Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 30, 2020 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
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, City or Town | Lancaster, | |
Entity Address, State or Province | PA | |
Entity Address, Postal Zip Code | 17602 | |
City Area Code | 717 | |
Local Phone Number | 291-2411 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 162,250,000 | |
Entity Central Index Key | 0000700564 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Common Stock, par value $2.50 | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $2.50 | |
Trading Symbol | FULT | |
Security Exchange Name | NASDAQ | |
Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A* | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A* | |
Trading Symbol | FULTP | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 139,304 | $ 132,283 |
Interest-bearing deposits with other banks | 1,395,586 | 385,508 |
Cash and cash equivalents | 1,534,890 | 517,791 |
FRB and FHLB stock | 93,964 | 97,422 |
Loans held for sale | 93,621 | 37,828 |
AFS, at estimated fair value | 2,793,480 | 2,497,537 |
HTM, at amortized cost | 304,241 | 369,841 |
Loans | 19,028,621 | 16,837,526 |
Less: ACL - loans | (266,825) | (163,622) |
Net Loans | 18,761,796 | 16,673,904 |
Premises and equipment | 236,943 | 240,046 |
Accrued interest receivable | 70,766 | 60,898 |
Goodwill and intangible assets | 534,907 | 535,303 |
Other assets | 1,118,673 | 855,470 |
Total Assets | 25,543,281 | 21,886,040 |
LIABILITIES | ||
Noninterest-bearing | 6,378,077 | 4,453,324 |
Interest-bearing | 14,351,974 | 12,940,589 |
Total Deposits | 20,730,051 | 17,393,913 |
Short-term borrowings | 611,727 | 883,241 |
Accrued interest payable | 9,123 | 8,834 |
Other liabilities | 506,107 | 376,107 |
Federal Home Loan Bank advances and long-term debt | 1,296,012 | 881,769 |
Total Liabilities | 23,153,020 | 19,543,864 |
SHAREHOLDERS’ EQUITY | ||
Common stock, $2.50 par value, 600 million shares authorized, 223.1 million shares issued in 2020 and 222.4 million issued in 2019 | 557,718 | 556,110 |
Additional paid-in capital | 1,505,730 | 1,499,681 |
Retained earnings | 1,099,684 | 1,079,391 |
Accumulated other comprehensive gain (loss) | 56,954 | (137) |
Treasury stock, at cost, 61.0 million shares in 2020 and 58.3 million shares in 2019 | (829,825) | (792,869) |
Total Shareholders’ Equity | 2,390,261 | 2,342,176 |
Total Liabilities and Shareholders’ Equity | $ 25,543,281 | $ 21,886,040 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 2.50 | $ 2.50 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 223,100,000 | 222,400,000 |
Treasury stock, shares (in shares) | 61,000,000 | 58,300,000 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
INTEREST INCOME | ||||
Loans, including fees | $ 158,804 | $ 186,001 | $ 493,256 | $ 558,055 |
Investment securities: | ||||
Taxable | 13,150 | 15,565 | 44,615 | 46,935 |
Tax-exempt | 5,449 | 3,673 | 15,481 | 10,222 |
Loans held for sale | 728 | 466 | 1,557 | 1,056 |
Other interest income | 1,028 | 2,709 | 4,324 | 6,879 |
Total Interest Income | 179,159 | 208,414 | 559,233 | 623,147 |
INTEREST EXPENSE | ||||
Deposits | 14,631 | 35,737 | 58,189 | 97,974 |
Short-term borrowings | 370 | 4,156 | 4,960 | 12,200 |
Long-term borrowings | 10,042 | 7,260 | 28,468 | 23,854 |
Total Interest Expense | 25,043 | 47,153 | 91,617 | 134,028 |
Net Interest Income | 154,116 | 161,260 | 467,616 | 489,119 |
Provision for credit losses | 7,080 | 2,170 | 70,680 | 12,295 |
Net Interest Income After Provision for Credit Losses | 147,036 | 159,090 | 396,936 | 476,824 |
NON-INTEREST INCOME | ||||
Non-interest income before investment securities gains | 63,246 | 55,321 | 170,761 | 156,147 |
Investment securities gains, net | 2 | 4,492 | 3,053 | 4,733 |
Total Non-Interest Income | 63,248 | 59,813 | 173,814 | 160,879 |
NON-INTEREST EXPENSE | ||||
Salaries and employee benefits | 79,227 | 78,211 | 240,467 | 234,959 |
Net occupancy | 13,221 | 12,368 | 39,851 | 39,746 |
Data processing and software | 12,285 | 11,590 | 36,123 | 33,211 |
Other outside services | 7,617 | 12,163 | 23,098 | 31,774 |
Professional fees | 2,879 | 3,331 | 10,412 | 10,261 |
Equipment | 3,711 | 3,459 | 10,322 | 10,100 |
State taxes | 2,692 | 2,523 | 8,583 | 7,005 |
FDIC insurance | 1,578 | 239 | 6,519 | 5,603 |
Marketing | 1,147 | 3,322 | 4,029 | 8,345 |
Amortization of TCI | 1,694 | 1,533 | 4,594 | 4,516 |
Intangible amortization | 132 | 1,071 | 397 | 1,285 |
Prepayment penalty on FHLB advances | 0 | 4,326 | 2,878 | 4,326 |
Other | 12,962 | 12,634 | 37,431 | 37,631 |
Total Non-Interest Expense | 139,147 | 146,770 | 424,705 | 428,762 |
Income Before Income Taxes | 71,137 | 72,133 | 146,045 | 208,941 |
Income taxes | 9,529 | 10,025 | 18,832 | 30,391 |
Net Income | $ 61,607 | $ 62,108 | $ 127,213 | $ 178,550 |
PER SHARE: | ||||
Net Income (Basic) (in dollars per share) | $ 0.38 | $ 0.38 | $ 0.78 | $ 1.06 |
Net Income (Diluted) (in dollars per share) | 0.38 | 0.37 | 0.78 | 1.06 |
Cash Dividends (in dollars per share) | $ 0.13 | $ 0.13 | $ 0.39 | $ 0.39 |
Investment management and trust services | ||||
NON-INTEREST INCOME | ||||
Non-interest income before investment securities gains | $ 14,943 | $ 13,867 | $ 43,405 | $ 41,259 |
Other service charges and fees | ||||
NON-INTEREST INCOME | ||||
Non-interest income before investment securities gains | 18,311 | 18,788 | 53,477 | 53,055 |
Service charges on deposit accounts | ||||
NON-INTEREST INCOME | ||||
Non-interest income before investment securities gains | 10,423 | 13,333 | 30,800 | 37,077 |
Mortgage banking income | ||||
NON-INTEREST INCOME | ||||
Non-interest income before investment securities gains | 16,801 | 6,658 | 32,998 | 18,023 |
Other | ||||
NON-INTEREST INCOME | ||||
Non-interest income before investment securities gains | $ 2,769 | $ 2,675 | $ 10,080 | $ 6,733 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net Income | $ 61,607 | $ 62,108 | $ 127,213 | $ 178,550 |
Other Comprehensive Income, net of tax: | ||||
Unrealized gain on securities | 4,333 | 18,029 | 56,186 | 63,244 |
Amortization of net unrealized losses on available for sale securities transferred to held to maturity | 928 | 3,430 | 2,517 | 5,425 |
Non-credit related unrealized loss on other-than-temporarily impaired debt securities | 0 | 0 | 0 | (682) |
Amortization of net unrecognized pension and postretirement income | 255 | 277 | 765 | 843 |
Other Comprehensive Income | 5,515 | 18,238 | 57,091 | 65,144 |
Total Comprehensive Income | $ 67,122 | $ 80,346 | $ 184,304 | $ 243,694 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock, par value $2.50 | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2018 | $ 2,247,573 | $ 554,377 | $ 1,489,703 | $ 946,032 | $ (59,063) | $ (683,476) |
Beginning Balance (in shares) at Dec. 31, 2018 | 170,184 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 178,550 | 178,550 | ||||
Other comprehensive income | 65,144 | 65,144 | ||||
Stock issued (in shares) | 701 | |||||
Stock issued | 3,813 | $ 1,511 | 1,496 | 806 | ||
Stock-based compensation awards (in shares) | ||||||
Stock-based compensation awards | 5,458 | 5,458 | ||||
Acquisition of treasury stock (in shares) | (6,849) | |||||
Acquisition of treasury stock (in shares) | (111,457) | (111,457) | ||||
Common stock cash dividends | (65,065) | (65,065) | ||||
Ending Balance at Sep. 30, 2019 | 2,324,016 | $ 555,888 | 1,496,657 | 1,059,517 | 6,081 | (794,127) |
Ending Balance (in shares) at Sep. 30, 2019 | 164,036 | |||||
Beginning Balance at Jun. 30, 2019 | 2,308,798 | $ 555,690 | 1,493,628 | 1,018,736 | (12,157) | (747,099) |
Beginning Balance (in shares) at Jun. 30, 2019 | 166,903 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 62,108 | 62,108 | ||||
Other comprehensive income | 18,238 | 18,238 | ||||
Stock issued (in shares) | 157 | |||||
Stock issued | 2,160 | $ 198 | 919 | 1,043 | ||
Stock-based compensation awards (in shares) | ||||||
Stock-based compensation awards | 2,110 | 2,110 | ||||
Acquisition of treasury stock (in shares) | (3,024) | |||||
Acquisition of treasury stock (in shares) | (48,071) | (48,071) | ||||
Common stock cash dividends | (21,327) | (21,327) | ||||
Ending Balance at Sep. 30, 2019 | 2,324,016 | $ 555,888 | 1,496,657 | 1,059,517 | 6,081 | (794,127) |
Ending Balance (in shares) at Sep. 30, 2019 | 164,036 | |||||
Beginning Balance at Dec. 31, 2019 | 2,342,176 | $ 556,110 | 1,499,681 | 1,079,391 | (137) | (792,869) |
Beginning Balance (in shares) at Dec. 31, 2019 | 164,218 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 127,213 | 127,213 | ||||
Other comprehensive income | 57,091 | 57,091 | ||||
Stock issued (in shares) | 824 | |||||
Stock issued | 5,046 | $ 1,608 | 646 | 2,792 | ||
Stock-based compensation awards (in shares) | ||||||
Stock-based compensation awards | 5,403 | 5,403 | ||||
Acquisition of treasury stock (in shares) | (2,908) | |||||
Acquisition of treasury stock (in shares) | (39,748) | (39,748) | ||||
Common stock cash dividends | (63,113) | (63,113) | ||||
Ending Balance at Sep. 30, 2020 | 2,390,261 | $ 557,718 | 1,505,730 | 1,099,684 | 56,954 | (829,825) |
Ending Balance (in shares) at Sep. 30, 2020 | 162,134 | |||||
Beginning Balance at Jun. 30, 2020 | 2,340,501 | $ 557,569 | 1,503,750 | 1,059,160 | 51,439 | (831,417) |
Beginning Balance (in shares) at Jun. 30, 2020 | 161,958 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income | 61,607 | |||||
Other comprehensive income | 5,515 | 5,515 | ||||
Stock issued (in shares) | 176 | |||||
Stock issued | 1,846 | $ 149 | 105 | 1,592 | ||
Stock-based compensation awards (in shares) | ||||||
Stock-based compensation awards | 1,875 | 1,875 | ||||
Common stock cash dividends | (21,083) | (21,083) | ||||
Ending Balance at Sep. 30, 2020 | $ 2,390,261 | $ 557,718 | $ 1,505,730 | $ 1,099,684 | $ 56,954 | $ (829,825) |
Ending Balance (in shares) at Sep. 30, 2020 | 162,134 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per share | $ 0.13 | $ 0.13 | $ 0.39 | $ 0.39 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income | $ 127,213 | $ 178,550 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 70,680 | 12,295 |
Depreciation and amortization of premises and equipment | 21,653 | 20,984 |
Amortization of TCI | 22,883 | 24,608 |
Net amortization of investment securities premiums | 8,722 | 6,861 |
Investment securities gains, net | (3,053) | (4,733) |
Gain on sales of mortgage loans held for sale | (42,208) | (13,822) |
Proceeds from sales of mortgage loans held for sale | 1,113,671 | 672,314 |
Originations of mortgage loans held for sale | (1,127,256) | (665,338) |
Amortization of intangible assets | 397 | 1,285 |
Amortization of issuance costs and discounts on long-term debt | 836 | 632 |
Stock-based compensation | 5,403 | 5,458 |
Other changes, net | (169,447) | (195,560) |
Total adjustments | (97,719) | (135,016) |
Net cash provided by operating activities | 29,494 | 43,534 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Proceeds from sales of AFS securities | 215,150 | 697,634 |
Proceeds from principal repayments and maturities of HTM securities | 67,268 | 62,320 |
Proceeds from principal repayments and maturities of securities AFS | 282,832 | 169,380 |
Purchase of AFS securities | (728,937) | (838,634) |
Sale (purchase) of FRB and FHLB stock | 3,458 | (15,274) |
Net increase in loans | (2,203,974) | (529,974) |
Net change in tax credit investments | (18,550) | (23,799) |
Net cash paid for acquisition | 0 | (3,907) |
Net change in tax credit investments | 9,585 | 14,715 |
Net cash used in investing activities | (2,392,338) | (496,969) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase in demand and savings deposits | 3,669,990 | 627,958 |
Net (decrease) increase in time deposits | (333,852) | 338,600 |
Net (decrease) increase in short-term borrowings | (271,514) | 78,083 |
Additions to long-term debt | 495,898 | 305,000 |
Repayments of long-term debt | (82,491) | (571,197) |
Net proceeds from issuance of common stock | 5,046 | 3,813 |
Dividends paid | (63,387) | (64,439) |
Acquisition of treasury stock | (39,748) | (111,457) |
Net cash provided by financing activities | 3,379,942 | 606,361 |
Net Increase in Cash and Cash Equivalents | 1,017,099 | 152,926 |
Cash and Cash Equivalents at Beginning of Period | 517,791 | 445,687 |
Cash and Cash Equivalents at End of Period | 1,534,890 | 598,613 |
Cash paid during the period for: | ||
Interest | 91,328 | 134,935 |
Income taxes | 12,118 | 7,966 |
Supplemental schedule of certain noncash activities: | ||
Transfer of HTM securities to AFS securities | $ 0 | $ 158,898 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Consolidated Financial Statements of the Corporation have been prepared in conformity with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the SEC. CECL Adoption and Updated Significant Accounting Policy On January 1, 2020, the Corporation adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology, and is referred to as CECL. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, including loans and HTM debt securities. It also applies to OBS credit exposures, such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments, and net investments in leases recognized by a lessor in accordance with ASC Topic 842. The Corporation adopted CECL using the modified retrospective method for all financial assets measured at amortized cost, net of investments in leases and OBS credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under CECL, while prior period results are reported in accordance with the previously applicable incurred loss methodology. The Corporation recorded an increase of $58.3 million to the ACL on January 1, 2020 as a result of the adoption of CECL. Retained earnings decreased $43.8 million and deferred tax assets increased by $12.4 million. Included in the $58.3 million increase to the ACL was $2.1 million for certain OBS credit exposures that was previously recognized in other liabilities before the adoption of CECL. Loans : Loans 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, loans are placed on non-accrual status once they become 90 days delinquent as to principal or interest. In certain cases a loan 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 agreement. When interest accruals are discontinued, unpaid interest previously credited to income is reversed. Non-accrual loans may be restored to accrual status when all delinquent principal and interest has been paid currently for six consecutive months or the loan is considered secured and in the process of collection. The Corporation generally applies payments received on non-accruing loans 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 will ultimately be collected, payments received subsequent to its classification as a non-accrual loan are allocated between interest income and principal. A loan that is 90 days delinquent may continue to accrue interest if the loan 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 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 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 deemed to be a loss are written off through a charge against the ACL. 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 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, if any. Principal recoveries of loans previously charged off are recorded as increases to the ACL. 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. Loan origination fees and the related direct origination costs for loans originated under the PPP loan program are amortized on a straight-line basis over the repayment period of the loan. To the extent that a PPP loan is forgiven, the unamortized fees and costs will be recorded at the time of forgiveness. Troubled Debt Restructurings: Loans are accounted for and reported as TDRs when, for economic or legal reasons, the Corporation grants a concession to a borrower experiencing financial difficulty that it would not otherwise consider. 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. On March 27, 2020 the CARES Act was signed into law. The CARES Act includes an option for financial institutions to suspend the requirements of GAAP for certain loan modifications that would otherwise be categorized as a TDR. Certain conditions must be met with respect to the loan modification including that the modification is related to COVID-19, the modified loan was not more than 30 days past due on December 31, 2019 and the modification was executed between March 1, 2020 and the earlier of (a) 60 days after the date of the COVID-19 national emergency comes to an end or (b) December 31, 2020. The Corporation is applying the option under the CARES act for all loan modifications that qualify. On April 7, 2020, Troubled Debt Restructurings: Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by COVID-19 was issued by the federal banking regulatory agencies. Included in the Interagency Statement were provisions permitting banks that grant loan modifications to customers impacted by COVID-19 to exclude those modifications from loans categorized as TDRs. The Corporation is adopting the guidance in this Interagency Statement effective for COVID-19-related modifications occurring subsequent to March 13, 2020. Allowance for Credit Losses: The discussion that follows describes the methodology for determining the ACL under the CECL model that was adopted January 1, 2020. The allowance methodology for prior periods is disclosed in the Corporation’s 2019 Annual Report on Form 10-K. The Corporation has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. Loans: The ACL for loans is an estimate of the expected losses to be realized over the life of the loans in the portfolio. The ACL is determined for two distinct categories of loans: 1) loans evaluated collectively for expected credit losses and 2) loans evaluated individually for expected credit losses. Loans Evaluated Collectively : Loans evaluated collectively for expected credit losses include loans on accrual status, excluding accruing TDRs, and loans initially evaluated individually, but determined not to have enhanced credit risk characteristics. This category includes loans on non-accrual status and TDRs where the total commitment amount is less than $1 million. The ACL is estimated by applying a probability of default (PD) and loss given default (LGD) to the exposure at default (EAD) at the loan or lease level. In order to determine the PD, LGD, and EAD inputs: • Loans are aggregated into pools based on similar risk characteristics. • The PD and LGD model components are determined based on loss estimates driven by historical credit loss experience for each pool of loans. • The PD model components use econometric regression models that use the Corporation’s historical credit loss experience and economic variable inputs to estimate a PD for each loan pool. The LGD model component calculates a lifetime LGD estimate across each pool of loans utilizing a loss rate approach based on the Corporation’s historical charge-off and the balance at the time of loan default adjusted for the Corporation’s recovery experience. • Reasonable and supportable economic variable forecasts are incorporated into the PD model components. • Reasonable and supportable forecast periods are based on different economic forecasts and scenarios sourced from an external third party. A future loss forecast over the reasonable and supportable forecast period is based on the projected performance of specific economic variables that statistically correlate loss experience in the various loan pools. • After the reasonable and supportable forecast period, economic variable forecasts naturally revert, at the input level,to a long-run average. • To calculate the EAD model component, cash flow assumptions are established for each loan using maturity date, amortization schedule and interest rate. In addition, a constant prepayment rate is calculated for each loan pool. Loans Evaluated Individually : Loans evaluated individually for expected credit losses include loans on non-accrual status and TDRs where the commitment amount equals or exceeds $1.0 million. The required ACL for such loans is determined using either the present value of expected future cash flows, observable market price or the fair value of collateral. Loans evaluated individually may have specific allocations assigned if the measured value of the loan using one of the noted techniques is less than its current carrying value. For loans measured using the fair value of collateral, if the analysis determines that sufficient collateral value would be available for repayment of the debt, then no allocations would be assigned to those loans. Collateral could be in the form of real estate 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 estate. For loans secured by real estate, estimated fair values are determined primarily through appraisals performed by 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 is 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; 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 third-party appraisers for impaired loans secured predominantly by real estate every 12 months. When updated appraisals are not obtained for loans secured by real estate, fair values are estimated based on the original appraisal values, as long as the original appraisal indicated an acceptable loan-to-value position and there has not been a significant deterioration in the collateral value since the original appraisal was performed. For loans 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. Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification. 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 ACL methodology for these loans, which bases the PD on this migration. Assigning risk ratings involves judgment. Risk ratings may be changed based on ongoing monitoring procedures, 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 allocation of the ACL is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Corporation considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. Qualitative and Other Adjustments to ACL: In addition to the quantitative credit loss estimates for loans evaluated collectively, qualitative factors that may not be fully captured in the quantitative results are also evaluated. These qualitative factors include changes in lending policy, the nature and volume of the portfolio, overall business conditions in the economy, credit concentrations, specific industry risks, competition, model imprecision and legal and regulatory requirements. Qualitative adjustments are judgmental and are based on management’s knowledge of the portfolio and the markets in which the Corporation operates. Qualitative adjustments are evaluated and approved on a quarterly basis. Additionally, the ACL includes other allowance categories that are not directly incorporated in the quantitative results. These categories include but are not limited to loans-in-process, trade acceptances and overdrafts. OBS Credit Exposures: The ACL for OBS credit exposures is recorded in other liabilities on the consolidated balance sheets. This portion of the ACL represents management’s estimate of expected losses in its unfunded loan commitments and other OBS credit exposures. The ACL specific to unfunded commitments is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). The ACL for OBS credit exposures is increased or decreased by charges or reductions to expense, through the provision for credit losses. HTM Debt Securities: Expected credit losses on HTM debt securities would be recorded in the ACL on HTM debt securities. As of September 30, 2020, no HTM debt securities required an ACL as these investments consist solely of government guaranteed residential mortgage-backed securities. AFS Debt Securities : The ACL approach for AFS debt securities differs from the CECL approach used for HTM debt securities as AFS debt securities are carried at fair value rather than amortized cost. Prior to the adoption of CECL, credit losses on AFS debt securities were determined using an OTTI approach. Under CECL, the concept of OTTI has been eliminated, but the general approach to determining credit losses is largely consistent with the OTTI method. Under CECL, credit losses on AFS debt securities are recognized through an ACL rather than through a direct write-down of the security. As of September 30, 2020, no AFS debt securities required an ACL. Other Recently Adopted Accounting Standards On January 1, 2020, the Corporation adopted 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. The Corporation adopted this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and it did not have a material impact on its consolidated financial statements. On January 1, 2020, the Corporation adopted 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. The Corporation adopted this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and it did not have a material impact on its consolidated financial statements In March 2020, the Corporation adopted ASC Update 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standards update provided optional guidance for a limited time to ease the potential burden in accounting for reference rate reform, specific to those using LIBOR or another reference rate expected to be discontinued due to this reform. The Corporation adopted this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and it did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards 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. Fiscal Year 2020 The Corporation intends to adopt this standards update effective with its December 31, 2020 annual report on Form 10-K. 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 the 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. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. First Quarter 2021 The Corporation intends to adopt this standards update effective with its March 31, 2021 quarterly report on Form 10-Q. This update is not expected to have a material impact on the consolidated financial statements. Reclassifications |
Restrictions on Cash and Cash E
Restrictions on Cash and Cash Equivalents | 9 Months Ended |
