COVER PAGE
COVER PAGE - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 07, 2020 | Jun. 30, 2019 | |
Document and Entity Information [Abstract] | |||
Document Annual Report | true | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 0-10587 | ||
Entity Registrant Name | FULTON FINANCIAL CORP | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 23-2195389 | ||
Entity Address, Address Line One | One Penn Square | ||
Entity Address, Address Line Two | P. O. Box 4887 | ||
Entity Address, City or Town | Lancaster, | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 17604 | ||
City Area Code | 717 | ||
Local Phone Number | 291-2411 | ||
Title of 12(b) Security | Common Stock, $2.50 par value | ||
Trading Symbol | FULT | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2.6 | ||
Entity Common Stock, Shares Outstanding | 164,294,000 | ||
Documents Incorporated by Reference | Portions of the Definitive Proxy Statement of the Registrant for the Annual Meeting of Shareholders to be held on May 19, 2020 are incorporated by reference in Part III. | ||
Entity Central Index Key | 0000700564 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 132,283 | $ 103,436 |
Interest-bearing deposits with other banks | 385,508 | 342,251 |
Total Cash and Cash Equivalents | 517,791 | 445,687 |
Federal Reserve Bank and Federal Home Loan Bank stock | 97,422 | 79,283 |
Loans held for sale | 37,828 | 27,099 |
Estimated Fair Value | 2,497,537 | 2,080,294 |
Held to maturity, at amortized cost | 369,841 | 606,679 |
Loans and leases, net of unearned income | 16,837,526 | 16,165,800 |
Allowance for loan and lease losses | (163,622) | (160,537) |
Net Loans and Leases | 16,673,904 | 16,005,263 |
Premises and equipment | 240,046 | 234,529 |
Accrued interest receivable | 60,898 | 58,879 |
Goodwill and intangibles | 535,303 | 531,556 |
Other assets | 855,470 | 612,883 |
Total Assets | 21,886,040 | 20,682,152 |
Liabilities | ||
Noninterest-bearing | 4,453,324 | 4,310,105 |
Interest-bearing | 12,940,589 | 12,066,054 |
Total Deposits | 17,393,913 | 16,376,159 |
Short-term borrowings | 883,241 | 754,777 |
Accrued interest payable | 8,834 | 10,529 |
Federal Home Loan Bank advances and long-term debt | 881,769 | 992,279 |
Other liabilities | 376,107 | 300,835 |
Total Liabilities | 19,543,864 | 18,434,579 |
Shareholders’ Equity | ||
Common stock, $2.50 par value, 600 million shares authorized, 222.4 million shares issued in 2019 and 221.8 million shares issued in 2018 | 556,110 | 554,377 |
Additional paid-in capital | 1,499,681 | 1,489,703 |
Retained earnings | 1,079,391 | 946,032 |
Accumulated other comprehensive loss | (137) | (59,063) |
Treasury stock, 58.2 million shares in 2019 and 51.6 million shares in 2018 | (792,869) | (683,476) |
Total Shareholders’ Equity | 2,342,176 | 2,247,573 |
Total Liabilities and Shareholders’ Equity | $ 21,886,040 | $ 20,682,152 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (usd per share) | $ 2.5 | $ 2.5 |
Common stock, shares authorized | 600,000,000 | 600,000,000 |
Common stock, shares issued | 222,400,000 | 221,800,000 |
Treasury stock, shares | 58,200,000 | 51,600,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Income | |||
Loans, including fees | $ 737,932 | $ 683,042 | $ 603,961 |
Investment securities: | |||
Taxable | 62,556 | 56,039 | 47,028 |
Tax-exempt | 14,218 | 12,076 | 11,566 |
Dividends | 0 | 5 | 369 |
Loans held for sale | 1,351 | 1,159 | 876 |
Other interest income | 9,249 | 6,193 | 5,066 |
Total Interest Income | 825,306 | 758,514 | 668,866 |
Interest Expense | |||
Deposits | 131,775 | 87,712 | 57,791 |
Short-term borrowings | 14,543 | 8,489 | 2,779 |
Long-term debt | 30,599 | 31,857 | 32,932 |
Total Interest Expense | 176,917 | 128,058 | 93,502 |
Net Interest Income | 648,389 | 630,456 | 575,364 |
Provision for credit losses | 32,825 | 46,907 | 23,305 |
Net Interest Income After Provision for Credit Losses | 615,564 | 583,549 | 552,059 |
Non-Interest Income | |||
Non-interest income before investment securities gains | 211,427 | 195,488 | 198,903 |
Investment securities gains, net | 4,733 | 37 | 9,071 |
Total Non-Interest Income | 216,160 | 195,525 | 207,974 |
Non-Interest Expense | |||
Salaries and employee benefits | 311,934 | 303,202 | 290,130 |
Net occupancy | 52,826 | 51,678 | 49,708 |
Data processing and software | 44,679 | 41,286 | 38,735 |
Other outside services | 39,989 | 33,758 | 27,501 |
Equipment | 13,575 | 13,243 | 12,935 |
Professional | 13,134 | 14,161 | 12,688 |
Federal Deposit Insurance Corporation (FDIC) | 7,780 | 10,993 | 11,049 |
Amortization of tax credit investments | 6,021 | 11,449 | 11,028 |
Prepayment penalty on Federal Home Loan Bank (FHLB) advances | 4,326 | 0 | 0 |
Intangible amortization | 1,427 | 0 | 0 |
Other | 72,045 | 66,334 | 71,805 |
Total Non-Interest Expense | 567,736 | 546,104 | 525,579 |
Income Before Income Taxes | 263,988 | 232,970 | 234,454 |
Income taxes | 37,649 | 24,577 | 62,701 |
Net Income | $ 226,339 | $ 208,393 | $ 171,753 |
PER COMMON SHARE: | |||
Net Income (Basic) (usd per share) | $ 1.36 | $ 1.19 | $ 0.98 |
Net Income (Diluted) (usd per share) | 1.35 | 1.18 | 0.98 |
Cash Dividends (usd per share) | $ 0.56 | $ 0.52 | $ 0.47 |
Commercial banking | |||
Non-Interest Income | |||
Non-interest income before investment securities gains | $ 71,117 | $ 63,929 | $ 65,730 |
Consumer banking | |||
Non-Interest Income | |||
Non-interest income before investment securities gains | 49,503 | 48,422 | 48,918 |
Investment management and trust services | |||
Non-Interest Income | |||
Non-interest income before investment securities gains | 55,678 | 52,148 | 49,249 |
Mortgage banking | |||
Non-Interest Income | |||
Non-interest income before investment securities gains | 23,099 | 19,026 | 19,928 |
Other | |||
Non-Interest Income | |||
Non-interest income before investment securities gains | $ 12,030 | $ 11,963 | $ 15,078 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 226,339 | $ 208,393 | $ 171,753 |
Unrealized gains (losses) on available for sale investment securities: | |||
Unrealized gain (loss) on securities | 56,919 | (24,326) | 10,432 |
Reclassification adjustment for securities gains included in net income | (3,686) | (30) | (5,894) |
Amortization of net unrealized losses on securities transferred to held to maturity | 6,285 | 2,098 | 0 |
Non-credit related unrealized (loss) gain on other-than-temporarily impaired debt securities | (680) | 222 | 185 |
Net unrealized gains (losses) on available for sale investment securities | 58,838 | (22,036) | 4,723 |
Defined benefit pension plan and postretirement benefits: | |||
Unrecognized pension and postretirement (cost) income | (937) | 1,400 | (609) |
Amortization of net unrecognized pension and postretirement income | 1,025 | 1,648 | 1,361 |
Net unrealized gains on defined benefit pension and postretirement plans | 88 | 3,048 | 752 |
Other Comprehensive Income (Loss) | 58,926 | (18,988) | 5,475 |
Total Comprehensive Income | $ 285,265 | $ 189,405 | $ 177,228 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock |
Beginning Balance at Dec. 31, 2016 | $ 2,121,115 | $ 549,707 | $ 1,467,602 | $ 732,099 | $ (38,449) | $ (589,844) |
Beginning Balance (in shares) at Dec. 31, 2016 | 174,040 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 171,753 | 171,753 | ||||
Other comprehensive income (loss) | 5,475 | 5,475 | ||||
Stock issued, including related tax benefits | 8,538 | $ 2,525 | 5,578 | 435 | ||
Stock issued, including related tax benefits (in shares) | 1,130 | |||||
Stock-based compensation awards | 5,209 | 5,209 | ||||
Common stock cash dividends | (82,233) | (82,233) | ||||
Ending Balance at Dec. 31, 2017 | 2,229,857 | $ 552,232 | 1,478,389 | 821,619 | (32,974) | (589,409) |
Ending Balance (in shares) at Dec. 31, 2017 | 175,170 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 208,393 | 208,393 | ||||
Other comprehensive income (loss) | (18,988) | (18,988) | ||||
Stock issued, including related tax benefits | 6,735 | $ 2,062 | 3,432 | 1,241 | ||
Stock issued, including related tax benefits (in shares) | 977 | |||||
Stock-based compensation awards (in shares) | 33 | |||||
Stock-based compensation awards | 7,965 | $ 83 | 7,882 | |||
Acquisition of treasury stock | (95,308) | (95,308) | ||||
Reclassification of stranded tax effects | (7,101) | 7,101 | (7,101) | |||
Acquisition of treasury stock (in shares) | (5,996) | |||||
Common stock cash dividends | (91,081) | (91,081) | ||||
Ending Balance at Dec. 31, 2018 | 2,247,573 | $ 554,377 | 1,489,703 | 946,032 | (59,063) | (683,476) |
Ending Balance (in shares) at Dec. 31, 2018 | 170,184 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 226,339 | 226,339 | ||||
Other comprehensive income (loss) | 58,926 | 58,926 | ||||
Stock issued, including related tax benefits | 6,362 | $ 1,733 | 2,565 | 2,064 | ||
Stock issued, including related tax benefits (in shares) | 883 | |||||
Stock-based compensation awards | 7,413 | 7,413 | ||||
Acquisition of treasury stock | (111,457) | (111,457) | ||||
Acquisition of treasury stock (in shares) | (6,849) | |||||
Common stock cash dividends | (92,980) | (92,980) | ||||
Ending Balance at Dec. 31, 2019 | $ 2,342,176 | $ 556,110 | $ 1,499,681 | $ 1,079,391 | $ (137) | $ (792,869) |
Ending Balance (in shares) at Dec. 31, 2019 | 164,218 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock cash dividends (usd per share) | $ 0.56 | $ 0.52 | $ 0.47 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 226,339 | $ 208,393 | $ 171,753 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 32,825 | 46,907 | 23,305 |
Depreciation and amortization of premises and equipment | 28,200 | 28,156 | 28,096 |
Amortization of tax credit investments | 32,810 | 38,606 | 37,185 |
Net amortization of investment security premiums | 9,387 | 9,297 | 10,107 |
Deferred income tax (benefit) expense | (165) | (15,749) | 24,896 |
Re-measurement of net deferred tax asset | 0 | (809) | 15,635 |
Investment securities gains, net | (4,733) | (37) | (9,071) |
Gain on sales of mortgage loans held for sale | (17,882) | (13,021) | (13,036) |
Proceeds from sales of mortgage loans held for sale | 916,725 | 795,756 | 644,400 |
Originations of mortgage loans held for sale | (909,572) | (778,304) | (634,197) |
Intangible amortization | 1,427 | 0 | 0 |
Amortization of issuance costs and discounts on long-term debt | 842 | 813 | 845 |
Stock-based compensation | 7,413 | 7,965 | 5,209 |
Other changes, net | (195,903) | (31,153) | (17,369) |
Total adjustments | (98,626) | 88,427 | 116,005 |
Net cash provided by operating activities | 127,713 | 296,820 | 287,758 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sales of available for sale securities | 710,739 | 54,638 | 184,734 |
Proceeds from paydowns and maturities of held to maturity securities | 83,121 | 35,900 | 0 |
Proceeds from principal repayments and maturities of available for sale securities | 234,702 | 290,681 | 417,673 |
Purchases of securities available for sale | (1,138,070) | (558,949) | (584,921) |
Purchase of Federal Reserve Bank and Federal Home Loan Bank stock | (18,139) | (18,522) | (3,272) |
Net increase in loans and leases | (708,048) | (447,849) | (1,087,521) |
Net purchases of premises and equipment | (33,717) | (39,883) | (33,092) |
Net cash paid for acquisitions | (5,174) | 0 | 0 |
Net change in tax credit investments | (18,760) | (56,733) | (28,932) |
Net cash used in investing activities | (893,346) | (740,717) | (1,135,331) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase in demand and savings deposits | 849,437 | 435,872 | 782,525 |
Net increase in time deposits | 168,317 | 142,755 | 2,143 |
Increase in short-term borrowings | 128,464 | 137,253 | 76,207 |
Additions to long-term debt | 485,000 | 50,000 | 223,251 |
Repayments of long-term debt | (596,056) | (100,165) | (115,153) |
Net proceeds from issuance of common stock | 6,362 | 6,735 | 8,538 |
Dividends paid | (92,330) | (89,654) | (80,368) |
Acquisition of treasury stock | (111,457) | (95,308) | 0 |
Net cash provided by financing activities | 837,737 | 487,488 | 897,143 |
Net Increase in Cash and Cash Equivalents | 72,104 | 43,591 | 49,570 |
Cash and Cash Equivalents at Beginning of Year | 445,687 | 402,096 | 352,526 |
Cash and Cash Equivalents at End of Year | 517,791 | 445,687 | 402,096 |
Cash paid during period for: | |||
Interest | 178,612 | 126,846 | 93,817 |
Income taxes | 9,193 | 13,547 | 6,537 |
Supplemental schedule of certain noncash activities | |||
Transfer of available for sale securities to held to maturity securities | 0 | 641,672 | 0 |
Transfer of available for sale securities to held to maturity securities | $ 158,898 | $ 0 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business: Fulton Financial Corporation ("Corporation" or "Parent Company") is a financial holding company which provides a full range of banking and financial services to businesses and consumers through its wholly owned banking subsidiary, Fulton Bank, N.A. ("Fulton Bank" or the "Bank"). In addition, the Parent Company owns the following non-bank subsidiaries: Fulton Financial Realty Company, Central Pennsylvania Financial Corp., FFC Management, Inc., FFC Penn Square, Inc. and Fulton Insurance Services Group, Inc. Collectively, the Parent Company and its subsidiaries are referred to as the Corporation. The Corporation’s primary sources of revenue are interest income on loans, investment securities and other interest-earning assets and fee income earned on its products and services. Its expenses consist of interest expense on deposits and borrowed funds, provision for credit losses, other operating expenses and income taxes. The Corporation’s primary competition is other financial services providers operating in its region. Competitors also include financial services providers located outside the Corporation’s geographic market as a result of the growth in electronic delivery channels. The Corporation is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by such regulatory authorities. The Corporation offers, through its banking subsidiary, a full range of retail and commercial banking services in Pennsylvania, Delaware, Maryland, New Jersey and Virginia. Industry diversity is the key to the economic well-being of these markets and the Corporation is not dependent upon any single customer or industry. In 2017, the Corporation had six banking subsidiaries. During 2018, the Corporation consolidated two of its wholly owned banking subsidiaries into its lead bank, Fulton Bank, and during 2019 , the remaining three wholly-owned banking subsidiaries were consolidated into Fulton Bank. Basis of Financial Statement Presentation: The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP") and include the accounts of the Parent Company and all wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosed amount of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. The Corporation evaluates subsequent events through the date of the filing of this report with the Securities and Exchange Commission ("SEC"). Cash and Cash Equivalents and Restricted Cash: Cash and cash equivalents consists of cash and due from banks and interest bearing deposits with other banks, which includes restricted cash. Restricted cash comprises cash balances required to be maintained with the Federal Reserve Bank ("FRB"), based on customer transaction deposit account levels, and cash balances provided as collateral on derivative contracts and other contracts. See Note 2, "Restrictions on Cash and Cash Equivalents" for additional information. FRB and FHLB Stock: The Bank is a member of the FRB and FHLB and is required by federal law to hold stock in these institutions according to predetermined formulas. These restricted investments are carried at cost on the consolidated balance sheets and are periodically evaluated for impairment. Investments: Debt securities are classified as held to maturity ("HTM") at the time of purchase when the Corporation has both the intent and ability to hold these investments until they mature. Such debt securities are carried at cost, adjusted for amortization of premiums and accretion of discounts using the effective yield method. The Corporation does not engage in trading activities; however, since the investment portfolio serves as a source of liquidity, most debt securities are classified as available for sale ("AFS"). AFS securities are carried at estimated fair value with the related unrealized holding gains and losses reported in shareholders’ equity as a component of other comprehensive income, net of tax. Realized securities gains and losses are computed using the specific identification method and are recorded on a trade date basis. Securities are evaluated periodically to determine whether declines in value are other-than-temporary. Impaired debt securities are determined to be other-than-temporarily impaired if the Corporation concludes at the balance sheet date that it has the intent to sell, or believes it will more likely than not be required to sell, an impaired debt security before a recovery of its amortized cost basis. Credit losses on other-than-temporarily impaired debt securities are recorded through earnings, regardless of the intent or the requirement to sell. Credit loss is measured as the difference between the present value of an impaired debt security’s expected cash flows and its amortized cost. Non-credit related other-than-temporary impairment ("OTTI") charges are recorded as decreases to accumulated other comprehensive income as long as the Corporation has no intent or expected requirement to sell the impaired debt security before a recovery of its amortized cost basis. The Corporation early adopted ASU 2019-04, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivative and Hedging, and Topic 825, Financial Instruments," in the third quarter of 2019, which permitted the one-time reclassification of certain HTM securities to AFS under Topic 815, specific to the transition guidance of ASU update 2017-12, which the Corporation adopted on January 1, 2019. See “Note 3 - Investment Securities” for additional information on this reclassification. The portion of this standards update related to codification improvements specific to Topic 326 will be implemented upon the Corporation’s adoption of ASU 2016-13 in the first quarter of 2020. Additional codification improvements to Topic 825, specifically ASU 2016-01, which the Corporation adopted as of January 1, 2018, did not have an impact on the Corporation's consolidated financial statements. Fair Value Option: The Corporation has elected to measure mortgage loans held for sale at fair value. Derivative financial instruments related to mortgage banking activities are also recorded at fair value, as detailed under the heading "Derivative Financial Instruments," below. The Corporation determines fair value for its mortgage loans held for sale based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Changes in fair values during the period are recorded as components of mortgage banking income on the consolidated statements of income. Interest income earned on mortgage loans held for sale is classified in interest income on the consolidated statements of income. Loans and Lease Receivables : Loan and leases are stated at their principal amount outstanding, except for mortgage loans held for sale, which are carried at fair value. Interest income on loans is accrued as earned. Unearned income on lease financing receivables is recognized on a basis which approximates the effective yield method. In general, a loan or lease is placed on non-accrual status once it becomes 90 days delinquent as to principal or interest. In certain cases a loan or lease may be placed on non-accrual status prior to being 90 days delinquent if there is an indication that the borrower is having difficulty making payments, or the Corporation believes it is probable that all amounts will not be collected according to the contractual terms of the loan or lease agreement. When interest accruals are discontinued, unpaid interest previously credited to income is reversed. Non-accrual loans and leases may be restored to accrual status when all delinquent principal and interest has been paid currently for six consecutive months or the loan or lease is considered secured and in the process of collection. The Corporation generally applies payments received on non-accruing loans and leases to principal until such time as the principal is paid off, after which time any payments received are recognized as interest income. If the Corporation believes that all amounts outstanding on a non-accrual loan or lease will ultimately be collected, payments received subsequent to its classification as a non-accrual loan or lease are allocated between interest income and principal. A loan or lease that is 90 days delinquent may continue to accrue interest if the loan or lease is both adequately secured and is in the process of collection. Past due status is determined based on contractual due dates for loan payments. An adequately secured loan or lease is one that has collateral with a supported fair value that is sufficient to discharge the debt, and/or has an enforceable guarantee from a financially responsible party. A loan or lease is considered to be in the process of collection if collection is proceeding through legal action or through other activities that are reasonably expected to result in repayment of the debt or restoration to current status in the near future. Loans and leases deemed to be a loss are written off through a charge against the allowance for loan or lease losses. Closed-end consumer loans are generally charged off when they become 120 days past due ( 180 days for open-end consumer loans) if they are not adequately secured by real estate. All other loans and leases are evaluated for possible charge-off when it is probable that the balance will not be collected, based on the ability of the borrower to pay and the value of the underlying collateral. Principal recoveries of loans or leases previously charged off are recorded as increases to the allowance for loan or lease losses. Loan Origination Fees and Costs: Loan origination fees and the related direct origination costs are deferred and amortized over the life of the loan as an adjustment to interest income using the effective yield method. For mortgage loans sold, net loan origination fees and costs are included in the gain or loss on sale of the related loan, as components of mortgage banking. Troubled Debt Restructurings ("TDRs"): Loans whose terms are modified are classified as TDRs if it is determined that those borrowers are experiencing financial difficulty and the Corporation grants the borrowers concessions. Concessions, whether negotiated or imposed by bankruptcy, granted under a TDR typically involve a temporary deferral of scheduled loan payments, an extension of a loan’s stated maturity date or a reduction in the interest rate. Non-accrual TDRs can be restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. Allowance for Credit Losses: The allowance for credit losses consists of the allowance for loan and lease losses and the reserve for unfunded lending commitments. The allowance for loan and lease losses represents management’s estimate of incurred losses in the loan and lease portfolio as of the balance sheet date and is recorded as a reduction to loans and leases. The reserve for unfunded lending commitments represents management’s estimate of incurred losses in its unfunded loan commitments and other off-balance sheet credit exposures, such as letters of credit, and is recorded in other liabilities on the consolidated balance sheets. The allowance for credit losses is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. Management believes that the allowance for loan and lease losses and the reserve for unfunded lending commitments are adequate as of the balance sheet date; however, future changes to the allowance or reserve may be necessary based on changes in any of the factors discussed in the following paragraphs. Maintaining an appropriate allowance for credit losses is dependent upon various factors, including the ability to identify potential problem loans and leases in a timely manner. For commercial loans, commercial mortgages and construction loans to commercial borrowers, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the allowance for credit loss methodology for these loans, which bases the probability of default on this migration. Assigning risk ratings involves judgment. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Risk ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review assessments identify a deterioration or an improvement in the loan. The following is a summary of the Corporation's internal risk rating categories: • Pass : These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. • Special Mention : These loans have a heightened credit risk, but not to the point of justifying a classification of substandard. Loans in this category are currently acceptable, but are nevertheless potentially weak. • Substandard or Lower : These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The Corporation does not assign internal risk ratings for smaller balance, homogeneous loans and leases, such as home equity, residential mortgage, consumer, lease receivables and construction loans to individuals secured by residential real estate. For these loans and leases, the most relevant credit quality indicator is delinquency status. The migration of loans and leases through the various delinquency status categories is a significant component of the allowance for credit loss methodology for these loans and leases, which bases the probability of default on this migration. The Corporation’s allowance for loan and lease losses includes: 1) specific allowances allocated to loans and leases evaluated for impairment under the Financial Accounting Standards Board's Accounting Standards Codification ("ASC") Section 310-10-35; and 2) allowances calculated for pools of loans evaluated for impairment under ASC Subtopic 450-20. A loan or lease is considered to be impaired if it is probable that all amounts will not be collected according to the contractual terms of the loan or lease agreement. Impaired loans and leases consist of all loans and leases on non-accrual status and accruing TDRs. An allowance for loan and lease losses is established for an impaired loan or lease if its carrying value exceeds its estimated fair value. Impaired loans and leases to borrowers with total outstanding commitments greater than or equal to $1.0 million are evaluated individually for impairment. Impaired loans and leases to borrowers with total outstanding commitments less than $1.0 million are pooled and evaluated for impairment collectively. All loans and leases evaluated for impairment under ASC Section 310-10-35 are measured for losses on a quarterly basis. As of December 31, 2019 and 2018 , substantially all of the Corporation’s impaired loans and leases to borrowers with total outstanding loan or lease balances greater than or equal to $1.0 million were measured based on the estimated fair value of each loan or lease’s collateral. Collateral could be in the form of real estate, in the case of impaired commercial mortgages and construction loans, or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real property. For loans and leases secured by real estate, estimated fair values are determined primarily through appraisals performed by state certified third-party appraisers, discounted to arrive at expected net sale proceeds. For collateral dependent loans, estimated real estate fair values are also net of estimated selling costs. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated appraisal of the real estate is necessary. This decision is based on various considerations, including: the age of the most recent appraisal; the loan-to-value ratio based on the original appraisal; the condition of the property; the Corporation’s experience and knowledge of the real estate market; the purpose of the loan or lease; market factors; payment status; the strength of any guarantors; and the existence and age of other indications of value such as broker price opinions, among others. The Corporation generally obtains updated appraisals performed by state certified third-party appraisers for impaired loans and leases secured predominantly by real estate every 12 months. As of December 31, 2019 and 2018 , approximately 93% and 89% , respectively, of impaired loans or leases with principal balances greater than or equal to $1.0 million , whose primary collateral is real estate, were measured at estimated fair value using appraisals performed by state certified third-party appraisers that had been updated within the preceding 12 months. When updated appraisals are not obtained for loans and leases secured by real estate and evaluated for impairment under ASC Section 310-10-35, fair values are estimated based on the original appraisal values, as long as the original appraisal indicated an acceptable loan-to-value position and, in the opinion of the Corporation's internal credit administration staff, there has not been a significant deterioration in the collateral value since the original appraisal was performed. For impaired loans and leases with principal balances greater than or equal to $1.0 million secured by non-real estate collateral, such as accounts receivable or inventory, estimated fair values are determined based on borrower financial statements, inventory listings, accounts receivable agings or borrowing base certificates. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Liquidation or collection discounts are applied to these assets based upon existing loan evaluation policies. All loans and leases not evaluated for impairment under ASC Section 310-10-35 are evaluated for impairment under ASC Subtopic 450-20, using a pooled loss evaluation approach. Loans and leases are segmented into pools with similar characteristics and a consistently developed loss factor is then applied to all loans in these pools. Certain portfolio segments are further disaggregated and evaluated collectively for impairment based on class segments. For commercial loans, class segments include loans secured by collateral and unsecured loans. Construction loan class segments include loans secured by commercial real estate, loans to commercial borrowers secured by residential real estate and loans to individuals secured by residential real estate. Consumer loan class segments are based on collateral types and include direct consumer installment loans, home equity loans and indirect automobile loans. The Corporation segments its loan and lease portfolio by general loan and lease type, or "portfolio segments," as presented in the table under the heading, "Loans and leases, net of unearned income," within Note 4, "Loans and Leases and Allowance for Credit Losses." Certain portfolio segments are further disaggregated and evaluated collectively for impairment based on "class segments," which are largely based on the type of collateral underlying each loan and lease. For commercial loans, class segments include loans secured by collateral and unsecured loans. Construction loan class segments include loans secured by commercial real estate, loans to commercial borrowers secured by residential real estate and loans to individuals secured by residential real estate. Consumer loan class segments are based on collateral types and include direct consumer installment loans and indirect automobile loans. The Corporation calculates allowance for loan and lease loss allocation needs for loans evaluated under ASC Subtopic 450-20 through the following procedures: • The loans and leases are segmented into pools with similar characteristics, as noted above. Commercial loans, commercial mortgages and construction loans to commercial borrowers are further segmented into separate pools based on internally assigned risk ratings. Residential mortgages, home equity loans, consumer loans, and lease receivables are further segmented into separate pools based on delinquency status; • A loss rate is calculated for each pool through an analysis of historical losses as loans and leases migrate through the various risk rating or delinquency categories. Estimated loss rates are based on a probability of default and a loss rate forecast; • The loss rate is adjusted to consider qualitative factors, such as economic conditions and trends; and • The resulting adjusted loss rate is applied to the balance of the loans and leases in the pool to arrive at the allowance allocation for the pool. The allocation of the allowance for credit losses is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan and lease portfolio. The Corporation considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans and leases; the diversity of borrower industry types; and the composition of the portfolio by loan and lease type. Premises and Equipment: Premises and equipment are stated at cost, less accumulated depreciation and amortization. The provision for depreciation and amortization is generally computed using the straight-line method over the estimated useful lives of the related assets, which are a maximum of 50 years for buildings and improvements, 8 years for furniture and 5 years for equipment. Leasehold improvements are amortized over the shorter of the useful life or the non-cancelable lease term. See Note 5, "Premises and Equipment" for additional information. Other Real Estate Owned ("OREO"): Assets acquired in settlement of mortgage loan indebtedness are recorded as OREO and are included in other assets on the consolidated balance sheets, initially at the lower of the estimated fair value of the asset, less estimated selling costs, or the carrying amount of the loan. Costs to maintain the assets and subsequent gains and losses on sales are included in other non-interest expense on the consolidated statements of income. Mortgage Servicing Rights ("MSRs"): The estimated fair value of MSRs related to residential mortgage loans sold and serviced by the Corporation is recorded as an asset upon the sale of such loans. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. MSRs are stratified and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined through a discounted cash flows valuation completed by a third-party valuation expert. Significant inputs to the valuation include expected net servicing income, the discount rate and the expected lives of the underlying loans. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. To the extent the amortized cost of the MSRs exceeds their estimated fair value, a valuation allowance is established through a charge against servicing income, included as a component of mortgage banking income on the consolidated statements of income. If subsequent valuations indicate that impairment no longer exists, the valuation allowance is reduced through an increase to servicing income. See Note 7, "Mortgage Servicing Rights" for additional information. Derivative Financial Instruments: The Corporation manages its exposure to certain interest rate and foreign currency risks through the use of derivatives. None of the Corporation's outstanding derivative contracts are designated as hedges and none are entered into for speculative purposes. Derivative instruments are carried at fair value, with changes in fair value recognized in earnings as components of non-interest income or non-interest expense on the consolidated statements of income. Derivative contracts create counterparty credit risk with both the Corporation's customers and with institutional derivative counterparties. The Corporation manages counterparty credit risk through its credit approval processes, monitoring procedures and obtaining adequate collateral, when the Corporation determines it is appropriate to do so and in accordance with counterparty contracts. Mortgage Banking Derivatives In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sales or purchases of mortgage-backed securities to or from third-party counterparties to hedge the effect of changes in interest rates on the values of both the interest rate locks and mortgage loans held for sale. Forward sales commitments may also be in the form of commitments to sell individual mortgage loans at a fixed price at a future date. The amount necessary to settle each interest rate lock is based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Interest Rate Swaps The Corporation enters into interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Corporation simultaneously enters into interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of these interest rate swaps is that the customer pays a fixed rate of interest and the Corporation receives a floating rate. The Bank exceeds $10 billion in total assets and is required to clear all eligible interest rate swap contracts with a central counterparty. As a result, the Bank is subject to the regulations of the Commodity Futures Trading Commission. Foreign Exchange Contracts The Corporation enters into foreign exchange contracts to accommodate the needs of its customers. Foreign exchange contracts are commitments to buy or sell foreign currency on a specific date at a contractual price. The Corporation limits its foreign exchange exposure with customers by entering into contracts with institutional counterparties to mitigate its foreign exchange risk. The Corporation also holds certain amounts of foreign currency with international correspondent banks ("Foreign Currency Nostro Accounts"). The Corporation limits the total overnight net foreign currency open positions, which is defined as an aggregate of all outstanding contracts and Foreign Currency Nostro Account balances, to $500,000 . See "Note 10 - Derivative Financial Instruments" for additional information. Balance Sheet Offsetting: Although certain financial assets and liabilities may be eligible for offset on the consolidated balance sheets because they are subject to master netting arrangements or similar agreements, the Corporation elects to not offset such qualifying assets and liabilities. The Corporation is a party to interest rate swap transactions with financial institution counterparties and customers. Under these agreements, the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. Cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the interest rate swap agreements in the event of default. A daily settlement occurs through a clearing agent for changes in the fair value of centrally cleared derivatives. Not all of the derivatives are required to be cleared through a daily clearing agent. As a result, the total fair values of interest rate swap derivative assets and derivative liabilities recognized on the consolidated balance sheets are not equal and offsetting. The Corporation is also a party to foreign currency exchange contracts with financial institution counterparties, under which the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. As with interest rate swap contracts, cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the foreign currency exchange contracts in the event of default. The Corporation also enters into agreements with customers in which it sells securities subject to an obligation to repurchase the same or similar securities, referred to as repurchase agreements. Under these agreements, the Corporation may transfer legal control over the assets but still maintain effective control through agreements that both entitle and obligate the Corporation to repurchase the assets. Therefore, repurchase agreements are reported as secured borrowings, classified in short-term borrowings on the consolidated balance sheets, while the securities underlying the repurchase agreements remain classified with investment securities on the consolidated balance sheets. The Corporation has no intention of setting off these amounts, therefore, these repurchase agreements are not eligible for offset. For additional details on balance sheet offsetting, see "Note 10 - Derivative Financial Instruments." Income Taxes: The Corporation utilizes the asset and liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based upon the difference between the values of the assets and liabilities as reflected in the financial statements and their related tax basis using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. As changes in tax law or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. In assessing the realizability of deferred tax assets ("DTAs"), management considers whether it is more likely than not that some portion or all of the DTAs will not be realized. The ultimate realization of DTAs is dependent upon the generation of future taxable income and tax planning strategies which will create taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, the amount of taxes paid in available carryback years, projected future taxable income, and, if necessary, tax planning strategies in making this assessment. A valuation allowance is provided against deferred tax assets unless it is more likely than not that such deferred tax assets will be realized. ASC Topic 740, "Income Taxes" creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The liability for unrecognized tax benefits is included in other liabilities within the consolidated balance sheets. Effective January 1, 2018, the Corporation adopted ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." This standards update permits a reclassification from accumulated other comprehensive income ("AOCI") to retained earnings of the stranded tax |
Restrictions on Cash and Cash E
Restrictions on Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2019 | |
Cash and Due from Banks [Abstract] | |
