QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
23-2195389 | |||||||||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||||||||
One Penn Square | Lancaster, | 17602 | |||||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock, par value $2.50 | FULT | The Nasdaq Stock Market, LLC | ||||||
Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A | FULTP | The Nasdaq Stock Market, LLC |
Large accelerated filer | Accelerated filer | |||||||||||||||||||
Non-accelerated filer | Smaller reporting company | |||||||||||||||||||
Emerging growth company | ||||||||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. |
Description | Page | ||||||||
Glossary of Terms | |||||||||
PART I. FINANCIAL INFORMATION | |||||||||
(a) | |||||||||
(b) | |||||||||
(c) | |||||||||
(d) | |||||||||
(e) | |||||||||
(f) | |||||||||
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||||
Item 3. Defaults Upon Senior Securities - (not applicable) | |||||||||
Item 4. Mine Safety Disclosures - (not applicable) | |||||||||
Item 5. Other Information - (none to be reported) | |||||||||
FULTON FINANCIAL CORPORATION | ||||||||
GLOSSARY OF DEFINED ACRONYMS AND TERMS | ||||||||
ACL | Allowance for credit losses | |||||||
AFS | Available for sale | |||||||
ALCO | Asset/Liability Management Committee | |||||||
AML | Anti-Money Laundering | |||||||
AOCI | Accumulated other comprehensive income | |||||||
ARC | Auction rate security | |||||||
ASC | Accounting Standards Codification | |||||||
ASU | Accounting Standards Update | |||||||
bp | Basis point(s) | |||||||
BSA | Bank Secrecy Act | |||||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act | |||||||
CECL | Current expected credit losses | |||||||
Corporation or Company | Fulton Financial Corporation | |||||||
COVID-19 | Coronavirus | |||||||
ETR | Effective tax rate | |||||||
Exchange Act | Securities Exchange Act of 1934 | |||||||
EAD | Exposure at default | |||||||
FASB | Financial Accounting Standards Board | |||||||
FDIC | Federal Deposit Insurance Corporation | |||||||
Fed Funds Rate | Target federal funds rate | |||||||
FHLB | Federal Home Loan Bank | |||||||
FOMC | Federal Open Market Committee | |||||||
FRB | Federal Reserve Bank | |||||||
FTE | Fully taxable-equivalent | |||||||
Fulton Bank or the Bank | Fulton Bank, N.A. | |||||||
GAAP | U.S. Generally Accepted Accounting Principles | |||||||
HTM | Held to maturity | |||||||
LGD | Loss given default | |||||||
LIBOR | London Interbank Offered Rate | |||||||
MSRs | Mortgage servicing rights | |||||||
NIM | Net interest margin | |||||||
N/M | Not meaningful | |||||||
Net Loans | Loans and lease receivables, (net of unearned income) | |||||||
OBS | Off-balance-sheet | |||||||
OCI | Other comprehensive income | |||||||
OREO | Other real estate owned | |||||||
OTTI | Other-than-temporary impairment | |||||||
PD | Probability of default | |||||||
PPP | Paycheck Protection Program | |||||||
PSU | Performance-based restricted stock unit | |||||||
RSU | Restricted stock unit | |||||||
SBA | Small Business Administration | |||||||
SEC | United States Securities and Exchange Commission | |||||||
TCI | Tax credit investment |
TDR | Troubled debt restructuring | |||||||
TruPS | Trust Preferred Securities | |||||||
Visa Shares | Visa, Inc. Class B restricted shares |
September 30, 2017 | December 31, 2016 | ||||||
(unaudited) | |||||||
ASSETS | |||||||
Cash and due from banks | $ | 99,803 | $ | 118,763 | |||
Interest-bearing deposits with other banks | 582,845 | 233,763 | |||||
Federal Reserve Bank and Federal Home Loan Bank stock | 62,951 | 57,489 | |||||
Loans held for sale | 23,049 | 28,697 | |||||
Available for sale investment securities | 2,561,516 | 2,559,227 | |||||
Loans, net of unearned income | 15,486,899 | 14,699,272 | |||||
Less: Allowance for loan losses | (172,245 | ) | (168,679 | ) | |||
Net Loans | 15,314,654 | 14,530,593 | |||||
Premises and equipment | 221,551 | 217,806 | |||||
Accrued interest receivable | 50,082 | 46,294 | |||||
Goodwill and intangible assets | 531,556 | 531,556 | |||||
Other assets | 614,853 | 620,059 | |||||
Total Assets | $ | 20,062,860 | $ | 18,944,247 | |||
LIABILITIES | |||||||
Deposits: | |||||||
Noninterest-bearing | $ | 4,363,915 | $ | 4,376,137 | |||
Interest-bearing | 11,777,865 | 10,636,727 | |||||
Total Deposits | 16,141,780 | 15,012,864 | |||||
Short-term borrowings: | |||||||
Federal funds purchased | 5,812 | 278,570 | |||||
Other short-term borrowings | 292,939 | 262,747 | |||||
Total Short-Term Borrowings | 298,751 | 541,317 | |||||
Accrued interest payable | 10,568 | 9,632 | |||||
Other liabilities | 347,816 | 329,916 | |||||
Federal Home Loan Bank advances and other long-term debt | 1,038,159 | 929,403 | |||||
Total Liabilities | 17,837,074 | 16,823,132 | |||||
SHAREHOLDERS’ EQUITY | |||||||
Common stock, $2.50 par value, 600 million shares authorized, 220.9 million shares issued in 2017 and 219.9 million shares issued in 2016 | 552,153 | 549,707 | |||||
Additional paid-in capital | 1,476,150 | 1,467,602 | |||||
Retained earnings | 812,148 | 732,099 | |||||
Accumulated other comprehensive loss | (24,203 | ) | (38,449 | ) | |||
Treasury stock, at cost, 45.8 million shares in 2017 and 2016 | (590,462 | ) | (589,844 | ) | |||
Total Shareholders’ Equity | 2,225,786 | 2,121,115 | |||||
Total Liabilities and Shareholders’ Equity | $ | 20,062,860 | $ | 18,944,247 | |||
See Notes to Consolidated Financial Statements |
(in thousands, except per-share data) | Three months ended September 30 | Nine months ended September 30 | |||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
INTEREST INCOME | |||||||||||||||
Loans, including fees | $ | 155,152 | $ | 136,639 | $ | 446,158 | $ | 405,361 | |||||||
Investment securities: | |||||||||||||||
Taxable | 11,423 | 10,874 | 34,811 | 34,036 | |||||||||||
Tax-exempt | 2,920 | 2,550 | 8,625 | 6,910 | |||||||||||
Dividends | 105 | 143 | 343 | 438 | |||||||||||
Loans held for sale | 243 | 210 | 631 | 529 | |||||||||||
Other interest income | 1,667 | 1,052 | 3,311 | 2,814 | |||||||||||
Total Interest Income | 171,510 | 151,468 | 493,879 | 450,088 | |||||||||||
INTEREST EXPENSE | |||||||||||||||
Deposits | 16,023 | 11,311 | 40,709 | 32,925 | |||||||||||
Short-term borrowings | 578 | 254 | 2,407 | 739 | |||||||||||
Federal Home Loan Bank advances and other long-term debt | 8,100 | 9,338 | 24,812 | 27,889 | |||||||||||
Total Interest Expense | 24,701 | 20,903 | 67,928 | 61,553 | |||||||||||
Net Interest Income | 146,809 | 130,565 | 425,951 | 388,535 | |||||||||||
Provision for credit losses | 5,075 | 4,141 | 16,575 | 8,182 | |||||||||||
Net Interest Income After Provision for Credit Losses | 141,734 | 126,424 | 409,376 | 380,353 | |||||||||||
NON-INTEREST INCOME | |||||||||||||||
Service charges on deposit accounts | 13,022 | 13,078 | 38,336 | 38,532 | |||||||||||
Other service charges and fees | 12,251 | 14,407 | 39,030 | 38,140 | |||||||||||
Investment management and trust services | 12,157 | 11,425 | 36,097 | 33,660 | |||||||||||
Mortgage banking income | 4,805 | 4,529 | 15,542 | 12,456 | |||||||||||
Investment securities gains, net | 4,597 | 2 | 7,139 | 1,025 | |||||||||||
Other | 5,142 | 4,708 | 14,874 | 13,610 | |||||||||||
Total Non-Interest Income | 51,974 | 48,149 | 151,018 | 137,423 | |||||||||||
NON-INTEREST EXPENSE | |||||||||||||||
Salaries and employee benefits | 72,894 | 70,696 | 216,626 | 210,097 | |||||||||||
Net occupancy expense | 12,180 | 11,782 | 37,159 | 35,813 | |||||||||||
Data processing and software | 10,301 | 8,727 | 28,334 | 27,477 | |||||||||||
Other outside services | 6,582 | 5,783 | 19,836 | 17,347 | |||||||||||
Amortization of tax credit investments | 3,503 | — | 7,652 | — | |||||||||||
Professional fees | 3,388 | 2,535 | 9,056 | 8,221 | |||||||||||
Equipment expense | 3,298 | 3,137 | 9,691 | 9,380 | |||||||||||
FDIC insurance expense | 3,007 | 1,791 | 7,431 | 7,700 | |||||||||||
Marketing | 2,089 | 1,774 | 6,309 | 5,314 | |||||||||||
Other | 14,915 | 13,623 | 45,033 | 40,549 | |||||||||||
Total Non-Interest Expense | 132,157 | 119,848 | 387,127 | 361,898 | |||||||||||
Income Before Income Taxes | 61,551 | 54,725 | 173,267 | 155,878 | |||||||||||
Income taxes | 12,646 | 13,257 | 35,515 | 36,403 | |||||||||||
Net Income | $ | 48,905 | $ | 41,468 | $ | 137,752 | $ | 119,475 | |||||||
PER SHARE: | |||||||||||||||
Net Income (Basic) | $ | 0.28 | $ | 0.24 | $ | 0.79 | $ | 0.69 | |||||||
Net Income (Diluted) | 0.28 | 0.24 | 0.78 | 0.69 | |||||||||||
Cash Dividends | 0.11 | 0.10 | 0.33 | 0.29 | |||||||||||
See Notes to Consolidated Financial Statements |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net Income | $ | 48,905 | $ | 41,468 | $ | 137,752 | $ | 119,475 | |||||||
Other Comprehensive Income (Loss), net of tax: | |||||||||||||||
Unrealized gain (loss) on securities | 3,320 | (3,580 | ) | 17,861 | 26,285 | ||||||||||
Reclassification adjustment for securities gains included in net income | (2,988 | ) | (1 | ) | (4,639 | ) | (666 | ) | |||||||
Amortization of unrealized loss on derivative financial instruments | — | 4 | — | 12 | |||||||||||
Amortization of net unrecognized pension and postretirement items | 340 | 379 | 1,024 | 877 | |||||||||||
Other Comprehensive Income (Loss) | 672 | (3,198 | ) | 14,246 | 26,508 | ||||||||||
Total Comprehensive Income | $ | 49,577 | $ | 38,270 | $ | 151,998 | $ | 145,983 | |||||||
See Notes to Consolidated Financial Statements |
Common Stock | Retained Earnings | Treasury Stock | Total | |||||||||||||||||||||||
Shares Outstanding | Amount | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||
Balance at December 31, 2016 | 174,040 | $ | 549,707 | $ | 1,467,602 | $ | 732,099 | $ | (38,449 | ) | $ | (589,844 | ) | $ | 2,121,115 | |||||||||||
Net income | 137,752 | 137,752 | ||||||||||||||||||||||||
Other comprehensive income | 14,246 | 14,246 | ||||||||||||||||||||||||
Stock issued | 1,017 | 2,446 | 5,209 | (618 | ) | 7,037 | ||||||||||||||||||||
Stock-based compensation awards | 3,339 | 3,339 | ||||||||||||||||||||||||
Common stock cash dividends - $0.33 per share | (57,703 | ) | (57,703 | ) | ||||||||||||||||||||||
Balance at September 30, 2017 | 175,057 | $ | 552,153 | $ | 1,476,150 | $ | 812,148 | $ | (24,203 | ) | $ | (590,462 | ) | $ | 2,225,786 | |||||||||||
Balance at December 31, 2015 | 174,176 | $ | 547,141 | $ | 1,450,690 | $ | 641,588 | $ | (22,017 | ) | $ | (575,508 | ) | $ | 2,041,894 | |||||||||||
Net income | 119,475 | 119,475 | ||||||||||||||||||||||||
Other comprehensive income | 26,508 | 26,508 | ||||||||||||||||||||||||
Stock issued, including related tax benefits | 454 | 594 | 2,099 | 2,833 | 5,526 | |||||||||||||||||||||
Stock-based compensation awards | 4,808 | 4,808 | ||||||||||||||||||||||||
Acquisition of treasury stock | (1,486 | ) | (18,545 | ) | (18,545 | ) | ||||||||||||||||||||
Common stock cash dividends - $0.29 per share | (50,230 | ) | (50,230 | ) | ||||||||||||||||||||||
Balance at September 30, 2016 | 173,144 | $ | 547,735 | $ | 1,457,597 | $ | 710,833 | $ | 4,491 | $ | (591,220 | ) | $ | 2,129,436 | ||||||||||||
See Notes to Consolidated Financial Statements |
June 30, 2021 | December 31, 2020 | ||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 143,002 | $ | 120,462 | |||||||
Interest-bearing deposits with other banks | 1,761,057 | 1,727,370 | |||||||||
Cash and cash equivalents | 1,904,059 | 1,847,832 | |||||||||
FRB and FHLB stock | 62,631 | 92,129 | |||||||||
Loans held for sale | 41,924 | 83,886 | |||||||||
Investment securities: | |||||||||||
AFS, at estimated fair value | 3,097,375 | 3,062,143 | |||||||||
HTM, at amortized cost | 824,283 | 278,281 | |||||||||
Net Loans | 18,586,756 | 18,900,820 | |||||||||
Less: ACL - loans | (255,032) | (277,567) | |||||||||
Loans, net | 18,331,724 | 18,623,253 | |||||||||
Net premises and equipment | 228,353 | 231,480 | |||||||||
Accrued interest receivable | 63,232 | 72,942 | |||||||||
Goodwill and intangible assets | 536,847 | 536,659 | |||||||||
Other assets | 989,346 | 1,078,128 | |||||||||
Total Assets | $ | 26,079,774 | $ | 25,906,733 | |||||||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | 7,442,132 | $ | 6,531,002 | |||||||
Interest-bearing | 14,282,180 | 14,308,205 | |||||||||
Total Deposits | 21,724,312 | 20,839,207 | |||||||||
Short-term borrowings | 533,749 | 630,066 | |||||||||
Accrued interest payable | 7,322 | 10,365 | |||||||||
Long-term borrowings | 627,213 | 1,296,263 | |||||||||
Other liabilities | 494,220 | 514,004 | |||||||||
Total Liabilities | 23,386,816 | 23,289,905 | |||||||||
SHAREHOLDERS’ EQUITY | |||||||||||
Preferred stock, no par value, 10,000,000 shares authorized; Series A, 200,000 shares authorized and issued in 2020, liquidation preference of $1,000 per share | 192,878 | 192,878 | |||||||||
Common stock, $2.50 par value, 600.0 million shares authorized, 223.8 million shares issued in 2021 and 223.2 million issued in 2020 | 559,485 | 557,917 | |||||||||
Additional paid-in capital | 1,513,645 | 1,508,117 | |||||||||
Retained earnings | 1,208,086 | 1,120,781 | |||||||||
Accumulated other comprehensive gain | 47,201 | 65,091 | |||||||||
Treasury stock, at cost, 60.8 million shares in 2021 and in 2020 | (828,337) | (827,956) | |||||||||
Total Shareholders’ Equity | 2,692,958 | 2,616,828 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 26,079,774 | $ | 25,906,733 | |||||||
See Notes to Consolidated Financial Statements |
(in thousands, except per-share data) | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest Income | |||||||||||||||||||||||
Loans, including fees | $ | 155,080 | $ | 158,928 | $ | 319,065 | $ | 334,452 | |||||||||||||||
Investment securities: | |||||||||||||||||||||||
Taxable | 13,898 | 15,171 | 27,588 | 31,465 | |||||||||||||||||||
Tax-exempt | 5,921 | 5,323 | 11,574 | 10,031 | |||||||||||||||||||
Loans held for sale | 199 | 509 | 671 | 829 | |||||||||||||||||||
Other interest income | 1,575 | 766 | 2,711 | 3,297 | |||||||||||||||||||
Total Interest Income | 176,673 | 180,697 | 361,609 | 380,074 | |||||||||||||||||||
Interest Expense | |||||||||||||||||||||||
Deposits | 7,982 | 17,118 | 17,584 | 43,558 | |||||||||||||||||||
Short-term borrowings | 137 | 517 | 325 | 4,590 | |||||||||||||||||||
Long-term borrowings | 6,155 | 10,307 | 16,853 | 18,426 | |||||||||||||||||||
Total Interest Expense | 14,274 | 27,942 | 34,762 | 66,574 | |||||||||||||||||||
Net Interest Income | 162,399 | 152,755 | 326,847 | 313,500 | |||||||||||||||||||
Provision for credit losses | (3,500) | 19,570 | (9,000) | 63,600 | |||||||||||||||||||
Net Interest Income After Provision for Credit Losses | 165,899 | 133,185 | 335,847 | 249,900 | |||||||||||||||||||
Non-Interest Income | |||||||||||||||||||||||
Commercial banking | 17,129 | 16,748 | 33,471 | 35,167 | |||||||||||||||||||
Consumer banking | 10,860 | 9,138 | 21,614 | 20,377 | |||||||||||||||||||
Wealth management | 17,634 | 13,407 | 34,981 | 28,462 | |||||||||||||||||||
Mortgage banking | 2,838 | 9,964 | 16,798 | 16,198 | |||||||||||||||||||
Other | 3,393 | 3,660 | 6,912 | 7,311 | |||||||||||||||||||
Non-Interest Income Before Investment Securities Gains | 51,854 | 52,917 | 113,776 | 107,515 | |||||||||||||||||||
Investment securities gains, net | 36 | 3,005 | 33,511 | 3,051 | |||||||||||||||||||
Total Non-Interest Income | 51,890 | 55,922 | 147,287 | 110,566 | |||||||||||||||||||
Non-Interest Expense | |||||||||||||||||||||||
Salaries and employee benefits | 78,367 | 81,012 | 160,953 | 161,240 | |||||||||||||||||||
Data processing and software | 13,932 | 12,193 | 27,493 | 23,838 | |||||||||||||||||||
Net occupancy | 12,494 | 13,144 | 26,476 | 26,630 | |||||||||||||||||||
Other outside services | 8,178 | 7,600 | 16,668 | 15,481 | |||||||||||||||||||
State taxes | 4,384 | 3,088 | 8,889 | 5,891 | |||||||||||||||||||
Equipment | 3,424 | 3,193 | 6,852 | 6,611 | |||||||||||||||||||
Professional fees | 2,651 | 3,331 | 5,430 | 7,533 | |||||||||||||||||||
FDIC insurance | 2,282 | 2,133 | 4,906 | 4,941 | |||||||||||||||||||
Amortization of TCI | 1,563 | 1,450 | 3,094 | 2,900 | |||||||||||||||||||
Marketing | 1,348 | 1,303 | 2,350 | 2,882 | |||||||||||||||||||
Intangible amortization | 178 | 132 | 293 | 264 | |||||||||||||||||||
Debt extinguishment | 412 | 2,878 | 32,575 | 2,878 | |||||||||||||||||||
Other | 11,618 | 11,549 | 23,236 | 24,469 | |||||||||||||||||||
Total Non-Interest Expense | 140,831 | 143,006 | 319,215 | 285,558 | |||||||||||||||||||
Income Before Income Taxes | 76,958 | 46,101 | 163,919 | 74,909 | |||||||||||||||||||
Income taxes | 11,994 | 6,542 | 25,892 | 9,303 | |||||||||||||||||||
Net Income | 64,964 | 39,559 | 138,027 | 65,606 | |||||||||||||||||||
Preferred stock dividends | (2,562) | 0 | (5,153) | 0 | |||||||||||||||||||
Net Income Available to Common Shareholders | $ | 62,402 | $ | 39,559 | $ | 132,874 | $ | 65,606 | |||||||||||||||
PER SHARE: | |||||||||||||||||||||||
Net Income Available to Common Shareholders (Basic) | $ | 0.38 | $ | 0.24 | $ | 0.81 | $ | 0.40 | |||||||||||||||
Net Income Available to Common Shareholders (Diluted) | 0.38 | 0.24 | 0.81 | 0.40 | |||||||||||||||||||
Cash Dividends | 0.14 | 0.13 | 0.28 | 0.26 | |||||||||||||||||||
See Notes to Consolidated Financial Statements |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net Income | $ | 64,964 | $ | 39,559 | $ | 138,027 | $ | 65,606 | |||||||||||||||
Other Comprehensive Income (Loss), net of tax: | |||||||||||||||||||||||
Unrealized gain (loss) on securities | 19,298 | 34,424 | (20,701) | 51,853 | |||||||||||||||||||
Reclassification adjustment for securities (gains) losses included in net income | (28) | (2,341) | 349 | (2,376) | |||||||||||||||||||
Amortization of net unrealized (gains) losses on AFS securities transferred to HTM | (270) | 793 | 1,517 | 1,589 | |||||||||||||||||||
Net unrealized gain on interest rate swaps used in cash flow hedges | 2,074 | 0 | 367 | 0 | |||||||||||||||||||
Amortization of net unrecognized pension and postretirement income | 289 | 255 | 578 | 510 | |||||||||||||||||||
Other Comprehensive Income (Loss) | 21,363 | 33,131 | (17,890) | 51,576 | |||||||||||||||||||
Total Comprehensive Income | $ | 86,327 | $ | 72,690 | $ | 120,137 | $ | 117,182 | |||||||||||||||
See Notes to Consolidated Financial Statements |
Preferred Stock | Common Stock | Additional | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Paid-in Capital | |||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 200 | $ | 192,878 | 162,517 | $ | 558,116 | $ | 1,511,101 | $ | 1,168,491 | $ | 25,838 | $ | (826,769) | $ | 2,629,655 | |||||||||||||||||||||||||||||||||||||
Net income | 64,964 | 64,964 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 21,363 | 21,363 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 471 | 1,369 | 446 | (1,568) | 247 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | 2,098 | 2,098 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | (2,562) | (2,562) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.14 per share | (22,807) | (22,807) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 200 | $ | 192,878 | 162,988 | $ | 559,485 | $ | 1,513,645 | $ | 1,208,086 | $ | 47,201 | $ | (828,337) | $ | 2,692,958 | |||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 0 | $ | 0 | 161,435 | $ | 556,243 | $ | 1,502,189 | $ | 1,040,646 | $ | 18,308 | $ | (831,638) | $ | 2,285,748 | |||||||||||||||||||||||||||||||||||||
Net income | 39,559 | 39,559 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 33,131 | 33,131 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 523 | 1,326 | (350) | 221 | 1,197 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | 1,911 | 1,911 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.13 per share | (21,045) | (21,045) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 0 | $ | 0 | 161,958 | $ | 557,569 | $ | 1,503,750 | $ | 1,059,160 | $ | 51,439 | $ | (831,417) | $ | 2,340,501 | |||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 200 | $ | 192,878 | 162,350 | $ | 557,917 | $ | 1,508,117 | $ | 1,120,781 | $ | 65,091 | $ | (827,956) | $ | 2,616,828 | |||||||||||||||||||||||||||||||||||||
Net income | 138,027 | 138,027 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (17,890) | (17,890) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 638 | 1,568 | 1,528 | (381) | 2,715 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | 4,000 | 4,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | (5,153) | (5,153) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.28 per share | (45,569) | (45,569) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 200 | $ | 192,878 | 162,988 | $ | 559,485 | $ | 1,513,645 | $ | 1,208,086 | $ | 47,201 | $ | (828,337) | $ | 2,692,958 | |||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 0 | $ | 0 | 164,218 | $ | 556,110 | $ | 1,499,681 | $ | 1,079,391 | $ | (137) | $ | (792,869) | $ | 2,342,176 | |||||||||||||||||||||||||||||||||||||
Net income | 65,606 | 65,606 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 51,576 | 51,576 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 648 | 1,459 | 540 | 1,200 | 3,198 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | 3,530 | 3,530 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for CECL (1) | (43,807) | (43,807) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | (2,908) | (39,748) | (39,748) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.26 per share | (42,030) | (42,030) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | 0 | $ | 0 | 161,958 | $ | 557,569 | $ | 1,503,750 | $ | 1,059,160 | $ | 51,439 | $ | (831,417) | $ | 2,340,501 | |||||||||||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements |
(in thousands) | Six months ended June 30 | ||||||||||
2021 | 2020 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | $ | 138,027 | $ | 65,606 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | (9,000) | 63,600 | |||||||||
Depreciation and amortization of premises and equipment | 13,775 | 14,331 | |||||||||
Amortization of TCI | 14,002 | 15,237 | |||||||||
Net amortization of investment securities premiums | 7,546 | 5,599 | |||||||||
Investment securities gains, net | (33,511) | (3,051) | |||||||||
Gain on sales of mortgage loans held for sale | (14,094) | (22,728) | |||||||||
Proceeds from sales of mortgage loans held for sale | 554,406 | 584,924 | |||||||||
Originations of mortgage loans held for sale | (498,350) | (601,783) | |||||||||
Intangible amortization | 293 | 264 | |||||||||
Amortization of issuance costs and discounts on long-term borrowings | 1,378 | 543 | |||||||||
Debt extinguishment costs | 32,575 | 2,878 | |||||||||
Stock-based compensation | 4,000 | 3,530 | |||||||||
Other changes, net | 22,537 | (161,412) | |||||||||
Total adjustments | 95,557 | (98,068) | |||||||||
Net cash provided by (used in) operating activities | 233,584 | (32,462) | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from sales of AFS securities | 125,811 | 187,819 | |||||||||
Proceeds from principal repayments and maturities of AFS securities | 246,740 | 147,551 | |||||||||
Proceeds from principal repayments and maturities of HTM securities | 58,470 | 40,374 | |||||||||
Purchase of AFS securities | (766,574) | (418,395) | |||||||||
Purchase of HTM securities | (227,687) | 0 | |||||||||
Sale of Visa Shares | 33,962 | 0 | |||||||||
Sale of FRB and FHLB stock | 29,498 | 6,380 | |||||||||
Net decrease (increase) in loans | 300,929 | (1,882,433) | |||||||||
Net purchases of premises and equipment | (10,648) | (13,881) | |||||||||
Net cash paid for acquisition | 292 | 0 | |||||||||
Net change in tax credit investments | (8,065) | (4,873) | |||||||||
Net cash used in investing activities | (217,272) | (1,937,458) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Net increase in demand and savings deposits | 1,234,732 | 2,678,900 | |||||||||
Net decrease in time deposits | (349,627) | (188,604) | |||||||||
Net decrease in short-term borrowings | (96,317) | (310,690) | |||||||||
Proceeds from long-term borrowings | 620 | 495,898 | |||||||||
Repayments of long-term borrowings | (703,624) | (85,893) | |||||||||
Net proceeds from issuance of common stock | 2,715 | 3,198 | |||||||||
Dividends paid | (48,584) | (42,333) | |||||||||
Acquisition of treasury stock | 0 | (39,748) | |||||||||
Net cash provided by financing activities | 39,915 | 2,510,728 | |||||||||
Net Increase in Cash and Cash Equivalents | 56,227 | 540,808 | |||||||||
Cash and Cash Equivalents at Beginning of Period | 1,847,832 | 517,791 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 1,904,059 | $ | 1,058,599 | |||||||
Supplemental Disclosures of Cash Flow Information: | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | 37,805 | $ | 63,837 | |||||||
Income taxes | 8,127 | 11,051 | |||||||||
Supplemental Schedule of Certain Noncash Activities: | |||||||||||
Transfer of AFS securities to HTM securities | $ | 376,165 | $ | 0 | |||||||
See Notes to Consolidated Financial Statements |
Nine months ended September 30 | |||||||
2017 | 2016 | ||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||
Net Income | $ | 137,752 | $ | 119,475 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Provision for credit losses | 16,575 | 8,182 | |||||
Depreciation and amortization of premises and equipment | 21,013 | 20,547 | |||||
Net amortization of investment securities premiums | 7,412 | 7,434 | |||||
