Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Entity Central Index Key | 0000798941 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-16715 | |
Entity Registrant Name | FIRST CITIZENS BANCSHARES INC /DE/ | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 56-1528994 | |
Entity Address, Address Line One | 4300 Six Forks Road | |
Entity Address, City or Town | Raleigh | |
Entity Address, State or Province | NC | |
Entity Address, Postal Zip Code | 27609 | |
City Area Code | (919) | |
Local Phone Number | 716-7000 | |
Title of 12(g) Security | Class B Common Stock, Par Value $1 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Class A Common Stock | ||
Title of 12(b) Security | Class A Common Stock, Par Value $1 | |
Trading Symbol | FCNCA | |
Security Exchange Name | NASDAQ | |
Entity Common Stock, Shares Outstanding | 9,163,220 | |
Class B Common Stock | ||
Entity Common Stock, Shares Outstanding | 1,005,815 | |
Preferred Stock | ||
Title of 12(b) Security | Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A | |
Trading Symbol | FCNCP | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 454,220 | $ 376,719 |
Overnight investments | 688,518 | 1,107,844 |
Investment in marketable equity securities | 315,501 | 82,333 |
Debt Securities, Available-for-sale | 7,789,034 | 7,059,674 |
Investment securities available for sale | 7,789,034 | 7,059,674 |
Investment securities held to maturity | 740,662 | 30,996 |
Loans held for sale | 76,347 | 67,869 |
Loans held for sale | 76,300 | 67,900 |
Loans and leases | 29,240,959 | 28,881,496 |
Allowance for loan and lease losses | (209,259) | (225,141) |
Total loan and leases | 29,031,700 | 28,656,355 |
Premises and equipment | 1,251,702 | 1,244,396 |
Other real estate owned | 55,707 | 46,591 |
Income earned not collected | 125,626 | 123,154 |
Goodwill recorded for Community Financial | 350,084 | 349,398 |
Other intangible assets | 63,884 | 68,276 |
Other assets | 651,468 | 610,891 |
Total assets | 41,594,453 | 39,824,496 |
Deposits [Abstract] | ||
Noninterest-bearing deposits | 13,688,744 | 12,926,796 |
Interest-bearing deposits | 21,657,967 | 21,504,440 |
Total deposits | 35,346,711 | 34,431,236 |
Securities sold under customer repurchase agreements | 540,362 | 442,956 |
Federal Home Loan Bank borrowings | 792,684 | 572,185 |
Subordinated Debt | 504,145 | 163,412 |
Other Borrowings | 105,303 | 148,318 |
FDIC shared-loss payable | 14,737 | 112,395 |
Other liabilities | 332,991 | 367,810 |
Total liabilities | 37,636,933 | 36,238,312 |
Shareholders' Equity | ||
Preferred stock | 3 | 0 |
Surplus | 339,955 | 44,081 |
Retained earnings | 3,632,894 | 3,658,197 |
Accumulated other comprehensive loss | (25,612) | (126,723) |
Total shareholders' equity | 3,957,520 | 3,586,184 |
Total liabilities and shareholders' equity | 41,594,453 | 39,824,496 |
Class A Common Stock | ||
Shareholders' Equity | ||
Common stock | 9,275 | 9,624 |
Class B Common Stock | ||
Shareholders' Equity | ||
Common stock | $ 1,005 | $ 1,005 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 345,000 | 0 |
Preferred stock, shares outstanding | 345,000 | 0 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shared authorized | 16,000,000 | 16,000,000 |
Common stock, shares issued | 9,274,920 | 9,624,310 |
Common stock, shares outstanding | 9,274,920 | 9,624,310 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shared authorized | 2,000,000 | 2,000,000 |
Common stock, shares issued | 1,005,185 | 1,005,185 |
Common stock, shares outstanding | 1,005,185 | 1,005,185 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest income | ||
Loans and leases | $ 325,548,000 | $ 290,922,000 |
Investment securities interest and dividend income | 39,493,000 | 39,605,000 |
Overnight investments | 4,518,000 | 6,397,000 |
Total interest income | 369,559,000 | 336,924,000 |
Interest expense | ||
Deposits | 24,194,000 | 12,926,000 |
Securities sold under customer repurchase agreements | 442,000 | 459,000 |
Federal Home Loan Bank borrowings | 2,984,000 | 1,285,000 |
Subordinated debt | 2,755,000 | 1,672,000 |
Interest Expense, Other | 784,000 | 110,000 |
Total interest expense | 31,159,000 | 16,452,000 |
Net interest income | 338,400,000 | 320,472,000 |
Provision (credit) for loan and lease losses | 28,355,000 | 11,750,000 |
Net interest income after provision for loan and lease losses | 310,045,000 | 308,722,000 |
Noninterest income | ||
Mortgage income | 5,224,000 | 3,658,000 |
Insurance commissions | (51,408,000) | 11,328,000 |
Realized gains on investment securities available for sale, net | 19,795,000 | 0 |
Other | 625,000 | 3,919,000 |
Total noninterest income | 64,011,000 | 103,663,000 |
Noninterest expense | ||
Salaries and wages | 145,255,000 | 132,421,000 |
Employee benefits | 38,511,000 | 32,535,000 |
Occupancy expense | 27,480,000 | 27,761,000 |
Equipment expense | 27,850,000 | 26,740,000 |
Processing fees paid to third parties | 10,372,000 | 7,089,000 |
FDIC insurance expense | 3,466,000 | 2,660,000 |
Collection and foreclosure-related expenses | 4,054,000 | 3,022,000 |
Merger-related expenses | 4,232,000 | 1,719,000 |
Other | 38,751,000 | 33,710,000 |
Total noninterest expense | 299,971,000 | 267,657,000 |
Income before income taxes | 74,085,000 | 144,728,000 |
Income taxes | 16,916,000 | 33,369,000 |
Net income | 57,169,000 | 111,359,000 |
Less: Preferred stock dividends | 0 | 0 |
Net income available to common shareholders | $ 57,169,000 | $ 111,359,000 |
Average shares outstanding (in shares) | 10,473,119 | 11,519,008 |
Net income per share | $ 5.46 | $ 9.67 |
Wealth management services | ||
Noninterest income | ||
Revenue from contract with customers | $ 18,160,000 | $ 16,633,000 |
Cardholder services, net | ||
Noninterest income | ||
Revenue from contract with customers | 5,888,000 | 5,835,000 |
Other service charges and fees | ||
Noninterest income | ||
Revenue from contract with customers | 26,413,000 | 25,065,000 |
Merchant services, net | ||
Noninterest income | ||
Revenue from contract with customers | 26,412,000 | 25,001,000 |
ATM income | ||
Noninterest income | ||
Revenue from contract with customers | 7,792,000 | 7,422,000 |
Realized gains on investment securities available for sale, net | ||
Noninterest income | ||
Revenue from contract with customers | 3,688,000 | 3,291,000 |
Gain on extinguishment of debt | ||
Noninterest income | ||
Revenue from contract with customers | $ 1,422,000 | $ 1,511,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 57,169 | $ 111,359 |
Unrealized (losses) gains on securities available for sale: | ||
Unrealized gains on securities available for sale arising during the period | 144,843 | 28,071 |
Tax effect | (33,313) | (6,456) |
Reclassification adjustment for realized gains on securities available for sale included in income before income taxes | (19,795) | 0 |
Tax effect | 4,553 | 0 |
Total change in unrealized (losses) gains on securities available for sale, net of tax | 96,288 | 21,615 |
Unrealized losses on securities available for sale transferred to held to maturity: | ||
Reclassification adjustment for accretion of unrealized losses on securities available for sale transferred to held to maturity | 0 | 5,962 |
Tax effect | 0 | (1,371) |
Total change in unrealized losses on securities available for sale transferred to held to maturity, net of tax | 0 | 4,591 |
Change in pension obligation: | ||
Amortization of actuarial losses and prior service cost | (6,264) | (2,755) |
Tax effect | (1,441) | (634) |
Total change in pension obligation, net of tax | 4,823 | 2,121 |
Net current period other comprehensive income | 101,111 | 28,327 |
Total comprehensive income | $ 158,280 | $ 139,686 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Class A Common Stock | Class B Common Stock | Common StockClass A Common Stock | Common StockClass B Common Stock | Preferred Stock | Surplus | Retained Earnings | Retained EarningsClass A Common Stock | Retained EarningsClass B Common Stock | Accumulated Other Comprehensive (Loss) Income |
Beginning balance, shareholders' equity at Dec. 31, 2018 | $ 3,488,954 | $ 10,623 | $ 1,005 | $ 0 | $ 493,962 | $ 3,218,551 | $ (235,187) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 111,359 | 111,359 | |||||||||
Other comprehensive income (loss), net of tax | 28,327 | 28,327 | |||||||||
Stock repurchased during period | (100,700) | $ (100,756) | (243) | (100,513) | |||||||
Cash dividends | (4,173) | $ (402) | $ (4,173) | $ (402) | |||||||
Ending balance, shareholders' equity at Mar. 31, 2019 | 3,523,309 | 10,380 | 1,005 | 0 | 393,449 | 3,325,335 | (206,860) | ||||
Beginning balance, shareholders' equity at Dec. 31, 2019 | 3,586,184 | 9,624 | 1,005 | $ 0 | $ 44,081 | 3,658,197 | (126,723) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net income | 57,169 | 57,169 | |||||||||
Other comprehensive income (loss), net of tax | $ 101,111 | 101,111 | |||||||||
Issuance of preferred stock | 339,958 | 3 | 339,955 | ||||||||
Stock repurchased during period | $ (159,704) | (349) | $ (44,081) | (115,274) | |||||||
Cash dividends | $ (3,739) | $ (402) | $ (3,739) | $ (402) | |||||||
Ending balance, shareholders' equity at Mar. 31, 2020 | $ 3,957,520 | $ 9,275 | $ 1,005 | $ 3 | $ 339,955 | $ 3,632,894 | $ (25,612) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stock repurchased during period (in shares) | 349,390 | 243,000 |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends (in dollars per share) | $ 0.40 | $ 0.40 |
Common Stock | Class A Common Stock | ||
Stock repurchased during period (in shares) | 349,390 | 243,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
OPERATING ACTIVITIES | ||
Net income | $ 57,169 | $ 111,359 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Provision (credit) for loan and lease losses | 28,355 | 11,750 |
Deferred tax expense (benefit) | (11,485) | (7,316) |
Net change in current taxes | 11,829 | 37,898 |
Depreciation | 26,879 | 28,195 |
Net (decrease) increase in accrued interest payable | (4,624) | 3,457 |
Net (increase) decrease in income earned not collected | (1,914) | (3,909) |
Contribution to pension plans | (100,000) | 0 |
Contribution to pension plans | (19,795) | 0 |
Marketable equity securities gain (loss), net | 51,408 | (11,328) |
Origination of loans held for sale | (205,986) | (128,949) |
Origination of loans held for sale | 201,886 | 123,047 |
Gain on sale of loans held for sale | (5,682) | (2,181) |
Net writedowns/losses on other real estate | 1,419 | 427 |
Net accretion of premiums and discounts | 4,674 | (7,099) |
Amortization of intangible assets | 6,160 | 5,943 |
Net change in mortgage servicing rights | 1,384 | (698) |
Net change in other assets | 4,067 | 31,422 |
Net change in other liabilities | (28,135) | (51,985) |
Net cash provided by operating activities | 17,609 | 140,033 |
INVESTING ACTIVITIES | ||
Net increase in loans outstanding | (202,667) | 68,052 |
Purchases of investment securities available for sale | (4,305,818) | (593,952) |
Purchases of investment securities held to maturity | (724,412) | (116,028) |
Purchases of marketable equity securities | (287,014) | (6,076) |
Proceeds from maturities/calls of investment securities held to maturity | 14,166 | 88,400 |
Proceeds from maturities/calls of investment securities available for sale | 572,937 | 587,023 |
Proceeds from sales of investment securities available for sale | 3,156,988 | 0 |
Proceeds from sales of marketable equity securities | 2,438 | 119 |
Net decrease (increase) in overnight investments | 454,455 | (589,119) |
Repayment of FDIC Shared-Loss Payable | (99,468) | 0 |
Proceeds from sales of other real estate | 5,265 | 7,430 |
Proceeds from sales of premises and equipment | 0 | 54 |
Purchases of premises and equipment | (26,930) | (23,875) |
Business acquisitions, net of cash acquired | (1,235) | 0 |
Net cash used in investing activities | (1,441,295) | (577,972) |
FINANCING ACTIVITIES | ||
Net decrease in time deposits | (310,224) | 138,640 |
Net increase in demand and other interest-bearing deposits | 1,017,371 | 387,319 |
Net decrease in short-term borrowings | (92,871) | (35,428) |
Repayments of Other Long-term Debt | (38,583) | (8,688) |
Origination of long-term obligations | 400,000 | 0 |
Proceeds from Debt, Net of Issuance Costs | 345,886 | 0 |
Proceeds from issuance of preferred stock, net of issuance costs | 339,958 | |
Proceeds from Issuance of Preferred Stock and Preference Stock | 345,000 | 0 |
Repurchase of common stock | (156,094) | (98,077) |
Cash dividends paid | (4,256) | (4,668) |
Net cash (used in) provided by financing activities | 1,501,187 | 379,098 |
Change in cash and due from banks | 77,501 | (58,841) |
Cash and due from banks at beginning of period | 376,719 | 327,440 |
Cash and due from banks at end of period | 454,220 | 268,599 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ||
Dividends declared but not paid | 4,141 | 4,575 |
Net reclassification of portfolio loans from loans held for sale | (1,304) | (605) |
Transfers of premises and equipment to other real estate | 4,560 | 2,613 |
Property, Plant And Equipment Owned, Transfer To Real Estate Owned | 1,427 | 520 |
Unsettled common stock repurchases | 3,610 | 2,679 |
Right-of-use assets obtained in exchange for new finance lease liabilities | $ 1,191 | $ 0 |
Accounting Policies and Basis o
Accounting Policies and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Accounting Policies and Basis of Presentation | ACCOUNTING POLICIES AND BASIS OF PRESENTATION First Citizens BancShares, Inc. (“BancShares”) is a financial holding company organized under the laws of Delaware and conducts operations through its banking subsidiary, First-Citizens Bank & Trust Company (“FCB”), which is headquartered in Raleigh, North Carolina. General These consolidated financial statements and notes thereto are presented in accordance with instructions for Form 10-Q and Article 10 of Regulation S-X and, therefore, do not include all information and notes necessary for a complete presentation of financial position, results of operations and cash flow activity required in accordance with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, all normal recurring adjustments necessary for a fair presentation of the consolidated financial position and consolidated results of operations have been made. The unaudited interim consolidated financial statements included in this Form 10-Q should be read in conjunction with the Consolidated Financial Statements and Notes to the Consolidated Financial Statements included in BancShares’ Annual Report on Form 10-K for the year ended December 31, 2019 . Reclassifications In certain instances, amounts reported in prior years’ consolidated financial statements have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported cash flows, shareholders’ equity or net income. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions which affect the amounts reported. Actual results could differ from those estimates. The estimates BancShares considers significant are the allowance for credit losses, fair value measurements, and income taxes. Issuance of Preferred Stock and Subordinated Debt On March 4, 2020, BancShares completed its public offering of $350 million aggregate principal amount of its 3.375% Fixed-to-Floating Rate Subordinated Notes due 2030 and redeemable at the option of BancShares starting in 2025. On March 12, 2020, BancShares issued and sold an aggregate of 13,800,000 depositary shares, each representing a 1/40th interest in a share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A, par value $0.01 per share, with a liquidation preference of $25 per Depositary Share (equivalent to $1,000 per share of Series A Preferred Stock) for a total of $345 million . The capital raise provides liquidity for general corporate purposes, which may include, but is not limited to, providing capital to support our growth organically or through strategic acquisitions, financing investments and capital expenditures, for funding investments in First Citizens Bank as regulatory capital, and redeeming or repurchasing our common stock. Share Repurchases During the first quarter of 2020, BancShares repurchased 349,390 shares of Class A common stock for $159.7 million at an average cost per share of $457.05 . During the first quarter of 2019 , BancShares repurchased a total of 243,000 shares of Class A common stock for $100.7 million at an average cost per share of $414.58 . All Class A common stock repurchases were consummated under previously approved authorizations. The share repurchases in the first quarter of 2020 included 45,000 shares of Class A common stock repurchased from Ella Ann Holding, as trustee of her revocable trust. Pursuant to the existing share repurchase authorization and BancShares’ related person transaction policy, the Board of Director’s (the “Board”) independent Audit Committee reviewed and approved the repurchase of up to 250,000 shares held by Mrs. Holding on or before April 30, 2020. Subsequent to quarter-end through April 30, 2020 , BancShares repurchased an additional 111,700 shares of Class A common stock for $37.3 million at an average cost per share of $333.71 . On April 28, 2020, the Board authorized share repurchases of up to 500,000 of BancShares’ Class A common stock for the period May 1, 2020 through July 31, 2020. This authority supersedes all previously approved authorities. Recently Adopted Accounting Pronouncements Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement This ASU modifies the disclosure requirements on fair value measurements by eliminating the requirements to disclose (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy (2) the policy for timing of transfers between levels and (3) the valuation processes for Level 3 fair value measurements. This ASU also added specific disclosure requirements for fair value measurements for public business entities including the requirement to disclose the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. BancShares adopted this ASU during the first quarter of 2020 and have made all applicable updates to the disclosure within the Notes to the Unaudited Consolidated Financial Statements. FASB ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment This ASU eliminates Step 2 from the goodwill impairment test. Under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. This ASU eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative test. BancShares adopted this ASU during the first quarter 2020 with no impact to our consolidated financial position or consolidated results of operations as a result of the adoption. FASB ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU (and all subsequent ASUs on this topic) introduce the current expected credit loss (“CECL”) model, a new credit loss methodology, replacing multiple existing impairment methods in current GAAP, which generally require that a loss be incurred before it is recognized. The amendments in this ASU require loss estimates be determined over the lifetime of the asset and broaden the information that an entity must consider in developing its expected credit losses. The ASU does not specify a method for measuring expected credit losses and allows an entity to apply methods that reasonably reflect its expectations of the credit loss estimate based on the entity's size, complexity and risk profile. In addition, the disclosures of credit quality indicators in relation to the amortized cost of financing receivables, a current disclosure requirement, are further disaggregated by year of origination. BancShares adopted this ASU (and all subsequent ASUs on this topic) as of January 1, 2020 using the modified retrospective approach for all loans, leases, debt securities designated as held to maturity, and unfunded loan commitments. BancShares adopted the ASU using the prospective approach for debt securities available for sale and purchased credit deteriorated (“PCD”) loans previously accounted for under Accounting Standard Codification (“ASC”) ASC 310-30. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. BancShares made changes to loan classifications and segmentation in order to align with ASC 326 requirements and facilitate CECL modeling. Using this updated segmentation, BancShares developed new loan level models to estimate the allowance for credit losses (“ACL”) and facilitate revised disclosures. The information presented below represents changes from Note A, Accounting Policies and Basis of Presentation, included in BancShares’ Annual Report on Form 10-K for the year ended December 31, 2019 , as well as information on the impact of adoption. Accounting Policy - Debt Securities BancShares classifies debt securities as held to maturity (“HTM”) or available for sale (“AFS”). Debt securities are classified as HTM when BancShares has the intent and ability to hold the securities to maturity and are reported at amortized cost. Other debt securities are classified as AFS and reported at estimated fair value, with unrealized gains and losses, net of income taxes, reported in Accumulated Other Comprehensive Income (“AOCI”). Amortization of premiums and accretion of discounts for debt securities are included in interest income. Realized gains and losses from the sale of debt securities are determined by specific identification on a trade date basis and are included in noninterest income. BancShares performs pre-purchase due diligence and evaluates the credit risk of AFS and HTM securities purchased directly into our portfolio or via acquisition. If securities have evidence of more than insignificant credit deterioration since issuance, they are designated as PCD. P CD securities are recorded at fair value at the date of acquisition which includes an associated allowance that is added to the purchase price or fair value to arrive at the Day 1 amortized cost basis. The difference between the purchase price and the Day 1 amortized cost is amortized or accreted to interest income over the contractual life of the securities using the effective interest method. For AFS securities, management performs a quarterly analysis of the investment portfolio to evaluate securities currently in an unrealized loss position for potential credit-related impairment. If BancShares intends to sell a security, or does not have the intent and ability to hold a security before recovering the amortized cost, the entirety of the unrealized loss is immediately recorded in earnings. For the remaining securities, an analysis is performed to determine if any portion of the unrealized loss recorded relates to credit impairment. If credit related impairment exists, the amount is recorded through the ACL and related provision. This review includes indicators such as changes in credit rating, delinquency, bankruptcy or other significant news event impacting the issuer. Bancshares’ portfolio of HTM debt securities is made up of mortgage-backed securities issued by government agencies and government sponsored entities. Given the historically strong credit rating of the US Treasury and the long history of no credit losses on debt securities issued by government agencies and government sponsored entities, we determined zero expected credit losses on the HTM portfolio. Accounting Policy - Loans and Leases BancShares’ accounting methods for loans and leases depends on whether they are originated or purchased, and if purchased, whether or not the loans reflect more than insignificant credit deterioration since origination as of the date of acquisition. Non-Purchased Credit Deteriorated (“Non-PCD”) Loans Non-PCD loans consist of loans originated by BancShares and loans purchased from other institutions that do not reflect more than insignificant credit deterioration at acquisition. Originated loans for which management has the intent and ability to hold for the foreseeable future are classified as held for investment and carried at the principal amount outstanding net of any unearned income, charge-offs and unamortized fees and costs. Nonrefundable fees collected and certain direct costs incurred related to loan originations are deferred and recorded as an adjustment to loans outstanding. The net amount of the nonrefundable fees and costs is amortized to interest income over the contractual lives using methods that approximate a constant yield. Purchased loans which do not reflect more than insignificant credit deterioration at acquisition are classified as non-PCD loans. These loans are recorded at fair value at the date of acquisition and an initial allowance is recorded on these assets as provision expense at the date of acquisition. The difference between the fair value and the unpaid principal balance at the acquisition date is amortized or accreted to interest income over the contractual life of the loan using the effective interest method. Purchased Credit Deteriorated Loans Purchased loans which reflect a more than insignificant credit deterioration since origination as of the date of acquisition are classified as PCD and are recorded at acquisition date amortized cost, which is the purchase price or fair value in a business combination, plus our initial estimate of expected credit losses. The difference between the unpaid principal balance and the acquisition date amortized cost is amortized or accreted to interest income over the contractual life of the loan using the effective interest method. The performance of all loans within the BancShares portfolio is subject to a number of external risks, including but not limited to changes in the overall health of the economy, declines in real estate or other collateral values, changes in the demand for products and services and personal events, such as death, disability or change in marital status. BancShares evaluates and reports its non-PCD and PCD loan portfolios separately, and each non-PCD portfolio is further divided into commercial and consumer segments based on the type of borrower, purpose, collateral and/or our underlying credit management processes. Additionally, non-PCD commercial and consumer loans are assigned to loan classes, which further disaggregate the loan portfolio. PCD loans are reported as a single loan segment and class. The following represent our classes of loans as of January 1, 2020: Commercial loans and leases Construction and land development - Construction and land development consists of loans to finance land for development of commercial or residential real property and construction of multifamily apartments or other commercial properties. These loans are highly dependent on the supply and demand for commercial real estate as well as the demand for newly constructed residential homes and lots acquired for development. Deterioration in demand could result in decreased collateral values, which could make repayments of outstanding loans difficult for customers. Owner occupied commercial mortgage - Owner occupied commercial mortgages consists of loans to purchase or re-finance owner occupied nonresidential properties. This includes office buildings, other commercial facilities, and farmland. Commercial mortgages secured by owner occupied properties are primarily dependent on the ability of borrowers to achieve business results consistent with those projected at loan origination. While these loans and leases are collateralized by real property in an effort to mitigate risk, it is possible the liquidation of collateral will not fully satisfy the obligation. Non-owner occupied commercial mortgage - Non-owner occupied commercial mortgage consists of loans to purchase or refinance investment nonresidential properties. This includes office buildings and other facilities rented or leased to unrelated parties, as well as farmland and multifamily properties. The primary risk associated with income producing commercial mortgage loans is the ability of the income-producing property that collateralizes the loan to produce adequate cash flow to service the debt. While these loans and leases are collateralized by real property in an effort to mitigate risk, it is possible the liquidation of collateral will not fully satisfy the obligation. Commercial and industrial and leases - Commercial and industrial loans consist of loans or lines of credit to finance accounts receivable, inventory or other general business needs, business credit cards, and lease financing agreements for equipment, vehicles, or other assets. The primary risk associated with commercial and industrial and lease financing loans is the ability of borrowers to achieve business results consistent with those projected at origination. Failure to achieve these projections presents risk the borrower will be unable to service the debt consistent with the contractual terms of the loan or lease. Consumer loans Residential mortgage - Residential mortgage consists of loans to purchase or refinance the borrower’s primary dwelling, second residence or vacation home and are often secured by 1-4 family residential property. Significant and rapid declines in real estate values can result in borrowers having debt levels in excess of the current market value of the collateral. Revolving mortgage - Revolving mortgage consists of home equity lines of credit and other lines of credit secured by first or second liens on the borrower’s primary residence. These loans are secured by both senior and junior liens on the residential real estate and are particularly susceptible to declining collateral values. This risk is elevated for loans secured by junior lines as a substantial decline in value could render a the junior lien position effectively unsecured. Construction and land development - Construction and land development consists of loans to construct a borrower’s primary or secondary residence or vacant land upon which the owner intends to construct a dwelling at a future date. These loans are typically secured by undeveloped or partially developed land in anticipation of completing construction of a 1-4 family residential property. There is risk these construction and development projects can experience delays and cost overruns exceeding the borrower’s financial ability to complete the project. Such cost overruns can result in foreclosure of partially completed and unmarketable collateral. Consumer auto loans - Consumer auto loans consist of installment loans to finance purchases of vehicles. These loans include direct auto loans originated in bank branches, as well indirect auto loans originated through agreements with auto dealerships. The value of the underlying collateral within this class is at risk of potential rapid depreciation which could result in unpaid balances in excess of the collateral. Other consumer - Consumer loans consist of loans to finance unsecured home improvements, student loans and revolving lines of credit that can be secured or unsecured, including personal credit cards. The value of the underlying collateral within this class is at risk of potential rapid depreciation which could result in unpaid balances in excess of the collateral. Upon adoption of ASC 326, owner occupied and non-owner occupied commercial real estate were segregated into separate classes within the commercial segment. Similarly, consumer auto was segregated into its own class within the consumer segment. These enhancements were made to capture the unique credit characteristics used in our CECL models. Accounting Policy - Nonperforming Assets and Troubled Debt Restructurings Nonperforming Assets (“NPA”) NPAs include nonaccrual loans, past due securities and foreclosed property. Foreclosed property consists of real estate and other assets acquired as a result of loan defaults and is discussed below. All loans are classified as past due when the payment of principal and interest based upon contractual terms is greater than 30 days delinquent. Loans are generally placed on nonaccrual when principal or interest becomes 90 days past due or when it is probable the principal or interest is not fully collectible. When loans are placed on nonaccrual, all previously uncollected accrued interest is reversed from interest income and the ongoing accrual of interest is discontinued. All payments received thereafter are applied as a reduction of the remaining principal balance as long as doubt exists as to the ultimate collection of the principal. Loans and leases are generally removed from nonaccrual status when they become current for a sustained period of time and there is no longer concern as to the collectability of principal and interest. Securities are also classified as past due when the payment of principal and interest based upon contractual terms is greater than 30 days delinquent. Missed interest payments on securities are rare. We review all securities with delinquent interest and immediately charge off any accrued interest determined to be uncollectible. Troubled Debt Restructurings (“TDR”) A loan is considered a TDR when both of the following occur: (1) a modification to a borrower’s debt agreement is made and (2) a concession is granted for economic or legal reasons related to a borrower’s financial difficulties that otherwise would not be granted. TDR concessions could include short-term deferrals of interest, modifications of payment terms, or (in certain limited instances) forgiveness of principal or interest. Loans restructured as a TDR are treated and reported as such for the remaining life of the loan. TDR loans can be nonaccrual or accrual, depending on the individual facts and circumstances of the borrower. In circumstances where a portion of the loan balance is charged-off, the remaining balance is typically classified as nonaccrual. Accounting Policy - Allowance for Credit Losses (“ACL”) Loans Loans within the various reporting classes are segregated into pools with similar risk characteristics and models are built to estimate the ACL. These loan level ACL models estimate the probability of default and loss given default for individual loans within the risk pool based on historical loss experience, borrower characteristics, collateral type, forecasts of relevant economic conditions, expected future recoveries and other factors. Pools for estimating the ACL are aggregated into loan classes, as described above, which roll up into commercial and consumer loan segments. Non-PCD and PCD loans are modeled together within the loan level models using acquired and PCD indicator variables to provide differentiation of individual loan risk. BancShares uses a two-year reasonable and supportable forecast period which incorporates economic forecasts at the time of evaluation. For most pools, BancShares uses a 12-month straight-line reversion period to historical averages for model inputs; however for the consumer other, consumer card and commercial card pools, immediate reversion to historical net loss rates is utilized. The ACL represents management’s best estimate of credit losses expected over the life of the loan, adjusted for expected contractual payments and the impact of pre-payment expectations. Pre-payment assumptions were developed through a review of BancShares historical pre-payment activity and began with a review of pre-payment assumptions utilized in other modeling activities. Estimates for loan losses are determined by analyzing quantitative and qualitative components present as of the evaluation date. Adjustments to the ACL are recorded with a corresponding entry to provision for credit losses. Loan balances considered uncollectible are charged-off against the ACL. Recoveries of amounts previously charged-off are credited to the ACL. A primary component of determining the ACL on loans is the actual net loss history of the various loan pools. For commercial pools, key factors utilized in the models include delinquency trends as well as macroeconomic variables such as unemployment and commercial real estate price index. For consumer pools, key factors include delinquency trends and the borrower’s original credit score, as well as other macroeconomic variables such as unemployment, gross domestic product, home price index, and commercial real estate index. As the models project losses over the life of the loans, prepayment assumptions also serve as significant inputs. Model outputs may be adjusted through a qualitative assessment to reflect economic conditions and trends not captured within the models including credit quality, concentrations, and significant policy and underwriting changes. Within our ACL model, TDRs meet the definition of default and are given a 100% probability of default rating. TDRs are not individually evaluated unless determined to be collateral-dependent. Therefore, loss given default is calculated based on the individual risk characteristics of the loan as defined in the model. When loans do not share risk characteristics similar to others in the pool, the ACL is evaluated on an individual basis. Given that BancShares CECL models are loan level models, the population of loans evaluated individually is minimal and consists primarily of loans greater than $500 thousand and determined to be collateral-dependent. BancShares elected the practical expedient allowed under ASC 326 to assess the collectability of these loans, where repayment is expected to be provided substantially through operation or sale of collateral, based on the fair value of the underlying collateral. The fair value of the collateral is estimated using appraised and market values (appropriately adjusted for an assessment of the sales and marketing costs when applicable). A specific allowance is established, or partial charge-off is recorded, for the difference between the excess amortized cost of loan and the collateral’s estimated fair value. Accrued Interest Receivable BancShares has elected not to measure an ACL for accrued interest receivable and has excluded it from the amortized cost basis of loans and held to maturity debt securities as our accounting policies and credit monitoring provide that uncollectible accrued interest is reversed or written off against interest income in a timely manner. Unfunded Commitments A reserve for unfunded commitments is established for off-balance sheet exposures such as unfunded balances for existing lines of credit, commitments to extend future credit, as well a both standby and commercial letters of credit when there is a contractual obligation to extend credit and when this extension of credit is not unconditionally cancellable (i.e. commitment cannot canceled at any time). These unfunded commitments are assessed to determine both the probability of funding as well the expectation of future losses. The expected funding balance is used in the probability of default and loss given default models to determine the reserve. The reserve for unfunded commitments was $10.5 million at March 31, 2020 , and is recorded within other liabilities with changes recorded through other expense. Adoption Impact Upon adoption, BancShares recorded a net decrease of $37.9 million in the ACL which included a reduction of $56.9 million in the ACL on non-PCD loans, offset by an increase of $19.0 million in the ACL on PCD loans. The $56.9 million reduction in the ACL on non-PCD loans, as well as an $8.9 million increase in the reserve for unfunded commitments, net of deferred taxes, resulted in an increase in retained earnings of $36.9 million . The $19.0 million increase in the ACL on PCD loans resulted in a gross up of loan balances by this same amount and did not have any effect on retained earnings. Impact to total capital and capital ratios was not significant and we did not elect the capital phase-in option allowable for regulatory reporting purposes. There was no ACL recorded on debt securities held to maturity at adoption. The largest changes in the ACL, affecting beginning retained earnings as a result of the adoption, were decreases in the ACL on commercial loan segments as these portfolios have exhibited strong historical credit performance and have relatively short average lives. The reduction in ACL on these segments was partially offset by increases in ACL on our consumer loan segments primarily due to their longer average lives. The increase in the reserve for unfunded commitments was primarily due to increases in the scope of off-balance sheet exposures considered in this estimate due to the provisions in ASU 2016-13. BancShares adopted this ASU using the prospective transition approach for PCD loans previously accounted for under ASC 310-30. In accordance with the standard, we did not assess whether purchased credit impaired (“PCI”) loans met the criteria of PCD as of the date of adoption and all loans previously classified as PCI were updated to the PCD classification. Pools utilized for PCI accounting under ASC 310-10 were dissolved upon adoption. Loans from performing PCI pools, not previously considered nonaccrual of $47.0 million, were reclassified into nonaccrual status as a result of adoption. PCD loans were assessed using the loan level probability of default and loss given default models, as well as utilizing prior specific loan reviews to inform the initial PCD loan ACL. The ACL for PCD loans increased as a result of adoption and the amortized cost basis of these loans was adjusted to reflect the transfer of this amount from credit discount to ACL. The remaining noncredit discount will be accreted into interest income at the effective interest rate as of January 1, 2020. At the date of adoption, no securities were determined to be PCD. BancShares also adopted this ASU under the prospective transition approach for debt securities available for sale. No previously recorded other than temporary impairment was reported on the portfolio of debt securities. Recently Issued Accounting Pronouncements FASB ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans This ASU modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by eliminating the requirement to disclose the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year and adding a requirement to disclose an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The amendments in this ASU are effective for public entities for fiscal years ending after December 15, 2020. Early adoption is permitted for all entities. BancShares will adopt all applicable amendments and update the disclosures as appropriate during the fourth quarter of 2020. |