Restrictions on Cash and Cash Equivalents | NOTE 2 – RESTRICTIONS ON CASH AND CASH EQUIVALENTS The Corporation is required to maintain reserves against its deposit liabilities. These reserves are in the form of cash and balances with the FRB, included in "interest-bearing deposits with other banks." On the consolidated balance sheets, the amounts of such reserves as of December 31, 2019 and 2018 were $218.9 million and $156.8 million , respectively. In addition, collateral is posted by the Corporation with counterparties to secure derivative contracts and other contracts, which is included in "interest-bearing deposits with other banks". On the consolidated balance sheets, the amounts of such collateral as of December 31, 2019 and 2018 were $199.6 million and $45.1 million , respectively. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 3 – INVESTMENT SECURITIES The following tables present the amortized cost and estimated fair values of investment securities, as of December 31 : Amortized Gross Gross Estimated (in thousands) 2019 Available for Sale State and municipal securities $ 638,125 $ 15,826 $ (1,024 ) $ 652,927 Corporate debt securities 370,401 8,490 (1,534 ) 377,357 Collateralized mortgage obligations 682,307 11,726 (315 ) 693,718 Residential mortgage-backed securities 177,183 1,078 (949 ) 177,312 Commercial mortgage-backed securities 489,603 6,471 (1,777 ) 494,297 Auction rate securities 107,410 — (5,484 ) 101,926 Total $ 2,465,029 $ 43,591 $ (11,083 ) $ 2,497,537 Held to Maturity Residential mortgage-backed securities $ 369,841 $ 13,864 $ — $ 383,705 Total $ 369,841 $ 13,864 $ — $ 383,705 2018 Available for Sale U.S. Government sponsored agency securities $ 31,586 $ 185 $ (139 ) $ 31,632 State and municipal securities 282,383 2,178 (5,466 ) 279,095 Corporate debt securities 111,454 1,432 (3,353 ) 109,533 Collateralized mortgage obligations 841,294 2,758 (11,972 ) 832,080 Residential mortgage-backed securities 476,973 1,583 (15,212 ) 463,344 Commercial mortgage-backed securities 264,165 524 (3,073 ) 261,616 Auction rate securities 107,410 — (4,416 ) 102,994 Total $ 2,115,265 $ 8,660 $ (43,631 ) $ 2,080,294 Held to Maturity State and municipal securities $ 156,134 $ 1,166 $ (93 ) $ 157,207 Residential mortgage-backed securities 450,545 3,667 — 454,212 Total $ 606,679 $ 4,833 $ (93 ) $ 611,419 On July 1, 2019, the Corporation transferred state and municipal securities from the held to maturity classification to the available for sale classification as permitted through the early adoption of ASU 2019-04, as disclosed in "Note 1 - Basis of Presentation." The amortized cost of the securities transferred was $158.9 million and the estimated fair value was $168.5 million . The Corporation has the positive intent and ability to hold the remainder of the held to maturity portfolio, consisting of residential mortgage-backed securities, to maturity. On August 1, 2018, the Corporation transferred debt securities with an amortized cost of $665.5 million and an estimated fair value of $ 641.7 million from the available for sale classification to the held to maturity classification. These securities consisted of residential mortgage-backed securities ( $505.5 million amortized cost and $485.3 million estimated fair value) and state and municipal securities ( $160.0 million amortized cost and $156.4 million estimated fair value) and were transferred as the Corporation had the positive intent and ability to hold these securities to maturity. The transfer of debt securities into the held to maturity category from the available for sale category was recorded at fair value on the date of transfer. The net unrealized gains or losses at the transfer date are included in AOCI and are being amortized over the remaining lives of the securities. This amortization is expected to offset the amortization of the related premium or discount created by the investment securities transfer into the held to maturity classification, with no expected impact on future net income. Securities carried at $462.6 million at December 31, 2019 and $973.4 million at December 31, 2018 , were pledged as collateral to secure public and trust deposits and customer repurchase agreements. The amortized cost and estimated fair values of debt securities as of December 31, 2019 , by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (in thousands) Due in one year or less $ 2,830 $ 2,830 $ — $ — Due from one year to five years 33,027 34,250 — — Due from five years to ten years 348,800 355,888 — — Due after ten years 731,279 739,242 — — 1,115,936 1,132,210 — — Residential mortgage-backed securities (1) 177,183 177,312 369,841 383,705 Commercial mortgage-backed securities (1) 489,603 494,297 — — Collateralized mortgage obligations (1) 682,307 693,718 — — Total $ 2,465,029 $ 2,497,537 $ 369,841 $ 383,705 (1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans. The following table presents information related to gross gains and losses on the sales of equity and debt securities: Gross Gross Net (in thousands) 2019: Debt securities $ 11,554 $ (6,821 ) $ 4,733 Total $ 11,554 $ (6,821 ) $ 4,733 2018: Equity securities $ 9 $ — $ 9 Debt securities 1,656 (1,628 ) 28 Total $ 1,665 $ (1,628 ) $ 37 2017: Equity securities $ 13,558 $ — $ 13,558 Debt securities 315 (4,802 ) (4,487 ) Total $ 13,873 $ (4,802 ) $ 9,071 The following table presents a summary of the cumulative credit related OTTI charges, recognized as components of earnings, for debt securities held by the Corporation at December 31, 2019 and 2018: Year ended December 31 2019 2018 Balance of cumulative credit losses on debt securities, beginning of period $ (11,510 ) $ (11,510 ) Reductions for securities sold during the period 10,520 — Balance of cumulative credit losses on debt securities, end of period $ (990 ) $ (11,510 ) The following tables present the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31: Less Than 12 months 12 Months or Longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized 2019 (dollars in thousands) Available for Sale State and municipal securities 44 $ 136,344 $ (1,024 ) — $ — $ — $ 136,344 $ (1,024 ) Corporate debt securities 5 30,719 (346 ) 8 18,759 (1,188 ) 49,478 (1,534 ) Collateralized mortgage obligations 5 33,865 (190 ) 1 5,330 (125 ) 39,195 (315 ) Residential mortgage-backed securities 5 12,247 (40 ) 26 127,373 (909 ) 139,620 (949 ) Commercial mortgage-backed securities 7 121,340 (1,777 ) — — — 121,340 (1,777 ) Auction rate securities — — — 177 101,926 (5,484 ) 101,926 (5,484 ) Total available for sale (1) 66 $ 334,515 $ (3,377 ) 212 $ 253,388 $ (7,706 ) $ 587,903 $ (11,083 ) (1) No held to maturity securities were in an unrealized loss position as of December 31, 2019. Less Than 12 months 12 Months or Longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized 2018 (dollars in thousands) Available for Sale U.S. Government sponsored agency securities 1 $ 4,961 $ (31 ) 1 $ 5,770 $ (108 ) $ 10,731 $ (139 ) State and municipal securities 33 72,950 (1,292 ) 38 83,770 (4,174 ) 156,720 (5,466 ) Corporate debt securities 8 24,419 (227 ) 14 25,642 (3,126 ) 50,061 (3,353 ) Collateralized mortgage obligations 39 136,563 (1,050 ) 89 388,173 (10,922 ) 524,736 (11,972 ) Residential mortgage-backed securities 17 18,220 (222 ) 110 402,779 (14,990 ) 420,999 (15,212 ) Commercial mortgage-backed securities 1 9,778 (35 ) 25 197,326 (3,038 ) 207,104 (3,073 ) Auction rate securities — — — 177 102,994 (4,416 ) 102,994 (4,416 ) Total available for sale 99 $ 266,891 $ (2,857 ) 454 $ 1,206,454 $ (40,774 ) $ 1,473,345 $ (43,631 ) Held to maturity State and municipal securities 6 20,601 (93 ) — — — 20,601 (93 ) Total 105 $ 287,492 $ (2,950 ) 454 $ 1,206,454 $ (40,774 ) $ 1,493,946 $ (43,724 ) The Corporation’s collateralized mortgage obligations and mortgage-backed securities have contractual terms that generally do not permit the issuer to settle the securities at a price less than the amortized cost of the investment. Because the decline in fair value of these securities is attributable to changes in interest rates and not credit quality, and because the Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, the Corporation did not consider these investments to be other-than-temporarily impaired as of December 31, 2019 . As of December 31, 2019 , all auction rate certificates ("ARCs") were rated above investment grade. All of the loans underlying the ARCs have principal payments which are guaranteed by the federal government. All of the loans were current and making scheduled payments and, based on management’s evaluations, were not subject to any OTTI charges as of December 31, 2019 . The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. Based on management’s evaluations, no corporate debt securities were subject to any OTTI charges as of December 31, 2019 . The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | NOTE 4 – LOANS AND LEASES AND ALLOWANCE FOR CREDIT LOSSES Loans and leases, net of unearned income Loans and leases, net of unearned income are summarized as follows as of December 31 : 2019 2018 (in thousands) Real estate – commercial mortgage $ 6,700,776 $ 6,434,285 Commercial – industrial, financial and agricultural 4,446,701 4,404,548 Real estate – residential mortgage 2,641,465 2,251,044 Real estate – home equity 1,314,944 1,452,137 Real estate – construction 971,079 916,599 Consumer 463,164 419,186 Equipment lease financing 322,625 311,866 Overdrafts 3,582 2,774 Loans and leases, gross of unearned income 16,864,336 16,192,439 Unearned income (26,810 ) (26,639 ) Loans and leases, net of unearned income $ 16,837,526 $ 16,165,800 The Corporation has extended credit to officers and directors of the Corporation and to their associates. These related-party loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and do not involve more than the normal risk of collection. The aggregate dollar amount of these loans, including unadvanced commitments, was $90.1 million and $116.4 million as of December 31, 2019 and 2018 , respectively. During 2019 , additions totaled $4.2 million and repayments totaled $30.5 million for related-party loans. Allowance for Credit Losses The following table presents the components of the allowance for credit losses as of December 31 : 2019 2018 2017 (in thousands) Allowance for loan and lease losses $ 163,622 $ 160,537 $ 169,910 Reserve for unfunded lending commitments 2,587 8,873 6,174 Allowance for credit losses $ 166,209 $ 169,410 $ 176,084 The following table presents the activity in the allowance for credit losses for the years ended December 31 : 2019 2018 2017 (in thousands) Balance at beginning of year $ 169,410 $ 176,084 $ 171,325 Loans and leases charged off (53,189 ) (66,076 ) (33,290 ) Recoveries of loans and leases previously charged off 17,163 12,495 14,744 Net loans and leases charged off (36,026 ) (53,581 ) (18,546 ) Provision for credit losses 32,825 46,907 23,305 Balance at end of year $ 166,209 $ 169,410 $ 176,084 The following tables present the activity in the allowance for loan and lease losses by portfolio segment for the years ended December 31 and loans and leases, net of unearned income, and their related allowance for loan and lease losses, by portfolio segment, as of December 31: Real Estate - Commercial - Real Estate - Real Estate - Real Estate - Consumer Equipment lease financing and other Total (in thousands) Balance at December 31, 2017 $ 58,793 $ 66,280 $ 18,127 $ 16,088 $ 6,620 $ 2,045 $ 1,957 $ 169,910 Loans and leases charged off (2,045 ) (52,441 ) (3,087 ) (1,574 ) (1,368 ) (3,040 ) (2,521 ) (66,076 ) Recoveries of loans and leases previously charged off 1,622 4,994 1,127 620 1,829 1,266 1,037 12,495 Net loans and leases (charged off) recovered (423 ) (47,447 ) (1,960 ) (954 ) 461 (1,774 ) (1,484 ) (53,581 ) Provision for loan and lease losses (1) (5,481 ) 40,035 2,744 3,787 (2,020 ) 2,946 2,197 44,208 Balance at December 31, 2018 52,889 58,868 18,911 18,921 5,061 3,217 2,670 160,537 Loans and leases charged off (1,837 ) (42,410 ) (1,291 ) (1,545 ) (143 ) (3,403 ) (2,560 ) (53,189 ) Recoveries of loans and leases previously charged off 2,202 8,721 688 989 2,591 1,306 666 17,163 Net loans and leases (charged off) recovered 365 (33,689 ) (603 ) (556 ) 2,448 (2,097 ) (1,894 ) (36,026 ) Provision for loan and lease losses (1) (7,644 ) 43,423 (564 ) 1,406 (3,066 ) 2,642 2,914 39,111 Balance at December 31, 2019 $ 45,610 $ 68,602 $ 17,744 $ 19,771 $ 4,443 $ 3,762 $ 3,690 $ 163,622 Allowance for loan and lease losses at December 31, 2019 Collectively evaluated for impairment $ 39,683 $ 58,487 $ 7,938 $ 10,562 $ 4,066 $ 3,756 $ 3,690 $ 128,182 Individually evaluated for impairment 5,927 10,115 9,806 9,209 377 6 — 35,440 $ 45,610 $ 68,602 $ 17,744 $ 19,771 $ 4,443 $ 3,762 $ 3,690 $ 163,622 Loans and leases, net of unearned income Collectively evaluated for impairment $ 6,654,280 $ 4,393,402 $ 1,292,872 $ 2,603,239 $ 967,461 $ 463,156 $ 282,869 $ 16,657,279 Individually evaluated for impairment 46,496 53,299 22,072 38,226 3,618 8 16,528 180,247 $ 6,700,776 $ 4,446,701 $ 1,314,944 $ 2,641,465 $ 971,079 $ 463,164 $ 299,397 $ 16,837,526 Allowance for loan and lease losses at December 31, 2018 Collectively evaluated for impairment $ 45,634 $ 46,355 $ 8,541 $ 9,527 $ 4,268 $ 3,210 $ 2,670 $ 120,205 Individually evaluated for impairment 7,255 12,513 10,370 9,394 793 7 — 40,332 $ 52,889 $ 58,868 $ 18,911 $ 18,921 $ 5,061 $ 3,217 $ 2,670 $ 160,537 Loans and leases, net of unearned income Collectively evaluated for impairment $ 6,388,212 $ 4,349,255 $ 1,428,764 $ 2,212,274 $ 909,209 $ 419,175 $ 268,733 $ 15,975,622 Individually evaluated for impairment 46,073 55,293 23,373 38,770 7,390 11 19,268 190,178 $ 6,434,285 $ 4,404,548 $ 1,452,137 $ 2,251,044 $ 916,599 $ 419,186 $ 288,001 $ 16,165,800 (1) For the year ended December 31, 2019 , the provision for loan and lease losses excluded a $6.3 million decrease in the reserve for unfunded lending commitments. The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $32.8 million for the year ended December 31, 2019 . For the year ended December 31, 2018 , the provision for loan losses excluded a $2.7 million increase in the reserve for unfunded lending commitments. The total provision for credit losses was $46.9 million for the year ended December 31, 2018 . N/A – Not applicable. Impaired Loans The following table presents total impaired loans and leases by class segment as of December 31 : 2019 2018 Unpaid Recorded Related Unpaid Recorded Related (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 25,005 $ 22,702 $ — $ 25,095 $ 23,481 $ — Commercial 53,533 30,208 — 33,493 26,585 — Real estate - residential mortgage 4,494 4,332 — 3,149 3,149 — Real estate - construction 6,338 2,487 — 8,980 5,083 — Equipment lease financing 19,269 16,528 — 19,269 19,268 — 108,639 76,257 89,986 77,566 With a related allowance recorded: Real estate - commercial mortgage 29,581 23,794 5,927 29,005 22,592 7,255 Commercial 37,992 23,091 10,115 37,706 28,708 12,513 Real estate - home equity 25,039 22,072 9,806 26,599 23,373 10,370 Real estate - residential mortgage 38,483 33,894 9,209 39,972 35,621 9,394 Real estate - construction 3,875 1,131 377 5,984 2,307 793 Consumer 8 8 6 11 11 7 134,978 103,990 35,440 139,277 112,612 40,332 Total $ 243,617 $ 180,247 $ 35,440 $ 229,263 $ 190,178 $ 40,332 As of December 31, 2019 and 2018 , there were $76.3 million and $77.6 million , respectively, of impaired loans and leases that did not have a related allowance for loan loss. The estimated fair values of the collateral securing these loans and leases exceeded their carrying amount, or the loans and leases have been charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary. The following table presents average impaired loans and leases, by class segment, for the years ended December 31 : 2019 2018 2017 Average Interest Income (1) Average Interest Income (1) Average Interest Income (1) (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 26,163 $ 368 $ 25,258 $ 368 $ 22,793 $ 281 Commercial 25,777 122 33,395 259 31,357 182 Real estate - residential mortgage 3,875 94 3,727 91 4,631 107 Real estate - construction 3,559 — 6,943 — 7,255 12 Equipment lease financing 17,814 — — — — — 77,188 584 69,323 718 66,036 582 With a related allowance recorded: Real estate - commercial mortgage 25,428 351 24,300 345 27,193 338 Commercial 25,717 126 24,888 185 24,112 137 Real estate - home equity 23,004 845 24,426 794 21,704 534 Real estate - residential mortgage 34,407 829 36,387 896 39,093 903 Real estate - construction 1,573 — 2,683 — 6,160 11 Consumer 9 — 16 1 33 2 Equipment lease financing 83 — 3,854 — 285 — 110,221 2,151 116,554 2,221 118,580 1,925 Total $ 187,409 $ 2,735 $ 185,877 $ 2,939 $ 184,616 $ 2,507 (1) All impaired loans and leases, excluding accruing TDRs, were non-accrual loans and leases. Interest income recognized for the years ended December 31, 2019, 2018 and 2017 represents amounts earned on accruing TDRs. Credit Quality Indicators and Non-performing Assets The following table presents internal credit risk ratings for the indicated loan class segments as of December 31 : Pass Special Mention Substandard or Lower Total 2019 2018 2019 2018 2019 2018 2019 2018 (dollars in thousands) Real estate - commercial mortgage $ 6,429,407 $ 6,129,463 $ 137,163 $ 170,827 $ 134,206 $ 133,995 $ 6,700,776 $ 6,434,285 Commercial - secured 3,830,847 3,902,484 171,442 193,470 195,884 129,026 4,198,173 4,224,980 Commercial -unsecured 234,987 171,589 9,665 4,016 3,876 3,963 248,528 179,568 Total commercial - industrial, financial and agricultural 4,065,834 4,074,073 181,107 197,486 199,760 132,989 4,446,701 4,404,548 Construction - commercial residential 100,808 104,079 2,897 6,912 3,461 6,881 107,166 117,872 Construction - commercial 765,562 723,030 1,322 1,163 2,676 2,533 769,560 726,726 Total construction (excluding construction - other) 866,370 827,109 4,219 8,075 6,137 9,414 876,726 844,598 Total $ 11,361,611 $ 11,030,645 $ 322,489 $ 376,388 $ 340,103 $ 276,398 $ 12,024,203 $ 11,683,431 % of Total 94.5 % 94.4 % 2.7 % 3.2 % 2.8 % 2.4 % 100.0 % 100.0 % The following table presents delinquency and non-performing status for loans and leases that did not have internal credit risk ratings, by class segment, as of December 31 : Performing Delinquent (1) Non-performing (2) Total 2019 2018 2019 2018 2019 2018 2019 2018 (dollars in thousands) Real estate - home equity $ 1,292,035 $ 1,431,666 $ 12,341 $ 10,702 $ 10,568 $ 9,769 $ 1,314,944 $ 1,452,137 Real estate - residential mortgage 2,584,763 2,202,955 34,291 28,988 22,411 19,101 2,641,465 2,251,044 Real estate - construction - other 92,649 71,511 895 — 809 490 94,353 72,001 Consumer - direct 63,582 55,629 465 338 190 66 64,237 56,033 Consumer - indirect 393,974 359,405 4,685 3,405 268 343 398,927 363,153 Total consumer 457,556 415,034 5,150 3,743 458 409 463,164 419,186 Equipment lease financing 278,743 267,112 4,012 1,302 16,642 19,587 299,397 288,001 Total $ 4,705,746 $ 4,388,278 $ 56,689 $ 44,735 $ 50,888 $ 49,356 $ 4,813,323 $ 4,482,369 % of Total 97.8 % 97.9 % 1.2 % 1.0 % 1.0 % 1.1 % 100.0 % 100.0 % (1) Includes all accruing loans and leases 30 days to 89 days past due. (2) Includes all accruing loans and leases 90 days or more past due and all non-accrual loans. The following table presents total non-performing assets as of December 31 : 2019 2018 (in thousands) Non-accrual loans and leases $ 125,098 $ 128,572 Loans and leases 90 days or more past due and still accruing 16,057 11,106 Total non-performing loans and leases 141,155 139,678 OREO 6,831 10,518 Total non-performing assets $ 147,986 $ 150,196 The following table presents past due status and non-accrual loans and leases, by portfolio segment and class segment, as of December 31 : 2019 30-59 60-89 ≥ 90 Days Past Due and Accruing Non- Current Total (in thousands) Real estate - commercial mortgage $ 10,912 $ 1,543 $ 4,113 $ 33,166 $ 6,651,042 $ 6,700,776 Commercial - secured 2,062 2,296 986 47,506 4,145,323 4,198,173 Commercial - unsecured 240 334 399 600 246,955 248,528 Total Commercial - industrial, financial and agricultural 2,302 2,630 1,385 48,106 4,392,278 4,446,701 Real estate - home equity 9,635 2,706 3,564 7,004 1,292,035 1,314,944 Real estate - residential mortgage 26,982 7,309 5,735 16,676 2,584,763 2,641,465 Construction - commercial — 900 — 19 768,641 769,560 Construction - commercial residential 820 — 64 3,414 102,868 107,166 Construction - other 895 — 624 185 92,649 94,353 Total Real estate - construction 1,715 900 688 3,618 964,158 971,079 Consumer - direct 278 187 190 — 63,582 64,237 Consumer - indirect 3,950 735 268 — 393,974 398,927 Total Consumer 4,228 922 458 — 457,556 463,164 Equipment lease financing 552 3,460 114 16,528 278,743 299,397 Total $ 56,326 $ 19,470 $ 16,057 $ 125,098 $ 16,620,575 $ 16,837,526 2018 30-59 60-89 ≥ 90 Days Past Due and Accruing Non- Current Total (in thousands) Real estate - commercial mortgage $ 12,206 $ 1,500 $ 1,765 $ 30,388 $ 6,388,426 $ 6,434,285 Commercial - secured 5,227 938 1,068 49,299 4,168,448 4,224,980 Commercial - unsecured 1,598 — 51 851 177,068 179,568 Total Commercial - industrial, financial and agricultural 6,825 938 1,119 50,150 4,345,516 4,404,548 Real estate - home equity 7,144 3,558 3,061 6,708 1,431,666 1,452,137 Real estate - residential mortgage 20,796 8,192 4,433 14,668 2,202,955 2,251,044 Construction - commercial — — — 19 726,707 726,726 Construction - commercial residential 2,489 — — 6,881 108,502 117,872 Construction - other — — — 490 71,511 72,001 Total Real estate - construction 2,489 — — 7,390 906,720 916,599 Consumer - direct 267 71 66 — 55,629 56,033 Consumer - indirect 2,908 497 343 — 359,405 363,153 Total Consumer 3,175 568 409 — 415,034 419,186 Equipment lease financing 1,005 297 319 19,268 267,112 288,001 Total $ 53,640 $ 15,053 $ 11,106 $ 128,572 $ 15,957,429 $ 16,165,800 The following table presents TDRs as of December 31 : 2019 2018 (in thousands) Real-estate - residential mortgage $ 21,551 $ 24,102 Real estate - home equity 15,068 16,665 Real-estate - commercial mortgage 13,330 15,685 Commercial 5,193 5,143 Consumer 8 10 Total accruing TDRs 55,150 61,605 Non-accrual TDRs (1) 20,825 28,659 Total TDRs $ 75,975 $ 90,264 (1) Included within non-accrual loans in the preceding table. The following table presents TDRs by class segment and type of concession for loans that were modified during the years ended December 31: 2019 2018 2017 Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment (dollars in thousands) Commercial 16 $ 5,378 8 $ 4,226 24 $ 15,548 Real estate - commercial mortgage 2 263 6 8,261 10 2,911 Real estate - home equity 59 2,706 96 5,087 97 7,656 Real estate - residential mortgage 6 2,252 7 801 10 1,904 Real estate - construction — — — — 2 1,615 Total 83 $ 10,599 117 $ 18,375 143 $ 29,634 The following table presents TDRs, by class segment, that were modified during the years ended December 31, 2019 , 2018 and 2017 that had a post-modification payment default during their respective year of modification. A payment default is defined as a single missed scheduled payment: 2019 2018 2017 Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Real estate -construction — — 2 448 4 2,152 Real estate - residential mortgage 2 521 5 717 5 577 Commercial 5 442 1 2,163 6 1,571 Real estate - home equity 18 1,003 30 1,635 25 1,575 Total 25 $ 1,966 38 $ 4,963 40 $ 5,875 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | NOTE 5 – PREMISES AND EQUIPMENT The following is a summary of premises and equipment as of December 31 : 2019 2018 (in thousands) Land $ 38,836 $ 35,160 Buildings and improvements 350,609 325,831 Furniture and equipment 158,064 150,566 Construction in progress 9,594 24,993 557,103 536,550 Less: Accumulated depreciation and amortization (317,057 ) (302,021 ) Total $ 240,046 $ 234,529 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 6 – GOODWILL AND INTANGIBLE ASSETS Goodwill totaled $532.7 million and $530.6 million as of December 31, 2019 and 2018 , respectively. A non-amortizing trade name intangible asset that totaled $1.0 million as of December 31, 2018 was written off during 2019 as a result of the consolidation of the Corporation's banking subsidiaries into Fulton Bank. The increase in total goodwill of $2.1 million was the result of acquisitions of the assets of two wealth management businesses in 2019. The Corporation’s reporting units passed the 2019 goodwill impairment test, resulting in no goodwill impairment charges in 2019 . The estimated fair values of the Corporation’s reporting units are subject to uncertainty, including future changes in fair values of banks in general and future operating results of reporting units, which could differ significantly from the assumptions used in the current valuation of reporting units. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | NOTE 7 – MORTGAGE SERVICING RIGHTS The following table summarizes the changes in MSRs, which are included in other assets on the consolidated balance sheets: 2019 2018 (in thousands) Amortized cost: Balance at beginning of year $ 38,573 $ 37,663 Originations of MSRs 7,546 6,756 Amortization (6,852 ) (5,846 ) Balance at end of year $ 39,267 $ 38,573 MSRs represent the economic value of existing contractual rights to service mortgage loans that have been sold. The total portfolio of mortgage loans serviced by the Corporation for unrelated third parties was $4.9 billion and $4.8 billion as of December 31, 2019 and 2018 , respectively. Actual and expected prepayments of the underlying mortgage loans can impact the value of MSRs. The Corporation accounts for MSRs at the lower of amortized cost or fair value. The fair value of MSRs is estimated by discounting the estimated cash flows from servicing income, net of expense, over the expected life of the underlying loans at a discount rate commensurate with the risk associated with these assets. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The fair values of MSRs were $45.2 million and $50.2 million as of December 31, 2019 and 2018, respectively. Total MSR amortization expense, recognized as a reduction to mortgage banking income in the consolidated statements of income, was $6.9 million and $5.8 million in 2019 and 2018, respectively. Estimated MSR amortization expense for the next five years, based on balances as of December 31, 2019 and the estimated remaining lives of the underlying loans, follows (in thousands): Year 2020 $ 6,591 2021 6,144 2022 5,648 2023 5,101 2024 4,499 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Deposits | NOTE 8 – DEPOSITS Deposits consisted of the following as of December 31 : 2019 2018 (in thousands) Noninterest-bearing demand $ 4,453,324 $ 4,310,105 Interest-bearing demand 4,720,188 4,240,974 Savings and money market accounts 5,153,941 4,926,937 Total demand and savings 14,327,453 13,478,016 Brokered deposits 264,531 176,239 Time deposits 2,801,929 2,721,904 Total Deposits $ 17,393,913 $ 16,376,159 The scheduled maturities of time deposits as of December 31, 2019 were as follows (in thousands): Year 2020 $ 1,636,357 2021 529,378 2022 436,909 2023 109,044 2024 43,141 Thereafter 47,100 $ 2,801,929 Included in time deposits were certificates of deposit equal to or greater than $100,000 of $1.4 billion and $1.2 billion as of December 31, 2019 and 2018 , respectively. Time deposits of $250,000 or more were $472.8 million and $425.1 million as of December 31, 2019 and 2018 |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Short-Term Borrowings and Long-Term Debt [Abstract] | |
Short-Term Borrowings and Long-Term Debt | NOTE 9 – SHORT-TERM BORROWINGS AND LONG-TERM DEBT Short-term borrowings as of December 31, 2019 , 2018 and 2017 and the related maximum amounts outstanding at the end of any month in each of the three years then ended are presented below. The securities underlying the repurchase agreements remain in available for sale investment securities. December 31, Maximum Outstanding 2019 2018 2017 2019 2018 2017 (in thousands) Federal funds purchased $ — $ — $ 220,000 $ 274,998 $ 525,000 $ 387,110 Short-term FHLB advances (1) 500,000 385,000 — 825,000 385,000 250,000 Customer repurchase agreements 56,707 43,500 172,017 64,745 181,989 233,274 Customer short-term promissory notes 326,534 326,277 225,507 339,461 365,689 237,298 Total Short-term borrowings $ 883,241 $ 754,777 $ 617,524 (1) Represents FHLB advances with an original maturity term of less than one year. As of December 31, 2019 , the Corporation had aggregate availability under federal funds lines of $1.7 billion . A combination of commercial real estate loans, commercial loans and securities were pledged to the FRB to provide access to FRB Discount Window borrowings. As of December 31, 2019 and 2018 , the Corporation had $334.3 million and $505.2 million , respectively, of collateralized borrowing availability at the FRB Discount Window, and no outstanding borrowings. The following table presents information related to customer repurchase agreements: 2019 2018 2017 (dollars in thousands) Amount outstanding as of December 31 $ 56,707 $ 43,500 $ 172,017 Weighted average interest rate as of December 31 0.69 % 0.25 % 0.13 % Average amount outstanding during the year $ 58,383 $ 138,198 $ 188,974 Weighted average interest rate during the year 0.67 % 0.21 % 0.12 % FHLB advances with an original maturity of one year or more and long-term debt included the following as of December 31: 2019 2018 (in thousands) FHLB advances $ 491,024 $ 601,978 Subordinated debt 250,000 250,000 Senior notes 125,000 125,000 Junior subordinated deferrable interest debentures 16,496 16,496 Unamortized discounts and issuance costs (751 ) (1,195 ) $ 881,769 $ 992,279 Excluded from the preceding table is the Parent Company’s revolving line of credit with Fulton Bank. As of December 31, 2019 and 2018 , there were no amounts outstanding under this line of credit. This line of credit, with a total commitment of $75.0 million , is secured by insurance investments and bears interest at the London Interbank Offered Rate ("LIBOR") for maturities of one month plus 2.00% . The amount that the Corporation is permitted to borrow under this commitment at any given time is subject to a formula based on a percentage of the value of the collateral pledged. Although balances drawn on the line of credit and related interest income and expense are eliminated in the consolidated financial statements, this borrowing arrangement is senior to the subordinated debt and the junior subordinated deferrable interest debentures. FHLB advances mature through March 2027 and carry a weighted average interest rate of 1.94% . As of December 31, 2019 , the Corporation had additional borrowing capacity of approximately $3.7 billion with the FHLB. Advances from the FHLB are secured by FHLB stock, qualifying residential mortgages, investments and other assets. The following table summarizes the scheduled maturities of FHLB advances with an original maturity of one year or more and long-term debt as of December 31, 2019 (in thousands): Year 2020 $ — 2021 48,441 2022 210,195 2023 214,536 2024 389,694 Thereafter 18,903 $ 881,769 In March 2017 , the Corporation issued $125.0 million of senior notes, with a fixed rate of 3.60% and an effective rate of 3.95% , as a result of discounts and issuance costs, which mature on March 16, 2022. Interest is paid semi-annually in September and March . In June 2015 , the Corporation issued $150.0 million of subordinated notes, which mature on November 15, 2024 and carry a fixed rate of 4.50% and an effective rate of 4.69% as a result of discounts and issuance costs. Interest is paid semi-annually in May and November . In November 2014 , the Corporation issued $100.0 million of subordinated notes, which mature on November 15, 2024 and carry a fixed rate of 4.50% and an effective rate of 4.87% as a result of discounts and issuance costs. Interest is paid semi-annually in May and November . As of December 31, 2019 , the Parent Company owned all of the common stock of three subsidiary trusts, which have issued TruPS in conjunction with the Parent Company issuing junior subordinated deferrable interest debentures to the trusts. The TruPS are redeemable on specified dates, or earlier if certain events arise. The following table provides details of the debentures as of December 31, 2019 (dollars in thousands): Debentures Issued to Fixed/ Interest Amount Maturity Callable Call Price Columbia Bancorp Statutory Trust Variable 4.59 % $ 6,186 06/30/34 03/31/20 100.0 Columbia Bancorp Statutory Trust II Variable 3.78 % 4,124 03/15/35 03/15/20 100.0 Columbia Bancorp Statutory Trust III Variable 3.66 % 6,186 06/15/35 03/15/20 100.0 $ 16,496 |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 10 – DERIVATIVE FINANCIAL INSTRUMENTS The following table presents the notional amounts and fair values of derivative financial instruments as of December 31: 2019 2018 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 132,260 $ 1,123 $ 101,700 $ 1,148 Negative fair values 9,783 (53 ) 1,646 (12 ) Forward Commitments Positive fair values 75,000 63 1,540 3 Negative fair values 180,000 (371 ) 83,562 (1,066 ) Interest Rate Swaps with Customers Positive fair values 2,903,489 143,484 1,185,144 33,258 Negative fair values 376,705 (695 ) 1,386,046 (30,769 ) Interest Rate Swaps with Dealer Counterparties Positive fair values 376,705 695 1,386,046 28,143 Negative fair values 2,903,489 (75,327 ) 1,185,144 (16,338 ) Foreign Exchange Contracts with Customers Positive fair values 3,373 38 5,881 105 Negative fair values 7,283 (154 ) 9,690 (251 ) Foreign Exchange Contracts with Correspondent Banks Positive fair values 9,028 192 9,220 287 Negative fair values 4,976 (45 ) 6,831 (130 ) The following table presents the fair value gains (losses) on derivative financial instruments for the years ended December 31: Statement of Income Classification 2019 2018 2017 (in thousands) Mortgage banking derivatives (1) Mortgage banking $ 689 $ (748 ) $ (1,926 ) Interest rate swaps Other expense 122 1 (89 ) Foreign exchange contracts Other income 20 (75 ) 9 Net fair value gains on derivative financial instruments $ 831 $ (822 ) $ (2,006 ) (1) Includes interest rate locks with customers and forward commitments. Fair Value Option The Corporation has elected to measure mortgage loans held for sale at fair value. The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of December 31,: 2019 2018 (in thousands) Amortized cost (1) $ 37,396 $ 26,407 Fair value 37,828 27,099 (1) Cost basis of mortgage loans held for sale represents the unpaid principal balance. Losses related to changes in fair values of mortgage loans held for sale were $260,000 for the year ended December 31, 2019 and gains related to changes in fair values of mortgage loans held for sale were $231,000 and $472,000 for the years ended December 31, 2018 and 2017 , respectively, which are recorded on the consolidated income statements as an adjustment to mortgage banking income. Balance Sheet Offsetting The fair values of interest rate swap agreements and foreign exchange contracts the Corporation enters into with customers and dealer counterparties may be eligible for offset on the consolidated balance sheets if they are subject to master netting arrangements or similar agreements. The Corporation elects to not offset assets and liabilities subject to such arrangements on the consolidated financial statements. The following table presents the financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets as of December 31: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) 2019 Interest rate swap derivative assets $ 144,179 $ (757 ) $ — $ 143,422 Foreign exchange derivative assets with correspondent banks 192 (45 ) — 147 Total $ 144,371 $ (802 ) $ — $ 143,569 Interest rate swap derivative liabilities $ 76,022 $ (757 ) $ (75,265 ) $ — Foreign exchange derivative liabilities with correspondent banks 45 (45 ) — — Total $ 76,067 $ (802 ) $ (75,265 ) $ — 2018 Interest rate swap derivative assets $ 61,401 $ (12,955 ) $ (23,270 ) $ 25,176 Foreign exchange derivative assets with correspondent banks 287 (130 ) — 157 Total $ 61,688 $ (13,085 ) $ (23,270 ) $ 25,333 Interest rate swap derivative liabilities $ 47,107 $ (22,786 ) $ (22,786 ) $ 1,535 Foreign exchange derivative liabilities with correspondent banks 130 (130 ) — — Total $ 47,237 $ (22,916 ) $ (22,786 ) $ 1,535 (1) For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent cash collateral (pledged by the Corporation) or received from the counterparty on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash collateral amounts are included in the table only to the extent of the net derivative fair values. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | NOTE 11 – REGULATORY MATTERS Regulatory Capital Requirements The Corporation and the Bank are subject to regulatory capital requirements administered by banking regulators. Failure to meet minimum capital requirements can trigger certain mandatory – and possibly additional discretionary – actions by regulators that, if undertaken, could have a direct material effect on the Corporation’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. U.S. Basel III Capital Rules In July 2013, the FRB approved final rules (the "U.S. Basel III Capital Rules") establishing a new comprehensive capital framework for U.S. banking organizations and implementing the Basel Committee on Banking Supervision's December 2010 framework for strengthening international capital standards. The U.S. Basel III Capital Rules substantially revised the risk-based capital requirements applicable to bank holding companies and depository institutions. The minimum regulatory capital requirements established by the U.S. Basel III Capital Rules became effective on January 1, 2015, and became fully phased in on January 1, 2019. The U.S. Basel III Capital Rules require the Corporation and the Bank to: • Meet a minimum Common Equity Tier 1 capital ratio of 4.50% of risk-weighted assets and a minimum Tier 1 capital of 6.00% of risk-weighted assets; • Meet a minimum Total capital ratio of 8.00% of risk-weighted assets and a minimum Tier 1 leverage capital ratio of 4.00% of average assets; • Maintain a "capital conservation buffer" of 2.50% above the minimum risk-based capital requirements, which must be maintained to avoid restrictions on capital distributions and certain discretionary bonus payments; and • Comply with a revised definition of capital to improve the ability of regulatory capital instruments to absorb losses. Certain non-qualifying capital instruments, including cumulative preferred stock and TruPS, are excluded as a component of Tier 1 capital for institutions of the Corporation's size. The U.S. Basel III Capital Rules use a standardized approach for risk weightings that expand the risk-weightings for assets and off-balance sheet exposures from the previous 0%, 20%, 50% and 100% categories to a much larger and more risk-sensitive number of categories, depending on the nature of the assets and off-balance sheet exposures, resulting in higher risk weights for a variety of asset categories. Effective January 1, 2019, the Corporation and the Bank were also required to maintain a "capital conservation buffer" of 2.50% above the minimum risk-based capital requirements. The rules provide that the failure to maintain the "capital conservation buffer" results in restrictions on capital distributions and discretionary cash bonus payments to executive officers. As a result, under the U.S. Basel III Capital Rules, if the Bank fails to maintain the required minimum capital conservation buffer, the Corporation will be subject to limits, and possibly prohibitions, on its ability to obtain capital distributions from such subsidiaries. If the Corporation does not receive sufficient cash dividends from the Bank, it may not have sufficient funds to pay dividends on its common stock, service its debt obligations or repurchase its common stock. As of December 31, 2019 , the Corporation's capital levels met the fully phased-in minimum capital requirements, including the new capital conservation buffers, as prescribed in the U.S. Basel III Capital Rules. As of December 31, 2019 , the Bank was well capitalized under the regulatory framework for prompt corrective action based on their capital ratio calculation. As of December 31, 2018, each of the Corporation’s subsidiary banks was well capitalized under the regulatory framework for prompt corrective action based on their capital ratio calculations. To be categorized as well capitalized, these banks were required to maintain minimum total risk-based, Tier I risk-based, Common Equity Tier I risk-based and Tier I leverage ratios as set forth in the following table. There are no conditions or events since December 31, 2019 that management believes have changed the institutions’ categories. The following tables present the Total risk-based, Tier I risk-based, Common Equity Tier I risk-based and Tier I leverage requirements under the U.S. Basel III Capital Rules, as of December 31: 2019 Actual For Capital Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Total Capital (to Risk-Weighted Assets): Corporation $ 2,179,197 11.8 % $ 1,481,425 8.0 % N/A N/A Fulton Bank, N.A. 2,224,505 12.1 1,473,880 8.0 $ 1,842,350 10.0 % Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,796,987 9.7 % $ 1,111,068 6.0 % N/A N/A Fulton Bank, N.A 2,058,295 11.2 1,105,410 6.0 $ 1,473,880 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,796,987 9.7 % $ 833,301 4.5 % N/A N/A Fulton Bank, N.A 2,014,295 10.9 829,057 4.5 $ 1,197,527 6.5 % Tier I Leverage Capital (to Average Assets): Corporation $ 1,796,987 8.4 % $ 850,727 4.0 % N/A N/A Fulton Bank, N.A 2,058,295 9.8 844,341 4.0 $ 1,055,426 5.0 % N/A – Not applicable as "well capitalized" applies to banks only. 2018 Actual For Capital Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Total Capital (to Risk-Weighted Assets): Corporation $ 2,200,257 12.8 % $ 1,380,905 8.0 % N/A N/A Fulton Bank, N.A. 1,319,090 12.1 871,413 8.0 $ 1,089,267 10.0 % Fulton Bank of New Jersey 418,207 13.3 250,999 8.0 313,748 10.0 The Columbia Bank 266,661 12.9 165,676 8.0 207,094 10.0 Lafayette Ambassador Bank 180,604 16.0 90,077 8.0 112,596 10.0 Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,764,847 10.2 % $ 1,035,679 6.0 % N/A N/A Fulton Bank, N.A 1,225,797 11.3 653,560 6.0 $ 871,413 8.0 % Fulton Bank of New Jersey 378,962 12.1 188,249 6.0 250,999 8.0 The Columbia Bank 242,668 11.7 124,257 6.0 165,676 8.0 Lafayette Ambassador Bank 169,835 15.1 67,558 6.0 90,077 8.0 Common Equity Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,764,847 10.2 % $ 776,759 4.5 % N/A N/A Fulton Bank, N.A 1,181,797 10.8 490,170 4.5 $ 708,023 6.5 % Fulton Bank of New Jersey 378,962 12.1 141,187 4.5 203,936 6.5 The Columbia Bank 242,668 11.7 93,192 4.5 134,611 6.5 Lafayette Ambassador Bank 169,835 15.1 50,668 4.5 73,187 6.5 Tier I Leverage Capital (to Average Assets): Corporation $ 1,764,847 9.0 % $ 783,118 4.0 % N/A N/A Fulton Bank, N.A 1,225,797 10.0 487,992 4.0 $ 609,989 5.0 % Fulton Bank of New Jersey 378,962 9.4 162,098 4.0 202,623 5.0 The Columbia Bank 242,668 10.1 96,269 4.0 120,336 5.0 Lafayette Ambassador Bank 169,835 10.9 62,520 4.0 78,150 5.0 N/A – Not applicable as "well capitalized" applies to banks only. Dividend and Loan Limitations The dividends that may be paid by the Bank to the Parent Company are subject to certain legal and regulatory limitations. The total amount available for payment of dividends by the Bank to the Corporation was approximately $150 million as of December 31, 2019 , based on the Bank maintaining enough capital to be considered well capitalized under the U.S. Basel III Capital Rules. Under current regulations, the Bank is limited in the amount it may loan to its affiliates, including the Parent Company. Loans to a single affiliate may not exceed 10% , and the aggregate of loans to all affiliates may not exceed 20% |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 12 – INCOME TAXES The components of the provision for income taxes are as follows: 2019 2018 2017 (in thousands) Current tax expense: Federal $ 32,610 $ 35,783 $ 19,553 State 5,204 5,352 2,617 37,814 41,135 22,170 Deferred tax (benefit) expense: Federal (1,271 ) (16,841 ) 39,885 State 1,106 283 646 (165 ) (16,558 ) 40,531 Total income tax expense $ 37,649 $ 24,577 $ 62,701 The differences between the effective income tax rate and the federal statutory income tax rate are as follows: 2019 2018 2017 Statutory tax rate 21.0 % 21.0 % 35.0 % Tax credit investments (4.6 ) (6.1 ) (7.8 ) Tax-exempt income (3.9 ) (4.1 ) (6.6 ) Bank owned life insurance (0.4 ) (0.4 ) (0.4 ) State income taxes, net of federal benefit 0.2 2.0 (0.5 ) Change in valuation allowance 1.8 (0.1 ) 1.2 Re-measurement of net deferred tax asset due to the Tax Act — (0.3 ) 6.7 Executive compensation — 0.1 0.1 Other, net 0.2 (1.6 ) (1.0 ) Effective income tax rate 14.3 % 10.5 % 26.7 % The net deferred tax asset recorded by the Corporation is included in other assets and consists of the following tax effects of temporary differences as of December 31: 2019 2018 (in thousands) Deferred tax assets: Tax credit carryforwards $ 43,133 $ 27,615 Allowance for credit losses 37,081 37,906 State loss carryforwards 16,324 11,605 Other accrued expenses 8,797 7,232 Deferred compensation 7,752 7,064 Tax credit investments 6,799 4,529 Stock-based compensation 2,930 2,743 Postretirement and defined benefit plans 599 5,079 OTTI 462 1,803 Unrealized holding losses on securities — 12,489 Other 3,784 3,855 Total gross deferred tax assets 127,661 121,920 Deferred tax liabilities: Equipment lease financing 42,273 31,466 MSRs 8,686 8,560 Premises and equipment 6,282 3,579 Acquisition premiums/discounts 5,266 5,294 Unrealized holding gains on securities available for sale 4,223 — Intangible assets 1,136 1,292 Other 12,387 12,178 Total gross deferred tax liabilities 80,253 62,369 Net deferred tax asset, before valuation allowance 47,408 59,551 Valuation allowance (16,324 ) (11,605 ) Net deferred tax asset $ 31,084 $ 47,946 In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and/or capital gain income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies, such as those that may be implemented to generate capital gains, in making this assessment. The valuation allowance relates to state deferred tax assets and net operating loss carryforwards for which realizability is uncertain. As of December 31, 2019 and 2018 , the Corporation had state net operating loss carryforwards of approximately $392.0 million and $347.3 million , respectively, which are available to offset future state taxable income, and expire at various dates through 2038 . Based on the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Corporation will realize the benefits of its deferred tax assets, net of the valuation allowance, as of December 31, 2019 . As of December 31, 2019 , the Corporation had tax credit carryforwards related to TCIs of approximately $43 million . The corporation recorded a deferred tax asset of $43.1 million , reflecting the benefit of these tax credit carryforwards. Such deferred tax asset will begin to expire in 2038 if not yet utilized. Uncertain Tax Positions The following table summarizes the changes in unrecognized tax benefits for the years ended December 31 : 2019 2018 2017 (in thousands) Balance at beginning of year $ 2,726 $ 2,550 $ 2,438 Current period tax positions 292 593 523 Lapse of statute of limitations (501 ) (417 ) (411 ) Balance at end of year $ 2,517 $ 2,726 $ 2,550 Virtually all of the Corporation’s unrecognized tax benefits are for positions that are taken on an annual basis on state tax returns. Increases to unrecognized tax benefits will occur as a result of accruing for the nonrecognition of the position for the current year. Decreases will occur as a result of the lapsing of the statute of limitations for the oldest outstanding year which includes the position. These offsetting increases and decreases are likely to continue in the future, including over the next twelve months. While the net effect on total unrecognized tax benefits during this period cannot be reasonably estimated, approximately $460,000 is expected to reverse in 2020 due to lapsing of the statute of limitations. Decreases can also occur throughout the settlement of positions with taxing authorities. As of December 31, 2019 , if recognized, all of the Corporation’s unrecognized tax benefits would impact the effective tax rate. Not included in the table above is $549,000 of federal income tax benefit on unrecognized state tax benefits which, if recognized, would also impact the effective tax rate. Interest accrued related to unrecognized tax benefits is recorded as a component of income tax expense. Penalties, if incurred, would also be recognized in income tax expense. The Corporation recognized approximately $22,000 and $59,000 in 2019 and 2018 , respectively, for interest and penalties in income tax expense related to unrecognized tax positions. As of December 31, 2019 and 2018 , total accrued interest and penalties related to unrecognized tax positions were approximately $697,000 and $675,000 , respectively. The Corporation files income tax returns in the federal and various state jurisdictions. In most cases, unrecognized tax benefits are related to tax years that remain subject to examination by the relevant taxing authorities. With few exceptions, the Corporation is no longer subject to federal, state and local examinations by tax authorities for years before 2016 . Tax Credit Investments ("TCIs") The TCIs are included in other assets, with any unfunded equity commitments recorded in other liabilities on the consolidated balance sheets. Certain TCIs qualify for the proportional amortization method and are amortized over the period the Corporation expects to receive the tax credits, with the expense included within income taxes on the consolidated statements of income. Other TCIs are accounted for under the equity method of accounting, with amortization included within non-interest expense on the consolidated statements of income. This amortization includes equity in partnership losses and the systematic write-down of investments over the period in which income tax credits are earned. All of the TCIs are evaluated for impairment at the end of each reporting period. The following table presents the balances of the Corporation's TCIs and related unfunded commitments as of December 31: 2019 2018 Included in other assets: (in thousands) Affordable housing tax credit investments, net $ 153,351 $ 170,401 Other tax credit investments, net 64,354 72,584 Total TCIs, net $ 217,705 $ 242,985 Included in other liabilities: Unfunded affordable housing tax credit commitments $ 16,684 $ 23,196 Other tax credit liabilities 55,105 59,823 Total unfunded tax credit commitments and liabilities $ 71,789 $ 83,019 The following table presents other information relating to the Corporation's TCIs for the years ended December 31: 2019 2018 2017 (in thousands) Components of income taxes: Affordable housing tax credits and other tax benefits $ (30,642 ) $ (30,721 ) $ (25,642 ) Other tax credit investment credits and tax benefits (4,542 ) (6,385 ) (15,791 ) Amortization of affordable housing investments, net of tax benefit 22,184 21,569 16,958 Deferred tax expense 954 1,341 6,201 Total reduction in income tax expense $ (12,046 ) $ (14,196 ) $ (18,274 ) Amortization of TCIs: Affordable housing tax credits investment $ 3,344 $ 3,355 $ — Other tax credit investment amortization 2,677 8,094 11,028 Total amortization of TCIs $ 6,021 $ 11,449 $ 11,028 |
