Docoh
Loading...

WTFC Wintrust Financial

Cover

Cover - shares6 Months Ended
Jun. 30, 2021Jul. 31, 2021
Entity Information [Line Items]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateJun. 30,
2021
Document Transition Reportfalse
Entity File Number001-35077
Entity Registrant NameWINTRUST FINANCIAL CORP
Entity Incorporation, State or Country CodeIL
Entity Tax Identification Number36-3873352
Entity Address, Address Line One9700 W. Higgins Road, Suite 800
Entity Address, City or TownRosemont
Entity Address, State or ProvinceIL
Entity Address, Postal Zip Code60018
City Area Code847
Local Phone Number939-9000
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryLarge Accelerated Filer
Entity Small Businessfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding (in shares)57,040,656
Entity Central Index Key0001015328
Current Fiscal Year End Date--12-31
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ2
Amendment Flagfalse
Common Stock, no par value
Entity Information [Line Items]
Title of 12(b) SecurityCommon Stock, no par value
Trading SymbolWTFC
Security Exchange NameNASDAQ
Series D Preferred Stock, no par value
Entity Information [Line Items]
Title of 12(b) SecuritySeries D Preferred Stock, no par value
Trading SymbolWTFCM
Security Exchange NameNASDAQ
Depositary Shares
Entity Information [Line Items]
Title of 12(b) Security6.875% Fixed-Rate Reset Non-Cumulative Perpetual Series EPreferred Stock, no par value
Trading SymbolWTFCP
Security Exchange NameNASDAQ

Consolidated Statements of Cond

Consolidated Statements of Condition - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020Jun. 30, 2020
Assets
Cash and due from banks $ 434,957 $ 322,415 $ 344,999
Federal funds sold and securities purchased under resale agreements52 59 58
Interest-bearing deposits with banks4,707,415 4,802,527 4,015,072
Available-for-sale securities, at fair value2,188,608 3,055,839 3,194,961
Held-to-maturity securities, at amortized cost, net of allowance for credit losses of $90, $59 and $65 at June 30, 2021, December 31, 2020 and June 30, 2020, respectively ($2.5 billion, $593.8 million and $744.3 million fair value at June 30, 2021, December 31, 2020 and June 30, 2020, respectively)2,498,232 579,138 728,465
Trading account securities2,667 671 890
Equity securities with readily determinable fair value86,316 90,862 52,460
Federal Home Loan Bank and Federal Reserve Bank stock136,625 135,588 135,571
Brokerage customer receivables23,093 17,436 14,623
Mortgage loans held-for-sale, at fair value984,994 1,272,090 833,163
Loans, net of unearned income32,911,187 32,079,073 31,402,903
Allowance for loan losses(304,031)(379,910)(373,109)
Net loans32,650,098 31,759,699 31,089,393
Premises and equipment, net752,375 768,808 769,909
Lease investments, net219,023 242,434 237,040
Accrued interest receivable and other assets1,185,811 1,351,455 1,437,832
Trade date securities receivable189,851 0 0
Goodwill646,336 645,707 644,213
Other intangible assets31,997 36,040 41,368
Total assets46,738,450 45,080,768 43,540,017
Deposits:
Non-interest-bearing12,796,110 11,748,455 10,204,791
Interest-bearing26,008,506 25,344,196 25,447,083
Total deposits38,804,616 37,092,651 35,651,874
Federal Home Loan Bank advances1,241,071 1,228,429 1,228,416
Other borrowings518,493 518,928 508,535
Subordinated notes436,719 436,506 436,298
Junior subordinated debentures253,566 253,566 253,566
Trade date securities payable0 200,907 0
Accrued interest payable and other liabilities1,144,974 1,233,786 1,471,110
Total liabilities42,399,439 40,964,773 39,549,799
Shareholders' Equity:
Common stock, no par value; $1.00 stated value; 100,000,000 shares authorized at June 30, 2021, December 31, 2020 and June 30, 2020; 58,770,304 shares issued at June 30, 2021, 58,473,252 shares issued at December 31, 2020 and 58,294,456 shares issued at June 30, 202058,770 58,473 58,294
Surplus1,669,002 1,649,990 1,643,864
Treasury stock, at cost, 1,703,627 shares at June 30, 2021 and December 31, 2020, and 720,784 shares at June 30, 2020(100,363)(100,363)(44,891)
Retained earnings2,288,969 2,080,013 1,921,048
Accumulated other comprehensive income (loss)10,133 15,382 (597)
Total shareholders’ equity4,339,011 4,115,995 3,990,218
Total liabilities and shareholders’ equity46,738,450 45,080,768 43,540,017
Loans
Assets
Allowance for loan losses(261,089)(319,374)(313,510)
Series D - $25 liquidation value; 5,000,000 shares issued and outstanding at June 30, 2021, December 31, 2020 and June 30, 2020
Shareholders' Equity:
Preferred stock, no par value; 20,000,000 shares authorized:125,000 125,000 125,000
Series E - $25,000 liquidation value; 11,500 shares issued and outstanding at June 30, 2021, December 31, 2020 and June 30, 2020
Shareholders' Equity:
Preferred stock, no par value; 20,000,000 shares authorized: $ 287,500 $ 287,500 $ 287,500

Consolidated Statements Of Co_2

Consolidated Statements Of Condition (Parenthetical) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020Jun. 30, 2020
Held-to-maturity securities, allowance for credit loss $ 90 $ 59 $ 65
Held-to-maturity securities, fair value $ 2,480,232 $ 593,767 $ 744,286
Preferred stock, authorized (in shares)20,000,000 20,000,000 20,000,000
Common stock, stated value (usd per share) $ 1 $ 1 $ 1
Common stock, authorized (in shares)100,000,000 100,000,000 100,000,000
Common stock, issued (in shares)58,770,304 58,473,252 58,294,456
Treasury stock (in shares)1,703,627 1,703,627 720,784
Series D Preferred Stock
Preferred stock, liquidation value per share (usd per share) $ 25 $ 25 $ 25
Preferred stock, issued (in shares)5,000,000 5,000,000 5,000,000
Preferred stock, outstanding (in shares)5,000,000 5,000,000 5,000,000
Series E Preferred Stock
Preferred stock, liquidation value per share (usd per share) $ 25,000 $ 25,000 $ 25,000
Preferred stock, issued (in shares)11,500 11,500 11,500
Preferred stock, outstanding (in shares)11,500 11,500 11,500

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Interest income
Interest and fees on loans $ 284,701 $ 294,746 $ 558,801 $ 596,585
Mortgage loans held-for-sale8,183 4,764 17,219 7,929
Interest-bearing deposits with banks1,153 1,310 2,352 6,078
Federal funds sold and securities purchased under resale agreements0 16 0 102
Investment securities23,623 27,105 42,887 59,572
Trading account securities1 13 3 20
Federal Home Loan Bank and Federal Reserve Bank stock1,769 1,765 3,514 3,342
Brokerage customer receivables149 97 272 255
Total interest income319,579 329,816 625,048 673,883
Interest expense
Interest on deposits24,298 50,057 52,242 117,492
Interest on Federal Home Loan Bank advances4,887 4,934 9,727 8,294
Interest on other borrowings2,568 3,436 5,177 6,982
Interest on subordinated notes5,512 5,506 10,989 10,978
Interest on junior subordinated debentures2,724 2,752 5,428 5,563
Total interest expense39,989 66,685 83,563 149,309
Net interest income279,590 263,131 541,485 524,574
Provision for credit losses(15,299)135,053 (60,646)188,014
Net interest income after provision for credit losses294,889 128,078 602,131 336,560
Non-interest income
Revenue from contracts with customers50,733 38,456 98,501 82,111
Mortgage banking50,584 102,324 164,078 150,650
Gains (losses) on investment securities, net1,285 808 2,439 (3,551)
Fees from covered call options1,388 0 1,388 2,292
Trading losses, net(438)(634)(19)(1,085)
Operating lease income, net12,240 11,785 26,680 23,769
Other20,375 14,654 36,029 32,898
Total non-interest income129,373 161,993 315,879 275,235
Non-interest expense
Salaries and employee benefits172,817 154,156 353,626 290,918
Equipment20,866 15,846 41,778 30,680
Operating lease equipment depreciation9,949 9,292 20,720 18,552
Occupancy, net17,687 16,893 37,683 34,440
Data processing6,920 10,406 12,968 18,779
Advertising and marketing11,305 7,704 19,851 18,566
Professional fees7,304 7,687 14,891 14,408
Amortization of other intangible assets2,039 2,820 4,046 5,683
FDIC insurance6,405 7,081 12,963 11,216
OREO expense, net769 237 518 (639)
Other24,051 27,246 47,957 51,406
Total non-interest expense280,112 259,368 567,001 494,009
Income before taxes144,150 30,703 351,009 117,786
Income tax expense39,041 9,044 92,752 33,315
Net income105,109 21,659 258,257 84,471
Preferred stock dividends6,991 2,050 13,982 4,100
Net income applicable to common shares $ 98,118 $ 19,609 $ 244,275 $ 80,371
Net income per common share-Basic (usd per share) $ 1.72 $ 0.34 $ 4.29 $ 1.40
Net income per common share-Diluted (usd per share)1.700.344.241.38
Cash dividends declared per common share (usd per share) $ 0.31 $ 0.28 $ 0.62 $ 0.56
Weighted average common shares outstanding (in shares)57,049 57,567 56,977 57,593
Dilutive potential common shares (in shares)726 414 691 481
Average common shares and dilutive common shares (in shares)57,775 57,981 57,668 58,074
Wealth management
Non-interest income
Revenue from contracts with customers $ 30,690 $ 22,636 $ 59,999 $ 48,577
Service charges on deposit accounts
Non-interest income
Revenue from contracts with customers $ 13,249 $ 10,420 $ 25,285 $ 21,685

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income $ 105,109 $ 21,659 $ 258,257 $ 84,471
Unrealized gains (losses) on available-for-sale securities
Before tax6,312 5,068 (54,414)96,422
Tax effect(1,684)(1,350)14,523 (25,697)
Net of tax4,628 3,718 (39,891)70,725
Reclassification of net gains (losses) on available-for-sale securities included in net income
Before tax584 (341)794 150
Tax effect(157)92 (213)(40)
Net of tax427 (249)581 110
Reclassification of amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale
Before tax47 46 104 124
Tax effect(13)(12)(28)(33)
Net of tax34 34 76 91
Net unrealized gains (losses) on available-for-sale securities4,167 3,933 (40,548)70,524
Unrealized (losses) gains on derivative instruments
Before tax(8,788)(2,867)42,004 (41,560)
Tax effect2,341 773 (11,194)11,095
Net unrealized (losses) gains on derivative instruments(6,447)(2,094)30,810 (30,465)
Foreign currency adjustment
Before tax2,876 6,677 5,610 (7,655)
Tax effect(567)(1,510)(1,121)1,677
Net foreign currency adjustment2,309 5,167 4,489 (5,978)
Total other comprehensive income (loss)29 7,006 (5,249)34,081
Comprehensive income $ 105,138 $ 28,665 $ 253,008 $ 118,552

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in ThousandsTotalSeries E Preferred StockPreferred stockPreferred stockSeries E Preferred StockCommon stockSurplusSurplusSeries E Preferred StockTreasury stockRetained earningsAccumulated other comprehensive (loss) incomeCumulative effect, period of adoption, adjustmentCumulative effect, period of adoption, adjustmentRetained earnings
Beginning balance at Dec. 31, 2019 $ 3,691,250 $ 125,000 $ 57,951 $ 1,650,278 $ (6,931) $ 1,899,630 $ (34,678) $ (26,717) $ (26,717)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Cumulative effect adjustment from the adoption of ASU 2016-13, net of taxus-gaap:AccountingStandardsUpdate201613Member
Ending balance at Mar. 31, 2020 $ 3,700,393 125,000 58,266 1,652,063 (44,891)1,917,558 (7,603)
Beginning balance at Dec. 31, 20193,691,250 125,000 57,951 1,650,278 (6,931)1,899,630 (34,678) $ (26,717) $ (26,717)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income84,471 84,471
Other comprehensive income, net of tax34,081 34,081
Cash dividends declared on common stock, $0.28 per share(32,236)(32,236)
Dividends on preferred stock, $0.41 per share(4,100)(4,100)
Common stock repurchases under authorized program(37,116)(37,116)
Stock-based compensation(2,278)(2,278)
Issuance of Series E preferred stock $ 277,375 $ (10,125)
Issuance of Series E preferred stock (in shares)287,500
Common stock issued for:
Exercise of stock options and warrants3,707 98 3,701 (92)
Restricted stock awards(752)193 (193)(752)
Employee stock purchase plan1,385 32 1,353
Director compensation plan1,148 20 1,128
Ending balance at Jun. 30, 20203,990,218 412,500 58,294 1,643,864 (44,891)1,921,048 (597)
Beginning balance at Mar. 31, 20203,700,393 125,000 58,266 1,652,063 (44,891)1,917,558 (7,603)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income21,659 21,659
Other comprehensive income, net of tax7,006 7,006
Cash dividends declared on common stock, $0.28 per share(16,119)(16,119)
Dividends on preferred stock, $0.41 per share(2,050)(2,050)
Stock-based compensation541 541
Issuance of Series E preferred stock $ 277,375 $ (10,125)
Issuance of Series E preferred stock (in shares)287,500
Common stock issued for:
Exercise of stock options and warrants161 3 158
Restricted stock awards0 3 (3)
Employee stock purchase plan676 22 654
Director compensation plan576 576
Ending balance at Jun. 30, 20203,990,218 412,500 58,294 1,643,864 (44,891)1,921,048 (597)
Beginning balance at Dec. 31, 20204,115,995 412,500 58,473 1,649,990 (100,363)2,080,013 15,382
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income258,257 258,257
Other comprehensive income, net of tax(5,249)(5,249)
Cash dividends declared on common stock, $0.28 per share(35,319)(35,319)
Dividends on preferred stock, $0.41 per share(13,982)(13,982)
Stock-based compensation6,194 6,194
Common stock issued for:
Exercise of stock options and warrants10,241 238 10,003
Restricted stock awards0 10 (10)
Employee stock purchase plan1,620 25 1,595
Director compensation plan1,254 24 1,230
Ending balance at Jun. 30, 20214,339,011 412,500 58,770 1,669,002 (100,363)2,288,969 10,133
Beginning balance at Mar. 31, 20214,252,511 412,500 58,727 1,663,008 (100,363)2,208,535 10,104
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income105,109 105,109
Other comprehensive income, net of tax29 29
Cash dividends declared on common stock, $0.28 per share(17,684)(17,684)
Dividends on preferred stock, $0.41 per share(6,991)(6,991)
Stock-based compensation3,332 3,332
Common stock issued for:
Exercise of stock options and warrants1,280 29 1,251
Restricted stock awards0 3 (3)
Employee stock purchase plan805 11 794
Director compensation plan620 620
Ending balance at Jun. 30, 2021 $ 4,339,011 $ 412,500 $ 58,770 $ 1,669,002 $ (100,363) $ 2,288,969 $ 10,133

Consolidated Statements Of Ch_2

Consolidated Statements Of Changes In Shareholders' Equity (Unaudited) (Parenthetical) - $ / shares3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Cash dividends declared per common share (usd per share) $ 0.31 $ 0.28 $ 0.62 $ 0.56
Series D Preferred Stock
Dividends on preferred stock (usd per share)0.41 $ 0.41 0.82 $ 0.82
Series E Preferred Stock
Dividends on preferred stock (usd per share) $ 429.69 $ 859.38

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands6 Months Ended
Jun. 30, 2021Jun. 30, 2020
Operating Activities:
Net income $ 258,257 $ 84,471
Adjustments to reconcile net income to net cash provided by (used for) operating activities
Provision for credit losses(60,646)188,014
Depreciation, amortization and accretion, net51,485 47,138
Stock-based compensation expense (benefit)6,194 (2,278)
Amortization of premium on securities, net3,797 4,694
Accretion of discount and deferred fees on loans, net(47,975)(41,304)
Mortgage servicing rights fair value changes, net6,203 38,233
Non-designated derivatives fair value changes, net(241)(2,724)
Originations and purchases of mortgage loans held-for-sale(3,945,978)(3,426,911)
Early buy-out exercises of mortgage loans held-for-sale guaranteed by U.S. Government Agencies, net of subsequent paydown or payoff(6,997)0
Proceeds from sales of mortgage loans held-for-sale4,357,804 3,035,641
Bank owned life insurance ("BOLI") income(2,466)(666)
(Increase) decrease in trading securities, net(1,996)178
(Increase) decrease in brokerage customer receivables, net(5,657)1,950
Gains on mortgage loans sold(132,012)(155,108)
(Gains) losses on investment securities, net(2,439)3,551
(Gains) losses on sales of premises and equipment, net, and sale of related deposit liabilities(3,782)3
Gains on sales and fair value adjustments of other real estate owned, net(332)(694)
Decrease (increase) in accrued interest receivable and other assets, net143,200 (171,099)
Increase in accrued interest payable and other liabilities, net32,344 27,244
Net Cash Provided by (Used for) Operating Activities648,763 (369,667)
Investing Activities:
Proceeds from maturities and calls of available-for-sale securities908,160 549,981
Proceeds from maturities and calls of held-to-maturity securities137,273 529,974
Proceeds from sales of available-for-sale securities2,376 502,676
Proceeds from sales of equity securities with readily determinable fair value6,259 4,030
Proceeds from sales and capital distributions of equity securities without readily determinable fair value1,137 444
Purchases of available-for-sale securities(290,583)(1,048,539)
Purchases of held-to-maturity securities(2,257,847)(124,802)
Purchases of equity securities with readily determinable fair value0 (7,659)
Purchases of equity securities without readily determinable fair value(3,359)(3,166)
Purchases of Federal Home Loan Bank and Federal Reserve Bank stock, net(1,037)(34,832)
Distributions from (contributions to) investments in partnerships, net44 (355)
Proceeds from sales of other real estate owned5,314 5,405
Decrease (increase) in interest-bearing deposits with banks, net96,948 (1,852,194)
Increase in loans, net(795,270)(4,460,325)
Purchases of premises and equipment, net(12,113)(38,132)
Net Cash Used for Investing Activities(2,202,698)(5,977,494)
Financing Activities:
Increase in deposit accounts, net1,715,840 5,545,133
(Decrease) increase in other borrowings, net(9,230)98,974
Increase in Federal Home Loan Bank advances, net12,629 553,500
Proceeds from the issuance of preferred stock, net0 277,375
Cash payments to settle contingent consideration liabilities recognized in business combinations(16,583)(1,276)
Issuance of common shares resulting from the exercise of stock options, employee stock purchase plan and conversion of common stock warrants13,115 6,332
Common stock repurchases under authorized program0 (37,116)
Common stock repurchases for tax withholdings related to stock-based compensation0 (844)
Dividends paid(49,301)(36,336)
Net Cash Provided by Financing Activities1,666,470 6,405,742
Net Increase in Cash and Cash Equivalents112,535 58,581
Cash and Cash Equivalents at Beginning of Period322,474 286,476
Cash and Cash Equivalents at End of Period $ 435,009 $ 345,057

Basis of Presentation

Basis of Presentation6 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of PresentationBasis of Presentation The interim consolidated financial statements of Wintrust Financial Corporation and its subsidiaries (collectively, “Wintrust” or the “Company”) presented herein are unaudited, but in the opinion of management, reflect all necessary adjustments of a normal or recurring nature for a fair presentation of results as of the dates and for the periods covered by the interim consolidated financial statements. The accompanying interim consolidated financial statements are unaudited and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations or cash flows in accordance with U.S. generally accepted accounting principles (“GAAP”). The interim unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”). Operating results reported for the period are not necessarily indicative of the results which may be expected for the entire year. Reclassifications of certain prior period amounts have been made to conform to the current period presentation. The preparation of the financial statements requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities. Management believes that the estimates made are reasonable; however, changes in estimates may be required if economic or other conditions develop differently from management’s expectations. Certain policies and accounting principles inherently have a greater reliance on the use of estimates, assumptions and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. Management views critical accounting policies to be those which are highly dependent on subjective or complex judgments, estimates and assumptions, and where changes in those estimates and assumptions could have a significant impact on the financial statements. Management currently views the determination of the allowance for credit losses, including the allowance for loan losses, the allowance for unfunded commitment losses and the allowance for held-to-maturity securities losses, estimations of fair value, the valuations required for impairment testing of goodwill, the valuation and accounting for derivative instruments and income taxes as the accounting areas that require the most subjective and complex judgments, and as such could be the most subject to revision as new information becomes available. Descriptions of the Company's significant accounting policies are included in Note 1 - “Summary of Significant Accounting Policies” of the 2020 Form 10-K.

Recent Accounting Developments

Recent Accounting Developments6 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting DevelopmentsRecent Accounting Developments Legislation and Regulations Issued as a Result of the COVID-19 Pandemic On March 27, 2020, the President of the United States signed the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act" or the "Act"), which provides entities with optional temporary relief from certain accounting and financial reporting requirements under U.S. GAAP. Section 4013 of the CARES Act allows financial institutions to suspend application of certain current troubled debt restructuring ("TDR") accounting guidance under Accounting Standards Codification (“ASC”) 310-40 for loan modifications related to the COVID-19 pandemic made between March 1, 2020 and the earlier of December 31, 2020 or 60 days after the end of the COVID-19 national emergency, provided certain criteria are met. This relief can be applied to loan modifications for borrowers that were not more than 30 days past due as of December 31, 2019 and to loan modifications that defer or delay the payment of principal or interest, or change the interest rate on the loan. On December 27, 2020, the Consolidated Appropriations Act, 2021 (the "CAA"), which combined stimulus relief for the COVID-19 pandemic with an omnibus spending bill for the 2021 fiscal year, was signed by the President of the United States. The CAA included extension of TDR accounting relief provided under the CARES Act to January 1, 2022. The Company chose to apply this relief to eligible loan modifications. The business tax provisions of the Act include temporary changes to income and non-income based tax laws, including immediate recovery of qualified improvement property costs and acceleration of Alternative Minimum Tax (AMT) credits. These provisions did not have a material impact on the Company's deferred taxes. In April 2020, federal and state banking regulators issued the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus to provide separate relief, specifically indicating that if a modification is either short-term (e.g., six months) or mandated by a federal or state government in response to the COVID-19 pandemic, the borrower is not considered to be experiencing financial difficulty and thus does not represent a TDR under ASC 310-40. Additionally, in August 2020, regulators issued the Joint Statement on Additional Loan Accommodations Related to the COVID-19 pandemic to provide prudent risk management and consumer protection principles for financial institutions to consider while working with borrowers as loans near the end of initial loan accommodation periods applicable during the COVID-19 pandemic. The Company continues to prudently work with borrowers negatively impacted by the COVID-19 pandemic while managing credit risks and recognizing appropriate allowance for credit losses on its loan portfolio. Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides temporary optional relief for contracts modified as a result of reference rate reform meeting certain modification criteria, generally allowing an entity to account for contract modifications occurring due to reference rate reform as an event that does not require contract remeasurement or reassessment of a previous accounting determination at the modification date. The guidance also includes temporary optional expedients intended to provide relief from various hedge effectiveness requirements for hedging relationships affected by reference rate reform, provided certain criteria are met, and allows a one-time election to sell or transfer to either available-for-sale or trading any held-to-maturity ("HTM") debt securities that refer to an interest rate affected by reference rate reform and were classified as HTM prior to January 1, 2020. Additionally, in January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope,” which provided additional clarification that certain optional expedients and exceptions noted above apply to derivative instruments that use an interest rate for margining, discounting or contract price alignment that is modified as a result of reference rate reform. This guidance was effective upon issuance and can be applied prospectively, with certain exceptions, through December 31, 2022. In November 2020, federal and state banking regulators issued the “Interagency Policy Statement on Reference Rates for Loans" to reiterate that a specific replacement rate for loans impacted by reference rate reform has not been endorsed and entities may utilize any replacement reference rate determined to be appropriate based on its funding model and customer needs. As discussed in the “Interagency Policy Statement on Reference Rates for Loans," fallback language should be included in lending contracts to provide for use of a robust fallback rate if the initial reference rate is discontinued. Additionally, federal banking regulators issued the "Interagency Statement on LIBOR Transition" acknowledging that the administrator of USD LIBOR benchmarks has announced it will consult on its intention to cease the publication of the one week and two month USD LIBOR settings immediately following the LIBOR publication on December 31, 2021, and the remaining USD LIBOR settings immediately following the LIBOR publication on June 30, 2023. On March 5, 2021, the administrator of USD LIBOR benchmarks confirmed these dates and will cease publication of USD LIBOR tenors accordingly. As discussed in the "Interagency Statement on LIBOR Transition," regulators encouraged banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, in order to facilitate an orderly, safe and sound LIBOR transition. The Company continues to monitor efforts and evaluate the impact of reference rate reform on its consolidated financial statements. Income Taxes In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," to simplify the accounting for income taxes by removing certain exceptions to the general principles of ASC 740, "Income Taxes". The guidance also improved consistent application by clarifying and amending existing guidance from ASC 740. The Company adopted ASU No. 2019-12 as of January 1, 2021. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Investment Securities In January 2020, the FASB issued ASU No. 2020-01, “Clarifying the Interactions Between Investments-Equity Securities (ASC Topic 321), Investments-Equity Method and Joint Ventures (ASC Topic 323), and Derivatives and Hedging (ASC Topic 815),” which amended ASC 323, Investments-Equity Method & Joint Ventures to clarify that an entity should consider observable transactions that require it to either apply or discontinue using the equity method of accounting for purposes of applying the measurement alternative in accordance with ASC 321, Investments-Equity Securities, immediately before applying or discontinuing the equity method under ASC 323. The guidance also amended ASC 815, Derivatives & Hedging, to clarify that, when determining the accounting for certain nonderivative forward contracts and purchased options, an entity should not consider how to account for the resulting investments upon eventual settlement or exercise, and that an entity should evaluate the remaining characteristics in accordance with ASC 815 to determine the accounting for those forward contracts and purchased options. The Company adopted ASU No. 2020-01 as of January 1, 2021 under a prospective approach. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Codification Improvements In October 2020, the FASB issued ASU No. 2020-08, “Codification Improvements to Subtopic 310-20, Receivables — Nonrefundable Fees and Other Costs,” clarifying that, for each reporting period, an entity should reevaluate whether a callable debt security with multiple call dates is within the scope of ASC 310-20, which was amended to require amortization of any premium to the next call date. The next call date was defined as the first date when a call option at a specified price becomes exercisable. The Company adopted ASU No. 2020-08 as of January 1, 2021 under a prospective approach. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Additionally, the FASB issued ASU No. 2020-10, “Codification Improvements,” in October 2020 to improve the consistency of the Codification by adding or moving disclosure-specific guidance contained in the Other Presentation Matters section to the appropriate Disclosure Section for various Topics. The Company adopted ASU No. 2020-10 as of January 1, 2021 under a retrospective approach. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. SEC Amendments to Financial Disclosures about Acquired and Disposed Businesses In May 2020, the SEC issued a final rule on “Amendments to Financial Disclosures about Acquired and Disposed Businesses,” which provides for specific disclosure changes, including revising the investment and income significance tests, conforming the significance threshold and tests for a disposed business to those used for an acquired business, permitting abbreviated financial statements for certain acquisitions of a component of an entity, and reducing the maximum number of years for which financial statements are required for acquired businesses from three years to two years, among other amendments. This guidance was effective on January 1, 2021. The Company does not expect this to have a material impact on the Company’s consolidated financial statements. Debt In August 2020, the FASB issued ASU No. 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which includes provisions for reducing the number of accounting models used in accounting for convertible debt instruments and convertible preferred stock, amending derivatives and earnings-per-share (EPS) guidance and expanding disclosures for convertible debt instruments and EPS. This guidance is effective for fiscal years beginning after December 15, 2021, including interim periods therein, and is to be applied under either a full or modified retrospective approach. Early adoption is permitted. The Company does not expect this guidance to have a material impact on the Company’s consolidated financial statements. SEC Update of Statistical Disclosures for Bank and Savings and Loan Registrants In September 2020, the SEC issued a final rule on the “Update of Statistical Disclosures for Bank and Savings and Loan Registrants,” which adopts rules to update statistical disclosure requirements for banking registrants. The amendments update and expand the disclosures that registrants are required to provide, codify certain Industry Guide 3 disclosure items and eliminate other Guide 3 disclosures that overlap with SEC rules, GAAP or IFRS standards. In addition, Guide 3 is being rescinded and replaced with a new subpart of Regulation S-K. The SEC ruling is applicable to fiscal years beginning after December 15, 2021 and early compliance is permitted. The Company does not expect this guidance to have a material impact on the Company’s consolidated financial statements. Issuer’s Accounting for Modifications or Exchanges of Freestanding Equity-Classified Written Call Options In May 2021, the FASB issued ASU No. 2021-04, “Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options,” which requires an issuer to account for any modification or exchange of the terms or conditions of a freestanding written call option classified as equity, such as warrants, that remains classified as equity as an exchange of the original instrument for a new instrument and provides a framework for measuring and recognizing the effect of the exchange as an adjustment to either equity or expense. This guidance is effective for fiscal years beginning after December 15, 2021, including interim periods therein, and is to be applied prospectively. Early adoption is permitted. The Company does not expect this guidance to have a material impact on the Company’s consolidated financial statements.

Cash and Cash Equivalents

Cash and Cash Equivalents6 Months Ended
Jun. 30, 2021
Cash and Cash Equivalents [Abstract]
Cash and Cash EquivalentsCash and Cash EquivalentsFor purposes of the Consolidated Statements of Cash Flows, the Company considers cash and cash equivalents to include cash on hand, cash items in the process of collection, non-interest bearing amounts due from correspondent banks, federal funds sold and securities purchased under resale agreements with original maturities of three months or less. These items are included within the Company’s Consolidated Statements of Condition as cash and due from banks, and federal funds sold and securities purchased under resale agreements.

Investment Securities

Investment Securities6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Investment SecuritiesInvestment Securities The following tables are a summary of the investment securities portfolios as of the dates shown: June 30, 2021 (Dollars in thousands) Amortized Gross Gross Fair Available-for-sale securities U.S. Government agencies $ 75,169 $ 3,685 $ — $ 78,854 Municipal 163,715 4,738 (157) 168,296 Corporate notes: Financial issuers 98,827 520 (1,818) 97,529 Other 1,000 13 — 1,013 Mortgage-backed: (1) Mortgage-backed securities 1,800,751 50,171 (16,839) 1,834,083 Collateralized mortgage obligations 8,596 237 — 8,833 Total available-for-sale securities $ 2,148,058 $ 59,364 $ (18,814) $ 2,188,608 Held-to-maturity securities U.S. Government agencies $ 176,152 $ 1,064 $ (3,454) $ 173,762 Municipal 191,590 10,838 (308) 202,120 Mortgage-backed securities 2,078,678 5,139 (30,834) 2,052,983 Corporate notes 51,902 — (535) 51,367 Total held-to-maturity securities $ 2,498,322 $ 17,041 $ (35,131) $ 2,480,232 Less: Allowance for credit losses (90) Held-to-maturity securities, net of allowance for credit losses $ 2,498,232 Equity securities with readily determinable fair value $ 81,401 $ 6,005 $ (1,090) $ 86,316 (1) Consisting entirely of residential mortgage-backed securities, none of which are subprime. December 31, 2020 Amortized Gross Gross Fair (Dollars in thousands) Available-for-sale securities U.S. Treasury $ 304,956 $ 15 $ — $ 304,971 U.S. Government agencies 80,074 4,439 — 84,513 Municipal 141,244 5,707 (41) 146,910 Corporate notes: Financial issuers 91,786 1,363 (2,764) 90,385 Other 1,000 20 — 1,020 Mortgage-backed: (1) Mortgage-backed securities 2,330,332 86,721 (15) 2,417,038 Collateralized mortgage obligations 10,689 313 — 11,002 Total available-for-sale securities $ 2,960,081 $ 98,578 $ (2,820) $ 3,055,839 Held-to-maturity securities U.S. Government agencies $ 177,959 $ 2,552 $ — $ 180,511 Municipal 200,707 12,232 (214) 212,725 Mortgage-backed securities 200,531 — — 200,531 Total held-to-maturity securities $ 579,197 $ 14,784 $ (214) $ 593,767 Less: Allowance for credit losses (59) Held-to-maturity securities, net of allowance for credit losses $ 579,138 Equity securities with readily determinable fair value $ 87,618 $ 3,674 $ (430) $ 90,862 (1) Consisting entirely of residential mortgage-backed securities, none of which are subprime. June 30, 2020 Amortized Gross Gross Fair (Dollars in thousands) Available-for-sale securities U.S. Treasury $ 59,949 $ 590 $ — $ 60,539 U.S. Government agencies 287,811 5,696 — 293,507 Municipal 147,411 3,721 (253) 150,879 Corporate notes: Financial issuers 106,744 514 (5,398) 101,860 Other 1,000 19 — 1,019 Mortgage-backed: (1) Mortgage-backed securities 2,459,274 110,354 (7) 2,569,621 Collateralized mortgage obligations 17,110 427 (1) 17,536 Total available-for-sale securities $ 3,079,299 $ 121,321 $ (5,659) $ 3,194,961 Held-to-maturity securities U.S. Government agencies $ 514,404 $ 4,961 $ — $ 519,365 Municipal $ 214,126 10,952 (157) 224,921 Total held-to-maturity securities $ 728,530 $ 15,913 $ (157) $ 744,286 Less: Allowance for credit losses (65) Held-to-maturity securities, net of allowance for credit losses $ 728,465 Equity securities with readily determinable fair value $ 51,673 $ 1,164 $ (377) $ 52,460 (1) Consisting entirely of residential mortgage-backed securities, none of which are subprime. Equity securities without readily determinable fair values totaled $34.0 million as of June 30, 2021. Equity securities without readily determinable fair values are included as part of accrued interest receivable and other assets in the Company's Consolidated Statements of Condition. The Company monitors its equity investments without readily determinable fair values to identify potential transactions that may indicate an observable price change in orderly transactions for the identical or a similar investment of the same issuer, requiring adjustment to its carrying amount. The Company recorded no upward and no downward adjustments related to such observable price changes for the three and six months ended June 30, 2021. The Company conducts a quarterly assessment of its equity securities without readily determinable fair values to determine whether impairment exists in such securities, considering, among other factors, the nature of the securities, financial condition of the issuer and expected future cash flows. The Company recorded no impairment of equity securities without readily determinable fair values for the three months ended June 30, 2021. During the six months ended June 30, 2021, the Company recorded $30,000 of impairment of equity securities without readily determinable fair values. The following table presents the portion of the Company’s available-for-sale investment securities portfolios that have gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at June 30, 2021: Continuous unrealized Continuous unrealized Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available-for-sale securities U.S. Government agencies $ — $ — $ — $ — $ — $ — Municipal 34,341 (155) 113 (2) 34,454 (157) Corporate notes: Financial issuers 24,381 (619) 47,782 (1,199) 72,163 (1,818) Other — — — — — — Mortgage-backed: Mortgage-backed securities 591,896 (16,812) 936 (27) 592,832 (16,839) Collateralized mortgage obligations — — — — — — Total available-for-sale securities $ 650,618 $ (17,586) $ 48,831 $ (1,228) $ 699,449 $ (18,814) The Company conducts a regular assessment of its investment securities to determine whether securities are experiencing credit losses. Factors for consideration include the nature of the securities, credit ratings or financial condition of the issuer, the extent of the unrealized loss, expected cash flows, market conditions and the Company’s ability to hold the securities through the anticipated recovery period. The Company does not consider available-for-sale securities with unrealized losses at June 30, 2021 to be experiencing credit losses and recognized no resulting allowance for credit losses for such individually assessed credit losses. The Company does not intend to sell these investments and it is more likely than not that the Company will not be required to sell these investments before recovery of the amortized cost bases, which may be the maturity dates of the securities. The unrealized losses within each category have occurred as a result of changes in interest rates, market spreads and market conditions subsequent to purchase. Available-for-sale securities with continuous unrealized losses existing for more than twelve months were primarily corporate notes. See Note 6—Allowance for Credit Losses for further discussion regarding any credit losses associated with held-to-maturity securities at June 30, 2021. The following table provides information as to the amount of gross gains and losses, adjustments and impairment on investment securities recognized in earnings and proceeds received through the sale or call of investment securities: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2021 2020 2021 2020 Realized gains on investment securities $ 613 $ 151 $ 829 $ 647 Realized losses on investment securities (29) (492) (35) (497) Net realized gains (losses) on investment securities 584 (341) 794 150 Unrealized gains on equity securities with readily determinable fair value 751 1,647 2,626 1,647 Unrealized losses on equity securities with readily determinable fair value (50) (110) (951) (3,656) Net unrealized gains (losses) on equity securities with readily determinable fair value 701 1,537 1,675 (2,009) Upward adjustments of equity securities without readily determinable fair values — — — 393 Downward adjustments of equity securities without readily determinable fair values — — — — Impairment of equity securities without readily determinable fair values — (388) (30) (2,085) Adjustment and impairment, net, of equity securities without readily determinable fair values — (388) (30) (1,692) Gains (losses) on investment securities, net $ 1,285 $ 808 $ 2,439 $ (3,551) Proceeds from sales of available-for-sale securities (1) $ 2,376 $ 502,185 $ 2,376 $ 502,676 Proceeds from sales of equity securities with readily determinable fair value 4,750 4,000 6,259 4,030 Proceeds from sales and capital distributions of equity securities without readily determinable fair value 751 156 1,137 444 (1) Includes proceeds from available-for-sale securities sold in accordance with written covered call options sold to a third party. The amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of June 30, 2021, December 31, 2020 and June 30, 2020, by contractual maturity, are shown in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties: June 30, 2021 December 31, 2020 June 30, 2020 (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities Due in one year or less $ 38,298 $ 38,508 $ 343,601 $ 343,846 $ 120,316 $ 121,023 Due in one to five years 87,939 89,869 67,901 70,334 74,427 76,284 Due in five to ten years 119,858 119,979 111,886 112,178 173,429 169,249 Due after ten years 92,616 97,336 95,672 101,441 234,743 241,248 Mortgage-backed 1,809,347 1,842,916 2,341,021 2,428,040 2,476,384 2,587,157 Total available-for-sale securities $ 2,148,058 $ 2,188,608 $ 2,960,081 $ 3,055,839 $ 3,079,299 $ 3,194,961 Held-to-maturity securities Due in one year or less $ 5,119 $ 5,152 $ 7,138 $ 7,186 $ 6,988 $ 7,028 Due in one to five years 56,059 56,988 22,217 23,068 21,818 22,362 Due in five to ten years 171,908 178,864 150,621 159,293 146,937 153,664 Due after ten years 186,558 186,245 198,690 203,689 552,787 561,232 Mortgage-backed 2,078,678 2,052,983 200,531 200,531 — — Total held-to-maturity securities $ 2,498,322 $ 2,480,232 $ 579,197 $ 593,767 $ 728,530 $ 744,286 Less: Allowance for credit losses (90) (59) (65) Held-to-maturity securities, net of allowance for credit losses $ 2,498,232 $ 579,138 $ 728,465 Securities having a carrying value of $2.4 billion at June 30, 2021 as well as securities having a carrying value of $2.4 billion and $3.2 billion at December 31, 2020 and June 30, 2020, respectively, were pledged as collateral for public deposits, trust deposits, Federal Home Loan Bank (“FHLB”) advances and available lines of credit, securities sold under repurchase agreements and derivatives. At June 30, 2021, there were no securities of a single issuer, other than U.S. Government-sponsored agency securities, which exceeded 10% of shareholders’ equity.

