Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-31486 | |
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 | 171,486,534 | |
Entity Central Index Key | 0000801337 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
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, 2024 | Dec. 31, 2023 |
Assets: | ||
Cash and due from banks | $ 322,041 | $ 429,323 |
Interest-bearing deposits | 1,223,187 | 1,286,472 |
Investment securities available-for-sale, at fair value | 8,601,141 | 8,959,729 |
Investment securities held-to-maturity, net of allowance for credit losses of $184 and $209 | 7,679,891 | 7,074,588 |
Federal Home Loan Bank and Federal Reserve Bank stock | 381,451 | 326,882 |
Loans held for sale ($323 and $2,610 valued under fair value option) | 239,763 | 6,541 |
Loans and leases | 51,098,642 | 50,726,052 |
Allowance for credit losses on loans and leases | (641,442) | (635,737) |
Loans and leases, net | 50,457,200 | 50,090,315 |
Deferred tax assets, net | 341,292 | 369,212 |
Premises and equipment, net | 423,128 | 429,561 |
Goodwill | 2,868,068 | 2,631,465 |
Other intangible assets, net | 382,841 | 203,135 |
Cash surrender value of life insurance policies | 1,237,828 | 1,247,938 |
Accrued interest receivable and other assets | 2,003,862 | 1,890,088 |
Total assets | 76,161,693 | 74,945,249 |
Liabilities and stockholders’ equity: | ||
Non-interest-bearing | 10,212,509 | 10,732,516 |
Interest-bearing | 50,535,234 | 50,051,768 |
Total deposits | 60,747,743 | 60,784,284 |
Securities sold under agreements to repurchase and other borrowings | 361,886 | 458,387 |
Federal Home Loan Bank advances | 3,659,930 | 2,360,018 |
Long-term debt | 914,520 | 1,048,820 |
Accrued expenses and other liabilities | 1,730,116 | 1,603,744 |
Total liabilities | 67,414,195 | 66,255,253 |
Stockholders’ equity: | ||
Common stock | 1,828 | 1,828 |
Paid-in capital | 6,138,935 | 6,179,753 |
Retained earnings | 3,425,701 | 3,282,530 |
Treasury stock, at cost—10,314,159 and 10,756,089 shares | (486,844) | (507,523) |
Accumulated other comprehensive (loss), net of tax | (616,101) | (550,571) |
Total stockholders’ equity | 8,747,498 | 8,689,996 |
Total liabilities and stockholders’ equity | 76,161,693 | 74,945,249 |
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, 2024 | Dec. 31, 2023 |
Allowance | $ 184 | $ 209 |
Value under fair value options | 323 | 2,610 |
Loans held for sale, valued under fair value option | $ 323 | $ 2,610 |
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) | 10,314,159 | 10,756,089 |
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, 2024 | Mar. 31, 2023 | |
Interest Income: | ||
Interest and fees on loans and leases | $ 792,045 | $ 716,356 |
Taxable interest on investment securities | 135,071 | 85,566 |
Non-taxable interest on investment securities | 12,514 | 13,684 |
Loans held for sale | 82 | 16 |
Total interest income | 951,850 | 830,928 |
Interest Expense: | ||
Deposits | 335,971 | 150,204 |
Securities sold under agreements to repurchase and other borrowings | 2,108 | 7,827 |
Federal Home Loan Bank advances | 37,367 | 68,126 |
Long-term debt | 8,665 | 9,488 |
Total interest expense | 384,111 | 235,645 |
Net interest income | 567,739 | 595,283 |
Provision (benefit) for credit losses | 45,500 | 46,749 |
Net interest income after provision for credit losses | 522,239 | 548,534 |
Non-interest Income: | ||
Deposit service fees | 42,589 | 45,436 |
Loan and lease related fees | 19,767 | 23,005 |
Wealth and investment services | 7,924 | 6,587 |
Cash surrender value of life insurance policies | 5,946 | 6,728 |
(Loss) on sale of investment securities, net | (9,826) | (16,747) |
Other income | 32,953 | 5,757 |
Total non-interest income | 99,353 | 70,766 |
Non-interest Expense: | ||
Compensation and benefits | 188,540 | 173,200 |
Occupancy | 19,439 | 20,171 |
Technology and equipment | 45,836 | 44,366 |
Intangible assets amortization | 9,194 | 9,497 |
Marketing | 4,281 | 3,476 |
Professional and outside services | 12,981 | 32,434 |
Deposit insurance | 24,223 | 12,323 |
Other expense | 31,429 | 37,000 |
Total non-interest expense | 335,923 | 332,467 |
Income before income taxes | 285,669 | 286,833 |
Income tax expense | 69,346 | 65,829 |
Net income | 216,323 | 221,004 |
Less: Preferred stock dividends | 4,163 | 4,163 |
Net income available to common stockholders | 212,160 | 216,841 |
Earnings applicable to common stockholders | $ 212,160 | $ 216,841 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 1.23 | $ 1.24 |
Diluted (in dollars per share) | $ 1.23 | $ 1.24 |
Other Interest and Dividend Income | $ 12,138 | $ 15,306 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 216,323 | $ 221,004 |
Other comprehensive (loss) income, net of tax: | ||
Investment securities available-for-sale | (36,271) | 71,618 |
Derivative instruments | (29,989) | 21,374 |
Defined benefit pension and other postretirement benefit plans | 730 | 3,948 |
Other comprehensive (loss) income, net of tax | (65,530) | 96,940 |
Comprehensive income | $ 150,793 | $ 317,944 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ 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, 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 | 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) | ||||||
Beginning Balance at Dec. 31, 2023 | 8,689,996 | 283,979 | 1,828 | 6,179,753 | 3,282,530 | (507,523) | (550,571) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 216,323 | 216,323 | |||||||||||
Other comprehensive (loss), net of tax | (65,530) | (65,530) | |||||||||||
Common stock dividends and equivalents | (68,989) | (68,989) | |||||||||||
Preferred stock dividends | $ (1,969) | $ (2,194) | $ (1,969) | $ (2,194) | |||||||||
Stock-based compensation | 13,760 | (40,818) | 54,578 | ||||||||||
Common shares acquired from stock compensation plan activity | (13,496) | (13,496) | |||||||||||
Common stock repurchase program | (20,403) | (20,403) | |||||||||||
Ending Balance at Mar. 31, 2024 | $ 8,747,498 | $ 283,979 | $ 1,828 | $ 6,138,935 | $ 3,425,701 | $ (486,844) | $ (616,101) |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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, 2024 | Mar. 31, 2023 | |
Operating Activities: | ||
Net income | $ 216,323 | $ 221,004 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 45,500 | 46,749 |
Deferred Income Tax Expense (Benefit) | 16,470 | 13,911 |
Stock-based compensation | 13,760 | 11,646 |
Depreciation and amortization of property and equipment and intangible assets | 19,027 | 20,745 |
Net (accretion) and amortization of interest-earning assets and borrowings | (11,893) | (4,388) |
Amortization of low-income housing tax credit investments | 20,413 | 21,478 |
Reduction of right-of-use lease assets | 7,475 | 7,525 |
Loss on sale of investment securities, net | 9,826 | 16,747 |
Originations of loans held for sale | (3,317) | (2,590) |
Proceeds from sale of loans held for sale | 4,713 | 3,832 |
Net (gain) on sale of mortgage servicing rights | (11,655) | 0 |
(Increase) in cash surrender value of life insurance policies | (5,946) | (6,728) |
Other operating activities, net | 11,145 | 677 |
Increase (Decrease) in Derivative Assets and Liabilities | 56,534 | (48,570) |
Increase (Decrease) in Other Operating Assets | 296,416 | (8,150) |
Increase (Decrease) in Other Accounts Payable and Accrued Liabilities | (418,820) | (78,240) |
Net cash provided by operating activities | 243,681 | 214,294 |
Investing Activities: | ||
Purchases of available-for-sale securities | (244,434) | (357,784) |
Proceeds from principal payments, maturities, and calls of available-for-sale securities | 205,507 | 119,033 |
Proceeds from sale of available-for-sale securities | 331,690 | 395,358 |
Purchases of held-to-maturity securities | (677,961) | (599,387) |
Proceeds from principal payments, maturities, and calls of held-to-maturity securities | 80,360 | 99,992 |
Net (increase) in Federal Home Loan Bank and Federal Reserve Bank stock | (54,569) | (138,824) |
Alternative investments (capital calls), net of distributions | (4,192) | (3,184) |
Net (increase) in loans | (692,991) | (1,478,986) |
Proceeds from sale of loans not originated for sale | 49,440 | 106,779 |
Proceeds from sale of mortgage servicing rights | 18,310 | 0 |
Proceeds from sale of foreclosed properties and repossessed assets | 790 | 1,745 |
Proceeds from sale of property and equipment | 1,042 | 0 |
Additions to property and equipment | (5,057) | (10,293) |
Proceeds from life insurance policies | 3,977 | 0 |
Net cash (used for) investing activities | (1,347,548) | (2,023,197) |
Financing Activities: | ||
Net (decrease) increase in deposits | (26,850) | 1,236,463 |
Net increase in Federal Home Loan Bank advances | 1,299,912 | 3,099,909 |
Net (decrease) in securities sold under agreements to repurchase and other borrowings | (96,501) | (845,676) |
Repayment of long-term debt | (132,550) | 0 |
Payment of contingent consideration | (4,050) | 0 |
Dividends paid to common stockholders | (68,599) | (70,140) |
Dividends paid to preferred stockholders | (4,163) | (4,163) |
Exercise of stock options | 0 | 1,723 |
Common stock repurchase program | (20,403) | 0 |
Common shares acquired related to stock compensation plan activity | (13,496) | (15,085) |
Net cash provided by financing activities | 933,300 | 3,403,031 |
Net (decrease) increase in cash and cash equivalents | (170,567) | 1,594,128 |
Cash and cash equivalents, beginning of period | 1,715,795 | 839,943 |
Cash and cash equivalents, end of period | 1,545,228 | 2,434,071 |
Supplemental disclosure of cash flow information: | ||
Interest paid | 416,290 | 221,182 |
Income taxes paid | 11,240 | 6,334 |
Non-cash investing and financing activities: | ||
Transfer of loans and leases to foreclosed properties and repossessed assets | 742 | 607 |
Transfer of returned lease equipment to assets held for sale | 1,524 | 0 |
Transfer of loans and leases to loans held for sale | 284,806 | 316,596 |
Forgiveness of long-term debt | (12,875) | 0 |
Pre-existing equity interest | (2,200) | 0 |
Sterling | ||
Non-cash investing and financing activities: | ||
Tangible assets acquired | 0 | 17,607 |
Goodwill and other intangible assets | 0 | (25,561) |
Liabilities assumed | 0 | 7,954 |
Bend Financial, Inc. | ||
Non-cash investing and financing activities: | ||
Tangible assets acquired | 0 | 294 |
Goodwill and other intangible assets | 0 | (294) |
interLINK | ||
Investing Activities: | ||
Net cash paid for acquisition of Bend | 0 | (157,646) |
Non-cash investing and financing activities: | ||
Tangible assets acquired | 0 | 6,417 |
Goodwill and other intangible assets | 0 | 183,216 |
Liabilities assumed | 0 | (15,948) |
Contingent consideration | 0 | 16,039 |
Ametros | ||
Investing Activities: | ||
Net cash paid for acquisition of Bend | (359,460) | 0 |
Non-cash investing and financing activities: | ||
Tangible assets acquired | 256,957 | 0 |
Goodwill and other intangible assets | 417,085 | 0 |
Liabilities assumed | $ (299,507) | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | Basis of Presentation and Accounting Standards Updates 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 December 31, 2023. The results of operations for the three months ended March 31, 2024, are not necessarily indicative of the future results that may be attained for the entire year or other interim periods. 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. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications did not have a material impact on the Company’s 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. 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 Issue 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 apply 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 credits 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 Company adopted the Update on January 1, 2024. The adoption of this guidance did not have a material impact on the Company’s Condensed Consolidated Financial Statements and disclosures as its investments in tax credit structures are currently limited to LIHTC investments, which are already being accounted for using the proportional amortization method. 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 lives 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 Company adopted the Update on January 1, 2024. The adoption of this guidance did not have a material impact on the Company’s Condensed Consolidated Financial Statements and disclosures as its operating lease arrangements in which it is lessee are currently not between entities under common control. ASU No. 2022-03—Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restriction 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 Company adopted the Update on January 1, 2024. The adoption of this guidance did not have a material impact on the Company’s Condensed Consolidated Financial Statements and disclosures. The Company does not currently consider contractual restrictions on the sale of an equity security in measuring fair value. Relevant Accounting Standards Issued But Not Yet Adopted ASU No. 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, to provide more transparency about income tax information through improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. Specifically, the amendments in this Update require disclosure of: (i) a tabular reconciliation, using both percentages and reporting currency amounts, with prescribed categories that are required to be disclosed, and the separate disclosure and disaggregation of prescribed reconciling items with an effect equal to 5% or more of the amount determined by multiplying pretax income from continuing operations by the application statutory rate; (ii) a qualitative description of the states and local jurisdictions that make up the majority (greater than 50%) of the effect of the state and local income taxes; and (iii) amount of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and by individual jurisdictions that comprise 5% or more of total income taxes paid, net of refunds received. The amendments in this Update also include certain other amendments to improve the effectiveness of income tax disclosures. The Update is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The Company is currently evaluating this guidance to determine the impact on its income tax disclosures. ASU No. 2023-07—Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU No. 2023-07—Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Specifically, the amendments in this Update require disclosure of: (i) significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss; (ii) an amount for other segment items by reportable segment and a description of its composition; and (iii) the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses each reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources. In addition, all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280, will be required in interim periods. Overall, the Update does not change how a public entity identifies its operating segments, aggregates those operating segments, or determines its reportable segments, or applies the quantitative thresholds to determine its reportable segments. The Update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements, in which, upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating this guidance to determine the impact on its segment reporting disclosures. |
Mergers and Acquisitions
Mergers and Acquisitions | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Mergers and Acquisitions | Business Developments Ametros Acquisition On January 24, 2024, the Bank acquired all of the equity interest in Ametros from Long Ridge Capital Management The acquisition was accounted for as a business combination. Accordingly, the total purchase price, which included cash paid of $359.7 million, the forgiveness of $12.9 million in long-term debt, and the assumption of a $5.8 million liability for the Seller’s transaction expenses, has been preliminarily allocated to the identifiable assets acquired and liabilities assumed based on their acquisition-date fair values, as summarized in the following table: (In thousands) Fair Value Purchase price consideration $ 378,424 Assets: Cash and due from banks 310 Premises and equipment 1,078 Other intangible assets 188,900 Deferred tax assets, net (35,889) Other assets: Funds held in escrow 288,167 Accounts receivable 2,435 Prepaid expenses 1,166 Total other assets 291,768 Total assets acquired $ 446,167 Liabilities: Interest-bearing deposits (1) (20,622) Other liabilities: Accounts payable 684 Accrued expenses 4,270 Deferred revenue 20,391 Member’s funds 288,167 Operating lease liabilities 838 Total other liabilities 314,350 Total liabilities assumed $ 293,728 Net assets acquired 152,439 Pre-existing equity interest (2) $ 2,200 Goodwill $ 228,185 (1) The $20.6 million reflects the amount held in Ametros’ operating cash account at the Bank on January 24, 2024. Upon acquisition, such cash and the Bank’s corresponding deposit liability owed to Ametros were eliminated in consolidation, which resulted in a decrease to interest-bearing deposits for the Bank and the Bank’s legal title to the funds being held in such operating cash account. (2) Prior to the acquisition date, the Company had a 0.6% equity interest in Ametros. The consideration transferred reflects the purchase price for the remaining 99.4% of the business. Upon acquisition, the Company recognized a $1.5 million gain in Other income on the accompanying Condensed Consolidated Statement of Income, which represents the difference between the cost basis and estimated acquisition-date fair value of the Company’s pre-existing equity interest in Ametros. The $228.2 million of preliminary goodwill is not deductible for tax purposes. Information regarding the allocation of goodwill to the Company’s reportable segments can be found within Note 15: Segment Reporting. The Company considers its valuations of other intangible assets, deferred taxes, and certain other assets and other liabilities to be provisional, as management continues to identify and assess information regarding the nature of these assets acquired and liabilities assumed, including extended information gathering and management review procedures. Although the Company believes that the information available as of March 31, 2024, provides a reasonable basis for estimating fair value, it is possible that additional information becomes available during the one-year measurement period following the close of the acquisition, which could result in changes to the fair values presented. The results of operations related to the acquired Ametros business are included in the Company’s Condensed Consolidated Statements of Income subsequent to the acquisition date, and were not material for the three months ended March 31, 2024. The following is a description of the valuation methodologies used to estimate the fair values of the significant assets acquired and liabilities assumed: Other intangible assets. The Company identified and recognized a $182.8 million core deposit intangible asset and a Funds held in escrow and Members’ funds. Funds held in escrow represent amounts held in interest-bearing checking accounts at insured depository institutions other than the Bank for the purpose of providing post-settlement medical administration services on a respective member’s behalf. Members’ funds is the corresponding liability to the Funds held in escrow. Given that these amounts can be withdrawn and/or directed for use on demand, as long as in accordance with the terms of the settlement agreement, their carrying amount is a reasonable estimate of fair value. Held-for-Sale Payroll Finance and Factored Receivables Loan Portfolio In March 2024, the Company initiated a plan to actively sell its payroll finance and factored receivables loan portfolio, along with the related customer relationship intangible assets. The decision to sell was a direct result of the Company’s continuous reassessment of its strategic model in an effort to identify opportunities to improve its core financial products and services. The Company expects to complete the sale in either the second or third quarter of 2024. At March 31, 2024, the portfolio held-for-sale comprised $220.2 million in aggregate of payroll finance and factored receivables loans, which are included in Loans held for sale on the Condensed Consolidated Balance Sheets. The aggregate net carrying amount of the related customer relationship intangible assets was $49.7 million. These assets are included in Commercial Banking for segment reporting purposes. Sale of Mortgage Servicing Rights On February 12, 2024, the Company sold the majority of its mortgage servicing portfolio, which comprised 9,184 individual mortgage loans with an aggregate UPB of $1.4 billion. In connection with the sale, the Company received net cash proceeds of $18.4 million and derecognized $6.7 million of mortgage servicing rights from Accrued interest receivable and other assets on the Condensed Consolidated Balance Sheet. The resulting $11.7 million net gain on sale of mortgage servicing rights is included in Other income on the Condensed Consolidated Statements of Operations. interLINK Acquisition On January 11, 2023, the Company 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 provided the Company with access to a unique source of core deposit funding and scalable liquidity and added 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 contingent consideration, including the determination of fair value, can be found within Note 13: Fair Value Measurements. The acquisition 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. The $143.2 million of goodwill recognized is deductible for tax purposes. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Government agency debentures $ 302,261 $ — $ (39,773) $ 262,488 Municipal bonds and notes 1,257,643 23 (50,316) 1,207,350 Agency CMO 50,422 — (4,186) 46,236 Agency MBS 3,629,162 19,414 (284,162) 3,364,414 Agency CMBS 2,619,079 12,555 (310,404) 2,321,230 CMBS 752,086 32 (20,267) 731,851 Corporate debt 693,093 142 (76,026) 617,209 Private label MBS 46,044 — (4,736) 41,308 Other 9,836 — (781) 9,055 Total available-for-sale $ 9,359,626 $ 32,166 $ (790,651) $ 8,601,141 At December 31, 2023 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Government agency debentures $ 302,212 $ — $ (37,579) $ 264,633 Municipal bonds and notes 1,626,126 8 (52,901) 1,573,233 Agency CMO 52,994 — (4,053) 48,941 Agency MBS 3,568,140 32,461 (253,503) 3,347,098 Agency CMBS 2,569,438 18,204 (299,571) 2,288,071 CMBS 788,478 — (24,729) 763,749 Corporate debt 704,569 — (82,414) 622,155 Private label MBS 46,635 — (3,827) 42,808 Other 9,830 — (789) 9,041 Total available-for-sale $ 9,668,422 $ 50,673 $ (759,366) $ 8,959,729 (1) Accrued interest receivable on available-for-sale securities of $43.6 million and $42.5 million at March 31, 2024, and December 31, 2023, respectively, is excluded from amortized cost and is included in Accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets. 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, 2024 Less Than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Number of Fair Unrealized Government agency debentures $ — $ — $ 262,488 $ (39,773) 19 $ 262,488 $ (39,773) Municipal bonds and notes 16,078 (179) 1,180,389 (50,137) 346 1,196,467 (50,316) Agency CMO — — 46,236 (4,186) 36 46,236 (4,186) Agency MBS 187,534 (892) 1,930,864 (283,270) 462 2,118,398 (284,162) Agency CMBS 424,108 (16,031) 1,356,358 (294,373) 148 1,780,466 (310,404) CMBS 34,913 (87) 674,009 (20,180) 40 708,922 (20,267) Corporate debt — — 612,760 (76,026) 89 612,760 (76,026) Private label MBS — — 41,308 (4,736) 3 41,308 (4,736) Other — — 9,055 (781) 2 9,055 (781) Total $ 662,633 $ (17,189) $ 6,113,467 $ (773,462) 1,145 $ 6,776,100 $ (790,651) At December 31, 2023 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Number of Fair Unrealized Government agency debentures $ — $ — $ 264,633 $ (37,579) 19 $ 264,633 $ (37,579) Municipal bonds and notes 18,066 (124) 1,536,656 (52,777) 386 1,554,722 (52,901) Agency CMO — — 48,941 (4,053) 36 48,941 (4,053) Agency MBS 71,187 (272) 1,945,221 (253,231) 457 2,016,408 (253,503) Agency CMBS 430,070 (16,137) 1,314,681 (283,434) 145 1,744,751 (299,571) CMBS 43,844 (856) 719,905 (23,873) 42 763,749 (24,729) Corporate debt 4,278 (27) 617,877 (82,387) 91 622,155 (82,414) Private label MBS — — 42,808 (3,827) 3 42,808 (3,827) Other — — 9,041 (789) 2 9,041 (789) Total $ 567,445 $ (17,416) $ 6,499,763 $ (741,950) 1,181 $ 7,067,208 $ (759,366) The $31.3 million increase in gross unrealized losses from December 31, 2023, to March 31, 2024, is primarily due to higher interest 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 of a credit loss or other factors. At both March 31, 2024, and December 31, 2023, 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. As of March 31, 2024, based on current market conditions and the Company’s targeted balance sheet composition strategy, the Company intends to hold its available-for-sale securities with unrealized loss positions through the anticipated recovery period. 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, 2024 (In thousands) Amortized Cost Fair Value Maturing within 1 year $ 32,356 $ 31,621 After 1 year through 5 years 597,123 565,463 After 5 through 10 years 1,271,850 1,173,728 After 10 years 7,458,297 6,830,329 Total available-for-sale $ 9,359,626 $ 8,601,141 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 The following table summarizes information related to sales of available-for-sales securities: Three months ended March 31, (In thousands) 2024 2023 Proceeds from sales $ 331,690 $ 395,358 Gross realized gains $ 2,240 $ — Gross realized losses (14,636) (20,483) For the three months ended March 31, 2024, and 2023, net realized losses on sale of available-for-sale securities were $12.4 million and $20.5 million, respectively. Because $2.6 million and $3.8 million of the gross realized losses for the three months ended March 31, 2024 and 2023, respectively, were attributed to a decline in credit quality, those portions have been included in the Provision for credit losses on the accompanying Condensed Consolidated Statements of Income. The amounts of $9.8 million and $16.7 million for the three months ended March 31, 2024, and 2023, respectively, that are included in Other Information The following table summarizes the carrying value of available-for-sale securities pledged for deposits, borrowings, and other purposes: (In thousands) At March 31, 2024 At December 31, 2023 Pledged for deposits $ 2,418,726 $ 2,102,115 Pledged for borrowings and other 5,687,136 6,111,430 Total available-for-sale securities pledged $ 8,105,862 $ 8,213,545 At March 31, 2024, the Company had callable available-for-sale securities with an aggregate carrying value of $2.6 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, 2024 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Allowance Net Carrying Value Agency CMO $ 22,489 $ — $ (1,938) $ 20,551 $ — $ 22,489 Agency MBS 2,618,783 1,429 (327,351) 2,292,861 — 2,618,783 Agency CMBS 4,028,799 11,580 (540,641) 3,499,738 — 4,028,799 Municipal bonds and notes 910,422 683 (34,953) 876,152 184 910,238 CMBS 99,582 — (6,017) 93,565 — 99,582 Total held-to-maturity $ 7,680,075 $ 13,692 $ (910,900) $ 6,782,867 $ 184 $ 7,679,891 At December 31, 2023 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Allowance Net Carrying Value Agency CMO $ 23,470 $ — $ (1,728) $ 21,742 $ — $ 23,470 Agency MBS 2,409,521 1,141 (284,776) 2,125,886 — 2,409,521 Agency CMBS 3,625,627 18,586 (514,534) 3,129,679 — 3,625,627 Municipal bonds and notes 916,104 2,440 (24,877) 893,667 209 915,895 CMBS 100,075 — (6,426) 93,649 — 100,075 Total held-to-maturity $ 7,074,797 $ 22,167 $ (832,341) $ 6,264,623 $ 209 $ 7,074,588 (1) Accrued interest receivable on held-to-maturity securities of $22.6 million and $24.9 million at March 31, 2024, and December 31, 2023, respectively, is excluded from amortized cost and is included in Accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets. 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) 2024 2023 Balance, beginning of period $ 209 $ 182 (Benefit) provision for credit losses (25) 100 Balance, end of period $ 184 $ 282 Contractual Maturities The following table summarizes the amortized cost and fair value of held-to-maturity securities by contractual maturity: At March 31, 2024 (In thousands) Amortized Cost Fair Value Maturing within 1 year $ 29,846 $ 29,771 After 1 year through 5 years 94,598 89,326 After 5 through 10 years 299,712 288,067 After 10 years 7,255,919 6,375,703 Total held-to-maturity $ 7,680,075 $ 6,782,867 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 either March 31, 2024, or December 31, 2023. 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, 2024 Investment Grade (In thousands) Aaa Aa1 Aa2 Aa3 A1 A3 Not Rated Agency CMO $ — $ 22,489 $ — $ — $ — $ — $ — Agency MBS — 2,618,783 — — — — — Agency CMBS — 4,028,799 — — — — — Municipal bonds and notes 332,969 162,439 252,852 111,277 32,690 4,165 14,030 CMBS 99,582 — — — — — — Total held-to-maturity $ 432,551 $ 6,832,510 $ 252,852 $ 111,277 $ 32,690 $ 4,165 $ 14,030 December 31, 2023 Investment Grade (In thousands) Aaa Aa1 Aa2 Aa3 A1 A3 Not Rated Agency CMO $ — $ 23,470 $ — $ — $ — $ — $ — Agency MBS — 2,409,521 — — — — — Agency CMBS — 3,625,627 — — — — — Municipal bonds and notes 333,479 162,615 253,671 115,404 32,732 4,165 14,038 CMBS 100,075 — — — — — — Total held-to-maturity $ 433,554 $ 6,221,233 $ 253,671 $ 115,404 $ 32,732 $ 4,165 $ 14,038 At both March 31, 2024, and December 31, 2023, 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 the carrying value of held-to-maturity securities pledged for deposits, borrowings, and other purposes: (In thousands) At March 31, 2024 At December 31, 2023 Pledged for deposits $ 1,557,987 $ 1,212,824 Pledged for borrowings and other 5,732,569 5,582,379 Total held-to-maturity securities pledged $ 7,290,556 $ 6,795,203 At March 31, 2024, 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, 2024 | |
