Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 28, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-31486 | |
Entity Registrant Name | WEBSTER FINANCIAL CORPORATION | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 06-1187536 | |
Entity Address, Address Line One | 200 Elm Street | |
Entity Address, City or Town | Stamford | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06902 | |
City Area Code | 203 | |
Local Phone Number | 578-2202 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 174,744,977 | |
Entity Central Index Key | 0000801337 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2023 | |
Common Class A | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | WBS | |
Security Exchange Name | NYSE | |
Series F Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing 1/1000th interest in a share | |
Trading Symbol | WBS-PrF | |
Security Exchange Name | NYSE | |
Series G Preferred Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing 1/40th interest in a share | |
Trading Symbol | WBS-PrG | |
Security Exchange Name | NYSE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Cash and due from banks | $ 201,683 | $ 264,118 |
Interest-bearing deposits | 2,232,388 | 575,825 |
Investment securities available-for-sale, at fair value | 7,798,977 | 7,892,697 |
Investment securities held-to-maturity, net of allowance for credit losses of $282 and $182 | 7,063,223 | 6,564,697 |
Federal Home Loan Bank and Federal Reserve Bank stock | 584,724 | 445,900 |
Loans held for sale ($811 and $1,991 valued under fair value option) | 210,724 | 1,991 |
Loans and leases | 50,926,523 | 49,764,426 |
Allowance for credit losses on loans and leases | (613,914) | (594,741) |
Loans and leases, net | 50,312,609 | 49,169,685 |
Deferred tax assets, net | 315,525 | 371,634 |
Premises and equipment, net | 431,432 | 430,184 |
Goodwill | 2,631,465 | 2,514,104 |
Other intangible assets, net | 229,845 | 199,342 |
Cash surrender value of life insurance policies | 1,233,994 | 1,229,169 |
Accrued interest receivable and other assets | 1,597,806 | 1,618,175 |
Total assets | 74,844,395 | 71,277,521 |
Liabilities and stockholders' equity: | ||
Non-interest-bearing | 12,007,387 | 12,974,975 |
Interest-bearing | 43,290,092 | 41,079,365 |
Total deposits | 55,297,479 | 54,054,340 |
Securities sold under agreements to repurchase and other borrowings | 306,154 | 1,151,830 |
Federal Home Loan Bank advances | 8,560,461 | 5,460,552 |
Long-term debt (1) | 1,071,413 | 1,073,128 |
Accrued expenses and other liabilities | 1,314,594 | 1,481,485 |
Total liabilities | 66,550,101 | 63,221,335 |
Stockholders’ equity: | ||
Common stock | 1,828 | 1,828 |
Paid-in capital | 6,137,743 | 6,173,240 |
Retained earnings | 2,856,745 | 2,713,861 |
Treasury stock, at cost—8,065,663 and 8,770,472 shares | (397,981) | (431,762) |
Accumulated other comprehensive (loss), net of tax | (588,020) | (684,960) |
Total stockholders' equity | 8,294,294 | 8,056,186 |
Total liabilities and stockholders' equity | 74,844,395 | 71,277,521 |
Series F Preferred Stock | ||
Stockholders’ equity: | ||
Preferred stock | 145,037 | 145,037 |
Series G Preferred Stock | ||
Stockholders’ equity: | ||
Preferred stock | $ 138,942 | $ 138,942 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Allowance | $ 282 | $ 182 |
Value under fair value options | 811 | 1,991 |
Loans held for sale, valued under fair value option | $ 811 | $ 1,991 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 3,000,000 | 3,000,000 |
Common stock par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 182,778,045 | |
Treasury stock (in shares) | 8,065,663 | 8,770,472 |
Series F Preferred Stock | ||
Preferred stock, shares issued (in shares) | 6,000 | 6,000 |
Preferred stock, shares outstanding (in shares) | 6,000 | 6,000 |
Series G Preferred Stock | ||
Preferred stock, shares issued (in shares) | 135,000 | |
Preferred stock, shares outstanding (in shares) | 135,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Interest Income: | ||
Interest and fees on loans and leases | $ 716,356 | $ 346,276 |
Taxable interest and dividends on investments | 100,872 | 53,724 |
Non-taxable interest on investment securities | 13,684 | 9,802 |
Loans held for sale | 16 | 26 |
Total interest income | 830,928 | 409,828 |
Interest Expense: | ||
Deposits | 150,204 | 7,399 |
Securities sold under agreements to repurchase and other borrowings | 7,827 | 957 |
Federal Home Loan Bank advances | 68,126 | 56 |
Long-term debt | 9,488 | 7,168 |
Total interest expense | 235,645 | 15,580 |
Net interest income | 595,283 | 394,248 |
Provision for credit losses | 46,749 | 188,845 |
Net interest income after provision for credit losses | 548,534 | 205,403 |
Non-interest Income: | ||
Deposit service fees | 45,436 | 47,827 |
Loan and lease related fees | 23,005 | 22,679 |
Wealth and investment services | 6,587 | 10,597 |
Mortgage banking activities | 59 | 428 |
Increase in cash surrender value of life insurance policies | 6,728 | 6,732 |
(Loss) on sale of investment securities | (16,747) | 0 |
Other income | 5,698 | 15,772 |
Total non-interest income | 70,766 | 104,035 |
Non-interest Expense: | ||
Compensation and benefits | 173,200 | 184,002 |
Occupancy | 20,171 | 18,615 |
Technology and equipment | 44,366 | 55,401 |
Intangible assets amortization | 9,497 | 6,387 |
Marketing | 3,476 | 3,509 |
Professional and outside services | 32,434 | 54,091 |
Deposit insurance | 12,323 | 5,222 |
Other expense | 37,000 | 32,558 |
Total non-interest expense | 332,467 | 359,785 |
Income (loss) before income taxes | 286,833 | (50,347) |
Income tax expense (benefit) | 65,829 | (33,600) |
Net income (loss) | 221,004 | (16,747) |
Less: Preferred stock dividends | 4,163 | 3,431 |
Net income (loss) available to common stockholders | 216,841 | (20,178) |
Earnings applicable to common stockholders | $ 216,841 | $ (20,178) |
Earnings (loss) per common share: | ||
Basic (in dollars per share) | $ 1.24 | $ (0.14) |
Diluted (in dollars per share) | $ 1.24 | $ (0.14) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ 221,004 | $ (16,747) |
Other comprehensive income (loss), net of tax: | ||
Investment securities available-for-sale | 71,618 | (244,879) |
Derivative instruments | 21,374 | (7,844) |
Defined benefit pension and other postretirement benefit plans | 3,948 | (420) |
Other comprehensive income (loss), net of tax | 96,940 | (253,143) |
Comprehensive income (loss) | $ 317,944 | $ (269,890) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Series F Preferred Stock | Series G Preferred Stock | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings [Member] Series F Preferred Stock | Retained Earnings [Member] Series G Preferred Stock | Treasury Stock, Common | Accumulated Other Comprehensive Income (Loss), Net of Tax |
Beginning Balance at Dec. 31, 2021 | $ 3,438,325 | $ 145,037 | $ 937 | $ 1,108,594 | $ 2,333,288 | $ (126,951) | $ (22,580) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) | (16,747) | (16,747) | |||||||||||
Other comprehensive (loss), net of tax | (253,143) | (253,143) | |||||||||||
Common stock dividends and equivalents | $ (36,234) | (36,234) | |||||||||||
Preferred stock dividends | $ (1,969) | $ (1,463) | $ (1,969) | $ (1,463) | |||||||||
Issued in business contribution | 5,180,124 | 138,942 | 891 | 5,040,291 | |||||||||
Stock-based compensation | $ 9,003 | $ (19,098) | 28,101 | ||||||||||
Exercise of stock options | 411 | (347) | 758 | ||||||||||
Common shares acquired from stock compensation plan activity | (18,967) | (18,967) | |||||||||||
Common stock repurchase program | (122,205) | (122,205) | |||||||||||
Ending Balance at Mar. 31, 2022 | 8,177,135 | $ 283,979 | $ 1,828 | 6,129,440 | 2,276,875 | (239,264) | (275,723) | ||||||
Beginning Balance at Dec. 31, 2022 | 8,056,186 | $ (4,245) | 283,979 | 1,828 | 6,173,240 | 2,713,861 | $ (4,245) | (431,762) | (684,960) | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income (loss) | 221,004 | 221,004 | |||||||||||
Other comprehensive (loss), net of tax | 96,940 | 96,940 | |||||||||||
Common stock dividends and equivalents | (69,712) | (69,712) | |||||||||||
Preferred stock dividends | $ (1,969) | $ (2,194) | $ (1,969) | $ (2,194) | |||||||||
Stock-based compensation | 11,646 | (33,471) | 45,117 | ||||||||||
Exercise of stock options | 1,723 | (2,026) | 3,749 | ||||||||||
Common shares acquired from stock compensation plan activity | (15,085) | (15,085) | |||||||||||
Ending Balance at Mar. 31, 2023 | $ 8,294,294 | $ 283,979 | $ 1,828 | $ 6,137,743 | $ 2,856,745 | $ (397,981) | $ (588,020) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Common stock dividends/equivalents (in dollars per share) | $ 0.40 | $ 0.40 |
Series F Preferred Stock | ||
Preferred stock dividends (in dollars per share) | 328.125 | 328.125 |
Series G Preferred Stock | ||
Preferred stock dividends (in dollars per share) | $ 16.25 | $ 16.25 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Operating Activities: | |||
Net income (loss) | $ 221,004 | $ (16,747) | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 46,749 | 188,845 | |
Deferred Income Tax Expense (Benefit) | 13,911 | (28,543) | |
Stock-based compensation expense | 11,646 | 9,003 | |
Depreciation and amortization of property and equipment and intangible assets | 20,745 | 16,784 | |
(Accretion) and amortization of interest-earning assets and borrowings | (4,388) | (19,854) | |
Amortization of low-income housing tax credit investments | 21,478 | 10,377 | |
Amortization of mortgage servicing assets | 341 | 570 | |
Reduction of right-of-use lease assets | 7,525 | 7,928 | |
Net (gain) on sale, net of write-downs, of foreclosed properties and repossessed assets | (323) | (103) | |
Loss on disposal of property and equipment | 5 | 1,662 | |
Loss on sale of investment securities | 16,747 | 0 | |
Originations of loans held for sale | (2,590) | (23,056) | |
Proceeds from sale of loans held for sale | 3,832 | 26,753 | |
Net (gain) on mortgage banking activities | (77) | (397) | |
Net (gain) on sale of loans not originated for sale | (95) | (1,816) | |
(Increase) in cash surrender value of life insurance policies | (6,728) | (6,732) | |
(Gain) from life insurance policies | (528) | (38) | |
Increase (Decrease) in Derivative Assets and Liabilities | (48,570) | 215,423 | |
Increase (Decrease) in Other Operating Assets | (8,150) | (69,651) | |
Increase (Decrease) in Other Accounts Payable and Accrued Liabilities | (78,240) | (95,151) | |
Net cash provided by operating activities | 214,294 | 215,257 | |
Investing Activities: | |||
Purchases of available-for-sale securities | (357,784) | (714,208) | |
Proceeds from principal payments, maturities, and calls of available-for-sale securities | 119,033 | 283,474 | |
Proceeds from sale of available-for-sale securities | 395,358 | 0 | |
Purchases of held-to-maturity securities | (599,387) | (456,139) | |
Proceeds from principal payments, maturities, and calls of held-to-maturity securities | 99,992 | 280,080 | |
Net (increase) decrease in Federal Home Loan Bank and Federal Reserve Bank stock | (138,824) | 16,215 | |
Alternative investments (capital calls), net of distributions | (3,184) | (5,661) | |
Net (increase) in loans | (1,478,986) | (674,472) | |
Proceeds from sale of loans not originated for sale | 106,779 | 51,127 | |
Proceeds from sale of foreclosed properties and repossessed assets | 1,745 | 231 | |
Additions to property and equipment | (10,293) | (4,644) | |
Proceeds from life insurance policies | 0 | 7,793 | |
Net cash received in merger with Sterling | 0 | 513,960 | |
Net cash (used for) investing activities | (2,023,197) | (756,651) | |
Financing Activities: | |||
Net increase in deposits | 1,236,463 | 1,235,442 | |
Proceeds from Federal Home Loan Bank advances | 15,450,000 | 0 | |
Repayments of Federal Home Loan Bank advances | (12,350,091) | (94) | |
Net increase in securities sold under agreements to repurchase and other borrowings | (845,676) | (183,347) | |
Dividends paid to common stockholders | (70,140) | (36,234) | |
Dividends paid to preferred stockholders | (4,163) | (1,969) | |
Exercise of stock options | 1,723 | 411 | |
Common stock repurchase program | 0 | (122,205) | |
Common shares acquired related to stock compensation plan activity | (15,085) | (18,967) | |
Net cash provided by financing activities | 3,403,031 | 873,037 | |
Net increase in cash and cash equivalents | 1,594,128 | 331,643 | |
Cash and cash equivalents at beginning of period | 839,943 | 461,570 | |
Cash and cash equivalents at end of period | 2,434,071 | 793,213 | |
Supplemental disclosure of cash flow information: | |||
Interest paid | 221,182 | 15,457 | |
Income taxes paid | 6,334 | 7,112 | |
Non-cash investing and financing activities: | |||
Transfer of loans and leases to foreclosed properties and repossessed assets | 607 | 213 | |
Transfer of loans and leases to loans held-for-sale | 316,596 | 42,431 | |
Sterling | |||
Non-cash investing and financing activities: | |||
Tangible assets acquired | [1] | 17,607 | 26,919,975 |
Goodwill and other intangible assets | [1] | (25,561) | 2,149,532 |
Common stock issued | [1] | 0 | 5,041,182 |
Liabilities assumed | [1] | (7,954) | (24,403,343) |
Sterling | Preferred Stock [Member] | |||
Non-cash investing and financing activities: | |||
Preferred stock exchanged | [1] | 0 | 138,942 |
Bend Financial, Inc. | |||
Investing Activities: | |||
Net cash paid for acquisition of Bend | 0 | (54,407) | |
Non-cash investing and financing activities: | |||
Tangible assets acquired | [1] | 294 | 15,731 |
Goodwill and other intangible assets | [1] | (294) | 38,966 |
Liabilities assumed | [1] | 0 | (290) |
interLINK | |||
Investing Activities: | |||
Net cash paid for acquisition of Bend | (157,646) | 0 | |
Non-cash investing and financing activities: | |||
Tangible assets acquired | 6,417 | 0 | |
Goodwill and other intangible assets | 183,216 | 0 | |
Liabilities assumed | (15,948) | 0 | |
Contingent consideration | $ 16,039 | $ 0 | |
[1]The activities presented for 2023 reflect adjustments recorded within the one-year measurement period, which were identified as a result of extended information gathering and new information that arose from integration activities. Additional information regarding these amounts can be found within Note 2: Mergers and Acquisitions and Note 6: Goodwill and Other Intangible Assets. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Nature of Operations Webster Financial Corporation is a bank holding company and financial holding company under the BHC Act, incorporated under the laws of Delaware in 1986, and headquartered in Stamford, Connecticut. Webster Bank, along with its HSA Bank division, is a leading commercial bank in the Northeast that delivers a wide range of digital and traditional financial solutions to businesses, individuals, families, and partners across its three differentiated lines of business: Commercial Banking, HSA Bank, and Consumer Banking. While its core footprint spans from New York to Rhode Island and Massachusetts, certain businesses operate in extended geographies. HSA Bank is one of the largest providers of employee benefit solutions in the United States. Basis of Presentation The unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with GAAP for interim financial information and Article 10 of Regulation S-X. Certain information and footnote disclosures required by GAAP for complete financial statements have been omitted or condensed. Therefore, the condensed consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended In the opinion of management, all necessary adjustments have been reflected to present fairly the financial position, results of operations, and cash flows for the reporting periods presented. Intercompany transactions and balances have been eliminated in consolidation. Assets under administration or assets under management that the Company holds or manages in a fiduciary or agency capacity for customers are not included in the Condensed Consolidated Financial Statements. Use of Estimates The preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Accounting Standards Adopted in the Current Period ASU No. 2022-02—Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued ASU No. 2022-02, which eliminates the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. In addition, the Update requires that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost in the vintage disclosures required by paragraph 326-20-50-6. Modifications to borrowers experiencing financial difficulty include principal forgiveness, interest rate reductions, payment delays, term extensions, or combinations thereof. Expected losses or recoveries on loans where modifications have been granted to borrowers experiencing financial difficulty have been factored into the ACL on loans and leases. Upon adoption of ASU 2022-02, the Company is no longer required to use a discounted cash flow (or reconcilable) method to measure the ACL resulting from a modification with a borrower experiencing financial difficulty. Accordingly, the Company now applies the same credit loss methodology it uses for similar loans that were not modified. The Company adopted the Update on January 1, 2023. The Company elected the option to apply the modified retrospective transition method related to the recognition and measurement of TDRs, which resulted in a $5.9 million increase to the Allowance for Credit Losses on Loans and Leases and a $1.7 million decrease to Deferred Tax Assets, net, with a corresponding $4.2 million cumulative-effect adjustment to retained earnings as of the adoption date. The enhanced disclosure requirements provided for by the Update were adopted on a prospective basis. Reporting periods prior to the adoption of the Update are accounted for and presented in accordance with the applicable GAAP. Refer to Note 4: Loans and Leases for additional information regarding modifications granted to borrowers experiencing financial difficulty. ASU No. 2022-01—Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method In March 2022, the FASB issued ASU No. 2022-01—Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method, which expands the current last-of-layer method of hedge accounting that permits only one hedged layer to allow multiple hedged layers of a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. Additionally, the amendments in this Update: (i) expand the scope of the portfolio layer method to include non-prepayable assets; (ii) specify eligible hedging instruments in a single-layer hedge; (iii) provide additional guidance on the accounting for and disclosure of hedge basis adjustments; and (iv) specify how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. An entity may also reclassify debt securities classified in the held-to-maturity category at the date of adoption to the available-for-sale category only if the entity applies portfolio layer method hedging to one or more closed portfolios that include those debt securities within a 30-day period. The Company adopted the Update on January 1, 2023 on a prospective basis. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements. The entity did not reclassify any debt securities from the held-to-maturity category to the available-for-sale category as permitted upon adoption. ASU No. 2021-08—Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the FASB issued ASU No. 2021-08—Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The Company adopted the Update on January 1, 2023 on a prospective basis. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements. Relevant Accounting Standards Issued But Not Yet Adopted ASU No. 2023-02—Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force) In March 2023, the FASB issued ASU No. 2023-02—Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force), which permits reporting entities to elect to account for their tax equity investments, regardless of the program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. A reporting entity may make an accounting policy election to apply the proportional amortization method in accordance with paragraph 323-740-25-4 on a tax-credit-program-by-tax-credit-program basis rather than electing to applying the proportional amortization method at the reporting entity level or to individual investments. A reporting entity that applies the proportional amortization method to qualifying tax equity investments must account for the receipt of the investment tax credits using the flow-through method under Topic 740, Income Taxes, even if the entity applies the deferral method for other investment tax credit received. The amendments also remove certain guidance for Qualified Affordable Housing Project Investments, require the application of the delayed equity contribution guidance to all tax equity investments, and require specific disclosures that must be applied to all investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method in accordance with Subtopic 323-740. The Update is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. The amendments generally must be applied on either a modified retrospective or retrospective basis with a cumulative-effect adjustment to retained earnings reflecting the difference between the previous method used to account for the tax equity investment and the application of the proportional amortization method since the investment was entered into. The Company is in the early assessment stages of evaluating the amendments and the impact of adoption on its Consolidated Financial Statements and disclosures. ASU No. 2023-01—Leases (Topic 842): Common Control Arrangements In March 2023, the FASB issued ASU No. 2023-01—Leases (Topic 842): Common Control Arrangements, which requires that leasehold improvements associated with leases between entities under common control be: (i) amortized by the lessee over the useful live of the leasehold improvements to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset (the leased asset) through a lease; however, if the lessor obtained the right to control the use of the underlying asset through a lease with another entity not within the same common control group, the amortization period may not exceed the amortization period of the common control group; and (ii) accounted for as a transfer between entities under common control through an adjustment to equity, if, and when, the lessee no longer controls the use of the underlying asset. Additionally, those leasehold improvements are subject to the impairment guidance in Topic 360, Property, Plant, and Equipment. The Update is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. The amendments either may be applied prospectively to all new and existing leasehold improvements recognized on or after the adoption date with any remaining unamortized balance of existing leasehold improvements amortized over their remaining useful life to the common control group determined at that date; or retrospectively to the beginning of the period in which the entity first applied Topic 842, with any leasehold improvements that otherwise would not have been amortized or impaired recognized through a cumulative-effect adjustment to the opening balance of retained earnings at the beginning of the earliest period presented in accordance with Topic 842. The Company is in the early assessment stages of evaluating the amendments and the impact of adoption on its Consolidated Financial Statements. ASU No. 2022-03—Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, the FASB issued ASU No. 2022-03—Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security, and therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction, and requires the following disclosures for equity securities subject to contractual sale restrictions: (i) the fair value of equity securities subject to contractual sale restrictions reflected on the balance sheet; (ii) the nature and remaining duration of the restriction(s); and (iii) the circumstances that could cause a lapse in the restriction(s). The Update is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. For all entities except investment companies, the amendments should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. The adoption of this guidance is not expected to have a material impact on the Consolidated Financial Statements as the Company does not currently consider contractual restrictions on the sale of an equity security in measuring fair value. |
Mergers and Acquisitions
Mergers and Acquisitions | 3 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Mergers and Acquisitions | Mergers and Acquisitions interLINK Acquisition On January 11, 2023, Webster acquired 100% ownership of interLINK from StoneCastle Partners LLC. interLINK is a technology-enabled deposit management platform that administers over $9 billion of deposits from FDIC-insured cash sweep programs between banks and broker/dealers and clearing firms. The acquisition provides the Company with access to a unique source of core deposit funding and scalable liquidity and adds another technology-enabled channel to its already differentiated, omnichannel deposit gathering capabilities. The total purchase price of the acquisition was $174.6 million, which included cash paid of $158.6 million and $16.0 million of contingent consideration measured at fair value. The contingent consideration is payable in cash upon the achievement of discrete customer and deposit growth events within three years of the acquisition date. Additional information regarding the determination of fair value for contingent consideration liabilities can be found within Note 14: Fair Value Measurements. The transaction has been accounted for as a business combination, and resulted in the addition of $31.4 million in net assets measured at fair value, which primarily comprised $36.0 million of broker dealer relationship intangible assets, $6.0 million of developed technology, a $4.0 million non-competition agreement intangible asset, and $15.9 million of royalty liabilities. Fair value estimates of the acquired assets and assumed liabilities are subject to adjustment during the one-year measurement period following the closing of the acquisition. The $143.2 million of preliminary goodwill recognized is deductible for tax purposes. Bend Financial, Inc. Acquisition On February 18, 2022, Webster acquired 100% of the equity interests of Bend, a cloud-based platform solution provider for HSAs, in exchange for cash of $55.3 million. The transaction was accounted for as a business combination, and resulted in the addition of $19.6 million in net assets measured at fair value, which primarily comprised $15.9 million of internal use software and a $3.0 million customer relationship intangible asset. The Company's valuations of the assets acquired and liabilities assumed in the Bend Acquisition were considered final as of March 31, 2023. Merger with Sterling Bancorp On January 31, 2022, Webster completed its merger with Sterling. The transaction was accounted for as a business combination. Accordingly, the purchase price was allocated to the assets acquired and liabilities assumed based on their fair values as of the merger effective date. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions, and other future events that are highly subjective in nature and are subject to change. Fair value estimates of the assets acquired and liabilities assumed were subject to adjustment during the one-year measurement period following the closing of the merger if new information was obtained about facts and circumstances that existed as of the merger effective date that, if known, would have affected the measurement of the amounts recognized as of that date. Measurement period adjustments made during the first quarter of 2023 totaled a net $25.6 million, which pertained to other assets and other liabilities and their related deferred tax impact. The Company's valuations of the assets acquired and liabilities assumed in the merger with Sterling were considered final as of March 31, 2023. The following table summarizes the allocation of the purchase price to the fair value of the identifiable assets acquired and liabilities assumed from Sterling as of January 31, 2022: (In thousands) Unpaid Principal Balance Fair Value Purchase price consideration $ 5,180,300 Assets: Cash and due from banks 510,929 Interest-bearing deposits 3,207 Investment securities available-for-sale 4,429,948 Federal Home Loan Bank and Federal Reserve Bank Stock 150,502 Loans held for sale 23,517 Loans and leases: Commercial non-mortgage $ 5,570,782 5,527,657 Asset-based 694,137 683,958 Commercial real estate 6,790,600 6,656,405 Multi-family 4,303,381 4,255,906 Equipment financing 1,350,579 1,314,311 Warehouse lending 647,767 643,754 Residential 1,313,785 1,281,637 Home equity 132,758 122,553 Other consumer 12,559 12,525 Total loans and leases $ 20,816,348 20,498,706 Deferred tax assets, net (59,716) Premises and equipment 264,421 Other intangible assets 210,100 Bank-owned life insurance policies 645,510 Accrued interest receivable and other assets 986,729 Total assets acquired $ 27,663,853 Liabilities: Non-interest-bearing deposits $ 6,620,248 Interest-bearing deposits 16,643,755 Securities sold under agreements to repurchase and other borrowings 27,184 Long-term debt 516,881 Accrued expenses and other liabilities 589,689 Total liabilities assumed $ 24,397,757 Net assets acquired 3,266,096 Goodwill $ 1,914,204 In connection with the merger with Sterling, the Company recorded $1.9 billion of goodwill, which represents the excess of the purchase price over the fair value of the net assets acquired. Information regarding the allocation of goodwill to the Company's reportable segments can be found within Note 16: Segment Reporting. For a description of the valuation methodologies used to estimate the fair values of the significant assets acquired and liabilities assumed, refer to Note 2: Mergers and Acquisitions of the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Merger-Related Expenses and Exit Activities The following table summarizes total merger-related expenses, which were primarily incurred in connection with the merger with Sterling: Three months ended March 31, (In thousands) 2023 2022 Compensation and benefits (1) $ 11,112 $ 41,585 Occupancy 735 356 Technology and equipment (2) (1,709) 19,085 Professional and outside services (3) 20,009 44,457 Marketing 135 — Other expense (4) (909) 3,012 Total merger-related expenses $ 29,373 $ 108,495 (1) Comprised primarily of severance and employee retention costs, and executive synergy stock awards. (2) Comprised primarily of technology contract termination costs. Includes a reduction of $4.8 million to a previously recorded technology-related contract termination charge during the three months ended March 31, 2023, due to a change in the expected use of certain services post core conversion. (3) Comprised primarily of advisory, legal, accounting, and other professional fees. (4) Comprised primarily of contract termination costs, disposals on property and equipment, and other miscellaneous expenses. Includes a reduction of $1.7 million to a previously recorded contract termination charge during the three months ended The following tables summarize the change in accrued expenses and other liabilities as it relates to severance and contract termination costs, which were primarily incurred in connection with the merger with Sterling: Three months ended March 31, 2023 (In thousands) Severance Contract Termination Total Balance, beginning of period $ 7,583 $ 30,362 $ 37,945 Additions charged to expense 6,196 — 6,196 Cash payments (6,993) — (6,993) Other (825) (6,587) (7,412) Balance, end of period $ 5,961 $ 23,775 $ 29,736 Three months ended March 31, 2022 (In thousands) Severance Contract Termination Total Balance, beginning of period $ 10,835 $ — $ 10,835 Additions charged to expense 26,971 17,704 44,675 Cash payments (1,766) — (1,766) Other (1) (3,884) — (3,884) Balance, end of period $ 32,156 $ 17,704 $ 49,860 (1) Reflects the release of $3.9 million from the Company's severance accrual, as the Company re-evaluated its strategic priorities as a combined organization in connection with the Sterling merger, which resulted in modifications to the Company's strategic initiatives that were previously announced in December 2020. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Available-for-Sale The following tables summarize the amortized cost and fair value of available-for-sale securities by major type: At March 31, 2023 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value U.S. Treasury notes $ 407,224 $ — $ (20,452) $ 386,772 Government agency debentures 302,067 — (39,725) 262,342 Municipal bonds and notes 1,707,779 7 (62,558) 1,645,228 Agency CMO 61,728 — (4,266) 57,462 Agency MBS 2,496,654 368 (266,172) 2,230,850 Agency CMBS 1,889,561 3,542 (257,851) 1,635,252 CMBS 927,591 — (25,533) 902,058 Corporate debt 714,359 — (88,836) 625,523 Private label MBS 48,325 — (4,063) 44,262 Other 10,061 — (833) 9,228 Total available-for-sale securities $ 8,565,349 $ 3,917 $ (770,289) $ 7,798,977 At December 31, 2022 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value U.S. Treasury notes $ 755,968 $ — $ (38,928) $ 717,040 Government agency debentures 302,018 — (43,644) 258,374 Municipal bonds and notes 1,719,110 5 (85,913) 1,633,202 Agency CMO 64,984 — (5,019) 59,965 Agency MBS 2,461,337 26 (303,339) 2,158,024 Agency CMBS 1,664,600 — (258,114) 1,406,486 CMBS 929,588 — (32,948) 896,640 CLO 2,108 — (1) 2,107 Corporate debt 795,999 — (91,587) 704,412 Private label MBS 48,895 — (4,646) 44,249 Other 12,548 — (350) 12,198 Total available-for-sale securities $ 8,757,155 $ 31 $ (864,489) $ 7,892,697 (1) Accrued interest receivable on available-for-sale securities of $41.4 million and $36.9 million at March 31, 2023, and Unrealized Losses The following tables summarize the gross unrealized losses and fair value of available-for-sale securities by length of time each major security type has been in a continuous unrealized loss position: At March 31, 2023 Less Than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Number of Fair Unrealized U.S. Treasury notes $ — $ — $ 386,772 $ (20,452) 14 $ 386,772 $ (20,452) Government agency debentures 71,134 (3,714) 191,208 (36,011) 19 262,342 (39,725) Municipal bonds and notes 15,479 (239) 1,598,253 (62,319) 430 1,613,732 (62,558) Agency CMO 7,915 (228) 49,547 (4,038) 38 57,462 (4,266) Agency MBS 86,133 (3,319) 2,045,564 (262,853) 459 2,131,697 (266,172) Agency CMBS 64,576 (933) 1,397,565 (256,918) 133 1,462,141 (257,851) CMBS 155,493 (2,056) 746,565 (23,477) 51 902,058 (25,533) Corporate debt 13,041 (1,158) 612,482 (87,678) 92 625,523 (88,836) Private label MBS 44,262 (4,063) — — 3 44,262 (4,063) Other 4,810 (190) 4,168 (643) 2 8,978 (833) Total $ 462,843 $ (15,900) $ 7,032,124 $ (754,389) 1,241 $ 7,494,967 $ (770,289) At December 31, 2022 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Number of Fair Unrealized U.S. Treasury notes $ 337,563 $ (19,167) $ 379,477 $ (19,761) 23 $ 717,040 $ (38,928) Government agency debentures 258,374 (43,644) — — 19 258,374 (43,644) Municipal bonds and notes 1,616,771 (85,913) — — 444 1,616,771 (85,913) Agency CMO 55,693 (4,640) 4,272 (379) 39 59,965 (5,019) Agency MBS 1,641,544 (206,412) 515,206 (96,927) 460 2,156,750 (303,339) Agency CMBS 485,333 (68,674) 921,153 (189,440) 132 1,406,486 (258,114) CMBS 273,150 (8,982) 598,490 (23,966) 52 871,640 (32,948) CLO — — 2,107 (1) 1 2,107 (1) Corporate debt 692,990 (89,692) 8,421 (1,895) 105 701,411 (91,587) Private label MBS 44,249 (4,646) — — 3 44,249 (4,646) Other 12,198 (350) — — 4 12,198 (350) Total $ 5,417,865 $ (532,120) $ 2,429,126 $ (332,369) 1,282 $ 7,846,991 $ (864,489) The $94.2 million decrease in gross unrealized losses from December 31, 2022, to March 31, 2023, is primarily due to a decline in long-term market rates. The Company assesses each available-for-sale security that is in an unrealized loss position to determine whether the decline in fair value below the amortized cost basis is a result from a credit loss or other factors. At both March 31, 2023, and December 31, 2022, no ACL was recorded on available-for-sale securities as each of the securities in the Company's portfolio are investment grade, current as to principal and interest, and their price changes are consistent with interest and credit spreads when adjusting for convexity, rating, and industry differences. At March 31, 2023, based on current market conditions and the Company's current targeted balance sheet composition strategy, the Company has the intent to hold its available-for-sale securities with unrealized loss positions through the anticipated recovery period, and it is more-likely-than-not that the Company will not have to sell these available-for-sale securities before the recovery of the entire amortized cost basis. The issuers of these available-for-sale securities have not, to the Company’s knowledge, established any cause for default. Market prices are expected to approach par as the securities approach maturity. Contractual Maturities The following table summarizes the amortized cost and fair value of available-for-sale securities by contractual maturity: At March 31, 2023 (In thousands) Amortized Cost Fair Value Maturing within 1 year $ 41,886 $ 41,593 After 1 year through 5 years 953,221 903,665 After 5 through 10 years 1,469,500 1,364,238 After 10 years 6,100,742 5,489,481 Total available-for-sale securities $ 8,565,349 $ 7,798,977 Available-for-sale securities that are not due at a single maturity date have been categorized based on the maturity date of the underlying collateral. Actual principal cash flows may differ from this categorization as borrowers have the right to repay their obligations with or without prepayment penalties. Sales of Available-for Sale Securities During the three months ended March 31, 2023, the Company sold U.S. Treasury notes and Corporate debt securities classified as available-for-sale for proceeds of $395.4 million, which resulted in gross realized losses of $20.5 million. Because $3.8 million of the total loss recognized was attributed to a decline in credit quality, that portion of the charge has been included in the Provision for credit losses on the accompanying Condensed Consolidated Statements of Income. There were no sales of available-for-sale securities during the three months ended March 31, 2022. Other Information The following table summarizes available-for-sale securities pledged for deposits, borrowings, and other purposes: (In thousands) At March 31, 2023 At December 31, 2022 Pledged for deposits $ 2,868,000 $ 2,573,072 Pledged for borrowings and other 3,848,039 1,195,101 Total available-for-sale securities pledged $ 6,716,039 $ 3,768,173 At March 31, 2023, the Company had callable available-for-sale securities with an aggregate carrying value of $2.8 billion. Held-to-Maturity The following tables summarize the amortized cost, fair value, and ACL on held-to-maturity securities by major type: At March 31, 2023 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Allowance Net Carrying Value Agency CMO $ 27,101 $ — $ (1,727) $ 25,374 $ — $ 27,101 Agency MBS 2,613,113 1,458 (300,457) 2,314,114 — 2,613,113 Agency CMBS 3,364,186 3,790 (410,763) 2,957,213 — 3,364,186 Municipal bonds and notes 927,501 2,957 (29,188) 901,270 282 927,219 CMBS 131,604 — (8,893) 122,711 — 131,604 Total held-to-maturity securities $ 7,063,505 $ 8,205 $ (751,028) $ 6,320,682 $ 282 $ 7,063,223 At December 31, 2022 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Allowance Net Carrying Value Agency CMO $ 28,358 $ — $ (2,060) $ 26,298 $ — $ 28,358 Agency MBS 2,626,114 827 (339,592) 2,287,349 — 2,626,114 Agency CMBS 2,831,949 845 (407,648) 2,425,146 — 2,831,949 Municipal bonds and notes 928,845 1,098 (47,183) 882,760 182 928,663 CMBS 149,613 — (9,713) 139,900 — 149,613 Total held-to-maturity securities $ 6,564,879 $ 2,770 $ (806,196) $ 5,761,453 $ 182 $ 6,564,697 (1) Accrued interest receivable on held-to-maturity securities of $20.2 million and $24.2 million at March 31, 2023, and An ACL on held-to-maturity securities is recorded for certain Municipal bonds and notes to account for expected lifetime credit losses. Agency securities represent obligations issued by a U.S. government-sponsored enterprise or other federally-related entity and are either explicitly or implicitly guaranteed and therefore, assumed to be zero loss. Held-to-maturity securities with gross unrealized losses and no ACL are considered to be high credit quality, and therefore, zero credit loss has been recorded. The following table summarizes the activity in the ACL on held-to-maturity securities: Three months ended March 31, (In thousands) 2023 2022 Balance, beginning of period $ 182 $ 214 Provision (benefit) for credit losses 100 (10) Balance, end of period $ 282 $ 204 Contractual Maturities The following table summarizes the amortized cost and fair value of held-to-maturity securities by contractual maturity: At March 31, 2023 (In thousands) Amortized Cost Fair Value Maturing within 1 year $ 6,093 $ 6,115 After 1 year through 5 years 52,893 53,722 After 5 through 10 years 338,353 324,864 After 10 years 6,666,166 5,935,981 Total held-to-maturity securities $ 7,063,505 $ 6,320,682 Held-to-maturity securities that are not due at a single maturity date have been categorized based on the maturity date of the underlying collateral. Actual principal cash flows may differ from this categorization as borrowers have the right to prepay their obligations with or without prepayment penalties. Credit Quality Information The Company monitors the credit quality of held-to-maturity securities through credit ratings provided by Standard & Poor's Rating Services, Moody's Investor Services, Fitch Ratings, Inc., Kroll Bond Rating Agency, or DBRS Inc. Credit ratings express opinions about the credit quality of a security, and are updated at each quarter end. Investment grade securities are rated BBB- or higher by S&P, or Baa3 or higher by Moody's, and are generally considered by the rating agencies and market participants to be of low credit risk. Conversely, securities rated below investment grade, which are labeled as speculative grade by the rating agencies, are considered to have distinctively higher credit risk than investment grade securities. There were no speculative grade held-to-maturity securities at March 31, 2023, or December 31, 2022. Held-to-maturity securities that are not rated are collateralized with U.S. Treasury obligations. The following tables summarize the amortized cost of held-to-maturity securities based on their lowest publicly available credit rating: March 31, 2023 Investment Grade (In thousands) Aaa Aa1 Aa2 Aa3 A1 A2 Not Rated Agency CMO $ — $ 27,101 $ — $ — $ — $ — $ — Agency MBS — 2,613,113 — — — — — Agency CMBS — 3,364,186 — — — — — Municipal bonds and notes 350,578 163,138 254,843 116,343 38,134 4,165 300 CMBS 131,604 — — — — — — Total held-to-maturity securities $ 482,182 $ 6,167,538 $ 254,843 $ 116,343 $ 38,134 $ 4,165 $ 300 December 31, 2022 Investment Grade (In thousands) Aaa Aa1 Aa2 Aa3 A1 A2 Not Rated Agency CMO $ — $ 28,358 $ — $ — $ — $ — $ — Agency MBS — 2,626,114 — — — — — Agency CMBS — 2,831,949 — — — — — Municipal bonds and notes 336,035 163,312 255,235 116,870 38,177 4,165 15,051 CMBS 149,613 — — — — — — Total held-to-maturity securities $ 485,648 $ 5,649,733 $ 255,235 $ 116,870 $ 38,177 $ 4,165 $ 15,051 At March 31, 2023, and December 31, 2022, there were no held-to-maturity securities past due under the terms of their agreements nor in non-accrual status. Other Information The following table summarizes held-to-maturity securities pledged for deposits, borrowings, and other purposes: (In thousands) At March 31, 2023 At December 31, 2022 Pledged for deposits $ 1,573,285 $ 1,596,777 Pledged for borrowings and other 5,057,769 260,735 Total held-to-maturity securities pledged $ 6,631,054 $ 1,857,512 At March 31, 2023, the Company had callable held-to-maturity securities with an aggregate carrying value of $0.9 billion. |