Loans

Loans6 Months Ended
Jun. 30, 2021
Loans and Leases Receivable Disclosure [Abstract]
LoansLoans The following table shows the Company’s loan portfolio by category as of the dates shown: June 30, December 31, June 30, (Dollars in thousands) 2021 2020 2020 Balance: Commercial $ 11,442,276 $ 11,955,967 $ 11,859,232 Commercial real estate 8,678,369 8,494,132 8,200,745 Home equity 369,806 425,263 466,596 Residential real estate 1,530,285 1,259,598 1,427,429 Premium finance receivables Commercial insurance 4,521,871 4,054,489 3,999,774 Life insurance 6,359,556 5,857,436 5,400,802 Consumer and other 9,024 32,188 48,325 Total loans, net of unearned income $ 32,911,187 $ 32,079,073 $ 31,402,903 Mix: Commercial 35 % 37 % 38 % Commercial real estate 26 26 26 Home equity 1 1 1 Residential real estate 5 5 5 Premium finance receivables Commercial insurance 14 13 13 Life insurance 19 18 17 Consumer and other 0 0 0 Total loans, net of unearned income 100 % 100 % 100 % The Company’s loan portfolio is generally comprised of loans to consumers and small to medium-sized businesses, which, for the commercial and commercial real estate portfolios, are located primarily within the geographic market areas that the banks serve. Various niche lending businesses, including lease finance and franchise lending, operate on a national level. Additionally, to provide short-term relief due to macroeconomic deterioration from the COVID-19 pandemic to small businesses within such market areas, the Company originated loans through the Paycheck Protection Program ("PPP"), an expansion of guaranteed lending under Section 7(a) of the Small Business Act within the CARES Act. As of June 30, 2021, the Company's commercial portfolio included approximately $1.9 billion of such PPP loans. The premium finance receivables portfolios are made to customers throughout the United States and Canada. The Company strives to maintain a loan portfolio that is diverse in terms of loan type, industry, borrower and geographic concentrations. Such diversification reduces the exposure to economic downturns that may occur in different segments of the economy or in different industries. Certain premium finance receivables are recorded net of unearned income. The unearned income portions of such premium finance receivables were $125.5 million at June 30, 2021, $113.1 million at December 31, 2020 and $114.8 million at June 30, 2020. Total loans, excluding PCD loans, include net deferred loan fees and costs and fair value purchase accounting adjustments totaling $(6.3) million at June 30, 2021, $(3.2) million at December 31, 2020 and $(61.7) million at June 30, 2020. Net deferred fees as of June 30, 2021 includes $42.3 million of net deferred fees paid by the Small Business Administration ("SBA") for loans originated under the PPP. As PPP loans share similar characteristics (loan terms), and prepayments are considered probable and can reasonably be estimated due to terms of the program, the Company considers estimated future principal prepayments in recognizing such deferred fees for determining a constant effective yield on the portfolio of loans. It is the policy of the Company to review each prospective credit in order to determine the appropriateness and, when required, the adequacy of security or collateral necessary to obtain when making a loan. The type of collateral, when required, will vary from liquid assets to real estate. The Company seeks to ensure access to collateral, in the event of default, through adherence to state lending laws and the Company’s credit monitoring procedures.

Allowance for Credit Losses

Allowance for Credit Losses6 Months Ended
Jun. 30, 2021
Credit Loss [Abstract]
Allowance for Credit LossesAllowance for Credit Losses In accordance with ASC 326, the Company is required to measure the allowance for credit losses of financial assets with similar risk characteristics on a collective or pooled basis. In considering the segmentation of financial assets measured at amortized cost into pools, the Company considered various risk characteristics in its analysis. Generally, the segmentation utilized represents the level at which the Company develops and documents its systematic methodology to determine the allowance for credit losses for the financial assets held at amortized cost, specifically the Company's loan portfolio and debt securities classified as held-to-maturity. Below is a summary of the Company's loan portfolio segments and major debt security types: Commercial loans, including PPP loans: The Company makes commercial loans for many purposes, including working capital lines and leasing arrangements, that are generally renewable annually and supported by business assets, personal guarantees and additional collateral. Underlying collateral includes receivables, inventory, enterprise value and the assets of the business. Commercial business lending is generally considered to involve a slightly higher degree of risk than traditional consumer bank lending. This portfolio includes a range of industries, including manufacturing, restaurants, franchise, professional services, equipment finance and leasing, mortgage warehouse lending and industrial. The Company also originated loans through the PPP. Administered by the SBA, the PPP provided short-term relief primarily related to the disruption from COVID-19 to companies and non-profits that met the SBA’s definition of an eligible small business. Under the program, the SBA will forgive all or a portion of the loan if, during a certain period, loans are used for qualifying expenses. If all or a portion of the loan is not forgiven, the borrower is responsible for repayment. PPP loans are fully guaranteed by the SBA, including any portion not forgiven. The SBA guarantee existed at the inception of the loan and throughout its life and is not separated from the loan if the loan is subsequently sold or transferred. As it is not considered a freestanding contract, the Company considers the impact of the SBA guarantee when measuring the allowance for credit losses. Commercial real estate loans, including construction and development, and non-construction: The Company's commercial real estate loans are generally secured by a first mortgage lien and assignment of rents on the underlying property. Since most of the Company's bank branches are located in the Chicago metropolitan area and southern Wisconsin, a significant portion of the Company's commercial real estate loan portfolio is located in this region. As the risks and circumstances of such loans in construction phase vary from that of non-construction commercial real estate loans, the Company assesses the allowance for credit losses separately for these two segments. Home equity loans: The Company's home equity loans and lines of credit are primarily originated by each of the bank subsidiaries in their local markets where there is a strong understanding of the underlying real estate value. The Company's banks monitor and manage these loans, and conduct an automated review of all home equity loans and lines of credit at least twice per year. The banks subsidiaries use this information to manage loans that may be higher risk and to determine whether to obtain additional credit information or updated property valuations. In a limited number of cases, the Company may issue home equity credit together with first mortgage financing, and requests for such financing are evaluated on a combined basis. Residential real estate loans: The Company's residential real estate portfolio includes one- to four-family fixed and adjustable rate mortgages with repricing terms generally over five years, construction loans to individuals and bridge financing loans for qualifying customers. The Company's residential mortgages relate to properties located principally in the Chicago metropolitan area and southern Wisconsin or vacation homes owned by local residents. Due to interest rate risk considerations, the Company generally sells in the secondary market loans originated with long-term fixed rates, however, certain of these loans may be retained within the banks’ own portfolios where they are non-agency conforming, or where the terms of the loans make them favorable to retain. The Company believes that since this loan portfolio consists primarily of locally originated loans, and since the majority of the borrowers are longer-term customers with lower LTV ratios, the Company faces a relatively low risk of borrower default and delinquency. It is not the Company's current practice to underwrite, and there are no plans to underwrite subprime, Alt A, no or little documentation loans, or option ARM loans. Premium finance receivables: The Company makes loans to businesses to finance the insurance premiums they pay on their commercial insurance policies. The loans are indirectly originated by working through independent medium and large insurance agents and brokers located throughout the United States and Canada. The insurance premiums financed are primarily for commercial customers’ purchases of liability, property and casualty and other commercial insurance. This lending involves relatively rapid turnover of the loan portfolio and high volume of loan originations. The Company performs ongoing credit and other reviews of the agents and brokers to mitigate against the risk of fraud. The Company also originates life insurance premium finance receivables. These loans are originated directly with the borrowers with assistance from life insurance carriers, independent insurance agents, financial advisors and legal counsel. The life insurance policy is the primary form of collateral. In addition, these loans often are secured with a letter of credit, marketable securities or certificates of deposit. In some cases, the Company may make a loan that has a partially unsecured position. Consumer and other loans: Included in the consumer and other loan category is a wide variety of personal and consumer loans to individuals. The Company originates consumer loans in order to provide a wider range of financial services to their customers. Consumer loans generally have shorter terms and higher interest rates than mortgage loans but generally involve more credit risk than mortgage loans due to the type and nature of the collateral. U.S. government agency securities: This security type includes debt obligations of certain government-sponsored entities of the U.S. government such as the Federal Home Loan Bank, Federal Agricultural Mortgage Corporation, Federal Farm Credit Banks Funding Corporation and Fannie Mae. Such securities often contain an explicit or implicit guarantee of the U.S. government. Municipal securities: The Company's municipal securities portfolio include bond issues for various municipal government entities located throughout the United States, including the Chicago metropolitan area and southern Wisconsin, some of which are privately placed and non-rated. Though the risk of loss is typically low, including within the Company, default history exists on municipal securities within the United States. Mortgage-backed securities: This security type includes debt obligations supported by pools of individual mortgage loans and issued by certain government-sponsored entities of the U.S. government such as Freddie Mac and Fannie Mae. Such securities are considered to contain an implicit guarantee of the U.S. government. Corporate notes: The Company's corporate notes portfolio includes bond issues for various public companies representing a diversified population of industries. The risk of loss in this portfolio is considered low based on the characteristics of the investments, including the Company’s own past history with similar investments. In accordance with ASC 326, the Company elected to not measure an allowance for credit losses on accrued interest as such accrued interest is written off in a timely manner when deemed uncollectible. Any such write-off of accrued interest will reverse previously recognized interest income. In addition, the Company elected to not include accrued interest within presentation and disclosures of the carrying amount of financial assets held at amortized cost. This election is applicable to the various disclosures included within the Company's financial statements. Accrued interest related to financial assets held at amortized cost is included within accrued interest receivable and other assets within the Company's Consolidated Statements of Condition and totaled $119.1 million at June 30, 2021, $121.9 million at December 31, 2020, and $109.1 million at June 30, 2020. The tables below show the aging of the Company’s loan portfolio by the segmentation noted above at June 30, 2021, December 31, 2020 and June 30, 2020: As of June 30, 2021 90+ days and still accruing 60-89 days past due 30-59 days past due (In thousands) Nonaccrual Current Total Loans Loan Balances (includes PCD): Commercial Commercial, industrial and other, excluding PPP loans $ 23,232 $ 1,244 $ 5,204 $ 18,468 $ 9,514,721 $ 9,562,869 Commercial PPP loans — — — 10 1,879,397 1,879,407 Commercial real estate Construction and development 1,030 — — 2,207 1,382,012 1,385,249 Non-construction 25,005 — 4,382 17,491 7,246,242 7,293,120 Home equity 3,478 — 301 777 365,250 369,806 Residential real estate 23,050 — 1,584 2,139 1,503,512 1,530,285 Premium finance receivables Commercial insurance loans 6,418 3,570 7,759 8,793 4,495,331 4,521,871 Life insurance loans — — — 23,965 6,335,591 6,359,556 Consumer and other 485 178 22 75 8,264 9,024 Total loans, net of unearned income $ 82,698 $ 4,992 $ 19,252 $ 73,925 $ 32,730,320 $ 32,911,187 As of December 31, 2020 90+ days and still accruing 60-89 days past due 30-59 days past due (In thousands) Nonaccrual Current Total Loans Loan Balances (includes PCD): Commercial Commercial, industrial and other, excluding PPP loans $ 21,743 $ 307 $ 6,900 $ 44,345 $ 9,166,751 $ 9,240,046 Commercial PPP loans — — — 36 2,715,885 2,715,921 Commercial real estate Construction and development 5,633 — — 5,344 1,360,825 1,371,802 Non-construction 40,474 — 5,178 26,772 7,049,906 7,122,330 Home equity 6,529 — 47 637 418,050 425,263 Residential real estate 26,071 — 1,635 12,584 1,219,308 1,259,598 Premium finance receivables Commercial insurance loans 13,264 12,792 6,798 18,809 4,002,826 4,054,489 Life insurance loans — — 21,003 30,465 5,805,968 5,857,436 Consumer and other 436 264 24 136 31,328 32,188 Total loans, net of unearned income $ 114,150 $ 13,363 $ 41,585 $ 139,128 $ 31,770,847 $ 32,079,073 As of June 30, 2020 90+ days and still accruing 60-89 days past due 30-59 days past due (In thousands) Nonaccrual Current Total Loans Loan Balances (includes PCD): Commercial Commercial, industrial and other, excluding PPP loans $ 42,882 $ 1,374 $ 8,952 $ 23,720 $ 8,446,936 $ 8,523,864 Commercial PPP loans — — — — 3,335,368 3,335,368 Commercial real estate Construction and development 9,829 — 1,944 17,313 1,310,962 1,340,048 Non-construction 54,728 — 24,536 58,215 6,723,218 6,860,697 Home equity 7,261 — — 1,296 458,039 466,596 Residential real estate 19,529 — 1,506 4,400 1,401,994 1,427,429 Premium finance receivables Commercial insurance loans 16,445 35,638 35,967 46,556 3,865,168 3,999,774 Life insurance loans 15 — 6,386 14,604 5,379,797 5,400,802 Consumer and other 427 156 4 281 47,457 48,325 Total loans, net of unearned income $ 151,116 $ 37,168 $ 79,295 $ 166,385 $ 30,968,939 $ 31,402,903 Credit Quality Indicators Credit quality indicators, specifically the Company's internal risk rating systems, reflect how the Company monitors credit losses and represents factors used by the Company when measuring the allowance for credit losses. The following discusses the Company's credit quality indicators by financial asset. Loan portfolios The Company's ability to manage credit risk depends in large part on our ability to properly identify and manage problem loans. To do so, the Company operates a credit risk rating system under which credit management personnel assign a credit risk rating (1 to 10 rating) to each loan at the time of origination and review loans on a regular basis. These credit risk ratings are also an important aspect of the Company's allowance for credit losses measurement methodology. The credit risk rating structure and classifications are shown below: Pass (risk rating 1 to 5): Based on various factors (liquidity, leverage, etc.), the Company believes asset quality is acceptable and is deemed to not require additional monitoring by the Company. Special mention (risk rating 6): Assets in this category are currently protected, potentially weak, but not to the point of substandard classification. Loss potential is moderate if corrective action is not taken. Substandard accrual (risk rating 7): Assets in this category have well defined weaknesses that jeopardize the liquidation of the debt. Loss potential is distinct but with no discernible impairment. Substandard nonaccrual/doubtful (risk rating 8 and 9): Assets have all the weaknesses in those classified “substandard accrual” with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of current existing facts, conditions, and values, improbable. Loss/fully charged-off (risk rating 10): Assets in this category are considered fully uncollectible. As such, these assets have no carrying balance on the Company's Consolidated Statements of Condition. Each loan officer is responsible for monitoring his or her loan portfolio, recommending a credit risk rating for each loan in his or her portfolio and ensuring the credit risk ratings are appropriate. These credit risk ratings are then ratified by the bank’s chief credit officer and/or concurrence credit officer. Credit risk ratings are determined by evaluating a number of factors including: a borrower’s financial strength, cash flow coverage, collateral protection and guarantees. The Company’s Problem Loan Reporting system includes all loans with credit risk ratings of 6 through 9. This system is designed to provide an on-going detailed tracking mechanism for each problem loan. Once management determines that a loan has deteriorated to a point where it has a credit risk rating of 6 or worse, the Company’s Managed Asset Division performs an overall credit and collateral review. As part of this review, all underlying collateral is identified and the valuation methodology is analyzed and tracked. As a result of this initial review by the Company’s Managed Asset Division, the credit risk rating is reviewed and a portion of the outstanding loan balance may be deemed uncollectible and, as a result, no longer share similar risk characteristics as its related pool. If that is the case, the individual loan is considered collateral dependent and individually assessed for an allowance for credit loss. The Company’s individual assessment utilizes an independent re-appraisal of the collateral (unless such a third-party evaluation is not possible due to the unique nature of the collateral, such as a closely-held business or thinly traded securities). In the case of commercial real estate collateral, an independent third party appraisal is ordered by the Company’s Real Estate Services Group to determine if there has been any change in the underlying collateral value. These independent appraisals are reviewed by the Real Estate Services Group and sometimes by independent third party valuation experts and may be adjusted depending upon market conditions. Through the credit risk rating process, loans are reviewed to determine if they are performing in accordance with the original contractual terms. If the borrower has failed to comply with the original contractual terms, further action may be required by the Company, including a downgrade in the credit risk rating, movement to non-accrual status or a charge-off. If the Company determines that a loan amount or portion thereof is uncollectible, the loan’s credit risk rating is immediately downgraded to an 8 or 9 and the uncollectible amount is charged-off. Any loan that has a partial charge-off continues to be assigned a credit risk rating of an 8 or 9 for the duration of time that a balance remains outstanding. The Company undertakes a thorough and ongoing analysis to determine if additional impairment and/or charge-offs are appropriate and to begin a workout plan for the credit to minimize actual losses. In determining the appropriate charge-off for collateral-dependent loans, the Company considers the results of appraisals for the associated collateral. The table below shows the Company’s loan portfolio by credit quality indicator and year of origination at June 30, 2021: As of June 30, 2021 Year of Origination Revolving Total (In thousands) 2021 2020 2019 2018 2017 Prior Revolving to Term Loans Loan Balances: Commercial, industrial and other Pass $ 1,131,727 $ 1,736,155 $ 1,095,110 $ 802,071 $ 577,407 $ 668,532 $ 2,985,792 $ 10,191 $ 9,006,985 Special mention 18,358 24,384 65,034 42,698 18,528 14,950 112,087 5,696 301,735 Substandard accrual 22,800 19,321 33,852 47,054 24,283 52,697 30,708 202 230,917 Substandard nonaccrual/doubtful 5,205 1,695 1,651 5,263 2,017 6,838 532 31 23,232 Total commercial, industrial and other $ 1,178,090 $ 1,781,555 $ 1,195,647 $ 897,086 $ 622,235 $ 743,017 $ 3,129,119 $ 16,120 $ 9,562,869 Commercial PPP Pass $ 1,222,905 $ 656,502 $ — $ — $ — $ — $ — $ — $ 1,879,407 Special mention — — — — — — — — — Substandard accrual — — — — — — — — — Substandard nonaccrual/doubtful — — — — — — — — — Total commercial PPP $ 1,222,905 $ 656,502 $ — $ — $ — $ — $ — $ — $ 1,879,407 Construction and development Pass $ 124,444 $ 384,766 $ 394,765 $ 181,800 $ 92,839 $ 100,298 $ 23,614 $ 1,900 $ 1,304,426 Special mention 282 12,048 16,506 19,952 23,892 3,272 — — 75,952 Substandard accrual — — 318 586 2,140 643 154 — 3,841 Substandard nonaccrual/doubtful — — — — — 1,030 — — 1,030 Total construction and development $ 124,726 $ 396,814 $ 411,589 $ 202,338 $ 118,871 $ 105,243 $ 23,768 $ 1,900 $ 1,385,249 Non-construction Pass $ 658,154 $ 1,257,031 $ 962,547 $ 787,771 $ 762,397 $ 2,129,706 $ 171,239 $ 457 $ 6,729,302 Special mention 3,898 10,104 62,404 57,544 49,909 187,409 10 — 371,278 Substandard accrual — 1,980 38,518 25,626 19,949 81,462 — — 167,535 Substandard nonaccrual/doubtful — — — 1,212 291 23,502 — — 25,005 Total non-construction $ 662,052 $ 1,269,115 $ 1,063,469 $ 872,153 $ 832,546 $ 2,422,079 $ 171,249 $ 457 $ 7,293,120 Home equity Pass $ 14 $ — $ — $ 47 $ 28 $ 7,108 $ 339,728 $ — $ 346,925 Special mention — — — — — 1,524 5,390 243 7,157 Substandard accrual — — — 185 — 10,425 898 738 12,246 Substandard nonaccrual/doubtful — — — — 149 2,740 589 — 3,478 Total home equity $ 14 $ — $ — $ 232 $ 177 $ 21,797 $ 346,605 $ 981 $ 369,806 Residential real estate Pass $ 530,211 $ 325,133 $ 220,143 $ 88,218 $ 102,470 $ 212,481 $ — $ — $ 1,478,656 Special mention 443 274 537 2,135 1,872 8,045 — — 13,306 Substandard accrual 1,142 2,277 618 892 1,877 8,467 — — 15,273 Substandard nonaccrual/doubtful — 183 1,516 742 5,325 15,284 — — 23,050 Total residential real estate $ 531,796 $ 327,867 $ 222,814 $ 91,987 $ 111,544 $ 244,277 $ — $ — $ 1,530,285 Premium finance receivables - commercial Pass $ 3,800,468 $ 660,313 $ 18,990 $ 1,950 $ 53 $ — $ — $ — $ 4,481,774 Special mention 27,229 4,809 19 — — — — — 32,057 Substandard accrual 322 1,229 6 65 — — — — 1,622 Substandard nonaccrual/doubtful 1,378 4,821 196 23 — — — — 6,418 Total premium finance receivables - commercial $ 3,829,397 $ 671,172 $ 19,211 $ 2,038 $ 53 $ — $ — $ — $ 4,521,871 Premium finance receivables - life Pass $ 210,484 $ 712,285 $ 691,707 $ 646,188 $ 674,308 $ 3,424,010 $ — $ — $ 6,358,982 Special mention — — — — 574 — — — 574 Substandard accrual — — — — — — — — — Substandard nonaccrual/doubtful — — — — — — — — — Total premium finance receivables - life $ 210,484 $ 712,285 $ 691,707 $ 646,188 $ 674,882 $ 3,424,010 $ — $ — $ 6,359,556 Consumer and other Pass $ 865 $ 566 $ 570 $ 487 $ 50 $ 1,492 $ 4,096 $ — $ 8,126 Special mention — 4 22 — 82 86 6 — 200 Substandard accrual — 1 — — — 209 3 — 213 Substandard nonaccrual/doubtful — 1 — 101 — 383 — — 485 Total consumer and other $ 865 $ 572 $ 592 $ 588 $ 132 $ 2,170 $ 4,105 $ — $ 9,024 Total loans (1) Pass $ 7,679,272 $ 5,732,751 $ 3,383,832 $ 2,508,532 $ 2,209,552 $ 6,543,627 $ 3,524,469 $ 12,548 $ 31,594,583 Special mention 50,210 51,623 144,522 122,329 94,857 215,286 117,493 5,939 802,259 Substandard accrual 24,264 24,808 73,312 74,408 48,249 153,903 31,763 940 431,647 Substandard nonaccrual/doubtful 6,583 6,700 3,363 7,341 7,782 49,777 1,121 31 82,698 Total loans $ 7,760,329 $ 5,815,882 $ 3,605,029 $ 2,712,610 $ 2,360,440 $ 6,962,593 $ 3,674,846 $ 19,458 $ 32,911,187 (1) Includes $97.7 million of loans with COVID-19 related modifications that migrated from pass as of March 1, 2020 to special mention or substandard accrual as of June 30, 2021. These loans were further qualitatively evaluated as a part of the measurement of the allowance for credit losses as of June 30, 2021. Held-to-maturity debt securities The Company conducts an assessment of its investment securities, including those classified as held-to-maturity, at the time of purchase and on at least an annual basis to ensure such investment securities remain within appropriate levels of risk and continue to perform satisfactorily in fulfilling its obligations. The Company considers, among other factors, the nature of the securities and credit ratings or financial condition of the issuer. If available, the Company obtains a credit rating for issuers from a Nationally Recognized Statistical Rating Organization (“NRSRO”) for consideration. If no such rating is available for an issuer, the Company performs an internal rating based on the scale utilized within the loan portfolio as discussed above. For purposes of the table below, the Company has converted any issuer rating from an NRSRO into the Company’s internal ratings based on Investment Policy and review by the Company’s management. As of June 30, 2021 Year of Origination Total (In thousands) 2021 2020 2019 2018 2017 Prior Balance Amortized Cost Balances: U.S. government agencies 1-4 internal grade $ 97,789 $ 25,000 $ — $ 50,000 $ — $ 3,363 $ 176,152 5-7 internal grade — — — — — — — 8-10 internal grade — — — — — — — Total U.S. government agencies $ 97,789 $ 25,000 $ — $ 50,000 $ — $ 3,363 $ 176,152 Municipal 1-4 internal grade $ 1,374 $ — $ 161 $ 7,528 $ 43,574 $ 138,953 $ 191,590 5-7 internal grade — — — — — — — 8-10 internal grade — — — — — — — Total municipal $ 1,374 $ — $ 161 $ 7,528 $ 43,574 $ 138,953 $ 191,590 Mortgage-backed securities 1-4 internal grade $ 2,078,678 $ — $ — $ — $ — $ — $ 2,078,678 5-7 internal grade — — — — — — — 8-10 internal grade — — — — — — — Total mortgage-backed securities $ 2,078,678 $ — $ — $ — $ — $ — $ 2,078,678 Corporate notes 1-4 internal grade $ — $ 13,620 $ 7,440 $ 3,305 $ 3,259 $ 24,278 $ 51,902 5-7 internal grade — — — — — — — 8-10 internal grade — — — — — — — Total corporate notes $ — $ 13,620 $ 7,440 $ 3,305 $ 3,259 $ 24,278 $ 51,902 Total held-to-maturity securities $ 2,498,322 Less: Allowance for credit losses (90) Held-to-maturity securities, net of allowance for credit losses $ 2,498,232 Measurement of Allowance for Credit Losses The Company's allowance for credit losses consists of the allowance for loan losses, the allowance for unfunded commitment losses and the allowance for held-to-maturity debt security losses. In accordance with ASC 326, the Company measures the allowance for credit losses at the time of origination or purchase of a financial asset, representing an estimate of lifetime expected credit losses on the related asset. When developing its estimate, the Company considers available information relevant to assessing the collectability of cash flows, from both internal and external sources. Historical credit loss experience is one input in the estimation process as well as inputs relevant to current conditions and reasonable and supportable forecasts. In considering past events, the Company considers the relevance, or lack thereof, of historical information due to changes in such things as financial asset underwriting or collection practices, and changes in portfolio mix due to changing business plans and strategies. In considering current conditions and forecasts, the Company considers both the current economic environment and the forecasted direction of the economic environment with emphasis on those factors deemed relevant to or driving changes in expected credit losses. As significant judgment is required, the review of the appropriateness of the allowance for credit losses is performed quarterly by various committees with participation by the Company's executive management. June 30, December 31, June 30, (In thousands) 2021 2020 2020 Allowance for loan losses $ 261,089 $ 319,374 $ 313,510 Allowance for unfunded lending-related commitments losses 42,942 60,536 59,599 Allowance for loan losses and unfunded lending-related commitments losses 304,031 379,910 373,109 Allowance for held-to-maturity securities losses 90 59 65 Allowance for credit losses $ 304,121 $ 379,969 $ 373,174 The allowance for credit losses is measured on a collective or pooled basis when similar risk characteristics exist, based upon the segmentation discussed above. The Company utilizes modeling methodologies that estimate lifetime credit loss rates on each pool, including methodologies estimating the probability of default and loss given default on specific segments. Historical credit loss history is adjusted for reasonable and supportable forecasts developed by the Company on a quantitative or qualitative basis and incorporates third party economic forecasts. Reasonable and supportable forecasts consider the macroeconomic factors that are most relevant to evaluating and predicting expected credit losses in the Company's financial assets. Currently, the Company utilizes an eight quarter forecast period using a single macroeconomic scenario provided by a third party and reviewed within the Company's governance structure. For periods beyond the ability to develop reasonable and supportable forecasts, the Company reverts to historical loss rates at an input level, straight-line over a four quarter reversion period. Expected credit losses are measured over the contractual term of the financial asset with consideration of expected prepayments. Expected extensions, renewals or modifications of the financial asset are only considered when either 1) the expected extension, renewal or modification is contained within the existing agreement and is not unconditionally cancelable, or 2) the expected extension, renewal or modification is reasonably expected to result in a TDR. The methodologies discussed above are applied to both current asset balances on the Company's Consolidated Statements of Condition and off-balance sheet commitments (i.e. unfunded lending-related commitments). Assets that do not share similar risk characteristics with a pool are assessed for the allowance for credit losses on an individual basis. These typically include assets experiencing financial difficulties, including assets rated as substandard nonaccrual and doubtful as well as assets currently classified or expected to be classified as TDRs. If foreclosure is probable or the asset is considered collateral-dependent, expected credit losses are measured based upon the fair value of the underlying collateral adjusted for selling costs, if appropriate. Underlying collateral across the Company's segments consist primarily of real estate, land and construction assets as well as general business assets of the borrower. As of June 30, 2021, excluding loans carried at fair value, substandard nonaccrual loans totaling $50.1 million in carrying balance had no related allowance for credit losses. For certain accruing current and expected TDRs, expected credit losses are measured based upon the present value of future cash flows of the modified asset terms compared to the amortized cost of the asset. Considering accounting relief provided under Section 4013 of the CARES Act, loans identified as being reasonably expected to be modified into TDRs in the future totaled $202,000 as of June 30, 2021. The Company does not measure an allowance for credit losses on accrued interest receivable balances because these balances are written off in a timely manner as a reduction to interest income when assets are placed on nonaccrual status. Loan portfolios A summary of activity in the allowance for credit losses, specifically for the loan portfolio (i.e. allowance for loan losses and allowance for unfunded commitment losses), for the three and six months ended June 30, 2021 and 2020 is as follows. Three months ended June 30, 2021 Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables Consumer and Other Total Loans (In thousands) Commercial Allowance for credit losses at beginning of period $ 95,640 $ 181,792 $ 11,382 $ 14,242 $ 17,477 $ 676 $ 321,209 Other adjustments — — — — 33 — 33 Charge-offs (3,237) (1,412) (142) (3) (2,077) (104) (6,975) Recoveries 902 514 328 36 3,239 34 5,053 Provision for credit losses 5,202 (22,372) (361) 1,409 1,227 (394) (15,289) Allowance for credit losses at period end $ 98,507 $ 158,522 $ 11,207 $ 15,684 $ 19,899 $ 212 $ 304,031 Individually measured $ 8,625 $ 1,257 $ 213 $ 1,045 $ — $ 77 $ 11,217 Collectively measured 89,882 157,265 10,994 14,639 19,899 135 292,814 Loans at period end Individually measured $ 30,144 $ 35,694 $ 18,080 $ 29,384 $ — $ 552 $ 113,854 Collectively measured 11,412,132 8,642,675 351,726 1,445,561 10,881,427 8,472 32,741,993 Loans held at fair value — — — 55,340 — — 55,340 Three months ended June 30, 2020 Commercial Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables Consumer and Other Total Loans (In thousands) Allowance for credit losses at beginning of period $ 107,346 $ 112,796 $ 12,394 $ 12,550 $ 7,880 $ 446 $ 253,412 Other adjustments — — — — 42 — 42 Charge-offs (5,686) (7,224) (239) (293) (3,434) (99) (16,975) Recoveries 112 493 46 30 833 58 1,572 Provision for credit losses 31,825 91,061 (12) (372) 12,271 285 135,058 Allowance for credit losses at period end $ 133,597 $ 197,126 $ 12,189 $ 11,915 $ 17,592 $ 690 $ 373,109 Individually measured $ 12,689 $ 5,023 $ 264 $ 393 $ — $ 114 $ 18,483 Collectively measured 120,908 192,103 11,925 11,522 17,592 576 354,626 Loans at period end Individually measured $ 48,220 $ 83,664 $ 22,782 $ 28,145 $ — $ 554 $ 183,365 Collectively measured 11,811,012 8,117,081 443,814 1,144,670 9,400,576 47,771 30,964,924 Loans held at fair value — — — 254,614 — — 254,614 Six months ended June 30, 2021 Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables Consumer and Other Total Loans (In thousands) Commercial Allowance for credit losses at beginning of period $ 94,212 $ 243,603 $ 11,437 $ 12,459 $ 17,777 $ 422 $ 379,910 Other adjustments — — — — 63 — 63 Charge-offs (15,018) (2,392) (142) (5) (5,316) (218) (23,091) Recoveries 1,354 714 429 240 5,021 66 7,824 Provision for credit losses 17,959 (83,403) (517) 2,990 2,354 (58) (60,675) Allowance for credit losses at period end $ 98,507 $ 158,522 $ 11,207 $ 15,684 $ 19,899 $ 212 $ 304,031 Six months ended June 30, 2020 Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables Consumer and Other Total Loans (In thousands) Commercial Allowance for credit losses at beginning of period $ 64,920 $ 68,511 $ 3,878 $ 9,800 $ 9,647 $ 1,705 $ 158,461 Cumulative effect adjustment from the adoption of ASU 2016-13 9,039 32,064 9,061 3,002 (4,959) (863) 47,344 Other adjustments — — — — (31) — (31) Charge-offs (7,839) (7,794) (1,240) (694) (6,618) (227) (24,412) Recoveries 495 756 340 90 1,943 100 3,724 Provision for credit losses 66,982 103,589 150 (283) 17,610 (25) 188,023 Allowance for credit losses at period end $ 133,597 $ 197,126 $ 12,189 $ 11,915 $ 17,592 $ 690 $ 373,109 At January 1, 2020, the Company adopted ASU 2016-13, which replaced the previous incurred loss methodology for measuring the allowance for credit losses with a lifetime expected loss methodology. At adoption, the allowance for credit losses related to loans and lending agreement

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible AssetsGoodwill and Other Intangible Assets A summary of the Company’s goodwill assets by reporting unit is presented in the following table: (In thousands) December 31, 2020 Goodwill Impairment Goodwill Adjustments June 30, Community banking $ 536,396 $ — $ — $ — $ 536,396 Specialty finance 39,938 — — 629 40,567 Wealth management 69,373 — — — 69,373 Total $ 645,707 $ — $ — $ 629 $ 646,336 The specialty finance unit’s goodwill increased $629,000 in the first six months of 2021 as a result of foreign currency translation adjustments related to the Canadian acquisitions. The Company assesses each reporting unit’s goodwill for impairment on at least an annual basis and considers potential indicators of impairment at each reporting date between annual goodwill impairment tests. At October 1, 2020, the Company utilized a quantitative approach for its annual goodwill impairment tests of the banking, specialty finance and wealth management reporting units and determined that no impairment existed at that time. At each reporting date between annual goodwill impairment tests, the Company considers potential indicators of impairment. Given the current and prior economic uncertainty and volatility surrounding COVID-19, the Company assessed whether such events and circumstances resulted in it being more likely than not that the fair value of any reporting unit was less than its carrying value. Potential impairment indicators considered include the condition of the economy and banking industry; government intervention and regulatory updates; the impact of recent events to financial performance and cost factors of the reporting units; performance of the Company’s stock and other relevant events. At the conclusion of this assessment of all reporting units, the Company determined that as of June 30, 2021, it was more likely than not that the fair value of all reporting units exceeded the respective carrying value of such reporting unit. A summary of intangible assets as of the dates shown and the expected amortization of finite-lived intangible assets as of June 30, 2021 is as follows: (In thousands) June 30, December 31, June 30, Community banking segment: Core deposit intangibles with finite lives: Gross carrying amount $ 55,206 $ 55,206 $ 55,206 Accumulated amortization (35,549) (32,680) (29,673) Net carrying amount $ 19,657 $ 22,526 $ 25,533 Trademark with indefinite lives: Carrying amount 5,800 5,800 5,800 Total net carrying amount $ 25,457 $ 28,326 $ 31,333 Specialty finance segment: Customer list intangibles with finite lives: Gross carrying amount $ 1,969 $ 1,966 $ 1,959 Accumulated amortization (1,686) (1,644) (1,602) Net carrying amount $ 283 $ 322 $ 357 Wealth management segment: Customer list and other intangibles with finite lives: Gross carrying amount $ 20,430 $ 20,430 $ 20,430 Accumulated amortization (14,173) (13,038) (10,752) Net carrying amount $ 6,257 $ 7,392 $ 9,678 Total intangible assets: Gross carrying amount $ 83,405 $ 83,402 $ 83,395 Accumulated amortization (51,408) (47,362) (42,027) Total intangible assets, net $ 31,997 $ 36,040 $ 41,368 Estimated amortization Actual in six months ended June 30, 2021 $ 4,046 Estimated remaining in 2021 3,687 Estimated—2022 6,114 Estimated—2023 4,658 Estimated—2024 3,259 Estimated—2025 2,552 The core deposit intangibles recognized in connection with prior bank acquisitions are amortized over a ten-year period on an accelerated basis. The customer list intangibles recognized in connection with the purchase of life insurance premium finance assets in 2009 are being amortized over an 18-year period on an accelerated basis. The customer list and other intangibles recognized in connection with prior acquisitions within the wealth management segment are being amortized over a period of up to ten years on a straight-line basis. Indefinite-lived intangible assets consist of certain trade and domain names recognized in connection with the acquisition of Veterans First Mortgage in 2018. As indefinite-lived intangible assets are not amortized, the Company assesses impairment on at least an annual basis. Total amortization expense associated with finite-lived intangibles totaled approximately $4.0 million and $5.7 million for the six months ended June 30, 2021 and 2020, respectively.