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, 2023 Commercial non-mortgage $ 16,696,070 $ 16,885,475 Asset-based 1,492,886 1,557,841 Commercial real estate 13,972,916 13,569,762 Multi-family 7,896,586 7,587,970 Equipment financing 1,280,058 1,328,786 Commercial portfolio 41,338,516 40,929,834 Residential 8,226,154 8,227,923 Home equity 1,479,420 1,516,955 Other consumer 54,552 51,340 Consumer portfolio 9,760,126 9,796,218 Loans and leases $ 51,098,642 $ 50,726,052 The carrying amount of loans and leases at March 31, 2024, and December 31, 2023, includes net unamortized At March 31, 2024, the Company had pledged $17.8 billion and $1.2 billion of eligible loans as collateral to support borrowing capacity at the FHLB and FRB, respectively. 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, 2024 (In thousands) 30-59 Days 60-89 Days 90 or More Days Past Due Non-accrual Total Past Due and Current Total Loans Commercial non-mortgage $ 3,077 $ 3,138 $ 35 $ 193,294 $ 199,544 $ 16,496,526 $ 16,696,070 Asset-based — — — 34,893 34,893 1,457,993 1,492,886 Commercial real estate 28,137 717 12,452 3,815 45,121 13,927,795 13,972,916 Multi-family 21,750 22,406 — 10,439 54,595 7,841,991 7,896,586 Equipment financing 6,189 2,984 — 8,677 17,850 1,262,208 1,280,058 Commercial portfolio 59,153 29,245 12,487 251,118 352,003 40,986,513 41,338,516 Residential 9,645 8,019 — 8,589 26,253 8,199,901 8,226,154 Home equity 4,971 1,652 — 22,934 29,557 1,449,863 1,479,420 Other consumer 100 141 — 200 441 54,111 54,552 Consumer portfolio 14,716 9,812 — 31,723 56,251 9,703,875 9,760,126 Total $ 73,869 $ 39,057 $ 12,487 $ 282,841 $ 408,254 $ 50,690,388 $ 51,098,642 At December 31, 2023 (In thousands) 30-59 Days 60-89 Days 90 or More Days Past Due Non-accrual Total Past Due and Current Total Loans Commercial non-mortgage $ 2,270 $ 890 $ 94 $ 122,855 $ 126,109 $ 16,759,366 $ 16,885,475 Asset-based — — — 35,068 35,068 1,522,773 1,557,841 Commercial real estate 1,459 — 184 11,383 13,026 13,556,736 13,569,762 Multi-family 5,198 2,340 — — 7,538 7,580,432 7,587,970 Equipment financing 3,966 8 — 9,828 13,802 1,314,984 1,328,786 Commercial portfolio 12,893 3,238 278 179,134 195,543 40,734,291 40,929,834 Residential 14,894 6,218 — 5,704 26,816 8,201,107 8,227,923 Home equity 5,676 3,285 — 23,545 32,506 1,484,449 1,516,955 Other consumer 410 94 — 142 646 50,694 51,340 Consumer portfolio 20,980 9,597 — 29,391 59,968 9,736,250 9,796,218 Total $ 33,873 $ 12,835 $ 278 $ 208,525 $ 255,511 $ 50,470,541 $ 50,726,052 The following table provides additional information on non-accrual loans and leases: At March 31, 2024 At December 31, 2023 (In thousands) Non-accrual Non-accrual with No Allowance Non-accrual Non-accrual with No Allowance Commercial non-mortgage $ 193,294 $ 12,367 $ 122,855 $ 20,066 Asset-based 34,893 1,155 35,068 1,330 Commercial real estate 3,815 — 11,383 2,681 Multi-family 10,439 957 — — Equipment financing 8,677 376 9,828 1,584 Commercial portfolio 251,118 14,855 179,134 25,661 Residential 8,589 1,690 5,704 856 Home equity 22,934 11,546 23,545 12,471 Other consumer 200 38 142 49 Consumer portfolio 31,723 13,274 29,391 13,376 Total $ 282,841 $ 28,129 $ 208,525 $ 39,037 Additional interest income on non-accrual loans and leases that would have been recognized in the Condensed Consolidated Statements of Income had such loans and leases been current in accordance with their contractual terms was $10.8 million and $6.1 million for the three months ended March 31, 2024, and 2023, respectively. 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, 2024 2023 (In thousands) Commercial Portfolio Consumer Portfolio Total Commercial Portfolio Consumer Portfolio Total ACL on loans and leases: Balance, beginning of period $ 577,663 $ 58,074 $ 635,737 $ 533,125 $ 61,616 $ 594,741 Adoption of ASU No. 2022-02 — — — 7,704 (1,831) 5,873 Provision (benefit) 49,354 (6,160) 43,194 38,757 (936) 37,821 Charge-offs (38,461) (1,330) (39,791) (26,410) (1,098) (27,508) Recoveries 553 1,749 2,302 1,574 1,413 2,987 Balance, end of period $ 589,109 $ 52,333 $ 641,442 $ 554,750 $ 59,164 $ 613,914 Individually evaluated for credit losses 60,786 4,209 64,995 27,459 8,590 36,049 Collectively evaluated for credit losses $ 528,323 $ 48,124 $ 576,447 $ 527,291 $ 50,574 $ 577,865 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. An (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 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 at least on a quarterly basis. The factors such as past due status, employment status, collateral, geography, loans discharged in bankruptcy, and the status of first lien position loans on second lien position loans, are also considered to be consumer portfolio credit quality indicators. For portfolio monitoring purposes, the Company estimates the current value of property secured as collateral for home equity and residential first mortgage lending products on an ongoing basis. The estimate is based on home price indices compiled by the S&P/Case-Shiller Home Price Indices. Real estate price data is applied to the loan portfolios taking into account the age of the most recent valuation and geographic area. 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, 2024 (In thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage: Risk rating: Pass $ 663,424 $ 2,467,862 $ 3,900,425 $ 1,315,230 $ 686,594 $ 1,480,383 $ 5,511,758 $ 16,025,676 Special mention — 54,770 56,426 47,247 32,684 11,246 34,044 236,417 Substandard — 77,736 127,796 41,141 26,857 48,295 112,126 433,951 Doubtful — — — — — 26 — 26 Total commercial non-mortgage 663,424 2,600,368 4,084,647 1,403,618 746,135 1,539,950 5,657,928 16,696,070 Current period gross write-offs — 240 21,228 9,118 353 766 — 31,705 Asset-based: Risk rating: Pass 7,552 20,276 — — — 28,179 1,264,087 1,320,094 Special mention — 927 732 — — 3,497 16,527 21,683 Substandard — — — — — 1,152 149,957 151,109 Total asset-based 7,552 21,203 732 — — 32,828 1,430,571 1,492,886 Current period gross write-offs — — — — — — — — Commercial real estate: Risk rating: Pass 575,902 2,319,662 3,557,239 1,748,708 1,138,226 4,032,725 151,615 13,524,077 Special mention — 19,635 4,675 20,978 29,561 116,552 — 191,401 Substandard — 29,149 22,571 6,546 59,648 138,314 1,210 257,438 Total commercial real estate 575,902 2,368,446 3,584,485 1,776,232 1,227,435 4,287,591 152,825 13,972,916 Current period gross write-offs — — — 1,399 — 860 — 2,259 Multi-family: Risk rating: Pass 393,731 1,638,357 1,921,264 1,057,961 384,683 2,447,598 — 7,843,594 Special mention — — — — — 1,685 — 1,685 Substandard — — — — 359 50,948 — 51,307 Total multi-family 393,731 1,638,357 1,921,264 1,057,961 385,042 2,500,231 — 7,896,586 Current period gross write-offs — — — — — 1,128 — 1,128 Equipment financing: Risk rating: Pass 71,632 301,206 272,532 198,821 162,267 209,068 — 1,215,526 Special mention 52 16,448 3,207 5,938 229 8,368 — 34,242 Substandard 84 171 8,676 7,292 6,008 8,059 — 30,290 Total equipment financing 71,768 317,825 284,415 212,051 168,504 225,495 — 1,280,058 Current period gross write-offs — — — — — 3,369 — 3,369 Total commercial portfolio 1,712,377 6,946,199 9,875,543 4,449,862 2,527,116 8,586,095 7,241,324 41,338,516 Current period gross write-offs $ — $ 240 $ 21,228 $ 10,517 $ 353 $ 6,123 $ — $ 38,461 At December 31, 2023 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage: Pass $ 2,602,444 $ 4,089,327 $ 1,371,139 $ 711,362 $ 610,199 $ 952,097 $ 5,970,588 $ 16,307,156 Special mention 15,184 60,240 61,235 33,111 — 720 48,561 219,051 Substandard 48,849 104,087 23,258 28,222 44,612 30,426 79,778 359,232 Doubtful — 8 — — 3 25 — 36 Total commercial non-mortgage 2,666,477 4,253,662 1,455,632 772,695 654,814 983,268 6,098,927 16,885,475 Current period gross write-offs 325 7,637 1,775 512 969 4,391 — 15,609 Asset-based: Pass 23,007 — — — 3,280 34,999 1,333,271 1,394,557 Special mention 651 763 — — 3,676 — 29,610 34,700 Substandard — — — — 1,330 — 127,254 128,584 Total asset-based 23,658 763 — — 8,286 34,999 1,490,135 1,557,841 Current period gross write-offs — — — — 13,189 3,900 — 17,089 Commercial real estate: Pass 2,265,428 3,502,425 1,831,005 1,195,732 1,193,642 3,112,770 176,668 13,277,670 Special mention 850 4,675 14,463 31,405 23,443 37,688 1,210 113,734 Substandard 25,802 16,179 9,545 15,418 58,602 52,812 — 178,358 Total commercial real estate 2,292,080 3,523,279 1,855,013 1,242,555 1,275,687 3,203,270 177,878 13,569,762 Current period gross write-offs 4,632 — 12,617 3,813 2,754 38,569 — 62,385 Multi-family: Pass 1,597,599 1,934,100 1,041,416 442,888 595,676 1,920,618 — 7,532,297 Special mention — — — — 260 35,942 — 36,202 Substandard — — — 364 11,563 7,544 — 19,471 Total multi-family 1,597,599 1,934,100 1,041,416 443,252 607,499 1,964,104 — 7,587,970 Current period gross write-offs — — — — — 3,447 — 3,447 Equipment financing: Pass 335,874 297,186 232,304 176,061 183,679 69,927 — 1,295,031 Special mention — — 116 — 90 — — 206 Substandard — 9,144 8,064 6,600 4,285 5,456 — 33,549 Total equipment financing 335,874 306,330 240,484 182,661 188,054 75,383 — 1,328,786 Current period gross write-offs — — — 2,633 3,304 42 — 5,979 Total commercial portfolio 6,915,688 10,018,134 4,592,545 2,641,163 2,734,340 6,261,024 7,766,940 40,929,834 Current period gross write-offs $ 4,957 $ 7,637 $ 14,392 $ 6,958 $ 20,216 $ 50,349 $ — $ 104,509 The following tables summarize the amortized cost basis of consumer loans by FICO score and origination year: At March 31, 2024 (In thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Residential: Risk rating: 800+ $ 31,773 $ 258,518 $ 876,330 $ 1,085,654 $ 425,046 $ 1,029,578 $ — $ 3,706,899 740-799 63,609 336,781 660,935 748,992 300,885 713,330 — 2,824,532 670-739 16,063 139,978 334,526 284,846 88,711 518,781 — 1,382,905 580-669 887 18,590 49,910 43,025 17,029 106,517 — 235,958 579 and below — 1,391 10,072 12,128 782 51,487 — 75,860 Total residential 112,332 755,258 1,931,773 2,174,645 832,453 2,419,693 — 8,226,154 Current period gross write-offs — — — — — 64 — 64 Home equity: Risk rating: 800+ 1,319 28,064 26,971 34,581 25,209 61,331 381,942 559,417 740-799 1,373 23,922 19,804 26,051 12,507 37,911 333,256 454,824 670-739 3,970 14,475 14,413 15,265 7,083 30,424 241,202 326,832 580-669 354 3,097 3,783 2,555 1,237 13,881 73,203 98,110 579 and below — 198 1,514 733 232 4,172 33,388 40,237 Total home equity 7,016 69,756 66,485 79,185 46,268 147,719 1,062,991 1,479,420 Current period gross write-offs — — — — — 177 — 177 Other consumer: Risk rating: 800+ 56 482 373 1,875 142 462 30,934 34,324 740-799 9 975 536 465 596 833 6,149 9,563 670-739 392 618 435 324 720 781 4,520 7,790 580-669 146 122 176 92 118 250 1,134 2,038 579 and below — 77 97 49 14 31 569 837 Total other consumer 603 2,274 1,617 2,805 1,590 2,357 43,306 54,552 Current period gross write-offs 890 — 11 18 26 144 — 1,089 Total consumer portfolio 119,951 827,288 1,999,875 2,256,635 880,311 2,569,769 1,106,297 9,760,126 Current period gross write-offs $ 890 $ — $ 11 $ 18 $ 26 $ 385 $ — $ 1,330 At December 31, 2023 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Residential: Risk rating: 800+ $ 214,446 $ 847,009 $ 1,096,109 $ 451,307 $ 141,919 $ 910,117 $ — $ 3,660,907 740-799 363,696 703,568 755,750 279,946 112,303 633,578 — 2,848,841 670-739 137,460 293,699 292,255 95,838 48,412 346,663 — 1,214,327 580-669 20,208 52,962 45,770 14,840 10,492 106,497 — 250,769 579 and below 6,909 52,690 11,749 1,345 128,714 51,672 — 253,079 Total residential 742,719 1,949,928 2,201,633 843,276 441,840 2,048,527 — 8,227,923 Current period gross write-offs — — 387 — 153 4,630 — 5,170 Home equity: Risk rating: 800+ 27,047 27,439 35,927 25,586 8,110 56,062 391,616 571,787 740-799 24,772 20,069 27,147 13,888 5,158 34,190 355,926 481,150 670-739 15,857 15,655 15,389 5,992 3,189 29,454 242,189 327,725 580-669 3,080 3,786 1,991 1,658 1,115 9,988 70,102 91,720 579 and below 696 1,109 1,079 576 552 6,319 34,242 44,573 Total home equity 71,452 68,058 81,533 47,700 18,124 136,013 1,094,075 1,516,955 Current period gross write-offs — 4 81 — 104 3,114 — 3,303 Other consumer: Risk rating: 800+ 432 356 1,913 189 255 77 25,699 28,921 740-799 1,318 586 486 730 690 381 7,180 11,371 670-739 526 570 358 981 1,210 79 3,549 7,273 580-669 69 169 129 153 303 56 1,983 2,862 579 and below 125 97 61 11 28 1 590 913 Total other consumer 2,470 1,778 2,947 2,064 2,486 594 39,001 51,340 Current period gross write-offs 3,263 7 2 218 377 363 — 4,230 Total consumer portfolio 816,641 2,019,764 2,286,113 893,040 462,450 2,185,134 1,133,076 9,796,218 Current period gross write-offs $ 3,263 $ 11 $ 470 $ 218 $ 634 $ 8,107 $ — $ 12,703 Collateral Dependent Loans and Leases A non-accrual loan or lease is considered collateral dependent when the borrower is experiencing financial difficulty and when repayment is substantially expected to be provided through the operation or sale of collateral. Commercial non-mortgage loans, At March 31, 2024, and December 31, 2023, the carrying amount of collateral dependent loans was $50.0 million and $66.1 million, respectively, for commercial loans and leases, and $23.8 million and $22.7 million, respectively, for consumer loans. The ACL for collateral dependent loans and leases is individually assessed based on the fair value of the collateral less costs to sell at the reporting date. At March 31, 2024, and December 31, 2023, the collateral value associated with collateral dependent loans and leases was $78.1 million and $93.7 million, respectively. Modifications to Borrowers Experiencing Financial Difficulty 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 extensions, 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 that allow borrowers to delay a scheduled loan payment to a later date. Deferred loan payments do not affect the original contractual maturity terms of the loan. Modifications that result in only an insignificant payment delay are not disclosed. The Company generally considers a payment delay of three months or less to be 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 generally evaluates all 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 tables summarize the amortized cost basis at March 31, 2024, and 2023, of loans modified to borrowers experiencing financial difficulty, disaggregated by class and type of concession granted: For the three months ended March 31, 2024 (In thousands) Interest Rate Reduction Term Extension Payment Delay Combination - Term Extension and Interest Rate Reduction Total % of Total Class (2) Commercial non-mortgage $ 1,934 $ 18,124 $ 50,038 $ 1,099 $ 71,195 0.4 % Asset-based — 1,667 — — 1,667 0.1 Commercial real estate — 7,753 — — 7,753 0.1 Multi-family — 49,990 — — 49,990 0.6 Equipment financing — 556 — — 556 — Residential 629 — — 135 764 — Home equity — — — 65 65 — Total (1) $ 2,563 $ 78,090 $ 50,038 $ 1,299 $ 131,990 0.3 % For the three months ended March 31, 2023 (In thousands) Interest Rate Reduction Term Extension Combination - 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 $0.8 million and $0.2 million at March 31, 2024, and 2023, respectively. (2) Represents the total amortized cost of the loans modified as a percentage of the total period end loan balance by class. The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty: For the three months ended March 31, 2024 Financial Effect (1) Interest Rate Reduction: Commercial non-mortgage Reduced weighted average interest rate by 2.5% Term Extension: Commercial non-mortgage Extended term by a weighted average of 0.5 years Asset-based Extended term by a weighted average of 0.3 years Commercial real estate Extended term by a weighted average of 0.3 years Multi-family Extended term by a weighted average of 0.7 years Payment Delay: Commercial non-mortgage Provided payment deferrals for a weighted average of 0.5 years For 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 of 0.6 years Commercial real estate Extended term by a weighted average of 1.0 year Home equity Extended term by a weighted average of 8.8 years Combination - Term Extension and Interest Rate Reduction: Home equity Extended term by a weighted average of 5.1 years and reduced weighted average interest rate by 1.5% (1) Certain disclosures related to financial effects of modifications do not include those deemed to be immaterial. 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 tables summarize the aging of loans that had been modified in the twelve months preceding March 31, 2024, and in the three months ended March 31, 2023: At March 31, 2024 (In thousands) Current 30-59 Days 60-89 Days 90+ Days Non-Accrual Total Commercial non-mortgage $ 77,451 $ — $ 19 $ — $ 97,587 $ 175,057 Asset-based 42,331 — — — — 42,331 Commercial real estate 24,859 — — — 169 25,028 Multi-family — 18,103 22,406 — 9,481 49,990 Equipment financing 1,762 — — — 317 2,079 Residential 1,258 — — — 764 2,022 Home equity 510 — — — 86 596 Total $ 148,171 $ 18,103 $ 22,425 $ — $ 108,404 $ 297,103 At 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 $17.8 million of commercial non-mortgage loans made to borrowers experiencing financial difficulty that were modified in the preceding twelve months and that subsequently defaulted during the three months ended March 31, 2024. Loans made to borrowers experiencing financial difficulty that were both modified during the three months ended March 31, 2023, and that subsequently defaulted were not significant. For the purposes of this disclosure, a payment default is defined as 90 or more days past due and 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. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The following table summarizes changes in the carrying amount of goodwill: (In thousands) At March 31, At December 31, Balance, beginning of period $ 2,631,465 $ 2,514,104 Ametros acquisition (1) 236,603 — interLINK acquisition — 143,216 Bend acquisition — (294) Sterling merger — (25,561) Balance, end of period $ 2,868,068 $ 2,631,465 (1) Reflects the $228.2 million of preliminary goodwill recorded in connection with the Ametros acquisition in January 2024, and $8.4 million of other adjustments. Information regarding goodwill by reportable segment can be found within Note 14: Segment Reporting. Other Intangible Assets The following table summarizes other intangible assets: At March 31, 2024 At December 31, 2023 (In thousands) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Core deposits (1) $ 328,837 $ 59,239 $ 269,598 $ 146,037 $ 53,986 $ 92,051 Customer relationships 151,000 46,654 104,346 151,000 43,116 107,884 Non-competition agreement 4,000 1,000 3,000 4,000 800 3,200 Trade name (1) 6,100 203 5,897 — — — Total other intangible assets $ 489,937 $ 107,096 $ 382,841 $ 301,037 $ 97,902 $ 203,135 (1) The increase in the gross carrying amount is due to the Ametros acquisition in January 2024, which resulted in the identification and recognition of a $182.8 million core deposit intangible asset and a $6.1 million trade name. The remaining estimated aggregate future amortization expense for other intangible assets is as follows: (In thousands) At March 31, 2024 (1) Remainder of 2024 $ 25,480 2025 31,094 2026 30,113 2027 29,558 2028 26,687 Thereafter 190,258 (1) As previously discussed in Note 2: Business Developments, the Company initiated a plan to actively sell its payroll finance and factored receivables loan portfolio, along with the related customer relationship intangible assets, in March 2024. The aggregate net carrying amount of the related customer relationship intangible assets was $49.7 million at March 31, 2024, and has been excluded from the Company’s estimate of remaining future amortization expense. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Deposit Liabilities [Abstract] | |
Deposits | Deposits The following table summarizes deposits by type: (In thousands) At March 31, At December 31, Non-interest-bearing: Demand $ 10,212,509 $ 10,732,516 Interest-bearing: Health savings accounts 8,603,184 8,287,889 Checking 9,498,036 8,994,095 Money market 18,615,031 17,662,826 Savings 6,881,663 6,642,499 Time deposits 6,937,320 8,464,459 Total interest-bearing $ 50,535,234 $ 50,051,768 Total deposits $ 60,747,743 $ 60,784,284 Time deposits, money market, and interest-bearing checking obtained through brokers (1) $ 1,778,381 $ 3,673,733 Aggregate amount of time deposit accounts that exceeded the FDIC limit 1,348,498 1,221,887 Demand deposit overdrafts reclassified as loan balances 12,251 10,432 (1) Excludes $5.8 billion and $5.7 billion of money market sweep deposits received through interLINK at March 31, 2024, and December 31, 2023, respectively. The following table summarizes the scheduled maturities of time deposits: (In thousands) At March 31, Remainder of 2024 $ 6,406,380 2025 414,440 2026 56,451 2027 33,809 2028 20,873 Thereafter 5,367 Total time deposits $ 6,937,320 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Borrowings | Borrowings The following table summarizes securities sold under agreements to repurchase and other borrowings: At March 31, 2024 At December 31, 2023 (Dollars in thousands) Total Outstanding Rate Total Outstanding Rate Securities sold under agreements to repurchase (1) $ 126,886 0.12 % $ 358,387 3.43 % Federal funds purchased 235,000 5.44 100,000 5.48 Securities sold under agreements to repurchase and other borrowings $ 361,886 3.58 % $ 458,387 3.88 % (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, 2024 At December 31, 2023 (Dollars in thousands) Total Outstanding Weighted- Total Outstanding Weighted- Maturing within 1 year $ 3,650,000 5.50 % $ 2,350,000 5.53 % After 1 but within 2 years — — — — After 2 but within 3 years — — — — After 3 but within 4 years 456 1.36 235 — After 4 but within 5 years — — 228 2.75 After 5 years 9,474 2.08 9,555 2.07 Total FHLB advances $ 3,659,930 5.49 % $ 2,360,018 5.52 % Aggregate market value of assets pledged as collateral $ 20,238,325 $ 20,734,035 Remaining borrowing capacity at FHLB 10,779,412 12,535,423 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, 2024, and December 31, 2023. 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 $ — $ 132,550 4.100% Senior fixed-rate notes due March 25, 2029 (2) 326,766 328,104 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 (3) 77,320 77,320 Total senior and subordinated debt 903,086 1,036,974 Discount on senior fixed-rate notes (498) (537) Debt issuance cost on senior fixed-rate notes (1,337) (1,419) Premium on subordinated fixed-to-floating rate notes 13,269 13,802 Long-term debt (1) $ 914,520 $ 1,048,820 (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 fixed-rate notes in 2020. A basis adjustment of $26.8 million and $28.1 million at March 31, 2024, and December 31, 2023, respectively, is included in the carrying value and is being amortized over the remaining life of the senior fixed-rate notes. (3) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive (Loss) Income, Net of Tax | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive (Loss) Income, Net of Tax | Accumulated Other Comprehensive (Loss), Net of Tax The following tables summarize the changes in each component of accumulated other comprehensive (loss), net of tax: Three months ended March 31, 2024 (In thousands) Investment Securities Available-for-Sale Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Balance, beginning of period $ (517,450) $ (2,869) $ (30,252) $ (550,571) Other comprehensive (loss) income before reclassifications (45,392) (30,291) 251 (75,432) Amounts reclassified from accumulated other comprehensive (loss) 9,121 302 479 9,902 Other comprehensive (loss) income, net of tax (36,271) (29,989) 730 (65,530) Balance, end of period $ (553,721) $ (32,858) $ (29,522) $ (616,101) Three months ended March 31, 2023 (In thousands) Investment Securities Available-for-Sale 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) The following table further summarizes the amounts reclassified from accumulated other comprehensive (loss): Accumulated Other Comprehensive Three months ended Associated Line Item on the March 31, 2024 2023 (In thousands) Investment securities available-for-sale: Net unrealized holding (losses) $ (12,396) $ (20,483) (Loss) on sale of investment securities, net (1) Tax benefit 3,275 5,500 Income tax expense Net of tax $ (9,121) $ (14,983) Derivative instruments: Hedge terminations $ (34) $ (76) Interest expense Premium amortization (272) (736) Interest income Tax benefit 4 220 Income tax expense Net of tax $ (302) $ (592) Defined benefit pension and other postretirement benefit plans: Actuarial net loss amortization $ (657) $ (542) Other expense Tax benefit 178 147 Income tax expense Net of tax $ (479) $ (395) (1) |
Regulatory Capital and Restrict
Regulatory Capital and Restrictions | 3 Months Ended |
Mar. 31, 2024 | |
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 (applies 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 Basel III to ensure capital adequacy require the Holding Company and the Bank to maintain minimum ratios of CET1 Risk-Based Capital, Tier 1 Risk-Based Capital, Total Risk-Based Capital, and 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. At the time of initial adoption of the Basel III Capital Rules, the Company had 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 qualifying subordinated debt and the permissible portion of the ACL. At March 31, 2024, and December 31, 2023, both the Holding Company and the Bank were classified as well-capitalized. Management believes that no events or changes have occurred subsequent to period 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, 2024 Actual (1) Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Webster Financial Corporation CET1 Risk-Based Capital $ 5,923,041 10.57 % $ 2,521,412 4.5 % $ 3,642,040 6.5 % Tier 1 Risk-Based Capital 6,207,020 11.08 3,361,883 6.0 4,482,510 8.0 Total Risk-Based Capital 7,400,017 13.21 4,482,510 8.0 5,603,138 10.0 Tier 1 Leverage Capital 6,207,020 8.51 2,916,558 4.0 3,645,697 5.0 Webster Bank CET1 Risk-Based Capital $ 6,588,389 11.78 % $ 2,516,948 4.5 % $ 3,635,591 6.5 % Tier 1 Risk-Based Capital 6,588,389 11.78 3,355,930 6.0 4,474,574 8.0 Total Risk-Based Capital 7,191,796 12.86 4,474,574 8.0 5,593,217 10.0 Tier 1 Leverage Capital 6,588,389 9.04 2,913,783 4.0 3,642,229 5.0 At December 31, 2023 Actual (1) Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Webster Financial Corporation CET1 Risk-Based Capital $ 6,188,433 11.11 % $ 2,507,190 4.5 % $ 3,621,497 6.5 % Tier 1 Risk-Based Capital 6,472,412 11.62 3,342,920 6.0 4,457,227 8.0 Total Risk-Based Capital 7,643,423 13.72 4,457,227 8.0 5,571,534 10.0 Tier 1 Leverage Capital 6,472,412 9.06 2,857,890 4.0 3,572,362 5.0 Webster Bank CET1 Risk-Based Capital $ 6,913,443 12.43 % $ 2,502,835 4.5 % $ 3,615,206 6.5 % Tier 1 Risk-Based Capital 6,913,443 12.43 3,337,113 6.0 4,449,484 8.0 Total Risk-Based Capital 7,494,332 13.47 4,449,484 8.0 5,561,855 10.0 Tier 1 Leverage Capital 6,913,443 9.69 2,855,212 4.0 3,569,015 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 $175.0 million and $150.0 million in dividends for the three months ended March 31, 2024, and 2023, respectively, for which no express approval from the OCC was required. Cash Restrictions |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2024 | |
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 Notes to 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, 2023. 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 13: 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. 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, 2024 December 31, 2023 Gross investment in LIHTC investments $ 1,293,847 $ 1,135,192 Accumulated amortization (161,612) (141,199) Net investment in LIHTC investments $ 1,132,235 $ 993,993 Unfunded commitments for LIHTC investments $ 683,133 $ 549,258 The aggregate carrying value of the Company’s LIHTC investments and the related unfunded commitments are included in Accrued interest receivable and other assets and Accrued expenses and other liabilities on the accompanying Condensed Consolidated Balance Sheets, respectively. The Company’s maximum exposure to loss related to its LIHTC investments is generally the aggregate carrying value as of each reporting date. However, income tax credits recognized related to these investments are subject to recapture by taxing authorities for up to a period of 15 years based on compliance provisions that are required to be met at the project level. During the three months ended March 31, 2024, and 2023, there were $158.7 million and zero of net commitments approved to fund LIHTC investments, respectively. The following table summarizes the amount of income tax credits and other income tax benefits, and investment amortization generated from the Company’s LIHTC investments, which are recognized as a component of income tax expense (benefit): Three months ended March 31, (In thousands) 2024 2023 Income tax credits and other income tax benefits from LIHTC investments $ (28,024) $ (21,898) Investment amortization from LIHTC investments 20,413 21,478 Both the income tax credits and other income tax benefits, and investment amortization generated from the Company’s LIHTC investments, are included as a component of operating activities on the Condensed Consolidated Statements of Cash Flows. 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 7: 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 $193.2 million and $190.1 million at March 31, 2024, and December 31, 2023, 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 $306.3 million and $307.2 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, 2024 | |
