Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Cover page | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-14585 | |
Entity Registrant Name | FIRST HAWAIIAN, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 99-0156159 | |
Entity Address, Address Line One | 999 Bishop Street, 29th Floor | |
Entity Address, City or Town | Honolulu | |
Entity Address, State or Province | HI | |
Entity Address, Postal Zip Code | 96813 | |
City Area Code | 808 | |
Local Phone Number | 525-7000 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FHB | |
Security Exchange Name | NASDAQ | |
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 | 127,841,908 | |
Entity Central Index Key | 0000036377 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest income | ||
Loans and lease financing | $ 199,844 | $ 172,339 |
Available-for-sale investment securities | 14,546 | 18,688 |
Held-to-maturity investment securities | 17,793 | 18,957 |
Other | 12,769 | 3,561 |
Total interest income | 244,952 | 213,545 |
Interest expense | ||
Deposits | 84,143 | 43,284 |
Short-term and long-term borrowings | 5,953 | 2,563 |
Other | 429 | 451 |
Total interest expense | 90,525 | 46,298 |
Net interest income | 154,427 | 167,247 |
Provision for credit losses | 6,300 | 8,800 |
Net interest income (expense) after (provision) benefit for credit losses | 148,127 | 158,447 |
Noninterest income | ||
Service charges on deposit accounts | 7,546 | 7,231 |
Credit and debit card fees | 16,173 | 16,298 |
Other service charges and fees | 9,904 | 9,162 |
Trust and investment services income | 10,354 | 9,614 |
Bank-owned life insurance | 4,286 | 5,120 |
Other | 3,108 | 1,598 |
Total noninterest income | 51,371 | 49,023 |
Noninterest expense | ||
Salaries and employee benefits | 59,262 | 56,032 |
Contracted services and professional fees | 15,739 | 16,313 |
Occupancy | 6,941 | 7,782 |
Equipment | 13,413 | 9,736 |
Regulatory assessment and fees | 8,120 | 3,836 |
Advertising and marketing | 2,612 | 1,994 |
Card rewards program | 8,508 | 8,085 |
Other | 14,218 | 14,789 |
Total noninterest expense | 128,813 | 118,567 |
Income before provision for income taxes | 70,685 | 88,903 |
Provision for income taxes | 16,465 | 22,085 |
Net income | $ 54,220 | $ 66,818 |
Basic earnings per share | $ 0.42 | $ 0.52 |
Diluted earnings per share | $ 0.42 | $ 0.52 |
Basic weighted-average outstanding shares | 127,707,354 | 127,453,820 |
Diluted weighted-average outstanding shares | 128,217,689 | 128,033,812 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) | ||
Net Income (Loss) | $ 54,220 | $ 66,818 |
Other comprehensive income, net of tax: | ||
Net change in investment securities | 5,667 | 26,944 |
Net change in cash flow derivative hedges | 763 | 631 |
Other comprehensive income | 6,430 | 27,575 |
Total comprehensive income | $ 60,650 | $ 94,393 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Cash and due from banks | $ 202,121 | $ 185,015 |
Interest-bearing deposits in other banks | 1,072,145 | 1,554,882 |
Available-for-sale, at fair value (amortized cost: $2,466,109 as of March 31, 2024 and $2,558,675 as of December 31, 2023) | 2,159,338 | 2,255,336 |
Held-to-maturity, at amortized cost (fair value: $3,470,710 as of March 31, 2024 and $3,574,856 as of December 31, 2023) | 3,988,011 | 4,041,449 |
Loans held for sale | 190 | |
Loans and leases | 14,320,208 | 14,353,497 |
Less: allowance for credit losses | 159,836 | 156,533 |
Net loans and leases | 14,160,372 | 14,196,964 |
Premises and equipment, net | 281,181 | 281,461 |
Accrued interest receivable | 85,715 | 84,417 |
Bank-owned life insurance | 484,193 | 479,907 |
Goodwill | 995,492 | 995,492 |
Mortgage servicing rights | 5,533 | 5,699 |
Other assets | 845,085 | 845,662 |
Total assets | 24,279,186 | 24,926,474 |
Deposits: | ||
Interest-bearing | 13,620,928 | 13,749,095 |
Noninterest-bearing | 7,048,553 | 7,583,562 |
Total deposits | 20,669,481 | 21,332,657 |
Short-term borrowings | 500,000 | 500,000 |
Retirement benefits payable | 102,242 | 103,285 |
Other liabilities | 493,702 | 504,466 |
Total liabilities | 21,765,425 | 22,440,408 |
Commitments and contingent liabilities (Note 12) | ||
Stockholders' equity | ||
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 141,687,612 / 127,841,908 as of March 31, 2024; issued/outstanding: 141,340,539 / 127,618,761 as of December 31, 2023) | 1,417 | 1,413 |
Additional paid-in capital | 2,551,488 | 2,548,250 |
Retained earnings | 858,494 | 837,859 |
Accumulated other comprehensive loss, net | (523,780) | (530,210) |
Treasury stock (13,845,704 shares as of March 31, 2024 and 13,721,778 shares as of December 31, 2023) | (373,858) | (371,246) |
Total stockholders' equity | 2,513,761 | 2,486,066 |
Total liabilities and stockholders' equity | $ 24,279,186 | $ 24,926,474 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
CONSOLIDATED BALANCE SHEETS (Unaudited) | ||
Available-for-sale investment securities, amortized cost | $ 2,466,109 | $ 2,558,675 |
Investment securities held-to-maturity | $ 3,470,710 | $ 3,574,856 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, issued (in shares) | 141,687,612 | 141,340,539 |
Common stock outstanding (in shares) | 127,841,908 | 127,618,761 |
Common stock repurchased (in shares) | 13,845,704 | 13,721,778 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated other comprehensive Income (loss) | Treasury Stock | Total |
Balance at Dec. 31, 2022 | $ 1,410 | $ 2,538,336 | $ 736,544 | $ (639,254) | $ (368,031) | $ 2,269,005 |
Balance (in shares) at Dec. 31, 2022 | 127,363,327 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net Income (Loss) | 66,818 | 66,818 | ||||
Cash dividends declared ($0.26 per share) | (33,114) | (33,114) | ||||
Equity-based awards | $ 3 | 2,317 | (457) | (3,135) | (1,272) | |
Equity-based awards (in shares) | 210,353 | |||||
Other comprehensive income, net of tax | 27,575 | 27,575 | ||||
Balance at Mar. 31, 2023 | $ 1,413 | 2,540,653 | 769,791 | (611,679) | (371,166) | 2,329,012 |
Balance (in shares) at Mar. 31, 2023 | 127,573,680 | |||||
Balance at Dec. 31, 2023 | $ 1,413 | 2,548,250 | 837,859 | (530,210) | (371,246) | $ 2,486,066 |
Balance (in shares) at Dec. 31, 2023 | 127,618,761 | 127,618,761 | ||||
Treasury Stock, Value, Beginning Balance at Dec. 31, 2023 | $ 371,246 | |||||
Increase (Decrease) in Stockholders' Equity | ||||||
Net Income (Loss) | 54,220 | 54,220 | ||||
Cash dividends declared ($0.26 per share) | (33,186) | (33,186) | ||||
Equity-based awards | $ 4 | 3,238 | (399) | (2,612) | 231 | |
Equity-based awards (in shares) | 223,147 | |||||
Other comprehensive income, net of tax | 6,430 | 6,430 | ||||
Balance at Mar. 31, 2024 | $ 1,417 | $ 2,551,488 | $ 858,494 | $ (523,780) | $ (373,858) | $ 2,513,761 |
Balance (in shares) at Mar. 31, 2024 | 127,841,908 | 127,841,908 | ||||
Treasury Stock, Value, Ending Balance at Mar. 31, 2024 | $ 373,858 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) | ||
Cash dividends declared (in dollars per share) | $ 0.26 | $ 0.26 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities | ||
Net income | $ 54,220 | $ 66,818 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 6,300 | 8,800 |
Depreciation, amortization and accretion, net | 9,537 | 10,827 |
Deferred income tax provision | 7,238 | 4,330 |
Stock-based compensation | 3,242 | 2,320 |
Gain On Property Insurance Proceeds | (2,202) | |
Other (gains) losses | (7) | 1,223 |
Originations of loans held for sale | (8,624) | (1,468) |
Proceeds from sales of loans held for sale | 8,791 | 1,447 |
Change in assets and liabilities: | ||
Net decrease (increase) in other assets | 11,782 | (9,536) |
Net decrease in other liabilities | (23,637) | (2,128) |
Net cash provided by operating activities | 66,640 | 82,633 |
Available-for-sale securities: | ||
Proceeds from maturities and principal repayments | 81,385 | 119,692 |
Proceeds from calls and sales | 10,000 | |
Held-to-maturity securities: | ||
Proceeds from maturities and principal repayments | 62,525 | 68,854 |
Proceeds from calls | 345 | 220 |
Other investments: | ||
Proceeds from sales | 1,234 | 13,984 |
Purchases | (12,618) | (42,251) |
Loans: | ||
Net decrease (increase) in loans and leases resulting from originations and principal repayments | 41,387 | (88,408) |
Purchases of loans | (15,000) | (48,741) |
Proceeds from bank-owned life insurance | 4,932 | |
Proceeds from property insurance | 2,202 | |
Purchases of premises, equipment and software | (4,861) | (1,555) |
Other | 104 | (1,614) |
Net cash provided by investing activities | 166,703 | 25,113 |
Cash flows from financing activities | ||
Net decrease in deposits | (663,176) | (407,529) |
Net increase in short-term borrowings | 175,000 | |
Proceeds from long-term borrowings | 500,000 | |
Dividends paid | (33,186) | (33,114) |
Stock tendered for payment of withholding taxes | (2,612) | (3,135) |
Net cash (used in) provided by financing activities | (698,974) | 231,222 |
Net (decrease) increase in cash and cash equivalents | (465,631) | 338,968 |
Cash and cash equivalents at beginning of year | 1,739,897 | 526,624 |
Cash and cash equivalents at end of year | 1,274,266 | 865,592 |
Supplemental disclosures | ||
Interest paid | 88,594 | 40,937 |
Income taxes paid, net of income tax refunds | 1,755 | 1,761 |
Noncash investing and financing activities: | ||
Transfers from loans and leases and other assets to other real estate owned | 69 | |
Operating lease right-of-use assets obtained in exchange for new lease obligations | $ 1,306 | |
Obligation to fund low-income housing partnerships | $ 8,223 |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization and Basis of Presentation. | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation First Hawaiian, Inc. (“FHI” or the “Parent”), a bank holding company, owns 100% of the outstanding common stock of First Hawaiian Bank (“FHB” or the “Bank”), its only direct, wholly owned subsidiary. FHB offers a comprehensive suite of banking services, including loans, deposit products, wealth management, insurance, trust, retirement planning, credit card and merchant processing services, to consumer and commercial customers. The accompanying unaudited interim consolidated financial statements of First Hawaiian, Inc. and Subsidiary (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The accompanying unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair presentation of the interim period consolidated financial information, have been made. Results of operations for interim periods are not necessarily indicative of results to be expected for the entire year. Intercompany account balances and transactions have been eliminated in consolidation. Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events, actual results may differ from these estimates. Accounting Standards Adopted in 2024 In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-01, Leases (Topic 842), Common Control Arrangements. Property, Plant, and Equipment. 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. Income Taxes Investments—Equity Method and Joint Ventures—Overall Investments—Equity Securities Recent Accounting Pronouncements The following ASUs have been issued by the FASB and are applicable to the Company in future reporting periods. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2024 | |
Investment Securities | |
Investment Securities | 2. Investment Securities As of March 31, 2024 and December 31, 2023, investment securities consisted predominantly of the following investment categories: U.S. Treasury and debt securities Mortgage-backed securities Collateralized mortgage obligations Collateralized loan obligations Debt securities issued by states and political subdivisions As of March 31, 2024 and December 31, 2023, the Company’s investment securities were classified as either available-for-sale or held-to-maturity. Amortized cost, gross unrealized holding gains and losses and fair value of available-for-sale and held-to-maturity investment securities as of March 31, 2024 and December 31, 2023 were as follows: March 31, 2024 December 31, 2023 Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency debt securities $ 13,254 $ — $ (433) $ 12,821 $ 33,169 $ — $ (666) $ 32,503 Government-sponsored enterprises debt securities 20,000 — (371) 19,629 20,000 — (408) 19,592 Mortgage-backed securities: Residential - Government agency 10,959 — (1,350) 9,609 11,303 — (1,121) 10,182 Residential - Government-sponsored enterprises 868,033 — (114,648) 753,385 895,421 — (112,124) 783,297 Commercial - Government agency 264,691 — (51,297) 213,394 268,944 — (50,270) 218,674 Commercial - Government-sponsored enterprises 90,441 — (6,951) 83,490 93,459 — (7,028) 86,431 Commercial - Non-agency 21,968 142 — 22,110 21,964 — (281) 21,683 Collateralized mortgage obligations: Government agency 523,160 — (70,997) 452,163 538,718 — (67,568) 471,150 Government-sponsored enterprises 413,731 — (60,670) 353,061 425,826 — (61,856) 363,970 Collateralized loan obligations 239,872 383 (579) 239,676 249,871 43 (2,060) 247,854 Total available-for-sale securities $ 2,466,109 $ 525 $ (307,296) $ 2,159,338 $ 2,558,675 $ 43 $ (303,382) $ 2,255,336 Government agency debt securities $ 51,904 $ — $ (5,300) $ 46,604 $ 52,051 $ — $ (4,497) $ 47,554 Mortgage-backed securities: Residential - Government agency 42,961 — (6,209) 36,752 43,885 — (5,189) 38,696 Residential - Government-sponsored enterprises 97,914 — (13,466) 84,448 99,379 — (11,013) 88,366 Commercial - Government agency 30,853 — (7,651) 23,202 30,795 — (7,017) 23,778 Commercial - Government-sponsored enterprises 1,127,321 167 (144,378) 983,110 1,129,738 195 (130,757) 999,176 Collateralized mortgage obligations: Government agency 972,199 — (125,164) 847,035 989,130 — (109,471) 879,659 Government-sponsored enterprises 1,610,563 — (209,655) 1,400,908 1,642,274 — (193,897) 1,448,377 Debt securities issued by states and political subdivisions 54,296 — (5,645) 48,651 54,197 — (4,947) 49,250 Total held-to-maturity securities $ 3,988,011 $ 167 $ (517,468) $ 3,470,710 $ 4,041,449 $ 195 $ (466,788) $ 3,574,856 Accrued interest receivable related to available-for-sale investment securities was $7.0 million and $7.2 million as of March 31, 2024 and December 31, 2023, respectively. Accrued interest receivable related to held-to-maturity investment securities was $7.3 million and $7.0 million as of March 31, 2024 and December 31, 2023, respectively. Accrued interest receivable is recorded separately from the amortized cost basis of investment securities on the Company’s unaudited interim consolidated balance sheets. Proceeds from calls and sales of investment securities were $10.3 million and nil, respectively, for the three months ended March 31, 2024, and $0.2 million and nil, respectively, for the three months ended March 31, 2023. The Company recorded gross realized gains of nil and gross realized losses of nil for the three months ended March 31, 2024 and 2023. The income tax benefit related to the Company’s net realized loss on the sale of investment securities was nil for the three months ended March 31, 2024 and 2023. Gains and losses realized on sales of securities are determined using the specific identification method. Interest income from taxable investment securities was $29.1 million and $34.0 million, respectively, for the three months ended March 31, 2024 and 2023. Interest income from non-taxable investment securities was $3.2 million and $3.6 million, respectively, for the three months ended March 31, 2024 and 2023. The amortized cost and fair value of debt securities issued by the U.S. Treasury, government agencies, government-sponsored enterprises and states and political subdivisions, non-agency mortgage-backed securities and collateralized loan obligations as of March 31, 2024, by contractual maturity, are shown below. Mortgage-backed securities and collateralized mortgage obligations issued by government agencies and government-sponsored enterprises are disclosed separately in the table below as remaining expected maturities will differ from contractual maturities as borrowers have the right to prepay obligations. March 31, 2024 Amortized Fair (dollars in thousands) Cost Value Available-for-sale securities Due in one year or less $ 13,254 $ 12,821 Due after one year through five years 29,275 28,885 Due after five years through ten years 87,696 87,617 Due after ten years 164,869 164,913 295,094 294,236 Mortgage-backed securities: Residential - Government agency 10,959 9,609 Residential - Government-sponsored enterprises 868,033 753,385 Commercial - Government agency 264,691 213,394 Commercial - Government-sponsored enterprises 90,441 83,490 Total mortgage-backed securities 1,234,124 1,059,878 Collateralized mortgage obligations: Government agency 523,160 452,163 Government-sponsored enterprises 413,731 353,061 Total collateralized mortgage obligations 936,891 805,224 Total available-for-sale securities $ 2,466,109 $ 2,159,338 Held-to-maturity securities Due in one year or less $ — $ — Due after one year through five years — — Due after five years through ten years 22,132 20,121 Due after ten years 84,068 75,134 106,200 95,255 Mortgage-backed securities: Residential - Government agency 42,961 36,752 Residential - Government-sponsored enterprises 97,914 84,448 Commercial - Government agency 30,853 23,202 Commercial - Government-sponsored enterprises 1,127,321 983,110 Total mortgage-backed securities 1,299,049 1,127,512 Collateralized mortgage obligations: Government agency 972,199 847,035 Government-sponsored enterprises 1,610,563 1,400,908 Total collateralized mortgage obligations 2,582,762 2,247,943 Total held-to-maturity securities $ 3,988,011 $ 3,470,710 At March 31, 2024, pledged securities totaled $4.3 billion, of which $2.2 billion was pledged to secure borrowing capacity, $1.9 billion was pledged to secure public deposits and $154.0 million was pledged to secure other financial transactions. At December 31, 2023, pledged securities totaled $5.0 billion, of which $2.6 billion was pledged to secure public deposits, $2.3 billion was pledged to secure borrowing capacity and $183.0 million was pledged to secure other financial transactions. The Company held no securities of any single issuer, other than debt securities issued by the U.S. government, government agencies and government-sponsored enterprises, which were in excess of 10% of stockholders’ equity as of March 31, 2024 and December 31, 2023. The following tables present the unrealized gross losses and fair values of securities in the available-for-sale portfolio by length of time that the 204 and 222 individual securities in each category have been in a continuous loss position as of March 31, 2024 and December 31, 2023, respectively. The unrealized losses on available-for-sale investment securities were attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities. Time in Continuous Loss as of March 31, 2024 Less Than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized (dollars in thousands) Losses Fair Value Losses Fair Value Losses Fair Value U.S. Treasury and government agency debt securities $ — $ — $ (433) $ 12,821 $ (433) $ 12,821 Government-sponsored enterprises debt securities — — (371) 19,629 (371) 19,629 Mortgage-backed securities: Residential - Government agency — — (1,350) 9,609 (1,350) 9,609 Residential - Government-sponsored enterprises — — (114,648) 753,385 (114,648) 753,385 Commercial - Government agency — — (51,297) 213,394 (51,297) 213,394 Commercial - Government-sponsored enterprises — — (6,951) 83,490 (6,951) 83,490 Collateralized mortgage obligations: Government agency — — (70,997) 452,163 (70,997) 452,163 Government-sponsored enterprises — — (60,670) 353,061 (60,670) 353,061 Collateralized loan obligations (8) 8,492 (571) 99,029 (579) 107,521 Total available-for-sale securities with unrealized losses $ (8) $ 8,492 $ (307,288) $ 1,996,581 $ (307,296) $ 2,005,073 Time in Continuous Loss as of December 31, 2023 Less Than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized (dollars in thousands) Losses Fair Value Losses Fair Value Losses Fair Value U.S. Treasury and government agency debt securities $ — $ — $ (666) $ 32,503 $ (666) $ 32,503 Government-sponsored enterprises debt securities — — (408) 19,592 (408) 19,592 Mortgage-backed securities: Residential - Government agency — — (1,121) 10,182 (1,121) 10,182 Residential - Government-sponsored enterprises — — (112,124) 783,297 (112,124) 783,297 Commercial - Government agency — — (50,270) 218,674 (50,270) 218,674 Commercial - Government-sponsored enterprises — — (7,028) 86,431 (7,028) 86,431 Commercial - Non-agency — — (281) 21,683 (281) 21,683 Collateralized mortgage obligations: Government agency — — (67,568) 471,150 (67,568) 471,150 Government-sponsored enterprises — — (61,856) 363,970 (61,856) 363,970 Collateralized loan obligations (564) 63,667 (1,496) 163,126 (2,060) 226,793 Total available-for-sale securities with unrealized losses $ (564) $ 63,667 $ (302,818) $ 2,170,608 $ (303,382) $ 2,234,275 At March 31, 2024 and December 31, 2023, the Company did not have any available-for-sale securities with the intent to sell and determined it was more likely than not that the Company would not be required to sell the securities prior to recovery of the amortized cost basis. As the Company had the intent and ability to hold the remaining available-for-sale securities in an unrealized loss position as of March 31, 2024 and December 31, 2023, each security with an unrealized loss position in the above tables has been further assessed to determine if a credit loss exists. As of March 31, 2024 and December 31, 2023, the Company did not expect any credit losses in its available-for-sale debt securities and no credit losses were recognized on available-for-sale securities during the three months ended March 31, 2024 and for the year ended December 31, 2023. As of March 31, 2024 and December 31, 2023, the Company’s investment securities were comprised primarily of debt securities, mortgage-backed securities and collateralized mortgage obligations issued by the U.S. Government, its agencies and government-sponsored enterprises, with under 5% of the investment securities comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better. For investment securities issued by the U.S. Government, its agencies and government-sponsored enterprises, management has concluded that the long history with no credit losses from these issuers indicates an expectation that nonpayment of the amortized cost basis is zero, and these securities are explicitly or implicitly fully guaranteed by the U.S. government. The U.S. government can print its own currency and its currency is routinely held by central banks and other major financial institutions. The dollar is used in international commerce, and commonly is viewed as a reserve currency, all of which qualitatively indicates that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. For collateralized loan obligations and debt securities issued by local state and political subdivisions, these securities are investment grade and highly rated and carry either sufficient credit enhancement or days cash on hand to support timely payments of principal and interest. As a result, the Company does not expect any future payment defaults and has not recorded an allowance for credit losses for its available-for-sale and held-to-maturity debt securities as of March 31, 2024 or December 31, 2023. During the year ended December 31, 2023, the Company recorded a $40.8 million net realized gain related to the sale of approximately 120,000 Visa Class B restricted shares. The Company did not hold any Visa Class B restricted shares as of both March 31, 2024 and December 31, 2023. |
Loans and Leases
Loans and Leases | 3 Months Ended |
Mar. 31, 2024 | |
Loans and Leases | |
Loans and Leases | 3. Loans and Leases As of March 31, 2024 and December 31, 2023, loans and leases were comprised of the following: March 31, December 31, (dollars in thousands) 2024 2023 Commercial and industrial $ 2,189,875 $ 2,165,349 Commercial real estate 4,301,300 4,340,243 Construction 972,517 900,292 Residential: Residential mortgage 4,242,502 4,283,315 Home equity line 1,165,778 1,174,588 Total residential 5,408,280 5,457,903 Consumer 1,054,227 1,109,901 Lease financing 394,009 379,809 Total loans and leases $ 14,320,208 $ 14,353,497 As of March 31, 2024, residential real estate loans and commercial real estate loans totaling $5.0 billion were pledged to collateralize the Company’s borrowing capacity at the Federal Home Loan Bank of Des Moines (“FHLB”), and consumer, commercial and industrial, commercial real estate, residential real estate loans and pledged securities totaling $3.9 billion were pledged to collateralize the borrowing capacity at the Federal Reserve Bank of San Francisco (“FRB”). As of December 31, 2023, residential real estate loans and commercial real estate loans totaling $4.5 billion were pledged to collateralize the Company’s borrowing capacity at the FHLB, and consumer, commercial and industrial, commercial real estate, residential real estate loans and pledged securities totaling $4.3 billion were pledged to collateralize the borrowing capacity at the FRB. Residential real estate loans collateralized by properties that were in the process of foreclosure totaled $7.8 million and $6.9 million as of March 31, 2024 and December 31, 2023, respectively. In the course of evaluating the credit risk presented by a customer and the pricing that will adequately compensate the Company for assuming that risk, management may require a certain amount of collateral support. The type of collateral held varies, but may include accounts receivable, inventory, land, buildings, equipment, income-producing commercial properties and residential real estate. The Company applies the same collateral policy for loans whether they are funded immediately or on a delayed basis. The loan and lease portfolio is principally located in Hawaii and, to a lesser extent, on the U.S. Mainland, Guam and Saipan. The risk inherent in the portfolio depends upon both the economic stability of the state or territories, which affects property values, and the financial strength and creditworthiness of the borrowers. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Allowance for Credit Losses | |
Allowance for Credit Losses | 4. Allowance for Credit Losses The Company maintains the allowance for credit losses for loans and leases (the “ACL”) that is deducted from the amortized cost basis of loans and leases to present the net carrying value of loans and leases expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount of loans and leases. While management utilizes its best judgment and information available, the ultimate appropriateness of the ACL is dependent upon a variety of factors beyond our control, including the performance of our loan portfolio, the economy, changes in interest rates and the view of the regulatory authorities toward loan classifications. The Company’s methodology is more fully described in our Annual Report on Form 10-K for the year ended December 31, 2023. The Company also maintains an estimated reserve for unfunded commitments on the unaudited interim consolidated balance sheets. The reserve for unfunded commitments is reduced in the period in which the off-balance sheet financial instruments expire, loan funding occurs, or is otherwise settled. Rollforward of the Allowance for Credit Losses The following presents the activity in the ACL by class of loans and leases for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 Commercial Lending Residential Lending Commercial Commercial Home and Real Lease Residential Equity (dollars in thousands) Industrial Estate Construction Financing Mortgage Line Consumer Total Allowance for credit losses: Balance at beginning of period $ 14,956 $ 43,944 $ 10,392 $ 1,754 $ 36,880 $ 11,728 $ 36,879 $ 156,533 Charge-offs (909) — — — — — (4,854) (5,763) Recoveries 211 — — — 30 44 1,689 1,974 Provision 2,829 (418) 2,049 731 (120) (325) 2,346 7,092 Balance at end of period $ 17,087 $ 43,526 $ 12,441 $ 2,485 $ 36,790 $ 11,447 $ 36,060 $ 159,836 Three Months Ended March 31, 2023 Commercial Lending Residential Lending Commercial Commercial Home and Real Lease Residential Equity (dollars in thousands) Industrial Estate Construction Financing Mortgage Line Consumer Total Allowance for credit losses: Balance at beginning of period $ 14,564 $ 43,810 $ 5,843 $ 1,551 $ 35,175 $ 8,296 $ 34,661 $ 143,900 Charge-offs (791) — — — (122) (135) (4,782) (5,830) Recoveries 246 — — — 27 177 2,166 2,616 Provision 19 (3,499) 630 (70) (760) 1,003 9,113 6,436 Balance at end of period $ 14,038 $ 40,311 $ 6,473 $ 1,481 $ 34,320 $ 9,341 $ 41,158 $ 147,122 Rollforward of the Reserve for Unfunded Commitments The following presents the activity in the Reserve for Unfunded Commitments for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 Commercial Lending Residential Lending Commercial Commercial Home and Real Lease Residential Equity (dollars in thousands) Industrial Estate Construction Financing Mortgage Line Consumer Total Reserve for unfunded commitments: Balance at beginning of period $ 9,116 $ 1,787 $ 8,048 $ — $ 24 $ 16,589 $ 41 $ 35,605 Provision (324) 86 (1,151) — (10) 598 9 (792) Balance at end of period $ 8,792 $ 1,873 $ 6,897 $ — $ 14 $ 17,187 $ 50 $ 34,813 Three Months Ended March 31, 2023 Commercial Lending Residential Lending Commercial Commercial Home and Real Lease Residential Equity (dollars in thousands) Industrial Estate Construction Financing Mortgage Line Consumer Total Reserve for unfunded commitments: Balance at beginning of period $ 7,811 $ 2,004 $ 7,470 $ — $ 30 $ 16,483 $ 37 $ 33,835 Provision (658) (312) 1,482 — (13) 1,853 12 2,364 Balance at end of period $ 7,153 $ 1,692 $ 8,952 $ — $ 17 $ 18,336 $ 49 $ 36,199 Credit Quality Information The Company performs an internal loan review and grading or scoring procedures on an ongoing basis. The review provides management with periodic information as to the quality of the loan portfolio and effectiveness of the Company’s lending policies and procedures. The objective of the loan review and grading or scoring procedures is to identify, in a timely manner, existing or emerging credit quality issues so that appropriate steps can be initiated to avoid or minimize future losses. Loans and leases subject to grading primarily include: commercial and industrial loans, commercial real estate loans, construction loans and lease financing. Other loans subject to grading include installment loans to businesses or individuals for business and commercial purposes, overdraft lines of credit, commercial credit cards, and other credits as may be determined. Credit quality indicators for internally graded loans and leases are generally updated on an annual basis or on a quarterly basis for those loans and leases deemed to be of potentially higher risk. An internal credit risk rating system is used to determine loan grade and is based on borrower credit risk and transactional risk. The loan grading process is a mechanism used to determine the risk of a particular borrower and is based on the following factors of a borrower: character, earnings and operating cash flow, asset and liability structure, debt capacity, management and controls, borrowing entity, and industry and operating environment. Pass Special Mention Substandard Doubtful Loss Loans that are primarily monitored for credit quality using FICO scores include: residential mortgage loans, home equity lines and consumer loans. FICO scores are calculated primarily based on a consideration of payment history, the current amount of debt, the length of credit history available, a recent history of new sources of credit and the mix of credit type. FICO scores are updated on a monthly, quarterly or bi-annual basis, depending on the product type. The amortized cost basis by year of origination and credit quality indicator of the Company’s loans and leases as of March 31, 2024 was as follows: Revolving Loans Converted Term Loans Revolving to Term Amortized Cost Basis by Origination Year Loans Loans Amortized Amortized (dollars in thousands) 2024 2023 2022 2021 2020 Prior Cost Basis Cost Basis Total Commercial Lending Commercial and Industrial Risk rating: Pass $ 13,488 $ 104,265 $ 263,282 $ 318,417 $ 29,787 $ 282,287 $ 987,132 $ 26,745 $ 2,025,403 Special Mention 202 1 23,276 73 539 1,385 8,132 — 33,608 Substandard — — 20,364 214 572 2,191 25,638 — 48,979 Other (1) 4,887 12,883 10,053 4,044 1,970 2,396 45,652 — 81,885 Total Commercial and Industrial 18,577 117,149 316,975 322,748 32,868 288,259 1,066,554 26,745 2,189,875 Current period gross charge-offs — 71 114 61 52 611 — — 909 Commercial Real Estate Risk rating: Pass 28,321 344,674 864,166 671,379 334,606 1,866,875 93,485 4,223 4,207,729 Special Mention 3,339 2,290 7,591 41,337 1,358 18,507 6,863 — 81,285 Substandard — — 5,047 1,203 — 5,244 652 — 12,146 Other (1) — — — — — 140 — — 140 Total Commercial Real Estate 31,660 346,964 876,804 713,919 335,964 1,890,766 101,000 4,223 4,301,300 Current period gross charge-offs — — — — — — — — — Construction Risk rating: Pass 14,198 181,628 311,175 258,400 59,563 65,776 11,872 — 902,612 Special Mention — — — — — 837 — — 837 Substandard — — — — — 24,437 — — 24,437 Other (1) 859 12,258 17,492 6,373 1,357 5,588 704 — 44,631 Total Construction 15,057 193,886 328,667 264,773 60,920 96,638 12,576 — 972,517 Current period gross charge-offs — — — — — — — — — Lease Financing Risk rating: Pass 50,531 114,686 78,028 17,488 28,946 97,319 — — 386,998 Special Mention — 51 125 377 20 — — — 573 Substandard 5,370 676 392 — — — — — 6,438 Total Lease Financing 55,901 115,413 78,545 17,865 28,966 97,319 — — 394,009 Current period gross charge-offs — — — — — — — — — Total Commercial Lending $ 121,195 $ 773,412 $ 1,600,991 $ 1,319,305 $ 458,718 $ 2,372,982 $ 1,180,130 $ 30,968 $ 7,857,701 Current period gross charge-offs $ — $ 71 $ 114 $ 61 $ 52 $ 611 $ — $ — $ 909 (continued) Revolving Loans Converted Term Loans Revolving to Term Amortized Cost Basis by Origination Year Loans Loans (continued) Amortized Amortized (dollars in thousands) 2024 2023 2022 2021 2020 Prior Cost Basis Cost Basis Total Residential Lending Residential Mortgage FICO: 740 and greater $ 28,332 $ 207,263 $ 524,402 $ 987,343 $ 521,598 $ 1,186,496 $ — $ — $ 3,455,434 680 - 739 1,525 36,569 67,192 115,481 67,662 158,890 — — 447,319 620 - 679 910 2,910 16,268 19,056 12,733 41,573 — — 93,450 550 - 619 — 1,303 6,506 1,903 2,477 11,685 — — 23,874 Less than 550 — — — 2,894 2,006 6,686 — — 11,586 No Score (3) — 9,081 20,505 11,400 6,006 58,777 — — 105,769 Other (2) 1,419 13,320 16,937 15,740 12,088 32,590 12,976 — 105,070 Total Residential Mortgage 32,186 270,446 651,810 1,153,817 624,570 1,496,697 12,976 — 4,242,502 Current period gross charge-offs — — — — — — — — — Home Equity Line FICO: 740 and greater — — — — — — 943,792 1,428 945,220 680 - 739 — — — — — — 162,578 1,886 164,464 620 - 679 — — — — — — 33,728 927 34,655 550 - 619 — — — — — — 13,382 971 14,353 Less than 550 — — — — — — 5,392 296 5,688 No Score (3) — — — — — — 1,398 — 1,398 Total Home Equity Line — — — — — — 1,160,270 5,508 1,165,778 Current period gross charge-offs — — — — — — — — — Total Residential Lending $ 32,186 $ 270,446 $ 651,810 $ 1,153,817 $ 624,570 $ 1,496,697 $ 1,173,246 $ 5,508 $ 5,408,280 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer Lending FICO: 740 and greater 18,671 82,551 113,914 66,175 28,100 22,442 116,198 138 448,189 680 - 739 13,464 64,229 64,623 33,167 14,755 13,951 75,151 439 279,779 620 - 679 4,293 28,729 27,210 15,641 6,793 10,003 35,179 791 128,639 550 - 619 620 6,973 11,551 7,621 4,025 6,289 13,452 795 51,326 Less than 550 110 2,634 6,734 5,075 2,837 4,179 5,782 646 27,997 No Score (3) 733 839 209 — 9 16 39,466 256 41,528 Other (2) — 304 349 960 330 1,032 73,794 — 76,769 Total Consumer Lending $ 37,891 $ 186,259 $ 224,590 $ 128,639 $ 56,849 $ 57,912 $ 359,022 $ 3,065 $ 1,054,227 Current period gross charge-offs $ — $ 437 $ 904 $ 496 $ 272 $ 769 $ 1,789 $ 187 $ 4,854 Total Loans and Leases $ 191,272 $ 1,230,117 $ 2,477,391 $ 2,601,761 $ 1,140,137 $ 3,927,591 $ 2,712,398 $ 39,541 $ 14,320,208 Current period gross charge-offs $ — $ 508 $ 1,018 $ 557 $ 324 $ 1,380 $ 1,789 $ 187 $ 5,763 (1) Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score. (2) Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. (3) No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance. The amortized cost basis by year of origination and credit quality indicator of the Company’s loans and leases as of December 31, 2023 was as follows: Revolving Loans Converted Term Loans Revolving to Term Amortized Cost Basis by Origination Year Loans Loans Amortized Amortized (dollars in thousands) 2023 2022 2021 2020 2019 Prior Cost Basis Cost Basis Total Commercial Lending Commercial and Industrial Risk rating: Pass $ 85,839 $ 273,663 $ 346,024 $ 32,753 $ 146,893 $ 141,681 $ 971,065 $ 1,823 $ 1,999,741 Special Mention 1 44,069 80 653 1,032 1,290 22,807 14 69,946 Substandard — 342 230 677 1,686 829 8,330 — 12,094 Other (1) 15,978 11,598 4,814 2,370 1,702 1,125 45,981 — 83,568 Total Commercial and Industrial 101,818 329,672 351,148 36,453 151,313 144,925 1,048,183 1,837 2,165,349 Current period gross charge-offs 130 70 75 87 168 2,952 — — 3,482 Commercial Real Estate Risk rating: Pass 346,369 872,783 676,362 337,529 523,446 1,414,613 74,238 1,350 4,246,690 Special Mention 2,307 7,618 41,320 1,359 13,550 11,998 819 — 78,971 Substandard 205 5,079 2,003 — 2,953 2,545 1,655 — 14,440 Other (1) — — — — — 142 — — 142 Total Commercial Real Estate 348,881 885,480 719,685 338,888 539,949 1,429,298 76,712 1,350 4,340,243 Current period gross charge-offs — — — — 2,500 — — — 2,500 Construction Risk rating: Pass 156,432 269,623 265,674 60,057 63,018 27,847 6,070 — 848,721 Special Mention — — — — 189 665 — — 854 Other (1) 12,728 21,036 8,250 2,143 2,031 3,820 709 — 50,717 Total Construction 169,160 290,659 273,924 62,200 65,238 32,332 6,779 — 900,292 Current period gross charge-offs — — — — — — — — — Lease Financing Risk rating: Pass 145,914 82,833 18,680 31,791 30,299 68,520 — — 378,037 Special Mention 56 137 414 35 — — — — 642 Substandard 712 416 — — 2 — — — 1,130 Total Lease Financing 146,682 83,386 19,094 31,826 30,301 68,520 — — 379,809 Current period gross charge-offs — — — — — — — — — Total Commercial Lending $ 766,541 $ 1,589,197 $ 1,363,851 $ 469,367 $ 786,801 $ 1,675,075 $ 1,131,674 $ 3,187 $ 7,785,693 Current period gross charge-offs $ 130 $ 70 $ 75 $ 87 $ 2,668 $ 2,952 $ — $ — $ 5,982 (continued) Revolving Loans Converted Term Loans Revolving to Term Amortized Cost Basis by Origination Year Loans Loans (continued) Amortized Amortized (dollars in thousands) 2023 2022 2021 2020 2019 Prior Cost Basis Cost Basis Total Residential Lending Residential Mortgage FICO: 740 and greater $ 211,598 $ 529,296 $ 999,522 $ 529,881 $ 227,058 $ 987,251 $ — $ — $ 3,484,606 680 - 739 36,975 67,205 117,337 68,122 33,148 130,387 — — 453,174 620 - 679 3,544 16,395 19,184 12,811 4,096 38,987 — — 95,017 550 - 619 1,305 6,521 1,917 2,492 398 11,679 — — 24,312 Less than 550 — — 2,909 2,017 582 6,439 — — 11,947 No Score (3) 9,137 19,311 11,492 6,043 9,679 51,109 — — 106,771 Other (2) 15,802 17,528 17,432 12,534 8,599 25,513 10,080 — 107,488 Total Residential Mortgage 278,361 656,256 1,169,793 633,900 283,560 1,251,365 10,080 — 4,283,315 Current period gross charge-offs — — — — — 122 — — 122 Home Equity Line FICO: 740 and greater — — — — — — 964,932 1,511 966,443 680 - 739 — — — — — — 151,716 1,920 153,636 620 - 679 — — — — — — 36,541 1,189 37,730 550 - 619 — — — — — — 9,896 1,012 10,908 Less than 550 — — — — — — 4,488 100 4,588 No Score (3) — — — — — — 1,283 — 1,283 Total Home Equity Line — — — — — — 1,168,856 5,732 1,174,588 Current period gross charge-offs — — — — — — 273 19 292 Total Residential Lending $ 278,361 $ 656,256 $ 1,169,793 $ 633,900 $ 283,560 $ 1,251,365 $ 1,178,936 $ 5,732 $ 5,457,903 Current period gross charge-offs $ — $ — $ — $ — $ — $ 122 $ 273 $ 19 $ 414 Consumer Lending FICO: 740 and greater 92,117 128,358 76,148 33,507 21,819 8,970 123,592 155 484,666 680 - 739 68,865 71,031 37,925 17,116 13,270 5,690 76,645 401 290,943 620 - 679 28,533 29,229 16,919 7,843 7,972 4,624 35,210 781 131,111 550 - 619 4,996 10,859 7,760 4,917 4,651 2,986 13,223 925 50,317 Less than 550 1,790 6,370 4,842 2,796 2,905 2,040 5,222 455 26,420 No Score (3) 1,545 229 — — 1 10 42,933 136 44,854 Other (2) 361 368 982 335 1,059 1 78,484 — 81,590 Total Consumer Lending $ 198,207 $ 246,444 $ 144,576 $ 66,514 $ 51,677 $ 24,321 $ 375,309 $ 2,853 $ 1,109,901 Current period gross charge-offs $ 639 $ 2,400 $ 2,135 $ 1,142 $ 1,816 $ 2,622 $ 5,790 $ 566 $ 17,110 Total Loans and Leases $ 1,243,109 $ 2,491,897 $ 2,678,220 $ 1,169,781 $ 1,122,038 $ 2,950,761 $ 2,685,919 $ 11,772 $ 14,353,497 Current period gross charge-offs $ 769 $ 2,470 $ 2,210 $ 1,229 $ 4,484 $ 5,696 $ 6,063 $ 585 $ 23,506 (1) Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score. (2) Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. (3) No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance. There were no loans and leases graded as Loss as of March 31, 2024 and December 31, 2023. Past-Due Status The Company continually updates its aging analysis for loans and leases to monitor the migration of loans and leases into past due categories. The Company considers loans and leases that are delinquent for 30 days or more to be past due. As of March 31, 2024 and December 31, 2023, the aging analysis of the amortized cost basis of the Company’s past due loans and leases was as follows: March 31, 2024 Past Due Loans and Greater Leases Past Than or Due 90 Days 30-59 60-89 Equal to or More and Days Days 90 Days Total Total Loans Still Accruing (dollars in thousands) Past Due Past Due Past Due Past Due Current and Leases Interest Commercial and industrial $ 1,713 $ 162 $ 1,470 $ 3,345 $ 2,186,530 $ 2,189,875 $ 529 Commercial real estate — — 2,953 2,953 4,298,347 4,301,300 — Construction — — 606 606 971,911 972,517 606 Lease financing — — — — 394,009 394,009 — Residential mortgage 1,857 2,742 5,406 10,005 4,232,497 4,242,502 359 Home equity line 2,996 894 2,827 6,717 1,159,061 1,165,778 — Consumer 15,606 2,873 2,126 20,605 1,033,622 1,054,227 2,126 Total $ 22,172 $ 6,671 $ 15,388 $ 44,231 $ 14,275,977 $ 14,320,208 $ 3,620 December 31, 2023 Past Due Loans and Greater Leases Past Than or Due 90 Days 30-59 60-89 Equal to or More and Days Days 90 Days Total Total Loans Still Accruing (dollars in thousands) Past Due Past Due Past Due Past Due Current and Leases Interest Commercial and industrial $ 2,611 $ 349 $ 1,464 $ 4,424 $ 2,160,925 $ 2,165,349 $ 494 Commercial real estate — 196 300 496 4,339,747 4,340,243 300 Construction 25,191 — — 25,191 875,101 900,292 — Lease financing — — — — 379,809 379,809 — Residential mortgage 5,244 1,475 4,720 11,439 4,271,876 4,283,315 — Home equity line 5,940 624 3,550 10,114 1,164,474 1,174,588 — Consumer 23,259 3,897 2,702 29,858 1,080,043 1,109,901 2,702 Total $ 62,245 $ 6,541 $ 12,736 $ 81,522 $ 14,271,975 $ 14,353,497 $ 3,496 Nonaccrual Loans and Leases The Company generally places a loan or lease on nonaccrual status when management believes that collection of principal or interest has become doubtful or when a loan or lease becomes 90 days past due as to principal or interest, unless it is well secured and in the process of collection. The Company charges off a loan or lease when facts indicate that the loan or lease is considered uncollectible. The amortized cost basis of loans and leases on nonaccrual status as of March 31, 2024 and December 31, 2023 and the amortized cost basis of loans and leases on nonaccrual status with no ACL as of March 31, 2024 and December 31, 2023 were as follows: March 31, 2024 Nonaccrual Loans and Leases With No Nonaccrual Allowance Loans (dollars in thousands) for Credit Losses and Leases Commercial and industrial $ — $ 942 Commercial real estate 2,685 2,953 Residential mortgage 3,297 7,777 Home equity line 1,150 6,345 Total Nonaccrual Loans and Leases $ 7,132 $ 18,017 December 31, 2023 Nonaccrual Loans and Leases With No Nonaccrual Allowance Loans (dollars in thousands) for Credit Losses and Leases Commercial and industrial $ — $ 970 Commercial real estate 2,685 2,953 Residential mortgage 2,667 7,620 Home equity line 1,163 7,052 Total Nonaccrual Loans and Leases $ 6,515 $ 18,595 For the three months ended March 31, 2024, the Company recognized interest income of $0.2 million on nonaccrual loans and leases and for the three months ended March 31, 2023, the Company recognized interest income of $0.1 million on nonaccrual loans and leases. Furthermore, for both the three months ended March 31, 2024 and 2023, the amount of accrued interest receivables written off by reversing interest income was $0.2 million. Collateral-Dependent Loans and Leases Collateral-dependent loans and leases are those for which repayment (on the basis of the Company’s assessment as of the reporting date) is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. As of March 31, 2024 and December 31, 2023, the amortized cost basis of collateral-dependent loans were $32.5 million and $11.1 million, respectively. As of March 31, 2024, these loans were primarily collateralized by residential real estate property and borrower assets and the fair value of collateral on substantially all collateral-dependent loans were significantly in excess of their amortized cost basis. As of December 31, 2023, these loans were primarily collateralized by residential real estate property and the fair value of collateral on substantially all collateral-dependent loans were significantly in excess of their amortized cost basis. Loan Modifications to Borrowers Experiencing Financial Difficulty Commercial and industrial loans with a borrower experiencing financial difficulty may be modified through interest rate reductions, term extensions, and converting revolving credit lines to term loans. Modifications of commercial real estate and construction loans with a borrower experiencing financial difficulty may involve reducing the interest rate for the remaining term of the loan or extending the maturity date at an interest rate lower than the current market rate for new debt with similar risk. Modifications of construction loans with a borrower experiencing financial difficulty may also involve extending the interest-only payment period. Interest continues to accrue on the missed payments and as a result, the effective yield on the loan remains unchanged. Modifications of residential real estate loans with a borrower experiencing financial difficulty may be comprised of loans where monthly payments are lowered to accommodate the borrowers' financial needs for a period of time, including extended interest-only periods and reamortization of the balance. Modifications of consumer loans with a borrower experiencing financial difficulty may involve interest rate reductions and term extensions. Loans modified with a borrower experiencing financial difficulty, whether in default or not, may already be on nonaccrual status and in some cases, partial charge-offs may have already been taken against the outstanding loan balance. Loans modified with a borrower experiencing financial difficulty are evaluated for impairment. As a result, this may have a financial effect of impacting the specific ACL associated with the loan. An ACL for impaired commercial loans, including commercial real estate and construction loans, is measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or if the loan is collateral-dependent, the estimated fair value of the collateral, less any selling costs. An ACL for impaired residential real estate loans is measured based on the estimated fair value of the collateral, less any selling costs. Management exercises significant judgment in developing these estimates. The following tables present, by class of financing receivable and type of modification granted, the amortized cost basis as of March 31, 2024 and 2023, related to loans modified to borrowers experiencing financial difficulty during the three months ended March 31, 2024 and 2023, respectively: Interest R |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2024 | |
Other Assets. | |
Other Assets | 5. Other Assets Bank-Owned Life Insurance During the three months ended March 31, 2024, the Company entered into a noncash exchange of certain bank-owned life insurance (“BOLI”) policies in accordance with Internal Revenue Code (“IRC”) Section 1035. Policies of $65.3 million were transferred into new policies during this period. No gain or loss was recognized as part of this exchange. There were no policies exchanged during the three months ended March 31, 2023. Mortgage Servicing Rights Mortgage servicing activities include collecting principal, interest, tax, and insurance payments from borrowers while accounting for and remitting payments to investors, taxing authorities, and insurance companies. The Company also monitors delinquencies and administers foreclosure proceedings. Mortgage loan servicing income is recorded in noninterest income as a part of other service charges and fees and amortization of the servicing assets is recorded in noninterest income as part of other income. The Company’s maximum potential exposure to repurchases is limited to the unpaid principal amount of residential real estate loans serviced for others, which was $1.3 billion as of both March 31, 2024 and December 31, 2023. Servicing fees include contractually specified fees, late charges, and ancillary fees and were $0.8 million and $0.9 million for the three months ended March 31, 2024 and 2023, respectively. Amortization of mortgage servicing rights (“MSRs”) was $0.3 million for both three months ended March 31, 2024 and 2023. The estimated future amortization expenses for MSRs over the next five years are as follows: Estimated (dollars in thousands) Amortization Under one year $ 811 One to two years 720 Two to three years 637 Three to four years 561 Four to five years 497 The details of the Company’s MSRs are presented below: March 31, December 31, (dollars in thousands) 2024 2023 Gross carrying amount $ 69,612 $ 69,515 Less: accumulated amortization 64,079 63,816 Net carrying value $ 5,533 $ 5,699 The following table presents changes in amortized MSRs for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, (dollars in thousands) 2024 2023 Balance at beginning of period $ 5,699 $ 6,562 Originations 97 17 Amortization (263) (280) Balance at end of period $ 5,533 $ 6,299 Fair value of amortized MSRs at beginning of period $ 14,308 $ 15,193 Fair value of amortized MSRs at end of period $ 14,071 $ 15,169 MSRs are evaluated for impairment if events and circumstances indicate a possible impairment. No impairment of MSRs was recorded for the three months ended March 31, 2024 and 2023. The quantitative assumptions used in determining the lower of cost or fair value of the Company’s MSRs as of March 31, 2024 and December 31, 2023 were as follows: March 31, 2024 December 31, 2023 Weighted Weighted Range Average Range Average Conditional prepayment rate 6.98 % - 11.34 % 7.08 % 6.87 % - 11.53 % 7.04 % Life in years (of the MSR) 4.28 - 7.18 7.05 4.30 - 7.22 7.09 Weighted-average coupon rate 3.63 % - 5.75 % 3.75 % 3.57 % - 5.81 % 3.73 % Discount rate 10.27 % - 10.58 % 10.52 % 10.40 % - 10.60 % 10.52 % The sensitivities surrounding MSRs are expected to have an immaterial impact on fair value. Low-Income Housing Tax Credit Investments The Company has a limited partnership interest or is a member in a limited liability company (“LLC”) in several low-income housing partnerships. These partnerships or LLCs provide funds for the construction and operation of apartment complexes that provide affordable housing to that segment of the population with lower family income. If these developments successfully attract a specified percentage of residents falling in that lower income range, state and/or federal income tax credits are made available to the partners or members. The tax credits are generally recognized over 5 or 10 years. In order to continue receiving the tax credits each year over the life of the partnership or LLC, the low-income residency targets must be maintained. The Company generally accounts for its interests in these low-income housing partnerships using the proportional amortization method. The Company had $207.4 million and $206.9 million in affordable housing and other tax credit investment partnership interests as of March 31, 2024 and December 31, 2023, respectively, included in other assets on the unaudited interim consolidated balance sheets. The amount of amortization of such investments reported in the provision for income taxes was $7.7 million and $6.1 million during the three months ended March 31, 2024 and 2023, respectively. The affordable housing tax credits and other benefits recognized during the three months ended March 31, 2024 and 2023 were $9.6 million and $7.4 million, respectively, included in the provision for income taxes on the unaudited interim consolidated statements of income and net income on the unaudited interim consolidated statements of cash flows. Unfunded commitments to fund these investments were $77.2 million and $80.7 million as of March 31, 2024 and December 31, 2023, respectively. These unfunded commitments are unconditional and legally binding and are recorded in other liabilities in the unaudited interim consolidated balance sheets. |
Transfers of Financial Assets
Transfers of Financial Assets | 3 Months Ended |
Mar. 31, 2024 | |
Transfers of Financial Assets | |
Transfers of Financial Assets | 6. Transfers of Financial Assets The Company’s transfers of financial assets with continuing interest may include pledges of collateral to secure public deposits and repurchase agreements, FHLB and FRB borrowing capacity, automated clearing house (“ACH”) transactions and interest rate swaps. For public deposits and repurchase agreements, the Company enters into bilateral agreements with the entity to pledge investment securities as collateral in the event of default. The right of setoff for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default. The counterparty has the right to sell or repledge the investment securities. The Company is required by the counterparty to maintain adequate collateral levels. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional investment securities. For transfers of assets with the FHLB and the FRB, the Company enters into bilateral agreements to pledge loans and/or securities as collateral to secure borrowing capacity. For ACH transactions, the Company enters into bilateral agreements to collateralize possible daylight overdrafts. For interest rate swaps, the Company enters into bilateral agreements to pledge collateral when either party is in a negative fair value position to mitigate counterparty credit risk. Counterparties to ACH transactions, certain interest rate swaps, the FHLB and the FRB do not have the right to sell or repledge the collateral. The carrying amounts of the assets pledged as collateral to secure public deposits, borrowing arrangements and other transactions as of March 31, 2024 and December 31, 2023 were as follows: (dollars in thousands) March 31, 2024 December 31, 2023 Public deposits $ 1,946,863 $ 2,571,359 Federal Home Loan Bank 5,000,994 4,495,266 Federal Reserve Bank 3,943,124 4,074,093 ACH transactions 135,443 137,101 Interest rate swaps 1,184 575 Total $ 11,027,608 $ 11,278,394 As the Company did not enter into reverse repurchase agreements or repurchase agreements, no collateral was accepted as of March 31, 2024 and December 31, 2023. In addition, no debt was extinguished by in-substance defeasance. |
Deposits
Deposits | 3 Months Ended |
Mar. 31, 2024 | |
Deposits | |
Deposits | 7. Deposits As of March 31, 2024 and December 31, 2023, deposits were categorized as interest-bearing or noninterest-bearing as follows: (dollars in thousands) March 31, 2024 December 31, 2023 U.S.: Interest-bearing $ 12,451,100 $ 12,731,915 Noninterest-bearing 6,212,216 6,609,483 Foreign: Interest-bearing 1,169,828 1,017,180 Noninterest-bearing 836,337 974,079 Total deposits $ 20,669,481 $ 21,332,657 The following table presents the maturity distribution of time certificates of deposit as of March 31, 2024: Under $250,000 (dollars in thousands) $250,000 or More Total Three months or less $ 375,094 $ 513,230 $ 888,324 Over three through six months 742,247 472,846 1,215,093 Over six through twelve months 588,338 445,817 1,034,155 One to two years 54,414 12,867 67,281 Two to three years 28,830 2,448 31,278 Three to four years 22,977 6,826 29,803 Four to five years 17,156 571 17,727 Thereafter 384 — 384 Total $ 1,829,440 $ 1,454,605 $ 3,284,045 Time certificates of deposit in denominations of $250,000 or more, in the aggregate, were $1.5 billion and $1.8 billion as of March 31, 2024 and December 31, 2023, respectively. Overdrawn deposit accounts are classified as loans and totaled $1.9 million and $2.5 million as of March 31, 2024 and December 31, 2023, respectively. |
Short-Term Borrowings
Short-Term Borrowings | 3 Months Ended |
Mar. 31, 2024 | |
Short-Term Borrowings | |
Short-Term Borrowings | 8. Short-Term Borrowings At March 31, 2024 and December 31, 2023, short-term borrowings were comprised of the following: (dollars in thousands) March 31, 2024 December 31, 2023 Short-term FHLB fixed-rate advances (1) $ 500,000 $ 500,000 Total short-term borrowings $ 500,000 $ 500,000 (1) Interest is payable monthly. As of March 31, 2024 and December 31, 2023, the Company’s short-term borrowings consisted of $500.0 million in short-term FHLB fixed-rate advances with a weighted average interest rate of 4.71% and maturity dates in September 2024. The FHLB fixed-rate advances require monthly interest-only payments with the principal amount due on the maturity date. Three Months Ended March 31, (dollars in thousands) 2024 2023 Federal funds purchased: Weighted-average interest rate at March 31, — % — % Highest month-end balance $ — $ 150,000 Average outstanding balance $ — $ 67,056 Weighted-average interest rate paid — % 4.43 % Short-term FHLB repo advance: Weighted-average interest rate at March 31, — % 5.00 % Highest month-end balance $ — $ 250,000 Average outstanding balance $ — $ 52,778 Weighted-average interest rate paid — % 5.02 % Short-term FHLB fixed-rate advances: Weighted-average interest rate at March 31, 4.71 % — % Highest month-end balance $ 500,000 $ — Average outstanding balance $ 500,000 $ — Weighted-average interest rate paid 4.79 % — % |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Loss | |
Accumulated Other Comprehensive Loss | 9. Accumulated Other Comprehensive Loss Accumulated other comprehensive loss is defined as the revenues, expenses, gains and losses that are included in comprehensive loss but excluded from net income. The Company’s significant items of accumulated other comprehensive loss are pension and other benefits, net unrealized gains or losses on investment securities and net unrealized gains or losses on cash flow derivative hedges. Changes in accumulated other comprehensive loss for the three months ended March 31, 2024 and 2023 are presented below: Income Tax Pre-tax Benefit Net of (dollars in thousands) Amount (Expense) Tax Accumulated other comprehensive loss at December 31, 2023 $ (723,100) $ 192,890 $ (530,210) Three months ended March 31, 2024 Investment securities: Unrealized net losses arising during the period (3,432) 915 (2,517) Reclassification of net losses to net income: Amortization of unrealized holding losses on held-to-maturity securities 11,160 (2,976) 8,184 Net change in investment securities 7,728 (2,061) 5,667 Cash flow derivative hedges: Unrealized net losses arising during the period (713) 189 (524) Reclassification of net losses included in net income 1,755 (468) 1,287 Net change in cash flow derivative hedges 1,042 (279) 763 Other comprehensive income 8,770 (2,340) 6,430 Accumulated other comprehensive loss at March 31, 2024 $ (714,330) $ 190,550 $ (523,780) Income Tax Pre-tax Benefit Net of (dollars in thousands) Amount (Expense) Tax Accumulated other comprehensive loss at December 31, 2022 $ (871,813) $ 232,559 $ (639,254) Three months ended March 31, 2023 Investment securities: Unrealized net gains arising during the period 25,038 (6,679) 18,359 Reclassification of net losses to net income: Amortization of unrealized holding losses on held-to-maturity securities 11,708 (3,123) 8,585 Net change in investment securities 36,746 (9,802) 26,944 Cash flow derivative hedges: Unrealized net losses arising during the period (442) 118 (324) Reclassification of net losses included in net income 1,303 (348) 955 Net change in cash flow derivative hedges 861 (230) 631 Other comprehensive income 37,607 (10,032) 27,575 Accumulated other comprehensive loss at March 31, 2023 $ (834,206) $ 222,527 $ (611,679) The following table summarizes changes in accumulated other comprehensive loss, net of tax, for the periods indicated: Pensions Accumulated and Available-for-Sale Held-to-Maturity Cash Flow Other Other Investment Investment Derivative Comprehensive (dollars in thousands) Benefits Securities Securities Hedges Loss Three Months Ended March 31, 2024 Balance at beginning of period $ (5,373) $ (222,423) $ (301,611) $ (803) $ (530,210) Other comprehensive (loss) income — (2,517) 8,184 763 6,430 Balance at end of period $ (5,373) $ (224,940) $ (293,427) $ (40) $ (523,780) Three Months Ended March 31, 2023 Balance at beginning of period $ (5,431) $ (292,175) $ (336,946) $ (4,702) $ (639,254) Other comprehensive income — 18,359 8,585 631 27,575 Balance at end of period $ (5,431) $ (273,816) $ (328,361) $ (4,071) $ (611,679) |
Regulatory Capital Requirements
Regulatory Capital Requirements | 3 Months Ended |
Mar. 31, 2024 | |
Regulatory Capital Requirements | |
