Georgia | 58-1134883 | |||||||
(State or other jurisdiction ofincorporation or organization) | (I.R.S. EmployerIdentification No.) |
1111 Bay Avenue, Suite 500 | |||||||||||||||||
Columbus, | Georgia | 31901 | |||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, $1.00 Par Value | SNV | New York Stock Exchange | ||||||
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series | SNV - PrD | New York Stock Exchange | ||||||
Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E | SNV - PrE | New York Stock Exchange |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||||
Non-accelerated filer | Smaller reporting company | ||||||||||
Emerging growth company |
Page | |||||||||||||||
Financial Information |
Index of Defined Terms | ||||||||||||||
Item 1. | Financial Statements (Unaudited) | |||||||||||||
Consolidated Balance Sheets as of | ||||||||||||||
Consolidated Statements of Income for the | ||||||||||||||
Consolidated Statements of Comprehensive Income (Loss) for the | ||||||||||||||
Consolidated Statements of Changes in Shareholders' Equity for the | ||||||||||||||
Consolidated Statements of Cash Flows for the | ||||||||||||||
Notes to Unaudited Interim Consolidated Financial Statements | ||||||||||||||
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||||||||
Item 3. | ||||||||||||||
Item 4. | Controls and Procedures | |||||||||||||
Other Information | ||||||||||||||
Item 1. | Legal Proceedings | |||||||||||||
Item 1A. | Risk Factors | |||||||||||||
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | |||||||||||||
Item 3. | Defaults Upon Senior Securities | |||||||||||||
Item 4. | Mine Safety Disclosures | |||||||||||||
Item 5. | Other Information | |||||||||||||
Item 6. | Exhibits | |||||||||||||
Signatures | ||||||||||||||
(in thousands, except share and per share data) | September 30, 2017 | December 31, 2016 | ||||
ASSETS | ||||||
Cash and cash equivalents | $ | 386,459 | 395,175 | |||
Interest bearing funds with Federal Reserve Bank | 1,297,581 | 527,090 | ||||
Interest earning deposits with banks | 6,047 | 18,720 | ||||
Federal funds sold and securities purchased under resale agreements | 48,820 | 58,060 | ||||
Trading account assets, at fair value | 12,329 | 9,314 | ||||
Mortgage loans held for sale, at fair value | 54,072 | 51,545 | ||||
Other loans held for sale | 31,253 | — | ||||
Investment securities available for sale, at fair value | 3,825,443 | 3,718,195 | ||||
Loans, net of deferred fees and costs | 24,487,360 | 23,856,391 | ||||
Allowance for loan losses | (249,683 | ) | (251,758 | ) | ||
Loans, net | $ | 24,237,677 | 23,604,633 | |||
Premises and equipment, net | 423,245 | 417,485 | ||||
Goodwill | 57,315 | 59,678 | ||||
Other intangible assets | 11,548 | 13,223 | ||||
Other real estate | 10,551 | 22,308 | ||||
Deferred tax asset, net | 272,052 | 395,356 | ||||
Other assets | 967,731 | 813,220 | ||||
Total assets | $ | 31,642,123 | 30,104,002 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||
Liabilities | ||||||
Deposits: | ||||||
Non-interest bearing deposits | $ | 7,302,682 | 7,085,804 | |||
Interest bearing deposits, excluding brokered deposits | 16,420,319 | 16,183,273 | ||||
Brokered deposits | 2,463,227 | 1,378,983 | ||||
Total deposits | 26,186,228 | 24,648,060 | ||||
Federal funds purchased and securities sold under repurchase agreements | 141,539 | 159,699 | ||||
Long-term debt | 1,882,607 | 2,160,881 | ||||
Other liabilities | 434,671 | 207,438 | ||||
Total liabilities | $ | 28,645,045 | 27,176,078 | |||
Shareholders' Equity | ||||||
Series C Preferred Stock – no par value. Authorized 100,000,000 shares; 5,200,000 shares issued and outstanding at September 30, 2017 and December 31, 2016 | $ | 125,980 | 125,980 | |||
Common stock - $1.00 par value. Authorized 342,857,143 shares; 142,525,139 issued at September 30, 2017 and 142,025,720 issued at December 31, 2016; 119,566,625 outstanding at September 30, 2017 and 122,266,106 outstanding at December 31, 2016 | 142,525 | 142,026 | ||||
Additional paid-in capital | 3,033,682 | 3,028,405 | ||||
Treasury stock, at cost – 22,958,514 shares at September 30, 2017 and 19,759,614 shares at December 31, 2016 | (800,509 | ) | (664,595 | ) | ||
Accumulated other comprehensive loss | (39,596 | ) | (55,659 | ) | ||
Retained earnings | 534,996 | 351,767 | ||||
Total shareholders’ equity | 2,997,078 | 2,927,924 | ||||
Total liabilities and shareholders' equity | $ | 31,642,123 | 30,104,002 | |||
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||
(in thousands, except per share data) | 2017 | 2016 | 2017 | 2016 | |||||||||
Interest income: | |||||||||||||
Loans, including fees | $ | 785,166 | 700,340 | $ | 273,847 | 237,448 | |||||||
Investment securities available for sale | 60,112 | 49,926 | 20,014 | 16,269 | |||||||||
Trading account assets | 90 | 46 | 41 | 13 | |||||||||
Mortgage loans held for sale | 1,478 | 1,966 | 506 | 727 | |||||||||
Federal Reserve Bank balances | 4,084 | 3,170 | 1,569 | 1,151 | |||||||||
Other earning assets | 4,633 | 2,822 | 1,675 | 946 | |||||||||
Total interest income | 855,563 | 758,270 | 297,652 | 256,554 | |||||||||
Interest expense: | |||||||||||||
Deposits | 55,874 | 48,072 | 20,798 | 15,858 | |||||||||
Federal funds purchased and securities sold under repurchase agreements | 125 | 154 | 42 | 58 | |||||||||
Long-term debt | 45,967 | 44,394 | 14,240 | 14,631 | |||||||||
Total interest expense | 101,966 | 92,620 | 35,080 | 30,547 | |||||||||
Net interest income | 753,597 | 665,650 | 262,572 | 226,007 | |||||||||
Provision for loan losses | 58,620 | 21,741 | 39,686 | 5,671 | |||||||||
Net interest income after provision for loan losses | 694,977 | 643,909 | 222,886 | 220,336 | |||||||||
Non-interest income: | |||||||||||||
Service charges on deposit accounts | 59,848 | 60,772 | 20,255 | 20,822 | |||||||||
Fiduciary and asset management fees | 37,290 | 34,691 | 12,615 | 11,837 | |||||||||
Brokerage revenue | 21,947 | 20,019 | 7,511 | 6,199 | |||||||||
Mortgage banking income | 17,151 | 18,755 | 5,603 | 7,329 | |||||||||
Bankcard fees | 24,339 | 24,988 | 7,901 | 8,269 | |||||||||
Cabela's Transaction Fee | 75,000 | — | 75,000 | — | |||||||||
Investment securities (losses) gains, net | (289 | ) | 126 | (7,956 | ) | 59 | |||||||
Decrease in fair value of private equity investments, net | (3,193 | ) | (527 | ) | (27 | ) | (249 | ) | |||||
Other fee income | 16,127 | 15,255 | 5,094 | 5,171 | |||||||||
Other non-interest income | 27,754 | 25,109 | 9,439 | 8,718 | |||||||||
Total non-interest income | 275,974 | 199,188 | 135,435 | 68,155 | |||||||||
Non-interest expense: | |||||||||||||
Salaries and other personnel expense | 322,079 | 300,364 | 109,675 | 101,945 | |||||||||
Net occupancy and equipment expense | 89,837 | 81,480 | 30,573 | 28,120 | |||||||||
Third-party processing expense | 39,882 | 34,033 | 13,659 | 11,219 | |||||||||
FDIC insurance and other regulatory fees | 20,723 | 20,100 | 7,078 | 6,756 | |||||||||
Professional fees | 20,048 | 19,794 | 7,141 | 6,486 | |||||||||
Advertising expense | 14,868 | 15,358 | 3,610 | 5,597 | |||||||||
Foreclosed real estate expense, net | 10,847 | 9,998 | 7,265 | 2,725 | |||||||||
Earnout liability adjustments | 3,766 | — | 2,059 | — | |||||||||
Merger-related expense | 110 | 550 | 23 | 550 | |||||||||
Loss on early extinguishment of debt, net | — | 4,735 | — | — | |||||||||
Fair value adjustment to Visa derivative | — | 1,079 | — | 360 | |||||||||
Restructuring charges, net | 7,043 | 8,225 | 519 | 1,243 | |||||||||
Other operating expenses | 65,577 | 67,000 | 24,044 | 20,870 | |||||||||
Total non-interest expense | 594,780 | 562,716 | 205,646 | 185,871 | |||||||||
Income before income taxes | 376,171 | 280,381 | 152,675 | 102,620 | |||||||||
Income tax expense | 130,303 | 102,148 | 54,668 | 37,375 | |||||||||
Net income | 245,868 | 178,233 | 98,007 | 65,245 | |||||||||
Dividends on preferred stock | 7,678 | 7,678 | 2,559 | 2,559 | |||||||||
Net income available to common shareholders | $ | 238,190 | 170,555 | $ | 95,448 | 62,686 | |||||||
Net income per common share, basic | $ | 1.96 | 1.36 | $ | 0.79 | 0.51 | |||||||
Net income per common share, diluted | 1.94 | 1.36 | 0.78 | 0.51 | |||||||||
Weighted average common shares outstanding, basic | 121,796 | 125,076 | 120,900 | 122,924 | |||||||||
Weighted average common shares outstanding, diluted | 122,628 | 125,712 | 121,814 | 123,604 | |||||||||
(in thousands, except share and per share data) | June 30, 2022 | December 31, 2021 | |||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 583,323 | $ | 432,925 | |||||||
Interest-bearing funds with Federal Reserve Bank | 1,023,030 | 2,479,006 | |||||||||
Interest earning deposits with banks | 29,139 | 25,535 | |||||||||
Federal funds sold and securities purchased under resale agreements | 29,568 | 72,387 | |||||||||
Total cash, cash equivalents, and restricted cash | 1,665,060 | 3,009,853 | |||||||||
Investment securities available for sale, at fair value | 9,889,850 | 10,918,329 | |||||||||
Loans held for sale (includes $76,864 and $108,198 measured at fair value, respectively) | 917,679 | 750,642 | |||||||||
Loans, net of deferred fees and costs | 41,204,780 | 39,311,958 | |||||||||
Allowance for loan losses | (407,837) | (427,597) | |||||||||
Loans, net | 40,796,943 | 38,884,361 | |||||||||
Cash surrender value of bank-owned life insurance | 1,078,703 | 1,068,616 | |||||||||
Premises, equipment, and software, net | 383,060 | 407,241 | |||||||||
Goodwill | 452,390 | 452,390 | |||||||||
Other intangible assets, net | 31,360 | 35,596 | |||||||||
Other assets | 2,167,700 | 1,790,198 | |||||||||
Total assets | $ | 57,382,745 | $ | 57,317,226 | |||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||
Liabilities | |||||||||||
Deposits: | |||||||||||
Non-interest-bearing deposits | $ | 16,876,710 | $ | 16,392,653 | |||||||
Interest-bearing deposits | 32,157,990 | 33,034,623 | |||||||||
Total deposits | 49,034,700 | 49,427,276 | |||||||||
Federal funds purchased and securities sold under repurchase agreements | 345,242 | 264,133 | |||||||||
Long-term debt | 1,804,104 | 1,204,229 | |||||||||
Other liabilities | 1,614,261 | 1,124,788 | |||||||||
Total liabilities | 52,798,307 | 52,020,426 | |||||||||
Shareholders' Equity | |||||||||||
Preferred stock - 0 par value; authorized 100,000,000 shares; issued 22,000,000 | 537,145 | 537,145 | |||||||||
Common stock - $1.00 par value; authorized 342,857,143 shares; issued 170,012,527 and 169,383,758; outstanding 145,357,669 and 145,010,086 | 170,013 | 169,384 | |||||||||
Additional paid-in capital | 3,908,118 | 3,894,109 | |||||||||
Treasury stock, at cost; 24,654,858 and 24,373,672 shares | (944,484) | (931,497) | |||||||||
Accumulated other comprehensive income (loss), net | (1,026,705) | (82,321) | |||||||||
Retained earnings | 1,940,351 | 1,709,980 | |||||||||
Total shareholders' equity | 4,584,438 | 5,296,800 | |||||||||
Total liabilities and shareholders' equity | $ | 57,382,745 | $ | 57,317,226 | |||||||
Nine Months Ended September 30, | ||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
(in thousands) | Before-tax Amount | Tax (Expense) Benefit | Net of Tax Amount | Before-tax Amount | Tax (Expense) Benefit | Net of Tax Amount | ||||||||||||||
Net income | $ | 376,171 | (130,303 | ) | 245,868 | 280,381 | (102,148 | ) | 178,233 | |||||||||||
Net change related to cash flow hedges: | ||||||||||||||||||||
Reclassification adjustment for losses realized in net income | 130 | (50 | ) | 80 | 402 | (155 | ) | 247 | ||||||||||||
Net unrealized gains on investment securities available for sale: | ||||||||||||||||||||
Reclassification adjustment for net losses (gains) realized in net income | 289 | (111 | ) | 178 | (126 | ) | 49 | (77 | ) | |||||||||||
Net unrealized gains arising during the period | 25,715 | (9,903 | ) | 15,812 | 56,648 | (21,821 | ) | 34,827 | ||||||||||||
Net unrealized gains | 26,004 | (10,014 | ) | 15,990 | 56,522 | (21,772 | ) | 34,750 | ||||||||||||
Post-retirement unfunded health benefit: | ||||||||||||||||||||
Reclassification adjustment for gains realized in net income | (74 | ) | 29 | (45 | ) | (124 | ) | 48 | (76 | ) | ||||||||||
Actuarial gains arising during the period | 61 | (23 | ) | — | 38 | 102 | (39 | ) | 63 | |||||||||||
Net unrealized (realized) gains | $ | (13 | ) | 6 | (7 | ) | (22 | ) | 9 | (13 | ) | |||||||||
Other comprehensive income | $ | 26,121 | (10,058 | ) | 16,063 | 56,902 | (21,918 | ) | 34,984 | |||||||||||
Comprehensive income | $ | 261,931 | 213,217 | |||||||||||||||||
Three Months Ended September 30, | ||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
(in thousands) | Before-tax Amount | Tax (Expense) Benefit | Net of Tax Amount | Before-tax Amount | Tax (Expense) Benefit | Net of Tax Amount | ||||||||||||||
Net income | $ | 152,675 | (54,668 | ) | 98,007 | 102,620 | (37,375 | ) | 65,245 | |||||||||||
Net change related to cash flow hedges: | ||||||||||||||||||||
Reclassification adjustment for losses realized in net income | — | — | — | 65 | (25 | ) | 40 | |||||||||||||
Net unrealized gains (losses) on investment securities available for sale: | ||||||||||||||||||||
Reclassification adjustment for net losses (gains) realized in net income | 7,956 | (3,063 | ) | 4,893 | (59 | ) | 23 | (36 | ) | |||||||||||
Net unrealized gains (losses) arising during the period | 5,465 | (2,106 | ) | 3,359 | (9,567 | ) | 3,672 | (5,895 | ) | |||||||||||
Net unrealized gains (losses) | 13,421 | (5,169 | ) | 8,252 | (9,626 | ) | 3,695 | (5,931 | ) | |||||||||||
Post-retirement unfunded health benefit: | ||||||||||||||||||||
Reclassification adjustment for gains realized in net income | (34 | ) | 13 | (21 | ) | (20 | ) | 8 | (12 | ) | ||||||||||
Actuarial gains arising during the period | 61 | (23 | ) | — | 38 | 102 | (39 | ) | 63 | |||||||||||
Net unrealized (realized) gains | $ | 27 | (10 | ) | 17 | 82 | (31 | ) | 51 | |||||||||||
Other comprehensive income (loss) | $ | 13,448 | (5,179 | ) | 8,269 | (9,479 | ) | 3,639 | (5,840 | ) | ||||||||||
Comprehensive income | $ | 106,276 | 59,405 | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Interest income: | |||||||||||||||||||||||
Loans, including fees | $ | 391,307 | $ | 371,288 | $ | 752,399 | $ | 743,779 | |||||||||||||||
Investment securities available for sale | 50,312 | 33,298 | 97,562 | 62,755 | |||||||||||||||||||
Loans held for sale | 8,600 | 6,609 | 14,781 | 13,071 | |||||||||||||||||||
Federal Reserve Bank balances | 1,593 | 709 | 2,382 | 1,383 | |||||||||||||||||||
Other earning assets | 1,960 | 839 | 2,710 | 1,572 | |||||||||||||||||||
Total interest income | 453,772 | 412,743 | 869,834 | 822,560 | |||||||||||||||||||
Interest expense: | |||||||||||||||||||||||
Deposits | 18,501 | 19,371 | 32,160 | 44,389 | |||||||||||||||||||
Long-term debt | 8,769 | 11,478 | 18,913 | 22,386 | |||||||||||||||||||
Other borrowings | 1,114 | 34 | 1,126 | 69 | |||||||||||||||||||
Total interest expense | 28,384 | 30,883 | 52,199 | 66,844 | |||||||||||||||||||
Net interest income | 425,388 | 381,860 | 817,635 | 755,716 | |||||||||||||||||||
Provision for (reversal of) credit losses | 12,688 | (24,598) | 24,088 | (43,173) | |||||||||||||||||||
Net interest income after provision for (reversal of) credit losses | 412,700 | 406,458 | 793,547 | 798,889 | |||||||||||||||||||
Non-interest revenue: | |||||||||||||||||||||||
Service charges on deposit accounts | 23,491 | 21,414 | 46,030 | 41,448 | |||||||||||||||||||
Fiduciary and asset management fees | 20,100 | 18,805 | 40,377 | 36,759 | |||||||||||||||||||
Card fees | 16,089 | 13,304 | 30,846 | 25,300 | |||||||||||||||||||
Brokerage revenue | 15,243 | 13,926 | 29,898 | 26,899 | |||||||||||||||||||
Mortgage banking income | 3,904 | 13,842 | 9,857 | 36,157 | |||||||||||||||||||
Capital markets income | 7,393 | 3,335 | 12,864 | 10,840 | |||||||||||||||||||
Income from bank-owned life insurance | 9,165 | 7,188 | 15,722 | 16,031 | |||||||||||||||||||
Investment securities gains (losses), net | — | — | — | (1,990) | |||||||||||||||||||
Other non-interest revenue | 1,881 | 15,273 | 17,006 | 26,599 | |||||||||||||||||||
Total non-interest revenue | 97,266 | 107,087 | 202,600 | 218,043 | |||||||||||||||||||
Non-interest expense: | |||||||||||||||||||||||
Salaries and other personnel expense | 161,063 | 160,567 | 325,747 | 322,044 | |||||||||||||||||||
Net occupancy, equipment, and software expense | 43,199 | 41,825 | 86,076 | 82,959 | |||||||||||||||||||
Third-party processing and other services | 21,952 | 24,419 | 42,947 | 44,451 | |||||||||||||||||||
Professional fees | 10,865 | 7,947 | 19,338 | 17,031 | |||||||||||||||||||
FDIC insurance and other regulatory fees | 6,894 | 5,547 | 13,144 | 11,127 | |||||||||||||||||||
Restructuring charges | (1,850) | 415 | (8,274) | 946 | |||||||||||||||||||
Other operating expense | 39,928 | 29,811 | 75,523 | 59,107 | |||||||||||||||||||
Total non-interest expense | 282,051 | 270,531 | 554,501 | 537,665 | |||||||||||||||||||
Income before income taxes | 227,915 | 243,014 | 441,646 | 479,267 | |||||||||||||||||||
Income tax expense | 49,863 | 56,814 | 92,558 | 105,975 | |||||||||||||||||||
Net income | 178,052 | 186,200 | 349,088 | 373,292 | |||||||||||||||||||
Less: Preferred stock dividends | 8,291 | 8,291 | 16,581 | 16,581 | |||||||||||||||||||
Net income available to common shareholders | $ | 169,761 | $ | 177,909 | $ | 332,507 | $ | 356,711 | |||||||||||||||
Net income per common share, basic | $ | 1.17 | $ | 1.20 | $ | 2.29 | $ | 2.41 | |||||||||||||||
Net income per common share, diluted | 1.16 | 1.19 | 2.27 | 2.38 | |||||||||||||||||||
Weighted average common shares outstanding, basic | 145,328 | 148,113 | 145,301 | 148,289 | |||||||||||||||||||
Weighted average common shares outstanding, diluted | 146,315 | 149,747 | 146,489 | 149,764 | |||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(in thousands) | Before-tax Amount | Income Tax | Net of Tax Amount | Before-tax Amount | Income Tax | Net of Tax Amount | |||||||||||||||||||||||||||||
Net income | $ | 227,915 | $ | (49,863) | $ | 178,052 | $ | 243,014 | $ | (56,814) | $ | 186,200 | |||||||||||||||||||||||
Unrealized gains (losses) on investment securities available for sale: | |||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | (429,408) | 102,328 | (327,080) | 46,342 | (11,725) | 34,617 | |||||||||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Net change | (429,408) | 102,328 | (327,080) | 46,342 | (11,725) | 34,617 | |||||||||||||||||||||||||||||
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: | |||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | (48,332) | 11,517 | (36,815) | (1,923) | 486 | (1,437) | |||||||||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income | (978) | 233 | (745) | (3,657) | 925 | (2,732) | |||||||||||||||||||||||||||||
Net change | (49,310) | 11,750 | (37,560) | (5,580) | 1,411 | (4,169) | |||||||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | (478,718) | $ | 114,078 | $ | (364,640) | $ | 40,762 | $ | (10,314) | $ | 30,448 | |||||||||||||||||||||||
Comprehensive income (loss) | $ | (186,588) | $ | 216,648 | |||||||||||||||||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||||||||||
2022 | 2021 | ||||||||||||||||||||||||||||||||||
(in thousands) | Before-tax Amount | Income Tax | Net of Tax Amount | Before-tax Amount | Income Tax | Net of Tax Amount | |||||||||||||||||||||||||||||
Net income | $ | 441,646 | $ | (92,558) | $ | 349,088 | $ | 479,267 | $ | (105,975) | $ | 373,292 | |||||||||||||||||||||||
Unrealized gains (losses) on investment securities available for sale: | |||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | (1,050,890) | 249,351 | (801,539) | (118,899) | 31,056 | (87,843) | |||||||||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income | — | — | — | 1,990 | (515) | 1,475 | |||||||||||||||||||||||||||||
Net change | (1,050,890) | 249,351 | (801,539) | (116,909) | 30,541 | (86,368) | |||||||||||||||||||||||||||||
Unrealized gains (losses) on derivative instruments designated as cash flow hedges: | |||||||||||||||||||||||||||||||||||
Net unrealized gains (losses) arising during the period | (184,310) | 43,878 | (140,432) | (30,980) | 8,360 | (22,620) | |||||||||||||||||||||||||||||
Reclassification adjustment for realized (gains) losses included in net income | (3,167) | 754 | (2,413) | (5,256) | 1,335 | (3,921) | |||||||||||||||||||||||||||||
Net change | (187,477) | 44,632 | (142,845) | (36,236) | 9,695 | (26,541) | |||||||||||||||||||||||||||||
Total other comprehensive income (loss) | $ | (1,238,367) | $ | 293,983 | $ | (944,384) | $ | (153,145) | $ | 40,236 | $ | (112,909) | |||||||||||||||||||||||
Comprehensive income (loss) | $ | (595,296) | $ | 260,383 | |||||||||||||||||||||||||||||||
(in thousands, except per share data) | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 537,145 | $ | 169,912 | $ | 3,899,269 | $ | (941,168) | $ | (662,065) | $ | 1,821,542 | $ | 4,824,635 | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | 178,052 | 178,052 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of income taxes | — | — | — | — | (364,640) | — | (364,640) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock - $0.34 per share | — | — | — | — | — | (49,416) | (49,416) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on preferred stock(1) | — | — | — | — | — | (8,291) | (8,291) | ||||||||||||||||||||||||||||||||||
Repurchases of common stock including costs to repurchase | — | — | — | (3,316) | — | — | (3,316) | ||||||||||||||||||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | — | 48 | 1,086 | — | — | (1,536) | (402) | ||||||||||||||||||||||||||||||||||
Stock options exercised, net | — | 53 | 919 | — | — | — | 972 | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 6,844 | — | — | — | 6,844 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 537,145 | $ | 170,013 | $ | 3,908,118 | $ | (944,484) | $ | (1,026,705) | $ | 1,940,351 | $ | 4,584,438 | |||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 537,145 | $ | 168,978 | $ | 3,864,281 | $ | (731,690) | $ | 15,278 | $ | 1,307,725 | $ | 5,161,717 | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | 186,200 | 186,200 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of income taxes | — | — | — | — | 30,448 | — | 30,448 | ||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock - $0.33 per share | — | — | — | — | — | (48,651) | (48,651) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on preferred stock(1) | — | — | — | — | — | (8,291) | (8,291) | ||||||||||||||||||||||||||||||||||
Repurchases of common stock including costs to repurchase | — | — | — | (92,507) | — | — | (92,507) | ||||||||||||||||||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | — | 35 | (429) | — | — | — | (394) | ||||||||||||||||||||||||||||||||||
Stock options exercised, net | — | 95 | 2,232 | — | — | — | 2,327 | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 6,865 | — | — | — | 6,865 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 537,145 | $ | 169,108 | $ | 3,872,949 | $ | (824,197) | $ | 45,726 | $ | 1,436,983 | $ | 5,237,714 | |||||||||||||||||||||||||||
(in thousands, except per share data) | Series C Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total | |||||||||||||||
Balance at December 31, 2015 | $ | 125,980 | 140,592 | 2,989,981 | (401,511 | ) | (29,819 | ) | 174,973 | 3,000,196 | ||||||||||||
Net income | — | — | — | — | — | 178,233 | 178,233 | |||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | 34,984 | — | 34,984 | |||||||||||||||
Cash dividends declared on common stock -$0.36 per share | — | — | — | — | — | (44,737 | ) | (44,737 | ) | |||||||||||||
Cash dividends paid on Series C Preferred Stock | — | — | — | — | — | (7,678 | ) | (7,678 | ) | |||||||||||||
Repurchases of common stock | — | — | (10,581 | ) | (252,503 | ) | — | — | (263,084 | ) | ||||||||||||
Restricted share unit activity | — | 301 | (4,860 | ) | — | — | (89 | ) | (4,648 | ) | ||||||||||||
Stock options exercised | — | 173 | 2,808 | — | — | — | 2,981 | |||||||||||||||
Share-based compensation net tax benefit | — | — | 199 | — | — | — | 199 | |||||||||||||||
Share-based compensation expense | — | — | 10,213 | — | — | — | 10,213 | |||||||||||||||
Balance at September 30, 2016 | $ | 125,980 | 141,066 | 2,987,760 | (654,014 | ) | 5,165 | 300,702 | 2,906,659 | |||||||||||||
Balance at December 31, 2016 | $ | 125,980 | 142,026 | 3,028,405 | (664,595 | ) | (55,659 | ) | 351,767 | 2,927,924 | ||||||||||||
Net income | — | — | — | — | — | 245,868 | 245,868 | |||||||||||||||
Other comprehensive income, net of income taxes | — | — | — | — | 16,063 | — | 16,063 | |||||||||||||||
Cash dividends declared on common stock - $0.45 per share | — | — | — | — | — | (54,671 | ) | (54,671 | ) | |||||||||||||
Cash dividends paid on Series C Preferred Stock | — | — | — | — | — | (7,678 | ) | (7,678 | ) | |||||||||||||
Repurchases of common stock | — | — | — | (135,914 | ) | — | — | (135,914 | ) | |||||||||||||
Restricted share unit activity | — | 335 | (8,007 | ) | — | — | (290 | ) | (7,962 | ) | ||||||||||||
Stock options exercised | — | 164 | 2,708 | — | — | — | 2,872 | |||||||||||||||
Share-based compensation expense | — | — | 10,576 | — | — | — | 10,576 | |||||||||||||||
Balance at September 30, 2017 | $ | 125,980 | $ | 142,525 | 3,033,682 | (800,509 | ) | (39,596 | ) | 534,996 | 2,997,078 | |||||||||||
(in thousands, except per share data) | Preferred Stock | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Total | ||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 537,145 | $ | 169,384 | $ | 3,894,109 | $ | (931,497) | $ | (82,321) | $ | 1,709,980 | $ | 5,296,800 | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | 349,088 | 349,088 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of income taxes | — | — | — | — | (944,384) | — | (944,384) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock - $0.68 per share | — | — | — | — | — | (98,858) | (98,858) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on preferred stock(2) | — | — | — | — | — | (16,581) | (16,581) | ||||||||||||||||||||||||||||||||||
Repurchases of common stock including costs to repurchase | — | — | — | (12,987) | — | — | (12,987) | ||||||||||||||||||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | — | 350 | (3,196) | — | — | (3,278) | (6,124) | ||||||||||||||||||||||||||||||||||
Stock options exercised, net | — | 279 | 2,460 | — | — | — | 2,739 | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 14,745 | — | — | — | 14,745 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 537,145 | $ | 170,013 | $ | 3,908,118 | $ | (944,484) | $ | (1,026,705) | $ | 1,940,351 | $ | 4,584,438 | |||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 537,145 | $ | 168,133 | $ | 3,851,208 | $ | (731,806) | $ | 158,635 | $ | 1,178,019 | $ | 5,161,334 | |||||||||||||||||||||||||||
Net income | — | — | — | — | — | 373,292 | 373,292 | ||||||||||||||||||||||||||||||||||
Other comprehensive income (loss), net of income taxes | — | — | — | — | (112,909) | — | (112,909) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock - $0.66 per share | — | — | — | — | — | (97,744) | (97,744) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on preferred stock(2) | — | — | — | — | — | (16,581) | (16,581) | ||||||||||||||||||||||||||||||||||
Repurchases of common stock including costs to repurchase | — | — | — | (92,507) | — | — | (92,507) | ||||||||||||||||||||||||||||||||||
Restricted share unit vesting and taxes paid related to net share settlement | — | 306 | (6,885) | — | — | — | (6,579) | ||||||||||||||||||||||||||||||||||
Stock options exercised, net | — | 669 | 14,210 | — | — | — | 14,879 | ||||||||||||||||||||||||||||||||||
Warrants exercised with net settlement and common stock reissued | — | — | (113) | 116 | — | (3) | — | ||||||||||||||||||||||||||||||||||
Share-based compensation expense | — | — | 14,529 | — | — | — | 14,529 | ||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 537,145 | $ | 169,108 | $ | 3,872,949 | $ | (824,197) | $ | 45,726 | $ | 1,436,983 | $ | 5,237,714 | |||||||||||||||||||||||||||
Nine Months Ended September 30, | ||||||
(in thousands) | 2017 | 2016 | ||||
Operating Activities | ||||||
Net income | $ | 245,868 | 178,233 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Provision for loan losses | 58,620 | 21,741 | ||||
Depreciation, amortization, and accretion, net | 44,786 | 43,615 | ||||