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) 2024 2023 Net income $ 216,323 $ 221,004 Less: Preferred stock dividends 4,163 4,163 Net income available to common stockholders 212,160 216,841 Less: Earnings allocated to participating securities 2,101 1,845 Earnings applicable to common stockholders $ 210,059 $ 214,996 Weighted-average common shares outstanding - basic 170,445 172,766 Add: Effect of dilutive stock options and restricted stock 259 117 Weighted-average common shares outstanding - diluted 170,704 172,883 Basic earnings per common share $ 1.23 $ 1.24 Diluted earnings per common share 1.23 1.24 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 non-forfeitable dividends during the vesting period on a basis equivalent to the dividends paid to holders of common stock. These unvested awards meet the definition of participating securities. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Asset Derivatives Liability Derivatives (In thousands) Notional Amounts Fair Value Notional Amounts Fair Value Designated as hedging instruments: Interest rate derivatives (1) $ 500,000 $ 263 $ 4,750,000 $ 44,366 Not designated as hedging instruments: Interest rate derivatives (1) 8,542,883 362,602 8,542,895 362,802 Mortgage banking derivatives (2) 1,463 15 — — Other (3) 364,396 662 744,777 225 Total not designated as hedging instruments 8,908,742 363,279 9,287,672 363,027 Gross derivative instruments, before netting $ 9,408,742 363,542 $ 14,037,672 407,393 Less: Master netting agreements 61,395 61,395 Cash collateral received/paid 285,297 — Total derivative instruments, after netting $ 16,850 $ 345,998 At December 31, 2023 Asset Derivatives Liability Derivatives (In thousands) Notional Amounts Fair Value Notional Amounts Fair Value Designated as hedging instruments: Interest rate derivatives (1) $ 2,750,000 $ 11,140 $ 2,700,000 $ 13,679 Not designated as hedging instruments: Interest rate derivatives (1) 8,284,356 319,122 8,272,197 321,064 Mortgage banking derivatives (2) 2,798 37 — — Other (3) 340,553 337 731,055 1,067 Total not designated as hedging instruments 8,627,707 319,496 9,003,252 322,131 Gross derivative instruments, before netting $ 11,377,707 330,636 $ 11,703,252 335,810 Less: Master netting agreements 55,949 55,949 Cash collateral received/paid 232,190 — Total derivative instruments, after netting $ 42,497 $ 279,861 (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. Notional amounts of interest rate swaps cleared through clearing houses included $91.0 million and $113.8 million for asset derivatives at March 31, 2024, and December 31, 2023, respectively. The related fair values approximated zero. There were no interest rate swaps cleared through clearing houses for liability derivatives at both March 31, 2024, and December 31, 2023. (2) Notional amounts related to residential loans excluded approved floating rate commitments of $1.7 million and $1.0 million at March 31, 2024, and December 31, 2023, 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 included $300.5 million and $299.2 million for asset derivatives and $707.6 million and $682.9 million for liability derivatives at March 31, 2024, and December 31, 2023, respectively, which had insignificant related fair values. The following tables represent the off-setting derivative financial instruments that are subject to matter netting agreements: At March 31, 2024 (In thousands) Gross Amount Recognized Derivative Offset Amount Cash Collateral Received/Paid Net Amount Presented Asset derivatives $ 346,853 $ 61,395 $ 285,297 $ 161 Liability derivatives 61,395 61,395 — — At December 31, 2023 (In thousands) Gross Amount Recognized Derivative Offset Amount Cash Collateral Received/Paid Net Amount Presented Asset derivatives $ 289,778 $ 55,949 $ 232,190 $ 1,639 Liability derivatives 55,949 55,949 — — 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 2024 2023 Fair value hedges: Interest rate derivatives Deposits interest expense $ (1,320) $ (10,235) Hedged item Deposits interest expense — 10,427 Net recognized on fair value hedges (1) $ 1,320 $ (192) Cash flow hedges: Interest rate derivatives Long-term debt interest expense $ 34 $ 76 Interest rate derivatives Interest and fees on loans and leases (10,764) (736) Net recognized on cash flow hedges $ (10,798) $ (812) (1) The Company de-designated its fair value hedging relationship on $400.0 million of deposits, which pertained to a portion of Ametros ’ member deposits, in 2023. The $1.3 million basis adjustment included in the carrying amount of deposits at December 31, 2023, was amortized into interest expense in January 2024 upon the acquisition of Ametros. 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. The remaining unamortized balance of time-value premiums at March 31, 2024, was $0.3 million. Over the next twelve months, an estimated $30.4 million decrease to interest income will be reclassified from (AOCL) relating to cash flow hedge gain/loss. The maximum length of time over which forecasted transactions are hedged is 3.0 years. Additional information regarding cash flow hedge activity impacting (AOCL) and the related amounts reclassified to net income can be found within Note 8: Accumulated Other Comprehensive (Loss), Net of Tax. 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 2024 2023 Interest rate derivatives Other income $ 1,290 $ (3,687) Mortgage banking derivatives Mortgage banking activities (22) (16) Other Other income 1,277 (735) Total not designated as hedging instruments $ 2,545 $ (4,438) Derivative Exposure. At March 31, 2024, the Company had $2.3 million in initial margin posted at clearing houses, and $290.3 million of cash collateral received included in Cash and due from banks on the accompanying Condensed Consolidated Balance Sheets. The Company regularly evaluates the credit risk of its derivative customers, taking into account the likelihood of default, net exposures, and remaining contractual life, among other related factors. Credit risk exposure is mitigated as transactions with customers are generally secured by the same collateral of the underlying transactions. The current net credit exposure relating to derivative contracts with customers was $16.7 million at March 31, 2024. In addition, the Company also monitors potential future exposure, representing its best estimate of exposure to remaining contractual maturity. The potential future exposure relating to derivative contracts with customers was $112.0 million at March 31, 2024. The Company has incorporated a credit valuation adjustment (contra-liability) to reflect non-performance risk in the fair value measurement of its derivatives, which totaled $7.5 million and $6.2 million at March 31, 2024, and December 31, 2023, respectively. Various factors impact changes in the valuation adjustment over time, such as changes in the credit spreads of the contracted parties, and changes in market rates and volatilities, which affect the total expected exposure of the derivative instruments. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
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. 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. 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 dealer counterparties. 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 UPB of originated loans held for sale: At March 31, 2024 At December 31, 2023 (In thousands) Fair Value UPB Difference Fair Value UPB Difference Originated loans held for sale $ 323 $ 316 $ 7 $ 2,610 $ 2,658 $ (48) 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. Accordingly, the Rabbi Trusts’ investments are classified within Level 1 of the fair value hierarchy. At both March 31, 2024, and December 31, 2023, the total cost basis of the investments held in the Rabbi Trusts was $9.2 million. 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, 2024, and December 31, 2023, equity investments with a readily determinable fair value had a total carrying amount of $1.2 million and $0.9 million, respectively, with no remaining unfunded commitment. During the three months ended March 31, 2024, there were total write-ups in fair value of $0.3 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, 2024, and December 31, 2023, these alternative investments had a total carrying amount of $38.6 million and $35.9 million, respectively, and a remaining unfunded commitment of $27.9 million and $29.8 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 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 tables summarize the unobservable inputs used to derive the estimated fair value of the Company’s contingent consideration liabilities (dollars in thousands): At March 31, 2024 Agreement Maximum Amount Probability of Achievement Payment Term Discount Rate Fair Value (i) Re-sign broker dealers (1) $ 207 99.0 % 1.63 6.40 % $ 182 (ii) Deposit program growth $ 12,500 100.0 % 0.75 6.40 % $ 11,568 At December 31, 2023 Agreement Maximum Amount Probability of Achievement Payment Term Discount Rate Fair Value (i) Re-sign broker dealers (1) $ 4,826 99.0 % 1.88 6.40 % $ 4,232 (ii) Deposit program growth $ 12,500 100.0 % 1.00 6.40 % $ 11,568 (1) The Company re-signed one of the existing broker dealers under contract in January 2024, which resulted in the cash payment of $4.6 million during the three months ended March 31, 2024, to settle a portion of its contingent consideration obligation with StoneCastle Partners LLC in accordance with the purchase agreement. 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, 2024 (In thousands) Level 1 Level 2 Level 3 Total Financial Assets: Available-for-sale securities: Government agency debentures $ — $ 262,488 $ — $ 262,488 Municipal bonds and notes — 1,207,350 — 1,207,350 Agency CMO — 46,236 — 46,236 Agency MBS — 3,364,414 — 3,364,414 Agency CMBS — 2,321,230 — 2,321,230 CMBS — 731,851 — 731,851 Corporate debt — 617,209 — 617,209 Private label MBS — 41,308 — 41,308 Other — 9,055 — 9,055 Total available-for-sale securities — 8,601,141 — 8,601,141 Gross derivative instruments, before netting (1) 594 362,948 — 363,542 Originated loans held for sale — 323 — 323 Investments held in Rabbi Trusts 12,545 — — 12,545 Alternative investments 1,221 — — 1,221 Alternative investments measured at NAV (2) — — — 38,620 Total financial assets $ 14,360 $ 8,964,412 $ — $ 9,017,392 Financial Liabilities: Gross derivative instruments, before netting (1) $ 160 $ 407,233 $ — $ 407,393 Contingent consideration — — 11,750 11,750 Total financial liabilities $ 160 $ 407,233 $ 11,750 $ 419,143 At December 31, 2023 (In thousands) Level 1 Level 2 Level 3 Total Financial Assets: Available-for-sale securities: Government agency debentures $ — $ 264,633 $ — $ 264,633 Municipal bonds and notes — 1,573,233 — 1,573,233 Agency CMO — 48,941 — 48,941 Agency MBS — 3,347,098 — 3,347,098 Agency CMBS — 2,288,071 — 2,288,071 CMBS — 763,749 — 763,749 Corporate debt — 622,155 — 622,155 Private label MBS — 42,808 — 42,808 Other — 9,041 — 9,041 Total available-for-sale securities — 8,959,729 — 8,959,729 Gross derivative instruments, before netting (1) 217 330,419 — 330,636 Originated loans held for sale — 2,610 — 2,610 Investments held in Rabbi Trusts 11,900 — — 11,900 Alternative investments 959 — — 959 Alternative investments measured at NAV (2) — — — 35,888 Total financial assets $ 13,076 $ 9,292,758 $ — $ 9,341,722 Financial Liabilities: Gross derivative instruments, before netting (1) $ 970 $ 334,840 $ — $ 335,810 Contingent consideration — — 15,800 15,800 Total financial liabilities $ 970 $ 334,840 $ 15,800 $ 351,610 (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 12: 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, 2024, and December 31, 2023, the carrying amount of these alternative investments was $55.3 million and $53.1 million, respectively, of which $1.4 million and $7.9 million, respectively, were considered to be measured at fair value. During the three months ended March 31, 2024, there was $1.7 million in total 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, 2024, and December 31, 2023, there were $239.3 million and $3.9 million loans that were transferred to held for sale on the Condensed Consolidated Balance Sheet, respectively. 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, 2024, and December 31, 2023, the total carrying value of OREO and repossessed assets was $5.6 million and $9.1 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, 2024, was $9.1 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. 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 discount 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, 2024 At December 31, 2023 (In thousands) Carrying Fair Carrying Fair Assets: Level 1 Cash and cash equivalents $ 1,545,228 $ 1,545,228 $ 1,715,795 $ 1,715,795 Level 2 Held-to-maturity investment securities, net 7,679,891 6,782,867 7,074,588 6,264,623 Level 3 Loans and leases, net 50,457,200 48,348,067 50,090,315 48,048,106 Mortgage servicing rights 1,514 3,973 8,523 24,495 Liabilities: Level 2 Deposit liabilities $ 53,810,423 $ 53,810,423 $ 52,319,825 $ 52,319,825 Time deposits 6,937,320 6,902,736 8,464,459 8,426,708 Securities sold under agreements to repurchase and other borrowings 361,886 361,867 458,387 458,380 FHLB advances 3,659,930 3,657,612 2,360,018 2,358,381 Long-term debt (1) 914,520 852,877 1,048,820 999,918 (1) |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting The Company has three reportable segments, which reflect its primary differentiated lines of business: Commercial Banking, Healthcare Financial Services, and Consumer Banking. Segment performance is evaluated using PPNR, or PTNR, as appropriate. Certain Treasury activities and other functional divisions, such as information technology, human resources, risk management, bank operations, and the operations of interLINK, as well as amounts required to reconcile non-GAAP profitability metrics to those reported in accordance with GAAP, are included in the Corporate and Reconciling category. Effective January 1, 2024, the Company realigned certain of its Business Banking operations to better serve its customers and deliver operational efficiencies. Under this realignment, $1.5 billion of loans and $2.2 billion of deposits were reassigned, and $77.2 million of goodwill was reallocated on a relative fair value basis, from Commercial Banking to Consumer Banking. There was no goodwill impairment as a result of this realignment. Prior period amounts have been recast accordingly. In addition, with the acquisition of Ametros on January 24, 2024, the Company formed a new reportable segment called Healthcare Financial Services, which includes the aggregated financial information of the HSA Bank and Ametros businesses. The allocation of the purchase price for the Ametros acquisition is considered preliminary at March 31, 2024. The $228.2 million of preliminary goodwill recorded related to Ametros has been allocated entirely to Healthcare Financial Services. The allocation of the purchase price for the interLINK acquisition on January 11, 2023, was considered final as of June 30, 2023. The $143.2 million of goodwill recorded related to interLINK was allocated entirely to Commercial Banking. The following is a description of the Company’s three reportable segments and their primary services at March 31, 2024: Commercial Banking serves businesses with more than $10 million of revenue through its Commercial Real Estate, Equipment Finance, Middle Market, Regional Banking, Asset-Based Lending, Commercial Services, Public Sector Finance, Sponsor and Specialty Finance, Verticals and Support, Private Banking, and Treasury Management business units. Healthcare Financial Services offers consumer-directed healthcare solutions that includes HSAs, health reimbursement arrangements, the administration of medical insurance claim settlements, flexible spending accounts, and commuter benefits. Accounts are distributed nationwide directly to employers and individual consumers, as well as through national and regional insurance carriers, benefit consultants, and financial advisors. Consumer Banking offers consumer deposit and fee-based services, residential mortgages, home equity lines, secured and unsecured loans, debit and credit card products, and investment services to individual consumers and small businesses through its Consumer Lending and Business Banking business units. Consumer Banking operates a distribution network consisting of 196 banking centers and 347 ATMs, a customer care center, and a full range of web and mobile-based banking services, primarily throughout southern New England and the New York metro and suburban markets. 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 FTP 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. For additional information regarding the Company’s segment reporting methodology, please refer to Note 21: Segment Reporting in the Notes to 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, 2023. 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, 2024 (In thousands) Commercial Banking Healthcare Financial Services Consumer Banking Corporate and Reconciling Consolidated Total Goodwill $ 1,960,363 $ 285,670 $ 622,035 $ — $ 2,868,068 Total assets 42,286,247 509,012 12,268,347 21,098,087 76,161,693 At December 31, 2023 (In thousands) Commercial Banking Healthcare Financial Services Consumer Banking Corporate and Reconciling Consolidated Total Goodwill $ 1,951,945 $ 57,485 $ 622,035 $ — $ 2,631,465 Total assets 41,843,297 122,421 12,327,403 20,652,128 74,945,249 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, 2024 (In thousands) Commercial Banking Healthcare Financial Services Consumer Banking Corporate and Reconciling Consolidated Total Net interest income $ 341,942 $ 86,138 $ 205,777 $ (66,118) $ 567,739 Non-interest income 34,280 31,061 33,978 34 99,353 Non-interest expense 106,225 52,127 120,121 57,450 335,923 Pre-tax, pre-provision net revenue 269,997 65,072 119,634 (123,534) 331,169 Provision (benefit) for credit losses 47,283 — (4,089) 2,306 45,500 Income before income taxes 222,714 65,072 123,723 (125,840) 285,669 Income tax expense 49,220 17,114 30,436 (27,424) 69,346 Net income $ 173,494 $ 47,958 $ 93,287 $ (98,416) $ 216,323 Three months ended March 31, 2023 (In thousands) Commercial Banking Healthcare Financial Services Consumer Banking Corporate and Reconciling Consolidated Total Net interest income $ 360,293 $ 71,730 $ 234,604 $ (71,344) $ 595,283 Non-interest income 33,720 24,067 27,636 (14,657) 70,766 Non-interest expense 98,833 43,700 116,555 73,379 332,467 Pre-tax, pre-provision net revenue 295,180 52,097 145,685 (159,380) 333,582 Provision for credit losses 35,250 — 2,571 8,928 46,749 Income before income taxes 259,930 52,097 143,114 (168,308) 286,833 Income tax expense 57,964 14,066 35,922 (42,123) 65,829 Net income $ 201,966 $ 38,031 $ 107,192 $ (126,185) $ 221,004 |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2024 | |
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 14: Segment Reporting. Three months ended March 31, 2024 (In thousands) Commercial Banking Healthcare Financial Services Consumer Banking Corporate and Consolidated Non-interest Income: Deposit service fees $ 5,842 $ 22,052 $ 14,796 $ (101) $ 42,589 Loan and lease related fees (1) 3,622 — — — 3,622 Wealth and investment services 3,178 — 4,751 (5) 7,924 Other income — 9,009 (183) 1,044 9,870 Revenue from contracts with customers 12,642 31,061 19,364 938 64,005 Other sources of non-interest income 21,638 — 14,614 (904) 35,348 Total non-interest income $ 34,280 $ 31,061 $ 33,978 $ 34 $ 99,353 Three months ended March 31, 2023 (In thousands) Commercial Banking Healthcare Financial Services Consumer Banking Corporate and Consolidated Non-interest Income: Deposit service fees $ 4,236 $ 22,092 $ 19,178 $ (70) $ 45,436 Loan and lease related fees (1) 4,427 — — — 4,427 Wealth and investment services 2,767 — 3,828 (8) 6,587 Other income — 1,975 358 932 3,265 Revenue from contracts with customers 11,430 24,067 23,364 854 59,715 Other sources of non-interest income 22,290 — 4,272 (15,511) 11,051 Total non-interest income $ 33,720 $ 24,067 $ 27,636 $ (14,657) $ 70,766 (1) A portion of Loan and lease related fees on the Condensed Consolidated Statements of Income comprises income generated from factored receivables and payroll financing activities that is within the scope of ASC Topic 606. 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. Contracts with customers generated accounts receivable and deferred revenue of $2.3 million and $20.8 million, respectively, |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 Commitments to extend credit $ 11,171,394 $ 12,026,597 Standby letters of credit 497,573 482,462 Commercial letters of credit 36,300 54,382 Total credit-related financial instruments with off-balance sheet risk $ 11,705,267 $ 12,563,441 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, 2024, and December 31, 2023, the ACL on unfunded loan commitments totaled $24.5 million and $24.7 million, respectively. Litigation The Company is subject to certain legal proceedings and unasserted claims and assessments in the ordinary course of business. Legal contingencies are evaluated based on information currently available, including advice of counsel and assessment of available insurance coverage. The Company establishes an accrual for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable and the loss is reasonably estimable. Once established, each accrual is adjusted to reflect any subsequent developments. Legal contingencies are subject to inherent uncertainties, and unfavorable rulings may occur that could cause the Company to either adjust its litigation accrual or incur actual losses that exceed the current estimate, which ultimately could have a material adverse effect, either individually or in the aggregate, on its business, financial condition, or operating results. The Company will consider settlement of cases when it is in the best interests of the Company and its stakeholders. The Company intends to defend itself in all claims asserted against it, and management currently believes that the outcome of these contingencies will not be material, either individually or in the aggregate, to the Company or its consolidated financial position. Federal Deposit Insurance Corporation Special Assessment On November 29, 2023, the FDIC published a final rule implementing a special assessment for certain banks to recover losses incurred by protecting uninsured depositors of Silicon Valley Bank and Signature Bank upon their failure in March 2023. The final rule levies a special assessment to certain banks at a quarterly rate of 3.36 basis points based on their uninsured deposits balance reported as of December 31, 2022. The special assessment is to be collected for an anticipated total of eight quarterly assessment periods beginning with the first quarter of 2024, which has a payment date of June 28, 2024. Based on the final rule, the Company had estimated that its special assessment charge was approximately $47.2 million at December 31, 2023. On February 23, 2024, the Company received notification from the FDIC that the estimated loss attributable to the protection of uninsured depositors at Silicon Valley Bank and Signature Bank was $20.4 billion, an increase of approximately $4.1 billion from the estimated $16.3 billion described in the final rule. Based on the Company’s evaluation of all information available at March 31, 2024, the Company recorded an additional $11.9 million towards its estimated special assessment charge. The FDIC plans to provide institutions subject to the special assessment with an updated estimate of each institution’s quarterly and total special assessment expense with its first quarter 2024 special assessment invoice, to be released in June 2024. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company has evaluated subsequent events from the date of the Condensed Consolidated Financial Statements, and accompanying Notes thereto, through the date of issuance, and determined that no significant events were identified requiring recognition or disclosure. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income | $ 216,323 | $ 221,004 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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 December 31, 2023. The results of operations for the three months ended March 31, 2024, are not necessarily indicative of the future results that may be attained for the entire year or other interim periods. 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. Certain prior period amounts have been reclassified to conform to the current period presentation. These reclassifications did not have a material impact on the Company’s 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. 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 Issue 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 apply 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 credits 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 Company adopted the Update on January 1, 2024. The adoption of this guidance did not have a material impact on the Company’s Condensed Consolidated Financial Statements and disclosures as its investments in tax credit structures are currently limited to LIHTC investments, which are already being accounted for using the proportional amortization method. 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 lives 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 Company adopted the Update on January 1, 2024. The adoption of this guidance did not have a material impact on the Company’s Condensed Consolidated Financial Statements and disclosures as its operating lease arrangements in which it is lessee are currently not between entities under common control. ASU No. 2022-03—Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restriction 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 Company adopted the Update on January 1, 2024. The adoption of this guidance did not have a material impact on the Company’s Condensed Consolidated Financial Statements and disclosures. The Company does not currently consider contractual restrictions on the sale of an equity security in measuring fair value. Relevant Accounting Standards Issued But Not Yet Adopted ASU No. 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures In December 2023, the FASB issued ASU No. 2023-09—Income Taxes (Topic 740)—Improvements to Income Tax Disclosures, to provide more transparency about income tax information through improvements to income tax disclosures, primarily related to the rate reconciliation and income taxes paid information. Specifically, the amendments in this Update require disclosure of: (i) a tabular reconciliation, using both percentages and reporting currency amounts, with prescribed categories that are required to be disclosed, and the separate disclosure and disaggregation of prescribed reconciling items with an effect equal to 5% or more of the amount determined by multiplying pretax income from continuing operations by the application statutory rate; (ii) a qualitative description of the states and local jurisdictions that make up the majority (greater than 50%) of the effect of the state and local income taxes; and (iii) amount of income taxes paid, net of refunds received, disaggregated by federal, state, and foreign taxes and by individual jurisdictions that comprise 5% or more of total income taxes paid, net of refunds received. The amendments in this Update also include certain other amendments to improve the effectiveness of income tax disclosures. The Update is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments should be applied on a prospective basis; however, retrospective application is permitted. The Company is currently evaluating this guidance to determine the impact on its income tax disclosures. ASU No. 2023-07—Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures In November 2023, the FASB issued ASU No. 2023-07—Segment Reporting (Topic 280)—Improvements to Reportable Segment Disclosures, to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. Specifically, the amendments in this Update require disclosure of: (i) significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss; (ii) an amount for other segment items by reportable segment and a description of its composition; and (iii) the title and position of the chief operating decision maker and an explanation of how the chief operating decision maker uses each reported measure of segment profit or loss in assessing segment performance and deciding how to allocate resources. In addition, all annual disclosures about a reportable segment’s profit or loss and assets currently required by Topic 280, will be required in interim periods. Overall, the Update does not change how a public entity identifies its operating segments, aggregates those operating segments, or determines its reportable segments, or applies the quantitative thresholds to determine its reportable segments. The Update is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The amendments should be applied retrospectively to all prior periods presented in the financial statements, in which, upon transition, the segment expense categories and amounts disclosed in the prior periods should be based on the significant segment expense categories identified and disclosed in the period of adoption. The Company is currently evaluating this guidance to determine the impact on its segment reporting disclosures. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Business Combination and Asset Acquisition [Abstract] | |
Summary of Purchase Price Allocation | The acquisition was accounted for as a business combination. Accordingly, the total purchase price, which included cash paid of $359.7 million, the forgiveness of $12.9 million in long-term debt, and the assumption of a $5.8 million liability for the Seller’s transaction expenses, has been preliminarily allocated to the identifiable assets acquired and liabilities assumed based on their acquisition-date fair values, as summarized in the following table: (In thousands) Fair Value Purchase price consideration $ 378,424 Assets: Cash and due from banks 310 Premises and equipment 1,078 Other intangible assets 188,900 Deferred tax assets, net (35,889) Other assets: Funds held in escrow 288,167 Accounts receivable 2,435 Prepaid expenses 1,166 Total other assets 291,768 Total assets acquired $ 446,167 Liabilities: Interest-bearing deposits (1) (20,622) Other liabilities: Accounts payable 684 Accrued expenses 4,270 Deferred revenue 20,391 Member’s funds 288,167 Operating lease liabilities 838 Total other liabilities 314,350 Total liabilities assumed $ 293,728 Net assets acquired 152,439 Pre-existing equity interest (2) $ 2,200 Goodwill $ 228,185 (1) The $20.6 million reflects the amount held in Ametros’ operating cash account at the Bank on January 24, 2024. Upon acquisition, such cash and the Bank’s corresponding deposit liability owed to Ametros were eliminated in consolidation, which resulted in a decrease to interest-bearing deposits for the Bank and the Bank’s legal title to the funds being held in such operating cash account. (2) Prior to the acquisition date, the Company had a 0.6% equity interest in Ametros. The consideration transferred reflects the purchase price for the remaining 99.4% of the business. Upon acquisition, the Company recognized a $1.5 million gain in Other income on the accompanying Condensed Consolidated Statement of Income, which represents the difference between the cost basis and estimated acquisition-date fair value of the Company’s pre-existing equity interest in Ametros. |
Summary of Supplemental Pro Forma Information Adjustments |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Government agency debentures $ 302,261 $ — $ (39,773) $ 262,488 Municipal bonds and notes 1,257,643 23 (50,316) 1,207,350 Agency CMO 50,422 — (4,186) 46,236 Agency MBS 3,629,162 19,414 (284,162) 3,364,414 Agency CMBS 2,619,079 12,555 (310,404) 2,321,230 CMBS 752,086 32 (20,267) 731,851 Corporate debt 693,093 142 (76,026) 617,209 Private label MBS 46,044 — (4,736) 41,308 Other 9,836 — (781) 9,055 Total available-for-sale $ 9,359,626 $ 32,166 $ (790,651) $ 8,601,141 At December 31, 2023 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Government agency debentures $ 302,212 $ — $ (37,579) $ 264,633 Municipal bonds and notes 1,626,126 8 (52,901) 1,573,233 Agency CMO 52,994 — (4,053) 48,941 Agency MBS 3,568,140 32,461 (253,503) 3,347,098 Agency CMBS 2,569,438 18,204 (299,571) 2,288,071 CMBS 788,478 — (24,729) 763,749 Corporate debt 704,569 — (82,414) 622,155 Private label MBS 46,635 — (3,827) 42,808 Other 9,830 — (789) 9,041 Total available-for-sale $ 9,668,422 $ 50,673 $ (759,366) $ 8,959,729 (1) Accrued interest receivable on available-for-sale securities of $43.6 million and $42.5 million at March 31, 2024, and December 31, 2023, respectively, is excluded from amortized cost and is included in Accrued interest receivable and other assets on the accompanying Condensed Consolidated Balance Sheets. The following table summarizes the carrying value of available-for-sale securities pledged for deposits, borrowings, and other purposes: (In thousands) At March 31, 2024 At December 31, 2023 Pledged for deposits $ 2,418,726 $ 2,102,115 Pledged for borrowings and other 5,687,136 6,111,430 Total available-for-sale securities pledged $ 8,105,862 $ 8,213,545 |
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, 2024 Less Than 12 Months 12 Months or More Total (Dollars in thousands) Fair Unrealized Fair Unrealized Number of Fair Unrealized Government agency debentures $ — $ — $ 262,488 $ (39,773) 19 $ 262,488 $ (39,773) Municipal bonds and notes 16,078 (179) 1,180,389 (50,137) 346 1,196,467 (50,316) Agency CMO — — 46,236 (4,186) 36 46,236 (4,186) Agency MBS 187,534 (892) 1,930,864 (283,270) 462 2,118,398 (284,162) Agency CMBS 424,108 (16,031) 1,356,358 (294,373) 148 1,780,466 (310,404) CMBS 34,913 (87) 674,009 (20,180) 40 708,922 (20,267) Corporate debt — — 612,760 (76,026) 89 612,760 (76,026) Private label MBS — — 41,308 (4,736) 3 41,308 (4,736) Other — — 9,055 (781) 2 9,055 (781) Total $ 662,633 $ (17,189) $ 6,113,467 $ (773,462) 1,145 $ 6,776,100 $ (790,651) At December 31, 2023 Less Than Twelve Months Twelve Months or Longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Number of Fair Unrealized Government agency debentures $ — $ — $ 264,633 $ (37,579) 19 $ 264,633 $ (37,579) Municipal bonds and notes 18,066 (124) 1,536,656 (52,777) 386 1,554,722 (52,901) Agency CMO — — 48,941 (4,053) 36 48,941 (4,053) Agency MBS 71,187 (272) 1,945,221 (253,231) 457 2,016,408 (253,503) Agency CMBS 430,070 (16,137) 1,314,681 (283,434) 145 1,744,751 (299,571) CMBS 43,844 (856) 719,905 (23,873) 42 763,749 (24,729) Corporate debt 4,278 (27) 617,877 (82,387) 91 622,155 (82,414) Private label MBS — — 42,808 (3,827) 3 42,808 (3,827) Other — — 9,041 (789) 2 9,041 (789) Total $ 567,445 $ (17,416) $ 6,499,763 $ (741,950) 1,181 $ 7,067,208 $ (759,366) |