Sep. 30, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Restrictions on Cash and Cash Equivalents | Restrictions on Cash and Cash EquivalentsThe Bank is required to maintain reserves against its deposit liabilities. Prior to March 2020, reserves were in the form of cash and balances with the FRB. The FRB suspended cash reserve requirements effective March 26, 2020. The amount of such reserves as of December 31, 2019 was $218.9 million. In addition, cash collateral is posted by the Corporation with counterparties to secure derivative and other contracts. The amounts of such cash collateral as of September 30, 2020 and December 31, 2019 were $460.3 million and $199.6 million, respectively. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The following table presents the amortized cost and estimated fair values of investment securities for the periods presented: September 30, 2020 Amortized Gross Gross Estimated Available for Sale (in thousands) State and municipal securities $ 880,495 $ 46,216 $ (157) $ 926,554 Corporate debt securities 327,143 16,724 (1,309) 342,558 Collateralized mortgage obligations 516,312 16,207 (46) 532,473 Residential mortgage-backed securities 318,343 3,409 (57) 321,695 Commercial mortgage-backed securities 548,076 24,136 (2) 572,210 Auction rate securities 101,510 — (3,520) 97,990 Total $ 2,691,879 $ 106,692 $ (5,091) $ 2,793,480 Held to Maturity Residential mortgage-backed securities $ 304,241 $ 20,699 $ — $ 324,940 December 31, 2019 Amortized Gross Gross Estimated Available for Sale (in thousands) 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 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. The amortized cost of the securities transferred was $158.9 million and the estimated fair value was $168.5 million. Securities carried at $568.4 million at September 30, 2020 and $462.6 million at December 31, 2019 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 September 30, 2020, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment with or without call or prepayment penalties. September 30, 2020 Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (in thousands) Due in one year or less $ 11,252 $ 11,388 $ — $ — Due from one year to five years 32,118 33,397 — — Due from five years to ten years 315,094 330,233 — — Due after ten years 950,684 992,084 — — 1,309,148 1,367,102 — — Residential mortgage-backed securities (1) 318,343 321,695 304,241 324,940 Commercial mortgage-backed securities (1) 548,076 572,210 — — Collateralized mortgage obligations (1) 516,312 532,473 — — Total $ 2,691,879 $ 2,793,480 $ 304,241 $ 324,940 (1) Mortgage-backed securities and collateralized mortgage obligations do not have stated maturities and are dependent upon the interest rate environment and prepayments on the underlying loans. The following table presents information related to the gross realized gains and losses on the sales of investment securities for the periods presented: Gross Realized Gains Gross Realized Losses Net Gains Three months ended (in thousands) September 30, 2020 $ 94 $ (92) $ 2 September 30, 2019 7,938 (3,446) 4,492 Nine months ended September 30, 2020 $ 6,545 $ (3,492) $ 3,053 September 30, 2019 11,207 (6,474) 4,733 During the second quarter of 2020, the Corporation completed a limited balance sheet restructuring that included the sale of investment securities, with an amortized cost $79.0 million and an estimated fair value of $82.0 million, resulting in net investment securities gains of $3.0 million. Offsetting these gains were $2.9 million of prepayment penalties recorded in non-interest expense for the redemption of FHLB advances. During the third quarter of 2019, the Corporation completed a balance sheet restructuring that included the sale of investment securities, with an amortized cost of $409.2 million and an estimated fair value of $413.7 million, resulting in net investment securities gains of $4.5 million. Offsetting these gains were $4.3 million of prepayment penalties recorded in non-interest expense for the redemption of FHLB advances. The following tables present the gross unrealized losses and estimated fair values of investment securities, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented: September 30, 2020 Less than 12 months 12 months or longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Available for Sale (in thousands) State and municipal securities 6 $ 25,372 $ (157) — $ — $ — $ 25,372 $ (157) Corporate debt securities 16 67,030 (965) 1 6,847 (344) 73,877 (1,309) Collateralized mortgage obligations 1 25,489 (46) — — — 25,489 (46) Residential mortgage-backed securities 4 75,876 (57) — — — 75,876 (57) Commercial mortgage-backed securities 1 9,322 (2) — — — 9,322 (2) Auction rate securities — — — 162 97,990 (3,520) 97,990 (3,520) Total available for sale (1) 28 $ 203,089 $ (1,227) 163 $ 104,837 $ (3,864) $ 307,926 $ (5,091) December 31, 2019 Less than 12 months 12 months or longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Available for Sale (in thousands) 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 HTM securities were in an unrealized loss position as of September 30, 2020 or December 31, 2019. 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. The change in fair value of these securities is attributable to changes in interest rates and not credit quality. 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. Therefore, the Corporation does not have an ACL for these investments as of September 30, 2020. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Allowance for Credit Losses and Asset Quality Net Loans are summarized as follows: September 30, December 31, 2019 (in thousands) Real estate - commercial mortgage $ 7,046,330 $ 6,700,776 Commercial and industrial 5,968,154 4,446,701 Real-estate - residential mortgage 3,061,835 2,641,465 Real-estate - home equity 1,222,709 1,314,944 Real-estate - construction 1,007,534 971,079 Consumer 469,551 463,164 Equipment lease financing and other 274,570 322,625 Overdrafts 1,694 3,582 Gross loans 19,052,377 16,864,336 Unearned income (23,756) (26,810) Net Loans $ 19,028,621 $ 16,837,526 The Corporation segments its loan portfolio by "portfolio segments," as presented in the table above. Certain portfolio segments are further disaggregated by "class segment" for the purpose of estimating credit losses. See "Allowance for Credit Losses" below for further discussion regarding portfolio and class segments and their impact on the determination of the ACL. Allowance for Credit Losses, effective January 1, 2020 As discussed in Note 1, "Basis of Presentation," the Corporation adopted CECL effective January 1, 2020. CECL requires estimated credit losses on loans to be determined based on an expected life of loan model, as compared to an incurred loss model (in effect for periods prior to 2020). Accordingly, ACL disclosures subsequent to January 1, 2020 are not always comparable to prior periods. In addition, certain new disclosures required under CECL are not applicable to prior periods. As a result, the following tables present disclosures separately for each period, where appropriate. New disclosures required under CECL are only shown for the current period and are noted. See Note 1, "Basis of Presentation", for a summary of the impact of adopting CECL on January 1, 2020. Under CECL, loans evaluated individually for impairment consist of non-accrual loans and TDRs. Under the incurred loss model in effect prior to the adoption of CECL, loans evaluated individually for impairment were referred to as impaired loans. The ACL related to loans consists of loans evaluated collectively and individually for expected credit losses. The ACL related to loans represents an estimate of expected credit losses over the expected life of the loans as of the balance sheet date and is recorded as a reduction to Net Loans. The ACL for OBS credit exposures includes estimated losses on unfunded loan commitments, letters of credit and other OBS credit exposures. The total ACL is increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The following table presents the components of the ACL under CECL: September 30, 2020 (in thousands) ACL - loans $ 266,825 ACL - OBS credit exposure 15,533 Total ACL $ 282,358 The following table presents the activity in the ACL in 2020: Three months ended September 30, 2020 Nine months ended September 30, 2020 (in thousands) Balance at beginning of period $ 272,920 $ 166,209 Impact of adopting CECL on January 1, 2020 (1) — 58,348 Loans charged off (5,489) (27,539) Recoveries of loans previously charged off 7,847 14,660 Net loans recovered (charged off) 2,358 (12,879) Provision for credit losses (2) 7,080 70,680 Balance at end of period $ 282,358 $ 282,358 (1) Includes $12.6 million of reserves for OBS credit exposures as of January 1, 2020. (2) Includes $850,000 and $320,000 related to OBS credit exposures for the three and nine months ended September 30, 2020, respectively. The following table presents the activity in the ACL - loans by portfolio segment, for the three and nine months ended September 30, 2020: Real Estate - Commercial and Real Estate - Real Estate - Real Estate - Consumer Equipment lease financing, other Total (in thousands) Three months ended September 30, 2020 Balance at June 30, 2020 $ 102,695 $ 61,447 $ 16,391 $ 46,443 $ 12,314 $ 10,299 $ 6,948 $ 256,537 Loans charged off (746) (2,969) (393) (198) — (701) (483) (5,489) Recoveries of loans previously charged off 100 2,103 44 95 4,873 447 185 7,847 Net loans recovered (charged off) (646) (866) (349) (103) 4,873 (254) (298) 2,358 Provision for loan losses (1) 9,806 (1,743) 256 2,013 (2,177) 260 (484) 7,930 Balance at September 30, 2020 $ 111,855 $ 58,838 $ 16,298 $ 48,353 $ 15,010 $ 10,305 $ 6,166 $ 266,825 Nine months ended September 30, 2020 Balance at December 31, 2019 $ 45,610 $ 68,602 $ 17,744 $ 19,771 $ 4,443 $ 3,762 $ 3,690 $ 163,622 Impact of adopting CECL on January 1, 2020 29,361 (18,576) (65) 21,235 4,015 5,969 3,784 45,723 Loans charged off (3,925) (17,348) (1,138) (620) (17) (2,788) (1,704) (27,539) Recoveries of loans previously charged off 439 6,815 305 292 4,943 1,481 385 14,660 Net loans recovered (charged off) (3,486) (10,533) (833) (328) 4,926 (1,307) (1,319) (12,879) Provision for loan losses (1) 40,370 19,345 (548) 7,675 1,626 1,881 11 70,359 Balance at September 30, 2020 $ 111,855 $ 58,838 $ 16,298 $ 48,353 $ 15,010 $ 10,305 $ 6,166 $ 266,825 (1) Provision included in the table only includes the portion related to Net Loans. The higher provision during the first nine months of 2020 was largely driven by the overall downturn in economic forecasts due to COVID-19, resulting in higher expected future credit losses under CECL. The ACL includes qualitative adjustments, as appropriate, intended to capture the impact of uncertainties not reflected in the quantitative models. Qualitative adjustments include and consider changes in international, national, regional and local economic and business conditions, an assessment of the lending environment, including underwriting standards and other factors affecting credit quality. Qualitative adjustments used in determining the ACL increased compared to those at the time of adoption of CECL on January 1, 2020 primarily as a result of uncertainties related to forecasted economic variables due to the economic impact of COVID-19 and the future performance of loans that received deferrals or forbearances due to COVID-19. Allowance for Credit Losses, prior to January 1, 2020 Prior to January 1, 2020, the ACL consisted of the allowance for loan losses and the reserve for unfunded lending commitments. The allowance for loan losses represented management’s estimate of incurred losses in the loan portfolio as of the balance sheet date and is recorded as a reduction to Net Loans. The reserve for unfunded lending commitments represented management’s estimate of incurred losses in unfunded loan commitments and letters of credit, and was recorded in other liabilities on the consolidated balance sheets. The ACL was increased by charges to expense, through the provision for credit losses, and decreased by charge-offs, net of recoveries. The following table presents the components of the ACL: December 31, 2019 (in thousands) Allowance for loan losses $ 163,622 Reserve for unfunded lending commitments 2,587 ACL $ 166,209 The following table presents the activity in the ACL for the periods indicated in 2019: Three months ended September 30, 2019 Nine months ended September 30, 2019 (in thousands) Balance at beginning of period $ 176,941 $ 169,410 Loans charged off (10,128) (20,208) Recoveries of loans previously charged off 3,814 11,300 Net loans charged off (6,314) (8,908) Provision for credit losses (1) 2,170 12,295 Balance at end of period $ 172,797 $ 172,797 (1) Includes ($46,000) and ($2.2 million) related to reserve for unfunded lending commitments for the three and nine months ended September 30, 2019, respectively. The following table presents the activity in the allowance for loan losses, by portfolio segment, for the three and nine months ended September 30, 2019: Real Estate - Commercial & Real Estate - Real Estate - Real Estate - Consumer Equipment lease financing, other Total (in thousands) Three months ended September 30, 2019 Balance at June 30, 2019 $ 54,859 $ 66,341 $ 18,981 $ 18,892 $ 4,928 $ 3,363 $ 2,869 $ 170,233 Loans charged off (394) (7,181) (498) (533) (45) (877) (600) (10,128) Recoveries of loans previously charged off 444 2,311 132 440 164 216 107 3,814 Net loans recovered (charged off) 50 (4,870) (366) (93) 119 (661) (493) (6,314) Provision for loan losses (1) (5,529) 7,710 (662) (109) (664) 798 672 2,216 Balance at September 30, 2019 $ 49,380 $ 69,181 $ 17,953 $ 18,690 $ 4,383 $ 3,500 $ 3,048 $ 166,135 Nine months ended September 30, 2019 Balance at December 31, 2018 $ 52,889 $ 58,868 $ 18,911 $ 18,921 $ 5,061 $ 3,217 $ 2,670 $ 160,537 Loans charged off (1,769) (11,863) (923) (1,322) (143) (2,355) (1,833) (20,208) Recoveries of loans previously charged off 749 6,234 552 783 1,493 1,005 484 11,300 Net loans recovered (charged off) (1,020) (5,629) (371) (539) 1,350 (1,350) (1,349) (8,908) Provision for loan losses (1) (2,489) 15,942 (587) 308 (2,028) 1,633 1,727 14,506 Balance at September 30, 2019 $ 49,380 $ 69,181 $ 17,953 $ 18,690 $ 4,383 $ 3,500 $ 3,048 $ 166,135 (1) The provision in the table only includes the portion related to Net Loans. Non-accrual Loans All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of September 30, 2020 and December 31, 2019, substantially all of the Corporation’s individually evaluated loans with total commitments greater than or equal to $1.0 million were measured based on the estimated fair value of each loan’s collateral, if any. Collateral could be in the form of real estate, in the case of 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 estate. As of both September 30, 2020 and December 31, 2019, approximately 93% of loans evaluated individually for impairment 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 in the preceding 12 months. The following table presents total non-accrual loans, by class segment: September 30, 2020 December 31, 2019 Non-accrual Loans Non-accrual Loans With a Related Allowance Without a Related Allowance Total Total (in thousands) Real estate - commercial mortgage $ 15,145 $ 25,781 $ 40,926 $ 33,166 Commercial and industrial 14,326 20,948 35,274 48,106 Real estate - residential mortgage 23,637 1,256 24,893 16,676 Real estate - home equity 8,682 — 8,682 7,004 Real estate - construction 607 1,014 1,621 3,618 Consumer 235 — 235 — Equipment lease financing and other — 16,690 16,690 16,528 $ 62,632 $ 65,689 $ 128,321 $ 125,098 As of September 30, 2020, there were $65.7 million of non-accrual loans that did not have a related allowance for credit losses. The estimated fair values of the collateral securing these loans exceeded their carrying amount, or the loans were previously charged down to realizable collateral values. Accordingly, no specific valuation allowance was considered to be necessary. Asset Quality Maintaining an appropriate ACL is dependent on various factors, including the ability to identify potential problem loans in a timely manner. For commercial construction, residential construction, commercial and industrial, and commercial real estate, 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 categories is a significant component of the ACL methodology for these loans, under both the CECL and incurred loss models, 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 loans. The following table summarizes designated internal risk categories by portfolio segment and loan class, by origination year, in the current period : September 30, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total Real estate - construction (1) Pass $ 94,758 $ 243,614 $ 196,393 $ 138,308 $ 44,315 $ 114,228 $ 47,594 $ — $ 879,210 Special Mention — 241 — — 7,103 6,106 — — 13,450 Substandard or Lower — 448 — — 760 5,822 943 — 7,973 Total real estate - construction 94,758 244,303 196,393 138,308 52,178 126,156 48,537 — 900,633 Real estate - construction (1) Current period gross charge-offs — — — — — (17) — — (17) Current period recoveries — — — — 68 4,875 — — 4,943 Total net (charge-offs) recoveries — — — — 68 4,858 — — 4,926 Commercial and industrial Pass 2,409,273 540,493 330,516 229,184 216,228 635,782 1,256,763 — 5,618,239 Special Mention 52,203 13,653 7,618 10,886 13,693 29,919 50,673 — 178,645 Substandard or Lower 38,983 1,125 15,819 11,797 13,422 25,081 64,089 954 171,270 Total commercial and industrial 2,500,459 555,271 353,953 251,867 243,343 690,782 1,371,525 954 5,968,154 Commercial and industrial Current period gross charge-offs — (106) (10) (102) (388) (117) (16,625) — (17,348) Current period recoveries 39 364 207 91 1,704 4,410 — 6,815 Total net (charge-offs) recoveries — (67) 354 105 (297) 1,587 (12,215) — (10,533) Real estate - commercial mortgage Pass 702,768 933,999 792,029 850,926 871,759 2,381,373 88,116 327 6,621,297 Special Mention 13,247 13,505 19,298 33,245 46,354 139,832 3,502 — 268,983 Substandard or Lower 1,119 2,409 13,665 39,467 9,375 88,671 1,344 — 156,050 Total real estate - commercial mortgage 717,134 949,913 824,992 923,638 927,488 2,609,876 92,962 327 7,046,330 Real estate - commercial mortgage Current period gross charge-offs — (16) (36) (2,515) (29) (1,312) (17) — (3,925) Current period recoveries — — — — 1 438 — — 439 Total net (charge-offs) recoveries — (16) (36) (2,515) (28) (874) (17) — (3,486) Total Pass $ 3,206,799 $ 1,718,106 $ 1,318,938 $ 1,218,418 $ 1,132,302 $ 3,131,383 $ 1,392,473 $ 327 $ 13,118,746 Special Mention 65,450 27,399 26,916 44,131 67,150 175,857 54,175 — 461,078 Substandard or Lower 40,102 3,982 29,484 51,264 23,557 119,574 66,376 954 335,293 Total $ 3,312,351 $ 1,749,487 $ 1,375,338 $ 1,313,813 $ 1,223,009 $ 3,426,814 $ 1,513,024 $ 1,281 $ 13,915,117 (1) Excludes real estate - construction - other. The information presented in the table above is not required for periods prior to the adoption of CECL. The following table presents the most comparable required information for the prior period, internal credit risk ratings for the indicated loan class segments: December 31, 2019 Pass Special Mention Substandard or Lower Total (dollars in thousands) Real estate - commercial mortgage $ 6,429,407 $ 137,163 $ 134,206 $ 6,700,776 Commercial and industrial - secured 3,830,847 171,442 195,884 4,198,173 Commercial and industrial - unsecured 234,987 9,665 3,876 248,528 Total commercial and industrial 4,065,834 181,107 199,760 4,446,701 Construction - commercial residential 100,808 2,897 3,461 107,166 Construction - commercial 765,562 1,322 2,676 769,560 Total construction (excluding construction - other) 866,370 4,219 6,137 876,726 $ 11,361,611 $ 322,489 $ 340,103 $ 12,024,203 % of Total 94.5 % 2.7 % 2.8 % 100.0 % The Corporation does not assign internal risk ratings to smaller balance, homogeneous loans, such as home equity, residential mortgage, construction loans to individuals secured by residential real estate, consumer and equipment lease financing. For these loans, the most relevant credit quality indicator is delinquency status. The migration of loans through the various delinquency status categories is a significant component of the ACL methodology for those loans, under both the CECL and incurred loss models, which base the PD on this migration. The Corporation considers the performance of the loan portfolio and its impact on the ACL. For certain loans classes, the Corporation evaluates credit quality based on the aging status of the loan. The following table presents the amortized cost of these loans based on payment activity, by origination year, for the current period: September 30, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total Real estate - home equity Performing $ 21,247 $ 8,297 $ 14,573 $ 12,064 $ 13,006 $ 140,145 $ 995,811 $ 5,485 $ 1,210,628 Nonperforming — — 153 256 225 2,354 8,764 329 12,081 Total real estate - home equity 21,247 8,297 14,726 12,320 13,231 142,499 1,004,575 5,814 1,222,709 Real estate - home equity Current period gross charge-offs — — — — — — (1,137) — (1,137) Current period recoveries — — — — — 123 182 — 305 Total net (charge-offs) recoveries — — — — — 123 (955) — (832) Real estate - residential mortgage Performing 953,063 649,475 268,809 383,345 294,005 484,717 — — 3,033,414 Nonperforming — 832 2,437 2,611 723 21,818 — — 28,421 Total real estate - residential mortgage 953,063 650,307 271,246 385,956 294,728 506,535 — — 3,061,835 Real estate - residential mortgage Current period gross charge-offs — (68) (101) (190) (7) (254) — — (620) Current period recoveries — — 13 1 — 278 — — 292 Total net (charge-offs) recoveries — (68) (88) (189) (7) 24 — — (328) Consumer Performing 93,208 106,797 104,984 48,281 27,828 38,319 49,594 — 469,011 Nonperforming 123 68 56 62 47 162 22 — 540 Total consumer 93,331 106,865 105,040 48,343 27,875 38,481 49,616 — 469,551 Consumer Current period gross charge-offs — (500) (425) (346) (433) (642) (442) — (2,788) Current period recoveries — 48 148 116 177 891 101 — 1,481 Total net (charge-offs) recoveries — (452) (277) (230) (256) 249 (341) — (1,307) Equipment lease financing and other Performing 69,512 71,629 53,733 39,888 18,481 6,219 — — 259,462 Nonperforming — — 190 16,054 272 286 — — 16,802 Total leasing and other 69,512 71,629 53,923 55,942 18,753 6,505 — — 276,264 Equipment lease financing and other Current period gross charge-offs (1,463) (241) — — — — — — (1,704) Current period recoveries 187 136 17 16 9 20 — — 385 Total net (charge-offs) recoveries (1,276) (105) 17 16 9 20 — — (1,319) Construction - other Performing 45,386 36,764 6,614 — 16 — 17,940 — 106,720 Nonperforming — — — 181 — — — — 181 Total construction - other 45,386 36,764 6,614 181 16 — 17,940 — 106,901 Construction - other Current period gross charge-offs — — — — — — — — — Current period recoveries — — — — — — — — — Total net (charge-offs) recoveries — — — — — — — — — Total Performing $ 1,182,416 $ 872,962 $ 448,713 $ 483,578 $ 353,336 $ 669,400 $ 1,063,345 $ 5,485 $ 5,079,235 Nonperforming 123 900 2,836 19,164 1,267 24,620 8,786 329 58,025 Total $ 1,182,539 $ 873,862 $ 451,549 $ 502,742 $ 354,603 $ 694,020 $ 1,072,131 $ 5,814 $ 5,137,260 The information presented in the table above is not required for periods prior to the adoption of CECL. The following table presents the most comparable required information for the prior period, a summary of performing, delinquent and non-performing loans for the indicated class segments: December 31, 2019 Performing Delinquent (1) Non-performing (2) Total (dollars in thousands) Real estate - home equity $ 1,292,035 $ 12,341 $ 10,568 $ 1,314,944 Real estate - residential mortgage 2,584,763 34,291 22,411 2,641,465 Construction - other 92,649 895 809 94,353 Consumer - direct 63,582 465 190 64,237 Consumer - indirect 393,974 4,685 268 398,927 Total consumer 457,556 5,150 458 463,164 Equipment lease financing and other 278,743 4,012 16,642 299,397 $ 4,705,746 $ 56,689 $ 50,888 $ 4,813,323 % of Total 97.8 % 1.2 % 1.0 % 100 % (1) Includes all accruing loans 30 days to 89 days past due. (2) Includes all accruing loans 90 days or more past due and all non-accrual loans. The following table presents non-performing assets: September 30, December 31, (in thousands) Non-accrual loans $ 128,321 $ 125,098 Loans 90 days or more past due and still accruing 13,761 16,057 Total non-performing loans 142,082 141,155 OREO (1) 4,565 6,831 Total non-performing assets $ 146,647 $ 147,986 (1) Excludes $9.6 million of residential mortgage properties for which formal foreclosure proceedings were in process as of September 30, 2020. The following tables present the aging of the amortized cost basis of loans, by class segment: 30-59 60-89 ≥ 90 Days Days Past Days Past Past Due Non- Due Due and Accruing Accrual Current Total (in thousands) September 30, 2020 Real estate – commercial mortgage $ 11,867 $ 3,702 $ 2,499 $ 40,926 $ 6,987,336 $ 7,046,330 Commercial and industrial 5,326 1,228 1,950 35,274 5,924,376 5,968,154 Real estate – residential mortgage 10,686 1,180 3,394 24,893 3,021,682 3,061,835 Real estate – home equity 3,966 902 3,070 8,682 1,206,089 1,222,709 Real estate – construction — — 2,430 1,621 1,003,483 1,007,534 Consumer 1,648 436 306 235 466,926 469,551 Equipment lease financing and other 250 110 112 16,690 235,346 252,508 Total $ 33,743 $ 7,558 $ 13,761 $ 128,321 $ 18,845,238 $ 19,028,621 30-59 Days Past 60-89 ≥ 90 Days Non- Current Total (in thousands) December 31, 2019 Real estate – commercial mortgage $ 10,912 $ 1,543 $ 4,113 $ 33,166 $ 6,651,042 $ 6,700,776 Commercial and industrial 2,302 2,630 1,385 48,106 4,392,278 4,446,701 Real estate – residential mortgage 26,982 7,309 5,735 16,676 2,584,763 2,641,465 Real estate – home equity 9,635 2,706 3,564 7,004 1,292,035 1,314,944 Real estate – construction 1,715 900 688 3,618 964,158 971,079 Consumer 4,228 922 458 — 457,556 463,164 Equipment lease financing and other 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 Collateral-Dependent Loans A financial asset is considered to be collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. For all classes of financial assets deemed collateral-dependent, the Corporation elected the practical expedient to estimate expected credit losses based on the collateral’s fair value less cost to sell. In most cases, the Corporation records a partial charge-off to reduce the loan’s carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral supporting collateral-dependent financial assets consists of various types of real estate including residential properties; commercial properties such as retail centers, office buildings, and lodging; agriculture land; and vacant land. Troubled Debt Restructurings The following table presents TDRs, by class segment: September 30, December 31, (in thousands) Real estate - residential mortgage $ 19,427 $ 21,551 Real estate - commercial mortgage 28,558 13,330 Real estate - home equity 14,875 15,068 Commercial and industrial 7,328 5,193 Consumer — 8 Total accruing TDRs 70,188 55,150 Non-accrual TDRs (1) 37,025 20,825 Total TDRs $ 107,213 $ 75,975 (1) Included in non-accrual loans in the preceding table detailing non-performing assets. The following table presents TDRs, by class segment, for loans that were modified during the three and nine months ended September 30, 2020 and 2019: Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Real estate - residential mortgage 8 $ 1,351 1 $ 830 48 $ 10,516 6 $ 2,263 Real estate - commercial mortgage 5 8,394 1 81 12 24,868 1 81 Real estate - home equity 13 1,370 12 327 40 3,556 46 2,281 Commercial and industrial 4 3,021 3 97 18 4,399 13 4,928 Consumer 3 53 — — 11 238 — — Total 33 $ 14,189 17 $ 1,335 129 $ 43,577 66 $ 9,553 Restructured loan modifications may include payment schedule modifications, interest rate concessions, bankruptcies, principal reduction or some combination of these concessions. The restructured loan modifications primarily included maturity date extensions, rate modifications and payment schedule modifications. In accordance with regulatory guidance, payment schedule modifications granted after March 13, 2020 to borrowers impacted by the effects of the COVID-19 pandemic and who were not delinquent at the time of the payment schedule modifications have been excluded from TDRs. For the nine months ended September 30, 2020, payment schedule modifications having a recorded investment of $3.8 billion were excluded from TDRs based on this regulatory guidance. |
Mortgage Servicing Rights
Mortgage Servicing Rights | 9 Months Ended |
Sep. 30, 2020 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | Mortgage Servicing Rights The following table summarizes the changes in MSRs, which are included in other assets on the consolidated balance sheets: Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 (in thousands) Amortized cost: Balance at beginning of period $ 38,692 $ 38,826 $ 39,267 $ 38,573 Originations of MSRs 4,319 2,499 8,569 5,585 Amortization (4,129) (1,970) (8,954) (4,803) Balance at end of period $ 38,882 $ 39,355 $ 38,882 $ 39,355 Valuation allowance: Balance at beginning of period $ (7,700) $ — $ — $ — Additions to valuation allowance (1,500) — (9,200) — Balance at end of period $ (9,200) $ — $ (9,200) $ — Net MSRs at end of period $ 29,682 $ 39,355 $ 29,682 $ 39,355 Estimated fair value of MSRs at end of period $ 29,682 $ 43,968 $ 29,682 $ 43,968 MSRs represent the economic value of contractual rights to service mortgage loans that have been sold. The total portfolio of loans serviced by the Corporation for unrelated third parties was $4.8 billion and $4.9 billion as of September 30, 2020 and December 31, 2019, respectively. Actual and expected prepayments of the underlying mortgage loans can impact the fair values of the MSRs. The Corporation accounts for MSRs at the lower of amortized cost or fair value. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
