Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 22, 2022 | Jun. 30, 2021 | |
Entity Central Index Key | 0000798941 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,789,537,671 | ||
Class A Common Stock, Par Value $1 | |||
Title of 12(b) Security | Class A Common Stock, Par Value $1 | ||
Trading Symbol | FCNCA | ||
Security Exchange Name | NASDAQ | ||
Entity Common Stock, Shares Outstanding | 14,972,989 | ||
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A | |||
Title of 12(b) Security | Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A | ||
Trading Symbol | FCNCP | ||
Security Exchange Name | NASDAQ | ||
5.625% Non-Cumulative Perpetual Preferred Stock, Series C | |||
Title of 12(b) Security | 5.625% Non-Cumulative Perpetual Preferred Stock, Series C | ||
Trading Symbol | FCNCO | ||
Security Exchange Name | NASDAQ | ||
Class B Common Stock | |||
Entity Common Stock, Shares Outstanding | 1,005,185 |
Audit Information
Audit Information | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Auditor Information [Abstract] | ||
Auditor Name | KPMG LLP | Dixon Hughes Goodman LLP |
Auditor Location | Raleigh, NC | Raleigh, NC |
Auditor Firm ID | 185 | 57 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 337,814 | $ 362,048 |
Overnight investments | 9,114,660 | 4,347,336 |
Equity Securities, FV-NI | 97,528 | 91,680 |
Investment securities available for sale | 9,203,427 | 7,014,243 |
Investment securities held to maturity | 3,809,453 | 2,816,982 |
Loans held for sale | 98,741 | 124,837 |
Loans and leases | 32,371,522 | 32,791,975 |
Less allowance for loan and lease losses | (178,493) | (224,314) |
Net Loans and Leases | 32,193,029 | 32,567,661 |
Premises and equipment | 1,233,418 | 1,251,283 |
Other Real Estate | 39,328 | 50,890 |
Income earned not collected | 134,237 | 145,694 |
Goodwill | 346,064 | 350,298 |
Intangible Assets, Net (Excluding Goodwill) | 43,085 | 50,775 |
Total other assets | 1,657,356 | 783,953 |
Total assets | 58,308,140 | 49,957,680 |
Deposits [Abstract] | ||
Noninterest-bearing | 21,404,808 | 18,014,029 |
Interest-bearing | 30,001,286 | 25,417,580 |
Total deposits | 51,406,094 | 43,431,609 |
Securities Sold under Agreements to Repurchase | 589,101 | 641,487 |
Federal Home Loan Bank Advances | 644,659 | 655,175 |
Subordinated Debt | 477,564 | 504,518 |
Other Borrowings | 72,155 | 88,470 |
FDIC shared-loss payable | 0 | 15,601 |
Other liabilities | 381,326 | 391,552 |
Total liabilities | 53,570,899 | 45,728,412 |
Shareholders' Equity | ||
Preferred stock - $0.01 par value and liquidation preference of $1,000 per share (10,000,000 shares authorized; 345,000 shares issued and outstanding at December 31, 2021 and December 31, 2020) | 339,937 | 339,937 |
Retained earnings | 4,377,712 | 3,867,252 |
Accumulated other comprehensive income | 9,776 | 12,263 |
Total shareholders' equity | 4,737,241 | 4,229,268 |
Total liabilities and shareholders' equity | 58,308,140 | 49,957,680 |
Class A Common Stock, Par Value $1 | ||
Shareholders' Equity | ||
Common Stock, Value, Issued | 8,811 | 8,811 |
Class B Common Stock | ||
Shareholders' Equity | ||
Common Stock, Value, Issued | $ 1,005 | $ 1,005 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investment securities held to maturity, fair value | $ 3,759,650 | $ 2,838,499 |
Total investment securities available for sale, cost | 9,215,219 | 6,911,965 |
Investments in ME securities, cost | $ 72,894 | $ 84,837 |
Class A Common Stock, Par Value $1 | ||
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shared authorized | 16,000,000 | 16,000,000 |
Common stock, shares issued | 8,811,220 | |
Common stock, shares outstanding | 8,811,220 | |
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 |
Preferred Stock | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 345,000 | |
Preferred stock, shares outstanding | 345,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest income | |||
Loans and leases | $ 1,294,813 | $ 1,332,720 | $ 1,217,306 |
Investment securities interest and dividend income | 145,200 | 144,459 | 160,460 |
Overnight investments | 10,997 | 6,847 | 26,245 |
Total interest income | 1,451,010 | 1,484,026 | 1,404,011 |
Interest expense | |||
Deposits | 33,240 | 66,635 | 76,254 |
Securities sold under customer repurchase agreements | 1,312 | 1,610 | 1,995 |
Federal Home Loan Bank borrowings | 8,410 | 9,763 | 5,472 |
Subordinated debt | 16,709 | 16,074 | 7,099 |
Other borrowings | 1,005 | 1,775 | 1,822 |
Total interest expense | 60,676 | 95,857 | 92,642 |
Net interest income | 1,390,334 | 1,388,169 | 1,311,369 |
(Benefit) provision for credit losses | (36,835) | 58,352 | 31,441 |
Net interest income after (benefit) provision for credit losses | 1,427,169 | 1,329,817 | 1,279,928 |
Noninterest income | |||
Mortgage income | 30,508 | 39,592 | 21,126 |
Marketable equity securities gains, net | 34,081 | 29,395 | 20,625 |
Realized gains on investment securities available for sale, net | 33,119 | 60,253 | 7,115 |
Other | 9,445 | 7,446 | 18,431 |
Total noninterest income | 508,002 | 476,750 | 415,861 |
Noninterest expense | |||
Salaries and wages | 623,194 | 590,020 | 551,112 |
Employee benefits | 135,659 | 132,244 | 120,501 |
Occupancy expense | 117,180 | 117,169 | 111,179 |
Equipment expense | 119,171 | 115,535 | 112,290 |
Processing fees paid to third parties | 59,743 | 44,791 | 29,552 |
FDIC insurance expense | 14,132 | 12,701 | 10,664 |
Collection and foreclosure-related expenses | 5,442 | 13,658 | 11,994 |
Merger-related expenses | 29,463 | 17,450 | 17,166 |
Other | 129,526 | 145,117 | 139,283 |
Total noninterest expense | 1,233,510 | 1,188,685 | 1,103,741 |
Income before income taxes | 701,661 | 617,882 | 592,048 |
Income taxes | 154,202 | 126,159 | 134,677 |
Net income | 547,459 | 491,723 | 457,371 |
Preferred stock dividends | 18,544 | 14,062 | 0 |
Net income available to common shareholders | $ 528,915 | $ 477,661 | $ 457,371 |
Average shares outstanding (in shares) | 9,816,405 | 10,056,654 | 11,141,069 |
Net income per share | $ 53.88 | $ 47.50 | $ 41.05 |
Cash dividends (in dollars per share) | $ 1.88 | $ 1.67 | $ 1.60 |
Wealth management services | |||
Noninterest income | |||
Revenue from contracts with customers | $ 128,788 | $ 102,776 | $ 99,241 |
Service charges on deposit accounts | |||
Noninterest income | |||
Revenue from contracts with customers | 94,756 | 87,662 | 105,191 |
Cardholder services, net | |||
Noninterest income | |||
Revenue from contracts with customers | 86,684 | 74,291 | 69,078 |
Other service charges and fees | |||
Noninterest income | |||
Revenue from contracts with customers | 35,923 | 30,911 | 31,644 |
Mortgage income | |||
Noninterest income | |||
Revenue from contracts with customers | 33,140 | 24,122 | 24,304 |
Insurance commissions | |||
Noninterest income | |||
Revenue from contracts with customers | 15,556 | 14,544 | 12,810 |
ATM income | |||
Noninterest income | |||
Revenue from contracts with customers | $ 6,002 | $ 5,758 | $ 6,296 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 547,459 | $ 491,723 | $ 457,371 |
OCI, Debt Securities, Available-for-Sale, Gain (Loss), after Adjustment and Tax [Abstract] | |||
Unrealized (losses) gains on securities available for sale arising during the period | (80,951) | 155,009 | 64,644 |
Tax effect | 18,619 | (35,652) | (14,868) |
Reclassification adjustment for realized gains on securities available for sale included in income before income taxes | (33,119) | (60,253) | (7,115) |
Tax effect | 7,617 | 13,858 | 1,636 |
Unrealized (losses) gains on securities available for sale arising during the period, net of tax | (87,834) | 72,962 | 44,297 |
Unrealized losses on securities available for sale transferred to held to maturity [Abstract] | |||
Unrealized (losses) gains on securities available for sale transferred to held to maturity | (12,659) | 5,894 | 72,512 |
Tax effect | 2,912 | (1,356) | (16,678) |
Reclassification adjustment for (amortization) accretion of unrealized (losses) gains on securities available for sale transferred to held to maturity | (1,475) | (495) | 19,889 |
Tax effect | 339 | 114 | (4,574) |
Total change in unrealized (losses) gains on securities available for sale transferred to held to maturity, net of tax | (10,883) | 4,157 | 71,149 |
Defined benefit pension items: | |||
Actuarial gains (loss) arising during the period | 97,880 | 55,023 | (20,049) |
Tax effect | (22,512) | (12,656) | 4,611 |
Amortization of actuarial gains (losses) and prior service cost | 27,093 | 25,324 | 10,981 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Amortization of Gains (Losses) And Prior Service Cost, Tax | 6,231 | 5,824 | 2,525 |
Total change from defined benefit plans, net of tax | (96,230) | (61,867) | 6,982 |
Net current period other comprehensive (loss) income | (2,487) | 138,986 | 108,464 |
Total comprehensive income | $ 544,972 | $ 630,709 | $ 565,835 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Class A Common Stock, Par Value $1 | Class B Common Stock | Common Stock | Common StockClass A Common Stock, Par Value $1 | Common StockClass B Common Stock | Preferred Stock | Surplus | SurplusClass A Common Stock, Par Value $1 | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Retained EarningsClass A Common Stock, Par Value $1 | Retained EarningsClass B Common Stock | Accumulated Other Comprehensive Income (Loss) |
Beginning balance 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 | 457,371 | 457,371 | |||||||||||||
Other comprehensive income (loss), net of tax | 108,464 | 108,464 | |||||||||||||
Stock repurchases during period | $ 450,880 | 999 | $ 449,881 | ||||||||||||
Cash dividends | (1,608) | (16,117) | (1,608) | $ (16,117) | |||||||||||
Ending balance at Dec. 31, 2019 | 3,586,184 | $ 36,943 | 9,624 | 1,005 | 0 | 44,081 | 3,658,197 | $ 36,943 | (126,723) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 491,723 | 491,723 | |||||||||||||
Other comprehensive income (loss), net of tax | 138,986 | 138,986 | |||||||||||||
Issuance of preferred stock | $ 339,937 | 339,937 | |||||||||||||
Stock repurchases during period | 333,755 | 813 | $ 44,081 | 288,861 | |||||||||||
Accounting Standards Update [Extensible Enumeration] | Accounting Standards Update 2016-13 [Member] | ||||||||||||||
Cash dividends | (15,010) | $ (1,678) | 0 | 0 | 0 | (15,010) | $ (1,678) | 0 | |||||||
Preferred stock dividends declared | $ 14,062 | 14,062 | |||||||||||||
Ending balance at Dec. 31, 2020 | 4,229,268 | $ 1,005 | 8,811 | 339,937 | 0 | 3,867,252 | 12,263 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Net income | 547,459 | 547,459 | |||||||||||||
Other comprehensive income (loss), net of tax | (2,487) | (2,487) | |||||||||||||
Cash dividends | $ (16,565) | $ (1,890) | $ (16,565) | $ (1,890) | |||||||||||
Preferred stock dividends declared | 18,544 | 18,544 | |||||||||||||
Ending balance at Dec. 31, 2021 | $ 4,737,241 | $ 8,811 | $ 1,005 | $ 339,937 | $ 0 | $ 4,377,712 | $ 9,776 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends (in dollars per share) | $ 1.88 | $ 1.67 | $ 1.60 |
Class A Common Stock, Par Value $1 | |||
Statement of Stockholders' Equity [Abstract] | |||
Stock repurchases (shares) | 813,090 | 998,910 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
OPERATING ACTIVITIES | |||
Net income | $ 547,459 | $ 491,723 | $ 457,371 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
(Benefit) provision for credit losses | (36,835) | 58,352 | 31,441 |
Deferred tax expense (benefit) | (7,586) | (25,535) | 54,598 |
Change in current taxes payable | (731,741) | (5,894) | (19,564) |
Depreciation | 106,585 | 108,641 | 103,828 |
Change in accrued interest payable | (1,493) | (8,683) | 14,412 |
Change in income earned not collected | 11,457 | (21,982) | (4,151) |
Gain on acquisitions | (32) | (100,000) | (3,592) |
Realized gains on investment securities available for sale, net | (33,119) | (60,253) | (7,115) |
Marketable equity securities gains, net | (34,081) | (29,395) | (20,625) |
Origination of loans held for sale | (1,123,312) | (1,042,292) | (698,044) |
Proceeds from sale of loans held for sale | 1,035,822 | 1,045,937 | 731,803 |
Gain on sale of loans | (32,719) | (37,594) | (15,183) |
Loss on sale of other real estate | (1,207) | 4,056 | 2,664 |
Net amortization of premiums and discounts | 11,151 | (8,513) | (27,263) |
Amortization of intangible assets | 25,582 | 32,801 | 23,861 |
Net increase (decrease) in other liabilities | (13,658) | (12,149) | (5,927) |
Net change in other assets | (12,910) | (7,286) | (24,274) |
Net change in other liabilities | 6,854 | (6,115) | (15,992) |
Net cash provided by operating activities | (283,783) | 375,819 | 578,248 |
INVESTING ACTIVITIES | |||
Net change in loans outstanding | 423,257 | (3,850,129) | (1,320,851) |
Payments to Acquire Available-for-sale Securities | (6,375,349) | (8,667,406) | (4,705,038) |
Purchases of investment securities held to maturity | (1,401,220) | (1,633,165) | (223,598) |
Purchases of marketable equity securities | (1,563) | (333,140) | (26,166) |
Proceeds from maturities of investment securities held to maturity | 809,421 | 301,347 | 341,077 |
Proceeds from maturities of investment securities available for sale | 2,454,722 | 2,791,291 | 2,345,512 |
Proceeds from Sale of Available-for-sale Securities | 1,366,909 | 4,585,002 | 2,308,856 |
Proceeds from sales of marketable equity securities | 29,796 | 352,835 | 56,749 |
Net change in overnight investments | (4,767,324) | (3,204,363) | (65,181) |
Proceeds from sale of portfolio loans | 0 | 13,368 | 24,247 |
Net Payment to the FDIC for Termination of Loss Share Agreements | (16,103) | (99,468) | 0 |
Proceeds from Sale of Other Real Estate Held-for-investment | 40,524 | 28,280 | 25,918 |
Proceeds from Sale of Property, Plant, and Equipment | 1,194 | 1,369 | 132 |
Additions to premises and equipment | (107,367) | (133,384) | (121,077) |
Other investing activities | (25,323) | 0 | 0 |
Business acquisitions, net of cash acquired | 0 | (59,999) | (236,728) |
Net cash (used) provided by investing activities | (7,568,426) | (9,907,562) | (1,596,148) |
FINANCING ACTIVITIES | |||
Net change in time deposits | (406,226) | (1,010,190) | 284,611 |
Net change in demand and other interest-bearing deposits | 8,382,531 | 9,989,107 | 1,154,815 |
Net change in short-term borrowings | (52,386) | (96,746) | (27,703) |
Repayment of long-term obligations | (54,332) | (86,737) | (73,284) |
Origination of long-term obligations | 0 | 400,000 | 200,000 |
Net proceeds from subordinated notes issuance | 0 | 345,849 | 0 |
Net proceeds from preferred stock issuance | 0 | 339,937 | 0 |
Repurchase of common stock | 0 | (333,755) | (453,123) |
Cash dividends paid | (41,612) | (30,393) | (18,137) |
Net cash provided (used) by financing activities | 7,827,975 | 9,517,072 | 1,067,179 |
Change in cash and due from banks | (24,234) | (14,671) | 49,279 |
Cash and due from banks at beginning of period | 362,048 | 376,719 | 327,440 |
Cash and due from banks at end of period | 337,814 | 362,048 | 376,719 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Interest | 62,169 | 104,567 | 78,230 |
Income taxes | 870,467 | 116,583 | 83,038 |
Premises and equipment acquired through finance leases and other financing arrangements | 13,979 | 11,635 | 14,639 |
Dividends declared but not paid | 0 | 4,613 | 4,256 |
Transfer of loans held for sale to loans held for investment | 3,574 | 5,950 | 0 |
Loans held for sale exchanged for investment securities | 230,537 | 11,137 | 0 |
Transfer of loans held for investment to loans held for sale | 87,814 | 48,628 | 60,005 |
Transfer of investment securities available for sale to (from) held to maturity | 451,684 | 1,460,745 | |
Transfer of investment securities available for sale to (from) held to maturity | (2,080,617) | ||
Transfers of premises and equipment to other real estate | $ 13,776 | $ 15,187 | $ 7,045 |
Accounting Policies and Basis o
Accounting Policies and Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Accounting Policies and Basis of Presentation | ACCOUNTING POLICIES AND BASIS OF PRESENTATION Nature of Operations First Citizens BancShares, Inc. (the “Parent Company” and, when including all of its subsidiaries on a consolidated basis, “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,” or the "Bank”), which is headquartered in Raleigh, North Carolina. BancShares and its subsidiaries operate 529 branches in 19 states predominantly located in the Southeast, Mid-Atlantic, Midwest and Western United States (the “U.S.”). BancShares seeks to meet the financial needs of individuals and commercial entities in its market areas through a wide range of retail and commercial banking services. Loan services include various types of commercial, business and consumer lending. Deposit services include checking, savings, money market and time deposit accounts. First Citizens Wealth Management provides holistic, goals-based advisory services encompassing a broad range of client deliverables. These deliverables include wealth planning, discretionary investment advisory services, insurance, brokerage, defined benefit and defined contribution services, private banking, trust, fiduciary, philanthropy and special asset services. Principles of Consolidation and Basis of Presentation The accounting and reporting policies of BancShares are in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. The consolidated financial statements of BancShares include the accounts of BancShares, certain partnership interests and variable interest entities. All significant intercompany accounts and transactions are eliminated upon consolidation. BancShares operates with centralized management and combined reporting; therefore, BancShares does not have multiple reportable segments. Variable interest entities (“VIE”) are legal entities that either do not have sufficient equity to finance their activities without the support from other parties or whose equity investors lack a controlling financial interest. BancShares has investments in certain partnerships and limited liability entities that have been evaluated and determined to be VIEs. Consolidation of a VIE is appropriate if a reporting entity holds a controlling financial interest in the VIE and is the primary beneficiary. BancShares is not the primary beneficiary and does not hold a controlling interest in the VIEs as it does not have the power to direct the activities that most significantly impact the VIEs’ economic performance. As such, assets and liabilities of these entities are not consolidated into the financial statements of BancShares. The recorded investment in these entities is reported within other assets. 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 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 impacting the amounts reported. Actual results could differ from those estimates. BancShares considers the allowance for credit losses to be a significant estimate. Business Combinations BancShares accounts for all business combinations using the acquisition method of accounting. Under this method, acquired assets and assumed liabilities are included with the acquirer’s accounts as of the date of acquisition, with any excess of purchase price over the fair value of the net assets acquired recognized as either finite lived intangibles or capitalized as goodwill. In addition, acquisition-related and restructuring costs are recognized as period expenses as incurred. Refer to Note B, Business Combinations, for additional information. On January 3, 2022, BancShares completed its previously announced merger (the “CIT Merger”) with CIT Group Inc. (“CIT”), pursuant to an Agreement and Plan of Merger, dated as of October 15, 2020, as amended by Amendment No. 1, dated as of September 30, 2021 (as amended, the “Merger Agreement”) . Refer to Note W, Subsequent Events, for further information . Overnight Investments Overnight investments primarily comprise of interest-bearing deposits with banks and federal funds sold. Interest-bearing cash held at the Federal Reserve at December 31, 2021 and December 31, 2020 was $9.03 billion and $4.27 billion, respectively. Overnight investments have initial maturities of three months or less. The carrying value of overnight investments approximates its fair value due to its short-term nature. 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. HTM securities 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 recorded 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 debt securities purchased directly into BancShares' portfolio or via acquisition. If securities have evidence of more than insignificant credit deterioration since issuance, they are designated as purchased credit deteriorated (“PCD”). P CD debt securities are recorded at fair value at the date of acquisition, which includes an associated allowance for credit losses (“ACL”) that is added to the purchase price or fair value to arrive at the Day 1 amortized cost basis. Excluding the ACL, 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 debt 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 to the extent that it exceeds the associated allowance for credit losses previously established. 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 U.S. Treasury and the long history of no credit losses on debt securities issued by government agencies and government sponsored entities, BancShares determined zero expected credit losses on the HTM portfolio. Equity Securities Investments in equity securities having readily determinable fair values are stated at fair value. Realized and unrealized gains and losses on these securities are determined by specific identification and are included in noninterest income. Non-marketable equity securities are securities with no readily determinable fair values and are measured at cost. BancShares evaluates its non-marketable equity securities for impairment and recoverability of the recorded investment by considering positive and negative evidence, including the profitability and asset quality of the issuer, dividend payment history and recent redemption experience. Impairment is assessed at each reporting period and if identified, is recognized in noninterest expense. Non-marketable equity securities were $9.6 million and $11.6 million at December 31, 2021 and 2020, respectively, and are included in other assets. Other Securities Membership in the Federal Home Loan Bank (“FHLB”) network requires ownership of FHLB restricted stock. This stock is restricted as it may only be sold to the FHLB and all sales must be at par. Accordingly, the FHLB restricted stock is carried at cost, less any applicable impairment charges and is recorded within other assets. FHLB restricted stock was $40.5 million and $45.4 million at December 31, 2021 and 2020, respectively. Additionally, BancShares holds 353,577 shares of Visa Class B common stock. Visa Class B shares are not considered to have a readily determinable fair value and are recorded at $0. Investments in Qualified Affordable Housing Projects BancShares has investments in qualified affordable housing projects primarily for the purposes of fulfilling Community Reinvestment Act requirements and obtaining tax credits. These investments are accounted for using the proportional amortization method if certain conditions are met. Under the proportional amortization method, the initial cost of the investment is amortized in proportion to the tax credits and other tax benefits received, and the net investment performance is recognized in the income statement as a component of income tax expense. All investments held in qualified affordable housing projects qualify for the proportional amortization method and totaled $156.6 million and $163.9 million at December 31, 2021 and 2020, respectively, and are included in other assets. Loans Held For Sale BancShares elected to apply the fair value option for residential mortgage loans originated to be sold to investors. Gains and losses on sales of mortgage loans are recognized within mortgage income. Interest on loans held for sale is recorded within interest income on loans and leases on the Consolidated Statements of Income. 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 Loans Non-Purchased Credit Deteriorated (“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 BancShares' initial ACL which results in a gross up of the loan balance. Excluding the ACL, 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 BancShares' 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. Upon adoption of Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC” or the “Codification”) 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 BancShares' current expected credit loss (“CECL”) models. Information for reporting periods beginning on or 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. Small Business Administration Paycheck Protection Program The Small Business Administration Paycheck Protection Program (“SBA-PPP”) is one of the centerpieces of the Coronavirus Aid Relief and Economic Security Act (the “CARES Act”), which was passed on March 27, 2020 in response to the outbreak of coronavirus (“COVID-19”) and was supplemented with subsequent legislation. Overseen by the U.S. Treasury Department, the SBA-PPP offered cash-flow assistance to nonprofit and small business employers through guaranteed loans for expenses incurred between February 15, 2020, and August 8, 2020 (“Round 1”). Borrowers are eligible for forgiveness of principal and accrued interest on SBA-PPP loans to the extent that the proceeds were used to cover eligible payroll costs, interest costs, rent, and utility costs over a period of between eight and 24-weeks after the loan was made as long as the borrower retains its employees and their compensation levels. The CARES Act authorized the SBA to temporarily guarantee these loans. The SBA began processing forgiveness payments during the fourth quarter of 2020. The Consolidated Appropriations Act 2021 was signed into law during the fourth quarter of 2020 and contained provisions for a second round of funding of SBA-PPP loans (“Round 2”). BancShares originated a total of $3.2 billion of Round 1 loans and $1.2 billion of Round 2 loans. As of December 31, 2021, the total remaining balance of SBA-PPP loans was $493.8 million, net of deferred fees, compared to $2.41 billion as of December 31, 2020. Forgiveness for SBA-PPP loans was approximately $3.93 billion for the year ended December 31, 2021. Due to the unique nature of these provisions, SBA-PPP loans have been disclosed as a separate loan class. Origination fees received from the SBA are capitalized into the carrying amount of the loans. The deferred fee income, net of origination costs, is recognized over the life of the loan as an adjustment to yield using the effective interest method. The following represent BancShares' classes of loans beginning January 1, 2020 upon adoption of ASC 326 (with the exception of SBA-PPP, which was added during second quarter 2020): Commercial loans and leases Construction and land development - Construction and land development consists of loans to finance land for commercial development of 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 refinance 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. SBA-PPP - These loans were originated as part of the SBA-PPP to finance payroll and other costs for nonprofit and small businesses impacted by the COVID-19 pandemic. These loans are guaranteed by the SBA and borrowers have the ability to qualify for loan forgiveness through the U.S. Treasury. Consumer loans Residential mortgage - Residential mortgage consists of loans to purchase or refinance the borrower’s primary dwelling, secondary residence or vacation home and are often secured by 1-4 family residential properties. 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 or loans 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 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 - Other 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. Loans and Leases - (Prior to Adoption of ASC 326) Prior to the adoption of ASC 326 on January 1, 2020, BancShares’ accounting methods for loans and leases depended on whether they were originated or purchased, and if purchased, whether or not the loans reflected credit deterioration at the date of acquisition. Non-Purchased Credit Impaired (“Non-PCI”) Loans Non-PCI loans consisted of loans originated by BancShares or loans purchased from other institutions that did not reflect credit deterioration at acquisition. Originated loans for which management had the intent and ability to hold for the foreseeable future were 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 were deferred and recorded as an adjustment to loans outstanding. The net amount of the nonrefundable fees and costs was amortized to interest income over the contractual lives using methods that approximated a constant yield. Purchased loans which did not reflect credit deterioration at acquisition were classified as non-PCI loans. These loans were recorded at fair value at the date of acquisition. The difference between the fair value and the unpaid principal balance at the acquisition date was amortized or accreted to interest income over the contractual life of the loan using the effective interest method. Purchased Credit Impaired (“PCI”) Loans Purchased loans which reflected credit deterioration since origination, such that it was probable at acquisition that BancShares would be unable to collect all contractually required payments, were classified as PCI loans. PCI loans were recorded at fair value at the date of acquisition. If the timing and amount of the future cash flows could be reasonably estimated, any excess of cash flows expected at acquisition over the estimated fair value were recognized as interest income over the life of the loans using the effective yield method. Subsequent to the acquisition date, increases in cash flows over those expected at the acquisition date were recognized prospectively as interest income. Decreases in expected cash flows due to credit deterioration were recognized by recording an allowance for loan losses. In the event of prepayment, the remaining unamortized amount was recognized in interest income. To the extent possible, PCI loans were aggregated into pools based upon common risk characteristics and each pool was accounted for as a single unit. The performance of all loans within the BancShares portfolio was subject to a number of external risks, including changes in the overall health of the economy, declines in real estate values, changes in the demand for products and services and personal events, such as death, disability or change in marital status. BancShares evaluated and reported its non-PCI and PCI loan portfolios separately, and each portfolio was further divided into commercial and non-commercial segments based on the type of borrower, purpose, collateral and/or BancShares' underlying credit management processes. Nonperforming Assets and Troubled Debt Restructurings Nonperforming Assets Nonperforming assets (“NPAs”) include nonaccrual loans, past due debt securities and other real estate owned. All loans are classified as past due when the payment of principal and interest based upon contractual terms is 30 days or greater 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. Debt securities are also classified as past due when the payment of principal and interest based upon contractual terms is 30 days delinquent or greater. Missed interest payments on debt securities are rare. Management reviews all debt securities with delinquent interest and immediately charge off any accrued interest determined to be uncollectible. Troubled Debt Restructurings A loan is considered a troubled debt restructuring (“TDR”) when both a modification to a borrower’s debt agreement is made and 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. Allowance for Credit Losses Loans Loans within the various reporting classes are segregated into pools with similar risk characteristics and each have a model that is utilized to estimate the ACL. These loan level ACL models estimate the probability of default (“PD”) and loss given default (“LGD”) 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. Loan level, undiscounted ACL is calculated by applying the modeled PD and LGD to quarterly forecasted loan balances which are adjusted for contractual payments, prepayments and prior defaults. 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 commercial card and certain consumer portfolios, immediate reversion to historical net loss rates is utilized. The ACL for SBA-PPP loans originated during 2021 and 2020 are separately evaluated given the explicit government guarantee. BancShares determined SBA-PPP loans have zero expected credit losses and as such these are excluded from ACL disclosures in Note E, Allowance for Credit Losses. 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 prepayment expectations. Prepayment assumptions were developed through a review of BancShares’ historical prepayment activity and considered forecasts of relevant economic conditions, as well as prepayment 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. Forecasted LGDs are adjusted for expected recoveries and realized 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 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 BancShares’ 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. 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 BancShares' 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 as 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 be 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 PD and LGD models to determine the reserve. The reserve for unfunded commitments was $11.8 million at December 31, 2021, and is recorded within other liabilities with changes recorded through other noninterest expense. Allowance for Loan and Lease Losses (Prior to Adoption of ASC 326) Prior to adoption |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2021 | |
Business Combinations [Abstract] | |
Business Combinations | BUSINESS COMBINATIONS Each business combination is accounted for under the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed are recorded at their estimated fair values on the acquisition date. Fair values are 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, BancShares performs 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. Additionally, BancShares performs an analysis of the acquired bank’s portfolio of debt securities to determine if any debt securities should be designated PCD. CIT Group Inc. On January 3, 2022, BancShares completed the CIT Merger. Refer to Note W, Subsequent Events, for further information . Community Financial Holding Company, Inc. On February 1, 2020, BancShares completed the merger of Duluth, Georgia-based Community Financial Holding Company, Inc. (“Community Financial”) and its bank subsidiary, Gwinnett Community Bank. BancShares concluded the completed business combination of Community Financial was not material to BancShares’ consolidated financial statements, individually or in aggregate, and therefore, pro forma financial data has not been included. The transaction was accounted for under the acquisition method of accounting and, accordingly, assets acquired and liabilities assumed were recorded at their estimated fair values on the acquisition date. Fair values were subject to refinement for up to one year after the closing date of the acquisition. The measurement period ended on December 30, 2020. 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 ACL 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, BancShares 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 Community Financial transaction resulted in merger-related expenses of $3.5 million for the year ended December 31, 2020. Additionally, loan-related interest income generated was approximately $5.3 million from the acquisition date through December 31, 2020. The ongoing contribution of this transaction to BancShares’ financial statements is not considered material, and therefore pro forma financial data is not included. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Investments | INVESTMENTS The amortized cost and fair value of investment and marketable equity securities at December 31, 2021 and 2020, were as follows: December 31, 2021 (Dollars in thousands) Cost Gross Gross unrealized Fair Investment securities available for sale U.S. Treasury $ 2,006,788 $ 106 $ 1,924 $ 2,004,970 Government agency 797,725 4,659 3,624 798,760 Residential mortgage-backed securities 4,756,977 8,229 36,793 4,728,413 Commercial mortgage-backed securities 1,071,309 5,364 13,924 1,062,749 Corporate bonds 582,420 26,648 533 608,535 Total investment securities available for sale 9,215,219 45,006 56,798 9,203,427 Investment in marketable equity securities 72,894 24,879 245 97,528 Investment securities held to maturity Residential mortgage-backed securities 2,322,529 5,690 21,957 2,306,262 Commercial mortgage-backed securities 1,484,916 32 33,568 1,451,380 Other 2,008 — — 2,008 Total investment securities held to maturity 3,809,453 5,722 55,525 3,759,650 Total investment securities $ 13,097,566 $ 75,607 $ 112,568 $ 13,060,605 December 31, 2020 Cost Gross Gross unrealized Fair Investment securities available for sale U.S. Treasury $ 499,832 $ 101 $ — $ 499,933 Government agency 706,241 723 5,573 701,391 Residential mortgage-backed securities 4,369,130 70,283 1,310 4,438,103 Commercial mortgage-backed securities 745,892 25,645 — 771,537 Corporate bonds 590,870 14,437 2,028 603,279 Total investment securities available for sale 6,911,965 111,189 8,911 7,014,243 Investment in marketable equity securities 84,837 8,654 1,811 91,680 Investment securities held to maturity Residential mortgage-backed securities 1,877,692 17,689 — 1,895,381 Commercial mortgage-backed securities 937,034 3,884 56 940,862 Other 2,256 — — 2,256 Total investment securities held to maturity 2,816,982 21,573 56 2,838,499 Total investment securities $ 9,813,784 $ 141,416 $ 10,778 $ 9,944,422 On October 1, 2021, mortgage-backed securities with an amortized cost of $451.7 million were transferred from investment securities available for sale to the held to maturity portfolio. At the time of transfer, the mortgage-backed securities had a fair value of $439.0 million and a weighted average remaining contractual maturity of approximately 28 years. The unrealized loss on these securities at the date of transfer was $12.7 million, or $9.7 million net of tax, and was reported as a component of AOCI. This unrealized loss is amortized over the remaining expected life of the securities as an adjustment of yield. On November 1, 2020, mortgage-backed securities with an amortized cost of $1.46 billion were transferred from investment securities available for sale to the held to maturity portfolio. At the time of transfer, the mortgage-backed securities had a fair value of $1.47 billion and a weighted average remaining contractual maturity of approximately 18 years. The unrealized gain on these securities at the date of transfer was $5.9 million, or $4.5 million net of tax, and was reported as a component of AOCI. This unrealized gain is accreted over the remaining expected life of the securities as an adjustment of yield. Investments in 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 SBA. Investments in corporate bonds represent positions in debt securities of other financial institutions. Investments in marketable equity securities represent positions in common stock of publicly traded financial institutions. Other held to maturity investments include certificates of deposit with other financial institutions. BancShares also holds approximately 354,000 shares of Class B common stock of Visa, Inc. (“Visa”). Until the resolution of certain litigation, at which time the Visa Class B common stock will convert to publicly traded Visa Class A common stock, these shares are only transferable to other shareholders of Visa Class B common stock. As a result, there is limited transfer activity in private transactions between buyers and sellers. Given this limited trading activity and the continuing uncertainty regarding the likelihood, ultimate timing and eventual exchange rate for shares of Visa Class B common stock into shares of Visa Class A common stock, these shares are not considered to have a readily determinable fair value and have no carrying value. BancShares continues to monitor the trading activity in Visa Class B common stock and the status of the resolution of certain litigation matters at Visa that would trigger the conversion of the Visa Class B common stock into Visa Class A common stock. BancShares held FHLB stock of $40.5 million and $45.4 million and other non-marketable equity securities of $9.6 million and $11.6 million at December 31, 2021 and December 31, 2020, respectively. These securities are recorded at cost within other assets. As of December 31, 2021 and December 31, 2020, no ACL was required for available for sale and held to maturity debt securities. At December 31, 2021, accrued interest receivable for available for sale and held to maturity debt securities were $22.3 million and $6.6 million, respectively, and were excluded from the estimate of credit losses. At December 31, 2020, accrued interest receivable for available for sale and held to maturity debt securities were $17.6 million and $5.4 million, respectively, and were excluded from the estimate of credit losses. During the years ended December 31, 2021 and December 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. 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. Residential and commercial mortgage-backed and government agency securities are stated separately as they are not due at a single maturity date. December 31, 2021 December 31, 2020 (Dollars in thousands) Amortized cost Fair Amortized cost Fair Investment securities available for sale Non-amortizing securities maturing in: One year or less $ 200 $ 202 $ 500,846 $ 500,954 One through five years 2,049,068 2,048,259 72,565 73,881 Five through 10 years 523,290 547,912 508,320 519,570 Over 10 years 16,650 17,132 8,971 8,807 Government agency 797,725 798,760 706,241 701,391 Residential mortgage-backed securities 4,756,977 4,728,413 4,369,130 4,438,103 Commercial mortgage-backed securities 1,071,309 1,062,749 745,892 771,537 Total investment securities available for sale $ 9,215,219 $ 9,203,427 $ 6,911,965 $ 7,014,243 Investment securities held to maturity Non-amortizing securities maturing in: One year or less $ 2,008 $ 2,008 $ 1,507 $ 1,507 One through five years — — 749 749 Residential mortgage-backed securities 2,322,529 2,306,262 1,877,692 1,895,381 Commercial mortgage-backed securities 1,484,916 1,451,380 937,034 940,862 Total investment securities held to maturity $ 3,809,453 $ 3,759,650 $ 2,816,982 $ 2,838,499 For each year presented, realized gains on investment securities available for sale included the following: Year ended December 31 (Dollars in thousands) 2021 2020 2019 Gross gains on retirement/sales of investment securities available for sale $ 33,133 $ 60,932 $ 8,993 Gross losses on sales of investment securities available for sale (14) (679) (1,878) Realized gains on investment securities available for sale, net $ 33,119 $ 60,253 $ 7,115 For each year presented, realized and unrealized gains or losses on marketable equity securities included the following: Year ended December 31 (Dollars in thousands) 2021 2020 2019 Marketable equity securities gains (losses), net $ 34,081 $ 29,395 $ 20,625 Less net gains recognized on marketable equity securities sold 16,261 44,550 16,344 Unrealized gains (losses) recognized on marketable equity securities held $ 17,820 $ (15,155) $ 4,281 The following table provides information regarding investment securities with unrealized losses as of December 31, 2021 and 2020: December 31, 2021 Less than 12 months 12 months or more Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Investment securities available for sale U.S. Treasury $ 1,810,924 $ 1,924 $ — $ — $ 1,810,924 $ 1,924 Government agency 222,401 1,516 189,935 2,108 412,336 3,624 Residential mortgage-backed securities 3,992,305 36,769 1,351 24 3,993,656 36,793 Commercial mortgage-backed securities 647,101 13,924 — — 647,101 13,924 Corporate bonds 52,331 533 — — 52,331 533 Total $ 6,725,062 $ 54,666 $ 191,286 $ 2,132 $ 6,916,348 $ 56,798 December 31, 2020 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Investment securities available for sale Government agency $ 268,622 $ 3,197 $ 328,777 $ 2,376 $ 597,399 $ 5,573 Residential mortgage-backed securities 433,816 1,241 23,064 69 456,880 1,310 Corporate bonds 57,715 2,028 — — 57,715 2,028 Total $ 760,153 $ 6,466 $ 351,841 $ 2,445 $ 1,111,994 $ 8,911 There were 37 and 39 investment securities available for sale with continuous losses for more than 12 months as of December 31, 2021 and December 31, 2020, respectively, all of which are government sponsored, enterprise-issued mortgage-backed securities or government agency securities. None of the unrealized losses identified as of December 31, 2021 or December 31, 2020 relate to the issuer’s 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 $5.74 billion at December 31, 2021 and $4.64 billion at December 31, 2020, 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 allowance for credit losses has been recorded on these securities. In the event there are 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 non-accrual status as of December 31, 2021 or December 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 December 31, 2021 or December 31, 2020. |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans and Leases | LOANS AND LEASES BancShares’ accounting methods for loans and leases depends whether they are originated or purchased, and if purchased, whether or not the loans reflect more than insignificant credit deterioration since origination, which is determined as of the acquisition date. 