Deferred income tax expense | 114,205 | 94,436 | ||||
Decrease in trading account assets | (3,014 | ) | (2,212 | ) | ||
Originations of mortgage loans held for sale | (490,202 | ) | (512,572 | ) | ||
Proceeds from sales of mortgage loans held for sale | 500,786 | 486,690 | ||||
Gain on sales of mortgage loans held for sale, net | (10,587 | ) | (10,828 | ) | ||
Increase in other assets | (18,598 | ) | (38,577 | ) | ||
Increase in other liabilities | 17,718 | 37,068 | ||||
Investment securities losses (gains), net | 289 | (126 | ) | |||
Losses and write-downs on other real estate, net | 9,869 | 8,194 | ||||
Decrease in fair value of private equity investments, net | 3,193 | 527 | ||||
Losses and write-downs on other assets held for sale, net | 1,872 | 7,205 | ||||
Loss on early extinguishment of debt, net | — | 4,735 | ||||
Share-based compensation expense | 10,576 | 10,213 | ||||
Net cash provided by operating activities | $ | 485,381 | 328,342 | |||
Investing Activities | ||||||
Net decrease (increase) in interest earning deposits with banks | 12,673 | (988 | ) | |||
Net decrease (increase) in federal funds sold and securities purchased under resale agreements | 9,240 | (1,934 | ) | |||
Net increase in interest bearing funds with Federal Reserve Bank | (770,491 | ) | (155,889 | ) | ||
Proceeds from maturities and principal collections of investment securities available for sale | 483,307 | 711,882 | ||||
Proceeds from sales of investment securities available for sale | 812,293 | 596,824 | ||||
Purchases of investment securities available for sale | (1,195,302 | ) | (1,233,236 | ) | ||
Proceeds from sales of loans | 26,386 | 8,433 | ||||
Proceeds from sales of other real estate | 8,359 | 25,415 | ||||
Net increase in loans | (755,231 | ) | (879,200 | ) | ||
Purchases of bank-owned life insurance policies | (150,000 | ) | — | |||
Net increase in premises and equipment | (34,717 | ) | (24,491 | ) | ||
Proceeds from sales of other assets held for sale | 3,158 | 5,673 | ||||
Net cash used in investing activities | $ | (1,550,325 | ) | (947,511 | ) | |
Financing Activities | ||||||
Net increase in demand and savings deposits | 335,438 | 1,054,389 | ||||
Net increase (decrease) in certificates of deposit | 1,202,926 | (105,698 | ) | |||
Net (decrease) increase in federal funds purchased and securities sold under repurchase agreements | (18,160 | ) | 18,000 | |||
Repayments on long-term debt | (1,653,613 | ) | (1,730,106 | ) | ||
Proceeds from issuance of long-term debt | 1,375,000 | 1,700,000 | ||||
Dividends paid to common shareholders | (36,681 | ) | (44,737 | ) | ||
Dividends paid to preferred shareholders | (7,678 | ) | (7,678 | ) | ||
Stock options exercised | 2,872 | 2,981 | ||||
Repurchases of common stock | (135,914 | ) | (263,084 | ) | ||
Restricted stock activity | (7,962 | ) | (4,648 | ) | ||
Net cash provided by financing activities | $ | 1,056,228 | 619,419 | |||
(Decrease) increase in cash and cash equivalents | (8,716 | ) | 250 | |||
Cash and cash equivalents at beginning of period | 395,175 | 367,092 | ||||
Cash and cash equivalents at end of period | $ | 386,459 | 367,342 | |||
Supplemental Cash Flow Information | ||||||
Cash paid during the period for: | ||||||
Income tax payments, net | $ | 11,195 | 6,828 | |||
Interest paid | 101,632 | 93,479 | ||||
Non-cash Activities | ||||||
Premises and equipment transferred to other assets held for sale | 1,063 | 23,667 | ||||
Other assets held for sale transferred to premises and equipment | 4,450 | — | ||||
Loans foreclosed and transferred to other real estate | 6,571 | 15,017 | ||||
Loans transferred to other loans held for sale at fair value | 77,774 | 10,482 | ||||
Securities purchased during the period but settled after period-end | 193,286 | 49,479 | ||||
Dividends declared on common stock during the period but paid after period-end | 17,990 | — | ||||
Six Months Ended June 30, | |||||||||||
(in thousands) | 2022 | 2021 | |||||||||
Operating Activities | |||||||||||
Net income | $ | 349,088 | $ | 373,292 | |||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Provision for (reversal of) credit losses | 24,088 | (43,173) | |||||||||
Depreciation, amortization, and accretion, net | 36,991 | 66,572 | |||||||||
Deferred income tax expense (benefit) | (3,227) | 25,111 | |||||||||
Originations of loans held for sale | (2,095,264) | (2,042,076) | |||||||||
Proceeds from sales and payments on loans held for sale | 1,926,118 | 2,078,089 | |||||||||
Gain on sales of loans held for sale, net | (7,277) | (27,502) | |||||||||
(Increase) decrease in other assets | (107,698) | (7,354) | |||||||||
Increase (decrease) in other liabilities | 72,987 | (1,554) | |||||||||
Investment securities (gains) losses, net | — | 1,990 | |||||||||
Share-based compensation expense | 14,511 | 13,131 | |||||||||
Other | 677 | — | |||||||||
Net cash provided by (used in) operating activities | 210,994 | 436,526 | |||||||||
Investing Activities | |||||||||||
Proceeds from maturities and principal collections of investment securities available for sale | 1,226,967 | 1,616,397 | |||||||||
Proceeds from sales of investment securities available for sale | — | 223,977 | |||||||||
Purchases of investment securities available for sale | (1,269,468) | (3,476,929) | |||||||||
Proceeds from sales of loans | 47,130 | 86,650 | |||||||||
Purchases of loans | (361,567) | (1,041,602) | |||||||||
Net (increase) decrease in loans | (1,594,366) | 928,084 | |||||||||
Net (purchases) redemptions of Federal Home Loan Bank stock | (45,700) | (1,200) | |||||||||
Net (purchases) redemptions of Federal Reserve Bank stock | (536) | (954) | |||||||||
Net proceeds from settlement (purchases) of bank-owned life insurance policies | 3,106 | 6,264 | |||||||||
Net increase in premises, equipment and software | (11,260) | (12,419) | |||||||||
Other | 33,984 | 4,141 | |||||||||
Net cash provided by (used in) investing activities | (1,971,710) | (1,667,591) | |||||||||
Financing Activities | |||||||||||
Net increase (decrease) in deposits | (389,758) | 480,391 | |||||||||
Net increase (decrease) in federal funds purchased and securities sold under repurchase agreements | 81,109 | (33,135) | |||||||||
Net increase (decrease) in other short-term borrowings | 254,818 | (7,717) | |||||||||
Repayments and redemption of long-term debt | (400,000) | — | |||||||||
Proceeds from issuance of long-term debt | 1,000,000 | — | |||||||||
Dividends paid to common shareholders | (97,293) | (97,927) | |||||||||
Dividends paid to preferred shareholders | (16,581) | (16,581) | |||||||||
Repurchases of common stock | (12,987) | (92,507) | |||||||||
Issuances, net of taxes paid, under equity compensation plans | (3,385) | 8,300 | |||||||||
Net cash provided by (used in) financing activities | 415,923 | 240,824 | |||||||||
Increase (decrease) in cash and cash equivalents including restricted cash | (1,344,793) | (990,241) | |||||||||
Cash, cash equivalents, and restricted cash, at beginning of period | 3,009,853 | 4,252,917 | |||||||||
Cash, cash equivalents, and restricted cash at end of period | $ | 1,665,060 | $ | 3,262,676 | |||||||
Supplemental Disclosures: | |||||||||||
Income taxes paid | $ | 88,090 | $ | 115,282 | |||||||
Interest paid | 52,330 | 78,772 | |||||||||
Non-cash Activities | |||||||||||
Securities purchased during the period but settled after period-end | — | 48,795 | |||||||||
Premises and equipment transferred to other assets held for sale | 13,372 | 3,864 | |||||||||
Loans foreclosed and transferred to other real estate | — | 801 | |||||||||
Loans transferred (from) to other loans held for sale at fair value | (9,386) | — |
Standard | Description | Required date of adoption | Effect on Company's financial statements or other significant matters | ||||||||
Standards Adopted (or partially adopted ) | |||||||||||
ASU 2021-01, Reference Rate Reform (Topic 848) | In January 2021, the FASB issued ASU 2021-01 which provides optional expedients and exceptions in Topic 848 for derivative instruments and hedge accounting modifications resulting from the discounting transition of reference rate reform. | This ASU is effective upon issuance and can be applied through December 31, 2022. | The Company is in the process of evaluating and applying, as applicable, the optional expedients and exceptions in accounting for eligible contract modifications, eligible existing hedging relationships and new hedging relationships. The application of this guidance has not had and is not expected to have a material impact to the consolidated financial statements. | ||||||||
SAB 121, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users | In March 2022, the SEC released SAB 121 to add interpretive guidance for entities to consider when they have obligations to safeguard crypto-assets held for clients. The new guidance requires reporting entities who allow clients to transact in crypto-assets and act as a custodian to record a liability with a corresponding asset regardless of whether they control the crypto-asset. The crypto-asset will need to be marked at fair value for each reporting period. The new guidance requires disclosures in the footnotes to address the amount of crypto-assets reported, and the safeguarding and recordkeeping of the assets. | June 30, 2022, with retrospective application back to the beginning of the fiscal year. | The adoption of this standard on June 30, 2022, had no impact to the consolidated financial statements. | ||||||||
Standard | Description | Required date of adoption | Effect on Company's financial statements or other significant matters | ||||||||
Standards Issued But Not Yet Adopted | |||||||||||
ASU 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosure | In March 2022, the FASB issued ASU 2022-02 to eliminate TDR accounting guidance while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. The ASU also provides guidance for vintage table disclosures and gross write-offs. The ASU requires an entity to disclose current-period gross write-offs by year of origination for financing receivables within the scope of Subtopic 326-20. | January 1, 2023. Early adoption is permitted as of an interim period with retrospective application back to the beginning of the fiscal year. | The Company is currently evaluating the potential financial statement impact from the implementation of this standard. | ||||||||
Global One | October 1, 2016 | |||
(in thousands) | Fair Value | |||
Assets acquired: | ||||
Cash and due from banks | $ | 9,554 | ||
Commercial and industrial loans(1) | 357,307 | |||
Goodwill(2) | 32,884 | |||
Other intangible assets | 12,500 | |||
Other assets | 3,681 | |||
Total assets acquired | $ | 415,926 | ||
Liabilities assumed: | ||||
Notes payable(3) | $ | 358,560 | ||
Contingent consideration | 12,234 | |||
Deferred tax liability, net | 3,229 | |||
Other liabilities | 11,903 | |||
Total liabilities assumed | $ | 385,926 | ||
Consideration paid | $ | 30,000 | ||
Cash paid | $ | 3,408 | ||
Fair value of common stock issued | 26,592 | |||
June 30, 2022 | |||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
U.S. Treasury securities | $ | 414,744 | $ | — | $ | (28,160) | $ | 386,584 | |||||||||||||||
U.S. Government agency securities | 52,866 | 2 | (1,973) | 50,895 | |||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 713,490 | 6 | (81,525) | 631,971 | |||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 8,144,078 | 557 | (901,994) | 7,242,641 | |||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 826,579 | — | (73,493) | 753,086 | |||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 642,436 | 121 | (37,438) | 605,119 | |||||||||||||||||||
Asset-backed securities | 201,366 | — | — | 201,366 | |||||||||||||||||||
Corporate debt securities and other debt securities | 18,358 | — | (170) | 18,188 | |||||||||||||||||||
Total investment securities available for sale | $ | 11,013,917 | $ | 686 | $ | (1,124,753) | $ | 9,889,850 | |||||||||||||||
December 31, 2021 | |||||||||||||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
U.S. Treasury securities | $ | 120,465 | $ | — | $ | (2,627) | $ | 117,838 | |||||||||||||||
U.S. Government agency securities | 53,214 | 1,374 | (387) | 54,201 | |||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 790,329 | 768 | (11,464) | 779,633 | |||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 8,063,890 | 50,491 | (102,080) | 8,012,301 | |||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 951,691 | 4,658 | (16,726) | 939,623 | |||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 479,420 | 8,644 | (6,320) | 481,744 | |||||||||||||||||||
Asset-backed securities | 514,188 | — | — | 514,188 | |||||||||||||||||||
Corporate debt securities and other debt securities | 18,309 | 492 | — | 18,801 | |||||||||||||||||||
Total investment securities available for sale | $ | 10,991,506 | $ | 66,427 | $ | (139,604) | $ | 10,918,329 | |||||||||||||||
September 30, 2017 | |||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||
U.S. Treasury securities | $ | 83,550 | — | (369 | ) | 83,181 | |||||||
U.S. Government agency securities | 10,772 | 266 | — | 11,038 | |||||||||
Mortgage-backed securities issued by U.S. Government agencies | 127,521 | 715 | (852 | ) | 127,384 | ||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 2,663,959 | 7,917 | (20,024 | ) | 2,651,852 | ||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 943,583 | — | (12,143 | ) | 931,440 | ||||||||
State and municipal securities | 180 | 1 | — | 181 | |||||||||
Corporate debt and other securities | 20,297 | 286 | (216 | ) | 20,367 | ||||||||
Total investment securities available for sale | $ | 3,849,862 | 9,185 | (33,604 | ) | 3,825,443 | |||||||
December 31, 2016 | |||||||||||||
(in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||
U.S. Treasury securities | $ | 108,221 | 225 | (644 | ) | 107,802 | |||||||
U.S. Government agency securities | 12,727 | 266 | — | 12,993 | |||||||||
Mortgage-backed securities issued by U.S. Government agencies | 174,440 | 1,116 | (1,354 | ) | 174,202 | ||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 2,543,495 | 5,416 | (42,571 | ) | 2,506,340 | ||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 905,789 | 1,214 | (16,561 | ) | 890,442 | ||||||||
State and municipal securities | 2,780 | 14 | — | 2,794 | |||||||||
Equity securities | 919 | 2,863 | — | 3,782 | |||||||||
Corporate debt and other securities | 20,247 | — | (407 | ) | 19,840 | ||||||||
Total investment securities available for sale | $ | 3,768,618 | 11,114 | (61,537 | ) | 3,718,195 | |||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 322,983 | $ | (20,632) | $ | 42,319 | $ | (7,528) | $ | 365,302 | $ | (28,160) | |||||||||||||||||||||||
U.S. Government agency securities | 50,180 | (1,973) | — | — | 50,180 | (1,973) | |||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 305,938 | (36,743) | 324,431 | (44,782) | 630,369 | (81,525) | |||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 5,273,030 | (605,258) | 1,893,054 | (296,736) | 7,166,084 | (901,994) | |||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 348,932 | (26,567) | 404,154 | (46,926) | 753,086 | (73,493) | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 418,331 | (14,730) | 138,644 | (22,708) | 556,975 | (37,438) | |||||||||||||||||||||||||||||
Corporate debt securities and other debt securities | 18,188 | (170) | — | — | 18,188 | (170) | |||||||||||||||||||||||||||||
Total | $ | 6,737,582 | $ | (706,073) | $ | 2,802,602 | $ | (418,680) | $ | 9,540,184 | $ | (1,124,753) | |||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 49,648 | $ | (379) | $ | 47,590 | $ | (2,248) | $ | 97,238 | $ | (2,627) | |||||||||||||||||||||||
U.S. Government agency securities | 21,760 | (387) | — | — | 21,760 | (387) | |||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 461,078 | (5,858) | 244,264 | (5,606) | 705,342 | (11,464) | |||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 5,729,476 | (82,671) | 643,758 | (19,409) | 6,373,234 | (102,080) | |||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 187,431 | (3,981) | 504,238 | (12,745) | 691,669 | (16,726) | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | 146,672 | (2,951) | 83,533 | (3,369) | 230,205 | (6,320) | |||||||||||||||||||||||||||||
Total | $ | 6,596,065 | $ | (96,227) | $ | 1,523,383 | $ | (43,377) | $ | 8,119,448 | $ | (139,604) | |||||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||
(in thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||
U.S. Treasury securities | $ | 64,351 | 369 | — | — | 64,351 | 369 | |||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 80,303 | 552 | 7,636 | 300 | 87,939 | 852 | ||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 1,696,906 | 19,128 | 48,596 | 896 | 1,745,502 | 20,024 | ||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 569,191 | 5,617 | 240,355 | 6,526 | 809,546 | 12,143 | ||||||||||||
Corporate debt and other securities | — | — | 5,081 | 216 | 5,081 | 216 | ||||||||||||
Total | $ | 2,410,751 | 25,666 | 301,668 | 7,938 | 2,712,419 | 33,604 | |||||||||||
December 31, 2016 | ||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||
(in thousands) | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | ||||||||||||
U.S. Treasury securities | $ | 64,023 | 644 | — | — | 64,023 | 644 | |||||||||||
Mortgage-backed securities issued by U.S. Government agencies | 128,121 | 1,240 | 3,626 | 114 | 131,747 | 1,354 | ||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 2,123,181 | 42,571 | — | — | 2,123,181 | 42,571 | ||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | 682,492 | 15,653 | 24,801 | 908 | 707,293 | 16,561 | ||||||||||||
Corporate debt and other securities | 14,952 | 48 | 4,888 | 359 | 19,840 | 407 | ||||||||||||
Total | $ | 3,012,769 | 60,156 | 33,315 | 1,381 | 3,046,084 | 61,537 | |||||||||||
Distribution of Maturities at June 30, 2022 | |||||||||||||||||||||||||||||
(in thousands) | Within One Year | 1 to 5 Years | 5 to 10 Years | More Than 10 Years | Total | ||||||||||||||||||||||||
Amortized Cost | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 21,282 | $ | 343,616 | $ | 49,846 | $ | — | $ | 414,744 | |||||||||||||||||||
U.S. Government agency securities | 456 | 22,420 | 29,990 | — | 52,866 | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 727 | 5 | 712,758 | 713,490 | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | — | 127,499 | 8,016,579 | 8,144,078 | ||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | 114 | — | 826,465 | 826,579 | ||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 338,951 | 234,679 | 68,806 | 642,436 | ||||||||||||||||||||||||
Asset-backed securities | 201,366 | — | — | — | 201,366 | ||||||||||||||||||||||||
Corporate debt securities and other debt securities | 9,501 | — | 8,857 | — | 18,358 | ||||||||||||||||||||||||
Total amortized cost | $ | 232,605 | $ | 705,828 | $ | 450,876 | $ | 9,624,608 | $ | 11,013,917 | |||||||||||||||||||
Fair Value | |||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 21,282 | $ | 322,983 | $ | 42,319 | $ | — | $ | 386,584 | |||||||||||||||||||
U.S. Government agency securities | 457 | 20,581 | 29,857 | — | 50,895 | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 727 | 5 | 631,239 | 631,971 | ||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | — | 124,738 | 7,117,903 | 7,242,641 | ||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | 114 | — | 752,972 | 753,086 | ||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 328,630 | 209,726 | 66,763 | 605,119 | ||||||||||||||||||||||||
Asset-backed securities | 201,366 | — | — | — | 201,366 | ||||||||||||||||||||||||
Corporate debt securities and other debt securities | 9,446 | — | 8,742 | — | 18,188 | ||||||||||||||||||||||||
Total fair value | $ | 232,551 | $ | 673,035 | $ | 415,387 | $ | 8,568,877 | $ | 9,889,850 | |||||||||||||||||||
Distribution of Maturities at September 30, 2017 | ||||||||||||||||||
(in thousands) | Within One Year | 1 to 5 Years | 5 to 10 Years | More Than 10 Years | No Stated Maturity | Total | ||||||||||||
Amortized Cost | ||||||||||||||||||
U.S. Treasury securities | $ | 18,830 | 64,720 | — | — | — | 83,550 | |||||||||||
U.S. Government agency securities | 2,331 | 6,437 | 2,004 | — | — | 10,772 | ||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | — | 32,956 | 94,565 | — | 127,521 | ||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 44 | 2,015 | 446,255 | 2,215,645 | — | 2,663,959 | ||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 20,910 | 922,673 | — | 943,583 | ||||||||||||
State and municipal securities | 180 | — | — | — | — | 180 | ||||||||||||
Corporate debt and other securities | — | — | 15,000 | 2,000 | 3,297 | 20,297 | ||||||||||||
Total amortized cost | $ | 21,385 | 73,172 | 517,125 | 3,234,883 | 3,297 | 3,849,862 | |||||||||||
Fair Value | ||||||||||||||||||
U.S. Treasury securities | $ | 18,830 | 64,351 | — | — | — | 83,181 | |||||||||||
U.S. Government agency securities | 2,385 | 6,529 | 2,124 | — | — | 11,038 | ||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | — | 33,073 | 94,311 | — | 127,384 | ||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | 45 | 2,127 | 444,701 | 2,204,979 | — | 2,651,852 | ||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | — | 20,666 | 910,774 | — | 931,440 | ||||||||||||
State and municipal securities | 181 | — | — | — | — | 181 | ||||||||||||
Corporate debt and other securities | — | — | 15,286 | 1,919 | 3,162 | 20,367 | ||||||||||||
Total fair value | $ | 21,441 | 73,007 | 515,850 | 3,211,983 | 3,162 | 3,825,443 | |||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Gross realized gains on sales | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Gross realized losses on sales | — | — | — | (1,990) | |||||||||||||||||||
Investment securities gains (losses), net | $ | — | $ | — | $ | — | $ | (1,990) | |||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | ||||||||||
Proceeds from sales of investment securities available for sale | $ | 812,293 | 596,824 | $ | 473,912 | 353,215 | ||||||||
Gross realized gains on sales | 7,942 | 2,590 | — | 1,635 | ||||||||||
Gross realized losses on sales | (8,231 | ) | (2,464 | ) | (7,956 | ) | (1,576 | ) | ||||||
Investment securities (losses) gains, net | $ | (289 | ) | 126 | $ | (7,956 | ) | 59 | ||||||
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||
Severance charges | $ | 6,428 | — | $ | (24 | ) | — | ||||||
Asset impairment charges | 511 | 8,120 | 515 | 1,240 | |||||||||
Other charges | 104 | 105 | 28 | 3 | |||||||||
Total restructuring charges, net | $ | 7,043 | 8,225 | $ | 519 | 1,243 | |||||||
(in thousands) | Severance Charges | Lease Termination Charges | Total | ||||||
Balance at December 31, 2016 | $ | 81 | 3,968 | 4,049 | |||||
Accruals for voluntary and involuntary termination benefits | 6,428 | — | 6,428 | ||||||
Payments | (5,304 | ) | (540 | ) | (5,844 | ) | |||
Balance at September 30, 2017 | $ | 1,205 | 3,428 | 4,633 | |||||
Balance at July 1, 2017 | 3,731 | 3,530 | 7,261 | ||||||
Accruals for voluntary and involuntary termination benefits | (24 | ) | — | (24 | ) | ||||
Payments | (2,502 | ) | (102 | ) | (2,604 | ) | |||
Balance at September 30, 2017 | $ | 1,205 | 3,428 | 4,633 | |||||
(in thousands) | Severance Charges | Lease Termination Charges | Total | ||||||
Balance at December 31, 2015 | $ | 1,930 | 4,687 | 6,617 | |||||
Accruals for lease terminations | — | 6 | 6 | ||||||
Payments | (1,702 | ) | (533 | ) | (2,235 | ) | |||
Balance at September 30, 2016 | $ | 228 | 4,160 | 4,388 | |||||
Balance at July 1, 2016 | 593 | 4,375 | 4,968 | ||||||
Accruals for lease terminations | — | (25 | ) | (25 | ) | ||||
Payments | (365 | ) | (190 | ) | (555 | ) | |||
Balance at September 30, 2016 | $ | 228 | 4,160 | 4,388 | |||||
June 30, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Current | Accruing 30-89 Days Past Due | Accruing 90 Days or Greater Past Due | Total Accruing Past Due | Non-accrual with an ALL | Non-accrual without an ALL | Total | |||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 12,954,600 | $ | 14,363 | $ | 525 | $ | 14,888 | $ | 12,834 | $ | 35,767 | $ | 13,018,089 | ||||||||||||||||||||||||||||||
Owner-occupied | 7,744,300 | 4,538 | — | 4,538 | 6,955 | 4,443 | 7,760,236 | |||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 20,698,900 | 18,901 | 525 | 19,426 | 19,789 | 40,210 | 20,778,325 | |||||||||||||||||||||||||||||||||||||
Investment properties | 10,400,407 | 271 | — | 271 | 5,025 | 2,345 | 10,408,048 | |||||||||||||||||||||||||||||||||||||
1-4 family properties | 636,701 | 2,036 | — | 2,036 | 1,821 | 1,297 | 641,855 | |||||||||||||||||||||||||||||||||||||
Land and development | 451,590 | — | — | — | 1,924 | — | 453,514 | |||||||||||||||||||||||||||||||||||||
Total commercial real estate | 11,488,698 | 2,307 | — | 2,307 | 8,770 | 3,642 | 11,503,417 | |||||||||||||||||||||||||||||||||||||
Consumer mortgages | 5,092,428 | 9,238 | — | 9,238 | 22,857 | — | 5,124,523 | |||||||||||||||||||||||||||||||||||||
Home equity | 1,567,527 | 3,591 | — | 3,591 | 7,588 | 512 | 1,579,218 | |||||||||||||||||||||||||||||||||||||
Credit cards | 191,641 | 1,413 | 1,236 | 2,649 | — | — | 194,290 | |||||||||||||||||||||||||||||||||||||
Other consumer loans | 2,000,402 | 18,459 | 490 | 18,949 | 5,656 | — | 2,025,007 | |||||||||||||||||||||||||||||||||||||
Total consumer | 8,851,998 | 32,701 | 1,726 | 34,427 | 36,101 | 512 | 8,923,038 | |||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 41,039,596 | $ | 53,909 | $ | 2,251 | $ | 56,160 | $ | 64,660 | $ | 44,364 | $ | 41,204,780 | ||||||||||||||||||||||||||||||
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Current | Accruing 30-89 Days Past Due | Accruing 90 Days or Greater Past Due | Total Accruing Past Due | Non-accrual with an ALL | Non-accrual without an ALL | Total | |||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 12,068,740 | $ | 13,378 | $ | 3,953 | $ | 17,331 | $ | 37,918 | $ | 23,869 | $ | 12,147,858 | ||||||||||||||||||||||||||||||
Owner-occupied | 7,460,184 | 3,627 | 59 | 3,686 | 7,146 | 4,050 | 7,475,066 | |||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 19,528,924 | 17,005 | 4,012 | 21,017 | 45,064 | 27,919 | 19,622,924 | |||||||||||||||||||||||||||||||||||||
Investment properties | 9,894,924 | 1,285 | 717 | 2,002 | 3,273 | 2,577 | 9,902,776 | |||||||||||||||||||||||||||||||||||||
1-4 family properties | 639,631 | 1,182 | 93 | 1,275 | 4,535 | 28 | 645,469 | |||||||||||||||||||||||||||||||||||||
Land and development | 463,949 | 845 | 154 | 999 | 1,918 | — | 466,866 | |||||||||||||||||||||||||||||||||||||
Total commercial real estate | 10,998,504 | 3,312 | 964 | 4,276 | 9,726 | 2,605 | 11,015,111 | |||||||||||||||||||||||||||||||||||||
Consumer mortgages | 5,033,537 | 6,257 | 126 | 6,383 | 29,078 | — | 5,068,998 | |||||||||||||||||||||||||||||||||||||
Home equity | 1,349,027 | 2,619 | — | 2,619 | 9,773 | — | 1,361,419 | |||||||||||||||||||||||||||||||||||||
Credit cards | 201,929 | 1,233 | 1,010 | 2,243 | — | — | 204,172 | |||||||||||||||||||||||||||||||||||||
Other consumer loans | 2,011,430 | 20,369 | 658 | 21,027 | 6,877 | — | 2,039,334 | |||||||||||||||||||||||||||||||||||||
Total consumer | 8,595,923 | 30,478 | 1,794 | 32,272 | 45,728 | — | 8,673,923 | |||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 39,123,351 | $ | 50,795 | $ | 6,770 | $ | 57,565 | $ | 100,518 | $ | 30,524 | $ | 39,311,958 | ||||||||||||||||||||||||||||||
Current, Accruing Past Due, and Non-accrual Loans | ||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||
(in thousands) | Current | Accruing 30-89 Days Past Due | Accruing 90 Days or Greater Past Due | Total Accruing Past Due | Non-accrual | Total | ||||||||||||||
Investment properties | $ | 5,919,393 | 3,454 | 186 | 3,640 | 2,063 | 5,925,096 | |||||||||||||
1-4 family properties | 784,520 | 6,588 | 796 | 7,384 | 2,712 | 794,616 | ||||||||||||||
Land and development | 494,488 | 5,732 | 65 | 5,797 | 6,927 | 507,212 | ||||||||||||||
Total commercial real estate | 7,198,401 | 15,774 | 1,047 | 16,821 | 11,702 | 7,226,924 | ||||||||||||||
Commercial, financial and agricultural | 6,871,204 | 30,010 | 2,356 | 32,366 | 58,139 | 6,961,709 | ||||||||||||||
Owner-occupied | 4,751,269 | 9,586 | 618 | 10,204 | 3,960 | 4,765,433 | ||||||||||||||
Total commercial and industrial | 11,622,473 | 39,596 | 2,974 | 42,570 | 62,099 | 11,727,142 | ||||||||||||||
