COVER PAGE
COVER PAGE - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 16, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-39680 | ||
Entity Registrant Name | FULTON FINANCIAL CORP | ||
Entity Incorporation, State or Country Code | PA | ||
Entity Tax Identification Number | 23-2195389 | ||
Entity Address, Address Line One | One Penn Square | ||
Entity Address, Address Line Two | P. O. Box 4887 | ||
Entity Address, City or Town | Lancaster, | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 17604 | ||
City Area Code | 717 | ||
Local Phone Number | 291-2411 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.9 | ||
Entity Common Stock, Shares Outstanding | 162,018,497 | ||
Documents Incorporated by Reference | Portions of the Definitive Proxy Statement of the Registrant for the Annual Meeting of Shareholders to be held on May 20, 2024 are incorporated by reference in Part III. | ||
Entity Central Index Key | 0000700564 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Financial Statement Error Correction [Flag] | false | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $2.50 par value | ||
Trading Symbol | FULT | ||
Security Exchange Name | NASDAQ | ||
Series A Preferred Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A | ||
Trading Symbol | FULTP | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | KPMG LLP |
Auditor Location | Philadelphia, Pennsylvania |
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 300,343 | $ 126,898 |
Interest-bearing deposits with other banks | 249,367 | 555,023 |
Cash and cash equivalents | 549,710 | 681,921 |
FRB and FHLB stock | 124,405 | 130,186 |
Loans held for sale | 15,158 | 7,264 |
AFS, at estimated fair value | 2,398,352 | 2,646,767 |
HTM, at amortized cost | 1,267,922 | 1,321,256 |
Net loans | 21,351,094 | 20,279,547 |
Less: ACL - loans | (293,404) | (269,366) |
Loans, net | 21,057,690 | 20,010,181 |
Net premises and equipment | 222,881 | 225,141 |
Accrued interest receivable | 107,972 | 91,579 |
Goodwill and net intangible assets | 560,687 | 560,824 |
Other assets | 1,267,138 | 1,256,583 |
Total Assets | 27,571,915 | 26,931,702 |
LIABILITIES | ||
Noninterest-bearing | 5,314,094 | 7,006,388 |
Interest-bearing | 16,223,529 | 13,643,150 |
Total Deposits | 21,537,623 | 20,649,538 |
Federal funds purchased | 240,000 | 191,000 |
Federal Home Loan Bank advances | 1,100,000 | 1,250,000 |
Senior debt and subordinated debt | 535,384 | 539,634 |
Other borrowings and interest-bearing liabilities | 612,142 | 890,573 |
Total borrowings | 2,487,526 | 2,871,207 |
Accrued interest payable | 35,083 | 10,185 |
Other liabilities | 751,544 | 821,015 |
Total Liabilities | 24,811,776 | 24,351,945 |
SHAREHOLDERS’ EQUITY | ||
Preferred stock, no par value, 10,000,000 shares authorized, Series A, 200,000 shares authorized and issued as of December 31, 2023 and 2022, liquidation preference of $1,000 per share | 192,878 | 192,878 |
Common stock, $2.50 par value, 600,000,000 shares authorized, 225,760,963 shares issued as of December 31, 2023 and 224,604,432 issued as of December 31, 2022 | 564,402 | 561,511 |
Additional paid-in capital | 1,552,860 | 1,541,840 |
Retained earnings | 1,619,300 | 1,450,758 |
Accumulated other comprehensive loss | (312,280) | (385,476) |
Treasury stock, at cost, 61,959,552 shares in 2023 and 57,005,339 shares in 2022 | (857,021) | (781,754) |
Total Shareholders' Equity | 2,760,139 | 2,579,757 |
Total Liabilities and Shareholders' Equity | $ 27,571,915 | $ 26,931,702 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 200,000 | 200,000 |
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 |
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) | 225,760,963 | 224,604,432 |
Treasury Stock, Common, Value | 61,959,552 | 57,005,339 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INTEREST INCOME | |||
Loans, including fees | $ 1,156,373 | $ 758,609 | $ 638,595 |
Investment securities | 101,518 | 98,115 | 79,821 |
Other interest income | 15,345 | 8,114 | 4,996 |
Total Interest Income | 1,273,236 | 864,838 | 723,412 |
INTEREST EXPENSE | |||
Deposits | 292,205 | 43,829 | 30,005 |
Federal funds purchased | 30,417 | 2,967 | 0 |
Federal Home Loan Bank advances | 46,965 | 7,334 | 2,286 |
Senior debt and subordinated debt | 21,361 | 22,257 | 26,784 |
Other borrowings and interest-bearing liabilities | 28,002 | 6,817 | 607 |
Total Interest Expense | 418,950 | 83,204 | 59,682 |
Net Interest Income | 854,286 | 781,634 | 663,730 |
Provision for credit losses | 54,036 | 28,021 | (14,600) |
Net Interest Income After Provision for Credit Losses | 800,250 | 753,613 | 678,330 |
NON-INTEREST INCOME | |||
Non-interest income before investment securities gains | 228,411 | 227,157 | 240,229 |
Investment securities gains (losses), net | (733) | (27) | 33,516 |
Total Non-Interest Income | 227,678 | 227,130 | 273,745 |
NON-INTEREST EXPENSE | |||
Salaries and employee benefits | 377,417 | 356,884 | 329,138 |
Data processing and software | 66,471 | 60,255 | 56,440 |
Net occupancy | 58,019 | 56,195 | 53,799 |
Other outside services | 47,724 | 37,152 | 34,194 |
FDIC insurance | 25,565 | 12,547 | 10,665 |
Equipment | 14,390 | 14,033 | 13,807 |
Professional fees | 8,392 | 9,123 | 9,647 |
Marketing | 9,004 | 6,885 | 5,275 |
Intangible amortization | 2,944 | 1,731 | 589 |
Debt extinguishment cost | 0 | 0 | 33,249 |
Merger-related expenses | 0 | 10,328 | 0 |
Other | 69,281 | 68,595 | 71,027 |
Total Non-Interest Expense | 679,207 | 633,728 | 617,830 |
Income Before Income Taxes | 348,721 | 347,015 | 334,245 |
Income taxes | 64,441 | 60,034 | 58,748 |
Net Income | 284,280 | 286,981 | 275,497 |
Preferred stock dividends | (10,248) | (10,248) | (10,277) |
Net Income Available to Common Shareholders | $ 274,032 | $ 276,733 | $ 265,220 |
PER SHARE: | |||
Net income available to common shareholders (basic) (in dollars per share) | $ 1.66 | $ 1.69 | $ 1.63 |
Net income available to common shareholders (diluted) (in dollars per share) | 1.64 | 1.67 | 1.62 |
Cash Dividends (in dollars per share) | $ 0.64 | $ 0.66 | $ 0.64 |
Commercial banking | |||
NON-INTEREST INCOME | |||
Non-interest income before investment securities gains | $ 81,160 | $ 75,779 | $ 68,689 |
Consumer banking | |||
NON-INTEREST INCOME | |||
Non-interest income before investment securities gains | 47,197 | 49,496 | 45,544 |
Wealth management | |||
NON-INTEREST INCOME | |||
Non-interest income before investment securities gains | 75,541 | 72,843 | 71,798 |
Mortgage banking | |||
NON-INTEREST INCOME | |||
Non-interest income before investment securities gains | 10,388 | 14,204 | 33,576 |
Other | |||
NON-INTEREST INCOME | |||
Non-interest income before investment securities gains | $ 14,125 | $ 14,835 | $ 20,622 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 284,280 | $ 286,981 | $ 275,497 |