Business Combinations
Business Combinations | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | BUSINESS COMBINATIONS BancShares evaluated the financial statement significance for all business combinations completed during 2020 and concluded the completed business combinations noted below are not material to its consolidated financial statements, individually or in aggregate, and therefore, pro forma financial data is not included. Each transaction is accounted for under the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed are recorded at their estimated fair values as of the acquisition date. Fair values are preliminary and subject to refinement for up to one year after the closing date of the acquisition as additional information regarding closing date fair value becomes available. As part of the accounting for each acquisition, we perform an analysis of the acquired bank’s loan portfolio and based on such credit factors as past due status, nonaccrual status, life-to-date charge-offs and other quantitative and qualitative considerations segregate the acquired loans into PCD loans and non-PCD loans. PCD loans are accounted for under ASC 326-20, and non-PCD loans which do not meet this criteria are accounted for under ASC 310-20. Additionally, we perform an analysis of the acquired bank’s portfolio of debt securities to determine if any debt securities should be designated PCD. Community Financial Holding Co. Inc. On February 1, 2020, FCB completed the merger of Duluth, Georgia-based Community Financial Holding Co. Inc. (“Community Financial”) and its bank subsidiary, Gwinnett Community Bank. Under the terms of the agreement, total cash consideration of $2.3 million was paid to the shareholders of Community Financial. The merger allows FCB to expand its presence and enhance banking efforts in Georgia. The fair value of the assets acquired was $221.4 million , including $110.6 million in non-PCD loans, $23.4 million in PCD loans net of an allowance for credit losses of $1.2 million and $536 thousand in a core deposit intangible. No debt securities purchased in the transaction were designated PCD. Liabilities assumed were $219.8 million , of which $209.3 million were deposits. As a result of the transaction, FCB recorded $686 thousand of goodwill. The amount of goodwill represents the excess purchase price over the estimated fair value of the net assets acquired. The premium paid reflects the increased market share and related synergies expected to result from the acquisition. None of the goodwill was deductible for income tax purposes as the merger was accounted for as a qualified stock purchase. The following table provides the purchase price as of the acquisition date and the identifiable assets acquired and liabilities assumed at their estimated fair values: (Dollars in thousands) As recorded by FCB Purchase price $ 2,320 Assets Cash and due from banks $ 1,085 Overnight investments 35,129 Investment securities 30,146 Loans 133,989 Premises and equipment 7,624 Other real estate owned 9,813 Income earned not collected 558 Intangible assets 536 Other assets 2,520 Total assets acquired 221,400 Liabilities Deposits 209,340 Borrowings 9,925 Other liabilities 501 Total liabilities assumed $ 219,766 Fair value of net assets acquired 1,634 Goodwill recorded for Community Financial $ 686 Merger-related expenses of $1.2 million were recorded for the three months ended March 31, 2020 . Loan-related interest income generated from Community Financial was approximately $1.2 million since the acquisition date. The ongoing contributions of this transaction to BancShares’ financial statements is not considered material, and therefore pro forma financial data is not included. Entegra Financial Corp. On December 31, 2019, FCB completed the merger of Franklin, North Carolina-based Entegra Financial Corp. (“Entegra”) and its bank subsidiary, Entegra Bank. In order to obtain regulatory approval, FCB entered into an agreement for Select Bank & Trust Company (“Select Bank”) to purchase three of our North Carolina branches, located in Highlands, Sylva and Franklin. The assets and liabilities of the branches to be divested are recorded on the Consolidated Balance Sheets and in the related Unaudited Notes to the Consolidated Financial Statements within loans and leases, premises and equipment and total deposits with a fair value of $108.8 million , $1.9 million and $185.3 million , respectively, as of March 31, 2020. The Select Bank purchase price for the divested branches included an 8% premium for deposits acquired that was applied against goodwill generated as part of the merger with Entegra Bank. FCB completed the transaction with Select Bank on April 17, 2020. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2020 | |
Investments [Abstract] | |
Investments | INVESTMENTS Information for reporting periods beginning after January 1, 2020 are presented in accordance with ASC 326 and reflect changes required by the adoption of this standard which includes evaluating held to maturity and available for sale debt securities to determine the need to record a related allowance for credit losses. Prior period information continues to be reported in accordance with previously applicable GAAP. See Note A - Accounting Policies and Basis for Presentation for more detail on our policies and adoption. The amortized cost and fair value of investment securities at March 31, 2020 and December 31, 2019 , were as follows: March 31, 2020 (Dollars in thousands) Cost Gross Gross unrealized Allowance for credit losses Fair Investment securities available for sale U.S. Treasury $ 204,971 $ 811 $ — $ — $ 205,782 Government agency 762,342 1,005 2,916 — 760,431 Residential mortgage-backed securities 5,832,518 123,114 2,791 — 5,952,841 Commercial mortgage-backed securities 635,565 15,603 603 — 650,565 Corporate bonds 221,068 3,520 5,173 — 219,415 Total investment securities available for sale $ 7,656,464 $ 144,053 $ 11,483 $ — $ 7,789,034 Investment in marketable equity securities 344,161 4,266 32,926 315,501 Investment securities held to maturity Residential mortgage-backed securities 720,441 12,538 22 — 732,957 Other 20,221 — — — 20,221 Total investment securities held to maturity 740,662 12,538 22 — 753,178 Total investment securities $ 8,741,287 $ 160,857 $ 44,431 $ — $ 8,857,713 December 31, 2019 (Dollars in thousands) Cost Gross Gross unrealized Fair Investment securities available for sale U.S. Treasury $ 409,397 $ 602 $ — $ 409,999 Government agency 684,085 928 2,241 682,772 Residential mortgage-backed securities 5,269,060 13,417 15,387 5,267,090 Commercial mortgage-backed securities 373,105 6,974 59 380,020 Corporate bonds 198,278 3,420 132 201,566 State, county and municipal 118,227 — — 118,227 Total investment securities available for sale $ 7,052,152 $ 25,341 $ 17,819 $ 7,059,674 Investment in marketable equity securities 59,262 23,304 233 82,333 Investment securities held to maturity Other 30,996 — — 30,996 Total investment securities held to maturity 30,996 — — 30,996 Total investment securities $ 7,142,410 $ 48,645 $ 18,052 $ 7,173,003 Investments in residential and commercial mortgage-backed securities represent securities issued by the Government National Mortgage Association, Federal National Mortgage Association and Federal Home Loan Mortgage Corporation. Investments in government agency securities represent securities issued by the United States Small Business Administration. Investments in corporate bonds and marketable equity securities represent positions in securities of other financial institutions. Other held to maturity investments include certificates of deposit with other financial institutions. BancShares also holds approximately 298,000 shares of Visa Class B common stock. BancShares’ Visa Class B shares are not considered to have a readily determinable fair value and are recorded with no fair value. BancShares held FHLB stock of $51.1 million and $43.0 million and other non-marketable equity securities of $12.9 million and $12.5 million at March 31, 2020 and December 31, 2019 , respectively. Both are included in other assets. As of March 31, 2020 and January 1, 2020, no allowance for credit losses was required for available for sale and held to maturity debt securities. Accrued interest receivable on debt securities at March 31, 2020 was $22.1 million and was excluded from the estimate of credit losses. During the three months ended March 31, 2020, no accrued interest was deemed uncollectible and written off against interest income. The following table provides the amortized cost and fair value by contractual maturity for investment securities available for sale and held to maturity. Expected maturities will differ from contractual maturities on certain securities because borrowers and issuers may have the right to call or prepay obligations with or without prepayment penalties. Repayments of mortgage-backed securities and government agency securities are dependent on the repayments of the underlying loan balances. Repayments of certain corporate bonds are subject to call provisions which can be exercised by the issuer at their discretion. March 31, 2020 December 31, 2019 (Dollars in thousands) Cost Fair value Cost Fair value Investment securities available for sale Non-amortizing securities maturing in: One year or less $ 204,971 $ 205,782 $ 406,325 $ 406,927 One through five years 32,639 32,446 24,496 24,971 Five through 10 years 184,476 183,469 185,209 187,868 Over 10 years 3,953 3,500 109,872 110,026 Government agency 762,342 760,431 684,085 682,772 Residential mortgage-backed securities 5,832,518 5,952,841 5,269,060 5,267,090 Commercial mortgage-backed securities 635,565 650,565 373,105 380,020 Total investment securities available for sale $ 7,656,464 $ 7,789,034 $ 7,052,152 $ 7,059,674 Investment securities held to maturity Non-amortizing securities maturing in: One year or less 19,472 19,472 30,746 30,746 One through five years 749 749 250 250 Residential mortgage-backed securities 720,441 732,957 — — Total investment securities held to maturity $ 740,662 $ 753,178 $ 30,996 $ 30,996 There were gross gains of $20.5 million and gross losses of $679 thousand on sales of investment securities available for sale during the three months ended March 31, 2020 . There were no gross gains or losses on sales of investment securities available for sale for the three months ended March 31, 2019 . The following table provides the realized and unrealized gains and losses on marketable equity securities for the three months ended March 31, 2020 and 2019 : Three months ended March 31 (Dollars in thousands) 2020 2019 Marketable equity securities (losses) gains, net $ (51,408 ) $ 11,328 Less net gains recognized on marketable equity securities sold 323 44 Unrealized (losses) gains recognized on marketable equity securities held $ (51,731 ) $ 11,284 The following table provides information regarding securities with unrealized losses as of March 31, 2020 and December 31, 2019 : March 31, 2020 Less than 12 months 12 months or more Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Investment securities available for sale Government agency $ 436,066 $ 2,542 $ 60,920 $ 374 $ 496,986 $ 2,916 Residential mortgage-backed securities 366,901 625 177,167 2,166 544,068 2,791 Commercial mortgage-backed securities 75,480 603 — — 75,480 603 Corporate bonds 106,822 4,480 8,856 693 115,678 5,173 Total $ 985,269 $ 8,250 $ 246,943 $ 3,233 $ 1,232,212 $ 11,483 Investment securities held to maturity Residential mortgage-backed securities $ 70,108 $ 22 $ — $ — $ 70,108 $ 22 December 31, 2019 Less than 12 months 12 months or more Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Investment securities available for sale Government agency $ 347,081 $ 1,827 $ 63,947 $ 414 $ 411,028 $ 2,241 Residential mortgage-backed securities 2,387,293 14,016 264,257 1,371 2,651,550 15,387 Commercial mortgage-backed securities 35,926 59 — — 35,926 59 Corporate bonds 7,714 123 4,749 9 12,463 132 Total $ 2,778,014 $ 16,025 $ 332,953 $ 1,794 $ 3,110,967 $ 17,819 As of March 31, 2020 , there were 53 investment securities available for sale that had continuous losses for more than 12 months of which 51 were government sponsored enterprise-issued mortgage-backed securities or government agency securities and two were corporate bonds. None of the unrealized losses identified as of March 31, 2020 or December 31, 2019 relate to the marketability of the securities or the issuers’ ability to honor redemption obligations. Rather, the unrealized losses relate to changes in interest rates relative to when the investment securities were purchased, and do not indicate credit-related impairment. BancShares considered other factors including changes in credit ratings, delinquencies, and other macroeconomic factors in this determination. As a result, none of the securities were deemed to require an allowance for credit losses. BancShares has the ability and intent to retain these securities for a period of time sufficient to recover all unrealized losses. Investment securities having an aggregate carrying value of $4.02 billion at March 31, 2020 and $3.93 billion at December 31, 2019 were pledged as collateral to secure public funds on deposit and certain short-term borrowings, and for other purposes as required by law. Bancshares’ portfolio of held to maturity debt securities consists of mortgage-backed securities issued by government agencies and government sponsored entities. Given the consistently strong credit rating of the U.S. Treasury and the long history of no credit losses on debt securities issued by government agencies and government sponsored entities, no further credit monitoring is performed over these portfolios. Should there be downgrades to the credit rating of the U.S. Treasury or losses reported on securities issued by government agencies and government sponsored entities, Bancshares will reevaluate its determination of zero expected credit losses on held to maturity debt securities. There were no debt securities held to maturity on nonaccrual status as of March 31, 2020 . A security is considered past due once it is 30 days contractually past due under the terms of the agreement. There were no securities past due as of March 31, 2020 . |
Loans and Leases
Loans and Leases | 3 Months Ended |
Mar. 31, 2020 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans and Leases | LOANS AND LEASES BancShares’ accounting methods for loans and leases depends on whether they are originated or purchased, and if purchased, whether or not the loans reflect more than insignificant credit deterioration since origination, as of the date of acquisition. Non-PCD loans consist of loans originated by BancShares and loans purchased from other institutions, that do not reflect more than insignificant credit deterioration at acquisition and are reported by loan segments and classes as defined in Note A - Accounting Polices and Basis of Presentation. Purchased loans which reflect more than insignificant credit deterioration are classified as PCD and reported as a single loan segment or class. At the date of acquisition, all acquired loans are recorded at fair value. Upon adoption of ASC 326, there were changes to certain non-PCD loan classes to better differentiate credit characteristics and align with our ACL models. Within the commercial segment, owner occupied and non-owner occupied commercial real estate were segregated into separate classes. Similarly, consumer auto was segregated into its own class within the consumer segment. Information for reporting periods beginning after January 1, 2020 are presented in accordance with ASC 326 and reflect changes to the respective classes, while prior period amounts continue to be reported in accordance with previously applicable GAAP and have not been reclassified to conform to the current financial statement presentation. Loans and leases outstanding included the following at March 31, 2020 and December 31, 2019 : (Dollars in thousands) March 31, 2020 Commercial: Construction and land development $ 1,014,017 Owner occupied commercial mortgage 10,076,132 Non-owner occupied commercial mortgage 3,058,235 Commercial and industrial and leases 4,738,098 Total commercial loans 18,886,482 Consumer: Residential mortgage 5,299,412 Revolving mortgage 2,362,644 Construction and land development 363,190 Consumer auto 1,201,152 Consumer other 567,727 Total consumer loans 9,794,125 Total non-PCD loans and leases 28,680,607 PCD loans 560,352 Total loans and leases $ 29,240,959 (Dollars in thousands) December 31, 2019 Commercial: Construction and land development $ 1,013,454 Commercial mortgage 12,282,635 Other commercial real estate 542,028 Commercial and industrial and leases 4,403,792 Other 310,093 Total commercial loans 18,552,002 Noncommercial: Residential mortgage 5,293,917 Revolving mortgage 2,339,072 Construction and land development 357,385 Consumer 1,780,404 Total noncommercial loans 9,770,778 Total non-PCI loans and leases 28,322,780 PCI loans 558,716 Total loans and leases $ 28,881,496 Accrued interest receivable on loans at March 31, 2020 was $90.0 million and was excluded from the estimate of credit losses. At March 31, 2020 , $10.31 billion in non-PCD loans with a lendable collateral value of $8.22 billion were used to secure $787.7 million in Federal Home Loan Bank (“FHLB”) of Atlanta advances, resulting in additional borrowing capacity of $7.43 billion . At December 31, 2019 , $9.41 billion in non-PCD loans with a lendable collateral value of $6.57 billion were used to secure $563.7 million in FHLB of Atlanta advances, resulting in additional borrowing capacity of $6.01 billion . At March 31, 2020 , $3.88 billion in non-PCD loans with a lendable collateral value of $3.15 billion were used to secure additional borrowing capacity at the Federal Reserve Bank (“FRB”). At December 31, 2019 , $3.68 billion in non-PCD loans with a lendable collateral value of $2.98 billion were used to secure additional borrowing capacity at the FRB. Certain residential real estate loans are originated to be sold to investors and are recorded in loans held for sale at fair value. In addition, we may change our strategy for certain portfolio loans and decide to sell them in the secondary market. At that time, portfolio loans are transferred to loans held for sale at fair value. Loans held for sale totaled $76.3 million and $67.9 million at March 31, 2020 and December 31, 2019 , respectively. Net deferred fees on non-PCD loans and leases, including unearned and unamortized costs and fees, were $1.4 million and $0.9 million at March 31, 2020 and December 31, 2019 , respectively. The net unamortized discount related to purchased non-PCD loans and leases was $28.3 million at March 31, 2020 and $30.9 million at December 31, 2019 . The net unamortized discount related to PCD loans and leases was $61.6 million at March 31, 2020 and $88.2 million at December 31, 2019 . The aging of the outstanding loans and leases, by class, at March 31, 2020 and December 31, 2019 are provided in the tables below. Loans and leases past due 30 days or less are considered current as various grace periods allow borrowers to make payments within a stated period after the due date and still remain in compliance with the loan agreement. March 31, 2020 (Dollars in thousands) 30-59 days 60-89 days 90 days or greater Total past Current Total loans Commercial: Construction and land development $ 3,297 $ 342 $ 2,098 $ 5,737 $ 1,008,280 $ 1,014,017 Owner occupied commercial mortgage 22,793 3,083 14,499 40,375 10,035,757 10,076,132 Non-owner occupied commercial mortgage 9,173 308 4,895 14,376 3,043,859 3,058,235 Commercial and industrial and leases 18,076 6,924 4,250 29,250 4,708,848 4,738,098 Total commercial loans 53,339 10,657 25,742 89,738 18,796,744 18,886,482 Consumer: Residential mortgage 40,149 8,015 29,908 78,072 5,221,340 5,299,412 Revolving mortgage 10,145 3,410 8,033 21,588 2,341,056 2,362,644 Construction and land development 6,089 — 1,556 7,645 355,545 363,190 Consumer auto 5,675 1,181 1,485 8,341 1,192,811 1,201,152 Consumer other 3,647 2,058 2,293 7,998 559,729 567,727 Total consumer loans 65,705 14,664 43,275 123,644 9,670,481 9,794,125 PCD loans 27,628 8,680 27,961 64,269 496,083 560,352 Total loans and leases $ 146,672 $ 34,001 $ 96,978 $ 277,651 $ 28,963,308 $ 29,240,959 December 31, 2019 (Dollars in thousands) 30-59 days 60-89 days 90 days or greater Total past Current Total loans Commercial: Construction and land development $ 3,146 $ 195 $ 2,702 $ 6,043 $ 1,007,411 $ 1,013,454 Commercial mortgage 20,389 8,774 8,319 37,482 12,245,153 12,282,635 Other commercial real estate 861 331 698 1,890 540,138 542,028 Commercial and industrial and leases 18,269 4,842 5,032 28,143 4,375,649 4,403,792 Other 51 411 126 588 309,505 310,093 Total commercial loans 42,716 14,553 16,877 74,146 18,477,856 18,552,002 Noncommercial: Residential mortgage 45,839 18,289 24,409 88,537 5,205,380 5,293,917 Revolving mortgage 9,729 3,468 9,865 23,062 2,316,010 2,339,072 Construction and land development 977 218 1,797 2,992 354,393 357,385 Consumer 10,481 3,746 3,571 17,798 1,762,606 1,780,404 Total noncommercial loans 67,026 25,721 39,642 132,389 9,638,389 9,770,778 Total non-PCI loans and leases $ 109,742 $ 40,274 $ 56,519 $ 206,535 $ 28,116,245 $ 28,322,780 The amortized cost, by class, of loans and leases on nonaccrual status, and loans and leases greater than 90 days past due and still accruing at March 31, 2020 and December 31, 2019 , were as follows: January 1, 2020 (1) March 31, 2020 (Dollars in thousands) Nonaccrual Nonaccrual Loans and Commercial: Construction and land development $ 4,281 $ 3,603 $ — Owner occupied commercial mortgage 24,476 26,438 536 Non-owner occupied commercial mortgage 5,965 5,679 — Commercial and industrial and leases 7,685 7,858 488 Total commercial loans 42,407 43,578 1,024 Consumer: Residential mortgage 44,357 49,220 — Revolving mortgage 22,411 22,067 — Construction and land development 2,828 2,881 — Consumer auto 2,145 2,832 — Consumer other 798 759 1,909 Total consumer loans 72,539 77,759 1,909 PCD loans 53,771 53,234 37 Total loans and leases $ 168,717 $ 174,571 $ 2,970 (1) Upon the adoption of ASC 326, BancShares eliminated the pooling of PCI loans and as a result $47.0 million in additional PCD loans were recognized as nonaccrual loans at January 1, 2020. December 31, 2019 (Dollars in thousands) Nonaccrual loans and leases Loans and leases > 90 days and accruing Commercial: Construction and land development $ 4,281 $ — Commercial mortgage 29,733 — Commercial and industrial and leases 7,365 1,094 Other commercial real estate 708 — Other 320 — Total commercial loans 42,407 1,094 Noncommercial: Construction and land development 2,828 — Residential mortgage 44,357 45 Revolving mortgage 22,411 — Consumer 2,943 2,152 Total noncommercial loans 72,539 2,197 Total loans and leases $ 114,946 $ 3,291 Credit Quality Loans and leases are monitored for credit quality on a recurring basis. Commercial and consumer loans and leases have different credit quality indicators as a result of the unique characteristics of the loan segments being evaluated. The credit quality indicators for commercial loans and leases are borrower risk classifications developed through a review of individual borrowers on an ongoing basis. Commercial loans are evaluated at least annually, with more frequent evaluations done on criticized loans. Commercial loans are also updated if there is evidence of potential credit deterioration, such as delinquency. Commercial credit cards are included in the Commercial and industrial and leases segment, but are evaluated based primarily upon delinquency status. The risk classifications as of the date presented are based on the most recent assessment performed and are defined below: Pass – A pass rated asset is not adversely classified because it does not display any of the characteristics for adverse classification. Special mention – A special mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, such potential weaknesses may result in deterioration of the repayment prospects or collateral position at some future date. Special mention assets are not adversely classified and do not warrant adverse classification. Substandard – A substandard asset is inadequately protected by the current net worth and paying capacity of the borrower or of the collateral pledged, if any. Assets classified as substandard generally have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. These assets are characterized by the distinct possibility of loss if the deficiencies are not corrected. Doubtful – An asset classified as doubtful has all the weaknesses inherent in an asset classified substandard with the added characteristic that the weaknesses make collection or liquidation in full highly questionable and improbable on the basis of currently existing facts, conditions and values. Loss – Assets classified as loss are considered uncollectible and of such little value that it is inappropriate to be carried as an asset. This classification is not necessarily equivalent to any potential for recovery or salvage value, but rather that it is not appropriate to defer a full charge-off even though partial recovery may be affected in the future. Ungraded – Ungraded loans represent loans that are not included in the individual credit grading process due to their relatively small balances or borrower type. The majority of ungraded loans at March 31, 2020 relate to business credit cards. Business credit card loans are subject to automatic charge-off when they become 120 days past due in the same manner as unsecured consumer lines of credit. The remaining balance is comprised of a small amount of commercial mortgage, lease financing and other commercial real estate loans. The credit quality indicators for consumer and PCD loans are based on delinquency status of the borrower as of the date presented. As the borrower becomes more delinquent, the likelihood of loss increases. The following tables represent current credit quality indicators by origination year as of March 31, 2020. Commercial Term Loans Amortized Cost Basis by Origination Year Classification: 2020 2019 2018 2017 2016 Prior Revolving Revolving converted to term loans Total (Dollars in thousands) Construction and land development Pass $ 94,980 $ 382,104 $ 267,188 $ 176,674 $ 32,927 $ 18,191 $ 24,922 $ — $ 996,986 Special Mention 91 — 350 5,407 — 440 — — 6,288 Substandard 1,638 1,239 7,161 — 8 697 — — 10,743 Total $ 96,709 $ 383,343 $ 274,699 $ 182,081 $ 32,935 $ 19,328 $ 24,922 $ — $ 1,014,017 Owner occupied commercial mortgage Pass $ 647,821 $ 2,230,133 $ 1,860,144 $ 1,537,841 $ 1,261,880 $ 2,195,573 $ 126,108 $ 139 $ 9,859,639 Special Mention — 8,201 26,827 14,694 18,763 35,475 4,129 — 108,089 Substandard 1,679 10,759 13,471 19,717 14,039 40,751 7,916 72 108,404 Total $ 649,500 $ 2,249,093 $ 1,900,442 $ 1,572,252 $ 1,294,682 $ 2,271,799 $ 138,153 $ 211 $ 10,076,132 Non-owner occupied commercial mortgage Pass $ 200,770 $ 680,203 $ 532,550 $ 452,508 $ 404,537 $ 704,861 $ 43,379 $ — $ 3,018,808 Special Mention — 1,849 10,042 933 5,971 7,485 798 — 27,078 Substandard 499 1,821 1,939 823 4,445 1,343 1,479 — 12,349 Total $ 201,269 $ 683,873 $ 544,531 $ 454,264 $ 414,953 $ 713,689 $ 45,656 $ — $ 3,058,235 Commercial and industrial and leases Pass $ 348,311 $ 1,299,423 $ 698,386 $ 450,781 $ 336,295 $ 436,325 $ 1,013,228 $ 5,616 $ 4,588,365 Special Mention 1,389 1,501 4,647 6,052 3,081 3,238 9,913 73 29,894 Substandard 4,035 4,311 4,408 5,798 3,175 7,655 19,632 816 49,830 Doubtful — — — — — — 3 — 3 Ungraded — — — — — — 70,006 — 70,006 Total $ 353,735 $ 1,305,235 $ 707,441 $ 462,631 $ 342,551 $ 447,218 $ 1,112,782 $ 6,505 $ 4,738,098 Total commercial $ 1,301,213 $ 4,621,544 $ 3,427,113 $ 2,671,228 $ 2,085,121 $ 3,452,034 $ 1,321,513 $ 6,716 $ 18,886,482 Consumer and PCD Term Loans Amortized Cost Basis by Origination Year Days Past Due: 2020 2019 2018 2017 2016 Prior Revolving Revolving converted to term loans Total (Dollars in thousands) Residential mortgage Current $ 308,079 $ 1,163,902 $ 948,832 $ 851,257 $ 652,297 $ 1,272,796 $ 24,177 $ — $ 5,221,340 30-59 days 328 2,491 6,910 6,515 5,023 18,840 42 — 40,149 60-89 days — 684 117 538 2,081 4,469 126 — 8,015 90 days or greater — 647 3,388 5,810 5,547 11,544 2,972 — 29,908 Total $ 308,407 $ 1,167,724 $ 959,247 $ 864,120 $ 664,948 $ 1,307,649 $ 27,317 $ — $ 5,299,412 Revolving mortgage Current $ — $ — $ — $ — $ — $ — $ 2,184,215 $ 156,841 $ 2,341,056 30-59 days — — — — — — 6,155 3,990 10,145 60-89 days — — — — — — 476 2,934 3,410 90 days or greater — — — — — — 2,206 5,827 8,033 Total $ — $ — $ — $ — $ — $ — $ 2,193,052 $ 169,592 $ 2,362,644 Construction and land development Current $ 36,285 $ 208,509 $ 67,438 $ 19,024 $ 8,720 $ 10,255 $ 5,314 $ — $ 355,545 30-59 days 517 3,923 1,310 312 3 24 — — 6,089 90 days or greater — — — — 87 1,469 — — 1,556 Total $ 36,802 $ 212,432 $ 68,748 $ 19,336 $ 8,810 $ 11,748 $ 5,314 $ — $ 363,190 Consumer auto Current $ 132,008 $ 461,232 $ 316,446 $ 163,033 $ 89,287 $ 30,805 $ — $ — $ 1,192,811 30-59 days 43 1,739 1,703 1,346 472 372 — — 5,675 60-89 days — 261 376 252 184 108 — — 1,181 90 days or greater — 344 560 298 197 86 — — 1,485 Total $ 132,051 $ 463,576 $ 319,085 $ 164,929 $ 90,140 $ 31,371 $ — $ — $ 1,201,152 Consumer other Current $ 10,371 $ 49,571 $ 20,504 $ 11,024 $ 12,296 $ 32,561 $ 423,402 $ — $ 559,729 30-59 days 79 260 129 35 89 7 3,048 — 3,647 60-89 days — 59 139 6 — — 1,854 — 2,058 90 days or greater — 41 31 5 — — 2,216 — 2,293 Total $ 10,450 $ 49,931 $ 20,803 $ 11,070 $ 12,385 $ 32,568 $ 430,520 $ — $ 567,727 Total consumer $ 487,710 $ 1,893,663 $ 1,367,883 $ 1,059,455 $ 776,283 $ 1,383,336 $ 2,656,203 $ 169,592 $ 9,794,125 PCD loans Current $ 9,871 $ 28,888 $ 39,500 $ 40,406 $ 34,571 $ 301,337 $ 16,310 $ 25,200 $ 496,083 30-59 days 56 4,291 2,471 1,104 306 18,759 181 460 27,628 60-89 days — 2,202 105 285 — 5,677 90 321 8,680 90 days or greater 454 1,071 5,004 1,684 3,383 14,308 300 1,757 27,961 Total $ 10,381 $ 36,452 $ 47,080 $ 43,479 $ 38,260 $ 340,081 $ 16,881 $ 27,738 $ 560,352 Total loans and leases $ 1,799,304 $ 6,551,659 $ 4,842,076 $ 3,774,162 $ 2,899,664 $ 5,175,451 $ 3,994,597 $ 204,046 $ 29,240,959 Loans and leases outstanding at December 31, 2019 by credit quality indicator are provided below: December 31, 2019 (Dollars in thousands) Commercial loans and leases Grade: Construction and land Commercial mortgage Other commercial real estate Commercial and industrial and leases Other PCI Total commercial loans and leases Pass $ 1,004,922 $ 12,050,799 $ 536,682 $ 4,256,456 $ 308,796 $ 148,412 $ 18,157,655 Special mention 2,577 115,164 3,899 44,604 622 44,290 166,866 Substandard 5,955 116,672 1,447 34,148 675 87,970 158,897 Doubtful — — — 3 — 3,657 3 Ungraded — — — 68,581 — — 68,581 Total $ 1,013,454 $ 12,282,635 $ 542,028 $ 4,403,792 $ 310,093 $ 284,329 $ 18,552,002 December 31, 2019 Noncommercial loans and leases (Dollars in thousands) Residential mortgage Revolving mortgage Construction and land development Consumer PCI Total noncommercial loans and leases Days past due: Current $ 5,205,380 $ 2,316,010 $ 354,393 $ 1,762,606 $ 240,995 $ 9,638,389 30-59 days past due 45,839 9,729 977 10,481 13,764 67,026 60-89 days past due 18,289 3,468 218 3,746 5,608 25,721 90 days or greater past due 24,409 9,865 1,797 3,571 14,020 39,642 Total $ 5,293,917 $ 2,339,072 $ 357,385 $ 1,780,404 $ 274,387 $ 9,770,778 Purchased loans and leases The following table summarizes PCD loans acquired in the Community Financial transaction and provides the contractually required payments, less the initial allowance for credit losses and discount to produce the fair value of acquired loans with evidence of more than insignificant credit quality deterioration since origination at the acquisition date: (Dollars in thousands) Community Financial Contractually required payments $ 25,635 Initial PCD allowance 1,193 Discount 1,055 Fair value at acquisition date $ 23,387 The recorded fair values of purchased non-PCD loans acquired in the Community Financial transaction as of the acquisition date are as follows: (Dollars in thousands) Community Financial Commercial: Construction and land development $ 9,428 Owner occupied commercial mortgage 31,473 Non-owner occupied commercial mortgage 25,143 Commercial and industrial and leases 15,065 Total commercial loans 81,109 Consumer: Residential mortgage 21,168 Revolving mortgage 2,084 Construction and land development 5,254 Consumer auto 294 Consumer other 693 Total consumer loans 29,493 Total non-PCD loans $ 110,602 |
Allowance for Loan and Lease Lo