Mortgage Servicing Rights ("MSR

Mortgage Servicing Rights ("MSRs")6 Months Ended
Jun. 30, 2021
Disclosures Pertaining to Servicing Assets and Servicing Liabilities [Abstract]
Mortgage Servicing Rights (MSRs)Mortgage Servicing Rights (“MSRs”) The following is a summary of the changes in the carrying value of MSRs, accounted for at fair value, for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (In thousands) 2021 2020 2021 2020 Balance at beginning of the period $ 124,316 $ 73,504 $ 92,081 $ 85,638 Additions from loans sold with servicing retained 17,512 20,351 42,128 29,798 Estimate of changes in fair value due to: Early buyout options (“EBO”) exercised (144) — (402) — Payoffs and paydowns (8,540) (8,670) (18,708) (15,694) Changes in valuation inputs or assumptions (5,540) (7,982) 12,505 (22,539) Fair value at end of the period $ 127,604 $ 77,203 $ 127,604 $ 77,203 Unpaid principal balance of mortgage loans serviced for others $ 12,307,337 $ 9,188,285 The Company recognizes MSR assets upon the sale of residential real estate loans to external third parties when it retains the obligation to service the loans and the servicing fee is more than adequate compensation. The initial recognition of MSR assets from loans sold with servicing retained and subsequent changes in fair value of all MSRs are recognized in mortgage banking revenue. MSRs are subject to changes in value from actual and expected prepayment of the underlying loans. The estimation of fair value related to MSRs is partly impacted by the Company exercising its EBO on eligible loans previously sold to the Government National Mortgage Association (“GNMA”). Under such optional repurchase program, financial institutions acting as servicers are allowed to buy back from the securitized loan pool individual delinquent mortgage loans meeting certain criteria for which the institution was the original transferor of such loans. At the option of the servicer and without prior authorization from GNMA, the servicer may repurchase such delinquent loans for an amount equal to the remaining principal balance of the loan. At the time of such repurchase, any MSR value related to such loans is derecognized. Starting in 2019, the Company periodically purchased options for the right to purchase securities not currently held within the banks’ investment portfolios and entered into interest rate swaps in which the Company elected to not designate such derivatives as hedging instruments. These option and swap transactions were designed primarily to economically hedge a portion of the fair value adjustments related to MSRs. During the second quarter of 2020, the Company terminated these interest rate swaps. There were no such options or interest rate swaps outstanding as of June 30, 2021. For more information regarding these hedges, see Note 14 - Derivative Financial Instruments in Item 1 of this report.

Deposits

Deposits6 Months Ended
Jun. 30, 2021
Deposits [Abstract]
DepositsDeposits The following table is a summary of deposits as of the dates shown: (Dollars in thousands) June 30, December 31, June 30, Balance: Non-interest-bearing $ 12,796,110 $ 11,748,455 $ 10,204,791 NOW and interest-bearing demand deposits 3,625,538 3,349,021 3,440,348 Wealth management deposits 4,399,303 4,138,712 4,433,020 Money market 9,843,390 9,348,806 9,288,976 Savings 3,776,400 3,531,029 3,447,352 Time certificates of deposit 4,363,875 4,976,628 4,837,387 Total deposits $ 38,804,616 $ 37,092,651 $ 35,651,874 Mix: Non-interest-bearing 33 % 32 % 29 % NOW and interest-bearing demand deposits 9 9 10 Wealth management deposits 11 11 12 Money market 25 25 25 Savings 10 10 10 Time certificates of deposit 12 13 14 Total deposits 100 % 100 % 100 % Wealth management deposits represent deposit balances (primarily money market accounts) at the Company’s subsidiary banks from brokerage customers of Wintrust Investments, LLC (“Wintrust Investments”), Chicago Deferred Exchange Company (“CDEC”), trust and asset management customers of the Company and brokerage customers from unaffiliated companies.

FHLB Advances, Other Borrowings

FHLB Advances, Other Borrowings and Subordinated Notes6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]
FHLB Advances, Other Borrowings and Subordinated NotesFHLB Advances, Other Borrowings and Subordinated Notes The following table is a summary of FHLB advances, other borrowings and subordinated notes as of the dates shown: (In thousands) June 30, December 31, June 30, FHLB advances $ 1,241,071 $ 1,228,429 $ 1,228,416 Other borrowings: Notes payable 91,016 101,710 112,401 Short-term borrowings 15,597 11,366 8,458 Other 64,217 65,108 65,980 Secured borrowings 347,663 340,744 321,696 Total other borrowings 518,493 518,928 508,535 Subordinated notes 436,719 436,506 436,298 Total FHLB advances, other borrowings and subordinated notes $ 2,196,283 $ 2,183,863 $ 2,173,249 FHLB Advances FHLB advances consist of obligations of the banks and are collateralized by qualifying commercial and residential real estate and home equity loans and certain securities. FHLB advances are stated at par value of the debt adjusted for unamortized prepayment fees paid at the time of prior restructurings of FHLB advances, unamortized fair value adjustments recorded in connection with advances acquired through acquisitions and debt issuance costs. Notes Payable On September 18, 2018, the Company established a $150.0 million term facility ("Term Facility"), which is part of a $200.0 million loan agreement ("Credit Agreement") with unaffiliated banks. The Credit Agreement consists of the Term Facility with an original outstanding balance of $150.0 million and a $50.0 million revolving credit facility ("Revolving Credit Facility"). At June 30, 2021, the Company had a notes payable balance of $91.0 million under the Term Facility. The Term Facility is stated at par of the current outstanding balance of the debt adjusted for unamortized costs paid by the Company in relation to the debt issuance. The Company was contractually required to borrow the entire amount of the Term Facility on September 18, 2018 and all such borrowings must be repaid by September 18, 2023. Beginning December 31, 2018, the Company is required to make quarterly payments of principal plus interest on the Term Facility. At June 30, 2021, the Company had no outstanding balance under the Revolving Credit Facility. Unamortized costs paid by the Company in relation to the issuance of the Revolving Credit Facility are classified in other assets on the Consolidated Statements of Condition. An amendment to the Credit Agreement was executed on and effective as of September 15, 2020. The amendment provided for, among other things, extension of the maturity date under the Revolving Credit Facility to September 14, 2021, revision of certain financial covenants; and the addition of a mechanism to replace LIBOR with an alternate benchmark rate. Borrowings under the amended Credit Agreement that are considered “Base Rate Loans” bear interest at a rate equal to the sum of (1) 60 basis points (in the case of a borrowing under the Revolving Credit Facility) or 75 basis points (in the case of a borrowing under the Term Facility) plus (2) the highest of (a) the federal funds rate plus 50 basis points, (b) the lender's prime rate, or (c) the Eurodollar Rate (as defined below) that would be applicable for an interest period of one month plus 100 basis points. Borrowings under the agreement that are considered “Eurodollar Rate Loans” bear interest at a rate equal to the sum of (1) 135 basis points (in the case of a borrowing under the Revolving Credit Facility) or 125 basis points (in the case of a borrowing under the Term Facility) plus (2) the LIBOR rate for the applicable period, as adjusted for statutory reserve requirements for eurocurrency liabilities (the “Eurodollar Rate”). A commitment fee is payable quarterly equal to 0.30% of the actual daily amount by which the lenders' commitment under the Revolving Credit Facility exceeded the amount outstanding under such facility. Borrowings under the amended Credit Agreement are secured by pledges of and first priority perfected security interests in the Company's equity interest in its bank subsidiaries and contain several restrictive covenants, including the maintenance of various capital adequacy levels, asset quality and profitability ratios, and certain restrictions on dividends and other indebtedness. In September 2020, the required levels to maintain for certain restrictive covenants within the Credit Agreement were amended. At June 30, 2021, the Company was in compliance with all such covenants. The Revolving Credit Facility and the Term Facility are available to be utilized, as needed, to provide capital to fund continued growth at the Company’s banks and to serve as an interim source of funds for acquisitions, common stock repurchases or other general corporate purposes. Short-term Borrowings Short-term borrowings include securities sold under repurchase agreements and federal funds purchased. These borrowings totaled $15.6 million at June 30, 2021 compared to $11.4 million at December 31, 2020 and $8.5 million at June 30, 2020. At June 30, 2021, December 31, 2020 and June 30, 2020, securities sold under repurchase agreements represent $15.6 million, $11.4 million and $8.5 million, respectively, of customer sweep accounts in connection with master repurchase agreements at the banks. The Company records securities sold under repurchase agreements at their gross value and does not offset positions on the Consolidated Statements of Condition. As of June 30, 2021, the Company had pledged securities related to its customer balances in sweep accounts of $22.3 million. Securities pledged for customer balances in sweep accounts and short-term borrowings from brokers are maintained under the Company’s control and consist of mortgage-backed securities. These securities are included in the available-for-sale portfolio as reflected on the Company’s Consolidated Statements of Condition. The following is a summary of these securities pledged as of June 30, 2021 disaggregated by investment category and maturity of the related customer sweep account, and reconciled to the outstanding balance of securities sold under repurchase agreements: (In thousands) Overnight Sweep Collateral Available-for-sale securities pledged U.S. Government agencies $ 10,898 Mortgage-backed securities 11,434 Total collateral pledged 22,332 Excess collateral 6,735 Securities sold under repurchase agreements $ 15,597 Other Borrowings Other borrowings at June 30, 2021 represent a fixed-rate promissory note issued by the Company in June 2017 and amended in March 2020 ("Fixed-Rate Promissory Note") related to and secured by three office buildings owned by the Company. At June 30, 2021, the Fixed-Rate Promissory Note had a balance of $64.2 million compared to $65.1 million at December 31, 2020 and $66.0 million at June 30, 2020. Under the Fixed-Rate Promissory Note, during the three months ended March 31, 2020, the Company made monthly principal payments and paid interest at a fixed rate of 3.36%. An amendment to the Fixed-Rate Promissory Note was executed on and effective as of March 31, 2020. The amendment increased the principal amount to $66.4 million, reduced the interest rate to 3.00% and extended the maturity date to March 31, 2025. The Fixed-Rate Promissory Note contains several restrictive covenants, including the maintenance of various capital adequacy levels, asset quality and profitability ratios, and certain restrictions on dividends and indebtedness. At June 30, 2021, the Company was in compliance with all such covenants. Secured Borrowings Secured borrowings at June 30, 2021 primarily represents transactions to sell an undivided co-ownership interest in all receivables owed to the Company's subsidiary, First Insurance Funding of Canada ("FIFC Canada"). In December 2014, FIFC Canada sold such interest to an unrelated third party in exchange for a cash payment of approximately C$150 million pursuant to a receivables purchase agreement (“Receivables Purchase Agreement”). The Receivables Purchase Agreement was amended in December 2015, effectively extending the maturity date from December 15, 2015 to December 15, 2017. Additionally, at that time, the unrelated third party paid an additional C$10 million, which increased the total payments to C$160 million. The Receivables Purchase Agreement was again amended in December 2017, effectively extending the maturity date from December 15, 2017 to December 16, 2019. Additionally, in December 2017, the unrelated third party paid an additional C$10 million, which increased the total payments to C$170 million. In June 2018, the unrelated third party paid an additional C$20 million, which increased the total payments to C$190 million. The Receivables Purchase Agreement was again amended in February 2019, effectively extending the maturity date from December 16, 2019 to December 15, 2020. Additionally, in February 2019, the unrelated third party paid an additional C$20 million, which increased the total payments to C$210 million. In May 2019, the unrelated third party paid an additional C$70 million, which increased the total payments to C$280 million. In January 2020, the unrelated third party paid an additional C$40 million, which increased the total payments to C$320 million, and the Receivables Purchase Agreement was amended to effectively extend the maturity date from December 15, 2020 to December 15, 2021. In May 2020, the unrelated third party paid an additional C$100 million, which increased the total payments to C$420 million. In January 2021, the Receivables Purchase Agreement was amended to effectively extend the maturity date from December 15, 2021 to December 15, 2022. These transactions were not considered sales of receivables and, as such, related proceeds received are reflected on the Company’s Consolidated Statements of Condition as a secured borrowing owed to the unrelated third party, net of unamortized debt issuance costs, and translated to the Company’s reporting currency as of the respective date. At June 30, 2021, the translated balance of the secured borrowing totaled $338.5 million compared to $329.9 million at December 31, 2020 and $309.1 million at June 30, 2020. Additionally, the interest rate under the Receivables Purchase Agreement at June 30, 2021 was 1.0790%. The remaining $9.1 million within secured borrowings at June 30, 2021 represents other sold interests in certain loans by the Company that were not considered sales and, as such, related proceeds received are reflected on the Company’s Consolidated Statements of Condition as a secured borrowing owed to the various unrelated third parties. Subordinated Notes At June 30, 2021, the Company had outstanding subordinated notes totaling $436.7 million compared to $436.5 million and $436.3 million outstanding at December 31, 2020 and June 30, 2020, respectively. During the second quarter of 2019, the Company issued $300.0 million of subordinated notes, receiving $296.7 million in net proceeds. The subordinated notes have a stated interest rate of 4.85% and mature in June 2029. In 2014, the Company issued $140.0 million of subordinated notes receiving $139.1 million in net proceeds. The subordinated notes have a stated interest rate of 5.00% and mature in June 2024. Subordinated notes are stated at par adjusted for unamortized issuance costs paid related to such debt.

Junior Subordinated Debentures

Junior Subordinated Debentures6 Months Ended
Jun. 30, 2021
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract]
Junior Subordinated DebenturesJunior Subordinated DebenturesAs of June 30, 2021, the Company owned 100% of the common securities of eleven trusts, Wintrust Capital Trust III, Wintrust Statutory Trust IV, Wintrust Statutory Trust V, Wintrust Capital Trust VII, Wintrust Capital Trust VIII, Wintrust Capital Trust IX, Northview Capital Trust I, Town Bankshares Capital Trust I, First Northwest Capital Trust I, Suburban Illinois Capital Trust II, and Community Financial Shares Statutory Trust II (the “Trusts”) set up to provide long-term financing. The Northview, Town, First Northwest, Suburban, and Community Financial Shares capital trusts were acquired as part of the acquisitions of Northview Financial Corporation, Town Bankshares, Ltd., First Northwest Bancorp, Inc., Suburban Illinois Bancorp, Inc. and Community Financial Shares, Inc., respectively. The Trusts were formed for purposes of issuing trust preferred securities to third-party investors and investing the proceeds from the issuance of the trust preferred securities and common securities solely in junior subordinated debentures issued by the Company (or assumed by the Company in connection with an acquisition), with the same maturities and interest rates as the trust preferred securities. The junior subordinated debentures are the sole assets of the Trusts. In each Trust, the common securities represent approximately 3% of the junior subordinated debentures and the trust preferred securities represent approximately 97% of the junior subordinated debentures. The Trusts are reported in the Company’s consolidated financial statements as unconsolidated subsidiaries. Accordingly, in the Consolidated Statements of Condition, the junior subordinated debentures issued by the Company to the Trusts are reported as liabilities and the common securities of the Trusts, all of which are owned by the Company, are included in investment securities. The following table provides a summary of the Company’s junior subordinated debentures as of June 30, 2021. The junior subordinated debentures represent the par value of the obligations owed to the Trusts. (Dollars in thousands) Common Trust Junior Rate Contractual Rate at 6/30/2021 Issue Maturity Earliest Wintrust Capital Trust III $ 774 $ 25,000 $ 25,774 L+3.25 3.43 % 04/2003 04/2033 04/2008 Wintrust Statutory Trust IV 619 20,000 20,619 L+2.80 2.95 % 12/2003 12/2033 12/2008 Wintrust Statutory Trust V 1,238 40,000 41,238 L+2.60 2.75 % 05/2004 05/2034 06/2009 Wintrust Capital Trust VII 1,550 50,000 51,550 L+1.95 2.07 % 12/2004 03/2035 03/2010 Wintrust Capital Trust VIII 1,238 25,000 26,238 L+1.45 1.60 % 08/2005 09/2035 09/2010 Wintrust Capital Trust IX 1,547 50,000 51,547 L+1.63 1.75 % 09/2006 09/2036 09/2011 Northview Capital Trust I 186 6,000 6,186 L+3.00 3.18 % 08/2003 11/2033 08/2008 Town Bankshares Capital Trust I 186 6,000 6,186 L+3.00 3.18 % 08/2003 11/2033 08/2008 First Northwest Capital Trust I 155 5,000 5,155 L+3.00 3.15 % 05/2004 05/2034 05/2009 Suburban Illinois Capital Trust II 464 15,000 15,464 L+1.75 1.87 % 12/2006 12/2036 12/2011 Community Financial Shares Statutory Trust II 109 3,500 3,609 L+1.62 1.74 % 06/2007 09/2037 06/2012 Total $ 253,566 2.33 % The junior subordinated debentures totaled $253.6 million at June 30, 2021, December 31, 2020 and June 30, 2020. The interest rates on the variable rate junior subordinated debentures are based on the three-month LIBOR rate and reset on a quarterly basis. At June 30, 2021, the weighted average contractual interest rate on the junior subordinated debentures was 2.33%. The Company entered into interest rate swaps with an aggregate notional value of $210.0 million to hedge the variable cash flows on certain junior subordinated debentures. The hedge-adjusted contractual interest rate on the junior subordinated debentures as of June 30, 2021, was 3.97%. Distributions on the common and preferred securities issued by the Trusts are payable quarterly at a rate per annum equal to the interest rates being earned by the Trusts on the junior subordinated debentures. Interest expense on the junior subordinated debentures is deductible for income tax purposes. The Company has guaranteed the payment of distributions and payments upon liquidation or redemption of the trust preferred securities, in each case to the extent of funds held by the Trusts. The Company and the Trusts believe that, taken together, the obligations of the Company under the guarantees, the junior subordinated debentures, and other related agreements provide, in the aggregate, a full, irrevocable and unconditional guarantee, on a subordinated basis, of all of the obligations of the Trusts under the trust preferred securities. Subject to certain limitations, the Company has the right to defer the payment of interest on the junior subordinated debentures at any time, or from time to time, for a period not to exceed 20 consecutive quarters. The trust preferred securities are subject to mandatory redemption, in whole or in part, upon repayment of the junior subordinated debentures at maturity or their earlier redemption. The junior subordinated debentures are redeemable in whole or in part prior to maturity at any time after the earliest redemption dates shown in the table, and earlier at the discretion of the Company if certain conditions are met, and, in any event, only after the Company has obtained Federal Reserve Bank ("FRB") approval, if then required under applicable guidelines or regulations. At June 30, 2021, the Company included $245.5 million of the junior subordinated debentures, net of common securities, in Tier 2 regulatory capital.

Revenue from Contracts with Cus

Revenue from Contracts with Customers6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Revenue from Contracts with CustomersRevenue from Contracts with Customers Disaggregation of Revenue The following table presents revenue from contracts with customers, disaggregated by the revenue source: (Dollars in thousands) Three Months Ended Six Months Ended Revenue from contracts with customers Location in income statement June 30, June 30, June 30, June 30, Brokerage and insurance product commissions Wealth management $ 5,148 $ 4,147 $ 10,188 $ 9,428 Trust Wealth management 5,379 4,248 10,396 9,539 Asset management Wealth management 20,163 14,241 39,415 29,610 Total wealth management 30,690 22,636 59,999 48,577 Mortgage broker fees Mortgage banking 114 174 190 227 Service charges on deposit accounts Service charges on deposit accounts 13,249 10,420 25,285 21,685 Administrative services Other non-interest income 1,228 933 2,484 2,045 Card related fees Other non-interest income 2,187 1,379 3,961 3,485 Other deposit related fees Other non-interest income 3,265 2,914 6,582 6,092 Total revenue from contracts with customers $ 50,733 $ 38,456 $ 98,501 $ 82,111 Wealth Management Revenue Wealth management revenue is comprised of brokerage and insurance product commissions, managed money fees and trust and asset management revenue of the Company's four wealth management subsidiaries: Wintrust Investments, Great Lakes Advisors, LLC ("GLA"), The Chicago Trust Company, N.A. ("CTC") and CDEC. All wealth management revenue is recognized in the wealth management segment. Brokerage and insurance product commissions consists primarily of commissions earned from trade execution services on behalf of customers and from selling mutual funds, insurance and other investment products to customers. For trade execution services, the Company recognizes commissions and receives payment from the brokerage customers at the point of transaction execution. Commissions received from the investment or insurance product providers are recognized at the point of sale of the product. The Company also receives trail and other commissions from providers for certain plans. These are generally based on qualifying account values and are recognized once the performance obligation, specific to each provider, is satisfied on a monthly, quarterly or annual basis. Trust revenue is earned primarily from trust and custody services that are generally performed over time as well as fees earned on funds held during the facilitation of tax-deferred like-kind exchange transactions. Revenue is determined periodically based on a schedule of fees applied to the value of each customer account using a time-elapsed method to measure progress toward complete satisfaction of the performance obligation. Fees are typically billed on a calendar month or quarter basis in advance or in arrears depending upon the contract. Upfront fees received related to the facilitation of tax-deferred like-kind exchange transactions are deferred until the transaction is completed. Additional fees earned for certain extraordinary services performed on behalf of the customers are recognized when the service has been performed. Asset management revenue is earned from money management and advisory services that are performed over time. Revenue is based primarily on the market value of assets under management or administration using a time-elapsed method to measure progress toward complete satisfaction of the performance obligation. Fees are typically billed on a calendar month or quarter basis in advance or in arrears depending upon the contract. Certain programs provide the customer with an option of paying fees as a percentage of the account value or incurring commission charges for each trade similar to brokerage and insurance product commissions. Trade commissions and any other fees received for additional services are recognized at a point in time once the performance obligation is satisfied. Mortgage Broker Fees For customers desiring a mortgage product not currently offered by the Company, the Company may refer such customers and, with permission, direct such customers' applications to certain third party mortgage brokers. Mortgage broker fees are received from these brokers for such customer referrals upon settlement of the underlying mortgage. The Company's entitlement to the consideration is contingent on the settlement of the mortgage which is highly susceptible to factors outside of the Company's influence, such as third party broker's underwriting requirements. Also, the uncertainty surrounding the consideration could be resolved in varying lengths of time, dependent upon the third party brokers. Therefore, mortgage broker fees are recognized at the settlement of the underlying mortgage when the consideration is received. Broker fees are recognized in the community banking segment. Service Charges on Deposit Accounts Service charges on deposit accounts include fees charged to deposit customers for various services, including account analysis services, and are based on factors such as the size and type of customer, type of product and number of transactions. The fees are based on a standard schedule of fees and, depending on the nature of the service performed, the service is performed at a point in time or over a period of a month. When the service is performed at a point in time, the Company recognizes and receives revenue when the service has been performed. When the service is performed over a period of a month, the Company recognizes and receives revenue in the month the service has been performed. Service charges on deposit accounts are recognized in the community banking segment. Administrative Services Administrative services revenue is earned from providing outsourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States. Fees are charged periodically (typically a payroll cycle) and computed in accordance with the contractually determined rate applied to the total gross billings administered for the period. The revenue is recognized over the period using a time-elapsed method to measure progress toward complete satisfaction of the performance obligation. Other fees are charged on a per occurrence basis as the service is provided in the billing cycle. The Company has certain contracts with customers to perform outsourced administrative services and short-term accounts receivable financing. For these contracts, the total fee is allocated between the administrative services revenue and interest income during the client onboarding process based on the specific client and services provided. Administrative services revenue is recognized in the specialty finance segment. Card and Other Deposit Related Fees Card related fees include interchange and merchant revenue, and fees related to debit and credit cards. Interchange revenue is related to the Company issued debit cards. Other deposit related fees primarily include pay by phone processing fees, ATM and safe deposit box fees, check order charges and foreign currency related fees. Card and deposit related fees are generally based on volume of transactions and are recognized at the point in time when the service has been performed. For any consideration that is constrained, the revenue is recognized once the uncertainty is known. Upfront fees received from certain contracts are recognized on a straight line basis over the term of the contract. Card and deposit related fees are recognized in the community banking segment. Contract Balances The following table provides information about contract assets, contract liabilities and receivables from contracts with customers: (Dollars in thousands) June 30, December 31, June 30, Contract assets $ — $ — $ — Contract liabilities $ 1,704 $ 1,548 $ 665 Mortgage broker fees receivable $ 11 $ 20 $ 59 Administrative services receivable 199 64 161 Wealth management receivable 11,274 10,144 10,297 Card related fees receivable 1,556 783 — Total receivables from contracts with customer $ 13,040 $ 11,011 $ 10,517 Contract liabilities represent upfront fees that the Company received at inception of certain contracts. The revenue recognized that was included in the contract liability balance at beginning of the period totaled $698,000 and $1.1 million for the six months ended June 30, 2021 and 2020, respectively. Receivables are recognized in the period the Company provides services and when the Company's right to consideration is unconditional. Card related fee receivable is the result of volume based fee that the Company receives from a customer on an annual basis in the second quarter of each year. Payment terms on other invoiced amounts are typically 30 days or less. Contract liabilities and receivables from contracts with customers are included within the accrued interest payable and other liabilities and accrued interest receivable and other assets line items, respectively, in the Consolidated Statements of Condition. Transaction price allocated to the remaining performance obligations The following table presents the estimated future timing of recognition of upfront fees related to card and deposit related fees. These upfront fees represent performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. (Dollars in thousands) Estimated remaining in 2021 $ 554 Estimated—2022 400 Estimated—2023 400 Estimated—2024 250 Estimated—2025 100 Total $ 1,704 Practical Expedients and Exemptions The Company does not adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised service to a customer and when the customer pays for that service is one year or less. The Company recognizes the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less.

Segment Information

Segment Information6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]
Segment InformationSegment Information The Company’s operations consist of three primary segments: community banking, specialty finance and wealth management. The three reportable segments are strategic business units that are separately managed as they offer different products and services and have different marketing strategies. In addition, each segment’s customer base has varying characteristics and each segment has a different regulatory environment. While the Company’s management monitors each of the fifteen bank subsidiaries’ operations and profitability separately, these subsidiaries have been aggregated into one reportable operating segment due to the similarities in products and services, customer base, operations, profitability measures, and economic characteristics. For purposes of internal segment profitability, management allocates certain intersegment and parent company balances. Management allocates a portion of revenues to the specialty finance segment related to loans and leases originated by the specialty finance segment and sold or assigned to the community banking segment. Similarly, for purposes of analyzing the contribution from the wealth management segment, management allocates a portion of the net interest income earned by the community banking segment on deposit balances of customers of the wealth management segment to the wealth management segment. See Note 9 — Deposits, for more information on these deposits. Finally, expenses incurred at the Wintrust parent company are allocated to each segment based on each segment's risk-weighted assets. The segment financial information provided in the following table has been derived from the internal profitability reporting system used by management to monitor and manage the financial performance of the Company. The accounting policies of the segments are substantially similar to those described in “Summary of Significant Accounting Policies” in Note 1 of the Company’s 2020 Form 10-K. The Company evaluates segment performance based on after-tax profit or loss and other appropriate profitability measures common to each segment. The following is a summary of certain operating information for reportable segments: Three Months Ended $ Change in % Change in (Dollars in thousands) June 30, June 30, Net interest income: Community Banking $ 219,679 $ 205,678 $ 14,001 7 % Specialty Finance 45,194 42,415 2,779 7 Wealth Management 7,765 8,586 (821) (10) Total Operating Segments 272,638 256,679 15,959 6 Intersegment Eliminations 6,952 6,452 500 8 Consolidated net interest income $ 279,590 $ 263,131 $ 16,459 6 % Provision for credit losses: Community Banking $ (15,163) $ 132,149 $ (147,312) NM Specialty Finance (136) 2,904 (3,040) NM Wealth Management — — — — % Total Operating Segments (15,299) 135,053 (150,352) NM Intersegment Eliminations — — — — Consolidated provision for credit losses $ (15,299) $ 135,053 $ (150,352) NM Non-interest income: Community Banking $ 90,410 $ 129,698 $ (39,288) (30) % Specialty Finance 22,464 21,831 633 3 Wealth Management 31,843 24,465 7,378 30 Total Operating Segments 144,717 175,994 (31,277) (18) Intersegment Eliminations (15,344) (14,001) (1,343) 10 Consolidated non-interest income $ 129,373 $ 161,993 $ (32,620) (20) % Net revenue: Community Banking $ 310,089 $ 335,376 $ (25,287) (8) % Specialty Finance 67,658 64,246 3,412 5 Wealth Management 39,608 33,051 6,557 20 Total Operating Segments 417,355 432,673 (15,318) (4) Intersegment Eliminations (8,392) (7,549) (843) 11 Consolidated net revenue $ 408,963 $ 425,124 $ (16,161) (4) % Segment profit (loss): Community Banking $ 72,752 $ (7,315) $ 80,067 NM Specialty Finance 23,850 22,688 1,162 5 % Wealth Management 8,507 6,286 2,221 35 Consolidated net income $ 105,109 $ 21,659 $ 83,450 385 % Segment assets: Community Banking $ 37,619,971 $ 35,560,107 $ 2,059,864 6 % Specialty Finance 7,701,921 6,708,493 993,428 15 Wealth Management 1,416,558 1,271,417 145,141 11 Consolidated total assets $ 46,738,450 $ 43,540,017 $ 3,198,433 7 % NM - Not meaningful