Loans and Leases
Loans and Leases | 3 Months Ended |
Mar. 31, 2023 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans and Leases | Loans and Leases The following table summarizes loans and leases by portfolio segment and class: (In thousands) At March 31, At December 31, 2022 Commercial non-mortgage $ 16,939,373 $ 16,392,795 Asset-based 1,760,527 1,821,642 Commercial real estate 13,499,139 12,997,163 Multi-family 7,014,599 6,621,982 Equipment financing 1,601,109 1,628,393 Warehouse lending 474,328 641,976 Commercial portfolio 41,289,075 40,103,951 Residential 8,001,563 7,963,420 Home equity 1,580,569 1,633,107 Other consumer 55,316 63,948 Consumer portfolio 9,637,448 9,660,475 Loans and leases $ 50,926,523 $ 49,764,426 The carrying amount of loans and leases at March 31, 2023, and December 31, 2022, includes net unamortized Non-Accrual and Past Due Loans and Leases The following tables summarize the aging of accrual and non-accrual loans and leases by class: At March 31, 2023 (In thousands) 30-59 Days 60-89 Days 90 or More Days Past Due Non-accrual Total Past Due and Non-accrual Current Total Loans Commercial non-mortgage $ 6,916 $ 162 $ 215 $ 69,129 $ 76,422 $ 16,862,951 $ 16,939,373 Asset-based — — — 9,428 9,428 1,751,099 1,760,527 Commercial real estate 15,171 — 175 33,966 49,312 13,449,827 13,499,139 Multi-family 1,929 — — — 1,929 7,012,670 7,014,599 Equipment financing 2,472 105 — 13,018 15,595 1,585,514 1,601,109 Warehouse lending — — — — — 474,328 474,328 Commercial portfolio 26,488 267 390 125,541 152,686 41,136,389 41,289,075 Residential 7,112 3,347 — 25,291 35,750 7,965,813 8,001,563 Home equity 3,977 1,649 — 28,873 34,499 1,546,070 1,580,569 Other consumer 415 104 213 106 838 54,478 55,316 Consumer portfolio 11,504 5,100 213 54,270 71,087 9,566,361 9,637,448 Total $ 37,992 $ 5,367 $ 603 $ 179,811 $ 223,773 $ 50,702,750 $ 50,926,523 At December 31, 2022 (In thousands) 30-59 Days 60-89 Days 90 or More Days Past Due Non-accrual Total Past Due and Non-accrual Current Total Loans Commercial non-mortgage $ 8,434 $ 821 $ 645 $ 71,884 $ 81,784 $ 16,311,011 $ 16,392,795 Asset-based 5,921 — — 20,024 25,945 1,795,697 1,821,642 Commercial real estate 1,494 23,492 68 39,057 64,111 12,933,052 12,997,163 Multi-family 1,157 — — 636 1,793 6,620,189 6,621,982 Equipment financing 806 9,988 — 12,344 23,138 1,605,255 1,628,393 Warehouse lending — — — — — 641,976 641,976 Commercial portfolio 17,812 34,301 713 143,945 196,771 39,907,180 40,103,951 Residential 8,246 3,083 — 25,424 36,753 7,926,667 7,963,420 Home equity 5,293 2,820 — 27,924 36,037 1,597,070 1,633,107 Other consumer 1,028 85 13 148 1,274 62,674 63,948 Consumer portfolio 14,567 5,988 13 53,496 74,064 9,586,411 9,660,475 Total $ 32,379 $ 40,289 $ 726 $ 197,441 $ 270,835 $ 49,493,591 $ 49,764,426 The following table provides additional information on non-accrual loans and leases: At March 31, 2023 At December 31, 2022 (In thousands) Non-accrual Non-accrual with No Allowance Non-accrual Non-accrual with No Allowance Commercial non-mortgage $ 69,129 $ 12,382 $ 71,884 $ 12,598 Asset-based 9,428 1,330 20,024 1,491 Commercial real estate 33,966 1,502 39,057 90 Multi-family — — 636 — Equipment financing 13,018 1,895 12,344 2,240 Commercial portfolio 125,541 17,109 143,945 16,419 Residential 25,291 10,674 25,424 10,442 Home equity 28,873 15,114 27,924 15,193 Other consumer 106 4 148 5 Consumer portfolio 54,270 25,792 53,496 25,640 Total $ 179,811 $ 42,901 $ 197,441 $ 42,059 Interest on non-accrual loans and leases that would have been recognized as additional interest income had the loans and leases been current in accordance with their original terms totaled $6.1 million and $4.4 million for the three months ended Allowance for Credit Losses on Loans and Leases The following table summarizes the change in the ACL on loans and leases by portfolio segment: At or for the three months ended March 31, 2023 2022 (In thousands) Commercial Portfolio Consumer Portfolio Total Commercial Portfolio Consumer Portfolio Total ACL on loans and leases: Balance, beginning of period $ 533,125 $ 61,616 $ 594,741 $ 257,877 $ 43,310 $ 301,187 Adoption of ASU No. 2022-02 7,704 (1,831) 5,873 — — — Initial allowance for PCD loans and leases (1) — — — 78,376 9,669 88,045 Provision (benefit) 38,757 (936) 37,821 184,327 4,741 189,068 Charge-offs (26,410) (1,098) (27,508) (11,248) (1,120) (12,368) Recoveries 1,574 1,413 2,987 1,364 2,075 3,439 Balance, end of period $ 554,750 $ 59,164 $ 613,914 $ 510,696 $ 58,675 $ 569,371 Individually evaluated for credit losses 27,459 8,590 36,049 32,736 12,057 44,793 Collectively evaluated for credit losses $ 527,291 $ 50,574 $ 577,865 $ 477,960 $ 46,618 $ 524,578 (1) Represents the establishment of the initial reserve for PCD loans and leases, which is reported net of $48.3 million of day one charge-offs recognized at the date of acquisition in accordance with GAAP. Credit Quality Indicators To measure credit risk for the commercial portfolio, the Company employs a dual grade credit risk grading system for estimating the PD and LGD. The credit risk grade system assigns a rating to each borrower and to the facility, which together form a Composite Credit Risk Profile. The credit risk grade system categorizes borrowers by common financial characteristics that measure the credit strength of borrowers and facilities by common structural characteristics. The Composite Credit Risk Profile has ten grades, with each grade corresponding to a progressively greater risk of loss. Grades (1) to (6) are considered pass ratings, and grades (7) to (10) are considered criticized, as defined by the regulatory agencies. A (7) "Special Mention" rating has a potential weakness that, if left uncorrected, may result in deterioration of the repayment prospects for the asset. A (8) "Substandard" rating has a well-defined weakness that jeopardizes the full repayment of the debt. A (9) "Doubtful" rating has all of the same weaknesses as a substandard asset with the added characteristic that the weakness makes collection or liquidation in full given current facts, conditions, and values improbable. Assets classified as a (10) "Loss" rating are considered uncollectible and are charged-off. Risk ratings, which are assigned to differentiate risk within the portfolio, are reviewed on an ongoing basis and revised to reflect changes in a borrower's current financial position and outlook, risk profile, and the related collateral and structural position. Loan officers review updated financial information or other loan factors on at least an annual basis for all pass rated loans to assess the accuracy of the risk grade. Criticized loans undergo more frequent reviews and enhanced monitoring. To measure credit risk for the consumer portfolio, the most relevant credit characteristic is the FICO score, which is a widely used credit scoring system that ranges from 300 to 850. A lower FICO score is indicative of higher credit risk and a higher FICO score is indicative of lower credit risk. FICO scores are updated on at least a quarterly basis. The following tables summarize the amortized cost basis of commercial loans and leases by Composite Credit Risk Profile grade and origination year: At March 31, 2023 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage: Risk rating: Pass $ 867,446 $ 5,084,158 $ 1,781,158 $ 864,566 $ 708,271 $ 1,156,948 $ 5,992,440 $ 16,454,987 Special mention 25,083 62,638 24,644 12,727 15,640 8,631 30,522 179,885 Substandard 22,393 59,838 15,155 46,558 35,660 56,930 67,967 304,501 Total commercial non-mortgage 914,922 5,206,634 1,820,957 923,851 759,571 1,222,509 6,090,929 16,939,373 Current period gross write-offs 324 103 101 395 169 2,105 — 3,197 Asset-based: Risk rating: Pass 2,000 21,486 — 8,868 10,585 51,172 1,514,179 1,608,290 Special mention — — — — — 495 66,053 66,548 Substandard — — — — 1,330 — 84,359 85,689 Total asset-based 2,000 21,486 — 8,868 11,915 51,667 1,664,591 1,760,527 Current period gross write-offs — — — — 13,189 — — 13,189 Commercial real estate: Risk rating: Pass 921,252 3,438,768 1,999,831 1,481,136 1,547,577 3,591,701 139,886 13,120,151 Special mention 4,225 22,788 43,548 42,519 51,379 74,390 4,499 243,348 Substandard — 515 2,453 212 31,137 101,323 — 135,640 Total commercial real estate 925,477 3,462,071 2,045,832 1,523,867 1,630,093 3,767,414 144,385 13,499,139 Current period gross write-offs — — — — — 8,950 — 8,950 Multi-family: Risk rating: Pass 508,429 1,930,324 1,051,536 449,185 666,060 2,189,520 93,523 6,888,577 Special mention — 37,686 — 13,243 370 40,800 8,402 100,501 Substandard — — — 377 — 25,144 — 25,521 Total multi-family 508,429 1,968,010 1,051,536 462,805 666,430 2,255,464 101,925 7,014,599 Current period gross write-offs — — — — — 1,033 — 1,033 Equipment financing: Risk rating: Pass 132,662 367,476 316,521 295,379 277,878 145,561 — 1,535,477 Special mention — — 170 — 11,583 6,540 — 18,293 Substandard — 3,183 14,918 12,013 4,527 12,698 — 47,339 Total equipment financing 132,662 370,659 331,609 307,392 293,988 164,799 — 1,601,109 Current period gross write-offs — — — — — 41 — 41 Warehouse lending: Risk rating: Pass — — — — — — 474,328 474,328 Total warehouse lending — — — — — — 474,328 474,328 Current period gross write-offs — — — — — — — — Total commercial portfolio $ 2,483,490 $ 11,028,860 $ 5,249,934 $ 3,226,783 $ 3,361,997 $ 7,461,853 $ 8,476,158 $ 41,289,075 Current period gross write-offs $ 324 $ 103 $ 101 $ 395 $ 13,358 $ 12,129 $ — $ 26,410 At December 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage: Pass $ 5,154,781 $ 1,952,158 $ 965,975 $ 792,977 $ 593,460 $ 780,200 $ 5,670,532 $ 15,910,083 Special mention 104,277 15,598 21,168 263 14,370 7,770 40,142 203,588 Substandard 28,203 11,704 69,954 36,604 70,634 16,852 41,917 275,868 Doubtful — — — 1 — — 3,255 3,256 Total commercial non-mortgage 5,287,261 1,979,460 1,057,097 829,845 678,464 804,822 5,755,846 16,392,795 Asset-based: Pass 19,659 3,901 9,424 14,413 5,163 55,553 1,551,250 1,659,363 Special mention — — — — — — 80,476 80,476 Substandard — — — 1,491 — — 80,312 81,803 Total asset-based 19,659 3,901 9,424 15,904 5,163 55,553 1,712,038 1,821,642 Commercial real estate: Pass 3,420,635 2,246,672 1,556,185 1,605,869 1,058,730 2,681,052 97,832 12,666,975 Special mention 21,878 8,995 7,264 37,570 47,419 66,652 1,000 190,778 Substandard 519 2,459 216 31,163 47,021 57,997 — 139,375 Doubtful — — — 1 — 34 — 35 Total commercial real estate 3,443,032 2,258,126 1,563,665 1,674,603 1,153,170 2,805,735 98,832 12,997,163 Multi-family: Pass 1,992,980 1,057,705 507,065 694,066 444,564 1,748,337 51,655 6,496,372 Special mention 37,677 — — 95 40,307 726 8,838 87,643 Substandard — — 382 — 12,681 24,904 — 37,967 Total multi-family 2,030,657 1,057,705 507,447 694,161 497,552 1,773,967 60,493 6,621,982 Equipment financing: Pass 388,641 345,792 331,419 308,441 98,874 83,264 — 1,556,431 Special mention — 185 — 11,965 6,775 25 — 18,950 Substandard 314 16,711 18,436 5,016 5,307 7,228 — 53,012 Total equipment financing 388,955 362,688 349,855 325,422 110,956 90,517 — 1,628,393 Warehouse lending: Pass — — — — — — 641,976 641,976 Total warehouse lending — — — — — — 641,976 641,976 Total commercial portfolio $ 11,169,564 $ 5,661,880 $ 3,487,488 $ 3,539,935 $ 2,445,305 $ 5,530,594 $ 8,269,185 $ 40,103,951 The following tables summarize the amortized cost basis of consumer loans by FICO score and origination year: At March 31, 2023 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Residential: Risk rating: 800+ $ 15,014 $ 681,916 $ 1,043,662 $ 468,357 $ 150,282 $ 993,219 $ — $ 3,352,450 740-799 69,297 866,867 863,689 308,974 111,803 716,299 — 2,936,929 670-739 18,719 346,423 326,999 91,487 62,585 393,008 — 1,239,221 580-669 63 46,328 52,355 14,004 10,532 125,882 — 249,164 579 and below — 53,275 3,563 3,963 99,840 63,158 — 223,799 Total residential 103,093 1,994,809 2,290,268 886,785 435,042 2,291,566 — 8,001,563 Current period gross write-offs — — — — — 211 — 211 Home equity: Risk rating: 800+ 6,211 26,483 35,954 25,557 8,524 63,613 434,492 600,834 740-799 4,088 29,016 31,860 18,237 6,556 38,748 375,534 504,039 670-739 4,421 15,017 17,246 6,262 4,153 34,796 257,878 339,773 580-669 408 2,984 2,504 1,483 903 13,456 74,873 96,611 579 and below 202 419 766 643 529 6,120 30,633 39,312 Total home equity 15,330 73,919 88,330 52,182 20,665 156,733 1,173,410 1,580,569 Current period gross write-offs — — — — — 108 — 108 Other consumer: Risk rating: 800+ 140 443 207 479 843 266 17,207 19,585 740-799 266 782 2,589 1,332 1,933 570 7,675 15,147 670-739 154 838 409 1,815 3,117 975 8,836 16,144 580-669 58 304 216 297 694 159 1,294 3,022 579 and below 22 120 43 41 127 55 1,010 1,418 Total other consumer 640 2,487 3,464 3,964 6,714 2,025 36,022 55,316 Current period gross write-offs 435 — 3 114 126 101 — 779 Total consumer portfolio $ 119,063 $ 2,071,215 $ 2,382,062 $ 942,931 $ 462,421 $ 2,450,324 $ 1,209,432 $ 9,637,448 Current period gross write-offs $ 435 $ — $ 3 $ 114 $ 126 $ 420 $ — $ 1,098 At December 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Residential: 800+ $ 527,408 $ 954,568 $ 469,518 $ 160,596 $ 28,361 $ 997,409 $ — $ 3,137,860 740-799 963,026 946,339 311,295 111,913 43,684 689,771 — 3,066,028 670-739 381,515 350,671 103,999 62,365 18,451 384,687 — 1,301,688 580-669 40,959 49,648 14,484 5,836 2,357 138,107 — 251,391 579 and below 52,464 3,693 2,057 84,032 1,299 62,908 — 206,453 Total residential 1,965,372 2,304,919 901,353 424,742 94,152 2,272,882 — 7,963,420 Home equity: 800+ 25,475 35,129 25,612 7,578 12,545 55,352 465,318 627,009 740-799 26,743 35,178 17,621 8,111 7,765 32,270 398,692 526,380 670-739 18,396 16,679 8,175 3,635 7,614 30,060 259,646 344,205 580-669 2,848 3,068 1,520 1,456 1,163 13,607 76,614 100,276 579 and below 426 386 651 661 563 4,736 27,814 35,237 Total home equity 73,888 90,440 53,579 21,441 29,650 136,025 1,228,084 1,633,107 Other consumer: 800+ 495 218 544 1,045 247 56 19,196 21,801 740-799 888 2,624 1,959 2,494 941 364 12,218 21,488 670-739 977 603 2,480 4,238 1,041 118 6,107 15,564 580-669 211 117 337 801 173 54 2,223 3,916 579 and below 169 101 29 116 36 21 707 1,179 Total other consumer 2,740 3,663 5,349 8,694 2,438 613 40,451 63,948 Total consumer portfolio $ 2,042,000 $ 2,399,022 $ 960,281 $ 454,877 $ 126,240 $ 2,409,520 $ 1,268,535 $ 9,660,475 Collateral Dependent Loans and Leases A loan or lease is considered collateral dependent when the borrower is experiencing financial difficulty and repayment is substantially expected to be provided through the operation or sale of collateral. At March 31, 2023, and December 31, 2022, the carrying amount of collateral dependent commercial loans and leases totaled $28.1 million and $43.8 million, respectively, and the carrying amount of collateral dependent consumer loans totaled $40.4 million and $45.2 million, respectively. Commercial non-mortgage, asset-based, and equipment financing loans and leases are generally secured by machinery and equipment, inventory, receivables, or other non-real estate assets, whereas commercial real estate, multi-family, residential, home equity, and other consumer loans are secured by real estate. The ACL for collateral dependent loans and leases is individually assessed based on the fair value of the collateral less costs to sell. At March 31, 2023, and December 31, 2022, the collateral value associated with collateral dependent loans and leases totaled $79.1 million and $108.0 million, respectively. Modifications for Borrowers Experiencing Financial Difficulty On January 1, 2023, the Company adopted ASU 2022-02, which eliminates the accounting guidance for TDRs and enhances the disclosure requirements for certain loan modifications when a borrower is experiencing financial difficulty. For a description of the Company's accounting policies related to the accounting and reporting of TDRs, for which comparative period information is presented, refer to Note 1: Summary of Significant Accounting Policies of the Company's Annual Report on Form 10-K for the year ended December 31, 2022. In certain circumstances, the Company enters into agreements to modify the terms of loans to borrowers experiencing financial difficulty. A variety of solutions are offered to borrowers experiencing financial difficulty, including loan modifications that may result in principal forgiveness, interest rate reductions, payment delays, term extension, or a combination thereof. The following is a description of each of these types of modifications: • Principal forgiveness – The outstanding principal balance of a loan may be reduced by a specified amount. Principal forgiveness may occur voluntarily as part of a negotiated agreement with a borrower, or involuntarily through a bankruptcy proceeding. • Interest rate reductions – Includes modifications where the contractual interest rate of the loan has been reduced. • Payment delays – Deferral arrangements which allow borrowers to delay a scheduled loan payment to a later date. Deferred loan payments do not affect the original contractual terms of the loan. Modifications that result in only an insignificant payment delay are not disclosed. The Company considers that a three month or less payment delay generally would be considered insignificant. • Term extensions – Extensions of the original contractual maturity date of the loan. • Combination – Combination includes loans that have undergone more than one of the above loan modification types. Significant judgment is required to determine if a borrower is experiencing financial difficulty. These considerations vary by portfolio class. The Company has identified modifications to borrowers experiencing financial difficulty that are included in its disclosures as follows: • Commercial: The Company evaluates modifications of loans to commercial borrowers that are rated substandard or worse, and includes the modifications in its disclosures to the extent that the modification is considered • Consumer: The Company evaluates modifications of loans to consumer borrowers subject to its loss mitigation program and includes them in its disclosures to the extent that the modification is considered other-than-insignificant. The following table summarizes the amortized cost basis of loans modified to borrowers experiencing financial difficulty, disaggregated by class and type of concession granted during the three months ended March 31, 2023: (In thousands) Interest Rate Reduction Term Extension Combination - Term Extension and Interest Rate Reduction Total % of Total Class (2) Commercial non-mortgage $ 7 $ 29,884 $ — $ 29,891 0.2 % Commercial real estate — 17,116 — 17,116 0.1 Home equity — 57 64 121 — Total (1) $ 7 $ 47,057 $ 64 $ 47,128 0.1 % (1) The total amortized cost excludes accrued interest receivable of $0.2 million. (2) Represents the amortized cost of loans modified during the reporting period as a percentage of the period-end loan balance by class. The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2023: Financial Effect Interest Rate Reduction: Commercial non-mortgage Reduced weighted average interest rate by 4.5% Term Extension: Commercial non-mortgage Extended term by a weighted average 0.6 years Commercial real estate Extended term by a weighted average 1.0 year Home equity Extended term by a weighted average 8.8 years Combination: Home equity Extended term by a weighted average 5.1 years and reduced weighted average interest rate by 1.5% The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table summarizes the aging of loans that have been modified during the three months ended March 31, 2023: (In thousands) Current 30-59 Days 60-89 Days 90+ Days Non-Accrual Total Commercial non-mortgage $ 3,562 $ — $ — $ — $ 26,329 $ 29,891 Commercial real estate 17,116 — — — — 17,116 Home equity 23 — — — 98 121 Total $ 20,701 $ — $ — $ — $ 26,427 $ 47,128 There were no loans made to borrowers experiencing financial difficulty that were modified during the three months ended March 31, 2023, and that subsequently defaulted. For the purposes of this disclosure, a payment default is defined as 90 or more days past due and still accruing. Non-accrual loans that are modified to borrowers experiencing financial difficulty remain on non-accrual status until the borrower has demonstrated performance under the modified terms. Commitments to lend additional funds to borrowers experiencing financial difficulty whose loans had been modified were not significant. Troubled Debt Restructurings Prior to the Adoption of ASU 2022-02 The following table summarizes information related to TDRs: (In thousands) At December 31, 2022 Accrual status $ 110,868 Non-accrual status 83,954 Total TDRs $ 194,822 Additional funds committed to borrowers in TDR status $ 1,724 Specific reserves for TDRs included in the ACL on loans and leases: Commercial portfolio $ 14,578 Consumer portfolio 3,559 The following table summarizes loans and leases modified as TDRs by class and modification type during the three months ended March 31, 2022: (Dollars in thousands) Number of Recorded Investment (1) Commercial non-mortgage Term extension 2 $ 98 Combination - Term extension and interest rate reduction 2 92 Residential Other (2) 5 2,985 Home equity Combination - Term extension and interest rate reduction 4 44 Other (2) 17 1,242 Total TDRs 30 $ 4,461 (1) Post-modification balances approximated pre-modification balances. The aggregate amount of charge-offs due to restructurings was not significant. (2) Other included covenant modifications, forbearance, discharges under Chapter 7 bankruptcy, or other concessions. During the three months ended March 31, 2022, the portion of TDRs deemed to uncollectible and charged-off totaled $9.1 million for the commercial portfolio and $0.1 million for the consumer portfolio. There were no significant loans and leases modified as TDRs within the previous twelve months and for which there was a payment default during the three months ended March 31, 2022. |
Transfers and Servicing of Fina
Transfers and Servicing of Financial Assets | 3 Months Ended |
Mar. 31, 2023 | |
Transfers and Servicing [Abstract] | |
Transfers and Servicing of Financial Assets | Transfers and Servicing of Financial Assets The Company originates and sells residential mortgage loans in the normal course of business, primarily to The following table summarizes information related to mortgage banking activities: Three months ended March 31, (In thousands) 2023 2022 Net gain on sale $ 77 $ 397 Origination fees 11 135 Fair value adjustment (29) (104) Mortgage banking activities $ 59 $ 428 Proceeds from sale $ 3,832 $ 26,753 Loans sold with servicing rights retained 1,229 25,363 Under certain circumstances, the Company may decide to sell loans that were not originated or otherwise acquired with the intent to sell. During the three months ended March 31, 2023, and 2022, the Company sold commercial loans not originated for sale for proceeds of $106.7 million and $51.1 million, respectively, which resulted in net gains on sale of $0.1 million and In addition, the Company may retain servicing rights on its residential mortgage loans sold in the normal course of business. At March 31, 2023, and December 31, 2022, the aggregate principal balance of residential mortgage loans serviced for others totaled $1.9 billion and $2.0 billion, respectively. Mortgage servicing rights are held at the lower of cost, net of accumulated amortization, or fair market value, and are included in Accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets. The Company assesses mortgage servicing rights for impairment each quarter and establishes or adjusts the valuation allowance to the extent that amortized cost exceeds the estimated fair market value. The following table presents the change in the carrying amount for mortgage servicing rights: Three months ended March 31, (In thousands) 2023 2022 Balance, beginning of period $ 9,515 $ 9,237 Acquired from Sterling — 859 Additions 15 209 Amortization (341) (570) Balance, end of period $ 9,189 $ 9,735 Loan servicing fees, net of mortgage servicing rights amortization, were $1.3 million and $1.1 million for the three months ended March 31, 2023, and 2022, respectively, and are included in Loan and lease related fees on the accompanying Condensed Consolidated Statements of Income. Information regarding the fair value of loans held for sale and mortgage servicing rights can be found within Note 14: Fair Value Measurements. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The following table summarizes changes in the carrying amount of goodwill: (In thousands) At March 31, At December 31, Balance, beginning of period $ 2,514,104 $ 538,373 interLINK acquisition 143,216 — Sterling merger (1) (25,561) 1,939,765 Bend acquisition (1) (294) 35,966 Balance, end of period $ 2,631,465 $ 2,514,104 (1) Reflects adjustments recorded within the one-year measurement period, which were identified as a result of extended information gathering and new information that arose from integration activities. The allocation of the purchase price and goodwill calculations for both the Sterling merger and Bend acquisition are final as of March 31, 2023. Information regarding goodwill by reportable segment can be found within Note 16: Segment Reporting. Other Intangible Assets The following table summarizes other intangible assets: At March 31, 2023 At December 31, 2022 (In thousands) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Core deposits $ 146,037 $ 41,237 $ 104,800 $ 146,037 $ 36,710 $ 109,327 Customer relationships (1) 151,000 29,755 121,245 115,000 24,985 90,015 Non-competition agreement (1) 4,000 200 3,800 — — — Total other intangible assets $ 301,037 $ 71,192 $ 229,845 $ 261,037 $ 61,695 $ 199,342 (1) The increase in the gross carrying amount is attributed to the acquisition of interLINK, in which the Company identified and recorded a $36.0 million intangible asset for broker dealer relationships, which is being amortized on an accelerated basis over an estimated useful life of 10 years, and a $4.0 million non-competition agreement, which is being amortized on a straight-line basis over an estimated useful life of 5 years. The remaining estimated aggregate future amortization expense for other intangible assets is as follows: (In thousands) At March 31, Remainder of 2023 $ 26,710 2024 29,618 2025 25,956 2026 25,565 2027 25,565 Thereafter 96,431 |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2023 | |
Deposit Liabilities [Abstract] | |
Deposits | Deposits The following table summarizes deposits by type: (In thousands) At March 31, At December 31, Non-interest-bearing: Demand $ 12,007,387 $ 12,974,975 Interest-bearing: Health savings accounts 8,272,507 7,944,892 Checking 8,560,750 9,237,529 Money market 14,203,858 11,062,652 Savings 7,723,198 8,673,343 Time deposits 4,529,779 4,160,949 Total interest-bearing $ 43,290,092 $ 41,079,365 Total deposits $ 55,297,479 $ 54,054,340 Time deposits, money market, and interest-bearing checking obtained through brokers (1) $ 1,268,506 $ 1,964,873 Aggregate amount of time deposit accounts that exceeded the FDIC limit 1,457,289 1,894,950 Demand deposit overdrafts reclassified as loan balances 6,832 8,721 (1) Excludes $2.9 billion of money market sweep deposits received through interLINK at March 31, 2023. The following table summarizes the scheduled maturities of time deposits: (In thousands) At March 31, Remainder of 2023 $ 3,168,801 2024 1,132,496 2025 132,543 2026 53,306 2027 36,616 Thereafter 6,017 Total time deposits $ 4,529,779 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The following table summarizes securities sold under agreements to repurchase and other borrowings: At March 31, 2023 At December 31, 2022 (Dollars in thousands) Total Outstanding Rate Total Outstanding Rate Securities sold under agreements to repurchase (1) $ 306,154 0.11 % $ 282,005 0.11 % Federal funds purchased — — 869,825 4.44 Securities sold under agreements to repurchase and other borrowings $ 306,154 0.11 % $ 1,151,830 3.38 % (1) The Company has the right of offset with respect to all repurchase agreement assets and liabilities. Total securities sold under agreements to repurchase are presented as gross transactions, as only liabilities are outstanding for the periods presented. Securities sold under agreements to repurchase, all of which have an original maturity of one year or less for the periods presented, are used as a source of borrowed funds and are collateralized by Agency MBS and Corporate debt. The Company's repurchase agreement counterparties are limited to primary dealers in government securities, and commercial and municipal customers through the Corporate Treasury function. The Company may also purchase unsecured term and overnight federal funds to satisfy its short-term liquidity needs. The following table summarizes information for FHLB advances: At March 31, 2023 At December 31, 2022 (Dollars in thousands) Total Outstanding Weighted- Total Outstanding Weighted- Maturing within 1 year $ 8,550,183 5.18 % $ 5,450,187 4.40 % After 1 but within 2 years — — — — After 2 but within 3 years — — — — After 3 but within 4 years — — — — After 4 but within 5 years 486 1.35 252 — After 5 years 9,792 2.07 10,113 2.09 Total FHLB advances $ 8,560,461 5.18 % $ 5,460,552 4.39 % Aggregate carrying value of assets pledged as collateral $ 19,778,232 $ 13,692,379 Remaining borrowing capacity at FHLB 6,509,929 4,291,326 The Bank may borrow up to the amount of eligible mortgages and securities that have been pledged as collateral to secure FHLB advances, which includes certain residential and commercial real estate loans, home equity lines of credit, CMBS, Agency MBS, Agency CMO, U.S. Treasury notes, and MBS. The Bank was in compliance with its FHLB collateral requirements at both March 31, 2023, and December 31, 2022. The following table summarizes long-term debt: (Dollars in thousands) At March 31, At December 31, 4.375% Senior fixed-rate notes due February 15, 2024 $ 150,000 $ 150,000 4.100% Senior fixed-rate notes due March 25, 2029 (1) 332,119 333,458 4.000% Subordinated fixed-to-floating rate notes due December 30, 2029 274,000 274,000 3.875% Subordinated fixed-to-floating rate notes due November 1, 2030 225,000 225,000 Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (2) 77,320 77,320 Total senior and subordinated debt 1,058,439 1,059,778 Discount on senior fixed-rate notes (701) (756) Debt issuance cost on senior fixed-rate notes (1,723) (1,824) Premium on subordinated fixed-to-floating rate notes 15,398 15,930 Long-term debt (1) $ 1,071,413 $ 1,073,128 (1) The classification of debt as long-term is based on the initial terms of greater than one year as of the date of issuance. (2) The Company de-designated its fair value hedging relationship on these senior notes in 2020. A basis adjustment of $32.1 million and $33.5 million at March 31, 2023, and December 31, 2022, respectively, is included in the carrying value and is being amortized over the remaining life of the senior notes. (3) The interest rate on the Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month LIBOR plus 2.95%, was 7.86% and 7.69% at March 31, 2023, and December 31, 2022, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income, Net of Tax | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income, Net of Tax | Accumulated Other Comprehensive Income (Loss), Net of Tax The following tables summarize the changes in each component of accumulated other comprehensive income (loss), net of tax: Three months ended March 31, 2023 (In thousands) Securities Available Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Balance, beginning of period $ (631,160) $ (8,874) $ (44,926) $ (684,960) Other comprehensive income before reclassifications 56,635 20,782 3,553 80,970 Amounts reclassified from accumulated other comprehensive (loss) 14,983 592 395 15,970 Other comprehensive income, net of tax 71,618 21,374 3,948 96,940 Balance, end of period $ (559,542) $ 12,500 $ (40,978) $ (588,020) Three months ended March 31, 2022 (In thousands) Securities Available Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Balance, beginning of period $ 4,536 $ 6,070 $ (33,186) $ (22,580) Other comprehensive (loss) before reclassifications (244,879) (8,613) (719) (254,211) Amounts reclassified from accumulated other comprehensive income (loss) — 769 299 1,068 Other comprehensive (loss), net of tax (244,879) (7,844) (420) (253,143) Balance, end of period $ (240,343) $ (1,774) $ (33,606) $ (275,723) The following table further summarizes the amounts reclassified from accumulated other comprehensive income (loss): Accumulated Other Comprehensive Three months ended Associated Line Item on the March 31, 2023 2022 (In thousands) Investment securities available-for-sale: Net holding (losses) $ (20,483) $ — (Loss) on sale of investment securities Tax benefit 5,500 — Income tax expense Net of tax $ (14,983) $ — Derivative instruments: Hedge terminations $ (76) $ (77) Interest expense Premium amortization (736) (978) Interest income Tax benefit 220 286 Income tax expense Net of tax $ (592) $ (769) Defined benefit pension and other postretirement benefit plans: Actuarial net loss amortization $ (542) $ (411) Other expense Tax benefit 147 112 Income tax expense Net of tax $ (395) $ (299) |
Regulatory Capital and Restrict
Regulatory Capital and Restrictions | 3 Months Ended |