Net Income Per Share Net Income
Net Income Per Share Net Income Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | NOTE 13 – NET INCOME PER SHARE Basic net income per common share is calculated as net income divided by the weighted average number of shares outstanding. Diluted net income per share is calculated as net income divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation’s common stock equivalents consist of outstanding stock options, restricted stock, RSUs and PSUs. PSUs are required to be included in weighted average diluted shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period. A reconciliation of weighted average common shares outstanding used to calculate basic and diluted net income per share follows: 2019 2018 2017 (in thousands) Weighted average common shares outstanding (basic) 166,902 175,395 174,721 Impact of common stock equivalents 890 1,148 1,211 Weighted average common shares outstanding (diluted) 167,792 176,543 175,932 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income [Abstract] | |
Stockholders' Equity | NOTE 14 – SHAREHOLDERS’ EQUITY Accumulated Other Comprehensive Income (Loss) The following table presents the components of other comprehensive income (loss) for the years ended December 31 : Before-Tax Amount Tax Effect Net of Tax Amount (in thousands) 2019: Unrealized gain on AFS securities $ 73,085 $ (16,166 ) $ 56,919 Reclassification adjustment for available for sale securities gains included in net income (1) (4,733 ) 1,047 (3,686 ) Amortization of net unrealized losses on available for sale securities transferred to HTM (2) (3) 8,070 (1,785 ) 6,285 Non-credit related unrealized loss on other-than-temporarily impaired debt securities (873 ) 193 (680 ) Unrecognized pension and postretirement cost (1,203 ) 266 (937 ) Amortization of net unrecognized pension and postretirement income (4) 1,316 (291 ) 1,025 Total Other Comprehensive Income $ 75,662 $ (16,736 ) $ 58,926 2018: Unrealized loss on AFS securities $ (31,235 ) $ 6,909 $ (24,326 ) Reclassification adjustment for available for sale securities gains included in net income (1) (37 ) 7 (30 ) Amortization of net unrealized losses on available for sale securities transferred to HTM (2) 2,694 (596 ) 2,098 Non-credit related unrealized loss on other-than-temporarily impaired debt securities 285 (63 ) 222 Unrecognized pension and postretirement income 1,798 (398 ) 1,400 Amortization of net unrecognized pension and postretirement income (4) 2,116 (468 ) 1,648 Total Other Comprehensive Loss $ (24,379 ) $ 5,391 $ (18,988 ) 2017: Unrealized gain on AFS securities $ 16,051 $ (5,619 ) $ 10,432 Reclassification adjustment for available for sale securities gains included in net income (1) (9,071 ) 3,177 (5,894 ) Non-credit related unrealized loss on other-than-temporarily impaired debt securities 285 (100 ) 185 Unrecognized pension and postretirement cost (937 ) 328 (609 ) Amortization of net unrecognized pension and postretirement income (4) 2,092 (731 ) 1,361 Total Other Comprehensive Income $ 8,420 $ (2,945 ) $ 5,475 (1) Amounts reclassified out of accumulated other comprehensive income (loss). Before-tax amounts included in "Investment securities gains, net" on the consolidated statements of income. See "Note 3 - Investment Securities," for additional details. (2) Amounts reclassified out of accumulated other comprehensive income (loss). Before-tax amounts included as a reduction to "Interest Income" on the consolidated statements of income. See "Note 3, - Investment Securities," for additional details. (3) Before-Tax amount includes a $3.7 million reclassification of unrealized loss related to the early adoption of ASU 2019-04, as disclosed in "Note 1 - Summary of Significant Accounting Policies" from "Amortization of net unrealized losses on available for sale securities transferred to HTM" to "Unrealized gain on securities." (4) Amounts reclassified out of accumulated other comprehensive income (loss). Before-tax amounts included in "Salaries and employee benefits" on the consolidated statements of income. See "Note 13 - Employee Benefit Plans," for additional details. The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31 : Unrealized Gain (Losses) on Investment Securities Not Other-Than-Temporarily Impaired Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities Unrecognized Pension and Postretirement Plan Income (Cost) Total (in thousands) Balance as of December 31, 2016 $ (23,047 ) $ 273 $ (15,675 ) $ (38,449 ) Other comprehensive income before reclassifications 10,432 185 (609 ) 10,008 Amounts reclassified from accumulated other comprehensive income (loss) (5,894 ) — 1,361 (4,533 ) Balance as of December 31, 2017 (18,509 ) 458 (14,923 ) (32,974 ) Other comprehensive loss before reclassifications (24,326 ) 222 1,400 (22,704 ) Amounts reclassified from accumulated other comprehensive income (loss) (30 ) — 1,648 1,618 Amortization of net unrealized losses on AFS transferred to HTM 2,098 — — 2,098 Reclassification of stranded tax effects (3,887 ) — (3,214 ) (7,101 ) Balance as of December 31, 2018 (44,654 ) 680 (15,089 ) (59,063 ) Other comprehensive gain before reclassifications 56,919 (680 ) (937 ) 55,302 Amounts reclassified from accumulated other comprehensive (loss) income (3,686 ) — 1,025 (2,661 ) Amortization of net unrealized losses on AFS securities transferred to HTM 6,285 — — 6,285 Balance as of December 31, 2019 $ 14,864 $ — $ (15,001 ) $ (137 ) Common Stock Repurchase Plans In October 2019, the Corporation's board of directors approved a share repurchase program pursuant to which the Corporation is authorized to repurchase up to $100.0 million of its outstanding shares of common stock, or approximately 3.9% of its outstanding shares, through December 31, 2020 . No shares had been repurchased under this program through December 31, 2019. In March 2019, the Corporation's board of directors approved a share repurchase program pursuant to which the Corporation was authorized to repurchase up to $100.0 million of its outstanding shares of common stock, or approximately 3.5% of its outstanding shares, through December 31, 2019 . During 2019, the Corporation repurchased approximately 6.1 million shares under this program for a total cost of $100.0 million , or $16.28 per share, completing this program. In November 2018, the Corporation's board of directors approved a share repurchase program pursuant to which the Corporation was authorized to repurchase up to $75.0 million of its outstanding shares of common stock, or approximately 2.7% of its outstanding shares, through December 31, 2019 . During 2019 and 2018, the Corporation repurchased approximately 706,000 and 4.1 million shares, respectively, under this program for a total cost of $75.0 million , or $15.57 per share, completing this program. In November 2017 , the Corporation's board of directors approved an extension to a share repurchase program pursuant to which the Corporation was authorized to repurchase up to $50.0 million of its outstanding shares of common stock, or approximately 2.3% of its outstanding shares, through December 31, 2018 . During 2018, the Corporation repurchased approximately 1.9 million shares under this program for a total cost of approximately $31.5 million , or $16.71 per share, completing this program. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based compensation plans | NOTE 15 – STOCK-BASED COMPENSATION PLANS The following table presents compensation expense and related tax benefits for all equity awards recognized in the consolidated statements of income: 2019 2018 2017 (in thousands) Compensation expense $ 7,413 $ 7,965 $ 5,209 Tax benefit (1,610 ) (2,625 ) (3,994 ) Total stock-based compensation, net of tax $ 5,803 $ 5,340 $ 1,215 The tax benefits as a percentage of compensation expense, as shown in the preceding table, were 21.7% , 33.0% and 76.7% in 2019 , 2018 and 2017 , respectively. These percentages differ from the Corporation’s statutory tax rates of 21% for 2019 and 2018 and 35% for 2017 ("Tax Rates"). Tax benefits are only recognized over the vesting period for awards that ordinarily will generate a tax deduction when exercised, in the case of non-qualified stock options, or upon vesting, in the case of restricted stock, RSUs and PSUs. Tax benefits in excess of the Tax Rates resulted from incentive stock option exercises that triggered a tax deduction when they were exercised, and excess tax benefits realized on vesting RSUs and PSUs during the period. The following table presents compensation expense and related tax benefits for restricted stock awards, RSUs and PSUs recognized in the consolidated statements of income, and included as a component of total stock-based compensation in the preceding table: 2019 2018 2017 (in thousands) Compensation expense $ 6,621 $ 7,124 $ 4,922 Tax benefit (1,509 ) (1,585 ) (1,559 ) Stock-based compensation, net of tax $ 5,112 $ 5,539 $ 3,363 The following table provides information about stock option activity for the year ended December 31, 2019 : Stock Weighted Weighted Aggregate Outstanding and exercisable as of December 31, 2018 658,768 $ 10.75 Exercised (150,296 ) 9.73 Forfeited (4,128 ) 11.31 Expired (4,084 ) 5.27 Outstanding and exercisable as of December 31, 2019 500,260 $ 11.12 3.1 years $ 3.2 The following table provides information about nonvested restricted stock, RSUs and PSUs granted under the Employee Equity Plan and Directors' Plan for the year ended December 31, 2019 : Restricted Stock/RSUs/PSUs (1) Shares Weighted Nonvested as of December 31, 2018 1,368,493 $ 15.49 Granted 454,951 15.51 Vested (407,872 ) 12.38 Forfeited (43,236 ) 16.61 Nonvested as of December 31, 2019 1,372,336 $ 16.39 (1) There were no nonvested stock options at December 31, 2019 or 2018. As of December 31, 2019 , there was $10.1 million of total unrecognized compensation cost (pre-tax) related to restricted stock, RSUs and PSUs that will be recognized as compensation expense over a weighted average period of two years. As of December 31, 2019 , the Employee Equity Plan had 10.1 million shares reserved for future grants through 2023 , and the Directors’ Plan had 260,000 shares reserved for future grants through 2021 . The following table presents information about stock options exercised: 2019 2018 2017 (dollars in thousands) Number of options exercised 150,296 214,845 411,292 Total intrinsic value of options exercised $ 1,028 $ 1,616 $ 2,955 Cash received from options exercised $ 1,446 $ 2,210 $ 4,644 Tax benefit from options exercised $ 188 $ 291 $ 989 Upon exercise, the Corporation issues shares from its authorized, but unissued, common stock to satisfy the options. The fair value of certain PSUs with market-based performance conditions granted under the Employee Equity Plan was estimated on the grant date using the Monte Carlo valuation methodology performed by a third-party valuation expert. This valuation is dependent upon certain assumptions, as summarized in the following table: 2019 2018 2017 Risk-free interest rate 2.27 % 2.63 % 1.43 % Volatility of Corporation’s stock 23.00 % 23.50 % 22.45 % Expected life of PSUs 3 Years 3 Years 3 Years The expected life of the PSUs with fair values measured using the Monte Carlo valuation methodology was based on the defined performance period of three years . Volatility of the Corporation’s stock was based on historical volatility for the period commensurate with the expected life of the PSUs. The risk-free interest rate is the zero-coupon U.S. Treasury rate commensurate with the expected life of the PSUs on the date of the grant. Based on the assumptions above, the Corporation calculated an estimated fair value per PSU with market-based performance conditions granted in 2019, 2018 and 2017 of $16.83 , $12.92 and $17.25 , respectively. Under the ESPP, eligible employees can purchase stock of the Corporation at 85% of the fair market value of the stock on the date of purchase. The ESPP is considered to be a compensatory plan and, as such, compensation expense is recognized for the 15% discount on shares purchased. The following table summarizes activity under the ESPP: 2019 2018 2017 ESPP shares purchased 136,576 110,200 98,000 Average purchase price per share (85% of market value) $ 14.03 $ 14.74 $ 15.28 Compensation expense recognized (in thousands) $ 338 $ 287 $ 261 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | NOTE 16 – EMPLOYEE BENEFIT PLANS The following summarizes retirement plan expense for the years ended December 31 : 2019 2018 2017 (in thousands) 401(k) Retirement Plan $ 8,976 $ 8,482 $ 8,121 Pension Plan 2,484 3,435 4,168 $ 11,460 $ 11,917 $ 12,289 The 401(k) Retirement Plan is a defined contribution plan under which eligible employees may defer a portion of their pre-tax covered compensation on an annual basis, with employer matches of up to 5% of employee compensation. Employee and employer contributions under these features are 100% vested. Contributions to the Defined Benefit Pension Plan ("Pension Plan") are actuarially determined and funded annually, if necessary. The Corporation recognizes the funded status of its Pension Plan on the consolidated balance sheets and recognizes the changes in that funded status through other comprehensive income. The Pension Plan has been curtailed, with no additional benefits accruing to participants. Pension Plan The net periodic pension cost for the Pension Plan, as determined by consulting actuaries, consisted of the following components for the years ended December 31 : 2019 2018 2017 (in thousands) Interest cost $ 3,257 $ 3,053 $ 3,320 Expected return on assets (2,754 ) (2,047 ) (1,804 ) Net amortization and deferral 1,981 2,429 2,652 Net periodic pension cost $ 2,484 $ 3,435 $ 4,168 The following table summarizes the changes in the projected benefit obligation and fair value of plan assets for the plan years ended December 31 : 2019 2018 (in thousands) Projected benefit obligation at beginning of year $ 79,426 $ 89,482 Interest cost 3,257 3,053 Benefit payments (4,114 ) (5,796 ) Change in assumptions 8,259 (8,051 ) Experience (loss) gain (624 ) 738 Projected benefit obligation at end of year $ 86,204 $ 79,426 Fair value of plan assets at beginning of year $ 57,825 $ 54,061 Employer contributions (1) 20,755 13,042 Actual return on plan assets 9,210 (3,482 ) Benefit payments (4,114 ) (5,796 ) Fair value of plan assets at end of year $ 83,676 $ 57,825 (1) The Corporation funds at least the minimum amount required by federal law and regulations. The Corporation contributed $20.8 million and $13.0 million to the Pension Plan during 2019 and 2018 , respectively. The following table presents the funded status of the Pension Plan, included in other liabilities on the consolidated balance sheets, as of December 31 : 2019 2018 (in thousands) Projected benefit obligation $ (86,204 ) $ (79,426 ) Fair value of plan assets 83,676 57,825 Funded status $ (2,528 ) $ (21,601 ) The following table summarizes the changes in the unrecognized net loss included as a component of accumulated other comprehensive income (loss): Unrecognized Net Loss Before tax Net of tax (in thousands) Balance as of December 31, 2017 $ 28,559 $ 18,564 Recognized as a component of 2018 periodic pension cost (2,429 ) (1,892 ) Unrecognized gains arising in 2018 (1,783 ) (1,389 ) Re-measurement adjustments for tax rate changes — 3,678 Balance as of December 31, 2018 24,347 18,961 Recognized as a component of 2019 periodic pension cost (1,981 ) (1,543 ) Unrecognized losses arising in 2019 1,180 919 Balance as of December 31, 2019 $ 23,546 $ 18,337 The total amount of unrecognized net loss that will be amortized as a component of net periodic pension cost in 2020 is expected to be $2.1 million . The following rates were used to calculate net periodic pension cost and the present value of benefit obligations as of December 31 : 2019 2018 2017 Discount rate-projected benefit obligation 3.25 % 4.25 % 3.50 % Expected long-term rate of return on plan assets 5.00 % 5.00 % 5.00 % The discount rates used were determined using the Citigroup Average Life discount rate table, as adjusted based on the Pension Plan's expected benefit payments and rounded to the nearest 0.25% . The 5.00% long-term rate of return on plan assets used to calculate the net periodic pension cost was based on historical returns, adjusted for expectations of long-term asset returns based on the December 31, 2019 weighted average asset allocations. The expected long-term return is considered to be appropriate based on the asset mix and the historical returns realized. The following table presents a summary of the fair values of the Pension Plan’s assets as of December 31 : 2019 2018 Estimated % of Total Estimated % of Total (dollars in thousands) Equity mutual funds $ 26,377 $ 18,532 Equity common trust funds 11,810 9,062 Equity securities 38,187 45.6 % 27,594 47.7 % Cash and money market funds 21,182 10,754 Fixed income mutual funds 14,370 11,523 Corporate debt securities 3,124 2,985 U.S. Government agency securities 3,078 — Fixed income securities and cash 41,754 49.9 % 25,262 43.7 % Other alternative investment funds 3,735 4.5 % 4,969 8.6 % Total $ 83,676 100.0 % $ 57,825 100.0 % Investment allocation decisions are made by a retirement plan committee. The goal of the investment allocation strategy is to match certain benefit obligations with maturities of fixed income securities. Alternative investments may include managed futures, commodities, real estate investment trusts, master limited partnerships, and long-short strategies with traditional stocks and bonds. All alternative investments are in the form of mutual funds, not individual contracts, to enable daily liquidity. The fair values for all assets held by the Pension Plan, excluding equity common trust funds, are based on quoted prices for identical instruments and would be categorized as Level 1 assets under the fair value hierarchy. Equity common trust funds would be categorized as Level 2 assets under the fair value hierarchy. Estimated future benefit payments are as follows (in thousands): Year 2020 $ 4,239 2021 4,395 2022 4,454 2023 4,569 2024 4,651 2025 – 2029 24,330 $ 46,638 Postretirement Benefits The Corporation provides medical benefits and life insurance benefits under a postretirement benefits plan ("Postretirement Plan") to certain retired full-time employees who were employees of the Corporation prior to January 1, 1998 . Prior to February 1, 2014, certain full-time employees became eligible for these discretionary benefits if they reached retirement age while working for the Corporation. The Corporation recognizes the funded status of the postretirement plan on the consolidated balance sheets and recognizes the changes in that funded status through other comprehensive income. The components of the net benefit for postretirement benefits other than pensions are as follows: 2019 2018 2017 (in thousands) Interest cost $ 61 $ 57 $ 68 Net amortization and deferral (556 ) (559 ) (565 ) Net postretirement benefit $ (495 ) $ (502 ) $ (497 ) This table summarizes the changes in the accumulated postretirement benefit obligation for the years ended December 31 : 2019 2018 (in thousands) Accumulated postretirement benefit obligation at beginning of year $ 1,520 $ 1,700 Interest cost 61 57 Benefit payments (187 ) (205 ) Experience gain 17 35 Change in assumptions 39 (67 ) Accumulated postretirement benefit obligation at end of year $ 1,450 $ 1,520 The fair values of the plan assets were $0 as of both December 31 , 2019 and 2018 . The funded status of the Postretirement Plan, included in other liabilities on the consolidated balance sheets as of both December 31 , 2019 and 2018 was $1.5 million . The following table summarizes the changes in items recognized as a component of accumulated other comprehensive income (loss): Before tax Unrecognized Unrecognized Total Net of tax (in thousands) Balance as of December 31, 2017 $ (4,404 ) $ (1,159 ) $ (5,563 ) $ (3,617 ) Recognized as a component of 2018 postretirement benefit cost 464 95 559 435 Unrecognized gains arising in 2018 — (32 ) (32 ) (25 ) Re-measurement adjustments for tax rate changes in 2018 — — — (721 ) Balance as of December 31, 2018 (3,940 ) (1,096 ) (5,036 ) (3,928 ) Recognized as a component of 2019 postretirement benefit cost 464 92 556 433 Unrecognized gains arising in 2019 — 56 56 44 Balance as of December 31, 2019 $ (3,476 ) $ (948 ) $ (4,424 ) $ (3,451 ) The following rates were used to calculate net periodic postretirement benefit cost and the present value of benefit obligations as of December 31 : 2019 2018 2017 Discount rate-projected benefit obligation 3.25 % 4.25 % 3.50 % Expected long-term rate of return on plan assets 3.00 % 3.00 % 3.00 % The discount rates used to calculate the accumulated postretirement benefit obligation were determined using the Citigroup Average Life discount rate table, as adjusted based on the Postretirement Plan's expected benefit payments and rounded to the nearest 0.25% . Estimated future benefit payments under the Postretirement Plan are as follows (in thousands): Year 2020 $ 178 2021 165 2022 153 2023 140 2024 128 2025 – 2029 481 $ 1,245 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | NOTE 17 – LEASES The Corporation has operating leases for branches, corporate offices and land. The following table presents the components of lease expense, which is included in net occupancy expense on the consolidated statements of income (in thousands): 2019 Operating lease expense $ 18,852 Variable lease expense 2,924 Sublease income (791 ) Total lease expense $ 20,985 Supplemental consolidated balance sheet information related to leases was as follows (dollars in thousands): Operating Leases Balance Sheet Classification 2019 ROU assets Other assets $ 102,779 Lease liabilities Other liabilities $ 109,608 Weighted average remaining lease term 8.1 years Weighted average discount rate 3.05 % The discount rate used in determining the lease liability for each individual lease was the FHLB fixed advance rate which corresponded with the remaining lease term as of January 1, 2019 for leases that existed at adoption and as of the lease commencement or modification date for leases subsequently entered into. Supplemental cash flow information related to operating leases was as follows (in thousands): 2019 Cash paid for amounts included in the measurement of lease liabilities $ 18,563 ROU assets obtained in exchange for lease obligations 117,496 Lease payment obligations for each of the next five years and thereafter, with a reconciliation to the Corporation's lease liability were as follows (in thousands): Year Operating Leases 2020 $ 18,695 2021 17,582 2022 16,278 2023 14,106 2024 12,410 Thereafter 42,394 Total lease payments 121,465 Less: imputed interest (11,857 ) Present value of lease liabilities $ 109,608 As of December 31, 2019 , the Corporation had not entered into any material leases that have not yet commenced. In 2018, under Topic 840, future minimum lease payments for operating leases having initial or remaining noncancellable lease terms in excess of one year as of December 31, 2018 were $18.0 million , $17.3 million , $15.7 million , $13.7 million , $11.4 million for years 2019 through 2023, respectively, and $43.3 million in the aggregate for all years thereafter. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 18 – COMMITMENTS AND CONTINGENCIES Commitments The Corporation is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since a portion of the commitments is expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Corporation evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral, if any, obtained upon extension of credit is based on management’s credit evaluation of the customer. Collateral held varies but may include accounts receivable, inventory, property, equipment and income producing commercial properties. Standby letters of credit are conditional commitments issued to guarantee the financial or performance obligation of a customer to a third party. Commercial letters of credit are conditional commitments issued to facilitate foreign and domestic trade transactions for customers. The credit risk involved in issuing letters of credit is similar to that involved in extending loan facilities. These obligations are underwritten consistently with commercial lending standards. The maximum exposure to loss for standby and commercial letters of credit is equal to the contractual (or notional) amount of the instruments. The Corporation records a reserve for unfunded commitments, included in other liabilities on the consolidated balance sheets, which represents management’s estimate of losses inherent in commitments to extend credit and letters of credit. See "Note 4 - Loans and Leases and Allowance for Credit Losses," for additional information. The following table presents the Corporation’s commitments to extend credit and letters of credit: 2019 2018 (in thousands) Commercial, industrial, financial and agricultural $ 3,997,401 $ 3,642,545 Real estate - home equity 1,523,494 1,475,066 Real estate - commercial mortgage and real estate - construction 1,168,624 1,188,972 Total commitments to extend credit $ 6,689,519 $ 6,306,583 Standby letters of credit $ 303,020 $ 309,352 Commercial letters of credit 50,432 48,682 Total letters of credit $ 353,452 $ 358,034 Residential Lending The Corporation originates and sells residential mortgages to secondary market investors. The Corporation provides customary representations and warranties to secondary market investors that specify, among other things, that the loans have been underwritten to the standards of the secondary market investor. The Corporation may be required to repurchase specific loans, or reimburse the investor for a credit loss incurred on a sold loan if it is determined that the representations and warranties have not been met. Under some agreements with secondary market investors, the Corporation may have additional credit exposure beyond customary representations and warranties, based on the specific terms of those agreements. The Corporation maintains a reserve for estimated credit losses related to loans sold to investors. As of December 31, 2019 and 2018, the total reserve for losses on residential mortgage loans sold was $3.2 million and $2.1 million, respectively, including reserves for both representation and warranty and credit loss exposures. Legal Proceedings The Corporation is involved in various pending and threatened claims and other legal proceedings in the ordinary course of its business activities. The Corporation evaluates the possible impact of these matters, taking into consideration the most recent information available. A loss reserve is established for those matters for which the Corporation believes a loss is both probable and reasonably estimable. Once established, the reserve is adjusted as appropriate to reflect any subsequent developments. Actual losses with respect to any such matter may be more or less than the amount estimated by the Corporation. For matters where a loss is not probable, or the amount of the loss cannot be reasonably estimated by the Corporation, no loss reserve is established. In addition, from time to time, the Corporation is involved in investigations or other forms of regulatory or governmental inquiry covering a range of possible issues and, in some cases, these may be part of similar reviews of the specified activities of other companies. These inquiries or investigations could lead to administrative, civil or criminal proceedings involving the Corporation, and could result in fines, penalties, restitution, other types of sanctions, or the need for the Corporation to undertake remedial actions, or to alter its business, financial or accounting practices. The Corporation’s practice is to cooperate fully with regulatory and governmental inquiries and investigations. As of the date of this report, the Corporation believes that any liabilities, individually or in the aggregate, which may result from the final outcomes of pending legal proceedings, or regulatory or governmental inquiries or investigations, will not have a material adverse effect on the financial condition of the Corporation. However, legal proceedings, inquiries and investigations are often unpredictable, and it is possible that the ultimate resolution of any such matters, if unfavorable, may be material to the Corporation’s results of operations in any future period, depending, in part, upon the size of the loss or liability imposed and the operating results for the period, and could have a material adverse effect on the Corporation’s business. In addition, regardless of the ultimate outcome of any such legal proceeding, inquiry or investigation, any such matter could cause the Corporation to incur additional expenses, which could be significant, and possibly material, to the Corporation’s results of operations in any future period. SEC Investigation The Corporation is responding to an investigation by the staff of the Division of Enforcement of the SEC regarding certain accounting determinations that could have impacted the Corporation’s reported earnings per share. The Corporation believes that its financial statements filed with the SEC in Forms 10-K and 10-Q present fairly, in all material respects, its financial condition, results of operations and cash flows as of or for the periods ending on their respective dates. The Corporation is cooperating fully with the SEC and at this time cannot predict when or how the investigation will be resolved. Kress v. Fulton Bank, N.A. On October 15, 2019, a former Fulton Bank teller supervisor, D. Kress filed a putative class action lawsuit on behalf of herself and other similarly situated non-exempt, hourly employees in the U.S. District Court for the District of New Jersey, D. Kress v. Fulton Bank, N.A. , Case No. 1:19-cv-18985. Fulton Bank accepted service of process on January 20, 2020. The lawsuit alleges that Fulton Bank did not record or otherwise account for the amount of time which non-exempt employees who are paid based on their time worked, spent conducting branch opening security procedures. The allegation is that, as a result, Fulton Bank did not properly compensate those employees for their regular and overtime wages. The lawsuit alleges that by doing so, Fulton violated: (i) the federal Fair Labor Standards Act and seeks back overtime wages for a period of three years, liquidated damages and attorney fees and costs; (ii) the New Jersey State Wage and Hour Law and seeks back overtime wages for a period of six years, treble damages and attorney fees and costs; and (iii) the New Jersey Wage Payment Law and seeks back wages for a period of six years, treble damages and attorney fees and costs. The lawsuit also asserts New Jersey common law claims seeking compensatory damages and interest. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 19 – FAIR VALUE MEASUREMENTS The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: 2019 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 37,828 $ — $ 37,828 Available for sale investment securities: State and municipal securities — 652,927 — 652,927 Corporate debt securities — 374,957 2,400 377,357 Collateralized mortgage obligations — 693,718 — 693,718 Residential mortgage-backed securities — 177,312 — 177,312 Commercial mortgage-backed securities — 494,297 — 494,297 Auction rate securities — — 101,926 101,926 Total available for sale investment securities — 2,393,211 104,326 2,497,537 Other assets: Investments held in Rabbi Trust 22,213 — — 22,213 Derivative assets 230 145,365 — 145,595 Total assets $ 22,443 $ 2,576,404 $ 104,326 $ 2,703,173 Other Liabilities Deferred compensation liabilities $ 22,213 $ — $ — $ 22,213 Derivative liabilities 199 76,447 — 76,646 Total liabilities $ 22,412 $ 76,447 $ — $ 98,859 2018 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 27,099 $ — $ 27,099 Available for sale investment securities: U.S. Government sponsored agency securities — 31,632 — 31,632 State and municipal securities — 279,095 — 279,095 Corporate debt securities — 106,258 3,275 109,533 Collateralized mortgage obligations — 832,080 — 832,080 Residential mortgage-backed securities — 463,344 — 463,344 Commercial mortgage-backed securities — 261,616 — 261,616 Auction rate securities — — 102,994 102,994 Total available for sale investment securities — 1,974,025 106,269 2,080,294 Other assets: Investments held in Rabbi Trust 18,415 — 18,415 Derivative assets 392 62,552 — 62,944 Total assets $ 18,807 $ 2,063,676 $ 106,269 $ 2,188,752 Other Liabilities Deferred compensation liabilities $ 18,415 $ — $ — $ 18,415 Derivative liabilities 381 48,185 — 48,566 Total liabilities $ 18,796 $ 48,185 $ — $ 66,981 The valuation techniques used to measure fair value for the items in the preceding tables are as follows: • Loans held for sale – This category includes mortgage loans held for sale that are measured at fair value. Fair values as of December 31, 2019 and 2018 were measured as the price that secondary market investors were offering for loans with similar characteristics. See "Note 1 - Summary of Significant Accounting Policies" for details related to the Corporation’s election to measure assets and liabilities at fair value. • Available for sale investment securities – Included in this asset category are debt securities. Level 2 available for sale debt securities are valued by a third-party pricing service commonly used in the banking industry. The pricing service uses pricing models that vary based on asset class and incorporate available market information, including quoted prices of investment securities with similar characteristics. Because many fixed income securities do not trade on a daily basis, pricing models use available information, as applicable, through processes such as benchmark yield curves, benchmarking of like securities, sector groupings and matrix pricing. Standard market inputs include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data, including market research publications. For certain security types, additional inputs may be used, or some of the standard market inputs may not be applicable. Management tests the values provided by the pricing service by obtaining securities prices from an alternative third-party source and comparing the results. This test is performed for approximately 95% of the securities valued by the pricing service. Generally, differences by security in excess of 5% are researched to reconcile the difference. • State and municipal securities/Collateralized mortgage obligations/Residential mortgage-backed securities/Commercial mortgage-backed securities – These debt securities are classified as Level 2 investments. Fair values are determined by a third-party pricing service, as detailed above. • Corporate debt securities – This category consists of subordinated and senior debt issued by financial institutions ( $362.3 million at December 31, 2019 and $86.1 million at December 31, 2018 ), single-issuer trust preferred securities issued by financial institutions ( $11.2 million at December 31, 2019 and $18.6 million at December 31, 2018 ), pooled trust preferred securities issued by financial institutions ( $0 at December 31, 2019 and $875,000 at December 31, 2018 ) and other corporate debt issued by non-financial institutions ( $3.9 million at December 31, 2019 and December 31, 2018 ). Level 2 investments include subordinated debt and senior debt, other corporate debt issued by non-financial institutions and $8.8 million and $16.3 million of single-issuer trust preferred securities held at December 31, 2019 and 2018 , respectively. The fair values for these corporate debt securities are determined by a third-party pricing service, as detailed above. Level 3 investments include the Corporation's investments in pooled trust preferred securities ( $0 at December 31, 2019 and $875,000 at December 31, 2018 ) and certain single-issuer trust preferred securities ( $2.4 million at December 31, 2019 and December 31, 2018 ). The fair values of these securities were determined based on quotes provided by third-party brokers who determined fair values based predominantly on internal valuation models which were not indicative prices or binding offers. The Corporation’s third-party pricing service cannot derive fair values for these securities primarily due to inactive markets for similar investments. Level 3 values are tested by management primarily through trend analysis, by comparing current values to those reported at the end of the preceding calendar quarter, and determining if they are reasonable based on price and spread movements for this asset class. • Auction rate securities – Due to their illiquidity, ARCs are classified as Level 3 investments and are valued through the use of an expected cash flows model prepared by a third-party valuation expert. The assumptions used in preparing the expected cash flows model include estimates for coupon rates, time to maturity and market rates of return. The most significant unobservable input to the expected cash flows model is an assumed return to market liquidity sometime within the next five years. If the assumed return to market liquidity was lengthened beyond the next five years, this would result in a decrease in the fair value of these ARCs. The Corporation believes that the trusts underlying the ARCs will self-liquidate as student loans are repaid. Level 3 values are tested by management through the performance of a trend analysis of the market price and discount rate. Changes in the price and discount rates are compared to changes in market data, including bond ratings, parity ratios, balances and delinquency levels. • Investments held in Rabbi Trust - This category consists of mutual funds that are held in trust for employee deferred compensation plans that the Corporation has elected to measure at fair value. Shares of mutual funds are valued based on net asset value, which represents quoted market prices for the underlying shares held in the mutual funds, and as such, are classified as Level 1. • Derivative assets - Fair value of foreign currency exchange contracts classified as Level 1 assets ( $230,000 at December 31, 2019 and $392,000 at December 31, 2018 ). The mutual funds and foreign exchange prices used to measure these items at fair value are based on quoted prices for identical instruments in active markets. Level 2 assets, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ( $1.2 million at December 31, 2019 and $1.2 million at December 31, 2018 ) and the fair value of interest rate swaps ( $144.2 million at December 31, 2019 and $61.4 million at December 31, 2018 ). The fair values of the interest rate locks, forward commitments and interest rate swaps represent the amounts that would be required to settle the derivative financial instruments at the balance sheet date. See "Note 10 - Derivative Financial Instruments," for additional information. • Deferred compensation liabilities – Fair value of amounts due to employees under deferred compensation plans, classified as Level 1 liabilities and are included in other liabilities on the consolidated balance sheets. The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Investments held in Rabbi Trust" above. • Derivative liabilities - Level 1 liabilities, representing the fair value of foreign currency exchange contracts ( $199,000 at December 31, 2019 and $381,000 at December 31, 2018 ). The fair values of these liabilities are determined in the same manner as the related assets. Level 2 liabilities, representing the fair value of mortgage banking derivatives in the form of interest rate locks and forward commitments with secondary market investors ( $424,000 at December 31, 2019 and $1.1 million at December 31, 2018 ) and the fair value of interest rate swaps ( $76.0 million at December 31, 2019 and $47.1 million at December 31, 2018 ). The fair values of these liabilities are determined in the same manner as the related assets, which are described under the heading "Derivative assets" above. The following table presents the changes in available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the years ended December 31 : Pooled Trust Single-issuer Auction Rate Securities (in thousands) Balance as of December 31, 2017 $ 707 $ 3,050 $ 98,668 Realized adjustments to fair value — 71 — Unrealized adjustments to fair value (1) 168 221 4,326 Settlements - calls — (950 ) — Discount accretion (2) — 8 — Balance as of December 31, 2018 $ 875 $ 2,400 $ 102,994 Sales (770 ) — — Unrealized adjustments to fair value (1) (105 ) (4 ) (1,068 ) Discount accretion (2) — 4 — Balance as of December 31, 2019 $ — $ 2,400 $ 101,926 (1) Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as available for sale investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of "available for sale at estimated fair value" on the consolidated balance sheets. (2) Included as a component of "net interest income" on the consolidated statements of income. Certain financial instruments are not measured at fair value on an ongoing basis but are subject to fair value measurement in certain circumstances, such as upon their acquisition or when there is evidence of impairment. The following table presents Level 3 financial instruments measured at fair value on a nonrecurring basis: 2019 2018 (in thousands) Net loans and leases $ 144,807 $ 149,846 OREO 6,831 10,518 MSRs (1) 45,193 50,200 Total assets $ 196,831 $ 210,564 (1) Amounts shown are estimated fair value. MSRs are recorded on the Corporation's consolidated balance sheets at amortized cost. See "Note 5 - Mortgage Servicing Rights" for additional information. The valuation techniques used to measure fair value for the items in the table above are as follows: • Net loans and leases – This category consists of loans and leases that were individually evaluated for impairment and have been classified as Level 3 assets. The amount shown is the balance of impaired loans and leases, net of the related allowance for loan losses. See "Note 4 - Loans and Leases and Allowance for Credit Losses," for additional details. • OREO – This category consists of OREO classified as Level 3 assets, for which the fair values were based on estimated selling prices less estimated selling costs for similar assets in active markets. • MSRs - This category consists of MSRs, which were initially recorded at fair value upon the sale of residential mortgage loans to secondary market investors, and subsequently carried at the lower of amortized cost or fair value. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. MSRs are stratified and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined at the end of each quarter through a discounted cash flows valuation performed by a third-party valuation expert. Significant inputs to the valuation included expected net servicing income, the discount rate and the expected life of the underlying loans. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The weighted average annual constant prepayment rate and the weighted average discount rate used in the December 31, 2019 valuation were 10.5% and 9.5% , respectively. Management tests the reasonableness of the significant inputs to the third-party valuation in comparison to market data. The following table details the book values and the estimated fair values of the Corporation’s financial instruments as of December 31, 2019 and 2018 . A general description of the methods and assumptions used to estimate such fair values is also provided. 2019 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total FINANCIAL ASSETS (in thousands) Cash and cash equivalents $ 517,791 $ 517,791 $ — $ — $ 517,791 FRB and FHLB stock 97,422 — 97,422 — 97,422 Loans held for sale 37,828 — 37,828 — 37,828 Available for sale investment securities 2,497,537 — 2,393,211 104,326 2,497,537 Held to maturity investment securities 369,841 — 383,705 — 383,705 Net loans and leases 16,673,904 — — 16,485,122 16,485,122 Accrued interest receivable 60,898 60,898 — — 60,898 Other assets 431,565 234,176 145,365 52,024 431,565 FINANCIAL LIABILITIES Demand and savings deposits $ 14,327,453 $ 14,327,453 $ — $ — $ 14,327,453 Brokered deposits 264,531 223,982 40,549 — 264,531 Time deposits 2,801,930 — 2,828,988 — 2,828,988 Short-term borrowings 883,241 883,241 — — 883,241 Accrued interest payable 8,834 8,834 — — 8,834 FHLB advances and long-term debt 881,769 — 878,385 — 878,385 Other liabilities 221,542 142,508 76,447 2,587 221,542 2018 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 445,687 $ 445,687 $ — $ — $ 445,687 FRB and FHLB stock 79,283 — 79,283 — 79,283 Loans held for sale 27,099 — 27,099 — 27,099 Available for sale investment securities 2,080,294 — 1,974,025 106,269 2,080,294 Held to maturity investment securities 606,679 611,419 — — 611,419 Net loans and leases 16,005,263 — — 15,446,895 15,446,895 Accrued interest receivable 58,879 58,879 — — 58,879 Other assets 235,782 124,138 62,552 49,092 235,782 FINANCIAL LIABILITIES Demand and savings deposits $ 13,478,016 $ 13,478,016 $ — $ — $ 13,478,016 Brokered deposits 176,239 176,239 — — 176,239 Time deposits 2,721,904 — 2,712,296 — 2,712,296 Short-term borrowings 754,777 754,777 — — 754,777 Accrued interest payable 10,529 10,529 — — 10,529 FHLB advances and long-term debt 992,279 — 970,985 — 970,985 Other liabilities 218,061 161,003 48,185 8,873 218,061 Fair values of financial instruments are significantly affected by the assumptions used, principally the timing of future cash flows and discount rates. Because assumptions are inherently subjective in nature, the estimated fair values cannot be substantiated by comparison to independent market quotes and, in many cases, the estimated fair values could not necessarily be realized in an immediate sale or settlement of the instrument. The aggregate fair value amounts presented do not necessarily represent management’s estimate of the underlying value of the Corporation. For short-term financial instruments, defined as those with remaining maturities of 90 days or less, and excluding those recorded at fair value on the Corporation’s consolidated balance sheets, book value was considered to be a reasonable estimate of fair value. The following instruments are predominantly short-term: Assets Liabilities Cash and cash equivalents Demand and savings deposits Accrued interest receivable Short-term borrowings Accrued interest payable FRB and FHLB stock represent restricted investments and are carried at cost on the consolidated balance sheets, which is a reasonable estimate of fair value. As of December 31, 2019, fair values for loans and leases and time deposits were estimated by discounting future cash flows using the current rates, as adjusted for liquidity considerations, at which similar loans and leases would be made to borrowers and similar deposits would be issued to customers for the same remaining maturities. Fair values of loans and leases also include estimated credit losses that would be assumed in a market transaction, which represents estimated exit prices. Brokered deposits consists of demand and saving deposits, which are classified as level 1, and time deposits, which are classified as Level 2. The fair value of these deposits are determined in a manner consistent with the respective type of deposits discussed above. |