Unrealized gains (losses) on AFS investment securities: | |||
Net unrealized holding gains (losses) on securities | 36,023 | (312,169) | (17,948) |
Reclassification adjustment for securities gains (losses) included in net income | (567) | (20) | (25,905) |
Amortization of net unrealized gains (losses) on AFS securities transferred to HTM | 5,913 | (44,483) | 2,690 |
Net unrealized gains (losses) on AFS investment securities | 41,369 | (356,672) | (41,163) |
Net unrealized holding losses arising during the period | 6,998 | (62,963) | (2,670) |
Reclassification adjustment for net loss (gain) realized in net income on interest rate derivatives used in cash flow hedges | 19,995 | 6,004 | (2,147) |
Net unrealized gains (losses) on interest rate derivatives used in cash flow hedges | 26,993 | (56,959) | (4,817) |
Defined benefit pension plan and postretirement benefits: | |||
Unrecognized pension and postretirement income (cost) | 4,777 | 644 | 7,144 |
Amortization of net unrecognized pension and postretirement income (loss) | 57 | 100 | 1,156 |
Net unrealized (losses) gains on defined benefit pension and postretirement plans | 4,834 | 744 | 8,300 |
Other Comprehensive Income (Loss) | 73,196 | (412,887) | (37,680) |
Total Comprehensive Income (Loss) | $ 357,476 | $ (125,906) | $ 237,817 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock Issuance | Preferred Stock | Common Stock | Common Stock Common Stock Issuance | Additional Paid-in Capital | Additional Paid-in Capital Common Stock Issuance | Retained Earnings | Accumulated Other Comprehensive (Loss) Income | Treasury Stock, Common | Treasury Stock, Common Common Stock Issuance |
Beginning Balance at Dec. 31, 2020 | $ 2,616,828 | $ 192,878 | $ 557,917 | $ 1,508,117 | $ 1,120,781 | $ 65,091 | $ (827,956) | ||||
Beginning Balance (in shares) at Dec. 31, 2020 | 200 | 162,350 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 275,497 | 275,497 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | (37,680) | (37,680) | |||||||||
Stock issued | 4,544 | $ 720 | 3,960 | (136) | |||||||
Stock issued (in shares) | 288 | ||||||||||
Stock-based compensation awards (repurchases) | 6,357 | 7,792 | |||||||||
Acquisition of treasury stock | (43,909) | (43,909) | |||||||||
Acquisition of treasury stock (in shares) | (2,803) | ||||||||||
Preferred stock dividend | (10,277) | (10,277) | |||||||||
Common stock cash dividends | (103,618) | (103,618) | |||||||||
Dividend reinvestment activity (in shares) | 362 | ||||||||||
Dividend reinvestment activity | 4,938 | 4 | 4,934 | ||||||||
Stock-based compensation awards (repurchases) (in shares) | 293 | ||||||||||
Stock-based compensation awards (repurchases) | $ 1,129 | ||||||||||
Stock-based compensation awards (repurchases) | (2,564) | ||||||||||
Ending Balance at Dec. 31, 2021 | 2,712,680 | $ 192,878 | $ 559,766 | 1,519,873 | 1,282,383 | 27,411 | (869,631) | ||||
Ending Balance (in shares) at Dec. 31, 2021 | 200 | 160,490 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 286,981 | 286,981 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | (412,887) | (412,887) | |||||||||
Stock issued | 4,330 | $ 653 | 3,677 | ||||||||
Stock issued (in shares) | 261 | ||||||||||
Reissuance of treasury stock pursuant to acquisition (in shares) | 6,209 | ||||||||||
Reissuance of treasury stock pursuant to acquisition | 89,713 | 4,547 | 85,166 | ||||||||
Stock-based compensation awards (repurchases) | 12,312 | 13,658 | |||||||||
Preferred stock dividend | (10,248) | (10,248) | |||||||||
Common stock cash dividends | (108,358) | (108,358) | |||||||||
Dividend reinvestment activity (in shares) | 362 | ||||||||||
Dividend reinvestment activity | 5,234 | 85 | 5,149 | ||||||||
Stock-based compensation awards (repurchases) (in shares) | 277 | ||||||||||
Stock-based compensation awards (repurchases) | $ 1,092 | ||||||||||
Stock-based compensation awards (repurchases) | (2,438) | ||||||||||
Ending Balance at Dec. 31, 2022 | 2,579,757 | $ 192,878 | $ 561,511 | 1,541,840 | 1,450,758 | (385,476) | (781,754) | ||||
Ending Balance (in shares) at Dec. 31, 2022 | 200 | 167,599 | |||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Net Income | 284,280 | 284,280 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | 73,196 | 73,196 | |||||||||
Stock issued | $ 3,160 | $ 578 | $ 2,548 | $ 34 | |||||||
Stock issued (in shares) | 231 | ||||||||||
Stock-based compensation awards (repurchases) | 6,981 | 8,604 | |||||||||
Acquisition of treasury stock | (77,056) | (77,056) | |||||||||
Acquisition of treasury stock (in shares) | (5,029) | ||||||||||
Preferred stock dividend | (10,248) | (10,248) | |||||||||
Common stock cash dividends | (105,490) | (105,490) | |||||||||
Dividend reinvestment activity (in shares) | 408 | ||||||||||
Dividend reinvestment activity | 5,559 | (132) | 5,691 | ||||||||
Stock-based compensation awards (repurchases) (in shares) | 592 | ||||||||||
Stock-based compensation awards (repurchases) | $ 2,313 | ||||||||||
Stock-based compensation awards (repurchases) | (3,936) | ||||||||||
Ending Balance at Dec. 31, 2023 | $ 2,760,139 | $ 192,878 | $ 564,402 | $ 1,552,860 | $ 1,619,300 | $ (312,280) | $ (857,021) | ||||
Ending Balance (in shares) at Dec. 31, 2023 | 200 | 163,801 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Common Stock cash dividends (usd per share) | $ 0.64 | $ 0.66 | $ 0.64 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 284,280 | $ 286,981 | $ 275,497 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 54,036 | 28,021 | (14,600) |
Depreciation and amortization of premises and equipment | 30,055 | 30,201 | 28,802 |
Net amortization of investment securities premiums | 11,231 | 12,824 | 16,031 |
Investment securities losses (gains), net | 733 | 27 | (33,516) |
Gain on sales of mortgage loans held for sale | (5,094) | (8,816) | (24,379) |
Proceeds from sales of mortgage loans held for sale | 363,406 | 455,607 | 1,050,943 |
Originations of mortgage loans held for sale | (366,206) | (418,287) | (978,446) |
Intangible amortization | 2,944 | 1,731 | 589 |
Amortization of issuance costs and discounts on long-term borrowings | 750 | 724 | 1,846 |
Debt extinguishment costs | 0 | 0 | 33,249 |
Stock-based compensation | 12,540 | 14,000 | 8,402 |
Change in deferred federal income tax | 24,666 | (117,849) | (417) |
Net change in accrued salaries and benefits | (5,868) | 12,826 | (1,226) |
Change in life insurance cash surrender value | (27,664) | (95,702) | (93,986) |
Other changes, net | (16,825) | 392,503 | 69,602 |
Total adjustments | 78,704 | 307,810 | 62,894 |
Net cash provided by operating activities | 362,984 | 594,791 | 338,391 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sales of AFS securities | 213,424 | 196,411 | 359,137 |