Mar. 31, 2023 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Capital and Restrictions | Regulatory Capital and Restrictions Capital Requirements The Holding Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory actions by regulators that could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and/or the regulatory framework for prompt corrective action (such provisions apply to the Bank only), both the Holding Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items calculated pursuant to regulatory directives. Capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures established by the Basel III Capital Rules to ensure capital adequacy require the Company to maintain minimum ratios of CET1 capital to total risk-weighted assets (CET1 risk-based capital), Tier 1 capital to total risk-weighted assets (Tier 1 risk-based capital), Total capital to total risk-weighted assets (Total risk-based capital), and Tier 1 capital to average tangible assets (Tier 1 leverage capital), as defined in the regulations. CET1 capital consists of common stockholders’ equity less deductions for goodwill and other intangible assets, and certain deferred tax adjustments. Upon adoption of the Basel III Capital Rules, the Company elected to opt-out of the requirement to include certain components of AOCI in CET1 capital. Tier 1 capital consists of CET1 capital plus preferred stock. Total capital consists of Tier 1 capital and Tier 2 capital, as defined in the regulations. Tier 2 capital includes permissible portions of subordinated debt and the ACL. At March 31, 2023, and December 31, 2022, both the Holding Company and the Bank were classified as well-capitalized. Management believes that no events or changes have occurred subsequent to year-end that would change this designation. The following tables provides information on the capital ratios for the Holding Company and the Bank: At March 31, 2023 Actual (1) Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Webster Financial Corporation CET1 risk-based capital $ 5,796,578 10.42 % $ 2,503,935 4.5 % $ 3,616,794 6.5 % Total risk-based capital 7,229,512 12.99 4,451,439 8.0 5,564,299 10.0 Tier 1 risk-based capital 6,080,557 10.93 3,338,580 6.0 4,451,439 8.0 Tier 1 leverage capital 6,080,557 8.65 2,812,832 4.0 3,516,040 5.0 Webster Bank CET1 risk-based capital $ 6,605,427 11.89 % $ 2,500,320 4.5 % $ 3,611,573 6.5 % Total risk-based capital 7,162,664 12.89 4,445,013 8.0 5,556,266 10.0 Tier 1 risk-based capital 6,605,427 11.89 3,333,760 6.0 4,445,013 8.0 Tier 1 leverage capital 6,605,427 9.40 2,810,676 4.0 3,513,345 5.0 At December 31, 2022 Actual (1) Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Webster Financial Corporation CET1 risk-based capital $ 5,822,369 10.71 % $ 2,446,344 4.5 % $ 3,533,608 6.5 % Total risk-based capital 7,203,029 13.25 4,349,056 8.0 5,436,320 10.0 Tier 1 risk-based capital 6,106,348 11.23 3,261,792 6.0 4,349,056 8.0 Tier 1 leverage capital 6,106,348 8.95 2,730,212 4.0 3,412,765 5.0 Webster Bank CET1 risk-based capital $ 6,661,504 12.28 % $ 2,442,058 4.5 % $ 3,527,417 6.5 % Total risk-based capital 7,165,935 13.20 4,341,437 8.0 5,426,796 10.0 Tier 1 risk-based capital 6,661,504 12.28 3,256,078 6.0 4,341,437 8.0 Tier 1 leverage capital 6,661,504 9.77 2,727,476 4.0 3,409,345 5.0 (1) In accordance with regulatory capital rules, the Company elected an option to delay the estimated impact of the adoption of CECL on its regulatory capital over a two-year deferral period, which ended on January 1, 2022, and a subsequent three-year transition period ending on December 31, 2024. During the three-year transition period, regulatory capital ratios will phase out the aggregate amount of the regulatory capital benefit provided from the delayed CECL adoption in the initial two years. For 2022, 2023, and 2024, the Company is allowed 75%, 50%, and 25%, respectively, of the regulatory capital benefit as of December 31, 2021, with full absorption occurring in 2025. Dividend Restrictions The Holding Company is dependent upon dividends from the Bank to provide funds for the payment of dividends to stockholders and for other cash requirements. Dividends paid by the Bank are subject to various federal and state regulatory limitations. Express approval by the OCC is required if the effect of dividends declared would cause the regulatory capital of the Bank to fall below specified minimum levels or if the amount would exceed net income for that year combined with undistributed net income for the preceding two years. The Bank paid the Holding Company $150.0 million in dividends during the three months ended March 31, 2023, for which no express approval from the OCC was required. No dividends were paid by the Bank to the Holding Company during the three months ended March 31, 2022. Cash Restrictions |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities The Company has an investment interest in the following entities that each meet the definition of a variable interest entity. Information regarding the Company's consolidation of variable interest entities can be found within Note 1: Summary of Significant Accounting Policies in the Consolidated Financial Statements contained in Part II - Item 8. Financial Statements and Supplementary Data of the Company's Annual Report on Form 10-K for the year ended December 31, 2022. Consolidated Rabbi Trusts. The Company established a Rabbi Trust to meet its obligations due under the Webster Bank Deferred Compensation Plan for Directors and Officers and to mitigate expense volatility. The funding of the Rabbi Trust and the discontinuation of the Webster Bank Deferred Compensation Plan for Directors and Officers occurred during 2012. In connection with the Sterling merger in 2022, the Company acquired assets held in a separate Rabbi Trust that had been previously established to fund obligations due under the Greater New York Savings Bank Directors' Retirement Plan. Investments held in the Rabbi Trusts consist primarily of mutual funds that invest in equity and fixed income securities. The Company is considered the primary beneficiary of these Rabbi Trusts as it has the power to direct the activities of the Rabbi Trusts that most significantly impact its economic performance and it has the obligation to absorb losses and/or the right to receive benefits of the Rabbi Trusts that could potentially be significant. The Rabbi Trusts' assets are included in Accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets. Investment earnings and any changes in fair value are included in Other income on the accompanying Condensed Consolidated Statements of Income. Additional information regarding the Rabbi Trusts' investments can be found within Note 14: Fair Value Measurements. Non-Consolidated Low-Income Housing Tax Credit Investments. The Company makes non-marketable equity investments in entities that sponsor affordable housing and other community development projects that qualify for the LIHTC Program pursuant to Section 42 of the Internal Revenue Code. The purpose of these investments is not only to assist the Bank in meeting its responsibilities under the CRA, but also to provide a return, primarily through the realization of tax benefits. While the Company's investment in an entity may exceed 50% of its outstanding equity interests, the entity is not consolidated as the Company is not the primary beneficiary. The Company has determined that it is not the primary beneficiary due to its inability to direct the activities that most significantly impact economic performance and the Company does not have the obligation to absorb losses and/or the right to receive benefits. The Company applies the proportional amortization method to subsequently measure its investments in qualified affordable housing projects. The following table summarizes the Company's LIHTC investments and related unfunded commitments: (In thousands) March 31, 2023 December 31, 2022 Gross investment in LIHTC investments $ 798,085 $ 797,453 Accumulated amortization (90,902) (69,424) Net investment in LIHTC investments $ 707,183 $ 728,029 Unfunded commitments for LIHTC investments $ 329,023 $ 335,959 The aggregate carrying value of the Company's LIHTC investments is included in Accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets, and represents the Company's maximum exposure to loss. The related unfunded commitments are included in Accrued expenses and other liabilities on the accompanying Condensed Consolidated Balance Sheets. There were no commitments approved to fund LIHTC investments during the three months ended March 31, 2023, or 2022. Webster Statutory Trust. The Company owns all the outstanding common stock of Webster Statutory Trust, a financial vehicle that has issued, and in the future may issue, trust preferred securities. The Company is not the primary beneficiary of Webster Statutory Trust. Webster Statutory Trust's only assets are junior subordinated debentures that are issued by the Company, which were acquired using the proceeds from the issuance of trust preferred securities and common stock. The junior subordinated debentures are included in Long-term debt on the accompanying Condensed Consolidated Balance Sheets, and the related interest expense is included in Long-term debt on the accompanying Condensed Consolidated Statements of Income. Additional information regarding these junior subordinated debentures can be found within Note 8: Borrowings. Other Non-Marketable Investments. The Company invests in alternative investments comprising interests in non-public entities that cannot be redeemed since the underlying equity is distributed as the investment is liquidated. The ultimate timing and amount of these distributions cannot be predicted with reasonable certainty. For each of these alternative investments that is classified as a variable interest entity, the Company has determined that it is not the primary beneficiary due to its inability to direct the activities that most significantly impact economic performance. The aggregate carrying value of the Company's other non-marketable investments was $165.1 million and $144.9 million at March 31, 2023, and December 31, 2022, respectively, which is included in Accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets, and its maximum exposure to loss, including unfunded commitments, was $273.0 million and $243.9 million, respectively. Additional information regarding the fair value of other non-marketable investments can be found within |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following table summarizes the calculation of basic and diluted earnings per common share: Three months ended March 31, (In thousands, except per share data) 2023 2022 Net income $ 221,004 $ (16,747) Less: Preferred stock dividends 4,163 3,431 Net income available to common stockholders 216,841 (20,178) Less: Earnings allocated to participating securities 1,845 — Earnings applicable to common stockholders $ 214,996 $ (20,178) Weighted-average common shares outstanding - basic 172,766 147,394 Add: Effect of dilutive stock options and restricted stock 117 — Weighted-average common shares outstanding - diluted 172,883 147,394 Basic earnings per common share $ 1.24 $ (0.14) Diluted earnings per common share 1.24 (0.14) Earnings per common share is calculated under the two-class method in which all earnings (distributed and undistributed) are allocated to common stock and participating securities based on their respective rights to receive dividends. The Company may grant restricted stock, restricted stock units, non-qualified stock options, incentive stock options, or stock appreciation rights to certain employees and directors under its stock-based compensation programs, which entitle recipients to receive Potential common shares from performance-based restricted stock that were not included in the computation of dilutive earnings per common share because they were anti-dilutive under the treasury stock method were 85,033 and 341,904 for the three months ended March 31, 2023, and 2022, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments Derivative Positions and Offsetting Derivatives Designated as Hedging Instruments . Interest rate swaps allow the Company to change the fixed or variable nature of an interest rate without the exchange of the underlying notional amount. Certain pay fixed/receive variable interest rate swaps are designated as cash flow hedges to effectively convert variable-rate debt into fixed-rate debt, whereas certain receive fixed/pay variable interest rate swaps are designated as fair value hedges to effectively convert fixed-rate long-term debt into variable-rate debt. Certain purchased options are also designated as cash flow hedges. Purchased options allow the Company to limit the potential adverse impact of variable interest rates by establishing a cap rate or floor rate in exchange for an upfront premium. The purchased options designated as cash flow hedges represent interest rate caps where payment is received from the counterparty if interest rates rise above the cap rate, and interest rate floors where payment is received from the counterparty when interest rates fall below the floor rate. Derivatives Not Designated as Hedging Instruments. The Company also enters into other derivative transactions to manage economic risks, but does not designate the instruments in hedge relationships. In addition, the Company enters into derivative contracts to accommodate customer needs. Derivative contracts with customers are offset with dealer counterparty transactions structured with matching terms to ensure minimal impact on earnings. The following tables present the notional amounts and fair values, including accrued interest, of derivative positions: At March 31, 2023 Asset Derivatives Liability Derivatives (In thousands) Notional Amounts Fair Value Notional Amounts Fair Value Designated as hedging instruments: Interest rate derivatives (1) $ 3,750,000 $ 25,892 $ 1,750,000 $ 5,493 Not designated as hedging instruments: Interest rate derivatives (1) 7,417,679 219,149 7,411,878 323,123 Mortgage banking derivatives (2) 1,973 16 — — Other (3) 169,276 171 659,603 651 Total not designated as hedging instruments 7,588,928 219,336 8,071,481 323,774 Gross derivative instruments, before netting $ 11,338,928 245,228 $ 9,821,481 329,267 Less: Master netting agreements 30,506 30,506 Cash collateral 181,853 400 Total derivative instruments, after netting $ 32,869 $ 298,361 At December 31, 2022 Asset Derivatives Liability Derivatives (In thousands) Notional Amounts Fair Value Notional Amounts Fair Value Designated as hedging instruments: Interest rate derivatives (1) $ 1,350,000 $ 1,515 $ 1,750,000 $ 9,632 Not designated as hedging instruments: Interest rate derivatives (1) 7,024,507 221,225 7,022,844 403,952 Mortgage banking derivatives (2) 3,283 32 — — Other (3) 161,934 134 606,478 915 Total not designated as hedging instruments 7,189,724 221,391 7,629,322 404,867 Gross derivative instruments, before netting $ 8,539,724 222,906 $ 9,379,322 414,499 Less: Master netting agreements 16,129 16,129 Cash collateral 184,095 — Total derivative instruments, after netting $ 22,682 $ 398,370 (1) Balances related to clearing houses are presented as a single unit of account. In accordance with their rule books, clearing houses legally characterize variation margin payments as settlement of derivatives rather than collateral against derivative positions. At March 31, 2023, and December 31, 2022, notional amounts of interest rate swaps cleared through clearing houses include $2.4 billion and $2.7 billion for asset derivatives, respectively, and $1.9 million and zero for liability derivatives, respectively. The related fair values approximate zero. (2) Notional amounts related to residential loans exclude approved floating rate commitments of $3.8 million and $2.4 million at March 31, 2023, and December 31, 2022, respectively. (3) Other derivatives include foreign currency forward contracts related to lending arrangements, a Visa equity swap transaction, and risk participation agreements. Notional amounts of risk participation agreements include $154.9 million and $125.6 million for asset derivatives and $589.7 million and $559.2 million for liability derivatives at March 31, 2023, and December 31, 2022, respectively, which have insignificant related fair values. The following tables present fair value positions transitioned from gross to net upon applying counterparty netting agreements: At March 31, 2023 (In thousands) Gross Amount Recognized Derivative Offset Amount Cash Collateral Received/Pledged Net Amount Presented Amounts Not Offset Asset derivatives $ 220,259 $ 30,506 $ 181,853 $ 7,900 $ 8,270 Liability derivatives 31,360 30,506 400 454 5,032 At December 31, 2022 (In thousands) Gross Amount Recognized Derivative Offset Amount Cash Collateral Received/Pledged Net Amount Presented Amounts Not Offset Asset derivatives $ 217,246 $ 16,129 $ 184,095 $ 17,022 $ 17,392 Liability derivatives 16,129 16,129 — — 1,545 Derivative Activity The following table summarizes the income statement effect of derivatives designated as hedging instruments: Recognized In Three months ended March 31, (In thousands) Net Interest Income 2023 2022 Fair value hedges: Recognized on derivatives Deposits $ (10,235) $ — Recognized on hedged items Deposits 10,427 — Net recognized on fair value hedges $ (192) $ — Cash flow hedges: Interest rate derivatives Long-term debt $ 76 $ 76 Interest rate derivatives Interest and fees on loans and leases (736) 2,559 Net recognized on cash flow hedges $ (812) $ 2,483 The following table summarizes information related to fair value hedging adjustments: Condensed Consolidated Balance Sheet Line Item in Which Hedged Item is Located Carrying Amount of Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount (In thousands) At March 31, At December 31, At March 31, At December 31, Deposits $ 410,254 $ — $ 10,254 $ — Long-term debt (1) 332,119 333,458 32,119 33,458 (1) The Company de-designated its fair value hedging relationship on its long-term debt in 2020. The basis adjustment included in the carrying amount is being amortized into interest expense over the remaining life of the long-term debt. The following table summarizes the income statement effect of derivatives not designated as hedging instruments: Recognized In Three months ended March 31, (In thousands) Non-interest Income 2023 2022 Interest rate derivatives Other income $ (3,687) $ 6,445 Mortgage banking derivatives Mortgage banking activities (16) (49) Other Other income (735) 397 Total not designated as hedging instruments $ (4,438) $ 6,793 Time-value premiums, which are amortized on a straight-line basis, are excluded from the assessment of hedge effectiveness for purchased options designated as cash flow hedges. At March 31, 2023, the remaining unamortized balance of time-value premiums was $2.1 million. Over the next twelve months, an estimated decrease to interest income of $9.5 million will be reclassified from AOCI relating to cash flow hedge gain/loss, and an estimated increase to interest expense of $0.3 million will be reclassified from AOCI relating to cash flow hedge terminations. At March 31, 2023, the remaining unamortized loss on terminated cash flow hedges was $0.3 million. The maximum length of time over which forecasted transactions are hedged is 4.9 years. Additional information regarding cash flow hedge activity impacting AOCI and the related amounts reclassified to net income can be found within Note 9: Accumulated Other Comprehensive Income (Loss), Net of Tax. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The determination of fair value may require the use of estimates when quoted market prices are not available. Fair value estimates made at a specific point in time are based on management’s judgments regarding future expected losses, current economic conditions, the risk characteristics of each financial instrument, and other subjective factors that cannot be determined with precision. The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels within the fair value hierarchy are as follows: • Level 1: Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Company has the ability to access at the measurement date. • Level 2: Inputs to the valuation methodology include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in inactive markets, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, rate volatility, prepayment speeds, and credit ratings), or inputs that are derived principally from or corroborated by market data, correlation, or other means. • Level 3: Inputs to the valuation methodology are unobservable and significant to the fair value measurement. This includes certain pricing models or other similar techniques that require significant management judgment or estimation. Assets and Liabilities Measured at Fair Value on a Recurring Basis Available-for-Sale Securities. When unadjusted quoted prices are available in an active market, the Company classifies its available-for-sale investment securities within Level 1 of the fair value hierarchy. U.S. Treasury notes have a readily determinable fair value, and accordingly, are classified within Level 1 of the fair value hierarchy. When quoted market prices are not available, the Company employs an independent pricing service that utilizes matrix pricing to calculate fair value. These fair value measurements consider observable data, such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayments speeds, credit information, and the respective terms and conditions for debt instruments. Management maintains procedures to monitor the pricing service's results and has a process in place to challenge their valuations and methodologies that appear unusual or unexpected. Government agency debentures, Municipal bonds and notes, Agency CMO, Agency MBS, Agency CMBS, CMBS, CLO, Corporate debt, Private label MBS, and Other available-for-sale securities are classified within Level 2 of the fair value hierarchy. Derivative Instruments. The fair values presented for derivative instruments include any accrued interest. Foreign exchange contracts are valued based on unadjusted quoted prices in active markets, and accordingly, are classified within Level 1 of the fair value hierarchy. Except for mortgage banking derivatives, all other derivative instruments are valued using third-party valuation software, which considers the present value of cash flows discounted using observable forward rate assumptions. The resulting fair value is then validated against valuations performed by independent third parties. These derivative instruments are classified within Level 2 of the fair value hierarchy. Mortgage Banking Derivatives. The Company uses forward sales of mortgage loans and mortgage-backed securities to manage the risk of loss associated with its mortgage loan commitments and mortgage loans held for sale. Prior to closing and funding certain single-family residential mortgage loans, an interest rate lock commitment is generally extended to the borrower. During this in-between time period, the Company is subject to the risk that market interest rates may change. If rates rise, investors generally will pay less to purchase mortgage loans, which would result in a reduction in the gain on sale of the loans, or possibly a loss. In an effort to mitigate this risk, forward delivery sales commitments are established in which the Company agrees to either deliver whole mortgage loans to various investors or issue mortgage-backed securities. The fair value of mortgage banking derivatives is determined based on current market prices for similar assets in the secondary market. Accordingly, mortgage banking derivatives are classified within Level 2 of the fair value hierarchy. Originated Loans Held For Sale. The Company has elected to measure originated loans held for sale at fair value under the fair value option per ASC Topic 825, Financial Instruments. Electing to measure originated loans held for sale at fair value reduces certain timing differences and better reflects the price the Company would expect to receive from the sale of these loans. The fair value of originated loans held for sale is based on quoted market prices of similar loans sold in conjunction with securitization transactions. Accordingly, originated loans held for sale are classified within Level 2 of the fair value hierarchy. The following table compares the fair value to the unpaid principal balance of originated loans held for sale: At March 31, 2023 At December 31, 2022 (In thousands) Fair Value Unpaid Principal Balance Difference Fair Value Unpaid Principal Balance Difference Originated loans held for sale $ 811 $ 684 $ 127 $ 1,991 $ 1,631 $ 360 Rabbi Trust Investments. Investments held in each of the Company's Rabbi Trusts consist primarily of mutual funds that invest in equity and fixed income securities. Shares of these mutual funds are valued based on the NAV as reported by the trustee of the funds, which represents quoted prices in active markets. The Company has elected to measure the Rabbi Trusts' investments at fair value. Accordingly, the Rabbi Trusts' investments are classified within Level 1 of the fair value hierarchy. At both Alternative Investments. Equity investments have a readily determinable fair value when unadjusted quoted prices are available in an active market for identical assets. Accordingly, these alternative investments are classified within Level 1 of the fair value hierarchy. At March 31, 2023, and December 31, 2022, equity investments with a readily determinable fair value had a total carrying amount of $0.5 million and $0.4 million, respectively, with no remaining unfunded commitment. During the three months ended March 31, 2023, there were total write-ups in fair value of $0.1 million associated with these alternative investments. Equity investments that do not have a readily determinable fair value may qualify for the NAV practical expedient if they meet certain requirements. The Company's alternative investments measured at NAV consist of investments in non-public entities that cannot be redeemed since investments are distributed as the underlying equity is liquidated. Alternative investments measured at NAV are not classified within the fair value hierarchy. At March 31, 2023, and December 31, 2022, these alternative investments had a total carrying amount of $27.0 million and $89.2 million, respectively, and a remaining unfunded commitment of $28.5 million and $82.7 million, respectively. Contingent Consideration. The Company recorded $16.0 million of contingent consideration at fair value related to two earn-out agreements associated with the acquisition of interLINK on January 11, 2023. The terms of the purchase agreement specified that the seller would receive earn-outs based on the ability of the Company to: (i) re-sign the existing broker dealers under contract, and (ii) generate $2.5 billion in new broker dealer deposit programs within three years of the acquisition date. The estimated fair values of the contingent consideration liabilities are measured on a recurring basis and determined using an income approach considering management’s evaluation of the probability of achievement, forecasted achievement date (payment term), and a discount rate equivalent to the counterparty cost of debt. These significant inputs, which are the responsibility of management and were initially calculated with the assistance of a third-party valuation specialist, are not observable and accordingly, are classified within Level 3 of the fair value hierarchy. The following table summarizes the unobservable inputs used to derive the estimated fair value of the Company’s contingent consideration liabilities at March 31, 2023 (dollars in thousands): Agreement Maximum Amount Probability of Achievement Payment Term Discount Rate Fair Value (i) Re-sign broker dealers $ 4,826 99.0 % 0.22 5.50 % $ 4,798 (ii) Deposit program growth $ 12,500 100.0 % 1.97 5.50 % $ 11,241 Contingent consideration liabilities are included within Accrued expenses and other liabilities on the accompanying Condensed Consolidated Balance Sheets. Any fair value adjustments to contingent consideration liabilities are included in Other expense on the accompanying Condensed Consolidated Statements of Income. The following tables summarize the fair values of assets and liabilities measured at fair value on a recurring basis: At March 31, 2023 (In thousands) Level 1 Level 2 Level 3 Total Financial Assets: Available-for-sale securities: U.S. Treasury notes $ 386,772 $ — $ — $ 386,772 Government agency debentures — 262,342 — 262,342 Municipal bonds and notes — 1,645,228 — 1,645,228 Agency CMO — 57,462 — 57,462 Agency MBS — 2,230,850 — 2,230,850 Agency CMBS — 1,635,252 — 1,635,252 CMBS — 902,058 — 902,058 Corporate debt — 625,523 — 625,523 Private label MBS — 44,262 — 44,262 Other — 9,228 — 9,228 Total available-for-sale securities 386,772 7,412,205 — 7,798,977 Gross derivative instruments, before netting (1) 82 245,146 — 245,228 Originated loans held for sale — 811 — 811 Investments held in Rabbi Trusts 11,992 — — 11,992 Alternative investments (2) 476 — — 27,486 Total financial assets $ 399,322 $ 7,658,162 $ — $ 8,084,494 Financial Liabilities: Gross derivative instruments, before netting (1) $ 557 $ 328,710 $ — $ 329,267 Contingent consideration — — 16,039 16,039 Total financial liabilities $ 557 $ 328,710 $ 16,039 $ 345,306 At December 31, 2022 (In thousands) Level 1 Level 2 Level 3 Total Financial Assets: Available-for-sale securities: U.S. Treasury notes $ 717,040 $ — $ — $ 717,040 Government agency debentures — 258,374 — 258,374 Municipal bonds and notes — 1,633,202 — 1,633,202 Agency CMO — 59,965 — 59,965 Agency MBS — 2,158,024 — 2,158,024 Agency CMBS — 1,406,486 — 1,406,486 CMBS — 896,640 — 896,640 CLO — 2,107 — 2,107 Corporate debt — 704,412 — 704,412 Private label MBS — 44,249 — 44,249 Other — 12,198 — 12,198 Total available-for-sale securities 717,040 7,175,657 — 7,892,697 Gross derivative instruments, before netting (1) 79 222,827 — 222,906 Originated loans held for sale — 1,991 — 1,991 Investments held in Rabbi Trusts 12,103 — — 12,103 Alternative investments (2) 430 — — 89,678 Total financial assets $ 729,652 $ 7,400,475 $ — $ 8,219,375 Financial Liabilities: Gross derivative instruments, before netting (1) $ 843 $ 413,656 $ — $ 414,499 (1) Additional information regarding the impact of netting derivative assets and derivative liabilities, as well as the impact from offsetting cash collateral paid to the same derivative counterparties, can be found within Note 13: Derivative Financial Instruments. (2) Certain alternative investments are recorded at NAV. Assets measured at NAV are not classified within the fair value hierarchy. Assets Measured at Fair Value on a Non-Recurring Basis The Company measures certain assets at fair value on a non-recurring basis. The following is a description of the valuation methodologies used for assets measured at fair value on a non-recurring basis. Alternative Investments. The measurement alternative has been elected for alternative investments without readily determinable fair values that do not qualify for the NAV practical expedient. The measurement alternative requires investments to be measured at cost minus impairment, if any, plus or minus adjustments resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer. Accordingly, these alternative investments are classified within Level 2 of the fair value hierarchy. At March 31, 2023, and December 31, 2022, the carrying amount of these alternative investments was $46.1 million and $42.8 million, respectively, of which none and $5.9 million, respectively, were considered to be measured at fair value. Loans Transferred to Held for Sale. Once a decision has been made to sell loans not previously classified as held for sale, these loans are transferred into the held for sale category and carried at the lower of cost or fair value, less estimated costs to sell. At the time of transfer into held for sale classification, any amount by which cost exceeds fair value is accounted for as a valuation allowance. This activity generally pertains to loans with observable inputs, and therefore, are classified within Level 2 of the fair value hierarchy. However, should these loans include adjustments for changes in loan characteristics based on unobservable inputs, the loans would then be classified within Level 3 of the fair value hierarchy. At March 31, 2023, and December 31, 2022, there were $209.9 million and zero loans that were transferred to held for sale on the Condensed Consolidated Balance Sheet. Collateral Dependent Loans and Leases. Loans and leases for which repayment is substantially expected to be provided through the operation or sale of collateral are considered collateral dependent, and are valued based on the estimated fair value of the collateral, less estimated costs to sell at the reporting date, using customized discounting criteria. Accordingly, collateral dependent loans and leases are classified within Level 3 of the fair value hierarchy. Other Real Estate Owned and Repossessed Assets. OREO and repossessed assets are held at the lower of cost or fair value and are considered to be measured at fair value when recorded below cost. The fair value of OREO is calculated using independent appraisals or internal valuation methods, less estimated selling costs, and may consider available pricing guides, auction results, and price opinions. Certain repossessed assets may also require assumptions about factors that are not observable in an active market when determining fair value. Accordingly, OREO and repossessed assets are classified within Level 3 of the fair value hierarchy. At March 31, 2023, and December 31, 2022, the total book value of OREO and repossessed assets was $1.5 million and $2.3 million, respectively. In addition, the amortized cost of consumer loans secured by residential real estate property that were in process of foreclosure at March 31, 2023, was $16.4 million. Estimated Fair Values of Financial Instruments and Mortgage Servicing Assets The Company is required to disclose the estimated fair values of certain financial instruments and mortgage servicing rights. The following is a description of the valuation methodologies used to estimate fair value for those assets and liabilities. Cash and Cash Equivalents . Given the short time frame to maturity, the carrying amount of cash and cash equivalents, which comprises cash and due from banks and interest-bearing deposits, approximates fair value. Cash and cash equivalents are classified within Level 1 of the fair value hierarchy. Held-to-Maturity Securities . When quoted market prices are not available, the Company employs an independent pricing service that utilizes matrix pricing to calculate fair value. These fair value measurements consider observable data, such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and the respective terms and conditions for debt instruments. Management maintains procedures to monitor the pricing service's results and has a process in place to challenge their valuations and methodologies that appear unusual or unexpected. Held-to-maturity securities, which include Agency CMO, Agency MBS, Agency CMBS, Municipal bonds and notes, and CMBS, are classified within Level 2 of the fair value hierarchy. Loans and Leases, net . Except for collateral dependent loans and leases, the fair value of loans and leases held for investment is estimated using a discounted cash flow methodology, based on future prepayments and market interest rates inclusive of an illiquidity premium for comparable loans and leases. The associated cash flows are then adjusted for associated credit risks and other potential losses, as appropriate. Loans and leases are classified within Level 3 of the fair value hierarchy. Mortgage Servicing Rights . Mortgage servicing rights are initially measured at fair value and subsequently measured using the amortization method. The Company assesses mortgage servicing rights for impairment each quarter and establishes or adjusts the valuation allowance to the extent that amortized cost exceeds the estimated fair market value. Fair value is calculated as the present value of estimated future net servicing income and relies on market based assumptions for loan prepayment speeds, servicing costs, discount rates, and other economic factors. Accordingly, the primary risk inherent in valuing mortgage servicing rights is the impact of fluctuating interest rates on the related servicing revenue stream. Mortgage servicing rights are classified within Level 3 of the fair value hierarchy. Deposit Liabilities . The fair value of deposit liabilities, which comprises demand deposits, interest-bearing checking, savings, health savings, and money market accounts, reflects the amount payable on demand at the reporting date. Deposit liabilities are classified within Level 2 of the fair value hierarchy. Time Deposits . The fair value of fixed-maturity certificates of deposit is estimated using rates that are currently offered for deposits with similar remaining maturities. Time deposits are classified within Level 2 of the fair value hierarchy. Securities Sold Under Agreements to Repurchase and Other Borrowings . The fair value of securities sold under agreements to repurchase and other borrowings that mature within 90 days approximates their carrying value. The fair value of securities sold under agreements to repurchase and other borrowings that mature after 90 days is estimated using a discounted cash flow methodology based on current market rates and adjusted for associated credit risks, as appropriate. Securities sold under agreements to repurchase and other borrowings are classified within Level 2 of the fair value hierarchy. Federal Home Loan Bank Advances and Long-Term Debt . The fair value of FHLB advances and long-term debt is estimated using a discounted cash flow methodology in which discount rates are matched with the time period of the expected cash flows and adjusted for associated credit risks, as appropriate. FHLB advances and long-term debt are classified within Level 2 of the fair value hierarchy. The following table summarizes the carrying amounts, estimated fair values, and classifications within the fair value hierarchy of selected financial instruments and mortgage servicing rights: At March 31, 2023 At December 31, 2022 (In thousands) Carrying Fair Carrying Fair Assets: Level 1 Cash and cash equivalents $ 2,434,071 $ 2,434,071 $ 839,943 $ 839,943 Level 2 Held-to-maturity investment securities 7,063,223 6,320,682 6,564,697 5,761,453 Level 3 Loans and leases, net 50,312,609 48,825,894 49,169,685 47,604,463 Mortgage servicing assets 9,189 26,959 9,515 27,043 Liabilities: Level 2 Deposit liabilities $ 50,767,700 $ 50,767,700 $ 49,893,391 $ 49,893,391 Time deposits 4,529,779 4,471,757 4,160,949 4,091,979 Securities sold under agreements to repurchase and other borrowings 306,154 306,113 1,151,830 1,151,797 FHLB advances 8,560,461 8,560,329 5,460,552 5,459,218 Long-term debt (1) 1,071,413 1,005,178 1,073,128 1,001,779 |
Retirement Benefit Plans