Condensed Financial Information
Condensed Financial Information - Parent Company Only | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Statements - Parent Company Only | NOTE 20 – CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY CONDENSED BALANCE SHEETS December 31, 2019 2018 (in thousands) ASSETS Cash and cash equivalents $ 10,841 $ 30,941 Other assets 1,087 7,072 Receivable from subsidiaries 78,025 51,646 Investments in: Bank subsidiary (1) 2,555,448 2,451,651 Non-bank subsidiaries 419,145 425,670 Total Assets $ 3,064,546 $ 2,966,980 LIABILITIES AND EQUITY Long-term debt $ 387,756 $ 386,913 Payable to non-bank subsidiaries 276,768 247,801 Other liabilities 57,846 84,693 Total Liabilities 722,370 719,407 Shareholders’ equity 2,342,176 2,247,573 Total Liabilities and Shareholders’ Equity $ 3,064,546 $ 2,966,980 (1) Consisted of one bank in 2019 and 2018 consisted of multiple banks which have been consolidated into one bank in 2019. CONDENSED STATEMENTS OF INCOME 2019 2018 2017 (in thousands) Income: Dividends from subsidiaries $ 209,000 $ 150,000 $ 66,500 Other (1) 191,978 188,165 171,490 400,978 338,165 237,990 Expenses 218,837 210,333 199,981 Income before income taxes and equity in undistributed net income of subsidiaries 182,141 127,832 38,009 Income tax benefit (5,798 ) (7,100 ) (5,448 ) 187,939 134,932 43,457 Equity in undistributed net income (loss) of: Bank subsidiary (1) 44,926 74,631 111,226 Non-bank subsidiaries (6,526 ) (1,170 ) 17,070 Net Income $ 226,339 $ 208,393 $ 171,753 (1) Consists primarily of management fees received from subsidiary bank(s) which consisted of one bank in 2019 and 2018 consisted of multiple banks which have been consolidated into one bank in 2019. CONDENSED STATEMENTS OF CASH FLOWS 2019 2018 2017 (in thousands) Cash Flows From Operating Activities: Net Income $ 226,339 $ 208,393 $ 171,753 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of issuance costs and discount of long-term debt 842 813 845 Stock-based compensation 7,413 7,967 4,740 (Increase) decrease in other assets (20,449 ) 6,327 (17,882 ) Equity in undistributed net income of subsidiaries (38,400 ) (73,460 ) (128,298 ) Increase in other liabilities and payable to non-bank subsidiaries 1,580 36,273 31,241 Total adjustments (49,014 ) (22,080 ) (109,354 ) Net cash provided by operating activities 177,325 186,313 62,399 Cash Flows From Investing Activities — — — Cash Flows From Financing Activities: Repayments of long-term debt — — (100,000 ) Additions to long-term debt — — 123,251 Net proceeds from issuance of common stock 6,362 6,733 9,007 Dividends paid (92,330 ) (89,654 ) (80,368 ) Acquisition of treasury stock (111,457 ) (95,308 ) — Net cash used in financing activities (197,425 ) (178,229 ) (48,110 ) Net (Decrease) Increase in Cash and Cash Equivalents (20,100 ) 8,084 14,289 Cash and Cash Equivalents at Beginning of Year 30,941 22,857 8,568 Cash and Cash Equivalents at End of Year $ 10,841 $ 30,941 $ 22,857 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Business and Basis of Financial Statement Presentation | Business: Fulton Financial Corporation ("Corporation" or "Parent Company") is a financial holding company which provides a full range of banking and financial services to businesses and consumers through its wholly owned banking subsidiary, Fulton Bank, N.A. ("Fulton Bank" or the "Bank"). In addition, the Parent Company owns the following non-bank subsidiaries: Fulton Financial Realty Company, Central Pennsylvania Financial Corp., FFC Management, Inc., FFC Penn Square, Inc. and Fulton Insurance Services Group, Inc. Collectively, the Parent Company and its subsidiaries are referred to as the Corporation. The Corporation’s primary sources of revenue are interest income on loans, investment securities and other interest-earning assets and fee income earned on its products and services. Its expenses consist of interest expense on deposits and borrowed funds, provision for credit losses, other operating expenses and income taxes. The Corporation’s primary competition is other financial services providers operating in its region. Competitors also include financial services providers located outside the Corporation’s geographic market as a result of the growth in electronic delivery channels. The Corporation is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by such regulatory authorities. The Corporation offers, through its banking subsidiary, a full range of retail and commercial banking services in Pennsylvania, Delaware, Maryland, New Jersey and Virginia. Industry diversity is the key to the economic well-being of these markets and the Corporation is not dependent upon any single customer or industry. In 2017, the Corporation had six banking subsidiaries. During 2018, the Corporation consolidated two of its wholly owned banking subsidiaries into its lead bank, Fulton Bank, and during 2019 , the remaining three wholly-owned banking subsidiaries were consolidated into Fulton Bank. Basis of Financial Statement Presentation: The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States ("GAAP") and include the accounts of the Parent Company and all wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosed amount of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. The Corporation evaluates subsequent events through the date of the filing of this report with the Securities and Exchange Commission ("SEC"). |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash: Cash and cash equivalents consists of cash and due from banks and interest bearing deposits with other banks, which includes restricted cash. Restricted cash comprises cash balances required to be maintained with the Federal Reserve Bank ("FRB"), based on customer transaction deposit account levels, and cash balances provided as collateral on derivative contracts and other contracts. See Note 2, "Restrictions on Cash and Cash Equivalents" for additional information. |
FRB and Federal Home Loan Bank (FHLB) Stock | FRB and FHLB Stock: The Bank is a member of the FRB and FHLB and is required by federal law to hold stock in these institutions according to predetermined formulas. These restricted investments are carried at cost on the consolidated balance sheets and are periodically evaluated for impairment. |
Investments | Investments: Debt securities are classified as held to maturity ("HTM") at the time of purchase when the Corporation has both the intent and ability to hold these investments until they mature. Such debt securities are carried at cost, adjusted for amortization of premiums and accretion of discounts using the effective yield method. The Corporation does not engage in trading activities; however, since the investment portfolio serves as a source of liquidity, most debt securities are classified as available for sale ("AFS"). AFS securities are carried at estimated fair value with the related unrealized holding gains and losses reported in shareholders’ equity as a component of other comprehensive income, net of tax. Realized securities gains and losses are computed using the specific identification method and are recorded on a trade date basis. Securities are evaluated periodically to determine whether declines in value are other-than-temporary. Impaired debt securities are determined to be other-than-temporarily impaired if the Corporation concludes at the balance sheet date that it has the intent to sell, or believes it will more likely than not be required to sell, an impaired debt security before a recovery of its amortized cost basis. Credit losses on other-than-temporarily impaired debt securities are recorded through earnings, regardless of the intent or the requirement to sell. Credit loss is measured as the difference between the present value of an impaired debt security’s expected cash flows and its amortized cost. Non-credit related other-than-temporary impairment ("OTTI") charges are recorded as decreases to accumulated other comprehensive income as long as the Corporation has no intent or expected requirement to sell the impaired debt security before a recovery of its amortized cost basis. The Corporation early adopted ASU 2019-04, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivative and Hedging, and Topic 825, Financial Instruments," in the third quarter of 2019, which permitted the one-time reclassification of certain HTM securities to AFS under Topic 815, specific to the transition guidance of ASU update 2017-12, which the Corporation adopted on January 1, 2019. See “Note 3 - Investment Securities” for additional information on this reclassification. The portion of this standards update related to codification improvements specific to Topic 326 will be implemented upon the Corporation’s adoption of ASU 2016-13 in the first quarter of 2020. Additional codification improvements to Topic 825, specifically ASU 2016-01, which the Corporation adopted as of January 1, 2018, did not have an impact on the Corporation's consolidated financial statements. |
Fair Value Option | Fair Value Option: The Corporation has elected to measure mortgage loans held for sale at fair value. Derivative financial instruments related to mortgage banking activities are also recorded at fair value, as detailed under the heading "Derivative Financial Instruments," below. The Corporation determines fair value for its mortgage loans held for sale based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Changes in fair values during the period are recorded as components of mortgage banking income on the consolidated statements of income. Interest income earned on mortgage loans held for sale is classified in interest income on the consolidated statements of income. |
Loans and Revenue Recognition | Loans and Lease Receivables : Loan and leases are stated at their principal amount outstanding, except for mortgage loans held for sale, which are carried at fair value. Interest income on loans is accrued as earned. Unearned income on lease financing receivables is recognized on a basis which approximates the effective yield method. In general, a loan or lease is placed on non-accrual status once it becomes 90 days delinquent as to principal or interest. In certain cases a loan or lease may be placed on non-accrual status prior to being 90 days delinquent if there is an indication that the borrower is having difficulty making payments, or the Corporation believes it is probable that all amounts will not be collected according to the contractual terms of the loan or lease agreement. When interest accruals are discontinued, unpaid interest previously credited to income is reversed. Non-accrual loans and leases may be restored to accrual status when all delinquent principal and interest has been paid currently for six consecutive months or the loan or lease is considered secured and in the process of collection. The Corporation generally applies payments received on non-accruing loans and leases to principal until such time as the principal is paid off, after which time any payments received are recognized as interest income. If the Corporation believes that all amounts outstanding on a non-accrual loan or lease will ultimately be collected, payments received subsequent to its classification as a non-accrual loan or lease are allocated between interest income and principal. A loan or lease that is 90 days delinquent may continue to accrue interest if the loan or lease is both adequately secured and is in the process of collection. Past due status is determined based on contractual due dates for loan payments. An adequately secured loan or lease is one that has collateral with a supported fair value that is sufficient to discharge the debt, and/or has an enforceable guarantee from a financially responsible party. A loan or lease is considered to be in the process of collection if collection is proceeding through legal action or through other activities that are reasonably expected to result in repayment of the debt or restoration to current status in the near future. Loans and leases deemed to be a loss are written off through a charge against the allowance for loan or lease losses. Closed-end consumer loans are generally charged off when they become 120 days past due ( 180 days for open-end consumer loans) if they are not adequately secured by real estate. All other loans and leases are evaluated for possible charge-off when it is probable that the balance will not be collected, based on the ability of the borrower to pay and the value of the underlying collateral. Principal recoveries of loans or leases previously charged off are recorded as increases to the allowance for loan or lease losses. |
Loan Origination Fees and Costs | Loan Origination Fees and Costs: Loan origination fees and the related direct origination costs are deferred and amortized over the life of the loan as an adjustment to interest income using the effective yield method. For mortgage loans sold, net loan origination fees and costs are included in the gain or loss on sale of the related loan, as components of mortgage banking. |
Troubled Debt Restructurings (TDRs) | Troubled Debt Restructurings ("TDRs"): Loans whose terms are modified are classified as TDRs if it is determined that those borrowers are experiencing financial difficulty and the Corporation grants the borrowers concessions. Concessions, whether negotiated or imposed by bankruptcy, granted under a TDR typically involve a temporary deferral of scheduled loan payments, an extension of a loan’s stated maturity date or a reduction in the interest rate. Non-accrual TDRs can be restored to accrual status if principal and interest payments, under the modified terms, are current for six consecutive months after modification. |
Allowance for Credit Losses | Allowance for Credit Losses: The allowance for credit losses consists of the allowance for loan and lease losses and the reserve for unfunded lending commitments. The allowance for loan and lease losses represents management’s estimate of incurred losses in the loan and lease portfolio as of the balance sheet date and is recorded as a reduction to loans and leases. The reserve for unfunded lending commitments represents management’s estimate of incurred losses in its unfunded loan commitments and other off-balance sheet credit exposures, such as letters of credit, and is recorded in other liabilities on the consolidated balance sheets. The allowance for credit losses is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. Management believes that the allowance for loan and lease losses and the reserve for unfunded lending commitments are adequate as of the balance sheet date; however, future changes to the allowance or reserve may be necessary based on changes in any of the factors discussed in the following paragraphs. Maintaining an appropriate allowance for credit losses is dependent upon various factors, including the ability to identify potential problem loans and leases in a timely manner. For commercial loans, commercial mortgages and construction loans to commercial borrowers, an internal risk rating process is used. The Corporation believes that internal risk ratings are the most relevant credit quality indicator for these types of loans. The migration of loans through the various internal risk rating categories is a significant component of the allowance for credit loss methodology for these loans, which bases the probability of default on this migration. Assigning risk ratings involves judgment. The Corporation's loan review officers provide a separate assessment of risk rating accuracy. Risk ratings may be changed based on the ongoing monitoring procedures performed by loan officers or credit administration staff, or if specific loan review assessments identify a deterioration or an improvement in the loan. The following is a summary of the Corporation's internal risk rating categories: • Pass : These loans do not currently pose undue credit risk and can range from the highest to average quality, depending on the degree of potential risk. • Special Mention : These loans have a heightened credit risk, but not to the point of justifying a classification of substandard. Loans in this category are currently acceptable, but are nevertheless potentially weak. • Substandard or Lower : These loans are inadequately protected by current sound worth and paying capacity of the borrower. There exists a well-defined weakness or weaknesses that jeopardize the normal repayment of the debt. The Corporation does not assign internal risk ratings for smaller balance, homogeneous loans and leases, such as home equity, residential mortgage, consumer, lease receivables and construction loans to individuals secured by residential real estate. For these loans and leases, the most relevant credit quality indicator is delinquency status. The migration of loans and leases through the various delinquency status categories is a significant component of the allowance for credit loss methodology for these loans and leases, which bases the probability of default on this migration. The Corporation’s allowance for loan and lease losses includes: 1) specific allowances allocated to loans and leases evaluated for impairment under the Financial Accounting Standards Board's Accounting Standards Codification ("ASC") Section 310-10-35; and 2) allowances calculated for pools of loans evaluated for impairment under ASC Subtopic 450-20. A loan or lease is considered to be impaired if it is probable that all amounts will not be collected according to the contractual terms of the loan or lease agreement. Impaired loans and leases consist of all loans and leases on non-accrual status and accruing TDRs. An allowance for loan and lease losses is established for an impaired loan or lease if its carrying value exceeds its estimated fair value. Impaired loans and leases to borrowers with total outstanding commitments greater than or equal to $1.0 million are evaluated individually for impairment. Impaired loans and leases to borrowers with total outstanding commitments less than $1.0 million are pooled and evaluated for impairment collectively. All loans and leases evaluated for impairment under ASC Section 310-10-35 are measured for losses on a quarterly basis. As of December 31, 2019 and 2018 , substantially all of the Corporation’s impaired loans and leases to borrowers with total outstanding loan or lease balances greater than or equal to $1.0 million were measured based on the estimated fair value of each loan or lease’s collateral. Collateral could be in the form of real estate, in the case of impaired commercial mortgages and construction loans, or business assets, such as accounts receivable or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real property. For loans and leases secured by real estate, estimated fair values are determined primarily through appraisals performed by state certified third-party appraisers, discounted to arrive at expected net sale proceeds. For collateral dependent loans, estimated real estate fair values are also net of estimated selling costs. When a real estate secured loan becomes impaired, a decision is made regarding whether an updated appraisal of the real estate is necessary. This decision is based on various considerations, including: the age of the most recent appraisal; the loan-to-value ratio based on the original appraisal; the condition of the property; the Corporation’s experience and knowledge of the real estate market; the purpose of the loan or lease; market factors; payment status; the strength of any guarantors; and the existence and age of other indications of value such as broker price opinions, among others. The Corporation generally obtains updated appraisals performed by state certified third-party appraisers for impaired loans and leases secured predominantly by real estate every 12 months. As of December 31, 2019 and 2018 , approximately 93% and 89% , respectively, of impaired loans or leases with principal balances greater than or equal to $1.0 million , whose primary collateral is real estate, were measured at estimated fair value using appraisals performed by state certified third-party appraisers that had been updated within the preceding 12 months. When updated appraisals are not obtained for loans and leases secured by real estate and evaluated for impairment under ASC Section 310-10-35, fair values are estimated based on the original appraisal values, as long as the original appraisal indicated an acceptable loan-to-value position and, in the opinion of the Corporation's internal credit administration staff, there has not been a significant deterioration in the collateral value since the original appraisal was performed. For impaired loans and leases with principal balances greater than or equal to $1.0 million secured by non-real estate collateral, such as accounts receivable or inventory, estimated fair values are determined based on borrower financial statements, inventory listings, accounts receivable agings or borrowing base certificates. Indications of value from these sources are generally discounted based on the age of the financial information or the quality of the assets. Liquidation or collection discounts are applied to these assets based upon existing loan evaluation policies. All loans and leases not evaluated for impairment under ASC Section 310-10-35 are evaluated for impairment under ASC Subtopic 450-20, using a pooled loss evaluation approach. Loans and leases are segmented into pools with similar characteristics and a consistently developed loss factor is then applied to all loans in these pools. Certain portfolio segments are further disaggregated and evaluated collectively for impairment based on class segments. For commercial loans, class segments include loans secured by collateral and unsecured loans. Construction loan class segments include loans secured by commercial real estate, loans to commercial borrowers secured by residential real estate and loans to individuals secured by residential real estate. Consumer loan class segments are based on collateral types and include direct consumer installment loans, home equity loans and indirect automobile loans. The Corporation segments its loan and lease portfolio by general loan and lease type, or "portfolio segments," as presented in the table under the heading, "Loans and leases, net of unearned income," within Note 4, "Loans and Leases and Allowance for Credit Losses." Certain portfolio segments are further disaggregated and evaluated collectively for impairment based on "class segments," which are largely based on the type of collateral underlying each loan and lease. For commercial loans, class segments include loans secured by collateral and unsecured loans. Construction loan class segments include loans secured by commercial real estate, loans to commercial borrowers secured by residential real estate and loans to individuals secured by residential real estate. Consumer loan class segments are based on collateral types and include direct consumer installment loans and indirect automobile loans. The Corporation calculates allowance for loan and lease loss allocation needs for loans evaluated under ASC Subtopic 450-20 through the following procedures: • The loans and leases are segmented into pools with similar characteristics, as noted above. Commercial loans, commercial mortgages and construction loans to commercial borrowers are further segmented into separate pools based on internally assigned risk ratings. Residential mortgages, home equity loans, consumer loans, and lease receivables are further segmented into separate pools based on delinquency status; • A loss rate is calculated for each pool through an analysis of historical losses as loans and leases migrate through the various risk rating or delinquency categories. Estimated loss rates are based on a probability of default and a loss rate forecast; • The loss rate is adjusted to consider qualitative factors, such as economic conditions and trends; and • The resulting adjusted loss rate is applied to the balance of the loans and leases in the pool to arrive at the allowance allocation for the pool. The allocation of the allowance for credit losses is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan and lease portfolio. The Corporation considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans and leases; the diversity of borrower industry types; and the composition of the portfolio by loan and lease type. |
Premises and Equipment | Premises and Equipment: Premises and equipment are stated at cost, less accumulated depreciation and amortization. The provision for depreciation and amortization is generally computed using the straight-line method over the estimated useful lives of the related assets, which are a maximum of 50 years for buildings and improvements, 8 years for furniture and 5 years |
Other Real Estate Owned | Other Real Estate Owned ("OREO"): Assets acquired in settlement of mortgage loan indebtedness are recorded as OREO and are included in other assets on the consolidated balance sheets, initially at the lower of the estimated fair value of the asset, less estimated selling costs, or the carrying amount of the loan. Costs to maintain the assets and subsequent gains and losses on sales are included in other non-interest expense on the consolidated statements of income. |
Mortgage Servicing Rights | Mortgage Servicing Rights ("MSRs"): The estimated fair value of MSRs related to residential mortgage loans sold and serviced by the Corporation is recorded as an asset upon the sale of such loans. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. |
Derivative Financial Instruments | Derivative Financial Instruments: The Corporation manages its exposure to certain interest rate and foreign currency risks through the use of derivatives. None of the Corporation's outstanding derivative contracts are designated as hedges and none are entered into for speculative purposes. Derivative instruments are carried at fair value, with changes in fair value recognized in earnings as components of non-interest income or non-interest expense on the consolidated statements of income. Derivative contracts create counterparty credit risk with both the Corporation's customers and with institutional derivative counterparties. The Corporation manages counterparty credit risk through its credit approval processes, monitoring procedures and obtaining adequate collateral, when the Corporation determines it is appropriate to do so and in accordance with counterparty contracts. Mortgage Banking Derivatives In connection with its mortgage banking activities, the Corporation enters into commitments to originate certain fixed-rate residential mortgage loans for customers, also referred to as interest rate locks. In addition, the Corporation enters into forward commitments for the future sales or purchases of mortgage-backed securities to or from third-party counterparties to hedge the effect of changes in interest rates on the values of both the interest rate locks and mortgage loans held for sale. Forward sales commitments may also be in the form of commitments to sell individual mortgage loans at a fixed price at a future date. The amount necessary to settle each interest rate lock is based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Interest Rate Swaps The Corporation enters into interest rate swaps with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Corporation simultaneously enters into interest rate swaps with dealer counterparties, with identical notional amounts and terms. The net result of these interest rate swaps is that the customer pays a fixed rate of interest and the Corporation receives a floating rate. The Bank exceeds $10 billion in total assets and is required to clear all eligible interest rate swap contracts with a central counterparty. As a result, the Bank is subject to the regulations of the Commodity Futures Trading Commission. Foreign Exchange Contracts The Corporation enters into foreign exchange contracts to accommodate the needs of its customers. Foreign exchange contracts are commitments to buy or sell foreign currency on a specific date at a contractual price. The Corporation limits its foreign exchange exposure with customers by entering into contracts with institutional counterparties to mitigate its foreign exchange risk. The Corporation also holds certain amounts of foreign currency with international correspondent banks ("Foreign Currency Nostro Accounts"). The Corporation limits the total overnight net foreign currency open positions, which is defined as an aggregate of all outstanding contracts and Foreign Currency Nostro Account balances, to $500,000 |
Balance Sheet Offsetting | Balance Sheet Offsetting: Although certain financial assets and liabilities may be eligible for offset on the consolidated balance sheets because they are subject to master netting arrangements or similar agreements, the Corporation elects to not offset such qualifying assets and liabilities. The Corporation is a party to interest rate swap transactions with financial institution counterparties and customers. Under these agreements, the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. Cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the interest rate swap agreements in the event of default. A daily settlement occurs through a clearing agent for changes in the fair value of centrally cleared derivatives. Not all of the derivatives are required to be cleared through a daily clearing agent. As a result, the total fair values of interest rate swap derivative assets and derivative liabilities recognized on the consolidated balance sheets are not equal and offsetting. The Corporation is also a party to foreign currency exchange contracts with financial institution counterparties, under which the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. As with interest rate swap contracts, cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the foreign currency exchange contracts in the event of default. |
Income Taxes | Income Taxes: The Corporation utilizes the asset and liability method in accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based upon the difference between the values of the assets and liabilities as reflected in the financial statements and their related tax basis using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. As changes in tax law or rates are enacted, deferred tax assets and liabilities are adjusted through the provision for income taxes. In assessing the realizability of deferred tax assets ("DTAs"), management considers whether it is more likely than not that some portion or all of the DTAs will not be realized. The ultimate realization of DTAs is dependent upon the generation of future taxable income and tax planning strategies which will create taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, the amount of taxes paid in available carryback years, projected future taxable income, and, if necessary, tax planning strategies in making this assessment. A valuation allowance is provided against deferred tax assets unless it is more likely than not that such deferred tax assets will be realized. ASC Topic 740, "Income Taxes" creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The liability for unrecognized tax benefits is included in other liabilities within the consolidated balance sheets. Effective January 1, 2018, the Corporation adopted ASU 2018-02, "Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." This standards update permits a reclassification from accumulated other comprehensive income ("AOCI") to retained earnings of the stranded tax effects resulting from the application of the Tax Cuts and Jobs Act of 2017 ("Tax Act"), which changed the federal corporate income tax rate from a top rate of 35% to a flat rate of 21%. Upon adoption, the Corporation elected to reclassify $7.1 million |
Stock-Based Compensation | Stock-Based Compensation: The Corporation grants equity awards to employees, consisting of stock options, restricted stock, restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs") under its Amended and Restated Equity and Cash Incentive Compensation Plan ("Employee Equity Plan"). In addition, employees may purchase stock under the Corporation’s Employee Stock Purchase Plan ("ESPP"). The Corporation also grants equity awards to non-employee members of its board of directors and subsidiary bank board of directors under the 2011 Directors’ Equity Participation Plan, which was amended and approved by shareholders as the Amended and Restated Directors’ Equity Participation Plan in 2019 ("Directors’ Plan"). Under the Directors’ Plan, the Corporation can grant equity awards to non-employee holding company and subsidiary bank directors in the form of stock options, restricted stock, RSUs or common stock. Recent grants of equity awards under the Directors’ Plan have been limited to RSUs. Equity awards issued under the Employee Equity Plan are generally granted annually and become fully vested over or after a three-year vesting period. The vesting period for non-performance-based awards represents the period during which employees are required to provide service in exchange for such awards. Equity awards under the Directors' Plan are generally granted annually and become fully vested after a one-year vesting period. Certain events, as defined in the Employee Equity Plan and the Directors' Plan, result in the acceleration of the vesting of equity awards. Restricted stock, RSUs and PSUs earn dividends during the vesting period, which are forfeitable if the awards do not vest. The fair value of stock options, restricted stock and RSUs granted to employees is recognized as compensation expense over the vesting period for such awards. Compensation expense for PSUs is also recognized over the vesting period, however, compensation expense for PSUs may vary based on the expectations for actual performance relative to defined performance measures. |
Disclosures about Segments of an Enterprise and Related Information | Disclosures about Segments of an Enterprise and Related Information : The Corporation does not have any operating segments which require disclosure of additional information. |
Financial Guarantees | Financial Guarantees : Financial guarantees, which consist primarily of standby and commercial letters of credit, are accounted for by recognizing a liability equal to the fair value of the guarantees and crediting the liability to income over the term of the guarantee. Fair value is estimated based on the fees currently charged to enter into similar agreements with similar terms. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets : The Corporation accounts for its acquisitions using the purchase accounting method. Purchase accounting requires that all assets acquired and liabilities assumed, including certain intangible assets that must be recognized, be recorded at their estimated fair values as of the acquisition date. Any purchase price exceeding the fair value of net assets acquired is recorded as goodwill. During the fourth quarter of 2019, the Corporation early adopted ASU 2017-04 "Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment." This standards update eliminates the requirement to perform the “step two” impairment test, which the Corporation has not needed to perform since its impairment test completed in 2012. The Corporation performed a qualitative analysis, as permitted in Topic 350, in 2019 and no impairment indicators were identified through this analysis. Goodwill is not amortized to expense, but is tested for impairment at least annually. Write-downs of the balance, if necessary as a result of the impairment test, are charged to expense in the period in which goodwill is determined to be impaired. The Corporation performs its annual test of goodwill impairment as of October 31st of each year. If certain events occur which indicate goodwill might be impaired between annual tests, goodwill would be tested when such events occur. |
Variable Interest Entities | Variable Interest Entities ("VIEs") : ASC Topic 810 provides guidance on when to consolidate certain VIEs in the financial statements of the Corporation. VIEs are entities in which equity investors do not have a controlling financial interest or do not have sufficient equity at risk for the entity to finance activities without additional financial support from other parties. VIEs are assessed for consolidation under ASC Topic 810 when the Corporation holds variable interests in these entities. The Corporation consolidates VIEs when it is deemed to be the primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has the power to make decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. Subsidiary Trusts The Parent Company owns all of the common stock of three subsidiary trusts, which have issued securities (Trust Preferred Securities) in conjunction with the Parent Company issuing junior subordinated deferrable interest debentures to the trusts. The terms of the junior subordinated deferrable interest debentures are the same as the terms of the Trust Preferred Securities ("TruPS"). The Parent Company’s obligations under the debentures constitute a full and unconditional guarantee by the Parent Company of the obligations of the trusts. The provisions of ASC Topic 810 related to subsidiary trusts, as interpreted by the SEC, disallow consolidation of subsidiary trusts in the financial statements of the Corporation. As a result, TruPS are not included on the Corporation’s consolidated balance sheets. The junior subordinated debentures issued by the Parent Company to the subsidiary trusts, which have the same total balance and rate as the combined equity securities and TruPS issued by the subsidiary trusts, remain in long-term debt. See "Note 9 - Short-Term Borrowings and Long-Term Debt," for additional information. Tax Credit Investments The Corporation makes investments in certain community development projects, the majority of which, generate tax credits under various federal programs, including qualified affordable housing projects, New Markets Tax Credit Investments ("NMTC") projects and historic rehabilitation projects (collectively, "Tax Credit Investments" or "TCIs"). These investments are made throughout the Corporation's market area as a means of supporting the communities it serves. The Corporation typically acts as a limited partner or member of a limited liability company in its TCIs and does not exert control over the operating or financial policies of the partnership or limited liability company. Tax credits earned are subject to recapture by federal taxing authorities based upon compliance requirements to be met at the project level. Because the Corporation owns 100% of the equity interests in its NMTC, these investments were consolidated based on ASC Topic 810 as of December 31, 2019 and 2018 . Investments in affordable housing projects were not consolidated based on management's assessment of the provisions of ASC Topic 810. TCIs are tested for impairment when events or changes in circumstances indicate that it is more likely than not that the carrying amount of the investment will not be realized. An impairment loss is measured as the amount by which the current carrying value exceeds its aggregated remaining value of the tax benefits of the investment. There were no impairment losses recognized for the Corporation’s TCIs in 2019 , 2018 or 2017 |
Fair Value Measurements | Fair Value Measurements: Assets and liabilities are categorized in a fair value hierarchy for the inputs to valuation techniques used to measure assets and liabilities at fair value using the following three categories (from highest to lowest priority): • Level 1 - Inputs that represent quoted prices for identical instruments in active markets. • Level 2 - Inputs that represent quoted prices for similar instruments in active markets, or quoted prices for identical instruments in non-active markets. Also includes valuation techniques whose inputs are derived principally from observable market data other than quoted prices, such as interest rates or other market-corroborated means. • Level 3 - Inputs that are largely unobservable, as little or no market data exists for the instrument being valued. The Corporation has categorized all assets and liabilities required to be measured at fair value on both a recurring and nonrecurring basis into the above three levels. See "Note 19 - Fair Value Measurements," for additional details. In 2008, the Corporation received Class B restricted shares of Visa, Inc. ("Visa") as part of Visa’s initial public offering. In accordance with ASC Update 2016-01, these securities are considered equity securities without readily determinable fair values. As such, the approximately 133,000 Visa Class B shares owned as of December 31, 2019 were carried at a zero cost basis. |
Revenue Recognition | Revenue Recognition: The Corporation adopted ASC Update 2014-09, "Revenue from Contracts with Customers" using the modified retrospective method applied to all open contracts as of January 1, 2018 with no material impact on its consolidated financial statements. This update established a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The core principle prescribed by this standards update is that an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The sources of revenue for the Corporation are interest income from loans, leases and investments, net of interest expense on deposits and borrowings, and non-interest income. Non-interest income is earned from various banking and financial services that the Corporation offers through its subsidiary bank. Revenue is recognized as earned based on contractual terms, as transactions occur, or as services are provided. Following is further detail of the various types of revenue the Corporation earns and when it is recognized: Interest income : Interest income is recognized on an accrual basis according to loan and lease agreements, securities contracts or other such written contracts. Wealth management services: Consists of trust commission income, brokerage income, money market income and insurance commission income. Trust commission income consists of advisory fees that are based on market values of clients' managed portfolios and transaction fees for fiduciary services performed, both of which are recognized as earned. Brokerage income includes advisory fees which are recognized as earned on a monthly basis and transaction fees that are recognized when transactions occur. Money market income is based on the balances held in trust accounts and is recognized monthly. Insurance commission income is earned and recognized when policies are originated. Currently, no investment management and trust service income is based on performance or investment results. Commercial and consumer banking income: Consists of cash management, overdraft, non-sufficient fund fees and other service charges on deposit accounts as well as branch fees, automated teller machine fees, debit and credit card income and merchant services fees. Also included are letter of credit fees, foreign exchange income and commercial loan interest rate swap fees. Revenue is primarily transactional and recognized when earned, at the time the transactions occur. Mortgage banking income: Consists of gains or losses on the sale of residential mortgage loans and mortgage loan servicing income. Other Income: Includes gains on sales of Small Business Association loans, cash surrender value of life insurance, and other miscellaneous income. |