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 as defined in Note A, Accounting Policies 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. Loans and leases outstanding include the following at December 31, 2021 and 2020: (Dollars in thousands) December 31, 2021 December 31, 2020 Commercial: Construction and land development $ 1,111,797 $ 985,424 Owner occupied commercial mortgage 11,992,625 11,165,012 Non-owner occupied commercial mortgage 2,971,393 2,987,689 Commercial and industrial and leases 5,710,652 5,013,644 SBA-PPP 493,821 2,406,291 Total commercial loans and leases 22,280,288 22,558,060 Consumer: Residential mortgage 5,679,919 5,561,686 Revolving mortgage 1,795,005 2,052,854 Construction and land development 399,570 348,123 Consumer auto 1,331,388 1,255,402 Consumer other 547,728 552,968 Total consumer loans 9,753,610 9,771,033 Total non-PCD loans and leases 32,033,898 32,329,093 PCD loans 337,624 462,882 Total loans and leases $ 32,371,522 $ 32,791,975 Certain residential real estate loans are originated to be sold to investors and are recorded in loans held for sale at fair value. Loans held for sale totaled $98.7 million and $124.8 million at December 31, 2021 and 2020, respectively. We may change our strategy for certain portfolio loans and sell them in the secondary market. At that time, portfolio loans are transferred to loans held for sale at the lower of cost or market value. During 2021, total proceeds from sales of residential mortgage loans were $1.04 billion. During 2020, total proceeds from sales of residential mortgage loans were $1.05 billion, the majority of which were originated to be sold. An additional $7.6 million related to sales of portfolio loans, which were sold at par. The following table presents selected components of the amortized cost of loans. (Dollars in thousands) December 31, 2021 December 31, 2020 Deferred fees, including unearned fees and unamortized costs on non-PCD loans Net deferred fees related to SBA-PPP loans $ 14,882 $ 41,064 Net deferred fees related to other portfolios 16,903 9,153 Total net deferred fees $ 31,785 $ 50,217 Net unamortized discount on purchased loans Non-PCD $ 11,428 $ 19,473 PCD 29,008 45,254 Total $ 40,436 $ 64,727 Loans and leases to borrowers in medical, dental or related fields were $7.09 billion as of December 31, 2021, which represented 21.9% of total loans and leases, compared to $5.54 billion or 16.9% of total loans and leases at December 31, 2020. The credit risk of this industry concentration is mitigated through our underwriting policies, which emphasize reliance on adequate borrower cash flow, rather than underlying collateral value, and our preference for financing secured by owner-occupied real property. Except for this single concentration, no other industry represented more than 10% of total loans and leases outstanding at December 31, 2021 or 2020. Similar to FCB’s branch footprint, the collateral of loans secured by real estate is concentrated within North Carolina and South Carolina. At December 31, 2021, real estate located in North Carolina and South Carolina represented 35.9% and 15.6%, respectively, of all real estate used as collateral. The aging of the outstanding loans and leases, by class, at December 31, 2021 and 2020, is provided in the tables below. Loans and leases 30 days or less past due 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. December 31, 2021 (Dollars in thousands) 30-59 days 60-89 days 90 days or greater Total past Current Total loans Commercial: Construction and land development $ 456 $ — $ 2,099 $ 2,555 $ 1,109,242 $ 1,111,797 Owner occupied commercial mortgage 18,073 517 6,929 25,519 11,967,106 11,992,625 Non-owner occupied commercial mortgage 1,335 33 2,217 3,585 2,967,808 2,971,393 Commercial and industrial and leases 7,909 3,714 6,238 17,861 5,692,791 5,710,652 SBA-PPP — — — — 493,821 493,821 Total commercial loans 27,773 4,264 17,483 49,520 22,230,768 22,280,288 Consumer: Residential mortgage 18,585 4,066 14,205 36,856 5,643,063 5,679,919 Revolving mortgage 5,446 2,086 4,612 12,144 1,782,861 1,795,005 Construction and land development 388 — 41 429 399,141 399,570 Consumer auto 5,628 1,134 1,214 7,976 1,323,412 1,331,388 Consumer other 2,335 2,013 1,154 5,502 542,226 547,728 Total consumer loans 32,382 9,299 21,226 62,907 9,690,703 9,753,610 PCD loans 10,898 2,899 13,160 26,957 310,667 337,624 Total loans and leases $ 71,053 $ 16,462 $ 51,869 $ 139,384 $ 32,232,138 $ 32,371,522 December 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 $ 956 $ 527 $ 1,603 $ 3,086 $ 982,338 $ 985,424 Owner occupied commercial mortgage 8,757 2,232 14,082 25,071 11,139,941 11,165,012 Non-owner occupied commercial mortgage 12,370 — 5,973 18,343 2,969,346 2,987,689 Commercial and industrial and leases 14,532 2,842 3,243 20,617 4,993,027 5,013,644 SBA-PPP — — — — 2,406,291 2,406,291 Total commercial loans 36,615 5,601 24,901 67,117 22,490,943 22,558,060 Consumer: Residential mortgage 43,218 8,364 31,690 83,272 5,478,414 5,561,686 Revolving mortgage 11,977 2,626 7,415 22,018 2,030,836 2,052,854 Construction and land development 932 77 330 1,339 346,784 348,123 Consumer auto 6,825 1,835 1,076 9,736 1,245,666 1,255,402 Consumer other 3,610 1,464 1,505 6,579 546,389 552,968 Total consumer loans 66,562 14,366 42,016 122,944 9,648,089 9,771,033 PCD loans 18,322 6,076 31,026 55,424 407,458 462,882 Total loans and leases $ 121,499 $ 26,043 $ 97,943 $ 245,485 $ 32,546,490 $ 32,791,975 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 December 31, 2021 and December 31, 2020, were as follows: December 31, 2021 December 31, 2020 (Dollars in thousands) Nonaccrual Loans and Nonaccrual Loans and Commercial: Construction and land development $ 2,128 $ — $ 1,661 $ — Owner occupied commercial mortgage 11,355 4,573 23,103 3,625 Non-owner occupied commercial mortgage 4,420 197 7,932 147 Commercial and industrial and leases 17,384 661 10,626 540 Total commercial loans 35,287 5,431 43,322 4,312 Consumer: Residential mortgage 35,395 — 66,345 — Revolving mortgage 15,882 — 22,236 — Construction and land development 482 — 652 — Consumer auto 3,089 — 3,166 — Consumer other 555 951 823 1,195 Total consumer loans 55,403 951 93,222 1,195 PCD loans 29,616 543 54,939 355 Total loans and leases $ 120,306 $ 6,925 $ 191,483 $ 5,862 Credit quality indicators Loans and leases are monitored for credit quality on a recurring basis. Commercial and noncommercial 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 non-PCD commercial loans and leases are developed through a review of individual borrowers on an ongoing basis. Commercial loans are evaluated periodically with more frequent evaluations done on criticized loans. The indicators 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 which 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 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 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 not included in the individual credit grading process due to their relatively small balances or borrower type. The majority of ungraded loans at December 31, 2021 and 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 December 31, 2021. Commercial Loans Amortized Cost Basis by Origination Year Classification: 2021 2020 2019 2018 2017 Prior Revolving Revolving converted to term loans Total (Dollars in thousands) Construction and land development Pass $ 467,540 $ 374,206 $ 178,035 $ 23,546 $ 43,541 $ 8,419 $ 9,491 $ — $ 1,104,778 Special Mention 18 152 283 — 45 — — — 498 Substandard 975 35 61 1,439 4,002 9 — — 6,521 Total 468,533 374,393 178,379 24,985 47,588 8,428 9,491 — 1,111,797 Owner occupied commercial mortgage Pass 3,042,301 3,016,532 1,868,940 1,193,126 960,346 1,538,984 125,025 115 11,745,369 Special Mention 2,924 35,390 35,949 22,247 11,399 20,233 4,598 70 132,810 Substandard 28,456 6,239 14,817 10,590 17,362 31,565 5,417 — 114,446 Total 3,073,681 3,058,161 1,919,706 1,225,963 989,107 1,590,782 135,040 185 11,992,625 Non-owner occupied commercial mortgage Pass 628,953 734,538 577,953 261,504 261,946 388,956 35,297 — 2,889,147 Special Mention 1,252 — 262 2,602 32 5,083 — — 9,231 Substandard 5,364 10,367 22,754 9,106 6,973 16,502 549 — 71,615 Doubtful — — — — 1,400 — — — 1,400 Total 635,569 744,905 600,969 273,212 270,351 410,541 35,846 — 2,971,393 Commercial and industrial and leases Pass 1,767,047 1,042,730 636,334 298,326 165,371 289,044 1,338,162 4,983 5,541,997 Special Mention 2,455 7,859 20,225 2,493 3,769 3,517 5,455 296 46,069 Substandard 15,752 6,579 3,111 4,000 1,642 2,679 15,911 864 50,538 Doubtful — — — — — — 1 — 1 Ungraded — — — — — — 72,047 — 72,047 Total 1,785,254 1,057,168 659,670 304,819 170,782 295,240 1,431,576 6,143 5,710,652 SBA-PPP Pass 450,550 43,271 — — — — — — 493,821 Total commercial $ 6,413,587 $ 5,277,898 $ 3,358,724 $ 1,828,979 $ 1,477,828 $ 2,304,991 $ 1,611,953 $ 6,328 $ 22,280,288 Consumer and PCD Loans Amortized Cost Basis by Origination Year Days Past Due: 2021 2020 2019 2018 2017 Prior Revolving Revolving converted to term loans Total (Dollars in thousands) Residential mortgage Current $ 1,964,807 $ 1,561,214 $ 607,551 $ 359,581 $ 339,318 $ 789,770 $ 20,822 $ — $ 5,643,063 30-59 days 1,809 2,011 2,045 1,866 1,385 9,469 — — 18,585 60-89 days 465 26 67 649 507 2,352 — — 4,066 90 days or greater 225 428 681 1,998 744 10,129 — — 14,205 Total 1,967,306 1,563,679 610,344 364,094 341,954 811,720 20,822 — 5,679,919 Revolving mortgage Current — — — — — — 1,671,148 111,713 1,782,861 30-59 days — — — — — — 3,688 1,758 5,446 60-89 days — — — — — — 256 1,830 2,086 90 days or greater — — — — — — 1,957 2,655 4,612 Total — — — — — — 1,677,049 117,956 1,795,005 Construction and land development Current 241,692 122,259 20,782 6,665 4,835 1,630 1,278 — 399,141 30-59 days 55 285 27 — 11 10 — — 388 60-89 days — — — — — — — — — 90 days or greater — — — — — 41 — — 41 Total 241,747 122,544 20,809 6,665 4,846 1,681 1,278 — 399,570 Consumer auto Current 596,617 343,230 198,455 118,540 48,405 18,165 — — 1,323,412 30-59 days 1,331 1,570 1,265 879 409 174 — — 5,628 60-89 days 184 429 296 147 48 30 — — 1,134 90 days or greater 428 297 156 228 87 18 — — 1,214 Total 598,560 345,526 200,172 119,794 48,949 18,387 — — 1,331,388 Consumer other Current 132,402 23,856 11,019 4,402 2,362 28,099 340,086 — 542,226 30-59 days 205 125 23 1 — 25 1,956 — 2,335 60-89 days 697 20 36 — — 1 1,259 — 2,013 90 days or greater 45 7 1 1 — — 1,100 — 1,154 Total 133,349 24,008 11,079 4,404 2,362 28,125 344,401 — 547,728 Total consumer 2,940,962 2,055,757 842,404 494,957 398,111 859,913 2,043,550 117,956 9,753,610 PCD loans Current — 22,154 20,896 20,486 21,739 200,915 10,070 14,407 310,667 30-59 days — 798 98 479 164 9,173 — 186 10,898 60-89 days — 302 143 158 22 2,196 — 78 2,899 90 days or greater — 483 222 275 403 10,697 28 1,052 13,160 Total PCD — 23,737 21,359 21,398 22,328 222,981 10,098 15,723 337,624 Total loans and leases $ 9,354,549 $ 7,357,392 $ 4,222,487 $ 2,345,334 $ 1,898,267 $ 3,387,885 $ 3,665,601 $ 140,007 $ 32,371,522 |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Allowance for Credit Losses | ALLOWANCE FOR CREDIT LOSSES As noted in Note A, Accounting Polices and Basis of Presentation, BancShares determined SBA-PPP loans have zero expected credit losses and as such these are excluded from the following ACL disclosures. Upon adoption of ASC 326 on January 1, 2020, 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. The remaining non-credit related discount continues to amortize into interest. The 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. The decrease in the ACL as of December 31, 2021 compared to December 31, 2020 was primarily driven by continued strong credit performance, low net charge-offs, and improvement in macroeconomic factors. Forecasted economic conditions are developed using third party macroeconomic scenarios adjusted based on management’s expectations over a forecast period of two years. 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. Significant macroeconomic factors used in estimating the expected losses include unemployment, gross domestic product, home price index and commercial real estate index. BancShares’ ACL forecasts consider a range of economic scenarios from an upside scenario to a severely adverse scenario, but the December 31, 2021 ACL forecast was calculated using the consensus baseline scenario. This scenario showed improvements in the most significant economic factors compared to what was used to generate the December 31, 2020 ACL. These loss estimates were also influenced by BancShares’ strong credit quality and low net charge-offs. Refer to Note A, Accounting Policies and Basis of Presentation, for discussion of the accounting treatment of the allowance for loan losses prior to adoption of ASC 326. The following tables summarize activity in the allowance for credit losses for the years ended December 31, 2021 and 2020 and the allowance for loan losses for the year ended December 31, 2019. Year ended December 31, 2021 (Dollars in thousands) Commercial Consumer PCD Total Balance at January 1 $ 80,842 $ 119,485 $ 23,987 $ 224,314 Benefit (1,228) (21,278) (14,329) (36,835) Charge-offs (15,924) (17,181) (2,317) (35,422) Recoveries 7,523 11,452 7,461 26,436 Balance at December 31 $ 71,213 $ 92,478 $ 14,802 $ 178,493 Year ended December 31, 2020 (Dollars in thousands) Commercial Consumer PCD Total Balance at January 1 $ 142,369 $ 75,236 $ 7,536 $ 225,141 Adoption of ASC 326 (87,554) 30,629 19,001 (37,924) Balance at January 1 54,815 105,865 26,537 187,217 Provision (benefit) 37,763 27,791 (7,202) 58,352 Initial allowance on PCD loans — — 1,193 1,193 Charge-offs (17,586) (24,219) (3,300) (45,105) Recoveries 5,850 10,048 6,759 22,657 Balance at December 31 $ 80,842 $ 119,485 $ 23,987 $ 224,314 Year ended December 31, 2019 (Dollars in thousands) Commercial Consumer PCI Total Balance at January 1 $ 139,043 $ 75,525 $ 9,144 $ 223,712 Provision (benefit) 13,386 19,663 (1,608) 31,441 Charge-offs (14,744) (28,283) — (43,027) Recoveries 4,684 8,331 — 13,015 Balance at December 31 $ 142,369 $ 75,236 $ 7,536 $ 225,141 BancShares records an allowance for credit losses on unfunded commitments within other liabilities. Activity in the allowance for credit losses for unfunded commitments is summarized as follows: (Dollars in thousands) December 31, 2021 December 31, 2020 Allowance for credit losses: Beginning balance $ 12,814 $ 1,055 Adoption of ASC 326 — 8,885 Adjusted beginning balance $ 12,814 $ 9,940 (Benefit) provision (999) 2,874 Ending balance 11,815 12,814 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 December 31, 2021 and 2020. December 31, 2021 (Dollars in thousands) Collateral-Dependent Loans Net Realizable Value of Collateral Collateral Coverage Allowance for Credit Losses Commercial loans: Construction and land development $ 1,424 $ 1,964 137.9 % $ — Owner occupied commercial mortgage 3,461 4,370 126.3 — Non-owner occupied commercial mortgage 2,056 2,118 103.0 — Commercial and industrial and leases 2,665 5,208 195.4 941 Total commercial loans 9,606 13,660 142.2 941 Consumer: Residential mortgage 5,323 7,353 138.1 — Total non-PCD loans 14,929 21,013 140.8 941 PCD 4,864 21,099 433.8 — Total collateral-dependent loans $ 19,793 $ 42,112 212.8 % $ 941 December 31, 2020 (Dollars in thousands) Collateral-Dependent Loans Net Realizable Value of Collateral Collateral Coverage Allowance for Credit Losses Commercial loans: Construction and land development $ 1,424 $ 1,795 126.1 % $ — Owner occupied commercial mortgage 9,792 14,253 145.6 — Non-owner occupied commercial mortgage 5,556 7,577 136.4 — Total commercial loans 16,772 23,625 140.9 — Consumer: Residential mortgage 23,011 29,775 129.4 131 Total non-PCD loans 39,783 53,400 134.2 131 PCD 19,042 27,872 146.4 — Total collateral-dependent loans $ 58,825 $ 81,272 138.2 % $ 131 Collateral-dependent nonaccrual loans with no recorded allowance totaled $14.8 million and $57.5 million as of December 31, 2021 and 2020, respectively. All other nonaccrual loans have a recorded allowance. Non-PCI impaired loans less than $500,000 that were collectively evaluated was $41.0 million at December 31, 2019. The following table shows the average non-PCI impaired loan balance and the interest income recognized by loan class for the years ended December 31, 2019. 2019 (Dollars in thousands) Average Interest Income Recognized Non-PCI impaired loans and leases: Commercial: Construction and land development $ 3,915 $ 53 Commercial mortgage 64,363 2,188 Other commercial real estate 919 27 Commercial and industrial and leases 11,884 482 Other 396 11 Total commercial 81,477 2,761 Noncommercial: Residential mortgage 52,045 1,386 Revolving mortgage 29,516 1,009 Construction and land development 3,589 116 Consumer 3,311 138 Total noncommercial 88,461 2,649 Total non-PCI impaired loans and leases $ 169,938 $ 5,410 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 BancShares’ ACL loss models, TDRs are not individually evaluated unless determined to be collateral-dependent. Consumer TDRs 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 credit quality metrics do not impact the calculation of the ACL on consumer TDRs. For commercial TDRs, the TDR distinction does impact the calculation of ACL, as the standard definition of default is utilized. The Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus was published by banking regulators in April 2020 to clarify expectations around loan modifications and the determination of TDRs for borrowers experiencing COVID-19. BancShares applied this regulatory guidance during its TDR identification process for short-term loan forbearance agreements as a result of COVID-19 and in most cases is not recording these as TDRs. The following tables provides a summary of total TDRs by accrual status. December 31, 2021 December 31, 2020 (Dollars in thousands) Accruing Nonaccruing Total Accruing Nonaccruing Total Commercial loans: Construction and land development $ 328 $ 29 $ 357 $ 578 $ 54 $ 632 Owner occupied commercial mortgage 43,593 6,231 49,824 37,574 10,889 48,463 Non-owner occupied commercial mortgage 21,278 2,741 24,019 18,336 1,649 19,985 Commercial and industrial and leases 11,723 9,384 21,107 29,131 3,528 32,659 Total commercial loans 76,922 18,385 95,307 85,619 16,120 101,739 Consumer: Residential mortgage 20,635 12,262 32,897 29,458 19,380 48,838 Revolving mortgage 16,322 6,395 22,717 20,124 7,128 27,252 Construction and land development 961 259 1,220 1,573 9 1,582 Consumer auto 1,827 455 2,282 2,018 696 2,714 Consumer other 713 76 789 955 137 1,092 Total consumer loans 40,458 19,447 59,905 54,128 27,350 81,478 PCD loans 29,401 9,935 39,336 17,617 7,346 24,963 Total loans $ 146,781 $ 47,767 $ 194,548 $ 157,364 $ 50,816 $ 208,180 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 The following table summarizes the loan restructurings as of December 31, 2021, 2020 and 2019 that were designated as TDRs. BancShares defines payment default as movement of the TDR to nonaccrual status, which is generally 90 days past due, foreclosure or charge-off, whichever occurs first. 2021 2020 2019 Restructurings Restructurings Restructurings (Dollars in thousands) Number of loans Amortized cost at period end Number of loans Amortized cost at period end Number of loans Amortized cost at period end Loans and leases Interest only period provided Commercial loans 19 $ 17,847 31 $ 28,145 11 $ 1,595 Consumer loans 1 297 6 4,169 7 4,018 Total interest only 20 18,144 37 32,314 18 5,613 Loan term extension Commercial loans 23 6,717 26 5,444 16 3,904 Consumer loans 106 8,803 66 5,689 2 342 Total loan term extension 129 15,520 92 11,133 18 4,246 Below market interest rate Commercial loans 97 17,082 98 33,870 90 13,932 Consumer loans 80 3,188 156 6,074 176 12,458 Total below market interest rate 177 20,270 254 39,944 266 26,390 Discharged from bankruptcy Commercial loans 32 5,955 30 1,168 25 5,571 Consumer loans 96 3,675 186 8,129 178 10,349 Total discharged from bankruptcy 128 9,630 216 9,297 203 15,920 Total restructurings 454 $ 63,564 599 $ 92,688 505 $ 52,169 As of December 31, 2021, 2020 and 2019, the pre-modification and post-modification outstanding amortized cost of loans modified as TDRs were not materially different. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | PREMISES AND EQUIPMENT Major classifications of premises and equipment at December 31, 2021 and 2020 are summarized as follows: (Dollars in thousands) Useful Life ( years ) 2021 2020 Land indefinite $ 334,375 $ 336,258 Premises and leasehold improvements 3 - 40 1,307,502 1,286,092 Furniture, equipment and software 3 - 10 671,172 639,109 Total 2,313,049 2,261,459 Less accumulated depreciation and amortization 1,079,631 1,010,176 Total premises and equipment $ 1,233,418 $ 1,251,283 |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2021 | |
Other Real Estate [Abstract] | |
Other Real Estate Owned | OTHER REAL ESTATE OWNED The following table explains changes in other real estate owned (“OREO”) for the years ended December 31, 2021 and 2020. (Dollars in thousands) 2021 2020 Balance at January 1 $ 50,890 $ 46,591 Additions 27,755 26,822 Acquired in business combinations — 9,813 Sales (35,703) (26,726) Write-downs/losses (3,614) (5,610) Balance at December 31 $ 39,328 $ 50,890 At December 31, 2021 and 2020, BancShares had $2.3 million and $5.8 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 $15.0 million and $29.4 million at December 31, 2021, and 2020, respectively. Gains recorded on the sale of OREO were $4.7 million, $1.6 million, and $1.5 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill BancShares’ annual impairment test, conducted as of July 31 each year, or more frequently if events occur or circumstances change that may trigger a decline in the value of the reporting unit or otherwise indicate that a potential impairment exists, resulted in no indication of goodwill impairment. Subsequent to the annual impairment test, there were no events or changes in circumstances that would indicate goodwill should be tested for impairment during the interim period between annual tests. No goodwill impairment was recorded during 2021 or 2020. The following table presents the changes in the carrying amount of goodwill for the years ending December 31, 2021 and 2020: Year ended December 31 (Dollars in thousands) 2021 2020 Balance at January 1 $ 350,298 $ 349,398 Recognized in the Community Financial acquisition — 686 Measurement period adjustments (1) — 214 Other adjustment (2) (4,234) — Balance at December 31 $ 346,064 $ 350,298 (1) Adjustments related to Entegra PCD loans and divested deposits as well as the deferred tax assets related to these items. (2) Immaterial adjustment related to deferred taxes associated with pensions. Other Intangible Assets Other intangible assets include mortgage servicing rights (“MSRs”) on loans sold to third parties with servicing retained, core deposit intangibles, which represent the estimated fair value of acquired core deposits and other customer relationships, and other intangible assets acquired, such as other servicing rights and noncompete agreements. Mortgage Servicing Rights Our portfolio of residential mortgage loans serviced for third parties was $3.39 billion, $3.31 billion and $3.38 billion as of December 31, 2021, 2020 and 2019, respectively. The majority of these loans were originated by BancShares and sold to third parties on a non-recourse basis with servicing rights retained. At December 31, 2020, a portion of the MSRs were related to originations by Entegra Financial Corp. and its subsidiaries (collectively, “Entegra”) prior to acquisition. These retained servicing rights are recorded as a servicing asset and reported in other intangible assets. The mortgage servicing rights are initially recorded at fair value and then carried at the lower of amortized cost or fair market value. The amortization expense related to mortgage servicing rights is included as a reduction of mortgage income. The weighted average expected life of the mortgage servicing rights established during 2021 is 5.6 years. The activity of the mortgage servicing asset for the years ended December 31, 2021, 2020 and 2019 is presented in the following table: (Dollars in thousands) 2021 2020 2019 Balance at January 1 $ 18,426 $ 22,963 $ 21,396 Servicing rights originated 10,556 8,006 6,149 Servicing rights acquired in Entegra transaction — — 1,873 Amortization (8,727) (8,400) (6,233) Valuation allowance decrease (increase) 3,102 (4,143) (222) Balance at December 31 $ 23,357 $ 18,426 $ 22,963 The following table presents the activity in the servicing asset valuation allowance for the years ended December 31, 2021, 2020 and 2019: (Dollars in thousands) 2021 2020 2019 Beginning balance $ 4,365 $ 222 $ — Valuation allowance (decrease) increase (3,102) 4,143 222 Ending balance $ 1,263 $ 4,365 $ 222 Valuation of mortgage servicing rights is performed using a pooling methodology. Similar loans are pooled together and evaluated on a discounted earnings basis to determine the present value of future earnings. Contractually specified mortgage servicing fees, late fees and ancillary fees earned for the years ended December 31, 2021, 2020 and 2019, were $8.6 million, $8.5 million and $7.9 million, respectively, and reported in mortgage income. Key economic assumptions used to value mortgage servicing rights as of December 31, 2021 and 2020, were as follows: 2021 2020 Discount rate - conventional fixed loans 8.51 % 7.92 % Discount rate - all loans excluding conventional fixed loans 9.51 % 8.92 % Weighted average constant prepayment rate 15.69 % 20.62 % Weighted average cost to service a loan $ 87.58 $ 87.58 The discount rate is based on the 10-year U.S. Treasury rate plus 700 basis points for conventional fixed loans and 800 basis points for all other loans. The 700 and 800 basis points are used as a risk premium when calculating the discount rate. The prepayment rate is derived from the Public Securities Association Standard Prepayment model, which is compared to actual prepayment rates annually for reasonableness. The average cost to service a loan is based on the number of loans serviced and the total costs to service the loans. Core Deposit Intangibles Core deposit intangibles represent the estimated fair value of core deposits and other customer relationships acquired. They are being amortized on an accelerated basis over their estimated useful lives. The following information relates to core deposit intangible assets, which are being amortized over their estimated useful lives: (Dollars in thousands) 2021 2020 Balance at January 1 $ 29,667 $ 43,386 Acquired in Community Financial transaction — 536 Amortization (10,948) (14,255) Balance at December 31 $ 18,719 $ 29,667 The gross amount of core deposit intangible assets and accumulated amortization as of December 31, 2021 and 2020, are: (Dollars in thousands) 2021 2020 Gross balance $ 127,842 $ 127,842 Accumulated amortization (109,123) (98,175) Carrying value $ 18,719 $ 29,667 Based on current estimated useful lives and carrying values, BancShares anticipates amortization expense for core deposit intangibles in subsequent periods will be: (Dollars in thousands) 2022 $ 7,743 2023 5,129 2024 2,659 2025 1,374 2026 and subsequent 1,814 $ 18,719 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposits | DEPOSITS Deposits at December 31, 2021 and 2020 were as follows: (Dollars in thousands) 2021 2020 Demand $ 21,404,808 $ 18,014,029 Checking with interest 12,694,389 10,591,687 Money market accounts 10,590,106 8,632,713 Savings 4,235,824 3,304,167 Time 2,480,967 2,889,013 Total deposits $ 51,406,094 $ 43,431,609 Time deposits with a denomination of $250,000 or more were $593.0 million and $670.4 million at December 31, 2021 and 2020, respectively. At December 31, 2021, the scheduled maturities of time deposits were: (Dollars in thousands) Year ended December 31 2022 $ 1,937,216 2023 225,370 2024 81,558 2025 56,970 2026 and thereafter 179,853 Total time deposits $ 2,480,967 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Borrowings | BORROWINGS Short-term Borrowings Short-term borrowings at December 31, 2021 and 2020 are as follows: (Dollars in thousands) 2021 2020 Securities sold under customer repurchase agreements $ 589,101 $ 641,487 At December 31, 2021, BancShares had unused credit lines allowing contingent access to overnight borrowings of up to $556.0 million on an unsecured basis. Additionally, under borrowing arrangements with the FRB of Richmond and FHLB of Atlanta, BancShares has access to an additional $12.87 billion on a secured basis. 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 purchase 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 fractional 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 pledged as collateral under repurchase agreements was $619.1 million and $689.3 million at December 31, 2021 and December 31, 2020, respectively. At December 31, 2021, BancShares held $589.1 million of securities sold under agreements to repurchase, with overnight and continuous remaining contractual maturities, made up of $508.4 million collateralized by government agency securities and $80.7 million collateralized by commercial mortgage-backed securities. At December 31, 2020, BancShares held $641.5 million of securities sold under agreements to repurchase, with overnight and continuous remaining contractual maturities, made up of $432.8 million collateralized by government agency securities and $208.7 million collateralized by commercial mortgage-backed securities. Long-term Borrowings Long-term borrowings at December 31, 2021 and 2020 include: (Dollars in thousands) 2021 2020 Fixed-to-Floating subordinated notes at 3.375% maturing March 15, 2030 $ 350,000 $ 350,000 Junior subordinated debenture at 3-month LIBOR plus 1.75% maturing June 30, 2036 (1) 88,145 88,145 Junior subordinated debenture at 3-month LIBOR plus 2.25% maturing June 15, 2034 (1) 19,588 19,588 Junior subordinated debenture at 3-month LIBOR plus 2.85% maturing April 7, 2034 (1) 10,310 10,310 Junior subordinated debentures at 3-month LIBOR plus 2.80% maturing March 30, 2034 (1) 14,433 14,433 Junior subordinated debentures at 7.00% maturing December 31, 2026 (2) — 20,000 Junior subordinated debentures at 6.50% maturing October 1, 2025 (3) — 7,500 Notes payable to FHLBs of Atlanta and Chicago with rates ranging from 0.75% to 2.99% and maturing through March 2032 644,659 655,175 Unsecured term loan at 1-month LIBOR plus 1.10% maturing September 5, 2022 67,825 82,125 Obligations under capitalized leases extending to December 2050 4,311 6,308 Unamortized issuance costs (2,629) (3,459) Unamortized purchase accounting adjustments (2,283) (1,999) Other long-term debt 19 37 Total long-term obligations $ 1,194,378 $ 1,248,163 (1) Obligations to capital and grantor trusts for trust preferred securities (2) Assumed in HomeBancorp acquisition. (3) Assumed in Biscayne BancShares acquisition. 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 with the interest payment due March 15, 2025, subject to obtaining the prior approval of the Federal Reserve to the extent such approval is then required under the rules of the Federal Reserve, or earlier upon the occurrence of certain events. At December 31, 2021 and 2020, BancShares held $132.5 million in junior subordinated debentures representing obligations to FCB/NC Capital Trust III, FCB/SC Capital Trust II, SCB Capital Trust I and Macon Capital Trust I special purpose entities and grantor trusts (the “Trusts”) for trust preferred securities. The Trusts had outstanding trust preferred securities of $128.1 million and $128.5 million at December 31, 2021 and 2020 respectively, which may be redeemed at par in whole or in part at any time, in accordance with the applicable transaction documents. BancShares has guaranteed all obligations of its subsidiaries, FCB Capital Trust III and FCB/SC Capital Trust II. FCB has guaranteed all obligations of its trust subsidiaries, SCB Capital Trust I and Macon Capital Trust I, which was acquired from Entegra during the fourth quarter of 2019 and has a related obligation of $14.4 million. Long-term borrowings maturing in each of the five years subsequent to December 31, 2021 and thereafter include: (Dollars in thousands) Year ended December 31 2022 $ 82,735 2023 125,500 2024 5,771 2025 — 2026 2,649 Thereafter 977,723 Total long-term borrowings $ 1,194,378 |
FDIC Shared-Loss Payable
FDIC Shared-Loss Payable | 12 Months Ended |
Dec. 31, 2021 | |
FDIC Shared-Loss Receivable [Abstract] | |
Receivable from FDIC for Loss Share Agreements | FDIC SHARED-LOSS PAYABLE Prior to 2020, certain consumer loans were “covered loans” for which BancShares was eligible for reimbursement for a portion of certain future losses with indemnifications provided by the FDIC under loss share agreements (“LSAs”). The LSAs for two FDIC-assisted transactions included provisions related to payments owed to the FDIC at the termination of the agreements if actual cumulative losses on covered assets are lower than originally estimated by the FDIC at the time of acquisition (“Clawback Liability”). All of the LSAs relate to transactions that occurred prior to 2020 and have since expired. There was no Clawback Liability remaining at December 31, 2021 as FCB remitted the final payment of $16.1 million to the FDIC during the first quarter of 2021. At December 31, 2020, the estimated Clawback Liability was $15.6 million following a payment of $99.5 million to the FDIC during the first quarter of 2020. The following table includes the changes in the FDIC shared-loss payable for the years ended December 31, 2021 and 2020. (Dollars in thousands) 2021 2020 Beginning balance $ 15,601 $ 112,395 Accretion 502 2,674 Payment made to the FDIC to settle shared-loss agreement (16,103) (99,468) Ending balance $ — $ 15,601 |
Regulatory Capital Requirements
Regulatory Capital Requirements and Dividends From Subsidiaries | 12 Months Ended |
Dec. 31, 2021 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital Requirements and Dividends From Subsidiaries | REGULATORY REQUIREMENTS, DIVIDENDS FROM SUBSIDIARIES BancShares and FCB are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the BancShares’ Consolidated Financial Statements. Certain activities, such as the ability to undertake new business initiatives, including acquisitions, the access to and cost of funding for new business initiatives, the ability to pay dividends, the ability to repurchase shares or other capital instruments, the level of deposit insurance costs, and the level and nature of regulatory oversight, largely depend on a financial institution’s capital strength. Federal banking agencies approved regulatory capital guidelines (“Basel III”) aimed at strengthening previous capital requirements for banking organizations. Basel III became effective for BancShares on January 1, 2015 and the associated capital conservation buffers of 2.5% were fully phased in by January 1, 2019. The following table includes the Basel III requirements for regulatory capital ratios. Basel III Minimums Basel III Conservation Buffers Basel III Requirements Regulatory capital ratios Total risk-based capital 8.00 % 2.50 % 10.50 % Tier 1 risk-based capital 6.00 2.50 8.50 Common equity Tier 1 4.50 2.50 7.00 Tier 1 leverage 4.00 — 4.00 The FDIC also has Prompt Corrective Action (“PCA”) thresholds for regulatory capital ratios. The regulatory capital ratios for BancShares and FCB are calculated in accordance with the guidelines of the federal banking authorities. The regulatory capital ratios for BancShares and FCB exceed the Basel III requirements and the PCA well-capitalized thresholds as of December 31, 2021 and 2020 as summarized in the following table. December 31, 2021 December 31, 2020 (Dollars in thousands) Basel III Requirements PCA well-capitalized thresholds Amount Ratio Amount Ratio BancShares Total risk-based capital 10.50 % 10.00 % $ 5,041,686 14.35 % $ 4,577,212 13.81 % Tier 1 risk-based capital 8.50 8.00 4,380,452 12.47 3,856,086 11.63 Common equity Tier 1 7.00 6.50 4,040,515 11.50 3,516,149 10.61 Tier 1 leverage 4.00 5.00 4,380,452 7.59 3,856,086 7.86 FCB Total risk-based capital 10.50 % 10.00 4,857,960 13.85 4,543,496 13.72 Tier 1 risk-based capital 8.50 8.00 4,651,226 13.26 4,276,870 12.92 Common equity Tier 1 7.00 6.50 4,651,226 13.26 4,276,870 12.92 Tier 1 leverage 4.00 5.00 4,651,226 8.07 4,276,870 8.72 At December 31, 2021, BancShares and FCB had total risk-based capital ratio conservation buffers of 6.35% and 5.85%, respectively, which are in excess of the fully phased in Basel III conservation buffer of 2.50%. The capital ratio conservation buffers represent the excess of the regulatory capital ratio as of December 31, 2021 over the Basel III minimum. At December 31, 2021, Tier 2 capital of BancShares included $128.1 million of trust preferred capital securities and $350.0 million of qualifying subordinated debentures, compared to $128.5 million of trust preferred capital securities and $377.5 million of qualifying subordinated debentures included at December 31, 2020. BancShares has Class A and Class B common stock. Class A common shares have one vote per share, while Class B common shares have 16 votes per share. Preferred Stock On March 12, 2020, the Parent Company issued and sold an aggregate of 13,800,000 depositary shares (the “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 (the “Series A Preferred Stock”), with a liquidation preference of $25 per Depositary Share (equivalent to $1,000 per share of the Series A Preferred Stock) for a total of $345 million. The Series A Preferred Stock qualifies as Tier 1 regulatory capital. Dividends on the Series A Preferred Stock will be paid when, as, and if declared by the Board of Directors of the Parent Company, or a duly authorized committee thereof, to the extent that the Parent Company has lawfully available funds to pay dividends. If declared, dividends will accrue and be payable from the date of issuance at a rate of 5.375% per annum, payable quarterly in arrears on March 15, June 15, September 15, and December 15 of each year, beginning on June 15, 2020. Dividends on the Series A Preferred Stock will not be cumulative. BancShares may redeem the Series A Preferred Stock at its option, and subject to any required regulatory approval, at a redemption price equal to $1,000 per share (equivalent to $25 per depositary share), plus any declared and unpaid dividends to, but excluding, the redemption date, (i) in whole or in part, from time to time, on any dividend payment date on or after March 15, 2025, or (ii) in whole but not in part, at any time within 90 days following a regulatory capital treatment event (as defined in the Certificate of Designation for the Series A Preferred Stock). Dividends FCB to the Parent Company Dividends paid from FCB to the Parent Company are the primary source of funds available to the Parent Company for payment of dividends to its shareholders. The Board of Directors of FCB may approve distributions, including dividends, as it deems appropriate, subject to the requirements of the FDIC and the General Statutes of North Carolina, provided that the distributions do not reduce the regulatory capital ratios below the applicable requirements. FCB could have paid additional dividends to the Parent Company in the amount of $1.35 billion while continuing to meet the requirements for well-capitalized banks at December 31, 2021. Dividends declared by FCB and paid to the Parent Company amounted to $173.1 million in 2021, $229.7 million in 2020 and $149.8 million in 2019. Payment of dividends is made at the discretion of FCB’s Board of Directors and is contingent upon satisfactory earnings as well as projected capital needs. Restrictions on Cash and Overnight Investments Effective March 26, 2020, the Federal Reserve Board suspended the cash reserve requirement. BancShares’ overnight investments of $75 million in U.S. Bank Money Market accounts require a 30-day notice for withdrawal. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2021 | |
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 at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (Dollars in thousands) Accumulated Deferred Accumulated Accumulated Deferred Accumulated Unrealized (losses) gains on securities available for sale $ (11,792) $ (2,712) $ (9,080) $ 102,278 $ 23,524 $ 78,754 Unrealized (losses) gains on securities available for sale transferred to held to maturity (8,735) (2,009) (6,726) 5,399 1,242 4,157 Defined benefit pension items 33,223 7,641 25,582 (91,751) (21,103) (70,648) Total $ 12,696 $ 2,920 $ 9,776 $ 15,926 $ 3,663 $ 12,263 The following table highlights changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2021 and 2020: (Dollars in thousands) Unrealized gains (losses) on securities available-for-sale (1) Unrealized gains (losses) on securities available for sale transferred to held to maturity (1)(2) Defined benefit pension items (1) Total Balance at January 1, 2020 $ 5,792 $ — $ (132,515) $ (126,723) Net unrealized gains arising during period 119,357 4,538 42,367 166,262 Amounts reclassified from accumulated other comprehensive loss (46,395) (381) 19,500 (27,276) Net current period other comprehensive income 72,962 4,157 61,867 138,986 Balance at December 31, 2020 78,754 4,157 (70,648) 12,263 Net unrealized (losses) gains arising during the period (62,332) (9,747) 75,368 3,289 Amounts reclassified from accumulated other comprehensive income (25,502) (1,136) 20,862 (5,776) Net current period other comprehensive (loss) income (87,834) (10,883) 96,230 (2,487) Balance at December 31, 2021 $ (9,080) $ (6,726) $ 25,582 $ 9,776 (1) All amounts are net of tax. Amounts in parentheses indicate other comprehensive losses, which are debits or decreases to equity. (2) Unrealized gains (losses) related to the reclassification of investment securities from available for sale to held to maturity. Refer to Note C, Investments, for additional information. The following table presents the amounts reclassified from accumulated other comprehensive income (loss) and the line item affected in the Consolidated Statements of Income for years ended December 31, 2021 and 2020: (Dollars in thousands) Year ended December 31, 2021 Details about accumulated other comprehensive income (loss) Amount reclassified from accumulated other comprehensive income (loss) (1) Affected line item in the Consolidated Statements of Income Unrealized gains on available for sale securities $ 33,119 Realized gains on investment securities available for sale, net (7,617) Income taxes $ 25,502 Net accretion of unrealized gains (losses) on securities available for sale transferred to held to maturity $ 1,475 Net interest income (339) Income taxes $ 1,136 Amortization of actuarial losses on defined benefit pension items $ (27,093) Other noninterest expense 6,231 Income taxes $ (20,862) Total reclassifications for the period $ 5,776 Year ended December 31, 2020 Details about accumulated other comprehensive (loss) income Amount reclassified from accumulated other comprehensive income (loss) (1) Affected line item in the statement where net income is presented Unrealized gains on available for sale securities $ 60,253 Realized gains on investment securities available for sale, net (13,858) Income taxes $ 46,395 Amortization of unrealized losses on securities available for sale transferred to held to maturity $ 495 Net interest income (114) Income taxes $ 381 Amortization of defined benefit pension items Actuarial losses (25,324) Other noninterest expense 5,824 Income taxes $ (19,500) Total reclassifications for the period $ 27,276 |
Other Noninterest Income and Ot
Other Noninterest Income and Other Noninterest Expense | 12 Months Ended |
Dec. 31, 2021 | |
Noninterest Expense [Abstract] | |
Other Noninterest Income and Other Noninterest Expense | OTHER NONINTEREST INCOME AND OTHER NONINTEREST EXPENSE Other noninterest income for the years ended December 31, 2021, 2020 and 2019 was $9.4 million, $7.4 million and $18.4 million, respectively. Prior to the adoption of ASC 326 on January 1, 2020, the most significant item in other noninterest income was recoveries on PCI loans previously charged-off. BancShares recorded the portion of recoveries related to loans and leases written off prior to the closing of an acquisition as noninterest income rather than as an adjustment to the allowance for loan losses. These recoveries were $17.4 million for the year ended December 31, 2019. Following the adoption of ASC 326, these recoveries are recorded as an adjustment to the ACL. Other noninterest income also includes income from bank owned life insurance, FHLB dividends and other various income items. Other noninterest expense for the years ended December 31, 2021, 2020 and 2019 included the following: (Dollars in thousands) 2021 2020 2019 Core deposit intangible amortization $ 10,948 $ 14,255 $ 16,346 Consultant expense 12,507 12,751 12,801 Advertising expense 9,763 10,010 11,437 Telecommunications expense 12,714 12,179 9,391 Other 83,594 95,922 89,308 Total other noninterest expense $ 129,526 $ 145,117 $ 139,283 Other expense consists of miscellaneous expenses including travel, postage, supplies, appraisal expense and other operational losses. Advertising expense related to non-direct response advertisements are expensed as incurred. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES At December 31, 2021, 2020 and 2019 income tax expense consisted of the following: (Dollars in thousands) 2021 2020 2019 Current tax expense Federal $ 140,405 $ 137,162 $ 68,984 State 21,383 14,532 11,095 Total current tax expense 161,788 151,694 80,079 Deferred tax (benefit) expense Federal (6,234) (28,535) 50,522 State (1,352) 3,000 4,076 Total deferred tax (benefit) expense (7,586) (25,535) 54,598 Total income tax expense $ 154,202 $ 126,159 $ 134,677 Income tax expense differed from the amounts computed by applying the statutory federal income tax rate of 21% to pretax income as a result of the following: (Dollars in thousands) 2021 2020 2019 Income taxes at federal statutory rates $ 147,349 $ 129,755 $ 124,330 Increase (reduction) in income taxes resulting from: Nontaxable income on loans, leases and investments, net of nondeductible expenses (1,523) (1,581) (1,639) Excess tax benefits of compensation 1,507 1,146 1,070 State and local income taxes, including any change in valuation allowance, net of federal income tax benefit 15,825 13,850 11,985 Tax credits net of amortization (5,078) (5,367) (4,474) Repayment of claim of right income (2,254) (13,926) — Other, net (1,624) 2,282 3,405 Total income tax expense $ 154,202 $ 126,159 $ 134,677 The net deferred tax liability included the following components at December 31, 2021, and 2020: (Dollars in thousands) 2021 2020 Allowance for credit losses $ 39,759 $ 52,293 Operating lease liabilities 14,267 15,737 Executive separation from service agreements 7,835 8,989 Net operating loss carryforwards 7,843 9,545 Net unrealized loss included in accumulated other comprehensive income (loss) 4,630 — Accelerated depreciation 3,645 — Employee compensation 18,860 16,083 Other reserves 6,135 5,376 Other 5,845 6,898 Deferred tax asset 108,819 114,921 Accelerated depreciation — 14,984 Lease financing activities 7,725 15,265 Operating lease assets 13,996 15,670 Net unrealized gain on securities included in accumulated other comprehensive income (loss) — 24,857 Net deferred loan fees and costs 14,662 13,975 Intangible assets 14,257 13,012 Security, loan and debt valuations 5,960 2,051 FDIC assisted transactions timing differences — 2,393 Pension assets 64,068 44,549 Other 20,998 10,193 Deferred tax liability 141,666 156,949 Net deferred tax liability $ (32,847) $ (42,028) At December 31, 2021, the gross tax benefit related to net operating loss carryforwards was $34.7 million and $15.9 million related to federal and state taxes, respectively. The carryforwards expire in years beginning in 2030 and 2024 for federal and state taxes, respectively. The net operating losses were obtained through various acquisitions and are subject to the annual limitations set forth by Internal Revenue Code Section 382. No valuation allowance was necessary as of December 31, 2021 or 2020 to reduce BancShares’ gross deferred tax asset to the amount more likely than not to be realized. Income tax expense for 2021 and 2020 was favorably impacted by $2.3 million and $13.9 million, respectively, due to BancShares’ decision in the second quarter of 2020 to utilize an allowable alternative for computing its 2021 and 2020 federal income tax liability. The allowable alternative provides BancShares the ability to use the federal income tax rate for certain current year deductible amounts related to prior year FDIC-assisted acquisitions that was applicable when these amounts were originally subjected to tax. BancShares regularly adjusts its net deferred tax liability as a result of changes in tax rates in the states where it files tax returns. These changes in tax rates did not have a material impact on tax expense in 2021, 2020 or 2019. BancShares federal income tax returns for 2018 through 2020 remain open for examination by the Internal Revenue Service. Generally, BancShares is no longer subject to examination by state and local taxing authorities for taxable years prior to 2016. The following table provides a roll forward of BancShares’ gross unrecognized tax benefits, excluding interest and penalties, during the years ended December 31, 2021, 2020 and 2019: (Dollars in thousands) 2021 2020 2019 Unrecognized tax benefits at the beginning of the year $ 31,375 $ 32,226 $ 28,255 Additions (reductions) related to tax positions taken in prior year (321) 153 (683) Additions related to tax positions taken in current year 1,373 1,295 6,554 Settlements (1,601) (1,516) — Reductions related to lapse of statute of limitations (394) (783) (1,900) Unrecognized tax benefits at the end of the year $ 30,432 $ 31,375 $ 32,226 All of the unrecognized tax benefits, if recognized, would affect BancShares’ effective tax rate. BancShares has unrecognized tax benefits relating to uncertain state tax positions in North Carolina and other state jurisdictions resulting from tax filings submitted to the states. No tax benefit has been recorded for these uncertain tax positions in the consolidated financial statements. It is reasonably possible that these uncertain state tax positions will be either settled or resolved in the next twelve months. A range of the reasonably possible change cannot be made. BancShares recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. Accruals and releases of interest and penalties resulted in a benefit of $381 thousand and $135 thousand for the years ended December 31, 2021 and 2019, respectively, and an expense of $467 thousand for the year ended December 31, 2020. BancShares had $515 thousand and $896 thousand accrued for the payment of interest and penalties as of December 31, 2021 and 2020, respectively. |
