Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 16, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | UMB FINANCIAL CORP | ||
Trading Symbol | UMBF | ||
Entity Central Index Key | 0000101382 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Common Stock, Shares Outstanding | 48,503,947 | ||
Entity Public Float | $ 3,765,571,733 | ||
Title of 12(b) Security | Common Stock, $1.00 Par Value | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 001-38481 | ||
Entity Incorporation, State or Country Code | MO | ||
Entity Tax Identification Number | 43-0903811 | ||
Entity Address, Address Line One | 1010 Grand Boulevard | ||
Entity Address, City or Town | Kansas City | ||
Entity Address, State or Province | MO | ||
Entity Address, Postal Zip Code | 64106 | ||
City Area Code | 816 | ||
Local Phone Number | 860-7000 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Firm ID | 185 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Kansas City, Missouri | ||
Documents Incorporated by Reference | Portions of the Company's Definitive Proxy Statement on Schedule 14A (the “Proxy Statement”) to be delivered to shareholders in connection with the Annual Meeting of Shareholders to be held on April 26, 2023, are incorporated by reference into Part III of this Annual Report on Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Loans | $ 21,031,189 | $ 17,170,871 |
Allowance for credit losses on loans | (191,836) | (194,771) |
Net loans | 20,839,353 | 16,976,100 |
Loans held for sale | 1,978 | 1,277 |
Securities: | ||
Available for sale (amortized cost of $7,777,950 and $11,822,584, respectively) | 7,006,347 | 11,976,514 |
Held to maturity, net of allowance for credit losses of $2,407 and $1,940, respectively (fair value of $5,280,659 and $1,442,391, respectively) | 5,859,192 | 1,478,476 |
Trading securities | 17,980 | 31,875 |
Other securities | 349,758 | 327,098 |
Total securities | 13,233,277 | 13,813,963 |
Federal funds sold and securities purchased under agreements to resell | 958,597 | 1,216,357 |
Interest-bearing due from banks | 1,179,105 | 8,841,906 |
Cash and due from banks | 500,682 | 413,821 |
Premises and equipment, net | 263,649 | 270,933 |
Accrued income | 189,231 | 131,102 |
Goodwill | 207,385 | 174,518 |
Other intangibles, net | 78,724 | 14,416 |
Other assets | 1,060,480 | 839,091 |
Total assets | 38,512,461 | 42,693,484 |
Deposits: | ||
Noninterest-bearing demand | 13,260,363 | 16,342,642 |
Interest-bearing demand and savings | 18,461,632 | 18,405,644 |
Time deposits under $250,000 | 379,087 | 403,660 |
Time deposits of $250,000 or more | 538,051 | 447,981 |
Total deposits | 32,639,133 | 35,599,927 |
Federal funds purchased and repurchase agreements | 2,222,167 | 3,238,435 |
Long-term debt | 381,311 | 271,544 |
Accrued expenses and taxes | 239,624 | 249,492 |
Other liabilities | 363,133 | 188,662 |
Total liabilities | 35,845,368 | 39,548,060 |
SHAREHOLDERS’ EQUITY | ||
Common stock, $1.00 par value; 80,000,000 shares authorized; 55,056,730 shares issued, 48,319,404 and 48,430,805 shares outstanding, respectively | 55,057 | 55,057 |
Capital surplus | 1,125,949 | 1,110,520 |
Retained earnings | 2,536,086 | 2,176,998 |
Accumulated other comprehensive (loss) income, net | (702,735) | 126,314 |
Treasury stock, 6,737,326 and 6,625,925 shares, at cost, respectively | (347,264) | (323,465) |
Total shareholders' equity | 2,667,093 | 3,145,424 |
Total liabilities and shareholders' equity | $ 38,512,461 | $ 42,693,484 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Available for sale securities, amortized cost | $ 7,777,950 | $ 11,822,584 |
Held to maturity securities, allowance for credit losses | 2,407 | 1,940 |
Held to Maturity, Fair value | $ 5,280,659 | $ 1,442,391 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 55,056,730 | 55,056,730 |
Common stock, shares outstanding | 48,319,404 | 48,430,805 |
Treasury stock, shares | 6,737,326 | 6,625,925 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INTEREST INCOME | |||
Loans | $ 810,007 | $ 619,273 | $ 585,957 |
Securities: | |||
Taxable interest | 192,121 | 127,625 | 105,701 |
Tax-exempt interest | 97,190 | 98,305 | 99,820 |
Total securities income | 289,311 | 225,930 | 205,521 |
Federal funds and resell agreements | 19,109 | 10,048 | 11,840 |
Interest-bearing due from banks | 18,582 | 5,417 | 3,744 |
Trading securities | 511 | 854 | 1,427 |
Total interest income | 1,137,520 | 861,522 | 808,489 |
INTEREST EXPENSE | |||
Deposits | 167,553 | 26,412 | 58,214 |
Federal funds and repurchase agreements | 40,703 | 6,934 | 11,787 |
Other | 15,467 | 12,655 | 7,259 |
Total interest expense | 223,723 | 46,001 | 77,260 |
Net interest income | 913,797 | 815,521 | 731,229 |
Provision for credit losses | 37,900 | 20,000 | 130,500 |
Net interest income after provision for credit losses | 875,897 | 795,521 | 600,729 |
NONINTEREST INCOME | |||
Trust and securities processing | 237,207 | 224,126 | 194,646 |
Trading and investment banking | 23,201 | 30,939 | 32,945 |
Service charges on deposit accounts | 85,167 | 86,056 | 83,879 |
Insurance fees and commissions | 1,338 | 1,309 | 1,369 |
Brokerage fees | 43,019 | 12,171 | 24,350 |
Bankcard fees | 73,451 | 64,576 | 60,544 |
Investment securities gains, net | 58,444 | 5,057 | 120,634 |
Other | 32,406 | 42,941 | 41,799 |
Total noninterest income | 554,233 | 467,175 | 560,166 |
NONINTEREST EXPENSE | |||
Salaries and employee benefits | 524,431 | 504,442 | 495,464 |
Occupancy, net | 48,848 | 47,345 | 47,476 |
Equipment | 74,259 | 78,398 | 85,719 |
Supplies and services | 13,590 | 14,986 | 15,537 |
Marketing and business development | 25,699 | 18,533 | 14,679 |
Processing fees | 82,227 | 67,563 | 54,213 |
Legal and consulting | 39,095 | 32,406 | 29,765 |
Bankcard | 26,367 | 19,145 | 18,954 |
Amortization of other intangible assets | 5,037 | 4,757 | 6,517 |
Regulatory fees | 15,378 | 11,894 | 10,279 |
Other | 43,188 | 34,167 | 43,402 |
Total noninterest expense | 898,119 | 833,636 | 822,005 |
Income before income taxes | 532,011 | 429,060 | 338,890 |
Income tax expense | 100,329 | 76,042 | 52,388 |
NET INCOME | $ 431,682 | $ 353,018 | $ 286,502 |
PER SHARE DATA | |||
Net income – basic | $ 8.93 | $ 7.31 | $ 5.95 |
Net income – diluted | 8.86 | 7.24 | 5.93 |
Dividends | $ 1.49 | $ 1.38 | $ 1.25 |
Weighted average shares outstanding – basic | 48,340,922 | 48,271,462 | 48,137,791 |
Weighted average shares outstanding – diluted | 48,747,399 | 48,738,292 | 48,343,750 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 431,682 | $ 353,018 | $ 286,502 |
Unrealized gains and losses on debt securities: | |||
Change in unrealized holding gains and losses, net | (1,137,417) | (244,695) | 295,552 |
Less: Reclassification adjustment for gains included in net income | (7,817) | (6,980) | |
Amortization of net unrealized loss on securities transferred from available-for-sale to held-to-maturity | 36,894 | ||
Change in unrealized gains and losses on debt securities during the period | (1,100,523) | (252,512) | 288,572 |
Unrealized gains and losses on derivative hedges: | |||
Change in unrealized gains and losses on derivative hedges | 12,608 | 3,106 | 20,979 |
Less: Reclassification adjustment for gains included in net income | (5,353) | (3,352) | (1,905) |
Change in unrealized gains and losses on derivative hedges | 7,255 | (246) | 19,074 |
Other comprehensive (loss) income, before tax | (1,093,268) | (252,758) | 307,646 |
Income tax benefit (expense) | 264,219 | 60,732 | (72,486) |
Other comprehensive (loss) income | (829,049) | (192,026) | 235,160 |
Comprehensive (loss) income | $ (397,367) | $ 160,992 | $ 521,662 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect Adjustments | [1] | Adjusted Balance | Common Stock | Common Stock Adjusted Balance | Capital Surplus | Capital Surplus Adjusted Balance | Retained Earnings | Retained Earnings Cumulative Effect Adjustments | [1] | Retained Earnings Adjusted Balance | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Adjusted Balance | Treasury Stock | Treasury Stock Adjusted Balance |
Beginning Balance at Dec. 31, 2019 | $ 2,606,440 | $ (7,039) | $ 2,599,401 | $ 55,057 | $ 55,057 | $ 1,073,764 | $ 1,073,764 | $ 1,672,438 | $ (7,039) | $ 1,665,399 | $ 83,180 | $ 83,180 | $ (277,999) | $ (277,999) | ||
Total comprehensive income (loss) | 521,662 | 286,502 | 235,160 | |||||||||||||
Dividends | (60,655) | (60,655) | ||||||||||||||
Purchase of treasury stock | (63,766) | 616 | (64,382) | |||||||||||||
Forfeitures of equity awards, net of issuances | 608 | 624 | (16) | |||||||||||||
Recognition of equity-based compensation | 14,512 | 14,512 | ||||||||||||||
Sale of treasury stock | 615 | 201 | 414 | |||||||||||||
Exercise of stock options | 4,571 | 733 | 3,838 | |||||||||||||
Ending Balance at Dec. 31, 2020 | 3,016,948 | 55,057 | 1,090,450 | 1,891,246 | 318,340 | (338,145) | ||||||||||
Total comprehensive income (loss) | 160,992 | 353,018 | (192,026) | |||||||||||||
Dividends | (67,266) | (67,266) | ||||||||||||||
Purchase of treasury stock | (5,506) | (5,506) | ||||||||||||||
Forfeitures of equity awards, net of issuances | 694 | (4,605) | 5,299 | |||||||||||||
Recognition of equity-based compensation | 20,514 | 20,514 | ||||||||||||||
Sale of treasury stock | 599 | 316 | 283 | |||||||||||||
Exercise of stock options | 18,449 | 3,845 | 14,604 | |||||||||||||
Ending Balance at Dec. 31, 2021 | 3,145,424 | 55,057 | 1,110,520 | 2,176,998 | 126,314 | (323,465) | ||||||||||
Total comprehensive income (loss) | (397,367) | 431,682 | (829,049) | |||||||||||||
Dividends | (72,594) | (72,594) | ||||||||||||||
Purchase of treasury stock | (31,997) | (31,997) | ||||||||||||||
Forfeitures of equity awards, net of issuances | 679 | (6,143) | 6,822 | |||||||||||||
Recognition of equity-based compensation | 20,812 | 20,812 | ||||||||||||||
Sale of treasury stock | 596 | 351 | 245 | |||||||||||||
Exercise of stock options | 1,540 | 409 | 1,131 | |||||||||||||
Ending Balance at Dec. 31, 2022 | $ 2,667,093 | $ 55,057 | $ 1,125,949 | $ 2,536,086 | $ (702,735) | $ (347,264) | ||||||||||
[1]Related to the adoption of ASU No. 2016-13. See Note 2, “New Accounting Pronouncements,” for further detail. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Of Stockholders Equity [Abstract] | |||
Dividends, per share | $ 1.49 | $ 1.38 | $ 1.25 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | |||
Net income | $ 431,682 | $ 353,018 | $ 286,502 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 37,900 | 20,000 | 130,500 |
Net amortization of premiums and discounts from acquisition | 1,340 | 535 | 251 |
Depreciation and amortization | 54,022 | 55,747 | 62,803 |
Amortization of debt issuance costs | 556 | 450 | 131 |
Deferred income tax benefit | (6,308) | (12,724) | (4,836) |
Net decrease (increase) in trading securities and other earning assets | 13,895 | (10,329) | 10,598 |
Gains on investment securities, net | (58,444) | (5,057) | (120,634) |
Gains on sales of assets | (3,063) | (2,666) | (797) |
Amortization of securities premiums, net of discount accretion | 45,184 | 53,467 | 44,302 |
Originations of loans held for sale | (47,639) | (137,337) | (128,123) |
Gains on sales of loans held for sale, net | (1,195) | (5,128) | (3,964) |
Proceeds from sales of loans held for sale | 48,133 | 147,896 | 133,182 |
Equity based compensation | 21,491 | 21,208 | 15,120 |
Changes in: | |||
Accrued income | (58,222) | 4,587 | (15,384) |
Accrued expenses and taxes | (10,995) | (51,740) | 91,693 |
Other assets and liabilities, net | 301,217 | 102,155 | (127,746) |
Net cash provided by operating activities | 769,554 | 534,082 | 373,598 |
Securities held to maturity: | |||
Maturities, calls and principal repayments | 460,413 | 198,783 | 193,629 |
Purchases | (990,648) | (664,661) | (92,141) |
Securities available for sale: | |||
Sales | 0 | 372,644 | 315,890 |
Maturities, calls and principal repayments | 1,114,560 | 1,743,809 | 2,455,185 |
Purchases | (1,205,396) | (5,080,172) | (4,373,394) |
Equity securities with readily determinable fair values: | |||
Sales | 46,379 | 79,013 | |
Maturities, calls and principal repayments | 50,047 | ||
Purchases | (1,085) | (6,376) | (75,177) |
Equity securities without readily determinable fair values: | |||
Sales | 194 | 14 | |
Maturities, calls and principal repayments | 172 | 2,514 | 16,735 |
Purchases | (29,660) | (77,709) | (9,145) |
Payment of low-income housing tax credit (LIHTC) investment commitments | (35,854) | (15,410) | (42,995) |
Net increase in loans | (3,952,154) | (1,117,707) | (2,693,761) |
Net decrease (increase) in fed funds sold and resell agreements | 257,760 | 433,978 | (71,990) |
Net cash activity from acquisitions and divestitures | 548,624 | 18,431 | 24 |
Net (increase) decrease in interest-bearing balances due from other financial institutions | (13,705) | 7,146 | (13,835) |
Purchases of bank premises and equipment | (51,716) | (33,687) | (60,216) |
Proceeds from sales of bank premises and equipment | 6,731 | 3,900 | 8,568 |
Purchases of bank-owned and company-owned life insurance | (100,000) | (100,000) | |
Proceeds from bank-owned and company-owned life insurance death benefit | 1,489 | ||
Net cash used in investing activities | (3,845,385) | (4,235,490) | (4,491,087) |
FINANCING ACTIVITIES | |||
Net (decrease) increase in demand and savings deposits | (3,636,068) | 8,573,130 | 5,798,276 |
Net increase (decrease) in time deposits | 65,497 | (24,454) | (350,269) |
Net (decrease) increase in fed funds purchased and repurchase agreements | (1,016,268) | 922,938 | 418,989 |
Proceeds from short-term debt | 15,000 | ||
Repayment of short-term debt | (15,000) | ||
Proceeds from long-term debt | 110,000 | 200,000 | |
Payment of debt issuance costs | (2,129) | (2,250) | |
Cash dividends paid | (72,030) | (66,750) | (60,281) |
Proceeds from exercise of stock options and sales of treasury shares | 2,136 | 19,048 | 5,186 |
Purchases of treasury stock | (31,997) | (5,506) | (63,766) |
Net cash (used in) provided by financing activities | (4,580,859) | 9,418,406 | 5,945,885 |
(Decrease) increase in cash and cash equivalents | (7,656,690) | 5,716,998 | 1,828,396 |
Cash and cash equivalents at beginning of year | 9,214,564 | 3,497,566 | 1,669,170 |
Cash and cash equivalents at end of year | 1,557,874 | 9,214,564 | 3,497,566 |
Supplemental disclosures: | |||
Income tax payments | 101,952 | 92,584 | 34,068 |
Total interest payments | 196,482 | 47,106 | 84,105 |
Noncash disclosures: | |||
Acquisition of low-income housing tax credit investments | 58,337 | 30,182 | 59,072 |
Commitment to fund low-income housing tax credit investments | 58,337 | $ 30,182 | $ 59,072 |
Transfer of loans to other real estate owned | 12,381 | ||
Transfer of securities from available-for-sale to held-to-maturity | $ 3,823,670 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES UMB Financial Corporation is a bank holding company, which offers a wide range of banking and other financial services to its customers through its branches and offices in the states of Missouri, Kansas, Colorado, Illinois, Oklahoma, Texas, Arizona, Nebraska, Iowa, Pennsylvania, South Dakota, Indiana, Utah, Minnesota, California, Wisconsin, Delaware, and New York. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. These estimates and assumptions also impact reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Following is a summary of the more significant accounting policies to assist the reader in understanding the financial presentation. Consolidation The Company and its wholly owned subsidiaries are included in the Consolidated Financial Statements (references hereinafter to the Company in these Notes to Consolidated Financial Statements include wholly owned subsidiaries). Intercompany accounts and transactions have been eliminated in consolidation. Revenue Recognition Interest on loans and securities is recognized based on rate times the principal amount outstanding. This includes the impact of amortization of premiums and discounts. Interest accrual is discontinued when, in the opinion of management, the likelihood of collection becomes doubtful. Noninterest income is recognized when performance obligations are satisfied. Cash and cash equivalents Cash and cash equivalents include Cash and due from banks and amounts due from the FRB. Cash on hand, cash items in the process of collection, and amounts due from correspondent banks are included in Cash and due from banks. Amounts due from the FRB are interest-bearing for all periods presented and are included in the Interest-bearing due from banks line on the Company’s Consolidated Balance Sheets. This table provides a summary of cash and cash equivalents as presented on the Consolidated Statements of Cash Flows as of December 31, 2022 and 2021 (in thousands) : December 31, 2022 2021 Due from the FRB $ 1,057,192 $ 8,800,743 Cash and due from banks 500,682 413,821 Cash and cash equivalents at end of year $ 1,557,874 $ 9,214,564 Also included in the Interest-bearing due from banks line, but not considered cash and cash equivalents are interest-bearing accounts held at other financial institutions, which totaled $121.7 million and $41.2 million at December 31, 2022 and 2021, respectively. Loans and Loans Held for Sale Loans are classified by the portfolio segments of commercial and industrial, specialty lending, commercial real estate, consumer real estate, consumer, credit cards, and leases and other. A loan is considered to be collateral dependent when management believes it is probable that it will be unable to collect all principal and interest due according to the contractual terms of the loan. If a loan is collateral dependent, the Company records a valuation allowance equal to the carrying amount of the loan in excess of the present value of the estimated future cash flows discounted at the loan’s effective rate, based on the loan’s observable market price or the fair value of the collateral. A loan is accounted for as a troubled debt restructuring when a concession had been granted to a debtor experiencing financial difficulties. The Company’s modifications generally include interest rate adjustments, and amortization and maturity date extensions. These modifications allow the debtor short-term cash relief to allow them to improve their financial condition. Restructured loans are considered to be collateral dependent and are individually evaluated for credit loss as part of the allowance for credit loss analysis. Loans, including those that are considered to be collateral dependent or a troubled debt restructuring, are evaluated regularly by management. Loans are considered delinquent when payment has not been received within 30 days of its contractual due date. The adequacy of the ACL on loans is based on management’s judgment and continuous evaluation of the pertinent factors underlying the credit quality inherent in the loan portfolio. Consideration of quantitative and qualitative factors relevant to each specific segmentation of loans includes lifetime historical loss experience, the impact of the current economic environment, reasonable and supportable forecasts, and detailed analysis of loans determined to be collateral dependent. The actual losses incurred over the lifetime of the portfolio, notwithstanding such considerations, however, could differ from the amounts estimated by management. The Company maintains an allowance for off-balance sheet credit exposures, to address the credit risk to which the Company is exposed via a contractual obligation to extend credit, unless that obligation is unconditionally cancelable by the Company. The allowance for off-balance sheet credit exposure is included in the Accrued expenses and taxes line item in the Consolidated Balance Sheets. In order to maintain the allowance for off-balance sheet items at an appropriate level, a provision to increase or reduce the allowance is included in the Provision for credit losses line item in the Company’s Consolidated Statements of Income. The allowance for off-balance sheet credit exposure is calculated by applying portfolio segment expected credit loss rates to the expected amount to be funded. Loans held for sale are carried at the lower of aggregate cost or market value. Loan fees (net of certain direct loan origination costs) on loans held for sale are deferred until the related loans are sold or repaid. Gains or losses on loan sales are recognized at the time of sale and determined using the specific identification method. Securities Debt securities available for sale principally include U.S. Treasury and Agency securities, GSE mortgage-backed securities, certain securities of state and political subdivisions, corporates, and collateralized loan obligations. Debt securities classified as available for sale are measured at fair value. Unrealized holding gains and losses are excluded from earnings and reported in AOCI until realized. Securities held to maturity are carried at amortized historical cost, net of the allowance for credit losses, based on management’s intention, and the Company’s ability to hold them to maturity. The Company classifies certain U.S. Agency securities, mortgage-backed securities, and securities of state and political subdivisions as held to maturity. Trading securities, acquired for subsequent sale to customers, are carried at fair value. Market adjustments, fees and gains or losses on the sale of trading securities are considered to be a normal part of operations and are included in trading and investment banking income. Securities may be transferred from the available-for-sale classification to the held-to-maturity classification when the Company has the positive intent and ability to hold these securities to maturity. Transfers of securities are made at fair value at the time of transfer. The unrealized holding gain or loss at the time of transfer is retained in AOCI and amortized over the remaining life of the securities, offsetting the related amortization of discount or premium on the transferred securities. No gains or losses are recognized at the time of the transfer. Equity-method investments The Company accounts for certain other investments using equity-method accounting. For equity securities without readily determinable fair values, the Company’s proportionate share of the income or loss is recognized on a one-quarter lag. When transparency in pricing exists, other investments are considered equity securities with readily determinable fair values. Goodwill and Other Intangibles Goodwill is tested for impairment annually and more frequently whenever events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. To test goodwill for impairment, the Company performs a qualitative assessment of each reporting unit. If the Company determines, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not greater than the carrying amount, the quantitative impairment test is not required. Otherwise, the Company compares the fair value of its reporting units to their carrying amounts to determine if an impairment exists and the amount of impairment loss. An impairment loss is measured as the excess of the carrying value of a reporting unit’s goodwill over its fair value. No goodwill impairments were recognized in 2022, 2021, or 2020. Other intangible assets, which relate to core deposits, non-compete agreements, and customer relationships, are amortized over their useful life. Intangible assets are evaluated for impairment when events or circumstances dictate. No intangible asset impairments were recognized in 2022, 2021, or 2020. The Company does not have any indefinite lived intangible assets. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation, which is computed primarily on the straight-line method. Premises are depreciated over 15 to 40 year lives, while equipment is depreciated over lives of 3 to 20 years. Gains and losses from the sale of Premises and equipment are included in Other noninterest income and Other noninterest expense, respectively. Impairment of Long-Lived Assets Long-lived assets, including Premises and equipment, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or group of assets may not be recoverable. The impairment review includes a comparison of future cash flows expected to be generated by the asset or group of assets to their current carrying value. If the carrying value of the asset or group of assets exceeds expected cash flows (undiscounted and without interest charges), an impairment loss is recognized to the extent the carrying value exceeds fair value. No impairments were recognized in 2022, 2021, or 2020. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are measured based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the periods in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The provision for deferred income taxes represents the change in the deferred income tax accounts during the year excluding the tax effect of the change in net unrealized gain (loss) on securities available for sale and certain derivative items. The Company records deferred tax assets to the extent these assets will more likely than not be realized. All available evidence is considered in making such determination, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. A valuation allowance is recorded for the portion of deferred tax assets that are not more-likely-than-not to be realized, and any changes to the valuation allowance are recorded in income tax expense. The Company records the financial statement effects of an income tax position when it is more likely than not, based on the technical merits, that it will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured and recorded as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with a taxing authority. Previously recognized tax positions are derecognized in the first period in which it is no longer more likely than not that the tax position will be sustained. The benefit associated with previously unrecognized tax positions are generally recognized in the first period in which the more-likely-than-not threshold is met at the reporting date, the tax matter is ultimately settled through negotiation or litigation , or when the related statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired. The recognition, derecognition and measurement of tax positions are based on management’s best judgment given the facts, circumstance and information available at the reporting date. The Company recognizes accrued interest related to unrecognized tax benefits in interest expense and penalties in other noninterest expense. Accrued interest and penalties are included within the related liability lines in the Consolidated Balance Sheets. For the year ended December 31, 2022, the Company has recognized an immaterial amount in interest and penalties related to the unrecognized tax benefits. Derivatives The Company records all derivatives on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Currently, five of the Company’s derivatives are designated in qualifying hedging relationships. The remainder of the Company’s derivatives are not designated in qualifying hedging relationships, as the derivatives are not used to manage risks within the Company’s assets or liabilities. All changes in fair value of the Company’s non-designated derivatives and fair value hedges are recognized directly in earnings. Changes in fair value of the Company’s cash flow hedges are recognized in AOCI and are reclassified to earnings when the hedged transaction affects earnings. Per Share Data Basic income per share is computed based on the weighted average number of shares of common stock outstanding during each period. Diluted year-to-date income per share includes the dilutive effect of 406,477, 466,830, and 205,959 shares issuable upon the exercise of stock options, nonvested restricted shares, and nonvested restricted stock units, granted by the Company that were outstanding at December 31, 2022, 2021, and 2020, respectively. Certain options, restricted stock and restricted stock units issued under employee benefit plans were excluded from the computation of diluted earnings per share because they were anti-dilutive. For the years ended December 31, 2022 and 2021, there were no outstanding stock options, restricted stock and restricted stock units excluded from the computation of diluted income per share. Outstanding options, restricted stock and restricted stock units of 198,671 for the year ended December 31, 2020, were excluded from the computation of diluted income per share because their inclusion would have been anti-dilutive. Accounting for Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the fair value of the award on the date of the grant. For stock options, restricted stock, and service-based restricted stock unit awards, the grant date fair value is estimated using either an option-pricing model which is consistent with the terms of the award or an observed market price, if such a price exists. For performance-based restricted stock unit awards, the grant date fair value is based on the quoted price of the Company’s common stock on the grant date less the present value of expected dividends not received during the vesting period. Such cost is generally recognized over the vesting period during which an employee is required to provide service in exchange for the award and, in some cases, when performance metrics are met. The Company accounts for forfeitures of stock-based compensation on an actual basis as they occur. |
NEW ACCOUNTING PRONOUNCEMENTS
NEW ACCOUNTING PRONOUNCEMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Changes And Error Corrections [Abstract] | |
NEW ACCOUNTING PRONOUNCEMENTS | 2. NEW ACCOUNTING PRONOUNCEMENTS Credit Losses In June 2016, the FASB issued ASU 2016-13, “Measurement of Credit Losses on Financial Instruments.” In April and November 2019, the FASB issued implementation amendments to the June 2016 ASU (collectively, the amended guidance). The amended guidance replaced the current incurred loss methodology for recognizing credit losses with a current expected credit loss model, which requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The amended guidance broadened the information that an entity must consider in developing its expected credit loss estimates. Additionally, the updates amended the accounting for credit losses for available-for-sale debt securities and purchased financial assets with a more-than-insignificant amount of credit deterioration since origination. The amended guidance required enhanced disclosures to help investors and other financial statement users better understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of a company’s loan portfolio. The Company adopted the amended guidance on January 1, 2020 using a modified retrospective approach for adoption. Results for the reporting periods beginning after December 31, 2019 are presented under ASC Topic 326, Financial Instruments – Credit Losses , while prior period amounts continue to be presented in accordance with previously applicable GAAP. Upon adoption, the Company recorded a cumulative effect adjustment to the Company’s Consolidated Balance Sheets of $ 9.0 million as an increase to the allowance for credit losses and $ 7.0 million as a reduction to retained earnings, net of deferred tax balances. See Note 3, “Loans and Allowance for Credit Losses” for related disclosures. Troubled Debt Restructurings In March 2022, the FASB issued ASU No. 2022-02, “Financial Instruments – Credit Losses: Troubled Debt Restructurings and Vintage Disclosures.” The ASU eliminates the accounting guidance for troubled debt restructurings (TDR) by creditors and enhances disclosure requirements for certain loan re-financings and restructurings by creditors when a borrower is experiencing financial difficulty. The amendments also add requirements to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases, disclosed by credit-quality indicator and class of financing receivable. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted, including in an interim period. The adoption of this accounting pronouncement will have no impact on the Consolidated Financial Statements aside from additional and revised disclosures. |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES Loan Origination/Risk Management The Company has certain lending policies and procedures in place that are designed to minimize the level of risk within the loan portfolio. Diversification of the loan portfolio manages the risk associated with fluctuations in economic conditions. Authority levels are established for the extension of credit to ensure consistency throughout the Company. It is necessary that policies, processes, and practices implemented to control the risks of individual credit transactions and portfolio segments are sound and adhered to. The Company maintains an independent loan review department that reviews and validates the risk assessment on a continual basis. Management regularly evaluates the results of the loan reviews. The loan review process complements and reinforces the risk identification and assessment decisions made by lenders and credit personnel, as well as the Company’s policies and procedures. Commercial and industrial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and prudently expand its business. Commercial loans are made based on the identified cash flows of the borrower and on the underlying collateral provided by the borrower. The cash flows of the borrower, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts from its customers. Specialty lending loans include Asset-based and Factoring loans. Asset-based loans are offered primarily in the form of revolving lines of credit to commercial borrowers that do not generally qualify for traditional bank financing. Asset-based loans are underwritten based primarily upon the value of the collateral pledged to secure the loan, rather than on the borrower’s general financial condition. The Company utilizes pre-loan due diligence techniques, monitoring disciplines, and loan management practices common within the asset-based lending industry to underwrite loans to these borrowers. Factoring loans provide working capital through the purchase and/or financing of accounts receivable to borrowers in the transportation industry and to commercial borrowers that do not generally qualify for traditional bank financing. During the first quarter of 2022, the Company sold its factoring loan portfolio to an alternative financing company. The sale included $ 82.6 million of loans, resulting in a gain of $ 2.4 million. Commercial real estate loans are subject to underwriting standards and processes similar to commercial loans, in addition to those of real estate loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is largely dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. The Company requires that an appraisal of the collateral be made at origination and on an as-needed basis, in conformity with current market conditions and regulatory requirements. The underwriting standards address both owner and non-owner-occupied real estate. Also included in Commercial real estate are Construction loans that are underwritten using feasibility studies, independent appraisal reviews, sensitivity analysis or absorption and lease rates, and financial analysis of the developers and property owners. Construction loans are based upon estimates of costs and value associated with the complete project. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans, sales of developed property or an interim loan commitment from the Company until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their repayment being sensitive to interest rate changes, governmental regulation of real property, economic conditions, and the availability of long-term financing. Consumer real estate loans, including residential real estate and home equity loans, are underwritten based on the borrower’s loan-to-value percentage, collection remedies, and overall credit history. Consumer loans are underwritten based on the borrower’s repayment ability. The Company monitors delinquencies on all of its consumer loans and leases. The underwriting and review practices combined with the relatively small loan amounts that are spread across many individual borrowers, minimizes risk. Consumer loans and leases that are 90 days past due or more are considered non-performing. Credit cards include both commercial and consumer credit cards. Commercial credit cards are generally unsecured and are underwritten with criteria similar to commercial loans, including an analysis of the borrower’s cash flow, available business capital, and overall creditworthiness of the borrower. Consumer credit cards are underwritten based on the borrower’s repayment ability. The Company monitors delinquencies on all of its consumer credit cards and periodically reviews the distribution of credit scores relative to historical periods to monitor credit risk on its consumer credit card loans. Credit risk is a potential loss resulting from nonpayment of either the primary or secondary exposure. Credit risk is mitigated with formal risk management practices and a thorough initial credit-granting process including consistent underwriting standards and approval process. Control factors or techniques to minimize credit risk include knowing the client, understanding total exposure, analyzing the client and debtor’s financial capacity, and monitoring the client’s activities. Credit risk and portions of the portfolio risk are managed through concentration considerations, average risk ratings, and other aggregate characteristics. Loan Aging Analysis The following tables provide a summary of loan classes and an aging of past due loans at December 31, 2022 and 2021 (in thousands): December 31, 2022 30-89 Days Past Due and Accruing Greater than 90 Days Past Due and Accruing Nonaccrual Loans Total Past Due Current Total Loans Loans Commercial and industrial $ 2,456 $ 2 $ 11,356 $ 13,814 $ 9,192,172 $ 9,205,986 Specialty lending — — — — 602,706 602,706 Commercial real estate 2,167 191 2,505 4,863 7,611,223 7,616,086 Consumer real estate 10 — 4,882 4,892 2,718,377 2,723,269 Consumer 613 20 61 694 144,972 145,666 Credit cards 3,529 1,404 441 5,374 426,298 431,672 Leases and other — — 24 24 305,780 305,804 Total loans $ 8,775 $ 1,617 $ 19,269 $ 29,661 $ 21,001,528 $ 21,031,189 December 31, 2021 30-89 Days Past Due and Accruing Greater than 90 Days Past Due and Accruing Nonaccrual Loans Total Past Due Current Total Loans Loans Commercial and industrial $ 2,827 $ 896 $ 82,845 $ 86,568 $ 7,171,552 $ 7,258,120 Specialty lending — — — — 522,362 522,362 Commercial real estate 962 — 4,688 5,650 6,261,894 6,267,544 Consumer real estate 246 489 4,210 4,945 2,315,088 2,320,033 Consumer 105 2 75 182 128,953 129,135 Credit cards 2,369 1,246 457 4,072 387,317 391,389 Leases and other — — 25 25 282,263 282,288 Total loans $ 6,509 $ 2,633 $ 92,300 $ 101,442 $ 17,069,429 $ 17,170,871 The Company sold consumer real estate loans with proceeds of $48.1 million, $147.9 million, and $133.2 million in the secondary market without recourse during the periods ended December 31, 2022, 2021, and 2020, respectively. The Company has ceased the recognition of interest on loans with a carrying value of $19.3 million and $92.3 million at December 31, 2022 and 2021, respectively. Restructured loans totaled $5.2 million and $7.3 million at December 31, 2022 and 2021, respectively. Loans 90 days past due and still accruing interest amounted to $1.6 million and $2.6 million at December 31, 2022 and 2021, respectively. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. There was an insignificant amount of interest reversed related to loans on nonaccrual during 2022 and 2021. Nonaccrual loans with no related allowance for credit losses totaled $16.7 million and $85.9 million at December 31, 2022 and 2021, respectively. The following tables provide the amortized cost of nonaccrual loans with no related allowance for credit losses by loan class at December 31, 2022 and 2021 (in thousands): December 31, 2022 Nonaccrual Loans Amortized Cost of Nonaccrual Loans with no related Allowance Loans Commercial and industrial $ 11,356 $ 9,447 Specialty lending — — Commercial real estate 2,505 2,505 Consumer real estate 4,882 4,226 Consumer 61 61 Credit cards 441 441 Leases and other 24 24 Total loans $ 19,269 $ 16,704 December 31, 2021 Nonaccrual Loans Amortized Cost of Nonaccrual Loans with no related Allowance Loans Commercial and industrial $ 82,845 $ 76,493 Specialty lending — — Commercial real estate 4,688 4,688 Consumer real estate 4,210 4,210 Consumer 75 75 Credit cards 457 457 Leases and other 25 25 Total loans $ 92,300 $ 85,948 Amortized Cost The following tables provide a summary of the amortized cost balance of each of the Company’s loan classes disaggregated by collateral type and origination year as of December 31, 2022 and 2021 (in thousands): December 31, 2022 Amortized Cost - Revolving Loans Amortized Cost - Revolving Loans Converted to Term Loans Loan Segment and Type Amortized Cost Basis by Origination Year - Term Loans 2022 2021 2020 2019 2018 Prior Total Commercial and industrial: Equipment/Accounts Receivable/Inventory $ 2,140,609 $ 1,562,527 $ 642,649 $ 267,444 $ 96,916 $ 86,787 $ 4,223,358 $ 3,926 $ 9,024,216 Agriculture 13,630 5,415 2,046 1,985 396 541 149,266 562 173,841 Overdrafts — — — — — — 7,929 — 7,929 Total Commercial and industrial 2,154,239 1,567,942 644,695 269,429 97,312 87,328 4,380,553 4,488 9,205,986 Specialty lending: Asset-based lending 18,084 55,469 36,040 — — — 493,113 — 602,706 Total Specialty lending 18,084 55,469 36,040 — — — 493,113 — 602,706 Commercial real estate: Owner-occupied 656,860 593,861 388,519 180,786 136,499 167,628 8,685 — 2,132,838 Non-owner-occupied 1,128,978 855,508 568,489 368,203 64,915 229,826 28,679 — 3,244,598 Farmland 94,989 47,092 220,796 24,057 15,963 24,162 121,054 — 548,113 5+ Multi-family 30,920 35,869 68,996 18,978 1,334 5,776 4,908 — 166,781 1-4 Family construction 61,943 15,217 — — — — 19 — 77,179 General construction 628,820 719,437 43,166 15,492 — 395 39,267 — 1,446,577 Total Commercial real estate 2,602,510 2,266,984 1,289,966 607,516 218,711 427,787 202,612 — 7,616,086 Consumer real estate: HELOC 237 — 618 224 654 5,389 339,066 981 347,169 First lien: 1-4 family 628,703 748,362 607,105 173,466 45,907 140,443 12 — 2,343,998 Junior lien: 1-4 family 13,490 8,445 5,107 2,529 940 1,504 87 — 32,102 Total Consumer real estate 642,430 756,807 612,830 176,219 47,501 147,336 339,165 981 2,723,269 Consumer: Revolving line 467 584 — — — — 58,133 1,403 60,587 Auto 9,124 6,543 4,455 2,743 335 159 — — 23,359 Other 26,306 27,751 1,096 876 1,133 591 3,967 — 61,720 Total Consumer 35,897 34,878 5,551 3,619 1,468 750 62,100 1,403 145,666 Credit cards: Consumer — — — — — — 200,348 — 200,348 Commercial — — — — — — 231,324 — 231,324 Total Credit cards — — — — — — 431,672 — 431,672 Leases and other: Leases — — — 712 — 1,224 — — 1,936 Other 125,095 34,282 22,552 32,055 17,764 1,066 71,054 — 303,868 Total Leases and other 125,095 34,282 22,552 32,767 17,764 2,290 71,054 — 305,804 Total loans $ 5,578,255 $ 4,716,362 $ 2,611,634 $ 1,089,550 $ 382,756 $ 665,491 $ 5,980,269 $ 6,872 $ 21,031,189 December 31, 2021 Amortized Cost - Revolving Loans Amortized Cost - Revolving Loans Converted to Term Loans Loan Segment and Type Amortized Cost Basis by Origination Year - Term Loans 2021 2020 2019 2018 2017 Prior Total Commercial and industrial: Equipment/Accounts Receivable/Inventory $ 2,400,110 $ 945,383 $ 356,348 $ 150,892 $ 115,571 $ 131,900 $ 2,984,740 $ 247 $ 7,085,191 Agriculture 12,077 5,884 3,308 640 344 1,143 130,946 — 154,342 Overdrafts — — — — — — 18,587 — 18,587 Total Commercial and industrial 2,412,187 951,267 359,656 151,532 115,915 133,043 3,134,273 247 7,258,120 Specialty lending: Asset-based lending 34,552 49,373 — — — — 331,282 — 415,207 Factoring — — — — — — 107,155 — 107,155 Total Specialty lending 34,552 49,373 — — — — 438,437 — 522,362 Commercial real estate: Owner-occupied 680,135 519,448 226,631 177,576 91,539 159,482 11,727 — 1,866,538 Non-owner-occupied 1,058,025 689,167 591,886 162,491 135,100 258,541 10,969 — 2,906,179 Farmland 61,505 273,624 34,145 16,969 19,929 34,858 38,239 999 480,268 5+ Multi-family 58,268 95,024 41,426 1,206 511 6,820 2,057 — 205,312 1-4 Family construction 53,004 4,933 17,333 — — — 985 — 76,255 General construction 439,973 160,553 64,283 38,505 203 256 29,219 — 732,992 Total Commercial real estate 2,350,910 1,742,749 975,704 396,747 247,282 459,957 93,196 999 6,267,544 Consumer real estate: HELOC 248 547 327 574 646 6,363 320,410 2,523 331,638 First lien: 1-4 family 830,513 712,264 200,167 58,734 61,641 102,997 19 — 1,966,335 Junior lien: 1-4 family 9,114 6,299 3,361 1,150 820 1,299 17 — 22,060 Total Consumer real estate 839,875 719,110 203,855 60,458 63,107 110,659 320,446 2,523 2,320,033 Consumer: Revolving line 974 — — — — — 60,049 120 61,143 Auto 9,886 7,775 5,462 1,107 479 220 — — 24,929 Other 31,391 2,041 1,949 1,543 2,542 708 2,889 — 43,063 Total Consumer 42,251 9,816 7,411 2,650 3,021 928 62,938 120 129,135 Credit cards: Consumer — — — — — — 180,296 — 180,296 Commercial — — — — — — 211,093 — 211,093 Total Credit cards — — — — — — 391,389 — 391,389 Leases and other: Leases — — 814 — 739 614 — — 2,167 Other 99,952 44,113 58,164 22,344 5,631 779 49,138 — 280,121 Total Leases and other 99,952 44,113 58,978 22,344 6,370 1,393 49,138 — 282,288 Total loans $ 5,779,727 $ 3,516,428 $ 1,605,604 $ 633,731 $ 435,695 $ 705,980 $ 4,489,817 $ 3,889 $ 17,170,871 Accrued interest on loans totaled $90.6 million and $45.2 million as of December 31, 2022 and 2021, respectively, and is included in the Accrued income line on the Company’s Consolidated Balance Sheets. The total amount of accrued interest is excluded from the amortized cost basis of loans presented above. Further, the Company has elected not to measure an allowance for credit losses for accrued interest receivable. Credit Quality Indicators As part of the on-going monitoring of the credit quality of the Company’s loan portfolio, management tracks certain credit quality indicators including trends related to the risk grading of specified classes of loans, net charge-offs, non-performing loans, and general economic conditions. The Company utilizes a risk grading matrix to assign a rating to each of its commercial, commercial real estate, and construction real estate loans. Changes in credit risk are monitored on a continuous basis and changes in risk ratings are made when identified. The loan ratings are summarized into the following categories: Non-watch list, Watch, Special Mention, Substandard, and Doubtful. Any loan not classified in one of the categories described below is considered to be a Non-watch list loan. A description of the general characteristics of the loan rating categories is as follows: • Watch – This rating represents credit exposure that presents higher than average risk and warrants greater than routine attention by Company personnel due to conditions affecting the borrower, the borrower’s industry, or the economic environment. These conditions have resulted in some degree of uncertainty that results in higher-than-average credit risk. These loans are considered pass-rated credits. • Special Mention – This rating reflects a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or the borrower’s credit position at some future date. The rating is not adversely classified and does not expose an institution to sufficient risk to warrant adverse classification. • Substandard – This rating represents an asset inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. Loans in this category are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified as substandard. • Doubtful – This rating represents an asset that has all the weaknesses inherent in an asset classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors, which may work to the advantage of strengthening the asset, its classification as an estimated loss is deferred until its more exact status may be determined. Pending factors include proposed merger, acquisition, liquidation procedures, capital injection, or perfecting liens. Commercial and industrial A discussion of the credit quality indicators that impact each type of collateral securing Commercial and industrial loans is included below: Equipment, accounts receivable, and inventory General commercial and industrial loans are secured by working capital assets and non-real estate assets. The general purpose of these loans is for financing capital expenditures and current operations for commercial and industrial entities. These assets are short-term in nature. In the case of accounts receivable and inventories, the repayment of debt is reliant upon converting assets into cash or through goods and services being sold and collected. Collateral-based risk is due to aged short-term assets, which can be indicative of underlying issues with the borrower and lead to the value of the collateral being overstated. Agriculture Agricultural loans are secured by non-real estate agricultural assets. These include shorter-term assets such as equipment, crops, and livestock. The risks associated with loans to finance crops or livestock include the borrower’s ability to successfully raise and market the commodity. Adverse weather conditions and other natural perils can dramatically affect