Derivative Financial Instrument

Derivative Financial Instruments6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial InstrumentsDerivative Financial Instruments The Company primarily enters into derivative financial instruments as part of its strategy to manage its exposure to changes in interest rates. Derivative instruments represent contracts between parties that result in one party delivering cash to the other party based on a notional amount and an underlying term (such as a rate, security price or price index) as specified in the contract. The amount of cash delivered from one party to the other is determined based on the interaction of the notional amount of the contract with the underlying term. Derivatives are also implicit in certain contracts and commitments. The derivative financial instruments currently used by the Company to manage its exposure to interest rate risk include: (1) interest rate swaps and collars to manage the interest rate risk of certain fixed and variable rate assets and variable rate liabilities; (2) interest rate lock commitments provided to customers to fund certain mortgage loans to be sold into the secondary market; (3) forward commitments for the future delivery of such mortgage loans to protect the Company from adverse changes in interest rates and corresponding changes in the value of mortgage loans held-for-sale; (4) covered call options to economically hedge specific investment securities and receive fee income effectively enhancing the overall yield on such securities to compensate for net interest margin compression; and (5) options and swaps to economically hedge a portion of the fair value adjustments related to the Company's mortgage servicing rights portfolio. The Company also enters into derivatives (typically interest rate swaps) with certain qualified borrowers to facilitate the borrowers’ risk management strategies and concurrently enters into mirror-image derivatives with a third party counterparty, effectively making a market in the derivatives for such borrowers. Additionally, the Company enters into foreign currency contracts to manage foreign exchange risk associated with certain foreign currency denominated assets. The Company recognizes derivative financial instruments in the consolidated financial statements at fair value regardless of the purpose or intent for holding the instrument. The Company records derivative assets and derivative liabilities on the Consolidated Statements of Condition within accrued interest receivable and other assets and accrued interest payable and other liabilities, respectively. Changes in the fair value of derivative financial instruments are either recognized in income or in shareholders’ equity as a component of accumulated other comprehensive income or loss depending on whether the derivative financial instrument qualifies for hedge accounting and, if so, whether it qualifies as a fair value hedge or cash flow hedge. Changes in fair values of derivatives accounted for as fair value hedges are recorded in income in the same period and in the same income statement line as changes in the fair values of the hedged items that relate to the hedged risk(s). Changes in fair values of derivative financial instruments accounted for as cash flow hedges are recorded as a component of accumulated other comprehensive income or loss, net of deferred taxes, and reclassified to earnings when the hedged transaction affects earnings. Changes in fair values of derivative financial instruments not designated in a hedging relationship pursuant to ASC 815 are reported in non-interest income during the period of the change. Derivative financial instruments are valued by a third party and are corroborated by comparison with valuations provided by the respective counterparties. Fair values of certain mortgage banking derivatives (interest rate lock commitments and forward commitments to sell mortgage loans) are estimated based on changes in mortgage interest rates from the date of the loan commitment. The fair value of foreign currency derivatives is computed based on changes in foreign currency rates stated in the contract compared to those prevailing at the measurement date. The table below presents the fair value of the Company’s derivative financial instruments as of June 30, 2021, December 31, 2020 and June 30, 2020: Derivative Assets Derivative Liabilities (In thousands) June 30, December 31, June 30, June 30, December 31, June 30, Derivatives designated as hedging instruments under ASC 815: Interest rate derivatives designated as Cash Flow Hedges $ 34,743 $ 8,182 $ — $ 24,272 $ 39,715 $ 59,573 Interest rate derivatives designated as Fair Value Hedges 78 — — 9,373 14,520 17,052 Total derivatives designated as hedging instruments under ASC 815 $ 34,821 $ 8,182 $ — $ 33,645 $ 54,235 $ 76,625 Derivatives not designated as hedging instruments under ASC 815: Interest rate derivatives $ 153,510 $ 221,205 $ 268,709 $ 153,714 $ 221,608 $ 266,894 Interest rate lock commitments 23,175 48,925 58,841 2,834 — 25 Forward commitments to sell mortgage loans 781 — 27 3,153 12,510 11,667 Foreign exchange contracts 93 111 47 93 112 54 Total derivatives not designated as hedging instruments under ASC 815 $ 177,559 $ 270,241 $ 327,624 $ 159,794 $ 234,230 $ 278,640 Total Derivatives $ 212,380 $ 278,423 $ 327,624 $ 193,439 $ 288,465 $ 355,265 Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to net interest income and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without the exchange of the underlying notional amount. Interest rate collars designated as cash flow hedges involve the receipt of amounts in which the interest rate specified in the contract exceeds the agreed upon cap strike price or the payment of amounts in which the interest rate specified in the contract is below the agreed upon floor strike price at the end of each period. As of June 30, 2021, the Company had 27 interest rate swap derivatives designated as cash flow hedges of variable rate deposits and certain junior subordinated debentures, and one interest rate collar derivative designated as a cash flow hedge of the Company's variable rate Term Facility. When the relationship between the hedged item and hedging instrument is highly effective at achieving offsetting changes in cash flows attributable to the hedged risk, changes in the fair value of these cash flow hedges are recorded in accumulated other comprehensive income or loss and are subsequently reclassified to interest expense as interest payments are made on such variable rate deposits. The changes in fair value (net of tax) are separately disclosed in the Consolidated Statements of Comprehensive Income. The table below provides details on these cash flow hedges, summarized by derivative type and maturity, as of June 30, 2021: June 30, 2021 (In thousands) Notional Fair Value Maturity Date Amount Asset (Liability) Interest Rate Swaps: October 2021 $ 25,000 $ (151) November 2021 20,000 (179) December 2021 165,000 (1,745) March 2022 500,000 (102) May 2022 370,000 (6,063) June 2022 160,000 (2,875) July 2022 230,000 (4,245) August 2022 235,000 (4,813) March 2023 250,000 (98) April 2024 250,000 769 July 2027 (1) 1,000,000 33,974 Interest Rate Collars: September 2023 91,071 (4,001) Total Cash Flow Hedges $ 3,296,071 $ 10,471 (1) Interest rate swaps effective starting in July 2022. A rollforward of the amounts in accumulated other comprehensive income or loss related to interest rate derivatives designated as cash flow hedges follows: Three Months Ended Six Months Ended (In thousands) June 30, June 30, June 30, June 30, Unrealized gain (loss) at beginning of period $ 19,259 $ (56,636) $ (31,533) $ (17,943) Amount reclassified from accumulated other comprehensive income to interest expense on deposits, other borrowings and junior subordinated debentures 6,866 5,451 13,562 6,541 Amount of (loss) income recognized in other comprehensive income (15,654) (8,318) 28,442 (48,101) Unrealized gain (loss) at end of period $ 10,471 $ (59,503) $ 10,471 $ (59,503) As of June 30, 2021, the Company estimates that during the next twelve months $18.3 million will be reclassified from accumulated other comprehensive income or loss as an increase to interest expense. Fair Value Hedges of Interest Rate Risk Interest rate swaps designated as fair value hedges involve the payment of fixed amounts to a counterparty in exchange for the Company receiving variable payments over the life of the agreements without the exchange of the underlying notional amount. As of June 30, 2021, the Company has 14 interest rate swaps with an aggregate notional amount of $148.0 million that were designated as fair value hedges primarily associated with fixed rate commercial and industrial and commercial real estate loans as well as life insurance premium finance receivables. For derivatives designated and that qualify as fair value hedges, the net gain or loss from the entire change in the fair value of the derivative instrument is recognized in the same income statement line item as the earnings effect, including the net gain or loss, of the hedged item (interest income earned on fixed rate loans) when the hedged item affects earnings. The following table presents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value hedge accounting relationship as of June 30, 2021: June 30, 2021 (In thousands) Derivatives in Fair Value Hedging Relationships Location in the Statement of Condition Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets (Liabilities) for which Hedge Accounting has been Discontinued Interest rate swaps Loans, net of unearned income $ 155,996 $ 9,153 $ (144) Available-for-sale debt securities 1,272 93 — The following table presents the loss or gain recognized related to derivative instruments that are designated as fair value hedges for the respective period: (In thousands) Derivatives in Fair Value Hedging Relationships Location of (Loss)/Gain Recognized Three Months Ended Six Months Ended June 30, 2021 June 30, 2021 Interest rate swaps Interest and fees on loans $ 43 $ 30 Interest income - investment securities — — Non-Designated Hedges The Company does not use derivatives for speculative purposes. Derivatives not designated as accounting hedges are used to manage the Company’s economic exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of ASC 815. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. Interest Rate Derivatives —Periodically, the Company may purchase interest rate cap derivatives designed to act as an economic hedge of the risk of the negative impact on its fixed-rate loan portfolios from rising interest rates, most notably the LIBOR index. As of June 30, 2021, the Company held interest rate caps with an aggregate notional value of $1.0 billion. Additionally, the Company has interest rate derivatives, including swaps and option products, resulting from a service the Company provides to certain qualified borrowers. The Company’s banking subsidiaries execute certain derivative products (typically interest rate swaps) directly with qualified commercial borrowers to facilitate their respective risk management strategies. For example, these arrangements allow the Company’s commercial borrowers to effectively convert a variable rate loan to a fixed rate. In order to minimize the Company’s exposure on these transactions, the Company simultaneously executes offsetting derivatives with third parties. In most cases, the offsetting derivatives have mirror-image terms, which result in the positions’ changes in fair value substantially offsetting through earnings each period. However, to the extent that the derivatives are not a mirror-image and because of differences in counterparty credit risk, changes in fair value will not completely offset resulting in some earnings impact each period. Changes in the fair value of these derivatives are included in other non-interest income. At June 30, 2021, the Company had interest rate derivative transactions with an aggregate notional amount of approximately $9.3 billion (all interest rate swaps and caps with customers and third parties) related to this program. These interest rate derivatives had maturity dates ranging from July 2021 to February 2045. Mortgage Banking Derivatives— These derivatives include interest rate lock commitments provided to customers to fund certain mortgage loans to be sold into the secondary market and forward commitments for the future delivery of such loans. It is the Company’s practice to enter into forward commitments for the future delivery of a portion of our residential mortgage loan production when interest rate lock commitments are entered into in order to economically hedge the effect of future changes in interest rates on its commitments to fund the loans as well as on its portfolio of mortgage loans held-for-sale. The Company’s mortgage banking derivatives have not been designated as being in hedge relationships. At June 30, 2021, the Company had forward commitments to sell mortgage loans with an aggregate notional amount of approximately $1.6 billion and interest rate lock commitments with an aggregate notional amount of approximately $843.9 million. The fair values of these derivatives were estimated based on changes in mortgage rates from the dates of the commitments. Changes in the fair value of these mortgage banking derivatives are included in mortgage banking revenue. Foreign Currency Derivatives— These derivatives include foreign currency contracts used to manage the foreign exchange risk associated with foreign currency denominated assets and transactions. Foreign currency contracts, which include spot and forward contracts, represent agreements to exchange the currency of one country for the currency of another country at an agreed-upon price on an agreed-upon settlement date. As a result of fluctuations in foreign currencies, the U.S. dollar-equivalent value of the foreign currency denominated assets or forecasted transactions increase or decrease. Gains or losses on the derivative instruments related to these foreign currency denominated assets or forecasted transactions are expected to substantially offset this variability. As of June 30, 2021, the Company held foreign currency derivatives with an aggregate notional amount of approximately $14.3 million. Other Derivatives— Periodically, the Company will sell options to a bank or dealer for the right to purchase certain securities held within the banks’ investment portfolios (covered call options). These option transactions are designed primarily to mitigate overall interest rate risk and to increase the total return associated with the investment securities portfolio. These options do not qualify as accounting hedges pursuant to ASC 815, and, accordingly, changes in fair value of these contracts are recognized as other non-interest income. There were no covered call options outstanding as of June 30, 2021, December 31, 2020 or June 30, 2020. Periodically, the Company will purchase options for the right to purchase securities not currently held within the banks' investment portfolios or enter into interest rate swaps in which the Company elects to not designate such derivatives as hedging instruments. These option and swap transactions are designed primarily to economically hedge a portion of the fair value adjustments related to the Company's mortgage servicing rights portfolio. The gain or loss associated with these derivative contracts are included in mortgage banking revenue. There were no such options or swaps outstanding as of June 30, 2021. Amounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows: (In thousands) Three Months Ended Six Months Ended Derivative Location in income statement June 30, June 30, June 30, June 30, Interest rate swaps and caps Trading gains (losses), net $ (539) $ (703) $ (111) $ (1,131) Mortgage banking derivatives Mortgage banking revenue (10,480) 43,292 (27,959) 60,559 Foreign exchange contracts Trading gains (losses), net (3) (9) (8) (13) Covered call options Fees from covered call options 1,388 — 1,388 2,292 Derivative contract held as economic hedge on MSRs Mortgage banking revenue — 589 — 4,749 Credit Risk Derivative instruments have inherent risks, primarily market risk and credit risk. Market risk is associated with changes in interest rates and credit risk relates to the risk that the counterparty will fail to perform according to the terms of the agreement. The amounts potentially subject to market and credit risks are the streams of interest payments under the contracts and the market value of the derivative instrument and not the notional principal amounts used to express the volume of the transactions. Market and credit risks are managed and monitored as part of the Company's overall asset-liability management process, except that the credit risk related to derivatives entered into with certain qualified borrowers is managed through the Company's standard loan underwriting process since these derivatives are secured through collateral provided by the loan agreements. Actual exposures are monitored against various types of credit limits established to contain risk within parameters. When deemed necessary, appropriate types and amounts of collateral are obtained to minimize credit exposure. The Company has agreements with certain of its interest rate derivative counterparties that contain cross-default provisions, which provide 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 also has agreements with certain of its derivative counterparties that contain a provision allowing the counterparty to terminate the derivative positions if the Company fails to maintain its status as a well or adequately capitalized institution, which would require the Company to settle its obligations under the agreements. As of June 30, 2021, the fair value of interest rate derivatives in a net liability position that were subject to such agreements, which includes accrued interest related to these agreements, was $151.4 million. If the Company had breached any of these provisions and the derivatives were terminated as a result, the Company would have been required to settle its obligations under the agreements at the termination value and would have been required to pay any additional amounts due in excess of amounts previously posted as collateral with the respective counterparty. The Company is also exposed to the credit risk of its commercial borrowers who are counterparties to interest rate derivatives with the banks. This counterparty risk related to the commercial borrowers is managed and monitored through the banks' standard underwriting process applicable to loans since these derivatives are secured through collateral provided by the loan agreement. The counterparty risk associated with the mirror-image swaps executed with third parties is monitored and managed in connection with the Company's overall asset liability management process. The Company records interest rate derivatives subject to master netting agreements at their gross value and does not offset derivative assets and liabilities on the Consolidated Statements of Condition. The tables below summarize the Company's interest rate derivatives and offsetting positions as of the dates shown. Derivative Assets Derivative Liabilities Fair Value Fair Value (In thousands) June 30, December 31, June 30, June 30, December 31, June 30, Gross Amounts Recognized $ 188,331 $ 229,387 $ 268,709 $ 187,359 $ 275,843 $ 343,519 Less: Amounts offset in the Statements of Financial Condition — — — — — — Net amount presented in the Statements of Financial Condition $ 188,331 $ 229,387 $ 268,709 $ 187,359 $ 275,843 $ 343,519 Gross amounts not offset in the Statements of Financial Condition Offsetting Derivative Positions (37,895) (8,647) (697) (37,895) (8,647) (697) Collateral Posted — — — (146,240) (266,832) (342,276) Net Credit Exposure $ 150,436 $ 220,740 $ 268,012 $ 3,224 $ 364 $ 546

Fair Values of Assets and Liabi

Fair Values of Assets and Liabilities6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]
Fair Values of Assets and LiabilitiesFair Values of Assets and Liabilities The Company measures, monitors and discloses certain of its assets and liabilities on a fair value basis. These financial assets and financial liabilities are measured at fair value in three levels, based on the markets in which the assets and liabilities are traded and the observability of the inputs used to determine fair value. These levels are: • Level 1—unadjusted quoted prices in active markets for identical assets or liabilities. • Level 2 — inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3—significant unobservable inputs that reflect the Company’s own assumptions that market participants would use in pricing the assets or liabilities. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. A financial instrument’s categorization within the above valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the assets or liabilities. The following is a description of the valuation methodologies used for the Company’s assets and liabilities measured at fair value on a recurring basis. Available-for-sale debt securities, trading account securities and equity securities with readily determinable fair value —Fair values for available-for-sale debt securities, trading account securities and equity securities with readily determinable fair value are typically based on prices obtained from independent pricing vendors. Securities measured with these valuation techniques are generally classified as Level 2 of the fair value hierarchy. Typically, standard inputs such as benchmark yields, reported trades for similar securities, issuer spreads, benchmark securities, bids, offers and reference data including market research publications are used to fair value these securities. When these inputs are not available, broker/dealer quotes may be obtained by the vendor to determine the fair value of the security. We review the vendor’s pricing methodologies to determine if observable market information is being used, versus unobservable inputs. Fair value measurements using significant inputs that are unobservable in the market due to limited activity or a less liquid market are classified as Level 3 in the fair value hierarchy. The fair value of U.S. Treasury securities and certain equity securities with readily determinable fair value are based on unadjusted quoted prices in active markets for identical securities. As such, these securities are classified as Level 1 in the fair value hierarchy. The Company’s Investment Operations Department is responsible for the valuation of Level 3 available-for-sale debt securities. The methodology and variables used as inputs in pricing Level 3 securities are derived from a combination of observable and unobservable inputs. The unobservable inputs are determined through internal assumptions that may vary from period to period due to external factors, such as market movement and credit rating adjustments. At June 30, 2021, the Company classified $117.6 million of municipal securities as Level 3. These municipal securities are bond issues for various municipal government entities primarily located in the Chicago metropolitan area and southern Wisconsin and are privately placed, non-rated bonds without CUSIP numbers. The Company’s methodology for pricing these securities focuses on three distinct inputs: equivalent rating, yield and other pricing terms. To determine the rating for a given non-rated investment debt security, the Investment Operations Department references a rated, publicly issued bond by the same issuer if available. A reduction is then applied to the rating obtained from the comparable bond, as the Company believes if liquidated, a non-rated bond would be valued less than a similar bond with a verifiable rating. The reduction applied by the Company is one complete rating grade (i.e. a “AA” rating for a comparable bond would be reduced to “A” for the Company’s valuation). For bond issues without comparable bond proxies, a rating of "BBB" was assigned. In the second quarter of 2021, all of the ratings derived by the Investment Operations Department using the above process were “BBB” or better. The fair value measurement noted above is sensitive to the rating input, as a higher rating typically results in an increased valuation. The remaining pricing inputs used in the bond valuation are observable. Based on the rating determined in the above process, Investment Operations obtains a corresponding current market yield curve available to market participants. Other terms including coupon, maturity date, redemption price, number of coupon payments per year, and accrual method are obtained from the individual bond term sheets. Certain municipal bonds held by the Company at June 30, 2021 are continuously callable. When valuing these bonds, the fair value is capped at par value as the Company assumes a market participant would not pay more than par for a continuously callable bond. Mortgage loans held-for-sale —The fair value of mortgage loans held-for-sale is determined by reference to investor price sheets for loan products with similar characteristics. As such, these loans are classified as Level 2 in the fair value hierarchy. Loans held-for-investment —The fair value for loans in which the Company elected the fair value option is estimated by discounting future scheduled cash flows for the specific loan through maturity, adjusted for estimated credit losses and prepayments. The Company uses a discount rate based on the actual coupon rate of the underlying loan. At June 30, 2021, the Company classified $11.0 million of loans held-for-investment as Level 3. The assumed discount rate used as an input to value these loans at June 30, 2021 was 2.88%. The higher the rate utilized to discount estimated future cash flows, the lower the fair value measurement. As noted above, the fair value estimate also includes assumptions of prepayment speeds and credit losses. The Company included a prepayments speed assumption of 13.30% at June 30, 2021. Prepayment speeds are inversely related to the fair value of these loans as an increase in prepayment speeds results in a decreased valuation. Additionally, the weighted average credit discount used as an input to value the specific loans was 0.61% with credit loss discount ranging from 0%-3% at June 30, 2021. MSRs —Fair value for MSRs is determined utilizing a valuation model which calculates the fair value of each servicing rights based on the present value of estimated future cash flows. The Company uses a discount rate commensurate with the risk associated with each servicing rights, given current market conditions. At June 30, 2021, the Company classified $127.6 million of MSRs as Level 3. The weighted average discount rate used as an input to value the pool of MSRs at June 30, 2021 was 9.85% with discount rates applied ranging from 6%-21%. The higher the rate utilized to discount estimated future cash flows, the lower the fair value measurement. The fair value of MSRs was also estimated based on other assumptions including prepayment speeds and the cost to service. Prepayment speeds ranged from 6%-92% or a weighted average prepayment speed of 13.30%. Further, for current and delinquent loans, the Company assumed a weighted average cost of servicing of $76 and $340, respectively, per loan. Prepayment speeds and the cost to service are both inversely related to the fair value of MSRs as an increase in prepayment speeds or the cost to service results in a decreased valuation. See Note 8 - Mortgage Servicing Rights (“MSRs”) for further discussion of MSRs. Derivative instruments —The Company’s derivative instruments include interest rate swaps, caps and collars, commitments to fund mortgages for sale into the secondary market (interest rate locks), forward commitments to end investors for the sale of mortgage loans and foreign currency contracts. Interest rate swaps, caps and collars are valued by a third party, using models that primarily use market observable inputs, such as yield curves, and are classified as Level 2 in the fair value hierarchy. The credit risk associated with derivative financial instruments that are subject to master netting agreements is measured on a net basis by counterparty portfolio. The fair value for mortgage-related derivatives is based on changes in mortgage rates from the date of the commitments. The fair value of foreign currency derivatives is computed based on change in foreign currency rates stated in the contract compared to those prevailing at the measurement date. At June 30, 2021, the Company classified $22.6 million of derivative assets related to interest rate locks as Level 3. The fair value of interest rate locks is based on prices obtained for loans with similar characteristics from third parties, adjusted for the pull-through rate, which represents the Company’s best estimate of the likelihood that a committed loan will ultimately fund. The weighted-average pull-through rate at June 30, 2021 was 84% with pull-through rates applied ranging from 1% to 100%. Pull-through rates are directly related to the fair value of interest rate locks as an increase in the pull-through rate results in an increased valuation. Nonqualified deferred compensation assets —The underlying assets relating to the nonqualified deferred compensation plan are included in a trust and primarily consist of non-exchange traded institutional funds which are priced based by an independent third party service. These assets are classified as Level 2 in the fair value hierarchy. The following tables present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented: June 30, 2021 (In thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ — $ — $ — $ — U.S. Government agencies 78,854 — 78,854 — Municipal 168,296 — 50,690 117,606 Corporate notes 98,542 — 98,542 — Mortgage-backed 1,842,916 — 1,842,916 — Trading account securities 2,667 — 2,667 — Equity securities with readily determinable fair value 86,316 78,250 8,066 — Mortgage loans held-for-sale 984,994 — 984,994 — Loans held-for-investment 55,340 — 44,333 11,007 MSRs 127,604 — — 127,604 Nonqualified deferred compensation assets 16,590 — 16,590 — Derivative assets 212,380 — 189,810 22,570 Total $ 3,674,499 $ 78,250 $ 3,317,462 $ 278,787 Derivative liabilities $ 193,439 $ — $ 193,439 $ — December 31, 2020 (In thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 304,971 $ 304,971 $ — $ — U.S. Government agencies 84,513 — 82,547 1,966 Municipal 146,910 — 37,034 109,876 Corporate notes 91,405 — 91,405 — Mortgage-backed 2,428,040 — 2,428,040 — Trading account securities 671 — 671 — Equity securities with readily determinable fair value 90,862 82,796 8,066 — Mortgage loans held-for-sale 1,272,090 — 1,272,090 — Loans held-for-investment 55,134 — 44,854 10,280 MSRs 92,081 — — 92,081 Nonqualified deferred compensation assets 15,398 — 15,398 — Derivative assets 278,423 — 230,332 48,091 Total $ 4,860,498 $ 387,767 $ 4,210,437 $ 262,294 Derivative liabilities $ 288,465 $ — $ 288,465 $ — June 30, 2020 (In thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 60,539 $ 60,539 $ — $ — U.S. Government agencies 293,507 — 291,214 2,293 Municipal 150,879 — 33,624 117,255 Corporate notes 102,879 — 102,879 — Mortgage-backed 2,587,157 — 2,587,157 — Trading account securities 890 — 890 — Equity securities with readily determinable fair value 52,460 44,394 8,066 — Mortgage loans held-for-sale 833,163 — 833,163 — Loans held-for-investment 254,614 — 240,661 13,953 MSRs 77,203 — — 77,203 Nonqualified deferred compensation assets 13,576 — 13,576 — Derivative assets 327,624 — 269,191 58,433 Total $ 4,754,491 $ 104,933 $ 4,380,421 $ 269,137 Derivative liabilities $ 355,265 $ — $ 355,265 $ — The aggregate remaining contractual principal balance outstanding as of June 30, 2021, December 31, 2020 and June 30, 2020 for mortgage loans held-for-sale measured at fair value under ASC 825 was $949.5 million, $1.2 billion and $781.8 million, respectively, while the aggregate fair value of mortgage loans held-for-sale was $985.0 million, $1.3 billion and $833.2 million, for the same respective periods, as shown in the above tables. There were $110.7 million of loans past due greater than 90 days and still accruing in the mortgage loans held-for-sale portfolio as of June 30, 2021 compared to $134.1 million as of December 31, 2020 and $1.3 million as of June 30, 2020. All of the loans past due greater than 90 days and still accruing as of June 30, 2021 were individual delinquent mortgage loans bought back from GNMA at the unconditional option of the Company as servicer for those loans. The changes in Level 3 assets measured at fair value on a recurring basis during the three and six months ended June 30, 2021 and 2020 are summarized as follows: U.S. Government agencies Loans held-for- investment Mortgage Derivative assets (In thousands) Municipal Balance at April 1, 2021 $ 101,748 $ 1,784 $ 6,408 $ 124,316 $ 25,634 Total net gains (losses) included in: Net income (1) — (4) 167 3,288 (3,064) Other comprehensive income (loss) (374) — — — — Purchases 18,163 — — — — Issuances — — — — — Sales — — — — — Settlements (1,931) (1,780) (59) — — Net transfers into/(out of) Level 3 — — 4,491 — — Balance at June 30, 2021 $ 117,606 $ — $ 11,007 $ 127,604 $ 22,570 (1) Changes in the balance of MSRs and derivative assets related to fair value adjustments are recorded as components of mortgage banking revenue. Changes in the balance of loans held-for-investment related to fair value adjustments are recorded as other non-interest income. U.S. Government Agencies Loans held-for- investment Mortgage Derivative Assets (In thousands) Municipal Balance at January 1, 2021 $ 109,876 $ 1,966 $ 10,280 $ 92,081 $ 48,091 Total net gains (losses) included in: Net income (1) — (4) (363) 35,523 (25,521) Other comprehensive income (loss) (2,442) (24) — — — Purchases 18,163 — — — — Issuances — — — — — Sales — — — — — Settlements (7,991) (1,938) (3,977) — — Net transfers into/(out of) Level 3 — — 5,067 — — Balance at June 30, 2021 $ 117,606 $ — $ 11,007 $ 127,604 $ 22,570 U.S. Government agencies Loans held-for- investment Mortgage Derivative assets (In thousands) Municipal Balance at April 1, 2020 $ 113,267 $ 2,457 $ 9,568 $ 73,504 $ 39,816 Total net gains (losses) included in: Net income (1) — — 200 3,699 18,617 Other comprehensive income (loss) (546) (7) — — — Purchases 6,997 — — — — Issuances — — — — — Sales — — — — — Settlements (2,463) (157) (1,364) — — Net transfers into/(out of) Level 3 — — 5,549 — — Balance at June 30, 2020 $ 117,255 $ 2,293 $ 13,953 $ 77,203 $ 58,433 U.S. Government Agencies Loans held-for- investment Mortgage Derivative Assets (In thousands) Municipal Balance at January 1, 2020 $ 111,950 $ 2,646 $ 9,620 $ 85,638 $ 2,631 Total net gains (losses) included in: Net income (1) — — 122 (8,435) 55,802 Other comprehensive income (loss) (1,795) (39) — — — Purchases 12,872 — — — — Issuances — — — — — Sales — — — — — Settlements (5,772) (314) (1,460) — — Net transfers into/(out of) Level 3 — — 5,671 — — Balance at June 30, 2020 $ 117,255 $ 2,293 $ 13,953 $ 77,203 $ 58,433 (1) Changes in the balance of MSRs and derivative assets related to fair value adjustments are recorded as components of mortgage banking revenue. Changes in the balance of loans held-for-investment related to fair value adjustments are recorded as other non-interest income. Also, the Company may be required, from time to time, to measure certain other assets at fair value on a nonrecurring basis in accordance with GAAP. These adjustments to fair value usually result from impairment charges on individual assets. For assets measured at fair value on a nonrecurring basis that were still held in the balance sheet at the end of the period, the following table provides the carrying value of the related individual assets or portfolios at June 30, 2021: June 30, 2021 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (In thousands) Total Level 1 Level 2 Level 3 Individually assessed loans - foreclosure probable and collateral-dependent $ 79,696 $ — $ — $ 79,696 $ 3,983 $ 16,531 Other real estate owned (1) 15,572 — — 15,572 749 919 Total $ 95,268 $ — $ — $ 95,268 $ 4,732 $ 17,450 (1) Fair value losses recognized, net on other real estate owned include valuation adjustments and charge-offs during the respective period. Individually assessed loans —In accordance with ASC 326, the allowance for credit losses for loans and other financial assets held at amortized cost should be measured on a collective or pooled basis when such assets exhibit similar risk characteristics. In instances in which a financial asset does not exhibit similar risk characteristics to a pool, the Company is required to measure such allowance for credit losses on an individual asset basis. For the Company's loan portfolio, nonaccrual loans and TDRs are considered to not exhibit similar risk characteristics as pools and thus are individually assessed. Credit losses are measured by estimating the fair value of the loan based on the present value of expected cash flows, the market price of the loan, or the fair value of the underlying collateral. Individually assessed loans are considered a fair value measurement where an allowance for credit loss is established based on the fair value of collateral. Appraised values on relevant real estate properties, which may require adjustments to market-based valuation inputs, are generally used on foreclosure probable and collateral-dependent loans within the real estate portfolios. The Company’s Managed Assets Division is primarily responsible for the valuation of Level 3 inputs of individually assessed loans. For more information on individually assessed loans refer to Note 6 – Allowance for Credit Losses. At June 30, 2021, the Company had $113.9 million of individually assessed loans classified as Level 3. Of the $113.9 million of individually assessed loans, $79.7 million were measured at fair value based on the underlying collateral of the loan as shown in the table above. The remaining $34.2 million were valued based on discounted cash flows in accordance with ASC 310. Other real estate owned —Other real estate owned is comprised of real estate acquired in partial or full satisfaction of loans and is included in other assets. Other real estate owned is recorded at its estimated fair value less estimated selling costs at the date of transfer, with any excess of the related loan balance over the fair value less expected selling costs charged to the allowance for loan losses. Subsequent changes in value are reported as adjustments to the carrying amount and are recorded in other non-interest expense. Gains and losses upon sale, if any, are also charged to other non-interest expense. Fair value is generally based on third party appraisals and internal estimates that are adjusted by a discount representing the estimated cost of sale and is therefore considered a Level 3 valuation. The Company’s Managed Assets Division is primarily responsible for the valuation of Level 3 inputs for other real estate owned. At June 30, 2021, the Company had $15.6 million of other real estate owned classified as Level 3. The unobservable input applied to other real estate owned relates to the 10% reduction to the appraisal value representing the estimated cost of sale of the foreclosed property. A higher discount for the estimated cost of sale results in a decreased carrying value. The valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at June 30, 2021 were as follows: (Dollars in thousands) Fair Value Valuation Methodology Significant Unobservable Input Range Weighted Impact to valuation Measured at fair value on a recurring basis: Municipal Securities $ 117,606 Bond pricing Equivalent rating BBB-AA+ N/A Increase Loans held-for-investment 11,007 Discounted cash flows Discount rate 2.88% 2.88% Decrease Credit discount 0%-3% 0.61% Decrease Constant prepayment rate (CPR) 13.30% 13.30% Decrease MSRs 127,604 Discounted cash flows Discount rate 6%-21% 9.85% Decrease Constant prepayment rate (CPR) 6%-92% 13.30% Decrease Cost of servicing $70-$200 $76 Decrease Cost of servicing - delinquent $200-$1,000 $340 Decrease Derivatives 22,570 Discounted cash flows Pull-through rate 1%-100% 83.98% Increase Measured at fair value on a non-recurring basis: Individually assessed loans - foreclosure probable and collateral-dependent $ 79,696 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease Other real estate owned 15,572 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease The Company is required under applicable accounting guidance to report the fair value of all financial instruments on the Consolidated Statements of Condition, including those financial instruments carried at cost. The table below presents the carrying amounts and estimated fair values of the Company’s financial instruments as of the dates shown: At June 30, 2021 At December 31, 2020 At June 30, 2020 Carrying Fair Carrying Fair Carrying Fair (In thousands) Value Value Value Value Value Value Financial Assets: Cash and cash equivalents $ 435,009 $ 435,009 $ 322,474 $ 322,474 $ 345,057 $ 345,057 Interest-bearing deposits with banks 4,707,415 4,707,415 4,802,527 4,802,527 4,015,072 4,015,072 Available-for-sale securities 2,188,608 2,188,608 3,055,839 3,055,839 3,194,961 3,194,961 Held-to-maturity securities 2,498,232 2,480,232 579,138 593,767 728,465 744,286 Trading account securities 2,667 2,667 671 671 890 890 Equity securities with readily determinable fair value 86,316 86,316 90,862 90,862 52,460 52,460 FHLB and FRB stock, at cost 136,625 136,625 135,588 135,588 135,571 135,571 Brokerage customer receivables 23,093 23,093 17,436 17,436 14,623 14,623 Mortgage loans held-for-sale, at fair value 984,994 984,994 1,272,090 1,272,090 833,163 833,163 Loans held-for-investment, at fair value 55,340 55,340 55,134 55,134 254,614 254,614 Loans held-for-investment, at amortized cost 32,855,847 32,831,405 32,023,939 31,871,683 31,148,289 31,004,403 Nonqualified deferred compensation assets 16,590 16,590 15,398 15,398 13,576 13,576 Derivative assets 212,380 212,380 278,423 278,423 327,624 327,624 Accrued interest receivable and other 270,087 270,087 272,339 272,339 263,743 263,743 Total financial assets $ 44,473,203 $ 44,430,761 $ 42,921,858 $ 42,784,231 $ 41,328,108 $ 41,200,043 Financial Liabilities Non-maturity deposits $ 34,440,741 $ 34,440,741 $ 32,116,023 $ 32,116,023 $ 30,814,487 $ 30,814,487 Deposits with stated maturities 4,363,875 4,352,116 4,976,628 4,969,849 4,837,387 4,838,831 FHLB advances 1,241,071 1,161,457 1,228,429 1,172,315 1,228,416 1,181,462 Other borrowings 518,493 518,493 518,928 518,928 508,535 508,535 Subordinated notes 436,719 476,683 436,506 473,093 436,298 473,324 Junior subordinated debentures 253,566 206,614 253,566 204,713 253,566 170,449 Derivative liabilities 193,439 193,439 288,465 288,465 355,265 355,265 Accrued interest payable 10,551 10,551 15,645 15,645 17,200 17,200 Total financial liabilities $ 41,458,455 $ 41,360,094 $ 39,834,190 $ 39,759,031 $ 38,451,154 $ 38,359,553 Not all the financial instruments listed in the table above are subject to the disclosure provisions of ASC Topic 820, as certain assets and liabilities result in their carrying value approximating fair value. These include cash and cash equivalents, interest bearing deposits with banks, brokerage customer receivables, FHLB and FRB stock, accrued interest receivable and accrued interest payable and non-maturity deposits. The following methods and assumptions were used by the Company in estimating fair values of financial instruments that were not previously disclosed. Held-to-maturity securities. Held-to-maturity securities include U.S. Government-sponsored agency securities and municipal bonds issued by various municipal government entities primarily located in the Chicago metropolitan area and southern Wisconsin. Fair values for held-to-maturity securities are typically based on prices obtained from independent pricing vendors. In accordance with ASC 820, the Company has generally categorized these held-to-maturity securities as a Level 2 fair value measurement. Fair values for certain other held-to-maturity securities are based on the bond pricing methodology discussed previously related to certain available-for-sale securities. In accordance with ASC 820, the Company has categorized these held-to-maturity securities as a Level 3 fair value measurement. Loans held-for-investment, at amortized cost. Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are analyzed by type such as commercial, residential real estate, etc. Each category is further segmented by interest rate type (fixed and variable) and term. For variable-rate loans that reprice frequently, estimated fair values are based on carrying values. The fair value of residential loans is based on secondary market sources for securities backed by similar loans, adjusted for differences in loan characteristics. The fair value for other fixed rate loans is estimated by discounting scheduled cash flows through the estimated maturity using estimated market discount rates that reflect credit and interest rate risks inherent in the loan. In accordance with ASC 820, the Company has categorized loans as a Level 3 fair value measurement. Deposits with stated maturities. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently in effect for deposits of similar remaining maturities. In accordance with ASC 820, the Company has categorized deposits with stated maturities as a Level 3 fair value measurement. FHLB advances. The fair value of FHLB advances is obtained from the FHLB which uses a discounted cash flow analysis based on current market rates of similar maturity debt securities to discount cash flows. In accordance with ASC 820, the Company has categorized FHLB advances as a Level 3 fair value measurement. Subordinated notes. The fair value of the subordinated notes is based on a market price obtained from an independent pricing vendor. In accordance with ASC 820, the Company has categorized subordinated notes as a Level 2 fair value measurement. Junior subordinated debentures. The fair value of the junior subordinated debentures is based on the discounted value of contractual cash flows. In accordance with ASC 820, the Company has categorized junior subordinated debentures as a Level 3 fair value measurement.