Regulatory Capital Requirements | 10. Regulatory Capital Requirements Federal and state laws and regulations limit the amount of dividends the Company may declare or pay. The Company depends primarily on dividends from FHB as the source of funds for the Company’s payment of dividends. The Company and the Bank are subject to various regulatory capital requirements imposed by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s operating activities and financial condition. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of its assets and certain off-balance sheet items. The capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. The table below sets forth those ratios at March 31, 2024 and December 31, 2023: First Hawaiian Minimum Well- First Hawaiian, Inc. Bank Capital Capitalized (dollars in thousands) Amount Ratio Amount Ratio Ratio (1) Ratio (1) March 31, 2024: Common equity tier 1 capital to risk-weighted assets $ 2,040,871 12.55 % $ 2,029,029 12.48 % 4.50 % 6.50 % Tier 1 capital to risk-weighted assets 2,040,871 12.55 % 2,029,029 12.48 % 6.00 % 8.00 % Total capital to risk-weighted assets 2,235,520 13.75 % 2,223,678 13.67 % 8.00 % 10.00 % Tier 1 capital to average assets (leverage ratio) 2,040,871 8.80 % 2,029,029 8.75 % 4.00 % 5.00 % December 31, 2023: Common equity tier 1 capital to risk-weighted assets $ 2,020,784 12.39 % $ 2,006,393 12.30 % 4.50 % 6.50 % Tier 1 capital to risk-weighted assets 2,020,784 12.39 % 2,006,393 12.30 % 6.00 % 8.00 % Total capital to risk-weighted assets 2,212,922 13.57 % 2,198,531 13.48 % 8.00 % 10.00 % Tier 1 capital to average assets (leverage ratio) 2,020,784 8.64 % 2,006,393 8.57 % 4.00 % 5.00 % (1) As defined by the regulations issued by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation (“FDIC”). Federal regulations require a 2.5% capital conservation buffer designed to absorb losses during periods of economic stress. The capital conservation buffer is composed entirely of CET1, on top of these minimum risk weighted asset ratios, effectively resulting in minimum ratios of (i) 7% CET1 to risk-weighted assets, (ii) 8.5% Tier 1 capital to risk-weighted assets, and (iii) 10.5% total capital to risk-weighted assets. As of March 31, 2024, under the bank regulatory capital guidelines, the Company and Bank were both classified as well-capitalized. Management is not aware of any conditions or events that have occurred since March 31, 2024, to change the capital adequacy category of the Company or the Bank. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | 11. Derivative Financial Instruments The Company enters into derivative contracts primarily to manage its interest rate risk, as well as for customer accommodation purposes. Derivatives used for risk management purposes consist of interest rate swaps and collars that are designated as either a fair value hedge or a cash flow hedge. The derivatives are recognized on the unaudited interim consolidated balance sheets as either assets or liabilities at fair value. Derivatives entered into for customer accommodation purposes consist of various free-standing interest rate derivative products and foreign exchange contracts. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The following table summarizes the notional amounts and fair values of derivatives held by the Company as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Fair Value Fair Value Notional Asset Liability Notional Asset Liability (dollars in thousands) Amount Derivatives (1) Derivatives (2) Amount Derivatives (1) Derivatives (2) Derivatives designated as hedging instruments: Interest rate swaps $ 266,563 $ 10,234 $ (58) $ 267,500 $ 10,861 $ (1,799) Interest rate collars 200,000 47 (43) 200,000 703 — Derivatives not designated as hedging instruments: Interest rate swaps 2,708,933 2,740 (4,645) 2,753,801 1,204 (521) Visa derivative 114,190 — (2,300) 107,548 — (2,300) Foreign exchange contracts 800 — — 66 — — (1) The positive fair values of derivative assets are included in other assets . (2) The negative fair values of derivative liabilities are included in other liabilities . Certain interest rate swaps noted above, are cleared through clearinghouses, rather than directly with counterparties. Those transactions cleared through a clearinghouse require initial margin collateral and variation margin payments depending on the contracts being in a net asset or liability position. As of March 31, 2024 and December 31, 2023, the amount of initial margin cash collateral posted by the Company was $1.2 million and $0.6 million, respectively. As of March 31, 2024 and December 31, 2023, the variation margin was $1.9 million and $0.7 million, respectively. As of March 31, 2024, the Company pledged $1.2 million in cash and received $35.0 million in cash as collateral for interest rate swaps. As of December 31, 2023, the Company pledged $0.6 million in cash and received $27.1 million in cash as collateral for interest rate swaps. As of March 31, 2024 and December 31, 2023, the cash collateral includes the excess initial margin for interest rate swaps cleared through clearinghouses and cash collateral for interest rate swaps with financial institution counterparties. As of March 31, 2024 and December 31, 2023, the Company received $53.3 million and $40.9 million, respectively, in securities collateral for interest rate swaps, which is held in a custodial account and is not recorded on the Company’s unaudited interim consolidated balance sheets. Fair Value Hedges To manage the risk related to the Company’s net interest margin, interest rate swaps are utilized to hedge certain fixed-rate loans. These swaps have maturity, amortization and prepayment features that correspond to the loans hedged, and are designated and qualify as fair value hedges. Any gain or loss on the swaps, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, is recognized in current period earnings. At March 31, 2024 and December 31, 2023, the Company carried one interest rate swap with a notional amount of $66.6 million and $67.5 million, respectively, which was designated and qualified as a fair value hedge for a commercial and industrial loan. As of March 31, 2024 and December 31, 2023, the interest rate swap had a positive fair value of $10.2 million and $10.9 million, respectively. The swap matures in 2041. The Company received a USD Federal Funds floating rate and paid a fixed rate of 2.07% . The following table shows the gains and losses recognized in income related to derivatives in fair value hedging relationships for the three months ended March 31, 2024 and 2023: Gains (losses) recognized in Three Months Ended the consolidated statements March 31, (dollars in of income line item 2024 2023 Gains (losses) on fair value hedging relationships recognized in interest income: Recognized on interest rate swap Loans and lease financing $ (627) $ 1,189 Recognized on hedged item Loans and lease financing 619 (1,284) As of March 31, 2024 and December 31, 2023, the following amounts were recorded in the unaudited interim consolidated balance sheets related to the cumulative basis adjustments for fair value hedges: Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset Carrying Amount of the Hedged Asset (dollars in March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Line item in the consolidated balance sheets in which the hedged item is included Loans and leases $ 56,273 $ 56,592 $ (10,289) $ (10,908) Cash Flow Hedges The Company utilized interest rate swaps to reduce asset sensitivity and enhance current yields associated with interest payments received on a pool of floating-rate loans. The Company entered into interest rate swaps paying floating rates and receiving fixed rates. The floating-rate index (Bloomberg Short-Term Bank Yield Index, or “BSBY”) corresponded to the floating-rate nature of the interest receipts being hedged (based on USD Prime). The swaps provided an initial benefit to interest income as the Company received the higher fixed rate, which persisted while the floating rate remained below the swap’s fixed rate. By hedging with interest rate swaps, the Company minimized the adverse impact on interest income previously associated with a low interest rate environment on floating-rate loans. As of March 31, 2024 and December 31, 2023, the Company carried two interest rate swaps with notional amounts totaling $200.0 million, with a negative fair value totaling $0.1 million and $1.8 million, respectively. The swaps matured in April 2024. The Company received fixed rates ranging from 1.70% to 2.08% and paid 1-month BSBY. The Company also utilized interest rate collars to manage interest rate risk and protect against downside risk in yields associated with interest payments received on a pool of floating-rate assets. The floating-rate index of the collars (Secured Overnight Financing Rate, or “SOFR”) corresponds to the floating-rate nature of the interest receipts being hedged (based on SOFR). Interest rate collars involve the payments of variable-rate amounts if the collar index exceeds the cap strike rate on the contract and receipts of variable-rate amounts if the collar index falls below the floor strike rate on the contract. No payments are required if the collar index falls between the cap and floor rates. By hedging with interest rate collars, the Company mitigates the adverse impact on interest income associated with possible future decreases in interest rates. As of March 31, 2024 and December 31, 2023, the Company carried two interest rate collars with notional amounts totaling $200.0 million. As of March 31, 2024, these interest rate collars had a positive fair value of nil and a negative fair value of nil. As of December 31, 2023, these interest rate collars had a positive fair value of $0.7 million. The collars mature in 2025 and 2027. The interest rate collars had a floor strike rate of 2.00% and cap strike rates ranging from 5.31% to 5.64%. The interest rate swaps and collars are designated and qualify as cash flow hedges. To the extent that the hedge is considered highly effective, the gain or loss on the interest rate swaps and collars is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period that the hedged transaction affects earnings. The following table summarizes the effect of cash flow hedging relationships for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, (dollars in 2024 2023 Pretax net losses recognized in other comprehensive income on cash flow derivative hedges $ (713) $ (442) Pretax net losses reclassified from accumulated other comprehensive income to interest income from loans and lease financing 1,755 1,303 The estimated net amount to be reclassified within the next 12 months out of accumulated other comprehensive income (loss) into earnings is nil as a decrease to interest income from loans and lease financing. As of March 31, 2024, the maximum length of time over which forecasted transactions are hedged is approximately four years. Free-Standing Derivative Instruments For the derivatives that are not designated as hedges, changes in fair value are reported in current period earnings. The following table summarizes the impact on pretax earnings of derivatives not designated as hedges, as reported on the unaudited interim consolidated statements of income for the three months ended March 31, 2024 and 2023: Net losses recognized Three Months Ended in the consolidated statements March 31, (dollars in of income line item 2024 2023 Derivatives Not Designated As Hedging Instruments: Interest rate swaps Other noninterest income $ (7) $ (378) Visa derivative Other noninterest income (1,476) (1,963) As of March 31, 2024, the Company carried multiple interest rate swaps with notional amounts totaling $2.7 billion, all of which were related to the Company’s customer swap program, with a positive fair value of $2.7 million and a negative fair value of $4.6 million. The Company received floating rates ranging from 1.89% to 8.33% and paid fixed rates ranging from 2.39% to 5.98%. The swaps mature between April 2024 and October 2043. As of December 31, 2023, the Company carried multiple interest rate swaps with notional amounts totaling $2.8 billion, all of which were related to the Company’s customer swap program, with a positive fair value of $1.2 million and a negative fair value of $0.5 million. The Company received floating rates ranging from 5.84% to 8.34% and paid fixed rates ranging from 2.39% to 5.98%. These swaps resulted in net interest expense of nil during both the three months ended March 31, 2024 and 2023. The Company’s customer swap program is designed by offering customers a variable-rate loan that is swapped to fixed-rate through an interest rate swap. The Company simultaneously executes an offsetting interest rate swap with a swap dealer. Upfront fees on the dealer swap are recorded in other noninterest income and totaled nil and $0.1 million for the three months ended March 31, 2024 and 2023, respectively. Visa Class B Restricted Shares In 2016, the Company recorded a $22.7 million net realized gain related to the sale of 274,000 Visa Class B restricted shares. Concurrent with the sale of the Visa Class B restricted shares, the Company entered into a funding swap agreement with the buyer that requires payment to the buyer in the event Visa reduces each member bank’s Class B conversion rate to unrestricted Class A common shares. During 2018 through 2023, Visa funded its litigation escrow account, thereby reducing each member bank’s Class B conversion rate to unrestricted Class A common shares from 1.6483 to the current conversion rate of 1.5875. Under the terms of the funding swap agreement, the Company will make monthly payments to the buyer based on Visa’s Class A stock price and the number of Visa Class B restricted shares that were sold until the date on which the covered litigation is settled. A derivative liability (“Visa derivative”) of $2.3 million was included in the unaudited interim consolidated balance sheets at both March 31, 2024 and December 31, 2023, to provide for the fair value of this liability. There were no sales of these shares prior to 2016. See “Note 16. Fair Value” for more information. Counterparty Credit Risk By using derivatives, the Company is exposed to counterparty credit risk if counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, the Company’s counterparty credit risk is equal to the amount reported as a derivative asset, net of cash or other collateral received, and net of derivatives in a loss position with the same counterparty to the extent master netting arrangements exist. The Company minimizes counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate. Counterparty credit risk related to derivatives is considered in determining fair value. The Company’s interest rate swap agreements include bilateral collateral agreements with collateral requirements, which begin with exposures in excess of $0.3 million. For each counterparty, the Company reviews the interest rate swap collateral daily. Collateral for customer interest rate swap agreements, calculated as the pledged asset less loan balance, requires valuation of the pledged asset. Counterparty credit risk adjustments of nil were recognized during both the three months ended March 31, 2024 and 2023. Credit-Risk Related Contingent Features Certain of the Company’s derivative contracts contain provisions whereby if the Company’s credit rating were to be downgraded by certain major credit rating agencies as a result of a merger or material adverse change in the Company’s financial condition, the counterparty could require an early termination of derivative instruments. The aggregate fair value of all derivative instruments with such credit-risk related contingent features that are in a net liability position was nil at both March 31, 2024 and December 31, 2023, for which the Company posted nil in collateral in the normal course of business. If the Company’s credit rating had been downgraded as of March 31, 2024 and December 31, 2023, the Company may have been required to settle the contracts in an amount equal to their fair value. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingent Liabilities | |
Commitments and Contingent Liabilities | 12. Commitments and Contingent Liabilities Contingencies Various legal proceedings are pending or threatened against the Company. After consultation with legal counsel, management does not expect that the aggregate liability, if any, resulting from these proceedings would have a material effect on the Company’s unaudited interim consolidated financial position, results of operations or cash flows. Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby and commercial letters of credit which are not reflected in the unaudited interim consolidated financial statements. Unfunded Commitments to Extend Credit A commitment to extend credit is a legally binding agreement to lend funds to a customer, usually at a stated interest rate and for a specified purpose. Commitments are reported net of participations sold to other institutions. Such commitments have fixed expiration dates and generally require a fee. The extension of a commitment gives rise to credit risk. The actual liquidity requirements or credit risk that the Company will experience is expected to be lower than the contractual amount of commitments to extend credit because a significant portion of those commitments are expected to expire without being drawn upon. Certain commitments are subject to loan agreements containing covenants regarding the financial performance of the customer that must be met before the Company is required to fund the commitment. The Company uses the same credit policies in making commitments to extend credit as it does in making loans. In addition, the Company manages the potential credit risk in commitments to extend credit by limiting the total amount of arrangements, both by individual customer and in the aggregate, by monitoring the size and expiration structure of these portfolios and by applying the same credit standards maintained for all of its related credit activities. Commitments to extend credit are reported net of participations sold to other institutions of $48.8 million and $61.8 million at March 31, 2024 and December 31, 2023, respectively. Standby and Commercial Letters of Credit Standby letters of credit are issued on behalf of customers in connection with contracts between the customers and third parties. Under standby letters of credit, the Company assures that the third parties will receive specified funds if customers fail to meet their contractual obligations. The credit risk to the Company arises from its obligation to make payment in the event of a customer’s contractual default. Standby letters of credit are reported net of participations sold to other institutions of $6.3 million and $6.8 million at March 31, 2024 and December 31, 2023, respectively. The Company also had commitments for commercial and similar letters of credit. Commercial letters of credit are issued specifically to facilitate commerce whereby the commitment is typically drawn upon when the underlying transaction between the customer and a third-party is consummated. The maximum amount of potential future payments guaranteed by the Company is limited to the contractual amount of these letters. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Collateral held supports those commitments for which collateral is deemed necessary. The commitments outstanding as of March 31, 2024 have maturities ranging from April 2024 to May 2028. Substantially all fees received from the issuance of such commitments are deferred and amortized on a straight-line basis over the term of the commitment. Financial instruments with off-balance sheet risk at March 31, 2024 and December 31, 2023 were as follows: March 31, December 31, (dollars in 2024 2023 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 6,243,969 $ 6,308,343 Standby letters of credit 250,803 234,102 Commercial letters of credit 4,105 3,629 Guarantees The Company sells residential mortgage loans in the secondary market primarily to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation that may potentially require repurchase under certain conditions. This risk is managed through the Company’s underwriting practices. The Company services loans sold to investors and loans originated by other originators under agreements that may include repurchase remedies if certain servicing requirements are not met. This risk is managed through the Company’s quality assurance and monitoring procedures. Management does not anticipate any material losses as a result of these transactions. Foreign Exchange Contracts The Company has forward foreign exchange contracts that represent commitments to purchase or sell foreign currencies at a future date at a specified price. The Company’s utilization of forward foreign exchange contracts is subject to the primary underlying risk of movements in foreign currency exchange rates and to additional counterparty risk should its counterparties fail to meet the terms of their contracts. Forward foreign exchange contracts are utilized to mitigate the Company’s risk to satisfy customer demand for foreign currencies and are not used for trading purposes. See “Note 11. Derivative Financial Instruments” for more information. Reorganization Transactions On April 1, 2016, a series of reorganization transactions were undertaken to facilitate FHI’s initial public offering. In connection with the reorganization transactions, FHI distributed its interest in BancWest Holding Inc. (“BWHI”), including Bank of the West (“BOW”) to BNP Paribas (“BNPP”) so that BWHI was held directly by BNPP. As a result of the reorganization transactions that occurred on April 1, 2016, various tax or other contingent liabilities could arise related to the business of BOW, or related to the Company’s operations prior to the restructuring when it was known as BancWest Corporation, including its then wholly owned subsidiary, BOW. The Company is not able to determine the ultimate outcome or estimate the amounts of these contingent liabilities, if any, at this time. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contracts with Customers | |
Revenue from Contracts with Customers | 13. Revenue from Contracts with Customers Revenue Recognition In accordance with Topic 606, Revenue from Contracts with Customers Disaggregation of Revenue The following table summarizes the Company’s revenues, which includes net interest income on financial instruments and noninterest income, disaggregated by type of service and business segments for the periods indicated: Three Months Ended March 31, 2024 Treasury Retail Commercial and (dollars in thousands) Banking Banking Other Total Net interest income (expense) (1) $ 128,057 $ 45,381 $ (19,011) $ 154,427 Service charges on deposit accounts 6,675 824 47 7,546 Credit and debit card fees — 14,592 1,006 15,598 Other service charges and fees 6,938 398 570 7,906 Trust and investment services income 10,354 — — 10,354 Other 220 1,148 2,640 4,008 Not in scope of Topic 606 (1) 1,848 996 3,115 5,959 Total noninterest income 26,035 17,958 7,378 51,371 Total revenue $ 154,092 $ 63,339 $ (11,633) $ 205,798 (1) Most of the Company’s revenue is not within the scope of ASU No. 2014-09, Revenue from Contracts with Customers . The guidance explicitly excludes net interest income from financial assets and liabilities as well as other noninterest income from loans, leases, investment securities, derivative financial instruments and bank-owned life insurance. Three Months Ended March 31, 2023 Treasury Retail Commercial and (dollars in thousands) Banking Banking Other Total Net interest income (1) $ 108,920 $ 40,939 $ 17,388 $ 167,247 Service charges on deposit accounts 6,541 626 64 7,231 Credit and debit card fees — 14,414 1,296 15,710 Other service charges and fees 6,171 420 513 7,104 Trust and investment services income 9,614 — — 9,614 Other 239 1,317 1,649 3,205 Not in scope of Topic 606 (1) 1,702 1,111 3,346 6,159 Total noninterest income 24,267 17,888 6,868 49,023 Total revenue $ 133,187 $ 58,827 $ 24,256 $ 216,270 (1) Most of the Company’s revenue is not within the scope of ASU No. 2014-09, Revenue from Contracts with Customers. The guidance explicitly excludes net interest income from financial assets and liabilities as well as other noninterest income from loans, leases, investment securities, derivative financial instruments and bank-owned life insurance. For the three months ended March 31, 2024 and 2023, substantially all of the Company’s revenues under the scope of Topic 606 were related to performance obligations satisfied at a point in time. The following is a discussion of revenues within the scope of Topic 606. Service Charges on Deposit Accounts Service charges on deposit accounts relate to fees generated from a variety of deposit products and services rendered to customers. Charges include, but are not limited to, overdraft fees, non-sufficient fund fees, dormant fees and monthly service charges. Such fees are recognized concurrent with the event on a daily basis or on a monthly basis depending upon the customer’s cycle date. Credit and Debit Card Fees Credit and debit card fees primarily represent revenues earned from interchange fees, ATM fees and merchant processing fees. Interchange and network revenues are earned on credit and debit card transactions conducted with payment networks. ATM fees are primarily earned as a result of surcharges assessed to non-FHB customers who use an FHB ATM. Merchant processing fees are primarily earned on transactions in which FHB is the acquiring bank. Such fees are generally recognized concurrently with the delivery of services on a daily basis. Trust and Investment Services Fees Trust and investment services fees represent revenue earned by directing, holding and managing customers’ assets. Fees are generally computed based on a percentage of the previous period’s value of assets under management. The transaction price (i.e., percentage of assets under management) is established at the inception of each contract. Trust and investment services fees also include fees collected when the Company acts as agent or personal representative and executes security transactions, performs collection and disbursement of income, and completes investment management and other administrative tasks. Other Fees Other fees primarily include revenues generated from wire transfers, lockboxes, bank issuance of checks and insurance commissions. Such fees are recognized concurrent with the event or on a monthly basis. Contract Balances A contract liability is an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer. The Company received signing bonuses from two vendors in prior years, which are being amortized over the term of the respective contracts. As of March 31, 2024 and December 31, 2023, the Company had contract liabilities of $1.8 million and $1.9 million, respectively, which it expects to recognize over the remaining term of the respective contracts with the vendors. For the three months ended March 31, 2024, the Company’s recognized revenues increased and contract liabilities decreased by approximately $0.2 million due to the passage of time. For the three months ended March 31, 2023, the Company’s recognized revenues increased and contract liabilities decreased by approximately $0.2 million due to the passage of time. There were no changes in contract liabilities due to changes in transaction price estimates. A contract asset is the right to consideration for transferred goods or services when the amount is conditioned on something other than the passage of time. As of March 31, 2024 and December 31, 2023, there were no material receivables from contracts with customers or contract assets recorded on the Company’s unaudited interim consolidated balance sheets. Other Except for the contract liabilities noted above, the Company did not have any significant performance obligations as of March 31, 2024 and December 31, 2023. The Company also did not have any material contract acquisition costs or use any significant judgments or estimates in recognizing revenue for financial reporting purposes. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings per Share | |
Earnings per Share | 14. Earnings per Share For the three months ended March 31, 2024, the Company made no adjustments to net income for the purpose of computing earnings per share and there were 115,000 antidilutive securities. For the three months ended March 31, 2023, the Company made no adjustments to net income for the purpose of computing earnings per share and there were 221,000 antidilutive securities. For the three months ended March 31, 2024 and 2023, the computations of basic and diluted earnings per share were as follows: Three Months Ended March 31, (dollars in 2024 2023 Numerator: Net income $ 54,220 $ 66,818 Denominator: Basic: weighted-average shares outstanding 127,707,354 127,453,820 Add: weighted-average equity-based awards 510,335 579,992 Diluted: weighted-average shares outstanding 128,217,689 128,033,812 Basic earnings per share $ 0.42 $ 0.52 Diluted earnings per share $ 0.42 $ 0.52 |
Benefit Plans
Benefit Plans | 3 Months Ended |
Mar. 31, 2024 | |
Benefit Plans | |
Noninterest Income and Noninterest Expense | 15. Noninterest Income and Noninterest Expense Benefit Plans The following table sets forth the components of net periodic benefit cost for the Company’s pension and postretirement benefit plans for the three months ended March 31, 2024 and 2023: Income line item where recognized in Pension Benefits Other Benefits (dollars in the consolidated statements of income 2024 2023 2024 2023 Three Months Ended March 31, Service cost Salaries and employee benefits $ — $ — $ 137 $ 147 Interest cost Other noninterest expense 1,906 2,059 211 220 Expected return on plan assets Other noninterest expense (878) (883) — — Recognized net actuarial loss (gain) Other noninterest expense 503 719 (322) (379) Total net periodic benefit cost $ 1,531 $ 1,895 $ 26 $ (12) Leases The Company recognized operating lease income related to lease payments of $1.6 million for both the three months ended March 31, 2024 and 2023. In addition, the Company recognized $1.6 million and $1.8 million of lease income related to variable lease payments for the three months ended March 31, 2024 and 2023, respectively. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value | |
Fair Value | 16. Fair Value The Company determines the fair values of its financial instruments based on the requirements established in Accounting Standards Codification Topic 820 (“Topic 820”), Fair Value Measurements Fair Value Hierarchy Topic 820 establishes three levels of fair values based on the markets in which the assets or liabilities are traded and the reliability of the assumptions used to determine fair value. The levels are: ◾ Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. ◾ Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ◾ Level 3: Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability (“Company-level data”). Level 3 assets and liabilities include financial instruments whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. Topic 820 requires that the Company disclose estimated fair values for certain financial instruments. Financial instruments include such items as investment securities, loans, deposits, interest rate and foreign exchange contracts, swaps and other instruments as defined by the standard. The Company has an organized and established process for determining and reviewing the fair value of financial instruments reported in the Company’s financial statements. The fair value measurements are reviewed to ensure they are reasonable and in line with market experience in similar asset and liability classes. Additionally, the Company may be required to record at fair value other assets on a nonrecurring basis, such as collateral-dependent loans, other real estate owned, other customer relationships, and other intangible assets. These nonrecurring fair value adjustments typically involve the application of lower-of-cost-or-fair-value accounting or write-downs of individual assets. Disclosure of fair values is not required for certain items such as lease financing, obligations for pension and other postretirement benefits, premises and equipment, prepaid expenses, deposit liabilities with no defined or contractual maturity, and income tax assets and liabilities. Reasonable comparisons of fair value information with that of other financial institutions cannot necessarily be made because the standard permits many alternative calculation techniques, and numerous assumptions have been used to estimate the Company’s fair values. Valuation Techniques Used in the Fair Value Measurement of Assets and Liabilities Carried at Fair Value For the assets and liabilities measured at fair value on a recurring basis (categorized in the valuation hierarchy table below), the Company applies the following valuation techniques: Available-for-sale securities Available-for-sale debt securities are recorded at fair value on a recurring basis. Fair value measurement is based on quoted prices, including estimates by third-party pricing services, if available. If quoted prices are not available, fair values are measured using proprietary valuation models that utilize market observable parameters from active market makers and inter-dealer brokers whereby securities are valued based upon available market data for securities with similar characteristics. Management reviews the pricing information received from the Company’s third-party pricing service to evaluate the inputs and valuation methodologies used to place securities into the appropriate level of the fair value hierarchy and transfers of securities within the fair value hierarchy are made if necessary. On a monthly basis, management reviews the pricing information received from the third-party pricing service which includes a comparison to non-binding third-party broker quotes, as well as a review of market-related conditions impacting the information provided by the third-party pricing service. Management also identifies investment securities which may have traded in illiquid or inactive markets by identifying instances of a significant decrease in the volume or frequency of trades, relative to historical levels, as well as instances of a significant widening of the bid-ask spread in the brokered markets. The Company’s third-party pricing service has also established processes for the Company to submit inquiries regarding quoted prices. Periodically, the Company will challenge the quoted prices provided by the third-party pricing service. The Company’s third-party pricing service will review the inputs to the evaluation in light of the new market data presented by the Company. The Company’s third-party pricing service may then affirm the original quoted price or may update the evaluation on a going forward basis. The Company classifies all available-for-sale securities as Level 2. Derivatives Most of the Company’s derivatives are traded in over-the-counter markets where quoted market prices are not readily available. For those derivatives, the Company measures fair value on a recurring basis using proprietary valuation models that primarily use market observable inputs, such as yield curves, and option volatilities. The fair value of derivatives includes values associated with counterparty credit risk and the Company’s own credit standing. The Company classifies these derivatives, included in other assets and other liabilities, as Level 2. Concurrent with the sale of the Visa Class B restricted shares, the Company entered into an agreement with the buyer that requires payment to the buyer in the event Visa reduces each member bank’s Class B conversion rate to unrestricted Class A common shares. During 2018 through 2023, Visa funded its litigation escrow account, thereby reducing each member bank’s Class B conversion rate to unrestricted Class A common shares from 1.6483 to the current conversion rate of 1.5875. The Visa derivative of $2.3 million was included in the unaudited interim consolidated balance sheets at both March 31, 2024 and December 31, 2023, to provide for the fair value of this liability. The potential liability related to this funding swap agreement was determined based on management’s estimate of the timing and the amount of Visa’s litigation settlement and the resulting payments due to the counterparty under the terms of the contract. As such, the funding swap agreement is classified as Level 3 in the fair value hierarchy. The significant unobservable inputs used in the fair value measurement of the Company’s funding swap agreement are the potential future changes in the conversion rate, expected term and growth rate of the market price of Visa Class A common shares. Material increases (or decreases) in any of those inputs may result in a significantly higher (or lower) fair value measurement. Assets and Liabilities Recorded at Fair Value on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023 are summarized below: Fair Value Measurements as of March 31, 2024 Quoted Prices in Significant Active Markets for Other Significant Identical Assets Observable Unobservable (dollars in (Level 1) Inputs (Level 2) Inputs (Level 3) Total Assets U.S. Treasury and government agency debt securities $ — $ 12,821 $ — $ 12,821 Government-sponsored enterprises debt securities — 19,629 — 19,629 Mortgage-backed securities: Residential - Government agency (1) — 9,609 — 9,609 Residential - Government-sponsored enterprises (1) — 753,385 — 753,385 Commercial - Government agency — 213,394 — 213,394 Commercial - Government-sponsored enterprises — 83,490 — 83,490 Commercial - Non-agency — 22,110 — 22,110 Collateralized mortgage obligations: Government agency — 452,163 — 452,163 Government-sponsored enterprises — 353,061 — 353,061 Collateralized loan obligations — 239,676 — 239,676 Total available-for-sale securities — 2,159,338 — 2,159,338 Other assets (2) 216 13,021 — 13,237 Liabilities Other liabilities (3) — (4,746) (2,300) (7,046) Total $ 216 $ 2,167,613 $ (2,300) $ 2,165,529 (1) Backed by residential real estate. (2) Other assets classified as Level 1 include money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets. (3) Other liabilities include derivative liabilities. Fair Value Measurements as of December 31, 2023 Quoted Prices in Significant Active Markets for Other Significant Identical Assets Observable Unobservable (dollars in thousands) (Level 1) Inputs (Level 2) Inputs (Level 3) Total Assets U.S. Treasury and government agency debt securities $ — $ 32,503 $ — $ 32,503 Government-sponsored enterprises debt securities — 19,592 — 19,592 Mortgage-backed securities: Residential - Government agency (1) — 10,182 — 10,182 Residential - Government-sponsored enterprises (1) — 783,297 — 783,297 Commercial - Government agency — 218,674 — 218,674 Commercial - Government-sponsored enterprises — 86,431 — 86,431 Commercial - Non-agency — 21,683 — 21,683 Collateralized mortgage obligations: Government agency — 471,150 — 471,150 Government-sponsored enterprises — 363,970 — 363,970 Collateralized loan obligations — 247,854 — 247,854 Total available-for-sale securities — 2,255,336 — 2,255,336 Other assets (2) 517 12,768 — 13,285 Liabilities Other liabilities (3) — (2,320) (2,300) (4,620) Total $ 517 $ 2,265,784 $ (2,300) $ 2,264,001 (1) Backed by residential real estate. (2) Other assets classified as Level 1 include money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets. (3) Other liabilities include derivative liabilities. For Level 3 assets and liabilities measured at fair value on a recurring or nonrecurring basis as of March 31, 2024 and December 31, 2023, the significant unobservable inputs used in the fair value measurements were as follows: Quantitative Information about Level 3 Fair Value Measurements at March 31, 2024 Significant (dollars in thousands) Fair value Valuation Technique Unobservable Input Range Collateral-dependent loans $ 14,623 Financial Statement Values Discounts to reflect estimated selling costs 0% - 50% Visa derivative $ (2,300) Discounted Cash Flow Expected Conversion Rate - 1.5875 (1) 1.5289 - 1.5875 Expected Term - 6 months (2) n/m (2) Growth Rate - 9% (3) -7% - 22% Quantitative Information about Level 3 Fair Value Measurements at December 31, 2023 Significant (dollars in thousands) Fair value Valuation Technique Unobservable Input Range Visa derivative $ (2,300) Discounted Cash Flow Expected Conversion Rate - 1.5875 (1) 1.5289-1.5875 Expected Term - 5 months (2) n/m (2) Growth Rate - 10% (3) -6% - 25% (1) Due to the uncertainty in the movement of the conversion rate, the current conversion rate as of the respective consolidated balance sheet dates was utilized in the fair value calculation. (2) The expected terms are based on a May 2024 claim filing deadline and subsequent period for claims to be processed. As such, a range is not meaningful to disclose. (3) The growth rate was based on the arithmetic average of analyst price targets. Changes in Fair Value Levels For the three months ended March 31, 2024 and 2023, there were no transfers between fair value hierarchy levels. The changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended March 31, 2024 and 2023 are summarized below: Visa Derivative (dollars in 2024 2023 Three Months Ended March 31, Balance as of January 1, $ (2,300) $ (851) Total net losses included in other noninterest income (1,476) (1,963) Settlements 1,476 1,614 Balance as of March 31, $ (2,300) $ (1,200) Total net losses included in net income attributable to the change in unrealized losses related to liabilities still held as of March 31, $ (1,476) $ (1,963) Assets and Liabilities Carried at Other Than Fair Value The following tables summarize for the periods indicated the estimated fair value of the Company’s financial instruments that are not required to be carried at fair value on a recurring basis, excluding leases and deposit liabilities with no defined or contractual maturity. March 31, 2024 Fair Value Measurements Quoted Prices in Significant Significant Active Markets Other Unobservable for Identical Observable Inputs (dollars in thousands) Book Value Assets (Level 1) Inputs (Level 2) (Level 3) Total Financial assets: Cash and cash equivalents $ 1,274,266 $ 202,121 $ 1,072,145 $ — $ 1,274,266 Investment securities held-to-maturity 3,988,011 — 3,470,710 — 3,470,710 Loans (1) 13,926,199 — — 13,250,470 13,250,470 Financial liabilities: Time deposits (2) $ 3,284,045 $ — $ 3,259,350 $ — $ 3,259,350 Short-term borrowings 500,000 — 498,175 — 498,175 December 31, 2023 Fair Value Measurements Quoted Prices in Significant Significant Active Markets Other Unobservable for Identical Observable Inputs (dollars in thousands) Book Value Assets (Level 1) Inputs (Level 2) (Level 3) Total Financial assets: Cash and cash equivalents $ 1,739,897 $ 185,015 $ 1,554,882 $ — $ 1,739,897 Investment securities held-to-maturity 4,041,449 — 3,574,856 — 3,574,856 Loans held for sale 190 — 192 — 192 Loans (1) 13,973,688 — — 13,385,683 13,385,683 Financial liabilities: Time deposits (2) $ 3,456,158 $ — $ 3,432,330 $ — $ 3,432,330 Short-term borrowings 500,000 — 495,306 — 495,306 (1) Excludes financing leases of $394.0 million at March 31, 2024 and $379.8 million at December 31, 2023. (2) Excludes deposit liabilities with no defined or contractual maturity of $17.4 billion as of March 31, 2024 and $17.9 billion as of December 31, 2023. Unfunded loan and lease commitments and letters of credit are not included in the tables above. As of both March 31, 2024 and December 31, 2023, the Company had $6.5 billion, of unfunded loan and lease commitments and letters of credit. The Company believes that a reasonable estimate of the fair value of these instruments is the carrying value of deferred fees plus the related reserve for unfunded commitments, which totaled $48.3 million and $49.8 million at March 31, 2024 and December 31, 2023, respectively. No active trading market exists for these instruments, and the estimated fair value does not include value associated with the borrower relationship. The Company does not estimate the fair values of certain unfunded loan and lease commitments that can be canceled by providing notice to the borrower. As Company-level data is incorporated into the fair value measurement, unfunded loan and lease commitments and letters of credit are classified as Level 3. Valuation Techniques Used in the Fair Value Measurement of Assets and Liabilities Carried at the Lower of Cost or Fair Value The Company applies the following valuation techniques to assets measured at the lower of cost or fair value: Mortgage servicing rights MSRs are carried at the lower of cost or fair value and are therefore subject to fair value measurements on a nonrecurring basis. The fair value of MSRs is determined using models which use significant unobservable inputs, such as estimates of prepayment rates, the resultant weighted average lives of the MSRs and the option-adjusted spread levels. Accordingly, the Company classifies MSRs as Level 3. Collateral-dependent loans Collateral-dependent loans are those for which repayment is expected to be provided substantially through the operation or sale of the collateral. Other real estate owned The Company values these properties at fair value at the time the Company acquires them, which establishes their new cost basis. After acquisition, the Company carries such properties at the lower of cost or fair value less estimated selling costs on a nonrecurring basis. Fair value is measured on a nonrecurring basis using collateral values as a practical expedient. The fair values of collateral for other real estate owned are primarily based on real estate appraisal reports prepared by third-party appraisers less disposition costs, and are classified as Level 3. Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis The Company may be required to record certain assets at fair value on a nonrecurring basis in accordance with GAAP. These assets are subject to fair value adjustments that result from the application of lower of cost or fair value accounting or write-downs of individual assets to fair value. The following table provides the level of valuation inputs used to determine each fair value adjustment and the fair value of the related individual assets or portfolio of assets with fair value adjustments on a nonrecurring basis as of March 31, 2024: (dollars Level 1 Level 2 Level 3 March 31, 2024 Collateral-dependent loans $ — $ — $ 14,623 Total expected credit losses recognized on collateral-dependent loans were $1.0 million for the three months ended March 31, 2024. There were no assets with nonrecurring fair value adjustments held as of December 31, 2023. Additionally, there were no nonrecurring fair value adjustments for the three months ended March 31, 2023. |
Reportable Operating Segments
Reportable Operating Segments | 3 Months Ended |
Mar. 31, 2024 | |
Reportable Operating Segments | |
Reportable Operating Segments | 17. Reportable Operating Segments The Company’s operations are organized into three business segments – Retail Banking, Commercial Banking, and Treasury and Other. These segments reflect how discrete financial information is currently evaluated by the chief operating decision maker and how performance is assessed and resources allocated. The Company’s internal management process measures the performance of these business segments. This process, which is not necessarily comparable with similar information for any other financial institution, uses various techniques to assign balance sheet and income statement amounts to the business segments, including allocations of income, expense, the provision for credit losses, and capital. This process is dynamic and requires certain allocations based on judgment and other subjective factors. Unlike financial accounting, there is no comprehensive authoritative guidance for management accounting that is equivalent to GAAP. The net interest income of the business segments reflects the results of a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics and reflects the allocation of net interest income related to the Company’s overall asset and liability management activities on a proportionate basis. The basis for the allocation of net interest income is a function of the Company’s assumptions that are subject to change based on changes in current interest rates and market conditions. Funds transfer pricing also serves to transfer interest rate risk to Treasury. The Company allocates the provision for credit losses from the Treasury and Other business segment (which is comprised of many of the Company’s support units) to the Retail and Commercial business segments. These allocations are based on direct costs incurred by the Retail and Commercial business segments. Noninterest income and expense includes allocations from support units to the business segments. These allocations are based on actual usage where practicably calculated or by management’s estimate of such usage. Income tax expense is allocated to each business segment based on the consolidated effective income tax rate for the period shown. Business Segments Retail Banking Retail Banking offers a broad range of financial products and services to consumers and small businesses. Loan and lease products offered include residential and commercial mortgage loans, home equity lines of credit and loans, automobile loans and leases, secured and unsecured lines of credit, installment loans and small business loans and leases. Deposit products offered include checking, savings, and time deposit accounts. Retail Banking also offers wealth management services. Products and services from Retail Banking are delivered to customers through 50 banking locations throughout the State of Hawaii, Guam and Saipan. Commercial Banking Commercial Banking offers products that include corporate banking related products, commercial real estate loans, commercial lease financing, secured and unsecured lines of credit, automobile loans and auto dealer financing, business deposit products and credit cards. Commercial lending and deposit products are offered primarily to middle-market and large companies locally, nationally and internationally. Treasury and Other Treasury consists of corporate asset and liability management activities including interest rate risk management. The segment’s assets and liabilities (and related interest income and expense) consist of interest-bearing deposits, investment securities, federal funds sold and purchased, government deposits, short- and long-term borrowings and bank-owned properties. The primary sources of noninterest income are from bank-owned life insurance, net gains from the sale of investment securities, foreign exchange income related to customer-driven cross-border wires for business and personal reasons and management of bank-owned properties. The net residual effect of the transfer pricing of assets and liabilities is included in Treasury, along with the elimination of intercompany transactions. Other organizational units (Technology, Operations, Credit and Risk Management, Human Resources, Finance, Administration, Marketing, and Corporate and Regulatory Administration) provide a wide range of support to the Company’s other income earning segments. Expenses incurred by these support units are charged to the business segments through an internal cost allocation process. The following tables present selected business segment financial information for the periods indicated. Treasury Retail Commercial and (dollars in thousands) Banking Banking Other Total Three Months Ended March 31, 2024 Net interest income (expense) $ 128,057 $ 45,381 $ (19,011) $ 154,427 (Provision) benefit for credit losses (3,379) (3,713) 792 (6,300) Net interest income (expense) after (provision) benefit for credit losses 124,678 41,668 (18,219) 148,127 Noninterest income 26,035 17,958 7,378 51,371 Noninterest expense (76,640) (25,685) (26,488) (128,813) Income (loss) before (provision) benefit for income taxes 74,073 33,941 (37,329) 70,685 (Provision) benefit for income taxes (17,928) (7,273) 8,736 (16,465) Net income (loss) $ 56,145 $ 26,668 $ (28,593) $ 54,220 Treasury Retail Commercial and (dollars in thousands) Banking Banking Other Total Three Months Ended March 31, 2023 Net interest income $ 108,920 $ 40,939 $ 17,388 $ 167,247 Provision for credit losses (2,563) (3,873) (2,364) (8,800) Net interest income after provision for credit losses 106,357 37,066 15,024 158,447 Noninterest income 24,267 17,888 6,868 49,023 Noninterest expense (75,843) (27,770) (14,954) (118,567) Income before provision for income taxes 54,781 27,184 6,938 88,903 Provision for income taxes (13,266) (6,330) (2,489) (22,085) Net income $ 41,515 $ 20,854 $ 4,449 $ 66,818 |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Organization and Basis of Presentation | |
Organization and Basis of Presentation | First Hawaiian, Inc. (“FHI” or the “Parent”), a bank holding company, owns 100% of the outstanding common stock of First Hawaiian Bank (“FHB” or the “Bank”), its only direct, wholly owned subsidiary. FHB offers a comprehensive suite of banking services, including loans, deposit products, wealth management, insurance, trust, retirement planning, credit card and merchant processing services, to consumer and commercial customers. The accompanying unaudited interim consolidated financial statements of First Hawaiian, Inc. and Subsidiary (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The accompanying unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair presentation of the interim period consolidated financial information, have been made. Results of operations for interim periods are not necessarily indicative of results to be expected for the entire year. Intercompany account balances and transactions have been eliminated in consolidation. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events, actual results may differ from these estimates. |
Accounting Standards Adopted in 2024 | Accounting Standards Adopted in 2024 In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-01, Leases (Topic 842), Common Control Arrangements. Property, Plant, and Equipment. 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. Income Taxes Investments—Equity Method and Joint Ventures—Overall Investments—Equity Securities |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The following ASUs have been issued by the FASB and are applicable to the Company in future reporting periods. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investment Securities | |
Schedule of amortized cost and fair value of securities | March 31, 2024 December 31, 2023 Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (dollars in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency debt securities $ 13,254 $ — $ (433) $ 12,821 $ 33,169 $ — $ (666) $ 32,503 Government-sponsored enterprises debt securities 20,000 — (371) 19,629 20,000 — (408) 19,592 Mortgage-backed securities: Residential - Government agency 10,959 — (1,350) 9,609 11,303 — (1,121) 10,182 Residential - Government-sponsored enterprises 868,033 — (114,648) 753,385 895,421 — (112,124) 783,297 Commercial - Government agency 264,691 — (51,297) 213,394 268,944 — (50,270) 218,674 Commercial - Government-sponsored enterprises 90,441 — (6,951) 83,490 93,459 — (7,028) 86,431 Commercial - Non-agency 21,968 142 — 22,110 21,964 — (281) 21,683 Collateralized mortgage obligations: Government agency 523,160 — (70,997) 452,163 538,718 — (67,568) 471,150 Government-sponsored enterprises 413,731 — (60,670) 353,061 425,826 — (61,856) 363,970 Collateralized loan obligations 239,872 383 (579) 239,676 249,871 43 (2,060) 247,854 Total available-for-sale securities $ 2,466,109 $ 525 $ (307,296) $ 2,159,338 $ 2,558,675 $ 43 $ (303,382) $ 2,255,336 Government agency debt securities $ 51,904 $ — $ (5,300) $ 46,604 $ 52,051 $ — $ (4,497) $ 47,554 Mortgage-backed securities: Residential - Government agency 42,961 — (6,209) 36,752 43,885 — (5,189) 38,696 Residential - Government-sponsored enterprises 97,914 — (13,466) 84,448 99,379 — (11,013) 88,366 Commercial - Government agency 30,853 — (7,651) 23,202 30,795 — (7,017) 23,778 Commercial - Government-sponsored enterprises 1,127,321 167 (144,378) 983,110 1,129,738 195 (130,757) 999,176 Collateralized mortgage obligations: Government agency 972,199 — (125,164) 847,035 989,130 — (109,471) 879,659 Government-sponsored enterprises 1,610,563 — (209,655) 1,400,908 1,642,274 — (193,897) 1,448,377 Debt securities issued by states and political subdivisions 54,296 — (5,645) 48,651 54,197 — (4,947) 49,250 Total held-to-maturity securities $ 3,988,011 $ 167 $ (517,468) $ 3,470,710 $ 4,041,449 $ 195 $ (466,788) $ 3,574,856 |
Schedule of amortized cost and fair value of debt securities by contractual maturity | March 31, 2024 Amortized Fair (dollars in thousands) Cost Value Available-for-sale securities Due in one year or less $ 13,254 $ 12,821 Due after one year through five years 29,275 28,885 Due after five years through ten years 87,696 87,617 Due after ten years 164,869 164,913 295,094 294,236 Mortgage-backed securities: Residential - Government agency 10,959 9,609 Residential - Government-sponsored enterprises 868,033 753,385 Commercial - Government agency 264,691 213,394 Commercial - Government-sponsored enterprises 90,441 83,490 Total mortgage-backed securities 1,234,124 1,059,878 Collateralized mortgage obligations: Government agency 523,160 452,163 Government-sponsored enterprises 413,731 353,061 Total collateralized mortgage obligations 936,891 805,224 Total available-for-sale securities $ 2,466,109 $ 2,159,338 Held-to-maturity securities Due in one year or less $ — $ — Due after one year through five years — — Due after five years through ten years 22,132 20,121 Due after ten years 84,068 75,134 106,200 95,255 Mortgage-backed securities: Residential - Government agency 42,961 36,752 Residential - Government-sponsored enterprises 97,914 84,448 Commercial - Government agency 30,853 23,202 Commercial - Government-sponsored enterprises 1,127,321 983,110 Total mortgage-backed securities 1,299,049 1,127,512 Collateralized mortgage obligations: Government agency 972,199 847,035 Government-sponsored enterprises 1,610,563 1,400,908 Total collateralized mortgage obligations 2,582,762 2,247,943 Total held-to-maturity securities $ 3,988,011 $ 3,470,710 |
Schedule of gross unrealized losses and fair values of securities in a continuous loss position | Time in Continuous Loss as of March 31, 2024 Less Than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized (dollars in thousands) Losses Fair Value Losses Fair Value Losses Fair Value U.S. Treasury and government agency debt securities $ — $ — $ (433) $ 12,821 $ (433) $ 12,821 Government-sponsored enterprises debt securities — — (371) 19,629 (371) 19,629 Mortgage-backed securities: Residential - Government agency — — (1,350) 9,609 (1,350) 9,609 Residential - Government-sponsored enterprises — — (114,648) 753,385 (114,648) 753,385 Commercial - Government agency — — (51,297) 213,394 (51,297) 213,394 Commercial - Government-sponsored enterprises — — (6,951) 83,490 (6,951) 83,490 Collateralized mortgage obligations: Government agency — — (70,997) 452,163 (70,997) 452,163 Government-sponsored enterprises — — (60,670) 353,061 (60,670) 353,061 Collateralized loan obligations (8) 8,492 (571) 99,029 (579) 107,521 Total available-for-sale securities with unrealized losses $ (8) $ 8,492 $ (307,288) $ 1,996,581 $ (307,296) $ 2,005,073 Time in Continuous Loss as of December 31, 2023 Less Than 12 Months 12 Months or More Total Unrealized Unrealized Unrealized (dollars in thousands) Losses Fair Value Losses Fair Value Losses Fair Value U.S. Treasury and government agency debt securities $ — $ — $ (666) $ 32,503 $ (666) $ 32,503 Government-sponsored enterprises debt securities — — (408) 19,592 (408) 19,592 Mortgage-backed securities: Residential - Government agency — — (1,121) 10,182 (1,121) 10,182 Residential - Government-sponsored enterprises — — (112,124) 783,297 (112,124) 783,297 Commercial - Government agency — — (50,270) 218,674 (50,270) 218,674 Commercial - Government-sponsored enterprises — — (7,028) 86,431 (7,028) 86,431 Commercial - Non-agency — — (281) 21,683 (281) 21,683 Collateralized mortgage obligations: Government agency — — (67,568) 471,150 (67,568) 471,150 Government-sponsored enterprises — — (61,856) 363,970 (61,856) 363,970 Collateralized loan obligations (564) 63,667 (1,496) 163,126 (2,060) 226,793 Total available-for-sale securities with unrealized losses $ (564) $ 63,667 $ (302,818) $ 2,170,608 $ (303,382) $ 2,234,275 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Loans and Leases | |
Schedule of components of loans and leases | March 31, December 31, (dollars in thousands) 2024 2023 Commercial and industrial $ 2,189,875 $ 2,165,349 Commercial real estate 4,301,300 4,340,243 Construction 972,517 900,292 Residential: Residential mortgage 4,242,502 4,283,315 Home equity line 1,165,778 1,174,588 Total residential 5,408,280 5,457,903 Consumer 1,054,227 1,109,901 Lease financing 394,009 379,809 Total loans and leases $ 14,320,208 $ 14,353,497 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Allowance for Credit Losses | |
Schedule of activity in the allowance by class of loans and lease | Three Months Ended March 31, 2024 Commercial Lending Residential Lending Commercial Commercial Home and Real Lease Residential Equity (dollars in thousands) Industrial Estate Construction Financing Mortgage Line Consumer Total Allowance for credit losses: Balance at beginning of period $ 14,956 $ 43,944 $ 10,392 $ 1,754 $ 36,880 $ 11,728 $ 36,879 $ 156,533 Charge-offs (909) — — — — — (4,854) (5,763) Recoveries 211 — — — 30 44 1,689 1,974 Provision 2,829 (418) 2,049 731 (120) (325) 2,346 7,092 Balance at end of period $ 17,087 $ 43,526 $ 12,441 $ 2,485 $ 36,790 $ 11,447 $ 36,060 $ 159,836 Three Months Ended March 31, 2023 Commercial Lending Residential Lending Commercial Commercial Home and Real Lease Residential Equity (dollars in thousands) Industrial Estate Construction Financing Mortgage Line Consumer Total Allowance for credit losses: Balance at beginning of period $ 14,564 $ 43,810 $ 5,843 $ 1,551 $ 35,175 $ 8,296 $ 34,661 $ 143,900 Charge-offs (791) — — — (122) (135) (4,782) (5,830) Recoveries 246 — — — 27 177 2,166 2,616 Provision 19 (3,499) 630 (70) (760) 1,003 9,113 6,436 Balance at end of period $ 14,038 $ 40,311 $ 6,473 $ 1,481 $ 34,320 $ 9,341 $ 41,158 $ 147,122 |
Schedule of activity in the Liability for Credit Losses for Off-Balance-Sheet Financial Instruments | Three Months Ended March 31, 2024 Commercial Lending Residential Lending Commercial Commercial Home and Real Lease Residential Equity (dollars in thousands) Industrial Estate Construction Financing Mortgage Line Consumer Total Reserve for unfunded commitments: Balance at beginning of period $ 9,116 $ 1,787 $ 8,048 $ — $ 24 $ 16,589 $ 41 $ 35,605 Provision (324) 86 (1,151) — (10) 598 9 (792) Balance at end of period $ 8,792 $ 1,873 $ 6,897 $ — $ 14 $ 17,187 $ 50 $ 34,813 Three Months Ended March 31, 2023 Commercial Lending Residential Lending Commercial Commercial Home and Real Lease Residential Equity (dollars in thousands) Industrial Estate Construction Financing Mortgage Line Consumer Total Reserve for unfunded commitments: Balance at beginning of period $ 7,811 $ 2,004 $ 7,470 $ — $ 30 $ 16,483 $ 37 $ 33,835 Provision (658) (312) 1,482 — (13) 1,853 12 2,364 Balance at end of period $ 7,153 $ 1,692 $ 8,952 $ — $ 17 $ 18,336 $ 49 $ 36,199 |
Schedule of amortized cost basis by year of origination and credit quality indicator | The amortized cost basis by year of origination and credit quality indicator of the Company’s loans and leases as of March 31, 2024 was as follows: Revolving Loans Converted Term Loans Revolving to Term Amortized Cost Basis by Origination Year Loans Loans Amortized Amortized (dollars in thousands) 2024 2023 2022 2021 2020 Prior Cost Basis Cost Basis Total Commercial Lending Commercial and Industrial Risk rating: Pass $ 13,488 $ 104,265 $ 263,282 $ 318,417 $ 29,787 $ 282,287 $ 987,132 $ 26,745 $ 2,025,403 Special Mention 202 1 23,276 73 539 1,385 8,132 — 33,608 Substandard — — 20,364 214 572 2,191 25,638 — 48,979 Other (1) 4,887 12,883 10,053 4,044 1,970 2,396 45,652 — 81,885 Total Commercial and Industrial 18,577 117,149 316,975 322,748 32,868 288,259 1,066,554 26,745 2,189,875 Current period gross charge-offs — 71 114 61 52 611 — — 909 Commercial Real Estate Risk rating: Pass 28,321 344,674 864,166 671,379 334,606 1,866,875 93,485 4,223 4,207,729 Special Mention 3,339 2,290 7,591 41,337 1,358 18,507 6,863 — 81,285 Substandard — — 5,047 1,203 — 5,244 652 — 12,146 Other (1) — — — — — 140 — — 140 Total Commercial Real Estate 31,660 346,964 876,804 713,919 335,964 1,890,766 101,000 4,223 4,301,300 Current period gross charge-offs — — — — — — — — — Construction Risk rating: Pass 14,198 181,628 311,175 258,400 59,563 65,776 11,872 — 902,612 Special Mention — — — — — 837 — — 837 Substandard — — — — — 24,437 — — 24,437 Other (1) 859 12,258 17,492 6,373 1,357 5,588 704 — 44,631 Total Construction 15,057 193,886 328,667 264,773 60,920 96,638 12,576 — 972,517 Current period gross charge-offs — — — — — — — — — Lease Financing Risk rating: Pass 50,531 114,686 78,028 17,488 28,946 97,319 — — 386,998 Special Mention — 51 125 377 20 — — — 573 Substandard 5,370 676 392 — — — — — 6,438 Total Lease Financing 55,901 115,413 78,545 17,865 28,966 97,319 — — 394,009 Current period gross charge-offs — — — — — — — — — Total Commercial Lending $ 121,195 $ 773,412 $ 1,600,991 $ 1,319,305 $ 458,718 $ 2,372,982 $ 1,180,130 $ 30,968 $ 7,857,701 Current period gross charge-offs $ — $ 71 $ 114 $ 61 $ 52 $ 611 $ — $ — $ 909 (continued) Revolving Loans Converted Term Loans Revolving to Term Amortized Cost Basis by Origination Year Loans Loans (continued) Amortized Amortized (dollars in thousands) 2024 2023 2022 2021 2020 Prior Cost Basis Cost Basis Total Residential Lending Residential Mortgage FICO: 740 and greater $ 28,332 $ 207,263 $ 524,402 $ 987,343 $ 521,598 $ 1,186,496 $ — $ — $ 3,455,434 680 - 739 1,525 36,569 67,192 115,481 67,662 158,890 — — 447,319 620 - 679 910 2,910 16,268 19,056 12,733 41,573 — — 93,450 550 - 619 — 1,303 6,506 1,903 2,477 11,685 — — 23,874 Less than 550 — — — 2,894 2,006 6,686 — — 11,586 No Score (3) — 9,081 20,505 11,400 6,006 58,777 — — 105,769 Other (2) 1,419 13,320 16,937 15,740 12,088 32,590 12,976 — 105,070 Total Residential Mortgage 32,186 270,446 651,810 1,153,817 624,570 1,496,697 12,976 — 4,242,502 Current period gross charge-offs — — — — — — — — — Home Equity Line FICO: 740 and greater — — — — — — 943,792 1,428 945,220 680 - 739 — — — — — — 162,578 1,886 164,464 620 - 679 — — — — — — 33,728 927 34,655 550 - 619 — — — — — — 13,382 971 14,353 Less than 550 — — — — — — 5,392 296 5,688 No Score (3) — — — — — — 1,398 — 1,398 Total Home Equity Line — — — — — — 1,160,270 5,508 1,165,778 Current period gross charge-offs — — — — — — — — — Total Residential Lending $ 32,186 $ 270,446 $ 651,810 $ 1,153,817 $ 624,570 $ 1,496,697 $ 1,173,246 $ 5,508 $ 5,408,280 Current period gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer Lending FICO: 740 and greater 18,671 82,551 113,914 66,175 28,100 22,442 116,198 138 448,189 680 - 739 13,464 64,229 64,623 33,167 14,755 13,951 75,151 439 279,779 620 - 679 4,293 28,729 27,210 15,641 6,793 10,003 35,179 791 128,639 550 - 619 620 6,973 11,551 7,621 4,025 6,289 13,452 795 51,326 Less than 550 110 2,634 6,734 5,075 2,837 4,179 5,782 646 27,997 No Score (3) 733 839 209 — 9 16 39,466 256 41,528 Other (2) — 304 349 960 330 1,032 73,794 — 76,769 Total Consumer Lending $ 37,891 $ 186,259 $ 224,590 $ 128,639 $ 56,849 $ 57,912 $ 359,022 $ 3,065 $ 1,054,227 Current period gross charge-offs $ — $ 437 $ 904 $ 496 $ 272 $ 769 $ 1,789 $ 187 $ 4,854 Total Loans and Leases $ 191,272 $ 1,230,117 $ 2,477,391 $ 2,601,761 $ 1,140,137 $ 3,927,591 $ 2,712,398 $ 39,541 $ 14,320,208 Current period gross charge-offs $ — $ 508 $ 1,018 $ 557 $ 324 $ 1,380 $ 1,789 $ 187 $ 5,763 (1) Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score. (2) Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. (3) No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance. The amortized cost basis by year of origination and credit quality indicator of the Company’s loans and leases as of December 31, 2023 was as follows: Revolving Loans Converted Term Loans Revolving to Term Amortized Cost Basis by Origination Year Loans Loans Amortized Amortized (dollars in thousands) 2023 2022 2021 2020 2019 Prior Cost Basis Cost Basis Total Commercial Lending Commercial and Industrial Risk rating: Pass $ 85,839 $ 273,663 $ 346,024 $ 32,753 $ 146,893 $ 141,681 $ 971,065 $ 1,823 $ 1,999,741 Special Mention 1 44,069 80 653 1,032 1,290 22,807 14 69,946 Substandard — 342 230 677 1,686 829 8,330 — 12,094 Other (1) 15,978 11,598 4,814 2,370 1,702 1,125 45,981 — 83,568 Total Commercial and Industrial 101,818 329,672 351,148 36,453 151,313 144,925 1,048,183 1,837 2,165,349 Current period gross charge-offs 130 70 75 87 168 2,952 — — 3,482 Commercial Real Estate Risk rating: Pass 346,369 872,783 676,362 337,529 523,446 1,414,613 74,238 1,350 4,246,690 Special Mention 2,307 7,618 41,320 1,359 13,550 11,998 819 — 78,971 Substandard 205 5,079 2,003 — 2,953 2,545 1,655 — 14,440 Other (1) — — — — — 142 — — 142 Total Commercial Real Estate 348,881 885,480 719,685 338,888 539,949 1,429,298 76,712 1,350 4,340,243 Current period gross charge-offs — — — — 2,500 — — — 2,500 Construction Risk rating: Pass 156,432 269,623 265,674 60,057 63,018 27,847 6,070 — 848,721 Special Mention — — — — 189 665 — — 854 Other (1) 12,728 21,036 8,250 2,143 2,031 3,820 709 — 50,717 Total Construction 169,160 290,659 273,924 62,200 65,238 32,332 6,779 — 900,292 Current period gross charge-offs — — — — — — — — — Lease Financing Risk rating: Pass 145,914 82,833 18,680 31,791 30,299 68,520 — — 378,037 Special Mention 56 137 414 35 — — — — 642 Substandard 712 416 — — 2 — — — 1,130 Total Lease Financing 146,682 83,386 19,094 31,826 30,301 68,520 — — 379,809 Current period gross charge-offs — — — — — — — — — Total Commercial Lending $ 766,541 $ 1,589,197 $ 1,363,851 $ 469,367 $ 786,801 $ 1,675,075 $ 1,131,674 $ 3,187 $ 7,785,693 Current period gross charge-offs $ 130 $ 70 $ 75 $ 87 $ 2,668 $ 2,952 $ — $ — $ 5,982 (continued) Revolving Loans Converted Term Loans Revolving to Term Amortized Cost Basis by Origination Year Loans Loans (continued) Amortized Amortized (dollars in thousands) 2023 2022 2021 2020 2019 Prior Cost Basis Cost Basis Total Residential Lending Residential Mortgage FICO: 740 and greater $ 211,598 $ 529,296 $ 999,522 $ 529,881 $ 227,058 $ 987,251 $ — $ — $ 3,484,606 680 - 739 36,975 67,205 117,337 68,122 33,148 130,387 — — 453,174 620 - 679 3,544 16,395 19,184 12,811 4,096 38,987 — — 95,017 550 - 619 1,305 6,521 1,917 2,492 398 11,679 — — 24,312 Less than 550 — — 2,909 2,017 582 6,439 — — 11,947 No Score (3) 9,137 19,311 11,492 6,043 9,679 51,109 — — 106,771 Other (2) 15,802 17,528 17,432 12,534 8,599 25,513 10,080 — 107,488 Total Residential Mortgage 278,361 656,256 1,169,793 633,900 283,560 1,251,365 10,080 — 4,283,315 Current period gross charge-offs — — — — — 122 — — 122 Home Equity Line FICO: 740 and greater — — — — — — 964,932 1,511 966,443 680 - 739 — — — — — — 151,716 1,920 153,636 620 - 679 — — — — — — 36,541 1,189 37,730 550 - 619 — — — — — — 9,896 1,012 10,908 Less than 550 — — — — — — 4,488 100 4,588 No Score (3) — — — — — — 1,283 — 1,283 Total Home Equity Line — — — — — — 1,168,856 5,732 1,174,588 Current period gross charge-offs — — — — — — 273 19 292 Total Residential Lending $ 278,361 $ 656,256 $ 1,169,793 $ 633,900 $ 283,560 $ 1,251,365 $ 1,178,936 $ 5,732 $ 5,457,903 Current period gross charge-offs $ — $ — $ — $ — $ — $ 122 $ 273 $ 19 $ 414 Consumer Lending FICO: 740 and greater 92,117 128,358 76,148 33,507 21,819 8,970 123,592 155 484,666 680 - 739 68,865 71,031 37,925 17,116 13,270 5,690 76,645 401 290,943 620 - 679 28,533 29,229 16,919 7,843 7,972 4,624 35,210 781 131,111 550 - 619 4,996 10,859 7,760 4,917 4,651 2,986 13,223 925 50,317 Less than 550 1,790 6,370 4,842 2,796 2,905 2,040 5,222 455 26,420 No Score (3) 1,545 229 — — 1 10 42,933 136 44,854 Other (2) 361 368 982 335 1,059 1 78,484 — 81,590 Total Consumer Lending $ 198,207 $ 246,444 $ 144,576 $ 66,514 $ 51,677 $ 24,321 $ 375,309 $ 2,853 $ 1,109,901 Current period gross charge-offs $ 639 $ 2,400 $ 2,135 $ 1,142 $ 1,816 $ 2,622 $ 5,790 $ 566 $ 17,110 Total Loans and Leases $ 1,243,109 $ 2,491,897 $ 2,678,220 $ 1,169,781 $ 1,122,038 $ 2,950,761 $ 2,685,919 $ 11,772 $ 14,353,497 Current period gross charge-offs $ 769 $ 2,470 $ 2,210 $ 1,229 $ 4,484 $ 5,696 $ 6,063 $ 585 $ 23,506 (1) Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score. (2) Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. (3) No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance. |