Leases | Leases: Effective January 1, 2019, the Corporation adopted ASU 2016-02, "Leases (Topic 842)." This standards update requires a lessee to recognize for all leases with an initial term greater than twelve months: (1) a right-of-use ("ROU") asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term; and (2) a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, each measured on a discounted basis. The Corporation adopted this standards update in the first quarter of 2019 using the modified retrospective method, which eliminates the requirement to restate the earliest prior period presented in an entity’s financial statements. As such, financial information will not be updated and the disclosures required under the new standard will not be provided for dates and periods before January 1, 2019 and continue to be reported in accordance with previous guidance (Topic 840). This standards update provides for a number of practical expedients in transition. The Corporation elected to apply the package of practical expedients permitted within the new standard, which, among other things, allowed it to carryforward the prior conclusions on lease identification, lease classification and initial direct costs. In addition, the Corporation elected to not separate lease and non-lease components. The Corporation did not elect the practical expedient to apply hindsight in determining the lease term and in assessing impairment of the ROU assets. As a lessee, the majority of the operating lease portfolio consists of real estate leases for the Corporation's branches, land and office space. The operating leases have remaining lease terms of 1 year to 20 years , some of which include options to extend the leases for 5 years or more. ROU assets and lease liabilities are not recognized for leases with an initial term of 12 months or less. The Corporation does not have any finance leases as the lessee. Certain real estate leases have lease payments that adjust based on annual changes in the Consumer Price Index ("CPI"). The leases that are dependent upon CPI are initially measured using the index or rate at the commencement date and are included in the measurement of the lease liability. Operating lease expense represents fixed lease payments for operating leases recognized on a straight-line basis over the applicable lease term. Variable lease expense represents the payment of real estate taxes, insurance and common area maintenance based on the Corporation's pro-rata share. Sublease income consists mostly of operating leases for space within the Corporation's offices and branches and is recorded as a reduction to net occupancy expense on the consolidated statements of income. See "Note 17 - Leases" for additional information and expanded lessee disclosures. |
Defined Benefit Pension Plans | Defined Benefit Pension Plan: Net periodic pension costs are funded based on the requirements of federal laws and regulations. The determination of net periodic pension costs is based on assumptions about future events that will affect the amount and timing of required benefit payments under the plan. These assumptions include demographic assumptions such as retirement age and mortality, a discount rate used to determine the current benefit obligation, form of payment election and a long-term expected rate of return on plan assets. Net periodic pension expense includes interest cost, based on the assumed discount rate, an expected return on plan assets, amortization of prior service cost or credit and amortization of net actuarial gains or losses. For the Corporation, there is no service cost as the plan was curtailed in 2008, with no additional benefits accruing. Net periodic pension cost is recognized in salaries and employee benefits on the consolidated statements of income. For additional details, see "Note 16 - Employee Benefit Plans." |
Recently Issued Accounting Standards | Recently Issued Accounting Standards: Standard Description Date of Anticipated Adoption Effect on Financial Statements ASC Update 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The new impairment model prescribed by this standards update is a single impairment model for all financial assets (i.e., loans and HTM investments). The recognition of credit losses would be based on an entity’s current estimate of expected losses (referred to as the Current Expected Credit Loss model, or "CECL"), as opposed to recognition of losses only when they are probable under current GAAP. This update also requires new disclosures for financial assets measured at amortized cost, loans and available-for-sale debt securities. Entities will apply the standard's provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. This adjustment will also be recognized in regulatory capital. This update is effective for interim and annual reporting periods beginning after December 15, 2019. Early adoption is permitted. In November 2018, ASC Update 2018-19, "Codifications Improvements to Topic 326, Financial Instruments - Credit Losses" was issued which clarifies that receivables arising from operating leases are accounted for using lease guidance and not as financial instruments. ASC Update 2019-04, 2019-05 and 2019-11 were issued to provide certain clarifications and transition relief to adopting this standards update. First Quarter of 2020 The Corporation intends to adopt these standards updates effective with its March 31, 2020 quarterly report on Form 10-Q. The allowance for credit losses ("ACL") will be based on the Corporation’s historical loss experience, borrower characteristics, forecasts of future economic conditions and other relevant factors. The Corporation will use models and other loss estimation techniques that are responsive to changes in forecasted economic conditions to interpret borrower and economic factors in order to estimate the ACL. The Corporation will also apply qualitative factors to account for information that may not be reflected in quantitatively derived results, or other relevant factors to ensure the ACL reflects the best estimate of current expected credit losses. Preliminary expected loss estimates have been determined and the Corporation believes that the total allowance for credit losses will increase between 25% to 35% as a result of the adoption of CECL. The Corporation is in the process of finalizing the review of the most recent model run, conducting scenario testing, and finalizing certain assumptions including economic forecasts and qualitative adjustments. The Corporation will be adopting the option to phase in over a three-year period the day-one impact of this standards update on regulatory capital afforded to it in the Final Rule published in the Federal Register on February 14, 2019 by Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation. ASC Update 2018-13 Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement This update changes the fair value measurement disclosure requirements of ASC Topic 820 "Fair Value Measurement." Among other things, the update modifies the disclosure objective paragraphs of ASC 820 to eliminate: (1) "at a minimum" from the phrase "an entity shall disclose at a minimum;" and (2) other similar disclosure requirements to promote the appropriate exercise of discretion by entities. First Quarter 2020 The Corporation intends to adopt this standards update effective with its March 31, 2020 quarterly report on Form 10-Q. This standard will impact the Corporation's disclosures relating to fair value measurement. The Corporation does not expect the adoption of this update to have a material impact on its consolidated financial statements. Standard Description Date of Anticipated Adoption Effect on Financial Statements ASC Update 2018-14 Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans This update amends ASC Topic 715-20 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. This update is effective for annual reporting periods beginning after December 15, 2020. Early adoption is permitted. First Quarter 2021 The Corporation intends to adopt this standards update effective with its March 31, 2021 quarterly report on Form 10-Q. This standard will impact the Corporation's disclosure relating to employee benefit plans, but the Corporation does not expect the adoption of this update to have a material impact on its consolidated financial statements. ASC Update 2018-15 Intangibles - Goodwill and Other - Internal Use Software (Topic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract This update requires a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC Subtopic 350-40 to determine which implementation costs to capitalize as assets. This update is effective for annual or interim reporting periods beginning after December 15, 2019. Early adoption is permitted. First Quarter 2020 The Corporation intends to adopt this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and does not expect the adoption of this update to have a material impact on its consolidated financial statements. ASC Update 2019-12 Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes This update simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. It also improves consistent application of, and simplifies GAAP for, other areas of Topic 740 by clarifying and amending existing guidance. This update is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendments is permitted. First Quarter 2021 The Corporation intends to adopt this standards update effective with its March 31, 2021 quarterly report on Form 10-Q and does not expect the adoption of this update to have a material impact on its consolidated financial statements. |
Reclassification | Reclassifications: Certain amounts in the 2018 and 2017 consolidated financial statements and notes have been reclassified to conform to the 2019 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Investment Securities | The following tables present the amortized cost and estimated fair values of investment securities, as of December 31 : Amortized Gross Gross Estimated (in thousands) 2019 Available for Sale State and municipal securities $ 638,125 $ 15,826 $ (1,024 ) $ 652,927 Corporate debt securities 370,401 8,490 (1,534 ) 377,357 Collateralized mortgage obligations 682,307 11,726 (315 ) 693,718 Residential mortgage-backed securities 177,183 1,078 (949 ) 177,312 Commercial mortgage-backed securities 489,603 6,471 (1,777 ) 494,297 Auction rate securities 107,410 — (5,484 ) 101,926 Total $ 2,465,029 $ 43,591 $ (11,083 ) $ 2,497,537 Held to Maturity Residential mortgage-backed securities $ 369,841 $ 13,864 $ — $ 383,705 Total $ 369,841 $ 13,864 $ — $ 383,705 2018 Available for Sale U.S. Government sponsored agency securities $ 31,586 $ 185 $ (139 ) $ 31,632 State and municipal securities 282,383 2,178 (5,466 ) 279,095 Corporate debt securities 111,454 1,432 (3,353 ) 109,533 Collateralized mortgage obligations 841,294 2,758 (11,972 ) 832,080 Residential mortgage-backed securities 476,973 1,583 (15,212 ) 463,344 Commercial mortgage-backed securities 264,165 524 (3,073 ) 261,616 Auction rate securities 107,410 — (4,416 ) 102,994 Total $ 2,115,265 $ 8,660 $ (43,631 ) $ 2,080,294 Held to Maturity State and municipal securities $ 156,134 $ 1,166 $ (93 ) $ 157,207 Residential mortgage-backed securities 450,545 3,667 — 454,212 Total $ 606,679 $ 4,833 $ (93 ) $ 611,419 |
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities | The amortized cost and estimated fair values of debt securities as of December 31, 2019 , by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (in thousands) Due in one year or less $ 2,830 $ 2,830 $ — $ — Due from one year to five years 33,027 34,250 — — Due from five years to ten years 348,800 355,888 — — Due after ten years 731,279 739,242 — — 1,115,936 1,132,210 — — Residential mortgage-backed securities (1) 177,183 177,312 369,841 383,705 Commercial mortgage-backed securities (1) 489,603 494,297 — — Collateralized mortgage obligations (1) 682,307 693,718 — — Total $ 2,465,029 $ 2,497,537 $ 369,841 $ 383,705 (1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans. |
Summary of Gains and Losses from Equity and Debt Securities, and Losses Recognized from Other-than-Temporary Impairment | The following table presents information related to gross gains and losses on the sales of equity and debt securities: Gross Gross Net (in thousands) 2019: Debt securities $ 11,554 $ (6,821 ) $ 4,733 Total $ 11,554 $ (6,821 ) $ 4,733 2018: Equity securities $ 9 $ — $ 9 Debt securities 1,656 (1,628 ) 28 Total $ 1,665 $ (1,628 ) $ 37 2017: Equity securities $ 13,558 $ — $ 13,558 Debt securities 315 (4,802 ) (4,487 ) Total $ 13,873 $ (4,802 ) $ 9,071 |
Summary of Cumulative Credit Related Other-Than-Temporary Impairment Charges Recognized As Components of Earnings | The following table presents a summary of the cumulative credit related OTTI charges, recognized as components of earnings, for debt securities held by the Corporation at December 31, 2019 and 2018: Year ended December 31 2019 2018 Balance of cumulative credit losses on debt securities, beginning of period $ (11,510 ) $ (11,510 ) Reductions for securities sold during the period 10,520 — Balance of cumulative credit losses on debt securities, end of period $ (990 ) $ (11,510 ) |
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position | The following tables present the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31: Less Than 12 months 12 Months or Longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized 2019 (dollars in thousands) Available for Sale State and municipal securities 44 $ 136,344 $ (1,024 ) — $ — $ — $ 136,344 $ (1,024 ) Corporate debt securities 5 30,719 (346 ) 8 18,759 (1,188 ) 49,478 (1,534 ) Collateralized mortgage obligations 5 33,865 (190 ) 1 5,330 (125 ) 39,195 (315 ) Residential mortgage-backed securities 5 12,247 (40 ) 26 127,373 (909 ) 139,620 (949 ) Commercial mortgage-backed securities 7 121,340 (1,777 ) — — — 121,340 (1,777 ) Auction rate securities — — — 177 101,926 (5,484 ) 101,926 (5,484 ) Total available for sale (1) 66 $ 334,515 $ (3,377 ) 212 $ 253,388 $ (7,706 ) $ 587,903 $ (11,083 ) (1) No held to maturity securities were in an unrealized loss position as of December 31, 2019. Less Than 12 months 12 Months or Longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized 2018 (dollars in thousands) Available for Sale U.S. Government sponsored agency securities 1 $ 4,961 $ (31 ) 1 $ 5,770 $ (108 ) $ 10,731 $ (139 ) State and municipal securities 33 72,950 (1,292 ) 38 83,770 (4,174 ) 156,720 (5,466 ) Corporate debt securities 8 24,419 (227 ) 14 25,642 (3,126 ) 50,061 (3,353 ) Collateralized mortgage obligations 39 136,563 (1,050 ) 89 388,173 (10,922 ) 524,736 (11,972 ) Residential mortgage-backed securities 17 18,220 (222 ) 110 402,779 (14,990 ) 420,999 (15,212 ) Commercial mortgage-backed securities 1 9,778 (35 ) 25 197,326 (3,038 ) 207,104 (3,073 ) Auction rate securities — — — 177 102,994 (4,416 ) 102,994 (4,416 ) Total available for sale 99 $ 266,891 $ (2,857 ) 454 $ 1,206,454 $ (40,774 ) $ 1,473,345 $ (43,631 ) Held to maturity State and municipal securities 6 20,601 (93 ) — — — 20,601 (93 ) Total 105 $ 287,492 $ (2,950 ) 454 $ 1,206,454 $ (40,774 ) $ 1,493,946 $ (43,724 ) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Summary of Gross Loans by Type | Loans and leases, net of unearned income are summarized as follows as of December 31 : 2019 2018 (in thousands) Real estate – commercial mortgage $ 6,700,776 $ 6,434,285 Commercial – industrial, financial and agricultural 4,446,701 4,404,548 Real estate – residential mortgage 2,641,465 2,251,044 Real estate – home equity 1,314,944 1,452,137 Real estate – construction 971,079 916,599 Consumer 463,164 419,186 Equipment lease financing 322,625 311,866 Overdrafts 3,582 2,774 Loans and leases, gross of unearned income 16,864,336 16,192,439 Unearned income (26,810 ) (26,639 ) Loans and leases, net of unearned income $ 16,837,526 $ 16,165,800 |
Schedule of Allowance for Credit Losses | The following table presents the components of the allowance for credit losses as of December 31 : 2019 2018 2017 (in thousands) Allowance for loan and lease losses $ 163,622 $ 160,537 $ 169,910 Reserve for unfunded lending commitments 2,587 8,873 6,174 Allowance for credit losses $ 166,209 $ 169,410 $ 176,084 |
Activity in the Allowance for Credit Losses | The following table presents the activity in the allowance for credit losses for the years ended December 31 : 2019 2018 2017 (in thousands) Balance at beginning of year $ 169,410 $ 176,084 $ 171,325 Loans and leases charged off (53,189 ) (66,076 ) (33,290 ) Recoveries of loans and leases previously charged off 17,163 12,495 14,744 Net loans and leases charged off (36,026 ) (53,581 ) (18,546 ) Provision for credit losses 32,825 46,907 23,305 Balance at end of year $ 166,209 $ 169,410 $ 176,084 The following tables present the activity in the allowance for loan and lease losses by portfolio segment for the years ended December 31 and loans and leases, net of unearned income, and their related allowance for loan and lease losses, by portfolio segment, as of December 31: Real Estate - Commercial - Real Estate - Real Estate - Real Estate - Consumer Equipment lease financing and other Total (in thousands) Balance at December 31, 2017 $ 58,793 $ 66,280 $ 18,127 $ 16,088 $ 6,620 $ 2,045 $ 1,957 $ 169,910 Loans and leases charged off (2,045 ) (52,441 ) (3,087 ) (1,574 ) (1,368 ) (3,040 ) (2,521 ) (66,076 ) Recoveries of loans and leases previously charged off 1,622 4,994 1,127 620 1,829 1,266 1,037 12,495 Net loans and leases (charged off) recovered (423 ) (47,447 ) (1,960 ) (954 ) 461 (1,774 ) (1,484 ) (53,581 ) Provision for loan and lease losses (1) (5,481 ) 40,035 2,744 3,787 (2,020 ) 2,946 2,197 44,208 Balance at December 31, 2018 52,889 58,868 18,911 18,921 5,061 3,217 2,670 160,537 Loans and leases charged off (1,837 ) (42,410 ) (1,291 ) (1,545 ) (143 ) (3,403 ) (2,560 ) (53,189 ) Recoveries of loans and leases previously charged off 2,202 8,721 688 989 2,591 1,306 666 17,163 Net loans and leases (charged off) recovered 365 (33,689 ) (603 ) (556 ) 2,448 (2,097 ) (1,894 ) (36,026 ) Provision for loan and lease losses (1) (7,644 ) 43,423 (564 ) 1,406 (3,066 ) 2,642 2,914 39,111 Balance at December 31, 2019 $ 45,610 $ 68,602 $ 17,744 $ 19,771 $ 4,443 $ 3,762 $ 3,690 $ 163,622 Allowance for loan and lease losses at December 31, 2019 Collectively evaluated for impairment $ 39,683 $ 58,487 $ 7,938 $ 10,562 $ 4,066 $ 3,756 $ 3,690 $ 128,182 Individually evaluated for impairment 5,927 10,115 9,806 9,209 377 6 — 35,440 $ 45,610 $ 68,602 $ 17,744 $ 19,771 $ 4,443 $ 3,762 $ 3,690 $ 163,622 Loans and leases, net of unearned income Collectively evaluated for impairment $ 6,654,280 $ 4,393,402 $ 1,292,872 $ 2,603,239 $ 967,461 $ 463,156 $ 282,869 $ 16,657,279 Individually evaluated for impairment 46,496 53,299 22,072 38,226 3,618 8 16,528 180,247 $ 6,700,776 $ 4,446,701 $ 1,314,944 $ 2,641,465 $ 971,079 $ 463,164 $ 299,397 $ 16,837,526 Allowance for loan and lease losses at December 31, 2018 Collectively evaluated for impairment $ 45,634 $ 46,355 $ 8,541 $ 9,527 $ 4,268 $ 3,210 $ 2,670 $ 120,205 Individually evaluated for impairment 7,255 12,513 10,370 9,394 793 7 — 40,332 $ 52,889 $ 58,868 $ 18,911 $ 18,921 $ 5,061 $ 3,217 $ 2,670 $ 160,537 Loans and leases, net of unearned income Collectively evaluated for impairment $ 6,388,212 $ 4,349,255 $ 1,428,764 $ 2,212,274 $ 909,209 $ 419,175 $ 268,733 $ 15,975,622 Individually evaluated for impairment 46,073 55,293 23,373 38,770 7,390 11 19,268 190,178 $ 6,434,285 $ 4,404,548 $ 1,452,137 $ 2,251,044 $ 916,599 $ 419,186 $ 288,001 $ 16,165,800 (1) For the year ended December 31, 2019 , the provision for loan and lease losses excluded a $6.3 million decrease in the reserve for unfunded lending commitments. The total provision for credit losses, comprised of allocations for both funded and unfunded loans, was $32.8 million for the year ended December 31, 2019 . For the year ended December 31, 2018 , the provision for loan losses excluded a $2.7 million increase in the reserve for unfunded lending commitments. The total provision for credit losses was $46.9 million for the year ended December 31, 2018 . N/A – Not applicable. |
Total Impaired Loans by Class Segment | The following table presents total impaired loans and leases by class segment as of December 31 : 2019 2018 Unpaid Recorded Related Unpaid Recorded Related (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 25,005 $ 22,702 $ — $ 25,095 $ 23,481 $ — Commercial 53,533 30,208 — 33,493 26,585 — Real estate - residential mortgage 4,494 4,332 — 3,149 3,149 — Real estate - construction 6,338 2,487 — 8,980 5,083 — Equipment lease financing 19,269 16,528 — 19,269 19,268 — 108,639 76,257 89,986 77,566 With a related allowance recorded: Real estate - commercial mortgage 29,581 23,794 5,927 29,005 22,592 7,255 Commercial 37,992 23,091 10,115 37,706 28,708 12,513 Real estate - home equity 25,039 22,072 9,806 26,599 23,373 10,370 Real estate - residential mortgage 38,483 33,894 9,209 39,972 35,621 9,394 Real estate - construction 3,875 1,131 377 5,984 2,307 793 Consumer 8 8 6 11 11 7 134,978 103,990 35,440 139,277 112,612 40,332 Total $ 243,617 $ 180,247 $ 35,440 $ 229,263 $ 190,178 $ 40,332 As of December 31, 2019 and 2018 , there were $76.3 million and $77.6 million , respectively, of impaired loans and leases that did not have a related allowance for loan loss. The estimated fair values of the collateral securing these loans and leases exceeded their carrying amount, or the loans and leases have been charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary. The following table presents average impaired loans and leases, by class segment, for the years ended December 31 : 2019 2018 2017 Average Interest Income (1) Average Interest Income (1) Average Interest Income (1) (in thousands) With no related allowance recorded: Real estate - commercial mortgage $ 26,163 $ 368 $ 25,258 $ 368 $ 22,793 $ 281 Commercial 25,777 122 33,395 259 31,357 182 Real estate - residential mortgage 3,875 94 3,727 91 4,631 107 Real estate - construction 3,559 — 6,943 — 7,255 12 Equipment lease financing 17,814 — — — — — 77,188 584 69,323 718 66,036 582 With a related allowance recorded: Real estate - commercial mortgage 25,428 351 24,300 345 27,193 338 Commercial 25,717 126 24,888 185 24,112 137 Real estate - home equity 23,004 845 24,426 794 21,704 534 Real estate - residential mortgage 34,407 829 36,387 896 39,093 903 Real estate - construction 1,573 — 2,683 — 6,160 11 Consumer 9 — 16 1 33 2 Equipment lease financing 83 — 3,854 — 285 — 110,221 2,151 116,554 2,221 118,580 1,925 Total $ 187,409 $ 2,735 $ 185,877 $ 2,939 $ 184,616 $ 2,507 (1) All impaired loans and leases, excluding accruing TDRs, were non-accrual loans and leases. Interest income recognized for the years ended December 31, 2019, 2018 and 2017 represents amounts earned on accruing TDRs. |
Financing Receivable Credit Quality Indicators | The following table presents internal credit risk ratings for the indicated loan class segments as of December 31 : Pass Special Mention Substandard or Lower Total 2019 2018 2019 2018 2019 2018 2019 2018 (dollars in thousands) Real estate - commercial mortgage $ 6,429,407 $ 6,129,463 $ 137,163 $ 170,827 $ 134,206 $ 133,995 $ 6,700,776 $ 6,434,285 Commercial - secured 3,830,847 3,902,484 171,442 193,470 195,884 129,026 4,198,173 4,224,980 Commercial -unsecured 234,987 171,589 9,665 4,016 3,876 3,963 248,528 179,568 Total commercial - industrial, financial and agricultural 4,065,834 4,074,073 181,107 197,486 199,760 132,989 4,446,701 4,404,548 Construction - commercial residential 100,808 104,079 2,897 6,912 3,461 6,881 107,166 117,872 Construction - commercial 765,562 723,030 1,322 1,163 2,676 2,533 769,560 726,726 Total construction (excluding construction - other) 866,370 827,109 4,219 8,075 6,137 9,414 876,726 844,598 Total $ 11,361,611 $ 11,030,645 $ 322,489 $ 376,388 $ 340,103 $ 276,398 $ 12,024,203 $ 11,683,431 % of Total 94.5 % 94.4 % 2.7 % 3.2 % 2.8 % 2.4 % 100.0 % 100.0 % The following table presents delinquency and non-performing status for loans and leases that did not have internal credit risk ratings, by class segment, as of December 31 : Performing Delinquent (1) Non-performing (2) Total 2019 2018 2019 2018 2019 2018 2019 2018 (dollars in thousands) Real estate - home equity $ 1,292,035 $ 1,431,666 $ 12,341 $ 10,702 $ 10,568 $ 9,769 $ 1,314,944 $ 1,452,137 Real estate - residential mortgage 2,584,763 2,202,955 34,291 28,988 22,411 19,101 2,641,465 2,251,044 Real estate - construction - other 92,649 71,511 895 — 809 490 94,353 72,001 Consumer - direct 63,582 55,629 465 338 190 66 64,237 56,033 Consumer - indirect 393,974 359,405 4,685 3,405 268 343 398,927 363,153 Total consumer 457,556 415,034 5,150 3,743 458 409 463,164 419,186 Equipment lease financing 278,743 267,112 4,012 1,302 16,642 19,587 299,397 288,001 Total $ 4,705,746 $ 4,388,278 $ 56,689 $ 44,735 $ 50,888 $ 49,356 $ 4,813,323 $ 4,482,369 % of Total 97.8 % 97.9 % 1.2 % 1.0 % 1.0 % 1.1 % 100.0 % 100.0 % (1) Includes all accruing loans and leases 30 days to 89 days past due. (2) Includes all accruing loans and leases 90 days |
Non-Performing Assets | The following table presents total non-performing assets as of December 31 : 2019 2018 (in thousands) Non-accrual loans and leases $ 125,098 $ 128,572 Loans and leases 90 days or more past due and still accruing 16,057 11,106 Total non-performing loans and leases 141,155 139,678 OREO 6,831 10,518 Total non-performing assets $ 147,986 $ 150,196 |
Past due Loan Status and Non-Accrual Loans by Portfolio Segment | The following table presents past due status and non-accrual loans and leases, by portfolio segment and class segment, as of December 31 : 2019 30-59 60-89 ≥ 90 Days Past Due and Accruing Non- Current Total (in thousands) Real estate - commercial mortgage $ 10,912 $ 1,543 $ 4,113 $ 33,166 $ 6,651,042 $ 6,700,776 Commercial - secured 2,062 2,296 986 47,506 4,145,323 4,198,173 Commercial - unsecured 240 334 399 600 246,955 248,528 Total Commercial - industrial, financial and agricultural 2,302 2,630 1,385 48,106 4,392,278 4,446,701 Real estate - home equity 9,635 2,706 3,564 7,004 1,292,035 1,314,944 Real estate - residential mortgage 26,982 7,309 5,735 16,676 2,584,763 2,641,465 Construction - commercial — 900 — 19 768,641 769,560 Construction - commercial residential 820 — 64 3,414 102,868 107,166 Construction - other 895 — 624 185 92,649 94,353 Total Real estate - construction 1,715 900 688 3,618 964,158 971,079 Consumer - direct 278 187 190 — 63,582 64,237 Consumer - indirect 3,950 735 268 — 393,974 398,927 Total Consumer 4,228 922 458 — 457,556 463,164 Equipment lease financing 552 3,460 114 16,528 278,743 299,397 Total $ 56,326 $ 19,470 $ 16,057 $ 125,098 $ 16,620,575 $ 16,837,526 2018 30-59 60-89 ≥ 90 Days Past Due and Accruing Non- Current Total (in thousands) Real estate - commercial mortgage $ 12,206 $ 1,500 $ 1,765 $ 30,388 $ 6,388,426 $ 6,434,285 Commercial - secured 5,227 938 1,068 49,299 4,168,448 4,224,980 Commercial - unsecured 1,598 — 51 851 177,068 179,568 Total Commercial - industrial, financial and agricultural 6,825 938 1,119 50,150 4,345,516 4,404,548 Real estate - home equity 7,144 3,558 3,061 6,708 1,431,666 1,452,137 Real estate - residential mortgage 20,796 8,192 4,433 14,668 2,202,955 2,251,044 Construction - commercial — — — 19 726,707 726,726 Construction - commercial residential 2,489 — — 6,881 108,502 117,872 Construction - other — — — 490 71,511 72,001 Total Real estate - construction 2,489 — — 7,390 906,720 916,599 Consumer - direct 267 71 66 — 55,629 56,033 Consumer - indirect 2,908 497 343 — 359,405 363,153 Total Consumer 3,175 568 409 — 415,034 419,186 Equipment lease financing 1,005 297 319 19,268 267,112 288,001 Total $ 53,640 $ 15,053 $ 11,106 $ 128,572 $ 15,957,429 $ 16,165,800 |
Troubled Debt Restructurings on Financing Receivables | The following table presents TDRs as of December 31 : 2019 2018 (in thousands) Real-estate - residential mortgage $ 21,551 $ 24,102 Real estate - home equity 15,068 16,665 Real-estate - commercial mortgage 13,330 15,685 Commercial 5,193 5,143 Consumer 8 10 Total accruing TDRs 55,150 61,605 Non-accrual TDRs (1) 20,825 28,659 Total TDRs $ 75,975 $ 90,264 (1) |
Loan Terms Modified Under Troubled Debt Restructurings during The Period By Class Segment | The following table presents TDRs by class segment and type of concession for loans that were modified during the years ended December 31: 2019 2018 2017 Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment Number of Loans Post-Modification Recorded Investment (dollars in thousands) Commercial 16 $ 5,378 8 $ 4,226 24 $ 15,548 Real estate - commercial mortgage 2 263 6 8,261 10 2,911 Real estate - home equity 59 2,706 96 5,087 97 7,656 Real estate - residential mortgage 6 2,252 7 801 10 1,904 Real estate - construction — — — — 2 1,615 Total 83 $ 10,599 117 $ 18,375 143 $ 29,634 |
Schedule Of TDRs Modified Last 12 Months Which Had Payment Default In 2014 | The following table presents TDRs, by class segment, that were modified during the years ended December 31, 2019 , 2018 and 2017 that had a post-modification payment default during their respective year of modification. A payment default is defined as a single missed scheduled payment: 2019 2018 2017 Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Real estate -construction — — 2 448 4 2,152 Real estate - residential mortgage 2 521 5 717 5 577 Commercial 5 442 1 2,163 6 1,571 Real estate - home equity 18 1,003 30 1,635 25 1,575 Total 25 $ 1,966 38 $ 4,963 40 $ 5,875 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | The following is a summary of premises and equipment as of December 31 : 2019 2018 (in thousands) Land $ 38,836 $ 35,160 Buildings and improvements 350,609 325,831 Furniture and equipment 158,064 150,566 Construction in progress 9,594 24,993 557,103 536,550 Less: Accumulated depreciation and amortization (317,057 ) (302,021 ) Total $ 240,046 $ 234,529 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Summary of Changes in Mortgage Servicing Rights | The following table summarizes the changes in MSRs, which are included in other assets on the consolidated balance sheets: 2019 2018 (in thousands) Amortized cost: Balance at beginning of year $ 38,573 $ 37,663 Originations of MSRs 7,546 6,756 Amortization (6,852 ) (5,846 ) Balance at end of year $ 39,267 $ 38,573 |
Schedule Of Servicing Assets Expected Amortization Expense | Estimated MSR amortization expense for the next five years, based on balances as of December 31, 2019 and the estimated remaining lives of the underlying loans, follows (in thousands): Year 2020 $ 6,591 2021 6,144 2022 5,648 2023 5,101 2024 4,499 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Schedule Of Deposits Liabilities | Deposits consisted of the following as of December 31 : 2019 2018 (in thousands) Noninterest-bearing demand $ 4,453,324 $ 4,310,105 Interest-bearing demand 4,720,188 4,240,974 Savings and money market accounts 5,153,941 4,926,937 Total demand and savings 14,327,453 13,478,016 Brokered deposits 264,531 176,239 Time deposits 2,801,929 2,721,904 Total Deposits $ 17,393,913 $ 16,376,159 |
Scheduled Maturities Of Time Deposits | The scheduled maturities of time deposits as of December 31, 2019 were as follows (in thousands): Year 2020 $ 1,636,357 2021 529,378 2022 436,909 2023 109,044 2024 43,141 Thereafter 47,100 $ 2,801,929 Included in time deposits were certificates of deposit equal to or greater than $100,000 of $1.4 billion and $1.2 billion as of December 31, 2019 and 2018 , respectively. Time deposits of $250,000 or more were $472.8 million and $425.1 million as of December 31, 2019 and 2018 |
Short-Term Borrowings and Lon_2
Short-Term Borrowings and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Short-Term Borrowings and Long-Term Debt [Abstract] | |
Schedule of Short-term Debt | Short-term borrowings as of December 31, 2019 , 2018 and 2017 and the related maximum amounts outstanding at the end of any month in each of the three years then ended are presented below. The securities underlying the repurchase agreements remain in available for sale investment securities. December 31, Maximum Outstanding 2019 2018 2017 2019 2018 2017 (in thousands) Federal funds purchased $ — $ — $ 220,000 $ 274,998 $ 525,000 $ 387,110 Short-term FHLB advances (1) 500,000 385,000 — 825,000 385,000 250,000 Customer repurchase agreements 56,707 43,500 172,017 64,745 181,989 233,274 Customer short-term promissory notes 326,534 326,277 225,507 339,461 365,689 237,298 Total Short-term borrowings $ 883,241 $ 754,777 $ 617,524 (1) Represents FHLB advances with an original maturity term of less than one year. |
Schedule of Repurchase Agreements | The following table presents information related to customer repurchase agreements: 2019 2018 2017 (dollars in thousands) Amount outstanding as of December 31 $ 56,707 $ 43,500 $ 172,017 Weighted average interest rate as of December 31 0.69 % 0.25 % 0.13 % Average amount outstanding during the year $ 58,383 $ 138,198 $ 188,974 Weighted average interest rate during the year 0.67 % 0.21 % 0.12 % |
Schedule of Long-term Debt Instruments | FHLB advances with an original maturity of one year or more and long-term debt included the following as of December 31: 2019 2018 (in thousands) FHLB advances $ 491,024 $ 601,978 Subordinated debt 250,000 250,000 Senior notes 125,000 125,000 Junior subordinated deferrable interest debentures 16,496 16,496 Unamortized discounts and issuance costs (751 ) (1,195 ) $ 881,769 $ 992,279 |
Schedule of Maturities of Long-term Debt | The following table summarizes the scheduled maturities of FHLB advances with an original maturity of one year or more and long-term debt as of December 31, 2019 (in thousands): Year 2020 $ — 2021 48,441 2022 210,195 2023 214,536 2024 389,694 Thereafter 18,903 $ 881,769 |
Schedule of Subordinated Borrowing | The following table provides details of the debentures as of December 31, 2019 (dollars in thousands): Debentures Issued to Fixed/ Interest Amount Maturity Callable Call Price Columbia Bancorp Statutory Trust Variable 4.59 % $ 6,186 06/30/34 03/31/20 100.0 Columbia Bancorp Statutory Trust II Variable 3.78 % 4,124 03/15/35 03/15/20 100.0 Columbia Bancorp Statutory Trust III Variable 3.66 % 6,186 06/15/35 03/15/20 100.0 $ 16,496 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notion Amoutns and Fair Values of Derivative Financial Instruments | The following table presents the notional amounts and fair values of derivative financial instruments as of December 31: 2019 2018 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 132,260 $ 1,123 $ 101,700 $ 1,148 Negative fair values 9,783 (53 ) 1,646 (12 ) Forward Commitments Positive fair values 75,000 63 1,540 3 Negative fair values 180,000 (371 ) 83,562 (1,066 ) Interest Rate Swaps with Customers Positive fair values 2,903,489 143,484 1,185,144 33,258 Negative fair values 376,705 (695 ) 1,386,046 (30,769 ) Interest Rate Swaps with Dealer Counterparties Positive fair values 376,705 695 1,386,046 28,143 Negative fair values 2,903,489 (75,327 ) 1,185,144 (16,338 ) Foreign Exchange Contracts with Customers Positive fair values 3,373 38 5,881 105 Negative fair values 7,283 (154 ) 9,690 (251 ) Foreign Exchange Contracts with Correspondent Banks Positive fair values 9,028 192 9,220 287 Negative fair values 4,976 (45 ) 6,831 (130 ) |
Summary of Fair Value Gains and Losses on Derivative Financial Instruments | The following table presents the fair value gains (losses) on derivative financial instruments for the years ended December 31: Statement of Income Classification 2019 2018 2017 (in thousands) Mortgage banking derivatives (1) Mortgage banking $ 689 $ (748 ) $ (1,926 ) Interest rate swaps Other expense 122 1 (89 ) Foreign exchange contracts Other income 20 (75 ) 9 Net fair value gains on derivative financial instruments $ 831 $ (822 ) $ (2,006 ) (1) Includes interest rate locks with customers and forward commitments. |
Fair Value, Option, Qualitative Disclosures Related to Election | The Corporation has elected to measure mortgage loans held for sale at fair value. The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of December 31,: 2019 2018 (in thousands) Amortized cost (1) $ 37,396 $ 26,407 Fair value 37,828 27,099 (1) Cost basis of mortgage loans held for sale represents the unpaid principal balance. |
Offsetting Assets and Liabilities | The following table presents the financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets as of December 31: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) 2019 Interest rate swap derivative assets $ 144,179 $ (757 ) $ — $ 143,422 Foreign exchange derivative assets with correspondent banks 192 (45 ) — 147 Total $ 144,371 $ (802 ) $ — $ 143,569 Interest rate swap derivative liabilities $ 76,022 $ (757 ) $ (75,265 ) $ — Foreign exchange derivative liabilities with correspondent banks 45 (45 ) — — Total $ 76,067 $ (802 ) $ (75,265 ) $ — 2018 Interest rate swap derivative assets $ 61,401 $ (12,955 ) $ (23,270 ) $ 25,176 Foreign exchange derivative assets with correspondent banks 287 (130 ) — 157 Total $ 61,688 $ (13,085 ) $ (23,270 ) $ 25,333 Interest rate swap derivative liabilities $ 47,107 $ (22,786 ) $ (22,786 ) $ 1,535 Foreign exchange derivative liabilities with correspondent banks 130 (130 ) — — Total $ 47,237 $ (22,916 ) $ (22,786 ) $ 1,535 (1) For interest rate swap assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate swap liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent cash collateral (pledged by the Corporation) or received from the counterparty on interest rate swap transactions and foreign exchange contracts with financial institution counterparties. Interest rate swaps with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash collateral amounts are included in the table only to the extent of the net derivative fair values. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Regulatory Matters [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements | The following tables present the Total risk-based, Tier I risk-based, Common Equity Tier I risk-based and Tier I leverage requirements under the U.S. Basel III Capital Rules, as of December 31: 2019 Actual For Capital Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Total Capital (to Risk-Weighted Assets): Corporation $ 2,179,197 11.8 % $ 1,481,425 8.0 % N/A N/A Fulton Bank, N.A. 2,224,505 12.1 1,473,880 8.0 $ 1,842,350 10.0 % Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,796,987 9.7 % $ 1,111,068 6.0 % N/A N/A Fulton Bank, N.A 2,058,295 11.2 1,105,410 6.0 $ 1,473,880 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,796,987 9.7 % $ 833,301 4.5 % N/A N/A Fulton Bank, N.A 2,014,295 10.9 829,057 4.5 $ 1,197,527 6.5 % Tier I Leverage Capital (to Average Assets): Corporation $ 1,796,987 8.4 % $ 850,727 4.0 % N/A N/A Fulton Bank, N.A 2,058,295 9.8 844,341 4.0 $ 1,055,426 5.0 % N/A – Not applicable as "well capitalized" applies to banks only. 2018 Actual For Capital Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Total Capital (to Risk-Weighted Assets): Corporation $ 2,200,257 12.8 % $ 1,380,905 8.0 % N/A N/A Fulton Bank, N.A. 1,319,090 12.1 871,413 8.0 $ 1,089,267 10.0 % Fulton Bank of New Jersey 418,207 13.3 250,999 8.0 313,748 10.0 The Columbia Bank 266,661 12.9 165,676 8.0 207,094 10.0 Lafayette Ambassador Bank 180,604 16.0 90,077 8.0 112,596 10.0 Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,764,847 10.2 % $ 1,035,679 6.0 % N/A N/A Fulton Bank, N.A 1,225,797 11.3 653,560 6.0 $ 871,413 8.0 % Fulton Bank of New Jersey 378,962 12.1 188,249 6.0 250,999 8.0 The Columbia Bank 242,668 11.7 124,257 6.0 165,676 8.0 Lafayette Ambassador Bank 169,835 15.1 67,558 6.0 90,077 8.0 Common Equity Tier I Capital (to Risk-Weighted Assets): Corporation $ 1,764,847 10.2 % $ 776,759 4.5 % N/A N/A Fulton Bank, N.A 1,181,797 10.8 490,170 4.5 $ 708,023 6.5 % Fulton Bank of New Jersey 378,962 12.1 141,187 4.5 203,936 6.5 The Columbia Bank 242,668 11.7 93,192 4.5 134,611 6.5 Lafayette Ambassador Bank 169,835 15.1 50,668 4.5 73,187 6.5 Tier I Leverage Capital (to Average Assets): Corporation $ 1,764,847 9.0 % $ 783,118 4.0 % N/A N/A Fulton Bank, N.A 1,225,797 10.0 487,992 4.0 $ 609,989 5.0 % Fulton Bank of New Jersey 378,962 9.4 162,098 4.0 202,623 5.0 The Columbia Bank 242,668 10.1 96,269 4.0 120,336 5.0 Lafayette Ambassador Bank 169,835 10.9 62,520 4.0 78,150 5.0 N/A – Not applicable as "well capitalized" applies to banks only. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of the provision for income taxes are as follows: 2019 2018 2017 (in thousands) Current tax expense: Federal $ 32,610 $ 35,783 $ 19,553 State 5,204 5,352 2,617 37,814 41,135 22,170 Deferred tax (benefit) expense: Federal (1,271 ) (16,841 ) 39,885 State 1,106 283 646 (165 ) (16,558 ) 40,531 Total income tax expense $ 37,649 $ 24,577 $ 62,701 |
Schedule of Effective Income Tax Rate Reconciliation | The differences between the effective income tax rate and the federal statutory income tax rate are as follows: 2019 2018 2017 Statutory tax rate 21.0 % 21.0 % 35.0 % Tax credit investments (4.6 ) (6.1 ) (7.8 ) Tax-exempt income (3.9 ) (4.1 ) (6.6 ) Bank owned life insurance (0.4 ) (0.4 ) (0.4 ) State income taxes, net of federal benefit 0.2 2.0 (0.5 ) Change in valuation allowance 1.8 (0.1 ) 1.2 Re-measurement of net deferred tax asset due to the Tax Act — (0.3 ) 6.7 Executive compensation — 0.1 0.1 Other, net 0.2 (1.6 ) (1.0 ) Effective income tax rate 14.3 % 10.5 % 26.7 % |
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax asset recorded by the Corporation is included in other assets and consists of the following tax effects of temporary differences as of December 31: 2019 2018 (in thousands) Deferred tax assets: Tax credit carryforwards $ 43,133 $ 27,615 Allowance for credit losses 37,081 37,906 State loss carryforwards 16,324 11,605 Other accrued expenses 8,797 7,232 Deferred compensation 7,752 7,064 Tax credit investments 6,799 4,529 Stock-based compensation 2,930 2,743 Postretirement and defined benefit plans 599 5,079 OTTI 462 1,803 Unrealized holding losses on securities — 12,489 Other 3,784 3,855 Total gross deferred tax assets 127,661 121,920 Deferred tax liabilities: Equipment lease financing 42,273 31,466 MSRs 8,686 8,560 Premises and equipment 6,282 3,579 Acquisition premiums/discounts 5,266 5,294 Unrealized holding gains on securities available for sale 4,223 — Intangible assets 1,136 1,292 Other 12,387 12,178 Total gross deferred tax liabilities 80,253 62,369 Net deferred tax asset, before valuation allowance 47,408 59,551 Valuation allowance (16,324 ) (11,605 ) Net deferred tax asset $ 31,084 $ 47,946 |
Summary of Income Tax Contingencies | The following table summarizes the changes in unrecognized tax benefits for the years ended December 31 : 2019 2018 2017 (in thousands) Balance at beginning of year $ 2,726 $ 2,550 $ 2,438 Current period tax positions 292 593 523 Lapse of statute of limitations (501 ) (417 ) (411 ) Balance at end of year $ 2,517 $ 2,726 $ 2,550 |