Retirement Benefit Plans | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Retirement Benefit Plans | Retirement Benefit Plans Defined Benefit Pension and Other Postretirement Benefits The following tables summarize the components of net periodic benefit cost (income): Three months ended March 31, 2023 2022 (In thousands) Pension SERP OPEB Pension SERP OPEB Service cost $ — $ — $ 7 $ — $ — $ 6 Interest cost 2,211 67 380 1,377 15 144 Expected return on plan assets (2,699) — — (3,669) — — Amortization of actuarial loss (gain) 1,216 1 (675) 422 7 (18) Net periodic benefit cost (income) $ 728 $ 68 $ (288) $ (1,870) $ 22 $ 132 The components of net periodic benefit cost (income) are included in Other expense on the accompanying Condensed Consolidated Statements of Income. The weighted-average expected long-term rate of return on plan assets for the three months ended March 31, 2023, was 5.50%, as determined at the beginning of the year. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company's operations are organized into three reportable segments that represent its primary businesses: Commercial Banking, HSA Bank, and Consumer Banking. These segments reflect how executive management responsibilities are assigned, how discrete financial information is evaluated, the type of customer served, and how products and services are provided. Certain Treasury activities, including the operations of interLINK, along with the amounts required to reconcile profitability metrics to those reported in accordance with GAAP, are included in the Corporate and Reconciling category. In connection with the acquisition of interLINK on January 11, 2023, the $143.2 million of preliminary goodwill recorded has been allocated entirely to Commercial Banking. In addition, as previously discussed in Note 2: Mergers and Acquisitions and Segment Reporting Methodology The Company uses an internal profitability reporting system to generate information by reportable segment, which is based on a series of management estimates for funds transfer pricing, and allocations for non-interest expense, provision for credit losses, income taxes, and equity capital. These estimates and allocations, certain of which are subjective in nature, are periodically reviewed and refined. Changes in estimates and allocations that affect the results of any reportable segment do not affect the consolidated financial position or results of operations of the Company as a whole. The full profitability measurement reports, which are prepared for each reportable segment, reflect non-GAAP reporting methodologies. The differences between full profitability and GAAP results are reconciled in the Corporate and Reconciling category. The Company allocates interest income and interest expense to each business through an internal matched maturity FTP process. The goal of the FTP allocation is to encourage loan and deposit growth consistent with the Company’s overall profitability objectives. The FTP process considers the specific interest rate risk and liquidity risk of financial instruments and other assets and liabilities in each line of business. Loans are assigned an FTP rate for funds used and deposits are assigned an FTP rate for funds provided. The allocation considers the origination date and the earlier of the maturity date or the repricing date of a financial instrument to assign an FTP rate for loans and deposits originated each day. The FTP process transfers the corporate interest rate risk exposure to the Treasury function included within the Corporate and Reconciling category where such exposures are centrally managed. The Company allocates a majority of non-interest expense to each reportable segment using an activity and driver-based costing process. Costs, including shared services and back-office support areas, are analyzed, pooled by process, and assigned to the appropriate reportable segment. The combination of direct revenue, direct expenses, funds transfer pricing, and allocations of non-interest expense produces PPNR, which is the basis the segments are reviewed by executive management. The Company also allocates the provision for credit losses to each reportable segment based on management's estimate of the expected loss content in each of the specific loan and lease portfolios. The ACL on loans and leases is included in total assets within the Corporate and Reconciling category. Business development expenses, such as merger-related and strategic initiatives costs, are also generally included in the Corporate and Reconciling category. The following tables present balance sheet information, including the appropriate allocations, for the Company's reportable segments and the Corporate and Reconciling category: At March 31, 2023 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Reconciling Consolidated Total Goodwill $ 2,029,204 $ 57,485 $ 544,776 $ — $ 2,631,465 Total assets 45,868,138 123,478 10,597,860 18,254,919 74,844,395 At December 31, 2022 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Reconciling Consolidated Total Goodwill $ 1,904,291 $ 57,779 $ 552,034 $ — $ 2,514,104 Total assets 44,380,582 122,729 10,625,334 16,148,876 71,277,521 The following tables present operating results, including the appropriate allocations, for the Company’s reportable segments and the Corporate and Reconciling category: Three months ended March 31, 2023 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Reconciling Consolidated Total Net interest income $ 384,314 $ 71,730 $ 210,583 $ (71,344) $ 595,283 Non-interest income 35,397 24,067 25,959 (14,657) 70,766 Non-interest expense 108,509 43,700 106,879 73,379 332,467 Pre-tax, pre-provision net revenue 311,202 52,097 129,663 (159,380) 333,582 Provision for credit losses 36,037 — 1,784 8,928 46,749 Income (loss) before income taxes 275,165 52,097 127,879 (168,308) 286,833 Income tax expense (benefit) 69,066 14,066 33,760 (51,063) 65,829 Net income (loss) $ 206,099 $ 38,031 $ 94,119 $ (117,245) $ 221,004 Three months ended March 31, 2022 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Reconciling Consolidated Total Net interest income $ 287,069 $ 44,577 $ 136,677 $ (74,075) $ 394,248 Non-interest income 38,743 26,958 27,901 10,433 104,035 Non-interest expense 89,240 36,409 95,510 138,626 359,785 Pre-tax, pre-provision net revenue 236,572 35,126 69,068 (202,268) 138,498 Provision (benefit) for credit losses 181,931 — 7,136 (222) 188,845 Income (loss) before income taxes 54,641 35,126 61,932 (202,046) (50,347) Income tax expense (benefit) 10,055 9,414 16,053 (69,122) (33,600) Net income (loss) $ 44,586 $ 25,712 $ 45,879 $ (132,924) $ (16,747) |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The following tables summarize revenues recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers. These disaggregated amounts, together with sources of other non-interest income that are subject to other GAAP topics, have been reconciled to non-interest income by reportable segment as presented within Note 16: Segment Reporting. Three months ended March 31, 2023 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Consolidated Non-interest Income: Deposit service fees $ 5,390 $ 22,092 $ 18,024 $ (70) $ 45,436 Loan and lease related fees (1) 4,427 — — — 4,427 Wealth and investment services (2) 2,767 — 3,828 (8) 6,587 Other income — 1,975 358 932 3,265 Revenue from contracts with customers 12,584 24,067 22,210 854 59,715 Other sources of non-interest income 22,813 — 3,749 (15,511) 11,051 Total non-interest income $ 35,397 $ 24,067 $ 25,959 $ (14,657) $ 70,766 Three months ended March 31, 2022 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Consolidated Non-interest Income: Deposit service fees $ 6,685 $ 25,134 $ 15,963 $ 45 $ 47,827 Loan and lease related fees (1) 4,498 — — — 4,498 Wealth and investment services 3,134 — 7,471 (8) 10,597 Other income — 1,824 385 — 2,209 Revenue from contracts with customers 14,317 26,958 23,819 37 65,131 Other sources of non-interest income 24,426 — 4,082 10,396 38,904 Total non-interest income $ 38,743 $ 26,958 $ 27,901 $ 10,433 $ 104,035 (1) A portion of loan and lease related fees comprises income generated from factored receivables and payroll financing activities that is within the scope of ASC Topic 606. (2) Effective as of the fourth quarter of 2022, the wealth and investment services revenue stream was impacted by the restructuring of a process in which the Company offers brokerage, investment advisory, and certain insurance-related services to customers. The staff providing these services, who had previously been employees of the Bank, are now employees of a third-party service provider. As a result, the Company now recognizes income from this program on a net basis, which thereby reduces gross reported wealth and investment services non-interest income and the related compensation and benefits non-interest expense on the accompanying Condensed Consolidated Statements of Income. Contracts with customers did not generate significant contract assets and liabilities at March 31, 2023, or December 31, 2022. Major Revenue Streams Deposit service fees consist of fees earned from commercial and consumer customer deposit accounts, such as account maintenance and cash management/analysis fees, as well as other transactional service charges (i.e., insufficient funds, wire transfers, stop payment fees, etc.). Performance obligations for account maintenance services and cash management/analysis fees are satisfied on a monthly basis at a fixed transaction price, whereas performance obligations for other deposit service charges that result from various customer-initiated transactions are satisfied at a point-in-time when the service is rendered. Payment for deposit service fees is generally received immediately or in the following month through a direct charge to the customers' accounts. Certain commercial customer contracts include credit clauses, whereby the Company will grant credit upon the customer meeting pre-determined conditions, which can be used to offset fees. On occasion, the Company may also waive certain fees. Fee waivers are recognized as a reduction to revenue in the period the waiver is granted to the customer. The deposit service fees revenue stream also includes interchange fees earned from debit and credit card transactions. The transaction price for interchange services is based on the transaction value and the interchange rate set by the card network. Performance obligations for interchange fees are satisfied at a point-in-time when the cardholder's transaction is authorized and settled. Payment for interchange fees is generally received immediately or in the following month. Factored receivables non-interest income consists of fees earned from accounts receivable management services. The Company factors accounts receivable, with and without recourse, for customers whereby the Company purchases their accounts receivable at a discount and assumes the risk, as applicable, and ownership of the assets through direct cash receipt from the end consumer. Factoring services are performed in exchange for a non-refundable fee at a transaction price based on a percentage of the gross invoice amount of each receivable purchased, subject to a minimum required amount. The performance obligation for factoring services is generally satisfied at a point-in-time when the receivable is assigned to the Company. However, should the commission earned not meet or exceed the minimum required annual amount, the difference between that and the actual amount is recognized at the end of the contract term. Other fees associated with factoring receivables may include wire transfer and technology fees, field examination fees, and Uniform Commercial Code fees, where the performance obligations are satisfied at a point-in-time when the services are rendered. Payment from the customer for factoring services is generally received immediately or within the following month. Payroll finance non-interest income consists of fees earned from performing payroll financing and business process outsourcing services, including full back-office technology and tax accounting services, along with payroll preparation, making payroll tax payments, invoice billings, and collections for independently-owned temporary staffing companies nationwide. Performance obligations for payroll finance and business processing activities are either satisfied upon completion of the support services or as payroll remittances are made on behalf of customers to fund their employee payroll, which generally occurs on a weekly basis. The agreed-upon transaction price is based on a fixed-percentage per the terms of the contract, which could be subject to a hold-back reserve to provide for any balances that are assessed to be at risk of collection. When the Company collects on amounts due from end consumers on behalf of its customers and at the time of financing payroll, the Company retains the agreed-upon transaction price payable for the performance of its services and remits an amount to the customer net of any advances and payroll tax withholdings, as applicable. Wealth and investment services consist of fees earned from asset management, trust administration, and investment advisory services, and through facilitating securities transactions. Performance obligations for asset management and trust administration services are satisfied on a monthly or quarterly basis at a transaction price based on a percentage of the period-end market value of the assets under administration. Payment for asset management and trust administration services is generally received a few days after period-end through a direct charge to the customers' accounts. Performance obligations for investment advisory services are satisfied over the period in which the services are provided through a time-based measurement of progress, and the agreed-upon transaction price with the customer varies depending on the nature of the services performed. Performance obligations for facilitating securities transactions are satisfied at a point-in-time when the securities are sold at a transaction price that is based on a percentage of the contract value. Payment for both investment advisory services and facilitating securities transactions may be received in advance of the service, but generally is received immediately or in the following period, in arrears. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Credit-Related Financial Instruments In the normal course of business, the Company offers financial instruments with off-balance sheet risk to meet the financing needs of its customers. These transactions include commitments to extend credit, standby letters of credit, and commercial letters of credit, which involve, to varying degrees, elements of credit risk. The following table summarizes the outstanding amounts of credit-related financial instruments with off-balance sheet risk: (In thousands) At March 31, At December 31, 2022 Commitments to extend credit $ 11,711,880 $ 11,237,496 Standby letters of credit 378,585 380,655 Commercial letters of credit 52,987 53,512 Total credit-related financial instruments with off-balance sheet risk $ 12,143,452 $ 11,671,663 The Company enters into contractual commitments to extend credit to its customers (i.e., revolving credit arrangements, term loan commitments, and short-term borrowing agreements), generally with fixed expiration dates or other termination clauses and that require payment of a fee. Substantially all of the Company's commitments to extend credit are contingent upon its customers maintaining specific credit standards at the time of loan funding, and are often secured by real estate collateral. Since the majority of the Company's commitments typically expire without being funded, the total contractual amount does not necessarily represent the Company's future payment requirements. Standby letters of credit are written conditional commitments issued by the Company to guarantee its customers' performance to a third party. In the event the customer does not perform in accordance with the terms of its agreement with a third-party, the Company would be required to fund the commitment. The contractual amount of each standby letter of credit represents the maximum amount of potential future payments the Company could be required to make. Historically, the majority of the Company's standby letters of credit expire without being funded. However, if the commitment were funded, the Company has recourse against the customer. The Company's standby letter of credit agreements are often secured by cash or other collateral. Commercial letters of credit are issued to finance either domestic or foreign customer trade arrangements. As a general rule, drafts are committed to be drawn when the goods underlying the transaction are in transit. Similar to standby letters of credit, the Company's commercial letter of credit agreements are often secured by the underlying goods subject to trade. Allowance for Credit Losses on Unfunded Loan Commitments An ACL is recorded under the CECL methodology and included in Accrued expenses and other liabilities on the accompanying Condensed Consolidated Balance Sheets to provide for the unused portion of commitments to lend that are not unconditionally cancellable by the Company. At March 31, 2023, and December 31, 2022, the ACL on unfunded loan commitments totaled $26.1 million and $27.7 million, respectively. Litigation |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe Company has evaluated subsequent events from the date of the Condensed Consolidated Financial Statements, and accompanying Notes thereto, through the date of issuance, and determined that no significant events were identified requiring recognition or disclosure. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited Condensed Consolidated Financial Statements of the Company have been prepared in accordance with GAAP for interim financial information and Article 10 of Regulation S-X. Certain information and footnote disclosures required by GAAP for complete financial statements have been omitted or condensed. Therefore, the condensed consolidated financial statements should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended In the opinion of management, all necessary adjustments have been reflected to present fairly the financial position, results of operations, and cash flows for the reporting periods presented. Intercompany transactions and balances have been eliminated in consolidation. Assets under administration or assets under management that the Company holds or manages in a fiduciary or agency capacity for customers are not included in the Condensed Consolidated Financial Statements. |
Use of Estimates | Use of Estimates The preparation of the Condensed Consolidated Financial Statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Relevant Accounting Standards Issued But Not Yet Adopted | Accounting Standards Adopted in the Current Period ASU No. 2022-02—Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures In March 2022, the FASB issued ASU No. 2022-02, which eliminates the accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. Specifically, rather than applying the recognition and measurement guidance for TDRs, an entity must apply the loan refinancing and restructuring guidance in paragraphs 310-20-35-9 through 35-11 to determine whether a modification results in a new loan or a continuation of an existing loan. In addition, the Update requires that an entity disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost in the vintage disclosures required by paragraph 326-20-50-6. Modifications to borrowers experiencing financial difficulty include principal forgiveness, interest rate reductions, payment delays, term extensions, or combinations thereof. Expected losses or recoveries on loans where modifications have been granted to borrowers experiencing financial difficulty have been factored into the ACL on loans and leases. Upon adoption of ASU 2022-02, the Company is no longer required to use a discounted cash flow (or reconcilable) method to measure the ACL resulting from a modification with a borrower experiencing financial difficulty. Accordingly, the Company now applies the same credit loss methodology it uses for similar loans that were not modified. The Company adopted the Update on January 1, 2023. The Company elected the option to apply the modified retrospective transition method related to the recognition and measurement of TDRs, which resulted in a $5.9 million increase to the Allowance for Credit Losses on Loans and Leases and a $1.7 million decrease to Deferred Tax Assets, net, with a corresponding $4.2 million cumulative-effect adjustment to retained earnings as of the adoption date. The enhanced disclosure requirements provided for by the Update were adopted on a prospective basis. Reporting periods prior to the adoption of the Update are accounted for and presented in accordance with the applicable GAAP. Refer to Note 4: Loans and Leases for additional information regarding modifications granted to borrowers experiencing financial difficulty. ASU No. 2022-01—Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method In March 2022, the FASB issued ASU No. 2022-01—Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method, which expands the current last-of-layer method of hedge accounting that permits only one hedged layer to allow multiple hedged layers of a single closed portfolio. To reflect that expansion, the last-of-layer method is renamed the portfolio layer method. Additionally, the amendments in this Update: (i) expand the scope of the portfolio layer method to include non-prepayable assets; (ii) specify eligible hedging instruments in a single-layer hedge; (iii) provide additional guidance on the accounting for and disclosure of hedge basis adjustments; and (iv) specify how hedge basis adjustments should be considered when determining credit losses for the assets included in the closed portfolio. An entity may also reclassify debt securities classified in the held-to-maturity category at the date of adoption to the available-for-sale category only if the entity applies portfolio layer method hedging to one or more closed portfolios that include those debt securities within a 30-day period. The Company adopted the Update on January 1, 2023 on a prospective basis. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements. The entity did not reclassify any debt securities from the held-to-maturity category to the available-for-sale category as permitted upon adoption. ASU No. 2021-08—Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In October 2021, the FASB issued ASU No. 2021-08—Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires that an acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, Revenue from Contracts with Customers. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The Company adopted the Update on January 1, 2023 on a prospective basis. The adoption of this guidance did not have a material impact on the Company's Consolidated Financial Statements. Relevant Accounting Standards Issued But Not Yet Adopted ASU No. 2023-02—Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force) In March 2023, the FASB issued ASU No. 2023-02—Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force), which permits reporting entities to elect to account for their tax equity investments, regardless of the program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. A reporting entity may make an accounting policy election to apply the proportional amortization method in accordance with paragraph 323-740-25-4 on a tax-credit-program-by-tax-credit-program basis rather than electing to applying the proportional amortization method at the reporting entity level or to individual investments. A reporting entity that applies the proportional amortization method to qualifying tax equity investments must account for the receipt of the investment tax credits using the flow-through method under Topic 740, Income Taxes, even if the entity applies the deferral method for other investment tax credit received. The amendments also remove certain guidance for Qualified Affordable Housing Project Investments, require the application of the delayed equity contribution guidance to all tax equity investments, and require specific disclosures that must be applied to all investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the proportional amortization method in accordance with Subtopic 323-740. The Update is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. The amendments generally must be applied on either a modified retrospective or retrospective basis with a cumulative-effect adjustment to retained earnings reflecting the difference between the previous method used to account for the tax equity investment and the application of the proportional amortization method since the investment was entered into. The Company is in the early assessment stages of evaluating the amendments and the impact of adoption on its Consolidated Financial Statements and disclosures. ASU No. 2023-01—Leases (Topic 842): Common Control Arrangements In March 2023, the FASB issued ASU No. 2023-01—Leases (Topic 842): Common Control Arrangements, which requires that leasehold improvements associated with leases between entities under common control be: (i) amortized by the lessee over the useful live of the leasehold improvements to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset (the leased asset) through a lease; however, if the lessor obtained the right to control the use of the underlying asset through a lease with another entity not within the same common control group, the amortization period may not exceed the amortization period of the common control group; and (ii) accounted for as a transfer between entities under common control through an adjustment to equity, if, and when, the lessee no longer controls the use of the underlying asset. Additionally, those leasehold improvements are subject to the impairment guidance in Topic 360, Property, Plant, and Equipment. The Update is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. The amendments either may be applied prospectively to all new and existing leasehold improvements recognized on or after the adoption date with any remaining unamortized balance of existing leasehold improvements amortized over their remaining useful life to the common control group determined at that date; or retrospectively to the beginning of the period in which the entity first applied Topic 842, with any leasehold improvements that otherwise would not have been amortized or impaired recognized through a cumulative-effect adjustment to the opening balance of retained earnings at the beginning of the earliest period presented in accordance with Topic 842. The Company is in the early assessment stages of evaluating the amendments and the impact of adoption on its Consolidated Financial Statements. ASU No. 2022-03—Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions In June 2022, the FASB issued ASU No. 2022-03—Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security, and therefore, is not considered in measuring fair value. The amendments also clarify that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction, and requires the following disclosures for equity securities subject to contractual sale restrictions: (i) the fair value of equity securities subject to contractual sale restrictions reflected on the balance sheet; (ii) the nature and remaining duration of the restriction(s); and (iii) the circumstances that could cause a lapse in the restriction(s). The Update is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years, with early adoption permitted. For all entities except investment companies, the amendments should be applied prospectively with any adjustments from the adoption of the amendments recognized in earnings and disclosed on the date of adoption. The adoption of this guidance is not expected to have a material impact on the Consolidated Financial Statements as the Company does not currently consider contractual restrictions on the sale of an equity security in measuring fair value. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of Purchase Price Allocation | The following table summarizes the allocation of the purchase price to the fair value of the identifiable assets acquired and liabilities assumed from Sterling as of January 31, 2022: (In thousands) Unpaid Principal Balance Fair Value Purchase price consideration $ 5,180,300 Assets: Cash and due from banks 510,929 Interest-bearing deposits 3,207 Investment securities available-for-sale 4,429,948 Federal Home Loan Bank and Federal Reserve Bank Stock 150,502 Loans held for sale 23,517 Loans and leases: Commercial non-mortgage $ 5,570,782 5,527,657 Asset-based 694,137 683,958 Commercial real estate 6,790,600 6,656,405 Multi-family 4,303,381 4,255,906 Equipment financing 1,350,579 1,314,311 Warehouse lending 647,767 643,754 Residential 1,313,785 1,281,637 Home equity 132,758 122,553 Other consumer 12,559 12,525 Total loans and leases $ 20,816,348 20,498,706 Deferred tax assets, net (59,716) Premises and equipment 264,421 Other intangible assets 210,100 Bank-owned life insurance policies 645,510 Accrued interest receivable and other assets 986,729 Total assets acquired $ 27,663,853 Liabilities: Non-interest-bearing deposits $ 6,620,248 Interest-bearing deposits 16,643,755 Securities sold under agreements to repurchase and other borrowings 27,184 Long-term debt 516,881 Accrued expenses and other liabilities 589,689 Total liabilities assumed $ 24,397,757 Net assets acquired 3,266,096 Goodwill $ 1,914,204 |
Summary of Supplemental Pro Forma Information Adjustments | The following table summarizes total merger-related expenses, which were primarily incurred in connection with the merger with Sterling: Three months ended March 31, (In thousands) 2023 2022 Compensation and benefits (1) $ 11,112 $ 41,585 Occupancy 735 356 Technology and equipment (2) (1,709) 19,085 Professional and outside services (3) 20,009 44,457 Marketing 135 — Other expense (4) (909) 3,012 Total merger-related expenses $ 29,373 $ 108,495 (1) Comprised primarily of severance and employee retention costs, and executive synergy stock awards. (2) Comprised primarily of technology contract termination costs. Includes a reduction of $4.8 million to a previously recorded technology-related contract termination charge during the three months ended March 31, 2023, due to a change in the expected use of certain services post core conversion. (3) Comprised primarily of advisory, legal, accounting, and other professional fees. (4) Comprised primarily of contract termination costs, disposals on property and equipment, and other miscellaneous expenses. Includes a reduction of $1.7 million to a previously recorded contract termination charge during the three months ended The following tables summarize the change in accrued expenses and other liabilities as it relates to severance and contract termination costs, which were primarily incurred in connection with the merger with Sterling: Three months ended March 31, 2023 (In thousands) Severance Contract Termination Total Balance, beginning of period $ 7,583 $ 30,362 $ 37,945 Additions charged to expense 6,196 — 6,196 Cash payments (6,993) — (6,993) Other (825) (6,587) (7,412) Balance, end of period $ 5,961 $ 23,775 $ 29,736 Three months ended March 31, 2022 (In thousands) Severance Contract Termination Total Balance, beginning of period $ 10,835 $ — $ 10,835 Additions charged to expense 26,971 17,704 44,675 Cash payments (1,766) — (1,766) Other (1) (3,884) — (3,884) Balance, end of period $ 32,156 $ 17,704 $ 49,860 (1) Reflects the release of $3.9 million from the Company's severance accrual, as the Company re-evaluated its strategic priorities as a combined organization in connection with the Sterling merger, which resulted in modifications to the Company's strategic initiatives that were previously announced in December 2020. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Available-for-sale | The following tables summarize the amortized cost and fair value of available-for-sale securities by major type: At March 31, 2023 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value U.S. Treasury notes $ 407,224 $ — $ (20,452) $ 386,772 Government agency debentures 302,067 — (39,725) 262,342 Municipal bonds and notes 1,707,779 7 (62,558) 1,645,228 Agency CMO 61,728 — (4,266) 57,462 Agency MBS 2,496,654 368 (266,172) 2,230,850 Agency CMBS 1,889,561 3,542 (257,851) 1,635,252 CMBS 927,591 — (25,533) 902,058 Corporate debt 714,359 — (88,836) 625,523 Private label MBS 48,325 — (4,063) 44,262 Other 10,061 — (833) 9,228 Total available-for-sale securities $ 8,565,349 $ 3,917 $ (770,289) $ 7,798,977 At December 31, 2022 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value U.S. Treasury notes $ 755,968 $ — $ (38,928) $ 717,040 Government agency debentures 302,018 — (43,644) 258,374 Municipal bonds and notes 1,719,110 5 (85,913) 1,633,202 Agency CMO 64,984 — (5,019) 59,965 Agency MBS 2,461,337 26 (303,339) 2,158,024 Agency CMBS 1,664,600 — (258,114) 1,406,486 CMBS 929,588 — (32,948) 896,640 CLO 2,108 — (1) 2,107 Corporate debt 795,999 — (91,587) 704,412 Private label MBS 48,895 — (4,646) 44,249 Other 12,548 — (350) 12,198 Total available-for-sale securities $ 8,757,155 $ 31 $ (864,489) $ 7,892,697 (1) Accrued interest receivable on available-for-sale securities of $41.4 million and $36.9 million at March 31, 2023, and The following table summarizes available-for-sale securities pledged for deposits, borrowings, and other purposes: (In thousands) At March 31, 2023 At December 31, 2022 Pledged for deposits $ 2,868,000 $ 2,573,072 Pledged for borrowings and other 3,848,039 1,195,101 Total available-for-sale securities pledged $ 6,716,039 $ 3,768,173 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value | The following tables summarize the gross unrealized losses and fair value of available-for-sale securities by length of time each major security type has been in a continuous unrealized loss position: At March 31, 2023 Less Than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Number of Fair Unrealized U.S. Treasury notes $ — $ — $ 386,772 $ (20,452) 14 $ 386,772 $ (20,452) Government agency debentures 71,134 (3,714) 191,208 (36,011) 19 262,342 (39,725) Municipal bonds and notes 15,479 (239) 1,598,253 (62,319) 430 1,613,732 (62,558) Agency CMO 7,915 (228) 49,547 (4,038) 38 57,462 (4,266) Agency MBS 86,133 (3,319) 2,045,564 (262,853) 459 2,131,697 (266,172) Agency CMBS 64,576 (933) 1,397,565 (256,918) 133 1,462,141 (257,851) CMBS 155,493 (2,056) 746,565 (23,477) 51 902,058 (25,533) Corporate debt 13,041 (1,158) 612,482 (87,678) 92 625,523 (88,836) Private label MBS 44,262 (4,063) — — 3 44,262 (4,063) Other 4,810 (190) 4,168 (643) 2 8,978 (833) Total $ 462,843 $ (15,900) $ 7,032,124 $ (754,389) 1,241 $ 7,494,967 $ (770,289) At December 31, 2022 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Number of Fair Unrealized U.S. Treasury notes $ 337,563 $ (19,167) $ 379,477 $ (19,761) 23 $ 717,040 $ (38,928) Government agency debentures 258,374 (43,644) — — 19 258,374 (43,644) Municipal bonds and notes 1,616,771 (85,913) — — 444 1,616,771 (85,913) Agency CMO 55,693 (4,640) 4,272 (379) 39 59,965 (5,019) Agency MBS 1,641,544 (206,412) 515,206 (96,927) 460 2,156,750 (303,339) Agency CMBS 485,333 (68,674) 921,153 (189,440) 132 1,406,486 (258,114) CMBS 273,150 (8,982) 598,490 (23,966) 52 871,640 (32,948) CLO — — 2,107 (1) 1 2,107 (1) Corporate debt 692,990 (89,692) 8,421 (1,895) 105 701,411 (91,587) Private label MBS 44,249 (4,646) — — 3 44,249 (4,646) Other 12,198 (350) — — 4 12,198 (350) Total $ 5,417,865 $ (532,120) $ 2,429,126 $ (332,369) 1,282 $ 7,846,991 $ (864,489) |
Summary of Debt Securities by Contractual Maturity | The following table summarizes the amortized cost and fair value of available-for-sale securities by contractual maturity: At March 31, 2023 (In thousands) Amortized Cost Fair Value Maturing within 1 year $ 41,886 $ 41,593 After 1 year through 5 years 953,221 903,665 After 5 through 10 years 1,469,500 1,364,238 After 10 years 6,100,742 5,489,481 Total available-for-sale securities $ 8,565,349 $ 7,798,977 The following table summarizes the amortized cost and fair value of held-to-maturity securities by contractual maturity: At March 31, 2023 (In thousands) Amortized Cost Fair Value Maturing within 1 year $ 6,093 $ 6,115 After 1 year through 5 years 52,893 53,722 After 5 through 10 years 338,353 324,864 After 10 years 6,666,166 5,935,981 Total held-to-maturity securities $ 7,063,505 $ 6,320,682 |
Debt Securities, Held-to-maturity | The following tables summarize the amortized cost, fair value, and ACL on held-to-maturity securities by major type: At March 31, 2023 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Allowance Net Carrying Value Agency CMO $ 27,101 $ — $ (1,727) $ 25,374 $ — $ 27,101 Agency MBS 2,613,113 1,458 (300,457) 2,314,114 — 2,613,113 Agency CMBS 3,364,186 3,790 (410,763) 2,957,213 — 3,364,186 Municipal bonds and notes 927,501 2,957 (29,188) 901,270 282 927,219 CMBS 131,604 — (8,893) 122,711 — 131,604 Total held-to-maturity securities $ 7,063,505 $ 8,205 $ (751,028) $ 6,320,682 $ 282 $ 7,063,223 At December 31, 2022 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Allowance Net Carrying Value Agency CMO $ 28,358 $ — $ (2,060) $ 26,298 $ — $ 28,358 Agency MBS 2,626,114 827 (339,592) 2,287,349 — 2,626,114 Agency CMBS 2,831,949 845 (407,648) 2,425,146 — 2,831,949 Municipal bonds and notes 928,845 1,098 (47,183) 882,760 182 928,663 CMBS 149,613 — (9,713) 139,900 — 149,613 Total held-to-maturity securities $ 6,564,879 $ 2,770 $ (806,196) $ 5,761,453 $ 182 $ 6,564,697 The following table summarizes the activity in the ACL on held-to-maturity securities: Three months ended March 31, (In thousands) 2023 2022 Balance, beginning of period $ 182 $ 214 Provision (benefit) for credit losses 100 (10) Balance, end of period $ 282 $ 204 The following tables summarize the amortized cost of held-to-maturity securities based on their lowest publicly available credit rating: March 31, 2023 Investment Grade (In thousands) Aaa Aa1 Aa2 Aa3 A1 A2 Not Rated Agency CMO $ — $ 27,101 $ — $ — $ — $ — $ — Agency MBS — 2,613,113 — — — — — Agency CMBS — 3,364,186 — — — — — Municipal bonds and notes 350,578 163,138 254,843 116,343 38,134 4,165 300 CMBS 131,604 — — — — — — Total held-to-maturity securities $ 482,182 $ 6,167,538 $ 254,843 $ 116,343 $ 38,134 $ 4,165 $ 300 December 31, 2022 Investment Grade (In thousands) Aaa Aa1 Aa2 Aa3 A1 A2 Not Rated Agency CMO $ — $ 28,358 $ — $ — $ — $ — $ — Agency MBS — 2,626,114 — — — — — Agency CMBS — 2,831,949 — — — — — Municipal bonds and notes 336,035 163,312 255,235 116,870 38,177 4,165 15,051 CMBS 149,613 — — — — — — Total held-to-maturity securities $ 485,648 $ 5,649,733 $ 255,235 $ 116,870 $ 38,177 $ 4,165 $ 15,051 The following table summarizes held-to-maturity securities pledged for deposits, borrowings, and other purposes: (In thousands) At March 31, 2023 At December 31, 2022 Pledged for deposits $ 1,573,285 $ 1,596,777 Pledged for borrowings and other 5,057,769 260,735 Total held-to-maturity securities pledged $ 6,631,054 $ 1,857,512 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | The following table summarizes loans and leases by portfolio segment and class: (In thousands) At March 31, At December 31, 2022 Commercial non-mortgage $ 16,939,373 $ 16,392,795 Asset-based 1,760,527 1,821,642 Commercial real estate 13,499,139 12,997,163 Multi-family 7,014,599 6,621,982 Equipment financing 1,601,109 1,628,393 Warehouse lending 474,328 641,976 Commercial portfolio 41,289,075 40,103,951 Residential 8,001,563 7,963,420 Home equity 1,580,569 1,633,107 Other consumer 55,316 63,948 Consumer portfolio 9,637,448 9,660,475 Loans and leases $ 50,926,523 $ 49,764,426 (In thousands) Current 30-59 Days 60-89 Days 90+ Days Non-Accrual Total Commercial non-mortgage $ 3,562 $ — $ — $ — $ 26,329 $ 29,891 Commercial real estate 17,116 — — — — 17,116 Home equity 23 — — — 98 121 Total $ 20,701 $ — $ — $ — $ 26,427 $ 47,128 |
Past Due Financing Receivables | The following tables summarize the aging of accrual and non-accrual loans and leases by class: At March 31, 2023 (In thousands) 30-59 Days 60-89 Days 90 or More Days Past Due Non-accrual Total Past Due and Non-accrual Current Total Loans Commercial non-mortgage $ 6,916 $ 162 $ 215 $ 69,129 $ 76,422 $ 16,862,951 $ 16,939,373 Asset-based — — — 9,428 9,428 1,751,099 1,760,527 Commercial real estate 15,171 — 175 33,966 49,312 13,449,827 13,499,139 Multi-family 1,929 — — — 1,929 7,012,670 7,014,599 Equipment financing 2,472 105 — 13,018 15,595 1,585,514 1,601,109 Warehouse lending — — — — — 474,328 474,328 Commercial portfolio 26,488 267 390 125,541 152,686 41,136,389 41,289,075 Residential 7,112 3,347 — 25,291 35,750 7,965,813 8,001,563 Home equity 3,977 1,649 — 28,873 34,499 1,546,070 1,580,569 Other consumer 415 104 213 106 838 54,478 55,316 Consumer portfolio 11,504 5,100 213 54,270 71,087 9,566,361 9,637,448 Total $ 37,992 $ 5,367 $ 603 $ 179,811 $ 223,773 $ 50,702,750 $ 50,926,523 At December 31, 2022 (In thousands) 30-59 Days 60-89 Days 90 or More Days Past Due Non-accrual Total Past Due and Non-accrual Current Total Loans Commercial non-mortgage $ 8,434 $ 821 $ 645 $ 71,884 $ 81,784 $ 16,311,011 $ 16,392,795 Asset-based 5,921 — — 20,024 25,945 1,795,697 1,821,642 Commercial real estate 1,494 23,492 68 39,057 64,111 12,933,052 12,997,163 Multi-family 1,157 — — 636 1,793 6,620,189 6,621,982 Equipment financing 806 9,988 — 12,344 23,138 1,605,255 1,628,393 Warehouse lending — — — — — 641,976 641,976 Commercial portfolio 17,812 34,301 713 143,945 196,771 39,907,180 40,103,951 Residential 8,246 3,083 — 25,424 36,753 7,926,667 7,963,420 Home equity 5,293 2,820 — 27,924 36,037 1,597,070 1,633,107 Other consumer 1,028 85 13 148 1,274 62,674 63,948 Consumer portfolio 14,567 5,988 13 53,496 74,064 9,586,411 9,660,475 Total $ 32,379 $ 40,289 $ 726 $ 197,441 $ 270,835 $ 49,493,591 $ 49,764,426 |
Financing Receivable, Nonaccrual | The following table provides additional information on non-accrual loans and leases: At March 31, 2023 At December 31, 2022 (In thousands) Non-accrual Non-accrual with No Allowance Non-accrual Non-accrual with No Allowance Commercial non-mortgage $ 69,129 $ 12,382 $ 71,884 $ 12,598 Asset-based 9,428 1,330 20,024 1,491 Commercial real estate 33,966 1,502 39,057 90 Multi-family — — 636 — Equipment financing 13,018 1,895 12,344 2,240 Commercial portfolio 125,541 17,109 143,945 16,419 Residential 25,291 10,674 25,424 10,442 Home equity 28,873 15,114 27,924 15,193 Other consumer 106 4 148 5 Consumer portfolio 54,270 25,792 53,496 25,640 Total $ 179,811 $ 42,901 $ 197,441 $ 42,059 |
