residential mortgage-related securities: FNMA/FHLMC 941,973 27,007 (164,587) 804,393 GNMA 48,979 92 (2,901) 46,170 Private-label 345,083 9,796 (65,372) 289,507 Commercial mortgage-related securities: FNMA/FHLMC 780,995 12,699 (160,781) 632,914 GNMA 59,733 386 (7,500) 52,619 Total HTM investment securities $ 3,860,235 $ 55,619 $ (535,230) $ 3,380,624 |
Investment securities held to maturity | The amortized cost and fair values of AFS and HTM securities at March 31, 2024 were as follows: ($ in thousands) Amortized Gross Gross Fair Value AFS investment securities U.S. Treasury securities $ 39,985 $ — $ (4,427) $ 35,558 Obligations of state and political subdivisions (municipal securities) 83,823 1 (2,995) 80,830 Residential mortgage-related securities: FNMA/FHLMC 1,247,657 221 (156,880) 1,090,998 GNMA 2,219,058 6,114 (10,658) 2,214,513 Commercial mortgage-related securities: FNMA/FHLMC 18,603 — (1,595) 17,008 GNMA 159,523 — (7,291) 152,232 Asset backed securities: FFELP 130,196 22 (1,065) 129,154 SBA 916 1 (28) 890 Other debt securities 3,000 — (35) 2,965 Total AFS investment securities $ 3,902,762 $ 6,359 $ (184,973) $ 3,724,148 HTM investment securities U.S. Treasury securities $ 999 $ — $ (30) $ 969 Obligations of state and political subdivisions (municipal securities) 1,676,275 2,292 (154,833) 1,523,734 Residential mortgage-related securities: FNMA/FHLMC 930,148 26,023 (184,227) 771,944 GNMA 48,043 24 (3,609) 44,457 Private-label 341,153 9,399 (69,484) 281,069 Commercial mortgage-related securities: FNMA/FHLMC 779,310 12,068 (162,450) 628,928 GNMA 57,114 338 (7,270) 50,183 Total HTM investment securities $ 3,833,043 $ 50,145 $ (581,903) $ 3,301,284 The amortized cost and fair values of AFS and HTM securities at December 31, 2023 were as follows: ($ in thousands) Amortized Gross Gross Fair Value AFS investment securities U.S. Treasury securities $ 39,984 $ — $ (4,083) $ 35,902 Obligations of state and political subdivisions (municipal securities) 94,008 23 (2,214) 91,817 Residential mortgage-related securities: FNMA/FHLMC 1,274,052 294 (153,552) 1,120,794 GNMA 2,021,242 24,254 (2,822) 2,042,675 Commercial mortgage-related securities: FNMA/FHLMC 18,691 — (1,755) 16,937 GNMA 161,928 — (7,135) 154,793 Asset backed securities: FFELP 135,832 5 (1,862) 133,975 SBA 1,077 2 (28) 1,051 Other debt securities 3,000 — (50) 2,950 Total AFS investment securities $ 3,749,814 $ 24,579 $ (173,501) $ 3,600,892 HTM investment securities U.S. Treasury securities $ 999 $ — $ (36) $ 963 Obligations of state and political subdivisions (municipal securities) 1,682,473 5,638 (134,053) 1,554,059 Residential mortgage-related securities: FNMA/FHLMC 941,973 27,007 (164,587) 804,393 GNMA 48,979 92 (2,901) 46,170 Private-label 345,083 9,796 (65,372) 289,507 Commercial mortgage-related securities: FNMA/FHLMC 780,995 12,699 (160,781) 632,914 GNMA 59,733 386 (7,500) 52,619 Total HTM investment securities $ 3,860,235 $ 55,619 $ (535,230) $ 3,380,624 |
Amortized cost and fair values of investment securities by contractual maturity | The expected maturities of AFS and HTM securities at March 31, 2024, are shown below: AFS HTM ($ in thousands) Amortized Fair Amortized Fair Due in one year or less $ 1,915 $ 1,902 $ 11,061 $ 11,011 Due after one year through five years 47,142 42,470 58,092 57,522 Due after five years through ten years 50,863 48,613 166,954 162,309 Due after ten years 26,888 26,368 1,441,167 1,293,862 Total debt securities 126,808 119,353 1,677,274 1,524,703 Residential mortgage-related securities: FNMA/FHLMC 1,247,657 1,090,998 930,148 771,944 GNMA 2,219,058 2,214,513 48,043 44,457 Private-label — — 341,153 281,069 Commercial mortgage-related securities: FNMA/FHLMC 18,603 17,008 779,310 628,928 GNMA 159,523 152,232 57,114 50,183 Asset backed securities: FFELP 130,196 129,154 — — SBA 916 890 — — Total investment securities $ 3,902,762 $ 3,724,148 $ 3,833,043 $ 3,301,284 Ratio of fair value to amortized cost 95.4 % 86.1 % |
Debt Securities, Held-to-maturity, Credit Quality Indicator | The following table summarizes the credit quality indicators of HTM securities at amortized cost at March 31, 2024: ($ in thousands) AAA AA A Not Rated Total U.S. Treasury securities $ 999 $ — $ — $ — $ 999 Obligations of state and political subdivisions (municipal securities) 768,220 901,215 5,685 1,154 1,676,275 Residential mortgage-related securities: FNMA/FHLMC 930,148 — — — 930,148 GNMA 48,043 — — — 48,043 Private-label 341,153 — — — 341,153 Commercial mortgage-related securities: FNMA/FHLMC 779,310 — — — 779,310 GNMA 57,114 — — — 57,114 Total HTM securities $ 2,924,988 $ 901,215 $ 5,685 $ 1,154 $ 3,833,043 The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2023: ($ in thousands) AAA AA A Not Rated Total U.S. Treasury securities $ 999 $ — $ — $ — $ 999 Obligations of state and political subdivisions (municipal securities) 760,329 915,303 5,687 1,155 1,682,473 Residential mortgage-related securities: FNMA/FHLMC 941,973 — — — 941,973 GNMA 48,979 — — — 48,979 Private-label 345,083 — — — 345,083 Commercial mortgage-related securities: FNMA/FHLMC 780,995 — — — 780,995 GNMA 59,733 — — — 59,733 Total HTM securities $ 2,938,090 $ 915,303 $ 5,687 $ 1,155 $ 3,860,235 |
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 AFS investment securities for the three months ended March 31, 2024 and 2023: Three Months Ended Mar 31, ($ in thousands) 2024 2023 Gross realized (losses) on AFS securities $ (197) $ — Gain on sale and net write-up (down) of equity securities 4,076 51 Investment securities gains (losses), net $ 3,879 $ 51 Proceeds from sales of AFS investment securities $ 9,472 $ — |
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 March 31, 2024: 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 — $ — $ — 1 $ (4,427) $ 35,558 $ (4,427) $ 35,558 Obligations of state and political subdivisions (municipal securities) 27 (218) 13,847 108 (2,777) 64,217 (2,995) 78,064 Residential mortgage-related securities: FNMA/FHLMC 24 (694) 31,375 71 (156,185) 1,045,343 (156,880) 1,076,718 GNMA 59 (7,016) 1,122,930 10 (3,643) 105,462 (10,658) 1,228,391 Commercial mortgage-related securities: FNMA/FHLMC — — — 1 (1,595) 17,008 (1,595) 17,008 GNMA 1 (337) 13,668 30 (6,954) 138,564 (7,291) 152,232 Asset backed securities: FFELP 2 (116) 40,177 12 (949) 75,411 (1,065) 115,588 SBA — — — 5 (28) 677 (28) 677 Other debt securities 1 (7) 993 2 (28) 1,972 (35) 2,965 Total 114 $ (8,388) $ 1,222,990 240 $ (176,585) $ 1,484,212 $ (184,973) $ 2,707,201 HTM investment securities U.S. Treasury securities — $ — $ — 1 $ (30) $ 969 $ (30) $ 969 Obligations of state and political subdivisions (municipal securities) 287 (2,536) 324,576 653 (152,297) 916,225 (154,833) 1,240,801 Residential mortgage-related securities: FNMA/FHLMC 5 (40) 3,489 113 (184,186) 768,182 (184,227) 771,671 GNMA 6 (99) 8,674 79 (3,511) 34,346 (3,609) 43,020 Private-label — — — 18 (69,484) 281,069 (69,484) 281,069 Commercial mortgage-related securities: FNMA/FHLMC 1 (263) 8,003 44 (162,187) 620,926 (162,450) 628,928 GNMA — — — 13 (7,270) 50,183 (7,270) 50,183 Total 299 $ (2,938) $ 344,741 921 $ (578,965) $ 2,671,899 $ (581,903) $ 3,016,640 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, 2023: 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 — $ — $ — 1 $ (4,083) $ 35,902 $ (4,083) $ 35,902 Obligations of state and political subdivisions (municipal securities) 41 (347) 23,762 92 (1,867) 53,022 (2,214) 76,784 Residential mortgage-related securities: FNMA/FHLMC 18 (333) 22,870 71 (153,219) 1,080,337 (153,552) 1,103,207 GNMA 13 (924) 156,847 5 (1,898) 26,643 (2,822) 183,490 Commercial mortgage-related securities: FNMA/FHLMC — — — 1 (1,755) 16,937 (1,755) 16,937 GNMA 9 (3,160) 103,055 22 (3,975) 51,738 (7,135) 154,793 Asset backed securities: FFELP — — — 14 (1,862) 125,339 (1,862) 125,339 SBA — — — 5 (28) 761 (28) 761 Other debt securities 1 (9) 991 2 (42) 1,958 (50) 2,950 Total 82 $ (4,773) $ 307,527 213 $ (168,728) $ 1,392,635 $ (173,501) $ 1,700,162 HTM investment securities U.S. Treasury securities — $ — $ — 1 $ (36) $ 963 $ (36) $ 963 Obligations of state and political subdivisions (municipal securities) 182 (1,535) 180,270 537 (132,518) 792,940 (134,053) 973,210 Residential mortgage-related securities: FNMA/FHLMC 20 (511) 30,323 94 (164,076) 771,042 (164,587) 801,365 GNMA 2 (17) 2,128 78 (2,884) 34,626 (2,901) 36,754 Private-label — — — 18 (65,372) 289,507 (65,372) 289,507 Commercial mortgage-related securities: FNMA/FHLMC 1 (121) 8,144 44 (160,660) 624,770 (160,781) 632,914 GNMA — — — 13 (7,500) 52,619 (7,500) 52,619 Total 205 $ (2,184) $ 220,865 785 $ (533,046) $ 2,566,468 $ (535,230) $ 2,787,333 |
Loans Loans (Tables)
Loans Loans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Receivables [Abstract] | |
Loan composition | The period end loan composition was as follows: ($ in thousands) Mar 31, 2024 Dec 31, 2023 Commercial and industrial $ 9,858,329 $ 9,731,555 Commercial real estate — owner occupied 1,095,894 1,061,700 Commercial and business lending 10,954,223 10,793,255 Commercial real estate — investor 5,035,195 5,124,245 Real estate construction 2,287,041 2,271,398 Commercial real estate lending 7,322,237 7,395,644 Total commercial 18,276,460 18,188,898 Residential mortgage 7,868,180 7,864,891 Auto finance 2,471,257 2,256,162 Home equity 619,764 628,526 Other consumer 258,603 277,740 Total consumer 11,217,802 11,027,319 Total loans $ 29,494,263 $ 29,216,218 |
Loans, Credit Quality Indicator by Vintage Year | The following table presents loans by credit quality indicator by origination year at March 31, 2024: Term Loans Amortized Cost Basis by Origination Year (a) ($ in thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis YTD 2024 2023 2022 2021 2020 Prior Total Commercial and industrial: Risk rating: Pass $ 279 $ 1,732,197 $ 318,587 $ 1,758,151 $ 2,806,636 $ 1,701,638 $ 380,164 $ 774,950 $ 9,472,322 Special mention — 14,287 — 13,305 24,216 27,909 3,392 865 83,973 Substandard 434 23,288 44,013 2,283 82,394 59,491 17,184 1,138 229,791 Nonaccrual 3,157 — 2,938 12,629 14,495 17,599 — 24,582 72,243 Commercial and industrial $ 3,869 $ 1,769,772 $ 365,538 $ 1,786,369 $ 2,927,740 $ 1,806,637 $ 400,739 $ 801,535 $ 9,858,329 Commercial real estate - owner occupied: Risk rating: Pass $ — $ 11,455 $ 56,257 $ 196,065 $ 191,357 $ 234,852 $ 133,883 $ 218,224 $ 1,042,093 Special mention — 94 — — — — — — 94 Substandard — 950 2,667 18,003 2,083 12,376 8,423 7,114 51,616 Nonaccrual — — 722 1,368 — — — — 2,090 Commercial real estate - owner occupied $ — $ 12,500 $ 59,646 $ 215,436 $ 193,440 $ 247,228 $ 142,306 $ 225,339 $ 1,095,894 Commercial and business lending: Risk rating: Pass $ 279 $ 1,743,652 $ 374,844 $ 1,954,216 $ 2,997,992 $ 1,936,490 $ 514,047 $ 993,174 $ 10,514,415 Special mention — 14,381 — 13,305 24,216 27,909 3,392 865 84,068 Substandard 434 24,239 46,680 20,286 84,477 71,867 25,606 8,252 281,408 Nonaccrual 3,157 — 3,659 13,997 14,495 17,599 — 24,582 74,333 Commercial and business lending $ 3,869 $ 1,782,272 $ 425,184 $ 2,001,805 $ 3,121,180 $ 2,053,865 $ 543,045 $ 1,026,873 $ 10,954,223 Commercial real estate - investor: Risk rating: Pass $ — $ 131,383 $ 196,066 $ 1,162,643 $ 1,274,328 $ 1,014,759 $ 418,534 $ 550,600 $ 4,748,313 Special mention — 502 — — 22,494 9,238 — 35,614 67,848 Substandard — — 38,662 94,918 33,540 25,949 975 6,293 200,338 Nonaccrual — — — — — — — 18,697 18,697 Commercial real estate - investor $ — $ 131,886 $ 234,727 $ 1,257,561 $ 1,330,362 $ 1,049,946 $ 419,509 $ 611,204 $ 5,035,195 Real estate construction: Risk rating: Pass $ — $ 24,266 $ 58,519 $ 474,768 $ 1,177,598 $ 494,047 $ 45,034 $ 12,792 $ 2,287,023 Nonaccrual — — — — — — — 18 18 Real estate construction $ — $ 24,266 $ 58,519 $ 474,768 $ 1,177,598 $ 494,047 $ 45,034 $ 12,810 $ 2,287,041 Commercial real estate lending: Risk rating: Pass $ — $ 155,649 $ 254,585 $ 1,637,410 $ 2,451,926 $ 1,508,806 $ 463,568 $ 563,392 $ 7,035,336 Special mention — 502 — — 22,494 9,238 — 35,614 67,848 Substandard — — 38,662 94,918 33,540 25,949 975 6,293 200,338 Nonaccrual — — — — — — — 18,715 18,715 Commercial real estate lending $ — $ 156,151 $ 293,246 $ 1,732,329 $ 2,507,960 $ 1,543,993 $ 464,543 $ 624,014 $ 7,322,237 Total commercial: Risk rating: Pass $ 279 $ 1,899,301 $ 629,429 $ 3,591,627 $ 5,449,918 $ 3,445,296 $ 977,615 $ 1,556,566 $ 17,549,751 Special mention — 14,883 — 13,305 46,710 37,146 3,392 36,480 151,916 Substandard 434 24,239 85,342 115,205 118,017 97,816 26,582 14,545 481,745 Nonaccrual 3,157 — 3,659 13,997 14,495 17,599 — 43,297 93,047 Total commercial $ 3,869 $ 1,938,423 $ 718,430 $ 3,734,133 $ 5,629,140 $ 3,597,858 $ 1,007,588 $ 1,650,888 $ 18,276,460 Term Loans Amortized Cost Basis by Origination Year (a) ($ in thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis YTD 2024 2023 2022 2021 2020 Prior Total Residential mortgage: Risk rating: Pass $ — $ — $ 23,550 $ 396,223 $ 1,657,013 $ 2,086,129 $ 1,389,566 $ 2,244,891 $ 7,797,372 Special mention — — — — — — — 94 94 Substandard — — — 467 92 — — 199 759 Nonaccrual — — 877 1,264 10,501 9,712 8,575 39,026 69,954 Residential mortgage $ — $ — $ 24,427 $ 397,954 $ 1,667,606 $ 2,095,841 $ 1,398,141 $ 2,284,210 $ 7,868,180 Auto finance: Risk rating: Pass $ — $ — $ 384,126 $ 1,133,964 $ 874,922 $ 68,423 $ 137 $ 352 $ 2,461,925 Special mention — — — 634 1,398 117 — — 2,148 Substandard — — — 26 — — — — 26 Nonaccrual — — 21 1,682 4,898 554 — 2 7,158 Auto finance $ — $ — $ 384,147 $ 1,136,306 $ 881,218 $ 69,094 $ 137 $ 354 $ 2,471,257 Home equity: Risk rating: Pass $ 3,830 $ 514,998 $ 21 $ 1,508 $ 29,539 $ 5,949 $ 2,278 $ 56,995 $ 611,286 Special mention 17 53 — 46 38 — — 175 312 Substandard — — — 9 — — — 56 65 Nonaccrual 505 76 31 — 671 141 120 7,061 8,100 Home equity $ 4,352 $ 515,127 $ 51 $ 1,563 $ 30,248 $ 6,090 $ 2,398 $ 64,286 $ 619,764 Other consumer: Risk rating: Pass $ 75 $ 186,540 $ 1,489 $ 4,995 $ 2,823 $ 1,474 $ 781 $ 57,722 $ 255,824 Special mention 3 850 — 14 24 6 7 3 904 Substandard — 1,788 — — — — — — 1,788 Nonaccrual 4 61 — 9 7 — — 11 87 Other consumer $ 82 $ 189,238 $ 1,489 $ 5,018 $ 2,854 $ 1,480 $ 788 $ 57,735 $ 258,603 Total consumer: Risk rating: Pass $ 3,905 $ 701,538 $ 409,186 $ 1,536,690 $ 2,564,297 $ 2,161,975 $ 1,392,762 $ 2,359,959 $ 11,126,407 Special mention 20 904 — 694 1,459 123 7 272 3,459 Substandard — 1,788 — 502 92 — — 255 2,637 Nonaccrual 509 137 928 2,955 16,077 10,407 8,695 46,100 85,299 Total consumer $ 4,434 $ 704,365 $ 410,115 $ 1,540,841 $ 2,581,926 $ 2,172,506 $ 1,401,464 $ 2,406,586 $ 11,217,802 Total loans: Risk rating: Pass $ 4,184 $ 2,600,839 $ 1,038,615 $ 5,128,316 $ 8,014,215 $ 5,607,272 $ 2,370,376 $ 3,916,525 $ 28,676,159 Special mention 20 15,787 — 13,999 48,169 37,270 3,399 36,752 155,375 Substandard 434 26,026 85,342 115,707 118,109 97,816 26,582 14,800 484,383 Nonaccrual 3,666 137 4,588 16,952 30,572 28,007 8,695 89,396 178,346 Total loans $ 8,303 $ 2,642,788 $ 1,128,545 $ 5,274,974 $ 8,211,066 $ 5,770,365 $ 2,409,052 $ 4,057,474 $ 29,494,263 (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 loans by credit quality indicator by origination year at December 31, 2023: Term Loans Amortized Cost Basis by Origination Year (a) ($ in thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis 2023 2022 2021 2020 2019 Prior Total Commercial and industrial: Risk rating: Pass $ 1,380 $ 1,693,249 $ 1,736,617 $ 2,877,173 $ 1,824,362 $ 398,046 $ 383,695 $ 449,006 $ 9,362,149 Special mention — 21,779 4,017 46,610 8,525 3,529 — 25,341 109,801 Substandard 804 81,924 10,515 39,748 47,279 17,732 94 291 197,582 Nonaccrual 6,414 — 13,317 14,188 33,891 627 — — 62,022 Commercial and industrial $ 8,598 $ 1,796,951 $ 1,764,466 $ 2,977,719 $ 1,914,057 $ 419,934 $ 383,789 $ 474,638 $ 9,731,555 Commercial real estate - owner occupied: Risk rating: Pass $ — $ 15,393 $ 204,039 $ 188,003 $ 239,218 $ 136,535 $ 135,730 $ 92,339 $ 1,011,259 Special mention — 271 — — 6,150 2,635 — 1,293 10,349 Substandard — 292 14,735 2,791 6,416 8,537 3,086 2,841 38,699 Nonaccrual — — 1,394 — — — — — 1,394 Commercial real estate - owner occupied $ — $ 15,957 $ 220,168 $ 190,794 $ 251,783 $ 147,708 $ 138,816 $ 96,473 $ 1,061,700 Commercial and business lending: Risk rating: Pass $ 1,380 $ 1,708,642 $ 1,940,657 $ 3,065,177 $ 2,063,580 $ 534,581 $ 519,426 $ 541,345 $ 10,373,408 Special mention — 22,050 4,017 46,610 14,675 6,164 — 26,634 120,150 Substandard 804 82,216 25,250 42,539 53,695 26,269 3,180 3,132 236,281 Nonaccrual 6,414 — 14,710 14,188 33,891 627 — — 63,416 Commercial and business lending $ 8,598 $ 1,812,909 $ 1,984,635 $ 3,168,514 $ 2,165,840 $ 567,642 $ 522,606 $ 571,111 $ 10,793,255 Commercial real estate - investor: Risk rating: Pass $ — $ 155,109 $ 1,263,866 $ 1,247,434 $ 1,080,425 $ 471,371 $ 358,996 $ 239,230 $ 4,816,433 Special mention — 502 4,248 25,474 26,208 — 29,772 6,014 92,218 Substandard — — 106,002 69,584 15,000 983 — 24,025 215,595 Commercial real estate - investor $ — $ 155,611 $ 1,374,116 $ 1,342,492 $ 1,121,633 $ 472,355 $ 388,768 $ 269,269 $ 5,124,245 Real estate construction: Risk rating: Pass $ — $ 23,307 $ 422,277 $ 1,176,608 $ 547,825 $ 87,680 $ 5,740 $ 7,954 $ 2,271,392 Nonaccrual — — — — — — — 6 6 Real estate construction $ — $ 23,307 $ 422,277 $ 1,176,608 $ 547,825 $ 87,680 $ 5,740 $ 7,960 $ 2,271,398 Commercial real estate lending: Risk rating: Pass $ — $ 178,416 $ 1,686,143 $ 2,424,042 $ 1,628,250 $ 559,052 $ 364,737 $ 247,184 $ 7,087,824 Special mention — 502 4,248 25,474 26,208 — 29,772 6,014 92,218 Substandard — — 106,002 69,584 15,000 983 — 24,025 215,595 Nonaccrual — — — — — — — 6 6 Commercial real estate lending $ — $ 178,918 $ 1,796,393 $ 2,519,100 $ 1,669,458 $ 560,035 $ 394,508 $ 277,230 $ 7,395,644 Term Loans Amortized Cost Basis by Origination Year (a) ($ in thousands) Rev Loans Converted to Term (a) Rev Loans Amortized Cost Basis 2023 2022 2021 2020 2019 Prior Total Total commercial: Risk rating: Pass $ 1,380 $ 1,887,058 $ 3,626,800 $ 5,489,219 $ 3,691,830 $ 1,093,633 $ 884,162 $ 788,529 $ 17,461,232 Special mention — 22,552 8,265 72,084 40,882 6,164 29,772 32,648 212,368 Substandard 804 82,216 131,253 112,123 68,695 27,253 3,180 27,157 451,876 Nonaccrual 6,414 — 14,710 14,188 33,891 627 — 6 63,422 Total commercial $ 8,598 $ 1,991,827 $ 3,781,028 $ 5,687,614 $ 3,835,298 $ 1,127,677 $ 917,114 $ 848,341 $ 18,188,898 Residential mortgage: Risk rating: Pass $ — $ — $ 352,321 $ 1,617,409 $ 2,110,577 $ 1,414,186 $ 647,778 $ 1,650,542 $ 7,792,813 Special mention — — — — — — 95 57 152 Substandard — — 490 93 — — 174 26 784 Nonaccrual — — 1,425 9,567 9,259 10,397 6,628 33,865 71,142 Residential mortgage $ — $ — $ 354,236 $ 1,627,070 $ 2,119,836 $ 1,424,583 $ 654,675 $ 1,684,490 $ 7,864,891 Auto finance: Risk rating: Pass $ — $ — $ 1,218,820 $ 952,839 $ 75,209 $ 163 $ 456 $ 132 $ 2,247,618 Special mention — — 619 1,850 205 — — — 2,674 Substandard — — — 73 — — — — 73 Nonaccrual — — 1,032 4,332 430 — 3 — 5,797 Auto finance $ — $ — $ 1,220,471 $ 959,094 $ 75,844 $ 163 $ 458 $ 132 $ 2,256,162 Home equity: Risk rating: Pass $ 8,703 $ 521,000 $ 1,678 $ 29,863 $ 6,084 $ 2,327 $ 4,891 $ 53,350 $ 619,192 Special mention 179 200 — 87 — 29 15 378 708 Substandard 10 75 10 — — — 33 — 118 Nonaccrual 1,302 160 29 495 132 144 368 7,180 8,508 Home equity $ 10,195 $ 521,434 $ 1,717 $ 30,445 $ 6,217 $ 2,500 $ 5,308 $ 60,907 $ 628,526 Other consumer: Risk rating: Pass $ 121 $ 196,632 $ 6,419 $ 3,732 $ 2,658 $ 1,127 $ 460 $ 64,121 $ 275,149 Special mention 26 843 9 — 3 20 — 6 881 Substandard — 1,582 — — — — — — 1,582 Nonaccrual 27 71 10 1 6 2 8 29 128 Other consumer $ 174 $ 199,129 $ 6,438 $ 3,733 $ 2,668 $ 1,149 $ 468 $ 64,156 $ 277,740 Total consumer: Risk rating: Pass $ 8,824 $ 717,632 $ 1,579,238 $ 2,603,843 $ 2,194,529 $ 1,417,802 $ 653,584 $ 1,768,145 $ 10,934,773 Special mention 205 1,043 628 1,936 208 49 110 441 4,416 Substandard 10 1,656 500 166 — — 207 26 2,556 Nonaccrual 1,330 231 2,496 14,396 9,827 10,544 7,007 41,073 85,574 Total consumer $ 10,369 $ 720,563 $ 1,582,862 $ 2,620,341 $ 2,204,564 $ 1,428,395 $ 660,909 $ 1,809,685 $ 11,027,319 Total loans: Risk rating: Pass $ 10,204 $ 2,604,690 $ 5,206,038 $ 8,093,062 $ 5,886,359 $ 2,511,435 $ 1,537,747 $ 2,556,674 $ 28,396,005 Special mention 205 23,595 8,893 74,020 41,091 6,213 29,882 33,089 216,784 Substandard 814 83,872 131,753 112,289 68,695 27,253 3,387 27,183 454,432 Nonaccrual 7,744 231 17,206 28,584 43,718 11,170 7,007 41,080 148,997 Total loans $ 18,966 $ 2,712,389 $ 5,363,890 $ 8,307,956 $ 6,039,862 $ 2,556,071 $ 1,578,023 $ 2,658,026 $ 29,216,218 (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 gross charge offs by origination year for the three months ended March 31, 2024: Gross Charge Offs by Origination Year ($ in thousands) Rev Loans Amortized Cost Basis YTD 2024 2023 2022 2021 2020 Prior Total Commercial and industrial $ 1,024 $ — $ 125 $ 553 $ 17,724 $ 3 $ — $ 19,429 Commercial real estate-owner occupied — — — — — — 3 3 Commercial and business lending 1,024 — 125 553 17,724 3 3 19,432 Total commercial 1,024 — 125 553 17,724 3 3 19,432 Residential mortgage — — 40 — — 2 47 89 Auto finance — — 767 1,675 158 — — 2,600 Home equity 93 — — — — — 15 108 Other consumer 1,688 — 15 8 17 28 34 1,790 Total consumer 1,782 — 822 1,683 175 30 95 4,586 Total gross charge offs $ 2,806 $ — $ 947 $ 2,236 $ 17,899 $ 33 $ 98 $ 24,018 The following table presents gross charge offs by origination year for the year ended December 31, 2023: Gross Charge Offs by Origination Year ($ in thousands) Rev Loans Amortized Cost Basis 2023 2022 2021 2020 2019 Prior Total Commercial and industrial $ 4,130 $ 717 $ 9,594 $ 25,270 $ 5,958 $ — $ 18 $ 45,687 Commercial real estate-owner occupied — — — — — 25 — 25 Commercial and business lending 4,130 717 9,594 25,270 5,958 25 18 45,713 Commercial real estate-investor — — — — — — 252 252 Real estate construction — — — — — — 25 25 Commercial real estate lending — — — — — — 277 277 Total commercial 4,130 717 9,594 25,270 5,958 25 295 45,989 Residential mortgage — 2 32 42 148 5 723 952 Auto finance — 795 4,524 626 — 5 — 5,950 Home equity 53 21 3 31 — 22 294 424 Other consumer 4,884 — 72 124 131 72 170 5,453 Total consumer 4,937 818 4,630 823 279 105 1,187 12,779 Total gross charge offs $ 9,068 $ 1,535 $ 14,224 $ 26,093 $ 6,237 $ 130 $ 1,482 $ 58,768 |
Loans, Past Due Status | The following table presents loans by past due status at March 31, 2024: Accruing ($ in thousands) Current 30-59 Days 60-89 Days 90+ Days Nonaccrual (a)(b) Total Commercial and industrial $ 9,785,140 $ 371 $ 150 $ 426 $ 72,243 $ 9,858,329 Commercial real estate - owner occupied 1,093,804 — — — 2,090 1,095,894 Commercial and business lending 10,878,944 371 150 426 74,333 10,954,223 Commercial real estate - investor 4,997,335 — 19,164 — 18,697 5,035,195 Real estate construction 2,285,763 1,260 — — 18 2,287,041 Commercial real estate lending 7,283,098 1,260 19,164 — 18,715 7,322,237 Total commercial 18,162,042 1,631 19,314 426 93,047 18,276,460 Residential mortgage 7,788,322 9,808 94 — 69,954 7,868,180 Auto finance 2,451,552 10,373 2,148 26 7,158 2,471,257 Home equity 608,821 2,506 312 24 8,100 619,764 Other consumer 254,313 1,298 963 1,942 87 258,603 Total consumer 11,103,009 23,985 3,517 1,992 85,299 11,217,802 Total loans $ 29,265,051 $ 25,617 $ 22,831 $ 2,417 $ 178,346 $ 29,494,263 (a) Of the total nonaccrual loans, $98 million, or 55%, were current with respect to payment at March 31, 2024. (b) No interest income was recognized on nonaccrual loans for the three months ended March 31, 2024. In addition, there were $20 million of nonaccrual loans for which there was no related ACLL at March 31, 2024. The following table presents loans by past due status at December 31, 2023: Accruing ($ in thousands) Current 30-59 Days 60-89 Days 90+ Days Nonaccrual (a)(b) Total Commercial and industrial $ 9,663,587 $ 5,374 $ 191 $ 380 $ 62,022 $ 9,731,555 Commercial real estate - owner occupied 1,059,948 — 358 — 1,394 1,061,700 Commercial and business lending 10,723,536 5,374 549 380 63,416 10,793,255 Commercial real estate - investor 5,086,117 — 18,697 19,432 — 5,124,245 Real estate construction 2,271,392 — — — 6 2,271,398 Commercial real estate lending 7,357,509 — 18,697 19,432 6 7,395,644 Total commercial 18,081,044 5,374 19,246 19,812 63,422 18,188,898 Residential mortgage 7,780,304 13,294 152 — 71,142 7,864,891 Auto finance 2,232,906 14,712 2,674 73 5,797 2,256,162 Home equity 615,810 3,500 708 — 8,508 628,526 Other consumer 273,644 1,233 932 1,803 128 277,740 Total consumer 10,902,664 32,739 4,467 1,876 85,574 11,027,319 Total loans $ 28,983,708 $ 38,113 $ 23,712 $ 21,689 $ 148,997 $ 29,216,218 (a) Of the total nonaccrual loans, $80 million, or 53%, were current with respect to payment at December 31, 2023. (b) No interest income was recognized on nonaccrual loans for the year ended December 31, 2023. In addition, there were $23 million of nonaccrual loans for which there was no related ACLL at December 31, 2023. |
Loans, Modifications | The following tables show the composition of loan modifications made to borrowers experiencing financial difficulty by the loan portfolio and type of concessions granted during the three months ended March 31, 2024 and March 31, 2023. Each of the types of concessions granted comprised less than 1% of their respective classes of loan portfolios at March 31, 2024. Interest Rate Concession Amortized Cost ($ in thousands) March 31, 2024 March 31, 2023 Commercial and industrial $ 159 $ 47 Auto 46 61 Home equity — 31 Other consumer 534 498 Total loans modified $ 739 $ 637 Term Extension Amortized Cost ($ in thousands) March 31, 2024 March 31, 2023 Residential mortgage $ — $ 209 Total loans modified $ — $ 209 Combination - Interest Rate Concession and Term Extension Amortized Cost ($ in thousands) March 31, 2024 March 31, 2023 Residential mortgage $ 643 $ 165 Home equity 31 93 Total loans modified $ 674 $ 258 The following tables summarize, by loan portfolio, the financial effect of the Corporation's loan modifications on the modified loans as of March 31, 2024 and March 31, 2023: Interest Rate Concession Financial Effect, Weighted Average Contractual Interest Rate (Decrease) Increase (a) Loan Type March 31, 2024 March 31, 2023 Commercial and industrial (16) % (16) % Residential mortgage 3 % — % Auto (9) % (2) % Home equity (3) % 1 % Other consumer (21) % (20) % Weighted average of total loans modified (9) % (17) % (a) Due to market conditions, some interest rate concessions on floating rate loans may involve an increase in rate that was lower in comparison to the rate of increase for floating rate loans not modified. Term Extension Financial Effect, Weighted Average Term Increase (a) Loan Type March 31, 2024 March 31, 2023 Residential mortgage 158 months 26 months Home equity 64 months 0 months Weighted average of total loans modified 153 months 26 months |
Loans, Modifications in Last 12 Months, Performance | The following table depicts the performance of loans that have been modified in the twelve months ended March 31, 2024: Payment Status (Amortized Cost Basis) ($ in thousands) Current 30-89 Days Past Due 90+ Days Past Due Nonaccrual Commercial and industrial $ 377 $ — $ — $ — Residential mortgage 345 — — 991 Auto 63 3 — 11 Home equity 135 47 — 139 Other consumer 1,487 — — — Total loans modified $ 2,407 $ 50 $ — $ 1,141 The following table depicts the performance of loans that have been modified in the three months ended March 31, 2023: Payment Status (Amortized Cost Basis) ($ in thousands) Current 30-89 Days Past Due 90+ Days Past Due Nonaccrual Commercial and industrial $ 47 $ — $ — $ — Residential mortgage 126 — — 248 Auto 61 — — — Home equity 31 — — 93 Other consumer 498 — — — Total loans modified $ 763 $ — $ — $ 341 |
Loans, Modified, Subsequent Default | The following table provides the amortized cost of loan modifications by loan portfolio and type of concession that were modified in the previous twelve months and subsequently had a payment default during the three months ended March 31, 2024: Amortized Cost of Loan Modifications that Subsequently Defaulted ($ in thousands) Interest Rate Concession Term Extension Combination Interest Rate Reduction and Term Extension Auto $ 11 $ — $ — Total loans modified $ 11 $ — $ — The following table provides the amortized cost of loan modifications by loan portfolio and type of concession that were modified in the previous three months and subsequently had a payment default during the three months ended March 31, 2023: Amortized Cost of Loan Modifications that Subsequently Defaulted ($ in thousands) Interest Rate Concession Term Extension Combination Interest Rate Reduction and Term Extension Home equity $ — $ — $ 60 Total loans modified $ — $ — $ 60 |