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, 2024 (In thousands) Amortized Cost Fair Value Maturing within 1 year $ 32,356 $ 31,621 After 1 year through 5 years 597,123 565,463 After 5 through 10 years 1,271,850 1,173,728 After 10 years 7,458,297 6,830,329 Total available-for-sale $ 9,359,626 $ 8,601,141 The following table summarizes the amortized cost and fair value of held-to-maturity securities by contractual maturity: At March 31, 2024 (In thousands) Amortized Cost Fair Value Maturing within 1 year $ 29,846 $ 29,771 After 1 year through 5 years 94,598 89,326 After 5 through 10 years 299,712 288,067 After 10 years 7,255,919 6,375,703 Total held-to-maturity $ 7,680,075 $ 6,782,867 |
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, 2024 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Allowance Net Carrying Value Agency CMO $ 22,489 $ — $ (1,938) $ 20,551 $ — $ 22,489 Agency MBS 2,618,783 1,429 (327,351) 2,292,861 — 2,618,783 Agency CMBS 4,028,799 11,580 (540,641) 3,499,738 — 4,028,799 Municipal bonds and notes 910,422 683 (34,953) 876,152 184 910,238 CMBS 99,582 — (6,017) 93,565 — 99,582 Total held-to-maturity $ 7,680,075 $ 13,692 $ (910,900) $ 6,782,867 $ 184 $ 7,679,891 At December 31, 2023 (In thousands) Amortized Cost (1) Unrealized Unrealized Fair Value Allowance Net Carrying Value Agency CMO $ 23,470 $ — $ (1,728) $ 21,742 $ — $ 23,470 Agency MBS 2,409,521 1,141 (284,776) 2,125,886 — 2,409,521 Agency CMBS 3,625,627 18,586 (514,534) 3,129,679 — 3,625,627 Municipal bonds and notes 916,104 2,440 (24,877) 893,667 209 915,895 CMBS 100,075 — (6,426) 93,649 — 100,075 Total held-to-maturity $ 7,074,797 $ 22,167 $ (832,341) $ 6,264,623 $ 209 $ 7,074,588 The following table summarizes the activity in the ACL on held-to-maturity securities: Three months ended March 31, (In thousands) 2024 2023 Balance, beginning of period $ 209 $ 182 (Benefit) provision for credit losses (25) 100 Balance, end of period $ 184 $ 282 The following tables summarize the amortized cost of held-to-maturity securities based on their lowest publicly available credit rating: March 31, 2024 Investment Grade (In thousands) Aaa Aa1 Aa2 Aa3 A1 A3 Not Rated Agency CMO $ — $ 22,489 $ — $ — $ — $ — $ — Agency MBS — 2,618,783 — — — — — Agency CMBS — 4,028,799 — — — — — Municipal bonds and notes 332,969 162,439 252,852 111,277 32,690 4,165 14,030 CMBS 99,582 — — — — — — Total held-to-maturity $ 432,551 $ 6,832,510 $ 252,852 $ 111,277 $ 32,690 $ 4,165 $ 14,030 December 31, 2023 Investment Grade (In thousands) Aaa Aa1 Aa2 Aa3 A1 A3 Not Rated Agency CMO $ — $ 23,470 $ — $ — $ — $ — $ — Agency MBS — 2,409,521 — — — — — Agency CMBS — 3,625,627 — — — — — Municipal bonds and notes 333,479 162,615 253,671 115,404 32,732 4,165 14,038 CMBS 100,075 — — — — — — Total held-to-maturity $ 433,554 $ 6,221,233 $ 253,671 $ 115,404 $ 32,732 $ 4,165 $ 14,038 The following table summarizes the carrying value of held-to-maturity securities pledged for deposits, borrowings, and other purposes: (In thousands) At March 31, 2024 At December 31, 2023 Pledged for deposits $ 1,557,987 $ 1,212,824 Pledged for borrowings and other 5,732,569 5,582,379 Total held-to-maturity securities pledged $ 7,290,556 $ 6,795,203 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 Commercial non-mortgage $ 16,696,070 $ 16,885,475 Asset-based 1,492,886 1,557,841 Commercial real estate 13,972,916 13,569,762 Multi-family 7,896,586 7,587,970 Equipment financing 1,280,058 1,328,786 Commercial portfolio 41,338,516 40,929,834 Residential 8,226,154 8,227,923 Home equity 1,479,420 1,516,955 Other consumer 54,552 51,340 Consumer portfolio 9,760,126 9,796,218 Loans and leases $ 51,098,642 $ 50,726,052 At March 31, 2024 (In thousands) Current 30-59 Days 60-89 Days 90+ Days Non-Accrual Total Commercial non-mortgage $ 77,451 $ — $ 19 $ — $ 97,587 $ 175,057 Asset-based 42,331 — — — — 42,331 Commercial real estate 24,859 — — — 169 25,028 Multi-family — 18,103 22,406 — 9,481 49,990 Equipment financing 1,762 — — — 317 2,079 Residential 1,258 — — — 764 2,022 Home equity 510 — — — 86 596 Total $ 148,171 $ 18,103 $ 22,425 $ — $ 108,404 $ 297,103 At 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 |
Past Due Financing Receivables | The following tables summarize the aging of accrual and non-accrual loans and leases by class: At March 31, 2024 (In thousands) 30-59 Days 60-89 Days 90 or More Days Past Due Non-accrual Total Past Due and Current Total Loans Commercial non-mortgage $ 3,077 $ 3,138 $ 35 $ 193,294 $ 199,544 $ 16,496,526 $ 16,696,070 Asset-based — — — 34,893 34,893 1,457,993 1,492,886 Commercial real estate 28,137 717 12,452 3,815 45,121 13,927,795 13,972,916 Multi-family 21,750 22,406 — 10,439 54,595 7,841,991 7,896,586 Equipment financing 6,189 2,984 — 8,677 17,850 1,262,208 1,280,058 Commercial portfolio 59,153 29,245 12,487 251,118 352,003 40,986,513 41,338,516 Residential 9,645 8,019 — 8,589 26,253 8,199,901 8,226,154 Home equity 4,971 1,652 — 22,934 29,557 1,449,863 1,479,420 Other consumer 100 141 — 200 441 54,111 54,552 Consumer portfolio 14,716 9,812 — 31,723 56,251 9,703,875 9,760,126 Total $ 73,869 $ 39,057 $ 12,487 $ 282,841 $ 408,254 $ 50,690,388 $ 51,098,642 At December 31, 2023 (In thousands) 30-59 Days 60-89 Days 90 or More Days Past Due Non-accrual Total Past Due and Current Total Loans Commercial non-mortgage $ 2,270 $ 890 $ 94 $ 122,855 $ 126,109 $ 16,759,366 $ 16,885,475 Asset-based — — — 35,068 35,068 1,522,773 1,557,841 Commercial real estate 1,459 — 184 11,383 13,026 13,556,736 13,569,762 Multi-family 5,198 2,340 — — 7,538 7,580,432 7,587,970 Equipment financing 3,966 8 — 9,828 13,802 1,314,984 1,328,786 Commercial portfolio 12,893 3,238 278 179,134 195,543 40,734,291 40,929,834 Residential 14,894 6,218 — 5,704 26,816 8,201,107 8,227,923 Home equity 5,676 3,285 — 23,545 32,506 1,484,449 1,516,955 Other consumer 410 94 — 142 646 50,694 51,340 Consumer portfolio 20,980 9,597 — 29,391 59,968 9,736,250 9,796,218 Total $ 33,873 $ 12,835 $ 278 $ 208,525 $ 255,511 $ 50,470,541 $ 50,726,052 |
Financing Receivable, Nonaccrual | The following table provides additional information on non-accrual loans and leases: At March 31, 2024 At December 31, 2023 (In thousands) Non-accrual Non-accrual with No Allowance Non-accrual Non-accrual with No Allowance Commercial non-mortgage $ 193,294 $ 12,367 $ 122,855 $ 20,066 Asset-based 34,893 1,155 35,068 1,330 Commercial real estate 3,815 — 11,383 2,681 Multi-family 10,439 957 — — Equipment financing 8,677 376 9,828 1,584 Commercial portfolio 251,118 14,855 179,134 25,661 Residential 8,589 1,690 5,704 856 Home equity 22,934 11,546 23,545 12,471 Other consumer 200 38 142 49 Consumer portfolio 31,723 13,274 29,391 13,376 Total $ 282,841 $ 28,129 $ 208,525 $ 39,037 |
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, 2024 2023 (In thousands) Commercial Portfolio Consumer Portfolio Total Commercial Portfolio Consumer Portfolio Total ACL on loans and leases: Balance, beginning of period $ 577,663 $ 58,074 $ 635,737 $ 533,125 $ 61,616 $ 594,741 Adoption of ASU No. 2022-02 — — — 7,704 (1,831) 5,873 Provision (benefit) 49,354 (6,160) 43,194 38,757 (936) 37,821 Charge-offs (38,461) (1,330) (39,791) (26,410) (1,098) (27,508) Recoveries 553 1,749 2,302 1,574 1,413 2,987 Balance, end of period $ 589,109 $ 52,333 $ 641,442 $ 554,750 $ 59,164 $ 613,914 Individually evaluated for credit losses 60,786 4,209 64,995 27,459 8,590 36,049 Collectively evaluated for credit losses $ 528,323 $ 48,124 $ 576,447 $ 527,291 $ 50,574 $ 577,865 |
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, 2024 (In thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage: Risk rating: Pass $ 663,424 $ 2,467,862 $ 3,900,425 $ 1,315,230 $ 686,594 $ 1,480,383 $ 5,511,758 $ 16,025,676 Special mention — 54,770 56,426 47,247 32,684 11,246 34,044 236,417 Substandard — 77,736 127,796 41,141 26,857 48,295 112,126 433,951 Doubtful — — — — — 26 — 26 Total commercial non-mortgage 663,424 2,600,368 4,084,647 1,403,618 746,135 1,539,950 5,657,928 16,696,070 Current period gross write-offs — 240 21,228 9,118 353 766 — 31,705 Asset-based: Risk rating: Pass 7,552 20,276 — — — 28,179 1,264,087 1,320,094 Special mention — 927 732 — — 3,497 16,527 21,683 Substandard — — — — — 1,152 149,957 151,109 Total asset-based 7,552 21,203 732 — — 32,828 1,430,571 1,492,886 Current period gross write-offs — — — — — — — — Commercial real estate: Risk rating: Pass 575,902 2,319,662 3,557,239 1,748,708 1,138,226 4,032,725 151,615 13,524,077 Special mention — 19,635 4,675 20,978 29,561 116,552 — 191,401 Substandard — 29,149 22,571 6,546 59,648 138,314 1,210 257,438 Total commercial real estate 575,902 2,368,446 3,584,485 1,776,232 1,227,435 4,287,591 152,825 13,972,916 Current period gross write-offs — — — 1,399 — 860 — 2,259 Multi-family: Risk rating: Pass 393,731 1,638,357 1,921,264 1,057,961 384,683 2,447,598 — 7,843,594 Special mention — — — — — 1,685 — 1,685 Substandard — — — — 359 50,948 — 51,307 Total multi-family 393,731 1,638,357 1,921,264 1,057,961 385,042 2,500,231 — 7,896,586 Current period gross write-offs — — — — — 1,128 — 1,128 Equipment financing: Risk rating: Pass 71,632 301,206 272,532 198,821 162,267 209,068 — 1,215,526 Special mention 52 16,448 3,207 5,938 229 8,368 — 34,242 Substandard 84 171 8,676 7,292 6,008 8,059 — 30,290 Total equipment financing 71,768 317,825 284,415 212,051 168,504 225,495 — 1,280,058 Current period gross write-offs — — — — — 3,369 — 3,369 Total commercial portfolio 1,712,377 6,946,199 9,875,543 4,449,862 2,527,116 8,586,095 7,241,324 41,338,516 Current period gross write-offs $ — $ 240 $ 21,228 $ 10,517 $ 353 $ 6,123 $ — $ 38,461 At December 31, 2023 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Commercial non-mortgage: Pass $ 2,602,444 $ 4,089,327 $ 1,371,139 $ 711,362 $ 610,199 $ 952,097 $ 5,970,588 $ 16,307,156 Special mention 15,184 60,240 61,235 33,111 — 720 48,561 219,051 Substandard 48,849 104,087 23,258 28,222 44,612 30,426 79,778 359,232 Doubtful — 8 — — 3 25 — 36 Total commercial non-mortgage 2,666,477 4,253,662 1,455,632 772,695 654,814 983,268 6,098,927 16,885,475 Current period gross write-offs 325 7,637 1,775 512 969 4,391 — 15,609 Asset-based: Pass 23,007 — — — 3,280 34,999 1,333,271 1,394,557 Special mention 651 763 — — 3,676 — 29,610 34,700 Substandard — — — — 1,330 — 127,254 128,584 Total asset-based 23,658 763 — — 8,286 34,999 1,490,135 1,557,841 Current period gross write-offs — — — — 13,189 3,900 — 17,089 Commercial real estate: Pass 2,265,428 3,502,425 1,831,005 1,195,732 1,193,642 3,112,770 176,668 13,277,670 Special mention 850 4,675 14,463 31,405 23,443 37,688 1,210 113,734 Substandard 25,802 16,179 9,545 15,418 58,602 52,812 — 178,358 Total commercial real estate 2,292,080 3,523,279 1,855,013 1,242,555 1,275,687 3,203,270 177,878 13,569,762 Current period gross write-offs 4,632 — 12,617 3,813 2,754 38,569 — 62,385 Multi-family: Pass 1,597,599 1,934,100 1,041,416 442,888 595,676 1,920,618 — 7,532,297 Special mention — — — — 260 35,942 — 36,202 Substandard — — — 364 11,563 7,544 — 19,471 Total multi-family 1,597,599 1,934,100 1,041,416 443,252 607,499 1,964,104 — 7,587,970 Current period gross write-offs — — — — — 3,447 — 3,447 Equipment financing: Pass 335,874 297,186 232,304 176,061 183,679 69,927 — 1,295,031 Special mention — — 116 — 90 — — 206 Substandard — 9,144 8,064 6,600 4,285 5,456 — 33,549 Total equipment financing 335,874 306,330 240,484 182,661 188,054 75,383 — 1,328,786 Current period gross write-offs — — — 2,633 3,304 42 — 5,979 Total commercial portfolio 6,915,688 10,018,134 4,592,545 2,641,163 2,734,340 6,261,024 7,766,940 40,929,834 Current period gross write-offs $ 4,957 $ 7,637 $ 14,392 $ 6,958 $ 20,216 $ 50,349 $ — $ 104,509 The following tables summarize the amortized cost basis of consumer loans by FICO score and origination year: At March 31, 2024 (In thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Amortized Cost Basis Total Residential: Risk rating: 800+ $ 31,773 $ 258,518 $ 876,330 $ 1,085,654 $ 425,046 $ 1,029,578 $ — $ 3,706,899 740-799 63,609 336,781 660,935 748,992 300,885 713,330 — 2,824,532 670-739 16,063 139,978 334,526 284,846 88,711 518,781 — 1,382,905 580-669 887 18,590 49,910 43,025 17,029 106,517 — 235,958 579 and below — 1,391 10,072 12,128 782 51,487 — 75,860 Total residential 112,332 755,258 1,931,773 2,174,645 832,453 2,419,693 — 8,226,154 Current period gross write-offs — — — — — 64 — 64 Home equity: Risk rating: 800+ 1,319 28,064 26,971 34,581 25,209 61,331 381,942 559,417 740-799 1,373 23,922 19,804 26,051 12,507 37,911 333,256 454,824 670-739 3,970 14,475 14,413 15,265 7,083 30,424 241,202 326,832 580-669 354 3,097 3,783 2,555 1,237 13,881 73,203 98,110 579 and below — 198 1,514 733 232 4,172 33,388 40,237 Total home equity 7,016 69,756 66,485 79,185 46,268 147,719 1,062,991 1,479,420 Current period gross write-offs — — — — — 177 — 177 Other consumer: Risk rating: 800+ 56 482 373 1,875 142 462 30,934 34,324 740-799 9 975 536 465 596 833 6,149 9,563 670-739 392 618 435 324 720 781 4,520 7,790 580-669 146 122 176 92 118 250 1,134 2,038 579 and below — 77 97 49 14 31 569 837 Total other consumer 603 2,274 1,617 2,805 1,590 2,357 43,306 54,552 Current period gross write-offs 890 — 11 18 26 144 — 1,089 Total consumer portfolio 119,951 827,288 1,999,875 2,256,635 880,311 2,569,769 1,106,297 9,760,126 Current period gross write-offs $ 890 $ — $ 11 $ 18 $ 26 $ 385 $ — $ 1,330 At December 31, 2023 (In thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Amortized Cost Basis Total Residential: Risk rating: 800+ $ 214,446 $ 847,009 $ 1,096,109 $ 451,307 $ 141,919 $ 910,117 $ — $ 3,660,907 740-799 363,696 703,568 755,750 279,946 112,303 633,578 — 2,848,841 670-739 137,460 293,699 292,255 95,838 48,412 346,663 — 1,214,327 580-669 20,208 52,962 45,770 14,840 10,492 106,497 — 250,769 579 and below 6,909 52,690 11,749 1,345 128,714 51,672 — 253,079 Total residential 742,719 1,949,928 2,201,633 843,276 441,840 2,048,527 — 8,227,923 Current period gross write-offs — — 387 — 153 4,630 — 5,170 Home equity: Risk rating: 800+ 27,047 27,439 35,927 25,586 8,110 56,062 391,616 571,787 740-799 24,772 20,069 27,147 13,888 5,158 34,190 355,926 481,150 670-739 15,857 15,655 15,389 5,992 3,189 29,454 242,189 327,725 580-669 3,080 3,786 1,991 1,658 1,115 9,988 70,102 91,720 579 and below 696 1,109 1,079 576 552 6,319 34,242 44,573 Total home equity 71,452 68,058 81,533 47,700 18,124 136,013 1,094,075 1,516,955 Current period gross write-offs — 4 81 — 104 3,114 — 3,303 Other consumer: Risk rating: 800+ 432 356 1,913 189 255 77 25,699 28,921 740-799 1,318 586 486 730 690 381 7,180 11,371 670-739 526 570 358 981 1,210 79 3,549 7,273 580-669 69 169 129 153 303 56 1,983 2,862 579 and below 125 97 61 11 28 1 590 913 Total other consumer 2,470 1,778 2,947 2,064 2,486 594 39,001 51,340 Current period gross write-offs 3,263 7 2 218 377 363 — 4,230 Total consumer portfolio 816,641 2,019,764 2,286,113 893,040 462,450 2,185,134 1,133,076 9,796,218 Current period gross write-offs $ 3,263 $ 11 $ 470 $ 218 $ 634 $ 8,107 $ — $ 12,703 |
Troubled Debt Restructurings on Financing Receivables | The following tables summarize the amortized cost basis at March 31, 2024, and 2023, of loans modified to borrowers experiencing financial difficulty, disaggregated by class and type of concession granted: For the three months ended March 31, 2024 (In thousands) Interest Rate Reduction Term Extension Payment Delay Combination - Term Extension and Interest Rate Reduction Total % of Total Class (2) Commercial non-mortgage $ 1,934 $ 18,124 $ 50,038 $ 1,099 $ 71,195 0.4 % Asset-based — 1,667 — — 1,667 0.1 Commercial real estate — 7,753 — — 7,753 0.1 Multi-family — 49,990 — — 49,990 0.6 Equipment financing — 556 — — 556 — Residential 629 — — 135 764 — Home equity — — — 65 65 — Total (1) $ 2,563 $ 78,090 $ 50,038 $ 1,299 $ 131,990 0.3 % For the three months ended March 31, 2023 (In thousands) Interest Rate Reduction Term Extension Combination - 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 $0.8 million and $0.2 million at March 31, 2024, and 2023, respectively. (2) Represents the total amortized cost of the loans modified as a percentage of the total period end loan balance by class. The following tables describe the financial effect of the modifications made to borrowers experiencing financial difficulty: For the three months ended March 31, 2024 Financial Effect (1) Interest Rate Reduction: Commercial non-mortgage Reduced weighted average interest rate by 2.5% Term Extension: Commercial non-mortgage Extended term by a weighted average of 0.5 years Asset-based Extended term by a weighted average of 0.3 years Commercial real estate Extended term by a weighted average of 0.3 years Multi-family Extended term by a weighted average of 0.7 years Payment Delay: Commercial non-mortgage Provided payment deferrals for a weighted average of 0.5 years For 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 of 0.6 years Commercial real estate Extended term by a weighted average of 1.0 year Home equity Extended term by a weighted average of 8.8 years Combination - Term Extension and Interest Rate Reduction: Home equity Extended term by a weighted average of 5.1 years and reduced weighted average interest rate by 1.5% (1) Certain disclosures related to financial effects of modifications do not include those deemed to be immaterial. |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 $ 2,631,465 $ 2,514,104 Ametros acquisition (1) 236,603 — interLINK acquisition — 143,216 Bend acquisition — (294) Sterling merger — (25,561) Balance, end of period $ 2,868,068 $ 2,631,465 (1) Reflects the $228.2 million of preliminary goodwill recorded in connection with the Ametros acquisition in January 2024, and $8.4 million of other adjustments. |
Schedule of Finite-Lived Intangible Assets | The following table summarizes other intangible assets: At March 31, 2024 At December 31, 2023 (In thousands) Gross Carrying Accumulated Net Carrying Gross Carrying Accumulated Net Carrying Core deposits (1) $ 328,837 $ 59,239 $ 269,598 $ 146,037 $ 53,986 $ 92,051 Customer relationships 151,000 46,654 104,346 151,000 43,116 107,884 Non-competition agreement 4,000 1,000 3,000 4,000 800 3,200 Trade name (1) 6,100 203 5,897 — — — Total other intangible assets $ 489,937 $ 107,096 $ 382,841 $ 301,037 $ 97,902 $ 203,135 (1) The increase in the gross carrying amount is due to the Ametros acquisition in January 2024, which resulted in the identification and recognition of a $182.8 million core deposit intangible asset and a $6.1 million trade name. |
Schedule Of Future Amortization expense | The remaining estimated aggregate future amortization expense for other intangible assets is as follows: (In thousands) At March 31, 2024 (1) Remainder of 2024 $ 25,480 2025 31,094 2026 30,113 2027 29,558 2028 26,687 Thereafter 190,258 (1) As previously discussed in Note 2: Business Developments, the Company initiated a plan to actively sell its payroll finance and factored receivables loan portfolio, along with the related customer relationship intangible assets, in March 2024. The aggregate net carrying amount of the related customer relationship intangible assets was $49.7 million at March 31, 2024, and has been excluded from the Company’s estimate of remaining future amortization expense. |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 $ 10,212,509 $ 10,732,516 Interest-bearing: Health savings accounts 8,603,184 8,287,889 Checking 9,498,036 8,994,095 Money market 18,615,031 17,662,826 Savings 6,881,663 6,642,499 Time deposits 6,937,320 8,464,459 Total interest-bearing $ 50,535,234 $ 50,051,768 Total deposits $ 60,747,743 $ 60,784,284 Time deposits, money market, and interest-bearing checking obtained through brokers (1) $ 1,778,381 $ 3,673,733 Aggregate amount of time deposit accounts that exceeded the FDIC limit 1,348,498 1,221,887 Demand deposit overdrafts reclassified as loan balances 12,251 10,432 (1) Excludes $5.8 billion and $5.7 billion of money market sweep deposits received through interLINK at March 31, 2024, and December 31, 2023, respectively. |
Time Deposit Maturities | The following table summarizes the scheduled maturities of time deposits: (In thousands) At March 31, Remainder of 2024 $ 6,406,380 2025 414,440 2026 56,451 2027 33,809 2028 20,873 Thereafter 5,367 Total time deposits $ 6,937,320 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Repurchase Agreements | The following table summarizes securities sold under agreements to repurchase and other borrowings: At March 31, 2024 At December 31, 2023 (Dollars in thousands) Total Outstanding Rate Total Outstanding Rate Securities sold under agreements to repurchase (1) $ 126,886 0.12 % $ 358,387 3.43 % Federal funds purchased 235,000 5.44 100,000 5.48 Securities sold under agreements to repurchase and other borrowings $ 361,886 3.58 % $ 458,387 3.88 % (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, 2024 At December 31, 2023 (Dollars in thousands) Total Outstanding Weighted- Total Outstanding Weighted- Maturing within 1 year $ 3,650,000 5.50 % $ 2,350,000 5.53 % After 1 but within 2 years — — — — After 2 but within 3 years — — — — After 3 but within 4 years 456 1.36 235 — After 4 but within 5 years — — 228 2.75 After 5 years 9,474 2.08 9,555 2.07 Total FHLB advances $ 3,659,930 5.49 % $ 2,360,018 5.52 % Aggregate market value of assets pledged as collateral $ 20,238,325 $ 20,734,035 Remaining borrowing capacity at FHLB 10,779,412 12,535,423 |
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 $ — $ 132,550 4.100% Senior fixed-rate notes due March 25, 2029 (2) 326,766 328,104 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 (3) 77,320 77,320 Total senior and subordinated debt 903,086 1,036,974 Discount on senior fixed-rate notes (498) (537) Debt issuance cost on senior fixed-rate notes (1,337) (1,419) Premium on subordinated fixed-to-floating rate notes 13,269 13,802 Long-term debt (1) $ 914,520 $ 1,048,820 (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 fixed-rate notes in 2020. A basis adjustment of $26.8 million and $28.1 million at March 31, 2024, and December 31, 2023, respectively, is included in the carrying value and is being amortized over the remaining life of the senior fixed-rate notes. (3) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive (Loss) Income, Net of Tax (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 (loss), net of tax: Three months ended March 31, 2024 (In thousands) Investment Securities Available-for-Sale Derivative Instruments Defined Benefit Pension and Other Postretirement Benefit Plans Total Balance, beginning of period $ (517,450) $ (2,869) $ (30,252) $ (550,571) Other comprehensive (loss) income before reclassifications (45,392) (30,291) 251 (75,432) Amounts reclassified from accumulated other comprehensive (loss) 9,121 302 479 9,902 Other comprehensive (loss) income, net of tax (36,271) (29,989) 730 (65,530) Balance, end of period $ (553,721) $ (32,858) $ (29,522) $ (616,101) Three months ended March 31, 2023 (In thousands) Investment Securities Available-for-Sale 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) |
Schedule of Accumulated Other Comprehensive Loss | The following table further summarizes the amounts reclassified from accumulated other comprehensive (loss): Accumulated Other Comprehensive Three months ended Associated Line Item on the March 31, 2024 2023 (In thousands) Investment securities available-for-sale: Net unrealized holding (losses) $ (12,396) $ (20,483) (Loss) on sale of investment securities, net (1) Tax benefit 3,275 5,500 Income tax expense Net of tax $ (9,121) $ (14,983) Derivative instruments: Hedge terminations $ (34) $ (76) Interest expense Premium amortization (272) (736) Interest income Tax benefit 4 220 Income tax expense Net of tax $ (302) $ (592) Defined benefit pension and other postretirement benefit plans: Actuarial net loss amortization $ (657) $ (542) Other expense Tax benefit 178 147 Income tax expense Net of tax $ (479) $ (395) (1) |
Regulatory Capital and Restri_2
Regulatory Capital and Restrictions (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Actual (1) Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Webster Financial Corporation CET1 Risk-Based Capital $ 5,923,041 10.57 % $ 2,521,412 4.5 % $ 3,642,040 6.5 % Tier 1 Risk-Based Capital 6,207,020 11.08 3,361,883 6.0 4,482,510 8.0 Total Risk-Based Capital 7,400,017 13.21 4,482,510 8.0 5,603,138 10.0 Tier 1 Leverage Capital 6,207,020 8.51 2,916,558 4.0 3,645,697 5.0 Webster Bank CET1 Risk-Based Capital $ 6,588,389 11.78 % $ 2,516,948 4.5 % $ 3,635,591 6.5 % Tier 1 Risk-Based Capital 6,588,389 11.78 3,355,930 6.0 4,474,574 8.0 Total Risk-Based Capital 7,191,796 12.86 4,474,574 8.0 5,593,217 10.0 Tier 1 Leverage Capital 6,588,389 9.04 2,913,783 4.0 3,642,229 5.0 At December 31, 2023 Actual (1) Minimum Requirement Well Capitalized (Dollars in thousands) Amount Ratio Amount Ratio Amount Ratio Webster Financial Corporation CET1 Risk-Based Capital $ 6,188,433 11.11 % $ 2,507,190 4.5 % $ 3,621,497 6.5 % Tier 1 Risk-Based Capital 6,472,412 11.62 3,342,920 6.0 4,457,227 8.0 Total Risk-Based Capital 7,643,423 13.72 4,457,227 8.0 5,571,534 10.0 Tier 1 Leverage Capital 6,472,412 9.06 2,857,890 4.0 3,572,362 5.0 Webster Bank CET1 Risk-Based Capital $ 6,913,443 12.43 % $ 2,502,835 4.5 % $ 3,615,206 6.5 % Tier 1 Risk-Based Capital 6,913,443 12.43 3,337,113 6.0 4,449,484 8.0 Total Risk-Based Capital 7,494,332 13.47 4,449,484 8.0 5,561,855 10.0 Tier 1 Leverage Capital 6,913,443 9.69 2,855,212 4.0 3,569,015 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. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 December 31, 2023 Gross investment in LIHTC investments $ 1,293,847 $ 1,135,192 Accumulated amortization (161,612) (141,199) Net investment in LIHTC investments $ 1,132,235 $ 993,993 Unfunded commitments for LIHTC investments $ 683,133 $ 549,258 |
Schedule of Components of Income Tax Expense (Benefit) | The following table summarizes the amount of income tax credits and other income tax benefits, and investment amortization generated from the Company’s LIHTC investments, which are recognized as a component of income tax expense (benefit): Three months ended March 31, (In thousands) 2024 2023 Income tax credits and other income tax benefits from LIHTC investments $ (28,024) $ (21,898) Investment amortization from LIHTC investments 20,413 21,478 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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) 2024 2023 Net income $ 216,323 $ 221,004 Less: Preferred stock dividends 4,163 4,163 Net income available to common stockholders 212,160 216,841 Less: Earnings allocated to participating securities 2,101 1,845 Earnings applicable to common stockholders $ 210,059 $ 214,996 Weighted-average common shares outstanding - basic 170,445 172,766 Add: Effect of dilutive stock options and restricted stock 259 117 Weighted-average common shares outstanding - diluted 170,704 172,883 Basic earnings per common share $ 1.23 $ 1.24 Diluted earnings per common share 1.23 1.24 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 Asset Derivatives Liability Derivatives (In thousands) Notional Amounts Fair Value Notional Amounts Fair Value Designated as hedging instruments: Interest rate derivatives (1) $ 500,000 $ 263 $ 4,750,000 $ 44,366 Not designated as hedging instruments: Interest rate derivatives (1) 8,542,883 362,602 8,542,895 362,802 Mortgage banking derivatives (2) 1,463 15 — — Other (3) 364,396 662 744,777 225 Total not designated as hedging instruments 8,908,742 363,279 9,287,672 363,027 Gross derivative instruments, before netting $ 9,408,742 363,542 $ 14,037,672 407,393 Less: Master netting agreements 61,395 61,395 Cash collateral received/paid 285,297 — Total derivative instruments, after netting $ 16,850 $ 345,998 At December 31, 2023 Asset Derivatives Liability Derivatives (In thousands) Notional Amounts Fair Value Notional Amounts Fair Value Designated as hedging instruments: Interest rate derivatives (1) $ 2,750,000 $ 11,140 $ 2,700,000 $ 13,679 Not designated as hedging instruments: Interest rate derivatives (1) 8,284,356 319,122 8,272,197 321,064 Mortgage banking derivatives (2) 2,798 37 — — Other (3) 340,553 337 731,055 1,067 Total not designated as hedging instruments 8,627,707 319,496 9,003,252 322,131 Gross derivative instruments, before netting $ 11,377,707 330,636 $ 11,703,252 335,810 Less: Master netting agreements 55,949 55,949 Cash collateral received/paid 232,190 — Total derivative instruments, after netting $ 42,497 $ 279,861 (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. Notional amounts of interest rate swaps cleared through clearing houses included $91.0 million and $113.8 million for asset derivatives at March 31, 2024, and December 31, 2023, respectively. The related fair values approximated zero. There were no interest rate swaps cleared through clearing houses for liability derivatives at both March 31, 2024, and December 31, 2023. (2) Notional amounts related to residential loans excluded approved floating rate commitments of $1.7 million and $1.0 million at March 31, 2024, and December 31, 2023, 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 included $300.5 million and $299.2 million for asset derivatives and $707.6 million and $682.9 million for liability derivatives at March 31, 2024, and December 31, 2023, respectively, which had insignificant related fair values. |
Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables represent the off-setting derivative financial instruments that are subject to matter netting agreements: At March 31, 2024 (In thousands) Gross Amount Recognized Derivative Offset Amount Cash Collateral Received/Paid Net Amount Presented Asset derivatives $ 346,853 $ 61,395 $ 285,297 $ 161 Liability derivatives 61,395 61,395 — — At December 31, 2023 (In thousands) Gross Amount Recognized Derivative Offset Amount Cash Collateral Received/Paid Net Amount Presented Asset derivatives $ 289,778 $ 55,949 $ 232,190 $ 1,639 Liability derivatives 55,949 55,949 — — |
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 2024 2023 Fair value hedges: Interest rate derivatives Deposits interest expense $ (1,320) $ (10,235) Hedged item Deposits interest expense — 10,427 Net recognized on fair value hedges (1) $ 1,320 $ (192) Cash flow hedges: Interest rate derivatives Long-term debt interest expense $ 34 $ 76 Interest rate derivatives Interest and fees on loans and leases (10,764) (736) Net recognized on cash flow hedges $ (10,798) $ (812) |
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 2024 2023 Interest rate derivatives Other income $ 1,290 $ (3,687) Mortgage banking derivatives Mortgage banking activities (22) (16) Other Other income 1,277 (735) Total not designated as hedging instruments $ 2,545 $ (4,438) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Option, Disclosures | The following table compares the fair value to the UPB of originated loans held for sale: At March 31, 2024 At December 31, 2023 (In thousands) Fair Value UPB Difference Fair Value UPB Difference Originated loans held for sale $ 323 $ 316 $ 7 $ 2,610 $ 2,658 $ (48) |