Activity In Allowance For Losses | The following table summarizes the change in the ACL on loans and leases by portfolio segment: At or for the three months ended March 31, 2023 2022 (In thousands) Commercial Portfolio Consumer Portfolio Total Commercial Portfolio Consumer Portfolio Total ACL on loans and leases: Balance, beginning of period $ 533,125 $ 61,616 $ 594,741 $ 257,877 $ 43,310 $ 301,187 Adoption of ASU No. 2022-02 7,704 (1,831) 5,873 — — — Initial allowance for PCD loans and leases (1) — — — 78,376 9,669 88,045 Provision (benefit) 38,757 (936) 37,821 184,327 4,741 189,068 Charge-offs (26,410) (1,098) (27,508) (11,248) (1,120) (12,368) Recoveries 1,574 1,413 2,987 1,364 2,075 3,439 Balance, end of period $ 554,750 $ 59,164 $ 613,914 $ 510,696 $ 58,675 $ 569,371 Individually evaluated for credit losses 27,459 8,590 36,049 32,736 12,057 44,793 Collectively evaluated for credit losses $ 527,291 $ 50,574 $ 577,865 $ 477,960 $ 46,618 $ 524,578 (1) Represents the establishment of the initial reserve for PCD loans and leases, which is reported net of $48.3 million of day one charge-offs recognized at the date of acquisition in accordance with GAAP. |
Financing Receivable Credit Quality Indicators | The following tables summarize the amortized cost basis of commercial loans and leases by Composite Credit Risk Profile grade and origination year: At March 31, 2023 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage: Risk rating: Pass $ 867,446 $ 5,084,158 $ 1,781,158 $ 864,566 $ 708,271 $ 1,156,948 $ 5,992,440 $ 16,454,987 Special mention 25,083 62,638 24,644 12,727 15,640 8,631 30,522 179,885 Substandard 22,393 59,838 15,155 46,558 35,660 56,930 67,967 304,501 Total commercial non-mortgage 914,922 5,206,634 1,820,957 923,851 759,571 1,222,509 6,090,929 16,939,373 Current period gross write-offs 324 103 101 395 169 2,105 — 3,197 Asset-based: Risk rating: Pass 2,000 21,486 — 8,868 10,585 51,172 1,514,179 1,608,290 Special mention — — — — — 495 66,053 66,548 Substandard — — — — 1,330 — 84,359 85,689 Total asset-based 2,000 21,486 — 8,868 11,915 51,667 1,664,591 1,760,527 Current period gross write-offs — — — — 13,189 — — 13,189 Commercial real estate: Risk rating: Pass 921,252 3,438,768 1,999,831 1,481,136 1,547,577 3,591,701 139,886 13,120,151 Special mention 4,225 22,788 43,548 42,519 51,379 74,390 4,499 243,348 Substandard — 515 2,453 212 31,137 101,323 — 135,640 Total commercial real estate 925,477 3,462,071 2,045,832 1,523,867 1,630,093 3,767,414 144,385 13,499,139 Current period gross write-offs — — — — — 8,950 — 8,950 Multi-family: Risk rating: Pass 508,429 1,930,324 1,051,536 449,185 666,060 2,189,520 93,523 6,888,577 Special mention — 37,686 — 13,243 370 40,800 8,402 100,501 Substandard — — — 377 — 25,144 — 25,521 Total multi-family 508,429 1,968,010 1,051,536 462,805 666,430 2,255,464 101,925 7,014,599 Current period gross write-offs — — — — — 1,033 — 1,033 Equipment financing: Risk rating: Pass 132,662 367,476 316,521 295,379 277,878 145,561 — 1,535,477 Special mention — — 170 — 11,583 6,540 — 18,293 Substandard — 3,183 14,918 12,013 4,527 12,698 — 47,339 Total equipment financing 132,662 370,659 331,609 307,392 293,988 164,799 — 1,601,109 Current period gross write-offs — — — — — 41 — 41 Warehouse lending: Risk rating: Pass — — — — — — 474,328 474,328 Total warehouse lending — — — — — — 474,328 474,328 Current period gross write-offs — — — — — — — — Total commercial portfolio $ 2,483,490 $ 11,028,860 $ 5,249,934 $ 3,226,783 $ 3,361,997 $ 7,461,853 $ 8,476,158 $ 41,289,075 Current period gross write-offs $ 324 $ 103 $ 101 $ 395 $ 13,358 $ 12,129 $ — $ 26,410 At December 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage: Pass $ 5,154,781 $ 1,952,158 $ 965,975 $ 792,977 $ 593,460 $ 780,200 $ 5,670,532 $ 15,910,083 Special mention 104,277 15,598 21,168 263 14,370 7,770 40,142 203,588 Substandard 28,203 11,704 69,954 36,604 70,634 16,852 41,917 275,868 Doubtful — — — 1 — — 3,255 3,256 Total commercial non-mortgage 5,287,261 1,979,460 1,057,097 829,845 678,464 804,822 5,755,846 16,392,795 Asset-based: Pass 19,659 3,901 9,424 14,413 5,163 55,553 1,551,250 1,659,363 Special mention — — — — — — 80,476 80,476 Substandard — — — 1,491 — — 80,312 81,803 Total asset-based 19,659 3,901 9,424 15,904 5,163 55,553 1,712,038 1,821,642 Commercial real estate: Pass 3,420,635 2,246,672 1,556,185 1,605,869 1,058,730 2,681,052 97,832 12,666,975 Special mention 21,878 8,995 7,264 37,570 47,419 66,652 1,000 190,778 Substandard 519 2,459 216 31,163 47,021 57,997 — 139,375 Doubtful — — — 1 — 34 — 35 Total commercial real estate 3,443,032 2,258,126 1,563,665 1,674,603 1,153,170 2,805,735 98,832 12,997,163 Multi-family: Pass 1,992,980 1,057,705 507,065 694,066 444,564 1,748,337 51,655 6,496,372 Special mention 37,677 — — 95 40,307 726 8,838 87,643 Substandard — — 382 — 12,681 24,904 — 37,967 Total multi-family 2,030,657 1,057,705 507,447 694,161 497,552 1,773,967 60,493 6,621,982 Equipment financing: Pass 388,641 345,792 331,419 308,441 98,874 83,264 — 1,556,431 Special mention — 185 — 11,965 6,775 25 — 18,950 Substandard 314 16,711 18,436 5,016 5,307 7,228 — 53,012 Total equipment financing 388,955 362,688 349,855 325,422 110,956 90,517 — 1,628,393 Warehouse lending: Pass — — — — — — 641,976 641,976 Total warehouse lending — — — — — — 641,976 641,976 Total commercial portfolio $ 11,169,564 $ 5,661,880 $ 3,487,488 $ 3,539,935 $ 2,445,305 $ 5,530,594 $ 8,269,185 $ 40,103,951 The following tables summarize the amortized cost basis of consumer loans by FICO score and origination year: At March 31, 2023 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Residential: Risk rating: 800+ $ 15,014 $ 681,916 $ 1,043,662 $ 468,357 $ 150,282 $ 993,219 $ — $ 3,352,450 740-799 69,297 866,867 863,689 308,974 111,803 716,299 — 2,936,929 670-739 18,719 346,423 326,999 91,487 62,585 393,008 — 1,239,221 580-669 63 46,328 52,355 14,004 10,532 125,882 — 249,164 579 and below — 53,275 3,563 3,963 99,840 63,158 — 223,799 Total residential 103,093 1,994,809 2,290,268 886,785 435,042 2,291,566 — 8,001,563 Current period gross write-offs — — — — — 211 — 211 Home equity: Risk rating: 800+ 6,211 26,483 35,954 25,557 8,524 63,613 434,492 600,834 740-799 4,088 29,016 31,860 18,237 6,556 38,748 375,534 504,039 670-739 4,421 15,017 17,246 6,262 4,153 34,796 257,878 339,773 580-669 408 2,984 2,504 1,483 903 13,456 74,873 96,611 579 and below 202 419 766 643 529 6,120 30,633 39,312 Total home equity 15,330 73,919 88,330 52,182 20,665 156,733 1,173,410 1,580,569 Current period gross write-offs — — — — — 108 — 108 Other consumer: Risk rating: 800+ 140 443 207 479 843 266 17,207 19,585 740-799 266 782 2,589 1,332 1,933 570 7,675 15,147 670-739 154 838 409 1,815 3,117 975 8,836 16,144 580-669 58 304 216 297 694 159 1,294 3,022 579 and below 22 120 43 41 127 55 1,010 1,418 Total other consumer 640 2,487 3,464 3,964 6,714 2,025 36,022 55,316 Current period gross write-offs 435 — 3 114 126 101 — 779 Total consumer portfolio $ 119,063 $ 2,071,215 $ 2,382,062 $ 942,931 $ 462,421 $ 2,450,324 $ 1,209,432 $ 9,637,448 Current period gross write-offs $ 435 $ — $ 3 $ 114 $ 126 $ 420 $ — $ 1,098 At December 31, 2022 (In thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Total Residential: 800+ $ 527,408 $ 954,568 $ 469,518 $ 160,596 $ 28,361 $ 997,409 $ — $ 3,137,860 740-799 963,026 946,339 311,295 111,913 43,684 689,771 — 3,066,028 670-739 381,515 350,671 103,999 62,365 18,451 384,687 — 1,301,688 580-669 40,959 49,648 14,484 5,836 2,357 138,107 — 251,391 579 and below 52,464 3,693 2,057 84,032 1,299 62,908 — 206,453 Total residential 1,965,372 2,304,919 901,353 424,742 94,152 2,272,882 — 7,963,420 Home equity: 800+ 25,475 35,129 25,612 7,578 12,545 55,352 465,318 627,009 740-799 26,743 35,178 17,621 8,111 7,765 32,270 398,692 526,380 670-739 18,396 16,679 8,175 3,635 7,614 30,060 259,646 344,205 580-669 2,848 3,068 1,520 1,456 1,163 13,607 76,614 100,276 579 and below 426 386 651 661 563 4,736 27,814 35,237 Total home equity 73,888 90,440 53,579 21,441 29,650 136,025 1,228,084 1,633,107 Other consumer: 800+ 495 218 544 1,045 247 56 19,196 21,801 740-799 888 2,624 1,959 2,494 941 364 12,218 21,488 670-739 977 603 2,480 4,238 1,041 118 6,107 15,564 580-669 211 117 337 801 173 54 2,223 3,916 579 and below 169 101 29 116 36 21 707 1,179 Total other consumer 2,740 3,663 5,349 8,694 2,438 613 40,451 63,948 Total consumer portfolio $ 2,042,000 $ 2,399,022 $ 960,281 $ 454,877 $ 126,240 $ 2,409,520 $ 1,268,535 $ 9,660,475 |
Troubled Debt Restructurings on Financing Receivables | The following table summarizes the amortized cost basis of loans modified to borrowers experiencing financial difficulty, disaggregated by class and type of concession granted during the three months ended March 31, 2023: (In thousands) Interest Rate Reduction Term Extension Combination - Term Extension and Interest Rate Reduction Total % of Total Class (2) Commercial non-mortgage $ 7 $ 29,884 $ — $ 29,891 0.2 % Commercial real estate — 17,116 — 17,116 0.1 Home equity — 57 64 121 — Total (1) $ 7 $ 47,057 $ 64 $ 47,128 0.1 % (1) The total amortized cost excludes accrued interest receivable of $0.2 million. (2) Represents the amortized cost of loans modified during the reporting period as a percentage of the period-end loan balance by class. The following table describes the financial effect of the modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2023: Financial Effect Interest Rate Reduction: Commercial non-mortgage Reduced weighted average interest rate by 4.5% Term Extension: Commercial non-mortgage Extended term by a weighted average 0.6 years Commercial real estate Extended term by a weighted average 1.0 year Home equity Extended term by a weighted average 8.8 years Combination: Home equity Extended term by a weighted average 5.1 years and reduced weighted average interest rate by 1.5% The following table summarizes information related to TDRs: (In thousands) At December 31, 2022 Accrual status $ 110,868 Non-accrual status 83,954 Total TDRs $ 194,822 Additional funds committed to borrowers in TDR status $ 1,724 Specific reserves for TDRs included in the ACL on loans and leases: Commercial portfolio $ 14,578 Consumer portfolio 3,559 The following table summarizes loans and leases modified as TDRs by class and modification type during the three months ended March 31, 2022: (Dollars in thousands) Number of Recorded Investment (1) Commercial non-mortgage Term extension 2 $ 98 Combination - Term extension and interest rate reduction 2 92 Residential Other (2) 5 2,985 Home equity Combination - Term extension and interest rate reduction 4 44 Other (2) 17 1,242 Total TDRs 30 $ 4,461 (1) Post-modification balances approximated pre-modification balances. The aggregate amount of charge-offs due to restructurings was not significant. (2) Other included covenant modifications, forbearance, discharges under Chapter 7 bankruptcy, or other concessions. |
Transfers and Servicing of Fi_2
Transfers and Servicing of Financial Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Transfers and Servicing [Abstract] | |
Transfer of Financial Assets Accounted for as Sales | The following table summarizes information related to mortgage banking activities: Three months ended March 31, (In thousands) 2023 2022 Net gain on sale $ 77 $ 397 Origination fees 11 135 Fair value adjustment (29) (104) Mortgage banking activities $ 59 $ 428 Proceeds from sale $ 3,832 $ 26,753 Loans sold with servicing rights retained 1,229 25,363 |
Servicing Asset at Amortized Cost | The following table presents the change in the carrying amount for mortgage servicing rights: Three months ended March 31, (In thousands) 2023 2022 Balance, beginning of period $ 9,515 $ 9,237 Acquired from Sterling — 859 Additions 15 209 Amortization (341) (570) Balance, end of period $ 9,189 $ 9,735 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table summarizes changes in the carrying amount of goodwill: (In thousands) At March 31, At December 31, Balance, beginning of period $ 2,514,104 $ 538,373 interLINK acquisition 143,216 — Sterling merger (1) (25,561) 1,939,765 Bend acquisition (1) (294) 35,966 Balance, end of period $ 2,631,465 $ 2,514,104 (1) Reflects adjustments recorded within the one-year measurement period, which were identified as a result of extended information gathering and new information that arose from integration activities. The allocation of the purchase price and goodwill calculations for both the Sterling merger and Bend acquisition are final as of March 31, 2023. |
Schedule of Finite-Lived Intangible Assets | The following table summarizes other intangible assets: At March 31, 2023 At December 31, 2022 (In thousands) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Core deposits $ 146,037 $ 41,237 $ 104,800 $ 146,037 $ 36,710 $ 109,327 Customer relationships (1) 151,000 29,755 121,245 115,000 24,985 90,015 Non-competition agreement (1) 4,000 200 3,800 — — — Total other intangible assets $ 301,037 $ 71,192 $ 229,845 $ 261,037 $ 61,695 $ 199,342 (1) The increase in the gross carrying amount is attributed to the acquisition of interLINK, in which the Company identified and recorded a $36.0 million intangible asset for broker dealer relationships, which is being amortized on an accelerated basis over an estimated useful life of 10 years, and a $4.0 million non-competition agreement, which is being amortized on a straight-line basis over an estimated useful life of 5 years. |
Schedule Of Future Amortization expense | The remaining estimated aggregate future amortization expense for other intangible assets is as follows: (In thousands) At March 31, Remainder of 2023 $ 26,710 2024 29,618 2025 25,956 2026 25,565 2027 25,565 Thereafter 96,431 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Deposit Liabilities [Abstract] | |
Deposit Liabilities, Type | The following table summarizes deposits by type: (In thousands) At March 31, At December 31, Non-interest-bearing: Demand $ 12,007,387 $ 12,974,975 Interest-bearing: Health savings accounts 8,272,507 7,944,892 Checking 8,560,750 9,237,529 Money market 14,203,858 11,062,652 Savings 7,723,198 8,673,343 Time deposits 4,529,779 4,160,949 Total interest-bearing $ 43,290,092 $ 41,079,365 Total deposits $ 55,297,479 $ 54,054,340 Time deposits, money market, and interest-bearing checking obtained through brokers (1) $ 1,268,506 $ 1,964,873 Aggregate amount of time deposit accounts that exceeded the FDIC limit 1,457,289 1,894,950 Demand deposit overdrafts reclassified as loan balances 6,832 8,721 (1) Excludes $2.9 billion of money market sweep deposits received through interLINK at March 31, 2023. |
Time Deposit Maturities | The following table summarizes the scheduled maturities of time deposits: (In thousands) At March 31, Remainder of 2023 $ 3,168,801 2024 1,132,496 2025 132,543 2026 53,306 2027 36,616 Thereafter 6,017 Total time deposits $ 4,529,779 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Repurchase Agreements | The following table summarizes securities sold under agreements to repurchase and other borrowings: At March 31, 2023 At December 31, 2022 (Dollars in thousands) Total Outstanding Rate Total Outstanding Rate Securities sold under agreements to repurchase (1) $ 306,154 0.11 % $ 282,005 0.11 % Federal funds purchased — — 869,825 4.44 Securities sold under agreements to repurchase and other borrowings $ 306,154 0.11 % $ 1,151,830 3.38 % (1) The Company has the right of offset with respect to all repurchase agreement assets and liabilities. Total securities sold under agreements to repurchase are presented as gross transactions, as only liabilities are outstanding for the periods presented. |
Federal Home Loan Bank, Advances | The following table summarizes information for FHLB advances: At March 31, 2023 At December 31, 2022 (Dollars in thousands) Total Outstanding Weighted- Total Outstanding Weighted- Maturing within 1 year $ 8,550,183 5.18 % $ 5,450,187 4.40 % After 1 but within 2 years — — — — After 2 but within 3 years — — — — After 3 but within 4 years — — — — After 4 but within 5 years 486 1.35 252 — After 5 years 9,792 2.07 10,113 2.09 Total FHLB advances $ 8,560,461 5.18 % $ 5,460,552 4.39 % Aggregate carrying value of assets pledged as collateral $ 19,778,232 $ 13,692,379 Remaining borrowing capacity at FHLB 6,509,929 4,291,326 |
Schedule of Long-term Debt Instruments | The following table summarizes long-term debt: (Dollars in thousands) At March 31, At December 31, 4.375% Senior fixed-rate notes due February 15, 2024 $ 150,000 $ 150,000 4.100% Senior fixed-rate notes due March 25, 2029 (1) 332,119 333,458 4.000% Subordinated fixed-to-floating rate notes due December 30, 2029 274,000 274,000 3.875% Subordinated fixed-to-floating rate notes due November 1, 2030 225,000 225,000 Junior subordinated debt Webster Statutory Trust I floating-rate notes due September 17, 2033 (2) 77,320 77,320 Total senior and subordinated debt 1,058,439 1,059,778 Discount on senior fixed-rate notes (701) (756) Debt issuance cost on senior fixed-rate notes (1,723) (1,824) Premium on subordinated fixed-to-floating rate notes 15,398 15,930 Long-term debt (1) $ 1,071,413 $ 1,073,128 (1) The classification of debt as long-term is based on the initial terms of greater than one year as of the date of issuance. (2) The Company de-designated its fair value hedging relationship on these senior notes in 2020. A basis adjustment of $32.1 million and $33.5 million at March 31, 2023, and December 31, 2022, respectively, is included in the carrying value and is being amortized over the remaining life of the senior notes. (3) The interest rate on the Webster Statutory Trust I floating-rate notes, which varies quarterly based on 3-month LIBOR plus 2.95%, was 7.86% and 7.69% at March 31, 2023, and December 31, 2022, respectively. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income, Net of Tax (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Equity [Abstract] | |
Schedule of Changes in Accumulated Other Comprehensive Loss by Component | The following tables summarize the changes in each component of accumulated other comprehensive income (loss), net of tax: Three months ended March 31, 2023 (In thousands) Securities Available Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Balance, beginning of period $ (631,160) $ (8,874) $ (44,926) $ (684,960) Other comprehensive income before reclassifications 56,635 20,782 3,553 80,970 Amounts reclassified from accumulated other comprehensive (loss) 14,983 592 395 15,970 Other comprehensive income, net of tax 71,618 21,374 3,948 96,940 Balance, end of period $ (559,542) $ 12,500 $ (40,978) $ (588,020) Three months ended March 31, 2022 (In thousands) Securities Available Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Balance, beginning of period $ 4,536 $ 6,070 $ (33,186) $ (22,580) Other comprehensive (loss) before reclassifications (244,879) (8,613) (719) (254,211) Amounts reclassified from accumulated other comprehensive income (loss) — 769 299 1,068 Other comprehensive (loss), net of tax (244,879) (7,844) (420) (253,143) Balance, end of period $ (240,343) $ (1,774) $ (33,606) $ (275,723) |
Schedule of Accumulated Other Comprehensive Loss | The following table further summarizes the amounts reclassified from accumulated other comprehensive income (loss): Accumulated Other Comprehensive Three months ended Associated Line Item on the March 31, 2023 2022 (In thousands) Investment securities available-for-sale: Net holding (losses) $ (20,483) $ — (Loss) on sale of investment securities Tax benefit 5,500 — Income tax expense Net of tax $ (14,983) $ — Derivative instruments: Hedge terminations $ (76) $ (77) Interest expense Premium amortization (736) (978) Interest income Tax benefit 220 286 Income tax expense Net of tax $ (592) $ (769) Defined benefit pension and other postretirement benefit plans: Actuarial net loss amortization $ (542) $ (411) Other expense Tax benefit 147 112 Income tax expense Net of tax $ (395) $ (299) |
Regulatory Capital and Restri_2
Regulatory Capital and Restrictions (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Information On The Capital Ratios | The following tables provides information on the capital ratios for the Holding Company and the Bank: At March 31, 2023 Actual (1) Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Webster Financial Corporation CET1 risk-based capital $ 5,796,578 10.42 % $ 2,503,935 4.5 % $ 3,616,794 6.5 % Total risk-based capital 7,229,512 12.99 4,451,439 8.0 5,564,299 10.0 Tier 1 risk-based capital 6,080,557 10.93 3,338,580 6.0 4,451,439 8.0 Tier 1 leverage capital 6,080,557 8.65 2,812,832 4.0 3,516,040 5.0 Webster Bank CET1 risk-based capital $ 6,605,427 11.89 % $ 2,500,320 4.5 % $ 3,611,573 6.5 % Total risk-based capital 7,162,664 12.89 4,445,013 8.0 5,556,266 10.0 Tier 1 risk-based capital 6,605,427 11.89 3,333,760 6.0 4,445,013 8.0 Tier 1 leverage capital 6,605,427 9.40 2,810,676 4.0 3,513,345 5.0 At December 31, 2022 Actual (1) Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Webster Financial Corporation CET1 risk-based capital $ 5,822,369 10.71 % $ 2,446,344 4.5 % $ 3,533,608 6.5 % Total risk-based capital 7,203,029 13.25 4,349,056 8.0 5,436,320 10.0 Tier 1 risk-based capital 6,106,348 11.23 3,261,792 6.0 4,349,056 8.0 Tier 1 leverage capital 6,106,348 8.95 2,730,212 4.0 3,412,765 5.0 Webster Bank CET1 risk-based capital $ 6,661,504 12.28 % $ 2,442,058 4.5 % $ 3,527,417 6.5 % Total risk-based capital 7,165,935 13.20 4,341,437 8.0 5,426,796 10.0 Tier 1 risk-based capital 6,661,504 12.28 3,256,078 6.0 4,341,437 8.0 Tier 1 leverage capital 6,661,504 9.77 2,727,476 4.0 3,409,345 5.0 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of LIHTC Investments and Commitments | The following table summarizes the Company's LIHTC investments and related unfunded commitments: (In thousands) March 31, 2023 December 31, 2022 Gross investment in LIHTC investments $ 798,085 $ 797,453 Accumulated amortization (90,902) (69,424) Net investment in LIHTC investments $ 707,183 $ 728,029 Unfunded commitments for LIHTC investments $ 329,023 $ 335,959 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Basic And Diluted | The following table summarizes the calculation of basic and diluted earnings per common share: Three months ended March 31, (In thousands, except per share data) 2023 2022 Net income $ 221,004 $ (16,747) Less: Preferred stock dividends 4,163 3,431 Net income available to common stockholders 216,841 (20,178) Less: Earnings allocated to participating securities 1,845 — Earnings applicable to common stockholders $ 214,996 $ (20,178) Weighted-average common shares outstanding - basic 172,766 147,394 Add: Effect of dilutive stock options and restricted stock 117 — Weighted-average common shares outstanding - diluted 172,883 147,394 Basic earnings per common share $ 1.24 $ (0.14) Diluted earnings per common share 1.24 (0.14) |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The following tables present the notional amounts and fair values, including accrued interest, of derivative positions: At March 31, 2023 Asset Derivatives Liability Derivatives (In thousands) Notional Amounts Fair Value Notional Amounts Fair Value Designated as hedging instruments: Interest rate derivatives (1) $ 3,750,000 $ 25,892 $ 1,750,000 $ 5,493 Not designated as hedging instruments: Interest rate derivatives (1) 7,417,679 219,149 7,411,878 323,123 Mortgage banking derivatives (2) 1,973 16 — — Other (3) 169,276 171 659,603 651 Total not designated as hedging instruments 7,588,928 219,336 8,071,481 323,774 Gross derivative instruments, before netting $ 11,338,928 245,228 $ 9,821,481 329,267 Less: Master netting agreements 30,506 30,506 Cash collateral 181,853 400 Total derivative instruments, after netting $ 32,869 $ 298,361 At December 31, 2022 Asset Derivatives Liability Derivatives (In thousands) Notional Amounts Fair Value Notional Amounts Fair Value Designated as hedging instruments: Interest rate derivatives (1) $ 1,350,000 $ 1,515 $ 1,750,000 $ 9,632 Not designated as hedging instruments: Interest rate derivatives (1) 7,024,507 221,225 7,022,844 403,952 Mortgage banking derivatives (2) 3,283 32 — — Other (3) 161,934 134 606,478 915 Total not designated as hedging instruments 7,189,724 221,391 7,629,322 404,867 Gross derivative instruments, before netting $ 8,539,724 222,906 $ 9,379,322 414,499 Less: Master netting agreements 16,129 16,129 Cash collateral 184,095 — Total derivative instruments, after netting $ 22,682 $ 398,370 (1) Balances related to clearing houses are presented as a single unit of account. In accordance with their rule books, clearing houses legally characterize variation margin payments as settlement of derivatives rather than collateral against derivative positions. At March 31, 2023, and December 31, 2022, notional amounts of interest rate swaps cleared through clearing houses include $2.4 billion and $2.7 billion for asset derivatives, respectively, and $1.9 million and zero for liability derivatives, respectively. The related fair values approximate zero. (2) Notional amounts related to residential loans exclude approved floating rate commitments of $3.8 million and $2.4 million at March 31, 2023, and December 31, 2022, respectively. (3) Other derivatives include foreign currency forward contracts related to lending arrangements, a Visa equity swap transaction, and risk participation agreements. Notional amounts of risk participation agreements include $154.9 million and $125.6 million for asset derivatives and $589.7 million and $559.2 million for liability derivatives at March 31, 2023, and December 31, 2022, respectively, which have insignificant related fair values. |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables present fair value positions transitioned from gross to net upon applying counterparty netting agreements: At March 31, 2023 (In thousands) Gross Amount Recognized Derivative Offset Amount Cash Collateral Received/Pledged Net Amount Presented Amounts Not Offset Asset derivatives $ 220,259 $ 30,506 $ 181,853 $ 7,900 $ 8,270 Liability derivatives 31,360 30,506 400 454 5,032 At December 31, 2022 (In thousands) Gross Amount Recognized Derivative Offset Amount Cash Collateral Received/Pledged Net Amount Presented Amounts Not Offset Asset derivatives $ 217,246 $ 16,129 $ 184,095 $ 17,022 $ 17,392 Liability derivatives 16,129 16,129 — — 1,545 |
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location | The following table summarizes the income statement effect of derivatives designated as hedging instruments: Recognized In Three months ended March 31, (In thousands) Net Interest Income 2023 2022 Fair value hedges: Recognized on derivatives Deposits $ (10,235) $ — Recognized on hedged items Deposits 10,427 — Net recognized on fair value hedges $ (192) $ — Cash flow hedges: Interest rate derivatives Long-term debt $ 76 $ 76 Interest rate derivatives Interest and fees on loans and leases (736) 2,559 Net recognized on cash flow hedges $ (812) $ 2,483 The following table summarizes information related to fair value hedging adjustments: Condensed Consolidated Balance Sheet Line Item in Which Hedged Item is Located Carrying Amount of Hedged Item Cumulative Amount of Fair Value Hedging Adjustment Included in Carrying Amount (In thousands) At March 31, At December 31, At March 31, At December 31, Deposits $ 410,254 $ — $ 10,254 $ — Long-term debt (1) 332,119 333,458 32,119 33,458 (1) The Company de-designated its fair value hedging relationship on its long-term debt in 2020. The basis adjustment included in the carrying amount is being amortized into interest expense over the remaining life of the long-term debt. |
Other Derivatives Not Designated For Hedge Accounting | The following table summarizes the income statement effect of derivatives not designated as hedging instruments: Recognized In Three months ended March 31, (In thousands) Non-interest Income 2023 2022 Interest rate derivatives Other income $ (3,687) $ 6,445 Mortgage banking derivatives Mortgage banking activities (16) (49) Other Other income (735) 397 Total not designated as hedging instruments $ (4,438) $ 6,793 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option, Disclosures | The following table compares the fair value to the unpaid principal balance of originated loans held for sale: At March 31, 2023 At December 31, 2022 (In thousands) Fair Value Unpaid Principal Balance Difference Fair Value Unpaid Principal Balance Difference Originated loans held for sale $ 811 $ 684 $ 127 $ 1,991 $ 1,631 $ 360 |
Fair Value Measurement Inputs and Valuation Techniques | The following table summarizes the unobservable inputs used to derive the estimated fair value of the Company’s contingent consideration liabilities at March 31, 2023 (dollars in thousands): Agreement Maximum Amount Probability of Achievement Payment Term Discount Rate Fair Value (i) Re-sign broker dealers $ 4,826 99.0 % 0.22 5.50 % $ 4,798 (ii) Deposit program growth $ 12,500 100.0 % 1.97 5.50 % $ 11,241 |
Fair Value Of Assets And Liabilities Measured On Recurring Basis | The following tables summarize the fair values of assets and liabilities measured at fair value on a recurring basis: At March 31, 2023 (In thousands) Level 1 Level 2 Level 3 Total Financial Assets: Available-for-sale securities: U.S. Treasury notes $ 386,772 $ — $ — $ 386,772 Government agency debentures — 262,342 — 262,342 Municipal bonds and notes — 1,645,228 — 1,645,228 Agency CMO — 57,462 — 57,462 Agency MBS — 2,230,850 — 2,230,850 Agency CMBS — 1,635,252 — 1,635,252 CMBS — 902,058 — 902,058 Corporate debt — 625,523 — 625,523 Private label MBS — 44,262 — 44,262 Other — 9,228 — 9,228 Total available-for-sale securities 386,772 7,412,205 — 7,798,977 Gross derivative instruments, before netting (1) 82 245,146 — 245,228 Originated loans held for sale — 811 — 811 Investments held in Rabbi Trusts 11,992 — — 11,992 Alternative investments (2) 476 — — 27,486 Total financial assets $ 399,322 $ 7,658,162 $ — $ 8,084,494 Financial Liabilities: Gross derivative instruments, before netting (1) $ 557 $ 328,710 $ — $ 329,267 Contingent consideration — — 16,039 16,039 Total financial liabilities $ 557 $ 328,710 $ 16,039 $ 345,306 At December 31, 2022 (In thousands) Level 1 Level 2 Level 3 Total Financial Assets: Available-for-sale securities: U.S. Treasury notes $ 717,040 $ — $ — $ 717,040 Government agency debentures — 258,374 — 258,374 Municipal bonds and notes — 1,633,202 — 1,633,202 Agency CMO — 59,965 — 59,965 Agency MBS — 2,158,024 — 2,158,024 Agency CMBS — 1,406,486 — 1,406,486 CMBS — 896,640 — 896,640 CLO — 2,107 — 2,107 Corporate debt — 704,412 — 704,412 Private label MBS — 44,249 — 44,249 Other — 12,198 — 12,198 Total available-for-sale securities 717,040 7,175,657 — 7,892,697 Gross derivative instruments, before netting (1) 79 222,827 — 222,906 Originated loans held for sale — 1,991 — 1,991 Investments held in Rabbi Trusts 12,103 — — 12,103 Alternative investments (2) 430 — — 89,678 Total financial assets $ 729,652 $ 7,400,475 $ — $ 8,219,375 Financial Liabilities: Gross derivative instruments, before netting (1) $ 843 $ 413,656 $ — $ 414,499 (1) Additional information regarding the impact of netting derivative assets and derivative liabilities, as well as the impact from offsetting cash collateral paid to the same derivative counterparties, can be found within Note 13: Derivative Financial Instruments. (2) Certain alternative investments are recorded at NAV. Assets measured at NAV are not classified within the fair value hierarchy. |
Summary Of Estimated Fair Values Of Significant Financial Instruments | The following table summarizes the carrying amounts, estimated fair values, and classifications within the fair value hierarchy of selected financial instruments and mortgage servicing rights: At March 31, 2023 At December 31, 2022 (In thousands) Carrying Fair Carrying Fair Assets: Level 1 Cash and cash equivalents $ 2,434,071 $ 2,434,071 $ 839,943 $ 839,943 Level 2 Held-to-maturity investment securities 7,063,223 6,320,682 6,564,697 5,761,453 Level 3 Loans and leases, net 50,312,609 48,825,894 49,169,685 47,604,463 Mortgage servicing assets 9,189 26,959 9,515 27,043 Liabilities: Level 2 Deposit liabilities $ 50,767,700 $ 50,767,700 $ 49,893,391 $ 49,893,391 Time deposits 4,529,779 4,471,757 4,160,949 4,091,979 Securities sold under agreements to repurchase and other borrowings 306,154 306,113 1,151,830 1,151,797 FHLB advances 8,560,461 8,560,329 5,460,552 5,459,218 Long-term debt (1) 1,071,413 1,005,178 1,073,128 1,001,779 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Retirement Benefits [Abstract] | |
Summary of Net Periodic Benefit Cost | The following tables summarize the components of net periodic benefit cost (income): Three months ended March 31, 2023 2022 (In thousands) Pension SERP OPEB Pension SERP OPEB Service cost $ — $ — $ 7 $ — $ — $ 6 Interest cost 2,211 67 380 1,377 15 144 Expected return on plan assets (2,699) — — (3,669) — — Amortization of actuarial loss (gain) 1,216 1 (675) 422 7 (18) Net periodic benefit cost (income) $ 728 $ 68 $ (288) $ (1,870) $ 22 $ 132 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Segment Reporting [Abstract] | |
Operating Results And Total Assets Reportable Segments | The following tables present balance sheet information, including the appropriate allocations, for the Company's reportable segments and the Corporate and Reconciling category: At March 31, 2023 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Reconciling Consolidated Total Goodwill $ 2,029,204 $ 57,485 $ 544,776 $ — $ 2,631,465 Total assets 45,868,138 123,478 10,597,860 18,254,919 74,844,395 At December 31, 2022 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Reconciling Consolidated Total Goodwill $ 1,904,291 $ 57,779 $ 552,034 $ — $ 2,514,104 Total assets 44,380,582 122,729 10,625,334 16,148,876 71,277,521 The following tables present operating results, including the appropriate allocations, for the Company’s reportable segments and the Corporate and Reconciling category: Three months ended March 31, 2023 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Reconciling Consolidated Total Net interest income $ 384,314 $ 71,730 $ 210,583 $ (71,344) $ 595,283 Non-interest income 35,397 24,067 25,959 (14,657) 70,766 Non-interest expense 108,509 43,700 106,879 73,379 332,467 Pre-tax, pre-provision net revenue 311,202 52,097 129,663 (159,380) 333,582 Provision for credit losses 36,037 — 1,784 8,928 46,749 Income (loss) before income taxes 275,165 52,097 127,879 (168,308) 286,833 Income tax expense (benefit) 69,066 14,066 33,760 (51,063) 65,829 Net income (loss) $ 206,099 $ 38,031 $ 94,119 $ (117,245) $ 221,004 Three months ended March 31, 2022 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Reconciling Consolidated Total Net interest income $ 287,069 $ 44,577 $ 136,677 $ (74,075) $ 394,248 Non-interest income 38,743 26,958 27,901 10,433 104,035 Non-interest expense 89,240 36,409 95,510 138,626 359,785 Pre-tax, pre-provision net revenue 236,572 35,126 69,068 (202,268) 138,498 Provision (benefit) for credit losses 181,931 — 7,136 (222) 188,845 Income (loss) before income taxes 54,641 35,126 61,932 (202,046) (50,347) Income tax expense (benefit) 10,055 9,414 16,053 (69,122) (33,600) Net income (loss) $ 44,586 $ 25,712 $ 45,879 $ (132,924) $ (16,747) |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables summarize revenues recognized in accordance with ASC Topic 606, Revenue from Contracts with Customers. These disaggregated amounts, together with sources of other non-interest income that are subject to other GAAP topics, have been reconciled to non-interest income by reportable segment as presented within Note 16: Segment Reporting. Three months ended March 31, 2023 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Consolidated Non-interest Income: Deposit service fees $ 5,390 $ 22,092 $ 18,024 $ (70) $ 45,436 Loan and lease related fees (1) 4,427 — — — 4,427 Wealth and investment services (2) 2,767 — 3,828 (8) 6,587 Other income — 1,975 358 932 3,265 Revenue from contracts with customers 12,584 24,067 22,210 854 59,715 Other sources of non-interest income 22,813 — 3,749 (15,511) 11,051 Total non-interest income $ 35,397 $ 24,067 $ 25,959 $ (14,657) $ 70,766 Three months ended March 31, 2022 (In thousands) Commercial Banking HSA Bank Consumer Banking Corporate and Consolidated Non-interest Income: Deposit service fees $ 6,685 $ 25,134 $ 15,963 $ 45 $ 47,827 Loan and lease related fees (1) 4,498 — — — 4,498 Wealth and investment services 3,134 — 7,471 (8) 10,597 Other income — 1,824 385 — 2,209 Revenue from contracts with customers 14,317 26,958 23,819 37 65,131 Other sources of non-interest income 24,426 — 4,082 10,396 38,904 Total non-interest income $ 38,743 $ 26,958 $ 27,901 $ 10,433 $ 104,035 (1) A portion of loan and lease related fees comprises income generated from factored receivables and payroll financing activities that is within the scope of ASC Topic 606. (2) Effective as of the fourth quarter of 2022, the wealth and investment services revenue stream was impacted by the restructuring of a process in which the Company offers brokerage, investment advisory, and certain insurance-related services to customers. The staff providing these services, who had previously been employees of the Bank, are now employees of a third-party service provider. As a result, the Company now recognizes income from this program on a net basis, which thereby reduces gross reported wealth and investment services non-interest income and the related compensation and benefits non-interest expense on the accompanying Condensed Consolidated Statements of Income. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding Financial Instruments Contract Amounts Represent Credit Risk | The following table summarizes the outstanding amounts of credit-related financial instruments with off-balance sheet risk: (In thousands) At March 31, At December 31, 2022 Commitments to extend credit $ 11,711,880 $ 11,237,496 Standby letters of credit 378,585 380,655 Commercial letters of credit 52,987 53,512 Total credit-related financial instruments with off-balance sheet risk $ 12,143,452 $ 11,671,663 |
Activity In Allowance For Losses | The following table summarizes the change in the ACL on loans and leases by portfolio segment: At or for the three months ended March 31, 2023 2022 (In thousands) Commercial Portfolio Consumer Portfolio Total Commercial Portfolio Consumer Portfolio Total ACL on loans and leases: Balance, beginning of period $ 533,125 $ 61,616 $ 594,741 $ 257,877 $ 43,310 $ 301,187 Adoption of ASU No. 2022-02 7,704 (1,831) 5,873 — — — Initial allowance for PCD loans and leases (1) — — — 78,376 9,669 88,045 Provision (benefit) 38,757 (936) 37,821 184,327 4,741 189,068 Charge-offs (26,410) (1,098) (27,508) (11,248) (1,120) (12,368) Recoveries 1,574 1,413 2,987 1,364 2,075 3,439 Balance, end of period $ 554,750 $ 59,164 $ 613,914 $ 510,696 $ 58,675 $ 569,371 Individually evaluated for credit losses 27,459 8,590 36,049 32,736 12,057 44,793 Collectively evaluated for credit losses $ 527,291 $ 50,574 $ 577,865 $ 477,960 $ 46,618 $ 524,578 (1) Represents the establishment of the initial reserve for PCD loans and leases, which is reported net of $48.3 million of day one charge-offs recognized at the date of acquisition in accordance with GAAP. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) - Accounting Standards Update 2022-02 $ in Millions | Jan. 01, 2023 USD ($) |
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 5.9 |
Deferred Income Tax Assets, Net | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | 1.7 |
Retained Earnings [Member] | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) | $ 4.2 |
Mergers and Acquisitions - Narr
Mergers and Acquisitions - Narrative (Details) $ in Thousands | Jan. 11, 2023 USD ($) | Feb. 18, 2022 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jan. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Business Acquisition [Line Items] | ||||||||
Depositary share, interest in a share of preferred stock | 0.025 | |||||||
Goodwill | $ 2,631,465 | $ 2,514,104 | $ 2,514,104 | $ 538,373 | ||||
Sterling | ||||||||
Business Acquisition [Line Items] | ||||||||
Goodwill | $ 1,914,204 | $ 1,900,000 | ||||||
Net assets acquired | $ 3,266,096 | |||||||
Net assets acquired | $ 25,600 | |||||||
Bend Financial, Inc. | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity interests acquired | 100% | |||||||