Allowance for Loan and Lease Losses | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Allowance | NOTE E - ALLOWANCE FOR CREDIT LOSSES Upon adoption of ASC 326, there were changes to certain non-PCD loan classes to better differentiate credit characteristics and align with our ACL models. Within the commercial segment, owner occupied and non-owner occupied commercial real estate were segregated into separate classes. Similarly, consumer auto was segregated into its own class within the consumer segment. Information for reporting periods beginning after January 1, 2020 are presented in accordance with ASC 326 and reflect changes to the respective classes, while prior period amounts continue to be reported in accordance with previously applicable GAAP and have not been reclassified to conform to the current financial statement presentation. Activity in the allowance for credit losses by class of loans is summarized as follows: Three months ended March 31, 2020 (Dollars in thousands) Construction Owner occupied commercial mortgage Non-owner occupied commercial mortgage Commercial Residential Revolving Construction Consumer auto Consumer other PCD Total Balance at December 31 $ 33,213 $ 36,444 $ 11,102 $ 61,610 $ 18,232 $ 19,702 $ 2,709 $ 4,292 $ 30,301 $ 7,536 $ 225,141 Adoption of ASC 326 (31,061 ) (19,316 ) 460 (37,637 ) 17,118 3,665 (1,291 ) 1,100 10,037 19,001 (37,924 ) Balance at January 1 $ 2,152 $ 17,128 $ 11,562 $ 23,973 $ 35,350 $ 23,367 $ 1,418 $ 5,392 $ 40,338 $ 26,537 $ 187,217 Provision (credits) 51 6,107 4,956 10,423 3,593 1,304 (223 ) 958 3,774 (2,588 ) 28,355 Initial allowance on PCD loans — — — — — — — — — 1,193 1,193 Charge-offs — (320 ) — (5,049 ) (800 ) (585 ) (70 ) (944 ) (5,370 ) (1,123 ) (14,261 ) Recoveries 87 55 13 1,272 223 471 15 363 1,359 2,897 6,755 Balance at March 31 $ 2,290 $ 22,970 $ 16,531 $ 30,619 $ 38,366 $ 24,557 $ 1,140 $ 5,769 $ 40,101 $ 26,916 $ 209,259 Three months ended March 31, 2019 (Dollars in thousands) Construction Commercial Other Commercial Other Residential Revolving Construction Consumer PCI Total Balance at January 1 $ 35,270 $ 43,451 $ 2,481 $ 55,620 $ 2,221 $ 15,472 $ 21,862 $ 2,350 $ 35,841 $ 9,144 $ 223,712 Provision (credits) 2,119 2,371 (83 ) 2,725 (498 ) 1,508 209 123 3,440 (164 ) 11,750 Charge-offs (44 ) (761 ) — (1,858 ) — (166 ) (963 ) — (6,362 ) — (10,154 ) Recoveries 131 220 1 538 444 173 387 — 1,573 — 3,467 Balance at March 31 $ 37,476 $ 45,281 $ 2,399 $ 57,025 $ 2,167 $ 16,987 $ 21,495 $ 2,473 $ 34,492 $ 8,980 $ 228,775 Upon adoption of ASC 326, BancShares recorded a net decrease of $37.9 million in the ACL which included a decrease of $56.9 million in the ACL on non-PCD loans, offset by an increase of $19.0 million in the ACL on PCD loans. The largest changes as a result of adoption were decreases in the ACL on commercial loan segments as these portfolios have exhibited strong historical credit performance and have relatively short average lives. The reduction in ACL on these segments was partially offset by increases in ACL on our consumer loan segments primarily due to their longer average lives. The increase in the ACL on PCD loans was primarily the result of reallocating credit discount from loan balances into ACL. ACL is calculated using a variety of factors, including, but not limited to, charge-off and recovery activity, loan growth, changes in macroeconomic factors, collateral type, estimated loan life and changes in credit quality. For the quarter ended March 31, 2020 the primary reason for the ACL change since the adoption of ASC 326, was a $21.5 million increase due to the potential economic impact of the novel coronavirus (“COVID-19”) and its estimated impact on credit losses during the quarter. Within our forecast period of 24 months , forecasts varied widely for key macroeconomic variables (unemployment, gross domestic product, home price index, and commercial real estate index) used in the ACL models. Expected loss estimates considered the potential impact of slower economic activity with increasing unemployment, as well as potential mitigating impacts from the government stimulus and loan modification programs. These loss estimates were also influenced by BancShares strong credit quality, historically low net charge-offs and recent credit trends, which remained stable through the quarter ended March 31, 2020. BancShares individually reviews loans greater than $500 thousand that are determined to be collateral-dependent. These collateral-dependent loans are evaluated based on the fair value of the underlying collateral as repayment of the loan is expected to be made through the operation or sale of the collateral. Commercial and industrial loans and leases are collateralized by business assets, while the remaining loan classes are collateralized by real property. The following table presents information on collateral-dependent loans by class and includes the amortized cost of collateral-dependent loans and leases, the net realizable value of the collateral, the extent to which collateral secures collateral-dependent loans and the associated ACL as of March 31, 2020 were as follows: (Dollars in thousands) Collateral-Dependant Loans Net Realizable Value of Collateral Collateral Coverage Allowance for Credit Losses Commercial loans: Construction and land development $ 3,522 $ 8,928 253.5 % $ 215 Owner occupied commercial mortgage 9,139 21,686 237.3 — Non-owner occupied commercial mortgage 4,617 10,255 222.1 — Commercial and industrial and leases 439 439 100.0 — Total commercial loans 17,717 41,308 233.2 215 Consumer: Residential mortgage 16,952 24,599 145.1 117 Revolving mortgage 428 452 105.6 — Construction and land development 1,412 1,558 110.3 — Total consumer loans 18,792 26,609 141.6 117 Total non-PCD loans 36,509 67,917 186.0 332 PCD 11,457 19,554 170.7 697 Total collateral-dependent loans $ 47,966 $ 87,471 182.4 % $ 1,029 Collateral-dependent nonaccrual loans with no recorded allowance totaled $43.6 million as of March 31, 2020 . All other nonaccrual loans have a recorded allowance. The following tables present the allowance and recorded investment in loans and leases by class of loans, as well as the associated impairment method at December 31, 2019 : December 31, 2019 (Dollars in thousands) Construction Commercial Other Commercial Other Residential Revolving Construction Consumer Total Non-PCI Loans Allowance for loan and lease losses: ALLL for loans and leases individually evaluated for impairment $ 463 $ 3,650 $ 39 $ 1,379 $ 103 $ 3,278 $ 2,722 $ 174 $ 1,107 $ 12,915 ALLL for loans and leases collectively evaluated for impairment 32,750 41,685 2,172 57,995 2,133 14,954 16,980 2,535 33,486 204,690 Total allowance for loan and lease losses $ 33,213 $ 45,335 $ 2,211 $ 59,374 $ 2,236 $ 18,232 $ 19,702 $ 2,709 $ 34,593 $ 217,605 Loans and leases: Loans and leases individually evaluated for impairment $ 4,655 $ 70,149 $ 1,268 $ 12,182 $ 639 $ 60,442 $ 28,869 $ 3,882 $ 3,513 $ 185,599 Loans and leases collectively evaluated for impairment 1,008,799 12,212,486 540,760 4,391,610 309,454 5,233,475 2,310,203 353,503 1,776,891 28,137,181 Total loan and leases $ 1,013,454 $ 12,282,635 $ 542,028 $ 4,403,792 $ 310,093 $ 5,293,917 $ 2,339,072 $ 357,385 $ 1,780,404 $ 28,322,780 The following table presents the PCI allowance and recorded investment in loans at December 31, 2019 : (Dollars in thousands) December 31, 2019 ALLL for loans acquired with deteriorated credit quality $ 7,536 Loans acquired with deteriorated credit quality 558,716 At December 31, 2019 , $139.4 million of PCI loans experienced an adverse change in expected cash flows since the date of acquisition. The following tables provide information on non-PCI impaired loans and leases, exclusive of loans and leases collectively evaluated: December 31, 2019 (Dollars in thousands) With a With no Total Unpaid Related Non-PCI impaired loans and leases: Commercial: Construction and land development $ 1,851 $ 2,804 $ 4,655 $ 5,109 $ 463 Commercial mortgage 42,394 27,755 70,149 74,804 3,650 Other commercial real estate 318 950 1,268 1,360 39 Commercial and industrial and leases 7,547 4,635 12,182 13,993 1,379 Other 406 233 639 661 103 Total commercial loans 52,516 36,377 88,893 95,927 5,634 Noncommercial: Residential mortgage 48,796 11,646 60,442 64,741 3,278 Revolving mortgage 26,104 2,765 28,869 31,960 2,722 Construction and land development 2,470 1,412 3,882 4,150 174 Consumer 3,472 41 3,513 3,821 1,107 Total noncommercial loans 80,842 15,864 96,706 104,672 7,281 Total non-PCI impaired loans and leases $ 133,358 $ 52,241 $ 185,599 $ 200,599 $ 12,915 Non-PCI impaired loans less than $500,000 that were collectively evaluated for impairment totaled $41.0 million at December 31, 2019 . The following tables show the average non-PCI impaired loan balance and the interest income recognized by loan class for the three months ended March 31, 2019 : Three months ended March 31, 2019 (Dollars in thousands) Average Interest income recognized Non-PCI impaired loans and leases: Commercial: Construction and land development $ 2,147 $ 28 Commercial mortgage 56,629 564 Other commercial real estate 685 8 Commercial and industrial and leases 10,000 100 Other 315 2 Total commercial 69,776 702 Noncommercial: Residential mortgage 42,626 325 Revolving mortgage 28,742 247 Construction and land development 3,747 36 Consumer 3,000 29 Total noncommercial 78,115 637 Total non-PCI impaired loans and leases $ 147,891 $ 1,339 Troubled Debt Restructurings BancShares accounts for certain loan modifications or restructurings as TDRs. In general, the modification or restructuring of a loan is considered a TDR if, for economic or legal reasons related to a borrower’s financial difficulties, a concession is granted to the borrower that creditors would not otherwise consider. Concessions may relate to the contractual interest rate, maturity date, payment structure or other actions. Within our allowance for credit loss models, TDRs are not individually evaluated unless determined to be collateral-dependent and are included in the definition of default which provides for a 100% probability of default applied within the models. As a result, subsequent changes in default status do not impact the calculation of the allowance for credit losses on TDR loans. Recent legislation and regulatory requirements have allowed for relief and provided guidance around the determination of TDRs for new loan modifications and forbearances for borrowers experiencing COVID-19-related financial difficulty. BancShares has utilized this guidance to identify new TDRs beginning in the first quarter of 2020 and did not identify new modifications as TDRs for those borrowers experiencing COVID-19-related financial difficulty. The following tables provides a summary of total TDRs by accrual status: March 31, 2020 (Dollars in thousands) Accruing Nonaccruing Total Commercial loans: Construction and land development $ 1,086 $ 1,537 $ 2,623 Owner occupied commercial mortgage 33,704 10,153 43,857 Non-owner occupied commercial mortgage 11,438 319 11,757 Commercial and industrial and leases 9,914 2,607 12,521 Total commercial loans 56,142 14,616 70,758 Consumer: Residential mortgage 35,288 15,820 51,108 Revolving mortgage 22,677 7,206 29,883 Construction and land development 2,376 2,701 5,077 Consumer auto 2,018 718 2,736 Consumer other 1,061 124 1,185 Total consumer loans 63,420 26,569 89,989 PCD Loans 14,061 4,997 19,058 Total loans $ 133,623 $ 46,182 $ 179,805 December 31, 2019 (Dollars in thousands) Accruing Nonaccruing Total Commercial loans: Construction and land development $ 487 $ 2,279 $ 2,766 Commercial mortgage 50,819 11,116 61,935 Other commercial real estate 571 — 571 Commercial and industrial and leases 9,430 2,409 11,839 Other 320 105 425 Total commercial loans 61,627 15,909 77,536 Noncommercial: Residential mortgage 41,813 16,048 57,861 Revolving mortgage 21,032 7,367 28,399 Construction and land development 1,452 2,430 3,882 Consumer 2,826 688 3,514 Total noncommercial loans 67,123 26,533 93,656 Total loans $ 128,750 $ 42,442 $ 171,192 Total TDRs included $17.2 million of PCI TDRs at December 31, 2019 . The following table provides the types of modifications designated as TDRs during the three months ended March 31, 2020 and March 31, 2019 , as well as a summary of loans modified as a TDR during the twelve month periods ended March 31, 2020 and March 31, 2019 that subsequently defaulted during the three months ended March 31, 2020 and March 31, 2019 . BancShares defines payment default as movement of the TDR to nonaccrual status, which is generally 90 days past due for TDRs, foreclosure or charge-off, whichever occurs first. Three months ended March 31, 2020 Three months ended March 31, 2019 All restructurings Restructurings with payment default All restructurings Restructurings with payment default (Dollars in thousands) Number of Loans Recorded investment at period end Number of Loans Recorded investment at period end Number of Loans Recorded investment at period end Number of Loans Recorded investment at period end Loans and leases Interest only 10 $ 3,986 — $ — — $ — — $ — Loan term extension 6 794 3 263 4 608 3 541 Below market interest rate 88 8,165 29 1,421 96 4,962 38 2,219 Discharged from bankruptcy 68 5,032 28 1,767 50 2,420 25 1,144 Total restructurings 172 $ 17,977 60 $ 3,451 150 $ 7,990 66 $ 3,904 For the three months ended March 31, 2020 and March 31, 2019 , the pre-modification and post-modification outstanding amortized cost of loans modified as TDRs were not materially different. |
Other Real Estate Owned
Other Real Estate Owned | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
Other Real Estate Owned | NOTE F - OTHER REAL ESTATE OWNED The following table explains changes in OREO during the three months ended March 31, 2020 and 2019 : (Dollars in thousands) OREO Balance at December 31, 2019 $ 46,591 Additions 5,987 Acquired in business combinations 9,813 Sales (5,321 ) Write-downs/losses (1,363 ) Balance at March 31, 2020 $ 55,707 Balance at December 31, 2018 $ 48,030 Additions 3,133 Sales (6,934 ) Write-downs/losses (923 ) Balance at March 31, 2019 $ 43,306 At March 31, 2020 and December 31, 2019 , BancShares had $13.1 million and $14.5 million , respectively, of foreclosed residential real estate property in OREO. The recorded investment in consumer mortgage loans collateralized by residential real estate property in the process of foreclosure was $22.0 million and $23.0 million at March 31, 2020 and December 31, 2019 , respectively. Net losses recorded on the sale of OREO properties were $56 thousand for the three months ended March 31, 2020 . Net gains recorded on the sale of OREO were $496 thousand for the three months ended March 31, 2019 . |
Mortgage Servicing Rights
Mortgage Servicing Rights | 3 Months Ended |
Mar. 31, 2020 | |
Mortgage Servicing Rights [Abstract] | |
Transfers and Servicing of Financial Assets [Text Block] | Our portfolio of residential mortgage loans serviced for third parties was $3.41 billion and $3.38 billion as of March 31, 2020 and December 31, 2019 , respectively. These loans are originated by BancShares and sold to third parties on a non-recourse basis with servicing rights retained. The retained servicing rights were recorded as a servicing asset and are reported in other intangible assets. The associated amortization expense and any valuation allowance recognized were included as a reduction of mortgage income. Mortgage servicing rights are initially recorded at fair value and then carried at the lower of amortized cost or fair value. Contractually specified mortgage servicing fees, late fees and ancillary fees earned for the three months ended March 31, 2020 and 2019 were $2.1 million and $1.9 million , respectively, and are reported in mortgage income. The following table explains changes in the servicing asset during the three months ended March 31 , 2020 and 2019 : Three months ended March 31 (Dollars in thousands) 2020 2019 Beginning balance $ 22,963 $ 21,396 Servicing rights originated 1,583 859 Amortization (1,823 ) (1,447 ) Valuation allowance increase (2,967 ) (161 ) Ending balance $ 19,756 $ 20,647 The following table presents the activity in the servicing asset valuation allowance for the three months ended March 31 , 2020 and 2019 : Three months ended March 31 (Dollars in thousands) 2020 2019 Beginning balance $ 222 $ — Valuation allowance increase 2,967 161 Ending balance $ 3,189 $ 161 Mortgage servicing rights valuations are performed using a pooling methodology where loans with similar risk characteristics are grouped together and evaluated using discounted cash flows to estimate the present value of future earnings. Key economic assumptions used to value mortgage servicing rights were as follows: March 31, 2020 December 31, 2019 Discount rate - conventional fixed loans 7.67 % 8.92 % Discount rate - all loans excluding conventional fixed loans 8.67 % 9.92 % Weighted average constant prepayment rate 19.38 % 13.72 % Weighted average cost to service a loan $ 87.30 $ 87.09 The fair value of mortgage servicing rights is sensitive to changes in assumptions and is determined by estimating the present value of the asset’s future cash flows by utilizing discount rates, prepayment rates, and other inputs. The discount rate is based on the 10-year U.S. Treasury rate plus a risk premium of 700 basis points for conventional fixed loans and 800 basis points for all other loans. The prepayment rate is derived from the Public Securities Association Standard Prepayment model. Generally, as interest rates decline, mortgage loan prepayments accelerate due to increased refinance activity. This results in a decrease in fair value, which occurred during first quarter 2020, resulting in an increase in the valuation allowance of $3.0 million . The average cost to service a loan is based on the number of loans serviced and the total cost to service the loans. Other Servicing Rights Other servicing rights were acquired as part of business combinations and relate to the sale of the guaranteed portion of government guaranteed loans with servicing retained. The amount of the other servicing rights were $1.7 million and $1.9 million at March 31, 2020 and December 31, 2019 , respectively. The amortization related to other servicing rights is recorded in other noninterest income. |
Repurchase Agreements
Repurchase Agreements | 3 Months Ended |
Mar. 31, 2020 | |
Repurchase Agreements [Abstract] | |
Repurchase Agreements, Resale Agreements, Securities Borrowed, and Securities Loaned Disclosure [Text Block] | REPURCHASE AGREEMENTS BancShares utilizes securities sold under agreements to repurchase to facilitate the needs of customers and secure wholesale funding needs. Repurchase agreements are transactions whereby BancShares offers to sell to a counterparty an undivided interest in an eligible security at an agreed upon price, and which obligates BancShares to repurchase the security at an agreed upon date, repurchase price, and interest rate. These agreements are recorded at the amount of cash received in connection with the transaction and are reflected as securities sold under customer repurchase agreements. BancShares monitors collateral levels on a continuous basis and maintains records of each transaction specifically describing the applicable security and the counterparty’s interest in that security, and segregates the security from general assets in accordance with regulations governing custodial holdings of securities. The primary risk with repurchase agreements is market risk associated with the investments securing the transactions, as additional collateral may be required based on fair value changes of the underlying investments. Securities pledged as collateral under repurchase agreements are maintained with safekeeping agents. The carrying value of investment securities available for sale pledged as collateral under repurchase agreements was $558.5 million and $477.6 million at March 31, 2020 and December 31, 2019 , respectively. BancShares held securities sold under agreements to repurchase of $540.4 million at March 31, 2020 , with overnight and continuous remaining contractual maturities collateralized by government agency securities and $443.0 million at December 31, 2019 , with overnight and continuous remaining contractual maturities collateralized by government agency securities. |
FDIC Shared-Loss Payable
FDIC Shared-Loss Payable | 3 Months Ended |
Mar. 31, 2020 | |
FDIC Shared-Loss Receivable [Abstract] | |
FDIC Shared-Loss Receivable | FDIC SHARED-LOSS PAYABLE At March 31, 2020 , shared-loss protection remains for single family residential loans acquired in the amount o f $42.4 million . The shared-loss agreement for two of the FDIC-assisted transactions include a provision related to a payment that may be owed to the FDIC at the termination of the agreement if actual cumulative losses on acquired covered assets are lower than the cumulative losses originally estimated by the FDIC at the time of acquisition (the “clawback liability”) . BancShares issued a payment to the FDIC in the first quarter of 2020 for $99.5 million related to one of the transactions. The remaining clawback liability payment date is March 2021. The following table provides changes in the FDIC shared-loss payable since December 31, 2019 : (Dollars in thousands) Total Balance at December 31, 2019 $ 112,395 Accretion 1,810 Payment made to the FDIC to settle shared-loss agreement (99,468 ) Balance at March 31, 2020 $ 14,737 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Loss | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income (loss) included the following as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 (Dollars in thousands) Accumulated Deferred Accumulated Accumulated Deferred Accumulated Unrealized gains on securities available for sale $ 132,570 $ 30,490 $ 102,080 $ 7,522 $ 1,730 $ 5,792 Defined benefit pension items (165,834 ) (38,142 ) (127,692 ) (172,098 ) (39,583 ) (132,515 ) Total $ (33,264 ) $ (7,652 ) $ (25,612 ) $ (164,576 ) $ (37,853 ) $ (126,723 ) The following table highlights changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2020 and 2019 : Three months ended March 31, 2020 (Dollars in thousands, net of tax) Unrealized gains on securities available for sale Unrealized losses on securities available for sale transferred to held to maturity Defined benefit pension items Total Beginning balance $ 5,792 $ — $ (132,515 ) $ (126,723 ) Net unrealized gains arising during period 111,530 — — 111,530 Amounts reclassified from accumulated other comprehensive loss (15,242 ) — 4,823 (10,419 ) Net current period other comprehensive income 96,288 — 4,823 101,111 Ending balance $ 102,080 $ — $ (127,692 ) $ (25,612 ) Three months ended March 31, 2019 (Dollars in thousands, net of tax) Unrealized gains on securities available for sale Unrealized losses on securities available for sale transferred to held to maturity Defined benefit pension items Total Beginning balance $ (38,505 ) $ (71,149 ) $ (125,533 ) $ (235,187 ) Net unrealized gains arising during period 21,615 — — 21,615 Amounts reclassified from accumulated other comprehensive loss — 4,591 2,121 6,712 Net current period other comprehensive income 21,615 4,591 2,121 28,327 Ending balance $ (16,890 ) $ (66,558 ) $ (123,412 ) $ (206,860 ) The following table presents the amounts reclassified from accumulated other comprehensive income (loss) and the line item affected in the statement where net income is presented for the three months ended March 31, 2020 and 2019 : Three months ended March 31, 2020 Details about accumulated other comprehensive income (loss) Amounts reclassified from accumulated other comprehensive income (loss) Affected line item in the statement where net income is presented Unrealized gains on securities available for sale $ 19,795 Realized gains on investment securities available for sale, net (4,553 ) Income taxes $ 15,242 Amortization of defined benefit pension items Actuarial losses $ (6,264 ) Other 1,441 Income taxes $ (4,823 ) Total reclassifications for the period $ 10,419 Three months ended March 31, 2019 Details about accumulated other comprehensive income (loss) Amounts reclassified from accumulated other comprehensive income (loss) Affected line item in the statement where net income is presented Amortization of unrealized losses on securities available for sale transferred to held to maturity $ (5,962 ) Net interest income 1,371 Income taxes $ (4,591 ) Amortization of defined benefit pension items Prior service costs $ (14 ) Salaries and wages Actuarial losses (2,741 ) Other (2,755 ) Income before income taxes 634 Income taxes $ (2,121 ) Total reclassifications for the period $ (6,712 ) |
Estimated Fair Values
Estimated Fair Values | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values | ESTIMATED FAIR VALUES Fair value estimates are intended to represent the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date. Where there is no active market for a financial instrument, BancShares has made estimates using discounted cash flows or other valuation techniques. Inputs used in these valuation techniques are subjective in nature, involve uncertainties and require significant judgment and therefore can only be derived within a range of precision. Accordingly, the derived fair value estimates presented below are not necessarily indicative of the amounts BancShares would realize in a current market exchange. ASC 820, Fair Value Measurements and Disclosures , indicates that assets and liabilities are recorded at fair value according to a fair value hierarchy comprised of three levels. The levels are based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value. The level within the fair value hierarchy for an asset or liability is based on the highest level of input that is significant to the fair value measurement (with Level 1 considered highest and Level 3 considered lowest). A brief description of each level follows: • Level 1 values are based on quoted prices for identical instruments in active markets. • Level 2 values are based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. • Level 3 values are derived from valuation techniques in which one or more significant inputs or assumptions are not observable in the market. These unobservable inputs and assumptions reflect estimates that market participants would use in pricing the asset or liability. Valuation techniques include the use of discounted cash flow models and similar techniques. BancShares’ management reviews any changes to its valuation methodologies to ensure they are appropriate and supportable, and refines valuation methodologies as more market-based data becomes available. Accuracy of the levels of the fair value hierarchy are validated at the end of the reporting period. The methodologies used to estimate the fair value of financial assets and financial liabilities are discussed below: Investment securities available for sale and held to maturity . The fair value of U.S. Treasury, government agency and mortgage-backed securities, municipal securities, as well as a portion of corporate bonds, is generally estimated using a third party pricing service. The third party provider evaluates securities based on comparable investments with trades and market data and will utilize pricing models that use a variety of inputs, such as benchmark yields, reported trades, broker-dealer quotes, issuer spreads, benchmark securities, bids and offers as needed. These securities are generally classified as Level 2. The remaining corporate bonds held are generally measured at fair value based on indicative bids from broker-dealers and are not directly observable. These securities are considered Level 3. Investment in marketable equity securities. Equity securities are measured at fair value using observable closing prices and the market activity. Equity securities are classified as Level 1 if they are traded in an active market and as Level 2 if the observable closing price is from a less than active market. Loans held for sale. Management elects the fair value option on certain residential real estate loans originated to be sold to investors. The loans are carried at fair value based on quoted market prices for similar types of loans. Accordingly, the inputs used to calculate fair value of originated residential real estate loans held for sale are classified as Level 2 inputs. Portfolio loans that are subsequently transferred to held for sale to be sold in the secondary market are carried at fair value when a firm commitment from a counterparty exists. The fair value of the transferred portfolio loans is based on the quoted prices and is considered a Level 1 input. Net loans and leases. Fair value is estimated based on discounted future cash flows using the current interest rates at which loans with similar terms would be made to borrowers of similar credit quality. The inputs used in the fair value measurements for loans and leases are considered Level 3 inputs. FHLB stock . The carrying amount of FHLB stock is a reasonable estimate of fair value as these securities are not readily marketable and are evaluated for impairment based on the ultimate recoverability of the par value. BancShares considers positive and negative evidence, including the profitability and asset quality of the issuer, dividend payment history and recent redemption experience, when determining the ultimate recoverability of the par value. BancShares believes its investment in FHLB stock is ultimately recoverable at par. The inputs used in the fair value measurement for the FHLB stock are considered Level 2 inputs. Mortgage and other servicing rights. Mortgage and other servicing rights are carried at the lower of amortized cost or market value and are, therefore, carried at fair value only when fair value is less than the amortized cost. The fair value of mortgage and other servicing rights is performed using a pooling methodology. Similar loans are pooled together and a model that relies on discount rates, estimates of prepayment rates and the weighted average cost to service the loans is used to determine the fair value. The inputs used in the fair value measurement for mortgage and other servicing rights are considered Level 3 inputs. Deposits. For non-time deposits, carrying value is a reasonable estimate of fair value. The fair value of time deposits is estimated by discounting future cash flows using the interest rates currently offered for deposits with similar remaining maturities. The inputs used in the fair value measurement for deposits are considered Level 2 inputs. Borrowings. For borrowings, the fair values are determined based on recent trades or sales of the actual security if available. Otherwise, fair values are estimated by discounting future cash flows using current interest rates for similar financial instruments. The inputs used in the fair value measurement for FHLB borrowings, subordinated debentures, and other borrowings are considered Level 2 inputs. Payable to the FDIC for shared-loss agreements. The fair value of the payable to the FDIC for shared-loss agreements is determined based on expected payments to the FDIC in accordance with the shared-loss agreements. Cash flows are discounted using current discount rates to reflect the timing of the estimated amounts due to the FDIC. The inputs used in the fair value measurement for the payable to the FDIC are considered Level 3 inputs. Off-balance-sheet commitments and contingencies. Carrying amounts are reasonable estimates of the fair values for such financial instruments. Carrying amounts include unamortized fee income and, in some cases, reserves for any credit losses from those financial instruments. These amounts are not material to BancShares’ financial position. For all other financial assets and financial liabilities, the carrying value is a reasonable estimate of the fair value as of March 31, 2020 and December 31, 2019 . The carrying value and fair value for these assets and liabilities are equivalent because they are relatively short term in nature and there is no interest rate or credit risk that would cause the fair value to differ from the carrying value. Cash and due from banks is classified on the fair value hierarchy as Level 1. Overnight investments, income earned not collected, securities sold under customer repurchase agreements, and accrued interest payable are considered Level 2. The table presents the carrying values and estimated fair values for financial instruments as of March 31, 2020 and December 31, 2019 : (Dollars in thousands) March 31, 2020 December 31, 2019 Carrying value Fair value Carrying value Fair value Cash and due from banks $ 454,220 $ 454,220 $ 376,719 $ 376,719 Overnight investments 688,518 688,518 1,107,844 1,107,844 Investment in marketable equity securities 315,501 315,501 82,333 82,333 Investment securities available for sale 7,789,034 7,789,034 7,059,674 7,059,674 Investment securities held to maturity 740,662 753,178 30,996 30,996 Loans held for sale 76,347 76,347 67,869 67,869 Net loans and leases 29,031,700 29,565,373 28,656,355 28,878,550 Income earned not collected 125,626 125,626 123,154 123,154 Federal Home Loan Bank stock 51,087 51,087 43,039 43,039 Mortgage and other servicing rights 21,488 22,733 24,891 26,927 Deposits 35,346,711 35,382,365 34,431,236 34,435,789 Securities sold under customer repurchase agreements 540,362 540,362 442,956 442,956 Federal Home Loan Bank borrowings 792,684 829,785 572,185 577,362 Subordinated debt 504,145 467,612 163,412 173,685 Other borrowings 105,303 105,460 148,318 149,232 FDIC shared-loss payable 14,737 15,674 112,395 114,252 Accrued interest payable 13,500 13,500 18,124 18,124 Among BancShares’ assets and liabilities, investment securities available for sale, marketable equity securities and loans held for sale are reported at their fair values on a recurring basis. For assets and liabilities carried at fair value on a recurring basis, the following table provides fair value information as of March 31, 2020 and December 31, 2019 : March 31, 2020 Fair value measurements using: (Dollars in thousands) Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets measured at fair value Investment securities available for sale U.S. Treasury $ 205,782 $ — $ 205,782 $ — Government agency 760,431 — 760,431 — Residential mortgage-backed securities 5,952,841 — 5,952,841 — Commercial mortgage-backed securities 650,565 — 650,565 — Corporate bonds 219,415 — 152,399 67,016 Total investment securities available for sale $ 7,789,034 $ — $ 7,722,018 $ 67,016 Marketable equity securities $ 315,501 $ 111,807 $ 203,694 $ — Loans held for sale $ 76,347 $ — $ 76,347 $ — December 31, 2019 Fair value measurements using: Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets measured at fair value Investment securities available for sale U.S. Treasury $ 409,999 $ — $ 409,999 $ — Government agency 682,772 — 682,772 — Residential mortgage-backed securities 5,267,090 — 5,267,090 — Commercial mortgage-backed securities 380,020 — 380,020 — Corporate bonds 201,566 — 131,881 69,685 State, county and municipal 118,227 — 118,227 — Total investment securities available for sale $ 7,059,674 $ — $ 6,989,989 $ 69,685 Marketable equity securities $ 82,333 $ 29,458 $ 52,875 $ — Loans held for sale $ 67,869 $ — $ 67,869 $ — During the three months ended March 31, 2020 , there were transfers from Level 2 to Level 3 of $1.8 million in corporate bonds available for sale. The transfers were due to a lack of observable inputs and trade activity for those securities. During the three months ended March 31, 2019 , there were no transfers between levels. The following tables summarize activity for Level 3 assets: Three months ended March 31, 2020 (Dollars in thousands) Corporate bonds Balance at January 1, 2020 $ 69,685 Unrealized net losses included in other comprehensive income (4,366 ) Amounts included in net income (85 ) Transfers in 1,782 Balance at March 31, 2020 $ 67,016 The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis at March 31, 2020 : (Dollars in thousands) March 31, 2020 Level 3 assets Valuation technique Significant unobservable input Fair Value Corporate bonds Indicative bid provided by broker Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the issuer $ 67,016 Fair Value Option BancShares has elected the fair value option for residential real estate loans originated to be sold. This election reduces certain timing differences in the Consolidated Statement of Income and better aligns with the management of the portfolio from a business perspective. The changes in fair value were recorded as a component of mortgage income and included a gain of $1.2 million and a gain of $249 thousand for the three months ended March 31, 2020 and 2019 , respectively. The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for residential real estate originated for sale measured at fair value as of March 31, 2020 and December 31, 2019 : March 31, 2020 (Dollars in thousands) Fair value Aggregate unpaid principal balance Difference Originated loans held for sale $ 76,347 $ 72,883 $ 3,464 December 31, 2019 Fair value Aggregate unpaid principal balance Difference Originated loans held for sale $ 67,869 $ 65,697 $ 2,172 No originated loans held for sale were 90 or more days past due or on nonaccrual status as of March 31, 2020 or December 31, 2019 . We may be required to measure certain financial assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower of amortized cost or fair value accounting or write-downs of individual assets due to impairment. Following the adoption of ASC 326, the population of loans measured at fair value on a non-recurring basis has greatly diminished and is limited to collateral-dependent loans evaluated individually. These collateral-dependent loans are deemed to be at fair value if there is an associated allowance for credit losses or if a charge-off has been recorded in the previous 12 months. Collateral values are determined using appraisals or other third-party value estimates of the subject property discounted based on estimated selling costs, generally between 9% and 11% , and immaterial adjustments for other external factors that may impact the marketability of the collateral. The weighted average discount for estimated selling costs applied was 9.45% . Prior to the adoption of ASC 326, impaired loans were deemed to be at fair value if an associated allowance or current period charge-off had been recorded. The value of impaired loans was determined by either collateral valuations or discounted present value of the expected cash flow calculations. Collateral values were determined using appraisals or other third-party value estimates of the subject property with discounts, generally between 6% and 11% , applied for estimated selling costs and other external factors that may impact the marketability of the property. Expected cash flows were determined using expected payment information at the individual loan level, discounted using the effective interest rate. The effective interest rate for the majority of impaired loans generally ranges between 3% and 7% . OREO acquired or written down within the previous 12 months is deemed to be at fair value. Asset valuations are determined by using appraisals or other third-party value estimates of the subject property with with discounts generally between 7% and 22% applied for estimated selling costs and other external factors that may impact the marketability of the property. At March 31, 2020 , the weighted average discount applied was 8.37% . Changes to the value of the assets between scheduled valuation dates are monitored through continued communication with brokers and monthly reviews by the asset manager assigned to each asset. If there are any significant changes in the market or the subject property, valuations are adjusted or new appraisals ordered to ensure the reported values reflect the most current information. For financial assets and liabilities carried at fair value on a nonrecurring basis, the following table provides fair value information as of March 31, 2020 and December 31, 2019 : March 31, 2020 Fair value measurements using: (Dollars in thousands) Fair value Level 1 inputs Level 2 inputs Level 3 inputs Collateral-dependent loans $ 5,489 $ — $ — $ 5,489 Other real estate owned 46,710 — — 46,710 Mortgage servicing rights 19,068 — — 19,068 December 31, 2019 Fair value measurements using: Fair value Level 1 inputs Level 2 inputs Level 3 inputs Impaired loans $ 132,336 $ — $ — $ 132,336 Other real estate owned 38,310 — — 38,310 Mortgage servicing rights 3,757 — — 3,757 No financial liabilities were carried at fair value on a nonrecurring basis as of March 31, 2020 and December 31, 2019 . |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits, Description [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS BancShares sponsors noncontributory defined benefit pension plans for its qualifying employees. The service cost component of net periodic benefit cost is included in salaries and wages while all other non-service cost components are included in other noninterest expense. For the three months ended March 31, 2020 and 2019 , the components of net periodic benefit cost are as follows: Three months ended March 31 (Dollars in thousands) 2020 2019 Service cost $ 3,457 $ 3,113 Interest cost 8,531 9,291 Expected return on assets (16,409 ) (15,635 ) Amortization of prior service cost — 14 Amortization of net actuarial loss 6,264 2,741 Net periodic cost (benefit) $ 1,843 $ (476 ) A discretionary contribution of $100.0 million was made to the pension plans during the three months ended March 31, 2020 . Management evaluates the need for its pension plan contributions on a periodic basis based upon numerous factors including, but not limited to, the funded status of the plans, returns on plan assets, discount rates and the current economic environment. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Leases | LEASES The following table presents lease assets and liabilities as of March 31, 2020 and December 31, 2019 : (Dollars in thousands) Classification March 31, 2020 December 31, 2019 Assets: Operating Other assets $ 75,174 $ 77,115 Finance Premises and equipment 9,261 8,820 Total leased assets $ 84,435 $ 85,935 Liabilities: Operating Other liabilities $ 75,011 $ 76,746 Finance Other borrowings 9,024 8,230 Total lease liabilities $ 84,035 $ 84,976 |