Fair Value Measurement Inputs and Valuation Techniques | The following tables summarize the unobservable inputs used to derive the estimated fair value of the Company’s contingent consideration liabilities (dollars in thousands): At March 31, 2024 Agreement Maximum Amount Probability of Achievement Payment Term Discount Rate Fair Value (i) Re-sign broker dealers (1) $ 207 99.0 % 1.63 6.40 % $ 182 (ii) Deposit program growth $ 12,500 100.0 % 0.75 6.40 % $ 11,568 At December 31, 2023 Agreement Maximum Amount Probability of Achievement Payment Term Discount Rate Fair Value (i) Re-sign broker dealers (1) $ 4,826 99.0 % 1.88 6.40 % $ 4,232 (ii) Deposit program growth $ 12,500 100.0 % 1.00 6.40 % $ 11,568 (1) The Company re-signed one of the existing broker dealers under contract in January 2024, which resulted in the cash payment of $4.6 million during the three months ended March 31, 2024, to settle a portion of its contingent consideration obligation with StoneCastle Partners LLC in accordance with the purchase agreement. |
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, 2024 (In thousands) Level 1 Level 2 Level 3 Total Financial Assets: Available-for-sale securities: Government agency debentures $ — $ 262,488 $ — $ 262,488 Municipal bonds and notes — 1,207,350 — 1,207,350 Agency CMO — 46,236 — 46,236 Agency MBS — 3,364,414 — 3,364,414 Agency CMBS — 2,321,230 — 2,321,230 CMBS — 731,851 — 731,851 Corporate debt — 617,209 — 617,209 Private label MBS — 41,308 — 41,308 Other — 9,055 — 9,055 Total available-for-sale securities — 8,601,141 — 8,601,141 Gross derivative instruments, before netting (1) 594 362,948 — 363,542 Originated loans held for sale — 323 — 323 Investments held in Rabbi Trusts 12,545 — — 12,545 Alternative investments 1,221 — — 1,221 Alternative investments measured at NAV (2) — — — 38,620 Total financial assets $ 14,360 $ 8,964,412 $ — $ 9,017,392 Financial Liabilities: Gross derivative instruments, before netting (1) $ 160 $ 407,233 $ — $ 407,393 Contingent consideration — — 11,750 11,750 Total financial liabilities $ 160 $ 407,233 $ 11,750 $ 419,143 At December 31, 2023 (In thousands) Level 1 Level 2 Level 3 Total Financial Assets: Available-for-sale securities: Government agency debentures $ — $ 264,633 $ — $ 264,633 Municipal bonds and notes — 1,573,233 — 1,573,233 Agency CMO — 48,941 — 48,941 Agency MBS — 3,347,098 — 3,347,098 Agency CMBS — 2,288,071 — 2,288,071 CMBS — 763,749 — 763,749 Corporate debt — 622,155 — 622,155 Private label MBS — 42,808 — 42,808 Other — 9,041 — 9,041 Total available-for-sale securities — 8,959,729 — 8,959,729 Gross derivative instruments, before netting (1) 217 330,419 — 330,636 Originated loans held for sale — 2,610 — 2,610 Investments held in Rabbi Trusts 11,900 — — 11,900 Alternative investments 959 — — 959 Alternative investments measured at NAV (2) — — — 35,888 Total financial assets $ 13,076 $ 9,292,758 $ — $ 9,341,722 Financial Liabilities: Gross derivative instruments, before netting (1) $ 970 $ 334,840 $ — $ 335,810 Contingent consideration — — 15,800 15,800 Total financial liabilities $ 970 $ 334,840 $ 15,800 $ 351,610 (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 12: 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, 2024 At December 31, 2023 (In thousands) Carrying Fair Carrying Fair Assets: Level 1 Cash and cash equivalents $ 1,545,228 $ 1,545,228 $ 1,715,795 $ 1,715,795 Level 2 Held-to-maturity investment securities, net 7,679,891 6,782,867 7,074,588 6,264,623 Level 3 Loans and leases, net 50,457,200 48,348,067 50,090,315 48,048,106 Mortgage servicing rights 1,514 3,973 8,523 24,495 Liabilities: Level 2 Deposit liabilities $ 53,810,423 $ 53,810,423 $ 52,319,825 $ 52,319,825 Time deposits 6,937,320 6,902,736 8,464,459 8,426,708 Securities sold under agreements to repurchase and other borrowings 361,886 361,867 458,387 458,380 FHLB advances 3,659,930 3,657,612 2,360,018 2,358,381 Long-term debt (1) 914,520 852,877 1,048,820 999,918 (1) |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 (In thousands) Commercial Banking Healthcare Financial Services Consumer Banking Corporate and Reconciling Consolidated Total Goodwill $ 1,960,363 $ 285,670 $ 622,035 $ — $ 2,868,068 Total assets 42,286,247 509,012 12,268,347 21,098,087 76,161,693 At December 31, 2023 (In thousands) Commercial Banking Healthcare Financial Services Consumer Banking Corporate and Reconciling Consolidated Total Goodwill $ 1,951,945 $ 57,485 $ 622,035 $ — $ 2,631,465 Total assets 41,843,297 122,421 12,327,403 20,652,128 74,945,249 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, 2024 (In thousands) Commercial Banking Healthcare Financial Services Consumer Banking Corporate and Reconciling Consolidated Total Net interest income $ 341,942 $ 86,138 $ 205,777 $ (66,118) $ 567,739 Non-interest income 34,280 31,061 33,978 34 99,353 Non-interest expense 106,225 52,127 120,121 57,450 335,923 Pre-tax, pre-provision net revenue 269,997 65,072 119,634 (123,534) 331,169 Provision (benefit) for credit losses 47,283 — (4,089) 2,306 45,500 Income before income taxes 222,714 65,072 123,723 (125,840) 285,669 Income tax expense 49,220 17,114 30,436 (27,424) 69,346 Net income $ 173,494 $ 47,958 $ 93,287 $ (98,416) $ 216,323 Three months ended March 31, 2023 (In thousands) Commercial Banking Healthcare Financial Services Consumer Banking Corporate and Reconciling Consolidated Total Net interest income $ 360,293 $ 71,730 $ 234,604 $ (71,344) $ 595,283 Non-interest income 33,720 24,067 27,636 (14,657) 70,766 Non-interest expense 98,833 43,700 116,555 73,379 332,467 Pre-tax, pre-provision net revenue 295,180 52,097 145,685 (159,380) 333,582 Provision for credit losses 35,250 — 2,571 8,928 46,749 Income before income taxes 259,930 52,097 143,114 (168,308) 286,833 Income tax expense 57,964 14,066 35,922 (42,123) 65,829 Net income $ 201,966 $ 38,031 $ 107,192 $ (126,185) $ 221,004 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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 14: Segment Reporting. Three months ended March 31, 2024 (In thousands) Commercial Banking Healthcare Financial Services Consumer Banking Corporate and Consolidated Non-interest Income: Deposit service fees $ 5,842 $ 22,052 $ 14,796 $ (101) $ 42,589 Loan and lease related fees (1) 3,622 — — — 3,622 Wealth and investment services 3,178 — 4,751 (5) 7,924 Other income — 9,009 (183) 1,044 9,870 Revenue from contracts with customers 12,642 31,061 19,364 938 64,005 Other sources of non-interest income 21,638 — 14,614 (904) 35,348 Total non-interest income $ 34,280 $ 31,061 $ 33,978 $ 34 $ 99,353 Three months ended March 31, 2023 (In thousands) Commercial Banking Healthcare Financial Services Consumer Banking Corporate and Consolidated Non-interest Income: Deposit service fees $ 4,236 $ 22,092 $ 19,178 $ (70) $ 45,436 Loan and lease related fees (1) 4,427 — — — 4,427 Wealth and investment services 2,767 — 3,828 (8) 6,587 Other income — 1,975 358 932 3,265 Revenue from contracts with customers 11,430 24,067 23,364 854 59,715 Other sources of non-interest income 22,290 — 4,272 (15,511) 11,051 Total non-interest income $ 33,720 $ 24,067 $ 27,636 $ (14,657) $ 70,766 (1) A portion of Loan and lease related fees on the Condensed Consolidated Statements of Income comprises income generated from factored receivables and payroll financing activities that is within the scope of ASC Topic 606. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 Commitments to extend credit $ 11,171,394 $ 12,026,597 Standby letters of credit 497,573 482,462 Commercial letters of credit 36,300 54,382 Total credit-related financial instruments with off-balance sheet risk $ 11,705,267 $ 12,563,441 |
Mergers and Acquisitions - Narr
Mergers and Acquisitions - Narrative (Details) $ in Thousands | Feb. 12, 2024 USD ($) loan | Jan. 24, 2024 USD ($) | Jan. 11, 2023 USD ($) | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jan. 31, 2022 |
Business Acquisition [Line Items] | |||||||
Depositary share, interest in a share of preferred stock | 0.025 | ||||||
Goodwill | $ 2,868,068 | $ 2,631,465 | $ 2,514,104 | ||||
Loans held for sale ($323 and $2,610 valued under fair value option) | 239,763 | $ 6,541 | |||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Mortgage Servicing Portfolio | |||||||
Business Acquisition [Line Items] | |||||||
Proceeds from Divestiture of Businesses | $ 18,400 | ||||||
Mortgage Loans, Derecognition Of Mortgage Servicing Rights | $ 6,700 | ||||||
Number Of Mortgage Loans | loan | 9,184 | ||||||
Mortgage Loans, Unpaid Principal Balance | $ 1,400,000 | ||||||
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 11,700 | ||||||
Disposal Group, Held-for-Sale, Not Discontinued Operations | Commercial Services Business | |||||||
Business Acquisition [Line Items] | |||||||
Loans held for sale ($323 and $2,610 valued under fair value option) | 49,700 | ||||||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Costs, Related Assets And Liabilities To Be Sold | $ 220,200 | ||||||
interLINK | |||||||
Business Acquisition [Line Items] | |||||||
Equity interests acquired | 100% | ||||||
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 | ||||||
Ametros | |||||||
Business Acquisition [Line Items] | |||||||
Equity interests acquired | 99.40% | ||||||
Goodwill | $ 228,185 | ||||||
Cash consideration | 359,700 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 152,439 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 20,391 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Members Funds | 288,167 | ||||||
Business Combinations, Recognized Identifiable Assets Acquired And Liabilities Assumed, Operating Lease Liabilities | 838 | ||||||
Business Combinations, Recognized Identifiable Assets Acquired And Liabilities Assumed, Accrued Expenses | $ 4,270 |
Mergers and Acquisitions - Summ
Mergers and Acquisitions - Summary of Purchase Price Allocation (Details) - USD ($) $ in Thousands | Jan. 24, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||
Goodwill | $ 2,868,068 | $ 2,631,465 | $ 2,514,104 | |
Ametros | ||||
Business Acquisition [Line Items] | ||||
Total consideration | $ 378,424 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash and Equivalents | 310 | |||
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Assets, Net | (35,889) | |||
Premises and equipment | 1,078 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill | 188,900 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Other Noncurrent Assets | 291,768 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets | 446,167 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities [Abstract] | ||||
Business Combination, Recognized Identifiable Liabilities Assumed, Interest Bearing Deposit Liabilities | (20,622) | |||
Accrued expenses and other liabilities | 314,350 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities | 293,728 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 152,439 | |||
Goodwill | 228,185 | |||
Cash consideration | 359,700 | |||
Debt Instrument, Decrease, Forgiveness | 12,900 | |||
Business Combination, Separately Recognized Transactions, Liabilities Recognized | 5,800 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Funds Held In Escrow | 288,167 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Receivables | 2,435 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets | 1,166 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Accounts Payable | 684 | |||
Business Combinations, Recognized Identifiable Assets Acquired And Liabilities Assumed, Accrued Expenses | 4,270 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Deferred Revenue | 20,391 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Members Funds | 288,167 | |||
Business Combinations, Recognized Identifiable Assets Acquired And Liabilities Assumed, Operating Lease Liabilities | 838 | |||
Business Combination, Recognized Identifiable Assets Acquired And Liabilities Assumed, Pre Existing Equity Interest | 2,200 | |||
Business Combination, Amount Held In Operating Cash Account | $ 20,600 | |||
Business Combination, Step Acquisition, Equity Interest in Acquiree, Percentage | 0.60% | |||
Equity interests acquired | 99.40% | |||
Business Combination, Gain (Loss) In Other Income | $ 1,500 |
Investment Securities (Summary
Investment Securities (Summary Of Debt Securities Available-for-Sale) (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) holding | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) holding | |
Debt Securities, Available-for-sale [Abstract] | |||
Amortized Cost - Total available-for-sale debt securities | $ 9,359,626 | $ 9,668,422 | |
Unrealized Gains | 32,166 | 50,673 | |
Unrealized Losses | (790,651) | (759,366) | |
Investment securities available-for-sale, at fair value | 8,601,141 | 8,959,729 | |
Less than 12 months, fair value | 662,633 | 567,445 | |
Less than 12 months, unrealized losses | (17,189) | (17,416) | |
12 months or more, fair value | 6,113,467 | 6,499,763 | |
12 months or more, unrealized losses | $ (773,462) | $ (741,950) | |
Total, number of holdings | holding | 1,145 | 1,181 | |
Total, fair value | $ 6,776,100 | $ 7,067,208 | |
Total, unrealized losses | (790,651) | (759,366) | |
Amortized Cost | |||
Maturing within 1 year | 32,356 | ||
After 1 year through 5 years | 597,123 | ||
After 5 through 10 years | 1,271,850 | ||
After 10 years | 7,458,297 | ||
Amortized Cost - Total available-for-sale debt securities | 9,359,626 | 9,668,422 | |
Fair Value | |||
Maturing within 1 year | 31,621 | ||
After 1 year through 5 years | 565,463 | ||
After 5 through 10 years | 1,173,728 | ||
After 10 years | 6,830,329 | ||
Fair Value, Total available-for-sale debt securities | 8,601,141 | 8,959,729 | |
Available-for-sale securities pledged | 8,105,862 | 8,213,545 | |
Debt Securities, Available-for-sale, Realized Gain | 2,240 | $ 0 | |
Debt Securities, Available-for-Sale, Realized Loss | (14,636) | $ (20,483) | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |||
Less than 12 months, fair value | 662,633 | 567,445 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 17,189 | 17,416 | |
12 months or more, fair value | 6,113,467 | 6,499,763 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 773,462 | $ 741,950 | |
Total, number of holdings | holding | 1,145 | 1,181 | |
Total, fair value | $ 6,776,100 | $ 7,067,208 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 790,651 | 759,366 | |
Government agency debentures | |||
Debt Securities, Available-for-sale [Abstract] | |||
Amortized Cost - Total available-for-sale debt securities | 302,261 | 302,212 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | (39,773) | (37,579) | |
Investment securities available-for-sale, at fair value | 262,488 | 264,633 | |
12 months or more, fair value | 262,488 | 264,633 | |
12 months or more, unrealized losses | $ (39,773) | $ (37,579) | |
Total, number of holdings | holding | 19 | 19 | |
Total, fair value | $ 262,488 | $ 264,633 | |
Total, unrealized losses | (39,773) | (37,579) | |
Amortized Cost | |||
Amortized Cost - Total available-for-sale debt securities | 302,261 | 302,212 | |
Fair Value | |||
Fair Value, Total available-for-sale debt securities | 262,488 | 264,633 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |||
12 months or more, fair value | 262,488 | 264,633 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 39,773 | $ 37,579 | |
Total, number of holdings | holding | 19 | 19 | |
Total, fair value | $ 262,488 | $ 264,633 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 39,773 | 37,579 | |
Municipal bonds and notes | |||
Debt Securities, Available-for-sale [Abstract] | |||
Amortized Cost - Total available-for-sale debt securities | 1,257,643 | 1,626,126 | |
Unrealized Gains | 23 | 8 | |
Unrealized Losses | (50,316) | (52,901) | |
Investment securities available-for-sale, at fair value | 1,207,350 | 1,573,233 | |
Less than 12 months, fair value | 16,078 | 18,066 | |
Less than 12 months, unrealized losses | (179) | (124) | |
12 months or more, fair value | 1,180,389 | 1,536,656 | |
12 months or more, unrealized losses | $ (50,137) | $ (52,777) | |
Total, number of holdings | holding | 346 | 386 | |
Total, fair value | $ 1,196,467 | $ 1,554,722 | |
Total, unrealized losses | (50,316) | (52,901) | |
Amortized Cost | |||
Amortized Cost - Total available-for-sale debt securities | 1,257,643 | 1,626,126 | |
Fair Value | |||
Fair Value, Total available-for-sale debt securities | 1,207,350 | 1,573,233 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |||
Less than 12 months, fair value | 16,078 | 18,066 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 179 | 124 | |
12 months or more, fair value | 1,180,389 | 1,536,656 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 50,137 | $ 52,777 | |
Total, number of holdings | holding | 346 | 386 | |
Total, fair value | $ 1,196,467 | $ 1,554,722 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 50,316 | 52,901 | |
Agency CMO | |||
Debt Securities, Available-for-sale [Abstract] | |||
Amortized Cost - Total available-for-sale debt securities | 50,422 | 52,994 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | (4,186) | (4,053) | |
Investment securities available-for-sale, at fair value | 46,236 | 48,941 | |
12 months or more, fair value | 46,236 | 48,941 | |
12 months or more, unrealized losses | $ (4,186) | $ (4,053) | |
Total, number of holdings | holding | 36 | 36 | |
Total, fair value | $ 46,236 | $ 48,941 | |
Total, unrealized losses | (4,186) | (4,053) | |
Amortized Cost | |||
Amortized Cost - Total available-for-sale debt securities | 50,422 | 52,994 | |
Fair Value | |||
Fair Value, Total available-for-sale debt securities | 46,236 | 48,941 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |||
12 months or more, fair value | 46,236 | 48,941 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 4,186 | $ 4,053 | |
Total, number of holdings | holding | 36 | 36 | |
Total, fair value | $ 46,236 | $ 48,941 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 4,186 | 4,053 | |
Agency MBS | |||
Debt Securities, Available-for-sale [Abstract] | |||
Amortized Cost - Total available-for-sale debt securities | 3,629,162 | 3,568,140 | |
Unrealized Gains | 19,414 | 32,461 | |
Unrealized Losses | (284,162) | (253,503) | |
Investment securities available-for-sale, at fair value | 3,364,414 | 3,347,098 | |
Less than 12 months, fair value | 187,534 | 71,187 | |
Less than 12 months, unrealized losses | (892) | (272) | |
12 months or more, fair value | 1,930,864 | 1,945,221 | |
12 months or more, unrealized losses | $ (283,270) | $ (253,231) | |
Total, number of holdings | holding | 462 | 457 | |
Total, fair value | $ 2,118,398 | $ 2,016,408 | |
Total, unrealized losses | (284,162) | (253,503) | |
Amortized Cost | |||
Amortized Cost - Total available-for-sale debt securities | 3,629,162 | 3,568,140 | |
Fair Value | |||
Fair Value, Total available-for-sale debt securities | 3,364,414 | 3,347,098 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |||
Less than 12 months, fair value | 187,534 | 71,187 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 892 | 272 | |
12 months or more, fair value | 1,930,864 | 1,945,221 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 283,270 | $ 253,231 | |
Total, number of holdings | holding | 462 | 457 | |
Total, fair value | $ 2,118,398 | $ 2,016,408 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 284,162 | 253,503 | |
Agency CMBS | |||
Debt Securities, Available-for-sale [Abstract] | |||
Amortized Cost - Total available-for-sale debt securities | 2,619,079 | 2,569,438 | |
Unrealized Gains | 12,555 | 18,204 | |
Unrealized Losses | (310,404) | (299,571) | |
Investment securities available-for-sale, at fair value | 2,321,230 | 2,288,071 | |
Less than 12 months, fair value | 424,108 | 430,070 | |
Less than 12 months, unrealized losses | (16,031) | (16,137) | |
12 months or more, fair value | 1,356,358 | 1,314,681 | |
12 months or more, unrealized losses | $ (294,373) | $ (283,434) | |
Total, number of holdings | holding | 148 | 145 | |
Total, fair value | $ 1,780,466 | $ 1,744,751 | |
Total, unrealized losses | (310,404) | (299,571) | |
Amortized Cost | |||
Amortized Cost - Total available-for-sale debt securities | 2,619,079 | 2,569,438 | |
Fair Value | |||
Fair Value, Total available-for-sale debt securities | 2,321,230 | 2,288,071 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |||
Less than 12 months, fair value | 424,108 | 430,070 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 16,031 | 16,137 | |
12 months or more, fair value | 1,356,358 | 1,314,681 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 294,373 | $ 283,434 | |
Total, number of holdings | holding | 148 | 145 | |
Total, fair value | $ 1,780,466 | $ 1,744,751 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 310,404 | 299,571 | |
CMBS | |||
Debt Securities, Available-for-sale [Abstract] | |||
Amortized Cost - Total available-for-sale debt securities | 752,086 | 788,478 | |
Unrealized Gains | 32 | 0 | |
Unrealized Losses | (20,267) | (24,729) | |
Investment securities available-for-sale, at fair value | 731,851 | 763,749 | |
Less than 12 months, fair value | 34,913 | 43,844 | |
Less than 12 months, unrealized losses | (87) | (856) | |
12 months or more, fair value | 674,009 | 719,905 | |
12 months or more, unrealized losses | $ (20,180) | $ (23,873) | |
Total, number of holdings | holding | 40 | 42 | |
Total, fair value | $ 708,922 | $ 763,749 | |
Total, unrealized losses | (20,267) | (24,729) | |
Amortized Cost | |||
Amortized Cost - Total available-for-sale debt securities | 752,086 | 788,478 | |
Fair Value | |||
Fair Value, Total available-for-sale debt securities | 731,851 | 763,749 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |||
Less than 12 months, fair value | 34,913 | 43,844 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 87 | 856 | |
12 months or more, fair value | 674,009 | 719,905 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 20,180 | $ 23,873 | |
Total, number of holdings | holding | 40 | 42 | |
Total, fair value | $ 708,922 | $ 763,749 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 20,267 | 24,729 | |
Corporate debt | |||
Debt Securities, Available-for-sale [Abstract] | |||
Amortized Cost - Total available-for-sale debt securities | 693,093 | 704,569 | |
Unrealized Gains | 142 | 0 | |
Unrealized Losses | (76,026) | (82,414) | |
Investment securities available-for-sale, at fair value | 617,209 | 622,155 | |
Less than 12 months, fair value | 0 | 4,278 | |
Less than 12 months, unrealized losses | 0 | (27) | |
12 months or more, fair value | 612,760 | 617,877 | |
12 months or more, unrealized losses | $ (76,026) | $ (82,387) | |
Total, number of holdings | holding | 89 | 91 | |
Total, fair value | $ 612,760 | $ 622,155 | |
Total, unrealized losses | (76,026) | (82,414) | |
Amortized Cost | |||
Amortized Cost - Total available-for-sale debt securities | 693,093 | 704,569 | |
Fair Value | |||
Fair Value, Total available-for-sale debt securities | 617,209 | 622,155 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |||
Less than 12 months, fair value | 0 | 4,278 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 27 | |
12 months or more, fair value | 612,760 | 617,877 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 76,026 | $ 82,387 | |
Total, number of holdings | holding | 89 | 91 | |
Total, fair value | $ 612,760 | $ 622,155 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 76,026 | 82,414 | |
Private label MBS | |||
Debt Securities, Available-for-sale [Abstract] | |||
Amortized Cost - Total available-for-sale debt securities | 46,044 | 46,635 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | (4,736) | (3,827) | |
Investment securities available-for-sale, at fair value | 41,308 | 42,808 | |
Less than 12 months, fair value | 0 | 0 | |
Less than 12 months, unrealized losses | 0 | 0 | |
12 months or more, fair value | 41,308 | 42,808 | |
12 months or more, unrealized losses | $ (4,736) | $ (3,827) | |
Total, number of holdings | holding | 3 | 3 | |
Total, fair value | $ 41,308 | $ 42,808 | |
Total, unrealized losses | (4,736) | (3,827) | |
Amortized Cost | |||
Amortized Cost - Total available-for-sale debt securities | 46,044 | 46,635 | |
Fair Value | |||
Fair Value, Total available-for-sale debt securities | 41,308 | 42,808 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |||
Less than 12 months, fair value | 0 | 0 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 0 | |
12 months or more, fair value | 41,308 | 42,808 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 4,736 | $ 3,827 | |
Total, number of holdings | holding | 3 | 3 | |
Total, fair value | $ 41,308 | $ 42,808 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 4,736 | 3,827 | |
Other | |||
Debt Securities, Available-for-sale [Abstract] | |||
Amortized Cost - Total available-for-sale debt securities | 9,836 | 9,830 | |
Unrealized Gains | 0 | 0 | |
Unrealized Losses | (781) | (789) | |
Investment securities available-for-sale, at fair value | 9,055 | 9,041 | |
12 months or more, fair value | 9,055 | 9,041 | |
12 months or more, unrealized losses | $ (781) | $ (789) | |
Total, number of holdings | holding | 2 | 2 | |
Total, fair value | $ 9,055 | $ 9,041 | |
Total, unrealized losses | (781) | (789) | |
Amortized Cost | |||
Amortized Cost - Total available-for-sale debt securities | 9,836 | 9,830 | |
Fair Value | |||
Fair Value, Total available-for-sale debt securities | 9,055 | 9,041 | |
Debt Securities, Available-for-Sale, Unrealized Loss Position [Line Items] | |||
12 months or more, fair value | 9,055 | 9,041 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 781 | $ 789 | |
Total, number of holdings | holding | 2 | 2 | |
Total, fair value | $ 9,055 | $ 9,041 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | 781 | 789 | |
Pledged For Borrowings | |||
Fair Value | |||
Available-for-sale securities pledged | 5,687,136 | 6,111,430 | |
Pledged For Municipal Deposits | |||
Fair Value | |||
Available-for-sale securities pledged | $ 2,418,726 | $ 2,102,115 |
Investment Securities (Summar_2
Investment Securities (Summary of Held-to-Maturity Debt Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||||
Amortized Cost | $ 7,680,075 | $ 7,074,797 | ||
Unrealized Gains | 13,692 | 22,167 | ||
Unrealized Losses | (910,900) | (832,341) | ||
Fair Value | 6,782,867 | 6,264,623 | ||
Allowance | 184 | 209 | $ 282 | $ 182 |
Net Carrying Value | 7,679,891 | 7,074,588 | ||
Interest receivable | 22,600 | 24,900 | ||
Moody's, Aaa Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 432,551 | 433,554 | ||
Moody's, Aa1 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 6,832,510 | 6,221,233 | ||
Moody's, Aa2 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 252,852 | 253,671 | ||
Moody's, Aa3 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 111,277 | 115,404 | ||
Moody's, A1 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 32,690 | 32,732 | ||
Moody's, Not Rated | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 14,030 | 14,038 | ||
Agency CMO | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 22,489 | 23,470 | ||
Unrealized Gains | 0 | 0 | ||
Unrealized Losses | (1,938) | (1,728) | ||
Fair Value | 20,551 | 21,742 | ||
Allowance | 0 | 0 | ||
Net Carrying Value | 22,489 | 23,470 | ||
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 | 22,489 | 23,470 | ||
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, Not Rated | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency MBS | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 2,618,783 | 2,409,521 | ||
Unrealized Gains | 1,429 | 1,141 | ||
Unrealized Losses | (327,351) | (284,776) | ||
Fair Value | 2,292,861 | 2,125,886 | ||
Allowance | 0 | 0 | ||
Net Carrying Value | 2,618,783 | 2,409,521 | ||
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 | 2,618,783 | 2,409,521 | ||
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, Not Rated | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Agency CMBS | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 4,028,799 | 3,625,627 | ||
Unrealized Gains | 11,580 | 18,586 | ||
Unrealized Losses | (540,641) | (514,534) | ||
Fair Value | 3,499,738 | 3,129,679 | ||
Allowance | 0 | 0 | ||
Net Carrying Value | 4,028,799 | 3,625,627 | ||
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 | 4,028,799 | 3,625,627 | ||
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, Not Rated | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 0 | 0 | ||
Municipal bonds and notes | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 910,422 | 916,104 | ||
Unrealized Gains | 683 | 2,440 | ||
Unrealized Losses | (34,953) | (24,877) | ||
Fair Value | 876,152 | 893,667 | ||
Allowance | 184 | 209 | ||
Net Carrying Value | 910,238 | 915,895 | ||
Municipal bonds and notes | Moody's, Aaa Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 332,969 | 333,479 | ||
Municipal bonds and notes | Moody's, Aa1 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 162,439 | 162,615 | ||
Municipal bonds and notes | Moody's, Aa2 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 252,852 | 253,671 | ||
Municipal bonds and notes | Moody's, Aa3 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 111,277 | 115,404 | ||
Municipal bonds and notes | Moody's, A1 Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 32,690 | 32,732 | ||
Municipal bonds and notes | Moody's, Not Rated | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 14,030 | 14,038 | ||
CMBS | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 99,582 | 100,075 | ||
Unrealized Gains | 0 | 0 | ||
Unrealized Losses | (6,017) | (6,426) | ||
Fair Value | 93,565 | 93,649 | ||
Allowance | 0 | 0 | ||
Net Carrying Value | 99,582 | 100,075 | ||
CMBS | Moody's, Aaa Rating | ||||
Schedule of Investments [Line Items] | ||||
Amortized Cost | 99,582 | 100,075 | ||
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, 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, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sale of available-for-sale securities | $ 331,690 | $ 395,358 |
Investments Securities (Allowan
Investments Securities (Allowance for Credit Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward] | ||
Balance, beginning of period | $ 209 | $ 182 |
(Benefit) provision for credit losses | (25) | 100 |
Balance, end of period | $ 184 | $ 282 |
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, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Maturing within 1 year | $ 29,846 | |
After 1 year through 5 years | 94,598 | |
After 5 through 10 years | 299,712 | |
After 10 years | 7,255,919 | |
Amortized Cost | 7,680,075 | $ 7,074,797 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Maturing within 1 year | 29,771 | |
After 1 year through 5 years | 89,326 | |
After 5 through 10 years | 288,067 | |
After 10 years | 6,375,703 | |
Fair Value | 6,782,867 | 6,264,623 |
Held-to-maturity securities pledged | 7,290,556 | 6,795,203 |
Moody's, Aaa Rating | ||
Amortized Cost | ||
Amortized Cost | 432,551 | 433,554 |
Moody's, Aa1 Rating | ||
Amortized Cost | ||
Amortized Cost | 6,832,510 | 6,221,233 |
Moody's, Aa2 Rating | ||
Amortized Cost | ||
Amortized Cost | 252,852 | 253,671 |
Moody's, Aa3 Rating | ||
Amortized Cost | ||
Amortized Cost | 111,277 | 115,404 |
Moody's, A1 Rating | ||
Amortized Cost | ||
Amortized Cost | 32,690 | 32,732 |
Moody's, A3 Rating | ||
Amortized Cost | ||
Amortized Cost | 4,165 | 4,165 |
Moody's, Not Rated | ||
Amortized Cost | ||
Amortized Cost | 14,030 | 14,038 |
Pledged For Municipal Deposits | ||
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Held-to-maturity securities pledged | 1,557,987 | 1,212,824 |
Pledged For Borrowings | ||