Cash consideration | $ 55,300 | |||||||
Net assets acquired | 19,600 | |||||||
Bend Financial, Inc. | Internal use software | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets acquired | 15,900 | |||||||
Bend Financial, Inc. | Customer relationships (1) | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets acquired | $ 3,000 | |||||||
interLINK | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity interests acquired | 10,000% | |||||||
Goodwill | $ 143,200 | |||||||
Cash consideration | 158,600 | |||||||
Business Combination, Consideration Transferred | 174,600 | |||||||
Contingent consideration | 16,000 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets Acquired Including Goodwill | 31,400 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Royalty Liabilities | 15,900 | |||||||
interLINK | Broker Dealer Relationship | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 36,000 | |||||||
interLINK | Non Competition Agreement | ||||||||
Business Acquisition [Line Items] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | 4,000 | |||||||
interLINK | Developed Technology Rights | ||||||||
Business Acquisition [Line Items] | ||||||||
Intangible assets acquired | 6,000 | |||||||
InterLINK Acquisition | ||||||||
Business Acquisition [Line Items] | ||||||||
Deposits assets | $ 9,000,000 |
Mergers and Acquisitions - Summ
Mergers and Acquisitions - Summary of Purchase Price Consideration (Details) $ in Thousands | Jan. 31, 2022 USD ($) |
Sterling | |
Business Acquisition [Line Items] | |
Total consideration | $ 5,180,300 |
Mergers and Acquisitions - Su_2
Mergers and Acquisitions - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jan. 31, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
Liabilities: | ||||||
Goodwill | $ 2,631,465 | $ 2,514,104 | $ 2,514,104 | $ 538,373 | ||
Sterling | ||||||
Business Acquisition [Line Items] | ||||||
Total consideration | $ 5,180,300 | |||||
Assets: | ||||||
Cash and due from banks | 510,929 | |||||
Interest-bearing deposits | 3,207 | |||||
Investment securities available-for-sale | 4,429,948 | |||||
Federal Home Loan Bank and Federal Reserve Bank Stock | 150,502 | |||||
Loans held for sale | 23,517 | |||||
Unpaid principal balance, total loans and leases | 20,816,348 | |||||
Total loans and leases | 20,498,706 | |||||
Deferred tax assets, net | (59,716) | |||||
Premises and equipment | 264,421 | |||||
Other intangible assets | 210,100 | |||||
Bank-owned life insurance policies | 645,510 | |||||
Accrued interest receivable and other assets | 986,729 | |||||
Total assets acquired | 27,663,853 | |||||
Liabilities: | ||||||
Non-interest-bearing deposits | 6,620,248 | |||||
Interest-bearing deposits | 16,643,755 | |||||
Securities sold under agreements to repurchase and other borrowings | 27,184 | |||||
Long-term debt | 516,881 | |||||
Accrued expenses and other liabilities | 589,689 | |||||
Total liabilities assumed | 24,397,757 | |||||
Net assets acquired | 3,266,096 | |||||
Goodwill | 1,914,204 | $ 1,900,000 | ||||
Sterling | Commercial non-mortgage | ||||||
Assets: | ||||||
Unpaid principal balance, total loans and leases | 5,570,782 | |||||
Total loans and leases | 5,527,657 | |||||
Sterling | Asset-based | ||||||
Assets: | ||||||
Unpaid principal balance, total loans and leases | 694,137 | |||||
Total loans and leases | 683,958 | |||||
Sterling | Commercial real estate | ||||||
Assets: | ||||||
Unpaid principal balance, total loans and leases | 6,790,600 | |||||
Total loans and leases | 6,656,405 | |||||
Sterling | Multi-family | ||||||
Assets: | ||||||
Unpaid principal balance, total loans and leases | 4,303,381 | |||||
Total loans and leases | 4,255,906 | |||||
Sterling | Equipment financing | ||||||
Assets: | ||||||
Unpaid principal balance, total loans and leases | 1,350,579 | |||||
Total loans and leases | 1,314,311 | |||||
Sterling | Warehouse lending | ||||||
Assets: | ||||||
Unpaid principal balance, total loans and leases | 647,767 | |||||
Total loans and leases | 643,754 | |||||
Sterling | Residential | ||||||
Assets: | ||||||
Unpaid principal balance, total loans and leases | 1,313,785 | |||||
Total loans and leases | 1,281,637 | |||||
Sterling | Home equity | ||||||
Assets: | ||||||
Unpaid principal balance, total loans and leases | 132,758 | |||||
Total loans and leases | 122,553 | |||||
Sterling | Other consumer | ||||||
Assets: | ||||||
Unpaid principal balance, total loans and leases | $ 12,559 | |||||
Total loans and leases | $ 12,525 |
Mergers and Acquisitions- Summa
Mergers and Acquisitions- Summary of Supplemental Pro Forma Information Adjustments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | ||||
Accrued severance and other benefits | $ 29,736 | $ 49,860 | $ 37,945 | $ 10,835 |
Strategic initiative charges | 6,196 | 44,675 | ||
Payments for Restructuring | (6,993) | (1,766) | ||
Adjustments | (7,412) | (3,884) | ||
Compensation and benefits | ||||
Business Acquisition [Line Items] | ||||
Accrued severance and other benefits | 5,961 | 32,156 | 7,583 | 10,835 |
Strategic initiative charges | 6,196 | 26,971 | ||
Payments for Restructuring | (6,993) | (1,766) | ||
Adjustments | (825) | (3,884) | ||
Occupancy | ||||
Business Acquisition [Line Items] | ||||
Accrued severance and other benefits | 23,775 | 17,704 | $ 30,362 | $ 0 |
Strategic initiative charges | 0 | 17,704 | ||
Payments for Restructuring | 0 | 0 | ||
Adjustments | (6,587) | 0 | ||
Sterling | ||||
Business Acquisition [Line Items] | ||||
Merger-related expenses | 29,373 | 108,495 | ||
Sterling | Compensation and benefits | ||||
Business Acquisition [Line Items] | ||||
Adjustments | 3,900 | |||
Compensation and benefits | Sterling | ||||
Business Acquisition [Line Items] | ||||
Merger-related expenses | 11,112 | 41,585 | ||
Occupancy | Sterling | ||||
Business Acquisition [Line Items] | ||||
Merger-related expenses | 735 | 356 | ||
Technology and equipment | Sterling | ||||
Business Acquisition [Line Items] | ||||
Merger-related expenses | (1,709) | 19,085 | ||
Business Combination, Increase (Decrease) In Acquisition Related Costs | 4,800 | |||
Professional and outside services | Sterling | ||||
Business Acquisition [Line Items] | ||||
Merger-related expenses | 20,009 | 44,457 | ||
Marketing | Sterling | ||||
Business Acquisition [Line Items] | ||||
Merger-related expenses | 135 | 0 | ||
Other expense | Sterling | ||||
Business Acquisition [Line Items] | ||||
Merger-related expenses | (909) | $ 3,012 | ||
Business Combination, Increase (Decrease) In Acquisition Related Costs | $ 1,700 |
Investment Securities (Summary
Investment Securities (Summary Of Debt Securities Available-for-Sale) (Detail) $ in Thousands | Mar. 31, 2023 USD ($) holding | Dec. 31, 2022 USD ($) holding |
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | $ 8,565,349 | $ 8,757,155 |
Unrealized Gains | 3,917 | 31 |
Unrealized Losses | (770,289) | (864,489) |
Investment securities available-for-sale, at fair value | 7,798,977 | 7,892,697 |
Less than 12 months, fair value | 462,843 | 5,417,865 |
Less than 12 months, unrealized losses | (15,900) | (532,120) |
12 months or more, fair value | 7,032,124 | 2,429,126 |
12 months or more, unrealized losses | $ (754,389) | $ (332,369) |
Total, number of holdings | holding | 1,241 | 1,282 |
Total, fair value | $ 7,494,967 | $ 7,846,991 |
Total, unrealized losses | (770,289) | (864,489) |
Amortized Cost | ||
Maturing within 1 year | 41,886 | |
After 1 year through 5 years | 953,221 | |
After 5 through 10 years | 1,469,500 | |
After 10 years | 6,100,742 | |
Amortized Cost - Total available-for-sale debt securities | 8,565,349 | 8,757,155 |
Fair Value | ||
Maturing within 1 year | 41,593 | |
After 1 year through 5 years | 903,665 | |
After 5 through 10 years | 1,364,238 | |
After 10 years | 5,489,481 | |
Fair Value, Total available-for-sale debt securities | 7,798,977 | 7,892,697 |
Available-for-sale securities pledged | 6,716,039 | 3,768,173 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 462,843 | 5,417,865 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 15,900 | 532,120 |
12 months or more, fair value | 7,032,124 | 2,429,126 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 754,389 | $ 332,369 |
Total, number of holdings | holding | 1,241 | 1,282 |
Total, fair value | $ 7,494,967 | $ 7,846,991 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 770,289 | 864,489 |
U.S. Treasury notes | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 407,224 | 755,968 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (20,452) | (38,928) |
Investment securities available-for-sale, at fair value | 386,772 | 717,040 |
Less than 12 months, fair value | 337,563 | |
Less than 12 months, unrealized losses | (19,167) | |
12 months or more, fair value | 386,772 | 379,477 |
12 months or more, unrealized losses | $ (20,452) | $ (19,761) |
Total, number of holdings | holding | 14 | 23 |
Total, fair value | $ 386,772 | $ 717,040 |
Total, unrealized losses | (20,452) | (38,928) |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 407,224 | 755,968 |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 386,772 | 717,040 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 337,563 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 19,167 | |
12 months or more, fair value | 386,772 | 379,477 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 20,452 | $ 19,761 |
Total, number of holdings | holding | 14 | 23 |
Total, fair value | $ 386,772 | $ 717,040 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 20,452 | 38,928 |
Government agency debentures | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 302,067 | 302,018 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (39,725) | (43,644) |
Investment securities available-for-sale, at fair value | 262,342 | 258,374 |
Less than 12 months, fair value | 71,134 | 258,374 |
Less than 12 months, unrealized losses | (3,714) | $ (43,644) |
12 months or more, fair value | 191,208 | |
12 months or more, unrealized losses | $ (36,011) | |
Total, number of holdings | holding | 19 | 19 |
Total, fair value | $ 262,342 | $ 258,374 |
Total, unrealized losses | (39,725) | (43,644) |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 302,067 | 302,018 |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 262,342 | 258,374 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 71,134 | 258,374 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3,714 | $ 43,644 |
12 months or more, fair value | 191,208 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 36,011 | |
Total, number of holdings | holding | 19 | 19 |
Total, fair value | $ 262,342 | $ 258,374 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 39,725 | 43,644 |
Municipal bonds and notes | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 1,707,779 | 1,719,110 |
Unrealized Gains | 7 | 5 |
Unrealized Losses | (62,558) | (85,913) |
Investment securities available-for-sale, at fair value | 1,645,228 | 1,633,202 |
Less than 12 months, fair value | 15,479 | 1,616,771 |
Less than 12 months, unrealized losses | (239) | $ (85,913) |
12 months or more, fair value | 1,598,253 | |
12 months or more, unrealized losses | $ (62,319) | |
Total, number of holdings | holding | 430 | 444 |
Total, fair value | $ 1,613,732 | $ 1,616,771 |
Total, unrealized losses | (62,558) | (85,913) |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 1,707,779 | 1,719,110 |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 1,645,228 | 1,633,202 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 15,479 | 1,616,771 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 239 | $ 85,913 |
12 months or more, fair value | 1,598,253 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 62,319 | |
Total, number of holdings | holding | 430 | 444 |
Total, fair value | $ 1,613,732 | $ 1,616,771 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 62,558 | 85,913 |
Agency CMO | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 61,728 | 64,984 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (4,266) | (5,019) |
Investment securities available-for-sale, at fair value | 57,462 | 59,965 |
Less than 12 months, fair value | 7,915 | 55,693 |
Less than 12 months, unrealized losses | (228) | (4,640) |
12 months or more, fair value | 49,547 | 4,272 |
12 months or more, unrealized losses | $ (4,038) | $ (379) |
Total, number of holdings | holding | 38 | 39 |
Total, fair value | $ 57,462 | $ 59,965 |
Total, unrealized losses | (4,266) | (5,019) |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 61,728 | 64,984 |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 57,462 | 59,965 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 7,915 | 55,693 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 228 | 4,640 |
12 months or more, fair value | 49,547 | 4,272 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 4,038 | $ 379 |
Total, number of holdings | holding | 38 | 39 |
Total, fair value | $ 57,462 | $ 59,965 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 4,266 | 5,019 |
Agency MBS | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 2,496,654 | 2,461,337 |
Unrealized Gains | 368 | 26 |
Unrealized Losses | (266,172) | (303,339) |
Investment securities available-for-sale, at fair value | 2,230,850 | 2,158,024 |
Less than 12 months, fair value | 86,133 | 1,641,544 |
Less than 12 months, unrealized losses | (3,319) | (206,412) |
12 months or more, fair value | 2,045,564 | 515,206 |
12 months or more, unrealized losses | $ (262,853) | $ (96,927) |
Total, number of holdings | holding | 459 | 460 |
Total, fair value | $ 2,131,697 | $ 2,156,750 |
Total, unrealized losses | (266,172) | (303,339) |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 2,496,654 | 2,461,337 |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 2,230,850 | 2,158,024 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 86,133 | 1,641,544 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 3,319 | 206,412 |
12 months or more, fair value | 2,045,564 | 515,206 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 262,853 | $ 96,927 |
Total, number of holdings | holding | 459 | 460 |
Total, fair value | $ 2,131,697 | $ 2,156,750 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 266,172 | 303,339 |
Agency CMBS | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 1,889,561 | 1,664,600 |
Unrealized Gains | 3,542 | 0 |
Unrealized Losses | (257,851) | (258,114) |
Investment securities available-for-sale, at fair value | 1,635,252 | 1,406,486 |
Less than 12 months, fair value | 64,576 | 485,333 |
Less than 12 months, unrealized losses | (933) | (68,674) |
12 months or more, fair value | 1,397,565 | 921,153 |
12 months or more, unrealized losses | $ (256,918) | $ (189,440) |
Total, number of holdings | holding | 133 | 132 |
Total, fair value | $ 1,462,141 | $ 1,406,486 |
Total, unrealized losses | (257,851) | (258,114) |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 1,889,561 | 1,664,600 |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 1,635,252 | 1,406,486 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 64,576 | 485,333 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 933 | 68,674 |
12 months or more, fair value | 1,397,565 | 921,153 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 256,918 | $ 189,440 |
Total, number of holdings | holding | 133 | 132 |
Total, fair value | $ 1,462,141 | $ 1,406,486 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 257,851 | 258,114 |
CMBS | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 927,591 | 929,588 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (25,533) | (32,948) |
Investment securities available-for-sale, at fair value | 902,058 | 896,640 |
Less than 12 months, fair value | 155,493 | 273,150 |
Less than 12 months, unrealized losses | (2,056) | (8,982) |
12 months or more, fair value | 746,565 | 598,490 |
12 months or more, unrealized losses | $ (23,477) | $ (23,966) |
Total, number of holdings | holding | 51 | 52 |
Total, fair value | $ 902,058 | $ 871,640 |
Total, unrealized losses | (25,533) | (32,948) |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 927,591 | 929,588 |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 902,058 | 896,640 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 155,493 | 273,150 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 2,056 | 8,982 |
12 months or more, fair value | 746,565 | 598,490 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 23,477 | $ 23,966 |
Total, number of holdings | holding | 51 | 52 |
Total, fair value | $ 902,058 | $ 871,640 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 25,533 | 32,948 |
CLO | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 2,108 | |
Unrealized Gains | 0 | |
Unrealized Losses | (1) | |
Investment securities available-for-sale, at fair value | 2,107 | |
12 months or more, fair value | 2,107 | |
12 months or more, unrealized losses | $ (1) | |
Total, number of holdings | holding | 1 | |
Total, fair value | $ 2,107 | |
Total, unrealized losses | (1) | |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 2,108 | |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 2,107 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
12 months or more, fair value | 2,107 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 1 | |
Total, number of holdings | holding | 1 | |
Total, fair value | $ 2,107 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 1 | |
Corporate debt | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 714,359 | 795,999 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (88,836) | (91,587) |
Investment securities available-for-sale, at fair value | 625,523 | 704,412 |
Less than 12 months, fair value | 13,041 | 692,990 |
Less than 12 months, unrealized losses | (1,158) | (89,692) |
12 months or more, fair value | 612,482 | 8,421 |
12 months or more, unrealized losses | $ (87,678) | $ (1,895) |
Total, number of holdings | holding | 92 | 105 |
Total, fair value | $ 625,523 | $ 701,411 |
Total, unrealized losses | (88,836) | (91,587) |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 714,359 | 795,999 |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 625,523 | 704,412 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 13,041 | 692,990 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,158 | 89,692 |
12 months or more, fair value | 612,482 | 8,421 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 87,678 | $ 1,895 |
Total, number of holdings | holding | 92 | 105 |
Total, fair value | $ 625,523 | $ 701,411 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 88,836 | 91,587 |
Private label MBS | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 48,325 | 48,895 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (4,063) | (4,646) |
Investment securities available-for-sale, at fair value | 44,262 | 44,249 |
Less than 12 months, fair value | 44,262 | 44,249 |
Less than 12 months, unrealized losses | $ (4,063) | $ (4,646) |
Total, number of holdings | holding | 3 | 3 |
Total, fair value | $ 44,262 | $ 44,249 |
Total, unrealized losses | (4,063) | (4,646) |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 48,325 | 48,895 |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 44,262 | 44,249 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 44,262 | 44,249 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 4,063 | $ 4,646 |
Total, number of holdings | holding | 3 | 3 |
Total, fair value | $ 44,262 | $ 44,249 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 4,063 | 4,646 |
Other | ||
Debt Securities, Available-for-sale [Abstract] | ||
Amortized Cost - Total available-for-sale debt securities | 10,061 | 12,548 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (833) | (350) |
Investment securities available-for-sale, at fair value | 9,228 | 12,198 |
Less than 12 months, fair value | 4,810 | 12,198 |
Less than 12 months, unrealized losses | (190) | $ (350) |
12 months or more, fair value | 4,168 | |
12 months or more, unrealized losses | $ (643) | |
Total, number of holdings | holding | 2 | 4 |
Total, fair value | $ 8,978 | $ 12,198 |
Total, unrealized losses | (833) | (350) |
Amortized Cost | ||
Amortized Cost - Total available-for-sale debt securities | 10,061 | 12,548 |
Fair Value | ||
Fair Value, Total available-for-sale debt securities | 9,228 | 12,198 |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | ||
Less than 12 months, fair value | 4,810 | 12,198 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 190 | $ 350 |
12 months or more, fair value | 4,168 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 643 | |
Total, number of holdings | holding | 2 | 4 |
Total, fair value | $ 8,978 | $ 12,198 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 833 | 350 |
Pledged For Borrowings | ||
Fair Value | ||
Available-for-sale securities pledged | 3,848,039 | 1,195,101 |
Pledged For Municipal Deposits | ||
Fair Value | ||
Available-for-sale securities pledged | $ 2,868,000 | $ 2,573,072 |
Investment Securities (Summar_2
Investment Securities (Summary of Held-to-Maturity Debt Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 7,063,505 | $ 6,564,879 | ||
Unrealized Gains | 8,205 | 2,770 | ||
Unrealized Losses | (751,028) | (806,196) | ||
Fair Value | 6,320,682 | 5,761,453 | ||
Allowance | 282 | 182 | $ 204 | $ 214 |
Net Carrying Value | 7,063,223 | 6,564,697 | ||
Interest receivable | 20,200 | 24,200 | ||
Moody's, Aaa Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 482,182 | 485,648 | ||
Moody's, Aa1 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 6,167,538 | 5,649,733 | ||
Moody's, Aa2 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 254,843 | 255,235 | ||
Moody's, Aa3 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 116,343 | 116,870 | ||
Moody's, A1 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 38,134 | 38,177 | ||
Moody's, A2 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 4,165 | 4,165 | ||
Moody's, Not Rated | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 300 | 15,051 | ||
Agency CMO | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 27,101 | 28,358 | ||
Unrealized Gains | 0 | 0 | ||
Unrealized Losses | (1,727) | (2,060) | ||
Fair Value | 25,374 | 26,298 | ||
Allowance | 0 | 0 | ||
Net Carrying Value | 27,101 | 28,358 | ||
Agency CMO | Moody's, Aaa Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency CMO | Moody's, Aa1 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 27,101 | 28,358 | ||
Agency CMO | Moody's, Aa2 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency CMO | Moody's, Aa3 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency CMO | Moody's, A1 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency CMO | Moody's, A2 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency CMO | Moody's, Not Rated | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency MBS | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 2,613,113 | 2,626,114 | ||
Unrealized Gains | 1,458 | 827 | ||
Unrealized Losses | (300,457) | (339,592) | ||
Fair Value | 2,314,114 | 2,287,349 | ||
Allowance | 0 | 0 | ||
Net Carrying Value | 2,613,113 | 2,626,114 | ||
Agency MBS | Moody's, Aaa Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency MBS | Moody's, Aa1 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 2,613,113 | 2,626,114 | ||
Agency MBS | Moody's, Aa2 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency MBS | Moody's, Aa3 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency MBS | Moody's, A1 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency MBS | Moody's, A2 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency MBS | Moody's, Not Rated | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency CMBS | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 3,364,186 | 2,831,949 | ||
Unrealized Gains | 3,790 | 845 | ||
Unrealized Losses | (410,763) | (407,648) | ||
Fair Value | 2,957,213 | 2,425,146 | ||
Allowance | 0 | 0 | ||
Net Carrying Value | 3,364,186 | 2,831,949 | ||
Agency CMBS | Moody's, Aaa Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency CMBS | Moody's, Aa1 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 3,364,186 | 2,831,949 | ||
Agency CMBS | Moody's, Aa2 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency CMBS | Moody's, Aa3 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency CMBS | Moody's, A1 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency CMBS | Moody's, A2 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency CMBS | Moody's, Not Rated | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Municipal bonds and notes | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 927,501 | 928,845 | ||
Unrealized Gains | 2,957 | 1,098 | ||
Unrealized Losses | (29,188) | (47,183) | ||
Fair Value | 901,270 | 882,760 | ||
Allowance | 282 | 182 | ||
Net Carrying Value | 927,219 | 928,663 | ||
Municipal bonds and notes | Moody's, Aaa Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 350,578 | 336,035 | ||
Municipal bonds and notes | Moody's, Aa1 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 163,138 | 163,312 | ||
Municipal bonds and notes | Moody's, Aa2 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 254,843 | 255,235 | ||
Municipal bonds and notes | Moody's, Aa3 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 116,343 | 116,870 | ||
Municipal bonds and notes | Moody's, A1 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 38,134 | 38,177 | ||
Municipal bonds and notes | Moody's, A2 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 4,165 | 4,165 | ||
Municipal bonds and notes | Moody's, Not Rated | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 300 | 15,051 | ||
CMBS | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 131,604 | 149,613 | ||
Unrealized Gains | 0 | 0 | ||
Unrealized Losses | (8,893) | (9,713) | ||
Fair Value | 122,711 | 139,900 | ||
Allowance | 0 | 0 | ||
Net Carrying Value | 131,604 | 149,613 | ||
CMBS | Moody's, Aaa Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 131,604 | 149,613 | ||
CMBS | Moody's, Aa1 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
CMBS | Moody's, Aa2 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
CMBS | Moody's, Aa3 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
CMBS | Moody's, A1 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
CMBS | Moody's, A2 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
CMBS | Moody's, Not Rated | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 0 | $ 0 |
Investment Securities (Sales of
Investment Securities (Sales of Available-for-Sale Debt Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sale of available-for-sale securities | $ 395,358 | $ 0 |
Investments Securities (Allowan
Investments Securities (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance, beginning of period | $ 182 | $ 214 |
Provision (benefit) for credit losses | 100 | (10) |
Balance, end of period | $ 282 | $ 204 |
Investment Securities (Summar_3
Investment Securities (Summary Of Debt Securities Held-to Maturity - Contractual Maturities, Credit Quality and Other Information) (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Amortized Cost | ||
Maturing within 1 year | $ 6,093 | |
After 1 year through 5 years | 52,893 | |
After 5 through 10 years | 338,353 | |
After 10 years | 6,666,166 | |
Amortized Cost | 7,063,505 | $ 6,564,879 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Maturing within 1 year | 6,115 | |
After 1 year through 5 years | 53,722 | |
After 5 through 10 years | 324,864 | |
After 10 years | 5,935,981 | |
Fair Value | 6,320,682 | 5,761,453 |
Held-to-maturity securities pledged | 6,631,054 | 1,857,512 |
Pledged For Municipal Deposits | ||
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Held-to-maturity securities pledged | 1,573,285 | 1,596,777 |
Pledged For Borrowings | ||
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Held-to-maturity securities pledged | $ 5,057,769 | $ 260,735 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Schedule of Investments [Line Items] | ||
Interest receivable | $ 41,400,000 | $ 36,900,000 |
Held-to-maturity debt securities | 7,063,505,000 | 6,564,879,000 |
Held-to-maturity investment securities in non-accrual status | 0 | 0 |
Investment securities available-for-sale, at fair value | 7,798,977,000 | $ 7,892,697,000 |
Equity Securities, FV-NI, Realized Loss | (20,500,000) | |
Total Loss Recognized, Portion Included In Provision For Credit Losses | 3,800,000 | |
Decrease in unrealized losses | 94,200,000 | |
Callable | ||
Schedule of Investments [Line Items] | ||
Held-to-maturity debt securities | 900,000,000 | |
Investment securities available-for-sale, at fair value | $ 2,800,000,000 |
Loans and Leases (By Portfolio
Loans and Leases (By Portfolio and Class) (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 50,926,523 | $ 49,764,426 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 41,289,075 | 40,103,951 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 16,939,373 | 16,392,795 |
Commercial Portfolio Segment [Member] | Asset-based | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 1,760,527 | 1,821,642 |
Commercial Portfolio Segment [Member] | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 13,499,139 | 12,997,163 |
Commercial Portfolio Segment [Member] | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 7,014,599 | 6,621,982 |
Commercial Portfolio Segment [Member] | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 1,601,109 | 1,628,393 |
Commercial Portfolio Segment [Member] | Warehouse lending | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 474,328 | 641,976 |
Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 9,637,448 | 9,660,475 |
Consumer Portfolio Segment [Member] | Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 8,001,563 | 7,963,420 |
Consumer Portfolio Segment [Member] | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 1,580,569 | 1,633,107 |
Consumer Portfolio Segment [Member] | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 55,316 | $ 63,948 |
Loans and Leases (Narrative) (D
Loans and Leases (Narrative) (Detail) $ in Millions | 3 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) loan | Dec. 31, 2022 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unamortized premiums | $ (58.6) | $ (68.7) | |
Interest receivable | 246.1 | 226.3 | |
Interest on non-accrual loans | 6.1 | $ 4.4 | |
Loans and leases modified as TDRs within previous 12 months for which there was a payment default | loan | 0 | ||
Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Write-down | $ 9.1 | ||
Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Write-down | $ 0.1 | ||
Collateral Pledged | FHLB | Asset Pledged as Collateral | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans pledged as collateral | 15,000 | ||
Collateral Pledged | Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired financing receivable | 28.1 | 43.8 | |
Collateral Pledged | Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired financing receivable | 40.4 | 45.2 | |
Collateral Value | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired financing receivable | $ 79.1 | $ 108 |
Loans and Leases (Summary Of Lo
Loans and Leases (Summary Of Loan And Lease Portfolio Aging By Class Of Loan) (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 50,926,523 | $ 49,764,426 |
90 or More Days Past Due and Accruing | 603 | 726 |
Non-accrual | 179,811 | 197,441 |
Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 223,773 | 270,835 |
30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 37,992 | 32,379 |
60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 5,367 | 40,289 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 50,702,750 | 49,493,591 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 41,289,075 | 40,103,951 |
90 or More Days Past Due and Accruing | 390 | 713 |
Non-accrual | 125,541 | 143,945 |
Commercial Portfolio Segment [Member] | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 152,686 | 196,771 |
Commercial Portfolio Segment [Member] | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 26,488 | 17,812 |
Commercial Portfolio Segment [Member] | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 267 | 34,301 |
Commercial Portfolio Segment [Member] | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 41,136,389 | 39,907,180 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 16,939,373 | 16,392,795 |
90 or More Days Past Due and Accruing | 215 | 645 |
Non-accrual | 69,129 | 71,884 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 76,422 | 81,784 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 6,916 | 8,434 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 162 | 821 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 16,862,951 | 16,311,011 |
Commercial Portfolio Segment [Member] | Asset-based | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,760,527 | 1,821,642 |
90 or More Days Past Due and Accruing | 0 | 0 |
Non-accrual | 9,428 | 20,024 |
Commercial Portfolio Segment [Member] | Asset-based | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 9,428 | 25,945 |
Commercial Portfolio Segment [Member] | Asset-based | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 5,921 |
Commercial Portfolio Segment [Member] | Asset-based | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Commercial Portfolio Segment [Member] | Asset-based | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,751,099 | 1,795,697 |
Commercial Portfolio Segment [Member] | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 13,499,139 | 12,997,163 |
90 or More Days Past Due and Accruing | 175 | 68 |
Non-accrual | 33,966 | 39,057 |
Commercial Portfolio Segment [Member] | Commercial real estate | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 49,312 | 64,111 |
Commercial Portfolio Segment [Member] | Commercial real estate | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 15,171 | 1,494 |
Commercial Portfolio Segment [Member] | Commercial real estate | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 23,492 |
Commercial Portfolio Segment [Member] | Commercial real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 13,449,827 | 12,933,052 |
Commercial Portfolio Segment [Member] | Multi-family | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 7,014,599 | 6,621,982 |
90 or More Days Past Due and Accruing | 0 | 0 |
Non-accrual | 0 | 636 |
Commercial Portfolio Segment [Member] | Multi-family | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,929 | 1,793 |
Commercial Portfolio Segment [Member] | Multi-family | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,929 | 1,157 |
Commercial Portfolio Segment [Member] | Multi-family | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Commercial Portfolio Segment [Member] | Multi-family | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 7,012,670 | 6,620,189 |
Commercial Portfolio Segment [Member] | Equipment financing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,601,109 | 1,628,393 |
90 or More Days Past Due and Accruing | 0 | 0 |
Non-accrual | 13,018 | 12,344 |
Commercial Portfolio Segment [Member] | Equipment financing | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 15,595 | 23,138 |
Commercial Portfolio Segment [Member] | Equipment financing | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 2,472 | 806 |
Commercial Portfolio Segment [Member] | Equipment financing | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 105 | 9,988 |
Commercial Portfolio Segment [Member] | Equipment financing | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,585,514 | 1,605,255 |
Commercial Portfolio Segment [Member] | Warehouse lending | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 474,328 | 641,976 |
90 or More Days Past Due and Accruing | 0 | 0 |
Non-accrual | 0 | 0 |
Commercial Portfolio Segment [Member] | Warehouse lending | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Commercial Portfolio Segment [Member] | Warehouse lending | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Commercial Portfolio Segment [Member] | Warehouse lending | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
Commercial Portfolio Segment [Member] | Warehouse lending | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 474,328 | 641,976 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 9,637,448 | 9,660,475 |
90 or More Days Past Due and Accruing | 213 | 13 |
Non-accrual | 54,270 | 53,496 |
Consumer Portfolio Segment [Member] | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 71,087 | 74,064 |
Consumer Portfolio Segment [Member] | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 11,504 | 14,567 |
Consumer Portfolio Segment [Member] | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 5,100 | 5,988 |
Consumer Portfolio Segment [Member] | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 9,566,361 | 9,586,411 |
Consumer Portfolio Segment [Member] | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 8,001,563 | 7,963,420 |
90 or More Days Past Due and Accruing | 0 | 0 |
Non-accrual | 25,291 | 25,424 |
Consumer Portfolio Segment [Member] | Residential | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 35,750 | 36,753 |
Consumer Portfolio Segment [Member] | Residential | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 7,112 | 8,246 |
Consumer Portfolio Segment [Member] | Residential | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 3,347 | 3,083 |
Consumer Portfolio Segment [Member] | Residential | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 7,965,813 | 7,926,667 |
Consumer Portfolio Segment [Member] | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,580,569 | 1,633,107 |
90 or More Days Past Due and Accruing | 0 | 0 |
Non-accrual | 28,873 | 27,924 |
Consumer Portfolio Segment [Member] | Home equity | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 34,499 | 36,037 |
Consumer Portfolio Segment [Member] | Home equity | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 3,977 | 5,293 |
Consumer Portfolio Segment [Member] | Home equity | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,649 | 2,820 |
Consumer Portfolio Segment [Member] | Home equity | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,546,070 | 1,597,070 |
Consumer Portfolio Segment [Member] | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 55,316 | 63,948 |
90 or More Days Past Due and Accruing | 213 | 13 |
Non-accrual | 106 | 148 |
Consumer Portfolio Segment [Member] | Other consumer | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 838 | 1,274 |
Consumer Portfolio Segment [Member] | Other consumer | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 415 | 1,028 |
Consumer Portfolio Segment [Member] | Other consumer | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 104 | 85 |
Consumer Portfolio Segment [Member] | Other consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 54,478 | $ 62,674 |
Loans and Leases (Nonaccrual) (
Loans and Leases (Nonaccrual) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | $ 179,811 | $ 197,441 |
Non-accrual with No Allowance | 42,901 | 42,059 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 125,541 | 143,945 |
Non-accrual with No Allowance | 17,109 | 16,419 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 69,129 | 71,884 |
Non-accrual with No Allowance | 12,382 | 12,598 |
Commercial Portfolio Segment [Member] | Asset-based | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 9,428 | 20,024 |
Non-accrual with No Allowance | 1,330 | 1,491 |
Commercial Portfolio Segment [Member] | Commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 33,966 | 39,057 |
Non-accrual with No Allowance | 1,502 | 90 |
Commercial Portfolio Segment [Member] | Multi-family | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 0 | 636 |
Non-accrual with No Allowance | 0 | 0 |
Commercial Portfolio Segment [Member] | Equipment financing | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 13,018 | 12,344 |
Non-accrual with No Allowance | 1,895 | 2,240 |