farmers’ or ranchers’ production and ability to service debt. Volatile commodity prices present another significant risk for agriculture borrowers. Market price volatility and production cost volatility can affect both revenues and expenses. Overdrafts Commercial overdrafts are typically short-term and unsecured. Some commercial borrowers tie their overdraft obligation to their line of credit, so any draw on the line of credit will satisfy the overdraft. Based on the factors noted above for each type of collateral, the Company assigns risk ratings to borrowers based on their most recently assessed financial position. The following tables provide a summary of the amortized cost balance by collateral type and risk rating as of December 31, 2022 and 2021 (in thousands): December 31, 2022 Amortized Cost - Revolving Loans Amortized Cost - Revolving Loans Converted to Term Loans Risk by Collateral Amortized Cost Basis by Origination Year - Term Loans 2022 2021 2020 2019 2018 Prior Total Equipment/Accounts Receivable/Inventory Non-watch list – Pass $ 2,079,002 $ 1,466,120 $ 588,562 $ 246,387 $ 90,656 $ 83,054 $ 3,879,709 $ 3,633 $ 8,437,123 Watch – Pass 28,570 78,523 52,696 7,493 3,617 2,275 213,871 — 387,045 Special Mention 4,072 5,637 1,178 — 1,817 899 34,631 — 48,234 Substandard 26,698 12,247 213 13,564 826 559 92,352 293 146,752 Doubtful 2,267 — — — — — 2,795 — 5,062 Total Equipment/Accounts Receivable/Inventory $ 2,140,609 $ 1,562,527 $ 642,649 $ 267,444 $ 96,916 $ 86,787 $ 4,223,358 $ 3,926 $ 9,024,216 Agriculture Non-watch list – Pass $ 12,252 $ 5,351 $ 1,693 $ 1,985 $ 396 $ 541 $ 137,759 $ — $ 159,977 Watch – Pass 550 — 206 — — — 8,512 562 9,830 Special Mention 828 64 147 — — — 1,539 — 2,578 Substandard — — — — — — 1,456 — 1,456 Doubtful — — — — — — — — — Total Agriculture $ 13,630 $ 5,415 $ 2,046 $ 1,985 $ 396 $ 541 $ 149,266 $ 562 $ 173,841 December 31, 2021 Amortized Cost - Revolving Loans Amortized Cost - Revolving Loans Converted to Term Loans Risk by Collateral Amortized Cost Basis by Origination Year - Term Loans 2021 2020 2019 2018 2017 Prior Total Equipment/Accounts Receivable/Inventory Non-watch list – Pass $ 2,299,784 $ 874,786 $ 325,630 $ 141,667 $ 106,141 $ 130,153 $ 2,750,764 $ 247 $ 6,629,172 Watch – Pass 68,322 34,324 25,572 5,056 1,794 698 106,177 — 241,943 Special Mention 5,886 — 2,600 592 1,742 997 41,209 — 53,026 Substandard 25,466 3,023 2,546 3,577 1,202 52 45,053 — 80,919 Doubtful 652 33,250 — — 4,692 — 41,537 — 80,131 Total Equipment/Accounts Receivable/Inventory $ 2,400,110 $ 945,383 $ 356,348 $ 150,892 $ 115,571 $ 131,900 $ 2,984,740 $ 247 $ 7,085,191 Agriculture Non-watch list – Pass $ 11,512 $ 5,394 $ 2,608 $ 212 $ 344 $ 1,143 $ 100,630 $ — $ 121,843 Watch – Pass 500 222 328 428 — — 6,532 — 8,010 Special Mention — — 372 — — — 1,361 — 1,733 Substandard 65 268 — — — — 22,423 — 22,756 Doubtful — — — — — — — — — Total Agriculture $ 12,077 $ 5,884 $ 3,308 $ 640 $ 344 $ 1,143 $ 130,946 $ — $ 154,342 Specialty lending A discussion of the credit quality indicators that impact each type of collateral securing Specialty loans is included below: Asset-based lending General asset-based loans are secured by accounts receivable, inventory, equipment, and real estate. The purpose of these loans is for financing current operations for commercial customers. The repayment of debt is reliant upon collection of the accounts receivable within 30 to 90 days or converting assets into cash or through goods and services being sold and collected. The Company tracks each individual borrower credit risk based on their loan to collateral position. Any borrower position where the underlying value of collateral is below the fair value of the loan is considered out-of-margin and inherently higher risk. Factoring During the first quarter of 2022, the Company sold its factoring loan portfolio to an alternative financing company. Prior to the sale of this portfolio, factoring loans were secured by accounts receivable. The purpose of these loans was for financing current operations for trucking or other commercial customers. The repayment of debt was reliant upon collection of the accounts receivable within 30 to 90 days. The Company tracked each individual borrower’s credit risk based on their loan to collateral position. To assess credit risk, the portfolio was separated into two tiers and a specifically impaired category. Tier 1 were loans that had not experienced collateral coverage rates falling below an internally tracked threshold at any time during their relationship history. The internal threshold was lower than each customers’ actual contractual collateral coverage ratio. Tier 2 were loans that had experienced collateral coverage rates falling below the same internally tracked threshold during their relationship history. Loans individually evaluated were loans that had either experienced collateral coverage rates falling below an internally tracked threshold during their relationship history or had balances that were greater than an internally tracked threshold. Individually evaluated loans utilized a practical expedient for the purpose of determining the expected credit loss. Collateral dependent assets were loans placed on non-accrual and loans considered to be TDRs. The combination of these categories created an associated allowance to this portfolio of $1.0 million as of December 31, 2021. The following table provides a summary of the amortized cost balance by risk rating for asset-based loans as of December 31, 2022 and 2021 (in thousands): Asset-based lending Risk December 31, 2022 December 31, 2021 In-margin $ 602,706 $ 409,844 Out-of-margin — 5,363 Total $ 602,706 $ 415,207 The following table provides a summary of the amortized cost balance by risk rating for factoring loans as of December 31, 2021 (in thousands): Factoring Risk December 31, 2021 Tier 1 $ 9,433 Tier 2 65,149 Evaluated for impairment 32,573 Collateral dependent assets — Total $ 107,155 Commercial real estate A discussion of the credit quality indicators that impact each type of collateral securing Commercial real estate loans is included below: Owner-occupied Owner-occupied loans are secured by commercial real estate. These loans are often longer tenured and susceptible to multiple economic cycles. The loans rely on the owner-occupied operations to service debt which cover a broad spectrum of industries. Real estate debt can carry a significant amount of leverage for a borrower to maintain. Non-owner-occupied Non-owner-occupied loans are secured by commercial real estate. These loans are often longer tenured and susceptible to multiple economic cycles. The key element of risk in this type of lending is the cyclical nature of real estate markets. Although national conditions affect the overall real estate industry, the effect of national conditions on local markets is equally important. Factors such as unemployment rates, consumer demand, household formation, and the level of economic activity can vary widely from state to state and among metropolitan areas. In addition to geographic considerations, markets can be defined by property type. While all sectors are influenced by economic conditions, some sectors are more sensitive to certain economic factors than others. Farmland Farmland loans are secured by real estate used for agricultural purposes such as crop and livestock production. Assets used as collateral are long-term assets that carry the ability to have longer amortizations and maturities. Longer terms carry the risk of added susceptibility to market conditions. The limited purpose of some Agriculture-related collateral affects credit risk because such collateral may have limited or no other uses to support values when loan repayment problems emerge. 5+ Multi-family 5+ multi-family loans are secured by a multi-family residential property. The primary risks associated with this type of collateral are largely driven by economic conditions. The national and local market conditions can change with unemployment rates or competing supply of multi-family housing. Tenants may not be able to afford their housing or have better options and this can result in increased vacancy. Rents may need to be lowered to fill apartment units. Increased vacancy and lower rental rates not only drive the borrower’s ability to repay debt but also contribute to how the collateral is valued. 1-4 Family construction 1-4 family construction loans are secured by 1-4 family residential real estate and are in the process of construction or improvements being made. The predominant risk inherent to this portfolio is the risk associated with a borrower’s ability to successfully complete a project on time and within budget. Market conditions also play an important role in understanding the risk profile. Risk from adverse changes in market conditions from the start of development to completion can result in deflated collateral values. General construction General construction loans are secured by commercial real estate in process of construction or improvements being made and their repayment is dependent on the collateral’s completion. Construction lending presents unique risks not encountered in term financing of existing real estate. The predominant risk inherent to this portfolio is the risk associated with a borrower’s ability to successfully complete a project on time and within budget. Commercial properties under construction are susceptible to market and economic conditions. Demand from prospective customers may erode after construction begins because of a general economic slowdown or an increase in the supply of competing properties. Based on the factors noted above for each type of collateral, the Company assigns risk ratings to borrowers based on their most recently assessed financial position. The following tables provide a summary of the amortized cost balance by collateral type and risk rating as of December 31, 2022 and 2021 December 31, 2022 Amortized Cost - Revolving Loans Amortized Cost - Revolving Loans Converted to Term Loans Risk by Collateral Amortized Cost Basis by Origination Year - Term Loans 2022 2021 2020 2019 2018 Prior Total Owner-occupied Non-watch list – Pass $ 628,858 $ 559,067 $ 364,760 $ 149,183 $ 133,339 $ 162,412 $ 7,850 $ — $ 2,005,469 Watch – Pass 19,405 32,581 17,061 9,785 2,664 2,121 — — 83,617 Special Mention 5,435 2,213 5,120 18,946 — — 835 — 32,549 Substandard 3,162 — 1,578 2,872 496 3,095 — — 11,203 Doubtful — — — — — — — — — Total Owner-occupied $ 656,860 $ 593,861 $ 388,519 $ 180,786 $ 136,499 $ 167,628 $ 8,685 $ — $ 2,132,838 Non-owner-occupied Non-watch list – Pass $ 1,075,444 $ 810,926 $ 568,489 $ 356,896 $ 64,915 $ 214,635 $ 28,679 $ — $ 3,119,984 Watch – Pass 53,534 44,582 — 11,307 — 5,071 — — 114,494 Special Mention — — — — — 10,109 — — 10,109 Substandard — — — — — — — — — Doubtful — — — — — 11 — — 11 Total Non-owner-occupied $ 1,128,978 $ 855,508 $ 568,489 $ 368,203 $ 64,915 $ 229,826 $ 28,679 $ — $ 3,244,598 Farmland Non-watch list – Pass $ 62,357 $ 36,698 $ 218,704 $ 17,563 $ 2,830 $ 20,285 $ 113,385 $ — $ 471,822 Watch – Pass 20,327 6,454 1,055 101 — 2,559 395 — 30,891 Special Mention 5,505 — 1,001 — — — — — 6,506 Substandard 6,800 3,940 36 6,393 13,133 1,318 7,274 — 38,894 Doubtful — — — — — — — — — Total Farmland $ 94,989 $ 47,092 $ 220,796 $ 24,057 $ 15,963 $ 24,162 $ 121,054 $ — $ 548,113 5+ Multi-family Non-watch list – Pass $ 30,920 $ 35,869 $ 68,996 $ 18,978 $ 1,334 $ 5,776 $ 4,908 $ — $ 166,781 Watch – Pass — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total 5+ Multi-family $ 30,920 $ 35,869 $ 68,996 $ 18,978 $ 1,334 $ 5,776 $ 4,908 $ — $ 166,781 1-4 Family construction Non-watch list – Pass $ 61,943 $ 15,217 $ — $ — $ — $ — $ 19 $ — $ 77,179 Watch – Pass — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total 1-4 Family construction $ 61,943 $ 15,217 $ — $ — $ — $ — $ 19 $ — $ 77,179 General construction Non-watch list – Pass $ 628,479 $ 699,698 $ 43,166 $ 15,384 $ — $ 380 $ 39,267 $ — $ 1,426,374 Watch – Pass 341 — — 22 — — — — 363 Special Mention — 8,340 — — — — — — 8,340 Substandard — 11,399 — — — 15 — — 11,414 Doubtful — — — 86 — — — — 86 Total General construction $ 628,820 $ 719,437 $ 43,166 $ 15,492 $ — $ 395 $ 39,267 $ — $ 1,446,577 December 31, 2021 Amortized Cost - Revolving Loans Amortized Cost - Revolving Loans Converted to Term Loans Risk by Collateral Amortized Cost Basis by Origination Year - Term Loans 2021 2020 2019 2018 2017 Prior Total Owner-occupied Non-watch list – Pass $ 679,662 $ 507,220 $ 208,376 $ 174,352 $ 89,588 $ 154,920 $ 11,627 $ — $ 1,825,745 Watch – Pass 191 10,891 16,493 1,055 1,143 1,572 — — 31,345 Special Mention 93 1,304 — — — — — — 1,397 Substandard 189 33 1,762 2,169 808 2,990 100 — 8,051 Doubtful — — — — — — — — — Total Owner-occupied $ 680,135 $ 519,448 $ 226,631 $ 177,576 $ 91,539 $ 159,482 $ 11,727 $ — $ 1,866,538 Non-owner-occupied Non-watch list – Pass $ 976,097 $ 679,313 $ 536,084 $ 143,243 $ 129,820 $ 219,701 $ 10,969 $ — $ 2,695,227 Watch – Pass 57,052 1,277 55,802 19,248 5,280 2,587 — — 141,246 Special Mention 24,876 8,577 — — — 36,223 — — 69,676 Substandard — — — — — 30 — — 30 Doubtful — — — — — — — — — Total Non-owner-occupied $ 1,058,025 $ 689,167 $ 591,886 $ 162,491 $ 135,100 $ 258,541 $ 10,969 $ — $ 2,906,179 Farmland Non-watch list – Pass $ 40,526 $ 246,955 $ 26,332 $ 2,147 $ 19,199 $ 29,136 $ 28,276 $ — $ 392,571 Watch – Pass 2,263 10,177 — 823 213 4,889 — — 18,36 |
SECURITIES
SECURITIES | 12 Months Ended |
Dec. 31, 2022 | |
Investments Debt And Equity Securities [Abstract] | |
SECURITIES | 4. SECURITIES Securities Available for Sale This table provides detailed information about securities available for sale at December 31, 2022 and 2021 (in thousands): Gross Gross Amortized Unrealized Unrealized Fair 2022 Cost Gains Losses Value U.S. Treasury $ 804,158 $ 58 $ (27,146 ) $ 777,070 U.S. Agencies 178,261 — (6,965 ) 171,296 Mortgage-backed 4,574,905 92 (592,875 ) 3,982,122 State and political subdivisions 1,465,598 1,608 (104,799 ) 1,362,407 Corporates 401,059 — (33,559 ) 367,500 Collateralized loan obligations 353,969 32 (8,049 ) 345,952 Total $ 7,777,950 $ 1,790 $ (773,393 ) $ 7,006,347 Gross Gross Amortized Unrealized Unrealized Fair 2021 Cost Gains Losses Value U.S. Treasury $ 69,551 $ 374 $ (751 ) $ 69,174 U.S. Agencies 121,681 3,252 (1 ) 124,932 Mortgage-backed 7,967,537 93,390 (95,872 ) 7,965,055 State and political subdivisions 3,270,160 161,674 (9,146 ) 3,422,688 Corporates 316,840 2,504 (1,498 ) 317,846 Collateralized loan obligations 76,815 4 — 76,819 Total $ 11,822,584 $ 261,198 $ (107,268 ) $ 11,976,514 The following table presents contractual maturity information for securities available for sale at December 31, 2022 (in thousands): Amortized Fair Cost Value Due in 1 year or less $ 172,698 $ 170,616 Due after 1 year through 5 years 1,677,013 1,612,729 Due after 5 years through 10 years 803,950 759,939 Due after 10 years 549,384 480,941 Total 3,203,045 3,024,225 Mortgage-backed securities 4,574,905 3,982,122 Total securities available for sale $ 7,777,950 $ 7,006,347 Securities may be disposed of before contractual maturities due to sales by the Company or because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. There were no sales of securities available for sale in 2022. Proceeds from the sales of securities available for sale were $372.6 million and $315.9 million for 2021 and 2020, respectively. There were no gross realized gains due to securities transactions in 2022. Securities transactions resulted in gross realized gains of $7.8 million for 2021 and $7.3 million for 2020. There were no gross realized losses in 2022. The gross realized losses were $2 thousand for 2021 and $274 thousand for 2020. There were $10.3 billion and $10.2 billion of securities pledged to secure U.S. Government deposits, other public deposits, certain trust deposits, derivative transactions, and repurchase agreements at December 31, 2022 and December 31, 2021, respectively. There were no securities pledged at the Federal Reserve Discount Window at December 31, 2022. Of the amount pledged at December 31, 2021, securities with a fair value of $171.2 million were pledged at the Federal Reserve Discount Window but were unencumbered as of that date. Accrued interest on securities available for sale totaled $32.1 million and $45.8 million as of December 31, 2022 and 2021, respectively, and is included in the Accrued income line on the Company’s Consolidated Balance Sheets. The total amount of accrued interest is excluded from the amortized cost of available securities presented above. Further, the Company has elected not to measure an ACL for accrued interest receivable. The following table shows the Company’s available-for-sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2022 and 2021 (in thousands): Less than 12 months 12 months or more Total 2022 Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Description of Securities U.S. Treasury 61 $ 688,208 $ (22,731 ) 4 $ 55,314 $ (4,415 ) 65 $ 743,522 $ (27,146 ) U.S. Agencies 27 140,877 (4,734 ) 2 30,419 (2,231 ) 29 171,296 (6,965 ) Mortgage-backed 687 1,415,169 (102,881 ) 205 2,557,035 (489,994 ) 892 3,972,204 (592,875 ) State and political subdivisions 1,744 936,865 (51,427 ) 273 233,679 (53,372 ) 2,017 1,170,544 (104,799 ) Corporates 86 146,615 (8,783 ) 189 216,885 (24,776 ) 275 363,500 (33,559 ) Collateralized loan obligations 41 326,659 (7,820 ) 1 4,785 (229 ) 42 331,444 (8,049 ) Total 2,646 $ 3,654,393 $ (198,376 ) 674 $ 3,098,117 $ (575,017 ) 3,320 $ 6,752,510 $ (773,393 ) Less than 12 months 12 months or more Total 2021 Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Description of Securities U.S. Treasury 4 $ 58,867 $ (751 ) — $ — $ — 4 $ 58,867 $ (751 ) U.S. Agencies 1 11,149 (1 ) — — — 1 11,149 (1 ) Mortgage-backed 344 5,404,968 (87,301 ) 13 233,295 (8,571 ) 357 5,638,263 (95,872 ) State and political subdivisions 357 329,042 (6,969 ) 31 44,939 (2,177 ) 388 373,981 (9,146 ) Corporates 152 193,899 (1,498 ) — — — 152 193,899 (1,498 ) Collateralized loan obligations — — — — — — — — — Total 858 $ 5,997,925 $ (96,520 ) 44 $ 278,234 $ (10,748 ) 902 $ 6,276,159 $ (107,268 ) The unrealized losses in the Company’s investments were caused by changes in interest rates, and not from a decline in credit of the underlying issuers. The U.S. Treasury, U.S. Agency, and GSE mortgage-backed securities are all considered to be agency-backed securities with no risk of loss as they are either explicitly or implicitly guaranteed by the U.S. government. The changes in fair value in the agency-backed portfolios are solely driven by change in interest rates caused by changing economic conditions. The Company has no knowledge of any underlying credit issues and the cash flows underlying the debt securities have not changed and are not expected to be impacted by changes in interest rates. For the State and political subdivision portfolio, the majority of the Company’s holdings are in general obligation bonds, which have a very low historical default rate due to issuers generally having unlimited taxing authority to service the debt. For the State and political, Corporates, and Collateralized loan obligations portfolios, the Company has a robust process for monitoring credit risk, including both pre-purchase and ongoing post-purchase credit reviews and analysis. The Company monitors credit ratings of all bond issuers in these segments and reviews available financial data, including market and sector trends. As of both December 31, 2022 and 2021, there is no ACL related to the Company’s available-for-sale securities as the decline in fair value did not result from credit issues Securities Held to Maturity The following table provides detailed information about securities held to maturity at December 31, 2022 and 2021, respectively (in thousands): 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses Net Carrying Amount U.S. Agency $ 123,091 $ — $ (4,567 ) $ 118,524 $ — $ 123,091 Mortgage-backed 2,965,586 11 (392,530 ) 2,573,067 — 2,965,586 State and political subdivisions 2,772,922 17,618 (201,472 ) 2,589,068 (2,407 ) 2,770,515 Total $ 5,861,599 $ 17,629 $ (598,569 ) $ 5,280,659 $ (2,407 ) $ 5,859,192 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses Net Carrying Amount Mortgage-backed $ 396,134 $ 14 $ (2,431 ) $ 393,717 $ — $ 396,134 State and political subdivisions 1,084,282 3,346 (38,954 ) 1,048,674 (1,940 ) 1,082,342 Total $ 1,480,416 $ 3,360 $ (41,385 ) $ 1,442,391 $ (1,940 ) $ 1,478,476 The following table presents contractual maturity information for securities held to maturity at December 31, 2022 (in thousands): Amortized Fair Cost Value Due in 1 year or less $ 82,196 $ 81,893 Due after 1 year through 5 years 347,137 338,148 Due after 5 years through 10 years 743,395 704,133 Due after 10 years 1,723,285 1,583,418 Total 2,896,013 2,707,592 Mortgage-backed securities 2,965,586 2,573,067 Total securities held to maturity $ 5,861,599 $ 5,280,659 Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. There were no sales of securities held to maturity during 2022, 2021, or 2020. During the year ended December 31, 2022, securities with an amortized cost of $4.1 billion and a fair value of $3.8 billion were transferred from the available-for-sale classification to the held-to-maturity classification as the Company has the positive intent and ability to hold these securities to maturity. The transfers of securities were made at fair value at the time of transfer. The unrealized holding gain or loss at the time of transfer is retained in AOCI and will be amortized over the remaining life of the securities, offsetting the related amortization of discount or premium on the transferred securities. No gains or losses were recognized at the time of the transfers. The amortized cost balance of securities held to maturity in the tables above includes a net unamortized unrealized loss of $247.0 million at December 31, 2022. Accrued interest on securities held to maturity totaled $27.0 million and $5.3 million as of December 31, 2022 and 2021, respectively, and is included in the Accrued income line on the Company’s Consolidated Balance Sheets. The total amount of accrued interest is excluded from the amortized cost of held-to-maturity securities presented above. Further, the Company has elected not to measure an ACL for accrued interest receivable. The following table shows the Company’s held-to-maturity investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2022 and 2021 (in thousands): Less than 12 months 12 months or more Total 2022 Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses U.S. Agency 11 $ 118,524 $ (4,567 ) — $ — $ — 11 $ 118,524 $ (4,567 ) Mortgage-backed 254 2,342,656 (346,611 ) 11 228,079 (45,919 ) 265 2,570,735 (392,530 ) State and political subdivisions 1,403 1,543,692 (177,957 ) 61 617,805 (23,515 ) 1,464 2,161,497 (201,472 ) Total 1,668 $ 4,004,872 $ (529,135 ) 72 $ 845,884 $ (69,434 ) 1,740 $ 4,850,756 $ (598,569 ) Less than 12 months 12 months or more Total 2021 Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Mortgage-backed 12 $ 317,887 $ (2,431 ) — $ — $ — 12 $ 317,887 $ (2,431 ) State and political subdivisions 58 585,153 (12,494 ) 28 217,579 (26,460 ) 86 802,732 (38,954 ) Total 70 $ 903,040 $ (14,925 ) 28 $ 217,579 $ (26,460 ) 98 $ 1,120,619 $ (41,385 ) The unrealized losses in the Company’s held-to-maturity portfolio were caused by changes in the interest rate environment. The U.S. Agency and GSE mortgage-backed securities are considered to be agency-backed securities with no risk of loss as they are either explicitly or implicitly guaranteed by the U.S. government. Therefore, the Company’s expected lifetime loss for these portfolios is zero and there is no ACL recorded for these portfolios. The Company has no knowledge of any underlying credit issues and the cash flows underlying the debt securities have not changed and are not expected to be impacted by changes in interest rates. For the State and political subdivision portfolio, the Company’s holdings are in general obligation bonds as well as private placement bonds, which have very low historical default rates due to issuers generally having unlimited taxing authority to service the debt. The Company has a robust process for monitoring credit risk, including both pre-purchase and ongoing post-purchase credit reviews and analysis. The Company monitors credit ratings of all bond issuers in these segments and reviews available financial data, including market and sector trends. The underlying bonds are evaluated for credit losses in conjunction with management’s estimate of the ACL based on credit rating. The following table shows the amortized cost basis by credit rating of the Company’s held-to-maturity State and political subdivisions bond investments at December 31, 2022 and 2021 (in thousands): Amortized Cost Basis by Credit Rating - HTM Debt Securities 2022 AAA AA A BBB BB CCC-C Total State and political subdivisions: Competitive $ — $ — $ 435,953 $ 618,517 $ 17,120 $ 2,934 $ 1,074,524 Utilities 759,539 824,386 84,293 29,599 581 — 1,698,398 Total state and political subdivisions $ 759,539 $ 824,386 $ 520,246 $ 648,116 $ 17,701 $ 2,934 $ 2,772,922 Amortized Cost Basis by Credit Rating - HTM Debt Securities 2021 A BBB BB CCC-C Total State and political subdivisions: Competitive $ 372,696 $ 605,104 $ 20,678 $ 870 $ 999,348 Utilities 55,096 29,838 — — 84,934 Total state and political subdivisions $ 427,792 $ 634,942 $ 20,678 $ 870 $ 1,084,282 Competitive held-to-maturity securities include not-for-profit enterprises that provide public functions such as housing, higher education, or healthcare, but do so in a competitive environment. It also includes project financings that can have relatively high enterprise risk, such as deals backed by revenues from sports or convention facilities or start-up transportation revenues. Utilities are public enterprises providing essential services with a monopoly or near-monopoly over the service area. This includes environmental utilities (water, sewer, solid waste), power utilities (electric distribution and generation, gas), and transportation utilities (airports, parking, toll roads, mass transit, ports). All held-to-maturity securities were current and not past due at December 31, 2022. The following table presents the aging of past due held-to-maturity securities at December 31, 2021 (in thousands): 2021 30-89 Days Past Due and Accruing Greater than 90 Days Past Due and Accruing Non- Accrual Total Past Due Current Total State and political subdivisions: Competitive $ 7,795 $ — $ — $ 7,795 $ 991,553 $ 999,348 Utilities — — — — 84,934 84,934 Total state and political subdivisions $ 7,795 $ — $ — $ 7,795 $ 1,076,487 $ 1,084,282 Trading Securities The net unrealized loss on trading securities was $26 thousand as of December 31, 2022. The net unrealized gain on trading securities was $2 thousand and $13 thousand as of December 31, 2021, and 2020, respectively. Net unrealized gains and losses are included in trading and investment banking income on the Consolidated Statements of Income. Securities sold not yet purchased totaled $3.5 million and $3.2 million at December 31, 2022 and 2021, respectively, and are classified within the Other liabilities line of the Company’s Consolidated Balance Sheets. Other Securities The table below provides detailed information for Other securities at December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 FRB and FHLB stock $ 41,472 $ 36,222 Equity securities with readily determinable fair values 10,782 64,149 Equity securities without readily determinable fair values 297,504 226,727 Total $ 349,758 $ 327,098 Investment in FRB stock is based on the capital structure of the investing bank, and investment in FHLB stock is mainly tied to the level of borrowings from the FHLB. These holdings are carried at cost. Equity securities with readily determinable fair values are generally traded on an exchange and market prices are readily available. Equity securities without readily determinable fair values include equity investments which are held by a subsidiary qualified as a Small Business Investment Company, as well as investments in low-income housing partnerships within the areas the Company serves. Unrealized gains or losses on equity securities with and without readily determinable fair values are recognized in the Investment securities gains, net line of the Company’s Consolidated Statements of Income. Investment Securities Gains, Net The following table presents the components of Investment securities gains, net for the years ended December 31, 2022, 2021, and 2020 (in thousands): Year Ended December 31, 2022 2021 2020 Investment securities gains, net Available-for-sale debt securities: Gains realized on sales $ — $ 7,819 $ 7,255 Losses realized on sales — (2 ) (274 ) Equity securities with readily determinable fair values: Fair value adjustments, net (8,073 ) (10,881 ) 110,768 Equity securities without readily determinable fair values: Fair value adjustments, net 355 8,121 2,885 Sales 66,162 — — Total investment securities gains, net $ 58,444 $ 5,057 $ 120,634 During 2022, the Company sold the entirety of its Visa Inc. Class B common shares in a cash transaction which resulted in a pre-tax gain of $66.2 million. Prior to the sale, the Visa Inc. Class B shares had no carrying value on the Company’s Consolidated Balance Sheets as the Company had no historical cost basis in the shares. |
SECURITIES PURCHASED UNDER AGRE
SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL | 12 Months Ended |
Dec. 31, 2022 | |
Securities Purchased Under Agreements To Resell [Abstract] | |
SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL | 5. SECURITIES PURCHASED UNDER AGREEMENTS TO RESELL The Company regularly enters into agreements for the purchase of securities with simultaneous agreements to resell (resell agreements). The agreements permit the Company to sell or repledge these securities. Resell agreements were $951.6 million and $1.2 billion at December 31, 2022 and 2021, respectively. The Company obtains possession of collateral with a market value equal to or in excess of the principal amount loaned under resell agreements. |
LOANS TO OFFICERS AND DIRECTORS
LOANS TO OFFICERS AND DIRECTORS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
LOANS TO OFFICERS AND DIRECTORS | 6. LOANS TO OFFICERS AND DIRECTORS Certain executive officers and directors of the Company and the Bank, including companies in which those persons are principal holders of equity securities or are general partners, borrow in the normal course of business from the Bank. All such loans have been made on substantially the same terms, including interest rates and collateral, as those prevailing at the same time for comparable transactions with unrelated parties. In addition, all such loans are current as to repayment terms. For the years 2022 and 2021, an analysis of activity with respect to such aggregate loans to related parties appears below (in thousands): Year Ended December 31, 2022 2021 Balance – beginning of year $ 279,717 $ 165,395 New loans 192,595 176,226 Repayments (109,459 ) (61,780 ) Reduction due to change in reportable loans — (124 ) Balance – end of year $ 362,853 $ 279,717 |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLES | 7. GOODWILL AND OTHER INTANGIBLES Changes in the carrying amount of goodwill for the years ended December 31, 2022 and December 31, 2021 by operating segment are as follows (in thousands): Commercial Banking Institutional Banking Personal Banking Total Balances as of January 1, 2022 $ 59,419 $ 51,332 $ 63,767 $ 174,518 Healthcare savings account business acquisition — 25,160 — 25,160 Branch acquisition 3,694 — 4,013 7,707 Balances as of December 31, 2022 $ 63,113 $ 76,492 $ 67,780 $ 207,385 Balances as of January 1, 2021 $ 59,419 $ 51,332 $ 70,116 $ 180,867 Sale of component of business segment — — (6,349 ) (6,349 ) Balances as of December 31, 2021 $ 59,419 $ 51,332 $ 63,767 $ 174,518 Following are the intangible assets that continue to be subject to amortization as of December 31, 2022 and 2021 (in thousands) : As of December 31, 2022 Core Deposit Intangible Assets Customer Relationships Total Gross carrying amount $ 16,661 $ 114,978 $ 131,639 Accumulated amortization 14,827 38,088 52,915 Net carrying amount $ 1,834 $ 76,890 $ 78,724 As of December 31, 2021 Core Deposit Intangible Assets Customer Relationships Total Gross carrying amount $ 50,059 $ 71,167 $ 121,226 Accumulated amortization 49,623 57,187 106,810 Net carrying amount $ 436 $ 13,980 $ 14,416 On November 18, 2022, the Company acquired a healthcare savings account business, which included $383.0 million of deposits. The purchase resulted in recognition of $25.2 million of goodwill and a $67.0 million customer relationship intangible asset. On March 28, 2022, the Company acquired a bank branch. Included in the branch acquisition were $43.0 million in loans and $226.8 million of deposits. The purchase resulted in recognition of $7.7 million of goodwill and a $2.3 million core deposit intangible asset. On March 31, 2021, the Company sold its membership interests in its PCM and UMB Merchant Banc, LLC subsidiaries, components of its Personal Banking segment. The sale included disposition of $6.3 million of goodwill and $1.9 million of net unamortized customer relationship intangibles. Amortization expense for the years ended December 31, 2022, 2021, and 2020 was $5.0 million, $4.8 million, and $6.5 million, respectively. The following table discloses the estimated amortization expense of intangible assets in future years (in thousands): For the year ending December 31, 2023 $ 8,366 For the year ending December 31, 2024 7,636 For the year ending December 31, 2025 7,429 For the year ending December 31, 2026 6,569 For the year ending December 31, 2027 4,597 |
PREMISES, EQUIPMENT, AND LEASES
PREMISES, EQUIPMENT, AND LEASES | 12 Months Ended |
Dec. 31, 2022 | |
Premises Equipment And Leases [Abstract] | |
PREMISES, EQUIPMENT, AND LEASES | 8 . PREMISES, EQUIPMENT, AND LEASES Premises and equipment consisted of the following (in thousands): December 31, 2022 2021 Land $ 41,368 $ 41,513 Buildings and leasehold improvements 361,346 352,954 Equipment 187,208 181,218 Software 285,833 273,342 Total 875,755 849,027 Accumulated depreciation (371,958 ) (357,503 ) Accumulated amortization (240,148 ) (220,591 ) Premises and equipment, net $ 263,649 $ 270,933 Premises and equipment depreciation and amortization expenses were $46.8 million in 2022, $49.6 million in 2021, and $56.1 million in 2020. The Company primarily has leases of real estate, including buildings, or portions of buildings, used for bank branches or general office operations. These leases have remaining lease terms that range from less than one year to 25 years and most leases include one or more options to renew, with renewal terms that can extend the lease term from one month to 35 years or more. The exercise of lease renewal options is at the Company’s sole discretion. No renewal options were included in the Company’s calculation of its lease liabilities or right of use assets since it is not reasonably certain that the Company will exercise these options. No leases include options to purchase the leased property. The lease agreements do not contain any material residual value guarantees or material restrictive covenants. An insignificant number of leases include variable lease payments that are based on the Consumer Price Index (CPI). For the calculation of the lease liability and right of use asset for these leases, the Company has included lease payments based on CPI as of the effective date of ASC 842. The Company has made the election not to separate lease and non-lease components for existing real estate leases when determining consideration within the lease contract. All of the Company’s lease agreements are classified as operating leases under ASC 842. As of December 31, 2022 and 2021, right-of-use assets of $54.6 million and $57.1 million, respectively, were included as part of Other assets on the Company’s Consolidated Balance Sheets. In addition, lease liabilities of $63.5 million and $64.6 million were included as part of Other liabilities on the Company’s Consolidated Balance Sheets as of December 31, 202 2 and 20 2 1 , respectively . For the year s ended December 31, 202 2, 20 2 1 , and 2020, lease expense of $ 11.9 million , $ million, and $ 12.8 million, respectively, was recognized as part of Occupancy expense on the Company’s Consolidated Statements of Income. For the year s ended December 31, 202 2, 20 2 1 , and 2020, cash payments of $ 12.9 million , $ million, and $ 12.3 million, respectively, were made for leases included in the measurement of lease liabilities and are classified as cash flows from operating activities in the Company’s Consolidated Statements of Cash Flows. For the year s ended December 31, 202 2 and 20 2 1 , leased assets obtained in exchange for new operating lease liabilities were $ 11.3 million and $ 2.4 million, respectively . As of December 31, 202 2 and 20 2 1 , the weighted average remaining lease term s of the Company’s leases w ere 7.0 years and 7.5 years , respectively, and the weighted average discount rate s were 2.96 % and 2.74 %, respectively . As of December 31, 2022, future minimum lease payments under non-cancelable operating leases were as follows (in thousands): 2023 $ 12,278 2024 11,652 2025 10,005 2026 9,326 2027 8,297 Thereafter 19,430 Total lease payments 70,988 Less: Interest 7,516 Present value of lease liabilities $ 63,472 |
BORROWED FUNDS
BORROWED FUNDS | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
BORROWED FUNDS | 9. BORROWED FUNDS The components of the Company's long-term debt are as follows (in thousands): December 31, 2022 2021 Trust Preferred Securities: Marquette Capital Trust I Subordinated Debentures 5.41% due 2036 $ 18,319 $ 17,956 Marquette Capital Trust II Subordinated Debentures 5.41% due 2036 18,863 18,526 Marquette Capital Trust III Subordinated Debentures 6.23% due 2036 7,415 7,286 Marquette Capital Trust IV Subordinated Debentures 6.37% due 2036 29,956 29,445 Subordinated notes 3.70% due 2030, net of issuance costs 198,781 198,331 Subordinated notes 6.25% due 2032, net issuance costs 107,977 — Total long-term debt $ 381,311 $ 271,544 The aggregate contractual repayment of long-term debt of $413.1 million is due after December 31, 2027. The Company assumed long-term debt obligations from the acquisition of Marquette consisting of debt obligations payable to four unconsolidated trusts (Marquette Capital Trust I, Marquette Capital Trust II, Marquette Capital Trust III, and Marquette Capital Trust IV) that previously issued trust preferred securities. These long-term debt obligations had an aggregate contractual balance of $103.1 million and had a carrying value of $74.6 million as of December 31, 2022. Interest rates on trust preferred securities are tied to the three-month January 2036 September 2036 In September 2020 In September 2022 The Company is a member bank of the FHLB of Des Moines. Through this relationship, the Company purchased $10.0 million of FHLB stock and has access to additional liquidity and funding sources through FHLB advances. The Company’s borrowing capacity is dependent upon the amount of collateral the Company places at the FHLB. The Company’s borrowing capacity with the FHLB was $1.9 billion as of December 31, 2022. The Company had no outstanding FHLB advances at FHLB Des Moines as of December 31, 2022. The Company has a revolving line of credit with Wells Fargo Bank, N.A. which allows the Company to borrow up to $30.0 million for general working capital purposes. The interest rate applied to borrowed balances will be at the Company’s option either 1.40% above Term SOFR or 1.75% below the prime rate on the date of an advance. The Company pays 0.4% unused commitment fee for unused portions of the line of credit. The Company currently has no outstanding balance on this line of credit. The Company enters into sales of securities with simultaneous agreements to repurchase (repurchase agreements). The Company utilizes repurchase agreements to facilitate the needs of customers and to facilitate secured short-term funding needs. Repurchase agreements are stated at the amount of cash received in connection with the transaction. The Company monitors collateral levels on a continuous basis and may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with the Company’s safekeeping agents. The amounts received under these agreements represent short-term borrowings. The amount outstanding at December 31, 2022, was $2.2 billion, with accrued interest payable of $1.4 million. The amount outstanding at December 31, 2021, was $3.2 billion, with accrued interest payable of $245 thousand. The carrying amounts and market values of the securities and the related repurchase liabilities and weighted average interest rates of the repurchase liabilities (grouped by maturity of the repurchase agreements) were as follows as of December 31, 2022 and 2021 (in thousands): As of December 31, 2022 Securities Fair Market Value Repurchase Liabilities Weighted Average Interest Rate Maturity of the Repurchase Liabilities 2 to 29 days $ 1,756,837 $ 1,869,186 3.32 % 30 to 90 Days 295,901 290,501 4.59 Total $ 2,052,738 $ 2,159,687 3.49 % As of December 31, 2021 Securities Fair Market Value Repurchase Liabilities Weighted Average Interest Rate Maturity of the Repurchase Liabilities 2 to 29 days $ 2,797,268 $ 2,820,788 0.19 % 30 to 90 Days 414,091 404,800 0.70 Over 90 Days 250 250 0.01 Total $ 3,211,609 $ 3,225,838 0.25 % The table below presents the remaining contractual maturities of repurchase agreements outstanding at December 31, 2022 and 2021, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings (in thousands): As of December 31, 2022 Remaining Contractual Maturities of the Agreements 2-29 days 30-90 days Total Repurchase agreements, secured by: U.S. Treasury $ 33,888 $ — $ 33,888 U.S. Agency 1,835,298 290,501 2,125,799 Total repurchase agreements $ 1,869,186 $ 290,501 $ 2,159,687 As of December 31, 2021 Remaining Contractual Maturities of the Agreements 2-29 days 30-90 days Over 90 Days Total Repurchase agreements, secured by: U.S. Agency $ 2,820,788 $ 404,800 $ 250 $ 3,225,838 Total repurchase agreements $ 2,820,788 $ 404,800 $ 250 $ 3,225,838 |
REGULATORY REQUIREMENTS
REGULATORY REQUIREMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Capital Requirements [Abstract] | |
REGULATORY REQUIREMENTS | 10. REGULATORY REQUIREMENTS Payment of dividends by the Bank to the parent company is subject to various regulatory restrictions. For national banks, the governing regulatory agency must approve the declaration of any dividends generally in excess of the sum of net income for that year and retained net income for the preceding two years. The Bank maintains a reserve balance with the FRB as required by law. During 2022, this amount averaged $2.3 billion, compared to $4.0 billion in 2021. At December 31, 2022, the Company is required to have minimum common equity tier 1, tier 1, and total capital ratios of 4.5%, 6.0% and 8.0%, respectively. The Company’s actual ratios at that date were 10.62%, 10.62% and 12.50%, respectively. The Company is required to have a minimum leverage ratio of 4.0%, and the leverage ratio at December 31, 2022, was 8.43%. As of December 31, 2022, the most recent notification from the OCC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well-capitalized the Bank must maintain total risk-based, tier 1 risk-based, common equity tier 1, and tier 1 leverage ratios of 10.0%, 8.0%, 6.5%, and 5.0%, respectively. There are no conditions or events that have occurred since the receipt of the most recent notification that management believes have changed the Bank’s categorization. In addition, under amendments to the BHCA introduced by the Dodd-Frank Act and commonly known as the Volcker Rule, the Company and its subsidiaries are subject to extensive limits on proprietary trading and on owning or sponsoring hedge funds and private-equity funds. The limits on proprietary trading are largely focused on purchases or sales of financial instruments by a banking entity as principal primarily for the purpose of short-term resale, benefitting from actual or expected short-term price movements, or realizing short-term arbitrage profits. The limits on owning or sponsoring hedge funds and private-equity funds are designed to ensure that banking entities generally maintain only small positions in managed or advised funds and are not exposed to significant losses arising directly or indirectly from them. The Volcker Rule also provides for increased capital charges, quantitative limits, rigorous compliance programs, and other restrictions on permitted proprietary trading and fund activities, including a prohibition on transactions with a covered fund that would constitute a covered transaction under Sections 23A and 23B of the Federal Reserve Act. The fund activities of the Company and its subsidiaries are in conformance with the Volcker Rule. Actual capital amounts as well as required and well-capitalized common equity tier 1, tier 1, total and tier 1 leverage ratios as of December 31, 2022 and 2021 for the Company and the Bank are as follows (in thousands): 2022 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Common Equity Tier 1 Capital: UMB Financial Corporation $ 3,129,030 10.62 % $ 1,325,893 4.50 % $ N/A N/A % UMB Bank, n. a. 3,184,837 10.88 1,317,571 4.50 1,903,158 6.50 Tier 1 Capital: UMB Financial Corporation 3,129,030 10.62 1,767,857 6.00 N/A N/A UMB Bank, n. a. 3,184,837 10.88 1,756,762 6.00 2,342,349 8.00 Total Capital: UMB Financial Corporation 3,682,619 12.50 2,357,142 8.00 N/A N/A UMB Bank, n. a. 3,359,158 11.47 2,342,349 8.00 2,927,936 10.00 Tier 1 Leverage: UMB Financial Corporation 3,129,030 8.43 1,483,953 4.00 N/A N/A UMB Bank, n. a. 3,184,837 8.46 1,506,443 4.00 1,883,054 5.00 2021 Common Equity Tier 1 Capital: UMB Financial Corporation $ 2,885,576 12.05 % $ 1,077,971 4.50 % $ N/A N/A % UMB Bank, n. a. 2,734,377 11.53 1,067,154 4.50 1,541,444 6.50 Tier 1 Capital: UMB Financial Corporation 2,885,576 12.05 1,437,295 6.00 N/A N/A UMB Bank, n. a. 2,734,377 11.53 1,422,872 6.00 1,897,162 8.00 Total Capital: UMB Financial Corporation 3,324,284 13.88 1,916,393 8.00 N/A N/A UMB Bank, n. a. 2,902,996 12.24 1,897,162 8.00 2,371,453 10.00 Tier 1 Leverage: UMB Financial Corporation 2,885,576 7.61 1,517,616 4.00 N/A N/A UMB Bank, n. a. 2,734,377 7.26 1,506,293 4.00 1,882,866 5.00 |
EMPLOYEE BENEFITS
EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