Loans, Changes in AFLL by Portfolio Segment | The following table presents a summary of the changes in the ACLL by portfolio segment for the three months ended March 31, 2024: ($ in thousands) Dec 31, 2023 Charge offs Recoveries Net Charge offs Provision for credit losses Mar 31, 2024 ACLL / Loans Allowance for loan losses Commercial and industrial $ 128,263 $ (19,429) $ 791 $ (18,638) $ 23,202 $ 132,826 Commercial real estate — owner occupied 10,610 (3) 5 2 1,768 12,381 Commercial and business lending 138,873 (19,432) 796 (18,636) 24,970 145,207 Commercial real estate — investor 67,858 — — — 4,137 71,995 Real estate construction 53,554 — 30 30 (4,281) 49,303 Commercial real estate lending 121,412 — 30 30 (144) 121,298 Total commercial 260,285 (19,432) 826 (18,606) 24,826 266,506 Residential mortgage 37,808 (89) 27 (62) (1,831) 35,915 Auto finance 24,961 (2,600) 506 (2,094) 3,248 26,114 Home equity 15,403 (108) 319 211 (874) 14,740 Other consumer 12,638 (1,790) 252 (1,537) 1,630 12,731 Total consumer 90,809 (4,586) 1,104 (3,482) 2,174 89,501 Total loans $ 351,094 $ (24,018) $ 1,930 $ (22,088) $ 27,000 $ 356,006 Allowance for unfunded commitments Commercial and industrial $ 13,319 $ — $ — $ — $ (757) $ 12,562 Commercial real estate — owner occupied 149 — — — 15 164 Commercial and business lending 13,468 — — — (742) 12,725 Commercial real estate — investor 480 — — — 37 517 Real estate construction 17,024 — — — (2,103) 14,921 Commercial real estate lending 17,504 — — — (2,066) 15,438 Total commercial 30,972 — — — (2,808) 28,164 Home equity 2,629 — — — (316) 2,313 Other consumer 1,174 — — — 124 1,298 Total consumer 3,803 — — — (192) 3,612 Total loans $ 34,776 $ — $ — $ — $ (3,000) $ 31,776 Allowance for credit losses on loans Commercial and industrial $ 141,582 $ (19,429) $ 791 $ (18,638) $ 22,445 $ 145,388 1.47 % Commercial real estate — owner occupied 10,759 (3) 5 2 1,783 12,544 1.14 % Commercial and business lending 152,341 (19,432) 796 (18,636) 24,227 157,933 1.44 % Commercial real estate — investor 68,338 — — — 4,174 72,512 1.44 % Real estate construction 70,578 — 30 30 (6,383) 64,225 2.81 % Commercial real estate lending 138,916 — 30 30 (2,209) 136,737 1.87 % Total commercial 291,257 (19,432) 826 (18,606) 22,018 294,669 1.61 % Residential mortgage 37,808 (89) 27 (62) (1,831) 35,915 0.46 % Auto finance 24,961 (2,600) 506 (2,094) 3,248 26,114 1.06 % Home equity 18,032 (108) 319 211 (1,190) 17,054 2.75 % Other consumer 13,812 (1,790) 252 (1,537) 1,755 14,029 5.43 % Total consumer 94,613 (4,586) 1,104 (3,482) 1,982 93,112 0.83 % Total loans $ 385,870 $ (24,018) $ 1,930 $ (22,088) $ 24,000 $ 387,782 1.31 % The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 2023: ($ in thousands) Dec 31, 2022 Charge offs Recoveries Net Charge offs Provision for credit losses Dec 31, 2023 ACLL / Loans Allowance for loan losses Commercial and industrial $ 119,076 $ (45,687) $ 3,015 $ (42,672) $ 51,859 $ 128,263 Commercial real estate — owner occupied 9,475 (25) 11 (15) 1,150 10,610 Commercial and business lending 128,551 (45,713) 3,026 (42,687) 53,009 138,873 Commercial real estate — investor 54,398 (252) 3,016 2,763 10,697 67,858 Real estate construction 45,589 (25) 80 55 7,910 53,554 Commercial real estate lending 99,986 (277) 3,095 2,819 18,607 121,412 Total commercial 228,538 (45,989) 6,121 (39,868) 71,616 260,285 Residential mortgage 38,298 (952) 541 (411) (79) 37,808 Auto finance 19,619 (5,950) 1,241 (4,709) 10,051 24,961 Home equity 14,875 (424) 1,262 837 (310) 15,403 Other consumer 11,390 (5,453) 978 (4,475) 5,723 12,638 Total consumer 84,182 (12,779) 4,021 (8,758) 15,384 90,809 Total loans $ 312,720 $ (58,768) $ 10,142 $ (48,626) $ 87,000 $ 351,094 Allowance for unfunded commitments Commercial and industrial $ 12,997 $ — $ — $ — $ 321 $ 13,319 Commercial real estate — owner occupied 103 — — — 46 149 Commercial and business lending 13,101 — — — 367 13,468 Commercial real estate — investor 710 — — — (230) 480 Real estate construction 20,583 — — — (3,558) 17,024 Commercial real estate lending 21,292 — — — (3,788) 17,504 Total commercial 34,393 — — — (3,421) 30,972 Home equity 2,699 — — — (70) 2,629 Other consumer 1,683 — — — (509) 1,174 Total consumer 4,382 — — — (579) 3,803 Total loans $ 38,776 $ — $ — $ — $ (4,000) $ 34,776 Allowance for credit losses on loans Commercial and industrial $ 132,073 $ (45,687) $ 3,015 $ (42,672) $ 52,181 $ 141,582 1.45 % Commercial real estate — owner occupied 9,579 (25) 11 (15) 1,195 10,759 1.01 % Commercial and business lending 141,652 (45,713) 3,026 (42,687) 53,376 152,341 1.41 % Commercial real estate — investor 55,108 (252) 3,016 2,763 10,467 68,338 1.33 % Real estate construction 66,171 (25) 80 55 4,351 70,578 3.11 % Commercial real estate lending 121,279 (277) 3,095 2,819 14,819 138,916 1.88 % Total commercial 262,931 (45,989) 6,121 (39,868) 68,195 291,257 1.60 % Residential mortgage 38,298 (952) 541 (411) (79) 37,808 0.48 % Auto finance 19,619 (5,950) 1,241 (4,709) 10,051 24,961 1.11 % Home equity 17,574 (424) 1,262 837 (380) 18,032 2.87 % Other consumer 13,073 (5,453) 978 (4,475) 5,214 13,812 4.97 % Total consumer 88,565 (12,779) 4,021 (8,758) 14,805 94,613 0.86 % Total loans $ 351,496 $ (58,768) $ 10,142 $ (48,626) $ 83,000 $ 385,870 1.32 % |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of core deposit intangibles and other intangibles | Changes in the gross carrying amount, accumulated amortization, and net book value for CDIs were as follows: ($ in thousands) Three Months Ended March 31, 2024 Year Ended Dec 31, 2023 Core deposit intangibles Gross carrying amount at the beginning of period $ 88,109 $ 88,109 Accumulated amortization (49,841) (47,638) Net book value $ 38,268 $ 40,471 Amortization during the period $ 2,203 $ 8,811 |
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 three months ended March 31, 2024 and the year ended December 31, 2023 is as follows: ($ in thousands) Three Months Ended March 31, 2024 Year Ended Dec 31, 2023 Mortgage servicing rights Mortgage servicing rights at beginning of period $ 84,390 $ 77,351 Additions 877 3,564 Paydowns (1,687) (7,185) Valuation: Change in fair value model assumptions — 8,881 Changes in fair value of asset 1,646 1,778 Mortgage servicing rights at end of period $ 85,226 $ 84,390 Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) (a) $ 6,349,049 $ 7,364,492 Mortgage servicing rights to servicing portfolio (a) 1.34 % 1.15 % |
Summary of estimated future amortization expense | The following table shows the estimated future amortization expense for CDIs and decay for MSRs: ($ in thousands) Core Deposit Intangibles Mortgage Servicing Rights Nine months ended December 31, 2024 $ 6,608 $ 6,930 2025 8,811 11,133 2026 8,811 11,013 2027 8,811 10,506 2028 3,485 9,628 2029 1,681 8,614 Beyond 2029 61 27,402 Total estimated amortization expense and MSRs decay $ 38,268 $ 85,226 |
Short and Long-Term Funding (Ta
Short and Long-Term Funding (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Breakdown of short & long-term debt balances | The following table presents the components of short-term funding (funding with original contractual maturities of one year or less), and long-term funding (funding with original contractual maturities greater than one year): ($ in thousands) Mar 31, 2024 Dec 31, 2023 Short-term funding Federal funds purchased $ 175,135 $ 220,160 Securities sold under agreements to repurchase 90,536 106,620 Federal funds purchased and securities sold under agreements to repurchase 265,671 326,780 BTFP funding 500,000 — Total short-term funding $ 765,671 $ 326,780 Long-term funding Corporation subordinated notes, at par $ 550,000 $ 550,000 Discount and capitalized costs (7,468) (7,748) Subordinated debt fair value hedge (a) (6,838) (1,366) Finance leases 361 383 Total long-term funding $ 536,055 $ 541,269 Total short and long-term funding, excluding FHLB advances $ 1,301,726 $ 868,049 FHLB advances Short-term FHLB advances $ 138,000 $ 740,000 Long-term FHLB advances 1,209,862 1,209,907 FHLB advances fair value hedge (a) (14,451) (9,713) Total FHLB advances $ 1,333,411 $ 1,940,194 Total short and long-term funding $ 2,635,137 $ 2,808,243 (a) For additional information on the fair value hedges, see Note 9. |
Remaining contractual maturity of securities sold under agreements to repurchase | The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets as of March 31, 2024 and December 31, 2023 are presented in the following table: Overnight and Continuous ($ in thousands) Mar 31, 2024 Dec 31, 2023 Repurchase agreements Agency mortgage-related securities $ 90,536 $ 106,620 |
Derivative and Hedging Activi_2
Derivative and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary Of Other Derivative Instruments [Table Text Block] | 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 March 31, 2024 and December 31, 2023. 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 March 31, 2024 and December 31, 2023. 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. Mar 31, 2024 Dec 31, 2023 Asset Liability Asset Liability ($ in thousands) Notional Amount Fair Value Notional Amount Fair Value Notional Amount Fair Value Notional Amount Fair Value Designated as hedging instruments: Interest rate-related instruments $ 1,350,000 $ 2,164 $ 1,750,000 $ 10,685 $ 2,300,000 $ 8,075 $ 550,000 $ 930 Foreign currency exchange forwards 147,695 624 263,335 230 231,566 632 189,212 2,946 Total designated as hedging instruments 2,788 10,915 8,707 3,876 Not designated as hedging instruments: Interest rate-related and other instruments 3,770,832 113,337 6,262,958 222,303 3,603,513 111,623 6,528,471 195,662 Foreign currency exchange forwards 115,002 5,276 88,602 4,956 87,526 2,954 135,654 2,746 Mortgage banking (a) 49,808 666 98,000 222 29,490 439 51,500 673 Total not designated as hedging instruments 119,279 227,482 115,016 199,082 Gross derivatives before netting 122,067 238,397 123,723 202,958 Less: Legally enforceable master netting agreements 6,463 6,463 18,234 18,234 Less: Cash collateral pledged/received 55,681 — 35,855 — Total derivative instruments, after netting $ 59,923 $ 231,934 $ 69,634 $ 184,724 |
Balance Sheet Recording of Fair Value Hedge [Table Text Block] | 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) (a) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Carrying Amount of the Hedged Assets/(Liabilities) (a) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) ($ in thousands) March 31, 2024 December 31, 2023 Other long-term funding $ (543,162) $ 6,838 $ (548,634) $ 1,366 FHLB advances (585,549) 14,451 (590,287) 9,713 Total $ (1,128,711) $ 21,289 $ (1,138,921) $ 11,079 (a) Excludes hedged items where only foreign currency risk is the designated hedged risk. At March 31, 2024 and December 31, 2023, the carrying amount excluded for foreign currency denominated loans was $411 million and $421 million, respectively. |
Schedule of cash flow hedging instruments, statements of financial performance and financial position location | The tables below identify the effect of fair value and cash flow hedge accounting on the Corporation's consolidated statements of income for the three months ended March 31, 2024 and 2023: Location and Amount Recognized on the Consolidated Statements of Income in Three months ended Mar 31, 2024 2023 ($ in thousands) Interest Income Interest Expense Interest Income Interest Expense Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value or cash flow hedges are recorded (a) $ (4,863) $ 5,322 $ (1,321) $ 2,515 The effects of fair value and cash flow hedging: Impact on fair value hedging relationships in Subtopic 815-20 Interest contracts: Hedged items (40) (10,210) (59) 10,724 Derivatives designated as hedging instruments (a) (4,823) 15,532 (1,262) (8,209) (a) Includes net settlements on the derivatives. Location and Amount Recognized on the Consolidated Statements of Income in Three months ended Mar 31, 2024 2023 ($ in thousands) Capital Markets, Net Capital Markets, Net Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value hedges are recorded $ — $ — The effects of fair value hedging: Impact on fair value hedging relationships in Subtopic 815-20 Foreign currency contracts: Hedged items (9,070) 1,802 Derivatives designated as hedging instruments 9,070 (1,802) |
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 three months ended March 31, 2024 and 2023: Three Months Ended Mar 31, ($ in thousands) 2024 2023 Interest rate-related instruments designated as cash flow hedging instruments Amount of (loss) income recognized in OCI on cash flow hedge derivative (a) $ (19,461) $ 13,763 Amount of loss reclassified from accumulated other comprehensive income (loss) into interest income (a) 4,823 1,262 (a) The entirety of gains (losses) recognized in OCI as well as the losses 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 for the three months ended March 31, 2024 and 2023: Consolidated Statements of Income Category of Gain / (Loss) Three Months Ended Mar 31, ($ in thousands) 2024 2023 Derivative instruments Interest rate-related and other instruments — customer and mirror, net Capital markets, net $ (71) $ (70) Interest rate-related instruments — MSRs hedge Mortgage banking, net (2,937) 2,521 Foreign currency exchange forwards Capital markets, net 746 228 Interest rate lock commitments (mortgage) Mortgage banking, net 227 252 Forward commitments (mortgage) Mortgage banking, net 451 (395) |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Offsetting [Abstract] | |
Balance sheet offsetting of derivative assets and liabilities | The following table presents the interest rate and foreign exchange assets and liabilities subject to an enforceable master netting arrangement as of March 31, 2024 and December 31, 2023. The interest rate and foreign exchange agreements the Corporation has with its commercial customers are not subject to an enforceable master netting arrangement and are therefore excluded from this table: Gross Amounts Recognized Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets Net Amounts Presented on the Consolidated Balance Sheets Gross Amounts Not Offset on the Consolidated Balance Sheets ($ in thousands) Derivative Cash Collateral Received Security Collateral Received Net Derivative assets March 31, 2024 $ 102,956 $ (6,463) $ (55,681) $ 40,812 $ (32,683) $ 8,129 December 31, 2023 87,075 (18,234) (35,855) 32,985 (32,985) — Gross Amounts Recognized 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) Derivative Cash Collateral Pledged Security Collateral Pledged Net Derivative liabilities March 31, 2024 $ 17,172 $ (6,463) $ — $ 10,709 $ — $ 10,709 December 31, 2023 18,767 (18,234) — 533 — 533 |
Commitments, Off-Balance Shee_2
Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of lending-related and other commitments | The following is a summary of lending-related commitments: ($ in thousands) Mar 31, 2024 Dec 31, 2023 Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale (a)(b) $ 10,828,869 $ 11,170,147 Commercial letters of credit (a) 4,580 3,697 Standby letters of credit (c) 230,396 212,029 (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 March 31, 2024 or December 31, 2023. (b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 9. (c) Standby letters of credit are presented excluding participations. The Corporation has established a liability of $2 million at both March 31, 2024 and December 31, 2023, as an estimate of the fair value of these financial instruments. |
Schedule Of Unfunded Commitments [Table Text Block] | The following table presents a summary of the changes in the allowance for unfunded commitments: ($ in thousands) Three Months Ended March 31, 2024 Year Ended December 31, 2023 Allowance for unfunded commitments Balance at beginning of period $ 34,776 $ 38,776 Provision for unfunded commitments (3,000) (4,000) Balance at end of period $ 31,776 $ 34,776 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | The tables below present the Corporation’s financial instruments measured at fair value on a recurring basis and carrying amounts and estimated fair values of certain financial instruments as of March 31, 2024 and December 31, 2023, aggregated by the level in the fair value hierarchy within which those measurements fall: Mar 31, 2024 ($ in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and due from banks $ 429,859 $ 429,859 $ 429,859 $ — $ — Interest-bearing deposits in other financial institutions 420,114 420,114 420,114 — — Federal funds sold and securities purchased under agreements to resell 1,610 1,610 1,610 — — AFS investment securities: U.S. Treasury securities 35,558 35,558 35,558 — — Obligations of state and political subdivisions (municipal securities) 80,830 80,830 — 80,830 — Residential mortgage-related securities: FNMA / FHLMC 1,090,998 1,090,998 — 1,090,998 — GNMA 2,214,513 2,214,513 — 2,214,513 — Commercial mortgage-related securities: FNMA / FHLMC 17,008 17,008 — 17,008 — GNMA 152,232 152,232 — 152,232 — Asset backed securities: FFELP 129,154 129,154 — 129,154 — SBA 890 890 — 890 — Other debt securities 2,965 2,965 — 2,965 — Total AFS investment securities 3,724,148 3,724,148 35,558 3,688,590 — HTM investment securities: U.S. Treasury securities 999 969 969 — — Obligations of state and political subdivisions (municipal securities), net 1,676,199 1,523,658 — 1,523,658 — Residential mortgage-related securities: FNMA / FHLMC 930,148 771,944 — 771,944 — GNMA 48,043 44,457 — 44,457 — Private-label 341,153 281,069 — 281,069 — Commercial mortgage-related securities: FNMA / FHLMC 779,310 628,928 — 628,928 — GNMA 57,114 50,183 — 50,183 — Total HTM investment securities, net 3,832,967 3,301,209 969 3,300,239 — Equity securities: Equity securities 7,071 7,071 6,966 — 105 Equity securities at NAV 12,500 12,500 Total equity securities 19,571 19,571 FHLB and Federal Reserve Bank stocks 173,968 173,968 — 173,968 — Residential loans held for sale 52,414 52,414 — 52,414 — Loans, net 29,138,257 27,739,448 — — 27,739,448 Bank and corporate owned life insurance 685,089 685,089 — 685,089 — Mortgage servicing rights, net 85,226 85,226 — — 85,226 Interest rate-related instruments designated as hedging instruments (a) 2,164 2,164 — 2,164 — Foreign currency exchange forwards designated as hedging instruments (a) 624 624 — 624 — Interest rate-related and other instruments not designated as hedging instruments (a) 113,337 113,337 — 113,337 — Foreign currency exchange forwards not designated as hedging instruments (a) 5,276 5,276 — 5,276 — Interest rate lock commitments to originate residential mortgage loans held for sale 666 666 — — 666 Total selected assets at fair value $ 38,685,290 $ 36,754,723 $ 895,077 $ 8,021,701 $ 27,825,445 (a) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the Mar 31, 2024 ($ in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Liabilities Deposits: Noninterest-bearing demand $ 6,254,135 $ 6,254,135 $ — $ — $ 6,254,135 Savings 5,124,639 5,124,639 — — 5,124,639 Interest-bearing demand 8,747,127 8,747,127 — — 8,747,127 Money market 6,721,674 6,721,674 — — 6,721,674 Brokered CDs (a) 3,931,230 3,931,230 — 3,931,230 — Other time deposits (a) 2,934,352 2,934,352 — 2,934,352 — Total deposits 33,713,158 33,713,158 — 6,865,582 26,847,575 Short-term funding: Federal funds purchased and securities sold under agreements to repurchase 265,671 265,661 — 265,661 — BTFP funding 500,000 497,959 — 497,959 — Total short-term funding 765,671 763,620 — 763,620 — FHLB advances 1,333,411 1,320,280 — 1,320,280 — Other long-term funding 536,055 517,009 — 517,009 — Standby letters of credit (b) 2,347 2,347 — 2,347 — Interest rate-related instruments designated as hedging instruments (c) 10,685 10,685 — 10,685 — Foreign currency exchange forwards designated as hedging instruments (c) 230 230 — 230 — Interest rate-related and other instruments not designated as hedging instruments (c) 222,303 222,303 — 222,303 — Foreign currency exchange forwards not designated as hedging instruments (c) 4,956 4,956 — 4,956 — Forward commitments to sell residential mortgage loans 222 222 — — 222 Total selected liabilities at fair value $ 36,589,039 $ 36,554,811 $ — $ 9,707,013 $ 26,847,797 (a) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value. Dec 31, 2023 ($ in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Assets Cash and due from banks $ 484,384 $ 484,384 $ 484,384 $ — $ — Interest-bearing deposits in other financial institutions 425,089 425,089 425,089 — — Federal funds sold and securities purchased under agreements to resell 14,350 14,350 14,350 — — AFS investment securities: U.S. Treasury securities 35,902 35,902 35,902 — — Obligations of state and political subdivisions (municipal securities) 91,817 91,817 — 91,817 — Residential mortgage-related securities: FNMA / FHLMC 1,120,794 1,120,794 — 1,120,794 — GNMA 2,042,675 2,042,675 — 2,042,675 — Commercial mortgage-related securities: FNMA / FHLMC 16,937 16,937 — 16,937 — GNMA 154,793 154,793 — 154,793 — Asset backed securities: FFELP 133,975 133,975 — 133,975 — SBA 1,051 1,051 — 1,051 — Other debt securities 2,950 2,950 — 2,950 — Total AFS investment securities 3,600,892 3,600,892 35,902 3,564,990 — HTM investment securities: U.S. Treasury securities 999 963 963 — — Obligations of state and political subdivisions (municipal securities), net 1,682,398 1,553,984 — 1,553,984 — Residential mortgage-related securities: FNMA / FHLMC 941,973 804,393 — 804,393 — GNMA 48,979 46,170 — 46,170 — Private-label 345,083 289,507 — 289,507 — Commercial mortgage-related securities: FNMA / FHLMC 780,995 632,914 — 632,914 — GNMA 59,733 52,619 — 52,619 — Total HTM investment securities, net 3,860,160 3,380,550 963 3,379,586 — Equity securities: Equity securities 31,651 31,651 6,883 — 24,769 Equity securities at NAV 10,000 10,000 Total equity securities 41,651 41,651 FHLB and Federal Reserve Bank stocks 229,171 229,171 — 229,171 — Residential loans held for sale 33,011 33,011 — 33,011 — Commercial loans held for sale 90,303 90,303 — 90,303 — Loans, net 28,865,124 27,371,086 — — 27,371,086 Bank and corporate owned life insurance 682,649 682,649 — 682,649 — Mortgage servicing rights, net 84,390 84,390 — — 84,390 Interest rate-related instruments designated as hedging instruments (a) 8,075 8,075 — 8,075 — Foreign currency exchange forwards designated as hedging instruments (a) 632 632 — 632 — Interest rate-related and other instruments not designated as hedging instruments (a) 111,623 111,623 — 111,623 — Foreign currency exchange forwards not designated as hedging instruments (a) 2,954 2,954 — 2,954 — Interest rate lock commitments to originate residential mortgage loans held for sale 439 439 — — 439 Total selected assets at fair value $ 38,534,897 $ 36,561,249 $ 967,570 $ 8,102,995 $ 27,480,684 (a) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the Dec 31, 2023 ($ in thousands) Carrying Amount Fair Value Level 1 Level 2 Level 3 Liabilities Deposits: Noninterest-bearing demand $ 6,119,956 $ 6,119,956 $ — $ — $ 6,119,956 Savings 4,835,701 4,835,701 — — 4,835,701 Interest-bearing demand 8,843,967 8,843,967 — — 8,843,967 Money market 6,330,453 6,330,453 — — 6,330,453 Brokered CDs (a) 4,447,479 4,447,479 — 4,447,479 — Other time deposits (a) 2,868,494 2,868,494 — 2,868,494 — Total deposits 33,446,049 33,446,049 — 7,315,973 26,130,076 Federal funds purchased and securities sold under agreements to repurchase 326,780 326,757 — 326,757 — FHLB advances 1,940,194 1,944,600 — 1,944,600 — Other long-term funding 541,269 534,983 — 534,983 — Standby letters of credit (b) 2,157 2,157 — 2,157 — Interest rate-related instruments designated as hedging instruments (c) 930 930 — 930 — Foreign currency exchange forwards designated as hedging instruments (c) 2,946 2,946 — 2,946 — Interest rate-related and other instruments not designated as hedging instruments (c) 195,662 195,662 — 195,662 — Foreign currency exchange forwards not designated as hedging instruments (c) 2,746 2,746 — 2,746 — Forward commitments to sell residential mortgage loans 673 673 — — 673 Total selected liabilities at fair value $ 36,459,407 $ 36,457,504 $ — $ 10,326,755 $ 26,130,749 (a) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value. (b) The commitment on standby letters of credit was $212 million at December 31, 2023. See Note 11 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments. (c) Figures are presented gross before netting. See Note 9 and Note 10 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place. |
Assets and liabilities measured at fair value using significant unobservable inputs (level 3) | The table below presents a rollforward of the consolidated balance sheets amounts for the three months ended March 31, 2024 and the year ended December 31, 2023, for the Corporation's mortgage derivatives measured on a recurring basis and classified within Level 3 of the fair value hierarchy: ($ 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, 2022 $ 86 $ 46 $ 40 New production 6,557 (1,816) 8,373 Closed loans / settlements (4,171) 2,494 (6,665) Other (2,033) (51) (1,982) Change in mortgage derivative 352 627 (274) Balance December 31, 2023 $ 439 $ 673 $ (234) New production $ 1,820 $ (590) $ 2,409 Closed loans / settlements (1,546) 188 (1,734) Other (46) (49) 3 Change in mortgage derivative 227 (451) 678 Balance March 31, 2024 $ 666 $ 222 $ 444 |
Equity Securities without Readily Determinable Fair Value [Table Text Block] | The following table presents a rollforward of the fair value of Level 3 equity securities, for the three months ended March 31, 2024 and the year ended December 31, 2023, that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes: ($ in thousands) Fair value as of December 31, 2022 $ 19,225 Gains recognized in investment securities gains, net 5,861 Purchases 11 Sales (329) Fair value as of December 31, 2023 $ 24,769 Gains recognized in investment securities gains, net $ 4,054 Purchases 8 Sales (28,725) Fair value as of March 31, 2024 $ 105 |
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 in Income Adjustment Recognized on the Consolidated Statements of Income (a) March 31, 2024 Assets Individually evaluated loans Level 3 $ 67,625 Provision for credit losses $ 22,305 OREO (b) Level 2 102 Other noninterest expense / provision for credit losses (c) 21 December 31, 2023 Assets Individually evaluated loans Level 3 $ 47,221 Provision for credit losses $ 45,709 OREO (b) Level 2 3,139 Other noninterest expense / provision for credit losses (c) 2,532 Equity securities without readily determinable fair values Level 3 24,671 Investment securities gains (losses), net 5,785 (a) Includes the YTD impact on the consolidated statements of income. (b) If the fair value of the collateral exceeds the carrying amount of the asset, no charge off or adjustment is necessary, the asset is not considered to be carried at fair value and is therefore not included in the table. |
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: March 31, 2024 Valuation Technique Significant Unobservable Input Range of Inputs Weighted Average Input Applied Mortgage servicing rights Discounted cash flow Option adjusted spread 5% - 8% 5% Mortgage servicing rights Discounted cash flow Constant prepayment rate —% - 100% 6% Individually evaluated loans Appraisals / Discounted cash flow Collateral / Discount factor 11% - 56% 52% Interest rate lock commitments to originate residential mortgage loans held for sale Discounted cash flow Closing Ratio 25% - 100% 86% |
Retirement Plans (Tables)