Commercial Portfolio Segment [Member] | Warehouse lending | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 0 | 0 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 54,270 | 53,496 |
Non-accrual with No Allowance | 25,792 | 25,640 |
Consumer Portfolio Segment [Member] | Residential | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 25,291 | 25,424 |
Non-accrual with No Allowance | 10,674 | 10,442 |
Consumer Portfolio Segment [Member] | Home equity | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 28,873 | 27,924 |
Non-accrual with No Allowance | 15,114 | 15,193 |
Consumer Portfolio Segment [Member] | Other consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 106 | 148 |
Non-accrual with No Allowance | $ 4 | $ 5 |
Loans and Leases (Activity In A
Loans and Leases (Activity In Allowance For Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
(Benefit) for credit losses | $ 37,821 | $ 189,068 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
(Benefit) for credit losses | 38,757 | 184,327 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
(Benefit) for credit losses | $ (936) | $ 4,741 |
Loans and Leases (Allowance For
Loans and Leases (Allowance For Loan And Lease Losses By Portfolio Segment) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||||
Jan. 31, 2022 | Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | $ 594,741 | $ 301,187 | |||
Initial allowance for PCD loans and leases | 0 | 88,045 | |||
Provision (benefit) | 37,821 | 189,068 | |||
Charge-offs | (27,508) | (12,368) | |||
Recoveries | 2,987 | 3,439 | |||
Balance, end of period | 613,914 | 569,371 | $ 594,741 | $ 301,187 | |
ALLL, Individually evaluated for impairment | 36,049 | 44,793 | |||
ALLL, Collectively evaluated for impairment | 577,865 | 524,578 | |||
Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance, end of period | 5,873 | 0 | |||
PCD loans | Sterling | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Charge-offs | $ (48,300) | ||||
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 533,125 | 257,877 | |||
Initial allowance for PCD loans and leases | 0 | 78,376 | |||
Provision (benefit) | 38,757 | 184,327 | |||
Charge-offs | (26,410) | (11,248) | |||
Recoveries | 1,574 | 1,364 | |||
Balance, end of period | 554,750 | 510,696 | 533,125 | 257,877 | |
ALLL, Individually evaluated for impairment | 27,459 | 32,736 | |||
ALLL, Collectively evaluated for impairment | 527,291 | 477,960 | |||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance, end of period | 7,704 | 0 | |||
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance, beginning of period | 61,616 | 43,310 | |||
Initial allowance for PCD loans and leases | 0 | 9,669 | |||
Provision (benefit) | (936) | 4,741 | |||
Charge-offs | (1,098) | (1,120) | |||
Recoveries | 1,413 | 2,075 | |||
Balance, end of period | 59,164 | 58,675 | 61,616 | 43,310 | |
ALLL, Individually evaluated for impairment | 8,590 | 12,057 | |||
ALLL, Collectively evaluated for impairment | $ 50,574 | $ 46,618 | |||
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance, end of period | $ (1,831) | $ 0 |
Loans and Leases (Credit Qualit
Loans and Leases (Credit Quality Indicators) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | $ 50,926,523 | $ 49,764,426 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 2,483,490 | 11,169,564 |
Year two | 11,028,860 | 5,661,880 |
Year three | 5,249,934 | 3,487,488 |
Year four | 3,226,783 | 3,539,935 |
Year five | 3,361,997 | 2,445,305 |
Prior | 7,461,853 | 5,530,594 |
Revolving Loans Amortized Cost Basis | 8,476,158 | 8,269,185 |
Loans and leases | 41,289,075 | 40,103,951 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 26,410 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 12,129 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 13,358 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 395 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 101 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 103 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 324 | |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 914,922 | 5,287,261 |
Year two | 5,206,634 | 1,979,460 |
Year three | 1,820,957 | 1,057,097 |
Year four | 923,851 | 829,845 |
Year five | 759,571 | 678,464 |
Prior | 1,222,509 | 804,822 |
Revolving Loans Amortized Cost Basis | 6,090,929 | 5,755,846 |
Loans and leases | 16,939,373 | 16,392,795 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 3,197 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 2,105 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 169 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 395 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 101 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 103 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 324 | |
Commercial Portfolio Segment [Member] | Asset-based | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 2,000 | 19,659 |
Year two | 21,486 | 3,901 |
Year three | 0 | 9,424 |
Year four | 8,868 | 15,904 |
Year five | 11,915 | 5,163 |
Prior | 51,667 | 55,553 |
Revolving Loans Amortized Cost Basis | 1,664,591 | 1,712,038 |
Loans and leases | 1,760,527 | 1,821,642 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 13,189 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 13,189 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Commercial Portfolio Segment [Member] | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 925,477 | 3,443,032 |
Year two | 3,462,071 | 2,258,126 |
Year three | 2,045,832 | 1,563,665 |
Year four | 1,523,867 | 1,674,603 |
Year five | 1,630,093 | 1,153,170 |
Prior | 3,767,414 | 2,805,735 |
Revolving Loans Amortized Cost Basis | 144,385 | 98,832 |
Loans and leases | 13,499,139 | 12,997,163 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 8,950 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 8,950 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Commercial Portfolio Segment [Member] | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 508,429 | 2,030,657 |
Year two | 1,968,010 | 1,057,705 |
Year three | 1,051,536 | 507,447 |
Year four | 462,805 | 694,161 |
Year five | 666,430 | 497,552 |
Prior | 2,255,464 | 1,773,967 |
Revolving Loans Amortized Cost Basis | 101,925 | 60,493 |
Loans and leases | 7,014,599 | 6,621,982 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 1,033 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 1,033 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Commercial Portfolio Segment [Member] | Equipment financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 132,662 | 388,955 |
Year two | 370,659 | 362,688 |
Year three | 331,609 | 349,855 |
Year four | 307,392 | 325,422 |
Year five | 293,988 | 110,956 |
Prior | 164,799 | 90,517 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 1,601,109 | 1,628,393 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 41 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 41 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Commercial Portfolio Segment [Member] | Warehouse lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 474,328 | 641,976 |
Loans and leases | 474,328 | 641,976 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Commercial Portfolio Segment [Member] | Pass | Commercial non-mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 867,446 | 5,154,781 |
Year two | 5,084,158 | 1,952,158 |
Year three | 1,781,158 | 965,975 |
Year four | 864,566 | 792,977 |
Year five | 708,271 | 593,460 |
Prior | 1,156,948 | 780,200 |
Revolving Loans Amortized Cost Basis | 5,992,440 | 5,670,532 |
Loans and leases | 16,454,987 | 15,910,083 |
Commercial Portfolio Segment [Member] | Pass | Asset-based | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 2,000 | 19,659 |
Year two | 21,486 | 3,901 |
Year three | 0 | 9,424 |
Year four | 8,868 | 14,413 |
Year five | 10,585 | 5,163 |
Prior | 51,172 | 55,553 |
Revolving Loans Amortized Cost Basis | 1,514,179 | 1,551,250 |
Loans and leases | 1,608,290 | 1,659,363 |
Commercial Portfolio Segment [Member] | Pass | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 921,252 | 3,420,635 |
Year two | 3,438,768 | 2,246,672 |
Year three | 1,999,831 | 1,556,185 |
Year four | 1,481,136 | 1,605,869 |
Year five | 1,547,577 | 1,058,730 |
Prior | 3,591,701 | 2,681,052 |
Revolving Loans Amortized Cost Basis | 139,886 | 97,832 |
Loans and leases | 13,120,151 | 12,666,975 |
Commercial Portfolio Segment [Member] | Pass | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 508,429 | 1,992,980 |
Year two | 1,930,324 | 1,057,705 |
Year three | 1,051,536 | 507,065 |
Year four | 449,185 | 694,066 |
Year five | 666,060 | 444,564 |
Prior | 2,189,520 | 1,748,337 |
Revolving Loans Amortized Cost Basis | 93,523 | 51,655 |
Loans and leases | 6,888,577 | 6,496,372 |
Commercial Portfolio Segment [Member] | Pass | Equipment financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 132,662 | 388,641 |
Year two | 367,476 | 345,792 |
Year three | 316,521 | 331,419 |
Year four | 295,379 | 308,441 |
Year five | 277,878 | 98,874 |
Prior | 145,561 | 83,264 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 1,535,477 | 1,556,431 |
Commercial Portfolio Segment [Member] | Pass | Warehouse lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 474,328 | 641,976 |
Loans and leases | 474,328 | 641,976 |
Commercial Portfolio Segment [Member] | Special mention | Commercial non-mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 25,083 | 104,277 |
Year two | 62,638 | 15,598 |
Year three | 24,644 | 21,168 |
Year four | 12,727 | 263 |
Year five | 15,640 | 14,370 |
Prior | 8,631 | 7,770 |
Revolving Loans Amortized Cost Basis | 30,522 | 40,142 |
Loans and leases | 179,885 | 203,588 |
Commercial Portfolio Segment [Member] | Special mention | Asset-based | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 0 |
Prior | 495 | 0 |
Revolving Loans Amortized Cost Basis | 66,053 | 80,476 |
Loans and leases | 66,548 | 80,476 |
Commercial Portfolio Segment [Member] | Special mention | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 4,225 | 21,878 |
Year two | 22,788 | 8,995 |
Year three | 43,548 | 7,264 |
Year four | 42,519 | 37,570 |
Year five | 51,379 | 47,419 |
Prior | 74,390 | 66,652 |
Revolving Loans Amortized Cost Basis | 4,499 | 1,000 |
Loans and leases | 243,348 | 190,778 |
Commercial Portfolio Segment [Member] | Special mention | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 37,677 |
Year two | 37,686 | 0 |
Year three | 0 | 0 |
Year four | 13,243 | 95 |
Year five | 370 | 40,307 |
Prior | 40,800 | 726 |
Revolving Loans Amortized Cost Basis | 8,402 | 8,838 |
Loans and leases | 100,501 | 87,643 |
Commercial Portfolio Segment [Member] | Special mention | Equipment financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 185 |
Year three | 170 | 0 |
Year four | 0 | 11,965 |
Year five | 11,583 | 6,775 |
Prior | 6,540 | 25 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 18,293 | 18,950 |
Commercial Portfolio Segment [Member] | Substandard | Commercial non-mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 22,393 | 28,203 |
Year two | 59,838 | 11,704 |
Year three | 15,155 | 69,954 |
Year four | 46,558 | 36,604 |
Year five | 35,660 | 70,634 |
Prior | 56,930 | 16,852 |
Revolving Loans Amortized Cost Basis | 67,967 | 41,917 |
Loans and leases | 304,501 | 275,868 |
Commercial Portfolio Segment [Member] | Substandard | Asset-based | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 0 |
Year four | 0 | 1,491 |
Year five | 1,330 | 0 |
Prior | 0 | 0 |
Revolving Loans Amortized Cost Basis | 84,359 | 80,312 |
Loans and leases | 85,689 | 81,803 |
Commercial Portfolio Segment [Member] | Substandard | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 519 |
Year two | 515 | 2,459 |
Year three | 2,453 | 216 |
Year four | 212 | 31,163 |
Year five | 31,137 | 47,021 |
Prior | 101,323 | 57,997 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 135,640 | 139,375 |
Commercial Portfolio Segment [Member] | Substandard | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 0 |
Year three | 0 | 382 |
Year four | 377 | 0 |
Year five | 0 | 12,681 |
Prior | 25,144 | 24,904 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 25,521 | 37,967 |
Commercial Portfolio Segment [Member] | Substandard | Equipment financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 314 |
Year two | 3,183 | 16,711 |
Year three | 14,918 | 18,436 |
Year four | 12,013 | 5,016 |
Year five | 4,527 | 5,307 |
Prior | 12,698 | 7,228 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 47,339 | 53,012 |
Commercial Portfolio Segment [Member] | Doubtful | Commercial non-mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | |
Year two | 0 | |
Year three | 0 | |
Year four | 1 | |
Year five | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 3,255 | |
Loans and leases | 3,256 | |
Commercial Portfolio Segment [Member] | Doubtful | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | |
Year two | 0 | |
Year three | 0 | |
Year four | 1 | |
Year five | 0 | |
Prior | 34 | |
Revolving Loans Amortized Cost Basis | 0 | |
Loans and leases | 35 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 119,063 | 2,042,000 |
Year two | 2,071,215 | 2,399,022 |
Year three | 2,382,062 | 960,281 |
Year four | 942,931 | 454,877 |
Year five | 462,421 | 126,240 |
Prior | 2,450,324 | 2,409,520 |
Revolving Loans Amortized Cost Basis | 1,209,432 | 1,268,535 |
Loans and leases | 9,637,448 | 9,660,475 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 1,098 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 420 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 126 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 114 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 3 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 435 | |
Consumer Portfolio Segment [Member] | Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 103,093 | 1,965,372 |
Year two | 1,994,809 | 2,304,919 |
Year three | 2,290,268 | 901,353 |
Year four | 886,785 | 424,742 |
Year five | 435,042 | 94,152 |
Prior | 2,291,566 | 2,272,882 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 8,001,563 | 7,963,420 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 211 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 211 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Consumer Portfolio Segment [Member] | Residential | 800+ | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 15,014 | 527,408 |
Year two | 681,916 | 954,568 |
Year three | 1,043,662 | 469,518 |
Year four | 468,357 | 160,596 |
Year five | 150,282 | 28,361 |
Prior | 993,219 | 997,409 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 3,352,450 | 3,137,860 |
Consumer Portfolio Segment [Member] | Residential | 740-799 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 69,297 | 963,026 |
Year two | 866,867 | 946,339 |
Year three | 863,689 | 311,295 |
Year four | 308,974 | 111,913 |
Year five | 111,803 | 43,684 |
Prior | 716,299 | 689,771 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 2,936,929 | 3,066,028 |
Consumer Portfolio Segment [Member] | Residential | 670 to 739 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 18,719 | 381,515 |
Year two | 346,423 | 350,671 |
Year three | 326,999 | 103,999 |
Year four | 91,487 | 62,365 |
Year five | 62,585 | 18,451 |
Prior | 393,008 | 384,687 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 1,239,221 | 1,301,688 |
Consumer Portfolio Segment [Member] | Residential | 580-669 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 63 | 40,959 |
Year two | 46,328 | 49,648 |
Year three | 52,355 | 14,484 |
Year four | 14,004 | 5,836 |
Year five | 10,532 | 2,357 |
Prior | 125,882 | 138,107 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 249,164 | 251,391 |
Consumer Portfolio Segment [Member] | Residential | 579 and below | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 52,464 |
Year two | 53,275 | 3,693 |
Year three | 3,563 | 2,057 |
Year four | 3,963 | 84,032 |
Year five | 99,840 | 1,299 |
Prior | 63,158 | 62,908 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 223,799 | 206,453 |
Consumer Portfolio Segment [Member] | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 15,330 | 73,888 |
Year two | 73,919 | 90,440 |
Year three | 88,330 | 53,579 |
Year four | 52,182 | 21,441 |
Year five | 20,665 | 29,650 |
Prior | 156,733 | 136,025 |
Revolving Loans Amortized Cost Basis | 1,173,410 | 1,228,084 |
Loans and leases | 1,580,569 | 1,633,107 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 108 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 108 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | |
Consumer Portfolio Segment [Member] | Home equity | 800+ | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 6,211 | 25,475 |
Year two | 26,483 | 35,129 |
Year three | 35,954 | 25,612 |
Year four | 25,557 | 7,578 |
Year five | 8,524 | 12,545 |
Prior | 63,613 | 55,352 |
Revolving Loans Amortized Cost Basis | 434,492 | 465,318 |
Loans and leases | 600,834 | 627,009 |
Consumer Portfolio Segment [Member] | Home equity | 740-799 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 4,088 | 26,743 |
Year two | 29,016 | 35,178 |
Year three | 31,860 | 17,621 |
Year four | 18,237 | 8,111 |
Year five | 6,556 | 7,765 |
Prior | 38,748 | 32,270 |
Revolving Loans Amortized Cost Basis | 375,534 | 398,692 |
Loans and leases | 504,039 | 526,380 |
Consumer Portfolio Segment [Member] | Home equity | 670 to 739 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 4,421 | 18,396 |
Year two | 15,017 | 16,679 |
Year three | 17,246 | 8,175 |
Year four | 6,262 | 3,635 |
Year five | 4,153 | 7,614 |
Prior | 34,796 | 30,060 |
Revolving Loans Amortized Cost Basis | 257,878 | 259,646 |
Loans and leases | 339,773 | 344,205 |
Consumer Portfolio Segment [Member] | Home equity | 580-669 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 408 | 2,848 |
Year two | 2,984 | 3,068 |
Year three | 2,504 | 1,520 |
Year four | 1,483 | 1,456 |
Year five | 903 | 1,163 |
Prior | 13,456 | 13,607 |
Revolving Loans Amortized Cost Basis | 74,873 | 76,614 |
Loans and leases | 96,611 | 100,276 |
Consumer Portfolio Segment [Member] | Home equity | 579 and below | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 202 | 426 |
Year two | 419 | 386 |
Year three | 766 | 651 |
Year four | 643 | 661 |
Year five | 529 | 563 |
Prior | 6,120 | 4,736 |
Revolving Loans Amortized Cost Basis | 30,633 | 27,814 |
Loans and leases | 39,312 | 35,237 |
Consumer Portfolio Segment [Member] | Consumer Loan | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 640 | 2,740 |
Year two | 2,487 | 3,663 |
Year three | 3,464 | 5,349 |
Year four | 3,964 | 8,694 |
Year five | 6,714 | 2,438 |
Prior | 2,025 | 613 |
Revolving Loans Amortized Cost Basis | 36,022 | 40,451 |
Loans and leases | 55,316 | 63,948 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 779 | |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 101 | |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 126 | |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 114 | |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 3 | |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 435 | |
Consumer Portfolio Segment [Member] | Consumer Loan | 800+ | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 140 | 495 |
Year two | 443 | 218 |
Year three | 207 | 544 |
Year four | 479 | 1,045 |
Year five | 843 | 247 |
Prior | 266 | 56 |
Revolving Loans Amortized Cost Basis | 17,207 | 19,196 |
Loans and leases | 19,585 | 21,801 |
Consumer Portfolio Segment [Member] | Consumer Loan | 740-799 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 266 | 888 |
Year two | 782 | 2,624 |
Year three | 2,589 | 1,959 |
Year four | 1,332 | 2,494 |
Year five | 1,933 | 941 |
Prior | 570 | 364 |
Revolving Loans Amortized Cost Basis | 7,675 | 12,218 |
Loans and leases | 15,147 | 21,488 |
Consumer Portfolio Segment [Member] | Consumer Loan | 670 to 739 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 154 | 977 |
Year two | 838 | 603 |
Year three | 409 | 2,480 |
Year four | 1,815 | 4,238 |
Year five | 3,117 | 1,041 |
Prior | 975 | 118 |
Revolving Loans Amortized Cost Basis | 8,836 | 6,107 |
Loans and leases | 16,144 | 15,564 |
Consumer Portfolio Segment [Member] | Consumer Loan | 580-669 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 58 | 211 |
Year two | 304 | 117 |
Year three | 216 | 337 |
Year four | 297 | 801 |
Year five | 694 | 173 |
Prior | 159 | 54 |
Revolving Loans Amortized Cost Basis | 1,294 | 2,223 |
Loans and leases | 3,022 | 3,916 |
Consumer Portfolio Segment [Member] | Consumer Loan | 579 and below | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 22 | 169 |
Year two | 120 | 101 |
Year three | 43 | 29 |
Year four | 41 | 116 |
Year five | 127 | 36 |
Prior | 55 | 21 |
Revolving Loans Amortized Cost Basis | 1,010 | 707 |
Loans and leases | $ 1,418 | $ 1,179 |
Loans and Leases (Summary Of Th
Loans and Leases (Summary Of The Recorded Investment Of Company's TDRs) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total recorded investment of TDRs | $ 194,822 | |||
Additional funds committed to borrowers in TDR status | 1,724 | |||
Specific reserves for TDRs included in the ACL on loans and leases: | $ 569,371 | $ 613,914 | 594,741 | $ 301,187 |
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Specific reserves for TDRs included in the ACL on loans and leases: | 510,696 | 554,750 | 533,125 | 257,877 |
Write-down | (9,100) | |||
Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Specific reserves for TDRs included in the ACL on loans and leases: | 58,675 | $ 59,164 | 61,616 | $ 43,310 |
Write-down | $ (100) | |||
Performing Financial Instruments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total recorded investment of TDRs | 110,868 | |||
Nonperforming Financial Instruments | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Total recorded investment of TDRs | 83,954 | |||
Nonperforming Financial Instruments | Troubled Debt Restructures | Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Specific reserves for TDRs included in the ACL on loans and leases: | 14,578 | |||
Nonperforming Financial Instruments | Troubled Debt Restructures | Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Specific reserves for TDRs included in the ACL on loans and leases: | $ 3,559 |
Loans and Leases (Information o
Loans and Leases (Information on How Loans and Leases were Modified as a TDR) (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 30 | |
Recorded Investment | $ 47,128 | $ 4,461 |
Term extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 47,057 | |
Commercial Portfolio Segment [Member] | Term extension | Commercial non-mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 2 | |
Recorded Investment | $ 98 | |
Commercial Portfolio Segment [Member] | Combination - Term extension and interest rate reduction | Commercial non-mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 2 | |
Recorded Investment | $ 92 | |
Consumer Portfolio Segment [Member] | Combination - Term extension and interest rate reduction | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 4 | |
Recorded Investment | $ 44 | |
Consumer Portfolio Segment [Member] | Other | Residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 5 | |
Recorded Investment | $ 2,985 | |
Consumer Portfolio Segment [Member] | Other | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | loan | 17 | |
Recorded Investment | $ 1,242 |
Loans and Leases - Troubled Deb
Loans and Leases - Troubled Debt Restructurings on Financing Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 47,128 | $ 4,461 |
% of Total Class | 0.10% | |
Interest Receivable | $ 200 | |
Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 17,116 | |
% of Total Class | 0.10% | |
Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 121 | |
% of Total Class | 0% | |
Commercial non-mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 29,891 | |
% of Total Class | 0.20% | |
Adjusted interest rate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 7 | |
Adjusted interest rate | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | |
Adjusted interest rate | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | |
Adjusted interest rate | Commercial non-mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 7 | |
Reduced weighted average interest rate | 4.50% | |
Term extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 47,057 | |
Term extension | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 17,116 | |
Extended term | 1 year | |
Term extension | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 57 | |
Extended term | 8 years 9 months 18 days | |
Term extension | Commercial non-mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 29,884 | |
Extended term | 7 months 6 days | |
Extended Maturity And Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 64 | |
Extended Maturity And Interest Rate Reduction | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | |
Extended Maturity And Interest Rate Reduction | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 64 | |
Extended Maturity And Interest Rate Reduction | Commercial non-mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 0 | |
Extended Maturity and Interest Rate Reduction | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Reduced weighted average interest rate | 1.50% | |
Extended term | 5 years 1 month 6 days |
Loans and Leases - Aging of Loa
Loans and Leases - Aging of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | $ 179,811 | $ 197,441 |
Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 47,128 | |
Non-accrual | 26,427 | |
Current | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 20,701 | |
30-59 Days Past Due and Accruing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 0 | |
60-89 Days Past Due and Accruing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 0 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 0 | |
Commercial non-mortgage | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 29,891 | |
Non-accrual | 26,329 | |
Commercial non-mortgage | Current | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 3,562 | |
Commercial non-mortgage | 30-59 Days Past Due and Accruing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 0 | |
Commercial non-mortgage | 60-89 Days Past Due and Accruing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 0 | |
Commercial non-mortgage | Financial Asset, Equal to or Greater than 90 Days Past Due | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 0 | |
Commercial real estate | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 17,116 | |
Non-accrual | 0 | |
Commercial real estate | Current | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 17,116 | |
Commercial real estate | 30-59 Days Past Due and Accruing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 0 | |
Commercial real estate | 60-89 Days Past Due and Accruing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 0 | |
Commercial real estate | Financial Asset, Equal to or Greater than 90 Days Past Due | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 0 | |
Home equity | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 121 | |
Non-accrual | 98 | |
Home equity | Current | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 23 | |
Home equity | 30-59 Days Past Due and Accruing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 0 | |
Home equity | 60-89 Days Past Due and Accruing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 0 | |
Home equity | Financial Asset, Equal to or Greater than 90 Days Past Due | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 0 |
Transfers and Servicing of Fi_3
Transfers and Servicing of Financial Assets (Loans sold) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage banking activities | $ 59 | $ 428 |
Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Origination fees | 11 | 135 |
Mortgage banking activities | 59 | 428 |
Consumer Portfolio Segment [Member] | Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net gain on sale | 77 | 397 |
Fair value adjustment | (29) | (104) |
Proceeds from sale | 3,832 | 26,753 |
Consumer Portfolio Segment [Member] | Loans sold with servicing rights retained | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Proceeds from sale | $ 1,229 | $ 25,363 |
Transfers and Servicing of Fi_4
Transfers and Servicing of Financial Assets (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Proceeds from sale of loans not originated for sale | $ 106,779 | $ 51,127 | |
Mortgage banking activities | 59 | 428 | |
Residential | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Proceeds from sale of loans not originated for sale | 106,700 | 51,100 | |
Commercial | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Mortgage banking activities | 100 | 1,800 | |
Consumer Portfolio Segment [Member] | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Mortgage banking activities | 59 | 428 | |
Consumer Portfolio Segment [Member] | Residential | |||
Securitization or Asset-backed Financing Arrangement, Financial Asset for which Transfer is Accounted as Sale [Line Items] | |||
Retained servicing rights | 1,900,000 | $ 2,000,000 | |
Loan servicing fees, net | $ 1,300 | $ 1,100 |
Transfers and Servicing of Fi_5
Transfers and Servicing of Financial Assets (Servicing Assets at Amortized Cost Roll Forward) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Beginning Balance | $ 9,515 | $ 9,237 |
Additions | 15 | 209 |
Amortization | (341) | (570) |
Ending Balance | 9,189 | 9,735 |
Business Acquisition [Line Items] | ||
Additions | 15 | 209 |
Sterling | ||
Servicing Asset at Amortized Cost, Balance [Roll Forward] | ||
Additions | 0 | 859 |
Business Acquisition [Line Items] | ||
Additions | $ 0 | $ 859 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Goodwill [Roll Forward] | ||
Balance, beginning of period | $ 2,514,104 | $ 538,373 |
Balance, end of period | 2,631,465 | 2,514,104 |
Sterling | ||
Goodwill [Roll Forward] | ||
Goodwill acquired | (25,561) | (1,939,765) |
Bend | ||
Goodwill [Roll Forward] | ||
Goodwill acquired | (294) | (35,966) |
interLINK | ||
Goodwill [Roll Forward] | ||
Goodwill acquired | $ (143,216) | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Gross Carrying Value And Accumulated Amortization Of Other Intangible Assets) (Detail) - USD ($) $ in Thousands | Jan. 11, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 301,037 | $ 261,037 | |
Accumulated Amortization | 71,192 | 61,695 | |
Net Carrying Amount | 229,845 | 199,342 | |
Core deposits | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 146,037 | 146,037 | |
Accumulated Amortization | 41,237 | 36,710 | |
Net Carrying Amount | 104,800 | 109,327 | |
Customer relationships (1) | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 151,000 | 115,000 | |
Accumulated Amortization | 29,755 | 24,985 | |
Net Carrying Amount | 121,245 | 90,015 | |
Customer relationships (1) | interLINK | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets, useful life | 10 years | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 36,000 | ||
Noncompete Agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 4,000 | 0 | |
Accumulated Amortization | 200 | 0 | |
Net Carrying Amount | $ 3,800 | $ 0 | |
Noncompete Agreements | interLINK | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets, useful life | 5 years | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 4,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Schedule Of Expected Future Amortization Expense) (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Jan. 11, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2023 | $ 26,710 | |
2024 | 29,618 | |
2025 | 25,956 | |
2026 | 25,565 | |
2027 | 25,565 | |
Thereafter | $ 96,431 | |
interLINK | Noncompete Agreements | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 4,000 | |
Finite-Lived Intangible Assets [Line Items] | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 4,000 |
Deposits (Summary Of Deposits)
Deposits (Summary Of Deposits) (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Non-interest-bearing: | ||
Demand | $ 12,007,387 | $ 12,974,975 |
Interest-bearing: | ||
HSA | 8,272,507 | 7,944,892 |
Checking | 8,560,750 | 9,237,529 |
Money market | 14,203,858 | 11,062,652 |
Savings | 7,723,198 | 8,673,343 |
Time deposits | 4,529,779 | 4,160,949 |
Total interest-bearing | 43,290,092 | 41,079,365 |
Total deposits | 55,297,479 | 54,054,340 |
Time deposits, money market, and interest-bearing checking obtained through brokers (1) | 1,268,506 | 1,964,873 |
Aggregate amount of time deposit accounts that exceeded the FDIC limit | 1,457,289 | 1,894,950 |
Demand deposit overdrafts reclassified as loan balances | 6,832 | $ 8,721 |
Money market sweep deposits | $ 2,900,000 |
Deposits (Scheduled Maturities
Deposits (Scheduled Maturities Of Time Deposits) (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Deposit Liabilities [Abstract] | ||
Remainder of 2023 | $ 3,168,801 | |
2024 | 1,132,496 | |
2025 | 132,543 | |
2026 | 53,306 | |
2027 | 36,616 | |
Thereafter | 6,017 | |
Time deposits | $ 4,529,779 | $ 4,160,949 |
Borrowings (Summary Of Securiti
Borrowings (Summary Of Securities Sold Under Agreements To Repurchase And Other Borrowings) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Securities sold under agreements to repurchase | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Outstanding | $ 306,154 | $ 282,005 |
Rate | 0.11% | 0.11% |
Federal funds purchased | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Outstanding | $ 0 | $ 869,825 |
Rate | 0% | 4.44% |
Securities sold under agreements to repurchase and other borrowings | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Outstanding | $ 306,154 | $ 1,151,830 |
Rate | 0.11% | 3.38% |
Borrowings (Summary Of Advances
Borrowings (Summary Of Advances Payable To the Federal Home Loan Bank) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Federal Home Loan Bank, Advances, Maturity, Rolling Year [Abstract] | ||
FHLB advances maturing within 1 year, Total Outstanding | $ 8,550,183 | $ 5,450,187 |
FHLB advances maturing after 1 but within 2 years, Total Outstanding | 0 | 0 |
FHLB advances maturing after 2 but within 3 years, Total Outstanding | 0 | 0 |
FHLB advances maturing after 3 but within 4 years, Total Outstanding | 0 | 0 |
FHLB advances maturing after 4 but within 5 years, Total Outstanding | 486 | 252 |
FHLB advances maturing after 5 years, Total Outstanding | 9,792 | 10,113 |
Total FHLB advances | $ 8,560,461 | $ 5,460,552 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate [Abstract] | ||
FHLB advances maturing within 1 year, Weighted Average Contractual Coupon Rate (as a percent) | 5.18% | 4.40% |
FHLB advances maturing after 1 but within 2 years, Weighted Average Contractual Coupon Rate (as a percent) | 0% | 0% |
FHLB advances maturing after 2 but within 3 years, Weighted Average Contractual Coupon Rate (as a percent) | 0% | 0% |
FHLB advances maturing after 3 but within 4 years, Weighted Average Contractual Coupon Rate (as a percent) | 0% | 0% |
FHLB advances maturing after 4 but within 5 years, Weighted Average Contractual Coupon Rate (as a percent) | 1.35% | 0% |
FHLB advances maturing after 5 years, Weighted Average Contractual Coupon Rate (as a percent) | 2.07% | 2.09% |
Federal Home Loan Bank, Advances, Weighted Average Contractual Coupon Rate (as a percent) | 5.18% | 4.39% |
Aggregate carrying value of assets pledged as collateral | $ 19,778,232 | $ 13,692,379 |
Remaining borrowing capacity at FHLB | $ 6,509,929 | $ 4,291,326 |
Borrowings (Long Term Debt) (De
Borrowings (Long Term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Notes and subordinated debt | $ 1,058,439 | $ 1,059,778 |
Debt issuance cost on senior fixed-rates | (1,723) | (1,824) |
Long-term debt (1) | $ 1,071,413 | $ 1,073,128 |
Variable interest rate | 7.86% | 7.69% |
LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.95% | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Discount on senior fixed-rate notes | $ (701) | $ (756) |
Senior Notes | Senior Notes Due 2024 | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate (as a percent) | 4.375% | |
Notes and subordinated debt | $ 150,000 | 150,000 |
Senior Notes | Senior Notes Due 2029 | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate (as a percent) | 4.10% | |
Notes and subordinated debt | $ 332,119 | 333,458 |
Hedge basis adjustment | 32,100 | 33,500 |
Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Premium on subordinated fixed-to-floating rate notes | $ 15,398 | 15,930 |
Subordinated Debt | Subordinated Notes Due 2029 | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate (as a percent) | 4% | |
Notes and subordinated debt | $ 274,000 | 274,000 |
Subordinated Debt | Subordinated Notes Due 2030 | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate (as a percent) | 3.875% | |
Notes and subordinated debt | $ 225,000 | 225,000 |
Junior subordinated debt | ||
Debt Instrument [Line Items] | ||
Notes and subordinated debt | 77,320 | 77,320 |
Long-term Debt | ||
Debt Instrument [Line Items] | ||
Hedge basis adjustment | $ 32,119 | $ 33,458 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Jan. 31, 2022 |
Assets Sold under Agreements to Repurchase [Line Items] | |||
Notes and subordinated debt | $ 1,058,439 | $ 1,059,778 | |
Sterling | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Long-term debt | $ 516,881 | ||
Subordinated Notes Due 2029 | Subordinated Debt | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Notes and subordinated debt | $ 274,000 | 274,000 | |
Senior notes, interest rate (as a percent) | 4% | ||
Subordinated Notes Due 2030 | Subordinated Debt | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Notes and subordinated debt | $ 225,000 | $ 225,000 | |
Senior notes, interest rate (as a percent) | 3.875% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive (Loss) Income, Net of Tax (Schedule of Other Comprehensive Income (Loss)) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | $ 8,056,186 | $ 3,438,325 |
Other comprehensive income before reclassifications | 80,970 | (254,211) |
Amounts reclassified from accumulated other comprehensive (loss) | 15,970 | 1,068 |
Other comprehensive income, net of tax | 96,940 | (253,143) |
Ending Balance | 8,294,294 | 8,177,135 |
Available For Sale and Transferred Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (631,160) | 4,536 |
Other comprehensive income before reclassifications | 56,635 | (244,879) |
Amounts reclassified from accumulated other comprehensive (loss) | 14,983 | 0 |
Other comprehensive income, net of tax | 71,618 | (244,879) |
Ending Balance | (559,542) | (240,343) |
Derivative Instruments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (8,874) | 6,070 |
Other comprehensive income before reclassifications | 20,782 | (8,613) |
Amounts reclassified from accumulated other comprehensive (loss) | 592 | 769 |
Other comprehensive income, net of tax | 21,374 | (7,844) |
Ending Balance | 12,500 | (1,774) |
Defined Benefit Pension and Other Postretirement Benefit Plans | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (44,926) | (33,186) |
Other comprehensive income before reclassifications | 3,553 | (719) |
Amounts reclassified from accumulated other comprehensive (loss) | 395 | 299 |
Other comprehensive income, net of tax | 3,948 | (420) |
Ending Balance | (40,978) | (33,606) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (684,960) | (22,580) |
Other comprehensive income, net of tax | 96,940 | (253,143) |
Ending Balance | $ (588,020) | $ (275,723) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive (Loss) Income, Net of Tax (Schedule of Accumulated Other Comprehensive Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | $ (65,829) | $ 33,600 |
Net of tax | (15,970) | (1,068) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | (592) | (769) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of accumualted comprehensive income | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | 220 | 286 |
Net of tax | (592) | (769) |
Hedge terminations | (76) | (77) |
Premium amortization | (736) | (978) |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Actuarial net loss amortization | (542) | (411) |