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. For each of the derivatives, gross derivative assets and liabilities are recorded in other assets and other liabilities, respectively, on the consolidated balance sheets. Related gains and losses on these derivative instruments are recorded in other changes, net on the consolidated statement of cash flows. 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 Corporation is required to clear all eligible interest rate swap contracts with a clearing agent and 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. The following table presents a summary of the notional amounts and fair values of derivative financial instruments: September 30, 2020 December 31, 2019 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 446,268 $ 11,994 $ 132,260 $ 1,123 Negative fair values 4,611 (61) 9,783 (53) Forward Commitments Positive fair values — — 75,000 63 Negative fair values 414,110 (1,644) 180,000 (371) Interest Rate Swaps with Customers Positive fair values 3,777,684 375,567 2,903,489 143,484 Negative fair values 12,288 (2) 376,705 (695) Interest Rate Swaps with Dealer Counterparties Positive fair values 12,288 2 376,705 695 Negative fair values 3,777,684 (183,225) 2,903,489 (75,327) Foreign Exchange Contracts with Customers Positive fair values 2,947 32 3,373 38 Negative fair values 5,885 (280) 7,283 (154) Foreign Exchange Contracts with Correspondent Banks Positive fair values 7,325 340 9,028 192 Negative fair values 2,653 (19) 4,976 (45) The following table presents a summary of the fair value gains (losses) on derivative financial instruments: Consolidated Statements of Income Classification Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 (in thousands) Mortgage banking derivatives (1) Mortgage banking income $ 1,783 $ 843 $ 9,527 $ 1,457 Interest rate swaps Other expense (12) 51 70 198 Foreign exchange contracts Other income 25 10 42 44 Net fair value gains on derivative financial instruments $ 1,796 $ 904 $ 9,639 $ 1,699 (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 the periods shown: September 30, December 31, (in thousands) Amortized cost (1) $ 90,416 $ 37,396 Fair value 93,621 37,828 (1) Cost basis of mortgage loans held for sale represents the unpaid principal balance. Gains related to changes in fair values of mortgage loans held for sale were $658,000 and $2.8 million for the three and nine months ended September 30, 2020, respectively. During the three and nine months ended September 30, 2019, losses related to changes in fair values of mortgage loans held for sale were $499,000 and $174,000, respectively. 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 swaps with dealer 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 daily through a clearing agent. As a result, the total fair values of interest rate swap derivative assets and liabilities recognized on the consolidated balance sheet 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 swaps, 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 intent to set off these amounts, therefore, these repurchase agreements are not eligible for offset. The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) September 30, 2020 Interest rate swap derivative assets $ 375,569 $ (2) $ — $ 375,567 Foreign exchange derivative assets with correspondent banks 340 (19) — 321 Total $ 375,909 $ (21) $ — $ 375,888 Interest rate swap derivative liabilities $ 183,230 $ (2) $ (183,228) $ — Foreign exchange derivative liabilities with correspondent banks 19 (19) — — Total $ 183,249 $ (21) $ (183,228) $ — December 31, 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) $ — (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 received from the counterparty or posted by the Corporation 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 and securities collateral amounts are included in the table only to the extent of the net derivative fair values. |
Tax Credit Investments
Tax Credit Investments | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Tax Credit Investments | Tax Credit Investments TCIs are primarily for investments promoting qualified affordable housing projects and investments in community development entities. Investments in these projects generate a return primarily through the realization of federal income tax credits and deductions for operating losses over a specified time period. 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: September 30, December 31, 2020 2019 Included in other assets: (in thousands) Affordable housing tax credit investment, net $ 145,415 $ 153,351 Other tax credit investments, net 70,379 64,354 Total TCIs, net $ 215,794 $ 217,705 Included in other liabilities: Unfunded affordable housing tax credit commitments $ 22,591 $ 16,684 Other tax credit liabilities 60,585 55,105 Total unfunded tax credit commitments and liabilities $ 83,176 $ 71,789 The following table presents other information relating to the Corporation's TCIs: Three Months Ended Nine Months Ended September 30 September 30 2020 2019 2020 2019 Components of income taxes: (in thousands) Affordable housing tax credits and other tax benefits $ (7,290) $ (7,852) $ (21,678) $ (23,002) Other tax credit investment credits and tax benefits (1,240) (1,136) (3,122) (3,407) Amortization of affordable housing investments, net of tax benefit 5,024 5,649 15,071 16,638 Deferred tax expense 275 238 691 715 Total net reduction in income tax expense $ (3,231) $ (3,101) $ (9,038) $ (9,056) Amortization of TCIs: Affordable housing tax credits investment $ 1,021 $ 863 $ 3,065 $ 2,508 Other tax credit investment amortization 673 670 1,529 2,008 Total amortization of TCIs $ 1,694 $ 1,533 $ 4,594 $ 4,516 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income The following table presents changes in other comprehensive income: Before-Tax Amount Tax Effect Net of Tax Amount Three months ended September 30, 2020 (in thousands) Unrealized gain on securities $ 5,565 $ (1,232) $ 4,333 Reclassification adjustment for securities gains included in net income (1) (2) 1 (1) Amortization of net unrealized losses on AFS securities transferred to HTM (2) 1,192 (264) 928 Amortization of net unrecognized pension and postretirement items (3) 329 (73) 255 Total Other Comprehensive Income $ 7,083 $ (1,568) $ 5,515 Three months ended September 30, 2019 Unrealized gain on securities (4) $ 23,150 $ (5,121) $ 18,029 Reclassification adjustment for securities gains included in net income (1) (4,492) 994 (3,498) Amortization of net unrealized losses on AFS securities transferred to HTM (2) 4,405 (974) 3,430 Amortization of net unrecognized pension and postretirement items (3) 357 (80) 277 Total Other Comprehensive Income $ 23,419 $ (5,181) $ 18,238 Nine months ended September 30, 2020 Unrealized gain on securities $ 72,146 $ (15,960) $ 56,186 Reclassification adjustment for securities gains included in net income (1) (3,053) 676 (2,377) Amortization of net unrealized losses on AFS securities transferred to HTM (2) 3,232 (715) 2,517 Amortization of net unrecognized pension and postretirement items (3) 984 (219) 765 Total Other Comprehensive Income $ 73,309 $ (16,218) $ 57,091 Nine months ended September 30, 2019 Unrealized gain on securities (4) $ 81,207 $ (17,963) $ 63,244 Reclassification adjustment for securities gains included in net income (1) (4,733) 1,047 (3,686) Amortization of net unrealized losses on AFS securities transferred to HTM (2) 6,966 (1,541) 5,425 Non-credit related unrealized losses on other-than-temporarily impaired debt securities (875) 193 (682) Amortization of net unrecognized pension and postretirement items (3) 1,083 (240) 843 Total Other Comprehensive Income $ 83,648 $ (18,504) $ 65,144 (1) Amounts reclassified out of accumulated other comprehensive income. 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. Before-tax amounts included as a reduction to "Interest Income" on the Consolidated Statements of Income. (3) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Salaries and employee benefits" on the Consolidated Statements of Income. See Note 12, "Employee Benefit Plans," for additional details. (4) Before-Tax amount includes a $3.7 million reclassification of unrealized loss related to the early adoption of ASU 2019-04. The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax: Unrealized Gains (Losses) on Investment Securities Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities Unrecognized Pension and Postretirement Plan Income (Costs) Total (in thousands) Three months ended September 30, 2020 Balance at June 30, 2020 $ 65,930 $ — $ (14,491) $ 51,439 Other comprehensive income before reclassifications 4,333 — — 4,333 Amounts reclassified from accumulated other comprehensive income (1) — 255 254 Amortization of net unrealized losses on AFS securities transferred to HTM 928 — — 928 Balance at September 30, 2020 $ 71,190 $ — $ (14,236) $ 56,954 Three months ended September 30, 2019 Balance at June 30, 2019 $ 2,368 $ (2) $ (14,523) $ (12,157) Other comprehensive income before reclassifications 18,029 — — 18,029 Amounts reclassified from accumulated other comprehensive income (loss) (3,498) — 277 (3,221) Amortization of net unrealized losses on AFS securities transferred to HTM 3,430 — — 3,430 Balance at September 30, 2019 $ 20,329 $ (2) $ (14,246) $ 6,081 Nine months ended September 30, 2020 Balance at December 31, 2019 $ 14,864 $ — $ (15,001) $ (137) Other comprehensive income before reclassifications 56,186 — — 56,186 Amounts reclassified from accumulated other comprehensive income (loss) (2,377) — 765 (1,612) Amortization of net unrealized losses on AFS securities transferred to HTM 2,517 — — 2,517 Balance at September 30, 2020 $ 71,190 $ — $ (14,236) $ 56,954 Nine months ended September 30, 2019 Balance at December 31, 2018 $ (44,654) $ 680 $ (15,089) $ (59,063) Other comprehensive income before reclassifications 63,244 (682) — 62,562 Amounts reclassified from accumulated other comprehensive income (loss) (3,686) — 843 (2,843) Amortization of net unrealized losses on AFS securities transferred to HTM 5,425 — — 5,425 Balance at September 30, 2019 $ 20,329 $ (2) $ (14,246) $ 6,081 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements FASB ASC Topic 820 establishes 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. All assets and liabilities measured at fair value on both a recurring and nonrecurring basis, have been categorized into the above three levels. The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: September 30, 2020 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 93,621 $ — $ 93,621 Available for sale investment securities: State and municipal securities — 926,554 — 926,554 Corporate debt securities — 342,558 — 342,558 Collateralized mortgage obligations — 532,473 — 532,473 Residential mortgage-backed securities — 321,695 — 321,695 Commercial mortgage-backed securities — 572,210 — 572,210 Auction rate securities — — 97,990 97,990 Total available for sale investment securities — 2,695,490 97,990 2,793,480 Other assets: Investments held in Rabbi Trust 21,828 — — 21,828 Derivative assets 372 387,563 — 387,935 Total assets $ 22,200 $ 3,176,674 $ 97,990 $ 3,296,864 Other liabilities: Deferred compensation liabilities $ 21,828 $ — $ — $ 21,828 Derivative liabilities 299 184,932 — 185,231 Total liabilities $ 22,127 $ 184,932 $ — $ 207,059 December 31, 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 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 September 30, 2020 and December 31, 2019 were based on the price that secondary market investors were offering for loans with similar characteristics. See "Note 6 - Derivative Financial Instruments" 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 investment securities are valued by a third-party pricing service. 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. • State and municipal securities/Collateralized mortgage obligations/Residential mortgage-backed securities/Commercial mortgage-backed securities – These debt securities are classified as Level 2. Fair values are determined by a third-party pricing service, as detailed above. • Corporate debt securities – This category consists of subordinated debt and senior debt issued by financial institutions ($338.2 million at September 30, 2020 and $362.3 million at December 31, 2019), single-issuer trust preferred securities issued by financial institutions ($0 at September 30, 2020 and $11.2 million at December 31, 2019) and other corporate debt issued by non-financial institutions ($4.4 million at September 30, 2020 and $3.9 million at December 31, 2019). As noted in "Note 3 - Investment Securities", several corporate debt securities were sold in the second quarter of 2020. Refer to the specific note for further information. Level 2 investment securities include the Corporation’s holdings of subordinated debt and senior debt, other corporate debt issued by non-financial institutions and $0 and $8.8 million of single-issuer TruPS held at September 30, 2020 and December 31, 2019, respectively. The fair values for these corporate debt securities are determined by a third-party pricing service, as detailed above. Level 3 investment securities include the Corporation’s investments in certain single-issuer TruPS ($0 at September 30, 2020 and $2.4 million at December 31, 2019). 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 investment securities 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 in 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 fair 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 represent 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 ($372,000 at September 30, 2020 and $230,000 at December 31, 2019). 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 ($12.0 million at September 30, 2020 and $1.2 million at December 31, 2019) and the fair value of interest rate swaps ($375.6 million at September 30, 2020 and $144.2 million at December 31, 2019). The fair values of the Corporation’s 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 6 - 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 ($299,000 at September 30, 2020 and $199,000 at December 31, 2019). 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 ($1.7 million at September 30, 2020 and $424,000 at December 31, 2019) and the fair value of interest rate swaps ($183.2 million at September 30, 2020 and $76.0 million at December 31, 2019). The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Derivative assets" above. The following table presents the changes in the Corporation’s available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3): Pooled Trust Single-issuer ARCs Three months ended September 30, 2020 (in thousands) Balance at June 30, 2020 $ — $ — $ 100,859 Sales — — — Unrealized adjustment to fair value (1) — — (2,869) Balance at September 30, 2020 $ — $ — $ 97,990 Three months ended September 30, 2019 Balance at June 30, 2019 $ — $ 2,370 $ 103,365 Unrealized adjustment to fair value (1) — (2) (67) Discount accretion — 2 — Balance at September 30, 2019 $ — $ 2,370 $ 103,298 Nine months ended September 30, 2020 Balance at December 31, 2019 $ — $ 2,400 $ 101,926 Sales — (2,160) — Unrealized adjustment to fair value (1) — (242) (3,936) Discount accretion — 2 — Balance at September 30, 2020 $ — $ — $ 97,990 Nine months ended September 30, 2019 Balance at December 31, 2018 $ 875 $ 2,400 $ 102,994 Sales (770) — — Unrealized adjustment to fair value (1) (105) (32) 304 Discount accretion — 2 — Balance at September 30, 2019 $ — $ 2,370 $ 103,298 (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. Certain assets 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 assets measured at fair value on a nonrecurring basis: September 30, 2020 December 31, 2019 (in thousands) Net Loans $ 113,073 $ 144,807 OREO 4,565 6,831 MSRs (1) 29,682 45,193 Total assets $ 147,320 $ 196,831 (1) Amounts shown are estimated fair value. MSRs are recorded on the Corporation's consolidated balance sheets at lower of amortized cost or fair value. 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 – This category consists of loans that were individually evaluated for impairment and have been classified as Level 3 assets. In 2020, the amount shown is the balance of nonaccrual loans, net of the related ACL. In 2019, the amount shown is the balance of impaired loans, net of the related ACL. See "Note 4 - Allowance for Credit Losses and Asset Quality," 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 by product type 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 September 30, 2020 valuation were 17.7% and 9.5%, respectively. Management reviews the reasonableness of the significant inputs to the third-party valuation in comparison to market data. See "Note 5 - Mortgage Servicing Rights," for additional information. In 2008, the Corporation received Class B restricted shares of Visa, Inc. ("Visa") as part of Visa’s initial public offering. These securities are considered equity securities without readily determinable fair values. As such, the approximately 133,000 Visa Class B shares owned as of September 30, 2020 were carried at a zero cost basis. The following tables present the carrying amounts and estimated fair values of the Corporation’s financial instruments as of the periods shown. A general description of the methods and assumptions used to estimate such fair values follows: September 30, 2020 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 1,534,890 $ 1,534,890 $ — $ — $ 1,534,890 FRB and FHLB stock 93,964 — 93,964 — 93,964 Loans held for sale 93,621 — 93,621 — 93,621 AFS securities 2,793,480 — 2,695,490 97,990 2,793,480 HTM securities 304,241 — 324,940 — 324,940 Net Loans 18,761,796 — — 18,514,547 18,514,547 Accrued interest receivable 70,766 70,766 — — 70,766 Other assets 694,442 272,632 387,563 34,247 694,442 FINANCIAL LIABILITIES Demand and savings deposits $ 17,997,443 $ 17,997,443 $ — $ — $ 17,997,443 Brokered deposits 317,588 275,719 41,869 — 317,588 Time deposits 2,415,020 — 2,442,422 — 2,442,422 Short-term borrowings 611,727 611,727 — — 611,727 Accrued interest payable 9,123 9,123 — — 9,123 FHLB advances and long-term debt 1,296,012 — 1,342,192 — 1,342,192 Other liabilities 352,740 152,272 184,935 15,533 352,740 December 31, 2019 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) FINANCIAL ASSETS 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 AFS securities 2,497,537 — 2,393,211 104,326 2,497,537 HTM securities 369,841 — 383,705 — 383,705 Net Loans 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 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. As of September 30, 2020, fair values for loans and time deposits were estimated by discounting future cash flows using the current rates, as adjusted for liquidity considerations, at which similar loans would be made to borrowers and similar deposits would be issued to customers for the same remaining maturities. Fair values of loans 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. |
Net Income Per Share
Net Income Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | Net Income Per Share Basic net income per 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, RSUs, and PSUs. PSUs are required to be included in weighted average 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 shares outstanding used to calculate basic net income per share and diluted net income per share follows (in thousands, except per share data): Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 Weighted average shares outstanding (basic) 162,061 165,324 162,416 167,834 Impact of common stock equivalents 518 802 667 888 Weighted average shares outstanding (diluted) 162,579 166,126 163,083 168,722 Per share: Basic $ 0.38 $ 0.38 $ 0.78 $ 1.06 Diluted 0.38 0.37 0.78 1.06 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based CompensationThe Corporation grants equity awards to employees in the form of stock options, restricted stock, RSUs or PSUs under its Amended and Restated Equity and Cash Incentive Compensation Plan ("Employee Equity Plan"). Recent grants of equity awards under the Employee Equity Plan have generally been limited to RSUs and PSUs. In addition, employees may purchase stock under the Corporation’s Employee Stock Purchase Plan. The fair value of equity awards granted to employees is recognized as compensation expense over the period during which employees are required to provide service in exchange for such awards. Compensation expense for PSUs is also recognized over the period during which employees are required to provide service in exchange for such awards, however, compensation expense may vary based on the expectations for actual performance relative to defined performance measures. The Corporation also grants equity awards to non-employee members of its board of directors and subsidiary bank boards 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 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. Fair values for RSUs and a majority of PSUs are based on the trading price of the Corporation’s stock on the date of grant and earn dividend equivalents during the vesting period, which are forfeitable if the awards do not vest. The fair value of certain PSUs are estimated through the use of the Monte Carlo valuation methodology as of the date of grant. As of September 30, 2020, the Employee Equity Plan had 9.3 million shares reserved for future grants through 2023, and the Directors’ Plan had approximately 180,000 shares reserved for future grants through 2029. The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income: Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 (in thousands) Compensation expense $ 1,875 $ 2,110 $ 5,403 $ 5,458 Tax benefit (397) (451) (1,144) (1,194) Stock-based compensation expense, net of tax benefit $ 1,478 $ 1,659 $ 4,259 $ 4,264 |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The net periodic pension cost for the Corporation’s Defined Benefit Pension Plan ("Pension Plan") consisted of the following components: Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 (in thousands) Interest cost $ 681 $ 813 $ 2,043 $ 2,443 Expected return on plan assets (982) (688) (2,946) (2,066) Net amortization and deferral 465 496 1,395 1,486 Net periodic pension cost $ 164 $ 621 $ 492 $ 1,863 The components of the net benefit for the Corporation’s Postretirement Benefits Plan ("Postretirement Plan") consisted of the following components: Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 (in thousands) Interest cost $ 11 $ 15 $ 33 $ 45 Net accretion and deferral (137) (139) (411) (417) Net periodic benefit $ (126) $ (124) $ (378) $ (372) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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. Those financial instruments include commitments to extend credit and letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized on the Corporation’s consolidated balance sheets. Exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit is represented by the outstanding amount of those instruments. The outstanding amounts of commitments to extend credit and letters of credit were as follows: September 30, December 31, 2019 (in thousands) Commitments to extend credit $ 8,325,169 $ 6,689,519 Standby letters of credit 294,429 303,020 Commercial letters of credit 54,112 50,432 The Corporation records a reserve for unfunded lending commitments, included in ACL - OBS credit exposures, which represents management’s estimate of credit losses associated with unused commitments to extend credit and letters of credit. See "Note 4 - Allowance for Credit Losses and Asset Quality," for additional details. 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 losses related to loans sold to investors. As of September 30, 2020 and December 31, 2019, the total reserve for losses on residential mortgage loans sold was $1.1 million and $3.2 million, respectively, including reserves for both representation and warranty and credit loss exposures. With the adoption of CECL on January 1, 2020 the reserve for estimated losses on certain residential mortgage loans sold to investors was reclassified to ACL - OBS credit exposures. This reclassification resulted in a $2.1 million increase to ACL - OBS credit exposures and a corresponding decrease to the reserve for estimated losses related to loans sold to investors in the first quarter of 2020. 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 As disclosed in the Corporation’s Current Report on Form 8-K filed with the SEC on September 28, 2020, on September 28, 2020, the SEC announced that it has accepted an Offer of Settlement submitted by the Corporation to resolve the previously disclosed 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. Under the settlement, without admitting or denying the SEC’s findings in this matter, the Corporation consented to the entry of an administrative civil cease-and-desist order by the SEC with respect to certain violations of the federal securities laws in the fourth quarter of 2016 through the second quarter of 2017, and the payment of a civil monetary penalty of $1.5 million. Kress v. Fulton Bank, N.A. On October 15, 2019, a former Fulton Bank teller supervisor, D. Kress filed a putative collective and class action lawsuit on behalf of herself and other teller supervisors, tellers, and other similar non-exempt 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 summons without a formal service of process on January 20, 2020. The lawsuit alleges that Fulton Bank did not record or otherwise account for the amount of time D. Kress and putative collective and class members 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. Following the submission of a formal demand for damages by Counsel representing plaintiffs ("Plaintiffs’ Counsel"), the Corporation and Plaintiffs’ Counsel engaged in negotiations regarding the potential settlement of this lawsuit on a collective and class basis. While the negotiations are ongoing, the Corporation and Plaintiffs’ Counsel have reached a tentative agreement with respect to the financial terms of a potential settlement to resolve this lawsuit. If the parties are able to reach a formal settlement agreement, that settlement agreement would be subject to approval by the U.S. District Court for the District of New Jersey. The Corporation is not able to provide any assurance that a formal settlement agreement will be reached, or that the District Court will approve the settlement agreement. The financial terms of the potential settlement involve an amount that is not expected to be material to the Corporation. The Corporation established an accrued liability during the third quarter of 2020 for the amount of the potential settlement. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term DebtIn March 2020, the Corporation issued $200.0 million and $175.0 million of subordinated notes due in 2030 and 2035, respectively. The subordinated notes maturing in 2030 were issued with a fixed-to-floating rate of 3.25% and an effective rate of 3.35%, due to issuance costs, and the subordinated notes maturing in 2035 were issued with a fixed-to-floating rate of 3.75% and an effective rate of 3.85%, due to issuance costs. |
Subsequent Event
Subsequent Event | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventOn October 29, 2020 the Corporation issued 8,000,000 depositary shares ("Depositary Shares"), each representing a 1/40th interest in a share of Fulton’s 5.125% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, with a liquidation preference of $1,000 per share (equivalent to $25.00 per Depositary Share), for an aggregate offering amount of $200 million. The Corporation received net proceeds from the offering of $193.7 million, after deducting underwriting discounts and commissions and before deducting transaction expenses payable by the Corporation. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of PresentationThe accompanying unaudited Consolidated Financial Statements of the Corporation have been prepared in conformity with GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities as of the date of the financial statements as well as revenues and expenses during the period. Actual results could differ from those estimates. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto included in the Corporation's Annual Report on Form 10-K for the year ended December 31, 2019. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. The Corporation evaluates subsequent events through the date of filing of this Form 10-Q with the SEC. |