Retirement Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Net period benefit cost for the pension and postretirement plans | The components of net periodic pension cost and net periodic benefit cost for the RAP and Postretirement Plan for the three months ended March 31, 2024 and 2023 were as follows: Three Months Ended Mar 31, ($ in thousands) 2024 2023 RAP Service cost $ 874 $ 796 Interest cost 2,719 2,686 Expected return on plan assets (8,650) (8,202) Amortization of prior service cost (53) (63) Amortization of actuarial loss — 37 Total net periodic pension cost $ (5,111) $ (4,746) Postretirement Plan Interest cost $ 18 $ 20 Amortization of prior service cost (19) (19) Amortization of actuarial (gain) (7) (7) Total net periodic benefit cost $ (8) $ (7) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Selected segment information | Information about the Corporation’s segments is presented below: Corporate and Commercial Specialty Three Months Ended Mar 31, ($ in thousands) 2024 2023 Net interest income $ 242,931 $ 219,123 Net intersegment interest (expense) (93,736) (80,980) Segment net interest income 149,195 138,143 Noninterest income 34,422 32,717 Total revenue 183,617 170,860 Provision for credit losses 15,428 13,782 Noninterest expense 66,350 62,119 Income before income taxes 101,839 94,960 Income tax expense 21,081 17,726 Net income $ 80,758 $ 77,234 Allocated goodwill $ 525,836 $ 525,836 Community, Consumer, and Business Three Months Ended Mar 31, ($ in thousands) 2024 2023 Net interest income $ 58,192 $ 80,284 Net intersegment interest income 130,159 88,079 Segment net interest income 188,351 168,363 Noninterest income 24,494 25,947 Total revenue 212,845 194,310 Provision for credit losses 6,825 6,758 Noninterest expense 110,490 111,735 Income before income taxes 95,530 75,817 Income tax expense 20,062 15,922 Net income $ 75,468 $ 59,895 Allocated goodwill $ 579,156 $ 579,156 Risk Management and Shared Services Three Months Ended Mar 31, ($ in thousands) 2024 2023 Net interest (loss) $ (43,266) $ (25,397) Net intersegment (expense) (36,422) (7,099) Segment net interest (loss) (79,688) (32,496) Noninterest income 6,068 3,409 Total revenue (73,620) (29,087) Provision for credit losses 1,747 (2,568) Noninterest expense 20,817 13,558 (Loss) before income taxes (96,184) (40,077) Income tax (benefit) (21,127) (6,307) Net (loss) $ (75,058) $ (33,770) Allocated goodwill $ — $ — Consolidated Total Three Months Ended Mar 31, ($ in thousands) 2024 2023 Net interest income $ 257,858 $ 274,010 Net intersegment interest income — — Segment net interest income 257,858 274,010 Noninterest income 64,985 62,073 Total revenue 322,842 336,083 Provision for credit losses 24,001 17,971 Noninterest expense 197,657 187,412 Income before income taxes 101,185 130,700 Income tax expense 20,016 27,340 Net income $ 81,169 $ 103,360 Allocated goodwill $ 1,104,992 $ 1,104,992 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Summary of activity in accumulated other comprehensive income (loss) | The following tables summarize the components of accumulated other comprehensive income (loss) at March 31, 2024 and 2023, including changes during the preceding three month periods as well as any reclassifications out of accumulated other comprehensive income (loss): ($ in thousands) AFS Investment Cash Flow Hedge Derivatives Defined Benefit Accumulated Balance December 31, 2023 $ (148,641) $ 3,080 $ (25,535) $ (171,096) Other comprehensive (loss) before reclassifications (29,889) — — (29,889) Amounts reclassified from accumulated other comprehensive income (loss): Investment securities losses, net 197 — — 197 HTM investment securities, net, at amortized cost (a) 2,060 — — 2,060 Other assets / accrued expenses and other liabilities — (19,461) — (19,461) Interest income — 4,823 — 4,823 Personnel expense — — (72) (72) Other expense — — (7) (7) Income tax benefit (expense) 6,885 (1,688) (1,633) 3,564 Net other comprehensive (loss) during period (20,746) (16,326) (1,712) (38,785) Balance March 31, 2024 $ (169,388) $ (13,246) $ (27,247) $ (209,881) Balance December 31, 2022 $ (233,192) $ 3,360 $ (42,968) $ (272,799) Other comprehensive income before reclassifications 36,478 — — 36,478 Amounts reclassified from accumulated other comprehensive income (loss): HTM investment securities, net, at amortized cost (a) 2,267 — — 2,267 Other assets / accrued expenses and other liabilities — 13,763 — 13,763 Interest income — 1,262 — 1,262 Personnel expense — — (81) (81) Other expense — — 30 30 Income tax (expense) benefit (9,892) (4,694) 79 (14,507) Net other comprehensive income during period 28,853 10,331 27 39,211 Balance March 31, 2023 $ (204,339) $ 13,691 $ (42,940) $ (233,588) (a) Amortization of net unrealized losses on AFS securities transferred to HTM securities. |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Lease, Cost and Cash Flows | Operating and finance lease costs and cash flows resulting from these leases are presented below: Three Months Ended Mar 31, ($ in thousands) 2024 2023 Operating lease costs $ 1,545 $ 1,464 Finance lease costs 23 23 Operating lease cash flows 1,844 1,828 Finance lease cash flows 23 22 |
Components of lease expense | The right-of-use asset and lease liability by lease classifications on the consolidated balance sheets were as follows: ($ in thousands) Consolidated Balance Sheets Category Mar 31, 2024 Dec 31, 2023 Operating lease right-of-use asset Premises and equipment $ 23,310 $ 24,712 Finance lease right-of-use asset Other assets 347 368 Operating lease liability Accrued expenses and other liabilities 25,813 27,311 Finance lease liability Other long-term funding 361 383 |
Operating lease information | The lease payment obligations, weighted-average remaining lease term, and weighted-average original discount rate were as follows: Mar 31, 2024 Dec 31, 2023 ($ 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 $ 24,223 5.61 3.14 % $ 25,729 5.76 3.12 % Land 3,846 6.87 3.49 % 4,050 6.98 3.48 % Equipment 408 2.25 4.62 % 408 2.50 4.62 % Total operating leases $ 28,476 5.73 3.21 % $ 30,187 5.88 3.19 % Finance leases Retail and corporate offices $ 370 4.00 1.32 % $ 394 4.25 1.32 % Total finance leases $ 370 4.00 1.32 % $ 394 4.25 1.32 % |
Amortization of operating lease liabilities | Contractual lease payment obligations for each of the next five years and thereafter, in addition to a reconciliation to the Corporation’s lease liability, were as follows: ($ in thousands) Operating Leases Finance Leases Total Leases Nine months ended December 31, 2024 $ 4,828 $ 69 $ 4,898 2025 5,629 93 5,721 2026 5,023 93 5,116 2027 4,312 93 4,404 2028 3,428 23 3,451 Beyond 2028 5,257 — 5,257 Total lease payments $ 28,476 $ 370 $ 28,847 Less: interest 2,663 9 2,673 Present value of lease payments $ 25,813 $ 361 $ 26,174 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income | $ 81,169 | $ 103,360 |
Preferred stock dividends | (2,875) | (2,875) |
Net income available to common equity | 78,294 | 100,485 |
Common shareholder dividends | (33,407) | (31,808) |
Unvested share-based payment awards | (120) | (205) |
Undistributed earnings | 44,767 | 68,472 |
Undistributed earnings allocated to common shareholders | 44,524 | 68,086 |
Undistributed earnings allocated to unvested share-based payment awards | 242 | 386 |
Basic | ||
Distributed earnings to common shareholders | 33,407 | 31,808 |
Undistributed earnings allocated to common shareholders | 44,524 | 68,086 |
Total common shareholders earnings, basic | 77,932 | 99,894 |
Diluted | ||
Distributed earnings to common shareholders | 33,407 | 31,808 |
Undistributed earnings allocated to common shareholders | 44,524 | 68,086 |
Total common shareholders earnings, diluted | $ 77,932 | $ 99,894 |
Weighted average common shares outstanding | 149,855 | 149,763 |
Effect of dilutive common stock awards | 1,436 | 1,365 |
Diluted weighted average common shares outstanding | 151,292 | 151,128 |
Basic earnings per common share | $ 0.52 | $ 0.67 |
Diluted earnings per common share | $ 0.52 | $ 0.66 |
Earnings Per Common Share (De_2
Earnings Per Common Share (Details Textuals) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,000,000 | 2,000,000 |
Stock-Based Compensation, Stock
Stock-Based Compensation, Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Stock Options Shares Outstanding, Beginning balance (in shares) | 3,792 | |
Exercised | 179 | |
Stock Options Shares Outstanding, Ending balance (in shares) | 3,613 | 3,792 |
Options exercisable (in shares) | 3,613 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Stock Option Outstanding, Weighted Average Exercise Price, Beginning balance (in usd per share) | $ 21.25 | |
Exercised | 17.27 | |
Stock Option Outstanding, Weighted Average Exercise Price, Ending balance (in usd per share) | 21.45 | $ 21.25 |
Options Exercisable, Weighted Average Exercise Price (in usd per share) | $ 21.45 | |
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 | 4 years 29 days | 4 years 3 months 3 days |
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 | 4 years 29 days | 4 years 3 months 3 days |
Options exercisable, Weighted Average Remaining Contractual Term | 4 years 29 days | |
Stock Options Outstanding, Aggregate Intrinsic Value, Beginning balance | $ 5,834 | |
Stock Options Outstanding, Aggregate Intrinsic Value, Ending balance | 5,299 | $ 5,834 |
Options exercisable, Aggregate Intrinsic Value | $ 5,299 |
Stock-Based Compensation, Restr
Stock-Based Compensation, Restricted Stock Activity (Details) shares in Thousands | 3 Months Ended |
Mar. 31, 2024 $ / 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 | 2,349 |
Granted | shares | 802 |
Vested | shares | 631 |
Forfeited | shares | 4 |
Outstanding Shares, Ending balance (in shares) | shares | 2,516 |
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 | $ 21.20 |
Granted, Weighted Average Grant Date Fair Value | $ / shares | 21 |
Vested, Weighted Average Grant Date Fair Value | $ / shares | 24.39 |
Forfeited, Weighted Average Grant Date Fair Value | $ / shares | 22.05 |
Outstanding Weighted Average Grant Date Fair Value, Ending balance (in usd per share) | $ / shares | $ 21.33 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textuals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award | ||
Intrinsic value of stock options exercised | $ 722 | $ 219 |
Total fair value of vested stock options | $ 489 | $ 955 |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0% | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 150% | |
Performance-based Restricted Stock Award | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years |
Service-based Restricted Stock Award | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | 4 years |
Restricted Stock Award | ||
Share-based Compensation Arrangement by Share-based Payment Award | ||
Share-based Payment Arrangement, Accelerated Cost | $ 3,000 | |
Unvested share-based payment awards | 30,000 | |
Share-based Payment Arrangement, Expense | $ 8,000 | $ 6,000 |
Remaining requisite service periods, extend through | first quarter of 2028 |
Investment Securities, AFS and
Investment Securities, AFS and HTM Securities Amortized Costs and Fair Values (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | $ 3,902,762 | $ 3,749,814 |
Debt Securities, Available-for-sale, Unrealized Gain | 6,359 | 24,579 |
Debt Securities, Available-for-sale, Unrealized Loss | (184,973) | (173,501) |
AFS investment securities, at fair value | 3,724,148 | 3,600,892 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 3,833,043 | 3,860,235 |
Held-to-maturity, Gross Unrealized Gains | 50,145 | 55,619 |
Held-to-maturity, Gross Unrealized Loss | (581,903) | (535,230) |
Held-to-maturity, Fair Value | 3,301,284 | 3,380,624 |
US Treasury Securities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 39,985 | 39,984 |
Debt Securities, Available-for-sale, Unrealized Gain | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss | (4,427) | (4,083) |
AFS investment securities, at fair value | 35,558 | 35,902 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 999 | 999 |
Held-to-maturity, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity, Gross Unrealized Loss | (30) | (36) |
Held-to-maturity, Fair Value | 969 | 963 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 83,823 | 94,008 |
Debt Securities, Available-for-sale, Unrealized Gain | 1 | 23 |
Debt Securities, Available-for-sale, Unrealized Loss | (2,995) | (2,214) |
AFS investment securities, at fair value | 80,830 | 91,817 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,676,275 | 1,682,473 |
Held-to-maturity, Gross Unrealized Gains | 2,292 | 5,638 |
Held-to-maturity, Gross Unrealized Loss | (154,833) | (134,053) |
Held-to-maturity, Fair Value | 1,523,734 | 1,554,059 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 0 | |
AFS investment securities, at fair value | 0 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 341,153 | 345,083 |
Held-to-maturity, Gross Unrealized Gains | 9,399 | 9,796 |
Held-to-maturity, Gross Unrealized Loss | (69,484) | (65,372) |
Held-to-maturity, Fair Value | 281,069 | 289,507 |
Federal Family Education Loan Program (FFELP) Guaranteed Loans [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 130,196 | 135,832 |
Debt Securities, Available-for-sale, Unrealized Gain | 22 | 5 |
Debt Securities, Available-for-sale, Unrealized Loss | (1,065) | (1,862) |
AFS investment securities, at fair value | 129,154 | 133,975 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | |
Held-to-maturity, Fair Value | 0 | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 916 | 1,077 |
Debt Securities, Available-for-sale, Unrealized Gain | 1 | 2 |
Debt Securities, Available-for-sale, Unrealized Loss | (28) | (28) |
AFS investment securities, at fair value | 890 | 1,051 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | |
Held-to-maturity, Fair Value | 0 | |
Other Debt securities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
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 | (35) | (50) |
AFS investment securities, at fair value | 2,965 | 2,950 |
US Government Sponsored-Enterprise Insured Loans | Residential Related Securities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 1,247,657 | 1,274,052 |
Debt Securities, Available-for-sale, Unrealized Gain | 221 | 294 |
Debt Securities, Available-for-sale, Unrealized Loss | (156,880) | (153,552) |
AFS investment securities, at fair value | 1,090,998 | 1,120,794 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 930,148 | 941,973 |
Held-to-maturity, Gross Unrealized Gains | 26,023 | 27,007 |
Held-to-maturity, Gross Unrealized Loss | (184,227) | (164,587) |
Held-to-maturity, Fair Value | 771,944 | 804,393 |
US Government Sponsored-Enterprise Insured Loans | Commercial mortgage-related securities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 18,603 | 18,691 |
Debt Securities, Available-for-sale, Unrealized Gain | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss | (1,595) | (1,755) |
AFS investment securities, at fair value | 17,008 | 16,937 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 779,310 | 780,995 |
Held-to-maturity, Gross Unrealized Gains | 12,068 | 12,699 |
Held-to-maturity, Gross Unrealized Loss | (162,450) | (160,781) |
Held-to-maturity, Fair Value | 628,928 | 632,914 |
Government National Mortgage Association (GNMA) [Member] | Residential Related Securities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 2,219,058 | 2,021,242 |
Debt Securities, Available-for-sale, Unrealized Gain | 6,114 | 24,254 |
Debt Securities, Available-for-sale, Unrealized Loss | (10,658) | (2,822) |
AFS investment securities, at fair value | 2,214,513 | 2,042,675 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 48,043 | 48,979 |
Held-to-maturity, Gross Unrealized Gains | 24 | 92 |
Held-to-maturity, Gross Unrealized Loss | (3,609) | (2,901) |
Held-to-maturity, Fair Value | 44,457 | 46,170 |
Government National Mortgage Association (GNMA) [Member] | Commercial mortgage-related securities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Amortized Cost | 159,523 | 161,928 |
Debt Securities, Available-for-sale, Unrealized Gain | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss | (7,291) | (7,135) |
AFS investment securities, at fair value | 152,232 | 154,793 |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 57,114 | 59,733 |
Held-to-maturity, Gross Unrealized Gains | 338 | 386 |
Held-to-maturity, Gross Unrealized Loss | (7,270) | (7,500) |
Held-to-maturity, Fair Value | $ 50,183 | $ 52,619 |
Investment Securities, AFS an_2
Investment Securities, AFS and HTM Contractual Maturities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Available for Sale, Due in one year or less | $ 1,915 | |
Available for Sale, Due after one year through five years | 47,142 | |
Available for Sale, Due after five years through ten years | 50,863 | |
Available for Sale, Due after ten years | 26,888 | |
Debt Securities, Available-for-sale, Maturity, without Single Maturity Date, Amortized Cost | 126,808 | |
Available for Sale, Total debt securities | 3,902,762 | $ 3,749,814 |
Fair Value | ||
Available for Sale, Due in one year or less | 1,902 | |
Available for Sale, Due after one year through five years | 42,470 | |
Available for Sale, Due after five years through ten years | 48,613 | |
Available for Sale, Due after ten years | 26,368 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | 119,353 | |
Available for Sale, Total debt securities | $ 3,724,148 | 3,600,892 |
Available for Sale, Ratio of Fair Value to Amortized Cost | 95.40% | |
Amortized Cost | ||
Held to Maturity, Due in one year or less | $ 11,061 | |
Held to Maturity, Due after one year through five years | 58,092 | |
Held to Maturity, Due after five years through ten years | 166,954 | |
Held to Maturity, Due after ten years | 1,441,167 | |
Held to Maturity, Total Debt Securities | 1,677,274 | |
Held to Maturity, Amortized Cost | 3,833,043 | 3,860,235 |
Fair Value | ||
Held to Maturity, Due in one year or less | 11,011 | |
Held to Maturity, Due after one year through five years | 57,522 | |
Held to Maturity, Due after five years through ten years | 162,309 | |
Held to Maturity, Due after ten years | 1,293,862 | |
Held to Maturity, Securities, Debt Securities | 1,524,703 | |
Held to Maturity, Total debt securities at fair value | $ 3,301,284 | 3,380,624 |
Held to Maturity, Ratio of Fair Value to Amortized Cost | 86.10% | |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Amortized Cost | ||
Available for Sale, Total debt securities | $ 0 | |
Fair Value | ||
Available for Sale, Total debt securities | 0 | |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 341,153 | 345,083 |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | 281,069 | 289,507 |
Federal Family Education Loan Program (FFELP) Guaranteed Loans [Member] | ||
Amortized Cost | ||
Available for Sale, Total debt securities | 130,196 | 135,832 |
Fair Value | ||
Available for Sale, Total debt securities | 129,154 | 133,975 |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 0 | |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | 0 | |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Amortized Cost | ||
Available for Sale, Total debt securities | 916 | 1,077 |
Fair Value | ||
Available for Sale, Total debt securities | 890 | 1,051 |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 0 | |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | 0 | |
US Government Sponsored-Enterprise Insured Loans | Residential Related Securities | ||
Amortized Cost | ||
Available for Sale, Total debt securities | 1,247,657 | 1,274,052 |
Fair Value | ||
Available for Sale, Total debt securities | 1,090,998 | 1,120,794 |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 930,148 | 941,973 |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | 771,944 | 804,393 |
US Government Sponsored-Enterprise Insured Loans | Commercial mortgage-related securities | ||
Amortized Cost | ||
Available for Sale, Total debt securities | 18,603 | 18,691 |
Fair Value | ||
Available for Sale, Total debt securities | 17,008 | 16,937 |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 779,310 | 780,995 |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | 628,928 | 632,914 |
Government National Mortgage Association (GNMA) [Member] | Residential Related Securities | ||
Amortized Cost | ||
Available for Sale, Total debt securities | 2,219,058 | 2,021,242 |
Fair Value | ||
Available for Sale, Total debt securities | 2,214,513 | 2,042,675 |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 48,043 | 48,979 |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | 44,457 | 46,170 |
Government National Mortgage Association (GNMA) [Member] | Commercial mortgage-related securities | ||
Amortized Cost | ||
Available for Sale, Total debt securities | 159,523 | 161,928 |
Fair Value | ||
Available for Sale, Total debt securities | 152,232 | 154,793 |
Amortized Cost | ||
Held to Maturity, Amortized Cost | 57,114 | 59,733 |
Fair Value | ||
Held to Maturity, Total debt securities at fair value | $ 50,183 | $ 52,619 |
Investment Securities, HTM Cred
Investment Securities, HTM Credit Quality Indicators (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 3,833,043 | $ 3,860,235 |
US Treasury Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 999 | 999 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,676,275 | 1,682,473 |
Residential Related Securities | US Government Sponsored-Enterprise Insured Loans | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 930,148 | 941,973 |
Residential Related Securities | Government National Mortgage Association (GNMA) [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 48,043 | 48,979 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 341,153 | 345,083 |
Commercial mortgage-related securities | US Government Sponsored-Enterprise Insured Loans | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 779,310 | 780,995 |
Commercial mortgage-related securities | Government National Mortgage Association (GNMA) [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 57,114 | 59,733 |
Not Rated [Domain] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,154 | 1,155 |
Not Rated [Domain] | US Treasury Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
Not Rated [Domain] | US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,154 | 1,155 |
Not Rated [Domain] | Residential Related Securities | US Government Sponsored-Enterprise Insured Loans | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
Not Rated [Domain] | Residential Related Securities | Government National Mortgage Association (GNMA) [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
Not Rated [Domain] | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
Not Rated [Domain] | Commercial mortgage-related securities | US Government Sponsored-Enterprise Insured Loans | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
Not Rated [Domain] | Commercial mortgage-related securities | Government National Mortgage Association (GNMA) [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
AAA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 2,924,988 | 2,938,090 |
AAA | US Treasury Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 999 | 999 |
AAA | US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 768,220 | 760,329 |
AAA | Residential Related Securities | US Government Sponsored-Enterprise Insured Loans | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 930,148 | 941,973 |
AAA | Residential Related Securities | Government National Mortgage Association (GNMA) [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 48,043 | 48,979 |
AAA | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 341,153 | 345,083 |
AAA | Commercial mortgage-related securities | US Government Sponsored-Enterprise Insured Loans | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 779,310 | 780,995 |
AAA | Commercial mortgage-related securities | Government National Mortgage Association (GNMA) [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 57,114 | 59,733 |
AA | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 901,215 | 915,303 |
AA | US Treasury Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
AA | US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 901,215 | 915,303 |
AA | Residential Related Securities | US Government Sponsored-Enterprise Insured Loans | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
AA | Residential Related Securities | Government National Mortgage Association (GNMA) [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
AA | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
AA | Commercial mortgage-related securities | US Government Sponsored-Enterprise Insured Loans | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
AA | Commercial mortgage-related securities | Government National Mortgage Association (GNMA) [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
A | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 5,685 | 5,687 |
A | US Treasury Securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
A | US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 5,685 | 5,687 |
A | Residential Related Securities | US Government Sponsored-Enterprise Insured Loans | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
A | Residential Related Securities | Government National Mortgage Association (GNMA) [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
A | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
A | Commercial mortgage-related securities | US Government Sponsored-Enterprise Insured Loans | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | 0 |
A | Commercial mortgage-related securities | Government National Mortgage Association (GNMA) [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | $ 0 | $ 0 |
Investment Securities Gain_Loss
Investment Securities Gain/Loss Sale of Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gross realized (losses) on AFS securities | $ (197) | $ 0 |
Gain on sale and net write-up of equity securities | 4,076 | 51 |
Investment securities gains (losses), net | 3,879 | 51 |
Proceeds from sales of AFS investment securities | $ 9,472 | $ 0 |
Investment Securities, AFS an_3
Investment Securities, AFS and HTM Securities Gross Unrealized Losses (Details) $ in Thousands | Mar. 31, 2024 USD ($) security | Dec. 31, 2023 USD ($) security |
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 114 | 82 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (8,388) | $ (4,773) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 1,222,990 | $ 307,527 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 240 | 213 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (176,585) | $ (168,728) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,484,212 | 1,392,635 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (184,973) | (173,501) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,707,201 | 1,700,162 |
HTM investment securities | ||
Unrealized losses on held to maturity securities, less than 12 months | (2,938) | (2,184) |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 344,741 | 220,865 |
Unrealized losses on held to maturity securities, 12 months or more | (578,965) | (533,046) |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 2,671,899 | 2,566,468 |
Total unrealized losses on held to maturity securities | (581,903) | (535,230) |
Total fair value of unrealized losses on held to maturity securities | $ 3,016,640 | $ 2,787,333 |
US Treasury Securities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 1 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (4,427) | $ (4,083) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 35,558 | 35,902 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (4,427) | (4,083) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 35,558 | 35,902 |
HTM investment securities | ||
Unrealized losses on held to maturity securities, less than 12 months | 0 | 0 |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 0 | 0 |
Unrealized losses on held to maturity securities, 12 months or more | (30) | (36) |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 969 | 963 |
Total unrealized losses on held to maturity securities | (30) | (36) |
Total fair value of unrealized losses on held to maturity securities | $ 969 | $ 963 |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 27 | 41 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (218) | $ (347) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 13,847 | $ 23,762 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 108 | 92 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (2,777) | $ (1,867) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 64,217 | 53,022 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (2,995) | (2,214) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 78,064 | 76,784 |
HTM investment securities | ||
Unrealized losses on held to maturity securities, less than 12 months | (2,536) | (1,535) |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 324,576 | 180,270 |
Unrealized losses on held to maturity securities, 12 months or more | (152,297) | (132,518) |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 916,225 | 792,940 |
Total unrealized losses on held to maturity securities | (154,833) | (134,053) |
Total fair value of unrealized losses on held to maturity securities | 1,240,801 | 973,210 |
Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
HTM investment securities | ||
Unrealized losses on held to maturity securities, less than 12 months | 0 | 0 |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 0 | 0 |
Unrealized losses on held to maturity securities, 12 months or more | (69,484) | (65,372) |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 281,069 | 289,507 |
Total unrealized losses on held to maturity securities | (69,484) | (65,372) |