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Held-to-maturity securities pledged | 5,732,569 | 5,582,379 |
Agency CMO | ||
Amortized Cost | ||
Amortized Cost | 22,489 | 23,470 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value | 20,551 | 21,742 |
Agency CMO | Moody's, Aaa Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMO | Moody's, Aa1 Rating | ||
Amortized Cost | ||
Amortized Cost | 22,489 | 23,470 |
Agency CMO | Moody's, Aa2 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMO | Moody's, Aa3 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMO | Moody's, A1 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMO | Moody's, A3 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMO | Moody's, Not Rated | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency MBS | ||
Amortized Cost | ||
Amortized Cost | 2,618,783 | 2,409,521 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value | 2,292,861 | 2,125,886 |
Agency MBS | Moody's, Aaa Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency MBS | Moody's, Aa1 Rating | ||
Amortized Cost | ||
Amortized Cost | 2,618,783 | 2,409,521 |
Agency MBS | Moody's, Aa2 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency MBS | Moody's, Aa3 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency MBS | Moody's, A1 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency MBS | Moody's, A3 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency MBS | Moody's, Not Rated | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMBS | ||
Amortized Cost | ||
Amortized Cost | 4,028,799 | 3,625,627 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value | 3,499,738 | 3,129,679 |
Agency CMBS | Moody's, Aaa Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMBS | Moody's, Aa1 Rating | ||
Amortized Cost | ||
Amortized Cost | 4,028,799 | 3,625,627 |
Agency CMBS | Moody's, Aa2 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMBS | Moody's, Aa3 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMBS | Moody's, A1 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMBS | Moody's, A3 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Agency CMBS | Moody's, Not Rated | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
Municipal bonds and notes | ||
Amortized Cost | ||
Amortized Cost | 910,422 | 916,104 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value | 876,152 | 893,667 |
Municipal bonds and notes | Moody's, Aaa Rating | ||
Amortized Cost | ||
Amortized Cost | 332,969 | 333,479 |
Municipal bonds and notes | Moody's, Aa1 Rating | ||
Amortized Cost | ||
Amortized Cost | 162,439 | 162,615 |
Municipal bonds and notes | Moody's, Aa2 Rating | ||
Amortized Cost | ||
Amortized Cost | 252,852 | 253,671 |
Municipal bonds and notes | Moody's, Aa3 Rating | ||
Amortized Cost | ||
Amortized Cost | 111,277 | 115,404 |
Municipal bonds and notes | Moody's, A1 Rating | ||
Amortized Cost | ||
Amortized Cost | 32,690 | 32,732 |
Municipal bonds and notes | Moody's, A3 Rating | ||
Amortized Cost | ||
Amortized Cost | 4,165 | 4,165 |
Municipal bonds and notes | Moody's, Not Rated | ||
Amortized Cost | ||
Amortized Cost | 14,030 | 14,038 |
CMBS | ||
Amortized Cost | ||
Amortized Cost | 99,582 | 100,075 |
Debt Securities, Held-to-maturity, Maturity, Fair Value [Abstract] | ||
Fair Value | 93,565 | 93,649 |
CMBS | Moody's, Aaa Rating | ||
Amortized Cost | ||
Amortized Cost | 99,582 | 100,075 |
CMBS | Moody's, Aa1 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
CMBS | Moody's, Aa2 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
CMBS | Moody's, Aa3 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
CMBS | Moody's, A1 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
CMBS | Moody's, A3 Rating | ||
Amortized Cost | ||
Amortized Cost | 0 | 0 |
CMBS | Moody's, Not Rated | ||
Amortized Cost | ||
Amortized Cost | $ 0 | $ 0 |
Investment Securities (Narrativ
Investment Securities (Narrative) (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Schedule of Investments [Line Items] | |||
Interest receivable | $ 43,600,000 | $ 42,500,000 | |
Held-to-maturity debt securities | 7,680,075,000 | 7,074,797,000 | |
Held-to-maturity investment securities in non-accrual status | 0 | 0 | |
Investment securities available-for-sale, at fair value | 8,601,141,000 | $ 8,959,729,000 | |
Equity Securities, FV-NI, Realized Loss | (12,400,000) | $ (20,500,000) | |
Total Loss Recognized, Portion Included In Provision For Credit Losses | 2,600,000 | 3,800,000 | |
Decrease in unrealized losses | 31,300,000 | ||
Total Loss Recognized, Portion Not Included In Provision For Credit Losses | (9,800,000) | $ (16,700,000) | |
Callable | |||
Schedule of Investments [Line Items] | |||
Held-to-maturity debt securities | 900,000,000 | ||
Investment securities available-for-sale, at fair value | $ 2,600,000,000 |
Loans and Leases (By Portfolio
Loans and Leases (By Portfolio and Class) (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 51,098,642 | $ 50,726,052 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 41,338,516 | 40,929,834 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 16,696,070 | 16,885,475 |
Commercial Portfolio Segment [Member] | Asset-based | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 1,492,886 | 1,557,841 |
Commercial Portfolio Segment [Member] | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 13,972,916 | 13,569,762 |
Commercial Portfolio Segment [Member] | Multi-family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 7,896,586 | 7,587,970 |
Commercial Portfolio Segment [Member] | Equipment financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 1,280,058 | 1,328,786 |
Consumer Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 9,760,126 | 9,796,218 |
Consumer Portfolio Segment [Member] | Residential | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 8,226,154 | 8,227,923 |
Consumer Portfolio Segment [Member] | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 1,479,420 | 1,516,955 |
Consumer Portfolio Segment [Member] | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | $ 54,552 | $ 51,340 |
Loans and Leases (Narrative) (D
Loans and Leases (Narrative) (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Unamortized premiums | $ (29,500) | $ (33,800) | |
Interest receivable | 284,100 | 270,400 | |
Interest on non-accrual loans | 10,800 | $ 6,100 | |
Loans held for sale ($323 and $2,610 valued under fair value option) | 239,763 | 6,541 | |
Accrued expenses and other liabilities | 1,730,116 | 1,603,744 | |
Commercial non-mortgage | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Financing Receivable, Excluding Accrued Interest, Modified, Subsequent Default | 17,800 | ||
Disposal Group, Held-for-Sale, Not Discontinued Operations | Commercial Services Business | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Business Combination, Separately Recognized Transactions, Additional Disclosures, Acquisition Costs, Related Assets And Liabilities To Be Sold | 220,200 | ||
Loans held for sale ($323 and $2,610 valued under fair value option) | 49,700 | ||
Collateral Pledged | FHLB | Asset Pledged as Collateral | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans pledged as collateral | 17,800,000 | ||
Collateral Pledged | Federal Reserve Bank (FRB) | Asset Pledged as Collateral | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans pledged as collateral | 1,200,000 | ||
Collateral Pledged | Commercial Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired financing receivable | 50,000 | 66,100 | |
Collateral Pledged | Consumer Portfolio Segment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired financing receivable | 23,800 | 22,700 | |
Collateral Value | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Impaired financing receivable | $ 78,100 | $ 93,700 |
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, 2024 | Dec. 31, 2023 |
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 51,098,642 | $ 50,726,052 |
90 or More Days Past Due and Accruing | 12,487 | 278 |
Non-accrual | 282,841 | 208,525 |
Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 408,254 | 255,511 |
30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 73,869 | 33,873 |
60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 39,057 | 12,835 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 50,690,388 | 50,470,541 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 41,338,516 | 40,929,834 |
90 or More Days Past Due and Accruing | 12,487 | 278 |
Non-accrual | 251,118 | 179,134 |
Commercial Portfolio Segment [Member] | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 352,003 | 195,543 |
Commercial Portfolio Segment [Member] | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 59,153 | 12,893 |
Commercial Portfolio Segment [Member] | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 29,245 | 3,238 |
Commercial Portfolio Segment [Member] | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 40,986,513 | 40,734,291 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 16,696,070 | 16,885,475 |
90 or More Days Past Due and Accruing | 35 | 94 |
Non-accrual | 193,294 | 122,855 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 199,544 | 126,109 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 3,077 | 2,270 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 3,138 | 890 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 16,496,526 | 16,759,366 |
Commercial Portfolio Segment [Member] | Asset-based | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,492,886 | 1,557,841 |
90 or More Days Past Due and Accruing | 0 | 0 |
Non-accrual | 34,893 | 35,068 |
Commercial Portfolio Segment [Member] | Asset-based | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 34,893 | 35,068 |
Commercial Portfolio Segment [Member] | Asset-based | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 0 | 0 |
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 | 1,457,993 | 1,522,773 |
Commercial Portfolio Segment [Member] | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 13,972,916 | 13,569,762 |
90 or More Days Past Due and Accruing | 12,452 | 184 |
Non-accrual | 3,815 | 11,383 |
Commercial Portfolio Segment [Member] | Commercial real estate | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 45,121 | 13,026 |
Commercial Portfolio Segment [Member] | Commercial real estate | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 28,137 | 1,459 |
Commercial Portfolio Segment [Member] | Commercial real estate | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 717 | 0 |
Commercial Portfolio Segment [Member] | Commercial real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 13,927,795 | 13,556,736 |
Commercial Portfolio Segment [Member] | Multi-family | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 7,896,586 | 7,587,970 |
90 or More Days Past Due and Accruing | 0 | 0 |
Non-accrual | 10,439 | 0 |
Commercial Portfolio Segment [Member] | Multi-family | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 54,595 | 7,538 |
Commercial Portfolio Segment [Member] | Multi-family | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 21,750 | 5,198 |
Commercial Portfolio Segment [Member] | Multi-family | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 22,406 | 2,340 |
Commercial Portfolio Segment [Member] | Multi-family | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 7,841,991 | 7,580,432 |
Commercial Portfolio Segment [Member] | Equipment financing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,280,058 | 1,328,786 |
90 or More Days Past Due and Accruing | 0 | 0 |
Non-accrual | 8,677 | 9,828 |
Commercial Portfolio Segment [Member] | Equipment financing | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 17,850 | 13,802 |
Commercial Portfolio Segment [Member] | Equipment financing | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 6,189 | 3,966 |
Commercial Portfolio Segment [Member] | Equipment financing | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 2,984 | 8 |
Commercial Portfolio Segment [Member] | Equipment financing | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,262,208 | 1,314,984 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 9,760,126 | 9,796,218 |
90 or More Days Past Due and Accruing | 0 | 0 |
Non-accrual | 31,723 | 29,391 |
Consumer Portfolio Segment [Member] | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 56,251 | 59,968 |
Consumer Portfolio Segment [Member] | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 14,716 | 20,980 |
Consumer Portfolio Segment [Member] | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 9,812 | 9,597 |
Consumer Portfolio Segment [Member] | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 9,703,875 | 9,736,250 |
Consumer Portfolio Segment [Member] | Residential | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 8,226,154 | 8,227,923 |
90 or More Days Past Due and Accruing | 0 | 0 |
Non-accrual | 8,589 | 5,704 |
Consumer Portfolio Segment [Member] | Residential | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 26,253 | 26,816 |
Consumer Portfolio Segment [Member] | Residential | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 9,645 | 14,894 |
Consumer Portfolio Segment [Member] | Residential | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 8,019 | 6,218 |
Consumer Portfolio Segment [Member] | Residential | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 8,199,901 | 8,201,107 |
Consumer Portfolio Segment [Member] | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,479,420 | 1,516,955 |
90 or More Days Past Due and Accruing | 0 | 0 |
Non-accrual | 22,934 | 23,545 |
Consumer Portfolio Segment [Member] | Home equity | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 29,557 | 32,506 |
Consumer Portfolio Segment [Member] | Home equity | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 4,971 | 5,676 |
Consumer Portfolio Segment [Member] | Home equity | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,652 | 3,285 |
Consumer Portfolio Segment [Member] | Home equity | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 1,449,863 | 1,484,449 |
Consumer Portfolio Segment [Member] | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 54,552 | 51,340 |
90 or More Days Past Due and Accruing | 0 | 0 |
Non-accrual | 200 | 142 |
Consumer Portfolio Segment [Member] | Other consumer | Total Past Due and Non-accrual | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 441 | 646 |
Consumer Portfolio Segment [Member] | Other consumer | 30-59 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 100 | 410 |
Consumer Portfolio Segment [Member] | Other consumer | 60-89 Days Past Due and Accruing | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | 141 | 94 |
Consumer Portfolio Segment [Member] | Other consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans and leases | $ 54,111 | $ 50,694 |
Loans and Leases (Nonaccrual) (
Loans and Leases (Nonaccrual) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | $ 282,841 | $ 208,525 |
Non-accrual with No Allowance | 28,129 | 39,037 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 251,118 | 179,134 |
Non-accrual with No Allowance | 14,855 | 25,661 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 193,294 | 122,855 |
Non-accrual with No Allowance | 12,367 | 20,066 |
Commercial Portfolio Segment [Member] | Asset-based | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 34,893 | 35,068 |
Non-accrual with No Allowance | 1,155 | 1,330 |
Commercial Portfolio Segment [Member] | Commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 3,815 | 11,383 |
Non-accrual with No Allowance | 0 | 2,681 |
Commercial Portfolio Segment [Member] | Multi-family | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 10,439 | 0 |
Non-accrual with No Allowance | 957 | 0 |
Commercial Portfolio Segment [Member] | Equipment financing | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 8,677 | 9,828 |
Non-accrual with No Allowance | 376 | 1,584 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 31,723 | 29,391 |
Non-accrual with No Allowance | 13,274 | 13,376 |
Consumer Portfolio Segment [Member] | Residential | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 8,589 | 5,704 |
Non-accrual with No Allowance | 1,690 | 856 |
Consumer Portfolio Segment [Member] | Home equity | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 22,934 | 23,545 |
Non-accrual with No Allowance | 11,546 | 12,471 |
Consumer Portfolio Segment [Member] | Other consumer | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Non-accrual | 200 | 142 |
Non-accrual with No Allowance | $ 38 | $ 49 |
Loans and Leases (Activity In A
Loans and Leases (Activity In Allowance For Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision (benefit) for credit losses | $ 43,194 | $ 37,821 | ||
Recoveries | 2,302 | 2,987 | ||
Charge-offs | (39,791) | (27,508) | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance, end of period | $ 0 | $ 5,873 | ||
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision (benefit) for credit losses | 49,354 | 38,757 | ||
Recoveries | 553 | 1,574 | ||
Charge-offs | (38,461) | (26,410) | ||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance, end of period | 0 | 7,704 | ||
Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Provision (benefit) for credit losses | (6,160) | (936) | ||
Recoveries | 1,749 | 1,413 | ||
Charge-offs | $ (1,330) | $ (1,098) | ||
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Balance, end of period | $ 0 | $ (1,831) |
Loans and Leases (Allowance For
Loans and Leases (Allowance For Loan And Lease Losses By Portfolio Segment) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period | $ 635,737 | $ 594,741 | $ 594,741 | |
Provision (benefit) | 43,194 | 37,821 | ||
Charge-offs | (39,791) | (27,508) | ||
Recoveries | 2,302 | 2,987 | ||
Balance, end of period | 641,442 | 613,914 | 635,737 | $ 594,741 |
ALLL, Individually evaluated for impairment | 64,995 | 36,049 | ||
ALLL, Collectively evaluated for impairment | 576,447 | 577,865 | ||
Loans and leases | 51,098,642 | 50,726,052 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance, end of period | 0 | 5,873 | ||
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period | 577,663 | 533,125 | 533,125 | |
Provision (benefit) | 49,354 | 38,757 | ||
Charge-offs | (38,461) | (26,410) | ||
Recoveries | 553 | 1,574 | ||
Balance, end of period | 589,109 | 554,750 | 577,663 | 533,125 |
ALLL, Individually evaluated for impairment | 60,786 | 27,459 | ||
ALLL, Collectively evaluated for impairment | 528,323 | 527,291 | ||
Year one | 1,712,377 | 6,915,688 | ||
Year two | 6,946,199 | 10,018,134 | ||
Year three | 9,875,543 | 4,592,545 | ||
Year four | 4,449,862 | 2,641,163 | ||
Year five | 2,527,116 | 2,734,340 | ||
Prior | 8,586,095 | 6,261,024 | ||
Revolving Loans Amortized Cost Basis | 7,241,324 | 7,766,940 | ||
Loans and leases | 41,338,516 | 40,929,834 | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 4,957 | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 240 | 7,637 | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 21,228 | 14,392 | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 10,517 | 6,958 | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 353 | 20,216 | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 6,123 | 50,349 | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 38,461 | 104,509 | ||
Commercial Portfolio Segment [Member] | Commercial non-mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Year one | 663,424 | 2,666,477 | ||
Year two | 2,600,368 | 4,253,662 | ||
Year three | 4,084,647 | 1,455,632 | ||
Year four | 1,403,618 | 772,695 | ||
Year five | 746,135 | 654,814 | ||
Prior | 1,539,950 | 983,268 | ||
Revolving Loans Amortized Cost Basis | 5,657,928 | 6,098,927 | ||
Loans and leases | 16,696,070 | 16,885,475 | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 325 | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 240 | 7,637 | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 21,228 | 1,775 | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 9,118 | 512 | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 353 | 969 | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 766 | 4,391 | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 31,705 | 15,609 | ||
Commercial Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance, end of period | 0 | 7,704 | ||
Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance, beginning of period | 58,074 | 61,616 | 61,616 | |
Provision (benefit) | (6,160) | (936) | ||
Charge-offs | (1,330) | (1,098) | ||
Recoveries | 1,749 | 1,413 | ||
Balance, end of period | 52,333 | 59,164 | 58,074 | 61,616 |
ALLL, Individually evaluated for impairment | 4,209 | 8,590 | ||
ALLL, Collectively evaluated for impairment | 48,124 | $ 50,574 | ||
Year one | 119,951 | 816,641 | ||
Year two | 827,288 | 2,019,764 | ||
Year three | 1,999,875 | 2,286,113 | ||
Year four | 2,256,635 | 893,040 | ||
Year five | 880,311 | 462,450 | ||
Prior | 2,569,769 | 2,185,134 | ||
Revolving Loans Amortized Cost Basis | 1,106,297 | 1,133,076 | ||
Loans and leases | 9,760,126 | 9,796,218 | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 890 | 3,263 | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 11 | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 11 | 470 | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 18 | 218 | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 26 | 634 | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 385 | 8,107 | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 1,330 | 12,703 | ||
Consumer Portfolio Segment [Member] | Residential | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Year one | 112,332 | 742,719 | ||
Year two | 755,258 | 1,949,928 | ||
Year three | 1,931,773 | 2,201,633 | ||
Year four | 2,174,645 | 843,276 | ||
Year five | 832,453 | 441,840 | ||
Prior | 2,419,693 | 2,048,527 | ||
Revolving Loans Amortized Cost Basis | 0 | 0 | ||
Loans and leases | 8,226,154 | 8,227,923 | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 387 | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 153 | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 64 | 4,630 | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 64 | 5,170 | ||
Consumer Portfolio Segment [Member] | Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Year one | 7,016 | 71,452 | ||
Year two | 69,756 | 68,058 | ||
Year three | 66,485 | 81,533 | ||
Year four | 79,185 | 47,700 | ||
Year five | 46,268 | 18,124 | ||
Prior | 147,719 | 136,013 | ||
Revolving Loans Amortized Cost Basis | 1,062,991 | 1,094,075 | ||
Loans and leases | 1,479,420 | 1,516,955 | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 4 | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 81 | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 104 | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 177 | 3,114 | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 177 | 3,303 | ||
Consumer Portfolio Segment [Member] | Consumer Loan | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Year one | 603 | 2,470 | ||
Year two | 2,274 | 1,778 | ||
Year three | 1,617 | 2,947 | ||
Year four | 2,805 | 2,064 | ||
Year five | 1,590 | 2,486 | ||
Prior | 2,357 | 594 | ||
Revolving Loans Amortized Cost Basis | 43,306 | 39,001 | ||
Loans and leases | 54,552 | 51,340 | ||
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 890 | 3,263 | ||
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 7 | ||
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 11 | 2 | ||
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 18 | 218 | ||
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 26 | 377 | ||
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 144 | 363 | ||
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 | ||
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | $ 1,089 | 4,230 | ||
Consumer Portfolio Segment [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance, end of period | $ 0 | $ (1,831) |
Loans and Leases (Credit Qualit
Loans and Leases (Credit Quality Indicators) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans and leases | $ 51,098,642 | $ 50,726,052 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 1,712,377 | 6,915,688 |
Year two | 6,946,199 | 10,018,134 |
Year three | 9,875,543 | 4,592,545 |
Year four | 4,449,862 | 2,641,163 |
Year five | 2,527,116 | 2,734,340 |
Prior | 8,586,095 | 6,261,024 |
Revolving Loans Amortized Cost Basis | 7,241,324 | 7,766,940 |
Loans and leases | 41,338,516 | 40,929,834 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 38,461 | 104,509 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 6,123 | 50,349 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 353 | 20,216 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 10,517 | 6,958 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 21,228 | 14,392 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 240 | 7,637 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 4,957 |
Commercial Portfolio Segment [Member] | Commercial non-mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 663,424 | 2,666,477 |
Year two | 2,600,368 | 4,253,662 |
Year three | 4,084,647 | 1,455,632 |
Year four | 1,403,618 | 772,695 |
Year five | 746,135 | 654,814 |
Prior | 1,539,950 | 983,268 |
Revolving Loans Amortized Cost Basis | 5,657,928 | 6,098,927 |
Loans and leases | 16,696,070 | 16,885,475 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 31,705 | 15,609 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 766 | 4,391 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 353 | 969 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 9,118 | 512 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 21,228 | 1,775 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 240 | 7,637 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 325 |
Commercial Portfolio Segment [Member] | Asset-based | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 7,552 | 23,658 |
Year two | 21,203 | 763 |
Year three | 732 | 0 |
Year four | 0 | 0 |
Year five | 0 | 8,286 |
Prior | 32,828 | 34,999 |
Revolving Loans Amortized Cost Basis | 1,430,571 | 1,490,135 |
Loans and leases | 1,492,886 | 1,557,841 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 0 | 17,089 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 0 | 3,900 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 13,189 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 |
Commercial Portfolio Segment [Member] | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 575,902 | 2,292,080 |
Year two | 2,368,446 | 3,523,279 |
Year three | 3,584,485 | 1,855,013 |
Year four | 1,776,232 | 1,242,555 |
Year five | 1,227,435 | 1,275,687 |
Prior | 4,287,591 | 3,203,270 |
Revolving Loans Amortized Cost Basis | 152,825 | 177,878 |
Loans and leases | 13,972,916 | 13,569,762 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 2,259 | 62,385 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 860 | 38,569 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 2,754 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 1,399 | 3,813 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 12,617 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 4,632 |
Commercial Portfolio Segment [Member] | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 393,731 | 1,597,599 |
Year two | 1,638,357 | 1,934,100 |
Year three | 1,921,264 | 1,041,416 |
Year four | 1,057,961 | 443,252 |
Year five | 385,042 | 607,499 |
Prior | 2,500,231 | 1,964,104 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 7,896,586 | 7,587,970 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 1,128 | 3,447 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 1,128 | 3,447 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 |
Commercial Portfolio Segment [Member] | Equipment financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 71,768 | 335,874 |
Year two | 317,825 | 306,330 |
Year three | 284,415 | 240,484 |
Year four | 212,051 | 182,661 |
Year five | 168,504 | 188,054 |
Prior | 225,495 | 75,383 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 1,280,058 | 1,328,786 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 3,369 | 5,979 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 3,369 | 42 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 3,304 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 2,633 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 |
Commercial Portfolio Segment [Member] | Pass | Commercial non-mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 663,424 | 2,602,444 |
Year two | 2,467,862 | 4,089,327 |
Year three | 3,900,425 | 1,371,139 |
Year four | 1,315,230 | 711,362 |
Year five | 686,594 | 610,199 |
Prior | 1,480,383 | 952,097 |
Revolving Loans Amortized Cost Basis | 5,511,758 | 5,970,588 |
Loans and leases | 16,025,676 | 16,307,156 |
Commercial Portfolio Segment [Member] | Pass | Asset-based | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 7,552 | 23,007 |
Year two | 20,276 | 0 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 3,280 |
Prior | 28,179 | 34,999 |
Revolving Loans Amortized Cost Basis | 1,264,087 | 1,333,271 |
Loans and leases | 1,320,094 | 1,394,557 |
Commercial Portfolio Segment [Member] | Pass | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 575,902 | 2,265,428 |
Year two | 2,319,662 | 3,502,425 |
Year three | 3,557,239 | 1,831,005 |
Year four | 1,748,708 | 1,195,732 |
Year five | 1,138,226 | 1,193,642 |
Prior | 4,032,725 | 3,112,770 |
Revolving Loans Amortized Cost Basis | 151,615 | 176,668 |
Loans and leases | 13,524,077 | 13,277,670 |
Commercial Portfolio Segment [Member] | Pass | Multi-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 393,731 | 1,597,599 |
Year two | 1,638,357 | 1,934,100 |
Year three | 1,921,264 | 1,041,416 |
Year four | 1,057,961 | 442,888 |
Year five | 384,683 | 595,676 |
Prior | 2,447,598 | 1,920,618 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 7,843,594 | 7,532,297 |
Commercial Portfolio Segment [Member] | Pass | Equipment financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 71,632 | 335,874 |
Year two | 301,206 | 297,186 |
Year three | 272,532 | 232,304 |
Year four | 198,821 | 176,061 |
Year five | 162,267 | 183,679 |
Prior | 209,068 | 69,927 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 1,215,526 | 1,295,031 |
Commercial Portfolio Segment [Member] | Special mention | Commercial non-mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 15,184 |
Year two | 54,770 | 60,240 |
Year three | 56,426 | 61,235 |
Year four | 47,247 | 33,111 |
Year five | 32,684 | 0 |
Prior | 11,246 | 720 |
Revolving Loans Amortized Cost Basis | 34,044 | 48,561 |
Loans and leases | 236,417 | 219,051 |
Commercial Portfolio Segment [Member] | Special mention | Asset-based | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 651 |
Year two | 927 | 763 |
Year three | 732 | 0 |
Year four | 0 | 0 |
Year five | 0 | 3,676 |
Prior | 3,497 | 0 |
Revolving Loans Amortized Cost Basis | 16,527 | 29,610 |
Loans and leases | 21,683 | 34,700 |
Commercial Portfolio Segment [Member] | Special mention | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 850 |
Year two | 19,635 | 4,675 |
Year three | 4,675 | 14,463 |
Year four | 20,978 | 31,405 |
Year five | 29,561 | 23,443 |
Prior | 116,552 | 37,688 |
Revolving Loans Amortized Cost Basis | 0 | 1,210 |
Loans and leases | 191,401 | 113,734 |
Commercial Portfolio Segment [Member] | Special mention | Multi-family | ||
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 | 260 |
Prior | 1,685 | 35,942 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 1,685 | 36,202 |