Stock-Based Compensation Plans

Stock-Based Compensation Plans6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Stock-Based Compensation PlansStock-Based Compensation Plans In May 2015, the Company’s shareholders approved the 2015 Stock Incentive Plan (“the 2015 Plan”) which provides for the issuance of up to 5,485,000 shares of common stock. The 2015 Plan replaced the 2007 Stock Incentive Plan (“the 2007 Plan”) which replaced the 1997 Stock Incentive Plan (“the 1997 Plan”). The 2015 Plan, the 2007 Plan and the 1997 Plan are collectively referred to as “the Plans.” The 2015 Plan has substantially similar terms to the 2007 Plan and the 1997 Plan. Awards granted under the Plans for which common shares are not issued by reason of cancellation, forfeiture, lapse of such award or settlement of such award in cash, are again available under the 2015 Plan. All grants made after the approval of the 2015 Plan are made pursuant to the 2015 Plan. As of June 30, 2021, approximately 978,000 shares were available for future grants assuming the maximum number of shares are issued for the performance awards outstanding. The Plans cover substantially all employees of Wintrust. The Compensation Committee of the Board of Directors administers all stock-based compensation programs and authorizes all awards granted pursuant to the Plans. The Plans permit the grant of incentive stock options, non-qualified stock options, stock appreciation rights, stock awards, restricted share or unit awards, performance awards and other incentive awards valued in whole or in part by reference to the Company’s common stock, all on a stand alone, combination or tandem basis. The Company historically awarded stock-based compensation in the form of time-vested non-qualified stock options and time-vested restricted share unit awards (“restricted shares”). The grants of options provide for the purchase of shares of the Company’s common stock at the fair market value of the stock on the date the options are granted. Stock options generally vest ratably over periods of three one Beginning in 2011, the Company has awarded annual grants under the Long-Term Incentive Program (“LTIP”), which is administered under the Plans. The LTIP is designed in part to align the interests of management with the interests of shareholders, foster retention, create a long-term focus based on sustainable results and provide participants with a target long-term incentive opportunity. LTIP grants in 2021 consisted of a combination of performance-based stock awards with a performance condition metric, performance-based stock awards with a market condition metric and time-vested restricted shares, and in 2020 consisted of a combination of performance-based stock awards and performance-based cash awards (both with a performance condition metric) and time-vested restricted shares. LTIP grants from 2017 through 2019 consisted of a combination of performance-based stock awards and performance-based cash awards, and prior to 2017, nonqualified stock options were in the mix of award types. Stock options granted under the LTIP have a term of seven years and generally vested equally over three years based on continued service. Performance-based stock and cash awards granted under the LTIP are contingent upon the achievement of pre-established long-term performance goals set in advance by the Compensation Committee over a three-year period starting at the beginning of each calendar year. Performance-based stock awards with a market condition metric are contingent on the total shareholder return performance over a three-year period starting at the beginning of each calendar year relative to the KBW Regional Bank Index. These performance awards are granted at a target level, and based on the Company’s achievement of the pre-established long-term goals, the actual payouts can range from 0% to a maximum of 150% of the target award. The awards typically vest in the quarter after the end of the performance period upon certification of the payout by the Compensation Committee of the Board of Directors. Holders of performance-based stock awards are entitled to receive, at no cost, the shares earned based on the achievement of the pre-established long-term goals. Holders of restricted share awards and performance-based stock awards received under the Plans are not entitled to vote or receive cash dividends (or cash payments equal to the cash dividends) on the underlying common shares until the awards are vested and shares are issued. Shares that are vested but not issuable pursuant to deferred compensation arrangements accrue additional shares based on the value of dividends otherwise paid. Except in limited circumstances, these awards are canceled upon termination of employment without any payment of consideration by the Company. Stock-based compensation is measured as the fair value of an award on the date of grant, and the measured cost is recognized over the period which the recipient is required to provide service in exchange for the award. The fair value of restricted share and performance-based stock awards with a performance condition metric is determined based on the average of the high and low trading prices on the grant date. The fair value of performance stock awards with a market condition metric is estimated using a Monte Carlo simulation model and the fair value of stock options is estimated using a Black-Scholes option-pricing model. The Monte Carlo simulation model and the Black-Scholes option-pricing model require the input of highly subjective assumptions and are sensitive to changes in the award's expected life and the price volatility of the underlying stock, which can materially affect the fair value estimates. Management periodically reviews and adjusts the assumptions used to calculate the fair value of such awards when granted. No options have been granted since 2016. Stock based compensation is recognized based upon the number of awards that are ultimately expected to vest, taking into account expected forfeitures. In addition, for performance-based awards with a performance metric, an estimate is made of the number of shares expected to vest as a result of actual performance against the performance criteria in the award to determine the amount of compensation expense to recognize. The estimate is re-evaluated quarterly and total compensation expense is adjusted for any change in estimate in the current period. Stock-based compensation expense recognized in the Consolidated Statements of Income was $3.3 million in the second quarter of 2021 and $540,000 in the second quarter of 2020, and $6.2 million and $(2.3) million in the 2021 and 2020 year-to-date periods, respectively. A summary of the Company's stock option activity for the six months ended June 30, 2021 and June 30, 2020 is presented below: Stock Options Common Weighted Remaining Contractual Term (1) Intrinsic Value (2) (in thousands) Outstanding at January 1, 2021 520,663 $ 42.47 Granted — — Exercised (237,892) 43.05 Forfeited or canceled (590) 46.86 Outstanding at June 30, 2021 282,181 $ 41.98 1.7 $ 9,496 Exercisable at June 30, 2021 280,632 $ 41.95 1.6 $ 9,453 Stock Options Common Weighted Remaining Contractual Term (1) Intrinsic Value (2) (in thousands) Outstanding at January 1, 2020 755,332 $ 42.43 Granted — — Exercised (98,659) 38.75 Forfeited or canceled (648) 46.86 Outstanding at June 30, 2020 656,025 $ 42.98 2.2 $ 970 Exercisable at June 30, 2020 648,124 $ 42.97 2.2 $ 957 (1) Represents the remaining weighted average contractual life in years. (2) Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company's stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company's stock. The aggregate intrinsic value of options exercised during the six months ended June 30, 2021 and June 30, 2020, was $7.6 million and $2.7 million, respectively. Cash received from option exercises under the Plans for the six months ended June 30, 2021 and June 30, 2020 was $10.2 million and $3.8 million, respectively. A summary of the Plans' restricted share activity for the six months ended June 30, 2021 and June 30, 2020 is presented below: Six months ended June 30, 2021 Six months ended June 30, 2020 Restricted Shares Common Weighted Common Weighted Outstanding at January 1 234,794 $ 59.02 144,328 $ 60.37 Granted 261,498 63.01 106,139 62.53 Vested and issued (10,022) 75.15 (12,099) 76.98 Forfeited or canceled (7,525) 63.76 (4,162) 79.22 Outstanding at June 30 478,745 $ 60.79 234,206 $ 60.16 Vested, but not issuable at June 30 94,729 $ 52.30 92,910 $ 52.14 A summary of the Plans' performance-based stock award activity, based on the target level of the awards, for the six months ended June 30, 2021 and June 30, 2020 is presented below: Six months ended June 30, 2021 Six months ended June 30, 2020 Performance-based Stock Common Weighted Common Weighted Outstanding at January 1 482,608 $ 71.15 465,515 $ 74.37 Granted 207,620 58.93 169,642 63.56 Added by performance factor at vesting — — 48,831 72.59 Vested and issued — — (180,789) 72.59 Expired, canceled or forfeited (131,287) 86.79 (8,666) 72.74 Outstanding at June 30 558,941 $ 62.94 494,533 $ 71.19 Vested, but deferred at June 30 34,889 $ 43.41 34,219 $ 43.07

Shareholders' Equity and Earnin

Shareholders' Equity and Earnings Per Share6 Months Ended
Jun. 30, 2021
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Shareholders' Equity and Earnings Per ShareShareholders’ Equity and Earnings Per Share Series D Preferred Stock In June 2015, the Company issued and sold 5,000,000 shares of fixed-to-floating non-cumulative perpetual preferred stock, Series D, liquidation preference $25 per share (the “Series D Preferred Stock”) for $125.0 million in a public offering. When, as and if declared, dividends on the Series D Preferred Stock are payable quarterly in arrears at a fixed rate of 6.50% per annum from the original issuance date to, but excluding, July 15, 2025, and from (and including) that date at a floating rate equal to three-month LIBOR plus a spread of 4.06% per annum. Series E Preferred Stock In May 2020, the Company issued 11,500 shares of fixed-rate reset non-cumulative perpetual preferred stock, Series E, liquidation preference $25,000 per share (the “Series E Preferred Stock”) as part of a $287.5 million public offering of 11,500,000 depositary shares, each representing a 1/1,000th interest in a share of Series E Preferred Stock. When, as and if declared, dividends on the Series E Preferred Stock are payable quarterly in arrears at a fixed rate of 6.875% per annum starting on October 15, 2020. Other At the January 2021 Board of Directors meeting, a quarterly cash dividend of $0.31 per share ($1.24 on an annualized basis) was declared. It was paid on February 25, 2021 to shareholders of record as of February 11, 2021. At the April 2021 Board of Directors meeting, a quarterly cash dividend of $0.31 per share ($1.24 on an annualized basis) was declared. It was paid on May 20, 2021 to shareholders of record as of May 6, 2021. Accumulated Other Comprehensive Income (Loss) The following tables summarize the components of other comprehensive income (loss), including the related income tax effects, and the related amount reclassified to net income for the periods presented (in thousands). Accumulated Accumulated Accumulated Total Balance at April 1, 2021 $ 26,022 $ 14,167 $ (30,085) $ 10,104 Other comprehensive income (loss) during the period, net of tax, before reclassifications 4,628 (11,483) 2,309 (4,546) Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax (427) 5,036 — 4,609 Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax (34) — — (34) Net other comprehensive income (loss) during the period, net of tax $ 4,167 $ (6,447) $ 2,309 $ 29 Balance at June 30, 2021 $ 30,189 $ 7,720 $ (27,776) $ 10,133 Balance at January 1, 2021 $ 70,737 $ (23,090) $ (32,265) $ 15,382 Other comprehensive (loss) income during the period, net of tax, before reclassifications (39,891) 20,862 4,489 (14,540) Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax (581) 9,948 — 9,367 Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax (76) — — (76) Net other comprehensive (loss) income during the period, net of tax $ (40,548) $ 30,810 $ 4,489 $ (5,249) Balance at June 30, 2021 $ 30,189 $ 7,720 $ (27,776) $ 10,133 Balance at April 1, 2020 $ 81,573 $ (41,512) $ (47,664) $ (7,603) Other comprehensive income (loss) during the period, net of tax, before reclassifications 3,718 (6,092) 5,167 2,793 Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax 249 3,998 — 4,247 Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax (34) — — (34) Net other comprehensive income (loss) during the period, net of tax $ 3,933 $ (2,094) $ 5,167 $ 7,006 Balance at June 30, 2020 $ 85,506 $ (43,606) $ (42,497) $ (597) Balance at January 1, 2020 $ 14,982 $ (13,141) $ (36,519) $ (34,678) Other comprehensive income (loss) during the period, net of tax, before reclassifications 70,725 (35,262) (5,978) 29,485 Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax (110) 4,797 — 4,687 Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax (91) — — (91) Net other comprehensive income (loss) during the period, net of tax $ 70,524 $ (30,465) $ (5,978) $ 34,081 Balance at June 30, 2020 $ 85,506 $ (43,606) $ (42,497) $ (597) Amount Reclassified from Accumulated Other Comprehensive Income (Loss) for the Details Regarding the Component of Accumulated Other Comprehensive Income (Loss) Three Months Ended Six Months Ended Impacted Line on the June 30, June 30, 2021 2020 2021 2020 Accumulated unrealized gains on securities Gains (losses) included in net income $ 584 $ (341) $ 794 $ 150 Gains (losses) on investment securities, net 584 (341) 794 150 Income before taxes Tax effect (157) 92 (213) (40) Income tax expense Net of tax $ 427 $ (249) $ 581 $ 110 Net income Accumulated unrealized gains on derivative instruments Amount reclassified to interest expense on deposits $ 5,054 $ 4,363 $ 9,951 $ 4,922 Interest on deposits Amount reclassified to interest expense on other borrowings 653 426 1,322 718 Interest on other borrowings Amount reclassified to interest expense on junior subordinated debentures 1,159 662 2,289 901 Interest on junior subordinated debentures (6,866) (5,451) (13,562) (6,541) Income before taxes Tax effect 1,830 1,453 3,614 1,744 Income tax expense Net of tax $ (5,036) $ (3,998) $ (9,948) $ (4,797) Net income Earnings per Share The following table shows the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended Six Months Ended (In thousands, except per share data) June 30, June 30, June 30, June 30, Net income $ 105,109 $ 21,659 $ 258,257 $ 84,471 Less: Preferred stock dividends 6,991 2,050 13,982 4,100 Net income applicable to common shares (A) $ 98,118 $ 19,609 $ 244,275 $ 80,371 Weighted average common shares outstanding (B) 57,049 57,567 56,977 57,593 Effect of dilutive potential common shares Common stock equivalents 726 414 691 481 Weighted average common shares and effect of dilutive potential common shares (C) 57,775 57,981 57,668 58,074 Net income per common share: Basic (A/B) $ 1.72 $ 0.34 $ 4.29 $ 1.40 Diluted (A/C) $ 1.70 $ 0.34 $ 4.24 $ 1.38 Potentially dilutive common shares can result from stock options, restricted stock unit awards, stock warrants and shares to be issued under the Employee Stock Purchase Plan and the Directors Deferred Fee and Stock Plan, being treated as if they had been either exercised or issued, computed by application of the treasury stock method. While potentially dilutive common shares are typically included in the computation of diluted earnings per share, potentially dilutive common shares are excluded from this computation in periods in which the effect would reduce the loss per share or increase the income per share.

Basis of Presentation_2

Basis of Presentation6 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of AccountingThe interim consolidated financial statements of Wintrust Financial Corporation and its subsidiaries (collectively, “Wintrust” or the “Company”) presented herein are unaudited, but in the opinion of management, reflect all necessary adjustments of a normal or recurring nature for a fair presentation of results as of the dates and for the periods covered by the interim consolidated financial statements. The accompanying interim consolidated financial statements are unaudited and do not include information or footnotes necessary for a complete presentation of financial condition, results of operations or cash flows in accordance with U.S. generally accepted accounting principles (“GAAP”). The interim unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”). Operating results reported for the period are not necessarily indicative of the results which may be expected for the entire year. Reclassifications of certain prior period amounts have been made to conform to the current period presentation. The preparation of the financial statements requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities. Management believes that the estimates made are reasonable; however, changes in estimates may be required if economic or other conditions develop differently from management’s expectations. Certain policies and accounting principles inherently have a greater reliance on the use of estimates, assumptions and judgments and as such have a greater possibility of producing results that could be materially different than originally reported. Management views critical accounting policies to be those which are highly dependent on subjective or complex judgments, estimates and assumptions, and where changes in those estimates and assumptions could have a significant impact on the financial statements. Management currently views the determination of the allowance for credit losses, including the allowance for loan losses, the allowance for unfunded commitment losses and the allowance for held-to-maturity securities losses, estimations of fair value, the valuations required for impairment testing of goodwill, the valuation and accounting for derivative instruments and income taxes as the accounting areas that require the most subjective and complex judgments, and as such could be the most subject to revision as new information becomes available. Descriptions of the Company's significant accounting policies are included in Note 1 - “Summary of Significant Accounting Policies” of the 2020 Form 10-K.

Recent Accounting Developments

Recent Accounting Developments (Policies)6 Months Ended
Jun. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting DevelopmentsLegislation and Regulations Issued as a Result of the COVID-19 Pandemic On March 27, 2020, the President of the United States signed the Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act" or the "Act"), which provides entities with optional temporary relief from certain accounting and financial reporting requirements under U.S. GAAP. Section 4013 of the CARES Act allows financial institutions to suspend application of certain current troubled debt restructuring ("TDR") accounting guidance under Accounting Standards Codification (“ASC”) 310-40 for loan modifications related to the COVID-19 pandemic made between March 1, 2020 and the earlier of December 31, 2020 or 60 days after the end of the COVID-19 national emergency, provided certain criteria are met. This relief can be applied to loan modifications for borrowers that were not more than 30 days past due as of December 31, 2019 and to loan modifications that defer or delay the payment of principal or interest, or change the interest rate on the loan. On December 27, 2020, the Consolidated Appropriations Act, 2021 (the "CAA"), which combined stimulus relief for the COVID-19 pandemic with an omnibus spending bill for the 2021 fiscal year, was signed by the President of the United States. The CAA included extension of TDR accounting relief provided under the CARES Act to January 1, 2022. The Company chose to apply this relief to eligible loan modifications. The business tax provisions of the Act include temporary changes to income and non-income based tax laws, including immediate recovery of qualified improvement property costs and acceleration of Alternative Minimum Tax (AMT) credits. These provisions did not have a material impact on the Company's deferred taxes. In April 2020, federal and state banking regulators issued the Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by the Coronavirus to provide separate relief, specifically indicating that if a modification is either short-term (e.g., six months) or mandated by a federal or state government in response to the COVID-19 pandemic, the borrower is not considered to be experiencing financial difficulty and thus does not represent a TDR under ASC 310-40. Additionally, in August 2020, regulators issued the Joint Statement on Additional Loan Accommodations Related to the COVID-19 pandemic to provide prudent risk management and consumer protection principles for financial institutions to consider while working with borrowers as loans near the end of initial loan accommodation periods applicable during the COVID-19 pandemic. The Company continues to prudently work with borrowers negatively impacted by the COVID-19 pandemic while managing credit risks and recognizing appropriate allowance for credit losses on its loan portfolio. Reference Rate Reform In March 2020, the FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848),” which provides temporary optional relief for contracts modified as a result of reference rate reform meeting certain modification criteria, generally allowing an entity to account for contract modifications occurring due to reference rate reform as an event that does not require contract remeasurement or reassessment of a previous accounting determination at the modification date. The guidance also includes temporary optional expedients intended to provide relief from various hedge effectiveness requirements for hedging relationships affected by reference rate reform, provided certain criteria are met, and allows a one-time election to sell or transfer to either available-for-sale or trading any held-to-maturity ("HTM") debt securities that refer to an interest rate affected by reference rate reform and were classified as HTM prior to January 1, 2020. Additionally, in January 2021, the FASB issued ASU No. 2021-01, “Reference Rate Reform (Topic 848): Scope,” which provided additional clarification that certain optional expedients and exceptions noted above apply to derivative instruments that use an interest rate for margining, discounting or contract price alignment that is modified as a result of reference rate reform. This guidance was effective upon issuance and can be applied prospectively, with certain exceptions, through December 31, 2022. In November 2020, federal and state banking regulators issued the “Interagency Policy Statement on Reference Rates for Loans" to reiterate that a specific replacement rate for loans impacted by reference rate reform has not been endorsed and entities may utilize any replacement reference rate determined to be appropriate based on its funding model and customer needs. As discussed in the “Interagency Policy Statement on Reference Rates for Loans," fallback language should be included in lending contracts to provide for use of a robust fallback rate if the initial reference rate is discontinued. Additionally, federal banking regulators issued the "Interagency Statement on LIBOR Transition" acknowledging that the administrator of USD LIBOR benchmarks has announced it will consult on its intention to cease the publication of the one week and two month USD LIBOR settings immediately following the LIBOR publication on December 31, 2021, and the remaining USD LIBOR settings immediately following the LIBOR publication on June 30, 2023. On March 5, 2021, the administrator of USD LIBOR benchmarks confirmed these dates and will cease publication of USD LIBOR tenors accordingly. As discussed in the "Interagency Statement on LIBOR Transition," regulators encouraged banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, in order to facilitate an orderly, safe and sound LIBOR transition. The Company continues to monitor efforts and evaluate the impact of reference rate reform on its consolidated financial statements. Income Taxes In December 2019, the FASB issued ASU No. 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes," to simplify the accounting for income taxes by removing certain exceptions to the general principles of ASC 740, "Income Taxes". The guidance also improved consistent application by clarifying and amending existing guidance from ASC 740. The Company adopted ASU No. 2019-12 as of January 1, 2021. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Investment Securities In January 2020, the FASB issued ASU No. 2020-01, “Clarifying the Interactions Between Investments-Equity Securities (ASC Topic 321), Investments-Equity Method and Joint Ventures (ASC Topic 323), and Derivatives and Hedging (ASC Topic 815),” which amended ASC 323, Investments-Equity Method & Joint Ventures to clarify that an entity should consider observable transactions that require it to either apply or discontinue using the equity method of accounting for purposes of applying the measurement alternative in accordance with ASC 321, Investments-Equity Securities, immediately before applying or discontinuing the equity method under ASC 323. The guidance also amended ASC 815, Derivatives & Hedging, to clarify that, when determining the accounting for certain nonderivative forward contracts and purchased options, an entity should not consider how to account for the resulting investments upon eventual settlement or exercise, and that an entity should evaluate the remaining characteristics in accordance with ASC 815 to determine the accounting for those forward contracts and purchased options. The Company adopted ASU No. 2020-01 as of January 1, 2021 under a prospective approach. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Codification Improvements In October 2020, the FASB issued ASU No. 2020-08, “Codification Improvements to Subtopic 310-20, Receivables — Nonrefundable Fees and Other Costs,” clarifying that, for each reporting period, an entity should reevaluate whether a callable debt security with multiple call dates is within the scope of ASC 310-20, which was amended to require amortization of any premium to the next call date. The next call date was defined as the first date when a call option at a specified price becomes exercisable. The Company adopted ASU No. 2020-08 as of January 1, 2021 under a prospective approach. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Additionally, the FASB issued ASU No. 2020-10, “Codification Improvements,” in October 2020 to improve the consistency of the Codification by adding or moving disclosure-specific guidance contained in the Other Presentation Matters section to the appropriate Disclosure Section for various Topics. The Company adopted ASU No. 2020-10 as of January 1, 2021 under a retrospective approach. Adoption of this standard did not have a material impact on the Company’s consolidated financial statements. SEC Amendments to Financial Disclosures about Acquired and Disposed Businesses In May 2020, the SEC issued a final rule on “Amendments to Financial Disclosures about Acquired and Disposed Businesses,” which provides for specific disclosure changes, including revising the investment and income significance tests, conforming the significance threshold and tests for a disposed business to those used for an acquired business, permitting abbreviated financial statements for certain acquisitions of a component of an entity, and reducing the maximum number of years for which financial statements are required for acquired businesses from three years to two years, among other amendments. This guidance was effective on January 1, 2021. The Company does not expect this to have a material impact on the Company’s consolidated financial statements. Debt In August 2020, the FASB issued ASU No. 2020-06, “Debt-Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity,” which includes provisions for reducing the number of accounting models used in accounting for convertible debt instruments and convertible preferred stock, amending derivatives and earnings-per-share (EPS) guidance and expanding disclosures for convertible debt instruments and EPS. This guidance is effective for fiscal years beginning after December 15, 2021, including interim periods therein, and is to be applied under either a full or modified retrospective approach. Early adoption is permitted. The Company does not expect this guidance to have a material impact on the Company’s consolidated financial statements. SEC Update of Statistical Disclosures for Bank and Savings and Loan Registrants In September 2020, the SEC issued a final rule on the “Update of Statistical Disclosures for Bank and Savings and Loan Registrants,” which adopts rules to update statistical disclosure requirements for banking registrants. The amendments update and expand the disclosures that registrants are required to provide, codify certain Industry Guide 3 disclosure items and eliminate other Guide 3 disclosures that overlap with SEC rules, GAAP or IFRS standards. In addition, Guide 3 is being rescinded and replaced with a new subpart of Regulation S-K. The SEC ruling is applicable to fiscal years beginning after December 15, 2021 and early compliance is permitted. The Company does not expect this guidance to have a material impact on the Company’s consolidated financial statements. Issuer’s Accounting for Modifications or Exchanges of Freestanding Equity-Classified Written Call Options In May 2021, the FASB issued ASU No. 2021-04, “Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options,” which requires an issuer to account for any modification or exchange of the terms or conditions of a freestanding written call option classified as equity, such as warrants, that remains classified as equity as an exchange of the original instrument for a new instrument and provides a framework for measuring and recognizing the effect of the exchange as an adjustment to either equity or expense. This guidance is effective for fiscal years beginning after December 15, 2021, including interim periods therein, and is to be applied prospectively. Early adoption is permitted. The Company does not expect this guidance to have a material impact on the Company’s consolidated financial statements.
Cash and Cash EquivalentsFor purposes of the Consolidated Statements of Cash Flows, the Company considers cash and cash equivalents to include cash on hand, cash items in the process of collection, non-interest bearing amounts due from correspondent banks, federal funds sold and securities purchased under resale agreements with original maturities of three months or less. These items are included within the Company’s Consolidated Statements of Condition as cash and due from banks, and federal funds sold and securities purchased under resale agreements.

Investment Securities (Tables)

Investment Securities (Tables)6 Months Ended
Jun. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Marketable SecuritiesThe following tables are a summary of the investment securities portfolios as of the dates shown: June 30, 2021 (Dollars in thousands) Amortized Gross Gross Fair Available-for-sale securities U.S. Government agencies $ 75,169 $ 3,685 $ — $ 78,854 Municipal 163,715 4,738 (157) 168,296 Corporate notes: Financial issuers 98,827 520 (1,818) 97,529 Other 1,000 13 — 1,013 Mortgage-backed: (1) Mortgage-backed securities 1,800,751 50,171 (16,839) 1,834,083 Collateralized mortgage obligations 8,596 237 — 8,833 Total available-for-sale securities $ 2,148,058 $ 59,364 $ (18,814) $ 2,188,608 Held-to-maturity securities U.S. Government agencies $ 176,152 $ 1,064 $ (3,454) $ 173,762 Municipal 191,590 10,838 (308) 202,120 Mortgage-backed securities 2,078,678 5,139 (30,834) 2,052,983 Corporate notes 51,902 — (535) 51,367 Total held-to-maturity securities $ 2,498,322 $ 17,041 $ (35,131) $ 2,480,232 Less: Allowance for credit losses (90) Held-to-maturity securities, net of allowance for credit losses $ 2,498,232 Equity securities with readily determinable fair value $ 81,401 $ 6,005 $ (1,090) $ 86,316 (1) Consisting entirely of residential mortgage-backed securities, none of which are subprime. December 31, 2020 Amortized Gross Gross Fair (Dollars in thousands) Available-for-sale securities U.S. Treasury $ 304,956 $ 15 $ — $ 304,971 U.S. Government agencies 80,074 4,439 — 84,513 Municipal 141,244 5,707 (41) 146,910 Corporate notes: Financial issuers 91,786 1,363 (2,764) 90,385 Other 1,000 20 — 1,020 Mortgage-backed: (1) Mortgage-backed securities 2,330,332 86,721 (15) 2,417,038 Collateralized mortgage obligations 10,689 313 — 11,002 Total available-for-sale securities $ 2,960,081 $ 98,578 $ (2,820) $ 3,055,839 Held-to-maturity securities U.S. Government agencies $ 177,959 $ 2,552 $ — $ 180,511 Municipal 200,707 12,232 (214) 212,725 Mortgage-backed securities 200,531 — — 200,531 Total held-to-maturity securities $ 579,197 $ 14,784 $ (214) $ 593,767 Less: Allowance for credit losses (59) Held-to-maturity securities, net of allowance for credit losses $ 579,138 Equity securities with readily determinable fair value $ 87,618 $ 3,674 $ (430) $ 90,862 (1) Consisting entirely of residential mortgage-backed securities, none of which are subprime. June 30, 2020 Amortized Gross Gross Fair (Dollars in thousands) Available-for-sale securities U.S. Treasury $ 59,949 $ 590 $ — $ 60,539 U.S. Government agencies 287,811 5,696 — 293,507 Municipal 147,411 3,721 (253) 150,879 Corporate notes: Financial issuers 106,744 514 (5,398) 101,860 Other 1,000 19 — 1,019 Mortgage-backed: (1) Mortgage-backed securities 2,459,274 110,354 (7) 2,569,621 Collateralized mortgage obligations 17,110 427 (1) 17,536 Total available-for-sale securities $ 3,079,299 $ 121,321 $ (5,659) $ 3,194,961 Held-to-maturity securities U.S. Government agencies $ 514,404 $ 4,961 $ — $ 519,365 Municipal $ 214,126 10,952 (157) 224,921 Total held-to-maturity securities $ 728,530 $ 15,913 $ (157) $ 744,286 Less: Allowance for credit losses (65) Held-to-maturity securities, net of allowance for credit losses $ 728,465 Equity securities with readily determinable fair value $ 51,673 $ 1,164 $ (377) $ 52,460 (1) Consisting entirely of residential mortgage-backed securities, none of which are subprime.
Investment Securities, Continuous Unrealized Loss Position, Fair ValueThe following table presents the portion of the Company’s available-for-sale investment securities portfolios that have gross unrealized losses, reflecting the length of time that individual securities have been in a continuous unrealized loss position at June 30, 2021: Continuous unrealized Continuous unrealized Total (Dollars in thousands) Fair Value Unrealized Losses Fair Value Unrealized Losses Fair Value Unrealized Losses Available-for-sale securities U.S. Government agencies $ — $ — $ — $ — $ — $ — Municipal 34,341 (155) 113 (2) 34,454 (157) Corporate notes: Financial issuers 24,381 (619) 47,782 (1,199) 72,163 (1,818) Other — — — — — — Mortgage-backed: Mortgage-backed securities 591,896 (16,812) 936 (27) 592,832 (16,839) Collateralized mortgage obligations — — — — — — Total available-for-sale securities $ 650,618 $ (17,586) $ 48,831 $ (1,228) $ 699,449 $ (18,814)
Schedule of Gross Gains and Losses on Investment SecuritiesThe following table provides information as to the amount of gross gains and losses, adjustments and impairment on investment securities recognized in earnings and proceeds received through the sale or call of investment securities: Three months ended June 30, Six months ended June 30, (Dollars in thousands) 2021 2020 2021 2020 Realized gains on investment securities $ 613 $ 151 $ 829 $ 647 Realized losses on investment securities (29) (492) (35) (497) Net realized gains (losses) on investment securities 584 (341) 794 150 Unrealized gains on equity securities with readily determinable fair value 751 1,647 2,626 1,647 Unrealized losses on equity securities with readily determinable fair value (50) (110) (951) (3,656) Net unrealized gains (losses) on equity securities with readily determinable fair value 701 1,537 1,675 (2,009) Upward adjustments of equity securities without readily determinable fair values — — — 393 Downward adjustments of equity securities without readily determinable fair values — — — — Impairment of equity securities without readily determinable fair values — (388) (30) (2,085) Adjustment and impairment, net, of equity securities without readily determinable fair values — (388) (30) (1,692) Gains (losses) on investment securities, net $ 1,285 $ 808 $ 2,439 $ (3,551) Proceeds from sales of available-for-sale securities (1) $ 2,376 $ 502,185 $ 2,376 $ 502,676 Proceeds from sales of equity securities with readily determinable fair value 4,750 4,000 6,259 4,030 Proceeds from sales and capital distributions of equity securities without readily determinable fair value 751 156 1,137 444 (1) Includes proceeds from available-for-sale securities sold in accordance with written covered call options sold to a third party.
Investments Classified by Contractual Maturity DateThe amortized cost and fair value of available-for-sale and held-to-maturity investment securities as of June 30, 2021, December 31, 2020 and June 30, 2020, by contractual maturity, are shown in the following table. Contractual maturities may differ from actual maturities as borrowers may have the right to call or repay obligations with or without call or prepayment penalties. Mortgage-backed securities are not included in the maturity categories in the following maturity summary as actual maturities may differ from contractual maturities because the underlying mortgages may be called or prepaid without penalties: June 30, 2021 December 31, 2020 June 30, 2020 (Dollars in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale securities Due in one year or less $ 38,298 $ 38,508 $ 343,601 $ 343,846 $ 120,316 $ 121,023 Due in one to five years 87,939 89,869 67,901 70,334 74,427 76,284 Due in five to ten years 119,858 119,979 111,886 112,178 173,429 169,249 Due after ten years 92,616 97,336 95,672 101,441 234,743 241,248 Mortgage-backed 1,809,347 1,842,916 2,341,021 2,428,040 2,476,384 2,587,157 Total available-for-sale securities $ 2,148,058 $ 2,188,608 $ 2,960,081 $ 3,055,839 $ 3,079,299 $ 3,194,961 Held-to-maturity securities Due in one year or less $ 5,119 $ 5,152 $ 7,138 $ 7,186 $ 6,988 $ 7,028 Due in one to five years 56,059 56,988 22,217 23,068 21,818 22,362 Due in five to ten years 171,908 178,864 150,621 159,293 146,937 153,664 Due after ten years 186,558 186,245 198,690 203,689 552,787 561,232 Mortgage-backed 2,078,678 2,052,983 200,531 200,531 — — Total held-to-maturity securities $ 2,498,322 $ 2,480,232 $ 579,197 $ 593,767 $ 728,530 $ 744,286 Less: Allowance for credit losses (90) (59) (65) Held-to-maturity securities, net of allowance for credit losses $ 2,498,232 $ 579,138 $ 728,465

Loans (Tables)

Loans (Tables)6 Months Ended
Jun. 30, 2021
Loans and Leases Receivable Disclosure [Abstract]
Summary of Loan PortfolioThe following table shows the Company’s loan portfolio by category as of the dates shown: June 30, December 31, June 30, (Dollars in thousands) 2021 2020 2020 Balance: Commercial $ 11,442,276 $ 11,955,967 $ 11,859,232 Commercial real estate 8,678,369 8,494,132 8,200,745 Home equity 369,806 425,263 466,596 Residential real estate 1,530,285 1,259,598 1,427,429 Premium finance receivables Commercial insurance 4,521,871 4,054,489 3,999,774 Life insurance 6,359,556 5,857,436 5,400,802 Consumer and other 9,024 32,188 48,325 Total loans, net of unearned income $ 32,911,187 $ 32,079,073 $ 31,402,903 Mix: Commercial 35 % 37 % 38 % Commercial real estate 26 26 26 Home equity 1 1 1 Residential real estate 5 5 5 Premium finance receivables Commercial insurance 14 13 13 Life insurance 19 18 17 Consumer and other 0 0 0 Total loans, net of unearned income 100 % 100 % 100 %