Defined benefit pension and postretirement benefit plans | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | (395) | (299) |
Income tax expense | 147 | 112 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | 5,500 | 0 |
Net of tax | (14,983) | 0 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | Reclassification out of accumualted comprehensive income | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Net holding (losses) | $ (20,483) | $ 0 |
Regulatory Capital and Restri_3
Regulatory Capital and Restrictions (Information On The Capital Ratios) (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 risk-based capital, Actual Amount | $ 5,796,578 | $ 5,822,369 | |
CET1 risk-based capital, Actual Ratio | 0.1042 | 0.1071 | |
CET1 risk-based capital, Minimum Requirement Amount | $ 2,503,935 | $ 2,446,344 | |
CET1 risk-based capital, Well Capitalized Amount | 3,616,794 | 3,533,608 | |
Total risk-based capital, Actual Amount | $ 7,229,512 | $ 7,203,029 | |
Total risk-based capital, Actual Ratio | 0.1299 | 0.1325 | |
Total risk-based capital, Capital Requirements, Minimum Amount | $ 4,451,439 | $ 4,349,056 | |
Total risk-based capital, Capital Requirements, Minimum Ratio | 0.080 | 0.080 | |
Total risk-based capital, Capital Requirements, Well Capitalized Amount | $ 5,564,299 | $ 5,436,320 | |
Total risk-based capital, Capital Requirements, Well Capitalized Ratio | 0.100 | 0.100 | |
Tier 1 capital, Actual Amount | $ 6,080,557 | $ 6,106,348 | |
Tier 1 capital, Actual Ratio | 0.1093 | 0.1123 | |
Tier 1 capital, Capital Requirements, Minimum Amount | $ 3,338,580 | $ 3,261,792 | |
Tier 1 capital, Capital Requirements, Minimum Ratio | 0.060 | 0.060 | |
Tier 1 capital, Capital Requirements, Well Capitalized Amount | $ 4,451,439 | $ 4,349,056 | |
Tier 1 capital, Capital Requirements, Well Capitalized Ratio | 0.080 | 0.080 | |
Tier 1 leverage capital ratio, Actual Amount | $ 6,080,557 | $ 6,106,348 | |
Tier 1 leverage capital ratio, Actual Ratio | 0.0865 | 0.0895 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Amount | $ 2,812,832 | $ 2,730,212 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Ratio | 0.040 | 0.040 | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Amount | $ 3,516,040 | $ 3,412,765 | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Ratio | 0.050 | 0.050 | |
Dividends paid | $ 150,000 | $ 0 | |
Subsidiaries | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 risk-based capital, Actual Amount | $ 6,605,427 | $ 6,661,504 | |
CET1 risk-based capital, Actual Ratio | 0.1189 | 0.1228 | |
CET1 risk-based capital, Minimum Requirement Amount | $ 2,500,320 | $ 2,442,058 | |
CET1 risk-based capital, Well Capitalized Amount | 3,611,573 | 3,527,417 | |
Total risk-based capital, Actual Amount | $ 7,162,664 | $ 7,165,935 | |
Total risk-based capital, Actual Ratio | 0.1289 | 0.1320 | |
Total risk-based capital, Capital Requirements, Minimum Amount | $ 4,445,013 | $ 4,341,437 | |
Total risk-based capital, Capital Requirements, Minimum Ratio | 0.080 | 0.080 | |
Total risk-based capital, Capital Requirements, Well Capitalized Amount | $ 5,556,266 | $ 5,426,796 | |
Total risk-based capital, Capital Requirements, Well Capitalized Ratio | 0.100 | 0.100 | |
Tier 1 capital, Actual Amount | $ 6,605,427 | $ 6,661,504 | |
Tier 1 capital, Actual Ratio | 0.1189 | 0.1228 | |
Tier 1 capital, Capital Requirements, Minimum Amount | $ 3,333,760 | $ 3,256,078 | |
Tier 1 capital, Capital Requirements, Minimum Ratio | 0.060 | 0.060 | |
Tier 1 capital, Capital Requirements, Well Capitalized Amount | $ 4,445,013 | $ 4,341,437 | |
Tier 1 capital, Capital Requirements, Well Capitalized Ratio | 0.080 | 0.080 | |
Tier 1 leverage capital ratio, Actual Amount | $ 6,605,427 | $ 6,661,504 | |
Tier 1 leverage capital ratio, Actual Ratio | 0.0940 | 0.0977 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Amount | $ 2,810,676 | $ 2,727,476 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Ratio | 0.040 | 0.040 | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Amount | $ 3,513,345 | $ 3,409,345 | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Ratio | 0.050 | 0.050 | |
Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 risk-based capital, Actual Ratio | 0.045 | 0.045 | |
Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | Subsidiaries | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 risk-based capital, Actual Ratio | 0.045 | 0.045 | |
Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 risk-based capital, Actual Ratio | 0.065 | 0.065 | |
Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | Subsidiaries | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 risk-based capital, Actual Ratio | 0.065 | 0.065 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of LIHTC Investments and Commitments (Details) - Variable Interest Entity, Not Primary Beneficiary - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Variable Interest Entity [Line Items] | |||
Gross investment in LIHTC | $ 798,085 | $ 797,453 | |
Accumulated amortization | (90,902) | (69,424) | |
Net investment in LIHTC investments | 707,183 | 728,029 | |
Unfunded commitments for LIHTC investments | 329,023 | $ 335,959 | |
Liabilities assumed | $ 0 | $ 0 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Variable Interest Entity [Line Items] | |||
Assets | $ 74,844,395 | $ 71,277,521 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Liabilities assumed | 0 | $ 0 | |
Other Investments | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Assets | 165,100 | 144,900 | |
Unfunded Loan Commitment | Other Non-Marketable Investments | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | $ 273,000 | $ 243,900 |
Earnings Per Common Share (Earn
Earnings Per Common Share (Earnings Per Share Basic And Diluted) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Earnings Per Share Reconciliation [Abstract] | ||
Net income (loss) | $ 221,004 | $ (16,747) |
Less: Preferred stock dividends | 4,163 | 3,431 |
Earnings applicable to common stockholders | 216,841 | (20,178) |
Net income (loss) available to common stockholders | 216,841 | (20,178) |
Less: (Loss) earnings allocated to participating securities, basic | 1,845 | 0 |
Less: (Loss) earnings allocated to participating securities, diluted | 1,845 | 0 |
Earnings applicable to common stockholders | 214,996 | (20,178) |
Earnings applicable to common stockholders | $ 214,996 | $ (20,178) |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Weighted-average common shares outstanding - basic (in shares) | 172,766 | 147,394 |
Effect of dilutive securities (in shares) | 117 | 0 |
Weighted-average common shares outstanding - diluted (in shares) | 172,883 | 147,394 |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Basic (loss) earnings per common share (in dollars per share) | $ 1.24 | $ (0.14) |
Diluted (loss) earnings per common share (in shares) | $ 1.24 | $ (0.14) |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Restricted stock (due to performance conditions on non-participating shares) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 85,033 | 341,904 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Schedule fair value of derivative instruments) (Detail) - USD ($) | Mar. 31, 2023 | Dec. 31, 2022 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | $ 11,338,928,000 | $ 8,539,724,000 |
Asset Derivatives, Fair Value, before netting | 245,228,000 | 222,906,000 |
Asset Derivatives, Fair Value, Less: Master netting agreements | 30,506,000 | 16,129,000 |
Asset Derivatives, Fair Value, Less: Cash collateral posted | 181,853,000 | 184,095,000 |
Total derivative instruments, after netting | 32,869,000 | 22,682,000 |
Liability Derivatives, Notional Amount | 9,821,481,000 | 9,379,322,000 |
Liability Derivatives, Fair Value | 329,267,000 | 414,499,000 |
Liability Derivatives, Fair Value, Less: Master netting agreements | 30,506,000 | 16,129,000 |
Liability Derivatives, Fair Value, Less: Cash collateral posted | 400,000 | 0 |
Total derivative instruments, after netting | 298,361,000 | 398,370,000 |
CME | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value, Less: Cash collateral posted | 38,700,000 | |
Total derivative instruments, after netting | 0 | |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 220,259,000 | 217,246,000 |
Asset Derivatives, Fair Value, Less: Master netting agreements | 30,506,000 | 16,129,000 |
Total derivative instruments, after netting | 181,853,000 | 184,095,000 |
Liability Derivatives, Fair Value | 31,360,000 | 16,129,000 |
Liability Derivatives, Fair Value, Less: Master netting agreements | 30,506,000 | 16,129,000 |
Total derivative instruments, after netting | 400,000 | 0 |
Designated as Hedging Instrument | Interest rate derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 3,750,000,000 | 1,350,000,000 |
Asset Derivatives, Fair Value | 25,892,000 | 1,515,000 |
Liability Derivatives, Notional Amount | 1,750,000,000 | 1,750,000,000 |
Liability Derivatives, Fair Value | 5,493,000 | 9,632,000 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 7,588,928,000 | 7,189,724,000 |
Asset Derivatives, Fair Value, Total | 219,336,000 | 221,391,000 |
Liability Derivatives, Notional Amount | 8,071,481,000 | 7,629,322,000 |
Liability Derivatives, Fair Value, Positions not subject to master netting agreement | 323,774,000 | 404,867,000 |
Not Designated as Hedging Instrument | Interest rate derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 7,417,679,000 | 7,024,507,000 |
Asset Derivatives, Fair Value | 219,149,000 | 221,225,000 |
Liability Derivatives, Notional Amount | 7,411,878,000 | 7,022,844,000 |
Liability Derivatives, Fair Value | 323,123,000 | 403,952,000 |
Not Designated as Hedging Instrument | Mortgage Banking Derivatives | RPA-Out | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 1,973,000 | 3,283,000 |
Asset Derivatives, Fair Value | 16,000 | 32,000 |
Not Designated as Hedging Instrument | Mortgage Banking Derivatives | RPA-In | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Notional Amount | 0 | 0 |
Liability Derivatives, Fair Value | 0 | 0 |
Not Designated as Hedging Instrument | Other | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 169,276,000 | 161,934,000 |
Asset Derivatives, Fair Value | 171,000 | 134,000 |
Liability Derivatives, Notional Amount | 659,603,000 | 606,478,000 |
Liability Derivatives, Fair Value | 651,000 | 915,000 |
Not Designated as Hedging Instrument | Interest Rate Swap, CME | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 2,400,000,000 | 2,700,000,000 |
Liability Derivatives, Notional Amount | 1,900,000 | 0 |
Not Designated as Hedging Instrument | Credit Risk Contract | RPA-Out | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 154,900,000 | 125,600,000 |
Not Designated as Hedging Instrument | Credit Risk Contract | RPA-In | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Notional Amount | 589,700,000 | 559,200,000 |
Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Other commitment | $ 3,800,000 | $ 2,400,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Offsetting Derivatives) (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Asset Derivatives, Fair Value, Less: Master netting agreements | $ 30,506 | $ 16,129 |
Asset derivatives | 32,869 | 22,682 |
Liability Derivatives, Fair Value, Less: Master netting agreements | 30,506 | 16,129 |
Liability derivatives | 298,361 | 398,370 |
Hedge Accounting Positions | ||
Derivative [Line Items] | ||
Asset Derivatives, Fair Value | 220,259 | 217,246 |
Asset Derivatives, Fair Value, Less: Master netting agreements | 30,506 | 16,129 |
Asset derivatives | 181,853 | 184,095 |
Asset derivatives, amounts not offset | 7,900 | 17,022 |
Asset derivatives, net amounts | 8,270 | 17,392 |
Liability Derivatives, Fair Value | 31,360 | 16,129 |
Liability Derivatives, Fair Value, Less: Master netting agreements | 30,506 | 16,129 |
Liability derivatives | 400 | 0 |
Liability derivatives, amounts not offset | 454 | 0 |
Liability derivatives, net amounts | $ 5,032 | $ 1,545 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Income Statement Effect) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | $ 6,793 | |
Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | $ (4,438) | |
Interest Rate Derivatives | Operating Expense | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | (3,687) | 6,445 |
Mortgage Banking Derivatives | Operating Expense | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | (16) | (49) |
Other | Operating Expense | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | (735) | 397 |
Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | (812) | 2,483 |
Cash Flow Hedging | Interest Rate Derivatives | Operating Expense | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | 76 | 76 |
Cash Flow Hedging | Interest Rate Derivatives | Other Income | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | (736) | 2,559 |
Fair Value Hedging [Member] | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | (192) | 0 |
Fair Value Hedging [Member] | Operating Expense | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | 10,427 | 0 |
Fair Value Hedging [Member] | Operating Expense | Designated as Hedging Instrument | Long-term Debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | $ (10,235) | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments Impact of Fair Value Hedging Adjustment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Long-term Debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedge basis adjustment | $ 32,119 | $ 33,458 |
Hedged Liability, Fair Value Hedge | 332,119 | 333,458 |
Deposits | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Hedge basis adjustment | 10,254 | 0 |
Hedged Liability, Fair Value Hedge | $ 410,254 | $ 0 |
Derivative Financial Instrume_7
Derivative Financial Instruments (AOCI Related to Cash Flow Hedges) (Narrative) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2023 USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Unamortized balance | $ 2.1 |
Maximum length of time over which forecasted transactions are hedged | 4 years 10 months 24 days |
Cash Flow Hedging | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimate of amount to be reclassified from AOCL | $ 0.3 |
Remaining unamortized gain (loss) on termination of cash flow hedges | (0.3) |
Cash Flow Hedging | Designated as Hedging Instrument | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimate of amount to be reclassified from AOCL | $ 9.5 |
Derivative Financial Instrume_8
Derivative Financial Instruments (Counterparty Credit Risk Narrative) (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Derivative instrument asset, Amount Offset | $ 181,853 | $ 184,095 |
Maximum exposure | 24,900 | |
Debit (credit) valuation adjustment | 5,300 | $ 8,400 |
Cash and Due from Banks | ||
Derivative [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | 187,300 | |
Valuation, Market Approach | ||
Derivative [Line Items] | ||
Maximum exposure | 97,800 | |
CME | ||
Derivative [Line Items] | ||
Derivative instrument asset, Amount Offset | $ 38,700 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Jan. 11, 2023 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Remaining unfunded commitment | $ 1,724 | ||
Broker dealer deposit program, fair value | $ 2,500,000 | ||
Unused commitments to extend credit | 12,143,452 | 11,671,663 | |
Loans transferred to held for sale, fair value | 209,900 | 0 | |
Loans in process of foreclosure | 16,400 | ||
Value under fair value options | 811 | 1,991 | |
interLINK | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Contingent consideration | $ 16,000 | ||
Fair Value, Nonrecurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | 1,500 | 2,300 | |
Rabbi Trust | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | 10,000 | ||
Alternative investments | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | 28,500 | 82,700 | |
Carrying amount of alternative investments | 500 | 400 | |
Remaining unfunded commitment | 0 | ||
Write-down | 100 | ||
Alternative investments carrying amount | 27,000 | 89,200 | |
Alternative investments | Fair Value, Nonrecurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Unused commitments to extend credit | 46,100 | 42,800 | |
Unused commitments to extend credit, fair value | $ 0 | $ 5,900 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Option, Disclosures) (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Originated loans held for sale, fair value | $ 811 | $ 1,991 |
Originated loans held for sale, unpaid principal balance | 210,724 | 1,991 |
Originated loans held for sale, difference | 127 | 360 |
loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Originated loans held for sale, unpaid principal balance | $ 684 | $ 1,631 |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value Unobservable Inputs) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2023 USD ($) holding | |
Re-sign Broker Dealers | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Contingent consideration | $ | $ 4,798 |
Re-sign Broker Dealers | Maximum | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Contingent consideration | $ | 4,826 |
Deposit Program Growth | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Contingent consideration | $ | 11,241 |
Deposit Program Growth | Maximum | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Contingent consideration | $ | $ 12,500 |
Probability of Achievement | Re-sign Broker Dealers | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Contingent Consideration, Measurement Input | holding | 0.990 |
Probability of Achievement | Deposit Program Growth | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Contingent Consideration, Measurement Input | holding | 1 |
Payment Term (in years) | Re-sign Broker Dealers | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Payment Term (in years) | 2 months 19 days |
Payment Term (in years) | Deposit Program Growth | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Payment Term (in years) | 1 year 11 months 19 days |
Discount Rate | Re-sign Broker Dealers | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Contingent Consideration, Measurement Input | holding | 0.0550 |
Discount Rate | Deposit Program Growth | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |
Contingent Consideration, Measurement Input | holding | 0.0550 |
Fair Value Measurements (Fair_3
Fair Value Measurements (Fair Value Assets And Liabilities Measured On Recurring and Nonrecurring Basis) (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Financial Assets: | ||
Total available-for-sale securities | $ 7,798,977 | $ 7,892,697 |
Asset derivatives | 32,869 | 22,682 |
Value under fair value options | 811 | 1,991 |
Financial Liabilities: | ||
Liability derivatives | 298,361 | 398,370 |
U.S. Treasury notes | ||
Financial Assets: | ||
Total available-for-sale securities | 386,772 | 717,040 |
Government agency debentures | ||
Financial Assets: | ||
Total available-for-sale securities | 262,342 | 258,374 |
Municipal bonds and notes | ||
Financial Assets: | ||
Total available-for-sale securities | 1,645,228 | 1,633,202 |
Agency CMO | ||
Financial Assets: | ||
Total available-for-sale securities | 57,462 | 59,965 |
Agency MBS | ||
Financial Assets: | ||
Total available-for-sale securities | 2,230,850 | 2,158,024 |
Agency CMBS | ||
Financial Assets: | ||
Total available-for-sale securities | 1,635,252 | 1,406,486 |
Non-agency CMBS | ||
Financial Assets: | ||
Total available-for-sale securities | 902,058 | 896,640 |
CLO | ||
Financial Assets: | ||
Total available-for-sale securities | 2,107 | |
Corporate debt securities | ||
Financial Assets: | ||
Total available-for-sale securities | 625,523 | 704,412 |
Private label MBS | ||
Financial Assets: | ||
Total available-for-sale securities | 44,262 | 44,249 |
Other | ||
Financial Assets: | ||
Total available-for-sale securities | 9,228 | 12,198 |
Fair Value, Recurring | ||
Financial Assets: | ||
Total available-for-sale securities | 7,798,977 | 7,892,697 |
Alternative investments | 27,486 | 89,678 |
Total financial assets | 8,084,494 | 8,219,375 |
Financial Liabilities: | ||
Liability derivatives | 329,267 | 414,499 |
Contingent consideration | 16,039 | |
Liabilities, Fair Value Disclosure | 345,306 | |
Fair Value, Recurring | Level 1 | ||
Financial Assets: | ||
Total available-for-sale securities | 386,772 | 717,040 |
Alternative investments | 476 | 430 |
Total financial assets | 399,322 | 729,652 |
Financial Liabilities: | ||
Liability derivatives | 557 | 843 |
Contingent consideration | 0 | |
Liabilities, Fair Value Disclosure | 557 | |
Fair Value, Recurring | Level 2 | ||
Financial Assets: | ||
Total available-for-sale securities | 7,412,205 | 7,175,657 |
Alternative investments | 0 | 0 |
Total financial assets | 7,658,162 | 7,400,475 |
Financial Liabilities: | ||
Liability derivatives | 328,710 | 413,656 |
Contingent consideration | 0 | |
Liabilities, Fair Value Disclosure | 328,710 | |
Fair Value, Recurring | Level 3 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Alternative investments | 0 | 0 |
Total financial assets | 0 | 0 |
Financial Liabilities: | ||
Liability derivatives | 0 | 0 |
Contingent consideration | 16,039 | |
Liabilities, Fair Value Disclosure | 16,039 | |
Fair Value, Recurring | Derivative instruments | ||
Financial Assets: | ||
Asset derivatives | 245,228 | 222,906 |
Fair Value, Recurring | Derivative instruments | Level 1 | ||
Financial Assets: | ||
Asset derivatives | 82 | 79 |
Fair Value, Recurring | Derivative instruments | Level 2 | ||
Financial Assets: | ||
Asset derivatives | 245,146 | 222,827 |
Fair Value, Recurring | Derivative instruments | Level 3 | ||
Financial Assets: | ||
Asset derivatives | 0 | 0 |
Fair Value, Recurring | Loan Origination Commitments | ||
Financial Assets: | ||
Value under fair value options | 811 | 1,991 |
Fair Value, Recurring | Loan Origination Commitments | Level 1 | ||
Financial Assets: | ||
Value under fair value options | 0 | 0 |
Fair Value, Recurring | Loan Origination Commitments | Level 2 | ||
Financial Assets: | ||
Value under fair value options | 811 | 1,991 |
Fair Value, Recurring | Loan Origination Commitments | Level 3 | ||
Financial Assets: | ||
Value under fair value options | 0 | 0 |
Fair Value, Recurring | Investments Held In Rabbi Trust | ||
Financial Assets: | ||
Other assets | 11,992 | 12,103 |
Fair Value, Recurring | Investments Held In Rabbi Trust | Level 1 | ||
Financial Assets: | ||
Other assets | 11,992 | 12,103 |
Fair Value, Recurring | Investments Held In Rabbi Trust | Level 2 | ||
Financial Assets: | ||
Other assets | 0 | 0 |
Fair Value, Recurring | Investments Held In Rabbi Trust | Level 3 | ||
Financial Assets: | ||
Other assets | 0 | 0 |
Fair Value, Recurring | U.S. Treasury notes | ||
Financial Assets: | ||
Total available-for-sale securities | 386,772 | 717,040 |
Fair Value, Recurring | U.S. Treasury notes | Level 1 | ||
Financial Assets: | ||
Total available-for-sale securities | 386,772 | 717,040 |
Fair Value, Recurring | U.S. Treasury notes | Level 2 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | U.S. Treasury notes | Level 3 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | Government agency debentures | ||
Financial Assets: | ||
Total available-for-sale securities | 262,342 | 258,374 |
Fair Value, Recurring | Government agency debentures | Level 1 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | Government agency debentures | Level 2 | ||
Financial Assets: | ||
Total available-for-sale securities | 262,342 | 258,374 |
Fair Value, Recurring | Government agency debentures | Level 3 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | Municipal bonds and notes | ||
Financial Assets: | ||
Total available-for-sale securities | 1,645,228 | 1,633,202 |
Fair Value, Recurring | Municipal bonds and notes | Level 1 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | Municipal bonds and notes | Level 2 | ||
Financial Assets: | ||
Total available-for-sale securities | 1,645,228 | 1,633,202 |
Fair Value, Recurring | Municipal bonds and notes | Level 3 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | Agency CMO | ||
Financial Assets: | ||
Total available-for-sale securities | 57,462 | 59,965 |
Fair Value, Recurring | Agency CMO | Level 1 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | Agency CMO | Level 2 | ||
Financial Assets: | ||
Total available-for-sale securities | 57,462 | 59,965 |
Fair Value, Recurring | Agency CMO | Level 3 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | Agency MBS | ||
Financial Assets: | ||
Total available-for-sale securities | 2,230,850 | 2,158,024 |
Fair Value, Recurring | Agency MBS | Level 1 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | Agency MBS | Level 2 | ||
Financial Assets: | ||
Total available-for-sale securities | 2,230,850 | 2,158,024 |
Fair Value, Recurring | Agency MBS | Level 3 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | Agency CMBS | ||
Financial Assets: | ||
Total available-for-sale securities | 1,635,252 | 1,406,486 |
Fair Value, Recurring | Agency CMBS | Level 1 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | Agency CMBS | Level 2 | ||
Financial Assets: | ||
Total available-for-sale securities | 1,635,252 | 1,406,486 |
Fair Value, Recurring | Agency CMBS | Level 3 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | Non-agency CMBS | ||
Financial Assets: | ||
Total available-for-sale securities | 902,058 | 896,640 |
Fair Value, Recurring | Non-agency CMBS | Level 1 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | Non-agency CMBS | Level 2 | ||
Financial Assets: | ||
Total available-for-sale securities | 902,058 | 896,640 |
Fair Value, Recurring | Non-agency CMBS | Level 3 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | CLO | ||
Financial Assets: | ||
Total available-for-sale securities | 2,107 | |
Fair Value, Recurring | CLO | Level 1 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | |
Fair Value, Recurring | CLO | Level 2 | ||
Financial Assets: | ||
Total available-for-sale securities | 2,107 | |
Fair Value, Recurring | CLO | Level 3 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | |
Fair Value, Recurring | Corporate debt securities | ||
Financial Assets: | ||
Total available-for-sale securities | 625,523 | 704,412 |
Fair Value, Recurring | Corporate debt securities | Level 1 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | Corporate debt securities | Level 2 | ||
Financial Assets: | ||
Total available-for-sale securities | 625,523 | 704,412 |
Fair Value, Recurring | Corporate debt securities | Level 3 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | Private label MBS | ||
Financial Assets: | ||
Total available-for-sale securities | 44,262 | 44,249 |
Fair Value, Recurring | Private label MBS | Level 1 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | Private label MBS | Level 2 | ||
Financial Assets: | ||
Total available-for-sale securities | 44,262 | 44,249 |
Fair Value, Recurring | Private label MBS | Level 3 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | Other | ||
Financial Assets: | ||
Total available-for-sale securities | 9,228 | 12,198 |
Fair Value, Recurring | Other | Level 1 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | Other | Level 2 | ||
Financial Assets: | ||
Total available-for-sale securities | 9,228 | 12,198 |
Fair Value, Recurring | Other | Level 3 | ||
Financial Assets: | ||
Total available-for-sale securities | $ 0 | $ 0 |
Fair Value Measurements (Summar
Fair Value Measurements (Summary Of Estimated Fair Values Of Significant Financial Instruments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value | $ 6,320,682 | $ 5,761,453 | ||
Mortgage servicing assets, Carrying Amount | 9,189 | 9,515 | $ 9,735 | $ 9,237 |
Fair Value, Nonrecurring | Reported Value Measurement | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 2,434,071 | 839,943 | ||
Held-to-maturity investment securities | 7,063,223 | 6,564,697 | ||
Loans and leases, net | 50,312,609 | 49,169,685 | ||
Securities sold under agreements to repurchase and other borrowings | 306,154 | 1,151,830 | ||
FHLB advances | 8,560,461 | 5,460,552 | ||
Long-term debt | 1,071,413 | 1,073,128 | ||
Fair Value, Nonrecurring | Reported Value Measurement | Deposits Liabilities, other than time deposits | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Time deposits | 50,767,700 | 49,893,391 | ||
Fair Value, Nonrecurring | Reported Value Measurement | Time Deposits | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Time deposits | 4,529,779 | 4,160,949 | ||
Fair Value, Nonrecurring | Reported Value Measurement | Residential | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Mortgage servicing assets, Carrying Amount | 9,189 | 9,515 | ||
Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 2,434,071 | 839,943 | ||
Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Fair Value | 6,320,682 | 5,761,453 | ||
Securities sold under agreements to repurchase and other borrowings | 306,113 | 1,151,797 | ||
FHLB advances | 8,560,329 | 5,459,218 | ||
Long-term debt | 1,005,178 | 1,001,779 | ||
Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans and leases, net | 48,825,894 | 47,604,463 | ||
Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Deposits Liabilities, other than time deposits | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Time deposits | 50,767,700 | 49,893,391 | ||
Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Time Deposits | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Time deposits | 4,471,757 | 4,091,979 | ||
Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Residential | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Mortgage servicing assets, Fair value | $ 26,959 | $ 27,043 |
Retirement Benefit Plans (Detai
Retirement Benefit Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Weighted-average expected long-term rate of return | 5.50% | |
Pension Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 0 | $ 0 |
Interest cost | 2,211 | 1,377 |
Expected return on plan assets | (2,699) | (3,669) |
Amortization of actuarial loss (gain) | 1,216 | 422 |
Net periodic benefit (income) cost | 728 | (1,870) |
SERP | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 0 | 0 |
Interest cost | 67 | 15 |
Expected return on plan assets | 0 | 0 |
Amortization of actuarial loss (gain) | 1 | 7 |
Net periodic benefit (income) cost | 68 | 22 |
OPEB | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | 7 | 6 |
Interest cost | 380 | 144 |
Expected return on plan assets | 0 | 0 |
Amortization of actuarial loss (gain) | (675) | (18) |
Net periodic benefit (income) cost | $ (288) | $ 132 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2023 USD ($) Segment | Dec. 31, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jan. 31, 2022 USD ($) | Jan. 01, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting Information [Line Items] | ||||||
Number of reportable segments | Segment | 3 | |||||
Deposits | $ 55,297,479 | $ 54,054,340 | ||||
Goodwill | $ 2,631,465 | $ 2,514,104 | $ 2,514,104 | $ 538,373 | ||
Sterling | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | $ 1,914,204 | $ 1,900,000 | ||||
Commercial Banking | Sterling | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | 1,700,000 | |||||
Consumer Banking | Sterling | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | $ 200,000 | |||||
HSA Bank | Bend | ||||||
Segment Reporting Information [Line Items] | ||||||
Goodwill | $ 35,700 |
Segment Reporting (Operating Re
Segment Reporting (Operating Results and Total Assets Reportable Segments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||||
Goodwill | $ 2,631,465 | $ 2,514,104 | $ 2,514,104 | $ 538,373 |
Assets | 74,844,395 | 71,277,521 | ||
Net interest income | 595,283 | 394,248 | ||
Non-interest income | 70,766 | 104,035 | ||
Non-interest expense | 332,467 | 359,785 | ||
Pre-tax, pre-provision net revenue | 333,582 | 138,498 | ||
Provision for credit losses | 46,749 | 188,845 | ||
Income (loss) before income taxes | 286,833 | (50,347) | ||
Income tax expense (benefit) | 65,829 | (33,600) | ||
Net income (loss) | 221,004 | (16,747) | ||
Operating Segments | Commercial Banking | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | 2,029,204 | 1,904,291 | ||
Assets | 45,868,138 | 44,380,582 | ||
Net interest income | 384,314 | 287,069 | ||
Non-interest income | 35,397 | 38,743 | ||
Non-interest expense | 108,509 | 89,240 | ||
Pre-tax, pre-provision net revenue | 311,202 | 236,572 | ||
Provision for credit losses | 36,037 | 181,931 | ||
Income (loss) before income taxes | 275,165 | 54,641 | ||
Income tax expense (benefit) | 69,066 | 10,055 | ||
Net income (loss) | 206,099 | 44,586 | ||
Operating Segments | HSA Bank | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | 57,485 | 57,779 | ||
Assets | 123,478 | 122,729 | ||
Net interest income | 71,730 | 44,577 | ||
Non-interest income | 24,067 | 26,958 | ||
Non-interest expense | 43,700 | 36,409 | ||
Pre-tax, pre-provision net revenue | 52,097 | 35,126 | ||
Provision for credit losses | 0 | 0 | ||
Income (loss) before income taxes | 52,097 | 35,126 | ||
Income tax expense (benefit) | 14,066 | 9,414 | ||
Net income (loss) | 38,031 | 25,712 | ||
Operating Segments | Consumer Banking | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | 544,776 | 552,034 | ||
Assets | 10,597,860 | 10,625,334 | ||
Net interest income | 210,583 | 136,677 | ||
Non-interest income | 25,959 | 27,901 | ||
Non-interest expense | 106,879 | 95,510 | ||
Pre-tax, pre-provision net revenue | 129,663 | 69,068 | ||
Provision for credit losses | 1,784 | 7,136 | ||
Income (loss) before income taxes | 127,879 | 61,932 | ||
Income tax expense (benefit) | 33,760 | 16,053 | ||
Net income (loss) | 94,119 | 45,879 | ||
Corporate, Non-Segment | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | 0 | 0 | ||
Assets | 18,254,919 | $ 16,148,876 | ||
Net interest income | (71,344) | (74,075) | ||
Non-interest income | (14,657) | 10,433 | ||
Non-interest expense | 73,379 | 138,626 | ||
Pre-tax, pre-provision net revenue | (159,380) | (202,268) | ||
Provision for credit losses | 8,928 | (222) | ||
Income (loss) before income taxes | (168,308) | (202,046) | ||
Income tax expense (benefit) | (51,063) | (69,122) | ||
Net income (loss) | $ (117,245) | $ (132,924) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 59,715 | $ 65,131 |
Non-interest income | 70,766 | 104,035 |
Deposit service fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 45,436 | 47,827 |
Loan and lease related fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 4,427 | 4,498 |
Wealth and investment services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 6,587 | 10,597 |
Other non interest income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 3,265 | 2,209 |
Non-interest income within the scope of other GAAP topics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 11,051 | |
Non-interest income | 38,904 | |
Operating Segments | Commercial Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 12,584 | 14,317 |
Non-interest income | 35,397 | 38,743 |
Operating Segments | Commercial Banking | Deposit service fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 5,390 | 6,685 |
Operating Segments | Commercial Banking | Loan and lease related fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 4,427 | 4,498 |
Operating Segments | Commercial Banking | Wealth and investment services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 2,767 | 3,134 |
Operating Segments | Commercial Banking | Other non interest income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating Segments | Commercial Banking | Non-interest income within the scope of other GAAP topics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 22,813 | |
Non-interest income | 24,426 | |
Operating Segments | HSA Bank | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 24,067 | 26,958 |
Non-interest income | 24,067 | 26,958 |
Operating Segments | HSA Bank | Deposit service fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 22,092 | 25,134 |
Operating Segments | HSA Bank | Loan and lease related fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating Segments | HSA Bank | Wealth and investment services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating Segments | HSA Bank | Other non interest income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 1,975 | 1,824 |
Operating Segments | HSA Bank | Non-interest income within the scope of other GAAP topics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | |
Non-interest income | 0 | |
Operating Segments | Consumer Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 22,210 | 23,819 |
Non-interest income | 25,959 | 27,901 |
Operating Segments | Consumer Banking | Deposit service fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 18,024 | 15,963 |
Operating Segments | Consumer Banking | Loan and lease related fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating Segments | Consumer Banking | Wealth and investment services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 3,828 | 7,471 |
Operating Segments | Consumer Banking | Other non interest income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 358 | 385 |
Operating Segments | Consumer Banking | Non-interest income within the scope of other GAAP topics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 3,749 | |
Non-interest income | 4,082 | |
Corporate, Non-Segment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 854 | 37 |
Non-interest income | (14,657) | 10,433 |
Corporate, Non-Segment | Deposit service fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | (70) | 45 |
Corporate, Non-Segment | Loan and lease related fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Corporate, Non-Segment | Wealth and investment services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | (8) | (8) |
Corporate, Non-Segment | Other non interest income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 932 | 0 |
Corporate, Non-Segment | Non-interest income within the scope of other GAAP topics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ (15,511) | |
Non-interest income | $ 10,396 |
Commitments and Contingencies_2
Commitments and Contingencies (Outstanding Financial Instruments Contract Amounts Represent Credit Risk) (Detail) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit | $ 12,143,452 | $ 11,671,663 |
Standby letter of credit | ||
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit | 378,585 | 380,655 |
Commercial letter of credit | ||
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit | 52,987 | 53,512 |
Commitments to extend credit | ||
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit | $ 11,711,880 | $ 11,237,496 |
Commitments and Contingencies_3
Commitments and Contingencies (Reserve for Unfunded Commitments) (Detail) - SEC Schedule, 12-09, Allowance, Credit Loss $ in Thousands | Mar. 31, 2023 USD ($) |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |
Balance, beginning of period | $ 27,700 |
Balance, end of period | $ 26,100 |
Business Combinations and Asset
Business Combinations and Asset Acquisitions (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2020 | |
Schedule of Restructuring Reserve by Type of Cost [Line Items] | ||||
Accrued severance and other benefits | $ 29,736 | $ 49,860 | $ 37,945 | $ 10,835 |
Strategic initiative charges | 6,196 | 44,675 | ||
Payments for Restructuring | (6,993) | (1,766) | ||
Adjustments | (7,412) | (3,884) | ||
Compensation and benefits | ||||
Schedule of Restructuring Reserve by Type of Cost [Line Items] | ||||
Accrued severance and other benefits | 5,961 | 32,156 | 7,583 | 10,835 |
Strategic initiative charges | 6,196 | 26,971 | ||
Payments for Restructuring | (6,993) | (1,766) | ||
Adjustments | (825) | (3,884) | ||
Occupancy | ||||
Schedule of Restructuring Reserve by Type of Cost [Line Items] | ||||
Accrued severance and other benefits | 23,775 | 17,704 | $ 30,362 | $ 0 |
Strategic initiative charges | 0 | 17,704 | ||
Payments for Restructuring | 0 | 0 | ||
Adjustments | $ (6,587) | $ 0 |