Summary of Affordable Housing Tax Credit Investments And Other Credit Investments | as of December 31: 2019 2018 Included in other assets: (in thousands) Affordable housing tax credit investments, net $ 153,351 $ 170,401 Other tax credit investments, net 64,354 72,584 Total TCIs, net $ 217,705 $ 242,985 Included in other liabilities: Unfunded affordable housing tax credit commitments $ 16,684 $ 23,196 Other tax credit liabilities 55,105 59,823 Total unfunded tax credit commitments and liabilities $ 71,789 $ 83,019 The following table presents other information relating to the Corporation's TCIs for the years ended December 31: 2019 2018 2017 (in thousands) Components of income taxes: Affordable housing tax credits and other tax benefits $ (30,642 ) $ (30,721 ) $ (25,642 ) Other tax credit investment credits and tax benefits (4,542 ) (6,385 ) (15,791 ) Amortization of affordable housing investments, net of tax benefit 22,184 21,569 16,958 Deferred tax expense 954 1,341 6,201 Total reduction in income tax expense $ (12,046 ) $ (14,196 ) $ (18,274 ) Amortization of TCIs: Affordable housing tax credits investment $ 3,344 $ 3,355 $ — Other tax credit investment amortization 2,677 8,094 11,028 Total amortization of TCIs $ 6,021 $ 11,449 $ 11,028 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Common Shares Outstanding | A reconciliation of weighted average common shares outstanding used to calculate basic and diluted net income per share follows: 2019 2018 2017 (in thousands) Weighted average common shares outstanding (basic) 166,902 175,395 174,721 Impact of common stock equivalents 890 1,148 1,211 Weighted average common shares outstanding (diluted) 167,792 176,543 175,932 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents the components of other comprehensive income (loss) for the years ended December 31 : Before-Tax Amount Tax Effect Net of Tax Amount (in thousands) 2019: Unrealized gain on AFS securities $ 73,085 $ (16,166 ) $ 56,919 Reclassification adjustment for available for sale securities gains included in net income (1) (4,733 ) 1,047 (3,686 ) Amortization of net unrealized losses on available for sale securities transferred to HTM (2) (3) 8,070 (1,785 ) 6,285 Non-credit related unrealized loss on other-than-temporarily impaired debt securities (873 ) 193 (680 ) Unrecognized pension and postretirement cost (1,203 ) 266 (937 ) Amortization of net unrecognized pension and postretirement income (4) 1,316 (291 ) 1,025 Total Other Comprehensive Income $ 75,662 $ (16,736 ) $ 58,926 2018: Unrealized loss on AFS securities $ (31,235 ) $ 6,909 $ (24,326 ) Reclassification adjustment for available for sale securities gains included in net income (1) (37 ) 7 (30 ) Amortization of net unrealized losses on available for sale securities transferred to HTM (2) 2,694 (596 ) 2,098 Non-credit related unrealized loss on other-than-temporarily impaired debt securities 285 (63 ) 222 Unrecognized pension and postretirement income 1,798 (398 ) 1,400 Amortization of net unrecognized pension and postretirement income (4) 2,116 (468 ) 1,648 Total Other Comprehensive Loss $ (24,379 ) $ 5,391 $ (18,988 ) 2017: Unrealized gain on AFS securities $ 16,051 $ (5,619 ) $ 10,432 Reclassification adjustment for available for sale securities gains included in net income (1) (9,071 ) 3,177 (5,894 ) Non-credit related unrealized loss on other-than-temporarily impaired debt securities 285 (100 ) 185 Unrecognized pension and postretirement cost (937 ) 328 (609 ) Amortization of net unrecognized pension and postretirement income (4) 2,092 (731 ) 1,361 Total Other Comprehensive Income $ 8,420 $ (2,945 ) $ 5,475 (1) Amounts reclassified out of accumulated other comprehensive income (loss). Before-tax amounts included in "Investment securities gains, net" on the consolidated statements of income. See "Note 3 - Investment Securities," for additional details. (2) Amounts reclassified out of accumulated other comprehensive income (loss). Before-tax amounts included as a reduction to "Interest Income" on the consolidated statements of income. See "Note 3, - Investment Securities," for additional details. (3) Before-Tax amount includes a $3.7 million reclassification of unrealized loss related to the early adoption of ASU 2019-04, as disclosed in "Note 1 - Summary of Significant Accounting Policies" from "Amortization of net unrealized losses on available for sale securities transferred to HTM" to "Unrealized gain on securities." (4) Amounts reclassified out of accumulated other comprehensive income (loss). Before-tax amounts included in "Salaries and employee benefits" on the consolidated statements of income. See "Note 13 - Employee Benefit Plans," for additional details. |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31 : Unrealized Gain (Losses) on Investment Securities Not Other-Than-Temporarily Impaired Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities Unrecognized Pension and Postretirement Plan Income (Cost) Total (in thousands) Balance as of December 31, 2016 $ (23,047 ) $ 273 $ (15,675 ) $ (38,449 ) Other comprehensive income before reclassifications 10,432 185 (609 ) 10,008 Amounts reclassified from accumulated other comprehensive income (loss) (5,894 ) — 1,361 (4,533 ) Balance as of December 31, 2017 (18,509 ) 458 (14,923 ) (32,974 ) Other comprehensive loss before reclassifications (24,326 ) 222 1,400 (22,704 ) Amounts reclassified from accumulated other comprehensive income (loss) (30 ) — 1,648 1,618 Amortization of net unrealized losses on AFS transferred to HTM 2,098 — — 2,098 Reclassification of stranded tax effects (3,887 ) — (3,214 ) (7,101 ) Balance as of December 31, 2018 (44,654 ) 680 (15,089 ) (59,063 ) Other comprehensive gain before reclassifications 56,919 (680 ) (937 ) 55,302 Amounts reclassified from accumulated other comprehensive (loss) income (3,686 ) — 1,025 (2,661 ) Amortization of net unrealized losses on AFS securities transferred to HTM 6,285 — — 6,285 Balance as of December 31, 2019 $ 14,864 $ — $ (15,001 ) $ (137 ) |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | The following table presents compensation expense and related tax benefits for all equity awards recognized in the consolidated statements of income: 2019 2018 2017 (in thousands) Compensation expense $ 7,413 $ 7,965 $ 5,209 Tax benefit (1,610 ) (2,625 ) (3,994 ) Total stock-based compensation, net of tax $ 5,803 $ 5,340 $ 1,215 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards | The following table presents compensation expense and related tax benefits for restricted stock awards, RSUs and PSUs recognized in the consolidated statements of income, and included as a component of total stock-based compensation in the preceding table: 2019 2018 2017 (in thousands) Compensation expense $ 6,621 $ 7,124 $ 4,922 Tax benefit (1,509 ) (1,585 ) (1,559 ) Stock-based compensation, net of tax $ 5,112 $ 5,539 $ 3,363 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table provides information about stock option activity for the year ended December 31, 2019 : Stock Weighted Weighted Aggregate Outstanding and exercisable as of December 31, 2018 658,768 $ 10.75 Exercised (150,296 ) 9.73 Forfeited (4,128 ) 11.31 Expired (4,084 ) 5.27 Outstanding and exercisable as of December 31, 2019 500,260 $ 11.12 3.1 years $ 3.2 |
Schedule of Nonvested Share Activity | The following table provides information about nonvested restricted stock, RSUs and PSUs granted under the Employee Equity Plan and Directors' Plan for the year ended December 31, 2019 : Restricted Stock/RSUs/PSUs (1) Shares Weighted Nonvested as of December 31, 2018 1,368,493 $ 15.49 Granted 454,951 15.51 Vested (407,872 ) 12.38 Forfeited (43,236 ) 16.61 Nonvested as of December 31, 2019 1,372,336 $ 16.39 (1) There were no nonvested stock options at December 31, 2019 or 2018. |
Schedule Of Options Exercised | The following table presents information about stock options exercised: 2019 2018 2017 (dollars in thousands) Number of options exercised 150,296 214,845 411,292 Total intrinsic value of options exercised $ 1,028 $ 1,616 $ 2,955 Cash received from options exercised $ 1,446 $ 2,210 $ 4,644 Tax benefit from options exercised $ 188 $ 291 $ 989 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of certain PSUs with market-based performance conditions granted under the Employee Equity Plan was estimated on the grant date using the Monte Carlo valuation methodology performed by a third-party valuation expert. This valuation is dependent upon certain assumptions, as summarized in the following table: 2019 2018 2017 Risk-free interest rate 2.27 % 2.63 % 1.43 % Volatility of Corporation’s stock 23.00 % 23.50 % 22.45 % Expected life of PSUs 3 Years 3 Years 3 Years |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The following table summarizes activity under the ESPP: 2019 2018 2017 ESPP shares purchased 136,576 110,200 98,000 Average purchase price per share (85% of market value) $ 14.03 $ 14.74 $ 15.28 Compensation expense recognized (in thousands) $ 338 $ 287 $ 261 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Costs of Retirement Plans | The following summarizes retirement plan expense for the years ended December 31 : 2019 2018 2017 (in thousands) 401(k) Retirement Plan $ 8,976 $ 8,482 $ 8,121 Pension Plan 2,484 3,435 4,168 $ 11,460 $ 11,917 $ 12,289 |
Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost | The net periodic pension cost for the Pension Plan, as determined by consulting actuaries, consisted of the following components for the years ended December 31 : 2019 2018 2017 (in thousands) Interest cost $ 3,257 $ 3,053 $ 3,320 Expected return on assets (2,754 ) (2,047 ) (1,804 ) Net amortization and deferral 1,981 2,429 2,652 Net periodic pension cost $ 2,484 $ 3,435 $ 4,168 |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The following table summarizes the changes in the projected benefit obligation and fair value of plan assets for the plan years ended December 31 : 2019 2018 (in thousands) Projected benefit obligation at beginning of year $ 79,426 $ 89,482 Interest cost 3,257 3,053 Benefit payments (4,114 ) (5,796 ) Change in assumptions 8,259 (8,051 ) Experience (loss) gain (624 ) 738 Projected benefit obligation at end of year $ 86,204 $ 79,426 Fair value of plan assets at beginning of year $ 57,825 $ 54,061 Employer contributions (1) 20,755 13,042 Actual return on plan assets 9,210 (3,482 ) Benefit payments (4,114 ) (5,796 ) Fair value of plan assets at end of year $ 83,676 $ 57,825 (1) The Corporation funds at least the minimum amount required by federal law and regulations. The Corporation contributed $20.8 million and $13.0 million to the Pension Plan during 2019 and 2018 , respectively. |
Schedule of Net Funded Status | The following table presents the funded status of the Pension Plan, included in other liabilities on the consolidated balance sheets, as of December 31 : 2019 2018 (in thousands) Projected benefit obligation $ (86,204 ) $ (79,426 ) Fair value of plan assets 83,676 57,825 Funded status $ (2,528 ) $ (21,601 ) |
Schedule Of Changes In Unrecognized Pension And Postretirement Items | The following table summarizes the changes in the unrecognized net loss included as a component of accumulated other comprehensive income (loss): Unrecognized Net Loss Before tax Net of tax (in thousands) Balance as of December 31, 2017 $ 28,559 $ 18,564 Recognized as a component of 2018 periodic pension cost (2,429 ) (1,892 ) Unrecognized gains arising in 2018 (1,783 ) (1,389 ) Re-measurement adjustments for tax rate changes — 3,678 Balance as of December 31, 2018 24,347 18,961 Recognized as a component of 2019 periodic pension cost (1,981 ) (1,543 ) Unrecognized losses arising in 2019 1,180 919 Balance as of December 31, 2019 $ 23,546 $ 18,337 |
Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations | The following rates were used to calculate net periodic pension cost and the present value of benefit obligations as of December 31 : 2019 2018 2017 Discount rate-projected benefit obligation 3.25 % 4.25 % 3.50 % Expected long-term rate of return on plan assets 5.00 % 5.00 % 5.00 % |
Schedule of Allocation of Plan Assets | The following table presents a summary of the fair values of the Pension Plan’s assets as of December 31 : 2019 2018 Estimated % of Total Estimated % of Total (dollars in thousands) Equity mutual funds $ 26,377 $ 18,532 Equity common trust funds 11,810 9,062 Equity securities 38,187 45.6 % 27,594 47.7 % Cash and money market funds 21,182 10,754 Fixed income mutual funds 14,370 11,523 Corporate debt securities 3,124 2,985 U.S. Government agency securities 3,078 — Fixed income securities and cash 41,754 49.9 % 25,262 43.7 % Other alternative investment funds 3,735 4.5 % 4,969 8.6 % Total $ 83,676 100.0 % $ 57,825 100.0 % |
Schedule of Expected Benefit Payments | Estimated future benefit payments are as follows (in thousands): Year 2020 $ 4,239 2021 4,395 2022 4,454 2023 4,569 2024 4,651 2025 – 2029 24,330 $ 46,638 |
Other Postretirement Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost | The components of the net benefit for postretirement benefits other than pensions are as follows: 2019 2018 2017 (in thousands) Interest cost $ 61 $ 57 $ 68 Net amortization and deferral (556 ) (559 ) (565 ) Net postretirement benefit $ (495 ) $ (502 ) $ (497 ) |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | This table summarizes the changes in the accumulated postretirement benefit obligation for the years ended December 31 : 2019 2018 (in thousands) Accumulated postretirement benefit obligation at beginning of year $ 1,520 $ 1,700 Interest cost 61 57 Benefit payments (187 ) (205 ) Experience gain 17 35 Change in assumptions 39 (67 ) Accumulated postretirement benefit obligation at end of year $ 1,450 $ 1,520 |
Schedule Of Changes In Unrecognized Pension And Postretirement Items | The following table summarizes the changes in items recognized as a component of accumulated other comprehensive income (loss): Before tax Unrecognized Unrecognized Total Net of tax (in thousands) Balance as of December 31, 2017 $ (4,404 ) $ (1,159 ) $ (5,563 ) $ (3,617 ) Recognized as a component of 2018 postretirement benefit cost 464 95 559 435 Unrecognized gains arising in 2018 — (32 ) (32 ) (25 ) Re-measurement adjustments for tax rate changes in 2018 — — — (721 ) Balance as of December 31, 2018 (3,940 ) (1,096 ) (5,036 ) (3,928 ) Recognized as a component of 2019 postretirement benefit cost 464 92 556 433 Unrecognized gains arising in 2019 — 56 56 44 Balance as of December 31, 2019 $ (3,476 ) $ (948 ) $ (4,424 ) $ (3,451 ) |
Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations | The following rates were used to calculate net periodic postretirement benefit cost and the present value of benefit obligations as of December 31 : 2019 2018 2017 Discount rate-projected benefit obligation 3.25 % 4.25 % 3.50 % Expected long-term rate of return on plan assets 3.00 % 3.00 % 3.00 % |
Schedule of Expected Benefit Payments | Estimated future benefit payments under the Postretirement Plan are as follows (in thousands): Year 2020 $ 178 2021 165 2022 153 2023 140 2024 128 2025 – 2029 481 $ 1,245 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease Cost and Supplemental Information | Supplemental cash flow information related to operating leases was as follows (in thousands): 2019 Cash paid for amounts included in the measurement of lease liabilities $ 18,563 ROU assets obtained in exchange for lease obligations 117,496 The following table presents the components of lease expense, which is included in net occupancy expense on the consolidated statements of income (in thousands): 2019 Operating lease expense $ 18,852 Variable lease expense 2,924 Sublease income (791 ) Total lease expense $ 20,985 |
Supplemental Balance Sheet Information | Supplemental consolidated balance sheet information related to leases was as follows (dollars in thousands): Operating Leases Balance Sheet Classification 2019 ROU assets Other assets $ 102,779 Lease liabilities Other liabilities $ 109,608 Weighted average remaining lease term 8.1 years Weighted average discount rate 3.05 % |
Lease Payment Obligations | Lease payment obligations for each of the next five years and thereafter, with a reconciliation to the Corporation's lease liability were as follows (in thousands): Year Operating Leases 2020 $ 18,695 2021 17,582 2022 16,278 2023 14,106 2024 12,410 Thereafter 42,394 Total lease payments 121,465 Less: imputed interest (11,857 ) Present value of lease liabilities $ 109,608 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Outstanding Commitments to Extend Credit and Letters of Credit | : 2019 2018 (in thousands) Commercial, industrial, financial and agricultural $ 3,997,401 $ 3,642,545 Real estate - home equity 1,523,494 1,475,066 Real estate - commercial mortgage and real estate - construction 1,168,624 1,188,972 Total commitments to extend credit $ 6,689,519 $ 6,306,583 Standby letters of credit $ 303,020 $ 309,352 Commercial letters of credit 50,432 48,682 Total letters of credit $ 353,452 $ 358,034 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | 2019 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 37,828 $ — $ 37,828 Available for sale investment securities: State and municipal securities — 652,927 — 652,927 Corporate debt securities — 374,957 2,400 377,357 Collateralized mortgage obligations — 693,718 — 693,718 Residential mortgage-backed securities — 177,312 — 177,312 Commercial mortgage-backed securities — 494,297 — 494,297 Auction rate securities — — 101,926 101,926 Total available for sale investment securities — 2,393,211 104,326 2,497,537 Other assets: Investments held in Rabbi Trust 22,213 — — 22,213 Derivative assets 230 145,365 — 145,595 Total assets $ 22,443 $ 2,576,404 $ 104,326 $ 2,703,173 Other Liabilities Deferred compensation liabilities $ 22,213 $ — $ — $ 22,213 Derivative liabilities 199 76,447 — 76,646 Total liabilities $ 22,412 $ 76,447 $ — $ 98,859 2018 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 27,099 $ — $ 27,099 Available for sale investment securities: U.S. Government sponsored agency securities — 31,632 — 31,632 State and municipal securities — 279,095 — 279,095 Corporate debt securities — 106,258 3,275 109,533 Collateralized mortgage obligations — 832,080 — 832,080 Residential mortgage-backed securities — 463,344 — 463,344 Commercial mortgage-backed securities — 261,616 — 261,616 Auction rate securities — — 102,994 102,994 Total available for sale investment securities — 1,974,025 106,269 2,080,294 Other assets: Investments held in Rabbi Trust 18,415 — 18,415 Derivative assets 392 62,552 — 62,944 Total assets $ 18,807 $ 2,063,676 $ 106,269 $ 2,188,752 Other Liabilities Deferred compensation liabilities $ 18,415 $ — $ — $ 18,415 Derivative liabilities 381 48,185 — 48,566 Total liabilities $ 18,796 $ 48,185 $ — $ 66,981 |
Schedule of Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs | The following table presents the changes in available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3) for the years ended December 31 : Pooled Trust Single-issuer Auction Rate Securities (in thousands) Balance as of December 31, 2017 $ 707 $ 3,050 $ 98,668 Realized adjustments to fair value — 71 — Unrealized adjustments to fair value (1) 168 221 4,326 Settlements - calls — (950 ) — Discount accretion (2) — 8 — Balance as of December 31, 2018 $ 875 $ 2,400 $ 102,994 Sales (770 ) — — Unrealized adjustments to fair value (1) (105 ) (4 ) (1,068 ) Discount accretion (2) — 4 — Balance as of December 31, 2019 $ — $ 2,400 $ 101,926 (1) Pooled trust preferred securities, single-issuer trust preferred securities and ARCs are classified as available for sale investment securities; as such, the unrealized adjustment to fair value was recorded as an unrealized holding gain (loss) and included as a component of "available for sale at estimated fair value" on the consolidated balance sheets. (2) |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The following table presents Level 3 financial instruments measured at fair value on a nonrecurring basis: 2019 2018 (in thousands) Net loans and leases $ 144,807 $ 149,846 OREO 6,831 10,518 MSRs (1) 45,193 50,200 Total assets $ 196,831 $ 210,564 |
Details of Book Value and Fair Value of Financial Instruments | he following table details the book values and the estimated fair values of the Corporation’s financial instruments as of December 31, 2019 and 2018 . A general description of the methods and assumptions used to estimate such fair values is also provided. 2019 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total FINANCIAL ASSETS (in thousands) Cash and cash equivalents $ 517,791 $ 517,791 $ — $ — $ 517,791 FRB and FHLB stock 97,422 — 97,422 — 97,422 Loans held for sale 37,828 — 37,828 — 37,828 Available for sale investment securities 2,497,537 — 2,393,211 104,326 2,497,537 Held to maturity investment securities 369,841 — 383,705 — 383,705 Net loans and leases 16,673,904 — — 16,485,122 16,485,122 Accrued interest receivable 60,898 60,898 — — 60,898 Other assets 431,565 234,176 145,365 52,024 431,565 FINANCIAL LIABILITIES Demand and savings deposits $ 14,327,453 $ 14,327,453 $ — $ — $ 14,327,453 Brokered deposits 264,531 223,982 40,549 — 264,531 Time deposits 2,801,930 — 2,828,988 — 2,828,988 Short-term borrowings 883,241 883,241 — — 883,241 Accrued interest payable 8,834 8,834 — — 8,834 FHLB advances and long-term debt 881,769 — 878,385 — 878,385 Other liabilities 221,542 142,508 76,447 2,587 221,542 2018 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 445,687 $ 445,687 $ — $ — $ 445,687 FRB and FHLB stock 79,283 — 79,283 — 79,283 Loans held for sale 27,099 — 27,099 — 27,099 Available for sale investment securities 2,080,294 — 1,974,025 106,269 2,080,294 Held to maturity investment securities 606,679 611,419 — — 611,419 Net loans and leases 16,005,263 — — 15,446,895 15,446,895 Accrued interest receivable 58,879 58,879 — — 58,879 Other assets 235,782 124,138 62,552 49,092 235,782 FINANCIAL LIABILITIES Demand and savings deposits $ 13,478,016 $ 13,478,016 $ — $ — $ 13,478,016 Brokered deposits 176,239 176,239 — — 176,239 Time deposits 2,721,904 — 2,712,296 — 2,712,296 Short-term borrowings 754,777 754,777 — — 754,777 Accrued interest payable 10,529 10,529 — — 10,529 FHLB advances and long-term debt 992,279 — 970,985 — 970,985 Other liabilities 218,061 161,003 48,185 8,873 218,061 |
Condensed Financial Informati_2
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information Parent Only | CONDENSED BALANCE SHEETS December 31, 2019 2018 (in thousands) ASSETS Cash and cash equivalents $ 10,841 $ 30,941 Other assets 1,087 7,072 Receivable from subsidiaries 78,025 51,646 Investments in: Bank subsidiary (1) 2,555,448 2,451,651 Non-bank subsidiaries 419,145 425,670 Total Assets $ 3,064,546 $ 2,966,980 LIABILITIES AND EQUITY Long-term debt $ 387,756 $ 386,913 Payable to non-bank subsidiaries 276,768 247,801 Other liabilities 57,846 84,693 Total Liabilities 722,370 719,407 Shareholders’ equity 2,342,176 2,247,573 Total Liabilities and Shareholders’ Equity $ 3,064,546 $ 2,966,980 (1) Consisted of one bank in 2019 and 2018 consisted of multiple banks which have been consolidated into one bank in 2019. CONDENSED STATEMENTS OF INCOME 2019 2018 2017 (in thousands) Income: Dividends from subsidiaries $ 209,000 $ 150,000 $ 66,500 Other (1) 191,978 188,165 171,490 400,978 338,165 237,990 Expenses 218,837 210,333 199,981 Income before income taxes and equity in undistributed net income of subsidiaries 182,141 127,832 38,009 Income tax benefit (5,798 ) (7,100 ) (5,448 ) 187,939 134,932 43,457 Equity in undistributed net income (loss) of: Bank subsidiary (1) 44,926 74,631 111,226 Non-bank subsidiaries (6,526 ) (1,170 ) 17,070 Net Income $ 226,339 $ 208,393 $ 171,753 (1) Consists primarily of management fees received from subsidiary bank(s) which consisted of one bank in 2019 and 2018 consisted of multiple banks which have been consolidated into one bank in 2019. CONDENSED STATEMENTS OF CASH FLOWS 2019 2018 2017 (in thousands) Cash Flows From Operating Activities: Net Income $ 226,339 $ 208,393 $ 171,753 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of issuance costs and discount of long-term debt 842 813 845 Stock-based compensation 7,413 7,967 4,740 (Increase) decrease in other assets (20,449 ) 6,327 (17,882 ) Equity in undistributed net income of subsidiaries (38,400 ) (73,460 ) (128,298 ) Increase in other liabilities and payable to non-bank subsidiaries 1,580 36,273 31,241 Total adjustments (49,014 ) (22,080 ) (109,354 ) Net cash provided by operating activities 177,325 186,313 62,399 Cash Flows From Investing Activities — — — Cash Flows From Financing Activities: Repayments of long-term debt — — (100,000 ) Additions to long-term debt — — 123,251 Net proceeds from issuance of common stock 6,362 6,733 9,007 Dividends paid (92,330 ) (89,654 ) (80,368 ) Acquisition of treasury stock (111,457 ) (95,308 ) — Net cash used in financing activities (197,425 ) (178,229 ) (48,110 ) Net (Decrease) Increase in Cash and Cash Equivalents (20,100 ) 8,084 14,289 Cash and Cash Equivalents at Beginning of Year 30,941 22,857 8,568 Cash and Cash Equivalents at End of Year $ 10,841 $ 30,941 $ 22,857 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Narrative (Details) | Jan. 01, 2018USD ($) | Dec. 31, 2019USD ($)subsidiarytrusts | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)subsidiarytrusts |
Property, Plant and Equipment [Line Items] | ||||
Number of banks owned | subsidiarytrusts | 6 | |||
Days past due for nonaccrual status | 90 days | |||
Period for which change in loans are evaluated individually for impairment quarterly | 12 months | |||
Individual impairment, outstanding commitment threshold | $ 1,000,000 | |||
Collective impairment review, outstanding commitment threshold (less than $1.0 million) | $ 1,000,000 | |||
Financing receivable, obtaining certified third-party appraisal for impaired loans, period | 12 months | |||
Impaired loans with principal balances | 93.00% | 89.00% | ||
Impaired loans balances, real estate as collateral | $ 1,000,000 | |||
Assets | 21,886,040,000 | $ 20,682,152,000 | ||
Foreign currency open position | 500,000 | |||
Reclassification of stranded tax effects | (7,101,000) | |||
Goodwill, impairment | $ 0 | $ 0 | $ 0 | |
Subsidiary trusts owned by parent | subsidiarytrusts | 3 | |||
Amortization period of LIH investments | 10 years | |||
Extension term of leases | 5 years | |||
Building and Building Improvements | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life | 50 years | |||
Furniture and Fixtures | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life | 8 years | |||
Equipment | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, plant and equipment, useful life | 5 years | |||
Consumer Loan | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of days closed end consumer loans are charged off when they become past due | 120 days | |||
Number of days open end consumer loans are charged off when they become past due | 180 days | |||
Fulton Bank, N.A. | ||||
Property, Plant and Equipment [Line Items] | ||||
Assets | $ 10,000,000,000 | |||
Accounting Standards Update 2018-02 | ||||
Property, Plant and Equipment [Line Items] | ||||
Reclassification of stranded tax effects | $ 7,100,000 | |||
Employee Equity Plan | ||||
Property, Plant and Equipment [Line Items] | ||||
Award vesting period | 3 years | |||
Directors' Plan | ||||
Property, Plant and Equipment [Line Items] | ||||
Award vesting period | 1 year | |||
Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Remaining lease term of operating leases | 1 year | |||
Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Remaining lease term of operating leases | 20 years |
Restrictions on Cash and Cash_2
Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and Due from Banks [Abstract] | ||
Reserves against deposit liabilities | $ 218.9 | $ 156.8 |
Collateral | $ 199.6 | $ 45.1 |
Investment Securities Schedule
Investment Securities Schedule of Amortized Cost and Fair Values of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement [Line Items] | ||
Amortized Cost | $ 2,465,029 | |
Estimated Fair Value | 2,497,537 | $ 2,080,294 |
Amortized Cost | 369,841 | 606,679 |
Held to maturity investment securities | 383,705 | |
Amortized Cost | 2,115,265 | |
Gross Unrealized Gains | 8,660 | |
Gross Unrealized Losses | (43,631) | |
Estimated Fair Value | 2,080,294 | |
U.S. Government sponsored agency securities | ||
Statement [Line Items] | ||
Amortized Cost | 31,586 | |
Gross Unrealized Gains | 185 | |
Gross Unrealized Losses | (139) | |
Estimated Fair Value | 31,632 | |
State and municipal securities | ||
Statement [Line Items] | ||
Amortized Cost | 638,125 | |
Gross Unrealized Gains | 15,826 | |
Gross Unrealized Losses | (1,024) | |
Estimated Fair Value | 652,927 | |
Amortized Cost | 156,134 | |
Gross Unrealized Gains | 1,166 | |
Gross Unrealized Losses | (93) | |
Held to maturity investment securities | 157,207 | |
Amortized Cost | 282,383 | |
Gross Unrealized Gains | 2,178 | |
Gross Unrealized Losses | (5,466) | |
Estimated Fair Value | 279,095 | |
Corporate debt securities | ||
Statement [Line Items] | ||
Amortized Cost | 370,401 | |
Gross Unrealized Gains | 8,490 | |
Gross Unrealized Losses | (1,534) | |
Estimated Fair Value | 377,357 | |
Amortized Cost | 111,454 | |
Gross Unrealized Gains | 1,432 | |
Gross Unrealized Losses | (3,353) | |
Estimated Fair Value | 109,533 | |
Collateralized mortgage obligations | ||
Statement [Line Items] | ||
Amortized Cost | 682,307 | |
Gross Unrealized Gains | 11,726 | |
Gross Unrealized Losses | (315) | |
Estimated Fair Value | 693,718 | |
Amortized Cost | 841,294 | |
Gross Unrealized Gains | 2,758 | |
Gross Unrealized Losses | (11,972) | |
Estimated Fair Value | 832,080 | |
Residential mortgage-backed securities | ||
Statement [Line Items] | ||
Amortized Cost | 177,183 | |
Gross Unrealized Gains | 1,078 | |
Gross Unrealized Losses | (949) | |
Estimated Fair Value | 177,312 | |
Amortized Cost | 369,841 | 450,545 |
Gross Unrealized Gains | 13,864 | 3,667 |
Gross Unrealized Losses | 0 | 0 |
Held to maturity investment securities | 383,705 | 454,212 |
Amortized Cost | 476,973 | |
Gross Unrealized Gains | 1,583 | |
Gross Unrealized Losses | (15,212) | |
Estimated Fair Value | 463,344 | |
Commercial mortgage-backed securities | ||
Statement [Line Items] | ||
Amortized Cost | 489,603 | |
Gross Unrealized Gains | 6,471 | |
Gross Unrealized Losses | (1,777) | |
Estimated Fair Value | 494,297 | |
Amortized Cost | 264,165 | |
Gross Unrealized Gains | 524 | |
Gross Unrealized Losses | (3,073) | |
Estimated Fair Value | 261,616 | |
Auction rate securities | ||
Statement [Line Items] | ||
Amortized Cost | 107,410 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (5,484) | |
Estimated Fair Value | 101,926 | |
Amortized Cost | 107,410 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (4,416) | |
Estimated Fair Value | 102,994 | |
Debt securities | ||
Statement [Line Items] | ||
Amortized Cost | 2,465,029 | |
Gross Unrealized Gains | 43,591 | |
Gross Unrealized Losses | (11,083) | |
Estimated Fair Value | 2,497,537 | |
Amortized Cost | 369,841 | 606,679 |
Gross Unrealized Gains | 13,864 | 4,833 |
Gross Unrealized Losses | 0 | (93) |
Held to maturity investment securities | $ 383,705 | $ 611,419 |
Investment Securities Narrative
Investment Securities Narrative (Details) - USD ($) $ in Thousands | Aug. 01, 2018 | Dec. 31, 2019 | Jul. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Held to maturity, at amortized cost | $ 369,841 | $ 606,679 | |||
Held to maturity investment securities | 383,705 | ||||
Other than Temporary Impairment, Credit Losses Recognized in Earnings, Credit Losses on Debt Securities Held | 990 | 11,510 | $ 11,510 | ||
Debt Securities, Available-For-Sale, Transfer To Held-To-Maturity, Amortized Cost | $ 665,500 | ||||
Debt Securities, Available-For-Sale, Transfer To Held-To-Maturity, Fair Value | 641,700 | ||||
Amortized cost basis | 2,465,029 | ||||
Estimated Fair Value | 2,497,537 | 2,080,294 | |||
Residential mortgage-backed securities | |||||
Held to maturity, at amortized cost | 369,841 | 450,545 | |||
Held to maturity investment securities | 383,705 | 454,212 | |||
Debt Securities, Available-For-Sale, Transfer To Held-To-Maturity, Amortized Cost | 505,500 | ||||
Debt Securities, Available-For-Sale, Transfer To Held-To-Maturity, Fair Value | 485,300 | ||||
Amortized cost basis | 177,183 | ||||
Estimated Fair Value | 177,312 | ||||
Auction rate securities | |||||
Amortized cost basis | 107,410 | ||||
Estimated Fair Value | 101,926 | ||||
State and municipal securities | |||||
Held to maturity, at amortized cost | 156,134 | ||||
Held to maturity investment securities | 157,207 | ||||
Debt Securities, Available-For-Sale, Transfer To Held-To-Maturity, Amortized Cost | 160,000 | ||||
Debt Securities, Available-For-Sale, Transfer To Held-To-Maturity, Fair Value | $ 156,400 | ||||
Amortized cost basis | 638,125 | ||||
Estimated Fair Value | 652,927 | ||||
Collateral Pledged | |||||
Available-for-sale securities pledged as collateral | $ 462,600 | $ 973,400 | |||
Accounting Standards Update 2019-04 | State and municipal securities | |||||
Held to maturity, at amortized cost | $ 158,900 | ||||
Held to maturity investment securities | $ 168,500 |
Investment Securities Schedul_2
Investment Securities Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Due in one year or less | $ 2,830 | |
Due from one year to five years | 33,027 | |
Due from five years to ten years | 348,800 | |
Due after ten years | 731,279 | |
Amortized cost, before securities without debt maturities | 1,115,936 | |
Amortized cost basis | 2,465,029 | |
Due in one year or less | 0 | |
Due from five years to ten years | 0 | |
Due from five years to ten years | 0 | |
Due after ten years | 0 | |
Amortized cost, before securities without debt maturities | 0 | |
Amortized cost basis | 369,841 | $ 606,679 |
Estimated Fair Value | ||
Due in one year or less | 2,830 | |
Due from one year to five years | 34,250 | |
Due from five years to ten years | 355,888 | |
Due after ten years | 739,242 | |
Available for sale securities, debt maturities, before securities without single maturities | 1,132,210 | |
Estimated Fair Value | 2,497,537 | 2,080,294 |
Due in one year or less | 0 | |
Due from one year to five years | 0 | |
Due from five years to ten years | 0 | |
Due after ten years | 0 | |
Held to maturity securities, before securities without single maturities | 0 | |
Debt Securities, Held-to-maturity | 383,705 | |
Residential mortgage-backed securities | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 177,183 | |
Amortized cost basis | 177,183 | |
Held to maturity securities, amortized cost without single maturity date | 369,841 | |
Amortized cost basis | 369,841 | 450,545 |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 177,312 | |
Estimated Fair Value | 177,312 | |
Held to maturity securities, without single maturities | 383,705 | |
Debt Securities, Held-to-maturity | 383,705 | $ 454,212 |
Collateralized mortgage obligations | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 682,307 | |
Amortized cost basis | 682,307 | |
Held to maturity securities, amortized cost without single maturity date | 0 | |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 693,718 | |
Estimated Fair Value | 693,718 | |
Held to maturity securities, without single maturities | 0 | |
Residential mortgage-backed securities | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 489,603 | |
Amortized cost basis | 489,603 | |
Held to maturity securities, amortized cost without single maturity date | 0 | |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 494,297 | |
Estimated Fair Value | 494,297 | |
Held to maturity securities, without single maturities | $ 0 |
Investment Securities Summary o
Investment Securities Summary of Gains and Losses from Equity and Debt Securities, and Losses from Other-than-Temporary Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Equity Securities, FV-NI, Realized Gain | $ 9 | $ 13,558 | |
Debt and Equity Securities, Realized Gain (Loss) | $ 4,733 | 37 | 9,071 |
Debt Securities, Available-for-sale, Realized Gain (Loss) | 4,733 | 28 | (4,487) |
Debt And Equity Securities, Realized Gain | 11,554 | 1,665 | 13,873 |
Equity Securities, FV-NI, Realized Gain (Loss) | 9 | 13,558 | |
Debt Securities, Available-for-sale, Realized Gain | 11,554 | 1,656 | 315 |
Equity Securities, FV-NI, Realized Loss | 0 | 0 | |
Debt Securities, Available-for-sale, Realized Loss | (6,821) | (1,628) | (4,802) |
Debt And Equity Securities, Realized Loss | $ (6,821) | $ (1,628) | $ (4,802) |
Investment Securities Cumulativ
Investment Securities Cumulative Credit Related Other-Than-Temporary Impairment Charges (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Balance of cumulative credit losses on debt securities, beginning of year | $ (11,510) | $ (11,510) |
Reductions for securities sold during the period | 10,520 | 0 |
Balance of cumulative credit losses on debt securities, end of year | $ (990) | $ (11,510) |
Investment Securities Summary_2
Investment Securities Summary of Cumulative Other-than-Temporary Impairment Charges Recognized in Earnings for Pooled Trust Preferred Securities Held (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Roll Forward] | ||
Balance of cumulative credit losses on debt securities, beginning of year | $ (11,510) | $ (11,510) |
Reductions for securities sold during the period | 10,520 | 0 |
Balance of cumulative credit losses on debt securities, end of year | $ (990) | $ (11,510) |
Investment Securities Gross Unr
Investment Securities Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in a Continuous Unrealized Loss Position (Details) $ in Thousands | Dec. 31, 2019USD ($)Security | Dec. 31, 2018USD ($)Security |
Statement [Line Items] | ||
Number of Securities, Less Than 12 Months | Security | 105 | |
Estimated Fair Value, Less Than 12 Months | $ 287,492 | |
Unrealized Losses, Less Than 12 Months | $ (2,950) | |
Number of Securities, 12 Months or Longer | Security | 454 | |
Estimated Fair Value, 12 Months or Longer | $ 1,206,454 | |
Unrealized Losses, 12 Months or Longer | (40,774) | |
Estimated Fair Value, Total | 1,493,946 | |
Unrealized Losses, Total | $ 43,724 | |
U.S. Government sponsored agency securities | ||
Statement [Line Items] | ||
Number of Securities, Less Than 12 Months | Security | 1 | |
Number of Securities, 12 Months or Longer | Security | 1 | |
Estimated Fair Value, Less Than 12 Months | $ 4,961 | |
Unrealized Losses, Less than 12 Months | (31) | |
Estimated Fair Value, 12 Months or Longer | 5,770 | |
Unrealized Losses, 12 Months or Longer | (108) | |
Estimated Fair Value, Total | 10,731 | |
Unrealized Losses, Total | $ (139) | |
State and municipal securities | ||
Statement [Line Items] | ||
Number of Securities, Less Than 12 Months | Security | 44 | 33 |
Estimated Fair Value, Less Than 12 Months | $ 136,344 | |
Unrealized Losses, Less Than 12 Months | $ (1,024) | |
Number of Securities, 12 Months or Longer | Security | 0 | 38 |
Estimated Fair Value, 12 Months or Longer | $ 0 | |
Unrealized Losses, 12 Months or Longer | 0 | |
Estimated Fair Value, Total | 136,344 | |
Unrealized Losses, Total | $ (1,024) | |
Number of Securities, Less Than 12 Months | Security | 6 | |
Estimated Fair Value, Less Than 12 Months | $ 20,601 | |
Unrealized Losses, Less Than 12 Months | $ (93) | |
Number of Securities, 12 Months or Longer | Security | 0 | |
Estimated Fair Value, 12 Months or Longer | $ 0 | |
Unrealized Losses, 12 Months or Longer | 0 | |
Estimated Fair Value, Total | 20,601 | |
Unrealized Losses, Total | 93 | |
Estimated Fair Value, Less Than 12 Months | 72,950 | |
Unrealized Losses, Less than 12 Months | (1,292) | |
Estimated Fair Value, 12 Months or Longer | 83,770 | |
Unrealized Losses, 12 Months or Longer | (4,174) | |
Estimated Fair Value, Total | 156,720 | |
Unrealized Losses, Total | $ (5,466) | |
Corporate debt securities | ||
Statement [Line Items] | ||
Number of Securities, Less Than 12 Months | Security | 5 | 8 |
Estimated Fair Value, Less Than 12 Months | $ 30,719 | |
Unrealized Losses, Less Than 12 Months | $ (346) | |
Number of Securities, 12 Months or Longer | Security | 8 | 14 |
Estimated Fair Value, 12 Months or Longer | $ 18,759 | |
Unrealized Losses, 12 Months or Longer | (1,188) | |
Estimated Fair Value, Total | 49,478 | |
Unrealized Losses, Total | $ (1,534) | |
Estimated Fair Value, Less Than 12 Months | $ 24,419 | |
Unrealized Losses, Less than 12 Months | (227) | |
Estimated Fair Value, 12 Months or Longer | 25,642 | |
Unrealized Losses, 12 Months or Longer | (3,126) | |
Estimated Fair Value, Total | 50,061 | |
Unrealized Losses, Total | $ (3,353) | |
Collateralized mortgage obligations | ||
Statement [Line Items] | ||
Number of Securities, Less Than 12 Months | Security | 5 | 39 |
Estimated Fair Value, Less Than 12 Months | $ 33,865 | |
Unrealized Losses, Less Than 12 Months | $ (190) | |
Number of Securities, 12 Months or Longer | Security | 1 | 89 |
Estimated Fair Value, 12 Months or Longer | $ 5,330 | |
Unrealized Losses, 12 Months or Longer | (125) | |
Estimated Fair Value, Total | 39,195 | |
Unrealized Losses, Total | $ (315) | |
Estimated Fair Value, Less Than 12 Months | $ 136,563 | |
Unrealized Losses, Less than 12 Months | (1,050) | |
Estimated Fair Value, 12 Months or Longer | 388,173 | |
Unrealized Losses, 12 Months or Longer | (10,922) | |
Estimated Fair Value, Total | 524,736 | |
Unrealized Losses, Total | $ (11,972) | |
Residential mortgage-backed securities | ||
Statement [Line Items] | ||
Number of Securities, Less Than 12 Months | Security | 5 | 17 |
Estimated Fair Value, Less Than 12 Months | $ 12,247 | |
Unrealized Losses, Less Than 12 Months | $ (40) | |
Number of Securities, 12 Months or Longer | Security | 26 | 110 |
Estimated Fair Value, 12 Months or Longer | $ 127,373 | |
Unrealized Losses, 12 Months or Longer | (909) | |
Estimated Fair Value, Total | 139,620 | |
Unrealized Losses, Total | $ (949) | |
Estimated Fair Value, Less Than 12 Months | $ 18,220 | |
Unrealized Losses, Less than 12 Months | (222) | |
Estimated Fair Value, 12 Months or Longer | 402,779 | |
Unrealized Losses, 12 Months or Longer | (14,990) | |
Estimated Fair Value, Total | 420,999 | |
Unrealized Losses, Total | $ (15,212) | |
Commercial mortgage-backed securities | ||
Statement [Line Items] | ||
Number of Securities, Less Than 12 Months | Security | 7 | 1 |
Estimated Fair Value, Less Than 12 Months | $ 121,340 | |
Unrealized Losses, Less Than 12 Months | $ (1,777) | |
Number of Securities, 12 Months or Longer | Security | 0 | 25 |
Estimated Fair Value, 12 Months or Longer | $ 0 | |
Unrealized Losses, 12 Months or Longer | 0 | |
Estimated Fair Value, Total | 121,340 | |
Unrealized Losses, Total | $ (1,777) | |
Estimated Fair Value, Less Than 12 Months | $ 9,778 | |
Unrealized Losses, Less than 12 Months | (35) | |
Estimated Fair Value, 12 Months or Longer | 197,326 | |
Unrealized Losses, 12 Months or Longer | (3,038) | |
Estimated Fair Value, Total | 207,104 | |
Unrealized Losses, Total | $ (3,073) | |
Auction rate securities | ||
Statement [Line Items] | ||
Number of Securities, Less Than 12 Months | Security | 0 | 0 |
Estimated Fair Value, Less Than 12 Months | $ 0 | |
Unrealized Losses, Less Than 12 Months | $ 0 | |
Number of Securities, 12 Months or Longer | Security | 177 | 177 |
Estimated Fair Value, 12 Months or Longer | $ 101,926 | |
Unrealized Losses, 12 Months or Longer | (5,484) | |
Estimated Fair Value, Total | 101,926 | |
Unrealized Losses, Total | $ (5,484) | |
Estimated Fair Value, Less Than 12 Months | $ 0 | |
Unrealized Losses, Less than 12 Months | 0 | |
Estimated Fair Value, 12 Months or Longer | 102,994 | |
Unrealized Losses, 12 Months or Longer | (4,416) | |
Estimated Fair Value, Total | 102,994 | |
Unrealized Losses, Total | $ (4,416) | |
Debt securities | ||
Statement [Line Items] | ||
Number of Securities, Less Than 12 Months | Security | 66 | 99 |
Estimated Fair Value, Less Than 12 Months | $ 334,515 | |
Unrealized Losses, Less Than 12 Months | $ (3,377) | |
Number of Securities, 12 Months or Longer | Security | 212 | 454 |
Estimated Fair Value, 12 Months or Longer | $ 253,388 | |
Unrealized Losses, 12 Months or Longer | (7,706) | |
Estimated Fair Value, Total | 587,903 | |
Unrealized Losses, Total | $ (11,083) | |
Estimated Fair Value, Less Than 12 Months | $ 266,891 | |
Unrealized Losses, Less than 12 Months | (2,857) | |
Estimated Fair Value, 12 Months or Longer | 1,206,454 | |
Unrealized Losses, 12 Months or Longer | (40,774) | |
Estimated Fair Value, Total | 1,473,345 | |
Unrealized Losses, Total | $ (43,631) |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses Summary Of Gross Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | $ 16,864,336 | $ 16,192,439 |
Unearned income | (26,810) | (26,639) |
Loans and leases, net of unearned income | 16,837,526 | 16,165,800 |
Loans and leases receivable, related parties | 90,100 | 116,400 |
Proceeds from related party debt | 4,200 | |
Repayments of related party debt | 30,500 | |
Loans serviced by unrelated third party | 4,900,000 | 4,800,000 |
Real estate – commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 6,700,776 | 6,434,285 |
Loans and leases, net of unearned income | 6,700,776 | 6,434,285 |
Commercial – industrial, financial and agricultural | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 4,446,701 | 4,404,548 |
Loans and leases, net of unearned income | 4,446,701 | 4,404,548 |
Real estate – residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 2,641,465 | 2,251,044 |
Loans and leases, net of unearned income | 2,641,465 | 2,251,044 |
Real estate – home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 1,314,944 | 1,452,137 |
Loans and leases, net of unearned income | 1,314,944 | 1,452,137 |
Real estate – construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 971,079 | 916,599 |
Loans and leases, net of unearned income | 971,079 | 916,599 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 463,164 | 419,186 |
Loans and leases, net of unearned income | 463,164 | 419,186 |
Equipment lease financing | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | 322,625 | 311,866 |
Overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans before unearned income | $ 3,582 | $ 2,774 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Receivables [Abstract] | ||||
Allowance for loan and lease losses | $ 163,622 | $ 160,537 | $ 169,910 | |
Reserve for unfunded lending commitments | 2,587 | 8,873 | 6,174 | |
Allowance for credit losses | $ 166,209 | $ 169,410 | $ 176,084 | $ 171,325 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | |||
Balance at beginning of year | $ 169,410 | $ 176,084 | $ 171,325 |
Loans and leases charged off | (53,189) | (66,076) | (33,290) |
Recoveries of loans and leases previously charged off | 17,163 | 12,495 | 14,744 |
Net loans and leases charged off | (36,026) | (53,581) | (18,546) |
Provision for credit losses | 32,825 | 46,907 | 23,305 |
Balance at end of year | $ 166,209 | $ 169,410 | $ 176,084 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | $ 160,537 | $ 169,910 | |
Loans and leases charged off | (53,189) | (66,076) | $ (33,290) |
Recoveries of loans and leases previously charged off | 17,163 | 12,495 | 14,744 |
Net loans and leases (charged off) recovered | (36,026) | (53,581) | (18,546) |
Provision for loan and lease losses | 39,111 | 44,208 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 128,182 | 120,205 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 35,440 | 40,332 | |
Loans and Leases Receivable, Allowance, Ending Balance | 163,622 | 160,537 | 169,910 |
Measured for impairment under FASB ASC Subtopic 450-20 | 16,657,279 | 15,975,622 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 180,247 | 190,178 | |
Loans and leases, net of unearned income | 16,837,526 | 16,165,800 | |
Change in provision allocated to commitments to lend to borrowers | 6,300 | 2,700 | |
Provision for credit losses | 32,825 | 46,907 | 23,305 |
Real estate – commercial mortgage | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 52,889 | 58,793 | |
Loans and leases charged off | (1,837) | (2,045) | |
Recoveries of loans and leases previously charged off | 2,202 | 1,622 | |
Net loans and leases (charged off) recovered | 365 | (423) | |
Provision for loan and lease losses | (7,644) | (5,481) | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 39,683 | 45,634 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 5,927 | 7,255 | |
Loans and Leases Receivable, Allowance, Ending Balance | 45,610 | 52,889 | 58,793 |
Measured for impairment under FASB ASC Subtopic 450-20 | 6,654,280 | 6,388,212 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 46,496 | 46,073 | |
Loans and leases, net of unearned income | 6,700,776 | 6,434,285 | |
Commercial – industrial, financial and agricultural | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 58,868 | 66,280 | |
Loans and leases charged off | (42,410) | (52,441) | |
Recoveries of loans and leases previously charged off | 8,721 | 4,994 | |
Net loans and leases (charged off) recovered | (33,689) | (47,447) | |
Provision for loan and lease losses | 43,423 | 40,035 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 58,487 | 46,355 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 10,115 | 12,513 | |
Loans and Leases Receivable, Allowance, Ending Balance | 68,602 | 58,868 | 66,280 |
Measured for impairment under FASB ASC Subtopic 450-20 | 4,393,402 | 4,349,255 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 53,299 | 55,293 | |