Total fair value of unrealized losses on held to maturity securities | $ 281,069 | $ 289,507 |
Federal Family Education Loan Program (FFELP) Guaranteed Loans [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
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 | $ (116) | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 40,177 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 12 | 14 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (949) | $ (1,862) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 75,411 | 125,339 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (1,065) | (1,862) |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 115,588 | $ 125,339 |
US Government-sponsored Enterprises Debt Securities [Member] | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 5 | 5 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (28) | $ (28) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 677 | 761 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (28) | (28) |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 677 | $ 761 |
Other Debt securities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 1 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (7) | $ (9) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 993 | $ 991 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 2 | 2 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (28) | $ (42) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,972 | 1,958 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (35) | (50) |
Debt Securities, Available-for-sale, Unrealized Loss Position | $ 2,965 | $ 2,950 |
US Government Sponsored-Enterprise Insured Loans | Residential Related Securities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 24 | 18 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (694) | $ (333) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 31,375 | $ 22,870 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 71 | 71 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (156,185) | $ (153,219) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,045,343 | 1,080,337 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (156,880) | (153,552) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,076,718 | 1,103,207 |
HTM investment securities | ||
Unrealized losses on held to maturity securities, less than 12 months | (40) | (511) |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 3,489 | 30,323 |
Unrealized losses on held to maturity securities, 12 months or more | (184,186) | (164,076) |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 768,182 | 771,042 |
Total unrealized losses on held to maturity securities | (184,227) | (164,587) |
Total fair value of unrealized losses on held to maturity securities | $ 771,671 | $ 801,365 |
US Government Sponsored-Enterprise Insured Loans | Commercial mortgage-related securities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 1 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (1,595) | $ (1,755) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 17,008 | 16,937 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (1,595) | (1,755) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 17,008 | 16,937 |
HTM investment securities | ||
Unrealized losses on held to maturity securities, less than 12 months | (263) | (121) |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 8,003 | 8,144 |
Unrealized losses on held to maturity securities, 12 months or more | (162,187) | (160,660) |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 620,926 | 624,770 |
Total unrealized losses on held to maturity securities | (162,450) | (160,781) |
Total fair value of unrealized losses on held to maturity securities | $ 628,928 | $ 632,914 |
Government National Mortgage Association (GNMA) [Member] | Residential Related Securities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 59 | 13 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (7,016) | $ (924) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 1,122,930 | $ 156,847 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 10 | 5 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (3,643) | $ (1,898) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 105,462 | 26,643 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (10,658) | (2,822) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,228,391 | 183,490 |
HTM investment securities | ||
Unrealized losses on held to maturity securities, less than 12 months | (99) | (17) |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 8,674 | 2,128 |
Unrealized losses on held to maturity securities, 12 months or more | (3,511) | (2,884) |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 34,346 | 34,626 |
Total unrealized losses on held to maturity securities | (3,609) | (2,901) |
Total fair value of unrealized losses on held to maturity securities | $ 43,020 | $ 36,754 |
Government National Mortgage Association (GNMA) [Member] | Commercial mortgage-related securities | ||
Schedule of Available-for-sale and Held-to-maturity Securities [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | security | 1 | 9 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (337) | $ (3,160) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 13,668 | $ 103,055 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | security | 30 | 22 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ (6,954) | $ (3,975) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 138,564 | 51,738 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (7,291) | (7,135) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 152,232 | 154,793 |
HTM investment securities | ||
Unrealized losses on held to maturity securities, less than 12 months | 0 | 0 |
Fair value of unrealized losses on held to maturity securities, less than 12 months | 0 | 0 |
Unrealized losses on held to maturity securities, 12 months or more | (7,270) | (7,500) |
Fair value of unrealized losses on held to maturity securities, 12 months or more | 50,183 | 52,619 |
Total unrealized losses on held to maturity securities | (7,270) | (7,500) |
Total fair value of unrealized losses on held to maturity securities | $ 50,183 | $ 52,619 |
Held to maturity, number of securities, less than 12 months | ||
HTM investment securities | ||
Held-to-Maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 299 | 205 |
Held to maturity, number of securities, less than 12 months | US Treasury Securities | ||
HTM investment securities | ||
Held-to-Maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 0 | 0 |
Held to maturity, number of securities, less than 12 months | US States and Political Subdivisions Debt Securities [Member] | ||
HTM investment securities | ||
Held-to-Maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 287 | 182 |
Held to maturity, number of securities, less than 12 months | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
HTM investment securities | ||
Held-to-Maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 0 | 0 |
Held to maturity, number of securities, less than 12 months | US Government Sponsored-Enterprise Insured Loans | Residential Related Securities | ||
HTM investment securities | ||
Held-to-Maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 5 | 20 |
Held to maturity, number of securities, less than 12 months | US Government Sponsored-Enterprise Insured Loans | Commercial mortgage-related securities | ||
HTM investment securities | ||
Held-to-Maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 1 | 1 |
Held to maturity, number of securities, less than 12 months | Government National Mortgage Association (GNMA) [Member] | Residential Related Securities | ||
HTM investment securities | ||
Held-to-Maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 6 | 2 |
Held to maturity, number of securities, less than 12 months | Government National Mortgage Association (GNMA) [Member] | Commercial mortgage-related securities | ||
HTM investment securities | ||
Held-to-Maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 0 | 0 |
Held to maturity, number of securities, 12 months or more | ||
HTM investment securities | ||
Held-to-Maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 921 | 785 |
Held to maturity, number of securities, 12 months or more | US Treasury Securities | ||
HTM investment securities | ||
Held-to-Maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 1 | 1 |
Held to maturity, number of securities, 12 months or more | US States and Political Subdivisions Debt Securities [Member] | ||
HTM investment securities | ||
Held-to-Maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 653 | 537 |
Held to maturity, number of securities, 12 months or more | Mortgage-backed Securities, Issued by Private Enterprises [Member] | ||
HTM investment securities | ||
Held-to-Maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 18 | 18 |
Held to maturity, number of securities, 12 months or more | US Government Sponsored-Enterprise Insured Loans | Residential Related Securities | ||
HTM investment securities | ||
Held-to-Maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 113 | 94 |
Held to maturity, number of securities, 12 months or more | US Government Sponsored-Enterprise Insured Loans | Commercial mortgage-related securities | ||
HTM investment securities | ||
Held-to-Maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 44 | 44 |
Held to maturity, number of securities, 12 months or more | Government National Mortgage Association (GNMA) [Member] | Residential Related Securities | ||
HTM investment securities | ||
Held-to-Maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 79 | 78 |
Held to maturity, number of securities, 12 months or more | Government National Mortgage Association (GNMA) [Member] | Commercial mortgage-related securities | ||
HTM investment securities | ||
Held-to-Maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | security | 13 | 13 |
Investment Securities (Details
Investment Securities (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Investment Securities Information [Line Items] | ||
Debt Instrument, Collateral Amount | $ 1,500,000,000 | $ 1,600,000,000 |
Interest receivable | 167,092,000 | 169,569,000 |
Held to maturity allowance for credit loss | (76,000) | (75,000) |
Federal Home Loan Bank Stock | 86,000,000 | 143,000,000 |
Federal Reserve Bank Stock | 88,000,000 | 87,000,000 |
Equity securities with readily determinable fair values, Fair Value | 7,000,000 | 7,000,000 |
Equity securities | 13,000,000 | 35,000,000 |
Held-to-maturity Securities [Member] | ||
Investment Securities Information [Line Items] | ||
Interest receivable | 16,000,000 | 18,000,000 |
Available-for-sale Securities [Member] | ||
Investment Securities Information [Line Items] | ||
Interest receivable | 16,000,000 | 15,000,000 |
Equity Securities [Member] | ||
Investment Securities Information [Line Items] | ||
Gain (Loss) on Sale of Investments | 4,000,000 | |
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member] | ||
Investment Securities Information [Line Items] | ||
Interest receivable | 2,000,000 | 4,000,000 |
Federal Reserve Bank Stock [Member] | ||
Investment Securities Information [Line Items] | ||
Interest receivable | 921,000 | 0 |
US Treasury Securities | ||
Investment Securities Information [Line Items] | ||
Held to maturity allowance for credit loss | 0 | 0 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment Securities Information [Line Items] | ||
Held to maturity allowance for credit loss | 0 | 0 |
Agency mortgage-related securities | ||
Investment Securities Information [Line Items] | ||
Held to maturity allowance for credit loss | $ 0 | $ 0 |
Loans Composition (Details)
Loans Composition (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 29,494,263 | $ 29,216,218 |
Commercial and industrial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 9,858,329 | 9,731,555 |
Commercial real estate — owner occupied | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 1,095,894 | 1,061,700 |
Commercial and business lending | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 10,954,223 | 10,793,255 |
Commercial real estate — investor | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 5,035,195 | 5,124,245 |
Real estate construction | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 2,287,041 | 2,271,398 |
Commercial real estate lending | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 7,322,237 | 7,395,644 |
Total commercial | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 18,276,460 | 18,188,898 |
Residential mortgage | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 7,868,180 | 7,864,891 |
Automobile Loan | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 2,471,257 | 2,256,162 |
Home equity | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 619,764 | 628,526 |
Other consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | 258,603 | 277,740 |
Total consumer | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Loans | $ 11,217,802 | $ 11,027,319 |
Loans, Credit Quality Indicator
Loans, Credit Quality Indicator by Vintage Year (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | $ 8,303 | $ 18,966 |
Financing Receivable, Revolving | 2,642,788 | 2,712,389 |
Financing Receivable, Originated in Current Fiscal Year | 1,128,545 | 5,363,890 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 5,274,974 | 8,307,956 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 8,211,066 | 6,039,862 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5,770,365 | 2,556,071 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,409,052 | 1,578,023 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 4,057,474 | 2,658,026 |
Total | 29,494,263 | 29,216,218 |
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
Financing Receivable, Revolving, Writeoff | 2,806 | 9,068 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 1,535 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 947 | 14,224 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 2,236 | 26,093 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 17,899 | 6,237 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 33 | 130 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 98 | 1,482 |
Charge offs | 24,018 | 58,768 |
Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 4,184 | 10,204 |
Financing Receivable, Revolving | 2,600,839 | 2,604,690 |
Financing Receivable, Originated in Current Fiscal Year | 1,038,615 | 5,206,038 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 5,128,316 | 8,093,062 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 8,014,215 | 5,886,359 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5,607,272 | 2,511,435 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,370,376 | 1,537,747 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3,916,525 | 2,556,674 |
Total | 28,676,159 | 28,396,005 |
Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 20 | 205 |
Financing Receivable, Revolving | 15,787 | 23,595 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 8,893 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 13,999 | 74,020 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 48,169 | 41,091 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 37,270 | 6,213 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,399 | 29,882 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 36,752 | 33,089 |
Total | 155,375 | 216,784 |
Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 434 | 814 |
Financing Receivable, Revolving | 26,026 | 83,872 |
Financing Receivable, Originated in Current Fiscal Year | 85,342 | 131,753 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 115,707 | 112,289 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 118,109 | 68,695 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 97,816 | 27,253 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 26,582 | 3,387 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 14,800 | 27,183 |
Total | 484,383 | 454,432 |
Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 3,666 | 7,744 |
Financing Receivable, Revolving | 137 | 231 |
Financing Receivable, Originated in Current Fiscal Year | 4,588 | 17,206 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 16,952 | 28,584 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 30,572 | 43,718 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 28,007 | 11,170 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 8,695 | 7,007 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 89,396 | 41,080 |
Total | 178,346 | 148,997 |
Total commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 3,869 | 8,598 |
Financing Receivable, Revolving | 1,938,423 | 1,991,827 |
Financing Receivable, Originated in Current Fiscal Year | 718,430 | 3,781,028 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,734,133 | 5,687,614 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 5,629,140 | 3,835,298 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,597,858 | 1,127,677 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,007,588 | 917,114 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,650,888 | 848,341 |
Total | 18,276,460 | 18,188,898 |
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
Financing Receivable, Revolving, Writeoff | 1,024 | 4,130 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 717 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 125 | 9,594 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 553 | 25,270 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 17,724 | 5,958 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 3 | 25 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 3 | 295 |
Charge offs | 19,432 | 45,989 |
Total commercial | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 279 | 1,380 |
Financing Receivable, Revolving | 1,899,301 | 1,887,058 |
Financing Receivable, Originated in Current Fiscal Year | 629,429 | 3,626,800 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 3,591,627 | 5,489,219 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 5,449,918 | 3,691,830 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 3,445,296 | 1,093,633 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 977,615 | 884,162 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,556,566 | 788,529 |
Total | 17,549,751 | 17,461,232 |
Total commercial | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 14,883 | 22,552 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 8,265 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 13,305 | 72,084 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 46,710 | 40,882 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 37,146 | 6,164 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,392 | 29,772 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 36,480 | 32,648 |
Total | 151,916 | 212,368 |
Total commercial | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 434 | 804 |
Financing Receivable, Revolving | 24,239 | 82,216 |
Financing Receivable, Originated in Current Fiscal Year | 85,342 | 131,253 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 115,205 | 112,123 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 118,017 | 68,695 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 97,816 | 27,253 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 26,582 | 3,180 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 14,545 | 27,157 |
Total | 481,745 | 451,876 |
Total commercial | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 3,157 | 6,414 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 3,659 | 14,710 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 13,997 | 14,188 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 14,495 | 33,891 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 17,599 | 627 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 43,297 | 6 |
Total | 93,047 | 63,422 |
Total commercial | Commercial and Industrial Sector | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 3,869 | 8,598 |
Financing Receivable, Revolving | 1,769,772 | 1,796,951 |
Financing Receivable, Originated in Current Fiscal Year | 365,538 | 1,764,466 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,786,369 | 2,977,719 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,927,740 | 1,914,057 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,806,637 | 419,934 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 400,739 | 383,789 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 801,535 | 474,638 |
Total | 9,858,329 | 9,731,555 |
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
Financing Receivable, Revolving, Writeoff | 1,024 | 4,130 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 717 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 125 | 9,594 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 553 | 25,270 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 17,724 | 5,958 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 3 | 0 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | 18 |
Charge offs | 19,429 | 45,687 |
Total commercial | Commercial and Industrial Sector | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 279 | 1,380 |
Financing Receivable, Revolving | 1,732,197 | 1,693,249 |
Financing Receivable, Originated in Current Fiscal Year | 318,587 | 1,736,617 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,758,151 | 2,877,173 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,806,636 | 1,824,362 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,701,638 | 398,046 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 380,164 | 383,695 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 774,950 | 449,006 |
Total | 9,472,322 | 9,362,149 |
Total commercial | Commercial and Industrial Sector | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 14,287 | 21,779 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 4,017 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 13,305 | 46,610 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 24,216 | 8,525 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 27,909 | 3,529 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,392 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 865 | 25,341 |
Total | 83,973 | 109,801 |
Total commercial | Commercial and Industrial Sector | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 434 | 804 |
Financing Receivable, Revolving | 23,288 | 81,924 |
Financing Receivable, Originated in Current Fiscal Year | 44,013 | 10,515 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,283 | 39,748 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 82,394 | 47,279 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 59,491 | 17,732 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 17,184 | 94 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,138 | 291 |
Total | 229,791 | 197,582 |
Total commercial | Commercial and Industrial Sector | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 3,157 | 6,414 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 2,938 | 13,317 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 12,629 | 14,188 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 14,495 | 33,891 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 17,599 | 627 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 24,582 | 0 |
Total | 72,243 | 62,022 |
Total commercial | Commercial real estate — owner occupied | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 12,500 | 15,957 |
Financing Receivable, Originated in Current Fiscal Year | 59,646 | 220,168 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 215,436 | 190,794 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 193,440 | 251,783 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 247,228 | 147,708 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 142,306 | 138,816 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 225,339 | 96,473 |
Total | 1,095,894 | 1,061,700 |
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
Financing Receivable, Revolving, Writeoff | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 25 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 3 | 0 |
Charge offs | 3 | 25 |
Total commercial | Commercial real estate — owner occupied | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 11,455 | 15,393 |
Financing Receivable, Originated in Current Fiscal Year | 56,257 | 204,039 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 196,065 | 188,003 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 191,357 | 239,218 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 234,852 | 136,535 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 133,883 | 135,730 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 218,224 | 92,339 |
Total | 1,042,093 | 1,011,259 |
Total commercial | Commercial real estate — owner occupied | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 94 | 271 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 6,150 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 2,635 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 1,293 |
Total | 94 | 10,349 |
Total commercial | Commercial real estate — owner occupied | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 950 | 292 |
Financing Receivable, Originated in Current Fiscal Year | 2,667 | 14,735 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 18,003 | 2,791 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,083 | 6,416 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 12,376 | 8,537 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 8,423 | 3,086 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 7,114 | 2,841 |
Total | 51,616 | 38,699 |
Total commercial | Commercial real estate — owner occupied | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 722 | 1,394 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,368 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Total | 2,090 | 1,394 |
Total commercial | Commercial and business lending | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 3,869 | 8,598 |
Financing Receivable, Revolving | 1,782,272 | 1,812,909 |
Financing Receivable, Originated in Current Fiscal Year | 425,184 | 1,984,635 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,001,805 | 3,168,514 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 3,121,180 | 2,165,840 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,053,865 | 567,642 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 543,045 | 522,606 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 1,026,873 | 571,111 |
Total | 10,954,223 | 10,793,255 |
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
Financing Receivable, Revolving, Writeoff | 1,024 | 4,130 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 717 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 125 | 9,594 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 553 | 25,270 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 17,724 | 5,958 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 3 | 25 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 3 | 18 |
Charge offs | 19,432 | 45,713 |
Total commercial | Commercial and business lending | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 279 | 1,380 |
Financing Receivable, Revolving | 1,743,652 | 1,708,642 |
Financing Receivable, Originated in Current Fiscal Year | 374,844 | 1,940,657 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,954,216 | 3,065,177 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,997,992 | 2,063,580 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,936,490 | 534,581 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 514,047 | 519,426 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 993,174 | 541,345 |
Total | 10,514,415 | 10,373,408 |
Total commercial | Commercial and business lending | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 14,381 | 22,050 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 4,017 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 13,305 | 46,610 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 24,216 | 14,675 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 27,909 | 6,164 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 3,392 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 865 | 26,634 |
Total | 84,068 | 120,150 |
Total commercial | Commercial and business lending | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 434 | 804 |
Financing Receivable, Revolving | 24,239 | 82,216 |
Financing Receivable, Originated in Current Fiscal Year | 46,680 | 25,250 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 20,286 | 42,539 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 84,477 | 53,695 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 71,867 | 26,269 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 25,606 | 3,180 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 8,252 | 3,132 |