Home equity lines | 1,505,556 | 7,535 | 160 | 7,695 | 15,638 | 1,528,889 | ||||||||||||||
Consumer mortgages | 2,545,986 | 5,225 | 137 | 5,362 | 6,332 | 2,557,680 | ||||||||||||||
Credit cards | 222,176 | 2,312 | 1,237 | 3,549 | — | 225,725 | ||||||||||||||
Other consumer loans | 1,234,355 | 8,726 | 130 | 8,856 | 2,067 | 1,245,278 | ||||||||||||||
Total consumer | 5,508,073 | 23,798 | 1,664 | 25,462 | 24,037 | 5,557,572 | ||||||||||||||
Total loans | $ | 24,328,947 | 79,168 | 5,685 | 84,853 | 97,838 | 24,511,638 | (1 | ) | |||||||||||
December 31, 2016 | ||||||||||||||||||||
(in thousands) | Current | Accruing 30-89 Days Past Due | Accruing 90 Days or Greater Past Due | Total Accruing Past Due | Non-accrual | Total | ||||||||||||||
Investment properties | $ | 5,861,198 | 2,795 | — | 2,795 | 5,268 | 5,869,261 | |||||||||||||
1-4 family properties | 873,231 | 4,801 | 161 | 4,962 | 9,114 | 887,307 | ||||||||||||||
Land and development | 598,624 | 1,441 | — | 1,441 | 16,233 | 616,298 | ||||||||||||||
Total commercial real estate | 7,333,053 | 9,037 | 161 | 9,198 | 30,615 | 7,372,866 | ||||||||||||||
Commercial, financial and agricultural | 6,839,699 | 9,542 | 720 | 10,262 | 59,074 | 6,909,035 | ||||||||||||||
Owner-occupied | 4,601,356 | 17,913 | 244 | 18,157 | 16,503 | 4,636,016 | ||||||||||||||
Total commercial and industrial | 11,441,055 | 27,455 | 964 | 28,419 | 75,577 | 11,545,051 | ||||||||||||||
Home equity lines | 1,585,228 | 10,013 | 473 | 10,486 | 21,551 | 1,617,265 | ||||||||||||||
Consumer mortgages | 2,265,966 | 7,876 | 81 | 7,957 | 22,681 | 2,296,604 | ||||||||||||||
Credit cards | 229,177 | 1,819 | 1,417 | 3,236 | — | 232,413 | ||||||||||||||
Other consumer loans | 809,419 | 5,771 | 39 | 5,810 | 2,954 | 818,183 | ||||||||||||||
Total consumer | 4,889,790 | 25,479 | 2,010 | 27,489 | 47,186 | 4,964,465 | ||||||||||||||
Total loans | $ | 23,663,898 | 61,971 | 3,135 | 65,106 | 153,378 | 23,882,382 | (2 | ) | |||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Amortized Cost Basis | Converted to Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 539,814 | $ | 2,126,772 | $ | 1,183,170 | $ | 811,870 | $ | 569,801 | $ | 1,166,642 | $ | 6,202,131 | $ | 30,553 | $ | 12,630,753 | |||||||||||||||||||||||||||||||||||
Special Mention | 3,136 | 4,280 | 9,337 | 9,435 | 17,596 | 3,333 | 86,555 | — | 133,672 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 6,888 | 11,081 | 52,047 | 45,437 | 18,756 | 28,546 | 86,152 | 1,082 | 249,989 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | — | — | — | — | 3,520 | — | — | — | 3,520 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | — | — | — | — | 155 | — | 155 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | 549,838 | 2,142,133 | 1,244,554 | 866,742 | 609,673 | 1,198,521 | 6,374,993 | 31,635 | 13,018,089 | ||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 834,063 | 1,730,966 | 1,178,269 | 1,007,485 | 720,509 | 1,388,397 | 641,261 | — | 7,500,950 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 137 | 4,545 | 86,210 | 8,841 | 45,656 | 28,168 | — | — | 173,557 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 2,400 | 12,555 | 2,969 | 5,738 | 39,048 | 22,766 | — | — | 85,476 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | 253 | — | — | — | — | — | — | 253 | ||||||||||||||||||||||||||||||||||||||||||||
Total owner-occupied | 836,600 | 1,748,319 | 1,267,448 | 1,022,064 | 805,213 | 1,439,331 | 641,261 | — | 7,760,236 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 1,386,438 | 3,890,452 | 2,512,002 | 1,888,806 | 1,414,886 | 2,637,852 | 7,016,254 | 31,635 | 20,778,325 | ||||||||||||||||||||||||||||||||||||||||||||
Investment properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,352,056 | 2,953,629 | 1,554,185 | 1,444,006 | 901,677 | 1,749,178 | 314,751 | — | 10,269,482 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | 6,963 | — | 15,295 | 11,559 | 4,409 | 7,997 | — | 46,223 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 358 | 486 | 631 | 3,695 | 52,785 | 13,118 | 21,270 | — | 92,343 | ||||||||||||||||||||||||||||||||||||||||||||
Total investment properties | 1,352,414 | 2,961,078 | 1,554,816 | 1,462,996 | 966,021 | 1,766,705 | 344,018 | — | 10,408,048 | ||||||||||||||||||||||||||||||||||||||||||||
1-4 family properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 174,897 | 203,245 | 56,607 | 38,918 | 33,778 | 75,587 | 46,689 | — | 629,721 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 2,688 | 1,250 | 970 | 634 | — | 202 | — | — | 5,744 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 699 | 1,785 | 5 | 435 | 1,521 | 1,900 | 45 | — | 6,390 | ||||||||||||||||||||||||||||||||||||||||||||
Total 1-4 family properties | 178,284 | 206,280 | 57,582 | 39,987 | 35,299 | 77,689 | 46,734 | — | 641,855 | ||||||||||||||||||||||||||||||||||||||||||||
Loan Portfolio Credit Exposure by Risk Grade | ||||||||||||||||||||
September 30, 2017 | ||||||||||||||||||||
(in thousands) | Pass | Special Mention | Substandard(1) | Doubtful(2) | Loss | Total | ||||||||||||||
Investment properties | $ | 5,847,902 | 60,423 | 16,771 | — | — | 5,925,096 | |||||||||||||
1-4 family properties | 756,665 | 20,286 | 17,438 | 227 | — | 794,616 | ||||||||||||||
Land and development | 451,141 | 36,523 | 16,419 | 3,129 | — | 507,212 | ||||||||||||||
Total commercial real estate | 7,055,708 | 117,232 | 50,628 | 3,356 | — | 7,226,924 | ||||||||||||||
Commercial, financial and agricultural | 6,704,805 | 106,117 | 149,456 | 1,250 | 81 | (3) | 6,961,709 | |||||||||||||
Owner-occupied | 4,632,930 | 52,797 | 79,633 | 73 | — | 4,765,433 | ||||||||||||||
Total commercial and industrial | 11,337,735 | 158,914 | 229,089 | 1,323 | 81 | 11,727,142 | ||||||||||||||
Home equity lines | 1,505,724 | — | 20,771 | 355 | 2,039 | (3) | 1,528,889 | |||||||||||||
Consumer mortgages | 2,547,272 | — | 10,125 | 177 | 106 | (3) | 2,557,680 | |||||||||||||
Credit cards | 224,488 | — | 523 | — | 714 | (4) | 225,725 | |||||||||||||
Other consumer loans | 1,242,211 | — | 2,754 | 299 | 14 | (3) | 1,245,278 | |||||||||||||
Total consumer | 5,519,695 | — | 34,173 | 831 | 2,873 | 5,557,572 | ||||||||||||||
Total loans | $ | 23,913,138 | 276,146 | 313,890 | 5,510 | 2,954 | 24,511,638 | (5 | ) | |||||||||||
December 31, 2016 | ||||||||||||||||||||
(in thousands) | Pass | Special Mention | Substandard(1) | Doubtful(2) | Loss | Total | ||||||||||||||
Investment properties | $ | 5,794,626 | 43,336 | 31,299 | — | — | 5,869,261 | |||||||||||||
1-4 family properties | 826,311 | 33,928 | 26,790 | 278 | — | 887,307 | ||||||||||||||
Land and development | 521,745 | 60,205 | 27,361 | 6,987 | — | 616,298 | ||||||||||||||
Total commercial real estate | 7,142,682 | 137,469 | 85,450 | 7,265 | — | 7,372,866 | ||||||||||||||
Commercial, financial and agricultural | 6,635,756 | 126,268 | 140,425 | 6,445 | 141 | (3) | 6,909,035 | |||||||||||||
Owner-occupied | 4,462,420 | 60,856 | 111,330 | 1,410 | — | 4,636,016 | ||||||||||||||
Total commercial and industrial | 11,098,176 | 187,124 | 251,755 | 7,855 | 141 | 11,545,051 | ||||||||||||||
Home equity lines | 1,589,199 | — | 22,774 | 2,892 | 2,400 | (3) | 1,617,265 | |||||||||||||
Consumer mortgages | 2,271,916 | — | 23,268 | 1,283 | 137 | (3) | 2,296,604 | |||||||||||||
Credit cards | 230,997 | — | 637 | — | 779 | (4) | 232,413 | |||||||||||||
Other consumer loans | 814,844 | — | 3,233 | 42 | 64 | (3) | 818,183 | |||||||||||||
Total consumer | 4,906,956 | — | 49,912 | 4,217 | 3,380 | 4,964,465 | ||||||||||||||
Total loans | $ | 23,147,814 | 324,593 | 387,117 | 19,337 | 3,521 | 23,882,382 | (6 | ) | |||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Amortized Cost Basis | Converted to Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
Land and development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 66,081 | 133,592 | 30,360 | 55,259 | 21,038 | 84,205 | 22,182 | — | 412,717 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 29 | 170 | 775 | — | 31,136 | 290 | — | — | 32,400 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 813 | 2,884 | 225 | 643 | 477 | 3,355 | — | — | 8,397 | ||||||||||||||||||||||||||||||||||||||||||||
Total land and development | 66,923 | 136,646 | 31,360 | 55,902 | 52,651 | 87,850 | 22,182 | — | 453,514 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 1,597,621 | 3,304,004 | 1,643,758 | 1,558,885 | 1,053,971 | 1,932,244 | 412,934 | — | 11,503,417 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer mortgages | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 498,240 | 1,249,155 | 1,432,760 | 496,716 | 187,795 | 1,205,352 | 492 | — | 5,070,510 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 45 | 2,667 | 4,926 | 7,134 | 11,624 | 26,856 | — | — | 53,252 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | — | 4 | — | 757 | — | — | 761 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer mortgages | 498,285 | 1,251,822 | 1,437,686 | 503,854 | 199,419 | 1,232,965 | 492 | — | 5,124,523 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 1,204,042 | 363,356 | 1,567,398 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | — | — | — | — | — | — | 6,967 | 4,289 | 11,256 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | — | — | — | — | 426 | 138 | 564 | ||||||||||||||||||||||||||||||||||||||||||||
Total home equity | — | — | — | — | — | — | 1,211,435 | 367,783 | 1,579,218 | ||||||||||||||||||||||||||||||||||||||||||||
Credit cards | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 193,102 | — | 193,102 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | — | — | — | — | — | — | 430 | — | 430 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(4) | — | — | — | — | — | — | 758 | — | 758 | ||||||||||||||||||||||||||||||||||||||||||||
Total credit cards | — | — | — | — | — | — | 194,290 | — | 194,290 | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 155,843 | 667,787 | 557,705 | 86,030 | 43,321 | 182,373 | 323,060 | — | 2,016,119 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,942 | 1,515 | 1,724 | 1,326 | 1,110 | 1,094 | 168 | — | 8,879 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(4) | — | — | — | — | — | 9 | — | — | 9 | ||||||||||||||||||||||||||||||||||||||||||||
Total other consumer loans | 157,785 | 669,302 | 559,429 | 87,356 | 44,431 | 183,476 | 323,228 | — | 2,025,007 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 656,070 | 1,921,124 | 1,997,115 | 591,210 | 243,850 | 1,416,441 | 1,729,445 | 367,783 | 8,923,038 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 3,640,129 | $ | 9,115,580 | $ | 6,152,875 | $ | 4,038,901 | $ | 2,712,707 | $ | 5,986,537 | $ | 9,158,633 | $ | 399,418 | $ | 41,204,780 | |||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Amortized Cost Basis | Converted to Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | $ | 2,396,717 | $ | 1,332,549 | $ | 922,396 | $ | 607,918 | $ | 433,045 | $ | 903,995 | $ | 5,151,981 | $ | 42,809 | $ | 11,791,410 | |||||||||||||||||||||||||||||||||||
Special Mention | 2,731 | 15,166 | 17,571 | 10,433 | 2,242 | 2,489 | 71,996 | — | 122,628 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 16,105 | 50,979 | 40,125 | 10,383 | 16,473 | 37,565 | 51,442 | 33 | 223,105 | ||||||||||||||||||||||||||||||||||||||||||||
Doubtful(2) | 469 | — | 1,601 | 8,512 | — | — | 48 | — | 10,630 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | — | — | — | — | 85 | — | 85 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial, financial and agricultural | 2,416,022 | 1,398,694 | 981,693 | 637,246 | 451,760 | 944,049 | 5,275,552 | 42,842 | 12,147,858 | ||||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,776,086 | 1,276,797 | 1,117,825 | 858,721 | 708,942 | 1,116,766 | 437,724 | — | 7,292,861 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 702 | 19,950 | 4,724 | 10,202 | 18,109 | 36,481 | — | — | 90,168 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 7,312 | 1,294 | 8,386 | 43,276 | 6,169 | 25,329 | — | — | 91,766 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | 271 | — | — | — | — | — | — | — | 271 | ||||||||||||||||||||||||||||||||||||||||||||
Total owner-occupied | 1,784,371 | 1,298,041 | 1,130,935 | 912,199 | 733,220 | 1,178,576 | 437,724 | — | 7,475,066 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 4,200,393 | 2,696,735 | 2,112,628 | 1,549,445 | 1,184,980 | 2,122,625 | 5,713,276 | 42,842 | 19,622,924 | ||||||||||||||||||||||||||||||||||||||||||||
Investment properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 2,823,978 | 1,463,503 | 1,905,534 | 1,019,765 | 738,036 | 1,317,634 | 278,697 | — | 9,547,147 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 6,163 | — | 32,290 | 63,900 | 59,194 | 44,532 | 33,659 | — | 239,738 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,465 | 326 | 8,550 | 57,127 | 3,564 | 23,505 | 21,354 | — | 115,891 | ||||||||||||||||||||||||||||||||||||||||||||
Total investment properties | 2,831,606 | 1,463,829 | 1,946,374 | 1,140,792 | 800,794 | 1,385,671 | 333,710 | — | 9,902,776 | ||||||||||||||||||||||||||||||||||||||||||||
1-4 family properties | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 295,082 | 82,976 | 51,939 | 43,025 | 49,057 | 57,025 | 55,588 | — | 634,692 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | 192 | 207 | 641 | — | — | 239 | — | — | 1,279 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,999 | — | 566 | 4,222 | 489 | 2,177 | 45 | — | 9,498 | ||||||||||||||||||||||||||||||||||||||||||||
Total 1-4 family properties | 297,273 | 83,183 | 53,146 | 47,247 | 49,546 | 59,441 | 55,633 | — | 645,469 | ||||||||||||||||||||||||||||||||||||||||||||
Land and development | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 141,614 | 42,201 | 77,868 | 34,058 | 37,167 | 44,989 | 44,730 | — | 422,627 | ||||||||||||||||||||||||||||||||||||||||||||
Special Mention | — | 800 | 1,900 | 31,458 | — | 1,179 | — | — | 35,337 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 824 | 1,149 | 46 | 3,021 | 807 | 3,055 | — | — | 8,902 | ||||||||||||||||||||||||||||||||||||||||||||
Total land and development | 142,438 | 44,150 | 79,814 | 68,537 | 37,974 | 49,223 | 44,730 | — | 466,866 | ||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 3,271,317 | 1,591,162 | 2,079,334 | 1,256,576 | 888,314 | 1,494,335 | 434,073 | — | 11,015,111 | ||||||||||||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Amortized Cost Basis | Converted to Term Loans | Total | ||||||||||||||||||||||||||||||||||||||||||||
Consumer mortgages | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 1,274,999 | 1,556,733 | 572,467 | 216,277 | 392,492 | 1,001,771 | 255 | — | 5,014,994 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 1,031 | 3,680 | 5,943 | 12,387 | 5,717 | 25,025 | — | — | 53,783 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | 5 | — | — | 216 | — | — | 221 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer mortgages | 1,276,030 | 1,560,413 | 578,415 | 228,664 | 398,209 | 1,027,012 | 255 | — | 5,068,998 | ||||||||||||||||||||||||||||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 1,199,556 | 146,635 | 1,346,191 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | — | — | — | — | — | — | 9,058 | 5,372 | 14,430 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(3) | — | — | — | — | — | — | 658 | 140 | 798 | ||||||||||||||||||||||||||||||||||||||||||||
Total home equity | — | — | — | — | — | — | 1,209,272 | 152,147 | 1,361,419 | ||||||||||||||||||||||||||||||||||||||||||||
Credit cards | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | — | — | — | — | — | — | 203,161 | — | 203,161 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | — | — | — | — | — | — | 348 | — | 348 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(4) | — | — | — | — | — | — | 663 | — | 663 | ||||||||||||||||||||||||||||||||||||||||||||
Total credit cards | — | — | — | — | — | — | 204,172 | — | 204,172 | ||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Pass | 654,419 | 708,937 | 127,131 | 49,993 | 86,175 | 97,765 | 306,500 | — | 2,030,920 | ||||||||||||||||||||||||||||||||||||||||||||
Substandard(1) | 668 | 1,550 | 2,064 | 1,308 | 1,892 | 750 | 162 | — | 8,394 | ||||||||||||||||||||||||||||||||||||||||||||
Loss(4) | — | — | — | — | — | 20 | — | — | 20 | ||||||||||||||||||||||||||||||||||||||||||||
Total other consumer loans | 655,087 | 710,487 | 129,195 | 51,301 | 88,067 | 98,535 | 306,662 | — | 2,039,334 | ||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 1,931,117 | 2,270,900 | 707,610 | 279,965 | 486,276 | 1,125,547 | 1,720,361 | 152,147 | 8,673,923 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 9,402,827 | $ | 6,558,797 | $ | 4,899,572 | $ | 3,085,986 | $ | 2,559,570 | $ | 4,742,507 | $ | 7,867,710 | $ | 194,989 | $ | 39,311,958 | |||||||||||||||||||||||||||||||||||
As Of and For the Three Months Ended June 30, 2022 | |||||||||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial Real Estate | Consumer | Total | |||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance at March 31, 2022 | $ | 178,722 | $ | 94,696 | $ | 141,538 | $ | 414,956 | |||||||||||||||
Charge-offs | (15,512) | (252) | (7,934) | (23,698) | |||||||||||||||||||
Recoveries | 3,208 | 572 | 3,353 | 7,133 | |||||||||||||||||||
Provision for (reversal of) loan losses | (6,410) | 9,202 | 6,654 | 9,446 | |||||||||||||||||||
Ending balance at June 30, 2022 | $ | 160,008 | $ | 104,218 | $ | 143,611 | $ | 407,837 | |||||||||||||||
As Of and For the Three Months Ended June 30, 2021 | |||||||||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial Real Estate | Consumer | Total | |||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance at March 31, 2021 | $ | 254,777 | $ | 113,812 | $ | 194,625 | $ | 563,214 | |||||||||||||||
Charge-offs | (18,729) | (3,839) | (8,285) | (30,853) | |||||||||||||||||||
Recoveries | 1,495 | 377 | 2,435 | 4,307 | |||||||||||||||||||
Provision for (reversal of) loan losses | 17,395 | (18,237) | (19,118) | (19,960) | |||||||||||||||||||
Ending balance at June 30, 2021 | $ | 254,938 | $ | 92,113 | $ | 169,657 | $ | 516,708 | |||||||||||||||
As Of and For the Six Months Ended June 30, 2022 | |||||||||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial Real Estate | Consumer | Total | |||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance at December 31, 2021 | $ | 188,364 | $ | 97,760 | $ | 141,473 | $ | 427,597 | |||||||||||||||
Charge-offs | (29,275) | (2,708) | (16,862) | (48,845) | |||||||||||||||||||
Recoveries | 5,571 | 933 | 7,167 | 13,671 | |||||||||||||||||||
Provision for (reversal of) loan losses | (4,652) | 8,233 | 11,833 | 15,414 | |||||||||||||||||||
Ending balance at June 30, 2022 | $ | 160,008 | $ | 104,218 | $ | 143,611 | $ | 407,837 | |||||||||||||||
As Of and For the Six Months Ended June 30, 2021 | |||||||||||||||||||||||
(in thousands) | Commercial & Industrial | Commercial Real Estate | Consumer | Total | |||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||
Beginning balance at December 31, 2020 | $ | 229,555 | $ | 130,742 | $ | 245,439 | $ | 605,736 | |||||||||||||||
Charge-offs | (28,146) | (14,158) | (13,874) | (56,178) | |||||||||||||||||||
Recoveries | 4,267 | 1,403 | 3,758 | 9,428 | |||||||||||||||||||
Provision for loan losses | 49,262 | (25,874) | (65,666) | (42,278) | |||||||||||||||||||
Ending balance at June 30, 2021 | $ | 254,938 | $ | 92,113 | $ | 169,657 | $ | 516,708 | |||||||||||||||
Allowance for Loan Losses and Recorded Investment in Loans | ||||||||||||
As Of and For The Nine Months Ended September 30, 2017 | ||||||||||||
(in thousands) | Commercial Real Estate | Commercial & Industrial | Retail | Total | ||||||||
Allowance for loan losses: | ||||||||||||
Beginning balance | $ | 81,816 | 125,778 | 44,164 | 251,758 | |||||||
Charge-offs | (11,336 | ) | (41,390 | ) | (24,023 | ) | (76,749 | ) | ||||
Recoveries | 6,191 | 5,181 | 4,682 | 16,054 | ||||||||
Provision for loan losses | 1,289 | 36,934 | 20,397 | 58,620 | ||||||||
Ending balance(1) | $ | 77,960 | 126,503 | 45,220 | 249,683 | |||||||
Ending balance: individually evaluated for impairment | 4,108 | 7,360 | 783 | 12,251 | ||||||||
Ending balance: collectively evaluated for impairment | $ | 73,852 | 119,143 | 44,437 | 237,432 | |||||||
Loans: | ||||||||||||
Ending balance: total loans(1)(2) | $ | 7,226,924 | 11,727,142 | 5,557,572 | 24,511,638 | |||||||
Ending balance: individually evaluated for impairment | 64,909 | 109,434 | 30,132 | 204,475 | ||||||||
Ending balance: collectively evaluated for impairment | $ | 7,162,015 | 11,617,708 | 5,527,440 | 24,307,163 | |||||||
As Of and For The Nine Months Ended September 30, 2016 | ||||||||||||
(in thousands) | Commercial Real Estate | Commercial & Industrial | Retail | Total | ||||||||
Allowance for loan losses: | ||||||||||||
Beginning balance | $ | 87,133 | 122,989 | 42,374 | 252,496 | |||||||
Charge-offs | (13,361 | ) | (17,098 | ) | (10,611 | ) | (41,070 | ) | ||||
Recoveries | 10,927 | 6,122 | 3,601 | 20,650 | ||||||||
Provision for loan losses | (3,597 | ) | 18,875 | 6,463 | 21,741 | |||||||
Ending balance(1) | $ | 81,102 | 130,888 | 41,827 | 253,817 | |||||||
Ending balance: individually evaluated for impairment | 11,066 | 11,474 | 1,724 | 24,264 | ||||||||
Ending balance: collectively evaluated for impairment | $ | 70,036 | 119,414 | 40,103 | 229,553 | |||||||
Loans: | ||||||||||||
Ending balance: total loans(1)(3) | $7,472,551 | 11,009,021 | 4,807,511 | 23,289,083 | ||||||||
Ending balance: individually evaluated for impairment | 102,837 | 118,442 | 37,820 | 259,099 | ||||||||
Ending balance: collectively evaluated for impairment | $ | 7,369,714 | 10,890,579 | 4,769,691 | 23,029,984 | |||||||
Allowance for Loan Losses and Recorded Investment in Loans | ||||||||||||
As Of and For The Three Months Ended September 30, 2017 | ||||||||||||
(in thousands) | Commercial Real Estate | Commercial & Industrial | Consumer | Total | ||||||||
Allowance for loan losses: | ||||||||||||
Beginning balance | $ | 77,527 | 123,437 | 47,131 | 248,095 | |||||||
Charge-offs | (8,129 | ) | (21,855 | ) | (14,367 | ) | (44,351 | ) | ||||
Recoveries | 2,543 | 1,899 | 1,811 | 6,253 | ||||||||
Provision for loan losses | 6,019 | 23,022 | 10,645 | 39,686 | ||||||||
Ending balance(1) | $ | 77,960 | 126,503 | 45,220 | 249,683 | |||||||
Ending balance: individually evaluated for impairment | 4,108 | 7,360 | 783 | 12,251 | ||||||||
Ending balance: collectively evaluated for impairment | $ | 73,852 | 119,143 | 44,437 | 237,432 | |||||||
Loans: | ||||||||||||
Ending balance: total loans(1)(2) | $ | 7,226,924 | 11,727,142 | 5,557,572 | 24,511,638 | |||||||
Ending balance: individually evaluated for impairment | 64,909 | 109,434 | 30,132 | 204,475 | ||||||||
Ending balance: collectively evaluated for impairment | $ | 7,162,015 | 11,617,708 | 5,527,440 | 24,307,163 | |||||||
As Of and For The Three Months Ended September 30, 2016 | ||||||||||||
(in thousands) | Commercial Real Estate | Commercial & Industrial | Consumer | Total | ||||||||
Allowance for loan losses: | ||||||||||||
Beginning balance | $ | 79,359 | 129,633 | 46,084 | 255,076 | |||||||
Charge-offs | (4,084 | ) | (6,437 | ) | (3,463 | ) | (13,984 | ) | ||||
Recoveries | 4,237 | 1,780 | 1,037 | 7,054 | ||||||||
Provision for loan losses | 1,590 | 5,912 | (1,831 | ) | 5,671 | |||||||
Ending balance(1) | $ | 81,102 | 130,888 | 41,827 | 253,817 | |||||||
Ending balance: individually evaluated for impairment | 11,066 | 11,474 | 1,724 | 24,264 | ||||||||
Ending balance: collectively evaluated for impairment | $ | 70,036 | 119,414 | 40,103 | 229,553 | |||||||
Loans: | ||||||||||||
Ending balance: total loans(1)(3) | $ | 7,472,551 | 11,009,021 | 4,807,511 | 23,289,083 | |||||||
Ending balance: individually evaluated for impairment | 102,837 | 118,442 | 37,820 | 259,099 | ||||||||
Ending balance: collectively evaluated for impairment | $ | 7,369,714 | 10,890,579 | 4,769,691 | 23,029,984 | |||||||
Impaired Loans (including accruing TDRs) | |||||||||||||||||||||
September 30, 2017 | Nine Months Ended September 30, 2017 | Three Months Ended September 30, 2017 | |||||||||||||||||||
(in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | ||||||||||||||
With no related allowance recorded | |||||||||||||||||||||
Investment properties | $ | — | — | — | 164 | — | — | — | |||||||||||||
1-4 family properties | 253 | 2,582 | — | 374 | — | 253 | — | ||||||||||||||
Land and development | 1,488 | 3,172 | — | 2,084 | — | 1,911 | — | ||||||||||||||
Total commercial real estate | 1,741 | 5,754 | — | 2,622 | — | 2,164 | — | ||||||||||||||
Commercial, financial and agricultural | 20,696 | 22,122 | — | 23,094 | — | 25,583 | — | ||||||||||||||
Owner-occupied | 97 | 744 | — | 8,875 | — | 7,164 | — | ||||||||||||||
Total commercial and industrial | 20,793 | 22,866 | — | 31,969 | — | 32,747 | — | ||||||||||||||
Home equity lines | 1,072 | 1,072 | — | 1,063 | — | 1,069 | — | ||||||||||||||
Consumer mortgages | — | — | — | 661 | — | 496 | — | ||||||||||||||
Credit cards | — | — | — | — | — | — | — | ||||||||||||||
Other consumer loans | — | — | — | — | — | — | — | ||||||||||||||
Total consumer | 1,072 | 1,072 | — | 1,724 | — | 1,565 | — | ||||||||||||||
Total impaired loans with no related allowance recorded | $ | 23,606 | 29,692 | — | 36,315 | — | 36,476 | — | |||||||||||||
With allowance recorded | |||||||||||||||||||||
Investment properties | $ | 28,651 | 28,651 | 1,116 | 29,325 | 903 | 28,826 | 306 | |||||||||||||
1-4 family properties | 15,741 | 15,741 | 452 | 16,552 | 664 | 15,665 | 278 | ||||||||||||||
Land and development | 18,776 | 18,832 | 2,540 | 24,825 | 347 | 18,544 | 48 | ||||||||||||||
Total commercial real estate | 63,168 | 63,224 | 4,108 | 70,702 | 1,914 | 63,035 | 632 | ||||||||||||||
Commercial, financial and agricultural | 51,819 | 52,019 | 5,730 | 48,694 | 1,175 | 53,040 | 388 | ||||||||||||||
Owner-occupied | 36,822 | 36,855 | 1,630 | 41,627 | 1,002 | 37,004 | 328 | ||||||||||||||
Total commercial and industrial | 88,641 | 88,874 | 7,360 | 90,321 | 2,177 | 90,044 | 716 | ||||||||||||||
Home equity lines | 5,995 | 5,995 | 119 | 7,807 | 265 | 6,534 | 82 | ||||||||||||||
Consumer mortgages | 18,336 | 18,336 | 382 | 19,270 | 687 | 18,369 | 222 | ||||||||||||||
Credit cards | — | — | — | — | — | — | — | ||||||||||||||
Other consumer loans | 4,729 | 4,729 | 282 | 4,507 | 191 | 4,224 | 59 | ||||||||||||||
Total consumer | 29,060 | 29,060 | 783 | 31,584 | 1,143 | 29,127 | 363 | ||||||||||||||
Total impaired loans with allowance recorded | $ | 180,869 | 181,158 | 12,251 | 192,607 | 5,234 | 182,206 | 1,711 | |||||||||||||
Total impaired loans | |||||||||||||||||||||
Investment properties | $ | 28,651 | 28,651 | 1,116 | 29,489 | 903 | 28,826 | 306 | |||||||||||||
1-4 family properties | 15,994 | 18,323 | 452 | 16,926 | 664 | 15,918 | 278 | ||||||||||||||
Land and development | 20,264 | 22,004 | 2,540 | 26,909 | 347 | 20,455 | 48 | ||||||||||||||
Total commercial real estate | 64,909 | 68,978 | 4,108 | 73,324 | 1,914 | 65,199 | 632 | ||||||||||||||
Commercial, financial and agricultural | 72,515 | 74,141 | 5,730 | 71,788 | 1,175 | 78,623 | 388 | ||||||||||||||
Owner-occupied | 36,919 | 37,599 | 1,630 | 50,502 | 1,002 | 44,168 | 328 | ||||||||||||||
Total commercial and industrial | 109,434 | 111,740 | 7,360 | 122,290 | 2,177 | 122,791 | 716 | ||||||||||||||
Home equity lines | 7,067 | 7,067 | 119 | 8,870 | 265 | 7,603 | 82 | ||||||||||||||
Consumer mortgages | 18,336 | 18,336 | 382 | 19,931 | 687 | 18,865 | 222 | ||||||||||||||
Credit cards | — | — | — | — | — | — | — | ||||||||||||||
Other consumer loans | 4,729 | 4,729 | 282 | 4,507 | 191 | 4,224 | 59 | ||||||||||||||
Total consumer | 30,132 | 30,132 | 783 | 33,308 | 1,143 | 30,692 | 363 | ||||||||||||||
Total impaired loans | $ | 204,475 | 210,850 | 12,251 | 228,922 | 5,234 | 218,682 | 1,711 | |||||||||||||
Impaired Loans (including accruing TDRs) | |||||||||||||||
December 31, 2016 | Year Ended December 31, 2016 | ||||||||||||||
(in thousands) | Recorded Investment | Unpaid Principal Balance | Related Allowance | Average Recorded Investment | Interest Income Recognized | ||||||||||
With no related allowance recorded | |||||||||||||||
Investment properties | $ | 748 | 793 | — | 2,013 | — | |||||||||
1-4 family properties | 643 | 2,939 | — | 1,021 | — | ||||||||||
Land and development | 2,099 | 7,243 | — | 6,769 | — | ||||||||||
Total commercial real estate | 3,490 | 10,975 | — | 9,803 | — | ||||||||||