Loans and leases, net of unearned income | 4,446,701 | 4,404,548 | |
Real estate – home equity | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 18,911 | 18,127 | |
Loans and leases charged off | (1,291) | (3,087) | |
Recoveries of loans and leases previously charged off | 688 | 1,127 | |
Net loans and leases (charged off) recovered | (603) | (1,960) | |
Provision for loan and lease losses | (564) | 2,744 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 7,938 | 8,541 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 9,806 | 10,370 | |
Loans and Leases Receivable, Allowance, Ending Balance | 17,744 | 18,911 | 18,127 |
Measured for impairment under FASB ASC Subtopic 450-20 | 1,292,872 | 1,428,764 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 22,072 | 23,373 | |
Loans and leases, net of unearned income | 1,314,944 | 1,452,137 | |
Real estate – residential mortgage | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 18,921 | 16,088 | |
Loans and leases charged off | (1,545) | (1,574) | |
Recoveries of loans and leases previously charged off | 989 | 620 | |
Net loans and leases (charged off) recovered | (556) | (954) | |
Provision for loan and lease losses | 1,406 | 3,787 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 10,562 | 9,527 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 9,209 | 9,394 | |
Loans and Leases Receivable, Allowance, Ending Balance | 19,771 | 18,921 | 16,088 |
Measured for impairment under FASB ASC Subtopic 450-20 | 2,603,239 | 2,212,274 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 38,226 | 38,770 | |
Loans and leases, net of unearned income | 2,641,465 | 2,251,044 | |
Real estate – construction | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 5,061 | 6,620 | |
Loans and leases charged off | (143) | (1,368) | |
Recoveries of loans and leases previously charged off | 2,591 | 1,829 | |
Net loans and leases (charged off) recovered | 2,448 | 461 | |
Provision for loan and lease losses | (3,066) | (2,020) | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 4,066 | 4,268 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 377 | 793 | |
Loans and Leases Receivable, Allowance, Ending Balance | 4,443 | 5,061 | 6,620 |
Measured for impairment under FASB ASC Subtopic 450-20 | 967,461 | 909,209 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 3,618 | 7,390 | |
Loans and leases, net of unearned income | 971,079 | 916,599 | |
Consumer | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 3,217 | 2,045 | |
Loans and leases charged off | (3,403) | (3,040) | |
Recoveries of loans and leases previously charged off | 1,306 | 1,266 | |
Net loans and leases (charged off) recovered | (2,097) | (1,774) | |
Provision for loan and lease losses | 2,642 | 2,946 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 3,756 | 3,210 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 6 | 7 | |
Loans and Leases Receivable, Allowance, Ending Balance | 3,762 | 3,217 | 2,045 |
Measured for impairment under FASB ASC Subtopic 450-20 | 463,156 | 419,175 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 8 | 11 | |
Loans and leases, net of unearned income | 463,164 | 419,186 | |
Leasing and other and overdrafts | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Loans and Leases Receivable, Allowance, Beginning Balance | 2,670 | 1,957 | |
Loans and leases charged off | (2,560) | (2,521) | |
Recoveries of loans and leases previously charged off | 666 | 1,037 | |
Net loans and leases (charged off) recovered | (1,894) | (1,484) | |
Provision for loan and lease losses | 2,914 | 2,197 | |
Financing receivable, allowance for credit losses, collectively evaluated for impairment | 3,690 | 2,670 | |
Financing receivable, allowance for credit losses, individually evaluated for impairment | 0 | 0 | |
Loans and Leases Receivable, Allowance, Ending Balance | 3,690 | 2,670 | $ 1,957 |
Measured for impairment under FASB ASC Subtopic 450-20 | 282,869 | 268,733 | |
Evaluated for impairment under FASB ASC Section 310-10-35 | 16,528 | 19,268 | |
Loans and leases, net of unearned income | $ 299,397 | $ 288,001 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses Total Impaired Loans by Class Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Impaired Financing Receivables [Line Items] | |||
No Related Allowance, Unpaid Principal Balance | $ 108,639 | $ 89,986 | |
No Related Allowance, Recorded Investment | 76,257 | 77,566 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 134,978 | 139,277 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 103,990 | 112,612 | |
Unpaid Principal Balance | 243,617 | 229,263 | |
Recorded Investment | 180,247 | 190,178 | |
Related Allowance | 35,440 | 40,332 | |
No Related Allowance, Average Recorded Investment | 77,188 | 69,323 | $ 66,036 |
No Related Allowance, Interest Income Recognized | 584 | 718 | 582 |
Related Allowance, Average Recorded Investment | 110,221 | 116,554 | 118,580 |
Related Allowance, Interest Income, Accrual Method | 2,151 | 2,221 | 1,925 |
Impaired Financing Receivable, Average Recorded Investment | 187,409 | 185,877 | 184,616 |
Interest income on impaired loans | 2,735 | 2,939 | 2,507 |
Leasing and other and overdrafts | |||
Impaired Financing Receivables [Line Items] | |||
No Related Allowance, Average Recorded Investment | 17,814 | 0 | 0 |
No Related Allowance, Interest Income Recognized | 0 | 0 | 0 |
Related Allowance, Average Recorded Investment | 83 | 3,854 | 285 |
Related Allowance, Interest Income, Accrual Method | 0 | 0 | 0 |
Consumer - indirect: | |||
Impaired Financing Receivables [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 8 | 11 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 8 | 11 | |
Related Allowance | 6 | 7 | |
Related Allowance, Average Recorded Investment | 9 | 16 | 33 |
Related Allowance, Interest Income, Accrual Method | 0 | 1 | 2 |
Construction - commercial residential | |||
Impaired Financing Receivables [Line Items] | |||
No Related Allowance, Unpaid Principal Balance | 6,338 | 8,980 | |
No Related Allowance, Recorded Investment | 2,487 | 5,083 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 3,875 | 5,984 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,131 | 2,307 | |
Related Allowance | 377 | 793 | |
No Related Allowance, Average Recorded Investment | 3,559 | 6,943 | 7,255 |
No Related Allowance, Interest Income Recognized | 0 | 0 | 12 |
Related Allowance, Average Recorded Investment | 1,573 | 2,683 | 6,160 |
Related Allowance, Interest Income, Accrual Method | 0 | 0 | 11 |
Equipment Lease Financing [Member] | |||
Impaired Financing Receivables [Line Items] | |||
No Related Allowance, Unpaid Principal Balance | 19,269 | 19,269 | |
No Related Allowance, Recorded Investment | 16,528 | 19,268 | |
Real estate – residential mortgage | |||
Impaired Financing Receivables [Line Items] | |||
No Related Allowance, Unpaid Principal Balance | 4,494 | 3,149 | |
No Related Allowance, Recorded Investment | 4,332 | 3,149 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 38,483 | 39,972 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 33,894 | 35,621 | |
Related Allowance | 9,209 | 9,394 | |
No Related Allowance, Average Recorded Investment | 3,875 | 3,727 | 4,631 |
No Related Allowance, Interest Income Recognized | 94 | 91 | 107 |
Related Allowance, Average Recorded Investment | 34,407 | 36,387 | 39,093 |
Related Allowance, Interest Income, Accrual Method | 829 | 896 | 903 |
Real estate – home equity | |||
Impaired Financing Receivables [Line Items] | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 25,039 | 26,599 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 22,072 | 23,373 | |
Related Allowance | 9,806 | 10,370 | |
Related Allowance, Average Recorded Investment | 23,004 | 24,426 | 21,704 |
Related Allowance, Interest Income, Accrual Method | 845 | 794 | 534 |
Commercial - secured | |||
Impaired Financing Receivables [Line Items] | |||
No Related Allowance, Unpaid Principal Balance | 53,533 | 33,493 | |
No Related Allowance, Recorded Investment | 30,208 | 26,585 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 37,992 | 37,706 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 23,091 | 28,708 | |
Related Allowance | 10,115 | 12,513 | |
No Related Allowance, Average Recorded Investment | 25,777 | 33,395 | 31,357 |
No Related Allowance, Interest Income Recognized | 122 | 259 | 182 |
Related Allowance, Average Recorded Investment | 25,717 | 24,888 | 24,112 |
Related Allowance, Interest Income, Accrual Method | 126 | 185 | 137 |
Real estate – commercial mortgage | |||
Impaired Financing Receivables [Line Items] | |||
No Related Allowance, Unpaid Principal Balance | 25,005 | 25,095 | |
No Related Allowance, Recorded Investment | 22,702 | 23,481 | |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 29,581 | 29,005 | |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 23,794 | 22,592 | |
Related Allowance | 5,927 | 7,255 | |
No Related Allowance, Average Recorded Investment | 26,163 | 25,258 | 22,793 |
No Related Allowance, Interest Income Recognized | 368 | 368 | 281 |
Related Allowance, Average Recorded Investment | 25,428 | 24,300 | 27,193 |
Related Allowance, Interest Income, Accrual Method | $ 351 | $ 345 | $ 338 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses Credit Quality Indicators (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | $ 16,864,336 | $ 16,192,439 |
Commercial – industrial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 4,446,701 | 4,404,548 |
Real estate – commercial mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 6,700,776 | 6,434,285 |
Commercial - secured | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 4,198,173 | 4,224,980 |
Commercial - unsecured | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 248,528 | 179,568 |
Construction - commercial residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 107,166 | 117,872 |
Construction - commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 769,560 | 726,726 |
Total construction (excluding construction - other) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 876,726 | 844,598 |
Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | $ 12,024,203 | $ 11,683,431 |
% of Total | 100.00% | 100.00% |
Pass | Commercial – industrial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | $ 4,065,834 | $ 4,074,073 |
Pass | Real estate – commercial mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 6,429,407 | 6,129,463 |
Pass | Commercial - secured | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 3,830,847 | 3,902,484 |
Pass | Commercial - unsecured | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 234,987 | 171,589 |
Pass | Construction - commercial residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 100,808 | 104,079 |
Pass | Construction - commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 765,562 | 723,030 |
Pass | Total construction (excluding construction - other) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 866,370 | 827,109 |
Pass | Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | $ 11,361,611 | $ 11,030,645 |
% of Total | 94.50% | 94.40% |
Special Mention | Commercial – industrial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | $ 181,107 | $ 197,486 |
Special Mention | Real estate – commercial mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 137,163 | 170,827 |
Special Mention | Commercial - secured | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 171,442 | 193,470 |
Special Mention | Commercial - unsecured | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 9,665 | 4,016 |
Special Mention | Construction - commercial residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 2,897 | 6,912 |
Special Mention | Construction - commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 1,322 | 1,163 |
Special Mention | Total construction (excluding construction - other) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 4,219 | 8,075 |
Special Mention | Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | $ 322,489 | $ 376,388 |
% of Total | 2.70% | 3.20% |
Substandard or Lower | Commercial – industrial, financial and agricultural | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | $ 199,760 | $ 132,989 |
Substandard or Lower | Real estate – commercial mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 134,206 | 133,995 |
Substandard or Lower | Commercial - secured | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 195,884 | 129,026 |
Substandard or Lower | Commercial - unsecured | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 3,876 | 3,963 |
Substandard or Lower | Construction - commercial residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 3,461 | 6,881 |
Substandard or Lower | Construction - commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 2,676 | 2,533 |
Substandard or Lower | Total construction (excluding construction - other) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | 6,137 | 9,414 |
Substandard or Lower | Commercial Loans, Commerical Mortgages, Constructions Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Carrying Amount | $ 340,103 | $ 276,398 |
% of Total | 2.80% | 2.40% |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses Summary of Delinquency and Non-Performing Status by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loans and leases, net of unearned income | $ 16,837,526 | $ 16,165,800 |
Period for which change in loans evaluated individually for impairment | 90 days | |
Minimum | ||
Days outstanding | 30 days | |
Maximum | ||
Days outstanding | 89 days | |
Real estate – home equity | ||
Loans and leases, net of unearned income | $ 1,314,944 | 1,452,137 |
Real estate – residential mortgage | ||
Loans and leases, net of unearned income | 2,641,465 | 2,251,044 |
Construction - other | ||
Loans and leases, net of unearned income | 94,353 | 72,001 |
Consumer - direct | ||
Loans and leases, net of unearned income | 64,237 | 56,033 |
Consumer - indirect: | ||
Loans and leases, net of unearned income | 398,927 | 363,153 |
Consumer | ||
Loans and leases, net of unearned income | 463,164 | 419,186 |
Leasing and other and overdrafts | ||
Loans and leases, net of unearned income | 299,397 | 288,001 |
Real Estate, Consumer, Leasing and Other Loans | ||
Loans and leases, net of unearned income | $ 4,813,323 | $ 4,482,369 |
Ratio of nonperforming loans to all loans | 100.00% | 100.00% |
Performing | Real estate – home equity | ||
Loans and leases, net of unearned income | $ 1,292,035 | $ 1,431,666 |
Performing | Real estate – residential mortgage | ||
Loans and leases, net of unearned income | 2,584,763 | 2,202,955 |
Performing | Construction - other | ||
Loans and leases, net of unearned income | 92,649 | 71,511 |
Performing | Consumer - direct | ||
Loans and leases, net of unearned income | 63,582 | 55,629 |
Performing | Consumer - indirect: | ||
Loans and leases, net of unearned income | 393,974 | 359,405 |
Performing | Consumer | ||
Loans and leases, net of unearned income | 457,556 | 415,034 |
Performing | Leasing and other and overdrafts | ||
Loans and leases, net of unearned income | 278,743 | 267,112 |
Performing | Real Estate, Consumer, Leasing and Other Loans | ||
Loans and leases, net of unearned income | $ 4,705,746 | $ 4,388,278 |
Ratio of nonperforming loans to all loans | 97.80% | 97.90% |
Delinquent | Real estate – home equity | ||
Loans and leases, net of unearned income | $ 12,341 | $ 10,702 |
Delinquent | Real estate – residential mortgage | ||
Loans and leases, net of unearned income | 34,291 | 28,988 |
Delinquent | Construction - other | ||
Loans and leases, net of unearned income | 895 | 0 |
Delinquent | Consumer - direct | ||
Loans and leases, net of unearned income | 465 | 338 |
Delinquent | Consumer - indirect: | ||
Loans and leases, net of unearned income | 4,685 | 3,405 |
Delinquent | Consumer | ||
Loans and leases, net of unearned income | 5,150 | 3,743 |
Delinquent | Leasing and other and overdrafts | ||
Loans and leases, net of unearned income | 4,012 | 1,302 |
Delinquent | Real Estate, Consumer, Leasing and Other Loans | ||
Loans and leases, net of unearned income | $ 56,689 | $ 44,735 |
Ratio of nonperforming loans to all loans | 1.20% | 1.00% |
Nonperforming | Real estate – home equity | ||
Loans and leases, net of unearned income | $ 10,568 | $ 9,769 |
Nonperforming | Real estate – residential mortgage | ||
Loans and leases, net of unearned income | 22,411 | 19,101 |
Nonperforming | Construction - other | ||
Loans and leases, net of unearned income | 809 | 490 |
Nonperforming | Consumer - direct | ||
Loans and leases, net of unearned income | 190 | 66 |
Nonperforming | Consumer - indirect: | ||
Loans and leases, net of unearned income | 268 | 343 |
Nonperforming | Consumer | ||
Loans and leases, net of unearned income | 458 | 409 |
Nonperforming | Leasing and other and overdrafts | ||
Loans and leases, net of unearned income | 16,642 | 19,587 |
Nonperforming | Real Estate, Consumer, Leasing and Other Loans | ||
Loans and leases, net of unearned income | $ 50,888 | $ 49,356 |
Ratio of nonperforming loans to all loans | 1.00% | 1.10% |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses Non-Performing Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Non-accrual loans and leases | $ 125,098 | $ 128,572 |
Loans and leases 90 days or more past due and still accruing | 16,057 | 11,106 |
Total non-performing loans and leases | 141,155 | 139,678 |
OREO | 6,831 | 10,518 |
Total non-performing assets | $ 147,986 | $ 150,196 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses Past Due Loan Status and Non-Accrual Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
>90 Days Past Due and Accruing | $ 16,057 | $ 11,106 |
Non-accrual | 125,098 | 128,572 |
Current | 16,620,575 | 15,957,429 |
Loans and leases, net of unearned income | 16,837,526 | 16,165,800 |
Commercial – industrial, financial and agricultural | ||
>90 Days Past Due and Accruing | 1,385 | 1,119 |
Non-accrual | 48,106 | 50,150 |
Current | 4,392,278 | 4,345,516 |
Loans and leases, net of unearned income | 4,446,701 | 4,404,548 |
Real estate – commercial mortgage | ||
>90 Days Past Due and Accruing | 4,113 | 1,765 |
Non-accrual | 33,166 | 30,388 |
Current | 6,651,042 | 6,388,426 |
Loans and leases, net of unearned income | 6,700,776 | 6,434,285 |
Commercial - secured | ||
>90 Days Past Due and Accruing | 986 | 1,068 |
Non-accrual | 47,506 | 49,299 |
Current | 4,145,323 | 4,168,448 |
Loans and leases, net of unearned income | 4,198,173 | 4,224,980 |
Commercial - unsecured | ||
>90 Days Past Due and Accruing | 399 | 51 |
Non-accrual | 600 | 851 |
Current | 246,955 | 177,068 |
Loans and leases, net of unearned income | 248,528 | 179,568 |
Real estate – home equity | ||
>90 Days Past Due and Accruing | 3,564 | 3,061 |
Non-accrual | 7,004 | 6,708 |
Current | 1,292,035 | 1,431,666 |
Loans and leases, net of unearned income | 1,314,944 | 1,452,137 |
Real estate – residential mortgage | ||
>90 Days Past Due and Accruing | 5,735 | 4,433 |
Non-accrual | 16,676 | 14,668 |
Current | 2,584,763 | 2,202,955 |
Loans and leases, net of unearned income | 2,641,465 | 2,251,044 |
Real estate – construction | ||
>90 Days Past Due and Accruing | 688 | 0 |
Non-accrual | 3,618 | 7,390 |
Current | 964,158 | 906,720 |
Loans and leases, net of unearned income | 971,079 | 916,599 |
Construction - commercial residential | ||
>90 Days Past Due and Accruing | 64 | 0 |
Non-accrual | 3,414 | 6,881 |
Current | 102,868 | 108,502 |
Loans and leases, net of unearned income | 107,166 | 117,872 |
Construction - commercial | ||
>90 Days Past Due and Accruing | 0 | 0 |
Non-accrual | 19 | 19 |
Current | 768,641 | 726,707 |
Loans and leases, net of unearned income | 769,560 | 726,726 |
Construction - other | ||
>90 Days Past Due and Accruing | 624 | 0 |
Non-accrual | 185 | 490 |
Current | 92,649 | 71,511 |
Loans and leases, net of unearned income | 94,353 | 72,001 |
Consumer | ||
>90 Days Past Due and Accruing | 458 | 409 |
Non-accrual | 0 | 0 |
Current | 457,556 | 415,034 |
Loans and leases, net of unearned income | 463,164 | 419,186 |
Consumer - direct | ||
>90 Days Past Due and Accruing | 190 | 66 |
Non-accrual | 0 | 0 |
Current | 63,582 | 55,629 |
Loans and leases, net of unearned income | 64,237 | 56,033 |
Consumer - indirect | ||
>90 Days Past Due and Accruing | 268 | 343 |
Non-accrual | 0 | 0 |
Current | 393,974 | 359,405 |
Loans and leases, net of unearned income | 398,927 | 363,153 |
Leasing and other and overdrafts | ||
>90 Days Past Due and Accruing | 114 | 319 |
Non-accrual | 16,528 | 19,268 |
Current | 278,743 | 267,112 |
Loans and leases, net of unearned income | 299,397 | 288,001 |
30-59 Days Past Due | ||
Total Past Due | 56,326 | 53,640 |
30-59 Days Past Due | Commercial – industrial, financial and agricultural | ||
Total Past Due | 2,302 | 6,825 |
30-59 Days Past Due | Real estate – commercial mortgage | ||
Total Past Due | 10,912 | 12,206 |
30-59 Days Past Due | Commercial - secured | ||
Total Past Due | 2,062 | 5,227 |
30-59 Days Past Due | Commercial - unsecured | ||
Total Past Due | 240 | 1,598 |
30-59 Days Past Due | Real estate – home equity | ||
Total Past Due | 9,635 | 7,144 |
30-59 Days Past Due | Real estate – residential mortgage | ||
Total Past Due | 26,982 | 20,796 |
30-59 Days Past Due | Real estate – construction | ||
Total Past Due | 1,715 | 2,489 |
30-59 Days Past Due | Construction - commercial residential | ||
Total Past Due | 820 | 2,489 |
30-59 Days Past Due | Construction - commercial | ||
Total Past Due | 0 | 0 |
30-59 Days Past Due | Construction - other | ||
Total Past Due | 895 | 0 |
30-59 Days Past Due | Consumer | ||
Total Past Due | 4,228 | 3,175 |
30-59 Days Past Due | Consumer - direct | ||
Total Past Due | 278 | 267 |
30-59 Days Past Due | Consumer - indirect | ||
Total Past Due | 3,950 | 2,908 |
30-59 Days Past Due | Leasing and other and overdrafts | ||
Total Past Due | 552 | 1,005 |
60-89 Days Past Due | ||
Total Past Due | 19,470 | 15,053 |
60-89 Days Past Due | Commercial – industrial, financial and agricultural | ||
Total Past Due | 2,630 | 938 |
60-89 Days Past Due | Real estate – commercial mortgage | ||
Total Past Due | 1,543 | 1,500 |
60-89 Days Past Due | Commercial - secured | ||
Total Past Due | 2,296 | 938 |
60-89 Days Past Due | Commercial - unsecured | ||
Total Past Due | 334 | 0 |
60-89 Days Past Due | Real estate – home equity | ||
Total Past Due | 2,706 | 3,558 |
60-89 Days Past Due | Real estate – residential mortgage | ||
Total Past Due | 7,309 | 8,192 |
60-89 Days Past Due | Real estate – construction | ||
Total Past Due | 900 | 0 |
60-89 Days Past Due | Construction - commercial residential | ||
Total Past Due | 0 | 0 |
60-89 Days Past Due | Construction - commercial | ||
Total Past Due | 900 | 0 |
60-89 Days Past Due | Construction - other | ||
Total Past Due | 0 | 0 |
60-89 Days Past Due | Consumer | ||
Total Past Due | 922 | 568 |
60-89 Days Past Due | Consumer - direct | ||
Total Past Due | 187 | 71 |
60-89 Days Past Due | Consumer - indirect | ||
Total Past Due | 735 | 497 |
60-89 Days Past Due | Leasing and other and overdrafts | ||
Total Past Due | $ 3,460 | $ 297 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total accruing TDRs | $ 55,150 | $ 61,605 |
Non-accrual TDRs | 20,825 | 28,659 |
Total TDRs | 75,975 | 90,264 |
Residential Mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total accruing TDRs | 21,551 | 24,102 |
Commercial Real Estate [Member] | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total accruing TDRs | 13,330 | 15,685 |
Commercial - secured | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total accruing TDRs | 5,193 | 5,143 |
Real estate – home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total accruing TDRs | 15,068 | 16,665 |
Consumer - direct | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total accruing TDRs | $ 8 | $ 10 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses Troubled Debt Restructuring Modification (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)loans | Dec. 31, 2018USD ($)loans | Dec. 31, 2017USD ($)loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of loans modified during the year (loans) | loans | 83 | 117 | 143 |
Post-Modification Recorded Investment | $ 10,599 | $ 18,375 | $ 29,634 |
Number of Loans, modified during the year that had a post-modification default | 25 | 38 | 40 |
Recorded Investment, modified during the year that had a post-modification default | $ 1,966 | $ 4,963 | $ 5,875 |
Real estate – commercial mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | 0 | 2 | 4 |
Recorded Investment, modified during the year that had a post-modification default | $ 0 | $ 448 | $ 2,152 |
Real estate – commercial mortgage | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of loans modified during the year (loans) | loans | 2 | 6 | 10 |
Post-Modification Recorded Investment | $ 263 | $ 8,261 | $ 2,911 |
Real estate – residential mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | 2 | 5 | 5 |
Recorded Investment, modified during the year that had a post-modification default | $ 521 | $ 717 | $ 577 |
Real estate – residential mortgage | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of loans modified during the year (loans) | loans | 6 | 7 | 10 |
Post-Modification Recorded Investment | $ 2,252 | $ 801 | $ 1,904 |
Commercial - secured | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | 5 | 1 | 6 |
Recorded Investment, modified during the year that had a post-modification default | $ 442 | $ 2,163 | $ 1,571 |
Commercial - secured | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of loans modified during the year (loans) | loans | 16 | 8 | 24 |
Post-Modification Recorded Investment | $ 5,378 | $ 4,226 | $ 15,548 |
Real estate – home equity | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans, modified during the year that had a post-modification default | 18 | 30 | 25 |
Recorded Investment, modified during the year that had a post-modification default | $ 1,003 | $ 1,635 | $ 1,575 |
Real estate – home equity | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of loans modified during the year (loans) | loans | 59 | 96 | 97 |
Post-Modification Recorded Investment | $ 2,706 | $ 5,087 | $ 7,656 |
Construction - commercial residential | Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of loans modified during the year (loans) | loans | 0 | 0 | 2 |
Post-Modification Recorded Investment | $ 0 | $ 0 | $ 1,615 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | ||
Loans and leases receivable, related parties | $ 90.1 | $ 116.4 |
Proceeds from related party debt | 4.2 | |
Repayments of related party debt | $ 30.5 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 557,103 | $ 536,550 |
Less: Accumulated depreciation and amortization | (317,057) | (302,021) |
Premises and equipment, net | 240,046 | 234,529 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 38,836 | 35,160 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 350,609 | 325,831 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 158,064 | 150,566 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 9,594 | $ 24,993 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Line Items] | |||
Increase in goodwill | $ 2,100,000 | ||
Goodwill impairment charges | 0 | $ 0 | $ 0 |
Five Reporting Units | |||
Goodwill [Line Items] | |||
Goodwill | $ 532,700,000 | 530,600,000 | |
Indefinite-lived Intangible Assets (Excluding Goodwill) | $ 1,000,000 |
Mortgage Servicing Rights Summa
Mortgage Servicing Rights Summary of Changes in Mortgage Servicing Rights (Details) - Mortgage - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Amortized cost: | ||
Balance at beginning of year | $ 38,573 | $ 37,663 |
Originations of MSRs | 7,546 | 6,756 |
Amortization | (6,852) | (5,846) |
Balance at end of year | 39,267 | $ 38,573 |
Amortization [Abstract] | ||
2020 | 6,591 | |
2021 | 6,144 | |
2022 | 5,648 | |
2023 | 5,101 | |
2024 | $ 4,499 |
Mortgage Servicing Rights Narra
Mortgage Servicing Rights Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Servicing Assets at Amortized Value [Line Items] | ||
Loans serviced by unrelated third party | $ 4,900,000 | $ 4,800,000 |
Estimated fair value of MSRs | 45,200 | 50,200 |
Mortgage | ||
Servicing Assets at Amortized Value [Line Items] | ||
Amortization expense | $ 6,852 | $ 5,846 |
Deposits (Details)
Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits [Line Items] | ||
Noninterest-bearing demand | $ 4,453,324 | $ 4,310,105 |
Interest-bearing demand | 4,720,188 | 4,240,974 |
Savings and money market accounts | 5,153,941 | 4,926,937 |
Total demand and savings | 14,327,453 | 13,478,016 |
Interest-bearing Domestic Deposit, Brokered | 264,531 | 176,239 |
Time deposits | 2,801,929 | 2,721,904 |
Total Deposits | 17,393,913 | 16,376,159 |
Time Deposits, $250,000 or More | 472,800 | 425,100 |
Maturities of Time Deposits [Abstract] | ||
2020 | 1,636,357 | |
2021 | 529,378 | |
2022 | 436,909 | |
2023 | 109,044 | |
2024 | 43,141 | |
Thereafter | 47,100 | |
Total | 2,801,929 | 2,721,904 |
Certificates of Deposit | ||
Deposits [Line Items] | ||
Time Deposits, $100,000 or More | $ 1,400,000 | $ 1,200,000 |
Short-Term Borrowings and Lon_3
Short-Term Borrowings and Long-Term Debt Short Term (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Short-term Debt [Line Items] | |||
Maximum borrowing capacity | $ 1,700,000 | ||
Short-term borrowings | 883,241 | $ 754,777 | $ 617,524 |
Collateralized borrowings availability at discount window | 334,300 | 505,200 | |
Federal funds purchased | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 0 | 0 | 220,000 |
Maximum month-end outstanding amount | 274,998 | 525,000 | 387,110 |
Short-term FHLB advances | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 500,000 | 385,000 | 0 |
Maximum month-end outstanding amount | 825,000 | 385,000 | 250,000 |
Customer repurchase agreements | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 56,707 | 43,500 | 172,017 |
Maximum month-end outstanding amount | 64,745 | 181,989 | 233,274 |
Customer short-term promissory notes | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | 326,534 | 326,277 | 225,507 |
Maximum month-end outstanding amount | $ 339,461 | $ 365,689 | $ 237,298 |
Short-Term Borrowings and Lon_4
Short-Term Borrowings and Long-Term Debt Repurchase Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Short-term Debt [Line Items] | |||
Amount outstanding as of December 31 | $ 883,241 | $ 754,777 | $ 617,524 |
Customer repurchase agreements | |||
Short-term Debt [Line Items] | |||
Amount outstanding as of December 31 | $ 56,707 | $ 43,500 | $ 172,017 |
Weighted average interest rate as of December 31 | 0.69% | 0.25% | 0.13% |
Average amount outstanding during the year | $ 58,383 | $ 138,198 | $ 188,974 |
Weighted average interest rate during the year | 0.67% | 0.21% | 0.12% |
Short-Term Borrowings and Lon_5
Short-Term Borrowings and Long-Term Debt Long Term (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | $ 881,769 | $ 992,279 |
Short-term FHLB advances | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | $ 491,024 | 601,978 |
Weighted average interest rate | 1.94% | |
Unused borrowing capacity | $ 3,700,000 | |
Subordinated debt | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | 250,000 | 250,000 |
Intercompany revolving line of credit | 75,000 | |
Senior Subordinated Notes | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | 125,000 | 125,000 |
Junior subordinated deferrable interest debentures | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | 16,496 | 16,496 |
Unamortized discounts and issuance costs | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank advances and long-term debt | $ 751 | $ 1,195 |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% |
Short-Term Borrowings and Lon_6
Short-Term Borrowings and Long-Term Debt Maturiities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Short-Term Borrowings and Long-Term Debt [Abstract] | |
2020 | $ 0 |
2021 | 48,441 |
2022 | 210,195 |
2023 | 214,536 |
2024 | 389,694 |
Thereafter | 18,903 |
Long Term Debt Maturities Total | $ 881,769 |
Short-Term Borrowings and Lon_7
Short-Term Borrowings and Long-Term Debt Subordinated Debt (Details) | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Dec. 31, 2019USD ($)subsidiarytrusts | Mar. 31, 2019USD ($) | Sep. 30, 2018USD ($) | Nov. 30, 2014USD ($) | |
Subordinated Debt [Abstract] | |||||
Subsidiary trusts owned by parent | subsidiarytrusts | 3 | ||||
Senior Notes | |||||
Subordinated Debt [Abstract] | |||||
Debt instrument, face amount | $ 125,000,000 | ||||
Effective interest rate | 3.95% | ||||
Stated interest rate | 3.60% | ||||
Junior subordinated deferrable interest debentures | |||||
Subordinated Debt [Abstract] | |||||
Subordinated Debt | $ 16,496,000 | ||||
Junior subordinated deferrable interest debentures | Columbia Bancorp Statutory Trust | |||||
Subordinated Debt [Abstract] | |||||
Interest Rate | 4.59% | ||||
Subordinated Debt | $ 6,186,000 | ||||
Call Price | 1 | ||||
Junior subordinated deferrable interest debentures | Columbia Bancorp Statutory Trust II | |||||
Subordinated Debt [Abstract] | |||||
Interest Rate | 3.78% | ||||
Subordinated Debt | $ 4,124,000 | ||||
Call Price | 1 | ||||
Junior subordinated deferrable interest debentures | Columbia Bancorp Statutory Trust III | |||||
Subordinated Debt [Abstract] | |||||
Interest Rate | 3.66% | ||||
Subordinated Debt | $ 6,186,000 | ||||
Call Price | 1 | ||||
Subordinated debt | |||||
Subordinated Debt [Abstract] | |||||
Debt instrument, face amount | $ 150,000,000 | ||||
Debt instrument, term | 10 years | ||||
Interest Rate | 4.50% | ||||
Effective interest rate | 4.69% | ||||
Subordinated debt | November 2024 Subordinated Debt | |||||
Subordinated Debt [Abstract] | |||||
Effective interest rate | 4.87% | ||||
Subordinated Debt | $ 100,000,000 | ||||
Stated interest rate | 4.50% |
Derivative Financial Instrume_3
Derivative Financial Instruments Notional Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Interest Rate Locks with Customers | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | $ 132,260 | $ 101,700 |
Derivative Assets, at Fair Value | 1,123 | 1,148 |
Interest Rate Locks with Customers | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 9,783 | 1,646 |
Derivative Liabilities, at Fair Value | (53) | (12) |
Forward Commitments | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 75,000 | 1,540 |
Derivative Assets, at Fair Value | 63 | 3 |
Forward Commitments | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 180,000 | 83,562 |
Derivative Liabilities, at Fair Value | (371) | (1,066) |
Interest Rate Swaps with Customers | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 2,903,489 | 1,185,144 |
Derivative Assets, at Fair Value | 143,484 | 33,258 |
Interest Rate Swaps with Customers | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 376,705 | 1,386,046 |
Derivative Liabilities, at Fair Value | (695) | (30,769) |
Interest Rate Swaps with Dealer Counterparties | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 376,705 | 1,386,046 |
Derivative Assets, at Fair Value | 695 | 28,143 |
Interest Rate Swaps with Dealer Counterparties | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 2,903,489 | 1,185,144 |
Derivative Liabilities, at Fair Value | (75,327) | (16,338) |
Foreign Exchange Contracts with Customers | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 3,373 | 5,881 |
Foreign Currency Contract, Asset, Fair Value | 38 | 105 |
Foreign Exchange Contracts with Customers | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 7,283 | 9,690 |
Foreign Currency Contracts, Liability, Fair Value | (154) | (251) |
Foreign Exchange Contracts with Correspondent Banks | Positive fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 9,028 | 9,220 |
Foreign Currency Contract, Asset, Fair Value | 192 | 287 |
Foreign Exchange Contracts with Correspondent Banks | Negative fair values | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Notional Amount | 4,976 | 6,831 |
Foreign Currency Contracts, Liability, Fair Value | $ (45) | $ (130) |
Derivative Financial Instrume_4
Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivatives, Fair Value [Line Items] | |||
Net fair value gains on derivative financial instruments | $ 831 | $ (822) | $ (2,006) |
Mortgage banking derivatives | Mortgage Banking Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on interest rate derivative instruments | 689 | (748) | (1,926) |
Interest Rate Swap | Other expense | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on interest rate derivative instruments | 122 | 1 | (89) |
Foreign Exchange Contracts with Correspondent Banks | Other Income | |||
Derivatives, Fair Value [Line Items] | |||
Gain (loss) on foreign currency derivatives | $ 20 | $ (75) | $ 9 |
Derivative Financial Instrume_5
Derivative Financial Instruments Fair Value Option (Details) - Mortgage Loans Held For Sale - Mortgage Loans Held For Sale - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Cost | $ 37,396 | $ 26,407 |
Fair value | $ 37,828 | $ 27,099 |
Derivative Financial Instrume_6
Derivative Financial Instruments Balance Sheet Offsetting (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Offsetting Assets and Liabilities [Line Items] | ||
Gross asset | $ 144,371 | $ 61,688 |
Financial Instruments | (802) | (13,085) |
Cash collateral | 0 | (23,270) |
Net asset | 143,569 | 25,333 |
Derivative liabilities | 76,067 | 47,237 |
Financial Instruments | (802) | (22,916) |
Cash Collateral | (75,265) | (22,786) |
Net liability | 0 | 1,535 |
Interest Rate Swap | ||
Offsetting Assets and Liabilities [Line Items] | ||
Gross asset | 144,179 | 61,401 |
Financial Instruments | (757) | (12,955) |
Cash collateral | 0 | (23,270) |
Net asset | 143,422 | 25,176 |
Derivative liabilities | 76,022 | 47,107 |
Financial Instruments | (757) | (22,786) |
Cash Collateral | (75,265) | (22,786) |
Net liability | 0 | 1,535 |
Foreign Exchange Contract | ||
Offsetting Assets and Liabilities [Line Items] | ||
Gross asset | 192 | 287 |
Financial Instruments | (45) | (130) |
Cash collateral | 0 | 0 |
Net asset | 147 | 157 |
Derivative liabilities | 45 | 130 |
Financial Instruments | (45) | (130) |
Cash Collateral | 0 | 0 |
Net liability | $ 0 | $ 0 |
Derivative Financial Instrume_7
Derivative Financial Instruments Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Mortgage Loans Held For Sale | |||
Derivative [Line Items] | |||
Gains (losses) related to changes in fair values of mortgage loans held for sale | $ (260) | $ 231 | $ 472 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Amount Available for Dividend Distribution without Affecting Capital Adequacy Requirements | $ 150,000 | |
Maximum Allowed Percentage Of Loans Issued To A Single Affiliate | 10.00% | |
Maximum Allowed Percentage Of Aggregate Loans Issued To All Affiliate | 20.00% | |
Total Capital [Abstract] | ||
Capital | $ 2,179,197 | $ 2,200,257 |
Capital to risk weighted assets | 11.80% | 12.80% |
Capital required for capital adequacy | $ 1,481,425 | $ 1,380,905 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Tier One Risk Based Capital [Abstract] | ||
Tier one risk based capital | $ 1,796,987 | $ 1,764,847 |
Tier one risk based capital to risk weighted assets | 9.70% | 10.20% |
Tier one risk based capital required for capital adequacy | $ 1,111,068 | $ 1,035,679 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% | 6.00% |
CommonEquityTierOneCapitalAbstract [Abstract] | ||
Common equity tier 1 capital | $ 1,796,987 | $ 1,764,847 |
Common equity tier one capital ratio | 9.70% | 10.20% |
Common equity tier one capital required for capital adequacy | $ 833,301 | $ 776,759 |
Common equity tier one capital required for capital adequacy to risk weighted assets | 4.50% | 4.50% |
Tier One Leverage Capital [Abstract] | ||
Tier one leverage capital | $ 1,796,987 | $ 1,764,847 |
Tier one leverage capital to average assets | 8.40% | 9.00% |
Tier one leverage capital required for capital adequacy | $ 850,727 | $ 783,118 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Fulton Bank, N.A. | ||
Total Capital [Abstract] | ||
Capital | $ 2,224,505 | $ 1,319,090 |
Capital to risk weighted assets | 12.10% | 12.10% |
Capital required for capital adequacy | $ 1,473,880 | $ 871,413 |
Capital required for capital adequacy to risk weighted assets | 8.00% | 8.00% |
Capital required to be well capitalized | $ 1,842,350 | $ 1,089,267 |
Capital required to be well capitalized to risk weighted assets | 10.00% | 10.00% |
Tier One Risk Based Capital [Abstract] | ||
Tier one risk based capital | $ 2,058,295 | $ 1,225,797 |
Tier one risk based capital to risk weighted assets | 11.20% | 11.30% |
Tier one risk based capital required for capital adequacy | $ 1,105,410 | $ 653,560 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% | 6.00% |
Tier one risk based capital required to be well capitalized | $ 1,473,880 | $ 871,413 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 8.00% | 8.00% |
CommonEquityTierOneCapitalAbstract [Abstract] | ||
Common equity tier 1 capital | $ 2,014,295 | $ 1,181,797 |
Common equity tier one capital ratio | 10.90% | 10.80% |
Common equity tier one capital required for capital adequacy | $ 829,057 | $ 490,170 |
Common equity tier one capital required for capital adequacy to risk weighted assets | 4.50% | 4.50% |
Common equity tier one capital required to be well-capitalized | $ 1,197,527 | $ 708,023 |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% |
Tier One Leverage Capital [Abstract] | ||
Tier one leverage capital | $ 2,058,295 | $ 1,225,797 |
Tier one leverage capital to average assets | 9.80% | 10.00% |
Tier one leverage capital required for capital adequacy | $ 844,341 | $ 487,992 |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | 4.00% |
Tier one leverage capital required to be well capitalized | $ 1,055,426 | $ 609,989 |
Tier one leverage capital required to be well capitalized to average assets | 5.00% | 5.00% |
Fulton Bank of New Jersey | ||
Total Capital [Abstract] | ||
Capital | $ 418,207 | |
Capital to risk weighted assets | 13.30% | |
Capital required for capital adequacy | $ 250,999 | |
Capital required for capital adequacy to risk weighted assets | 8.00% | |
Capital required to be well capitalized | $ 313,748 | |
Capital required to be well capitalized to risk weighted assets | 10.00% | |
Tier One Risk Based Capital [Abstract] | ||
Tier one risk based capital | $ 378,962 | |
Tier one risk based capital to risk weighted assets | 12.10% | |
Tier one risk based capital required for capital adequacy | $ 188,249 | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% | |
Tier one risk based capital required to be well capitalized | $ 250,999 | |
Tier one risk based capital required to be well capitalized to risk weighted assets | 8.00% | |
CommonEquityTierOneCapitalAbstract [Abstract] | ||
Common equity tier 1 capital | $ 378,962 | |
Common equity tier one capital ratio | 12.10% | |
Common equity tier one capital required for capital adequacy | $ 141,187 | |
Common equity tier one capital required for capital adequacy to risk weighted assets | 4.50% | |
Common equity tier one capital required to be well-capitalized | $ 203,936 | |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | |
Tier One Leverage Capital [Abstract] | ||
Tier one leverage capital | $ 378,962 | |
Tier one leverage capital to average assets | 9.40% | |
Tier one leverage capital required for capital adequacy | $ 162,098 | |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | |
Tier one leverage capital required to be well capitalized | $ 202,623 | |
Tier one leverage capital required to be well capitalized to average assets | 5.00% | |
The Columbia Bank | ||
Total Capital [Abstract] | ||
Capital | $ 266,661 | |
Capital to risk weighted assets | 12.90% | |
Capital required for capital adequacy | $ 165,676 | |
Capital required for capital adequacy to risk weighted assets | 8.00% | |
Capital required to be well capitalized | $ 207,094 | |
Capital required to be well capitalized to risk weighted assets | 10.00% | |
Tier One Risk Based Capital [Abstract] | ||
Tier one risk based capital | $ 242,668 | |
Tier one risk based capital to risk weighted assets | 11.70% | |
Tier one risk based capital required for capital adequacy | $ 124,257 | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% | |
Tier one risk based capital required to be well capitalized | $ 165,676 | |
Tier one risk based capital required to be well capitalized to risk weighted assets | 8.00% | |
CommonEquityTierOneCapitalAbstract [Abstract] | ||
Common equity tier 1 capital | $ 242,668 | |
Common equity tier one capital ratio | 11.70% | |
Common equity tier one capital required for capital adequacy | $ 93,192 | |
Common equity tier one capital required for capital adequacy to risk weighted assets | 4.50% | |
Common equity tier one capital required to be well-capitalized | $ 134,611 | |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | |
Tier One Leverage Capital [Abstract] | ||
Tier one leverage capital | $ 242,668 | |
Tier one leverage capital to average assets | 10.10% | |
Tier one leverage capital required for capital adequacy | $ 96,269 | |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | |
Tier one leverage capital required to be well capitalized | $ 120,336 | |
Tier one leverage capital required to be well capitalized to average assets | 5.00% | |
Lafayette Ambassador Bank | ||
Total Capital [Abstract] | ||
Capital | $ 180,604 | |
Capital to risk weighted assets | 16.00% | |
Capital required for capital adequacy | $ 90,077 | |
Capital required for capital adequacy to risk weighted assets | 8.00% | |
Capital required to be well capitalized | $ 112,596 | |
Capital required to be well capitalized to risk weighted assets | 10.00% | |
Tier One Risk Based Capital [Abstract] | ||
Tier one risk based capital | $ 169,835 | |
Tier one risk based capital to risk weighted assets | 15.10% | |
Tier one risk based capital required for capital adequacy | $ 67,558 | |
Tier one risk based capital required for capital adequacy to risk weighted assets | 6.00% | |
Tier one risk based capital required to be well capitalized | $ 90,077 | |