EMPLOYEE BENEFITS | 11. EMPLOYEE BENEFITS The Company has a discretionary noncontributory profit-sharing plan, which features an employee stock ownership plan. This plan is for the benefit of substantially all eligible officers and employees of the Company and its subsidiaries. The Company recognized expense related to such contributions of $2.0 million, $2.5 million, and $2.0 million for the years ended December 31, 2022, 2021, and 2020, respectively. The Company has a qualified 401(k) profit sharing plan that permits participants to make contributions by salary deduction, to which the Company makes matching contributions. The Company recognized expense related to matching contributions of $13.6 million, $11.4 million, and $11.0 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company recognized $20.6 million, $18.6 million, and $10.5 million in expense related to outstanding restricted stock unit grants for the years ended December 31, 2022, 2021 and 2020, respectively. The Company recognized $196 thousand, $1.9 million, and $3.4 million in expense related to outstanding restricted stock grants for the years ended December 31, 2022, 2021, and 2020, respectively. The Company also recognized $40 thousand and $596 thousand in expense related to outstanding stock options for the years ended December 31, 2021 and 2020, respectively. The Company did not recognize any expense related to outstanding stock options for the year ended December 31, 2022. The Company had $18.2 million of unrecognized compensation expense related to outstanding restricted stock unit grants at December 31, 2022. Long-Term Incentive Compensation Plan At the April 26, 2005 shareholders’ meeting, the shareholders of the Company approved the UMB Financial Corporation Long-Term Incentive Compensation Plan (LTIP) which became effective as of January 1, 2005. The LTIP permits the issuance to selected officers of the Company service-based restricted stock grants, performance-based restricted stock grants and non-qualified stock options. Service-based restricted stock grants contain a service requirement. The performance-based restricted grants contain performance and service requirements. The non-qualified stock option grants contain a service requirement. At the April 23, 2013 shareholders’ meeting, the shareholders of the Company approved amendments to the LTIP Plan, including increasing the number of shares of the Company’s stock reserved for issuance under the Plan from 5.25 million shares to 7.44 million shares. Additionally, the shareholders approved increasing the maximum benefits any one eligible employee may receive under the plan during any one fiscal year from $1 million to $2 million taking into account the value of all stock options and restricted stock received. At the April 24, 2018 shareholders’ meeting, the shareholders of the Company approved the UMB Financial Corporation Omnibus Incentive Compensation Plan which became effective as of April 24, 2018 and replaced the LTIP plan. No service-based restricted stock grants, performance-based restricted stock grants or non-qualified stock options have been issued under the LTIP since 2018. The service-based restricted stock grants issued under the LTIP contain a service requirement with varying vesting schedules. The majority of these grants issued in 2016 through 2018 utilized a vesting schedule in which 50% of the shares vest after two years of service, 75% after three years of service and 100% after four years of service. Certain other grants utilized vesting schedules in which the grants vest ratably over the requisite service period or contain a three-year cliff vesting. The dividends on service-based restricted stock grants are treated as two separate transactions. First, cash dividends are paid on the restricted stock. Those cash dividends are then paid to purchase additional shares of restricted stock. Dividends earned as additional shares of restricted stock have the same terms as the associated grant. The dividends paid on the stock are recorded as a reduction to retained earnings, similar to all dividend transactions. The table below discloses the status of the service-based restricted shares during 2022: Number of Shares Weighted Average Grant Date Fair Value Service-Based Restricted Stock Nonvested - December 31, 2021 23,618 $ 72.28 Granted — — Canceled — — Vested (23,618 ) 72.28 Nonvested - December 31, 2022 — $ — Total fair value of shares vested during the years ended December 31, 2022, 2021, and 2020 was $2.5 million, $3.2 million, and $9.2 million, respectively. The non-qualified stock options carry a service requirement and grants issued prior to 2016 vested 50% after three years, 75% after four years and 100% after five years, while grants issued in 2016 through 2018 vested 50% after two years, 75% after three years and 100% after four years. The table below discloses the information relating to non-qualified option activity in 2022 under the LTIP: Number of Shares Weighted Average Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Stock Options Under the LTIP Outstanding - December 31, 2021 171,340 $ 60.19 Granted — — Canceled — — Expired (3,783 ) 56.86 Exercised (29,699 ) 51.84 Outstanding - December 31, 2022 137,858 $ 62.08 3.0 $ 2,955,637 Exercisable - December 31, 2022 137,858 $ 62.08 3.0 $ 2,955,637 There were no options granted during 2022, 2021, or 2020. The total intrinsic value of options exercised during the years ended December 31, 2022, 2021, and 2020, was $1.2 million, $12.9 million and $2.0 million, respectively. As of December 31, 2022, there was no unrecognized compensation cost related to the nonvested options. Cash received from options exercised under all share-based compensation plans was $1.5 million, $18.4 million, and $4.6 million for the years ended December 31, 2022, 2021, and 2020, respectively. The tax benefit realized for stock options exercised was $2.2 million, $2.6 million, and $345 thousand for the years ended December 31, 2022, 2021, and 2020, respectively. The Company has no specific policy to repurchase common shares to mitigate the dilutive impact of options; however, the Company has historically made adequate discretionary repurchases of common shares in an amount that exceeds stock option exercise activity. See a description of the Company’s Repurchase Authorizations in Note 14, “Common Stock and Earnings Per Share,” in the Notes to the Consolidated Financial Statements provided in Item 8 of this report. Omnibus Incentive Compensation Plan At the April 24, 2018 shareholders’ meeting, the shareholders of the Company approved the UMB Financial Corporation Omnibus Incentive Compensation Plan (OICP) which became effective as of April 24, 2018. The OICP permits the issuance to key employees of the Company various types of awards, including stock options, restricted stock and restricted stock units, performance awards and other stock-based awards. Service-based restricted stock unit awards contain a service requirement and the performance-based restricted stock unit awards contain performance and service requirements. The number of shares of the Company’s stock reserved for issuance under the OICP is 5.40 million shares. The service-based restricted stock unit awards are payable in shares of stock and the majority contain a service requirement with a four-year graded vesting schedule in which 50% of the units are vested after two years, 75% are vested after three years, and 100% are vested after four years. Certain other grants contain a service requirement with either a two-year cliff vesting or a three-year graded vesting schedule in which 50% of the units vest after two years of service and the remaining 50% vest after three years of service. The performance-based restricted stock unit awards are payable in shares of stock and contain a service and a performance requirement. The performance requirement is based on two predetermined performance requirements over a three-year The dividends on service-based restricted stock units are treated as two separate transactions. First, cash dividends are paid on the restricted stock units. Those cash dividends are then paid to purchase additional shares of restricted stock units. Dividends earned as additional shares of restricted stock units have the same terms as the associated grant. The dividends paid on the stock are recorded as a reduction to retained earnings, similar to all dividend transactions. Dividends are not paid on performance-based restricted stock units. The table below discloses the status of the service-based restricted stock units during 2022: Number of Units Weighted Average Price Per Unit Service Based Restricted Stock Units Under the OICP Nonvested - December 31, 2021 363,148 $ 70.47 Granted 156,869 98.76 Canceled (27,880 ) 80.54 Vested (112,151 ) 66.32 Nonvested - December 31, 2022 379,986 $ 82.64 As of December 31, 2022, there was $14.5 million of unrecognized compensation cost related to the nonvested service-based restricted stock units. The cost is expected to be recognized over a period of 2.5 years. Total fair value of units vested during the years ended December 31, 2022, 2021, and 2020 was $11.4 million, $6.7 million, and The table below discloses the status of the performance-based restricted stock units during 2022: Number of Units Weighted Average Price Per Unit Performance Based Restricted Stock Units Under the OICP Nonvested - December 31, 2021 165,822 $ 64.08 Granted 48,416 93.43 Canceled (1,375 ) 65.02 Vested (71,461 ) 60.35 Performance based adjustment 23,708 60.35 Nonvested - December 31, 2022 165,110 $ 64.21 As of December 31, 2022, there was $3.7 million of unrecognized compensation cost related to the nonvested performance-based restricted stock units. The cost is expected to be recognized over a period of 1.7 years. The fair value of units vested during the years ended December 31, 2022 and 2021 was $7.4 million and $2.7 million, respectively. There were no units vested during 2020. |
BUSINESS SEGMENT REPORTING
BUSINESS SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
BUSINESS SEGMENT REPORTING | 12. BUSINESS SEGMENT REPORTING The Company has strategically aligned its operations into the following three reportable segments: Commercial Banking, Institutional Banking, and Personal Banking (collectively, the Business Segments, and each, a Business Segment). The Company’s senior executive officers regularly evaluate Business Segment financial results produced by the Company’s internal reporting system in deciding how to allocate resources and assess performance for individual Business Segments. The Company’s reportable Business Segments include certain corporate overhead, technology and service costs that are allocated based on methodologies that are applied consistently between periods. For comparability purposes, amounts in all periods are based on methodologies in effect at December 31, 2022. Previously reported results have been reclassified in this filing to conform to the current organizational structure. The following summaries provide information about the activities of each segment: Commercial Banking serves the commercial banking and treasury management needs of the Company’s small to middle-market businesses through a variety of products and services. Such services include commercial loans, commercial real estate financing, commercial credit cards, letters of credit, loan syndication services, and consultative services. In addition, the Company’s specialty lending group offers a variety of business solutions including asset-based lending, mezzanine debt and minority equity investments. Treasury management services include depository services, account reconciliation and cash management tools such as, accounts payable and receivable solutions, electronic fund transfer and automated payments, controlled disbursements, lockbox services, and remote deposit capture services. Institutional Banking is a combination of banking services, fund services, asset management services , and healthcare services provided to institutional clients. This segment also provides fixed income sales, trading and underwriting, corporate trust and escrow services, as well as institutional custody . Institutional Banking includes UMB FS , which provides fund administration and accounting, investor services and transfer agency, and other services to mutual fund and alternative investment groups . Healthcare services provides healthcare payment solutions including custodial services for health savings accounts (HSAs) and private label, multipurpose debit cards to insurance carriers, third-party administrators, software companies, employers, and financial institutions. Personal Banking combines consumer banking and wealth management services offered to clients and delivered through personal relationships and the Company’s bank branches, ATM network and internet banking. Products offered include deposit accounts, retail credit cards, private banking, installment loans, home equity lines of credit, and residential mortgages. The range of client services extends from a basic checking account to estate planning and trust services and includes private banking, brokerage services, and insurance services in addition to a full spectrum of investment advisory, trust, and custody services. BUSINESS SEGMENT INFORMATION S egment financial results were as follows (in thousands): Year Ended December 31, 2022 Commercial Banking Institutional Banking Personal Banking Total Net interest income $ 596,031 $ 159,679 $ 158,087 $ 913,797 Provision for credit losses 32,851 495 4,554 37,900 Noninterest income 122,614 323,794 107,825 554,233 Noninterest expense 332,912 320,976 244,231 898,119 Income before taxes 352,882 162,002 17,127 532,011 Income tax expense 66,548 30,551 3,230 100,329 Net income $ 286,334 $ 131,451 $ 13,897 $ 431,682 Average assets $ 17,489,000 $ 13,100,000 $ 6,990,000 $ 37,579,000 Year Ended December 31, 2021 Commercial Banking Institutional Banking Personal Banking Total Net interest income $ 579,992 $ 87,644 $ 147,885 $ 815,521 Provision for credit losses 15,543 630 3,827 20,000 Noninterest income 84,417 273,483 109,275 467,175 Noninterest expense 306,424 292,142 235,070 833,636 Income before taxes 342,442 68,355 18,263 429,060 Income tax expense 60,691 12,113 3,238 76,042 Net income $ 281,751 $ 56,242 $ 15,025 $ 353,018 Average assets $ 15,243,000 $ 12,255,000 $ 7,831,000 $ 35,329,000 Year Ended December 31, 2020 Commercial Banking Institutional Banking Personal Banking Total Net interest income $ 489,501 $ 106,856 $ 134,872 $ 731,229 Provision for credit losses 119,526 882 10,092 130,500 Noninterest income 192,230 254,874 113,062 560,166 Noninterest expense 289,072 286,635 246,298 822,005 Income (loss) before taxes 273,133 74,213 (8,456 ) 338,890 Income tax expense (benefit) 42,223 11,472 (1,307 ) 52,388 Net income (loss) $ 230,910 $ 62,741 $ (7,149 ) $ 286,502 Average assets $ 12,614,000 $ 9,746,000 $ 6,208,000 $ 28,568,000 |
REVENUE RECOGNITION
REVENUE RECOGNITION | 12 Months Ended |
Dec. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
REVENUE RECOGNITION | 13. REVENUE RECOGNITION The following is a description of the principal activities from which the Company generates revenue that are within the scope of ASC 606, Revenue from Contracts with Customers Trust and securities processing – Trust and securities processing income consists of fees earned on personal and corporate trust accounts, custody of securities services, trust investments and wealth management services, and mutual fund and alternative asset servicing. The performance obligations related to this revenue include items such as performing full bond trustee service administration, investment advisory services, custody and record-keeping services, and fund administrative and accounting services. These fees are part of long-term contractual agreements and the performance obligations are satisfied upon completion of service and fees are generally a fixed flat monthly rate or based on a percentage of the account’s market value per the contract with the customer. These fees are primarily recorded within the Company’s Institutional and Personal Banking segments. Trading and investment banking – Trading and investment banking income consists of income earned related to the Company’s trading securities portfolio, including futures hedging, dividends, bond underwriting, and other securities incomes. The vast majority of this revenue is recognized in accordance with ASC 320, , and is out of the scope of ASC 606. A portion of trading and investment banking represents fees earned for management fees, commissions, and underwriting of corporate bond issuances. The performance obligations related to these fees include reviewing the credit worthiness of the customer, ensuring appropriate regulatory approval and participating in due diligence. The fees are fixed per the bond prospectus and the performance obligations are satisfied upon registration approval of the bonds by the applicable regulatory agencies. Revenue is recognized at the point in time upon completion of service and when approval is granted by the regulators. Service charges on deposits – Service charges on deposit accounts represent monthly analysis fees recognized for the services related to customer deposit accounts, including account maintenance and depository transactions processing fees. Commercial Banking and Institutional Banking depository accounts charge fees in accordance with the customer’s pricing schedule while Personal Banking account holders are generally charged a flat service fee per month. Deposit service charges for the healthcare accounts included in the Institutional Banking segment are priced according to either standard pricing schedules with individual account holders or according to service agreements between the Company and employer groups or third-party administrators. The Company satisfies the performance obligation related to providing depository accounts monthly as transactions are processed and deposit service charge revenue is recorded monthly. These fees are recognized within all Business Segments. Insurance fees and commissions – Insurance fees and commissions includes all insurance-related fees earned, including commissions for individual life, variable life, group life, health, group health, fixed annuity, and variable annuity insurance contracts. The performance obligations related to these revenues primarily represent the placement of insurance policies with the insurance company partners. The fees are based on the contracts with insurance company partners and the performance obligations are satisfied when the terms of the policy have been agreed to and the insurance policy becomes effective. Brokerage fees – Brokerage fees represent income earned related to providing brokerage transaction services, including commissions on equity and commodity trades, and fees for investment management, advisory and administration. The performance obligations related to transaction services are executing the specified trade and are priced according to the customer’s fee schedule. Such income is recognized at a point in time as the trade occurs and the performance obligation is fulfilled. The performance obligations related to investment management, advisory and administration include allocating customer assets across a wide range of mutual funds and other investments, on-going account monitoring and re-balancing of the portfolio. These performance obligations are satisfied over time and the related revenue is calculated monthly based on the assets under management of each customer. All material performance obligations are satisfied as of the end of each accounting period. Bankcard fees – Bankcard fees primarily represent income earned from interchange revenue from MasterCard and Visa for the Company’s processing of debit, credit, HSA, and flexible spending account transactions. Additionally, the Company earns income and incentives related to various referrals of customers to card programs. The performance obligation for interchange revenue is the processing of each transaction through the Company’s access to the banking system. This performance obligation is completed for each individual transaction and income is recognized per transaction in accordance with interchange rates established by MasterCard and Visa. The performance obligations for various referral and incentive programs include either referring customers to certain card products or issuing exclusively branded cards for certain customer segments. The pricing of these incentive and referral programs are in accordance with the agreement with the individual card partner. These performance obligations are completed as the referrals are made or over a period of time when the Company is exclusively issuing branded cards. For the years ended December 31, 20 2 2 , 20 2 1 and 20 20 , the Company also has approximately $ 34.5 million, $ million, and $ million of expense, respectively, recorded within the Bankcard fees line on the Company’s Consolidated Statements of Income related to rebates and rewards programs that are outside of the scope of ASC 606. All material performance obligations are satisfied as of the end of each accounting period. Investment securities gains, net – In the regular course of business, the Company recognizes gains on the sale of available-for-sale securities. Additionally, the Company recognizes gains and losses on equity securities with readily determinable fair values and equity securities without readily determinable fair values. These gains and losses are recognized in accordance with ASC 320, , and are outside of the scope of ASC 606. Other income – The Company recognizes other miscellaneous income through a variety of other revenue streams, the most material of which include letter of credit fees, certain loan origination fees, gains on the sale of assets, derivative income, and bank-owned and company-owned life insurance income. These revenue streams are outside of the scope of ASC 606 and are recognized in accordance with the applicable U.S. GAAP. The remainder of Other income is primarily earned through transactions with personal banking customers, including wire transfer service charges, stop payment charges, and fees for items like money orders and cashier’s checks. The performance obligations of these types of fees are satisfied as transactions are completed and revenue is recognized upon transaction execution according to established fee schedules with the customers. The Company had no material contract assets, contract liabilities, or remaining performance obligations as of December 31, 2022 or 2021. Total receivables from revenue recognized under the scope of ASC 606 were $76.1 million and $73.6 million as of December 31, 2022 and December 31, 2021, respectively. These receivables are included as part of the Other assets line on the Company’s Consolidated Balance Sheets. The following tables depict the disaggregation of revenue according to revenue stream and Business Segment for the three years ended December 31, 2022, 2021, and 2020. As stated in Note 12, “Business Segment Reporting,” for comparability purposes, amounts in all periods are based on methodologies in effect at December 31, 2022 and previously reported results have been reclassified in this filing to conform to the current organizational structure. Disaggregated revenue is as follows (in thousands): Year Ended December 31, 2022 NONINTEREST INCOME Commercial Banking Institutional Banking Personal Banking Revenue (Expense) out of Scope of ASC 606 Total Trust and securities processing $ — $ 183,724 $ 53,483 $ — $ 237,207 Trading and investment banking — 319 — 22,882 23,201 Service charges on deposit accounts 34,399 43,054 7,543 171 85,167 Insurance fees and commissions — — 1,338 — 1,338 Brokerage fees 230 35,141 7,648 — 43,019 Bankcard fees 61,939 21,998 23,049 (33,535 ) 73,451 Investment securities gains, net — — — 58,444 58,444 Other 810 1,812 2,642 27,142 32,406 Total noninterest income $ 97,378 $ 286,048 $ 95,703 $ 75,104 $ 554,233 Year Ended December 31, 2021 NONINTEREST INCOME Commercial Banking Institutional Banking Personal Banking Revenue (Expense) out of Scope of ASC 606 Total Trust and securities processing $ — $ 164,480 $ 59,646 $ — $ 224,126 Trading and investment banking — 793 — 30,146 30,939 Service charges on deposit accounts 33,350 45,934 6,457 315 86,056 Insurance fees and commissions — — 1,309 — 1,309 Brokerage fees 107 4,069 7,995 — 12,171 Bankcard fees 56,918 19,117 21,779 (33,238 ) 64,576 Investment securities gains, net — — — 5,057 5,057 Other 889 1,634 2,622 37,796 42,941 Total noninterest income $ 91,264 $ 236,027 $ 99,808 $ 40,076 $ 467,175 Year Ended December 31, 2020 NONINTEREST INCOME Commercial Banking Institutional Banking Personal Banking Revenue (Expense) out of Scope of ASC 606 Total Trust and securities processing $ — $ 131,249 $ 63,397 $ — $ 194,646 Trading and investment banking — 755 — 32,190 32,945 Service charges on deposit accounts 30,470 46,611 6,587 211 83,879 Insurance fees and commissions — — 1,369 — 1,369 Brokerage fees 245 16,075 8,030 — 24,350 Bankcard fees 52,257 17,731 19,621 (29,065 ) 60,544 Investment securities gains, net — — — 120,634 120,634 Other 1,135 1,469 2,603 36,592 41,799 Total noninterest income $ 84,107 $ 213,890 $ 101,607 $ 160,562 $ 560,166 |
COMMON STOCK AND EARNINGS PER S
COMMON STOCK AND EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
COMMON STOCK AND EARNINGS PER SHARE | 14. COMMON STOCK AND EARNINGS PER SHARE The following table summarizes the share transactions for the three years ended December 31, 2022 (in thousands, except for share data): Shares Issued Shares in Treasury Balance January 1, 2020 55,056,730 (5,959,124 ) Accelerated Share Repurchase Program — (653,498 ) Purchase of Treasury Stock — (563,830 ) Sale of Treasury Stock — 11,372 Issued for stock options and restricted stock — 114,736 Balance December 31, 2020 55,056,730 (7,050,344 ) Purchase of Treasury Stock — (67,671 ) Sale of Treasury Stock — 6,835 Issued for stock options and restricted stock — 485,255 Balance December 31, 2021 55,056,730 (6,625,925 ) Purchase of Treasury Stock — (341,785 ) Sale of Treasury Stock — 6,487 Issued for stock options and restricted stock — 223,897 Balance December 31, 2022 55,056,730 (6,737,326 ) The Board authorized the repurchase of up to 2 million shares of common stock annually at its 2020, 2021 and 2022 meetings. During 2020, the Company entered into an agreement with BAML to repurchase an aggregate of $ 30.0 million of the Company’s common stock through an accelerated share repurchase agreement ( ASR ) . Under the ASR, the Company repurchased a total of 653,498 shares. The final settlement of the transactions under the ASR occurred in the second quarter of 2020. Other than purchases pursuant to the ASR, all share purchases pursuant to the Repurchase Authorization s are intended to be within the scope of Rule 10b-18 promulgated under the Exchange Act. Rule 10b-18 provides a safe harbor for purchases in a given day if the Company satisfies the manner, timing and volume conditions of the rule when purchasing its own common shares. The Company has not made any repurchase of its securities other than pursuant to the Repurchase Authorizations . Basic earnings per share are computed by dividing income available to common shareholders by the weighted average number of shares outstanding during the year. Diluted earnings per share gives effect to all potential common shares that were outstanding during the year. The shares used in the calculation of basic and diluted earnings per share, are shown below: For the Years Ended December 31, 2022 2021 2020 Weighted average basic common shares outstanding 48,340,922 48,271,462 48,137,791 Dilutive effect of stock options and restricted stock 406,477 466,830 205,959 Weighted average diluted common shares outstanding 48,747,399 48,738,292 48,343,750 |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND GUARANTEES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONTINGENCIES AND GUARANTEES | 15. COMMITMENTS, CONTINGENCIES AND GUARANTEES In the normal course of business, the Company is a party to financial instruments with off-balance-sheet risk in order to meet the financing needs of its customers and to reduce its own exposure to fluctuations in interest rates. These financial instruments include commitments to extend credit, commercial letters of credit, standby letters of credit, and futures contracts. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the Consolidated Balance Sheets. The contract or notional amount of those instruments reflects the extent of involvement the Company has in particular classes of financial instruments. Many of the commitments expire without being drawn upon; therefore, the total amount of these commitments does not necessarily represent the future cash requirements of the Company. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instruments for commitments to extend credit, commercial letters of credit, and standby letters of credit is represented by the contract or notional amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the agreement. These conditions generally include, but are not limited to, each customer being current as to repayment terms of existing loans and no deterioration in the customer’s financial condition. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. The interest rate is generally a variable rate. If the commitment has a fixed interest rate, the rate is generally not set until such time as credit is extended. For credit card customers, the Company has the right to change or terminate terms or conditions of the credit card account at any time. Since a large portion of the commitments and unused credit card lines are never actually drawn upon, the total commitment amount does not necessarily represent future cash requirements. The Company evaluates each customer’s creditworthiness on an individual basis. The amount of collateral obtained, if deemed necessary by the Company upon extension of credit, is based on management’s credit evaluation. Collateral pledged by customers varies but may include accounts receivable, inventory, real estate, plant and equipment, stock, securities and certificates of deposit. Commercial letters of credit are issued specifically to facilitate trade or commerce. Under the terms of a commercial letter of credit, as a general rule, drafts will be drawn when the underlying transaction is consummated as intended. Standby letters of credit are conditional commitments issued by the Company payable upon the non-performance of a customer’s obligation to a third party. The Company issues standby letters of credit for terms ranging from three months to six years. The Company generally requires the customer to pledge collateral to support the letter of credit. The maximum liability to the Company under standby letters of credit at December 31, 20 2 2 and 20 2 1 , was $ 437.0 million and $ million, respectively. As of December 31, 20 2 2 and 20 2 1 , standby letters of credit totaling $ 25.5 million and $ 28.6 million, respectively, were with related parties to the Company. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities. The Company holds collateral supporting those commitments when deemed necessary. Collateral varies but may include such items as those described for commitments to extend credit. Futures contracts are contracts for delayed delivery of securities or money market instruments in which the seller agrees to make delivery at a specified future date, of a specified instrument, at a specified yield. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from movement in securities values and interest rates. Instruments used in trading activities are carried at fair value and gains and losses on futures contracts are settled in cash daily. Any changes in the fair value are recognized in trading and investment banking income. The Company uses contracts to offset interest rate risk on specific securities held in the trading portfolio. As of December 31, 2022 and 2021, there were no notional amounts outstanding for these contracts. There were no open futures contract positions during the years ended December 31, 2022 or 2021. There was no net futures activity for the years ended December 31, 2022, 2021, or 2020. The Company controls the credit risk of its futures contracts through credit approvals, limits and monitoring procedures. The Company also enters into foreign exchange contracts on a limited basis. For operating purposes, the Company maintains certain balances in foreign banks. Foreign exchange contracts are purchased on a monthly basis to avoid foreign exchange risk on these foreign balances. The Company will also enter into foreign exchange contracts to facilitate foreign exchange needs of customers. The Company will enter into a contract to buy or sell a foreign currency at a future date only as part of a contract to sell or buy the foreign currency at the same future date to a customer. During 2022, contracts to purchase and to sell foreign currency averaged approximately $13.8 million compared to $21.4 million during 2021. The net gains on these foreign exchange contracts for 2022, 2021 and 2020 were $3.4 million, $2.6 million and $1.9 million, respectively. With respect to group concentrations of credit risk, most of the Company’s business activity is with customers in the states of Missouri, Kansas, Colorado, Oklahoma, Nebraska, Arizona, Illinois, and Texas. At December 31, 2022, the Company did not have any significant credit concentrations in any particular industry. The following table summarizes the Company’s off-balance sheet financial instruments as described above (in thousands): Contract or Notional Amount December 31, 2022 2021 Commitments to extend credit for loans (excluding credit card loans) $ 12,988,231 $ 10,122,617 Commitments to extend credit under credit card loans 4,008,386 3,743,165 Commercial letters of credit 3,334 2,754 Standby letters of credit 436,965 365,030 Forward contracts 32,552 9,729 Spot foreign exchange contracts 5,112 2,946 Allowance for Credit Losses on Off-Balance Sheet Credit Exposure The Company estimates expected credit losses over the contractual period in which the Company is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancelable by the Company. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The estimate is based on expected utilization rates by portfolio segment. Utilization rates are influenced by historical trends and current conditions. The expected utilization rates are applied to the total commitment to determine the expected amount to be funded. The allowance for off-balance sheet credit exposure is calculated by applying portfolio segment expected credit loss rates to the expected amount to be funded. The following categories of off-balance sheet credit exposures have been identified: Revolving Lines of Credit: includes commercial, construction, agricultural, personal, and home-equity. Risk inherent to revolving lines of credit often are related to the susceptibility of an individual or business experiencing unpredictable cash flow or financial troubles, thus leading to payment default. During these financial troubles, the borrower could have less than desirable assets collateralizing the revolving line of credit. The financial strain the borrower is experiencing could lead to drawing against the line without the ability to pay the line down. Non-Revolving Lines of Credit: include commercial and personal. Lines that do not carry a revolving feature are generally associated with a specific expenditure or project, such as to purchase equipment or the construction of real estate. The predominate risk associated with non-revolving lines is the diversion of funds for other expenditures. If the funds get diverted, the contributory value to collateral suffers. Letters of Credit: includes standby letters of credit. Generally, a standby letter of credit is established to provide assurance to the beneficiary that the applicant will perform certain obligations arising out of a separate transaction between the beneficiary and the applicant. These obligations might be the performance of a service or delivery of a product. If the obligations are not met, it gives the beneficiary the right to draw on the letter of credit. The ACL for off-balance sheet credit exposures was $3.1 million and $2.6 million as of December 31, 2022 and 2021, respectively, and was recorded in the Accrued expenses and taxes line of the Company’s Consolidated Balance Sheets. Provision of $500 thousand was recorded for off-balance sheet credit exposures for the year ended December 31, 2022. A reduction of $3.0 million of provision for off-balance sheet credit exposures was recorded for the year ended December 31, 2021. Provision for off-balance sheet credit exposures is recorded in the Provision for credit losses line of the Company’s Consolidated Statements of Income. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | 16. INCOME TAXES Income taxes as set forth below produce effective income tax rates of 18.9% in 2022, 17.7% in 2021, and 15.5% in 2020. These percentages are computed by dividing Income tax expense by Income before income taxes. Income tax expense includes the following components (in thousands): Year Ended December 31, 2022 2021 2020 Current tax Federal $ 92,673 $ 72,410 $ 49,053 State 13,964 16,356 8,171 Total current tax expense 106,637 88,766 57,224 Deferred tax Federal (3,998 ) (9,872 ) (4,045 ) State (2,310 ) (2,852 ) (791 ) Total deferred tax benefit (6,308 ) (12,724 ) (4,836 ) Total tax expense $ 100,329 $ 76,042 $ 52,388 The reconciliation between the income tax expense and the amount computed by applying the statutory federal tax rate of 21% for income before income taxes is as follows (in thousands): Year Ended December 31, 2022 2021 2020 Statutory federal income tax expense $ 111,722 $ 90,103 $ 71,167 Tax-exempt interest income (20,206 ) (20,635 ) (20,914 ) Tax-exempt life insurance related income (723 ) (2,631 ) (3,420 ) Meals, entertainment and related expenses 854 580 924 State and local income taxes, net of federal tax benefits 9,207 10,659 5,835 Equity-based compensation (1,921 ) (1,889 ) (299 ) Federal tax credits, net of amortization of LIHTC investments (3,748 ) (2,634 ) (1,772 ) Other 5,144 2,489 867 Total tax expense $ 100,329 $ 76,042 $ 52,388 In preparing its tax returns, the Company is required to interpret tax laws and regulations to determine its taxable income. Periodically, the Company is subject to examinations by various taxing authorities that may give rise to differing interpretations of these laws. Upon examination, agreement of tax liabilities between the Company and the multiple tax jurisdictions in which the Company files tax returns may ultimately be different. During 2022, the Internal Revenue Service closed the examination of tax years 2014 and 2015 with no changes to the tax returns as filed. The Company is in the examination process with two state tax authorities for tax years 2018, 2019, and 2020. The Company believes the aggregate amount of any additional liabilities that may result from these examinations, if any, will not have a material adverse effect on the financial condition, results of operations, or cash flows of the Company. Deferred income taxes result from differences between the carrying value of assets and liabilities measured for financial reporting and the tax basis of assets and liabilities for income tax return purposes. The significant components of deferred tax assets and liabilities are reflected in the following table (in thousands): December 31, 2022 2021 Deferred tax assets: Net unrealized loss on securities available for sale $ 248,001 $ — Loans, principally due to allowance for credit losses 43,129 45,029 Equity-based compensation 7,743 6,493 Accrued expenses 25,007 23,032 Deferred compensation 15,375 16,320 Miscellaneous 2,289 5,515 Total deferred tax assets before valuation allowance 341,544 96,389 Valuation allowance (180 ) (1,335 ) Total deferred tax assets 341,364 95,054 Deferred tax liabilities: Net unrealized gain on securities available for sale — (35,447 ) Net unrealized gain on fair value hedges (18,617 ) (1,336 ) Securities (87 ) (788 ) Land, buildings and equipment (33,036 ) (37,370 ) Original issue discount (992 ) (1,486 ) Prepaid expenses (5,862 ) (4,359 ) Partnership investments (6,737 ) (5,627 ) Trust preferred securities (6,912 ) (7,250 ) Intangibles (17,225 ) (20,067 ) Miscellaneous (3,471 ) (3,426 ) Total deferred tax liabilities (92,939 ) (117,156 ) Net deferred tax asset (liability) $ 248,425 $ (22,102 ) As of December 31, 2022, state net operating loss carryforwards of approximately $544 thousand are included in the miscellaneous deferred tax assets line item above. These deferred tax assets include approximately $16.5 million related to net operating losses that can be used to offset taxable income in future periods and reduce our income taxes payable in those future periods. Most of these net operating losses expire at various times between 2023 and 2041 and some have an indefinite carryforward. During the year ended December 31, 2022, the Company released a portion of the state valuation allowance of $1.2 million, due to positive evidence outweighing negative evidence, specifically no longer being in a cumulative loss position in certain jurisdictions. As of December 31, 2022 and 2021, the Company had a valuation allowance of $13 thousand and $514 thousand, respectively, for certain state net operating losses as they are not expected to be realized. In addition, as of December 31, 2022 and 2021, the Company had a valuation allowance of $167 thousand and $821 thousand, respectively, to reduce certain other state deferred tax assets to the amount of tax benefit management believes will be more likely than not realized. The net deferred tax asset at December 31, 2022 is included in the Other assets line of the Company’s Consolidated Balance Sheets while the net deferred tax liability at December 31, 2021 is included in the Accrued expenses and taxes line of the Company’s Consolidated Balance Sheets. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction and various states. With few exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by tax authorities for tax years prior to 2017 in the jurisdictions in which it files. Liabilities Associated With Unrecognized Tax Benefits The gross amount of unrecognized tax benefits totaled $9.4 million and $8.8 million at December 31, 2022 and 2021, respectively. The total amount of unrecognized tax benefits, net of associated deferred tax benefit, that would impact the effective tax rate, if recognized, would be $7.4 million and $7.0 million at December 31, 2022 and December 31, 2021, respectively. The unrecognized tax benefits relate to state tax positions that have a corresponding federal tax benefit. While it is expected that the amount of unrecognized tax benefits will change in the next twelve months, the Company does not expect this change to have a material impact on the financial condition, results of operations, or cash flows of the Company. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): December 31, 2022 2021 Unrecognized tax benefits - opening balance $ 8,798 $ 6,717 Gross increases - tax positions in prior period — 291 Gross decreases - tax positions in prior period (63 ) — Gross increases - current-period tax positions 2,621 2,201 Lapse of statute of limitations (1,996 ) (411 ) Unrecognized tax benefits - ending balance $ 9,360 $ 8,798 |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITIES | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | 17. DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s loans and borrowings. The Company also has interest rate derivatives that result from a service provided to certain qualifying customers and, therefore, are not used to manage interest rate risk of the Company’s assets or liabilities. The Company has entered into an offsetting position for each of these derivative instruments with a matching instrument from another financial institution in order to minimize its net risk exposure resulting from such transactions. Fair Values of Derivative Instruments on the Consolidated Balance Sheets The table below presents the fair value of the Company’s derivative financial instruments as of December 31, 2022 and 2021. The Company’s derivative assets and derivative liabilities are located within Other assets and Other liabilities, respectively, on the Company’s Consolidated Balance Sheets. Derivative fair values are determined using valuation techniques including discounted cash flow analysis on the expected cash flows from each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. This table provides a summary of the fair value of the Company’s derivative assets and liabilities as of December 31, 2022 and December 31, 2021 : Derivative Assets Derivative Liabilities December 31, December 31, Fair Value 2022 2021 2022 2021 Interest Rate Products: Derivatives not designated as hedging instruments $ 47,638 $ 57,134 $ 126,231 $ 13,944 Derivatives designated as hedging instruments 483 546 103 — Total $ 48,121 $ 57,680 $ 126,334 $ 13,944 Fair Value Hedges of Interest Rate Risk The Company is exposed to changes in the fair value of certain of its fixed-rate assets and liabilities due to changes in the benchmark interest rate, LIBOR. Interest rate swaps designated as fair value hedges involve making fixed rate payments to a counterparty in exchange for the Company receiving variable rate payments over the life of the agreements without the exchange of the underlying notional amount. As of December 31, 2022, the Company had three interest rate swaps that were designated as fair value hedges of interest rate risk associated with the Company’s municipal bond securities. These swaps had a notional amount of $254.6 million as of December 31, 2022. As of December 31, 2021, the Company had 10 interest rate swaps that were designated as fair value hedges of interest rate risk associated with the Company’s municipal bond securities. These swaps had a notional amount of $1.0 billion as of December 31, 2021. During the year ended December 31, 2022, the Company terminated seven fair value hedges. In connection with these terminated hedges, $58.1 million of hedging adjustments will be amortized through the contractual maturity date of each respective hedged item. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in Interest income in the Consolidated Statements of Income. Cash Flow Hedges of Interest Rate Risk The Company’s objective in using interest rate derivatives is to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and floors as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of December 31, 2022 and 2021, the Company had two interest rate swaps that were designated as cash flow hedges of interest rate risk associated with the Company’s variable-rate subordinated debentures issued by Marquette Capital Trusts III and IV. These swaps had an aggregate notional amount of $51.5 million at both December 31, 2022 and 2021. Interest rate floors designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates fall below the strike rate on the contract in exchange for an upfront premium. On August 28, 2020 , the Company terminated an interest rate floor with a notional amount of $ 750.0 million . At the date of termination, the interest rate floor had a net asset fair value of $ 34.1 million. T he gross unrealized gain on the terminated interest rate floor remaining in AOCI was $ 7.4 million, or $ 5.6 million net of tax, and $ 12.3 million, or $ 9.4 million net of tax , as of December 31, 202 2 and 202 1 , respectively . The unrealized gain will be reclassified into Interest income as the underlying forecasted transactions impact earnings through the original maturity of the hedged forecasted transactions. The total remaining term over which the unrealized gain will be reclassified into earnings is 1.7 years . For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in AOCI and is subsequently reclassified into interest expense and interest income in the period during which the hedged forecasted transaction affects earnings. Amounts reported in AOCI related to interest rate swap derivatives will be reclassified to Interest expense as interest payments are received or paid on the Company’s hedged items. Amounts reported in AOCI related to interest rate floor derivatives will be reclassified to Interest income as interest payments are received or paid on the Company’s hedged items. The Company expects to reclassify $1.2 million from AOCI as a reduction to Interest expense and $4.7 million from AOCI to Interest income during the next 12 months. As of December 31, 2022, the Company is hedging its exposure to the variability in future cash flows for forecasted transactions over a maximum period of 13.7 years. Non-designated Hedges The remainder of the Company’s derivatives are not designated in qualifying hedging relationships. Derivatives not designated as hedges are not speculative and result from a service the Company provides to certain customers. The Company executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously offset by interest rate swaps that the Company executes with a third party, such that the Company minimizes its net risk exposure resulting from such transactions. As the interest rate swaps associated with this program do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. As of December 31, 2022, the Company had 230 interest rate swaps with an aggregate notional amount of $3.5 billion related to this program. As of December 31, 2021, the Company had 188 interest rate swaps with an aggregate notional amount of $2.9 billion. Effect of Derivative Instruments on the Consolidated Statements of Income and Accumulated Other Comprehensive Income This table provides a summary of the amount of gain or loss recognized in Other noninterest expense in the Consolidated Statements of Income for the years ended December 31, 2022, 2021, and 2020 related to the Company’s derivative assets and liabilities (in thousands): Amount of Gain (Loss) Recognized For the Year Ended December 31, 2022 2021 2020 Interest Rate Products Derivatives not designated as hedging instruments $ 423 $ 387 $ (720 ) Total $ 423 $ 387 $ (720 ) Interest Rate Products Derivatives designated as hedging instruments: Fair value adjustments on derivatives $ 72,539 $ 5,231 $ (139 ) Fair value adjustments on hedged items (72,047 ) (5,832 ) 139 Total $ 492 $ (601 ) $ — This table provides a summary of the effect of hedges on AOCI in the Consolidated Statements of Comprehensive Income for the years ended December 31, 2022, 2021, and 2020 related to the Company’s derivative assets and liabilities (in thousands): For the Year Ended December 31, 2022 Derivatives in Cash Flow Hedging Relationships Gain Recognized in OCI on Derivative Gain Recognized in OCI Included Component Gain Recognized in OCI Excluded Component Gain (Loss) Reclassified from AOCI into Earnings Gain (Loss) Reclassified from AOCI into Earnings Included Component Loss Reclassified from AOCI into Earnings Excluded Component Interest rate floor $ — $ — $ — $ 4,998 $ 7,248 $ (2,250 ) Interest rate swaps 12,608 12,608 — (502 ) (502 ) — Total $ 12,608 $ 12,608 $ — $ 4,496 $ 6,746 $ (2,250 ) For the Year Ended December 31, 2021 Derivatives in Cash Flow Hedging Relationships Gain Recognized in OCI on Derivative Gain Recognized in OCI Included Component Gain Recognized in OCI Excluded Component Gain (Loss) Reclassified from AOCI into Earnings Gain (Loss) Reclassified from AOCI into Earnings Included Component Loss Reclassified from AOCI into Earnings Excluded Component Interest rate floor $ — $ — $ — $ 4,696 $ 6,946 $ (2,250 ) Interest rate swaps 3,106 3,106 — (1,344 ) (1,344 ) — Total $ 3,106 $ 3,106 $ — $ 3,352 $ 5,602 $ (2,250 ) For the Year Ended December 31, 2020 Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI on Derivative Gain (Loss) Recognized in OCI Included Component Loss Recognized in OCI Excluded Component Gain (Loss) Reclassified from AOCI into Earnings Gain (Loss) Reclassified from AOCI into Earnings Included Component Loss Reclassified from AOCI into Earnings Excluded Component Interest rate floor $ 28,390 $ 34,917 $ (6,527 ) $ 2,943 $ 5,398 $ (2,455 ) Interest rate swaps (7,411 ) (7,411 ) — (1,038 ) (1,038 ) — Total $ 20,979 $ 27,506 $ (6,527 ) $ 1,905 $ 4,360 $ (2,455 ) Credit-risk-related Contingent Features The Company has agreements with certain of its derivative counterparties that contain a provision that if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company has minimum collateral posting thresholds with certain of its derivative counterparties. As of December 31, 2022, the Company had not posted any collateral as there were no derivatives in a net liability position. If the Company had breached any of these provisions at December 31, 2022, it could have been required to settle its obligations under the agreements at the termination value. |