Investment securities gains, net | (7,139 | ) | (1,025 | ) | |||
Gain on sales of mortgage loans held for sale | (10,122 | ) | (11,967 | ) | |||
Proceeds from sales of mortgage loans held for sale | 470,927 | 493,457 | |||||
Originations of mortgage loans held for sale | (455,157 | ) | (492,440 | ) | |||
Amortization of issuance costs on long-term debt | 618 | 347 | |||||
Stock-based compensation | 3,339 | 4,808 | |||||
Excess tax benefits from stock-based compensation | — | (58 | ) | ||||
Increase in accrued interest receivable | (3,788 | ) | (833 | ) | |||
Decrease (increase) in other assets | 38,108 | (9,075 | ) | ||||
Increase in accrued interest payable | 936 | 2,921 | |||||
(Decrease) increase in other liabilities | (26,027 | ) | 2,061 | ||||
Total adjustments | 56,695 | 24,359 | |||||
Net cash provided by operating activities | 194,447 | 143,834 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||
Proceeds from sales of securities available for sale | 44,485 | 84,978 | |||||
Proceeds from principal repayments and maturities of securities available for sale | 321,088 | 426,932 | |||||
Purchase of securities available for sale | (344,569 | ) | (484,164 | ) | |||
Increase in short-term investments | (354,544 | ) | (136,450 | ) | |||
Net increase in loans | (800,778 | ) | (567,061 | ) | |||
Net purchases of premises and equipment | (24,758 | ) | (23,021 | ) | |||
Net cash used in investing activities | (1,159,076 | ) | (698,786 | ) | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||
Net increase in demand and savings deposits | 1,014,697 | 880,795 | |||||
Net increase (decrease) in time deposits | 114,219 | (60,633 | ) | ||||
Decrease in short-term borrowings | (242,566 | ) | (233,621 | ) | |||
Additions to long-term debt | 223,251 | 16,000 | |||||
Repayments of long-term debt | (115,114 | ) | (603 | ) | |||
Net proceeds from issuance of common stock | 7,037 | 5,468 | |||||
Excess tax benefits from stock-based compensation | — | 58 | |||||
Dividends paid | (55,855 | ) | (48,590 | ) | |||
Acquisition of treasury stock | — | (18,545 | ) | ||||
Net cash provided by financing activities | 945,669 | 540,329 | |||||
Net Decrease in Cash and Due From Banks | (18,960 | ) | (14,623 | ) | |||
Cash and Due From Banks at Beginning of Period | 118,763 | 101,120 | |||||
Cash and Due From Banks at End of Period | $ | 99,803 | $ | 86,497 | |||
Supplemental Disclosures of Cash Flow Information: | |||||||
Cash paid during the period for: | |||||||
Interest | $ | 66,992 | $ | 58,632 | |||
Income taxes | 7,881 | 9,404 | |||||
See Notes to Consolidated Financial Statements |
Three months ended September 30 | Nine months ended September 30 | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
(in thousands) | |||||||||||
Weighted average shares outstanding (basic) | 174,991 | 173,020 | 174,582 | 173,248 | |||||||
Impact of common stock equivalents | 1,225 | 1,044 | 1,194 | 1,017 | |||||||
Weighted average shares outstanding (diluted) | 176,216 | 174,064 | 175,776 | 174,265 |
June 30, 2021 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Available for Sale | (in thousands) | ||||||||||||||||||||||
U.S. Government securities | $ | 153,885 | $ | 0 | $ | (340) | $ | 153,545 | |||||||||||||||
U.S. Government sponsored agency securities | 62,529 | 0 | (98) | 62,431 | |||||||||||||||||||
State and municipal securities | 1,002,146 | 53,924 | (608) | 1,055,462 | |||||||||||||||||||
Corporate debt securities | 354,593 | 16,876 | (88) | 371,381 | |||||||||||||||||||
Collateralized mortgage obligations | 299,333 | 7,965 | (133) | 307,165 | |||||||||||||||||||
Residential mortgage-backed securities | 201,654 | 1,641 | (1,748) | 201,547 | |||||||||||||||||||
Commercial mortgage-backed securities | 858,574 | 14,338 | (1,902) | 871,010 | |||||||||||||||||||
Auction rate securities | 76,350 | 0 | (1,516) | 74,834 | |||||||||||||||||||
Total | $ | 3,009,064 | $ | 94,744 | $ | (6,433) | $ | 3,097,375 | |||||||||||||||
Held to Maturity | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | 439,220 | $ | 15,470 | $ | (5,019) | $ | 449,671 | |||||||||||||||
Commercial mortgage-backed securities | 385,063 | 0 | (7,802) | 377,261 | |||||||||||||||||||
Total | $ | 824,283 | $ | 15,470 | $ | (12,821) | $ | 826,932 |
December 31, 2020 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
Available for Sale | (in thousands) | ||||||||||||||||||||||
State and municipal securities | $ | 891,327 | $ | 61,286 | $ | 0 | $ | 952,613 | |||||||||||||||
Corporate debt securities | 348,391 | 19,445 | (691) | 367,145 | |||||||||||||||||||
Collateralized mortgage obligations | 491,321 | 12,560 | (115) | 503,766 | |||||||||||||||||||
Residential mortgage-backed securities | 373,779 | 4,246 | (27) | 377,998 | |||||||||||||||||||
Commercial mortgage-backed securities | 741,172 | 22,384 | (1,141) | 762,415 | |||||||||||||||||||
Auction rate securities | 101,510 | 0 | (3,304) | 98,206 | |||||||||||||||||||
Total | $ | 2,947,500 | $ | 119,921 | $ | (5,278) | $ | 3,062,143 | |||||||||||||||
Held to Maturity | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | 278,281 | $ | 18,576 | $ | 0 | $ | 296,857 | |||||||||||||||
June 30, 2021 | ||||||||||||||||||||||||||
Available for Sale | Held to Maturity | |||||||||||||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Due in one year or less | $ | 8,212 | $ | 8,240 | $ | 0 | $ | 0 | ||||||||||||||||||
Due from one year to five years | 253,200 | 253,976 | 0 | 0 | ||||||||||||||||||||||
Due from five years to ten years | 353,124 | 371,026 | 0 | 0 | ||||||||||||||||||||||
Due after ten years | 1,034,967 | 1,084,411 | 0 | 0 | ||||||||||||||||||||||
1,649,503 | 1,717,653 | 0 | 0 | |||||||||||||||||||||||
Residential mortgage-backed securities(1) | 201,654 | 201,547 | 439,220 | 449,671 | ||||||||||||||||||||||
Commercial mortgage-backed securities(1) | 858,574 | 871,010 | 385,063 | 377,261 | ||||||||||||||||||||||
Collateralized mortgage obligations(1) | 299,333 | 307,165 | 0 | 0 | ||||||||||||||||||||||
Total | $ | 3,009,064 | $ | 3,097,375 | $ | 824,283 | $ | 826,932 | ||||||||||||||||||
(1) Mortgage-backed securities and collateralized mortgage obligations do not have stated maturities and are dependent upon the interest rate environment and prepayments on the underlying loans. |
Before-Tax Amount | Tax Effect | Net of Tax Amount | |||||||||
(in thousands) | |||||||||||
Three months ended September 30, 2017 | |||||||||||
Unrealized gain on securities | $ | 5,109 | $ | (1,789 | ) | $ | 3,320 | ||||
Reclassification adjustment for securities gains included in net income (1) | (4,597 | ) | 1,609 | (2,988 | ) | ||||||
Amortization of net unrecognized pension and postretirement items (3) | 523 | (183 | ) | 340 | |||||||
Total Other Comprehensive Income | $ | 1,035 | $ | (363 | ) | $ | 672 | ||||
Three months ended September 30, 2016 | |||||||||||
Unrealized loss on securities | $ | (5,505 | ) | $ | 1,925 | $ | (3,580 | ) | |||
Reclassification adjustment for securities gains included in net income (1) | (2 | ) | 1 | (1 | ) | ||||||
Amortization of unrealized loss on derivative financial instruments(2) | 6 | (2 | ) | 4 | |||||||
Amortization of net unrecognized pension and postretirement items (3) | 583 | (204 | ) | 379 | |||||||
Total Other Comprehensive Loss | $ | (4,918 | ) | $ | 1,720 | $ | (3,198 | ) | |||
Nine months ended September 30, 2017 | |||||||||||
Unrealized gain on securities | $ | 27,482 | $ | (9,621 | ) | $ | 17,861 | ||||
Reclassification adjustment for securities gains included in net income (1) | (7,139 | ) | 2,500 | (4,639 | ) | ||||||
Amortization of net unrecognized pension and postretirement items (3) | 1,575 | (551 | ) | 1,024 | |||||||
Total Other Comprehensive Income | $ | 21,918 | $ | (7,672 | ) | $ | 14,246 | ||||
Nine months ended September 30, 2016 | |||||||||||
Unrealized gain on securities | $ | 40,441 | $ | (14,156 | ) | $ | 26,285 | ||||
Reclassification adjustment for securities gains included in net income (1) | (1,025 | ) | 359 | (666 | ) | ||||||
Amortization of unrealized loss on derivative financial instruments (2) | 18 | (6 | ) | 12 | |||||||
Amortization of net unrecognized pension and postretirement items (3) | 1,349 | (472 | ) | 877 | |||||||
Total Other Comprehensive Income | $ | 40,783 | $ | (14,275 | ) | $ | 26,508 |
Gross Realized Gains | Gross Realized Losses | Net Gains | |||||||||||||||||||||
Three months ended | (in thousands) | ||||||||||||||||||||||
June 30, 2021 | $ | 465 | $ | (429) | $ | 36 | |||||||||||||||||
June 30, 2020 | 6,334 | (3,329) | 3,005 | ||||||||||||||||||||
Six months ended | |||||||||||||||||||||||
June 30, 2021 | $ | 34,481 | $ | (970) | $ | 33,511 | |||||||||||||||||
June 30, 2020 | 6,451 | (3,400) | 3,051 | ||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||
Number of Securities | Estimated Fair Value | Unrealized Losses | Number of Securities | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||
Available for Sale | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government securities | 2 | $ | 153,545 | $ | (340) | 0 | $ | 0 | $ | 0 | $ | 153,545 | $ | (340) | |||||||||||||||||||||||||||||||||
U.S. Government sponsored agency securities | 1 | 62,431 | (98) | 0 | 0 | 0 | 62,431 | (98) | |||||||||||||||||||||||||||||||||||||||
State and municipal securities | 12 | 46,851 | (608) | 0 | 0 | 0 | 46,851 | (608) | |||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 5 | 19,921 | (88) | 0 | 0 | 0 | 19,921 | (88) | |||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 1 | 30,402 | (133) | 0 | 0 | 0 | 30,402 | (133) | |||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 7 | 154,928 | (1,748) | 0 | 0 | 0 | 154,928 | (1,748) | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 15 | 241,220 | (1,902) | 0 | 0 | 0 | 241,220 | (1,902) | |||||||||||||||||||||||||||||||||||||||
Auction rate securities | 0 | 0 | 0 | 118 | 74,834 | (1,516) | 74,834 | (1,516) | |||||||||||||||||||||||||||||||||||||||
Total available for sale | 43 | $ | 709,298 | $ | (4,917) | 118 | $ | 74,834 | $ | (1,516) | $ | 784,132 | $ | (6,433) | |||||||||||||||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 12 | $ | 203,077 | $ | (5,019) | 0 | $ | 0 | $ | 0 | $ | 203,077 | $ | (5,019) | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 21 | 377,261 | (7,802) | 0 | 0 | 0 | 377,261 | (7,802) | |||||||||||||||||||||||||||||||||||||||
Total | 33 | $ | 580,338 | $ | (12,821) | 0 | $ | 0 | $ | 0 | $ | 580,338 | $ | (12,821) |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||
Number of Securities | Estimated Fair Value | Unrealized Losses | Number of Securities | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||||||||||||||||||||||||
Available for Sale | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 9 | $ | 44,528 | $ | (377) | 1 | $ | 6,871 | $ | (314) | $ | 51,399 | $ | (691) | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 3 | 57,601 | (115) | 0 | 0 | 0 | 57,601 | (115) | |||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 1 | 20,124 | (27) | 0 | 0 | 0 | 20,124 | (27) | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 9 | 144,383 | (1,141) | 0 | 0 | 0 | 144,383 | (1,141) | |||||||||||||||||||||||||||||||||||||||
Auction rate securities | 0 | 0 | 0 | 162 | 98,206 | (3,304) | 98,206 | (3,304) | |||||||||||||||||||||||||||||||||||||||
Total available for sale(1) | 22 | $ | 266,636 | $ | (1,660) | 163 | $ | 105,077 | $ | (3,618) | $ | 371,713 | $ | (5,278) | |||||||||||||||||||||||||||||||||
Unrealized Gains (Losses) on Investment Securities Not Other-Than-Temporarily Impaired | Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities | Unrealized Effective Portions of Losses on Forward-Starting Interest Rate Swaps | Unrecognized Pension and Postretirement Plan Income (Costs) | Total | |||||||||||||||
(in thousands) | |||||||||||||||||||
Three months ended September 30, 2017 | |||||||||||||||||||
Balance at June 30, 2017 | $ | (10,157 | ) | $ | 273 | $ | — | $ | (14,991 | ) | $ | (24,875 | ) | ||||||
Other comprehensive income before reclassifications | 3,320 | — | — | — | 3,320 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (2,988 | ) | — | — | 340 | (2,648 | ) | ||||||||||||
Balance at September 30, 2017 | $ | (9,825 | ) | $ | 273 | $ | — | $ | (14,651 | ) | $ | (24,203 | ) | ||||||
Three months ended September 30, 2016 | |||||||||||||||||||
Balance at June 30, 2016 | $ | 22,701 | $ | 458 | $ | (7 | ) | $ | (15,463 | ) | $ | 7,689 | |||||||
Other comprehensive loss before reclassifications | (3,580 | ) | — | — | — | (3,580 | ) | ||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (1 | ) | — | 4 | 379 | 382 | |||||||||||||
Balance at September 30, 2016 | $ | 19,120 | $ | 458 | $ | (3 | ) | $ | (15,084 | ) | $ | 4,491 | |||||||
Nine months ended September 30, 2017 | |||||||||||||||||||
Balance at December 31, 2016 | $ | (23,047 | ) | $ | 273 | $ | — | $ | (15,675 | ) | $ | (38,449 | ) | ||||||
Other comprehensive income before reclassifications | 17,861 | — | — | — | 17,861 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (4,639 | ) | — | — | 1,024 | (3,615 | ) | ||||||||||||
Balance at September 30, 2017 | $ | (9,825 | ) | $ | 273 | $ | — | $ | (14,651 | ) | $ | (24,203 | ) | ||||||
Nine months ended September 30, 2016 | |||||||||||||||||||
Balance at December 31, 2015 | $ | (6,499 | ) | $ | 458 | $ | (15 | ) | $ | (15,961 | ) | $ | (22,017 | ) | |||||
Other comprehensive income before reclassifications | 26,285 | — | — | — | 26,285 | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | (666 | ) | — | 12 | 877 | 223 | |||||||||||||
Balance at September 30, 2016 | $ | 19,120 | $ | 458 | $ | (3 | ) | $ | (15,084 | ) | $ | 4,491 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
September 30, 2017 | |||||||||||||||
U.S. Government sponsored agency securities | $ | 5,961 | $ | 54 | $ | — | $ | 6,015 | |||||||
State and municipal securities | 415,313 | 4,005 | (5,405 | ) | 413,913 | ||||||||||
Corporate debt securities | 92,355 | 2,578 | (1,956 | ) | 92,977 | ||||||||||
Collateralized mortgage obligations | 601,845 | 1,380 | (9,547 | ) | 593,678 | ||||||||||
Residential mortgage-backed securities | 1,184,797 | 5,850 | (8,561 | ) | 1,182,086 | ||||||||||
Commercial mortgage-backed securities | 161,960 | 299 | (627 | ) | 161,632 | ||||||||||
Auction rate securities | 107,410 | — | (9,254 | ) | 98,156 | ||||||||||
Total debt securities | 2,569,641 | 14,166 | (35,350 | ) | 2,548,457 | ||||||||||
Equity securities | 6,560 | 6,499 | — | 13,059 | |||||||||||
Total | $ | 2,576,201 | $ | 20,665 | $ | (35,350 | ) | $ | 2,561,516 |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
December 31, 2016 | |||||||||||||||
U.S. Government sponsored agency securities | $ | 132 | $ | 2 | $ | — | $ | 134 | |||||||
State and municipal securities | 405,274 | 2,043 | (15,676 | ) | 391,641 | ||||||||||
Corporate debt securities | 112,016 | 1,978 | (4,585 | ) | 109,409 | ||||||||||
Collateralized mortgage obligations | 604,095 | 1,943 | (12,178 | ) | 593,860 | ||||||||||
Residential mortgage-backed securities | 1,328,192 | 6,546 | (16,900 | ) | 1,317,838 | ||||||||||
Commercial mortgage-backed securities | 25,100 | — | (537 | ) | 24,563 | ||||||||||
Auction rate securities | 107,215 | — | (9,959 | ) | 97,256 | ||||||||||
Total debt securities | 2,582,024 | 12,512 | (59,835 | ) | 2,534,701 | ||||||||||
Equity securities | 12,231 | 12,295 | — | 24,526 | |||||||||||
Total | $ | 2,594,255 | $ | 24,807 | $ | (59,835 | ) | $ | 2,559,227 |
Amortized Cost | Estimated Fair Value | |||||||
(in thousands) | ||||||||
Due in one year or less | $ | 23,940 | $ | 24,118 | ||||
Due from one year to five years | 30,708 | 31,196 | ||||||
Due from five years to ten years | 114,114 | 115,336 | ||||||
Due after ten years | 452,277 | 440,411 | ||||||
621,039 | 611,061 | |||||||
Residential mortgage-backed securities | 1,184,797 | 1,182,086 | ||||||
Commercial mortgage-backed securities | 161,960 | 161,632 | ||||||
Collateralized mortgage obligations | 601,845 | 593,678 | ||||||
Total debt securities | $ | 2,569,641 | $ | 2,548,457 |
Gross Realized Gains | Gross Realized Losses | Net Gains (Losses) | |||||||||
Three months ended September 30, 2017 | (in thousands) | ||||||||||
Equity securities | $ | 4,817 | $ | — | $ | 4,817 | |||||
Debt securities | 12 | (232 | ) | (220 | ) | ||||||
Total | $ | 4,829 | $ | (232 | ) | $ | 4,597 | ||||
Three months ended September 30, 2016 | |||||||||||
Equity securities | $ | 2 | $ | — | $ | 2 | |||||
Debt securities | — | — | — | ||||||||
Total | $ | 2 | $ | — | $ | 2 | |||||
Nine months ended September 30, 2017 | |||||||||||
Equity securities | $ | 7,167 | $ | — | $ | 7,167 | |||||
Debt securities | 218 | (246 | ) | (28 | ) | ||||||
Total | $ | 7,385 | $ | (246 | ) | $ | 7,139 | ||||
Nine months ended September 30, 2016 | |||||||||||
Equity securities | $ | 739 | $ | (10 | ) | $ | 729 | ||||
Debt securities | 322 | (26 | ) | 296 | |||||||
Total | $ | 1,061 | $ | (36 | ) | $ | 1,025 |
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||
Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||
September 30, 2017 | (in thousands) | ||||||||||||||||||||||
State and municipal securities | $ | 121,527 | $ | (1,930 | ) | $ | 87,466 | $ | (3,475 | ) | $ | 208,993 | $ | (5,405 | ) | ||||||||
Corporate debt securities | 3,570 | (16 | ) | 31,533 | (1,940 | ) | 35,103 | (1,956 | ) | ||||||||||||||
Collateralized mortgage obligations | 85,335 | (837 | ) | 301,009 | (8,710 | ) | 386,344 | (9,547 | ) | ||||||||||||||
Residential mortgage-backed securities | 796,019 | (8,359 | ) | 5,513 | (202 | ) | 801,532 | (8,561 | ) | ||||||||||||||
Commercial mortgage-backed securities | 87,260 | (627 | ) | — | — | 87,260 | (627 | ) | |||||||||||||||
Auction rate securities | — | — | 98,156 | (9,254 | ) | 98,156 | (9,254 | ) | |||||||||||||||
Total debt securities | $ | 1,093,711 | $ | (11,769 | ) | $ | 523,677 | $ | (23,581 | ) | $ | 1,617,388 | $ | (35,350 | ) |
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||
Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | Estimated Fair Value | Unrealized Losses | ||||||||||||||||||
December 31, 2016 | (in thousands) | ||||||||||||||||||||||
State and municipal securities | $ | 247,509 | $ | (15,676 | ) | $ | — | $ | — | $ | 247,509 | $ | (15,676 | ) | |||||||||
Corporate debt securities | 11,922 | (110 | ) | 34,629 | (4,475 | ) | 46,551 | (4,585 | ) | ||||||||||||||
Collateralized mortgage obligations | 166,905 | (3,899 | ) | 258,237 | (8,279 | ) | 425,142 | (12,178 | ) | ||||||||||||||
Residential mortgage-backed securities | 1,112,947 | (16,900 | ) | — | — | 1,112,947 | (16,900 | ) | |||||||||||||||
Commercial mortgage-backed securities | 24,563 | (537 | ) | — | — | 24,563 | (537 | ) | |||||||||||||||
Auction rate securities | — | — | 97,256 | (9,959 | ) | 97,256 | (9,959 | ) | |||||||||||||||
Total debt securities | $ | 1,563,846 | $ | (37,122 | ) | $ | 390,122 | $ | (22,713 | ) | $ | 1,953,968 | $ | (59,835 | ) |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Amortized cost | Estimated fair value | Amortized cost | Estimated fair value | ||||||||||||
(in thousands) | |||||||||||||||
Single-issuer trust preferred securities | $ | 39,186 | $ | 38,251 | $ | 43,746 | $ | 39,829 | |||||||
Subordinated debt | 37,147 | 37,859 | 46,231 | 46,723 | |||||||||||
Senior debt | 12,033 | 12,456 | 18,037 | 18,433 | |||||||||||
Pooled trust preferred securities | — | 422 | — | 422 | |||||||||||
Corporate debt securities issued by financial institutions | 88,366 | 88,988 | 108,014 | 105,407 | |||||||||||
Other corporate debt securities | 3,989 | 3,989 | 4,002 | 4,002 | |||||||||||
Available for sale corporate debt securities | $ | 92,355 | $ | 92,977 | $ | 112,016 | $ | 109,409 |
June 30, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Real estate - commercial mortgage | $ | 7,152,932 | $ | 7,105,092 | |||||||
Commercial and industrial (1) | 4,985,414 | 5,670,828 | |||||||||
Real-estate - residential mortgage | 3,555,897 | 3,141,915 | |||||||||
Real-estate - home equity | 1,136,128 | 1,202,913 | |||||||||
Real-estate - construction | 1,070,755 | 1,047,218 | |||||||||
Consumer | 448,433 | 466,772 | |||||||||
Equipment lease financing and other | 254,550 | 284,377 | |||||||||
Overdrafts | 1,843 | 4,806 | |||||||||
Gross loans | 18,605,952 | 18,923,921 | |||||||||
Unearned income | (19,196) | (23,101) | |||||||||
Net Loans | $ | 18,586,756 | $ | 18,900,820 |
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
Real-estate - commercial mortgage | $ | 6,275,140 | $ | 6,018,582 | |||
Commercial - industrial, financial and agricultural | 4,223,075 | 4,087,486 | |||||
Real-estate - residential mortgage | 1,887,907 | 1,601,994 | |||||
Real-estate - home equity | 1,567,473 | 1,625,115 | |||||
Real-estate - construction | 973,108 | 843,649 | |||||
Consumer | 302,448 | 291,470 | |||||
Leasing and other | 278,658 | 246,704 | |||||
Overdrafts | 3,400 | 3,662 | |||||
Loans, gross of unearned income | 15,511,209 | 14,718,662 | |||||
Unearned income | (24,310 | ) | (19,390 | ) | |||
Loans, net of unearned income | $ | 15,486,899 | $ | 14,699,272 |
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
Allowance for loan losses | $ | 172,245 | $ | 168,679 | |||
Reserve for unfunded lending commitments | 2,504 | 2,646 | |||||
Allowance for credit losses | $ | 174,749 | $ | 171,325 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Balance at beginning of period | $ | 174,998 | $ | 165,108 | $ | 171,325 | $ | 171,412 | |||||||
Loans charged off | (7,795 | ) | (7,672 | ) | (25,917 | ) | (29,573 | ) | |||||||
Recoveries of loans previously charged off | 2,471 | 3,592 | 12,766 | 15,148 | |||||||||||
Net loans charged off | (5,324 | ) | (4,080 | ) | (13,151 | ) | (14,425 | ) | |||||||
Provision for credit losses | 5,075 | 4,141 | 16,575 | 8,182 | |||||||||||
Balance at end of period | $ | 174,749 | $ | 165,169 | $ | 174,749 | $ | 165,169 |
Real Estate - Commercial Mortgage | Commercial - Industrial, Financial and Agricultural | Real Estate - Home Equity | Real Estate - Residential Mortgage | Real Estate - Construction | Consumer | Leasing, other and overdrafts | Unallocated | Total | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Three months ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Balance at June 30, 2017 | $ | 57,372 | $ | 67,642 | $ | 17,456 | $ | 16,439 | $ | 9,534 | $ | 1,794 | $ | 2,105 | $ | — | $ | 172,342 | |||||||||||||||||
Loans charged off | (483 | ) | (2,714 | ) | (547 | ) | (195 | ) | (2,744 | ) | (373 | ) | (739 | ) | — | (7,795 | ) | ||||||||||||||||||
Recoveries of loans previously charged off | 106 | 665 | 252 | 219 | 629 | 193 | 407 | — | 2,471 | ||||||||||||||||||||||||||
Net loans charged off | (377 | ) | (2,049 | ) | (295 | ) | 24 | (2,115 | ) | (180 | ) | (332 | ) | — | (5,324 | ) | |||||||||||||||||||
Provision for loan losses (1) | (2,008 | ) | 5,392 | 1,297 | 220 | (283 | ) | 383 | 226 | — | 5,227 | ||||||||||||||||||||||||
Balance at Sept 30, 2017 | $ | 54,987 | $ | 70,985 | $ | 18,458 | $ | 16,683 | $ | 7,136 | $ | 1,997 | $ | 1,999 | $ | — | $ | 172,245 | |||||||||||||||||
Three months ended September 30, 2016 | |||||||||||||||||||||||||||||||||||
Balance at June 30, 2016 | $ | 43,740 | $ | 51,755 | $ | 26,170 | $ | 21,226 | $ | 5,772 | $ | 2,984 | $ | 2,518 | $ | 8,381 | $ | 162,546 | |||||||||||||||||
Loans charged off | (1,350 | ) | (3,144 | ) | (709 | ) | (802 | ) | (150 | ) | (685 | ) | (832 | ) | — | (7,672 | ) | ||||||||||||||||||
Recoveries of loans previously charged off | 296 | 1,539 | 241 | 228 | 898 | 222 | 168 | — | 3,592 | ||||||||||||||||||||||||||
Net loans charged off | (1,054 | ) | (1,605 | ) | (468 | ) | (574 | ) | 748 | (463 | ) | (664 | ) | — | (4,080 | ) | |||||||||||||||||||
Provision for loan losses (1) | 3,171 | (1,871 | ) | 1,419 | 1,452 | 23 | 852 | 1,075 | (2,061 | ) | 4,060 | ||||||||||||||||||||||||
Balance at September 30, 2016 | $ | 45,857 | $ | 48,279 | $ | 27,121 | $ | 22,104 | $ | 6,543 | $ | 3,373 | $ | 2,929 | $ | 6,320 | $ | 162,526 | |||||||||||||||||
Nine months ended September 30, 2017 | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2016 | $ | 46,842 | $ | 54,353 | $ | 26,801 | $ | 22,929 | $ | 6,455 | $ | 3,574 | $ | 3,192 | $ | 4,533 | $ | 168,679 | |||||||||||||||||
Loans charged off | (1,949 | ) | (13,594 | ) | (1,837 | ) | (535 | ) | (3,765 | ) | (1,659 | ) | (2,578 | ) | — | (25,917 | ) | ||||||||||||||||||
Recoveries of loans previously charged off | 1,490 | 6,830 | 604 | 600 | 1,550 | 899 | 793 | — | 12,766 | ||||||||||||||||||||||||||
Net loans charged off | (459 | ) | (6,764 | ) | (1,233 | ) | 65 | (2,215 | ) | (760 | ) | (1,785 | ) | — | (13,151 | ) | |||||||||||||||||||
Provision for loan losses (1) | 8,604 | 23,396 | (7,110 | ) | (6,311 | ) | 2,896 | (817 | ) | 592 | (4,533 | ) | 16,717 | ||||||||||||||||||||||
Balance at September 30, 2017 | $ | 54,987 | $ | 70,985 | $ | 18,458 | $ | 16,683 | $ | 7,136 | $ | 1,997 | $ | 1,999 | $ | — | $ | 172,245 | |||||||||||||||||
Nine months ended September 30, 2016 | |||||||||||||||||||||||||||||||||||
Balance at December 31, 2015 | $ | 47,866 | $ | 57,098 | $ | 22,405 | $ | 21,375 | $ | 6,529 | $ | 2,585 | $ | 2,468 | $ | 8,728 | $ | 169,054 | |||||||||||||||||
Loans charged off | (3,406 | ) | (13,957 | ) | (3,295 | ) | (2,210 | ) | (1,218 | ) | (2,261 | ) | (3,226 | ) | — | (29,573 | ) | ||||||||||||||||||