Commercial, financial and agricultural | 17,958 | 20,577 | — | 6,321 | — | ||||||||||
Owner-occupied | 5,508 | 7,377 | — | 8,394 | — | ||||||||||
Total commercial and industrial | 23,466 | 27,954 | — | 14,715 | — | ||||||||||
Home equity lines | 1,051 | 1,051 | — | 1,045 | — | ||||||||||
Consumer mortgages | 744 | 814 | — | 870 | — | ||||||||||
Credit cards | — | — | — | — | — | ||||||||||
Other consumer loans | — | — | — | — | — | ||||||||||
Total consumer | 1,795 | 1,865 | — | 1,915 | — | ||||||||||
Total impaired loans with no related allowance recorded | $ | 28,751 | 40,794 | — | 26,433 | — | |||||||||
With allowance recorded | |||||||||||||||
Investment properties | $ | 31,489 | 31,489 | 2,044 | 42,659 | 1,436 | |||||||||
1-4 family properties | 23,642 | 23,649 | 769 | 39,864 | 855 | ||||||||||
Land and development | 32,789 | 32,788 | 5,103 | 25,568 | 995 | ||||||||||
Total commercial real estate | 87,920 | 87,926 | 7,916 | 108,091 | 3,286 | ||||||||||
Commercial, financial and agricultural | 43,386 | 45,913 | 5,687 | 51,968 | 1,215 | ||||||||||
Owner-occupied | 53,708 | 53,942 | 2,697 | 52,300 | 1,946 | ||||||||||
Total commercial and industrial | 97,094 | 99,855 | 8,384 | 104,268 | 3,161 | ||||||||||
Home equity lines | 9,638 | 9,638 | 971 | 9,668 | 432 | ||||||||||
Consumer mortgages | 20,953 | 20,953 | 673 | 20,993 | 1,014 | ||||||||||
Credit cards | — | — | — | — | — | ||||||||||
Other consumer loans | 5,140 | 5,140 | 167 | 5,062 | 303 | ||||||||||
Total consumer | 35,731 | 35,731 | 1,811 | 35,723 | 1,749 | ||||||||||
Total impaired loans with allowance recorded | $ | 220,745 | 223,512 | 18,111 | 248,082 | 8,196 | |||||||||
Total impaired loans | |||||||||||||||
Investment properties | $ | 32,237 | 32,282 | 2,044 | 44,672 | 1,436 | |||||||||
1-4 family properties | 24,285 | 26,588 | 769 | 40,885 | 855 | ||||||||||
Land and development | 34,888 | 40,031 | 5,103 | 32,337 | 995 | ||||||||||
Total commercial real estate | 91,410 | 98,901 | 7,916 | 117,894 | 3,286 | ||||||||||
Commercial, financial and agricultural | 61,344 | 66,490 | 5,687 | 58,289 | 1,215 | ||||||||||
Owner-occupied | 59,216 | 61,319 | 2,697 | 60,694 | 1,946 | ||||||||||
Total commercial and industrial | 120,560 | 127,809 | 8,384 | 118,983 | 3,161 | ||||||||||
Home equity lines | 10,689 | 10,689 | 971 | 10,713 | 432 | ||||||||||
Consumer mortgages | 21,697 | 21,767 | 673 | 21,863 | 1,014 | ||||||||||
Credit cards | — | — | — | — | — | ||||||||||
Other consumer loans | 5,140 | 5,140 | 167 | 5,062 | 303 | ||||||||||
Total consumer | 37,526 | 37,596 | 1,811 | 37,638 | 1,749 | ||||||||||
Total impaired loans | $ | 249,496 | 264,306 | 18,111 | 274,515 | 8,196 | |||||||||
TDRs by Concession Type | ||||||||||||||||||||||||||
Three Months Ended June 30, 2022 | ||||||||||||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Below Market Interest Rate | Other Concessions(1) | Total | ||||||||||||||||||||||
Commercial, financial and agricultural | 23 | $ | 8,534 | $ | 266 | $ | 8,800 | |||||||||||||||||||
Owner-occupied | 7 | 22,430 | — | 22,430 | ||||||||||||||||||||||
Total commercial and industrial | 30 | 30,964 | 266 | 31,230 | ||||||||||||||||||||||
Investment properties | 2 | 690 | — | 690 | ||||||||||||||||||||||
1-4 family properties | 4 | 1,984 | — | 1,984 | ||||||||||||||||||||||
Land and development | 1 | 437 | — | 437 | ||||||||||||||||||||||
Total commercial real estate | 7 | 3,111 | — | 3,111 | ||||||||||||||||||||||
Consumer mortgages | 3 | 159 | 162 | 321 | ||||||||||||||||||||||
Home equity | 14 | 2,490 | 39 | 2,529 | ||||||||||||||||||||||
Other consumer loans | 4 | — | 91 | 91 | ||||||||||||||||||||||
Total consumer | 21 | 2,649 | 292 | 2,941 | ||||||||||||||||||||||
Total TDRs | 58 | $ | 36,724 | $ | 558 | $ | 37,282 | (2) | ||||||||||||||||||
Three Months Ended June 30, 2021 | ||||||||||||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Below Market Interest Rate | Other Concessions(1) | Total | ||||||||||||||||||||||
Commercial, financial and agricultural | 18 | $ | 1,770 | $ | 1,174 | $ | 2,944 | |||||||||||||||||||
Owner-occupied | 5 | 1,155 | — | 1,155 | ||||||||||||||||||||||
Total commercial and industrial | 23 | 2,925 | 1,174 | 4,099 | ||||||||||||||||||||||
Investment properties | 1 | 419 | — | 419 | ||||||||||||||||||||||
1-4 family properties | 2 | 158 | — | 158 | ||||||||||||||||||||||
Land and development | 1 | 366 | — | 366 | ||||||||||||||||||||||
Total commercial real estate | 4 | 943 | — | 943 | ||||||||||||||||||||||
Consumer mortgages | 2 | 331 | — | 331 | ||||||||||||||||||||||
Home equity | 14 | 900 | 96 | 996 | ||||||||||||||||||||||
Other consumer loans | 13 | 187 | 245 | 432 | ||||||||||||||||||||||
Total consumer | 29 | 1,418 | 341 | 1,759 | ||||||||||||||||||||||
Total TDRs | 56 | $ | 5,286 | $ | 1,515 | $ | 6,801 | (3) | ||||||||||||||||||
TDRs by Concession Type | |||||||||||||||||
Nine Months Ended September 30, 2017 | |||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Principal Forgiveness | Below Market Interest Rate | Term Extensions and/or Other Concessions | Total | ||||||||||||
Investment properties | — | $ | — | — | — | — | |||||||||||
1-4 family properties | 21 | — | 2,090 | 1,477 | 3,567 | ||||||||||||
Land acquisition | 4 | — | 157 | 895 | 1,052 | ||||||||||||
Total commercial real estate | 25 | — | 2,247 | 2,372 | 4,619 | ||||||||||||
Commercial, financial and agricultural | 50 | — | 8,703 | 12,145 | 20,848 | ||||||||||||
Owner-occupied | 4 | — | 35 | 1,705 | 1,740 | ||||||||||||
Total commercial and industrial | 54 | — | 8,738 | 13,850 | 22,588 | ||||||||||||
Home equity lines | — | — | — | — | — | ||||||||||||
Consumer mortgages | 8 | — | 248 | 1,190 | 1,438 | ||||||||||||
Credit cards | — | — | — | — | — | ||||||||||||
Other retail loans | 25 | — | 682 | 958 | 1,640 | ||||||||||||
Total retail | 33 | — | 930 | 2,148 | 3,078 | ||||||||||||
Total TDRs | 112 | $ | — | 11,915 | 18,370 | 30,285 | (1 | ) | |||||||||
Three Months Ended September 30, 2017 | |||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Principal Forgiveness | Below Market Interest Rate | Term Extensions and/or Other Concessions | Total | ||||||||||||
Investment properties | — | $ | — | — | — | — | |||||||||||
1-4 family properties | 5 | — | — | 964 | 964 | ||||||||||||
Land and development | 3 | — | 157 | 760 | 917 | ||||||||||||
Total commercial real estate | 8 | — | 157 | 1,724 | 1,881 | ||||||||||||
Commercial, financial and agricultural | 22 | — | 2,943 | 5,866 | 8,809 | ||||||||||||
Owner-occupied | 3 | — | 35 | 1,683 | 1,718 | ||||||||||||
Total commercial and industrial | 25 | — | 2,978 | 7,549 | 10,527 | ||||||||||||
Home equity lines | — | — | — | — | — | ||||||||||||
Consumer mortgages | 7 | — | 248 | 1,181 | 1,429 | ||||||||||||
Credit cards | — | — | — | — | — | ||||||||||||
Other consumer loans | 17 | — | 682 | 388 | 1,070 | ||||||||||||
Total consumer | 24 | — | 930 | 1,569 | 2,499 | ||||||||||||
Total TDRs | 57 | $ | — | 4,065 | 10,842 | 14,907 | (1 | ) | |||||||||
TDRs by Concession Type | |||||||||||||||||
Nine Months Ended September 30, 2016 | |||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Principal Forgiveness | Below Market Interest Rate | Term Extensions and/or Other Concessions | Total | ||||||||||||
Investment properties | 4 | $ | — | 1,826 | 3,518 | 5,344 | |||||||||||
1-4 family properties | 23 | — | 3,703 | 1,211 | 4,914 | ||||||||||||
Land acquisition | 13 | — | — | 1,766 | 1,766 | ||||||||||||
Total commercial real estate | 40 | — | 5,529 | 6,495 | 12,024 | ||||||||||||
Commercial, financial and agricultural | 50 | — | 13,948 | 5,232 | 19,180 | ||||||||||||
Owner-occupied | 7 | — | 5,458 | 550 | 6,008 | ||||||||||||
Total commercial and industrial | 57 | — | 19,406 | 5,782 | 25,188 | ||||||||||||
Home equity lines | 5 | — | 224 | 123 | 347 | ||||||||||||
Consumer mortgages | 6 | — | 354 | 51 | 405 | ||||||||||||
Credit cards | — | — | — | — | — | ||||||||||||
Other retail loans | 24 | — | 394 | 1,828 | 2,222 | ||||||||||||
Total retail | 35 | — | 972 | 2,002 | 2,974 | ||||||||||||
Total TDRs | 132 | $ | — | 25,907 | 14,279 | 40,186 | (2 | ) | |||||||||
Three Months Ended September 30, 2016 | |||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Principal Forgiveness | Below Market Interest Rate | Term Extensions and/or Other Concessions | Total | ||||||||||||
Investment properties | 1 | $ | — | — | 3,370 | 3,370 | |||||||||||
1-4 family properties | 4 | — | 213 | 47 | 260 | ||||||||||||
Land and development | 2 | — | — | 497 | 497 | ||||||||||||
Total commercial real estate | 7 | — | 213 | 3,914 | 4,127 | ||||||||||||
Commercial, financial and agricultural | 5 | — | — | 387 | 387 | ||||||||||||
Owner-occupied | 1 | — | 2,791 | — | 2,791 | ||||||||||||
Total commercial and industrial | 6 | — | 2,791 | 387 | 3,178 | ||||||||||||
Home equity lines | 2 | — | — | 123 | 123 | ||||||||||||
Consumer mortgages | — | — | — | — | — | ||||||||||||
Credit cards | — | — | — | — | — | ||||||||||||
Other consumer loans | 7 | — | 70 | 294 | 364 | ||||||||||||
Total consumer | 9 | — | 70 | 417 | 487 | ||||||||||||
Total TDRs | 22 | $ | — | 3,074 | 4,718 | 7,792 | (2 | ) | |||||||||
Six Months Ended June 30, 2022 | ||||||||||||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Below Market Interest Rate | Other Concessions(1) | Total | ||||||||||||||||||||||
Commercial, financial and agricultural | 56 | $ | 26,434 | $ | 807 | $ | 27,241 | |||||||||||||||||||
Owner-occupied | 20 | 28,534 | 3,857 | 32,391 | ||||||||||||||||||||||
Total commercial and industrial | 76 | 54,968 | 4,664 | 59,632 | ||||||||||||||||||||||
Investment properties | 5 | 1,279 | 6,610 | 7,889 | ||||||||||||||||||||||
1-4 family properties | 11 | 3,197 | — | 3,197 | ||||||||||||||||||||||
Land and development | 4 | 3,168 | — | 3,168 | ||||||||||||||||||||||
Total commercial real estate | 20 | 7,644 | 6,610 | 14,254 | ||||||||||||||||||||||
Consumer mortgages | 10 | 1,176 | 266 | 1,442 | ||||||||||||||||||||||
Home equity | 25 | 3,419 | 39 | 3,458 | ||||||||||||||||||||||
Other consumer loans | 6 | — | 139 | 139 | ||||||||||||||||||||||
Total consumer | 41 | 4,595 | 444 | 5,039 | ||||||||||||||||||||||
Total TDRs | 137 | $ | 67,207 | $ | 11,718 | $ | 78,925 | (2) | ||||||||||||||||||
Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||
(in thousands, except contract data) | Number of Contracts | Below Market Interest Rate | Other Concessions(1) | Total | ||||||||||||||||||||||
Commercial, financial and agricultural | 58 | $ | 5,003 | $ | 3,737 | $ | 8,740 | |||||||||||||||||||
Owner-occupied | 10 | 2,409 | 399 | 2,808 | ||||||||||||||||||||||
Total commercial and industrial | 68 | 7,412 | 4,136 | 11,548 | ||||||||||||||||||||||
Investment properties | 6 | 2,403 | — | 2,403 | ||||||||||||||||||||||
1-4 family properties | 7 | 621 | 39 | 660 | ||||||||||||||||||||||
Land and development | 2 | 366 | 43 | 409 | ||||||||||||||||||||||
Total commercial real estate | 15 | 3,390 | 82 | 3,472 | ||||||||||||||||||||||
Consumer mortgages | 2 | 331 | — | 331 | ||||||||||||||||||||||
Home equity | 27 | 1,487 | 258 | 1,745 | ||||||||||||||||||||||
Other consumer loans | 86 | 316 | 4,864 | 5,180 | ||||||||||||||||||||||
Total consumer | 115 | 2,134 | 5,122 | 7,256 | ||||||||||||||||||||||
Total TDRs | 198 | $ | 12,936 | $ | 9,340 | $ | 22,276 | (3) | ||||||||||||||||||
(in thousands) | Wholesale Banking Reporting Unit | Community Banking Reporting Unit | Consumer Banking Reporting Unit | Mortgage Reporting Unit | Wealth Management Reporting Unit | Total Goodwill | |||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 171,636 | $ | 256,323 | $ | — | $ | — | $ | 24,431 | $ | 452,390 | |||||||||||||||||||||||
Changes during the period from: | |||||||||||||||||||||||||||||||||||
Reallocation | — | (114,701) | 114,701 | — | — | — | |||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | 171,636 | $ | 141,622 | $ | 114,701 | $ | — | $ | 24,431 | $ | 452,390 | |||||||||||||||||||||||
(in thousands) | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | ||||||||||||||
June 30, 2022 | |||||||||||||||||
CDI | $ | 57,400 | $ | (31,831) | $ | 25,569 | |||||||||||
Other | 12,500 | (6,709) | 5,791 | ||||||||||||||
Total other intangible assets | $ | 69,900 | $ | (38,540) | $ | 31,360 | |||||||||||
December 31, 2021 | |||||||||||||||||
CDI | $ | 57,400 | $ | (28,178) | $ | 29,222 | |||||||||||
Other | 12,500 | (6,126) | 6,374 | ||||||||||||||
Total other intangible assets | $ | 69,900 | $ | (34,304) | $ | 35,596 | |||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) | ||||||||||||
(in thousands) | Net unrealized gains (losses) on cash flow hedges | Net unrealized gains (losses) on investment securities available for sale | Post-retirement unfunded health benefit | Total | ||||||||
Balance at December 31, 2016 | $ | (12,217 | ) | (44,324 | ) | 882 | (55,659 | ) | ||||
Other comprehensive income before reclassifications | — | 15,812 | 38 | 15,850 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 80 | 178 | (45 | ) | 213 | |||||||
Net current period other comprehensive income | 80 | 15,990 | (7 | ) | 16,063 | |||||||
Balance as of September 30, 2017 | $ | (12,137 | ) | (28,334 | ) | 875 | (39,596 | ) | ||||
Balance as of July 1, 2017 | $ | (12,137 | ) | (36,586 | ) | 858 | (47,865 | ) | ||||
Other comprehensive income before reclassifications | — | 3,359 | 38 | 3,397 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | — | 4,893 | (21 | ) | 4,872 | |||||||
Net current period other comprehensive income | — | 8,252 | 17 | 8,269 | ||||||||
Balance as of September 30, 2017 | $ | (12,137 | ) | (28,334 | ) | 875 | (39,596 | ) | ||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) | |||||||||||||||||
(in thousands) | Net unrealized gains (losses) on investment securities available for sale(1) | Net unrealized gains (losses) on cash flow hedges(1) | Total | ||||||||||||||
Balance at March 31, 2022 | $ | (542,439) | $ | (119,626) | $ | (662,065) | |||||||||||
Other comprehensive income (loss) before reclassifications | (327,080) | (36,815) | (363,895) | ||||||||||||||
Amounts reclassified from AOCI | — | (745) | (745) | ||||||||||||||
Net current period other comprehensive income (loss) | (327,080) | (37,560) | (364,640) | ||||||||||||||
Balance at June 30, 2022 | $ | (869,519) | $ | (157,186) | $ | (1,026,705) | |||||||||||
Balance at March 31, 2021 | $ | (15,316) | $ | 30,594 | $ | 15,278 | |||||||||||
Other comprehensive income (loss) before reclassifications | 34,617 | (1,437) | 33,180 | ||||||||||||||
Amounts reclassified from AOCI | — | (2,732) | (2,732) | ||||||||||||||
Net current period other comprehensive income (loss) | 34,617 | (4,169) | 30,448 | ||||||||||||||
Balance at June 30, 2021 | $ | 19,301 | $ | 26,425 | $ | 45,726 | |||||||||||
Balance, December 31, 2021 | $ | (67,980) | $ | (14,341) | $ | (82,321) | |||||||||||
Other comprehensive income (loss) before reclassifications | (801,539) | (140,432) | (941,971) | ||||||||||||||
Amounts reclassified from AOCI | — | (2,413) | (2,413) | ||||||||||||||
Net current period other comprehensive income (loss) | (801,539) | (142,845) | (944,384) | ||||||||||||||
Balance at June 30, 2022 | $ | (869,519) | $ | (157,186) | $ | (1,026,705) | |||||||||||
Balance, December 31, 2020 | $ | 105,669 | $ | 52,966 | $ | 158,635 | |||||||||||
Other comprehensive income (loss) before reclassifications | (87,843) | (22,620) | (110,463) | ||||||||||||||
Amounts reclassified from AOCI | 1,475 | (3,921) | (2,446) | ||||||||||||||
Net current period other comprehensive income (loss) | (86,368) | (26,541) | (112,909) | ||||||||||||||
Balance at June 30, 2021 | $ | 19,301 | $ | 26,425 | $ | 45,726 | |||||||||||
Changes in Accumulated Other Comprehensive Income (Loss) by Component (Net of Income Taxes) | ||||||||||||
(in thousands) | Net unrealized gains (losses) on cash flow hedges | Net unrealized gains (losses) on investment securities available for sale | Post-retirement unfunded health benefit | Total | ||||||||
Balance at December 31, 2015 | $ | (12,504 | ) | (18,222 | ) | 907 | (29,819 | ) | ||||
Other comprehensive income before reclassifications | — | 34,827 | 63 | 34,890 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 247 | (77 | ) | (76 | ) | 94 | ||||||
Net current period other comprehensive income | 247 | 34,750 | (13 | ) | 34,984 | |||||||
Balance as of September 30, 2016 | $ | (12,257 | ) | 16,528 | 894 | 5,165 | ||||||
Balance as of July 1, 2016 | $ | (12,297 | ) | 22,459 | 843 | 11,005 | ||||||
Other comprehensive income (loss) before reclassifications | — | (5,895 | ) | 63 | (5,832 | ) | ||||||
Amounts reclassified from accumulated other comprehensive income (loss) | 40 | (36 | ) | (12 | ) | (8 | ) | |||||
Net current period other comprehensive income (loss) | 40 | (5,931 | ) | 51 | (5,840 | ) | ||||||
Balance as of September 30, 2016 | $ | (12,257 | ) | 16,528 | 894 | 5,165 | ||||||
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | |||||||||
Details About Accumulated Other Comprehensive Income (Loss) Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement Where Net Income is Presented | |||||||
For the Nine Months Ended September 30, | |||||||||
2017 | 2016 | ||||||||
Net unrealized gains (losses) on cash flow hedges: | |||||||||
Amortization of deferred losses | $ | (130 | ) | (205 | ) | Interest expense | |||
Amortization of deferred losses | — | (197 | ) | Loss on early extinguishment of debt, net | |||||
50 | 155 | Income tax (expense) benefit | |||||||
$ | (80 | ) | (247 | ) | Reclassifications, net of income taxes | ||||
Net unrealized (losses) gains on investment securities available for sale: | |||||||||
Realized (losses) gains on sale of securities | $ | (289 | ) | 126 | Investment securities (losses) gains, net | ||||
111 | (49 | ) | Income tax (expense) benefit | ||||||
$ | (178 | ) | 77 | Reclassifications, net of income taxes | |||||
Post-retirement unfunded health benefit: | |||||||||
Amortization of actuarial gains | $ | 74 | 124 | Salaries and other personnel expense | |||||
(29 | ) | (48 | ) | Income tax (expense) benefit | |||||
$ | 45 | 76 | Reclassifications, net of income taxes | ||||||
Reclassifications out of Accumulated Other Comprehensive Income (Loss) | ||||||||
Details About Accumulated Other Comprehensive Income (Loss) Components | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) | Affected Line Item in the Statement Where Net Income is Presented | ||||||
For the Three Months Ended September 30, | ||||||||
2017 | 2016 | |||||||
Net unrealized gains (losses) on cash flow hedges: | ||||||||
Amortization of deferred losses | $ | — | (65 | ) | Interest expense | |||
— | 25 | Income tax (expense) benefit | ||||||
$ | — | (40 | ) | Reclassifications, net of income taxes | ||||
Net unrealized gains on investment securities available for sale: | ||||||||
Realized net (loss)gain on sale of securities | $ | (7,956 | ) | 59 | Investment securities (losses) gains, net | |||
3,063 | (23 | ) | Income tax (expense) benefit | |||||
$ | (4,893 | ) | 36 | Reclassifications, net of income taxes | ||||
Post-retirement unfunded health benefit: | ||||||||
Amortization of actuarial gains | $ | 34 | 20 | Salaries and other personnel expense | ||||
(13 | ) | (8 | ) | Income tax (expense) benefit | ||||
$ | 21 | 12 | Reclassifications, net of income taxes | |||||
June 30, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total Estimated Fair Value | Level 1 | Level 2 | Level 3 | Total Estimated Fair Value | ||||||||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trading securities: | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | $ | — | $ | 2,795 | $ | — | $ | 2,795 | $ | — | $ | 197 | $ | — | $ | 197 | ||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | — | 412 | — | 412 | — | 671 | — | 671 | ||||||||||||||||||||||||||||||||||||||||||
Other mortgage-backed securities | — | 3,231 | — | 3,231 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||
State and municipal securities | — | 28 | — | 28 | — | 560 | — | 560 | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 9,811 | — | 9,811 | — | 6,963 | — | 6,963 | ||||||||||||||||||||||||||||||||||||||||||
Total trading securities | $ | — | $ | 16,277 | $ | — | $ | 16,277 | $ | — | $ | 8,391 | $ | — | $ | 8,391 | ||||||||||||||||||||||||||||||||||
Investment securities available for sale: | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury securities | $ | 386,584 | $ | — | $ | — | $ | 386,584 | $ | 117,838 | $ | — | $ | — | $ | 117,838 | ||||||||||||||||||||||||||||||||||
U.S. Government agency securities | — | 50,895 | — | 50,895 | — | 54,201 | — | 54,201 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 631,971 | — | 631,971 | — | 779,633 | — | 779,633 | ||||||||||||||||||||||||||||||||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 7,242,641 | — | 7,242,641 | — | 8,012,301 | — | 8,012,301 | ||||||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | 753,086 | — | 753,086 | — | 939,623 | — | 939,623 | ||||||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities issued by U.S. Government agencies or sponsored enterprises | — | 605,119 | — | 605,119 | — | 481,744 | — | 481,744 | ||||||||||||||||||||||||||||||||||||||||||
Asset-backed securities | — | 201,366 | — | 201,366 | — | 514,188 | — | 514,188 | ||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities and other debt securities | — | 18,188 | — | 18,188 | — | 18,801 | — | 18,801 | ||||||||||||||||||||||||||||||||||||||||||
Total investment securities available for sale | $ | 386,584 | $ | 9,503,266 | $ | — | $ | 9,889,850 | $ | 117,838 | $ | 10,800,491 | $ | — | $ | 10,918,329 | ||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | $ | — | $ | 76,864 | $ | — | $ | 76,864 | $ | — | $ | 108,198 | $ | — | $ | 108,198 | ||||||||||||||||||||||||||||||||||
Other investments | — | — | 11,083 | 11,083 | — | — | 12,185 | 12,185 | ||||||||||||||||||||||||||||||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | 41,254 | — | — | 41,254 | 43,657 | — | — | 43,657 | ||||||||||||||||||||||||||||||||||||||||||
GGL/SBA loans servicing asset | — | — | 3,155 | 3,155 | — | — | 3,233 | 3,233 | ||||||||||||||||||||||||||||||||||||||||||
Derivative assets | — | 191,377 | — | 191,377 | — | 191,708 | — | 191,708 | ||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||
Trading liability for short positions | $ | — | $ | 5,018 | $ | — | $ | 5,018 | $ | — | $ | 200 | $ | — | $ | 200 | ||||||||||||||||||||||||||||||||||
Mutual funds held in rabbi trusts | 25,995 | — | — | 25,995 | 27,205 | — | — | 27,205 | ||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | — | 339,722 | 4,993 | 344,715 | — | 95,067 | 3,535 | 98,602 | ||||||||||||||||||||||||||||||||||||||||||
September 30, 2017 | ||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total Assets and Liabilities at Fair Value | ||||||||
Assets | ||||||||||||
Trading securities: | ||||||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 494 | — | 494 | ||||||||
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | — | 10,484 | — | 10,484 | ||||||||
State and municipal securities | — | 1,101 | — | 1,101 | ||||||||
Other investments | — | 250 | — | 250 | ||||||||
Total trading securities | $ | — | 12,329 | — | 12,329 | |||||||
Mortgage loans held for sale | — | 54,072 | — | 54,072 | ||||||||
Investment securities available for sale: | ||||||||||||
U.S. Treasury securities | 83,181 | — | — | 83,181 | ||||||||
U.S. Government agency securities | — | 11,038 | — | 11,038 | ||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 127,384 | — | 127,384 | ||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 2,651,852 | — | 2,651,852 | ||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | 931,440 | — | 931,440 | ||||||||
State and municipal securities | — | 181 | — | 181 | ||||||||
Corporate debt and other securities(1) | 3,162 | 15,287 | 1,918 | 20,367 | ||||||||
Total investment securities available for sale | $ | 86,343 | 3,737,182 | 1,918 | 3,825,443 | |||||||
Private equity investments | — | — | 15,671 | 15,671 | ||||||||
Mutual funds held in rabbi trusts | 13,439 | — | — | 13,439 | ||||||||
GGL/SBA loans servicing asset | — | — | 4,270 | 4,270 | ||||||||
Derivative assets: | ||||||||||||
Interest rate contracts | — | 14,896 | — | 14,896 | ||||||||
Mortgage derivatives(2) | — | 974 | — | 974 | ||||||||
Total derivative assets | $ | — | 15,870 | — | 15,870 | |||||||
Liabilities | ||||||||||||
Trading account liabilities | — | 7,860 | — | 7,860 | ||||||||
Earnout liability(3) | — | — | 16,000 | 16,000 | ||||||||
Derivative liabilities: | ||||||||||||
Interest rate contracts | — | 12,369 | — | 12,369 | ||||||||
Mortgage derivatives(2) | — | 32 | — | 32 | ||||||||
Visa derivative | — | — | 4,693 | 4,693 | ||||||||
Total derivative liabilities | $ | — | 12,401 | 4,693 | 17,094 | |||||||
December 31, 2016 | ||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total Assets and Liabilities at Fair Value | ||||||||
Assets | ||||||||||||
Trading securities: | ||||||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 3,460 | — | 3,460 | ||||||||
Collateralized mortgage obligations issued by U.S. Government sponsored enterprises | — | 3,438 | — | 3,438 | ||||||||
State and municipal securities | — | 426 | — | 426 | ||||||||
Other investments | 1,890 | 100 | — | 1,990 | ||||||||
Total trading securities | $ | 1,890 | 7,424 | — | 9,314 | |||||||
Mortgage loans held for sale | — | 51,545 | — | 51,545 | ||||||||
Investment securities available for sale: | ||||||||||||
U.S. Treasury securities | 107,802 | — | — | 107,802 | ||||||||
U.S. Government agency securities | — | 12,993 | — | 12,993 | ||||||||
Mortgage-backed securities issued by U.S. Government agencies | — | 174,202 | — | 174,202 | ||||||||
Mortgage-backed securities issued by U.S. Government sponsored enterprises | — | 2,506,340 | — | 2,506,340 | ||||||||
Collateralized mortgage obligations issued by U.S. Government agencies or sponsored enterprises | — | 890,442 | — | 890,442 | ||||||||
State and municipal securities | — | 2,794 | — | 2,794 | ||||||||
Equity securities | 3,782 | — | — | 3,782 | ||||||||
Corporate debt and other securities(1) | 3,092 | 14,952 | 1,796 | 19,840 | ||||||||
Total investment securities available for sale | $ | 114,676 | 3,601,723 | 1,796 | 3,718,195 | |||||||
Private equity investments | — | — | 25,493 | 25,493 | ||||||||
Mutual funds held in rabbi trusts | 11,479 | — | — | 11,479 | ||||||||
Derivative assets: | ||||||||||||
Interest rate contracts | — | 17,157 | — | 17,157 | ||||||||
Mortgage derivatives(2) | — | 3,466 | — | 3,466 | ||||||||
Total derivative assets | $ | — | 20,623 | — | 20,623 | |||||||
Liabilities | ||||||||||||
Earnout liability(3) | — | — | 14,000 | 14,000 | ||||||||
Derivative liabilities: | ||||||||||||
Interest rate contracts | — | 17,531 | — | 17,531 | ||||||||
Visa derivative | — | — | 5,768 | 5,768 | ||||||||
Total derivative liabilities | $ | — | 17,531 | 5,768 | 23,299 | |||||||
Mortgage Loans Held for Sale | |||||||||||
(in thousands) | As of June 30, 2022 | As of December 31, 2021 | |||||||||
Fair value | $ | 76,864 | $ | 108,198 | |||||||
Unpaid principal balance | 75,996 | 105,785 | |||||||||
Fair value less aggregate unpaid principal balance | $ | 868 | $ | 2,413 | |||||||
Changes in Fair Value Included in Net Income | Changes in Fair Value Included in Net Income | Three Months Ended June 30, | Six Months Ended June 30, | Location in Consolidated Statements of Income | ||||||||||||||||||||||||||||||||||||||
For the Nine Months Ended September 30, | For the Three Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | (in thousands) | 2022 | 2021 | 2022 | 2021 | Location in Consolidated Statements of Income | ||||||||||||||||||||||||||||||||
Mortgage loans held for sale | $ | 850 | 1,762 | $ | (104 | ) | (87 | ) | Mortgage loans held for sale | $ | 805 | $ | 4,094 | $ | (1,545) | $ | (538) | |||||||||||||||||||||||||
Mortgage Loans Held for Sale | ||||||
(in thousands) | As of September 30, 2017 | As of December 31, 2016 | ||||
Fair value | $ | 54,072 | 51,545 | |||
Unpaid principal balance | 52,791 | 51,114 | ||||
Fair value less aggregate unpaid principal balance | $ | 1,281 | 431 | |||
Nine Months Ended September 30, 2017 | |||||||||||||||
(in thousands) | Investment Securities Available for Sale | Private Equity Investments | Visa Derivative | Earnout Liability(1) | GGL / SBA Loans Servicing Asset(2) | ||||||||||