DISCLOSURES ABOUT FAIR VALUE OF
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS | 18. DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS The following table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021 and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value. Fair values determined by Level 1 inputs utilize quoted prices in active markets for identical assets and liabilities that the Company has the ability to access. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the hierarchy. In such cases, the fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021 Fair Value Measurement at December 31, 2022 Using Description December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets U.S. Treasury $ 580 $ 580 $ — $ — U.S. Agencies 7,558 — 7,558 — Mortgage-backed — — — — State and political subdivisions 8,038 — 8,038 — Corporates 1,024 1,024 — — Trading – other 780 780 — — Trading securities 17,980 2,384 15,596 — U.S. Treasury 777,070 777,070 — — U.S. Agencies 171,296 — 171,296 — Mortgage-backed 3,982,122 — 3,982,122 — State and political subdivisions 1,362,407 — 1,362,407 — Corporates 367,500 367,500 — — Collateralized loan obligations 345,952 — 345,952 — Securities available for sale 7,006,347 1,144,570 5,861,777 — Equity securities with readily determinable fair values 10,782 10,782 — — Company-owned life insurance 56,769 — 56,769 — Bank-owned life insurance 510,293 — 510,293 — Derivatives 48,121 — 48,121 — Total $ 7,650,292 $ 1,157,736 $ 6,492,556 $ — Liabilities Derivatives $ 126,334 $ — $ 126,334 $ — Securities sold not yet purchased 3,503 — 3,503 — Total $ 129,837 $ — $ 129,837 $ — Fair Value Measurement at December 31, 2021 Using Description December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets U.S. Treasury $ 1,625 $ 1,625 $ — $ — U.S. Agencies 2,159 — 2,159 — Mortgage-backed 2,060 — 2,060 — State and political subdivisions 21,671 — 21,671 — Corporates 4,000 4,000 — — Trading – other 360 360 — — Trading securities 31,875 5,985 25,890 — U.S. Treasury 69,174 69,174 — — U.S. Agencies 124,932 — 124,932 — Mortgage-backed 7,965,055 — 7,965,055 — State and political subdivisions 3,422,688 — 3,422,688 — Corporates 317,846 317,846 — — Collateralized loan obligations 76,819 — 76,819 — Securities available for sale 11,976,514 387,020 11,589,494 — Equity securities with readily determinable fair values 64,149 64,149 — — Company-owned life insurance 65,245 — 65,245 — Bank-owned life insurance 498,373 — 498,373 — Derivatives 57,680 — 57,680 — Total $ 12,693,836 $ 457,154 $ 12,236,682 $ — Liabilities Derivatives $ 13,944 $ — $ 13,944 $ — Securities sold not yet purchased 3,197 — 3,197 — Total $ 17,141 $ — $ 17,141 $ — Valuation methods for instruments measured at fair value on a recurring basis The following methods and assumptions were used to estimate the fair value of each class of financial instruments measured on a recurring basis: Trading Securities Fair values for trading securities (including financial futures), are based on quoted market prices where available. If quoted market prices are not available, fair values are based on quoted market prices for similar securities. Securities Available for Sale Fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. Prices are provided by third-party pricing services and are based on observable market inputs. On an annual basis, the Company compares a sample of these prices to other independent sources for the same securities. Additionally, throughout the year, if securities are sold, comparisons are made between the pricing services prices and the market prices at which the securities were sold. Variances are analyzed, and, if appropriate, additional research is conducted with the third-party pricing services. Based on this research, the pricing services may affirm or revise their quoted price. No significant adjustments have been made to the prices provided by the pricing services. The pricing services also provide documentation on an ongoing basis that includes reference data, inputs and methodology by asset class, which is reviewed to ensure that security placement within the fair value hierarchy is appropriate. Equity securities with readily determinable fair values Fair values are based on quoted market prices. Company-owned Life Insurance Fair value is equal to the cash surrender value of the life insurance policies. Bank-owned Life Insurance Fair value is equal to the cash surrender value of the life insurance policies. Derivatives Fair values are determined using valuation techniques including discounted cash flow analysis on the expected cash flows from each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates, and implied volatilities. The Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Securities sold not yet purchased Fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. Prices are provided by third-party pricing services and are based on observable market inputs. Assets measured at fair value on a non-recurring basis as of December 31, 2022 and 2021 Fair Value Measurement at December 31, 2022 Using Description December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Losses Recognized During the Twelve Months Ended December 31 Collateral dependent assets $ 4,373 $ — $ — $ 4,373 $ (2,998 ) Other real estate owned 68 — — 68 — Total $ 4,441 $ — $ — $ 4,441 $ (2,998 ) Fair Value Measurement at December 31, 2021 Using Description December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains Recognized During the Twelve Months Ended December 31 Collateral dependent assets $ 46,979 $ — $ — $ 46,979 $ 1,521 Other real estate owned — — — — — Total $ 46,979 $ — $ — $ 46,979 $ 1,521 Valuation methods for instruments measured at fair value on a non-recurring basis The following methods and assumptions were used to estimate the fair value of each class of financial instruments measured on a non-recurring basis: Collateral Dependent Assets C ollateral dependent assets are assets evaluated as part of the ACL on an individual basis. Those assets for which there is an associated allowance are considered financial assets measured at fair value on a non-recurring basis. Adjustments are recorded on certain assets to reflect write-downs that are based on the external appraised value of the underlying collateral. The external appraisals are generally based on recent sales of comparable properties which are then adjusted for the unique characteristics of the property being valued. In the case of non-real estate collateral, reliance is placed on a variety of sources, including external estimates of value and judgments based on the experience and expertise of internal specialists within the Company’s property management group and the Company’s credit department. The valuation of collateral dependent assets and impaired loans are reviewed on a quarterly basis. Because many of these inputs are not observable, the measurements are classified as Level 3. Other real estate owned Other real estate owned consists of loan collateral which has been repossessed through foreclosure. This collateral is comprised of commercial and residential real estate and other non-real estate property, including auto, recreational and marine vehicles. Other real estate owned is recorded as held for sale initially at the fair value of the collateral less estimated selling costs. The initial valuation of the foreclosed property is obtained through an appraisal process similar to the process described in the collateral dependent/ impaired loans paragraph above. Subsequent to foreclosure, valuations are reviewed quarterly and updated periodically, and the assets may be marked down further, reflecting a new cost basis. Fair value measurements may be based upon appraisals, third-party price opinions, or internally developed pricing methods and those measurements are classified as Level 3. Fair value disclosures require disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The estimated fair value of the Company’s financial instruments at December 31, 2022 and 2021 are as follows (in thousands): Fair Value Measurement at December 31, 2022 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Estimated Fair Value FINANCIAL ASSETS Cash and short-term investments $ 2,638,384 $ 1,686,787 $ 951,597 $ — $ 2,638,384 Securities available for sale 7,006,347 1,144,570 5,861,777 — 7,006,347 Securities held to maturity (exclusive of allowance for credit losses) 5,861,599 — 5,280,659 — 5,280,659 Trading securities 17,980 2,384 15,596 — 17,980 Other securities 349,758 10,782 338,976 — 349,758 Loans (exclusive of allowance for credit losses) 21,033,167 — 20,816,899 — 20,816,899 Derivatives 48,121 — 48,121 — 48,121 FINANCIAL LIABILITIES Demand and savings deposits 31,721,995 31,721,995 — — 31,721,995 Time deposits 917,138 — 917,138 — 917,138 Other borrowings 2,222,167 62,480 2,159,687 — 2,222,167 Long-term debt 381,311 — 418,737 — 418,737 Derivatives 126,334 — 126,334 — 126,334 OFF-BALANCE SHEET ARRANGEMENTS Commitments to extend credit for loans 9,260 Commercial letters of credit 185 Standby letters of credit 3,982 Fair Value Measurement at December 31, 2021 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Estimated Fair Value FINANCIAL ASSETS Cash and short-term investments $ 10,472,084 $ 9,255,727 $ 1,216,357 $ — $ 10,472,084 Securities available for sale 11,976,514 387,020 11,589,494 — 11,976,514 Securities held to maturity (exclusive of allowance for credit losses) 1,480,416 — 1,442,391 — 1,442,391 Trading securities 31,875 5,985 25,890 — 31,875 Other securities 327,098 64,149 262,949 — 327,098 Loans (exclusive of allowance for credit losses) 17,172,148 — 17,506,662 — 17,506,662 Derivatives 57,680 — 57,680 — 57,680 FINANCIAL LIABILITIES Demand and savings deposits 34,748,286 34,748,286 — — 34,748,286 Time deposits 851,641 — 851,641 — 851,641 Other borrowings 3,238,435 12,597 3,225,838 — 3,238,435 Long-term debt 271,544 — 285,961 — 285,961 Derivatives 13,944 — 13,944 — 13,944 OFF-BALANCE SHEET ARRANGEMENTS Commitments to extend credit for loans 7,841 Commercial letters of credit 179 Standby letters of credit 3,553 Cash and short-term investments The carrying amounts of cash and due from banks, federal funds sold and resell agreements are reasonable estimates of their fair values. Securities held to maturity For U.S. Agency and mortgage-backed securities, as well as general obligation bonds in the State and political subdivision portfolio, fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities. Prices are provided by third-party pricing services and are based on observable market inputs. On an annual basis, the Company compares a sample of these prices to other independent sources for the same securities. Variances are analyzed, and, if appropriate, additional research is conducted with the third-party pricing services. Based on this research, the pricing services may affirm or revise their quoted price. No significant adjustments have been made to the prices provided by the pricing services. The pricing services also provide documentation on an ongoing basis that includes reference data, inputs and methodology by asset class, which is reviewed to ensure that security placement within the fair value hierarchy is appropriate. For private placement bonds in the State and political subdivision portfolio, fair values are estimated by discounting the future cash flows using current market rates. Other securities Amount consists of FRB and FHLB stock held by the Company, equity securities with readily determinable fair values, and equity securities without readily determinable fair values, including equity-method investments and other miscellaneous investments. The carrying amount of the FRB and FHLB stock equals its fair value because the shares can only be redeemed by the FRB and FHLB at their carrying amount. Equity securities with readily determinable fair values are measured at fair value using quoted market prices. Equity securities without readily determinable fair values are carried at cost, which approximates fair value. Loans Fair values are estimated for portfolios with similar financial characteristics. Loans are segregated by type, such as commercial, real estate, consumer, and credit card. Each loan category is further segmented into fixed and variable interest rate categories. The fair value of loans is estimated by discounting the future cash flows. The discount rates used are estimated using comparable market rates for similar types of instruments adjusted to be commensurate with the credit risk, overhead costs, and optionality of such instruments. Demand and savings deposits The fair value of demand deposits and savings accounts was the amount payable on demand at December 31, 20 2 2 and 20 2 1 . Time deposits The fair value of fixed-maturity certificates of deposit is estimated by discounting the future cash flows using the rates that are currently offered for deposits of similar remaining maturities. Other borrowings The carrying amounts of federal funds purchased, repurchase agreements and other short-term debt are reasonable estimates of their fair value because of the short-term nature of their maturities. Federal funds purchased are classified as Level 1 based on availability of quoted market prices and repurchase agreements and other short-term debt are classified as Level 2. Long-term debt Rates currently available to the Company for debt with similar terms and remaining maturities are used to estimate fair value of existing debt. Other off-balance sheet instruments The fair value of loan commitments and letters of credit are determined based on the fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreement and the present creditworthiness of the counterparties. Neither the fees earned during the year on these instruments nor their fair value at period-end are significant to the Company’s consolidated financial position. |
PARENT COMPANY FINANCIAL INFORM
PARENT COMPANY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
PARENT COMPANY FINANCIAL INFORMATION | 19. PARENT COMPANY FINANCIAL INFORMATION UMB FINANCIAL CORPORATION BALANCE SHEETS (in thousands) December 31, 2022 2021 ASSETS Investment in subsidiaries: Banks $ 2,685,783 $ 2,970,227 Non-banks 178,973 169,123 Total investment in subsidiaries 2,864,756 3,139,350 Goodwill on purchased affiliates 5,011 5,011 Cash 139,058 185,372 Investment securities and other 106,294 155,196 Total assets $ 3,115,119 $ 3,484,929 LIABILITIES AND SHAREHOLDERS' EQUITY Long-term debt $ 381,311 $ 271,544 Accrued expenses and other 66,715 67,961 Total liabilities 448,026 339,505 Shareholders' equity 2,667,093 3,145,424 Total liabilities and shareholders' equity $ 3,115,119 $ 3,484,929 STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (in thousands) Year Ended December 31, 2022 2021 2020 INCOME Dividends and income received from subsidiaries $ 57,000 $ 129,217 $ 78,360 Service fees from subsidiaries 74,472 60,346 49,191 Other 55,988 12,771 9,241 Total income 187,460 202,334 136,792 EXPENSE Salaries and employee benefits 60,094 62,109 56,919 Other 35,943 31,022 22,657 Total expense 96,037 93,131 79,576 Income before income taxes and equity in undistributed earnings of subsidiaries 91,423 109,203 57,216 Income tax expense (benefit) 10,958 (10,322 ) (6,230 ) Income before equity in undistributed earnings of subsidiaries 80,465 119,525 63,446 Equity in undistributed earnings of subsidiaries: Banks 344,567 263,084 234,014 Non-Banks 6,650 (29,591 ) (10,958 ) Net income $ 431,682 $ 353,018 $ 286,502 Other comprehensive (loss) income (829,049 ) (192,026 ) 235,160 Comprehensive (loss) income $ (397,367 ) $ 160,992 $ 521,662 STATEMENTS OF CASH FLOWS (in thousands) Year Ended December 31, 2022 2021 2020 OPERATING ACTIVITIES Net income $ 431,682 $ 353,018 $ 286,502 Adjustments to reconcile net income to cash provided by operating activities: Equity in earnings of subsidiaries (408,217 ) (362,709 ) (301,415 ) Dividends received from subsidiaries 57,000 129,217 78,360 Depreciation and amortization 12 15 15 Amortization of debt issuance costs 556 450 131 Equity based compensation 21,491 21,208 15,120 Changes in other assets and liabilities, net 12,522 (4,049 ) (1,724 ) Net cash provided by operating activities 115,046 137,150 76,989 INVESTING ACTIVITIES Net capital investment in subsidiaries (207,575 ) (60,264 ) (96,678 ) Net decrease (increase) in investment securities 40,235 (11,051 ) (29,648 ) Net cash used in investing activities (167,340 ) (71,315 ) (126,326 ) FINANCING ACTIVITIES Cash dividends paid (72,030 ) (66,750 ) (60,281 ) Proceeds from short-term debt — — 15,000 Repayment of short-term debt — — (15,000 ) Proceeds from long-term debt 110,000 — 200,000 Payment of debt issuance costs (2,129 ) — (2,250 ) Proceeds from exercise of stock options and sales of treasury stock 2,136 19,048 5,186 Purchases of treasury stock (31,997 ) (5,506 ) (63,766 ) Net cash provided by (used in) in financing activities 5,980 (53,208 ) 78,889 Net (decrease) increase in cash (46,314 ) 12,627 29,552 Cash and cash equivalents at beginning of period 185,372 172,745 143,193 Cash and cash equivalents at end of period $ 139,058 $ 185,372 $ 172,745 |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature Of Operations | UMB Financial Corporation is a bank holding company, which offers a wide range of banking and other financial services to its customers through its branches and offices in the states of Missouri, Kansas, Colorado, Illinois, Oklahoma, Texas, Arizona, Nebraska, Iowa, Pennsylvania, South Dakota, Indiana, Utah, Minnesota, California, Wisconsin, Delaware, and New York. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements. These estimates and assumptions also impact reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Following is a summary of the more significant accounting policies to assist the reader in understanding the financial presentation. |
Consolidation | Consolidation The Company and its wholly owned subsidiaries are included in the Consolidated Financial Statements (references hereinafter to the Company in these Notes to Consolidated Financial Statements include wholly owned subsidiaries). Intercompany accounts and transactions have been eliminated in consolidation. |
Revenue Recognition | Revenue Recognition Interest on loans and securities is recognized based on rate times the principal amount outstanding. This includes the impact of amortization of premiums and discounts. Interest accrual is discontinued when, in the opinion of management, the likelihood of collection becomes doubtful. Noninterest income is recognized when performance obligations are satisfied. |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents include Cash and due from banks and amounts due from the FRB. Cash on hand, cash items in the process of collection, and amounts due from correspondent banks are included in Cash and due from banks. Amounts due from the FRB are interest-bearing for all periods presented and are included in the Interest-bearing due from banks line on the Company’s Consolidated Balance Sheets. This table provides a summary of cash and cash equivalents as presented on the Consolidated Statements of Cash Flows as of December 31, 2022 and 2021 (in thousands) : December 31, 2022 2021 Due from the FRB $ 1,057,192 $ 8,800,743 Cash and due from banks 500,682 413,821 Cash and cash equivalents at end of year $ 1,557,874 $ 9,214,564 Also included in the Interest-bearing due from banks line, but not considered cash and cash equivalents are interest-bearing accounts held at other financial institutions, which totaled $121.7 million and $41.2 million at December 31, 2022 and 2021, respectively. |
Loans and Loans Held for Sale | Loans and Loans Held for Sale Loans are classified by the portfolio segments of commercial and industrial, specialty lending, commercial real estate, consumer real estate, consumer, credit cards, and leases and other. A loan is considered to be collateral dependent when management believes it is probable that it will be unable to collect all principal and interest due according to the contractual terms of the loan. If a loan is collateral dependent, the Company records a valuation allowance equal to the carrying amount of the loan in excess of the present value of the estimated future cash flows discounted at the loan’s effective rate, based on the loan’s observable market price or the fair value of the collateral. A loan is accounted for as a troubled debt restructuring when a concession had been granted to a debtor experiencing financial difficulties. The Company’s modifications generally include interest rate adjustments, and amortization and maturity date extensions. These modifications allow the debtor short-term cash relief to allow them to improve their financial condition. Restructured loans are considered to be collateral dependent and are individually evaluated for credit loss as part of the allowance for credit loss analysis. Loans, including those that are considered to be collateral dependent or a troubled debt restructuring, are evaluated regularly by management. Loans are considered delinquent when payment has not been received within 30 days of its contractual due date. The adequacy of the ACL on loans is based on management’s judgment and continuous evaluation of the pertinent factors underlying the credit quality inherent in the loan portfolio. Consideration of quantitative and qualitative factors relevant to each specific segmentation of loans includes lifetime historical loss experience, the impact of the current economic environment, reasonable and supportable forecasts, and detailed analysis of loans determined to be collateral dependent. The actual losses incurred over the lifetime of the portfolio, notwithstanding such considerations, however, could differ from the amounts estimated by management. The Company maintains an allowance for off-balance sheet credit exposures, to address the credit risk to which the Company is exposed via a contractual obligation to extend credit, unless that obligation is unconditionally cancelable by the Company. The allowance for off-balance sheet credit exposure is included in the Accrued expenses and taxes line item in the Consolidated Balance Sheets. In order to maintain the allowance for off-balance sheet items at an appropriate level, a provision to increase or reduce the allowance is included in the Provision for credit losses line item in the Company’s Consolidated Statements of Income. The allowance for off-balance sheet credit exposure is calculated by applying portfolio segment expected credit loss rates to the expected amount to be funded. Loans held for sale are carried at the lower of aggregate cost or market value. Loan fees (net of certain direct loan origination costs) on loans held for sale are deferred until the related loans are sold or repaid. Gains or losses on loan sales are recognized at the time of sale and determined using the specific identification method. |
Securities | Securities Debt securities available for sale principally include U.S. Treasury and Agency securities, GSE mortgage-backed securities, certain securities of state and political subdivisions, corporates, and collateralized loan obligations. Debt securities classified as available for sale are measured at fair value. Unrealized holding gains and losses are excluded from earnings and reported in AOCI until realized. Securities held to maturity are carried at amortized historical cost, net of the allowance for credit losses, based on management’s intention, and the Company’s ability to hold them to maturity. The Company classifies certain U.S. Agency securities, mortgage-backed securities, and securities of state and political subdivisions as held to maturity. Trading securities, acquired for subsequent sale to customers, are carried at fair value. Market adjustments, fees and gains or losses on the sale of trading securities are considered to be a normal part of operations and are included in trading and investment banking income. Securities may be transferred from the available-for-sale classification to the held-to-maturity classification when the Company has the positive intent and ability to hold these securities to maturity. Transfers of securities are made at fair value at the time of transfer. The unrealized holding gain or loss at the time of transfer is retained in AOCI and amortized over the remaining life of the securities, offsetting the related amortization of discount or premium on the transferred securities. No gains or losses are recognized at the time of the transfer. |
Equity-method investments | Equity-method investments The Company accounts for certain other investments using equity-method accounting. For equity securities without readily determinable fair values, the Company’s proportionate share of the income or loss is recognized on a one-quarter lag. When transparency in pricing exists, other investments are considered equity securities with readily determinable fair values. |
Goodwill and Other Intangibles | Goodwill and Other Intangibles Goodwill is tested for impairment annually and more frequently whenever events or changes in circumstances indicate that it is more likely than not that the fair value of a reporting unit is less than its carrying value. To test goodwill for impairment, the Company performs a qualitative assessment of each reporting unit. If the Company determines, on the basis of qualitative factors, that the fair value of the reporting unit is more likely than not greater than the carrying amount, the quantitative impairment test is not required. Otherwise, the Company compares the fair value of its reporting units to their carrying amounts to determine if an impairment exists and the amount of impairment loss. An impairment loss is measured as the excess of the carrying value of a reporting unit’s goodwill over its fair value. No goodwill impairments were recognized in 2022, 2021, or 2020. Other intangible assets, which relate to core deposits, non-compete agreements, and customer relationships, are amortized over their useful life. Intangible assets are evaluated for impairment when events or circumstances dictate. No intangible asset impairments were recognized in 2022, 2021, or 2020. The Company does not have any indefinite lived intangible assets. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation, which is computed primarily on the straight-line method. Premises are depreciated over 15 to 40 year lives, while equipment is depreciated over lives of 3 to 20 years. Gains and losses from the sale of Premises and equipment are included in Other noninterest income and Other noninterest expense, respectively. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, including Premises and equipment, are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset or group of assets may not be recoverable. The impairment review includes a comparison of future cash flows expected to be generated by the asset or group of assets to their current carrying value. If the carrying value of the asset or group of assets exceeds expected cash flows (undiscounted and without interest charges), an impairment loss is recognized to the extent the carrying value exceeds fair value. No impairments were recognized in 2022, 2021, or 2020. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are measured based on the differences between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the periods in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The provision for deferred income taxes represents the change in the deferred income tax accounts during the year excluding the tax effect of the change in net unrealized gain (loss) on securities available for sale and certain derivative items. The Company records deferred tax assets to the extent these assets will more likely than not be realized. All available evidence is considered in making such determination, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies and recent financial operations. A valuation allowance is recorded for the portion of deferred tax assets that are not more-likely-than-not to be realized, and any changes to the valuation allowance are recorded in income tax expense. The Company records the financial statement effects of an income tax position when it is more likely than not, based on the technical merits, that it will be sustained upon examination. A tax position that meets the more-likely-than-not recognition threshold is measured and recorded as the largest amount of tax benefit that is greater than 50 percent likely of being realized upon ultimate settlement with a taxing authority. Previously recognized tax positions are derecognized in the first period in which it is no longer more likely than not that the tax position will be sustained. The benefit associated with previously unrecognized tax positions are generally recognized in the first period in which the more-likely-than-not threshold is met at the reporting date, the tax matter is ultimately settled through negotiation or litigation , or when the related statute of limitations for the relevant taxing authority to examine and challenge the tax position has expired. The recognition, derecognition and measurement of tax positions are based on management’s best judgment given the facts, circumstance and information available at the reporting date. The Company recognizes accrued interest related to unrecognized tax benefits in interest expense and penalties in other noninterest expense. Accrued interest and penalties are included within the related liability lines in the Consolidated Balance Sheets. For the year ended December 31, 2022, the Company has recognized an immaterial amount in interest and penalties related to the unrecognized tax benefits. |
Derivatives | Derivatives The Company records all derivatives on the Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Currently, five of the Company’s derivatives are designated in qualifying hedging relationships. The remainder of the Company’s derivatives are not designated in qualifying hedging relationships, as the derivatives are not used to manage risks within the Company’s assets or liabilities. All changes in fair value of the Company’s non-designated derivatives and fair value hedges are recognized directly in earnings. Changes in fair value of the Company’s cash flow hedges are recognized in AOCI and are reclassified to earnings when the hedged transaction affects earnings. |
Per Share Data | Per Share Data Basic income per share is computed based on the weighted average number of shares of common stock outstanding during each period. Diluted year-to-date income per share includes the dilutive effect of 406,477, 466,830, and 205,959 shares issuable upon the exercise of stock options, nonvested restricted shares, and nonvested restricted stock units, granted by the Company that were outstanding at December 31, 2022, 2021, and 2020, respectively. Certain options, restricted stock and restricted stock units issued under employee benefit plans were excluded from the computation of diluted earnings per share because they were anti-dilutive. For the years ended December 31, 2022 and 2021, there were no outstanding stock options, restricted stock and restricted stock units excluded from the computation of diluted income per share. Outstanding options, restricted stock and restricted stock units of 198,671 for the year ended December 31, 2020, were excluded from the computation of diluted income per share because their inclusion would have been anti-dilutive. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation The Company measures the cost of employee services received in exchange for an award of equity instruments based on the fair value of the award on the date of the grant. For stock options, restricted stock, and service-based restricted stock unit awards, the grant date fair value is estimated using either an option-pricing model which is consistent with the terms of the award or an observed market price, if such a price exists. For performance-based restricted stock unit awards, the grant date fair value is based on the quoted price of the Company’s common stock on the grant date less the present value of expected dividends not received during the vesting period. Such cost is generally recognized over the vesting period during which an employee is required to provide service in exchange for the award and, in some cases, when performance metrics are met. The Company accounts for forfeitures of stock-based compensation on an actual basis as they occur. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Cash and Cash Equivalents | This table provides a summary of cash and cash equivalents as presented on the Consolidated Statements of Cash Flows as of December 31, 2022 and 2021 (in thousands) : December 31, 2022 2021 Due from the FRB $ 1,057,192 $ 8,800,743 Cash and due from banks 500,682 413,821 Cash and cash equivalents at end of year $ 1,557,874 $ 9,214,564 |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Summary of Loan Classes and Aging of Past Due Loans | The following tables provide a summary of loan classes and an aging of past due loans at December 31, 2022 and 2021 (in thousands): December 31, 2022 30-89 Days Past Due and Accruing Greater than 90 Days Past Due and Accruing Nonaccrual Loans Total Past Due Current Total Loans Loans Commercial and industrial $ 2,456 $ 2 $ 11,356 $ 13,814 $ 9,192,172 $ 9,205,986 Specialty lending — — — — 602,706 602,706 Commercial real estate 2,167 191 2,505 4,863 7,611,223 7,616,086 Consumer real estate 10 — 4,882 4,892 2,718,377 2,723,269 Consumer 613 20 61 694 144,972 145,666 Credit cards 3,529 1,404 441 5,374 426,298 431,672 Leases and other — — 24 24 305,780 305,804 Total loans $ 8,775 $ 1,617 $ 19,269 $ 29,661 $ 21,001,528 $ 21,031,189 December 31, 2021 30-89 Days Past Due and Accruing Greater than 90 Days Past Due and Accruing Nonaccrual Loans Total Past Due Current Total Loans Loans Commercial and industrial $ 2,827 $ 896 $ 82,845 $ 86,568 $ 7,171,552 $ 7,258,120 Specialty lending — — — — 522,362 522,362 Commercial real estate 962 — 4,688 5,650 6,261,894 6,267,544 Consumer real estate 246 489 4,210 4,945 2,315,088 2,320,033 Consumer 105 2 75 182 128,953 129,135 Credit cards 2,369 1,246 457 4,072 387,317 391,389 Leases and other — — 25 25 282,263 282,288 Total loans $ 6,509 $ 2,633 $ 92,300 $ 101,442 $ 17,069,429 $ 17,170,871 |
Summary of Amortized Cost of Nonaccrual Loans with No Related Allowance | The following tables provide the amortized cost of nonaccrual loans with no related allowance for credit losses by loan class at December 31, 2022 and 2021 (in thousands): December 31, 2022 Nonaccrual Loans Amortized Cost of Nonaccrual Loans with no related Allowance Loans Commercial and industrial $ 11,356 $ 9,447 Specialty lending — — Commercial real estate 2,505 2,505 Consumer real estate 4,882 4,226 Consumer 61 61 Credit cards 441 441 Leases and other 24 24 Total loans $ 19,269 $ 16,704 December 31, 2021 Nonaccrual Loans Amortized Cost of Nonaccrual Loans with no related Allowance Loans Commercial and industrial $ 82,845 $ 76,493 Specialty lending — — Commercial real estate 4,688 4,688 Consumer real estate 4,210 4,210 Consumer 75 75 Credit cards 457 457 Leases and other 25 25 Total loans $ 92,300 $ 85,948 |
Summary Of Amortized Cost Of Loans By Loan Segments And Related Collateral Table [Text Block] | The following tables provide a summary of the amortized cost balance of each of the Company’s loan classes disaggregated by collateral type and origination year as of December 31, 2022 and 2021 (in thousands): December 31, 2022 Amortized Cost - Revolving Loans Amortized Cost - Revolving Loans Converted to Term Loans Loan Segment and Type Amortized Cost Basis by Origination Year - Term Loans 2022 2021 2020 2019 2018 Prior Total Commercial and industrial: Equipment/Accounts Receivable/Inventory $ 2,140,609 $ 1,562,527 $ 642,649 $ 267,444 $ 96,916 $ 86,787 $ 4,223,358 $ 3,926 $ 9,024,216 Agriculture 13,630 5,415 2,046 1,985 396 541 149,266 562 173,841 Overdrafts — — — — — — 7,929 — 7,929 Total Commercial and industrial 2,154,239 1,567,942 644,695 269,429 97,312 87,328 4,380,553 4,488 9,205,986 Specialty lending: Asset-based lending 18,084 55,469 36,040 — — — 493,113 — 602,706 Total Specialty lending 18,084 55,469 36,040 — — — 493,113 — 602,706 Commercial real estate: Owner-occupied 656,860 593,861 388,519 180,786 136,499 167,628 8,685 — 2,132,838 Non-owner-occupied 1,128,978 855,508 568,489 368,203 64,915 229,826 28,679 — 3,244,598 Farmland 94,989 47,092 220,796 24,057 15,963 24,162 121,054 — 548,113 5+ Multi-family 30,920 35,869 68,996 18,978 1,334 5,776 4,908 — 166,781 1-4 Family construction 61,943 15,217 — — — — 19 — 77,179 General construction 628,820 719,437 43,166 15,492 — 395 39,267 — 1,446,577 Total Commercial real estate 2,602,510 2,266,984 1,289,966 607,516 218,711 427,787 202,612 — 7,616,086 Consumer real estate: HELOC 237 — 618 224 654 5,389 339,066 981 347,169 First lien: 1-4 family 628,703 748,362 607,105 173,466 45,907 140,443 12 — 2,343,998 Junior lien: 1-4 family 13,490 8,445 5,107 2,529 940 1,504 87 — 32,102 Total Consumer real estate 642,430 756,807 612,830 176,219 47,501 147,336 339,165 981 2,723,269 Consumer: Revolving line 467 584 — — — — 58,133 1,403 60,587 Auto 9,124 6,543 4,455 2,743 335 159 — — 23,359 Other 26,306 27,751 1,096 876 1,133 591 3,967 — 61,720 Total Consumer 35,897 34,878 5,551 3,619 1,468 750 62,100 1,403 145,666 Credit cards: Consumer — — — — — — 200,348 — 200,348 Commercial — — — — — — 231,324 — 231,324 Total Credit cards — — — — — — 431,672 — 431,672 Leases and other: Leases — — — 712 — 1,224 — — 1,936 Other 125,095 34,282 22,552 32,055 17,764 1,066 71,054 — 303,868 Total Leases and other 125,095 34,282 22,552 32,767 17,764 2,290 71,054 — 305,804 Total loans $ 5,578,255 $ 4,716,362 $ 2,611,634 $ 1,089,550 $ 382,756 $ 665,491 $ 5,980,269 $ 6,872 $ 21,031,189 December 31, 2021 Amortized Cost - Revolving Loans Amortized Cost - Revolving Loans Converted to Term Loans Loan Segment and Type Amortized Cost Basis by Origination Year - Term Loans 2021 2020 2019 2018 2017 Prior Total Commercial and industrial: Equipment/Accounts Receivable/Inventory $ 2,400,110 $ 945,383 $ 356,348 $ 150,892 $ 115,571 $ 131,900 $ 2,984,740 $ 247 $ 7,085,191 Agriculture 12,077 5,884 3,308 640 344 1,143 130,946 — 154,342 Overdrafts — — — — — — 18,587 — 18,587 Total Commercial and industrial 2,412,187 951,267 359,656 151,532 115,915 133,043 3,134,273 247 7,258,120 Specialty lending: Asset-based lending 34,552 49,373 — — — — 331,282 — 415,207 Factoring — — — — — — 107,155 — 107,155 Total Specialty lending 34,552 49,373 — — — — 438,437 — 522,362 Commercial real estate: Owner-occupied 680,135 519,448 226,631 177,576 91,539 159,482 11,727 — 1,866,538 Non-owner-occupied 1,058,025 689,167 591,886 162,491 135,100 258,541 10,969 — 2,906,179 Farmland 61,505 273,624 34,145 16,969 19,929 34,858 38,239 999 480,268 5+ Multi-family 58,268 95,024 41,426 1,206 511 6,820 2,057 — 205,312 1-4 Family construction 53,004 4,933 17,333 — — — 985 — 76,255 General construction 439,973 160,553 64,283 38,505 203 256 29,219 — 732,992 Total Commercial real estate 2,350,910 1,742,749 975,704 396,747 247,282 459,957 93,196 999 6,267,544 Consumer real estate: HELOC 248 547 327 574 646 6,363 320,410 2,523 331,638 First lien: 1-4 family 830,513 712,264 200,167 58,734 61,641 102,997 19 — 1,966,335 Junior lien: 1-4 family 9,114 6,299 3,361 1,150 820 1,299 17 — 22,060 Total Consumer real estate 839,875 719,110 203,855 60,458 63,107 110,659 320,446 2,523 2,320,033 Consumer: Revolving line 974 — — — — — 60,049 120 61,143 Auto 9,886 7,775 5,462 1,107 479 220 — — 24,929 Other 31,391 2,041 1,949 1,543 2,542 708 2,889 — 43,063 Total Consumer 42,251 9,816 7,411 2,650 3,021 928 62,938 120 129,135 Credit cards: Consumer — — — — — — 180,296 — 180,296 Commercial — — — — — — 211,093 — 211,093 Total Credit cards — — — — — — 391,389 — 391,389 Leases and other: Leases — — 814 — 739 614 — — 2,167 Other 99,952 44,113 58,164 22,344 5,631 779 49,138 — 280,121 Total Leases and other 99,952 44,113 58,978 22,344 6,370 1,393 49,138 — 282,288 Total loans $ 5,779,727 $ 3,516,428 $ 1,605,604 $ 633,731 $ 435,695 $ 705,980 $ 4,489,817 $ 3,889 $ 17,170,871 |
Summary of Amortized Cost Balance by Collateral Type and Risk Rating | The following tables provide a summary of the amortized cost balance by collateral type and risk rating as of December 31, 2022 and 2021 (in thousands): December 31, 2022 Amortized Cost - Revolving Loans Amortized Cost - Revolving Loans Converted to Term Loans Risk by Collateral Amortized Cost Basis by Origination Year - Term Loans 2022 2021 2020 2019 2018 Prior Total Equipment/Accounts Receivable/Inventory Non-watch list – Pass $ 2,079,002 $ 1,466,120 $ 588,562 $ 246,387 $ 90,656 $ 83,054 $ 3,879,709 $ 3,633 $ 8,437,123 Watch – Pass 28,570 78,523 52,696 7,493 3,617 2,275 213,871 — 387,045 Special Mention 4,072 5,637 1,178 — 1,817 899 34,631 — 48,234 Substandard 26,698 12,247 213 13,564 826 559 92,352 293 146,752 Doubtful 2,267 — — — — — 2,795 — 5,062 Total Equipment/Accounts Receivable/Inventory $ 2,140,609 $ 1,562,527 $ 642,649 $ 267,444 $ 96,916 $ 86,787 $ 4,223,358 $ 3,926 $ 9,024,216 Agriculture Non-watch list – Pass $ 12,252 $ 5,351 $ 1,693 $ 1,985 $ 396 $ 541 $ 137,759 $ — $ 159,977 Watch – Pass 550 — 206 — — — 8,512 562 9,830 Special Mention 828 64 147 — — — 1,539 — 2,578 Substandard — — — — — — 1,456 — 1,456 Doubtful — — — — — — — — — Total Agriculture $ 13,630 $ 5,415 $ 2,046 $ 1,985 $ 396 $ 541 $ 149,266 $ 562 $ 173,841 December 31, 2021 Amortized Cost - Revolving Loans Amortized Cost - Revolving Loans Converted to Term Loans Risk by Collateral Amortized Cost Basis by Origination Year - Term Loans 2021 2020 2019 2018 2017 Prior Total Equipment/Accounts Receivable/Inventory Non-watch list – Pass $ 2,299,784 $ 874,786 $ 325,630 $ 141,667 $ 106,141 $ 130,153 $ 2,750,764 $ 247 $ 6,629,172 Watch – Pass 68,322 34,324 25,572 5,056 1,794 698 106,177 — 241,943 Special Mention 5,886 — 2,600 592 1,742 997 41,209 — 53,026 Substandard 25,466 3,023 2,546 3,577 1,202 52 45,053 — 80,919 Doubtful 652 33,250 — — 4,692 — 41,537 — 80,131 Total Equipment/Accounts Receivable/Inventory $ 2,400,110 $ 945,383 $ 356,348 $ 150,892 $ 115,571 $ 131,900 $ 2,984,740 $ 247 $ 7,085,191 Agriculture Non-watch list – Pass $ 11,512 $ 5,394 $ 2,608 $ 212 $ 344 $ 1,143 $ 100,630 $ — $ 121,843 Watch – Pass 500 222 328 428 — — 6,532 — 8,010 Special Mention — — 372 — — — 1,361 — 1,733 Substandard 65 268 — — — — 22,423 — 22,756 Doubtful — — — — — — — — — Total Agriculture $ 12,077 $ 5,884 $ 3,308 $ 640 $ 344 $ 1,143 $ 130,946 $ — $ 154,342 The following table provides a summary of the amortized cost balance by risk rating for asset-based loans as of December 31, 2022 and 2021 (in thousands): Asset-based lending Risk December 31, 2022 December 31, 2021 In-margin $ 602,706 $ 409,844 Out-of-margin — 5,363 Total $ 602,706 $ 415,207 The following table provides a summary of the amortized cost balance by risk rating for factoring loans as of December 31, 2021 (in thousands): Factoring Risk December 31, 2021 Tier 1 $ 9,433 Tier 2 65,149 Evaluated for impairment 32,573 Collateral dependent assets — Total $ 107,155 The following tables provide a summary of the amortized cost balance by collateral type and risk rating as of December 31, 2022 and 2021 December 31, 2022 Amortized Cost - Revolving Loans Amortized Cost - Revolving Loans Converted to Term Loans Risk by Collateral Amortized Cost Basis by Origination Year - Term Loans 2022 2021 2020 2019 2018 Prior Total Owner-occupied Non-watch list – Pass $ 628,858 $ 559,067 $ 364,760 $ 149,183 $ 133,339 $ 162,412 $ 7,850 $ — $ 2,005,469 Watch – Pass 19,405 32,581 17,061 9,785 2,664 2,121 — — 83,617 Special Mention 5,435 2,213 5,120 18,946 — — 835 — 32,549 Substandard 3,162 — 1,578 2,872 496 3,095 — — 11,203 Doubtful — — — — — — — — — Total Owner-occupied $ 656,860 $ 593,861 $ 388,519 $ 180,786 $ 136,499 $ 167,628 $ 8,685 $ — $ 2,132,838 Non-owner-occupied Non-watch list – Pass $ 1,075,444 $ 810,926 $ 568,489 $ 356,896 $ 64,915 $ 214,635 $ 28,679 $ — $ 3,119,984 Watch – Pass 53,534 44,582 — 11,307 — 5,071 — — 114,494 Special Mention — — — — — 10,109 — — 10,109 Substandard — — — — — — — — — Doubtful — — — — — 11 — — 11 Total Non-owner-occupied $ 1,128,978 $ 855,508 $ 568,489 $ 368,203 $ 64,915 $ 229,826 $ 28,679 $ — $ 3,244,598 Farmland Non-watch list – Pass $ 62,357 $ 36,698 $ 218,704 $ 17,563 $ 2,830 $ 20,285 $ 113,385 $ — $ 471,822 Watch – Pass 20,327 6,454 1,055 101 — 2,559 395 — 30,891 Special Mention 5,505 — 1,001 — — — — — 6,506 Substandard 6,800 3,940 36 6,393 13,133 1,318 7,274 — 38,894 Doubtful — — — — — — — — — Total Farmland $ 94,989 $ 47,092 $ 220,796 $ 24,057 $ 15,963 $ 24,162 $ 121,054 $ — $ 548,113 5+ Multi-family Non-watch list – Pass $ 30,920 $ 35,869 $ 68,996 $ 18,978 $ 1,334 $ 5,776 $ 4,908 $ — $ 166,781 Watch – Pass — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total 5+ Multi-family $ 30,920 $ 35,869 $ 68,996 $ 18,978 $ 1,334 $ 5,776 $ 4,908 $ — $ 166,781 1-4 Family construction Non-watch list – Pass $ 61,943 $ 15,217 $ — $ — $ — $ — $ 19 $ — $ 77,179 Watch – Pass — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total 1-4 Family construction $ 61,943 $ 15,217 $ — $ — $ — $ — $ 19 $ — $ 77,179 General construction Non-watch list – Pass $ 628,479 $ 699,698 $ 43,166 $ 15,384 $ — $ 380 $ 39,267 $ — $ 1,426,374 Watch – Pass 341 — — 22 — — — — 363 Special Mention — 8,340 — — — — — — 8,340 Substandard — 11,399 — — — 15 — — 11,414 Doubtful — — — 86 — — — — 86 Total General construction $ 628,820 $ 719,437 $ 43,166 $ 15,492 $ — $ 395 $ 39,267 $ — $ 1,446,577 December 31, 2021 Amortized Cost - Revolving Loans Amortized Cost - Revolving Loans Converted to Term Loans Risk by Collateral Amortized Cost Basis by Origination Year - Term Loans 2021 2020 2019 2018 2017 Prior Total Owner-occupied Non-watch list – Pass $ 679,662 $ 507,220 $ 208,376 $ 174,352 $ 89,588 $ 154,920 $ 11,627 $ — $ 1,825,745 Watch – Pass 191 10,891 16,493 1,055 1,143 1,572 — — 31,345 Special Mention 93 1,304 — — — — — — 1,397 Substandard 189 33 1,762 2,169 808 2,990 100 — 8,051 Doubtful — — — — — — — — — Total Owner-occupied $ 680,135 $ 519,448 $ 226,631 $ 177,576 $ 91,539 $ 159,482 $ 11,727 $ — $ 1,866,538 Non-owner-occupied Non-watch list – Pass $ 976,097 $ 679,313 $ 536,084 $ 143,243 $ 129,820 $ 219,701 $ 10,969 $ — $ 2,695,227 Watch – Pass 57,052 1,277 55,802 19,248 5,280 2,587 — — 141,246 Special Mention 24,876 8,577 — — — 36,223 — — 69,676 Substandard — — — — — 30 — — 30 Doubtful — — — — — — — — — Total Non-owner-occupied $ 1,058,025 $ 689,167 $ 591,886 $ 162,491 $ 135,100 $ 258,541 $ 10,969 $ — $ 2,906,179 Farmland Non-watch list – Pass $ 40,526 $ 246,955 $ 26,332 $ 2,147 $ 19,199 $ 29,136 $ 28,276 $ — $ 392,571 Watch – Pass 2,263 10,177 — 823 213 4,889 — — 18,365 Special Mention 3,800 — 6,875 13,983 517 — 8,999 — 34,174 Substandard 14,916 16,492 938 16 — 833 964 999 35,158 Doubtful — — — — — — — — — Total Farmland $ 61,505 $ 273,624 $ 34,145 $ 16,969 $ 19,929 $ 34,858 $ 38,239 $ 999 $ 480,268 5+ Multi-family Non-watch list – Pass $ 58,268 $ 95,024 $ 41,426 $ 1,206 $ 511 $ 6,820 $ 2,057 $ — $ 205,312 Watch – Pass — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total 5+ Multi-family $ 58,268 $ 95,024 $ 41,426 $ 1,206 $ 511 $ 6,820 $ 2,057 $ — $ 205,312 1-4 Family construction Non-watch list – Pass $ 53,004 $ 4,933 $ 17,333 $ — $ — $ — $ 985 $ — $ 76,255 Watch – Pass — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Total 1-4 Family construction $ 53,004 $ 4,933 $ 17,333 $ — $ — $ — $ 985 $ — $ 76,255 General construction Non-watch list – Pass $ 436,696 $ 160,553 $ 62,675 $ 38,505 $ 203 $ 239 $ 29,219 $ — $ 728,090 Watch – Pass 3,277 — — — — — — — 3,277 Special Mention — — — — — — — — — Substandard — — 1,522 — — 17 — — 1,539 Doubtful — — 86 — — — — — 86 Total General construction $ 439,973 $ 160,553 $ 64,283 $ 38,505 $ 203 $ 256 $ 29,219 $ — $ 732,992 The following tables provide a summary of the amortized cost balance by collateral type and risk rating as of December 31, 2022 and 2021 (in thousands): December 31, 2022 Amortized Cost - Revolving Loans Amortized Cost - Revolving Loans Converted to Term Loans Risk by Collateral Amortized Cost Basis by Origination Year - Term Loans 2022 2021 2020 2019 2018 Prior Total HELOC Performing $ 120 $ — $ 592 $ 90 $ 148 $ 3,919 $ 338,979 $ 759 $ 344,607 Non-performing 117 — 26 134 506 1,470 87 222 2,562 Total HELOC $ 237 $ — $ 618 $ 224 $ 654 $ 5,389 $ 339,066 $ 981 $ 347,169 First lien: 1-4 family Performing $ 628,678 $ 748,269 $ 607,055 $ 173,061 $ 45,907 $ 138,764 $ 12 $ — $ 2,341,746 Non-performing 25 93 50 405 — 1,679 — — 2,252 Total First lien: 1-4 family $ 628,703 $ 748,362 $ 607,105 $ 173,466 $ 45,907 $ 140,443 $ 12 $ — $ 2,343,998 Junior lien: 1-4 family Performing $ 13,490 $ 8,445 $ 5,107 $ 2,529 $ 940 $ 1,437 $ 87 $ — $ 32,035 Non-performing — — — — — 67 — — 67 Total Junior lien: 1-4 family $ 13,490 $ 8,445 $ 5,107 $ 2,529 $ 940 $ 1,504 $ 87 $ — $ 32,102 December 31, 2021 Amortized Cost - Revolving Loans Amortized Cost - Revolving Loans Converted to Term Loans Risk by Collateral Amortized Cost Basis by Origination Year - Term Loans 2021 2020 2019 2018 2017 Prior Total HELOC Performing $ 248 $ 531 $ 188 $ 165 $ 381 $ 4,956 $ 320,241 $ 2,440 $ 329,150 Non-performing — 16 139 409 265 1,407 169 83 2,488 Total HELOC $ 248 $ 547 $ 327 $ 574 $ 646 $ 6,363 $ 320,410 $ 2,523 $ 331,638 First lien: 1-4 family Performing $ 830,513 $ 712,194 $ 199,949 $ 58,585 $ 61,233 $ 102,194 $ 19 $ — $ 1,964,687 Non-performing — 70 218 149 408 803 — — 1,648 Total First lien: 1-4 family $ 830,513 $ 712,264 $ 200,167 $ 58,734 $ 61,641 $ 102,997 $ 19 $ — $ 1,966,335 Junior lien: 1-4 family Performing $ 9,114 $ 6,299 $ 3,361 $ 1,143 $ 800 $ 1,251 $ 17 $ — $ 21,985 Non-performing — — — 7 20 48 — — 75 Total Junior lien: 1-4 family $ 9,114 $ 6,299 $ 3,361 $ 1,150 $ 820 $ 1,299 $ 17 $ — $ 22,060 The following tables provide a summary of the amortized cost balance by collateral type and risk rating as of December 31, 2022 and 2021 (in thousands): December 31, 2022 Amortized Cost - Revolving Loans Amortized Cost - Revolving Loans Converted to Term Loans Risk by Collateral Amortized Cost Basis by Origination Year - Term Loans 2022 2021 2020 2019 2018 Prior Total Revolving line Performing $ 467 $ 584 $ — $ — $ — $ — $ 58,133 $ 1,403 $ 60,587 Non-performing — — — — — — — — — Total Revolving line $ 467 $ 584 $ — $ — $ — $ — $ 58,133 $ 1,403 $ 60,587 Auto Performing $ 9,124 $ 6,498 $ 4,454 $ 2,743 $ 335 $ 159 $ — $ — $ 23,313 Non-performing — 45 1 — — — — — 46 Total Auto $ 9,124 $ 6,543 $ 4,455 $ 2,743 $ 335 $ 159 $ — $ — $ 23,359 Other Performing $ 26,291 $ 27,751 $ 1,096 $ 876 $ 1,133 $ 591 $ 3,967 $ — $ 61,705 Non-performing 15 — — — — — — — 15 Total Other $ 26,306 $ 27,751 $ 1,096 $ 876 $ 1,133 $ 591 $ 3,967 $ — $ 61,720 December 31, 2021 Amortized Cost - Revolving Loans Amortized Cost - Revolving Loans Converted to Term Loans Risk by Collateral Amortized Cost Basis by Origination Year - Term Loans 2021 2020 2019 2018 2017 Prior Total Revolving line Performing $ 974 $ — $ — $ — $ — $ — $ 60,049 $ 120 $ 61,143 Non-performing — — — — — — — — — Total Revolving line $ 974 $ — $ — $ — $ — $ — $ 60,049 $ 120 $ 61,143 Auto Performing $ 9,886 $ 7,775 $ 5,424 $ 1,107 $ 479 $ 220 $ — $ — $ 24,891 Non-performing — — 38 — — — — — 38 Total Auto $ 9,886 $ 7,775 $ 5,462 $ 1,107 $ 479 $ 220 $ — $ — $ 24,929 Other Performing $ 31,391 $ 2,025 $ 1,949 $ 1,525 $ 2,542 $ 704 $ 2,889 $ — $ 43,025 Non-performing — 16 — 18 — 4 — — 38 Total Other $ 31,391 $ 2,041 $ 1,949 $ 1,543 $ 2,542 $ 708 $ 2,889 $ — $ 43,063 The following table provides a summary of the amortized cost balance of consumer credit cards by risk rating as of December 31, 2022 and 2021 (in thousands): Consumer Risk December 31, 2022 December 31, 2021 Transactor accounts $ 73,670 $ 57,777 Revolver accounts (by Credit score): Less than 600 4,684 6,065 600-619 2,515 2,416 620-639 4,959 4,158 640-659 8,655 7,854 660-679 9,593 13,185 680-699 12,023 15,365 700-719 14,098 16,308 720-739 15,036 14,753 740-759 13,638 12,734 760-779 13,768 8,879 780-799 13,172 7,048 800-819 9,257 5,787 820-839 4,363 5,026 840+ 917 2,941 Total $ 200,348 $ 180,296 The following table provides a summary of the amortized cost balance of commercial credit cards by risk rating as of December 31, 2022 and 2021 (in thousands): Commercial Risk December 31, 2022 December 31, 2021 Current $ 219,558 $ 200,402 Past Due 11,766 10,691 Total $ 231,324 $ 211,093 The following table provides a summary of the amortized cost balance by collateral type and risk rating as of December 31, 2022 and 2021 Leases Other Risk December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Non-watch list – Pass $ 1,936 $ 2,167 $ 303,107 $ 279,401 Watch – Pass — — 737 695 Special Mention — — — — Substandard — — 24 25 Doubtful — — — — Total $ 1,936 $ 2,167 $ 303,868 $ 280,121 |