Recoveries of loans previously charged off | 2,488 | 6,789 | 929 | 784 | 2,844 | 957 | 357 | — | 15,148 | ||||||||||||||||||||||||||
Net loans charged off | (918 | ) | (7,168 | ) | (2,366 | ) | (1,426 | ) | 1,626 | (1,304 | ) | (2,869 | ) | — | (14,425 | ) | |||||||||||||||||||
Provision for loan losses (1) | (1,091 | ) | (1,651 | ) | 7,082 | 2,155 | (1,612 | ) | 2,092 | 3,330 | (2,408 | ) | 7,897 | ||||||||||||||||||||||
Balance at September 30, 2016 | $ | 45,857 | $ | 48,279 | $ | 27,121 | $ | 22,104 | $ | 6,543 | $ | 3,373 | $ | 2,929 | $ | 6,320 | $ | 162,526 |
Real Estate - Commercial Mortgage | Commercial - Industrial, Financial and Agricultural | Real Estate - Home Equity | Real Estate - Residential Mortgage | Real Estate - Construction | Consumer | Leasing, other and overdrafts | Unallocated | Total | |||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Allowance for loan losses at September 30, 2017: | |||||||||||||||||||||||||||||||||||
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 47,261 | $ | 55,486 | $ | 7,632 | $ | 6,488 | $ | 5,702 | $ | 1,976 | $ | 1,999 | $ | — | $ | 126,544 | |||||||||||||||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 7,726 | 15,499 | 10,826 | 10,195 | 1,434 | 21 | — | N/A | 45,701 | ||||||||||||||||||||||||||
$ | 54,987 | $ | 70,985 | $ | 18,458 | $ | 16,683 | $ | 7,136 | $ | 1,997 | $ | 1,999 | $ | — | $ | 172,245 | ||||||||||||||||||
Loans, net of unearned income at September 30, 2017: | |||||||||||||||||||||||||||||||||||
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 6,228,935 | $ | 4,162,857 | $ | 1,543,551 | $ | 1,845,329 | $ | 959,584 | $ | 302,415 | $ | 257,748 | N/A | $ | 15,300,419 | ||||||||||||||||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 46,205 | 60,218 | 23,922 | 42,578 | 13,524 | 33 | — | N/A | 186,480 | ||||||||||||||||||||||||||
$ | 6,275,140 | $ | 4,223,075 | $ | 1,567,473 | $ | 1,887,907 | $ | 973,108 | $ | 302,448 | $ | 257,748 | N/A | $ | 15,486,899 | |||||||||||||||||||
Allowance for loan losses at September 30, 2016: | |||||||||||||||||||||||||||||||||||
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 36,151 | $ | 38,858 | $ | 17,828 | $ | 10,410 | $ | 4,422 | $ | 3,346 | $ | 2,929 | $ | 6,320 | $ | 120,264 | |||||||||||||||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 9,706 | 9,421 | 9,293 | 11,694 | 2,121 | 27 | — | N/A | 42,262 | ||||||||||||||||||||||||||
$ | 45,857 | $ | 48,279 | $ | 27,121 | $ | 22,104 | $ | 6,543 | $ | 3,373 | $ | 2,929 | $ | 6,320 | $ | 162,526 | ||||||||||||||||||
Loans, net of unearned income at September 30, 2016: | |||||||||||||||||||||||||||||||||||
Measured for impairment under FASB ASC Subtopic 450-20 | $ | 5,763,863 | $ | 3,972,461 | $ | 1,621,731 | $ | 1,496,461 | $ | 850,315 | $ | 283,633 | $ | 219,780 | N/A | $ | 14,208,244 | ||||||||||||||||||
Evaluated for impairment under FASB ASC Section 310-10-35 | 55,052 | 51,658 | 18,690 | 46,235 | 11,319 | 40 | — | N/A | 182,994 | ||||||||||||||||||||||||||
$ | 5,818,915 | $ | 4,024,119 | $ | 1,640,421 | $ | 1,542,696 | $ | 861,634 | $ | 283,673 | $ | 219,780 | N/A | $ | 14,391,238 |
June 30, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
ACL - loans | $ | 255,032 | $ | 277,567 | |||||||
ACL - OBS credit exposure | 14,773 | 14,373 | |||||||||
Total ACL | $ | 269,805 | $ | 291,940 |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 280,259 | $ | 257,471 | $ | 291,940 | $ | 166,209 | |||||||||||||||||||||
Impact of adopting CECL on January 1, 2020 (1) | 0 | 0 | 0 | 58,348 | |||||||||||||||||||||||||
Loans charged off | (9,522) | (8,047) | (17,724) | (22,050) | |||||||||||||||||||||||||
Recoveries of loans previously charged off | 2,568 | 3,926 | 4,589 | 6,813 | |||||||||||||||||||||||||
Net loans charged off | (6,954) | (4,121) | (13,135) | (15,237) | |||||||||||||||||||||||||
Provision for credit losses (2) | (3,500) | 19,570 | (9,000) | 63,600 | |||||||||||||||||||||||||
Balance at end of period | $ | 269,805 | $ | 272,920 | $ | 269,805 | $ | 272,920 |
Real Estate - Commercial Mortgage | Commercial and Industrial | Real Estate - Home Equity | Real Estate - Residential Mortgage | Real Estate - Construction | Consumer | Equipment lease financing, other and overdrafts | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 100,976 | $ | 71,194 | $ | 13,730 | $ | 49,995 | $ | 15,079 | $ | 9,412 | $ | 5,600 | $ | 265,986 | |||||||||||||||||||||||||||||||
Loans charged off | (6,506) | (954) | (212) | (496) | 0 | (918) | (436) | (9,522) | |||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 729 | 693 | 58 | 105 | 254 | 576 | 153 | 2,568 | |||||||||||||||||||||||||||||||||||||||
Net loans recovered (charged off) | (5,777) | (261) | (154) | (391) | 254 | (342) | (283) | (6,954) | |||||||||||||||||||||||||||||||||||||||
Provision for loan losses (1) | 182 | (5,529) | (983) | 4,584 | (2,679) | 331 | 94 | (4,000) | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 95,381 | $ | 65,404 | $ | 12,593 | $ | 54,188 | $ | 12,654 | $ | 9,401 | $ | 5,411 | $ | 255,032 | |||||||||||||||||||||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 90,319 | $ | 63,606 | $ | 15,253 | $ | 42,427 | $ | 8,398 | $ | 9,865 | $ | 8,640 | $ | 238,508 | |||||||||||||||||||||||||||||||
Loans charged off | (2,324) | (3,480) | (458) | (235) | (17) | (845) | (688) | (8,047) | |||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 95 | 2,978 | 44 | 112 | 0 | 605 | 92 | 3,926 | |||||||||||||||||||||||||||||||||||||||
Net loans recovered (charged off) | (2,229) | (502) | (414) | (123) | (17) | (240) | (596) | (4,121) | |||||||||||||||||||||||||||||||||||||||
Provision for loan and lease losses (1) | 14,605 | (1,657) | 1,552 | 4,139 | 3,933 | 674 | (1,096) | 22,150 | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 102,695 | $ | 61,447 | $ | 16,391 | $ | 46,443 | $ | 12,314 | $ | 10,299 | $ | 6,948 | $ | 256,537 | |||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 103,425 | $ | 74,771 | $ | 14,232 | $ | 51,995 | $ | 15,608 | $ | 10,905 | $ | 6,631 | $ | 277,567 | |||||||||||||||||||||||||||||||
Loans charged off | (8,343) | (5,273) | (424) | (688) | (39) | (1,553) | (1,404) | (17,724) | |||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 903 | 1,462 | 109 | 200 | 638 | 965 | 312 | 4,589 | |||||||||||||||||||||||||||||||||||||||
Net loans (charged off) recovered | (7,440) | (3,811) | (315) | (488) | 599 | (588) | (1,092) | (13,135) | |||||||||||||||||||||||||||||||||||||||
Provision for loan losses (1) | (604) | (5,556) | (1,324) | 2,681 | (3,553) | (916) | (128) | (9,400) | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 95,381 | $ | 65,404 | $ | 12,593 | $ | 54,188 | $ | 12,654 | $ | 9,401 | $ | 5,411 | $ | 255,032 | |||||||||||||||||||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 45,610 | $ | 68,602 | $ | 17,744 | $ | 19,771 | $ | 4,443 | $ | 3,762 | $ | 3,690 | $ | 163,622 | |||||||||||||||||||||||||||||||
Impact of adopting CECL on January 1, 2020 | 29,361 | (18,576) | (65) | 21,235 | 4,015 | 5,969 | 3,784 | 45,723 | |||||||||||||||||||||||||||||||||||||||
Loans charged off | (3,179) | (14,379) | (745) | (422) | (17) | (2,087) | (1,221) | (22,050) | |||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 339 | 4,712 | 261 | 197 | 70 | 1,034 | 200 | 6,813 | |||||||||||||||||||||||||||||||||||||||
Net loans recovered (charged off) | (2,840) | (9,667) | (484) | (225) | 53 | (1,053) | (1,021) | (15,237) | |||||||||||||||||||||||||||||||||||||||
Provision for loan losses (1) | 30,564 | 21,088 | (804) | 5,662 | 3,803 | 1,621 | 495 | 62,429 | |||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 102,695 | $ | 61,447 | $ | 16,391 | $ | 46,443 | $ | 12,314 | $ | 10,299 | $ | 6,948 | $ | 256,537 |
June 30, 2021 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
With a Related Allowance | Without a Related Allowance | Total | With a Related Allowance | Without a Related Allowance | Total | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 22,516 | $ | 30,912 | $ | 53,428 | $ | 19,909 | $ | 31,561 | $ | 51,470 | |||||||||||||||||||||||
Commercial and industrial | 15,142 | 18,039 | 33,181 | 13,937 | 18,056 | 31,993 | |||||||||||||||||||||||||||||
Real estate - residential mortgage | 32,577 | 2,198 | 34,775 | 24,590 | 1,517 | 26,107 | |||||||||||||||||||||||||||||
Real estate - home equity | 9,279 | 0 | 9,279 | 9,398 | 190 | 9,588 | |||||||||||||||||||||||||||||
Real estate - construction | 173 | 843 | 1,016 | 437 | 958 | 1,395 | |||||||||||||||||||||||||||||
Consumer | 287 | 0 | 287 | 332 | 0 | 332 | |||||||||||||||||||||||||||||
Equipment lease financing and other | 6,643 | 9,255 | 15,898 | 0 | 16,313 | 16,313 | |||||||||||||||||||||||||||||
$ | 86,617 | $ | 61,247 | $ | 147,864 | $ | 68,603 | $ | 68,595 | $ | 137,198 |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||
Unpaid Principal Balance | Recorded Investment | Related Allowance | Unpaid Principal Balance | Recorded Investment | Related Allowance | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||
Real estate - commercial mortgage | $ | 24,722 | $ | 21,000 | $ | — | $ | 28,757 | $ | 25,447 | $ | — | |||||||||||
Commercial - secured | 32,738 | 30,053 | — | 29,296 | 25,526 | — | |||||||||||||||||
Real estate - residential mortgage | 4,603 | 4,603 | — | 4,689 | 4,689 | — | |||||||||||||||||
Construction - commercial residential | 14,086 | 9,450 | — | 6,271 | 4,795 | — | |||||||||||||||||
76,149 | 65,106 | 69,013 | 60,457 | ||||||||||||||||||||
With a related allowance recorded: | |||||||||||||||||||||||
Real estate - commercial mortgage | 32,770 | 25,205 | 7,726 | 37,132 | 29,446 | 10,162 | |||||||||||||||||
Commercial - secured | 33,481 | 29,189 | 14,974 | 27,767 | 22,626 | 13,198 | |||||||||||||||||
Commercial - unsecured | 1,236 | 976 | 525 | 1,122 | 823 | 455 | |||||||||||||||||
Real estate - home equity | 27,739 | 23,922 | 10,826 | 23,971 | 19,205 | 9,511 | |||||||||||||||||
Real estate - residential mortgage | 43,979 | 37,975 | 10,195 | 48,885 | 41,359 | 11,897 | |||||||||||||||||
Construction - commercial residential | 6,119 | 2,883 | 1,006 | 10,103 | 4,206 | 1,300 | |||||||||||||||||
Construction - commercial | 186 | 100 | 36 | 681 | 435 | 145 | |||||||||||||||||
Construction - other | 1,096 | 1,091 | 392 | 1,096 | 1,096 | 423 | |||||||||||||||||
Consumer - direct | 24 | 19 | 13 | 21 | 21 | 14 | |||||||||||||||||
Consumer - indirect | 14 | 14 | 8 | 19 | 19 | 12 | |||||||||||||||||
146,644 | 121,374 | 45,701 | 150,797 | 119,236 | 47,117 | ||||||||||||||||||
Total | $ | 222,793 | $ | 186,480 | $ | 45,701 | $ | 219,810 | $ | 179,693 | $ | 47,117 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||||
Average Recorded Investment | Interest Income (1) | Average Recorded Investment | Interest Income (1) | Average Recorded Investment | Interest Income (1) | Average Recorded Investment | Interest Income (1) | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 21,698 | $ | 72 | $ | 25,048 | $ | 78 | $ | 22,770 | $ | 213 | $ | 23,929 | 219 | |||||||||||||||
Commercial - secured | 33,044 | 46 | 23,836 | 32 | 29,309 | 128 | 18,400 | 68 | ||||||||||||||||||||||
Real estate - residential mortgage | 4,616 | 27 | 6,151 | 33 | 4,645 | 79 | 5,826 | 96 | ||||||||||||||||||||||
Construction - commercial residential | 8,747 | 5 | 5,734 | 10 | 6,745 | 11 | 6,658 | 45 | ||||||||||||||||||||||
Construction - commercial | 295 | — | — | — | 298 | — | — | — | ||||||||||||||||||||||
68,400 | 150 | 60,769 | 153 | 63,767 | 431 | 54,813 | 428 | |||||||||||||||||||||||
With a related allowance recorded: | ||||||||||||||||||||||||||||||
Real estate - commercial mortgage | 25,910 | 86 | 29,139 | 91 | 27,518 | 259 | 32,310 | 303 | ||||||||||||||||||||||
Commercial - secured | 24,334 | 33 | 21,688 | 29 | 23,291 | 96 | 26,665 | 100 | ||||||||||||||||||||||
Commercial - unsecured | 818 | 1 | 953 | 1 | 806 | 1 | 903 | 3 | ||||||||||||||||||||||
Real estate - home equity | 22,837 | 150 | 18,283 | 76 | 20,957 | 362 | 17,589 | 203 | ||||||||||||||||||||||
Real estate - residential mortgage | 38,329 | 225 | 40,913 | 221 | 39,584 | 680 | 42,399 | 683 | ||||||||||||||||||||||
Construction - commercial residential | 5,047 | 4 | 4,947 | 8 | 5,397 | 11 | 5,568 | 37 | ||||||||||||||||||||||
Construction - commercial | 113 | — | 476 | — | 186 | — | 546 | — | ||||||||||||||||||||||
Construction - other | 1,091 | — | 756 | — | 1,094 | — | 579 | — | ||||||||||||||||||||||
Consumer - direct | 19 | — | 19 | — | 19 | — | 17 | 1 | ||||||||||||||||||||||
Consumer - indirect | 15 | — | 11 | — | 17 | — | 14 | — | ||||||||||||||||||||||
Leasing, other and overdrafts | — | — | — | — | 356 | — | 712 | — | ||||||||||||||||||||||
118,513 | 499 | 117,185 | 426 | 119,225 | 1,409 | 127,302 | 1,330 | |||||||||||||||||||||||
Total | $ | 186,913 | $ | 649 | $ | 177,954 | $ | 579 | $ | 182,992 | $ | 1,840 | $ | 182,115 | 1,758 | |||||||||||||||
Pass | Special Mention | Substandard or Lower | Total | ||||||||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 6,028,523 | $ | 5,763,122 | $ | 118,947 | $ | 132,484 | $ | 127,670 | $ | 122,976 | $ | 6,275,140 | $ | 6,018,582 | |||||||||||||||
Commercial - secured | 3,807,138 | 3,686,152 | 98,639 | 128,873 | 183,181 | 118,527 | 4,088,958 | 3,933,552 | |||||||||||||||||||||||
Commercial - unsecured | 127,561 | 145,922 | 3,474 | 4,481 | 3,082 | 3,531 | 134,117 | 153,934 | |||||||||||||||||||||||
Total commercial - industrial, financial and agricultural | 3,934,699 | 3,832,074 | 102,113 | 133,354 | 186,263 | 122,058 | 4,223,075 | 4,087,486 | |||||||||||||||||||||||
Construction - commercial residential | 134,786 | 113,570 | 6,746 | 15,447 | 14,595 | 13,172 | 156,127 | 142,189 | |||||||||||||||||||||||
Construction - commercial | 743,111 | 635,963 | 4,418 | 3,412 | 3,869 | 5,115 | 751,398 | 644,490 | |||||||||||||||||||||||
Total construction (excluding Construction - other) | 877,897 | 749,533 | 11,164 | 18,859 | 18,464 | 18,287 | 907,525 | 786,679 | |||||||||||||||||||||||
$ | 10,841,119 | $ | 10,344,729 | $ | 232,224 | $ | 284,697 | $ | 332,397 | $ | 263,321 | $ | 11,405,740 | $ | 10,892,747 | ||||||||||||||||
% of Total | 95.1 | % | 95.0 | % | 2.0 | % | 2.6 | % | 2.9 | % | 2.4 | % | 100.0 | % | 100.0 | % |
June 30, 2021 | ||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Amortized | ||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Cost Basis | Cost Basis | Total | ||||||||||||||||||||||||
Real estate - construction(1) | ||||||||||||||||||||||||||||||||
Pass | $ | 55,746 | $ | 259,489 | $ | 203,753 | $ | 163,203 | $ | 34,926 | $ | 132,581 | $ | 39,453 | $ | 0 | $ | 889,151 | ||||||||||||||
Special Mention | 4,386 | 0 | 285 | 0 | 0 | 14,421 | 0 | 0 | 19,092 | |||||||||||||||||||||||
Substandard or Lower | 0 | 0 | 153 | 0 | 1,952 | 1,598 | 239 | 0 | 3,942 | |||||||||||||||||||||||
Total real estate - construction | 60,132 | 259,489 | 204,191 | 163,203 | 36,878 | 148,600 | 39,692 | 0 | 912,185 | |||||||||||||||||||||||
Real estate - construction(1) | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | 0 | 0 | (39) | 0 | 0 | 0 | 0 | 0 | (39) | |||||||||||||||||||||||
Current period recoveries | 0 | 0 | 39 | 0 | 0 | 599 | 0 | 0 | 638 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | 0 | 0 | 0 | 0 | 0 | 599 | 0 | 0 | 599 | |||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Pass | 1,094,643 | 890,179 | 474,995 | 252,445 | 190,560 | 659,879 | 1,127,132 | 0 | 4,689,833 | |||||||||||||||||||||||
Special Mention | 286 | 12,141 | 21,656 | 16,478 | 9,393 | 39,229 | 44,015 | 0 | 143,198 | |||||||||||||||||||||||
Substandard or Lower | 4,933 | 6,987 | 15,496 | 23,258 | 13,193 | 41,750 | 44,881 | 1,885 | 152,383 | |||||||||||||||||||||||
Total commercial and industrial | 1,099,862 | 909,307 | 512,147 | 292,181 | 213,146 | 740,858 | 1,216,028 | 1,885 | 4,985,414 | |||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | 0 | (50) | (70) | (91) | (130) | (472) | (4,460) | 0 | (5,273) | |||||||||||||||||||||||
Current period recoveries | 0 | 0 | 22 | 249 | 58 | 640 | 493 | 0 | 1,462 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | 0 | (50) | (48) | 158 | (72) | 168 | (3,967) | 0 | (3,811) | |||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Pass | 433,412 | 953,225 | 924,009 | 629,504 | 749,132 | 2,622,402 | 61,387 | 0 | 6,373,071 | |||||||||||||||||||||||
Special Mention | 204 | 43,125 | 30,204 | 93,345 | 79,800 | 294,149 | 841 | 105 | 541,773 | |||||||||||||||||||||||
Substandard or Lower | 0 | 3,453 | 24,239 | 15,881 | 40,407 | 151,580 | 2,491 | 37 | 238,088 | |||||||||||||||||||||||
Total real estate - commercial mortgage | 433,616 | 999,803 | 978,452 | 738,730 | 869,339 | 3,068,131 | 64,719 | 142 | 7,152,932 | |||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | 0 | 0 | 0 | (25) | (6,603) | (1,517) | (198) | 0 | (8,343) | |||||||||||||||||||||||
Current period recoveries | 0 | 0 | 0 | 0 | 0 | 903 | 0 | 0 | 903 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | 0 | 0 | 0 | (25) | (6,603) | (614) | (198) | 0 | (7,440) | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Pass | $ | 1,583,801 | $ | 2,102,893 | $ | 1,602,757 | $ | 1,045,152 | $ | 974,618 | $ | 3,414,862 | $ | 1,227,972 | $ | 0 | $ | 11,952,055 | ||||||||||||||
Special Mention | 4,876 | 55,266 | 52,145 | 109,823 | 89,193 | 347,799 | 44,856 | 105 | 704,063 | |||||||||||||||||||||||
Substandard or Lower | 4,933 | 10,440 | 39,888 | 39,139 | 55,552 | 194,928 | 47,611 | 1,922 | 394,413 | |||||||||||||||||||||||
Total | $ | 1,593,610 | $ | 2,168,599 | $ | 1,694,790 | $ | 1,194,114 | $ | 1,119,363 | $ | 3,957,589 | $ | 1,320,439 | $ | 2,027 | $ | 13,050,531 |
December 31, 2020 | ||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Amortized | ||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Cost Basis | Cost Basis | Total | ||||||||||||||||||||||||
Real estate - construction(1) | ||||||||||||||||||||||||||||||||
Pass | $ | 185,883 | $ | 229,097 | $ | 217,604 | $ | 81,086 | $ | 37,976 | $ | 110,470 | $ | 38,026 | $ | 0 | $ | 900,142 | ||||||||||||||
Special Mention | 0 | 0 | 0 | 0 | 7,047 | 6,212 | 0 | 0 | 13,259 | |||||||||||||||||||||||
Substandard or Lower | 0 | 447 | 0 | 2,000 | 753 | 1,637 | 632 | 0 | 5,469 | |||||||||||||||||||||||
Total real estate - construction | 185,883 | 229,544 | 217,604 | 83,086 | 45,776 | 118,319 | 38,658 | 0 | 918,870 | |||||||||||||||||||||||
Real estate - construction(1) | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | 0 | 0 | 0 | 0 | 0 | (17) | 0 | 0 | (17) | |||||||||||||||||||||||
Current period recoveries | 0 | 0 | 0 | 0 | 68 | 5,054 | 0 | 0 | 5,122 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | 0 | 0 | 0 | 0 | 68 | 5,037 | 0 | 0 | 5,105 | |||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Pass | 2,283,533 | 508,541 | 298,567 | 214,089 | 208,549 | 596,646 | 1,278,689 | 0 | 5,388,614 | |||||||||||||||||||||||
Special Mention | 6,633 | 23,834 | 29,167 | 10,945 | 11,506 | 25,960 | 45,994 | 0 | 154,039 | |||||||||||||||||||||||
Substandard or Lower | 3,221 | 5,947 | 8,434 | 11,251 | 11,192 | 23,852 | 64,278 | 0 | 128,175 | |||||||||||||||||||||||
Total commercial and industrial | 2,293,387 | 538,322 | 336,168 | 236,285 | 231,247 | 646,458 | 1,388,961 | 0 | 5,670,828 | |||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | 0 | (114) | (30) | (488) | (393) | (520) | (17,370) | 0 | (18,915) | |||||||||||||||||||||||
Current period recoveries | 0 | 43 | 486 | 216 | 162 | 4,531 | 5,958 | 0 | 11,396 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | 0 | (71) | 456 | (272) | (231) | 4,011 | (11,412) | 0 | (7,519) | |||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Pass | 973,664 | 917,510 | 708,946 | 794,955 | 783,094 | 2,213,343 | 53,041 | 404 | 6,444,957 | |||||||||||||||||||||||
Special Mention | 13,639 | 40,874 | 84,047 | 80,705 | 89,112 | 167,424 | 2,364 | 0 | 478,165 | |||||||||||||||||||||||
Substandard or Lower | 1,238 | 6,681 | 6,247 | 39,027 | 22,605 | 103,007 | 2,225 | 940 | 181,970 | |||||||||||||||||||||||
Total real estate - commercial mortgage | 988,541 | 965,065 | 799,240 | 914,687 | 894,811 | 2,483,774 | 57,630 | 1,344 | 7,105,092 | |||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | (60) | (21) | (36) | (2,515) | (29) | (1,547) | (17) | 0 | (4,225) | |||||||||||||||||||||||
Current period recoveries | 0 | 6 | 0 | 0 | 1 | 1,020 | 0 | 0 | 1,027 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | (60) | (15) | (36) | (2,515) | (28) | (527) | (17) | 0 | (3,198) | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Pass | $ | 3,443,080 | $ | 1,655,148 | $ | 1,225,117 | $ | 1,090,130 | $ | 1,029,619 | $ | 2,920,459 | $ | 1,369,756 | $ | 404 | $ | 12,733,713 | ||||||||||||||
Special Mention | 20,272 | 64,708 | 113,214 | 91,650 | 107,665 | 199,596 | 48,358 | 0 | 645,463 | |||||||||||||||||||||||
Substandard or Lower | 4,459 | 13,075 | 14,681 | 52,278 | 34,550 | 128,496 | 67,135 | 940 | 315,614 | |||||||||||||||||||||||
Total | $ | 3,467,811 | $ | 1,732,931 | $ | 1,353,012 | $ | 1,234,058 | $ | 1,171,834 | $ | 3,248,551 | $ | 1,485,249 | $ | 1,344 | $ | 13,694,790 |
June 30, 2021 | ||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Amortized | ||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Cost Basis | Cost Basis | Total | ||||||||||||||||||||||||
Real estate - home equity | ||||||||||||||||||||||||||||||||
Performing | $ | 14,248 | $ | 27,159 | $ | 7,757 | $ | 11,063 | $ | 8,898 | $ | 112,798 | $ | 940,727 | $ | 2,502 | $ | 1,125,152 | ||||||||||||||
Nonperforming | 0 | 0 | 0 | 23 | 233 | 2,489 | 8,231 | 0 | 10,976 | |||||||||||||||||||||||
Total real estate - home equity | 14,248 | 27,159 | 7,757 | 11,086 | 9,131 | 115,287 | 948,958 | 2,502 | 1,136,128 | |||||||||||||||||||||||
Real estate - home equity | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | 0 | 0 | (41) | 0 | 0 | (171) | (212) | 0 | (424) | |||||||||||||||||||||||
Current period recoveries | 0 | 0 | 0 | 0 | 0 | 58 | 51 | 0 | 109 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | 0 | 0 | (41) | 0 | 0 | (113) | (161) | 0 | (315) | |||||||||||||||||||||||
Real estate - residential mortgage | ||||||||||||||||||||||||||||||||
Performing | 916,128 | 1,203,025 | 435,125 | 148,034 | 251,748 | 563,509 | 0 | 0 | 3,517,569 | |||||||||||||||||||||||
Nonperforming | 0 | 6,259 | 2,412 | 3,232 | 2,934 | 23,491 | 0 | 0 | 38,328 | |||||||||||||||||||||||
Total real estate - residential mortgage | 916,128 | 1,209,284 | 437,537 | 151,266 | 254,682 | 587,000 | 0 | 0 | 3,555,897 | |||||||||||||||||||||||
Real estate - residential mortgage | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | 0 | (49) | (143) | (125) | (4) | (367) | 0 | 0 | (688) | |||||||||||||||||||||||
Current period recoveries | 0 | 0 | 0 | 12 | 0 | 96 | 92 | 0 | 200 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | 0 | (49) | (143) | (113) | (4) | (271) | 92 | 0 | (488) | |||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Performing | 62,507 | 95,909 | 81,669 | 75,781 | 33,021 | 51,329 | 47,785 | 0 | 448,001 | |||||||||||||||||||||||
Nonperforming | 0 | 150 | 24 | 74 | 34 | 102 | 48 | 0 | 432 | |||||||||||||||||||||||
Total consumer | 62,507 | 96,059 | 81,693 | 75,855 | 33,055 | 51,431 | 47,833 | 0 | 448,433 | |||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | (12) | (208) | (225) | (154) | (172) | (157) | (625) | 0 | (1,553) | |||||||||||||||||||||||
Current period recoveries | 0 | 87 | 85 | 52 | 43 | 523 | 175 | 0 | 965 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | (12) | (121) | (140) | (102) | (129) | 366 | (450) | 0 | (588) | |||||||||||||||||||||||
Equipment lease financing and other | ||||||||||||||||||||||||||||||||
Performing | 31,408 | 70,990 | 55,764 | 41,562 | 26,647 | 14,115 | 0 | 0 | 240,486 | |||||||||||||||||||||||
Nonperforming | 0 | 0 | 157 | 0 | 15,750 | 0 | 0 | 0 | 15,907 | |||||||||||||||||||||||
Total leasing and other | 31,408 | 70,990 | 55,921 | 41,562 | 42,397 | 14,115 | 0 | 0 | 256,393 | |||||||||||||||||||||||
Equipment lease financing and other | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | (128) | (1,276) | 0 | 0 | 0 | 0 | 0 | 0 | (1,404) | |||||||||||||||||||||||
Current period recoveries | 0 | 239 | 58 | 6 | 5 | 4 | 0 | 0 | 312 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | (128) | (1,037) | 58 | 6 | 5 | 4 | 0 | 0 | (1,092) | |||||||||||||||||||||||
Construction - other | ||||||||||||||||||||||||||||||||
Performing | 52,082 | 94,302 | 7,085 | 4,912 | 0 | 16 | 0 | 0 | 158,397 | |||||||||||||||||||||||
Nonperforming | 0 | 0 | 0 | 0 | 173 | 0 | 0 | 0 | 173 | |||||||||||||||||||||||
Total construction - other | 52,082 | 94,302 | 7,085 | 4,912 | 173 | 16 | 0 | 0 | 158,570 | |||||||||||||||||||||||
Construction - other | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Current period recoveries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Performing | $ | 1,076,373 | $ | 1,491,385 | $ | 587,400 | $ | 281,352 | $ | 320,314 | $ | 741,767 | $ | 988,512 | $ | 2,502 | $ | 5,489,605 | ||||||||||||||
Nonperforming | 0 | 6,409 | 2,593 | 3,329 | 19,124 | 26,082 | 8,279 | 0 | 65,816 | |||||||||||||||||||||||
Total | $ | 1,076,373 | $ | 1,497,794 | $ | 589,993 | $ | 284,681 | $ | 339,438 | $ | 767,849 | $ | 996,791 | $ | 2,502 | $ | 5,555,421 |
Performing | Delinquent (1) | Non-performing (2) | Total | ||||||||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||