Estimated Fair Values
Estimated Fair Values | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values | ESTIMATED FAIR VALUES Fair value represents 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. BancShares estimates fair value using discounted cash flows or other valuation techniques when there is no active market for a financial instrument. Inputs used in these valuation techniques are subjective in nature, involve uncertainties and require judgment. Therefore, the derived fair value estimates presented below are not necessarily indicative of the amounts BancShares would realize in a current market exchange. 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 lowest level of input significant to the fair value measurement with Level 1 inputs considered highest and Level 3 inputs considered lowest. A brief description of each input level follows: • Level 1 inputs are quoted prices in active markets for identical assets and liabilities. • Level 2 inputs are quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and inputs other than quoted prices observable for the assets or liabilities and market corroborated inputs. • Level 3 inputs are unobservable inputs for the asset or liability. These unobservable inputs and assumptions reflect the estimates market participants would use in pricing the asset or liability. 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. Transfers between levels of the fair value hierarchy are recognized 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 . The fair value of U.S. Treasury, government agency, mortgage-backed and municipal securities and a portion of our corporate bonds are generally estimated using a third-party pricing service. To obtain an understanding of the processes and methodologies used, management reviews correspondence from the third-party pricing service. Management also performs a price variance analysis process to corroborate the reasonableness of prices. The third-party provider evaluates securities based on comparable investments with trades and market data and will utilize pricing models which use a variety of inputs, such as benchmark yields, reported trades, 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 using inputs that are not directly observable. These securities are considered Level 3. Marketable equity securities. Equity securities are measured at fair value using observable closing prices. The valuation also considers the amount of market activity by examining the trade volume of each security. 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. Certain residential real estate loans originated to be sold to investors 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 considered Level 2 inputs. Loans held for investment subsequently transferred to held for sale are carried at the lower of cost or market. The fair values for the transferred loans are based on quoted prices from the purchase commitments for the individual loans being transferred and are considered Level 1 inputs. Net loans and leases (Non-PCD and PCD). 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’ investment in FHLB stock is ultimately recoverable at par. The inputs used in the fair value measurement for FHLB stock are considered Level 2 inputs. Mortgage and other servicing rights. Mortgage and other servicing rights are initially recorded and fair value and subsequently carried at the lower of amortized cost or market. Therefore, servicing rights are 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 which 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 deposits with no stated maturity, the 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 of 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 by the projected cash flows 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 December 31, 2021 and 2020. 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 and accrued interest payable are considered Level 2. The table below presents the carrying values and estimated fair values for financial instruments as of December 31, 2021 and 2020. December 31, 2021 December 31, 2020 (Dollars in thousands) Carrying value Fair value Carrying value Fair value Assets Cash and due from banks $ 337,814 $ 337,814 $ 362,048 $ 362,048 Overnight investments 9,114,660 9,114,660 4,347,336 4,347,336 Investment securities available for sale 9,203,427 9,203,427 7,014,243 7,014,243 Investment securities held to maturity 3,809,453 3,759,650 2,816,982 2,838,499 Investment in marketable equity securities 97,528 97,528 91,680 91,680 Loans held for sale 98,741 98,741 124,837 124,837 Net loans and leases 32,193,029 31,889,594 32,567,661 33,298,166 Income earned not collected 134,237 134,237 145,694 145,694 Federal Home Loan Bank stock 40,450 40,450 45,392 45,392 Mortgage and other servicing rights 23,797 23,784 19,628 20,283 Liabilities Deposits with no stated maturity 48,925,127 48,925,127 40,542,596 40,542,596 Time deposits 2,480,967 2,471,116 2,889,013 2,905,577 Securities sold under customer repurchase agreements 589,101 589,101 641,487 641,487 Federal Home Loan Bank borrowings 644,659 654,694 655,175 677,579 Subordinated debt 477,564 495,483 504,518 525,610 Other borrowings 72,155 72,476 88,470 89,263 FDIC shared-loss payable — — 15,601 15,843 Accrued interest payable 7,922 7,922 9,414 9,414 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 December 31, 2021 and 2020. December 31, 2021 Fair value measurements using: (Dollars in thousands) Fair value Level 1 Level 2 Level 3 Assets measured at fair value Investment securities available for sale U.S. Treasury $ 2,004,970 $ — $ 2,004,970 $ — Government agency 798,760 — 798,760 — Residential mortgage-backed securities 4,728,413 — 4,728,413 — Commercial mortgage-backed securities 1,062,749 — 1,062,749 — Corporate bonds 608,535 — 401,133 207,402 Total investment securities available for sale $ 9,203,427 $ — $ 8,996,025 $ 207,402 Marketable equity securities $ 97,528 $ 33,522 $ 64,006 $ — Loans held for sale 98,741 — 98,741 — December 31, 2020 Fair value measurements using: Fair value Level 1 Level 2 Level 3 Assets measured at fair value Investment securities available for sale U.S. Treasury $ 499,933 $ — $ 499,933 $ — Government agency 701,391 — 701,391 — Residential mortgage-backed securities 4,438,103 — 4,438,103 — Commercial mortgage-backed securities 771,537 — 771,537 — Corporate bonds 603,279 — 286,655 316,624 Total investment securities available for sale $ 7,014,243 $ — $ 6,697,619 $ 316,624 Marketable equity securities $ 91,680 $ 32,855 $ 58,825 $ — Loans held for sale 124,837 — 124,837 — During the year ended December 31, 2021, $102.1 million of corporate bonds available for sale were transferred from Level 3 to Level 2. The transfers were due to the availability of additional observable inputs for those securities. During the year ended December 31, 2020, $1.8 million of corporate bonds available for sale were transferred from Level 2 to Level 3. The transfers were due to a lack of observable inputs and trade activity for those securities. The following table summarizes activity for Level 3 assets for the years ended December 31, 2021 and 2020: 2021 2020 (Dollars in thousands) Corporate bonds Corporate bonds Beginning balance $ 316,624 $ 69,685 Purchases 30,878 242,595 Unrealized net losses (gains) included in other comprehensive income 6,391 2,898 Amounts included in net income 2,555 (336) Transfers in — 1,782 Transfers out (102,065) — Sales / Calls (46,981) — Ending balance $ 207,402 $ 316,624 The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis at December 31, 2021. (Dollars in thousands) December 31, 2021 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 $ 207,402 Fair Value Option BancShares has elected the fair value option for residential real estate loans originated for sale. This election reduces certain timing differences in the Consolidated Statements of Income and better aligns with the management of the portfolio from a business perspective. The changes in fair value are recorded as a component of mortgage income and were losses of $3.0 million for the year ended December 31, 2021, and gains of $3.9 million and $289 thousand for the years ended December 31, 2020 and 2019, respectively. The following table summarizes the difference between the aggregate fair value and the unpaid principal balance for residential real estate loans originated for sale measured at fair value as of December 31, 2021 and 2020. December 31, 2021 (Dollars in thousands) Fair Value Unpaid Principal Balance Difference Originated loans held for sale $ 98,741 $ 95,852 $ 2,889 December 31, 2020 Fair Value Unpaid Principal Balance Difference Originated loans held for sale $ 124,837 $ 118,902 $ 5,935 No originated loans held for sale were 90 or more days past due or on non-accrual status as of December 31, 2021 or December 31, 2020. Certain other assets are adjusted to their fair value on a non-recurring basis, including certain loans, OREO, and goodwill, which are periodically tested for impairment, and mortgage servicing rights, which are carried at the lower of amortized cost or market. Most loans held for investment, deposits, and borrowings are not reported at fair value. Following the adoption of ASC 326 on January 1, 2020, 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. Collateral values are determined using appraisals or other third-party value estimates of the subject property discounted based on estimated selling costs, typically between 5% and 10%, and immaterial adjustments for other external factors that may impact the marketability of the collateral. At December 31, 2021, the weighted average discount for estimated selling costs applied was 9.00%. OREO is carried at the lower of cost or fair value. OREO asset valuations are determined by using appraisals or other third-party value estimates of the subject property with discounts, generally between 6% and 15%, applied for estimated selling costs and other external factors that may impact the marketability of the property. At December 31, 2021, the weighted average discount applied was 8.79%. 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 are ordered to ensure the reported values reflect the most current information. Mortgage servicing rights are carried at the lower of amortized cost or market and are, therefore, carried at fair value only when fair value is less than amortized cost. The fair value of mortgage servicing rights is determined using a pooling methodology. Similar loans are pooled together and a discounted cash flow model, which takes into consideration discount rates, prepayment rates, and the weighted average cost to service the loans, is used to determine the fair value. For financial assets carried at fair value on a non-recurring basis, the following table provides fair value information as of December 31, 2021 and December 31, 2020. December 31, 2021 Fair value measurements using: (Dollars in thousands) Fair value Level 1 Level 2 Level 3 Collateral-dependent loans $ 3,099 $ — $ — $ 3,099 Other real estate remeasured during the year 34,211 — — 34,211 Mortgage servicing rights 21,731 — — 21,731 December 31, 2020 Fair value measurements using: Fair value Level 1 Level 2 Level 3 Collateral-dependent loans $ 11,779 $ — $ — $ 11,779 Other real estate remeasured during the year 40,115 — — 40,115 Mortgage servicing rights 16,966 — — 16,966 No financial liabilities were carried at fair value on a non-recurring basis as of December 31, 2021 and December 31, 2020. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits, Description [Abstract] | |
Employee Benefit Plans | EMPLOYEE BENEFIT PLANS BancShares sponsors benefit plans for its qualifying employees and former employees of Bancorporation, Inc. (“Bancorporation”). The plans include noncontributory defined benefit pension plans, a 401(k) savings plan and an enhanced 401(k) savings plan. These plans are qualified under the Internal Revenue Code. BancShares also maintains agreements with certain executives providing supplemental benefits paid upon death or separation from service at an agreed-upon age. Defined Benefit Pension Plans BancShares employees who were hired prior to April 1, 2007 and qualified under length of service and other requirements are covered by the FCB-North Pension Plan (the “BancShares Pension Plan”), which was closed to new participants as of April 1, 2007. Discretionary contributions of $32 thousand were made to the BancShares Pension Plan in 2021, while discretionary contributions of $80 million were made in 2020. Certain legacy Bancorporation employees that qualified under length of service and other requirements are covered by the FCB-South Pension Plan (the “Bancorporation Pension Plan” and together with the BancShares Pension Plan, the “Plans”), which was closed to new participants as of September 1, 2007. There were no discretionary contributions made to the legacy Bancorporation Pension Plan for 2021, while discretionary contributions were $20 million in 2020. Participants in the Plans were fully vested after five years of service. Retirement benefits are based on years of service and highest annual compensation for five consecutive years during the last ten years of employment. BancShares makes contributions to the Plans in amounts between the minimum required for funding and the maximum amount deductible for federal income tax purposes. Management evaluates the need for its contributions to the Plans on a periodic basis based upon numerous factors including, but not limited to, funded status, returns on plan assets, discount rates and the current economic environment. The following tables and disclosures are on a combined basis as the Plans have the same terms in both form and substance. Obligations and Funded Status The following table provides the changes in benefit obligation and plan assets and the funded status of the Plans at December 31, 2021 and 2020. (Dollars in thousands) 2021 2020 Change in benefit obligation Projected benefit obligation at January 1 $ 1,077,653 $ 990,406 Service cost 15,351 14,279 Interest cost 29,864 34,197 Actuarial (gains)/losses (30,591) 72,080 Benefits paid (35,967) (33,309) Projected benefit obligation at December 31 1,056,310 1,077,653 Change in plan assets Fair value of plan assets at January 1 1,235,555 976,072 Actual return on plan assets 145,720 192,792 Employer contributions 32 100,000 Benefits paid (35,967) (33,309) Fair value of plan assets at December 31 1,345,340 1,235,555 Funded status at December 31 $ 289,030 $ 157,902 The amounts recognized in other assets at December 31, 2021 and December 31, 2020 were $289.0 million and $157.9 million, respectively. The following table details the amounts recognized in accumulated other comprehensive income at December 31, 2021 and 2020. (Dollars in thousands) 2021 2020 Net actuarial (gain) loss $ (33,223) $ 91,751 The accumulated benefit obligation for the Plans at December 31, 2021 and 2020, was $972.7 million and $985.0 million, respectively. The Plans use a measurement date of December 31. The following table shows the components of periodic benefit cost related to the Plans and changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2021, 2020 and 2019. Year ended December 31 (Dollars in thousands) 2021 2020 2019 Service cost $ 15,351 $ 14,279 $ 12,767 Interest cost 29,864 34,197 37,260 Expected return on assets (78,430) (65,689) (62,590) Amortization of prior service cost — — 57 Amortization of net actuarial loss 27,093 25,324 10,924 Total net periodic benefit cost (income) (6,122) 8,111 (1,582) Current year actuarial (gain) loss (97,880) (55,023) 20,049 Amortization of actuarial loss (27,093) (25,324) (10,924) Amortization of prior service cost — — (57) Net (gain) loss recognized in other comprehensive income (124,973) (80,347) 9,068 Total recognized in net periodic benefit cost and other comprehensive income $ (131,095) $ (72,236) $ 7,486 Actuarial gains in 2021 and 2020 were primarily driven by return on assets greater than expected, partially offset by the impact of a decreased discount rate. Service costs and the amortization of prior service costs are recorded in personnel expense, while interest cost, expected return on plan assets and the amortization of actuarial (gains)losses are recorded in other noninterest expense. The assumptions used to determine the benefit obligations at December 31, 2021 and 2020 are as follows: 2021 2020 Discount rate 3.04 % 2.76 % Rate of compensation increase 5.60 5.60 The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2021, 2020 and 2019, are as follows: 2021 2020 2019 Discount rate 2.76 % 3.46 % 4.38 % Rate of compensation increase 5.60 5.60 5.60 Expected long-term return on plan assets 7.50 7.50 7.50 The estimated discount rate, which represents the interest rate that could be obtained for a suitable investment used to fund the benefit obligations, is based on a yield curve developed from high-quality corporate bonds across a full maturity spectrum. The projected cash flows of the pension plans are discounted based on this yield curve and a single discount rate is calculated to achieve the same present value. The weighted average expected long-term rate of return on the Plans’ assets represents the average rate of return expected to be earned on the Plans’ assets over the period the benefits included in the benefit obligation are to be paid. In developing the expected rate of return, historical and current returns, as well as investment allocation strategies, on the Plans’ assets are considered. Plan Assets For the Plans, our primary total return objective is to achieve returns over the long term that will fund retirement liabilities and provide desired plan benefits in a manner that satisfies the fiduciary requirements of the Employee Retirement Income Security Act. The Plans’ assets have a long-term time horizon that runs concurrent with the average life expectancy of the participants. As such, the Plans can assume a time horizon that extends well beyond a full market cycle and can assume a reasonable level of risk. It is expected, however, that both professional investment management and sufficient portfolio diversification will smooth volatility and help generate a consistent level of return. The investments are broadly diversified across global, economic and market risk factors in an attempt to reduce volatility and target multiple return sources. Within approved guidelines and restrictions, the investment manager has discretion over the timing and selection of individual investments. The Plans’ assets are currently held by the BancShares trust department. Equity securities are measured at fair value using observable closing prices. These securities are classified as Level 1 as they are traded in an active market. Fixed income securities are 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 which use a variety of inputs, such as benchmark yields, reported trades, issuer spreads, benchmark securities, bids and offers as needed. These securities are generally classified as Level 2. The fair values of pension plan assets at December 31, 2021 and 2020, by asset class are as follows: December 31, 2021 (Dollars in thousands) Market Value Level 1 Level 2 Level 3 Target Allocation Actual % Cash and equivalents $ 16,674 $ 16,674 $ — $ — 0 - 5% 1 % Equity securities 30 - 70% 61 % Common and preferred stock 76,240 76,240 — — Mutual funds 481,630 481,630 — — Exchange traded funds 263,072 263,072 — — Fixed income 15 - 45% 38 % U.S. government and government agency securities 228,399 — 228,399 — Corporate bonds 279,325 2,902 276,423 — Total pension assets $ 1,345,340 $ 840,518 $ 504,822 $ — 100 % December 31, 2020 Market Value Level 1 Level 2 Level 3 Target Allocation Actual % Cash and equivalents $ 37,913 $ 37,913 $ — $ — 0 - 5% 3 % Equity securities 30 - 70% 77 % Common and preferred stock 144,924 144,924 — — Mutual funds 559,472 559,472 — — Exchange traded funds 248,819 248,819 — — Fixed income 15 - 45% 20 % U.S. government and government agency securities 90,292 — 90,292 — Corporate bonds 154,135 — 154,135 — Total pension assets $ 1,235,555 $ 991,128 $ 244,427 $ — 100 % There were no direct investments in equity securities of BancShares included in pension plan assets in any of the years presented. Cash Flows The following are estimated payments to pension plan participants in the indicated periods: (Dollars in thousands) Estimated Payments 2022 $ 41,051 2023 43,686 2024 46,266 2025 48,548 2026 50,756 2027-2031 280,173 401(k) Savings Plans Certain employees enrolled in the defined benefit plan are also eligible to participate in a 401(k) savings plan through deferral of portions of their salary. For employees who participate in the 401(k) savings plan who also continue to accrue additional years of service under the defined benefit plans, BancShares makes a matching contribution equal to 100% of the first 3% and 50% of the next 3% of the participant’s deferral up to and including a maximum contribution of 4.5% of the participant’s eligible compensation. The matching contribution immediately vests. At the end of 2007, current employees were given the option to continue to accrue additional years of service under the defined benefit plans or to elect to join an enhanced 401(k) savings plan. Under the enhanced 401(k) savings plan, BancShares matches up to 100% of the participant’s deferrals not to exceed 6% of the participant’s eligible compensation. The matching contribution immediately vests. In addition to the employer match of the employee contributions, the enhanced 401(k) savings plan provides a required employer non-elective contribution equal to 3% of the compensation of a participant who remains employed at the end of the calendar year. This employer contribution vests after three years of service. Employees who elected to enroll in the enhanced 401(k) savings plan discontinued the accrual of additional years of service under the defined benefit plans and became enrolled in the enhanced 401(k) savings plan effective January 1, 2008. Eligible employees hired after January 1, 2008, are eligible to participate in the enhanced 401(k) savings plan. BancShares recognized expense related to contributions to the 401(k) plans of $36.2 million, $35.6 million and $30.8 million during 2021, 2020 and 2019, respectively. Additional Benefits for Executives, Directors, and Officers BancShares has entered into contractual agreements with certain executives providing payments for a period of no more than ten years following separation from service occurring no earlier than an agreed-upon age. These agreements also provide a death benefit in the event a participant dies prior to separation from service or during the payment period following separation from service. BancShares has also assumed liability for contractual obligations to directors and officers of previously acquired entities. The following table provides the accrued liability as of December 31, 2021 and 2020, and the changes in the accrued liability during the years then ended: (Dollars in thousands) 2021 2020 Accrued liability as of January 1 $ 42,655 $ 45,295 Discount rate adjustment (680) 1,719 Benefit expense and interest cost 2,015 3,503 Benefits paid (5,244) (7,862) Accrued liability as of December 31 $ 38,746 $ 42,655 Discount rate at December 31 3.04 % 2.76 % Other Compensation Plans BancShares offers various short-term and long-term incentive plans for certain employees. Compensation awarded under these plans may be based on defined formulas, performance criteria, or at the discretion of management. The incentive compensation programs were designed to motivate employees through a balanced approach of risk and reward for their contributions toward BancShares’ success. As of December 31, 2021 and 2020, the accrued liability for incentive compensation was $84.0 million and $68.2 million, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | LEASES Leases under which BancShares is a Lessee The following table presents lease assets and liabilities as of December 31, 2021 and 2020: (Dollars in thousands) Classification December 31, 2021 December 31, 2020 Assets: Operating Other assets $ 63,207 $ 68,048 Finance Premises and equipment 4,310 6,478 Total leased assets $ 67,517 $ 74,526 Liabilities: Operating Other liabilities $ 64,431 $ 68,343 Finance Other borrowings 4,311 6,308 Total lease liabilities $ 68,742 $ 74,651 The following table presents lease costs for the years ended December 31, 2021 and 2020. Variable lease cost primarily represents variable payments such as common area maintenance and utilities recognized in the period in which the expense was incurred. Certain of our lease agreements also include rental payments adjusted periodically for inflation. While lease liabilities are not remeasured as a result of these changes, these adjustments are treated as variable lease costs and recognized in the period in which the expense is incurred. (Dollars in thousands) Classification 2021 2020 Lease cost: Operating lease cost (1) Occupancy expense $ 13,993 $ 15,023 Finance lease cost: Amortization of leased assets Equipment expense 2,168 2,168 Interest on lease liabilities Interest expense - Other borrowings 162 220 Variable lease cost Occupancy expense 3,110 3,231 Sublease income Occupancy expense (355) (350) Net lease cost $ 19,078 $ 20,292 (1) Operating lease cost includes short-term lease cost, which is immaterial. The following table presents lease liability maturities in the next five years and thereafter: (Dollars in thousands) Operating Leases Finance Leases Total 2022 $ 12,840 $ 1,876 $ 14,716 2023 11,162 993 12,155 2024 9,356 617 9,973 2025 6,462 635 7,097 2026 5,450 431 5,881 Thereafter 29,236 — 29,236 Total lease payments $ 74,506 $ 4,552 $ 79,058 Less: Interest 10,075 241 10,316 Present value of lease liabilities $ 64,431 $ 4,311 $ 68,742 The following table presents the remaining weighted average lease terms and discount rates as of December 31, 2021: Weighted average remaining lease term (years): December 31, 2021 Operating 8.9 Finance 3.5 Weighted average discount rate: Operating 3.00 % Finance 3.12 The following table presents supplemental cash flow information related to leases for the years ended December 31, 2021 and 2020: Year ended December 31 (Dollars in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 13,054 $ 14,237 Operating cash flows from finance leases 162 220 Financing cash flows from finance leases 1,997 1,922 Right-of-use assets obtained in exchange for new operating lease liabilities 6,535 4,595 Leases under which BancShares is a Lessor BancShares provides equipment financing using a variety of loan and lease structures. Typical items financed and leased include commercial equipment and vehicles. The following table presents the components of the investment in direct or sales type financing leases, included in loans in the consolidated balance sheets as of December 31, 2021 and 2020: (Dollars in thousands) Year ended December 31 2021 2020 Total minimum lease payment to be received $ 261,469 $ 335,385 Estimated unguaranteed residual value of leased assets 24,472 19,428 Gross investment in direct or sales type financing leases 285,941 354,813 Unearned income (18,262) (23,970) Initial direct costs 783 548 Total net investment $ 268,462 $ 331,391 At December 31, 2021, future minimum lease payments to be received under direct or sales type financing leases were as follows: Years ending December 31 2022 $ 96,974 2023 70,635 2024 46,407 2025 28,065 2026 13,630 Thereafter 5,758 Future minimum lease payments $ 261,469 |
Leases | LEASES Leases under which BancShares is a Lessee The following table presents lease assets and liabilities as of December 31, 2021 and 2020: (Dollars in thousands) Classification December 31, 2021 December 31, 2020 Assets: Operating Other assets $ 63,207 $ 68,048 Finance Premises and equipment 4,310 6,478 Total leased assets $ 67,517 $ 74,526 Liabilities: Operating Other liabilities $ 64,431 $ 68,343 Finance Other borrowings 4,311 6,308 Total lease liabilities $ 68,742 $ 74,651 The following table presents lease costs for the years ended December 31, 2021 and 2020. Variable lease cost primarily represents variable payments such as common area maintenance and utilities recognized in the period in which the expense was incurred. Certain of our lease agreements also include rental payments adjusted periodically for inflation. While lease liabilities are not remeasured as a result of these changes, these adjustments are treated as variable lease costs and recognized in the period in which the expense is incurred. (Dollars in thousands) Classification 2021 2020 Lease cost: Operating lease cost (1) Occupancy expense $ 13,993 $ 15,023 Finance lease cost: Amortization of leased assets Equipment expense 2,168 2,168 Interest on lease liabilities Interest expense - Other borrowings 162 220 Variable lease cost Occupancy expense 3,110 3,231 Sublease income Occupancy expense (355) (350) Net lease cost $ 19,078 $ 20,292 (1) Operating lease cost includes short-term lease cost, which is immaterial. The following table presents lease liability maturities in the next five years and thereafter: (Dollars in thousands) Operating Leases Finance Leases Total 2022 $ 12,840 $ 1,876 $ 14,716 2023 11,162 993 12,155 2024 9,356 617 9,973 2025 6,462 635 7,097 2026 5,450 431 5,881 Thereafter 29,236 — 29,236 Total lease payments $ 74,506 $ 4,552 $ 79,058 Less: Interest 10,075 241 10,316 Present value of lease liabilities $ 64,431 $ 4,311 $ 68,742 The following table presents the remaining weighted average lease terms and discount rates as of December 31, 2021: Weighted average remaining lease term (years): December 31, 2021 Operating 8.9 Finance 3.5 Weighted average discount rate: Operating 3.00 % Finance 3.12 The following table presents supplemental cash flow information related to leases for the years ended December 31, 2021 and 2020: Year ended December 31 (Dollars in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 13,054 $ 14,237 Operating cash flows from finance leases 162 220 Financing cash flows from finance leases 1,997 1,922 Right-of-use assets obtained in exchange for new operating lease liabilities 6,535 4,595 Leases under which BancShares is a Lessor BancShares provides equipment financing using a variety of loan and lease structures. Typical items financed and leased include commercial equipment and vehicles. The following table presents the components of the investment in direct or sales type financing leases, included in loans in the consolidated balance sheets as of December 31, 2021 and 2020: (Dollars in thousands) Year ended December 31 2021 2020 Total minimum lease payment to be received $ 261,469 $ 335,385 Estimated unguaranteed residual value of leased assets 24,472 19,428 Gross investment in direct or sales type financing leases 285,941 354,813 Unearned income (18,262) (23,970) Initial direct costs 783 548 Total net investment $ 268,462 $ 331,391 At December 31, 2021, future minimum lease payments to be received under direct or sales type financing leases were as follows: Years ending December 31 2022 $ 96,974 2023 70,635 2024 46,407 2025 28,065 2026 13,630 Thereafter 5,758 Future minimum lease payments $ 261,469 |
Transactions with Related Perso
Transactions with Related Persons | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with related persons | TRANSACTIONS WITH RELATED PERSONS BancShares has, and expects to have in the future, banking transactions in the ordinary course of business with directors, officers and their associates (“Related Persons”) and entities controlled by Related Persons. For those identified as Related Persons as of December 31, 2021, the following table provides an analysis of changes in the loans outstanding during 2021 and 2020: Year ended December 31 (dollars in thousands) 2021 2020 Balance at January 1 $ 117 $ 145 New loans 21 19 Repayments (16) (47) Balance at December 31 $ 122 $ 117 The amounts presented exclude loans to Related Persons for credit card lines of $15,000 or less, overdraft lines of $5,000 or less and intercompany transactions between the Parent Company and FCB. Unfunded loan commitments available to Related Persons were $2.7 million and $2.6 million as of December 31, 2021 and 2020, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES To meet the financing needs of its customers, BancShares has financial instruments with off-balance sheet risk. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve elements of credit, interest rate or liquidity risk. 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 the 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. These commitments are primarily issued to support public and private borrowing arrangements, and their fair value is not material. 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 those involved 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 unfunded commitments as of December 31, 2021 and 2020: (Dollars in thousands) 2021 2020 Unused commitments to extend credit $ 13,011,154 $ 12,098,417 Standby letters of credit 116,648 129,819 BancShares has investments in qualified affordable housing projects primarily for the purposes of fulfilling Community Reinvestment Act requirements and obtaining tax credits. Unfunded commitments to fund future investments in affordable housing projects totaled $43.4 million and $53.7 million as of December 31, 2021 and 2020, respectively, and were recorded within other liabilities. The Parent Company and certain of its subsidiaries have been named as a defendant in legal actions arising from its normal business activities in which damages in various amounts are claimed. BancShares is also exposed to litigation risk relating to the prior business activities of banks from which assets were acquired and liabilities assumed in 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. |
Parent Company Financial Statem
Parent Company Financial Statements | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Financial Statements | PARENT COMPANY FINANCIAL STATEMENTS Parent Company Condensed Balance Sheets (Dollars in thousands) December 31, 2021 December 31, 2020 Assets Cash and due from banks $ 173,719 $ 49,716 Overnight investments 5,716 1,607 Investments in marketable equity securities 97,528 91,680 Investment securities available for sale — 2,010 Investment in banking subsidiaries 4,987,350 4,621,676 Investment in other subsidiaries 3,237 3,241 Due from subsidiaries — 786 Other assets 41,874 48,591 Total assets $ 5,309,424 $ 4,819,307 Liabilities and Shareholders’ Equity Subordinated debentures $ 453,313 $ 452,350 Other borrowings 107,825 128,125 Due to subsidiaries 2,829 — Other liabilities 8,216 9,564 Shareholders’ equity 4,737,241 4,229,268 Total liabilities and shareholders’ equity $ 5,309,424 $ 4,819,307 Parent Company Condensed Income Statements Year ended December 31 (Dollars in thousands) 2021 2020 2019 Interest and dividend income $ 2,011 $ 3,952 $ 1,327 Interest expense 16,578 16,817 7,187 Net interest loss (14,567) (12,865) (5,860) Dividends from banking subsidiaries 173,091 229,685 149,819 Marketable equity securities gains, net 34,081 29,395 20,625 Other income 66 574 257 Other operating expense 11,275 13,168 9,497 Income before income tax benefit and equity in undistributed net income of subsidiaries 181,396 233,621 155,344 Income tax expense 2,089 879 892 Income before equity in undistributed net income of subsidiaries 179,307 232,742 154,452 Equity in undistributed net income of subsidiaries 368,152 258,981 302,919 Net income 547,459 491,723 457,371 Preferred stock dividends 18,544 14,062 — Net income available to common shareholders $ 528,915 $ 477,661 $ 457,371 Parent Company Condensed Statements of Cash Flows Year ended December 31 (Dollars in thousands) 2021 2020 2019 OPERATING ACTIVITIES Net income $ 547,459 $ 491,723 $ 457,371 Adjustments Undistributed net income of subsidiaries (368,152) (258,981) (302,919) Net amortization of premiums and discounts 963 824 119 Marketable equity securities gains, net (34,081) (29,395) (20,625) Realized gains on investment securities available for sale, net — — (20) Net change in due to/from subsidiaries 3,615 (2,456) (2,185) Change in other assets 6,722 (3,074) (2,001) Change in other liabilities 3,265 (694) 981 Net cash provided by operating activities 159,791 197,947 130,721 INVESTING ACTIVITIES Net change in loans — — 100,000 Net change in overnight investments (4,109) 940 2,162 Purchases of marketable equity securities (1,563) (333,140) (26,166) Proceeds from sales of marketable equity securities 29,796 352,835 56,749 Proceeds from sales, calls, and maturities of securities 2,000 1,000 3,477 Investment in subsidiaries — (422,500) — Net cash provided by (used in) investing activities 26,124 (400,865) 136,222 FINANCING ACTIVITIES Net change in short-term borrowings — (40,277) 40,277 Repayment of long-term obligations (20,300) (33,300) (3,575) Origination of long-term obligations — — 165,000 Net proceeds from subordinated notes issuance — 345,849 — Net proceeds from preferred stock issuance — 339,937 — Repurchase of common stock — (333,755) (453,123) Cash dividends paid (41,612) (30,393) (18,137) Net cash provided by (used in) financing activities (61,912) 248,061 (269,558) Net change in cash 124,003 45,143 (2,615) Cash balance at beginning of year 49,716 4,573 7,188 Cash balance at end of year $ 173,719 $ 49,716 $ 4,573 CASH PAYMENTS FOR: Interest $ 16,579 $ 13,338 $ 7,187 Income taxes 810,116 106,618 78,345 |
Deferred Costs, Capitalized, Pr
Deferred Costs, Capitalized, Prepaid, and Other Assets | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | OTHER ASSETS The following table presents the primary components of other assets as of December 31, 2021 and 2020: December 31 (Dollars in thousands) 2021 2020 Income taxes receivable $ 798,640 $ 66,465 Pension assets 289,030 157,902 Investment in low-income housing tax credits 156,588 163,866 Cash surrender value of life insurance 113,391 111,671 Right of use assets for operating leases, net of accumulated amortization 63,207 68,048 Federal Home Loan Bank stock 40,450 45,392 Prepaid expenses 37,660 40,489 Other 158,390 130,119 Total other assets $ 1,657,356 $ 783,953 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On January 3, 2022, BancShares closed the CIT Merger pursuant to the Merger Agreement. The CIT Merger will be accounted for as a business combination. The assets and liabilities of CIT will be recorded at fair value. As discussed in Note B, Business Combinations, fair values are 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. Due to the timing of the CIT Merger, the fair value estimates of CIT’s assets and liabilities are not available to disclose in these Consolidated Financial Statements as of and for the year ended December 31, 2021. Pursuant to the Merger Agreement, the Boards of Directors of the Parent Company and FCB now consist of 14 directors, (i) 11 of whom were legacy members of the Board of Directors of the Parent Company, and (ii) three of whom were selected from the former Board of Directors of CIT. Common Stock Conversion Pursuant to the Merger Agreement, each share of CIT common stock, par value $0.01 per share (“CIT Common Stock”), issued and outstanding, except for certain shares of CIT Common Stock owned by CIT or BancShares, was converted into the right to receive 0.062 shares (the “Exchange Ratio” and such shares, the “Merger Consideration”) of the Parent Company’s Class A Common Stock, par value $1.00 per share (“Class A Common Stock”), plus, cash in lieu of fractional shares of Class A Common Stock. The Parent Company issued approximately 6.1 million shares of its Class A Common Stock in connection with the consummation of the CIT Merger. The closing share price was $859.76 on the Nasdaq Global Select Market on January 3, 2022. There were approximately 8,800 fractional shares for which the Parent Company paid cash of approximately $7.2 million. Preferred Stock Conversion Pursuant to the terms of the Merger Agreement, each issued and outstanding share of fixed-to-floating rate non-cumulative perpetual preferred stock, series A, par value $0.01 per share, of CIT (“CIT Series A Preferred Stock”) and each issued and outstanding share of 5.625% non-cumulative perpetual preferred stock, series B, par value $0.01 per share, of CIT (“CIT Series B Preferred Stock”), converted into the right to receive one share of a newly created series of preferred stock, series B, of the Parent Company (“BancShares Series B Preferred Stock”) and one share of a newly created series of preferred stock, series C, of the Parent Company (“BancShares Series C Preferred Stock” and together with the BancShares Series B Preferred Stock, the “New BancShares Preferred Stock”), respectively, having such rights, preferences, privileges and voting powers, and limitations and restrictions, taken as a whole, that are not materially less favorable to the holders thereof than the rights, preferences, privileges and voting powers, and limitations and restrictions, taken as a whole, of the CIT Series A Preferred Stock and the CIT Series B Preferred Stock, respectively. The non-callable period for the New BancShares Preferred Stock was extended for five years to January 4, 2027. There are 325,000 shares of BancShares Series B Preferred Stock with a liquidation preference of $1,000 per share, resulting in a total liquidation preference of $325 million. There are 8 million shares of BancShares Series C Preferred Stock with a liquidation preference of $25 per share, resulting in a total liquidation preference of $200 million. The New BancShares Preferred Stock qualifies as Tier 1 capital. Restricted Stock Conversion Pursuant to the terms of the Merger Agreement, (i) each restricted stock unit (“RSU”) award or performance stock unit (“PSU”) award in respect of shares of CIT Common Stock, including any deferred RSU award (each, a “CIT Award”) outstanding, other than a CIT Director RSU Award (defined below), automatically converted into a RSU in respect of a number of shares of Class A Common Stock (a “BancShares Award”) equal to (a) the number of shares of CIT Common Stock subject to such CIT Award based on target level performance multiplied by (b) the Exchange Ratio, subject to the same terms and conditions applicable to the existing CIT Award (except, in the case of PSU awards, for any performance goals or metrics), and (ii) each RSU award in respect of shares of CIT Common Stock that (a) was outstanding and unvested, (b) was held by a member of the Board of Directors of CIT, (c) automatically vested upon close of the CIT Merger in accordance with its terms, and (d) was not subject to a deferral election (each, a “CIT Director RSU Award”) automatically converted into the right to receive the applicable Merger Consideration. Updates to Operating Segments As of December 31, 2021, BancShares managed its business and reported its financial results as a single segment. Due to the CIT Merger, BancShares will begin reporting multiple segments during the first quarter of 2022. BancShares plans to report financial results in three operating segments: General Banking, Commercial Banking, and Rail, and a non-operating segment, Corporate. BancShares will also conform prior period comparisons to any new segment presentation. Based on the planned approach for segment disclosures to be implemented during the first quarter of 2022, the substantial majority of BancShares’ operations for historical periods prior to the CIT Merger will be reflected in the General Banking segment. Assumption of Debt Securities In connection with the CIT Merger, FCB assumed the following issued and outstanding series of CIT debt securities: (i) $1.25 billion 5.00% Senior Unsecured Notes due 2022 (the “2022 Notes”), (ii) $750 million 5.00% Senior Unsecured Notes due 2023 (the “2023 Notes”); (iii) $500 million 4.750% Senior Unsecured Notes due 2024 (the “2024 Notes”); (iv) $500 million 3.929% Senior Unsecured Fixed-to-Floating Rate Notes due 2024; (v) $500 million 5.250% Senior Unsecured Notes due 2025 (the “2025 Notes”); (vi) $550 million 2.969% Senior Unsecured Fixed-to-Floating Rate Notes due 2025; (vii) $500 million 6.00% Senior Notes due 2036; (viii) $400 million 6.125% Subordinated Notes due 2028; and (ix) $100 million 4.125% Fixed-to-Floating Rate Subordinated Notes due 2029. Redemption of Assumed Senior Unsecured Note s |
Accounting Policies and Basis_2
Accounting Policies and Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations First Citizens BancShares, Inc. (the “Parent Company” and, when including all of its subsidiaries on a consolidated basis, “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,” or the "Bank”), which is headquartered in Raleigh, North Carolina. BancShares and its subsidiaries operate 529 branches in 19 states predominantly located in the Southeast, Mid-Atlantic, Midwest and Western United States (the “U.S.”). BancShares seeks to meet the financial needs of individuals and commercial entities in its market areas through a wide range of retail and commercial banking services. Loan services include various types of commercial, business and consumer lending. Deposit services include checking, savings, money market and time deposit accounts. First Citizens Wealth Management provides holistic, goals-based advisory services encompassing a broad range of client deliverables. These deliverables include wealth planning, discretionary investment advisory services, insurance, brokerage, defined benefit and defined contribution services, private banking, trust, fiduciary, philanthropy and special asset services. |
Principles of Consolidation and Segment Reporting | Principles of Consolidation and Basis of Presentation The accounting and reporting policies of BancShares are in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and general practices within the banking industry. The consolidated financial statements of BancShares include the accounts of BancShares, certain partnership interests and variable interest entities. All significant intercompany accounts and transactions are eliminated upon consolidation. BancShares operates with centralized management and combined reporting; therefore, BancShares does not have multiple reportable segments. Variable interest entities (“VIE”) are legal entities that either do not have sufficient equity to finance their activities without the support from other parties or whose equity investors lack a controlling financial interest. BancShares has investments in certain partnerships and limited liability entities that have been evaluated and determined to be VIEs. Consolidation of a VIE is appropriate if a reporting entity holds a controlling financial interest in the VIE and is the primary beneficiary. BancShares is not the primary beneficiary and does not hold a controlling interest in the VIEs as it does not have the power to direct the activities that most significantly impact the VIEs’ economic performance. As such, assets and liabilities of these entities are not consolidated into the financial statements of BancShares. The recorded investment in these entities is reported within other assets. |
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 shareholders’ equity or net income. |
Use of Estimates in the Preparation of Financial Statements | 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 impacting the amounts reported. Actual results could differ from those estimates. BancShares considers the allowance for credit losses to be a significant estimate. |