Rollforward of Allowance for Credit/Loan Losses by Portfolio Segment | The following tables provide a rollforward of the allowance for credit losses by portfolio segment for the year ended December 31, 2022, 2021, and 2020 (in thousands): Year Ended December 31, 2022 Commercial and industrial Specialty lending Commercial real estate Consumer real estate Consumer Credit cards Leases and other Total - Loans HTM Total Allowance for credit losses: Beginning balance $ 123,732 $ 1,738 $ 56,265 $ 3,921 $ 845 $ 6,075 $ 2,195 $ 194,771 $ 1,940 $ 196,711 Charge-offs (37,269 ) — (29 ) (57 ) (800 ) (6,150 ) — (44,305 ) — (44,305 ) Recoveries 1,550 433 385 131 126 1,812 — 4,437 — 4,437 Provision 48,724 (2,171 ) (17,251 ) 2,153 323 5,129 26 36,933 467 37,400 Ending balance - ACL $ 136,737 $ — $ 39,370 $ 6,148 $ 494 $ 6,866 $ 2,221 $ 191,836 $ 2,407 $ 194,243 Allowance for credit losses on off-balance sheet credit exposures: Beginning balance $ 1,739 $ 160 $ 480 $ 106 $ — $ — $ 15 $ 2,500 $ 88 $ 2,588 Provision 439 26 (62 ) 18 13 — 47 481 19 500 Ending balance - ACL on off-balance sheet $ 2,178 $ 186 $ 418 $ 124 $ 13 $ — $ 62 $ 2,981 $ 107 $ 3,088 Year Ended December 31, 2021 Commercial and industrial Specialty lending Commercial real estate Consumer real estate Consumer Credit cards Leases and other Total - Loans HTM Total Allowance for credit losses: Beginning balance $ 122,700 $ 5,219 $ 61,931 $ 6,586 $ 1,480 $ 15,786 $ 2,271 $ 215,973 $ 2,610 $ 218,583 Charge-offs (13,981 ) (31,945 ) (1,198 ) (96 ) (2,424 ) (6,011 ) (8 ) (55,663 ) — (55,663 ) Recoveries 6,694 187 1,560 142 223 1,967 18 10,791 — 10,791 Provision 8,319 28,277 (6,028 ) (2,711 ) 1,566 (5,667 ) (86 ) 23,670 (670 ) 23,000 Ending balance – ACL $ 123,732 $ 1,738 $ 56,265 $ 3,921 $ 845 $ 6,075 $ 2,195 $ 194,771 $ 1,940 $ 196,711 Allowance for credit losses on off-balance sheet credit exposures: Beginning balance $ 3,859 $ 287 $ 447 $ 145 $ 381 $ — $ 414 $ 5,533 $ 55 $ 5,588 Provision (2,120 ) (127 ) 33 (39 ) (381 ) — (399 ) (3,033 ) 33 (3,000 ) Ending balance - ACL on off-balance sheet $ 1,739 $ 160 $ 480 $ 106 $ — $ — $ 15 $ 2,500 $ 88 $ 2,588 Year Ended December 31, 2020 Commercial and industrial Specialty lending Commercial real estate Consumer real estate Consumer Credit cards Leases and other Total - Loans HTM Total Allowance for credit losses: Beginning balance $ 63,313 $ 2,545 $ 15,951 $ 2,623 $ 543 $ 15,739 $ 1,074 $ 101,788 $ — $ 101,788 ASU 2016-13 adjustment 3,677 148 926 152 31 914 62 5,910 3,120 9,030 Adjusted beginning balance 66,990 2,693 16,877 2,775 574 16,653 1,136 107,698 3,120 110,818 Charge-offs (8,587 ) — (11,939 ) (219 ) (607 ) (7,326 ) (11 ) (28,689 ) — (28,689 ) Recoveries 6,473 — 91 69 307 1,618 6 8,564 — 8,564 Provision 57,824 2,526 56,902 3,961 1,206 4,841 1,140 128,400 (510 ) 127,890 Ending balance - ACL $ 122,700 $ 5,219 $ 61,931 $ 6,586 $ 1,480 $ 15,786 $ 2,271 $ 215,973 $ 2,610 $ 218,583 Allowance for credit losses on off-balance sheet credit exposures: Beginning balance $ 2,263 $ 53 $ 257 $ 102 $ 22 $ — $ 211 $ 2,908 $ 70 $ 2,978 Provision 1,596 234 190 43 359 — 203 2,625 (15 ) 2,610 Ending balance - ACL on off-balance sheet $ 3,859 $ 287 $ 447 $ 145 $ 381 $ — $ 414 $ 5,533 $ 55 $ 5,588 |
Summary of Amortized Cost Balance of Financial Assets Considered Collateral Dependent | The following tables provide the amortized cost balance of financial assets considered collateral dependent as of December 31, 2022 and 2021 (in thousands): December 31, 2022 Loan Segment and Type Amortized Cost of Collateral Dependent Assets Related Allowance for Credit Losses Amortized Cost of Collateral Dependent Assets with no related Allowance Commercial and industrial: Equipment/Accounts Receivable/Inventory $ 13,972 $ 713 $ 11,534 Agriculture — — — Total Commercial and industrial 13,972 713 11,534 Specialty lending: Asset-based lending — — — Total Specialty lending — — — Commercial real estate: Owner-occupied 2,204 — 2,204 Non-owner-occupied — — — Farmland 374 — 374 5+ Multi-family — — — 1-4 Family construction — — — General construction 101 — 101 Total Commercial real estate 2,679 — 2,679 Consumer real estate: HELOC 2,562 — 2,562 First lien: 1-4 family 2,253 6 1,597 Junior lien: 1-4 family 67 — 67 Total Consumer real estate 4,882 6 4,226 Consumer: Revolving line — — — Auto 46 — 46 Other 15 — 15 Total Consumer 61 — 61 Leases and other: Leases — — — Other 24 — 24 Total Leases and other 24 — 24 Total loans $ 21,618 $ 719 $ 18,524 December 31, 2021 Loan Segment and Type Amortized Cost of Collateral Dependent Assets Related Allowance for Credit Losses Amortized Cost of Collateral Dependent Assets with no related Allowance Commercial and industrial: Equipment/Accounts Receivable/Inventory $ 82,845 $ 2,421 $ 76,493 Agriculture — — — Total Commercial and industrial 82,845 2,421 76,493 Specialty lending: Asset-based lending — — — Factoring — — — Total Specialty lending — — — Commercial real estate: Owner-occupied 2,764 — 2,764 Non-owner-occupied — — — Farmland 487 — 487 5+ Multi-family — — — 1-4 Family construction — — — General construction 1,626 — 1,626 Total Commercial real estate 4,877 — 4,877 Consumer real estate: HELOC 2,488 — 2,488 First lien: 1-4 family 1,647 — 1,647 Junior lien: 1-4 family 75 — 75 Total Consumer real estate 4,210 — 4,210 Consumer: Revolving line — — — Auto 38 — 38 Other 37 — 37 Total Consumer 75 — 75 Leases and other: Leases — — — Other 25 — 25 Total Leases and other 25 — 25 Total loans $ 92,032 $ 2,421 $ 85,680 |
SECURITIES (Tables)
SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Securities Available for Sale | This table provides detailed information about securities available for sale at December 31, 2022 and 2021 (in thousands): Gross Gross Amortized Unrealized Unrealized Fair 2022 Cost Gains Losses Value U.S. Treasury $ 804,158 $ 58 $ (27,146 ) $ 777,070 U.S. Agencies 178,261 — (6,965 ) 171,296 Mortgage-backed 4,574,905 92 (592,875 ) 3,982,122 State and political subdivisions 1,465,598 1,608 (104,799 ) 1,362,407 Corporates 401,059 — (33,559 ) 367,500 Collateralized loan obligations 353,969 32 (8,049 ) 345,952 Total $ 7,777,950 $ 1,790 $ (773,393 ) $ 7,006,347 Gross Gross Amortized Unrealized Unrealized Fair 2021 Cost Gains Losses Value U.S. Treasury $ 69,551 $ 374 $ (751 ) $ 69,174 U.S. Agencies 121,681 3,252 (1 ) 124,932 Mortgage-backed 7,967,537 93,390 (95,872 ) 7,965,055 State and political subdivisions 3,270,160 161,674 (9,146 ) 3,422,688 Corporates 316,840 2,504 (1,498 ) 317,846 Collateralized loan obligations 76,815 4 — 76,819 Total $ 11,822,584 $ 261,198 $ (107,268 ) $ 11,976,514 |
Gross Unrealized Losses and Fair Value of Investment Securities Available for Sale | The following table shows the Company’s available-for-sale investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2022 and 2021 (in thousands): Less than 12 months 12 months or more Total 2022 Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Description of Securities U.S. Treasury 61 $ 688,208 $ (22,731 ) 4 $ 55,314 $ (4,415 ) 65 $ 743,522 $ (27,146 ) U.S. Agencies 27 140,877 (4,734 ) 2 30,419 (2,231 ) 29 171,296 (6,965 ) Mortgage-backed 687 1,415,169 (102,881 ) 205 2,557,035 (489,994 ) 892 3,972,204 (592,875 ) State and political subdivisions 1,744 936,865 (51,427 ) 273 233,679 (53,372 ) 2,017 1,170,544 (104,799 ) Corporates 86 146,615 (8,783 ) 189 216,885 (24,776 ) 275 363,500 (33,559 ) Collateralized loan obligations 41 326,659 (7,820 ) 1 4,785 (229 ) 42 331,444 (8,049 ) Total 2,646 $ 3,654,393 $ (198,376 ) 674 $ 3,098,117 $ (575,017 ) 3,320 $ 6,752,510 $ (773,393 ) Less than 12 months 12 months or more Total 2021 Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Description of Securities U.S. Treasury 4 $ 58,867 $ (751 ) — $ — $ — 4 $ 58,867 $ (751 ) U.S. Agencies 1 11,149 (1 ) — — — 1 11,149 (1 ) Mortgage-backed 344 5,404,968 (87,301 ) 13 233,295 (8,571 ) 357 5,638,263 (95,872 ) State and political subdivisions 357 329,042 (6,969 ) 31 44,939 (2,177 ) 388 373,981 (9,146 ) Corporates 152 193,899 (1,498 ) — — — 152 193,899 (1,498 ) Collateralized loan obligations — — — — — — — — — Total 858 $ 5,997,925 $ (96,520 ) 44 $ 278,234 $ (10,748 ) 902 $ 6,276,159 $ (107,268 ) |
Gross Unrealized Losses and Fair Value of Investment Securities Held to Maturity | The following table shows the Company’s held-to-maturity investments’ gross unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2022 and 2021 (in thousands): Less than 12 months 12 months or more Total 2022 Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses U.S. Agency 11 $ 118,524 $ (4,567 ) — $ — $ — 11 $ 118,524 $ (4,567 ) Mortgage-backed 254 2,342,656 (346,611 ) 11 228,079 (45,919 ) 265 2,570,735 (392,530 ) State and political subdivisions 1,403 1,543,692 (177,957 ) 61 617,805 (23,515 ) 1,464 2,161,497 (201,472 ) Total 1,668 $ 4,004,872 $ (529,135 ) 72 $ 845,884 $ (69,434 ) 1,740 $ 4,850,756 $ (598,569 ) Less than 12 months 12 months or more Total 2021 Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Count Fair Value Unrealized Losses Mortgage-backed 12 $ 317,887 $ (2,431 ) — $ — $ — 12 $ 317,887 $ (2,431 ) State and political subdivisions 58 585,153 (12,494 ) 28 217,579 (26,460 ) 86 802,732 (38,954 ) Total 70 $ 903,040 $ (14,925 ) 28 $ 217,579 $ (26,460 ) 98 $ 1,120,619 $ (41,385 ) |
Schedule of Amortized Cost Basis by Credit Rating of Held to Maturity Investment | The following table shows the amortized cost basis by credit rating of the Company’s held-to-maturity State and political subdivisions bond investments at December 31, 2022 and 2021 (in thousands): Amortized Cost Basis by Credit Rating - HTM Debt Securities 2022 AAA AA A BBB BB CCC-C Total State and political subdivisions: Competitive $ — $ — $ 435,953 $ 618,517 $ 17,120 $ 2,934 $ 1,074,524 Utilities 759,539 824,386 84,293 29,599 581 — 1,698,398 Total state and political subdivisions $ 759,539 $ 824,386 $ 520,246 $ 648,116 $ 17,701 $ 2,934 $ 2,772,922 Amortized Cost Basis by Credit Rating - HTM Debt Securities 2021 A BBB BB CCC-C Total State and political subdivisions: Competitive $ 372,696 $ 605,104 $ 20,678 $ 870 $ 999,348 Utilities 55,096 29,838 — — 84,934 Total state and political subdivisions $ 427,792 $ 634,942 $ 20,678 $ 870 $ 1,084,282 |
Schedule of Aging of Past Due Held to Maturity Securities | The following table presents the aging of past due held-to-maturity securities at December 31, 2021 (in thousands): 2021 30-89 Days Past Due and Accruing Greater than 90 Days Past Due and Accruing Non- Accrual Total Past Due Current Total State and political subdivisions: Competitive $ 7,795 $ — $ — $ 7,795 $ 991,553 $ 999,348 Utilities — — — — 84,934 84,934 Total state and political subdivisions $ 7,795 $ — $ — $ 7,795 $ 1,076,487 $ 1,084,282 |
Schedule of Other Securities | The table below provides detailed information for Other securities at December 31, 2022 and 2021 (in thousands): December 31, 2022 2021 FRB and FHLB stock $ 41,472 $ 36,222 Equity securities with readily determinable fair values 10,782 64,149 Equity securities without readily determinable fair values 297,504 226,727 Total $ 349,758 $ 327,098 |
Schedule of Components of Investment Securities Gains, Net | The following table presents the components of Investment securities gains, net for the years ended December 31, 2022, 2021, and 2020 (in thousands): Year Ended December 31, 2022 2021 2020 Investment securities gains, net Available-for-sale debt securities: Gains realized on sales $ — $ 7,819 $ 7,255 Losses realized on sales — (2 ) (274 ) Equity securities with readily determinable fair values: Fair value adjustments, net (8,073 ) (10,881 ) 110,768 Equity securities without readily determinable fair values: Fair value adjustments, net 355 8,121 2,885 Sales 66,162 — — Total investment securities gains, net $ 58,444 $ 5,057 $ 120,634 |
Available-for-sale Securities [Member] | |
Contractual Maturity Information | The following table presents contractual maturity information for securities available for sale at December 31, 2022 (in thousands): Amortized Fair Cost Value Due in 1 year or less $ 172,698 $ 170,616 Due after 1 year through 5 years 1,677,013 1,612,729 Due after 5 years through 10 years 803,950 759,939 Due after 10 years 549,384 480,941 Total 3,203,045 3,024,225 Mortgage-backed securities 4,574,905 3,982,122 Total securities available for sale $ 7,777,950 $ 7,006,347 |
Held-to-maturity Securities [Member] | |
Contractual Maturity Information | The following table provides detailed information about securities held to maturity at December 31, 2022 and 2021, respectively (in thousands): 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses Net Carrying Amount U.S. Agency $ 123,091 $ — $ (4,567 ) $ 118,524 $ — $ 123,091 Mortgage-backed 2,965,586 11 (392,530 ) 2,573,067 — 2,965,586 State and political subdivisions 2,772,922 17,618 (201,472 ) 2,589,068 (2,407 ) 2,770,515 Total $ 5,861,599 $ 17,629 $ (598,569 ) $ 5,280,659 $ (2,407 ) $ 5,859,192 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Allowance for Credit Losses Net Carrying Amount Mortgage-backed $ 396,134 $ 14 $ (2,431 ) $ 393,717 $ — $ 396,134 State and political subdivisions 1,084,282 3,346 (38,954 ) 1,048,674 (1,940 ) 1,082,342 Total $ 1,480,416 $ 3,360 $ (41,385 ) $ 1,442,391 $ (1,940 ) $ 1,478,476 The following table presents contractual maturity information for securities held to maturity at December 31, 2022 (in thousands): Amortized Fair Cost Value Due in 1 year or less $ 82,196 $ 81,893 Due after 1 year through 5 years 347,137 338,148 Due after 5 years through 10 years 743,395 704,133 Due after 10 years 1,723,285 1,583,418 Total 2,896,013 2,707,592 Mortgage-backed securities 2,965,586 2,573,067 Total securities held to maturity $ 5,861,599 $ 5,280,659 |
LOANS TO OFFICERS AND DIRECTO_2
LOANS TO OFFICERS AND DIRECTORS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Activity with Respect to Aggregate Loans to Related Parties | For the years 2022 and 2021, an analysis of activity with respect to such aggregate loans to related parties appears below (in thousands): Year Ended December 31, 2022 2021 Balance – beginning of year $ 279,717 $ 165,395 New loans 192,595 176,226 Repayments (109,459 ) (61,780 ) Reduction due to change in reportable loans — (124 ) Balance – end of year $ 362,853 $ 279,717 |
GOODWILL AND OTHER INTANGIBLES
GOODWILL AND OTHER INTANGIBLES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | Changes in the carrying amount of goodwill for the years ended December 31, 2022 and December 31, 2021 by operating segment are as follows (in thousands): Commercial Banking Institutional Banking Personal Banking Total Balances as of January 1, 2022 $ 59,419 $ 51,332 $ 63,767 $ 174,518 Healthcare savings account business acquisition — 25,160 — 25,160 Branch acquisition 3,694 — 4,013 7,707 Balances as of December 31, 2022 $ 63,113 $ 76,492 $ 67,780 $ 207,385 Balances as of January 1, 2021 $ 59,419 $ 51,332 $ 70,116 $ 180,867 Sale of component of business segment — — (6,349 ) (6,349 ) Balances as of December 31, 2021 $ 59,419 $ 51,332 $ 63,767 $ 174,518 |
Changes in Intangible Assets | Following are the intangible assets that continue to be subject to amortization as of December 31, 2022 and 2021 (in thousands) : As of December 31, 2022 Core Deposit Intangible Assets Customer Relationships Total Gross carrying amount $ 16,661 $ 114,978 $ 131,639 Accumulated amortization 14,827 38,088 52,915 Net carrying amount $ 1,834 $ 76,890 $ 78,724 As of December 31, 2021 Core Deposit Intangible Assets Customer Relationships Total Gross carrying amount $ 50,059 $ 71,167 $ 121,226 Accumulated amortization 49,623 57,187 106,810 Net carrying amount $ 436 $ 13,980 $ 14,416 |
Estimated Amortization Expense of Intangible Assets | The following table discloses the estimated amortization expense of intangible assets in future years (in thousands): For the year ending December 31, 2023 $ 8,366 For the year ending December 31, 2024 7,636 For the year ending December 31, 2025 7,429 For the year ending December 31, 2026 6,569 For the year ending December 31, 2027 4,597 |
PREMISES, EQUIPMENT, AND LEAS_2
PREMISES, EQUIPMENT, AND LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Premises Equipment And Leases [Abstract] | |
Components of Premises and Equipment | Premises and equipment consisted of the following (in thousands): December 31, 2022 2021 Land $ 41,368 $ 41,513 Buildings and leasehold improvements 361,346 352,954 Equipment 187,208 181,218 Software 285,833 273,342 Total 875,755 849,027 Accumulated depreciation (371,958 ) (357,503 ) Accumulated amortization (240,148 ) (220,591 ) Premises and equipment, net $ 263,649 $ 270,933 |
Summary of Future Minimum Lease Payments | As of December 31, 2022, future minimum lease payments under non-cancelable operating leases were as follows (in thousands): 2023 $ 12,278 2024 11,652 2025 10,005 2026 9,326 2027 8,297 Thereafter 19,430 Total lease payments 70,988 Less: Interest 7,516 Present value of lease liabilities $ 63,472 |
BORROWED FUNDS (Tables)
BORROWED FUNDS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Components of Short-Term and Long Term Debt | The components of the Company's long-term debt are as follows (in thousands): December 31, 2022 2021 Trust Preferred Securities: Marquette Capital Trust I Subordinated Debentures 5.41% due 2036 $ 18,319 $ 17,956 Marquette Capital Trust II Subordinated Debentures 5.41% due 2036 18,863 18,526 Marquette Capital Trust III Subordinated Debentures 6.23% due 2036 7,415 7,286 Marquette Capital Trust IV Subordinated Debentures 6.37% due 2036 29,956 29,445 Subordinated notes 3.70% due 2030, net of issuance costs 198,781 198,331 Subordinated notes 6.25% due 2032, net issuance costs 107,977 — Total long-term debt $ 381,311 $ 271,544 |
Remaining Contractual Maturities Of Repurchase Agreements | The carrying amounts and market values of the securities and the related repurchase liabilities and weighted average interest rates of the repurchase liabilities (grouped by maturity of the repurchase agreements) were as follows as of December 31, 2022 and 2021 (in thousands): As of December 31, 2022 Securities Fair Market Value Repurchase Liabilities Weighted Average Interest Rate Maturity of the Repurchase Liabilities 2 to 29 days $ 1,756,837 $ 1,869,186 3.32 % 30 to 90 Days 295,901 290,501 4.59 Total $ 2,052,738 $ 2,159,687 3.49 % As of December 31, 2021 Securities Fair Market Value Repurchase Liabilities Weighted Average Interest Rate Maturity of the Repurchase Liabilities 2 to 29 days $ 2,797,268 $ 2,820,788 0.19 % 30 to 90 Days 414,091 404,800 0.70 Over 90 Days 250 250 0.01 Total $ 3,211,609 $ 3,225,838 0.25 % |
Repurchase Agreements | |
Remaining Contractual Maturities Of Repurchase Agreements | The table below presents the remaining contractual maturities of repurchase agreements outstanding at December 31, 2022 and 2021, in addition to the various types of marketable securities that have been pledged as collateral for these borrowings (in thousands): As of December 31, 2022 Remaining Contractual Maturities of the Agreements 2-29 days 30-90 days Total Repurchase agreements, secured by: U.S. Treasury $ 33,888 $ — $ 33,888 U.S. Agency 1,835,298 290,501 2,125,799 Total repurchase agreements $ 1,869,186 $ 290,501 $ 2,159,687 As of December 31, 2021 Remaining Contractual Maturities of the Agreements 2-29 days 30-90 days Over 90 Days Total Repurchase agreements, secured by: U.S. Agency $ 2,820,788 $ 404,800 $ 250 $ 3,225,838 Total repurchase agreements $ 2,820,788 $ 404,800 $ 250 $ 3,225,838 |
REGULATORY REQUIREMENTS (Tables
REGULATORY REQUIREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Capital Requirements [Abstract] | |
Actual Capital Amounts as well as Required and Well-Capitalized Common Equity Tier One, Tier One, Total and Tier One Leverage Ratios | Actual capital amounts as well as required and well-capitalized common equity tier 1, tier 1, total and tier 1 leverage ratios as of December 31, 2022 and 2021 for the Company and the Bank are as follows (in thousands): 2022 Actual For Capital Adequacy Purposes To Be Well Capitalized Under Prompt Corrective Action Provisions Amount Ratio Amount Ratio Amount Ratio Common Equity Tier 1 Capital: UMB Financial Corporation $ 3,129,030 10.62 % $ 1,325,893 4.50 % $ N/A N/A % UMB Bank, n. a. 3,184,837 10.88 1,317,571 4.50 1,903,158 6.50 Tier 1 Capital: UMB Financial Corporation 3,129,030 10.62 1,767,857 6.00 N/A N/A UMB Bank, n. a. 3,184,837 10.88 1,756,762 6.00 2,342,349 8.00 Total Capital: UMB Financial Corporation 3,682,619 12.50 2,357,142 8.00 N/A N/A UMB Bank, n. a. 3,359,158 11.47 2,342,349 8.00 2,927,936 10.00 Tier 1 Leverage: UMB Financial Corporation 3,129,030 8.43 1,483,953 4.00 N/A N/A UMB Bank, n. a. 3,184,837 8.46 1,506,443 4.00 1,883,054 5.00 2021 Common Equity Tier 1 Capital: UMB Financial Corporation $ 2,885,576 12.05 % $ 1,077,971 4.50 % $ N/A N/A % UMB Bank, n. a. 2,734,377 11.53 1,067,154 4.50 1,541,444 6.50 Tier 1 Capital: UMB Financial Corporation 2,885,576 12.05 1,437,295 6.00 N/A N/A UMB Bank, n. a. 2,734,377 11.53 1,422,872 6.00 1,897,162 8.00 Total Capital: UMB Financial Corporation 3,324,284 13.88 1,916,393 8.00 N/A N/A UMB Bank, n. a. 2,902,996 12.24 1,897,162 8.00 2,371,453 10.00 Tier 1 Leverage: UMB Financial Corporation 2,885,576 7.61 1,517,616 4.00 N/A N/A UMB Bank, n. a. 2,734,377 7.26 1,506,293 4.00 1,882,866 5.00 |
EMPLOYEE BENEFITS (Tables)
EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Status of Service Based Restricted Shares | The table below discloses the status of the service-based restricted shares during 2022: Number of Shares Weighted Average Grant Date Fair Value Service-Based Restricted Stock Nonvested - December 31, 2021 23,618 $ 72.28 Granted — — Canceled — — Vested (23,618 ) 72.28 Nonvested - December 31, 2022 — $ — |
Service Based Restricted Stock Units [Member] | |
Status of Service Based Restricted Shares | The table below discloses the status of the service-based restricted stock units during 2022: Number of Units Weighted Average Price Per Unit Service Based Restricted Stock Units Under the OICP Nonvested - December 31, 2021 363,148 $ 70.47 Granted 156,869 98.76 Canceled (27,880 ) 80.54 Vested (112,151 ) 66.32 Nonvested - December 31, 2022 379,986 $ 82.64 |
Performance Based Restricted Stock Unit [Member] | |
Status of Service Based Restricted Shares | The table below discloses the status of the performance-based restricted stock units during 2022: Number of Units Weighted Average Price Per Unit Performance Based Restricted Stock Units Under the OICP Nonvested - December 31, 2021 165,822 $ 64.08 Granted 48,416 93.43 Canceled (1,375 ) 65.02 Vested (71,461 ) 60.35 Performance based adjustment 23,708 60.35 Nonvested - December 31, 2022 165,110 $ 64.21 |
Long-Term Incentive Compensation Plan (LTIP) [Member] | |
Information Relating to Non-qualified Option Activity | The table below discloses the information relating to non-qualified option activity in 2022 under the LTIP: Number of Shares Weighted Average Price Per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Stock Options Under the LTIP Outstanding - December 31, 2021 171,340 $ 60.19 Granted — — Canceled — — Expired (3,783 ) 56.86 Exercised (29,699 ) 51.84 Outstanding - December 31, 2022 137,858 $ 62.08 3.0 $ 2,955,637 Exercisable - December 31, 2022 137,858 $ 62.08 3.0 $ 2,955,637 |
BUSINESS SEGMENT REPORTING (Tab
BUSINESS SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Financial Results | S egment financial results were as follows (in thousands): Year Ended December 31, 2022 Commercial Banking Institutional Banking Personal Banking Total Net interest income $ 596,031 $ 159,679 $ 158,087 $ 913,797 Provision for credit losses 32,851 495 4,554 37,900 Noninterest income 122,614 323,794 107,825 554,233 Noninterest expense 332,912 320,976 244,231 898,119 Income before taxes 352,882 162,002 17,127 532,011 Income tax expense 66,548 30,551 3,230 100,329 Net income $ 286,334 $ 131,451 $ 13,897 $ 431,682 Average assets $ 17,489,000 $ 13,100,000 $ 6,990,000 $ 37,579,000 Year Ended December 31, 2021 Commercial Banking Institutional Banking Personal Banking Total Net interest income $ 579,992 $ 87,644 $ 147,885 $ 815,521 Provision for credit losses 15,543 630 3,827 20,000 Noninterest income 84,417 273,483 109,275 467,175 Noninterest expense 306,424 292,142 235,070 833,636 Income before taxes 342,442 68,355 18,263 429,060 Income tax expense 60,691 12,113 3,238 76,042 Net income $ 281,751 $ 56,242 $ 15,025 $ 353,018 Average assets $ 15,243,000 $ 12,255,000 $ 7,831,000 $ 35,329,000 Year Ended December 31, 2020 Commercial Banking Institutional Banking Personal Banking Total Net interest income $ 489,501 $ 106,856 $ 134,872 $ 731,229 Provision for credit losses 119,526 882 10,092 130,500 Noninterest income 192,230 254,874 113,062 560,166 Noninterest expense 289,072 286,635 246,298 822,005 Income (loss) before taxes 273,133 74,213 (8,456 ) 338,890 Income tax expense (benefit) 42,223 11,472 (1,307 ) 52,388 Net income (loss) $ 230,910 $ 62,741 $ (7,149 ) $ 286,502 Average assets $ 12,614,000 $ 9,746,000 $ 6,208,000 $ 28,568,000 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregation of Revenue According to Revenue Stream and Business Segment | The following tables depict the disaggregation of revenue according to revenue stream and Business Segment for the three years ended December 31, 2022, 2021, and 2020. As stated in Note 12, “Business Segment Reporting,” for comparability purposes, amounts in all periods are based on methodologies in effect at December 31, 2022 and previously reported results have been reclassified in this filing to conform to the current organizational structure. Disaggregated revenue is as follows (in thousands): Year Ended December 31, 2022 NONINTEREST INCOME Commercial Banking Institutional Banking Personal Banking Revenue (Expense) out of Scope of ASC 606 Total Trust and securities processing $ — $ 183,724 $ 53,483 $ — $ 237,207 Trading and investment banking — 319 — 22,882 23,201 Service charges on deposit accounts 34,399 43,054 7,543 171 85,167 Insurance fees and commissions — — 1,338 — 1,338 Brokerage fees 230 35,141 7,648 — 43,019 Bankcard fees 61,939 21,998 23,049 (33,535 ) 73,451 Investment securities gains, net — — — 58,444 58,444 Other 810 1,812 2,642 27,142 32,406 Total noninterest income $ 97,378 $ 286,048 $ 95,703 $ 75,104 $ 554,233 Year Ended December 31, 2021 NONINTEREST INCOME Commercial Banking Institutional Banking Personal Banking Revenue (Expense) out of Scope of ASC 606 Total Trust and securities processing $ — $ 164,480 $ 59,646 $ — $ 224,126 Trading and investment banking — 793 — 30,146 30,939 Service charges on deposit accounts 33,350 45,934 6,457 315 86,056 Insurance fees and commissions — — 1,309 — 1,309 Brokerage fees 107 4,069 7,995 — 12,171 Bankcard fees 56,918 19,117 21,779 (33,238 ) 64,576 Investment securities gains, net — — — 5,057 5,057 Other 889 1,634 2,622 37,796 42,941 Total noninterest income $ 91,264 $ 236,027 $ 99,808 $ 40,076 $ 467,175 Year Ended December 31, 2020 NONINTEREST INCOME Commercial Banking Institutional Banking Personal Banking Revenue (Expense) out of Scope of ASC 606 Total Trust and securities processing $ — $ 131,249 $ 63,397 $ — $ 194,646 Trading and investment banking — 755 — 32,190 32,945 Service charges on deposit accounts 30,470 46,611 6,587 211 83,879 Insurance fees and commissions — — 1,369 — 1,369 Brokerage fees 245 16,075 8,030 — 24,350 Bankcard fees 52,257 17,731 19,621 (29,065 ) 60,544 Investment securities gains, net — — — 120,634 120,634 Other 1,135 1,469 2,603 36,592 41,799 Total noninterest income $ 84,107 $ 213,890 $ 101,607 $ 160,562 $ 560,166 |
COMMON STOCK AND EARNINGS PER_2
COMMON STOCK AND EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Summary of Share Transactions | The following table summarizes the share transactions for the three years ended December 31, 2022 (in thousands, except for share data): Shares Issued Shares in Treasury Balance January 1, 2020 55,056,730 (5,959,124 ) Accelerated Share Repurchase Program — (653,498 ) Purchase of Treasury Stock — (563,830 ) Sale of Treasury Stock — 11,372 Issued for stock options and restricted stock — 114,736 Balance December 31, 2020 55,056,730 (7,050,344 ) Purchase of Treasury Stock — (67,671 ) Sale of Treasury Stock — 6,835 Issued for stock options and restricted stock — 485,255 Balance December 31, 2021 55,056,730 (6,625,925 ) Purchase of Treasury Stock — (341,785 ) Sale of Treasury Stock — 6,487 Issued for stock options and restricted stock — 223,897 Balance December 31, 2022 55,056,730 (6,737,326 ) |
Shares Used in Calculation of Basic and Diluted Earnings | The shares used in the calculation of basic and diluted earnings per share, are shown below: For the Years Ended December 31, 2022 2021 2020 Weighted average basic common shares outstanding 48,340,922 48,271,462 48,137,791 Dilutive effect of stock options and restricted stock 406,477 466,830 205,959 Weighted average diluted common shares outstanding 48,747,399 48,738,292 48,343,750 |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND GUARANTEES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Notional Amount of Off-Balance Sheet Financial Instruments | The following table summarizes the Company’s off-balance sheet financial instruments as described above (in thousands): Contract or Notional Amount December 31, 2022 2021 Commitments to extend credit for loans (excluding credit card loans) $ 12,988,231 $ 10,122,617 Commitments to extend credit under credit card loans 4,008,386 3,743,165 Commercial letters of credit 3,334 2,754 Standby letters of credit 436,965 365,030 Forward contracts 32,552 9,729 Spot foreign exchange contracts 5,112 2,946 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax Expense (Benefit) | Income tax expense includes the following components (in thousands): Year Ended December 31, 2022 2021 2020 Current tax Federal $ 92,673 $ 72,410 $ 49,053 State 13,964 16,356 8,171 Total current tax expense 106,637 88,766 57,224 Deferred tax Federal (3,998 ) (9,872 ) (4,045 ) State (2,310 ) (2,852 ) (791 ) Total deferred tax benefit (6,308 ) (12,724 ) (4,836 ) Total tax expense $ 100,329 $ 76,042 $ 52,388 |
Reconciliation Between Income Tax Expense and Amount Computed by Applying Federal Statutory Tax Rate | The reconciliation between the income tax expense and the amount computed by applying the statutory federal tax rate of 21% for income before income taxes is as follows (in thousands): Year Ended December 31, 2022 2021 2020 Statutory federal income tax expense $ 111,722 $ 90,103 $ 71,167 Tax-exempt interest income (20,206 ) (20,635 ) (20,914 ) Tax-exempt life insurance related income (723 ) (2,631 ) (3,420 ) Meals, entertainment and related expenses 854 580 924 State and local income taxes, net of federal tax benefits 9,207 10,659 5,835 Equity-based compensation (1,921 ) (1,889 ) (299 ) Federal tax credits, net of amortization of LIHTC investments (3,748 ) (2,634 ) (1,772 ) Other 5,144 2,489 867 Total tax expense $ 100,329 $ 76,042 $ 52,388 |
Components of Deferred Tax Assets and Liabilities | The significant components of deferred tax assets and liabilities are reflected in the following table (in thousands): December 31, 2022 2021 Deferred tax assets: Net unrealized loss on securities available for sale $ 248,001 $ — Loans, principally due to allowance for credit losses 43,129 45,029 Equity-based compensation 7,743 6,493 Accrued expenses 25,007 23,032 Deferred compensation 15,375 16,320 Miscellaneous 2,289 5,515 Total deferred tax assets before valuation allowance 341,544 96,389 Valuation allowance (180 ) (1,335 ) Total deferred tax assets 341,364 95,054 Deferred tax liabilities: Net unrealized gain on securities available for sale — (35,447 ) Net unrealized gain on fair value hedges (18,617 ) (1,336 ) Securities (87 ) (788 ) Land, buildings and equipment (33,036 ) (37,370 ) Original issue discount (992 ) (1,486 ) Prepaid expenses (5,862 ) (4,359 ) Partnership investments (6,737 ) (5,627 ) Trust preferred securities (6,912 ) (7,250 ) Intangibles (17,225 ) (20,067 ) Miscellaneous (3,471 ) (3,426 ) Total deferred tax liabilities (92,939 ) (117,156 ) Net deferred tax asset (liability) $ 248,425 $ (22,102 ) |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): December 31, 2022 2021 Unrecognized tax benefits - opening balance $ 8,798 $ 6,717 Gross increases - tax positions in prior period — 291 Gross decreases - tax positions in prior period (63 ) — Gross increases - current-period tax positions 2,621 2,201 Lapse of statute of limitations (1,996 ) (411 ) Unrecognized tax benefits - ending balance $ 9,360 $ 8,798 |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Summary of Fair Value of Derivative Assets and Liabilities | This table provides a summary of the fair value of the Company’s derivative assets and liabilities as of December 31, 2022 and December 31, 2021 : Derivative Assets Derivative Liabilities December 31, December 31, Fair Value 2022 2021 2022 2021 Interest Rate Products: Derivatives not designated as hedging instruments $ 47,638 $ 57,134 $ 126,231 $ 13,944 Derivatives designated as hedging instruments 483 546 103 — Total $ 48,121 $ 57,680 $ 126,334 $ 13,944 |
Summary of Amount of Gain (Loss) Recognized in Other Non-Interest Expense in Consolidated Statements of Income Related to Derivative Assets and Liabilities | This table provides a summary of the amount of gain or loss recognized in Other noninterest expense in the Consolidated Statements of Income for the years ended December 31, 2022, 2021, and 2020 related to the Company’s derivative assets and liabilities (in thousands): Amount of Gain (Loss) Recognized For the Year Ended December 31, 2022 2021 2020 Interest Rate Products Derivatives not designated as hedging instruments $ 423 $ 387 $ (720 ) Total $ 423 $ 387 $ (720 ) Interest Rate Products Derivatives designated as hedging instruments: Fair value adjustments on derivatives $ 72,539 $ 5,231 $ (139 ) Fair value adjustments on hedged items (72,047 ) (5,832 ) 139 Total $ 492 $ (601 ) $ — |
Summary of Effect of Hedges on AOCI in Consolidated Statements of Comprehensive Income Related to Company's Derivative Assets and Liabilities | This table provides a summary of the effect of hedges on AOCI in the Consolidated Statements of Comprehensive Income for the years ended December 31, 2022, 2021, and 2020 related to the Company’s derivative assets and liabilities (in thousands): For the Year Ended December 31, 2022 Derivatives in Cash Flow Hedging Relationships Gain Recognized in OCI on Derivative Gain Recognized in OCI Included Component Gain Recognized in OCI Excluded Component Gain (Loss) Reclassified from AOCI into Earnings Gain (Loss) Reclassified from AOCI into Earnings Included Component Loss Reclassified from AOCI into Earnings Excluded Component Interest rate floor $ — $ — $ — $ 4,998 $ 7,248 $ (2,250 ) Interest rate swaps 12,608 12,608 — (502 ) (502 ) — Total $ 12,608 $ 12,608 $ — $ 4,496 $ 6,746 $ (2,250 ) For the Year Ended December 31, 2021 Derivatives in Cash Flow Hedging Relationships Gain Recognized in OCI on Derivative Gain Recognized in OCI Included Component Gain Recognized in OCI Excluded Component Gain (Loss) Reclassified from AOCI into Earnings Gain (Loss) Reclassified from AOCI into Earnings Included Component Loss Reclassified from AOCI into Earnings Excluded Component Interest rate floor $ — $ — $ — $ 4,696 $ 6,946 $ (2,250 ) Interest rate swaps 3,106 3,106 — (1,344 ) (1,344 ) — Total $ 3,106 $ 3,106 $ — $ 3,352 $ 5,602 $ (2,250 ) For the Year Ended December 31, 2020 Derivatives in Cash Flow Hedging Relationships Gain (Loss) Recognized in OCI on Derivative Gain (Loss) Recognized in OCI Included Component Loss Recognized in OCI Excluded Component Gain (Loss) Reclassified from AOCI into Earnings Gain (Loss) Reclassified from AOCI into Earnings Included Component Loss Reclassified from AOCI into Earnings Excluded Component Interest rate floor $ 28,390 $ 34,917 $ (6,527 ) $ 2,943 $ 5,398 $ (2,455 ) Interest rate swaps (7,411 ) (7,411 ) — (1,038 ) (1,038 ) — Total $ 20,979 $ 27,506 $ (6,527 ) $ 1,905 $ 4,360 $ (2,455 ) |
DISCLOSURES ABOUT FAIR VALUE _2
DISCLOSURES ABOUT FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021 Fair Value Measurement at December 31, 2022 Using Description December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets U.S. Treasury $ 580 $ 580 $ — $ — U.S. Agencies 7,558 — 7,558 — Mortgage-backed — — — — State and political subdivisions 8,038 — 8,038 — Corporates 1,024 1,024 — — Trading – other 780 780 — — Trading securities 17,980 2,384 15,596 — U.S. Treasury 777,070 777,070 — — U.S. Agencies 171,296 — 171,296 — Mortgage-backed 3,982,122 — 3,982,122 — State and political subdivisions 1,362,407 — 1,362,407 — Corporates 367,500 367,500 — — Collateralized loan obligations 345,952 — 345,952 — Securities available for sale 7,006,347 1,144,570 5,861,777 — Equity securities with readily determinable fair values 10,782 10,782 — — Company-owned life insurance 56,769 — 56,769 — Bank-owned life insurance 510,293 — 510,293 — Derivatives 48,121 — 48,121 — Total $ 7,650,292 $ 1,157,736 $ 6,492,556 $ — Liabilities Derivatives $ 126,334 $ — $ 126,334 $ — Securities sold not yet purchased 3,503 — 3,503 — Total $ 129,837 $ — $ 129,837 $ — |
Assets Measured at Fair Value on Non-Recurring Basis | Assets measured at fair value on a non-recurring basis as of December 31, 2022 and 2021 Fair Value Measurement at December 31, 2022 Using Description December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Losses Recognized During the Twelve Months Ended December 31 Collateral dependent assets $ 4,373 $ — $ — $ 4,373 $ (2,998 ) Other real estate owned 68 — — 68 — Total $ 4,441 $ — $ — $ 4,441 $ (2,998 ) Fair Value Measurement at December 31, 2021 Using Description December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains Recognized During the Twelve Months Ended December 31 Collateral dependent assets $ 46,979 $ — $ — $ 46,979 $ 1,521 Other real estate owned — — — — — Total $ 46,979 $ — $ — $ 46,979 $ 1,521 |
Estimated Fair Value of Financial Instruments | The estimated fair value of the Company’s financial instruments at December 31, 2022 and 2021 are as follows (in thousands): Fair Value Measurement at December 31, 2022 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Estimated Fair Value FINANCIAL ASSETS Cash and short-term investments $ 2,638,384 $ 1,686,787 $ 951,597 $ — $ 2,638,384 Securities available for sale 7,006,347 1,144,570 5,861,777 — 7,006,347 Securities held to maturity (exclusive of allowance for credit losses) 5,861,599 — 5,280,659 — 5,280,659 Trading securities 17,980 2,384 15,596 — 17,980 Other securities 349,758 10,782 338,976 — 349,758 Loans (exclusive of allowance for credit losses) 21,033,167 — 20,816,899 — 20,816,899 Derivatives 48,121 — 48,121 — 48,121 FINANCIAL LIABILITIES Demand and savings deposits 31,721,995 31,721,995 — — 31,721,995 Time deposits 917,138 — 917,138 — 917,138 Other borrowings 2,222,167 62,480 2,159,687 — 2,222,167 Long-term debt 381,311 — 418,737 — 418,737 Derivatives 126,334 — 126,334 — 126,334 OFF-BALANCE SHEET ARRANGEMENTS Commitments to extend credit for loans 9,260 Commercial letters of credit 185 Standby letters of credit 3,982 Fair Value Measurement at December 31, 2021 Using Carrying Amount Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Estimated Fair Value FINANCIAL ASSETS Cash and short-term investments $ 10,472,084 $ 9,255,727 $ 1,216,357 $ — $ 10,472,084 Securities available for sale 11,976,514 387,020 11,589,494 — 11,976,514 Securities held to maturity (exclusive of allowance for credit losses) 1,480,416 — 1,442,391 — 1,442,391 Trading securities 31,875 5,985 25,890 — 31,875 Other securities 327,098 64,149 262,949 — 327,098 Loans (exclusive of allowance for credit losses) 17,172,148 — 17,506,662 — 17,506,662 Derivatives 57,680 — 57,680 — 57,680 FINANCIAL LIABILITIES Demand and savings deposits 34,748,286 34,748,286 — — 34,748,286 Time deposits 851,641 — 851,641 — 851,641 Other borrowings 3,238,435 12,597 3,225,838 — 3,238,435 Long-term debt 271,544 — 285,961 — 285,961 Derivatives 13,944 — 13,944 — 13,944 OFF-BALANCE SHEET ARRANGEMENTS Commitments to extend credit for loans 7,841 Commercial letters of credit 179 Standby letters of credit 3,553 |
PARENT COMPANY FINANCIAL INFO_2
PARENT COMPANY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Schedule of Parent Company Balance Sheets | BALANCE SHEETS (in thousands) December 31, 2022 2021 ASSETS Investment in subsidiaries: Banks $ 2,685,783 $ 2,970,227 Non-banks 178,973 169,123 Total investment in subsidiaries 2,864,756 3,139,350 Goodwill on purchased affiliates 5,011 5,011 Cash 139,058 185,372 Investment securities and other 106,294 155,196 Total assets $ 3,115,119 $ 3,484,929 LIABILITIES AND SHAREHOLDERS' EQUITY Long-term debt $ 381,311 $ 271,544 Accrued expenses and other 66,715 67,961 Total liabilities 448,026 339,505 Shareholders' equity 2,667,093 3,145,424 Total liabilities and shareholders' equity $ 3,115,119 $ 3,484,929 |
Schedule of Parent Company Statements of Income and Comprehensive Income | STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (in thousands) Year Ended December 31, 2022 2021 2020 INCOME Dividends and income received from subsidiaries $ 57,000 $ 129,217 $ 78,360 Service fees from subsidiaries 74,472 60,346 49,191 Other 55,988 12,771 9,241 Total income 187,460 202,334 136,792 EXPENSE Salaries and employee benefits 60,094 62,109 56,919 Other 35,943 31,022 22,657 Total expense 96,037 93,131 79,576 Income before income taxes and equity in undistributed earnings of subsidiaries 91,423 109,203 57,216 Income tax expense (benefit) 10,958 (10,322 ) (6,230 ) Income before equity in undistributed earnings of subsidiaries 80,465 119,525 63,446 Equity in undistributed earnings of subsidiaries: Banks 344,567 263,084 234,014 Non-Banks 6,650 (29,591 ) (10,958 ) Net income $ 431,682 $ 353,018 $ 286,502 Other comprehensive (loss) income (829,049 ) (192,026 ) 235,160 Comprehensive (loss) income $ (397,367 ) $ 160,992 $ 521,662 |
Schedule of Parent Company Statements of Cash Flows | STATEMENTS OF CASH FLOWS (in thousands) Year Ended December 31, 2022 2021 2020 OPERATING ACTIVITIES Net income $ 431,682 $ 353,018 $ 286,502 Adjustments to reconcile net income to cash provided by operating activities: Equity in earnings of subsidiaries (408,217 ) (362,709 ) (301,415 ) Dividends received from subsidiaries 57,000 129,217 78,360 Depreciation and amortization 12 15 15 Amortization of debt issuance costs 556 450 131 Equity based compensation 21,491 21,208 15,120 Changes in other assets and liabilities, net 12,522 (4,049 ) (1,724 ) Net cash provided by operating activities 115,046 137,150 76,989 INVESTING ACTIVITIES Net capital investment in subsidiaries (207,575 ) (60,264 ) (96,678 ) Net decrease (increase) in investment securities 40,235 (11,051 ) (29,648 ) Net cash used in investing activities (167,340 ) (71,315 ) (126,326 ) FINANCING ACTIVITIES Cash dividends paid (72,030 ) (66,750 ) (60,281 ) Proceeds from short-term debt — — 15,000 Repayment of short-term debt — — (15,000 ) Proceeds from long-term debt 110,000 — 200,000 Payment of debt issuance costs (2,129 ) — (2,250 ) Proceeds from exercise of stock options and sales of treasury stock 2,136 19,048 5,186 Purchases of treasury stock (31,997 ) (5,506 ) (63,766 ) Net cash provided by (used in) in financing activities 5,980 (53,208 ) 78,889 Net (decrease) increase in cash (46,314 ) 12,627 29,552 Cash and cash equivalents at beginning of period 185,372 172,745 143,193 Cash and cash equivalents at end of period $ 139,058 $ 185,372 $ 172,745 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Due from the FRB | $ 1,057,192 | $ 8,800,743 |
Cash and due from banks | 500,682 | 413,821 |
Cash and cash equivalents at end of year | $ 1,557,874 | $ 9,214,564 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Interest bearing amounts held at other financial institutions | $ 121,700,000 | $ 41,200,000 | |
Days loan should be past due after contractual due date to be considered as delinquent loan | 30 days | ||
Days in which collection of interest or principal should be past to be placed on non-accrual status | 90 days | ||
Gain (loss) on transfer of securities | $ 0 | ||
Goodwill impairment | 0 | 0 | $ 0 |
Impairment of intangible assets | 0 | 0 | 0 |
Indefinite lived intangible assets | 0 | ||
Impairment charges | $ 0 | $ 0 | $ 0 |
Dilutive effect of common stock issuable upon exercise of options | 406,477 | 466,830 | 205,959 |
Anti-dilutive shares | 0 | 0 | 198,671 |
Maximum [Member] | Premises [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, depreciation period | 40 years | ||
Maximum [Member] | Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, depreciation period | 20 years | ||
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Tax benefit, Percentage | 50% | ||
Minimum [Member] | Premises [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, depreciation period | 15 years | ||