Beginning balance, January 1, | $ | 1,796 | 25,493 | (5,768 | ) | (14,000 | ) | — | |||||||
Total (losses) gains realized/unrealized: | |||||||||||||||
Included in earnings | — | (3,193 | ) | — | (3,766 | ) | (721 | ) | |||||||
Unrealized gains (losses) included in other comprehensive income | 122 | — | — | — | — | ||||||||||
Additions | — | — | — | — | 539 | ||||||||||
Sales and settlements | — | (6,629 | ) | 1,075 | — | — | |||||||||
Transfer from amortization method to fair value | — | — | — | — | 4,452 | ||||||||||
Measurement period adjustments related to Global One acquisition | — | — | — | 1,766 | — | ||||||||||
Ending balance, September 30, | $ | 1,918 | 15,671 | (4,693 | ) | (16,000 | ) | 4,270 | |||||||
Total net (losses) gains for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at September 30, | $ | — | (3,193 | ) | — | (3,766 | ) | (721 | ) | ||||||
Three Months Ended September 30, 2017 | |||||||||||||||
(in thousands) | Investment Securities Available for Sale | Private Equity Investments | Visa Derivative | Earnout Liability(1) | GGL / SBA Loans Servicing Asset(2) | ||||||||||
Beginning balance, July 1, | $ | 1,927 | 15,698 | (5,053 | ) | (13,941 | ) | 4,297 | |||||||
Total (losses) gains realized/unrealized: | |||||||||||||||
Included in earnings | — | (27 | ) | — | (2,059 | ) | (27 | ) | |||||||
Unrealized gains (losses) included in other comprehensive income | (9 | ) | — | — | — | — | |||||||||
Additions | — | — | — | — | — | ||||||||||
Sales and settlements | — | — | 360 | — | — | ||||||||||
Measurement period adjustments related to Global One acquisition | — | — | — | — | — | ||||||||||
Ending balance, September 30, | $ | 1,918 | 15,671 | (4,693 | ) | (16,000 | ) | 4,270 | |||||||
Total net (losses) gains for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets/liabilities still held at September 30, | $ | — | (27 | ) | — | (2,059 | ) | (27 | ) | ||||||
Nine Months Ended September 30, 2016 | |||||||||
(in thousands) | Investment Securities Available for Sale | Private Equity Investments | Visa Derivative | ||||||
Beginning balance, January 1, | $ | 1,745 | 27,148 | (1,415 | ) | ||||
Total (losses) gains realized/unrealized: | |||||||||
Included in earnings | — | (527 | ) | (1,080 | ) | ||||
Unrealized gains (losses) included in other comprehensive income | 28 | — | — | ||||||
Settlements | — | (629 | ) | 1,080 | |||||
Ending balance, September 30, | $ | 1,773 | 25,992 | (1,415 | ) | ||||
Total net (losses) gains for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at September 30, | $ | — | (527 | ) | (1,080 | ) | |||
Three Months Ended September 30, 2016 | |||||||||
(in thousands) | Investment Securities Available for Sale | Private Equity Investments | Visa Derivative | ||||||
Beginning balance, July 1, | $ | 1,625 | 26,866 | (1,415 | ) | ||||
Total (losses) gains realized/unrealized: | |||||||||
Included in earnings | — | (249 | ) | (360 | ) | ||||
Unrealized gains (losses) included in other comprehensive income | 148 | — | — | ||||||
Settlements | — | (625 | ) | 360 | |||||
Ending balance, September 30, | $ | 1,773 | 25,992 | (1,415 | ) | ||||
Total net (losses) gains for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets still held at September 30, | $ | — | (249 | ) | (360 | ) | |||
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||
(in thousands) | Other Investments | GGL / SBA Loans Servicing Asset | Visa Derivative | ||||||||||||||||||||||||||
Beginning balance | $ | 12,093 | $ | 3,451 | $ | (1,776) | |||||||||||||||||||||||
Total gains (losses) realized/unrealized: | |||||||||||||||||||||||||||||
Included in earnings | (7,037) | (510) | (3,500) | ||||||||||||||||||||||||||
Additions | 6,027 | — | — | ||||||||||||||||||||||||||
Settlements | — | 214 | 283 | ||||||||||||||||||||||||||
Ending balance | $ | 11,083 | $ | 3,155 | $ | (4,993) | |||||||||||||||||||||||
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2022 | $ | (7,037) | $ | — | $ | (3,500) | |||||||||||||||||||||||
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Investment Securities Available for Sale | Other Investments | GGL / SBA Loans Servicing Asset | Earnout Liability | Visa Derivative | ||||||||||||||||||||||||
Beginning balance | $ | — | $ | 1,053 | $ | 3,305 | $ | (5,677) | $ | (1,768) | |||||||||||||||||||
Total gains (losses) realized/unrealized: | |||||||||||||||||||||||||||||
Included in earnings | — | (27) | (252) | (750) | — | ||||||||||||||||||||||||
Additions | — | — | 268 | — | — | ||||||||||||||||||||||||
Settlements | — | — | — | — | 295 | ||||||||||||||||||||||||
Ending balance | $ | — | $ | 1,026 | $ | 3,321 | $ | (6,427) | $ | (1,473) | |||||||||||||||||||
Total net gains (losses) for the period included in earnings attributable to the change in unrealized gains/(losses) relating to assets/liabilities still held at June 30, 2021 | $ | — | $ | (27) | $ | — | $ | (750) | $ | — | |||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2022 | Fair Value Adjustments for the | Location in Consolidated Statements of Income | ||||||||||||||||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||
Loans(1) | $ | — | $ | — | $ | 24,360 | $ | 8,900 | $ | 9,239 | Provision for credit losses | |||||||||||||||||||||||||||
Other assets held for sale | — | — | 2,725 | — | 492 | Other operating expense | ||||||||||||||||||||||||||||||||
June 30, 2021 | Fair Value Adjustments for the | Location in Consolidated Statements of Income | ||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Three Months Ended June 30, 2021 | Six Months Ended June 30, 2021 | ||||||||||||||||||||||||||||||||||
Loans(1) | $ | — | $ | — | $ | 29,201 | $ | 13,476 | $ | 13,504 | Provision for credit losses | |||||||||||||||||||||||||||
Other real estate | — | — | 42 | 2 | 2 | Other operating expense | ||||||||||||||||||||||||||||||||
Other assets held for sale | — | — | 1,170 | 76 | 76 | Other operating expense | ||||||||||||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | |||||||||||||||||||||||
(in thousands) | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||
Impaired loans* | $ | — | — | 3,114 | 3,114 | — | — | 21,742 | 21,742 | |||||||||||||||
Other loans held for sale | — | — | 31,253 | 31,253 | — | — | — | — | ||||||||||||||||
Other real estate | — | — | 8,137 | 8,137 | — | — | 19,305 | 19,305 | ||||||||||||||||
Other assets held for sale | — | — | 4,033 | 4,033 | — | — | 12,083 | 12,083 | ||||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||
(in thousands) | 2017 | 2016 | 2017 | 2016 | |||||||||
Impaired loans* | $ | 1,075 | 1,329 | $ | 83 | 59 | |||||||
Other loans held for sale | 25,051 | 2,096 | 25,051 | 2,096 | |||||||||
Other real estate | 5,165 | 2,405 | 5,165 | 968 | |||||||||
Other assets held for sale | 1,683 | 7,532 | 1,683 | 907 | |||||||||
June 30, 2022 | |||||||||||||||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 1,665,060 | $ | 1,665,060 | $ | 1,665,060 | $ | — | $ | — | |||||||||||||||||||
Trading securities | 16,277 | 16,277 | — | 16,277 | — | ||||||||||||||||||||||||
Investment securities available for sale | 9,889,850 | 9,889,850 | 386,584 | 9,503,266 | — | ||||||||||||||||||||||||
Loans held for sale | 917,679 | 917,347 | — | 76,864 | 840,483 | ||||||||||||||||||||||||
Other investments | 11,083 | 11,083 | — | — | 11,083 | ||||||||||||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | 41,254 | 41,254 | 41,254 | — | — | ||||||||||||||||||||||||
Loans, net | 40,796,943 | 40,886,790 | — | — | 40,886,790 | ||||||||||||||||||||||||
GGL/SBA loans servicing asset | 3,155 | 3,155 | — | — | 3,155 | ||||||||||||||||||||||||
FRB and FHLB stock | 206,177 | 206,177 | — | 206,177 | 0 | ||||||||||||||||||||||||
Derivative assets | 191,377 | 191,377 | — | 191,377 | — | ||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Non-interest-bearing deposits | $ | 16,876,710 | $ | 16,876,710 | $ | — | $ | 16,876,710 | $ | — | |||||||||||||||||||
Non-time interest-bearing deposits | 27,084,663 | 27,084,663 | — | 27,084,663 | — | ||||||||||||||||||||||||
Time deposits | 5,073,327 | 5,052,977 | — | 5,052,977 | — | ||||||||||||||||||||||||
Total deposits | $ | 49,034,700 | $ | 49,014,350 | $ | — | $ | 49,014,350 | $ | — | |||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 345,242 | 345,242 | 345,242 | — | — | ||||||||||||||||||||||||
Trading liability for short positions | 5,018 | 5,018 | — | 5,018 | — | ||||||||||||||||||||||||
Short-term borrowings | 250,000 | 250,000 | — | 250,000 | — | ||||||||||||||||||||||||
Long-term debt | 1,804,104 | 1,793,812 | — | 1,793,812 | — | ||||||||||||||||||||||||
Mutual funds held in rabbi trusts | 25,995 | 25,995 | 25,995 | — | — | ||||||||||||||||||||||||
Derivative liabilities | 344,715 | 344,715 | — | 339,722 | 4,993 | ||||||||||||||||||||||||
September 30, 2017 | |||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||
Financial assets | |||||||||||||||
Cash and cash equivalents | $ | 386,459 | 386,459 | 386,459 | — | — | |||||||||
Interest bearing funds with Federal Reserve Bank | 1,297,581 | 1,297,581 | 1,297,581 | — | — | ||||||||||
Interest earning deposits with banks | 6,047 | 6,047 | 6,047 | — | — | ||||||||||
Federal funds sold and securities purchased under resale agreements | 48,820 | 48,820 | 48,820 | — | — | ||||||||||
Trading account assets | 12,329 | 12,329 | — | 12,329 | — | ||||||||||
Mortgage loans held for sale | 54,072 | 54,072 | — | 54,072 | — | ||||||||||
Other loans held for sale | 31,253 | 31,253 | — | — | 31,253 | ||||||||||
Investment securities available for sale | 3,825,443 | 3,825,443 | 86,343 | 3,737,182 | 1,918 | ||||||||||
Private equity investments | 15,671 | 15,671 | — | — | 15,671 | ||||||||||
Mutual funds held in rabbi trusts | 13,439 | 13,439 | 13,439 | — | — | ||||||||||
Loans, net of deferred fees and costs | 24,487,360 | 24,193,343 | — | — | 24,193,343 | ||||||||||
GGL/SBA loans servicing asset | 4,270 | 4,270 | — | — | 4,270 | ||||||||||
Derivative assets | 15,870 | 15,870 | — | 15,870 | — | ||||||||||
Financial liabilities | |||||||||||||||
Trading account liabilities | 7,860 | 7,860 | 7,860 | ||||||||||||
Non-interest bearing deposits | 7,302,682 | 7,302,682 | — | 7,302,682 | — | ||||||||||
Interest bearing deposits | 18,883,546 | 18,891,446 | — | 18,891,446 | — | ||||||||||
Federal funds purchased, other short-term borrowings and other short-term liabilities | 141,539 | 141,539 | 141,539 | — | — | ||||||||||
Long-term debt | 1,882,607 | 1,929,043 | — | 1,929,043 | — | ||||||||||
Other liabilities | 16,000 | 16,000 | — | — | 16,000 | ||||||||||
Derivative liabilities | 17,094 | 17,094 | — | 12,401 | 4,693 | ||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
Financial assets | |||||||||||||||||||||||||||||
Total cash, cash equivalents, and restricted cash | $ | 3,009,853 | $ | 3,009,853 | $ | 3,009,853 | $ | — | $ | — | |||||||||||||||||||
Trading securities | 8,391 | 8,391 | — | 8,391 | — | ||||||||||||||||||||||||
Investment securities available for sale | 10,918,329 | 10,918,329 | 117,838 | 10,800,491 | — | ||||||||||||||||||||||||
Loans held for sale | 750,642 | 749,980 | — | 108,198 | 641,782 | ||||||||||||||||||||||||
Other investments | 12,185 | 12,185 | — | — | 12,185 | ||||||||||||||||||||||||
Mutual funds and mutual funds held in rabbi trusts | 43,657 | 43,657 | 43,657 | — | — | ||||||||||||||||||||||||
Loans, net | 38,884,361 | 39,118,275 | — | — | 39,118,275 | ||||||||||||||||||||||||
GGL/SBA loans servicing asset | 3,233 | 3,233 | — | — | 3,233 | ||||||||||||||||||||||||
FRB and FHLB stock | 159,941 | 159,941 | — | 159,941 | — | ||||||||||||||||||||||||
Derivative assets | 191,708 | 191,708 | — | 191,708 | — | ||||||||||||||||||||||||
Financial liabilities | |||||||||||||||||||||||||||||
Non-interest-bearing deposits | $ | 16,392,653 | $ | 16,392,653 | $ | — | $ | 16,392,653 | $ | — | |||||||||||||||||||
Non-time interest-bearing deposits | 28,917,148 | 28,917,148 | — | 28,917,148 | — | ||||||||||||||||||||||||
Time deposits | 4,117,475 | 4,125,673 | — | 4,125,673 | — | ||||||||||||||||||||||||
Total deposits | $ | 49,427,276 | $ | 49,435,474 | $ | — | $ | 49,435,474 | $ | — | |||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 264,133 | 264,133 | 264,133 | — | — | ||||||||||||||||||||||||
Trading liability for short positions | 200 | 200 | — | 200 | — | ||||||||||||||||||||||||
Long-term debt | 1,204,229 | 1,243,147 | — | 1,243,147 | — | ||||||||||||||||||||||||
Mutual funds held in rabbi trusts | 27,205 | 27,205 | 27,205 | — | — | ||||||||||||||||||||||||
Derivative liabilities | 98,602 | 98,602 | — | 95,067 | 3,535 | ||||||||||||||||||||||||
December 31, 2016 | |||||||||||||||
(in thousands) | Carrying Value | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||
Financial assets | |||||||||||||||
Cash and cash equivalents | $ | 395,175 | 395,175 | 395,175 | — | — | |||||||||
Interest bearing funds with Federal Reserve Bank | 527,090 | 527,090 | 527,090 | — | — | ||||||||||
Interest earning deposits with banks | 18,720 | 18,720 | 18,720 | — | — | ||||||||||
Federal funds sold and securities purchased under resale agreements | 58,060 | 58,060 | 58,060 | — | — | ||||||||||
Trading account assets | 9,314 | 9,314 | 1,890 | 7,424 | — | ||||||||||
Mortgage loans held for sale | 51,545 | 51,545 | — | 51,545 | — | ||||||||||
Investment securities available for sale | 3,718,195 | 3,718,195 | 114,676 | 3,601,723 | 1,796 | ||||||||||
Private equity investments | 25,493 | 25,493 | — | — | 25,493 | ||||||||||
Mutual funds held in rabbi trusts | 11,479 | 11,479 | 11,479 | — | — | ||||||||||
Loans, net of deferred fees and costs | 23,856,391 | 23,709,434 | — | — | 23,709,434 | ||||||||||
Derivative assets | 20,623 | 20,623 | — | 20,623 | — | ||||||||||
Financial liabilities | |||||||||||||||
Non-interest bearing deposits | 7,085,804 | 7,085,804 | — | 7,085,804 | — | ||||||||||
Interest bearing deposits | 17,562,256 | 17,560,021 | — | 17,560,021 | — | ||||||||||
Federal funds purchased, other short-term borrowings and other short-term liabilities | 159,699 | 159,699 | 159,699 | — | — | ||||||||||
Long-term debt | 2,160,881 | 2,217,544 | — | 2,217,544 | — | ||||||||||
Other liabilities | 14,000 | 14,000 | — | — | 14,000 | ||||||||||
Derivative liabilities | 23,299 | 23,299 | — | 17,531 | 5,768 | ||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Estimated Fair Value | Estimated Fair Value | ||||||||||||||||||||||||||||||||||
(in thousands) | Notional Amount | Derivative Assets | Derivative Liabilities | Notional Amount | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||
Derivatives in cash flow hedging relationships: | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 5,250,000 | $ | 248 | $ | 182,949 | $ | 3,600,000 | $ | 22,004 | $ | 20,395 | |||||||||||||||||||||||
Total cash flow hedges | $ | 248 | $ | 182,949 | $ | 22,004 | $ | 20,395 | |||||||||||||||||||||||||||
Derivatives in fair value hedging relationships: | |||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | 819,389 | $ | 298 | $ | 4,571 | $ | — | $ | — | $ | — | |||||||||||||||||||||||
Total fair value hedges | $ | 298 | $ | 4,571 | $ | — | $ | — | |||||||||||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 546 | $ | 187,520 | $ | 22,004 | $ | 20,395 | |||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | |||||||||||||||||||||||||||||||||||
Interest rate contracts(1) | $ | 9,250,136 | $ | 188,994 | $ | 152,201 | $ | 9,653,600 | $ | 167,560 | $ | 74,514 | |||||||||||||||||||||||
Mortgage derivatives - interest rate lock commitments | 108,135 | 1,181 | — | 99,006 | 2,105 | — | |||||||||||||||||||||||||||||
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | 126,000 | 233 | — | 105,500 | — | 122 | |||||||||||||||||||||||||||||
Risk participation agreements | 448,186 | — | 1 | 374,214 | — | 36 | |||||||||||||||||||||||||||||
Foreign exchange contracts | 22,082 | 423 | — | 22,387 | 39 | — | |||||||||||||||||||||||||||||
Visa derivative | — | — | 4,993 | — | — | 3,535 | |||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 190,831 | $ | 157,195 | $ | 169,704 | $ | 78,207 | |||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Total interest income/(expense) amounts presented in the consolidated statements of income: | |||||||||||||||||||||||
Interest income on loans, including fees | $ | 2,986 | $ | 7,605 | $ | 11,642 | $ | 15,947 | |||||||||||||||
Interest expense on deposits | 1,447 | — | 1,447 | — | |||||||||||||||||||
Interest expense on long-term debt | 584 | — | 584 | — | |||||||||||||||||||
Gain/(loss) on cash flow hedging relationships: | |||||||||||||||||||||||
Interest rate contracts: | |||||||||||||||||||||||
Realized gains (losses) reclassified from AOCI, pre-tax, to interest income on loans | 978 | 3,657 | 3,167 | 5,256 | |||||||||||||||||||
Pre-tax income recognized on cash flow hedges | $ | 978 | $ | 3,657 | $ | 3,167 | $ | 5,256 | |||||||||||||||
Gain/(loss) on fair value hedging relationships: | |||||||||||||||||||||||
Interest rate contracts related to interest-bearing deposits: | |||||||||||||||||||||||
Recognized on derivatives | (2,818) | — | (2,818) | — | |||||||||||||||||||
Recognized on hedged items | 2,818 | — | 2,818 | — | |||||||||||||||||||
Pre-tax income recognized on interest-bearing deposits fair value hedges | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Interest rate contracts related to long-term debt: | |||||||||||||||||||||||
Recognized on derivatives | (1,455) | — | (1,455) | — | |||||||||||||||||||
Recognized on hedged items | 1,455 | — | 1,455 | — | |||||||||||||||||||
Pre-tax income recognized on long-term debt fair value hedges | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
Total pre-tax income recognized on fair value hedges | $ | — | $ | — | $ | — | $ | — |
June 30, 2022 | December 31, 2021 | ||||||||||||||||
Hedged Items Currently Designated | Hedged Items Currently Designated | ||||||||||||||||
(in thousands) | Carrying Amount of Assets/(Liabilities) | Hedge Accounting Basis Adjustment | Carrying Amount of Assets/(Liabilities) | Hedge Accounting Basis Adjustment | |||||||||||||
Interest-bearing deposits | $ | (619,390) | $ | 2,818 | $ | — | $ | — | |||||||||
Long-term debt | (197,760) | 1,455 | — | — |
Fair Value of Derivative Assets | Fair Value of Derivative Liabilities | |||||||||||||||
(in thousands) | Location on Consolidated Balance Sheets | September 30, 2017 | December 31, 2016 | Location on Consolidated Balance Sheets | September 30, 2017 | December 31, 2016 | ||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||
Interest rate contracts | Other assets | $ | 14,896 | 17,157 | Other liabilities | 12,369 | 17,531 | |||||||||
Mortgage derivatives | Other assets | 974 | 3,466 | Other liabilities | 32 | — | ||||||||||
Visa derivative | — | — | Other liabilities | 4,693 | 5,768 | |||||||||||
Total derivatives not designated as hedging instruments | $ | 15,870 | 20,623 | 17,094 | 23,299 | |||||||||||
Gain (Loss) Recognized in Consolidated Statements of Income | ||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||||||||
(in thousands) | Location in Consolidated Statements of Income | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Interest rate contracts(1) | Capital markets income | $ | 736 | $ | (637) | $ | 1,409 | $ | 310 | |||||||||||||||||||||||
Mortgage derivatives - interest rate lock commitments | Mortgage banking income | 394 | (53) | (924) | (1,772) | |||||||||||||||||||||||||||
Mortgage derivatives - forward commitments to sell fixed-rate mortgage loans | Mortgage banking income | (3,210) | (4,974) | 355 | 1,268 | |||||||||||||||||||||||||||
Risk participation agreements | Capital markets income | 10 | (19) | 35 | 182 | |||||||||||||||||||||||||||
Foreign exchange contracts | Capital markets income | 320 | — | 385 | — | |||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | (1,750) | $ | (5,683) | $ | 1,260 | $ | (12) | ||||||||||||||||||||||||
Location of Gain (Loss) Recognized in Income | Gain (Loss) Recognized in Income | ||||||||
(in thousands) | Nine Months Ended September 30, | ||||||||
Derivatives not designated as hedging instruments | 2017 | 2016 | |||||||
Interest rate contracts(1) | Other non-interest income | $ | (5 | ) | 39 | ||||
Mortgage derivatives(2) | Mortgage banking income | (2,524 | ) | 189 | |||||
Total | $ | (2,529 | ) | 228 | |||||
Gain (Loss) Recognized in Income | |||||||||
(in thousands) | Three Months Ended September 30, | ||||||||
Derivatives not designated as hedging instruments | Location of Gain (Loss) Recognized in Income | 2017 | 2016 | ||||||
Interest rate contracts(1) | Other non-interest income | $ | (4 | ) | 5 | ||||
Mortgage derivatives(2) | Mortgage banking income | (451 | ) | 674 | |||||
Total | $ | (455 | ) | 679 | |||||
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||
(in thousands, except per share data) | 2017 | 2016 | 2017 | 2016 | |||||||||
Basic Net Income Per Common Share: | |||||||||||||
Net income available to common shareholders | $ | 238,190 | 170,555 | $ | 95,448 | 62,686 | |||||||
Weighted average common shares outstanding | 121,796 | 125,076 | 120,900 | 122,924 | |||||||||
Net income per common share, basic | $ | 1.96 | 1.36 | $ | 0.79 | 0.51 | |||||||
Diluted Net Income Per Common Share: | |||||||||||||
Net income available to common shareholders | $ | 238,190 | 170,555 | $ | 95,448 | 62,686 | |||||||
Weighted average common shares outstanding | 121,796 | 125,076 | 120,900 | 122,924 | |||||||||
Potentially dilutive shares from outstanding equity-based awards and Earnout Payments | 832 | 636 | 914 | 680 | |||||||||
Weighted average diluted common shares | 122,628 | 125,712 | 121,814 | 123,604 | |||||||||
Net income per common share, diluted | $ | 1.94 | 1.36 | $ | 0.78 | 0.51 | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
(in thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||
Basic Net Income Per Common Share: | |||||||||||||||||||||||
Net income available to common shareholders | $ | 169,761 | $ | 177,909 | $ | 332,507 | $ | 356,711 | |||||||||||||||
Weighted average common shares outstanding | 145,328 | 148,113 | 145,301 | 148,289 | |||||||||||||||||||
Net income per common share, basic | $ | 1.17 | $ | 1.20 | $ | 2.29 | $ | 2.41 | |||||||||||||||
Diluted Net Income Per Common Share: | |||||||||||||||||||||||
Net income available to common shareholders | $ | 169,761 | $ | 177,909 | $ | 332,507 | $ | 356,711 | |||||||||||||||
Weighted average common shares outstanding | 145,328 | 148,113 | 145,301 | 148,289 | |||||||||||||||||||
Effect of dilutive outstanding equity-based awards and earnout payments | 987 | 1,634 | 1,188 | 1,475 | |||||||||||||||||||
Weighted average diluted common shares | 146,315 | 149,747 | 146,489 | 149,764 | |||||||||||||||||||
Net income per common share, diluted | $ | 1.16 | $ | 1.19 | $ | 2.27 | $ | 2.38 | |||||||||||||||
(in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Letters of credit(1) | $ | 202,904 | $ | 183,463 | |||||||
Commitments to fund commercial and industrial loans | 9,794,706 | 9,595,793 | |||||||||
Commitments to fund commercial real estate, construction, and land development loans | 3,829,403 | 3,593,171 | |||||||||
Commitments under home equity lines of credit | 1,951,166 | 1,805,869 | |||||||||
Unused credit card lines | 475,843 | 473,582 | |||||||||
Other loan commitments | 680,366 | 604,353 | |||||||||
Total letters of credit and unfunded lending commitments | $ | 16,934,388 | $ | 16,256,231 |
Tax credits, CRA partnerships, and other investments: | |||||||||||
Carrying amount included in other assets | $ | 471,264 | $ | 438,322 | |||||||
Amount of future funding commitments | 255,031 | 250,733 | |||||||||
Permanent and short-term construction loans and letter of credit commitments(2) | 164,957 | 204,391 | |||||||||
Funded portion of permanent and short-term loans and letters of credit(3) | 159,721 | 104,315 | |||||||||
(in thousands) | September 30, 2017 | December 31, 2016 | ||||
Letters of credit* | $ | 152,082 | 150,948 | |||
Commitments to fund commercial real estate, construction, and land development loans | 1,309,144 | 1,394,162 | ||||
Unused credit card lines | 1,170,429 | 1,103,431 | ||||
Commitments under home equity lines of credit | 1,133,569 | 1,096,052 | ||||
Commitments to fund commercial and industrial loans | 5,164,553 | 4,792,834 | ||||
Other loan commitments | 326,672 | 307,772 | ||||
Total unfunded lending commitments and letters of credit | $ | 9,256,449 | 8,845,199 | |||
Three Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
(in thousands) | Wholesale Banking | Community Banking | Consumer Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | |||||||||||||||||||||||||||||
Net interest income | $ | 168,988 | $ | 100,892 | $ | 103,727 | $ | 18,403 | $ | 33,378 | $ | 425,388 | |||||||||||||||||||||||
Non-interest revenue | 9,285 | 12,468 | 22,095 | 45,195 | 8,223 | 97,266 | |||||||||||||||||||||||||||||
Non-interest expense | 27,026 | 33,083 | 47,534 | 44,333 | 130,075 | 282,051 | |||||||||||||||||||||||||||||
Pre-provision net revenue | $ | 151,247 | $ | 80,277 | $ | 78,288 | $ | 19,265 | $ | (88,474) | $ | 240,603 |
Three Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
(in thousands) | Wholesale Banking | Community Banking | Consumer Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | |||||||||||||||||||||||||||||
Net interest income | $ | 136,126 | $ | 99,200 | $ | 103,681 | $ | 18,935 | $ | 23,918 | $ | 381,860 | |||||||||||||||||||||||
Non-interest revenue | 7,000 | 12,472 | 19,740 | 52,345 | 15,530 | 107,087 | |||||||||||||||||||||||||||||
Non-interest expense | 21,290 | 27,543 | 43,908 | 46,773 | 131,017 | 270,531 | |||||||||||||||||||||||||||||
Pre-provision net revenue | $ | 121,836 | $ | 84,129 | $ | 79,513 | $ | 24,507 | $ | (91,569) | $ | 218,416 | |||||||||||||||||||||||
Six Months Ended June 30, 2022 | |||||||||||||||||||||||||||||||||||
(in thousands) | Wholesale Banking | Community Banking | Consumer Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | |||||||||||||||||||||||||||||
Net interest income | $ | 324,984 | $ | 197,018 | $ | 201,133 | $ | 36,818 | $ | 57,682 | $ | 817,635 | |||||||||||||||||||||||
Non-interest revenue | 17,683 | 26,051 | 43,739 | 90,359 | 24,768 | 202,600 | |||||||||||||||||||||||||||||
Non-interest expense | 53,674 | 63,503 | 92,249 | 88,472 | 256,603 | 554,501 | |||||||||||||||||||||||||||||
Pre-provision net revenue | $ | 288,993 | $ | 159,566 | $ | 152,623 | $ | 38,705 | $ | (174,153) | $ | 465,734 | |||||||||||||||||||||||
Six Months Ended June 30, 2021 | |||||||||||||||||||||||||||||||||||
(in thousands) | Wholesale Banking | Community Banking | Consumer Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | |||||||||||||||||||||||||||||
Net interest income | $ | 270,200 | $ | 198,340 | $ | 210,783 | $ | 39,930 | $ | 36,463 | $ | 755,716 | |||||||||||||||||||||||
Non-interest revenue | 14,319 | 23,092 | 38,874 | 110,928 | 30,830 | 218,043 | |||||||||||||||||||||||||||||
Non-interest expense | 42,014 | 54,463 | 87,464 | 94,447 | 259,277 | 537,665 | |||||||||||||||||||||||||||||
Pre-provision net revenue | $ | 242,505 | $ | 166,969 | $ | 162,193 | $ | 56,411 | $ | (191,984) | $ | 436,094 | |||||||||||||||||||||||
June 30, 2022 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Wholesale Banking | Community Banking | Consumer Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | |||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 23,235,771 | $ | 8,449,876 | $ | 2,782,037 | $ | 5,061,990 | $ | 1,675,106 | $ | 41,204,780 | |||||||||||||||||||||||
Total deposits | $ | 11,514,037 | $ | 12,326,818 | $ | 19,829,216 | $ | 593,705 | $ | 4,770,924 | $ | 49,034,700 | |||||||||||||||||||||||
Total full-time equivalent employees | 310 | 610 | 1,505 | 810 | 1,770 | 5,005 | |||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | Wholesale Banking | Community Banking | Consumer Banking | Financial Management Services | Treasury and Corporate Other | Synovus Consolidated | |||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 21,496,050 | $ | 8,231,451 | $ | 2,559,892 | $ | 4,994,494 | $ | 2,030,071 | $ | 39,311,958 | |||||||||||||||||||||||
Total deposits | $ | 12,370,554 | $ | 12,557,631 | $ | 19,668,846 | $ | 826,639 | $ | 4,003,606 | $ | 49,427,276 | |||||||||||||||||||||||
Total full-time equivalent employees | 284 | 607 | 1,532 | 794 | 1,670 | 4,887 | |||||||||||||||||||||||||||||