Total | 281,408 | 236,281 |
Total commercial | Commercial and business lending | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 3,157 | 6,414 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 3,659 | 14,710 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 13,997 | 14,188 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 14,495 | 33,891 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 17,599 | 627 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 24,582 | 0 |
Total | 74,333 | 63,416 |
Total commercial | Commercial real estate — investor | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 131,886 | 155,611 |
Financing Receivable, Originated in Current Fiscal Year | 234,727 | 1,374,116 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,257,561 | 1,342,492 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,330,362 | 1,121,633 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,049,946 | 472,355 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 419,509 | 388,768 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 611,204 | 269,269 |
Total | 5,035,195 | 5,124,245 |
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 252 | |
Charge offs | 252 | |
Total commercial | Commercial real estate — investor | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 131,383 | 155,109 |
Financing Receivable, Originated in Current Fiscal Year | 196,066 | 1,263,866 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,162,643 | 1,247,434 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,274,328 | 1,080,425 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,014,759 | 471,371 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 418,534 | 358,996 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 550,600 | 239,230 |
Total | 4,748,313 | 4,816,433 |
Total commercial | Commercial real estate — investor | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 502 | 502 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 4,248 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 25,474 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 22,494 | 26,208 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 9,238 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 29,772 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 35,614 | 6,014 |
Total | 67,848 | 92,218 |
Total commercial | Commercial real estate — investor | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 38,662 | 106,002 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 94,918 | 69,584 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 33,540 | 15,000 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 25,949 | 983 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 975 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6,293 | 24,025 |
Total | 200,338 | 215,595 |
Total commercial | Commercial real estate — investor | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | |
Financing Receivable, Revolving | 0 | |
Financing Receivable, Originated in Current Fiscal Year | 0 | |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 18,697 | |
Total | 18,697 | |
Total commercial | Real estate construction | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 24,266 | 23,307 |
Financing Receivable, Originated in Current Fiscal Year | 58,519 | 422,277 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 474,768 | 1,176,608 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,177,598 | 547,825 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 494,047 | 87,680 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 45,034 | 5,740 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 12,810 | 7,960 |
Total | 2,287,041 | 2,271,398 |
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 25 | |
Charge offs | 25 | |
Total commercial | Real estate construction | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 24,266 | 23,307 |
Financing Receivable, Originated in Current Fiscal Year | 58,519 | 422,277 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 474,768 | 1,176,608 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,177,598 | 547,825 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 494,047 | 87,680 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 45,034 | 5,740 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 12,792 | 7,954 |
Total | 2,287,023 | 2,271,392 |
Total commercial | Real estate construction | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 18 | 6 |
Total | 18 | 6 |
Total commercial | Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 156,151 | 178,918 |
Financing Receivable, Originated in Current Fiscal Year | 293,246 | 1,796,393 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,732,329 | 2,519,100 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,507,960 | 1,669,458 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,543,993 | 560,035 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 464,543 | 394,508 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 624,014 | 277,230 |
Total | 7,322,237 | 7,395,644 |
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
Financing Receivable, Revolving, Writeoff | 0 | |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 277 | |
Charge offs | 277 | |
Total commercial | Commercial Real Estate | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 155,649 | 178,416 |
Financing Receivable, Originated in Current Fiscal Year | 254,585 | 1,686,143 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,637,410 | 2,424,042 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,451,926 | 1,628,250 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,508,806 | 559,052 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 463,568 | 364,737 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 563,392 | 247,184 |
Total | 7,035,336 | 7,087,824 |
Total commercial | Commercial Real Estate | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 502 | 502 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 4,248 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 25,474 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 22,494 | 26,208 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 9,238 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 29,772 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 35,614 | 6,014 |
Total | 67,848 | 92,218 |
Total commercial | Commercial Real Estate | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 38,662 | 106,002 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 94,918 | 69,584 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 33,540 | 15,000 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 25,949 | 983 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 975 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 6,293 | 24,025 |
Total | 200,338 | 215,595 |
Total commercial | Commercial Real Estate | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 18,715 | 6 |
Total | 18,715 | 6 |
Total consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 4,434 | 10,369 |
Financing Receivable, Revolving | 704,365 | 720,563 |
Financing Receivable, Originated in Current Fiscal Year | 410,115 | 1,582,862 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,540,841 | 2,620,341 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,581,926 | 2,204,564 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,172,506 | 1,428,395 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,401,464 | 660,909 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,406,586 | 1,809,685 |
Total | 11,217,802 | 11,027,319 |
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
Financing Receivable, Revolving, Writeoff | 1,782 | 4,937 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 818 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 822 | 4,630 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 1,683 | 823 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 175 | 279 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 30 | 105 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 95 | 1,187 |
Charge offs | 4,586 | 12,779 |
Total consumer | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 3,905 | 8,824 |
Financing Receivable, Revolving | 701,538 | 717,632 |
Financing Receivable, Originated in Current Fiscal Year | 409,186 | 1,579,238 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,536,690 | 2,603,843 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,564,297 | 2,194,529 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,161,975 | 1,417,802 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,392,762 | 653,584 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,359,959 | 1,768,145 |
Total | 11,126,407 | 10,934,773 |
Total consumer | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 20 | 205 |
Financing Receivable, Revolving | 904 | 1,043 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 628 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 694 | 1,936 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,459 | 208 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 123 | 49 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 7 | 110 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 272 | 441 |
Total | 3,459 | 4,416 |
Total consumer | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 10 |
Financing Receivable, Revolving | 1,788 | 1,656 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 500 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 502 | 166 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 92 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 207 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 255 | 26 |
Total | 2,637 | 2,556 |
Total consumer | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 509 | 1,330 |
Financing Receivable, Revolving | 137 | 231 |
Financing Receivable, Originated in Current Fiscal Year | 928 | 2,496 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 2,955 | 14,396 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 16,077 | 9,827 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 10,407 | 10,544 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 8,695 | 7,007 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 46,100 | 41,073 |
Total | 85,299 | 85,574 |
Total consumer | Residential mortgage | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 24,427 | 354,236 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 397,954 | 1,627,070 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,667,606 | 2,119,836 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,095,841 | 1,424,583 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,398,141 | 654,675 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,284,210 | 1,684,490 |
Total | 7,868,180 | 7,864,891 |
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
Financing Receivable, Revolving, Writeoff | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 2 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 40 | 32 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 42 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 148 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 2 | 5 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 47 | 723 |
Charge offs | 89 | 952 |
Total consumer | Residential mortgage | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 23,550 | 352,321 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 396,223 | 1,617,409 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,657,013 | 2,110,577 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 2,086,129 | 1,414,186 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 1,389,566 | 647,778 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2,244,891 | 1,650,542 |
Total | 7,797,372 | 7,792,813 |
Total consumer | Residential mortgage | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 95 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 94 | 57 |
Total | 94 | 152 |
Total consumer | Residential mortgage | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 490 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 467 | 93 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 92 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 174 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 199 | 26 |
Total | 759 | 784 |
Total consumer | Residential mortgage | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 877 | 1,425 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,264 | 9,567 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 10,501 | 9,259 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 9,712 | 10,397 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 8,575 | 6,628 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 39,026 | 33,865 |
Total | 69,954 | 71,142 |
Total consumer | Automobile Loan | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 384,147 | 1,220,471 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,136,306 | 959,094 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 881,218 | 75,844 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 69,094 | 163 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 137 | 458 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 354 | 132 |
Total | 2,471,257 | 2,256,162 |
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
Financing Receivable, Revolving, Writeoff | 0 | 0 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 795 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 767 | 4,524 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 1,675 | 626 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 158 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 5 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | 0 |
Charge offs | 2,600 | 5,950 |
Total consumer | Automobile Loan | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 384,126 | 1,218,820 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,133,964 | 952,839 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 874,922 | 75,209 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 68,423 | 163 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 137 | 456 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 352 | 132 |
Total | 2,461,925 | 2,247,618 |
Total consumer | Automobile Loan | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 619 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 634 | 1,850 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 1,398 | 205 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 117 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Total | 2,148 | 2,674 |
Total consumer | Automobile Loan | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 26 | 73 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Total | 26 | 73 |
Total consumer | Automobile Loan | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 0 | 0 |
Financing Receivable, Originated in Current Fiscal Year | 21 | 1,032 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,682 | 4,332 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 4,898 | 430 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 554 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 3 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 2 | 0 |
Total | 7,158 | 5,797 |
Total consumer | Home equity | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 4,352 | 10,195 |
Financing Receivable, Revolving | 515,127 | 521,434 |
Financing Receivable, Originated in Current Fiscal Year | 51 | 1,717 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,563 | 30,445 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 30,248 | 6,217 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 6,090 | 2,500 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,398 | 5,308 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 64,286 | 60,907 |
Total | 619,764 | 628,526 |
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
Financing Receivable, Revolving, Writeoff | 93 | 53 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 21 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 3 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 31 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 22 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 15 | 294 |
Charge offs | 108 | 424 |
Total consumer | Home equity | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 3,830 | 8,703 |
Financing Receivable, Revolving | 514,998 | 521,000 |
Financing Receivable, Originated in Current Fiscal Year | 21 | 1,678 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 1,508 | 29,863 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 29,539 | 6,084 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 5,949 | 2,327 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 2,278 | 4,891 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 56,995 | 53,350 |
Total | 611,286 | 619,192 |
Total consumer | Home equity | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 17 | 179 |
Financing Receivable, Revolving | 53 | 200 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 46 | 87 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 38 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 29 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 15 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 175 | 378 |
Total | 312 | 708 |
Total consumer | Home equity | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 10 |
Financing Receivable, Revolving | 0 | 75 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 10 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 9 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 33 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 56 | 0 |
Total | 65 | 118 |
Total consumer | Home equity | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 505 | 1,302 |
Financing Receivable, Revolving | 76 | 160 |
Financing Receivable, Originated in Current Fiscal Year | 31 | 29 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 495 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 671 | 132 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 141 | 144 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 120 | 368 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 7,061 | 7,180 |
Total | 8,100 | 8,508 |
Total consumer | Other consumer | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 82 | 174 |
Financing Receivable, Revolving | 189,238 | 199,129 |
Financing Receivable, Originated in Current Fiscal Year | 1,489 | 6,438 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 5,018 | 3,733 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,854 | 2,668 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,480 | 1,149 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 788 | 468 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 57,735 | 64,156 |
Total | 258,603 | 277,740 |
Financing Receivable, Allowance for Credit Loss, Writeoff, by Origination Year [Abstract] | ||
Financing Receivable, Revolving, Writeoff | 1,688 | 4,884 |
Financing Receivable, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 15 | 72 |
Financing Receivable, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 8 | 124 |
Financing Receivable, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 17 | 131 |
Financing Receivable, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 28 | 72 |
Financing Receivable, Originated, More than Five Years before Current Fiscal Year, Writeoff | 34 | 170 |
Charge offs | 1,790 | 5,453 |
Total consumer | Other consumer | Pass [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 75 | 121 |
Financing Receivable, Revolving | 186,540 | 196,632 |
Financing Receivable, Originated in Current Fiscal Year | 1,489 | 6,419 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 4,995 | 3,732 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 2,823 | 2,658 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 1,474 | 1,127 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 781 | 460 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 57,722 | 64,121 |
Total | 255,824 | 275,149 |
Total consumer | Other consumer | Special Mention [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 3 | 26 |
Financing Receivable, Revolving | 850 | 843 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 9 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 14 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 24 | 3 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 6 | 20 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 7 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 3 | 6 |
Total | 904 | 881 |
Total consumer | Other consumer | Substandard | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 0 | 0 |
Financing Receivable, Revolving | 1,788 | 1,582 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 0 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 0 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 0 | 0 |
Total | 1,788 | 1,582 |
Total consumer | Other consumer | Nonaccrual Loan [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Financing Receivable, Revolving, Converted To Term Loan | 4 | 27 |
Financing Receivable, Revolving | 61 | 71 |
Financing Receivable, Originated in Current Fiscal Year | 0 | 10 |
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year | 9 | 1 |
Financing Receivable, Originated Two Years before Latest Fiscal Year | 7 | 6 |
Financing Receivable, Originated Three Years before Latest Fiscal Year | 0 | 2 |
Financing Receivable, Originated Four Years before Latest Fiscal Year | 0 | 8 |
Financing Receivable, Originated Five or More Years before Latest Fiscal Year | 11 | 29 |
Total | $ 87 | $ 128 |
Loans Past Due Status (Details)
Loans Past Due Status (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Summarized details of Loans | ||
Current | $ 29,265,051 | $ 28,983,708 |
Financing Receivable, Nonaccrual | 178,346 | 148,997 |
Loans and Leases Receivable, Net of Deferred Income, Total | 29,494,263 | 29,216,218 |
Nonaccrual Loans, Current Portion | $ 98,000 | $ 80,000 |
Percent of current nonaccrual loans | 55% | 53% |
Financing Receivable, Nonaccrual, Interest Income | $ 0 | $ 0 |
Financing Receivable, Nonaccrual, No Allowance | 20,000 | 23,000 |
30-59 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 25,617 | 38,113 |
60-89 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 22,831 | 23,712 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Summarized details of Loans | ||
Total Past Due | 2,417 | 21,689 |
Commercial and Industrial Sector | ||
Summarized details of Loans | ||
Current | 9,785,140 | 9,663,587 |
Financing Receivable, Nonaccrual | 72,243 | 62,022 |
Loans and Leases Receivable, Net of Deferred Income, Total | 9,858,329 | 9,731,555 |
Commercial and Industrial Sector | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 371 | 5,374 |
Commercial and Industrial Sector | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 150 | 191 |
Commercial and Industrial Sector | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Summarized details of Loans | ||
Total Past Due | 426 | 380 |
Commercial real estate — owner occupied | ||
Summarized details of Loans | ||
Current | 1,093,804 | 1,059,948 |
Financing Receivable, Nonaccrual | 2,090 | 1,394 |
Loans and Leases Receivable, Net of Deferred Income, Total | 1,095,894 | 1,061,700 |
Commercial real estate — owner occupied | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 0 | 0 |
Commercial real estate — owner occupied | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 0 | 358 |
Commercial real estate — owner occupied | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Summarized details of Loans | ||
Total Past Due | 0 | 0 |
Commercial and business lending | ||
Summarized details of Loans | ||
Current | 10,878,944 | 10,723,536 |
Financing Receivable, Nonaccrual | 74,333 | 63,416 |
Loans and Leases Receivable, Net of Deferred Income, Total | 10,954,223 | 10,793,255 |
Commercial and business lending | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 371 | 5,374 |
Commercial and business lending | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 150 | 549 |
Commercial and business lending | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Summarized details of Loans | ||
Total Past Due | 426 | 380 |
Commercial real estate — investor | ||
Summarized details of Loans | ||
Current | 4,997,335 | 5,086,117 |
Financing Receivable, Nonaccrual | 18,697 | 0 |
Loans and Leases Receivable, Net of Deferred Income, Total | 5,035,195 | 5,124,245 |
Commercial real estate — investor | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 0 | 0 |
Commercial real estate — investor | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 19,164 | 18,697 |
Commercial real estate — investor | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Summarized details of Loans | ||
Total Past Due | 0 | 19,432 |
Real estate construction | ||
Summarized details of Loans | ||
Current | 2,285,763 | 2,271,392 |
Financing Receivable, Nonaccrual | 18 | 6 |
Loans and Leases Receivable, Net of Deferred Income, Total | 2,287,041 | 2,271,398 |
Real estate construction | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 1,260 | 0 |
Real estate construction | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 0 | 0 |
Real estate construction | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Summarized details of Loans | ||
Total Past Due | 0 | 0 |
Commercial real estate lending | ||
Summarized details of Loans | ||
Current | 7,283,098 | 7,357,509 |
Financing Receivable, Nonaccrual | 18,715 | 6 |
Loans and Leases Receivable, Net of Deferred Income, Total | 7,322,237 | 7,395,644 |
Commercial real estate lending | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 1,260 | 0 |
Commercial real estate lending | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 19,164 | 18,697 |
Commercial real estate lending | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Summarized details of Loans | ||
Total Past Due | 0 | 19,432 |
Total commercial | ||
Summarized details of Loans | ||
Current | 18,162,042 | 18,081,044 |
Financing Receivable, Nonaccrual | 93,047 | 63,422 |
Loans and Leases Receivable, Net of Deferred Income, Total | 18,276,460 | 18,188,898 |
Total commercial | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 1,631 | 5,374 |
Total commercial | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 19,314 | 19,246 |
Total commercial | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Summarized details of Loans | ||
Total Past Due | 426 | 19,812 |
Residential mortgage | ||
Summarized details of Loans | ||
Current | 7,788,322 | 7,780,304 |
Financing Receivable, Nonaccrual | 69,954 | 71,142 |
Loans and Leases Receivable, Net of Deferred Income, Total | 7,868,180 | 7,864,891 |
Residential mortgage | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 9,808 | 13,294 |
Residential mortgage | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 94 | 152 |
Residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Summarized details of Loans | ||
Total Past Due | 0 | 0 |
Automobile Loan | ||
Summarized details of Loans | ||
Current | 2,451,552 | 2,232,906 |
Financing Receivable, Nonaccrual | 7,158 | 5,797 |
Loans and Leases Receivable, Net of Deferred Income, Total | 2,471,257 | 2,256,162 |
Automobile Loan | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 10,373 | 14,712 |
Automobile Loan | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 2,148 | 2,674 |
Automobile Loan | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Summarized details of Loans | ||
Total Past Due | 26 | 73 |
Home equity | ||
Summarized details of Loans | ||
Current | 608,821 | 615,810 |
Financing Receivable, Nonaccrual | 8,100 | 8,508 |
Loans and Leases Receivable, Net of Deferred Income, Total | 619,764 | 628,526 |
Home equity | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 2,506 | 3,500 |
Home equity | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 312 | 708 |
Home equity | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Summarized details of Loans | ||
Total Past Due | 24 | 0 |
Other consumer | ||
Summarized details of Loans | ||
Current | 254,313 | 273,644 |
Financing Receivable, Nonaccrual | 87 | 128 |
Loans and Leases Receivable, Net of Deferred Income, Total | 258,603 | 277,740 |
Other consumer | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 1,298 | 1,233 |
Other consumer | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 963 | 932 |
Other consumer | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Summarized details of Loans | ||