Minimum [Member] | Equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property, plant and equipment, depreciation period | 3 years |
New Accounting Pronouncements -
New Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Allowance for credit losses | $ 191,836 | $ 194,771 |
Reduction to retained earnings, net of deferred tax balances | 2,536,086 | $ 2,176,998 |
ASU Nos. 2016-13 [Member] | Cumulative Effect Adjustments | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Allowance for credit losses | 9,000 | |
Reduction to retained earnings, net of deferred tax balances | $ 7,000 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Summary of Loan Classes and Aging of Past Due Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 21,031,189 | $ 17,170,871 |
Nonaccrual Loans | 19,269 | 92,300 |
30-89 Days Past Due and Accruing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 8,775 | 6,509 |
Greater than 90 days Past Due and Accruing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,617 | 2,633 |
Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 29,661 | 101,442 |
Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 21,001,528 | 17,069,429 |
Commercial and Industrial Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 9,205,986 | 7,258,120 |
Nonaccrual Loans | 11,356 | 82,845 |
Commercial and Industrial Portfolio [Member] | 30-89 Days Past Due and Accruing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,456 | 2,827 |
Commercial and Industrial Portfolio [Member] | Greater than 90 days Past Due and Accruing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2 | 896 |
Commercial and Industrial Portfolio [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 13,814 | 86,568 |
Commercial and Industrial Portfolio [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 9,192,172 | 7,171,552 |
Specialty Lending Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 602,706 | 522,362 |
Specialty Lending Portfolio [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 602,706 | 522,362 |
Commercial Real Estate Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 7,616,086 | 6,267,544 |
Nonaccrual Loans | 2,505 | 4,688 |
Commercial Real Estate Portfolio [Member] | 30-89 Days Past Due and Accruing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,167 | 962 |
Commercial Real Estate Portfolio [Member] | Greater than 90 days Past Due and Accruing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 191 | |
Commercial Real Estate Portfolio [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 4,863 | 5,650 |
Commercial Real Estate Portfolio [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 7,611,223 | 6,261,894 |
Consumer Real Estate Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,723,269 | 2,320,033 |
Nonaccrual Loans | 4,882 | 4,210 |
Consumer Real Estate Portfolio [Member] | 30-89 Days Past Due and Accruing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 10 | 246 |
Consumer Real Estate Portfolio [Member] | Greater than 90 days Past Due and Accruing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 489 | |
Consumer Real Estate Portfolio [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 4,892 | 4,945 |
Consumer Real Estate Portfolio [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,718,377 | 2,315,088 |
Consumer Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 145,666 | 129,135 |
Nonaccrual Loans | 61 | 75 |
Consumer Portfolio [Member] | 30-89 Days Past Due and Accruing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 613 | 105 |
Consumer Portfolio [Member] | Greater than 90 days Past Due and Accruing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 20 | 2 |
Consumer Portfolio [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 694 | 182 |
Consumer Portfolio [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 144,972 | 128,953 |
Credit Cards Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 431,672 | 391,389 |
Nonaccrual Loans | 441 | 457 |
Credit Cards Portfolio [Member] | 30-89 Days Past Due and Accruing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 3,529 | 2,369 |
Credit Cards Portfolio [Member] | Greater than 90 days Past Due and Accruing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,404 | 1,246 |
Credit Cards Portfolio [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 5,374 | 4,072 |
Credit Cards Portfolio [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 426,298 | 387,317 |
Leases and Other Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 305,804 | 282,288 |
Nonaccrual Loans | 24 | 25 |
Leases and Other Portfolio [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 24 | 25 |
Leases and Other Portfolio [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 305,780 | $ 282,263 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Proceeds from sales of loans held for sale | $ 48,133,000 | $ 147,896,000 | $ 133,182,000 |
Nonaccrual Loans | 19,269,000 | 92,300,000 | |
Restructured loans | 5,200,000 | 7,300,000 | |
Total Past Due | 21,031,189,000 | 17,170,871,000 | |
Non accrual loans with no related allowance for credit losses | 16,704,000 | 85,948,000 | |
Accrued interest on loans | $ 90,600,000 | 45,200,000 | |
Number of reasonable and supportable forecast period | 1 year | ||
Outstanding commitments to lend to borrowers with loan modifications classified as TDR's | $ 0 | $ 0 | |
Number of contracts | 0 | ||
Default payment of troubled restructuring | $ 0 | $ 0 | |
Consumer Real Estate Portfolio [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of contracts | 2 | ||
Commercial Real Estate Portfolio [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Default payment of troubled restructuring, pre-modification | $ 5,100,000 | ||
Default payment of troubled restructuring, post-modification | $ 4,300,000 | ||
Minimum [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of reasonable and supportable forecast period | 1 year | ||
Maximum [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of reasonable and supportable forecast period | 3 years | ||
Impaired Loans With Associated Allowance [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans associated allowance | 1,000,000 | ||
Greater than 90 days Past Due and Accruing [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Total Past Due | $ 1,617,000 | $ 2,633,000 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Summary of Amortized Cost of Nonaccrual Loans with No Related Allowance (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual Loans | $ 19,269 | $ 92,300 |
Amortized Cost of Nonaccrual Loans with no related Allowance | 16,704 | 85,948 |
Commercial and Industrial Portfolio [Member] | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual Loans | 11,356 | 82,845 |
Amortized Cost of Nonaccrual Loans with no related Allowance | 9,447 | 76,493 |
Commercial Real Estate Portfolio [Member] | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual Loans | 2,505 | 4,688 |
Amortized Cost of Nonaccrual Loans with no related Allowance | 2,505 | 4,688 |
Consumer Real Estate Portfolio [Member] | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual Loans | 4,882 | 4,210 |
Amortized Cost of Nonaccrual Loans with no related Allowance | 4,226 | 4,210 |
Consumer Portfolio [Member] | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual Loans | 61 | 75 |
Amortized Cost of Nonaccrual Loans with no related Allowance | 61 | 75 |
Credit Cards Portfolio [Member] | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual Loans | 441 | 457 |
Amortized Cost of Nonaccrual Loans with no related Allowance | 441 | 457 |
Leases and Other Portfolio [Member] | ||
Financing Receivable Nonaccrual Status [Line Items] | ||
Nonaccrual Loans | 24 | 25 |
Amortized Cost of Nonaccrual Loans with no related Allowance | $ 24 | $ 25 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Summary of Amortized Cost Balance of Each of Loan Classes Disaggregated by Collateral Type and Origination Year (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | $ 5,578,255 | $ 5,779,727 |
Amortized Cost Basis by Origination Year 2021 | 4,716,362 | 3,516,428 |
Amortized Cost Basis by Origination Year 2020 | 2,611,634 | 1,605,604 |
Amortized Cost Basis by Origination Year 2019 | 1,089,550 | 633,731 |
Amortized Cost Basis by Origination Year 2018 | 382,756 | 435,695 |
Amortized Cost Basis by Origination Year Prior to 2018 | 665,491 | 705,980 |
Amortized Cost - Revolving Loans | 5,980,269 | 4,489,817 |
Amortized Cost - Revolving Loans Converted to Term Loans | 6,872 | 3,889 |
Total Loans | 21,031,189 | 17,170,871 |
Commercial and Industrial Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 2,154,239 | 2,412,187 |
Amortized Cost Basis by Origination Year 2021 | 1,567,942 | 951,267 |
Amortized Cost Basis by Origination Year 2020 | 644,695 | 359,656 |
Amortized Cost Basis by Origination Year 2019 | 269,429 | 151,532 |
Amortized Cost Basis by Origination Year 2018 | 97,312 | 115,915 |
Amortized Cost Basis by Origination Year Prior to 2018 | 87,328 | 133,043 |
Amortized Cost - Revolving Loans | 4,380,553 | 3,134,273 |
Amortized Cost - Revolving Loans Converted to Term Loans | 4,488 | 247 |
Total Loans | 9,205,986 | 7,258,120 |
Commercial and Industrial Portfolio [Member] | Equipment/Accounts Receivable/Inventory [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 2,140,609 | 2,400,110 |
Amortized Cost Basis by Origination Year 2021 | 1,562,527 | 945,383 |
Amortized Cost Basis by Origination Year 2020 | 642,649 | 356,348 |
Amortized Cost Basis by Origination Year 2019 | 267,444 | 150,892 |
Amortized Cost Basis by Origination Year 2018 | 96,916 | 115,571 |
Amortized Cost Basis by Origination Year Prior to 2018 | 86,787 | 131,900 |
Amortized Cost - Revolving Loans | 4,223,358 | 2,984,740 |
Amortized Cost - Revolving Loans Converted to Term Loans | 3,926 | 247 |
Total Loans | 9,024,216 | 7,085,191 |
Commercial and Industrial Portfolio [Member] | Agriculture [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 13,630 | 12,077 |
Amortized Cost Basis by Origination Year 2021 | 5,415 | 5,884 |
Amortized Cost Basis by Origination Year 2020 | 2,046 | 3,308 |
Amortized Cost Basis by Origination Year 2019 | 1,985 | 640 |
Amortized Cost Basis by Origination Year 2018 | 396 | 344 |
Amortized Cost Basis by Origination Year Prior to 2018 | 541 | 1,143 |
Amortized Cost - Revolving Loans | 149,266 | 130,946 |
Amortized Cost - Revolving Loans Converted to Term Loans | 562 | |
Total Loans | 173,841 | 154,342 |
Commercial and Industrial Portfolio [Member] | Overdrafts [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost - Revolving Loans | 7,929 | 18,587 |
Total Loans | 7,929 | 18,587 |
Specialty Lending Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 18,084 | 34,552 |
Amortized Cost Basis by Origination Year 2021 | 55,469 | 49,373 |
Amortized Cost Basis by Origination Year 2020 | 36,040 | |
Amortized Cost - Revolving Loans | 493,113 | 438,437 |
Total Loans | 602,706 | 522,362 |
Specialty Lending Portfolio [Member] | Asset-based Lending [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 18,084 | 34,552 |
Amortized Cost Basis by Origination Year 2021 | 55,469 | 49,373 |
Amortized Cost Basis by Origination Year 2020 | 36,040 | |
Amortized Cost - Revolving Loans | 493,113 | 331,282 |
Total Loans | 602,706 | 415,207 |
Specialty Lending Portfolio [Member] | Factoring [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost - Revolving Loans | 107,155 | |
Total Loans | 107,155 | |
Commercial Real Estate Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 2,602,510 | 2,350,910 |
Amortized Cost Basis by Origination Year 2021 | 2,266,984 | 1,742,749 |
Amortized Cost Basis by Origination Year 2020 | 1,289,966 | 975,704 |
Amortized Cost Basis by Origination Year 2019 | 607,516 | 396,747 |
Amortized Cost Basis by Origination Year 2018 | 218,711 | 247,282 |
Amortized Cost Basis by Origination Year Prior to 2018 | 427,787 | 459,957 |
Amortized Cost - Revolving Loans | 202,612 | 93,196 |
Amortized Cost - Revolving Loans Converted to Term Loans | 999 | |
Total Loans | 7,616,086 | 6,267,544 |
Commercial Real Estate Portfolio [Member] | Owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 656,860 | 680,135 |
Amortized Cost Basis by Origination Year 2021 | 593,861 | 519,448 |
Amortized Cost Basis by Origination Year 2020 | 388,519 | 226,631 |
Amortized Cost Basis by Origination Year 2019 | 180,786 | 177,576 |
Amortized Cost Basis by Origination Year 2018 | 136,499 | 91,539 |
Amortized Cost Basis by Origination Year Prior to 2018 | 167,628 | 159,482 |
Amortized Cost - Revolving Loans | 8,685 | 11,727 |
Total Loans | 2,132,838 | 1,866,538 |
Commercial Real Estate Portfolio [Member] | Non-owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 1,128,978 | 1,058,025 |
Amortized Cost Basis by Origination Year 2021 | 855,508 | 689,167 |
Amortized Cost Basis by Origination Year 2020 | 568,489 | 591,886 |
Amortized Cost Basis by Origination Year 2019 | 368,203 | 162,491 |
Amortized Cost Basis by Origination Year 2018 | 64,915 | 135,100 |
Amortized Cost Basis by Origination Year Prior to 2018 | 229,826 | 258,541 |
Amortized Cost - Revolving Loans | 28,679 | 10,969 |
Total Loans | 3,244,598 | 2,906,179 |
Commercial Real Estate Portfolio [Member] | Farmland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 94,989 | 61,505 |
Amortized Cost Basis by Origination Year 2021 | 47,092 | 273,624 |
Amortized Cost Basis by Origination Year 2020 | 220,796 | 34,145 |
Amortized Cost Basis by Origination Year 2019 | 24,057 | 16,969 |
Amortized Cost Basis by Origination Year 2018 | 15,963 | 19,929 |
Amortized Cost Basis by Origination Year Prior to 2018 | 24,162 | 34,858 |
Amortized Cost - Revolving Loans | 121,054 | 38,239 |
Amortized Cost - Revolving Loans Converted to Term Loans | 999 | |
Total Loans | 548,113 | 480,268 |
Commercial Real Estate Portfolio [Member] | 5+ Multi-family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 30,920 | 58,268 |
Amortized Cost Basis by Origination Year 2021 | 35,869 | 95,024 |
Amortized Cost Basis by Origination Year 2020 | 68,996 | 41,426 |
Amortized Cost Basis by Origination Year 2019 | 18,978 | 1,206 |
Amortized Cost Basis by Origination Year 2018 | 1,334 | 511 |
Amortized Cost Basis by Origination Year Prior to 2018 | 5,776 | 6,820 |
Amortized Cost - Revolving Loans | 4,908 | 2,057 |
Total Loans | 166,781 | 205,312 |
Commercial Real Estate Portfolio [Member] | 1-4 Family Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 61,943 | 53,004 |
Amortized Cost Basis by Origination Year 2021 | 15,217 | 4,933 |
Amortized Cost Basis by Origination Year 2020 | 17,333 | |
Amortized Cost - Revolving Loans | 19 | 985 |
Total Loans | 77,179 | 76,255 |
Commercial Real Estate Portfolio [Member] | General Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 628,820 | 439,973 |
Amortized Cost Basis by Origination Year 2021 | 719,437 | 160,553 |
Amortized Cost Basis by Origination Year 2020 | 43,166 | 64,283 |
Amortized Cost Basis by Origination Year 2019 | 15,492 | 38,505 |
Amortized Cost Basis by Origination Year 2018 | 203 | |
Amortized Cost Basis by Origination Year Prior to 2018 | 395 | 256 |
Amortized Cost - Revolving Loans | 39,267 | 29,219 |
Total Loans | 1,446,577 | 732,992 |
Consumer Real Estate Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 642,430 | 839,875 |
Amortized Cost Basis by Origination Year 2021 | 756,807 | 719,110 |
Amortized Cost Basis by Origination Year 2020 | 612,830 | 203,855 |
Amortized Cost Basis by Origination Year 2019 | 176,219 | 60,458 |
Amortized Cost Basis by Origination Year 2018 | 47,501 | 63,107 |
Amortized Cost Basis by Origination Year Prior to 2018 | 147,336 | 110,659 |
Amortized Cost - Revolving Loans | 339,165 | 320,446 |
Amortized Cost - Revolving Loans Converted to Term Loans | 981 | 2,523 |
Total Loans | 2,723,269 | 2,320,033 |
Consumer Real Estate Portfolio [Member] | HELOC [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 237 | 248 |
Amortized Cost Basis by Origination Year 2021 | 547 | |
Amortized Cost Basis by Origination Year 2020 | 618 | 327 |
Amortized Cost Basis by Origination Year 2019 | 224 | 574 |
Amortized Cost Basis by Origination Year 2018 | 654 | 646 |
Amortized Cost Basis by Origination Year Prior to 2018 | 5,389 | 6,363 |
Amortized Cost - Revolving Loans | 339,066 | 320,410 |
Amortized Cost - Revolving Loans Converted to Term Loans | 981 | 2,523 |
Total Loans | 347,169 | 331,638 |
Consumer Real Estate Portfolio [Member] | First Lien: 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 628,703 | 830,513 |
Amortized Cost Basis by Origination Year 2021 | 748,362 | 712,264 |
Amortized Cost Basis by Origination Year 2020 | 607,105 | 200,167 |
Amortized Cost Basis by Origination Year 2019 | 173,466 | 58,734 |
Amortized Cost Basis by Origination Year 2018 | 45,907 | 61,641 |
Amortized Cost Basis by Origination Year Prior to 2018 | 140,443 | 102,997 |
Amortized Cost - Revolving Loans | 12 | 19 |
Total Loans | 2,343,998 | 1,966,335 |
Consumer Real Estate Portfolio [Member] | Junior Lien: 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 13,490 | 9,114 |
Amortized Cost Basis by Origination Year 2021 | 8,445 | 6,299 |
Amortized Cost Basis by Origination Year 2020 | 5,107 | 3,361 |
Amortized Cost Basis by Origination Year 2019 | 2,529 | 1,150 |
Amortized Cost Basis by Origination Year 2018 | 940 | 820 |
Amortized Cost Basis by Origination Year Prior to 2018 | 1,504 | 1,299 |
Amortized Cost - Revolving Loans | 87 | 17 |
Total Loans | 32,102 | 22,060 |
Consumer Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 35,897 | 42,251 |
Amortized Cost Basis by Origination Year 2021 | 34,878 | 9,816 |
Amortized Cost Basis by Origination Year 2020 | 5,551 | 7,411 |
Amortized Cost Basis by Origination Year 2019 | 3,619 | 2,650 |
Amortized Cost Basis by Origination Year 2018 | 1,468 | 3,021 |
Amortized Cost Basis by Origination Year Prior to 2018 | 750 | 928 |
Amortized Cost - Revolving Loans | 62,100 | 62,938 |
Amortized Cost - Revolving Loans Converted to Term Loans | 1,403 | 120 |
Total Loans | 145,666 | 129,135 |
Consumer Portfolio [Member] | Revolving Line [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 467 | 974 |
Amortized Cost Basis by Origination Year 2021 | 584 | |
Amortized Cost - Revolving Loans | 58,133 | 60,049 |
Amortized Cost - Revolving Loans Converted to Term Loans | 1,403 | 120 |
Total Loans | 60,587 | 61,143 |
Consumer Portfolio [Member] | Auto [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 9,124 | 9,886 |
Amortized Cost Basis by Origination Year 2021 | 6,543 | 7,775 |
Amortized Cost Basis by Origination Year 2020 | 4,455 | 5,462 |
Amortized Cost Basis by Origination Year 2019 | 2,743 | 1,107 |
Amortized Cost Basis by Origination Year 2018 | 335 | 479 |
Amortized Cost Basis by Origination Year Prior to 2018 | 159 | 220 |
Total Loans | 23,359 | 24,929 |
Consumer Portfolio [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 26,306 | 31,391 |
Amortized Cost Basis by Origination Year 2021 | 27,751 | 2,041 |
Amortized Cost Basis by Origination Year 2020 | 1,096 | 1,949 |
Amortized Cost Basis by Origination Year 2019 | 876 | 1,543 |
Amortized Cost Basis by Origination Year 2018 | 1,133 | 2,542 |
Amortized Cost Basis by Origination Year Prior to 2018 | 591 | 708 |
Amortized Cost - Revolving Loans | 3,967 | 2,889 |
Total Loans | 61,720 | 43,063 |
Credit Cards Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost - Revolving Loans | 431,672 | 391,389 |
Total Loans | 431,672 | 391,389 |
Credit Cards Portfolio [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost - Revolving Loans | 200,348 | 180,296 |
Total Loans | 200,348 | 180,296 |
Credit Cards Portfolio [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost - Revolving Loans | 231,324 | 211,093 |
Total Loans | 231,324 | 211,093 |
Leases and Other Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 125,095 | 99,952 |
Amortized Cost Basis by Origination Year 2021 | 34,282 | 44,113 |
Amortized Cost Basis by Origination Year 2020 | 22,552 | 58,978 |
Amortized Cost Basis by Origination Year 2019 | 32,767 | 22,344 |
Amortized Cost Basis by Origination Year 2018 | 17,764 | 6,370 |
Amortized Cost Basis by Origination Year Prior to 2018 | 2,290 | 1,393 |
Amortized Cost - Revolving Loans | 71,054 | 49,138 |
Total Loans | 305,804 | 282,288 |
Leases and Other Portfolio [Member] | Leases [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2020 | 814 | |
Amortized Cost Basis by Origination Year 2019 | 712 | |
Amortized Cost Basis by Origination Year 2018 | 739 | |
Amortized Cost Basis by Origination Year Prior to 2018 | 1,224 | 614 |
Total Loans | 1,936 | 2,167 |
Leases and Other Portfolio [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 125,095 | 99,952 |
Amortized Cost Basis by Origination Year 2021 | 34,282 | 44,113 |
Amortized Cost Basis by Origination Year 2020 | 22,552 | 58,164 |
Amortized Cost Basis by Origination Year 2019 | 32,055 | 22,344 |
Amortized Cost Basis by Origination Year 2018 | 17,764 | 5,631 |
Amortized Cost Basis by Origination Year Prior to 2018 | 1,066 | 779 |
Amortized Cost - Revolving Loans | 71,054 | 49,138 |
Total Loans | $ 303,868 | $ 280,121 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Summary of Amortized Cost Balance by Collateral Type and Risk Rating (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | $ 5,578,255 | $ 5,779,727 |
Amortized Cost Basis by Origination Year 2021 | 4,716,362 | 3,516,428 |
Amortized Cost Basis by Origination Year 2020 | 2,611,634 | 1,605,604 |
Amortized Cost Basis by Origination Year 2019 | 1,089,550 | 633,731 |
Amortized Cost Basis by Origination Year 2018 | 382,756 | 435,695 |
Amortized Cost Basis by Origination Year Prior to 2018 | 665,491 | 705,980 |
Amortized Cost - Revolving Loans | 5,980,269 | 4,489,817 |
Amortized Cost - Revolving Loans Converted to Term Loans | 6,872 | 3,889 |
Total Loans | 21,031,189 | 17,170,871 |
Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 21,001,528 | 17,069,429 |
Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 29,661 | 101,442 |
Commercial and Industrial Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 2,154,239 | 2,412,187 |
Amortized Cost Basis by Origination Year 2021 | 1,567,942 | 951,267 |
Amortized Cost Basis by Origination Year 2020 | 644,695 | 359,656 |
Amortized Cost Basis by Origination Year 2019 | 269,429 | 151,532 |
Amortized Cost Basis by Origination Year 2018 | 97,312 | 115,915 |
Amortized Cost Basis by Origination Year Prior to 2018 | 87,328 | 133,043 |
Amortized Cost - Revolving Loans | 4,380,553 | 3,134,273 |
Amortized Cost - Revolving Loans Converted to Term Loans | 4,488 | 247 |
Total Loans | 9,205,986 | 7,258,120 |
Commercial and Industrial Portfolio [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 9,192,172 | 7,171,552 |
Commercial and Industrial Portfolio [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 13,814 | 86,568 |
Commercial and Industrial Portfolio [Member] | Equipment/Accounts Receivable/Inventory [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 2,140,609 | 2,400,110 |
Amortized Cost Basis by Origination Year 2021 | 1,562,527 | 945,383 |
Amortized Cost Basis by Origination Year 2020 | 642,649 | 356,348 |
Amortized Cost Basis by Origination Year 2019 | 267,444 | 150,892 |
Amortized Cost Basis by Origination Year 2018 | 96,916 | 115,571 |
Amortized Cost Basis by Origination Year Prior to 2018 | 86,787 | 131,900 |
Amortized Cost - Revolving Loans | 4,223,358 | 2,984,740 |
Amortized Cost - Revolving Loans Converted to Term Loans | 3,926 | 247 |
Total Loans | 9,024,216 | 7,085,191 |
Commercial and Industrial Portfolio [Member] | Equipment/Accounts Receivable/Inventory [Member] | Non-watch List-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 2,079,002 | 2,299,784 |
Amortized Cost Basis by Origination Year 2021 | 1,466,120 | 874,786 |
Amortized Cost Basis by Origination Year 2020 | 588,562 | 325,630 |
Amortized Cost Basis by Origination Year 2019 | 246,387 | 141,667 |
Amortized Cost Basis by Origination Year 2018 | 90,656 | 106,141 |
Amortized Cost Basis by Origination Year Prior to 2018 | 83,054 | 130,153 |
Amortized Cost - Revolving Loans | 3,879,709 | 2,750,764 |
Amortized Cost - Revolving Loans Converted to Term Loans | 3,633 | 247 |
Total Loans | 8,437,123 | 6,629,172 |
Commercial and Industrial Portfolio [Member] | Equipment/Accounts Receivable/Inventory [Member] | Watch-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 28,570 | 68,322 |
Amortized Cost Basis by Origination Year 2021 | 78,523 | 34,324 |
Amortized Cost Basis by Origination Year 2020 | 52,696 | 25,572 |
Amortized Cost Basis by Origination Year 2019 | 7,493 | 5,056 |
Amortized Cost Basis by Origination Year 2018 | 3,617 | 1,794 |
Amortized Cost Basis by Origination Year Prior to 2018 | 2,275 | 698 |
Amortized Cost - Revolving Loans | 213,871 | 106,177 |
Total Loans | 387,045 | 241,943 |
Commercial and Industrial Portfolio [Member] | Equipment/Accounts Receivable/Inventory [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 4,072 | 5,886 |
Amortized Cost Basis by Origination Year 2021 | 5,637 | |
Amortized Cost Basis by Origination Year 2020 | 1,178 | 2,600 |
Amortized Cost Basis by Origination Year 2019 | 592 | |
Amortized Cost Basis by Origination Year 2018 | 1,817 | 1,742 |
Amortized Cost Basis by Origination Year Prior to 2018 | 899 | 997 |
Amortized Cost - Revolving Loans | 34,631 | 41,209 |
Total Loans | 48,234 | 53,026 |
Commercial and Industrial Portfolio [Member] | Equipment/Accounts Receivable/Inventory [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 26,698 | 25,466 |
Amortized Cost Basis by Origination Year 2021 | 12,247 | 3,023 |
Amortized Cost Basis by Origination Year 2020 | 213 | 2,546 |
Amortized Cost Basis by Origination Year 2019 | 13,564 | 3,577 |
Amortized Cost Basis by Origination Year 2018 | 826 | 1,202 |
Amortized Cost Basis by Origination Year Prior to 2018 | 559 | 52 |
Amortized Cost - Revolving Loans | 92,352 | 45,053 |
Amortized Cost - Revolving Loans Converted to Term Loans | 293 | |
Total Loans | 146,752 | 80,919 |
Commercial and Industrial Portfolio [Member] | Equipment/Accounts Receivable/Inventory [Member] | Doubtful [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 2,267 | 652 |
Amortized Cost Basis by Origination Year 2021 | 33,250 | |
Amortized Cost Basis by Origination Year 2018 | 4,692 | |
Amortized Cost - Revolving Loans | 2,795 | 41,537 |
Total Loans | 5,062 | 80,131 |
Commercial and Industrial Portfolio [Member] | Agriculture [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 13,630 | 12,077 |
Amortized Cost Basis by Origination Year 2021 | 5,415 | 5,884 |
Amortized Cost Basis by Origination Year 2020 | 2,046 | 3,308 |
Amortized Cost Basis by Origination Year 2019 | 1,985 | 640 |
Amortized Cost Basis by Origination Year 2018 | 396 | 344 |
Amortized Cost Basis by Origination Year Prior to 2018 | 541 | 1,143 |
Amortized Cost - Revolving Loans | 149,266 | 130,946 |
Amortized Cost - Revolving Loans Converted to Term Loans | 562 | |
Total Loans | 173,841 | 154,342 |
Commercial and Industrial Portfolio [Member] | Agriculture [Member] | Non-watch List-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 12,252 | 11,512 |
Amortized Cost Basis by Origination Year 2021 | 5,351 | 5,394 |
Amortized Cost Basis by Origination Year 2020 | 1,693 | 2,608 |
Amortized Cost Basis by Origination Year 2019 | 1,985 | 212 |
Amortized Cost Basis by Origination Year 2018 | 396 | 344 |
Amortized Cost Basis by Origination Year Prior to 2018 | 541 | 1,143 |
Amortized Cost - Revolving Loans | 137,759 | 100,630 |
Total Loans | 159,977 | 121,843 |
Commercial and Industrial Portfolio [Member] | Agriculture [Member] | Watch-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 550 | 500 |
Amortized Cost Basis by Origination Year 2021 | 222 | |
Amortized Cost Basis by Origination Year 2020 | 206 | 328 |
Amortized Cost Basis by Origination Year 2019 | 428 | |
Amortized Cost - Revolving Loans | 8,512 | 6,532 |
Amortized Cost - Revolving Loans Converted to Term Loans | 562 | |
Total Loans | 9,830 | 8,010 |
Commercial and Industrial Portfolio [Member] | Agriculture [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 828 | |
Amortized Cost Basis by Origination Year 2021 | 64 | |
Amortized Cost Basis by Origination Year 2020 | 147 | 372 |
Amortized Cost - Revolving Loans | 1,539 | 1,361 |
Total Loans | 2,578 | 1,733 |
Commercial and Industrial Portfolio [Member] | Agriculture [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 65 | |
Amortized Cost Basis by Origination Year 2021 | 268 | |
Amortized Cost - Revolving Loans | 1,456 | 22,423 |
Total Loans | 1,456 | 22,756 |
Specialty Lending Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 18,084 | 34,552 |
Amortized Cost Basis by Origination Year 2021 | 55,469 | 49,373 |
Amortized Cost Basis by Origination Year 2020 | 36,040 | |
Amortized Cost - Revolving Loans | 493,113 | 438,437 |
Total Loans | 602,706 | 522,362 |
Specialty Lending Portfolio [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 602,706 | 522,362 |
Specialty Lending Portfolio [Member] | Asset-based Lending [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 18,084 | 34,552 |
Amortized Cost Basis by Origination Year 2021 | 55,469 | 49,373 |
Amortized Cost Basis by Origination Year 2020 | 36,040 | |
Amortized Cost - Revolving Loans | 493,113 | 331,282 |
Total Loans | 602,706 | 415,207 |
Specialty Lending Portfolio [Member] | Asset-based Lending [Member] | In Margin | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 602,706 | 409,844 |
Specialty Lending Portfolio [Member] | Asset-based Lending [Member] | Out Of Margin | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 5,363 | |
Specialty Lending Portfolio [Member] | Factoring [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost - Revolving Loans | 107,155 | |
Total Loans | 107,155 | |
Specialty Lending Portfolio [Member] | Factoring [Member] | Tier One | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 9,433 | |
Specialty Lending Portfolio [Member] | Factoring [Member] | Tier Two | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 65,149 | |
Specialty Lending Portfolio [Member] | Factoring [Member] | Evaluated For Impairment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 32,573 | |
Commercial Real Estate Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 2,602,510 | 2,350,910 |
Amortized Cost Basis by Origination Year 2021 | 2,266,984 | 1,742,749 |
Amortized Cost Basis by Origination Year 2020 | 1,289,966 | 975,704 |
Amortized Cost Basis by Origination Year 2019 | 607,516 | 396,747 |
Amortized Cost Basis by Origination Year 2018 | 218,711 | 247,282 |
Amortized Cost Basis by Origination Year Prior to 2018 | 427,787 | 459,957 |
Amortized Cost - Revolving Loans | 202,612 | 93,196 |
Amortized Cost - Revolving Loans Converted to Term Loans | 999 | |
Total Loans | 7,616,086 | 6,267,544 |
Commercial Real Estate Portfolio [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 7,611,223 | 6,261,894 |
Commercial Real Estate Portfolio [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 4,863 | 5,650 |
Commercial Real Estate Portfolio [Member] | Owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 656,860 | 680,135 |
Amortized Cost Basis by Origination Year 2021 | 593,861 | 519,448 |
Amortized Cost Basis by Origination Year 2020 | 388,519 | 226,631 |
Amortized Cost Basis by Origination Year 2019 | 180,786 | 177,576 |
Amortized Cost Basis by Origination Year 2018 | 136,499 | 91,539 |
Amortized Cost Basis by Origination Year Prior to 2018 | 167,628 | 159,482 |
Amortized Cost - Revolving Loans | 8,685 | 11,727 |
Total Loans | 2,132,838 | 1,866,538 |
Commercial Real Estate Portfolio [Member] | Owner-occupied [Member] | Non-watch List-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 628,858 | 679,662 |
Amortized Cost Basis by Origination Year 2021 | 559,067 | 507,220 |
Amortized Cost Basis by Origination Year 2020 | 364,760 | 208,376 |
Amortized Cost Basis by Origination Year 2019 | 149,183 | 174,352 |
Amortized Cost Basis by Origination Year 2018 | 133,339 | 89,588 |
Amortized Cost Basis by Origination Year Prior to 2018 | 162,412 | 154,920 |
Amortized Cost - Revolving Loans | 7,850 | 11,627 |
Total Loans | 2,005,469 | 1,825,745 |
Commercial Real Estate Portfolio [Member] | Owner-occupied [Member] | Watch-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 19,405 | 191 |
Amortized Cost Basis by Origination Year 2021 | 32,581 | 10,891 |
Amortized Cost Basis by Origination Year 2020 | 17,061 | 16,493 |
Amortized Cost Basis by Origination Year 2019 | 9,785 | 1,055 |
Amortized Cost Basis by Origination Year 2018 | 2,664 | 1,143 |
Amortized Cost Basis by Origination Year Prior to 2018 | 2,121 | 1,572 |
Total Loans | 83,617 | 31,345 |
Commercial Real Estate Portfolio [Member] | Owner-occupied [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 5,435 | 93 |
Amortized Cost Basis by Origination Year 2021 | 2,213 | 1,304 |
Amortized Cost Basis by Origination Year 2020 | 5,120 | |
Amortized Cost Basis by Origination Year 2019 | 18,946 | |
Amortized Cost - Revolving Loans | 835 | |
Total Loans | 32,549 | 1,397 |
Commercial Real Estate Portfolio [Member] | Owner-occupied [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 3,162 | 189 |
Amortized Cost Basis by Origination Year 2021 | 33 | |
Amortized Cost Basis by Origination Year 2020 | 1,578 | 1,762 |
Amortized Cost Basis by Origination Year 2019 | 2,872 | 2,169 |
Amortized Cost Basis by Origination Year 2018 | 496 | 808 |
Amortized Cost Basis by Origination Year Prior to 2018 | 3,095 | 2,990 |
Amortized Cost - Revolving Loans | 100 | |
Total Loans | 11,203 | 8,051 |
Commercial Real Estate Portfolio [Member] | Non-owner-occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 1,128,978 | 1,058,025 |
Amortized Cost Basis by Origination Year 2021 | 855,508 | 689,167 |
Amortized Cost Basis by Origination Year 2020 | 568,489 | 591,886 |
Amortized Cost Basis by Origination Year 2019 | 368,203 | 162,491 |
Amortized Cost Basis by Origination Year 2018 | 64,915 | 135,100 |
Amortized Cost Basis by Origination Year Prior to 2018 | 229,826 | 258,541 |
Amortized Cost - Revolving Loans | 28,679 | 10,969 |
Total Loans | 3,244,598 | 2,906,179 |
Commercial Real Estate Portfolio [Member] | Non-owner-occupied [Member] | Non-watch List-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 1,075,444 | 976,097 |
Amortized Cost Basis by Origination Year 2021 | 810,926 | 679,313 |
Amortized Cost Basis by Origination Year 2020 | 568,489 | 536,084 |
Amortized Cost Basis by Origination Year 2019 | 356,896 | 143,243 |
Amortized Cost Basis by Origination Year 2018 | 64,915 | 129,820 |
Amortized Cost Basis by Origination Year Prior to 2018 | 214,635 | 219,701 |
Amortized Cost - Revolving Loans | 28,679 | 10,969 |
Total Loans | 3,119,984 | 2,695,227 |
Commercial Real Estate Portfolio [Member] | Non-owner-occupied [Member] | Watch-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 53,534 | 57,052 |
Amortized Cost Basis by Origination Year 2021 | 44,582 | 1,277 |
Amortized Cost Basis by Origination Year 2020 | 55,802 | |
Amortized Cost Basis by Origination Year 2019 | 11,307 | 19,248 |
Amortized Cost Basis by Origination Year 2018 | 5,280 | |
Amortized Cost Basis by Origination Year Prior to 2018 | 5,071 | 2,587 |
Total Loans | 114,494 | 141,246 |
Commercial Real Estate Portfolio [Member] | Non-owner-occupied [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 24,876 | |
Amortized Cost Basis by Origination Year 2021 | 8,577 | |
Amortized Cost Basis by Origination Year Prior to 2018 | 10,109 | 36,223 |
Total Loans | 10,109 | 69,676 |
Commercial Real Estate Portfolio [Member] | Non-owner-occupied [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year Prior to 2018 | 30 | |
Total Loans | 30 | |
Commercial Real Estate Portfolio [Member] | Non-owner-occupied [Member] | Doubtful [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year Prior to 2018 | 11 | |
Total Loans | 11 | |
Commercial Real Estate Portfolio [Member] | Farmland [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 94,989 | 61,505 |
Amortized Cost Basis by Origination Year 2021 | 47,092 | 273,624 |
Amortized Cost Basis by Origination Year 2020 | 220,796 | 34,145 |
Amortized Cost Basis by Origination Year 2019 | 24,057 | 16,969 |
Amortized Cost Basis by Origination Year 2018 | 15,963 | 19,929 |
Amortized Cost Basis by Origination Year Prior to 2018 | 24,162 | 34,858 |
Amortized Cost - Revolving Loans | 121,054 | 38,239 |
Amortized Cost - Revolving Loans Converted to Term Loans | 999 | |
Total Loans | 548,113 | 480,268 |
Commercial Real Estate Portfolio [Member] | Farmland [Member] | Non-watch List-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 62,357 | 40,526 |
Amortized Cost Basis by Origination Year 2021 | 36,698 | 246,955 |
Amortized Cost Basis by Origination Year 2020 | 218,704 | 26,332 |
Amortized Cost Basis by Origination Year 2019 | 17,563 | 2,147 |
Amortized Cost Basis by Origination Year 2018 | 2,830 | 19,199 |
Amortized Cost Basis by Origination Year Prior to 2018 | 20,285 | 29,136 |
Amortized Cost - Revolving Loans | 113,385 | 28,276 |
Total Loans | 471,822 | 392,571 |
Commercial Real Estate Portfolio [Member] | Farmland [Member] | Watch-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 20,327 | 2,263 |
Amortized Cost Basis by Origination Year 2021 | 6,454 | 10,177 |
Amortized Cost Basis by Origination Year 2020 | 1,055 | |
Amortized Cost Basis by Origination Year 2019 | 101 | 823 |
Amortized Cost Basis by Origination Year 2018 | 213 | |
Amortized Cost Basis by Origination Year Prior to 2018 | 2,559 | 4,889 |
Amortized Cost - Revolving Loans | 395 | |
Total Loans | 30,891 | 18,365 |
Commercial Real Estate Portfolio [Member] | Farmland [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 5,505 | 3,800 |
Amortized Cost Basis by Origination Year 2020 | 1,001 | 6,875 |
Amortized Cost Basis by Origination Year 2019 | 13,983 | |
Amortized Cost Basis by Origination Year 2018 | 517 | |
Amortized Cost - Revolving Loans | 8,999 | |
Total Loans | 6,506 | 34,174 |
Commercial Real Estate Portfolio [Member] | Farmland [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 6,800 | 14,916 |
Amortized Cost Basis by Origination Year 2021 | 3,940 | 16,492 |
Amortized Cost Basis by Origination Year 2020 | 36 | 938 |
Amortized Cost Basis by Origination Year 2019 | 6,393 | 16 |
Amortized Cost Basis by Origination Year 2018 | 13,133 | |
Amortized Cost Basis by Origination Year Prior to 2018 | 1,318 | 833 |
Amortized Cost - Revolving Loans | 7,274 | 964 |
Amortized Cost - Revolving Loans Converted to Term Loans | 999 | |
Total Loans | 38,894 | 35,158 |
Commercial Real Estate Portfolio [Member] | 5+ Multi-family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 30,920 | 58,268 |
Amortized Cost Basis by Origination Year 2021 | 35,869 | 95,024 |
Amortized Cost Basis by Origination Year 2020 | 68,996 | 41,426 |
Amortized Cost Basis by Origination Year 2019 | 18,978 | 1,206 |
Amortized Cost Basis by Origination Year 2018 | 1,334 | 511 |
Amortized Cost Basis by Origination Year Prior to 2018 | 5,776 | 6,820 |
Amortized Cost - Revolving Loans | 4,908 | 2,057 |
Total Loans | 166,781 | 205,312 |
Commercial Real Estate Portfolio [Member] | 5+ Multi-family [Member] | Non-watch List-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 30,920 | 58,268 |
Amortized Cost Basis by Origination Year 2021 | 35,869 | 95,024 |
Amortized Cost Basis by Origination Year 2020 | 68,996 | 41,426 |
Amortized Cost Basis by Origination Year 2019 | 18,978 | 1,206 |
Amortized Cost Basis by Origination Year 2018 | 1,334 | 511 |
Amortized Cost Basis by Origination Year Prior to 2018 | 5,776 | 6,820 |
Amortized Cost - Revolving Loans | 4,908 | 2,057 |
Total Loans | 166,781 | 205,312 |
Commercial Real Estate Portfolio [Member] | 1-4 Family Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 61,943 | 53,004 |
Amortized Cost Basis by Origination Year 2021 | 15,217 | 4,933 |
Amortized Cost Basis by Origination Year 2020 | 17,333 | |
Amortized Cost - Revolving Loans | 19 | 985 |
Total Loans | 77,179 | 76,255 |
Commercial Real Estate Portfolio [Member] | 1-4 Family Construction [Member] | Non-watch List-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 61,943 | 53,004 |
Amortized Cost Basis by Origination Year 2021 | 15,217 | 4,933 |
Amortized Cost Basis by Origination Year 2020 | 17,333 | |
Amortized Cost - Revolving Loans | 19 | 985 |
Total Loans | 77,179 | 76,255 |
Commercial Real Estate Portfolio [Member] | General Construction [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 628,820 | 439,973 |
Amortized Cost Basis by Origination Year 2021 | 719,437 | 160,553 |
Amortized Cost Basis by Origination Year 2020 | 43,166 | 64,283 |
Amortized Cost Basis by Origination Year 2019 | 15,492 | 38,505 |
Amortized Cost Basis by Origination Year 2018 | 203 | |
Amortized Cost Basis by Origination Year Prior to 2018 | 395 | 256 |
Amortized Cost - Revolving Loans | 39,267 | 29,219 |
Total Loans | 1,446,577 | 732,992 |
Commercial Real Estate Portfolio [Member] | General Construction [Member] | Non-watch List-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 628,479 | 436,696 |
Amortized Cost Basis by Origination Year 2021 | 699,698 | 160,553 |
Amortized Cost Basis by Origination Year 2020 | 43,166 | 62,675 |
Amortized Cost Basis by Origination Year 2019 | 15,384 | 38,505 |
Amortized Cost Basis by Origination Year 2018 | 203 | |
Amortized Cost Basis by Origination Year Prior to 2018 | 380 | 239 |
Amortized Cost - Revolving Loans | 39,267 | 29,219 |
Total Loans | 1,426,374 | 728,090 |
Commercial Real Estate Portfolio [Member] | General Construction [Member] | Watch-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 341 | 3,277 |
Amortized Cost Basis by Origination Year 2019 | 22 | |
Total Loans | 363 | 3,277 |
Commercial Real Estate Portfolio [Member] | General Construction [Member] | Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2021 | 8,340 | |
Total Loans | 8,340 | |
Commercial Real Estate Portfolio [Member] | General Construction [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2021 | 11,399 | |
Amortized Cost Basis by Origination Year 2020 | 1,522 | |
Amortized Cost Basis by Origination Year Prior to 2018 | 15 | 17 |
Total Loans | 11,414 | 1,539 |
Commercial Real Estate Portfolio [Member] | General Construction [Member] | Doubtful [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2020 | 86 | |
Amortized Cost Basis by Origination Year 2019 | 86 | |
Total Loans | 86 | 86 |
Consumer Real Estate Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 642,430 | 839,875 |
Amortized Cost Basis by Origination Year 2021 | 756,807 | 719,110 |
Amortized Cost Basis by Origination Year 2020 | 612,830 | 203,855 |
Amortized Cost Basis by Origination Year 2019 | 176,219 | 60,458 |
Amortized Cost Basis by Origination Year 2018 | 47,501 | 63,107 |
Amortized Cost Basis by Origination Year Prior to 2018 | 147,336 | 110,659 |
Amortized Cost - Revolving Loans | 339,165 | 320,446 |
Amortized Cost - Revolving Loans Converted to Term Loans | 981 | 2,523 |
Total Loans | 2,723,269 | 2,320,033 |
Consumer Real Estate Portfolio [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,718,377 | 2,315,088 |
Consumer Real Estate Portfolio [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 4,892 | 4,945 |
Consumer Real Estate Portfolio [Member] | HELOC [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 237 | 248 |
Amortized Cost Basis by Origination Year 2021 | 547 | |
Amortized Cost Basis by Origination Year 2020 | 618 | 327 |
Amortized Cost Basis by Origination Year 2019 | 224 | 574 |
Amortized Cost Basis by Origination Year 2018 | 654 | 646 |
Amortized Cost Basis by Origination Year Prior to 2018 | 5,389 | 6,363 |
Amortized Cost - Revolving Loans | 339,066 | 320,410 |
Amortized Cost - Revolving Loans Converted to Term Loans | 981 | 2,523 |
Total Loans | 347,169 | 331,638 |
Consumer Real Estate Portfolio [Member] | HELOC [Member] | Performing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 120 | 248 |
Amortized Cost Basis by Origination Year 2021 | 531 | |
Amortized Cost Basis by Origination Year 2020 | 592 | 188 |
Amortized Cost Basis by Origination Year 2019 | 90 | 165 |
Amortized Cost Basis by Origination Year 2018 | 148 | 381 |
Amortized Cost Basis by Origination Year Prior to 2018 | 3,919 | 4,956 |
Amortized Cost - Revolving Loans | 338,979 | 320,241 |
Amortized Cost - Revolving Loans Converted to Term Loans | 759 | 2,440 |
Total Loans | 344,607 | 329,150 |
Consumer Real Estate Portfolio [Member] | HELOC [Member] | Non-performing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 117 | |
Amortized Cost Basis by Origination Year 2021 | 16 | |
Amortized Cost Basis by Origination Year 2020 | 26 | 139 |
Amortized Cost Basis by Origination Year 2019 | 134 | 409 |
Amortized Cost Basis by Origination Year 2018 | 506 | 265 |
Amortized Cost Basis by Origination Year Prior to 2018 | 1,470 | 1,407 |
Amortized Cost - Revolving Loans | 87 | 169 |
Amortized Cost - Revolving Loans Converted to Term Loans | 222 | 83 |
Total Loans | 2,562 | 2,488 |
Consumer Real Estate Portfolio [Member] | First Lien: 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 628,703 | 830,513 |
Amortized Cost Basis by Origination Year 2021 | 748,362 | 712,264 |
Amortized Cost Basis by Origination Year 2020 | 607,105 | 200,167 |
Amortized Cost Basis by Origination Year 2019 | 173,466 | 58,734 |
Amortized Cost Basis by Origination Year 2018 | 45,907 | 61,641 |
Amortized Cost Basis by Origination Year Prior to 2018 | 140,443 | 102,997 |
Amortized Cost - Revolving Loans | 12 | 19 |
Total Loans | 2,343,998 | 1,966,335 |
Consumer Real Estate Portfolio [Member] | First Lien: 1-4 Family [Member] | Performing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 628,678 | 830,513 |
Amortized Cost Basis by Origination Year 2021 | 748,269 | 712,194 |
Amortized Cost Basis by Origination Year 2020 | 607,055 | 199,949 |
Amortized Cost Basis by Origination Year 2019 | 173,061 | 58,585 |
Amortized Cost Basis by Origination Year 2018 | 45,907 | 61,233 |
Amortized Cost Basis by Origination Year Prior to 2018 | 138,764 | 102,194 |
Amortized Cost - Revolving Loans | 12 | 19 |
Total Loans | 2,341,746 | 1,964,687 |
Consumer Real Estate Portfolio [Member] | First Lien: 1-4 Family [Member] | Non-performing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 25 | |
Amortized Cost Basis by Origination Year 2021 | 93 | 70 |
Amortized Cost Basis by Origination Year 2020 | 50 | 218 |
Amortized Cost Basis by Origination Year 2019 | 405 | 149 |
Amortized Cost Basis by Origination Year 2018 | 408 | |
Amortized Cost Basis by Origination Year Prior to 2018 | 1,679 | 803 |
Total Loans | 2,252 | 1,648 |
Consumer Real Estate Portfolio [Member] | Junior Lien: 1-4 Family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 13,490 | 9,114 |
Amortized Cost Basis by Origination Year 2021 | 8,445 | 6,299 |
Amortized Cost Basis by Origination Year 2020 | 5,107 | 3,361 |
Amortized Cost Basis by Origination Year 2019 | 2,529 | 1,150 |
Amortized Cost Basis by Origination Year 2018 | 940 | 820 |
Amortized Cost Basis by Origination Year Prior to 2018 | 1,504 | 1,299 |
Amortized Cost - Revolving Loans | 87 | 17 |
Total Loans | 32,102 | 22,060 |
Consumer Real Estate Portfolio [Member] | Junior Lien: 1-4 Family [Member] | Performing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 13,490 | 9,114 |
Amortized Cost Basis by Origination Year 2021 | 8,445 | 6,299 |
Amortized Cost Basis by Origination Year 2020 | 5,107 | 3,361 |
Amortized Cost Basis by Origination Year 2019 | 2,529 | 1,143 |
Amortized Cost Basis by Origination Year 2018 | 940 | 800 |
Amortized Cost Basis by Origination Year Prior to 2018 | 1,437 | 1,251 |
Amortized Cost - Revolving Loans | 87 | 17 |
Total Loans | 32,035 | 21,985 |
Consumer Real Estate Portfolio [Member] | Junior Lien: 1-4 Family [Member] | Non-performing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2019 | 7 | |
Amortized Cost Basis by Origination Year 2018 | 20 | |
Amortized Cost Basis by Origination Year Prior to 2018 | 67 | 48 |
Total Loans | 67 | 75 |
Consumer Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 35,897 | 42,251 |
Amortized Cost Basis by Origination Year 2021 | 34,878 | 9,816 |
Amortized Cost Basis by Origination Year 2020 | 5,551 | 7,411 |
Amortized Cost Basis by Origination Year 2019 | 3,619 | 2,650 |
Amortized Cost Basis by Origination Year 2018 | 1,468 | 3,021 |
Amortized Cost Basis by Origination Year Prior to 2018 | 750 | 928 |
Amortized Cost - Revolving Loans | 62,100 | 62,938 |
Amortized Cost - Revolving Loans Converted to Term Loans | 1,403 | 120 |
Total Loans | 145,666 | 129,135 |
Consumer Portfolio [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 144,972 | 128,953 |
Consumer Portfolio [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 694 | 182 |
Consumer Portfolio [Member] | Revolving Line [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 467 | 974 |
Amortized Cost Basis by Origination Year 2021 | 584 | |
Amortized Cost - Revolving Loans | 58,133 | 60,049 |
Amortized Cost - Revolving Loans Converted to Term Loans | 1,403 | 120 |
Total Loans | 60,587 | 61,143 |
Consumer Portfolio [Member] | Revolving Line [Member] | Performing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 467 | 974 |
Amortized Cost Basis by Origination Year 2021 | 584 | |
Amortized Cost - Revolving Loans | 58,133 | 60,049 |
Amortized Cost - Revolving Loans Converted to Term Loans | 1,403 | 120 |
Total Loans | 60,587 | 61,143 |