Recently Issued Accounting Standards | CECL Adoption and Updated Significant Accounting Policy On January 1, 2020, the Corporation adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology, and is referred to as CECL. The measurement of expected credit losses under CECL is applicable to financial assets measured at amortized cost, including loans and HTM debt securities. It also applies to OBS credit exposures, such as loan commitments, standby letters of credit, financial guarantees, and other similar instruments, and net investments in leases recognized by a lessor in accordance with ASC Topic 842. The Corporation adopted CECL using the modified retrospective method for all financial assets measured at amortized cost, net of investments in leases and OBS credit exposures. Results for reporting periods beginning after January 1, 2020 are presented under CECL, while prior period results are reported in accordance with the previously applicable incurred loss methodology. The Corporation recorded an increase of $58.3 million to the ACL on January 1, 2020 as a result of the adoption of CECL. Retained earnings decreased $43.8 million and deferred tax assets increased by $12.4 million. Included in the $58.3 million increase to the ACL was $2.1 million for certain OBS credit exposures that was previously recognized in other liabilities before the adoption of CECL. Loans : Loans 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, loans are placed on non-accrual status once they become 90 days delinquent as to principal or interest. In certain cases a loan 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 agreement. When interest accruals are discontinued, unpaid interest previously credited to income is reversed. Non-accrual loans may be restored to accrual status when all delinquent principal and interest has been paid currently for six consecutive months or the loan is considered secured and in the process of collection. The Corporation generally applies payments received on non-accruing loans 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 will ultimately be collected, payments received subsequent to its classification as a non-accrual loan are allocated between interest income and principal. A loan that is 90 days delinquent may continue to accrue interest if the loan 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 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 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 deemed to be a loss are written off through a charge against the ACL. 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 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, if any. Principal recoveries of loans previously charged off are recorded as increases to the ACL. 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. Loan origination fees and the related direct origination costs for loans originated under the PPP loan program are amortized on a straight-line basis over the repayment period of the loan. To the extent that a PPP loan is forgiven, the unamortized fees and costs will be recorded at the time of forgiveness. Troubled Debt Restructurings: Loans are accounted for and reported as TDRs when, for economic or legal reasons, the Corporation grants a concession to a borrower experiencing financial difficulty that it would not otherwise consider. 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. On March 27, 2020 the CARES Act was signed into law. The CARES Act includes an option for financial institutions to suspend the requirements of GAAP for certain loan modifications that would otherwise be categorized as a TDR. Certain conditions must be met with respect to the loan modification including that the modification is related to COVID-19, the modified loan was not more than 30 days past due on December 31, 2019 and the modification was executed between March 1, 2020 and the earlier of (a) 60 days after the date of the COVID-19 national emergency comes to an end or (b) December 31, 2020. The Corporation is applying the option under the CARES act for all loan modifications that qualify. On April 7, 2020, Troubled Debt Restructurings: Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customers Affected by COVID-19 was issued by the federal banking regulatory agencies. Included in the Interagency Statement were provisions permitting banks that grant loan modifications to customers impacted by COVID-19 to exclude those modifications from loans categorized as TDRs. The Corporation is adopting the guidance in this Interagency Statement effective for COVID-19-related modifications occurring subsequent to March 13, 2020. Allowance for Credit Losses: The discussion that follows describes the methodology for determining the ACL under the CECL model that was adopted January 1, 2020. The allowance methodology for prior periods is disclosed in the Corporation’s 2019 Annual Report on Form 10-K. The Corporation has elected to exclude accrued interest receivable from the measurement of its ACL. When a loan is placed on non-accrual status, any outstanding accrued interest is reversed against interest income. Loans: The ACL for loans is an estimate of the expected losses to be realized over the life of the loans in the portfolio. The ACL is determined for two distinct categories of loans: 1) loans evaluated collectively for expected credit losses and 2) loans evaluated individually for expected credit losses. Loans Evaluated Collectively : Loans evaluated collectively for expected credit losses include loans on accrual status, excluding accruing TDRs, and loans initially evaluated individually, but determined not to have enhanced credit risk characteristics. This category includes loans on non-accrual status and TDRs where the total commitment amount is less than $1 million. The ACL is estimated by applying a probability of default (PD) and loss given default (LGD) to the exposure at default (EAD) at the loan or lease level. In order to determine the PD, LGD, and EAD inputs: • Loans are aggregated into pools based on similar risk characteristics. • The PD and LGD model components are determined based on loss estimates driven by historical credit loss experience for each pool of loans. • The PD model components use econometric regression models that use the Corporation’s historical credit loss experience and economic variable inputs to estimate a PD for each loan pool. The LGD model component calculates a lifetime LGD estimate across each pool of loans utilizing a loss rate approach based on the Corporation’s historical charge-off and the balance at the time of loan default adjusted for the Corporation’s recovery experience. • Reasonable and supportable economic variable forecasts are incorporated into the PD model components. • Reasonable and supportable forecast periods are based on different economic forecasts and scenarios sourced from an external third party. A future loss forecast over the reasonable and supportable forecast period is based on the projected performance of specific economic variables that statistically correlate loss experience in the various loan pools. • After the reasonable and supportable forecast period, economic variable forecasts naturally revert, at the input level,to a long-run average. • To calculate the EAD model component, cash flow assumptions are established for each loan using maturity date, amortization schedule and interest rate. In addition, a constant prepayment rate is calculated for each loan pool. Loans Evaluated Individually : Loans evaluated individually for expected credit losses include loans on non-accrual status and TDRs where the commitment amount equals or exceeds $1.0 million. The required ACL for such loans is determined using either the present value of expected future cash flows, observable market price or the fair value of collateral. Loans evaluated individually may have specific allocations assigned if the measured value of the loan using one of the noted techniques is less than its current carrying value. For loans measured using the fair value of collateral, if the analysis determines that sufficient collateral value would be available for repayment of the debt, then no allocations would be assigned to those loans. Collateral could be in the form of real estate 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 estate. For loans secured by real estate, estimated fair values are determined primarily through appraisals performed by 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 is 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; 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 third-party appraisers for impaired loans secured predominantly by real estate every 12 months. When updated appraisals are not obtained for loans secured by real estate, fair values are estimated based on the original appraisal values, as long as the original appraisal indicated an acceptable loan-to-value position and there has not been a significant deterioration in the collateral value since the original appraisal was performed. For loans 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. Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification. 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 ACL methodology for these loans, which bases the PD on this migration. Assigning risk ratings involves judgment. Risk ratings may be changed based on ongoing monitoring procedures, 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 allocation of the ACL is reviewed to evaluate its appropriateness in relation to the overall risk profile of the loan portfolio. The Corporation considers risk factors such as: local and national economic conditions; trends in delinquencies and non-accrual loans; the diversity of borrower industry types; and the composition of the portfolio by loan type. Qualitative and Other Adjustments to ACL: In addition to the quantitative credit loss estimates for loans evaluated collectively, qualitative factors that may not be fully captured in the quantitative results are also evaluated. These qualitative factors include changes in lending policy, the nature and volume of the portfolio, overall business conditions in the economy, credit concentrations, specific industry risks, competition, model imprecision and legal and regulatory requirements. Qualitative adjustments are judgmental and are based on management’s knowledge of the portfolio and the markets in which the Corporation operates. Qualitative adjustments are evaluated and approved on a quarterly basis. Additionally, the ACL includes other allowance categories that are not directly incorporated in the quantitative results. These categories include but are not limited to loans-in-process, trade acceptances and overdrafts. OBS Credit Exposures: The ACL for OBS credit exposures is recorded in other liabilities on the consolidated balance sheets. This portion of the ACL represents management’s estimate of expected losses in its unfunded loan commitments and other OBS credit exposures. The ACL specific to unfunded commitments is determined by estimating future draws and applying the expected loss rates on those draws. Future draws are based on historical averages of utilization rates (i.e., the likelihood of draws taken). The ACL for OBS credit exposures is increased or decreased by charges or reductions to expense, through the provision for credit losses. HTM Debt Securities: Expected credit losses on HTM debt securities would be recorded in the ACL on HTM debt securities. As of September 30, 2020, no HTM debt securities required an ACL as these investments consist solely of government guaranteed residential mortgage-backed securities. AFS Debt Securities : The ACL approach for AFS debt securities differs from the CECL approach used for HTM debt securities as AFS debt securities are carried at fair value rather than amortized cost. Prior to the adoption of CECL, credit losses on AFS debt securities were determined using an OTTI approach. Under CECL, the concept of OTTI has been eliminated, but the general approach to determining credit losses is largely consistent with the OTTI method. Under CECL, credit losses on AFS debt securities are recognized through an ACL rather than through a direct write-down of the security. As of September 30, 2020, no AFS debt securities required an ACL. Other Recently Adopted Accounting Standards On January 1, 2020, the Corporation adopted 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. The Corporation adopted this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and it did not have a material impact on its consolidated financial statements. On January 1, 2020, the Corporation adopted 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. The Corporation adopted this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and it did not have a material impact on its consolidated financial statements In March 2020, the Corporation adopted ASC Update 2020-04 - Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This standards update provided optional guidance for a limited time to ease the potential burden in accounting for reference rate reform, specific to those using LIBOR or another reference rate expected to be discontinued due to this reform. The Corporation adopted this standards update effective with its March 31, 2020 quarterly report on Form 10-Q and it did not have a material impact on its consolidated financial statements. Recently Issued Accounting Standards 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. Fiscal Year 2020 The Corporation intends to adopt this standards update effective with its December 31, 2020 annual report on Form 10-K. 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 the 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. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. First Quarter 2021 The Corporation intends to adopt this standards update effective with its March 31, 2021 quarterly report on Form 10-Q. This update is not expected to have a material impact on the consolidated financial statements. Reclassifications |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Investment Securities | The following table presents the amortized cost and estimated fair values of investment securities for the periods presented: September 30, 2020 Amortized Gross Gross Estimated Available for Sale (in thousands) State and municipal securities $ 880,495 $ 46,216 $ (157) $ 926,554 Corporate debt securities 327,143 16,724 (1,309) 342,558 Collateralized mortgage obligations 516,312 16,207 (46) 532,473 Residential mortgage-backed securities 318,343 3,409 (57) 321,695 Commercial mortgage-backed securities 548,076 24,136 (2) 572,210 Auction rate securities 101,510 — (3,520) 97,990 Total $ 2,691,879 $ 106,692 $ (5,091) $ 2,793,480 Held to Maturity Residential mortgage-backed securities $ 304,241 $ 20,699 $ — $ 324,940 December 31, 2019 Amortized Gross Gross Estimated Available for Sale (in thousands) 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 |
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 September 30, 2020, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities as certain investment securities are subject to call or prepayment with or without call or prepayment penalties. September 30, 2020 Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (in thousands) Due in one year or less $ 11,252 $ 11,388 $ — $ — Due from one year to five years 32,118 33,397 — — Due from five years to ten years 315,094 330,233 — — Due after ten years 950,684 992,084 — — 1,309,148 1,367,102 — — Residential mortgage-backed securities (1) 318,343 321,695 304,241 324,940 Commercial mortgage-backed securities (1) 548,076 572,210 — — Collateralized mortgage obligations (1) 516,312 532,473 — — Total $ 2,691,879 $ 2,793,480 $ 304,241 $ 324,940 (1) Mortgage-backed securities and collateralized mortgage obligations do not have stated maturities and are dependent upon the interest rate environment and prepayments on the underlying loans. |
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 the gross realized gains and losses on the sales of investment securities for the periods presented: Gross Realized Gains Gross Realized Losses Net Gains Three months ended (in thousands) September 30, 2020 $ 94 $ (92) $ 2 September 30, 2019 7,938 (3,446) 4,492 Nine months ended September 30, 2020 $ 6,545 $ (3,492) $ 3,053 September 30, 2019 11,207 (6,474) 4,733 |
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 investment securities, aggregated by category and length of time that individual securities have been in a continuous unrealized loss position for the periods presented: September 30, 2020 Less than 12 months 12 months or longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Available for Sale (in thousands) State and municipal securities 6 $ 25,372 $ (157) — $ — $ — $ 25,372 $ (157) Corporate debt securities 16 67,030 (965) 1 6,847 (344) 73,877 (1,309) Collateralized mortgage obligations 1 25,489 (46) — — — 25,489 (46) Residential mortgage-backed securities 4 75,876 (57) — — — 75,876 (57) Commercial mortgage-backed securities 1 9,322 (2) — — — 9,322 (2) Auction rate securities — — — 162 97,990 (3,520) 97,990 (3,520) Total available for sale (1) 28 $ 203,089 $ (1,227) 163 $ 104,837 $ (3,864) $ 307,926 $ (5,091) December 31, 2019 Less than 12 months 12 months or longer Total Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Available for Sale (in thousands) 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) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Summary of Gross Loans by Type | September 30, December 31, 2019 (in thousands) Real estate - commercial mortgage $ 7,046,330 $ 6,700,776 Commercial and industrial 5,968,154 4,446,701 Real-estate - residential mortgage 3,061,835 2,641,465 Real-estate - home equity 1,222,709 1,314,944 Real-estate - construction 1,007,534 971,079 Consumer 469,551 463,164 Equipment lease financing and other 274,570 322,625 Overdrafts 1,694 3,582 Gross loans 19,052,377 16,864,336 Unearned income (23,756) (26,810) Net Loans $ 19,028,621 $ 16,837,526 |
Activity in the Allowance for Credit Losses | The following table presents the activity in the ACL in 2020: Three months ended September 30, 2020 Nine months ended September 30, 2020 (in thousands) Balance at beginning of period $ 272,920 $ 166,209 Impact of adopting CECL on January 1, 2020 (1) — 58,348 Loans charged off (5,489) (27,539) Recoveries of loans previously charged off 7,847 14,660 Net loans recovered (charged off) 2,358 (12,879) Provision for credit losses (2) 7,080 70,680 Balance at end of period $ 282,358 $ 282,358 (1) Includes $12.6 million of reserves for OBS credit exposures as of January 1, 2020. (2) Includes $850,000 and $320,000 related to OBS credit exposures for the three and nine months ended September 30, 2020, respectively. The following table presents the activity in the ACL - loans by portfolio segment, for the three and nine months ended September 30, 2020: Real Estate - Commercial and Real Estate - Real Estate - Real Estate - Consumer Equipment lease financing, other Total (in thousands) Three months ended September 30, 2020 Balance at June 30, 2020 $ 102,695 $ 61,447 $ 16,391 $ 46,443 $ 12,314 $ 10,299 $ 6,948 $ 256,537 Loans charged off (746) (2,969) (393) (198) — (701) (483) (5,489) Recoveries of loans previously charged off 100 2,103 44 95 4,873 447 185 7,847 Net loans recovered (charged off) (646) (866) (349) (103) 4,873 (254) (298) 2,358 Provision for loan losses (1) 9,806 (1,743) 256 2,013 (2,177) 260 (484) 7,930 Balance at September 30, 2020 $ 111,855 $ 58,838 $ 16,298 $ 48,353 $ 15,010 $ 10,305 $ 6,166 $ 266,825 Nine months ended September 30, 2020 Balance at December 31, 2019 $ 45,610 $ 68,602 $ 17,744 $ 19,771 $ 4,443 $ 3,762 $ 3,690 $ 163,622 Impact of adopting CECL on January 1, 2020 29,361 (18,576) (65) 21,235 4,015 5,969 3,784 45,723 Loans charged off (3,925) (17,348) (1,138) (620) (17) (2,788) (1,704) (27,539) Recoveries of loans previously charged off 439 6,815 305 292 4,943 1,481 385 14,660 Net loans recovered (charged off) (3,486) (10,533) (833) (328) 4,926 (1,307) (1,319) (12,879) Provision for loan losses (1) 40,370 19,345 (548) 7,675 1,626 1,881 11 70,359 Balance at September 30, 2020 $ 111,855 $ 58,838 $ 16,298 $ 48,353 $ 15,010 $ 10,305 $ 6,166 $ 266,825 (1) Provision included in the table only includes the portion related to Net Loans. The following table presents the activity in the ACL for the periods indicated in 2019: Three months ended September 30, 2019 Nine months ended September 30, 2019 (in thousands) Balance at beginning of period $ 176,941 $ 169,410 Loans charged off (10,128) (20,208) Recoveries of loans previously charged off 3,814 11,300 Net loans charged off (6,314) (8,908) Provision for credit losses (1) 2,170 12,295 Balance at end of period $ 172,797 $ 172,797 (1) Includes ($46,000) and ($2.2 million) related to reserve for unfunded lending commitments for the three and nine months ended September 30, 2019, respectively. The following table presents the activity in the allowance for loan losses, by portfolio segment, for the three and nine months ended September 30, 2019: Real Estate - Commercial & Real Estate - Real Estate - Real Estate - Consumer Equipment lease financing, other Total (in thousands) Three months ended September 30, 2019 Balance at June 30, 2019 $ 54,859 $ 66,341 $ 18,981 $ 18,892 $ 4,928 $ 3,363 $ 2,869 $ 170,233 Loans charged off (394) (7,181) (498) (533) (45) (877) (600) (10,128) Recoveries of loans previously charged off 444 2,311 132 440 164 216 107 3,814 Net loans recovered (charged off) 50 (4,870) (366) (93) 119 (661) (493) (6,314) Provision for loan losses (1) (5,529) 7,710 (662) (109) (664) 798 672 2,216 Balance at September 30, 2019 $ 49,380 $ 69,181 $ 17,953 $ 18,690 $ 4,383 $ 3,500 $ 3,048 $ 166,135 Nine months ended September 30, 2019 Balance at December 31, 2018 $ 52,889 $ 58,868 $ 18,911 $ 18,921 $ 5,061 $ 3,217 $ 2,670 $ 160,537 Loans charged off (1,769) (11,863) (923) (1,322) (143) (2,355) (1,833) (20,208) Recoveries of loans previously charged off 749 6,234 552 783 1,493 1,005 484 11,300 Net loans recovered (charged off) (1,020) (5,629) (371) (539) 1,350 (1,350) (1,349) (8,908) Provision for loan losses (1) (2,489) 15,942 (587) 308 (2,028) 1,633 1,727 14,506 Balance at September 30, 2019 $ 49,380 $ 69,181 $ 17,953 $ 18,690 $ 4,383 $ 3,500 $ 3,048 $ 166,135 (1) The provision in the table only includes the portion related to Net Loans. |
Schedule of Allowance for Credit Losses | The following table presents the components of the ACL under CECL: September 30, 2020 (in thousands) ACL - loans $ 266,825 ACL - OBS credit exposure 15,533 Total ACL $ 282,358 The following table presents the components of the ACL: December 31, 2019 (in thousands) Allowance for loan losses $ 163,622 Reserve for unfunded lending commitments 2,587 ACL $ 166,209 |
Total Impaired Loans by Class Segment | The following table presents total non-accrual loans, by class segment: September 30, 2020 December 31, 2019 Non-accrual Loans Non-accrual Loans With a Related Allowance Without a Related Allowance Total Total (in thousands) Real estate - commercial mortgage $ 15,145 $ 25,781 $ 40,926 $ 33,166 Commercial and industrial 14,326 20,948 35,274 48,106 Real estate - residential mortgage 23,637 1,256 24,893 16,676 Real estate - home equity 8,682 — 8,682 7,004 Real estate - construction 607 1,014 1,621 3,618 Consumer 235 — 235 — Equipment lease financing and other — 16,690 16,690 16,528 $ 62,632 $ 65,689 $ 128,321 $ 125,098 |
Financing Receivable Credit Quality Indicators | The following table summarizes designated internal risk categories by portfolio segment and loan class, by origination year, in the current period : September 30, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total Real estate - construction (1) Pass $ 94,758 $ 243,614 $ 196,393 $ 138,308 $ 44,315 $ 114,228 $ 47,594 $ — $ 879,210 Special Mention — 241 — — 7,103 6,106 — — 13,450 Substandard or Lower — 448 — — 760 5,822 943 — 7,973 Total real estate - construction 94,758 244,303 196,393 138,308 52,178 126,156 48,537 — 900,633 Real estate - construction (1) Current period gross charge-offs — — — — — (17) — — (17) Current period recoveries — — — — 68 4,875 — — 4,943 Total net (charge-offs) recoveries — — — — 68 4,858 — — 4,926 Commercial and industrial Pass 2,409,273 540,493 330,516 229,184 216,228 635,782 1,256,763 — 5,618,239 Special Mention 52,203 13,653 7,618 10,886 13,693 29,919 50,673 — 178,645 Substandard or Lower 38,983 1,125 15,819 11,797 13,422 25,081 64,089 954 171,270 Total commercial and industrial 2,500,459 555,271 353,953 251,867 243,343 690,782 1,371,525 954 5,968,154 Commercial and industrial Current period gross charge-offs — (106) (10) (102) (388) (117) (16,625) — (17,348) Current period recoveries 39 364 207 91 1,704 4,410 — 6,815 Total net (charge-offs) recoveries — (67) 354 105 (297) 1,587 (12,215) — (10,533) Real estate - commercial mortgage Pass 702,768 933,999 792,029 850,926 871,759 2,381,373 88,116 327 6,621,297 Special Mention 13,247 13,505 19,298 33,245 46,354 139,832 3,502 — 268,983 Substandard or Lower 1,119 2,409 13,665 39,467 9,375 88,671 1,344 — 156,050 Total real estate - commercial mortgage 717,134 949,913 824,992 923,638 927,488 2,609,876 92,962 327 7,046,330 Real estate - commercial mortgage Current period gross charge-offs — (16) (36) (2,515) (29) (1,312) (17) — (3,925) Current period recoveries — — — — 1 438 — — 439 Total net (charge-offs) recoveries — (16) (36) (2,515) (28) (874) (17) — (3,486) Total Pass $ 3,206,799 $ 1,718,106 $ 1,318,938 $ 1,218,418 $ 1,132,302 $ 3,131,383 $ 1,392,473 $ 327 $ 13,118,746 Special Mention 65,450 27,399 26,916 44,131 67,150 175,857 54,175 — 461,078 Substandard or Lower 40,102 3,982 29,484 51,264 23,557 119,574 66,376 954 335,293 Total $ 3,312,351 $ 1,749,487 $ 1,375,338 $ 1,313,813 $ 1,223,009 $ 3,426,814 $ 1,513,024 $ 1,281 $ 13,915,117 (1) Excludes real estate - construction - other. The information presented in the table above is not required for periods prior to the adoption of CECL. The following table presents the most comparable required information for the prior period, internal credit risk ratings for the indicated loan class segments: December 31, 2019 Pass Special Mention Substandard or Lower Total (dollars in thousands) Real estate - commercial mortgage $ 6,429,407 $ 137,163 $ 134,206 $ 6,700,776 Commercial and industrial - secured 3,830,847 171,442 195,884 4,198,173 Commercial and industrial - unsecured 234,987 9,665 3,876 248,528 Total commercial and industrial 4,065,834 181,107 199,760 4,446,701 Construction - commercial residential 100,808 2,897 3,461 107,166 Construction - commercial 765,562 1,322 2,676 769,560 Total construction (excluding construction - other) 866,370 4,219 6,137 876,726 $ 11,361,611 $ 322,489 $ 340,103 $ 12,024,203 % of Total 94.5 % 2.7 % 2.8 % 100.0 % September 30, 2020 Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans (dollars in thousands) Amortized Amortized 2020 2019 2018 2017 2016 Prior Cost Basis Cost Basis Total Real estate - home equity Performing $ 21,247 $ 8,297 $ 14,573 $ 12,064 $ 13,006 $ 140,145 $ 995,811 $ 5,485 $ 1,210,628 Nonperforming — — 153 256 225 2,354 8,764 329 12,081 Total real estate - home equity 21,247 8,297 14,726 12,320 13,231 142,499 1,004,575 5,814 1,222,709 Real estate - home equity Current period gross charge-offs — — — — — — (1,137) — (1,137) Current period recoveries — — — — — 123 182 — 305 Total net (charge-offs) recoveries — — — — — 123 (955) — (832) Real estate - residential mortgage Performing 953,063 649,475 268,809 383,345 294,005 484,717 — — 3,033,414 Nonperforming — 832 2,437 2,611 723 21,818 — — 28,421 Total real estate - residential mortgage 953,063 650,307 271,246 385,956 294,728 506,535 — — 3,061,835 Real estate - residential mortgage Current period gross charge-offs — (68) (101) (190) (7) (254) — — (620) Current period recoveries — — 13 1 — 278 — — 292 Total net (charge-offs) recoveries — (68) (88) (189) (7) 24 — — (328) Consumer Performing 93,208 106,797 104,984 48,281 27,828 38,319 49,594 — 469,011 Nonperforming 123 68 56 62 47 162 22 — 540 Total consumer 93,331 106,865 105,040 48,343 27,875 38,481 49,616 — 469,551 Consumer Current period gross charge-offs — (500) (425) (346) (433) (642) (442) — (2,788) Current period recoveries — 48 148 116 177 891 101 — 1,481 Total net (charge-offs) recoveries — (452) (277) (230) (256) 249 (341) — (1,307) Equipment lease financing and other Performing 69,512 71,629 53,733 39,888 18,481 6,219 — — 259,462 Nonperforming — — 190 16,054 272 286 — — 16,802 Total leasing and other 69,512 71,629 53,923 55,942 18,753 6,505 — — 276,264 Equipment lease financing and other Current period gross charge-offs (1,463) (241) — — — — — — (1,704) Current period recoveries 187 136 17 16 9 20 — — 385 Total net (charge-offs) recoveries (1,276) (105) 17 16 9 20 — — (1,319) Construction - other Performing 45,386 36,764 6,614 — 16 — 17,940 — 106,720 Nonperforming — — — 181 — — — — 181 Total construction - other 45,386 36,764 6,614 181 16 — 17,940 — 106,901 Construction - other Current period gross charge-offs — — — — — — — — — Current period recoveries — — — — — — — — — Total net (charge-offs) recoveries — — — — — — — — — Total Performing $ 1,182,416 $ 872,962 $ 448,713 $ 483,578 $ 353,336 $ 669,400 $ 1,063,345 $ 5,485 $ 5,079,235 Nonperforming 123 900 2,836 19,164 1,267 24,620 8,786 329 58,025 Total $ 1,182,539 $ 873,862 $ 451,549 $ 502,742 $ 354,603 $ 694,020 $ 1,072,131 $ 5,814 $ 5,137,260 The information presented in the table above is not required for periods prior to the adoption of CECL. The following table presents the most comparable required information for the prior period, a summary of performing, delinquent and non-performing loans for the indicated class segments: December 31, 2019 Performing Delinquent (1) Non-performing (2) Total (dollars in thousands) Real estate - home equity $ 1,292,035 $ 12,341 $ 10,568 $ 1,314,944 Real estate - residential mortgage 2,584,763 34,291 22,411 2,641,465 Construction - other 92,649 895 809 94,353 Consumer - direct 63,582 465 190 64,237 Consumer - indirect 393,974 4,685 268 398,927 Total consumer 457,556 5,150 458 463,164 Equipment lease financing and other 278,743 4,012 16,642 299,397 $ 4,705,746 $ 56,689 $ 50,888 $ 4,813,323 % of Total 97.8 % 1.2 % 1.0 % 100 % (1) Includes all accruing loans 30 days to 89 days past due. (2) Includes all accruing loans 90 days or more past due and all non-accrual loans. |