Proceeds from principal repayments and maturities of AFS securities | 149,211 | 583,444 | 469,393 |
Proceeds from principal repayments and maturities of HTM securities | 59,685 | 109,759 | 117,958 |
Purchase of AFS securities | (79,053) | (845,744) | (1,309,470) |
Purchase of HTM securities | 0 | (30,959) | (443,081) |
Sale of Visa Shares | 0 | 0 | 33,962 |
Net change in FRB and FHLB stock | 5,781 | (72,551) | 34,494 |
Net change in loans | (1,100,816) | (1,407,289) | 561,664 |
Net purchases of premises and equipment | (32,958) | (21,246) | (17,679) |
Settlement of bank owned life insurance | 2,264 | 3,474 | 3,881 |
Net cash paid for acquisition | 0 | (21,811) | (1,982) |
Net change in tax credit investments | (26,753) | (29,071) | (18,363) |
Net cash used in investing activities | (809,215) | (1,535,583) | (210,086) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net change in demand and savings deposits | (1,198,222) | (1,198,319) | 1,315,139 |
Net change in time deposits and brokered deposits | 2,086,307 | (257,823) | (580,847) |
Net (decrease) increase in other borrowings | (379,431) | 1,629,870 | (212,682) |
Repayments of senior debt and subordinated debt | 5,000 | 81,496 | 710,633 |
Net proceeds from issuance of common stock | 3,160 | 7,876 | 7,437 |
Dividends paid | (115,738) | (116,009) | (112,028) |
Acquisition of treasury stock | (77,056) | 0 | (43,909) |
Net cash provided by (used in) financing activities | 314,020 | (15,901) | (337,523) |
Net Increase in Cash and Cash Equivalents | (132,211) | (956,693) | (209,218) |
Cash and Cash Equivalents at Beginning of Year | 681,921 | 1,638,614 | 1,847,832 |
Cash and Cash Equivalents at End of Year | 549,710 | 681,921 | 1,638,614 |
Cash paid during period for: | |||
Interest | 394,052 | 80,019 | 63,047 |
Income taxes | 25,319 | 32,669 | 27,870 |
Supplemental schedule of certain noncash activities | |||
Transfer of AFS securities to HTM securities | $ 0 | $ 479,008 | $ 376,165 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business: The Corporation is a financial holding company that provides a full range of banking and financial services to businesses and consumers through its wholly-owned banking subsidiary, Fulton Bank. In addition, the Parent Company owns the following non-bank subsidiaries: Fulton Financial Realty Company, Central Pennsylvania Financial Corp., FFC Penn Square, Inc., Fulton Insurance Services Group, Inc. and Fulton Community Partner, LLC. Collectively, the Parent Company and its subsidiaries are referred to as the Corporation. The Corporation's primary sources of revenue are interest income on loans, investment securities and other interest-earning assets and fee income earned on its products and services. Its expenses consist of interest expense on deposits and borrowed funds, provision for credit losses, other operating expenses and income taxes. The Corporation's primary competition is other financial services providers operating in its region. Competitors also include financial services providers located outside the Corporation's geographic market as a result of the growth in electronic delivery channels. The Corporation is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by such regulatory agencies. The Corporation offers, through its banking subsidiary, a full range of retail and commercial banking services in Pennsylvania, Delaware, Maryland, New Jersey and Virginia. Basis of Financial Statement Presentation: The consolidated financial statements have been prepared in accordance with GAAP and include the accounts of the Parent Company and all wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosed amount of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. The Corporation evaluates subsequent events through the date of the filing of this report with the SEC. Cash and Cash Equivalents and Restricted Cash: Cash and cash equivalents consists of cash and due from banks and interest-bearing deposits with other banks, which includes restricted cash. Restricted cash comprises cash balances required to be maintained with the FRB, based on customer transaction deposit account levels, and cash balances provided as collateral on derivative contracts and other contracts. See "Note 3 - Restrictions on Cash and Cash Equivalents" for additional information. FRB and FHLB Stock: The Bank is a member of the FRB and FHLB and is required by federal law to hold stock in these institutions according to predetermined formulas. These restricted investments are carried at cost on the consolidated balance sheets and are periodically evaluated for impairment. Investments: Debt securities are classified as HTM at the time of purchase when the Corporation has both the intent and ability to hold these investments until they mature. Such debt securities are carried at cost, adjusted for amortization of premiums and accretion of discounts using the effective yield method. The Corporation does not engage in trading activities; however, since the investment portfolio serves as a source of liquidity, most debt securities are classified as AFS. AFS securities are carried at estimated fair value with the related unrealized holding gains and losses reported in shareholders' equity as a component of OCI, net of tax. Realized securities gains and losses are computed using the specific identification method and are recorded on a trade date basis. HTM Debt Securities: Expected credit losses on HTM debt securities would be recorded in the ACL on HTM debt securities. As of December 31, 2023, no HTM debt securities required an ACL as these investments consist solely of Agency guaranteed residential mortgage-backed and commercial mortgage-backed securities. AFS Debt Securities : The Bank's AFS rated debt securities are investment grade. In evaluating credit losses on debt securities, management considers factors such as the credit quality of the investments, the credit rating of the security, and the delinquency history of the security. As of December 31, 2023, no AFS debt securities required an ACL. Fair Value Option: The Corporation has elected to measure mortgage loans held for sale at fair value. Derivative financial instruments related to mortgage banking activities are also recorded at fair value, as detailed under the heading "Derivative Financial Instruments," below. The Corporation determines fair value for its mortgage loans held for sale based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Changes in fair values during the period are recorded as components of mortgage banking income on the consolidated statements of income. Interest income earned on mortgage loans held for sale is classified in interest income on the consolidated statements of income. Loans : Loans are stated at amortized cost, except for mortgage loans held for sale, which are carried at fair value. Interest income on loans is accrued as earned. 