Commercial Portfolio Segment [Member] | Special mention | Equipment financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 52 | 0 |
Year two | 16,448 | 0 |
Year three | 3,207 | 116 |
Year four | 5,938 | 0 |
Year five | 229 | 90 |
Prior | 8,368 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 34,242 | 206 |
Commercial Portfolio Segment [Member] | Substandard | Commercial non-mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 48,849 |
Year two | 77,736 | 104,087 |
Year three | 127,796 | 23,258 |
Year four | 41,141 | 28,222 |
Year five | 26,857 | 44,612 |
Prior | 48,295 | 30,426 |
Revolving Loans Amortized Cost Basis | 112,126 | 79,778 |
Loans and leases | 433,951 | 359,232 |
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 | 0 |
Year five | 0 | 1,330 |
Prior | 1,152 | 0 |
Revolving Loans Amortized Cost Basis | 149,957 | 127,254 |
Loans and leases | 151,109 | 128,584 |
Commercial Portfolio Segment [Member] | Substandard | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 25,802 |
Year two | 29,149 | 16,179 |
Year three | 22,571 | 9,545 |
Year four | 6,546 | 15,418 |
Year five | 59,648 | 58,602 |
Prior | 138,314 | 52,812 |
Revolving Loans Amortized Cost Basis | 1,210 | 0 |
Loans and leases | 257,438 | 178,358 |
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 | 0 |
Year four | 0 | 364 |
Year five | 359 | 11,563 |
Prior | 50,948 | 7,544 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 51,307 | 19,471 |
Commercial Portfolio Segment [Member] | Substandard | Equipment financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 84 | 0 |
Year two | 171 | 9,144 |
Year three | 8,676 | 8,064 |
Year four | 7,292 | 6,600 |
Year five | 6,008 | 4,285 |
Prior | 8,059 | 5,456 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 30,290 | 33,549 |
Commercial Portfolio Segment [Member] | Doubtful | Commercial non-mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 0 |
Year two | 0 | 8 |
Year three | 0 | 0 |
Year four | 0 | 0 |
Year five | 0 | 3 |
Prior | 26 | 25 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 26 | 36 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 119,951 | 816,641 |
Year two | 827,288 | 2,019,764 |
Year three | 1,999,875 | 2,286,113 |
Year four | 2,256,635 | 893,040 |
Year five | 880,311 | 462,450 |
Prior | 2,569,769 | 2,185,134 |
Revolving Loans Amortized Cost Basis | 1,106,297 | 1,133,076 |
Loans and leases | 9,760,126 | 9,796,218 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 1,330 | 12,703 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 385 | 8,107 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 26 | 634 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 18 | 218 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 11 | 470 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 11 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 890 | 3,263 |
Consumer Portfolio Segment [Member] | Residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 112,332 | 742,719 |
Year two | 755,258 | 1,949,928 |
Year three | 1,931,773 | 2,201,633 |
Year four | 2,174,645 | 843,276 |
Year five | 832,453 | 441,840 |
Prior | 2,419,693 | 2,048,527 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 8,226,154 | 8,227,923 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 64 | 5,170 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 64 | 4,630 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 153 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 387 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 |
Consumer Portfolio Segment [Member] | Residential | 800+ | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 31,773 | 214,446 |
Year two | 258,518 | 847,009 |
Year three | 876,330 | 1,096,109 |
Year four | 1,085,654 | 451,307 |
Year five | 425,046 | 141,919 |
Prior | 1,029,578 | 910,117 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 3,706,899 | 3,660,907 |
Consumer Portfolio Segment [Member] | Residential | 740-799 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 63,609 | 363,696 |
Year two | 336,781 | 703,568 |
Year three | 660,935 | 755,750 |
Year four | 748,992 | 279,946 |
Year five | 300,885 | 112,303 |
Prior | 713,330 | 633,578 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 2,824,532 | 2,848,841 |
Consumer Portfolio Segment [Member] | Residential | 670 to 739 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 16,063 | 137,460 |
Year two | 139,978 | 293,699 |
Year three | 334,526 | 292,255 |
Year four | 284,846 | 95,838 |
Year five | 88,711 | 48,412 |
Prior | 518,781 | 346,663 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 1,382,905 | 1,214,327 |
Consumer Portfolio Segment [Member] | Residential | 580-669 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 887 | 20,208 |
Year two | 18,590 | 52,962 |
Year three | 49,910 | 45,770 |
Year four | 43,025 | 14,840 |
Year five | 17,029 | 10,492 |
Prior | 106,517 | 106,497 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 235,958 | 250,769 |
Consumer Portfolio Segment [Member] | Residential | 579 and below | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 6,909 |
Year two | 1,391 | 52,690 |
Year three | 10,072 | 11,749 |
Year four | 12,128 | 1,345 |
Year five | 782 | 128,714 |
Prior | 51,487 | 51,672 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Loans and leases | 75,860 | 253,079 |
Consumer Portfolio Segment [Member] | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 7,016 | 71,452 |
Year two | 69,756 | 68,058 |
Year three | 66,485 | 81,533 |
Year four | 79,185 | 47,700 |
Year five | 46,268 | 18,124 |
Prior | 147,719 | 136,013 |
Revolving Loans Amortized Cost Basis | 1,062,991 | 1,094,075 |
Loans and leases | 1,479,420 | 1,516,955 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 177 | 3,303 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 177 | 3,114 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 0 | 104 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 0 | 81 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 4 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 0 | 0 |
Consumer Portfolio Segment [Member] | Home equity | 800+ | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 1,319 | 27,047 |
Year two | 28,064 | 27,439 |
Year three | 26,971 | 35,927 |
Year four | 34,581 | 25,586 |
Year five | 25,209 | 8,110 |
Prior | 61,331 | 56,062 |
Revolving Loans Amortized Cost Basis | 381,942 | 391,616 |
Loans and leases | 559,417 | 571,787 |
Consumer Portfolio Segment [Member] | Home equity | 740-799 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 1,373 | 24,772 |
Year two | 23,922 | 20,069 |
Year three | 19,804 | 27,147 |
Year four | 26,051 | 13,888 |
Year five | 12,507 | 5,158 |
Prior | 37,911 | 34,190 |
Revolving Loans Amortized Cost Basis | 333,256 | 355,926 |
Loans and leases | 454,824 | 481,150 |
Consumer Portfolio Segment [Member] | Home equity | 670 to 739 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 3,970 | 15,857 |
Year two | 14,475 | 15,655 |
Year three | 14,413 | 15,389 |
Year four | 15,265 | 5,992 |
Year five | 7,083 | 3,189 |
Prior | 30,424 | 29,454 |
Revolving Loans Amortized Cost Basis | 241,202 | 242,189 |
Loans and leases | 326,832 | 327,725 |
Consumer Portfolio Segment [Member] | Home equity | 580-669 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 354 | 3,080 |
Year two | 3,097 | 3,786 |
Year three | 3,783 | 1,991 |
Year four | 2,555 | 1,658 |
Year five | 1,237 | 1,115 |
Prior | 13,881 | 9,988 |
Revolving Loans Amortized Cost Basis | 73,203 | 70,102 |
Loans and leases | 98,110 | 91,720 |
Consumer Portfolio Segment [Member] | Home equity | 579 and below | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 696 |
Year two | 198 | 1,109 |
Year three | 1,514 | 1,079 |
Year four | 733 | 576 |
Year five | 232 | 552 |
Prior | 4,172 | 6,319 |
Revolving Loans Amortized Cost Basis | 33,388 | 34,242 |
Loans and leases | 40,237 | 44,573 |
Consumer Portfolio Segment [Member] | Consumer Loan | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 603 | 2,470 |
Year two | 2,274 | 1,778 |
Year three | 1,617 | 2,947 |
Year four | 2,805 | 2,064 |
Year five | 1,590 | 2,486 |
Prior | 2,357 | 594 |
Revolving Loans Amortized Cost Basis | 43,306 | 39,001 |
Loans and leases | 54,552 | 51,340 |
Financing Receivable, Excluding Accrued Interest, Allowance for Credit Loss, Writeoff | 1,089 | 4,230 |
Financing Receivable, Excluding Accrued Interest, Revolving, Converted to Term Loan, Writeoff | 0 | 0 |
Financing Receivable, Excluding Accrued Interest, Originated, More than Five Years before Current Fiscal Year, Writeoff | 144 | 363 |
Financing Receivable, Excluding Accrued Interest, Year Five, Originated, Four Years before Current Fiscal Year, Writeoff | 26 | 377 |
Financing Receivable, Excluding Accrued Interest, Year Four, Originated, Three Years before Current Fiscal Year, Writeoff | 18 | 218 |
Financing Receivable, Excluding Accrued Interest, Year Three, Originated, Two Years before Current Fiscal Year, Writeoff | 11 | 2 |
Financing Receivable, Excluding Accrued Interest, Year Two, Originated, Fiscal Year before Current Fiscal Year, Writeoff | 0 | 7 |
Financing Receivable, Excluding Accrued Interest, Year One, Originated, Current Fiscal Year, Writeoff | 890 | 3,263 |
Consumer Portfolio Segment [Member] | Consumer Loan | 800+ | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 56 | 432 |
Year two | 482 | 356 |
Year three | 373 | 1,913 |
Year four | 1,875 | 189 |
Year five | 142 | 255 |
Prior | 462 | 77 |
Revolving Loans Amortized Cost Basis | 30,934 | 25,699 |
Loans and leases | 34,324 | 28,921 |
Consumer Portfolio Segment [Member] | Consumer Loan | 740-799 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 9 | 1,318 |
Year two | 975 | 586 |
Year three | 536 | 486 |
Year four | 465 | 730 |
Year five | 596 | 690 |
Prior | 833 | 381 |
Revolving Loans Amortized Cost Basis | 6,149 | 7,180 |
Loans and leases | 9,563 | 11,371 |
Consumer Portfolio Segment [Member] | Consumer Loan | 670 to 739 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 392 | 526 |
Year two | 618 | 570 |
Year three | 435 | 358 |
Year four | 324 | 981 |
Year five | 720 | 1,210 |
Prior | 781 | 79 |
Revolving Loans Amortized Cost Basis | 4,520 | 3,549 |
Loans and leases | 7,790 | 7,273 |
Consumer Portfolio Segment [Member] | Consumer Loan | 580-669 | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 146 | 69 |
Year two | 122 | 169 |
Year three | 176 | 129 |
Year four | 92 | 153 |
Year five | 118 | 303 |
Prior | 250 | 56 |
Revolving Loans Amortized Cost Basis | 1,134 | 1,983 |
Loans and leases | 2,038 | 2,862 |
Consumer Portfolio Segment [Member] | Consumer Loan | 579 and below | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one | 0 | 125 |
Year two | 77 | 97 |
Year three | 97 | 61 |
Year four | 49 | 11 |
Year five | 14 | 28 |
Prior | 31 | 1 |
Revolving Loans Amortized Cost Basis | 569 | 590 |
Loans and leases | $ 837 | $ 913 |
Loans and Leases (Summary Of Th
Loans and Leases (Summary Of The Recorded Investment Of Company's TDRs) (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | $ 641,442 | $ 635,737 | $ 613,914 | $ 594,741 |
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | 589,109 | 577,663 | 554,750 | 533,125 |
Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest | $ 52,333 | $ 58,074 | $ 59,164 | $ 61,616 |
Loans and Leases (Information o
Loans and Leases (Information on How Loans and Leases were Modified as a TDR) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 131,990 | $ 47,128 |
Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 78,090 | 47,057 |
Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 2,563 | $ 7 |
Loans and Leases - Troubled Deb
Loans and Leases - Troubled Debt Restructurings on Financing Receivables (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 131,990 | $ 47,128 |
% of Total Class | 0.30% | 0.10% |
Interest Receivable | $ 800 | $ 200 |
Commercial non-mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 71,195 | $ 29,891 |
% of Total Class | 0.40% | 0.20% |
Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 7,753 | $ 17,116 |
% of Total Class | 0.10% | 0.10% |
Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 65 | $ 121 |
% of Total Class | 0% | 0% |
Equipment financing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 556 | |
% of Total Class | 0% | |
Asset-based | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 1,667 | |
% of Total Class | 0.10% | |
Multi-family | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 49,990 | |
% of Total Class | 0.60% | |
Residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 764 | |
% of Total Class | 0% | |
Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 2,563 | $ 7 |
Interest Rate Reduction | Commercial non-mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 1,934 | $ 7 |
Reduced weighted average interest rate | 2.50% | 4.50% |
Interest Rate Reduction | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 0 | $ 0 |
Interest Rate Reduction | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | 0 |
Interest Rate Reduction | Equipment financing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | |
Interest Rate Reduction | Asset-based | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | |
Interest Rate Reduction | Multi-family | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | |
Interest Rate Reduction | Residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 629 | |
Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 78,090 | 47,057 |
Term Extension | Commercial non-mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 18,124 | $ 29,884 |
Extended term | 6 months | 7 months 6 days |
Term Extension | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 7,753 | $ 17,116 |
Extended term | 3 months 18 days | 1 year |
Term Extension | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 0 | $ 57 |
Extended term | 8 years 9 months 18 days | |
Term Extension | Equipment financing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 556 | |
Term Extension | Asset-based | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 1,667 | |
Extended term | 3 months 18 days | |
Term Extension | Multi-family | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 49,990 | |
Extended term | 8 months 12 days | |
Term Extension | Residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 0 | |
Combination - Term Extension and Interest Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 1,299 | $ 64 |
Combination - Term Extension and Interest Rate Reduction | Commercial non-mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 1,099 | 0 |
Combination - Term Extension and Interest Rate Reduction | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | 0 |
Combination - Term Extension and Interest Rate Reduction | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 65 | $ 64 |
Combination - Term Extension and Interest Rate Reduction | Equipment financing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | |
Combination - Term Extension and Interest Rate Reduction | Asset-based | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | |
Combination - Term Extension and Interest Rate Reduction | Multi-family | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | |
Combination - Term Extension and Interest Rate Reduction | Residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 135 | |
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 | |
Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 50,038 | |
Payment Delay | Commercial non-mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 50,038 | |
Payment Delay | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | |
Payment Delay | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | |
Payment Delay | Equipment financing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | |
Payment Delay | Asset-based | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | |
Payment Delay | Multi-family | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | 0 | |
Payment Delay | Residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Recorded Investment | $ 0 |
Loans and Leases - Aging of Loa
Loans and Leases - Aging of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Non-accrual | $ 282,841 | $ 208,525 |
Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 297,103 | 47,128 |
Non-accrual | 108,404 | 26,427 |
Current | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 148,171 | 20,701 |
30-59 Days Past Due and Accruing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 18,103 | 0 |
60-89 Days Past Due and Accruing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 22,425 | 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 | 0 |
Commercial non-mortgage | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 175,057 | 29,891 |
Non-accrual | 97,587 | 26,329 |
Commercial non-mortgage | Current | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 77,451 | 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 | 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 | 19 | 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 | 0 |
Commercial real estate | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 25,028 | 17,116 |
Non-accrual | 169 | 0 |
Commercial real estate | Current | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 24,859 | 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 | 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 | 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 | 0 |
Equipment financing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 2,079 | |
Non-accrual | 317 | |
Equipment financing | Current | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 1,762 | |
Equipment financing | 30-59 Days Past Due and Accruing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 0 | |
Equipment financing | 60-89 Days Past Due and Accruing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 0 | |
Equipment financing | 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 | |
Residential | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 2,022 | |
Non-accrual | 764 | |
Residential | Current | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 1,258 | |
Residential | 30-59 Days Past Due and Accruing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 0 | |
Residential | 60-89 Days Past Due and Accruing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 0 | |
Residential | 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 | 596 | 121 |
Non-accrual | 86 | 98 |
Home equity | Current | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 510 | 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 | 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 | 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 | $ 0 |
Asset-based | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 42,331 | |
Non-accrual | 0 | |
Asset-based | Current | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 42,331 | |
Asset-based | 30-59 Days Past Due and Accruing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 0 | |
Asset-based | 60-89 Days Past Due and Accruing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 0 | |
Asset-based | 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 | |
Multi-family | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 49,990 | |
Non-accrual | 9,481 | |
Multi-family | Current | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 0 | |
Multi-family | 30-59 Days Past Due and Accruing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 18,103 | |
Multi-family | 60-89 Days Past Due and Accruing | Aging Loan Modifications | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans and leases | 22,406 | |
Multi-family | 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 |
Loans and Leases (Details)
Loans and Leases (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest Rate Reduction | Commercial non-mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Reduced weighted average interest rate | 2.50% | 4.50% |
Term Extension | Commercial non-mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Extended term | 6 months | 7 months 6 days |
Term Extension | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Extended term | 3 months 18 days | 1 year |
Term Extension | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Extended term | 8 years 9 months 18 days | |
Payment Deferral | Commercial non-mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Extended term | 6 months | |
Extended Maturity and Interest Rate Reduction | Home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Extended term | 5 years 1 month 6 days | |
Reduced weighted average interest rate | 1.50% |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Jan. 24, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | |
Goodwill [Roll Forward] | |||
Balance, beginning of period | $ 2,631,465 | $ 2,514,104 | |
Balance, end of period | 2,868,068 | 2,631,465 | |
Sterling | |||
Goodwill [Roll Forward] | |||
Goodwill acquired | 0 | (25,561) | |
Bend | |||
Goodwill [Roll Forward] | |||
Goodwill acquired | 0 | (294) | |
interLINK | |||
Goodwill [Roll Forward] | |||
Goodwill acquired | 0 | (143,216) | |
Ametros | |||
Goodwill [Roll Forward] | |||
Goodwill acquired | $ (236,603) | $ 0 | |
Balance, end of period | $ 228,185 | ||
Goodwill, Other Increase (Decrease) | $ 8,400 |
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. 24, 2024 | Mar. 31, 2024 | Dec. 31, 2023 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 489,937 | $ 301,037 | |
Accumulated Amortization | 107,096 | 97,902 | |
Net Carrying Amount | 382,841 | 203,135 | |
Core deposits (1) | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 328,837 | 146,037 | |
Accumulated Amortization | 59,239 | 53,986 | |
Net Carrying Amount | 269,598 | 92,051 | |
Core deposits (1) | Ametros | |||
Finite-Lived Intangible Assets [Line Items] | |||
Acquired intangible assets, useful life | 25 years | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Indefinite-Lived Intangible Assets | $ 182,800 | ||
Customer relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 151,000 | 151,000 | |
Accumulated Amortization | 46,654 | 43,116 | |
Net Carrying Amount | 104,346 | 107,884 | |
Noncompete Agreements | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 4,000 | 4,000 | |
Accumulated Amortization | 1,000 | 800 | |
Net Carrying Amount | 3,000 | 3,200 | |
Trade Names | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 6,100 | 0 | |
Accumulated Amortization | 203 | 0 | |
Net Carrying Amount | $ 5,897 | $ 0 | |
Trade Names | Ametros | |||
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 | $ 6,100 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Schedule Of Expected Future Amortization Expense) (Detail) $ in Thousands | Mar. 31, 2024 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2024 | $ 25,480 |
2025 | 31,094 |
2026 | 30,113 |
2027 | 29,558 |
2028 | 26,687 |
Thereafter | 190,258 |
Customer-Related Intangible Assets | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible Assets, Net (Including Goodwill) | $ 49,700 |
Deposits (Summary Of Deposits)
Deposits (Summary Of Deposits) (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Non-interest-bearing: | ||
Demand | $ 10,212,509 | $ 10,732,516 |
Interest-bearing: | ||
HSA | 8,603,184 | 8,287,889 |
Checking | 9,498,036 | 8,994,095 |
Money market | 18,615,031 | 17,662,826 |
Savings | 6,881,663 | 6,642,499 |
Time deposits | 6,937,320 | 8,464,459 |
Total interest-bearing | 50,535,234 | 50,051,768 |
Total deposits | 60,747,743 | 60,784,284 |
Time deposits, money market, and interest-bearing checking obtained through brokers (1) | 1,778,381 | 3,673,733 |
Aggregate amount of time deposit accounts that exceeded the FDIC limit | 1,348,498 | 1,221,887 |
Demand deposit overdrafts reclassified as loan balances | 12,251 | 10,432 |
Money market sweep deposits | $ 5,800,000 | $ 5,700,000 |
Deposits (Scheduled Maturities
Deposits (Scheduled Maturities Of Time Deposits) (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Deposit Liabilities [Abstract] | ||
Remainder of 2024 | $ 6,406,380 | |
2025 | 414,440 | |
2026 | 56,451 | |
2027 | 33,809 | |
2028 | 20,873 | |
Thereafter | 5,367 | |
Time deposits | $ 6,937,320 | $ 8,464,459 |
Borrowings (Summary Of Securiti
Borrowings (Summary Of Securities Sold Under Agreements To Repurchase And Other Borrowings) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Securities sold under agreements to repurchase | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Outstanding | $ 126,886 | $ 358,387 |
Rate | 0.12% | 3.43% |
Federal funds purchased | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Outstanding | $ 235,000 | $ 100,000 |
Rate | 5.44% | 5.48% |
Securities sold under agreements to repurchase and other borrowings | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total Outstanding | $ 361,886 | $ 458,387 |
Rate | 3.58% | 3.88% |
Borrowings (Summary Of Advances
Borrowings (Summary Of Advances Payable To the Federal Home Loan Bank) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Federal Home Loan Bank, Advances, Maturity, Rolling Year [Abstract] | ||
FHLB advances maturing within 1 year, Total Outstanding | $ 3,650,000 | $ 2,350,000 |
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 | 456 | 235 |
FHLB advances maturing after 4 but within 5 years, Total Outstanding | 0 | 228 |
FHLB advances maturing after 5 years, Total Outstanding | 9,474 | 9,555 |
Total FHLB advances | $ 3,659,930 | $ 2,360,018 |
Federal Home Loan Bank, Advances, Weighted Average Interest Rate [Abstract] | ||
FHLB advances maturing within 1 year, Weighted Average Contractual Coupon Rate (as a percent) | 5.50% | 5.53% |
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) | 1.36% | 0% |
FHLB advances maturing after 4 but within 5 years, Weighted Average Contractual Coupon Rate (as a percent) | 0% | 2.75% |
FHLB advances maturing after 5 years, Weighted Average Contractual Coupon Rate (as a percent) | 2.08% | 2.07% |
Federal Home Loan Bank, Advances, Weighted Average Contractual Coupon Rate (as a percent) | 5.49% | 5.52% |
Aggregate market value of assets pledged as collateral | $ 20,238,325 | $ 20,734,035 |
Remaining borrowing capacity at FHLB | $ 10,779,412 | $ 12,535,423 |
Borrowings (Long Term Debt) (De
Borrowings (Long Term Debt) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Notes and subordinated debt | $ 903,086 | $ 1,036,974 |
Debt issuance cost on senior fixed-rates | (1,337) | (1,419) |
Long-term debt | $ 914,520 | $ 1,048,820 |
Variable interest rate | 8.54% | 8.59% |
SOFR rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.95% | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
Discount on senior fixed-rate notes | $ (498) | $ (537) |
Senior Notes | Senior Notes Due 2024 | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate (as a percent) | 4.375% | |
Notes and subordinated debt | 132,550 | |
Senior Notes | Senior Notes Due 2029 | ||
Debt Instrument [Line Items] | ||
Senior notes, interest rate (as a percent) | 4.10% | |
Notes and subordinated debt | $ 326,766 | 328,104 |
Hedge basis adjustment | 26,800 | 28,100 |
Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Premium on subordinated fixed-to-floating rate notes | $ 13,269 | 13,802 |
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 |
Borrowings (Narrative) (Details
Borrowings (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Notes and subordinated debt | $ 903,086 | $ 1,036,974 |
Debt issuance cost on senior fixed-rates | (1,337) | (1,419) |
Long-term debt | 914,520 | 1,048,820 |
Subordinated Debt | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Premium on subordinated fixed-to-floating rate notes | 13,269 | 13,802 |
Senior Notes | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Debt Instrument, Unamortized Discount | (498) | (537) |
Junior subordinated debt | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Notes and subordinated debt | 77,320 | 77,320 |
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% | |
Senior Notes | Senior Notes | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Notes and subordinated debt | $ 0 | |
Senior Notes Due 2024 | Senior Notes | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Notes and subordinated debt | 132,550 | |
Senior notes, interest rate (as a percent) | 4.375% | |
Senior Notes Due 2029 | Senior Notes | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Notes and subordinated debt | $ 326,766 | $ 328,104 |
Senior notes, interest rate (as a percent) | 4.10% |
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, 2024 | Mar. 31, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | $ 8,689,996 | $ 8,056,186 |
Other comprehensive (loss) income before reclassifications | (75,432) | 80,970 |
Amounts reclassified from accumulated other comprehensive (loss) | 9,902 | 15,970 |
Other comprehensive (loss) income, net of tax | (65,530) | 96,940 |
Ending Balance | 8,747,498 | 8,294,294 |
Available For Sale and Transferred Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (517,450) | (631,160) |
Other comprehensive (loss) income before reclassifications | (45,392) | 56,635 |
Amounts reclassified from accumulated other comprehensive (loss) | 9,121 | 14,983 |
Other comprehensive (loss) income, net of tax | (36,271) | 71,618 |
Ending Balance | (553,721) | (559,542) |
Derivative Instruments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (2,869) | (8,874) |
Other comprehensive (loss) income before reclassifications | (30,291) | 20,782 |
Amounts reclassified from accumulated other comprehensive (loss) | 302 | 592 |
Other comprehensive (loss) income, net of tax | (29,989) | 21,374 |
Ending Balance | (32,858) | 12,500 |
Defined Benefit Pension and Other Postretirement Benefit Plans | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (30,252) | (44,926) |
Other comprehensive (loss) income before reclassifications | 251 | 3,553 |
Amounts reclassified from accumulated other comprehensive (loss) | 479 | 395 |
Other comprehensive (loss) income, net of tax | 730 | 3,948 |
Ending Balance | (29,522) | (40,978) |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (550,571) | (684,960) |
Other comprehensive (loss) income, net of tax | (65,530) | 96,940 |
Ending Balance | $ (616,101) | $ (588,020) |
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, 2024 | Mar. 31, 2023 | |
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | $ (69,346) | $ (65,829) |
Net of tax | (9,902) | (15,970) |
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | (302) | (592) |
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 | 4 | 220 |
Net of tax | (302) | (592) |
Hedge terminations | (34) | (76) |
Premium amortization | (272) | (736) |
Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Actuarial net loss amortization | (657) | (542) |
Defined benefit pension and postretirement benefit plans | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | (479) | (395) |
Income tax expense | 178 | 147 |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent | ||
Reclassification out of Accumulated Other Comprehensive Income [Line Items] | ||
Income tax expense | 3,275 | |
Net of tax | (9,121) | (14,983) |
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 unrealized holding (losses) | $ (12,396) | (20,483) |
Income tax expense | $ 5,500 |
Regulatory Capital and Restri_3
Regulatory Capital and Restrictions (Information On The Capital Ratios) (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 risk-based capital, Actual Amount | $ 5,923,041 | $ 6,188,433 | |
CET1 risk-based capital, Actual Ratio | 0.1057 | 0.1111 | |
CET1 risk-based capital, Minimum Requirement Amount | $ 2,521,412 | $ 2,507,190 | |