Real estate - home equity | $ | 1,542,289 | $ | 1,602,687 | $ | 12,955 | $ | 9,274 | $ | 12,229 | $ | 13,154 | $ | 1,567,473 | $ | 1,625,115 | |||||||||||||||
Real estate - residential mortgage | 1,845,495 | 1,557,995 | 20,769 | 20,344 | 21,643 | 23,655 | 1,887,907 | 1,601,994 | |||||||||||||||||||||||
Construction - other | 64,110 | 55,874 | 382 | — | 1,091 | 1,096 | 65,583 | 56,970 | |||||||||||||||||||||||
Consumer - direct | 55,490 | 93,572 | 158 | 1,752 | 63 | 1,563 | 55,711 | 96,887 | |||||||||||||||||||||||
Consumer - indirect | 243,723 | 190,656 | 2,834 | 3,599 | 180 | 328 | 246,737 | 194,583 | |||||||||||||||||||||||
Total consumer | 299,213 | 284,228 | 2,992 | 5,351 | 243 | 1,891 | 302,448 | 291,470 | |||||||||||||||||||||||
Leasing | 256,784 | 229,591 | 884 | 1,068 | 80 | 317 | 257,748 | 230,976 | |||||||||||||||||||||||
$ | 4,007,891 | $ | 3,730,375 | $ | 37,982 | $ | 36,037 | $ | 35,286 | $ | 40,113 | $ | 4,081,159 | $ | 3,806,525 | ||||||||||||||||
% of Total | 98.2 | % | 98.0 | % | 0.9 | % | 0.9 | % | 0.9 | % | 1.1 | % | 100.0 | % | 100.0 | % |
December 31, 2020 | ||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Amortized | ||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Cost Basis | Cost Basis | Total | ||||||||||||||||||||||||
Real estate - home equity | ||||||||||||||||||||||||||||||||
Performing | $ | 31,445 | $ | 8,176 | $ | 13,906 | $ | 11,024 | $ | 11,667 | $ | 126,749 | $ | 982,285 | $ | 5,321 | $ | 1,190,573 | ||||||||||||||
Nonperforming | 0 | 88 | 23 | 233 | 221 | 2,290 | 9,485 | 0 | 12,340 | |||||||||||||||||||||||
Total real estate - home equity | 31,445 | 8,264 | 13,929 | 11,257 | 11,888 | 129,039 | 991,770 | 5,321 | 1,202,913 | |||||||||||||||||||||||
Real estate - home equity | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | 0 | 0 | 0 | 0 | 0 | (34) | (1,159) | 0 | (1,193) | |||||||||||||||||||||||
Current period recoveries | 0 | 0 | 0 | 0 | 0 | 138 | 366 | 0 | 504 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | 0 | 0 | 0 | 0 | 0 | 104 | (793) | 0 | (689) | |||||||||||||||||||||||
Real estate - residential mortgage | ||||||||||||||||||||||||||||||||
Performing | 1,255,532 | 585,878 | 228,398 | 341,563 | 264,990 | 434,889 | 0 | 0 | 3,111,250 | |||||||||||||||||||||||
Nonperforming | 217 | 2,483 | 3,177 | 2,483 | 722 | 21,583 | 0 | 0 | 30,665 | |||||||||||||||||||||||
Total real estate - residential mortgage | 1,255,749 | 588,361 | 231,575 | 344,046 | 265,712 | 456,472 | 0 | 0 | 3,141,915 | |||||||||||||||||||||||
Real estate - residential mortgage | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | 0 | (68) | (101) | (190) | (7) | (254) | 0 | 0 | (620) | |||||||||||||||||||||||
Current period recoveries | 0 | 68 | 16 | 1 | 1 | 405 | 0 | 0 | 491 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | 0 | 0 | (85) | (189) | (6) | 151 | 0 | 0 | (129) | |||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Performing | 114,399 | 98,587 | 95,072 | 43,334 | 25,804 | 36,086 | 52,698 | 42 | 466,022 | |||||||||||||||||||||||
Nonperforming | 168 | 19 | 124 | 141 | 114 | 150 | 34 | 0 | 750 | |||||||||||||||||||||||
Total consumer | 114,567 | 98,606 | 95,196 | 43,475 | 25,918 | 36,236 | 52,732 | 42 | 466,772 | |||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | (134) | (542) | (524) | (444) | (489) | (769) | (498) | 0 | (3,400) | |||||||||||||||||||||||
Current period recoveries | 0 | 64 | 165 | 159 | 94 | 101 | 1,292 | 0 | 1,875 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | (134) | (478) | (359) | (285) | (395) | (668) | 794 | 0 | (1,525) | |||||||||||||||||||||||
Equipment lease financing and other | ||||||||||||||||||||||||||||||||
Performing | 102,324 | 65,303 | 49,453 | 34,995 | 15,631 | 5,040 | 0 | 0 | 272,746 | |||||||||||||||||||||||
Nonperforming | 0 | 0 | 30 | 15,983 | 142 | 282 | 0 | 0 | 16,437 | |||||||||||||||||||||||
Total leasing and other | 102,324 | 65,303 | 49,483 | 50,978 | 15,773 | 5,322 | 0 | 0 | 289,183 | |||||||||||||||||||||||
Equipment lease financing and other | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | (606) | (1,581) | 0 | 0 | 0 | 0 | 0 | 0 | (2,187) | |||||||||||||||||||||||
Current period recoveries | 185 | 349 | 21 | 18 | 11 | 21 | 0 | 0 | 605 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | (421) | (1,232) | 21 | 18 | 11 | 21 | 0 | 0 | (1,582) | |||||||||||||||||||||||
Construction - other | ||||||||||||||||||||||||||||||||
Performing | 96,444 | 24,888 | 6,822 | 0 | 16 | 0 | 0 | 0 | 128,170 | |||||||||||||||||||||||
Nonperforming | 0 | 0 | 0 | 178 | 0 | 0 | 0 | 0 | 178 | |||||||||||||||||||||||
Total construction - other | 96,444 | 24,888 | 6,822 | 178 | 16 | 0 | 0 | 0 | 128,348 | |||||||||||||||||||||||
Construction - other | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Current period recoveries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Performing | $ | 1,600,144 | $ | 782,832 | $ | 393,651 | $ | 430,916 | $ | 318,108 | $ | 602,764 | $ | 1,034,983 | $ | 5,363 | $ | 5,168,761 | ||||||||||||||
Nonperforming | 385 | 2,590 | 3,354 | 19,018 | 1,199 | 24,305 | 9,519 | 0 | 60,370 | |||||||||||||||||||||||
Total | $ | 1,600,529 | $ | 785,422 | $ | 397,005 | $ | 449,934 | $ | 319,307 | $ | 627,069 | $ | 1,044,502 | $ | 5,363 | $ | 5,229,131 |
June 30, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Non-accrual loans | $ | 147,864 | $ | 137,198 | |||||||
Loans 90 days or more past due and still accruing | 5,865 | 9,929 | |||||||||
Total non-performing loans | 153,729 | 147,127 | |||||||||
OREO (1) | 2,779 | 4,178 | |||||||||
Total non-performing assets | $ | 156,508 | $ | 151,305 |
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
Non-accrual loans | $ | 123,345 | $ | 120,133 | |||
Loans 90 days or more past due and still accruing | 13,124 | 11,505 | |||||
Total non-performing loans | 136,469 | 131,638 | |||||
Other real estate owned (OREO) | 10,542 | 12,815 | |||||
Total non-performing assets | $ | 147,011 | $ | 144,453 |
30-59 | 60-89 | ≥ 90 Days | |||||||||||||||||||||||||||||||||||||||
Days Past | Days Past | Past Due | Non- | ||||||||||||||||||||||||||||||||||||||
Due | Due | and Accruing | Accrual | Current | Total | ||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | $ | 5,341 | $ | 40 | $ | 265 | $ | 53,428 | $ | 7,093,858 | $ | 7,152,932 | |||||||||||||||||||||||||||||
Commercial and industrial | 7,136 | 1,406 | 171 | 33,181 | 4,943,520 | 4,985,414 | |||||||||||||||||||||||||||||||||||
Real estate – residential mortgage | 13,753 | 611 | 3,398 | 34,775 | 3,503,360 | 3,555,897 | |||||||||||||||||||||||||||||||||||
Real estate – home equity | 2,883 | 774 | 1,698 | 9,279 | 1,121,494 | 1,136,128 | |||||||||||||||||||||||||||||||||||
Real estate – construction | 666 | 0 | 0 | 1,016 | 1,069,073 | 1,070,755 | |||||||||||||||||||||||||||||||||||
Consumer | 1,935 | 456 | 144 | 287 | 445,611 | 448,433 | |||||||||||||||||||||||||||||||||||
Equipment lease financing and other | 33 | 257 | 189 | 15,898 | 220,820 | 237,197 | |||||||||||||||||||||||||||||||||||
Total | $ | 31,747 | $ | 3,544 | $ | 5,865 | $ | 147,864 | $ | 18,397,736 | $ | 18,586,756 |
30-59 Days Past Due | 60-89 Days Past Due | ≥ 90 Days Past Due and Accruing | Non- accrual | Current | Total | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | $ | 14,999 | $ | 9,273 | $ | 1,177 | $ | 51,470 | $ | 7,028,173 | $ | 7,105,092 | |||||||||||||||||||||||
Commercial and industrial | 11,285 | 1,068 | 616 | 31,993 | 5,625,866 | 5,670,828 | |||||||||||||||||||||||||||||
Real estate – residential mortgage | 22,281 | 7,675 | 4,687 | 26,107 | 3,081,165 | 3,141,915 | |||||||||||||||||||||||||||||
Real estate – home equity | 5,622 | 1,654 | 2,753 | 9,588 | 1,183,296 | 1,202,913 | |||||||||||||||||||||||||||||
Real estate – construction | 1,938 | 0 | 155 | 1,395 | 1,043,730 | 1,047,218 | |||||||||||||||||||||||||||||
Consumer | 3,036 | 501 | 417 | 332 | 462,486 | 466,772 | |||||||||||||||||||||||||||||
Equipment lease financing and other | 838 | 150 | 124 | 16,313 | 248,657 | 266,082 | |||||||||||||||||||||||||||||
Total | $ | 59,999 | $ | 20,321 | $ | 9,929 | $ | 137,198 | $ | 18,673,373 | $ | 18,900,820 |
September 30, 2017 | |||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | ≥ 90 Days Past Due and Accruing | Non- accrual | Total ≥ 90 Days | Total Past Due | Current | Total | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 10,276 | $ | 2,297 | $ | 2,884 | $ | 31,766 | $ | 34,650 | $ | 47,223 | $ | 6,227,917 | $ | 6,275,140 | |||||||||||||||
Commercial - secured | 8,382 | 2,378 | 1,503 | 51,787 | 53,290 | 64,050 | 4,024,908 | 4,088,958 | |||||||||||||||||||||||
Commercial - unsecured | 114 | 34 | — | 919 | 919 | 1,067 | 133,050 | 134,117 | |||||||||||||||||||||||
Total commercial - industrial, financial and agricultural | 8,496 | 2,412 | 1,503 | 52,706 | 54,209 | 65,117 | 4,157,958 | 4,223,075 | |||||||||||||||||||||||
Real estate - home equity | 11,192 | 1,763 | 3,096 | 9,133 | 12,229 | 25,184 | 1,542,289 | 1,567,473 | |||||||||||||||||||||||
Real estate - residential mortgage | 15,106 | 5,663 | 5,258 | 16,385 | 21,643 | 42,412 | 1,845,495 | 1,887,907 | |||||||||||||||||||||||
Construction - commercial residential | 400 | 18 | 60 | 12,164 | 12,224 | 12,642 | 143,485 | 156,127 | |||||||||||||||||||||||
Construction - commercial | 366 | — | — | 100 | 100 | 466 | 750,932 | 751,398 | |||||||||||||||||||||||
Construction - other | 382 | — | — | 1,091 | 1,091 | 1,473 | 64,110 | 65,583 | |||||||||||||||||||||||
Total real estate - construction | 1,148 | 18 | 60 | 13,355 | 13,415 | 14,581 | 958,527 | 973,108 | |||||||||||||||||||||||
Consumer - direct | 118 | 40 | 63 | — | 63 | 221 | 55,490 | 55,711 | |||||||||||||||||||||||
Consumer - indirect | 2,393 | 441 | 180 | — | 180 | 3,014 | 243,723 | 246,737 | |||||||||||||||||||||||
Total consumer | 2,511 | 481 | 243 | — | 243 | 3,235 | 299,213 | 302,448 | |||||||||||||||||||||||
Leasing, other and overdrafts | 764 | 120 | 80 | — | 80 | 964 | 256,784 | 257,748 | |||||||||||||||||||||||
Total | $ | 49,493 | $ | 12,754 | $ | 13,124 | $ | 123,345 | $ | 136,469 | $ | 198,716 | $ | 15,288,183 | $ | 15,486,899 |
December 31, 2016 | |||||||||||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | ≥ 90 Days Past Due and Accruing | Non- accrual | Total ≥ 90 Days | Total Past Due | Current | Total | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 6,254 | $ | 1,622 | $ | 383 | $ | 38,936 | $ | 39,319 | $ | 47,195 | $ | 5,971,387 | $ | 6,018,582 | |||||||||||||||
Commercial - secured | 6,660 | 2,616 | 959 | 41,589 | 42,548 | 51,824 | 3,881,728 | 3,933,552 | |||||||||||||||||||||||
Commercial - unsecured | 898 | 35 | 152 | 760 | 912 | 1,845 | 152,089 | 153,934 | |||||||||||||||||||||||
Total commercial - industrial, financial and agricultural | 7,558 | 2,651 | 1,111 | 42,349 | 43,460 | 53,669 | 4,033,817 | 4,087,486 | |||||||||||||||||||||||
Real estate - home equity | 6,596 | 2,678 | 2,543 | 10,611 | 13,154 | 22,428 | 1,602,687 | 1,625,115 | |||||||||||||||||||||||
Real estate - residential mortgage | 15,600 | 4,744 | 5,224 | 18,431 | 23,655 | 43,999 | 1,557,995 | 1,601,994 | |||||||||||||||||||||||
Construction - commercial residential | 233 | 51 | 36 | 8,275 | 8,311 | 8,595 | 133,594 | 142,189 | |||||||||||||||||||||||
Construction - commercial | 743 | — | — | 435 | 435 | 1,178 | 643,312 | 644,490 | |||||||||||||||||||||||
Construction - other | — | — | — | 1,096 | 1,096 | 1,096 | 55,874 | 56,970 | |||||||||||||||||||||||
Total real estate - construction | 976 | 51 | 36 | 9,806 | 9,842 | 10,869 | 832,780 | 843,649 | |||||||||||||||||||||||
Consumer - direct | 1,211 | 541 | 1,563 | — | 1,563 | 3,315 | 93,572 | 96,887 | |||||||||||||||||||||||
Consumer - indirect | 3,200 | 399 | 328 | — | 328 | 3,927 | 190,656 | 194,583 | |||||||||||||||||||||||
Total consumer | 4,411 | 940 | 1,891 | — | 1,891 | 7,242 | 284,228 | 291,470 | |||||||||||||||||||||||
Leasing, other and overdrafts | 543 | 525 | 317 | — | 317 | 1,385 | 229,591 | 230,976 | |||||||||||||||||||||||
Total | $ | 41,938 | $ | 13,211 | $ | 11,505 | $ | 120,133 | $ | 131,638 | $ | 186,787 | $ | 14,512,485 | $ | 14,699,272 |
June 30, 2021 | December 31, 2020 | |||||||||||||||||
September 30, 2017 | December 31, 2016 | (in thousands) | ||||||||||||||||
Real estate - commercial mortgage | Real estate - commercial mortgage | $ | 14,651 | $ | 28,451 | |||||||||||||
Commercial and industrial | Commercial and industrial | 6,765 | 6,982 | |||||||||||||||
Real estate - residential mortgage | Real estate - residential mortgage | 16,861 | 18,602 | |||||||||||||||
Real estate - home equity | Real estate - home equity | 13,566 | 14,391 | |||||||||||||||
Real estate - construction | Real estate - construction | 153 | 0 | |||||||||||||||
Consumer | Consumer | 4 | 0 | |||||||||||||||
(in thousands) | ||||||||||||||||||
Real-estate - residential mortgage | $ | 26,193 | $ | 27,617 | ||||||||||||||
Real-estate - commercial mortgage | 14,439 | 15,957 | ||||||||||||||||
Real estate - home equity | 14,789 | 8,594 | ||||||||||||||||
Commercial | 7,512 | 6,627 | ||||||||||||||||
Construction | 169 | 726 | ||||||||||||||||
Consumer | 33 | 39 | ||||||||||||||||
Total accruing TDRs | 63,135 | 59,560 | Total accruing TDRs | 52,000 | 68,426 | |||||||||||||
Non-accrual TDRs (1) | 28,742 | 27,850 | Non-accrual TDRs (1) | 60,504 | 35,755 | |||||||||||||
Total TDRs | $ | 91,877 | $ | 87,410 | Total TDRs | $ | 112,504 | $ | 104,181 |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 0 | $ | 0 | 13 | $ | 1,304 | 4 | $ | 1,894 | 14 | $ | 1,378 | |||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | 3 | 2,729 | 6 | 16,082 | 5 | 6,891 | 7 | 16,474 | |||||||||||||||||||||||||||||||||||||||
Real estate - residential mortgage | 14 | 3,101 | 33 | 8,505 | 37 | 10,728 | 40 | 9,165 | |||||||||||||||||||||||||||||||||||||||
Real estate - home equity | 11 | 598 | 19 | 1,609 | 16 | 746 | 27 | 2,186 | |||||||||||||||||||||||||||||||||||||||
Real estate - construction | 0 | 0 | 0 | 0 | 1 | 154 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Consumer | 0 | 0 | 8 | 185 | 0 | 0 | 8 | 185 | |||||||||||||||||||||||||||||||||||||||
Total | 28 | $ | 6,428 | 79 | $ | 27,685 | 63 | $ | 20,413 | 96 | $ | 29,388 |
Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||||||||||||||
Number of Loans | Post-Modification Recorded Investment | Number of Loans | Post-Modification Recorded Investment | Number of Loans | Post-Modification Recorded Investment | Number of Loans | Post-Modification Recorded Investment | |||||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||||||||||||
Real estate – residential mortgage: | ||||||||||||||||||||||||||||
Extend maturity with rate concession | 2 | $ | 468 | — | $ | — | 2 | $ | 468 | — | $ | — | ||||||||||||||||
Extend maturity without rate concession | 2 | 151 | — | — | 4 | 488 | 2 | $ | 315 | |||||||||||||||||||
Bankruptcy | — | — | 2 | 350 | 2 | 335 | 3 | 723 | ||||||||||||||||||||
Real estate - commercial mortgage: | ||||||||||||||||||||||||||||
Extend maturity without rate concession | 2 | 1,247 | — | — | 6 | 2,228 | — | $ | — | |||||||||||||||||||
Bankruptcy | — | — | — | — | 1 | 12 | — | $ | — | |||||||||||||||||||
Real estate - home equity: | ||||||||||||||||||||||||||||
Extend maturity without rate concession | 14 | 1,315 | 24 | 1,063 | 47 | 3,874 | 63 | $ | 3,058 | |||||||||||||||||||
Bankruptcy | 6 | 127 | 11 | 563 | 23 | 1,643 | 33 | $ | 2,279 | |||||||||||||||||||
Commercial: | ||||||||||||||||||||||||||||
Extend maturity without rate concession | 1 | 160 | 4 | 1,826 | 9 | 5,853 | 10 | 3,802 | ||||||||||||||||||||
Bankruptcy | — | — | — | — | 1 | 490 | — | — | ||||||||||||||||||||
Commercial – unsecured: | ||||||||||||||||||||||||||||
Extend maturity without rate concession | — | — | — | — | 1 | 33 | 2 | 103 | ||||||||||||||||||||
Construction - commercial residential: | ||||||||||||||||||||||||||||
Extend maturity without rate concession | — | — | — | — | 1 | 1,204 | — | — | ||||||||||||||||||||
Consumer - direct: | ||||||||||||||||||||||||||||
Bankruptcy | — | — | — | — | — | — | 1 | 2 | ||||||||||||||||||||
Consumer - indirect: | ||||||||||||||||||||||||||||
Bankruptcy | — | — | 1 | 21 | — | — | 1 | 21 | ||||||||||||||||||||
Total | 27 | $ | 3,468 | 42 | $ | 3,823 | 97 | $ | 16,628 | 115 | $ | 10,303 | ||||||||||||||||
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Amortized cost: | |||||||||||||||||||||||
Balance at beginning of period | $ | 37,803 | $ | 38,854 | $ | 38,745 | $ | 39,267 | |||||||||||||||
Originations of MSRs | 1,457 | 2,772 | 4,268 | 4,250 | |||||||||||||||||||
Amortization | (3,198) | (2,934) | (6,951) | (4,825) | |||||||||||||||||||
Balance at end of period | $ | 36,062 | $ | 38,692 | $ | 36,062 | $ | 38,692 | |||||||||||||||
Valuation allowance: | |||||||||||||||||||||||
Balance at beginning of period | $ | (4,400) | $ | (1,100) | $ | (10,500) | $ | 0 | |||||||||||||||
Reduction (addition) to valuation allowance | (2,200) | (6,600) | 3,900 | (7,700) | |||||||||||||||||||
Balance at end of period | $ | (6,600) | $ | (7,700) | $ | (6,600) | $ | (7,700) | |||||||||||||||
Net MSRs at end of period | $ | 29,462 | $ | 30,992 | $ | 29,462 | $ | 30,992 | |||||||||||||||
2017 | 2016 | ||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | ||||||||||
(dollars in thousands) | |||||||||||||
Real estate - residential mortgage | 5 | $ | 1,321 | 7 | $ | 1,395 | |||||||
Real estate - commercial mortgage | 3 | 653 | 2 | 129 | |||||||||
Real estate - home equity | 27 | 1,598 | 29 | 1,902 | |||||||||
Commercial | 2 | 264 | 6 | 2,593 | |||||||||
Commercial - unsecured | — | — | 1 | 26 | |||||||||
Construction - commercial residential | 1 | 1,198 | — | — | |||||||||
Construction - other | 1 | 411 | — | — | |||||||||
Total | 39 | $ | 5,445 | 45 | $ | 6,045 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Notional Amount | Asset (Liability) Fair Value | Notional Amount | Asset (Liability) Fair Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Interest Rate Locks with Customers | |||||||||||||||||||||||
Positive fair values | $ | 335,010 | $ | 3,595 | $ | 382,903 | $ | 8,034 | |||||||||||||||
Negative fair values | 1,688 | (10) | 3,154 | (35) | |||||||||||||||||||
Forward Commitments | |||||||||||||||||||||||
Positive fair values | 0 | 0 | 0 | 0 | |||||||||||||||||||
Negative fair values | 54,000 | (211) | 292,262 | (2,263) | |||||||||||||||||||
Interest Rate Swaps with Customers | |||||||||||||||||||||||
Positive fair values | 3,315,775 | 210,570 | 3,834,062 | 330,951 | |||||||||||||||||||
Negative fair values | 542,265 | (1,301) | 45,640 | (2) | |||||||||||||||||||
Interest Rate Swaps with Dealer Counterparties | |||||||||||||||||||||||
Positive fair values | 542,265 | 1,301 | 45,640 | 2 | |||||||||||||||||||
Negative fair values | 3,315,775 | (105,883) | 3,834,062 | (165,205) | |||||||||||||||||||
Interest Rate Swaps used in Cash Flow Hedges | |||||||||||||||||||||||
Positive fair values | 500,000 | 235 | 0 | 0 | |||||||||||||||||||
Negative fair values | 0 | 0 | 0 | 0 | |||||||||||||||||||
Foreign Exchange Contracts with Customers | |||||||||||||||||||||||
Positive fair values | 11,672 | 143 | 1,121 | 5 | |||||||||||||||||||
Negative fair values | 1,463 | (48) | 5,963 | (275) | |||||||||||||||||||
Foreign Exchange Contracts with Correspondent Banks | |||||||||||||||||||||||
Positive fair values | 5,582 | 89 | 6,372 | 318 | |||||||||||||||||||
Negative fair values | 10,942 | (145) | 1,422 | (5) | |||||||||||||||||||
Amount of Gain (Loss) Recognized in OCI on Derivative | Amount of Gain (Loss) Recognized in OCI Included Component | Amount of Gain or (Loss) Recognized in OCI Excluded Component | Location of Gain or (Loss) Recognized from AOCI into Income | Amount of Gain Reclassified from AOCI into Income | Amount of Gain Reclassified from AOCI into Income Included Component | Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component | |||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Products | $ | 3,560 | $ | 3,560 | $ | 0 | Interest income | $ | 877 | $ | 877 | $ | 0 | ||||||||||||||||||||||||||||
Six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Products | $ | 1,495 | $ | 1,495 | $ | 0 | Interest income | $ | 1,021 | $ | 1,021 | $ | 0 |
Consolidated Statements of Income Classification | ||||||||||||||||||||
Interest Income | ||||||||||||||||||||
Three months ended | Six months ended | |||||||||||||||||||
June 30, 2021 | June 30, 2021 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Total amounts of income line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded | $ | 877 | $ | 1,021 | ||||||||||||||||
The effects of fair value and cash flow hedging: | ||||||||||||||||||||
Gain or (loss) on cash flow hedging relationships | — | |||||||||||||||||||
Interest contracts: | ||||||||||||||||||||
Amount of gain reclassified from AOCI into income | 877 | 1,021 | ||||||||||||||||||
Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring | — | — | ||||||||||||||||||
Amount of Gain Reclassified from AOCI into Income - Included Component | 877 | 1,021 | ||||||||||||||||||
Amount of Gain or (Loss) Reclassified from AOCI into Income - Excluded Component | 0 | 0 |
Consolidated Statements of Income Classification | Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage banking derivatives (1) | Mortgage banking income | $ | (3,158) | $ | 6,704 | $ | (2,362) | $ | 7,744 | ||||||||||||||||||||
Interest rate swaps | Other expense | (104) | 10 | (208) | 82 | ||||||||||||||||||||||||
Foreign exchange contracts | Other income | (12) | (102) | (4) | 17 | ||||||||||||||||||||||||
Net fair value gains on derivative financial instruments | $ | (3,274) | $ | 6,612 | $ | (2,574) | $ | 7,843 |
June 30, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Amortized cost (1) | $ | 40,923 | $ | 80,662 | |||||||
Fair value | 41,924 | 83,886 |
Gross Amounts | Gross Amounts Not Offset | ||||||||||||||||||||||
Recognized | on the Consolidated | ||||||||||||||||||||||
on the | Balance Sheets | ||||||||||||||||||||||
Consolidated | Financial | Cash | Net | ||||||||||||||||||||
Balance Sheets | Instruments(1) | Collateral (2) | Amount | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
June 30, 2021 | |||||||||||||||||||||||
Interest rate swap derivative assets | $ | 212,106 | $ | (2,506) | $ | 0 | $ | 209,600 | |||||||||||||||
Foreign exchange derivative assets with correspondent banks | 89 | (89) | 0 | 0 | |||||||||||||||||||
Total | $ | 212,195 | $ | (2,595) | $ | 0 | $ | 209,600 | |||||||||||||||
Interest rate swap derivative liabilities | $ | 107,184 | $ | (2,506) | $ | (103,435) | $ | 1,243 | |||||||||||||||
Foreign exchange derivative liabilities with correspondent banks | 145 | (89) | 0 | 56 | |||||||||||||||||||
Total | $ | 107,329 | $ | (2,595) | $ | (103,435) | $ | 1,299 | |||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Interest rate swap derivative assets | $ | 330,951 | $ | (2) | $ | 0 | $ | 330,949 | |||||||||||||||
Foreign exchange derivative assets with correspondent banks | 318 | (5) | 0 | 313 | |||||||||||||||||||
Total | $ | 331,269 | $ | (7) | $ | 0 | $ | 331,262 | |||||||||||||||
Interest rate swap derivative liabilities | $ | 165,205 | $ | (2) | $ | (165,203) | $ | 0 | |||||||||||||||
Foreign exchange derivative liabilities with correspondent banks | 5 | (5) | 0 | 0 | |||||||||||||||||||
Total | $ | 165,210 | $ | (7) | $ | (165,203) | $ | 0 |
June 30, | December 31, | ||||||||||||||||
2021 | 2020 | ||||||||||||||||
Included in other assets: | (in thousands) | ||||||||||||||||
Affordable housing tax credit investment, net | $ | 162,431 | $ | 152,203 | |||||||||||||
Other tax credit investments, net | 50,577 | 59,224 | |||||||||||||||
Total TCIs, net | $ | 213,008 | $ | 211,427 | |||||||||||||
Included in other liabilities: | |||||||||||||||||
Unfunded affordable housing tax credit commitments | $ | 47,354 | $ | 31,562 | |||||||||||||
Other tax credit liabilities | 41,217 | 49,491 | |||||||||||||||
Total unfunded tax credit commitments and liabilities | $ | 88,571 | $ | 81,053 |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Components of income taxes: | (in thousands) | ||||||||||||||||||||||||||||
Affordable housing tax credits and other tax benefits | $ | (6,543) | $ | (7,194) | $ | (13,031) | $ | (14,388) | |||||||||||||||||||||
Other tax credit investment credits and tax benefits | (722) | (941) | (1,445) | (1,882) | |||||||||||||||||||||||||
Amortization of affordable housing investments, net of tax benefit | 4,323 | 5,023 | 8,689 | 10,047 | |||||||||||||||||||||||||
Deferred tax expense | 160 | 208 | 320 | 416 | |||||||||||||||||||||||||
Total net reduction in income tax expense | $ | (2,782) | $ | (2,904) | $ | (5,467) | $ | (5,807) | |||||||||||||||||||||
Amortization of TCIs: | |||||||||||||||||||||||||||||
Affordable housing tax credits investment | $ | 1,018 | $ | 1,022 | $ | 2,004 | $ | 2,044 | |||||||||||||||||||||
Other tax credit investment amortization | 545 | 428 | 1,090 | 856 | |||||||||||||||||||||||||
Total amortization of TCIs | $ | 1,563 | $ | 1,450 | $ | 3,094 | $ | 2,900 |
Before-Tax Amount | Tax Effect | Net of Tax Amount | |||||||||||||||
Three months ended June 30, 2021 | (in thousands) | ||||||||||||||||
Unrealized gain on securities | $ | 24,968 | $ | (5,670) | $ | 19,298 | |||||||||||
Reclassification adjustment for securities gains included in net income (1) | (36) | 8 | (28) | ||||||||||||||