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 adequately 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 Modifications: Loans are accounted for and reported as modified 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 loan modification typically involve a more than insignificant deferral of scheduled loan payments, an extension of a loan's stated maturity date, a reduction in the interest rate or a forgiveness of principal. Because the effect of most modifications made to loans to borrowers experiencing financial difficulty is already included in the ACL, a change to the ACL is generally not recorded upon modification. When principal forgiveness is provided, the amortized cost basis of the forgiven portion of the loan is written off against the ACL. Allowance for Credit Losses: The Corporation follows ASU 2016-13 Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments . 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 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. The ACL consists of loans evaluated collectively and individually for expected credit losses. The ACL 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 is increased or decreased (when the provision for credit losses is negative) through the provision for credit losses and increased or decreased (when recoveries of loans previously charged off exceed loans charged off) by charge-offs, net of recoveries. The reserve for OBS credit exposures includes estimated losses on unfunded loan commitments, letters of credit and other OBS credit exposures. Loans: The ACL 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 accruing loans and non-accrual loans where the total commitment amount is less than $1 million. In determining the ACL, the Corporation uses three inputs to model the estimate. These inputs are the PD rate which estimates the likelihood that a borrower will be unable to meet its debt obligations, the LGD rate which estimates the percentage of an asset that is lost if a borrower defaults, and the EAD balance which estimates the gross exposure under a facility upon default. The PD models were developed based on historical default data. Both internal and external variables are evaluated in the process. The main internal variables are risk rating or delinquency history and indicators of default. The external variables are economic variables obtained from third-party forecasts. The PD models are transition matrix models that utilize historical credit observations and incorporate economic forecasts to project future default rates using a linear regression methodology for each loan segment. The LGD model uses a vintage loss approach that estimates LGD rates based on the bank’s historical loss experience for each loan segment. The EAD incorporates a prepayment rate and applies the PD rates to estimate the projected exposure at default across the life of each loan. The ACL is calculated by applying the LGD to the EAD at each period across the life of each loan. The ACL incorporates the Corporation’s historical credit observations, current conditions, and reasonable and supportable forecasts that are based on the projected performance of specific economic variables that are statistically correlated with historical PD rates. The reasonable and supportable forecast extends to 24 months and reverts back to an average PD rate using a straight-line reversion methodology over a 12 month period. The ACL is highly sensitive to the economic forecasts used to develop the reserve. As such, the calculation of the ACL is inherently subjective and requires management to exercise judgment. The ACL may include qualitative adjustments intended to capture the impact of uncertainties not reflected in the quantitative models. In determining qualitative adjustments, management considers changes in national, regional, and local economic and business conditions and their impact on the lending environment, including underwriting standards and other factors affecting credit losses over the remaining life of each loan. Loans Evaluated Individually : Loans evaluated individually for expected credit losses include loans on non-accrual status 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 of the ACL 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 provided by the borrower. 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 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. OBS Credit Exposures: The reserve for OBS credit exposures is recorded in other liabilities on the consolidated balance sheets, and represents management's estimate of expected losses in its unfunded loan commitments and other OBS credit exposures. The reserve for OBS credit exposures 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 reserve for OBS credit exposures is increased or decreased by charges or reductions to expense, through the provision for credit losses. Premises and Equipment: Premises and equipment are stated at cost, less accumulated depreciation and amortization. The provision for depreciation and amortization is generally computed using the straight-line method over the estimated useful lives of the related assets, which are a maximum of 50 years for buildings and improvements, 8 years for furniture and 7 years for equipment. Leasehold improvements are amortized over the shorter of the useful life or the non-cancelable lease term. Premises and equipment acquired in a business combination are initially recorded at fair value and subsequently carried at cost less depreciation and amortization. See "Note 6 - Premises and Equipment" for additional information. OREO: Assets acquired in settlement of mortgage loan indebtedness are recorded as OREO and are included in other assets on the consolidated balance sheets, initially at the lower of the estimated fair value of the asset, less estimated selling costs, or the carrying amount of the loan. Costs to maintain the assets and subsequent gains and losses on sales are included in other non-interest expense on the consolidated statements of income. MSRs: The estimated fair value of MSRs related to residential mortgage loans sold and serviced by the Corporation is recorded as an asset upon the sale of such loans. MSRs are amortized as a reduction to mortgage servicing income, included as a component of mortgage banking income on the consolidated statements of income, over the estimated lives of the underlying loans. MSRs are stratified and evaluated for impairment by comparing each stratum's carrying amount to its estimated fair value. Fair values are determined through a discounted cash flows valuation completed by a third-party valuation expert. Significant inputs to the valuation include expected net servicing income, the discount rate and the expected lives of the underlying loans. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. To the extent the amortized cost of the MSRs exceeds their estimated fair value, a valuation allowance is established through a charge against servicing income. If subsequent valuations indicate that impairment no longer exists, the valuation allowance is reduced through an increase to servicing income. See "Note 8 - Mortgage Servicing Rights" for additional information. Derivative Financial Instruments: The Corporation manages its exposure to certain interest rate risk through the use of derivatives. Certain of the Corporation's outstanding derivative contracts are designated as hedges, and none are entered into for speculative purposes. The Corporation enters into derivative contracts that are intended to economically hedge certain of its risks, even if hedge accounting does not apply or the Corporation elects not to apply hedge accounting. The Corporation records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Corporation has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. The Corporation does not have any derivative instruments designated as fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as cash flow hedges where hedge accounting is applied, changes in fair value are recognized in OCI, net of tax. For derivatives where hedge accounting does not apply, changes in fair value are 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 statements 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 Derivatives - Non-Designated Hedges The Corporation enters into interest rate derivatives with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Corporation simultaneously enters into interest rate derivatives with dealer counterparties, with identical notional amounts and terms. The net result of these interest rate derivatives is that the customer pays a fixed rate of interest and the Corporation receives a floating rate. As the interest rate derivatives associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. The Corporation's existing OBS credit exposures result from participation in interest rate derivatives provided by external lenders as part of loan participation arrangements and, therefore, are not used to manage interest rate risk in the Corporation's assets or liabilities. The Corporation is required to clear all eligible interest rate derivative contracts with a clearing agent and is subject to the regulations of the Commodity Futures Trading Commission. Cash Flow Hedges of Interest Rate Risk The Corporation's objectives in using interest rate derivatives are to reduce volatility in net interest income and interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Corporation primarily uses interest rate derivatives as part of its interest rate risk management strategy. The Corporation enters into interest rate derivatives designated as cash flow hedges to hedge the variable cash flows associated with existing floating rate loans and borrowings. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the unrealized gain or loss on the derivative is recorded in OCI, net of tax, and subsequently reclassified into interest income or interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in OCI related to derivatives will be reclassified to interest income or interest expense as interest payments are made on the Corporation's variable-rate loans and borrowings. 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 Nostro Accounts. The Corporation limits the total overnight net foreign currency open positions, which is defined as an aggregate of all outstanding contracts, to $0.5 million. See "Note 11 - Derivative Financial Instruments" for additional information. Balance Sheet Offsetting: 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 has elected to net its financial assets and liabilities designated as cash flow hedges when offsetting is permitted. The Corporation has elected not to offset the remaining assets and liabilities subject to such arrangements on the consolidated financial statements. The Corporation is a party to interest rate derivatives with financial institution counterparties and customers. Under these agreements, the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. Cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the interest rate derivatives 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 derivatives are required to be cleared through a daily clearing agent. As a result, the total fair values of interest rate derivative assets and derivative liabilities recognized on the consolidated balance sheets are not equal and offsetting. The Corporation is also a party to foreign 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 derivatives, cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the foreign exchange contracts in the event of default. For additional information on balance sheet offsetting, see "Note 11 - Derivative Financial Instruments." Income Taxes: The Corporation utilizes the asset and liability method in accounting for income taxes. Under this method, DTAs and deferred tax liabilities are determined based upon the difference between the values of the assets and liabilities as reflected in the financial statements and their related tax basis using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. As changes in tax law or rates are enacted, DTAs and deferred tax liabilities are adjusted through income tax expense. In assessing the realizability of DTAs, management considers whether it is more likely than not that some portion or all of the DTAs will not be realized. The ultimate realization of DTAs is dependent upon the generation of future taxable income and tax planning strategies which will create taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, the amount of taxes paid in available carryback years, projected future taxable income, and, if necessary, tax planning strategies in making this assessment. A valuation allowance is provided against DTAs unless it is more likely than not that such DTAs will be realized. ASC Topic 740, "Income Taxes" creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The liability for unrecognized tax benefits is included in other liabilities within the consolidated balance sheets. See "Note 13 - Income Taxes" for additional information. Stock-Based Compensation: The Corporation grants equity awards to employees, consisting of stock options, restricted stock, RSUs and PSUs under its Employee Equity Plan. In addition, employees may purchase stock under the Corporation's ESPP. The