Leases | LEASES The following table presents lease assets and liabilities as of March 31, 2020 and December 31, 2019 : (Dollars in thousands) Classification March 31, 2020 December 31, 2019 Assets: Operating Other assets $ 75,174 $ 77,115 Finance Premises and equipment 9,261 8,820 Total leased assets $ 84,435 $ 85,935 Liabilities: Operating Other liabilities $ 75,011 $ 76,746 Finance Other borrowings 9,024 8,230 Total lease liabilities $ 84,035 $ 84,976 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES To meet the financing needs of its customers, BancShares and its subsidiaries have financial instruments with off-balance sheet risk. These financial instruments involve elements of credit, interest rate or liquidity risk and include commitments to extend credit and standby letters of credit. Commitments to extend credit are legally binding agreements to lend to customers. These commitments generally have fixed expiration dates or other termination clauses and may require payment of fees. Since many of these commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future liquidity requirements. Established credit standards control the credit risk exposure associated with these commitments. In some cases, BancShares requires collateral be pledged to secure the commitment, including cash deposits, securities and other assets. Standby letters of credit are commitments guaranteeing performance of a customer to a third party. Those commitments are primarily issued to support public and private borrowing arrangements. To mitigate its risk, BancShares’ credit policies govern the issuance of standby letters of credit. The credit risk related to the issuance of these letters of credit is essentially the same as in extending loans to clients and, therefore, these letters of credit are collateralized when necessary. The following table presents the commitments to extend credit and standby letters of credit as of March 31, 2020 and December 31, 2019 : (Dollars in thousands) March 31, 2020 December 31, 2019 Unused commitments to extend credit $ 10,775,845 $ 10,682,378 Standby letters of credit 106,055 99,601 BancShares has investments in qualified affordable housing projects primarily for the purposes of fulfilling Community Reinvestment Act requirements and obtaining tax credits. Affordable housing project investments were $166.6 million and $167.8 million as of March 31, 2020 and December 31, 2019 , respectively, and were recorded in other assets. Unfunded commitments to fund future investments in affordable housing projects totaled $68.9 million and $70.0 million as of March 31, 2020 and December 31, 2019 , respectively, and were recorded in other liabilities. BancShares and various subsidiaries have been named as defendants in legal actions arising from their normal business activities in which damages in various amounts were claimed. BancShares has also been exposed to litigation risk relating to the prior business activities of banks from which assets were acquired and liabilities assumed in the various merger transactions. Although the amount of any ultimate liability with respect to such matters cannot be determined, in the opinion of management, any such liability will not have a material effect on BancShares’ consolidated financial statements. |
Accounting Policies and Basis_2
Accounting Policies and Basis of Presentation Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Reclassifications | Reclassifications In certain instances, amounts reported in prior years’ consolidated financial statements have been reclassified to conform to the current financial statement presentation. Such reclassifications had no effect on previously reported cash flows, shareholders’ equity or net income. |
Use of Estimates | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions which affect the amounts reported. Actual results could differ from those estimates. The estimates BancShares considers significant are the allowance for credit losses, fair value measurements, and income taxes. |
New Accounting Pronouncements | Recently Adopted Accounting Pronouncements Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2018-13 - Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement This ASU modifies the disclosure requirements on fair value measurements by eliminating the requirements to disclose (1) the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy (2) the policy for timing of transfers between levels and (3) the valuation processes for Level 3 fair value measurements. This ASU also added specific disclosure requirements for fair value measurements for public business entities including the requirement to disclose the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. BancShares adopted this ASU during the first quarter of 2020 and have made all applicable updates to the disclosure within the Notes to the Unaudited Consolidated Financial Statements. FASB ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment This ASU eliminates Step 2 from the goodwill impairment test. Under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this ASU, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. Additionally, an entity should consider income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit when measuring the goodwill impairment loss, if applicable. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. This ASU eliminates the requirements for any reporting unit with a zero or negative carrying amount to perform a qualitative test. BancShares adopted this ASU during the first quarter 2020 with no impact to our consolidated financial position or consolidated results of operations as a result of the adoption. FASB ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments This ASU (and all subsequent ASUs on this topic) introduce the current expected credit loss (“CECL”) model, a new credit loss methodology, replacing multiple existing impairment methods in current GAAP, which generally require that a loss be incurred before it is recognized. The amendments in this ASU require loss estimates be determined over the lifetime of the asset and broaden the information that an entity must consider in developing its expected credit losses. The ASU does not specify a method for measuring expected credit losses and allows an entity to apply methods that reasonably reflect its expectations of the credit loss estimate based on the entity's size, complexity and risk profile. In addition, the disclosures of credit quality indicators in relation to the amortized cost of financing receivables, a current disclosure requirement, are further disaggregated by year of origination. BancShares adopted this ASU (and all subsequent ASUs on this topic) as of January 1, 2020 using the modified retrospective approach for all loans, leases, debt securities designated as held to maturity, and unfunded loan commitments. BancShares adopted the ASU using the prospective approach for debt securities available for sale and purchased credit deteriorated (“PCD”) loans previously accounted for under Accounting Standard Codification (“ASC”) ASC 310-30. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326, while prior period amounts continue to be reported in accordance with previously applicable GAAP. BancShares made changes to loan classifications and segmentation in order to align with ASC 326 requirements and facilitate CECL modeling. Using this updated segmentation, BancShares developed new loan level models to estimate the allowance for credit losses (“ACL”) and facilitate revised disclosures. The information presented below represents changes from Note A, Accounting Policies and Basis of Presentation, included in BancShares’ Annual Report on Form 10-K for the year ended December 31, 2019 , as well as information on the impact of adoption. Accounting Policy - Debt Securities BancShares classifies debt securities as held to maturity (“HTM”) or available for sale (“AFS”). Debt securities are classified as HTM when BancShares has the intent and ability to hold the securities to maturity and are reported at amortized cost. Other debt securities are classified as AFS and reported at estimated fair value, with unrealized gains and losses, net of income taxes, reported in Accumulated Other Comprehensive Income (“AOCI”). Amortization of premiums and accretion of discounts for debt securities are included in interest income. Realized gains and losses from the sale of debt securities are determined by specific identification on a trade date basis and are included in noninterest income. BancShares performs pre-purchase due diligence and evaluates the credit risk of AFS and HTM securities purchased directly into our portfolio or via acquisition. If securities have evidence of more than insignificant credit deterioration since issuance, they are designated as PCD. P CD securities are recorded at fair value at the date of acquisition which includes an associated allowance that is added to the purchase price or fair value to arrive at the Day 1 amortized cost basis. The difference between the purchase price and the Day 1 amortized cost is amortized or accreted to interest income over the contractual life of the securities using the effective interest method. For AFS securities, management performs a quarterly analysis of the investment portfolio to evaluate securities currently in an unrealized loss position for potential credit-related impairment. If BancShares intends to sell a security, or does not have the intent and ability to hold a security before recovering the amortized cost, the entirety of the unrealized loss is immediately recorded in earnings. For the remaining securities, an analysis is performed to determine if any portion of the unrealized loss recorded relates to credit impairment. If credit related impairment exists, the amount is recorded through the ACL and related provision. This review includes indicators such as changes in credit rating, delinquency, bankruptcy or other significant news event impacting the issuer. Bancshares’ portfolio of HTM debt securities is made up of mortgage-backed securities issued by government agencies and government sponsored entities. Given the historically strong credit rating of the US Treasury and the long history of no credit losses on debt securities issued by government agencies and government sponsored entities, we determined zero expected credit losses on the HTM portfolio. Accounting Policy - Loans and Leases BancShares’ accounting methods for loans and leases depends on whether they are originated or purchased, and if purchased, whether or not the loans reflect more than insignificant credit deterioration since origination as of the date of acquisition. Non-Purchased Credit Deteriorated (“Non-PCD”) Loans Non-PCD loans consist of loans originated by BancShares and loans purchased from other institutions that do not reflect more than insignificant credit deterioration at acquisition. Originated loans for which management has the intent and ability to hold for the foreseeable future are classified as held for investment and carried at the principal amount outstanding net of any unearned income, charge-offs and unamortized fees and costs. Nonrefundable fees collected and certain direct costs incurred related to loan originations are deferred and recorded as an adjustment to loans outstanding. The net amount of the nonrefundable fees and costs is amortized to interest income over the contractual lives using methods that approximate a constant yield. Purchased loans which do not reflect more than insignificant credit deterioration at acquisition are classified as non-PCD loans. These loans are recorded at fair value at the date of acquisition and an initial allowance is recorded on these assets as provision expense at the date of acquisition. The difference between the fair value and the unpaid principal balance at the acquisition date is amortized or accreted to interest income over the contractual life of the loan using the effective interest method. Purchased Credit Deteriorated Loans Purchased loans which reflect a more than insignificant credit deterioration since origination as of the date of acquisition are classified as PCD and are recorded at acquisition date amortized cost, which is the purchase price or fair value in a business combination, plus our initial estimate of expected credit losses. The difference between the unpaid principal balance and the acquisition date amortized cost is amortized or accreted to interest income over the contractual life of the loan using the effective interest method. The performance of all loans within the BancShares portfolio is subject to a number of external risks, including but not limited to changes in the overall health of the economy, declines in real estate or other collateral values, changes in the demand for products and services and personal events, such as death, disability or change in marital status. BancShares evaluates and reports its non-PCD and PCD loan portfolios separately, and each non-PCD portfolio is further divided into commercial and consumer segments based on the type of borrower, purpose, collateral and/or our underlying credit management processes. Additionally, non-PCD commercial and consumer loans are assigned to loan classes, which further disaggregate the loan portfolio. PCD loans are reported as a single loan segment and class. The following represent our classes of loans as of January 1, 2020: Commercial loans and leases Construction and land development - Construction and land development consists of loans to finance land for development of commercial or residential real property and construction of multifamily apartments or other commercial properties. These loans are highly dependent on the supply and demand for commercial real estate as well as the demand for newly constructed residential homes and lots acquired for development. Deterioration in demand could result in decreased collateral values, which could make repayments of outstanding loans difficult for customers. Owner occupied commercial mortgage - Owner occupied commercial mortgages consists of loans to purchase or re-finance owner occupied nonresidential properties. This includes office buildings, other commercial facilities, and farmland. Commercial mortgages secured by owner occupied properties are primarily dependent on the ability of borrowers to achieve business results consistent with those projected at loan origination. While these loans and leases are collateralized by real property in an effort to mitigate risk, it is possible the liquidation of collateral will not fully satisfy the obligation. Non-owner occupied commercial mortgage - Non-owner occupied commercial mortgage consists of loans to purchase or refinance investment nonresidential properties. This includes office buildings and other facilities rented or leased to unrelated parties, as well as farmland and multifamily properties. The primary risk associated with income producing commercial mortgage loans is the ability of the income-producing property that collateralizes the loan to produce adequate cash flow to service the debt. While these loans and leases are collateralized by real property in an effort to mitigate risk, it is possible the liquidation of collateral will not fully satisfy the obligation. Commercial and industrial and leases - Commercial and industrial loans consist of loans or lines of credit to finance accounts receivable, inventory or other general business needs, business credit cards, and lease financing agreements for equipment, vehicles, or other assets. The primary risk associated with commercial and industrial and lease financing loans is the ability of borrowers to achieve business results consistent with those projected at origination. Failure to achieve these projections presents risk the borrower will be unable to service the debt consistent with the contractual terms of the loan or lease. Consumer loans Residential mortgage - Residential mortgage consists of loans to purchase or refinance the borrower’s primary dwelling, second residence or vacation home and are often secured by 1-4 family residential property. Significant and rapid declines in real estate values can result in borrowers having debt levels in excess of the current market value of the collateral. Revolving mortgage - Revolving mortgage consists of home equity lines of credit and other lines of credit secured by first or second liens on the borrower’s primary residence. These loans are secured by both senior and junior liens on the residential real estate and are particularly susceptible to declining collateral values. This risk is elevated for loans secured by junior lines as a substantial decline in value could render a the junior lien position effectively unsecured. Construction and land development - Construction and land development consists of loans to construct a borrower’s primary or secondary residence or vacant land upon which the owner intends to construct a dwelling at a future date. These loans are typically secured by undeveloped or partially developed land in anticipation of completing construction of a 1-4 family residential property. There is risk these construction and development projects can experience delays and cost overruns exceeding the borrower’s financial ability to complete the project. Such cost overruns can result in foreclosure of partially completed and unmarketable collateral. Consumer auto loans - Consumer auto loans consist of installment loans to finance purchases of vehicles. These loans include direct auto loans originated in bank branches, as well indirect auto loans originated through agreements with auto dealerships. The value of the underlying collateral within this class is at risk of potential rapid depreciation which could result in unpaid balances in excess of the collateral. Other consumer - Consumer loans consist of loans to finance unsecured home improvements, student loans and revolving lines of credit that can be secured or unsecured, including personal credit cards. The value of the underlying collateral within this class is at risk of potential rapid depreciation which could result in unpaid balances in excess of the collateral. Upon adoption of ASC 326, owner occupied and non-owner occupied commercial real estate were segregated into separate classes within the commercial segment. Similarly, consumer auto was segregated into its own class within the consumer segment. These enhancements were made to capture the unique credit characteristics used in our CECL models. Accounting Policy - Nonperforming Assets and Troubled Debt Restructurings Nonperforming Assets (“NPA”) NPAs include nonaccrual loans, past due securities and foreclosed property. Foreclosed property consists of real estate and other assets acquired as a result of loan defaults and is discussed below. All loans are classified as past due when the payment of principal and interest based upon contractual terms is greater than 30 days delinquent. Loans are generally placed on nonaccrual when principal or interest becomes 90 days past due or when it is probable the principal or interest is not fully collectible. When loans are placed on nonaccrual, all previously uncollected accrued interest is reversed from interest income and the ongoing accrual of interest is discontinued. All payments received thereafter are applied as a reduction of the remaining principal balance as long as doubt exists as to the ultimate collection of the principal. Loans and leases are generally removed from nonaccrual status when they become current for a sustained period of time and there is no longer concern as to the collectability of principal and interest. Securities are also classified as past due when the payment of principal and interest based upon contractual terms is greater than 30 days delinquent. Missed interest payments on securities are rare. We review all securities with delinquent interest and immediately charge off any accrued interest determined to be uncollectible. Troubled Debt Restructurings (“TDR”) A loan is considered a TDR when both of the following occur: (1) a modification to a borrower’s debt agreement is made and (2) a concession is granted for economic or legal reasons related to a borrower’s financial difficulties that otherwise would not be granted. TDR concessions could include short-term deferrals of interest, modifications of payment terms, or (in certain limited instances) forgiveness of principal or interest. Loans restructured as a TDR are treated and reported as such for the remaining life of the loan. TDR loans can be nonaccrual or accrual, depending on the individual facts and circumstances of the borrower. In circumstances where a portion of the loan balance is charged-off, the remaining balance is typically classified as nonaccrual. Accounting Policy - Allowance for Credit Losses (“ACL”) Loans Loans within the various reporting classes are segregated into pools with similar risk characteristics and models are built to estimate the ACL. These loan level ACL models estimate the probability of default and loss given default for individual loans within the risk pool based on historical loss experience, borrower characteristics, collateral type, forecasts of relevant economic conditions, expected future recoveries and other factors. Pools for estimating the ACL are aggregated into loan classes, as described above, which roll up into commercial and consumer loan segments. Non-PCD and PCD loans are modeled together within the loan level models using acquired and PCD indicator variables to provide differentiation of individual loan risk. BancShares uses a two-year reasonable and supportable forecast period which incorporates economic forecasts at the time of evaluation. For most pools, BancShares uses a 12-month straight-line reversion period to historical averages for model inputs; however for the consumer other, consumer card and commercial card pools, immediate reversion to historical net loss rates is utilized. The ACL represents management’s best estimate of credit losses expected over the life of the loan, adjusted for expected contractual payments and the impact of pre-payment expectations. Pre-payment assumptions were developed through a review of BancShares historical pre-payment activity and began with a review of pre-payment assumptions utilized in other modeling activities. Estimates for loan losses are determined by analyzing quantitative and qualitative components present as of the evaluation date. Adjustments to the ACL are recorded with a corresponding entry to provision for credit losses. Loan balances considered uncollectible are charged-off against the ACL. Recoveries of amounts previously charged-off are credited to the ACL. A primary component of determining the ACL on loans is the actual net loss history of the various loan pools. For commercial pools, key factors utilized in the models include delinquency trends as well as macroeconomic variables such as unemployment and commercial real estate price index. For consumer pools, key factors include delinquency trends and the borrower’s original credit score, as well as other macroeconomic variables such as unemployment, gross domestic product, home price index, and commercial real estate index. As the models project losses over the life of the loans, prepayment assumptions also serve as significant inputs. Model outputs may be adjusted through a qualitative assessment to reflect economic conditions and trends not captured within the models including credit quality, concentrations, and significant policy and underwriting changes. Within our ACL model, TDRs meet the definition of default and are given a 100% probability of default rating. TDRs are not individually evaluated unless determined to be collateral-dependent. Therefore, loss given default is calculated based on the individual risk characteristics of the loan as defined in the model. When loans do not share risk characteristics similar to others in the pool, the ACL is evaluated on an individual basis. Given that BancShares CECL models are loan level models, the population of loans evaluated individually is minimal and consists primarily of loans greater than $500 thousand and determined to be collateral-dependent. BancShares elected the practical expedient allowed under ASC 326 to assess the collectability of these loans, where repayment is expected to be provided substantially through operation or sale of collateral, based on the fair value of the underlying collateral. The fair value of the collateral is estimated using appraised and market values (appropriately adjusted for an assessment of the sales and marketing costs when applicable). A specific allowance is established, or partial charge-off is recorded, for the difference between the excess amortized cost of loan and the collateral’s estimated fair value. Accrued Interest Receivable BancShares has elected not to measure an ACL for accrued interest receivable and has excluded it from the amortized cost basis of loans and held to maturity debt securities as our accounting policies and credit monitoring provide that uncollectible accrued interest is reversed or written off against interest income in a timely manner. Unfunded Commitments A reserve for unfunded commitments is established for off-balance sheet exposures such as unfunded balances for existing lines of credit, commitments to extend future credit, as well a both standby and commercial letters of credit when there is a contractual obligation to extend credit and when this extension of credit is not unconditionally cancellable (i.e. commitment cannot canceled at any time). These unfunded commitments are assessed to determine both the probability of funding as well the expectation of future losses. The expected funding balance is used in the probability of default and loss given default models to determine the reserve. The reserve for unfunded commitments was $10.5 million at March 31, 2020 , and is recorded within other liabilities with changes recorded through other expense. Adoption Impact Upon adoption, BancShares recorded a net decrease of $37.9 million in the ACL which included a reduction of $56.9 million in the ACL on non-PCD loans, offset by an increase of $19.0 million in the ACL on PCD loans. The $56.9 million reduction in the ACL on non-PCD loans, as well as an $8.9 million increase in the reserve for unfunded commitments, net of deferred taxes, resulted in an increase in retained earnings of $36.9 million . The $19.0 million increase in the ACL on PCD loans resulted in a gross up of loan balances by this same amount and did not have any effect on retained earnings. Impact to total capital and capital ratios was not significant and we did not elect the capital phase-in option allowable for regulatory reporting purposes. There was no ACL recorded on debt securities held to maturity at adoption. The largest changes in the ACL, affecting beginning retained earnings as a result of the adoption, were decreases in the ACL on commercial loan segments as these portfolios have exhibited strong historical credit performance and have relatively short average lives. The reduction in ACL on these segments was partially offset by increases in ACL on our consumer loan segments primarily due to their longer average lives. The increase in the reserve for unfunded commitments was primarily due to increases in the scope of off-balance sheet exposures considered in this estimate due to the provisions in ASU 2016-13. BancShares adopted this ASU using the prospective transition approach for PCD loans previously accounted for under ASC 310-30. In accordance with the standard, we did not assess whether purchased credit impaired (“PCI”) loans met the criteria of PCD as of the date of adoption and all loans previously classified as PCI were updated to the PCD classification. Pools utilized for PCI accounting under ASC 310-10 were dissolved upon adoption. Loans from performing PCI pools, not previously considered nonaccrual of $47.0 million, were reclassified into nonaccrual status as a result of adoption. PCD loans were assessed using the loan level probability of default and loss given default models, as well as utilizing prior specific loan reviews to inform the initial PCD loan ACL. The ACL for PCD loans increased as a result of adoption and the amortized cost basis of these loans was adjusted to reflect the transfer of this amount from credit discount to ACL. The remaining noncredit discount will be accreted into interest income at the effective interest rate as of January 1, 2020. At the date of adoption, no securities were determined to be PCD. BancShares also adopted this ASU under the prospective transition approach for debt securities available for sale. No previously recorded other than temporary impairment was reported on the portfolio of debt securities. Recently Issued Accounting Pronouncements FASB ASU 2018-14 - Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans This ASU modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by eliminating the requirement to disclose the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year and adding a requirement to disclose an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. The amendments in this ASU are effective for public entities for fiscal years ending after December 15, 2020. Early adoption is permitted for all entities. BancShares will adopt all applicable amendments and update the disclosures as appropriate during the fourth quarter of 2020. |
Business Combinations (Tables)
Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Schedule of assets acquired and liabilities assumed | The following table provides the purchase price as of the acquisition date and the identifiable assets acquired and liabilities assumed at their estimated fair values: (Dollars in thousands) As recorded by FCB Purchase price $ 2,320 Assets Cash and due from banks $ 1,085 Overnight investments 35,129 Investment securities 30,146 Loans 133,989 Premises and equipment 7,624 Other real estate owned 9,813 Income earned not collected 558 Intangible assets 536 Other assets 2,520 Total assets acquired 221,400 Liabilities Deposits 209,340 Borrowings 9,925 Other liabilities 501 Total liabilities assumed $ 219,766 Fair value of net assets acquired 1,634 Goodwill recorded for Community Financial $ 686 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments [Abstract] | |
Aggregate Values And Unrealized Gains And Losses Of Investment Securities | The amortized cost and fair value of investment securities at March 31, 2020 and December 31, 2019 , were as follows: March 31, 2020 (Dollars in thousands) Cost Gross Gross unrealized Allowance for credit losses Fair Investment securities available for sale U.S. Treasury $ 204,971 $ 811 $ — $ — $ 205,782 Government agency 762,342 1,005 2,916 — 760,431 Residential mortgage-backed securities 5,832,518 123,114 2,791 — 5,952,841 Commercial mortgage-backed securities 635,565 15,603 603 — 650,565 Corporate bonds 221,068 3,520 5,173 — 219,415 Total investment securities available for sale $ 7,656,464 $ 144,053 $ 11,483 $ — $ 7,789,034 Investment in marketable equity securities 344,161 4,266 32,926 315,501 Investment securities held to maturity Residential mortgage-backed securities 720,441 12,538 22 — 732,957 Other 20,221 — — — 20,221 Total investment securities held to maturity 740,662 12,538 22 — 753,178 Total investment securities $ 8,741,287 $ 160,857 $ 44,431 $ — $ 8,857,713 December 31, 2019 (Dollars in thousands) Cost Gross Gross unrealized Fair Investment securities available for sale U.S. Treasury $ 409,397 $ 602 $ — $ 409,999 Government agency 684,085 928 2,241 682,772 Residential mortgage-backed securities 5,269,060 13,417 15,387 5,267,090 Commercial mortgage-backed securities 373,105 6,974 59 380,020 Corporate bonds 198,278 3,420 132 201,566 State, county and municipal 118,227 — — 118,227 Total investment securities available for sale $ 7,052,152 $ 25,341 $ 17,819 $ 7,059,674 Investment in marketable equity securities 59,262 23,304 233 82,333 Investment securities held to maturity Other 30,996 — — 30,996 Total investment securities held to maturity 30,996 — — 30,996 Total investment securities $ 7,142,410 $ 48,645 $ 18,052 $ 7,173,003 |
Investment Securities Maturity Information | The following table provides the amortized cost and fair value by contractual maturity for investment securities available for sale and held to maturity. Expected maturities will differ from contractual maturities on certain securities because borrowers and issuers may have the right to call or prepay obligations with or without prepayment penalties. Repayments of mortgage-backed securities and government agency securities are dependent on the repayments of the underlying loan balances. Repayments of certain corporate bonds are subject to call provisions which can be exercised by the issuer at their discretion. March 31, 2020 December 31, 2019 (Dollars in thousands) Cost Fair value Cost Fair value Investment securities available for sale Non-amortizing securities maturing in: One year or less $ 204,971 $ 205,782 $ 406,325 $ 406,927 One through five years 32,639 32,446 24,496 24,971 Five through 10 years 184,476 183,469 185,209 187,868 Over 10 years 3,953 3,500 109,872 110,026 Government agency 762,342 760,431 684,085 682,772 Residential mortgage-backed securities 5,832,518 5,952,841 5,269,060 5,267,090 Commercial mortgage-backed securities 635,565 650,565 373,105 380,020 Total investment securities available for sale $ 7,656,464 $ 7,789,034 $ 7,052,152 $ 7,059,674 Investment securities held to maturity Non-amortizing securities maturing in: One year or less 19,472 19,472 30,746 30,746 One through five years 749 749 250 250 Residential mortgage-backed securities 720,441 732,957 — — Total investment securities held to maturity $ 740,662 $ 753,178 $ 30,996 $ 30,996 |
Marketable Securities Gains (Losses) | The following table provides the realized and unrealized gains and losses on marketable equity securities for the three months ended March 31, 2020 and 2019 : Three months ended March 31 (Dollars in thousands) 2020 2019 Marketable equity securities (losses) gains, net $ (51,408 ) $ 11,328 Less net gains recognized on marketable equity securities sold 323 44 Unrealized (losses) gains recognized on marketable equity securities held $ (51,731 ) $ 11,284 |
Investment Securities With Unrealized Losses | The following table provides information regarding securities with unrealized losses as of March 31, 2020 and December 31, 2019 : March 31, 2020 Less than 12 months 12 months or more Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Investment securities available for sale Government agency $ 436,066 $ 2,542 $ 60,920 $ 374 $ 496,986 $ 2,916 Residential mortgage-backed securities 366,901 625 177,167 2,166 544,068 2,791 Commercial mortgage-backed securities 75,480 603 — — 75,480 603 Corporate bonds 106,822 4,480 8,856 693 115,678 5,173 Total $ 985,269 $ 8,250 $ 246,943 $ 3,233 $ 1,232,212 $ 11,483 Investment securities held to maturity Residential mortgage-backed securities $ 70,108 $ 22 $ — $ — $ 70,108 $ 22 December 31, 2019 Less than 12 months 12 months or more Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Investment securities available for sale Government agency $ 347,081 $ 1,827 $ 63,947 $ 414 $ 411,028 $ 2,241 Residential mortgage-backed securities 2,387,293 14,016 264,257 1,371 2,651,550 15,387 Commercial mortgage-backed securities 35,926 59 — — 35,926 59 Corporate bonds 7,714 123 4,749 9 12,463 132 Total $ 2,778,014 $ 16,025 $ 332,953 $ 1,794 $ 3,110,967 $ 17,819 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans And Leases Outstanding | Loans and leases outstanding included the following at March 31, 2020 and December 31, 2019 : (Dollars in thousands) March 31, 2020 Commercial: Construction and land development $ 1,014,017 Owner occupied commercial mortgage 10,076,132 Non-owner occupied commercial mortgage 3,058,235 Commercial and industrial and leases 4,738,098 Total commercial loans 18,886,482 Consumer: Residential mortgage 5,299,412 Revolving mortgage 2,362,644 Construction and land development 363,190 Consumer auto 1,201,152 Consumer other 567,727 Total consumer loans 9,794,125 Total non-PCD loans and leases 28,680,607 PCD loans 560,352 Total loans and leases $ 29,240,959 (Dollars in thousands) December 31, 2019 Commercial: Construction and land development $ 1,013,454 Commercial mortgage 12,282,635 Other commercial real estate 542,028 Commercial and industrial and leases 4,403,792 Other 310,093 Total commercial loans 18,552,002 Noncommercial: Residential mortgage 5,293,917 Revolving mortgage 2,339,072 Construction and land development 357,385 Consumer 1,780,404 Total noncommercial loans 9,770,778 Total non-PCI loans and leases 28,322,780 PCI loans 558,716 Total loans and leases $ 28,881,496 |