Tier one risk based capital required to be well capitalized to risk weighted assets | 8.00% | |
CommonEquityTierOneCapitalAbstract [Abstract] | ||
Common equity tier 1 capital | $ 169,835 | |
Common equity tier one capital ratio | 15.10% | |
Common equity tier one capital required for capital adequacy | $ 50,668 | |
Common equity tier one capital required for capital adequacy to risk weighted assets | 4.50% | |
Common equity tier one capital required to be well-capitalized | $ 73,187 | |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | |
Tier One Leverage Capital [Abstract] | ||
Tier one leverage capital | $ 169,835 | |
Tier one leverage capital to average assets | 10.90% | |
Tier one leverage capital required for capital adequacy | $ 62,520 | |
Tier one leverage capital required for capital adequacy to average assets | 4.00% | |
Tier one leverage capital required to be well capitalized | $ 78,150 | |
Tier one leverage capital required to be well capitalized to average assets | 5.00% |
Income Taxes Expense (Benefit)
Income Taxes Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current tax expense: | |||
Federal | $ 32,610 | $ 35,783 | $ 19,553 |
State | 5,204 | 5,352 | 2,617 |
Total | 37,814 | 41,135 | 22,170 |
Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Federal | (1,271) | (16,841) | 39,885 |
State | 1,106 | 283 | 646 |
Total | (165) | (16,558) | 40,531 |
Total income tax expense | $ 37,649 | $ 24,577 | $ 62,701 |
Income Taxes Effective Tax Rate
Income Taxes Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory tax rate | 21.00% | 21.00% | 35.00% |
Tax credit investments | (4.60%) | (6.10%) | (7.80%) |
Tax-exempt income | (3.90%) | (4.10%) | (6.60%) |
Bank owned life insurance | (0.40%) | (0.40%) | (0.40%) |
State income taxes, net of federal benefit | 0.20% | 2.00% | (0.50%) |
Change in valuation allowance | 1.80% | (0.10%) | 1.20% |
Re-measurement of net deferred tax asset due to the Tax Act | 0.00% | (0.30%) | 6.70% |
Executive compensation | 0.00% | 0.10% | 0.10% |
Other, net | 0.20% | (1.60%) | (1.00%) |
Effective income tax rate | 14.30% | 10.50% | 26.70% |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Tax credit carryforwards | $ 43,133 | $ 27,615 |
Allowance for credit losses | 37,081 | 37,906 |
State loss carryforwards | 16,324 | 11,605 |
Other accrued expenses | 8,797 | 7,232 |
Deferred compensation | 7,752 | 7,064 |
Tax credit investments | 6,799 | 4,529 |
Stock-based compensation | 2,930 | 2,743 |
Postretirement and defined benefit plans | 599 | 5,079 |
OTTI | 462 | 1,803 |
Unrealized holding losses on securities | 0 | 12,489 |
Other | 3,784 | 3,855 |
Total gross deferred tax assets | 127,661 | 121,920 |
Deferred Tax Liabilities, Gross [Abstract] | ||
Equipment lease financing | 42,273 | 31,466 |
MSRs | 8,686 | 8,560 |
Premises and equipment | 6,282 | 3,579 |
Acquisition premiums/discounts | 5,266 | 5,294 |
Unrealized holding gains on securities available for sale | 4,223 | 0 |
Intangible assets | 1,136 | 1,292 |
Other | 12,387 | 12,178 |
Total gross deferred tax liabilities | 80,253 | 62,369 |
Net deferred tax asset, before valuation allowance | 47,408 | 59,551 |
Valuation allowance | (16,324) | (11,605) |
Net deferred tax asset | 31,084 | 47,946 |
State and local operating loss carryforwards | 392,000 | $ 347,300 |
Tax credit carryforwards related to TCIs | $ 43,000 |
Income Taxes Unrecognized Benef
Income Taxes Unrecognized Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of year | $ 2,726 | $ 2,550 | $ 2,438 |
Current period tax positions | 292 | 593 | 523 |
Lapse of statute of limitations | (501) | (417) | (411) |
Balance at end of year | 2,517 | 2,726 | $ 2,550 |
Lapse of statute of limitations, approximate reversal next fiscal year | 460 | ||
Unrecognized tax benefits that would impact effective tax rate | 549 | ||
Interest and penalties in income tax expense related to unrecognized tax positions | 22 | 59 | |
Income tax penalties and interest accrued | $ 697 | $ 675 |
Income Taxes Qualified Affordab
Income Taxes Qualified Affordable Housing Projects and Other Tax Credit Investments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Affordable housing tax credit investments, net | $ 153,351 | $ 170,401 | |
Other tax credit investments, net | 64,354 | 72,584 | |
Total TCIs, net | 217,705 | 242,985 | |
Other tax credit liabilities | 16,684 | 23,196 | |
Other tax credit liabilities | 55,105 | 59,823 | |
Total unfunded tax credit commitments and liabilities | 71,789 | 83,019 | |
Affordable housing tax credits and other tax benefits | (30,642) | (30,721) | $ (25,642) |
Other tax credit investment credits and tax benefits | (4,542) | (6,385) | (15,791) |
Amortization of affordable housing investments, net of tax benefit | 22,184 | 21,569 | 16,958 |
Deferred tax expense | 954 | 1,341 | 6,201 |
Total reduction in income tax expense | (12,046) | (14,196) | (18,274) |
Affordable housing tax credits investment | 3,344 | 3,355 | 0 |
Other tax credit investment amortization | 2,677 | 8,094 | 11,028 |
Total amortization of TCIs | $ 6,021 | $ 11,449 | $ 11,028 |
Net Income Per Share (Details)
Net Income Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding (basic) | 166,902 | 175,395 | 174,721 |
Impact of common stock equivalents | 890 | 1,148 | 1,211 |
Weighted average common shares outstanding (diluted) | 167,792 | 176,543 | 175,932 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Before-Tax Amount | |||
Unrealized gain on AFS securities | $ 73,085 | $ (31,235) | $ 16,051 |
Reclassification adjustment for securities gains included in net income | (4,733) | (37) | (9,071) |
Amortization of net unrealized losses on available for sale securities transferred to held to maturity | 8,070 | 2,694 | |
Non-credit related unrealized loss on other-than-temporarily impaired debt securities | (873) | 285 | 285 |
Unrecognized pension and postretirement income (cost) | (1,203) | 1,798 | (937) |
Amortization of net unrecognized pension and postretirement income | 1,316 | 2,116 | 2,092 |
Total Other Comprehensive Income | 75,662 | (24,379) | 8,420 |
Tax Effect | |||
Unrealized gain on AFS securities | (16,166) | 6,909 | (5,619) |
Reclassification adjustment for securities gains included in net income | 1,047 | 7 | 3,177 |
Amortization of net unrealized losses on available for sale securities transferred to held to maturity | (1,785) | (596) | |
Non-credit related unrealized loss on other-than-temporarily impaired debt securities | 193 | (63) | (100) |
Unrecognized pension and postretirement income (cost) | 266 | (398) | 328 |
Amortization of net unrecognized pension and postretirement income | (291) | (468) | (731) |
Total Other Comprehensive Income | (16,736) | 5,391 | (2,945) |
Net of Tax Amount | |||
Unrealized gain on available for sale securities | 56,919 | (24,326) | 10,432 |
Reclassification adjustment for securities gains included in net income | (3,686) | (30) | (5,894) |
Non-credit related unrealized loss on other-than-temporarily impaired debt securities | (680) | 222 | 185 |
Amortization of net unrealized losses on available for sale securities transferred to held to maturity | 6,285 | 2,098 | |
Unrecognized pension and postretirement income | (937) | 1,400 | (609) |
Amortization of net unrecognized pension and postretirement income | 1,025 | 1,648 | 1,361 |
Total Other Comprehensive Income | 58,926 | $ (18,988) | $ 5,475 |
Accounting Standards Update 2019-04 | |||
Before-Tax Amount | |||
Amortization of net unrealized losses on available for sale securities transferred to held to maturity | $ 3,700 |
Shareholders' Equity Changes in
Shareholders' Equity Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Beginning Balance | $ (59,063) | $ (32,974) | $ (38,449) |
Other comprehensive income before reclassifications | 55,302 | (22,704) | 10,008 |
Amounts reclassified from accumulated other comprehensive income (loss) | (2,661) | 1,618 | (4,533) |
Amortization of net unrealized losses on AFS transferred to HTM | 6,285 | 2,098 | |
Reclassification of stranded tax effects | (7,101) | ||
Ending Balance | (137) | (59,063) | (32,974) |
Unrealized Gain (Losses) on Investment Securities Not Other-Than-Temporarily Impaired | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Beginning Balance | (44,654) | (18,509) | (23,047) |
Other comprehensive income before reclassifications | 56,919 | (24,326) | 10,432 |
Amounts reclassified from accumulated other comprehensive income (loss) | (3,686) | (30) | (5,894) |
Amortization of net unrealized losses on AFS transferred to HTM | 6,285 | 2,098 | |
Reclassification of stranded tax effects | (3,887) | ||
Ending Balance | 14,864 | (44,654) | (18,509) |
Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Beginning Balance | 680 | 458 | 273 |
Other comprehensive income before reclassifications | (680) | 222 | 185 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 | 0 | 0 |
Amortization of net unrealized losses on AFS transferred to HTM | 0 | 0 | |
Reclassification of stranded tax effects | 0 | ||
Ending Balance | 0 | 680 | 458 |
Total | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Beginning Balance | (15,089) | (14,923) | (15,675) |
Other comprehensive income before reclassifications | (937) | 1,400 | (609) |
Amounts reclassified from accumulated other comprehensive income (loss) | 1,025 | 1,648 | 1,361 |
Amortization of net unrealized losses on AFS transferred to HTM | 0 | 0 | |
Reclassification of stranded tax effects | (3,214) | ||
Ending Balance | $ (15,001) | $ (15,089) | $ (14,923) |
Shareholders' Equity Common Sto
Shareholders' Equity Common Stock Repurchase Plans (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Oct. 31, 2019 | Mar. 31, 2019 | Nov. 30, 2018 | Nov. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Common stock repurchase amount | $ 111,457,000 | $ 95,308,000 | ||||
Common Stock | October 2019 Stock Repurchase Program | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury stock, value | $ 100,000,000 | |||||
Acquisition of treasury stock (in shares) | 0 | |||||
Percent of common shares outstanding, expected to be delivered | 3.90% | |||||
Common Stock | March 2019 Stock Repurchase Program | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury stock, value | $ 100,000,000 | |||||
Common stock repurchase amount | $ 100,000,000 | |||||
Average cost per share of treasury stock acquired (usd per share) | $ 16.28 | |||||
Acquisition of treasury stock (in shares) | 6,100,000 | |||||
Percent of common shares outstanding, expected to be delivered | 3.50% | |||||
Common Stock | November 2017 Stock Repurchase Program | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury stock, value | $ 50,000,000 | |||||
Common stock repurchase amount | $ 31,500,000 | |||||
Average cost per share of treasury stock acquired (usd per share) | $ 16.71 | |||||
Acquisition of treasury stock (in shares) | 1,900,000 | |||||
Percent of common shares outstanding, expected to be delivered | 2.30% | |||||
Common Stock | November 2018 Stock Repurchase Program | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Treasury stock, value | $ 75,000,000 | |||||
Common stock repurchase amount | $ 75,000,000 | |||||
Average cost per share of treasury stock acquired (usd per share) | $ 15.57 | |||||
Acquisition of treasury stock (in shares) | 706,000 | 4,100,000 | ||||
Percent of common shares outstanding, expected to be delivered | 2.70% |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans Compensation Expense and Related Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 7,413 | $ 7,965 | $ 5,209 |
Tax benefits as a percentage of compensation expense | 21.70% | 33.00% | 76.70% |
Statutory tax rate | 21.00% | 21.00% | 35.00% |
Restricted Stock/RSUs/PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 6,621 | $ 7,124 | $ 4,922 |
Tax benefit | (1,509) | (1,585) | (1,559) |
Total stock-based compensation, net of tax | 5,112 | 5,539 | 3,363 |
Stock Options And Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 7,413 | 7,965 | 5,209 |
Tax benefit | (1,610) | (2,625) | (3,994) |
Total stock-based compensation, net of tax | $ 5,803 | $ 5,340 | $ 1,215 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans Options Activity (Details) - Stock Options - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Options | |||
Outstanding and exercisable as of December 31, 2018 | 658,768 | ||
Exercised | (150,296) | ||
Forfeited | (4,128) | ||
Expired | (4,084) | ||
Outstanding and exercisable as of December 31, 2019 | 500,260 | 658,768 | |
Weighted Average Exercise Price | |||
Outstanding as of December 31, 2013 (usd per share) | $ 10.75 | ||
Exercised (usd per share) | 9.73 | ||
Forfeited (usd per share) | 11.31 | ||
Expired (usd per share) | 5.27 | ||
Outstanding as of December 31, 2014 (usd per share) | $ 11.12 | $ 10.75 | |
Weighted Average Remaining Contractual Term, Outstanding | 3 years 1 month 6 days | ||
Additional Disclosures [Abstract] | |||
Outstanding, Aggregate Intrinsic Value | $ 3,200,000 | ||
Number of options exercised | 150,296 | $ 214,845 | $ 411,292 |
Total intrinsic value of options exercised | 1,028,000 | 1,616,000 | 2,955,000 |
Cash received from options exercised | 1,446,000 | 2,210,000 | 4,644,000 |
Tax benefit from options exercised | $ 188,000 | $ 291,000 | $ 989,000 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans Nonvested (Details) - Restricted Stock/RSUs/PSUs | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Options | |
Nonvested as of December 31, 2018 | shares | 1,368,493 |
Granted | shares | 454,951 |
Vested | shares | (407,872) |
Forfeited | shares | (43,236) |
Nonvested as of December 31, 2019 | shares | 1,372,336 |
Weighted Average Grant Date Fair Value | |
Nonvested as of December 31, 2013 (usd per share) | $ / shares | $ 15.49 |
Granted (usd per share) | $ / shares | 15.51 |
Vested (usd per share) | $ / shares | 12.38 |
Forfeited (usd per share) | $ / shares | 16.61 |
Nonvested as of December 31, 2014 (usd per share) | $ / shares | $ 16.39 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans Assumptions (Details) - Restricted Stock/RSUs/PSUs | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 2.27% | 2.63% | 1.43% |
Volatility of Corporation’s stock | 23.00% | 23.50% | 22.45% |
Expected life of options | 3 years | 3 years | 3 years |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans ESPP (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | |||
Percentage of fair value at purchase date | 85.00% | ||
Discount from market price, purchase date | 15.00% | ||
ESPP shares purchased | 136,576 | 110,200 | 98,000 |
Average purchase price per share (85% of market value) | $ 14.03 | $ 14.74 | $ 15.28 |
Compensation expense recognized (in thousands) | $ 338 | $ 287 | $ 261 |
Stock-Based Compensation Plan_7
Stock-Based Compensation Plans Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Statutory tax rate | 21.00% | 21.00% | 35.00% |
Total unrecognized compensation cost | $ 10.1 | ||
Weighted average period for recognition of compensation expense | 2 years | ||
Percentage of fair value at purchase date | 85.00% | ||
Discount from market price, purchase date | 15.00% | ||
Employee Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future grants under the stock option and compensation plan | 10,100,000 | ||
Directors' Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future grants under the stock option and compensation plan | 260,000 | ||
Restricted Stock/RSUs/PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted average grant date fair value, options granted (in dollars per share) | $ 16.83 | $ 12.92 | $ 17.25 |
Expected life of options | 3 years | 3 years | 3 years |
Employee Benefit Plans Benefits
Employee Benefit Plans Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Retirement plan and pension plan, total | $ 11,460 | $ 11,917 | $ 12,289 |
Amount to be amortized from accumulated other comprehensive income (loss) in next twelve months | 2,100 | ||
Other Postretirement Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension Plan | (495) | (502) | (497) |
Other Postretirement Benefit Plan | 401k Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
401(k) Retirement Plan | $ 8,976 | 8,482 | 8,121 |
Maximum percentage of eligible employee’s covered compensation | 5.00% | ||
Percentage of plan vested | 100.00% | ||
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension Plan | $ 2,484 | $ 3,435 | $ 4,168 |
Employee Benefit Plans Net Peri
Employee Benefit Plans Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 3,257 | $ 3,053 | $ 3,320 |
Expected return on assets | (2,754) | (2,047) | (1,804) |
Net amortization and deferral | 1,981 | 2,429 | 2,652 |
Net periodic benefit cost | 2,484 | 3,435 | 4,168 |
Other Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 61 | 57 | 68 |
Net amortization and deferral | (556) | (559) | (565) |
Net periodic benefit cost | $ (495) | $ (502) | $ (497) |
Employee Benefit Plans Projecte
Employee Benefit Plans Projected Benefit Obligation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 57,825 | ||
Fair value of plan assets at end of year | $ 83,676 | $ 57,825 | |
Other Postretirement Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Percentage of Increase threshold using citigroup average life discount rate table | 0.25% | ||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | $ 1,520 | 1,700 | |
Interest cost | 61 | 57 | $ 68 |
Benefit payments | (187) | (205) | |
Change in assumptions | 39 | (67) | |
Experience (loss) gain | (17) | (35) | |
Projected benefit obligation at end of year | 1,450 | 1,520 | 1,700 |
Pension Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | 79,426 | 89,482 | |
Interest cost | 3,257 | 3,053 | 3,320 |
Benefit payments | (4,114) | (5,796) | |
Change in assumptions | 8,259 | (8,051) | |
Experience (loss) gain | (624) | 738 | |
Projected benefit obligation at end of year | 86,204 | 79,426 | 89,482 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 57,825 | 54,061 | |
Actual return on plan assets | 9,210 | (3,482) | |
Fair value of plan assets at end of year | 83,676 | 57,825 | $ 54,061 |
Employer contributions | $ 20,755 | $ 13,042 |
Employee Benefit Plans Funded S
Employee Benefit Plans Funded Status (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 83,676 | $ 57,825 | |
Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Projected benefit obligation | (86,204) | (79,426) | $ (89,482) |
Fair value of plan assets | 83,676 | 57,825 | 54,061 |
Funded status | (2,528) | (21,601) | |
Other Postretirement Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Projected benefit obligation | $ (1,450) | $ (1,520) | $ (1,700) |
Employee Benefit Plans Unrecogn
Employee Benefit Plans Unrecognized loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | $ (59,063) | $ (32,974) | $ (38,449) |
Unrecognized gains arising in current year | (937) | 1,400 | (609) |
Ending Balance | (137) | (59,063) | (32,974) |
Total | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (15,089) | (14,923) | (15,675) |
Ending Balance | (15,001) | (15,089) | (14,923) |
Pension Plans | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | |||
Before tax | |||
AOCI before Tax, Attributable to Parent | 24,347 | 28,559 | |
Reclass adjustment for postretirement plan gain included in net income | (1,981) | (2,429) | |
Tax Cuts and Jobs Act, Measurement Period Adjustment, Change in Tax Rate, Before Tax | 0 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 1,180 | (1,783) | |
AOCI before Tax, Attributable to Parent | 23,546 | 24,347 | 28,559 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 18,961 | 18,564 | |
Tax Cuts and Jobs Act, Measurement Period Adjustment, Change in Tax Rate, Net Of Tax | 3,678 | ||
Recognized component of periodic pension cost | (1,543) | (1,892) | |
Unrecognized gains arising in current year | 919 | (1,389) | |
Ending Balance | 18,337 | 18,961 | 18,564 |
Other Postretirement Benefit Plans | Accumulated Defined Benefit Plans Adjustment, Net Prior Service Cost [Member] | |||
Before tax | |||
AOCI before Tax, Attributable to Parent | (3,940) | (4,404) | |
Reclass adjustment for postretirement plan gain included in net income | 464 | 464 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, before Tax | 0 | ||
Tax Cuts and Jobs Act, Measurement Period Adjustment, Change in Tax Rate, Before Tax | 0 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 0 | ||
AOCI before Tax, Attributable to Parent | (3,476) | (3,940) | (4,404) |
Other Postretirement Benefit Plans | Accumulated Defined Benefit Plans Adjustment, Net Unamortized Gain (Loss) [Member] | |||
Before tax | |||
AOCI before Tax, Attributable to Parent | (1,096) | (1,159) | |
Reclass adjustment for postretirement plan gain included in net income | 92 | 95 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, before Tax | (32) | ||
Tax Cuts and Jobs Act, Measurement Period Adjustment, Change in Tax Rate, Before Tax | 0 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 56 | ||
AOCI before Tax, Attributable to Parent | (948) | (1,096) | (1,159) |
Other Postretirement Benefit Plans | Total | |||
Before tax | |||
AOCI before Tax, Attributable to Parent | (5,036) | (5,563) | |
Reclass adjustment for postretirement plan gain included in net income | 556 | 559 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, before Tax | (32) | ||
Tax Cuts and Jobs Act, Measurement Period Adjustment, Change in Tax Rate, Before Tax | 0 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 56 | ||
AOCI before Tax, Attributable to Parent | (4,424) | (5,036) | (5,563) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (3,928) | (3,617) | |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI, Pension and Other Postretirement Benefit Plans, Prior to Curtailment, Net of Tax | 435 | ||
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, Net of Tax | (25) | ||
Tax Cuts and Jobs Act, Measurement Period Adjustment, Change in Tax Rate, Net Of Tax | (721) | ||
Recognized component of periodic pension cost | 433 | ||
Unrecognized gains arising in current year | 44 | ||
Ending Balance | $ (3,451) | $ (3,928) | $ (3,617) |
Employee Benefit Plans Rates (D
Employee Benefit Plans Rates (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate-projected benefit obligation | 3.25% | 4.25% | 3.50% |
Expected long-term rate of return on plan assets | 5.00% | 5.00% | 5.00% |
Other Postretirement Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate-projected benefit obligation | 3.25% | 4.25% | 3.50% |
Expected long-term rate of return on plan assets | 3.00% | 3.00% | 3.00% |
Percentage of Increase threshold using citigroup average life discount rate table | 0.25% |
Employee Benefit Plans Fair Val
Employee Benefit Plans Fair Value Of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 83,676 | $ 57,825 | |
Actual plan asset allocations | 100.00% | 100.00% | |
Equity securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 38,187 | $ 27,594 | |
Actual plan asset allocations | 45.60% | 47.70% | |
Equity Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 26,377 | $ 18,532 | |
Mutual Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 11,810 | 9,062 | |
Debt securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 41,754 | $ 25,262 | |
Actual plan asset allocations | 49.90% | 43.70% | |
Money Market Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 21,182 | $ 10,754 | |
Fixed Income Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 14,370 | 11,523 | |
Corporate debt securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 3,124 | 2,985 | |
US Government Agencies Debt Securities | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | 3,078 | 0 | |
Other Alternative Investment Mutual Funds | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 3,735 | $ 4,969 | |
Actual plan asset allocations | 4.50% | 8.60% | |
Other Postretirement Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Defined Benefit Plan, Benefit Obligation | $ 1,450 | $ 1,520 | $ 1,700 |
Employee Benefit Plans Expected
Employee Benefit Plans Expected benefits (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Pension Plans | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2020 | $ 4,239 |
2021 | 4,395 |
2022 | 4,454 |
2023 | 4,569 |
2024 | 4,651 |
2025-2029 | 24,330 |
Defined Benefit Plan Expected Future Benefit Payments | 46,638 |
Other Postretirement Benefit Plans | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2020 | 178 |
2021 | 165 |
2022 | 153 |
2023 | 140 |
2024 | 128 |
2025-2029 | 481 |
Defined Benefit Plan Expected Future Benefit Payments | $ 1,245 |
Leases - Costs and Supplemental
Leases - Costs and Supplemental Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 18,852 |
Variable lease expense | 2,924 |
Sublease income | (791) |
Total lease expense | 20,985 |
ROU assets | 102,779 |
Lease liabilities | $ 109,608 |
Weighted average remaining lease term | 8 years 1 month 6 days |
Weighted average discount rate | 3.05% |
Cash paid for amounts included in the measurement of lease liabilities | $ 18,563 |
ROU assets obtained in exchange for lease obligations | $ 117,496 |
Leases - Lease Payment Obligati
Leases - Lease Payment Obligations (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 18,695 |
2021 | 17,582 |
2022 | 16,278 |
2023 | 14,106 |
2024 | 12,410 |
Thereafter | 42,394 |
Total lease payments | 121,465 |
Less: imputed interest | (11,857) |
Present value of lease liabilities | $ 109,608 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Millions | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 18 |
2020 | 17.3 |
2021 | 15.7 |
2022 | 13.7 |
2023 | 11.4 |
Thereafter | $ 43.3 |
Outstanding Commitments to Exte
Outstanding Commitments to Extend Credit and Letters of Credit (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Commercial, industrial, financial and agricultural | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 3,997,401 | $ 3,642,545 |
Real estate - home equity | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 1,523,494 | 1,475,066 |
Commerical mortgage and construction | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 1,168,624 | 1,188,972 |
Total commitments to extend credit | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 6,689,519 | 6,306,583 |
Standby letters of credit | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 303,020 | 309,352 |
Commercial letters of credit | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | 50,432 | 48,682 |
Letter of Credit [Member] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 353,452 | $ 358,034 |
Commitments and Contingencies N
Commitments and Contingencies Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Reserve for Off-balance Sheet Activities | Residential Mortgage | ||
Loss Contingencies [Line Items] | ||
Valuation allowances and reserves | $ 3.2 | $ 2.1 |
Fair Value Measurements Assets
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Available for sale investment securities | $ 2,497,537 | $ 2,080,294 |
Derivative liabilities | 76,067 | 47,237 |
State and municipal securities | ||
Available for sale investment securities | 652,927 | |
Corporate debt securities | ||
Available for sale investment securities | 377,357 | |
Collateralized mortgage obligations | ||
Available for sale investment securities | 693,718 | |
Residential mortgage-backed securities | ||
Available for sale investment securities | 177,312 | |
Commercial mortgage-backed securities | ||
Available for sale investment securities | 494,297 | |
Auction rate securities | ||
Available for sale investment securities | 101,926 | |
Fair Value, Measurements, Recurring | ||
Loans held for sale | 37,828 | 27,099 |
Available for sale investment securities | 2,497,537 | 2,080,294 |
Investments held in Rabbi Trust | 22,213 | 18,415 |
Total assets | 145,595 | 62,944 |
Total assets | 2,703,173 | 2,188,752 |
Deferred compensation liabilities | 22,213 | 18,415 |
Derivative liabilities | 76,646 | 48,566 |
Total liabilities | 98,859 | |
Total liabilities | 66,981 | |
Fair Value, Measurements, Recurring | U.S. Government sponsored agency securities | ||
Available for sale investment securities | 31,632 | |
Fair Value, Measurements, Recurring | State and municipal securities | ||
Available for sale investment securities | 652,927 | 279,095 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Available for sale investment securities | 377,357 | 109,533 |
Fair Value, Measurements, Recurring | Collateralized mortgage obligations | ||
Available for sale investment securities | 693,718 | 832,080 |
Fair Value, Measurements, Recurring | Residential mortgage-backed securities | ||
Available for sale investment securities | 177,312 | 463,344 |
Fair Value, Measurements, Recurring | Commercial mortgage-backed securities | ||
Available for sale investment securities | 494,297 | 261,616 |
Fair Value, Measurements, Recurring | Auction rate securities | ||
Available for sale investment securities | 101,926 | 102,994 |
Fair Value, Measurements, Recurring | Level 1 | ||
Loans held for sale | 0 | 0 |
Available for sale investment securities | 0 | 0 |
Investments held in Rabbi Trust | 22,213 | 18,415 |
Total assets | 230 | 392 |
Total assets | 22,443 | 18,807 |
Deferred compensation liabilities | 22,213 | 18,415 |
Derivative liabilities | 199 | 381 |
Total liabilities | 22,412 | |
Total liabilities | 18,796 | |
Fair Value, Measurements, Recurring | Level 1 | U.S. Government sponsored agency securities | ||
Available for sale investment securities | 0 | |
Fair Value, Measurements, Recurring | Level 1 | State and municipal securities | ||
Available for sale investment securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Corporate debt securities | ||
Available for sale investment securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Collateralized mortgage obligations | ||
Available for sale investment securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Residential mortgage-backed securities | ||
Available for sale investment securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Commercial mortgage-backed securities | ||
Available for sale investment securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | Auction rate securities | ||
Available for sale investment securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Loans held for sale | 37,828 | 27,099 |
Available for sale investment securities | 2,393,211 | 1,974,025 |
Investments held in Rabbi Trust | 0 | 0 |
Total assets | 145,365 | 62,552 |
Total assets | 2,576,404 | 2,063,676 |
Deferred compensation liabilities | 0 | 0 |
Derivative liabilities | 76,447 | 48,185 |
Total liabilities | 76,447 | |
Total liabilities | 48,185 | |
Fair Value, Measurements, Recurring | Level 2 | U.S. Government sponsored agency securities | ||
Available for sale investment securities | 31,632 | |
Fair Value, Measurements, Recurring | Level 2 | State and municipal securities | ||
Available for sale investment securities | 652,927 | 279,095 |
Fair Value, Measurements, Recurring | Level 2 | Corporate debt securities | ||
Available for sale investment securities | 374,957 | 106,258 |
Fair Value, Measurements, Recurring | Level 2 | Collateralized mortgage obligations | ||
Available for sale investment securities | 693,718 | 832,080 |
Fair Value, Measurements, Recurring | Level 2 | Residential mortgage-backed securities | ||
Available for sale investment securities | 177,312 | 463,344 |
Fair Value, Measurements, Recurring | Level 2 | Commercial mortgage-backed securities | ||
Available for sale investment securities | 494,297 | 261,616 |
Fair Value, Measurements, Recurring | Level 2 | Auction rate securities | ||
Available for sale investment securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | ||
Loans held for sale | 0 | 0 |
Available for sale investment securities | 104,326 | 106,269 |
Investments held in Rabbi Trust | 0 | |
Total assets | 0 | 0 |
Total assets | 104,326 | 106,269 |
Deferred compensation liabilities | 0 | 0 |
Derivative liabilities | 0 | 0 |
Total liabilities | 0 | |
Total liabilities | 0 | |
Fair Value, Measurements, Recurring | Level 3 | U.S. Government sponsored agency securities | ||
Available for sale investment securities | 0 | |
Fair Value, Measurements, Recurring | Level 3 | State and municipal securities | ||
Available for sale investment securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Corporate debt securities | ||
Available for sale investment securities | 2,400 | 3,275 |
Fair Value, Measurements, Recurring | Level 3 | Collateralized mortgage obligations | ||
Available for sale investment securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Residential mortgage-backed securities | ||
Available for sale investment securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Commercial mortgage-backed securities | ||
Available for sale investment securities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | Auction rate securities | ||
Available for sale investment securities | $ 101,926 | $ 102,994 |
Fair Value Measurements Changes
Fair Value Measurements Changes in Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Level 3 Inputs (Details) - Fair Value, Measurements, Recurring - Level 3 - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pooled trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | $ 875 | $ 707 |
Realized adjustments to fair value | 0 | |
Unrealized adjustment to fair value | (105) | 168 |
Sales | (770) | |
Discount accretion | 0 | 0 |
Balance, end of period | 0 | 875 |
Single-issuer trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 2,400 | 3,050 |
Realized adjustments to fair value | 71 | |
Unrealized adjustment to fair value | (4) | 221 |
Sales | 0 | |
Discount accretion | 4 | 8 |
Balance, end of period | 2,400 | 2,400 |
Auction rate securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning of period | 102,994 | 98,668 |
Realized adjustments to fair value | 0 | |
Unrealized adjustment to fair value | (1,068) | 4,326 |
Sales | 0 | |
Discount accretion | 0 | 0 |
Balance, end of period | $ 101,926 | 102,994 |
Call Option | Pooled trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Settlements - calls | 0 | |
Call Option | Single-issuer trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Settlements - calls | (950) | |
Call Option | Auction rate securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Settlements - calls | $ 0 |
Fair Value Measurements Asset_2
Fair Value Measurements Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other real estate owned (OREO) | $ 6,831 | $ 10,518 |
Fair Value, Nonrecurring [Member] | ||
Net loans and leases | 144,807 | 149,846 |
Total assets | 196,831 | 210,564 |
Fair Value, Nonrecurring [Member] | Level 3 | ||
Other real estate owned (OREO) | 6,831 | 10,518 |
Net MSRs at end of year | $ 45,193 | $ 50,200 |
Fair Value Measurements Details
Fair Value Measurements Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Available for sale investment securities | $ 2,497,537 | $ 2,080,294 |
Held to maturity investment securities | 383,705 | |
FHLB advances and long-term debt | 881,769 | 992,279 |
Book Value | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and cash equivalents | 517,791 | 445,687 |
FRB and FHLB stock | 97,422 | 79,283 |
Loans held for sale | 37,828 | 27,099 |
Available for sale investment securities | 2,497,537 | 2,080,294 |
Held to maturity investment securities | 369,841 | 606,679 |
Net loans and leases | 16,673,904 | 16,005,263 |
Accrued interest receivable | 60,898 | 58,879 |
Total assets | 431,565 | 235,782 |
Demand and savings deposits | 14,327,453 | 13,478,016 |
Brokered deposits | 264,531 | 176,239 |
Time deposits | 2,801,930 | 2,721,904 |
Short-term borrowings | 883,241 | 754,777 |
Accrued interest payable | 8,834 | 10,529 |
FHLB advances and long-term debt | 881,769 | 992,279 |
Other liabilities | 221,542 | 218,061 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and cash equivalents | 517,791 | 445,687 |
FRB and FHLB stock | 97,422 | 79,283 |
Loans held for sale | 37,828 | 27,099 |
Available for sale investment securities | 2,497,537 | 2,080,294 |
Held to maturity investment securities | 383,705 | 611,419 |
Net loans and leases | 16,485,122 | 15,446,895 |
Accrued interest receivable | 60,898 | 58,879 |
Total assets | 431,565 | 235,782 |
Demand and savings deposits | 14,327,453 | 13,478,016 |
Brokered deposits | 264,531 | 176,239 |
Time deposits | 2,828,988 | 2,712,296 |
Short-term borrowings | 883,241 | 754,777 |
Accrued interest payable | 8,834 | 10,529 |
FHLB advances and long-term debt | 878,385 | 970,985 |
Other liabilities | 221,542 | 218,061 |
Level 1 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and cash equivalents | 517,791 | 445,687 |
FRB and FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Available for sale investment securities | 0 | 0 |
Held to maturity investment securities | 0 | 611,419 |
Net loans and leases | 0 | 0 |
Accrued interest receivable | 60,898 | 58,879 |
Total assets | 234,176 | 124,138 |
Demand and savings deposits | 14,327,453 | 13,478,016 |
Brokered deposits | 223,982 | 176,239 |
Time deposits | 0 | 0 |
Short-term borrowings | 883,241 | 754,777 |
Accrued interest payable | 8,834 | 10,529 |
FHLB advances and long-term debt | 0 | 0 |
Other liabilities | 142,508 | 161,003 |
Level 2 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and cash equivalents | 0 | 0 |
FRB and FHLB stock | 97,422 | 79,283 |
Loans held for sale | 37,828 | 27,099 |
Available for sale investment securities | 2,393,211 | 1,974,025 |
Held to maturity investment securities | 383,705 | 0 |
Net loans and leases | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Total assets | 145,365 | 62,552 |
Demand and savings deposits | 0 | 0 |
Brokered deposits | 40,549 | 0 |
Time deposits | 2,828,988 | 2,712,296 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
FHLB advances and long-term debt | 878,385 | 970,985 |
Other liabilities | 76,447 | 48,185 |
Level 3 | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and cash equivalents | 0 | 0 |
FRB and FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
Available for sale investment securities | 104,326 | 106,269 |
Held to maturity investment securities | 0 | 0 |
Net loans and leases | 16,485,122 | 15,446,895 |
Accrued interest receivable | 0 | 0 |
Total assets | 52,024 | 49,092 |
Demand and savings deposits | 0 | 0 |
Brokered deposits | 0 | 0 |
Time deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
FHLB advances and long-term debt | 0 | 0 |
Other liabilities | $ 2,587 | $ 8,873 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Equity securities, value test coverage | 95.00% | |
Fair value price difference threshold | 5.00% | |
Estimated Fair Value | $ 2,497,537 | $ 2,080,294 |
Other real estate owned (OREO) | $ 6,831 | 10,518 |
Assumed market return to liquidity | 5 years | |
Weighted average period for recognition of compensation expense | 2 years | |
Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assumptions used to estimate fair value, prepayment speed | 10.50% | |
Assumptions used to estimate fair value, discount rate | 9.50% | |
Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | $ 2,497,537 | 2,080,294 |
Total assets | 145,595 | 62,944 |
Total liabilities | 98,859 | |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Total assets | 230 | 392 |
Total liabilities | 22,412 | |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 2,393,211 | 1,974,025 |
Total assets | 145,365 | 62,552 |
Total liabilities | 76,447 | |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 104,326 | 106,269 |
Total assets | 0 | 0 |
Total liabilities | 0 | |
Fair Value, Measurements, Recurring | Foreign Exchange Contract | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total liabilities | 199 | 381 |
Fair Value, Measurements, Recurring | Foreign Exchange Contract | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total assets | 230 | 392 |
Fair Value, Measurements, Recurring | Forward Commitments | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total assets | 1,200 | 1,200 |
Total liabilities | 424 | 1,100 |
Fair Value, Measurements, Recurring | Interest Rate Swap | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total assets | 144,200 | 61,400 |
Total liabilities | 76,000 | 47,100 |
Corporate debt securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 377,357 | |
Corporate debt securities | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 377,357 | 109,533 |
Corporate debt securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Corporate debt securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 374,957 | 106,258 |
Corporate debt securities | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 2,400 | 3,275 |
Financial Institutions Subordinated Debt | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 362,300 | 86,100 |
Single-issuer trust preferred securities | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 11,200 | 18,600 |
Single-issuer trust preferred securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 8,800 | 16,300 |
Single-issuer trust preferred securities | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 2,400 | |
Pooled trust preferred securities | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 0 | 875 |
Other Corporate Debt | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | $ 3,900 | $ 3,900 |
Condensed Financial Informati_3
Condensed Financial Information - Parent Company Only Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets [Abstract] | ||||
Other assets | $ 855,470 | $ 612,883 | ||
Investments in: | ||||
Total Assets | 21,886,040 | 20,682,152 | ||
Other liabilities | 376,107 | 300,835 | ||
Total Liabilities | 19,543,864 | 18,434,579 | ||
Shareholders' Equity [Abstract] | ||||
Shareholders’ equity | 2,342,176 | 2,247,573 | $ 2,229,857 | $ 2,121,115 |
Total Liabilities and Shareholders’ Equity | 21,886,040 | 20,682,152 | ||
Parent | ||||
Assets [Abstract] | ||||
Cash and cash equivalents | 10,841 | 30,941 | $ 22,857 | $ 8,568 |
Other assets | 1,087 | 7,072 | ||
Receivable from subsidiaries | 78,025 | 51,646 | ||
Investments in: | ||||
Bank subsidiary (1) | 2,555,448 | 2,451,651 | ||
Non-bank subsidiaries | 419,145 | 425,670 | ||
Total Assets | 3,064,546 | 2,966,980 | ||
Long-term debt | 387,756 | 386,913 | ||
Payable to non-bank subsidiaries | 276,768 | 247,801 | ||
Other liabilities | 57,846 | 84,693 | ||
Total Liabilities | 722,370 | 719,407 | ||
Shareholders' Equity [Abstract] | ||||
Shareholders’ equity | 2,342,176 | 2,247,573 | ||
Total Liabilities and Shareholders’ Equity | $ 3,064,546 | $ 2,966,980 |
Condensed Financial Informati_4
Condensed Financial Information - Parent Company Only Income statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||
Total Non-Interest Income | $ 216,160 | $ 195,525 | $ 207,974 |
Income Before Income Taxes | 263,988 | 232,970 | 234,454 |
Income tax benefit | 37,649 | 24,577 | 62,701 |
Net Income | 226,339 | 208,393 | 171,753 |
Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from subsidiaries | 209,000 | 150,000 | 66,500 |
Other (1) | 191,978 | 188,165 | 171,490 |
Total Non-Interest Income | 400,978 | 338,165 | 237,990 |
Expenses | 218,837 | 210,333 | 199,981 |
Income Before Income Taxes | 182,141 | 127,832 | 38,009 |
Income tax benefit | (5,798) | (7,100) | (5,448) |
Income before equity in undistributed income of subsidiaries | 187,939 | 134,932 | 43,457 |
Net Income | 226,339 | 208,393 | 171,753 |
Parent | Bank subsidiary (1) | |||
Condensed Financial Statements, Captions [Line Items] | |||
Non-bank subsidiaries | 44,926 | 74,631 | 111,226 |
Parent | Non-bank subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Non-bank subsidiaries | $ (6,526) | $ (1,170) | $ 17,070 |
Condensed Financial Informati_5
Condensed Financial Information - Parent Company Only Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows From Operating Activities: | |||
Net Income | $ 226,339 | $ 208,393 | $ 171,753 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities [Abstract] | |||
Amortization of issuance costs and discounts on long-term debt | 842 | 813 | 845 |
Stock-based compensation | 7,413 | 7,965 | 5,209 |
Increase in other liabilities and payable to non-bank subsidiaries | (195,903) | (31,153) | (17,369) |
Total adjustments | (98,626) | 88,427 | 116,005 |
Net cash provided by operating activities | 127,713 | 296,820 | 287,758 |
Cash Flows From Investing Activities | |||
Net cash used in investing activities | (893,346) | (740,717) | (1,135,331) |
Cash Flows From Financing Activities: | |||
Repayments of long-term debt | (596,056) | (100,165) | (115,153) |
Additions to long-term debt | 485,000 | 50,000 | 223,251 |
Net proceeds from issuance of common stock | 6,362 | 6,735 | 8,538 |
Dividends paid | (92,330) | (89,654) | (80,368) |
Acquisition of treasury stock | (111,457) | (95,308) | 0 |
Net cash provided by financing activities | 837,737 | 487,488 | 897,143 |
Parent | |||
Cash Flows From Operating Activities: | |||
Net Income | 226,339 | 208,393 | 171,753 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities [Abstract] | |||
Amortization of issuance costs and discounts on long-term debt | 842 | 813 | 845 |
Stock-based compensation | 7,413 | 7,967 | 4,740 |
(Increase) decrease in other assets | (20,449) | 6,327 | (17,882) |
Equity in undistributed net income of subsidiaries | (38,400) | (73,460) | (128,298) |
Increase in other liabilities and payable to non-bank subsidiaries | 1,580 | 36,273 | 31,241 |
Total adjustments | (49,014) | (22,080) | (109,354) |
Net cash provided by operating activities | 177,325 | 186,313 | 62,399 |
Cash Flows From Investing Activities | |||
Net cash used in investing activities | 0 | 0 | 0 |
Cash Flows From Financing Activities: | |||
Repayments of long-term debt | 0 | 0 | (100,000) |
Additions to long-term debt | 0 | 0 | 123,251 |
Net proceeds from issuance of common stock | 6,362 | 6,733 | 9,007 |
Dividends paid | (92,330) | (89,654) | (80,368) |
Acquisition of treasury stock | (111,457) | (95,308) | 0 |
Net cash provided by financing activities | (197,425) | (178,229) | (48,110) |
Net (Decrease) Increase in Cash and Cash Equivalents | (20,100) | 8,084 | 14,289 |
Cash and Cash Equivalents at Beginning of Year | 30,941 | 22,857 | 8,568 |
Cash and Cash Equivalents at End of Year | $ 10,841 | $ 30,941 | $ 22,857 |