Non-Performing Assets | The following table presents non-performing assets: September 30, December 31, (in thousands) Non-accrual loans $ 128,321 $ 125,098 Loans 90 days or more past due and still accruing 13,761 16,057 Total non-performing loans 142,082 141,155 OREO (1) 4,565 6,831 Total non-performing assets $ 146,647 $ 147,986 (1) Excludes $9.6 million of residential mortgage properties for which formal foreclosure proceedings were in process as of September 30, 2020. |
Past due Loan Status and Non-Accrual Loans by Portfolio Segment | The following tables present the aging of the amortized cost basis of loans, by class segment: 30-59 60-89 ≥ 90 Days Days Past Days Past Past Due Non- Due Due and Accruing Accrual Current Total (in thousands) September 30, 2020 Real estate – commercial mortgage $ 11,867 $ 3,702 $ 2,499 $ 40,926 $ 6,987,336 $ 7,046,330 Commercial and industrial 5,326 1,228 1,950 35,274 5,924,376 5,968,154 Real estate – residential mortgage 10,686 1,180 3,394 24,893 3,021,682 3,061,835 Real estate – home equity 3,966 902 3,070 8,682 1,206,089 1,222,709 Real estate – construction — — 2,430 1,621 1,003,483 1,007,534 Consumer 1,648 436 306 235 466,926 469,551 Equipment lease financing and other 250 110 112 16,690 235,346 252,508 Total $ 33,743 $ 7,558 $ 13,761 $ 128,321 $ 18,845,238 $ 19,028,621 30-59 Days Past 60-89 ≥ 90 Days Non- Current Total (in thousands) December 31, 2019 Real estate – commercial mortgage $ 10,912 $ 1,543 $ 4,113 $ 33,166 $ 6,651,042 $ 6,700,776 Commercial and industrial 2,302 2,630 1,385 48,106 4,392,278 4,446,701 Real estate – residential mortgage 26,982 7,309 5,735 16,676 2,584,763 2,641,465 Real estate – home equity 9,635 2,706 3,564 7,004 1,292,035 1,314,944 Real estate – construction 1,715 900 688 3,618 964,158 971,079 Consumer 4,228 922 458 — 457,556 463,164 Equipment lease financing and other 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 |
Troubled Debt Restructurings on Financing Receivables | The following table presents TDRs, by class segment: September 30, December 31, (in thousands) Real estate - residential mortgage $ 19,427 $ 21,551 Real estate - commercial mortgage 28,558 13,330 Real estate - home equity 14,875 15,068 Commercial and industrial 7,328 5,193 Consumer — 8 Total accruing TDRs 70,188 55,150 Non-accrual TDRs (1) 37,025 20,825 Total TDRs $ 107,213 $ 75,975 (1) Included in non-accrual loans in the preceding table detailing non-performing assets. |
Loan Terms Modified Under Troubled Debt Restructurings | The following table presents TDRs, by class segment, for loans that were modified during the three and nine months ended September 30, 2020 and 2019: Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment Number of Loans Recorded Investment (dollars in thousands) Real estate - residential mortgage 8 $ 1,351 1 $ 830 48 $ 10,516 6 $ 2,263 Real estate - commercial mortgage 5 8,394 1 81 12 24,868 1 81 Real estate - home equity 13 1,370 12 327 40 3,556 46 2,281 Commercial and industrial 4 3,021 3 97 18 4,399 13 4,928 Consumer 3 53 — — 11 238 — — Total 33 $ 14,189 17 $ 1,335 129 $ 43,577 66 $ 9,553 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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: Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 (in thousands) Amortized cost: Balance at beginning of period $ 38,692 $ 38,826 $ 39,267 $ 38,573 Originations of MSRs 4,319 2,499 8,569 5,585 Amortization (4,129) (1,970) (8,954) (4,803) Balance at end of period $ 38,882 $ 39,355 $ 38,882 $ 39,355 Valuation allowance: Balance at beginning of period $ (7,700) $ — $ — $ — Additions to valuation allowance (1,500) — (9,200) — Balance at end of period $ (9,200) $ — $ (9,200) $ — Net MSRs at end of period $ 29,682 $ 39,355 $ 29,682 $ 39,355 Estimated fair value of MSRs at end of period $ 29,682 $ 43,968 $ 29,682 $ 43,968 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notional Amounts and Fair Values of Derivative Financial Instruments | The following table presents a summary of the notional amounts and fair values of derivative financial instruments: September 30, 2020 December 31, 2019 Notional Asset Notional Asset (in thousands) Interest Rate Locks with Customers Positive fair values $ 446,268 $ 11,994 $ 132,260 $ 1,123 Negative fair values 4,611 (61) 9,783 (53) Forward Commitments Positive fair values — — 75,000 63 Negative fair values 414,110 (1,644) 180,000 (371) Interest Rate Swaps with Customers Positive fair values 3,777,684 375,567 2,903,489 143,484 Negative fair values 12,288 (2) 376,705 (695) Interest Rate Swaps with Dealer Counterparties Positive fair values 12,288 2 376,705 695 Negative fair values 3,777,684 (183,225) 2,903,489 (75,327) Foreign Exchange Contracts with Customers Positive fair values 2,947 32 3,373 38 Negative fair values 5,885 (280) 7,283 (154) Foreign Exchange Contracts with Correspondent Banks Positive fair values 7,325 340 9,028 192 Negative fair values 2,653 (19) 4,976 (45) |
Summary of Fair Value Gains and Losses on Derivative Financial Instruments | The following table presents a summary of the fair value gains (losses) on derivative financial instruments: Consolidated Statements of Income Classification Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 (in thousands) Mortgage banking derivatives (1) Mortgage banking income $ 1,783 $ 843 $ 9,527 $ 1,457 Interest rate swaps Other expense (12) 51 70 198 Foreign exchange contracts Other income 25 10 42 44 Net fair value gains on derivative financial instruments $ 1,796 $ 904 $ 9,639 $ 1,699 (1) Includes interest rate locks with customers and forward commitments. |
Summary of Corporation's Mortgage Loans Held for Sale | 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 the periods shown: September 30, December 31, (in thousands) Amortized cost (1) $ 90,416 $ 37,396 Fair value 93,621 37,828 (1) Cost basis of mortgage loans held for sale represents the unpaid principal balance. |
Summary of Offsetting Derivative Assets | The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) September 30, 2020 Interest rate swap derivative assets $ 375,569 $ (2) $ — $ 375,567 Foreign exchange derivative assets with correspondent banks 340 (19) — 321 Total $ 375,909 $ (21) $ — $ 375,888 Interest rate swap derivative liabilities $ 183,230 $ (2) $ (183,228) $ — Foreign exchange derivative liabilities with correspondent banks 19 (19) — — Total $ 183,249 $ (21) $ (183,228) $ — December 31, 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) $ — (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 received from the counterparty or posted by the Corporation 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 and securities collateral amounts are included in the table only to the extent of the net derivative fair values. |
Summary of Offsetting Derivative Liabilities | The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (in thousands) September 30, 2020 Interest rate swap derivative assets $ 375,569 $ (2) $ — $ 375,567 Foreign exchange derivative assets with correspondent banks 340 (19) — 321 Total $ 375,909 $ (21) $ — $ 375,888 Interest rate swap derivative liabilities $ 183,230 $ (2) $ (183,228) $ — Foreign exchange derivative liabilities with correspondent banks 19 (19) — — Total $ 183,249 $ (21) $ (183,228) $ — December 31, 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) $ — (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 received from the counterparty or posted by the Corporation 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 and securities collateral amounts are included in the table only to the extent of the net derivative fair values. |
Tax Credit Investments (Tables)
Tax Credit Investments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary Of Affordable Housing Tax Credit Investments And Other Credit Investments | The following table presents the balances of the Corporation's TCIs and related unfunded commitments: September 30, December 31, 2020 2019 Included in other assets: (in thousands) Affordable housing tax credit investment, net $ 145,415 $ 153,351 Other tax credit investments, net 70,379 64,354 Total TCIs, net $ 215,794 $ 217,705 Included in other liabilities: Unfunded affordable housing tax credit commitments $ 22,591 $ 16,684 Other tax credit liabilities 60,585 55,105 Total unfunded tax credit commitments and liabilities $ 83,176 $ 71,789 The following table presents other information relating to the Corporation's TCIs: Three Months Ended Nine Months Ended September 30 September 30 2020 2019 2020 2019 Components of income taxes: (in thousands) Affordable housing tax credits and other tax benefits $ (7,290) $ (7,852) $ (21,678) $ (23,002) Other tax credit investment credits and tax benefits (1,240) (1,136) (3,122) (3,407) Amortization of affordable housing investments, net of tax benefit 5,024 5,649 15,071 16,638 Deferred tax expense 275 238 691 715 Total net reduction in income tax expense $ (3,231) $ (3,101) $ (9,038) $ (9,056) Amortization of TCIs: Affordable housing tax credits investment $ 1,021 $ 863 $ 3,065 $ 2,508 Other tax credit investment amortization 673 670 1,529 2,008 Total amortization of TCIs $ 1,694 $ 1,533 $ 4,594 $ 4,516 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Changes in other comprehensive income | The following table presents changes in other comprehensive income: Before-Tax Amount Tax Effect Net of Tax Amount Three months ended September 30, 2020 (in thousands) Unrealized gain on securities $ 5,565 $ (1,232) $ 4,333 Reclassification adjustment for securities gains included in net income (1) (2) 1 (1) Amortization of net unrealized losses on AFS securities transferred to HTM (2) 1,192 (264) 928 Amortization of net unrecognized pension and postretirement items (3) 329 (73) 255 Total Other Comprehensive Income $ 7,083 $ (1,568) $ 5,515 Three months ended September 30, 2019 Unrealized gain on securities (4) $ 23,150 $ (5,121) $ 18,029 Reclassification adjustment for securities gains included in net income (1) (4,492) 994 (3,498) Amortization of net unrealized losses on AFS securities transferred to HTM (2) 4,405 (974) 3,430 Amortization of net unrecognized pension and postretirement items (3) 357 (80) 277 Total Other Comprehensive Income $ 23,419 $ (5,181) $ 18,238 Nine months ended September 30, 2020 Unrealized gain on securities $ 72,146 $ (15,960) $ 56,186 Reclassification adjustment for securities gains included in net income (1) (3,053) 676 (2,377) Amortization of net unrealized losses on AFS securities transferred to HTM (2) 3,232 (715) 2,517 Amortization of net unrecognized pension and postretirement items (3) 984 (219) 765 Total Other Comprehensive Income $ 73,309 $ (16,218) $ 57,091 Nine months ended September 30, 2019 Unrealized gain on securities (4) $ 81,207 $ (17,963) $ 63,244 Reclassification adjustment for securities gains included in net income (1) (4,733) 1,047 (3,686) Amortization of net unrealized losses on AFS securities transferred to HTM (2) 6,966 (1,541) 5,425 Non-credit related unrealized losses on other-than-temporarily impaired debt securities (875) 193 (682) Amortization of net unrecognized pension and postretirement items (3) 1,083 (240) 843 Total Other Comprehensive Income $ 83,648 $ (18,504) $ 65,144 (1) Amounts reclassified out of accumulated other comprehensive income. 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. Before-tax amounts included as a reduction to "Interest Income" on the Consolidated Statements of Income. (3) Amounts reclassified out of accumulated other comprehensive income. Before-tax amounts included in "Salaries and employee benefits" on the Consolidated Statements of Income. See Note 12, "Employee Benefit Plans," for additional details. (4) Before-Tax amount includes a $3.7 million reclassification of unrealized loss related to the early adoption of ASU 2019-04. |
Changes in each component of accumulated other comprehensive income | The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax: Unrealized Gains (Losses) on Investment Securities Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities Unrecognized Pension and Postretirement Plan Income (Costs) Total (in thousands) Three months ended September 30, 2020 Balance at June 30, 2020 $ 65,930 $ — $ (14,491) $ 51,439 Other comprehensive income before reclassifications 4,333 — — 4,333 Amounts reclassified from accumulated other comprehensive income (1) — 255 254 Amortization of net unrealized losses on AFS securities transferred to HTM 928 — — 928 Balance at September 30, 2020 $ 71,190 $ — $ (14,236) $ 56,954 Three months ended September 30, 2019 Balance at June 30, 2019 $ 2,368 $ (2) $ (14,523) $ (12,157) Other comprehensive income before reclassifications 18,029 — — 18,029 Amounts reclassified from accumulated other comprehensive income (loss) (3,498) — 277 (3,221) Amortization of net unrealized losses on AFS securities transferred to HTM 3,430 — — 3,430 Balance at September 30, 2019 $ 20,329 $ (2) $ (14,246) $ 6,081 Nine months ended September 30, 2020 Balance at December 31, 2019 $ 14,864 $ — $ (15,001) $ (137) Other comprehensive income before reclassifications 56,186 — — 56,186 Amounts reclassified from accumulated other comprehensive income (loss) (2,377) — 765 (1,612) Amortization of net unrealized losses on AFS securities transferred to HTM 2,517 — — 2,517 Balance at September 30, 2020 $ 71,190 $ — $ (14,236) $ 56,954 Nine months ended September 30, 2019 Balance at December 31, 2018 $ (44,654) $ 680 $ (15,089) $ (59,063) Other comprehensive income before reclassifications 63,244 (682) — 62,562 Amounts reclassified from accumulated other comprehensive income (loss) (3,686) — 843 (2,843) Amortization of net unrealized losses on AFS securities transferred to HTM 5,425 — — 5,425 Balance at September 30, 2019 $ 20,329 $ (2) $ (14,246) $ 6,081 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: September 30, 2020 Level 1 Level 2 Level 3 Total (in thousands) Loans held for sale $ — $ 93,621 $ — $ 93,621 Available for sale investment securities: State and municipal securities — 926,554 — 926,554 Corporate debt securities — 342,558 — 342,558 Collateralized mortgage obligations — 532,473 — 532,473 Residential mortgage-backed securities — 321,695 — 321,695 Commercial mortgage-backed securities — 572,210 — 572,210 Auction rate securities — — 97,990 97,990 Total available for sale investment securities — 2,695,490 97,990 2,793,480 Other assets: Investments held in Rabbi Trust 21,828 — — 21,828 Derivative assets 372 387,563 — 387,935 Total assets $ 22,200 $ 3,176,674 $ 97,990 $ 3,296,864 Other liabilities: Deferred compensation liabilities $ 21,828 $ — $ — $ 21,828 Derivative liabilities 299 184,932 — 185,231 Total liabilities $ 22,127 $ 184,932 $ — $ 207,059 December 31, 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 |
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 the Corporation’s available for sale investment securities measured at fair value on a recurring basis using unobservable inputs (Level 3): Pooled Trust Single-issuer ARCs Three months ended September 30, 2020 (in thousands) Balance at June 30, 2020 $ — $ — $ 100,859 Sales — — — Unrealized adjustment to fair value (1) — — (2,869) Balance at September 30, 2020 $ — $ — $ 97,990 Three months ended September 30, 2019 Balance at June 30, 2019 $ — $ 2,370 $ 103,365 Unrealized adjustment to fair value (1) — (2) (67) Discount accretion — 2 — Balance at September 30, 2019 $ — $ 2,370 $ 103,298 Nine months ended September 30, 2020 Balance at December 31, 2019 $ — $ 2,400 $ 101,926 Sales — (2,160) — Unrealized adjustment to fair value (1) — (242) (3,936) Discount accretion — 2 — Balance at September 30, 2020 $ — $ — $ 97,990 Nine months ended September 30, 2019 Balance at December 31, 2018 $ 875 $ 2,400 $ 102,994 Sales (770) — — Unrealized adjustment to fair value (1) (105) (32) 304 Discount accretion — 2 — Balance at September 30, 2019 $ — $ 2,370 $ 103,298 (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. |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | The following table presents Level 3 financial assets measured at fair value on a nonrecurring basis: September 30, 2020 December 31, 2019 (in thousands) Net Loans $ 113,073 $ 144,807 OREO 4,565 6,831 MSRs (1) 29,682 45,193 Total assets $ 147,320 $ 196,831 |
Details of Book Value and Fair Value of Financial Instruments | he following tables present the carrying amounts and estimated fair values of the Corporation’s financial instruments as of the periods shown. A general description of the methods and assumptions used to estimate such fair values follows: September 30, 2020 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) FINANCIAL ASSETS Cash and cash equivalents $ 1,534,890 $ 1,534,890 $ — $ — $ 1,534,890 FRB and FHLB stock 93,964 — 93,964 — 93,964 Loans held for sale 93,621 — 93,621 — 93,621 AFS securities 2,793,480 — 2,695,490 97,990 2,793,480 HTM securities 304,241 — 324,940 — 324,940 Net Loans 18,761,796 — — 18,514,547 18,514,547 Accrued interest receivable 70,766 70,766 — — 70,766 Other assets 694,442 272,632 387,563 34,247 694,442 FINANCIAL LIABILITIES Demand and savings deposits $ 17,997,443 $ 17,997,443 $ — $ — $ 17,997,443 Brokered deposits 317,588 275,719 41,869 — 317,588 Time deposits 2,415,020 — 2,442,422 — 2,442,422 Short-term borrowings 611,727 611,727 — — 611,727 Accrued interest payable 9,123 9,123 — — 9,123 FHLB advances and long-term debt 1,296,012 — 1,342,192 — 1,342,192 Other liabilities 352,740 152,272 184,935 15,533 352,740 December 31, 2019 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total (in thousands) FINANCIAL ASSETS 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 AFS securities 2,497,537 — 2,393,211 104,326 2,497,537 HTM securities 369,841 — 383,705 — 383,705 Net Loans 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 |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Common Shares Outstanding | A reconciliation of weighted average shares outstanding used to calculate basic net income per share and diluted net income per share follows (in thousands, except per share data): Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 Weighted average shares outstanding (basic) 162,061 165,324 162,416 167,834 Impact of common stock equivalents 518 802 667 888 Weighted average shares outstanding (diluted) 162,579 166,126 163,083 168,722 Per share: Basic $ 0.38 $ 0.38 $ 0.78 $ 1.06 Diluted 0.38 0.37 0.78 1.06 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Compensation Expense and Related Tax Benefits | The following table presents compensation expense and the related tax benefits for equity awards recognized in the consolidated statements of income: Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 (in thousands) Compensation expense $ 1,875 $ 2,110 $ 5,403 $ 5,458 Tax benefit (397) (451) (1,144) (1,194) Stock-based compensation expense, net of tax benefit $ 1,478 $ 1,659 $ 4,259 $ 4,264 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Defined Benefit Plans Disclosures | The net periodic pension cost for the Corporation’s Defined Benefit Pension Plan ("Pension Plan") consisted of the following components: Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 (in thousands) Interest cost $ 681 $ 813 $ 2,043 $ 2,443 Expected return on plan assets (982) (688) (2,946) (2,066) Net amortization and deferral 465 496 1,395 1,486 Net periodic pension cost $ 164 $ 621 $ 492 $ 1,863 The components of the net benefit for the Corporation’s Postretirement Benefits Plan ("Postretirement Plan") consisted of the following components: Three months ended September 30 Nine months ended September 30 2020 2019 2020 2019 (in thousands) Interest cost $ 11 $ 15 $ 33 $ 45 Net accretion and deferral (137) (139) (411) (417) Net periodic benefit $ (126) $ (124) $ (378) $ (372) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Outstanding Commitments to Extend Credit and Letters of Credit | The outstanding amounts of commitments to extend credit and letters of credit were as follows: September 30, December 31, 2019 (in thousands) Commitments to extend credit $ 8,325,169 $ 6,689,519 Standby letters of credit 294,429 303,020 Commercial letters of credit 54,112 50,432 |
Basis of Presentation Narrative
Basis of Presentation Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Increase in ACL | $ 282,358 | $ 272,920 | $ 166,209 | $ 172,797 | $ 176,941 | $ 169,410 | |
Change in retained earnings | (1,099,684) | (1,079,391) | |||||
Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Increase in ACL | $ 0 | $ 58,348 | |||||
Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Increase in ACL | 58,300 | ||||||
Change in retained earnings | 43,800 | ||||||
Increase in deferred tax assets | 12,400 | ||||||
Residential Mortgage | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Increase in ACL for certain OBS credit exposure | $ 1,100 | $ 3,200 | |||||
Residential Mortgage | Accounting Standards Update 2016-13 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Increase in ACL for certain OBS credit exposure | (2,100) | ||||||
Residential Mortgage | Accounting Standards Update 2016-13 | Cumulative Effect, Period of Adoption, Adjustment | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Increase in ACL for certain OBS credit exposure | $ (2,100) |
Restrictions on Cash and Cash_2
Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Collateral | $ 460.3 | $ 199.6 |
Subsidiaries | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash reserves due from subsidiary | $ 218.9 |
Investment Securities Schedule
Investment Securities Schedule of Amortized Cost and Fair Values of Investment Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 2,691,879 | |
Gross Unrealized Gains | 106,692 | |
Gross Unrealized Losses | (5,091) | |
Estimated Fair Value | 2,793,480 | $ 2,497,537 |
Amortized Cost, Held to Maturity | 304,241 | 369,841 |
HTM securities | 324,940 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 880,495 | |
Gross Unrealized Gains | 46,216 | |
Gross Unrealized Losses | (157) | |
Estimated Fair Value | 926,554 | |
Amortized Cost | 638,125 | |
Gross Unrealized Gains | 15,826 | |
Gross Unrealized Losses | (1,024) | |
Estimated Fair Value | 652,927 | |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 327,143 | |
Gross Unrealized Gains | 16,724 | |
Gross Unrealized Losses | (1,309) | |
Estimated Fair Value | 342,558 | |
Amortized Cost | 370,401 | |
Gross Unrealized Gains | 8,490 | |
Gross Unrealized Losses | (1,534) | |
Estimated Fair Value | 377,357 | |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 516,312 | |
Gross Unrealized Gains | 16,207 | |
Gross Unrealized Losses | (46) | |
Estimated Fair Value | 532,473 | |
Amortized Cost | 682,307 | |
Gross Unrealized Gains | 11,726 | |
Gross Unrealized Losses | (315) | |
Estimated Fair Value | 693,718 | |
Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 318,343 | |
Gross Unrealized Gains | 3,409 | |
Gross Unrealized Losses | (57) | |
Estimated Fair Value | 321,695 | |
Amortized Cost, Held to Maturity | 304,241 | 369,841 |
Gross Unrealized Gains, Held to Maturity | 20,699 | 13,864 |
Gross Unrealized Losses, Held to Maturity | 0 | 0 |
HTM securities | 324,940 | 383,705 |
Amortized Cost | 177,183 | |
Gross Unrealized Gains | 1,078 | |
Gross Unrealized Losses | (949) | |
Estimated Fair Value | 177,312 | |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 548,076 | |
Gross Unrealized Gains | 24,136 | |
Gross Unrealized Losses | (2) | |
Estimated Fair Value | 572,210 | |
Amortized Cost | 489,603 | |
Gross Unrealized Gains | 6,471 | |
Gross Unrealized Losses | (1,777) | |
Estimated Fair Value | 494,297 | |
Auction Rate Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 101,510 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (3,520) | |
Estimated Fair Value | $ 97,990 | |
Amortized Cost | 107,410 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (5,484) | |
Estimated Fair Value | 101,926 | |
Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 2,465,029 | |
Gross Unrealized Gains | 43,591 | |
Gross Unrealized Losses | (11,083) | |
Estimated Fair Value | $ 2,497,537 |
Investment Securities Schedul_2
Investment Securities Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Amortized Cost | ||
Due in one year or less | $ 11,252 | |
Due from one year to five years | 32,118 | |
Due from five years to ten years | 315,094 | |
Due after ten years | 950,684 | |
Amortized cost, before securities without debt maturities | 1,309,148 | |
Amortized Cost | 2,691,879 | |
Estimated Fair Value | ||
Due in one year or less | 11,388 | |
Due from one year to five years | 33,397 | |
Due from five years to ten years | 330,233 | |
Due after ten years | 992,084 | |
Available for sale securities, debt maturities, before securities without single maturities | 1,367,102 | |
Estimated Fair Value | 2,793,480 | $ 2,497,537 |
Amortized Cost | ||
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 | |
Debt securities, held-to-maturity, maturity, allocated and single maturity date, amortized cost, total | 0 | |
Amortized Cost, Held to Maturity | 304,241 | 369,841 |
Estimated Fair Value | ||
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 | |
Debt securities, held-to-maturity, maturity, Allocated and single maturity date, fair value | 0 | |
Estimated Fair Value, Held to Maturity | 324,940 | |
Collateralized Mortgage Obligations [Member] | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 516,312 | |
Amortized Cost | 516,312 | |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 532,473 | |
Estimated Fair Value | 532,473 | |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 0 | |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 0 | |
Commercial Mortgage Backed Securities [Member] | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 548,076 | |
Amortized Cost | 548,076 | |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 572,210 | |
Estimated Fair Value | 572,210 | |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 0 | |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 0 | |
Mortgage-Backed Securities [Member] | ||
Amortized Cost | ||
Available-for-sale securities, amortized cost without single maturity date | 318,343 | |
Amortized Cost | 318,343 | |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 321,695 | |
Estimated Fair Value | 321,695 | |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 304,241 | |
Amortized Cost, Held to Maturity | 304,241 | 369,841 |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 324,940 | |
Estimated Fair Value, Held to Maturity | $ 324,940 | $ 383,705 |
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 | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Gain (Loss) on Securities [Line Items] | ||||
Debt securities, Gross Realized Gains | $ 94 | $ 7,938 | $ 6,545 | $ 11,207 |
Debt securities, Gross Realized Losses | (92) | (3,446) | (3,492) | (6,474) |
Debt securities, Net Gains (Losses) | $ 2 | $ 4,492 | $ 3,053 | $ 4,733 |
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 | Sep. 30, 2020USD ($)Security | Dec. 31, 2019USD ($)Security |
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 28 | 66 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 203,089 | $ 334,515 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (1,227) | $ (3,377) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 163 | 212 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 104,837 | $ 253,388 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (3,864) | (7,706) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 307,926 | 587,903 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (5,091) | $ (11,083) |
State and Municipal Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 6 | 44 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 25,372 | $ 136,344 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (157) | $ (1,024) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 25,372 | 136,344 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (157) | $ (1,024) |