Total Past Due | 1,942 | 1,803 |
Total consumer | ||
Summarized details of Loans | ||
Current | 11,103,009 | 10,902,664 |
Financing Receivable, Nonaccrual | 85,299 | 85,574 |
Loans and Leases Receivable, Net of Deferred Income, Total | 11,217,802 | 11,027,319 |
Total consumer | 30-59 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 23,985 | 32,739 |
Total consumer | 60-89 Days Past Due | ||
Summarized details of Loans | ||
Total Past Due | 3,517 | 4,467 |
Total consumer | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Summarized details of Loans | ||
Total Past Due | $ 1,992 | $ 1,876 |
Loans, Modifications (Details)
Loans, Modifications (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term, Range, From | 254 months | 334 months |
Financing Receivable, Modified, Weighted Average Term, Range, To | 407 months | 360 months |
Interest Rate Below Market Reduction [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 739 | $ 637 |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | (9.00%) | (17.00%) |
Extended Maturity [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 0 | $ 209 |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 153 months | 26 months |
Extended Maturity and Interest Rate Reduction [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 674 | $ 258 |
Commercial and Industrial Sector | Interest Rate Below Market Reduction [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 159 | $ 47 |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | (16.00%) | (16.00%) |
Automobile Loan | Interest Rate Below Market Reduction [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 46 | $ 61 |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | (9.00%) | (2.00%) |
Residential mortgage | Interest Rate Below Market Reduction [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | 3% | 0% |
Residential mortgage | Extended Maturity [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 0 | $ 209 |
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 158 months | 26 months |
Residential mortgage | Extended Maturity and Interest Rate Reduction [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 643 | $ 165 |
Home equity | Interest Rate Below Market Reduction [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 0 | $ 31 |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | (3.00%) | 1% |
Home equity | Extended Maturity [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Modified, Weighted Average Term Increase from Modification | 64 months | 0 months |
Home equity | Extended Maturity and Interest Rate Reduction [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 31 | $ 93 |
Other consumer | Interest Rate Below Market Reduction [Member] | ||
Financing Receivable, Modified [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 534 | $ 498 |
Financing Receivable, Modified, Weighted Average Interest Rate Decrease from Modification | (21.00%) | (20.00%) |
Loans, Modifications in Last 12
Loans, Modifications in Last 12 Months, Performance - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 2,407 | $ 763 |
Financial Asset, 30-89 Days Past Due [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 50 | 0 |
Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | 0 |
Financial Asset, Nonaccrual [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 1,141 | 341 |
Commercial and Industrial Sector | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 377 | 47 |
Commercial and Industrial Sector | Financial Asset, 30-89 Days Past Due [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | 0 |
Commercial and Industrial Sector | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | 0 |
Commercial and Industrial Sector | Financial Asset, Nonaccrual [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | 0 |
Residential mortgage | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 345 | 126 |
Residential mortgage | Financial Asset, 30-89 Days Past Due [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | 0 |
Residential mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | 0 |
Residential mortgage | Financial Asset, Nonaccrual [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 991 | 248 |
Automobile Loan | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 63 | 61 |
Automobile Loan | Financial Asset, 30-89 Days Past Due [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 3 | 0 |
Automobile Loan | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | 0 |
Automobile Loan | Financial Asset, Nonaccrual [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 11 | 0 |
Home equity | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 135 | 31 |
Home equity | Financial Asset, 30-89 Days Past Due [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 47 | 0 |
Home equity | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | 0 |
Home equity | Financial Asset, Nonaccrual [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 139 | 93 |
Other consumer | Financial Asset, Not Past Due [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 1,487 | 498 |
Other consumer | Financial Asset, 30-89 Days Past Due [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | 0 |
Other consumer | Financial Asset, Equal to or Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | 0 | 0 |
Other consumer | Financial Asset, Nonaccrual [Member] | ||
Financing Receivable, Modified in the Last 12 Months, Performance [Line Items] | ||
Financing Receivable, Modified in Period, Amount | $ 0 | $ 0 |
Loans, Modified, Subsequent Def
Loans, Modified, Subsequent Default (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest Rate Below Market Reduction [Member] | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Financing Receivable, Modified, Subsequent Default | $ 11 | $ 0 |
Extended Maturity [Member] | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Financing Receivable, Modified, Subsequent Default | 0 | 0 |
Extended Maturity and Interest Rate Reduction [Member] | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Financing Receivable, Modified, Subsequent Default | 0 | 60 |
Home equity | Interest Rate Below Market Reduction [Member] | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Financing Receivable, Modified, Subsequent Default | 0 | |
Home equity | Extended Maturity [Member] | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Financing Receivable, Modified, Subsequent Default | 0 | |
Home equity | Extended Maturity and Interest Rate Reduction [Member] | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Financing Receivable, Modified, Subsequent Default | $ 60 | |
Automobile Loan | Interest Rate Below Market Reduction [Member] | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Financing Receivable, Modified, Subsequent Default | 11 | |
Automobile Loan | Extended Maturity [Member] | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Financing Receivable, Modified, Subsequent Default | 0 | |
Automobile Loan | Extended Maturity and Interest Rate Reduction [Member] | ||
Financing Receivable, Modified, Subsequent Default [Line Items] | ||
Financing Receivable, Modified, Subsequent Default | $ 0 |
Loans, Changes in the Allowance
Loans, Changes in the Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | $ 24,018 | $ 58,768 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Off-Balance-Sheet, Credit Loss, Liability, Beginning Balance | 34,776 | $ 38,776 | 38,776 |
Provision for credit losses | (3,000) | (4,000) | |
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | 31,776 | 34,776 | |
Allowance for credit losses on loans | |||
Charge offs | 24,018 | 58,768 | |
Provision for credit losses | 24,001 | 17,971 | |
Allowance for Loan Losses [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 351,094 | 312,720 | 312,720 |
Charge offs | (24,018) | (58,768) | |
Recoveries | 1,930 | 10,142 | |
Net Charge offs | (22,088) | (48,626) | |
Provision for credit losses | 27,000 | 87,000 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 356,006 | 351,094 | |
Allowance for credit losses on loans | |||
Charge offs | (24,018) | (58,768) | |
Recoveries | 1,930 | 10,142 | |
Net Charge offs | (22,088) | (48,626) | |
Allowance for Loan Losses [Member] | Commercial and industrial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 128,263 | 119,076 | 119,076 |
Charge offs | (19,429) | (45,687) | |
Recoveries | 791 | 3,015 | |
Net Charge offs | (18,638) | (42,672) | |
Provision for credit losses | 23,202 | 51,859 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 132,826 | 128,263 | |
Allowance for credit losses on loans | |||
Charge offs | (19,429) | (45,687) | |
Recoveries | 791 | 3,015 | |
Net Charge offs | (18,638) | (42,672) | |
Allowance for Loan Losses [Member] | Commercial real estate — owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 10,610 | 9,475 | 9,475 |
Charge offs | (3) | (25) | |
Recoveries | 5 | 11 | |
Net Charge offs | 2 | (15) | |
Provision for credit losses | 1,768 | 1,150 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 12,381 | 10,610 | |
Allowance for credit losses on loans | |||
Charge offs | (3) | (25) | |
Recoveries | 5 | 11 | |
Net Charge offs | 2 | (15) | |
Allowance for Loan Losses [Member] | Commercial and business lending | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 138,873 | 128,551 | 128,551 |
Charge offs | (19,432) | (45,713) | |
Recoveries | 796 | 3,026 | |
Net Charge offs | (18,636) | (42,687) | |
Provision for credit losses | 24,970 | 53,009 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 145,207 | 138,873 | |
Allowance for credit losses on loans | |||
Charge offs | (19,432) | (45,713) | |
Recoveries | 796 | 3,026 | |
Net Charge offs | (18,636) | (42,687) | |
Allowance for Loan Losses [Member] | Commercial real estate — investor | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 67,858 | 54,398 | 54,398 |
Charge offs | 0 | (252) | |
Recoveries | 0 | 3,016 | |
Net Charge offs | 0 | 2,763 | |
Provision for credit losses | 4,137 | 10,697 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 71,995 | 67,858 | |
Allowance for credit losses on loans | |||
Charge offs | 0 | (252) | |
Recoveries | 0 | 3,016 | |
Net Charge offs | 0 | 2,763 | |
Allowance for Loan Losses [Member] | Real estate construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 53,554 | 45,589 | 45,589 |
Charge offs | 0 | (25) | |
Recoveries | 30 | 80 | |
Net Charge offs | 30 | 55 | |
Provision for credit losses | (4,281) | 7,910 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 49,303 | 53,554 | |
Allowance for credit losses on loans | |||
Charge offs | 0 | (25) | |
Recoveries | 30 | 80 | |
Net Charge offs | 30 | 55 | |
Allowance for Loan Losses [Member] | Commercial real estate lending | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 121,412 | 99,986 | 99,986 |
Charge offs | 0 | (277) | |
Recoveries | 30 | 3,095 | |
Net Charge offs | 30 | 2,819 | |
Provision for credit losses | (144) | 18,607 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 121,298 | 121,412 | |
Allowance for credit losses on loans | |||
Charge offs | 0 | (277) | |
Recoveries | 30 | 3,095 | |
Net Charge offs | 30 | 2,819 | |
Allowance for Loan Losses [Member] | Total commercial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 260,285 | 228,538 | 228,538 |
Charge offs | (19,432) | (45,989) | |
Recoveries | 826 | 6,121 | |
Net Charge offs | (18,606) | (39,868) | |
Provision for credit losses | 24,826 | 71,616 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 266,506 | 260,285 | |
Allowance for credit losses on loans | |||
Charge offs | (19,432) | (45,989) | |
Recoveries | 826 | 6,121 | |
Net Charge offs | (18,606) | (39,868) | |
Allowance for Loan Losses [Member] | Residential mortgage | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 37,808 | 38,298 | 38,298 |
Charge offs | (89) | (952) | |
Recoveries | 27 | 541 | |
Net Charge offs | (62) | (411) | |
Provision for credit losses | (1,831) | (79) | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 35,915 | 37,808 | |
Allowance for credit losses on loans | |||
Charge offs | (89) | (952) | |
Recoveries | 27 | 541 | |
Net Charge offs | (62) | (411) | |
Allowance for Loan Losses [Member] | Automobile Loan | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 24,961 | 19,619 | 19,619 |
Charge offs | (2,600) | (5,950) | |
Recoveries | 506 | 1,241 | |
Net Charge offs | (2,094) | (4,709) | |
Provision for credit losses | 3,248 | 10,051 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 26,114 | 24,961 | |
Allowance for credit losses on loans | |||
Charge offs | (2,600) | (5,950) | |
Recoveries | 506 | 1,241 | |
Net Charge offs | (2,094) | (4,709) | |
Allowance for Loan Losses [Member] | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 15,403 | 14,875 | 14,875 |
Charge offs | (108) | (424) | |
Recoveries | 319 | 1,262 | |
Net Charge offs | 211 | 837 | |
Provision for credit losses | (874) | (310) | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 14,740 | 15,403 | |
Allowance for credit losses on loans | |||
Charge offs | (108) | (424) | |
Recoveries | 319 | 1,262 | |
Net Charge offs | 211 | 837 | |
Allowance for Loan Losses [Member] | Other consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 12,638 | 11,390 | 11,390 |
Charge offs | (1,790) | (5,453) | |
Recoveries | 252 | 978 | |
Net Charge offs | (1,537) | (4,475) | |
Provision for credit losses | 1,630 | 5,723 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 12,731 | 12,638 | |
Allowance for credit losses on loans | |||
Charge offs | (1,790) | (5,453) | |
Recoveries | 252 | 978 | |
Net Charge offs | (1,537) | (4,475) | |
Allowance for Loan Losses [Member] | Total consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Financing Receivable, Allowance for Credit Loss, Beginning Balance | 90,809 | 84,182 | 84,182 |
Charge offs | (4,586) | (12,779) | |
Recoveries | 1,104 | 4,021 | |
Net Charge offs | (3,482) | (8,758) | |
Provision for credit losses | 2,174 | 15,384 | |
Financing Receivable, Allowance for Credit Loss, Ending Balance | 89,501 | 90,809 | |
Allowance for credit losses on loans | |||
Charge offs | (4,586) | (12,779) | |
Recoveries | 1,104 | 4,021 | |
Net Charge offs | (3,482) | (8,758) | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Off-Balance-Sheet, Credit Loss, Liability, Beginning Balance | 34,776 | 38,776 | 38,776 |
Provision for credit losses | (3,000) | (4,000) | |
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | 31,776 | 34,776 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and industrial | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Off-Balance-Sheet, Credit Loss, Liability, Beginning Balance | 13,319 | 12,997 | 12,997 |
Provision for credit losses | (757) | 321 | |
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | 12,562 | 13,319 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate — owner occupied | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Off-Balance-Sheet, Credit Loss, Liability, Beginning Balance | 149 | 103 | 103 |
Provision for credit losses | 15 | 46 | |
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | 164 | 149 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and business lending | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Off-Balance-Sheet, Credit Loss, Liability, Beginning Balance | 13,468 | 13,101 | 13,101 |
Provision for credit losses | (742) | 367 | |
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | 12,725 | 13,468 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate — investor | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Off-Balance-Sheet, Credit Loss, Liability, Beginning Balance | 480 | 710 | 710 |
Provision for credit losses | 37 | (230) | |
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | 517 | 480 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Real estate construction | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Off-Balance-Sheet, Credit Loss, Liability, Beginning Balance | 17,024 | 20,583 | 20,583 |
Provision for credit losses | (2,103) | (3,558) | |
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | 14,921 | 17,024 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate lending | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Off-Balance-Sheet, Credit Loss, Liability, Beginning Balance | 17,504 | 21,292 | 21,292 |
Provision for credit losses | (2,066) | (3,788) | |
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | 15,438 | 17,504 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total commercial | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Off-Balance-Sheet, Credit Loss, Liability, Beginning Balance | 30,972 | 34,393 | 34,393 |
Provision for credit losses | (2,808) | (3,421) | |
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | 28,164 | 30,972 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Home equity | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Off-Balance-Sheet, Credit Loss, Liability, Beginning Balance | 2,629 | 2,699 | 2,699 |
Provision for credit losses | (316) | (70) | |
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | 2,313 | 2,629 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Other consumer | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Off-Balance-Sheet, Credit Loss, Liability, Beginning Balance | 1,174 | 1,683 | 1,683 |
Provision for credit losses | 124 | (509) | |
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | 1,298 | 1,174 | |
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total consumer | |||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | |||
Off-Balance-Sheet, Credit Loss, Liability, Beginning Balance | 3,803 | 4,382 | 4,382 |
Provision for credit losses | (192) | (579) | |
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | 3,612 | 3,803 | |
Allowance for Loans Losses and Unfunded Commitments [Member] | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | (24,018) | (58,768) | |
Recoveries | 1,930 | 10,142 | |
Net Charge offs | (22,088) | (48,626) | |
Allowance for credit losses on loans | |||
Balance at beginning of period | 385,870 | 351,496 | 351,496 |
Charge offs | (24,018) | (58,768) | |
Recoveries | 1,930 | 10,142 | |
Net Charge offs | (22,088) | (48,626) | |
Provision for credit losses | 24,000 | 83,000 | |
Balance at end of period | $ 387,782 | $ 385,870 | |
Percent of Loans | 1.31% | 1.32% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and industrial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | $ (19,429) | $ (45,687) | |
Recoveries | 791 | 3,015 | |
Net Charge offs | (18,638) | (42,672) | |
Allowance for credit losses on loans | |||
Balance at beginning of period | 141,582 | 132,073 | 132,073 |
Charge offs | (19,429) | (45,687) | |
Recoveries | 791 | 3,015 | |
Net Charge offs | (18,638) | (42,672) | |
Provision for credit losses | 22,445 | 52,181 | |
Balance at end of period | $ 145,388 | $ 141,582 | |
Percent of Loans | 1.47% | 1.45% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate — owner occupied | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | $ (3) | $ (25) | |
Recoveries | 5 | 11 | |
Net Charge offs | 2 | (15) | |
Allowance for credit losses on loans | |||
Balance at beginning of period | 10,759 | 9,579 | 9,579 |
Charge offs | (3) | (25) | |
Recoveries | 5 | 11 | |
Net Charge offs | 2 | (15) | |
Provision for credit losses | 1,783 | 1,195 | |
Balance at end of period | $ 12,544 | $ 10,759 | |
Percent of Loans | 1.14% | 1.01% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and business lending | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | $ (19,432) | $ (45,713) | |
Recoveries | 796 | 3,026 | |
Net Charge offs | (18,636) | (42,687) | |
Allowance for credit losses on loans | |||
Balance at beginning of period | 152,341 | 141,652 | 141,652 |
Charge offs | (19,432) | (45,713) | |
Recoveries | 796 | 3,026 | |
Net Charge offs | (18,636) | (42,687) | |
Provision for credit losses | 24,227 | 53,376 | |
Balance at end of period | $ 157,933 | $ 152,341 | |
Percent of Loans | 1.44% | 1.41% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate — investor | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | $ 0 | $ (252) | |
Recoveries | 0 | 3,016 | |
Net Charge offs | 0 | 2,763 | |
Allowance for credit losses on loans | |||
Balance at beginning of period | 68,338 | 55,108 | 55,108 |
Charge offs | 0 | (252) | |
Recoveries | 0 | 3,016 | |
Net Charge offs | 0 | 2,763 | |
Provision for credit losses | 4,174 | 10,467 | |
Balance at end of period | $ 72,512 | $ 68,338 | |
Percent of Loans | 1.44% | 1.33% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Real estate construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | $ 0 | $ (25) | |
Recoveries | 30 | 80 | |
Net Charge offs | 30 | 55 | |
Allowance for credit losses on loans | |||
Balance at beginning of period | 70,578 | 66,171 | 66,171 |
Charge offs | 0 | (25) | |
Recoveries | 30 | 80 | |
Net Charge offs | 30 | 55 | |
Provision for credit losses | (6,383) | 4,351 | |
Balance at end of period | $ 64,225 | $ 70,578 | |
Percent of Loans | 2.81% | 3.11% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate lending | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | $ 0 | $ (277) | |
Recoveries | 30 | 3,095 | |
Net Charge offs | 30 | 2,819 | |
Allowance for credit losses on loans | |||
Balance at beginning of period | 138,916 | 121,279 | 121,279 |
Charge offs | 0 | (277) | |
Recoveries | 30 | 3,095 | |
Net Charge offs | 30 | 2,819 | |
Provision for credit losses | (2,209) | 14,819 | |
Balance at end of period | $ 136,737 | $ 138,916 | |
Percent of Loans | 1.87% | 1.88% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Total commercial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | $ (19,432) | $ (45,989) | |
Recoveries | 826 | 6,121 | |
Net Charge offs | (18,606) | (39,868) | |
Allowance for credit losses on loans | |||
Balance at beginning of period | 291,257 | 262,931 | 262,931 |
Charge offs | (19,432) | (45,989) | |
Recoveries | 826 | 6,121 | |
Net Charge offs | (18,606) | (39,868) | |
Provision for credit losses | 22,018 | 68,195 | |
Balance at end of period | $ 294,669 | $ 291,257 | |
Percent of Loans | 1.61% | 1.60% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Residential mortgage | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | $ (89) | $ (952) | |
Recoveries | 27 | 541 | |
Net Charge offs | (62) | (411) | |
Allowance for credit losses on loans | |||
Balance at beginning of period | 37,808 | 38,298 | 38,298 |
Charge offs | (89) | (952) | |
Recoveries | 27 | 541 | |
Net Charge offs | (62) | (411) | |
Provision for credit losses | (1,831) | (79) | |
Balance at end of period | $ 35,915 | $ 37,808 | |
Percent of Loans | 0.46% | 0.48% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Automobile Loan | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | $ (2,600) | $ (5,950) | |
Recoveries | 506 | 1,241 | |
Net Charge offs | (2,094) | (4,709) | |
Allowance for credit losses on loans | |||
Balance at beginning of period | 24,961 | 19,619 | 19,619 |
Charge offs | (2,600) | (5,950) | |
Recoveries | 506 | 1,241 | |
Net Charge offs | (2,094) | (4,709) | |
Provision for credit losses | 3,248 | 10,051 | |
Balance at end of period | $ 26,114 | $ 24,961 | |
Percent of Loans | 1.06% | 1.11% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Home equity | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | $ (108) | $ (424) | |
Recoveries | 319 | 1,262 | |
Net Charge offs | 211 | 837 | |
Allowance for credit losses on loans | |||
Balance at beginning of period | 18,032 | 17,574 | 17,574 |
Charge offs | (108) | (424) | |
Recoveries | 319 | 1,262 | |
Net Charge offs | 211 | 837 | |
Provision for credit losses | (1,190) | (380) | |
Balance at end of period | $ 17,054 | $ 18,032 | |
Percent of Loans | 2.75% | 2.87% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Other consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | $ (1,790) | $ (5,453) | |
Recoveries | 252 | 978 | |
Net Charge offs | (1,537) | (4,475) | |
Allowance for credit losses on loans | |||
Balance at beginning of period | 13,812 | 13,073 | 13,073 |
Charge offs | (1,790) | (5,453) | |
Recoveries | 252 | 978 | |
Net Charge offs | (1,537) | (4,475) | |
Provision for credit losses | 1,755 | 5,214 | |
Balance at end of period | $ 14,029 | $ 13,812 | |
Percent of Loans | 5.43% | 4.97% | |
Allowance for Loans Losses and Unfunded Commitments [Member] | Total consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Charge offs | $ (4,586) | $ (12,779) | |
Recoveries | 1,104 | 4,021 | |
Net Charge offs | (3,482) | (8,758) | |
Allowance for credit losses on loans | |||
Balance at beginning of period | 94,613 | $ 88,565 | 88,565 |
Charge offs | (4,586) | (12,779) | |
Recoveries | 1,104 | 4,021 | |
Net Charge offs | (3,482) | (8,758) | |
Provision for credit losses | 1,982 | 14,805 | |
Balance at end of period | $ 93,112 | $ 94,613 | |
Percent of Loans | 0.83% | 0.86% |
Loans Narrative (Details)
Loans Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loans Information [Line Items] | ||
Interest receivable | $ 167,092 | $ 169,569 |
Loans and Finance Receivables [Member] | ||
Loans Information [Line Items] | ||
Interest receivable | $ 133,000 | $ 132,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets, Summary of Core Deposit and Other Intangibles (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Summary of core deposit intangibles and other intangibles | ||||
Other intangible amortization | $ 2,203 | $ 2,203 | ||
Core Deposit Intangibles | ||||
Summary of core deposit intangibles and other intangibles | ||||
Gross carrying amount at the beginning of period | $ 88,109 | $ 88,109 | ||
Accumulated amortization | (49,841) | (47,638) | ||
Finite-Lived Intangible Assets, Net, Total | 38,268 | 40,471 | ||
Other intangible amortization | $ 2,203 | $ 8,811 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets, Mortgage Servicing Rights Roll-Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2023 | |
Summary of Changes in MSR [Line Items] | ||||
Servicing Asset at Fair Value, Amount, Beginning Balance | $ 84,390 | $ 77,351 | $ 77,351 | |
Additions | 877 | 474 | 3,564 | |
Paydowns | (1,687) | (7,185) | ||
Change in fair value model assumptions | 0 | 8,881 | ||
Changes in fair value of asset | 1,646 | 1,778 | ||
Servicing Asset at Fair Value, Amount, Ending Balance | 85,226 | $ 84,390 | 84,390 | |
Portfolio Of Residential Mortgage Loans Serviced For Others | $ 6,349,049 | $ 7,364,492 | $ 7,364,492 | |
Mortgage Servicing Rights Net To Servicing Portfolio | 1.34% | 1.15% | 1.15% | |
Loans transferred (from) into held for sale from (into) portfolio, net | $ (86,096) | $ 94 | ||
Residential mortgage | ||||
Summary of Changes in MSR [Line Items] | ||||
Loans transferred (from) into held for sale from (into) portfolio, net | $ 969,000 | |||
Proceeds from Sale, Loan, Held-for-Sale | $ 844,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets, Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Core Deposit Intangibles | ||
Estimated future amortization expense | ||
Nine months ended December 31, 2024 | $ 6,608 | |
2025 | 8,811 | |
2026 | 8,811 | |
2027 | 8,811 | |
2028 | 3,485 | |
2029 | 1,681 | |
Beyond 2029 | 61 | |
Finite-Lived Intangible Assets, Net, Total | 38,268 | $ 40,471 |
Mortgage Servicing Rights | ||
Estimated future amortization expense | ||
Nine months ended December 31, 2024 | 6,930 | |
2025 | 11,133 | |
2026 | 11,013 | |
2027 | 10,506 | |
2028 | 9,628 | |
2029 | 8,614 | |
Beyond 2029 | 27,402 | |
Finite-Lived Intangible Assets, Net, Total | $ 85,226 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Details Textuals) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Goodwill [Line Items] | ||
Goodwill, Impaired, Facts and Circumstances Leading to Impairment | no | |
Goodwill, Impairment Loss | $ 0 | $ 0 |
Goodwill | $ 1,104,992 | $ 1,104,992 |
Short and Long-Term Funding, FH
Short and Long-Term Funding, FHLB Advances (Components of Short-term and Long-term Funding) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Short-term Funding [Abstract] | ||
Federal funds purchased | $ 175,135 | $ 220,160 |
Securities sold under agreements to repurchase | 90,536 | 106,620 |
Federal funds purchased and securities sold under agreements to repurchase | 265,671 | 326,780 |
Bank Term Funding Program Funding | 500,000 | 0 |
Total short-term funding | 765,671 | 326,780 |
Long-term funding | ||
Subordinated Debt | 550,000 | 550,000 |
Other Long-term Debt and Capitalized Costs | (7,468) | (7,748) |
Finance lease liability | 361 | 383 |
Long-term Debt | 536,055 | 541,269 |
TotalShortTermLongTermExcludingFHLB | 1,301,726 | 868,049 |
Advance from Federal Home Loan Bank [Abstract] | ||
Advance from Federal Home Loan Bank | 138,000 | 740,000 |