Schedule of aging analyses of past due loans and leases | March 31, 2024 Past Due Loans and Greater Leases Past Than or Due 90 Days 30-59 60-89 Equal to or More and Days Days 90 Days Total Total Loans Still Accruing (dollars in thousands) Past Due Past Due Past Due Past Due Current and Leases Interest Commercial and industrial $ 1,713 $ 162 $ 1,470 $ 3,345 $ 2,186,530 $ 2,189,875 $ 529 Commercial real estate — — 2,953 2,953 4,298,347 4,301,300 — Construction — — 606 606 971,911 972,517 606 Lease financing — — — — 394,009 394,009 — Residential mortgage 1,857 2,742 5,406 10,005 4,232,497 4,242,502 359 Home equity line 2,996 894 2,827 6,717 1,159,061 1,165,778 — Consumer 15,606 2,873 2,126 20,605 1,033,622 1,054,227 2,126 Total $ 22,172 $ 6,671 $ 15,388 $ 44,231 $ 14,275,977 $ 14,320,208 $ 3,620 December 31, 2023 Past Due Loans and Greater Leases Past Than or Due 90 Days 30-59 60-89 Equal to or More and Days Days 90 Days Total Total Loans Still Accruing (dollars in thousands) Past Due Past Due Past Due Past Due Current and Leases Interest Commercial and industrial $ 2,611 $ 349 $ 1,464 $ 4,424 $ 2,160,925 $ 2,165,349 $ 494 Commercial real estate — 196 300 496 4,339,747 4,340,243 300 Construction 25,191 — — 25,191 875,101 900,292 — Lease financing — — — — 379,809 379,809 — Residential mortgage 5,244 1,475 4,720 11,439 4,271,876 4,283,315 — Home equity line 5,940 624 3,550 10,114 1,164,474 1,174,588 — Consumer 23,259 3,897 2,702 29,858 1,080,043 1,109,901 2,702 Total $ 62,245 $ 6,541 $ 12,736 $ 81,522 $ 14,271,975 $ 14,353,497 $ 3,496 |
Schedule of amortized cost basis of loans and leases on nonaccrual status | March 31, 2024 Nonaccrual Loans and Leases With No Nonaccrual Allowance Loans (dollars in thousands) for Credit Losses and Leases Commercial and industrial $ — $ 942 Commercial real estate 2,685 2,953 Residential mortgage 3,297 7,777 Home equity line 1,150 6,345 Total Nonaccrual Loans and Leases $ 7,132 $ 18,017 December 31, 2023 Nonaccrual Loans and Leases With No Nonaccrual Allowance Loans (dollars in thousands) for Credit Losses and Leases Commercial and industrial $ — $ 970 Commercial real estate 2,685 2,953 Residential mortgage 2,667 7,620 Home equity line 1,163 7,052 Total Nonaccrual Loans and Leases $ 6,515 $ 18,595 |
Schedule of loans modified to borrowers experiencing financial difficulty | Interest Rate Reduction Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Amortized % of Total Class Amortized % of Total Class (dollars in Cost Basis (1) of Financing Receivable Cost Basis (1) of Financing Receivable Commercial real estate $ — — % $ 4 n/m % Consumer 628 0.06 358 0.03 Total $ 628 n/m % $ 362 n/m % n/m – Represents less than 0.01% of total class of financing receivable. (1) The amortized cost basis reflects all partial paydowns and charge-offs since the modification date and do not include loans modified to borrowers experiencing financial difficulty that have been fully paid off, charged off, or foreclosed upon by the end of the period. Term Extension Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Amortized % of Total Class Amortized % of Total Class (dollars in Cost Basis (1) of Financing Receivable Cost Basis (1) of Financing Receivable Commercial and industrial $ 199 0.01 % $ 96 n/m % Construction — — 231 0.03 Residential mortgage 310 0.01 34 n/m Consumer 118 0.01 71 0.01 Total $ 627 n/m % $ 432 n/m % n/m – Represents less than 0.01% of total class of financing receivable. (1) The amortized cost basis reflects all partial paydowns and charge-offs since the modification date and do not include loans modified to borrowers experiencing financial difficulty that have been fully paid off, charged off, or foreclosed upon by the end of the period. Other-Than-Insignificant Payment Delay Three Months Ended Three Months Ended March 31, 2024 March 31, 2023 Amortized % of Total Class Amortized % of Total Class (dollars in Cost Basis (1) of Financing Receivable Cost Basis (1) of Financing Receivable Residential mortgage $ 1,260 0.03 % $ — — % Total $ 1,260 n/m % $ — — % n/m – Represents less than 0.01% of total class of financing receivable. (1) The amortized cost basis reflects all partial paydowns and charge-offs since the modification date and do not include loans modified to borrowers experiencing financial difficulty that have been fully paid off, charged off, or foreclosed upon by the end of the period. |
Schedule of financial effect of the modifications made to borrowers experiencing financial difficulty | Interest Rate Reduction Financial Effect Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Commercial real estate — Reduced weighted-average contractual interest rate by 0.75%. Consumer Reduced weighted-average contractual interest rate by 13.55% . Reduced weighted-average contractual interest rate by 13.51%. Term Extension Financial Effect Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Commercial and industrial Added a weighted-average 3.8 years to the life of loans. Added a weighted-average 3.0 years to the life of loans. Construction — Added a weighted-average 2.9 years to the life of loans. Residential mortgage Added a weighted-average 1.0 years to the life of loans. Added a weighted-average 5.9 years to the life of loans. Consumer Added a weighted-average 4.2 years to the life of loans. Added a weighted-average 4.6 years to the life of loans. Other-Than-Insignificant Payment Delay Financial Effect Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 Residential mortgage Deferred an average of $172 thousand in loan payments. — |
Tabular disclosure of financing receivables to borrowers experiencing financial difficulty modified within the previous 12 months and for which there was a payment default | Amortized Cost Basis of Modified Loans That Subsequently Defaulted (1) Three Months Ended March 31, 2024 Three Months Ended March 31, 2023 (dollars in Interest Rate Reduction Term Extension Interest Rate Reduction Term Extension Consumer $ 300 $ 7 $ 10 $ — Total $ 300 $ 7 $ 10 $ — (1) The amortized cost basis reflects all partial paydowns and charge-offs since the modification date and do not include loans modified to borrowers experiencing financial difficulty that have been fully paid off, charged off, or foreclosed upon by the end of the period. |
Schedule of aging analyses of loans modified with a borrower experiencing financial difficulty | March 31, 2024 Past Due Greater Than or Equal to 30-59 Days 60-89 Days 90 Days Total (dollars in Past Due Past Due Past Due Past Due Current Total Commercial and industrial $ — $ — $ — $ — $ 467 $ 467 Commercial real estate — — — — 2,857 2,857 Construction — — — — 657 657 Residential mortgage — — — — 1,570 1,570 Consumer 96 86 22 204 1,407 1,611 Total $ 96 $ 86 $ 22 $ 204 $ 6,958 $ 7,162 March 31, 2023 Past Due Greater Than or Equal to 30-59 Days 60-89 Days 90 Days Total (dollars in Past Due Past Due Past Due Past Due Current Total Commercial and industrial $ — $ — $ — $ — $ 96 $ 96 Commercial real estate — — — — 4 4 Construction — — — — 231 231 Residential mortgage — — — — 34 34 Consumer 9 — — 9 420 429 Total $ 9 $ — $ — $ 9 $ 785 $ 794 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Other Assets. | |
Schedule of estimated future amortization expense for MSRs | Amortization of mortgage servicing rights (“MSRs”) was $0.3 million for both three months ended March 31, 2024 and 2023. The estimated future amortization expenses for MSRs over the next five years are as follows: Estimated (dollars in thousands) Amortization Under one year $ 811 One to two years 720 Two to three years 637 Three to four years 561 Four to five years 497 |
Schedule of details of the Company's MSRs | March 31, December 31, (dollars in thousands) 2024 2023 Gross carrying amount $ 69,612 $ 69,515 Less: accumulated amortization 64,079 63,816 Net carrying value $ 5,533 $ 5,699 |
Schedule of changes in amortized MSRs | Three Months Ended March 31, (dollars in thousands) 2024 2023 Balance at beginning of period $ 5,699 $ 6,562 Originations 97 17 Amortization (263) (280) Balance at end of period $ 5,533 $ 6,299 Fair value of amortized MSRs at beginning of period $ 14,308 $ 15,193 Fair value of amortized MSRs at end of period $ 14,071 $ 15,169 |
Schedule of quantitative assumptions used in determining lower of cost or fair value of MSRs | March 31, 2024 December 31, 2023 Weighted Weighted Range Average Range Average Conditional prepayment rate 6.98 % - 11.34 % 7.08 % 6.87 % - 11.53 % 7.04 % Life in years (of the MSR) 4.28 - 7.18 7.05 4.30 - 7.22 7.09 Weighted-average coupon rate 3.63 % - 5.75 % 3.75 % 3.57 % - 5.81 % 3.73 % Discount rate 10.27 % - 10.58 % 10.52 % 10.40 % - 10.60 % 10.52 % |
Transfers of Financial Assets (
Transfers of Financial Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Transfers of Financial Assets | |
Schedule of carrying amounts of assets pledged as collateral | (dollars in thousands) March 31, 2024 December 31, 2023 Public deposits $ 1,946,863 $ 2,571,359 Federal Home Loan Bank 5,000,994 4,495,266 Federal Reserve Bank 3,943,124 4,074,093 ACH transactions 135,443 137,101 Interest rate swaps 1,184 575 Total $ 11,027,608 $ 11,278,394 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Deposits | |
Schedule of deposits by category | (dollars in thousands) March 31, 2024 December 31, 2023 U.S.: Interest-bearing $ 12,451,100 $ 12,731,915 Noninterest-bearing 6,212,216 6,609,483 Foreign: Interest-bearing 1,169,828 1,017,180 Noninterest-bearing 836,337 974,079 Total deposits $ 20,669,481 $ 21,332,657 |
Schedule of maturity distribution of time certificates of deposit | The following table presents the maturity distribution of time certificates of deposit as of March 31, 2024: Under $250,000 (dollars in thousands) $250,000 or More Total Three months or less $ 375,094 $ 513,230 $ 888,324 Over three through six months 742,247 472,846 1,215,093 Over six through twelve months 588,338 445,817 1,034,155 One to two years 54,414 12,867 67,281 Two to three years 28,830 2,448 31,278 Three to four years 22,977 6,826 29,803 Four to five years 17,156 571 17,727 Thereafter 384 — 384 Total $ 1,829,440 $ 1,454,605 $ 3,284,045 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Short-Term Borrowings | |
Schedule of short-term borrowings | (dollars in thousands) March 31, 2024 December 31, 2023 Short-term FHLB fixed-rate advances (1) $ 500,000 $ 500,000 Total short-term borrowings $ 500,000 $ 500,000 (1) Interest is payable monthly. |
Schedule of selected information for short-term borrowings | Three Months Ended March 31, (dollars in thousands) 2024 2023 Federal funds purchased: Weighted-average interest rate at March 31, — % — % Highest month-end balance $ — $ 150,000 Average outstanding balance $ — $ 67,056 Weighted-average interest rate paid — % 4.43 % Short-term FHLB repo advance: Weighted-average interest rate at March 31, — % 5.00 % Highest month-end balance $ — $ 250,000 Average outstanding balance $ — $ 52,778 Weighted-average interest rate paid — % 5.02 % Short-term FHLB fixed-rate advances: Weighted-average interest rate at March 31, 4.71 % — % Highest month-end balance $ 500,000 $ — Average outstanding balance $ 500,000 $ — Weighted-average interest rate paid 4.79 % — % |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accumulated Other Comprehensive Loss | |
Schedule of changes in accumulated other comprehensive income (loss) | Income Tax Pre-tax Benefit Net of (dollars in thousands) Amount (Expense) Tax Accumulated other comprehensive loss at December 31, 2023 $ (723,100) $ 192,890 $ (530,210) Three months ended March 31, 2024 Investment securities: Unrealized net losses arising during the period (3,432) 915 (2,517) Reclassification of net losses to net income: Amortization of unrealized holding losses on held-to-maturity securities 11,160 (2,976) 8,184 Net change in investment securities 7,728 (2,061) 5,667 Cash flow derivative hedges: Unrealized net losses arising during the period (713) 189 (524) Reclassification of net losses included in net income 1,755 (468) 1,287 Net change in cash flow derivative hedges 1,042 (279) 763 Other comprehensive income 8,770 (2,340) 6,430 Accumulated other comprehensive loss at March 31, 2024 $ (714,330) $ 190,550 $ (523,780) Income Tax Pre-tax Benefit Net of (dollars in thousands) Amount (Expense) Tax Accumulated other comprehensive loss at December 31, 2022 $ (871,813) $ 232,559 $ (639,254) Three months ended March 31, 2023 Investment securities: Unrealized net gains arising during the period 25,038 (6,679) 18,359 Reclassification of net losses to net income: Amortization of unrealized holding losses on held-to-maturity securities 11,708 (3,123) 8,585 Net change in investment securities 36,746 (9,802) 26,944 Cash flow derivative hedges: Unrealized net losses arising during the period (442) 118 (324) Reclassification of net losses included in net income 1,303 (348) 955 Net change in cash flow derivative hedges 861 (230) 631 Other comprehensive income 37,607 (10,032) 27,575 Accumulated other comprehensive loss at March 31, 2023 $ (834,206) $ 222,527 $ (611,679) |
Summary of changes in accumulated other comprehensive loss, net of tax | Pensions Accumulated and Available-for-Sale Held-to-Maturity Cash Flow Other Other Investment Investment Derivative Comprehensive (dollars in thousands) Benefits Securities Securities Hedges Loss Three Months Ended March 31, 2024 Balance at beginning of period $ (5,373) $ (222,423) $ (301,611) $ (803) $ (530,210) Other comprehensive (loss) income — (2,517) 8,184 763 6,430 Balance at end of period $ (5,373) $ (224,940) $ (293,427) $ (40) $ (523,780) Three Months Ended March 31, 2023 Balance at beginning of period $ (5,431) $ (292,175) $ (336,946) $ (4,702) $ (639,254) Other comprehensive income — 18,359 8,585 631 27,575 Balance at end of period $ (5,431) $ (273,816) $ (328,361) $ (4,071) $ (611,679) |
Regulatory Capital Requiremen_2
Regulatory Capital Requirements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Regulatory Capital Requirements | |
Schedule of regulatory capital ratios | First Hawaiian Minimum Well- First Hawaiian, Inc. Bank Capital Capitalized (dollars in thousands) Amount Ratio Amount Ratio Ratio (1) Ratio (1) March 31, 2024: Common equity tier 1 capital to risk-weighted assets $ 2,040,871 12.55 % $ 2,029,029 12.48 % 4.50 % 6.50 % Tier 1 capital to risk-weighted assets 2,040,871 12.55 % 2,029,029 12.48 % 6.00 % 8.00 % Total capital to risk-weighted assets 2,235,520 13.75 % 2,223,678 13.67 % 8.00 % 10.00 % Tier 1 capital to average assets (leverage ratio) 2,040,871 8.80 % 2,029,029 8.75 % 4.00 % 5.00 % December 31, 2023: Common equity tier 1 capital to risk-weighted assets $ 2,020,784 12.39 % $ 2,006,393 12.30 % 4.50 % 6.50 % Tier 1 capital to risk-weighted assets 2,020,784 12.39 % 2,006,393 12.30 % 6.00 % 8.00 % Total capital to risk-weighted assets 2,212,922 13.57 % 2,198,531 13.48 % 8.00 % 10.00 % Tier 1 capital to average assets (leverage ratio) 2,020,784 8.64 % 2,006,393 8.57 % 4.00 % 5.00 % (1) As defined by the regulations issued by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation (“FDIC”). |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Financial Instruments | |
Summary of notional amounts and fair values of derivatives held | March 31, 2024 December 31, 2023 Fair Value Fair Value Notional Asset Liability Notional Asset Liability (dollars in thousands) Amount Derivatives (1) Derivatives (2) Amount Derivatives (1) Derivatives (2) Derivatives designated as hedging instruments: Interest rate swaps $ 266,563 $ 10,234 $ (58) $ 267,500 $ 10,861 $ (1,799) Interest rate collars 200,000 47 (43) 200,000 703 — Derivatives not designated as hedging instruments: Interest rate swaps 2,708,933 2,740 (4,645) 2,753,801 1,204 (521) Visa derivative 114,190 — (2,300) 107,548 — (2,300) Foreign exchange contracts 800 — — 66 — — (1) The positive fair values of derivative assets are included in other assets . (2) The negative fair values of derivative liabilities are included in other liabilities . |
Schedule of net gains and losses recognized in income related to derivatives in fair value hedging relationships | Gains (losses) recognized in Three Months Ended the consolidated statements March 31, (dollars in of income line item 2024 2023 Gains (losses) on fair value hedging relationships recognized in interest income: Recognized on interest rate swap Loans and lease financing $ (627) $ 1,189 Recognized on hedged item Loans and lease financing 619 (1,284) |
Schedule of amounts related to cumulative basis adjustments for fair value hedges | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset Carrying Amount of the Hedged Asset (dollars in March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 Line item in the consolidated balance sheets in which the hedged item is included Loans and leases $ 56,273 $ 56,592 $ (10,289) $ (10,908) |
Summary of effect of cash flow hedging relationships | Three Months Ended March 31, (dollars in 2024 2023 Pretax net losses recognized in other comprehensive income on cash flow derivative hedges $ (713) $ (442) Pretax net losses reclassified from accumulated other comprehensive income to interest income from loans and lease financing 1,755 1,303 |
Summary of impact on pretax earnings of derivatives not designated as hedges | Net losses recognized Three Months Ended in the consolidated statements March 31, (dollars in of income line item 2024 2023 Derivatives Not Designated As Hedging Instruments: Interest rate swaps Other noninterest income $ (7) $ (378) Visa derivative Other noninterest income (1,476) (1,963) |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingent Liabilities | |
Schedule of financial instruments with off-balance sheet risk | March 31, December 31, (dollars in 2024 2023 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 6,243,969 $ 6,308,343 Standby letters of credit 250,803 234,102 Commercial letters of credit 4,105 3,629 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contracts with Customers | |
Summary of revenues disaggregated by type of service and business segments | Three Months Ended March 31, 2024 Treasury Retail Commercial and (dollars in thousands) Banking Banking Other Total Net interest income (expense) (1) $ 128,057 $ 45,381 $ (19,011) $ 154,427 Service charges on deposit accounts 6,675 824 47 7,546 Credit and debit card fees — 14,592 1,006 15,598 Other service charges and fees 6,938 398 570 7,906 Trust and investment services income 10,354 — — 10,354 Other 220 1,148 2,640 4,008 Not in scope of Topic 606 (1) 1,848 996 3,115 5,959 Total noninterest income 26,035 17,958 7,378 51,371 Total revenue $ 154,092 $ 63,339 $ (11,633) $ 205,798 (1) Most of the Company’s revenue is not within the scope of ASU No. 2014-09, Revenue from Contracts with Customers . The guidance explicitly excludes net interest income from financial assets and liabilities as well as other noninterest income from loans, leases, investment securities, derivative financial instruments and bank-owned life insurance. Three Months Ended March 31, 2023 Treasury Retail Commercial and (dollars in thousands) Banking Banking Other Total Net interest income (1) $ 108,920 $ 40,939 $ 17,388 $ 167,247 Service charges on deposit accounts 6,541 626 64 7,231 Credit and debit card fees — 14,414 1,296 15,710 Other service charges and fees 6,171 420 513 7,104 Trust and investment services income 9,614 — — 9,614 Other 239 1,317 1,649 3,205 Not in scope of Topic 606 (1) 1,702 1,111 3,346 6,159 Total noninterest income 24,267 17,888 6,868 49,023 Total revenue $ 133,187 $ 58,827 $ 24,256 $ 216,270 (1) Most of the Company’s revenue is not within the scope of ASU No. 2014-09, Revenue from Contracts with Customers. The guidance explicitly excludes net interest income from financial assets and liabilities as well as other noninterest income from loans, leases, investment securities, derivative financial instruments and bank-owned life insurance. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings per Share | |
Schedule of computations of basic and diluted earnings per share | Three Months Ended March 31, (dollars in 2024 2023 Numerator: Net income $ 54,220 $ 66,818 Denominator: Basic: weighted-average shares outstanding 127,707,354 127,453,820 Add: weighted-average equity-based awards 510,335 579,992 Diluted: weighted-average shares outstanding 128,217,689 128,033,812 Basic earnings per share $ 0.42 $ 0.52 Diluted earnings per share $ 0.42 $ 0.52 |
Noninterest Income and Noninter
Noninterest Income and Noninterest Expense (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Noninterest Income and Noninterest Expense | |
Schedule of components of net periodic benefit cost | Income line item where recognized in Pension Benefits Other Benefits (dollars in the consolidated statements of income 2024 2023 2024 2023 Three Months Ended March 31, Service cost Salaries and employee benefits $ — $ — $ 137 $ 147 Interest cost Other noninterest expense 1,906 2,059 211 220 Expected return on plan assets Other noninterest expense (878) (883) — — Recognized net actuarial loss (gain) Other noninterest expense 503 719 (322) (379) Total net periodic benefit cost $ 1,531 $ 1,895 $ 26 $ (12) |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value | |
Schedule of assets and liabilities measured at fair value on a recurring basis | Fair Value Measurements as of March 31, 2024 Quoted Prices in Significant Active Markets for Other Significant Identical Assets Observable Unobservable (dollars in (Level 1) Inputs (Level 2) Inputs (Level 3) Total Assets U.S. Treasury and government agency debt securities $ — $ 12,821 $ — $ 12,821 Government-sponsored enterprises debt securities — 19,629 — 19,629 Mortgage-backed securities: Residential - Government agency (1) — 9,609 — 9,609 Residential - Government-sponsored enterprises (1) — 753,385 — 753,385 Commercial - Government agency — 213,394 — 213,394 Commercial - Government-sponsored enterprises — 83,490 — 83,490 Commercial - Non-agency — 22,110 — 22,110 Collateralized mortgage obligations: Government agency — 452,163 — 452,163 Government-sponsored enterprises — 353,061 — 353,061 Collateralized loan obligations — 239,676 — 239,676 Total available-for-sale securities — 2,159,338 — 2,159,338 Other assets (2) 216 13,021 — 13,237 Liabilities Other liabilities (3) — (4,746) (2,300) (7,046) Total $ 216 $ 2,167,613 $ (2,300) $ 2,165,529 (1) Backed by residential real estate. (2) Other assets classified as Level 1 include money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets. (3) Other liabilities include derivative liabilities. Fair Value Measurements as of December 31, 2023 Quoted Prices in Significant Active Markets for Other Significant Identical Assets Observable Unobservable (dollars in thousands) (Level 1) Inputs (Level 2) Inputs (Level 3) Total Assets U.S. Treasury and government agency debt securities $ — $ 32,503 $ — $ 32,503 Government-sponsored enterprises debt securities — 19,592 — 19,592 Mortgage-backed securities: Residential - Government agency (1) — 10,182 — 10,182 Residential - Government-sponsored enterprises (1) — 783,297 — 783,297 Commercial - Government agency — 218,674 — 218,674 Commercial - Government-sponsored enterprises — 86,431 — 86,431 Commercial - Non-agency — 21,683 — 21,683 Collateralized mortgage obligations: Government agency — 471,150 — 471,150 Government-sponsored enterprises — 363,970 — 363,970 Collateralized loan obligations — 247,854 — 247,854 Total available-for-sale securities — 2,255,336 — 2,255,336 Other assets (2) 517 12,768 — 13,285 Liabilities Other liabilities (3) — (2,320) (2,300) (4,620) Total $ 517 $ 2,265,784 $ (2,300) $ 2,264,001 (1) Backed by residential real estate. (2) Other assets classified as Level 1 include money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets. (3) Other liabilities include derivative liabilities. |
Significant unobservable inputs used in fair value measurements for Level 3 assets and liabilities measured at fair value on a recurring basis | Quantitative Information about Level 3 Fair Value Measurements at March 31, 2024 Significant (dollars in thousands) Fair value Valuation Technique Unobservable Input Range Collateral-dependent loans $ 14,623 Financial Statement Values Discounts to reflect estimated selling costs 0% - 50% Visa derivative $ (2,300) Discounted Cash Flow Expected Conversion Rate - 1.5875 (1) 1.5289 - 1.5875 Expected Term - 6 months (2) n/m (2) Growth Rate - 9% (3) -7% - 22% Quantitative Information about Level 3 Fair Value Measurements at December 31, 2023 Significant (dollars in thousands) Fair value Valuation Technique Unobservable Input Range Visa derivative $ (2,300) Discounted Cash Flow Expected Conversion Rate - 1.5875 (1) 1.5289-1.5875 Expected Term - 5 months (2) n/m (2) Growth Rate - 10% (3) -6% - 25% (1) Due to the uncertainty in the movement of the conversion rate, the current conversion rate as of the respective consolidated balance sheet dates was utilized in the fair value calculation. (2) The expected terms are based on a May 2024 claim filing deadline and subsequent period for claims to be processed. As such, a range is not meaningful to disclose. (3) The growth rate was based on the arithmetic average of analyst price targets. |
Summary of changes in Level 3 liabilities measured at fair value on a recurring basis | Visa Derivative (dollars in 2024 2023 Three Months Ended March 31, Balance as of January 1, $ (2,300) $ (851) Total net losses included in other noninterest income (1,476) (1,963) Settlements 1,476 1,614 Balance as of March 31, $ (2,300) $ (1,200) Total net losses included in net income attributable to the change in unrealized losses related to liabilities still held as of March 31, $ (1,476) $ (1,963) |
Summary of estimated fair value of financial instruments not required to be carried at fair value on a recurring basis | March 31, 2024 Fair Value Measurements Quoted Prices in Significant Significant Active Markets Other Unobservable for Identical Observable Inputs (dollars in thousands) Book Value Assets (Level 1) Inputs (Level 2) (Level 3) Total Financial assets: Cash and cash equivalents $ 1,274,266 $ 202,121 $ 1,072,145 $ — $ 1,274,266 Investment securities held-to-maturity 3,988,011 — 3,470,710 — 3,470,710 Loans (1) 13,926,199 — — 13,250,470 13,250,470 Financial liabilities: Time deposits (2) $ 3,284,045 $ — $ 3,259,350 $ — $ 3,259,350 Short-term borrowings 500,000 — 498,175 — 498,175 December 31, 2023 Fair Value Measurements Quoted Prices in Significant Significant Active Markets Other Unobservable for Identical Observable Inputs (dollars in thousands) Book Value Assets (Level 1) Inputs (Level 2) (Level 3) Total Financial assets: Cash and cash equivalents $ 1,739,897 $ 185,015 $ 1,554,882 $ — $ 1,739,897 Investment securities held-to-maturity 4,041,449 — 3,574,856 — 3,574,856 Loans held for sale 190 — 192 — 192 Loans (1) 13,973,688 — — 13,385,683 13,385,683 Financial liabilities: Time deposits (2) $ 3,456,158 $ — $ 3,432,330 $ — $ 3,432,330 Short-term borrowings 500,000 — 495,306 — 495,306 (1) Excludes financing leases of $394.0 million at March 31, 2024 and $379.8 million at December 31, 2023. (2) Excludes deposit liabilities with no defined or contractual maturity of $17.4 billion as of March 31, 2024 and $17.9 billion as of December 31, 2023. |
Schedule of assets with fair value adjustments on a nonrecurring basis | (dollars Level 1 Level 2 Level 3 March 31, 2024 Collateral-dependent loans $ — $ — $ 14,623 |
Reportable Operating Segments (
Reportable Operating Segments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Reportable Operating Segments | |
Schedule of selected business segment financial information | Treasury Retail Commercial and (dollars in thousands) Banking Banking Other Total Three Months Ended March 31, 2024 Net interest income (expense) $ 128,057 $ 45,381 $ (19,011) $ 154,427 (Provision) benefit for credit losses (3,379) (3,713) 792 (6,300) Net interest income (expense) after (provision) benefit for credit losses 124,678 41,668 (18,219) 148,127 Noninterest income 26,035 17,958 7,378 51,371 Noninterest expense (76,640) (25,685) (26,488) (128,813) Income (loss) before (provision) benefit for income taxes 74,073 33,941 (37,329) 70,685 (Provision) benefit for income taxes (17,928) (7,273) 8,736 (16,465) Net income (loss) $ 56,145 $ 26,668 $ (28,593) $ 54,220 Treasury Retail Commercial and (dollars in thousands) Banking Banking Other Total Three Months Ended March 31, 2023 Net interest income $ 108,920 $ 40,939 $ 17,388 $ 167,247 Provision for credit losses (2,563) (3,873) (2,364) (8,800) Net interest income after provision for credit losses 106,357 37,066 15,024 158,447 Noninterest income 24,267 17,888 6,868 49,023 Noninterest expense (75,843) (27,770) (14,954) (118,567) Income before provision for income taxes 54,781 27,184 6,938 88,903 Provision for income taxes (13,266) (6,330) (2,489) (22,085) Net income $ 41,515 $ 20,854 $ 4,449 $ 66,818 |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Details) | Mar. 31, 2024 |
First Hawaiian, Inc. (FHI) | |
Capitalization | |
Outstanding common stock owned (as a percent) | 100% |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Available for sale debt securities | ||
Amortized Cost | $ 2,466,109 | $ 2,558,675 |
Unrealized Gains | 525 | 43 |
Unrealized Losses | (307,296) | (303,382) |
Total available-for-sale securities, Fair value, | 2,159,338 | 2,255,336 |
Held to maturity securities | ||
Amortized Cost | 3,988,011 | 4,041,449 |
Unrealized Gains | 167 | 195 |
Unrealized Losses | (517,468) | (466,788) |
Total held to maturity, Fair value, | 3,470,710 | 3,574,856 |
Available-for-sale investment securities | ||
Accrued interest receivable related to available-for-sale investment securities | 7,000 | 7,200 |
Accrued interest receivable related to held to maturity investment securities | 7,300 | 7,000 |
Collateralized Loan Obligations | ||
Available for sale debt securities | ||
Amortized Cost | 239,872 | 249,871 |
Unrealized Gains | 383 | 43 |
Unrealized Losses | (579) | (2,060) |
Total available-for-sale securities, Fair value, | 239,676 | 247,854 |
U.S. Treasury and government agency debt securities | ||
Available for sale debt securities | ||
Amortized Cost | 13,254 | 33,169 |
Unrealized Losses | (433) | (666) |
Total available-for-sale securities, Fair value, | 12,821 | 32,503 |
Government-sponsored enterprises debt securities | ||
Available for sale debt securities | ||
Amortized Cost | 20,000 | 20,000 |
Unrealized Losses | (371) | (408) |
Total available-for-sale securities, Fair value, | 19,629 | 19,592 |
Government agency debt securities | ||
Held to maturity securities | ||
Amortized Cost | 51,904 | 52,051 |
Unrealized Losses | (5,300) | (4,497) |
Total held to maturity, Fair value, | 46,604 | 47,554 |
Residential - Government agency | ||
Available for sale debt securities | ||
Amortized Cost | 10,959 | 11,303 |
Unrealized Losses | (1,350) | (1,121) |
Total available-for-sale securities, Fair value, | 9,609 | 10,182 |
Held to maturity securities | ||
Amortized Cost | 42,961 | 43,885 |
Unrealized Losses | (6,209) | (5,189) |
Total held to maturity, Fair value, | 36,752 | 38,696 |
Residential - Government-sponsored enterprises | ||