Allowance for Credit Losses (Ta

Allowance for Credit Losses (Tables)6 Months Ended
Jun. 30, 2021
Credit Loss [Abstract]
Aging of the Loan PortfolioThe tables below show the aging of the Company’s loan portfolio by the segmentation noted above at June 30, 2021, December 31, 2020 and June 30, 2020: As of June 30, 2021 90+ days and still accruing 60-89 days past due 30-59 days past due (In thousands) Nonaccrual Current Total Loans Loan Balances (includes PCD): Commercial Commercial, industrial and other, excluding PPP loans $ 23,232 $ 1,244 $ 5,204 $ 18,468 $ 9,514,721 $ 9,562,869 Commercial PPP loans — — — 10 1,879,397 1,879,407 Commercial real estate Construction and development 1,030 — — 2,207 1,382,012 1,385,249 Non-construction 25,005 — 4,382 17,491 7,246,242 7,293,120 Home equity 3,478 — 301 777 365,250 369,806 Residential real estate 23,050 — 1,584 2,139 1,503,512 1,530,285 Premium finance receivables Commercial insurance loans 6,418 3,570 7,759 8,793 4,495,331 4,521,871 Life insurance loans — — — 23,965 6,335,591 6,359,556 Consumer and other 485 178 22 75 8,264 9,024 Total loans, net of unearned income $ 82,698 $ 4,992 $ 19,252 $ 73,925 $ 32,730,320 $ 32,911,187 As of December 31, 2020 90+ days and still accruing 60-89 days past due 30-59 days past due (In thousands) Nonaccrual Current Total Loans Loan Balances (includes PCD): Commercial Commercial, industrial and other, excluding PPP loans $ 21,743 $ 307 $ 6,900 $ 44,345 $ 9,166,751 $ 9,240,046 Commercial PPP loans — — — 36 2,715,885 2,715,921 Commercial real estate Construction and development 5,633 — — 5,344 1,360,825 1,371,802 Non-construction 40,474 — 5,178 26,772 7,049,906 7,122,330 Home equity 6,529 — 47 637 418,050 425,263 Residential real estate 26,071 — 1,635 12,584 1,219,308 1,259,598 Premium finance receivables Commercial insurance loans 13,264 12,792 6,798 18,809 4,002,826 4,054,489 Life insurance loans — — 21,003 30,465 5,805,968 5,857,436 Consumer and other 436 264 24 136 31,328 32,188 Total loans, net of unearned income $ 114,150 $ 13,363 $ 41,585 $ 139,128 $ 31,770,847 $ 32,079,073 As of June 30, 2020 90+ days and still accruing 60-89 days past due 30-59 days past due (In thousands) Nonaccrual Current Total Loans Loan Balances (includes PCD): Commercial Commercial, industrial and other, excluding PPP loans $ 42,882 $ 1,374 $ 8,952 $ 23,720 $ 8,446,936 $ 8,523,864 Commercial PPP loans — — — — 3,335,368 3,335,368 Commercial real estate Construction and development 9,829 — 1,944 17,313 1,310,962 1,340,048 Non-construction 54,728 — 24,536 58,215 6,723,218 6,860,697 Home equity 7,261 — — 1,296 458,039 466,596 Residential real estate 19,529 — 1,506 4,400 1,401,994 1,427,429 Premium finance receivables Commercial insurance loans 16,445 35,638 35,967 46,556 3,865,168 3,999,774 Life insurance loans 15 — 6,386 14,604 5,379,797 5,400,802 Consumer and other 427 156 4 281 47,457 48,325 Total loans, net of unearned income $ 151,116 $ 37,168 $ 79,295 $ 166,385 $ 30,968,939 $ 31,402,903
Loan Portfolio by Credit Quality IndicatorThe table below shows the Company’s loan portfolio by credit quality indicator and year of origination at June 30, 2021: As of June 30, 2021 Year of Origination Revolving Total (In thousands) 2021 2020 2019 2018 2017 Prior Revolving to Term Loans Loan Balances: Commercial, industrial and other Pass $ 1,131,727 $ 1,736,155 $ 1,095,110 $ 802,071 $ 577,407 $ 668,532 $ 2,985,792 $ 10,191 $ 9,006,985 Special mention 18,358 24,384 65,034 42,698 18,528 14,950 112,087 5,696 301,735 Substandard accrual 22,800 19,321 33,852 47,054 24,283 52,697 30,708 202 230,917 Substandard nonaccrual/doubtful 5,205 1,695 1,651 5,263 2,017 6,838 532 31 23,232 Total commercial, industrial and other $ 1,178,090 $ 1,781,555 $ 1,195,647 $ 897,086 $ 622,235 $ 743,017 $ 3,129,119 $ 16,120 $ 9,562,869 Commercial PPP Pass $ 1,222,905 $ 656,502 $ — $ — $ — $ — $ — $ — $ 1,879,407 Special mention — — — — — — — — — Substandard accrual — — — — — — — — — Substandard nonaccrual/doubtful — — — — — — — — — Total commercial PPP $ 1,222,905 $ 656,502 $ — $ — $ — $ — $ — $ — $ 1,879,407 Construction and development Pass $ 124,444 $ 384,766 $ 394,765 $ 181,800 $ 92,839 $ 100,298 $ 23,614 $ 1,900 $ 1,304,426 Special mention 282 12,048 16,506 19,952 23,892 3,272 — — 75,952 Substandard accrual — — 318 586 2,140 643 154 — 3,841 Substandard nonaccrual/doubtful — — — — — 1,030 — — 1,030 Total construction and development $ 124,726 $ 396,814 $ 411,589 $ 202,338 $ 118,871 $ 105,243 $ 23,768 $ 1,900 $ 1,385,249 Non-construction Pass $ 658,154 $ 1,257,031 $ 962,547 $ 787,771 $ 762,397 $ 2,129,706 $ 171,239 $ 457 $ 6,729,302 Special mention 3,898 10,104 62,404 57,544 49,909 187,409 10 — 371,278 Substandard accrual — 1,980 38,518 25,626 19,949 81,462 — — 167,535 Substandard nonaccrual/doubtful — — — 1,212 291 23,502 — — 25,005 Total non-construction $ 662,052 $ 1,269,115 $ 1,063,469 $ 872,153 $ 832,546 $ 2,422,079 $ 171,249 $ 457 $ 7,293,120 Home equity Pass $ 14 $ — $ — $ 47 $ 28 $ 7,108 $ 339,728 $ — $ 346,925 Special mention — — — — — 1,524 5,390 243 7,157 Substandard accrual — — — 185 — 10,425 898 738 12,246 Substandard nonaccrual/doubtful — — — — 149 2,740 589 — 3,478 Total home equity $ 14 $ — $ — $ 232 $ 177 $ 21,797 $ 346,605 $ 981 $ 369,806 Residential real estate Pass $ 530,211 $ 325,133 $ 220,143 $ 88,218 $ 102,470 $ 212,481 $ — $ — $ 1,478,656 Special mention 443 274 537 2,135 1,872 8,045 — — 13,306 Substandard accrual 1,142 2,277 618 892 1,877 8,467 — — 15,273 Substandard nonaccrual/doubtful — 183 1,516 742 5,325 15,284 — — 23,050 Total residential real estate $ 531,796 $ 327,867 $ 222,814 $ 91,987 $ 111,544 $ 244,277 $ — $ — $ 1,530,285 Premium finance receivables - commercial Pass $ 3,800,468 $ 660,313 $ 18,990 $ 1,950 $ 53 $ — $ — $ — $ 4,481,774 Special mention 27,229 4,809 19 — — — — — 32,057 Substandard accrual 322 1,229 6 65 — — — — 1,622 Substandard nonaccrual/doubtful 1,378 4,821 196 23 — — — — 6,418 Total premium finance receivables - commercial $ 3,829,397 $ 671,172 $ 19,211 $ 2,038 $ 53 $ — $ — $ — $ 4,521,871 Premium finance receivables - life Pass $ 210,484 $ 712,285 $ 691,707 $ 646,188 $ 674,308 $ 3,424,010 $ — $ — $ 6,358,982 Special mention — — — — 574 — — — 574 Substandard accrual — — — — — — — — — Substandard nonaccrual/doubtful — — — — — — — — — Total premium finance receivables - life $ 210,484 $ 712,285 $ 691,707 $ 646,188 $ 674,882 $ 3,424,010 $ — $ — $ 6,359,556 Consumer and other Pass $ 865 $ 566 $ 570 $ 487 $ 50 $ 1,492 $ 4,096 $ — $ 8,126 Special mention — 4 22 — 82 86 6 — 200 Substandard accrual — 1 — — — 209 3 — 213 Substandard nonaccrual/doubtful — 1 — 101 — 383 — — 485 Total consumer and other $ 865 $ 572 $ 592 $ 588 $ 132 $ 2,170 $ 4,105 $ — $ 9,024 Total loans (1) Pass $ 7,679,272 $ 5,732,751 $ 3,383,832 $ 2,508,532 $ 2,209,552 $ 6,543,627 $ 3,524,469 $ 12,548 $ 31,594,583 Special mention 50,210 51,623 144,522 122,329 94,857 215,286 117,493 5,939 802,259 Substandard accrual 24,264 24,808 73,312 74,408 48,249 153,903 31,763 940 431,647 Substandard nonaccrual/doubtful 6,583 6,700 3,363 7,341 7,782 49,777 1,121 31 82,698 Total loans $ 7,760,329 $ 5,815,882 $ 3,605,029 $ 2,712,610 $ 2,360,440 $ 6,962,593 $ 3,674,846 $ 19,458 $ 32,911,187 (1) Includes $97.7 million of loans with COVID-19 related modifications that migrated from pass as of March 1, 2020 to special mention or substandard accrual as of June 30, 2021. These loans were further qualitatively evaluated as a part of the measurement of the allowance for credit losses as of June 30, 2021.
Held-to-Maturity Debt Securities by Credit Quality IndicatorFor purposes of the table below, the Company has converted any issuer rating from an NRSRO into the Company’s internal ratings based on Investment Policy and review by the Company’s management. As of June 30, 2021 Year of Origination Total (In thousands) 2021 2020 2019 2018 2017 Prior Balance Amortized Cost Balances: U.S. government agencies 1-4 internal grade $ 97,789 $ 25,000 $ — $ 50,000 $ — $ 3,363 $ 176,152 5-7 internal grade — — — — — — — 8-10 internal grade — — — — — — — Total U.S. government agencies $ 97,789 $ 25,000 $ — $ 50,000 $ — $ 3,363 $ 176,152 Municipal 1-4 internal grade $ 1,374 $ — $ 161 $ 7,528 $ 43,574 $ 138,953 $ 191,590 5-7 internal grade — — — — — — — 8-10 internal grade — — — — — — — Total municipal $ 1,374 $ — $ 161 $ 7,528 $ 43,574 $ 138,953 $ 191,590 Mortgage-backed securities 1-4 internal grade $ 2,078,678 $ — $ — $ — $ — $ — $ 2,078,678 5-7 internal grade — — — — — — — 8-10 internal grade — — — — — — — Total mortgage-backed securities $ 2,078,678 $ — $ — $ — $ — $ — $ 2,078,678 Corporate notes 1-4 internal grade $ — $ 13,620 $ 7,440 $ 3,305 $ 3,259 $ 24,278 $ 51,902 5-7 internal grade — — — — — — — 8-10 internal grade — — — — — — — Total corporate notes $ — $ 13,620 $ 7,440 $ 3,305 $ 3,259 $ 24,278 $ 51,902 Total held-to-maturity securities $ 2,498,322 Less: Allowance for credit losses (90) Held-to-maturity securities, net of allowance for credit losses $ 2,498,232
Components of Allowance for Credit LossesAs significant judgment is required, the review of the appropriateness of the allowance for credit losses is performed quarterly by various committees with participation by the Company's executive management. June 30, December 31, June 30, (In thousands) 2021 2020 2020 Allowance for loan losses $ 261,089 $ 319,374 $ 313,510 Allowance for unfunded lending-related commitments losses 42,942 60,536 59,599 Allowance for loan losses and unfunded lending-related commitments losses 304,031 379,910 373,109 Allowance for held-to-maturity securities losses 90 59 65 Allowance for credit losses $ 304,121 $ 379,969 $ 373,174
Summary of Activity in the Allowance for Credit LossesA summary of activity in the allowance for credit losses, specifically for the loan portfolio (i.e. allowance for loan losses and allowance for unfunded commitment losses), for the three and six months ended June 30, 2021 and 2020 is as follows. Three months ended June 30, 2021 Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables Consumer and Other Total Loans (In thousands) Commercial Allowance for credit losses at beginning of period $ 95,640 $ 181,792 $ 11,382 $ 14,242 $ 17,477 $ 676 $ 321,209 Other adjustments — — — — 33 — 33 Charge-offs (3,237) (1,412) (142) (3) (2,077) (104) (6,975) Recoveries 902 514 328 36 3,239 34 5,053 Provision for credit losses 5,202 (22,372) (361) 1,409 1,227 (394) (15,289) Allowance for credit losses at period end $ 98,507 $ 158,522 $ 11,207 $ 15,684 $ 19,899 $ 212 $ 304,031 Individually measured $ 8,625 $ 1,257 $ 213 $ 1,045 $ — $ 77 $ 11,217 Collectively measured 89,882 157,265 10,994 14,639 19,899 135 292,814 Loans at period end Individually measured $ 30,144 $ 35,694 $ 18,080 $ 29,384 $ — $ 552 $ 113,854 Collectively measured 11,412,132 8,642,675 351,726 1,445,561 10,881,427 8,472 32,741,993 Loans held at fair value — — — 55,340 — — 55,340 Three months ended June 30, 2020 Commercial Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables Consumer and Other Total Loans (In thousands) Allowance for credit losses at beginning of period $ 107,346 $ 112,796 $ 12,394 $ 12,550 $ 7,880 $ 446 $ 253,412 Other adjustments — — — — 42 — 42 Charge-offs (5,686) (7,224) (239) (293) (3,434) (99) (16,975) Recoveries 112 493 46 30 833 58 1,572 Provision for credit losses 31,825 91,061 (12) (372) 12,271 285 135,058 Allowance for credit losses at period end $ 133,597 $ 197,126 $ 12,189 $ 11,915 $ 17,592 $ 690 $ 373,109 Individually measured $ 12,689 $ 5,023 $ 264 $ 393 $ — $ 114 $ 18,483 Collectively measured 120,908 192,103 11,925 11,522 17,592 576 354,626 Loans at period end Individually measured $ 48,220 $ 83,664 $ 22,782 $ 28,145 $ — $ 554 $ 183,365 Collectively measured 11,811,012 8,117,081 443,814 1,144,670 9,400,576 47,771 30,964,924 Loans held at fair value — — — 254,614 — — 254,614 Six months ended June 30, 2021 Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables Consumer and Other Total Loans (In thousands) Commercial Allowance for credit losses at beginning of period $ 94,212 $ 243,603 $ 11,437 $ 12,459 $ 17,777 $ 422 $ 379,910 Other adjustments — — — — 63 — 63 Charge-offs (15,018) (2,392) (142) (5) (5,316) (218) (23,091) Recoveries 1,354 714 429 240 5,021 66 7,824 Provision for credit losses 17,959 (83,403) (517) 2,990 2,354 (58) (60,675) Allowance for credit losses at period end $ 98,507 $ 158,522 $ 11,207 $ 15,684 $ 19,899 $ 212 $ 304,031 Six months ended June 30, 2020 Commercial Real Estate Home Equity Residential Real Estate Premium Finance Receivables Consumer and Other Total Loans (In thousands) Commercial Allowance for credit losses at beginning of period $ 64,920 $ 68,511 $ 3,878 $ 9,800 $ 9,647 $ 1,705 $ 158,461 Cumulative effect adjustment from the adoption of ASU 2016-13 9,039 32,064 9,061 3,002 (4,959) (863) 47,344 Other adjustments — — — — (31) — (31) Charge-offs (7,839) (7,794) (1,240) (694) (6,618) (227) (24,412) Recoveries 495 756 340 90 1,943 100 3,724 Provision for credit losses 66,982 103,589 150 (283) 17,610 (25) 188,023 Allowance for credit losses at period end $ 133,597 $ 197,126 $ 12,189 $ 11,915 $ 17,592 $ 690 $ 373,109
Summary of the Post-Modification Balance of TDRs and Loans Restructured in TDRsThe tables below present a summary of the post-modification balance of loans restructured during the three and six months ended June 30, 2021 and 2020, respectively, which represent TDRs: Three months ended June 30, 2021 Total (1)(2) Extension at Below Market (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial, industrial and other 3 $ 395 3 $ 395 — $ — — $ — — $ — Commercial real estate Non-construction 3 2,707 2 2,164 1 543 — — — — Residential real estate and other 10 1,097 10 1,097 2 616 — — — — Total loans 16 $ 4,199 15 $ 3,656 3 $ 1,159 — $ — — $ — Three months ended June 30, 2020 Total (1)(2) Extension at Below Market Terms (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial, industrial and other 7 $ 3,431 5 $ 443 — $ — 4 $ 3,257 — $ — Commercial real estate Non-construction 1 2,082 — — — — 1 2,082 — — Residential real estate and other 21 3,504 21 3,505 10 1,590 — — — — Total loans 29 $ 9,017 26 $ 3,948 10 $ 1,590 5 $ 5,339 — $ — (1) TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above. (2) Balances represent the recorded investment in the loan at the time of the restructuring. Six months ended Total (1)(2) Extension at (2) Reduction of Interest (2) Modification to (2) Forgiveness of Debt (2) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial, industrial and other 5 $ 546 5 $ 546 — $ — — $ — — $ — Commercial real estate Non-construction 5 2,944 4 2,401 2 656 1 113 — — Residential real estate and other 26 2,835 26 2,835 11 1,906 — — — — Total loans 36 $ 6,325 35 $ 5,782 13 $ 2,562 1 $ 113 — $ — Six months ended Total (1)(2) Extension at Below Market Terms (2) Reduction of Interest Rate (2) Modification to Interest-only Payments (2) Forgiveness of Debt (2) Count Balance Count Balance Count Balance Count Balance Count Balance Commercial Commercial, industrial and other 12 $ 9,033 8 $ 4,759 — $ — 4 $ 3,257 1 $ 432 Commercial real estate Non-construction 14 18,135 11 13,511 3 921 6 5,545 — — Residential real estate and other 41 5,646 33 5,395 15 2,376 — — — — Total loans 67 $ 32,814 52 $ 23,665 18 $ 3,297 10 $ 8,802 1 $ 432 (1) TDRs may have more than one modification representing a concession. As such, TDRs during the period may be represented in more than one of the categories noted above. (2) Balances represent the recorded investment in the loan at the time of the restructuring. The following table presents a summary of all loans restructured in TDRs during the twelve months ended June 30, 2021 and 2020, and such loans that were in payment default under the restructured terms during the respective periods below: (Dollars in thousands) As of June 30, 2021 Three Months Ended Six Months Ended Total (1)(3) Payments in Default (2)(3) Payments in Default (2)(3) Count Balance Count Balance Count Balance Commercial Commercial, industrial and other 14 $ 3,875 4 $ 1,371 4 $ 1,371 Commercial real estate Non-construction 9 4,090 2 1,176 3 1,383 Residential real estate and other 70 11,418 5 379 5 379 Total loans 93 $ 19,383 11 $ 2,926 12 $ 3,133 (Dollars in thousands) As of June 30, 2020 Three Months Ended Six Months Ended Total (1)(3) Payments in Default (2)(3) Payments in Default (2)(3) Count Balance Count Balance Count Balance Commercial Commercial, industrial and other 22 $ 13,989 7 $ 4,252 8 $ 5,013 Commercial real estate Non-construction 17 23,578 6 6,181 6 6,181 Residential real estate and other 144 15,606 12 2,507 13 2,818 Total loans 183 $ 53,173 25 $ 12,940 27 $ 14,012 (1) Total TDRs represent all loans restructured in TDRs during the previous twelve months from the date indicated. (2) TDRs considered to be in payment default are over 30 days past due subsequent to the restructuring. (3) Balances represent the recorded investment in the loan at the time of the restructuring.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)6 Months Ended
Jun. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill Assets by Business SegmentA summary of the Company’s goodwill assets by reporting unit is presented in the following table: (In thousands) December 31, 2020 Goodwill Impairment Goodwill Adjustments June 30, Community banking $ 536,396 $ — $ — $ — $ 536,396 Specialty finance 39,938 — — 629 40,567 Wealth management 69,373 — — — 69,373 Total $ 645,707 $ — $ — $ 629 $ 646,336
Summary of Intangible AssetsA summary of intangible assets as of the dates shown and the expected amortization of finite-lived intangible assets as of June 30, 2021 is as follows: (In thousands) June 30, December 31, June 30, Community banking segment: Core deposit intangibles with finite lives: Gross carrying amount $ 55,206 $ 55,206 $ 55,206 Accumulated amortization (35,549) (32,680) (29,673) Net carrying amount $ 19,657 $ 22,526 $ 25,533 Trademark with indefinite lives: Carrying amount 5,800 5,800 5,800 Total net carrying amount $ 25,457 $ 28,326 $ 31,333 Specialty finance segment: Customer list intangibles with finite lives: Gross carrying amount $ 1,969 $ 1,966 $ 1,959 Accumulated amortization (1,686) (1,644) (1,602) Net carrying amount $ 283 $ 322 $ 357 Wealth management segment: Customer list and other intangibles with finite lives: Gross carrying amount $ 20,430 $ 20,430 $ 20,430 Accumulated amortization (14,173) (13,038) (10,752) Net carrying amount $ 6,257 $ 7,392 $ 9,678 Total intangible assets: Gross carrying amount $ 83,405 $ 83,402 $ 83,395 Accumulated amortization (51,408) (47,362) (42,027) Total intangible assets, net $ 31,997 $ 36,040 $ 41,368
Summary of Intangible AssetsA summary of intangible assets as of the dates shown and the expected amortization of finite-lived intangible assets as of June 30, 2021 is as follows: (In thousands) June 30, December 31, June 30, Community banking segment: Core deposit intangibles with finite lives: Gross carrying amount $ 55,206 $ 55,206 $ 55,206 Accumulated amortization (35,549) (32,680) (29,673) Net carrying amount $ 19,657 $ 22,526 $ 25,533 Trademark with indefinite lives: Carrying amount 5,800 5,800 5,800 Total net carrying amount $ 25,457 $ 28,326 $ 31,333 Specialty finance segment: Customer list intangibles with finite lives: Gross carrying amount $ 1,969 $ 1,966 $ 1,959 Accumulated amortization (1,686) (1,644) (1,602) Net carrying amount $ 283 $ 322 $ 357 Wealth management segment: Customer list and other intangibles with finite lives: Gross carrying amount $ 20,430 $ 20,430 $ 20,430 Accumulated amortization (14,173) (13,038) (10,752) Net carrying amount $ 6,257 $ 7,392 $ 9,678 Total intangible assets: Gross carrying amount $ 83,405 $ 83,402 $ 83,395 Accumulated amortization (51,408) (47,362) (42,027) Total intangible assets, net $ 31,997 $ 36,040 $ 41,368
Estimated AmortizationEstimated amortization Actual in six months ended June 30, 2021 $ 4,046 Estimated remaining in 2021 3,687 Estimated—2022 6,114 Estimated—2023 4,658 Estimated—2024 3,259 Estimated—2025 2,552

Mortgage Servicing Rights ("M_2

Mortgage Servicing Rights ("MSRs") (Tables)6 Months Ended
Jun. 30, 2021
Disclosures Pertaining to Servicing Assets and Servicing Liabilities [Abstract]
Schedule of Servicing Assets at Fair ValueThe following is a summary of the changes in the carrying value of MSRs, accounted for at fair value, for the periods indicated: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (In thousands) 2021 2020 2021 2020 Balance at beginning of the period $ 124,316 $ 73,504 $ 92,081 $ 85,638 Additions from loans sold with servicing retained 17,512 20,351 42,128 29,798 Estimate of changes in fair value due to: Early buyout options (“EBO”) exercised (144) — (402) — Payoffs and paydowns (8,540) (8,670) (18,708) (15,694) Changes in valuation inputs or assumptions (5,540) (7,982) 12,505 (22,539) Fair value at end of the period $ 127,604 $ 77,203 $ 127,604 $ 77,203 Unpaid principal balance of mortgage loans serviced for others $ 12,307,337 $ 9,188,285

Deposits (Tables)

Deposits (Tables)6 Months Ended
Jun. 30, 2021
Deposits [Abstract]
Summary of DepositsThe following table is a summary of deposits as of the dates shown: (Dollars in thousands) June 30, December 31, June 30, Balance: Non-interest-bearing $ 12,796,110 $ 11,748,455 $ 10,204,791 NOW and interest-bearing demand deposits 3,625,538 3,349,021 3,440,348 Wealth management deposits 4,399,303 4,138,712 4,433,020 Money market 9,843,390 9,348,806 9,288,976 Savings 3,776,400 3,531,029 3,447,352 Time certificates of deposit 4,363,875 4,976,628 4,837,387 Total deposits $ 38,804,616 $ 37,092,651 $ 35,651,874 Mix: Non-interest-bearing 33 % 32 % 29 % NOW and interest-bearing demand deposits 9 9 10 Wealth management deposits 11 11 12 Money market 25 25 25 Savings 10 10 10 Time certificates of deposit 12 13 14 Total deposits 100 % 100 % 100 %

FHLB Advances, Other Borrowin_2

FHLB Advances, Other Borrowings and Subordinated Notes (Tables)6 Months Ended
Jun. 30, 2021
Debt Disclosure [Abstract]
Summary of DebtThe following table is a summary of FHLB advances, other borrowings and subordinated notes as of the dates shown: (In thousands) June 30, December 31, June 30, FHLB advances $ 1,241,071 $ 1,228,429 $ 1,228,416 Other borrowings: Notes payable 91,016 101,710 112,401 Short-term borrowings 15,597 11,366 8,458 Other 64,217 65,108 65,980 Secured borrowings 347,663 340,744 321,696 Total other borrowings 518,493 518,928 508,535 Subordinated notes 436,719 436,506 436,298 Total FHLB advances, other borrowings and subordinated notes $ 2,196,283 $ 2,183,863 $ 2,173,249
Summary of Pledged Securities Related to Securities Sold Under Repurchase AgreementsThe following is a summary of these securities pledged as of June 30, 2021 disaggregated by investment category and maturity of the related customer sweep account, and reconciled to the outstanding balance of securities sold under repurchase agreements: (In thousands) Overnight Sweep Collateral Available-for-sale securities pledged U.S. Government agencies $ 10,898 Mortgage-backed securities 11,434 Total collateral pledged 22,332 Excess collateral 6,735 Securities sold under repurchase agreements $ 15,597

Junior Subordinated Debentures

Junior Subordinated Debentures (Tables)6 Months Ended
Jun. 30, 2021
Junior Subordinated Debenture Owed to Unconsolidated Subsidiary Trust [Abstract]
Summary of Junior Subordinated DebenturesThe following table provides a summary of the Company’s junior subordinated debentures as of June 30, 2021. The junior subordinated debentures represent the par value of the obligations owed to the Trusts. (Dollars in thousands) Common Trust Junior Rate Contractual Rate at 6/30/2021 Issue Maturity Earliest Wintrust Capital Trust III $ 774 $ 25,000 $ 25,774 L+3.25 3.43 % 04/2003 04/2033 04/2008 Wintrust Statutory Trust IV 619 20,000 20,619 L+2.80 2.95 % 12/2003 12/2033 12/2008 Wintrust Statutory Trust V 1,238 40,000 41,238 L+2.60 2.75 % 05/2004 05/2034 06/2009 Wintrust Capital Trust VII 1,550 50,000 51,550 L+1.95 2.07 % 12/2004 03/2035 03/2010 Wintrust Capital Trust VIII 1,238 25,000 26,238 L+1.45 1.60 % 08/2005 09/2035 09/2010 Wintrust Capital Trust IX 1,547 50,000 51,547 L+1.63 1.75 % 09/2006 09/2036 09/2011 Northview Capital Trust I 186 6,000 6,186 L+3.00 3.18 % 08/2003 11/2033 08/2008 Town Bankshares Capital Trust I 186 6,000 6,186 L+3.00 3.18 % 08/2003 11/2033 08/2008 First Northwest Capital Trust I 155 5,000 5,155 L+3.00 3.15 % 05/2004 05/2034 05/2009 Suburban Illinois Capital Trust II 464 15,000 15,464 L+1.75 1.87 % 12/2006 12/2036 12/2011 Community Financial Shares Statutory Trust II 109 3,500 3,609 L+1.62 1.74 % 06/2007 09/2037 06/2012 Total $ 253,566 2.33 %

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)6 Months Ended
Jun. 30, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue by SourceThe following table presents revenue from contracts with customers, disaggregated by the revenue source: (Dollars in thousands) Three Months Ended Six Months Ended Revenue from contracts with customers Location in income statement June 30, June 30, June 30, June 30, Brokerage and insurance product commissions Wealth management $ 5,148 $ 4,147 $ 10,188 $ 9,428 Trust Wealth management 5,379 4,248 10,396 9,539 Asset management Wealth management 20,163 14,241 39,415 29,610 Total wealth management 30,690 22,636 59,999 48,577 Mortgage broker fees Mortgage banking 114 174 190 227 Service charges on deposit accounts Service charges on deposit accounts 13,249 10,420 25,285 21,685 Administrative services Other non-interest income 1,228 933 2,484 2,045 Card related fees Other non-interest income 2,187 1,379 3,961 3,485 Other deposit related fees Other non-interest income 3,265 2,914 6,582 6,092 Total revenue from contracts with customers $ 50,733 $ 38,456 $ 98,501 $ 82,111
Contract Assets, Contract Liabilities and Receivables from Contracts with CustomersThe following table provides information about contract assets, contract liabilities and receivables from contracts with customers: (Dollars in thousands) June 30, December 31, June 30, Contract assets $ — $ — $ — Contract liabilities $ 1,704 $ 1,548 $ 665 Mortgage broker fees receivable $ 11 $ 20 $ 59 Administrative services receivable 199 64 161 Wealth management receivable 11,274 10,144 10,297 Card related fees receivable 1,556 783 — Total receivables from contracts with customer $ 13,040 $ 11,011 $ 10,517
Performance Obligations Unsatisfied at End of PeriodThe following table presents the estimated future timing of recognition of upfront fees related to card and deposit related fees. These upfront fees represent performance obligations that are unsatisfied or partially unsatisfied at the end of the reporting period. (Dollars in thousands) Estimated remaining in 2021 $ 554 Estimated—2022 400 Estimated—2023 400 Estimated—2024 250 Estimated—2025 100 Total $ 1,704

Segment Information (Tables)

Segment Information (Tables)6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]
Summary of Segment InformationThe following is a summary of certain operating information for reportable segments: Three Months Ended $ Change in % Change in (Dollars in thousands) June 30, June 30, Net interest income: Community Banking $ 219,679 $ 205,678 $ 14,001 7 % Specialty Finance 45,194 42,415 2,779 7 Wealth Management 7,765 8,586 (821) (10) Total Operating Segments 272,638 256,679 15,959 6 Intersegment Eliminations 6,952 6,452 500 8 Consolidated net interest income $ 279,590 $ 263,131 $ 16,459 6 % Provision for credit losses: Community Banking $ (15,163) $ 132,149 $ (147,312) NM Specialty Finance (136) 2,904 (3,040) NM Wealth Management — — — — % Total Operating Segments (15,299) 135,053 (150,352) NM Intersegment Eliminations — — — — Consolidated provision for credit losses $ (15,299) $ 135,053 $ (150,352) NM Non-interest income: Community Banking $ 90,410 $ 129,698 $ (39,288) (30) % Specialty Finance 22,464 21,831 633 3 Wealth Management 31,843 24,465 7,378 30 Total Operating Segments 144,717 175,994 (31,277) (18) Intersegment Eliminations (15,344) (14,001) (1,343) 10 Consolidated non-interest income $ 129,373 $ 161,993 $ (32,620) (20) % Net revenue: Community Banking $ 310,089 $ 335,376 $ (25,287) (8) % Specialty Finance 67,658 64,246 3,412 5 Wealth Management 39,608 33,051 6,557 20 Total Operating Segments 417,355 432,673 (15,318) (4) Intersegment Eliminations (8,392) (7,549) (843) 11 Consolidated net revenue $ 408,963 $ 425,124 $ (16,161) (4) % Segment profit (loss): Community Banking $ 72,752 $ (7,315) $ 80,067 NM Specialty Finance 23,850 22,688 1,162 5 % Wealth Management 8,507 6,286 2,221 35 Consolidated net income $ 105,109 $ 21,659 $ 83,450 385 % Segment assets: Community Banking $ 37,619,971 $ 35,560,107 $ 2,059,864 6 % Specialty Finance 7,701,921 6,708,493 993,428 15 Wealth Management 1,416,558 1,271,417 145,141 11 Consolidated total assets $ 46,738,450 $ 43,540,017 $ 3,198,433 7 % NM - Not meaningful Six Months Ended $ Change in % Change in (Dollars in thousands) June 30, June 30, Net interest income: Community Banking $ 423,168 $ 412,513 $ 10,655 3 % Specialty Finance 90,093 83,127 6,966 8 Wealth Management 15,214 16,378 (1,164) (7) Total Operating Segments 528,475 512,018 16,457 3 Intersegment Eliminations 13,010 12,556 454 4 Consolidated net interest income $ 541,485 $ 524,574 $ 16,911 3 % Provision for credit losses: Community Banking $ (61,735) $ 183,826 $ (245,561) NM Specialty Finance 1,089 4,188 (3,099) (74) % Wealth Management — — — — Total Operating Segments (60,646) 188,014 (248,660) NM Intersegment Eliminations — — — — Consolidated provision for credit losses $ (60,646) $ 188,014 $ (248,660) NM Non-interest income: Community Banking $ 237,678 $ 210,701 $ 26,977 13 % Specialty Finance 45,573 43,139 2,434 6 Wealth Management 62,094 48,595 13,499 28 Total Operating Segments 345,345 302,435 42,910 14 Intersegment Eliminations (29,466) (27,200) (2,266) 8 Consolidated non-interest income $ 315,879 $ 275,235 $ 40,644 15 % Net revenue: Community Banking $ 660,846 $ 623,214 $ 37,632 6 % Specialty Finance 135,666 126,266 9,400 7 Wealth Management 77,308 64,973 12,335 19 Total Operating Segments 873,820 814,453 59,367 7 Intersegment Eliminations (16,456) (14,644) (1,812) 12 Consolidated net revenue $ 857,364 $ 799,809 $ 57,555 7 % Segment profit: Community Banking $ 194,553 $ 27,274 $ 167,279 613 % Specialty Finance 47,753 44,821 2,932 7 Wealth Management 15,951 12,376 3,575 29 Consolidated net income $ 258,257 $ 84,471 $ 173,786 206 % NM - Not meaningful