Long-Term Federal Home Loan Bank Advances | 1,209,862 | 1,209,907 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 1,333,411 | 1,940,194 |
Debt, Long-Term and Short-Term, Combined Amount | 2,635,137 | 2,808,243 |
Fair Value Hedging [Member] | ||
Long-term funding | ||
Subordinated Debt | (6,838) | (1,366) |
Advance from Federal Home Loan Bank [Abstract] | ||
Advance from Federal Home Loan Bank | $ (14,451) | $ (9,713) |
Short and Long-Term Funding (Re
Short and Long-Term Funding (Remaining Contractual Maturity of the Securities Sold Under Agreements to Repurchase) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Agency mortgage-related securities | Maturity Overnight and on Demand [Member] | ||
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items] | ||
Repurchase agreements | $ 90,536 | $ 106,620 |
Short and Long-Term Funding (Lo
Short and Long-Term Funding (Long-term Funding Narrative) (Details Textuals) - USD ($) $ in Millions | 1 Months Ended | ||
Feb. 10, 2023 | Nov. 30, 2014 | Mar. 31, 2024 | |
Long-term funding | |||
Fair Value of Pledged Securites to Securities Sold under Agreements to Repurchase | 215% | ||
Two Thousand Fourteen Subordinated Notes | |||
Long-term funding | |||
Debt Instrument, Issuance Date Month, Year | November 2014 | ||
Junior Subordinated Debentures Issued | $ 250 | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date Month, Year | January 2025 | ||
Debt Instrument Call Date Earliest Month Year | October 2024 | ||
Subordinated Borrowing, Interest Rate | 4.25% | ||
Two Thousand Twenty Three Subordinated Notes | |||
Long-term funding | |||
Debt Instrument, Issuance Date Month, Year | February 2023 | ||
Junior Subordinated Debentures Issued | $ 300 | ||
Debt Instrument, Term | 10 years | ||
Debt Instrument, Maturity Date Month, Year | March 1, 2033 | ||
Debt Instrument, Redemption Period, Start Date | Mar. 01, 2028 | ||
Subordinated Borrowing, Interest Rate | 6.625% | ||
Interest Added to UST 5 Year Rate | 2.812% |
Derivative and Hedging Activi_3
Derivative and Hedging Activities, Derivative Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Other Assets [Member] | ||
Derivative Instrument Detail [Abstract] | ||
Derivatives (trading and other assets), fair value | $ 122,067 | $ 123,723 |
Less: Legally enforceable master netting agreements | 6,463 | 18,234 |
Less: Cash collateral pledged/received | 55,681 | 35,855 |
Derivative Asset | 59,923 | 69,634 |
Liability | ||
Derivative Instrument Detail [Abstract] | ||
Derivatives (trading and other liabilities), fair value | 238,397 | 202,958 |
Less: Legally enforceable master netting agreements | 6,463 | 18,234 |
Less: Cash collateral pledged/received | 0 | 0 |
Derivatives (trading liabilities) | 231,934 | 184,724 |
Designated as Hedging Instrument | Other Assets [Member] | ||
Derivative Instrument Detail [Abstract] | ||
Derivatives (trading and other assets), fair value | 2,788 | 8,707 |
Designated as Hedging Instrument | Other Assets [Member] | Interest rate-related instruments — customer and mirror | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset, Notional Amount | 1,350,000 | 2,300,000 |
Designated as Hedging Instrument | Other Assets [Member] | Foreign currency exchange forwards | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset, Notional Amount | 147,695 | 231,566 |
Designated as Hedging Instrument | Liability | ||
Derivative Instrument Detail [Abstract] | ||
Derivatives (trading and other liabilities), fair value | 10,915 | 3,876 |
Designated as Hedging Instrument | Liability | Interest rate-related instruments — customer and mirror | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Liability, Notional Amount | 1,750,000 | 550,000 |
Designated as Hedging Instrument | Liability | Foreign currency exchange forwards | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Liability, Notional Amount | 263,335 | 189,212 |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | ||
Derivative Instrument Detail [Abstract] | ||
Derivatives (trading and other assets), fair value | 119,279 | 115,016 |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest rate-related instruments — customer and mirror | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset, Notional Amount | 3,770,832 | 3,603,513 |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | Foreign currency exchange forwards | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset, Notional Amount | 115,002 | 87,526 |
Not Designated as Hedging Instrument [Member] | Other Assets [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset, Notional Amount | 49,808 | 29,490 |
Not Designated as Hedging Instrument [Member] | Liability | ||
Derivative Instrument Detail [Abstract] | ||
Derivatives (trading and other liabilities), fair value | 227,482 | 199,082 |
Not Designated as Hedging Instrument [Member] | Liability | Interest rate-related instruments — customer and mirror | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Liability, Notional Amount | 6,262,958 | 6,528,471 |
Not Designated as Hedging Instrument [Member] | Liability | Foreign currency exchange forwards | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Liability, Notional Amount | 88,602 | 135,654 |
Not Designated as Hedging Instrument [Member] | Liability | Forward Commitments to Sell Residential Mortgage Loans | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Liability, Notional Amount | 98,000 | 51,500 |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments [Member] | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset | 666 | 439 |
Fair Value, Measurements, Recurring | Designated as Hedging Instrument | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset | 2,164 | 8,075 |
Fair Value, Measurements, Recurring | Designated as Hedging Instrument | Foreign currency exchange forwards | ||
Derivative Instrument Detail [Abstract] | ||
Derivatives (trading liabilities) | 230 | 2,946 |
Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument [Member] | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset | 113,337 | 111,623 |
Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument [Member] | Foreign currency exchange forwards | ||
Derivative Instrument Detail [Abstract] | ||
Derivatives (trading liabilities) | 4,956 | 2,746 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Foreign currency exchange forwards | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset | 5,276 | 2,954 |
Derivatives (trading liabilities) | 4,956 | 2,746 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Interest Rate Lock Commitments [Member] | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Designated as Hedging Instrument | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset | 2,164 | 8,075 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Designated as Hedging Instrument | Interest rate-related instruments — customer and mirror | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset | 2,164 | 8,075 |
Derivatives (trading liabilities) | 10,685 | 930 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Designated as Hedging Instrument | Foreign currency exchange forwards | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset | 624 | 632 |
Derivatives (trading liabilities) | 230 | 2,946 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Not Designated as Hedging Instrument [Member] | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset | 113,337 | 111,623 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Not Designated as Hedging Instrument [Member] | Interest rate-related instruments — customer and mirror | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset | 113,337 | 111,623 |
Derivatives (trading liabilities) | 222,303 | 195,662 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Not Designated as Hedging Instrument [Member] | Foreign currency exchange forwards | ||
Derivative Instrument Detail [Abstract] | ||
Derivatives (trading liabilities) | 4,956 | 2,746 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Interest Rate Lock Commitments [Member] | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset | 666 | 439 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Forward Commitments to Sell Residential Mortgage Loans | ||
Derivative Instrument Detail [Abstract] | ||
Derivatives (trading liabilities) | 673 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Designated as Hedging Instrument | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Designated as Hedging Instrument | Foreign currency exchange forwards | ||
Derivative Instrument Detail [Abstract] | ||
Derivatives (trading liabilities) | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Not Designated as Hedging Instrument [Member] | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Not Designated as Hedging Instrument [Member] | Foreign currency exchange forwards | ||
Derivative Instrument Detail [Abstract] | ||
Derivatives (trading liabilities) | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Not Designated as Hedging Instrument [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative Instrument Detail [Abstract] | ||
Derivative Asset | 666 | $ 439 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Not Designated as Hedging Instrument [Member] | Forward Commitments to Sell Residential Mortgage Loans | ||
Derivative Instrument Detail [Abstract] | ||
Derivatives (trading liabilities) | $ 222 |
Derivative and Hedging Activi_4
Derivative and Hedging Activities Cumulative Basis Adjustment for Fair Value Hedges (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Balance Sheet Recording of Fair Value Hedge [Line Items] | ||
Carrying amount excluded for foreign currency loans | $ 411,000 | $ 421,000 |
Derivative Financial Instruments, Liabilities [Member] | ||
Balance Sheet Recording of Fair Value Hedge [Line Items] | ||
Derivatives (trading liabilities) | (1,128,711) | (1,138,921) |
Fair Value Hedging [Member] | ||
Balance Sheet Recording of Fair Value Hedge [Line Items] | ||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | 21,289 | 11,079 |
Long-Term Debt [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Balance Sheet Recording of Fair Value Hedge [Line Items] | ||
Derivatives (trading liabilities) | (543,162) | (548,634) |
Long-Term Debt [Member] | Fair Value Hedging [Member] | ||
Balance Sheet Recording of Fair Value Hedge [Line Items] | ||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | 6,838 | 1,366 |
Federal Home Loan Bank Advances [Member] | Derivative Financial Instruments, Liabilities [Member] | ||
Balance Sheet Recording of Fair Value Hedge [Line Items] | ||
Derivatives (trading liabilities) | (585,549) | (590,287) |
Federal Home Loan Bank Advances [Member] | Fair Value Hedging [Member] | ||
Balance Sheet Recording of Fair Value Hedge [Line Items] | ||
Hedged Liability, Fair Value Hedge, Cumulative Increase (Decrease) | $ 14,451 | $ 9,713 |
Derivative and Hedging Activi_5
Derivative and Hedging Activities Income impact of Fair Value and Cash Flow Hedge (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest Income [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | $ (4,863) | $ (1,321) |
Interest Income [Member] | Fair Value Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (40) | (59) |
Interest Income [Member] | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (4,823) | (1,262) |
Interest Expense | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 5,322 | 2,515 |
Interest Expense | Fair Value Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (10,210) | 10,724 |
Interest Expense | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 15,532 | (8,209) |
Capital markets, net | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | 0 | 0 |
Capital markets, net | Fair Value Hedging [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | (9,070) | 1,802 |
Capital markets, net | Designated as Hedging Instrument | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge | $ 9,070 | $ (1,802) |
Derivative and Hedging Activi_6
Derivative and Hedging Activities, Cash Flow Hedge Included in AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash Flow Hedge Impacts on AOCI [Line Items] | ||
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | $ (19,461) | $ 13,763 |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 4,823 | $ 1,262 |
Derivative and Hedging Activi_7
Derivative and Hedging Activities Derivative Impact on Perfomance (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Capital markets, net | Interest Rate Related Instruments Customer and Mirror [Member] | ||
Derivative instruments | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ (71) | $ (70) |
Capital markets, net | Foreign Exchange Forward [Member] | ||
Derivative instruments | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 746 | 228 |
Mortgage banking, net | Interest Rate-Related Instruments - MSRs Hedge | ||
Derivative instruments | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (2,937) | 2,521 |
Mortgage banking, net | Interest Rate Lock Commitments [Member] | ||
Derivative instruments | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 227 | 252 |
Mortgage banking, net | Forward Contracts [Member] | ||
Derivative instruments | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 451 | $ (395) |
Derivative and Hedging Activi_8
Derivative and Hedging Activities (Details Textuals) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Additional Collateral, Aggregate Fair Value | $ 89,000 | $ 93,000 | |
Derivative collateral right to reclaim cash | 0 | $ 5,000 | |
Derivative Liability Notional Amount, Terminated | $ 500,000 | ||
Underlying Hedged Asset, Amortized Cost Basis | 260,000 | ||
Cash Flow Hedge Gain (Loss) to be Reclassified within 12 Months | $ 12,000 | ||
Maximum Length of Time Hedged in Cash Flow Hedge | 38 months | ||
Designated as Hedging Instrument | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge | $ 1,000 |
Balance Sheet Offsetting (Detai
Balance Sheet Offsetting (Details) - Interest Rate Contract - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative assets | ||
Gross Amounts Recognized | $ 102,956 | $ 87,075 |
Derivative Liabilities Offset | (6,463) | (18,234) |
Derivative Asset, Collateral, Obligation to Return Cash, Offset | (55,681) | (35,855) |
Net Amounts Presented on the Consolidated Balance Sheets | 40,812 | 32,985 |
Gross Amounts Not Offset on the Consolidated Balance Sheets | (32,683) | (32,985) |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 8,129 | 0 |
Derivative liabilities | ||
Gross Amounts Recognized | 17,172 | 18,767 |
Derivative Liability, Fair Value, Gross Asset | (6,463) | (18,234) |
Derivative Liability, Collateral, Right to Reclaim Cash, Offset | 0 | 0 |
Net Amounts Presented on the Consolidated Balance Sheets | 10,709 | 533 |
Gross Amounts Not Offset on the Consolidated Balance Sheets | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 10,709 | $ 533 |
Commitments, Off-Balance Shee_3
Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters, Summary of Lending Related and Other Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
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) | ||
Schedule of lending-related and other commitments [Line Items] | ||
Lending Related Commitments By Type [Domain] | 10,828,869 | 11,170,147 |
Commercial letters of credit(a) | ||
Schedule of lending-related and other commitments [Line Items] | ||
Lending Related Commitments By Type [Domain] | 4,580 | 3,697 |
Standby letters of credit(c) | ||
Schedule of lending-related and other commitments [Line Items] | ||
Lending Related Commitments By Type [Domain] | 230,396 | 212,029 |
Lines of Credit, Fair Value Disclosure | $ 2,000 | $ 2,000 |
Commitment, Changes in the Allo
Commitment, Changes in the Allowance for Unfunded Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||
Off-Balance-Sheet, Credit Loss, Liability, Beginning Balance | $ 34,776 | $ 38,776 |
Provision for credit losses | (3,000) | (4,000) |
Off-Balance-Sheet, Credit Loss, Liability, Ending Balance | $ 31,776 | $ 34,776 |
Commitments, Off-Balance Shee_4
Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters (Details Textuals) - USD ($) | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items] | |||
Expense Related to Qualified Affordable Housing Projects | $ 9,000,000 | ||
Remaining Investment in Qualified Affordable Housing Projects | 212,000,000 | $ 215,000,000 | |
Variable Interest Entity Reporting Entity Involvement Unfunded Obligation Amount | 31,000,000 | 27,000,000 | |
Qualified Affordable Housing Investments, Impairment Loss | 0 | $ 0 | |
Loans Repurchased Under Make Whole Requests | $ 1,000,000 | 5,000,000 | |
Loans Sold To Outside Investors Loss ReimbursementSettlement Paid | $ 0 | ||
Make Whole Requests, Loan Origination Date, Majority | Jan. 01, 2021 | ||
Loans Sold To Outside Investors Original Amount | $ 3,900,000,000 | ||
Loans Sold To Outside Investors Remaining Outstanding Amount | 3,300,000,000 | ||
Mortgage Repurchase Reserve | 704,000 | 835,000 | |
Residential Mortgage Loans Sold With Recourse Risk | 15,000,000 | ||
Residential Mortgage Loans Sold With Credit Recourse Risk | 37,000,000 | 16,000,000 | |
Residential Mortgage Loans with Credit Risk Recourse | 0 | 0 | |
SBA Loan Fund, Remaining Unfunded Equity Contribution | 3,000,000 | ||
UnconsolidatedProjectsLowIncomeHousing [Member] | |||
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items] | |||
Other Investments | 215,000,000 | $ 219,000,000 | |
PrincipalInvestmentCommitment [Member] | |||
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items] | |||
Other Investments | $ 40,000,000 |
Fair Value Measurements, Assets
Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | $ 3,724,148 | $ 3,600,892 | |
Held-to-maturity, Fair Value | 3,301,284 | 3,380,624 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 3,833,043 | 3,860,235 | |
Equity Securities, FV-NI and without Readily Determinable Fair Value | 19,571 | 41,651 | |
FHLB and Federal Reserve Bank stocks | 173,968 | 229,171 | |
Assets | 41,137,084 | 41,015,855 | |
Liabilities, Fair Value Disclosure | |||
Noninterest-bearing Domestic Deposit, Demand | 6,254,135 | 6,119,956 | |
Deposits | 33,713,158 | 33,446,049 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 265,671 | 326,780 | |
Bank Term Funding Program Funding | 500,000 | 0 | |
Short-Term Debt | 765,671 | 326,780 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 1,333,411 | 1,940,194 | |
Liabilities | 36,968,412 | 36,841,882 | |
Standby letters of credit(c) | |||
Liabilities, Fair Value Disclosure | |||
Lending Related Commitments By Type [Domain] | 230,396 | 212,029 | |
Interest Rate Contract | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 40,812 | 32,985 | |
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 10,709 | 533 | |
Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
Cash and Due from Banks | 429,859 | 484,384 | |
Interest-bearing Deposits in Banks and Other Financial Institutions | 420,114 | 425,089 | |
Federal funds sold and securities purchased under agreements to resell | 1,610 | 14,350 | |
Equity Securities, FV-NI | 7,071 | 31,651 | |
Equity Securities, FV-NI and without Readily Determinable Fair Value | 19,571 | 41,651 | |
FHLB and Federal Reserve Bank stocks | 173,968 | 229,171 | |
Residential Held-for-sale, Fair Value Disclosure | 52,414 | 33,011 | |
Loan, Held-for-Sale, Fair Value Disclosure | 90,303 | ||
Loans and Leases Receivable, Net Amount | 29,138,257 | 28,865,124 | |
Loans Receivable, Fair Value Disclosure | 27,739,448 | 27,371,086 | |
Bank and corporate owned life insurance | 685,089 | 682,649 | |
Servicing Asset | 85,226 | 84,390 | |
Assets, Fair Value Disclosure | 36,754,723 | 36,561,249 | |
Assets | 38,685,290 | 38,534,897 | |
Liabilities, Fair Value Disclosure | |||
Noninterest-bearing Domestic Deposit, Demand | 6,254,135 | 6,119,956 | |
Deposits, Savings Deposits | 5,124,639 | 4,835,701 | |
Interest-Bearing Domestic Deposit, Demand | 8,747,127 | 8,843,967 | |
Deposits, Money Market Deposits | 6,721,674 | 6,330,453 | |
Brokered cds and other time deposits | 3,931,230 | 4,447,479 | |
Brokered cds and other time deposits fair value | 3,931,230 | 4,447,479 | |
Time Deposits, at Carrying Value | 2,934,352 | 2,868,494 | |
Time Deposits | 2,934,352 | 2,868,494 | |
Deposits | 33,713,158 | 33,446,049 | |
Federal Funds Purchased and Securities Loaned or Sold under Agreements to Repurchase, Fair Value Disclosure | 265,661 | 326,757 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 265,671 | 326,780 | |
Bank Term Funding Program Funding, Fair Value Disclosure | 497,959 | ||
Bank Term Funding Program Funding | 500,000 | ||
Short-Term Debt | 765,671 | ||
Short-term Debt, Fair Value | 763,620 | ||
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 1,320,280 | 1,944,600 | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 1,333,411 | 1,940,194 | |
Other long-term funding | 536,055 | 541,269 | |
Long-term Debt, Fair Value | 517,009 | 534,983 | |
Repayments of Lines of Credit | 2,347 | 2,157 | |
Liabilities, Fair Value Disclosure | 36,554,811 | 36,457,504 | |
Liabilities | 36,589,039 | 36,459,407 | |
Fair Value, Measurements, Recurring | Commitments [Member] | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 222 | 673 | |
Fair Value, Measurements, Recurring | Interest Rate Lock Commitments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 666 | 439 | |
Fair Value, Measurements, Recurring | Designated as Hedging Instrument | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 2,164 | 8,075 | |
Foreign Currency Contract, Asset, Fair Value Disclosure | 624 | 632 | |
Fair Value, Measurements, Recurring | Designated as Hedging Instrument | Interest Rate Contract | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 10,685 | 930 | |
Fair Value, Measurements, Recurring | Designated as Hedging Instrument | Foreign Exchange Forward [Member] | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 230 | 2,946 | |
Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 113,337 | 111,623 | |
Foreign Currency Contract, Asset, Fair Value Disclosure | 5,276 | 2,954 | |
Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument [Member] | Interest Rate Contract | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 222,303 | 195,662 | |
Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 4,956 | 2,746 | |
US Treasury Securities | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 35,558 | 35,902 | |
Held-to-maturity, Fair Value | 969 | 963 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 999 | 999 | |
US Treasury Securities | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 35,558 | 35,902 | |
Held-to-maturity, Fair Value | 969 | 963 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 999 | 999 | |
US States and Political Subdivisions Debt Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 80,830 | 91,817 | |
Held-to-maturity, Fair Value | 1,523,734 | 1,554,059 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,676,275 | 1,682,473 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 80,830 | 91,817 | |
Held-to-maturity, Fair Value | 1,523,658 | 1,553,984 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 1,676,199 | 1,682,398 | |
Residential Related Securities | US Government Sponsored-Enterprise Insured Loans | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 1,090,998 | 1,120,794 | |
Held-to-maturity, Fair Value | 771,944 | 804,393 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 930,148 | 941,973 | |
Residential Related Securities | Government National Mortgage Association (GNMA) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 2,214,513 | 2,042,675 | |
Held-to-maturity, Fair Value | 44,457 | 46,170 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 48,043 | 48,979 | |
Residential Related Securities | Fair Value, Measurements, Recurring | US Government Sponsored-Enterprise Insured Loans | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 1,090,998 | 1,120,794 | |
Held-to-maturity, Fair Value | 771,944 | 804,393 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 930,148 | 941,973 | |
Residential Related Securities | Fair Value, Measurements, Recurring | Government National Mortgage Association (GNMA) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 2,214,513 | 2,042,675 | |
Held-to-maturity, Fair Value | 44,457 | 46,170 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 48,043 | 48,979 | |
Residential Related Securities | Fair Value, Measurements, Recurring | Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Held-to-maturity, Fair Value | 281,069 | 289,507 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 341,153 | 345,083 | |
Commercial mortgage-related securities | US Government Sponsored-Enterprise Insured Loans | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 17,008 | 16,937 | |
Held-to-maturity, Fair Value | 628,928 | 632,914 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 779,310 | 780,995 | |
Commercial mortgage-related securities | Government National Mortgage Association (GNMA) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 152,232 | 154,793 | |
Held-to-maturity, Fair Value | 50,183 | 52,619 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 57,114 | 59,733 | |
Commercial mortgage-related securities | Fair Value, Measurements, Recurring | US Government Sponsored-Enterprise Insured Loans | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 17,008 | 16,937 | |
Held-to-maturity, Fair Value | 628,928 | 632,914 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 779,310 | 780,995 | |
Commercial mortgage-related securities | Fair Value, Measurements, Recurring | Government National Mortgage Association (GNMA) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 152,232 | 154,793 | |
Held-to-maturity, Fair Value | 50,183 | 52,619 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 57,114 | 59,733 | |
Federal Family Education Loan Program (FFELP) Guaranteed Loans [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 129,154 | 133,975 | |
Held-to-maturity, Fair Value | 0 | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | ||
Federal Family Education Loan Program (FFELP) Guaranteed Loans [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 129,154 | 133,975 | |
US Government-sponsored Enterprises Debt Securities [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 890 | 1,051 | |
Held-to-maturity, Fair Value | 0 | ||
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 0 | ||
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 890 | 1,051 | |
Other Debt Obligations | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 2,965 | 2,950 | |
Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 3,724,148 | 3,600,892 | |
Held-to-maturity Securities [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
Held-to-maturity, Fair Value | 3,301,209 | 3,380,550 | |
Debt Securities, Held-to-Maturity, Amortized Cost, before Allowance for Credit Loss | 3,832,967 | 3,860,160 | |
Fair Value, Inputs, Level 1 | |||
Assets, Fair Value Disclosure [Abstract] | |||
Cash and Due from Banks | 429,859 | 484,384 | |
Interest-bearing Deposits in Banks and Other Financial Institutions | 420,114 | 425,089 | |
Federal funds sold and securities purchased under agreements to resell | 1,610 | 14,350 | |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
Cash and Due from Banks | 429,859 | 484,384 | |
Interest-bearing Deposits in Banks and Other Financial Institutions | 420,114 | 425,089 | |
Federal funds sold and securities purchased under agreements to resell | 1,610 | 14,350 | |
Equity Securities, FV-NI | 6,966 | 6,883 | |
FHLB and Federal Reserve Bank stocks | 0 | 0 | |
Residential Held-for-sale, Fair Value Disclosure | 0 | 0 | |
Loan, Held-for-Sale, Fair Value Disclosure | 0 | ||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |
Bank and corporate owned life insurance | 0 | 0 | |
Servicing Asset | 0 | 0 | |
Assets, Fair Value Disclosure | 895,077 | 967,570 | |
Liabilities, Fair Value Disclosure | |||
Noninterest-bearing Domestic Deposit, Demand | 0 | 0 | |
Deposits, Savings Deposits | 0 | 0 | |
Interest-Bearing Domestic Deposit, Demand | 0 | 0 | |
Deposits, Money Market Deposits | 0 | 0 | |
Brokered cds and other time deposits fair value | 0 | 0 | |
Time Deposits | 0 | 0 | |
Deposits | 0 | 0 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 0 | 0 | |
Bank Term Funding Program Funding | 0 | ||
Short-term Debt, Fair Value | 0 | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 0 | 0 | |
Other long-term funding | 0 | 0 | |
Repayments of Lines of Credit | 0 | 0 | |