Available for sale debt securities | ||
Amortized Cost | 868,033 | 895,421 |
Unrealized Losses | (114,648) | (112,124) |
Total available-for-sale securities, Fair value, | 753,385 | 783,297 |
Held to maturity securities | ||
Amortized Cost | 97,914 | 99,379 |
Unrealized Losses | (13,466) | (11,013) |
Total held to maturity, Fair value, | 84,448 | 88,366 |
Commercial - Government agency | ||
Available for sale debt securities | ||
Amortized Cost | 264,691 | 268,944 |
Unrealized Losses | (51,297) | (50,270) |
Total available-for-sale securities, Fair value, | 213,394 | 218,674 |
Held to maturity securities | ||
Amortized Cost | 30,853 | 30,795 |
Unrealized Losses | (7,651) | (7,017) |
Total held to maturity, Fair value, | 23,202 | 23,778 |
Commercial - Government-sponsored enterprises | ||
Available for sale debt securities | ||
Amortized Cost | 90,441 | 93,459 |
Unrealized Losses | (6,951) | (7,028) |
Total available-for-sale securities, Fair value, | 83,490 | 86,431 |
Held to maturity securities | ||
Amortized Cost | 1,127,321 | 1,129,738 |
Unrealized Gains | 167 | 195 |
Unrealized Losses | (144,378) | (130,757) |
Total held to maturity, Fair value, | 983,110 | 999,176 |
Commercial - Non -agency | ||
Available for sale debt securities | ||
Amortized Cost | 21,968 | 21,964 |
Unrealized Gains | 142 | |
Unrealized Losses | (281) | |
Total available-for-sale securities, Fair value, | 22,110 | 21,683 |
Government agency | ||
Available for sale debt securities | ||
Amortized Cost | 523,160 | 538,718 |
Unrealized Losses | (70,997) | (67,568) |
Total available-for-sale securities, Fair value, | 452,163 | 471,150 |
Held to maturity securities | ||
Amortized Cost | 972,199 | 989,130 |
Unrealized Losses | (125,164) | (109,471) |
Total held to maturity, Fair value, | 847,035 | 879,659 |
Government-sponsored enterprises | ||
Available for sale debt securities | ||
Amortized Cost | 413,731 | 425,826 |
Unrealized Losses | (60,670) | (61,856) |
Total available-for-sale securities, Fair value, | 353,061 | 363,970 |
Held to maturity securities | ||
Amortized Cost | 1,610,563 | 1,642,274 |
Unrealized Losses | (209,655) | (193,897) |
Total held to maturity, Fair value, | 1,400,908 | 1,448,377 |
Debt securities issued by states and political subdivisions | ||
Held to maturity securities | ||
Amortized Cost | 54,296 | 54,197 |
Unrealized Losses | (5,645) | (4,947) |
Total held to maturity, Fair value, | $ 48,651 | $ 49,250 |
Investment Securities - Proceed
Investment Securities - Proceeds from Calls and Sales, Realized Gains and Losses and Interest Income Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Proceeds from calls and sales of investment securities | ||
Proceeds from calls of investment securities | $ 10.3 | $ 0.2 |
Proceeds from sales of investment securities | 0 | 0 |
Gross realized gains and losses on investment securities | ||
Gross realized gains on sales of investment securities | 0 | 0 |
Gross realized losses on sales of investment securities | 0 | 0 |
Income tax benefit related to net realized loss on sale of investment securities | 0 | 0 |
Interest income from taxable and nontaxable investment securities | ||
Interest income from taxable investment securities | 29.1 | 34 |
Interest income from non-taxable investment securities | $ 3.2 | $ 3.6 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost and Fair Value, by Contractual Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost | ||
Due in one year or less | $ 13,254 | |
Due after one year through five years | 29,275 | |
Due after five years through ten years | 87,696 | |
Due after ten years | 164,869 | |
Total contractual maturities | 295,094 | |
Available-for-sale investment securities, amortized cost | 2,466,109 | $ 2,558,675 |
Fair Value | ||
Due in one year or less | 12,821 | |
Due after one year through five years | 28,885 | |
Due after five years through ten years | 87,617 | |
Due after ten years | 164,913 | |
Total contractual maturities | 294,236 | |
Total available-for-sale securities, Fair value, | 2,159,338 | 2,255,336 |
Amortized Cost | ||
Due after five years through ten years | 22,132 | |
Due after ten years | 84,068 | |
Total contractual maturities | 106,200 | |
Amortized cost | 3,988,011 | 4,041,449 |
Fair Value | ||
Due after five years through ten years | 20,121 | |
Due after ten years | 75,134 | |
Total contractual maturities | 95,255 | |
Total held to maturity, Fair value, | 3,470,710 | 3,574,856 |
Mortgage-backed securities: | ||
Amortized Cost | ||
Mortgaged-backed securities and collateralized mortgage obligations | 1,234,124 | |
Fair Value | ||
Mortgaged-backed securities and collateralized mortgage obligations | 1,059,878 | |
Amortized Cost | ||
Mortgaged-backed securities and collateralized mortgage obligations | 1,299,049 | |
Fair Value | ||
Mortgaged-backed securities and collateralized mortgage obligations | 1,127,512 | |
Residential - Government agency | ||
Amortized Cost | ||
Mortgaged-backed securities and collateralized mortgage obligations | 10,959 | |
Available-for-sale investment securities, amortized cost | 10,959 | 11,303 |
Fair Value | ||
Mortgaged-backed securities and collateralized mortgage obligations | 9,609 | |
Total available-for-sale securities, Fair value, | 9,609 | 10,182 |
Amortized Cost | ||
Mortgaged-backed securities and collateralized mortgage obligations | 42,961 | |
Amortized cost | 42,961 | 43,885 |
Fair Value | ||
Mortgaged-backed securities and collateralized mortgage obligations | 36,752 | |
Total held to maturity, Fair value, | 36,752 | 38,696 |
Residential - Government-sponsored enterprises | ||
Amortized Cost | ||
Mortgaged-backed securities and collateralized mortgage obligations | 868,033 | |
Available-for-sale investment securities, amortized cost | 868,033 | 895,421 |
Fair Value | ||
Mortgaged-backed securities and collateralized mortgage obligations | 753,385 | |
Total available-for-sale securities, Fair value, | 753,385 | 783,297 |
Amortized Cost | ||
Mortgaged-backed securities and collateralized mortgage obligations | 97,914 | |
Amortized cost | 97,914 | 99,379 |
Fair Value | ||
Mortgaged-backed securities and collateralized mortgage obligations | 84,448 | |
Total held to maturity, Fair value, | 84,448 | 88,366 |
Commercial - Government agency | ||
Amortized Cost | ||
Mortgaged-backed securities and collateralized mortgage obligations | 264,691 | |
Available-for-sale investment securities, amortized cost | 264,691 | 268,944 |
Fair Value | ||
Mortgaged-backed securities and collateralized mortgage obligations | 213,394 | |
Total available-for-sale securities, Fair value, | 213,394 | 218,674 |
Amortized Cost | ||
Mortgaged-backed securities and collateralized mortgage obligations | 30,853 | |
Amortized cost | 30,853 | 30,795 |
Fair Value | ||
Mortgaged-backed securities and collateralized mortgage obligations | 23,202 | |
Total held to maturity, Fair value, | 23,202 | 23,778 |
Commercial - Government-sponsored enterprises | ||
Amortized Cost | ||
Mortgaged-backed securities and collateralized mortgage obligations | 90,441 | |
Available-for-sale investment securities, amortized cost | 90,441 | 93,459 |
Fair Value | ||
Mortgaged-backed securities and collateralized mortgage obligations | 83,490 | |
Total available-for-sale securities, Fair value, | 83,490 | 86,431 |
Amortized Cost | ||
Mortgaged-backed securities and collateralized mortgage obligations | 1,127,321 | |
Amortized cost | 1,127,321 | 1,129,738 |
Fair Value | ||
Mortgaged-backed securities and collateralized mortgage obligations | 983,110 | |
Total held to maturity, Fair value, | 983,110 | 999,176 |
Collateralized mortgage obligations | ||
Amortized Cost | ||
Mortgaged-backed securities and collateralized mortgage obligations | 936,891 | |
Fair Value | ||
Mortgaged-backed securities and collateralized mortgage obligations | 805,224 | |
Amortized Cost | ||
Mortgaged-backed securities and collateralized mortgage obligations | 2,582,762 | |
Fair Value | ||
Mortgaged-backed securities and collateralized mortgage obligations | 2,247,943 | |
Government agency | ||
Amortized Cost | ||
Mortgaged-backed securities and collateralized mortgage obligations | 523,160 | |
Available-for-sale investment securities, amortized cost | 523,160 | 538,718 |
Fair Value | ||
Mortgaged-backed securities and collateralized mortgage obligations | 452,163 | |
Total available-for-sale securities, Fair value, | 452,163 | 471,150 |
Amortized Cost | ||
Mortgaged-backed securities and collateralized mortgage obligations | 972,199 | |
Amortized cost | 972,199 | 989,130 |
Fair Value | ||
Mortgaged-backed securities and collateralized mortgage obligations | 847,035 | |
Total held to maturity, Fair value, | 847,035 | 879,659 |
Government-sponsored enterprises | ||
Amortized Cost | ||
Mortgaged-backed securities and collateralized mortgage obligations | 413,731 | |
Available-for-sale investment securities, amortized cost | 413,731 | 425,826 |
Fair Value | ||
Mortgaged-backed securities and collateralized mortgage obligations | 353,061 | |
Total available-for-sale securities, Fair value, | 353,061 | 363,970 |
Amortized Cost | ||
Mortgaged-backed securities and collateralized mortgage obligations | 1,610,563 | |
Amortized cost | 1,610,563 | 1,642,274 |
Fair Value | ||
Mortgaged-backed securities and collateralized mortgage obligations | 1,400,908 | |
Total held to maturity, Fair value, | $ 1,400,908 | $ 1,448,377 |
Investment Securities - Pledged
Investment Securities - Pledged Securities and Concentration Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Concentration of risk | ||
Credit losses recognized on securities | $ 0 | $ 0 |
Asset Pledged as Collateral | ||
Financial Instruments Owned and Pledged as Collateral | ||
Investment securities pledged as collateral | 4,300,000,000 | 5,000,000,000 |
Asset Pledged as Collateral | Public deposits | ||
Financial Instruments Owned and Pledged as Collateral | ||
Investment securities pledged as collateral | 1,900,000,000 | 2,600,000,000 |
Asset Pledged as Collateral | Other financial transactions | ||
Financial Instruments Owned and Pledged as Collateral | ||
Investment securities pledged as collateral | 154,000,000 | 183,000,000 |
Borrowing Capacity | ||
Financial Instruments Owned and Pledged as Collateral | ||
Investment securities pledged as collateral | 2,200,000,000 | 2,300,000,000 |
Non-government issuer | ||
Concentration of risk | ||
Securities of issuers in excess of 10% of stockholders' equity | $ 0 | $ 0 |
Investment Securities - Unreali
Investment Securities - Unrealized Gross Losses and Fair Values of Securities in a Continuous Loss Position (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) security shares | Dec. 31, 2023 USD ($) security shares | Dec. 31, 2016 shares | |
Securities in the available-for-sale portfolio in a continuous loss position | |||
Number of individual securities in a continuous loss position | security | 204 | 222 | |
Time in Continuous Loss, Unrealized Losses | |||
Less Than 12 Months Unrealized Losses | $ (8) | $ (564) | |
12 Months or More Unrealized Losses | (307,288) | (302,818) | |
Total Unrealized Losses | (307,296) | (303,382) | |
Time in Continuous Loss, Fair Value | |||
Less Than 12 Months, Fair Value | 8,492 | 63,667 | |
12 Months or More Fair Value | 1,996,581 | 2,170,608 | |
Total Fair Value | 2,005,073 | 2,234,275 | |
Allowance for credit losses, investment securities | $ 0 | $ 0 | |
Investment securities comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better | 5% | 5% | |
Class B restricted shares | |||
Time in Continuous Loss, Fair Value | |||
Net realized gain | $ 40,800 | ||
Shares held | shares | 0 | 0 | |
Number of shares sold | shares | 120,000 | ||
Class B restricted shares | Visa | |||
Time in Continuous Loss, Fair Value | |||
Number of shares sold | shares | 274,000 | ||
U.S. Treasury and government agency debt securities | |||
Time in Continuous Loss, Unrealized Losses | |||
12 Months or More Unrealized Losses | $ (433) | $ (666) | |
Total Unrealized Losses | (433) | (666) | |
Time in Continuous Loss, Fair Value | |||
12 Months or More Fair Value | 12,821 | 32,503 | |
Total Fair Value | 12,821 | 32,503 | |
Government-sponsored enterprises debt securities | |||
Time in Continuous Loss, Unrealized Losses | |||
12 Months or More Unrealized Losses | (371) | (408) | |
Total Unrealized Losses | (371) | (408) | |
Time in Continuous Loss, Fair Value | |||
12 Months or More Fair Value | 19,629 | 19,592 | |
Total Fair Value | 19,629 | 19,592 | |
Residential - Government-sponsored enterprises | |||
Time in Continuous Loss, Unrealized Losses | |||
12 Months or More Unrealized Losses | (114,648) | (112,124) | |
Total Unrealized Losses | (114,648) | (112,124) | |
Time in Continuous Loss, Fair Value | |||
12 Months or More Fair Value | 753,385 | 783,297 | |
Total Fair Value | 753,385 | 783,297 | |
Residential - Government agency | |||
Time in Continuous Loss, Unrealized Losses | |||
12 Months or More Unrealized Losses | (1,350) | (1,121) | |
Total Unrealized Losses | (1,350) | (1,121) | |
Time in Continuous Loss, Fair Value | |||
12 Months or More Fair Value | 9,609 | 10,182 | |
Total Fair Value | 9,609 | 10,182 | |
Commercial - Government agency | |||
Time in Continuous Loss, Unrealized Losses | |||
12 Months or More Unrealized Losses | (51,297) | (50,270) | |
Total Unrealized Losses | (51,297) | (50,270) | |
Time in Continuous Loss, Fair Value | |||
12 Months or More Fair Value | 213,394 | 218,674 | |
Total Fair Value | 213,394 | 218,674 | |
Commercial - Government-sponsored enterprises | |||
Time in Continuous Loss, Unrealized Losses | |||
12 Months or More Unrealized Losses | (6,951) | (7,028) | |
Total Unrealized Losses | (6,951) | (7,028) | |
Time in Continuous Loss, Fair Value | |||
12 Months or More Fair Value | 83,490 | 86,431 | |
Total Fair Value | 83,490 | 86,431 | |
Commercial - Non -agency | |||
Time in Continuous Loss, Unrealized Losses | |||
12 Months or More Unrealized Losses | (281) | ||
Total Unrealized Losses | (281) | ||
Time in Continuous Loss, Fair Value | |||
12 Months or More Fair Value | 21,683 | ||
Total Fair Value | 21,683 | ||
Government agency | |||
Time in Continuous Loss, Unrealized Losses | |||
12 Months or More Unrealized Losses | (70,997) | (67,568) | |
Total Unrealized Losses | (70,997) | (67,568) | |
Time in Continuous Loss, Fair Value | |||
12 Months or More Fair Value | 452,163 | 471,150 | |
Total Fair Value | 452,163 | 471,150 | |
Government-sponsored enterprises | |||
Time in Continuous Loss, Unrealized Losses | |||
12 Months or More Unrealized Losses | (60,670) | (61,856) | |
Total Unrealized Losses | (60,670) | (61,856) | |
Time in Continuous Loss, Fair Value | |||
12 Months or More Fair Value | 353,061 | 363,970 | |
Total Fair Value | 353,061 | 363,970 | |
Collateralized Loan Obligations | |||
Time in Continuous Loss, Unrealized Losses | |||
Less Than 12 Months Unrealized Losses | (8) | (564) | |
12 Months or More Unrealized Losses | (571) | (1,496) | |
Total Unrealized Losses | (579) | (2,060) | |
Time in Continuous Loss, Fair Value | |||
Less Than 12 Months, Fair Value | 8,492 | 63,667 | |
12 Months or More Fair Value | 99,029 | 163,126 | |
Total Fair Value | $ 107,521 | $ 226,793 |
Loans and Leases - Components (
Loans and Leases - Components (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loans and leases | ||
Loans and leases | $ 14,320,208 | $ 14,353,497 |
Outstanding loan balances, deferred loan costs and fees | 56,900 | 57,500 |
Accrued interest receivable related to loans and leases recorded separately | 71,400 | 70,100 |
Consumer, commercial and industrial, commercial real estate, residential real estate loans and pledged securities, pledged to collateralize the borrowing capacity at the FRB | 3,900,000 | 4,300,000 |
Residential Lending: Home Equity Line | ||
Loans and leases | ||
Loans and leases | 1,165,778 | 1,174,588 |
Real estate | ||
Loans and leases | ||
Loans and leases | 5,408,280 | 5,457,903 |
Commercial and Industrial | ||
Loans and leases | ||
Loans and leases | 2,189,875 | 2,165,349 |
Commercial and Industrial | Real estate | ||
Loans and leases | ||
Loans and leases | 2,189,875 | 2,165,349 |
Commercial Real Estate | ||
Loans and leases | ||
Loans and leases | 4,301,300 | 4,340,243 |
Commercial Real Estate | Real estate | ||
Loans and leases | ||
Loans and leases | 4,301,300 | 4,340,243 |
Construction | ||
Loans and leases | ||
Loans and leases | 972,517 | 900,292 |
Construction | Real estate | ||
Loans and leases | ||
Loans and leases | 972,517 | 900,292 |
Residential mortgage | ||
Loans and leases | ||
Loans and leases | 5,408,280 | |
Properties in the process of foreclosure | 7,800 | 6,900 |
Residential mortgage | Residential real estate | ||
Loans and leases | ||
Loans and leases | 4,242,502 | 4,283,315 |
Home equity Line | Residential Lending: Home Equity Line | ||
Loans and leases | ||
Loans and leases | 1,165,778 | 1,174,588 |
Home equity Line | Real estate | ||
Loans and leases | ||
Loans and leases | 1,165,778 | 1,174,588 |
Consumer | ||
Loans and leases | ||
Loans and leases | 1,054,227 | 1,109,901 |
Consumer | Real estate | ||
Loans and leases | ||
Loans and leases | 1,054,227 | 1,109,901 |
Lease financing | ||
Loans and leases | ||
Loans and leases | 394,009 | 379,809 |
Asset Pledged as Collateral | ||
Loans and leases | ||
Assets pledged as collateral | 11,027,608 | 11,278,394 |
Asset Pledged as Collateral | FHLB | Residential mortgage | ||
Loans and leases | ||
Loans and leases | $ 5,000,000 | $ 4,500,000 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Activity in ACL by Class of Loans and Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Rollforward of the Allowance for Credit Losses | |||
Balance at beginning of year | $ 156,533 | $ 143,900 | $ 143,900 |
Charge-offs | (5,763) | (5,830) | |
Recoveries | 1,974 | 2,616 | |
Provision | 7,092 | 6,436 | |
Balance at end of year | 159,836 | 147,122 | 156,533 |
Commercial Lending | |||
Rollforward of the Allowance for Credit Losses | |||
Charge-offs | (909) | (5,982) | |
Commercial and Industrial | |||
Rollforward of the Allowance for Credit Losses | |||
Balance at beginning of year | 14,956 | 14,564 | 14,564 |
Charge-offs | (909) | (791) | (3,482) |
Recoveries | 211 | 246 | |
Provision | 2,829 | 19 | |
Balance at end of year | 17,087 | 14,038 | 14,956 |
Commercial Real Estate | |||
Rollforward of the Allowance for Credit Losses | |||
Balance at beginning of year | 43,944 | 43,810 | 43,810 |
Charge-offs | (2,500) | ||
Provision | (418) | (3,499) | |
Balance at end of year | 43,526 | 40,311 | 43,944 |
Construction | |||
Rollforward of the Allowance for Credit Losses | |||
Balance at beginning of year | 10,392 | 5,843 | 5,843 |
Provision | 2,049 | 630 | |
Balance at end of year | 12,441 | 6,473 | 10,392 |
Lease financing | |||
Rollforward of the Allowance for Credit Losses | |||
Balance at beginning of year | 1,754 | 1,551 | 1,551 |
Provision | 731 | (70) | |
Balance at end of year | 2,485 | 1,481 | 1,754 |
Residential mortgage | |||
Rollforward of the Allowance for Credit Losses | |||
Balance at beginning of year | 36,880 | 35,175 | 35,175 |
Charge-offs | (122) | (414) | |
Recoveries | 30 | 27 | |
Provision | (120) | (760) | |
Balance at end of year | 36,790 | 34,320 | 36,880 |
Residential mortgage | Residential Lending: Home Equity Line | |||
Rollforward of the Allowance for Credit Losses | |||
Charge-offs | (292) | ||
Residential Lending: Home Equity Line | |||
Rollforward of the Allowance for Credit Losses | |||
Balance at beginning of year | 11,728 | 8,296 | 8,296 |
Charge-offs | (135) | ||
Recoveries | 44 | 177 | |
Provision | (325) | 1,003 | |
Balance at end of year | 11,447 | 9,341 | 11,728 |
Consumer | |||
Rollforward of the Allowance for Credit Losses | |||
Balance at beginning of year | 36,879 | 34,661 | 34,661 |
Charge-offs | (4,854) | (4,782) | (17,110) |
Recoveries | 1,689 | 2,166 | |
Provision | 2,346 | 9,113 | |
Balance at end of year | $ 36,060 | $ 41,158 | $ 36,879 |
Allowance for Credit Losses - R
Allowance for Credit Losses - Rollforward of the Reserve for Unfunded Commitments (Details) - Reserve for unfunded commitments - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Reserve for unfunded commitments: | ||
Reserve for unfunded commitments, beginning balance | $ 35,605 | $ 33,835 |
Provision | (792) | 2,364 |
Reserve for unfunded commitments, ending balance | 34,813 | 36,199 |
Commercial and Industrial | ||
Reserve for unfunded commitments: | ||
Reserve for unfunded commitments, beginning balance | 9,116 | 7,811 |
Provision | (324) | (658) |
Reserve for unfunded commitments, ending balance | 8,792 | 7,153 |
Commercial Real Estate | ||
Reserve for unfunded commitments: | ||
Reserve for unfunded commitments, beginning balance | 1,787 | 2,004 |
Provision | 86 | (312) |
Reserve for unfunded commitments, ending balance | 1,873 | 1,692 |
Construction | ||
Reserve for unfunded commitments: | ||
Reserve for unfunded commitments, beginning balance | 8,048 | 7,470 |
Provision | (1,151) | 1,482 |
Reserve for unfunded commitments, ending balance | 6,897 | 8,952 |
Residential Lending: Residential Mortgage | ||
Reserve for unfunded commitments: | ||
Reserve for unfunded commitments, beginning balance | 24 | 30 |
Provision | (10) | (13) |
Reserve for unfunded commitments, ending balance | 14 | 17 |
Residential Lending: Home Equity Line | ||
Reserve for unfunded commitments: | ||
Reserve for unfunded commitments, beginning balance | 16,589 | 16,483 |
Provision | 598 | 1,853 |
Reserve for unfunded commitments, ending balance | 17,187 | 18,336 |
Consumer | ||
Reserve for unfunded commitments: | ||
Reserve for unfunded commitments, beginning balance | 41 | 37 |
Provision | 9 | 12 |
Reserve for unfunded commitments, ending balance | $ 50 | $ 49 |
Allowance for Credit Losses - C
Allowance for Credit Losses - Credit Quality Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing Receivable, before Allowance for Credit Loss, Total | $ 14,320,208 | $ 14,353,497 | |
Current period gross charge-offs: | |||
Total, Current period gross charge-offs | 5,763 | $ 5,830 | |
Loss | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 0 | 0 | |
Residential Lending: Residential Mortgage | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 32,186 | 278,361 | |
2023/2022 | 270,446 | 656,256 | |
2022/2021 | 651,810 | 1,169,793 | |
2021/2020 | 1,153,817 | 633,900 | |
2020/2019 | 624,570 | 283,560 | |
Prior | 1,496,697 | 1,251,365 | |
Revolving Loans Amortized Cost Basis | 12,976 | 10,080 | |
Financing Receivable, before Allowance for Credit Loss, Total | 4,242,502 | 4,283,315 | |
Residential Lending: Residential Mortgage | 740 and greater | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 28,332 | 211,598 | |
2023/2022 | 207,263 | 529,296 | |
2022/2021 | 524,402 | 999,522 | |
2021/2020 | 987,343 | 529,881 | |
2020/2019 | 521,598 | 227,058 | |
Prior | 1,186,496 | 987,251 | |
Financing Receivable, before Allowance for Credit Loss, Total | 3,455,434 | 3,484,606 | |
Residential Lending: Residential Mortgage | 680 - 739 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 1,525 | 36,975 | |
2023/2022 | 36,569 | 67,205 | |
2022/2021 | 67,192 | 117,337 | |
2021/2020 | 115,481 | 68,122 | |
2020/2019 | 67,662 | 33,148 | |
Prior | 158,890 | 130,387 | |
Financing Receivable, before Allowance for Credit Loss, Total | 447,319 | 453,174 | |
Residential Lending: Residential Mortgage | 620 - 679 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 910 | 3,544 | |
2023/2022 | 2,910 | 16,395 | |
2022/2021 | 16,268 | 19,184 | |
2021/2020 | 19,056 | 12,811 | |
2020/2019 | 12,733 | 4,096 | |
Prior | 41,573 | 38,987 | |
Financing Receivable, before Allowance for Credit Loss, Total | 93,450 | 95,017 | |
Residential Lending: Residential Mortgage | 550 - 619 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 1,305 | ||
2023/2022 | 1,303 | 6,521 | |
2022/2021 | 6,506 | 1,917 | |
2021/2020 | 1,903 | 2,492 | |
2020/2019 | 2,477 | 398 | |
Prior | 11,685 | 11,679 | |
Financing Receivable, before Allowance for Credit Loss, Total | 23,874 | 24,312 | |
Residential Lending: Residential Mortgage | Less than 550 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2022/2021 | 2,909 | ||
2021/2020 | 2,894 | 2,017 | |
2020/2019 | 2,006 | 582 | |
Prior | 6,686 | 6,439 | |
Financing Receivable, before Allowance for Credit Loss, Total | 11,586 | 11,947 | |
Residential Lending: Residential Mortgage | No Score | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 9,137 | ||
2023/2022 | 9,081 | 19,311 | |
2022/2021 | 20,505 | 11,492 | |
2021/2020 | 11,400 | 6,043 | |
2020/2019 | 6,006 | 9,679 | |
Prior | 58,777 | 51,109 | |
Financing Receivable, before Allowance for Credit Loss, Total | 105,769 | 106,771 | |
Residential Lending: Residential Mortgage | Fico Other | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 1,419 | 15,802 | |
2023/2022 | 13,320 | 17,528 | |
2022/2021 | 16,937 | 17,432 | |
2021/2020 | 15,740 | 12,534 | |
2020/2019 | 12,088 | 8,599 | |
Prior | 32,590 | 25,513 | |
Revolving Loans Amortized Cost Basis | 12,976 | 10,080 | |
Financing Receivable, before Allowance for Credit Loss, Total | 105,070 | 107,488 | |
Residential Lending: Home Equity Line | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Revolving Loans Amortized Cost Basis | 1,160,270 | 1,168,856 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 5,508 | 5,732 | |
Financing Receivable, before Allowance for Credit Loss, Total | 1,165,778 | 1,174,588 | |
Residential Lending: Home Equity Line | 740 and greater | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Revolving Loans Amortized Cost Basis | 943,792 | 964,932 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 1,428 | 1,511 | |
Financing Receivable, before Allowance for Credit Loss, Total | 945,220 | 966,443 | |
Residential Lending: Home Equity Line | 680 - 739 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Revolving Loans Amortized Cost Basis | 162,578 | 151,716 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 1,886 | 1,920 | |
Financing Receivable, before Allowance for Credit Loss, Total | 164,464 | 153,636 | |
Residential Lending: Home Equity Line | 620 - 679 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Revolving Loans Amortized Cost Basis | 33,728 | 36,541 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 927 | 1,189 | |
Financing Receivable, before Allowance for Credit Loss, Total | 34,655 | 37,730 | |
Residential Lending: Home Equity Line | 550 - 619 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Revolving Loans Amortized Cost Basis | 13,382 | 9,896 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 971 | 1,012 | |
Financing Receivable, before Allowance for Credit Loss, Total | 14,353 | 10,908 | |
Residential Lending: Home Equity Line | Less than 550 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Revolving Loans Amortized Cost Basis | 5,392 | 4,488 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 296 | 100 | |
Financing Receivable, before Allowance for Credit Loss, Total | 5,688 | 4,588 | |
Residential Lending: Home Equity Line | No Score | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Revolving Loans Amortized Cost Basis | 1,398 | 1,283 | |
Financing Receivable, before Allowance for Credit Loss, Total | 1,398 | 1,283 | |
Total loans | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 191,272 | 1,243,109 | |
2023/2022 | 1,230,117 | 2,491,897 | |
2022/2021 | 2,477,391 | 2,678,220 | |
2021/2020 | 2,601,761 | 1,169,781 | |
2020/2019 | 1,140,137 | 1,122,038 | |
Prior | 3,927,591 | 2,950,761 | |
Revolving Loans Amortized Cost Basis | 2,712,398 | 2,685,919 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 39,541 | 11,772 | |
Financing Receivable, before Allowance for Credit Loss, Total | 14,320,208 | 14,353,497 | |
Current period gross charge-offs: | |||
2024, Current period gross charge-offs | 769 | ||
2023, Current period gross charge-offs | 508 | 2,470 | |
2022, Current period gross charge-offs | 1,018 | 2,210 | |
2021, Current period gross charge-offs | 557 | 1,229 | |
2020, Current period gross charge-offs | 324 | 4,484 | |
Prior, Current period gross charge-offs | 1,380 | 5,696 | |
Revolving Loans Amortized Cost Basis, Current period gross charge-offs | 1,789 | 6,063 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis, Current period gross charge-offs | 187 | 585 | |
Total, Current period gross charge-offs | 5,763 | 23,506 | |
Residential mortgage | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 32,186 | ||
2023/2022 | 270,446 | ||
2022/2021 | 651,810 | ||
2021/2020 | 1,153,817 | ||
2020/2019 | 624,570 | ||
Prior | 1,496,697 | ||
Revolving Loans Amortized Cost Basis | 1,173,246 | ||
Revolving Loans Converted to Term Loans Amortized Cost Basis | 5,508 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 5,408,280 | ||
Current period gross charge-offs: | |||
Prior, Current period gross charge-offs | 122 | ||
Revolving Loans Amortized Cost Basis, Current period gross charge-offs | 273 | ||
Revolving Loans Converted to Term Loans Amortized Cost Basis, Current period gross charge-offs | 19 | ||
Total, Current period gross charge-offs | 122 | 414 | |
Residential mortgage | Residential Lending: Residential Mortgage | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 4,242,502 | 4,283,315 | |
Residential mortgage | Residential Lending: Home Equity Line | |||
Current period gross charge-offs: | |||
Revolving Loans Amortized Cost Basis, Current period gross charge-offs | 273 | ||
Revolving Loans Converted to Term Loans Amortized Cost Basis, Current period gross charge-offs | 19 | ||
Total, Current period gross charge-offs | 292 | ||
Home equity Line | Residential Lending: Home Equity Line | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Financing Receivable, before Allowance for Credit Loss, Total | 1,165,778 | 1,174,588 | |
Consumer | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 37,891 | 198,207 | |
2023/2022 | 186,259 | 246,444 | |
2022/2021 | 224,590 | 144,576 | |
2021/2020 | 128,639 | 66,514 | |
2020/2019 | 56,849 | 51,677 | |
Prior | 57,912 | 24,321 | |
Revolving Loans Amortized Cost Basis | 359,022 | 375,309 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 3,065 | 2,853 | |
Financing Receivable, before Allowance for Credit Loss, Total | 1,054,227 | 1,109,901 | |
Current period gross charge-offs: | |||
2024, Current period gross charge-offs | 639 | ||
2023, Current period gross charge-offs | 437 | 2,400 | |
2022, Current period gross charge-offs | 904 | 2,135 | |
2021, Current period gross charge-offs | 496 | 1,142 | |
2020, Current period gross charge-offs | 272 | 1,816 | |
Prior, Current period gross charge-offs | 769 | 2,622 | |
Revolving Loans Amortized Cost Basis, Current period gross charge-offs | 1,789 | 5,790 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis, Current period gross charge-offs | 187 | 566 | |
Total, Current period gross charge-offs | 4,854 | 4,782 | 17,110 |
Consumer | 740 and greater | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 18,671 | 92,117 | |
2023/2022 | 82,551 | 128,358 | |
2022/2021 | 113,914 | 76,148 | |
2021/2020 | 66,175 | 33,507 | |
2020/2019 | 28,100 | 21,819 | |
Prior | 22,442 | 8,970 | |
Revolving Loans Amortized Cost Basis | 116,198 | 123,592 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 138 | 155 | |
Financing Receivable, before Allowance for Credit Loss, Total | 448,189 | 484,666 | |
Consumer | 680 - 739 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 13,464 | 68,865 | |
2023/2022 | 64,229 | 71,031 | |
2022/2021 | 64,623 | 37,925 | |
2021/2020 | 33,167 | 17,116 | |
2020/2019 | 14,755 | 13,270 | |
Prior | 13,951 | 5,690 | |
Revolving Loans Amortized Cost Basis | 75,151 | 76,645 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 439 | 401 | |
Financing Receivable, before Allowance for Credit Loss, Total | 279,779 | 290,943 | |
Consumer | 620 - 679 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 4,293 | 28,533 | |
2023/2022 | 28,729 | 29,229 | |
2022/2021 | 27,210 | 16,919 | |
2021/2020 | 15,641 | 7,843 | |
2020/2019 | 6,793 | 7,972 | |
Prior | 10,003 | 4,624 | |
Revolving Loans Amortized Cost Basis | 35,179 | 35,210 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 791 | 781 | |
Financing Receivable, before Allowance for Credit Loss, Total | 128,639 | 131,111 | |
Consumer | 550 - 619 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 620 | 4,996 | |
2023/2022 | 6,973 | 10,859 | |
2022/2021 | 11,551 | 7,760 | |
2021/2020 | 7,621 | 4,917 | |
2020/2019 | 4,025 | 4,651 | |
Prior | 6,289 | 2,986 | |
Revolving Loans Amortized Cost Basis | 13,452 | 13,223 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 795 | 925 | |
Financing Receivable, before Allowance for Credit Loss, Total | 51,326 | 50,317 | |
Consumer | Less than 550 | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 110 | 1,790 | |
2023/2022 | 2,634 | 6,370 | |
2022/2021 | 6,734 | 4,842 | |
2021/2020 | 5,075 | 2,796 | |
2020/2019 | 2,837 | 2,905 | |
Prior | 4,179 | 2,040 | |
Revolving Loans Amortized Cost Basis | 5,782 | 5,222 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 646 | 455 | |
Financing Receivable, before Allowance for Credit Loss, Total | 27,997 | 26,420 | |
Consumer | No Score | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 733 | 1,545 | |
2023/2022 | 839 | 229 | |