Recorded Investment, By Class, In Loans And Leases On Nonaccrual Status And Loans And Leases Greater Than 90 Days Past Due And Still Accruing | March 31, 2020 (Dollars in thousands) 30-59 days 60-89 days 90 days or greater Total past Current Total loans Commercial: Construction and land development $ 3,297 $ 342 $ 2,098 $ 5,737 $ 1,008,280 $ 1,014,017 Owner occupied commercial mortgage 22,793 3,083 14,499 40,375 10,035,757 10,076,132 Non-owner occupied commercial mortgage 9,173 308 4,895 14,376 3,043,859 3,058,235 Commercial and industrial and leases 18,076 6,924 4,250 29,250 4,708,848 4,738,098 Total commercial loans 53,339 10,657 25,742 89,738 18,796,744 18,886,482 Consumer: Residential mortgage 40,149 8,015 29,908 78,072 5,221,340 5,299,412 Revolving mortgage 10,145 3,410 8,033 21,588 2,341,056 2,362,644 Construction and land development 6,089 — 1,556 7,645 355,545 363,190 Consumer auto 5,675 1,181 1,485 8,341 1,192,811 1,201,152 Consumer other 3,647 2,058 2,293 7,998 559,729 567,727 Total consumer loans 65,705 14,664 43,275 123,644 9,670,481 9,794,125 PCD loans 27,628 8,680 27,961 64,269 496,083 560,352 Total loans and leases $ 146,672 $ 34,001 $ 96,978 $ 277,651 $ 28,963,308 $ 29,240,959 December 31, 2019 (Dollars in thousands) 30-59 days 60-89 days 90 days or greater Total past Current Total loans Commercial: Construction and land development $ 3,146 $ 195 $ 2,702 $ 6,043 $ 1,007,411 $ 1,013,454 Commercial mortgage 20,389 8,774 8,319 37,482 12,245,153 12,282,635 Other commercial real estate 861 331 698 1,890 540,138 542,028 Commercial and industrial and leases 18,269 4,842 5,032 28,143 4,375,649 4,403,792 Other 51 411 126 588 309,505 310,093 Total commercial loans 42,716 14,553 16,877 74,146 18,477,856 18,552,002 Noncommercial: Residential mortgage 45,839 18,289 24,409 88,537 5,205,380 5,293,917 Revolving mortgage 9,729 3,468 9,865 23,062 2,316,010 2,339,072 Construction and land development 977 218 1,797 2,992 354,393 357,385 Consumer 10,481 3,746 3,571 17,798 1,762,606 1,780,404 Total noncommercial loans 67,026 25,721 39,642 132,389 9,638,389 9,770,778 Total non-PCI loans and leases $ 109,742 $ 40,274 $ 56,519 $ 206,535 $ 28,116,245 $ 28,322,780 The amortized cost, by class, of loans and leases on nonaccrual status, and loans and leases greater than 90 days past due and still accruing at March 31, 2020 and December 31, 2019 , were as follows: January 1, 2020 (1) March 31, 2020 (Dollars in thousands) Nonaccrual Nonaccrual Loans and Commercial: Construction and land development $ 4,281 $ 3,603 $ — Owner occupied commercial mortgage 24,476 26,438 536 Non-owner occupied commercial mortgage 5,965 5,679 — Commercial and industrial and leases 7,685 7,858 488 Total commercial loans 42,407 43,578 1,024 Consumer: Residential mortgage 44,357 49,220 — Revolving mortgage 22,411 22,067 — Construction and land development 2,828 2,881 — Consumer auto 2,145 2,832 — Consumer other 798 759 1,909 Total consumer loans 72,539 77,759 1,909 PCD loans 53,771 53,234 37 Total loans and leases $ 168,717 $ 174,571 $ 2,970 (1) Upon the adoption of ASC 326, BancShares eliminated the pooling of PCI loans and as a result $47.0 million in additional PCD loans were recognized as nonaccrual loans at January 1, 2020. December 31, 2019 (Dollars in thousands) Nonaccrual loans and leases Loans and leases > 90 days and accruing Commercial: Construction and land development $ 4,281 $ — Commercial mortgage 29,733 — Commercial and industrial and leases 7,365 1,094 Other commercial real estate 708 — Other 320 — Total commercial loans 42,407 1,094 Noncommercial: Construction and land development 2,828 — Residential mortgage 44,357 45 Revolving mortgage 22,411 — Consumer 2,943 2,152 Total noncommercial loans 72,539 2,197 Total loans and leases $ 114,946 $ 3,291 |
Composition Of The Loans And Leases Outstanding By Credit Quality Indicator | The following tables represent current credit quality indicators by origination year as of March 31, 2020. Commercial Term Loans Amortized Cost Basis by Origination Year Classification: 2020 2019 2018 2017 2016 Prior Revolving Revolving converted to term loans Total (Dollars in thousands) Construction and land development Pass $ 94,980 $ 382,104 $ 267,188 $ 176,674 $ 32,927 $ 18,191 $ 24,922 $ — $ 996,986 Special Mention 91 — 350 5,407 — 440 — — 6,288 Substandard 1,638 1,239 7,161 — 8 697 — — 10,743 Total $ 96,709 $ 383,343 $ 274,699 $ 182,081 $ 32,935 $ 19,328 $ 24,922 $ — $ 1,014,017 Owner occupied commercial mortgage Pass $ 647,821 $ 2,230,133 $ 1,860,144 $ 1,537,841 $ 1,261,880 $ 2,195,573 $ 126,108 $ 139 $ 9,859,639 Special Mention — 8,201 26,827 14,694 18,763 35,475 4,129 — 108,089 Substandard 1,679 10,759 13,471 19,717 14,039 40,751 7,916 72 108,404 Total $ 649,500 $ 2,249,093 $ 1,900,442 $ 1,572,252 $ 1,294,682 $ 2,271,799 $ 138,153 $ 211 $ 10,076,132 Non-owner occupied commercial mortgage Pass $ 200,770 $ 680,203 $ 532,550 $ 452,508 $ 404,537 $ 704,861 $ 43,379 $ — $ 3,018,808 Special Mention — 1,849 10,042 933 5,971 7,485 798 — 27,078 Substandard 499 1,821 1,939 823 4,445 1,343 1,479 — 12,349 Total $ 201,269 $ 683,873 $ 544,531 $ 454,264 $ 414,953 $ 713,689 $ 45,656 $ — $ 3,058,235 Commercial and industrial and leases Pass $ 348,311 $ 1,299,423 $ 698,386 $ 450,781 $ 336,295 $ 436,325 $ 1,013,228 $ 5,616 $ 4,588,365 Special Mention 1,389 1,501 4,647 6,052 3,081 3,238 9,913 73 29,894 Substandard 4,035 4,311 4,408 5,798 3,175 7,655 19,632 816 49,830 Doubtful — — — — — — 3 — 3 Ungraded — — — — — — 70,006 — 70,006 Total $ 353,735 $ 1,305,235 $ 707,441 $ 462,631 $ 342,551 $ 447,218 $ 1,112,782 $ 6,505 $ 4,738,098 Total commercial $ 1,301,213 $ 4,621,544 $ 3,427,113 $ 2,671,228 $ 2,085,121 $ 3,452,034 $ 1,321,513 $ 6,716 $ 18,886,482 Consumer and PCD Term Loans Amortized Cost Basis by Origination Year Days Past Due: 2020 2019 2018 2017 2016 Prior Revolving Revolving converted to term loans Total (Dollars in thousands) Residential mortgage Current $ 308,079 $ 1,163,902 $ 948,832 $ 851,257 $ 652,297 $ 1,272,796 $ 24,177 $ — $ 5,221,340 30-59 days 328 2,491 6,910 6,515 5,023 18,840 42 — 40,149 60-89 days — 684 117 538 2,081 4,469 126 — 8,015 90 days or greater — 647 3,388 5,810 5,547 11,544 2,972 — 29,908 Total $ 308,407 $ 1,167,724 $ 959,247 $ 864,120 $ 664,948 $ 1,307,649 $ 27,317 $ — $ 5,299,412 Revolving mortgage Current $ — $ — $ — $ — $ — $ — $ 2,184,215 $ 156,841 $ 2,341,056 30-59 days — — — — — — 6,155 3,990 10,145 60-89 days — — — — — — 476 2,934 3,410 90 days or greater — — — — — — 2,206 5,827 8,033 Total $ — $ — $ — $ — $ — $ — $ 2,193,052 $ 169,592 $ 2,362,644 Construction and land development Current $ 36,285 $ 208,509 $ 67,438 $ 19,024 $ 8,720 $ 10,255 $ 5,314 $ — $ 355,545 30-59 days 517 3,923 1,310 312 3 24 — — 6,089 90 days or greater — — — — 87 1,469 — — 1,556 Total $ 36,802 $ 212,432 $ 68,748 $ 19,336 $ 8,810 $ 11,748 $ 5,314 $ — $ 363,190 Consumer auto Current $ 132,008 $ 461,232 $ 316,446 $ 163,033 $ 89,287 $ 30,805 $ — $ — $ 1,192,811 30-59 days 43 1,739 1,703 1,346 472 372 — — 5,675 60-89 days — 261 376 252 184 108 — — 1,181 90 days or greater — 344 560 298 197 86 — — 1,485 Total $ 132,051 $ 463,576 $ 319,085 $ 164,929 $ 90,140 $ 31,371 $ — $ — $ 1,201,152 Consumer other Current $ 10,371 $ 49,571 $ 20,504 $ 11,024 $ 12,296 $ 32,561 $ 423,402 $ — $ 559,729 30-59 days 79 260 129 35 89 7 3,048 — 3,647 60-89 days — 59 139 6 — — 1,854 — 2,058 90 days or greater — 41 31 5 — — 2,216 — 2,293 Total $ 10,450 $ 49,931 $ 20,803 $ 11,070 $ 12,385 $ 32,568 $ 430,520 $ — $ 567,727 Total consumer $ 487,710 $ 1,893,663 $ 1,367,883 $ 1,059,455 $ 776,283 $ 1,383,336 $ 2,656,203 $ 169,592 $ 9,794,125 PCD loans Current $ 9,871 $ 28,888 $ 39,500 $ 40,406 $ 34,571 $ 301,337 $ 16,310 $ 25,200 $ 496,083 30-59 days 56 4,291 2,471 1,104 306 18,759 181 460 27,628 60-89 days — 2,202 105 285 — 5,677 90 321 8,680 90 days or greater 454 1,071 5,004 1,684 3,383 14,308 300 1,757 27,961 Total $ 10,381 $ 36,452 $ 47,080 $ 43,479 $ 38,260 $ 340,081 $ 16,881 $ 27,738 $ 560,352 Total loans and leases $ 1,799,304 $ 6,551,659 $ 4,842,076 $ 3,774,162 $ 2,899,664 $ 5,175,451 $ 3,994,597 $ 204,046 $ 29,240,959 Loans and leases outstanding at December 31, 2019 by credit quality indicator are provided below: December 31, 2019 (Dollars in thousands) Commercial loans and leases Grade: Construction and land Commercial mortgage Other commercial real estate Commercial and industrial and leases Other PCI Total commercial loans and leases Pass $ 1,004,922 $ 12,050,799 $ 536,682 $ 4,256,456 $ 308,796 $ 148,412 $ 18,157,655 Special mention 2,577 115,164 3,899 44,604 622 44,290 166,866 Substandard 5,955 116,672 1,447 34,148 675 87,970 158,897 Doubtful — — — 3 — 3,657 3 Ungraded — — — 68,581 — — 68,581 Total $ 1,013,454 $ 12,282,635 $ 542,028 $ 4,403,792 $ 310,093 $ 284,329 $ 18,552,002 December 31, 2019 Noncommercial loans and leases (Dollars in thousands) Residential mortgage Revolving mortgage Construction and land development Consumer PCI Total noncommercial loans and leases Days past due: Current $ 5,205,380 $ 2,316,010 $ 354,393 $ 1,762,606 $ 240,995 $ 9,638,389 30-59 days past due 45,839 9,729 977 10,481 13,764 67,026 60-89 days past due 18,289 3,468 218 3,746 5,608 25,721 90 days or greater past due 24,409 9,865 1,797 3,571 14,020 39,642 Total $ 5,293,917 $ 2,339,072 $ 357,385 $ 1,780,404 $ 274,387 $ 9,770,778 |
Schedule Of Loans And Leases Purchased | The following table summarizes PCD loans acquired in the Community Financial transaction and provides the contractually required payments, less the initial allowance for credit losses and discount to produce the fair value of acquired loans with evidence of more than insignificant credit quality deterioration since origination at the acquisition date: (Dollars in thousands) Community Financial Contractually required payments $ 25,635 Initial PCD allowance 1,193 Discount 1,055 Fair value at acquisition date $ 23,387 The recorded fair values of purchased non-PCD loans acquired in the Community Financial transaction as of the acquisition date are as follows: (Dollars in thousands) Community Financial Commercial: Construction and land development $ 9,428 Owner occupied commercial mortgage 31,473 Non-owner occupied commercial mortgage 25,143 Commercial and industrial and leases 15,065 Total commercial loans 81,109 Consumer: Residential mortgage 21,168 Revolving mortgage 2,084 Construction and land development 5,254 Consumer auto 294 Consumer other 693 Total consumer loans 29,493 Total non-PCD loans $ 110,602 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Allowance for Loan and Lease Losses | The following table presents information on collateral-dependent loans by class and includes the amortized cost of collateral-dependent loans and leases, the net realizable value of the collateral, the extent to which collateral secures collateral-dependent loans and the associated ACL as of March 31, 2020 were as follows: (Dollars in thousands) Collateral-Dependant Loans Net Realizable Value of Collateral Collateral Coverage Allowance for Credit Losses Commercial loans: Construction and land development $ 3,522 $ 8,928 253.5 % $ 215 Owner occupied commercial mortgage 9,139 21,686 237.3 — Non-owner occupied commercial mortgage 4,617 10,255 222.1 — Commercial and industrial and leases 439 439 100.0 — Total commercial loans 17,717 41,308 233.2 215 Consumer: Residential mortgage 16,952 24,599 145.1 117 Revolving mortgage 428 452 105.6 — Construction and land development 1,412 1,558 110.3 — Total consumer loans 18,792 26,609 141.6 117 Total non-PCD loans 36,509 67,917 186.0 332 PCD 11,457 19,554 170.7 697 Total collateral-dependent loans $ 47,966 $ 87,471 182.4 % $ 1,029 Three months ended March 31, 2020 (Dollars in thousands) Construction Owner occupied commercial mortgage Non-owner occupied commercial mortgage Commercial Residential Revolving Construction Consumer auto Consumer other PCD Total Balance at December 31 $ 33,213 $ 36,444 $ 11,102 $ 61,610 $ 18,232 $ 19,702 $ 2,709 $ 4,292 $ 30,301 $ 7,536 $ 225,141 Adoption of ASC 326 (31,061 ) (19,316 ) 460 (37,637 ) 17,118 3,665 (1,291 ) 1,100 10,037 19,001 (37,924 ) Balance at January 1 $ 2,152 $ 17,128 $ 11,562 $ 23,973 $ 35,350 $ 23,367 $ 1,418 $ 5,392 $ 40,338 $ 26,537 $ 187,217 Provision (credits) 51 6,107 4,956 10,423 3,593 1,304 (223 ) 958 3,774 (2,588 ) 28,355 Initial allowance on PCD loans — — — — — — — — — 1,193 1,193 Charge-offs — (320 ) — (5,049 ) (800 ) (585 ) (70 ) (944 ) (5,370 ) (1,123 ) (14,261 ) Recoveries 87 55 13 1,272 223 471 15 363 1,359 2,897 6,755 Balance at March 31 $ 2,290 $ 22,970 $ 16,531 $ 30,619 $ 38,366 $ 24,557 $ 1,140 $ 5,769 $ 40,101 $ 26,916 $ 209,259 Three months ended March 31, 2019 (Dollars in thousands) Construction Commercial Other Commercial Other Residential Revolving Construction Consumer PCI Total Balance at January 1 $ 35,270 $ 43,451 $ 2,481 $ 55,620 $ 2,221 $ 15,472 $ 21,862 $ 2,350 $ 35,841 $ 9,144 $ 223,712 Provision (credits) 2,119 2,371 (83 ) 2,725 (498 ) 1,508 209 123 3,440 (164 ) 11,750 Charge-offs (44 ) (761 ) — (1,858 ) — (166 ) (963 ) — (6,362 ) — (10,154 ) Recoveries 131 220 1 538 444 173 387 — 1,573 — 3,467 Balance at March 31 $ 37,476 $ 45,281 $ 2,399 $ 57,025 $ 2,167 $ 16,987 $ 21,495 $ 2,473 $ 34,492 $ 8,980 $ 228,775 The following tables present the allowance and recorded investment in loans and leases by class of loans, as well as the associated impairment method at December 31, 2019 : December 31, 2019 (Dollars in thousands) Construction Commercial Other Commercial Other Residential Revolving Construction Consumer Total Non-PCI Loans Allowance for loan and lease losses: ALLL for loans and leases individually evaluated for impairment $ 463 $ 3,650 $ 39 $ 1,379 $ 103 $ 3,278 $ 2,722 $ 174 $ 1,107 $ 12,915 ALLL for loans and leases collectively evaluated for impairment 32,750 41,685 2,172 57,995 2,133 14,954 16,980 2,535 33,486 204,690 Total allowance for loan and lease losses $ 33,213 $ 45,335 $ 2,211 $ 59,374 $ 2,236 $ 18,232 $ 19,702 $ 2,709 $ 34,593 $ 217,605 Loans and leases: Loans and leases individually evaluated for impairment $ 4,655 $ 70,149 $ 1,268 $ 12,182 $ 639 $ 60,442 $ 28,869 $ 3,882 $ 3,513 $ 185,599 Loans and leases collectively evaluated for impairment 1,008,799 12,212,486 540,760 4,391,610 309,454 5,233,475 2,310,203 353,503 1,776,891 28,137,181 Total loan and leases $ 1,013,454 $ 12,282,635 $ 542,028 $ 4,403,792 $ 310,093 $ 5,293,917 $ 2,339,072 $ 357,385 $ 1,780,404 $ 28,322,780 The following tables provide information on non-PCI impaired loans and leases, exclusive of loans and leases collectively evaluated: December 31, 2019 (Dollars in thousands) With a With no Total Unpaid Related Non-PCI impaired loans and leases: Commercial: Construction and land development $ 1,851 $ 2,804 $ 4,655 $ 5,109 $ 463 Commercial mortgage 42,394 27,755 70,149 74,804 3,650 Other commercial real estate 318 950 1,268 1,360 39 Commercial and industrial and leases 7,547 4,635 12,182 13,993 1,379 Other 406 233 639 661 103 Total commercial loans 52,516 36,377 88,893 95,927 5,634 Noncommercial: Residential mortgage 48,796 11,646 60,442 64,741 3,278 Revolving mortgage 26,104 2,765 28,869 31,960 2,722 Construction and land development 2,470 1,412 3,882 4,150 174 Consumer 3,472 41 3,513 3,821 1,107 Total noncommercial loans 80,842 15,864 96,706 104,672 7,281 Total non-PCI impaired loans and leases $ 133,358 $ 52,241 $ 185,599 $ 200,599 $ 12,915 Non-PCI impaired loans less than $500,000 that were collectively evaluated for impairment totaled $41.0 million at December 31, 2019 . The following tables show the average non-PCI impaired loan balance and the interest income recognized by loan class for the three months ended March 31, 2019 : Three months ended March 31, 2019 (Dollars in thousands) Average Interest income recognized Non-PCI impaired loans and leases: Commercial: Construction and land development $ 2,147 $ 28 Commercial mortgage 56,629 564 Other commercial real estate 685 8 Commercial and industrial and leases 10,000 100 Other 315 2 Total commercial 69,776 702 Noncommercial: Residential mortgage 42,626 325 Revolving mortgage 28,742 247 Construction and land development 3,747 36 Consumer 3,000 29 Total noncommercial 78,115 637 Total non-PCI impaired loans and leases $ 147,891 $ 1,339 |
Allocation of Allowance for Loan and Lease Losses | The following table presents the PCI allowance and recorded investment in loans at December 31, 2019 : (Dollars in thousands) December 31, 2019 ALLL for loans acquired with deteriorated credit quality $ 7,536 Loans acquired with deteriorated credit quality 558,716 |
Troubled Debt Restructurings on Financing Receivables | The following table provides the types of modifications designated as TDRs during the three months ended March 31, 2020 and March 31, 2019 , as well as a summary of loans modified as a TDR during the twelve month periods ended March 31, 2020 and March 31, 2019 that subsequently defaulted during the three months ended March 31, 2020 and March 31, 2019 . BancShares defines payment default as movement of the TDR to nonaccrual status, which is generally 90 days past due for TDRs, foreclosure or charge-off, whichever occurs first. Three months ended March 31, 2020 Three months ended March 31, 2019 All restructurings Restructurings with payment default All restructurings Restructurings with payment default (Dollars in thousands) Number of Loans Recorded investment at period end Number of Loans Recorded investment at period end Number of Loans Recorded investment at period end Number of Loans Recorded investment at period end Loans and leases Interest only 10 $ 3,986 — $ — — $ — — $ — Loan term extension 6 794 3 263 4 608 3 541 Below market interest rate 88 8,165 29 1,421 96 4,962 38 2,219 Discharged from bankruptcy 68 5,032 28 1,767 50 2,420 25 1,144 Total restructurings 172 $ 17,977 60 $ 3,451 150 $ 7,990 66 $ 3,904 For the three months ended March 31, 2020 and March 31, 2019 , the pre-modification and post-modification outstanding amortized cost of loans modified as TDRs were not materially different. The following tables provides a summary of total TDRs by accrual status: March 31, 2020 (Dollars in thousands) Accruing Nonaccruing Total Commercial loans: Construction and land development $ 1,086 $ 1,537 $ 2,623 Owner occupied commercial mortgage 33,704 10,153 43,857 Non-owner occupied commercial mortgage 11,438 319 11,757 Commercial and industrial and leases 9,914 2,607 12,521 Total commercial loans 56,142 14,616 70,758 Consumer: Residential mortgage 35,288 15,820 51,108 Revolving mortgage 22,677 7,206 29,883 Construction and land development 2,376 2,701 5,077 Consumer auto 2,018 718 2,736 Consumer other 1,061 124 1,185 Total consumer loans 63,420 26,569 89,989 PCD Loans 14,061 4,997 19,058 Total loans $ 133,623 $ 46,182 $ 179,805 December 31, 2019 (Dollars in thousands) Accruing Nonaccruing Total Commercial loans: Construction and land development $ 487 $ 2,279 $ 2,766 Commercial mortgage 50,819 11,116 61,935 Other commercial real estate 571 — 571 Commercial and industrial and leases 9,430 2,409 11,839 Other 320 105 425 Total commercial loans 61,627 15,909 77,536 Noncommercial: Residential mortgage 41,813 16,048 57,861 Revolving mortgage 21,032 7,367 28,399 Construction and land development 1,452 2,430 3,882 Consumer 2,826 688 3,514 Total noncommercial loans 67,123 26,533 93,656 Total loans $ 128,750 $ 42,442 $ 171,192 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
Changes in other real estate owned | The following table explains changes in OREO during the three months ended March 31, 2020 and 2019 : (Dollars in thousands) OREO Balance at December 31, 2019 $ 46,591 Additions 5,987 Acquired in business combinations 9,813 Sales (5,321 ) Write-downs/losses (1,363 ) Balance at March 31, 2020 $ 55,707 Balance at December 31, 2018 $ 48,030 Additions 3,133 Sales (6,934 ) Write-downs/losses (923 ) Balance at March 31, 2019 $ 43,306 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Mortgage Servicing Rights [Abstract] | |
Mortgage servicing rights | The following table explains changes in the servicing asset during the three months ended March 31 , 2020 and 2019 : Three months ended March 31 (Dollars in thousands) 2020 2019 Beginning balance $ 22,963 $ 21,396 Servicing rights originated 1,583 859 Amortization (1,823 ) (1,447 ) Valuation allowance increase (2,967 ) (161 ) Ending balance $ 19,756 $ 20,647 |
Schedule of Activity in Servicing Asset Valuation Allowance | The following table presents the activity in the servicing asset valuation allowance for the three months ended March 31 , 2020 and 2019 : Three months ended March 31 (Dollars in thousands) 2020 2019 Beginning balance $ 222 $ — Valuation allowance increase 2,967 161 Ending balance $ 3,189 $ 161 |
Mortgage servicing rights economic assumptions | Mortgage servicing rights valuations are performed using a pooling methodology where loans with similar risk characteristics are grouped together and evaluated using discounted cash flows to estimate the present value of future earnings. Key economic assumptions used to value mortgage servicing rights were as follows: March 31, 2020 December 31, 2019 Discount rate - conventional fixed loans 7.67 % 8.92 % Discount rate - all loans excluding conventional fixed loans 8.67 % 9.92 % Weighted average constant prepayment rate 19.38 % 13.72 % Weighted average cost to service a loan $ 87.30 $ 87.09 |
FDIC Shared-Loss Payable (Table
FDIC Shared-Loss Payable (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
FDIC Shared-Loss Receivable [Abstract] | |
Changes In Payable to FDIC | The following table provides changes in the FDIC shared-loss payable since December 31, 2019 : (Dollars in thousands) Total Balance at December 31, 2019 $ 112,395 Accretion 1,810 Payment made to the FDIC to settle shared-loss agreement (99,468 ) Balance at March 31, 2020 $ 14,737 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule Of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) included the following as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 (Dollars in thousands) Accumulated Deferred Accumulated Accumulated Deferred Accumulated Unrealized gains on securities available for sale $ 132,570 $ 30,490 $ 102,080 $ 7,522 $ 1,730 $ 5,792 Defined benefit pension items (165,834 ) (38,142 ) (127,692 ) (172,098 ) (39,583 ) (132,515 ) Total $ (33,264 ) $ (7,652 ) $ (25,612 ) $ (164,576 ) $ (37,853 ) $ (126,723 ) The following table highlights changes in accumulated other comprehensive income (loss) by component for the three months ended March 31, 2020 and 2019 : Three months ended March 31, 2020 (Dollars in thousands, net of tax) Unrealized gains on securities available for sale Unrealized losses on securities available for sale transferred to held to maturity Defined benefit pension items Total Beginning balance $ 5,792 $ — $ (132,515 ) $ (126,723 ) Net unrealized gains arising during period 111,530 — — 111,530 Amounts reclassified from accumulated other comprehensive loss (15,242 ) — 4,823 (10,419 ) Net current period other comprehensive income 96,288 — 4,823 101,111 Ending balance $ 102,080 $ — $ (127,692 ) $ (25,612 ) Three months ended March 31, 2019 (Dollars in thousands, net of tax) Unrealized gains on securities available for sale Unrealized losses on securities available for sale transferred to held to maturity Defined benefit pension items Total Beginning balance $ (38,505 ) $ (71,149 ) $ (125,533 ) $ (235,187 ) Net unrealized gains arising during period 21,615 — — 21,615 Amounts reclassified from accumulated other comprehensive loss — 4,591 2,121 6,712 Net current period other comprehensive income 21,615 4,591 2,121 28,327 Ending balance $ (16,890 ) $ (66,558 ) $ (123,412 ) $ (206,860 ) |
Reclassification out of Accumulated Other Comprehensive Income | The following table presents the amounts reclassified from accumulated other comprehensive income (loss) and the line item affected in the statement where net income is presented for the three months ended March 31, 2020 and 2019 : Three months ended March 31, 2020 Details about accumulated other comprehensive income (loss) Amounts reclassified from accumulated other comprehensive income (loss) Affected line item in the statement where net income is presented Unrealized gains on securities available for sale $ 19,795 Realized gains on investment securities available for sale, net (4,553 ) Income taxes $ 15,242 Amortization of defined benefit pension items Actuarial losses $ (6,264 ) Other 1,441 Income taxes $ (4,823 ) Total reclassifications for the period $ 10,419 Three months ended March 31, 2019 Details about accumulated other comprehensive income (loss) Amounts reclassified from accumulated other comprehensive income (loss) Affected line item in the statement where net income is presented Amortization of unrealized losses on securities available for sale transferred to held to maturity $ (5,962 ) Net interest income 1,371 Income taxes $ (4,591 ) Amortization of defined benefit pension items Prior service costs $ (14 ) Salaries and wages Actuarial losses (2,741 ) Other (2,755 ) Income before income taxes 634 Income taxes $ (2,121 ) Total reclassifications for the period $ (6,712 ) |
Estimated Fair Values (Tables)
Estimated Fair Values (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values For Certain Financial Assets And Financial Liabilities | The table presents the carrying values and estimated fair values for financial instruments as of March 31, 2020 and December 31, 2019 : (Dollars in thousands) March 31, 2020 December 31, 2019 Carrying value Fair value Carrying value Fair value Cash and due from banks $ 454,220 $ 454,220 $ 376,719 $ 376,719 Overnight investments 688,518 688,518 1,107,844 1,107,844 Investment in marketable equity securities 315,501 315,501 82,333 82,333 Investment securities available for sale 7,789,034 7,789,034 7,059,674 7,059,674 Investment securities held to maturity 740,662 753,178 30,996 30,996 Loans held for sale 76,347 76,347 67,869 67,869 Net loans and leases 29,031,700 29,565,373 28,656,355 28,878,550 Income earned not collected 125,626 125,626 123,154 123,154 Federal Home Loan Bank stock 51,087 51,087 43,039 43,039 Mortgage and other servicing rights 21,488 22,733 24,891 26,927 Deposits 35,346,711 35,382,365 34,431,236 34,435,789 Securities sold under customer repurchase agreements 540,362 540,362 442,956 442,956 Federal Home Loan Bank borrowings 792,684 829,785 572,185 577,362 Subordinated debt 504,145 467,612 163,412 173,685 Other borrowings 105,303 105,460 148,318 149,232 FDIC shared-loss payable 14,737 15,674 112,395 114,252 Accrued interest payable 13,500 13,500 18,124 18,124 |
Assets And Liabilities Carried At Fair Value On A Recurring Basis | For assets and liabilities carried at fair value on a recurring basis, the following table provides fair value information as of March 31, 2020 and December 31, 2019 : March 31, 2020 Fair value measurements using: (Dollars in thousands) Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets measured at fair value Investment securities available for sale U.S. Treasury $ 205,782 $ — $ 205,782 $ — Government agency 760,431 — 760,431 — Residential mortgage-backed securities 5,952,841 — 5,952,841 — Commercial mortgage-backed securities 650,565 — 650,565 — Corporate bonds 219,415 — 152,399 67,016 Total investment securities available for sale $ 7,789,034 $ — $ 7,722,018 $ 67,016 Marketable equity securities $ 315,501 $ 111,807 $ 203,694 $ — Loans held for sale $ 76,347 $ — $ 76,347 $ — December 31, 2019 Fair value measurements using: Fair value Level 1 inputs Level 2 inputs Level 3 inputs Assets measured at fair value Investment securities available for sale U.S. Treasury $ 409,999 $ — $ 409,999 $ — Government agency 682,772 — 682,772 — Residential mortgage-backed securities 5,267,090 — 5,267,090 — Commercial mortgage-backed securities 380,020 — 380,020 — Corporate bonds 201,566 — 131,881 69,685 State, county and municipal 118,227 — 118,227 — Total investment securities available for sale $ 7,059,674 $ — $ 6,989,989 $ 69,685 Marketable equity securities $ 82,333 $ 29,458 $ 52,875 $ — Loans held for sale $ 67,869 $ — $ 67,869 $ — |
Fair Value of Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables summarize activity for Level 3 assets: Three months ended March 31, 2020 (Dollars in thousands) Corporate bonds Balance at January 1, 2020 $ 69,685 Unrealized net losses included in other comprehensive income (4,366 ) Amounts included in net income (85 ) Transfers in 1,782 Balance at March 31, 2020 $ 67,016 |
Fair Value Level 3 Significant Unobservable Input Assumptions | (Dollars in thousands) March 31, 2020 Level 3 assets Valuation technique Significant unobservable input Fair Value Corporate bonds Indicative bid provided by broker Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the issuer $ 67,016 |
Fair Value Option | The following table summarizes the difference between the aggregate fair value and the aggregate unpaid principal balance for residential real estate originated for sale measured at fair value as of March 31, 2020 and December 31, 2019 : March 31, 2020 (Dollars in thousands) Fair value Aggregate unpaid principal balance Difference Originated loans held for sale $ 76,347 $ 72,883 $ 3,464 December 31, 2019 Fair value Aggregate unpaid principal balance Difference Originated loans held for sale $ 67,869 $ 65,697 $ 2,172 No originated loans held for sale were 90 or more days past due or on nonaccrual status as of March 31, 2020 or December 31, 2019 . We may be required to measure certain financial assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower of amortized cost or fair value accounting or write-downs of individual assets due to impairment. Following the adoption of ASC 326, the population of loans measured at fair value on a non-recurring basis has greatly diminished and is limited to collateral-dependent loans evaluated individually. These collateral-dependent loans are deemed to be at fair value if there is an associated allowance for credit losses or if a charge-off has been recorded in the previous 12 months. Collateral values are determined using appraisals or other third-party value estimates of the subject property discounted based on estimated selling costs, generally between 9% and 11% , and immaterial adjustments for other external factors that may impact the marketability of the collateral. The weighted average discount for estimated selling costs applied was 9.45% . Prior to the adoption of ASC 326, impaired loans were deemed to be at fair value if an associated allowance or current period charge-off had been recorded. The value of impaired loans was determined by either collateral valuations or discounted present value of the expected cash flow calculations. Collateral values were determined using appraisals or other third-party value estimates of the subject property with discounts, generally between 6% and 11% , applied for estimated selling costs and other external factors that may impact the marketability of the property. Expected cash flows were determined using expected payment information at the individual loan level, discounted using the effective interest rate. The effective interest rate for the majority of impaired loans generally ranges between 3% and 7% . OREO acquired or written down within the previous 12 months is deemed to be at fair value. Asset valuations are determined by using appraisals or other third-party value estimates of the subject property with with discounts generally between 7% and 22% applied for estimated selling costs and other external factors that may impact the marketability of the property. At March 31, 2020 , the weighted average discount applied was 8.37% . Changes to the value of the assets between scheduled valuation dates are monitored through continued communication with brokers and monthly reviews by the asset manager assigned to each asset. If there are any significant changes in the market or the subject property, valuations are adjusted or new appraisals ordered to ensure the reported values reflect the most current information. |
Assets And Liabilities Carried At Fair Value On A Nonrecurring Basis | For financial assets and liabilities carried at fair value on a nonrecurring basis, the following table provides fair value information as of March 31, 2020 and December 31, 2019 : March 31, 2020 Fair value measurements using: (Dollars in thousands) Fair value Level 1 inputs Level 2 inputs Level 3 inputs Collateral-dependent loans $ 5,489 $ — $ — $ 5,489 Other real estate owned 46,710 — — 46,710 Mortgage servicing rights 19,068 — — 19,068 December 31, 2019 Fair value measurements using: Fair value Level 1 inputs Level 2 inputs Level 3 inputs Impaired loans $ 132,336 $ — $ — $ 132,336 Other real estate owned 38,310 — — 38,310 Mortgage servicing rights 3,757 — — 3,757 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits, Description [Abstract] | |
Schedule of Net Benefit Costs | For the three months ended March 31, 2020 and 2019 , the components of net periodic benefit cost are as follows: Three months ended March 31 (Dollars in thousands) 2020 2019 Service cost $ 3,457 $ 3,113 Interest cost 8,531 9,291 Expected return on assets (16,409 ) (15,635 ) Amortization of prior service cost — 14 Amortization of net actuarial loss 6,264 2,741 Net periodic cost (benefit) $ 1,843 $ (476 ) |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Leases [Abstract] | |
Schedule of Operating and Finance Lease Assets and Liabilities | The following table presents lease assets and liabilities as of March 31, 2020 and December 31, 2019 : (Dollars in thousands) Classification March 31, 2020 December 31, 2019 Assets: Operating Other assets $ 75,174 $ 77,115 Finance Premises and equipment 9,261 8,820 Total leased assets $ 84,435 $ 85,935 Liabilities: Operating Other liabilities $ 75,011 $ 76,746 Finance Other borrowings 9,024 8,230 Total lease liabilities $ 84,035 $ 84,976 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Schedule of fair falue for off-balance sheet risks | The following table presents the commitments to extend credit and standby letters of credit as of March 31, 2020 and December 31, 2019 : (Dollars in thousands) March 31, 2020 December 31, 2019 Unused commitments to extend credit $ 10,775,845 $ 10,682,378 Standby letters of credit 106,055 99,601 |
Accounting Policies and Basis_3
Accounting Policies and Basis of Presentation Accounting Policies and Basis of Presentation (Recently Adopted Accounting Standards) (Details) - USD ($) | Mar. 12, 2020 | Apr. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stock issued (in shares) | 339,958,000 | ||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 345,000,000 | $ 0 | |||||
Stock repurchased during period (in shares) | 349,390 | 243,000 | |||||
Stock repurchased during period | $ 159,704,000 | $ 100,700,000 | |||||
Stock repurchased during period (in USD per share) | $ 457.05 | $ 414.58 | |||||
Reserve for unfunded commitments | $ 10,500,000 | ||||||
Retained earnings | 3,632,894,000 | $ 3,658,197,000 | |||||
Financing Receivable, Allowance for Credit Loss | 209,259,000 | $ 228,775,000 | $ 225,141,000 | $ 223,712,000 | |||
Subsequent Event | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stock repurchased during period | $ 37,300,000 | ||||||
Stock repurchased during period (in USD per share) | $ 333.71 | ||||||
Number of shares authorized to be repurchased (in shares) | 500,000 | ||||||
Fixed-to-Floating Rate Subordinated Notes Due 2030 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Debt instrument face amount | $ 350,000,000 | ||||||
Interest rate (percentage) | 3.375% | ||||||
Shares issued on conversion (in shares) | 0.025000 | ||||||
Liquidation preference per share (in USD per share) | $ 25 | ||||||
Non-Cumulative Perpetual Preferred Stock, Series A | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Dividend rate (percentage) | 5.375% | ||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | ||||||
Liquidation preference per share (in USD per share) | $ 1,000 | ||||||
Depositary Shares | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stock issued (in shares) | 13,800,000 | ||||||
Class A Common Stock | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stock repurchased during period | $ 100,756,000 | ||||||
Class A Common Stock | Subsequent Event | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stock repurchased during period (in shares) | 111,700 | ||||||
Class A Common Stock | Repurchases From Ella Ann Holding | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Stock repurchased during period (in shares) | 45,000 | ||||||
Number of shares authorized to be repurchased (in shares) | 250,000 | ||||||
Cumulative effect of adoption of ASC 326 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Reserve for unfunded commitments | $ 8,900,000 | ||||||
Retained earnings | 36,900,000 | ||||||
Financing Receivable, Allowance for Credit Loss | (37,900,000) | ||||||
Cumulative effect of adoption of ASC 326 | Non-PCD Loans | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Financing Receivable, Allowance for Credit Loss | (56,900,000) | ||||||
Cumulative effect of adoption of ASC 326 | PCD Loans | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Financing Receivable, Allowance for Credit Loss | $ 19,000,000 |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ in Thousands | Feb. 01, 2020 | Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||||
Merger-related expenses | $ 4,232 | $ 1,719 | |||
Goodwill recorded for Community Financial | $ 350,084 | $ 350,084 | $ 349,398 | ||
Premium for deposits sold (percent) | 8.00% | ||||
Community Financial | |||||
Business Acquisition [Line Items] | |||||
Cash consideration | $ 2,300 | ||||
Merger-related expenses | $ 1,200 | ||||
Interest income | 1,200 | ||||
Purchase price | 2,320 | ||||
Assets | 221,400 | ||||
PCD Loans | 23,400 | ||||
Non-PCD Loans | 110,600 | ||||
Allowance for credit losses | 1,200 | ||||