Business Combinations | Business Combinations BancShares accounts for all business combinations using the acquisition method of accounting. Under this method, acquired assets and assumed liabilities are included with the acquirer’s accounts as of the date of acquisition, with any excess of purchase price over the fair value of the net assets acquired recognized as either finite lived intangibles or capitalized as goodwill. In addition, acquisition-related and restructuring costs are recognized as period expenses as incurred. Refer to Note B, Business Combinations, for additional information. On January 3, 2022, BancShares completed its previously announced merger (the “CIT Merger”) with CIT Group Inc. (“CIT”), pursuant to an Agreement and Plan of Merger, dated as of October 15, 2020, as amended by Amendment No. 1, dated as of September 30, 2021 (as amended, the “Merger Agreement”) . Refer to Note W, Subsequent Events, for further information . |
Cash and Cash Equivalents | Overnight investments primarily comprise of interest-bearing deposits with banks and federal funds sold. Interest-bearing cash held at the Federal Reserve at December 31, 2021 and December 31, 2020 was $9.03 billion and $4.27 billion, respectively. Overnight investments have initial maturities of three months or less. The carrying value of overnight investments approximates its fair value due to its short-term nature. |
Investment Securities | 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. HTM securities 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 recorded 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 debt securities purchased directly into BancShares' portfolio or via acquisition. If securities have evidence of more than insignificant credit deterioration since issuance, they are designated as purchased credit deteriorated (“PCD”). P CD debt securities are recorded at fair value at the date of acquisition, which includes an associated allowance for credit losses (“ACL”) that is added to the purchase price or fair value to arrive at the Day 1 amortized cost basis. Excluding the ACL, 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 debt 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 to the extent that it exceeds the associated allowance for credit losses previously established. 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 U.S. Treasury and the long history of no credit losses on debt securities issued by government agencies and government sponsored entities, BancShares determined zero expected credit losses on the HTM portfolio. Equity Securities Investments in equity securities having readily determinable fair values are stated at fair value. Realized and unrealized gains and losses on these securities are determined by specific identification and are included in noninterest income. Non-marketable equity securities are securities with no readily determinable fair values and are measured at cost. BancShares evaluates its non-marketable equity securities for impairment and recoverability of the recorded investment by considering positive and negative evidence, including the profitability and asset quality of the issuer, dividend payment history and recent redemption experience. Impairment is assessed at each reporting period and if identified, is recognized in noninterest expense. Non-marketable equity securities were $9.6 million and $11.6 million at December 31, 2021 and 2020, respectively, and are included in other assets. Other Securities Membership in the Federal Home Loan Bank (“FHLB”) network requires ownership of FHLB restricted stock. This stock is restricted as it may only be sold to the FHLB and all sales must be at par. Accordingly, the FHLB restricted stock is carried at cost, less any applicable impairment charges and is recorded within other assets. FHLB restricted stock was $40.5 million and $45.4 million at December 31, 2021 and 2020, respectively. Additionally, BancShares holds 353,577 shares of Visa Class B common stock. Visa Class B shares are not considered to have a readily determinable fair value and are recorded at $0. |
Loans Held For Sale | Loans Held For SaleBancShares elected to apply the fair value option for residential mortgage loans originated to be sold to investors. Gains and losses on sales of mortgage loans are recognized within mortgage income. Interest on loans held for sale is recorded within interest income on loans and leases on the Consolidated Statements of Income. |
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-Purchased Credit Deteriorated Loans Non-Purchased Credit Deteriorated (“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 BancShares' initial ACL which results in a gross up of the loan balance. Excluding the ACL, 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 BancShares' 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. Upon adoption of Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC” or the “Codification”) 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 BancShares' current expected credit loss (“CECL”) models. Information for reporting periods beginning on or 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. Small Business Administration Paycheck Protection Program The Small Business Administration Paycheck Protection Program (“SBA-PPP”) is one of the centerpieces of the Coronavirus Aid Relief and Economic Security Act (the “CARES Act”), which was passed on March 27, 2020 in response to the outbreak of coronavirus (“COVID-19”) and was supplemented with subsequent legislation. Overseen by the U.S. Treasury Department, the SBA-PPP offered cash-flow assistance to nonprofit and small business employers through guaranteed loans for expenses incurred between February 15, 2020, and August 8, 2020 (“Round 1”). Borrowers are eligible for forgiveness of principal and accrued interest on SBA-PPP loans to the extent that the proceeds were used to cover eligible payroll costs, interest costs, rent, and utility costs over a period of between eight and 24-weeks after the loan was made as long as the borrower retains its employees and their compensation levels. The CARES Act authorized the SBA to temporarily guarantee these loans. The SBA began processing forgiveness payments during the fourth quarter of 2020. The Consolidated Appropriations Act 2021 was signed into law during the fourth quarter of 2020 and contained provisions for a second round of funding of SBA-PPP loans (“Round 2”). BancShares originated a total of $3.2 billion of Round 1 loans and $1.2 billion of Round 2 loans. As of December 31, 2021, the total remaining balance of SBA-PPP loans was $493.8 million, net of deferred fees, compared to $2.41 billion as of December 31, 2020. Forgiveness for SBA-PPP loans was approximately $3.93 billion for the year ended December 31, 2021. Due to the unique nature of these provisions, SBA-PPP loans have been disclosed as a separate loan class. Origination fees received from the SBA are capitalized into the carrying amount of the loans. The deferred fee income, net of origination costs, is recognized over the life of the loan as an adjustment to yield using the effective interest method. The following represent BancShares' classes of loans beginning January 1, 2020 upon adoption of ASC 326 (with the exception of SBA-PPP, which was added during second quarter 2020): Commercial loans and leases Construction and land development - Construction and land development consists of loans to finance land for commercial development of 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 refinance 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. SBA-PPP - These loans were originated as part of the SBA-PPP to finance payroll and other costs for nonprofit and small businesses impacted by the COVID-19 pandemic. These loans are guaranteed by the SBA and borrowers have the ability to qualify for loan forgiveness through the U.S. Treasury. Consumer loans Residential mortgage - Residential mortgage consists of loans to purchase or refinance the borrower’s primary dwelling, secondary residence or vacation home and are often secured by 1-4 family residential properties. 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 or loans 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 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 - Other 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. Loans and Leases - (Prior to Adoption of ASC 326) Prior to the adoption of ASC 326 on January 1, 2020, BancShares’ accounting methods for loans and leases depended on whether they were originated or purchased, and if purchased, whether or not the loans reflected credit deterioration at the date of acquisition. Non-Purchased Credit Impaired (“Non-PCI”) Loans Non-PCI loans consisted of loans originated by BancShares or loans purchased from other institutions that did not reflect credit deterioration at acquisition. Originated loans for which management had the intent and ability to hold for the foreseeable future were 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 were deferred and recorded as an adjustment to loans outstanding. The net amount of the nonrefundable fees and costs was amortized to interest income over the contractual lives using methods that approximated a constant yield. Purchased loans which did not reflect credit deterioration at acquisition were classified as non-PCI loans. These loans were recorded at fair value at the date of acquisition. The difference between the fair value and the unpaid principal balance at the acquisition date was amortized or accreted to interest income over the contractual life of the loan using the effective interest method. Purchased Credit Impaired (“PCI”) Loans Purchased loans which reflected credit deterioration since origination, such that it was probable at acquisition that BancShares would be unable to collect all contractually required payments, were classified as PCI loans. PCI loans were recorded at fair value at the date of acquisition. If the timing and amount of the future cash flows could be reasonably estimated, any excess of cash flows expected at acquisition over the estimated fair value were recognized as interest income over the life of the loans using the effective yield method. Subsequent to the acquisition date, increases in cash flows over those expected at the acquisition date were recognized prospectively as interest income. Decreases in expected cash flows due to credit deterioration were recognized by recording an allowance for loan losses. In the event of prepayment, the remaining unamortized amount was recognized in interest income. To the extent possible, PCI loans were aggregated into pools based upon common risk characteristics and each pool was accounted for as a single unit. The performance of all loans within the BancShares portfolio was subject to a number of external risks, including changes in the overall health of the economy, declines in real estate values, changes in the demand for products and services and personal events, such as death, disability or change in marital status. BancShares evaluated and reported its non-PCI and PCI loan portfolios separately, and each portfolio was further divided into commercial and non-commercial segments based on the type of borrower, purpose, collateral and/or BancShares' underlying credit management processes. |
Impaired Loans, Troubled Debt Restructurings (TDR) and Nonperforming Assets | Nonperforming Assets and Troubled Debt Restructurings Nonperforming Assets Nonperforming assets (“NPAs”) include nonaccrual loans, past due debt securities and other real estate owned. All loans are classified as past due when the payment of principal and interest based upon contractual terms is 30 days or greater 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. Debt securities are also classified as past due when the payment of principal and interest based upon contractual terms is 30 days delinquent or greater. Missed interest payments on debt securities are rare. Management reviews all debt securities with delinquent interest and immediately charge off any accrued interest determined to be uncollectible. Troubled Debt Restructurings A loan is considered a troubled debt restructuring (“TDR”) when both a modification to a borrower’s debt agreement is made and 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. |
Credit Loss, Financial Instrument | Allowance for Credit Losses Loans Loans within the various reporting classes are segregated into pools with similar risk characteristics and each have a model that is utilized to estimate the ACL. These loan level ACL models estimate the probability of default (“PD”) and loss given default (“LGD”) 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. Loan level, undiscounted ACL is calculated by applying the modeled PD and LGD to quarterly forecasted loan balances which are adjusted for contractual payments, prepayments and prior defaults. 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 commercial card and certain consumer portfolios, immediate reversion to historical net loss rates is utilized. The ACL for SBA-PPP loans originated during 2021 and 2020 are separately evaluated given the explicit government guarantee. BancShares determined SBA-PPP loans have zero expected credit losses and as such these are excluded from ACL disclosures in Note E, Allowance for Credit Losses. 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 prepayment expectations. Prepayment assumptions were developed through a review of BancShares’ historical prepayment activity and considered forecasts of relevant economic conditions, as well as prepayment 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. Forecasted LGDs are adjusted for expected recoveries and realized 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 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 BancShares’ 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. 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 |
Reserve for Unfunded Commitments | 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 as 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 be canceled at any time). These unfunded commitments are assessed to determine both the probability of funding as well |
Other Real Estate Owned | Other Real Estate Owned Other Real Estate Owned (“OREO”) includes foreclosed real estate property and closed branch properties. Foreclosed real estate property in OREO is initially recorded at the asset’s estimated fair value less costs to sell. Any excess in the recorded investment in the loan over the estimated fair value less costs to sell is charged-off against the ACL at the time of foreclosure. If the estimated value of the OREO exceeds the recorded investment of the loan, the difference is recorded as a gain within other income. OREO is subsequently carried at the lower of cost or market value less estimated selling costs and is evaluated at least annually. The periodic evaluations are generally based on the appraised value of the property and may include additional adjustments based upon management’s review of the valuation estimate and specific knowledge of the property. Routine maintenance costs, income and expenses related to the operation of the foreclosed asset, subsequent declines in market value and net gains or losses on disposal are included in collection and foreclosure-related expense. |
Premises and Equipment | Premises and Equipment Premises and equipment are carried at cost less accumulated depreciation. Land is carried at cost. Depreciation expense is generally computed using the straight-line method over the estimated useful lives of the assets. Leasehold improvements and capitalized leases are amortized on a straight-line basis over the lesser of the lease terms or the estimated useful lives of the assets. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of the purchase price of an acquired entity over the fair value of the identifiable assets acquired. Goodwill is not amortized, but is evaluated at least annually for impairment during the third quarter, or when events or changes in circumstances indicate a potential impairment exists. five |
Fair Values | Fair ValuesThe fair value of financial instruments and the methods and assumptions used in estimating fair value amounts and financial assets and liabilities for which fair value was elected are detailed in Note P |
Income Taxes | Income Taxes Income taxes are accounted for using the asset and liability approach as prescribed in ASC 740, Income Taxes . Under this method, a deferred tax asset or liability is determined based on the currently enacted tax rates applicable to the period in which the differences between the financial statement carrying amounts and tax basis of existing assets and liabilities are expected to be reported in BancShares’ income tax returns. The effect on deferred taxes of a change in tax rates is recognized in income in the period which includes the enactment date. The potential impact of current events on the estimates used to establish income tax expenses and income tax liabilities is continually monitored and evaluated. Income tax positions based on current tax law, positions taken by various tax auditors within the jurisdictions where income tax returns are filed, as well as potential or pending audits or assessments by such tax auditors are evaluated on a periodic basis. BancShares has unrecognized tax benefits related to the uncertain portion of tax positions BancShares has taken or expects to take. A liability may be created or an amount refundable may be reduced for the amount of unrecognized tax benefits. These uncertainties result from the application of complex tax laws, rules, regulations and interpretations, primarily in state taxing jurisdictions. Unrecognized tax benefits are assessed quarterly and may be adjusted through current income tax expense in future periods based on changing facts and circumstances, completion of examinations by taxing authorities or expiration of a statute of limitations. Estimated penalties and interest on uncertain tax positions are recognized in income tax expense. BancShares files a consolidated federal income tax return and various combined and separate company state tax returns. Refer to Note O, Income Taxes, for additional disclosures. |
Per Share Data | Per Share Data Earnings per common share is computed by dividing net income available to common shareholders by the weighted average number of both classes of common shares outstanding during each period. BancShares had no potential dilutive common shares outstanding in any period and did not report diluted earnings per common share. Cash dividends per share apply to both Class A and Class B common stock. Shares of Class A common stock carry one vote per share, while shares of Class B common stock carry 16 votes per share. |
Defined Benefit Pension Plan | Defined Benefit Pension Plans BancShares maintains noncontributory defined benefit pension plans covering certain qualifying employees. The calculation of the obligations and related expenses under the plans require the use of actuarial valuation methods and assumptions. Actuarial assumptions used in the determination of future values of plan assets and liabilities are subject to management judgment and may differ significantly if different assumptions are used. All assumptions are reviewed annually for appropriateness. The discount rate assumption used to measure the plan obligations is based on a yield curve developed from high-quality corporate bonds across a full maturity spectrum. The projected cash flows of the pension plans are discounted based on this yield curve, and a single discount rate is calculated to achieve the same present value. The assumed rate of future compensation increases is based on actual experience and future salary expectations. BancShares also estimates a long-term rate of return on pension plan assets used to estimate the future value of plan assets. In developing the long-term rate of return, BancShares considers such factors as the actual return earned on plan assets, historical returns on the various asset classes in the plans and projections of future returns on various asset classes. Refer to Note Q, Employee Benefit Plans, for disclosures related to BancShares’ defined benefit pension plans. |
Lessee, Leases | Leases BancShares leases certain branch locations, administrative offices and equipment. Operating lease ROU assets are included in other assets and the associated lease obligations are included in other liabilities. Sales-type and direct financing leases are included in premises and equipment and other borrowings. Leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets; BancShares instead recognizes lease expense for these leases on a straight-line basis over the lease term. ROU assets represent BancShares' right to use an underlying asset for the lease term and lease liabilities represent BancShares' corresponding obligation to make lease payments arising from the lease. Operating and finance lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The operating and finance lease ROU asset also includes initial direct costs and pre-paid lease payments made, excluding lease incentives. As most of BancShares' leases do not provide an implicit rate, BancShares uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The incremental borrowing rate is determined using secured rates for new FHLB advances under similar terms as the lease at inception. BancShares utilizes the implicit or incremental borrowing rate at the effective date of a modification not accounted for as a separate contract or a change in the lease terms to determine the present value of lease payments. For operating leases commencing prior to January 1, 2019, BancShares used the incremental borrowing rate as of that date. Most leases include one or more options to renew, with renewal terms that can extend the lease term from 1 to 25 years. The exercise of lease renewal options is at BancShares' sole discretion. When it is reasonably certain BancShares will exercise its option to renew or extend the lease term, the option is included in calculating the value of the ROU asset and lease liability. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option reasonably certain of exercise. BancShares determines if an arrangement is a lease at inception. BancShares’ lease agreements do not contain any material residual value guarantees or material restrictive covenants. BancShares does not lease any properties or facilities from any related party. As of December 31, 2021, there were no leases that have not yet commenced that would have a material impact on BancShares’ consolidated financial statements. Sales-type and direct financing leases are carried at the aggregate of lease payments receivable and estimated residual value of the leased property, if applicable, less unearned income. Interest income is recognized over the term of the leases. Refer to Note R, Leases, for additional disclosures. |
Revenue from Contract with Customer | Revenue Recognition BancShares generally acts in a principal capacity, on its own behalf, in its contracts with customers. In these transactions, BancShares recognizes revenues and the related costs to generate those revenues on a gross basis. In certain, circumstances, BancShares acts in an agent capacity, on behalf of the customers with other entities, and recognize revenues and the related costs to provide BancShares' services on a net basis. BancShares acts as an agent when providing certain cardholder and merchant, insurance, and brokerage services. Descriptions of BancShares' noninterest revenue-generating activities are broadly segregated as follows: Cardholder and Merchant Services - These represent interchange fees from customer debit and credit card transactions earned when a cardholder engages in a transaction with a merchant as well as fees charged to merchants for providing them the ability to accept and process the debit and credit card transaction. Revenue is recognized when the performance obligation has been satisfied, which is upon completion of the card transaction. Additionally, as BancShares is acting as an agent for the customer and transaction processor, costs associated with cardholder and merchant services transactions are netted against the fee income. Service charges on deposit accounts - These deposit account-related fees represent monthly account maintenance and transaction-based service fees, such as overdraft fees, stop payment fees and charges for issuing cashier’s checks and money orders. For account maintenance services, revenue is recognized at the end of the statement period when BancShares' performance obligation has been satisfied. All other revenues from transaction-based services are recognized at a point in time when the performance obligation has been completed. Wealth management services - These primarily represent sales commissions on various product offerings, transaction fees and trust and asset management fees. The performance obligation for wealth management services is the provision of services to place annuity products issued by the counterparty to investors and the provision of services to manage the client’s assets, including brokerage custodial and other management services. Revenue from wealth management services is recognized over the period in which services are performed, and is based on a percentage of the value of the assets under management/administration. Other service charges and fees - These include, but are not limited to, check cashing fees, international banking fees, internet banking fees, wire transfer fees and safe deposit fees. The performance obligation is fulfilled and revenue is recognized, at the point in time the requested service is provided to the customer. Insurance commissions - These represent commissions earned on the issuance of insurance products and services. The performance obligation is generally satisfied upon the issuance of the insurance policy and revenue is recognized when the commission payment is remitted by the insurance carrier or policy holder depending on whether the billing is performed by BancShares or the carrier. ATM income - These represent fees imposed on customers and non-customers for engaging in an ATM transaction. Revenue is recognized at the time of the transaction as the performance obligation of rendering the ATM service has been met. Other - This consists of several forms of recurring revenue, such as FHLB dividends and income earned on changes in the cash surrender value of bank-owned life insurance. For the remaining immaterial transactions, revenue is recognized when, or as, the performance obligation is satisfied. Refer to Note N, Other Noninterest Income and Other Noninterest Expense, for additional disclosures on other noninterest income. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements The following pronouncements or Accounting Standard Updates (“ASUs”) were issued by the FASB and adopted by BancShares as of January 1, 2021. FASB ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes The amendments in this ASU add new guidance to simplify accounting for income taxes, change the accounting for certain income tax transactions and make minor improvements to the Codification. BancShares adopted this ASU as of January 1, 2021 and the adoption did not have a material impact on its consolidated financial statements or disclosures. FASB ASU 2020-01 - Clarifying the Interactions between I nvestments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) The amendments in this ASU clarify certain interactions between the guidance to account for certain equity securities under ASC 321, the guidance to account for investments under the equity method of accounting in ASC 323, and the guidance in ASC 815, which could change how an entity accounts for an equity security under the measurement alternative or a forward contract or purchased option to purchase securities that, upon settlement of the forward contract or exercise of the purchased option, would be accounted for under the equity method of accounting or the fair value option in accordance with ASC 825, Financial Instruments. BancShares adopted this ASU as of January 1, 2021 and the adoption did not have a material impact on its consolidated financial statements or disclosures. FASB ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs The amendments in this ASU shorten the amortization period for certain callable debt securities held at a premium. Under the new guidance, premiums on callable debt securities that have explicit, non-contingent call features that are callable at fixed prices and on preset dates must be amortized to the earliest call date, rather than the maturity date. The new guidance does not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. BancShares adopted this ASU as of January 1, 2021 and the adoption did not have a material impact on its consolidated financial statements or disclosures. ASU 2020-10, Codification Improvements The amendments in this ASU improve the Codification by ensuring that all guidance that requires or provides an option for an entity to provide information in the notes to financial statements is codified in the Disclosure Section of the Codification. Certain amendments in this ASU are varied in nature and clarifies the previously issued guidance, in cases where it may have been unclear. BancShares adopted this ASU as of January 1, 2021 and the adoption did not have a material impact on its consolidated financial statements and disclosures. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Investments [Abstract] | |
Aggregate Values And Unrealized Gains And Losses Of Investment Securities | The amortized cost and fair value of investment and marketable equity securities at December 31, 2021 and 2020, were as follows: December 31, 2021 (Dollars in thousands) Cost Gross Gross unrealized Fair Investment securities available for sale U.S. Treasury $ 2,006,788 $ 106 $ 1,924 $ 2,004,970 Government agency 797,725 4,659 3,624 798,760 Residential mortgage-backed securities 4,756,977 8,229 36,793 4,728,413 Commercial mortgage-backed securities 1,071,309 5,364 13,924 1,062,749 Corporate bonds 582,420 26,648 533 608,535 Total investment securities available for sale 9,215,219 45,006 56,798 9,203,427 Investment in marketable equity securities 72,894 24,879 245 97,528 Investment securities held to maturity Residential mortgage-backed securities 2,322,529 5,690 21,957 2,306,262 Commercial mortgage-backed securities 1,484,916 32 33,568 1,451,380 Other 2,008 — — 2,008 Total investment securities held to maturity 3,809,453 5,722 55,525 3,759,650 Total investment securities $ 13,097,566 $ 75,607 $ 112,568 $ 13,060,605 December 31, 2020 Cost Gross Gross unrealized Fair Investment securities available for sale U.S. Treasury $ 499,832 $ 101 $ — $ 499,933 Government agency 706,241 723 5,573 701,391 Residential mortgage-backed securities 4,369,130 70,283 1,310 4,438,103 Commercial mortgage-backed securities 745,892 25,645 — 771,537 Corporate bonds 590,870 14,437 2,028 603,279 Total investment securities available for sale 6,911,965 111,189 8,911 7,014,243 Investment in marketable equity securities 84,837 8,654 1,811 91,680 Investment securities held to maturity Residential mortgage-backed securities 1,877,692 17,689 — 1,895,381 Commercial mortgage-backed securities 937,034 3,884 56 940,862 Other 2,256 — — 2,256 Total investment securities held to maturity 2,816,982 21,573 56 2,838,499 Total investment securities $ 9,813,784 $ 141,416 $ 10,778 $ 9,944,422 |
Investment Securities Maturity Information | The following table provides the amortized cost and fair value by contractual 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. Residential and commercial mortgage-backed and government agency securities are stated separately as they are not due at a single maturity date. December 31, 2021 December 31, 2020 (Dollars in thousands) Amortized cost Fair Amortized cost Fair Investment securities available for sale Non-amortizing securities maturing in: One year or less $ 200 $ 202 $ 500,846 $ 500,954 One through five years 2,049,068 2,048,259 72,565 73,881 Five through 10 years 523,290 547,912 508,320 519,570 Over 10 years 16,650 17,132 8,971 8,807 Government agency 797,725 798,760 706,241 701,391 Residential mortgage-backed securities 4,756,977 4,728,413 4,369,130 4,438,103 Commercial mortgage-backed securities 1,071,309 1,062,749 745,892 771,537 Total investment securities available for sale $ 9,215,219 $ 9,203,427 $ 6,911,965 $ 7,014,243 Investment securities held to maturity Non-amortizing securities maturing in: One year or less $ 2,008 $ 2,008 $ 1,507 $ 1,507 One through five years — — 749 749 Residential mortgage-backed securities 2,322,529 2,306,262 1,877,692 1,895,381 Commercial mortgage-backed securities 1,484,916 1,451,380 937,034 940,862 Total investment securities held to maturity $ 3,809,453 $ 3,759,650 $ 2,816,982 $ 2,838,499 |
Securities Gains (Losses) | For each year presented, realized gains on investment securities available for sale included the following: Year ended December 31 (Dollars in thousands) 2021 2020 2019 Gross gains on retirement/sales of investment securities available for sale $ 33,133 $ 60,932 $ 8,993 Gross losses on sales of investment securities available for sale (14) (679) (1,878) Realized gains on investment securities available for sale, net $ 33,119 $ 60,253 $ 7,115 |
Schedule of Realized and Unrealized Gains or Losses on Marketable Equity Securities | For each year presented, realized and unrealized gains or losses on marketable equity securities included the following: Year ended December 31 (Dollars in thousands) 2021 2020 2019 Marketable equity securities gains (losses), net $ 34,081 $ 29,395 $ 20,625 Less net gains recognized on marketable equity securities sold 16,261 44,550 16,344 Unrealized gains (losses) recognized on marketable equity securities held $ 17,820 $ (15,155) $ 4,281 |
Investment Securities With Unrealized Losses | The following table provides information regarding investment securities with unrealized losses as of December 31, 2021 and 2020: December 31, 2021 Less than 12 months 12 months or more Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Investment securities available for sale U.S. Treasury $ 1,810,924 $ 1,924 $ — $ — $ 1,810,924 $ 1,924 Government agency 222,401 1,516 189,935 2,108 412,336 3,624 Residential mortgage-backed securities 3,992,305 36,769 1,351 24 3,993,656 36,793 Commercial mortgage-backed securities 647,101 13,924 — — 647,101 13,924 Corporate bonds 52,331 533 — — 52,331 533 Total $ 6,725,062 $ 54,666 $ 191,286 $ 2,132 $ 6,916,348 $ 56,798 December 31, 2020 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized Investment securities available for sale Government agency $ 268,622 $ 3,197 $ 328,777 $ 2,376 $ 597,399 $ 5,573 Residential mortgage-backed securities 433,816 1,241 23,064 69 456,880 1,310 Corporate bonds 57,715 2,028 — — 57,715 2,028 Total $ 760,153 $ 6,466 $ 351,841 $ 2,445 $ 1,111,994 $ 8,911 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans And Leases Outstanding | Loans and leases outstanding include the following at December 31, 2021 and 2020: (Dollars in thousands) December 31, 2021 December 31, 2020 Commercial: Construction and land development $ 1,111,797 $ 985,424 Owner occupied commercial mortgage 11,992,625 11,165,012 Non-owner occupied commercial mortgage 2,971,393 2,987,689 Commercial and industrial and leases 5,710,652 5,013,644 SBA-PPP 493,821 2,406,291 Total commercial loans and leases 22,280,288 22,558,060 Consumer: Residential mortgage 5,679,919 5,561,686 Revolving mortgage 1,795,005 2,052,854 Construction and land development 399,570 348,123 Consumer auto 1,331,388 1,255,402 Consumer other 547,728 552,968 Total consumer loans 9,753,610 9,771,033 Total non-PCD loans and leases 32,033,898 32,329,093 PCD loans 337,624 462,882 Total loans and leases $ 32,371,522 $ 32,791,975 |
Recorded Investment, By Class, In Loans And Leases On Nonaccrual Status And Loans And Leases Greater Than 90 Days Past Due And Still Accruing | The aging of the outstanding loans and leases, by class, at December 31, 2021 and 2020, is provided in the tables below. Loans and leases 30 days or less past due 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. December 31, 2021 (Dollars in thousands) 30-59 days 60-89 days 90 days or greater Total past Current Total loans Commercial: Construction and land development $ 456 $ — $ 2,099 $ 2,555 $ 1,109,242 $ 1,111,797 Owner occupied commercial mortgage 18,073 517 6,929 25,519 11,967,106 11,992,625 Non-owner occupied commercial mortgage 1,335 33 2,217 3,585 2,967,808 2,971,393 Commercial and industrial and leases 7,909 3,714 6,238 17,861 5,692,791 5,710,652 SBA-PPP — — — — 493,821 493,821 Total commercial loans 27,773 4,264 17,483 49,520 22,230,768 22,280,288 Consumer: Residential mortgage 18,585 4,066 14,205 36,856 5,643,063 5,679,919 Revolving mortgage 5,446 2,086 4,612 12,144 1,782,861 1,795,005 Construction and land development 388 — 41 429 399,141 399,570 Consumer auto 5,628 1,134 1,214 7,976 1,323,412 1,331,388 Consumer other 2,335 2,013 1,154 5,502 542,226 547,728 Total consumer loans 32,382 9,299 21,226 62,907 9,690,703 9,753,610 PCD loans 10,898 2,899 13,160 26,957 310,667 337,624 Total loans and leases $ 71,053 $ 16,462 $ 51,869 $ 139,384 $ 32,232,138 $ 32,371,522 December 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 $ 956 $ 527 $ 1,603 $ 3,086 $ 982,338 $ 985,424 Owner occupied commercial mortgage 8,757 2,232 14,082 25,071 11,139,941 11,165,012 Non-owner occupied commercial mortgage 12,370 — 5,973 18,343 2,969,346 2,987,689 Commercial and industrial and leases 14,532 2,842 3,243 20,617 4,993,027 5,013,644 SBA-PPP — — — — 2,406,291 2,406,291 Total commercial loans 36,615 5,601 24,901 67,117 22,490,943 22,558,060 Consumer: Residential mortgage 43,218 8,364 31,690 83,272 5,478,414 5,561,686 Revolving mortgage 11,977 2,626 7,415 22,018 2,030,836 2,052,854 Construction and land development 932 77 330 1,339 346,784 348,123 Consumer auto 6,825 1,835 1,076 9,736 1,245,666 1,255,402 Consumer other 3,610 1,464 1,505 6,579 546,389 552,968 Total consumer loans 66,562 14,366 42,016 122,944 9,648,089 9,771,033 PCD loans 18,322 6,076 31,026 55,424 407,458 462,882 Total loans and leases $ 121,499 $ 26,043 $ 97,943 $ 245,485 $ 32,546,490 $ 32,791,975 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 December 31, 2021 and December 31, 2020, were as follows: December 31, 2021 December 31, 2020 (Dollars in thousands) Nonaccrual Loans and Nonaccrual Loans and Commercial: Construction and land development $ 2,128 $ — $ 1,661 $ — Owner occupied commercial mortgage 11,355 4,573 23,103 3,625 Non-owner occupied commercial mortgage 4,420 197 7,932 147 Commercial and industrial and leases 17,384 661 10,626 540 Total commercial loans 35,287 5,431 43,322 4,312 Consumer: Residential mortgage 35,395 — 66,345 — Revolving mortgage 15,882 — 22,236 — Construction and land development 482 — 652 — Consumer auto 3,089 — 3,166 — Consumer other 555 951 823 1,195 Total consumer loans 55,403 951 93,222 1,195 PCD loans 29,616 543 54,939 355 Total loans and leases $ 120,306 $ 6,925 $ 191,483 $ 5,862 |
Financing Receivable Credit Quality Indicators | The following tables represent current credit quality indicators by origination year as of December 31, 2021. Commercial Loans Amortized Cost Basis by Origination Year Classification: 2021 2020 2019 2018 2017 Prior Revolving Revolving converted to term loans Total (Dollars in thousands) Construction and land development Pass $ 467,540 $ 374,206 $ 178,035 $ 23,546 $ 43,541 $ 8,419 $ 9,491 $ — $ 1,104,778 Special Mention 18 152 283 — 45 — — — 498 Substandard 975 35 61 1,439 4,002 9 — — 6,521 Total 468,533 374,393 178,379 24,985 47,588 8,428 9,491 — 1,111,797 Owner occupied commercial mortgage Pass 3,042,301 3,016,532 1,868,940 1,193,126 960,346 1,538,984 125,025 115 11,745,369 Special Mention 2,924 35,390 35,949 22,247 11,399 20,233 4,598 70 132,810 Substandard 28,456 6,239 14,817 10,590 17,362 31,565 5,417 — 114,446 Total 3,073,681 3,058,161 1,919,706 1,225,963 989,107 1,590,782 135,040 185 11,992,625 Non-owner occupied commercial mortgage Pass 628,953 734,538 577,953 261,504 261,946 388,956 35,297 — 2,889,147 Special Mention 1,252 — 262 2,602 32 5,083 — — 9,231 Substandard 5,364 10,367 22,754 9,106 6,973 16,502 549 — 71,615 Doubtful — — — — 1,400 — — — 1,400 Total 635,569 744,905 600,969 273,212 270,351 410,541 35,846 — 2,971,393 Commercial and industrial and leases Pass 1,767,047 1,042,730 636,334 298,326 165,371 289,044 1,338,162 4,983 5,541,997 Special Mention 2,455 7,859 20,225 2,493 3,769 3,517 5,455 296 46,069 Substandard 15,752 6,579 3,111 4,000 1,642 2,679 15,911 864 50,538 Doubtful — — — — — — 1 — 1 Ungraded — — — — — — 72,047 — 72,047 Total 1,785,254 1,057,168 659,670 304,819 170,782 295,240 1,431,576 6,143 5,710,652 SBA-PPP Pass 450,550 43,271 — — — — — — 493,821 Total commercial $ 6,413,587 $ 5,277,898 $ 3,358,724 $ 1,828,979 $ 1,477,828 $ 2,304,991 $ 1,611,953 $ 6,328 $ 22,280,288 Consumer and PCD Loans Amortized Cost Basis by Origination Year Days Past Due: 2021 2020 2019 2018 2017 Prior Revolving Revolving converted to term loans Total (Dollars in thousands) Residential mortgage Current $ 1,964,807 $ 1,561,214 $ 607,551 $ 359,581 $ 339,318 $ 789,770 $ 20,822 $ — $ 5,643,063 30-59 days 1,809 2,011 2,045 1,866 1,385 9,469 — — 18,585 60-89 days 465 26 67 649 507 2,352 — — 4,066 90 days or greater 225 428 681 1,998 744 10,129 — — 14,205 Total 1,967,306 1,563,679 610,344 364,094 341,954 811,720 20,822 — 5,679,919 Revolving mortgage Current — — — — — — 1,671,148 111,713 1,782,861 30-59 days — — — — — — 3,688 1,758 5,446 60-89 days — — — — — — 256 1,830 2,086 90 days or greater — — — — — — 1,957 2,655 4,612 Total — — — — — — 1,677,049 117,956 1,795,005 Construction and land development Current 241,692 122,259 20,782 6,665 4,835 1,630 1,278 — 399,141 30-59 days 55 285 27 — 11 10 — — 388 60-89 days — — — — — — — — — 90 days or greater — — — — — 41 — — 41 Total 241,747 122,544 20,809 6,665 4,846 1,681 1,278 — 399,570 Consumer auto Current 596,617 343,230 198,455 118,540 48,405 18,165 — — 1,323,412 30-59 days 1,331 1,570 1,265 879 409 174 — — 5,628 60-89 days 184 429 296 147 48 30 — — 1,134 90 days or greater 428 297 156 228 87 18 — — 1,214 Total 598,560 345,526 200,172 119,794 48,949 18,387 — — 1,331,388 Consumer other Current 132,402 23,856 11,019 4,402 2,362 28,099 340,086 — 542,226 30-59 days 205 125 23 1 — 25 1,956 — 2,335 60-89 days 697 20 36 — — 1 1,259 — 2,013 90 days or greater 45 7 1 1 — — 1,100 — 1,154 Total 133,349 24,008 11,079 4,404 2,362 28,125 344,401 — 547,728 Total consumer 2,940,962 2,055,757 842,404 494,957 398,111 859,913 2,043,550 117,956 9,753,610 PCD loans Current — 22,154 20,896 20,486 21,739 200,915 10,070 14,407 310,667 30-59 days — 798 98 479 164 9,173 — 186 10,898 60-89 days — 302 143 158 22 2,196 — 78 2,899 90 days or greater — 483 222 275 403 10,697 28 1,052 13,160 Total PCD — 23,737 21,359 21,398 22,328 222,981 10,098 15,723 337,624 Total loans and leases $ 9,354,549 $ 7,357,392 $ 4,222,487 $ 2,345,334 $ 1,898,267 $ 3,387,885 $ 3,665,601 $ 140,007 $ 32,371,522 The following tables represent current credit quality indicators by origination year as of December 31, 2020. Commercial Loans Amortized Cost Basis by Origination Year Classification: 2020 2019 2018 2017 2016 Prior Revolving loans Revolving loans converted to term loans Total (Dollars in thousands) Construction and land development Pass $ 342,183 $ 341,233 $ 190,429 $ 50,776 $ 23,969 $ 11,306 $ 10,969 $ — $ 970,865 Special Mention 246 — 6,421 5,342 — — 153 — 12,162 Substandard 229 629 1,450 — 8 81 — — 2,397 Total 342,658 341,862 198,300 56,118 23,977 11,387 11,122 — 985,424 Owner occupied commercial mortgage Pass 3,183,467 2,201,165 1,625,141 1,301,412 1,049,858 1,454,020 101,556 133 10,916,752 Special Mention 6,274 20,702 36,739 12,387 17,699 25,693 5,115 72 124,681 Substandard 10,280 19,052 9,842 20,928 13,736 41,303 8,438 — 123,579 Total 3,200,021 2,240,919 1,671,722 1,334,727 1,081,293 1,521,016 115,109 205 11,165,012 Non-owner occupied commercial mortgage Pass 865,514 609,975 378,136 331,800 282,810 391,517 32,149 — 2,891,901 Special Mention 569 905 10,794 1,808 5,121 3,279 483 — 22,959 Substandard 2,899 18,546 12,296 8,764 14,087 15,427 810 — 72,829 Total 868,982 629,426 401,226 342,372 302,018 410,223 33,442 — 2,987,689 Commercial and industrial and leases Pass 1,620,622 983,852 504,463 310,468 234,735 286,996 899,978 5,520 4,846,634 Special Mention 3,146 17,065 7,265 5,393 3,307 4,912 9,152 189 50,429 Substandard 17,811 4,095 4,370 4,257 2,548 3,801 22,384 983 60,249 Ungraded — — — — — — 56,332 — 56,332 Total 1,641,579 1,005,012 516,098 320,118 240,590 295,709 987,846 6,692 5,013,644 SBA-PPP Pass 2,406,291 — — — — — — — 2,406,291 Total commercial $ 8,459,531 $ 4,217,219 $ 2,787,346 $ 2,053,335 $ 1,647,878 $ 2,238,335 $ 1,147,519 $ 6,897 $ 22,558,060 Consumer and PCD Loans Amortized Cost Basis by Origination Year Days Past Due: 2020 2019 2018 2017 2016 Prior Revolving loans Revolving loans converted to term loans Total (Dollars in thousands) Residential mortgage Current $ 1,882,683 $ 978,298 $ 655,798 $ 596,309 $ 461,719 $ 878,634 $ 24,973 $ — $ 5,478,414 30-59 days 2,278 4,573 11,463 3,772 8,613 12,299 220 — 43,218 60-89 days 30 100 1,246 1,449 834 4,705 — — 8,364 90 days or greater 282 4,831 3,150 4,015 5,689 13,723 — — 31,690 Total 1,885,273 987,802 671,657 605,545 476,855 909,361 25,193 — 5,561,686 Revolving mortgage Current — — — — — — 1,879,968 150,868 2,030,836 30-59 days — — — — — — 8,241 3,736 11,977 60-89 days — — — — — — 527 2,099 2,626 90 days or greater — — — — — — 2,301 5,114 7,415 Total — — — — — — 1,891,037 161,817 2,052,854 Construction and land development Current 215,112 85,707 24,860 10,269 6,093 2,218 2,525 — 346,784 30-59 days — 420 121 370 — 21 — — 932 60-89 days — — — 9 — 68 — — 77 90 days or greater — — — — — 330 — — 330 Total 215,112 86,127 24,981 10,648 6,093 2,637 2,525 — 348,123 Consumer auto Current 521,719 340,594 219,597 104,280 49,872 9,604 — — 1,245,666 30-59 days 2,175 1,873 1,257 842 544 134 — — 6,825 60-89 days 329 689 312 351 109 45 — — 1,835 90 days or greater 170 527 217 57 102 3 — — 1,076 Total 524,393 343,683 221,383 105,530 50,627 9,786 — — 1,255,402 Consumer other Current 53,842 27,117 10,911 7,159 2,980 29,336 415,044 — 546,389 30-59 days 322 114 77 18 11 7 3,061 — 3,610 60-89 days 102 20 13 18 3 23 1,285 — 1,464 90 days or greater 53 84 8 — — — 1,360 — 1,505 Total 54,319 27,335 11,009 7,195 2,994 29,366 420,750 — 552,968 Total consumer 2,679,097 1,444,947 929,030 728,918 536,569 951,150 2,339,505 161,817 9,771,033 PCD loans Current 31,475 25,425 27,183 27,955 28,995 232,186 13,212 21,027 407,458 30-59 days 999 925 801 718 1,341 12,637 156 745 18,322 60-89 days 447 81 312 695 97 4,098 9 337 6,076 90 days or greater 721 2,325 4,755 1,208 897 19,963 111 1,046 31,026 Total PCD 33,642 28,756 33,051 30,576 31,330 268,884 13,488 23,155 462,882 Total loans and leases $ 11,172,270 $ 5,690,922 $ 3,749,427 $ 2,812,829 $ 2,215,777 $ 3,458,369 $ 3,500,512 $ 191,869 $ 32,791,975 |
Schedule of Loans Pledged as Collateral | The following table provides information regarding loans pledged as collateral for borrowing capacity through the FHLB of Atlanta and the Federal Reserve Bank (“FRB”) as of December 31, 2021 and 2020: (Dollars in thousands) December 31, 2021 December 31, 2020 FHLB of Atlanta Lendable collateral value of pledged non-PCD loans $ 9,563,947 $ 8,637,844 Less: advances 644,659 652,675 Available borrowing capacity $ 8,919,288 $ 7,985,169 Pledged non-PCD loans $ 14,507,109 $ 12,157,153 FRB Lendable collateral value of pledged non-PCD loans $ 3,950,649 $ 3,321,762 Less: advances — — Available borrowing capacity $ 3,950,649 $ 3,321,762 Pledged non-PCD loans $ 4,806,443 $ 4,104,866 |