Consumer Portfolio [Member] | Auto [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 9,124 | 9,886 |
Amortized Cost Basis by Origination Year 2021 | 6,543 | 7,775 |
Amortized Cost Basis by Origination Year 2020 | 4,455 | 5,462 |
Amortized Cost Basis by Origination Year 2019 | 2,743 | 1,107 |
Amortized Cost Basis by Origination Year 2018 | 335 | 479 |
Amortized Cost Basis by Origination Year Prior to 2018 | 159 | 220 |
Total Loans | 23,359 | 24,929 |
Consumer Portfolio [Member] | Auto [Member] | Performing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 9,124 | 9,886 |
Amortized Cost Basis by Origination Year 2021 | 6,498 | 7,775 |
Amortized Cost Basis by Origination Year 2020 | 4,454 | 5,424 |
Amortized Cost Basis by Origination Year 2019 | 2,743 | 1,107 |
Amortized Cost Basis by Origination Year 2018 | 335 | 479 |
Amortized Cost Basis by Origination Year Prior to 2018 | 159 | 220 |
Total Loans | 23,313 | 24,891 |
Consumer Portfolio [Member] | Auto [Member] | Non-performing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2021 | 45 | |
Amortized Cost Basis by Origination Year 2020 | 1 | 38 |
Total Loans | 46 | 38 |
Consumer Portfolio [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 26,306 | 31,391 |
Amortized Cost Basis by Origination Year 2021 | 27,751 | 2,041 |
Amortized Cost Basis by Origination Year 2020 | 1,096 | 1,949 |
Amortized Cost Basis by Origination Year 2019 | 876 | 1,543 |
Amortized Cost Basis by Origination Year 2018 | 1,133 | 2,542 |
Amortized Cost Basis by Origination Year Prior to 2018 | 591 | 708 |
Amortized Cost - Revolving Loans | 3,967 | 2,889 |
Total Loans | 61,720 | 43,063 |
Consumer Portfolio [Member] | Other [Member] | Performing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 26,291 | 31,391 |
Amortized Cost Basis by Origination Year 2021 | 27,751 | 2,025 |
Amortized Cost Basis by Origination Year 2020 | 1,096 | 1,949 |
Amortized Cost Basis by Origination Year 2019 | 876 | 1,525 |
Amortized Cost Basis by Origination Year 2018 | 1,133 | 2,542 |
Amortized Cost Basis by Origination Year Prior to 2018 | 591 | 704 |
Amortized Cost - Revolving Loans | 3,967 | 2,889 |
Total Loans | 61,705 | 43,025 |
Consumer Portfolio [Member] | Other [Member] | Non-performing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 15 | |
Amortized Cost Basis by Origination Year 2021 | 16 | |
Amortized Cost Basis by Origination Year 2019 | 18 | |
Amortized Cost Basis by Origination Year Prior to 2018 | 4 | |
Total Loans | 15 | 38 |
Credit Cards Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost - Revolving Loans | 431,672 | 391,389 |
Total Loans | 431,672 | 391,389 |
Credit Cards Portfolio [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 426,298 | 387,317 |
Credit Cards Portfolio [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 5,374 | 4,072 |
Credit Cards Portfolio [Member] | Consumer [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost - Revolving Loans | 200,348 | 180,296 |
Total Loans | 200,348 | 180,296 |
Credit Cards Portfolio [Member] | Consumer [Member] | Transactor Accounts [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 73,670 | 57,777 |
Credit Cards Portfolio [Member] | Consumer [Member] | Revolver Accounts | Credit Score, Less than 600 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 4,684 | 6,065 |
Credit Cards Portfolio [Member] | Consumer [Member] | Revolver Accounts | Credit Score, 600-619 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 2,515 | 2,416 |
Credit Cards Portfolio [Member] | Consumer [Member] | Revolver Accounts | Credit Score, 620-639 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 4,959 | 4,158 |
Credit Cards Portfolio [Member] | Consumer [Member] | Revolver Accounts | Credit Score, 640-659 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 8,655 | 7,854 |
Credit Cards Portfolio [Member] | Consumer [Member] | Revolver Accounts | Credit Score, 660-679 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 9,593 | 13,185 |
Credit Cards Portfolio [Member] | Consumer [Member] | Revolver Accounts | Credit Score, 680-699 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 12,023 | 15,365 |
Credit Cards Portfolio [Member] | Consumer [Member] | Revolver Accounts | Credit Score, 700-719 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 14,098 | 16,308 |
Credit Cards Portfolio [Member] | Consumer [Member] | Revolver Accounts | Credit Score, 720-739 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 15,036 | 14,753 |
Credit Cards Portfolio [Member] | Consumer [Member] | Revolver Accounts | Credit Score, 740-759 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 13,638 | 12,734 |
Credit Cards Portfolio [Member] | Consumer [Member] | Revolver Accounts | Credit Score, 760-779 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 13,768 | 8,879 |
Credit Cards Portfolio [Member] | Consumer [Member] | Revolver Accounts | Credit Score, 780-799 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 13,172 | 7,048 |
Credit Cards Portfolio [Member] | Consumer [Member] | Revolver Accounts | Credit Score, 800-819 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 9,257 | 5,787 |
Credit Cards Portfolio [Member] | Consumer [Member] | Revolver Accounts | Credit Score, 820-839 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 4,363 | 5,026 |
Credit Cards Portfolio [Member] | Consumer [Member] | Revolver Accounts | Credit Score, 840+ [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 917 | 2,941 |
Credit Cards Portfolio [Member] | Commercial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost - Revolving Loans | 231,324 | 211,093 |
Total Loans | 231,324 | 211,093 |
Credit Cards Portfolio [Member] | Commercial [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 219,558 | 200,402 |
Credit Cards Portfolio [Member] | Commercial [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 11,766 | 10,691 |
Leases and Other Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 125,095 | 99,952 |
Amortized Cost Basis by Origination Year 2021 | 34,282 | 44,113 |
Amortized Cost Basis by Origination Year 2020 | 22,552 | 58,978 |
Amortized Cost Basis by Origination Year 2019 | 32,767 | 22,344 |
Amortized Cost Basis by Origination Year 2018 | 17,764 | 6,370 |
Amortized Cost Basis by Origination Year Prior to 2018 | 2,290 | 1,393 |
Amortized Cost - Revolving Loans | 71,054 | 49,138 |
Total Loans | 305,804 | 282,288 |
Leases and Other Portfolio [Member] | Current [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 305,780 | 282,263 |
Leases and Other Portfolio [Member] | Total Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 24 | 25 |
Leases and Other Portfolio [Member] | Leases [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2020 | 814 | |
Amortized Cost Basis by Origination Year 2019 | 712 | |
Amortized Cost Basis by Origination Year 2018 | 739 | |
Amortized Cost Basis by Origination Year Prior to 2018 | 1,224 | 614 |
Total Loans | 1,936 | 2,167 |
Leases and Other Portfolio [Member] | Leases [Member] | Non-watch List-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 1,936 | 2,167 |
Leases and Other Portfolio [Member] | Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amortized Cost Basis by Origination Year 2022 | 125,095 | 99,952 |
Amortized Cost Basis by Origination Year 2021 | 34,282 | 44,113 |
Amortized Cost Basis by Origination Year 2020 | 22,552 | 58,164 |
Amortized Cost Basis by Origination Year 2019 | 32,055 | 22,344 |
Amortized Cost Basis by Origination Year 2018 | 17,764 | 5,631 |
Amortized Cost Basis by Origination Year Prior to 2018 | 1,066 | 779 |
Amortized Cost - Revolving Loans | 71,054 | 49,138 |
Total Loans | 303,868 | 280,121 |
Leases and Other Portfolio [Member] | Other [Member] | Non-watch List-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 303,107 | 279,401 |
Leases and Other Portfolio [Member] | Other [Member] | Watch-Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | 737 | 695 |
Leases and Other Portfolio [Member] | Other [Member] | Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Loans | $ 24 | $ 25 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Rollforward of Allowance for Credit/Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 196,711 | $ 218,583 | $ 101,788 |
Charge-offs | (44,305) | (55,663) | (28,689) |
Recoveries | 4,437 | 10,791 | 8,564 |
Provision | 37,400 | 23,000 | 127,890 |
Ending balance - ACL | 194,243 | 196,711 | 218,583 |
Beginning balance - ACL on off-balance sheet | 2,588 | 5,588 | 2,978 |
Provision | 500 | (3,000) | 2,610 |
Ending balance - ACL on off-balance sheet | 3,088 | 2,588 | 5,588 |
Adjusted beginning balance | 110,818 | ||
ASU 2016-13 Adjustment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
ASU 2016-13 adjustment | 9,030 | ||
Commercial and Industrial Portfolio [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 123,732 | 122,700 | 63,313 |
Charge-offs | (37,269) | (13,981) | (8,587) |
Recoveries | 1,550 | 6,694 | 6,473 |
Provision | 48,724 | 8,319 | 57,824 |
Ending balance - ACL | 136,737 | 123,732 | 122,700 |
Beginning balance - ACL on off-balance sheet | 1,739 | 3,859 | 2,263 |
Provision | 439 | (2,120) | 1,596 |
Ending balance - ACL on off-balance sheet | 2,178 | 1,739 | 3,859 |
Adjusted beginning balance | 66,990 | ||
Commercial and Industrial Portfolio [Member] | ASU 2016-13 Adjustment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
ASU 2016-13 adjustment | 3,677 | ||
Credit Cards Portfolio [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 6,075 | 15,786 | 15,739 |
Charge-offs | (6,150) | (6,011) | (7,326) |
Recoveries | 1,812 | 1,967 | 1,618 |
Provision | 5,129 | (5,667) | 4,841 |
Ending balance - ACL | 6,866 | 6,075 | 15,786 |
Adjusted beginning balance | 16,653 | ||
Credit Cards Portfolio [Member] | ASU 2016-13 Adjustment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
ASU 2016-13 adjustment | 914 | ||
Specialty Lending Portfolio [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 1,738 | 5,219 | 2,545 |
Charge-offs | (31,945) | ||
Recoveries | 433 | 187 | |
Provision | (2,171) | 28,277 | 2,526 |
Ending balance - ACL | 1,738 | 5,219 | |
Beginning balance - ACL on off-balance sheet | 160 | 287 | 53 |
Provision | 26 | (127) | 234 |
Ending balance - ACL on off-balance sheet | 186 | 160 | 287 |
Adjusted beginning balance | 2,693 | ||
Specialty Lending Portfolio [Member] | ASU 2016-13 Adjustment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
ASU 2016-13 adjustment | 148 | ||
Leases and Other Portfolio [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 2,195 | 2,271 | 1,074 |
Charge-offs | (8) | (11) | |
Recoveries | 18 | 6 | |
Provision | 26 | (86) | 1,140 |
Ending balance - ACL | 2,221 | 2,195 | 2,271 |
Beginning balance - ACL on off-balance sheet | 15 | 414 | 211 |
Provision | 47 | (399) | 203 |
Ending balance - ACL on off-balance sheet | 62 | 15 | 414 |
Adjusted beginning balance | 1,136 | ||
Leases and Other Portfolio [Member] | ASU 2016-13 Adjustment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
ASU 2016-13 adjustment | 62 | ||
Commercial Real Estate Portfolio [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 56,265 | 61,931 | 15,951 |
Charge-offs | (29) | (1,198) | (11,939) |
Recoveries | 385 | 1,560 | 91 |
Provision | (17,251) | (6,028) | 56,902 |
Ending balance - ACL | 39,370 | 56,265 | 61,931 |
Beginning balance - ACL on off-balance sheet | 480 | 447 | 257 |
Provision | (62) | 33 | 190 |
Ending balance - ACL on off-balance sheet | 418 | 480 | 447 |
Adjusted beginning balance | 16,877 | ||
Commercial Real Estate Portfolio [Member] | ASU 2016-13 Adjustment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
ASU 2016-13 adjustment | 926 | ||
Total - Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 194,771 | 215,973 | 101,788 |
Charge-offs | (44,305) | (55,663) | (28,689) |
Recoveries | 4,437 | 10,791 | 8,564 |
Provision | 36,933 | 23,670 | 128,400 |
Ending balance - ACL | 191,836 | 194,771 | 215,973 |
Beginning balance - ACL on off-balance sheet | 2,500 | 5,533 | 2,908 |
Provision | 481 | (3,033) | 2,625 |
Ending balance - ACL on off-balance sheet | 2,981 | 2,500 | 5,533 |
Adjusted beginning balance | 107,698 | ||
Total - Loans [Member] | ASU 2016-13 Adjustment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
ASU 2016-13 adjustment | 5,910 | ||
Consumer Real Estate Portfolio [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 3,921 | 6,586 | 2,623 |
Charge-offs | (57) | (96) | (219) |
Recoveries | 131 | 142 | 69 |
Provision | 2,153 | (2,711) | 3,961 |
Ending balance - ACL | 6,148 | 3,921 | 6,586 |
Beginning balance - ACL on off-balance sheet | 106 | 145 | 102 |
Provision | 18 | (39) | 43 |
Ending balance - ACL on off-balance sheet | 124 | 106 | 145 |
Adjusted beginning balance | 2,775 | ||
Consumer Real Estate Portfolio [Member] | ASU 2016-13 Adjustment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
ASU 2016-13 adjustment | 152 | ||
HTM [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 1,940 | 2,610 | |
Provision | 467 | (670) | (510) |
Ending balance - ACL | 2,407 | 1,940 | 2,610 |
Beginning balance - ACL on off-balance sheet | 88 | 55 | 70 |
Provision | 19 | 33 | (15) |
Ending balance - ACL on off-balance sheet | 107 | 88 | 55 |
Adjusted beginning balance | 3,120 | ||
HTM [Member] | ASU 2016-13 Adjustment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
ASU 2016-13 adjustment | 3,120 | ||
Consumer Portfolio [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 845 | 1,480 | 543 |
Charge-offs | (800) | (2,424) | (607) |
Recoveries | 126 | 223 | 307 |
Provision | 323 | 1,566 | 1,206 |
Ending balance - ACL | 494 | 845 | 1,480 |
Beginning balance - ACL on off-balance sheet | 381 | 22 | |
Provision | 13 | $ (381) | 359 |
Ending balance - ACL on off-balance sheet | $ 13 | 381 | |
Adjusted beginning balance | 574 | ||
Consumer Portfolio [Member] | ASU 2016-13 Adjustment [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
ASU 2016-13 adjustment | $ 31 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Summary of Amortized Cost Balance of Financial Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | $ 21,031,189 | $ 17,170,871 | ||
Related Allowance for Credit Losses | 194,243 | 196,711 | $ 218,583 | $ 101,788 |
Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 21,618 | 92,032 | ||
Related Allowance for Credit Losses | 719 | 2,421 | ||
Amortized Cost of Collateral Dependent Assets with no related Allowance | 18,524 | 85,680 | ||
Commercial and Industrial Portfolio [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 9,205,986 | 7,258,120 | ||
Related Allowance for Credit Losses | 136,737 | 123,732 | 122,700 | 63,313 |
Commercial and Industrial Portfolio [Member] | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 13,972 | 82,845 | ||
Related Allowance for Credit Losses | 713 | 2,421 | ||
Amortized Cost of Collateral Dependent Assets with no related Allowance | 11,534 | 76,493 | ||
Commercial and Industrial Portfolio [Member] | Equipment/Accounts Receivable/Inventory [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 9,024,216 | 7,085,191 | ||
Commercial and Industrial Portfolio [Member] | Equipment/Accounts Receivable/Inventory [Member] | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 13,972 | 82,845 | ||
Related Allowance for Credit Losses | 713 | 2,421 | ||
Amortized Cost of Collateral Dependent Assets with no related Allowance | 11,534 | 76,493 | ||
Commercial and Industrial Portfolio [Member] | Agriculture [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 173,841 | 154,342 | ||
Specialty Lending Portfolio [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 602,706 | 522,362 | ||
Related Allowance for Credit Losses | 1,738 | 5,219 | 2,545 | |
Specialty Lending Portfolio [Member] | Asset-based Lending [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 602,706 | 415,207 | ||
Specialty Lending Portfolio [Member] | Factoring [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 107,155 | |||
Commercial Real Estate Portfolio [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 7,616,086 | 6,267,544 | ||
Related Allowance for Credit Losses | 39,370 | 56,265 | 61,931 | 15,951 |
Commercial Real Estate Portfolio [Member] | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 2,679 | 4,877 | ||
Amortized Cost of Collateral Dependent Assets with no related Allowance | 2,679 | 4,877 | ||
Commercial Real Estate Portfolio [Member] | Owner-occupied [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 2,132,838 | 1,866,538 | ||
Commercial Real Estate Portfolio [Member] | Owner-occupied [Member] | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 2,204 | 2,764 | ||
Amortized Cost of Collateral Dependent Assets with no related Allowance | 2,204 | 2,764 | ||
Commercial Real Estate Portfolio [Member] | Non-owner-occupied [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 3,244,598 | 2,906,179 | ||
Commercial Real Estate Portfolio [Member] | Farmland [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 548,113 | 480,268 | ||
Commercial Real Estate Portfolio [Member] | Farmland [Member] | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 374 | 487 | ||
Amortized Cost of Collateral Dependent Assets with no related Allowance | 374 | 487 | ||
Commercial Real Estate Portfolio [Member] | 5+ Multi-family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 166,781 | 205,312 | ||
Commercial Real Estate Portfolio [Member] | 1-4 Family Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 77,179 | 76,255 | ||
Commercial Real Estate Portfolio [Member] | General Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 1,446,577 | 732,992 | ||
Commercial Real Estate Portfolio [Member] | General Construction [Member] | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 101 | 1,626 | ||
Amortized Cost of Collateral Dependent Assets with no related Allowance | 101 | 1,626 | ||
Consumer Real Estate Portfolio [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 2,723,269 | 2,320,033 | ||
Related Allowance for Credit Losses | 6,148 | 3,921 | 6,586 | 2,623 |
Consumer Real Estate Portfolio [Member] | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 4,882 | 4,210 | ||
Related Allowance for Credit Losses | 6 | |||
Amortized Cost of Collateral Dependent Assets with no related Allowance | 4,226 | 4,210 | ||
Consumer Real Estate Portfolio [Member] | HELOC [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 347,169 | 331,638 | ||
Consumer Real Estate Portfolio [Member] | HELOC [Member] | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 2,562 | 2,488 | ||
Amortized Cost of Collateral Dependent Assets with no related Allowance | 2,562 | 2,488 | ||
Consumer Real Estate Portfolio [Member] | First Lien: 1-4 Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 2,343,998 | 1,966,335 | ||
Consumer Real Estate Portfolio [Member] | First Lien: 1-4 Family [Member] | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 2,253 | 1,647 | ||
Related Allowance for Credit Losses | 6 | |||
Amortized Cost of Collateral Dependent Assets with no related Allowance | 1,597 | 1,647 | ||
Consumer Real Estate Portfolio [Member] | Junior Lien: 1-4 Family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 32,102 | 22,060 | ||
Consumer Real Estate Portfolio [Member] | Junior Lien: 1-4 Family [Member] | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 67 | 75 | ||
Amortized Cost of Collateral Dependent Assets with no related Allowance | 67 | 75 | ||
Consumer Portfolio [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 145,666 | 129,135 | ||
Related Allowance for Credit Losses | 494 | 845 | 1,480 | 543 |
Consumer Portfolio [Member] | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 61 | 75 | ||
Amortized Cost of Collateral Dependent Assets with no related Allowance | 61 | 75 | ||
Consumer Portfolio [Member] | Revolving Line [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 60,587 | 61,143 | ||
Consumer Portfolio [Member] | Auto [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 23,359 | 24,929 | ||
Consumer Portfolio [Member] | Auto [Member] | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 46 | 38 | ||
Amortized Cost of Collateral Dependent Assets with no related Allowance | 46 | 38 | ||
Consumer Portfolio [Member] | Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 61,720 | 43,063 | ||
Consumer Portfolio [Member] | Other [Member] | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 15 | 37 | ||
Amortized Cost of Collateral Dependent Assets with no related Allowance | 15 | 37 | ||
Leases and Other Portfolio [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 305,804 | 282,288 | ||
Related Allowance for Credit Losses | 2,221 | 2,195 | $ 2,271 | $ 1,074 |
Leases and Other Portfolio [Member] | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 24 | 25 | ||
Amortized Cost of Collateral Dependent Assets with no related Allowance | 24 | 25 | ||
Leases and Other Portfolio [Member] | Leases [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 1,936 | 2,167 | ||
Leases and Other Portfolio [Member] | Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 303,868 | 280,121 | ||
Leases and Other Portfolio [Member] | Other [Member] | Collateral Pledged | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total Loans | 24 | 25 | ||
Amortized Cost of Collateral Dependent Assets with no related Allowance | $ 24 | $ 25 |
Securities - Securities Availab
Securities - Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 7,777,950 | $ 11,822,584 |
Gross Unrealized Gains | 1,790 | 261,198 |
Gross Unrealized Losses | (773,393) | (107,268) |
Fair Value | 7,006,347 | 11,976,514 |
U.S. Treasury [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 804,158 | 69,551 |
Gross Unrealized Gains | 58 | 374 |
Gross Unrealized Losses | (27,146) | (751) |
Fair Value | 777,070 | 69,174 |
U.S. Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 178,261 | 121,681 |
Gross Unrealized Gains | 3,252 | |
Gross Unrealized Losses | (6,965) | (1) |
Fair Value | 171,296 | 124,932 |
Mortgage-backed [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 4,574,905 | 7,967,537 |
Gross Unrealized Gains | 92 | 93,390 |
Gross Unrealized Losses | (592,875) | (95,872) |
Fair Value | 3,982,122 | 7,965,055 |
State and political subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,465,598 | 3,270,160 |
Gross Unrealized Gains | 1,608 | 161,674 |
Gross Unrealized Losses | (104,799) | (9,146) |
Fair Value | 1,362,407 | 3,422,688 |
Corporates [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 401,059 | 316,840 |
Gross Unrealized Gains | 2,504 | |
Gross Unrealized Losses | (33,559) | (1,498) |
Fair Value | 367,500 | 317,846 |
Collateralized Loan Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 353,969 | 76,815 |
Gross Unrealized Gains | 32 | 4 |
Gross Unrealized Losses | (8,049) | |
Fair Value | $ 345,952 | $ 76,819 |
Securities - Summary of Contrac
Securities - Summary of Contractual Maturity Information for Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investments Debt And Equity Securities [Abstract] | ||
Due in 1 year or less, Amortized Cost | $ 172,698 | |
Due after 1 year through 5 years, Amortized Cost | 1,677,013 | |
Due after 5 years through 10 years, Amortized Cost | 803,950 | |
Due after 10 years, Amortized Cost | 549,384 | |
Total, Amortized Cost | 3,203,045 | |
Mortgage-backed securities, Amortized Cost | 4,574,905 | |
Amortized Cost | 7,777,950 | $ 11,822,584 |
Due in 1 year or less, Fair Value | 170,616 | |
Due after 1 year through 5 years, Fair Value | 1,612,729 | |
Due after 5 years through 10 years, Fair Value | 759,939 | |
Due after 10 years, Fair Value | 480,941 | |
Total, Fair Value | 3,024,225 | |
Mortgage-backed securities, Fair Value | 3,982,122 | |
Total securities available for sale, Fair Value | $ 7,006,347 | $ 11,976,514 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Proceeds from sales of securities available for sale | $ 0 | $ 372,644,000 | $ 315,890,000 |
Gross realized gains from securities | 0 | 7,819,000 | 7,255,000 |
Gross realized losses from securities | 0 | 2,000 | 274,000 |
Accrued interest on securities available for sale | 32,100,000 | 45,800,000 | |
ACL related to AFS Securities | 0 | 0 | |
Sales of securities held to maturity | 0 | 0 | 0 |
Amortized cost of available for sale securities transferred to held to maturity | 4,100,000,000 | ||
Fair Value Of Available For Sale Securities Transferred To Held To Maturity | 3,800,000,000 | ||
Gain (loss) on transfer of securities | 0 | ||
Unamortized Unrealized Loss | 247,000,000 | ||
Accrued interest on securities held to maturity | 27,000,000 | 5,300,000 | |
Unrealized gain (loss) on trading securities | 26,000 | 2,000 | $ 13,000 |
Securities sold not yet purchased | 3,500,000 | 3,200,000 | |
Visa Inc. [Member] | Class B Common Shares [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Pre-tax gain on sale of common shares | 66,200,000 | ||
Collateral Pledged | U.S. Government and Other Public Deposit [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Pledged securities for deposits | 10,300,000,000 | 10,200,000,000 | |
Collateral Pledged | Federal Reserve Discount Window [Member] | |||
Schedule of Trading Securities and Other Trading Assets [Line Items] | |||
Pledged securities for deposits | $ 0 | $ 171,200,000 |
Securities - Gross Unrealized L
Securities - Gross Unrealized Losses and Fair Value of Investment Securities Available for Sale (Detail) $ in Thousands | Dec. 31, 2022 USD ($) Security | Dec. 31, 2021 USD ($) Security |
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Count | Security | 2,646 | 858 |
Less than 12 months, Fair Value | $ 3,654,393 | $ 5,997,925 |
Less than 12 months, Unrealized Losses | $ (198,376) | $ (96,520) |
12 months or more, Count | Security | 674 | 44 |
12 months or more, Fair Value | $ 3,098,117 | $ 278,234 |
12 months or more, Unrealized Losses | $ (575,017) | $ (10,748) |
Total Count | Security | 3,320 | 902 |
Total Fair Value | $ 6,752,510 | $ 6,276,159 |
Total Unrealized Losses | $ (773,393) | $ (107,268) |
U.S. Treasury [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Count | Security | 61 | 4 |
Less than 12 months, Fair Value | $ 688,208 | $ 58,867 |
Less than 12 months, Unrealized Losses | $ (22,731) | $ (751) |
12 months or more, Count | Security | 4 | |
12 months or more, Fair Value | $ 55,314 | |
12 months or more, Unrealized Losses | $ (4,415) | |
Total Count | Security | 65 | 4 |
Total Fair Value | $ 743,522 | $ 58,867 |
Total Unrealized Losses | $ (27,146) | $ (751) |
U.S. Agencies [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Count | Security | 27 | 1 |
Less than 12 months, Fair Value | $ 140,877 | $ 11,149 |
Less than 12 months, Unrealized Losses | $ (4,734) | $ (1) |
12 months or more, Count | Security | 2 | |
12 months or more, Fair Value | $ 30,419 | |
12 months or more, Unrealized Losses | $ (2,231) | |
Total Count | Security | 29 | 1 |
Total Fair Value | $ 171,296 | $ 11,149 |
Total Unrealized Losses | $ (6,965) | $ (1) |
Mortgage-backed [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Count | Security | 687 | 344 |
Less than 12 months, Fair Value | $ 1,415,169 | $ 5,404,968 |
Less than 12 months, Unrealized Losses | $ (102,881) | $ (87,301) |
12 months or more, Count | Security | 205 | 13 |
12 months or more, Fair Value | $ 2,557,035 | $ 233,295 |
12 months or more, Unrealized Losses | $ (489,994) | $ (8,571) |
Total Count | Security | 892 | 357 |
Total Fair Value | $ 3,972,204 | $ 5,638,263 |
Total Unrealized Losses | $ (592,875) | $ (95,872) |
State and political subdivisions [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Count | Security | 1,744 | 357 |
Less than 12 months, Fair Value | $ 936,865 | $ 329,042 |
Less than 12 months, Unrealized Losses | $ (51,427) | $ (6,969) |
12 months or more, Count | Security | 273 | 31 |
12 months or more, Fair Value | $ 233,679 | $ 44,939 |
12 months or more, Unrealized Losses | $ (53,372) | $ (2,177) |
Total Count | Security | 2,017 | 388 |
Total Fair Value | $ 1,170,544 | $ 373,981 |
Total Unrealized Losses | $ (104,799) | $ (9,146) |
Corporates [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Count | Security | 86 | 152 |
Less than 12 months, Fair Value | $ 146,615 | $ 193,899 |
Less than 12 months, Unrealized Losses | $ (8,783) | $ (1,498) |
12 months or more, Count | Security | 189 | |
12 months or more, Fair Value | $ 216,885 | |
12 months or more, Unrealized Losses | $ (24,776) | |
Total Count | Security | 275 | 152 |
Total Fair Value | $ 363,500 | $ 193,899 |
Total Unrealized Losses | $ (33,559) | $ (1,498) |
Collateralized loan obligations [Member] | ||
Gain (Loss) on Investments [Line Items] | ||
Less than 12 months, Count | Security | 41 | |
Less than 12 months, Fair Value | $ 326,659 | |
Less than 12 months, Unrealized Losses | $ (7,820) | |
12 months or more, Count | Security | 1 | |
12 months or more, Fair Value | $ 4,785 | |
12 months or more, Unrealized Losses | $ (229) | |
Total Count | Security | 42 | |
Total Fair Value | $ 331,444 | |
Total Unrealized Losses | $ (8,049) |
Securities - Schedule of Detail
Securities - Schedule of Detailed Information About Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | $ 5,861,599 | $ 1,480,416 |
Gross Unrealized Gains | 17,629 | 3,360 |
Gross Unrealized Losses | (598,569) | (41,385) |
Held to Maturity, Fair value | 5,280,659 | 1,442,391 |
Allowance for Credit Losses | (2,407) | (1,940) |
Net Carrying Amount | 5,859,192 | 1,478,476 |
U.S. Agencies [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 123,091 | |
Gross Unrealized Losses | (4,567) | |
Held to Maturity, Fair value | 118,524 | |
Net Carrying Amount | 123,091 | |
Mortgage-backed [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 2,965,586 | 396,134 |
Gross Unrealized Gains | 11 | 14 |
Gross Unrealized Losses | (392,530) | (2,431) |
Held to Maturity, Fair value | 2,573,067 | 393,717 |
Net Carrying Amount | 2,965,586 | 396,134 |
State and political subdivisions [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Amortized Cost | 2,772,922 | 1,084,282 |
Gross Unrealized Gains | 17,618 | 3,346 |
Gross Unrealized Losses | (201,472) | (38,954) |
Held to Maturity, Fair value | 2,589,068 | 1,048,674 |
Allowance for Credit Losses | (2,407) | (1,940) |
Net Carrying Amount | $ 2,770,515 | $ 1,082,342 |
Securities - Contractual Maturi
Securities - Contractual Maturity Information for Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investments Debt And Equity Securities [Abstract] | ||
Due in 1 year or less, Amortized Cost | $ 82,196 | |
Due after 1 year through 5 years, Amortized Cost | 347,137 | |
Due after 5 years through 10 years, Amortized Cost | 743,395 | |
Due after 10 years, Amortized Cost | 1,723,285 | |
Total, Amortized cost | 2,896,013 | |
Mortgage-backed securities, Amortized cost | 2,965,586 | |
Amortized Cost | 5,861,599 | $ 1,480,416 |
Due in 1 year or less, Fair Value | 81,893 | |
Due after 1 year through 5 years, Fair Value | 338,148 | |
Due after 5 years through 10 years, Fair Value | 704,133 | |
Due after 10 years, Fair Value | 1,583,418 | |
Total, Fair value | 2,707,592 | |
Mortgage-backed securities, Fiar value | 2,573,067 | |
Total securities held to maturity, Fair value | $ 5,280,659 | $ 1,442,391 |
Securities - Gross Unrealized_2
Securities - Gross Unrealized Losses and Fair Value of Investment Securities Held to Maturity (Detail) $ in Thousands | Dec. 31, 2022 USD ($) Security | Dec. 31, 2021 USD ($) Security |
Schedule Of Held To Maturity Securities [Line Items] | ||
Less than 12 months, Count | Security | 1,668,000 | 70,000 |
Less than 12 months, Fair Value | $ 4,004,872 | $ 903,040 |
Less than 12 months,Unrealized Losses | $ (529,135) | $ (14,925) |
12 months or more, Count | Security | 72,000 | 28,000 |
12 months or more, Fair Value | $ 845,884 | $ 217,579 |
12 months or more, Unrealized Losses | $ (69,434) | $ (26,460) |
Total | Security | 1,740,000 | 98,000 |
Total Fair Value | $ 4,850,756 | $ 1,120,619 |
Total Unrealized Losses | $ (598,569) | $ (41,385) |
U.S. Agencies [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Less than 12 months, Count | Security | 11,000 | |
Less than 12 months, Fair Value | $ 118,524 | |
Less than 12 months,Unrealized Losses | $ (4,567) | |
Total | Security | 11,000 | |
Total Fair Value | $ 118,524 | |
Total Unrealized Losses | $ (4,567) | |
Mortgage-backed [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Less than 12 months, Count | Security | 254,000 | 12,000 |
Less than 12 months, Fair Value | $ 2,342,656 | $ 317,887 |
Less than 12 months,Unrealized Losses | $ (346,611) | $ (2,431) |
12 months or more, Count | Security | 11,000 | |
12 months or more, Fair Value | $ 228,079 | |
12 months or more, Unrealized Losses | $ (45,919) | |
Total | Security | 265,000 | 12,000 |
Total Fair Value | $ 2,570,735 | $ 317,887 |
Total Unrealized Losses | $ (392,530) | $ (2,431) |
State and political subdivisions [Member] | ||
Schedule Of Held To Maturity Securities [Line Items] | ||
Less than 12 months, Count | Security | 1,403,000 | 58,000 |
Less than 12 months, Fair Value | $ 1,543,692 | $ 585,153 |
Less than 12 months,Unrealized Losses | $ (177,957) | $ (12,494) |
12 months or more, Count | Security | 61,000 | 28,000 |
12 months or more, Fair Value | $ 617,805 | $ 217,579 |
12 months or more, Unrealized Losses | $ (23,515) | $ (26,460) |
Total | Security | 1,464,000 | 86,000 |
Total Fair Value | $ 2,161,497 | $ 802,732 |
Total Unrealized Losses | $ (201,472) | $ (38,954) |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost Basis by Credit Rating of Held to Maturity Investment (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | $ 5,861,599 | $ 1,480,416 |
Competitive [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | 1,074,524 | 999,348 |
Competitive [Member] | Credit Rating, A [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | 435,953 | 372,696 |
Competitive [Member] | Credit Rating, BBB [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | 618,517 | 605,104 |
Competitive [Member] | Credit Rating, BB [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | 17,120 | 20,678 |
Competitive [Member] | Credit Rating, CCC-C [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | 2,934 | 870 |
Utilities [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | 1,698,398 | 84,934 |
Utilities [Member] | Moody's, A3 Rating | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | 759,539 | |
Utilities [Member] | Moody's, A2 Rating | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | 824,386 | |
Utilities [Member] | Credit Rating, A [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | 84,293 | 55,096 |
Utilities [Member] | Credit Rating, BBB [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | 29,599 | 29,838 |
Utilities [Member] | Credit Rating, BB [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | 581 | |
State and political subdivisions [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | 2,772,922 | 1,084,282 |
State and political subdivisions [Member] | Moody's, A3 Rating | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | 759,539 | |
State and political subdivisions [Member] | Moody's, A2 Rating | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | 824,386 | |
State and political subdivisions [Member] | Credit Rating, A [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | 520,246 | 427,792 |
State and political subdivisions [Member] | Credit Rating, BBB [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | 648,116 | 634,942 |
State and political subdivisions [Member] | Credit Rating, BB [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | 17,701 | 20,678 |
State and political subdivisions [Member] | Credit Rating, CCC-C [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Held to maturity securities | $ 2,934 | $ 870 |
Securities - Schedule of Aging
Securities - Schedule of Aging of Past Due Held to Maturity Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Total held to maturity securities | $ 5,861,599 | $ 1,480,416 |
Competitive [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Total held to maturity securities | 1,074,524 | 999,348 |
Utilities [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Total held to maturity securities | 1,698,398 | 84,934 |
State and political subdivisions [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Total held to maturity securities | $ 2,772,922 | 1,084,282 |
30-89 Days Past Due and Accruing [Member] | Competitive [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Total held to maturity securities | 7,795 | |
30-89 Days Past Due and Accruing [Member] | State and political subdivisions [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Total held to maturity securities | 7,795 | |
Total Past Due [Member] | Competitive [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Total held to maturity securities | 7,795 | |
Total Past Due [Member] | State and political subdivisions [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Total held to maturity securities | 7,795 | |
Current [Member] | Competitive [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Total held to maturity securities | 991,553 | |
Current [Member] | Utilities [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Total held to maturity securities | 84,934 | |
Current [Member] | State and political subdivisions [Member] | ||
Debt Securities Held To Maturity Credit Quality Indicator [Line Items] | ||
Total held to maturity securities | $ 1,076,487 |
Securities - Schedule of Other
Securities - Schedule of Other Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Other Securities [Line Items] | ||
Other securities | $ 349,758 | $ 327,098 |
FRB and FHLB stock [Member] | ||
Schedule of Other Securities [Line Items] | ||
Other securities | 41,472 | 36,222 |
Equity Securities With Readily Determinable Fair Values [Member] | ||
Schedule of Other Securities [Line Items] | ||
Other securities | 10,782 | 64,149 |
Equity Securities Without Readily Determinable Fair Values [Member] | ||
Schedule of Other Securities [Line Items] | ||
Other securities | $ 297,504 | $ 226,727 |
Securities - Schedule of Compon
Securities - Schedule of Components of Investment Securities Gains, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Available-for-sale debt securities: | |||
Gains realized on sales | $ 0 | $ 7,819 | $ 7,255 |
Losses realized on sales | 0 | (2) | (274) |
Equity securities with readily determinable fair values: | |||
Fair value adjustments, net | (8,073) | (10,881) | 110,768 |
Equity securities without readily determinable fair values: | |||
Fair value adjustments, net | 355 | 8,121 | 2,885 |
Total investment securities gains, net | 58,444 | $ 5,057 | $ 120,634 |
Sales | $ 66,162 |
Securities Purchased Under Ag_2
Securities Purchased Under Agreements to Resell - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Repurchase Agreements [Abstract] | ||
Securities purchased under agreements to resell | $ 951.6 | $ 1,200 |
Loans to Officers and Directo_3
Loans to Officers and Directors - Activity with Respect to Aggregate Loans to Related Parties (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Abstract] | ||
Balance – beginning of year | $ 279,717 | $ 165,395 |
New loans | 192,595 | 176,226 |
Repayments | (109,459) | (61,780) |
Reduction due to change in reportable loans | (124) | |
Balance – end of year | $ 362,853 | $ 279,717 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 28, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill | $ 174,518 | $ 180,867 | |
Healthcare savings account business acquisition | 25,160 | ||
Branch acquisition | $ 7,700 | 7,707 | |
Sale of component of business segment | (6,349) | ||
Goodwill | 207,385 | 174,518 | |
Commercial Banking [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill | 59,419 | 59,419 | |
Branch acquisition | 3,694 | ||
Goodwill | 63,113 | 59,419 | |
Institutional Banking [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill | 51,332 | 51,332 | |
Healthcare savings account business acquisition | 25,160 | ||
Goodwill | 76,492 | 51,332 | |
Personal Banking [Member] | |||
Goodwill And Other Intangible Assets [Line Items] | |||
Goodwill | 63,767 | 70,116 | |
Branch acquisition | 4,013 | ||
Sale of component of business segment | (6,349) | ||
Goodwill | $ 67,780 | $ 63,767 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Changes In Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 131,639 | $ 121,226 |
Accumulated amortization | 52,915 | 106,810 |
Net carrying amount | 78,724 | 14,416 |
Core Deposit Intangible Assets [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 16,661 | 50,059 |
Accumulated amortization | 14,827 | 49,623 |
Net carrying amount | 1,834 | 436 |
Customer Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 114,978 | 71,167 |
Accumulated amortization | 38,088 | 57,187 |
Net carrying amount | $ 76,890 | $ 13,980 |
Goodwill and Other Intangible_4
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Nov. 18, 2022 | Mar. 28, 2022 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finite Lived Intangible Assets [Line Items] | ||||||
Deposit acquired | $ 383,000 | $ 226,800 | ||||
Branch acquisition | 7,700 | $ 7,707 | ||||
Customer relationship intangible asset | 67,000 | |||||
Loan acquired | 43,000 | |||||
Core deposit intangible asset | $ 2,300 | |||||
Disposition of goodwill | $ 6,300 | |||||
Unamortized customer relationship intangibles | $ 1,900 | |||||
Amortization expense | $ 5,037 | $ 4,757 | $ 6,517 | |||
Customer Relationships [Member] | ||||||
Finite Lived Intangible Assets [Line Items] | ||||||
Branch acquisition | $ 25,200 |
Goodwill and Other Intangible_5
Goodwill and Other Intangibles - Estimated Amortization Expense of Intangible Assets (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
For the year ending December 31, 2023 | $ 8,366 |
For the year ending December 31, 2024 | 7,636 |
For the year ending December 31, 2025 | 7,429 |
For the year ending December 31, 2026 | 6,569 |
For the year ending December 31, 2027 | $ 4,597 |
Premises, Equipment, and Leas_3
Premises, Equipment, and Leases - Components of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Premises Equipment And Leases [Abstract] | ||
Land | $ 41,368 | $ 41,513 |
Buildings and leasehold improvements | 361,346 | 352,954 |
Equipment | 187,208 | 181,218 |
Software | 285,833 | 273,342 |
Total | 875,755 | 849,027 |
Accumulated depreciation | (371,958) | (357,503) |
Accumulated amortization | (240,148) | (220,591) |
Premises and equipment, net | $ 263,649 | $ 270,933 |
Premises, Equipment, and Leas_4
Premises, Equipment, and Leases - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Lease | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Premises Equipment And Lessee Lease [Line Items] | |||
Consolidated premises and equipment depreciation and amortization expenses | $ 46,800 | $ 49,600 | $ 56,100 |
Option to extend, operating lease, description | leases include one or more options to renew, with renewal terms that can extend the lease term from one month to 35 years or more. | ||
Option to extend, existence, operating lease | true | ||
Number of leases including option to purchase leased property | Lease | 0 | ||
Right-of-use asset | $ 54,600 | $ 57,100 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets | |
Lease liability | $ 63,472 | $ 64,600 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities | |
Lease expense | $ 11,900 | $ 11,800 | 12,800 |
Lease payments | 12,900 | 12,600 | $ 12,300 |
Leased assets obtained in exchange for new operating lease liabilities | $ 11,300 | $ 2,400 | |
Weighted average remaining lease term | 7 years | 7 years 6 months | |
Weighted average discount rate | 2.96% | 2.74% | |
Minimum [Member] | |||
Premises Equipment And Lessee Lease [Line Items] | |||
Remaining lease terms | 1 year | ||
Lessee, operating lease, renewal term | 1 month | ||
Maximum [Member] | |||
Premises Equipment And Lessee Lease [Line Items] | |||
Remaining lease terms | 25 years | ||
Lessee, operating lease, renewal term | 35 years |
Premises, Equipment, and Leas_5
Premises, Equipment, and Leases - Summary of Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2023 | $ 12,278 | |
2024 | 11,652 | |
2025 | 10,005 | |
2026 | 9,326 | |
2027 | 8,297 | |
Thereafter | 19,430 | |
Total lease payments | 70,988 | |
Less: Interest | 7,516 | |
Present value of lease liabilities | $ 63,472 | $ 64,600 |
Borrowed Funds - Components of
Borrowed Funds - Components of Long-Term Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt | $ 381,311 | $ 271,544 |
Marquette Capital Trust I Subordinated Debentures 5.41% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 18,319 | 17,956 |
Marquette Capital Trust II Subordinated Debentures 5.41% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 18,863 | 18,526 |
Marquette Capital Trust III Subordinated Debentures 6.23% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 7,415 | 7,286 |
Marquette Capital Trust IV Subordinated Debentures 6.37% due 2036 [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 29,956 | 29,445 |
Subordinated notes 3.70% due 2030, net of issuance costs [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | 198,781 | $ 198,331 |
Subordinated notes 6.25% due 2032, net issuance costs [Member] | ||
Debt Instrument [Line Items] | ||
Long-term debt | $ 107,977 |
Borrowed Funds - Components o_2
Borrowed Funds - Components of Long-Term Debt (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Marquette Capital Trust I Subordinated Debentures 5.41% due 2036 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 5.41% |
Debt instrument, maturity year | 2036 |
Marquette Capital Trust II Subordinated Debentures 5.41% due 2036 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 5.41% |
Debt instrument, maturity year | 2036 |
Marquette Capital Trust III Subordinated Debentures 6.23% due 2036 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 6.23% |
Debt instrument, maturity year | 2036 |
Marquette Capital Trust IV Subordinated Debentures 6.37% due 2036 [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 6.37% |
Debt instrument, maturity year | 2036 |
Subordinated notes 3.70% due 2030, net of issuance costs [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 3.70% |
Debt instrument, maturity year | 2030 |
Subordinated notes 6.25% due 2032, net issuance costs [Member] | |
Debt Instrument [Line Items] | |
Debt instrument, interest rate | 6.25% |
Debt instrument, maturity year | 2032 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Aggregate contractual repayment of long-term debt after 2027 | $ 413,100,000 | |||
Payments to acquire federal home loan bank stock | 10,000,000 | |||
Securities sold under agreements to repurchase | 2,159,687,000 | $ 3,225,838,000 | ||
Accrued interest payable | 1,400,000 | $ 245,000 | ||
FHLB [Member] | ||||
Debt Instrument [Line Items] | ||||
Federal home loan bank amount outstanding | 0 | |||
Letter of Credit [Member] | FHLB [Member] | ||||
Debt Instrument [Line Items] | ||||
Borrowing capacity | $ 1,900,000,000 | |||
Wells Fargo Bank 1.40% due 2012 [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate based on LIBOR | 1.40% above Term SOFR | |||
Borrowing capacity | $ 30,000,000 | |||
Debt instrument, interest rate based on prime lending rate | 1.75% below the prime | |||
Revolving line of credit, commitment fee for unused portion | 0.40% | |||
Revolving line of credit outstanding amount | $ 0 | |||
Subordinated Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, issuance date | Sep. 30, 2020 | |||
Subordinated notes, issued | $ 200,000,000 | |||
Debt instrument, interest rate | 3.70% | |||
Debt instrument, maturity date | Sep. 17, 2030 | |||
Debt instrument, frequency of periodic payment | semi-annually | |||
Debt instrument, redemption, description | The Company may redeem the notes, in whole or in part, on September 17, 2025, or on any interest payment date thereafter. | |||
Debt instrument, redemption period, start date | Sep. 17, 2025 | |||
Unamortized debt issuance costs | $ 1,200,000 | |||
Subordinated notes 6.25% due 2032, net issuance costs [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, issuance date | Sep. 30, 2022 | |||
Subordinated notes, issued | $ 110,000,000 | |||
Debt instrument, interest rate | 6.25% | |||
Debt instrument, maturity date | Sep. 28, 2032 | |||
Debt instrument, frequency of periodic payment | semi-annually | |||
Debt instrument, redemption, description | The Company may redeem the notes, in whole or in part, on September 28, 2027, or on any interest payment date thereafter. | |||
Unamortized debt issuance costs | $ 2,000,000 | |||
Marquette Capital Trust I, Marquette Capital Trust II, Marquette Capital Trust III And Marquette Capital Trust IV [Member] | Marquette [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term debt | $ 103,100,000 | |||
Long-term debt acquired at fair value | $ 74,600,000 | |||
Trust Preferred Securities [Member] | Marquette Capital Trust I, Marquette Capital Trust III And Marquette Capital Trust IV [Member] | Marquette [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate based on LIBOR | LIBOR rate with spreads ranging from 133 basis points to 160 basis points | |||
Preferred securities maturity date range, start | Jan. 31, 2036 | |||
Preferred securities maturity date range, end | Sep. 30, 2036 | |||
Minimum [Member] | Trust Preferred Securities [Member] | Marquette Capital Trust I, Marquette Capital Trust III And Marquette Capital Trust IV [Member] | Marquette [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate of trust preferred securities | 1.33% | |||