Corporate Debt Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 16 | 5 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 67,030 | $ 30,719 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (965) | $ (346) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 1 | 8 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 6,847 | $ 18,759 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (344) | (1,188) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 73,877 | 49,478 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (1,309) | $ (1,534) |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 1 | 5 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 25,489 | $ 33,865 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (46) | $ (190) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 0 | 1 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 0 | $ 5,330 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | (125) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 25,489 | 39,195 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (46) | $ (315) |
Residential Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 4 | 5 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 75,876 | $ 12,247 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (57) | $ (40) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 0 | 26 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 0 | $ 127,373 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | (909) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 75,876 | 139,620 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (57) | $ (949) |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 1 | 7 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 9,322 | $ 121,340 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ (2) | $ (1,777) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 0 | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 9,322 | 121,340 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (2) | $ (1,777) |
Auction Rate Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Number of Positions | Security | 0 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | $ 0 | $ 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | Security | 162 | 177 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $ 97,990 | $ 101,926 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (3,520) | (5,484) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 97,990 | 101,926 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (3,520) | $ (5,484) |
Investment Securities Summary_2
Investment Securities Summary of Amortized Cost and Fair Values of Corporate Debt Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 2,691,879 | |
Estimated Fair Value | 2,793,480 | $ 2,497,537 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 327,143 | |
Estimated Fair Value | $ 342,558 |
Investment Securities Narrative
Investment Securities Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Jul. 01, 2019 | |
Schedule of Investments [Line Items] | |||||||
Amortized cost | $ 2,691,879 | $ 2,691,879 | |||||
Available-for-sale Securities, Fair Value Disclosure | 2,793,480 | 2,793,480 | $ 2,497,537 | ||||
HTM, at amortized cost | 304,241 | 304,241 | 369,841 | ||||
HTM securities | 324,940 | 324,940 | |||||
Prepayment penalty on FHLB advances | 0 | $ 4,326 | 2,878 | $ 4,326 | |||
Debt Securities [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
HTM, at amortized cost | 79,000 | 409,200 | 79,000 | 409,200 | |||
HTM securities | 82,000 | 413,700 | 82,000 | $ 413,700 | |||
Debt Securities, Held-to-maturity, Sold, Realized Gain (Loss) | $ 3,000 | 4,500 | |||||
Prepayment penalty on FHLB advances | $ 2,900 | $ 4,300 | |||||
Residential Mortgage Backed Securities [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Amortized cost | 318,343 | 318,343 | |||||
Available-for-sale Securities, Fair Value Disclosure | 321,695 | 321,695 | |||||
HTM, at amortized cost | 304,241 | 304,241 | 369,841 | ||||
HTM securities | 324,940 | 324,940 | 383,705 | ||||
US States and Political Subdivisions Debt Securities [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Amortized cost | 880,495 | 880,495 | |||||
Available-for-sale Securities, Fair Value Disclosure | 926,554 | 926,554 | |||||
US States and Political Subdivisions Debt Securities [Member] | Accounting Standards Update 2019-04 | |||||||
Schedule of Investments [Line Items] | |||||||
HTM, at amortized cost | $ 158,900 | ||||||
HTM securities | $ 168,500 | ||||||
Collateral Pledged [Member] | |||||||
Schedule of Investments [Line Items] | |||||||
Securities pledged as collateral | $ 568,400 | $ 568,400 | $ 462,600 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses Summary Of Gross Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 19,052,377 | $ 16,864,336 |
Unearned income | (23,756) | (26,810) |
Net Loans | 19,028,621 | 16,837,526 |
Real estate - commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 7,046,330 | 6,700,776 |
Net Loans | 7,046,330 | 6,700,776 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 5,968,154 | 4,446,701 |
Net Loans | 5,968,154 | 4,446,701 |
Real estate - residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 3,061,835 | 2,641,465 |
Net Loans | 3,061,835 | 2,641,465 |
Real-estate - home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,222,709 | 1,314,944 |
Net Loans | 1,222,709 | 1,314,944 |
Real-estate - construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 1,007,534 | 971,079 |
Net Loans | 1,007,534 | 971,079 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 469,551 | 463,164 |
Net Loans | 469,551 | 463,164 |
Equipment lease financing and other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | 274,570 | 322,625 |
Overdrafts | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Gross loans | $ 1,694 | $ 3,582 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||||||
ACL - loans | $ 266,825 | $ 163,622 | $ 166,135 | $ 170,233 | $ 160,537 | |
ACL - OBS credit exposure | 15,533 | 2,587 | ||||
Total ACL | $ 282,358 | $ 272,920 | $ 166,209 | $ 172,797 | $ 176,941 | $ 169,410 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | $ 272,920 | $ 166,209 |
Loans charged off | 5,489 | 27,539 |
Recoveries of loans previously charged off | 7,847 | 14,660 |
Total net (charge-offs) recoveries | 2,358 | 12,879 |
Provision for credit losses | 7,080 | 70,680 |
Ending balance | 282,358 | 282,358 |
Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | 0 | |
Off-Balance Sheet | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Provision for credit losses | $ 850 | 320 |
Off-Balance Sheet | Cumulative Effect, Period of Adoption, Adjustment | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||
Beginning balance | $ 12,600 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | $ 272,920 | $ 176,941 | $ 166,209 | $ 169,410 |
Loans charged off | 5,489 | 27,539 | ||
Recoveries of loans previously charged off | 7,847 | 14,660 | ||
Total net (charge-offs) recoveries | 2,358 | 12,879 | ||
Provision for credit losses | 7,080 | 70,680 | ||
Ending balance | 282,358 | 172,797 | 282,358 | 172,797 |
Beginning balance | 170,233 | 163,622 | 160,537 | |
Loans charged off | (10,128) | (20,208) | ||
Recovery of loans previously charged off | 3,814 | 11,300 | ||
Net loans recovered (charged off) | (6,314) | (8,908) | ||
Allowance for loan and lease losses, provision for loss, net of provision applied to unfunded commitments | 2,216 | 14,506 | ||
Ending balance | 266,825 | 166,135 | 266,825 | 166,135 |
Provision for Loan and Lease Losses | 7,080 | 2,170 | 70,680 | 12,295 |
Financing Receivable, Allowance for Credit Losses | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for Loan and Lease Losses | 46,000 | 2,200 | ||
Real estate - commercial mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 54,859 | 52,889 | ||
Loans charged off | (394) | (1,769) | ||
Recovery of loans previously charged off | 444 | 749 | ||
Net loans recovered (charged off) | 50 | (1,020) | ||
Allowance for loan and lease losses, provision for loss, net of provision applied to unfunded commitments | (5,529) | (2,489) | ||
Ending balance | 49,380 | 49,380 | ||
Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 66,341 | 58,868 | ||
Loans charged off | (7,181) | (11,863) | ||
Recovery of loans previously charged off | 2,311 | 6,234 | ||
Net loans recovered (charged off) | (4,870) | (5,629) | ||
Allowance for loan and lease losses, provision for loss, net of provision applied to unfunded commitments | 7,710 | 15,942 | ||
Ending balance | 69,181 | 69,181 | ||
Real-estate - home equity | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 18,981 | 18,911 | ||
Loans charged off | (498) | (923) | ||
Recovery of loans previously charged off | 132 | 552 | ||
Net loans recovered (charged off) | (366) | (371) | ||
Allowance for loan and lease losses, provision for loss, net of provision applied to unfunded commitments | (662) | (587) | ||
Ending balance | 17,953 | 17,953 | ||
Real estate - residential mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 18,892 | 18,921 | ||
Loans charged off | (533) | (1,322) | ||
Recovery of loans previously charged off | 440 | 783 | ||
Net loans recovered (charged off) | (93) | (539) | ||
Allowance for loan and lease losses, provision for loss, net of provision applied to unfunded commitments | (109) | 308 | ||
Ending balance | 18,690 | 18,690 | ||
Real-estate - construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 4,928 | 5,061 | ||
Loans charged off | (45) | (143) | ||
Recovery of loans previously charged off | 164 | 1,493 | ||
Net loans recovered (charged off) | 119 | 1,350 | ||
Allowance for loan and lease losses, provision for loss, net of provision applied to unfunded commitments | (664) | (2,028) | ||
Ending balance | 4,383 | 4,383 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 3,363 | 3,217 | ||
Loans charged off | (877) | (2,355) | ||
Recovery of loans previously charged off | 216 | 1,005 | ||
Net loans recovered (charged off) | (661) | (1,350) | ||
Allowance for loan and lease losses, provision for loss, net of provision applied to unfunded commitments | 798 | 1,633 | ||
Ending balance | 3,500 | 3,500 | ||
Equipment lease financing, other and overdrafts | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 2,869 | 2,670 | ||
Loans charged off | (600) | (1,833) | ||
Recovery of loans previously charged off | 107 | 484 | ||
Net loans recovered (charged off) | (493) | (1,349) | ||
Allowance for loan and lease losses, provision for loss, net of provision applied to unfunded commitments | 672 | 1,727 | ||
Ending balance | $ 3,048 | $ 3,048 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 0 | |||
Loans - Excluding OBS Credit Exposure [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 256,537 | 163,622 | ||
Loans charged off | 5,489 | 27,539 | ||
Recoveries of loans previously charged off | 7,847 | 14,660 | ||
Total net (charge-offs) recoveries | 2,358 | 12,879 | ||
Provision for credit losses | 7,930 | 70,359 | ||
Ending balance | 266,825 | 266,825 | ||
Loans - Excluding OBS Credit Exposure [Member] | Real estate - commercial mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 102,695 | 45,610 | ||
Loans charged off | 746 | 3,925 | ||
Recoveries of loans previously charged off | 100 | 439 | ||
Total net (charge-offs) recoveries | 646 | 3,486 | ||
Provision for credit losses | 9,806 | 40,370 | ||
Ending balance | 111,855 | 111,855 | ||
Loans - Excluding OBS Credit Exposure [Member] | Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 61,447 | 68,602 | ||
Loans charged off | 2,969 | 17,348 | ||
Recoveries of loans previously charged off | 2,103 | 6,815 | ||
Total net (charge-offs) recoveries | 866 | 10,533 | ||
Provision for credit losses | (1,743) | 19,345 | ||
Ending balance | 58,838 | 58,838 | ||
Loans - Excluding OBS Credit Exposure [Member] | Real-estate - home equity | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 16,391 | 17,744 | ||
Loans charged off | 393 | 1,138 | ||
Recoveries of loans previously charged off | 44 | 305 | ||
Total net (charge-offs) recoveries | 349 | 833 | ||
Provision for credit losses | 256 | (548) | ||
Ending balance | 16,298 | 16,298 | ||
Loans - Excluding OBS Credit Exposure [Member] | Real estate - residential mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 46,443 | 19,771 | ||
Loans charged off | 198 | 620 | ||
Recoveries of loans previously charged off | 95 | 292 | ||
Total net (charge-offs) recoveries | 103 | 328 | ||
Provision for credit losses | 2,013 | 7,675 | ||
Ending balance | 48,353 | 48,353 | ||
Loans - Excluding OBS Credit Exposure [Member] | Real-estate - construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 12,314 | 4,443 | ||
Loans charged off | 0 | 17 | ||
Recoveries of loans previously charged off | 4,873 | 4,943 | ||
Total net (charge-offs) recoveries | 4,873 | 4,926 | ||
Provision for credit losses | (2,177) | 1,626 | ||
Ending balance | 15,010 | 15,010 | ||
Loans - Excluding OBS Credit Exposure [Member] | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 10,299 | 3,762 | ||
Loans charged off | 701 | 2,788 | ||
Recoveries of loans previously charged off | 447 | 1,481 | ||
Total net (charge-offs) recoveries | 254 | 1,307 | ||
Provision for credit losses | 260 | 1,881 | ||
Ending balance | 10,305 | 10,305 | ||
Loans - Excluding OBS Credit Exposure [Member] | Equipment lease financing, other and overdrafts | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 6,948 | 3,690 | ||
Loans charged off | 483 | 1,704 | ||
Recoveries of loans previously charged off | 185 | 385 | ||
Total net (charge-offs) recoveries | 298 | 1,319 | ||
Provision for credit losses | (484) | 11 | ||
Ending balance | $ 6,166 | 6,166 | ||
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 45,723 | |||
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Real estate - commercial mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 29,361 | |||
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Commercial and industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | (18,576) | |||
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Real-estate - home equity | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | (65) | |||
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Real estate - residential mortgage | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 21,235 | |||
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Real-estate - construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 4,015 | |||
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | 5,969 | |||
Loans - Excluding OBS Credit Exposure [Member] | Cumulative Effect, Period of Adoption, Adjustment | Equipment lease financing, other and overdrafts | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Beginning balance | $ 3,784 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses Total Impaired Loans by Class Segments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | $ 62,632 | |
Unpaid principal balance, with no related allowance | 65,689 | |
Unpaid Principal Balance | 128,321 | $ 125,098 |
Real estate - commercial mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 15,145 | |
Unpaid principal balance, with no related allowance | 25,781 | |
Unpaid Principal Balance | 40,926 | 33,166 |
Commercial | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 14,326 | |
Unpaid principal balance, with no related allowance | 20,948 | |
Unpaid Principal Balance | 35,274 | 48,106 |
Real estate - residential mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 23,637 | |
Unpaid principal balance, with no related allowance | 1,256 | |
Unpaid Principal Balance | 24,893 | 16,676 |
Construction | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 607 | |
Unpaid principal balance, with no related allowance | 1,014 | |
Unpaid Principal Balance | 1,621 | 3,618 |
Real-estate - home equity | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 8,682 | |
Unpaid principal balance, with no related allowance | 0 | |
Unpaid Principal Balance | 8,682 | 7,004 |
Consumer | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 235 | |
Unpaid principal balance, with no related allowance | 0 | |
Unpaid Principal Balance | 235 | 0 |
Equipment lease financing, other and overdrafts | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 0 | |
Unpaid principal balance, with no related allowance | 16,690 | |
Unpaid Principal Balance | $ 16,690 | $ 16,528 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses Credit Quality Indicators (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Total | |||
Current period gross charge-offs | $ (5,489) | $ (27,539) | |
Current period recoveries | 7,847 | 14,660 | |
Total net (charge-offs) recoveries | 2,358 | 12,879 | |
Gross loans | 19,052,377 | 19,052,377 | $ 16,864,336 |
Real-estate - home equity | |||
Total | |||
Gross loans | 1,222,709 | 1,222,709 | 1,314,944 |
Real estate - residential mortgage | |||
Total | |||
Gross loans | 3,061,835 | 3,061,835 | 2,641,465 |
Consumer | |||
Total | |||
Gross loans | 469,551 | 469,551 | 463,164 |
Commercial and industrial | |||
Total | |||
Gross loans | 5,968,154 | 5,968,154 | 4,446,701 |
Commercial and industrial | Pass | |||
Total | |||
Gross loans | 4,065,834 | ||
Commercial and industrial | Special Mention | |||
Total | |||
Gross loans | 181,107 | ||
Commercial and industrial | Substandard or Lower | |||
Total | |||
Gross loans | 199,760 | ||
Real estate - commercial mortgage | |||
Total | |||
Gross loans | 7,046,330 | 7,046,330 | 6,700,776 |
Real estate - commercial mortgage | Pass | |||
Total | |||
Gross loans | 6,429,407 | ||
Real estate - commercial mortgage | Special Mention | |||
Total | |||
Gross loans | 137,163 | ||
Real estate - commercial mortgage | Substandard or Lower | |||
Total | |||
Gross loans | 134,206 | ||
Commercial | |||
Total | |||
Gross loans | 4,198,173 | ||
Commercial | Pass | |||
Total | |||
Gross loans | 3,830,847 | ||
Commercial | Special Mention | |||
Total | |||
Gross loans | 171,442 | ||
Commercial | Substandard or Lower | |||
Total | |||
Gross loans | 195,884 | ||
Commercial - unsecured | |||
Total | |||
Gross loans | 248,528 | ||
Commercial - unsecured | Pass | |||
Total | |||
Gross loans | 234,987 | ||
Commercial - unsecured | Special Mention | |||
Total | |||
Gross loans | 9,665 | ||
Commercial - unsecured | Substandard or Lower | |||
Total | |||
Gross loans | 3,876 | ||
Construction | |||
Total | |||
Gross loans | 107,166 | ||
Construction | Pass | |||
Total | |||
Gross loans | 100,808 | ||
Construction | Special Mention | |||
Total | |||
Gross loans | 2,897 | ||
Construction | Substandard or Lower | |||
Total | |||
Gross loans | 3,461 | ||
Construction - commercial | |||
Total | |||
Gross loans | 769,560 | ||
Construction - commercial | Pass | |||
Total | |||
Gross loans | 765,562 | ||
Construction - commercial | Special Mention | |||
Total | |||
Gross loans | 1,322 | ||
Construction - commercial | Substandard or Lower | |||
Total | |||
Gross loans | 2,676 | ||
Total construction (excluding construction - other) | |||
Total | |||
Gross loans | 876,726 | ||
Total construction (excluding construction - other) | Pass | |||
Total | |||
Gross loans | 866,370 | ||
Total construction (excluding construction - other) | Special Mention | |||
Total | |||
Gross loans | 4,219 | ||
Total construction (excluding construction - other) | Substandard or Lower | |||
Total | |||
Gross loans | 6,137 | ||
Commercial Loans, Commerical Mortgages, Constructions Loans | |||
Total | |||
Gross loans | $ 12,024,203 | ||
Percentage of total loans rated | 100.00% | ||
Commercial Loans, Commerical Mortgages, Constructions Loans | Pass | |||
Total | |||
Gross loans | $ 11,361,611 | ||
Percentage of total loans rated | 94.50% | ||
Commercial Loans, Commerical Mortgages, Constructions Loans | Special Mention | |||
Total | |||
Gross loans | $ 322,489 | ||
Percentage of total loans rated | 2.70% | ||
Commercial Loans, Commerical Mortgages, Constructions Loans | Substandard or Lower | |||
Total | |||
Gross loans | $ 340,103 | ||
Percentage of total loans rated | 2.80% | ||
Payment Activity, Aging Status [Member] | |||
2020 | |||
Total | 1,182,539 | 1,182,539 | |
2019 | |||
Total | 873,862 | 873,862 | |
2018 | |||
Total | 451,549 | 451,549 | |
2017 | |||
Total | 502,742 | 502,742 | |
2016 | |||
Total | 354,603 | 354,603 | |
Prior | |||
Total | 694,020 | 694,020 | |
Revolving Loans Amortized Cost Basis | |||
Total | 1,072,131 | 1,072,131 | |
Total | |||
Total | 5,137,260 | 5,137,260 | |
Gross loans | $ 4,813,323 | ||
Percentage of total loans rated | 100.00% | ||
Payment Activity, Aging Status [Member] | Performing | |||
2020 | |||
Total | 1,182,416 | 1,182,416 | |
2019 | |||
Total | 872,962 | 872,962 | |
2018 | |||
Total | 448,713 | 448,713 | |
2017 | |||
Total | 483,578 | 483,578 | |
2016 | |||
Total | 353,336 | 353,336 | |
Prior | |||
Total | 669,400 | 669,400 | |
Revolving Loans Amortized Cost Basis | |||
Total | 1,063,345 | 1,063,345 | |
Total | |||
Total | 5,079,235 | 5,079,235 | |
Gross loans | $ 4,705,746 | ||
Percentage of total loans rated | 97.80% | ||
Payment Activity, Aging Status [Member] | Delinquent | |||
Total | |||
Gross loans | $ 56,689 | ||
Percentage of total loans rated | 1.20% | ||
Payment Activity, Aging Status [Member] | Non-performing | |||
2020 | |||
Total | 123 | 123 | |
2019 | |||
Total | 900 | 900 | |
2018 | |||
Total | 2,836 | 2,836 | |
2017 | |||
Total | 19,164 | 19,164 | |
2016 | |||
Total | 1,267 | 1,267 | |
Prior | |||
Total | 24,620 | 24,620 | |
Revolving Loans Amortized Cost Basis | |||
Total | 8,786 | 8,786 | |
Total | |||
Total | 58,025 | 58,025 | |
Gross loans | $ 50,888 | ||
Percentage of total loans rated | 1.00% | ||
Payment Activity, Aging Status [Member] | Real-estate - home equity | |||
2020 | |||
Total | 21,247 | 21,247 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
2019 | |||
Total | 8,297 | 8,297 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
2018 | |||
Total | 14,726 | 14,726 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
2017 | |||
Total | 12,320 | 12,320 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
2016 | |||
Total | 13,231 | 13,231 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
Prior | |||
Total | 142,499 | 142,499 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 123 | ||
Total net (charge-offs) recoveries | 123 | ||
Revolving Loans Amortized Cost Basis | |||
Total | 1,004,575 | 1,004,575 | |
Current period gross charge-offs | (1,137) | ||
Current period recoveries | 182 | ||
Total net (charge-offs) recoveries | (955) | ||
Total | |||
Total | 1,222,709 | 1,222,709 | |
Current period gross charge-offs | (1,137) | ||
Current period recoveries | 305 | ||
Total net (charge-offs) recoveries | 832 | ||
Gross loans | $ 1,314,944 | ||
Payment Activity, Aging Status [Member] | Real-estate - home equity | Performing | |||
2020 | |||
Total | 21,247 | 21,247 | |
2019 | |||
Total | 8,297 | 8,297 | |
2018 | |||
Total | 14,573 | 14,573 | |
2017 | |||
Total | 12,064 | 12,064 | |
2016 | |||
Total | 13,006 | 13,006 | |
Prior | |||
Total | 140,145 | 140,145 | |
Revolving Loans Amortized Cost Basis | |||
Total | 995,811 | 995,811 | |
Total | |||
Total | 1,210,628 | 1,210,628 | |
Gross loans | 1,292,035 | ||
Payment Activity, Aging Status [Member] | Real-estate - home equity | Delinquent | |||
Total | |||
Gross loans | 12,341 | ||
Payment Activity, Aging Status [Member] | Real-estate - home equity | Non-performing | |||
2020 | |||
Total | 0 | 0 | |
2019 | |||
Total | 0 | 0 | |
2018 | |||
Total | 153 | 153 | |
2017 | |||
Total | 256 | 256 | |
2016 | |||
Total | 225 | 225 | |
Prior | |||
Total | 2,354 | 2,354 | |
Revolving Loans Amortized Cost Basis | |||
Total | 8,764 | 8,764 | |
Total | |||
Total | 12,081 | 12,081 | |
Gross loans | 10,568 | ||
Payment Activity, Aging Status [Member] | Real estate - residential mortgage | |||
2020 | |||
Total | 953,063 | 953,063 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
2019 | |||
Total | 650,307 | 650,307 | |
Current period gross charge-offs | (68) | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | (68) | ||
2018 | |||
Total | 271,246 | 271,246 | |
Current period gross charge-offs | (101) | ||
Current period recoveries | 13 | ||
Total net (charge-offs) recoveries | (88) | ||
2017 | |||
Total | 385,956 | 385,956 | |
Current period gross charge-offs | (190) | ||
Current period recoveries | 1 | ||
Total net (charge-offs) recoveries | (189) | ||
2016 | |||
Total | 294,728 | 294,728 | |
Current period gross charge-offs | (7) | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | (7) | ||
Prior | |||
Total | 506,535 | 506,535 | |
Current period gross charge-offs | (254) | ||
Current period recoveries | 278 | ||
Total net (charge-offs) recoveries | 24 | ||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
Total | |||
Total | 3,061,835 | 3,061,835 | |
Current period gross charge-offs | (620) | ||
Current period recoveries | 292 | ||
Total net (charge-offs) recoveries | 328 | ||
Gross loans | 2,641,465 | ||
Payment Activity, Aging Status [Member] | Real estate - residential mortgage | Performing | |||
2020 | |||
Total | 953,063 | 953,063 | |
2019 | |||
Total | 649,475 | 649,475 | |
2018 | |||
Total | 268,809 | 268,809 | |
2017 | |||
Total | 383,345 | 383,345 | |
2016 | |||
Total | 294,005 | 294,005 | |
Prior | |||
Total | 484,717 | 484,717 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 3,033,414 | 3,033,414 | |
Gross loans | 2,584,763 | ||
Payment Activity, Aging Status [Member] | Real estate - residential mortgage | Delinquent | |||
Total | |||
Gross loans | 34,291 | ||
Payment Activity, Aging Status [Member] | Real estate - residential mortgage | Non-performing | |||
2020 | |||
Total | 0 | 0 | |
2019 | |||
Total | 832 | 832 | |
2018 | |||
Total | 2,437 | 2,437 | |
2017 | |||
Total | 2,611 | 2,611 | |
2016 | |||
Total | 723 | 723 | |
Prior | |||
Total | 21,818 | 21,818 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 28,421 | 28,421 | |
Gross loans | 22,411 | ||
Payment Activity, Aging Status [Member] | Consumer | |||
2020 | |||
Total | 93,331 | 93,331 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
2019 | |||
Total | 106,865 | 106,865 | |
Current period gross charge-offs | (500) | ||
Current period recoveries | 48 | ||
Total net (charge-offs) recoveries | (452) | ||
2018 | |||
Total | 105,040 | 105,040 | |
Current period gross charge-offs | (425) | ||
Current period recoveries | 148 | ||
Total net (charge-offs) recoveries | (277) | ||
2017 | |||
Total | 48,343 | 48,343 | |
Current period gross charge-offs | (346) | ||
Current period recoveries | 116 | ||
Total net (charge-offs) recoveries | (230) | ||
2016 | |||
Total | 27,875 | 27,875 | |
Current period gross charge-offs | (433) | ||
Current period recoveries | 177 | ||
Total net (charge-offs) recoveries | (256) | ||
Prior | |||
Total | 38,481 | 38,481 | |
Current period gross charge-offs | (642) | ||
Current period recoveries | 891 | ||
Total net (charge-offs) recoveries | 249 | ||
Revolving Loans Amortized Cost Basis | |||
Total | 49,616 | 49,616 | |
Current period gross charge-offs | (442) | ||
Current period recoveries | 101 | ||
Total net (charge-offs) recoveries | (341) | ||
Total | |||
Total | 469,551 | 469,551 | |
Current period gross charge-offs | (2,788) | ||
Current period recoveries | 1,481 | ||
Total net (charge-offs) recoveries | 1,307 | ||
Gross loans | 463,164 | ||
Payment Activity, Aging Status [Member] | Consumer | Performing | |||
2020 | |||
Total | 93,208 | 93,208 | |
2019 | |||
Total | 106,797 | 106,797 | |
2018 | |||
Total | 104,984 | 104,984 | |
2017 | |||
Total | 48,281 | 48,281 | |
2016 | |||
Total | 27,828 | 27,828 | |
Prior | |||
Total | 38,319 | 38,319 | |
Revolving Loans Amortized Cost Basis | |||
Total | 49,594 | 49,594 | |
Total | |||
Total | 469,011 | 469,011 | |
Gross loans | 457,556 | ||
Payment Activity, Aging Status [Member] | Consumer | Delinquent | |||
Total | |||
Gross loans | 5,150 | ||
Payment Activity, Aging Status [Member] | Consumer | Non-performing | |||
2020 | |||
Total | 123 | 123 | |
2019 | |||
Total | 68 | 68 | |
2018 | |||
Total | 56 | 56 | |
2017 | |||
Total | 62 | 62 | |
2016 | |||
Total | 47 | 47 | |
Prior | |||
Total | 162 | 162 | |
Revolving Loans Amortized Cost Basis | |||
Total | 22 | 22 | |
Total | |||
Total | 540 | 540 | |
Gross loans | 458 | ||
Payment Activity, Aging Status [Member] | Equipment lease financing, other and overdrafts | |||
2020 | |||
Total | 69,512 | 69,512 | |
Current period gross charge-offs | (1,463) | ||