Corporation also grants equity awards to non-employee members of its Board of Directors and Fulton Bank's Board of Directors under the Directors' Plan. Under the Directors' Plan, the Corporation can grant equity awards to non-employee holding company and subsidiary bank directors in the form of stock options, restricted stock, RSUs or common stock. Recent grants of equity awards under the Directors' Plan have been limited to RSUs. Equity awards issued under the Employee Equity Plan are generally granted annually and become fully vested over or after a three-year vesting period. The vesting period for non-performance-based awards represents the period during which employees are required to provide service in exchange for such awards. Equity awards under the Directors' Plan are generally granted annually and fully vest after a one-year vesting period. Certain events, as defined in the Employee Equity Plan and the Directors' Plan, result in the acceleration of the vesting of equity awards. Restricted stock, RSUs and PSUs earn dividends during the vesting period, which are forfeitable if the awards do not vest. The fair value of stock options, restricted stock and RSUs granted to employees or |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | On July 1, 2022, the Corporation completed its acquisition of Prudential Bancorp, a Pennsylvania chartered bank holding company headquartered in Philadelphia, Pennsylvania that primarily served the Greater Philadelphia region. On that date, the Corporation acquired 100% of the outstanding common stock of Prudential Bancorp, Prudential Bancorp was merged with and into the Corporation, and Prudential Bancorp's wholly-owned subsidiary, Prudential Bank, became a wholly-owned subsidiary of the Corporation. The Corporation merged Prudential Bank with and into Fulton Bank in the fourth quarter of 2022. Results of the operations of the acquired entity were included in the Corporation's consolidated financial statements beginning on July 1, 2022. In accordance with the terms of the definitive merger agreement, each share of Prudential Bancorp's common stock issued and outstanding immediately prior to the effective time of the Merger was converted into the right to receive the Merger Consideration. In the aggregate, approximately eighty percent (80%) of the Merger Consideration consisted of the Corporation's common stock with the remaining approximately twenty percent (20%) paid in cash. The acquisition of Prudential Bancorp was accounted for as a business combination using the acquisition method of accounting, and accordingly, the assets acquired, the liabilities assumed, and consideration transferred were recorded at their estimated fair values as of the Merger date. The $19.1 million excess of the Merger Consideration over the fair value of assets acquired was recorded as goodwill and is not amortizable or deductible for tax purposes. The following table summarizes the consideration transferred and the fair values of identifiable assets acquired and liabilities assumed on July 1, 2022: Fair Value (dollars in thousands, except share data) Consideration transferred: Common stock shares issued (6,208,516) $ 89,713 Cash paid to Prudential Bancorp shareholders 29,343 Value of consideration 119,056 Assets acquired: Cash and due from banks 7,533 Investment securities 287,126 Loans 554,091 Premises and equipment 8,574 Other assets 73,303 Total assets 930,627 Liabilities assumed: Deposits 532,170 Borrowings (1) 284,000 Other liabilities 14,482 Total liabilities 830,652 Net assets acquired: 99,975 Goodwill resulting from the Merger $ 19,081 (1) Included a $30.5 million intercompany borrowing between Prudential Bank and Fulton Bank. While the valuation of the acquired assets and liabilities were completed, fair value estimates related to the assets and liabilities from Prudential Bancorp were subject to adjustment for up to one year after the closing date of the Merger as additional information became available. Included in the above table are adjustments of $2.8 million that occurred during the year ended December 31, 2023 resulting in a change to goodwill resulting from the Merger. The amount of goodwill recorded reflects the increased market share and related synergies that are expected to result from the acquisition and represents the excess purchase price over the estimated fair value of the net assets acquired from Prudential Bancorp. The following table presents the change in goodwill during the period: (dollars in thousands) Goodwill at December 31, 2021 $ 534,266 Goodwill from the Merger 16,273 Goodwill at December 31, 2022 550,539 Adjustments to goodwill from the Merger 2,807 Goodwill at December 31, 2023 $ 553,346 |
Restrictions on Cash and Cash E
Restrictions on Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Due from Banks [Abstract] | |
Restrictions on Cash and Cash Equivalents | NOTE 3 - RESTRICTIONS ON CASH AND CASH EQUIVALENTS |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE 4 - INVESTMENT SECURITIES The following tables present the amortized cost and estimated fair values of investment securities, as of December 31: Amortized Gross Gross Estimated (dollars in thousands) 2023 Available for Sale U.S. Government securities $ 42,475 $ — $ (314) $ 42,161 U.S. Government-sponsored agency securities 1,038 — (28) 1,010 State and municipal securities 1,200,571 1,089 (129,647) 1,072,013 Corporate debt securities 480,714 473 (40,636) 440,551 Collateralized mortgage obligations 122,824 — (11,390) 111,434 Residential mortgage-backed securities 223,273 7 (26,485) 196,795 Commercial mortgage-backed securities 627,364 — (92,976) 534,388 Total $ 2,698,259 $ 1,569 $ (301,476) $ 2,398,352 Held to Maturity Residential mortgage-backed securities $ 407,075 $ — $ (51,805) $ 355,270 Commercial mortgage-backed securities 860,847 — (143,910) 716,937 Total $ 1,267,922 $ — $ (195,715) $ 1,072,207 2022 Available for Sale U.S. Government securities $ 226,140 $ — $ (7,655) $ 218,485 U.S. Government-sponsored agency securities 1,050 — (42) 1,008 State and municipal securities 1,284,245 283 (178,816) 1,105,712 Corporate debt securities 459,792 — (37,483) 422,309 Collateralized mortgage obligations 147,155 — (13,122) 134,033 Residential mortgage-backed securities 242,527 18 (29,847) 212,698 Commercial mortgage-backed securities 631,604 — (79,082) 552,522 Total $ 2,992,513 $ 301 $ (346,047) $ 2,646,767 Held to Maturity Residential mortgage-backed securities $ 457,325 $ — $ (57,480) $ 399,845 Commercial mortgage-backed securities 863,931 — (138,727) 725,204 Total $ 1,321,256 $ — $ (196,207) $ 1,125,049 On May 1, 2022, the Corporation transferred certain residential mortgage-backed securities and commercial mortgage-backed securities from AFS to HTM classification as permitted by ASU 2019-04 Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments . The estimated fair value of the securities transferred was $415.2 million, and the amortized cost of the securities was $479.0 million. Securities carried at $0.4 billion and $1.1 billion at December 31, 2023 and 2022, respectively, were pledged as collateral to secure public and trust deposits. The amortized cost and estimated fair values of debt securities as of December 31, 2023, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without call or prepayment penalties. Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (dollars in thousands) Due in one year or less $ 49,267 $ 49,022 $ — $ — Due from one year to five years 153,550 147,521 — — Due from five years to ten years 508,237 471,086 — — Due after ten years 1,013,744 888,106 — — 1,724,798 1,555,735 — — Residential mortgage-backed securities (1) 223,273 196,795 407,075 355,270 Commercial mortgage-backed securities (1) 627,364 534,388 860,847 716,937 Collateralized mortgage obligations (1) 122,824 111,434 — — Total $ 2,698,259 $ 2,398,352 $ 1,267,922 $ 1,072,207 (1) Maturities for mortgage-backed securities and collateralized mortgage obligations are dependent upon the interest rate environment and prepayments on the underlying loans. The following table presents information related to gross gains and losses on the sales of securities for the years presented: Gross Realized Gains Gross Realized Losses Net Gains (Losses) (dollars in thousands) 2023 $ 283 $ (1,016) $ (733) 2022 1,587 (1,614) (27) 2021 35,593 (2,077) 33,516 The following tables present the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31: Less than 12 months 12 Months or Longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized 2023 (dollars in thousands) Available for Sale U.S. Government securities $ — $ — $ 42,161 $ (314) $ 42,161 $ (314) U.S. Government-sponsored agency securities — — 1,010 (28) 1,010 (28) State and municipal securities 76,155 (858) 917,274 (128,789) 993,429 (129,647) Corporate debt securities 42,945 (1,326) 370,523 (39,310) 413,468 (40,636) Collateralized mortgage obligations — — 111,434 (11,390) 111,434 (11,390) Residential mortgage-backed securities 409 (3) 195,453 (26,482) 195,862 (26,485) Commercial mortgage-backed securities 26,907 (1,053) 507,481 (91,923) 534,388 (92,976) Total available for sale $ 146,416 $ (3,240) $ 2,145,336 $ (298,236) $ 2,291,752 $ (301,476) Held to Maturity Residential mortgage-backed securities $ — $ — $ 355,270 $ (51,805) $ 355,270 $ (51,805) Commercial mortgage-backed securities — — 716,937 (143,910) 716,937 (143,910) Total held to maturity $ — $ — $ 1,072,207 $ (195,715) $ 1,072,207 $ (195,715) There were 727 AFS and 180 HTM positions at unrealized loss at December 31, 2023. Less than 12 months 12 Months or Longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized 2022 (dollars in thousands) Available for Sale U.S. Government Securities $ 96,906 $ (2,814) $ 121,579 $ (4,841) $ 218,485 $ (7,655) U.S. Government-sponsored agency securities 1,008 (42) — — 1,008 (42) State and municipal securities 995,122 (157,397) 61,089 (21,419) 1,056,211 (178,816) Corporate debt securities 376,398 (31,333) 37,157 (6,150) 413,555 (37,483) Collateralized mortgage obligations 113,191 (7,650) 20,842 (5,472) 134,033 (13,122) Residential mortgage-backed securities 154,861 (18,301) 55,293 (11,546) 210,154 (29,847) Commercial mortgage-backed securities 371,109 (38,845) 181,413 (40,237) 552,522 (79,082) Total available for sale $ 2,108,595 $ (256,382) $ 477,373 $ (89,665) $ 2,585,968 $ (346,047) Held to maturity Residential mortgage-backed securities $ 246,667 $ (14,275) $ 153,178 $ (43,205) $ 399,845 $ (57,480) Commercial mortgage-backed securities 258,255 (24,029) 466,949 (114,698) 725,204 (138,727) Total held to maturity $ 504,922 $ (38,304) $ 620,127 $ (157,903) $ 1,125,049 $ (196,207) There were 782 AFS and 180 HTM positions at unrealized loss at December 31, 2022. The Corporation's collateralized mortgage obligations, residential mortgage-backed securities and commercial 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. In addition, these securities have principal payments that are guaranteed by U.S. government-sponsored agencies. Therefore, the Corporation does not have an ACL for these investments as of December 31, 2023 and 2022. As of December 31, 2023 and 2022, no ACL was required for the Corporation's state and municipal securities. The Corporation does not have the intent to sell and does not believe it will more likely than not be required to sell any of these securities prior to a recovery of their fair value to amortized cost, which may be at maturity. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | NOTE 5 - LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans and leases, net of unearned income Loans and leases, net of unearned income are summarized as follows as of December 31: 2023 2022 (dollars in thousands) Real estate - commercial mortgage $ 8,127,728 $ 7,693,835 Commercial and industrial (1) 4,545,552 4,473,004 Real-estate - residential mortgage 5,325,923 4,737,279 Real-estate - home equity 1,047,184 1,102,838 Real-estate - construction 1,239,075 1,269,925 Consumer 729,318 699,179 Leases and other loans (2) 336,314 303,487 Net loans $ 21,351,094 $ 20,279,547 (1) Includes unearned income of $41.0 thousand and $4.5 million at December 31, 2023 and December 31, 2022, respectively. (2) Includes unearned income of $38.0 million and $24.8 million at December 31, 2023 and December 31, 2022, respectively. The Corporation has extended credit to officers and directors of the Corporation and to their associates. These related-party loans are made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and do not involve more than the normal risk of collection or present other unfavorable features. The aggregate dollar amount of these loans, including unadvanced commitments, was $162.5 million and $126.3 million as of December 31, 2023 and 2022, respectively. During 2023, additions totaled $45.4 million and repayments totaled $9.2 million for related-party loans. Allowance for Credit Losses The following table summarizes the ACL - loans balance and the reserve for OBS credit exposures balance as of December 31, 2023 and 2022: 2023 2022 (dollars in thousands) ACL - loans $ 293,404 $ 269,366 Reserve for OBS credit exposures (1) $ 17,254 $ 16,328 (1) Included in other liabilities on the consolidated balance sheets. The following table presents the activity in the ACL - loans balances for the years ended December 31: 2023 2022 2021 (dollars in thousands) Balance at beginning of period $ 269,366 $ 249,001 $ 277,567 CECL Day 1 Provision expense — 7,954 — Initial