CET1 risk-based capital, Well Capitalized Amount | 3,642,040 | 3,621,497 | |
Total risk-based capital, Actual Amount | $ 7,400,017 | $ 7,643,423 | |
Total risk-based capital, Actual Ratio | 0.1321 | 0.1372 | |
Total risk-based capital, Capital Requirements, Minimum Amount | $ 4,482,510 | $ 4,457,227 | |
Total risk-based capital, Capital Requirements, Minimum Ratio | 0.080 | 0.080 | |
Total risk-based capital, Capital Requirements, Well Capitalized Amount | $ 5,603,138 | $ 5,571,534 | |
Total risk-based capital, Capital Requirements, Well Capitalized Ratio | 0.100 | 0.100 | |
Tier 1 capital, Actual Amount | $ 6,207,020 | $ 6,472,412 | |
Tier 1 capital, Actual Ratio | 0.1108 | 0.1162 | |
Tier 1 capital, Capital Requirements, Minimum Amount | $ 3,361,883 | $ 3,342,920 | |
Tier 1 capital, Capital Requirements, Minimum Ratio | 0.060 | 0.060 | |
Tier 1 capital, Capital Requirements, Well Capitalized Amount | $ 4,482,510 | $ 4,457,227 | |
Tier 1 capital, Capital Requirements, Well Capitalized Ratio | 0.080 | 0.080 | |
Tier 1 leverage capital ratio, Actual Amount | $ 6,207,020 | $ 6,472,412 | |
Tier 1 leverage capital ratio, Actual Ratio | 0.0851 | 0.0906 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Amount | $ 2,916,558 | $ 2,857,890 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Ratio | 0.040 | 0.040 | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Amount | $ 3,645,697 | $ 3,572,362 | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Ratio | 0.050 | 0.050 | |
Dividends paid | $ 175,000 | $ 150,000 | |
Subsidiaries | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
CET1 risk-based capital, Actual Amount | $ 6,588,389 | $ 6,913,443 | |
CET1 risk-based capital, Actual Ratio | 0.1178 | 0.1243 | |
CET1 risk-based capital, Minimum Requirement Amount | $ 2,516,948 | $ 2,502,835 | |
CET1 risk-based capital, Well Capitalized Amount | 3,635,591 | 3,615,206 | |
Total risk-based capital, Actual Amount | $ 7,191,796 | $ 7,494,332 | |
Total risk-based capital, Actual Ratio | 0.1286 | 0.1347 | |
Total risk-based capital, Capital Requirements, Minimum Amount | $ 4,474,574 | $ 4,449,484 | |
Total risk-based capital, Capital Requirements, Minimum Ratio | 0.080 | 0.080 | |
Total risk-based capital, Capital Requirements, Well Capitalized Amount | $ 5,593,217 | $ 5,561,855 | |
Total risk-based capital, Capital Requirements, Well Capitalized Ratio | 0.100 | 0.100 | |
Tier 1 capital, Actual Amount | $ 6,588,389 | $ 6,913,443 | |
Tier 1 capital, Actual Ratio | 0.1178 | 0.1243 | |
Tier 1 capital, Capital Requirements, Minimum Amount | $ 3,355,930 | $ 3,337,113 | |
Tier 1 capital, Capital Requirements, Minimum Ratio | 0.060 | 0.060 | |
Tier 1 capital, Capital Requirements, Well Capitalized Amount | $ 4,474,574 | $ 4,449,484 | |
Tier 1 capital, Capital Requirements, Well Capitalized Ratio | 0.080 | 0.080 | |
Tier 1 leverage capital ratio, Actual Amount | $ 6,588,389 | $ 6,913,443 | |
Tier 1 leverage capital ratio, Actual Ratio | 0.0904 | 0.0969 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Amount | $ 2,913,783 | $ 2,855,212 | |
Tier 1 leverage capital ratio, Capital Requirements, Minimum Ratio | 0.040 | 0.040 | |
Tier 1 leverage capital ratio, Capital Requirements, Well Capitalized Amount | $ 3,642,229 | $ 3,569,015 | |
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) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Variable Interest Entity [Line Items] | |||
Income (Loss) from Affordable Housing Projects, Equity Method Investments | $ (28,024) | $ (21,898) | |
Amortization of low-income housing tax credit investments | 20,413 | 21,478 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Gross investment in LIHTC | 1,293,847 | $ 1,135,192 | |
Accumulated amortization | (161,612) | (141,199) | |
Net investment in LIHTC investments | 1,132,235 | 993,993 | |
Unfunded commitments for LIHTC investments | 683,133 | $ 549,258 | |
Liabilities assumed | $ 158,700 | $ 0 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Variable Interest Entity [Line Items] | |||
Assets | $ 76,161,693 | $ 74,945,249 | |
Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Liabilities assumed | 158,700 | $ 0 | |
Assets | 193,200 | 190,100 | |
Unfunded Loan Commitment | Other Non-Marketable Investments | Variable Interest Entity, Not Primary Beneficiary | |||
Variable Interest Entity [Line Items] | |||
Maximum exposure to loss | $ 306,300 | $ 307,200 |
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, 2024 | Mar. 31, 2023 | |
Earnings Per Share Reconciliation [Abstract] | ||
Net income | $ 216,323 | $ 221,004 |
Less: Preferred stock dividends | 4,163 | 4,163 |
Earnings applicable to common stockholders | 212,160 | 216,841 |
Net income available to common stockholders | 212,160 | 216,841 |
Less: (Loss) earnings allocated to participating securities, basic | 2,101 | 1,845 |
Less: (Loss) earnings allocated to participating securities, diluted | 2,101 | 1,845 |
Earnings applicable to common stockholders | 210,059 | 214,996 |
Earnings applicable to common stockholders | $ 210,059 | $ 214,996 |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||
Weighted-average common shares outstanding - basic (in shares) | 170,445 | 172,766 |
Effect of dilutive securities (in shares) | 259 | 117 |
Weighted-average common shares outstanding - diluted (in shares) | 170,704 | 172,883 |
Earnings Per Share, Basic and Diluted [Abstract] | ||
Basic (loss) earnings per common share (in dollars per share) | $ 1.23 | $ 1.24 |
Diluted (loss) earnings per common share (in shares) | $ 1.23 | $ 1.24 |
Earnings Per Common Share (Narr
Earnings Per Common Share (Narrative) (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Restricted stock (due to performance conditions on non-participating shares) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 54,586 | 85,033 |
Derivative Financial Instrume_3
Derivative Financial Instruments (Schedule fair value of derivative instruments) (Detail) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | $ 9,408,742,000 | $ 11,377,707,000 |
Asset Derivatives, Fair Value, before netting | 363,542,000 | 330,636,000 |
Asset Derivatives, Fair Value, Less: Master netting agreements | 61,395,000 | 55,949,000 |
Asset Derivatives, Fair Value, Less: Cash collateral posted | 285,297,000 | 232,190,000 |
Total derivative instruments, after netting | 16,850,000 | 42,497,000 |
Liability Derivatives, Notional Amount | 14,037,672,000 | 11,703,252,000 |
Liability Derivatives, Fair Value | 407,393,000 | 335,810,000 |
Liability Derivatives, Fair Value, Less: Master netting agreements | 61,395,000 | 55,949,000 |
Liability Derivatives, Fair Value, Less: Cash collateral posted | 0 | 0 |
Total derivative instruments, after netting | 345,998,000 | 279,861,000 |
CME | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value, Less: Cash collateral posted | 2,300,000 | |
Total derivative instruments, after netting | 0 | 0 |
Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Fair Value | 346,853,000 | 289,778,000 |
Asset Derivatives, Fair Value, Less: Master netting agreements | 61,395,000 | 55,949,000 |
Total derivative instruments, after netting | 285,297,000 | 232,190,000 |
Liability Derivatives, Fair Value | 61,395,000 | 55,949,000 |
Liability Derivatives, Fair Value, Less: Master netting agreements | 61,395,000 | 55,949,000 |
Total derivative instruments, after netting | 0 | 0 |
Designated as Hedging Instrument | Interest rate derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 500,000,000 | 2,750,000,000 |
Asset Derivatives, Fair Value | 263,000 | 11,140,000 |
Liability Derivatives, Notional Amount | 4,750,000,000 | 2,700,000,000 |
Liability Derivatives, Fair Value | 44,366,000 | 13,679,000 |
Not Designated as Hedging Instrument | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 8,908,742,000 | 8,627,707,000 |
Asset Derivatives, Fair Value, Total | 363,279,000 | 319,496,000 |
Liability Derivatives, Notional Amount | 9,287,672,000 | 9,003,252,000 |
Liability Derivatives, Fair Value, Positions not subject to master netting agreement | 363,027,000 | 322,131,000 |
Not Designated as Hedging Instrument | Interest rate derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 8,542,883,000 | 8,284,356,000 |
Asset Derivatives, Fair Value | 362,602,000 | 319,122,000 |
Liability Derivatives, Notional Amount | 8,542,895,000 | 8,272,197,000 |
Liability Derivatives, Fair Value | 362,802,000 | 321,064,000 |
Not Designated as Hedging Instrument | Mortgage Banking Derivatives | RPA-Out | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 1,463,000 | 2,798,000 |
Asset Derivatives, Fair Value | 15,000 | 37,000 |
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 | 364,396,000 | 340,553,000 |
Asset Derivatives, Fair Value | 662,000 | 337,000 |
Liability Derivatives, Notional Amount | 744,777,000 | 731,055,000 |
Liability Derivatives, Fair Value | 225,000 | 1,067,000 |
Not Designated as Hedging Instrument | Interest Rate Swap, CME | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 91,000,000 | 113,800,000 |
Liability Derivatives, Notional Amount | 0 | 0 |
Not Designated as Hedging Instrument | Credit Risk Contract | RPA-Out | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives, Notional Amounts | 300,500,000 | 299,200,000 |
Not Designated as Hedging Instrument | Credit Risk Contract | RPA-In | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives, Notional Amount | 707,600,000 | 682,900,000 |
Interest Rate Lock Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Other commitment | $ 1,700,000 | $ 1,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments (Offsetting Derivatives) (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Asset Derivatives, Fair Value, Less: Master netting agreements | $ 61,395 | $ 55,949 |
Asset derivatives | 16,850 | 42,497 |
Liability Derivatives, Fair Value, Less: Master netting agreements | 61,395 | 55,949 |
Liability derivatives | 345,998 | 279,861 |
Hedge Accounting Positions | ||
Derivative [Line Items] | ||
Asset Derivatives, Fair Value | 346,853 | 289,778 |
Asset Derivatives, Fair Value, Less: Master netting agreements | 61,395 | 55,949 |
Asset derivatives | 285,297 | 232,190 |
Asset derivatives, amounts not offset | 161 | 1,639 |
Liability Derivatives, Fair Value | 61,395 | 55,949 |
Liability Derivatives, Fair Value, Less: Master netting agreements | 61,395 | 55,949 |
Liability derivatives | 0 | 0 |
Liability derivatives, amounts not offset | $ 0 | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments (Income Statement Effect) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | $ 2,545 | $ (4,438) |
Interest Rate Derivatives | Operating Expense | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | 1,290 | (3,687) |
Mortgage Banking Derivatives | Operating Expense | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | (22) | (16) |
Other | Operating Expense | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | 1,277 | (735) |
Cash Flow Hedging | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | (10,798) | (812) |
Cash Flow Hedging | Interest Rate Derivatives | Operating Expense | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | 34 | 76 |
Cash Flow Hedging | Interest Rate Derivatives | Other Income | Not Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | (10,764) | (736) |
Fair Value Hedging [Member] | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | 1,320 | (192) |
Fair Value Hedging [Member] | Operating Expense | Designated as Hedging Instrument | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | 0 | 10,427 |
Fair Value Hedging [Member] | Operating Expense | Designated as Hedging Instrument | Long-term Debt | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (loss) | $ (1,320) | $ (10,235) |
Derivative Financial Instrume_6
Derivative Financial Instruments (AOCI Related to Cash Flow Hedges) (Narrative) (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Unamortized balance | $ 0.3 |
Maximum length of time over which forecasted transactions are hedged | 3 years |
Cash Flow Hedging | Designated as Hedging Instrument | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Estimate of amount to be reclassified from AOCL | $ 30.4 |
Derivative Financial Instrume_7
Derivative Financial Instruments (Counterparty Credit Risk Narrative) (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative [Line Items] | ||
Derivative instrument asset, Amount Offset | $ 285,297 | $ 232,190 |
Maximum exposure | 16,700 | |
Debit (credit) valuation adjustment | 7,500 | $ 6,200 |
Cash and Due from Banks | ||
Derivative [Line Items] | ||
Derivative, Collateral, Right to Reclaim Cash | 290,300 | |
Valuation, Market Approach | ||
Derivative [Line Items] | ||
Maximum exposure | 112,000 | |
CME | ||
Derivative [Line Items] | ||
Derivative instrument asset, Amount Offset | $ 2,300 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Jan. 11, 2023 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Broker dealer deposit program, fair value | $ 2,500,000,000 | ||
Unused commitments to extend credit | 11,705,267,000 | $ 12,563,441,000 | |
Loans transferred to held for sale, fair value | 239,300,000 | 3,900,000 | |
Loans in process of foreclosure | 9,100,000 | ||
Value under fair value options | 323,000 | 2,610,000 | |
Write-ups due to observable price changes | 1,700,000 | ||
Write-downs due to impairment | (500,000) | ||
interLINK | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Contingent consideration | $ 16,000,000 | ||
Fair Value, Nonrecurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | 5,600,000 | 9,100,000 | |
Rabbi Trust | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | 9,200,000 | 9,200,000 | |
Alternative investments | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Other assets | 27,900,000 | 29,800,000 | |
Carrying amount of alternative investments | 1,200,000 | 900,000 | |
Remaining unfunded commitment | 0 | ||
Write-down | 300,000 | ||
Alternative investments carrying amount | 38,600,000 | 35,900,000 | |
Alternative investments | Fair Value, Nonrecurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Unused commitments to extend credit | 55,300,000 | 53,100,000 | |
Unused commitments to extend credit, fair value | $ 1,400,000 | $ 7,900,000 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Option, Disclosures) (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Originated loans held for sale, fair value | $ 323 | $ 2,610 |
Originated loans held for sale, unpaid principal balance | 239,763 | 6,541 |
Originated loans held for sale, difference | 7 | (48) |
loans held for sale | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Originated loans held for sale, unpaid principal balance | $ 316 | $ 2,658 |
Fair Value Measurements (Fair_2
Fair Value Measurements (Fair Value Unobservable Inputs) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) holding | Dec. 31, 2023 USD ($) holding | |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Cash Payment For Contingent Consideration Obligation | $ 4,600 | |
Re-sign Broker Dealers | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contingent consideration | 182 | $ 4,232 |
Re-sign Broker Dealers | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contingent consideration | 207 | 4,826 |
Deposit Program Growth | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contingent consideration | 11,568 | 11,568 |
Deposit Program Growth | Maximum | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contingent consideration | $ 12,500 | $ 12,500 |
Probability of Achievement | Re-sign Broker Dealers | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contingent Consideration, Measurement Input | holding | 0.990 | 0.990 |
Probability of Achievement | Deposit Program Growth | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contingent Consideration, Measurement Input | holding | 1 | 1 |
Payment Term (in years) | Re-sign Broker Dealers | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Payment Term (in years) | 1 year 7 months 17 days | 1 year 10 months 17 days |
Payment Term (in years) | Deposit Program Growth | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Payment Term (in years) | 9 months | 1 year |
Discount Rate | Re-sign Broker Dealers | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contingent Consideration, Measurement Input | holding | 0.0640 | 0.0640 |
Discount Rate | Deposit Program Growth | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Contingent Consideration, Measurement Input | holding | 0.0640 | 0.0640 |
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, 2024 | Dec. 31, 2023 |
Financial Assets: | ||
Total available-for-sale securities | $ 8,601,141 | $ 8,959,729 |
Asset derivatives | 16,850 | 42,497 |
Value under fair value options | 323 | 2,610 |
Financial Liabilities: | ||
Liability derivatives | 345,998 | 279,861 |
Government agency debentures | ||
Financial Assets: | ||
Total available-for-sale securities | 262,488 | 264,633 |
Municipal bonds and notes | ||
Financial Assets: | ||
Total available-for-sale securities | 1,207,350 | 1,573,233 |
Agency CMO | ||
Financial Assets: | ||
Total available-for-sale securities | 46,236 | 48,941 |
Agency MBS | ||
Financial Assets: | ||
Total available-for-sale securities | 3,364,414 | 3,347,098 |
Agency CMBS | ||
Financial Assets: | ||
Total available-for-sale securities | 2,321,230 | 2,288,071 |
Non-agency CMBS | ||
Financial Assets: | ||
Total available-for-sale securities | 731,851 | 763,749 |
Corporate debt securities | ||
Financial Assets: | ||
Total available-for-sale securities | 617,209 | 622,155 |
Private label MBS | ||
Financial Assets: | ||
Total available-for-sale securities | 41,308 | 42,808 |
Other | ||
Financial Assets: | ||
Total available-for-sale securities | 9,055 | 9,041 |
Fair Value, Recurring | ||
Financial Assets: | ||
Total available-for-sale securities | 8,601,141 | 8,959,729 |
Alternative investments | 1,221 | 959 |
Total financial assets | 9,017,392 | 9,341,722 |
Financial Liabilities: | ||
Liability derivatives | 407,393 | 335,810 |
Contingent consideration | 11,750 | 15,800 |
Liabilities, Fair Value Disclosure | 419,143 | 351,610 |
Alternative Investments, Net Asset Value | 38,620 | 35,888 |
Fair Value, Recurring | Level 1 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Alternative investments | 1,221 | 959 |
Total financial assets | 14,360 | 13,076 |
Financial Liabilities: | ||
Liability derivatives | 160 | 970 |
Contingent consideration | 0 | 0 |
Liabilities, Fair Value Disclosure | 160 | 970 |
Alternative Investments, Net Asset Value | 0 | 0 |
Fair Value, Recurring | Level 2 | ||
Financial Assets: | ||
Total available-for-sale securities | 8,601,141 | 8,959,729 |
Alternative investments | 0 | 0 |
Total financial assets | 8,964,412 | 9,292,758 |
Financial Liabilities: | ||
Liability derivatives | 407,233 | 334,840 |
Contingent consideration | 0 | 0 |
Liabilities, Fair Value Disclosure | 407,233 | 334,840 |
Alternative Investments, Net Asset Value | 0 | 0 |
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 | 11,750 | 15,800 |
Liabilities, Fair Value Disclosure | 11,750 | 15,800 |
Alternative Investments, Net Asset Value | 0 | 0 |
Fair Value, Recurring | Derivative instruments | ||
Financial Assets: | ||
Asset derivatives | 363,542 | 330,636 |
Fair Value, Recurring | Derivative instruments | Level 1 | ||
Financial Assets: | ||
Asset derivatives | 594 | 217 |
Fair Value, Recurring | Derivative instruments | Level 2 | ||
Financial Assets: | ||
Asset derivatives | 362,948 | 330,419 |
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 | 323 | 2,610 |
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 | 323 | 2,610 |
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 | 12,545 | 11,900 |
Fair Value, Recurring | Investments Held In Rabbi Trust | Level 1 | ||
Financial Assets: | ||
Other assets | 12,545 | 11,900 |
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 | Government agency debentures | ||
Financial Assets: | ||
Total available-for-sale securities | 262,488 | 264,633 |
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 | 262,488 | 264,633 |
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 | 1,207,350 | 1,573,233 |
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 | 1,207,350 | 1,573,233 |
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 | 46,236 | 48,941 |
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 | 46,236 | 48,941 |
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 | 3,364,414 | 3,347,098 |
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 | 3,364,414 | 3,347,098 |
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 | 2,321,230 | 2,288,071 |
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 | 2,321,230 | 2,288,071 |
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 | 731,851 | 763,749 |
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 | 731,851 | 763,749 |
Fair Value, Recurring | Non-agency CMBS | Level 3 | ||
Financial Assets: | ||
Total available-for-sale securities | 0 | 0 |
Fair Value, Recurring | Corporate debt securities | ||
Financial Assets: | ||
Total available-for-sale securities | 617,209 | 622,155 |
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 | 617,209 | 622,155 |
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 | 41,308 | 42,808 |
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 | 41,308 | 42,808 |
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 | 9,055 | 9,041 |
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 | 9,055 | 9,041 |
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, 2024 | Dec. 31, 2023 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | $ 6,782,867 | $ 6,264,623 |
Fair Value, Nonrecurring | Reported Value Measurement | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,545,228 | 1,715,795 |
Held-to-maturity investment securities, net | 7,679,891 | 7,074,588 |
Loans and leases, net | 50,457,200 | 50,090,315 |
Securities sold under agreements to repurchase and other borrowings | 361,886 | 458,387 |
FHLB advances | 3,659,930 | 2,360,018 |
Long-term debt | 914,520 | 1,048,820 |
Fair Value, Nonrecurring | Reported Value Measurement | Deposits Liabilities, other than time deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Time deposits | 53,810,423 | 52,319,825 |
Fair Value, Nonrecurring | Reported Value Measurement | Time Deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Time deposits | 6,937,320 | 8,464,459 |
Fair Value, Nonrecurring | Reported Value Measurement | Residential | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage servicing assets, Carrying Amount | 1,514 | 8,523 |
Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,545,228 | 1,715,795 |
Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair Value | 6,782,867 | 6,264,623 |
Securities sold under agreements to repurchase and other borrowings | 361,867 | 458,380 |
FHLB advances | 3,657,612 | 2,358,381 |
Long-term debt | 852,877 | 999,918 |
Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases, net | 48,348,067 | 48,048,106 |
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 | 53,810,423 | 52,319,825 |
Fair Value, Nonrecurring | Estimate of Fair Value Measurement | Time Deposits | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Time deposits | 6,902,736 | 8,426,708 |
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 | $ 3,973 | $ 24,495 |
Segment Reporting (Narrative) (
Segment Reporting (Narrative) (Details) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 USD ($) Segment | Jan. 01, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | Segment | 3 | |||
Deposits | $ 60,747,743 | $ 60,784,284 | ||
Goodwill | $ 2,868,068 | $ 2,631,465 | $ 2,514,104 | |
Revision of Prior Period, Reclassification, Adjustment | ||||
Segment Reporting Information [Line Items] | ||||
Deposits | $ 2,200,000 | |||
Goodwill | 77,200 | |||
Loans and leases, net | $ 1,500,000 |
Segment Reporting (Operating Re
Segment Reporting (Operating Results and Total Assets Reportable Segments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | ||||
Goodwill | $ 2,868,068 | $ 2,631,465 | $ 2,514,104 | |
Assets | 76,161,693 | 74,945,249 | ||
Net interest income | 567,739 | $ 595,283 | ||
Non-interest income | 99,353 | 70,766 | ||
Non-interest expense | 335,923 | 332,467 | ||
Pre-tax, pre-provision net revenue | 331,169 | 333,582 | ||
Provision (benefit) for credit losses | 45,500 | 46,749 | ||
Income before income taxes | 285,669 | 286,833 | ||
Income tax expense | 69,346 | 65,829 | ||
Net income | 216,323 | 221,004 | ||
Operating Segments | Commercial Banking | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | 1,960,363 | 1,951,945 | ||
Assets | 42,286,247 | 41,843,297 | ||
Net interest income | 341,942 | 360,293 | ||
Non-interest income | 34,280 | 33,720 | ||
Non-interest expense | 106,225 | 98,833 | ||
Pre-tax, pre-provision net revenue | 269,997 | 295,180 | ||
Provision (benefit) for credit losses | 47,283 | 35,250 | ||
Income before income taxes | 222,714 | 259,930 | ||
Income tax expense | 49,220 | 57,964 | ||
Net income | 173,494 | 201,966 | ||
Operating Segments | Healthcare Financial Services | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | 285,670 | 57,485 | ||
Assets | 509,012 | 122,421 | ||
Net interest income | 86,138 | 71,730 | ||
Non-interest income | 31,061 | 24,067 | ||
Non-interest expense | 52,127 | 43,700 | ||
Pre-tax, pre-provision net revenue | 65,072 | 52,097 | ||
Provision (benefit) for credit losses | 0 | 0 | ||
Income before income taxes | 65,072 | 52,097 | ||
Income tax expense | 17,114 | 14,066 | ||
Net income | 47,958 | 38,031 | ||
Operating Segments | Consumer Banking | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | 622,035 | 622,035 | ||
Assets | 12,268,347 | 12,327,403 | ||
Net interest income | 205,777 | 234,604 | ||
Non-interest income | 33,978 | 27,636 | ||
Non-interest expense | 120,121 | 116,555 | ||
Pre-tax, pre-provision net revenue | 119,634 | 145,685 | ||
Provision (benefit) for credit losses | (4,089) | 2,571 | ||
Income before income taxes | 123,723 | 143,114 | ||
Income tax expense | 30,436 | 35,922 | ||
Net income | 93,287 | 107,192 | ||
Corporate, Non-Segment | ||||
Segment Reporting Information [Line Items] | ||||
Goodwill | 0 | 0 | ||
Assets | 21,098,087 | $ 20,652,128 | ||
Net interest income | (66,118) | (71,344) | ||
Non-interest income | 34 | (14,657) | ||
Non-interest expense | 57,450 | 73,379 | ||
Pre-tax, pre-provision net revenue | (123,534) | (159,380) | ||
Provision (benefit) for credit losses | 2,306 | 8,928 | ||
Income before income taxes | (125,840) | (168,308) | ||
Income tax expense | (27,424) | (42,123) | ||
Net income | $ (98,416) | $ (126,185) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ 64,005 | $ 59,715 |
Non-interest income | 99,353 | 70,766 |
Ametros' Customers | ||
Disaggregation of Revenue [Line Items] | ||
Contract With Customer, Accounts Receivable | 2,300 | |
Contract With Customer, Deferred Revenue | 20,800 | |
Deposit service fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 42,589 | 45,436 |
Loan and lease related fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 3,622 | 4,427 |
Wealth and investment services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 7,924 | 6,587 |
Other non interest income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 9,870 | 3,265 |
Non-interest income within the scope of other GAAP topics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 35,348 | |
Non-interest income | 11,051 | |
Operating Segments | Commercial Banking | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 12,642 | 11,430 |
Non-interest income | 34,280 | 33,720 |
Operating Segments | Commercial Banking | Deposit service fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 5,842 | 4,236 |
Operating Segments | Commercial Banking | Loan and lease related fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 3,622 | 4,427 |
Operating Segments | Commercial Banking | Wealth and investment services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 3,178 | 2,767 |
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 | 21,638 | |
Non-interest income | 22,290 | |
Operating Segments | Healthcare Financial Services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 31,061 | 24,067 |
Non-interest income | 31,061 | 24,067 |
Operating Segments | Healthcare Financial Services | Deposit service fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 22,052 | 22,092 |
Operating Segments | Healthcare Financial Services | Loan and lease related fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating Segments | Healthcare Financial Services | Wealth and investment services | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 0 | 0 |
Operating Segments | Healthcare Financial Services | Other non interest income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 9,009 | 1,975 |
Operating Segments | Healthcare Financial Services | 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 | 19,364 | 23,364 |
Non-interest income | 33,978 | 27,636 |
Operating Segments | Consumer Banking | Deposit service fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 14,796 | 19,178 |
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 | 4,751 | 3,828 |
Operating Segments | Consumer Banking | Other non interest income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | (183) | 358 |
Operating Segments | Consumer Banking | Non-interest income within the scope of other GAAP topics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 14,614 | |
Non-interest income | 4,272 | |
Corporate, Non-Segment | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 938 | 854 |
Non-interest income | 34 | (14,657) |
Corporate, Non-Segment | Deposit service fees | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | (101) | (70) |
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 | (5) | (8) |
Corporate, Non-Segment | Other non interest income | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | 1,044 | 932 |
Corporate, Non-Segment | Non-interest income within the scope of other GAAP topics | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer | $ (904) | |
Non-interest income | $ (15,511) |
Commitments and Contingencies_2
Commitments and Contingencies (Outstanding Financial Instruments Contract Amounts Represent Credit Risk) (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit | $ 11,705,267 | $ 12,563,441 |
Standby letter of credit | ||
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit | 497,573 | 482,462 |
Commercial letter of credit | ||
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit | 36,300 | 54,382 |
Commitments to extend credit | ||
Loss Contingencies [Line Items] | ||
Unused commitments to extend credit | $ 11,171,394 | $ 12,026,597 |
Commitments and Contingencies_3
Commitments and Contingencies (Reserve for Unfunded Commitments) (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Feb. 23, 2024 | Feb. 22, 2024 | Dec. 31, 2023 | Nov. 29, 2023 |
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
Proposed annual rate | 0.0336% | ||||
Estimated Special Assessment Charge | $ 11,900 | $ 47,200 | |||
Special Assessment, Estimated Loss Attributable To Protection Of Uninsured Depositors | $ 20,400,000 | $ 16,300,000 | |||
Special Assessment, Increase From Estimated Loss Attributable To Protection Of Uninsured Depositors | $ 4,100,000 | ||||
SEC Schedule, 12-09, Allowance, Credit Loss | |||||
SEC Schedule, 12-09, Valuation and Qualifying Accounts Disclosure [Line Items] | |||||
SEC Schedule, 12-09, Valuation Allowances and Reserves, Amount | $ 24,500 | $ 24,700 |