Current period recoveries | 187 | ||
Total net (charge-offs) recoveries | (1,276) | ||
2019 | |||
Total | 71,629 | 71,629 | |
Current period gross charge-offs | (241) | ||
Current period recoveries | 136 | ||
Total net (charge-offs) recoveries | (105) | ||
2018 | |||
Total | 53,923 | 53,923 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 17 | ||
Total net (charge-offs) recoveries | 17 | ||
2017 | |||
Total | 55,942 | 55,942 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 16 | ||
Total net (charge-offs) recoveries | 16 | ||
2016 | |||
Total | 18,753 | 18,753 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 9 | ||
Total net (charge-offs) recoveries | 9 | ||
Prior | |||
Total | 6,505 | 6,505 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 20 | ||
Total net (charge-offs) recoveries | 20 | ||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
Total | |||
Total | 276,264 | 276,264 | |
Current period gross charge-offs | (1,704) | ||
Current period recoveries | 385 | ||
Total net (charge-offs) recoveries | 1,319 | ||
Gross loans | 299,397 | ||
Payment Activity, Aging Status [Member] | Equipment lease financing, other and overdrafts | Performing | |||
2020 | |||
Total | 69,512 | 69,512 | |
2019 | |||
Total | 71,629 | 71,629 | |
2018 | |||
Total | 53,733 | 53,733 | |
2017 | |||
Total | 39,888 | 39,888 | |
2016 | |||
Total | 18,481 | 18,481 | |
Prior | |||
Total | 6,219 | 6,219 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 259,462 | 259,462 | |
Gross loans | 278,743 | ||
Payment Activity, Aging Status [Member] | Equipment lease financing, other and overdrafts | Delinquent | |||
Total | |||
Gross loans | 4,012 | ||
Payment Activity, Aging Status [Member] | Equipment lease financing, other and overdrafts | Non-performing | |||
2020 | |||
Total | 0 | 0 | |
2019 | |||
Total | 0 | 0 | |
2018 | |||
Total | 190 | 190 | |
2017 | |||
Total | 16,054 | 16,054 | |
2016 | |||
Total | 272 | 272 | |
Prior | |||
Total | 286 | 286 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 16,802 | 16,802 | |
Gross loans | 16,642 | ||
Payment Activity, Aging Status [Member] | Construction - other | |||
2020 | |||
Total | 45,386 | 45,386 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
2019 | |||
Total | 36,764 | 36,764 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
2018 | |||
Total | 6,614 | 6,614 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
2017 | |||
Total | 181 | 181 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
2016 | |||
Total | 16 | 16 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
Prior | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
Revolving Loans Amortized Cost Basis | |||
Total | 17,940 | 17,940 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
Total | |||
Total | 106,901 | 106,901 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
Gross loans | 94,353 | ||
Payment Activity, Aging Status [Member] | Construction - other | Performing | |||
2020 | |||
Total | 45,386 | 45,386 | |
2019 | |||
Total | 36,764 | 36,764 | |
2018 | |||
Total | 6,614 | 6,614 | |
2017 | |||
Total | 0 | 0 | |
2016 | |||
Total | 16 | 16 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans Amortized Cost Basis | |||
Total | 17,940 | 17,940 | |
Total | |||
Total | 106,720 | 106,720 | |
Gross loans | 92,649 | ||
Payment Activity, Aging Status [Member] | Construction - other | Delinquent | |||
Total | |||
Gross loans | 895 | ||
Payment Activity, Aging Status [Member] | Construction - other | Non-performing | |||
2020 | |||
Total | 0 | 0 | |
2019 | |||
Total | 0 | 0 | |
2018 | |||
Total | 0 | 0 | |
2017 | |||
Total | 181 | 181 | |
2016 | |||
Total | 0 | 0 | |
Prior | |||
Total | 0 | 0 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 181 | 181 | |
Gross loans | 809 | ||
Payment Activity, Aging Status [Member] | Consumer | |||
Total | |||
Gross loans | 64,237 | ||
Payment Activity, Aging Status [Member] | Consumer | Performing | |||
Total | |||
Gross loans | 63,582 | ||
Payment Activity, Aging Status [Member] | Consumer | Delinquent | |||
Total | |||
Gross loans | 465 | ||
Payment Activity, Aging Status [Member] | Consumer | Non-performing | |||
Total | |||
Gross loans | 190 | ||
Payment Activity, Aging Status [Member] | Consumer - indirect | |||
Total | |||
Gross loans | 398,927 | ||
Payment Activity, Aging Status [Member] | Consumer - indirect | Performing | |||
Total | |||
Gross loans | 393,974 | ||
Payment Activity, Aging Status [Member] | Consumer - indirect | Delinquent | |||
Total | |||
Gross loans | 4,685 | ||
Payment Activity, Aging Status [Member] | Consumer - indirect | Non-performing | |||
Total | |||
Gross loans | $ 268 | ||
Portfolio Segment and Loan Class [Member] | |||
2020 | |||
Total | 3,312,351 | 3,312,351 | |
2019 | |||
Total | 1,749,487 | 1,749,487 | |
2018 | |||
Total | 1,375,338 | 1,375,338 | |
2017 | |||
Total | 1,313,813 | 1,313,813 | |
2016 | |||
Total | 1,223,009 | 1,223,009 | |
Prior | |||
Total | 3,426,814 | 3,426,814 | |
Revolving Loans Amortized Cost Basis | |||
Total | 1,513,024 | 1,513,024 | |
Total | |||
Total | 13,915,117 | 13,915,117 | |
Portfolio Segment and Loan Class [Member] | Pass | |||
2020 | |||
Total | 3,206,799 | 3,206,799 | |
2019 | |||
Total | 1,718,106 | 1,718,106 | |
2018 | |||
Total | 1,318,938 | 1,318,938 | |
2017 | |||
Total | 1,218,418 | 1,218,418 | |
2016 | |||
Total | 1,132,302 | 1,132,302 | |
Prior | |||
Total | 3,131,383 | 3,131,383 | |
Revolving Loans Amortized Cost Basis | |||
Total | 1,392,473 | 1,392,473 | |
Total | |||
Total | 13,118,746 | 13,118,746 | |
Portfolio Segment and Loan Class [Member] | Special Mention | |||
2020 | |||
Total | 65,450 | 65,450 | |
2019 | |||
Total | 27,399 | 27,399 | |
2018 | |||
Total | 26,916 | 26,916 | |
2017 | |||
Total | 44,131 | 44,131 | |
2016 | |||
Total | 67,150 | 67,150 | |
Prior | |||
Total | 175,857 | 175,857 | |
Revolving Loans Amortized Cost Basis | |||
Total | 54,175 | 54,175 | |
Total | |||
Total | 461,078 | 461,078 | |
Portfolio Segment and Loan Class [Member] | Substandard or Lower | |||
2020 | |||
Total | 40,102 | 40,102 | |
2019 | |||
Total | 3,982 | 3,982 | |
2018 | |||
Total | 29,484 | 29,484 | |
2017 | |||
Total | 51,264 | 51,264 | |
2016 | |||
Total | 23,557 | 23,557 | |
Prior | |||
Total | 119,574 | 119,574 | |
Revolving Loans Amortized Cost Basis | |||
Total | 66,376 | 66,376 | |
Total | |||
Total | 335,293 | 335,293 | |
Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | |||
2020 | |||
Total | 94,758 | 94,758 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
2019 | |||
Total | 244,303 | 244,303 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
2018 | |||
Total | 196,393 | 196,393 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
2017 | |||
Total | 138,308 | 138,308 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
2016 | |||
Total | 52,178 | 52,178 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 68 | ||
Total net (charge-offs) recoveries | 68 | ||
Prior | |||
Total | 126,156 | 126,156 | |
Current period gross charge-offs | (17) | ||
Current period recoveries | 4,875 | ||
Total net (charge-offs) recoveries | 4,858 | ||
Revolving Loans Amortized Cost Basis | |||
Total | 48,537 | 48,537 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
Total | |||
Total | 900,633 | 900,633 | |
Current period gross charge-offs | (17) | ||
Current period recoveries | 4,943 | ||
Total net (charge-offs) recoveries | 4,926 | ||
Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | Pass | |||
2020 | |||
Total | 94,758 | 94,758 | |
2019 | |||
Total | 243,614 | 243,614 | |
2018 | |||
Total | 196,393 | 196,393 | |
2017 | |||
Total | 138,308 | 138,308 | |
2016 | |||
Total | 44,315 | 44,315 | |
Prior | |||
Total | 114,228 | 114,228 | |
Revolving Loans Amortized Cost Basis | |||
Total | 47,594 | 47,594 | |
Total | |||
Total | 879,210 | 879,210 | |
Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | Special Mention | |||
2020 | |||
Total | 0 | 0 | |
2019 | |||
Total | 241 | 241 | |
2018 | |||
Total | 0 | 0 | |
2017 | |||
Total | 0 | 0 | |
2016 | |||
Total | 7,103 | 7,103 | |
Prior | |||
Total | 6,106 | 6,106 | |
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Total | |||
Total | 13,450 | 13,450 | |
Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | Substandard or Lower | |||
2020 | |||
Total | 0 | 0 | |
2019 | |||
Total | 448 | 448 | |
2018 | |||
Total | 0 | 0 | |
2017 | |||
Total | 0 | 0 | |
2016 | |||
Total | 760 | 760 | |
Prior | |||
Total | 5,822 | 5,822 | |
Revolving Loans Amortized Cost Basis | |||
Total | 943 | 943 | |
Total | |||
Total | 7,973 | 7,973 | |
Portfolio Segment and Loan Class [Member] | Commercial and industrial | |||
2020 | |||
Total | 2,500,459 | 2,500,459 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | |||
Total net (charge-offs) recoveries | 0 | ||
2019 | |||
Total | 555,271 | 555,271 | |
Current period gross charge-offs | (106) | ||
Current period recoveries | 39 | ||
Total net (charge-offs) recoveries | (67) | ||
2018 | |||
Total | 353,953 | 353,953 | |
Current period gross charge-offs | (10) | ||
Current period recoveries | 364 | ||
Total net (charge-offs) recoveries | 354 | ||
2017 | |||
Total | 251,867 | 251,867 | |
Current period gross charge-offs | (102) | ||
Current period recoveries | 207 | ||
Total net (charge-offs) recoveries | 105 | ||
2016 | |||
Total | 243,343 | 243,343 | |
Current period gross charge-offs | (388) | ||
Current period recoveries | 91 | ||
Total net (charge-offs) recoveries | (297) | ||
Prior | |||
Total | 690,782 | 690,782 | |
Current period gross charge-offs | (117) | ||
Current period recoveries | 1,704 | ||
Total net (charge-offs) recoveries | 1,587 | ||
Revolving Loans Amortized Cost Basis | |||
Total | 1,371,525 | 1,371,525 | |
Current period gross charge-offs | (16,625) | ||
Current period recoveries | 4,410 | ||
Total net (charge-offs) recoveries | (12,215) | ||
Total | |||
Total | 5,968,154 | 5,968,154 | |
Current period gross charge-offs | (17,348) | ||
Current period recoveries | 6,815 | ||
Total net (charge-offs) recoveries | 10,533 | ||
Portfolio Segment and Loan Class [Member] | Commercial and industrial | Pass | |||
2020 | |||
Total | 2,409,273 | 2,409,273 | |
2019 | |||
Total | 540,493 | 540,493 | |
2018 | |||
Total | 330,516 | 330,516 | |
2017 | |||
Total | 229,184 | 229,184 | |
2016 | |||
Total | 216,228 | 216,228 | |
Prior | |||
Total | 635,782 | 635,782 | |
Revolving Loans Amortized Cost Basis | |||
Total | 1,256,763 | 1,256,763 | |
Total | |||
Total | 5,618,239 | 5,618,239 | |
Portfolio Segment and Loan Class [Member] | Commercial and industrial | Special Mention | |||
2020 | |||
Total | 52,203 | 52,203 | |
2019 | |||
Total | 13,653 | 13,653 | |
2018 | |||
Total | 7,618 | 7,618 | |
2017 | |||
Total | 10,886 | 10,886 | |
2016 | |||
Total | 13,693 | 13,693 | |
Prior | |||
Total | 29,919 | 29,919 | |
Revolving Loans Amortized Cost Basis | |||
Total | 50,673 | 50,673 | |
Total | |||
Total | 178,645 | 178,645 | |
Portfolio Segment and Loan Class [Member] | Commercial and industrial | Substandard or Lower | |||
2020 | |||
Total | 38,983 | 38,983 | |
2019 | |||
Total | 1,125 | 1,125 | |
2018 | |||
Total | 15,819 | 15,819 | |
2017 | |||
Total | 11,797 | 11,797 | |
2016 | |||
Total | 13,422 | 13,422 | |
Prior | |||
Total | 25,081 | 25,081 | |
Revolving Loans Amortized Cost Basis | |||
Total | 64,089 | 64,089 | |
Total | |||
Total | 171,270 | 171,270 | |
Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | |||
2020 | |||
Total | 717,134 | 717,134 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
2019 | |||
Total | 949,913 | 949,913 | |
Current period gross charge-offs | (16) | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | (16) | ||
2018 | |||
Total | 824,992 | 824,992 | |
Current period gross charge-offs | (36) | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | (36) | ||
2017 | |||
Total | 923,638 | 923,638 | |
Current period gross charge-offs | (2,515) | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | (2,515) | ||
2016 | |||
Total | 927,488 | 927,488 | |
Current period gross charge-offs | (29) | ||
Current period recoveries | 1 | ||
Total net (charge-offs) recoveries | (28) | ||
Prior | |||
Total | 2,609,876 | 2,609,876 | |
Current period gross charge-offs | (1,312) | ||
Current period recoveries | 438 | ||
Total net (charge-offs) recoveries | (874) | ||
Revolving Loans Amortized Cost Basis | |||
Total | 92,962 | 92,962 | |
Current period gross charge-offs | (17) | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | (17) | ||
Total | |||
Total | 7,046,330 | 7,046,330 | |
Current period gross charge-offs | (3,925) | ||
Current period recoveries | 439 | ||
Total net (charge-offs) recoveries | 3,486 | ||
Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Pass | |||
2020 | |||
Total | 702,768 | 702,768 | |
2019 | |||
Total | 933,999 | 933,999 | |
2018 | |||
Total | 792,029 | 792,029 | |
2017 | |||
Total | 850,926 | 850,926 | |
2016 | |||
Total | 871,759 | 871,759 | |
Prior | |||
Total | 2,381,373 | 2,381,373 | |
Revolving Loans Amortized Cost Basis | |||
Total | 88,116 | 88,116 | |
Total | |||
Total | 6,621,297 | 6,621,297 | |
Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Special Mention | |||
2020 | |||
Total | 13,247 | 13,247 | |
2019 | |||
Total | 13,505 | 13,505 | |
2018 | |||
Total | 19,298 | 19,298 | |
2017 | |||
Total | 33,245 | 33,245 | |
2016 | |||
Total | 46,354 | 46,354 | |
Prior | |||
Total | 139,832 | 139,832 | |
Revolving Loans Amortized Cost Basis | |||
Total | 3,502 | 3,502 | |
Total | |||
Total | 268,983 | 268,983 | |
Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Substandard or Lower | |||
2020 | |||
Total | 1,119 | 1,119 | |
2019 | |||
Total | 2,409 | 2,409 | |
2018 | |||
Total | 13,665 | 13,665 | |
2017 | |||
Total | 39,467 | 39,467 | |
2016 | |||
Total | 9,375 | 9,375 | |
Prior | |||
Total | 88,671 | 88,671 | |
Revolving Loans Amortized Cost Basis | |||
Total | 1,344 | 1,344 | |
Total | |||
Total | 156,050 | 156,050 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | |||
Revolving Loans Amortized Cost Basis | |||
Total | 5,814 | 5,814 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 5,485 | 5,485 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Non-performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 329 | 329 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real-estate - home equity | |||
Revolving Loans Amortized Cost Basis | |||
Total | 5,814 | 5,814 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real-estate - home equity | Performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 5,485 | 5,485 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real-estate - home equity | Non-performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 329 | 329 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real estate - residential mortgage | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real estate - residential mortgage | Performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Real estate - residential mortgage | Non-performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Consumer | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Consumer | Performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Consumer | Non-performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Equipment lease financing, other and overdrafts | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Equipment lease financing, other and overdrafts | Performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Equipment lease financing, other and overdrafts | Non-performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Construction - other | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Construction - other | Performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Payment Activity, Aging Status [Member] | Construction - other | Non-performing | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | |||
Revolving Loans Amortized Cost Basis | |||
Total | 1,281 | 1,281 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Pass | |||
Revolving Loans Amortized Cost Basis | |||
Total | 327 | 327 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Special Mention | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Substandard or Lower | |||
Revolving Loans Amortized Cost Basis | |||
Total | 954 | 954 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | Pass | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | Special Mention | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - construction(1) | Substandard or Lower | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Commercial and industrial | |||
Revolving Loans Amortized Cost Basis | |||
Total | 954 | 954 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Commercial and industrial | Pass | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Commercial and industrial | Special Mention | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Commercial and industrial | Substandard or Lower | |||
Revolving Loans Amortized Cost Basis | |||
Total | 954 | 954 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | |||
Revolving Loans Amortized Cost Basis | |||
Total | 327 | 327 | |
Current period gross charge-offs | 0 | ||
Current period recoveries | 0 | ||
Total net (charge-offs) recoveries | 0 | ||
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Pass | |||
Revolving Loans Amortized Cost Basis | |||
Total | 327 | 327 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Special Mention | |||
Revolving Loans Amortized Cost Basis | |||
Total | 0 | 0 | |
Conversion to Term Loan [Member] | Portfolio Segment and Loan Class [Member] | Real estate - commercial mortgage | Substandard or Lower | |||
Revolving Loans Amortized Cost Basis | |||
Total | $ 0 | $ 0 |
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 | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Impaired [Line Items] | ||
Loans | $ 19,028,621 | $ 16,837,526 |
Real-estate - home equity | ||
Financing Receivable, Impaired [Line Items] | ||
Loans | 1,222,709 | 1,314,944 |
Real estate - residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Loans | 3,061,835 | 2,641,465 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Loans | 469,551 | 463,164 |
Equipment lease financing, other and overdrafts | ||
Financing Receivable, Impaired [Line Items] | ||
Loans | $ 252,508 | $ 299,397 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses Non-Performing Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Non-accrual loans and leases | $ 128,321 | $ 125,098 |
Loans and leases 90 days or more past due and still accruing | 13,761 | 16,057 |
Total non-performing loans and leases | 142,082 | 141,155 |
Other real estate owned (OREO) | 4,565 | 6,831 |
Total non-performing assets | 146,647 | $ 147,986 |
Mortgage Loans in Process of Foreclosure, Amount | $ 9,600 |
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 | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | $ 13,761 | $ 16,057 |
Non- accrual | 128,321 | 125,098 |
Current | 18,845,238 | 16,620,575 |
Net Loans | 19,028,621 | 16,837,526 |
Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 33,743 | 56,326 |
Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 7,558 | 19,470 |
Real estate - commercial mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 2,499 | 4,113 |
Non- accrual | 40,926 | 33,166 |
Current | 6,987,336 | 6,651,042 |
Net Loans | 7,046,330 | 6,700,776 |
Real estate - commercial mortgage | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 11,867 | 10,912 |
Real estate - commercial mortgage | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 3,702 | 1,543 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 1,950 | 1,385 |
Non- accrual | 35,274 | 48,106 |
Current | 5,924,376 | 4,392,278 |
Net Loans | 5,968,154 | 4,446,701 |
Commercial and industrial | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 5,326 | 2,302 |
Commercial and industrial | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 1,228 | 2,630 |
Real-estate - home equity | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 3,070 | 3,564 |
Non- accrual | 8,682 | 7,004 |
Current | 1,206,089 | 1,292,035 |
Net Loans | 1,222,709 | 1,314,944 |
Real-estate - home equity | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 3,966 | 9,635 |
Real-estate - home equity | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 902 | 2,706 |
Real estate - residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 3,394 | 5,735 |
Non- accrual | 24,893 | 16,676 |
Current | 3,021,682 | 2,584,763 |
Net Loans | 3,061,835 | 2,641,465 |
Real estate - residential mortgage | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 10,686 | 26,982 |
Real estate - residential mortgage | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 1,180 | 7,309 |
Real-estate - construction | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 2,430 | 688 |
Non- accrual | 1,621 | 3,618 |
Current | 1,003,483 | 964,158 |
Net Loans | 1,007,534 | 971,079 |
Real-estate - construction | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 0 | 1,715 |
Real-estate - construction | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 0 | 900 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 306 | 458 |
Non- accrual | 235 | 0 |
Current | 466,926 | 457,556 |
Net Loans | 469,551 | 463,164 |
Consumer | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 1,648 | 4,228 |
Consumer | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 436 | 922 |
Equipment lease financing, other and overdrafts | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 112 | 114 |
Non- accrual | 16,690 | 16,528 |
Current | 235,346 | 278,743 |
Net Loans | 252,508 | 299,397 |
Equipment lease financing, other and overdrafts | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | 250 | 552 |
Equipment lease financing, other and overdrafts | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total Past Due and Non-accrual | $ 110 | $ 3,460 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses Loans Modified Under Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | $ 70,188 | $ 55,150 |
Non-accrual TDRs (1) | 37,025 | 20,825 |
Total TDRs | 107,213 | 75,975 |
Loans and leases 90 days or more past due and still accruing | 13,761 | 16,057 |
Financing Receivable, Nonaccrual | 128,321 | 125,098 |
Financing Receivable, Not Past Due | 18,845,238 | 16,620,575 |
Loans and Leases Receivable, Net of Deferred Income | 19,028,621 | 16,837,526 |
Real estate - commercial mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans and leases 90 days or more past due and still accruing | 2,499 | 4,113 |
Financing Receivable, Nonaccrual | 40,926 | 33,166 |
Financing Receivable, Not Past Due | 6,987,336 | 6,651,042 |
Loans and Leases Receivable, Net of Deferred Income | 7,046,330 | 6,700,776 |
Residential Mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 19,427 | 21,551 |
Commercial Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 28,558 | 13,330 |
Real-estate - home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 14,875 | 15,068 |
Loans and leases 90 days or more past due and still accruing | 3,070 | 3,564 |
Financing Receivable, Nonaccrual | 8,682 | 7,004 |
Financing Receivable, Not Past Due | 1,206,089 | 1,292,035 |
Loans and Leases Receivable, Net of Deferred Income | 1,222,709 | 1,314,944 |
Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 7,328 | 5,193 |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Total Accruing Troubled Debt Restructurings | 0 | 8 |
Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Past Due | 33,743 | 56,326 |
Financial Asset, 30 to 59 Days Past Due | Real estate - commercial mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Past Due | 11,867 | 10,912 |
Financial Asset, 30 to 59 Days Past Due | Real-estate - home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Past Due | 3,966 | 9,635 |
Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Past Due | 7,558 | 19,470 |
Financial Asset, 60 to 89 Days Past Due | Real estate - commercial mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Past Due | 3,702 | 1,543 |
Financial Asset, 60 to 89 Days Past Due | Real-estate - home equity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Past Due | $ 902 | $ 2,706 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses Troubled Debt Restructuring Modification (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)loans | Sep. 30, 2019USD ($)loans | Sep. 30, 2020USD ($)loans | Sep. 30, 2019USD ($)loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loans | 33 | 17 | 129 | 66 |
Post-Modification Recorded Investment | $ | $ 14,189 | $ 1,335 | $ 43,577 | $ 9,553 |
Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loans | 4 | 3 | 18 | 13 |
Post-Modification Recorded Investment | $ | $ 3,021 | $ 97 | $ 4,399 | $ 4,928 |
Real estate - commercial mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loans | 5 | 1 | 12 | 1 |
Post-Modification Recorded Investment | $ | $ 8,394 | $ 81 | $ 24,868 | $ 81 |
Real-estate - home equity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loans | 13 | 12 | 40 | 46 |
Post-Modification Recorded Investment | $ | $ 1,370 | $ 327 | $ 3,556 | $ 2,281 |
Real estate - residential mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loans | 8 | 1 | 48 | 6 |
Post-Modification Recorded Investment | $ | $ 1,351 | $ 830 | $ 10,516 | $ 2,263 |
Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loans | 3 | 0 | 11 | 0 |
Post-Modification Recorded Investment | $ | $ 53 | $ 0 | $ 238 | $ 0 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses TDRs by Class Segment (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)loans | Sep. 30, 2019USD ($)loans | Sep. 30, 2020USD ($)loans | Sep. 30, 2019USD ($)loans | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Recorded Investment | $ | $ 14,189 | $ 1,335 | $ 43,577 | $ 9,553 |
Number of Loans | loans | 33 | 17 | 129 | 66 |
Real estate - residential mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Recorded Investment | $ | $ 1,351 | $ 830 | $ 10,516 | $ 2,263 |
Number of Loans | loans | 8 | 1 | 48 | 6 |
Real estate - commercial mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Recorded Investment | $ | $ 8,394 | $ 81 | $ 24,868 | $ 81 |
Number of Loans | loans | 5 | 1 | 12 | 1 |
Real-estate - home equity | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Recorded Investment | $ | $ 1,370 | $ 327 | $ 3,556 | $ 2,281 |
Number of Loans | loans | 13 | 12 | 40 | 46 |
Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Recorded Investment | $ | $ 3,021 | $ 97 | $ 4,399 | $ 4,928 |
Number of Loans | loans | 4 | 3 | 18 | 13 |
Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Recorded Investment | $ | $ 53 | $ 0 | $ 238 | $ 0 |
Number of Loans | loans | 3 | 0 | 11 | 0 |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses Narrative (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Impaired loans with principal balances approximately in percentage | 93.00% | 93.00% |
Unpaid principal balance, with no related allowance | $ 65,689 | |
Excluded from TDRs | 3,800,000 | |
Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Minimum balance of loans evaluated individually for impairment | 1,000 | |
Impaired loans balances, real estate as collateral | $ 1,000 |
Mortgage Servicing Rights Summa
Mortgage Servicing Rights Summary of Changes in Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Servicing Asset [Abstract] | |||||
Fair value of MSRs | $ 29,700 | $ 29,700 | $ 45,200 | ||
Residential Mortgage | |||||
Amortized Cost: | |||||
Balance at beginning of period | 38,692 | $ 38,826 | 39,267 | $ 38,573 | |
Originations of MSRs | 4,319 | 2,499 | 8,569 | 5,585 | |
Amortization | (4,129) | (1,970) | (8,954) | (4,803) | |
Balance at end of period | 38,882 | 39,355 | 38,882 | 39,355 | |
Servicing Asset [Abstract] | |||||
Beginning balance | 7,700 | 0 | 0 | 0 | |
Additions to valuation allowance | 1,500 | 0 | 9,200 | 0 | |
Ending balance | 9,200 | 0 | 9,200 | 0 | |
Net MSRs at end of period | 29,682 | 39,355 | 29,682 | 39,355 | |
Fair value of MSRs | $ 29,682 | $ 43,968 | $ 29,682 | $ 43,968 |
Mortgage Servicing Rights - Nar
Mortgage Servicing Rights - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Servicing Asset at Amortized Cost [Line Items] | ||||||||
Mortgage Loans Serviced By For Third Parties | $ 4,800,000 | $ 4,800,000 | $ 4,900,000 | |||||
Fair value of MSRs | 29,700 | 29,700 | 45,200 | |||||
Residential Mortgage | ||||||||
Servicing Asset at Amortized Cost [Line Items] | ||||||||
Fair value of MSRs | 29,682 | $ 43,968 | 29,682 | $ 43,968 | ||||
Additions to valuation allowance | 1,500 | 0 | 9,200 | 0 | ||||