(1) | the risk that competition in the financial services industry, including competition from nontraditional banking institutions such as Fintechs, may adversely affect our future earnings and growth; |
(2) | the risk that we may not realize the expected benefits from our strategic initiatives or that we may not be able to realize growth and efficiency regularly affect our future profitability; |
(3) | our ability to attract and retain employees and the |
strategic initiatives; | ||||||||
(4) | the risk that |
growth, including the risk that the strength of the current economic environment could be weakened by the continued impact of COVID-19 and by current supply chain challenges and inflation; | ||||||||
risks related to our strategic implementation of new lines of business, new products and services, and new technologies and an expansion of our existing business opportunities with a renewed focus on innovation; | ||||||||
(6) | the risk that we may be required to make substantial expenditures to keep pace with regulatory initiatives and the rapid technological changes in the financial services market; | |||||||
(7) | the risk that prolonged periods of inflation could have on our business, profitability and our stock price; | |||||||
(8) | changes in the interest rate environment, including changes to the federal funds rate, and competition in our primary market area may result in increased funding costs or reduced earning assets yields, thus reducing margins and net interest income; |
proposed changes in governmental policy, laws and regulations, proposed and recently enacted changes in monetary policy and in the regulation and taxation of banks and financial institutions, or the interpretation or application thereof and the uncertainty of future implementation and enforcement of these regulations, including the risk of inflationary pressure and interest rate increases; | ||||||||
the risk that |
successfully implemented, which could negatively impact our operations; | ||||||||
risks related to our business relationships with, and reliance |
vendor or business relationship; | ||||||||
the risk that our enterprise risk management framework, our compliance program, or our corporate governance and supervisory oversight functions may not identify or address risks adequately, which may result in unexpected losses; | ||||||||
(13) | risks that our asset quality may deteriorate or that our allowance for credit losses may prove to be inadequate or may be negatively affected by credit risk exposures; | |||||||
(14) | risks related to the ability of our operational framework to identify and manage risks associated with our business such as credit risk, compliance risk, reputational risk, and operational risk, including by virtue of our relationships with third-party business partners, as well as our relationship with third-party vendors and other service |
providers; | ||||||||
(15) | ||||||
the risk that we may be exposed to potential losses in the event of fraud |
theft, or in the event that a third-party vendor, obligor, or business partner fails to pay amounts due to us under that relationship or under any arrangement that we enter into with them; | ||||||||
(16) |
reputation; | ||||||||
(17) | the |
assets, business, capital and liquidity, financial condition, prospects and results of operations; | ||||||||
(18) | changes in the cost and availability of funding due to changes in the deposit market and credit market; | |||||||
(19) | the impact on our financial results, reputation, and business if we are unable to comply with all applicable federal and state regulations or other supervisory actions or directives and any necessary capital initiatives; |
the risks that if economic conditions worsen further or regulatory capital rules are modified, |
(21) | ||||||
restrictions or limitations on access to funds from historical and alternative sources of liquidity could adversely affect our overall liquidity, which could restrict our ability to make payments on our obligations and our ability to support asset growth and sustain our operations and the operations of Synovus Bank; |
(22) | our ability to receive dividends from our subsidiaries could affect our liquidity, including our ability to pay dividends or take other capital actions; |
(23) | risks related to our ESG strategies and initiatives, the scope and pace of which could alter our reputation and shareholder, employee, client and third-party relationships; | |||||||
(24) | risks related to the continued use, availability and reliability of LIBOR and the risks related to the transition from LIBOR to any alternate reference rate we may use; | |||||||
(25) | the risk that we may not be able to identify suitable bank and non-bank acquisition opportunities as part of our growth strategy and even if we are able to identify attractive acquisition opportunities, we may not be able to complete such transactions on favorable terms or realize the anticipated benefits from such acquisitions; | |||||||
(26) | the risk that we could realize losses if we sell non-performing assets and the proceeds we receive are lower than the carrying value of such assets; | |||||||
(27) | risks related to regulatory approval to take certain actions, including any dividends on our common stock or |
instruments; | ||||||||
other external events; | ||||||||
(29) | ||||||
the costs and effects of litigation, investigations |
risks related to the fluctuation in our stock |
price and general volatility in the stock market; | ||||||||
the effects of any damages to our reputation resulting from developments related to any of the items identified above; and |
other factors and other information contained in this Report and in other reports and filings that we make with the SEC under the Exchange Act, including, without limitation, those found in |
Table 1 - Consolidated Financial Highlights | |||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
(dollars in thousands, except per share data) | 2022 | 2021 | Change | 2022 | 2021 | Change | |||||||||||||||||||||||||||||
Net interest income | $ | 425,388 | $ | 381,860 | 11 | % | $ | 817,635 | $ | 755,716 | 8 | % | |||||||||||||||||||||||
Provision for (reversal of) credit losses | 12,688 | (24,598) | nm | 24,088 | (43,173) | nm | |||||||||||||||||||||||||||||
Non-interest revenue | 97,266 | 107,087 | (9) | 202,600 | 218,043 | (7) | |||||||||||||||||||||||||||||
Total TE revenue | 523,614 | 489,738 | 7 | 1,022,059 | 975,324 | 5 | |||||||||||||||||||||||||||||
Non-interest expense | 282,051 | 270,531 | 4 | 554,501 | 537,665 | 3 | |||||||||||||||||||||||||||||
Income before income taxes | 227,915 | 243,014 | (6) | 441,646 | 479,267 | (8) | |||||||||||||||||||||||||||||
Net income | 178,052 | 186,200 | (4) | 349,088 | 373,292 | (6) | |||||||||||||||||||||||||||||
Net income available to common shareholders | 169,761 | 177,909 | (5) | 332,507 | 356,711 | (7) | |||||||||||||||||||||||||||||
Net income per common share, basic | 1.17 | 1.20 | (3) | 2.29 | 2.41 | (5) | |||||||||||||||||||||||||||||
Net income per common share, diluted | 1.16 | 1.19 | (3) | 2.27 | 2.38 | (5) | |||||||||||||||||||||||||||||
Net interest margin(1) | 3.22 | % | 3.02 | % | 20 | bps | 3.11 | % | 3.03 | % | 8 | bps | |||||||||||||||||||||||
Net charge-off ratio(1) | 0.16 | 0.28 | (12) | 0.18 | 0.24 | (6) | |||||||||||||||||||||||||||||
Return on average assets(1) | 1.26 | 1.36 | (10) | 1.24 | 1.38 | (14) | |||||||||||||||||||||||||||||
Efficiency ratio-TE | 53.87 | 55.24 | (137) | 54.25 | 55.13 | (88) |
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||
(dollars in thousands, except per share data) | 2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||
Net interest income | $ | 753,597 | 665,650 | 13.2 | % | $ | 262,572 | 226,007 | 16.2 | % | |||||||||
Provision for loan losses | 58,620 | 21,741 | 169.6 | 39,686 | 5,671 | 599.8 | |||||||||||||
Non-interest income | 275,974 | 199,188 | 38.5 | 135,435 | 68,155 | 98.7 | |||||||||||||
Adjusted non-interest income(1) | 204,456 | 199,589 | 2.4 | 68,418 | 68,345 | 0.1 | |||||||||||||
Total revenues (2) | 1,030,750 | 865,676 | 19.1 | 406,246 | 294,433 | 38.0 | |||||||||||||
Adjusted total revenues(1) | 958,943 | 866,203 | 10.7 | 331,273 | 294,682 | 12.4 | |||||||||||||
Non-interest expense | 594,780 | 562,716 | 5.7 | 205,646 | 185,871 | 10.6 | |||||||||||||
Adjusted non-interest expense(1) | 576,150 | 545,495 | 5.6 | 194,102 | 183,907 | 5.5 | |||||||||||||
Income before income taxes | 376,171 | 280,381 | 34.2 | 152,675 | 102,620 | 48.8 | |||||||||||||
Net income | 245,868 | 178,233 | 37.9 | 98,007 | 65,245 | 50.2 | |||||||||||||
Net income available to common shareholders | 238,190 | 170,555 | 39.7 | 95,448 | 62,686 | 52.3 | |||||||||||||
Net income per common share, basic | 1.96 | 1.36 | 43.4 | 0.79 | 0.51 | 54.8 | |||||||||||||
Net income per common share, diluted | 1.94 | 1.36 | 43.2 | 0.78 | 0.51 | 54.5 | |||||||||||||
Adjusted net income per common share, diluted(1) | 1.82 | 1.45 | 25.9 | 0.65 | 0.52 | 24.7 | |||||||||||||
Net interest margin(3) | 3.52 | % | 3.27 | % | 25 | bps | 3.63 | % | 3.27 | 36 | bps | ||||||||
Net charge-off ratio(3) | 0.33 | 0.12 | 21 | bps | 0.62 | 0.12 | 50 | bps | |||||||||||
Adjusted net charge-off ratio(1)(3) | 0.15 | 0.12 | 3 | bps | 0.06 | 0.12 | (6 | ) bps | |||||||||||
Return on average assets(3) | 1.07 | 0.81 | 26 | bps | 1.27 | 0.88 | 39 | bps | |||||||||||
Adjusted return on average assets(1)(3) | 1.01 | 0.87 | 14 | bps | 1.05 | 0.90 | 15 | bps | |||||||||||
Efficiency ratio | 57.70 | 65.00 | (730 | ) bps | 50.62 | 63.13 | (1,251 | ) bps | |||||||||||
Adjusted efficiency ratio(1) | 60.08 | 62.98 | (290 | ) bps | 58.59 | 62.41 | (382 | ) bps | |||||||||||
June 30, 2022 | March 31, 2022 | Sequential Quarter Change | June 30, 2021 | Year-Over-Year Change | ||||||||||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 41,204,780 | $ | 40,169,150 | $ | 1,035,630 | $ | 38,236,018 | $ | 2,968,762 | ||||||||||||||||||||||
Total average loans | 40,590,875 | 39,350,761 | 1,240,114 | 38,496,477 | 2,094,398 | |||||||||||||||||||||||||||
Total deposits | 49,034,700 | 48,656,244 | 378,456 | 47,171,962 | 1,862,738 | |||||||||||||||||||||||||||
Core deposits (excludes brokered deposits) | 45,411,583 | 46,618,560 | (1,206,977) | 44,203,000 | 1,208,583 | |||||||||||||||||||||||||||
Core transaction deposits (excludes brokered and public fund deposits) | 37,399,915 | 38,285,649 | (885,734) | 35,506,980 | 1,892,935 | |||||||||||||||||||||||||||
Total average deposits | 49,015,994 | 49,345,364 | (329,370) | 47,349,646 | 1,666,348 | |||||||||||||||||||||||||||
Non-performing assets ratio | 0.33 | % | 0.40 | % | (7) | bps | 0.46 | % | (13) | bps | ||||||||||||||||||||||
Non-performing loans ratio | 0.26 | 0.33 | (7) | 0.42 | (16) | |||||||||||||||||||||||||||
Past due loans over 90 days | 0.01 | 0.01 | — | 0.01 | — | |||||||||||||||||||||||||||
CET1 capital | $ | 4,612,070 | $ | 4,485,661 | $ | 126,409 | $ | 4,214,720 | $ | 397,350 | ||||||||||||||||||||||
Tier 1 capital | 5,149,215 | 5,022,806 | 126,409 | 4,751,865 | 397,350 | |||||||||||||||||||||||||||
Total risk-based capital | 6,059,074 | 5,936,543 | 122,531 | 5,725,176 | 333,898 | |||||||||||||||||||||||||||
CET1 capital ratio | 9.46 | % | 9.49 | % | (3) | bps | 9.75 | % | (29) | bps | ||||||||||||||||||||||
Tier 1 capital ratio | 10.56 | 10.63 | (7) | 11.00 | (44) | |||||||||||||||||||||||||||
Total risk-based capital ratio | 12.43 | 12.56 | (13) | 13.25 | (82) | |||||||||||||||||||||||||||
Total shareholders’ equity to total assets ratio | 7.99 | 8.55 | (56) | 9.53 | (154) | |||||||||||||||||||||||||||
Return on average common equity(1) | 16.48 | 14.20 | 228 | 15.40 | 108 | |||||||||||||||||||||||||||
September 30, 2017 | June 30, 2017 | Sequential Quarter Change | September 30, 2016 | Year-Over-Year Change | ||||||||||||
(dollars in thousands, except per share data) | ||||||||||||||||
Loans, net of deferred fees and costs | $ | 24,487,360 | 24,430,512 | 56,848 | 23,262,887 | 1,224,473 | ||||||||||
Total deposits | 26,186,228 | 25,218,816 | 967,412 | 24,192,003 | 1,994,225 | |||||||||||
Total average deposits | 25,286,919 | 24,991,708 | 295,211 | 24,030,291 | 1,256,628 | |||||||||||
Average core deposits(1) | 23,756,030 | 23,612,149 | 143,881 | 22,620,552 | 1,135,478 | |||||||||||
Average core transaction deposits(1) | 18,603,161 | 18,409,170 | 193,991 | 17,362,060 | 1,241,101 | |||||||||||
Non-performing assets ratio | 0.57 | % | 0.73 | (16 | ) bps | 0.77 | (20 | ) bps | ||||||||
Non-performing loans ratio | 0.40 | 0.65 | (25 | ) bps | 0.64 | (24 | ) bps | |||||||||
Past due loans over 90 days | 0.02 | 0.02 | — | 0.02 | — | |||||||||||
Common equity Tier 1 capital (transitional) | $ | 2,749,304 | 2,734,983 | 14,321 | 2,596,233 | 153,071 | ||||||||||
Tier 1 capital | 2,849,580 | 2,829,340 | 20,240 | 2,620,379 | 229,201 | |||||||||||
Total risk-based capital | 3,362,127 | 3,340,155 | 21,972 | 3,139,465 | 222,662 | |||||||||||
Common equity Tier 1 capital ratio transitional(2) | 10.06 | % | 10.02 | 4 | bps | 9.96 | 10 | bps | ||||||||
Tier 1 capital ratio(2) | 10.43 | 10.37 | 6 | bps | 10.05 | 38 | bps | |||||||||
Total risk-based capital ratio | 12.30 | 12.24 | 6 | bps | 12.04 | 26 | bps | |||||||||
Total shareholders’ equity to total assets ratio | 9.47 | 9.77 | (30 | ) bps | 9.78 | (31 | ) bps | |||||||||
Tangible common equity to tangible assets ratio(1) | 8.88 | 9.15 | (27 | ) bps | 9.28 | (40 | ) bps | |||||||||
Return on average common equity(3) | 13.24 | 10.34 | 290 | bps | 8.89 | 435 | bps | |||||||||
Adjusted return on average common equity(1)(3) | 10.92 | 10.49 | 43 | bps | 9.08 | 184 | bps | |||||||||
Adjusted return on average tangible common equity(1)(3) | 11.19 | 10.75 | 44 | bps | 9.16 | 203 | bps | |||||||||
(dollars in thousands) | September 30, 2017 | December 31, 2016 | September 30, 2017 vs. December 31, 2016 % Change(1) | September 30, 2016 | September 30, 2017 vs. September 30, 2016 % Change | ||||||||||
Investment properties | $ | 5,925,096 | 5,869,261 | 1.3 | % | 5,898,631 | 0.4 | % | |||||||
1-4 family properties | 794,616 | 887,307 | (14.0 | ) | 921,688 | (13.8 | ) | ||||||||
Land and development | 507,212 | 616,297 | (23.7 | ) | 652,232 | (22.2 | ) | ||||||||
Total commercial real estate | 7,226,924 | 7,372,865 | (2.6 | ) | 7,472,551 | (3.3 | ) | ||||||||
Commercial, financial and agricultural | 6,961,709 | 6,909,036 | 1.0 | 6,537,656 | 6.5 | ||||||||||
Owner-occupied | 4,765,433 | 4,636,016 | 3.7 | 4,471,365 | 6.6 | ||||||||||
Total commercial and industrial | 11,727,142 | 11,545,052 | 2.1 | 11,009,021 | 6.5 | ||||||||||
Home equity lines | 1,528,889 | 1,617,265 | (7.3 | ) | 1,638,844 | (6.7 | ) | ||||||||
Consumer mortgages | 2,557,680 | 2,296,604 | 15.2 | 2,243,154 | 14.0 | ||||||||||
Credit cards | 225,725 | 232,413 | (3.8 | ) | 232,309 | (2.8 | ) | ||||||||
Other consumer loans | 1,245,278 | 818,183 | 69.8 | 693,204 | 79.6 | ||||||||||
Total consumer | 5,557,572 | 4,964,465 | 16.0 | 4,807,511 | 15.6 | ||||||||||
Total loans | 24,511,638 | 23,882,382 | 3.5 | 23,289,083 | 5.2 | ||||||||||
Deferred fees and costs, net | (24,278 | ) | (25,991 | ) | (8.8 | ) | (26,196 | ) | (7.3 | ) | |||||
Total loans, net of deferred fees and costs | $ | 24,487,360 | 23,856,391 | 3.5 | % | 23,262,887 | 5.3 | % | |||||||
Table 2 - Loans by Portfolio Class | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 31, 2022 vs. December 31, 2021 Change | June 31, 2022 vs. June 31, 2021 Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, financial and agricultural | $ | 13,018,089 | 31.6 | % | $ | 12,147,858 | 30.9 | % | $ | 870,231 | 7 | % | $ | 12,174,835 | 31.8 | % | $ | 843,254 | 7 | % | |||||||||||||||||||||||||||||||||||||||
Owner-occupied | 7,760,236 | 18.8 | 7,475,066 | 19.0 | 285,170 | 4 | 7,064,599 | 18.5 | 695,637 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial and industrial | 20,778,325 | 50.4 | 19,622,924 | 49.9 | 1,155,401 | 6 | 19,239,434 | 50.3 | 1,538,891 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||
Investment properties | 10,408,048 | 25.3 | 9,902,776 | 25.2 | 505,272 | 5 | 9,218,013 | 24.1 | 1,190,035 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||
1-4 family properties | 641,855 | 1.6 | 645,469 | 1.6 | (3,614) | (1) | 636,344 | 1.7 | 5,511 | 1 | |||||||||||||||||||||||||||||||||||||||||||||||||
Land and development | 453,514 | 1.0 | 466,866 | 1.2 | (13,352) | (3) | 506,694 | 1.3 | (53,180) | (10) | |||||||||||||||||||||||||||||||||||||||||||||||||
Total commercial real estate | 11,503,417 | 27.9 | 11,015,111 | 28.0 | 488,306 | 4 | 10,361,051 | 27.1 | 1,142,366 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||
Consumer mortgages | 5,124,523 | 12.4 | 5,068,998 | 12.9 | 55,525 | 1 | 5,200,718 | 13.6 | (76,195) | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Home equity | 1,579,218 | 3.9 | 1,361,419 | 3.5 | 217,799 | 16 | 1,395,717 | 3.7 | 183,501 | 13 | |||||||||||||||||||||||||||||||||||||||||||||||||
Credit cards | 194,290 | 0.5 | 204,172 | 0.5 | (9,882) | (5) | 196,207 | 0.5 | (1,917) | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||
Other consumer loans | 2,025,007 | 4.9 | 2,039,334 | 5.2 | (14,327) | (1) | 1,842,891 | 4.8 | 182,116 | 10 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total consumer | 8,923,038 | 21.7 | 8,673,923 | 22.1 | 249,115 | 3 | 8,635,533 | 22.6 | 287,505 | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net of deferred fees and costs | $ | 41,204,780 | 100.0 | % | $ | 39,311,958 | 100.0 | % | $ | 1,892,822 | 5 | % | $ | 38,236,018 | 100.0 | % | $ | 2,968,762 | 8 | % | |||||||||||||||||||||||||||||||||||||||
Table 3 - PPP loans | ||||||||||||||||||||||||||||||||
June 30, 2022 | ||||||||||||||||||||||||||||||||
PPP Loan Balances | ||||||||||||||||||||||||||||||||
(in millions, except count data ) | Fundings | 2Q22 Forgiveness | 2022 Forgiveness | Total Life-to-Date Forgiveness | End of Period, Net of Unearned Fees and Costs(1) | |||||||||||||||||||||||||||
Phase 1- 2020 Originations | $ | 2,886 | $ | 11 | $ | 26 | $ | 2,750 | $ | 14 | ||||||||||||||||||||||
Phase 2- 2021 Originations | 1,047 | 108 | 290 | 971 | 73 | |||||||||||||||||||||||||||
Total | $ | 3,933 | $ | 119 | $ | 316 | $ | 3,721 | $ | 87 | ||||||||||||||||||||||
(dollars in millions) | Total Net Fees | Percent of Fundings | 2Q22 Recognized Net Fees | 2022 Recognized Net Fees | Total Recognized Net Fees | Total Unrecognized or Remaining Net Fees | Contractual Maturity | |||||||||||||||||||||||||||||||||||||
Phase 1- 2020 Originations | $ | 94.9 | 3.3 | % | $ | 0.1 | $ | 0.3 | $ | 94.9 | $ | — | 2 years | |||||||||||||||||||||||||||||||
Phase 2- 2021 Originations | 43.6 | 4.2 | 3.6 | 10.3 | 40.9 | 2.8 | 5 years | |||||||||||||||||||||||||||||||||||||
Total | $ | 138.5 | 3.5 | % | $ | 3.7 | $ | 10.5 | $ | 135.8 | $ | 2.8 | ||||||||||||||||||||||||||||||||
Amounts may not total due to rounding. |
Commercial and Industrial Loans by Industry | September 30, 2017 | December 31, 2016 | |||||||||||
(dollars in thousands) | Amount | %(1) | Amount | %(1) | |||||||||
Health care and social assistance | $ | 2,709,369 | 23.1 | % | $ | 2,598,438 | 22.5 | % | |||||
Manufacturing | 932,355 | 8.0 | 872,559 | 7.6 | |||||||||
Retail trade | 844,068 | 7.2 | 876,951 | 7.6 | |||||||||
Real estate and rental and leasing | 817,497 | 7.0 | 764,296 | 6.6 | |||||||||
Other services | 785,735 | 6.7 | 816,846 | 7.1 | |||||||||
Finance and insurance | 733,843 | 6.3 | 764,811 | 6.6 | |||||||||
Professional, scientific, and technical services | 704,515 | 6.0 | 719,056 | 6.2 | |||||||||
Wholesale trade | 719,717 | 6.0 | 645,124 | 5.6 | |||||||||
Real estate other | 582,041 | 5.0 | 561,133 | 4.9 | |||||||||
Accommodation and food services | 538,749 | 4.6 | 530,232 | 4.6 | |||||||||
Construction | 455,816 | 3.9 | 465,632 | 4.0 | |||||||||
Transportation and warehousing | 407,663 | 3.5 | 385,350 | 3.3 | |||||||||
Agriculture, forestry, fishing, and hunting | 363,640 | 3.1 | 387,589 | 3.4 | |||||||||
Administration, support, waste management, and remediation | 268,458 | 2.3 | 287,391 | 2.5 | |||||||||
Educational services | 231,003 | 2.0 | 222,516 | 1.9 | |||||||||
Information | 212,829 | 1.8 | 240,437 | 2.1 | |||||||||
Other industries | 419,844 | 3.5 | 406,691 | 3.5 | |||||||||
Total commercial and industrial loans | $ | 11,727,142 | 100.0 | % | $ | 11,545,052 | 100.0 | % | |||||
Table 4 - Commercial and Industrial Loans by Industry | |||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||
(dollars in thousands) | NAICS Code | Amount | %(1) | Amount | %(1) | ||||||||||||||||||||||||
Health care and social assistance | 62 | $ | 4,489,914 | 21.6 | % | $ | 4,220,579 | 21.5 | % | ||||||||||||||||||||
Finance and insurance | 52 | 3,112,695 | 15.0 | 2,520,480 | 12.8 | ||||||||||||||||||||||||
Manufacturing | 31-33 | 1,377,435 | 6.6 | 1,314,212 | 6.7 | ||||||||||||||||||||||||
Accommodation and food services | 72 | 1,338,556 | 6.4 | 1,231,801 | 6.3 | ||||||||||||||||||||||||
Wholesale trade | 42 | 1,268,075 | 6.1 | 1,146,505 | 5.8 | ||||||||||||||||||||||||
Retail trade | 44-45 | 1,184,962 | 5.7 | 1,195,456 | 6.1 | ||||||||||||||||||||||||
Real estate and rental and leasing | 5311 | 1,086,787 | 5.2 | 1,061,921 | 5.4 | ||||||||||||||||||||||||
Construction | 23 | 1,063,753 | 5.1 | 1,023,540 | 5.2 | ||||||||||||||||||||||||
Professional, scientific, and technical services | 54 | 951,794 | 4.6 | 928,436 | 4.7 | ||||||||||||||||||||||||
Other services | 81 | 946,549 | 4.6 | 1,004,448 | 5.1 | ||||||||||||||||||||||||
Transportation and warehousing | 48-49 | 843,764 | 4.1 | 852,969 | 4.3 | ||||||||||||||||||||||||
Real estate other | 53 | 778,636 | 3.7 | 752,997 | 3.8 | ||||||||||||||||||||||||
Arts, entertainment, and recreation | 71 | 469,665 | 2.3 | 534,597 | 2.7 | ||||||||||||||||||||||||
Educational services | 61 | 422,306 | 2.0 | 427,456 | 2.2 | ||||||||||||||||||||||||
Public administration | 92 | 417,871 | 2.0 | 407,451 | 2.1 | ||||||||||||||||||||||||
Administration, support, waste management, and remediation | 56 | 263,754 | 1.3 | 246,638 | 1.3 | ||||||||||||||||||||||||
Agriculture, forestry, fishing, and hunting | 11 | 261,234 | 1.3 | 285,372 | 1.5 | ||||||||||||||||||||||||
Information | 51 | 211,917 | 1.0 | 189,306 | 1.0 | ||||||||||||||||||||||||
Other industries | (2) | 288,658 | 1.4 | 278,760 | 1.5 | ||||||||||||||||||||||||
Total commercial and industrial loans | $ | 20,778,325 | 100.0 | % | $ | 19,622,924 | 100.0 | % | |||||||||||||||||||||
Table 5 - Composition of Period-end Deposits | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2022 | %(1) | December 31, 2021 | %(1) | June 30, 2021 | %(1) | |||||||||||||||||||||||||||||
Non-interest-bearing demand deposits(2) | $ | 15,781,109 | 32.2 | % | $ | 15,242,839 | 30.9 | % | $ | 14,342,601 | 30.4 | % | |||||||||||||||||||||||
Interest-bearing demand deposits(2) | 6,327,055 | 12.9 | 6,346,959 | 12.9 | 5,839,814 | 12.4 | |||||||||||||||||||||||||||||
Money market accounts(2) | 13,793,024 | 28.1 | 14,886,424 | 30.1 | 13,983,112 | 29.7 | |||||||||||||||||||||||||||||
Savings deposits(2) | 1,498,727 | 3.0 | 1,404,428 | 2.8 | 1,341,453 | 2.8 | |||||||||||||||||||||||||||||
Public funds | 5,863,899 | 12.0 | 6,284,553 | 12.7 | 5,804,905 | 12.3 | |||||||||||||||||||||||||||||
Time deposits(2) | 2,147,769 | 4.4 | 2,427,073 | 4.9 | 2,891,115 | 6.1 | |||||||||||||||||||||||||||||
Brokered deposits | 3,623,117 | 7.4 | 2,835,000 | 5.7 | 2,968,962 | 6.3 | |||||||||||||||||||||||||||||
Total deposits | $ | 49,034,700 | 100.0 | % | $ | 49,427,276 | 100.0 | % | $ | 47,171,962 | 100.0 | % | |||||||||||||||||||||||
Core deposits(3) | $ | 45,411,583 | 92.6 | % | $ | 46,592,276 | 94.3 | % | $ | 44,203,000 | 93.7 | % | |||||||||||||||||||||||
Brokered time deposits | $ | 2,314,488 | 4.7 | % | $ | 1,024,448 | 2.1 | % | $ | 1,063,947 | 2.3 | % | |||||||||||||||||||||||
Public funds time deposits | $ | 611,070 | 1.2 | % | $ | 665,954 | 1.3 | % | $ | 689,478 | 1.5 | % | |||||||||||||||||||||||
Composition of Average Deposits | ||||||||||||||||||||||
(dollars in thousands) | September 30, 2017 | %(1) | June 30, 2017 | %(1) | December 31, 2016 | %(1) | September 30, 2016 | %(1) | ||||||||||||||
Non-interest bearing demand deposits | $ | 7,305,508 | 28.9 | % | 7,298,845 | 29.2 | 7,280,033 | 29.5 | $ | 7,042,908 | 29.3 | |||||||||||
Interest bearing demand deposits | 4,868,372 | 19.3 | 4,837,053 | 19.4 | 4,488,135 | 18.2 | 4,274,117 | 17.8 | ||||||||||||||
Money market accounts, excluding brokered deposits | 7,528,036 | 29.8 | 7,427,562 | 29.7 | 7,359,067 | 29.8 | 7,227,030 | 30.1 | ||||||||||||||
Savings deposits | 803,185 | 3.2 | 805,019 | 3.2 | 908,725 | 3.7 | 797,961 | 3.3 | ||||||||||||||
Time deposits, excluding brokered deposits | 3,250,929 | 12.9 | 3,243,670 | 13.0 | 3,244,373 | 13.2 | 3,278,536 | 13.6 | ||||||||||||||
Brokered deposits | 1,530,889 | 6.1 | 1,379,559 | 5.5 | 1,380,932 | 5.6 | 1,409,739 | 5.9 | ||||||||||||||
Total average deposits | $ | 25,286,919 | 100.0 | 24,991,708 | 100.0 | 24,661,265 | 100.0 | $ | 24,030,291 | 100.0 | ||||||||||||
Average core deposits(2) | 23,756,030 | 93.9 | 23,612,149 | 94.5 | 23,280,334 | 94.4 | 22,620,552 | 94.1 | ||||||||||||||
Average core transaction deposits (2) | $ | 18,603,161 | 73.6 | 18,409,170 | 73.7 | 17,776,147 | 72.1 | $ | 17,362,060 | 72.3 | ||||||||||||
Table 6 - Non-interest Revenue | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | $ Change | % Change | 2022 | 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
Service charges on deposit accounts | $ | 23,491 | $ | 21,414 | $ | 2,077 | 10 | % | $ | 46,030 | $ | 41,448 | $ | 4,582 | 11 | % | |||||||||||||||||||||||||||||||
Fiduciary and asset management fees | 20,100 | 18,805 | 1,295 | 7 | 40,377 | 36,759 | 3,618 | 10 | |||||||||||||||||||||||||||||||||||||||
Card fees | 16,089 | 13,304 | 2,785 | 21 | 30,846 | 25,300 | 5,546 | 22 | |||||||||||||||||||||||||||||||||||||||
Brokerage revenue | 15,243 | 13,926 | 1,317 | 9 | 29,898 | 26,899 | 2,999 | 11 | |||||||||||||||||||||||||||||||||||||||
Mortgage banking income | 3,904 | 13,842 | (9,938) | (72) | 9,857 | 36,157 | (26,300) | (73) | |||||||||||||||||||||||||||||||||||||||
Capital markets income | 7,393 | 3,335 | 4,058 | 122 | 12,864 | 10,840 | 2,024 | 19 | |||||||||||||||||||||||||||||||||||||||
Income from bank-owned life insurance | 9,165 | 7,188 | 1,977 | 28 | 15,722 | 16,031 | (309) | (2) | |||||||||||||||||||||||||||||||||||||||
Insurance revenue | 2,564 | 3,383 | (819) | (24) | 3,983 | 5,079 | (1,096) | (22) | |||||||||||||||||||||||||||||||||||||||
Investment securities gains (losses), net | — | — | — | nm | — | (1,990) | 1,990 | nm | |||||||||||||||||||||||||||||||||||||||
Other non-interest revenue | (683) | 11,890 | (12,573) | (106) | 13,023 | 21,520 | (8,497) | (39) | |||||||||||||||||||||||||||||||||||||||
Total non-interest revenue | $ | 97,266 | $ | 107,087 | $ | (9,821) | (9) | % | $ | 202,600 | $ | 218,043 | $ | (15,443) | (7) | % | |||||||||||||||||||||||||||||||
Core banking fees (1) | $ | 45,483 | $ | 41,464 | $ | 4,019 | 10 | % | $ | 90,887 | $ | 79,620 | $ | 11,267 | 14 | % | |||||||||||||||||||||||||||||||
Wealth revenue (2) | $ | 37,907 | $ | 36,114 | $ | 1,793 | 5 | % | $ | 74,258 | $ | 68,737 | $ | 5,521 | 8 | % | |||||||||||||||||||||||||||||||
Non-interest Income | Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||
(in thousands) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | |||||||||||||
Service charges on deposit accounts | $ | 59,848 | 60,772 | (1.5 | )% | $ | 20,255 | 20,822 | (2.7 | )% | |||||||||
Fiduciary and asset management fees | 37,290 | 34,691 | 7.5 | 12,615 | 11,837 | 6.6 | |||||||||||||
Brokerage revenue | 21,947 | 20,019 | 9.6 | 7,511 | 6,199 | 21.2 | |||||||||||||
Mortgage banking income | 17,151 | 18,755 | (8.6 | ) | 5,603 | 7,329 | (23.6 | ) | |||||||||||
Bankcard fees | 24,339 | 24,988 | (2.6 | ) | 7,901 | 8,269 | (4.5 | ) | |||||||||||
Cabela's Transaction Fee | 75,000 | — | nm | 75,000 | — | nm | |||||||||||||
Investment securities (losses) gains, net | (289 | ) | 126 | nm | (7,956 | ) | 59 | nm | |||||||||||
Decrease in fair value of private equity investments, net | (3,193 | ) | (527 | ) | nm | (27 | ) | (249 | ) | nm | |||||||||
Other fee income | 16,127 | 15,255 | 5.7 | 5,094 | 5,171 | (1.5 | ) | ||||||||||||
Other non-interest income | 27,754 | 25,109 | 10.5 | 9,439 | 8,718 | 8.3 | |||||||||||||