2022/2021 | 209 | ||
2020/2019 | 9 | 1 | |
Prior | 16 | 10 | |
Revolving Loans Amortized Cost Basis | 39,466 | 42,933 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 256 | 136 | |
Financing Receivable, before Allowance for Credit Loss, Total | 41,528 | 44,854 | |
Consumer | Fico Other | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 361 | ||
2023/2022 | 304 | 368 | |
2022/2021 | 349 | 982 | |
2021/2020 | 960 | 335 | |
2020/2019 | 330 | 1,059 | |
Prior | 1,032 | 1 | |
Revolving Loans Amortized Cost Basis | 73,794 | 78,484 | |
Financing Receivable, before Allowance for Credit Loss, Total | 76,769 | 81,590 | |
Residential Mortgage loans | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 278,361 | ||
2023/2022 | 656,256 | ||
2022/2021 | 1,169,793 | ||
2021/2020 | 633,900 | ||
2020/2019 | 283,560 | ||
Prior | 1,251,365 | ||
Revolving Loans Amortized Cost Basis | 1,178,936 | ||
Revolving Loans Converted to Term Loans Amortized Cost Basis | 5,732 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 5,457,903 | ||
Residential Mortgage loans | Residential Lending: Residential Mortgage | |||
Current period gross charge-offs: | |||
Prior, Current period gross charge-offs | 122 | ||
Total, Current period gross charge-offs | 122 | ||
Commercial and Industrial | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 18,577 | 101,818 | |
2023/2022 | 117,149 | 329,672 | |
2022/2021 | 316,975 | 351,148 | |
2021/2020 | 322,748 | 36,453 | |
2020/2019 | 32,868 | 151,313 | |
Prior | 288,259 | 144,925 | |
Revolving Loans Amortized Cost Basis | 1,066,554 | 1,048,183 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 26,745 | 1,837 | |
Financing Receivable, before Allowance for Credit Loss, Total | 2,189,875 | 2,165,349 | |
Current period gross charge-offs: | |||
2024, Current period gross charge-offs | 130 | ||
2023, Current period gross charge-offs | 71 | 70 | |
2022, Current period gross charge-offs | 114 | 75 | |
2021, Current period gross charge-offs | 61 | 87 | |
2020, Current period gross charge-offs | 52 | 168 | |
Prior, Current period gross charge-offs | 611 | 2,952 | |
Total, Current period gross charge-offs | 909 | $ 791 | 3,482 |
Commercial and Industrial | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 13,488 | 85,839 | |
2023/2022 | 104,265 | 273,663 | |
2022/2021 | 263,282 | 346,024 | |
2021/2020 | 318,417 | 32,753 | |
2020/2019 | 29,787 | 146,893 | |
Prior | 282,287 | 141,681 | |
Revolving Loans Amortized Cost Basis | 987,132 | 971,065 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 26,745 | 1,823 | |
Financing Receivable, before Allowance for Credit Loss, Total | 2,025,403 | 1,999,741 | |
Commercial and Industrial | Special mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 202 | 1 | |
2023/2022 | 1 | 44,069 | |
2022/2021 | 23,276 | 80 | |
2021/2020 | 73 | 653 | |
2020/2019 | 539 | 1,032 | |
Prior | 1,385 | 1,290 | |
Revolving Loans Amortized Cost Basis | 8,132 | 22,807 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 14 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 33,608 | 69,946 | |
Commercial and Industrial | Substandard | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2023/2022 | 342 | ||
2022/2021 | 20,364 | 230 | |
2021/2020 | 214 | 677 | |
2020/2019 | 572 | 1,686 | |
Prior | 2,191 | 829 | |
Revolving Loans Amortized Cost Basis | 25,638 | 8,330 | |
Financing Receivable, before Allowance for Credit Loss, Total | 48,979 | 12,094 | |
Commercial and Industrial | Other Indicator | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 4,887 | 15,978 | |
2023/2022 | 12,883 | 11,598 | |
2022/2021 | 10,053 | 4,814 | |
2021/2020 | 4,044 | 2,370 | |
2020/2019 | 1,970 | 1,702 | |
Prior | 2,396 | 1,125 | |
Revolving Loans Amortized Cost Basis | 45,652 | 45,981 | |
Financing Receivable, before Allowance for Credit Loss, Total | 81,885 | 83,568 | |
Commercial Real Estate | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 31,660 | 348,881 | |
2023/2022 | 346,964 | 885,480 | |
2022/2021 | 876,804 | 719,685 | |
2021/2020 | 713,919 | 338,888 | |
2020/2019 | 335,964 | 539,949 | |
Prior | 1,890,766 | 1,429,298 | |
Revolving Loans Amortized Cost Basis | 101,000 | 76,712 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 4,223 | 1,350 | |
Financing Receivable, before Allowance for Credit Loss, Total | 4,301,300 | 4,340,243 | |
Current period gross charge-offs: | |||
2020, Current period gross charge-offs | 2,500 | ||
Total, Current period gross charge-offs | 2,500 | ||
Commercial Real Estate | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 28,321 | 346,369 | |
2023/2022 | 344,674 | 872,783 | |
2022/2021 | 864,166 | 676,362 | |
2021/2020 | 671,379 | 337,529 | |
2020/2019 | 334,606 | 523,446 | |
Prior | 1,866,875 | 1,414,613 | |
Revolving Loans Amortized Cost Basis | 93,485 | 74,238 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 4,223 | 1,350 | |
Financing Receivable, before Allowance for Credit Loss, Total | 4,207,729 | 4,246,690 | |
Commercial Real Estate | Special mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 3,339 | 2,307 | |
2023/2022 | 2,290 | 7,618 | |
2022/2021 | 7,591 | 41,320 | |
2021/2020 | 41,337 | 1,359 | |
2020/2019 | 1,358 | 13,550 | |
Prior | 18,507 | 11,998 | |
Revolving Loans Amortized Cost Basis | 6,863 | 819 | |
Financing Receivable, before Allowance for Credit Loss, Total | 81,285 | 78,971 | |
Commercial Real Estate | Substandard | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 205 | ||
2023/2022 | 5,079 | ||
2022/2021 | 5,047 | 2,003 | |
2021/2020 | 1,203 | ||
2020/2019 | 2,953 | ||
Prior | 5,244 | 2,545 | |
Revolving Loans Amortized Cost Basis | 652 | 1,655 | |
Financing Receivable, before Allowance for Credit Loss, Total | 12,146 | 14,440 | |
Commercial Real Estate | Other Indicator | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Prior | 140 | 142 | |
Financing Receivable, before Allowance for Credit Loss, Total | 140 | 142 | |
Construction | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 15,057 | 169,160 | |
2023/2022 | 193,886 | 290,659 | |
2022/2021 | 328,667 | 273,924 | |
2021/2020 | 264,773 | 62,200 | |
2020/2019 | 60,920 | 65,238 | |
Prior | 96,638 | 32,332 | |
Revolving Loans Amortized Cost Basis | 12,576 | 6,779 | |
Financing Receivable, before Allowance for Credit Loss, Total | 972,517 | 900,292 | |
Construction | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 14,198 | 156,432 | |
2023/2022 | 181,628 | 269,623 | |
2022/2021 | 311,175 | 265,674 | |
2021/2020 | 258,400 | 60,057 | |
2020/2019 | 59,563 | 63,018 | |
Prior | 65,776 | 27,847 | |
Revolving Loans Amortized Cost Basis | 11,872 | 6,070 | |
Financing Receivable, before Allowance for Credit Loss, Total | 902,612 | 848,721 | |
Construction | Special mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2020/2019 | 189 | ||
Prior | 837 | 665 | |
Financing Receivable, before Allowance for Credit Loss, Total | 837 | 854 | |
Construction | Substandard | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
Prior | 24,437 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 24,437 | ||
Construction | Other Indicator | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 859 | 12,728 | |
2023/2022 | 12,258 | 21,036 | |
2022/2021 | 17,492 | 8,250 | |
2021/2020 | 6,373 | 2,143 | |
2020/2019 | 1,357 | 2,031 | |
Prior | 5,588 | 3,820 | |
Revolving Loans Amortized Cost Basis | 704 | 709 | |
Financing Receivable, before Allowance for Credit Loss, Total | 44,631 | 50,717 | |
Lease financing | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 55,901 | 146,682 | |
2023/2022 | 115,413 | 83,386 | |
2022/2021 | 78,545 | 19,094 | |
2021/2020 | 17,865 | 31,826 | |
2020/2019 | 28,966 | 30,301 | |
Prior | 97,319 | 68,520 | |
Financing Receivable, before Allowance for Credit Loss, Total | 394,009 | 379,809 | |
Lease financing | Pass | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 50,531 | 145,914 | |
2023/2022 | 114,686 | 82,833 | |
2022/2021 | 78,028 | 18,680 | |
2021/2020 | 17,488 | 31,791 | |
2020/2019 | 28,946 | 30,299 | |
Prior | 97,319 | 68,520 | |
Financing Receivable, before Allowance for Credit Loss, Total | 386,998 | 378,037 | |
Lease financing | Special mention | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 56 | ||
2023/2022 | 51 | 137 | |
2022/2021 | 125 | 414 | |
2021/2020 | 377 | 35 | |
2020/2019 | 20 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 573 | 642 | |
Lease financing | Substandard | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 5,370 | 712 | |
2023/2022 | 676 | 416 | |
2022/2021 | 392 | ||
2020/2019 | 2 | ||
Financing Receivable, before Allowance for Credit Loss, Total | 6,438 | 1,130 | |
Commercial Lending | |||
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract] | |||
2024/2023 | 121,195 | 766,541 | |
2023/2022 | 773,412 | 1,589,197 | |
2022/2021 | 1,600,991 | 1,363,851 | |
2021/2020 | 1,319,305 | 469,367 | |
2020/2019 | 458,718 | 786,801 | |
Prior | 2,372,982 | 1,675,075 | |
Revolving Loans Amortized Cost Basis | 1,180,130 | 1,131,674 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 30,968 | 3,187 | |
Financing Receivable, before Allowance for Credit Loss, Total | 7,857,701 | 7,785,693 | |
Current period gross charge-offs: | |||
2024, Current period gross charge-offs | 130 | ||
2023, Current period gross charge-offs | 71 | 70 | |
2022, Current period gross charge-offs | 114 | 75 | |
2021, Current period gross charge-offs | 61 | 87 | |
2020, Current period gross charge-offs | 52 | 2,668 | |
Prior, Current period gross charge-offs | 611 | 2,952 | |
Total, Current period gross charge-offs | $ 909 | $ 5,982 |
Allowance for Credit Losses - P
Allowance for Credit Losses - Past-Due Status (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | $ 14,320,208 | $ 14,353,497 |
Loans and Leases Past Due 90 Days or More and Still Accruing Interest | 3,620 | 3,496 |
30 - 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 22,172 | 62,245 |
60 - 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 6,671 | 6,541 |
90 Days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 15,388 | 12,736 |
Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 44,231 | 81,522 |
Current | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 14,275,977 | 14,271,975 |
Commercial and Industrial | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 2,189,875 | 2,165,349 |
Loans and Leases Past Due 90 Days or More and Still Accruing Interest | 529 | 494 |
Commercial and Industrial | 30 - 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 1,713 | 2,611 |
Commercial and Industrial | 60 - 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 162 | 349 |
Commercial and Industrial | 90 Days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 1,470 | 1,464 |
Commercial and Industrial | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 3,345 | 4,424 |
Commercial and Industrial | Current | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 2,186,530 | 2,160,925 |
Commercial Real Estate | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 4,301,300 | 4,340,243 |
Loans and Leases Past Due 90 Days or More and Still Accruing Interest | 300 | |
Commercial Real Estate | 60 - 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 196 | |
Commercial Real Estate | 90 Days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 2,953 | 300 |
Commercial Real Estate | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 2,953 | 496 |
Commercial Real Estate | Current | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 4,298,347 | 4,339,747 |
Construction | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 972,517 | 900,292 |
Loans and Leases Past Due 90 Days or More and Still Accruing Interest | 606 | |
Construction | 30 - 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 25,191 | |
Construction | 90 Days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 606 | |
Construction | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 606 | 25,191 |
Construction | Current | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 971,911 | 875,101 |
Lease financing | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 394,009 | 379,809 |
Lease financing | Current | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 394,009 | 379,809 |
Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 5,408,280 | |
Consumer | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 1,054,227 | 1,109,901 |
Loans and Leases Past Due 90 Days or More and Still Accruing Interest | 2,126 | 2,702 |
Consumer | 30 - 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 15,606 | 23,259 |
Consumer | 60 - 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 2,873 | 3,897 |
Consumer | 90 Days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 2,126 | 2,702 |
Consumer | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 20,605 | 29,858 |
Consumer | Current | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 1,033,622 | 1,080,043 |
Residential Lending: Residential Mortgage | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 4,242,502 | 4,283,315 |
Residential Lending: Residential Mortgage | Residential mortgage | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 4,242,502 | 4,283,315 |
Loans and Leases Past Due 90 Days or More and Still Accruing Interest | 359 | |
Residential Lending: Residential Mortgage | Residential mortgage | 30 - 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 1,857 | 5,244 |
Residential Lending: Residential Mortgage | Residential mortgage | 60 - 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 2,742 | 1,475 |
Residential Lending: Residential Mortgage | Residential mortgage | 90 Days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 5,406 | 4,720 |
Residential Lending: Residential Mortgage | Residential mortgage | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 10,005 | 11,439 |
Residential Lending: Residential Mortgage | Residential mortgage | Current | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 4,232,497 | 4,271,876 |
Residential Lending: Home Equity Line | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 1,165,778 | 1,174,588 |
Residential Lending: Home Equity Line | Home equity Line | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 1,165,778 | 1,174,588 |
Residential Lending: Home Equity Line | Home equity Line | 30 - 59 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 2,996 | 5,940 |
Residential Lending: Home Equity Line | Home equity Line | 60 - 89 Days Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 894 | 624 |
Residential Lending: Home Equity Line | Home equity Line | 90 Days or Greater Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 2,827 | 3,550 |
Residential Lending: Home Equity Line | Home equity Line | Total Past Due | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | 6,717 | 10,114 |
Residential Lending: Home Equity Line | Home equity Line | Current | ||
Financing Receivable, Recorded Investment, Past Due | ||
Loans and leases | $ 1,159,061 | $ 1,164,474 |
Allowance for Credit Losses - N
Allowance for Credit Losses - Nonaccrual Loans and Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Nonaccrual | |||
Nonaccrual Loans and Leases With No Allowance for Credit Losses | $ 7,132 | $ 6,515 | |
Nonaccrual Loans and Leases | 18,017 | 18,595 | |
Interest income recognized on nonaccrual loans and leases | 200 | $ 100 | |
Accrued interest receivables written off, Interest income reversed | 200 | $ 200 | |
Commercial and Industrial | |||
Financing Receivable, Nonaccrual | |||
Nonaccrual Loans and Leases | 942 | 970 | |
Commercial Real Estate | |||
Financing Receivable, Nonaccrual | |||
Nonaccrual Loans and Leases With No Allowance for Credit Losses | 2,685 | 2,685 | |
Nonaccrual Loans and Leases | 2,953 | 2,953 | |
Residential mortgage | |||
Financing Receivable, Nonaccrual | |||
Nonaccrual Loans and Leases With No Allowance for Credit Losses | 3,297 | 2,667 | |
Nonaccrual Loans and Leases | 7,777 | 7,620 | |
Home equity Line | |||
Financing Receivable, Nonaccrual | |||
Nonaccrual Loans and Leases With No Allowance for Credit Losses | 1,150 | 1,163 | |
Nonaccrual Loans and Leases | $ 6,345 | $ 7,052 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Collateral-Dependent Loans and Leases (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Residential Real Estate [Member] | ||
Financing Receivable, Nonaccrual | ||
Amortized cost basis of collateral-dependent loans | $ 32.5 | $ 11.1 |
Allowance for Credit Losses - L
Allowance for Credit Losses - Loan Modified to Borrowers Experiencing Financial Difficulty (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Troubled debt restructuring modifications | |||
Amortized Cost Basis | $ 7,162,000 | $ 794,000 | |
Commitments related to borrowers experiencing financial difficulty | 0 | ||
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit | 6,500,000,000 | $ 6,500,000,000 | |
Commitments related to borrowers experiencing financial difficulty | $ 5,000,000 | ||
30 - 59 Days Past Due | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 96,000 | 9,000 | |
60 - 89 Days Past Due | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 86,000 | ||
90 Days or Greater Past Due | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 22,000 | ||
Total Past Due | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 204,000 | 9,000 | |
Current | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 6,958,000 | 785,000 | |
Commercial and Industrial | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 467,000 | 96,000 | |
Commercial and Industrial | Current | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 467,000 | 96,000 | |
Construction | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 657,000 | 231,000 | |
Construction | Current | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 657,000 | 231,000 | |
Commercial Real Estate | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 2,857,000 | 4,000 | |
Commercial Real Estate | Current | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 2,857,000 | 4,000 | |
Residential mortgage | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 1,570,000 | 34,000 | |
Residential mortgage | Current | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 1,570,000 | 34,000 | |
Consumer | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 1,611,000 | 429,000 | |
Consumer | 30 - 59 Days Past Due | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 96,000 | 9,000 | |
Consumer | 60 - 89 Days Past Due | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 86,000 | ||
Consumer | 90 Days or Greater Past Due | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 22,000 | ||
Consumer | Total Past Due | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 204,000 | 9,000 | |
Consumer | Current | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 1,407,000 | 420,000 | |
Interest Rate Reduction | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 628,000 | 362,000 | |
Amortized Cost Basis of Modified Loans That Subsequently Defaulted | 300,000 | 10,000 | |
Interest Rate Reduction | Commercial Real Estate | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | $ 4,000 | ||
Reduced weighted-average contractual interest rate | 0.75% | ||
Interest Rate Reduction | Consumer | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | $ 628,000 | $ 358,000 | |
% of Total Class of Financing Receivable | 0.06% | 0.03% | |
Reduced weighted-average contractual interest rate | 13.55% | 13.51% | |
Amortized Cost Basis of Modified Loans That Subsequently Defaulted | $ 300,000 | $ 10,000 | |
Term Extension | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 627,000 | 432,000 | |
Amortized Cost Basis of Modified Loans That Subsequently Defaulted | 7,000 | ||
Term Extension | Commercial and Industrial | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | $ 199,000 | $ 96,000 | |
% of Total Class of Financing Receivable | 0.01% | ||
Added weighted-average years to the life of loans | 3 years 9 months 18 days | 3 years | |
Term Extension | Construction | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | $ 231,000 | ||
% of Total Class of Financing Receivable | 0.03% | ||
Added weighted-average years to the life of loans | 2 years 10 months 24 days | ||
Term Extension | Residential mortgage | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | $ 310,000 | $ 34,000 | |
% of Total Class of Financing Receivable | 0.01% | ||
Added weighted-average years to the life of loans | 1 year | 5 years 10 months 24 days | |
Term Extension | Consumer | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | $ 118,000 | $ 71,000 | |
% of Total Class of Financing Receivable | 0.01% | 0.01% | |
Added weighted-average years to the life of loans | 4 years 2 months 12 days | 4 years 7 months 6 days | |
Amortized Cost Basis of Modified Loans That Subsequently Defaulted | $ 7,000 | ||
Other-Than-Insignificant Payment Delay | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | 1,260,000 | ||
Other-Than-Insignificant Payment Delay | Residential mortgage | |||
Troubled debt restructuring modifications | |||
Amortized Cost Basis | $ 1,260,000 | ||
% of Total Class of Financing Receivable | 0.03% | ||
Financing receivable, modified, increase (decrease) from modification | $ 172,000 |
Allowance for Credit Losses - T
Allowance for Credit Losses - Troubled Debt Restructuring Disclosures Prior to Adoption of ASU 2022-02 (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Troubled debt restructuring modifications | ||
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit | $ 6,500,000 | $ 6,500,000 |
Commitments related to borrowers experiencing financial difficulty | 5,000 | |
Other real estate owned and repossessed personal property | ||
Loans modified in TDRs that experienced a payment default | ||
Real estate property held from a foreclosed TDR | $ 0 | $ 0 |
Other Assets - Bank-Owned Life
Other Assets - Bank-Owned Life Insurance and Mortgage Servicing Rights (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) policy | Dec. 31, 2023 USD ($) | |
Other Intangible Assets | |||
Noncash exchange of certain BOLI | $ 65,300 | ||
Gain or loss recognized as part of exchange | 0 | ||
Number of policies exchanged | policy | 0 | ||
Unpaid principal amount of consumer loans serviced for others | 1,300,000 | $ 1,300,000 | |
Contractually specified fees, late charges, and ancillary fees | 800 | $ 900 | |
Amortization of mortgage servicing rights | 263 | $ 280 | |
Mortgage servicing assets | |||
Estimated future amortization expenses for MSRs over the next five years | |||
Under one year | 811 | ||
One to two years | 720 | ||
Two to three years | 637 | ||
Three to four years | 561 | ||
Four to five years | 497 | ||
Details of MSRs | |||
Gross carrying amount | 69,612 | 69,515 | |
Less: accumulated amortization | 64,079 | 63,816 | |
Net carrying value | $ 5,533 | $ 5,699 |
Other Assets - Mortgage Servici
Other Assets - Mortgage Servicing Rights - Changes in Amortized MSRs (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Changes in amortized mortgage servicing rights | ||
Balance at beginning of year | $ 5,699 | $ 6,562 |
Originations | 97 | 17 |
Amortization | (263) | (280) |
Balance at end of year | 5,533 | 6,299 |
Fair value of amortized MSRs at beginning of period | 14,308 | 15,193 |
Fair value of amortized MSRs at end of period | 14,071 | 15,169 |
Impairment of MSRs recorded | $ 0 | $ 0 |
Other Assets - Mortgage Servi_2
Other Assets - Mortgage Servicing Rights - Quantitative Assumptions Used for MSRs (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Minimum | ||
Quantitative assumptions used in determining lower of cost or fair value of MSRs | ||
Conditional prepayment rate (as a percent) | 6.98% | 6.87% |
Life in years (of the MSR) | 4 years 3 months 10 days | 4 years 3 months 18 days |
Weighted-average coupon rate (as a percent) | 3.63% | 3.57% |
Discount rate (as a percent) | 10.27% | 10.40% |
Maximum | ||
Quantitative assumptions used in determining lower of cost or fair value of MSRs | ||
Conditional prepayment rate (as a percent) | 11.34% | 11.53% |
Life in years (of the MSR) | 7 years 2 months 4 days | 7 years 2 months 19 days |
Weighted-average coupon rate (as a percent) | 5.75% | 5.81% |
Discount rate (as a percent) | 10.58% | 10.60% |
Weighted Average | ||
Quantitative assumptions used in determining lower of cost or fair value of MSRs | ||
Conditional prepayment rate (as a percent) | 7.08% | 7.04% |
Life in years (of the MSR) | 7 years 18 days | 7 years 1 month 2 days |
Weighted-average coupon rate (as a percent) | 3.75% | 3.73% |
Discount rate (as a percent) | 10.52% | 10.52% |
Other Assets - Affordable Housi
Other Assets - Affordable Housing and Other Tax Credit Investment Partnerships (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Affordable housing and other tax credit investment partnership interests | |||
Investment partnership interest | $ 207.4 | $ 206.9 | |
Affordable housing tax credits and other benefits recognized | 9.6 | $ 7.4 | |
Included in other assets | Provision for income taxes | |||
Affordable housing and other tax credit investment partnership interests | |||
Amortization | 7.7 | $ 6.1 | |
Included in other liabilities | VIEs, not primary beneficiary | |||
Affordable housing and other tax credit investment partnership interests | |||
Unfunded commitments to fund low-income housing partnerships | $ 77.2 | $ 80.7 |
Transfers of Financial Assets -
Transfers of Financial Assets - Carrying Amounts of Assets Pledged as Collateral, Borrowings and Other Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
In-substance debt defeasance | $ 0 | $ 0 |
Carrying amounts of the assets pledged as collateral | ||
Securities for reverse repurchase agreements | 0 | 0 |
Asset Pledged as Collateral | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Assets pledged as collateral | 11,027,608 | 11,278,394 |
Public deposits | Asset Pledged as Collateral with Right | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Assets pledged as collateral | 1,946,863 | 2,571,359 |
Federal Home Loan Bank Advances | Asset Pledged as Collateral | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Assets pledged as collateral | 5,000,994 | 4,495,266 |
Federal Reserve Bank Advances | Asset Pledged as Collateral | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Assets pledged as collateral | 3,943,124 | 4,074,093 |
ACH transactions | Asset Pledged as Collateral without Right | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Assets pledged as collateral | 135,443 | 137,101 |
Interest rate swaps | Asset Pledged as Collateral without Right | ||
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Assets pledged as collateral | $ 1,184 | $ 575 |
Deposits - Interest-bearing or
Deposits - Interest-bearing or Noninterest-bearing (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
U.S.: | ||
Interest-bearing | $ 12,451,100 | $ 12,731,915 |
Noninterest-bearing | 6,212,216 | 6,609,483 |
Foreign: | ||
Interest-bearing | 1,169,828 | 1,017,180 |
Noninterest-bearing | 836,337 | 974,079 |
Total deposits | $ 20,669,481 | $ 21,332,657 |
Deposits - Maturity Distributio
Deposits - Maturity Distribution of Time Certificates of Deposits (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Maturity distribution of time certificates of deposit | |
Three months or less | $ 888,324 |
Over three through six months | 1,215,093 |
Over six through twelve months | 1,034,155 |
One to two years | 67,281 |
Two to three years | 31,278 |
Three to four years | 29,803 |
Four to five years | 17,727 |
Thereafter | 384 |
Total | 3,284,045 |
Under $250,000 | |
Maturity distribution of time certificates of deposit | |
Three months or less | 375,094 |
Over three through six months | 742,247 |
Over six through twelve months | 588,338 |
One to two years | 54,414 |
Two to three years | 28,830 |
Three to four years | 22,977 |
Four to five years | 17,156 |
Thereafter | 384 |
Total | 1,829,440 |
$250,000 or More | |
Maturity distribution of time certificates of deposit | |
Three months or less | 513,230 |
Over three through six months | 472,846 |
Over six through twelve months | 445,817 |
One to two years | 12,867 |
Two to three years | 2,448 |
Three to four years | 6,826 |
Four to five years | 571 |
Total | $ 1,454,605 |
Deposits - Time Certificate Den
Deposits - Time Certificate Denominations and Overdrawn Accounts (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Deposits | ||
Time certificates of deposit in denominations of $250,000 or more, in the aggregate | $ 1,500 | $ 1,800 |
Overdrawn deposit accounts classified as loans | $ 1.9 | $ 2.5 |
Short-Term Borrowings - Compone
Short-Term Borrowings - Components and Selected Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Short-term borrowings | |||
Short-term borrowings | $ 500,000 | $ 500,000 | |
Federal Reserve Bank Advances [Member] | |||
Short-term borrowings | |||
Borrowing capacity | 3,200,000 | 3,300,000 | |
Federal funds purchased: | |||
Short-term borrowings | |||
Highest month-end balance | $ 150,000 | ||
Average outstanding balance | $ 67,056 | ||
Weighted-average interest rate paid (as a percent) | 4.43% | ||
Short-term FHLB repo advance: | |||
Short-term borrowings | |||
Weighted-average interest rate (as a percent) | 5% | ||
Highest month-end balance | $ 250,000 | ||
Average outstanding balance | $ 52,778 | ||
Weighted-average interest rate paid (as a percent) | 5.02% | ||
FHLB | |||
Short-term borrowings | |||
Short-term borrowings | 500,000 | 500,000 | |
Borrowing capacity | $ 2,900,000 | $ 2,500,000 | |
Weighted-average interest rate (as a percent) | 4.71% | 4.71% | |
Highest month-end balance | $ 500,000 | ||
Average outstanding balance | $ 500,000 | ||
Weighted-average interest rate paid (as a percent) | 4.79% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Changes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pre-tax Amount | ||
Other comprehensive income , Pre-tax Amount | $ 8,770 | $ 37,607 |
Income Tax Benefit (Expense) | ||
Other comprehensive loss, Income Tax Benefit (Expense) | (2,340) | (10,032) |
Net of tax | ||
Balance | 2,486,066 | 2,269,005 |
Other comprehensive income | 6,430 | 27,575 |
Balance | 2,513,761 | 2,329,012 |
Accumulated other comprehensive Income (loss) | ||
Pre-tax Amount | ||
Accumulated other comprehensive loss, beginning balance, Pre-tax Amount | (723,100) | (871,813) |
Accumulated other comprehensive loss, ending balance, Pre-tax Amount | (714,330) | (834,206) |
Income Tax Benefit (Expense) | ||
Accumulated other comprehensive loss, beginning balance, Income Tax Benefit (Expense) | 192,890 | 232,559 |
Accumulated other comprehensive loss, ending balance, Income Tax Benefit (Expense) | 190,550 | 222,527 |
Net of tax | ||
Balance | (530,210) | (639,254) |
Other comprehensive income | 6,430 | 27,575 |
Balance | (523,780) | (611,679) |
Pensions and Other Benefits | ||
Net of tax | ||
Balance | (5,373) | (5,431) |
Balance | (5,373) | (5,431) |
Investment securities | ||
Pre-tax Amount | ||
Unrealized net gains (losses) arising during the period, Pre-tax Amount | (3,432) | 25,038 |
Other comprehensive income , Pre-tax Amount | 7,728 | 36,746 |
Income Tax Benefit (Expense) | ||
Unrealized net gains (losses) arising during the period, Income Tax Benefit (Expense) | 915 | (6,679) |
Other comprehensive loss, Income Tax Benefit (Expense) | (2,061) | (9,802) |
Net of tax | ||
Unrealized net gains (losses) arising during the period, Net of tax | (2,517) | 18,359 |
Other comprehensive income | 5,667 | 26,944 |
Amortization of unrealized holding losses on held-to-maturity securities | ||
Pre-tax Amount | ||
Reclassification of net losses (gains) to net income, Pre-tax Amount | 11,160 | 11,708 |
Income Tax Benefit (Expense) | ||
Reclassification of net (losses) gains to net income, Income Tax Benefit (Expense) | (2,976) | (3,123) |
Net of tax | ||
Reclassification of net gains (losses) to net income, Net of tax | 8,184 | 8,585 |
Cash Flow Derivative Hedges. | ||
Pre-tax Amount | ||
Unrealized net gains (losses) arising during the period, Pre-tax Amount | (713) | (442) |
Reclassification of net losses (gains) to net income, Pre-tax Amount | 1,755 | 1,303 |
Other comprehensive income , Pre-tax Amount | 1,042 | 861 |
Income Tax Benefit (Expense) | ||
Unrealized net gains (losses) arising during the period, Income Tax Benefit (Expense) | 189 | 118 |
Reclassification of net (losses) gains to net income, Income Tax Benefit (Expense) | (468) | (348) |
Other comprehensive loss, Income Tax Benefit (Expense) | (279) | (230) |
Net of tax | ||
Balance | (803) | (4,702) |
Unrealized net gains (losses) arising during the period, Net of tax | (524) | (324) |
Reclassification of net gains (losses) to net income, Net of tax | 1,287 | 955 |
Other comprehensive income | 763 | 631 |
Balance | (40) | (4,071) |
Available-for-sale Investment securities | ||
Net of tax | ||
Balance | (222,423) | (292,175) |
Other comprehensive income | (2,517) | 18,359 |
Balance | $ (224,940) | $ (273,816) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Changes in Accumulated Other Comprehensive Loss, Net of Tax (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net of tax | ||
Balance | $ 2,486,066 | $ 2,269,005 |
Other comprehensive income (loss) | 6,430 | 27,575 |
Balance | 2,513,761 | 2,329,012 |
Accumulated other comprehensive Income (loss) | ||
Net of tax | ||
Balance | (530,210) | (639,254) |