Deposits | 209,340 | ||||
Intangible assets | 536 | ||||
Liabilities assumed | 219,766 | ||||
Goodwill recorded for Community Financial | $ 686 | ||||
Entegra Financial | |||||
Business Acquisition [Line Items] | |||||
Loans and leases divested | 108,800 | 108,800 | |||
Premises and equipment divested | 1,900 | 1,900 | |||
Deposits divested | $ 185,300 | $ 185,300 |
Business Combinations - Assets
Business Combinations - Assets and Liabilities Assumed (Details) - USD ($) $ in Thousands | Feb. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Business Acquisition [Line Items] | |||
Goodwill recorded for Community Financial | $ 350,084 | $ 349,398 | |
Community Financial | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 2,320 | ||
Cash and due from banks | 1,085 | ||
Overnight investments | 35,129 | ||
Investment securities | 30,146 | ||
Loans | 133,989 | ||
Premises and equipment | 7,624 | ||
Other real estate owned | 9,813 | ||
Income earned not collected | 558 | ||
Intangible assets | 536 | ||
Other assets | 2,520 | ||
Total assets acquired | 221,400 | ||
Deposits | 209,340 | ||
Borrowings | 9,925 | ||
Other liabilities | 501 | ||
Total liabilities assumed | 219,766 | ||
Fair value of net assets acquired | 1,634 | ||
Goodwill recorded for Community Financial | $ 686 |
Investments (Aggregate Values a
Investments (Aggregate Values and Unrealized Gains and Losses) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investment securities available for sale | ||
Cost | $ 7,656,464 | $ 7,052,152 |
Gross unrealized losses | 11,483 | 17,819 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Fair value | 7,789,034 | 7,059,674 |
Cost | 344,161 | 59,262 |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Gain, before Tax | 4,266 | 23,304 |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 32,926 | 233 |
Fair value | 315,501 | 82,333 |
Investment securities held to maturity | ||
Cost | 740,662 | 30,996 |
Gross unrealized gains | 12,538 | |
Gross unrealized losses | 22 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | |
Fair value | 753,178 | 30,996 |
Cost | 8,741,287 | 7,142,410 |
Gross unrealized gains | 160,857 | 48,645 |
Gross unrealized losses | 44,431 | 18,052 |
Debt Securities, Available-for-sale, Held-to-maturity and Equity Securities, Allowance for Credit Losses | 0 | |
Fair value | 8,857,713 | 7,173,003 |
Debt Securities, Available-for-sale, Amortized Cost | 7,656,464 | 7,052,152 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 144,053 | 25,341 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 11,483 | 17,819 |
Debt Securities, Available-for-sale | 7,789,034 | 7,059,674 |
U.S. Treasury | ||
Investment securities available for sale | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Investment securities held to maturity | ||
Debt Securities, Available-for-sale, Amortized Cost | 204,971 | 409,397 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 811 | 602 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Debt Securities, Available-for-sale | 205,782 | 409,999 |
Government agency | ||
Investment securities available for sale | ||
Gross unrealized losses | 2,916 | 2,241 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Investment securities held to maturity | ||
Debt Securities, Available-for-sale, Amortized Cost | 762,342 | 684,085 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 1,005 | 928 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 2,916 | 2,241 |
Debt Securities, Available-for-sale | 760,431 | 682,772 |
Residential Mortgage Backed Securities | ||
Investment securities available for sale | ||
Gross unrealized losses | 2,791 | 15,387 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Investment securities held to maturity | ||
Cost | 720,441 | 0 |
Gross unrealized losses | 22 | |
Debt Securities, Available-for-sale, Amortized Cost | 5,832,518 | 5,269,060 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 123,114 | 13,417 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 2,791 | 15,387 |
Debt Securities, Available-for-sale | 5,952,841 | 5,267,090 |
Commercial Mortgage Backed Securities [Member] | ||
Investment securities available for sale | ||
Cost | 635,565 | 373,105 |
Gross unrealized gains | 15,603 | 6,974 |
Gross unrealized losses | 603 | 59 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Fair value | 650,565 | 380,020 |
Residential mortgage-backed securities | ||
Investment securities held to maturity | ||
Cost | 720,441 | 30,996 |
Gross unrealized gains | 12,538 | 0 |
Gross unrealized losses | 22 | 0 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | |
Fair value | 732,957 | 30,996 |
Commercial mortgage-backed securities | ||
Investment securities available for sale | ||
Gross unrealized losses | 5,173 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Investment securities held to maturity | ||
Debt Securities, Available-for-sale, Amortized Cost | 221,068 | 198,278 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | 3,520 | 3,420 |
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | 5,173 | 132 |
Debt Securities, Available-for-sale | 219,415 | 201,566 |
US States and Political Subdivisions Debt Securities [Member] | ||
Investment securities available for sale | ||
Cost | 118,227 | |
Gross unrealized gains | 0 | |
Gross unrealized losses | 0 | |
Fair value | 118,227 | |
Other | ||
Investment securities held to maturity | ||
Cost | 20,221 | 30,996 |
Gross unrealized gains | 0 | 0 |
Gross unrealized losses | 0 | 0 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | |
Fair value | $ 20,221 | $ 30,996 |
Investments (Maturity Informati
Investments (Maturity Information) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investment securities available for sale | ||
Total investment securities available for sale, cost | $ 7,656,464 | $ 7,052,152 |
Total investment securities available for sale, fair value | 7,789,034 | 7,059,674 |
Investment securities held to maturity | ||
Investment securities held to maturity | 740,662 | 30,996 |
Fair Value | 753,178 | 30,996 |
Debt Securities, Available-for-sale, Amortized Cost | 7,656,464 | 7,052,152 |
Debt Securities, Available-for-sale | 7,789,034 | 7,059,674 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Amortized Cost | 19,472 | 30,746 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, within One Year, Fair Value | 19,472 | 30,746 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Amortized Cost | 749 | 250 |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, after One Through Five Years, Fair Value | 749 | 250 |
Debt Securities | ||
Investment securities available for sale | ||
Maturing in one year or less, cost | 204,971 | 406,325 |
Maturing in one through five years, cost | 32,639 | 24,496 |
Maturing in five through ten years, cost | 184,476 | 185,209 |
Maturing in over ten years, cost | 3,953 | 109,872 |
Maturing in one year or less, fair value | 205,782 | 406,927 |
Maturing in one through five years, fair value | 32,446 | 24,971 |
Maturing in five through ten yeas, fair value | 183,469 | 187,868 |
Maturing in over ten years, fair value | 3,500 | 110,026 |
Agency Securities | ||
Investment securities held to maturity | ||
Debt Securities, Available-for-sale, Amortized Cost | 762,342 | 684,085 |
Debt Securities, Available-for-sale | 760,431 | 682,772 |
Residential Mortgage Backed Securities | ||
Investment securities held to maturity | ||
Investment securities held to maturity | 720,441 | 0 |
Commercial mortgage-backed securities | 732,957 | 0 |
Debt Securities, Available-for-sale, Amortized Cost | 5,832,518 | 5,269,060 |
Debt Securities, Available-for-sale | 5,952,841 | 5,267,090 |
Commercial Mortgage Backed Securities [Member] | ||
Investment securities available for sale | ||
Total investment securities available for sale, cost | 635,565 | 373,105 |
Total investment securities available for sale, fair value | 650,565 | 380,020 |
Residential mortgage-backed securities | ||
Investment securities held to maturity | ||
Investment securities held to maturity | 720,441 | 30,996 |
Fair Value | $ 732,957 | $ 30,996 |
Investments (Unrealized Losses)
Investments (Unrealized Losses) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Investment securities available for sale: | ||
Fair Value, Less than 12 months | $ 985,269 | $ 2,778,014 |
Unrealized Losses, Less than 12 months | 8,250 | 16,025 |
Fair Value, 12 months or more | 246,943 | 332,953 |
Unrealized Losses, Greater than 12 months | 3,233 | 1,794 |
Fair Value, Total | 1,232,212 | 3,110,967 |
Unrealized Losses, Total | 11,483 | 17,819 |
Investment securities held to maturity | ||
Unrealized Losses, Total | 22 | |
Agency Securities | ||
Investment securities available for sale: | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 436,066 | 347,081 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2,542 | 1,827 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 60,920 | 63,947 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 374 | 414 |
Fair Value, Total | 496,986 | 411,028 |
Unrealized Losses, Total | 2,916 | 2,241 |
Residential Mortgage Backed Securities | ||
Investment securities available for sale: | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 366,901 | 2,387,293 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 625 | 14,016 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 177,167 | 264,257 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 2,166 | 1,371 |
Fair Value, Total | 544,068 | 2,651,550 |
Unrealized Losses, Total | 2,791 | 15,387 |
Investment securities held to maturity | ||
Fair Value, Less than 12 months | 70,108 | |
Unrealized Losses, Less than 12 months | 22 | |
Fair Value, 12 months or more | 0 | |
Unrealized Losses, 12 months or more | 0 | |
Fair Value, Total | 70,108 | |
Unrealized Losses, Total | 22 | |
Commercial Mortgage Backed Securities [Member] | ||
Investment securities available for sale: | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 75,480 | 35,926 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 603 | 59 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Fair Value, Total | 75,480 | 35,926 |
Unrealized Losses, Total | 603 | 59 |
Residential mortgage-backed securities | ||
Investment securities held to maturity | ||
Unrealized Losses, Total | 22 | 0 |
Corporate bonds | ||
Investment securities available for sale: | ||
Fair Value, Total | 12,463 | |
Unrealized Losses, Total | 132 | |
Corporate Bonds | ||
Investment securities available for sale: | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 106,822 | 7,714 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 4,480 | 123 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 8,856 | 4,749 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 693 | 9 |
Fair Value, Total | 115,678 | |
Unrealized Losses, Total | 5,173 | |
Other | ||
Investment securities held to maturity | ||
Unrealized Losses, Total | $ 0 | $ 0 |
Investments Marketable Equity S
Investments Marketable Equity Securities Gains (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Marketable Equity Securities Gains (Losses) [Abstract] | ||
Marketable equity securities (losses) gains, net | $ (51,408) | $ 11,328 |
Less net gains recognized on marketable equity securities sold | 323 | 44 |
Unrealized (losses) gains recognized on marketable equity securities held | $ (51,731) | $ 11,284 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) shares in Thousands | 3 Months Ended | ||
Mar. 31, 2020USD ($)investmentsinvestmentshares | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Schedule of Investments [Line Items] | |||
Stock issued by Federal Home Loan Bank | $ 51,100,000 | $ 43,000,000 | |
Non-marketable equity securities | 12,900,000 | 12,500,000 | |
Accrued Interest receivable excluded from estimate of credit losses | 22,100,000 | ||
Available for sale securities, realized gains | 20,500,000 | ||
Available for sale securities, realized loss | (679,000) | ||
Available for sale securities, realized gain (loss) | $ 19,795,000 | $ 0 | |
Available-for-sale securities, continuous unrealized loss position, 12 months or longer, number of positions | investment | 53 | ||
Unrealized losses related to marketability of securities or issuer's ability to honor redemption obligations | $ 0 | ||
Investment value deemed to be OTTI | 0 | ||
Investment securities, aggregate carrying value, pledged as collateral | 4,020,000,000 | $ 3,930,000,000 | |
Debt Securities, Accrued Interest, WriteOff | 0 | ||
Debt Securities, Held-to-maturity, Nonaccrual | $ 0 | ||
Residential mortgage-backed securities | |||
Schedule of Investments [Line Items] | |||
Available-for-sale, securities in unrealized loss positions, number of positions, greater than or equal to one year | investments | 51 | ||
Corporate Bonds | |||
Schedule of Investments [Line Items] | |||
Available-for-sale, securities in unrealized loss positions, number of positions, greater than or equal to one year | investments | 2 | ||
Visa Class B Common Stock | |||
Schedule of Investments [Line Items] | |||
Investment owned (in shares) | shares | 298 | ||
Investment owned, fair value | $ 0 |
Loans and Leases (Loans and Lea
Loans and Leases (Loans and Leases Outstanding) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Loans and leases, not acquired in a transfer accounted for as debt securities | $ 28,680,607 | $ 28,322,780 |
Loans acquired with deteriorated credit quality | 560,352 | 558,716 |
Total loans and leases | 29,240,959 | 28,881,496 |
Commercial | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 18,886,482 | 18,552,002 |
Commercial | Construction and land development | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 1,014,017 | 1,013,454 |
Commercial | Owner occupied commercial mortgage | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 10,076,132 | |
Commercial | Non-owner occupied commercial mortgage | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 3,058,235 | |
Commercial | Commercial and industrial and leases | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 4,738,098 | 4,403,792 |
Commercial | Commercial mortgage | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 12,282,635 | |
Commercial | Other commercial real estate | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 542,028 | |
Commercial | Other | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 310,093 | |
Consumer | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 9,794,125 | 9,770,778 |
Consumer | Construction and land development | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 363,190 | 357,385 |
Consumer | Consumer auto | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 1,201,152 | |
Consumer | Residential mortgage | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 5,299,412 | 5,293,917 |
Consumer | Revolving mortgage | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 2,362,644 | |
Consumer | Consumer other | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | $ 567,727 | |
Consumer | Consumer | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | $ 1,780,404 |
Loans and Leases (Narrative) (D
Loans and Leases (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Interest receivable | $ 90,000 | |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 8,220,000 | $ 6,570,000 |
Advances from Federal Home Loan Banks | 563,700 | |
Federal Home Loan Bank Advances, Current Borrowing Capacity | 7,430,000 | 6,010,000 |
Federal Reserve Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 3,150,000 | 2,980,000 |
Loans held for sale | 76,300 | 67,900 |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | 1,400 | 900 |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Purchase Discount Remaining | 28,300 | 30,900 |
PCD Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Remaining discount | 61,600 | 88,200 |
Federal Home Loan Bank of Atlanta | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Pledged as Collateral | 10,310,000 | 9,410,000 |
Advances from Federal Home Loan Banks | 787,700 | |
Federal Reserve Bank | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans Pledged as Collateral | $ 3,880,000 | $ 3,680,000 |
Loans and Leases (Aging Of The
Loans and Leases (Aging Of The Outstanding Loans and Leases By Class) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Past due loans | $ 277,651 | $ 206,535 |
Current loans | 28,963,308 | 28,116,245 |
Total loans and leases | 29,240,959 | 28,322,780 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 18,886,482 | |
Commercial | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 1,014,017 | |
Commercial | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 4,738,098 | |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 9,794,125 | |
Consumer | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 363,190 | |
Consumer | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 5,299,412 | |
Consumer | Revolving mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 2,362,644 | |
Non-PCI Loans | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 74,146 | |
Current loans | 18,477,856 | |
Total loans and leases | 18,552,002 | |
Non-PCI Loans | Commercial | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 5,737 | 6,043 |
Current loans | 1,008,280 | 1,007,411 |
Total loans and leases | 1,014,017 | 1,013,454 |
Non-PCI Loans | Commercial | Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 40,375 | 37,482 |
Current loans | 10,035,757 | 12,245,153 |
Total loans and leases | 10,076,132 | 12,282,635 |
Non-PCI Loans | Commercial | Other commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 14,376 | 1,890 |
Current loans | 3,043,859 | 540,138 |
Total loans and leases | 3,058,235 | 542,028 |
Non-PCI Loans | Commercial | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 29,250 | 28,143 |
Current loans | 4,708,848 | 4,375,649 |
Total loans and leases | 4,738,098 | 4,403,792 |
Non-PCI Loans | Commercial | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 89,738 | 588 |
Current loans | 18,796,744 | 309,505 |
Total loans and leases | 18,886,482 | 310,093 |
Non-PCI Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 123,644 | 132,389 |
Current loans | 9,670,481 | 9,638,389 |
Total loans and leases | 9,794,125 | 9,770,778 |
Non-PCI Loans | Consumer | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 8,341 | 2,992 |
Current loans | 1,192,811 | 354,393 |
Total loans and leases | 1,201,152 | 357,385 |
Non-PCI Loans | Consumer | Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 88,537 | |
Current loans | 5,205,380 | |
Total loans and leases | 5,293,917 | |
Non-PCI Loans | Consumer | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 78,072 | |
Current loans | 5,221,340 | |
Total loans and leases | 5,299,412 | |
Non-PCI Loans | Consumer | Revolving mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 21,588 | |
Current loans | 2,341,056 | |
Total loans and leases | 2,362,644 | |
Non-PCI Loans | Consumer | Revolving mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 7,645 | 23,062 |
Current loans | 355,545 | 2,316,010 |
Total loans and leases | 363,190 | 2,339,072 |
Non-PCI Loans | Consumer | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 7,998 | 17,798 |
Current loans | 559,729 | 1,762,606 |
Total loans and leases | 567,727 | 1,780,404 |
PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 64,269 | |
Current loans | 496,083 | |
Total loans and leases | 560,352 | |
PCD Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Current loans | 240,995 | |
30 to 59 Days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 146,672 | 109,742 |
30 to 59 Days past due | Consumer | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 6,089 | |
30 to 59 Days past due | Consumer | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 40,149 | |
30 to 59 Days past due | Consumer | Revolving mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 10,145 | |
30 to 59 Days past due | Non-PCI Loans | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 42,716 | |
30 to 59 Days past due | Non-PCI Loans | Commercial | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 3,297 | 3,146 |
30 to 59 Days past due | Non-PCI Loans | Commercial | Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 22,793 | 20,389 |
30 to 59 Days past due | Non-PCI Loans | Commercial | Other commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 9,173 | 861 |
30 to 59 Days past due | Non-PCI Loans | Commercial | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 18,076 | 18,269 |
30 to 59 Days past due | Non-PCI Loans | Commercial | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 53,339 | 51 |
30 to 59 Days past due | Non-PCI Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 65,705 | 67,026 |
30 to 59 Days past due | Non-PCI Loans | Consumer | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 5,675 | 977 |
30 to 59 Days past due | Non-PCI Loans | Consumer | Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 45,839 | |
30 to 59 Days past due | Non-PCI Loans | Consumer | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 40,149 | |
30 to 59 Days past due | Non-PCI Loans | Consumer | Revolving mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 10,145 | |
30 to 59 Days past due | Non-PCI Loans | Consumer | Revolving mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 6,089 | 9,729 |
30 to 59 Days past due | Non-PCI Loans | Consumer | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 3,647 | 10,481 |
30 to 59 Days past due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 27,628 | |
Total loans and leases | 27,628 | |
30 to 59 Days past due | PCD Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 13,764 | |
60 to 89 Days past due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 34,001 | 40,274 |
60 to 89 Days past due | Consumer | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 8,015 | |
60 to 89 Days past due | Consumer | Revolving mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 3,410 | |
60 to 89 Days past due | Non-PCI Loans | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 14,553 | |
60 to 89 Days past due | Non-PCI Loans | Commercial | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 342 | 195 |
60 to 89 Days past due | Non-PCI Loans | Commercial | Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 3,083 | 8,774 |
60 to 89 Days past due | Non-PCI Loans | Commercial | Other commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 308 | 331 |
60 to 89 Days past due | Non-PCI Loans | Commercial | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 6,924 | 4,842 |
60 to 89 Days past due | Non-PCI Loans | Commercial | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 10,657 | 411 |
60 to 89 Days past due | Non-PCI Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 14,664 | 25,721 |
60 to 89 Days past due | Non-PCI Loans | Consumer | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 1,181 | 218 |
60 to 89 Days past due | Non-PCI Loans | Consumer | Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 18,289 | |
60 to 89 Days past due | Non-PCI Loans | Consumer | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 8,015 | |
60 to 89 Days past due | Non-PCI Loans | Consumer | Revolving mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 3,410 | |
60 to 89 Days past due | Non-PCI Loans | Consumer | Revolving mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 0 | 3,468 |
60 to 89 Days past due | Non-PCI Loans | Consumer | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 2,058 | 3,746 |
60 to 89 Days past due | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 8,680 | |
Total loans and leases | 8,680 | |
60 to 89 Days past due | PCD Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 5,608 | |
90 Days or greater | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 96,978 | 56,519 |
90 Days or greater | Consumer | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 1,556 | |
90 Days or greater | Consumer | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 29,908 | |
90 Days or greater | Consumer | Revolving mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases | 8,033 | |
90 Days or greater | Non-PCI Loans | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 16,877 | |
90 Days or greater | Non-PCI Loans | Commercial | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 2,098 | 2,702 |
90 Days or greater | Non-PCI Loans | Commercial | Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 14,499 | 8,319 |
90 Days or greater | Non-PCI Loans | Commercial | Other commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 4,895 | 698 |
90 Days or greater | Non-PCI Loans | Commercial | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 4,250 | 5,032 |
90 Days or greater | Non-PCI Loans | Commercial | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 25,742 | 126 |
90 Days or greater | Non-PCI Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 43,275 | 39,642 |
90 Days or greater | Non-PCI Loans | Consumer | Construction and land development | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 1,485 | 1,797 |
90 Days or greater | Non-PCI Loans | Consumer | Mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 24,409 | |
90 Days or greater | Non-PCI Loans | Consumer | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 29,908 | |
90 Days or greater | Non-PCI Loans | Consumer | Revolving mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 8,033 | |
90 Days or greater | Non-PCI Loans | Consumer | Revolving mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 1,556 | 9,865 |
90 Days or greater | Non-PCI Loans | Consumer | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 2,293 | 3,571 |
90 Days or greater | PCD Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | 27,961 | |
Total loans and leases | $ 27,961 | |
90 Days or greater | PCD Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans | $ 14,020 |
Loans and Leases (Recorded Inve
Loans and Leases (Recorded Investment, By Class, In Loans And Leases On Nonaccrual Status And Loans And Leases Greater Than 90 Days Past Due And Still Accruing) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | $ 174,571 | $ 168,717 | $ 114,946 |
Loans and leases greater than 90 days and accruing | 2,970 | 3,291 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 2,175 | ||
Non-PCI Loans | Commercial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | 43,578 | 42,407 | 42,407 |
Loans and leases greater than 90 days and accruing | 1,024 | 1,094 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 559 | ||
Non-PCI Loans | Commercial | Construction and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | 3,603 | 4,281 | 4,281 |
Loans and leases greater than 90 days and accruing | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 42 | ||
Non-PCI Loans | Commercial | Owner occupied commercial mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | 26,438 | 24,476 | |
Loans and leases greater than 90 days and accruing | 536 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 372 | ||
Non-PCI Loans | Commercial | Non-owner occupied commercial mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | 5,679 | 5,965 | |
Loans and leases greater than 90 days and accruing | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 47 | ||
Non-PCI Loans | Commercial | Commercial and industrial | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | 7,858 | 7,685 | 7,365 |
Loans and leases greater than 90 days and accruing | 488 | 1,094 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 98 | ||
Non-PCI Loans | Commercial | Mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | 29,733 | ||
Loans and leases greater than 90 days and accruing | 0 | ||
Non-PCI Loans | Commercial | Other commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | 708 | ||
Loans and leases greater than 90 days and accruing | 0 | ||
Non-PCI Loans | Commercial | Other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | 320 | ||
Loans and leases greater than 90 days and accruing | 0 | ||
Non-PCI Loans | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | 77,759 | 72,539 | 72,539 |
Loans and leases greater than 90 days and accruing | 1,909 | 2,197 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 746 | ||
Non-PCI Loans | Consumer | Construction and land development | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | 2,881 | 2,828 | 2,828 |
Loans and leases greater than 90 days and accruing | 0 | 0 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 23 | ||
Non-PCI Loans | Consumer | Residential mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | 49,220 | 44,357 | 44,357 |
Loans and leases greater than 90 days and accruing | 0 | 45 | |
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 355 | ||
Non-PCI Loans | Consumer | Revolving mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | 22,067 | 22,411 | |
Loans and leases greater than 90 days and accruing | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 291 | ||
Non-PCI Loans | Consumer | Consumer auto | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | 2,832 | 2,145 | |
Loans and leases greater than 90 days and accruing | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 38 | ||
Non-PCI Loans | Consumer | Consumer other | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | 759 | 798 | |
Loans and leases greater than 90 days and accruing | 1,909 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | 39 | ||
Non-PCI Loans | Consumer | Revolving mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | 22,411 | ||
Loans and leases greater than 90 days and accruing | 0 | ||
Non-PCI Loans | Consumer | Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | 2,943 | ||
Loans and leases greater than 90 days and accruing | $ 2,152 | ||
PCD Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | 53,234 | 53,771 | |
Loans and leases greater than 90 days and accruing | 37 | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Cash Basis Method | $ 870 | ||
Adoption of ASC 326 | PCD Loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccruing | $ 47,000 |
Loans and Leases Loans and Leas
Loans and Leases Loans and Leases (Credit Rating) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans and leases | $ 29,240,959 | $ 28,322,780 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,301,213 | |
2019 | 4,621,544 | |
2018 | 3,427,113 | |
2017 | 2,671,228 | |
2016 | 2,085,121 | |
Prior | 3,452,034 | |
Revolving loans | 1,321,513 | |
Revolving loans converted to term loans | 6,716 | |
Total loans and leases | 18,886,482 | |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 487,710 | |
2019 | 1,893,663 | |
2018 | 1,367,883 | |
2017 | 1,059,455 | |
2016 | 776,283 | |
Prior | 1,383,336 | |
Revolving loans | 2,656,203 | |
Revolving loans converted to term loans | 169,592 | |
Total loans and leases | 9,794,125 | |
Consumer And PCD Portfolio Segments | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,799,304 | |
2019 | 6,551,659 | |
2018 | 4,842,076 | |
2017 | 3,774,162 | |
2016 | 2,899,664 | |
Prior | 5,175,451 | |
Revolving loans | 3,994,597 | |
Revolving loans converted to term loans | 204,046 | |
Total loans and leases | 29,240,959 | |
Construction and land development | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 96,709 | |
2019 | 383,343 | |
2018 | 274,699 | |
2017 | 182,081 | |
2016 | 32,935 | |
Prior | 19,328 | |
Revolving loans | 24,922 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 1,014,017 | |
Construction and land development | Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 94,980 | |
2019 | 382,104 | |
2018 | 267,188 | |
2017 | 176,674 | |
2016 | 32,927 | |
Prior | 18,191 | |
Revolving loans | 24,922 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 996,986 | |
Construction and land development | Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 91 | |
2019 | 0 | |
2018 | 350 | |
2017 | 5,407 | |
2016 | 0 | |
Prior | 440 | |
Revolving loans | 0 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 6,288 | |
Construction and land development | Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,638 | |
2019 | 1,239 | |
2018 | 7,161 | |
2017 | 0 | |
2016 | 8 | |
Prior | 697 | |
Revolving loans | 0 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 10,743 | |
Construction and land development | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 36,802 | |
2019 | 212,432 | |
2018 | 68,748 | |
2017 | 19,336 | |
2016 | 8,810 | |
Prior | 11,748 | |
Revolving loans | 5,314 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 363,190 | |
Owner occupied commercial mortgage | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 649,500 | |
2019 | 2,249,093 | |
2018 | 1,900,442 | |
2017 | 1,572,252 | |
2016 | 1,294,682 | |
Prior | 2,271,799 | |
Revolving loans | 138,153 | |
Revolving loans converted to term loans | 211 | |
Total loans and leases | 10,076,132 | |
Owner occupied commercial mortgage | Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 647,821 | |
2019 | 2,230,133 | |
2018 | 1,860,144 | |
2017 | 1,537,841 | |
2016 | 1,261,880 | |
Prior | 2,195,573 | |
Revolving loans | 126,108 | |
Revolving loans converted to term loans | 139 | |
Total loans and leases | 9,859,639 | |
Owner occupied commercial mortgage | Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 8,201 | |
2018 | 26,827 | |
2017 | 14,694 | |
2016 | 18,763 | |
Prior | 35,475 | |
Revolving loans | 4,129 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 108,089 | |
Owner occupied commercial mortgage | Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,679 | |
2019 | 10,759 | |
2018 | 13,471 | |
2017 | 19,717 | |
2016 | 14,039 | |
Prior | 40,751 | |
Revolving loans | 7,916 | |
Revolving loans converted to term loans | 72 | |
Total loans and leases | 108,404 | |
Non-owner occupied commercial mortgage | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 201,269 | |
2019 | 683,873 | |
2018 | 544,531 | |
2017 | 454,264 | |
2016 | 414,953 | |
Prior | 713,689 | |
Revolving loans | 45,656 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 3,058,235 | |
Non-owner occupied commercial mortgage | Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 200,770 | |
2019 | 680,203 | |
2018 | 532,550 | |
2017 | 452,508 | |
2016 | 404,537 | |
Prior | 704,861 | |
Revolving loans | 43,379 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 3,018,808 | |
Non-owner occupied commercial mortgage | Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 1,849 | |
2018 | 10,042 | |
2017 | 933 | |
2016 | 5,971 | |
Prior | 7,485 | |
Revolving loans | 798 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 27,078 | |
Non-owner occupied commercial mortgage | Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 499 | |
2019 | 1,821 | |
2018 | 1,939 | |
2017 | 823 | |
2016 | 4,445 | |
Prior | 1,343 | |
Revolving loans | 1,479 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 12,349 | |
Commercial and industrial | Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 353,735 | |
2019 | 1,305,235 | |
2018 | 707,441 | |
2017 | 462,631 | |
2016 | 342,551 | |
Prior | 447,218 | |
Revolving loans | 1,112,782 | |
Revolving loans converted to term loans | 6,505 | |
Total loans and leases | 4,738,098 | |
Commercial and industrial | Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 348,311 | |
2019 | 1,299,423 | |
2018 | 698,386 | |
2017 | 450,781 | |
2016 | 336,295 | |
Prior | 436,325 | |
Revolving loans | 1,013,228 | |
Revolving loans converted to term loans | 5,616 | |
Total loans and leases | 4,588,365 | |
Commercial and industrial | Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,389 | |
2019 | 1,501 | |
2018 | 4,647 | |
2017 | 6,052 | |
2016 | 3,081 | |
Prior | 3,238 | |
Revolving loans | 9,913 | |
Revolving loans converted to term loans | 73 | |
Total loans and leases | 29,894 | |
Commercial and industrial | Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 4,035 | |
2019 | 4,311 | |
2018 | 4,408 | |
2017 | 5,798 | |
2016 | 3,175 | |
Prior | 7,655 | |
Revolving loans | 19,632 | |
Revolving loans converted to term loans | 816 | |
Total loans and leases | 49,830 | |
Commercial and industrial | Commercial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 3 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 3 | |
Commercial and industrial | Commercial | Ungraded | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 70,006 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 70,006 | |
Residential mortgage | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 308,407 | |
2019 | 1,167,724 | |
2018 | 959,247 | |
2017 | 864,120 | |
2016 | 664,948 | |
Prior | 1,307,649 | |
Revolving loans | 27,317 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 5,299,412 | |
Revolving mortgage | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 2,193,052 | |
Revolving loans converted to term loans | 169,592 | |
Total loans and leases | 2,362,644 | |
Consumer auto | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 132,051 | |
2019 | 463,576 | |
2018 | 319,085 | |
2017 | 164,929 | |
2016 | 90,140 | |
Prior | 31,371 | |
Revolving loans | 0 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 1,201,152 | |
Consumer other | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 10,450 | |
2019 | 49,931 | |
2018 | 20,803 | |
2017 | 11,070 | |
2016 | 12,385 | |
Prior | 32,568 | |
Revolving loans | 430,520 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 567,727 | |
PCD Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 10,381 | |
2019 | 36,452 | |
2018 | 47,080 | |
2017 | 43,479 | |
2016 | 38,260 | |
Prior | 340,081 | |
Revolving loans | 16,881 | |
Revolving loans converted to term loans | 27,738 | |
Total loans and leases | 560,352 | |
Current | Construction and land development | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 36,285 | |
2019 | 208,509 | |
2018 | 67,438 | |
2017 | 19,024 | |
2016 | 8,720 | |
Prior | 10,255 | |
Revolving loans | 5,314 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 355,545 | |
Current | Residential mortgage | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 308,079 | |
2019 | 1,163,902 | |
2018 | 948,832 | |
2017 | 851,257 | |
2016 | 652,297 | |
Prior | 1,272,796 | |
Revolving loans | 24,177 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 5,221,340 | |
Current | Revolving mortgage | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 2,184,215 | |
Revolving loans converted to term loans | 156,841 | |
Total loans and leases | 2,341,056 | |
Current | Consumer auto | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 132,008 | |
2019 | 461,232 | |
2018 | 316,446 | |