Amortization of net unrealized gains on AFS securities transferred to HTM (2) | (349) | 79 | (270) | ||||||||||||||
Net unrealized gain on interest rate swaps used in cash flow hedges (3) | 2,683 | (609) | 2,074 | ||||||||||||||
Amortization of net unrecognized pension and postretirement items (4) | 370 | (81) | 289 | ||||||||||||||
Total OCI | $ | 27,636 | $ | (6,273) | $ | 21,363 | |||||||||||
Three months ended June 30, 2020 | |||||||||||||||||
Unrealized gain on securities | $ | 44,199 | $ | (9,775) | $ | 34,424 | |||||||||||
Reclassification adjustment for securities gains included in net income (1) | (3,005) | 664 | (2,341) | ||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM (2) | 1,019 | (226) | 793 | ||||||||||||||
Amortization of net unrecognized pension and postretirement items (4) | 328 | (73) | 255 | ||||||||||||||
Total OCI | $ | 42,541 | $ | (9,410) | $ | 33,131 | |||||||||||
Six months ended June 30, 2021 | |||||||||||||||||
Unrealized loss on securities | $ | (26,783) | $ | 6,082 | $ | (20,701) | |||||||||||
Reclassification adjustment for securities losses included in net income (1) | 451 | (102) | 349 | ||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM (2) | 1,963 | (446) | 1,517 | ||||||||||||||
Net unrealized gain on interest rate swaps used in cash flow hedges (3) | 474 | (107) | 367 | ||||||||||||||
Amortization of net unrecognized pension and postretirement items (3) | 740 | (162) | 578 | ||||||||||||||
Total OCI | $ | (23,155) | $ | 5,265 | $ | (17,890) | |||||||||||
Six months ended June 30, 2020 | |||||||||||||||||
Unrealized gain on securities (4) | $ | 66,581 | $ | (14,728) | $ | 51,853 | |||||||||||
Reclassification adjustment for securities gains included in net income (1) | (3,051) | 675 | (2,376) | ||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM (2) | 2,040 | (451) | 1,589 | ||||||||||||||
Amortization of net unrecognized pension and postretirement items (3) | 656 | (146) | 510 | ||||||||||||||
Total OCI | $ | 66,226 | $ | (14,650) | $ | 51,576 |
Unrealized Gains (Losses) on Investment Securities | Net Unrealized (Loss) Gain on Interest Rate Swaps used in Cash Flow Hedges | Unrecognized Pension and Postretirement Plan Income (Costs) | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Three months ended June 30, 2021 | |||||||||||||||||||||||||||||
Balance at March 31, 2021 | $ | 43,769 | $ | (1,707) | $ | (16,224) | $ | 25,838 | |||||||||||||||||||||
OCI before reclassifications | 19,298 | 0 | 0 | 19,298 | |||||||||||||||||||||||||
Amounts reclassified from AOCI | (28) | 2,074 | 289 | 2,335 | |||||||||||||||||||||||||
Amortization of net unrealized gains on AFS securities transferred to HTM | (270) | 0 | 0 | (270) | |||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 62,769 | $ | 367 | $ | (15,935) | $ | 47,201 | |||||||||||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||||||||||||||
Balance at March 31, 2020 | $ | 33,054 | $ | 0 | $ | (14,746) | $ | 18,308 | |||||||||||||||||||||
OCI before reclassifications | 34,424 | 0 | 0 | 34,424 | |||||||||||||||||||||||||
Amounts reclassified from AOCI | (2,341) | 0 | 255 | (2,086) | |||||||||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | 793 | 0 | 0 | 793 | |||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 65,930 | $ | 0 | $ | (14,491) | $ | 51,439 | |||||||||||||||||||||
Six months ended June 30, 2021 | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 81,604 | $ | 0 | $ | (16,513) | $ | 65,091 | |||||||||||||||||||||
OCI before reclassifications | (20,701) | 0 | 0 | (20,701) | |||||||||||||||||||||||||
Amounts reclassified from AOCI | 349 | 367 | 578 | 1,294 | |||||||||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | 1,517 | 0 | 0 | 1,517 | |||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 62,769 | $ | 367 | $ | (15,935) | $ | 47,201 | |||||||||||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 14,864 | $ | 0 | $ | (15,001) | $ | (137) | |||||||||||||||||||||
OCI before reclassifications | 51,853 | 0 | 0 | 51,853 | |||||||||||||||||||||||||
Amounts reclassified from AOCI | (2,376) | 0 | 510 | (1,866) | |||||||||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | 1,589 | 0 | 0 | 1,589 | |||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 65,930 | $ | 0 | $ | (14,491) | $ | 51,439 |
June 30, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Loans held for sale | $ | 0 | $ | 41,924 | $ | 0 | $ | 41,924 | |||||||||||||||
Available for sale investment securities: | |||||||||||||||||||||||
U.S. Government securities | 153,545 | 0 | 0 | 153,545 | |||||||||||||||||||
U.S. Government sponsored agency securities | 0 | 62,431 | 0 | 62,431 | |||||||||||||||||||
State and municipal securities | 0 | 1,055,462 | 0 | 1,055,462 | |||||||||||||||||||
Corporate debt securities | 0 | 371,381 | 0 | 371,381 | |||||||||||||||||||
Collateralized mortgage obligations | 0 | 307,165 | 0 | 307,165 | |||||||||||||||||||
Residential mortgage-backed securities | 0 | 201,547 | 0 | 201,547 | |||||||||||||||||||
Commercial mortgage-backed securities | 0 | 871,010 | 0 | 871,010 | |||||||||||||||||||
Auction rate securities | 0 | 0 | 74,834 | 74,834 | |||||||||||||||||||
Total available for sale investment securities | 153,545 | 2,868,996 | 74,834 | 3,097,375 | |||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Investments held in Rabbi Trust | 27,142 | 0 | 0 | 27,142 | |||||||||||||||||||
Derivative assets | 232 | 215,701 | 0 | 215,933 | |||||||||||||||||||
Total assets | $ | 180,919 | $ | 3,126,621 | $ | 74,834 | $ | 3,382,374 | |||||||||||||||
Other liabilities: | |||||||||||||||||||||||
Deferred compensation liabilities | $ | 27,142 | $ | 0 | $ | 0 | $ | 27,142 | |||||||||||||||
Derivative liabilities | 193 | 107,405 | 0 | 107,598 | |||||||||||||||||||
Total liabilities | $ | 27,335 | $ | 107,405 | $ | 0 | $ | 134,740 |
December 31, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Loans held for sale | $ | 0 | $ | 83,886 | $ | 0 | $ | 83,886 | |||||||||||||||
Available for sale investment securities: | |||||||||||||||||||||||
State and municipal securities | 0 | 952,613 | 0 | 952,613 | |||||||||||||||||||
Corporate debt securities | 0 | 367,145 | 0 | 367,145 | |||||||||||||||||||
Collateralized mortgage obligations | 0 | 503,766 | 0 | 503,766 | |||||||||||||||||||
Residential mortgage-backed securities | 0 | 377,998 | 0 | 377,998 | |||||||||||||||||||
Commercial mortgage-backed securities | 0 | 762,415 | 0 | 762,415 | |||||||||||||||||||
Auction rate securities | 0 | 0 | 98,206 | 98,206 | |||||||||||||||||||
Total available for sale investment securities | 0 | 2,963,937 | 98,206 | 3,062,143 | |||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Investments held in Rabbi Trust | 24,383 | 0 | 0 | 24,383 | |||||||||||||||||||
Derivative assets | 323 | 338,987 | 0 | 339,310 | |||||||||||||||||||
Total assets | $ | 24,706 | $ | 3,386,810 | $ | 98,206 | $ | 3,509,722 | |||||||||||||||
Other liabilities: | |||||||||||||||||||||||
Deferred compensation liabilities | $ | 24,383 | $ | 0 | $ | 0 | $ | 24,383 | |||||||||||||||
Derivative liabilities | 280 | 167,505 | 0 | 167,785 | |||||||||||||||||||
Total liabilities | $ | 24,663 | $ | 167,505 | $ | 0 | $ | 192,168 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Amortized cost: | |||||||||||||||
Balance at beginning of period | $ | 38,180 | $ | 39,874 | $ | 38,822 | $ | 40,944 | |||||||
Originations of mortgage servicing rights | 1,333 | 1,499 | 3,719 | 3,927 | |||||||||||
Amortization | (1,639 | ) | (2,064 | ) | (4,667 | ) | (5,562 | ) | |||||||
Balance at end of period | $ | 37,874 | $ | 39,309 | $ | 37,874 | $ | 39,309 | |||||||
Valuation allowance: | |||||||||||||||
Balance at beginning of period | $ | — | $ | (1,721 | ) | $ | (1,291 | ) | $ | — | |||||
(Additions) reductions to valuation allowance | — | (1,280 | ) | 1,291 | (3,001 | ) | |||||||||
Balance at end of period | $ | — | $ | (3,001 | ) | $ | — | $ | (3,001 | ) | |||||
Net MSRs at end of period | $ | 37,874 | $ | 36,308 | $ | 37,874 | $ | 36,308 |
Single-issuer Trust Preferred Securities | ARCs | ||||||||||||||||
Three months ended June 30, 2021 | (in thousands) | ||||||||||||||||
Balance at March 31, 2021 | $ | 0 | $ | 76,204 | |||||||||||||
Unrealized adjustment to fair value (1) | 0 | (1,370) | |||||||||||||||
Balance at June 30, 2021 | $ | 0 | $ | 74,834 | |||||||||||||
Three months ended June 30, 2020 | |||||||||||||||||
Balance at March 31, 2020 | $ | 2,160 | $ | 93,666 | |||||||||||||
Sales | (2,160) | 0 | |||||||||||||||
Unrealized adjustment to fair value (1) | 0 | 7,193 | |||||||||||||||
Balance at June 30, 2020 | $ | 0 | $ | 100,859 | |||||||||||||
Six months ended June 30, 2021 | |||||||||||||||||
Balance at December 31, 2020 | $ | 0 | $ | 98,206 | |||||||||||||
Sales | 0 | (24,619) | |||||||||||||||
Unrealized adjustment to fair value (1) | 0 | 1,247 | |||||||||||||||
Balance at June 30, 2021 | $ | 0 | $ | 74,834 | |||||||||||||
Six months ended June 30, 2020 | |||||||||||||||||
Balance at December 31, 2019 | $ | 2,400 | $ | 101,926 | |||||||||||||
Sales | (2,160) | 0 | |||||||||||||||
Unrealized adjustment to fair value (1) | (242) | (1,067) | |||||||||||||||
Discount accretion | 2 | 0 | |||||||||||||||
Balance at June 30, 2020 | $ | 0 | $ | 100,859 | |||||||||||||
June 30, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Loans, net | $ | 129,542 | $ | 116,584 | |||||||
OREO | 2,779 | 4,178 | |||||||||
MSRs (1) | 29,462 | 28,245 | |||||||||
Total assets | $ | 161,783 | $ | 149,007 |
June 30, 2021 | |||||||||||||||||
Estimated Fair Value | |||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | |||||||||||||||||
FINANCIAL ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 1,904,059 | $ | 1,904,059 | $ | 0 | $ | 0 | $ | 1,904,059 | |||||||
FRB and FHLB stock | 62,631 | 0 | 62,631 | 0 | 62,631 | ||||||||||||
Loans held for sale | 41,924 | 0 | 41,924 | 0 | 41,924 | ||||||||||||
AFS securities | 3,097,375 | 153,545 | 2,868,996 | 74,834 | 3,097,375 | ||||||||||||
HTM securities | 824,283 | 0 | 826,932 | 0 | 826,932 | ||||||||||||
Net Loans | 18,331,724 | 0 | 0 | 17,963,518 | 17,963,518 | ||||||||||||
Accrued interest receivable | 63,232 | 63,232 | 0 | 0 | 63,232 | ||||||||||||
Other assets | 542,967 | 295,025 | 215,701 | 32,241 | 542,967 | ||||||||||||
FINANCIAL LIABILITIES | |||||||||||||||||
Demand and savings deposits | $ | 19,514,090 | $ | 19,514,090 | $ | 0 | $ | 0 | $ | 19,514,090 | |||||||
Brokered deposits | 277,444 | 257,444 | 20,830 | 0 | 278,274 | ||||||||||||
Time deposits | 1,932,778 | 0 | 1,942,321 | 0 | 1,942,321 | ||||||||||||
Short-term borrowings | 533,749 | 533,749 | 0 | 0 | 533,749 | ||||||||||||
Accrued interest payable | 7,322 | 7,322 | 0 | 0 | 7,322 | ||||||||||||
Long-term borrowings | 627,213 | — | 617,167 | 0�� | 617,167 | ||||||||||||
Other liabilities | 312,700 | 190,522 | 107,405 | 14,773 | 312,700 |
December 31, 2020 | |||||||||||||||||
Estimated Fair Value | |||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | |||||||||||||||||
FINANCIAL ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 1,847,832 | $ | 1,847,832 | $ | 0 | $ | 0 | $ | 1,847,832 | |||||||
FRB and FHLB stock | 92,129 | 0 | 92,129 | 0 | 92,129 | ||||||||||||
Loans held for sale | 83,886 | 0 | 83,886 | 0 | 83,886 | ||||||||||||
AFS securities | 3,062,143 | 0 | 2,963,937 | 98,206 | 3,062,143 | ||||||||||||
HTM securities | 278,281 | 0 | 296,857 | 0 | 296,857 | ||||||||||||
Net Loans | 18,623,253 | 0 | 0 | 18,354,532 | 18,354,532 | ||||||||||||
Accrued interest receivable | 72,942 | 72,942 | 0 | 0 | 72,942 | ||||||||||||
Other assets | 650,425 | 279,015 | 338,987 | 32,423 | 650,425 | ||||||||||||
FINANCIAL LIABILITIES | |||||||||||||||||
Demand and savings deposits | $ | 18,279,358 | $ | 18,279,358 | $ | 0 | $ | 0 | $ | 18,279,358 | |||||||
Brokered deposits | 335,185 | 295,185 | 41,206 | 0 | 336,391 | ||||||||||||
Time deposits | 2,224,664 | 0 | 2,246,457 | 0 | 2,246,457 | ||||||||||||
Short-term borrowings | 630,066 | 630,066 | 0 | 0 | 630,066 | ||||||||||||
Accrued interest payable | 10,365 | 10,365 | 0 | 0 | 10,365 | ||||||||||||
Long-term borrowings | 1,296,263 | 0 | 1,332,041 | 0 | 1,332,041 | ||||||||||||
Other liabilities | 338,747 | 156,869 | 167,505 | 14,373 | 338,747 |
Assets | Liabilities | |||||||
Cash and cash equivalents | Demand and savings deposits | |||||||
Accrued interest receivable | Short-term borrowings | |||||||
Accrued interest payable |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Stock-based compensation expense | $ | 1,570 | $ | 1,552 | $ | 3,339 | $ | 4,808 | |||||||
Tax benefit | (628 | ) | (536 | ) | (3,312 | ) | (1,611 | ) | |||||||
Stock-based compensation expense, net of tax benefit | $ | 942 | $ | 1,016 | $ | 27 | $ | 3,197 |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Weighted average shares outstanding (basic) | 162,785 | 161,715 | 162,614 | 162,582 | |||||||||||||||||||
Impact of common stock equivalents | 1,073 | 552 | 1,124 | 744 | |||||||||||||||||||
Weighted average shares outstanding (diluted) | 163,858 | 162,267 | 163,738 | 163,326 | |||||||||||||||||||
Per share: | |||||||||||||||||||||||
Basic | $ | 0.38 | $ | 0.24 | $ | 0.81 | $ | 0.40 | |||||||||||||||
Diluted | 0.38 | 0.24 | 0.81 | 0.40 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Service cost (1) | $ | — | $ | 172 | $ | — | $ | 516 | |||||||
Interest cost | 830 | 880 | 2,490 | 2,640 | |||||||||||
Expected return on plan assets | (451 | ) | (580 | ) | (1,353 | ) | (1,739 | ) | |||||||
Net amortization and deferral | 663 | 605 | 1,989 | 1,815 | |||||||||||
Net periodic benefit cost | $ | 1,042 | $ | 1,077 | $ | 3,126 | $ | 3,232 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Interest cost | $ | 17 | $ | 21 | $ | 51 | $ | 64 | |||||||
Expected return on plan assets | — | — | — | (1 | ) | ||||||||||
Net accretion and deferral | (141 | ) | (138 | ) | (423 | ) | (413 | ) | |||||||
Net periodic benefit | $ | (124 | ) | $ | (117 | ) | $ | (372 | ) | $ | (350 | ) |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Notional Amount | Asset (Liability) Fair Value | Notional Amount | Asset (Liability) Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
Interest Rate Locks with Customers | |||||||||||||||
Positive fair values | $ | 141,250 | $ | 1,283 | $ | 87,119 | $ | 863 | |||||||
Negative fair values | 5,530 | (16 | ) | 18,239 | (227 | ) | |||||||||
Net interest rate locks with customers | 1,267 | 636 | |||||||||||||
Forward Commitments | |||||||||||||||
Positive fair values | 27,562 | 48 | 70,031 | 2,223 | |||||||||||
Negative fair values | 77,000 | (207 | ) | 19,964 | (112 | ) | |||||||||
Net forward commitments | (159 | ) | 2,111 | ||||||||||||
Interest Rate Swaps with Customers | |||||||||||||||
Positive fair values | 1,329,394 | 34,028 | 876,744 | 24,397 | |||||||||||
Negative fair values | 578,120 | (13,682 | ) | 583,060 | (16,998 | ) | |||||||||
Net interest rate swaps with customers | 20,346 | 7,399 | |||||||||||||
Interest Rate Swaps with Dealer Counterparties | |||||||||||||||
Positive fair values | 578,120 | 13,682 | 583,060 | 16,998 | |||||||||||
Negative fair values (1) | 1,329,394 | (27,663 | ) | 876,744 | (24,397 | ) | |||||||||
Net interest rate swaps with dealer counterparties | (13,981 | ) | (7,399 | ) | |||||||||||
Foreign Exchange Contracts with Customers | |||||||||||||||
Positive fair values | 5,912 | 332 | 11,674 | 504 | |||||||||||
Negative fair values | 5,473 | (226 | ) | 4,659 | (221 | ) | |||||||||
Net foreign exchange contracts with customers | 106 | 283 | |||||||||||||
Foreign Exchange Contracts with Correspondent Banks | |||||||||||||||
Positive fair values | 8,978 | 293 | 7,040 | 241 | |||||||||||
Negative fair values | 4,420 | (280 | ) | 12,869 | (447 | ) | |||||||||
Net foreign exchange contracts with correspondent banks | 13 | (206 | ) | ||||||||||||
Net derivative fair value asset | $ | 7,592 | $ | 2,824 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Interest rate locks with customers | $ | (59 | ) | $ | 178 | $ | 631 | $ | 1,922 | ||||||
Forward commitments | (48 | ) | 970 | (2,270 | ) | (1,042 | ) | ||||||||
Interest rate swaps with customers | (47 | ) | (1,948 | ) | 12,947 | 48,052 | |||||||||
Interest rate swaps with dealer counterparties | 1,248 | 1,948 | (6,582 | ) | (48,052 | ) | |||||||||
Foreign exchange contracts with customers | 140 | 47 | (177 | ) | 502 | ||||||||||
Foreign exchange contracts with correspondent banks | (111 | ) | (266 | ) | 219 | (613 | ) | ||||||||
Net fair value gains on derivative financial instruments | $ | 1,123 | $ | 929 | $ | 4,768 | $ | 769 |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Compensation expense | $ | 2,098 | $ | 1,911 | $ | 4,000 | $ | 3,530 | |||||||||||||||
Tax benefit | (457) | (403) | (870) | (747) | |||||||||||||||||||
Stock-based compensation expense, net of tax benefit | $ | 1,641 | $ | 1,508 | $ | 3,130 | $ | 2,783 |
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
Cost | $ | 22,615 | $ | 28,708 | |||
Fair value | 23,049 | 28,697 |
Gross Amounts | Gross Amounts Not Offset | ||||||||||||||
Recognized | on the Consolidated | ||||||||||||||
on the | Balance Sheets | ||||||||||||||
Consolidated | Financial | Cash | Net | ||||||||||||
Balance Sheets | Instruments(1) | Collateral (2) | Amount | ||||||||||||
(in thousands) | |||||||||||||||
September 30, 2017 | |||||||||||||||
Interest rate swap derivative assets | $ | 47,710 | $ | (14,163 | ) | $ | — | $ | 33,547 | ||||||
Foreign exchange derivative assets with correspondent banks | 293 | (280 | ) | — | 13 | ||||||||||
Total | $ | 48,003 | $ | (14,443 | ) | $ | — | $ | 33,560 | ||||||
Interest rate swap derivative liabilities | $ | 41,345 | $ | (14,163 | ) | $ | (15,520 | ) | $ | 11,662 | |||||
Foreign exchange derivative liabilities with correspondent banks | 280 | (280 | ) | — | — | ||||||||||
Total | $ | 41,625 | $ | (14,443 | ) | $ | (15,520 | ) | $ | 11,662 | |||||
December 31, 2016 | |||||||||||||||
Interest rate swap derivative assets | $ | 41,395 | $ | (15,117 | ) | $ | — | $ | 26,278 | ||||||
Foreign exchange derivative assets with correspondent banks | 241 | (241 | ) | — | — | ||||||||||
Total | $ | 41,636 | $ | (15,358 | ) | $ | — | $ | 26,278 | ||||||
Interest rate swap derivative liabilities | $ | 41,395 | $ | (15,117 | ) | $ | (4,010 | ) | $ | 22,268 | |||||
Foreign exchange derivative liabilities with correspondent banks | 447 | (241 | ) | (206 | ) | — | |||||||||
Total | $ | 41,842 | $ | (15,358 | ) | $ | (4,216 | ) | $ | 22,268 |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Interest cost | $ | 561 | $ | 681 | $ | 1,122 | $ | 1,362 | |||||||||||||||
Expected return on plan assets | (1,011) | (982) | (2,022) | (1,964) | |||||||||||||||||||
Net amortization and deferral | 504 | 465 | 1,008 | 930 | |||||||||||||||||||
Net periodic pension cost | $ | 54 | $ | 164 | $ | 108 | $ | 328 | |||||||||||||||
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Interest cost | $ | 8 | $ | 11 | $ | 16 | $ | 22 | |||||||||||||||
Net accretion and deferral | (134) | (137) | (268) | (274) | |||||||||||||||||||
Net periodic benefit | $ | (126) | $ | (126) | $ | (252) | $ | (252) |
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
Commitments to extend credit | $ | 6,418,318 | $ | 6,075,567 | |||
Standby letters of credit | 331,096 | 356,359 | |||||
Commercial letters of credit | 41,819 | 38,901 |
June 30, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Commitments to extend credit | $ | 9,003,425 | $ | 8,651,055 | |||||||
Standby letters of credit | 314,921 | 298,750 | |||||||||
Commercial letters of credit | 56,862 | 56,229 |
September 30, 2017 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(in thousands) | |||||||||||||||
Mortgage loans held for sale | $ | — | $ | 23,049 | $ | — | $ | 23,049 | |||||||
Available for sale investment securities: | |||||||||||||||
Equity securities | 13,059 | — | — | 13,059 | |||||||||||
U.S. Government sponsored agency securities | — | 6,015 | — | 6,015 | |||||||||||
State and municipal securities | — | 413,913 | — | 413,913 | |||||||||||
Corporate debt securities | — | 89,755 | 3,222 | 92,977 | |||||||||||
Collateralized mortgage obligations | — | 593,678 | — | 593,678 | |||||||||||
Residential mortgage-backed securities | — | 1,182,086 | — | 1,182,086 | |||||||||||
Commercial mortgage-backed securities | — | 161,632 | — | 161,632 | |||||||||||
Auction rate securities | — | — | 98,156 | 98,156 | |||||||||||
Total available for sale investment securities | 13,059 | 2,447,079 | 101,378 | 2,561,516 | |||||||||||
Other assets | 18,742 | 49,041 | — | 67,783 | |||||||||||
Total assets | $ | 31,801 | $ | 2,519,169 | $ | 101,378 | $ | 2,652,348 | |||||||
Other liabilities | $ | 18,607 | $ | 41,569 | $ | — | $ | 60,176 |
December 31, 2016 | |||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
(in thousands) | |||||||||||||||
Mortgage loans held for sale | $ | — | $ | 28,697 | $ | — | $ | 28,697 | |||||||
Available for sale investment securities: | |||||||||||||||
Equity securities | 24,526 | — | — | 24,526 | |||||||||||
U.S. Government sponsored agency securities | — | 134 | — | 134 | |||||||||||
State and municipal securities | — | 391,641 | — | 391,641 | |||||||||||
Corporate debt securities | — | 106,537 | 2,872 | 109,409 | |||||||||||
Collateralized mortgage obligations | — | 593,860 | — | 593,860 | |||||||||||
Residential mortgage-backed securities | — | 1,317,838 | — | 1,317,838 | |||||||||||
Commercial mortgage-backed securities | — | 24,563 | — | 24,563 | |||||||||||
Auction rate securities | — | — | 97,256 | 97,256 | |||||||||||
Total available for sale investment securities | 24,526 | 2,434,573 | 100,128 | 2,559,227 | |||||||||||
Other assets | 17,111 | 44,481 | — | 61,592 | |||||||||||
Total assets | $ | 41,637 | $ | 2,507,751 | $ | 100,128 | $ | 2,649,516 | |||||||
Other liabilities | $ | 17,032 | $ | 41,734 | $ | — | $ | 58,766 |
Three months ended September 30, 2017 | |||||||||||
Pooled Trust Preferred Securities | Single-issuer Trust Preferred Securities | ARCs | |||||||||
(in thousands) | |||||||||||
Balance at June 30, 2017 | $ | 422 | $ | 2,775 | $ | 97,923 | |||||
Unrealized adjustment to fair value (1) | — | (28 | ) | 233 | |||||||
Discount accretion (2) | — | 3 | — | ||||||||
Balance at September 30, 2017 | $ | 422 | $ | 2,750 | $ | 98,156 | |||||
Three months ended September 30, 2016 | |||||||||||
Balance at June 30, 2016 | $ | 706 | $ | 2,425 | $ | 97,886 | |||||
Unrealized adjustment to fair value (1) | — | 7 | (318 | ) | |||||||
Discount accretion (2) | — | 3 | 158 | ||||||||
Balance at September 30, 2016 | $ | 706 | $ | 2,435 | $ | 97,726 | |||||
Nine months ended September 30, 2017 | |||||||||||
Pooled Trust Preferred Securities | Single-issuer Trust Preferred Securities | ARCs | |||||||||
(in thousands) | |||||||||||
Balance at December 31, 2016 | $ | 422 | $ | 2,450 | $ | 97,256 | |||||
Unrealized adjustment to fair value (1) | — | 291 | 705 | ||||||||
Discount accretion (2) | — | 9 | 195 | ||||||||
Balance at September 30, 2017 | $ | 422 | $ | 2,750 | $ | 98,156 | |||||
Nine months ended September 30, 2016 | |||||||||||
Balance at December 31, 2015 | $ | 706 | $ | 2,630 | $ | 98,059 | |||||
Unrealized adjustment to fair value (1) | — | (204 | ) | (668 | ) | ||||||
Discount accretion (2) | — | 9 | 335 | ||||||||
Balance at September 30, 2016 | $ | 706 | $ | 2,435 | $ | 97,726 | |||||
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
Net loans | $ | 140,779 | $ | 132,576 | |||
OREO | 10,542 | 12,815 | |||||
MSRs | 37,874 | 37,532 | |||||
Total assets | $ | 189,195 | $ | 182,923 |
September 30, 2017 | December 31, 2016 | ||||||||||||||
Book Value | Estimated Fair Value | Book Value | Estimated Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
FINANCIAL ASSETS | |||||||||||||||
Cash and due from banks | $ | 99,803 | $ | 99,803 | $ | 118,763 | $ | 118,763 | |||||||
Interest-bearing deposits with other banks | 582,845 | 582,845 | 233,763 | 233,763 | |||||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 62,951 | 62,951 | 57,489 | 57,489 | |||||||||||
Loans held for sale (1) | 23,049 | 23,049 | 28,697 | 28,697 | |||||||||||
Available for sale investment securities (1) | 2,561,516 | 2,561,516 | 2,559,227 | 2,559,227 | |||||||||||
Net Loans (1) | 15,314,654 | 15,086,654 | 14,530,593 | 14,387,454 | |||||||||||
Accrued interest receivable | 50,082 | 50,082 | 46,294 | 46,294 | |||||||||||
Other financial assets (1) | 219,434 | 219,434 | 206,132 | 206,132 | |||||||||||
FINANCIAL LIABILITIES | |||||||||||||||
Demand and savings deposits | $ | 13,274,319 | $ | 13,274,319 | $ | 12,259,622 | $ | 12,259,622 | |||||||
Brokered Deposits | 109,936 | 109,936 | — | — | |||||||||||
Time deposits | 2,757,525 | 2,759,913 | 2,753,242 | 2,769,757 | |||||||||||
Short-term borrowings | 298,751 | 298,751 | 541,317 | 541,317 | |||||||||||
Accrued interest payable | 10,568 | 10,568 | 9,632 | 9,632 | |||||||||||
Other financial liabilities (1) | 234,160 | 234,160 | 216,080 | 216,080 | |||||||||||
Federal Home Loan Bank advances and other long-term debt | 1,038,159 | 1,035,053 | 929,403 | 928,167 |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income available to common shareholders (in thousands) | $62,402 | $39,559 | $132,874 | $65,606 | |||||||||||||||||||
Diluted net income available to common shareholders per share | $0.38 | $0.24 | $0.81 | $0.40 | |||||||||||||||||||