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)6 Months Ended
Jun. 30, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule Of Fair Value Of Derivative Financial InstrumentsThe table below presents the fair value of the Company’s derivative financial instruments as of June 30, 2021, December 31, 2020 and June 30, 2020: Derivative Assets Derivative Liabilities (In thousands) June 30, December 31, June 30, June 30, December 31, June 30, Derivatives designated as hedging instruments under ASC 815: Interest rate derivatives designated as Cash Flow Hedges $ 34,743 $ 8,182 $ — $ 24,272 $ 39,715 $ 59,573 Interest rate derivatives designated as Fair Value Hedges 78 — — 9,373 14,520 17,052 Total derivatives designated as hedging instruments under ASC 815 $ 34,821 $ 8,182 $ — $ 33,645 $ 54,235 $ 76,625 Derivatives not designated as hedging instruments under ASC 815: Interest rate derivatives $ 153,510 $ 221,205 $ 268,709 $ 153,714 $ 221,608 $ 266,894 Interest rate lock commitments 23,175 48,925 58,841 2,834 — 25 Forward commitments to sell mortgage loans 781 — 27 3,153 12,510 11,667 Foreign exchange contracts 93 111 47 93 112 54 Total derivatives not designated as hedging instruments under ASC 815 $ 177,559 $ 270,241 $ 327,624 $ 159,794 $ 234,230 $ 278,640 Total Derivatives $ 212,380 $ 278,423 $ 327,624 $ 193,439 $ 288,465 $ 355,265
Schedule Of Cash Flow Hedging InstrumentsThe table below provides details on these cash flow hedges, summarized by derivative type and maturity, as of June 30, 2021: June 30, 2021 (In thousands) Notional Fair Value Maturity Date Amount Asset (Liability) Interest Rate Swaps: October 2021 $ 25,000 $ (151) November 2021 20,000 (179) December 2021 165,000 (1,745) March 2022 500,000 (102) May 2022 370,000 (6,063) June 2022 160,000 (2,875) July 2022 230,000 (4,245) August 2022 235,000 (4,813) March 2023 250,000 (98) April 2024 250,000 769 July 2027 (1) 1,000,000 33,974 Interest Rate Collars: September 2023 91,071 (4,001) Total Cash Flow Hedges $ 3,296,071 $ 10,471 (1) Interest rate swaps effective starting in July 2022.
Rollforward Of Amounts In Accumulated Other Comprehensive Income Related To Interest Rate Swaps Designated As Cash Flow HedgesA rollforward of the amounts in accumulated other comprehensive income or loss related to interest rate derivatives designated as cash flow hedges follows: Three Months Ended Six Months Ended (In thousands) June 30, June 30, June 30, June 30, Unrealized gain (loss) at beginning of period $ 19,259 $ (56,636) $ (31,533) $ (17,943) Amount reclassified from accumulated other comprehensive income to interest expense on deposits, other borrowings and junior subordinated debentures 6,866 5,451 13,562 6,541 Amount of (loss) income recognized in other comprehensive income (15,654) (8,318) 28,442 (48,101) Unrealized gain (loss) at end of period $ 10,471 $ (59,503) $ 10,471 $ (59,503)
Schedule of Carrying Amount of Hedged Assets/(Liabilities)The following table presents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value hedge accounting relationship as of June 30, 2021: June 30, 2021 (In thousands) Derivatives in Fair Value Hedging Relationships Location in the Statement of Condition Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets (Liabilities) for which Hedge Accounting has been Discontinued Interest rate swaps Loans, net of unearned income $ 155,996 $ 9,153 $ (144) Available-for-sale debt securities 1,272 93 — The following table presents the loss or gain recognized related to derivative instruments that are designated as fair value hedges for the respective period: (In thousands) Derivatives in Fair Value Hedging Relationships Location of (Loss)/Gain Recognized Three Months Ended Six Months Ended June 30, 2021 June 30, 2021 Interest rate swaps Interest and fees on loans $ 43 $ 30 Interest income - investment securities — —
Summary Amounts Included In Consolidated Statement Of Income Related To DerivativesAmounts included in the Consolidated Statements of Income related to derivative instruments not designated in hedge relationships were as follows: (In thousands) Three Months Ended Six Months Ended Derivative Location in income statement June 30, June 30, June 30, June 30, Interest rate swaps and caps Trading gains (losses), net $ (539) $ (703) $ (111) $ (1,131) Mortgage banking derivatives Mortgage banking revenue (10,480) 43,292 (27,959) 60,559 Foreign exchange contracts Trading gains (losses), net (3) (9) (8) (13) Covered call options Fees from covered call options 1,388 — 1,388 2,292 Derivative contract held as economic hedge on MSRs Mortgage banking revenue — 589 — 4,749
Offsetting AssetsThe tables below summarize the Company's interest rate derivatives and offsetting positions as of the dates shown. Derivative Assets Derivative Liabilities Fair Value Fair Value (In thousands) June 30, December 31, June 30, June 30, December 31, June 30, Gross Amounts Recognized $ 188,331 $ 229,387 $ 268,709 $ 187,359 $ 275,843 $ 343,519 Less: Amounts offset in the Statements of Financial Condition — — — — — — Net amount presented in the Statements of Financial Condition $ 188,331 $ 229,387 $ 268,709 $ 187,359 $ 275,843 $ 343,519 Gross amounts not offset in the Statements of Financial Condition Offsetting Derivative Positions (37,895) (8,647) (697) (37,895) (8,647) (697) Collateral Posted — — — (146,240) (266,832) (342,276) Net Credit Exposure $ 150,436 $ 220,740 $ 268,012 $ 3,224 $ 364 $ 546
Offsetting LiabilitiesThe tables below summarize the Company's interest rate derivatives and offsetting positions as of the dates shown. Derivative Assets Derivative Liabilities Fair Value Fair Value (In thousands) June 30, December 31, June 30, June 30, December 31, June 30, Gross Amounts Recognized $ 188,331 $ 229,387 $ 268,709 $ 187,359 $ 275,843 $ 343,519 Less: Amounts offset in the Statements of Financial Condition — — — — — — Net amount presented in the Statements of Financial Condition $ 188,331 $ 229,387 $ 268,709 $ 187,359 $ 275,843 $ 343,519 Gross amounts not offset in the Statements of Financial Condition Offsetting Derivative Positions (37,895) (8,647) (697) (37,895) (8,647) (697) Collateral Posted — — — (146,240) (266,832) (342,276) Net Credit Exposure $ 150,436 $ 220,740 $ 268,012 $ 3,224 $ 364 $ 546

Fair Values of Assets and Lia_2

Fair Values of Assets and Liabilities (Tables)6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]
Summary Of Balances Of Assets And Liabilities Measured At Fair Value On A Recurring BasisThe following tables present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented: June 30, 2021 (In thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ — $ — $ — $ — U.S. Government agencies 78,854 — 78,854 — Municipal 168,296 — 50,690 117,606 Corporate notes 98,542 — 98,542 — Mortgage-backed 1,842,916 — 1,842,916 — Trading account securities 2,667 — 2,667 — Equity securities with readily determinable fair value 86,316 78,250 8,066 — Mortgage loans held-for-sale 984,994 — 984,994 — Loans held-for-investment 55,340 — 44,333 11,007 MSRs 127,604 — — 127,604 Nonqualified deferred compensation assets 16,590 — 16,590 — Derivative assets 212,380 — 189,810 22,570 Total $ 3,674,499 $ 78,250 $ 3,317,462 $ 278,787 Derivative liabilities $ 193,439 $ — $ 193,439 $ — December 31, 2020 (In thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 304,971 $ 304,971 $ — $ — U.S. Government agencies 84,513 — 82,547 1,966 Municipal 146,910 — 37,034 109,876 Corporate notes 91,405 — 91,405 — Mortgage-backed 2,428,040 — 2,428,040 — Trading account securities 671 — 671 — Equity securities with readily determinable fair value 90,862 82,796 8,066 — Mortgage loans held-for-sale 1,272,090 — 1,272,090 — Loans held-for-investment 55,134 — 44,854 10,280 MSRs 92,081 — — 92,081 Nonqualified deferred compensation assets 15,398 — 15,398 — Derivative assets 278,423 — 230,332 48,091 Total $ 4,860,498 $ 387,767 $ 4,210,437 $ 262,294 Derivative liabilities $ 288,465 $ — $ 288,465 $ — June 30, 2020 (In thousands) Total Level 1 Level 2 Level 3 Available-for-sale securities U.S. Treasury $ 60,539 $ 60,539 $ — $ — U.S. Government agencies 293,507 — 291,214 2,293 Municipal 150,879 — 33,624 117,255 Corporate notes 102,879 — 102,879 — Mortgage-backed 2,587,157 — 2,587,157 — Trading account securities 890 — 890 — Equity securities with readily determinable fair value 52,460 44,394 8,066 — Mortgage loans held-for-sale 833,163 — 833,163 — Loans held-for-investment 254,614 — 240,661 13,953 MSRs 77,203 — — 77,203 Nonqualified deferred compensation assets 13,576 — 13,576 — Derivative assets 327,624 — 269,191 58,433 Total $ 4,754,491 $ 104,933 $ 4,380,421 $ 269,137 Derivative liabilities $ 355,265 $ — $ 355,265 $ —
Summary Of Changes In Level 3 Assets And Liabilities Measured At Fair Value On A Recurring BasisThe changes in Level 3 assets measured at fair value on a recurring basis during the three and six months ended June 30, 2021 and 2020 are summarized as follows: U.S. Government agencies Loans held-for- investment Mortgage Derivative assets (In thousands) Municipal Balance at April 1, 2021 $ 101,748 $ 1,784 $ 6,408 $ 124,316 $ 25,634 Total net gains (losses) included in: Net income (1) — (4) 167 3,288 (3,064) Other comprehensive income (loss) (374) — — — — Purchases 18,163 — — — — Issuances — — — — — Sales — — — — — Settlements (1,931) (1,780) (59) — — Net transfers into/(out of) Level 3 — — 4,491 — — Balance at June 30, 2021 $ 117,606 $ — $ 11,007 $ 127,604 $ 22,570 (1) Changes in the balance of MSRs and derivative assets related to fair value adjustments are recorded as components of mortgage banking revenue. Changes in the balance of loans held-for-investment related to fair value adjustments are recorded as other non-interest income. U.S. Government Agencies Loans held-for- investment Mortgage Derivative Assets (In thousands) Municipal Balance at January 1, 2021 $ 109,876 $ 1,966 $ 10,280 $ 92,081 $ 48,091 Total net gains (losses) included in: Net income (1) — (4) (363) 35,523 (25,521) Other comprehensive income (loss) (2,442) (24) — — — Purchases 18,163 — — — — Issuances — — — — — Sales — — — — — Settlements (7,991) (1,938) (3,977) — — Net transfers into/(out of) Level 3 — — 5,067 — — Balance at June 30, 2021 $ 117,606 $ — $ 11,007 $ 127,604 $ 22,570 U.S. Government agencies Loans held-for- investment Mortgage Derivative assets (In thousands) Municipal Balance at April 1, 2020 $ 113,267 $ 2,457 $ 9,568 $ 73,504 $ 39,816 Total net gains (losses) included in: Net income (1) — — 200 3,699 18,617 Other comprehensive income (loss) (546) (7) — — — Purchases 6,997 — — — — Issuances — — — — — Sales — — — — — Settlements (2,463) (157) (1,364) — — Net transfers into/(out of) Level 3 — — 5,549 — — Balance at June 30, 2020 $ 117,255 $ 2,293 $ 13,953 $ 77,203 $ 58,433 U.S. Government Agencies Loans held-for- investment Mortgage Derivative Assets (In thousands) Municipal Balance at January 1, 2020 $ 111,950 $ 2,646 $ 9,620 $ 85,638 $ 2,631 Total net gains (losses) included in: Net income (1) — — 122 (8,435) 55,802 Other comprehensive income (loss) (1,795) (39) — — — Purchases 12,872 — — — — Issuances — — — — — Sales — — — — — Settlements (5,772) (314) (1,460) — — Net transfers into/(out of) Level 3 — — 5,671 — — Balance at June 30, 2020 $ 117,255 $ 2,293 $ 13,953 $ 77,203 $ 58,433 (1) Changes in the balance of MSRs and derivative assets related to fair value adjustments are recorded as components of mortgage banking revenue. Changes in the balance of loans held-for-investment related to fair value adjustments are recorded as other non-interest income.
Summary Of Assets Measured At Fair Value On A Nonrecurring BasisFor assets measured at fair value on a nonrecurring basis that were still held in the balance sheet at the end of the period, the following table provides the carrying value of the related individual assets or portfolios at June 30, 2021: June 30, 2021 Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 (In thousands) Total Level 1 Level 2 Level 3 Individually assessed loans - foreclosure probable and collateral-dependent $ 79,696 $ — $ — $ 79,696 $ 3,983 $ 16,531 Other real estate owned (1) 15,572 — — 15,572 749 919 Total $ 95,268 $ — $ — $ 95,268 $ 4,732 $ 17,450 (1) Fair value losses recognized, net on other real estate owned include valuation adjustments and charge-offs during the respective period.
Schedule Of Valuation Techniques And Significant Unobservable Inputs Used To Measure Both Recurring And Non-RecurringThe valuation techniques and significant unobservable inputs used to measure both recurring and non-recurring Level 3 fair value measurements at June 30, 2021 were as follows: (Dollars in thousands) Fair Value Valuation Methodology Significant Unobservable Input Range Weighted Impact to valuation Measured at fair value on a recurring basis: Municipal Securities $ 117,606 Bond pricing Equivalent rating BBB-AA+ N/A Increase Loans held-for-investment 11,007 Discounted cash flows Discount rate 2.88% 2.88% Decrease Credit discount 0%-3% 0.61% Decrease Constant prepayment rate (CPR) 13.30% 13.30% Decrease MSRs 127,604 Discounted cash flows Discount rate 6%-21% 9.85% Decrease Constant prepayment rate (CPR) 6%-92% 13.30% Decrease Cost of servicing $70-$200 $76 Decrease Cost of servicing - delinquent $200-$1,000 $340 Decrease Derivatives 22,570 Discounted cash flows Pull-through rate 1%-100% 83.98% Increase Measured at fair value on a non-recurring basis: Individually assessed loans - foreclosure probable and collateral-dependent $ 79,696 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease Other real estate owned 15,572 Appraisal value Appraisal adjustment - cost of sale 10% 10.00% Decrease
Summary Of Carrying Amounts And Estimated Fair Values Of Financial InstrumentsThe table below presents the carrying amounts and estimated fair values of the Company’s financial instruments as of the dates shown: At June 30, 2021 At December 31, 2020 At June 30, 2020 Carrying Fair Carrying Fair Carrying Fair (In thousands) Value Value Value Value Value Value Financial Assets: Cash and cash equivalents $ 435,009 $ 435,009 $ 322,474 $ 322,474 $ 345,057 $ 345,057 Interest-bearing deposits with banks 4,707,415 4,707,415 4,802,527 4,802,527 4,015,072 4,015,072 Available-for-sale securities 2,188,608 2,188,608 3,055,839 3,055,839 3,194,961 3,194,961 Held-to-maturity securities 2,498,232 2,480,232 579,138 593,767 728,465 744,286 Trading account securities 2,667 2,667 671 671 890 890 Equity securities with readily determinable fair value 86,316 86,316 90,862 90,862 52,460 52,460 FHLB and FRB stock, at cost 136,625 136,625 135,588 135,588 135,571 135,571 Brokerage customer receivables 23,093 23,093 17,436 17,436 14,623 14,623 Mortgage loans held-for-sale, at fair value 984,994 984,994 1,272,090 1,272,090 833,163 833,163 Loans held-for-investment, at fair value 55,340 55,340 55,134 55,134 254,614 254,614 Loans held-for-investment, at amortized cost 32,855,847 32,831,405 32,023,939 31,871,683 31,148,289 31,004,403 Nonqualified deferred compensation assets 16,590 16,590 15,398 15,398 13,576 13,576 Derivative assets 212,380 212,380 278,423 278,423 327,624 327,624 Accrued interest receivable and other 270,087 270,087 272,339 272,339 263,743 263,743 Total financial assets $ 44,473,203 $ 44,430,761 $ 42,921,858 $ 42,784,231 $ 41,328,108 $ 41,200,043 Financial Liabilities Non-maturity deposits $ 34,440,741 $ 34,440,741 $ 32,116,023 $ 32,116,023 $ 30,814,487 $ 30,814,487 Deposits with stated maturities 4,363,875 4,352,116 4,976,628 4,969,849 4,837,387 4,838,831 FHLB advances 1,241,071 1,161,457 1,228,429 1,172,315 1,228,416 1,181,462 Other borrowings 518,493 518,493 518,928 518,928 508,535 508,535 Subordinated notes 436,719 476,683 436,506 473,093 436,298 473,324 Junior subordinated debentures 253,566 206,614 253,566 204,713 253,566 170,449 Derivative liabilities 193,439 193,439 288,465 288,465 355,265 355,265 Accrued interest payable 10,551 10,551 15,645 15,645 17,200 17,200 Total financial liabilities $ 41,458,455 $ 41,360,094 $ 39,834,190 $ 39,759,031 $ 38,451,154 $ 38,359,553

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)6 Months Ended
Jun. 30, 2021
Share-based Payment Arrangement, Noncash Expense [Abstract]
Summary Of Stock Option ActivityA summary of the Company's stock option activity for the six months ended June 30, 2021 and June 30, 2020 is presented below: Stock Options Common Weighted Remaining Contractual Term (1) Intrinsic Value (2) (in thousands) Outstanding at January 1, 2021 520,663 $ 42.47 Granted — — Exercised (237,892) 43.05 Forfeited or canceled (590) 46.86 Outstanding at June 30, 2021 282,181 $ 41.98 1.7 $ 9,496 Exercisable at June 30, 2021 280,632 $ 41.95 1.6 $ 9,453 Stock Options Common Weighted Remaining Contractual Term (1) Intrinsic Value (2) (in thousands) Outstanding at January 1, 2020 755,332 $ 42.43 Granted — — Exercised (98,659) 38.75 Forfeited or canceled (648) 46.86 Outstanding at June 30, 2020 656,025 $ 42.98 2.2 $ 970 Exercisable at June 30, 2020 648,124 $ 42.97 2.2 $ 957 (1) Represents the remaining weighted average contractual life in years. (2) Aggregate intrinsic value represents the total pre-tax intrinsic value (i.e., the difference between the Company's stock price on the last trading day of the quarter and the option exercise price, multiplied by the number of shares) that would have been received by the option holders if they had exercised their options on the last day of the quarter. Options with exercise prices above the stock price on the last trading day of the quarter are excluded from the calculation of intrinsic value. The intrinsic value will change based on the fair market value of the Company's stock.
Summary Of Plans' Restricted Share And Performance-Vested Stock Award ActivityA summary of the Plans' restricted share activity for the six months ended June 30, 2021 and June 30, 2020 is presented below: Six months ended June 30, 2021 Six months ended June 30, 2020 Restricted Shares Common Weighted Common Weighted Outstanding at January 1 234,794 $ 59.02 144,328 $ 60.37 Granted 261,498 63.01 106,139 62.53 Vested and issued (10,022) 75.15 (12,099) 76.98 Forfeited or canceled (7,525) 63.76 (4,162) 79.22 Outstanding at June 30 478,745 $ 60.79 234,206 $ 60.16 Vested, but not issuable at June 30 94,729 $ 52.30 92,910 $ 52.14 A summary of the Plans' performance-based stock award activity, based on the target level of the awards, for the six months ended June 30, 2021 and June 30, 2020 is presented below: Six months ended June 30, 2021 Six months ended June 30, 2020 Performance-based Stock Common Weighted Common Weighted Outstanding at January 1 482,608 $ 71.15 465,515 $ 74.37 Granted 207,620 58.93 169,642 63.56 Added by performance factor at vesting — — 48,831 72.59 Vested and issued — — (180,789) 72.59 Expired, canceled or forfeited (131,287) 86.79 (8,666) 72.74 Outstanding at June 30 558,941 $ 62.94 494,533 $ 71.19 Vested, but deferred at June 30 34,889 $ 43.41 34,219 $ 43.07

Shareholders' Equity and Earn_2

Shareholders' Equity and Earnings Per Share (Tables)6 Months Ended
Jun. 30, 2021
Earnings Per Share, Basic and Diluted, Other Disclosures [Abstract]
Components Of Other Comprehensive Income (Loss)The following tables summarize the components of other comprehensive income (loss), including the related income tax effects, and the related amount reclassified to net income for the periods presented (in thousands). Accumulated Accumulated Accumulated Total Balance at April 1, 2021 $ 26,022 $ 14,167 $ (30,085) $ 10,104 Other comprehensive income (loss) during the period, net of tax, before reclassifications 4,628 (11,483) 2,309 (4,546) Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax (427) 5,036 — 4,609 Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax (34) — — (34) Net other comprehensive income (loss) during the period, net of tax $ 4,167 $ (6,447) $ 2,309 $ 29 Balance at June 30, 2021 $ 30,189 $ 7,720 $ (27,776) $ 10,133 Balance at January 1, 2021 $ 70,737 $ (23,090) $ (32,265) $ 15,382 Other comprehensive (loss) income during the period, net of tax, before reclassifications (39,891) 20,862 4,489 (14,540) Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax (581) 9,948 — 9,367 Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax (76) — — (76) Net other comprehensive (loss) income during the period, net of tax $ (40,548) $ 30,810 $ 4,489 $ (5,249) Balance at June 30, 2021 $ 30,189 $ 7,720 $ (27,776) $ 10,133 Balance at April 1, 2020 $ 81,573 $ (41,512) $ (47,664) $ (7,603) Other comprehensive income (loss) during the period, net of tax, before reclassifications 3,718 (6,092) 5,167 2,793 Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax 249 3,998 — 4,247 Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax (34) — — (34) Net other comprehensive income (loss) during the period, net of tax $ 3,933 $ (2,094) $ 5,167 $ 7,006 Balance at June 30, 2020 $ 85,506 $ (43,606) $ (42,497) $ (597) Balance at January 1, 2020 $ 14,982 $ (13,141) $ (36,519) $ (34,678) Other comprehensive income (loss) during the period, net of tax, before reclassifications 70,725 (35,262) (5,978) 29,485 Amount reclassified from accumulated other comprehensive income (loss) into net income, net of tax (110) 4,797 — 4,687 Amount reclassified from accumulated other comprehensive income (loss) related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax (91) — — (91) Net other comprehensive income (loss) during the period, net of tax $ 70,524 $ (30,465) $ (5,978) $ 34,081 Balance at June 30, 2020 $ 85,506 $ (43,606) $ (42,497) $ (597)
Other Comprehensive Income Reclassified from AOCIAmount Reclassified from Accumulated Other Comprehensive Income (Loss) for the Details Regarding the Component of Accumulated Other Comprehensive Income (Loss) Three Months Ended Six Months Ended Impacted Line on the June 30, June 30, 2021 2020 2021 2020 Accumulated unrealized gains on securities Gains (losses) included in net income $ 584 $ (341) $ 794 $ 150 Gains (losses) on investment securities, net 584 (341) 794 150 Income before taxes Tax effect (157) 92 (213) (40) Income tax expense Net of tax $ 427 $ (249) $ 581 $ 110 Net income Accumulated unrealized gains on derivative instruments Amount reclassified to interest expense on deposits $ 5,054 $ 4,363 $ 9,951 $ 4,922 Interest on deposits Amount reclassified to interest expense on other borrowings 653 426 1,322 718 Interest on other borrowings Amount reclassified to interest expense on junior subordinated debentures 1,159 662 2,289 901 Interest on junior subordinated debentures (6,866) (5,451) (13,562) (6,541) Income before taxes Tax effect 1,830 1,453 3,614 1,744 Income tax expense Net of tax $ (5,036) $ (3,998) $ (9,948) $ (4,797) Net income
Computation Of Basic And Diluted Earnings Per Common ShareThe following table shows the computation of basic and diluted earnings per share for the periods indicated: Three Months Ended Six Months Ended (In thousands, except per share data) June 30, June 30, June 30, June 30, Net income $ 105,109 $ 21,659 $ 258,257 $ 84,471 Less: Preferred stock dividends 6,991 2,050 13,982 4,100 Net income applicable to common shares (A) $ 98,118 $ 19,609 $ 244,275 $ 80,371 Weighted average common shares outstanding (B) 57,049 57,567 56,977 57,593 Effect of dilutive potential common shares Common stock equivalents 726 414 691 481 Weighted average common shares and effect of dilutive potential common shares (C) 57,775 57,981 57,668 58,074 Net income per common share: Basic (A/B) $ 1.72 $ 0.34 $ 4.29 $ 1.40 Diluted (A/C) $ 1.70 $ 0.34 $ 4.24 $ 1.38

Investment Securities (Marketab

Investment Securities (Marketable Securities) (Detail) - USD ($)Jun. 30, 2021Dec. 31, 2020Jun. 30, 2020
Available-for-sale securities
Amortized Cost $ 2,148,058,000 $ 2,960,081,000 $ 3,079,299,000
Gross Unrealized Gains59,364,000 98,578,000 121,321,000
Gross Unrealized Losses(18,814,000)(2,820,000)(5,659,000)
Fair Value2,188,608,000 3,055,839,000 3,194,961,000
Held-to-maturity securities
Amortized Cost2,498,322,000 579,197,000 728,530,000
Gross Unrealized Gains17,041,000 14,784,000 15,913,000
Gross Unrealized Losses(35,131,000)(214,000)(157,000)
Fair Value2,480,232,000 593,767,000 744,286,000
Less: Allowance for credit losses(90,000)(59,000)(65,000)
Held-to-maturity securities, net of allowance for credit losses2,498,232,000 579,138,000 728,465,000
Equity securities with readily determinable fair value
Amortized Cost81,401,000 87,618,000 51,673,000
Gross Unrealized Gains6,005,000 3,674,000 1,164,000
Gross Unrealized Losses(1,090,000)(430,000)(377,000)
Fair Value86,316,000 90,862,000 52,460,000
U.S. Treasury
Available-for-sale securities
Amortized Cost304,956,000 59,949,000
Gross Unrealized Gains15,000 590,000
Gross Unrealized Losses0 0
Fair Value304,971,000 60,539,000
U.S. Government agencies
Available-for-sale securities
Amortized Cost75,169,000 80,074,000 287,811,000
Gross Unrealized Gains3,685,000 4,439,000 5,696,000
Gross Unrealized Losses0 0 0
Fair Value78,854,000 84,513,000 293,507,000
Held-to-maturity securities
Amortized Cost176,152,000 177,959,000 514,404,000
Gross Unrealized Gains1,064,000 2,552,000 4,961,000
Gross Unrealized Losses(3,454,000)0 0
Fair Value173,762,000 180,511,000 519,365,000
Municipal
Available-for-sale securities
Amortized Cost163,715,000 141,244,000 147,411,000
Gross Unrealized Gains4,738,000 5,707,000 3,721,000
Gross Unrealized Losses(157,000)(41,000)(253,000)
Fair Value168,296,000 146,910,000 150,879,000
Held-to-maturity securities
Amortized Cost191,590,000 200,707,000 214,126,000
Gross Unrealized Gains10,838,000 12,232,000 10,952,000
Gross Unrealized Losses(308,000)(214,000)(157,000)
Fair Value202,120,000 212,725,000 224,921,000
Corporate notes
Held-to-maturity securities
Amortized Cost51,902,000
Gross Unrealized Gains0
Gross Unrealized Losses(535,000)
Fair Value51,367,000
Corporate notes, financial issuers
Available-for-sale securities
Amortized Cost98,827,000 91,786,000 106,744,000
Gross Unrealized Gains520,000 1,363,000 514,000
Gross Unrealized Losses(1,818,000)(2,764,000)(5,398,000)
Fair Value97,529,000 90,385,000 101,860,000
Corporate notes, other
Available-for-sale securities
Amortized Cost1,000,000 1,000,000 1,000,000
Gross Unrealized Gains13,000 20,000 19,000
Gross Unrealized Losses0 0 0
Fair Value1,013,000 1,020,000 1,019,000
Mortgage-backed securities
Available-for-sale securities
Amortized Cost1,800,751,000 2,330,332,000 2,459,274,000
Gross Unrealized Gains50,171,000 86,721,000 110,354,000
Gross Unrealized Losses(16,839,000)(15,000)(7,000)
Fair Value1,834,083,000 2,417,038,000 2,569,621,000
Held-to-maturity securities
Amortized Cost2,078,678,000 200,531,000
Gross Unrealized Gains5,139,000 0
Gross Unrealized Losses(30,834,000)0
Fair Value2,052,983,000 200,531,000
Collateralized mortgage obligations
Available-for-sale securities
Amortized Cost8,596,000 10,689,000 17,110,000
Gross Unrealized Gains237,000 313,000 427,000
Gross Unrealized Losses0 0 (1,000)
Fair Value8,833,000 11,002,000 17,536,000
Mortgage-backed securities, subprime
Available-for-sale securities
Fair Value $ 0 $ 0 $ 0

Investment Securities (Continuo

Investment Securities (Continuous Unrealized Loss Position, Fair Value) (Detail) $ in ThousandsJun. 30, 2021USD ($)
Available-for-sale securities
Continuous unrealized losses existing for less than 12 months, fair value $ 650,618
Continuous unrealized losses existing for less than 12 months, unrealized losses(17,586)
Continuous unrealized losses existing for greater than 12 months, fair value48,831
Continuous unrealized losses existing for greater than 12 months, unrealized losses(1,228)
Total, fair value699,449
Total, unrealized losses(18,814)
U.S. Government agencies
Available-for-sale securities
Continuous unrealized losses existing for less than 12 months, fair value0
Continuous unrealized losses existing for less than 12 months, unrealized losses0
Continuous unrealized losses existing for greater than 12 months, fair value0
Continuous unrealized losses existing for greater than 12 months, unrealized losses0
Total, fair value0
Total, unrealized losses0
Municipal
Available-for-sale securities
Continuous unrealized losses existing for less than 12 months, fair value34,341
Continuous unrealized losses existing for less than 12 months, unrealized losses(155)
Continuous unrealized losses existing for greater than 12 months, fair value113
Continuous unrealized losses existing for greater than 12 months, unrealized losses(2)
Total, fair value34,454
Total, unrealized losses(157)
Corporate notes, financial issuers
Available-for-sale securities
Continuous unrealized losses existing for less than 12 months, fair value24,381
Continuous unrealized losses existing for less than 12 months, unrealized losses(619)
Continuous unrealized losses existing for greater than 12 months, fair value47,782
Continuous unrealized losses existing for greater than 12 months, unrealized losses(1,199)
Total, fair value72,163
Total, unrealized losses(1,818)
Corporate notes, other
Available-for-sale securities
Continuous unrealized losses existing for less than 12 months, fair value0
Continuous unrealized losses existing for less than 12 months, unrealized losses0
Continuous unrealized losses existing for greater than 12 months, fair value0
Continuous unrealized losses existing for greater than 12 months, unrealized losses0
Total, fair value0
Total, unrealized losses0
Mortgage-backed securities
Available-for-sale securities
Continuous unrealized losses existing for less than 12 months, fair value591,896
Continuous unrealized losses existing for less than 12 months, unrealized losses(16,812)
Continuous unrealized losses existing for greater than 12 months, fair value936
Continuous unrealized losses existing for greater than 12 months, unrealized losses(27)
Total, fair value592,832
Total, unrealized losses(16,839)
Collateralized mortgage obligations
Available-for-sale securities
Continuous unrealized losses existing for less than 12 months, fair value0
Continuous unrealized losses existing for less than 12 months, unrealized losses0
Continuous unrealized losses existing for greater than 12 months, fair value0
Continuous unrealized losses existing for greater than 12 months, unrealized losses0
Total, fair value0
Total, unrealized losses $ 0

Investment Securities (Schedule

Investment Securities (Schedule of Realized Gain (Loss)) (Detail) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Realized gains on investment securities $ 613,000 $ 151,000 $ 829,000 $ 647,000
Realized losses on investment securities(29,000)(492,000)(35,000)(497,000)
Net realized gains (losses) on investment securities584,000 (341,000)794,000 150,000
Unrealized gains on equity securities with readily determinable fair value751,000 1,647,000 2,626,000 1,647,000
Unrealized losses on equity securities with readily determinable fair value(50,000)(110,000)(951,000)(3,656,000)
Net unrealized gains (losses) on equity securities with readily determinable fair value701,000 1,537,000 1,675,000 (2,009,000)
Upward adjustments of equity securities without readily determinable fair values0 0 0 393,000
Downward adjustments of equity securities without readily determinable fair values0 0 0 0
Impairment of equity securities without readily determinable fair values0 (388,000)(30,000)(2,085,000)
Adjustment and impairment, net, of equity securities without readily determinable fair values0 (388,000)(30,000)(1,692,000)
Gains (losses) on investment securities, net1,285,000 808,000 2,439,000 (3,551,000)
Proceeds from sales of available-for-sale securities2,376,000 502,185,000 2,376,000 502,676,000
Proceeds from sales of equity securities with readily determinable fair value4,750,000 4,000,000 6,259,000 4,030,000
Proceeds from sales and capital distributions of equity securities without readily determinable fair value $ 751,000 $ 156,000 $ 1,137,000 $ 444,000

Investment Securities (Investme

Investment Securities (Investments Classified by Contractual Maturity Date) (Detail) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020Jun. 30, 2020
Available-for-sale securities
Due in one year or less, amortized cost $ 38,298 $ 343,601 $ 120,316
Due in one to five years, amortized cost87,939 67,901 74,427
Due in five to ten years, amortized cost119,858 111,886 173,429
Due after ten years, amortized cost92,616 95,672 234,743
Amortized Cost2,148,058 2,960,081 3,079,299
Due in one year or less, fair value38,508 343,846 121,023
Due in one to five years, fair value89,869 70,334 76,284
Due in five to ten years, fair value119,979 112,178 169,249
Due after ten years, fair value97,336 101,441 241,248
Fair Value2,188,608 3,055,839 3,194,961
Held-to-maturity securities
Held-to-maturity securities, due in one year or less, amortized cost5,119 7,138 6,988
Held-to-maturity securities, due in one to five years, amortized cost56,059 22,217 21,818
Held-to-maturity securities, due in five to ten years, amortized cost171,908 150,621 146,937
Held-to-maturity securities, due after ten years, amortized cost186,558 198,690 552,787
Amortized Cost2,498,322 579,197 728,530
Less: Allowance for credit losses(90)(59)(65)
Held-to-maturity securities, net of allowance for credit losses2,498,232 579,138 728,465
Held-to-maturity securities, due in one year or less, fair value5,152 7,186 7,028
Held-to-maturity securities, due in one to five years, fair value56,988 23,068 22,362
Held-to-maturity securities, due in five to ten years, fair value178,864 159,293 153,664
Held-to-maturity securities, due after ten years, fair value186,245 203,689 561,232
Fair Value2,480,232 593,767 744,286
Mortgage-backed
Available-for-sale securities
Mortgage-backed, without single maturity date, amortized cost1,809,347 2,341,021 2,476,384
Mortgage-backed, without single maturity date, fair value1,842,916 2,428,040 2,587,157
Held-to-maturity securities
Mortgage-backed, amortized cost2,078,678 200,531 0
Mortgage-backed, fair value $ 2,052,983 $ 200,531 $ 0

Investment Securities (Narrativ

Investment Securities (Narrative) (Detail)3 Months Ended6 Months Ended
Jun. 30, 2021USD ($)securityJun. 30, 2020USD ($)Jun. 30, 2021USD ($)securityJun. 30, 2020USD ($)Dec. 31, 2020USD ($)
Investments, Debt and Equity Securities [Abstract]
Equity securities without readily determinable fair value $ 34,000,000 $ 34,000,000
Upward adjustments of equity securities without readily determinable fair values0 $ 0 0 $ 393,000
Downward adjustments of equity securities without readily determinable fair values0 0 0 0
Impairment of equity securities without readily determinable fair values0 388,000 30,000 2,085,000
Pledged securities $ 2,400,000,000 $ 3,200,000,000 $ 2,400,000,000 $ 3,200,000,000 $ 2,400,000,000
Number of securities by a single non-government sponsored issuer exceeding 10% of shareholders' equity | security0 0

Loans (Summary of Loan Portfoli

Loans (Summary of Loan Portfolio) (Detail) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020Jun. 30, 2020
Loans [Line Items]
Total loans, net of unearned income $ 32,911,187 $ 32,079,073 $ 31,402,903
Total loans, net of unearned income, percentage100.00%100.00%100.00%
Commercial
Loans [Line Items]
Total loans, net of unearned income $ 11,442,276 $ 11,955,967 $ 11,859,232
Total loans, net of unearned income, percentage35.00%37.00%38.00%
Commercial real estate
Loans [Line Items]
Total loans, net of unearned income $ 8,678,369 $ 8,494,132 $ 8,200,745
Total loans, net of unearned income, percentage26.00%26.00%26.00%
Home equity
Loans [Line Items]
Total loans, net of unearned income $ 369,806 $ 425,263 $ 466,596
Total loans, net of unearned income, percentage1.00%1.00%1.00%
Residential real estate
Loans [Line Items]
Total loans, net of unearned income $ 1,530,285 $ 1,259,598 $ 1,427,429
Total loans, net of unearned income, percentage5.00%5.00%5.00%
Premium finance receivables | Commercial insurance loans
Loans [Line Items]
Total loans, net of unearned income $ 4,521,871 $ 4,054,489 $ 3,999,774
Total loans, net of unearned income, percentage14.00%13.00%13.00%
Premium finance receivables | Life insurance
Loans [Line Items]
Total loans, net of unearned income $ 6,359,556 $ 5,857,436 $ 5,400,802
Total loans, net of unearned income, percentage19.00%18.00%17.00%
Consumer and other
Loans [Line Items]
Total loans, net of unearned income $ 9,024 $ 32,188 $ 48,325
Total loans, net of unearned income, percentage0.00%0.00%0.00%

Loans (Narrative) (Detail)