2017 | 163,033 | |
2016 | 89,287 | |
Prior | 30,805 | |
Revolving loans | 0 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 1,192,811 | |
Current | Consumer other | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 10,371 | |
2019 | 49,571 | |
2018 | 20,504 | |
2017 | 11,024 | |
2016 | 12,296 | |
Prior | 32,561 | |
Revolving loans | 423,402 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 559,729 | |
Current | PCD Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 9,871 | |
2019 | 28,888 | |
2018 | 39,500 | |
2017 | 40,406 | |
2016 | 34,571 | |
Prior | 301,337 | |
Revolving loans | 16,310 | |
Revolving loans converted to term loans | 25,200 | |
Total loans and leases | 496,083 | |
30 to 59 Days past due | Construction and land development | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 517 | |
2019 | 3,923 | |
2018 | 1,310 | |
2017 | 312 | |
2016 | 3 | |
Prior | 24 | |
Revolving loans | 0 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 6,089 | |
30 to 59 Days past due | Residential mortgage | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 328 | |
2019 | 2,491 | |
2018 | 6,910 | |
2017 | 6,515 | |
2016 | 5,023 | |
Prior | 18,840 | |
Revolving loans | 42 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 40,149 | |
30 to 59 Days past due | Revolving mortgage | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 6,155 | |
Revolving loans converted to term loans | 3,990 | |
Total loans and leases | 10,145 | |
30 to 59 Days past due | Consumer auto | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 43 | |
2019 | 1,739 | |
2018 | 1,703 | |
2017 | 1,346 | |
2016 | 472 | |
Prior | 372 | |
Revolving loans | 0 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 5,675 | |
30 to 59 Days past due | Consumer other | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 79 | |
2019 | 260 | |
2018 | 129 | |
2017 | 35 | |
2016 | 89 | |
Prior | 7 | |
Revolving loans | 3,048 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 3,647 | |
30 to 59 Days past due | PCD Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 56 | |
2019 | 4,291 | |
2018 | 2,471 | |
2017 | 1,104 | |
2016 | 306 | |
Prior | 18,759 | |
Revolving loans | 181 | |
Revolving loans converted to term loans | 460 | |
Total loans and leases | 27,628 | |
60 to 89 Days past due | Residential mortgage | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 684 | |
2018 | 117 | |
2017 | 538 | |
2016 | 2,081 | |
Prior | 4,469 | |
Revolving loans | 126 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 8,015 | |
60 to 89 Days past due | Revolving mortgage | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 476 | |
Revolving loans converted to term loans | 2,934 | |
Total loans and leases | 3,410 | |
60 to 89 Days past due | Consumer auto | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 261 | |
2018 | 376 | |
2017 | 252 | |
2016 | 184 | |
Prior | 108 | |
Revolving loans | 0 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 1,181 | |
60 to 89 Days past due | Consumer other | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 59 | |
2018 | 139 | |
2017 | 6 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 1,854 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 2,058 | |
60 to 89 Days past due | PCD Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 2,202 | |
2018 | 105 | |
2017 | 285 | |
2016 | 0 | |
Prior | 5,677 | |
Revolving loans | 90 | |
Revolving loans converted to term loans | 321 | |
Total loans and leases | 8,680 | |
90 Days or greater | Construction and land development | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 87 | |
Prior | 1,469 | |
Revolving loans | 0 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 1,556 | |
90 Days or greater | Residential mortgage | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 647 | |
2018 | 3,388 | |
2017 | 5,810 | |
2016 | 5,547 | |
Prior | 11,544 | |
Revolving loans | 2,972 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 29,908 | |
90 Days or greater | Revolving mortgage | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 2,206 | |
Revolving loans converted to term loans | 5,827 | |
Total loans and leases | 8,033 | |
90 Days or greater | Consumer auto | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 344 | |
2018 | 560 | |
2017 | 298 | |
2016 | 197 | |
Prior | 86 | |
Revolving loans | 0 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 1,485 | |
90 Days or greater | Consumer other | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 41 | |
2018 | 31 | |
2017 | 5 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans | 2,216 | |
Revolving loans converted to term loans | 0 | |
Total loans and leases | 2,293 | |
90 Days or greater | PCD Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 454 | |
2019 | 1,071 | |
2018 | 5,004 | |
2017 | 1,684 | |
2016 | 3,383 | |
Prior | 14,308 | |
Revolving loans | 300 | |
Revolving loans converted to term loans | 1,757 | |
Total loans and leases | $ 27,961 |
Loans and Leases (Composition o
Loans and Leases (Composition of the Loans and Leases Outstanding By Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | $ 28,680,607 | $ 28,322,780 |
Past due loans | 277,651 | 206,535 |
Current loans | 28,963,308 | 28,116,245 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 18,886,482 | 18,552,002 |
Commercial | Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 12,282,635 | |
Commercial | Other commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 542,028 | |
Commercial | Commercial and industrial and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 4,738,098 | 4,403,792 |
Commercial | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 310,093 | |
Commercial | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 1,014,017 | 1,013,454 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 9,794,125 | 9,770,778 |
Consumer | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 363,190 | 357,385 |
Consumer | Revolving mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 2,339,072 | |
Consumer | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 1,780,404 | |
Non-PCI Loans | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 18,552,002 | |
Past due loans | 74,146 | |
Current loans | 18,477,856 | |
Non-PCI Loans | Commercial | Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 12,282,635 | |
Past due loans | 40,375 | 37,482 |
Current loans | 10,035,757 | 12,245,153 |
Non-PCI Loans | Commercial | Other commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 542,028 | |
Past due loans | 14,376 | 1,890 |
Current loans | 3,043,859 | 540,138 |
Non-PCI Loans | Commercial | Commercial and industrial and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 4,403,792 | |
Past due loans | 29,250 | 28,143 |
Current loans | 4,708,848 | 4,375,649 |
Non-PCI Loans | Commercial | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 310,093 | |
Past due loans | 89,738 | 588 |
Current loans | 18,796,744 | 309,505 |
Non-PCI Loans | Commercial | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 1,013,454 | |
Past due loans | 5,737 | 6,043 |
Current loans | 1,008,280 | 1,007,411 |
Non-PCI Loans | Commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 18,157,655 | |
Non-PCI Loans | Commercial | Pass | Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 12,050,799 | |
Non-PCI Loans | Commercial | Pass | Other commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 536,682 | |
Non-PCI Loans | Commercial | Pass | Commercial and industrial and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 4,256,456 | |
Non-PCI Loans | Commercial | Pass | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 308,796 | |
Non-PCI Loans | Commercial | Pass | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 1,004,922 | |
Non-PCI Loans | Commercial | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 166,866 | |
Non-PCI Loans | Commercial | Special Mention | Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 115,164 | |
Non-PCI Loans | Commercial | Special Mention | Other commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 3,899 | |
Non-PCI Loans | Commercial | Special Mention | Commercial and industrial and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 44,604 | |
Non-PCI Loans | Commercial | Special Mention | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 622 | |
Non-PCI Loans | Commercial | Special Mention | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 2,577 | |
Non-PCI Loans | Commercial | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 158,897 | |
Non-PCI Loans | Commercial | Substandard | Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 116,672 | |
Non-PCI Loans | Commercial | Substandard | Other commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 1,447 | |
Non-PCI Loans | Commercial | Substandard | Commercial and industrial and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 34,148 | |
Non-PCI Loans | Commercial | Substandard | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 675 | |
Non-PCI Loans | Commercial | Substandard | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 5,955 | |
Non-PCI Loans | Commercial | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 3 | |
Non-PCI Loans | Commercial | Doubtful | Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 0 | |
Non-PCI Loans | Commercial | Doubtful | Other commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 0 | |
Non-PCI Loans | Commercial | Doubtful | Commercial and industrial and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 3 | |
Non-PCI Loans | Commercial | Doubtful | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 0 | |
Non-PCI Loans | Commercial | Doubtful | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 0 | |
Non-PCI Loans | Commercial | Ungraded | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 68,581 | |
Non-PCI Loans | Commercial | Ungraded | Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 0 | |
Non-PCI Loans | Commercial | Ungraded | Other commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 0 | |
Non-PCI Loans | Commercial | Ungraded | Commercial and industrial and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 68,581 | |
Non-PCI Loans | Commercial | Ungraded | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 0 | |
Non-PCI Loans | Commercial | Ungraded | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 0 | |
Non-PCI Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 9,770,778 | |
Past due loans | 123,644 | 132,389 |
Current loans | 9,670,481 | 9,638,389 |
Non-PCI Loans | Consumer | Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 5,293,917 | |
Past due loans | 88,537 | |
Current loans | 5,205,380 | |
Non-PCI Loans | Consumer | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 357,385 | |
Past due loans | 8,341 | 2,992 |
Current loans | 1,192,811 | 354,393 |
Non-PCI Loans | Consumer | Revolving mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 2,339,072 | |
Past due loans | 7,645 | 23,062 |
Current loans | 355,545 | 2,316,010 |
Non-PCI Loans | Consumer | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 1,780,404 | |
Past due loans | 7,998 | 17,798 |
Current loans | 559,729 | 1,762,606 |
PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 64,269 | |
Current loans | 496,083 | |
PCD Loans | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 284,329 | |
PCD Loans | Commercial | Pass | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 148,412 | |
PCD Loans | Commercial | Special Mention | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 44,290 | |
PCD Loans | Commercial | Substandard | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 87,970 | |
PCD Loans | Commercial | Doubtful | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 3,657 | |
PCD Loans | Commercial | Ungraded | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 0 | |
PCD Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-PCI loans | 274,387 | |
Current loans | 240,995 | |
30 to 59 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 146,672 | 109,742 |
30 to 59 Days past due | Non-PCI Loans | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 42,716 | |
30 to 59 Days past due | Non-PCI Loans | Commercial | Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 22,793 | 20,389 |
30 to 59 Days past due | Non-PCI Loans | Commercial | Other commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 9,173 | 861 |
30 to 59 Days past due | Non-PCI Loans | Commercial | Commercial and industrial and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 18,076 | 18,269 |
30 to 59 Days past due | Non-PCI Loans | Commercial | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 53,339 | 51 |
30 to 59 Days past due | Non-PCI Loans | Commercial | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 3,297 | 3,146 |
30 to 59 Days past due | Non-PCI Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 65,705 | 67,026 |
30 to 59 Days past due | Non-PCI Loans | Consumer | Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 45,839 | |
30 to 59 Days past due | Non-PCI Loans | Consumer | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 5,675 | 977 |
30 to 59 Days past due | Non-PCI Loans | Consumer | Revolving mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 6,089 | 9,729 |
30 to 59 Days past due | Non-PCI Loans | Consumer | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 3,647 | 10,481 |
30 to 59 Days past due | PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 27,628 | |
30 to 59 Days past due | PCD Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 13,764 | |
60 to 89 Days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 34,001 | 40,274 |
60 to 89 Days past due | Non-PCI Loans | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 14,553 | |
60 to 89 Days past due | Non-PCI Loans | Commercial | Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 3,083 | 8,774 |
60 to 89 Days past due | Non-PCI Loans | Commercial | Other commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 308 | 331 |
60 to 89 Days past due | Non-PCI Loans | Commercial | Commercial and industrial and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 6,924 | 4,842 |
60 to 89 Days past due | Non-PCI Loans | Commercial | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 10,657 | 411 |
60 to 89 Days past due | Non-PCI Loans | Commercial | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 342 | 195 |
60 to 89 Days past due | Non-PCI Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 14,664 | 25,721 |
60 to 89 Days past due | Non-PCI Loans | Consumer | Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 18,289 | |
60 to 89 Days past due | Non-PCI Loans | Consumer | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 1,181 | 218 |
60 to 89 Days past due | Non-PCI Loans | Consumer | Revolving mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 0 | 3,468 |
60 to 89 Days past due | Non-PCI Loans | Consumer | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 2,058 | 3,746 |
60 to 89 Days past due | PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 8,680 | |
60 to 89 Days past due | PCD Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 5,608 | |
90 Days or greater | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 96,978 | 56,519 |
90 Days or greater | Non-PCI Loans | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 16,877 | |
90 Days or greater | Non-PCI Loans | Commercial | Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 14,499 | 8,319 |
90 Days or greater | Non-PCI Loans | Commercial | Other commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 4,895 | 698 |
90 Days or greater | Non-PCI Loans | Commercial | Commercial and industrial and leases | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 4,250 | 5,032 |
90 Days or greater | Non-PCI Loans | Commercial | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 25,742 | 126 |
90 Days or greater | Non-PCI Loans | Commercial | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 2,098 | 2,702 |
90 Days or greater | Non-PCI Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 43,275 | 39,642 |
90 Days or greater | Non-PCI Loans | Consumer | Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 24,409 | |
90 Days or greater | Non-PCI Loans | Consumer | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 1,485 | 1,797 |
90 Days or greater | Non-PCI Loans | Consumer | Revolving mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 1,556 | 9,865 |
90 Days or greater | Non-PCI Loans | Consumer | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | 2,293 | 3,571 |
90 Days or greater | PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | $ 27,961 | |
90 Days or greater | PCD Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Past due loans | $ 14,020 |
Loans and Leases (Purchased Loa
Loans and Leases (Purchased Loans and Leases) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Business Acquisition [Line Items] | |
Initial PCD allowance | $ 1,193 |
Discount | 1,055 |
Community Financial | |
Business Acquisition [Line Items] | |
Contractually required payments | 25,635 |
Initial PCD allowance | 1,193 |
Fair value at acquisition date | 23,387 |
Non-PCD loans purchased | 110,602 |
Commercial | Community Financial | |
Business Acquisition [Line Items] | |
Non-PCD loans purchased | 81,109 |
Consumer | Community Financial | |
Business Acquisition [Line Items] | |
Non-PCD loans purchased | 29,493 |
Construction and land development | Commercial | |
Business Acquisition [Line Items] | |
Initial PCD allowance | 0 |
Construction and land development | Commercial | Community Financial | |
Business Acquisition [Line Items] | |
Non-PCD loans purchased | 9,428 |
Construction and land development | Consumer | |
Business Acquisition [Line Items] | |
Initial PCD allowance | 0 |
Construction and land development | Consumer | Community Financial | |
Business Acquisition [Line Items] | |
Non-PCD loans purchased | 5,254 |
Owner occupied commercial mortgage | Commercial | |
Business Acquisition [Line Items] | |
Initial PCD allowance | 0 |
Owner occupied commercial mortgage | Commercial | Community Financial | |
Business Acquisition [Line Items] | |
Non-PCD loans purchased | 31,473 |
Non-owner occupied commercial mortgage | Commercial | |
Business Acquisition [Line Items] | |
Initial PCD allowance | 0 |
Non-owner occupied commercial mortgage | Commercial | Community Financial | |
Business Acquisition [Line Items] | |
Non-PCD loans purchased | 25,143 |
Commercial and industrial | Commercial | |
Business Acquisition [Line Items] | |
Initial PCD allowance | 0 |
Commercial and industrial | Commercial | Community Financial | |
Business Acquisition [Line Items] | |
Non-PCD loans purchased | 15,065 |
Residential mortgage | Consumer | |
Business Acquisition [Line Items] | |
Initial PCD allowance | 0 |
Residential mortgage | Consumer | Community Financial | |
Business Acquisition [Line Items] | |
Non-PCD loans purchased | 21,168 |
Revolving mortgage | Consumer | |
Business Acquisition [Line Items] | |
Initial PCD allowance | 0 |
Revolving mortgage | Consumer | Community Financial | |
Business Acquisition [Line Items] | |
Non-PCD loans purchased | 2,084 |
Consumer auto | Consumer | |
Business Acquisition [Line Items] | |
Initial PCD allowance | 0 |
Consumer auto | Consumer | Community Financial | |
Business Acquisition [Line Items] | |
Non-PCD loans purchased | 294 |
Consumer other | Consumer | |
Business Acquisition [Line Items] | |
Initial PCD allowance | 0 |
Consumer other | Consumer | Community Financial | |
Business Acquisition [Line Items] | |
Non-PCD loans purchased | $ 693 |
Allowance for Credit Losses (Su
Allowance for Credit Losses (Summary of Activity In Allowance for Loan and Lease Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Jan. 01, 2020 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 225,141 | $ 223,712 | |
Provision for Loan, Lease, and Other Losses | 28,355 | 11,750 | |
Initial PCD allowance | 1,193 | ||
Charge-offs | (14,261) | (10,154) | |
Recoveries | 6,755 | 3,467 | |
Ending balance | 209,259 | 228,775 | |
Increase (decrease) in allowance | $ 209,259 | 228,775 | |
Forecast period (months) | 24 months | ||
Adoption of ASC 326 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ (37,924) | ||
Increase (decrease) in allowance | (37,924) | $ (37,900) | |
Adjusted Balance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 187,217 | ||
Increase (decrease) in allowance | 187,217 | ||
Commercial | Construction and land development | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 33,213 | 35,270 | |
Provision for Loan, Lease, and Other Losses | 51 | 2,119 | |
Initial PCD allowance | 0 | ||
Charge-offs | 0 | (44) | |
Recoveries | 87 | 131 | |
Ending balance | 2,290 | 37,476 | |
Increase (decrease) in allowance | 2,290 | 37,476 | |
Commercial | Construction and land development | Adoption of ASC 326 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | (31,061) | ||
Increase (decrease) in allowance | (31,061) | ||
Commercial | Construction and land development | Adjusted Balance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,152 | ||
Increase (decrease) in allowance | 2,152 | ||
Commercial | Owner occupied commercial mortgage | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 36,444 | ||
Provision for Loan, Lease, and Other Losses | 6,107 | ||
Initial PCD allowance | 0 | ||
Charge-offs | (320) | ||
Recoveries | 55 | ||
Ending balance | 22,970 | ||
Increase (decrease) in allowance | 22,970 | ||
Commercial | Owner occupied commercial mortgage | Adoption of ASC 326 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | (19,316) | ||
Increase (decrease) in allowance | (19,316) | ||
Commercial | Owner occupied commercial mortgage | Adjusted Balance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 17,128 | ||
Increase (decrease) in allowance | 17,128 | ||
Commercial | Non-owner occupied commercial mortgage | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 11,102 | ||
Provision for Loan, Lease, and Other Losses | 4,956 | ||
Initial PCD allowance | 0 | ||
Charge-offs | 0 | ||
Recoveries | 13 | ||
Ending balance | 16,531 | ||
Increase (decrease) in allowance | 16,531 | ||
Commercial | Non-owner occupied commercial mortgage | Adoption of ASC 326 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 460 | ||
Increase (decrease) in allowance | 460 | ||
Commercial | Non-owner occupied commercial mortgage | Adjusted Balance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 11,562 | ||
Increase (decrease) in allowance | 11,562 | ||
Commercial | Commercial and industrial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 61,610 | 55,620 | |
Provision for Loan, Lease, and Other Losses | 10,423 | 2,725 | |
Initial PCD allowance | 0 | ||
Charge-offs | (5,049) | (1,858) | |
Recoveries | 1,272 | 538 | |
Ending balance | 30,619 | 57,025 | |
Increase (decrease) in allowance | 30,619 | 57,025 | |
Commercial | Commercial and industrial | Adoption of ASC 326 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | (37,637) | ||
Increase (decrease) in allowance | (37,637) | ||
Commercial | Commercial and industrial | Adjusted Balance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 23,973 | ||
Increase (decrease) in allowance | 23,973 | ||
Commercial | Mortgage | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 43,451 | ||
Provision for Loan, Lease, and Other Losses | 2,371 | ||
Charge-offs | (761) | ||
Recoveries | 220 | ||
Ending balance | 45,281 | ||
Increase (decrease) in allowance | 45,281 | ||
Commercial | Other commercial real estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,481 | ||
Provision for Loan, Lease, and Other Losses | (83) | ||
Charge-offs | 0 | ||
Recoveries | 1 | ||
Ending balance | 2,399 | ||
Increase (decrease) in allowance | 2,399 | ||
Commercial | Other | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,221 | ||
Provision for Loan, Lease, and Other Losses | (498) | ||
Charge-offs | 0 | ||
Recoveries | 444 | ||
Ending balance | 2,167 | ||
Increase (decrease) in allowance | 2,167 | ||
Consumer | Construction and land development | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,709 | 2,350 | |
Provision for Loan, Lease, and Other Losses | (223) | 123 | |
Initial PCD allowance | 0 | ||
Charge-offs | (70) | 0 | |
Recoveries | 15 | 0 | |
Ending balance | 1,140 | 2,473 | |
Increase (decrease) in allowance | 1,140 | 2,473 | |
Consumer | Construction and land development | Adoption of ASC 326 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | (1,291) | ||
Increase (decrease) in allowance | (1,291) | ||
Consumer | Construction and land development | Adjusted Balance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 1,418 | ||
Increase (decrease) in allowance | 1,418 | ||
Consumer | Residential mortgage | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 18,232 | 15,472 | |
Provision for Loan, Lease, and Other Losses | 3,593 | 1,508 | |
Initial PCD allowance | 0 | ||
Charge-offs | (800) | (166) | |
Recoveries | 223 | 173 | |
Ending balance | 38,366 | 16,987 | |
Increase (decrease) in allowance | 38,366 | 16,987 | |
Consumer | Residential mortgage | Adoption of ASC 326 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 17,118 | ||
Increase (decrease) in allowance | 17,118 | ||
Consumer | Residential mortgage | Adjusted Balance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 35,350 | ||
Increase (decrease) in allowance | 35,350 | ||
Consumer | Revolving mortgage | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 19,702 | 21,862 | |
Provision for Loan, Lease, and Other Losses | 1,304 | 209 | |
Initial PCD allowance | 0 | ||
Charge-offs | (585) | (963) | |
Recoveries | 471 | 387 | |
Ending balance | 24,557 | 21,495 | |
Increase (decrease) in allowance | 24,557 | 21,495 | |
Consumer | Revolving mortgage | Adoption of ASC 326 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 3,665 | ||
Increase (decrease) in allowance | 3,665 | ||
Consumer | Revolving mortgage | Adjusted Balance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 23,367 | ||
Increase (decrease) in allowance | 23,367 | ||
Consumer | Consumer auto | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 4,292 | ||
Provision for Loan, Lease, and Other Losses | 958 | ||
Initial PCD allowance | 0 | ||
Charge-offs | (944) | ||
Recoveries | 363 | ||
Ending balance | 5,769 | ||
Increase (decrease) in allowance | 5,769 | ||
Consumer | Consumer auto | Adoption of ASC 326 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 1,100 | ||
Increase (decrease) in allowance | 1,100 | ||
Consumer | Consumer auto | Adjusted Balance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 5,392 | ||
Increase (decrease) in allowance | 5,392 | ||
Consumer | Consumer other | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 30,301 | ||
Provision for Loan, Lease, and Other Losses | 3,774 | ||
Initial PCD allowance | 0 | ||
Charge-offs | (5,370) | ||
Recoveries | 1,359 | ||
Ending balance | 40,101 | ||
Increase (decrease) in allowance | 40,101 | ||
Consumer | Consumer other | Adoption of ASC 326 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 10,037 | ||
Increase (decrease) in allowance | 10,037 | ||
Consumer | Consumer other | Adjusted Balance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 40,338 | ||
Increase (decrease) in allowance | 40,338 | ||
Consumer | Consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 35,841 | ||
Provision for Loan, Lease, and Other Losses | 3,440 | ||
Charge-offs | (6,362) | ||
Recoveries | 1,573 | ||
Ending balance | 34,492 | ||
Increase (decrease) in allowance | 34,492 | ||
Non-PCD Loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 217,605 | ||
Increase (decrease) in allowance | 217,605 | ||
Non-PCD Loans | Adoption of ASC 326 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Increase (decrease) in allowance | (56,900) | ||
Non-PCD Loans | Commercial | Construction and land development | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 33,213 | ||
Increase (decrease) in allowance | 33,213 | ||
Non-PCD Loans | Commercial | Commercial and industrial | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 59,374 | ||
Increase (decrease) in allowance | 59,374 | ||
Non-PCD Loans | Commercial | Mortgage | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 45,335 | ||
Increase (decrease) in allowance | 45,335 | ||
Non-PCD Loans | Commercial | Other commercial real estate | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,211 | ||
Increase (decrease) in allowance | 2,211 | ||
Non-PCD Loans | Commercial | Other | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,236 | ||
Increase (decrease) in allowance | 2,236 | ||
Non-PCD Loans | Consumer | Construction and land development | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 2,709 | ||
Increase (decrease) in allowance | 2,709 | ||
Non-PCD Loans | Consumer | Mortgage | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 18,232 | ||
Increase (decrease) in allowance | 18,232 | ||
Non-PCD Loans | Consumer | Consumer | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 34,593 | ||
Increase (decrease) in allowance | 34,593 | ||
PCD Loans | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 7,536 | 9,144 | |
Provision for Loan, Lease, and Other Losses | (2,588) | (164) | |
Initial PCD allowance | 1,193 | ||
Charge-offs | (1,123) | 0 | |
Recoveries | 2,897 | 0 | |
Ending balance | 26,916 | 8,980 | |
Increase (decrease) in allowance | 7,536 | $ 8,980 | |
PCD Loans | Adoption of ASC 326 | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 19,001 | ||
Increase (decrease) in allowance | 19,001 | $ 19,000 | |
PCD Loans | Adjusted Balance | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | 26,537 | ||
Increase (decrease) in allowance | 26,537 | ||
Novel Coronavirus (COVID-19) | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Increase in ACL | $ 21,500 |
Allowance for Credit Losses (Co
Allowance for Credit Losses (Collateral Dependent Loans) (Details) | Mar. 31, 2020USD ($) |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Threshold balance for collateral-dependent loans to be individually reviewed for impairment | $ 500,000 |
Collateral-Dependant Loans | 47,966,000 |
Net Realizable Value of Collateral | $ 87,471,000 |
Collateral Coverage | 182.40% |
Allowance for Credit Losses | $ 1,029,000 |
Non-PCD Loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Collateral-Dependant Loans | 36,509,000 |
Net Realizable Value of Collateral | $ 67,917,000 |
Collateral Coverage | 186.00% |
Allowance for Credit Losses | $ 332,000 |
Non-PCD Loans | Commercial | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Collateral-Dependant Loans | 17,717,000 |
Net Realizable Value of Collateral | $ 41,308,000 |
Collateral Coverage | 233.20% |
Allowance for Credit Losses | $ 215,000 |
Non-PCD Loans | Consumer | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Collateral-Dependant Loans | 18,792,000 |
Net Realizable Value of Collateral | $ 26,609,000 |
Collateral Coverage | 141.60% |
Allowance for Credit Losses | $ 117,000 |
PCD Loans | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Collateral-Dependant Loans | 11,457,000 |
Net Realizable Value of Collateral | $ 19,554,000 |
Collateral Coverage | 170.70% |
Allowance for Credit Losses | $ 697,000 |
Construction and land development | Non-PCD Loans | Commercial | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Collateral-Dependant Loans | 3,522,000 |
Net Realizable Value of Collateral | $ 8,928,000 |
Collateral Coverage | 253.50% |
Allowance for Credit Losses | $ 215,000 |
Construction and land development | Non-PCD Loans | Consumer | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Collateral-Dependant Loans | 1,412,000 |
Net Realizable Value of Collateral | $ 1,558,000 |
Collateral Coverage | 110.30% |
Allowance for Credit Losses | $ 0 |
Owner occupied commercial mortgage | Non-PCD Loans | Commercial | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Collateral-Dependant Loans | 9,139,000 |
Net Realizable Value of Collateral | $ 21,686,000 |
Collateral Coverage | 237.30% |
Allowance for Credit Losses | $ 0 |
Non-owner occupied commercial mortgage | Non-PCD Loans | Commercial | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Collateral-Dependant Loans | 4,617,000 |
Net Realizable Value of Collateral | $ 10,255,000 |
Collateral Coverage | 222.10% |
Allowance for Credit Losses | $ 0 |
Commercial and industrial | Non-PCD Loans | Commercial | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Collateral-Dependant Loans | 439,000 |
Net Realizable Value of Collateral | $ 439,000 |
Collateral Coverage | 100.00% |
Allowance for Credit Losses | $ 0 |
Residential mortgage | Non-PCD Loans | Consumer | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Collateral-Dependant Loans | 16,952,000 |
Net Realizable Value of Collateral | $ 24,599,000 |
Collateral Coverage | 145.10% |
Allowance for Credit Losses | $ 117,000 |
Revolving mortgage | Non-PCD Loans | Consumer | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |
Collateral-Dependant Loans | 428,000 |
Net Realizable Value of Collateral | $ 452,000 |
Collateral Coverage | 105.60% |
Allowance for Credit Losses | $ 0 |
Allowance for Credit Losses (Al
Allowance for Credit Losses (Allocation of Allowance for Loan and Lease Losses) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total allowance for loan and lease losses | $ 209,259 | $ 225,141 | $ 228,775 | $ 223,712 |
Total loan and leases | 29,031,700 | 28,656,355 | ||
Loans acquired with deteriorated credit quality | 560,352 | 558,716 | ||
Commercial | Construction and land development | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total allowance for loan and lease losses | 2,290 | 33,213 | 37,476 | 35,270 |
Commercial | Mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total allowance for loan and lease losses | 45,281 | 43,451 | ||
Commercial | Other commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total allowance for loan and lease losses | 2,399 | 2,481 | ||
Commercial | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total allowance for loan and lease losses | 30,619 | 61,610 | 57,025 | 55,620 |
Commercial | Other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total allowance for loan and lease losses | 2,167 | 2,221 | ||
Consumer | Construction and land development | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total allowance for loan and lease losses | 1,140 | 2,709 | 2,473 | 2,350 |
Consumer | Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total allowance for loan and lease losses | 34,492 | 35,841 | ||
Non-PCD Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ALLL for loans and leases individually evaluated for impairment | 12,915 | |||
ALLL for loans and leases collectively evaluated for impairment | 204,690 | |||
Total allowance for loan and lease losses | 217,605 | |||
Loans and leases individually evaluated for impairment | 185,599 | |||
Loans and leases collectively evaluated for impairment | 28,137,181 | |||
Total loan and leases | 28,322,780 | |||
Non-PCD Loans | Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ALLL for loans and leases individually evaluated for impairment | 5,634 | |||
Loans and leases individually evaluated for impairment | 88,893 | |||
Non-PCD Loans | Commercial | Construction and land development | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ALLL for loans and leases individually evaluated for impairment | 463 | |||
ALLL for loans and leases collectively evaluated for impairment | 32,750 | |||
Total allowance for loan and lease losses | 33,213 | |||
Loans and leases individually evaluated for impairment | 4,655 | |||
Loans and leases collectively evaluated for impairment | 1,008,799 | |||
Total loan and leases | 1,013,454 | |||
Non-PCD Loans | Commercial | Mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ALLL for loans and leases individually evaluated for impairment | 3,650 | |||
ALLL for loans and leases collectively evaluated for impairment | 41,685 | |||
Total allowance for loan and lease losses | 45,335 | |||
Loans and leases individually evaluated for impairment | 70,149 | |||
Loans and leases collectively evaluated for impairment | 12,212,486 | |||
Total loan and leases | 12,282,635 | |||
Non-PCD Loans | Commercial | Other commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ALLL for loans and leases individually evaluated for impairment | 39 | |||
ALLL for loans and leases collectively evaluated for impairment | 2,172 | |||
Total allowance for loan and lease losses | 2,211 | |||
Loans and leases individually evaluated for impairment | 1,268 | |||
Loans and leases collectively evaluated for impairment | 540,760 | |||
Total loan and leases | 542,028 | |||
Non-PCD Loans | Commercial | Commercial and industrial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ALLL for loans and leases individually evaluated for impairment | 1,379 | |||
ALLL for loans and leases collectively evaluated for impairment | 57,995 | |||
Total allowance for loan and lease losses | 59,374 | |||
Loans and leases individually evaluated for impairment | 12,182 | |||
Loans and leases collectively evaluated for impairment | 4,391,610 | |||
Total loan and leases | 4,403,792 | |||
Non-PCD Loans | Commercial | Other | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ALLL for loans and leases individually evaluated for impairment | 103 | |||
ALLL for loans and leases collectively evaluated for impairment | 2,133 | |||
Total allowance for loan and lease losses | 2,236 | |||
Loans and leases individually evaluated for impairment | 639 | |||
Loans and leases collectively evaluated for impairment | 309,454 | |||
Total loan and leases | 310,093 | |||
Non-PCD Loans | Consumer | Construction and land development | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ALLL for loans and leases individually evaluated for impairment | 174 | |||
ALLL for loans and leases collectively evaluated for impairment | 2,535 | |||
Total allowance for loan and lease losses | 2,709 | |||
Loans and leases individually evaluated for impairment | 3,882 | |||
Loans and leases collectively evaluated for impairment | 353,503 | |||
Total loan and leases | 357,385 | |||
Non-PCD Loans | Consumer | Mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ALLL for loans and leases individually evaluated for impairment | 3,278 | |||
ALLL for loans and leases collectively evaluated for impairment | 14,954 | |||
Total allowance for loan and lease losses | 18,232 | |||
Loans and leases individually evaluated for impairment | 60,442 | |||