Return on average assets, annualized | 1.00% | 0.66% | 1.07% | 0.57% | |||||||||||||||||||
Return on average common shareholders' equity, annualized | 9.38% | 6.89% | 10.10% | 5.68% | |||||||||||||||||||
Return on average common shareholders' equity (tangible), annualized (1) | 12.93% | 8.99% | 13.95% | 7.40% | |||||||||||||||||||
Net interest margin (2) | 2.73% | 2.81% | 2.76% | 3.01% | |||||||||||||||||||
Efficiency ratio (1) | 63.8% | 66.4% | 63.4% | 65.4% | |||||||||||||||||||
Non-performing assets to total assets | 0.60% | 0.59% | 0.60% | 0.60% | |||||||||||||||||||
Annualized net charge-offs to average loans | 0.15% | 0.09% | 0.14% | 0.17% |
As of or for the Three months ended September 30 | As of or for the Nine months ended September 30 | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Net income (in thousands) | $ | 48,905 | $ | 41,468 | $ | 137,752 | $ | 119,475 | |||||||
Diluted net income per share | $ | 0.28 | $ | 0.24 | $ | 0.78 | $ | 0.69 | |||||||
Return on average assets | 0.98 | % | 0.89 | % | 0.95 | % | 0.87 | % | |||||||
Return on average equity | 8.76 | % | 7.78 | % | 8.45 | % | 7.64 | % | |||||||
Return on average tangible equity (1) | 11.52 | % | 10.38 | % | 11.18 | % | 10.24 | % | |||||||
Net interest margin (2) | 3.27 | % | 3.14 | % | 3.27 | % | 3.19 | % | |||||||
Efficiency ratio (1) | 64.3 | % | 65.2 | % | 64.6 | % | 67.0 | % | |||||||
Non-performing assets to total assets | 0.73 | % | 0.80 | % | 0.73 | % | 0.80 | % | |||||||
Annualized net charge-offs to average loans | 0.14 | % | 0.11 | % | 0.12 | % | 0.14 | % |
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Return on average common shareholders' equity (tangible) | |||||||||||||||||||||||
Net income available to common shareholders | $ | 62,402 | $ | 39,558 | $ | 132,874 | $ | 65,606 | |||||||||||||||
Plus: Intangible amortization, net of tax | 140 | 104 | 230 | 208 | |||||||||||||||||||
Numerator | $ | 62,542 | $ | 39,662 | $ | 133,104 | $ | 65,814 | |||||||||||||||
Average common shareholders' equity | $ | 2,669,413 | $ | 2,309,133 | $ | 2,653,345 | $ | 2,323,074 | |||||||||||||||
Less: Average goodwill and intangible assets | (536,470) | (535,103) | (536,536) | (535,169) | |||||||||||||||||||
Less: Average preferred stock | (192,878) | — | (192,878) | — | |||||||||||||||||||
Denominator | $ | 1,940,065 | $ | 1,774,030 | $ | 1,923,931 | $ | 1,787,905 | |||||||||||||||
Return on average common shareholders' equity (tangible), annualized | 12.93 | % | 8.99 | % | 13.95 | % | 7.40 | % | |||||||||||||||
Efficiency ratio | |||||||||||||||||||||||
Non-interest expense | $ | 140,831 | $ | 143,006 | $ | 319,215 | $ | 285,558 | |||||||||||||||
Less: Debt extinguishment cost | (412) | (2,878) | (32,575) | (2,878) | |||||||||||||||||||
Less: Amortization of tax credit investments | (1,563) | (1,450) | (3,094) | (2,900) | |||||||||||||||||||
Less: Intangible amortization | (178) | (132) | (293) | (264) | |||||||||||||||||||
Numerator | $ | 138,678 | $ | 138,546 | $ | 283,253 | $ | 279,516 | |||||||||||||||
Net interest income | $ | 162,399 | $ | 152,754 | $ | 326,847 | $ | 313,500 | |||||||||||||||
Tax equivalent adjustment (1) | 3,018 | 3,100 | 5,998 | 6,325 | |||||||||||||||||||
Plus: Total non-interest income | 51,890 | 55,922 | 147,287 | 110,565 | |||||||||||||||||||
Less: Investment securities gains, net | (36) | (3,005) | (33,511) | (3,051) | |||||||||||||||||||
Denominator | $ | 217,271 | $ | 208,771 | $ | 446,621 | $ | 427,339 | |||||||||||||||
Efficiency ratio | 63.8 | % | 66.4 | % | 63.4 | % | 65.4 | % |
As of or for the Three months ended September 30 | As of or for the Nine months ended September 30 | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Return on average tangible equity | |||||||||||||||
Net income - numerator | $ | 48,905 | $ | 41,468 | $ | 137,752 | $ | 119,475 | |||||||
Average common shareholders' equity | $ | 2,215,389 | $ | 2,120,596 | $ | 2,179,316 | $ | 2,089,882 | |||||||
Less: Average goodwill and intangible assets | (531,556 | ) | (531,556 | ) | (531,556 | ) | (531,556 | ) | |||||||
Average tangible shareholders' equity - denominator | $ | 1,683,833 | $ | 1,589,040 | $ | 1,647,760 | $ | 1,558,326 | |||||||
Return on average tangible equity, annualized | 11.52 | % | 10.38 | % | 11.18 | % | 10.24 | % | |||||||
Efficiency ratio | |||||||||||||||
Non-interest expense | $ | 132,157 | $ | 119,848 | $ | 387,127 | $ | 361,898 | |||||||
Less: Amortization of tax credit investments (1) | (3,503 | ) | — | (7,652 | ) | — | |||||||||
Numerator | $ | 128,654 | $ | 119,848 | $ | 379,475 | $ | 361,898 | |||||||
Net interest income (fully taxable equivalent) (2) | $ | 152,721 | $ | 135,784 | $ | 443,313 | $ | 403,700 | |||||||
Plus: Total Non-interest income | 51,974 | 48,149 | 151,018 | 137,423 | |||||||||||
Less: Investment securities gains, net | (4,597 | ) | (2 | ) | (7,139 | ) | (1,025 | ) | |||||||
Denominator | $ | 200,098 | $ | 183,931 | $ | 587,192 | $ | 540,098 | |||||||
Efficiency ratio | 64.3 | % | 65.2 | % | 64.6 | % | 67.0 | % |
Three months ended June 30 | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | ||||||||||||||||||||||||||||||
ASSETS | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Net Loans (1) | $ | 18,906,556 | $ | 156,525 | 3.32 | % | $ | 18,331,797 | $ | 160,613 | 3.52 | % | |||||||||||||||||||||||
Taxable investment securities (2) | 2,630,090 | 13,898 | 1.93 | 2,200,870 | 15,171 | 2.76 | |||||||||||||||||||||||||||||
Tax-exempt investment securities (2) | 961,141 | 7,494 | 3.11 | 830,836 | 6,737 | 3.23 | |||||||||||||||||||||||||||||
Total investment securities | 3,591,231 | 21,392 | 2.38 | 3,031,706 | 21,908 | 2.89 | |||||||||||||||||||||||||||||
Loans held for sale | 31,948 | 199 | 2.49 | 55,608 | 509 | 3.66 | |||||||||||||||||||||||||||||
Other interest-earning assets | 1,752,549 | 1,575 | 0.16 | 815,910 | 766 | 0.38 | |||||||||||||||||||||||||||||
Total interest-earning assets | 24,282,284 | 179,691 | 2.97 | 22,235,021 | 183,796 | 3.32 | |||||||||||||||||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||||||||||||||
Cash and due from banks | 129,927 | 153,728 | |||||||||||||||||||||||||||||||||
Premises and equipment | 229,047 | 240,417 | |||||||||||||||||||||||||||||||||
Other assets | 1,643,410 | 1,761,038 | |||||||||||||||||||||||||||||||||
Less: ACL - loans (3) | (267,126) | (251,088) | |||||||||||||||||||||||||||||||||
Total Assets | $ | 26,017,542 | $ | 24,139,116 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | $ | 5,979,855 | $ | 932 | 0.06 | % | $ | 5,103,419 | $ | 2,219 | 0.17 | % | |||||||||||||||||||||||
Savings deposits | 6,280,629 | 1,363 | 0.09 | 5,446,368 | 3,331 | 0.25 | |||||||||||||||||||||||||||||
Brokered deposits | 297,815 | 253 | 0.34 | 312,121 | 422 | 0.54 | |||||||||||||||||||||||||||||
Time deposits | 2,003,606 | 5,434 | 1.09 | 2,624,962 | 11,145 | 1.71 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 14,561,905 | 7,982 | 0.22 | 13,486,870 | 17,118 | 0.51 | |||||||||||||||||||||||||||||
Short-term borrowings | 514,025 | 137 | 0.11 | 707,771 | 517 | 0.29 | |||||||||||||||||||||||||||||
Long-term borrowings | 626,795 | 6,155 | 3.93 | 1,361,421 | 10,307 | 3.03 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 15,702,725 | 14,274 | 0.36 | 15,556,062 | 27,942 | 0.72 | |||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | 7,203,696 | 5,789,788 | |||||||||||||||||||||||||||||||||
Other liabilities | 441,708 | 484,133 | |||||||||||||||||||||||||||||||||
Total Liabilities | 23,348,129 | 21,829,983 | |||||||||||||||||||||||||||||||||
Total Deposits/Cost of deposits | 21,765,601 | 0.15 | 19,276,658 | 0.36 | |||||||||||||||||||||||||||||||
Total Interest-bearing liabilities and non-interest bearing deposits/Cost of funds | 22,906,421 | 0.25 | 21,345,850 | 0.53 | |||||||||||||||||||||||||||||||
Shareholders’ equity | 2,669,413 | 2,309,133 | |||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 26,017,542 | $ | 24,139,116 | |||||||||||||||||||||||||||||||
Net interest income/FTE NIM | 165,417 | 2.73 | % | 155,854 | 2.81 | % | |||||||||||||||||||||||||||||
Tax equivalent adjustment | (3,018) | (3,100) | |||||||||||||||||||||||||||||||||
Net interest income | $ | 162,399 | $ | 152,754 |
Three months ended September 30 | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
Average Balance | Interest (1) | Yield/ Rate | Average Balance | Interest (1) | Yield/ Rate | ||||||||||||||||
ASSETS | (dollars in thousands) | ||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Loans, net of unearned income (2) | $ | 15,392,067 | $ | 159,454 | 4.12 | % | $ | 14,212,250 | $ | 140,434 | 3.93 | % | |||||||||
Taxable investment securities (3) | 2,115,931 | 11,423 | 2.16 | 2,110,084 | 10,872 | 2.06 | |||||||||||||||
Tax-exempt investment securities (3) | 408,594 | 4,492 | 4.40 | 344,231 | 3,923 | 4.56 | |||||||||||||||
Equity securities (3) | 8,709 | 143 | 6.52 | 14,209 | 196 | 5.50 | |||||||||||||||
Total investment securities | 2,533,234 | 16,058 | 2.53 | 2,468,524 | 14,991 | 2.43 | |||||||||||||||
Loans held for sale | 22,456 | 243 | 4.33 | 22,593 | 210 | 3.72 | |||||||||||||||
Other interest-earning assets | 590,676 | 1,667 | 1.12 | 501,666 | 1,051 | 0.84 | |||||||||||||||
Total interest-earning assets | 18,538,433 | 177,422 | 3.80 | % | 17,205,033 | 156,686 | 3.63 | % | |||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||
Cash and due from banks | 101,643 | 101,927 | |||||||||||||||||||
Premises and equipment | 220,129 | 227,906 | |||||||||||||||||||
Other assets | 1,186,622 | 1,219,844 | |||||||||||||||||||
Less: Allowance for loan losses | (174,101 | ) | (163,074 | ) | |||||||||||||||||
Total Assets | $ | 19,872,726 | $ | 18,591,636 | |||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Demand deposits | $ | 3,943,118 | $ | 3,847 | 0.39 | % | $ | 3,602,448 | $ | 1,706 | 0.19 | % | |||||||||
Savings and money market deposits | 4,603,155 | 3,962 | 0.34 | 4,078,942 | 2,042 | 0.20 | |||||||||||||||
Brokered deposits | 89,767 | 277 | 1.23 | — | — | — | |||||||||||||||
Time deposits | 2,744,532 | 7,937 | 1.15 | 2,814,258 | 7,562 | 1.07 | |||||||||||||||
Total interest-bearing deposits | 11,380,572 | 16,023 | 0.56 | 10,495,648 | 11,310 | 0.43 | |||||||||||||||
Short-term borrowings | 402,341 | 578 | 0.57 | 426,369 | 254 | 0.23 | |||||||||||||||
FHLB advances and other long-term debt | 1,038,062 | 8,100 | 3.11 | 965,228 | 9,338 | 3.86 | |||||||||||||||
Total interest-bearing liabilities | 12,820,975 | 24,701 | 0.77 | % | 11,887,245 | 20,902 | 0.70 | % | |||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||
Demand deposits | 4,494,897 | 4,227,639 | |||||||||||||||||||
Other | 341,465 | 356,156 | |||||||||||||||||||
Total Liabilities | 17,657,337 | 16,471,040 | |||||||||||||||||||
Shareholders’ equity | 2,215,389 | 2,120,596 | |||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 19,872,726 | $ | 18,591,636 | |||||||||||||||||
Net interest income/net interest margin (FTE) | 152,721 | 3.27 | % | 135,784 | 3.14 | % | |||||||||||||||
Tax equivalent adjustment | (5,912 | ) | (5,219 | ) | |||||||||||||||||
Net interest income | $ | 146,809 | $ | 130,565 |
2021 vs. 2020 Increase (Decrease) due to change in | |||||||||||||||||
Volume | Rate | Net | |||||||||||||||
(in thousands) | |||||||||||||||||
FTE Interest income on: | |||||||||||||||||
Net Loans (1) | $ | 5,075 | $ | (9,163) | $ | (4,088) | |||||||||||
Taxable investment securities | 3,072 | (4,345) | (1,273) | ||||||||||||||
Tax-exempt investment securities | 1,012 | (255) | 757 | ||||||||||||||
Loans held for sale | (177) | (133) | (310) | ||||||||||||||
Other interest-earning assets | 1,124 | (315) | 809 | ||||||||||||||
Total interest income | $ | 10,106 | $ | (14,211) | $ | (4,105) | |||||||||||
Interest expense on: | |||||||||||||||||
Demand deposits | $ | 317 | $ | (1,604) | $ | (1,287) | |||||||||||
Savings deposits | 450 | (2,418) | (1,968) | ||||||||||||||
Brokered deposits | (21) | (148) | (169) | ||||||||||||||
Time deposits | (2,256) | (3,455) | (5,711) | ||||||||||||||
Short-term borrowings | (115) | (265) | (380) | ||||||||||||||
Long-term borrowings | (6,612) | 2,460 | (4,152) | ||||||||||||||
Total interest expense | $ | (8,237) | $ | (5,430) | $ | (13,667) |
2017 vs. 2016 Increase (Decrease) due to change in | |||||||||||
Volume | Rate | Net | |||||||||
(in thousands) | |||||||||||
Interest income on: | |||||||||||
Loans, net of unearned income | $ | 12,223 | $ | 6,797 | $ | 19,020 | |||||
Taxable investment securities | 30 | 521 | 551 | ||||||||
Tax-exempt investment securities | 714 | (145 | ) | 569 | |||||||
Equity securities | (86 | ) | 33 | (53 | ) | ||||||
Loans held for sale | (1 | ) | 34 | 33 | |||||||
Other interest-earning assets | 212 | 404 | 616 | ||||||||
Total interest income | $ | 13,092 | $ | 7,644 | $ | 20,736 | |||||
Interest expense on: | |||||||||||
Demand deposits | $ | 177 | $ | 1,964 | $ | 2,141 | |||||
Savings and money market deposits | 293 | 1,627 | 1,920 | ||||||||
Brokered deposits | 277 | — | 277 | ||||||||
Time deposits | (186 | ) | 561 | 375 | |||||||
Short-term borrowings | (15 | ) | 339 | 324 | |||||||
FHLB advances and other long-term debt | 674 | (1,912 | ) | (1,238 | ) | ||||||
Total interest expense | $ | 1,220 | $ | 2,579 | $ | 3,799 |
Three months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||||||||||||||
2021 | 2020 | in Balance | |||||||||||||||||||||||||||||||||
Balance | Yield | Balance | Yield | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | $ | 7,177,622 | 3.16 | % | $ | 6,875,872 | 3.47 | % | $ | 301,750 | 4.4 | % | |||||||||||||||||||||||
Commercial and industrial (1) | 5,445,160 | 2.58 | 5,710,145 | 3.35 | (264,985) | (4.6) | |||||||||||||||||||||||||||||
Real estate – residential mortgage | 3,396,690 | 3.39 | 2,769,682 | 3.88 | 627,008 | 22.6 | |||||||||||||||||||||||||||||
Real estate – home equity | 1,139,558 | 3.71 | 1,271,190 | 3.91 | (131,632) | (10.4) | |||||||||||||||||||||||||||||
Real estate – construction | 1,054,469 | 3.05 | 941,079 | 3.53 | 113,390 | 12.0 | |||||||||||||||||||||||||||||
Consumer | 451,486 | 3.89 | 465,728 | 4.17 | (14,242) | (3.1) | |||||||||||||||||||||||||||||
Equipment lease financing | 256,248 | 3.74 | 284,658 | 3.44 | (28,410) | (10.0) | |||||||||||||||||||||||||||||
Other (2) | (14,677) | — | 13,443 | — | (28,120) | N/M | |||||||||||||||||||||||||||||
Total loans | $ | 18,906,556 | 3.32 | % | $ | 18,331,797 | 3.52 | % | $ | 574,759 | 3.1 | % |
Three months ended September 30 | Increase (Decrease) in | |||||||||||||||||||
2017 | 2016 | Balance | ||||||||||||||||||
Balance | Yield | Balance | Yield | $ | % | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Real estate – commercial mortgage | $ | 6,208,630 | 4.07 | % | $ | 5,670,888 | 3.99 | % | $ | 537,742 | 9.5 | % | ||||||||
Commercial – industrial, financial and agricultural | 4,257,075 | 4.08 | 4,066,275 | 3.76 | 190,800 | 4.7 | ||||||||||||||
Real estate – residential mortgage | 1,841,559 | 3.83 | 1,503,209 | 3.76 | 338,350 | 22.5 | ||||||||||||||
Real estate – home equity | 1,569,898 | 4.48 | 1,640,913 | 4.08 | (71,015 | ) | (4.3 | ) | ||||||||||||
Real estate – construction | 943,029 | 4.05 | 837,920 | 3.76 | 105,109 | 12.5 | ||||||||||||||
Consumer | 318,546 | 4.94 | 281,517 | 5.31 | 37,029 | 13.2 | ||||||||||||||
Leasing, other and overdrafts | 253,330 | 4.91 | 211,528 | 4.74 | 41,802 | 19.8 | ||||||||||||||
Total | $ | 15,392,067 | 4.12 | % | $ | 14,212,250 | 3.93 | % | $ | 1,179,817 | 8.3 | % |
Three months ended June 30 | Increase (Decrease) in Balance | ||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 7,203,696 | — | % | $ | 5,789,788 | — | % | $ | 1,413,908 | 24.4 | % | |||||||||||||||||||||||
Interest-bearing demand | 5,979,855 | 0.06 | 5,103,419 | 0.17 | 876,436 | 17.2 | |||||||||||||||||||||||||||||
Savings | 6,280,629 | 0.09 | 5,446,368 | 0.25 | 834,261 | 15.3 | |||||||||||||||||||||||||||||
Total demand and savings | 19,464,180 | 0.05 | 16,339,575 | 0.14 | 3,124,605 | 19.1 | |||||||||||||||||||||||||||||
Brokered deposits | 297,815 | 0.34 | 312,121 | 0.54 | (14,306) | (4.6) | |||||||||||||||||||||||||||||
Time deposits | 2,003,606 | 1.09 | 2,624,962 | 1.71 | (621,356) | (23.7) | |||||||||||||||||||||||||||||
Total deposits | $ | 21,765,601 | 0.15 | % | $ | 19,276,658 | 0.36 | % | $ | 2,488,943 | 12.9 | % |
Three months ended September 30 | Increase (Decrease) in Balance | |||||||||||||||||||
2017 | 2016 | |||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Noninterest-bearing demand | $ | 4,494,897 | — | % | $ | 4,227,639 | — | % | $ | 267,258 | 6.3 | % | ||||||||
Interest-bearing demand | 3,943,118 | 0.39 | 3,602,448 | 0.19 | 340,670 | 9.5 | ||||||||||||||
Savings and money market accounts | 4,603,155 | 0.34 | 4,078,942 | 0.20 | 524,213 | 12.9 | ||||||||||||||
Total demand and savings | 13,041,170 | 0.24 | 11,909,029 | 0.13 | 1,132,141 | 9.5 | ||||||||||||||
Brokered deposits | 89,767 | 1.23 | — | — | 89,767 | N/M | ||||||||||||||
Time deposits | 2,744,532 | 1.15 | 2,814,258 | 1.07 | (69,726 | ) | (2.5 | ) | ||||||||||||
Total deposits | $ | 15,875,469 | 0.40 | % | $ | 14,723,287 | 0.31 | % | $ | 1,152,182 | 7.8 | % |
Three months ended September 30 | Increase (Decrease) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | in Balance | Three months ended June 30 | Increase (Decrease) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | 2021 | 2020 | in Balance | |||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | Balance | Rate | Balance | Rate | $ | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings: | Short-term borrowings: | (dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Customer repurchase agreements and short-term promissory notes | $ | 256,562 | 0.19 | % | $ | 257,659 | 0.09 | % | $ | (1,097 | ) | (0.4 | )% | ||||||||||||||||||||||||||||||||||||||||||
Customer funding(1) | Customer funding(1) | $ | 514,025 | 0.11 | % | $ | 546,716 | 0.23 | % | $ | (32,691) | (6.0) | % | ||||||||||||||||||||||||||||||||||||||||||
Federal funds purchased | 90,453 | 1.21 | 148,546 | 0.47 | (58,093 | ) | (39.1 | ) | Federal funds purchased | — | — | 74,231 | 0.06 | (74,231) | (100.0) | ||||||||||||||||||||||||||||||||||||||||
Short-term FHLB advances (1) | 55,326 | 1.24 | 20,163 | 0.41 | 35,163 | 174.4 | |||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances and other borrowings (2) | FHLB advances and other borrowings (2) | — | — | 86,824 | 0.90 | (86,824) | (100.0) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total short-term borrowings | 402,341 | 0.57 | 426,368 | 0.23 | (24,027 | ) | (5.6 | ) | Total short-term borrowings | 514,025 | 0.11 | 707,771 | 0.29 | (193,746) | (27.4) | ||||||||||||||||||||||||||||||||||||||||
Long-term debt: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings: | Long-term borrowings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
FHLB advances | 652,160 | 2.30 | 603,285 | 3.17 | 48,875 | 8.1 | FHLB advances | — | — | 601,938 | 1.88 | (601,938) | (100.0) | ||||||||||||||||||||||||||||||||||||||||||
Other long-term debt | 385,902 | 4.48 | 361,943 | 5.01 | 23,959 | 6.6 | Other long-term debt | 626,795 | 3.93 | 759,483 | 3.94 | (132,688) | (17.5) | ||||||||||||||||||||||||||||||||||||||||||
Total long-term debt | 1,038,062 | 3.11 | 965,228 | 3.86 | 72,834 | 7.5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total long-term borrowings | Total long-term borrowings | 626,795 | 3.93 | 1,361,421 | 3.03 | (734,626) | (54.0) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total borrowings | $ | 1,440,403 | 2.40 | % | $ | 1,391,596 | 2.75 | % | $ | 48,807 | 3.5 | % | Total borrowings | $ | 1,140,820 | 2.21 | % | $ | 2,069,192 | 2.10 | % | $ | (928,372) | (44.9) | % |
Three months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Commercial banking: | |||||||||||||||||||||||
Merchant and card | $ | 6,786 | $ | 5,326 | $ | 1,460 | 27.4 | % | |||||||||||||||
Cash management | 5,341 | 4,503 | 838 | 18.6 | |||||||||||||||||||
Capital markets | 1,536 | 5,004 | (3,468) | (69.3) | |||||||||||||||||||
Other commercial banking | 3,466 | 1,914 | 1,552 | 81.1 | |||||||||||||||||||
Total commercial banking | 17,129 | 16,748 | 381 | 2.3 | |||||||||||||||||||
Consumer banking: | |||||||||||||||||||||||
Card | 5,733 | 4,966 | 767 | 15.4 | |||||||||||||||||||
Overdraft | 2,750 | 2,107 | 643 | 30.5 | |||||||||||||||||||
Other consumer banking | 2,377 | 2,065 | 312 | 15.1 | |||||||||||||||||||
Total consumer banking | 10,860 | 9,138 | 1,722 | 18.8 | |||||||||||||||||||
Wealth management fees | 17,634 | 13,407 | 4,227 | 31.5 | |||||||||||||||||||
Mortgage banking: | |||||||||||||||||||||||
Gains on sales of mortgage loans | 5,438 | 16,547 | (11,109) | (67.1) | |||||||||||||||||||
Mortgage servicing income | (2,601) | (6,584) | 3,983 | (60.5) | |||||||||||||||||||
Total mortgage banking | 2,838 | 9,964 | (7,126) | (71.5) | |||||||||||||||||||
Other | 3,393 | 3,660 | (267) | (7.3) | |||||||||||||||||||
Non-interest income before investment securities gains | 51,854 | 52,917 | (1,063) | (2.0) | |||||||||||||||||||
Investment securities gains, net | 36 | 3,005 | (2,969) | (98.8) | |||||||||||||||||||
Total Non-Interest Income | $ | 51,890 | $ | 55,922 | $ | (4,032) | (7.2) | % |
Three months ended September 30 | Increase (Decrease) | |||||||||||||
2017 | 2016 | $ | % | |||||||||||
(dollars in thousands) | ||||||||||||||
Service charges on deposit accounts: | ||||||||||||||
Overdraft fees | $ | 5,844 | $ | 5,770 | $ | 74 | 1.3 | % | ||||||
Cash management fees | 3,624 | 3,605 | 19 | 0.5 | % | |||||||||
Other | 3,554 | 3,703 | (149 | ) | (4.0 | )% | ||||||||
Total service charges on deposit accounts | 13,022 | 13,078 | (56 | ) | (0.4 | )% | ||||||||
Other service charges and fees: | ||||||||||||||
Merchant fees | 4,398 | 4,220 | 178 | 4.2 | ||||||||||
Debit card income | 2,830 | 2,718 | 112 | 4.1 | ||||||||||
Commercial loan interest rate swap fees | 1,954 | 4,359 | (2,405 | ) | (55.2 | ) | ||||||||
Letter of credit fees | 1,056 | 1,078 | (22 | ) | (2.0 | ) | ||||||||
Other | 2,013 | 2,032 | (19 | ) | (0.9 | ) | ||||||||
Total other service charges and fees | 12,251 | 14,407 | (2,156 | ) | (15.0 | ) | ||||||||
Investment management and trust services | 12,157 | 11,425 | 732 | 6.4 | ||||||||||
Mortgage banking income: | ||||||||||||||
Gains on sales of mortgage loans | 3,560 | 4,857 | (1,297 | ) | (26.7 | ) | ||||||||
Mortgage servicing income | 1,245 | (328 | ) | 1,573 | N/M | |||||||||
Total mortgage banking income | 4,805 | 4,529 | 276 | 6.1 | ||||||||||
Credit card income | 2,829 | 2,668 | 161 | 6.0 | ||||||||||
Other income | 2,313 | 2,040 | 273 | 13.4 | ||||||||||
Total, excluding investment securities gains, net | 47,377 | 48,147 | (770 | ) | (1.6 | ) | ||||||||
Investment securities gains, net | 4,597 | 2 | 4,595 | N/M | ||||||||||
Total | $ | 51,974 | $ | 48,149 | $ | 3,825 | 7.9 | % |
Three months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Salaries and employee benefits | $ | 78,367 | $ | 81,012 | $ | (2,645) | (3.3) | % | |||||||||||||||
Data processing and software | 13,932 | 12,193 | 1,739 | 14.3 | |||||||||||||||||||
Net occupancy | 12,494 | 13,144 | (650) | (4.9) | |||||||||||||||||||
Other outside services | 8,178 | 7,600 | 578 | 7.6 | |||||||||||||||||||
State taxes | 4,384 | 3,088 | 1,296 | 42.0 | |||||||||||||||||||
Equipment | 3,424 | 3,193 | 231 | 7.2 | |||||||||||||||||||
Professional fees | 2,651 | 3,331 | (680) | (20.4) | |||||||||||||||||||
FDIC insurance | 2,282 | 2,133 | 149 | 7.0 | |||||||||||||||||||
Amortization of TCI | 1,563 | 1,450 | 113 | 7.8 | |||||||||||||||||||
Marketing | 1,348 | 1,303 | 45 | 3.5 | |||||||||||||||||||
Intangible amortization | 178 | 132 | 46 | 34.8 | |||||||||||||||||||
Debt extinguishment | 412 | 2,878 | (2,466) | (85.7) | |||||||||||||||||||
Other | 11,618 | 11,549 | 69 | 0.6 | |||||||||||||||||||
Total non-interest expense | $ | 140,831 | $ | 143,006 | $ | (2,175) | (1.5) | % |
Three months ended September 30 | Increase | |||||||||||||
2017 | 2016 | $ | % | |||||||||||
(dollars in thousands) | ||||||||||||||
Salaries and employee benefits | $ | 72,894 | $ | 70,696 | $ | 2,198 | 3.1 | % | ||||||
Net occupancy expense | 12,180 | 11,782 | 398 | 3.4 | ||||||||||
Data processing and software | 10,301 | 8,727 | 1,574 | 18.0 | ||||||||||
Other outside services | 6,582 | 5,783 | 799 | 13.8 | ||||||||||
Amortization of tax credit investments | 3,503 | — | 3,503 | N/M | ||||||||||
Professional fees | 3,388 | 2,535 | 853 | 33.6 | ||||||||||
Equipment expense | 3,298 | 3,137 | 161 | 5.1 | ||||||||||
FDIC insurance expense | 3,007 | 1,791 | 1,216 | 67.9 | ||||||||||
Marketing | 2,089 | 1,774 | 315 | 17.8 | ||||||||||
Other | 14,915 | 13,623 | 1,292 | 9.5 | ||||||||||
Total | $ | 132,157 | $ | 119,848 | $ | 12,309 | 10.3 | % |
Six months ended June 30 | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | ||||||||||||||||||||||||||||||
ASSETS | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Net Loans(1) | $ | 18,943,367 | $ | 321,987 | 3.42 | % | $ | 17,595,932 | $ | 338,110 | 3.86 | % | |||||||||||||||||||||||
Taxable investment securities (2) | 2,534,821 | 27,588 | 2.00 | 2,242,663 | 31,465 | 2.81 | |||||||||||||||||||||||||||||
Tax-exempt investment securities (2) | 936,531 | 14,651 | 3.12 | 775,530 | 12,698 | 3.26 | |||||||||||||||||||||||||||||