Maximum [Member] | Trust Preferred Securities [Member] | Marquette Capital Trust I, Marquette Capital Trust III And Marquette Capital Trust IV [Member] | Marquette [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate of trust preferred securities | 1.60% |
Borrowed Funds - Carrying Amoun
Borrowed Funds - Carrying Amounts and Market Values of Securities and Related Repurchase Liabilities and Weighted Average Interest Rates of Repurchase Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Fair Market Value | $ 2,052,738 | $ 3,211,609 |
Repurchase Liabilities | $ 2,159,687 | $ 3,225,838 |
Weighted Average Interest Rate | 3.49% | 0.25% |
2 to 29 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Fair Market Value | $ 1,756,837 | $ 2,797,268 |
Repurchase Liabilities | $ 1,869,186 | $ 2,820,788 |
Weighted Average Interest Rate | 3.32% | 0.19% |
30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Fair Market Value | $ 295,901 | $ 414,091 |
Repurchase Liabilities | $ 290,501 | $ 404,800 |
Weighted Average Interest Rate | 4.59% | 0.70% |
Over 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities Fair Market Value | $ 250 | |
Repurchase Liabilities | $ 250 | |
Weighted Average Interest Rate | 0.01% |
Borrowed Funds - Remaining Cont
Borrowed Funds - Remaining Contractual Maturities Of Repurchase Agreements (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | $ 2,159,687 | $ 3,225,838 |
2 to 29 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 1,869,186 | 2,820,788 |
30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 290,501 | 404,800 |
Over 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 250 | |
U.S. Treasury [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 33,888 | |
U.S. Treasury [Member] | 2 to 29 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 33,888 | |
U.S. Agencies [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 2,125,799 | 3,225,838 |
U.S. Agencies [Member] | 2 to 29 days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | 1,835,298 | 2,820,788 |
U.S. Agencies [Member] | 30 to 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | $ 290,501 | 404,800 |
U.S. Agencies [Member] | Over 90 Days [Member] | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Total repurchase agreements | $ 250 |
Regulatory Requirements - Addit
Regulatory Requirements - Additional Information (Detail) $ in Billions | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Regulatory Requirements [Line Items] | ||
Reserve balance with Federal Reserve Bank maintained by affiliate bank | $ 2.3 | $ 4 |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 0.060 | |
Total Capital For Capital Adequacy Purposes, Ratio | 0.080 | |
Tier 1 Capital, Actual Ratio | 0.1062 | |
Total Capital, Actual Ratio | 0.1250 | |
Tier 1 Leverage for Capital Adequacy Purposes, Ratio | 0.040 | |
Tier 1 Leverage, Actual Ratio | 0.0843 | |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.100 | |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.080 | |
Tier 1 Leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.050 | |
Common Equity Tier One Capital [Member] | ||
Regulatory Requirements [Line Items] | ||
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 0.045 | |
Tier 1 Capital, Actual Ratio | 0.1062 | |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.065 |
Regulatory Requirements - Actua
Regulatory Requirements - Actual Capital Amounts as well as Required and Well-Capitalized Common Equity Tier One, Tier One, Total and Tier One Leverage Ratios (Detail) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital, Actual Ratio | 0.1062 | |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 0.060 | |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.080 | |
Total Capital, Actual Ratio | 0.1250 | |
Total Capital For Capital Adequacy Purposes, Ratio | 0.080 | |
Total Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.100 | |
Tier 1 Leverage, Actual Ratio | 0.0843 | |
Tier 1 Leverage for Capital Adequacy Purposes, Ratio | 0.040 | |
Tier 1 Leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.050 | |
Common Equity Tier One Capital [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital, Actual Ratio | 0.1062 | |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 0.045 | |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.065 | |
UMB Financial Corporation [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital, Actual Amount | $ 3,129,030 | $ 2,885,576 |
Tier 1 Capital, Actual Ratio | 0.1062 | 0.1205 |
Tier 1 Capital For Capital Adequacy Purposes, Amount | $ 1,767,857 | $ 1,437,295 |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 |
Total Capital, Actual Amount | $ 3,682,619 | $ 3,324,284 |
Total Capital, Actual Ratio | 0.1250 | 0.1388 |
Total Capital For Capital Adequacy Purposes, Amount | $ 2,357,142 | $ 1,916,393 |
Total Capital For Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 |
Tier 1 Leverage, Actual Amount | $ 3,129,030 | $ 2,885,576 |
Tier 1 Leverage, Actual Ratio | 0.0843 | 0.0761 |
Tier 1 Leverage For Capital Adequacy Purposes, Amount | $ 1,483,953 | $ 1,517,616 |
Tier 1 Leverage for Capital Adequacy Purposes, Ratio | 0.0400 | 0.0400 |
UMB Financial Corporation [Member] | Common Equity Tier One Capital [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital, Actual Amount | $ 3,129,030 | $ 2,885,576 |
Tier 1 Capital, Actual Ratio | 0.1062 | 0.1205 |
Tier 1 Capital For Capital Adequacy Purposes, Amount | $ 1,325,893 | $ 1,077,971 |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 0.0450 | 0.0450 |
UMB Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital, Actual Amount | $ 3,184,837 | $ 2,734,377 |
Tier 1 Capital, Actual Ratio | 0.1088 | 0.1153 |
Tier 1 Capital For Capital Adequacy Purposes, Amount | $ 1,756,762 | $ 1,422,872 |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 0.0600 | 0.0600 |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 2,342,349 | $ 1,897,162 |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0800 | 0.0800 |
Total Capital, Actual Amount | $ 3,359,158 | $ 2,902,996 |
Total Capital, Actual Ratio | 0.1147 | 0.1224 |
Total Capital For Capital Adequacy Purposes, Amount | $ 2,342,349 | $ 1,897,162 |
Total Capital For Capital Adequacy Purposes, Ratio | 0.0800 | 0.0800 |
Total Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 2,927,936 | $ 2,371,453 |
Total Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.1000 | 0.1000 |
Tier 1 Leverage, Actual Amount | $ 3,184,837 | $ 2,734,377 |
Tier 1 Leverage, Actual Ratio | 0.0846 | 0.0726 |
Tier 1 Leverage For Capital Adequacy Purposes, Amount | $ 1,506,443 | $ 1,506,293 |
Tier 1 Leverage for Capital Adequacy Purposes, Ratio | 0.0400 | 0.0400 |
Tier 1 Leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,883,054 | $ 1,882,866 |
Tier 1 Leverage To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0500 | 0.0500 |
UMB Bank [Member] | Common Equity Tier One Capital [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Tier 1 Capital, Actual Amount | $ 3,184,837 | $ 2,734,377 |
Tier 1 Capital, Actual Ratio | 0.1088 | 0.1153 |
Tier 1 Capital For Capital Adequacy Purposes, Amount | $ 1,317,571 | $ 1,067,154 |
Tier 1 Capital For Capital Adequacy Purposes, Ratio | 0.0450 | 0.0450 |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Amount | $ 1,903,158 | $ 1,541,444 |
Tier 1 Capital To Be Well Capitalized Under Prompt Corrective Action Provisions, Ratio | 0.0650 | 0.0650 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||
Apr. 23, 2013 | Apr. 22, 2013 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 24, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Contributions related expenses | $ 2,000,000 | $ 2,500,000 | $ 2,000,000 | |||
Recognized matching contribution expense | 13,600,000 | 11,400,000 | 11,000,000 | |||
Long-Term Incentive Compensation Plan (LTIP) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total intrinsic value of options exercised | 1,200,000 | 12,900,000 | 2,000,000 | |||
Cash received from options exercised | 1,500,000 | 18,400,000 | 4,600,000 | |||
Tax benefit realized for stock options exercised | 2,200,000 | 2,600,000 | 345,000 | |||
Long-Term Incentive Compensation Plan (LTIP) [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares of stock reserved | 7,440,000 | 5,250,000 | ||||
Benefits received by eligible employee | $ 2,000,000 | $ 1,000,000 | ||||
Omnibus Incentive Compensation Plan (OICP) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares of stock reserved | 5,400,000 | |||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized expense | 0 | 40,000 | 596,000 | |||
Employee Stock Option [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense | 0 | |||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized expense | 196,000 | 1,900,000 | 3,400,000 | |||
Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Recognized expense | 20,600,000 | 18,600,000 | 10,500,000 | |||
Unrecognized compensation expense | $ 18,200,000 | |||||
Service Based Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vested | 23,618 | |||||
Service Based Restricted Stock [Member] | After Two Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 50% of the shares vest after two years of service | |||||
Service Based Restricted Stock [Member] | After Three Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 75% after three years of service | |||||
Service Based Restricted Stock [Member] | After Four Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 100% after four years of service | |||||
Service Based Restricted Stock [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares of stock issued | 0 | |||||
Total fair value of shares vested | $ 2,500,000 | 3,200,000 | $ 9,200,000 | |||
Service Based Restricted Stock [Member] | Omnibus Incentive Compensation Plan (OICP) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total fair value of shares vested | 11,400,000 | 6,700,000 | ||||
Unrecognized compensation expense | $ 14,500,000 | |||||
Cost is expected to be recognized, (in years) | 2 years 6 months | |||||
Vested | 300,000 | |||||
Service Based Restricted Stock [Member] | Omnibus Incentive Compensation Plan (OICP) [Member] | After Two Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 50% of the units vest after two years of service | |||||
Service Based Restricted Stock [Member] | Omnibus Incentive Compensation Plan (OICP) [Member] | After Two Years [Member] | With in Four-Year [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 50% of the units are vested after two years | |||||
Service Based Restricted Stock [Member] | Omnibus Incentive Compensation Plan (OICP) [Member] | After Three Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 50% vest after three years of service | |||||
Service Based Restricted Stock [Member] | Omnibus Incentive Compensation Plan (OICP) [Member] | After Three Years [Member] | With in Four-Year [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 75% are vested after three years | |||||
Service Based Restricted Stock [Member] | Omnibus Incentive Compensation Plan (OICP) [Member] | After Four Years [Member] | With in Four-Year [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 100% are vested after four years | |||||
Performance Based Restricted Stock Unit [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance requirement period | 3 years | |||||
Performance Based Restricted Stock Unit [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares of stock issued | 0 | |||||
Performance Based Restricted Stock Unit [Member] | Omnibus Incentive Compensation Plan (OICP) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Total fair value of shares vested | $ 7,400,000 | $ 2,700,000 | ||||
Unrecognized compensation expense | $ 3,700,000 | |||||
Cost is expected to be recognized, (in years) | 1 year 8 months 12 days | |||||
Vested | 71,461 | 0 | ||||
Nonqualified Stock Option Plan [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares of stock issued | 0 | |||||
Nonqualified Stock Option Plan [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | After Two Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 50% after two years | |||||
Nonqualified Stock Option Plan [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | After Three Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 75% after three years | |||||
Nonqualified Stock Option Plan [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | After Three Years [Member] | Prior to Twenty Sixteen [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 50% after three years | |||||
Nonqualified Stock Option Plan [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | After Four Years [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 100% after four years | |||||
Nonqualified Stock Option Plan [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | After Four Years [Member] | Prior to Twenty Sixteen [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 75% after four years | |||||
Nonqualified Stock Option Plan [Member] | Long-Term Incentive Compensation Plan (LTIP) [Member] | After Five Years [Member] | Prior to Twenty Sixteen [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting schedule | 100% after five years |
Employee Benefits - Status of S
Employee Benefits - Status of Service Based Restricted Shares (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2020 | |
Service Based Restricted Stock [Member] | ||
Number of Shares | ||
Nonvested, Beginning Balance | 23,618 | |
Vested | (23,618) | |
Weighted Average Grant Date Fair Value | ||
Nonvested, Beginning Balance | $ 72.28 | |
Vested | $ 72.28 | |
Service Based Restricted Stock [Member] | Omnibus Incentive Compensation Plan (OICP) [Member] | ||
Number of Shares | ||
Vested | (300,000) | |
Service Based Restricted Stock Unit [Member] | Omnibus Incentive Compensation Plan (OICP) [Member] | ||
Number of Shares | ||
Nonvested, Beginning Balance | 363,148 | |
Granted | 156,869 | |
Canceled | (27,880) | |
Vested | (112,151) | |
Nonvested, Ending Balance | 379,986 | |
Service Based Restricted Stock Units [Member] | Omnibus Incentive Compensation Plan (OICP) [Member] | ||
Weighted Average Grant Date Fair Value | ||
Nonvested, Beginning Balance | $ 70.47 | |
Granted | 98.76 | |
Canceled | 80.54 | |
Vested | 66.32 | |
Nonvested, Ending Balance | $ 82.64 |
Employee Benefits - Information
Employee Benefits - Information Relating to Non-qualified Option Activity (Detail) - Long-Term Incentive Compensation Plan (LTIP) [Member] | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Number of Shares | |
Outstanding, Beginning Balance | shares | 171,340 |
Expired | shares | (3,783) |
Exercised | shares | (29,699) |
Outstanding, Ending Balance | shares | 137,858 |
Exercisable | shares | 137,858 |
Weighted Average Price Per Share | |
Outstanding, Beginning Balance | $ / shares | $ 60.19 |
Expired | $ / shares | 56.86 |
Exercised | $ / shares | 51.84 |
Outstanding, Ending Balance | $ / shares | 62.08 |
Exercisable | $ / shares | $ 62.08 |
Weighted Average Remaining Contractual Term | |
Outstanding | 3 years |
Exercisable | 3 years |
Aggregate Intrinsic Value | |
Outstanding | $ | $ 2,955,637 |
Exercisable | $ | $ 2,955,637 |
Employee Benefits - Status of P
Employee Benefits - Status of Performance Based Restricted Shares (Detail) - Omnibus Incentive Compensation Plan (OICP) [Member] - Performance Based Restricted Stock Unit [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2020 | |
Number of Shares | ||
Nonvested, Beginning Balance | 165,822 | |
Granted | 48,416 | |
Canceled | (1,375) | |
Vested | (71,461) | 0 |
Performance based adjustment | 23,708 | |
Nonvested, Ending Balance | 165,110 | |
Weighted Average Grant Date Fair Value | ||
Nonvested, Beginning Balance | $ 64.08 | |
Granted | 93.43 | |
Canceled | 65.02 | |
Vested | 60.35 | |
Performance based adjustment | 60.35 | |
Nonvested, Ending Balance | $ 64.21 |
Business Segment Reporting - Ad
Business Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Business Segment Reporting - Sc
Business Segment Reporting - Schedule of Segment Financial Results (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net interest income | $ 913,797 | $ 815,521 | $ 731,229 |
Provision for credit losses | 37,900 | 20,000 | 130,500 |
Noninterest income | 554,233 | 467,175 | 560,166 |
Noninterest expense | 898,119 | 833,636 | 822,005 |
Income before income taxes | 532,011 | 429,060 | 338,890 |
Income tax expense (benefit) | 100,329 | 76,042 | 52,388 |
NET INCOME | 431,682 | 353,018 | 286,502 |
Average assets | 37,579,000 | 35,329,000 | 28,568,000 |
Income tax expense | 100,329 | 76,042 | 52,388 |
Commercial Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 596,031 | 579,992 | 489,501 |
Provision for credit losses | 32,851 | 15,543 | 119,526 |
Noninterest income | 122,614 | 84,417 | 192,230 |
Noninterest expense | 332,912 | 306,424 | 289,072 |
Income before income taxes | 352,882 | 342,442 | 273,133 |
Income tax expense (benefit) | 66,548 | 60,691 | 42,223 |
NET INCOME | 286,334 | 281,751 | 230,910 |
Average assets | 17,489,000 | 15,243,000 | 12,614,000 |
Income tax expense | 66,548 | 60,691 | 42,223 |
Institutional Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 159,679 | 87,644 | 106,856 |
Provision for credit losses | 495 | 630 | 882 |
Noninterest income | 323,794 | 273,483 | 254,874 |
Noninterest expense | 320,976 | 292,142 | 286,635 |
Income before income taxes | 162,002 | 68,355 | 74,213 |
Income tax expense (benefit) | 30,551 | 12,113 | 11,472 |
NET INCOME | 131,451 | 56,242 | 62,741 |
Average assets | 13,100,000 | 12,255,000 | 9,746,000 |
Income tax expense | 30,551 | 12,113 | 11,472 |
Personal Banking [Member] | |||
Segment Reporting Information [Line Items] | |||
Net interest income | 158,087 | 147,885 | 134,872 |
Provision for credit losses | 4,554 | 3,827 | 10,092 |
Noninterest income | 107,825 | 109,275 | 113,062 |
Noninterest expense | 244,231 | 235,070 | 246,298 |
Income before income taxes | 17,127 | 18,263 | (8,456) |
Income tax expense (benefit) | 3,230 | 3,238 | (1,307) |
NET INCOME | 13,897 | 15,025 | (7,149) |
Average assets | 6,990,000 | 7,831,000 | 6,208,000 |
Income tax expense | $ 3,230 | $ 3,238 | $ (1,307) |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - ASC 606 [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Total receivables of revenue recognized | $ 76.1 | $ 73.6 | |
Bankcard Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Bankcard expenses | $ 34.5 | $ 34 | $ 30 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Disaggregation of Revenue According to Revenue Stream and Business Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Revenue (Expense) out of Scope of ASC 606 | $ 75,104 | $ 40,076 | $ 160,562 |
Noninterest income | 554,233 | 467,175 | 560,166 |
Trust and Securities Processing [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest income | 237,207 | 224,126 | 194,646 |
Trading and Investment Banking [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue (Expense) out of Scope of ASC 606 | 22,882 | 30,146 | 32,190 |
Noninterest income | 23,201 | 30,939 | 32,945 |
Service Charges On Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue (Expense) out of Scope of ASC 606 | 171 | 315 | 211 |
Noninterest income | 85,167 | 86,056 | 83,879 |
Insurance Fees and Commissions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest income | 1,338 | 1,309 | 1,369 |
Brokerage Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Noninterest income | 43,019 | 12,171 | 24,350 |
Bankcard Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue (Expense) out of Scope of ASC 606 | (33,535) | (33,238) | (29,065) |
Noninterest income | 73,451 | 64,576 | 60,544 |
Investment Securities Gains, Net [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue (Expense) out of Scope of ASC 606 | 58,444 | 5,057 | 120,634 |
Noninterest income | 58,444 | 5,057 | 120,634 |
Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue (Expense) out of Scope of ASC 606 | 27,142 | 37,796 | 36,592 |
Noninterest income | 32,406 | 42,941 | 41,799 |
Commercial Banking [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | 97,378 | 91,264 | 84,107 |
Noninterest income | 122,614 | 84,417 | 192,230 |
Commercial Banking [Member] | Service Charges On Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | 34,399 | 33,350 | 30,470 |
Commercial Banking [Member] | Brokerage Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | 230 | 107 | 245 |
Commercial Banking [Member] | Bankcard Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | 61,939 | 56,918 | 52,257 |
Commercial Banking [Member] | Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | 810 | 889 | 1,135 |
Institutional Banking [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | 286,048 | 236,027 | 213,890 |
Noninterest income | 323,794 | 273,483 | 254,874 |
Institutional Banking [Member] | Trust and Securities Processing [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | 183,724 | 164,480 | 131,249 |
Institutional Banking [Member] | Trading and Investment Banking [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | 319 | 793 | 755 |
Institutional Banking [Member] | Service Charges On Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | 43,054 | 45,934 | 46,611 |
Institutional Banking [Member] | Brokerage Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | 35,141 | 4,069 | 16,075 |
Institutional Banking [Member] | Bankcard Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | 21,998 | 19,117 | 17,731 |
Institutional Banking [Member] | Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | 1,812 | 1,634 | 1,469 |
Personal Banking [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | 95,703 | 99,808 | 101,607 |
Noninterest income | 107,825 | 109,275 | 113,062 |
Personal Banking [Member] | Trust and Securities Processing [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | 53,483 | 59,646 | 63,397 |
Personal Banking [Member] | Service Charges On Deposit Accounts [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | 7,543 | 6,457 | 6,587 |
Personal Banking [Member] | Insurance Fees and Commissions [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | 1,338 | 1,309 | 1,369 |
Personal Banking [Member] | Brokerage Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | 7,648 | 7,995 | 8,030 |
Personal Banking [Member] | Bankcard Fees [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | 23,049 | 21,779 | 19,621 |
Personal Banking [Member] | Other [Member] | |||
Disaggregation Of Revenue [Line Items] | |||
Revenue Scope of ASC 606 | $ 2,642 | $ 2,622 | $ 2,603 |
Common Stock and Earnings Per_3
Common Stock and Earnings Per Share - Summary of Share Transactions (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Shares Issued, Beginning Balance | 55,056,730 | 55,056,730 | 55,056,730 |
Shares Issued, Ending Balance | 55,056,730 | 55,056,730 | 55,056,730 |
Shares in Treasury, Beginning Balance | (6,625,925) | (7,050,344) | (5,959,124) |
Accelerated Share Repurchase Program | (653,498) | ||
Purchase of Treasury Stock | (341,785) | (67,671) | (563,830) |
Sale of Treasury Stock | 6,487 | 6,835 | 11,372 |
Issued for stock options and restricted stock | 223,897 | 485,255 | 114,736 |
Shares in Treasury, Ending Balance | (6,737,326) | (6,625,925) | (7,050,344) |
Common Stock and Earnings Per_4
Common Stock and Earnings Per Share - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | |||
Common stock share repurchase program, number of shares authorized to be repurchased | 2,000,000 | 2,000,000 | 2,000,000 |
Total number of shares repurchased | 653,498 | ||
BAML Share Repurchase Agreement [Member] | |||
Class Of Stock [Line Items] | |||
Aggregate amount of common stock, shares to be repurchase | $ 30,000,000 | ||
Total number of shares repurchased | 653,498 |
Common Stock and Earnings Per_5
Common Stock and Earnings Per Share - Shares Used in Calculation of Basic and Diluted Earnings (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Weighted average basic common shares outstanding | 48,340,922 | 48,271,462 | 48,137,791 |
Dilutive effect of stock options and restricted stock | 406,477 | 466,830 | 205,959 |
Weighted average diluted common shares outstanding | 48,747,399 | 48,738,292 | 48,343,750 |
Commitments, Contingencies an_3
Commitments, Contingencies and Guarantees - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) Activity | Dec. 31, 2021 USD ($) Activity | Dec. 31, 2020 USD ($) Activity | Dec. 31, 2019 USD ($) | |
Commitments and Contingencies Disclosure [Line Items] | ||||
Notional amount outstanding | $ 0 | $ 0 | ||
Open futures contract positions and average | $ 0 | $ 0 | ||
Net future activity | Activity | 0 | 0 | 0 | |
Average of contracts to purchase and to sell foreign currency | $ 13,800,000 | $ 21,400,000 | ||
Net gains on foreign exchange contracts | 3,400,000 | 2,600,000 | $ 1,900,000 | |
ACL for off-balance sheet credit exposures | 3,088,000 | 2,588,000 | 5,588,000 | $ 2,978,000 |
Provision for off-balance sheet credit exposures | (500,000) | 3,000,000 | $ (2,610,000) | |
Provision for Credit Losses [Member] | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Provision for off-balance sheet credit exposures | 500,000 | 3,000,000 | ||
Accrued Expenses and Taxes [Member] | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
ACL for off-balance sheet credit exposures | $ 3,100,000 | 2,600,000 | ||
Maximum [Member] | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Standby letters of credit term | 6 years | |||
Standby letters of credit | $ 437,000,000 | 365,000,000 | ||
Minimum [Member] | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Standby letters of credit term | 3 months | |||
Related Parties [Member] | ||||
Commitments and Contingencies Disclosure [Line Items] | ||||
Standby letters of credit | $ 25,500,000 | $ 28,600,000 |
Commitments, Contingencies an_4
Commitments, Contingencies and Guarantees - Notional Amount of Off-Balance Sheet Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments to extend credit for loans (excluding credit card loans) [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | $ 12,988,231 | $ 10,122,617 |
Commitments to extend credit under credit card loans [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 4,008,386 | 3,743,165 |
Commercial letters of credit [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 3,334 | 2,754 |
Standby letters of credit [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 436,965 | 365,030 |
Forward contracts [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | 32,552 | 9,729 |
Spot foreign exchange contracts [Member] | ||
Commitments and Contingencies Disclosure [Line Items] | ||
Contract or notional amount of off-balance sheet financial instruments | $ 5,112 | $ 2,946 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Line Items] | |||
Effective income tax rates on continuing operations | 18.90% | 17.70% | 15.50% |
Statutory federal tax rate | 21% | ||
State net operating loss carry forwards | $ 544 | ||
Deferred tax assets, operating loss carryforwards | 16,500 | ||
Valuation allowance | 180 | $ 1,335 | |
Net operating loss carryforward, Valuation loss | 13 | 514,000 | |
Change in valuation allowance, unrealized deferred tax assets | 167 | 821,000 | |
Gross amount of unrecognized tax benefits | 9,360 | 8,798 | $ 6,717 |
Total amount of unrecognized tax benefits, net of associated deferred tax benefit that would impact effective tax rate, if recognized | 7,400 | $ 7,000 | |
State Jurisdiction [Member] | |||
Income Taxes [Line Items] | |||
Valuation allowance | $ 1,200 | ||
Minimum [Member] | |||
Income Taxes [Line Items] | |||
State net operating loss carry forwards, expiration year | 2023 | ||
Maximum [Member] | |||
Income Taxes [Line Items] | |||
State net operating loss carry forwards, expiration year | 2041 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Benefit) from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax | |||
Federal | $ 92,673 | $ 72,410 | $ 49,053 |
State | 13,964 | 16,356 | 8,171 |
Total current tax expense | 106,637 | 88,766 | 57,224 |
Deferred tax | |||
Federal | (3,998) | (9,872) | (4,045) |
State | (2,310) | (2,852) | (791) |
Total deferred tax benefit | (6,308) | (12,724) | (4,836) |
Total tax expense | $ 100,329 | $ 76,042 | $ 52,388 |
Income Taxes - Reconciliation B
Income Taxes - Reconciliation Between Income Tax Expense and Amount Computed by Applying Federal Statutory Tax Rate from Continuing Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax expense | $ 111,722 | $ 90,103 | $ 71,167 |
Tax-exempt interest income | (20,206) | (20,635) | (20,914) |
Tax-exempt life insurance related income | (723) | (2,631) | (3,420) |
Meals, entertainment and related expenses | 854 | 580 | 924 |
State and local income taxes, net of federal tax benefits | 9,207 | 10,659 | 5,835 |
Equity-based compensation | (1,921) | (1,889) | (299) |
Federal tax credits, net of amortization of LIHTC investments | (3,748) | (2,634) | (1,772) |
Other | 5,144 | 2,489 | 867 |
Total tax expense | $ 100,329 | $ 76,042 | $ 52,388 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Net unrealized loss on securities available for sale | $ 248,001 | |
Loans, principally due to allowance for credit losses | 43,129 | $ 45,029 |
Equity-based compensation | 7,743 | 6,493 |
Accrued expenses | 25,007 | 23,032 |
Deferred compensation | 15,375 | 16,320 |
Miscellaneous | 2,289 | 5,515 |
Total deferred tax assets before valuation allowance | 341,544 | 96,389 |
Valuation allowance | (180) | (1,335) |
Total deferred tax assets | 341,364 | 95,054 |
Deferred tax liabilities: | ||
Net unrealized gain on securities available for sale | (35,447) | |
Net unrealized gain on fair value hedges | (18,617) | (1,336) |
Securities | (87) | (788) |
Land, buildings and equipment | (33,036) | (37,370) |
Original issue discount | (992) | (1,486) |
Prepaid expenses | (5,862) | (4,359) |
Partnership investments | (6,737) | (5,627) |
Trust preferred securities | (6,912) | (7,250) |
Intangibles | (17,225) | (20,067) |
Miscellaneous | (3,471) | (3,426) |
Total deferred tax liabilities | (92,939) | (117,156) |
Net deferred tax (liability) | $ (22,102) | |
Net deferred tax asset | $ 248,425 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits - opening balance | $ 8,798 | $ 6,717 |
Gross increases - tax positions in prior period | 291 | |
Gross decreases - tax positions in prior period | (63) | |
Gross increases - current-period tax positions | 2,621 | 2,201 |
Lapse of statute of limitations | (1,996) | (411) |
Unrecognized tax benefits - ending balance | $ 9,360 | $ 8,798 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Summary of Fair Value of Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | $ 48,121 | $ 57,680 |
Derivative Assets, Fair Value | 126,334 | 13,944 |
Derivatives not Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 47,638 | 57,134 |
Derivative Assets, Fair Value | 126,231 | 13,944 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets, Fair Value | 483 | $ 546 |
Derivative Assets, Fair Value | $ 103 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Derivative | Dec. 31, 2021 USD ($) Derivative | Aug. 28, 2020 USD ($) | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Hedging adjustments amortized through contractual maturity date in connection with terminated hedge | $ 58,100,000 | ||
Collateral posted for derivative instruments | 0 | ||
Termination value of derivatives in net liability position | $ 0 | ||
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Interest rate hedging exposure to variability in future cash flows for forecasted transactions, maximum period | 13 years 8 months 12 days | ||
Interest Rate Swap [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, notional amount | $ 254,600,000 | $ 1,000,000,000 | |
Number of interest rate swaps | Derivative | 3 | 10 | |
Interest Rate Swap [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, notional amount | $ 51,500,000 | $ 51,500,000 | |
Number of interest rate swaps | Derivative | 2 | 2 | |
Interest Rate Swap [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Interest Expense [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Reclassification from AOCI to interest | $ 1,200,000 | ||
Interest Rate Swap [Member] | Derivatives not Designated as Hedging Instruments [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, notional amount | $ 3,500,000,000 | $ 2,900,000,000 | |
Number of interest rate swaps | Derivative | 230 | 188 | |
Interest Rate Floor [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Derivative, notional amount | $ 750,000,000 | ||
Net asset fair value | $ 34,100,000 | ||
Unrealized gain on terminated interest rate floor remaining in AOCI, pre tax | $ 7,400,000 | $ 12,300,000 | |
Unrealized gain on terminated interest rate floor remaining in AOCI, net of tax | $ 5,600,000 | $ 9,400,000 | |
Unrealized gain reclassification to earnings, remaining term | 1 year 8 months 12 days | ||
Interest rate floor termination date | Aug. 28, 2020 | ||
Interest Rate Floor [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | Increase To Interest Income [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Reclassification from AOCI to interest | $ 4,700,000 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Summary of Amount of Gain (Loss) Recognized in Other Non-Interest Expense in Consolidated Statements of Income Related to Derivative Assets and Liabilities (Detail) - Interest Rate Swap [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivatives not Designated as Hedging Instruments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized | $ 423 | $ 387 | $ (720) |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized | 492 | (601) | |
Derivatives Designated as Hedging Instruments [Member] | Fair value adjustments on derivatives [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized | 72,539 | 5,231 | (139) |
Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of Gain (Loss) Recognized | $ (72,047) | $ (5,832) | $ 139 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Summary of Effect of Hedges on AOCI in Consolidated Statements of Comprehensive Income Related to Company's Derivative Assets and Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative | $ 12,608 | $ 3,106 | $ 20,979 |
Gain (Loss) Reclassified from AOCI into Earnings | 5,353 | 3,352 | 1,905 |
Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative | 12,608 | 3,106 | 20,979 |
Gain (Loss) Recognized in OCI Included Component | 12,608 | 3,106 | 27,506 |
Gain (Loss)Recognized in OCI Excluded Component | (6,527) | ||
Gain (Loss) Reclassified from AOCI into Earnings | 4,496 | 3,352 | 1,905 |
Gain (Loss) Reclassified from AOCI into Earnings Included Component | 6,746 | 5,602 | 4,360 |
Gain (Loss) Reclassified from AOCI into Earnings Excluded Component | (2,250) | (2,250) | (2,455) |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Floor [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative | 28,390 | ||
Gain (Loss) Recognized in OCI Included Component | 34,917 | ||
Gain (Loss)Recognized in OCI Excluded Component | (6,527) | ||
Gain (Loss) Reclassified from AOCI into Earnings | 4,998 | 4,696 | 2,943 |
Gain (Loss) Reclassified from AOCI into Earnings Included Component | 7,248 | 6,946 | 5,398 |
Gain (Loss) Reclassified from AOCI into Earnings Excluded Component | (2,250) | (2,250) | (2,455) |
Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swap [Member] | Cash Flow Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI on Derivative | 12,608 | 3,106 | (7,411) |
Gain (Loss) Recognized in OCI Included Component | 12,608 | 3,106 | (7,411) |
Gain (Loss) Reclassified from AOCI into Earnings | (502) | (1,344) | (1,038) |
Gain (Loss) Reclassified from AOCI into Earnings Included Component | $ (502) | $ (1,344) | $ (1,038) |
Disclosures About Fair Value _3
Disclosures About Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | $ 17,980 | $ 31,875 |
Securities available for sale | 7,006,347 | 11,976,514 |
Derivative Assets, Fair Value | 48,121 | 57,680 |
Derivative Liabilities, Fair Value | 126,334 | 13,944 |
Securities sold not yet purchased | 3,500 | 3,200 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 2,384 | 5,985 |
Securities available for sale | 1,144,570 | 387,020 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 15,596 | 25,890 |
Securities available for sale | 5,861,777 | 11,589,494 |
U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 777,070 | 69,174 |
U.S. Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 171,296 | 124,932 |
Mortgage-backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 3,982,122 | 7,965,055 |
State and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 1,362,407 | 3,422,688 |
Corporates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 367,500 | 317,846 |
Fair Value Measurement, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 17,980 | 31,875 |
Securities available for sale | 7,006,347 | 11,976,514 |
Equity securities with readily determinable fair values | 10,782 | 64,149 |
Company-owned life insurance | 56,769 | 65,245 |
Bank-owned life insurance | 510,293 | 498,373 |
Derivative Assets, Fair Value | 48,121 | 57,680 |
Total | 7,650,292 | 12,693,836 |
Derivative Liabilities, Fair Value | 126,334 | 13,944 |
Securities sold not yet purchased | 3,503 | 3,197 |
Total | 129,837 | 17,141 |
Fair Value Measurement, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 2,384 | 5,985 |
Securities available for sale | 1,144,570 | 387,020 |
Equity securities with readily determinable fair values | 10,782 | 64,149 |
Total | 1,157,736 | 457,154 |
Fair Value Measurement, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 15,596 | 25,890 |
Securities available for sale | 5,861,777 | 11,589,494 |
Company-owned life insurance | 56,769 | 65,245 |
Bank-owned life insurance | 510,293 | 498,373 |
Derivative Assets, Fair Value | 48,121 | 57,680 |
Total | 6,492,556 | 12,236,682 |
Derivative Liabilities, Fair Value | 126,334 | 13,944 |
Securities sold not yet purchased | 3,503 | 3,197 |
Total | 129,837 | 17,141 |
Fair Value Measurement, Recurring [Member] | Collateralized Loan Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 345,952 | |
Fair Value Measurement, Recurring [Member] | Collateralized Loan Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 345,952 | |
Fair Value Measurement, Recurring [Member] | Trading - other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 780 | 360 |
Fair Value Measurement, Recurring [Member] | Trading - other [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 780 | 360 |
Fair Value Measurement, Recurring [Member] | Collateralized Loan Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 76,819 | |
Fair Value Measurement, Recurring [Member] | Collateralized Loan Obligations [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 76,819 | |
Fair Value Measurement, Recurring [Member] | U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 580 | 1,625 |
Securities available for sale | 777,070 | 69,174 |
Fair Value Measurement, Recurring [Member] | U.S. Treasury [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 580 | 1,625 |
Securities available for sale | 777,070 | 69,174 |
Fair Value Measurement, Recurring [Member] | U.S. Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 7,558 | 2,159 |
Securities available for sale | 171,296 | 124,932 |
Fair Value Measurement, Recurring [Member] | U.S. Agencies [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 7,558 | 2,159 |
Securities available for sale | 171,296 | 124,932 |
Fair Value Measurement, Recurring [Member] | Mortgage-backed [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 2,060 | |
Securities available for sale | 3,982,122 | 7,965,055 |
Fair Value Measurement, Recurring [Member] | Mortgage-backed [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 2,060 | |
Securities available for sale | 3,982,122 | 7,965,055 |
Fair Value Measurement, Recurring [Member] | State and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 8,038 | 21,671 |
Securities available for sale | 1,362,407 | 3,422,688 |
Fair Value Measurement, Recurring [Member] | State and political subdivisions [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 8,038 | 21,671 |
Securities available for sale | 1,362,407 | 3,422,688 |
Fair Value Measurement, Recurring [Member] | Corporates [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 1,024 | 4,000 |
Securities available for sale | 367,500 | 317,846 |
Fair Value Measurement, Recurring [Member] | Corporates [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading securities | 1,024 | 4,000 |
Securities available for sale | $ 367,500 | $ 317,846 |
Disclosures About Fair Value _4
Disclosures About Fair Value of Financial Instruments - Assets Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value, Measurements, Non-Recurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 4,441 | $ 46,979 |
Total Gains (Losses)Recognized | (2,998) | 1,521 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 4,441 | 46,979 |
Collateral Dependent Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 4,373 | 46,979 |
Total Gains (Losses)Recognized | (2,998) | 1,521 |
Collateral Dependent Assets | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 4,373 | $ 46,979 |
Other real estate owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | 68 | |
Other real estate owned [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets measured at fair value | $ 68 |
Disclosures About Fair Value _5
Disclosures About Fair Value of Financial Instruments - Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and short-term investments | $ 2,638,384 | $ 10,472,084 |
Securities available for sale | 7,006,347 | 11,976,514 |
Total held to maturity securities | 5,861,599 | 1,480,416 |
Trading securities | 17,980 | 31,875 |
Other securities | 349,758 | 327,098 |
Loans (exclusive of allowance for credit/loan losses) | $ 21,033,167 | $ 17,172,148 |
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Derivatives | $ 48,121 | $ 57,680 |
Demand and savings deposits | 31,721,995 | 34,748,286 |
Time deposits | 917,138 | 851,641 |
Other borrowings | 2,222,167 | 3,238,435 |
Long-term debt | $ 381,311 | $ 271,544 |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Derivatives | $ 126,334 | $ 13,944 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and short-term investments | 2,638,384 | 10,472,084 |
Securities available for sale | 7,006,347 | 11,976,514 |
Total held to maturity securities | 5,280,659 | 1,442,391 |
Trading securities | 17,980 | 31,875 |
Other securities | 349,758 | 327,098 |
Loans (exclusive of allowance for credit/loan losses) | 20,816,899 | 17,506,662 |
Derivatives | 48,121 | 57,680 |
Demand and savings deposits | 31,721,995 | 34,748,286 |
Time deposits | 917,138 | 851,641 |
Other borrowings | 2,222,167 | 3,238,435 |
Long-term debt | 418,737 | 285,961 |
Derivatives | 126,334 | 13,944 |
Commitments to extend credit for loans | 9,260 | 7,841 |
Commercial letters of credit | 185 | 179 |
Standby letters of credit | 3,982 | 3,553 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and short-term investments | 1,686,787 | 9,255,727 |
Securities available for sale | 1,144,570 | 387,020 |
Trading securities | 2,384 | 5,985 |
Other securities | 10,782 | 64,149 |
Demand and savings deposits | 31,721,995 | 34,748,286 |
Other borrowings | 62,480 | 12,597 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and short-term investments | 951,597 | 1,216,357 |
Securities available for sale | 5,861,777 | 11,589,494 |
Total held to maturity securities | 5,280,659 | 1,442,391 |
Trading securities | 15,596 | 25,890 |
Other securities | 338,976 | 262,949 |
Loans (exclusive of allowance for credit/loan losses) | 20,816,899 | 17,506,662 |
Derivatives | 48,121 | 57,680 |
Time deposits | 917,138 | 851,641 |
Other borrowings | 2,159,687 | 3,225,838 |
Long-term debt | 418,737 | 285,961 |
Derivatives | $ 126,334 | $ 13,944 |
Parent Company Financial Info_3
Parent Company Financial Information - Schedule of Parent Company Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||||
Goodwill on purchased affiliates | $ 207,385 | $ 174,518 | $ 180,867 | |
Investment securities and other | 13,233,277 | 13,813,963 | ||
Total assets | 38,512,461 | 42,693,484 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Long-term debt | 381,311 | 271,544 | ||
Total liabilities | 35,845,368 | 39,548,060 | ||
Shareholders' equity | 2,667,093 | 3,145,424 | $ 3,016,948 | $ 2,606,440 |
Total liabilities and shareholders' equity | 38,512,461 | 42,693,484 | ||
Parent Company [Member] | ||||
ASSETS | ||||
Investment in subsidiaries: Banks | 2,685,783 | 2,970,227 | ||
Investment in subsidiaries: Non-banks | 178,973 | 169,123 | ||
Total investment in subsidiaries | 2,864,756 | 3,139,350 | ||
Goodwill on purchased affiliates | 5,011 | 5,011 | ||
Cash | 139,058 | 185,372 | ||
Investment securities and other | 106,294 | 155,196 | ||
Total assets | 3,115,119 | 3,484,929 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Long-term debt | 381,311 | 271,544 | ||
Accrued expenses and other | 66,715 | 67,961 | ||
Total liabilities | 448,026 | 339,505 | ||
Shareholders' equity | 2,667,093 | 3,145,424 | ||
Total liabilities and shareholders' equity | $ 3,115,119 | $ 3,484,929 |
Parent Company Financial Info_4
Parent Company Financial Information - Schedule of Parent Company Statements of Income and Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
EXPENSE | |||
Salaries and employee benefits | $ 524,431 | $ 504,442 | $ 495,464 |
Income tax expense | 100,329 | 76,042 | 52,388 |
NET INCOME | 431,682 | 353,018 | 286,502 |
Other comprehensive (loss) income | (829,049) | (192,026) | 235,160 |
Comprehensive (loss) income | (397,367) | 160,992 | 521,662 |
Parent Company [Member] | |||
INCOME | |||
Dividends and income received from subsidiaries | 57,000 | 129,217 | 78,360 |
Service fees from subsidiaries | 74,472 | 60,346 | 49,191 |
Other | 55,988 | 12,771 | 9,241 |
Total income | 187,460 | 202,334 | 136,792 |
EXPENSE | |||
Salaries and employee benefits | 60,094 | 62,109 | 56,919 |
Other | 35,943 | 31,022 | 22,657 |
Total expense | 96,037 | 93,131 | 79,576 |
Income before income taxes and equity in undistributed earnings of subsidiaries | 91,423 | 109,203 | 57,216 |
Income tax expense | 10,958 | (10,322) | (6,230) |
Income before equity in undistributed earnings of subsidiaries | 80,465 | 119,525 | 63,446 |
Banks | 344,567 | 263,084 | 234,014 |
Non-Banks | 6,650 | (29,591) | (10,958) |
NET INCOME | 431,682 | 353,018 | 286,502 |
Other comprehensive (loss) income | (829,049) | (192,026) | 235,160 |
Comprehensive (loss) income | $ (397,367) | $ 160,992 | $ 521,662 |
Parent Company Financial Info_5
Parent Company Financial Information - Schedule of Parent Company Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | |||
Net income | $ 431,682 | $ 353,018 | $ 286,502 |
Depreciation and amortization | 54,022 | 55,747 | 62,803 |
Amortization of debt issuance costs | 556 | 450 | 131 |
Equity based compensation | 21,491 | 21,208 | 15,120 |
Changes in other assets and liabilities, net | 301,217 | 102,155 | (127,746) |
Net cash provided by operating activities | 769,554 | 534,082 | 373,598 |
INVESTING ACTIVITIES | |||
Net cash used in investing activities | (3,845,385) | (4,235,490) | (4,491,087) |
FINANCING ACTIVITIES | |||
Cash dividends paid | (72,030) | (66,750) | (60,281) |
Proceeds from short-term debt | 15,000 | ||
Repayment of short-term debt | (15,000) | ||
Proceeds from long-term debt | 110,000 | 200,000 | |
Payment of debt issuance costs | (2,129) | (2,250) | |
Purchases of treasury stock | (31,997) | (5,506) | (63,766) |
Net cash (used in) provided by financing activities | (4,580,859) | 9,418,406 | 5,945,885 |
(Decrease) increase in cash and cash equivalents | (7,656,690) | 5,716,998 | 1,828,396 |
Cash and cash equivalents at beginning of period | 9,214,564 | ||
Cash and cash equivalents at end of period | 1,557,874 | 9,214,564 | |
Parent Company [Member] | |||
OPERATING ACTIVITIES | |||
Net income | 431,682 | 353,018 | 286,502 |
Equity in earnings of subsidiaries | (408,217) | (362,709) | (301,415) |
Dividends received from subsidiaries | 57,000 | 129,217 | 78,360 |
Depreciation and amortization | 12 | 15 | 15 |
Amortization of debt issuance costs | 556 | 450 | 131 |
Equity based compensation | 21,491 | 21,208 | 15,120 |
Changes in other assets and liabilities, net | 12,522 | (4,049) | (1,724) |
Net cash provided by operating activities | 115,046 | 137,150 | 76,989 |
INVESTING ACTIVITIES | |||
Net capital investment in subsidiaries | (207,575) | (60,264) | (96,678) |
Net decrease (increase) in investment securities | 40,235 | (11,051) | (29,648) |
Net cash used in investing activities | (167,340) | (71,315) | (126,326) |
FINANCING ACTIVITIES | |||
Cash dividends paid | (72,030) | (66,750) | (60,281) |
Proceeds from short-term debt | 15,000 | ||
Repayment of short-term debt | (15,000) | ||
Proceeds from long-term debt | 110,000 | 200,000 | |
Payment of debt issuance costs | (2,129) | (2,250) | |
Proceeds from exercise of stock options and sales of treasury stock | 2,136 | 19,048 | 5,186 |
Purchases of treasury stock | (31,997) | (5,506) | (63,766) |
Net cash (used in) provided by financing activities | 5,980 | (53,208) | 78,889 |
(Decrease) increase in cash and cash equivalents | (46,314) | 12,627 | 29,552 |
Cash and cash equivalents at beginning of period | 185,372 | 172,745 | 143,193 |
Cash and cash equivalents at end of period | $ 139,058 | $ 185,372 | $ 172,745 |