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance | $ 9,200 | $ 0 | $ 9,200 | $ 0 | $ 7,700 | $ 0 | $ 0 | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative [Line Items] | ||||
Foreign currency open position | $ 500 | $ 500 | ||
Mortgage Loans Held For Sale [Member] | ||||
Derivative [Line Items] | ||||
Gain (loss) in fair values of mortgage loans held for sale | $ 658 | $ 499 | $ 2,800 | $ 174 |
Derivative Financial Instrume_4
Derivative Financial Instruments Notional Amounts and Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative asset, fair value | $ 375,909 | $ 144,371 |
Derivative liability, gross liability | (183,249) | (76,067) |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 446,268 | 132,260 |
Derivative liability, notional amount | 4,611 | 9,783 |
Derivative asset, fair value | 11,994 | 1,123 |
Derivative liability, gross liability | (61) | (53) |
Forward Commitments [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 0 | 75,000 |
Derivative liability, notional amount | 414,110 | 180,000 |
Derivative asset, fair value | 0 | 63 |
Derivative liability, gross liability | (1,644) | (371) |
Interest Rate Swap with Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 3,777,684 | 2,903,489 |
Derivative liability, notional amount | 12,288 | 376,705 |
Derivative asset, fair value | 375,567 | 143,484 |
Derivative liability, gross liability | (2) | (695) |
Interest Rate Swap With Counterparty [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 12,288 | 376,705 |
Derivative liability, notional amount | 3,777,684 | 2,903,489 |
Derivative asset, fair value | 2 | 695 |
Derivative liability, gross liability | (183,225) | (75,327) |
Foreign Exchange Contracts With Customer [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 2,947 | 3,373 |
Derivative liability, notional amount | 5,885 | 7,283 |
Derivative asset, fair value | 32 | 38 |
Derivative liability, gross liability | (280) | (154) |
Foreign Exchange Contracts With Correspondent Banks [Member] | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | 7,325 | 9,028 |
Derivative liability, notional amount | 2,653 | 4,976 |
Derivative asset, fair value | 340 | 192 |
Derivative liability, gross liability | $ (19) | $ (45) |
Derivative Financial Instrume_5
Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative [Line Items] | ||||
Net fair value gains on derivative financial instruments | $ 1,796 | $ 904 | $ 9,639 | $ 1,699 |
Mortgage Banking Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains on derivative financial instruments | 1,783 | 843 | 9,527 | 1,457 |
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains on derivative financial instruments | (12) | 51 | 70 | 198 |
Foreign Exchange Contract [Member] | ||||
Derivative [Line Items] | ||||
Net fair value gains on derivative financial instruments | $ 25 | $ 10 | $ 42 | $ 44 |
Derivative Financial Instrume_6
Derivative Financial Instruments Summary of Mortgage Loans Held For Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans held for sale | $ 93,621 | $ 93,621 | $ 37,828 | ||
Mortgage Loans Held For Sale [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Fair Value, Option, Changes in Fair Value, Gain (Loss) | 658 | $ 499 | 2,800 | $ 174 | |
Cost [Member] | Mortgage Loans Held For Sale [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans held for sale | 90,416 | 90,416 | 37,396 | ||
Fair value [Member] | Mortgage Loans Held For Sale [Member] | |||||
Fair Value, Option, Quantitative Disclosures [Line Items] | |||||
Loans held for sale | $ 93,621 | $ 93,621 | $ 37,828 |
Derivative Financial Instrume_7
Derivative Financial Instruments Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | $ 375,909 | $ 144,371 |
Derivative, Collateral, Obligation to Return Securities | 21 | 802 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 375,888 | 143,569 |
Derivative liability, gross liability | 183,249 | 76,067 |
Derivative liability, Collateral, Right to Reclaim Securities | (21) | (802) |
Derivative liability, Collateral, Right to Reclaim Cash | (183,228) | (75,265) |
Derivative liability, Net Amount | 0 | 0 |
Interest Rate Swap [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 375,569 | 144,179 |
Derivative, Collateral, Obligation to Return Securities | 2 | 757 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 375,567 | 143,422 |
Derivative liability, gross liability | 183,230 | 76,022 |
Derivative liability, Collateral, Right to Reclaim Securities | (2) | (757) |
Derivative liability, Collateral, Right to Reclaim Cash | (183,228) | (75,265) |
Derivative liability, Net Amount | 0 | 0 |
Foreign Exchange Contract [Member] | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 340 | 192 |
Derivative, Collateral, Obligation to Return Securities | 19 | 45 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 321 | 147 |
Derivative liability, gross liability | 19 | 45 |
Derivative liability, Collateral, Right to Reclaim Securities | (19) | (45) |
Derivative liability, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative liability, Net Amount | $ 0 | $ 0 |
Tax Credit Investments (Details
Tax Credit Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||||
Affordable housing tax credit investment, net | $ 145,415 | $ 145,415 | $ 153,351 | ||
Other tax credit investments, net | 70,379 | 70,379 | 64,354 | ||
Total TCIs, net | 215,794 | 215,794 | 217,705 | ||
Unfunded affordable housing tax credit commitments | 22,591 | 22,591 | 16,684 | ||
Other tax credit liabilities | 60,585 | 60,585 | 55,105 | ||
Total unfunded tax credit commitments and liabilities | 83,176 | 83,176 | $ 71,789 | ||
Affordable housing tax credits and other tax benefits | (7,290) | $ (7,852) | (21,678) | $ (23,002) | |
Other tax credit investment credits and tax benefits | (1,240) | (1,136) | (3,122) | (3,407) | |
Amortization of affordable housing investments, net of tax benefit | 5,024 | 5,649 | 15,071 | 16,638 | |
Deferred tax expense | 275 | 238 | 691 | 715 | |
Total net reduction in income tax expense | (3,231) | (3,101) | (9,038) | (9,056) | |
Affordable housing tax credits investment | 1,021 | 863 | 3,065 | 2,508 | |
Other tax credit investment amortization | 673 | 670 | 1,529 | 2,008 | |
Total amortization of TCIs | $ 1,694 | $ 1,533 | $ 4,594 | $ 4,516 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income Changes in Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Unrealized gain on securities, before tax amount | $ 5,565 | $ 23,150 | $ 72,146 | $ 81,207 |
Unrealized gain on securities, tax effect | (1,232) | (5,121) | (15,960) | (17,963) |
Unrealized gain on securities, net of tax amount | 4,333 | 18,029 | 56,186 | 63,244 |
Reclassification adjustment for securities gains included in net income, before tax amount | (2) | (4,492) | (3,053) | (4,733) |
Reclassification adjustment for securities gains included in net income, tax effect | 1 | 994 | 676 | 1,047 |
Reclassification adjustment for securities gains included in net income, net of tax amount | (1) | (3,498) | (2,377) | (3,686) |
Other Comprehensive Income (Loss), Reclassification Adjustment From AOCI For Amortization Of Unrealized Losses On Investments Transferred From Available-For-Sale To Held-To-Maturity, Before Tax | 1,192 | 4,405 | 3,232 | 6,966 |
Other Comprehensive Income (Loss), Reclassification Adjustment From AOCI For Amortization Of Unrealized Losses On Investments Transferred From Available-For-Sale To Held-To-Maturity, Tax | (264) | (974) | (715) | (1,541) |
Other Comprehensive Income (Loss), Reclassification Adjustment From AOCI For Amortization Of Unrealized Losses On Investments Transferred From Available-For-Sale To Held-To Maturity, After Tax | 928 | 3,430 | 2,517 | 5,425 |
Non-credit related unrealized gains on other-than-temporarily impaired debt securities, before tax amount | (875) | |||
Non-credit related unrealized gains on other-than-temporarily impaired debt securities, tax effect | 193 | |||
Non-credit related unrealized gains on other-than-temporarily impaired debt securities, net of tax amount | 0 | 0 | 0 | (682) |
Amortization of net unrecognized pension and postretirement items, before tax amount | 329 | 357 | 984 | 1,083 |
Amortization of net unrecognized pension and postretirement items, tax effect | (73) | (80) | (219) | (240) |
Amortization of net unrecognized pension and postretirement items, net of tax amount | 255 | 277 | 765 | 843 |
Total Other Comprehensive Income, Before Tax Amount | 7,083 | 23,419 | 73,309 | 83,648 |
Total Other Comprehensive Income, Tax Effect | (1,568) | (5,181) | (16,218) | (18,504) |
Other Comprehensive Income | $ 5,515 | $ 18,238 | $ 57,091 | 65,144 |
Accounting Standards Update 2019-04 | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Other Comprehensive Income (Loss), Transfers From Available-For-Sale To Held-To-Maturity Securities, Before Tax | $ 3,700 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income Components of Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | $ 2,340,501 | $ 2,308,798 | $ 2,342,176 | $ 2,247,573 |
Ending Balance | 2,390,261 | 2,324,016 | 2,390,261 | 2,324,016 |
Unrealized Gains (Losses) on Investment Securities | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 65,930 | 2,368 | 14,864 | (44,654) |
Other comprehensive income before reclassifications | 4,333 | 18,029 | 56,186 | 63,244 |
Amounts reclassified from accumulated other comprehensive income | (1) | (3,498) | (2,377) | (3,686) |
Ending Balance | 71,190 | 20,329 | 71,190 | 20,329 |
Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 0 | (2) | 0 | 680 |
Other comprehensive income before reclassifications | 0 | 0 | 0 | (682) |
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Ending Balance | 0 | (2) | 0 | (2) |
Unrecognized Pension and Postretirement Plan Income (Costs) | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | (14,491) | (14,523) | (15,001) | (15,089) |
Other comprehensive income before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income | 255 | 277 | 765 | 843 |
Ending Balance | (14,236) | (14,246) | (14,236) | (14,246) |
Total | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Beginning Balance | 51,439 | (12,157) | (137) | (59,063) |
Other comprehensive income before reclassifications | 4,333 | 18,029 | 56,186 | 62,562 |
Amounts reclassified from accumulated other comprehensive income | 254 | (3,221) | (1,612) | (2,843) |
Ending Balance | 56,954 | 6,081 | 56,954 | 6,081 |
Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive income | 928 | 3,430 | 2,517 | 5,425 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Gains (Losses) on Investment Securities | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive income | 928 | 3,430 | 2,517 | 5,425 |
Reclassification out of Accumulated Other Comprehensive Income | Unrealized Non-Credit Gains (Losses) on Other-Than-Temporarily Impaired Debt Securities | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive income | 0 | 0 | 0 | 0 |
Reclassification out of Accumulated Other Comprehensive Income | Unrecognized Pension and Postretirement Plan Income (Costs) | ||||
Accumulated Other Comprehensive Income [Roll Forward] | ||||
Amounts reclassified from accumulated other comprehensive income | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value Measurements Assets
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 2,793,480 | $ 2,497,537 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 2,793,480 | |
Mortgages Held-for-sale, Fair Value Disclosure | 93,621 | 37,828 |
Available-for-sale Securities, Fair Value Disclosure | 2,497,537 | |
Investments held in Rabbi Trust | 21,828 | 22,213 |
Derivative assets | 387,935 | 145,595 |
Assets, Fair Value Disclosure | 3,296,864 | 2,703,173 |
Liabilities Held-In-Trust, Fair Value Disclosure | 21,828 | 22,213 |
Derivative Liability | 185,231 | 76,646 |
Total liabilities | 207,059 | 98,859 |
US States and Political Subdivisions Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 926,554 | |
Available-for-sale Securities, Fair Value Disclosure | 652,927 | |
US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 926,554 | |
Available-for-sale Securities, Fair Value Disclosure | 652,927 | |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 342,558 | |
Available-for-sale Securities, Fair Value Disclosure | 377,357 | |
Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 342,558 | |
Available-for-sale Securities, Fair Value Disclosure | 377,357 | |
Collateralized Mortgage Obligations [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 532,473 | |
Available-for-sale Securities, Fair Value Disclosure | 693,718 | |
Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 532,473 | |
Available-for-sale Securities, Fair Value Disclosure | 693,718 | |
Mortgage-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 321,695 | |
Available-for-sale Securities, Fair Value Disclosure | 177,312 | |
Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 321,695 | |
Available-for-sale Securities, Fair Value Disclosure | 177,312 | |
Commercial Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 572,210 | |
Available-for-sale Securities, Fair Value Disclosure | 494,297 | |
Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 572,210 | |
Available-for-sale Securities, Fair Value Disclosure | 494,297 | |
Auction Rate Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 97,990 | |
Available-for-sale Securities, Fair Value Disclosure | 101,926 | |
Auction Rate Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 97,990 | |
Available-for-sale Securities, Fair Value Disclosure | 101,926 | |
Single-issuer Trust Preferred Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 11,200 |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Investments held in Rabbi Trust | 21,828 | 22,213 |
Derivative assets | 372 | 230 |
Assets, Fair Value Disclosure | 22,200 | 22,443 |
Liabilities Held-In-Trust, Fair Value Disclosure | 21,828 | 22,213 |
Derivative Liability | 299 | 199 |
Total liabilities | 22,127 | 22,412 |
Fair Value, Inputs, Level 1 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 1 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 1 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 1 [Member] | Auction Rate Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 2 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 2,695,490 | |
Mortgages Held-for-sale, Fair Value Disclosure | 93,621 | 37,828 |
Available-for-sale Securities, Fair Value Disclosure | 2,393,211 | |
Investments held in Rabbi Trust | 0 | 0 |
Derivative assets | 387,563 | 145,365 |
Assets, Fair Value Disclosure | 3,176,674 | 2,576,404 |
Liabilities Held-In-Trust, Fair Value Disclosure | 0 | 0 |
Derivative Liability | 184,932 | 76,447 |
Total liabilities | 184,932 | 76,447 |
Fair Value, Inputs, Level 2 [Member] | Other Corporate Debt [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 4,400 | 3,900 |
Fair Value, Inputs, Level 2 [Member] | Financial Institutions Subordinated Debt [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 338,200 | 362,300 |
Fair Value, Inputs, Level 2 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 926,554 | |
Available-for-sale Securities, Fair Value Disclosure | 652,927 | |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 342,558 | |
Available-for-sale Securities, Fair Value Disclosure | 374,957 | |
Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 532,473 | |
Available-for-sale Securities, Fair Value Disclosure | 693,718 | |
Fair Value, Inputs, Level 2 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 321,695 | |
Available-for-sale Securities, Fair Value Disclosure | 177,312 | |
Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 572,210 | |
Available-for-sale Securities, Fair Value Disclosure | 494,297 | |
Fair Value, Inputs, Level 2 [Member] | Auction Rate Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 2 [Member] | Single-issuer Trust Preferred Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 8,800 |
Fair Value, Inputs, Level 3 [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 97,990 | |
Mortgages Held-for-sale, Fair Value Disclosure | 0 | 0 |
Available-for-sale Securities, Fair Value Disclosure | 104,326 | |
Investments held in Rabbi Trust | 0 | 0 |
Derivative assets | 0 | 0 |
Assets, Fair Value Disclosure | 97,990 | 104,326 |
Liabilities Held-In-Trust, Fair Value Disclosure | 0 | 0 |
Derivative Liability | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | US States and Political Subdivisions Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 2,400 | |
Fair Value, Inputs, Level 3 [Member] | Collateralized Mortgage Obligations [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | Mortgage-Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | |
Available-for-sale Securities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | Auction Rate Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 97,990 | |
Available-for-sale Securities, Fair Value Disclosure | 101,926 | |
Fair Value, Inputs, Level 3 [Member] | Single-issuer Trust Preferred Securities [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 0 | $ 2,400 |
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, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Pooled Trust Preferred Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | $ 0 | $ 0 | $ 0 | $ 875 |
Sales | 0 | 0 | (770) | |
Unrealized adjustment to fair value | 0 | 0 | 0 | (105) |
(Premium amortization) discount accretion | 0 | 0 | 0 | |
Balance, end of period | 0 | 0 | 0 | 0 |
Single-issuer Trust Preferred Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 0 | 2,370 | 2,400 | 2,400 |
Sales | 0 | (2,160) | 0 | |
Unrealized adjustment to fair value | 0 | (2) | (242) | (32) |
(Premium amortization) discount accretion | 2 | 2 | 2 | |
Balance, end of period | 0 | 2,370 | 0 | 2,370 |
Auction Rate Securities [Member] | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance, beginning of period | 100,859 | 103,365 | 101,926 | 102,994 |
Sales | 0 | 0 | 0 | |
Unrealized adjustment to fair value | (2,869) | (67) | (3,936) | 304 |
(Premium amortization) discount accretion | 0 | 0 | 0 | |
Balance, end of period | $ 97,990 | $ 103,298 | $ 97,990 | $ 103,298 |
Fair Value Measurements Asset_2
Fair Value Measurements Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
OREO | $ 4,565 | $ 6,831 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Net loans | 113,073 | 144,807 |
OREO | 4,565 | 6,831 |
MSRs (1) | 29,682 | 45,193 |
Assets, Fair Value Disclosure | $ 147,320 | $ 196,831 |
Fair Value Measurements Details
Fair Value Measurements Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
AFS, at estimated fair value | $ 2,793,480 | $ 2,497,537 |
HTM securities | 324,940 | |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 1,534,890 | 517,791 |
FRB and FHLB stock | 93,964 | 97,422 |
Loans held for sale | 93,621 | 37,828 |
AFS, at estimated fair value | 2,793,480 | 2,497,537 |
HTM securities | 304,241 | 369,841 |
Net Loans | 18,761,796 | 16,673,904 |
Accrued interest receivable | 70,766 | 60,898 |
Other financial assets | 694,442 | 431,565 |
Demand and savings deposits | 17,997,443 | 14,327,453 |
Brokered deposits | 317,588 | 264,531 |
Time deposits | 2,415,020 | 2,801,930 |
Short-term borrowings | 611,727 | 883,241 |
Accrued interest payable | 9,123 | 8,834 |
Other financial liabilities | 352,740 | 221,542 |
FHLB advances and long-term debt | 1,296,012 | 881,769 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 1,534,890 | 517,791 |
FRB and FHLB stock | 93,964 | 97,422 |
Loans held for sale | 93,621 | 37,828 |
AFS, at estimated fair value | 2,793,480 | 2,497,537 |
HTM securities | 324,940 | 383,705 |
Net Loans | 18,514,547 | 16,485,122 |
Accrued interest receivable | 70,766 | 60,898 |
Other financial assets | 694,442 | 431,565 |
Demand and savings deposits | 17,997,443 | 14,327,453 |
Brokered deposits | 317,588 | 264,531 |
Time deposits | 2,442,422 | 2,828,988 |
Short-term borrowings | 611,727 | 883,241 |
Accrued interest payable | 9,123 | 8,834 |
Other financial liabilities | 352,740 | 221,542 |
FHLB advances and long-term debt | 1,342,192 | 878,385 |
Fair Value, Inputs, Level 1 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 1,534,890 | 517,791 |
FRB and FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
AFS, at estimated fair value | 0 | 0 |
HTM securities | 0 | 0 |
Net Loans | 0 | 0 |
Accrued interest receivable | 70,766 | 60,898 |
Other financial assets | 272,632 | 234,176 |
Demand and savings deposits | 17,997,443 | 14,327,453 |
Brokered deposits | 275,719 | 223,982 |
Time deposits | 0 | 0 |
Short-term borrowings | 611,727 | 883,241 |
Accrued interest payable | 9,123 | 8,834 |
Other financial liabilities | 152,272 | 142,508 |
FHLB advances and long-term debt | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 0 | 0 |
FRB and FHLB stock | 93,964 | 97,422 |
Loans held for sale | 93,621 | 37,828 |
AFS, at estimated fair value | 2,695,490 | 2,393,211 |
HTM securities | 324,940 | 383,705 |
Net Loans | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Other financial assets | 387,563 | 145,365 |
Demand and savings deposits | 0 | 0 |
Brokered deposits | 41,869 | 40,549 |
Time deposits | 2,442,422 | 2,828,988 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Other financial liabilities | 184,935 | 76,447 |
FHLB advances and long-term debt | 1,342,192 | 878,385 |
Fair Value, Inputs, Level 3 [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and due from banks | 0 | 0 |
FRB and FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
AFS, at estimated fair value | 97,990 | 104,326 |
HTM securities | 0 | 0 |
Net Loans | 18,514,547 | 16,485,122 |
Accrued interest receivable | 0 | 0 |
Other financial assets | 34,247 | 52,024 |
Demand and savings deposits | 0 | 0 |
Brokered deposits | 0 | 0 |
Time deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Accrued interest payable | 0 | 0 |
Other financial liabilities | 15,533 | 2,587 |
FHLB advances and long-term debt | $ 0 | $ 0 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | $ 2,793,480 | $ 2,497,537 |
Significant input, assumed market return to liquidity (years) | 5 years | |
Other real estate owned (OREO) | $ 4,565 | 6,831 |
Common Class B [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Investment owned, balance (in shares) | 133 | |
Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted average annual constant prepayment rate | 17.70% | |
Weighted average discount rate | 9.50% | |
Fair Value, Recurring [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | $ 2,793,480 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | 2,695,490 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | 97,990 | |
Fair Value, Recurring [Member] | Financial Institutions Subordinated Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | 338,200 | 362,300 |
Fair Value, Recurring [Member] | Single-issuer Trust Preferred Securities [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | 0 | 11,200 |
Fair Value, Recurring [Member] | Single-issuer Trust Preferred Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | 0 | 8,800 |
Fair Value, Recurring [Member] | Single-issuer Trust Preferred Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | 0 | 2,400 |
Fair Value, Recurring [Member] | Other Corporate Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
AFS, at estimated fair value | 4,400 | 3,900 |
Fair Value, Recurring [Member] | Foreign Exchange Contract [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other financial liabilities | 299 | 199 |
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other real estate owned (OREO) | 4,565 | 6,831 |
Net MSRs at end of period | 29,682 | 45,193 |
Foreign Exchange Contract [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other financial assets | 372 | 230 |
Forward Commitments [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other financial assets | 12,000 | 1,200 |
Other financial liabilities | 1,700 | 424 |
Interest Rate Swap [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other financial assets | 375,600 | 144,200 |
Other financial liabilities | $ 183,200 | $ 76,000 |
Net Income Per Share Reconcilia
Net Income Per Share Reconciliation of Weighted Average Common Shares Outstanding (Details) - $ / shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | ||||
Weighted average shares outstanding (basic) (in shares) | 162,061 | 165,324 | 162,416 | 167,834 |
Impact of common stock equivalents (in shares) | 518 | 802 | 667 | 888 |
Weighted average shares outstanding (diluted) (in shares) | 162,579 | 166,126 | 163,083 | 168,722 |
Basic (in dollars per share) | $ 0.38 | $ 0.38 | $ 0.78 | $ 1.06 |
Diluted (in dollars per share) | $ 0.38 | $ 0.37 | $ 0.78 | $ 1.06 |
Stock-Based Compensation Compen
Stock-Based Compensation Compensation Expense and Related Tax Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | ||||
Compensation expense | $ 1,875 | $ 2,110 | $ 5,403 | $ 5,458 |
Tax benefit | (397) | (451) | (1,144) | (1,194) |
Stock-based compensation expense, net of tax benefit | $ 1,478 | $ 1,659 | $ 4,259 | $ 4,264 |
Stock-Based Compensation Narrat
Stock-Based Compensation Narrative (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement [Line Items] | ||||
Compensation expense | $ 1,875 | $ 2,110 | $ 5,403 | $ 5,458 |
Stock-based compensation expense, net of tax benefit | $ 1,478 | $ 1,659 | $ 4,259 | $ 4,264 |
Directors' Plan [Member] | ||||
Statement [Line Items] | ||||
Shares reserved for future grants under the stock option and compensation plan | 180 | 180 | ||
Employee Equity Plan [Member] | ||||
Statement [Line Items] | ||||
Awards vesting period (in years) | 3 years | |||
Shares reserved for future grants under the stock option and compensation plan | 9,300 | 9,300 |
Employee Benefit Plans Summary
Employee Benefit Plans Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Pension Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | $ 681 | $ 813 | $ 2,043 | $ 2,443 |
Expected return on plan assets | (982) | (688) | (2,946) | (2,066) |
Net amortization and deferral | 465 | 496 | 1,395 | 1,486 |
Net periodic benefit | 164 | 621 | 492 | 1,863 |
Other Postretirement Benefits Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Interest cost | 11 | 15 | 33 | 45 |
Net accretion and deferral | (137) | (139) | (411) | (417) |
Net periodic benefit | $ (126) | $ (124) | $ (378) | $ (372) |
Commitments and Contingencies O
Commitments and Contingencies Outstanding Commitments to Extend Credit and Letters of Credit (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 8,325,169 | $ 6,689,519 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | 294,429 | 303,020 |
Commercial Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Valuation allowances and reserves, balance | $ 54,112 | $ 50,432 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | Sep. 28, 2020 | Sep. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 |
Settled Litigation | ||||
Loss Contingencies [Line Items] | ||||
Payments for legal settlements | $ 1.5 | |||
Residential Mortgage | ||||
Loss Contingencies [Line Items] | ||||
Valuation allowances and reserves, balance | $ 1.1 | $ 3.2 | ||
Accounting Standards Update 2016-13 | Residential Mortgage | ||||
Loss Contingencies [Line Items] | ||||
Valuation allowances and reserves, balance | $ (2.1) |
Long-Term Debt (Details)
Long-Term Debt (Details) - Subordinated Debt $ in Millions | Sep. 30, 2020USD ($) |
3.25% Notes due 2030 | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 200 |
Debt instrument, interest rate (as a percent) | 3.25% |
Debt instrument, effective rate (as a percent) | 3.35% |
3.75% Notes due 2035 | |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 175 |
Debt instrument, interest rate (as a percent) | 3.75% |
Debt instrument, effective rate (as a percent) | 3.85% |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event $ / shares in Units, $ in Millions | Oct. 29, 2020USD ($)$ / sharesshares |
Depositary Shares | |
Subsequent Event [Line Items] | |
Equivalent of preferred shares (as a percent) | 2.50% |
Depositary Shares | |
Subsequent Event [Line Items] | |
Stock issued (in shares) | shares | 8,000,000 |
Liquidation preference (in dollars per share) | $ / shares | $ 25 |
Series A Preferred Stock | |
Subsequent Event [Line Items] | |
Preferred stock, dividend rate (as a percent) | 5.125% |
Liquidation preference (in dollars per share) | $ / shares | $ 1,000 |
Aggregate offering amount | $ | $ 200 |
Net proceeds from offering | $ | $ 193.7 |
Uncategorized Items - fult-2020
Label | Element | Value |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ (43,807,000) |
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | ||
Stockholders' Equity Attributable to Parent | us-gaap_StockholdersEquity | $ (43,807,000) |