Total non-interest income | $ | 275,974 | 199,188 | 38.5 | % | $ | 135,435 | 68,155 | 98.7 | % | |||||||||
Table 7 - Non-interest Expense | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | $ Change | % Change | 2022 | 2021 | $ Change | % Change | |||||||||||||||||||||||||||||||||||||||
Salaries and other personnel expense | $ | 161,063 | $ | 160,567 | $ | 496 | — | % | $ | 325,747 | $ | 322,044 | $ | 3,703 | 1 | % | |||||||||||||||||||||||||||||||
Net occupancy, equipment, and software expense | 43,199 | 41,825 | 1,374 | 3 | 86,076 | 82,959 | 3,117 | 4 | |||||||||||||||||||||||||||||||||||||||
Third-party processing and other services | 21,952 | 24,419 | (2,467) | (10) | 42,947 | 44,451 | (1,504) | (3) | |||||||||||||||||||||||||||||||||||||||
Professional fees | 10,865 | 7,947 | 2,918 | 37 | 19,338 | 17,031 | 2,307 | 14 | |||||||||||||||||||||||||||||||||||||||
FDIC insurance and other regulatory fees | 6,894 | 5,547 | 1,347 | 24 | 13,144 | 11,127 | 2,017 | 18 | |||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | 2,118 | 2,379 | (261) | (11) | 4,236 | 4,758 | (522) | (11) | |||||||||||||||||||||||||||||||||||||||
Restructuring charges | (1,850) | 415 | (2,265) | nm | (8,274) | 946 | (9,220) | nm | |||||||||||||||||||||||||||||||||||||||
Valuation adjustment to Visa derivative | 3,500 | — | 3,500 | nm | 3,500 | — | 3,500 | nm | |||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | — | — | — | nm | 677 | — | 677 | nm | |||||||||||||||||||||||||||||||||||||||
Earnout liability adjustments | — | 750 | (750) | nm | — | 750 | (750) | nm | |||||||||||||||||||||||||||||||||||||||
Other operating expense | 34,310 | 26,682 | 7,628 | 29 | 67,110 | 53,599 | 13,511 | 25 | |||||||||||||||||||||||||||||||||||||||
Total non-interest expense | $ | 282,051 | $ | 270,531 | $ | 11,520 | 4 | % | $ | 554,501 | $ | 537,665 | $ | 16,836 | 3 | % | |||||||||||||||||||||||||||||||
Non-interest Expense | |||||||||||||||||||
Nine Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||
(in thousands) | 2017 | 2016 | % Change | 2017 | 2016 | % Change | |||||||||||||
Salaries and other personnel expense | $ | 322,079 | 300,364 | 7.2 | % | $ | 109,675 | 101,945 | 7.6 | % | |||||||||
Net occupancy and equipment expense | 89,837 | 81,480 | 10.3 | 30,573 | 28,120 | 8.7 | |||||||||||||
Third-party processing expense | 39,882 | 34,033 | 17.2 | 13,659 | 11,219 | 21.7 | |||||||||||||
FDIC insurance and other regulatory fees | 20,723 | 20,100 | 3.1 | 7,078 | 6,756 | 4.8 | |||||||||||||
Professional fees | 20,048 | 19,794 | 1.3 | 7,141 | 6,486 | 10.1 | |||||||||||||
Advertising expense | 14,868 | 15,358 | (3.2 | ) | 3,610 | 5,597 | (35.5 | ) | |||||||||||
Foreclosed real estate expense, net | 10,847 | 9,998 | 8.5 | 7,265 | 2,725 | 166.6 | |||||||||||||
Earnout liability adjustment | 3,766 | — | nm | 2,059 | — | nm | |||||||||||||
Merger-related expense | 110 | 550 | (80.0 | ) | 23 | 550 | (95.8 | ) | |||||||||||
Loss on early extinguishment of debt, net | — | 4,735 | nm | — | — | nm | |||||||||||||
Fair value adjustment to Visa derivative | — | 1,079 | nm | — | 360 | nm | |||||||||||||
Restructuring charges, net | 7,043 | 8,225 | (14.4 | ) | 519 | 1,243 | (58.2 | ) | |||||||||||
Other operating expenses | 65,577 | 67,000 | (2.1 | ) | 24,044 | 20,870 | 15.2 | ||||||||||||
Total non-interest expense | $ | 594,780 | 562,716 | 5.7 | % | $ | 205,646 | 185,871 | 10.6 | % | |||||||||
Table 8 - Credit Quality Metrics | |||||||||||||||||
(dollars in thousands) | June 30, 2022 | December 31, 2021 | June 30, 2021 | ||||||||||||||
Non-performing loans | $ | 109,024 | $ | 131,042 | $ | 161,028 | |||||||||||
ORE and other assets | 26,759 | 27,137 | 16,806 | ||||||||||||||
Non-performing assets | $ | 135,783 | $ | 158,179 | $ | 177,834 | |||||||||||
Total loans | $ | 41,204,780 | $ | 39,311,958 | $ | 38,236,018 | |||||||||||
Non-performing loans as a % of total loans | 0.26 | % | 0.33 | % | 0.42 | % | |||||||||||
Non-performing assets as a % of total loans, ORE, and specific other assets | 0.33 | 0.40 | 0.46 | ||||||||||||||
Loans 90 days past due and still accruing | $ | 2,251 | $ | 6,770 | $ | 4,415 | |||||||||||
As a % of total loans | 0.01 | % | 0.02 | % | 0.01 | % | |||||||||||
Total past due loans and still accruing | $ | 56,160 | $ | 57,565 | $ | 49,321 | |||||||||||
As a % of total loans | 0.14 | % | 0.15 | % | 0.13 | % | |||||||||||
Net charge-offs, quarter | $ | 16,565 | $ | 10.522 | $ | 26,546 | |||||||||||
Net charge-offs/average loans, quarter | 0.16 | % | 0.11 | % | 0.28 | % | |||||||||||
Net charge-offs, year-to-date | $ | 35,174 | $ | 77,788 | $ | 46,750 | |||||||||||
Net charge-offs/average loans, year-to-date | 0.18 | % | 0.20 | % | 0.24 | % | |||||||||||
Provision for (reversal of) loan losses, quarter | $ | 9,446 | $ | (54,124) | $ | (19,960) | |||||||||||
Provision for (reversal of) unfunded commitments, quarter | 3,242 | (1,086) | (4,638) | ||||||||||||||
Provision for (reversal of) credit losses, quarter | $ | 12,688 | $ | (55,210) | $ | (24,598) | |||||||||||
Provision for (reversal of) loan losses, year-to-date | $ | 15,414 | $ | (100,351) | $ | (42,278) | |||||||||||
Provision for (reversal of) unfunded commitments, year-to-date | $ | 8,674 | $ | (5,900) | $ | (895) | |||||||||||
Provision for (reversal of) credit losses, year-to-date | $ | 24,088 | $ | (106,251) | $ | (43.173) | |||||||||||
Allowance for loan losses | $ | 407,837 | $ | 427,597 | $ | 516,708 | |||||||||||
Reserve for unfunded commitments | 50,559 | 41,885 | 46,890 | ||||||||||||||
Allowance for credit losses | $ | 458,396 | $ | 469,482 | $ | 563,598 | |||||||||||
ACL to loans coverage ratio | 1.11 | % | 1.19 | % | 1.47 | % | |||||||||||
ALL to loans coverage ratio | 0.99 | 1.09 | 1.35 | ||||||||||||||
ACL/NPLs | 420.45 | 358.27 | 350.00 | ||||||||||||||
ALL/NPLs | 374.08 | 326.31 | 320.88 | ||||||||||||||
Table 9 - Criticized and Classified Loans | |||||||||||
(dollars in thousands) | June 30, 2022 | December 31, 2021 | |||||||||
Special mention | $ | 391,596 | $ | 489,150 | |||||||
Substandard | 516,412 | 526,117 | |||||||||
Doubtful | 3,520 | 10,630 | |||||||||
Loss | 2,500 | 2,058 | |||||||||
Criticized and Classified loans | $ | 914,028 | $ | 1,027,955 | |||||||
As a % of total loans | 2.2 | % | 2.6 | % | |||||||
Credit Quality Metrics | |||||||||
(dollars in thousands) | September 30, 2017 | December 31, 2016 | September 30, 2016 | ||||||
Non-performing loans | $ | 97,838 | 153,378 | 148,155 | |||||
Impaired loans held for sale(1) | 30,197 | — | 2,473 | ||||||
Other real estate | 10,551 | 22,308 | 28,438 | ||||||
Non-performing assets | $ | 138,586 | 175,686 | 179,066 | |||||
Non-performing loans as a % of total loans | 0.40 | % | 0.64 | 0.64 | |||||
Non-performing assets as a % of total loans, other loans held for sale, and ORE | 0.57 | 0.74 | 0.77 | ||||||
Loans 90 days past due and still accruing | $ | 5,685 | 3,135 | 5,358 | |||||
As a % of total loans | 0.02 | % | 0.01 | 0.02 | |||||
Total past due loans and still accruing | $ | 84,853 | 65,106 | 61,781 | |||||
As a % of total loans | 0.35 | % | 0.27 | 0.27 | |||||
Net charge-offs, quarter | $ | 38,098 | 8,319 | 6,930 | |||||
Net charge-offs/average loans, quarter | 0.62 | % | 0.14 | 0.12 | |||||
Net charge-offs, year-to-date | $ | 60,695 | 28,738 | 20,420 | |||||
Net charge-offs/average loans, year-to-date | 0.33 | % | 0.12 | 0.12 | |||||
Provision for loan losses, quarter | $ | 39,686 | 6,259 | 5,671 | |||||
Provision for loan losses, year-to-date | 58,620 | 28,000 | 21,741 | ||||||
Allowance for loan losses | 249,683 | 251,758 | 253,817 | ||||||
Allowance for loan losses as a % of total loans | 1.02 | % | 1.06 | 1.09 | |||||
Table 10 - Accruing TDRs by Risk Grade | |||||||||||||||||||||||||||||||||||
June 30, 2022 | December 31, 2021 | June 30, 2021 | |||||||||||||||||||||||||||||||||
(dollars in thousands) | Amount | % | Amount | % | Amount | % | |||||||||||||||||||||||||||||
Pass | $ | 59,865 | 36.5 | % | $ | 56,479 | 47.1 | % | $ | 62,686 | 50.3 | % | |||||||||||||||||||||||
Special mention | 31,492 | 19.2 | 11,387 | 9.5 | 8,600 | 6.9 | |||||||||||||||||||||||||||||
Substandard accruing | 72,744 | 44.3 | 51,938 | 43.4 | 53,242 | 42.8 | |||||||||||||||||||||||||||||
Total accruing TDRs | $ | 164,101 | 100.0 | % | $ | 119,804 | 100.0 | % | $ | 124,528 | 100.0 | % | |||||||||||||||||||||||
Accruing TDRs by Risk Grade | September 30, 2017 | December 31, 2016 | September 30, 2016 | |||||||||||||
(dollars in thousands) | Amount | % | Amount | % | Amount | % | ||||||||||
Pass | $ | 65,018 | 39.0 | % | 81,615 | 41.7 | 66,887 | 33.1 | ||||||||
Special Mention | 17,759 | 10.6 | 29,250 | 14.9 | 37,259 | 18.6 | ||||||||||
Substandard accruing | 84,141 | 50.4 | 84,911 | 43.4 | 97,750 | 48.4 | ||||||||||
Total accruing TDRs | $ | 166,918 | 100.0 | % | 195,776 | 100.0 | 201,896 | 100.0 | ||||||||
Accruing TDRs Aging by Portfolio Class | |||||||||||||
September 30, 2017 | |||||||||||||
(in thousands) | Current | 30-89 Days Past Due | 90+ Days Past Due | Total | |||||||||
Investment properties | $ | 27,715 | — | — | 27,715 | ||||||||
1-4 family properties | 15,695 | 46 | — | 15,741 | |||||||||
Land and development | 15,344 | 229 | — | 15,573 | |||||||||
Total commercial real estate | 58,754 | 275 | — | 59,029 | |||||||||
Commercial, financial and agricultural | 36,094 | 7,166 | 58 | 43,318 | |||||||||
Owner-occupied | 34,085 | 1,683 | — | 35,768 | |||||||||
Total commercial and industrial | 70,179 | 8,849 | 58 | 79,086 | |||||||||
Home equity lines | 5,988 | 7 | — | 5,995 | |||||||||
Consumer mortgages | 17,038 | 1,298 | — | 18,336 | |||||||||
Credit cards | — | — | — | — | |||||||||
Other consumer loans | 4,469 | 3 | — | 4,472 | |||||||||
Total consumer | 27,495 | 1,308 | — | 28,803 | |||||||||
Total accruing TDRs | $ | 156,428 | 10,432 | 58 | 166,918 | ||||||||
December 31, 2016 | |||||||||||||
(in thousands) | Current | 30-89 Days Past Due | 90+ Days Past Due | Total | |||||||||
Investment properties | $ | 30,182 | 133 | — | 30,315 | ||||||||
1-4 family properties | 22,694 | — | — | 22,694 | |||||||||
Land and development | 26,015 | 10 | — | 26,025 | |||||||||
Total commercial real estate | 78,891 | 143 | — | 79,034 | |||||||||
Commercial, financial and agricultural | 31,443 | 798 | — | 32,241 | |||||||||
Owner-occupied | 52,333 | — | — | 52,333 | |||||||||
Total commercial and industrial | 83,776 | 798 | — | 84,574 | |||||||||
Home equity lines | 7,526 | 412 | — | 7,938 | |||||||||
Consumer mortgages | 18,518 | 572 | — | 19,090 | |||||||||
Credit cards | — | — | — | — | |||||||||
Other consumer loans | 5,013 | 127 | — | 5,140 | |||||||||
Total consumer | 31,057 | 1,111 | — | 32,168 | |||||||||
Total accruing TDRs | $ | 193,724 | 2,052 | — | 195,776 | ||||||||
Capital Ratios | |||||||||||||||||
Table 11 - Capital Ratios | Table 11 - Capital Ratios | ||||||||||||||||
(dollars in thousands) | September 30, 2017 | December 31, 2016 | (dollars in thousands) | June 30, 2022 | December 31, 2021 | ||||||||||||
Common equity Tier 1 capital (transitional) | |||||||||||||||||
CET1 capital | CET1 capital | ||||||||||||||||
Synovus Financial Corp. | $ | 2,749,304 | 2,654,287 | Synovus Financial Corp. | $ | 4,612,070 | $ | 4,388,618 | |||||||||
Synovus Bank | 3,164,640 | 3,187,583 | Synovus Bank | 5,158,225 | 4,998,698 | ||||||||||||
Tier 1 capital | |||||||||||||||||
Tier 1 risk-based capital | Tier 1 risk-based capital | ||||||||||||||||
Synovus Financial Corp. | 2,849,580 | 2,685,880 | Synovus Financial Corp. | 5,149,215 | 4,925,763 | ||||||||||||
Synovus Bank | 3,164,640 | 3,187,583 | Synovus Bank | 5,158,225 | 4,998,698 | ||||||||||||
Total risk-based capital | Total risk-based capital | ||||||||||||||||
Synovus Financial Corp. | 3,362,127 | 3,201,268 | Synovus Financial Corp. | 6,059,074 | 5,827,196 | ||||||||||||
Synovus Bank | 3,417,187 | 3,441,563 | Synovus Bank | 5,754,389 | 5,587,757 | ||||||||||||
Common equity Tier 1 capital ratio (transitional) | |||||||||||||||||
CET1 capital ratio | CET1 capital ratio | ||||||||||||||||
Synovus Financial Corp. | 10.06 | % | 9.96 | Synovus Financial Corp. | 9.46 | % | 9.50 | % | |||||||||
Synovus Bank | 11.59 | 11.97 | Synovus Bank | 10.59 | 10.83 | ||||||||||||
Tier 1 capital ratio | |||||||||||||||||
Tier 1 risk-based capital ratio | Tier 1 risk-based capital ratio | ||||||||||||||||
Synovus Financial Corp. | 10.43 | 10.07 | Synovus Financial Corp. | 10.56 | 10.66 | ||||||||||||
Synovus Bank | 11.59 | 11.97 | Synovus Bank | 10.59 | 10.83 | ||||||||||||
Total risk-based capital to risk-weighted assets ratio | Total risk-based capital to risk-weighted assets ratio | ||||||||||||||||
Synovus Financial Corp. | 12.30 | 12.01 | Synovus Financial Corp. | 12.43 | 12.61 | ||||||||||||
Synovus Bank | 12.52 | 12.93 | Synovus Bank | 11.82 | 12.11 | ||||||||||||
Leverage ratio | Leverage ratio | ||||||||||||||||
Synovus Financial Corp. | 9.34 | 8.99 | Synovus Financial Corp. | 9.03 | 8.72 | ||||||||||||
Synovus Bank | 10.40 | 10.68 | Synovus Bank | 9.06 | 8.86 | ||||||||||||
Tangible common equity to tangible assets ratio (1) | |||||||||||||||||
Synovus Financial Corp. | 8.88 | 9.09 | |||||||||||||||
Average Balances, Interest, and Yields | 2017 | 2016 | |||||||||||||||
(dollars in thousands) (yields and rates annualized) | Third Quarter | Second Quarter | First Quarter | Fourth Quarter | Third Quarter | ||||||||||||
Interest Earning Assets: | |||||||||||||||||
Taxable investment securities (1) | $ | 3,786,436 | 3,844,688 | 3,841,556 | 3,643,510 | 3,544,933 | |||||||||||
Yield | 2.11 | % | 2.11 | % | 2.06 | % | 1.92 | 1.83 | |||||||||
Tax-exempt investment securities(1)(3) | $ | 259 | 340 | 2,730 | 2,824 | 2,943 | |||||||||||
Yield (taxable equivalent) (3) | 7.86 | % | 6.87 | 5.81 | 5.82 | 5.96 | |||||||||||
Trading account assets | $ | 7,823 | 3,667 | 6,443 | 6,799 | 5,493 | |||||||||||
Yield | 2.09 | % | 2.28 | 1.72 | 2.63 | 0.93 | |||||||||||
Commercial loans(2)(3) | $ | 19,059,936 | 19,137,733 | 19,043,384 | 18,812,659 | 18,419,484 | |||||||||||
Yield | 4.41 | % | 4.27 | 4.16 | 4.05 | 4.03 | |||||||||||
Consumer loans(2) | $ | 5,440,765 | 5,215,258 | 4,992,683 | 4,911,149 | 4,720,082 | |||||||||||
Yield | 4.55 | % | 4.49 | 4.40 | 4.27 | 4.30 | |||||||||||
Allowance for loan losses | $ | (249,248 | ) | (251,219 | ) | (253,927 | ) | (253,713 | ) | (255,675 | ) | ||||||
Loans, net (2) | $ | 24,251,453 | 24,101,772 | 23,782,140 | 23,470,095 | 22,883,891 | |||||||||||
Yield | 4.49 | % | 4.36 | 4.25 | 4.14 | 4.14 | |||||||||||
Mortgage loans held for sale | $ | 52,177 | 52,224 | 46,554 | 77,652 | 87,524 | |||||||||||
Yield | 3.88 | % | 3.87 | 4.01 | 3.51 | 3.32 | |||||||||||
Federal funds sold, due from Federal Reserve Bank, and other short-term investments | $ | 543,556 | 561,503 | 654,322 | 982,355 | 998,565 | |||||||||||
Yield | 1.23 | % | 1.00 | 0.77 | 0.49 | 0.48 | |||||||||||
Federal Home Loan Bank and Federal Reserve Bank Stock(4) | $ | 175,263 | 177,323 | 170,844 | 121,079 | 70,570 | |||||||||||
Yield | 3.50 | % | 2.99 | % | 3.42 | 3.75 | 4.99 | ||||||||||
Total interest earning assets | $ | 28,816,967 | 28,741,517 | 28,504,589 | 28,304,314 | 27,593,919 | |||||||||||
Yield | 4.11 | % | 3.99 | 3.88 | 3.73 | 3.71 | |||||||||||
Interest Bearing Liabilities: | |||||||||||||||||
Interest bearing demand deposits | $ | 4,868,372 | 4,837,053 | 4,784,329 | 4,488,135 | 4,274,117 | |||||||||||
Rate | 0.27 | % | 0.23 | 0.19 | 0.16 | 0.16 | |||||||||||
Money Market accounts, excluding brokered deposits | $ | 7,528,036 | 7,427,562 | $ | 7,424,627 | 7,359,067 | 7,227,030 | ||||||||||
Rate | 0.34 | % | 0.32 | 0.31 | 0.29 | 0.29 | |||||||||||
Savings deposits | $ | 803,184 | 805,019 | 909,660 | 908,725 | 797,961 | |||||||||||
Rate | 0.03 | % | 0.04 | 0.11 | 0.12 | 0.07 | |||||||||||
Time deposits under $100,000 | $ | 1,183,582 | 1,202,746 | 1,215,593 | 1,229,809 | 1,248,294 | |||||||||||
Rate | 0.68 | % | 0.67 | 0.64 | 0.64 | 0.64 | |||||||||||
Time deposits over $100,000 | $ | 2,067,347 | 2,040,924 | 2,029,713 | 2,014,564 | 2,030,242 | |||||||||||
Rate | 0.97 | % | 0.94 | % | 0.92 | 0.90 | 0.88 | ||||||||||
Non-maturing brokered deposits | $ | 547,466 | 564,043 | 619,627 | 638,779 | 634,596 | |||||||||||
Rate | 0.73 | % | 0.54 | 0.41 | 0.31 | 0.29 | |||||||||||
Brokered time deposits | $ | 983,423 | 815,515 | 761,159 | 742,153 | 775,143 | |||||||||||
Rate | 1.16 | % | 0.94 | 0.92 | 0.90 | 0.88 | |||||||||||
Total interest bearing deposits | $ | 17,981,410 | 17,692,862 | 17,744,708 | 17,381,232 | 16,987,383 | |||||||||||
Rate | 0.46 | % | 0.41 | 0.39 | 0.37 | 0.37 | |||||||||||
Federal funds purchased and securities sold under repurchase agreements | $ | 191,585 | 183,400 | 176,854 | 219,429 | 247,378 | |||||||||||
Rate | 0.08 | % | 0.10 | 0.09 | 0.08 | 0.09 | |||||||||||
Long-term debt | $ | 1,985,175 | 2,270,452 | 2,184,072 | 2,190,716 | 2,114,193 | |||||||||||
Rate | 2.81 | % | 2.83 | 2.83 | 2.65 | 2.71 | |||||||||||
Total interest bearing liabilities | $ | 20,158,170 | 20,146,714 | 20,105,634 | 19,791,377 | 19,348,954 |
Rate | 0.69 | % | 0.68 | 0.65 | 0.62 | 0.63 | |||||||||||
Non-interest bearing demand deposits | $ | 7,305,508 | 7,298,845 | 7,174,146 | 7,280,033 | $ | 7,042,908 | ||||||||||
Effective cost of funds | 0.48 | % | 0.48 | 0.46 | 0.44 | 0.44 | |||||||||||
Net interest margin | 3.63 | % | 3.51 | 3.42 | 3.29 | 3.27 | |||||||||||
Taxable equivalent adjustment (3) | $ | 283 | 298 | 309 | 322 | $ | 330 | ||||||||||
Table 12 - Quarter-to-Date Net Interest Income and Rate/Volume Analysis | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | 2022 Compared to 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balances | Interest | Annualized Yield/Rate | Change due to | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | Volume | Rate | |||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale | $ | 11,153,091 | $ | 9,184,691 | $ | 50,312 | $ | 33,298 | 1.81 | % | 1.45 | % | $ | 7,116 | $ | 9,898 | $ | 17,014 | |||||||||||||||||||||||||||||||||||
Trading account assets | 11,987 | 2,831 | 73 | 8 | 2.44 | 1.15 | 26 | 39 | 65 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial loans (1) (2) | 31,870,387 | 29,936,751 | 308,442 | 287,677 | 3.88 | 3.85 | 18,560 | 2,205 | 20,765 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer loans (1) | 8,720,488 | 8,559,726 | 83,826 | 84,402 | 3.86 | 3.94 | 1,579 | (2,155) | (576) | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (415,372) | (561,242) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net | 40,175,503 | 37,935,235 | 392,268 | 372,079 | 3.92 | 3.93 | 20,139 | 50 | 20,189 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 85,299 | 242,940 | 921 | 1,859 | 4.32 | 3.06 | (1,203) | 265 | (938) | ||||||||||||||||||||||||||||||||||||||||||||
Other loans held for sale | 725,762 | 615,301 | 7,678 | 4,750 | 4.19 | 3.05 | 840 | 2,088 | 2,928 | ||||||||||||||||||||||||||||||||||||||||||||
Other earning assets(3) | 813,028 | 2,705,819 | 1,660 | 740 | 0.81 | 0.11 | (472) | 1,392 | 920 | ||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock | 179,837 | 159,340 | 1,820 | 800 | 4.05 | 2.01 | 103 | 917 | 1,020 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 53,144,507 | 50,846,157 | $ | 454,732 | $ | 413,534 | 3.43 | % | 3.26 | % | 26,549 | 14,649 | 41,198 | ||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 538,647 | 571,561 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Premises, equipment, and software, net | 385,457 | 452,652 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate | 11,439 | 1,406 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash surrender value of bank-owned life insurance | 1,077,231 | 1,055,663 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets(4) | 1,379,659 | 2,090,332 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 56,536,940 | $ | 55,017,771 | |||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 9,513,334 | $ | 8,601,262 | $ | 3,598 | $ | 2,441 | 0.15 | % | 0.11 | % | 250 | 907 | 1,157 | ||||||||||||||||||||||||||||||||||||||
Money market accounts | 15,328,395 | 15,476,262 | 6,850 | 7,181 | 0.18 | 0.19 | (70) | (261) | (331) | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | 1,506,195 | 1,333,297 | 72 | 55 | 0.02 | 0.02 | 9 | 8 | 17 | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 2,829,684 | 3,792,382 | 1,688 | 4,894 | 0.24 | 0.52 | (1,248) | (1,958) | (3,206) | ||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | 2,878,536 | 3,057,607 | 6,293 | 4,799 | 0.88 | 0.63 | (281) | 1,775 | 1,494 | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 246,737 | 204,053 | 219 | 35 | 0.35 | 0.07 | 7 | 177 | 184 | ||||||||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 478,469 | — | 896 | — | 0.74 | — | 896 | — | 896 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 878,413 | 1,203,038 | 8,768 | 11,478 | 3.99 | 3.82 | (3,092) | 382 | (2,710) | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 33,659,763 | 33,667,901 | $ | 28,384 | $ | 30,883 | 0.33 | % | 0.36 | % | (3,529) | 1,030 | (2,499) | ||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing deposits | 16,959,850 | 15,088,836 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 1,247,646 | 1,091,321 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 4,669,681 | 5,169,713 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 56,536,940 | $ | 55,017,771 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread: | 3.10 | 2.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income - TE/margin(5) | $ | 426,348 | $ | 382,651 | 3.22 | % | 3.02 | % | $ | 30,078 | $ | 13,619 | $ | 43,697 | |||||||||||||||||||||||||||||||||||||||
Taxable equivalent adjustment | 960 | 791 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income, actual | $ | 425,388 | $ | 381,860 |
Net Interest Income and Rate/Volume Analysis | ||||||||||||||||||||||||||||||
Nine Months Ended September 30, | 2017 Compared to 2016 | |||||||||||||||||||||||||||||
Average Balances | Interest | Annualized Yield/Rate | Change due to | Increase (Decrease) | ||||||||||||||||||||||||||
(dollars in thousands) | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | Volume | Rate | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||
Interest earning assets: | ||||||||||||||||||||||||||||||
Taxable investment securities | $ | 3,824,025 | 3,537,060 | $ | 60,079 | 49,820 | 2.09 | % | 1.88 | $ | 4,035 | 6,224 | $ | 10,259 | ||||||||||||||||
Tax-exempt investment securities(2) | 1,101 | 3,506 | 51 | 162 | 6.13 | 6.16 | (111 | ) | — | (111 | ) | |||||||||||||||||||
Total investment securities | 3,825,126 | 3,540,566 | 60,130 | 49,982 | 2.10 | 1.88 | 3,924 | 6,224 | 10,148 | |||||||||||||||||||||
Trading account assets | 5,983 | 4,840 | 90 | 46 | 1.99 | 1.28 | 11 | 33 | 44 | |||||||||||||||||||||
Taxable loans, net(1) | 24,227,567 | 22,812,346 | 783,546 | 698,657 | 4.32 | 4.09 | 43,293 | 41,596 | 84,889 | |||||||||||||||||||||
Tax-exempt loans, net(1)(2) | 70,721 | 74,691 | 2,492 | 2,591 | 4.71 | 4.63 | (138 | ) | 39 | (99 | ) | |||||||||||||||||||
Allowance for loan losses | (251,448 | ) | (254,960 | ) | ||||||||||||||||||||||||||
Loans, net | 24,046,840 | 22,632,077 | 786,038 | 701,248 | 4.37 | 4.14 | 43,155 | 41,635 | 84,790 | |||||||||||||||||||||
Mortgage loans held for sale | 50,339 | 74,494 | 1,478 | 1,966 | 3.91 | 3.52 | (636 | ) | 148 | (488 | ) | |||||||||||||||||||
Federal funds sold, due from Federal Reserve Bank, and other short-term investments | 586,055 | 930,954 | 4,396 | 3,343 | 0.99 | 0.48 | (1,212 | ) | 2,265 | 1,053 | ||||||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock | 174,493 | 76,252 | 4,321 | 2,649 | 3.30 | 4.63 | 3,402 | (1,730 | ) | 1,672 | ||||||||||||||||||||
Total interest earning assets | $ | 28,688,836 | 27,259,183 | $ | 856,453 | 759,234 | 3.99 | % | 3.72 | $ | 48,644 | 48,575 | $ | 97,219 | ||||||||||||||||
Cash and due from banks | 391,829 | 400,222 | ||||||||||||||||||||||||||||
Premises and equipment, net | 416,835 | 434,889 | ||||||||||||||||||||||||||||
Other real estate | 20,246 | 39,282 | ||||||||||||||||||||||||||||
Other assets(3) | 1,066,863 | 1,103,504 | ||||||||||||||||||||||||||||
Total assets | $ | 30,584,609 | 29,237,080 | |||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | ||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 4,830,226 | 4,235,529 | $ | 8,366 | 5,420 | 0.23 | % | 0.17 | % | $ | 756 | 2,190 | $ | 2,946 | |||||||||||||||
Money market accounts | 8,037,235 | 7,603,136 | 20,268 | 17,620 | 0.34 | 0.31 | 1,007 | 1,641 | 2,648 | |||||||||||||||||||||
Savings deposits | 838,898 | 755,608 | 394 | 366 | 0.06 | 0.06 | 37 | (9 | ) | 28 | ||||||||||||||||||||
Time deposits | 4,100,836 | 4,094,525 | 26,846 | 24,666 | 0.88 | 0.80 | 37 | 2,143 | 2,180 | |||||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 184,000 | 215,641 | 125 | 154 | 0.09 | 0.09 | (21 | ) | (8 | ) | (29 | ) | ||||||||||||||||||
Long-term debt | 2,145,838 | 2,251,235 | 45,967 | 44,394 | 2.82 | 2.59 | (2,073 | ) | 3,646 | 1,573 | ||||||||||||||||||||
Total interest-bearing liabilities | $ | 20,137,033 | 19,155,674 | $ | 101,966 | 92,620 | 0.68 | 0.64 | $ | (257 | ) | 9,603 | $ | 9,346 | ||||||||||||||||
Non-interest bearing deposits | 7,259,981 | 6,928,906 | ||||||||||||||||||||||||||||
Other liabilities | 219,388 | 203,989 | ||||||||||||||||||||||||||||
Shareholders' equity | 2,968,207 | 2,948,511 | ||||||||||||||||||||||||||||
Total liabilities and equity | $ | 30,584,609 | 29,237,080 | |||||||||||||||||||||||||||
Interest rate spread: | 3.31 | 3.08 | ||||||||||||||||||||||||||||
Net interest income - FTE/margin(4) | 754,487 | 666,614 | 3.52 | % | 3.27 | $ | 48,901 | 38,972 | $ | 87,873 | ||||||||||||||||||||
Taxable equivalent adjustment | 890 | 964 | ||||||||||||||||||||||||||||
Net interest income, actual | $ | 753,597 | 665,650 | |||||||||||||||||||||||||||
Table 13 - Year-to-Date Net Interest Income and Rate/Volume Analysis | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | 2022 Compared to 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balances | Interest | Annualized Yield/Rate | Change due to | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | Volume | Rate | |||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities available for sale | $ | 11,206,150 | $ | 8,813,191 | $ | 97,562 | $ | 62,755 | 1.74 | % | 1.42 | % | $ | 16,850 | $ | 17,957 | $ | 34,807 | |||||||||||||||||||||||||||||||||||
Trading account assets | 10,540 | 2,947 | 112 | 30 | 2.13 | 2.01 | 76 | 6 | 82 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial loans (1) (2) | 31,316,646 | 29,930,734 | 589,029 | 578,877 | 3.79 | 3.90 | 26,803 | (16,651) | 10,152 | ||||||||||||||||||||||||||||||||||||||||||||
Consumer loans (1) | 8,657,598 | 8,424,423 | 165,194 | 166,466 | 3.83 | 3.97 | 4,590 | (5,862) | (1,272) | ||||||||||||||||||||||||||||||||||||||||||||
Allowance for loan losses | (419,639) | (580,450) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Loans, net | 39,554,605 | 37,774,707 | 754,223 | 745,343 | 3.84 | 3.97 | 31,393 | (22,513) | 8,880 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held for sale | 94,542 | 244,940 | 1,803 | 3,516 | 3.81 | 2.87 | (2,140) | 427 | (1,713) | ||||||||||||||||||||||||||||||||||||||||||||
Other loans held for sale | 661,768 | 637,901 | 12,978 | 9,555 | 3.90 | 2.98 | 353 | 3,070 | 3,423 | ||||||||||||||||||||||||||||||||||||||||||||
Other earning assets(3) | 1,363,223 | 2,771,576 | 2,475 | 1,458 | 0.36 | 0.10 | (629) | 1,646 | 1,017 | ||||||||||||||||||||||||||||||||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock | 170,006 | 158,503 | 2,505 | 1,468 | 2.95 | 1.85 | 106 | 931 | 1,037 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest earning assets | 53,060,834 | 50,403,765 | 871,658 | 824,125 | 3.31 | 3.29 | 46,009 | 1,524 | 47,533 | ||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 543,638 | 545,295 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Premises, equipment, and software, net | 392,079 | 456,537 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other real estate | 11,598 | 1,613 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Cash surrender value of bank-owned life insurance | 1,074,076 | 1,053,603 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets(4) | 1,613,313 | 2,144,615 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 56,695,538 | $ | 54,605,428 | |||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing demand deposits | $ | 9,531,330 | $ | 8,586,092 | 5,970 | 5,414 | 0.13 | 0.13 | 609 | (53) | 556 | ||||||||||||||||||||||||||||||||||||||||||