Other comprehensive income (loss) | 6,430 | 27,575 |
Balance | (523,780) | (611,679) |
Pensions and Other Benefits | ||
Net of tax | ||
Balance | (5,373) | (5,431) |
Balance | (5,373) | (5,431) |
Investment securities | ||
Net of tax | ||
Other comprehensive income (loss) | 5,667 | 26,944 |
Available-for-sale Investment securities | ||
Net of tax | ||
Balance | (222,423) | (292,175) |
Other comprehensive income (loss) | (2,517) | 18,359 |
Balance | (224,940) | (273,816) |
Held-to-Maturity Investment Securities | ||
Net of tax | ||
Balance | (301,611) | (336,946) |
Other comprehensive income (loss) | 8,184 | 8,585 |
Balance | (293,427) | (328,361) |
Cash Flow Derivative Hedges. | ||
Net of tax | ||
Balance | (803) | (4,702) |
Other comprehensive income (loss) | 763 | 631 |
Balance | $ (40) | $ (4,071) |
Regulatory Capital Requiremen_3
Regulatory Capital Requirements (Details) $ in Thousands | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Common equity tier 1 capital to risk-weighted assets | ||
Amount | $ 2,040,871 | $ 2,020,784 |
Ratio (as a percent) | 0.1255 | 0.1239 |
Minimum Capital Ratio (as a percent) | 0.0450 | 0.0450 |
Well-Capitalized Ratio (as a percent) | 0.0650 | 0.0650 |
Tier 1 capital to risk-weighted assets | ||
Amount | $ 2,040,871 | $ 2,020,784 |
Ratio (as a percent) | 0.1255 | 0.1239 |
Minimum Capital Ratio (as a percent) | 0.0600 | 0.0600 |
Well-Capitalized Ratio (percent) | 0.0800 | 0.0800 |
Total capital to risk-weighted assets | ||
Amount | $ 2,235,520 | $ 2,212,922 |
Ratio (as a percent) | 0.1375 | 0.1357 |
Minimum Capital Ratio (as a percent) | 0.0800 | 0.0800 |
Well-Capitalized Ratio (as a percent) | 0.1000 | 0.1000 |
Tier 1 capital to average assets (leverage ratio) | ||
Amount | $ 2,040,871 | $ 2,020,784 |
Ratio | 0.0880 | 0.0864 |
Minimum Capital Ratio (as a percent) | 0.0400 | 0.0400 |
Well-Capitalized Ratio (percent) | 0.0500 | 0.0500 |
First Hawaiian Bank (FHB) | ||
Common equity tier 1 capital to risk-weighted assets | ||
Amount | $ 2,029,029 | $ 2,006,393 |
Ratio (as a percent) | 0.1248 | 0.1230 |
Tier 1 capital to risk-weighted assets | ||
Amount | $ 2,029,029 | $ 2,006,393 |
Ratio (as a percent) | 0.1248 | 0.1230 |
Total capital to risk-weighted assets | ||
Amount | $ 2,223,678 | $ 2,198,531 |
Ratio (as a percent) | 0.1367 | 0.1348 |
Tier 1 capital to average assets (leverage ratio) | ||
Amount | $ 2,029,029 | $ 2,006,393 |
Ratio | 0.0875 | 0.0857 |
Regulatory Capital Requiremen_4
Regulatory Capital Requirements - Capital Conservation Buffer (Details) | Mar. 31, 2024 | Dec. 31, 2023 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Effective CET1 capital to risk-weighted assets (as a percent) | 0.1255 | 0.1239 |
Effective Tier 1 capital to risk-weighted assets (as a percent) | 0.1255 | 0.1239 |
Effective total capital to risk-weighted assets (as a percent) | 0.1375 | 0.1357 |
Capital conservation buffer | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Effective CET1 capital to risk-weighted assets (as a percent) | 0.07 | |
Effective Tier 1 capital to risk-weighted assets (as a percent) | 0.085 | |
Effective total capital to risk-weighted assets (as a percent) | 0.105 | |
Capital requirements above regulatory rate (as a percent) | 0.025 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Notional Amounts and Fair Values (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Notional amounts and fair values of derivatives | ||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities |
Derivatives designated as hedging instruments | Interest rate swaps | ||
Notional amounts and fair values of derivatives | ||
Notional Amount | $ 266,563 | $ 267,500 |
Asset Derivatives | 10,234 | 10,861 |
Liability Derivatives | (58) | (1,799) |
Derivatives designated as hedging instruments | Interest rate collars | ||
Notional amounts and fair values of derivatives | ||
Notional Amount | 200,000 | 200,000 |
Asset Derivatives | 47 | 703 |
Liability Derivatives | (43) | |
Derivatives Not Designated as Hedging Instruments | Interest rate swaps | ||
Notional amounts and fair values of derivatives | ||
Notional Amount | 2,708,933 | 2,753,801 |
Asset Derivatives | 2,740 | 1,204 |
Liability Derivatives | (4,645) | (521) |
Derivatives Not Designated as Hedging Instruments | Visa Derivative | ||
Notional amounts and fair values of derivatives | ||
Notional Amount | 114,190 | 107,548 |
Liability Derivatives | (2,300) | (2,300) |
Derivatives Not Designated as Hedging Instruments | Foreign exchange contracts | ||
Notional amounts and fair values of derivatives | ||
Notional Amount | $ 800 | $ 66 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Clearinghouse Margin and Collateral (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative contracts | ||
Initial margin cash collateral posted | $ 1.2 | $ 0.6 |
Interest rate swaps | ||
Derivative contracts | ||
Cash pledged as collateral | 1.2 | 0.6 |
Received cash as collateral | 35 | 27.1 |
Securities received as collateral | 53.3 | 40.9 |
Chicago Mercantile Exchange (CME) and London Clearing House (LCH) | ||
Derivative contracts | ||
Variation margin | $ 1.9 | $ 0.7 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Fair Value Hedges and Cash Flow Hedges (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) derivative | Dec. 31, 2023 USD ($) derivative | |
Other comprehensive income (loss) | ||
Fair hedges carried | ||
Accumulated other comprehensive income (loss) into earnings | $ 0 | $ 0 |
Hedge term | 4 years | |
Derivatives designated as hedging instruments | Interest rate swaps | ||
Fair hedges carried | ||
Notional amounts | $ 266,563 | $ 267,500 |
Derivatives designated as hedging instruments | Interest rate swaps | Fair value hedges | ||
Fair hedges carried | ||
Number of interest rate swaps | derivative | 1 | 1 |
Notional amounts | $ 66,600 | $ 67,500 |
Positive fair value | $ 10,200 | $ 10,900 |
Fixed interest rate (as a percent) | 2.07% | 2.07% |
Derivatives designated as hedging instruments | Interest rate swaps | Cash Flow Hedges | ||
Fair hedges carried | ||
Number of derivatives carried | derivative | 2 | 2 |
Notional amounts | $ 200,000 | $ 200,000 |
Negative fair value | $ 100 | $ 1,800 |
Derivatives designated as hedging instruments | Interest rate swaps | Cash Flow Hedges | Minimum | ||
Fair hedges carried | ||
Fixed interest rate (as a percent) | 1.70% | 1.70% |
Derivatives designated as hedging instruments | Interest rate swaps | Cash Flow Hedges | Maximum | ||
Fair hedges carried | ||
Fixed interest rate (as a percent) | 2.08% | 2.08% |
Derivatives designated as hedging instruments | Interest Rate Collar [Member] | ||
Fair hedges carried | ||
Notional amounts | $ 200,000 | $ 200,000 |
Derivatives designated as hedging instruments | Interest Rate Collar [Member] | Cash Flow Hedges | ||
Fair hedges carried | ||
Number of derivatives carried | derivative | 2 | 2 |
Notional amounts | $ 200,000 | $ 200,000 |
Positive fair value | 0 | $ 700 |
Negative fair value | $ 0 | |
Floor strike rates | 2% | 2% |
Derivatives designated as hedging instruments | Interest Rate Collar [Member] | Cash Flow Hedges | Minimum | ||
Fair hedges carried | ||
Cap strike rates | 5.31% | 5.31% |
Derivatives designated as hedging instruments | Interest Rate Collar [Member] | Cash Flow Hedges | Maximum | ||
Fair hedges carried | ||
Cap strike rates | 5.64% | 5.64% |
Derivative Financial Instrume_6
Derivative Financial Instruments - Gains and Losses Recognized in Income, Fair Value Hedges (Details) - Loans and lease financing - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest rate swaps | ||
Gains and losses related to derivatives | ||
Recognized on interest rate swap | $ (627) | $ 1,189 |
Hedged item | ||
Gains and losses related to derivatives | ||
Recognized on hedged item | $ 619 | $ (1,284) |
Derivative Financial Instrume_7
Derivative Financial Instruments - Amounts Recorded in Balance Sheets Related to Cumulative Basis Adjustments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Financial Instruments | ||
Carrying Amount of the Hedged Asset | $ 56,273 | $ 56,592 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset | $ (10,289) | $ (10,908) |
Derivative Financial Instrume_8
Derivative Financial Instruments - Cash Flow Hedges (Details) - Derivatives designated as hedging instruments - Interest rate swaps and collars - Cash Flow Hedges - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative financial instruments | ||
Pretax net losses (gains) reclassified from accumulated other comprehensive income to interest income from loans and lease financing | $ 1,755 | $ 1,303 |
Other comprehensive income (loss) | ||
Derivative financial instruments | ||
Pretax net losses recognized in other comprehensive income on cash flow derivative hedges | $ (713) | $ (442) |
Derivative Financial Instrume_9
Derivative Financial Instruments - Derivatives Not Designated as Hedges (Details) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Impact on pretax earnings of derivatives not designated as hedges | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Noninterest Income, Other Operating Income | Noninterest Income, Other Operating Income |
Interest rate swaps | ||
Impact on pretax earnings of derivatives not designated as hedges | ||
Net Gains (Losses) on Derivatives Not Designated As Hedging Instruments | $ (7) | $ (378) |
Visa Derivative | ||
Impact on pretax earnings of derivatives not designated as hedges | ||
Net Gains (Losses) on Derivatives Not Designated As Hedging Instruments | $ (1,476) | $ (1,963) |
Derivative Financial Instrum_10
Derivative Financial Instruments - Free-Standing (Details) - Derivatives Not Designated as Hedging Instruments - Interest rate swaps - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Derivative financial instruments | |||
Notional Amount | $ 2,708,933 | $ 2,753,801 | |
Positive fair value, derivative asset | 2,740 | 1,204 | |
Negative fair value, derivative liability | 4,645 | $ 521 | |
Net interest expense | $ 0 | $ 0 | |
Minimum | |||
Derivative financial instruments | |||
Derivative, Floating rate | 1.89% | 5.84% | |
Fixed interest rate (as a percent) | 2.39% | 2.39% | |
Maximum | |||
Derivative financial instruments | |||
Derivative, Floating rate | 8.33% | 8.34% | |
Fixed interest rate (as a percent) | 5.98% | 5.98% | |
Customer swap program | |||
Derivative financial instruments | |||
Notional Amount | $ 2,700,000 | $ 2,800,000 | |
Positive fair value, derivative asset | 2,700 | 1,200 | |
Negative fair value, derivative liability | 4,600 | $ 500 | |
Upfront fees on the dealer swap | $ 0 | $ 100 |
Derivative Financial Instrum_11
Derivative Financial Instruments - Visa Class B Restricted Shares (Details) - Class B restricted shares $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 USD ($) shares | Dec. 31, 2016 USD ($) shares | Mar. 31, 2024 USD ($) | Dec. 31, 2017 | |
Visa Class B Restricted Shares | ||||
Number of shares sold | shares | 120,000 | |||
Visa | ||||
Visa Class B Restricted Shares | ||||
Net realized gain related to the sale of stock | $ | $ 22.7 | |||
Number of shares sold | shares | 274,000 | |||
Visa Derivative | ||||
Visa Class B Restricted Shares | ||||
Conversion rate | 1.5875 | 1.6483 | ||
Derivative liability value | $ | $ 2.3 | $ 2.3 |
Derivative Financial Instrum_12
Derivative Financial Instruments - Counterparty Credit Risk and Credit-Risk Related Contingent Features (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Derivative contracts | |||
Counterparty credit risk adjustments | $ 0 | $ 0 | |
Credit-risk-related contingent features | |||
Aggregate fair value of derivative instruments in a net liability position | 0 | $ 0 | |
Collateral posted for derivatives in a net liability position | 0 | $ 0 | |
Interest rate swaps | |||
Derivative contracts | |||
Collateral thresholds for derivative agreements with credit risk related contingent features | $ 300,000 |
Commitments and Contingent Li_3
Commitments and Contingent Liabilities - Commitments to Extend Credit, Participations Sold (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Commitments to extend credit | ||
Commitments and Contingent Liabilities | ||
Participations sold to other institutions | $ 48.8 | $ 61.8 |
Standby letters of credit | ||
Commitments and Contingent Liabilities | ||
Participations sold to other institutions | $ 6.3 | $ 6.8 |
Commitments and Contingent Li_4
Commitments and Contingent Liabilities - Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial instruments with off-balance sheet risk | ||
Contract amount | $ 6,500,000 | $ 6,500,000 |
Commitments to extend credit | ||
Financial instruments with off-balance sheet risk | ||
Contract amount | 6,243,969 | 6,308,343 |
Standby letters of credit | ||
Financial instruments with off-balance sheet risk | ||
Contract amount | 250,803 | 234,102 |
Commercial letters of credit | ||
Financial instruments with off-balance sheet risk | ||
Contract amount | $ 4,105 | $ 3,629 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from Contracts with Customers | ||
Net interest income (expense) | $ 154,427 | $ 167,247 |
Not in scope of Topic 606 | 5,959 | 6,159 |
Total noninterest income | 51,371 | 49,023 |
Total revenue | 205,798 | 216,270 |
Retail Banking | ||
Revenue from Contracts with Customers | ||
Net interest income (expense) | 128,057 | 108,920 |
Not in scope of Topic 606 | 1,848 | 1,702 |
Total noninterest income | 26,035 | 24,267 |
Total revenue | 154,092 | 133,187 |
Commercial Banking | ||
Revenue from Contracts with Customers | ||
Net interest income (expense) | 45,381 | 40,939 |
Not in scope of Topic 606 | 996 | 1,111 |
Total noninterest income | 17,958 | 17,888 |
Total revenue | 63,339 | 58,827 |
Treasury and Other | ||
Revenue from Contracts with Customers | ||
Net interest income (expense) | (19,011) | 17,388 |
Not in scope of Topic 606 | 3,115 | 3,346 |
Total noninterest income | 7,378 | 6,868 |
Total revenue | (11,633) | 24,256 |
Service charges on deposit accounts. | ||
Revenue from Contracts with Customers | ||
Revenue by type of service | 7,546 | 7,231 |
Service charges on deposit accounts. | Retail Banking | ||
Revenue from Contracts with Customers | ||
Revenue by type of service | 6,675 | 6,541 |
Service charges on deposit accounts. | Commercial Banking | ||
Revenue from Contracts with Customers | ||
Revenue by type of service | 824 | 626 |
Service charges on deposit accounts. | Treasury and Other | ||
Revenue from Contracts with Customers | ||
Revenue by type of service | 47 | 64 |
Credit and debit card fees | ||
Revenue from Contracts with Customers | ||
Revenue by type of service | 15,598 | 15,710 |
Credit and debit card fees | Commercial Banking | ||
Revenue from Contracts with Customers | ||
Revenue by type of service | 14,592 | 14,414 |
Credit and debit card fees | Treasury and Other | ||
Revenue from Contracts with Customers | ||
Revenue by type of service | 1,006 | 1,296 |
Other service charges and fees. | ||
Revenue from Contracts with Customers | ||
Revenue by type of service | 7,906 | 7,104 |
Other service charges and fees. | Retail Banking | ||
Revenue from Contracts with Customers | ||
Revenue by type of service | 6,938 | 6,171 |
Other service charges and fees. | Commercial Banking | ||
Revenue from Contracts with Customers | ||
Revenue by type of service | 398 | 420 |
Other service charges and fees. | Treasury and Other | ||
Revenue from Contracts with Customers | ||
Revenue by type of service | 570 | 513 |
Trust and investment services income | ||
Revenue from Contracts with Customers | ||
Revenue by type of service | 10,354 | 9,614 |
Trust and investment services income | Retail Banking | ||
Revenue from Contracts with Customers | ||
Revenue by type of service | 10,354 | 9,614 |
Other. | ||
Revenue from Contracts with Customers | ||
Revenue by type of service | 4,008 | 3,205 |
Other. | Retail Banking | ||
Revenue from Contracts with Customers | ||
Revenue by type of service | 220 | 239 |
Other. | Commercial Banking | ||
Revenue from Contracts with Customers | ||
Revenue by type of service | 1,148 | 1,317 |
Other. | Treasury and Other | ||
Revenue from Contracts with Customers | ||
Revenue by type of service | $ 2,640 | $ 1,649 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Contract Balances (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) item | |
Revenue from Contracts with Customers | |||
Signing bonuses received from vendors, in prior years | item | 2 | ||
Contract liabilities | $ 1,800,000 | $ 1,900,000 | |
Increase in recognized revenues and contract liabilities | 200,000 | $ 200,000 | |
Change in contract liabilities due to changes in transaction price estimates | 0 | $ 0 | |
Receivables from contracts with customers or contract assets | $ 0 | $ 0 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Other (Details) - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Revenue from Contracts with Customers | ||
Significant performance obligations | $ 0 | $ 0 |
Material contract acquisition costs | $ 0 | $ 0 |
Earnings per Share (Details)
Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings per Share | ||
Adjustments to net income (in dollars) | $ 0 | $ 0 |
Antidilutive securities (in shares) | 115,000 | 221,000 |
Numerator: | ||
Net income | $ 54,220 | $ 66,818 |
Denominator: | ||
Basic: weighted-average shares outstanding (in shares) | 127,707,354 | 127,453,820 |
Add: weighted-average equity-based awards (in shares) | 510,335 | 579,992 |
Diluted: weighted-average shares outstanding (in shares) | 128,217,689 | 128,033,812 |
Basic earnings per share | $ 0.42 | $ 0.52 |
Diluted earnings per share | $ 0.42 | $ 0.52 |
Noninterest Income and Nonint_2
Noninterest Income and Noninterest Expense - Net periodic benefit cost (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pension Plan | ||
Components of net periodic benefit cost | ||
Interest cost | $ 1,906 | $ 2,059 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense |
Expected return on plan assets | $ (878) | $ (883) |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense |
Recognized net actuarial loss (gain) | $ 503 | $ 719 |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense |
Total net periodic benefit cost | $ 1,531 | $ 1,895 |
Other Benefits | ||
Components of net periodic benefit cost | ||
Interest cost | $ 211 | $ 220 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense |
Recognized net actuarial loss (gain) | $ (322) | $ (379) |
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Noninterest Expense | Other Noninterest Expense |
Total net periodic benefit cost | $ 26 | $ (12) |
Other Benefits | Salaries and employee benefits | ||
Components of net periodic benefit cost | ||
Service cost | $ 137 | $ 147 |
Noninterest Income and Nonint_3
Noninterest Income and Noninterest Expense - Leases (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Noninterest Income and Noninterest Expense | ||
Operating lease income related to lease payments | $ 1.6 | $ 1.6 |
Lease income related to variable lease payments | $ 1.6 | $ 1.8 |
Fair Value - Visa Derivative (D
Fair Value - Visa Derivative (Details) - Visa Derivative $ in Millions | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2017 |
Class B restricted shares | |||
Fair value | |||
Conversion rate | 1.5875 | 1.6483 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | |||
Fair value | |||
Derivative liability | $ 2.3 | $ 2.3 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Total available-for-sale securities, Fair value, | $ 2,159,338 | $ 2,255,336 |
Collateralized Loan Obligations | ||
Assets | ||
Total available-for-sale securities, Fair value, | 239,676 | 247,854 |
Fair Value, Measurements, Recurring | ||
Assets | ||
Total available-for-sale securities, Fair value, | 2,159,338 | 2,255,336 |
Other assets | 13,237 | 13,285 |
Liabilities | ||
Other liabilities | (7,046) | (4,620) |
Total | ||
Net Assets (Liabilities) | 2,165,529 | 2,264,001 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Assets | ||
Other assets | 216 | 517 |
Total | ||
Net Assets (Liabilities) | 216 | 517 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Total available-for-sale securities, Fair value, | 2,159,338 | 2,255,336 |
Other assets | 13,021 | 12,768 |
Liabilities | ||
Other liabilities | (4,746) | (2,320) |
Total | ||
Net Assets (Liabilities) | 2,167,613 | 2,265,784 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Liabilities | ||
Other liabilities | (2,300) | (2,300) |
Total | ||
Net Assets (Liabilities) | (2,300) | (2,300) |
U.S. Treasury and government agency debt securities | ||
Assets | ||
Total available-for-sale securities, Fair value, | 12,821 | 32,503 |
U.S. Treasury and government agency debt securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Total available-for-sale securities, Fair value, | 12,821 | 32,503 |
U.S. Treasury and government agency debt securities | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Total available-for-sale securities, Fair value, | 12,821 | 32,503 |
Government-sponsored enterprises debt securities | ||
Assets | ||
Total available-for-sale securities, Fair value, | 19,629 | 19,592 |
Government-sponsored enterprises debt securities | Fair Value, Measurements, Recurring | ||
Assets | ||
Total available-for-sale securities, Fair value, | 19,629 | 19,592 |
Government-sponsored enterprises debt securities | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Total available-for-sale securities, Fair value, | 19,629 | 19,592 |
Residential - Government agency | ||
Assets | ||
Total available-for-sale securities, Fair value, | 9,609 | 10,182 |
Residential - Government agency | Fair Value, Measurements, Recurring | ||
Assets | ||
Total available-for-sale securities, Fair value, | 9,609 | 10,182 |
Residential - Government agency | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Total available-for-sale securities, Fair value, | 9,609 | 10,182 |
Residential - Government-sponsored enterprises | ||
Assets | ||
Total available-for-sale securities, Fair value, | 753,385 | 783,297 |
Residential - Government-sponsored enterprises | Fair Value, Measurements, Recurring | ||
Assets | ||
Total available-for-sale securities, Fair value, | 753,385 | 783,297 |
Residential - Government-sponsored enterprises | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Total available-for-sale securities, Fair value, | 753,385 | 783,297 |
Commercial - Government agency | ||
Assets | ||
Total available-for-sale securities, Fair value, | 213,394 | 218,674 |
Commercial - Government agency | Fair Value, Measurements, Recurring | ||
Assets | ||
Total available-for-sale securities, Fair value, | 213,394 | 218,674 |
Commercial - Government agency | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Total available-for-sale securities, Fair value, | 213,394 | 218,674 |
Commercial - Government-sponsored enterprises | ||
Assets | ||
Total available-for-sale securities, Fair value, | 83,490 | 86,431 |
Commercial - Government-sponsored enterprises | Fair Value, Measurements, Recurring | ||
Assets | ||
Total available-for-sale securities, Fair value, | 83,490 | 86,431 |
Commercial - Government-sponsored enterprises | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Total available-for-sale securities, Fair value, | 83,490 | 86,431 |
Commercial - Non-government mortgage | Fair Value, Measurements, Recurring | ||
Assets | ||
Total available-for-sale securities, Fair value, | 22,110 | 21,683 |
Commercial - Non-government mortgage | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Total available-for-sale securities, Fair value, | 22,110 | 21,683 |
Government agency | ||
Assets | ||
Total available-for-sale securities, Fair value, | 452,163 | 471,150 |
Government agency | Fair Value, Measurements, Recurring | ||
Assets | ||
Total available-for-sale securities, Fair value, | 452,163 | 471,150 |
Government agency | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Total available-for-sale securities, Fair value, | 452,163 | 471,150 |
Government-sponsored enterprises | ||
Assets | ||
Total available-for-sale securities, Fair value, | 353,061 | 363,970 |
Government-sponsored enterprises | Fair Value, Measurements, Recurring | ||
Assets | ||
Total available-for-sale securities, Fair value, | 353,061 | 363,970 |
Government-sponsored enterprises | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Total available-for-sale securities, Fair value, | 353,061 | 363,970 |
Collateralized Loan Obligations | Fair Value, Measurements, Recurring | ||
Assets | ||
Total available-for-sale securities, Fair value, | 239,676 | 247,854 |
Collateralized Loan Obligations | Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Assets | ||
Total available-for-sale securities, Fair value, | $ 239,676 | $ 247,854 |
Fair Value - Significant Unobse
Fair Value - Significant Unobservable Inputs Used in Fair Value Measurements (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) M | Dec. 31, 2023 USD ($) M | |
Fair Value, Measurements, Nonrecurring | ||
Fair value | ||
Assets, Fair value | $ 0 | |
Fair Value, Measurements, Nonrecurring | Fair Value, Inputs, Level 3 [Member] | Collateral-dependent loans | ||
Fair value | ||
Assets, Fair value | $ 14,623,000 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Collateral-dependent loans | ||
Fair value | ||
Assets, Fair value | $ 14,623,000 | |
Servicing Asset, Valuation Technique [Extensible Enumeration] | us-gaap:CostApproachValuationTechniqueMember | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Collateral-dependent loans | Appraisal Value | Minimum | ||
Fair value | ||
Measurement input | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Collateral-dependent loans | Appraisal Value | Maximum | ||
Fair value | ||
Measurement input | 0.50 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Visa derivative | ||
Fair value | ||
Liabilities, Fair value | $ (2,300,000) | $ (2,300,000) |
Derivative Liability, Valuation Technique [Extensible Enumeration] | Discounted cash flow | Discounted cash flow |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Visa derivative | Expected Conversation Rate | Discounted cash flow | Weighted Average | ||
Fair value | ||
Measurement input | 0.015875 | 0.015875 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Visa derivative | Expected Conversation Rate | Discounted cash flow | Minimum | ||
Fair value | ||
Measurement input | 0.015289 | 0.015289 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Visa derivative | Expected Conversation Rate | Discounted cash flow | Maximum | ||
Fair value | ||
Measurement input | 0.015875 | 0.015875 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Visa derivative | Expected Term (in months or years) | Discounted cash flow | Weighted Average | ||
Fair value | ||
Measurement input | M | 6 | 5 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Visa derivative | Growth Rate (percentage) | Discounted cash flow | Weighted Average | ||
Fair value | ||
Growth Rate (as a percent) | 9% | 10% |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Visa derivative | Growth Rate (percentage) | Discounted cash flow | Minimum | ||
Fair value | ||
Growth Rate (as a percent) | (7.00%) | (6.00%) |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 [Member] | Visa derivative | Growth Rate (percentage) | Discounted cash flow | Maximum | ||
Fair value | ||
Growth Rate (as a percent) | 22% | 25% |
Fair Value - Changes in Fair Va
Fair Value - Changes in Fair Value Levels and in Level 3 Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Fair value | ||
Amount of transfers between hierarchy levels | $ 0 | $ 0 |
Visa derivative | Visa Derivative | ||
Changes in Level 3 liabilities measured at fair value on a recurring basis | ||
Balance as of January 1, | (2,300) | (851) |
Total net losses included in other noninterest income | (1,476) | (1,963) |
Settlements | 1,476 | 1,614 |
Balance as of December 31, | (2,300) | (1,200) |
Total net losses included in net income attributable to the change in unrealized losses related to liabilities still held as of December 31, | $ (1,476) | $ (1,963) |
Fair Value - Financial Instrume
Fair Value - Financial Instruments not Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial assets: | ||
Investment securities held-to-maturity | $ 3,470,710 | $ 3,574,856 |
Lease and lease commitments excluded | ||
Financing leases | 394,000 | 379,800 |
Deposit liabilities with no defined or contractual maturity | 17,400,000 | 17,900,000 |
Book Value | ||
Financial assets: | ||
Cash and cash equivalents | 1,274,266 | 1,739,897 |
Investment securities held-to-maturity | 3,988,011 | 4,041,449 |
Loans held for sale | 190 | |
Loans | 13,926,199 | 13,973,688 |
Financial liabilities: | ||
Time deposits | 3,284,045 | 3,456,158 |
Short-term borrowings | 500,000 | 500,000 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 1,274,266 | 1,739,897 |
Investment securities held-to-maturity | 3,470,710 | 3,574,856 |
Loans held for sale | 192 | |
Loans | 13,250,470 | 13,385,683 |
Financial liabilities: | ||
Time deposits | 3,259,350 | 3,432,330 |
Short-term borrowings | 498,175 | 495,306 |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 202,121 | 185,015 |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Cash and cash equivalents | 1,072,145 | 1,554,882 |
Investment securities held-to-maturity | 3,470,710 | 3,574,856 |
Loans held for sale | 192 | |
Financial liabilities: | ||
Time deposits | 3,259,350 | 3,432,330 |
Short-term borrowings | 498,175 | 495,306 |
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Loans | $ 13,250,470 | $ 13,385,683 |
Fair Value - Unfunded Loan and
Fair Value - Unfunded Loan and Lease Commitments and Letters of Credit (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Unfunded loan and lease commitments and letters of credit | ||
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit | $ 6,500 | $ 6,500 |
Fair Value, Inputs, Level 3 [Member] | ||
Unfunded loan and lease commitments and letters of credit | ||
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit | 6,500 | 6,500 |
Estimated fair value of unfunded loan and lease commitments and letters of credit | $ 48.3 | $ 49.8 |
Fair Value - Assets and Liabi_2
Fair Value - Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | |
Assets with fair value adjustments on a nonrecurring basis | |||
Assets, Fair value | $ 0 | ||
Assets, fair value adjustment | $ 0 | ||
Collateral-dependent loans | |||
Assets with fair value adjustments on a nonrecurring basis | |||
Expected Credit Losses | $ 1,000,000 | ||
Collateral-dependent loans | Fair Value, Inputs, Level 3 [Member] | |||
Assets with fair value adjustments on a nonrecurring basis | |||
Assets, Fair value | $ 14,623,000 |
Reportable Operating Segments -
Reportable Operating Segments - Business Segments (Details) | 3 Months Ended |
Mar. 31, 2024 location segment | |
Reportable operating segments | |
Number of business segments | segment | 3 |
Retail Banking | |
Reportable operating segments | |
Number of banking locations | location | 50 |
Reportable Operating Segments_2
Reportable Operating Segments - Selected Business Segment Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Selected business segment financial information | ||
Net interest income (expense) | $ 154,427 | $ 167,247 |
Benefit (provision) for credit losses | (6,300) | (8,800) |
Net interest income (expense) after (provision) benefit for credit losses | 148,127 | 158,447 |
Noninterest income | 51,371 | 49,023 |
Noninterest expense | (128,813) | (118,567) |
Income before provision for income taxes | 70,685 | 88,903 |
(Provision) benefit for income taxes | (16,465) | (22,085) |
Net income | 54,220 | 66,818 |
Retail Banking | ||
Selected business segment financial information | ||
Net interest income (expense) | 128,057 | 108,920 |
Benefit (provision) for credit losses | (3,379) | (2,563) |
Net interest income (expense) after (provision) benefit for credit losses | 124,678 | 106,357 |
Noninterest income | 26,035 | 24,267 |
Noninterest expense | (76,640) | (75,843) |
Income before provision for income taxes | 74,073 | 54,781 |
(Provision) benefit for income taxes | (17,928) | (13,266) |
Net income | 56,145 | 41,515 |
Commercial Banking | ||
Selected business segment financial information | ||
Net interest income (expense) | 45,381 | 40,939 |
Benefit (provision) for credit losses | (3,713) | (3,873) |
Net interest income (expense) after (provision) benefit for credit losses | 41,668 | 37,066 |
Noninterest income | 17,958 | 17,888 |
Noninterest expense | (25,685) | (27,770) |
Income before provision for income taxes | 33,941 | 27,184 |
(Provision) benefit for income taxes | (7,273) | (6,330) |
Net income | 26,668 | 20,854 |
Treasury and Other | ||
Selected business segment financial information | ||
Net interest income (expense) | (19,011) | 17,388 |
Benefit (provision) for credit losses | 792 | (2,364) |
Net interest income (expense) after (provision) benefit for credit losses | (18,219) | 15,024 |
Noninterest income | 7,378 | 6,868 |
Noninterest expense | (26,488) | (14,954) |
Income before provision for income taxes | (37,329) | 6,938 |
(Provision) benefit for income taxes | 8,736 | (2,489) |
Net income | $ (28,593) | $ 4,449 |
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 (Loss) | $ 54,220 | $ 66,818 |
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 |