Schedule of Amortized Cost of Loans | The following table presents selected components of the amortized cost of loans. (Dollars in thousands) December 31, 2021 December 31, 2020 Deferred fees, including unearned fees and unamortized costs on non-PCD loans Net deferred fees related to SBA-PPP loans $ 14,882 $ 41,064 Net deferred fees related to other portfolios 16,903 9,153 Total net deferred fees $ 31,785 $ 50,217 Net unamortized discount on purchased loans Non-PCD $ 11,428 $ 19,473 PCD 29,008 45,254 Total $ 40,436 $ 64,727 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Allowance for Credit Losses | The following tables summarize activity in the allowance for credit losses for the years ended December 31, 2021 and 2020 and the allowance for loan losses for the year ended December 31, 2019. Year ended December 31, 2021 (Dollars in thousands) Commercial Consumer PCD Total Balance at January 1 $ 80,842 $ 119,485 $ 23,987 $ 224,314 Benefit (1,228) (21,278) (14,329) (36,835) Charge-offs (15,924) (17,181) (2,317) (35,422) Recoveries 7,523 11,452 7,461 26,436 Balance at December 31 $ 71,213 $ 92,478 $ 14,802 $ 178,493 Year ended December 31, 2020 (Dollars in thousands) Commercial Consumer PCD Total Balance at January 1 $ 142,369 $ 75,236 $ 7,536 $ 225,141 Adoption of ASC 326 (87,554) 30,629 19,001 (37,924) Balance at January 1 54,815 105,865 26,537 187,217 Provision (benefit) 37,763 27,791 (7,202) 58,352 Initial allowance on PCD loans — — 1,193 1,193 Charge-offs (17,586) (24,219) (3,300) (45,105) Recoveries 5,850 10,048 6,759 22,657 Balance at December 31 $ 80,842 $ 119,485 $ 23,987 $ 224,314 Year ended December 31, 2019 (Dollars in thousands) Commercial Consumer PCI Total Balance at January 1 $ 139,043 $ 75,525 $ 9,144 $ 223,712 Provision (benefit) 13,386 19,663 (1,608) 31,441 Charge-offs (14,744) (28,283) — (43,027) Recoveries 4,684 8,331 — 13,015 Balance at December 31 $ 142,369 $ 75,236 $ 7,536 $ 225,141 (Dollars in thousands) December 31, 2021 December 31, 2020 Allowance for credit losses: Beginning balance $ 12,814 $ 1,055 Adoption of ASC 326 — 8,885 Adjusted beginning balance $ 12,814 $ 9,940 (Benefit) provision (999) 2,874 Ending balance 11,815 12,814 December 31, 2021 (Dollars in thousands) Collateral-Dependent Loans Net Realizable Value of Collateral Collateral Coverage Allowance for Credit Losses Commercial loans: Construction and land development $ 1,424 $ 1,964 137.9 % $ — Owner occupied commercial mortgage 3,461 4,370 126.3 — Non-owner occupied commercial mortgage 2,056 2,118 103.0 — Commercial and industrial and leases 2,665 5,208 195.4 941 Total commercial loans 9,606 13,660 142.2 941 Consumer: Residential mortgage 5,323 7,353 138.1 — Total non-PCD loans 14,929 21,013 140.8 941 PCD 4,864 21,099 433.8 — Total collateral-dependent loans $ 19,793 $ 42,112 212.8 % $ 941 December 31, 2020 (Dollars in thousands) Collateral-Dependent Loans Net Realizable Value of Collateral Collateral Coverage Allowance for Credit Losses Commercial loans: Construction and land development $ 1,424 $ 1,795 126.1 % $ — Owner occupied commercial mortgage 9,792 14,253 145.6 — Non-owner occupied commercial mortgage 5,556 7,577 136.4 — Total commercial loans 16,772 23,625 140.9 — Consumer: Residential mortgage 23,011 29,775 129.4 131 Total non-PCD loans 39,783 53,400 134.2 131 PCD 19,042 27,872 146.4 — Total collateral-dependent loans $ 58,825 $ 81,272 138.2 % $ 131 |
Troubled Debt Restructuring, Summary of Accrual Status | The following tables provides a summary of total TDRs by accrual status. December 31, 2021 December 31, 2020 (Dollars in thousands) Accruing Nonaccruing Total Accruing Nonaccruing Total Commercial loans: Construction and land development $ 328 $ 29 $ 357 $ 578 $ 54 $ 632 Owner occupied commercial mortgage 43,593 6,231 49,824 37,574 10,889 48,463 Non-owner occupied commercial mortgage 21,278 2,741 24,019 18,336 1,649 19,985 Commercial and industrial and leases 11,723 9,384 21,107 29,131 3,528 32,659 Total commercial loans 76,922 18,385 95,307 85,619 16,120 101,739 Consumer: Residential mortgage 20,635 12,262 32,897 29,458 19,380 48,838 Revolving mortgage 16,322 6,395 22,717 20,124 7,128 27,252 Construction and land development 961 259 1,220 1,573 9 1,582 Consumer auto 1,827 455 2,282 2,018 696 2,714 Consumer other 713 76 789 955 137 1,092 Total consumer loans 40,458 19,447 59,905 54,128 27,350 81,478 PCD loans 29,401 9,935 39,336 17,617 7,346 24,963 Total loans $ 146,781 $ 47,767 $ 194,548 $ 157,364 $ 50,816 $ 208,180 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 |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes the loan restructurings as of December 31, 2021, 2020 and 2019 that were designated as TDRs. BancShares defines payment default as movement of the TDR to nonaccrual status, which is generally 90 days past due, foreclosure or charge-off, whichever occurs first. 2021 2020 2019 Restructurings Restructurings Restructurings (Dollars in thousands) Number of loans Amortized cost at period end Number of loans Amortized cost at period end Number of loans Amortized cost at period end Loans and leases Interest only period provided Commercial loans 19 $ 17,847 31 $ 28,145 11 $ 1,595 Consumer loans 1 297 6 4,169 7 4,018 Total interest only 20 18,144 37 32,314 18 5,613 Loan term extension Commercial loans 23 6,717 26 5,444 16 3,904 Consumer loans 106 8,803 66 5,689 2 342 Total loan term extension 129 15,520 92 11,133 18 4,246 Below market interest rate Commercial loans 97 17,082 98 33,870 90 13,932 Consumer loans 80 3,188 156 6,074 176 12,458 Total below market interest rate 177 20,270 254 39,944 266 26,390 Discharged from bankruptcy Commercial loans 32 5,955 30 1,168 25 5,571 Consumer loans 96 3,675 186 8,129 178 10,349 Total discharged from bankruptcy 128 9,630 216 9,297 203 15,920 Total restructurings 454 $ 63,564 599 $ 92,688 505 $ 52,169 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Major classifications of premises and equipment at December 31, 2021 and 2020 are summarized as follows: (Dollars in thousands) Useful Life ( years ) 2021 2020 Land indefinite $ 334,375 $ 336,258 Premises and leasehold improvements 3 - 40 1,307,502 1,286,092 Furniture, equipment and software 3 - 10 671,172 639,109 Total 2,313,049 2,261,459 Less accumulated depreciation and amortization 1,079,631 1,010,176 Total premises and equipment $ 1,233,418 $ 1,251,283 |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Real Estate [Abstract] | |
Changes in Other Real Estate Owned | The following table explains changes in other real estate owned (“OREO”) for the years ended December 31, 2021 and 2020. (Dollars in thousands) 2021 2020 Balance at January 1 $ 50,890 $ 46,591 Additions 27,755 26,822 Acquired in business combinations — 9,813 Sales (35,703) (26,726) Write-downs/losses (3,614) (5,610) Balance at December 31 $ 39,328 $ 50,890 At December 31, 2021 and 2020, BancShares had $2.3 million and $5.8 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 $15.0 million and $29.4 million at December 31, 2021, and 2020, respectively. Gains recorded on the sale of OREO were $4.7 million, $1.6 million, and $1.5 million for the years ended December 31, 2021, 2020 and 2019, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill | The following table presents the changes in the carrying amount of goodwill for the years ending December 31, 2021 and 2020: Year ended December 31 (Dollars in thousands) 2021 2020 Balance at January 1 $ 350,298 $ 349,398 Recognized in the Community Financial acquisition — 686 Measurement period adjustments (1) — 214 Other adjustment (2) (4,234) — Balance at December 31 $ 346,064 $ 350,298 (1) Adjustments related to Entegra PCD loans and divested deposits as well as the deferred tax assets related to these items. (2) Immaterial adjustment related to deferred taxes associated with pensions. |
Schedule of Mortgage Servicing Rights at Amortized Cost | The activity of the mortgage servicing asset for the years ended December 31, 2021, 2020 and 2019 is presented in the following table: (Dollars in thousands) 2021 2020 2019 Balance at January 1 $ 18,426 $ 22,963 $ 21,396 Servicing rights originated 10,556 8,006 6,149 Servicing rights acquired in Entegra transaction — — 1,873 Amortization (8,727) (8,400) (6,233) Valuation allowance decrease (increase) 3,102 (4,143) (222) Balance at December 31 $ 23,357 $ 18,426 $ 22,963 |
Schedule of Valuation Allowance for Impairment of Recognized Servicing Assets | The following table presents the activity in the servicing asset valuation allowance for the years ended December 31, 2021, 2020 and 2019: (Dollars in thousands) 2021 2020 2019 Beginning balance $ 4,365 $ 222 $ — Valuation allowance (decrease) increase (3,102) 4,143 222 Ending balance $ 1,263 $ 4,365 $ 222 |
Mortgage Servicing Rights Key Economic Assumptions Used to Value | Key economic assumptions used to value mortgage servicing rights as of December 31, 2021 and 2020, were as follows: 2021 2020 Discount rate - conventional fixed loans 8.51 % 7.92 % Discount rate - all loans excluding conventional fixed loans 9.51 % 8.92 % Weighted average constant prepayment rate 15.69 % 20.62 % Weighted average cost to service a loan $ 87.58 $ 87.58 |
Schedule of Other Intangible Assets | The following information relates to core deposit intangible assets, which are being amortized over their estimated useful lives: (Dollars in thousands) 2021 2020 Balance at January 1 $ 29,667 $ 43,386 Acquired in Community Financial transaction — 536 Amortization (10,948) (14,255) Balance at December 31 $ 18,719 $ 29,667 The gross amount of core deposit intangible assets and accumulated amortization as of December 31, 2021 and 2020, are: (Dollars in thousands) 2021 2020 Gross balance $ 127,842 $ 127,842 Accumulated amortization (109,123) (98,175) Carrying value $ 18,719 $ 29,667 |
Future Amortization Expense Schedule | Based on current estimated useful lives and carrying values, BancShares anticipates amortization expense for core deposit intangibles in subsequent periods will be: (Dollars in thousands) 2022 $ 7,743 2023 5,129 2024 2,659 2025 1,374 2026 and subsequent 1,814 $ 18,719 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deposits [Abstract] | |
Deposits | Deposits at December 31, 2021 and 2020 were as follows: (Dollars in thousands) 2021 2020 Demand $ 21,404,808 $ 18,014,029 Checking with interest 12,694,389 10,591,687 Money market accounts 10,590,106 8,632,713 Savings 4,235,824 3,304,167 Time 2,480,967 2,889,013 Total deposits $ 51,406,094 $ 43,431,609 |
Maturities Of Time Deposits | At December 31, 2021, the scheduled maturities of time deposits were: (Dollars in thousands) Year ended December 31 2022 $ 1,937,216 2023 225,370 2024 81,558 2025 56,970 2026 and thereafter 179,853 Total time deposits $ 2,480,967 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Short-term Debt | Short-term borrowings at December 31, 2021 and 2020 are as follows: (Dollars in thousands) 2021 2020 Securities sold under customer repurchase agreements $ 589,101 $ 641,487 |
Schedule of Long-term Debt Instruments | Long-term borrowings at December 31, 2021 and 2020 include: (Dollars in thousands) 2021 2020 Fixed-to-Floating subordinated notes at 3.375% maturing March 15, 2030 $ 350,000 $ 350,000 Junior subordinated debenture at 3-month LIBOR plus 1.75% maturing June 30, 2036 (1) 88,145 88,145 Junior subordinated debenture at 3-month LIBOR plus 2.25% maturing June 15, 2034 (1) 19,588 19,588 Junior subordinated debenture at 3-month LIBOR plus 2.85% maturing April 7, 2034 (1) 10,310 10,310 Junior subordinated debentures at 3-month LIBOR plus 2.80% maturing March 30, 2034 (1) 14,433 14,433 Junior subordinated debentures at 7.00% maturing December 31, 2026 (2) — 20,000 Junior subordinated debentures at 6.50% maturing October 1, 2025 (3) — 7,500 Notes payable to FHLBs of Atlanta and Chicago with rates ranging from 0.75% to 2.99% and maturing through March 2032 644,659 655,175 Unsecured term loan at 1-month LIBOR plus 1.10% maturing September 5, 2022 67,825 82,125 Obligations under capitalized leases extending to December 2050 4,311 6,308 Unamortized issuance costs (2,629) (3,459) Unamortized purchase accounting adjustments (2,283) (1,999) Other long-term debt 19 37 Total long-term obligations $ 1,194,378 $ 1,248,163 (1) Obligations to capital and grantor trusts for trust preferred securities (2) Assumed in HomeBancorp acquisition. (3) Assumed in Biscayne BancShares acquisition. |
Schedule of Maturities of Long-term Debt | Long-term borrowings maturing in each of the five years subsequent to December 31, 2021 and thereafter include: (Dollars in thousands) Year ended December 31 2022 $ 82,735 2023 125,500 2024 5,771 2025 — 2026 2,649 Thereafter 977,723 Total long-term borrowings $ 1,194,378 |
FDIC Shared-Loss Payable (Table
FDIC Shared-Loss Payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
FDIC Shared-Loss Receivable [Abstract] | |
Changes In Payable to FDIC | The following table includes the changes in the FDIC shared-loss payable for the years ended December 31, 2021 and 2020. (Dollars in thousands) 2021 2020 Beginning balance $ 15,601 $ 112,395 Accretion 502 2,674 Payment made to the FDIC to settle shared-loss agreement (16,103) (99,468) Ending balance $ — $ 15,601 |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements and Dividends From Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements | The following table includes the Basel III requirements for regulatory capital ratios. Basel III Minimums Basel III Conservation Buffers Basel III Requirements Regulatory capital ratios Total risk-based capital 8.00 % 2.50 % 10.50 % Tier 1 risk-based capital 6.00 2.50 8.50 Common equity Tier 1 4.50 2.50 7.00 Tier 1 leverage 4.00 — 4.00 December 31, 2021 December 31, 2020 (Dollars in thousands) Basel III Requirements PCA well-capitalized thresholds Amount Ratio Amount Ratio BancShares Total risk-based capital 10.50 % 10.00 % $ 5,041,686 14.35 % $ 4,577,212 13.81 % Tier 1 risk-based capital 8.50 8.00 4,380,452 12.47 3,856,086 11.63 Common equity Tier 1 7.00 6.50 4,040,515 11.50 3,516,149 10.61 Tier 1 leverage 4.00 5.00 4,380,452 7.59 3,856,086 7.86 FCB Total risk-based capital 10.50 % 10.00 4,857,960 13.85 4,543,496 13.72 Tier 1 risk-based capital 8.50 8.00 4,651,226 13.26 4,276,870 12.92 Common equity Tier 1 7.00 6.50 4,651,226 13.26 4,276,870 12.92 Tier 1 leverage 4.00 5.00 4,651,226 8.07 4,276,870 8.72 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule Of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) included the following at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (Dollars in thousands) Accumulated Deferred Accumulated Accumulated Deferred Accumulated Unrealized (losses) gains on securities available for sale $ (11,792) $ (2,712) $ (9,080) $ 102,278 $ 23,524 $ 78,754 Unrealized (losses) gains on securities available for sale transferred to held to maturity (8,735) (2,009) (6,726) 5,399 1,242 4,157 Defined benefit pension items 33,223 7,641 25,582 (91,751) (21,103) (70,648) Total $ 12,696 $ 2,920 $ 9,776 $ 15,926 $ 3,663 $ 12,263 The following table highlights changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2021 and 2020: (Dollars in thousands) Unrealized gains (losses) on securities available-for-sale (1) Unrealized gains (losses) on securities available for sale transferred to held to maturity (1)(2) Defined benefit pension items (1) Total Balance at January 1, 2020 $ 5,792 $ — $ (132,515) $ (126,723) Net unrealized gains arising during period 119,357 4,538 42,367 166,262 Amounts reclassified from accumulated other comprehensive loss (46,395) (381) 19,500 (27,276) Net current period other comprehensive income 72,962 4,157 61,867 138,986 Balance at December 31, 2020 78,754 4,157 (70,648) 12,263 Net unrealized (losses) gains arising during the period (62,332) (9,747) 75,368 3,289 Amounts reclassified from accumulated other comprehensive income (25,502) (1,136) 20,862 (5,776) Net current period other comprehensive (loss) income (87,834) (10,883) 96,230 (2,487) Balance at December 31, 2021 $ (9,080) $ (6,726) $ 25,582 $ 9,776 (1) All amounts are net of tax. Amounts in parentheses indicate other comprehensive losses, which are debits or decreases to equity. (2) Unrealized gains (losses) related to the reclassification of investment securities from available for sale to held to maturity. Refer to Note C, Investments, for additional information. The following table details the amounts recognized in accumulated other comprehensive income at December 31, 2021 and 2020. (Dollars in thousands) 2021 2020 Net actuarial (gain) loss $ (33,223) $ 91,751 |
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 Consolidated Statements of Income for years ended December 31, 2021 and 2020: (Dollars in thousands) Year ended December 31, 2021 Details about accumulated other comprehensive income (loss) Amount reclassified from accumulated other comprehensive income (loss) (1) Affected line item in the Consolidated Statements of Income Unrealized gains on available for sale securities $ 33,119 Realized gains on investment securities available for sale, net (7,617) Income taxes $ 25,502 Net accretion of unrealized gains (losses) on securities available for sale transferred to held to maturity $ 1,475 Net interest income (339) Income taxes $ 1,136 Amortization of actuarial losses on defined benefit pension items $ (27,093) Other noninterest expense 6,231 Income taxes $ (20,862) Total reclassifications for the period $ 5,776 Year ended December 31, 2020 Details about accumulated other comprehensive (loss) income Amount reclassified from accumulated other comprehensive income (loss) (1) Affected line item in the statement where net income is presented Unrealized gains on available for sale securities $ 60,253 Realized gains on investment securities available for sale, net (13,858) Income taxes $ 46,395 Amortization of unrealized losses on securities available for sale transferred to held to maturity $ 495 Net interest income (114) Income taxes $ 381 Amortization of defined benefit pension items Actuarial losses (25,324) Other noninterest expense 5,824 Income taxes $ (19,500) Total reclassifications for the period $ 27,276 |
Other Noninterest Income and _2
Other Noninterest Income and Other Noninterest Expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Noninterest Expense [Abstract] | |
Schedule of Other Operating Cost and Expense, by Component | Other noninterest expense for the years ended December 31, 2021, 2020 and 2019 included the following: (Dollars in thousands) 2021 2020 2019 Core deposit intangible amortization $ 10,948 $ 14,255 $ 16,346 Consultant expense 12,507 12,751 12,801 Advertising expense 9,763 10,010 11,437 Telecommunications expense 12,714 12,179 9,391 Other 83,594 95,922 89,308 Total other noninterest expense $ 129,526 $ 145,117 $ 139,283 Other expense consists of miscellaneous expenses including travel, postage, supplies, appraisal expense and other operational losses. Advertising expense related to non-direct response advertisements are expensed as incurred. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | At December 31, 2021, 2020 and 2019 income tax expense consisted of the following: (Dollars in thousands) 2021 2020 2019 Current tax expense Federal $ 140,405 $ 137,162 $ 68,984 State 21,383 14,532 11,095 Total current tax expense 161,788 151,694 80,079 Deferred tax (benefit) expense Federal (6,234) (28,535) 50,522 State (1,352) 3,000 4,076 Total deferred tax (benefit) expense (7,586) (25,535) 54,598 Total income tax expense $ 154,202 $ 126,159 $ 134,677 |
Schedule of Effective Income Tax Rate Reconciliation | Income tax expense differed from the amounts computed by applying the statutory federal income tax rate of 21% to pretax income as a result of the following: (Dollars in thousands) 2021 2020 2019 Income taxes at federal statutory rates $ 147,349 $ 129,755 $ 124,330 Increase (reduction) in income taxes resulting from: Nontaxable income on loans, leases and investments, net of nondeductible expenses (1,523) (1,581) (1,639) Excess tax benefits of compensation 1,507 1,146 1,070 State and local income taxes, including any change in valuation allowance, net of federal income tax benefit 15,825 13,850 11,985 Tax credits net of amortization (5,078) (5,367) (4,474) Repayment of claim of right income (2,254) (13,926) — Other, net (1,624) 2,282 3,405 Total income tax expense $ 154,202 $ 126,159 $ 134,677 |
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax liability included the following components at December 31, 2021, and 2020: (Dollars in thousands) 2021 2020 Allowance for credit losses $ 39,759 $ 52,293 Operating lease liabilities 14,267 15,737 Executive separation from service agreements 7,835 8,989 Net operating loss carryforwards 7,843 9,545 Net unrealized loss included in accumulated other comprehensive income (loss) 4,630 — Accelerated depreciation 3,645 — Employee compensation 18,860 16,083 Other reserves 6,135 5,376 Other 5,845 6,898 Deferred tax asset 108,819 114,921 Accelerated depreciation — 14,984 Lease financing activities 7,725 15,265 Operating lease assets 13,996 15,670 Net unrealized gain on securities included in accumulated other comprehensive income (loss) — 24,857 Net deferred loan fees and costs 14,662 13,975 Intangible assets 14,257 13,012 Security, loan and debt valuations 5,960 2,051 FDIC assisted transactions timing differences — 2,393 Pension assets 64,068 44,549 Other 20,998 10,193 Deferred tax liability 141,666 156,949 Net deferred tax liability $ (32,847) $ (42,028) |
Schedule of Unrecognized Tax Benefits | The following table provides a roll forward of BancShares’ gross unrecognized tax benefits, excluding interest and penalties, during the years ended December 31, 2021, 2020 and 2019: (Dollars in thousands) 2021 2020 2019 Unrecognized tax benefits at the beginning of the year $ 31,375 $ 32,226 $ 28,255 Additions (reductions) related to tax positions taken in prior year (321) 153 (683) Additions related to tax positions taken in current year 1,373 1,295 6,554 Settlements (1,601) (1,516) — Reductions related to lapse of statute of limitations (394) (783) (1,900) Unrecognized tax benefits at the end of the year $ 30,432 $ 31,375 $ 32,226 |
Estimated Fair Values (Tables)
Estimated Fair Values (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Estimated Fair Values For Certain Financial Assets And Financial Liabilities | For all other financial assets and financial liabilities, the carrying value is a reasonable estimate of the fair value as of December 31, 2021 and 2020. 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 and accrued interest payable are considered Level 2. The table below presents the carrying values and estimated fair values for financial instruments as of December 31, 2021 and 2020. December 31, 2021 December 31, 2020 (Dollars in thousands) Carrying value Fair value Carrying value Fair value Assets Cash and due from banks $ 337,814 $ 337,814 $ 362,048 $ 362,048 Overnight investments 9,114,660 9,114,660 4,347,336 4,347,336 Investment securities available for sale 9,203,427 9,203,427 7,014,243 7,014,243 Investment securities held to maturity 3,809,453 3,759,650 2,816,982 2,838,499 Investment in marketable equity securities 97,528 97,528 91,680 91,680 Loans held for sale 98,741 98,741 124,837 124,837 Net loans and leases 32,193,029 31,889,594 32,567,661 33,298,166 Income earned not collected 134,237 134,237 145,694 145,694 Federal Home Loan Bank stock 40,450 40,450 45,392 45,392 Mortgage and other servicing rights 23,797 23,784 19,628 20,283 Liabilities Deposits with no stated maturity 48,925,127 48,925,127 40,542,596 40,542,596 Time deposits 2,480,967 2,471,116 2,889,013 2,905,577 Securities sold under customer repurchase agreements 589,101 589,101 641,487 641,487 Federal Home Loan Bank borrowings 644,659 654,694 655,175 677,579 Subordinated debt 477,564 495,483 504,518 525,610 Other borrowings 72,155 72,476 88,470 89,263 FDIC shared-loss payable — — 15,601 15,843 Accrued interest payable 7,922 7,922 9,414 9,414 |
Assets And Liabilities Carried At Fair Value On A Recurring Basis | 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 December 31, 2021 and 2020. December 31, 2021 Fair value measurements using: (Dollars in thousands) Fair value Level 1 Level 2 Level 3 Assets measured at fair value Investment securities available for sale U.S. Treasury $ 2,004,970 $ — $ 2,004,970 $ — Government agency 798,760 — 798,760 — Residential mortgage-backed securities 4,728,413 — 4,728,413 — Commercial mortgage-backed securities 1,062,749 — 1,062,749 — Corporate bonds 608,535 — 401,133 207,402 Total investment securities available for sale $ 9,203,427 $ — $ 8,996,025 $ 207,402 Marketable equity securities $ 97,528 $ 33,522 $ 64,006 $ — Loans held for sale 98,741 — 98,741 — December 31, 2020 Fair value measurements using: Fair value Level 1 Level 2 Level 3 Assets measured at fair value Investment securities available for sale U.S. Treasury $ 499,933 $ — $ 499,933 $ — Government agency 701,391 — 701,391 — Residential mortgage-backed securities 4,438,103 — 4,438,103 — Commercial mortgage-backed securities 771,537 — 771,537 — Corporate bonds 603,279 — 286,655 316,624 Total investment securities available for sale $ 7,014,243 $ — $ 6,697,619 $ 316,624 Marketable equity securities $ 91,680 $ 32,855 $ 58,825 $ — Loans held for sale 124,837 — 124,837 — |
Fair Value of Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table summarizes activity for Level 3 assets for the years ended December 31, 2021 and 2020: 2021 2020 (Dollars in thousands) Corporate bonds Corporate bonds Beginning balance $ 316,624 $ 69,685 Purchases 30,878 242,595 Unrealized net losses (gains) included in other comprehensive income 6,391 2,898 Amounts included in net income 2,555 (336) Transfers in — 1,782 Transfers out (102,065) — Sales / Calls (46,981) — Ending balance $ 207,402 $ 316,624 |
Fair Value Level 3 Significant Unobservable Input Assumptions | The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis at December 31, 2021. (Dollars in thousands) December 31, 2021 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 $ 207,402 |
Fair Value Option | The following table summarizes the difference between the aggregate fair value and the unpaid principal balance for residential real estate loans originated for sale measured at fair value as of December 31, 2021 and 2020. December 31, 2021 (Dollars in thousands) Fair Value Unpaid Principal Balance Difference Originated loans held for sale $ 98,741 $ 95,852 $ 2,889 December 31, 2020 Fair Value Unpaid Principal Balance Difference Originated loans held for sale $ 124,837 $ 118,902 $ 5,935 |
Assets And Liabilities Carried At Fair Value On A Nonrecurring Basis | For financial assets carried at fair value on a non-recurring basis, the following table provides fair value information as of December 31, 2021 and December 31, 2020. December 31, 2021 Fair value measurements using: (Dollars in thousands) Fair value Level 1 Level 2 Level 3 Collateral-dependent loans $ 3,099 $ — $ — $ 3,099 Other real estate remeasured during the year 34,211 — — 34,211 Mortgage servicing rights 21,731 — — 21,731 December 31, 2020 Fair value measurements using: Fair value Level 1 Level 2 Level 3 Collateral-dependent loans $ 11,779 $ — $ — $ 11,779 Other real estate remeasured during the year 40,115 — — 40,115 Mortgage servicing rights 16,966 — — 16,966 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits, Description [Abstract] | |
Schedule of Net Funded Status | The following table provides the changes in benefit obligation and plan assets and the funded status of the Plans at December 31, 2021 and 2020. (Dollars in thousands) 2021 2020 Change in benefit obligation Projected benefit obligation at January 1 $ 1,077,653 $ 990,406 Service cost 15,351 14,279 Interest cost 29,864 34,197 Actuarial (gains)/losses (30,591) 72,080 Benefits paid (35,967) (33,309) Projected benefit obligation at December 31 1,056,310 1,077,653 Change in plan assets Fair value of plan assets at January 1 1,235,555 976,072 Actual return on plan assets 145,720 192,792 Employer contributions 32 100,000 Benefits paid (35,967) (33,309) Fair value of plan assets at December 31 1,345,340 1,235,555 Funded status at December 31 $ 289,030 $ 157,902 |
Schedule of Amount Included in Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) included the following at December 31, 2021 and 2020: December 31, 2021 December 31, 2020 (Dollars in thousands) Accumulated Deferred Accumulated Accumulated Deferred Accumulated Unrealized (losses) gains on securities available for sale $ (11,792) $ (2,712) $ (9,080) $ 102,278 $ 23,524 $ 78,754 Unrealized (losses) gains on securities available for sale transferred to held to maturity (8,735) (2,009) (6,726) 5,399 1,242 4,157 Defined benefit pension items 33,223 7,641 25,582 (91,751) (21,103) (70,648) Total $ 12,696 $ 2,920 $ 9,776 $ 15,926 $ 3,663 $ 12,263 The following table highlights changes in accumulated other comprehensive income (loss) by component for the years ended December 31, 2021 and 2020: (Dollars in thousands) Unrealized gains (losses) on securities available-for-sale (1) Unrealized gains (losses) on securities available for sale transferred to held to maturity (1)(2) Defined benefit pension items (1) Total Balance at January 1, 2020 $ 5,792 $ — $ (132,515) $ (126,723) Net unrealized gains arising during period 119,357 4,538 42,367 166,262 Amounts reclassified from accumulated other comprehensive loss (46,395) (381) 19,500 (27,276) Net current period other comprehensive income 72,962 4,157 61,867 138,986 Balance at December 31, 2020 78,754 4,157 (70,648) 12,263 Net unrealized (losses) gains arising during the period (62,332) (9,747) 75,368 3,289 Amounts reclassified from accumulated other comprehensive income (25,502) (1,136) 20,862 (5,776) Net current period other comprehensive (loss) income (87,834) (10,883) 96,230 (2,487) Balance at December 31, 2021 $ (9,080) $ (6,726) $ 25,582 $ 9,776 (1) All amounts are net of tax. Amounts in parentheses indicate other comprehensive losses, which are debits or decreases to equity. (2) Unrealized gains (losses) related to the reclassification of investment securities from available for sale to held to maturity. Refer to Note C, Investments, for additional information. The following table details the amounts recognized in accumulated other comprehensive income at December 31, 2021 and 2020. (Dollars in thousands) 2021 2020 Net actuarial (gain) loss $ (33,223) $ 91,751 |
Schedule of Net Benefit Costs | The following table shows the components of periodic benefit cost related to the Plans and changes in plan assets and benefit obligations recognized in other comprehensive income for the years ended December 31, 2021, 2020 and 2019. Year ended December 31 (Dollars in thousands) 2021 2020 2019 Service cost $ 15,351 $ 14,279 $ 12,767 Interest cost 29,864 34,197 37,260 Expected return on assets (78,430) (65,689) (62,590) Amortization of prior service cost — — 57 Amortization of net actuarial loss 27,093 25,324 10,924 Total net periodic benefit cost (income) (6,122) 8,111 (1,582) Current year actuarial (gain) loss (97,880) (55,023) 20,049 Amortization of actuarial loss (27,093) (25,324) (10,924) Amortization of prior service cost — — (57) Net (gain) loss recognized in other comprehensive income (124,973) (80,347) 9,068 Total recognized in net periodic benefit cost and other comprehensive income $ (131,095) $ (72,236) $ 7,486 |
Schedule of Assumptions Used | The assumptions used to determine the benefit obligations at December 31, 2021 and 2020 are as follows: 2021 2020 Discount rate 3.04 % 2.76 % Rate of compensation increase 5.60 5.60 The assumptions used to determine the net periodic benefit cost for the years ended December 31, 2021, 2020 and 2019, are as follows: 2021 2020 2019 Discount rate 2.76 % 3.46 % 4.38 % Rate of compensation increase 5.60 5.60 5.60 Expected long-term return on plan assets 7.50 7.50 7.50 |
Schedule of Fair Value and Allocation of Plan Assets | The fair values of pension plan assets at December 31, 2021 and 2020, by asset class are as follows: December 31, 2021 (Dollars in thousands) Market Value Level 1 Level 2 Level 3 Target Allocation Actual % Cash and equivalents $ 16,674 $ 16,674 $ — $ — 0 - 5% 1 % Equity securities 30 - 70% 61 % Common and preferred stock 76,240 76,240 — — Mutual funds 481,630 481,630 — — Exchange traded funds 263,072 263,072 — — Fixed income 15 - 45% 38 % U.S. government and government agency securities 228,399 — 228,399 — Corporate bonds 279,325 2,902 276,423 — Total pension assets $ 1,345,340 $ 840,518 $ 504,822 $ — 100 % December 31, 2020 Market Value Level 1 Level 2 Level 3 Target Allocation Actual % Cash and equivalents $ 37,913 $ 37,913 $ — $ — 0 - 5% 3 % Equity securities 30 - 70% 77 % Common and preferred stock 144,924 144,924 — — Mutual funds 559,472 559,472 — — Exchange traded funds 248,819 248,819 — — Fixed income 15 - 45% 20 % U.S. government and government agency securities 90,292 — 90,292 — Corporate bonds 154,135 — 154,135 — Total pension assets $ 1,235,555 $ 991,128 $ 244,427 $ — 100 % |
Schedule of Expected Benefit Payments | Cash Flows The following are estimated payments to pension plan participants in the indicated periods: (Dollars in thousands) Estimated Payments 2022 $ 41,051 2023 43,686 2024 46,266 2025 48,548 2026 50,756 2027-2031 280,173 |
Deferred Benefit Plans Liability Rollforward | The following table provides the accrued liability as of December 31, 2021 and 2020, and the changes in the accrued liability during the years then ended: (Dollars in thousands) 2021 2020 Accrued liability as of January 1 $ 42,655 $ 45,295 Discount rate adjustment (680) 1,719 Benefit expense and interest cost 2,015 3,503 Benefits paid (5,244) (7,862) Accrued liability as of December 31 $ 38,746 $ 42,655 Discount rate at December 31 3.04 % 2.76 % |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Operating and Finance Lease Assets and Liabilities | The following table presents lease assets and liabilities as of December 31, 2021 and 2020: (Dollars in thousands) Classification December 31, 2021 December 31, 2020 Assets: Operating Other assets $ 63,207 $ 68,048 Finance Premises and equipment 4,310 6,478 Total leased assets $ 67,517 $ 74,526 Liabilities: Operating Other liabilities $ 64,431 $ 68,343 Finance Other borrowings 4,311 6,308 Total lease liabilities $ 68,742 $ 74,651 The following table presents the remaining weighted average lease terms and discount rates as of December 31, 2021: Weighted average remaining lease term (years): December 31, 2021 Operating 8.9 Finance 3.5 Weighted average discount rate: Operating 3.00 % Finance 3.12 |
Schedule of Net Lease Cost | (Dollars in thousands) Classification 2021 2020 Lease cost: Operating lease cost (1) Occupancy expense $ 13,993 $ 15,023 Finance lease cost: Amortization of leased assets Equipment expense 2,168 2,168 Interest on lease liabilities Interest expense - Other borrowings 162 220 Variable lease cost Occupancy expense 3,110 3,231 Sublease income Occupancy expense (355) (350) Net lease cost $ 19,078 $ 20,292 (1) Operating lease cost includes short-term lease cost, which is immaterial. The following table presents supplemental cash flow information related to leases for the years ended December 31, 2021 and 2020: Year ended December 31 (Dollars in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 13,054 $ 14,237 Operating cash flows from finance leases 162 220 Financing cash flows from finance leases 1,997 1,922 Right-of-use assets obtained in exchange for new operating lease liabilities 6,535 4,595 |
Schedule of Lease Liability Maturities | The following table presents lease liability maturities in the next five years and thereafter: (Dollars in thousands) Operating Leases Finance Leases Total 2022 $ 12,840 $ 1,876 $ 14,716 2023 11,162 993 12,155 2024 9,356 617 9,973 2025 6,462 635 7,097 2026 5,450 431 5,881 Thereafter 29,236 — 29,236 Total lease payments $ 74,506 $ 4,552 $ 79,058 Less: Interest 10,075 241 10,316 Present value of lease liabilities $ 64,431 $ 4,311 $ 68,742 |
Schedule of Lease Liability Maturities | The following table presents lease liability maturities in the next five years and thereafter: (Dollars in thousands) Operating Leases Finance Leases Total 2022 $ 12,840 $ 1,876 $ 14,716 2023 11,162 993 12,155 2024 9,356 617 9,973 2025 6,462 635 7,097 2026 5,450 431 5,881 Thereafter 29,236 — 29,236 Total lease payments $ 74,506 $ 4,552 $ 79,058 Less: Interest 10,075 241 10,316 Present value of lease liabilities $ 64,431 $ 4,311 $ 68,742 |
Lessor, Sales-type Lease Or Direct Financing Lease | The following table presents the components of the investment in direct or sales type financing leases, included in loans in the consolidated balance sheets as of December 31, 2021 and 2020: (Dollars in thousands) Year ended December 31 2021 2020 Total minimum lease payment to be received $ 261,469 $ 335,385 Estimated unguaranteed residual value of leased assets 24,472 19,428 Gross investment in direct or sales type financing leases 285,941 354,813 Unearned income (18,262) (23,970) Initial direct costs 783 548 Total net investment $ 268,462 $ 331,391 |
Sales-type and Direct Financing Leases, Lease Receivable Maturity | At December 31, 2021, future minimum lease payments to be received under direct or sales type financing leases were as follows: Years ending December 31 2022 $ 96,974 2023 70,635 2024 46,407 2025 28,065 2026 13,630 Thereafter 5,758 Future minimum lease payments $ 261,469 |
Transactions with Related Per_2
Transactions with Related Persons (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | For those identified as Related Persons as of December 31, 2021, the following table provides an analysis of changes in the loans outstanding during 2021 and 2020: Year ended December 31 (dollars in thousands) 2021 2020 Balance at January 1 $ 117 $ 145 New loans 21 19 Repayments (16) (47) Balance at December 31 $ 122 $ 117 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Fair Value, Off-balance Sheet Risks [Table Text Block] | The following table presents the commitments to extend credit and unfunded commitments as of December 31, 2021 and 2020: (Dollars in thousands) 2021 2020 Unused commitments to extend credit $ 13,011,154 $ 12,098,417 Standby letters of credit 116,648 129,819 |
Parent Company Financial Stat_2
Parent Company Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Parent Company Condensed Balance Sheets (Dollars in thousands) December 31, 2021 December 31, 2020 Assets Cash and due from banks $ 173,719 $ 49,716 Overnight investments 5,716 1,607 Investments in marketable equity securities 97,528 91,680 Investment securities available for sale — 2,010 Investment in banking subsidiaries 4,987,350 4,621,676 Investment in other subsidiaries 3,237 3,241 Due from subsidiaries — 786 Other assets 41,874 48,591 Total assets $ 5,309,424 $ 4,819,307 Liabilities and Shareholders’ Equity Subordinated debentures $ 453,313 $ 452,350 Other borrowings 107,825 128,125 Due to subsidiaries 2,829 — Other liabilities 8,216 9,564 Shareholders’ equity 4,737,241 4,229,268 Total liabilities and shareholders’ equity $ 5,309,424 $ 4,819,307 |
Condensed Income Statements | Parent Company Condensed Income Statements Year ended December 31 (Dollars in thousands) 2021 2020 2019 Interest and dividend income $ 2,011 $ 3,952 $ 1,327 Interest expense 16,578 16,817 7,187 Net interest loss (14,567) (12,865) (5,860) Dividends from banking subsidiaries 173,091 229,685 149,819 Marketable equity securities gains, net 34,081 29,395 20,625 Other income 66 574 257 Other operating expense 11,275 13,168 9,497 Income before income tax benefit and equity in undistributed net income of subsidiaries 181,396 233,621 155,344 Income tax expense 2,089 879 892 Income before equity in undistributed net income of subsidiaries 179,307 232,742 154,452 Equity in undistributed net income of subsidiaries 368,152 258,981 302,919 Net income 547,459 491,723 457,371 Preferred stock dividends 18,544 14,062 — Net income available to common shareholders $ 528,915 $ 477,661 $ 457,371 |
Condensed Statements of Cash Flows | Parent Company Condensed Statements of Cash Flows Year ended December 31 (Dollars in thousands) 2021 2020 2019 OPERATING ACTIVITIES Net income $ 547,459 $ 491,723 $ 457,371 Adjustments Undistributed net income of subsidiaries (368,152) (258,981) (302,919) Net amortization of premiums and discounts 963 824 119 Marketable equity securities gains, net (34,081) (29,395) (20,625) Realized gains on investment securities available for sale, net — — (20) Net change in due to/from subsidiaries 3,615 (2,456) (2,185) Change in other assets 6,722 (3,074) (2,001) Change in other liabilities 3,265 (694) 981 Net cash provided by operating activities 159,791 197,947 130,721 INVESTING ACTIVITIES Net change in loans — — 100,000 Net change in overnight investments (4,109) 940 2,162 Purchases of marketable equity securities (1,563) (333,140) (26,166) Proceeds from sales of marketable equity securities 29,796 352,835 56,749 Proceeds from sales, calls, and maturities of securities 2,000 1,000 3,477 Investment in subsidiaries — (422,500) — Net cash provided by (used in) investing activities 26,124 (400,865) 136,222 FINANCING ACTIVITIES Net change in short-term borrowings — (40,277) 40,277 Repayment of long-term obligations (20,300) (33,300) (3,575) Origination of long-term obligations — — 165,000 Net proceeds from subordinated notes issuance — 345,849 — Net proceeds from preferred stock issuance — 339,937 — Repurchase of common stock — (333,755) (453,123) Cash dividends paid (41,612) (30,393) (18,137) Net cash provided by (used in) financing activities (61,912) 248,061 (269,558) Net change in cash 124,003 45,143 (2,615) Cash balance at beginning of year 49,716 4,573 7,188 Cash balance at end of year $ 173,719 $ 49,716 $ 4,573 CASH PAYMENTS FOR: Interest $ 16,579 $ 13,338 $ 7,187 Income taxes 810,116 106,618 78,345 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | The following table presents the primary components of other assets as of December 31, 2021 and 2020: December 31 (Dollars in thousands) 2021 2020 Income taxes receivable $ 798,640 $ 66,465 Pension assets 289,030 157,902 Investment in low-income housing tax credits 156,588 163,866 Cash surrender value of life insurance 113,391 111,671 Right of use assets for operating leases, net of accumulated amortization 63,207 68,048 Federal Home Loan Bank stock 40,450 45,392 Prepaid expenses 37,660 40,489 Other 158,390 130,119 Total other assets $ 1,657,356 $ 783,953 |
Accounting Policies and Basis_3
Accounting Policies and Basis of Presentation - Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||||
Dec. 31, 2021USD ($)voteStatebranchshares | Dec. 31, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Property, Plant and Equipment [Line Items] | |||||
Number of branches | branch | 529 | ||||
Number of states in which entity operates | State | 19 | ||||
Cash and cash equivalents | $ 9,030,000,000 | $ 4,270,000,000 | |||
Non-marketable securities | 9,600,000 | 11,600,000 | |||
FHLB restricted stock | 40,500,000 | 45,400,000 | |||
Amortization Method Qualified Affordable Housing Project Investments | 156,600,000 | 163,900,000 | |||
Financing receivable, allowance for credit loss, expected, COVID-19 | 0 | ||||
Financing receivable, collateral dependent, threshold for loans individually evaluated for impairment | 500,000 | ||||
Reserve for unfunded commitments | $ 11,800,000 | ||||
Useful life (years) | 5 years 7 months 6 days | ||||
Increase (decrease) in allowance for credit loss | $ 178,493,000 | 224,314,000 | $ 225,141,000 | $ 223,712,000 | |
Retained earnings | $ 4,377,712,000 | $ 3,867,252,000 | |||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Property, Plant and Equipment [Line Items] | |||||
Increase (decrease) in allowance for credit loss | $ 37,900,000 | $ (37,924,000) | |||
Visa Class B Common Stock | |||||
Property, Plant and Equipment [Line Items] | |||||
Investment owned (in shares) | shares | 353,577 | ||||
Investment owned, fair value | $ 0 | ||||
Class A Common Stock, Par Value $1 | |||||
Property, Plant and Equipment [Line Items] | |||||
Votes per share of common stock | vote | 1 | ||||
Class B Common Stock | |||||
Property, Plant and Equipment [Line Items] | |||||
Votes per share of common stock | vote | 16 | ||||
Minimum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful life (years) | 5 years | ||||
Operating lease renewal term (years) | 1 year | ||||
Maximum | |||||
Property, Plant and Equipment [Line Items] | |||||
Useful life (years) | 12 years | ||||
Operating lease renewal term (years) | 25 years |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 01, 2020 | |
Business Acquisition [Line Items] | ||||
Goodwill | $ 346,064 | $ 350,298 | $ 349,398 | |
Merger-related expenses | 29,463 | $ 17,450 | $ 17,166 | |
Community Financial Holding Co. Inc. | ||||
Business Acquisition [Line Items] | ||||
Business combination, assets acquired | $ 221,400 | |||
Non-PCI loans acquired | 110,600 | |||
PCI loans acquired | 23,400 | |||
Business combination, recognized identifiable assets acquired and liabilities assumed, allowance for credit losses | 1,200 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 536 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 219,800 | |||
Business combination, deposits | 209,300 | |||
Goodwill | $ 686 | |||
Merger-related expenses | 3,500 | |||
Interest and fee income, loans, consumer and commercial | $ 5,300 |
Investments (Aggregate Values a
Investments (Aggregate Values and Unrealized Gains and Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investment securities available for sale | ||
Investment securities available for sale, cost | $ 9,215,219 | $ 6,911,965 |
Investment securities available for sale, gross unrealized gains | 45,006 | 111,189 |
Investment securities available for sale, gross unrealized losses | 56,798 | 8,911 |
Investment securities available for sale, fair value | 9,203,427 | 7,014,243 |
Investments in ME securities, cost | 72,894 | 84,837 |
Investment in marketable equity securities, gross unrealized gains | 24,879 | 8,654 |
Investment in marketable equity securities, gross unrealized losses | 245 | 1,811 |
Investment in marketable equity securities, fair value | 97,528 | 91,680 |
Investment securities held to maturity | ||
Investment securities held to maturity, cost | 3,809,453 | 2,816,982 |
Investment securities held to maturity, gross unrealied gains | 5,722 | 21,573 |
Investment securities held to maturity, gross unrealized losses | 55,525 | 56 |
Investment securities held to maturity, fair value | 3,759,650 | 2,838,499 |
Total investment securities, cost | 13,097,566 | 9,813,784 |
Total investment securities, gross unrealized gains | 75,607 | 141,416 |
Total investment securities, fair value | 112,568 | 10,778 |
Total investment securities, gross unrealized losses | 13,060,605 | 9,944,422 |
U. S. Treasury | ||
Investment securities available for sale | ||
Investment securities available for sale, cost | 2,006,788 | 499,832 |
Investment securities available for sale, gross unrealized gains | 106 | 101 |
Investment securities available for sale, gross unrealized losses | 1,924 | 0 |
Investment securities available for sale, fair value | 2,004,970 | 499,933 |
Government Agency | ||
Investment securities available for sale | ||
Investment securities available for sale, cost | 797,725 | 706,241 |
Investment securities available for sale, gross unrealized gains | 4,659 | 723 |
Investment securities available for sale, gross unrealized losses | 3,624 | 5,573 |
Investment securities available for sale, fair value | 798,760 | 701,391 |
Residential Mortgage Backed Securities | ||
Investment securities available for sale | ||
Investment securities available for sale, cost | 4,756,977 | 4,369,130 |
Investment securities available for sale, gross unrealized gains | 8,229 | 70,283 |
Investment securities available for sale, gross unrealized losses | 36,793 | 1,310 |
Investment securities available for sale, fair value | 4,728,413 | 4,438,103 |
Investment securities held to maturity | ||
Investment securities held to maturity, cost | 2,322,529 | 1,877,692 |
Investment securities held to maturity, gross unrealied gains | 5,690 | 17,689 |
Investment securities held to maturity, gross unrealized losses | 21,957 | 0 |
Investment securities held to maturity, fair value | 2,306,262 | 1,895,381 |
Commercial Mortgage Backed Securities | ||
Investment securities available for sale | ||
Investment securities available for sale, cost | 1,071,309 | 745,892 |
Investment securities available for sale, gross unrealized gains | 5,364 | 25,645 |
Investment securities available for sale, gross unrealized losses | 13,924 | 0 |
Investment securities available for sale, fair value | 1,062,749 | 771,537 |
Investment securities held to maturity | ||
Investment securities held to maturity, cost | 1,484,916 | 937,034 |
Investment securities held to maturity, gross unrealied gains | 32 | 3,884 |
Investment securities held to maturity, gross unrealized losses | 33,568 | 56 |
Investment securities held to maturity, fair value | 1,451,380 | 940,862 |
Corporate Bonds | ||