Liabilities, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Commitments [Member] | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 0 | 0 | |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Interest Rate Lock Commitments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 0 | 0 | |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Designated as Hedging Instrument | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 0 | 0 | |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Designated as Hedging Instrument | Interest Rate Contract | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 0 | 0 | |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Designated as Hedging Instrument | Foreign Exchange Forward [Member] | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 0 | 0 | |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 0 | 0 | |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument [Member] | Interest Rate Contract | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 0 | 0 | |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 0 | 0 | |
Fair Value, Inputs, Level 1 | US Treasury Securities | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 35,558 | 35,902 | |
Held-to-maturity, Fair Value | 969 | 963 | |
Fair Value, Inputs, Level 1 | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Held-to-maturity, Fair Value | 0 | 0 | |
Fair Value, Inputs, Level 1 | Residential Related Securities | Fair Value, Measurements, Recurring | US Government Sponsored-Enterprise Insured Loans | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Held-to-maturity, Fair Value | 0 | 0 | |
Fair Value, Inputs, Level 1 | Residential Related Securities | Fair Value, Measurements, Recurring | Government National Mortgage Association (GNMA) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Held-to-maturity, Fair Value | 0 | 0 | |
Fair Value, Inputs, Level 1 | Residential Related Securities | Fair Value, Measurements, Recurring | Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Held-to-maturity, Fair Value | 0 | 0 | |
Fair Value, Inputs, Level 1 | Commercial mortgage-related securities | Fair Value, Measurements, Recurring | US Government Sponsored-Enterprise Insured Loans | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Held-to-maturity, Fair Value | 0 | 0 | |
Fair Value, Inputs, Level 1 | Commercial mortgage-related securities | Fair Value, Measurements, Recurring | Government National Mortgage Association (GNMA) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Held-to-maturity, Fair Value | 0 | 0 | |
Fair Value, Inputs, Level 1 | Federal Family Education Loan Program (FFELP) Guaranteed Loans [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Fair Value, Inputs, Level 1 | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Fair Value, Inputs, Level 1 | Other Debt Obligations | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Fair Value, Inputs, Level 1 | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 35,558 | 35,902 | |
Fair Value, Inputs, Level 1 | Held-to-maturity Securities [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
Held-to-maturity, Fair Value | 969 | 963 | |
Fair Value, Inputs, Level 2 | |||
Assets, Fair Value Disclosure [Abstract] | |||
Bank and corporate owned life insurance | 685,089 | 682,649 | |
Liabilities, Fair Value Disclosure | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 1,333,411 | 1,940,194 | |
Other long-term funding | 536,055 | 541,269 | |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
Cash and Due from Banks | 0 | 0 | |
Interest-bearing Deposits in Banks and Other Financial Institutions | 0 | 0 | |
Federal funds sold and securities purchased under agreements to resell | 0 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
FHLB and Federal Reserve Bank stocks | 173,968 | 229,171 | |
Residential Held-for-sale, Fair Value Disclosure | 52,414 | 33,011 | |
Loan, Held-for-Sale, Fair Value Disclosure | 90,303 | ||
Loans Receivable, Fair Value Disclosure | 0 | 0 | |
Bank and corporate owned life insurance | 685,089 | 682,649 | |
Servicing Asset | 0 | 0 | |
Assets, Fair Value Disclosure | 8,021,701 | 8,102,995 | |
Liabilities, Fair Value Disclosure | |||
Noninterest-bearing Domestic Deposit, Demand | 0 | 0 | |
Deposits, Savings Deposits | 0 | 0 | |
Interest-Bearing Domestic Deposit, Demand | 0 | 0 | |
Deposits, Money Market Deposits | 0 | 0 | |
Brokered cds and other time deposits fair value | 3,931,230 | 4,447,479 | |
Time Deposits | 2,934,352 | 2,868,494 | |
Deposits | 6,865,582 | 7,315,973 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 265,661 | 326,757 | |
Bank Term Funding Program Funding | 497,959 | ||
Short-term Debt, Fair Value | 763,620 | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 1,320,280 | 1,944,600 | |
Other long-term funding | 517,009 | 534,983 | |
Repayments of Lines of Credit | 2,347 | 2,157 | |
Liabilities, Fair Value Disclosure | 9,707,013 | 10,326,755 | |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Foreign Exchange Forward [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 5,276 | 2,954 | |
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 4,956 | 2,746 | |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Commitments [Member] | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 0 | 0 | |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Interest Rate Lock Commitments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 0 | 0 | |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Designated as Hedging Instrument | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 2,164 | 8,075 | |
Foreign Currency Contract, Asset, Fair Value Disclosure | 624 | 632 | |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Designated as Hedging Instrument | Interest Rate Contract | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 10,685 | 930 | |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Designated as Hedging Instrument | Foreign Exchange Forward [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 624 | 632 | |
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 230 | 2,946 | |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 113,337 | 111,623 | |
Foreign Currency Contract, Asset, Fair Value Disclosure | 5,276 | 2,954 | |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument [Member] | Interest Rate Contract | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 222,303 | 195,662 | |
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 4,956 | 2,746 | |
Fair Value, Inputs, Level 2 | US Treasury Securities | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Held-to-maturity, Fair Value | 0 | 0 | |
Fair Value, Inputs, Level 2 | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 80,830 | 91,817 | |
Held-to-maturity, Fair Value | 1,523,658 | 1,553,984 | |
Fair Value, Inputs, Level 2 | Residential Related Securities | Fair Value, Measurements, Recurring | US Government Sponsored-Enterprise Insured Loans | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 1,090,998 | 1,120,794 | |
Held-to-maturity, Fair Value | 771,944 | 804,393 | |
Fair Value, Inputs, Level 2 | Residential Related Securities | Fair Value, Measurements, Recurring | Government National Mortgage Association (GNMA) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 2,214,513 | 2,042,675 | |
Held-to-maturity, Fair Value | 44,457 | 46,170 | |
Fair Value, Inputs, Level 2 | Residential Related Securities | Fair Value, Measurements, Recurring | Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Held-to-maturity, Fair Value | 281,069 | 289,507 | |
Fair Value, Inputs, Level 2 | Commercial mortgage-related securities | Fair Value, Measurements, Recurring | US Government Sponsored-Enterprise Insured Loans | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 17,008 | 16,937 | |
Held-to-maturity, Fair Value | 628,928 | 632,914 | |
Fair Value, Inputs, Level 2 | Commercial mortgage-related securities | Fair Value, Measurements, Recurring | Government National Mortgage Association (GNMA) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 152,232 | 154,793 | |
Held-to-maturity, Fair Value | 50,183 | 52,619 | |
Fair Value, Inputs, Level 2 | Federal Family Education Loan Program (FFELP) Guaranteed Loans [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 129,154 | 133,975 | |
Fair Value, Inputs, Level 2 | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 890 | 1,051 | |
Fair Value, Inputs, Level 2 | Other Debt Obligations | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 2,965 | 2,950 | |
Fair Value, Inputs, Level 2 | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 3,688,590 | 3,564,990 | |
Fair Value, Inputs, Level 2 | Held-to-maturity Securities [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
Held-to-maturity, Fair Value | 3,300,239 | 3,379,586 | |
Fair Value, Inputs, Level 3 | |||
Assets, Fair Value Disclosure [Abstract] | |||
Equity Securities, FV-NI | 105 | 24,769 | $ 19,225 |
Loans and Leases Receivable, Net Amount | 29,138,257 | 28,865,124 | |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
Cash and Due from Banks | 0 | 0 | |
Interest-bearing Deposits in Banks and Other Financial Institutions | 0 | 0 | |
Federal funds sold and securities purchased under agreements to resell | 0 | 0 | |
Equity Securities, FV-NI | 105 | 24,769 | |
FHLB and Federal Reserve Bank stocks | 0 | 0 | |
Residential Held-for-sale, Fair Value Disclosure | 0 | 0 | |
Loan, Held-for-Sale, Fair Value Disclosure | 0 | ||
Loans Receivable, Fair Value Disclosure | 27,739,448 | 27,371,086 | |
Bank and corporate owned life insurance | 0 | 0 | |
Servicing Asset | 85,226 | 84,390 | |
Assets, Fair Value Disclosure | 27,825,445 | 27,480,684 | |
Liabilities, Fair Value Disclosure | |||
Noninterest-bearing Domestic Deposit, Demand | 6,254,135 | 6,119,956 | |
Deposits, Savings Deposits | 5,124,639 | 4,835,701 | |
Interest-Bearing Domestic Deposit, Demand | 8,747,127 | 8,843,967 | |
Deposits, Money Market Deposits | 6,721,674 | 6,330,453 | |
Brokered cds and other time deposits fair value | 0 | 0 | |
Time Deposits | 0 | 0 | |
Deposits | 26,847,575 | 26,130,076 | |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 0 | 0 | |
Bank Term Funding Program Funding | 0 | ||
Short-term Debt, Fair Value | 0 | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 0 | 0 | |
Other long-term funding | 0 | 0 | |
Repayments of Lines of Credit | 0 | 0 | |
Liabilities, Fair Value Disclosure | 26,847,797 | 26,130,749 | |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Commitments [Member] | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 222 | 673 | |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Interest Rate Lock Commitments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 666 | 439 | |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Designated as Hedging Instrument | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 0 | 0 | |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Designated as Hedging Instrument | Interest Rate Contract | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 0 | 0 | |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Designated as Hedging Instrument | Foreign Exchange Forward [Member] | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 0 | 0 | |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 0 | 0 | |
Foreign Currency Contract, Asset, Fair Value Disclosure | 0 | 0 | |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument [Member] | Interest Rate Contract | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 0 | 0 | |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||
Liabilities, Fair Value Disclosure | |||
Derivatives (trading liabilities) | 0 | 0 | |
Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring | Not Designated as Hedging Instrument [Member] | Interest Rate Lock Commitments [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Derivative Asset | 666 | 439 | |
Fair Value, Inputs, Level 3 | US Treasury Securities | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Held-to-maturity, Fair Value | 0 | 0 | |
Fair Value, Inputs, Level 3 | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Held-to-maturity, Fair Value | 0 | 0 | |
Fair Value, Inputs, Level 3 | Residential Related Securities | Fair Value, Measurements, Recurring | US Government Sponsored-Enterprise Insured Loans | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Held-to-maturity, Fair Value | 0 | 0 | |
Fair Value, Inputs, Level 3 | Residential Related Securities | Fair Value, Measurements, Recurring | Government National Mortgage Association (GNMA) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Held-to-maturity, Fair Value | 0 | 0 | |
Fair Value, Inputs, Level 3 | Residential Related Securities | Fair Value, Measurements, Recurring | Mortgage-backed Securities, Issued by Private Enterprises [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
Held-to-maturity, Fair Value | 0 | 0 | |
Fair Value, Inputs, Level 3 | Commercial mortgage-related securities | Fair Value, Measurements, Recurring | US Government Sponsored-Enterprise Insured Loans | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Held-to-maturity, Fair Value | 0 | 0 | |
Fair Value, Inputs, Level 3 | Commercial mortgage-related securities | Fair Value, Measurements, Recurring | Government National Mortgage Association (GNMA) [Member] | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Held-to-maturity, Fair Value | 0 | 0 | |
Fair Value, Inputs, Level 3 | Federal Family Education Loan Program (FFELP) Guaranteed Loans [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 | Other Debt Obligations | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 | Available-for-sale Securities [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
AFS investment securities, at fair value | 0 | 0 | |
Fair Value, Inputs, Level 3 | Held-to-maturity Securities [Member] | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
Held-to-maturity, Fair Value | 0 | 0 | |
Fair Value, Inputs, NAV | Fair Value, Measurements, Recurring | |||
Assets, Fair Value Disclosure [Abstract] | |||
Equity Securities, FV-NI | $ 12,500 | $ 10,000 |
Fair Value Measurements Financi
Fair Value Measurements Financial Instruments Classified Within Level 3 (Details) - Fair Value, Measurements, Recurring - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Interest rate lock commitments to originate residential mortgage loans held for sale | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning Balance | $ 439 | $ 86 |
New production | 1,820 | 6,557 |
Closed loans / settlements | (1,546) | (4,171) |
Other | (46) | (2,033) |
Change in mortgage derivative | 227 | 352 |
Ending Balance | 666 | 439 |
Derivative Financial Instruments, Liabilities [Member] | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning Balance | 673 | 46 |
New production | (590) | (1,816) |
Closed loans / settlements | 188 | 2,494 |
Other | (49) | (51) |
Change in mortgage derivative | (451) | 627 |
Ending Balance | 222 | 673 |
Total derivatives | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Beginning Balance | (234) | 40 |
New production | 2,409 | 8,373 |
Closed loans / settlements | (1,734) | (6,665) |
Other | 3 | (1,982) |
Change in mortgage derivative | 678 | (274) |
Ending Balance | $ 444 | $ (234) |
Fair Value Measurements Equity
Fair Value Measurements Equity Securities Roll Forward (Details) - Fair Value, Inputs, Level 3 - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Equity Securities without Readily Determinable Fair Value [Line Items] | |||
Equity Securities, FV-NI | $ 105 | $ 24,769 | $ 19,225 |
Equity Securities, FV-NI, Realized Gain (Loss) | 4,054 | 5,861 | |
Payments to Acquire Equity Securities, FV-NI | 8 | 11 | |
Proceeds from Sale of Equity Securities, FV-NI | $ (28,725) | $ (329) |
Fair Value Measurements, Asse_2
Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | ||
Equity Securities without Readily Determinable Fair Value, Amount | $ 13,000 | $ 35,000 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 | ||
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | ||
OREO(b) | 102 | 3,139 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve, Amount | 21 | 2,532 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 | ||
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis | ||
Individually evaluated loans | 67,625 | 47,221 |
Provision for credit losses | $ 22,305 | 45,709 |
Equity Securities without Readily Determinable Fair Value, Amount | 24,671 | |
Gain on sale and net write-up (down) of equity securities | $ 5,785 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Unobservable Level 3 Measurements (Details) - Fair Value, Inputs, Level 3 | 3 Months Ended |
Mar. 31, 2024 | |
Discounted Cash Flow | Mortgage Servicing Rights | Minimum | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate | 5% |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Prepayment Speed | 0% |
Discounted Cash Flow | Mortgage Servicing Rights | Maximum | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate | 8% |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Prepayment Speed | 100% |
Discounted Cash Flow | Mortgage Servicing Rights | Weighted Average [Member] | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate | 5% |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Prepayment Speed | 6% |
Discounted Cash Flow | Interest Rate Lock Commitments [Member] | Minimum | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate | 25% |
Discounted Cash Flow | Interest Rate Lock Commitments [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 | 100% |
Discounted Cash Flow | Interest Rate Lock Commitments [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 | 86% |
Appraisals/Discounted Cash Flow | Impaired Finance Receivable | Minimum | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate | 11% |
Appraisals/Discounted Cash Flow | Impaired Finance Receivable | Maximum | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate | 56% |
Appraisals/Discounted Cash Flow | Impaired Finance Receivable | Weighted Average [Member] | |
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items] | |
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate | 52% |
Retirement Plans, Components of
Retirement Plans, Components of Net Periodic Benefit Cost for the Pension and Postretirement Tables (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
RAP | ||
Net period benefit cost for the pension and postretirement plans | ||
Defined Benefit Plan, Description | The Corporation has a noncontributory defined benefit RAP, covering substantially all employees who meet the eligibility requirements. The benefits are based primarily on years of service and the employee’s eligible compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Retirement plans of acquired entities are typically merged into the RAP depending on the terms of the merger agreement, and, as applicable, credit is usually applied to employees for years of service at the acquired institution for vesting and eligibility purposes. | |
Service cost | $ 874 | $ 796 |
Interest cost | 2,719 | 2,686 |
Expected return on plan assets | (8,650) | (8,202) |
Amortization of prior service cost | (53) | (63) |
Amortization of actuarial loss | 0 | 37 |
Total net periodic pension cost | (5,111) | (4,746) |
Postretirement Plan | ||
Net period benefit cost for the pension and postretirement plans | ||
Interest cost | 18 | 20 |
Amortization of prior service cost | (19) | (19) |
Amortization of actuarial loss | (7) | (7) |
Total net periodic pension cost | $ (8) | $ (7) |
Retirement Plans (Details Textu
Retirement Plans (Details Textuals) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
RAP | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 0 |
Segment Reporting (Details)
Segment Reporting (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Income Statement Data Abstract | ||
Net interest income | $ 257,858 | $ 274,010 |
Net intersegment interest (expense) | 0 | 0 |
Segment net interest income | 257,858 | 274,010 |
Noninterest income | 64,985 | 62,073 |
Total revenue | 322,842 | 336,083 |
Provision for credit losses | 24,001 | 17,971 |
Noninterest expense | 197,657 | 187,412 |
Income before income taxes | 101,185 | 130,700 |
Income tax expense (benefit) | 20,016 | 27,340 |
Net income | 81,169 | 103,360 |
Segment Balance Sheet Data | ||
Allocated goodwill | 1,104,992 | 1,104,992 |
Operating Segments | Corporate and Commercial Specialty | ||
Segment Income Statement Data Abstract | ||
Net interest income | 242,931 | 219,123 |
Net intersegment interest (expense) | (93,736) | (80,980) |
Segment net interest income | 149,195 | 138,143 |
Noninterest income | 34,422 | 32,717 |
Total revenue | 183,617 | 170,860 |
Provision for credit losses | 15,428 | 13,782 |
Noninterest expense | 66,350 | 62,119 |
Income before income taxes | 101,839 | 94,960 |
Income tax expense (benefit) | 21,081 | 17,726 |
Net income | 80,758 | 77,234 |
Segment Balance Sheet Data | ||
Allocated goodwill | 525,836 | 525,836 |
Operating Segments | Community, Consumer, and Business | ||
Segment Income Statement Data Abstract | ||
Net interest income | 58,192 | 80,284 |
Net intersegment interest (expense) | 130,159 | 88,079 |
Segment net interest income | 188,351 | 168,363 |
Noninterest income | 24,494 | 25,947 |
Total revenue | 212,845 | 194,310 |
Provision for credit losses | 6,825 | 6,758 |
Noninterest expense | 110,490 | 111,735 |
Income before income taxes | 95,530 | 75,817 |
Income tax expense (benefit) | 20,062 | 15,922 |
Net income | 75,468 | 59,895 |
Segment Balance Sheet Data | ||
Allocated goodwill | 579,156 | 579,156 |
Operating Segments | Risk Management and Shared Services | ||
Segment Income Statement Data Abstract | ||
Net interest income | (43,266) | (25,397) |
Net intersegment interest (expense) | (36,422) | (7,099) |
Segment net interest income | (79,688) | (32,496) |
Noninterest income | 6,068 | 3,409 |
Total revenue | (73,620) | (29,087) |
Provision for credit losses | 1,747 | (2,568) |
Noninterest expense | 20,817 | 13,558 |
Income before income taxes | (96,184) | (40,077) |
Income tax expense (benefit) | (21,127) | (6,307) |
Net income | (75,058) | (33,770) |
Segment Balance Sheet Data | ||
Allocated goodwill | $ 0 | $ 0 |
Segment Reporting (Details Text
Segment Reporting (Details Textuals) | 3 Months Ended |
Mar. 31, 2024 segment | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 3 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | $ (171,096) | |
Investment securities losses, net | (197) | $ 0 |
HTM investment securities, net, at amortized cost(a) | (2,060) | (2,267) |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (19,461) | 13,763 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 4,823 | 1,262 |
Personnel expense | (119,395) | (116,420) |
Net other comprehensive (loss) during period | (38,785) | 39,211 |
Ending Balance | (209,881) | |
AFS Investment Securities | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (148,641) | (233,192) |
Other comprehensive (loss) before reclassifications | (29,889) | 36,478 |
Investment securities losses, net | 197 | |
HTM investment securities, net, at amortized cost(a) | 2,060 | 2,267 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 0 | 0 |
Personnel expense | 0 | 0 |
Other expense | 0 | 0 |
Income tax benefit (expense) | 6,885 | (9,892) |
Net other comprehensive (loss) during period | (20,746) | 28,853 |
Ending Balance | (169,388) | (204,339) |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | 3,080 | 3,360 |
Other comprehensive (loss) before reclassifications | 0 | 0 |
Investment securities losses, net | 0 | |
HTM investment securities, net, at amortized cost(a) | 0 | 0 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (19,461) | 13,763 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 4,823 | 1,262 |
Personnel expense | 0 | 0 |
Other expense | 0 | 0 |
Income tax benefit (expense) | (1,688) | (4,694) |
Net other comprehensive (loss) during period | (16,326) | 10,331 |
Ending Balance | (13,246) | 13,691 |
Defined Benefit Pension and Postretirement Obligations | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (25,535) | (42,968) |
Other comprehensive (loss) before reclassifications | 0 | 0 |
Investment securities losses, net | 0 | |
HTM investment securities, net, at amortized cost(a) | 0 | 0 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | 0 | 0 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 0 | 0 |
Personnel expense | (72) | (81) |
Other expense | (7) | 30 |
Income tax benefit (expense) | (1,633) | 79 |
Net other comprehensive (loss) during period | (1,712) | 27 |
Ending Balance | (27,247) | (42,940) |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning Balance | (171,096) | (272,799) |
Other comprehensive (loss) before reclassifications | (29,889) | 36,478 |
Investment securities losses, net | 197 | |
HTM investment securities, net, at amortized cost(a) | 2,060 | 2,267 |
Unrealized Gain (Loss) on Cash Flow Hedging Instruments | (19,461) | 13,763 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI on Derivatives, before Tax | 4,823 | 1,262 |
Personnel expense | (72) | (81) |
Other expense | (7) | 30 |
Income tax benefit (expense) | 3,564 | (14,507) |
Net other comprehensive (loss) during period | (38,785) | 39,211 |
Ending Balance | $ (209,881) | $ (233,588) |
Leases Lease, Cost and Cash Flo
Leases Lease, Cost and Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Leases [Abstract] | ||
Operating lease costs | $ 1,545 | $ 1,464 |
Finance lease costs | 23 | 23 |
Operating lease cash flows | 1,844 | 1,828 |
Finance lease cash flows | $ 23 | $ 22 |
Leases Components of Lease Expe
Leases Components of Lease Expense (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Leases [Abstract] | ||
Operating lease right-of-use asset | $ 23,310 | $ 24,712 |
Finance lease right-of-use asset | 347 | 368 |
Operating lease liability | 25,813 | 27,311 |
Finance lease liability | $ 361 | $ 383 |
Leases Operating Lease Informat
Leases Operating Lease Information (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, to be Paid | $ 28,476 | $ 30,187 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 8 months 23 days | 5 years 10 months 17 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.21% | 3.19% |
Finance Lease, Liability, Payment, Due | $ 370 | $ 394 |
Finance Lease, Weighted Average Remaining Lease Term | 4 years | 4 years 3 months |
Finance Lease, Weighted Average Discount Rate, Percent | 1.32% | 1.32% |
Retail and corporate offices | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, to be Paid | $ 24,223 | $ 25,729 |
Operating Lease, Weighted Average Remaining Lease Term | 5 years 7 months 9 days | 5 years 9 months 3 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.14% | 3.12% |
Finance Lease, Liability, Payment, Due | $ 370 | $ 394 |
Finance Lease, Weighted Average Remaining Lease Term | 4 years | 4 years 3 months |
Finance Lease, Weighted Average Discount Rate, Percent | 1.32% | 1.32% |
Land | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, to be Paid | $ 3,846 | $ 4,050 |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 10 months 13 days | 6 years 11 months 23 days |
Operating Lease, Weighted Average Discount Rate, Percent | 3.49% | 3.48% |
Equipment | ||
Lessee, Lease, Description [Line Items] | ||
Lessee, Operating Lease, Liability, to be Paid | $ 408 | $ 408 |
Operating Lease, Weighted Average Remaining Lease Term | 2 years 3 months | 2 years 6 months |
Operating Lease, Weighted Average Discount Rate, Percent | 4.62% | 4.62% |
Leases Amortization of Operatin
Leases Amortization of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Operating Leases | ||
Nine months ended December 31, 2024 | $ 4,828 | |
2025 | 5,629 | |
2026 | 5,023 | |
2027 | 4,312 | |
2028 | 3,428 | |
Beyond 2028 | 5,257 | |
Total lease payments | 28,476 | $ 30,187 |
Less: interest | 2,663 | |
Present value of lease payments | 25,813 | 27,311 |
Finance Leases | ||
Nine months ended December 31, 2024 | 69 | |
2025 | 93 | |
2026 | 93 | |
2027 | 93 | |
2028 | 23 | |
Beyond 2028 | 0 | |
Total lease payments | 370 | 394 |
Less: interest | 9 | |
Present value of lease payments | 361 | $ 383 |
Total Leases | ||
Nine months ended December 31, 2024 | 4,898 | |
2025 | 5,721 | |
2026 | 5,116 | |
2027 | 4,404 | |
2028 | 3,451 | |
Beyond 2028 | 5,257 | |
Total lease payments | 28,847 | |
Less: interest | 2,673 | |
Present value of lease payments | $ 26,174 |
Leases (Details Textuals)
Leases (Details Textuals) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Lessee, Lease, Description [Line Items] | ||
Additional operating leases | $ 6 | $ 3 |
Minimum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease terms | 1 year | |
Additional operating lease terms | 1 year | |
Maximum | ||
Lessee, Lease, Description [Line Items] | ||
Operating lease terms | 39 years | |
Additional operating lease terms | 11 years |