Total investment securities | 3,471,352 | 42,239 | 2.43 | 3,018,193 | 44,163 | 2.92 | |||||||||||||||||||||||||||||
Loans held for sale | 42,647 | 671 | 3.14 | 41,393 | 829 | 4.00 | |||||||||||||||||||||||||||||
Other interest-earning assets | 1,825,966 | 2,711 | 0.19 | 709,091 | 3,297 | 4.31 | |||||||||||||||||||||||||||||
Total interest-earning assets | 24,283,332 | 367,607 | 3.05 | 21,364,609 | 386,399 | 3.63 | |||||||||||||||||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||||||||||||||
Cash and due from banks | 125,081 | 145,988 | |||||||||||||||||||||||||||||||||
Premises and equipment | 229,843 | 240,019 | |||||||||||||||||||||||||||||||||
Other assets | 1,685,708 | 1,675,849 | |||||||||||||||||||||||||||||||||
Less: ACL - loans(3) | (273,965) | (230,858) | |||||||||||||||||||||||||||||||||
Total Assets | $ | 26,049,999 | $ | 23,195,607 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | $ | 5,906,423 | $ | 2,092 | 0.07 | % | $ | 4,876,662 | $ | 8,020 | 0.33 | % | |||||||||||||||||||||||
Savings and money market deposits | 6,209,253 | 2,890 | 0.09 | 5,287,015 | 10,441 | 0.40 | |||||||||||||||||||||||||||||
Brokered deposits | 311,016 | 647 | 0.42 | 293,756 | 1,495 | 1.02 | |||||||||||||||||||||||||||||
Time deposits | 2,076,681 | 11,955 | 1.16 | 2,693,202 | 23,602 | 1.76 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 14,503,373 | 17,584 | 0.24 | 13,150,635 | 43,558 | 0.67 | |||||||||||||||||||||||||||||
Short-term borrowings | 542,243 | 325 | 0.12 | 1,005,409 | 4,590 | 0.91 | |||||||||||||||||||||||||||||
FHLB advances and other long-term debt | 947,203 | 16,853 | 3.56 | 1,212,318 | 18,426 | 3.04 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 15,992,819 | 34,762 | 0.44 | 15,368,362 | 66,574 | 0.87 | |||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | 6,939,731 | 5,048,408 | |||||||||||||||||||||||||||||||||
Other liabilities | 464,104 | 455,763 | |||||||||||||||||||||||||||||||||
Total Liabilities | 23,396,654 | 20,872,533 | |||||||||||||||||||||||||||||||||
Total Deposits/Cost of deposits | 21,443,104 | 0.17 | 18,199,043 | 0.48 | |||||||||||||||||||||||||||||||
Total Interest-bearing liabilities and non-interest bearing deposits/Cost of funds | 22,932,550 | 0.30 | 20,416,770 | 0.65 | |||||||||||||||||||||||||||||||
Shareholders’ equity | 2,653,345 | 2,323,074 | |||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 26,049,999 | $ | 23,195,607 | |||||||||||||||||||||||||||||||
Net interest income/FTE NIM | 332,845 | 2.76 | % | 319,825 | 3.01 | % | |||||||||||||||||||||||||||||
Tax equivalent adjustment | (5,998) | (6,325) | |||||||||||||||||||||||||||||||||
Net interest income | $ | 326,847 | $ | 313,500 |
Nine months ended September 30 | |||||||||||||||||||||
2017 | 2016 | ||||||||||||||||||||
Average Balance | Interest (1) | Yield/ Rate | Average Balance | Interest (1) | Yield/ Rate | ||||||||||||||||
ASSETS | (dollars in thousands) | ||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Loans, net of unearned income (2) | $ | 15,127,569 | $ | 458,753 | 4.05 | % | $ | 14,011,301 | $ | 416,646 | 3.97 | % | |||||||||
Taxable investment securities (3) | 2,117,127 | 34,811 | 2.19 | 2,139,378 | 34,034 | 2.12 | |||||||||||||||
Tax-exempt investment securities (3) | 405,728 | 13,268 | 4.36 | 306,298 | 10,631 | 4.63 | |||||||||||||||
Equity securities (3) | 10,391 | 467 | 6.01 | 14,272 | 599 | 5.60 | |||||||||||||||
Total investment securities | 2,533,246 | 48,546 | 2.56 | 2,459,948 | 45,264 | 2.45 | |||||||||||||||
Loans held for sale | 19,378 | 631 | 4.34 | 18,114 | 529 | 3.90 | |||||||||||||||
Other interest-earning assets | 410,250 | 3,311 | 1.08 | 406,163 | 2,813 | 0.92 | |||||||||||||||
Total interest-earning assets | 18,090,443 | 511,241 | 3.78 | % | 16,895,526 | 465,252 | 3.68 | % | |||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||
Cash and due from banks | 107,029 | 100,417 | |||||||||||||||||||
Premises and equipment | 218,700 | 227,237 | |||||||||||||||||||
Other assets | 1,170,466 | 1,182,260 | |||||||||||||||||||
Less: Allowance for loan losses | (172,145 | ) | (164,999 | ) | |||||||||||||||||
Total Assets | $ | 19,414,493 | $ | 18,240,441 | |||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Demand deposits | $ | 3,762,439 | $ | 8,865 | 0.32 | % | $ | 3,498,659 | $ | 4,727 | 0.18 | % | |||||||||
Savings deposits | 4,372,453 | 8,883 | 0.27 | 4,000,871 | 5,732 | 0.19 | |||||||||||||||
Brokered deposits | 30,251 | 277 | 1.23 | — | — | — | |||||||||||||||
Time deposits | 2,726,693 | 22,684 | 1.11 | 2,842,011 | 22,465 | 1.06 | |||||||||||||||
Total interest-bearing deposits | 10,891,836 | 40,709 | 0.50 | 10,341,541 | 32,924 | 0.43 | |||||||||||||||
Short-term borrowings | 581,511 | 2,407 | 0.55 | 425,151 | 739 | 0.23 | |||||||||||||||
FHLB advances and other long-term debt | 1,033,159 | 24,812 | 3.21 | 962,997 | 27,889 | 3.86 | |||||||||||||||
Total interest-bearing liabilities | 12,506,506 | 67,928 | 0.73 | % | 11,729,689 | 61,552 | 0.70 | % | |||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||
Demand deposits | 4,395,421 | 4,091,555 | |||||||||||||||||||
Other | 333,250 | 329,315 | |||||||||||||||||||
Total Liabilities | 17,235,177 | 16,150,559 | |||||||||||||||||||
Shareholders’ equity | 2,179,316 | 2,089,882 | |||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 19,414,493 | $ | 18,240,441 | |||||||||||||||||
Net interest income/net interest margin (FTE) | 443,313 | 3.27 | % | 403,700 | 3.19 | % | |||||||||||||||
Tax equivalent adjustment | (17,362 | ) | (15,165 | ) | |||||||||||||||||
Net interest income | $ | 425,951 | $ | 388,535 |
2021 vs. 2020 Increase (Decrease) due to change in | ||||||||||||||||||||||||||||
2017 vs. 2016 Increase (Decrease) due to change in | Volume | Rate | Net | |||||||||||||||||||||||||
Volume | Rate | Net | (in thousands) | |||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Interest income on: | ||||||||||||||||||||||||||||
Loans, net of unearned income | $ | 33,471 | $ | 8,636 | $ | 42,107 | ||||||||||||||||||||||
FTE interest income on: | FTE interest income on: | |||||||||||||||||||||||||||
Net Loans (1) | Net Loans (1) | $ | 24,330 | $ | (40,453) | $ | (16,123) | |||||||||||||||||||||
Taxable investment securities | (355 | ) | 1,132 | 777 | Taxable investment securities | 4,378 | (8,255) | (3,877) | ||||||||||||||||||||
Tax-exempt investment securities | 3,277 | (640 | ) | 2,637 | Tax-exempt investment securities | 2,750 | (797) | 1,953 | ||||||||||||||||||||
Equity securities | (172 | ) | 40 | (132 | ) | |||||||||||||||||||||||
Loans held for sale | 39 | 63 | 102 | Loans held for sale | 24 | (183) | (158) | |||||||||||||||||||||
Other interest-earning assets | 28 | 470 | 498 | Other interest-earning assets | 3,090 | (3,676) | (586) | |||||||||||||||||||||
Total interest income | $ | 36,288 | $ | 9,701 | $ | 45,989 | Total interest income | $ | 34,572 | $ | (53,364) | $ | (18,792) | |||||||||||||||
Interest expense on: | Interest expense on: | |||||||||||||||||||||||||||
Demand deposits | $ | 381 | $ | 3,757 | $ | 4,138 | Demand deposits | $ | 1,405 | $ | (7,333) | $ | (5,928) | |||||||||||||||
Savings and money market deposits | 573 | 2,578 | 3,151 | |||||||||||||||||||||||||
Savings deposits | Savings deposits | 1,553 | (9,104) | (7,550) | ||||||||||||||||||||||||
Brokered deposits | 277 | — | 277 | Brokered deposits | 112 | (960) | (848) | |||||||||||||||||||||
Time deposits | (939 | ) | 1,158 | 219 | Time deposits | (4,679) | (6,968) | (11,647) | ||||||||||||||||||||
Short-term borrowings | 349 | 1,319 | 1,668 | Short-term borrowings | (1,479) | (2,786) | (4,265) | |||||||||||||||||||||
FHLB advances and other long-term debt | 1,916 | (4,993 | ) | (3,077 | ) | |||||||||||||||||||||||
Long-term borrowings | Long-term borrowings | (4,387) | 2,814 | (1,573) | ||||||||||||||||||||||||
Total interest expense | $ | 2,557 | $ | 3,819 | $ | 6,376 | Total interest expense | $ | (7,475) | $ | (24,337) | $ | (31,812) |
Six months ended June 30 | Increase (Decrease) in Balance | ||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Balance | Yield | Balance | Yield | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | $ | 7,153,444 | 3.16 | % | $ | 6,811,318 | 3.83 | % | $ | 342,126 | 5.0 | % | |||||||||||||||||||||||
Commercial and industrial (1) | 5,582,855 | 3.73 | 5,078,448 | 3.73 | 504,407 | 9.9 | |||||||||||||||||||||||||||||
Real estate – residential mortgage | 3,290,726 | 3.46 | 2,719,851 | 3.93 | 570,875 | 21.0 | |||||||||||||||||||||||||||||
Real estate – home equity | 1,157,289 | 3.73 | 1,285,661 | 4.32 | (128,372) | (10.0) | |||||||||||||||||||||||||||||
Real estate – construction | 1,054,593 | 3.07 | 935,304 | 3.83 | 119,289 | 12.8 | |||||||||||||||||||||||||||||
Consumer | 455,241 | 4.01 | 466,071 | 4.25 | (10,830) | (2.3) | |||||||||||||||||||||||||||||
Equipment lease financing | 261,300 | 3.93 | 284,612 | 3.88 | (23,312) | (8.2) | |||||||||||||||||||||||||||||
Other (2) | (12,081) | — | 14,667 | — | (26,748) | N/M | |||||||||||||||||||||||||||||
Total loans | $ | 18,943,367 | 3.42 | % | $ | 17,595,932 | 3.86 | % | $ | 1,347,435 | 7.7 | % |
Nine months ended September 30 | Increase (Decrease) | |||||||||||||||||||
2017 | 2016 | in Balance | ||||||||||||||||||
Balance | Yield | Balance | Yield | $ | % | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Real estate – commercial mortgage | $ | 6,137,824 | 4.02 | % | $ | 5,572,356 | 4.01 | % | $ | 565,468 | 10.1 | % | ||||||||
Commercial – industrial, financial and agricultural | 4,227,918 | 3.99 | 4,080,638 | 3.79 | 147,280 | 3.6 | ||||||||||||||
Real estate – residential mortgage | 1,729,799 | 3.79 | 1,428,430 | 3.77 | 301,369 | 21.1 | ||||||||||||||
Real estate – home equity | 1,590,117 | 4.33 | 1,656,969 | 4.09 | (66,852 | ) | (4.0 | ) | ||||||||||||
Real estate – construction | 894,146 | 4.00 | 817,014 | 3.80 | 77,132 | 9.4 | ||||||||||||||
Consumer | 301,414 | 5.07 | 272,402 | 5.40 | 29,012 | 10.7 | ||||||||||||||
Leasing, other and overdrafts | 246,351 | 5.00 | 183,492 | 6.01 | 62,859 | 34.3 | ||||||||||||||
Total | $ | 15,127,569 | 4.05 | % | $ | 14,011,301 | 3.97 | % | $ | 1,116,268 | 8.0 | % |
Nine months ended September 30 | Increase (Decrease) in Balance | Six months ended June 30 | Increase (Decrease) in Balance | ||||||||||||||||||||||||||||||||||||||||||||||||||||
2017 | 2016 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 4,395,421 | — | % | $ | 4,091,555 | — | % | $ | 303,866 | 7.4 | % | Noninterest-bearing demand | $ | 6,939,731 | — | % | $ | 5,048,408 | — | % | $ | 1,891,323 | 37.5 | % | ||||||||||||||||||||||||||||||
Interest-bearing demand | 3,762,439 | 0.32 | 3,498,659 | 0.18 | 263,780 | 7.5 | Interest-bearing demand | 5,906,423 | 0.07 | 4,876,662 | 0.33 | 1,029,761 | 21.1 | ||||||||||||||||||||||||||||||||||||||||||
Savings | 4,372,453 | 0.27 | 4,000,871 | 0.19 | 371,582 | 9.3 | Savings | 6,209,253 | 0.09 | 5,287,015 | 0.40 | 922,238 | 17.4 | ||||||||||||||||||||||||||||||||||||||||||
Total demand and savings | 12,530,313 | 0.19 | 11,591,085 | 0.12 | 939,228 | 8.1 | Total demand and savings | 19,055,407 | 0.05 | 15,212,085 | 0.24 | 3,843,322 | 25.3 | ||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | 30,251 | 1.23 | — | — | 30,251 | N/M | Brokered deposits | 311,016 | 0.42 | 293,756 | 1.02 | 17,260 | 5.9 | ||||||||||||||||||||||||||||||||||||||||||
Time deposits | 2,726,693 | 1.11 | 2,842,011 | 1.06 | (115,318 | ) | (4.1 | ) | Time deposits | 2,076,681 | 1.16 | 2,693,202 | 1.76 | (616,521) | (22.9) | ||||||||||||||||||||||||||||||||||||||||
Total deposits | $ | 15,287,257 | 0.36 | % | $ | 14,433,096 | 0.30 | % | $ | 854,161 | 5.9 | % | Total deposits | $ | 21,443,104 | 0.17 | % | $ | 18,199,043 | 0.48 | % | $ | 3,244,061 | 17.8 | % |
Nine months ended September 30 | Increase | |||||||||||||||||||
2017 | 2016 | in Balance | ||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | |||||||||||||||
(dollars in thousands) | ||||||||||||||||||||
Short-term borrowings: | ||||||||||||||||||||
Customer repurchase agreements | $ | 191,740 | 0.11 | % | $ | 179,892 | 0.11 | % | $ | 11,848 | 6.6 | % | ||||||||
Customer short-term promissory notes | 79,230 | 0.13 | 73,859 | 0.04 | 5,371 | 7.3 | ||||||||||||||
Total short-term customer funding | 270,970 | 0.12 | 253,751 | 0.09 | 17,219 | 6.8 | ||||||||||||||
Federal funds purchased | 212,885 | 0.92 | 156,812 | 0.44 | 56,073 | 35.8 | ||||||||||||||
Short-term FHLB advances (1) | 97,656 | 0.94 | 14,588 | 0.43 | 83,068 | N/M | ||||||||||||||
Total short-term borrowings | 581,511 | 0.55 | 425,151 | 0.23 | 156,360 | 36.8 | ||||||||||||||
Long-term debt: | ||||||||||||||||||||
FHLB advances | 636,898 | 2.31 | 601,120 | 3.18 | 35,778 | 6.0 | ||||||||||||||
Other long-term debt | 396,261 | 4.65 | 361,877 | 5.00 | 34,384 | 9.5 | ||||||||||||||
Total long-term debt | 1,033,159 | 3.21 | 962,997 | 3.86 | 70,162 | 7.3 | ||||||||||||||
Total borrowings | $ | 1,614,670 | 2.25 | % | $ | 1,388,148 | 2.75 | % | $ | 226,522 | 16.3 | % |
Six months ended June 30 | Increase (Decrease) in Balance | ||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
Short-term borrowings: | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Customer funding(1) | $ | 542,243 | 0.12 | % | $ | 487,478 | 0.38 | % | $ | 54,765 | 11.2 | % | |||||||||||||||||||||||
Federal funds purchased | — | — | 130,549 | 0.82 | (130,549) | (100.0) | |||||||||||||||||||||||||||||
FHLB advances and other borrowings(2) | — | — | 387,382 | 1.61 | (387,382) | (100.0) | |||||||||||||||||||||||||||||
Total short-term borrowings | 542,243 | 0.12 | 1,005,409 | 0.91 | (463,166) | (46.1) | |||||||||||||||||||||||||||||
Long-term borrowings: | |||||||||||||||||||||||||||||||||||
FHLB advances | 255,453 | 1.80 | 579,445 | 1.91 | (323,992) | (55.9) | |||||||||||||||||||||||||||||
Other long-term debt | 691,750 | 4.21 | 632,873 | 4.09 | 58,877 | 9.3 | |||||||||||||||||||||||||||||
Total long-term borrowings | 947,203 | 3.56 | 1,212,318 | 3.04 | (265,115) | (21.9) | |||||||||||||||||||||||||||||
Total borrowings | $ | 1,489,446 | 2.31 | % | $ | 2,217,727 | 2.08 | % | $ | (728,281) | (32.8) | % |
Six months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Commercial banking: | |||||||||||||||||||||||
Merchant and card | $ | 12,554 | $ | 10,950 | $ | 1,604 | 14.6 | % | |||||||||||||||
Cash management | 10,262 | 9,245 | 1,017 | 11.0 | |||||||||||||||||||
Capital markets | 4,336 | 10,079 | (5,743) | (57.0) | |||||||||||||||||||
Other commercial banking | 6,319 | 4,892 | 1,427 | 29.2 | |||||||||||||||||||
Total commercial banking | 33,471 | 35,167 | (1,696) | (4.8) | |||||||||||||||||||
Consumer banking: | |||||||||||||||||||||||
Card | 11,611 | 9,651 | 1,960 | 20.3 | |||||||||||||||||||
Overdraft | 5,474 | 6,165 | (691) | (11.2) | |||||||||||||||||||
Other consumer banking | 4,529 | 4,561 | (32) | (0.7) | |||||||||||||||||||
Total consumer banking | 21,614 | 20,377 | 1,237 | 6.1 | |||||||||||||||||||
Wealth management fees | 34,981 | 28,462 | 6,519 | 22.9 | |||||||||||||||||||
Mortgage banking: | |||||||||||||||||||||||
Gains on sales of mortgage loans | 14,094 | 22,728 | (8,634) | (38.0) | |||||||||||||||||||
Mortgage servicing income | 2,704 | (6,530) | 9,234 | (141.4) | |||||||||||||||||||
Total mortgage banking | 16,798 | 16,198 | 600 | 3.7 | |||||||||||||||||||
Other | 6,912 | 7,311 | (399) | (5.5) | |||||||||||||||||||
Non-interest income before investment securities gains, net | 113,776 | 107,515 | 6,261 | 5.8 | |||||||||||||||||||
Investment securities gains, net | 33,511 | 3,051 | 30,460 | N/M | |||||||||||||||||||
Total Non-Interest Income | $ | 147,287 | $ | 110,566 | $ | 36,721 | 33.2 | % |
Nine months ended September 30 | Increase (Decrease) | |||||||||||||
2017 | 2016 | $ | % | |||||||||||
(dollars in thousands) | ||||||||||||||
Service charges on deposit accounts: | ||||||||||||||
Overdraft fees | $ | 16,961 | $ | 16,426 | $ | 535 | 3.3 | % | ||||||
Cash management fees | 10,775 | 10,651 | 124 | 1.2 | ||||||||||
Other | 10,600 | 11,455 | (855 | ) | (7.5 | ) | ||||||||
Total service charges on deposit accounts | 38,336 | 38,532 | (196 | ) | (0.5 | ) | ||||||||
Other service charges and fees: | ||||||||||||||
Merchant fees | 12,536 | 12,155 | 381 | 3.1 | % | |||||||||
Commercial loan interest rate swap fees | 8,780 | 8,552 | 228 | 2.7 | ||||||||||
Debit card income | 8,379 | 7,948 | 431 | 5.4 | ||||||||||
Letter of credit fees | 3,366 | 3,385 | (19 | ) | (0.6 | ) | ||||||||
Other | 5,969 | 6,100 | (131 | ) | (2.1 | ) | ||||||||
Total other service charges and fees | 39,030 | 38,140 | 890 | 2.3 | ||||||||||
Investment management and trust services | 36,097 | 33,660 | 2,437 | 7.2 | ||||||||||
Mortgage banking income: | ||||||||||||||
Gains on sales of mortgage loans | 10,122 | 11,967 | (1,845 | ) | (15.4 | ) | ||||||||
Mortgage servicing income | 5,420 | 489 | 4,931 | N/M | ||||||||||
Total mortgage banking income | 15,542 | 12,456 | 3,086 | 24.8 | ||||||||||
Credit card income | 8,143 | 7,688 | 455 | 5.9 | ||||||||||
Other income | 6,731 | 5,922 | 809 | 13.7 | ||||||||||
Total, excluding investment securities gains, net | 143,879 | 136,398 | 7,481 | 5.5 | ||||||||||
Investment securities gains, net | 7,139 | 1,025 | 6,114 | N/M | ||||||||||
Total | $ | 151,018 | $ | 137,423 | $ | 13,595 | 9.9 | % |
Six months ended June 30 | Increase (Decrease) | ||||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Salaries and employee benefits | $ | 160,953 | $ | 161,240 | $ | (287) | (0.2) | % | |||||||||||||||
Data processing and software | 27,493 | 23,838 | 3,655 | 15.3 | |||||||||||||||||||
Net occupancy | 26,476 | 26,630 | (154) | (0.6) | |||||||||||||||||||
Other outside services | 16,668 | 15,481 | 1,187 | 7.7 | |||||||||||||||||||
State taxes | 8,889 | 5,891 | 2,998 | 50.9 | |||||||||||||||||||
Equipment | 6,852 | 6,611 | 241 | 3.6 | |||||||||||||||||||
Professional fees | 5,430 | 7,533 | (2,103) | (27.9) | |||||||||||||||||||
FDIC insurance | 4,906 | 4,941 | (35) | (0.7) | |||||||||||||||||||
Amortization of TCI | 3,094 | 2,900 | 194 | 6.7 | |||||||||||||||||||
Marketing | 2,350 | 2,882 | (532) | (18.5) | |||||||||||||||||||
Intangible amortization | 293 | 264 | 29 | 11.0 | |||||||||||||||||||
Debt extinguishment | 32,575 | 2,878 | 29,697 | N/M | |||||||||||||||||||
Other | 23,236 | 24,469 | (1,233) | (5.0) | |||||||||||||||||||
Total non-interest expense | $ | 319,215 | $ | 285,558 | $ | 33,657 | 11.8 | % |
Nine months ended September 30 | Increase (Decrease) | |||||||||||||
2017 | 2016 | $ | % | |||||||||||
(dollars in thousands) | ||||||||||||||
Salaries and employee benefits | $ | 216,626 | $ | 210,097 | $ | 6,529 | 3.1 | % | ||||||
Net occupancy expense | 37,159 | 35,813 | 1,346 | 3.8 | ||||||||||
Data processing and software | 28,334 | 27,477 | 857 | 3.1 | ||||||||||
Other outside services | 19,836 | 17,347 | 2,489 | 14.3 | ||||||||||
Equipment expense | 9,691 | 9,380 | 311 | 3.3 | ||||||||||
Professional fees | 9,056 | 8,221 | 835 | 10.2 | ||||||||||
Amortization of tax credit investments | 7,652 | — | 7,652 | 100.0 | ||||||||||
FDIC insurance expense | 7,431 | 7,700 | (269 | ) | (3.5 | ) | ||||||||
Marketing | 6,309 | 5,314 | 995 | 18.7 | ||||||||||
Other | 45,033 | 40,549 | 4,484 | 11.1 | ||||||||||
Total | $ | 387,127 | $ | 361,898 | $ | 25,229 | 7.0 | % |
June 30, 2021 | December 31, 2020 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
Assets | (dollars in thousands) | ||||||||||||||||||||||
Cash and cash equivalents | $ | 1,904,059 | $ | 1,847,832 | $ | 56,227 | 3.0 | % | |||||||||||||||
FRB and FHLB Stock | 62,631 | 92,129 | (29,498) | (32.0) | |||||||||||||||||||
Loans held for sale | 41,924 | 83,886 | (41,962) | (50.0) | |||||||||||||||||||
Investment securities | 3,921,658 | 3,340,424 | 581,234 | 17.4 | |||||||||||||||||||
Net Loans | 18,331,724 | 18,623,253 | (291,529) | (1.6) | |||||||||||||||||||
Premises and equipment | 228,353 | 231,480 | (3,127) | (1.4) | |||||||||||||||||||
Goodwill and intangibles | 536,847 | 536,659 | 188 | — | |||||||||||||||||||
Other assets | 1,052,578 | 1,151,070 | (98,492) | (8.6) | |||||||||||||||||||
Total Assets | $ | 26,079,774 | $ | 25,906,733 | $ | 173,041 | 0.7 | % | |||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||
Deposits | $ | 21,724,312 | $ | 20,839,207 | $ | 885,105 | 4.2 | % | |||||||||||||||
Short-term borrowings | 533,749 | 630,066 | (96,317) | (15.3) | |||||||||||||||||||
Long-term borrowings | 627,213 | 1,296,263 | (669,050) | (51.6) | |||||||||||||||||||
Other liabilities | 501,542 | 524,369 | (22,827) | (4.4) | |||||||||||||||||||
Total Liabilities | 23,386,816 | 23,289,905 | 96,911 | 0.4 | |||||||||||||||||||
Total Shareholders’ Equity | 2,692,958 | 2,616,828 | 76,130 | 2.9 | |||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 26,079,774 | $ | 25,906,733 | $ | 173,041 | 0.7 | % |
Increase (Decrease) | ||||||||||||||
September 30, 2017 | December 31, 2016 | $ | % | |||||||||||
(dollars in thousands) | ||||||||||||||
Assets | ||||||||||||||
Cash and due from banks | $ | 99,803 | $ | 118,763 | $ | (18,960 | ) | (16.0 | )% | |||||
Other interest-earning assets | 645,796 | 291,252 | 354,544 | 121.7 | ||||||||||
Loans held for sale | 23,049 | 28,697 | (5,648 | ) | (19.7 | ) | ||||||||
Investment securities | 2,561,516 | 2,559,227 | 2,289 | 0.1 | ||||||||||
Loans, net of allowance | 15,314,654 | 14,530,593 | 784,061 | 5.4 | ||||||||||
Premises and equipment | 221,551 | 217,806 | 3,745 | 1.7 | ||||||||||
Goodwill and intangible assets | 531,556 | 531,556 | — | — | ||||||||||
Other assets | 664,935 | 666,353 | (1,418 | ) | (0.2 | ) | ||||||||
Total Assets | $ | 20,062,860 | $ | 18,944,247 | $ | 1,118,613 | 5.9 | % | ||||||
Liabilities and Shareholders’ Equity | ||||||||||||||
Deposits | $ | 16,141,780 | $ | 15,012,864 | $ | 1,128,916 | 7.5 | % | ||||||
Short-term borrowings | 298,751 | 541,317 | (242,566 | ) | (44.8 | ) | ||||||||
Long-term debt | 1,038,159 | 929,403 | 108,756 | 11.7 | ||||||||||
Other liabilities | 358,384 | 339,548 | 18,836 | 5.5 | ||||||||||
Total Liabilities | 17,837,074 | 16,823,132 | 1,013,942 | 6.0 | ||||||||||
Total Shareholders’ Equity | 2,225,786 | 2,121,115 | 104,671 | 4.9 | ||||||||||
Total Liabilities and Shareholders’ Equity | $ | 20,062,860 | $ | 18,944,247 | $ | 1,118,613 | 5.9 | % |
June 30, 2021 | December 31, 2020 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
Available for Sale | (dollars in thousands) | ||||||||||||||||||||||
U.S. Government securities | $ | 153,545 | $ | — | $ | 153,545 | N/M | ||||||||||||||||
U.S. Government sponsored agency securities | 62,431 | — | 62,431 | N/M | |||||||||||||||||||
State and municipal securities | 1,055,462 | 952,613 | 102,849 | 10.8 | % | ||||||||||||||||||
Corporate debt securities | 371,381 | 367,145 | 4,236 | 1.2 | |||||||||||||||||||
Collateralized mortgage obligations | 307,165 | 503,766 | (196,601) | (39.0) | |||||||||||||||||||
Residential mortgage-backed securities | 201,547 | 377,998 | (176,451) | (46.7) | |||||||||||||||||||
Commercial mortgage-backed securities | 871,010 | 762,415 | 108,595 | 14.2 | |||||||||||||||||||
Auction rate securities | 74,834 | 98,206 | (23,372) | (23.8) | |||||||||||||||||||
Total available for sale securities | $ | 3,097,375 | $ | 3,062,143 | $ | 35,232 | 1.2 | % | |||||||||||||||
Held to Maturity | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | 439,220 | $ | 278,281 | $ | 160,939 | 57.8 | % | |||||||||||||||
Commercial mortgage-backed securities | 385,063 | — | 385,063 | N/M | |||||||||||||||||||
Total held to maturity securities | $ | 824,283 | $ | 278,281 | $ | 546,002 | N/M | ||||||||||||||||
Total Investment Securities | $ | 3,921,658 | $ | 3,340,424 | $ | 581,234 | 17.4 | % |
Increase (Decrease) | ||||||||||||||
September 30, 2017 | December 31, 2016 | $ | % | |||||||||||
(dollars in thousands) | ||||||||||||||
U.S. Government sponsored agency securities | $ | 6,015 | $ | 134 | $ | 5,881 | N/M | |||||||
State and municipal securities | 413,913 | 391,641 | 22,272 | 5.7 | ||||||||||
Corporate debt securities | 92,977 | 109,409 | (16,432 | ) | (15.0 | ) | ||||||||
Collateralized mortgage obligations | 593,678 | 593,860 | (182 | ) | — | |||||||||
Residential mortgage-backed securities | 1,182,086 | 1,317,838 | (135,752 | ) | (10.3 | ) | ||||||||
Commercial mortgage-backed securities | 161,632 | 24,563 | 137,069 | N/M | ||||||||||
Auction rate securities | 98,156 | 97,256 | 900 | 0.9 | ||||||||||
Total debt securities | 2,548,457 | 2,534,701 | 13,756 | 0.5 | ||||||||||
Equity securities | 13,059 | 24,526 | (11,467 | ) | (46.8 | ) | ||||||||
Total | $ | 2,561,516 | $ | 2,559,227 | $ | 2,289 | 0.1 | % |
June 30, 2021 | December 31, 2020 | 2021 vs. 2020 Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Real estate – commercial mortgage | $ | 7,152,932 | $ | 7,105,092 | $ | 47,840 | 0.7 | % | |||||||||||||||
Commercial and industrial (1) | 4,985,414 | 5,670,828 | (685,414) | (12.1) | |||||||||||||||||||
Real estate – residential mortgage | 3,555,897 | 3,141,915 | 413,982 | 13.2 | |||||||||||||||||||
Real estate – home equity | 1,136,128 | 1,202,913 | (66,785) | (5.6) | |||||||||||||||||||
Real estate – construction | 1,070,755 | 1,047,218 | 23,537 | 2.2 | |||||||||||||||||||
Consumer | 448,433 | 466,772 | (18,339) | (3.9) | |||||||||||||||||||
Equipment lease financing and other | 254,550 | 284,377 | (29,827) | (10.5) | |||||||||||||||||||
Overdrafts | 1,843 | 4,806 | (2,963) | (61.7) | |||||||||||||||||||