Loans (Narrative) (Detail) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020Jun. 30, 2020
Schedule Of Accretable Yield Activity Related to Loans Acquired With Evidence Of Credit Quality Deterioration Since Origination Table [Line Items]
Loans, net of unearned income $ 32,911,187 $ 32,079,073 $ 31,402,903
Net deferred loan fees and costs and fair value accounting adjustments(6,300)(3,200)(61,700)
Net deferred loan fees and costs and fair value accounting adjustments, paid by SBA under PPP42,300
Commercial
Schedule Of Accretable Yield Activity Related to Loans Acquired With Evidence Of Credit Quality Deterioration Since Origination Table [Line Items]
Loans, net of unearned income11,442,276 11,955,967 11,859,232
Premium finance receivables
Schedule Of Accretable Yield Activity Related to Loans Acquired With Evidence Of Credit Quality Deterioration Since Origination Table [Line Items]
Unearned income portion of premium finance receivables125,500 113,100 114,800
Commercial PPP loans | Commercial
Schedule Of Accretable Yield Activity Related to Loans Acquired With Evidence Of Credit Quality Deterioration Since Origination Table [Line Items]
Loans, net of unearned income $ 1,879,407 $ 2,715,921 $ 3,335,368

Allowance for Credit Losses (Sc

Allowance for Credit Losses (Schedule of Aging of the Company's Loan Portfolio) (Detail) - USD ($) $ in Thousands3 Months Ended6 Months Ended12 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
Credit Loss [Abstract]
Financial assets held at amortized cost, accrued interest $ 119,100 $ 109,100 $ 119,100 $ 109,100 $ 119,100 $ 109,100 $ 121,900
Financing Receivable, Past Due [Line Items]
Nonaccrual82,698 151,116 82,698 151,116 82,698 151,116 114,150
90+ days and still accruing4,992 37,168 4,992 37,168 4,992 37,168 13,363
TDRs, balance4,199 9,017 6,325 32,814 19,383 53,173
Loans, net of unearned income32,911,187 31,402,903 32,911,187 31,402,903 32,911,187 31,402,903 32,079,073
60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income19,252 79,295 19,252 79,295 19,252 79,295 41,585
30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income73,925 166,385 73,925 166,385 73,925 166,385 139,128
Current
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income32,730,320 30,968,939 32,730,320 30,968,939 32,730,320 30,968,939 31,770,847
Commercial
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income11,442,276 11,859,232 11,442,276 11,859,232 11,442,276 11,859,232 11,955,967
Commercial | Commercial, industrial and other
Financing Receivable, Past Due [Line Items]
Nonaccrual23,232 42,882 23,232 42,882 23,232 42,882 21,743
90+ days and still accruing1,244 1,374 1,244 1,374 1,244 1,374 307
Loans, net of unearned income9,562,869 8,523,864 9,562,869 8,523,864 9,562,869 8,523,864 9,240,046
Commercial | Commercial, industrial and other | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income5,204 8,952 5,204 8,952 5,204 8,952 6,900
Commercial | Commercial, industrial and other | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income18,468 23,720 18,468 23,720 18,468 23,720 44,345
Commercial | Commercial, industrial and other | Current
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income9,514,721 8,446,936 9,514,721 8,446,936 9,514,721 8,446,936 9,166,751
Commercial | Commercial PPP loans
Financing Receivable, Past Due [Line Items]
Nonaccrual0 0 0 0 0 0 0
90+ days and still accruing0 0 0 0 0 0 0
Loans, net of unearned income1,879,407 3,335,368 1,879,407 3,335,368 1,879,407 3,335,368 2,715,921
Commercial | Commercial PPP loans | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income0 0 0 0 0 0 0
Commercial | Commercial PPP loans | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income10 0 10 0 10 0 36
Commercial | Commercial PPP loans | Current
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income1,879,397 3,335,368 1,879,397 3,335,368 1,879,397 3,335,368 2,715,885
Commercial real estate
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income8,678,369 8,200,745 8,678,369 8,200,745 8,678,369 8,200,745 8,494,132
Commercial real estate | Construction and development
Financing Receivable, Past Due [Line Items]
Nonaccrual1,030 9,829 1,030 9,829 1,030 9,829 5,633
90+ days and still accruing0 0 0 0 0 0 0
Loans, net of unearned income1,385,249 1,340,048 1,385,249 1,340,048 1,385,249 1,340,048 1,371,802
Commercial real estate | Construction and development | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income0 1,944 0 1,944 0 1,944 0
Commercial real estate | Construction and development | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income2,207 17,313 2,207 17,313 2,207 17,313 5,344
Commercial real estate | Construction and development | Current
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income1,382,012 1,310,962 1,382,012 1,310,962 1,382,012 1,310,962 1,360,825
Commercial real estate | Non-construction
Financing Receivable, Past Due [Line Items]
Nonaccrual25,005 54,728 25,005 54,728 25,005 54,728 40,474
90+ days and still accruing0 0 0 0 0 0 0
TDRs, balance2,707 2,082 2,944 18,135 4,090 23,578
Loans, net of unearned income7,293,120 6,860,697 7,293,120 6,860,697 7,293,120 6,860,697 7,122,330
Commercial real estate | Non-construction | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income4,382 24,536 4,382 24,536 4,382 24,536 5,178
Commercial real estate | Non-construction | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income17,491 58,215 17,491 58,215 17,491 58,215 26,772
Commercial real estate | Non-construction | Current
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income7,246,242 6,723,218 7,246,242 6,723,218 7,246,242 6,723,218 7,049,906
Home equity
Financing Receivable, Past Due [Line Items]
Nonaccrual3,478 7,261 3,478 7,261 3,478 7,261 6,529
90+ days and still accruing0 0 0 0 0 0 0
Loans, net of unearned income369,806 466,596 369,806 466,596 369,806 466,596 425,263
Home equity | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income301 0 301 0 301 0 47
Home equity | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income777 1,296 777 1,296 777 1,296 637
Home equity | Current
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income365,250 458,039 365,250 458,039 365,250 458,039 418,050
Residential real estate
Financing Receivable, Past Due [Line Items]
Nonaccrual23,050 19,529 23,050 19,529 23,050 19,529 26,071
90+ days and still accruing0 0 0 0 0 0 0
Loans, net of unearned income1,530,285 1,427,429 1,530,285 1,427,429 1,530,285 1,427,429 1,259,598
Residential real estate | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income1,584 1,506 1,584 1,506 1,584 1,506 1,635
Residential real estate | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income2,139 4,400 2,139 4,400 2,139 4,400 12,584
Residential real estate | Current
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income1,503,512 1,401,994 1,503,512 1,401,994 1,503,512 1,401,994 1,219,308
Premium finance receivables | Commercial insurance loans
Financing Receivable, Past Due [Line Items]
Nonaccrual6,418 16,445 6,418 16,445 6,418 16,445 13,264
90+ days and still accruing3,570 35,638 3,570 35,638 3,570 35,638 12,792
Loans, net of unearned income4,521,871 3,999,774 4,521,871 3,999,774 4,521,871 3,999,774 4,054,489
Premium finance receivables | Commercial insurance loans | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income7,759 35,967 7,759 35,967 7,759 35,967 6,798
Premium finance receivables | Commercial insurance loans | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income8,793 46,556 8,793 46,556 8,793 46,556 18,809
Premium finance receivables | Commercial insurance loans | Current
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income4,495,331 3,865,168 4,495,331 3,865,168 4,495,331 3,865,168 4,002,826
Premium finance receivables | Life insurance loans
Financing Receivable, Past Due [Line Items]
Nonaccrual0 15 0 15 0 15 0
90+ days and still accruing0 0 0 0 0 0 0
Loans, net of unearned income6,359,556 5,400,802 6,359,556 5,400,802 6,359,556 5,400,802 5,857,436
Premium finance receivables | Life insurance loans | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income0 6,386 0 6,386 0 6,386 21,003
Premium finance receivables | Life insurance loans | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income23,965 14,604 23,965 14,604 23,965 14,604 30,465
Premium finance receivables | Life insurance loans | Current
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income6,335,591 5,379,797 6,335,591 5,379,797 6,335,591 5,379,797 5,805,968
Consumer and other
Financing Receivable, Past Due [Line Items]
Nonaccrual485 427 485 427 485 427 436
90+ days and still accruing178 156 178 156 178 156 264
Loans, net of unearned income9,024 48,325 9,024 48,325 9,024 48,325 32,188
Consumer and other | 60-89 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income22 4 22 4 22 4 24
Consumer and other | 30-59 days past due
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income75 281 75 281 75 281 136
Consumer and other | Current
Financing Receivable, Past Due [Line Items]
Loans, net of unearned income $ 8,264 $ 47,457 $ 8,264 $ 47,457 $ 8,264 $ 47,457 $ 31,328

Allowance for Credit Losses (Lo

Allowance for Credit Losses (Loan Portfolio by Credit Quality Indicator) (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020Jun. 30, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
2021 $ 7,760,329
20205,815,882
20193,605,029
20182,712,610
20172,360,440
Prior6,962,593
Revolving3,674,846
Revolving to Term19,458
Total Loans32,911,187 $ 32,079,073 $ 31,402,903
Loans with COVID-19 related modifications97,700
Commercial, industrial and other
Financing Receivable, Credit Quality Indicator [Line Items]
20211,178,090
20201,781,555
20191,195,647
2018897,086
2017622,235
Prior743,017
Revolving3,129,119
Revolving to Term16,120
Total Loans9,562,869
Commercial PPP loans
Financing Receivable, Credit Quality Indicator [Line Items]
20211,222,905
2020656,502
20190
20180
20170
Prior0
Revolving0
Revolving to Term0
Total Loans1,879,407
Construction and development
Financing Receivable, Credit Quality Indicator [Line Items]
2021124,726
2020396,814
2019411,589
2018202,338
2017118,871
Prior105,243
Revolving23,768
Revolving to Term1,900
Total Loans1,385,249
Non-construction
Financing Receivable, Credit Quality Indicator [Line Items]
2021662,052
20201,269,115
20191,063,469
2018872,153
2017832,546
Prior2,422,079
Revolving171,249
Revolving to Term457
Total Loans7,293,120
Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
202114
20200
20190
2018232
2017177
Prior21,797
Revolving346,605
Revolving to Term981
Total Loans369,806 425,263 466,596
Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2021531,796
2020327,867
2019222,814
201891,987
2017111,544
Prior244,277
Revolving0
Revolving to Term0
Total Loans1,530,285 1,259,598 1,427,429
Premium finance receivables - commercial
Financing Receivable, Credit Quality Indicator [Line Items]
20213,829,397
2020671,172
201919,211
20182,038
201753
Prior0
Revolving0
Revolving to Term0
Total Loans4,521,871
Premium finance receivables - life
Financing Receivable, Credit Quality Indicator [Line Items]
2021210,484
2020712,285
2019691,707
2018646,188
2017674,882
Prior3,424,010
Revolving0
Revolving to Term0
Total Loans6,359,556
Consumer and other
Financing Receivable, Credit Quality Indicator [Line Items]
2021865
2020572
2019592
2018588
2017132
Prior2,170
Revolving4,105
Revolving to Term0
Total Loans9,024 $ 32,188 $ 48,325
Pass
Financing Receivable, Credit Quality Indicator [Line Items]
20217,679,272
20205,732,751
20193,383,832
20182,508,532
20172,209,552
Prior6,543,627
Revolving3,524,469
Revolving to Term12,548
Total Loans31,594,583
Pass | Commercial, industrial and other
Financing Receivable, Credit Quality Indicator [Line Items]
20211,131,727
20201,736,155
20191,095,110
2018802,071
2017577,407
Prior668,532
Revolving2,985,792
Revolving to Term10,191
Total Loans9,006,985
Pass | Commercial PPP loans
Financing Receivable, Credit Quality Indicator [Line Items]
20211,222,905
2020656,502
20190
20180
20170
Prior0
Revolving0
Revolving to Term0
Total Loans1,879,407
Pass | Construction and development
Financing Receivable, Credit Quality Indicator [Line Items]
2021124,444
2020384,766
2019394,765
2018181,800
201792,839
Prior100,298
Revolving23,614
Revolving to Term1,900
Total Loans1,304,426
Pass | Non-construction
Financing Receivable, Credit Quality Indicator [Line Items]
2021658,154
20201,257,031
2019962,547
2018787,771
2017762,397
Prior2,129,706
Revolving171,239
Revolving to Term457
Total Loans6,729,302
Pass | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
202114
20200
20190
201847
201728
Prior7,108
Revolving339,728
Revolving to Term0
Total Loans346,925
Pass | Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2021530,211
2020325,133
2019220,143
201888,218
2017102,470
Prior212,481
Revolving0
Revolving to Term0
Total Loans1,478,656
Pass | Premium finance receivables - commercial
Financing Receivable, Credit Quality Indicator [Line Items]
20213,800,468
2020660,313
201918,990
20181,950
201753
Prior0
Revolving0
Revolving to Term0
Total Loans4,481,774
Pass | Premium finance receivables - life
Financing Receivable, Credit Quality Indicator [Line Items]
2021210,484
2020712,285
2019691,707
2018646,188
2017674,308
Prior3,424,010
Revolving0
Revolving to Term0
Total Loans6,358,982
Pass | Consumer and other
Financing Receivable, Credit Quality Indicator [Line Items]
2021865
2020566
2019570
2018487
201750
Prior1,492
Revolving4,096
Revolving to Term0
Total Loans8,126
Special mention
Financing Receivable, Credit Quality Indicator [Line Items]
202150,210
202051,623
2019144,522
2018122,329
201794,857
Prior215,286
Revolving117,493
Revolving to Term5,939
Total Loans802,259
Special mention | Commercial, industrial and other
Financing Receivable, Credit Quality Indicator [Line Items]
202118,358
202024,384
201965,034
201842,698
201718,528
Prior14,950
Revolving112,087
Revolving to Term5,696
Total Loans301,735
Special mention | Commercial PPP loans
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
20170
Prior0
Revolving0
Revolving to Term0
Total Loans0
Special mention | Construction and development
Financing Receivable, Credit Quality Indicator [Line Items]
2021282
202012,048
201916,506
201819,952
201723,892
Prior3,272
Revolving0
Revolving to Term0
Total Loans75,952
Special mention | Non-construction
Financing Receivable, Credit Quality Indicator [Line Items]
20213,898
202010,104
201962,404
201857,544
201749,909
Prior187,409
Revolving10
Revolving to Term0
Total Loans371,278
Special mention | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
20170
Prior1,524
Revolving5,390
Revolving to Term243
Total Loans7,157
Special mention | Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
2021443
2020274
2019537
20182,135
20171,872
Prior8,045
Revolving0
Revolving to Term0
Total Loans13,306
Special mention | Premium finance receivables - commercial
Financing Receivable, Credit Quality Indicator [Line Items]
202127,229
20204,809
201919
20180
20170
Prior0
Revolving0
Revolving to Term0
Total Loans32,057
Special mention | Premium finance receivables - life
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
2017574
Prior0
Revolving0
Revolving to Term0
Total Loans574
Special mention | Consumer and other
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20204
201922
20180
201782
Prior86
Revolving6
Revolving to Term0
Total Loans200
Substandard accrual
Financing Receivable, Credit Quality Indicator [Line Items]
202124,264
202024,808
201973,312
201874,408
201748,249
Prior153,903
Revolving31,763
Revolving to Term940
Total Loans431,647
Substandard accrual | Commercial, industrial and other
Financing Receivable, Credit Quality Indicator [Line Items]
202122,800
202019,321
201933,852
201847,054
201724,283
Prior52,697
Revolving30,708
Revolving to Term202
Total Loans230,917
Substandard accrual | Commercial PPP loans
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
20170
Prior0
Revolving0
Revolving to Term0
Total Loans0
Substandard accrual | Construction and development
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20200
2019318
2018586
20172,140
Prior643
Revolving154
Revolving to Term0
Total Loans3,841
Substandard accrual | Non-construction
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20201,980
201938,518
201825,626
201719,949
Prior81,462
Revolving0
Revolving to Term0
Total Loans167,535
Substandard accrual | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20200
20190
2018185
20170
Prior10,425
Revolving898
Revolving to Term738
Total Loans12,246
Substandard accrual | Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
20211,142
20202,277
2019618
2018892
20171,877
Prior8,467
Revolving0
Revolving to Term0
Total Loans15,273
Substandard accrual | Premium finance receivables - commercial
Financing Receivable, Credit Quality Indicator [Line Items]
2021322
20201,229
20196
201865
20170
Prior0
Revolving0
Revolving to Term0
Total Loans1,622
Substandard accrual | Premium finance receivables - life
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
20170
Prior0
Revolving0
Revolving to Term0
Total Loans0
Substandard accrual | Consumer and other
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20201
20190
20180
20170
Prior209
Revolving3
Revolving to Term0
Total Loans213
Substandard nonaccrual/doubtful
Financing Receivable, Credit Quality Indicator [Line Items]
20216,583
20206,700
20193,363
20187,341
20177,782
Prior49,777
Revolving1,121
Revolving to Term31
Total Loans82,698
Substandard nonaccrual/doubtful | Commercial, industrial and other
Financing Receivable, Credit Quality Indicator [Line Items]
20215,205
20201,695
20191,651
20185,263
20172,017
Prior6,838
Revolving532
Revolving to Term31
Total Loans23,232
Substandard nonaccrual/doubtful | Commercial PPP loans
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
20170
Prior0
Revolving0
Revolving to Term0
Total Loans0
Substandard nonaccrual/doubtful | Construction and development
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
20170
Prior1,030
Revolving0
Revolving to Term0
Total Loans1,030
Substandard nonaccrual/doubtful | Non-construction
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20200
20190
20181,212
2017291
Prior23,502
Revolving0
Revolving to Term0
Total Loans25,005
Substandard nonaccrual/doubtful | Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
2017149
Prior2,740
Revolving589
Revolving to Term0
Total Loans3,478
Substandard nonaccrual/doubtful | Residential real estate
Financing Receivable, Credit Quality Indicator [Line Items]
20210
2020183
20191,516
2018742
20175,325
Prior15,284
Revolving0
Revolving to Term0
Total Loans23,050
Substandard nonaccrual/doubtful | Premium finance receivables - commercial
Financing Receivable, Credit Quality Indicator [Line Items]
20211,378
20204,821
2019196
201823
20170
Prior0
Revolving0
Revolving to Term0
Total Loans6,418
Substandard nonaccrual/doubtful | Premium finance receivables - life
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
20170
Prior0
Revolving0
Revolving to Term0
Total Loans0
Substandard nonaccrual/doubtful | Consumer and other
Financing Receivable, Credit Quality Indicator [Line Items]
20210
20201
20190
2018101
20170
Prior383
Revolving0
Revolving to Term0
Total Loans $ 485

Allowance for Credit Losses (He

Allowance for Credit Losses (Held-to-Maturity Debt Securities by Credit Quality Indication) (Details) - USD ($) $ in ThousandsJun. 30, 2021Dec. 31, 2020Jun. 30, 2020
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Amortized Cost $ 2,498,322 $ 579,197 $ 728,530
Less: Allowance for credit losses(90)(59)(65)
Held-to-maturity securities, net of allowance for credit losses2,498,232 579,138 728,465
U.S. Government agencies
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
202197,789
202025,000
20190
201850,000
20170
Prior3,363
Amortized Cost176,152 177,959 514,404
U.S. Government agencies | 1-4 internal grade
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
202197,789
202025,000
20190
201850,000
20170
Prior3,363
Amortized Cost176,152
U.S. Government agencies | 5-7 internal grade
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
20170
Prior0
Amortized Cost0
U.S. Government agencies | 8-10 internal grade
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
20170
Prior0
Amortized Cost0
Municipal
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
20211,374
20200
2019161
20187,528
201743,574
Prior138,953
Amortized Cost191,590 $ 200,707 $ 214,126
Municipal | 1-4 internal grade
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
20211,374
20200
2019161
20187,528
201743,574
Prior138,953
Amortized Cost191,590
Municipal | 5-7 internal grade
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
20170
Prior0
Amortized Cost0
Municipal | 8-10 internal grade
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
20170
Prior0
Amortized Cost0
Mortgage-backed securities
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
20212,078,678
20200
20190
20180
20170
Prior0
Amortized Cost2,078,678
Mortgage-backed securities | 1-4 internal grade
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
20212,078,678
20200
20190
20180
20170
Prior0
Amortized Cost2,078,678
Mortgage-backed securities | 5-7 internal grade
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
20170
Prior0
Amortized Cost0
Mortgage-backed securities | 8-10 internal grade
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
20170
Prior0
Amortized Cost0
Corporate notes
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
20210
202013,620
20197,440
20183,305
20173,259
Prior24,278
Amortized Cost51,902
Corporate notes | 1-4 internal grade
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
20210
202013,620
20197,440
20183,305
20173,259
Prior24,278
Amortized Cost51,902
Corporate notes | 5-7 internal grade
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
20170
Prior0
Amortized Cost0
Corporate notes | 8-10 internal grade
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
20210
20200
20190
20180
20170
Prior0
Amortized Cost $ 0

Allowance for Credit Losses (Co

Allowance for Credit Losses (Components of Allowance for Credit Losses) (Details) - USD ($) $ in ThousandsJun. 30, 2021Mar. 31, 2021Dec. 31, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses and unfunded lending-related commitments losses $ 304,031 $ 321,209 $ 379,910 $ 373,109 $ 253,412 $ 158,461
Held-to-maturity securities, allowance for credit loss90 59 65
Allowance for credit losses304,121 379,969 373,174
Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses and unfunded lending-related commitments losses261,089 319,374 313,510
Unfunded lending-related commitments
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses and unfunded lending-related commitments losses42,942 60,536 59,599
Loan losses and unfunded lending-related commitments losses
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses and unfunded lending-related commitments losses $ 304,031 $ 379,910 $ 373,109

Allowance for Credit Losses (Su

Allowance for Credit Losses (Summary of Activity in the Allowance for Credit Losses) (Detail) - USD ($) $ in Thousands3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses at beginning of period $ 321,209 $ 253,412 $ 379,910 $ 158,461
Other adjustments33 42 63 (31)
Charge-offs(6,975)(16,975)(23,091)(24,412)
Recoveries5,053 1,572 7,824 3,724
Provision for credit losses(15,289)135,058 (60,675)188,023
Allowance for credit losses at period end304,031 373,109 304,031 373,109
Individually measured11,217 18,483 11,217 18,483
Collectively measured292,814 354,626 292,814 354,626
Loans at period end, individually evaluated for impairment113,854 183,365 113,854 183,365
Loans at period end, collectively evaluated for impairment32,741,993 30,964,924 32,741,993 30,964,924
Loans held at fair value55,340 254,614 55,340 254,614
Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses at beginning of period95,640 107,346 94,212 64,920
Other adjustments0 0 0 0
Charge-offs(3,237)(5,686)(15,018)(7,839)
Recoveries902 112 1,354 495
Provision for credit losses5,202 31,825 17,959 66,982
Allowance for credit losses at period end98,507 133,597 98,507 133,597
Individually measured8,625 12,689 8,625 12,689
Collectively measured89,882 120,908 89,882 120,908
Loans at period end, individually evaluated for impairment30,144 48,220 30,144 48,220
Loans at period end, collectively evaluated for impairment11,412,132 11,811,012 11,412,132 11,811,012
Loans held at fair value0 0 0 0
Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses at beginning of period181,792 112,796 243,603 68,511
Other adjustments0 0 0 0
Charge-offs(1,412)(7,224)(2,392)(7,794)
Recoveries514 493 714 756
Provision for credit losses(22,372)91,061 (83,403)103,589
Allowance for credit losses at period end158,522 197,126 158,522 197,126
Individually measured1,257 5,023 1,257 5,023
Collectively measured157,265 192,103 157,265 192,103
Loans at period end, individually evaluated for impairment35,694 83,664 35,694 83,664
Loans at period end, collectively evaluated for impairment8,642,675 8,117,081 8,642,675 8,117,081
Loans held at fair value0 0 0 0
Home equity
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses at beginning of period11,382 12,394 11,437 3,878
Other adjustments0 0 0 0
Charge-offs(142)(239)(142)(1,240)
Recoveries328 46 429 340
Provision for credit losses(361)(12)(517)150
Allowance for credit losses at period end11,207 12,189 11,207 12,189
Individually measured213 264 213 264
Collectively measured10,994 11,925 10,994 11,925
Loans at period end, individually evaluated for impairment18,080 22,782 18,080 22,782
Loans at period end, collectively evaluated for impairment351,726 443,814 351,726 443,814
Loans held at fair value0 0 0 0
Residential real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses at beginning of period14,242 12,550 12,459 9,800
Other adjustments0 0 0 0
Charge-offs(3)(293)(5)(694)
Recoveries36 30 240 90
Provision for credit losses1,409 (372)2,990 (283)
Allowance for credit losses at period end15,684 11,915 15,684 11,915
Individually measured1,045 393 1,045 393
Collectively measured14,639 11,522 14,639 11,522
Loans at period end, individually evaluated for impairment29,384 28,145 29,384 28,145
Loans at period end, collectively evaluated for impairment1,445,561 1,144,670 1,445,561 1,144,670
Loans held at fair value55,340 254,614 55,340 254,614
Premium finance receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses at beginning of period17,477 7,880 17,777 9,647
Other adjustments33 42 63 (31)
Charge-offs(2,077)(3,434)(5,316)(6,618)
Recoveries3,239 833 5,021 1,943
Provision for credit losses1,227 12,271 2,354 17,610
Allowance for credit losses at period end19,899 17,592 19,899 17,592
Individually measured0 0 0 0
Collectively measured19,899 17,592 19,899 17,592
Loans at period end, individually evaluated for impairment0 0 0 0
Loans at period end, collectively evaluated for impairment10,881,427 9,400,576 10,881,427 9,400,576
Loans held at fair value0 0 0 0
Consumer and other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses at beginning of period676 446 422 1,705
Other adjustments0 0 0 0
Charge-offs(104)(99)(218)(227)
Recoveries34 58 66 100
Provision for credit losses(394)285 (58)(25)
Allowance for credit losses at period end212 690 212 690
Individually measured77 114 77 114
Collectively measured135 576 135 576
Loans at period end, individually evaluated for impairment552 554 552 554
Loans at period end, collectively evaluated for impairment8,472 47,771 8,472 47,771
Loans held at fair value $ 0 0 $ 0 0
Cumulative effect, period of adoption, adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses at period end47,344 47,344
Cumulative effect, period of adoption, adjustment | Commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses at period end9,039 9,039
Cumulative effect, period of adoption, adjustment | Commercial real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses at period end32,064 32,064
Cumulative effect, period of adoption, adjustment | Home equity
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses at period end9,061 9,061
Cumulative effect, period of adoption, adjustment | Residential real estate
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses at period end3,002 3,002
Cumulative effect, period of adoption, adjustment | Premium finance receivables
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses at period end(4,959)(4,959)
Cumulative effect, period of adoption, adjustment | Consumer and other
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses at period end $ (863) $ (863)

Allowance for Credit Losses (Al

Allowance for Credit Losses (Allowance for Credit Losses Narrative) (Details) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Mar. 31, 2021Dec. 31, 2020Mar. 31, 2020Jan. 01, 2020Dec. 31, 2019
Financing Receivable, Allowance for Credit Loss [Line Items]
Nonaccrual loans with no related allowance for credit losses $ 50,100,000 $ 50,100,000
Loans reasonably expected to be modified into TDRs202,000
Allowance for loan losses304,031,000 $ 373,109,000 304,031,000 $ 373,109,000 $ 321,209,000 $ 379,910,000 $ 253,412,000 $ 158,461,000
Provision for (reversal of) credit losses(15,289,000)135,058,000 (60,675,000)188,023,000
Loan net charge-offs1,900,000 15,300,000
Held-to-maturity securities, allowance for credit loss90,000 65,000 90,000 65,000 59,000
Provision for credit losses(10,000)29,000
Cumulative effect, period of adoption, adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses47,344,000 47,344,000 $ 47,300,000
Held-to-maturity securities, allowance for credit loss74,000
Loans acquired with deteriorated credit quality | Cumulative effect, period of adoption, adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses11,000,000
Loans acquired without deteriorated credit quality | Cumulative effect, period of adoption, adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses3,200,000
Unfunded lending-related commitments
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses42,942,000 59,599,000 42,942,000 59,599,000 60,536,000
Unfunded lending-related commitments | Cumulative effect, period of adoption, adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses33,200,000
Loans
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses $ 261,089,000 $ 313,510,000 $ 261,089,000 $ 313,510,000 $ 319,374,000
Loans | Cumulative effect, period of adoption, adjustment
Financing Receivable, Allowance for Credit Loss [Line Items]
Allowance for loan losses $ 14,200,000

Allowance for Credit Losses (_2

Allowance for Credit Losses (Summary of the Post-Modification Balance of TDRs) (Detail) $ in Thousands3 Months Ended6 Months Ended12 Months Ended
Jun. 30, 2021USD ($)contractJun. 30, 2020USD ($)contractJun. 30, 2021USD ($)contractJun. 30, 2020USD ($)contractJun. 30, 2021USD ($)contractJun. 30, 2020USD ($)contract
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract16 29 36 67 93 183
TDRs, balance | $ $ 4,199 $ 9,017 $ 6,325 $ 32,814 $ 19,383 $ 53,173
Extension at Below Market Terms
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract15 26 35 52
TDRs, balance | $ $ 3,656 $ 3,948 $ 5,782 $ 23,665
Reduction of Interest Rate
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract3 10 13 18
TDRs, balance | $ $ 1,159 $ 1,590 $ 2,562 $ 3,297
Modification to Interest-only Payments
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract0 5 1 10
TDRs, balance | $ $ 0 $ 5,339 $ 113 $ 8,802
Forgiveness of Debt
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract0 0 0 1
TDRs, balance | $ $ 0 $ 0 $ 0 $ 432
Commercial, industrial and other | Commercial, industrial and other
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract3 7 5 12 14 22
TDRs, balance | $ $ 395 $ 3,431 $ 546 $ 9,033 $ 3,875 $ 13,989
Commercial, industrial and other | Commercial, industrial and other | Extension at Below Market Terms
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract3 5 5 8
TDRs, balance | $ $ 395 $ 443 $ 546 $ 4,759
Commercial, industrial and other | Commercial, industrial and other | Reduction of Interest Rate
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract0 0 0 0
TDRs, balance | $ $ 0 $ 0 $ 0 $ 0
Commercial, industrial and other | Commercial, industrial and other | Modification to Interest-only Payments
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract0 4 0 4
TDRs, balance | $ $ 0 $ 3,257 $ 0 $ 3,257
Commercial, industrial and other | Commercial, industrial and other | Forgiveness of Debt
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract0 0 0 1
TDRs, balance | $ $ 0 $ 0 $ 0 $ 432
Commercial real estate | Non-construction
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract3 1 5 14 9 17
TDRs, balance | $ $ 2,707 $ 2,082 $ 2,944 $ 18,135 $ 4,090 $ 23,578
Commercial real estate | Non-construction | Extension at Below Market Terms
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract2 0 4 11
TDRs, balance | $ $ 2,164 $ 0 $ 2,401 $ 13,511
Commercial real estate | Non-construction | Reduction of Interest Rate
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract1 0 2 3
TDRs, balance | $ $ 543 $ 0 $ 656 $ 921
Commercial real estate | Non-construction | Modification to Interest-only Payments
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract0 1 1 6
TDRs, balance | $ $ 0 $ 2,082 $ 113 $ 5,545
Commercial real estate | Non-construction | Forgiveness of Debt
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract0 0 0 0
TDRs, balance | $ $ 0 $ 0 $ 0 $ 0
Residential real estate and other
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract10 21 26 41 70 144
TDRs, balance | $ $ 1,097 $ 3,504 $ 2,835 $ 5,646 $ 11,418 $ 15,606
Residential real estate and other | Extension at Below Market Terms
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract10 21 26 33
TDRs, balance | $ $ 1,097 $ 3,505 $ 2,835 $ 5,395
Residential real estate and other | Reduction of Interest Rate
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract2 10 11 15
TDRs, balance | $ $ 616 $ 1,590 $ 1,906 $ 2,376
Residential real estate and other | Modification to Interest-only Payments
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract0 0 0 0
TDRs, balance | $ $ 0 $ 0 $ 0 $ 0
Residential real estate and other | Forgiveness of Debt
Financing Receivable, Troubled Debt Restructuring [Line Items]
TDRs, count | contract0 0 0 0
TDRs, balance | $ $ 0 $ 0 $ 0 $ 0

Allowance for Credit Losses (_3

Allowance for Credit Losses (Summary of TDRs Subsequent Default Under the Restructured Terms) (Detail) $ in Thousands3 Months Ended6 Months Ended12 Months Ended
Jun. 30, 2021USD ($)contractJun. 30, 2020USD ($)contractbranchJun. 30, 2021USD ($)branchcontractJun. 30, 2020USD ($)contractJun. 30, 2021USD ($)contractJun. 30, 2020USD ($)contract
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
TDRs, count | contract16 29 36 67 93 183
TDRs, balance $ 4,199 $ 9,017 $ 6,325 $ 32,814 $ 19,383 $ 53,173
Payments in default, count11 25 12 27
Payments in default, balance $ 2,926 $ 12,940 $ 3,133 $ 14,012
Commercial, industrial and other | Commercial, industrial and other
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
TDRs, count | contract3 7 5 12 14 22
TDRs, balance $ 395 $ 3,431 $ 546 $ 9,033 $ 3,875 $ 13,989
Payments in default, count4 7 4 8
Payments in default, balance $ 1,371 $ 4,252 $ 1,371 $ 5,013
Commercial real estate | Non-construction
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
TDRs, count | contract3 1 5 14 9 17
TDRs, balance $ 2,707 $ 2,082 $ 2,944 $ 18,135 $ 4,090 $ 23,578
Payments in default, count2 6 3 6
Payments in default, balance $ 1,176 $ 6,181 $ 1,383 $ 6,181
Residential real estate and other
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
TDRs, count | contract10 21 26 41 70 144
TDRs, balance $ 1,097 $ 3,504 $ 2,835 $ 5,646 $ 11,418 $ 15,606
Payments in default, count5 12 5 13
Payments in default, balance $ 379 $ 2,507 $ 379 $ 2,818
Extension at Below Market Terms
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
TDRs, count | contract15 26 35 52
TDRs, balance $ 3,656 $ 3,948 $ 5,782 $ 23,665
Extension at Below Market Terms | Commercial, industrial and other | Commercial, industrial and other
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
TDRs, count | contract3 5 5 8
TDRs, balance $ 395 $ 443 $ 546 $ 4,759
Extension at Below Market Terms | Commercial real estate | Non-construction
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
TDRs, count | contract2 0 4 11
TDRs, balance $ 2,164 $ 0 $ 2,401 $ 13,511
Extension at Below Market Terms | Residential real estate and other
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
TDRs, count | contract10 21 26 33
TDRs, balance $ 1,097 $ 3,505 $ 2,835 $ 5,395
Reduction of Interest Rate
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
TDRs, count | contract3 10 13 18
TDRs, balance $ 1,159 $ 1,590 $ 2,562 $ 3,297
Reduction of Interest Rate | Commercial, industrial and other | Commercial, industrial and other
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
TDRs, count | contract0 0 0 0
TDRs, balance $ 0 $ 0 $ 0 $ 0
Reduction of Interest Rate | Commercial real estate | Non-construction
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
TDRs, count | contract1 0 2 3
TDRs, balance $ 543 $ 0 $ 656 $ 921
Reduction of Interest Rate | Residential real estate and other
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
TDRs, count | contract2 10 11 15
TDRs, balance $ 616 $ 1,590 $ 1,906 $ 2,376
Modification to Interest-only Payments
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
TDRs, count | contract0 5 1 10
TDRs, balance $ 0 $ 5,339 $ 113 $ 8,802
Modification to Interest-only Payments | Commercial, industrial and other | Commercial, industrial and other
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
TDRs, count | contract0 4 0 4
TDRs, balance $ 0 $ 3,257 $ 0 $ 3,257
Modification to Interest-only Payments | Commercial real estate | Non-construction
Troubled Debt Restructuring, Debtor, Subsequent Periods [Line Items]
TDRs, count | contract0 1 1