Investment securities available for sale | ||
Investment securities available for sale, cost | 582,420 | 590,870 |
Investment securities available for sale, gross unrealized gains | 26,648 | 14,437 |
Investment securities available for sale, gross unrealized losses | 533 | 2,028 |
Investment securities available for sale, fair value | 608,535 | 603,279 |
Other Debt Obligations | ||
Investment securities held to maturity | ||
Investment securities held to maturity, cost | 2,008 | 2,256 |
Investment securities held to maturity, gross unrealied gains | 0 | 0 |
Investment securities held to maturity, gross unrealized losses | 0 | 0 |
Investment securities held to maturity, fair value | $ 2,008 | $ 2,256 |
Investments (Narrative) (Detail
Investments (Narrative) (Details) | Oct. 01, 2021USD ($) | Nov. 01, 2020USD ($) | Dec. 31, 2021USD ($)investmentshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Schedule of Investments [Line Items] | |||||
Investment securities available for sale transferred to held to maturity fair value, net of tax | $ (12,700,000) | $ 5,900,000 | $ (12,659,000) | $ 5,894,000 | $ 72,512,000 |
Reclassification of unrealized losses, net of tax | 9,700,000 | 4,500,000 | (10,883,000) | 4,157,000 | $ 71,149,000 |
Interest receivable, available-for-sale debt securities | 22,300,000 | 17,600,000 | |||
Interest receivable, held-to-maturity debt securities | 6,600,000 | 5,400,000 | |||
Debt securities, accrued interest, writeOff | $ 0 | 0 | |||
Number of investments in continuous unrealized loss position for more than twelve months | investment | 37 | ||||
Unrealized losses related to marketability of securities or issuers ability to honor redemption obligations | $ 0 | ||||
Investment value deemed to be OTTI | 0 | ||||
Investment securities, aggregate carrying value, pledged as collateral | 5,740,000,000 | $ 4,640,000,000 | |||
Debt securities, held-to-maturity, nonaccrual | $ 0 | ||||
Visa Class B Common Stock | |||||
Schedule of Investments [Line Items] | |||||
Investment owned (in shares) | shares | 353,577 | ||||
Total past due | |||||
Schedule of Investments [Line Items] | |||||
Debt securities | $ 0 | ||||
Mortgage Backed Securities | |||||
Schedule of Investments [Line Items] | |||||
Investment securities available for sale transferred to held to maturity amortized cost | 451,700,000 | 1,460,000,000 | |||
Investment securities available for sale transferred to held to maturity fair value | $ 439,000,000 | $ 1,470,000,000 | |||
Weighted average contractual maturity (years) | 18 years |
Investments (Maturity Informati
Investments (Maturity Information) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investment securities available for sale | ||
Total investment securities available for sale, cost | $ 9,215,219 | $ 6,911,965 |
Investment securities available for sale | 9,203,427 | 7,014,243 |
Investment securities held to maturity | ||
Maturing in one year or less, cost | 2,008 | 1,507 |
Maturing in one year or less, fair value | 2,008 | 1,507 |
Maturing in one through five years, cost | 0 | 749 |
Maturing in one through five years, fair value | 0 | 749 |
Investment securities held to maturity, cost | 3,809,453 | 2,816,982 |
Total investment securities held to maturity, fair value | 3,759,650 | 2,838,499 |
Debt Securities | ||
Investment securities available for sale | ||
Maturing in one year or less, cost | 200 | 500,846 |
Maturing in one through five years, cost | 2,049,068 | 72,565 |
Maturing in five through ten years, cost | 523,290 | 508,320 |
Maturing in over ten years, cost | 16,650 | 8,971 |
Maturing in one year or less, fair value | 202 | 500,954 |
Maturing in one through five years, fair value | 2,048,259 | 73,881 |
Maturing in five through ten years, fair value | 547,912 | 519,570 |
Maturing in over ten years, fair value | 17,132 | 8,807 |
Government Agency | ||
Investment securities available for sale | ||
Total investment securities available for sale, cost | 797,725 | 706,241 |
Investment securities available for sale | 798,760 | 701,391 |
Residential Mortgage Backed Securities | ||
Investment securities available for sale | ||
Total investment securities available for sale, cost | 4,756,977 | 4,369,130 |
Investment securities available for sale | 4,728,413 | 4,438,103 |
Investment securities held to maturity | ||
Investment securities held to maturity, cost | 2,322,529 | 1,877,692 |
Investment securities held to maturity, fair value | 2,306,262 | 1,895,381 |
Total investment securities held to maturity, fair value | 2,306,262 | 1,895,381 |
Commercial Mortgage Backed Securities | ||
Investment securities available for sale | ||
Total investment securities available for sale, cost | 1,071,309 | 745,892 |
Investment securities available for sale | 1,062,749 | 771,537 |
Investment securities held to maturity | ||
Investment securities held to maturity, cost | 1,484,916 | 937,034 |
Investment securities held to maturity, fair value | 1,451,380 | 940,862 |
Total investment securities held to maturity, fair value | $ 1,451,380 | $ 940,862 |
Investments (Securities Gains (
Investments (Securities Gains (Losses)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments [Abstract] | |||
Gross gains on retirement/sales of investment securities available for sale | $ 33,133 | $ 60,932 | $ 8,993 |
Gross losses on sales of investment securities available for sale | (14) | (679) | (1,878) |
Realized gains on investment securities available for sale, net | $ 33,119 | $ 60,253 | $ 7,115 |
Investments (Realized and Unrea
Investments (Realized and Unrealized Gains/Losses on Marketable Equity Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Investments [Abstract] | |||
Marketable equity securities gains (losses), net | $ 34,081 | $ 29,395 | $ 20,625 |
Less net gains recognized on marketable equity securities sold | 16,261 | 44,550 | 16,344 |
Unrealized gains (losses) recognized on marketable equity securities held | $ 17,820 | $ (15,155) | $ 4,281 |
Investments (Unrealized Losses)
Investments (Unrealized Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investment securities available for sale: | ||
Less than 12 months, fair value | $ 6,725,062 | $ 760,153 |
Less than 12 months, unrealized losses | 54,666 | 6,466 |
Longer than 12 months, fair value | 191,286 | 351,841 |
Longer than 12 months, unrealized losses | 2,132 | 2,445 |
Total fair value | 6,916,348 | 1,111,994 |
Total unrealized losses | 56,798 | 8,911 |
U. S. Treasury | ||
Investment securities available for sale: | ||
Less than 12 months, fair value | 1,810,924 | |
Less than 12 months, unrealized losses | 1,924 | |
Longer than 12 months, fair value | 0 | |
Longer than 12 months, unrealized losses | 0 | |
Total fair value | 1,810,924 | |
Total unrealized losses | 1,924 | |
Government Agency | ||
Investment securities available for sale: | ||
Less than 12 months, fair value | 222,401 | 268,622 |
Less than 12 months, unrealized losses | 1,516 | 3,197 |
Longer than 12 months, fair value | 189,935 | 328,777 |
Longer than 12 months, unrealized losses | 2,108 | 2,376 |
Total fair value | 412,336 | 597,399 |
Total unrealized losses | 3,624 | 5,573 |
Residential Mortgage Backed Securities | ||
Investment securities available for sale: | ||
Less than 12 months, fair value | 3,992,305 | 433,816 |
Less than 12 months, unrealized losses | 36,769 | 1,241 |
Longer than 12 months, fair value | 1,351 | 23,064 |
Longer than 12 months, unrealized losses | 24 | 69 |
Total fair value | 3,993,656 | 456,880 |
Total unrealized losses | 36,793 | 1,310 |
Commercial Mortgage Backed Securities | ||
Investment securities available for sale: | ||
Less than 12 months, fair value | 647,101 | |
Less than 12 months, unrealized losses | 13,924 | |
Longer than 12 months, fair value | 0 | |
Longer than 12 months, unrealized losses | 0 | |
Total fair value | 647,101 | |
Total unrealized losses | 13,924 | |
Corporate Bonds | ||
Investment securities available for sale: | ||
Less than 12 months, fair value | 52,331 | 57,715 |
Less than 12 months, unrealized losses | 533 | 2,028 |
Longer than 12 months, fair value | 0 | 0 |
Longer than 12 months, unrealized losses | 0 | 0 |
Total fair value | 52,331 | 57,715 |
Total unrealized losses | $ 533 | $ 2,028 |
Loans and Leases (Narrative) (D
Loans and Leases (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Recorded Investment [Line Items] | ||
Loans held for sale | $ 98,700 | $ 124,800 |
Proceeds from Sale of Loans Receivable | 1,040,000 | 1,050,000 |
Nonaccruing | 120,306 | 191,483 |
Loans and leases greater than 90 days and accruing | 6,925 | 5,862 |
Financing Receivable, Recorded Investment, Nonaccrual Status, Remaining Discount | 40,436 | 64,727 |
Portfolio Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Proceeds from Sale of Loans Receivable | 7,600 | |
Non-PCI Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing Receivable, Recorded Investment, Nonaccrual Status, Remaining Discount | 11,428 | 19,473 |
Non-PCI Loans | Commercial | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccruing | 35,287 | 43,322 |
Loans and leases greater than 90 days and accruing | 5,431 | 4,312 |
PCD Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Nonaccruing | 29,616 | 54,939 |
Loans and leases greater than 90 days and accruing | 543 | 355 |
Financing Receivable, Recorded Investment, Nonaccrual Status, Remaining Discount | 29,008 | 45,254 |
Non-PCD Loans | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net deferred fees on non-PCI loans | 31,785 | 50,217 |
Non-PCD Loans | Other Portfolio | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net deferred fees on non-PCI loans | 16,903 | 9,153 |
Non-PCD Loans | SBA-PPP | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Net deferred fees on non-PCI loans | 14,882 | 41,064 |
Customer Concentration Risk | Medical Dental And Related Field Borrowers | Loans Receivable To Borrowers In Medical, Dental Or Related Fields | Loans Receivable | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans in the medical, dental or related field | $ 7,090,000 | $ 5,540,000 |
Loan concentration percentage | 21.90% | 16.90% |
Geographic Concentration Risk | Loans Receivable Secured By Real Estate Collateral | Loans Receivable | NORTH CAROLINA | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan concentration percentage | 35.90% | |
Geographic Concentration Risk | Loans Receivable Secured By Real Estate Collateral | Loans Receivable | SOUTH CAROLINA | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loan concentration percentage | 15.60% | |
Federal Home Loan Bank of Atlanta | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Pledged as Collateral | $ 14,507,109 | $ 12,157,153 |
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 9,563,947 | 8,637,844 |
Advances from Federal Home Loan Banks | 644,659 | 652,675 |
Federal Home Loan Bank Advances, Current Borrowing Capacity | 8,919,288 | 7,985,169 |
Federal Reserve Bank | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Loans Pledged as Collateral | 4,806,443 | 4,104,866 |
Federal Reserve Bank, Advances, General Debt Obligations, Disclosures, Collateral Pledged | 3,950,649 | 3,321,762 |
Advances from Federal Home Loan Banks | 0 | 0 |
Federal Home Loan Bank Advances, Current Borrowing Capacity | $ 3,950,649 | $ 3,321,762 |
Loans and Leases (Loans and Lea
Loans and Leases (Loans and Leases Outstanding) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Loans and leases, not acquired in a transfer accounted for as debt securities | $ 32,033,898 | $ 32,329,093 |
PCI Loans | 337,624 | 462,882 |
Total loans and leases | 32,371,522 | 32,791,975 |
Commercial | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 22,280,288 | 22,558,060 |
Commercial | Construction and land development | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 1,111,797 | 985,424 |
Commercial | Commercial and industrial | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 5,710,652 | 5,013,644 |
Commercial | Mortgage Receivable, Owner Occupied | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 11,992,625 | 11,165,012 |
Commercial | Mortgage Receivable, Non-Owner Occupied | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 2,971,393 | 2,987,689 |
Commercial | SBA-PPP | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 493,821 | 2,406,291 |
Consumer Portfolio Segment | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 9,753,610 | 9,771,033 |
Consumer Portfolio Segment | Construction and land development | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 399,570 | 348,123 |
Consumer Portfolio Segment | Residential Mortgage | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 5,679,919 | 5,561,686 |
Consumer Portfolio Segment | Revolving Mortgage | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 1,795,005 | 2,052,854 |
Consumer Portfolio Segment | Consumer Auto Loan | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | 1,331,388 | 1,255,402 |
Consumer Portfolio Segment | Consumer Loan, Other | ||
Loans and leases, not acquired in a transfer accounted for as debt securities | $ 547,728 | $ 552,968 |
Loans and Leases (Aging Of The
Loans and Leases (Aging Of The Outstanding Loans and Leases By Class Excluding Loans Impaired At Acquisition Date) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 32,371,522 | $ 32,791,975 |
SBA-PPP | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 493,800 | 2,410,000 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 22,280,288 | 22,558,060 |
Commercial | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,111,797 | 985,424 |
Commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,710,652 | 5,013,644 |
Commercial | Mortgage Receivable, Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 11,992,625 | 11,165,012 |
Commercial | Mortgage Receivable, Non-Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,971,393 | 2,987,689 |
Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 9,753,610 | 9,771,033 |
Consumer Portfolio Segment | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 399,570 | 348,123 |
Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,679,919 | 5,561,686 |
Consumer Portfolio Segment | Revolving Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,795,005 | 2,052,854 |
Consumer Portfolio Segment | Consumer Auto Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,331,388 | 1,255,402 |
Consumer Portfolio Segment | Consumer Loan, Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 547,728 | 552,968 |
Non-PCI Loans | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 22,558,060 | |
Non-PCI Loans | Commercial | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,111,797 | 985,424 |
Non-PCI Loans | Commercial | Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 11,165,012 | |
Non-PCI Loans | Commercial | Other commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,987,689 | |
Non-PCI Loans | Commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,710,652 | 5,013,644 |
Non-PCI Loans | Commercial | SBA-PPP | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 493,821 | |
Non-PCI Loans | Commercial | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 22,280,288 | 2,406,291 |
Non-PCI Loans | Commercial | Mortgage Receivable, Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 11,992,625 | |
Non-PCI Loans | Commercial | Mortgage Receivable, Non-Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,971,393 | |
Non-PCI Loans | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 9,753,610 | 9,771,033 |
Non-PCI Loans | Consumer Portfolio Segment | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 399,570 | 348,123 |
Non-PCI Loans | Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,679,919 | 5,561,686 |
Non-PCI Loans | Consumer Portfolio Segment | Revolving Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,795,005 | 2,052,854 |
Non-PCI Loans | Consumer Portfolio Segment | Consumer Auto Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,331,388 | 1,255,402 |
Non-PCI Loans | Consumer Portfolio Segment | Consumer Loan, Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 547,728 | |
Non-PCI Loans | Consumer Portfolio Segment | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 552,968 | |
PCD Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 337,624 | 462,882 |
30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 71,053 | 121,499 |
30-59 days past due | Consumer Portfolio Segment | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 388 | 932 |
30-59 days past due | Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 18,585 | 43,218 |
30-59 days past due | Consumer Portfolio Segment | Revolving Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,446 | 11,977 |
30-59 days past due | Consumer Portfolio Segment | Consumer Auto Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,628 | 6,825 |
30-59 days past due | Consumer Portfolio Segment | Consumer Loan, Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,335 | 3,610 |
30-59 days past due | Non-PCI Loans | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 36,615 | |
30-59 days past due | Non-PCI Loans | Commercial | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 456 | 956 |
30-59 days past due | Non-PCI Loans | Commercial | Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 8,757 | |
30-59 days past due | Non-PCI Loans | Commercial | Other commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 12,370 | |
30-59 days past due | Non-PCI Loans | Commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 7,909 | 14,532 |
30-59 days past due | Non-PCI Loans | Commercial | SBA-PPP | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 0 | |
30-59 days past due | Non-PCI Loans | Commercial | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 27,773 | 0 |
30-59 days past due | Non-PCI Loans | Commercial | Mortgage Receivable, Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 18,073 | |
30-59 days past due | Non-PCI Loans | Commercial | Mortgage Receivable, Non-Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,335 | |
30-59 days past due | Non-PCI Loans | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 32,382 | 66,562 |
30-59 days past due | Non-PCI Loans | Consumer Portfolio Segment | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 388 | 932 |
30-59 days past due | Non-PCI Loans | Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 18,585 | 43,218 |
30-59 days past due | Non-PCI Loans | Consumer Portfolio Segment | Revolving Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,446 | 11,977 |
30-59 days past due | Non-PCI Loans | Consumer Portfolio Segment | Consumer Auto Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,628 | 6,825 |
30-59 days past due | Non-PCI Loans | Consumer Portfolio Segment | Consumer Loan, Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,335 | |
30-59 days past due | Non-PCI Loans | Consumer Portfolio Segment | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 3,610 | |
30-59 days past due | PCD Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 10,898 | 18,322 |
60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 16,462 | 26,043 |
60-89 days past due | Consumer Portfolio Segment | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 0 | 77 |
60-89 days past due | Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 4,066 | 8,364 |
60-89 days past due | Consumer Portfolio Segment | Revolving Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,086 | 2,626 |
60-89 days past due | Consumer Portfolio Segment | Consumer Auto Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,134 | 1,835 |
60-89 days past due | Consumer Portfolio Segment | Consumer Loan, Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,013 | 1,464 |
60-89 days past due | Non-PCI Loans | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,601 | |
60-89 days past due | Non-PCI Loans | Commercial | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 0 | 527 |
60-89 days past due | Non-PCI Loans | Commercial | Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,232 | |
60-89 days past due | Non-PCI Loans | Commercial | Other commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 0 | |
60-89 days past due | Non-PCI Loans | Commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 3,714 | 2,842 |
60-89 days past due | Non-PCI Loans | Commercial | SBA-PPP | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 0 | |
60-89 days past due | Non-PCI Loans | Commercial | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 4,264 | 0 |
60-89 days past due | Non-PCI Loans | Commercial | Mortgage Receivable, Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 517 | |
60-89 days past due | Non-PCI Loans | Commercial | Mortgage Receivable, Non-Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 33 | |
60-89 days past due | Non-PCI Loans | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 9,299 | 14,366 |
60-89 days past due | Non-PCI Loans | Consumer Portfolio Segment | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 0 | 77 |
60-89 days past due | Non-PCI Loans | Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 4,066 | 8,364 |
60-89 days past due | Non-PCI Loans | Consumer Portfolio Segment | Revolving Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,086 | 2,626 |
60-89 days past due | Non-PCI Loans | Consumer Portfolio Segment | Consumer Auto Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,134 | 1,835 |
60-89 days past due | Non-PCI Loans | Consumer Portfolio Segment | Consumer Loan, Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,013 | |
60-89 days past due | Non-PCI Loans | Consumer Portfolio Segment | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,464 | |
60-89 days past due | PCD Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,899 | 6,076 |
90 days or greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 51,869 | 97,943 |
90 days or greater | Consumer Portfolio Segment | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 41 | 330 |
90 days or greater | Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 14,205 | 31,690 |
90 days or greater | Consumer Portfolio Segment | Revolving Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 4,612 | 7,415 |
90 days or greater | Consumer Portfolio Segment | Consumer Auto Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,214 | 1,076 |
90 days or greater | Consumer Portfolio Segment | Consumer Loan, Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,154 | 1,505 |
90 days or greater | Non-PCI Loans | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 24,901 | |
90 days or greater | Non-PCI Loans | Commercial | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,099 | 1,603 |
90 days or greater | Non-PCI Loans | Commercial | Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 14,082 | |
90 days or greater | Non-PCI Loans | Commercial | Other commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,973 | |
90 days or greater | Non-PCI Loans | Commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 6,238 | 3,243 |
90 days or greater | Non-PCI Loans | Commercial | SBA-PPP | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 0 | |
90 days or greater | Non-PCI Loans | Commercial | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 17,483 | 0 |
90 days or greater | Non-PCI Loans | Commercial | Mortgage Receivable, Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 6,929 | |
90 days or greater | Non-PCI Loans | Commercial | Mortgage Receivable, Non-Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,217 | |
90 days or greater | Non-PCI Loans | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 21,226 | 42,016 |
90 days or greater | Non-PCI Loans | Consumer Portfolio Segment | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 41 | 330 |
90 days or greater | Non-PCI Loans | Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 14,205 | 31,690 |
90 days or greater | Non-PCI Loans | Consumer Portfolio Segment | Revolving Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 4,612 | 7,415 |
90 days or greater | Non-PCI Loans | Consumer Portfolio Segment | Consumer Auto Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,214 | 1,076 |
90 days or greater | Non-PCI Loans | Consumer Portfolio Segment | Consumer Loan, Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,154 | |
90 days or greater | Non-PCI Loans | Consumer Portfolio Segment | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,505 | |
90 days or greater | PCD Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 13,160 | 31,026 |
Total past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 139,384 | 245,485 |
Total past due | Non-PCI Loans | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 67,117 | |
Total past due | Non-PCI Loans | Commercial | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,555 | 3,086 |
Total past due | Non-PCI Loans | Commercial | Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 25,071 | |
Total past due | Non-PCI Loans | Commercial | Other commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 18,343 | |
Total past due | Non-PCI Loans | Commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 17,861 | 20,617 |
Total past due | Non-PCI Loans | Commercial | SBA-PPP | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 0 | |
Total past due | Non-PCI Loans | Commercial | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 49,520 | 0 |
Total past due | Non-PCI Loans | Commercial | Mortgage Receivable, Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 25,519 | |
Total past due | Non-PCI Loans | Commercial | Mortgage Receivable, Non-Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 3,585 | |
Total past due | Non-PCI Loans | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 62,907 | 122,944 |
Total past due | Non-PCI Loans | Consumer Portfolio Segment | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 429 | 1,339 |
Total past due | Non-PCI Loans | Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 36,856 | 83,272 |
Total past due | Non-PCI Loans | Consumer Portfolio Segment | Revolving Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 12,144 | 22,018 |
Total past due | Non-PCI Loans | Consumer Portfolio Segment | Consumer Auto Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 7,976 | 9,736 |
Total past due | Non-PCI Loans | Consumer Portfolio Segment | Consumer Loan, Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,502 | |
Total past due | Non-PCI Loans | Consumer Portfolio Segment | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 6,579 | |
Total past due | PCD Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 26,957 | 55,424 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 32,232,138 | 32,546,490 |
Current | Non-PCI Loans | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 22,490,943 | |
Current | Non-PCI Loans | Commercial | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,109,242 | 982,338 |
Current | Non-PCI Loans | Commercial | Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 11,139,941 | |
Current | Non-PCI Loans | Commercial | Other commercial real estate | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,969,346 | |
Current | Non-PCI Loans | Commercial | Commercial and industrial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,692,791 | 4,993,027 |
Current | Non-PCI Loans | Commercial | SBA-PPP | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 493,821 | |
Current | Non-PCI Loans | Commercial | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 22,230,768 | 2,406,291 |
Current | Non-PCI Loans | Commercial | Mortgage Receivable, Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 11,967,106 | |
Current | Non-PCI Loans | Commercial | Mortgage Receivable, Non-Owner Occupied | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,967,808 | |
Current | Non-PCI Loans | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 9,690,703 | 9,648,089 |
Current | Non-PCI Loans | Consumer Portfolio Segment | Construction and land development | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 399,141 | 346,784 |
Current | Non-PCI Loans | Consumer Portfolio Segment | Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,643,063 | 5,478,414 |
Current | Non-PCI Loans | Consumer Portfolio Segment | Revolving Mortgage | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,782,861 | 2,030,836 |
Current | Non-PCI Loans | Consumer Portfolio Segment | Consumer Auto Loan | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,323,412 | 1,245,666 |
Current | Non-PCI Loans | Consumer Portfolio Segment | Consumer Loan, Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 542,226 | |
Current | Non-PCI Loans | Consumer Portfolio Segment | Consumer | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 546,389 | |
Current | PCD Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 310,667 | $ 407,458 |
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 | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing | $ 120,306 | $ 191,483 |
Loans and leases greater than 90 days and accruing | 6,925 | 5,862 |
Non-PCI Loans | Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing | 35,287 | 43,322 |
Loans and leases greater than 90 days and accruing | 5,431 | 4,312 |
Non-PCI Loans | Commercial | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing | 2,128 | 1,661 |
Loans and leases greater than 90 days and accruing | 0 | 0 |
Non-PCI Loans | Commercial | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing | 17,384 | 10,626 |
Loans and leases greater than 90 days and accruing | 661 | 540 |
Non-PCI Loans | Commercial | Mortgage Receivable, Owner Occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing | 11,355 | 23,103 |
Loans and leases greater than 90 days and accruing | 4,573 | 3,625 |
Non-PCI Loans | Commercial | Mortgage Receivable, Non-Owner Occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing | 4,420 | 7,932 |
Loans and leases greater than 90 days and accruing | 197 | 147 |
Non-PCI Loans | Consumer Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing | 55,403 | 93,222 |
Loans and leases greater than 90 days and accruing | 951 | 1,195 |
Non-PCI Loans | Consumer Portfolio Segment | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing | 482 | 652 |
Loans and leases greater than 90 days and accruing | 0 | 0 |
Non-PCI Loans | Consumer Portfolio Segment | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing | 35,395 | 66,345 |
Loans and leases greater than 90 days and accruing | 0 | 0 |
Non-PCI Loans | Consumer Portfolio Segment | Revolving mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing | 22,236 | |
Loans and leases greater than 90 days and accruing | 0 | |
Non-PCI Loans | Consumer Portfolio Segment | Revolving Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing | 15,882 | |
Loans and leases greater than 90 days and accruing | 0 | |
Non-PCI Loans | Consumer Portfolio Segment | Consumer Auto Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing | 3,089 | 3,166 |
Loans and leases greater than 90 days and accruing | 0 | 0 |
Non-PCI Loans | Consumer Portfolio Segment | Consumer Loan, Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing | 555 | 823 |
Loans and leases greater than 90 days and accruing | 951 | 1,195 |
PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing | 29,616 | 54,939 |
Loans and leases greater than 90 days and accruing | $ 543 | $ 355 |
Loans and Leases (Composition o
Loans and Leases (Composition of the Loans and Leases Outstanding By Credit Rating) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | $ 32,371,522 | $ 32,791,975 |
SBA-PPP | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 493,800 | 2,410,000 |
Commercial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 6,413,587 | 8,459,531 |
2020 | 5,277,898 | 4,217,219 |
2019 | 3,358,724 | 2,787,346 |
2018 | 1,828,979 | 2,053,335 |
2017 | 1,477,828 | 1,647,878 |
Prior | 2,304,991 | 2,238,335 |
Revolving | 1,611,953 | 1,147,519 |
Revolving converted to term loans | 6,328 | 6,897 |
Total loans and leases | 22,280,288 | 22,558,060 |
Commercial | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 468,533 | 342,658 |
2020 | 374,393 | 341,862 |
2019 | 178,379 | 198,300 |
2018 | 24,985 | 56,118 |
2017 | 47,588 | 23,977 |
Prior | 8,428 | 11,387 |
Revolving | 9,491 | 11,122 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 1,111,797 | 985,424 |
Commercial | Mortgage Receivable, Owner Occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 3,073,681 | 3,200,021 |
2020 | 3,058,161 | 2,240,919 |
2019 | 1,919,706 | 1,671,722 |
2018 | 1,225,963 | 1,334,727 |
2017 | 989,107 | 1,081,293 |
Prior | 1,590,782 | 1,521,016 |
Revolving | 135,040 | 115,109 |
Revolving converted to term loans | 185 | 205 |
Total loans and leases | 11,992,625 | 11,165,012 |
Commercial | Mortgage Receivable, Non-Owner Occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 635,569 | 868,982 |
2020 | 744,905 | 629,426 |
2019 | 600,969 | 401,226 |
2018 | 273,212 | 342,372 |
2017 | 270,351 | 302,018 |
Prior | 410,541 | 410,223 |
Revolving | 35,846 | 33,442 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 2,971,393 | 2,987,689 |
Commercial | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 1,785,254 | 1,641,579 |
2020 | 1,057,168 | 1,005,012 |
2019 | 659,670 | 516,098 |
2018 | 304,819 | 320,118 |
2017 | 170,782 | 240,590 |
Prior | 295,240 | 295,709 |
Revolving | 1,431,576 | 987,846 |
Revolving converted to term loans | 6,143 | 6,692 |
Total loans and leases | 5,710,652 | 5,013,644 |
Commercial | Pass | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 467,540 | 342,183 |
2020 | 374,206 | 341,233 |
2019 | 178,035 | 190,429 |
2018 | 23,546 | 50,776 |
2017 | 43,541 | 23,969 |
Prior | 8,419 | 11,306 |
Revolving | 9,491 | 10,969 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 1,104,778 | 970,865 |
Commercial | Pass | Mortgage Receivable, Owner Occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 3,042,301 | 3,183,467 |
2020 | 3,016,532 | 2,201,165 |
2019 | 1,868,940 | 1,625,141 |
2018 | 1,193,126 | 1,301,412 |
2017 | 960,346 | 1,049,858 |
Prior | 1,538,984 | 1,454,020 |
Revolving | 125,025 | 101,556 |
Revolving converted to term loans | 115 | 133 |
Total loans and leases | 11,745,369 | 10,916,752 |
Commercial | Pass | Mortgage Receivable, Non-Owner Occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 628,953 | 865,514 |
2020 | 734,538 | 609,975 |
2019 | 577,953 | 378,136 |
2018 | 261,504 | 331,800 |
2017 | 261,946 | 282,810 |
Prior | 388,956 | 391,517 |
Revolving | 35,297 | 32,149 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 2,889,147 | 2,891,901 |
Commercial | Pass | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 1,767,047 | 1,620,622 |
2020 | 1,042,730 | 983,852 |
2019 | 636,334 | 504,463 |
2018 | 298,326 | 310,468 |
2017 | 165,371 | 234,735 |
Prior | 289,044 | 286,996 |
Revolving | 1,338,162 | 899,978 |
Revolving converted to term loans | 4,983 | 5,520 |
Total loans and leases | 5,541,997 | 4,846,634 |
Commercial | Pass | SBA-PPP | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 450,550 | 2,406,291 |
2020 | 43,271 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 0 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 493,821 | 2,406,291 |
Commercial | Special mention | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 18 | 246 |
2020 | 152 | 0 |
2019 | 283 | 6,421 |
2018 | 0 | 5,342 |
2017 | 45 | 0 |
Prior | 0 | 0 |
Revolving | 0 | 153 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 498 | 12,162 |
Commercial | Special mention | Mortgage Receivable, Owner Occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 2,924 | 6,274 |
2020 | 35,390 | 20,702 |
2019 | 35,949 | 36,739 |
2018 | 22,247 | 12,387 |
2017 | 11,399 | 17,699 |
Prior | 20,233 | 25,693 |
Revolving | 4,598 | 5,115 |
Revolving converted to term loans | 70 | 72 |
Total loans and leases | 132,810 | 124,681 |
Commercial | Special mention | Mortgage Receivable, Non-Owner Occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 1,252 | 569 |
2020 | 0 | 905 |
2019 | 262 | 10,794 |
2018 | 2,602 | 1,808 |
2017 | 32 | 5,121 |
Prior | 5,083 | 3,279 |
Revolving | 0 | 483 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 9,231 | 22,959 |
Commercial | Special mention | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 2,455 | 3,146 |
2020 | 7,859 | 17,065 |
2019 | 20,225 | 7,265 |
2018 | 2,493 | 5,393 |
2017 | 3,769 | 3,307 |
Prior | 3,517 | 4,912 |
Revolving | 5,455 | 9,152 |
Revolving converted to term loans | 296 | 189 |
Total loans and leases | 46,069 | 50,429 |
Commercial | Substandard | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 975 | 229 |
2020 | 35 | 629 |
2019 | 61 | 1,450 |
2018 | 1,439 | 0 |
2017 | 4,002 | 8 |
Prior | 9 | 81 |
Revolving | 0 | 0 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 6,521 | 2,397 |
Commercial | Substandard | Mortgage Receivable, Owner Occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 28,456 | 10,280 |
2020 | 6,239 | 19,052 |
2019 | 14,817 | 9,842 |
2018 | 10,590 | 20,928 |
2017 | 17,362 | 13,736 |
Prior | 31,565 | 41,303 |
Revolving | 5,417 | 8,438 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 114,446 | 123,579 |
Commercial | Substandard | Mortgage Receivable, Non-Owner Occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 5,364 | 2,899 |
2020 | 10,367 | 18,546 |
2019 | 22,754 | 12,296 |
2018 | 9,106 | 8,764 |
2017 | 6,973 | 14,087 |
Prior | 16,502 | 15,427 |
Revolving | 549 | 810 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 71,615 | 72,829 |
Commercial | Substandard | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 15,752 | 17,811 |
2020 | 6,579 | 4,095 |
2019 | 3,111 | 4,370 |
2018 | 4,000 | 4,257 |
2017 | 1,642 | 2,548 |
Prior | 2,679 | 3,801 |
Revolving | 15,911 | 22,384 |
Revolving converted to term loans | 864 | 983 |
Total loans and leases | 50,538 | 60,249 |
Commercial | Doubtful | Mortgage Receivable, Non-Owner Occupied | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 1,400 | |
Prior | 0 | |
Revolving | 0 | |
Revolving converted to term loans | 0 | |
Total loans and leases | 1,400 | |
Commercial | Doubtful | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | |
Revolving | 1 | |
Revolving converted to term loans | 0 | |
Total loans and leases | 1 | |
Commercial | Ungraded | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving | 72,047 | 56,332 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 72,047 | 56,332 |
Consumer Portfolio Segment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 2,940,962 | 2,679,097 |
2020 | 2,055,757 | 1,444,947 |
2019 | 842,404 | 929,030 |
2018 | 494,957 | 728,918 |
2017 | 398,111 | 536,569 |
Prior | 859,913 | 951,150 |
Revolving | 2,043,550 | 2,339,505 |
Revolving converted to term loans | 117,956 | 161,817 |
Total loans and leases | 9,753,610 | 9,771,033 |
Consumer Portfolio Segment | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 241,747 | 215,112 |
2020 | 122,544 | 86,127 |
2019 | 20,809 | 24,981 |
2018 | 6,665 | 10,648 |
2017 | 4,846 | 6,093 |
Prior | 1,681 | 2,637 |
Revolving | 1,278 | 2,525 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 399,570 | 348,123 |
Consumer Portfolio Segment | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 1,967,306 | 1,885,273 |
2020 | 1,563,679 | 987,802 |
2019 | 610,344 | 671,657 |
2018 | 364,094 | 605,545 |
2017 | 341,954 | 476,855 |
Prior | 811,720 | 909,361 |
Revolving | 20,822 | 25,193 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 5,679,919 | 5,561,686 |
Consumer Portfolio Segment | Revolving Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving | 1,677,049 | 1,891,037 |
Revolving converted to term loans | 117,956 | 161,817 |
Total loans and leases | 1,795,005 | 2,052,854 |
Consumer Portfolio Segment | Consumer Auto Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 598,560 | 524,393 |
2020 | 345,526 | 343,683 |
2019 | 200,172 | 221,383 |
2018 | 119,794 | 105,530 |
2017 | 48,949 | 50,627 |
Prior | 18,387 | 9,786 |
Revolving | 0 | 0 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 1,331,388 | 1,255,402 |
Consumer Portfolio Segment | Consumer Loan, Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 133,349 | 54,319 |
2020 | 24,008 | 27,335 |
2019 | 11,079 | 11,009 |
2018 | 4,404 | 7,195 |
2017 | 2,362 | 2,994 |
Prior | 28,125 | 29,366 |
Revolving | 344,401 | 420,750 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 547,728 | 552,968 |
Consumer And PCD Portfolio Segments | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 9,354,549 | 11,172,270 |
2020 | 7,357,392 | 5,690,922 |
2019 | 4,222,487 | 3,749,427 |
2018 | 2,345,334 | 2,812,829 |
2017 | 1,898,267 | 2,215,777 |
Prior | 3,387,885 | 3,458,369 |
Revolving | 3,665,601 | 3,500,512 |
Revolving converted to term loans | 140,007 | 191,869 |
Total loans and leases | 32,371,522 | 32,791,975 |
PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 0 | 33,642 |
2020 | 23,737 | 28,756 |
2019 | 21,359 | 33,051 |
2018 | 21,398 | 30,576 |
2017 | 22,328 | 31,330 |
Prior | 222,981 | 268,884 |
Revolving | 10,098 | 13,488 |
Revolving converted to term loans | 15,723 | 23,155 |
Total loans and leases | 337,624 | 462,882 |
Current | Consumer Portfolio Segment | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 241,692 | 215,112 |
2020 | 122,259 | 85,707 |
2019 | 20,782 | 24,860 |
2018 | 6,665 | 10,269 |
2017 | 4,835 | 6,093 |
Prior | 1,630 | 2,218 |
Revolving | 1,278 | 2,525 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 399,141 | 346,784 |
Current | Consumer Portfolio Segment | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 1,964,807 | 1,882,683 |
2020 | 1,561,214 | 978,298 |
2019 | 607,551 | 655,798 |
2018 | 359,581 | 596,309 |
2017 | 339,318 | 461,719 |
Prior | 789,770 | 878,634 |
Revolving | 20,822 | 24,973 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 5,643,063 | 5,478,414 |
Current | Consumer Portfolio Segment | Revolving Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving | 1,671,148 | 1,879,968 |
Revolving converted to term loans | 111,713 | 150,868 |
Total loans and leases | 1,782,861 | 2,030,836 |
Current | Consumer Portfolio Segment | Consumer Auto Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 596,617 | 521,719 |
2020 | 343,230 | 340,594 |
2019 | 198,455 | 219,597 |
2018 | 118,540 | 104,280 |
2017 | 48,405 | 49,872 |
Prior | 18,165 | 9,604 |
Revolving | 0 | 0 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 1,323,412 | 1,245,666 |
Current | Consumer Portfolio Segment | Consumer Loan, Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 132,402 | 53,842 |
2020 | 23,856 | 27,117 |
2019 | 11,019 | 10,911 |
2018 | 4,402 | 7,159 |
2017 | 2,362 | 2,980 |
Prior | 28,099 | 29,336 |
Revolving | 340,086 | 415,044 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 542,226 | 546,389 |
Current | PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 0 | 31,475 |
2020 | 22,154 | 25,425 |
2019 | 20,896 | 27,183 |
2018 | 20,486 | 27,955 |
2017 | 21,739 | 28,995 |
Prior | 200,915 | 232,186 |
Revolving | 10,070 | 13,212 |
Revolving converted to term loans | 14,407 | 21,027 |
Total loans and leases | 310,667 | 407,458 |
30-59 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 71,053 | 121,499 |
30-59 days past due | Consumer Portfolio Segment | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 55 | 0 |
2020 | 285 | 420 |
2019 | 27 | 121 |
2018 | 0 | 370 |
2017 | 11 | 0 |
Prior | 10 | 21 |
Revolving | 0 | 0 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 388 | 932 |
30-59 days past due | Consumer Portfolio Segment | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 1,809 | 2,278 |
2020 | 2,011 | 4,573 |
2019 | 2,045 | 11,463 |
2018 | 1,866 | 3,772 |
2017 | 1,385 | 8,613 |
Prior | 9,469 | 12,299 |
Revolving | 0 | 220 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 18,585 | 43,218 |
30-59 days past due | Consumer Portfolio Segment | Revolving Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving | 3,688 | 8,241 |
Revolving converted to term loans | 1,758 | 3,736 |
Total loans and leases | 5,446 | 11,977 |
30-59 days past due | Consumer Portfolio Segment | Consumer Auto Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 1,331 | 2,175 |
2020 | 1,570 | 1,873 |
2019 | 1,265 | 1,257 |
2018 | 879 | 842 |
2017 | 409 | 544 |
Prior | 174 | 134 |
Revolving | 0 | 0 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 5,628 | 6,825 |
30-59 days past due | Consumer Portfolio Segment | Consumer Loan, Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 205 | 322 |
2020 | 125 | 114 |
2019 | 23 | 77 |
2018 | 1 | 18 |
2017 | 0 | 11 |
Prior | 25 | 7 |
Revolving | 1,956 | 3,061 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 2,335 | 3,610 |
30-59 days past due | PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 0 | 999 |
2020 | 798 | 925 |
2019 | 98 | 801 |
2018 | 479 | 718 |
2017 | 164 | 1,341 |
Prior | 9,173 | 12,637 |
Revolving | 0 | 156 |
Revolving converted to term loans | 186 | 745 |
Total loans and leases | 10,898 | 18,322 |
60-89 days past due | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 16,462 | 26,043 |
60-89 days past due | Consumer Portfolio Segment | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 9 |
2017 | 0 | 0 |
Prior | 0 | 68 |
Revolving | 0 | 0 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 0 | 77 |
60-89 days past due | Consumer Portfolio Segment | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 465 | 30 |
2020 | 26 | 100 |
2019 | 67 | 1,246 |
2018 | 649 | 1,449 |
2017 | 507 | 834 |
Prior | 2,352 | 4,705 |
Revolving | 0 | 0 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 4,066 | 8,364 |
60-89 days past due | Consumer Portfolio Segment | Revolving Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving | 256 | 527 |
Revolving converted to term loans | 1,830 | 2,099 |
Total loans and leases | 2,086 | 2,626 |
60-89 days past due | Consumer Portfolio Segment | Consumer Auto Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 184 | 329 |
2020 | 429 | 689 |
2019 | 296 | 312 |
2018 | 147 | 351 |
2017 | 48 | 109 |
Prior | 30 | 45 |
Revolving | 0 | 0 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 1,134 | 1,835 |
60-89 days past due | Consumer Portfolio Segment | Consumer Loan, Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 697 | 102 |
2020 | 20 | 20 |
2019 | 36 | 13 |
2018 | 0 | 18 |
2017 | 0 | 3 |
Prior | 1 | 23 |
Revolving | 1,259 | 1,285 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 2,013 | 1,464 |
60-89 days past due | PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 0 | 447 |
2020 | 302 | 81 |
2019 | 143 | 312 |
2018 | 158 | 695 |
2017 | 22 | 97 |
Prior | 2,196 | 4,098 |
Revolving | 0 | 9 |
Revolving converted to term loans | 78 | 337 |
Total loans and leases | 2,899 | 6,076 |
90 days or greater | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans and leases | 51,869 | 97,943 |
90 days or greater | Consumer Portfolio Segment | Construction and land development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 41 | 330 |
Revolving | 0 | 0 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 41 | 330 |
90 days or greater | Consumer Portfolio Segment | Residential Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 225 | 282 |
2020 | 428 | 4,831 |
2019 | 681 | 3,150 |
2018 | 1,998 | 4,015 |
2017 | 744 | 5,689 |
Prior | 10,129 | 13,723 |
Revolving | 0 | 0 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 14,205 | 31,690 |
90 days or greater | Consumer Portfolio Segment | Revolving Mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving | 1,957 | 2,301 |
Revolving converted to term loans | 2,655 | 5,114 |
Total loans and leases | 4,612 | 7,415 |
90 days or greater | Consumer Portfolio Segment | Consumer Auto Loan | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 428 | 170 |
2020 | 297 | 527 |
2019 | 156 | 217 |
2018 | 228 | 57 |
2017 | 87 | 102 |
Prior | 18 | 3 |
Revolving | 0 | 0 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 1,214 | 1,076 |
90 days or greater | Consumer Portfolio Segment | Consumer Loan, Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 45 | 53 |
2020 | 7 | 84 |
2019 | 1 | 8 |
2018 | 1 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving | 1,100 | 1,360 |
Revolving converted to term loans | 0 | 0 |
Total loans and leases | 1,154 | 1,505 |
90 days or greater | PCD Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
2021 | 0 | 721 |
2020 | 483 | 2,325 |
2019 | 222 | 4,755 |
2018 | 275 | 1,208 |
2017 | 403 | 897 |
Prior | 10,697 | 19,963 |
Revolving | 28 | 111 |
Revolving converted to term loans | 1,052 | 1,046 |