Loans and leases collectively evaluated for impairment | 5,233,475 | |||
Total loan and leases | 5,293,917 | |||
Non-PCD Loans | Consumer | Revolving mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ALLL for loans and leases individually evaluated for impairment | 2,722 | |||
ALLL for loans and leases collectively evaluated for impairment | 16,980 | |||
Total allowance for loan and lease losses | 19,702 | |||
Loans and leases individually evaluated for impairment | 28,869 | |||
Loans and leases collectively evaluated for impairment | 2,310,203 | |||
Total loan and leases | 2,339,072 | |||
Non-PCD Loans | Consumer | Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
ALLL for loans and leases individually evaluated for impairment | 1,107 | |||
ALLL for loans and leases collectively evaluated for impairment | 33,486 | |||
Total allowance for loan and lease losses | 34,593 | |||
Loans and leases individually evaluated for impairment | 3,513 | |||
Loans and leases collectively evaluated for impairment | 1,776,891 | |||
Total loan and leases | 1,780,404 | |||
PCD Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Total allowance for loan and lease losses | $ 26,916 | 7,536 | $ 8,980 | $ 9,144 |
PCD Loans | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Acquired loans which have adverse change in expected cash flows | $ 139,400 |
Allowance for Credit Losses (No
Allowance for Credit Losses (Non-PCI Impaired Loans and Leases) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Non-PCI impaired loans collective maximum balance collectively evaluated for impairment | $ 500,000 | |
Impaired financing receivable, collectively evaluated | 41,000,000 | |
Non-PCD Loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
With a recorded allowance | 133,358,000 | |
With no recorded allowance | 52,241,000 | |
Loans and leases individually evaluated for impairment | 185,599,000 | |
Unpaid principal balance | 200,599,000 | |
Related allowance recorded | 12,915,000 | |
Average balance | $ 147,891,000 | |
Interest income recognized | 1,339,000 | |
Non-PCD Loans | Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
With a recorded allowance | 52,516,000 | |
With no recorded allowance | 36,377,000 | |
Loans and leases individually evaluated for impairment | 88,893,000 | |
Unpaid principal balance | 95,927,000 | |
Related allowance recorded | 5,634,000 | |
Average balance | 69,776,000 | |
Interest income recognized | 702,000 | |
Non-PCD Loans | Noncommercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
With a recorded allowance | 80,842,000 | |
With no recorded allowance | 15,864,000 | |
Loans and leases individually evaluated for impairment | 96,706,000 | |
Unpaid principal balance | 104,672,000 | |
Related allowance recorded | 7,281,000 | |
Average balance | 78,115,000 | |
Interest income recognized | 637,000 | |
Construction and land development | Non-PCD Loans | Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
With a recorded allowance | 1,851,000 | |
With no recorded allowance | 2,804,000 | |
Loans and leases individually evaluated for impairment | 4,655,000 | |
Unpaid principal balance | 5,109,000 | |
Related allowance recorded | 463,000 | |
Average balance | 2,147,000 | |
Interest income recognized | 28,000 | |
Construction and land development | Non-PCD Loans | Noncommercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
With a recorded allowance | 2,470,000 | |
With no recorded allowance | 1,412,000 | |
Loans and leases individually evaluated for impairment | 3,882,000 | |
Unpaid principal balance | 4,150,000 | |
Related allowance recorded | 174,000 | |
Average balance | 3,747,000 | |
Interest income recognized | 36,000 | |
Mortgage | Non-PCD Loans | Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
With a recorded allowance | 42,394,000 | |
With no recorded allowance | 27,755,000 | |
Loans and leases individually evaluated for impairment | 70,149,000 | |
Unpaid principal balance | 74,804,000 | |
Related allowance recorded | 3,650,000 | |
Average balance | 56,629,000 | |
Interest income recognized | 564,000 | |
Mortgage | Non-PCD Loans | Noncommercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
With a recorded allowance | 48,796,000 | |
With no recorded allowance | 11,646,000 | |
Loans and leases individually evaluated for impairment | 60,442,000 | |
Unpaid principal balance | 64,741,000 | |
Related allowance recorded | 3,278,000 | |
Average balance | 42,626,000 | |
Interest income recognized | 325,000 | |
Revolving mortgage | Non-PCD Loans | Noncommercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
With a recorded allowance | 26,104,000 | |
With no recorded allowance | 2,765,000 | |
Loans and leases individually evaluated for impairment | 28,869,000 | |
Unpaid principal balance | 31,960,000 | |
Related allowance recorded | 2,722,000 | |
Average balance | 28,742,000 | |
Interest income recognized | 247,000 | |
Consumer | Non-PCD Loans | Noncommercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
With a recorded allowance | 3,472,000 | |
With no recorded allowance | 41,000 | |
Loans and leases individually evaluated for impairment | 3,513,000 | |
Unpaid principal balance | 3,821,000 | |
Related allowance recorded | 1,107,000 | |
Average balance | 3,000,000 | |
Interest income recognized | 29,000 | |
Other | Non-PCD Loans | Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
With a recorded allowance | 406,000 | |
With no recorded allowance | 233,000 | |
Loans and leases individually evaluated for impairment | 639,000 | |
Unpaid principal balance | 661,000 | |
Related allowance recorded | 103,000 | |
Average balance | 315,000 | |
Interest income recognized | 2,000 | |
Other commercial real estate | Non-PCD Loans | Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
With a recorded allowance | 318,000 | |
With no recorded allowance | 950,000 | |
Loans and leases individually evaluated for impairment | 1,268,000 | |
Unpaid principal balance | 1,360,000 | |
Related allowance recorded | 39,000 | |
Average balance | 685,000 | |
Interest income recognized | 8,000 | |
Commercial and industrial and leases | Non-PCD Loans | Commercial | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
With a recorded allowance | 7,547,000 | |
With no recorded allowance | 4,635,000 | |
Loans and leases individually evaluated for impairment | 12,182,000 | |
Unpaid principal balance | 13,993,000 | |
Related allowance recorded | $ 1,379,000 | |
Average balance | 10,000,000 | |
Interest income recognized | $ 100,000 |
Allowance for Credit Losses (Tr
Allowance for Credit Losses (Troubled Debt Restructuring) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | $ 179,805 | $ 171,192 | |
Nonaccruing | 174,571 | $ 168,717 | 114,946 |
Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 77,536 | ||
Commercial | Construction and land development | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 2,766 | ||
Commercial | Mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 61,935 | ||
Commercial | Other commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 571 | ||
Commercial | Commercial and industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 11,839 | ||
Commercial | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 425 | ||
Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 93,656 | ||
Consumer | Construction and land development | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 3,882 | ||
Consumer | Mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 51,108 | 57,861 | |
Consumer | Revolving mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 28,399 | ||
Consumer | Consumer and Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 3,514 | ||
Accruing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 133,623 | 128,750 | |
Accruing | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 61,627 | ||
Accruing | Commercial | Construction and land development | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 487 | ||
Accruing | Commercial | Mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 50,819 | ||
Accruing | Commercial | Other commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 571 | ||
Accruing | Commercial | Commercial and industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 9,430 | ||
Accruing | Commercial | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 320 | ||
Accruing | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 67,123 | ||
Accruing | Consumer | Construction and land development | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 1,452 | ||
Accruing | Consumer | Mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 35,288 | 41,813 | |
Accruing | Consumer | Revolving mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 21,032 | ||
Accruing | Consumer | Consumer and Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 2,826 | ||
Nonaccruing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 46,182 | 42,442 | |
Nonaccruing | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 15,909 | ||
Nonaccruing | Commercial | Construction and land development | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Nonaccruing | 2,279 | ||
Nonaccruing | Commercial | Mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Nonaccruing | 11,116 | ||
Nonaccruing | Commercial | Other commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Nonaccruing | 0 | ||
Nonaccruing | Commercial | Commercial and industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Nonaccruing | 2,409 | ||
Nonaccruing | Commercial | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Nonaccruing | 105 | ||
Nonaccruing | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 26,533 | ||
Nonaccruing | Consumer | Construction and land development | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Nonaccruing | 2,430 | ||
Nonaccruing | Consumer | Mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Nonaccruing | 15,820 | 16,048 | |
Nonaccruing | Consumer | Revolving mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Nonaccruing | 7,367 | ||
Nonaccruing | Consumer | Consumer and Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Nonaccruing | 688 | ||
Non-PCD Loans | Commercial | Construction and land development | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 2,623 | ||
Non-PCD Loans | Commercial | Mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 43,857 | ||
Non-PCD Loans | Commercial | Other commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 11,757 | ||
Non-PCD Loans | Commercial | Commercial and industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 12,521 | ||
Non-PCD Loans | Commercial | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 70,758 | ||
Non-PCD Loans | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 89,989 | ||
Non-PCD Loans | Consumer | Construction and land development | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 2,736 | ||
Non-PCD Loans | Consumer | Mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 29,883 | ||
Non-PCD Loans | Consumer | Revolving mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 5,077 | ||
Non-PCD Loans | Consumer | Consumer and Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 1,185 | ||
Non-PCD Loans | Accruing | Commercial | Construction and land development | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 1,086 | ||
Non-PCD Loans | Accruing | Commercial | Mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 33,704 | ||
Non-PCD Loans | Accruing | Commercial | Other commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 11,438 | ||
Non-PCD Loans | Accruing | Commercial | Commercial and industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 9,914 | ||
Non-PCD Loans | Accruing | Commercial | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 56,142 | ||
Non-PCD Loans | Accruing | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 63,420 | ||
Non-PCD Loans | Accruing | Consumer | Construction and land development | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 2,018 | ||
Non-PCD Loans | Accruing | Consumer | Mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 22,677 | ||
Non-PCD Loans | Accruing | Consumer | Revolving mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 2,376 | ||
Non-PCD Loans | Accruing | Consumer | Consumer and Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 1,061 | ||
Non-PCD Loans | Nonaccruing | Commercial | Construction and land development | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Nonaccruing | 1,537 | ||
Non-PCD Loans | Nonaccruing | Commercial | Mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Nonaccruing | 10,153 | ||
Non-PCD Loans | Nonaccruing | Commercial | Other commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Nonaccruing | 319 | ||
Non-PCD Loans | Nonaccruing | Commercial | Commercial and industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Nonaccruing | 2,607 | ||
Non-PCD Loans | Nonaccruing | Commercial | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Nonaccruing | 14,616 | ||
Non-PCD Loans | Nonaccruing | Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 26,569 | ||
Non-PCD Loans | Nonaccruing | Consumer | Construction and land development | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Nonaccruing | 718 | ||
Non-PCD Loans | Nonaccruing | Consumer | Mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Nonaccruing | 7,206 | ||
Non-PCD Loans | Nonaccruing | Consumer | Revolving mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Nonaccruing | 2,701 | ||
Non-PCD Loans | Nonaccruing | Consumer | Consumer and Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Nonaccruing | 124 | ||
PCD Loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 19,058 | $ 17,200 | |
PCD Loans | Accruing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | 14,061 | ||
PCD Loans | Nonaccruing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Troubled debt restructuring | $ 4,997 |
Allowance for Credit Losses (_2
Allowance for Credit Losses (Note Restructurings During Period) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)loans | Mar. 31, 2019USD ($)loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loans | 172 | 150 |
Recorded investment at period end | $ | $ 17,977 | $ 7,990 |
Number of Loans | loans | 60 | 66 |
Recorded investment at period end | $ | $ 3,451 | $ 3,904 |
Interest only period provided | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loans | 10 | 0 |
Recorded investment at period end | $ | $ 3,986 | $ 0 |
Number of Loans | loans | 0 | 0 |
Recorded investment at period end | $ | $ 0 | $ 0 |
Loan term extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loans | 6 | 4 |
Recorded investment at period end | $ | $ 794 | $ 608 |
Number of Loans | loans | 3 | 3 |
Recorded investment at period end | $ | $ 263 | $ 541 |
Below market interest rate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loans | 88 | 96 |
Recorded investment at period end | $ | $ 8,165 | $ 4,962 |
Number of Loans | loans | 29 | 38 |
Recorded investment at period end | $ | $ 1,421 | $ 2,219 |
Discharged from bankruptcy | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Loans | loans | 68 | 50 |
Recorded investment at period end | $ | $ 5,032 | $ 2,420 |
Number of Loans | loans | 28 | 25 |
Recorded investment at period end | $ | $ 1,767 | $ 1,144 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Real Estate Properties [Line Items] | |||
Mortgage Loans in Process of Foreclosure, Amount | $ 22,000 | $ 23,000 | |
Gains (losses) on sales of OREO | (56) | $ 496 | |
OREO | |||
Beginning balance | 46,591 | 48,030 | |
Additions | 5,987 | 3,133 | |
Sales | (5,321) | (6,934) | |
Write-downs/losses | (1,363) | (923) | |
Ending balance | 55,707 | $ 43,306 | |
Mortgage | |||
OREO | |||
Beginning balance | 14,500 | ||
Ending balance | 13,100 | ||
2019 Acquisitions | |||
OREO | |||
Additions | $ 9,813 |
Mortgage Servicing Rights (MSR
Mortgage Servicing Rights (MSR Carrying Value) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Beginning balance | $ 22,963,000 | $ 21,396,000 |
Servicing rights originated | 1,583,000 | 859,000 |
Amortization | (1,823,000) | (1,447,000) |
Valuation allowance increase | (2,967,000) | (161,000) |
Ending balance | $ 19,756,000 | $ 20,647,000 |
Mortgage Servicing Rights (Valu
Mortgage Servicing Rights (Valuation allowance) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | ||
Beginning balance | $ 222,000 | $ 0 |
Valuation allowance increase | 2,967,000 | 161,000 |
Ending balance | $ 3,189,000 | $ 161,000 |
Mortgage Servicing Rights (Econ
Mortgage Servicing Rights (Economic Assumptions) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Servicing Asset Key Economic Assumptions [Line Items] | ||
Weighted average constant prepayment rate | 19.38% | 13.72% |
Weighted average cost to service a loan | $ 87.30 | $ 87.09 |
Fixed Rate Residential Mortgage | ||
Servicing Asset Key Economic Assumptions [Line Items] | ||
Discount rate | 7.67% | 8.92% |
Discount rate, basis spread on Treasury rate | 7.00% | |
All Loans and Leases, Excluding Conventional Fixed Loans | ||
Servicing Asset Key Economic Assumptions [Line Items] | ||
Discount rate | 8.67% | 9.92% |
Discount rate, basis spread on Treasury rate | 8.00% |
Mortgage Servicing Rights (Narr
Mortgage Servicing Rights (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Mortgage Servicing Rights [Abstract] | |||
Residential Mortgage Loans Serviced | $ 3,410,000,000 | $ 3,380,000,000 | |
Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset | 2,100,000 | $ 1,900,000 | |
Other servicing rights | 1,700,000 | $ 1,900,000 | |
Valuation allowance increase | $ 2,967,000 | $ 161,000 |
Repurchase Agreements (Details)
Repurchase Agreements (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 558,500 | |
Securities sold under customer repurchase agreements | 540,362 | $ 442,956 |
Available-for-sale Securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 477,600 | |
Overnight and continuous | U.S. Treasury | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under customer repurchase agreements | $ 443,000 | |
Overnight and continuous | US Government Agencies Debt Securities [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities sold under customer repurchase agreements | $ 540,400 |
FDIC Shared-Loss Payable (Narra
FDIC Shared-Loss Payable (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
FDIC Shared-Loss Receivable [Abstract] | ||
Loans and Leases Receivable, Gross, Carrying Amount, Covered | $ 42,400 | |
FDIC shared-loss payable | $ 14,737 | $ 112,395 |
FDIC Shared-Loss Payable FDIC S
FDIC Shared-Loss Payable FDIC Shared-Loss Payable (Changes in Payable to FDIC) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
FDIC Shared-Payable [Abstract] | |
FDIC shared-loss payable | $ 112,395 |
Accretion | 1,810 |
Payment made to the FDIC to settle shared-loss agreement | (99,468) |
FDIC shared-loss payable | $ 14,737 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Schedule Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), before Tax | $ (33,264) | $ (164,576) | |
Deferred tax expense (benefit) | (7,652) | (37,853) | |
Accumulated other comprehensive income (loss), net of tax | (25,612) | (126,723) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 10,419 | $ (6,712) | |
Unrealized Losses on Investment Securities Available for Sale | |||
Accumulated Other Comprehensive Income (Loss), before Tax | 132,570 | 7,522 | |
Deferred tax expense (benefit) | 30,490 | 1,730 | |
Accumulated other comprehensive income (loss), net of tax | 102,080 | 5,792 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 15,242 | 0 | |
Unrealized Losses On Securities Available For Sale Transferred To Held To Maturity | |||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0 | (4,591) | |
Funded Status of Defined Benefit Plan | |||
Accumulated Other Comprehensive Income (Loss), before Tax | (165,834) | (172,098) | |
Deferred tax expense (benefit) | (38,142) | (39,583) | |
Accumulated other comprehensive income (loss), net of tax | (127,692) | $ (132,515) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (4,823) | (2,121) | |
Amortization of actuarial losses and prior service cost | (2,741) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | $ 6,264 | $ 2,755 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Components of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Amounts reclassified from accumulated other comprehensive loss | $ (10,419) | $ 6,712 |
Net current period other comprehensive income | 101,111 | 28,327 |
Unrealized Losses on Investment Securities Available for Sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 5,792 | |
Net unrealized gains arising during period | 111,530 | 21,615 |
Amounts reclassified from accumulated other comprehensive loss | (15,242) | 0 |
Net current period other comprehensive income | 96,288 | 21,615 |
Ending balance | 102,080 | (16,890) |
Unrealized Losses On Securities Available For Sale Transferred To Held To Maturity | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 0 | |
Net unrealized gains arising during period | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 0 | 4,591 |
Net current period other comprehensive income | 0 | 4,591 |
Ending balance | 0 | (66,558) |
Defined Benefit Pension Items | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (132,515) | |
Net unrealized gains arising during period | 0 | 0 |
Amounts reclassified from accumulated other comprehensive loss | 4,823 | 2,121 |
Net current period other comprehensive income | 4,823 | 2,121 |
Ending balance | (127,692) | (123,412) |
Accumulated Other Comprehensive (Loss) Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (126,723) | |
Net unrealized gains arising during period | 111,530 | 21,615 |
Amounts reclassified from accumulated other comprehensive loss | (10,419) | 6,712 |
Net current period other comprehensive income | 101,111 | 28,327 |
Ending balance | $ (25,612) | (206,860) |
Previously Reported | Unrealized Losses on Investment Securities Available for Sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (38,505) | |
Previously Reported | Unrealized Losses On Securities Available For Sale Transferred To Held To Maturity | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (71,149) | |
Previously Reported | Defined Benefit Pension Items | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | (125,533) | |
Previously Reported | Accumulated Other Comprehensive (Loss) Income | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ (235,187) |
Accumulated Other Comprehensi_5
Accumulated Other Comprehensive Income (Loss) (Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | $ 19,795 | $ 0 |
Amounts reclassified from accumulated other comprehensive income, net of tax | (10,419) | 6,712 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 1,441 | 634 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | (4,823) | (2,121) |
Tax effect | 4,553 | 0 |
Unrealized Losses on Investment Securities Available for Sale | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | 19,795 | |
Amounts reclassified from accumulated other comprehensive income, net of tax | (15,242) | 0 |
Tax effect | 4,553 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 15,242 | |
Defined Benefit Pension Items | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amortization of actuarial losses and prior service cost | (2,741) | |
Total before taxes | (6,264) | (2,755) |
Amounts reclassified from accumulated other comprehensive income, net of tax | 4,823 | 2,121 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax | (14) | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 1,441 | 634 |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | (4,823) | (2,121) |
Unrealized Losses On Securities Available For Sale Transferred To Held To Maturity | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Amounts reclassified from accumulated other comprehensive income, net of tax | $ 0 | 4,591 |
Other Comprehensive Income (Loss) Reclassification Adjustment Of Unrealized Losses From AOCI For Securities Available For Sale Transferred To Held To Maturity Before Tax | (5,962) | |
Other Comprehensive Income (Loss) Reclassification Adjustment Of Unrealized Losses From AOCI For Securities Available For Sale Transferred To Held To Maturity Tax | 1,371 | |
Other Comprehensive Income (Loss) Reclassification Adjustment Of Unrealized Losses From AOCI For Securities Available For Sale Transferred To Held To Maturity Net Of Tax | $ (4,591) |
Estimated Fair Values (Estimate
Estimated Fair Values (Estimated Fair Values For Certain Financial Assets And Financial Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | $ 454,220 | $ 376,719 |
Overnight investments | 688,518 | 1,107,844 |
Debt Securities, Available-for-sale | 7,789,034 | 7,059,674 |
Investment securities held to maturity | 740,662 | 30,996 |
Investment in marketable equity securities | 315,501 | 82,333 |
Loans held for sale | 76,300 | 67,900 |
Loans and Leases Receivable, Net Amount | 29,031,700 | 28,656,355 |
Income earned not collected | 125,626 | 123,154 |
Stock issued by Federal Home Loan Bank | 51,100 | 43,000 |
Deposits | 35,346,711 | 34,431,236 |
Securities sold under customer repurchase agreements | 540,362 | 442,956 |
FDIC shared-loss payable | 14,737 | 112,395 |
Subordinated Debt | 504,145 | 163,412 |
Other Borrowings | 105,303 | 148,318 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Federal Home Loan Bank Advances | 792,684 | 572,185 |
Cash and due from banks | 454,220 | 376,719 |
Overnight investments | 688,518 | 1,107,844 |
Debt Securities, Available-for-sale | 7,789,034 | 7,059,674 |
Investment securities held to maturity | 740,662 | 30,996 |
Investment in marketable equity securities | 315,501 | 82,333 |
Loans held for sale | 76,347 | 67,869 |
Loans and Leases Receivable, Net Amount | 29,031,700 | 28,656,355 |
Income earned not collected | 125,626 | 123,154 |
Stock issued by Federal Home Loan Bank | 51,087 | 43,039 |
Mortgage servicing rights | 21,488 | 24,891 |
Deposits | 35,346,711 | 34,431,236 |
Securities sold under customer repurchase agreements | 540,362 | 442,956 |
FDIC shared-loss payable | 14,737 | 112,395 |
Accrued interest payable | 13,500 | 18,124 |
Subordinated Debt | 504,145 | 163,412 |
Other Borrowings | 105,303 | 148,318 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Federal Home Loan Bank Advances | 829,785 | 577,362 |
Cash and due from banks | 454,220 | 376,719 |
Overnight investments | 688,518 | 1,107,844 |
Debt Securities, Available-for-sale | 7,789,034 | 7,059,674 |
Investment securities held to maturity | 753,178 | 30,996 |
Investment in marketable equity securities | 315,501 | 82,333 |
Loans held for sale | 76,347 | 67,869 |
Loans and Leases Receivable, Net Amount | 29,565,373 | 28,878,550 |
Income earned not collected | 125,626 | 123,154 |
Stock issued by Federal Home Loan Bank | 51,087 | 43,039 |
Mortgage servicing rights | 22,733 | 26,927 |
Deposits | 35,382,365 | 34,435,789 |
Securities sold under customer repurchase agreements | 540,362 | 442,956 |
FDIC shared-loss payable | 15,674 | 114,252 |
Accrued interest payable | 13,500 | 18,124 |
Subordinated Debt | 467,612 | 173,685 |
Other Borrowings | $ 105,460 | $ 149,232 |
Estimated Fair Values (Assets A
Estimated Fair Values (Assets And Liabilities Carried At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | $ 7,789,034 | $ 7,059,674 |
Investment securities available for sale | 7,789,034 | 7,059,674 |
Investment in marketable equity securities | 315,501 | 82,333 |
Loans held for sale | 76,347 | 67,869 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 7,789,034 | |
Investment securities available for sale | 7,059,674 | |
Loans held for sale | 76,347 | 67,869 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 7,722,018 | |
Investment securities available for sale | 6,989,989 | |
Loans held for sale | 76,347 | 67,869 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 67,016 | 69,685 |
Loans held for sale | 0 | 0 |
Fair Value, Measurements, Recurring | U.S. Treasury | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 205,782 | |
Investment securities available for sale | 409,999 | |
Fair Value, Measurements, Recurring | U.S. Treasury | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | |
Investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring | U.S. Treasury | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 205,782 | |
Investment securities available for sale | 409,999 | |
Fair Value, Measurements, Recurring | U.S. Treasury | Significant Unobservable Inputs (Level 3 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | |
Investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Agency Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 760,431 | |
Investment securities available for sale | 682,772 | |
Fair Value, Measurements, Recurring | Agency Securities | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | |
Investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Agency Securities | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 760,431 | |
Investment securities available for sale | 682,772 | |
Fair Value, Measurements, Recurring | Agency Securities | Significant Unobservable Inputs (Level 3 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | |
Investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 650,565 | |
Investment securities available for sale | 380,020 | |
Fair Value, Measurements, Recurring | Commercial Mortgage Backed Securities [Member] | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | |
Investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Commercial Mortgage Backed Securities [Member] | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 650,565 | |
Investment securities available for sale | 380,020 | |
Fair Value, Measurements, Recurring | Commercial Mortgage Backed Securities [Member] | Significant Unobservable Inputs (Level 3 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | |
Investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Residential Mortgage Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 5,952,841 | |
Investment securities available for sale | 5,267,090 | |
Fair Value, Measurements, Recurring | Residential Mortgage Backed Securities | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | |
Investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Residential Mortgage Backed Securities | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 5,952,841 | |
Investment securities available for sale | 5,267,090 | |
Fair Value, Measurements, Recurring | Residential Mortgage Backed Securities | Significant Unobservable Inputs (Level 3 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | |
Investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in marketable equity securities | 315,501 | 82,333 |
Fair Value, Measurements, Recurring | Equity Securities | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in marketable equity securities | 111,807 | 29,458 |
Fair Value, Measurements, Recurring | Equity Securities | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in marketable equity securities | 203,694 | 52,875 |
Fair Value, Measurements, Recurring | Equity Securities | Significant Unobservable Inputs (Level 3 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in marketable equity securities | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 219,415 | |
Investment securities available for sale | 201,566 | |
Fair Value, Measurements, Recurring | Corporate Bonds | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 0 | |
Investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring | Corporate Bonds | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | 152,399 | |
Investment securities available for sale | 131,881 | |
Fair Value, Measurements, Recurring | Corporate Bonds | Significant Unobservable Inputs (Level 3 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Securities, Available-for-sale | $ 67,016 | |
Investment securities available for sale | 69,685 | |
Fair Value, Measurements, Recurring | US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 118,227 | |
Fair Value, Measurements, Recurring | US States and Political Subdivisions Debt Securities [Member] | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | |
Fair Value, Measurements, Recurring | US States and Political Subdivisions Debt Securities [Member] | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 118,227 | |
Fair Value, Measurements, Recurring | US States and Political Subdivisions Debt Securities [Member] | Significant Unobservable Inputs (Level 3 Inputs) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 0 |
Estimated Fair Values (Assets_2
Estimated Fair Values (Assets and Liabilities Carried at Fair Value on a Recurring Basis Significant Unobservable Inputs) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Liability, Transfers Into Level 3 | $ 1,800 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Investment securities available for sale | 7,789,034 | $ 7,059,674 |
Corporate Bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 69,685 | |
Amounts included in net income | (4,366) | |
Unrealized net (losses) gains included in other comprehensive income | (85) | |
Transfers in | 1,782 | |
Ending balance | 67,016 | |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Investment securities available for sale | 7,059,674 | |
Fair Value, Measurements, Recurring | Corporate Bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Investment securities available for sale | 201,566 | |
Significant Unobservable Inputs (Level 3 Inputs) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Investment securities available for sale | $ 67,016 | 69,685 |
Significant Unobservable Inputs (Level 3 Inputs) | Fair Value, Measurements, Recurring | Corporate Bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Investment securities available for sale | $ 69,685 |
Estimated Fair Values (Assets_3
Estimated Fair Values (Assets And Liabilities Carried At Fair Value On A Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Other real estate remeasured during current year | $ 55,707 | $ 46,591 | $ 43,306 | $ 48,030 |
Fair Value, Measurements, Nonrecurring | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 5,489 | 132,336 | ||
Other real estate remeasured during current year | 46,710 | 38,310 | ||
Mortgage servicing rights | 19,068 | 3,757 | ||
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 0 | 0 | ||
Other real estate remeasured during current year | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 0 | 0 | ||
Other real estate remeasured during current year | 0 | 0 | ||
Mortgage servicing rights | 0 | 0 | ||
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3 Inputs) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impaired loans | 5,489 | 132,336 | ||
Other real estate remeasured during current year | 46,710 | 38,310 | ||
Mortgage servicing rights | $ 19,068 | $ 3,757 |
Estimated Fair Values (Fair Val
Estimated Fair Values (Fair Value Option) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Gains (Losses) from fair value changes on originated loans held for sale | $ 1,200 | $ 249 | |
Loans Held For Sale | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair value of originated loans held for sale | 76,347 | $ 67,869 | |
Aggregate unpaid principle balance of originated loans held for sale | 72,883 | 65,697 | |
Difference between fair value and aggregate unpaid principle balance of originated loans held for sale | $ 3,464 | $ 2,172 |
Estimated Fair Values (Narrativ
Estimated Fair Values (Narrative) (Details) | 3 Months Ended | ||
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Transfers from level 2 to level 3 | $ 1,800,000 | ||
Transfers between levels | $ 0 | ||
Gains (Losses) from fair value changes on originated loans held for sale | 1,200,000 | $ 249,000 | |
Originated loans held for sale, 90 days or more past due | 0 | $ 0 | |
Originated loans held for sale on nonaccrual status | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability measured at fair value on nonrecurring basis | $ 0 | $ 0 | |
Discount Rate | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held-for-sale, measurement input | 0.09 | 0.06 | |
OREO, measurement input | 0.07 | ||
Discount Rate | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held-for-sale, measurement input | 0.11 | 0.11 | |
OREO, measurement input | 0.22 | ||
Discount Rate | Weighted Average | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held-for-sale, measurement input | 0.0945 | ||
OREO, measurement input | 0.0837 | ||
Effective Interest Rate | Minimum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held-for-sale, measurement input | 0.03 | ||
Effective Interest Rate | Maximum | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held-for-sale, measurement input | 0.07 |
Employee Benefit Plans (Compone
Employee Benefit Plans (Components Of Pension Expense) (Details) - BancShares Plan - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Service cost | $ 3,457 | $ 3,113 |
Interest cost | 8,531 | 9,291 |
Expected return on assets | (16,409) | (15,635) |
Amortization of prior service cost | 0 | 14 |
Amortization of net actuarial loss | 6,264 | 2,741 |
Total pension expense | $ 1,843 | $ (476) |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
BancShares Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 100 |
Leases (Operating and Finance L
Leases (Operating and Finance Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Asset, operating | $ 75,174 | $ 77,115 |
Asset, finance | 9,261 | 8,820 |
Total leased assets | 84,435 | 85,935 |
Present value of lease liabilities | 75,011 | 76,746 |
Present value of lease liabilities | 9,024 | 8,230 |
Total lease liabilities | $ 84,035 | $ 84,976 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Standby Letters of Credit | ||
Guarantor Obligations [Line Items] | ||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 166,600 | $ 167,800 |
Qualified Affordable Housing Project Investments, Commitment | 106,055 | 99,601 |
Commitments to Extend Credit | ||
Guarantor Obligations [Line Items] | ||
Unused Commitments to Extend Credit | 10,775,845 | 10,682,378 |
Qualified Affordable Housing Project Investments | $ 68,900 | $ 70,000 |
Uncategorized Items - fcnca10q0
Label | Element | Value |
Accounting Standards Update 2016-13 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 36,943,000 |
Accounting Standards Update 2016-13 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 36,943,000 |