Money market accounts | 15,685,030 | 15,412,941 | 12,199 | 15,911 | 0.16 | 0.21 | 283 | (3,995) | (3,712) | ||||||||||||||||||||||||||||||||||||||||||||
Savings deposits | 1,483,547 | 1,276,608 | 139 | 105 | 0.02 | 0.02 | 20 | 14 | 34 | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 2,919,242 | 3,972,840 | 3,826 | 11,936 | 0.26 | 0.61 | (3,187) | (4,923) | (8,110) | ||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | 2,833,580 | 3,212,608 | 10,026 | 11,023 | 0.71 | 0.69 | (1,297) | 300 | (997) | ||||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased and securities sold under repurchase agreements | 220,689 | 206,735 | 230 | 69 | 0.21 | 0.07 | 5 | 156 | 161 | ||||||||||||||||||||||||||||||||||||||||||||
Other short-term borrowings | 242,870 | — | 896 | — | 0.73 | — | 896 | — | 896 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term debt | 930,131 | 1,202,827 | 18,913 | 22,386 | 4.07 | 3.73 | (5,044) | 1,571 | (3,473) | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 33,846,419 | 33,870,651 | 52,199 | 66,844 | 0.31 | 0.39 | (7,715) | (6,930) | (14,645) | ||||||||||||||||||||||||||||||||||||||||||||
Non-interest-bearing deposits | 16,727,040 | 14,443,645 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 1,196,375 | 1,138,073 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' equity | 4,925,704 | 5,153,059 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 56,695,538 | $ | 54,605,428 | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread: | 3.00 | % | 2.90 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income - TE/margin(5) | $ | 819,459 | $ | 757,281 | 3.11 | % | 3.03 | % | $ | 53,724 | $ | 8,454 | $ | 62,178 | |||||||||||||||||||||||||||||||||||||||
Taxable equivalent adjustment | 1,824 | 1,565 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income, actual | $ | 817,635 | $ | 755,716 | |||||||||||||||||||||||||||||||||||||||||||||||||
Estimated % Change in Net Interest Income as Compared to Unchanged Rates (for the next twelve months) | |||||
Change in Short-term Interest Rates (in basis points) | September 30, 2017 | December 31, 2016 | |||
+200 | 4.9% | 4.6% | |||
+100 | 2.9% | 2.2% | |||
Flat | —% | —% | |||
-25 | -1.5% | -2.3% | |||
Table 14 - Twelve Month Net Interest Income Sensitivity | Table 14 - Twelve Month Net Interest Income Sensitivity | |||||||||||||||||
Estimated % Change in Net Interest Income as Compared to Unchanged Rates (for the next twelve months) | ||||||||||||||||||
As of September 30, 2017 | ||||||||||||||||||
Change in Short-term Interest Rates (in basis points) | Base Scenario | 15% Increase in Average Repricing Beta | ||||||||||||||||
Change in Interest Rates (in bps) | Change in Interest Rates (in bps) | June 30, 2022 | December 31, 2021 | |||||||||||||||
+200 | 4.9% | 3.1% | +200 | 11.0% | 14.5% | |||||||||||||
+100 | 2.9% | 2.1% | +100 | 5.5% | 6.5% | |||||||||||||
Estimated Change in EVE | ||||
Immediate Change in Interest Rates (in basis points) | September 30, 2017 | December 31, 2016 | ||
+200 | 1.2% | 2.8% | ||
+100 | 2.6% | 3.2% | ||
-25 | -3.2% | -3.3% | ||
Reconciliation of Non-GAAP Financial Measures | Nine Months Ended | Three Months Ended | Year Ended | ||||||||||||
(in thousands, except per share data) | September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | December 31, 2016 | ||||||||||
Adjusted non-interest income | |||||||||||||||
Total non-interest income | $ | 275,974 | 199,188 | 135,435 | 68,155 | 273,194 | |||||||||
Subtract: Cabela's Transaction Fee | (75,000 | ) | — | (75,000 | ) | — | — | ||||||||
Add/subtract: Investment securities (losses) gains, net | 289 | (126 | ) | 7,956 | (59 | ) | (6,011 | ) | |||||||
Add: Decrease in fair value of private equity investments, net | 3,193 | 527 | 27 | 249 | 1,026 | ||||||||||
Adjusted non-interest income | $ | 204,456 | 199,589 | 68,418 | 68,345 | 268,209 | |||||||||
Adjusted non-interest expense | |||||||||||||||
Total non-interest expense | $ | 594,780 | 562,716 | 205,646 | 185,871 | ||||||||||
Subtract: Discounts to fair value for completed or planned ORE accelerated dispositions | (7,082 | ) | — | (7,082 | ) | — | |||||||||
Subtract: Asset impairment charges related to accelerated disposition of corporate real estate and other properties | (1,168 | ) | — | (1,168 | ) | — | |||||||||
Subtract: Earnout liability adjustments | (2,059 | ) | — | (2,059 | ) | — | |||||||||
Subtract: Restructuring charges, net | (7,043 | ) | (8,225 | ) | (519 | ) | (1,243 | ) | |||||||
Subtract: Fair value adjustment to Visa derivative | — | (1,079 | ) | — | (360 | ) | |||||||||
Subtract: Litigation contingency/settlement expenses | (401 | ) | (2,511 | ) | (401 | ) | 189 | ||||||||
Subtract: Loss on early extinguishment of debt, net | — | (4,735 | ) | — | — | ||||||||||
Subtract: Amortization of intangibles | (767 | ) | (121 | ) | (292 | ) | — | ||||||||
Subtract: Merger-related expense | (110 | ) | (550 | ) | (23 | ) | (550 | ) | |||||||
Adjusted non-interest expense | $ | 576,150 | 545,495 | 194,102 | 183,907 | ||||||||||
Table 15 - Reconciliation of Non-GAAP Financial Measures | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in thousands, except per share data) | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||
Adjusted non-interest revenue | |||||||||||||||||||||||
Total non-interest revenue | $ | 97,266 | $ | 107,087 | $ | 202,600 | $ | 218,043 | |||||||||||||||
Subtract/add: Investment securities (gains) losses, net | — | — | — | 1,990 | |||||||||||||||||||
Subtract/add: Fair value adjustment on non-qualified deferred compensation | 3,240 | (1,126) | 4,535 | (1,918) | |||||||||||||||||||
Adjusted non-interest revenue | $ | 100,506 | $ | 105,961 | $ | 207,135 | $ | 218,115 | |||||||||||||||
Adjusted non-interest expense | |||||||||||||||||||||||
Total non-interest expense | $ | 282,051 | $ | 270,531 | $ | 554,501 | $ | 537,665 | |||||||||||||||
Subtract: Earnout liability adjustments | — | (750) | — | (750) | |||||||||||||||||||
Subtract/add: Restructuring charges | 1,850 | (415) | 8,274 | (946) | |||||||||||||||||||
Subtract: Valuation adjustment to Visa derivative | (3,500) | — | (3,500) | — | |||||||||||||||||||
Subtract: Loss on early extinguishment of debt | — | — | (677) | — | |||||||||||||||||||
Subtract/add: Fair value adjustment on non-qualified deferred compensation | 3,240 | (1,126) | 4,535 | (1,918) | |||||||||||||||||||
Adjusted non-interest expense | $ | 283,641 | $ | 268,240 | $ | 563,133 | $ | 534,051 | |||||||||||||||
Adjusted total revenue and adjusted tangible efficiency ratio | |||||||||||||||||||||||
Adjusted non-interest expense | $ | 283,641 | $ | 268,240 | $ | 563,133 | $ | 534,051 | |||||||||||||||
Subtract: Amortization of intangibles | (2,118) | (2,379) | (4,236) | (4,758) | |||||||||||||||||||
Adjusted tangible non-interest expense | $ | 281,523 | $ | 265,861 | $ | 558,897 | $ | 529,293 | |||||||||||||||
Net interest income | $ | 425,388 | $ | 381,860 | $ | 817,635 | $ | 755,716 | |||||||||||||||
Add: Tax equivalent adjustment | 960 | 791 | 1,824 | 1,565 | |||||||||||||||||||
Add: Total non-interest revenue | 97,266 | 107,087 | 202,600 | 218,043 | |||||||||||||||||||
Total TE revenue | $ | 523,614 | $ | 489,738 | $ | 1,022,059 | $ | 975,324 | |||||||||||||||
Subtract/add: Investment securities (gains) losses, net | — | — | — | 1,990 | |||||||||||||||||||
Subtract/add: Fair value adjustment on non-qualified deferred compensation | 3,240 | (1,126) | 4,535 | (1,918) | |||||||||||||||||||
Adjusted total revenue | $ | 526,854 | $ | 488,612 | $ | 1,026,594 | $ | 975,396 | |||||||||||||||
Efficiency ratio-TE | 53.87 | % | 55.24 | % | 54.25 | % | 55.13 | % | |||||||||||||||
Adjusted tangible efficiency ratio | 53.43 | 54.41 | 54.44 | 54.26 | |||||||||||||||||||
Adjusted net income available to common shareholders and adjusted diluted earnings per share | |||||||||||||||||||||||
Net income available to common shareholders | $ | 169,761 | $ | 177,909 | $ | 332,507 | $ | 356,711 | |||||||||||||||
Add: Earnout liability adjustments | — | 750 | — | 750 | |||||||||||||||||||
Add/subtract: Restructuring charges | (1,850) | 415 | (8,274) | 946 | |||||||||||||||||||
Add: Valuation adjustment to Visa derivative | 3,500 | — | 3,500 | — | |||||||||||||||||||
Add: Loss on early extinguishment of debt | — | — | 677 | — | |||||||||||||||||||
Subtract/add: Investment securities (gains) losses, net | — | — | — | 1,990 | |||||||||||||||||||
Add/subtract: Tax effect of adjustments (1) | (393) | (105) | 976 | (743) | |||||||||||||||||||
Adjusted net income available to common shareholders | $ | 171,018 | $ | 178,969 | $ | 329,386 | $ | 359,654 | |||||||||||||||
Weighted average common shares outstanding, diluted | 146,315 | 149,747 | 146,489 | 149,764 | |||||||||||||||||||
Net income per common share, diluted | $ | 1.16 | $ | 1.19 | $ | 2.27 | $ | 2.38 | |||||||||||||||
Adjusted net income per common share, diluted | 1.17 | 1.20 | 2.25 | 2.40 | |||||||||||||||||||
Reconciliation of Non-GAAP Financial Measures, continued | Nine Months Ended | Three Months Ended | ||||||||||
(in thousands, except per share data) | September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | ||||||||
Adjusted efficiency ratio | ||||||||||||
Adjusted non-interest expense | $ | 576,150 | 545,495 | 194,102 | 183,907 | |||||||
Net interest income | 753,597 | 665,650 | 262,572 | 226,007 | ||||||||
Add: Tax equivalent adjustment | 890 | 964 | 283 | 330 | ||||||||
Add: Total non-interest income | 275,974 | 199,188 | 135,435 | 68,155 | ||||||||
Add/Subtract: Investment securities (losses) gains, net | 289 | (126 | ) | 7,956 | (59 | ) | ||||||
Total FTE revenues | 1,030,750 | 865,676 | 406,246 | 294,433 | ||||||||
Subtract: Cabela's Transaction Fee | (75,000 | ) | — | (75,000 | ) | — | ||||||
Add: Decrease in fair value of private equity investments, net | 3,193 | 527 | 27 | 249 | ||||||||
Adjusted total revenues | $ | 958,943 | 866,203 | 331,273 | 294,682 | |||||||
Efficiency ratio | 57.70 | % | 65.00 | 50.62 | 63.13 | |||||||
Adjusted efficiency ratio | 60.08 | 62.98 | 58.59 | 62.41 | ||||||||
Adjusted net income per common share, diluted | ||||||||||||
Net income available to common shareholders | $ | 238,190 | 170,555 | 95,448 | 62,686 | |||||||
Add:Earnout liability adjustments | 2,059 | — | 2,059 | — | ||||||||
Add: Merger-related expense | 110 | 550 | 23 | 550 | ||||||||
Add: Fair value adjustment to VISA derivative | — | 1,079 | — | 360 | ||||||||
Add/subtract: Litigation contingency/recovery | 401 | 2,511 | 401 | (189 | ) | |||||||
Add: Restructuring charges | 7,043 | 8,225 | 519 | 1,243 | ||||||||
Add: Amortization of intangibles | 767 | 121 | 292 | — | ||||||||
Add: Loss on early extinguishment of debt, net | — | 4,735 | — | — | ||||||||
Add: Provision expense on loans transferred to held-for-sale | 27,710 | — | 27,710 | — | ||||||||
Add: Discounts to fair value for completed or planned ORE accelerated dispositions | 7,082 | — | 7,082 | — | ||||||||
Add: Asset impairment charges related to accelerated disposition of corporate real estate and other properties | 1,168 | — | 1,168 | — | ||||||||
Add/subtract: Investment securities (losses) gains, net | 289 | (126 | ) | 7,956 | (59 | ) | ||||||
Add: Decrease in fair value of private equity investments, net | 3,193 | 527 | 27 | 249 | ||||||||
Subtract: Cabela's Transaction Fee | (75,000 | ) | — | (75,000 | ) | — | ||||||
Add/subtract: Tax effect of adjustments | 10,078 | (6,520 | ) | 11,034 | (797 | ) | ||||||
Adjusted net income | $ | 223,090 | 181,657 | 78,719 | 64,043 | |||||||
Weighted average common shares outstanding | 122,628 | 125,712 | 121,814 | 123,604 | ||||||||
Adjusted net income per common share, diluted | $ | 1.82 | 1.45 | 0.65 | 0.52 | |||||||
Table 15 - Reconciliation of Non-GAAP Financial Measures, continued | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(dollars in thousands) | June 30, 2022 | June 30, 2021 | June 30, 2022 | June 30, 2021 | |||||||||||||||||||
Adjusted return on average assets (annualized) | |||||||||||||||||||||||
Net income | $ | 178,052 | $ | 186,200 | $ | 349,088 | $ | 373,292 | |||||||||||||||
Add: Earnout liability adjustments | — | 750 | — | 750 | |||||||||||||||||||
Add/subtract: Restructuring charges | (1,850) | 415 | (8,274) | 946 | |||||||||||||||||||
Add: Valuation adjustment to Visa derivative | 3,500 | — | 3,500 | — | |||||||||||||||||||
Add: Loss on early extinguishment of debt | — | — | 677 | — | |||||||||||||||||||
Subtract/add: Investment securities (gains) losses, net | — | — | — | 1,990 | |||||||||||||||||||
Add/subtract: Tax effect of adjustments (1) | (393) | (105) | 976 | (743) | |||||||||||||||||||
Adjusted net income | $ | 179,309 | $ | 187,260 | $ | 345,967 | $ | 376,235 | |||||||||||||||
Net income annualized | 714,165 | 746,846 | 703,962 | 752,771 | |||||||||||||||||||
Adjusted net income annualized | 719,206 | 751,098 | 697,668 | 758,706 | |||||||||||||||||||
Total average assets | 56,536,940 | 55,017,771 | 56,695,538 | 54,605,428 | |||||||||||||||||||
Return on average assets (annualized) | 1.26 | % | 1.36 | % | 1.24 | % | 1.38 | % | |||||||||||||||
Adjusted return on average assets (annualized) | 1.27 | 1.37 | 1.23 | 1.39 | |||||||||||||||||||
Three Months Ended | |||||||||||||||||
(dollars in thousands) | June 30, 2022 | March 31, 2022 | June 30, 2021 | ||||||||||||||
Adjusted return on average common equity, return on average tangible common equity, and adjusted return on average tangible common equity (annualized) | |||||||||||||||||
Net income available to common shareholders | $ | 169,761 | $ | 162,746 | $ | 177,909 | |||||||||||
Add: Earnout liability adjustments | — | — | 750 | ||||||||||||||
Add/subtract: Restructuring charges | (1,850) | (6,424) | 415 | ||||||||||||||
Add: Valuation adjustment to Visa derivative | 3,500 | — | — | ||||||||||||||
Add: Loss on early extinguishment of debt | — | 677 | — | ||||||||||||||
Add/subtract: Tax effect of adjustments (1) | (393) | 1,369 | (105) | ||||||||||||||
Adjusted net income available to common shareholders | $ | 171,018 | $ | 158,368 | $ | 178,969 | |||||||||||
Adjusted net income available to common shareholders annualized | $ | 685,951 | $ | 642,270 | $ | 717,843 | |||||||||||
Add: Amortization of intangibles, annualized net of tax | 6,471 | 6,543 | 7,128 | ||||||||||||||
Adjusted net income available to common shareholders excluding amortization of intangibles annualized | $ | 692,422 | $ | 648,813 | $ | 724,971 | |||||||||||
Net income available to common shareholders annualized | $ | 680,910 | $ | 660,025 | $ | 713,591 | |||||||||||
Add: Amortization of intangibles, annualized net of tax | 6,471 | 6,543 | 7,128 | ||||||||||||||
Net income available to common shareholders excluding amortization of intangibles | $ | 687,381 | $ | 666,568 | $ | 720,719 | |||||||||||
Total average shareholders' equity less preferred stock | $ | 4,132,536 | $ | 4,647,426 | $ | 4,632,568 | |||||||||||
Subtract: Goodwill | (452,390) | (452,390) | (452,390) | ||||||||||||||
Subtract: Other intangible assets, net | (32,387) | (34,576) | (41,399) | ||||||||||||||
Total average tangible shareholders' equity less preferred stock | $ | 3,647,759 | $ | 4,160,460 | $ | 4,138,779 | |||||||||||
Return on average common equity (annualized) | 16.48 | % | 14.20 | % | 15.40 | % | |||||||||||
Adjusted return on average common equity (annualized) | 16.60 | 13.82 | 15.50 | ||||||||||||||
Return on average tangible common equity (annualized) | 18.84 | 16.02 | 17.41 | ||||||||||||||
Adjusted return on average tangible common equity (annualized) | 18.98 | 15.59 | 17.52 | ||||||||||||||
Reconciliation of Non-GAAP Financial Measures, continued | Nine Months Ended | Three Months Ended | |||||||||||
(dollars in thousands) | September 30, 2017 | September 30, 2016 | September 30, 2017 | September 30, 2016 | |||||||||
Adjusted return on average assets (annualized) | |||||||||||||
Net income | $ | 245,868 | 178,233 | 98,007 | 65,245 | ||||||||
Add: Earnout liability adjustments | 2,059 | — | 2,059 | — | |||||||||
Add: Merger-related expense | 110 | 550 | 23 | 550 | |||||||||
Add: Fair value adjustment to VISA derivative | — | 1,079 | — | 360 | |||||||||
Add/subtract: Litigation contingency/recovery | 401 | 2,511 | 401 | (189 | ) | ||||||||
Add: Restructuring charges | 7,043 | 8,225 | 519 | 1,243 | |||||||||
Add: Amortization of intangibles | 767 | 121 | 292 | — | |||||||||
Add: Loss on early extinguishment of debt, net | — | 4,735 | — | — | |||||||||
Add: Provision expense on loans transferred to held-for-sale | 27,710 | — | 27,710 | — | |||||||||
Add: Discounts to fair value for completed or planned ORE accelerated dispositions | 7,082 | — | 7,082 | — | |||||||||
Add: Asset impairment charges related to accelerated disposition of corporate real estate and other properties | 1,168 | — | 1,168 | — | |||||||||
Add/subtract: Investment securities (losses) gains, net | 289 | (126 | ) | 7,956 | (59 | ) | |||||||
Add: Decrease in fair value of private equity investments, net | 3,193 | 527 | 27 | 249 | |||||||||
Subtract: Cabela's Transaction Fee | (75,000 | ) | — | (75,000 | ) | — | |||||||
Add/subtract: Tax effect of adjustments | 10,078 | (6,520 | ) | 11,034 | (797 | ) | |||||||
Adjusted net income | $ | 230,768 | 189,335 | 81,278 | 66,602 | ||||||||
Net income annualized | 308,536 | 252,907 | 322,462 | 264,960 | |||||||||
Total average assets | $ | 30,584,607 | 29,237,109 | 30,678,388 | 29,528,435 | ||||||||
Adjusted return on average assets (annualized) | 1.01 | % | 0.87 | 1.05 | 0.90 | ||||||||
Adjusted net charge-off ratio (annualized) | |||||||||||||
Net charge-offs | $ | 60,695 | 38,099 | ||||||||||
Charge-offs on loans transferred to held-for-sale during 3Q17 | (34,235 | ) | (34,235 | ) | |||||||||
Net-charges-offs excluding charge-offs on loans transferred to held-for-sale | $ | 26,460 | 3,864 | ||||||||||
Net charge-offs excluding charge-offs on loans transferred to held-for-sale annualized | 35,377 | 15,330 | |||||||||||
Average loan balances | $ | 24,297,002 | 24,499,923 | ||||||||||
Net charge-off ratio, as reported (annualized) | 0.33 | % | 0.62 | ||||||||||
Adjusted net charge-off ratio, excluding 3Q17 transfers to held-for-sale (annualized) | 0.15 | % | 0.06 | ||||||||||
Table 15 - Reconciliation of Non-GAAP Financial Measures, continued | |||||||||||||||||||||||||||||||||||
(dollars in thousands) | June 30, 2022 | March 31, 2022 | December 31, 2021 | June 30, 2021 | |||||||||||||||||||||||||||||||
Tangible common equity ratio | |||||||||||||||||||||||||||||||||||
Total assets | $ | 57,382,745 | $ | 56,419,549 | $ | 57,317,226 | $ | 54,938,659 | |||||||||||||||||||||||||||
Subtract: Goodwill | (452,390) | (452,390) | (452,390) | (452,390) | |||||||||||||||||||||||||||||||
Subtract: Other intangible assets, net | (31,360) | (33,478) | (35,596) | (40,354) | |||||||||||||||||||||||||||||||
Tangible assets | $ | 56,898,995 | $ | 55,933,681 | $ | 56,829,240 | $ | 54,445,915 | |||||||||||||||||||||||||||
Total shareholders' equity | $ | 4,584,438 | $ | 4,824,635 | $ | 5,296,800 | $ | 5,237,714 | |||||||||||||||||||||||||||
Subtract: Goodwill | (452,390) | (452,390) | (452,390) | (452,390) | |||||||||||||||||||||||||||||||
Subtract: Other intangible assets, net | (31,360) | (33,478) | (35,596) | (40,354) | |||||||||||||||||||||||||||||||
Subtract: Preferred stock, no par value | (537,145) | (537,145) | (537,145) | (537,145) | |||||||||||||||||||||||||||||||
Tangible common equity | $ | 3,563,543 | $ | 3,801,622 | $ | 4,271,669 | $ | 4,207,825 | |||||||||||||||||||||||||||
Total shareholders' equity to total assets ratio | 7.99 | % | 8.55 | % | 9.24 | % | 9.53 | % | |||||||||||||||||||||||||||
Tangible common equity ratio | 6.26 | 6.80 | 7.52 | 7.73 | |||||||||||||||||||||||||||||||
(1) An assumed marginal tax rate of 23.8% for 2022 and 25.3% for 2021 was applied. |
Reconciliation of Non-GAAP Financial Measures, continued | Three Months Ended | ||||||||||||
(dollars in thousands) | September 30, 2017 | June 30, 2017 | December 31, 2016 | September 30, 2016 | |||||||||
Adjusted return on average common equity (annualized) | |||||||||||||
Net income available to common shareholders | $ | 95,448 | 73,444 | 65,990 | 62,686 | ||||||||
Add:Earnout liability adjustments | 2,059 | — | — | — | |||||||||
Add: Merger-related expense | 23 | — | 1,086 | 550 | |||||||||
Add: Fair value adjustment to VISA derivative | — | — | 4,716 | 360 | |||||||||
Add/subtract: Litigation contingency/recovery | 401 | — | — | (189 | ) | ||||||||
Add: Restructuring charges | 519 | 13 | 42 | 1,243 | |||||||||
Add: Amortization of intangibles | 292 | 292 | 400 | — | |||||||||
Add: Provision expense on loans transferred to held-for-sale | 27,710 | — | — | — | |||||||||
Add: Discounts to fair value for completed or planned ORE accelerated dispositions | 7,082 | — | — | — | |||||||||
Add: Asset impairment charges related to accelerated disposition of corporate real estate and other properties | 1,168 | — | — | — | |||||||||
Add/subtract: Investment securities (losses) gains, net | 7,956 | 1 | (5,885 | ) | (59 | ) | |||||||
Add: Decrease in fair value of private equity investments, net | 27 | 1,352 | 499 | 249 | |||||||||
Subtract: Cabela's Transaction Fee | (75,000 | ) | — | — | — | ||||||||
Add/subtract: Tax effect of adjustments | 11,034 | (613 | ) | (318 | ) | (797 | ) | ||||||
Adjusted net income | $ | 78,719 | 74,489 | 66,530 | 64,043 | ||||||||
Net income annualized | $ | 312,309 | 298,775 | 264,674 | 254,780 | ||||||||
Total average shareholders' equity less preferred stock | $ | 2,859,491 | 2,849,069 | 2,786,707 | 2,806,533 | ||||||||
Subtract: Goodwill | (57,167 | ) | (57,018 | ) | (55,144 | ) | (24,431 | ) | |||||
Subtract: Other intangible assets, net | (11,648 | ) | (11,965 | ) | (233 | ) | (226 | ) | |||||
Total average tangible shareholders' equity less preferred stock | $ | 2,790,676 | 2,780,086 | 2,731,330 | 2,781,876 | ||||||||
Adjusted return on average common equity (annualized) | 10.92 | % | 10.49 | 9.50 | 9.08 | ||||||||
Adjusted return on average tangible common equity (annualized) | 11.19 | % | 10.75 | 9.69 | 9.16 | ||||||||
Sequential quarter growth in total average deposits excluding acquired WFB deposits | |||||||||||||
3Q17 sequential quarter total average deposits growth, as reported | $ | 295,210 | |||||||||||
Subtract: Average balance WFB acquired deposits | (71,920 | ) | |||||||||||
3Q17 sequential quarter total average deposits growth, as adjusted | $ | 223,290 | |||||||||||
3Q17 sequential quarter growth, excluding WFB acquired deposits | $ | 223,290 | |||||||||||
2Q17 total average deposits | $ | 24,991,708 | |||||||||||
Sequential quarter percent change, as reported, annualized | 4.7 | % | |||||||||||
Sequential quarter percent change, as adjusted, annualized | 3.5 | % | |||||||||||
Reconciliation of Non-GAAP Financial Measures, continued | |||||||||||||
(dollars in thousands) | September 30, 2017 | June 30, 2017 | December 31, 2016 | September 30, 2016 | |||||||||
Average core deposits and average core transaction deposits | |||||||||||||
Average total deposits | $ | 25,286,919 | 24,991,708 | 24,661,265 | 24,030,291 | ||||||||
Subtract: Average brokered deposits | (1,530,889 | ) | (1,379,559 | ) | (1,380,931 | ) | (1,409,739 | ) | |||||
Average core deposits | 23,756,030 | 23,612,149 | 23,280,334 | 22,620,552 | |||||||||
Subtract: Average total SCM deposits | (1,991,954 | ) | (2,051,646 | ) | (2,356,567 | ) | (2,105,126 | ) | |||||
Subtract: Average time deposits excluding SCM deposits | (3,160,915 | ) | (3,151,333 | ) | (3,147,620 | ) | (3,153,366 | ) | |||||
Average core transaction deposits | 18,603,161 | 18,409,170 | 17,776,147 | 17,362,060 | |||||||||
Tangible common equity to tangible assets ratio | |||||||||||||
Total assets | $ | 31,642,123 | 30,687,966 | 30,104,002 | 29,727,096 | ||||||||
Subtract: Goodwill | (57,315 | ) | (57,092 | ) | (59,678 | ) | (24,431 | ) | |||||
Subtract: Other intangible assets, net | (11,548 | ) | (11,843 | ) | (13,223 | ) | (225 | ) | |||||
Tangible assets | $ | 31,573,260 | 30,619,031 | 30,031,101 | 29,702,440 | ||||||||
Total shareholders' equity | $ | 2,997,079 | 2,997,947 | 2,927,924 | 2,906,659 | ||||||||
Subtract: Goodwill | (57,315 | ) | (57,092 | ) | (59,678 | ) | (24,431 | ) | |||||
Subtract: Other intangible assets, net | (11,548 | ) | (11,843 | ) | (13,223 | ) | (225 | ) | |||||
Subtract: Series C Preferred Stock, no par value | (125,980 | ) | (125,980 | ) | (125,980 | ) | (125,980 | ) | |||||
Tangible common equity | $ | 2,802,236 | 2,803,032 | 2,729,043 | 2,756,023 | ||||||||
Total shareholders' equity to total assets ratio | 9.47 | % | 9.77 | % | 9.73 | 9.78 | |||||||
Tangible common equity to tangible assets ratio | 8.88 | 9.15 | 9.09 | 9.28 | |||||||||
Common equity Tier 1 (CET1) ratio (fully phased-in) | |||||||||||||
Common equity Tier 1 (CET1) | $ | 2,749,304 | |||||||||||
Subtract: Adjustment related to capital components | (25,704 | ) | |||||||||||
CET1 (fully phased-in) | 2,723,600 | ||||||||||||
Total risk-weighted assets | 27,329,260 | ||||||||||||
Total risk-weighted assets (fully phased-in) | 27,554,994 | ||||||||||||
Common equity Tier 1 (CET1) ratio | 10.06 | ||||||||||||
Common equity Tier 1 (CET1) ratio (fully phased-in) | 9.88 | ||||||||||||
Nine Months Ended | ||||||||||
(dollars in thousands) | September 30, 2017 | September 30, 2016 | Increase | |||||||
Total non-interest expense growth excluding balance sheet restructuring actions | ||||||||||
Total non-interest expense, as reported | $ | 594,780 | 562,716 | 5.7 | % | |||||
Subtract: Discounts to fair value for completed or planned ORE accelerated dispositions | (7,082 | ) | — | |||||||
Subtract: Asset impairment charges related to accelerated disposition of corporate real estate and other properties | (1,683 | ) | — | |||||||
Total non-interest expense excluding balance sheet restructuring actions | $ | 586,015 | 562,716 | 4.1 | % | |||||
Reconciliation of Non-GAAP Financial Measures, continued | Year Ending December 31, | |||||||
(dollars in thousands) | 2017 | 2016 | Increase | |||||
Total non-interest expense growth excluding balance sheet restructuring actions | ||||||||
Total non-interest expense, as reported | $804,806 to $819,925 | 755,923 | 6.5%-8.5% | |||||
Subtract: Discounts to fair value for completed or planned ORE accelerated dispositions | (7,082 | ) | — | — | ||||
Subtract: Asset impairment charges related to accelerated disposition of corporate real estate and other properties | (1,683 | ) | — | — | ||||
Subtract: Estimated loss on early extinguishment of debt to be recorded in 4Q17 | (24,000 | ) | — | — | ||||
Total non-interest expense excluding balance sheet restructuring actions | $772,041 to $787,160 | 755,923 | 2.1%-4.1% | |||||
Share Repurchases | ||||||||||||||||||||||||||
(in thousands, except per share data) | Total Number of Shares Repurchased | Average Price Paid per Share(1) | Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs | Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
April 1 to April 30, 2022 | 25 | $ | 42.41 | 25 | $ | 289,273 | ||||||||||||||||||||
May 1 to May 31, 2022 | 53 | 42.85 | 53 | 287,019 | ||||||||||||||||||||||
June 1 to June 30, 2022 | — | — | — | 287,019 | ||||||||||||||||||||||
Total | 78 | $ | 42.71 | 78 | ||||||||||||||||||||||
Share Repurchases | Total Number of Shares Repurchased | Average Price Paid per Share(1) | Total Number of Shares Repurchased as Part of Publicly Announced Plans or Programs | Maximum Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||
July 2017 | 175,900 | $ | 43.84 | 175,900 | $ | 146,962,549 | ||||||||
August 2017 | 960,000 | 42.67 | 960,000 | 105,996,984 | ||||||||||
September 2017 | 984,800 | 42.49 | 984,800 | 64,149,735 | ||||||||||
Total | 2,120,700 | $ | 42.69 | 2,120,700 | ||||||||||
Exhibit Number | Description | ||||||||
3.1 | |||||||||
3.2 | |||||||||
31.2 | |||||||||
32 | |||||||||
101 | Interactive Data File | ||||||||
104 | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). | ||||||||
SYNOVUS FINANCIAL CORP. | |||||||||||
By: | /s/ | ||||||||||
Date | |||||||||||
Executive Vice President and Chief Financial Officer | |||||||||||
(Duly Authorized Officer and Principal Financial Officer) |