Total loans and leases | $ 13,160 | $ 31,026 |
Loans and Leases (Composition_2
Loans and Leases (Composition of the Loans and Leases Outstanding by Credit Quality Indicator) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 32,371,522 | $ 32,791,975 |
Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 32,232,138 | 32,546,490 |
30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 71,053 | 121,499 |
60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 16,462 | 26,043 |
90 days or greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 51,869 | 97,943 |
Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 22,280,288 | 22,558,060 |
Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 9,753,610 | 9,771,033 |
Construction and land development | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,111,797 | 985,424 |
Construction and land development | Commercial | Pass | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,104,778 | 970,865 |
Construction and land development | Commercial | Special mention | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 498 | 12,162 |
Construction and land development | Commercial | Substandard | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 6,521 | 2,397 |
Construction and land development | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 399,570 | 348,123 |
Construction and land development | Consumer Portfolio Segment | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 388 | 932 |
Construction and land development | Consumer Portfolio Segment | 60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 0 | 77 |
Construction and land development | Consumer Portfolio Segment | 90 days or greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 41 | 330 |
Commercial and industrial | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,710,652 | 5,013,644 |
Commercial and industrial | Commercial | Pass | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,541,997 | 4,846,634 |
Commercial and industrial | Commercial | Special mention | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 46,069 | 50,429 |
Commercial and industrial | Commercial | Substandard | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 50,538 | 60,249 |
Commercial and industrial | Commercial | Doubtful | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1 | |
Commercial and industrial | Commercial | Ungraded | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 72,047 | 56,332 |
Non-PCI Loans | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 22,558,060 | |
Non-PCI Loans | Commercial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 22,490,943 | |
Non-PCI Loans | Commercial | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 36,615 | |
Non-PCI Loans | Commercial | 60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,601 | |
Non-PCI Loans | Commercial | 90 days or greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 24,901 | |
Non-PCI Loans | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 9,753,610 | 9,771,033 |
Non-PCI Loans | Consumer Portfolio Segment | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 9,690,703 | 9,648,089 |
Non-PCI Loans | Consumer Portfolio Segment | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 32,382 | 66,562 |
Non-PCI Loans | Consumer Portfolio Segment | 60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 9,299 | 14,366 |
Non-PCI Loans | Consumer Portfolio Segment | 90 days or greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 21,226 | 42,016 |
Non-PCI Loans | Construction and land development | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,111,797 | 985,424 |
Non-PCI Loans | Construction and land development | Commercial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,109,242 | 982,338 |
Non-PCI Loans | Construction and land development | Commercial | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 456 | 956 |
Non-PCI Loans | Construction and land development | Commercial | 60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 0 | 527 |
Non-PCI Loans | Construction and land development | Commercial | 90 days or greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,099 | 1,603 |
Non-PCI Loans | Construction and land development | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 399,570 | 348,123 |
Non-PCI Loans | Construction and land development | Consumer Portfolio Segment | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 399,141 | 346,784 |
Non-PCI Loans | Construction and land development | Consumer Portfolio Segment | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 388 | 932 |
Non-PCI Loans | Construction and land development | Consumer Portfolio Segment | 60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 0 | 77 |
Non-PCI Loans | Construction and land development | Consumer Portfolio Segment | 90 days or greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 41 | 330 |
Non-PCI Loans | Mortgage | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 11,165,012 | |
Non-PCI Loans | Mortgage | Commercial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 11,139,941 | |
Non-PCI Loans | Mortgage | Commercial | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 8,757 | |
Non-PCI Loans | Mortgage | Commercial | 60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,232 | |
Non-PCI Loans | Mortgage | Commercial | 90 days or greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 14,082 | |
Non-PCI Loans | Other commercial real estate | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,987,689 | |
Non-PCI Loans | Other commercial real estate | Commercial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,969,346 | |
Non-PCI Loans | Other commercial real estate | Commercial | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 12,370 | |
Non-PCI Loans | Other commercial real estate | Commercial | 60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 0 | |
Non-PCI Loans | Other commercial real estate | Commercial | 90 days or greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,973 | |
Non-PCI Loans | Commercial and industrial | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,710,652 | 5,013,644 |
Non-PCI Loans | Commercial and industrial | Commercial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 5,692,791 | 4,993,027 |
Non-PCI Loans | Commercial and industrial | Commercial | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 7,909 | 14,532 |
Non-PCI Loans | Commercial and industrial | Commercial | 60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 3,714 | 2,842 |
Non-PCI Loans | Commercial and industrial | Commercial | 90 days or greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 6,238 | 3,243 |
Non-PCI Loans | Other | Commercial | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 22,280,288 | 2,406,291 |
Non-PCI Loans | Other | Commercial | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 22,230,768 | 2,406,291 |
Non-PCI Loans | Other | Commercial | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 27,773 | 0 |
Non-PCI Loans | Other | Commercial | 60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 4,264 | 0 |
Non-PCI Loans | Other | Commercial | 90 days or greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 17,483 | 0 |
Non-PCI Loans | Consumer | Consumer Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 552,968 | |
Non-PCI Loans | Consumer | Consumer Portfolio Segment | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 546,389 | |
Non-PCI Loans | Consumer | Consumer Portfolio Segment | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 3,610 | |
Non-PCI Loans | Consumer | Consumer Portfolio Segment | 60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,464 | |
Non-PCI Loans | Consumer | Consumer Portfolio Segment | 90 days or greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 1,505 | |
PCD Loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 337,624 | 462,882 |
PCD Loans | Current | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 310,667 | 407,458 |
PCD Loans | 30-59 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 10,898 | 18,322 |
PCD Loans | 60-89 days past due | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | 2,899 | 6,076 |
PCD Loans | 90 days or greater | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans and leases | $ 13,160 | $ 31,026 |
Allowance for Credit Losses (Su
Allowance for Credit Losses (Summary of Allowance for Credit Losses) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2020 | |
Receivables [Abstract] | ||||
Financing receivable, allowance for credit loss, expected, COVID-19 | $ 0 | |||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 224,314,000 | $ 225,141,000 | $ 223,712,000 | |
Provisions | (36,835,000) | 58,352,000 | 31,441,000 | |
Initial PCD allowance | 1,193,000 | |||
Charge-offs | (35,422,000) | (45,105,000) | (43,027,000) | |
Recoveries | 26,436,000 | 22,657,000 | 13,015,000 | |
Ending balance | 178,493,000 | 224,314,000 | 225,141,000 | |
Allowance for Loans and Leases Evaluated for Impairment [Abstract] | ||||
Increase (decrease) in allowance for credit loss | 178,493,000 | $ 224,314,000 | 225,141,000 | |
Allowance for credit loss, forecast period | 2 years | |||
PCD Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 23,987,000 | $ 7,536,000 | 9,144,000 | |
Provisions | (14,329,000) | (7,202,000) | (1,608,000) | |
Initial PCD allowance | 1,193,000 | |||
Charge-offs | (2,317,000) | (3,300,000) | 0 | |
Recoveries | 7,461,000 | 6,759,000 | 0 | |
Ending balance | 14,802,000 | 23,987,000 | 7,536,000 | |
Allowance for Loans and Leases Evaluated for Impairment [Abstract] | ||||
Increase (decrease) in allowance for credit loss | 14,802,000 | 23,987,000 | 7,536,000 | |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | (37,924,000) | |||
Ending balance | (37,924,000) | |||
Allowance for Loans and Leases Evaluated for Impairment [Abstract] | ||||
Increase (decrease) in allowance for credit loss | (37,924,000) | $ 37,900,000 | ||
Cumulative Effect, Period of Adoption, Adjustment | Financial Asset Acquired and No Credit Deterioration | ||||
Allowance for Loans and Leases Evaluated for Impairment [Abstract] | ||||
Increase (decrease) in allowance for credit loss | 56,900,000 | |||
Cumulative Effect, Period of Adoption, Adjustment | PCD Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 19,001,000 | |||
Ending balance | 19,001,000 | |||
Allowance for Loans and Leases Evaluated for Impairment [Abstract] | ||||
Increase (decrease) in allowance for credit loss | 19,001,000 | $ 19,000,000 | ||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 187,217,000 | |||
Ending balance | 187,217,000 | |||
Allowance for Loans and Leases Evaluated for Impairment [Abstract] | ||||
Increase (decrease) in allowance for credit loss | 187,217,000 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | PCD Loans | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 26,537,000 | |||
Ending balance | 26,537,000 | |||
Allowance for Loans and Leases Evaluated for Impairment [Abstract] | ||||
Increase (decrease) in allowance for credit loss | 26,537,000 | |||
Commercial | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 80,842,000 | 142,369,000 | 139,043,000 | |
Provisions | (1,228,000) | 37,763,000 | 13,386,000 | |
Initial PCD allowance | 0 | |||
Charge-offs | (15,924,000) | (17,586,000) | (14,744,000) | |
Recoveries | 7,523,000 | 5,850,000 | 4,684,000 | |
Ending balance | 71,213,000 | 80,842,000 | 142,369,000 | |
Allowance for Loans and Leases Evaluated for Impairment [Abstract] | ||||
Increase (decrease) in allowance for credit loss | 71,213,000 | 80,842,000 | 142,369,000 | |
Commercial | Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | (87,554,000) | |||
Ending balance | (87,554,000) | |||
Allowance for Loans and Leases Evaluated for Impairment [Abstract] | ||||
Increase (decrease) in allowance for credit loss | (87,554,000) | |||
Commercial | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 54,815,000 | |||
Ending balance | 54,815,000 | |||
Allowance for Loans and Leases Evaluated for Impairment [Abstract] | ||||
Increase (decrease) in allowance for credit loss | 54,815,000 | |||
Consumer Portfolio Segment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 119,485,000 | 75,236,000 | 75,525,000 | |
Provisions | (21,278,000) | 27,791,000 | 19,663,000 | |
Initial PCD allowance | 0 | |||
Charge-offs | (17,181,000) | (24,219,000) | (28,283,000) | |
Recoveries | 11,452,000 | 10,048,000 | 8,331,000 | |
Ending balance | 92,478,000 | 119,485,000 | 75,236,000 | |
Allowance for Loans and Leases Evaluated for Impairment [Abstract] | ||||
Increase (decrease) in allowance for credit loss | 92,478,000 | 119,485,000 | 75,236,000 | |
Consumer Portfolio Segment | Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 30,629,000 | |||
Ending balance | 30,629,000 | |||
Allowance for Loans and Leases Evaluated for Impairment [Abstract] | ||||
Increase (decrease) in allowance for credit loss | 30,629,000 | |||
Consumer Portfolio Segment | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 105,865,000 | |||
Ending balance | 105,865,000 | |||
Allowance for Loans and Leases Evaluated for Impairment [Abstract] | ||||
Increase (decrease) in allowance for credit loss | 105,865,000 | |||
Unfunded Loan Commitment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 12,814,000 | 1,055,000 | ||
Provisions | (999,000) | 2,874,000 | ||
Ending balance | 11,815,000 | 12,814,000 | 1,055,000 | |
Allowance for Loans and Leases Evaluated for Impairment [Abstract] | ||||
Increase (decrease) in allowance for credit loss | 11,815,000 | 12,814,000 | 1,055,000 | |
Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 0 | 8,885,000 | ||
Ending balance | 0 | 8,885,000 | ||
Allowance for Loans and Leases Evaluated for Impairment [Abstract] | ||||
Increase (decrease) in allowance for credit loss | 0 | 8,885,000 | ||
Unfunded Loan Commitment | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | $ 12,814,000 | 9,940,000 | ||
Ending balance | 12,814,000 | 9,940,000 | ||
Allowance for Loans and Leases Evaluated for Impairment [Abstract] | ||||
Increase (decrease) in allowance for credit loss | $ 12,814,000 | $ 9,940,000 |
Allowance for Credit Losses (Co
Allowance for Credit Losses (Collateral Dependent Loans) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing receivable, collateral dependent, threshold for loans individually evaluated for impairment | $ 500,000 | |
Financing Receivable, Collateral Dependent | 19,793,000 | $ 58,825,000 |
Financing Receivable, Collateral, Net Realizable Value | $ 42,112,000 | $ 81,272,000 |
Financing Receivable, Collateral Coverage, Percentage | 212.80% | 138.20% |
Financing Receivable, Collateral Dependent, Allowance For Credit Loss | $ 941,000 | $ 131,000 |
Financing Receivable, Collateral Dependent, Nonaccrual, No Allowance | 14,800,000 | 57,500,000 |
Financial Asset Acquired and No Credit Deterioration | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Collateral Dependent | 14,929,000 | 39,783,000 |
Financing Receivable, Collateral, Net Realizable Value | $ 21,013,000 | $ 53,400,000 |
Financing Receivable, Collateral Coverage, Percentage | 140.80% | 134.20% |
Financing Receivable, Collateral Dependent, Allowance For Credit Loss | $ 941,000 | $ 131,000 |
Financial Asset Acquired and No Credit Deterioration | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Collateral Dependent | 9,606,000 | 16,772,000 |
Financing Receivable, Collateral, Net Realizable Value | $ 13,660,000 | $ 23,625,000 |
Financing Receivable, Collateral Coverage, Percentage | 142.20% | 140.90% |
Financing Receivable, Collateral Dependent, Allowance For Credit Loss | $ 941,000 | $ 0 |
PCD Loans | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Collateral Dependent | 4,864,000 | 19,042,000 |
Financing Receivable, Collateral, Net Realizable Value | $ 21,099,000 | $ 27,872,000 |
Financing Receivable, Collateral Coverage, Percentage | 433.80% | 146.40% |
Financing Receivable, Collateral Dependent, Allowance For Credit Loss | $ 0 | $ 0 |
Construction and land development | Financial Asset Acquired and No Credit Deterioration | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Collateral Dependent | 1,424,000 | 1,424,000 |
Financing Receivable, Collateral, Net Realizable Value | $ 1,964,000 | $ 1,795,000 |
Financing Receivable, Collateral Coverage, Percentage | 137.90% | 126.10% |
Financing Receivable, Collateral Dependent, Allowance For Credit Loss | $ 0 | $ 0 |
Mortgage Receivable, Owner Occupied | Financial Asset Acquired and No Credit Deterioration | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Collateral Dependent | 3,461,000 | 9,792,000 |
Financing Receivable, Collateral, Net Realizable Value | $ 4,370,000 | $ 14,253,000 |
Financing Receivable, Collateral Coverage, Percentage | 126.30% | 145.60% |
Financing Receivable, Collateral Dependent, Allowance For Credit Loss | $ 0 | $ 0 |
Mortgage Receivable, Non-Owner Occupied | Financial Asset Acquired and No Credit Deterioration | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Collateral Dependent | 2,056,000 | 5,556,000 |
Financing Receivable, Collateral, Net Realizable Value | $ 2,118,000 | $ 7,577,000 |
Financing Receivable, Collateral Coverage, Percentage | 103.00% | 136.40% |
Financing Receivable, Collateral Dependent, Allowance For Credit Loss | $ 0 | $ 0 |
Commercial and industrial and leases | Financial Asset Acquired and No Credit Deterioration | Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Collateral Dependent | 2,665,000 | |
Financing Receivable, Collateral, Net Realizable Value | $ 5,208,000 | |
Financing Receivable, Collateral Coverage, Percentage | 195.40% | |
Financing Receivable, Collateral Dependent, Allowance For Credit Loss | $ 941,000 | |
Residential Mortgage | Financial Asset Acquired and No Credit Deterioration | Consumer Portfolio Segment | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Financing Receivable, Collateral Dependent | 5,323,000 | 23,011,000 |
Financing Receivable, Collateral, Net Realizable Value | $ 7,353,000 | $ 29,775,000 |
Financing Receivable, Collateral Coverage, Percentage | 138.10% | 129.40% |
Financing Receivable, Collateral Dependent, Allowance For Credit Loss | $ 0 | $ 131,000 |
Allowance for Credit Losses (Al
Allowance for Credit Losses (Allocation of Allowance for Loan and Lease Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan and lease losses | $ 178,493 | $ 224,314 | $ 225,141 | $ 223,712 |
Net loans and leases | 32,193,029 | 32,567,661 | ||
PCI Loans | 337,624 | 462,882 | ||
Commercial | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan and lease losses | 71,213 | 80,842 | 142,369 | 139,043 |
Consumer Portfolio Segment | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for loan and lease losses | $ 92,478 | $ 119,485 | $ 75,236 | $ 75,525 |
Allowance for Credit Losses (No
Allowance for Credit Losses (Non-PCI Impaired Loans and Leases) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Non-PCI Impaired Loans Collective Maximum Balance Collectively Evaluated for Impairment | $ 500,000 |
Impaired Financing Receivable Collectively Evaluated | 41,000,000 |
Non-PCI Loans | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 169,938,000 |
Impaired Financing Receivable, Interest Income, Accrual Method | 5,410,000 |
Non-PCI Loans | Commercial | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 81,477,000 |
Impaired Financing Receivable, Interest Income, Accrual Method | 2,761,000 |
Non-PCI Loans | Noncommercial | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 88,461,000 |
Impaired Financing Receivable, Interest Income, Accrual Method | 2,649,000 |
Non-PCI Loans | Construction and land development | Commercial | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 3,915,000 |
Impaired Financing Receivable, Interest Income, Accrual Method | 53,000 |
Non-PCI Loans | Construction and land development | Noncommercial | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 3,589,000 |
Impaired Financing Receivable, Interest Income, Accrual Method | 116,000 |
Non-PCI Loans | Mortgage | Commercial | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 64,363,000 |
Impaired Financing Receivable, Interest Income, Accrual Method | 2,188,000 |
Non-PCI Loans | Mortgage | Noncommercial | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 52,045,000 |
Impaired Financing Receivable, Interest Income, Accrual Method | 1,386,000 |
Non-PCI Loans | Other commercial real estate | Commercial | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 919,000 |
Impaired Financing Receivable, Interest Income, Accrual Method | 27,000 |
Non-PCI Loans | Commercial and industrial | Commercial | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 11,884,000 |
Impaired Financing Receivable, Interest Income, Accrual Method | 482,000 |
Non-PCI Loans | Other | Commercial | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 396,000 |
Impaired Financing Receivable, Interest Income, Accrual Method | 11,000 |
Non-PCI Loans | Revolving mortgage | Noncommercial | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 29,516,000 |
Impaired Financing Receivable, Interest Income, Accrual Method | 1,009,000 |
Non-PCI Loans | Consumer | Noncommercial | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Impaired Financing Receivable, Average Recorded Investment | 3,311,000 |
Impaired Financing Receivable, Interest Income, Accrual Method | $ 138,000 |
Allowance for Credit Losses (Tr
Allowance for Credit Losses (Troubled Debt Restructuring) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Modifications [Line Items] | |||
Accruing | $ 194,548 | $ 208,180 | $ 171,192 |
Nonaccruing | 120,306 | 191,483 | |
PCD Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 39,336 | 24,963 | |
Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 101,739 | 77,536 | |
Commercial | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 95,307 | ||
Commercial | Construction and land development | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 632 | 2,766 | |
Commercial | Construction and land development | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 357 | ||
Commercial | Mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 61,935 | ||
Commercial | Other commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 571 | ||
Commercial | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 32,659 | 11,839 | |
Commercial | Commercial and industrial | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 21,107 | ||
Commercial | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 425 | ||
Commercial | Mortgage Receivable, Owner Occupied | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 49,824 | 48,463 | |
Commercial | Mortgage Receivable, Non-Owner Occupied | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 24,019 | 19,985 | |
Consumer Portfolio Segment | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 93,656 | ||
Consumer Portfolio Segment | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 59,905 | 81,478 | |
Consumer Portfolio Segment | Construction and land development | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 1,582 | 3,882 | |
Consumer Portfolio Segment | Construction and land development | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 1,220 | ||
Consumer Portfolio Segment | Consumer Auto Loan | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 2,282 | 2,714 | |
Consumer Portfolio Segment | Mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 48,838 | 57,861 | |
Consumer Portfolio Segment | Mortgage | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 32,897 | ||
Consumer Portfolio Segment | Revolving mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 27,252 | 28,399 | |
Consumer Portfolio Segment | Revolving mortgage | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 22,717 | ||
Consumer Portfolio Segment | Consumer and Other | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 3,514 | ||
Consumer Portfolio Segment | Consumer and Other | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 789 | 1,092 | |
Accruing | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 146,781 | 157,364 | 128,750 |
Accruing | PCD Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 29,401 | 17,617 | |
Accruing | Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 85,619 | 61,627 | |
Accruing | Commercial | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 76,922 | ||
Accruing | Commercial | Construction and land development | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 578 | 487 | |
Accruing | Commercial | Construction and land development | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 328 | ||
Accruing | Commercial | Mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 50,819 | ||
Accruing | Commercial | Other commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 571 | ||
Accruing | Commercial | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 29,131 | 9,430 | |
Accruing | Commercial | Commercial and industrial | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 11,723 | ||
Accruing | Commercial | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 320 | ||
Accruing | Commercial | Mortgage Receivable, Owner Occupied | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 43,593 | 37,574 | |
Accruing | Commercial | Mortgage Receivable, Non-Owner Occupied | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 21,278 | 18,336 | |
Accruing | Consumer Portfolio Segment | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 67,123 | ||
Accruing | Consumer Portfolio Segment | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 40,458 | 54,128 | |
Accruing | Consumer Portfolio Segment | Construction and land development | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 1,573 | 1,452 | |
Accruing | Consumer Portfolio Segment | Construction and land development | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 961 | ||
Accruing | Consumer Portfolio Segment | Consumer Auto Loan | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 1,827 | 2,018 | |
Accruing | Consumer Portfolio Segment | Mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 29,458 | 41,813 | |
Accruing | Consumer Portfolio Segment | Mortgage | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 20,635 | ||
Accruing | Consumer Portfolio Segment | Revolving mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 20,124 | 21,032 | |
Accruing | Consumer Portfolio Segment | Revolving mortgage | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 16,322 | ||
Accruing | Consumer Portfolio Segment | Consumer and Other | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 2,826 | ||
Accruing | Consumer Portfolio Segment | Consumer and Other | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 713 | 955 | |
Nonaccruing | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 47,767 | 50,816 | 42,442 |
Nonaccruing | PCD Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Accruing | 9,935 | 7,346 | |
Nonaccruing | Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 16,120 | 15,909 | |
Nonaccruing | Commercial | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 18,385 | ||
Nonaccruing | Commercial | Construction and land development | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 54 | 2,279 | |
Nonaccruing | Commercial | Construction and land development | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 29 | ||
Nonaccruing | Commercial | Mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 11,116 | ||
Nonaccruing | Commercial | Other commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 0 | ||
Nonaccruing | Commercial | Commercial and industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 3,528 | 2,409 | |
Nonaccruing | Commercial | Commercial and industrial | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 9,384 | ||
Nonaccruing | Commercial | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 105 | ||
Nonaccruing | Commercial | Mortgage Receivable, Owner Occupied | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 6,231 | 10,889 | |
Nonaccruing | Commercial | Mortgage Receivable, Non-Owner Occupied | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 2,741 | 1,649 | |
Nonaccruing | Consumer Portfolio Segment | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 26,533 | ||
Nonaccruing | Consumer Portfolio Segment | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 19,447 | 27,350 | |
Nonaccruing | Consumer Portfolio Segment | Construction and land development | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 9 | 2,430 | |
Nonaccruing | Consumer Portfolio Segment | Construction and land development | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 259 | ||
Nonaccruing | Consumer Portfolio Segment | Consumer Auto Loan | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 455 | 696 | |
Nonaccruing | Consumer Portfolio Segment | Mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 19,380 | 16,048 | |
Nonaccruing | Consumer Portfolio Segment | Mortgage | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 12,262 | ||
Nonaccruing | Consumer Portfolio Segment | Revolving mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 7,128 | 7,367 | |
Nonaccruing | Consumer Portfolio Segment | Revolving mortgage | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | 6,395 | ||
Nonaccruing | Consumer Portfolio Segment | Consumer and Other | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | $ 688 | ||
Nonaccruing | Consumer Portfolio Segment | Consumer and Other | Financial Asset Acquired and No Credit Deterioration | |||
Financing Receivable, Modifications [Line Items] | |||
Nonaccruing | $ 76 | $ 137 |
Allowance for Credit Losses (_2
Allowance for Credit Losses (Note Restructurings During Period) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)loans | Dec. 31, 2020USD ($)loans | Dec. 31, 2019USD ($)loans | |
Non-PCD Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 454 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 63,564 | ||
Non-PCI Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 599 | 505 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 92,688 | $ 52,169 | |
Principal Forgiveness [Member] | Non-PCD Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 20 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 18,144 | ||
Principal Forgiveness [Member] | Non-PCD Loans | Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 19 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 17,847 | ||
Principal Forgiveness [Member] | Non-PCD Loans | Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 1 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 297 | ||
Principal Forgiveness [Member] | Non-PCI Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 37 | 18 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 32,314 | $ 5,613 | |
Principal Forgiveness [Member] | Non-PCI Loans | Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 31 | 11 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 28,145 | $ 1,595 | |
Principal Forgiveness [Member] | Non-PCI Loans | Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 6 | 7 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 4,169 | $ 4,018 | |
Extended Maturity [Member] | Non-PCD Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 129 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 15,520 | ||
Extended Maturity [Member] | Non-PCD Loans | Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 23 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 6,717 | ||
Extended Maturity [Member] | Non-PCD Loans | Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 106 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 8,803 | ||
Extended Maturity [Member] | Non-PCI Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 92 | 18 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 11,133 | $ 4,246 | |
Extended Maturity [Member] | Non-PCI Loans | Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 26 | 16 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 5,444 | $ 3,904 | |
Extended Maturity [Member] | Non-PCI Loans | Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 66 | 2 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 5,689 | $ 342 | |
Interest Rate Below Market Reduction [Member] | Non-PCD Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 177 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 20,270 | ||
Interest Rate Below Market Reduction [Member] | Non-PCD Loans | Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 97 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 17,082 | ||
Interest Rate Below Market Reduction [Member] | Non-PCD Loans | Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 80 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 3,188 | ||
Interest Rate Below Market Reduction [Member] | Non-PCI Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 254 | 266 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 39,944 | $ 26,390 | |
Interest Rate Below Market Reduction [Member] | Non-PCI Loans | Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 98 | 90 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 33,870 | $ 13,932 | |
Interest Rate Below Market Reduction [Member] | Non-PCI Loans | Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 156 | 176 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 6,074 | $ 12,458 | |
Discharge of Debt [Member] | Non-PCD Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 128 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 9,630 | ||
Discharge of Debt [Member] | Non-PCD Loans | Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 32 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 5,955 | ||
Discharge of Debt [Member] | Non-PCD Loans | Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 96 | ||
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 3,675 | ||
Discharge of Debt [Member] | Non-PCI Loans | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 216 | 203 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 9,297 | $ 15,920 | |
Discharge of Debt [Member] | Non-PCI Loans | Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 30 | 25 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 1,168 | $ 5,571 | |
Discharge of Debt [Member] | Non-PCI Loans | Consumer | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Number of Contracts | loans | 186 | 178 | |
Financing Receivable, Modifications, Post-Modification Recorded Investment | $ | $ 8,129 | $ 10,349 |
Premises and Equipment (Major C
Premises and Equipment (Major Classifications) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 2,313,049 | $ 2,261,459 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 1,079,631 | 1,010,176 | |
Property, Plant and Equipment, Net | 1,233,418 | 1,251,283 | |
Depreciation | 106,585 | 108,641 | $ 103,828 |
Land | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 334,375 | 336,258 | |
Premises and leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 1,307,502 | 1,286,092 | |
Furniture, equipment and software | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 671,172 | $ 639,109 |
Other Real Estate Owned (Detail
Other Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate Properties [Line Items] | |||
Mortgage Loans in Process of Foreclosure, Amount | $ 15,000 | $ 29,400 | |
Gains (Losses) on Sales of Foreclosed Other Real Estate | 4,700 | 1,600 | $ 1,500 |
Other Real Estate [Roll Forward] | |||
Beginning balance | 50,890 | 46,591 | |
Other Real Estate, Additions | 27,755 | 26,822 | |
Sales | (35,703) | (26,726) | |
Write-downs/losses | (3,614) | (5,610) | |
Ending balance | 39,328 | 50,890 | $ 46,591 |
2019 Acquisitions | |||
Other Real Estate [Roll Forward] | |||
Other Real Estate, Additions | 0 | 9,813 | |
Mortgage | |||
Other Real Estate [Roll Forward] | |||
Beginning balance | 5,800 | ||
Ending balance | $ 2,300 | $ 5,800 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021USD ($)$ / loansRate | Dec. 31, 2020USD ($)$ / loansRate | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Goodwill [Roll Forward] | ||||
Beginning goodwill | $ 350,298 | $ 349,398 | ||
Goodwill, Out Of Period Adjustment | (4,234) | 0 | ||
Ending goodwill | 346,064 | 350,298 | $ 349,398 | |
Servicing Asset at Amortized Cost | 23,357 | 18,426 | 22,963 | $ 21,396 |
Servicing Asset at Amortized Cost, Additions | 10,556 | 8,006 | 6,149 | |
Amortization | (8,727) | (8,400) | (6,233) | |
Valuation Allowance for Impairment of Recognized Servicing Assets, Provisions (Recoveries) | (3,102) | 4,143 | 222 | |
Residential Mortgage Loans Serviced | $ 3,390,000 | $ 3,310,000 | 3,380,000 | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Prepayment Speed | Rate | 15.69% | 20.62% | ||
Contractually Specified Servicing Fee, Late Fee, and Ancillary Fee Earned in Exchange for Servicing Financial Asset | $ 8,600 | $ 8,500 | 7,900 | |
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Cost to Service Loans | $ / loans | 87.58 | 87.58 | ||
Useful life (years) | 5 years 7 months 6 days | |||
Finite-lived Intangible Assets [Roll Forward] | ||||
Beginning balance | $ 29,667 | $ 43,386 | ||
Amortization | (10,948) | (14,255) | ||
Ending balance | 18,719 | 29,667 | 43,386 | |
Finite-Lived Intangible Assets [Abstract] | ||||
Gross balance | 127,842 | 127,842 | ||
Accumulated amortization | (109,123) | (98,175) | ||
Carrying value | 18,719 | 29,667 | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 7,743 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 5,129 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 2,659 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 1,374 | |||
Finite-Lived Intangible Asset, Expected Amortization, Year Five | 1,814 | |||
Community Financial Holding Co. Inc. | ||||
Goodwill [Roll Forward] | ||||
Goodwill acquired | 0 | 686 | ||
Finite-lived Intangible Assets [Roll Forward] | ||||
Intangible assets acquired | 0 | 536 | ||
Entegra Financial | ||||
Goodwill [Roll Forward] | ||||
Business combination, measurement period adjustment, amount | 0 | 214 | ||
Servicing Asset at Amortized Cost, Additions | $ 0 | $ 0 | $ 1,873 | |
Conventional fixed loans | ||||
Goodwill [Roll Forward] | ||||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | Rate | 8.51% | 7.92% | ||
All loans and leases excluding conventional fixed loans [Member] | ||||
Goodwill [Roll Forward] | ||||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Discount Rate | Rate | 9.51% | 8.92% |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Schedule of Valuation Allowance for Impairment of Recognized Servicing Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | |||
Beginning balance | $ 4,365 | $ 222 | $ 0 |
Valuation allowance (decrease) increase | (3,102) | 4,143 | 222 |
Ending balance | $ 1,263 | $ 4,365 | $ 222 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deposits [Abstract] | ||
FDIC Deposit Insurance Limit | $ 250 | |
Time Deposits Greater than $250,000, Carrying Value | $ 593,000 | 670,400 |
Deposits, by Type [Abstract] | ||
Demand | 21,404,808 | 18,014,029 |
Checking with interest | 12,694,389 | 10,591,687 |
Money market accounts | 10,590,106 | 8,632,713 |
Savings | 4,235,824 | 3,304,167 |
Time | 2,480,967 | 2,889,013 |
Total deposits | 51,406,094 | $ 43,431,609 |
Maturities of Time Deposits [Abstract] | ||
2021 | 1,937,216 | |
2022 | 225,370 | |
2023 | 81,558 | |
2024 | 56,970 | |
Thereafter | $ 179,853 |
Borrowings (Short-Term) (Detail
Borrowings (Short-Term) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Short-term Debt [Line Items] | ||
Additional secured debt available | $ 12,870,000 | |
Securities sold under customer repurchase agreements | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 589,101 | $ 641,487 |
Unsecured Debt | ||
Short-term Debt [Line Items] | ||
Accessible overnight borrowings | $ 556,000 |
Borrowings (Repurchase Agreemen
Borrowings (Repurchase Agreements) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | $ 619,100 | |
Securities Sold under Agreements to Repurchase | 589,101 | $ 641,487 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 589,100 | 641,500 |
Available-for-sale Securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase, Fair Value of Collateral | 689,300 | |
Government Agency Securities | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | 508,400 | 432,800 |
Commercial Mortgage Backed Securities | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Sold under Agreements to Repurchase | $ 80,700 | $ 208,700 |
Borrowings (Long-Term Obligatio
Borrowings (Long-Term Obligations) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Debt Issuance Costs, Net | $ (2,629) | $ (3,459) |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 82,735 | |
2023 | 125,500 | |
2024 | 5,771 | |
2025 | 0 | |
2026 | 2,649 | |
Thereafter | 977,723 | |
Total long-term obligations | 1,194,378 | 1,248,163 |
Trust Preferred Securities | 128,100 | 128,500 |
Obligation guaranteed for trust subsidiaries | 14,400 | |
Subordinated Debt | Fixed-to-Floating subordinated notes at 3.375% maturing March 15, 2030 | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Total long-term obligations | $ 350,000 | 350,000 |
Debt interest rate | 3.375% | |
Junior Subordinated Debt [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Total long-term obligations | $ 132,500 | |
Junior Subordinated Debt [Member] | Junior subordinated debenture at 3-month LIBOR plus 1.75% maturing June 30, 2036(1) | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Total long-term obligations | $ 88,145 | 88,145 |
Junior Subordinated Debt [Member] | Junior subordinated debenture at 3-month LIBOR plus 1.75% maturing June 30, 2036(1) | Libor 3 Month Rate [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.75% | |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Description of variable rate basis | 3-month LIBOR | |
Junior Subordinated Debt [Member] | Junior subordinated debenture at 3-month LIBOR plus 2.25% maturing June 15, 2034(1) | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Total long-term obligations | $ 19,588 | 19,588 |
Junior Subordinated Debt [Member] | Junior subordinated debenture at 3-month LIBOR plus 2.25% maturing June 15, 2034(1) | Libor 3 Month Rate [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.25% | |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Description of variable rate basis | 3-month LIBOR | |
Junior Subordinated Debt [Member] | Junior subordinated debenture at 3-month LIBOR plus 2.85% maturing April 7, 2034(1) | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Total long-term obligations | $ 10,310 | 10,310 |
Junior Subordinated Debt [Member] | Junior subordinated debenture at 3-month LIBOR plus 2.85% maturing April 7, 2034(1) | Libor 3 Month Rate [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.85% | |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Description of variable rate basis | 3-month LIBOR | |
Junior Subordinated Debt [Member] | Junior subordinated debentures at 3-month LIBOR plus 2.80% maturing March 30, 2034(1) | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Total long-term obligations | $ 14,433 | 14,433 |
Junior Subordinated Debt [Member] | Junior subordinated debentures at 3-month LIBOR plus 2.80% maturing March 30, 2034(1) | Libor 3 Month Rate [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.80% | |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Description of variable rate basis | 3-month LIBOR | |
Junior Subordinated Debt [Member] | Junior subordinated debentures at 7.00% maturing December 31, 2026(2) | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Total long-term obligations | $ 0 | 20,000 |
Junior Subordinated Debt [Member] | Junior subordinated debentures at 7.00% maturing December 31, 2026(2) | Libor 3 Month Rate [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Debt interest rate | 7.00% | |
Junior Subordinated Debt [Member] | Junior subordinated debentures at 6.50% maturing October 1, 2025(3) | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Total long-term obligations | $ 0 | 7,500 |
Junior Subordinated Debt [Member] | Junior subordinated debentures at 6.50% maturing October 1, 2025(3) | Libor 3 Month Rate [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Debt interest rate | 6.50% | |
Notes payable to FHLB of Atlanta | Notes payable to FHLBs of Atlanta and Chicago with rates ranging from 0.75% to 2.99% and maturing through March 2032 | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Total long-term obligations | $ 644,659 | 655,175 |
Notes payable to FHLB of Atlanta | Notes payable to FHLBs of Atlanta and Chicago with rates ranging from 0.75% to 2.99% and maturing through March 2032 | Minimum | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Debt interest rate | 0.75% | |
Notes payable to FHLB of Atlanta | Notes payable to FHLBs of Atlanta and Chicago with rates ranging from 0.75% to 2.99% and maturing through March 2032 | Maximum | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Debt interest rate | 2.99% | |
Unsecured Term Loan [Member] | Unsecured term loan at 1-month LIBOR plus 1.10% maturing September 5, 2022 | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Total long-term obligations | $ 67,825 | 82,125 |
Unsecured Term Loan [Member] | Unsecured term loan at 1-month LIBOR plus 1.10% maturing September 5, 2022 | Libor 1 Month Rate [Member] | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.10% | |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Description of variable rate basis | 1-month LIBOR | |
Capital Lease Obligations [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Total long-term obligations | $ 4,311 | 6,308 |
Unamortized Purchase Accounting Adjustments [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Total long-term obligations | (2,283) | (1,999) |
Other Long Term Debt [Member] | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Total long-term obligations | $ 19 | $ 37 |
FDIC Shared-Loss Payable (Chang
FDIC Shared-Loss Payable (Changes in Receivable from FDIC) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
FDIC Indemnification Asset [Roll Forward] | ||
Beginning balance | $ 15,601 | $ 112,395 |
Accretion | 502 | 2,674 |
Payment made to the FDIC to settle shared-loss agreement | (16,103) | (99,468) |
Ending balance | $ 0 | $ 15,601 |
FDIC Shared-Loss Payable - Narr
FDIC Shared-Loss Payable - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
FDIC Shared-Loss Receivable [Abstract] | |||
FDIC shared-loss payable | $ 0 | $ 15,601 | $ 112,395 |
Payment made to the FDIC to settle shared-loss agreement | $ (16,103) | $ (99,468) |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements and Dividends From Subsidiaries - Regulatory Capital Ratio (Details) | Dec. 31, 2021 |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Basel III Minimums, Total risk-based capital | 0.0800 |
Basel III Requirements, Total risk-based capital | 0.1050 |
Basel III Minimums, Tier 1 risk-based capital | 0.0600 |
Basel III Requirements, Tier 1 risk-based capital | 0.0850 |
Basel III Minimums, Common equity Tier 1 | 0.0450 |
Basel III Requirements, Common equity Tier 1 | 0.0700 |
Basel III Minimums, Tier 1 leverage | 0.0400 |
Basel III Requirements, Tier 1 leverage | 0.0400 |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements and Dividends From Subsidiaries - Basel III Requirements and the PCA well-capitalized Thresholds (Details) $ in Thousands | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Basel III Requirements, Total risk-based capital | 0.1050 | |
Basel III Requirements, Tier 1 risk-based capital | 0.0850 | |
Basel III Requirements, Common equity Tier 1 | 0.0700 | |
Basel III Requirements, Tier 1 leverage | 0.0400 | |
BancShares | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Basel III Requirements, Total risk-based capital | 0.1050 | |
Basel III Requirements, Tier 1 risk-based capital | 0.0850 | |
Basel III Requirements, Common equity Tier 1 | 0.0700 | |
Basel III Requirements, Tier 1 leverage | 0.0400 | |
PCA well-capitalized thresholds, Total risk-based capital | 0.1000 | |
PCA well-capitalized thresholds, Tier 1 risk-based capital | 0.0800 | |
PCA well-capitalized thresholds, Common equity Tier 1 | 0.0650 | |
PCA well-capitalized thresholds, Tier 1 leverage | 0.0500 | |
Total risk-based capital, amount | $ 5,041,686 | $ 4,577,212 |
Tier 1 risk-based capital, amount | 4,380,452 | 3,856,086 |
Common equity Tier 1, amount | 4,040,515 | 3,516,149 |
Tier 1 leverage, amount | $ 4,380,452 | $ 3,856,086 |