Gross loans | 18,605,952 | 18,923,921 | (317,969) | (1.7) | |||||||||||||||||||
Unearned income | (19,196) | (23,101) | 3,905 | (16.9) | |||||||||||||||||||
Net Loans | $ | 18,586,756 | $ | 18,900,820 | $ | (314,064) | (1.7) | % |
Increase (Decrease) | ||||||||||||||
September 30, 2017 | December 31, 2016 | $ | % | |||||||||||
(dollars in thousands) | ||||||||||||||
Real estate – commercial mortgage | $ | 6,275,140 | $ | 6,018,582 | $ | 256,558 | 4.3 | % | ||||||
Commercial – industrial, financial and agricultural | 4,223,075 | 4,087,486 | 135,589 | 3.3 | ||||||||||
Real estate – residential mortgage | 1,887,907 | 1,601,994 | 285,913 | 17.8 | ||||||||||
Real estate – home equity | 1,567,473 | 1,625,115 | (57,642 | ) | (3.5 | ) | ||||||||
Real estate – construction | 973,108 | 843,649 | 129,459 | 15.3 | ||||||||||
Consumer | 302,448 | 291,470 | 10,978 | 3.8 | ||||||||||
Leasing, other and overdrafts | 257,748 | 230,976 | 26,772 | 11.6 | ||||||||||
Loans, net of unearned income | $ | 15,486,899 | $ | 14,699,272 | $ | 787,627 | 5.4 | % |
September 30, 2017 | December 31, 2016 | ||||||||||||||||||
Balance | Delinquency Rate (1) | % of Total | Balance | Delinquency Rate (1) | % of Total | ||||||||||||||
(dollars in thousands) | |||||||||||||||||||
Commercial | $ | 751,398 | 0.1 | % | 77.3 | % | $ | 644,490 | 0.2 | % | 76.4 | % | |||||||
Commercial - residential | 156,127 | 8.1 | 16.0 | 142,189 | 6.0 | 16.9 | |||||||||||||
Other | 65,583 | 2.2 | 6.7 | 56,970 | 1.9 | 6.7 | |||||||||||||
Total Real estate - construction | $ | 973,108 | 1.5 | % | 100.0 | % | $ | 843,649 | 1.3 | % | 100.0 | % |
June 30, 2021 | December 31, 2020 | ||||||||||
Real estate (1) | 44.7 | % | 41.4 | % | |||||||
Health care | 7.6 | 8.7 | |||||||||
Agriculture | 6.3 | 6.4 | |||||||||
Manufacturing | 5.2 | 6.3 | |||||||||
Other services (3) | 5.2 | 5.1 | |||||||||
Construction (2) | 4.3 | 6.4 | |||||||||
Hospitality and food services | 4.0 | 4.2 | |||||||||
Educational services | 3.1 | 3.3 | |||||||||
Retail | 3.0 | 3.8 | |||||||||
Wholesale trade | 3.0 | 3.3 | |||||||||
Arts, entertainment and recreation | 2.7 | 2.4 | |||||||||
Professional, scientific and technical services | 2.2 | 3.6 | |||||||||
Public administration | 1.5 | 1.7 | |||||||||
Transportation and warehousing | 1.4 | 1.7 | |||||||||
Other (4) (5) | 5.8 | 1.7 | |||||||||
Total | 100.0 | % | 100.0 | % |
September 30, 2017 | December 31, 2016 | ||||
Services | 22.1 | % | 21.8 | % | |
Retail | 15.6 | 15.1 | |||
Manufacturing | 9.9 | 9.2 | |||
Health care | 9.7 | 10.5 | |||
Construction (1) | 8.6 | 9.0 | |||
Wholesale | 6.8 | 7.0 | |||
Real estate (2) | 6.4 | 6.7 | |||
Agriculture | 4.9 | 5.0 | |||
Arts and entertainment | 2.5 | 2.6 | |||
Transportation | 2.3 | 2.3 | |||
Financial services | 2.1 | 2.1 | |||
Other | 9.1 | 8.7 | |||
Total | 100.0 | % | 100.0 | % |
(1) Includes commercial loans to borrowers engaged in the business of: renting, leasing or managing real estate for others; selling and/or buying real estate for others; and appraising real estate. |
September 30, 2017 | December 31, 2016 | ||||||
(in thousands) | |||||||
Commercial - industrial, financial and agricultural | $ | 161,619 | $ | 155,353 | |||
Real estate - commercial mortgage | 102,160 | 81,573 | |||||
Total | $ | 263,779 | $ | 236,926 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
(dollars in thousands) | |||||||||||||||
Average balance of loans, net of unearned income | $ | 15,392,067 | $ | 14,212,250 | $ | 15,127,569 | $ | 14,011,301 | |||||||
Balance of allowance for credit losses at beginning of period | $ | 174,998 | $ | 165,108 | $ | 171,325 | $ | 171,412 | |||||||
Loans charged off: | |||||||||||||||
Real estate – commercial mortgage | 483 | 1,350 | 1,949 | 3,406 | |||||||||||
Commercial – industrial, financial and agricultural | 2,714 | 3,144 | 13,594 | 13,957 | |||||||||||
Real estate – residential mortgage | 195 | 802 | 535 | 2,210 | |||||||||||
Real estate – home equity | 547 | 709 | 1,837 | 3,295 | |||||||||||
Real estate – construction | 2,744 | 150 | 3,765 | 1,218 | |||||||||||
Consumer | 373 | 685 | 1,659 | 2,261 | |||||||||||
Leasing, other and overdrafts | 739 | 832 | 2,578 | 3,226 | |||||||||||
Total loans charged off | 7,795 | 7,672 | 25,917 | 29,573 | |||||||||||
Recoveries of loans previously charged off: | |||||||||||||||
Real estate – commercial mortgage | 106 | 296 | 1,490 | 2,488 | |||||||||||
Commercial – industrial, financial and agricultural | 665 | 1,539 | 6,830 | 6,789 | |||||||||||
Real estate – residential mortgage | 219 | 228 | 600 | 784 | |||||||||||
Real estate – home equity | 252 | 241 | 604 | 929 | |||||||||||
Real estate – construction | 629 | 898 | 1,550 | 2,844 | |||||||||||
Consumer | 193 | 222 | 899 | 957 | |||||||||||
Leasing, other and overdrafts | 407 | 168 | 793 | 357 | |||||||||||
Total recoveries | 2,471 | 3,592 | 12,766 | 15,148 | |||||||||||
Net loans charged off | 5,324 | 4,080 | 13,151 | 14,425 | |||||||||||
Provision for credit losses | 5,075 | 4,141 | 16,575 | 8,182 | |||||||||||
Balance of allowance for credit losses at end of period | $ | 174,749 | $ | 165,169 | $ | 174,749 | $ | 165,169 | |||||||
Net charge-offs to average loans (annualized) | 0.14 | % | 0.11 | % | 0.12 | % | 0.14 | % |
September 30, 2017 | December 31, 2016 | ||||||
(dollars in thousands) | |||||||
Allowance for loan losses | $ | 172,245 | $ | 168,679 | |||
Reserve for unfunded lending commitments | 2,504 | 2,646 | |||||
Allowance for credit losses | $ | 174,749 | $ | 171,325 | |||
Allowance for credit losses to loans outstanding | 1.13 | % | 1.17 | % |
September 30, 2017 | September 30, 2016 | December 31, 2016 | |||||||||
(dollars in thousands) | |||||||||||
Non-accrual loans | $ | 123,345 | $ | 124,017 | $ | 120,133 | |||||
Loans 90 days or more past due and still accruing | 13,124 | 14,095 | 11,505 | ||||||||
Total non-performing loans | 136,469 | 138,112 | 131,638 | ||||||||
Other real estate owned (OREO) | 10,542 | 11,981 | 12,815 | ||||||||
Total non-performing assets | $ | 147,011 | $ | 150,093 | $ | 144,453 | |||||
Non-accrual loans to total loans | 0.80 | % | 0.86 | % | 0.82 | % | |||||
Non-performing assets to total assets | 0.73 | % | 0.80 | % | 0.76 | % | |||||
Allowance for credit losses to non-performing loans | 128.05 | % | 119.59 | % | 130.15 | % |
September 30, 2017 | September 30, 2016 | December 31, 2016 | |||||||||
(in thousands) | |||||||||||
Real-estate - residential mortgage | $ | 26,193 | $ | 26,854 | $ | 27,617 | |||||
Real-estate - commercial mortgage | 14,439 | 16,085 | 15,957 | ||||||||
Real estate - home equity | 14,789 | 7,668 | 8,594 | ||||||||
Commercial | 7,512 | 7,488 | 6,627 | ||||||||
Construction | 169 | 843 | 726 | ||||||||
Consumer | 33 | 39 | 39 | ||||||||
Total accruing TDRs | 63,135 | 58,977 | 59,560 | ||||||||
Non-accrual TDRs (1) | 28,742 | 27,904 | 27,850 | ||||||||
Total TDRs | $ | 91,877 | $ | 86,881 | $ | 87,410 |
Commercial and Industrial | Real Estate - Commercial Mortgage | Real Estate - Construction | Real Estate - Residential Mortgage | Real Estate - Home Equity | Consumer | Equipment Lease Financing | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial - Industrial, Financial and Agricultural | Real Estate - Commercial Mortgage | Real Estate - Construction | Real Estate - Residential Mortgage | Real Estate - Home Equity | Consumer | Leasing | Total | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of non-accrual loans at June 30, 2017 | $ | 48,087 | $ | 32,267 | $ | 15,586 | $ | 16,940 | $ | 9,720 | $ | — | $ | — | $ | 122,600 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended June 30, 2021 | Three months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | Balance at March 31, 2021 | $ | 31,652 | $ | 51,977 | $ | 1,441 | $ | 33,401 | $ | 9,368 | $ | 301 | $ | 15,749 | $ | 143,889 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions | 16,107 | 6,281 | 1,512 | 1,399 | 995 | 373 | 325 | 26,992 | Additions | 8,153 | 18,395 | — | 2,779 | 607 | 924 | 309 | 31,167 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments | (8,774 | ) | (5,974 | ) | (999 | ) | (891 | ) | (483 | ) | — | — | (17,121 | ) | Payments | (5,670) | (9,982) | (425) | (909) | (484) | (20) | (32) | (17,522) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (2,714 | ) | (483 | ) | (2,744 | ) | (195 | ) | (547 | ) | (373 | ) | (325 | ) | (7,381 | ) | Charge-offs | (954) | (6,506) | — | (496) | (212) | (918) | (128) | (9,214) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers to OREO | — | (325 | ) | — | (868 | ) | (552 | ) | — | — | (1,745 | ) | Transfers to OREO | — | (456) | — | — | — | — | — | (456) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of non-accrual loans at September 30, 2017 | $ | 52,706 | $ | 31,766 | $ | 13,355 | $ | 16,385 | $ | 9,133 | $ | — | $ | — | $ | 123,345 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | $ | 33,181 | $ | 53,428 | $ | 1,016 | $ | 34,775 | $ | 9,279 | $ | 287 | $ | 15,898 | $ | 147,864 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of non-accrual loans at December 31, 2016 | $ | 42,349 | $ | 38,936 | $ | 9,806 | $ | 18,431 | $ | 10,611 | $ | — | $ | — | $ | 120,133 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended June 30, 2021 | Six months ended June 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | Balance at December 31, 2020 | $ | 31,993 | $ | 51,470 | $ | 1,395 | $ | 26,107 | $ | 9,588 | $ | 332 | $ | 16,312 | $ | 137,197 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additions | 40,508 | 14,055 | 10,259 | 2,545 | 3,694 | 1,659 | 1,443 | 74,163 | Additions | 18,063 | 24,457 | 404 | 10,423 | 1,228 | 1,549 | 482 | 56,606 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments | (16,554 | ) | (16,955 | ) | (2,796 | ) | (2,141 | ) | (1,141 | ) | — | — | (39,587 | ) | Payments | (11,540) | (13,231) | (744) | (1,067) | (839) | (41) | (84) | (27,546) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Charge-offs | (13,594 | ) | (1,949 | ) | (3,765 | ) | (535 | ) | (1,837 | ) | (1,659 | ) | (1,443 | ) | (24,782 | ) | Charge-offs | (5,273) | (8,343) | (39) | (688) | (424) | (1,553) | (812) | (17,132) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers to accrual status | — | (913 | ) | — | (54 | ) | (678 | ) | — | — | (1,645 | ) | Transfers to accrual status | — | — | — | — | (274) | — | — | (274) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transfers to OREO | (3 | ) | (1,408 | ) | (149 | ) | (1,861 | ) | (1,516 | ) | — | — | (4,937 | ) | Transfers to OREO | (62) | (925) | — | — | — | — | — | (987) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of non-accrual loans at September 30, 2017 | $ | 52,706 | $ | 31,766 | $ | 13,355 | $ | 16,385 | $ | 9,133 | $ | — | $ | — | $ | 123,345 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | Balance at June 30, 2021 | $ | 33,181 | $ | 53,428 | $ | 1,016 | $ | 34,775 | $ | 9,279 | $ | 287 | $ | 15,898 | $ | 147,864 |
June 30, 2021 | December 31, 2020 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Non-accrual loans | $ | 147,864 | $ | 137,198 | |||||||||||||
Loans 90 days or more past due and still accruing | 5,865 | 9,929 | |||||||||||||||
Total non-performing loans | 153,729 | 147,127 | |||||||||||||||
OREO (1) | 2,779 | 4,178 | |||||||||||||||
Total non-performing assets | $ | 156,508 | $ | 151,305 | |||||||||||||
Non-performing loans to total loans | 0.83 | % | 0.78 | % | |||||||||||||
Non-performing assets to total assets | 0.60 | % | 0.58 | % | |||||||||||||
ACL - loans to non-performing loans | 166 | % | 189 | % |
June 30, 2021 | December 31, 2020 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Real estate - commercial mortgage | $ | 14,651 | $ | 28,451 | |||||||||||||
Commercial and industrial | 6,765 | 6,982 | |||||||||||||||
Real estate - residential mortgage | 16,861 | 18,602 | |||||||||||||||
Real estate - home equity | 13,566 | 14,391 | |||||||||||||||
Real estate - construction | 153 | — | |||||||||||||||
Consumer | 4 | — | |||||||||||||||
Total accruing TDRs | 52,000 | 68,426 | |||||||||||||||
Non-accrual TDRs(1) | 60,504 | 35,755 | |||||||||||||||
Total TDRs | $ | 112,504 | $ | 104,181 |
September 30, 2017 | September 30, 2016 | December 31, 2016 | |||||||||
(in thousands) | |||||||||||
Commercial – industrial, financial and agricultural | $ | 54,209 | $ | 47,330 | $ | 43,460 | |||||
Real estate – commercial mortgage | 34,650 | 39,631 | 39,319 | ||||||||
Real estate – residential mortgage | 21,643 | 23,451 | 23,655 | ||||||||
Real estate – construction | 13,415 | 11,223 | 9,842 | ||||||||
Real estate – home equity | 12,229 | 14,260 | 13,154 | ||||||||
Consumer | 243 | 2,166 | 1,891 | ||||||||
Leasing | 80 | 51 | 317 | ||||||||
Total non-performing loans | $ | 136,469 | $ | 138,112 | $ | 131,638 |
September 30, 2017 | September 30, 2016 | December 31, 2016 | |||||||||
(in thousands) | |||||||||||
Residential properties | $ | 4,223 | $ | 6,279 | $ | 7,655 | |||||
Commercial properties | 3,709 | 3,050 | 2,651 | ||||||||
Undeveloped land | 2,610 | 2,652 | 2,509 | ||||||||
Total OREO | $ | 10,542 | $ | 11,981 | $ | 12,815 |
Special Mention (1) | Increase (Decrease) | Substandard or Lower (2) | Increase (Decrease) | Total Criticized and Classified Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2021 | December 31, 2020 | $ | % | June 30, 2021 | December 31, 2020 | $ | % | June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 541,773 | $ | 478,165 | $ | 63,608 | 13.3% | $ | 238,088 | $ | 181,970 | $ | 56,118 | 30.8% | $ | 779,861 | $ | 660,135 | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 143,198 | 154,039 | (10,841) | (7.0) | 152,383 | 128,175 | 24,208 | 18.9 | 295,581 | 282,214 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - construction (3) | 19,092 | 13,259 | 5,833 | 44.0 | 3,942 | 5,469 | (1,527) | (27.9) | 23,034 | 18,728 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 704,063 | $ | 645,463 | $ | 58,600 | 9.1% | $ | 394,413 | $ | 315,614 | $ | 78,799 | 25.0% | $ | 1,098,476 | $ | 961,077 | |||||||||||||||||||||||||||||||||||||||||
% of total risk rated loans | 5.4 | % | 4.7 | % | 3.0 | % | 2.3 | % | 8.4 | % | 7.0 | % |
June 30, 2021 | December 31, 2020 | ||||||||||
(dollars in thousands) | |||||||||||
ACL - loans | $ | 255,032 | $ | 277,567 | |||||||
ACL - OBS credit exposure (1) | 14,773 | 14,373 | |||||||||
Total ACL | $ | 269,805 | $ | 291,940 | |||||||
Three months ended June 30 | Six months ended June 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Average balance of Net Loans | $ | 18,906,556 | $ | 18,331,797 | $ | 18,943,367 | $ | 17,595,932 | |||||||||||||||
Balance of ACL at beginning of period | $ | 265,986 | $ | 238,508 | $ | 277,567 | $ | 163,622 | |||||||||||||||
Impact of adopting CECL on January 1, 2020 | — | — | — | 45,723 | |||||||||||||||||||
Loans charged off: | |||||||||||||||||||||||
Real estate – commercial mortgage | 6,506 | 2,324 | 8,343 | 3,179 | |||||||||||||||||||
Commercial and industrial | 954 | 3,480 | 5,273 | 14,379 | |||||||||||||||||||
Real estate – residential mortgage | 496 | 235 | 688 | 422 | |||||||||||||||||||
Real estate – home equity | 212 | 458 | 424 | 745 | |||||||||||||||||||
Real estate – construction | — | 17 | 39 | 17 | |||||||||||||||||||
Consumer | 918 | 845 | 1,553 | 2,087 | |||||||||||||||||||
Equipment lease financing and other | 436 | 688 | 1,404 | 1,221 | |||||||||||||||||||
Total loans charged off | 9,522 | 8,047 | 17,724 | 22,050 | |||||||||||||||||||
Recoveries of loans previously charged off: | |||||||||||||||||||||||
Real estate – commercial mortgage | 729 | 95 | 903 | 339 | |||||||||||||||||||
Commercial and industrial | 693 | 2,978 | 1,462 | 4,712 | |||||||||||||||||||
Real estate – residential mortgage | 105 | 112 | 200 | 197 | |||||||||||||||||||
Real estate – home equity | 58 | 44 | 109 | 261 | |||||||||||||||||||
Real estate – construction | 254 | — | 638 | 70 | |||||||||||||||||||
Consumer | 576 | 605 | 965 | 1,034 | |||||||||||||||||||
Equipment lease financing and other | 153 | 92 | 312 | 200 | |||||||||||||||||||
Total recoveries | 2,568 | 3,926 | 4,589 | 6,813 | |||||||||||||||||||
Net loan charged off | 6,954 | 4,121 | 13,135 | 15,237 | |||||||||||||||||||
Provision for credit losses (1) | (4,000) | 22,150 | (9,400) | 62,429 | |||||||||||||||||||
Balance of ACL at end of period | $ | 255,032 | $ | 256,537 | $ | 255,032 | $ | 256,537 | |||||||||||||||
Net charge-offs to average loans (annualized) | 0.15 | % | 0.09 | % | 0.14 | % | 0.17 | % |
Special Mention | Increase (Decrease) | Substandard or lower | Increase (Decrease) | Total Criticized and Classified Loans | |||||||||||||||||||||||||||||||||
September 30, 2017 | December 31, 2016 | $ | % | September 30, 2017 | December 31, 2016 | $ | % | September 30, 2017 | December 31, 2016 | ||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 118,947 | $ | 132,484 | $ | (13,537 | ) | (10.2 | )% | $ | 127,670 | $ | 122,976 | $ | 4,694 | 3.8 | % | $ | 246,617 | $ | 255,460 | ||||||||||||||||
Commercial - secured | 98,639 | 128,873 | (30,234 | ) | (23.5 | ) | 183,181 | 118,527 | 64,654 | 54.5 | 281,820 | 247,400 | |||||||||||||||||||||||||
Commercial -unsecured | 3,474 | 4,481 | (1,007 | ) | (22.5 | ) | 3,082 | 3,531 | (449 | ) | (12.7 | ) | 6,556 | 8,012 | |||||||||||||||||||||||
Total Commercial - industrial, financial and agricultural | 102,113 | 133,354 | (31,241 | ) | (23.4 | ) | 186,263 | 122,058 | 64,205 | 52.6 | 288,376 | 255,412 | |||||||||||||||||||||||||
Construction - commercial residential | 6,746 | 15,447 | (8,701 | ) | (56.3 | ) | 14,595 | 13,172 | 1,423 | 10.8 | 21,341 | 28,619 | |||||||||||||||||||||||||
Construction - commercial | 4,418 | 3,412 | 1,006 | 29.5 | 3,869 | 5,115 | (1,246 | ) | (24.4 | ) | 8,287 | 8,527 | |||||||||||||||||||||||||
Total real estate - construction (excluding construction - other) | 11,164 | 18,859 | (7,695 | ) | (40.8 | ) | 18,464 | 18,287 | 177 | 1.0 | 29,628 | 37,146 | |||||||||||||||||||||||||
Total | $ | 232,224 | $ | 284,697 | $ | (52,473 | ) | (18.4 | )% | $ | 332,397 | $ | 263,321 | $ | 69,076 | 26.2 | % | $ | 564,621 | $ | 548,018 | ||||||||||||||||
% of total risk-rated loans | 2.0 | % | 2.6 | % | 2.9 | % | 2.4 | % | 5.0 | % | 5.0 | % |
June 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
ACL - loans | % In Each Loan Category (1) | ACL - loans | % In Each Loan Category (1) | ||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 95,381 | 38.3 | % | $ | 103,425 | 37.6 | % | |||||||||||||||||||||
Commercial and industrial | 65,404 | 26.8 | 74,771 | 30.0 | |||||||||||||||||||||||||
Real estate - residential mortgage | 54,188 | 19.1 | 51,995 | 16.6 | |||||||||||||||||||||||||
Consumer, home equity, equipment lease financing | 27,405 | 9.9 | 31,770 | 10.3 | |||||||||||||||||||||||||
Real estate - construction | 12,654 | 5.8 | 15,608 | 5.5 | |||||||||||||||||||||||||
Total ACL - loans | $ | 255,032 | 100.0 | % | $ | 277,567 | 100.0 | % |
September 30, 2017 | September 30, 2016 | December 31, 2016 | |||||||||||||||||||||||||||||||||
30-89 Days | ≥ 90 Days (1) | Total | 30-89 Days | ≥ 90 Days (1) | Total | 30-89 Days | ≥ 90 Days (1) | Total | |||||||||||||||||||||||||||
Real estate – commercial mortgage | 0.20 | % | 0.55 | % | 0.75 | % | 0.18 | % | 0.69 | % | 0.87 | % | 0.13 | % | 0.65 | % | 0.78 | % | |||||||||||||||||
Commercial – industrial, financial and agricultural | 0.26 | % | 1.28 | % | 1.54 | % | 0.31 | % | 1.17 | % | 1.48 | % | 0.25 | % | 1.06 | % | 1.31 | % | |||||||||||||||||
Real estate – construction | 0.12 | % | 1.38 | % | 1.50 | % | 0.31 | % | 1.30 | % | 1.61 | % | 0.12 | % | 1.17 | % | 1.29 | % | |||||||||||||||||
Real estate – residential mortgage | 1.10 | % | 1.15 | % | 2.25 | % | 1.15 | % | 1.52 | % | 2.67 | % | 1.27 | % | 1.48 | % | 2.75 | % | |||||||||||||||||
Real estate – home equity | 0.83 | % | 0.78 | % | 1.61 | % | 0.64 | % | 0.87 | % | 1.51 | % | 0.57 | % | 0.81 | % | 1.38 | % | |||||||||||||||||
Consumer, leasing and other | 0.69 | % | 0.06 | % | 0.75 | % | 1.18 | % | 0.44 | % | 1.62 | % | 1.23 | % | 0.42 | % | 1.65 | % | |||||||||||||||||
Total | 0.40 | % | 0.88 | % | 1.28 | % | 0.42 | % | 0.96 | % | 1.38 | % | 0.38 | % | 0.89 | % | 1.27 | % | |||||||||||||||||
Total dollars (in thousands) | $ | 62,247 | $ | 136,469 | $ | 198,716 | $ | 59,822 | $ | 138,112 | $ | 197,934 | $ | 55,149 | $ | 131,638 | $ | 186,787 |
June 30, 2021 | December 31, 2020 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 7,442,132 | $ | 6,531,002 | $ | 911,130 | 14.0 | % | |||||||||||||||
Interest-bearing demand | 5,795,404 | 5,818,564 | (23,160) | (0.4) | |||||||||||||||||||
Savings | 6,276,554 | 5,929,792 | 346,762 | 5.8 | |||||||||||||||||||
Total demand and savings | 19,514,090 | 18,279,358 | 1,234,732 | 6.8 | |||||||||||||||||||
Brokered deposits | 277,444 | 335,185 | (57,741) | (17.2) | |||||||||||||||||||
Time deposits | 1,932,778 | 2,224,664 | (291,886) | (13.1) | |||||||||||||||||||
Total deposits | $ | 21,724,312 | $ | 20,839,207 | $ | 885,105 | 4.2 | % |
Increase (Decrease) | ||||||||||||||
September 30, 2017 | December 31, 2016 | $ | % | |||||||||||
(dollars in thousands) | ||||||||||||||
Noninterest-bearing demand | $ | 4,363,915 | $ | 4,376,137 | $ | (12,222 | ) | (0.3 | )% | |||||
Interest-bearing demand | 4,119,419 | 3,703,712 | 415,707 | 11.2 | ||||||||||
Savings and money market accounts | 4,790,985 | 4,179,773 | 611,212 | 14.6 | ||||||||||
Total demand and savings | 13,274,319 | 12,259,622 | 1,014,697 | 8.3 | ||||||||||
Brokered deposits | 109,936 | — | 109,936 | N/M | ||||||||||
Time deposits | 2,757,525 | 2,753,242 | 4,283 | 0.2 | ||||||||||
Total deposits | $ | 16,141,780 | $ | 15,012,864 | $ | 1,128,916 | 7.5 | % |
June 30, 2021 | December 31, 2020 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||
Customer funding (1) | $ | 533,749 | $ | 630,066 | $ | (96,317) | (15.3) | % | |||||||||||||||
Total short-term borrowings | 533,749 | 630,066 | (96,317) | (15.3) | |||||||||||||||||||
Long-term borrowings: | |||||||||||||||||||||||
FHLB advances | — | 535,973 | (535,973) | (100.0) | |||||||||||||||||||
Other long-term borrowings | 627,213 | 760,290 | (133,077) | (17.5) | |||||||||||||||||||
Total long-term borrowings | 627,213 | 1,296,263 | (669,050) | (51.6) | |||||||||||||||||||
Total borrowings | $ | 1,160,962 | $ | 1,926,329 | $ | (765,367) | (39.7) | % | |||||||||||||||
Increase (Decrease) | ||||||||||||||
September 30, 2017 | December 31, 2016 | $ | % | |||||||||||
(dollars in thousands) | ||||||||||||||
Short-term borrowings: | ||||||||||||||
Customer repurchase agreements | $ | 185,945 | $ | 195,734 | $ | (9,789 | ) | (5.0 | )% | |||||
Customer short-term promissory notes | 106,994 | 67,013 | 39,981 | 59.7 | ||||||||||
Total short-term customer funding | 292,939 | 262,747 | 30,192 | 11.5 | ||||||||||
Federal funds purchased | 5,812 | 278,570 | (272,758 | ) | (97.9 | ) | ||||||||
Total short-term borrowings | 298,751 | 541,317 | (242,566 | ) | (44.8 | ) | ||||||||
Long-term debt: | ||||||||||||||
FHLB advances | 652,145 | 567,240 | 84,905 | 15.0 | ||||||||||
Other long-term debt | 386,014 | 362,163 | 23,851 | 6.6 | ||||||||||
Total long-term debt | 1,038,159 | 929,403 | 108,756 | 11.7 | ||||||||||
Total borrowings | $ | 1,336,910 | $ | 1,470,720 | $ | (133,810 | ) | (9.1 | )% | |||||
June 30, 2021 | December 31, 2020 | Regulatory Minimum for Capital Adequacy | Fully Phased-in, with Capital Conservation Buffers | ||||||||||||||||||||
Total Capital (to Risk-Weighted Assets) | 14.5 | % | 14.4 | % | 8.0 | % | 10.5 | % | |||||||||||||||
Tier I Capital (to Risk-Weighted Assets) | 11.0 | % | 10.5 | % | 6.0 | % | 8.5 | % | |||||||||||||||
Common Equity Tier I (to Risk-Weighted Assets) | 10.0 | % | 9.5 | % | 4.5 | % | 7.0 | % | |||||||||||||||
Tier I Leverage Capital (to Average Assets) | 8.5 | % | 8.2 | % | 4.0 | % | 4.0 | % |
September 30, 2017 | December 31, 2016 | Regulatory Minimum for Capital Adequacy | Fully Phased-in, with Capital Conservation Buffers | ||||||||
Total Capital (to Risk-Weighted Assets) | 13.1 | % | 13.2 | % | 8.0 | % | 10.5 | % | |||
Tier I Capital (to Risk-Weighted Assets) | 10.4 | % | 10.4 | % | 6.0 | % | 8.5 | % | |||
Common Equity Tier I (to Risk-Weighted Assets) | 10.4 | % | 10.4 | % | 4.5 | % | 7.0 | % | |||
Tier I Capital (to Average Assets) | 9.0 | % | 9.0 | % | 4.0 | % | 4.0 | % |
Rate Shock(1) | Annual change in net interest income | % change in net interest income | |||||||||
+400 bp | + $186.1 million | 30.4% | |||||||||
+300 bp | + $139.5 million | 22.7% | |||||||||
+200 bp | + $92.4 million | 15.1% | |||||||||
+100 bp | + $44.6 million | 7.3% | |||||||||
(1)These results include the effect of implicit and explicit interest rate floors that limit further reduction |
3.1 | ||||||||||||
3.2 | ||||||||||||
3.3 | ||||||||||||
4.2 | ||||||||||||
4.3 | ||||||||||||
10.1 | ||||||||||||
10.2 | ||||||||||||
31.1 | ||||||||||||
31.2 | ||||||||||||
32.1 | ||||||||||||
32.2 | ||||||||||||
101 | ||||||||||||
104 | Cover page interactive data file (formatted as inline XBRL and contained in Exhibit 101) | |||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||
August 9, 2021 | ||||||||||||||
/s/ E. Philip Wenger | ||||||||||||||
E. Philip Wenger | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
Date: | /s/ | |||||||||||||
Senior Executive Vice President | ||||||||||||||
and Chief Financial Officer | ||||||||||||||