Total risk-based capital, Ratio | 0.1435 | 0.1381 |
Tier 1 risk-based capital, Ratio | 0.1247 | 0.1163 |
Common equity Tier 1, Ratio | 0.1150 | 0.1061 |
Tier 1 leverage, Ratio | 0.0759 | 0.0786 |
FCB | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Basel III Requirements, Total risk-based capital | 0.1050 | |
Basel III Requirements, Tier 1 risk-based capital | 0.0850 | |
Basel III Requirements, Common equity Tier 1 | 0.0700 | |
Basel III Requirements, Tier 1 leverage | 0.0400 | |
PCA well-capitalized thresholds, Total risk-based capital | 0.1000 | |
PCA well-capitalized thresholds, Tier 1 risk-based capital | 0.0800 | |
PCA well-capitalized thresholds, Common equity Tier 1 | 0.0650 | |
PCA well-capitalized thresholds, Tier 1 leverage | 0.0500 | |
Total risk-based capital, amount | $ 4,857,960 | $ 4,543,496 |
Tier 1 risk-based capital, amount | 4,651,226 | 4,276,870 |
Common equity Tier 1, amount | 4,651,226 | 4,276,870 |
Tier 1 leverage, amount | $ 4,651,226 | $ 4,276,870 |
Total risk-based capital, Ratio | 0.1385 | 0.1372 |
Tier 1 risk-based capital, Ratio | 0.1326 | 0.1292 |
Common equity Tier 1, Ratio | 0.1326 | 0.1292 |
Tier 1 leverage, Ratio | 0.0807 | 0.0872 |
Regulatory Capital Requiremen_5
Regulatory Capital Requirements and Dividends From Subsidiaries - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands | Mar. 26, 2020USD ($) | Mar. 12, 2020USD ($)$ / sharesshares | Dec. 31, 2021USD ($)vote$ / shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Trust Preferred Securities | $ 128,100 | $ 128,500 | |||
Net proceeds from preferred stock issuance | 0 | 339,937 | $ 0 | ||
Dividends from subsidiaries | $ 173,091 | 229,700 | $ 149,800 | ||
Average Required Maintence Of Non Interst Bearing Reserve Balance | $ 75,000 | ||||
Non-Cumulative Perpetual Preferred Stock, Series A [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Preferred Stock, dividend rate, percentage | 5.375% | ||||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||
Fixed-to-Floating Rate Subordinated Notes Due 2030 [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Preferred stock, Liquidation Preference Per Share | $ / shares | $ 25 | $ 25 | |||
Qualifying Subordinated Debentures [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Tier 2 capital | $ 350,000 | $ 377,500 | |||
Common Class A [Member] | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Votes per share of common stock | vote | 1 | ||||
Class B Common Stock | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Votes per share of common stock | vote | 16 | ||||
Depositary Shares, Each Representing a 1/40th Interest in a Share of 5.375% Non-Cumulative Perpetual Preferred Stock, Series A | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Stock Issued During Period, Shares, New Issues | shares | 13,800 | ||||
Net proceeds from preferred stock issuance | $ 345,000 | ||||
BancShares | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Capital Conservation Buffer | 6.35% | ||||
FCB | |||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||||
Capital Conservation Buffer | 5.85% | ||||
Maintain Well-capitalized Banks, Additional Dividends Can Be Paid | $ 1,350,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Schedule Of Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), before Tax | $ 12,696 | $ 15,926 | |
Deferred tax expense (benefit) | 2,920 | 3,663 | |
Accumulated other comprehensive income (loss), net of tax | 9,776 | 12,263 | |
Income taxes | (154,202) | (126,159) | $ (134,677) |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 5,776 | 27,276 | |
Unrealized (losses) gains on securities available for sale | |||
Accumulated Other Comprehensive Income (Loss), before Tax | (11,792) | 102,278 | |
Deferred tax expense (benefit) | (2,712) | 23,524 | |
Accumulated other comprehensive income (loss), net of tax | (9,080) | 78,754 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 25,502 | 46,395 | |
Defined benefit pension items | |||
Accumulated Other Comprehensive Income (Loss), before Tax | 33,223 | (91,751) | |
Deferred tax expense (benefit) | 7,641 | (21,103) | |
Accumulated other comprehensive income (loss), net of tax | 25,582 | (70,648) | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (20,862) | (19,500) | |
Reclassification adjustment for losses included in income before income taxes | (25,324) | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, before Tax | (27,093) | ||
Unrealized (losses) gains on securities available for sale transferred to held to maturity | |||
Other Comprehensive Income (Loss) Reclassification Adjustment Of Unrealized Losses From AOCI For Securities Available For Sale Transferred To Held To Maturity Before Tax | 1,475 | 495 | |
Accumulated Other Comprehensive Income (Loss), before Tax | (8,735) | 5,399 | |
Deferred tax expense (benefit) | (2,009) | 1,242 | |
Accumulated other comprehensive income (loss), net of tax | (6,726) | 4,157 | |
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 1,136 | 381 | |
Other Comprehensive Income (Loss) Reclassification Adjustment Of Unrealized Losses From AOCI For Securities Available For Sale Transferred To Held To Maturity Tax | (339) | (114) | |
Other Comprehensive Income (Loss) Reclassification Adjustment Of Unrealized Losses From AOCI For Securities Available For Sale Transferred To Held To Maturity Net Of Tax | $ 1,136 | $ 381 |
Accumulated Other Comrehensive
Accumulated Other Comrehensive Loss (Components of AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Amounts reclassified from accumulated other comprehensive income | $ (5,776) | $ (27,276) | |
Net current period other comprehensive (loss) income | (2,487) | 138,986 | $ 108,464 |
Unrealized (losses) gains on securities available for sale | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Stockholders' equity | 78,754 | 5,792 | |
Net unrealized gains arising during period | (62,332) | 119,357 | |
Amounts reclassified from accumulated other comprehensive income | (25,502) | (46,395) | |
Net current period other comprehensive (loss) income | (87,834) | 72,962 | |
Stockholders' equity | (9,080) | 78,754 | 5,792 |
Unrealized (losses) gains on securities available for sale transferred to held to maturity | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Stockholders' equity | 4,157 | 0 | |
Net unrealized gains arising during period | (9,747) | 4,538 | |
Amounts reclassified from accumulated other comprehensive income | (1,136) | (381) | |
Net current period other comprehensive (loss) income | (10,883) | 4,157 | |
Stockholders' equity | (6,726) | 4,157 | 0 |
Defined Benefit Pension Items | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Stockholders' equity | (70,648) | (132,515) | |
Net unrealized gains arising during period | 75,368 | 42,367 | |
Amounts reclassified from accumulated other comprehensive income | 20,862 | 19,500 | |
Net current period other comprehensive (loss) income | 96,230 | 61,867 | |
Stockholders' equity | 25,582 | (70,648) | (132,515) |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Stockholders' equity | 12,263 | (126,723) | |
Net unrealized gains arising during period | 3,289 | 166,262 | |
Amounts reclassified from accumulated other comprehensive income | (5,776) | (27,276) | |
Net current period other comprehensive (loss) income | (2,487) | 138,986 | 108,464 |
Stockholders' equity | $ 9,776 | $ 12,263 | $ (126,723) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss (Reclassifications out of AOCI) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 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 | $ 33,119 | $ 60,253 | $ 7,115 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | (7,617) | (13,858) | $ (1,636) |
Amounts reclassified from accumulated other comprehensive income, net of tax | (5,776) | (27,276) | |
Unrealized (losses) gains on 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 | 33,119 | 60,253 | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | (7,617) | (13,858) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax | 25,502 | 46,395 | |
Amounts reclassified from accumulated other comprehensive income, net of tax | (25,502) | (46,395) | |
Unrealized (losses) gains on securities available for sale transferred to held to maturity | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other Comprehensive Income (Loss) Reclassification Adjustment Of Unrealized Losses From AOCI For Securities Available For Sale Transferred To Held To Maturity Before Tax | 1,475 | 495 | |
Other Comprehensive Income (Loss) Reclassification Adjustment Of Unrealized Losses From AOCI For Securities Available For Sale Transferred To Held To Maturity Tax | (339) | (114) | |
Other Comprehensive Income (Loss) Reclassification Adjustment Of Unrealized Losses From AOCI For Securities Available For Sale Transferred To Held To Maturity Net Of Tax | 1,136 | 381 | |
Amounts reclassified from accumulated other comprehensive income, net of tax | (1,136) | (381) | |
Defined Benefit Pension Items | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Reclassification adjustment for losses included in income before income taxes | 25,324 | ||
Total before taxes | 27,093 | ||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 6,231 | 5,824 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, after Tax | 20,862 | 19,500 | |
Amounts reclassified from accumulated other comprehensive income, net of tax | $ 20,862 | $ 19,500 |
Other Noninterest Income and _3
Other Noninterest Income and Other Noninterest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Operating Cost and Expense [Line Items] | |||
Other Noninterest Income | $ 9,445 | $ 7,446 | $ 18,431 |
Other Noninterest Expense | 129,526 | 145,117 | 139,283 |
PCD Loans | |||
Other Operating Cost and Expense [Line Items] | |||
Proceeds from Recoveries of Loans Previously Charged off | 17,400 | ||
Telecommunication | |||
Other Operating Cost and Expense [Line Items] | |||
Other Noninterest Expense | 10,948 | 14,255 | 16,346 |
Consultant | |||
Other Operating Cost and Expense [Line Items] | |||
Other Noninterest Expense | 12,507 | 12,751 | 12,801 |
Core Deposit Intangible Amortization | |||
Other Operating Cost and Expense [Line Items] | |||
Other Noninterest Expense | 9,763 | 10,010 | 11,437 |
Advertising | |||
Other Operating Cost and Expense [Line Items] | |||
Other Noninterest Expense | 12,714 | 12,179 | 9,391 |
Other Expense | |||
Other Operating Cost and Expense [Line Items] | |||
Other Noninterest Expense | $ 83,594 | $ 95,922 | $ 89,308 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 34,700 | ||
Deferred tax assets, state net operating loss carryforward | $ 15,900 | ||
Tax Adjustments, Settlements, and Unusual Provisions | 2,300 | 13,900 | |
Income Tax Examination, Penalties and Interest Expense | (381) | 467 | $ (135) |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 515 | 896 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance of unrecognized tax benefits | 31,375 | 32,226 | 28,255 |
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 153 | ||
Unrecognized Tax Benefits, Decrease Resulting from Prior Period Tax Positions | (321) | (683) | |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 1,373 | 1,295 | 6,554 |
Unrecognized Tax Benefits, Decrease Resulting from Settlements with Taxing Authorities | (1,601) | (1,516) | 0 |
Unrecognized Tax Benefits, Reduction Resulting from Lapse of Applicable Statute of Limitations | 394 | 783 | 1,900 |
Ending balance of unrecognized tax benefits | 30,432 | 31,375 | 32,226 |
Current tax expense | |||
Federal | 140,405 | 137,162 | 68,984 |
State | 21,383 | 14,532 | 11,095 |
Total current tax expense | 161,788 | 151,694 | 80,079 |
Deferred Income Tax Expense (Benefit) | |||
Federal | (6,234) | (28,535) | 50,522 |
State | (1,352) | 3,000 | 4,076 |
Total deferred tax expense | (7,586) | (25,535) | 54,598 |
Total income tax expense | $ 154,202 | 126,159 | 134,677 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Federal statutory rate | 21.00% | ||
Income taxes at federal statutory rates | $ 147,349 | 129,755 | 124,330 |
Nontaxable income on loans, leases and investments, net of nondeductible expenses | (1,523) | (1,581) | (1,639) |
Excess tax benefits of compensation | 1,507 | 1,146 | 1,070 |
State and local income taxes, including any change in valuation allowance, net of federal income tax benefit | 15,825 | 13,850 | 11,985 |
Tax credits net of amortization | (5,078) | (5,367) | (4,474) |
Repayment of claim of right income | (2,254) | (13,926) | 0 |
Other, net | (1,624) | 2,282 | 3,405 |
Total income tax expense | 154,202 | 126,159 | $ 134,677 |
Deferred Tax Assets, Net [Abstract] | |||
Allowance for loan and lease losses | 39,759 | 52,293 | |
Operating lease liabilities | 14,267 | 15,737 | |
Executive separation from service agreements | 7,835 | 8,989 | |
Federal net operating loss carryforward | 7,843 | 9,545 | |
Net unrealized loss included in accumulated other comprehensive income (loss) | 4,630 | 0 | |
Accelerated depreciation | 3,645 | 0 | |
Employee compensation | 18,860 | 16,083 | |
Deferred Tax Assets, Other reserves | 6,135 | 5,376 | |
Other | 5,845 | 6,898 | |
Deferred tax asset | 108,819 | 114,921 | |
Deferred Tax Liabilities, accelerated depreciation | 0 | 14,984 | |
Lease financing activities | 7,725 | 15,265 | |
Operating lease assets | 13,996 | 15,670 | |
Net unrealized gain on securities included in accumulated other comprehensive income (loss) | 0 | 24,857 | |
Net deferred loan fees and costs | 14,662 | 13,975 | |
Intangible assets | 14,257 | 13,012 | |
Deferred Tax Liability, Security, loan and debt valuations | 5,960 | 2,051 | |
FDIC-assisted transactions timing differences | 0 | 2,393 | |
Pension assets | 64,068 | 44,549 | |
Other | 20,998 | 10,193 | |
Deferred Tax Liabilities, Gross | 141,666 | 156,949 | |
Net deferred tax liability | $ 32,847 | $ 42,028 |
Estimated Fair Values (Narrativ
Estimated Fair Values (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (3,000) | $ 3,900 | $ 289 |
Loans Held For Sale | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Of Items For Which Fair Value Option Was Elected Assets | $ 98,741 | 124,837 | |
Loans Held For Sale | 90 days or greater | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value Of Items For Which Fair Value Option Was Elected Assets | 0 | ||
Minimum | Discount Rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Real Estate Owned, Measurement Input | 0.06 | ||
Maximum | Discount Rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held-for-sale, measurement input | 0.10 | ||
Other Real Estate Owned, Measurement Input | 0.15 | ||
Weighted Average [Member] | Discount Rate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans held-for-sale, measurement input | 0.0900 | ||
Other Real Estate Owned, Measurement Input | 0.0879 | ||
Fair Value, Measurements, Recurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Liability measured at fair value on nonrecurring basis | 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 | ||
Corporate Bond Securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ (102,100) |
Estimated Fair Values (Estimate
Estimated Fair Values (Estimated Fair Values For Certain Financial Assets And Financial Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | $ 337,814 | $ 362,048 | |
Overnight investments | 9,114,660 | 4,347,336 | |
Investment securities available for sale | 9,203,427 | 7,014,243 | |
Investment securities held to maturity | 3,809,453 | 2,816,982 | |
Investment in marketable equity securities | 97,528 | 91,680 | |
Loans held for sale | 98,700 | 124,800 | |
Net loans and leases | 32,193,029 | 32,567,661 | |
Income earned not collected | 134,237 | 145,694 | |
Deposits | 51,406,094 | 43,431,609 | |
Time Deposits | 2,480,967 | 2,889,013 | |
Securities Sold under Agreements to Repurchase | 589,101 | 641,487 | |
Subordinated Debt | 477,564 | 504,518 | |
Other Borrowings | 72,155 | 88,470 | |
FDIC shared-loss payable | 0 | 15,601 | $ 112,395 |
Carrying Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 337,814 | 362,048 | |
Overnight investments | 9,114,660 | 4,347,336 | |
Investment securities available for sale | 9,203,427 | 7,014,243 | |
Investment securities held to maturity | 3,809,453 | 2,816,982 | |
Investment in marketable equity securities | 97,528 | 91,680 | |
Loans held for sale | 98,741 | 124,837 | |
Net loans and leases | 32,193,029 | 32,567,661 | |
Income earned not collected | 134,237 | 145,694 | |
Federal Home Loan Bank stock | 40,450 | 45,392 | |
Mortgage servicing assets | 23,797 | 19,628 | |
Deposits | 48,925,127 | 40,542,596 | |
Time Deposits | 2,480,967 | 2,889,013 | |
Securities Sold under Agreements to Repurchase | 589,101 | 641,487 | |
Federal Home Loan Bank Advances | 644,659 | 655,175 | |
Subordinated Debt | 477,564 | 504,518 | |
Other Borrowings | 72,155 | 88,470 | |
FDIC shared-loss payable | 0 | 15,601 | |
Accrued interest payable | 7,922 | 9,414 | |
Fair Value | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 337,814 | 362,048 | |
Overnight investments | 9,114,660 | 4,347,336 | |
Investment securities available for sale | 9,203,427 | 7,014,243 | |
Investment securities held to maturity | 3,759,650 | 2,838,499 | |
Investment in marketable equity securities | 97,528 | 91,680 | |
Loans held for sale | 98,741 | 124,837 | |
Net loans and leases | 31,889,594 | 33,298,166 | |
Income earned not collected | 134,237 | 145,694 | |
Federal Home Loan Bank stock | 40,450 | 45,392 | |
Mortgage servicing assets | 23,784 | 20,283 | |
Deposits | 48,925,127 | 40,542,596 | |
Time Deposits | 2,471,116 | 2,905,577 | |
Securities Sold under Agreements to Repurchase | 589,101 | 641,487 | |
Federal Home Loan Bank Advances | 654,694 | 677,579 | |
Subordinated Debt | 495,483 | 525,610 | |
Other Borrowings | 72,476 | 89,263 | |
FDIC shared-loss payable | 0 | 15,843 | |
Accrued interest payable | $ 7,922 | $ 9,414 |
Estimated Fair Values (Assets A
Estimated Fair Values (Assets And Liabilities Carried At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 9,203,427 | $ 7,014,243 |
Equity Securities, FV-NI | 97,528 | 91,680 |
Loans held for sale | 98,741 | 124,837 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 9,203,427 | 7,014,243 |
Loans held for sale | 98,741 | 124,837 |
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] | ||
Investment securities available for sale | 8,996,025 | 6,697,619 |
Loans held for sale | 98,741 | 124,837 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 207,402 | 316,624 |
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] | ||
Investment securities available for sale | 2,004,970 | 499,933 |
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] | ||
Investment securities available for sale | 0 | 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] | ||
Investment securities available for sale | 2,004,970 | 499,933 |
Fair Value, Measurements, Recurring | U.S. Treasury | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government Agency | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 798,760 | 701,391 |
Fair Value, Measurements, Recurring | Government Agency | 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 |
Fair Value, Measurements, Recurring | Government Agency | 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 | 798,760 | 701,391 |
Fair Value, Measurements, Recurring | Government Agency | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Mortgage Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 4,728,413 | 4,438,103 |
Fair Value, Measurements, Recurring | 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] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | 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] | ||
Investment securities available for sale | 4,728,413 | 4,438,103 |
Fair Value, Measurements, Recurring | Mortgage Backed Securities | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Commercial Mortgage Backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,062,749 | 771,537 |
Fair Value, Measurements, Recurring | Commercial 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] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Commercial 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] | ||
Investment securities available for sale | 1,062,749 | 771,537 |
Fair Value, Measurements, Recurring | Commercial Mortgage Backed Securities | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 0 | 0 |
Fair Value, Measurements, Recurring | Equity Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI | 97,528 | 91,680 |
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] | ||
Equity Securities, FV-NI | 33,522 | 32,855 |
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] | ||
Equity Securities, FV-NI | 64,006 | 58,825 |
Fair Value, Measurements, Recurring | Equity Securities | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Securities, FV-NI | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate Bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 608,535 | 603,279 |
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] | ||
Investment securities available for sale | 0 | 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] | ||
Investment securities available for sale | 401,133 | 286,655 |
Fair Value, Measurements, Recurring | Corporate Bonds | Fair Value, Inputs, Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 207,402 | $ 316,624 |
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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Corporate bonds | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 316,624 | $ 69,685 |
Purchases | 30,878 | 242,595 |
Unrealized net losses (gains) included in other comprehensive income | 6,391 | 2,898 |
Amounts included in net income | 2,555 | (336) |
Transfers in | 0 | 1,782 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | (102,065) | 0 |
Sales / Calls | (46,981) | 0 |
Ending balance | 207,402 | 316,624 |
Investment securities available for sale | 207,402 | 316,624 |
Corporate Bond Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Transfers in | $ 1,800 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ (102,100) |
Estimated Fair Values (Fair Val
Estimated Fair Values (Fair Value Option) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | $ (3,000) | $ 3,900 | $ 289 |
Disposal Group, Including Discontinued Operation, Loans Receivable, Net | 98,700 | 124,800 | |
Loans Held For Sale | |||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||
Fair Value Of Items For Which Fair Value Option Was Elected Assets | 98,741 | 124,837 | |
Aggregate Unpaid Principal Balance Of Items For Which Fair Value Option Was Elected Assets | 95,852 | 118,902 | |
Fair Value Option Aggregate Difference Assets | $ 2,889 | $ 5,935 |
Estimated Fair Values (Assets_3
Estimated Fair Values (Assets And Liabilities Carried At Fair Value On A Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Other Real Estate | $ 39,328 | $ 50,890 | $ 46,591 |
Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans not covered by loss share agreements | 3,099 | 11,779 | |
Other Real Estate | 34,211 | 40,115 | |
Mortgage servicing assets | 21,731 | 16,966 | |
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 not covered by loss share agreements | 0 | 0 | |
Other Real Estate | 0 | 0 | |
Mortgage servicing assets | 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 not covered by loss share agreements | 0 | 0 | |
Other Real Estate | 0 | 0 | |
Mortgage servicing assets | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans not covered by loss share agreements | 3,099 | 11,779 | |
Other Real Estate | 34,211 | 40,115 | |
Mortgage servicing assets | $ 21,731 | $ 16,966 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2007 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 32 | $ 100,000 | ||
Funded status | 289,030 | 157,902 | ||
Accumulated benefit obligation | $ 972,700 | 985,000 | ||
Percent of employer match (percent) | 100.00% | 4.50% | ||
Percentage of employee compensation matched | 6.00% | |||
Additional contribution if employed at end of year | 3.00% | |||
Defined contribution plan cost | $ 36,200 | 35,600 | $ 30,800 | |
Deferred compensation cash-based arrangements, liability, current and noncurrent | 84,000 | 68,200 | ||
BancShares Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 32 | 80,000 | ||
Bancorporation Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 20,000 | |||
401(k) Matching Range 1 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percent of employer match (percent) | 100.00% | |||
Percentage of employee compensation matched | 3.00% | |||
401(k) Matching Range 2 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Percent of employer match (percent) | 50.00% | |||
Percentage of employee compensation matched | 3.00% |
Employee Benefit Plans (Funded
Employee Benefit Plans (Funded Status Of Plans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at January 1 | $ 1,077,653 | $ 990,406 | |
Service cost | 15,351 | 14,279 | $ 12,767 |
Interest cost | 29,864 | 34,197 | 37,260 |
Actuarial (gain) loss | (30,591) | 72,080 | |
Benefits paid | (35,967) | (33,309) | |
Benefit obligation at December 31 | 1,056,310 | 1,077,653 | 990,406 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets, beginning balance | 1,235,555 | 976,072 | |
Actual return on plan assets | 145,720 | 192,792 | |
Employer contributions | 32 | 100,000 | |
Benefits paid | (35,967) | (33,309) | |
Fair value of plan assets, ending balance | 1,345,340 | 1,235,555 | $ 976,072 |
Funded status | 289,030 | 157,902 | |
BancShares Plan | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Employer contributions | $ 32 | $ 80,000 |
Employee Benefit Plans (Amounts
Employee Benefit Plans (Amounts Recognized in the Financial Statements) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Amount recognized in accumulated other comprehensive income | ||
Net loss (gain) | $ (33,223) | $ 91,751 |
Employee Benefit Plans (Net Ben
Employee Benefit Plans (Net Benefit Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits, Description [Abstract] | |||
Service cost | $ 15,351 | $ 14,279 | $ 12,767 |
Interest cost | 29,864 | 34,197 | 37,260 |
Expected return on assets | (78,430) | (65,689) | (62,590) |
Amortization of prior service cost | 0 | 0 | (57) |
Amortization of net actuarial loss | 27,093 | 25,324 | 10,924 |
Total pension expense | (6,122) | 8,111 | (1,582) |
Current year actuarial gain (loss) | (97,880) | (55,023) | 20,049 |
Total change from defined benefit plans, net of tax | (124,973) | (80,347) | 9,068 |
Total recognized in net periodic benefit cost and other comprehensive income | $ (131,095) | $ (72,236) | $ 7,486 |
Employee Benefit Plans (Assumpt
Employee Benefit Plans (Assumptions Used) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assumptions used to determine the benefit obligations | |||
Discount rate | 3.04% | 2.76% | |
Rate of compensation increase | 5.60% | 5.60% | |
Assumptions used to determine net periodic benefit cost | |||
Discount rate | 2.76% | 3.46% | 4.38% |
Rate of compensation increase | 5.60% | 5.60% | 5.60% |
Expected long-term rate of return on plan assets (percent) | 7.50% | 7.50% | 7.50% |
Employee Benefit Plans (Fair Va
Employee Benefit Plans (Fair Value and Allocation Of Plan Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 1,345,340 | $ 1,235,555 | $ 976,072 |
Actual % of Plan Assets | 100.00% | 100.00% | |
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 840,518 | $ 991,128 | |
Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 504,822 | 244,427 | |
Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Cash and equivalents | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 16,674 | $ 37,913 | |
Actual % of Plan Assets | 1.00% | 3.00% | |
Cash and equivalents | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 0.00% | ||
Cash and equivalents | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 5.00% | ||
Cash and equivalents | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 16,674 | $ 37,913 | |
Cash and equivalents | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Cash and equivalents | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Equity securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 76,240 | $ 144,924 | |
Actual % of Plan Assets | 61.00% | 77.00% | |
Equity securities | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 30.00% | ||
Equity securities | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 70.00% | ||
Equity securities | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 76,240 | $ 144,924 | |
Equity securities | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Equity securities | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Equity mutual funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 481,630 | 559,472 | |
Equity mutual funds | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 481,630 | 559,472 | |
Equity mutual funds | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Equity mutual funds | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Exchange Traded Funds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 263,072 | 248,819 | |
Exchange Traded Funds | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 263,072 | 248,819 | |
Exchange Traded Funds | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Exchange Traded Funds | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 0 | $ 0 | |
Debt Securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Actual % of Plan Assets | 38.00% | 20.00% | |
Debt Securities | Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 15.00% | ||
Debt Securities | Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Target Allocation | 45.00% | ||
US government and government agency securities | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 228,399 | $ 90,292 | |
US government and government agency securities | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
US government and government agency securities | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 228,399 | 90,292 | |
US government and government agency securities | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 0 | 0 | |
Corporate Bonds | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 279,325 | 154,135 | |
Corporate Bonds | Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 2,902 | 0 | |
Corporate Bonds | Quoted Prices for Similar Assets and Liabilities (Level 2 Inputs) | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | 276,423 | 154,135 | |
Corporate Bonds | Fair Value, Inputs, Level 3 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets | $ 0 | $ 0 |
Employee Benefit Plans (Project
Employee Benefit Plans (Projected Benefit Payments) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Retirement Benefits, Description [Abstract] | |
2020 | $ 41,051 |
2021 | 43,686 |
2022 | 46,266 |
2023 | 48,548 |
2024 | 50,756 |
2025-2029 | $ 280,173 |
Employee Benefit Plans (Present
Employee Benefit Plans (Present Value of Accrued Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Present Value Of Accrued Liability [Roll Forward] | |||
Discount rate adjustment | $ (680) | $ 1,719 | |
Benefit expense and interest cost | (6,122) | 8,111 | $ (1,582) |
Interest cost | $ 29,864 | $ 34,197 | 37,260 |
Discount rate | 3.04% | 2.76% | |
Executives Directors And Officer Of Acquired Entities | |||
Present Value Of Accrued Liability [Roll Forward] | |||
Present value of accrued liability as of January 1 | $ 42,655 | $ 45,295 | |
Benefit expense and interest cost | 2,015 | 3,503 | |
Benefits paid | 5,244 | 7,862 | |
Present value of accrued liability as of December 31 | $ 38,746 | $ 42,655 | $ 45,295 |
Leases (Operating and Finance L
Leases (Operating and Finance Lease Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Asset, operating | $ 63,207 | $ 68,048 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total other assets | Total other assets |
Asset, finance | $ 4,310 | $ 6,478 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Premises and equipment | Premises and equipment |
Total leased assets | $ 67,517 | $ 74,526 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Present value of lease liabilities | $ 64,431 | $ 68,343 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Borrowings | Other Borrowings |
Present value of lease liabilities | $ 4,311 | $ 6,308 |
Total lease liabilities | $ 68,742 | $ 74,651 |
Leases (Net Lease Cost) (Detail
Leases (Net Lease Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating lease cost | $ 13,993 | $ 15,023 |
Amortization of leased assets | 2,168 | 2,168 |
Interest on lease liabilities | 162 | 220 |
Variable lease cost | 3,110 | 3,231 |
Sublease income | (355) | (350) |
Net lease cost | $ 19,078 | $ 20,292 |
Leases (Lease Liability Maturit
Leases (Lease Liability Maturities) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2020 | $ 12,840 | |
2021 | 11,162 | |
2022 | 9,356 | |
2023 | 6,462 | |
2024 | 5,450 | |
Thereafter | 29,236 | |
Total lease payments | 74,506 | |
Less: Interest | 10,075 | |
Present value of lease liabilities | 64,431 | $ 68,343 |
Finance Leases | ||
2020 | 1,876 | |
2021 | 993 | |
2022 | 617 | |
2023 | 635 | |
2024 | 431 | |
Thereafter | 0 | |
Total lease payments | 4,552 | |
Less: Interest | 241 | |
Present value of lease liabilities | 4,311 | $ 6,308 |
Total | ||
2020 | 14,716 | |
2021 | 12,155 | |
2022 | 9,973 | |
2023 | 7,097 | |
2024 | 5,881 | |
Thereafter | 29,236 | |
Total lease payments | 79,058 | |
Less: Interest | 10,316 | |
Present value of lease liabilities | $ 68,742 |
Leases (Remaining Weighted Aver
Leases (Remaining Weighted Average Lease Terms and Discounts Rates) (Details) | Dec. 31, 2021 |
Leases [Abstract] | |
Weighted average remaining lease term, operating | 8 years 10 months 24 days |
Weighted average remaining lease term, finance | 3 years 6 months |
Weighted average discount rate, operating | 3.00% |
Weighted average discount rate, finance | 3.12% |
Leases (Supplemental Cash Flow
Leases (Supplemental Cash Flow Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 13,054 | $ 14,237 |
Operating cash flows from finance leases | 162 | 220 |
Financing cash flows from finance leases | 1,997 | 1,922 |
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 6,535 | $ 4,595 |
Leases - Lessor, Sales-type Lea
Leases - Lessor, Sales-type Lease Or Direct Financing Lease (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Total minimum lease payment to be received | $ 261,469 | $ 335,385 |
Estimated unguaranteed residual value of leased assets | 24,472 | 19,428 |
Gross investment in direct or sales type financing leases | 285,941 | 354,813 |
Unearned income | (18,262) | (23,970) |
Initial direct costs | 783 | 548 |
Sales-type and direct financing leases, net lease receivable | $ 268,462 | $ 331,391 |
Leases - Sales-type and Direct
Leases - Sales-type and Direct Financing Leases, Lease Receivable Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 96,974 | |
2023 | 70,635 | |
2024 | 46,407 | |
2025 | 28,065 | |
2026 | 13,630 | |
Thereafter | 5,758 | |
Total future minimum lease payments to be received | $ 261,469 | $ 335,385 |
Transactions with Related Per_3
Transactions with Related Persons (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Beginning balance | $ 117,000 | $ 145,000 | |
New loans | 21,000 | 19,000 | |
Repayments | (16,000) | (47,000) | |
Ending balance | 122,000 | 117,000 | $ 145,000 |
Unfunded loan commitments available to related parties | 2,700,000 | $ 2,600,000 | |
Credit Card | |||
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Loans receivable excluded from total amount, threshold | 15,000 | ||
Overdraw Line | |||
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Loans receivable excluded from total amount, threshold | $ 5,000 | ||
Class A Common Stock, Par Value $1 | |||
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Share repurchased from related party (in shares) | 813,090 | 998,910 | |
Class A Common Stock, Par Value $1 | Related Party | |||
Loans and Leases Receivable, Related Parties [Roll Forward] | |||
Share repurchased from related party (in shares) | 0 | 45,000 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Guarantor Obligations [Line Items] | |||
Amortization Method Qualified Affordable Housing Project Investments | $ 156,600 | $ 163,900 | |
FDIC shared-loss payable | 0 | 15,601 | $ 112,395 |
Commitments to Extend Credit | |||
Guarantor Obligations [Line Items] | |||
Unused Commitments to Extend Credit | 13,011,154 | 12,098,417 | |
Amortization Method Qualified Affordable Housing Project Investments | 43,400 | 53,700 | |
Standby Letters of Credit | |||
Guarantor Obligations [Line Items] | |||
Affordable Housing Program Obligation | $ 116,648 | $ 129,819 |
Parent Company Financial Stat_3
Parent Company Financial Statements (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Assets | ||||
Overnight investments | $ 9,114,660 | $ 4,347,336 | ||
Investment in marketable equity securities | 97,528 | 91,680 | ||
Investment securities available for sale | 9,203,427 | 7,014,243 | ||
Total other assets | 1,657,356 | 783,953 | ||
Total assets | 58,308,140 | 49,957,680 | ||
Liabilities and Shareholders' Equity | ||||
Long-term obligations | 1,194,378 | 1,248,163 | ||
Other liabilities | 381,326 | 391,552 | ||
Stockholders' equity | 4,737,241 | 4,229,268 | $ 3,586,184 | $ 3,488,954 |
Total liabilities and shareholders' equity | 58,308,140 | 49,957,680 | ||
Income Statement [Abstract] | ||||
Interest expense | 60,676 | 95,857 | 92,642 | |
Net interest income | 1,390,334 | 1,388,169 | 1,311,369 | |
Dividends from subsidiaries | 173,091 | 229,700 | 149,800 | |
Income tax benefit | 154,202 | 126,159 | 134,677 | |
Net income | 547,459 | 491,723 | 457,371 | |
Net income available to common shareholders | 528,915 | 477,661 | 457,371 | |
OPERATING ACTIVITIES | ||||
Net income | 547,459 | 491,723 | 457,371 | |
Net amortization of premiums and accretion of discounts | 11,151 | (8,513) | (27,263) | |
Marketable equity securities gains, net | (34,081) | (29,395) | (20,625) | |
Change in other assets | (12,910) | (7,286) | (24,274) | |
Change in other liabilities | 6,854 | (6,115) | (15,992) | |
Net cash provided by (Used in) Operating Activities | (283,783) | 375,819 | 578,248 | |
INVESTING ACTIVITIES | ||||
Net change in overnight investments | (4,767,324) | (3,204,363) | (65,181) | |
Purchases of marketable equity securities | (1,563) | (333,140) | (26,166) | |
Proceeds from sales of marketable equity securities | 29,796 | 352,835 | 56,749 | |
Investments in Majority-owned Subsidiaries | 0 | (422,500) | 0 | |
Net Cash Provided by (Used in) Investing Activities | (7,568,426) | (9,907,562) | (1,596,148) | |
FINANCING ACTIVITIES | ||||
Net change in short-term borrowings | (52,386) | (96,746) | (27,703) | |
Proceeds from Issuance of Long-term Debt | 0 | (400,000) | (200,000) | |
Repurchase of common stock | 0 | (333,755) | (453,123) | |
Cash dividends paid | (41,612) | (30,393) | (18,137) | |
Net cash used by financing activities | 7,827,975 | 9,517,072 | 1,067,179 | |
Cash and due from banks at beginning of period | 4,270,000 | |||
Cash and due from banks at end of period | 9,030,000 | 4,270,000 | ||
Cash payments for | ||||
Income taxes | 870,467 | 116,583 | 83,038 | |
Net proceeds from subordinated notes issuance | 0 | 345,849 | 0 | |
Net proceeds from preferred stock issuance | 0 | 339,937 | 0 | |
Parent | ||||
Assets | ||||
Cash | 173,719 | 49,716 | ||
Overnight investments | 5,716 | 1,607 | ||
Investment in marketable equity securities | 97,528 | 91,680 | ||
Investment securities available for sale | 0 | 2,010 | ||
Investment in Banking Subsidiaries | 4,987,350 | 4,621,676 | ||
Investment in Other Subsidiaries | 3,237 | 3,241 | ||
Due from subsidiaries | 0 | 786 | ||
Total other assets | 41,874 | 48,591 | ||
Total assets | 5,309,424 | 4,819,307 | ||
Liabilities and Shareholders' Equity | ||||
Short-term borrowings | 453,313 | 452,350 | ||
Long-term obligations | 107,825 | 128,125 | ||
Due to Affiliate | 2,829 | 0 | ||
Other liabilities | 8,216 | 9,564 | ||
Stockholders' equity | 4,737,241 | 4,229,268 | ||
Total liabilities and shareholders' equity | 5,309,424 | 4,819,307 | ||
Income Statement [Abstract] | ||||
Interest income | 2,011 | 3,952 | 1,327 | |
Interest expense | 16,578 | 16,817 | 7,187 | |
Net interest income | (14,567) | (12,865) | (5,860) | |
Dividends from subsidiaries | 229,685 | |||
Dividend Income, Banking Subsidiaries | 149,819 | |||
Marketable equity securities losses, net | 34,081 | 29,395 | 20,625 | |
Other income (loss) | 66 | 574 | 257 | |
Other operating expense | 11,275 | 13,168 | 9,497 | |
Income before income tax benefit and equity in undistributed net income of subsidiaries | 181,396 | 233,621 | 155,344 | |
Income tax benefit | 2,089 | 879 | 892 | |
Income before equity in undistributed net income of subsidiaries | 179,307 | 232,742 | 154,452 | |
Excess distributions (undistributed ) net income of subsidiaries | (368,152) | (258,981) | (302,919) | |
Net income | 547,459 | 491,723 | 457,371 | |
Preferred stock dividends | 18,544 | 14,062 | 0 | |
Net income available to common shareholders | 528,915 | 477,661 | 457,371 | |
OPERATING ACTIVITIES | ||||
Net income | 547,459 | 491,723 | 457,371 | |
Excess distributions (undistributed ) net income of subsidiaries | (368,152) | (258,981) | (302,919) | |
Net amortization of premiums and accretion of discounts | 963 | 824 | 119 | |
Gain (Loss) on Disposition of Other Assets | (3,615) | 2,456 | 2,185 | |
Change in other assets | 6,722 | (3,074) | (2,001) | |
Securities (gains) losses | 0 | 0 | (20) | |
Change in other liabilities | 3,265 | (694) | 981 | |
Net cash provided by (Used in) Operating Activities | 159,791 | 197,947 | 130,721 | |
INVESTING ACTIVITIES | ||||
Net change in loans | 0 | 0 | 100,000 | |
Net change in overnight investments | (4,109) | 940 | 2,162 | |
Purchases of marketable equity securities | (1,563) | (333,140) | (26,166) | |
Proceeds from sales of marketable equity securities | 29,796 | 352,835 | 56,749 | |
Maturities and sales of investment securities | 2,000 | 1,000 | 3,477 | |
Net Cash Provided by (Used in) Investing Activities | 26,124 | (400,865) | 136,222 | |
FINANCING ACTIVITIES | ||||
Net change in short-term borrowings | 0 | (40,277) | 40,277 | |
Repayment of long-term obligations | (20,300) | (33,300) | (3,575) | |
Proceeds from Issuance of Long-term Debt | 0 | 0 | 165,000 | |
Repurchase of common stock | 0 | (333,755) | (453,123) | |
Cash dividends paid | (41,612) | (30,393) | (18,137) | |
Net cash used by financing activities | (61,912) | 248,061 | (269,558) | |
Net change in cash | 124,003 | 45,143 | (2,615) | |
Cash and due from banks at beginning of period | 49,716 | 4,573 | 7,188 | |
Cash and due from banks at end of period | 173,719 | 49,716 | 4,573 | |
Cash payments for | ||||
Interest | 16,579 | 13,338 | 7,187 | |
Income taxes | 810,116 | 106,618 | 78,345 | |
Net proceeds from subordinated notes issuance | 0 | 345,849 | 0 | |
Net proceeds from preferred stock issuance | $ 0 | $ 339,937 | $ 0 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Income taxes receivable | $ 798,640 | $ 66,465 |
Pension assets | 289,030 | 157,902 |
Investment in low-income housing tax credits | 156,588 | 163,866 |
Cash surrender value of life insurance | 113,391 | 111,671 |
Right of use assets for operating leases, net of accumulated amortization | 63,207 | 68,048 |
Prepaid expenses | 37,660 | 40,489 |
Federal Home Loan Bank stock | 40,450 | 45,392 |
Other | 158,390 | 130,119 |
Total other assets | $ 1,657,356 | $ 783,953 |
Subsequent Event (Details)
Subsequent Event (Details) | Feb. 24, 2022USD ($) | Jan. 03, 2022USD ($)$ / sharesshares | Oct. 15, 2020USD ($)director$ / sharesshares |
BancShare Class A Common Stock | |||
Subsequent Event [Line Items] | |||
Common stock, par value (in dollars per share) | $ / shares | $ 1 | ||
Number of shares issued (in shares) | shares | 6,100,000 | ||
Number of fractional shares issued (in shares) | shares | 8,800 | ||
payment for fractional shares | $ 7,200,000 | ||
Series B Preferred Stock | |||
Subsequent Event [Line Items] | |||
Common stock, conversion ratio | 1 | ||
5.625% Non-Cumulative Perpetual Preferred Stock, Series C | |||
Subsequent Event [Line Items] | |||
Common stock, conversion ratio | 1 | ||
CIT Group Inc. | |||
Subsequent Event [Line Items] | |||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||
CIT Group Inc. | BancShare Class A Common Stock | |||
Subsequent Event [Line Items] | |||
Common stock, conversion ratio | 0.062 | ||
CIT Group Inc. | Fixed-To-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series A | |||
Subsequent Event [Line Items] | |||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||
CIT Group Inc. | Non-Cumulative Perpetual Preferred Stock, Series B | |||
Subsequent Event [Line Items] | |||
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||
Preferred Stock, dividend rate, percentage | 5.625% | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Preferred stock, non-callable period, extended term | 5 years | ||
Subsequent Event | Senior Notes | |||
Subsequent Event [Line Items] | |||
Extinguishment of debt, amount | $ 2,900,000,000 | ||
Subsequent Event | Senior Notes | 5.000% Senior Unsecured Notes Due Aug 2022 | |||
Subsequent Event [Line Items] | |||
Extinguishment of debt, amount | 1,100,000,000 | ||
Subsequent Event | Senior Notes | 5.000% Senior Unsecured Notes Due Aug 2023 | |||
Subsequent Event [Line Items] | |||
Extinguishment of debt, amount | 750,000,000 | ||
Subsequent Event | Senior Notes | 4.750% Senior Unsecured Notes Due Feb 2024 | |||
Subsequent Event [Line Items] | |||
Extinguishment of debt, amount | 500,000,000 | ||
Subsequent Event | Senior Notes | 5.250% Senior Unsecured Notes Due Mar 2025 | |||
Subsequent Event [Line Items] | |||
Extinguishment of debt, amount | $ 500,000,000 | ||
Subsequent Event | Series B Preferred Stock | |||
Subsequent Event [Line Items] | |||
Preferred stock, shares outstanding | shares | 325,000 | ||
Preferred stock, liquidation preference (in dollars per share) | $ / shares | $ 1,000 | ||
Preferred stock, liquidation preference | $ 325,000,000 | ||
Subsequent Event | 5.625% Non-Cumulative Perpetual Preferred Stock, Series C | |||
Subsequent Event [Line Items] | |||
Preferred stock, shares outstanding | shares | 8,000,000 | ||
Preferred stock, liquidation preference (in dollars per share) | $ / shares | $ 25 | ||
Preferred stock, liquidation preference | $ 200,000,000 | ||
CIT Group Inc. | |||
Subsequent Event [Line Items] | |||
Number of directors of new entity | director | 14 | ||
CIT Group Inc. | Subsequent Event | Senior Notes | 5.000% Senior Unsecured Notes Due Aug 2022 | |||
Subsequent Event [Line Items] | |||
Liability assumed | $ 1,250,000,000 | ||
Debt interest rate | 5.00% | ||
CIT Group Inc. | Subsequent Event | Senior Notes | 5.000% Senior Unsecured Notes Due Aug 2023 | |||
Subsequent Event [Line Items] | |||
Liability assumed | $ 750,000,000 | ||
Debt interest rate | 5.00% | ||
CIT Group Inc. | Subsequent Event | Senior Notes | 4.750% Senior Unsecured Notes Due Feb 2024 | |||
Subsequent Event [Line Items] | |||
Liability assumed | $ 500,000,000 | ||
Debt interest rate | 4.75% | ||
CIT Group Inc. | Subsequent Event | Senior Notes | 5.250% Senior Unsecured Notes Due Mar 2025 | |||
Subsequent Event [Line Items] | |||
Liability assumed | $ 500,000,000 | ||
Debt interest rate | 5.25% | ||
CIT Group Inc. | Subsequent Event | Senior Notes | 3.929% Senior Unsecured Fixed-to-Floating Rate Notes due 2024 | |||
Subsequent Event [Line Items] | |||
Liability assumed | $ 500,000,000 | ||
Debt interest rate | 3.929% | ||
CIT Group Inc. | Subsequent Event | Senior Notes | 2.969% Senior Unsecured Fixed-to-Floating Rate Notes due 2025 | |||
Subsequent Event [Line Items] | |||
Liability assumed | $ 550,000,000 | ||
Debt interest rate | 2.969% | ||
CIT Group Inc. | Subsequent Event | Senior Notes | 6.00% Senior Notes due 2036 | |||
Subsequent Event [Line Items] | |||
Liability assumed | $ 500,000,000 | ||
Debt interest rate | 6.00% | ||
CIT Group Inc. | Subsequent Event | Subordinated Debt | 6.125% Subordinated Notes due 2028 | |||
Subsequent Event [Line Items] | |||
Liability assumed | $ 400,000,000 | ||
Debt interest rate | 6.125% | ||
CIT Group Inc. | Subsequent Event | Subordinated Debt | 4.125% Fixed-to-Floating Rate Subordinated Notes due 2029 | |||
Subsequent Event [Line Items] | |||
Liability assumed | $ 100,000,000 | ||
Debt interest rate | 4.125% |