purchased credit deteriorated loans — 1,135 — Loans charged off (39,201) (21,472) (30,952) Recoveries of loans previously charged off 10,129 14,092 17,146 Net loans (charged off) recovered (29,072) (7,380) (13,806) Provision for credit losses 53,110 18,656 (14,760) Balance at end of period $ 293,404 $ 269,366 $ 249,001 The following table presents the activity in the ACL - loans losses by portfolio segment for the years ended December 31, 2023 and 2022, by portfolio segment: Real Estate - Commercial and Industrial Consumer and Real Estate - Real Estate - Real Estate - Leases and other loans Total (dollars in thousands) Balance at December 31, 2021 $ 87,970 $ 67,056 $ 19,749 $ 54,236 $ 12,941 $ 7,049 $ 249,001 CECL Day 1 Provision expense 4,107 — 131 3,716 — — 7,954 Initial purchased credit deteriorated loans 1,051 — 7 77 — — 1,135 Loans charged off (12,473) (2,390) (4,412) (66) — (2,131) (21,472) Recoveries of loans previously charged off 3,860 5,893 2,581 425 574 759 14,092 Net loans (charged off) recovered (8,613) 3,503 (1,831) 359 574 (1,372) (7,380) Provision for loan losses (1) (15,059) (443) 8,373 24,862 (2,772) 3,695 18,656 Balance at December 31, 2022 69,456 70,116 26,429 83,250 10,743 9,372 269,366 Loans charged off (17,999) (9,246) (7,514) (62) — (4,380) (39,201) Recoveries of loans previously charged off 1,076 3,473 3,198 421 858 1,103 10,129 Net loans (charged off) recovered (16,923) (5,773) (4,316) 359 858 (3,277) (29,072) Provision for loan losses (1) 60,032 9,923 (4,509) (10,323) 694 (2,707) 53,110 Balance at December 31, 2023 $ 112,565 $ 74,266 $ 17,604 $ 73,286 $ 12,295 $ 3,388 $ 293,404 (1) Provision included in the table only includes the portion related to net loans The ACL may include qualitative adjustments intended to capture the impact of uncertainties not reflected in the quantitative models. In determining qualitative adjustments, management considers changes in national, regional, and local economic and business conditions and their impact on the lending environment, including underwriting standards and other factors affecting credit losses over the remaining life of each loan. The increase in ACL - loans in 2023 was largely due to loan growth, changes to the macroeconomic outlook, net charge-offs and risk migration. The increase in ACL - loans in 2022 was primarily due to loan growth and changes to the macroeconomic outlook. In 2023, the Corporation made updates to its PD and LGD models and methodology to enhance base quantitative ACL models. The Corporation updated the PD models to utilize a linear regression methodology and implemented a discreet 24 month reasonable and supportable forecast period with a 12 month straight-line reversion methodology. The ACL model enhancements did not have a material effect on the ACL as the model updates reduced reliance on supplementary models and qualitative factors and increased reliance on the output of the Corporation’s base quantitative models. Collateral-Dependent Loans A loan or a lease 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 loans and leases 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 collateral-dependent loan or lease's carrying value to the collateral’s fair value less cost to sell. Substantially all of the collateral supporting collateral-dependent loans or leases consists of various types of real estate, including residential properties, commercial properties, such as retail centers, office buildings, and lodging, agricultural land, and vacant land. All loans individually evaluated for impairment are measured for losses on a quarterly basis. As of December 31, 2023 and 2022, 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 receivables or inventory, in the case of commercial and industrial loans. Commercial and industrial loans may also be secured by real estate. As of December 31, 2023 and 2022, approximately 78% and 91%, respectively, of loans evaluated individually for impairment with principal balances greater than or equal to $1.0 million, whose primary collateral consisted of real estate, were measured at estimated fair value using appraisals performed by certified third-party appraisers that had been updated in the preceding 12 months. Non-accrual Loans The following table presents total non-accrual loans, by class segment: 2023 2022 With a Related Allowance Without a Related Allowance Total With a Related Allowance Without a Related Allowance Total (dollars in thousands) Real estate - commercial mortgage $ 23,338 $ 21,467 $ 44,805 $ 39,722 $ 30,439 $ 70,161 Commercial and industrial 12,410 27,542 39,952 14,804 12,312 27,116 Real estate - residential mortgage 18,806 2,018 20,824 25,315 979 26,294 Real estate - home equity 4,649 104 4,753 5,975 130 6,105 Real estate - construction 341 1,000 1,341 866 502 1,368 Consumer 52 — 52 92 — 92 Leases and other loans 9,255 638 9,893 4,052 9,255 13,307 Total $ 68,851 $ 52,769 $ 121,620 $ 90,826 $ 53,617 $ 144,443 As of December 31, 2023 and December 31, 2022, there were $52.8 million and $53.6 million, respectively, of non-accrual loans that did not have a specific valuation allowance within the ACL. 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. The amount of interest income on non-accrual loans that was recognized was approximately $1.5 million in 2023 and $2.2 million in 2022. Asset Quality Maintaining an appropriate ACL is dependent on various factors, including the ability to identify potential problem loans in a timely manner. For 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, 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 a loan. The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period: December 31, 2023 (dollars in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans Amortized Amortized 2023 2022 2021 2020 2019 Prior Cost Basis Cost Basis Total Real estate - commercial mortgage Pass $ 783,673 $ 993,017 $ 1,203,852 $ 984,958 $ 721,857 $ 2,822,155 $ 59,253 $ 31,636 $ 7,600,401 Special Mention 2,767 43,904 105,185 7,862 35,289 105,786 1,760 — 302,553 Substandard or Lower 366 20,958 31,304 49,142 26,579 95,621 804 — 224,774 Total real estate - commercial mortgage 786,806 1,057,879 1,340,341 1,041,962 783,725 3,023,562 61,817 31,636 8,127,728 Real estate - commercial mortgage Current period gross charge-offs — — — — — (424) — (17,575) (17,999) Commercial and industrial Pass 626,386 590,132 330,576 341,218 272,126 598,838 1,443,203 10,736 4,213,215 Special Mention 7,936 9,548 16,499 3,577 6,817 18,487 72,775 198 135,837 Substandard or Lower 247 25,184 4,611 3,843 18,988 31,663 105,230 6,734 196,500 Total commercial and industrial 634,569 624,864 351,686 348,638 297,931 648,988 1,621,208 17,668 4,545,552 Commercial and industrial Current period gross charge-offs — (299) — — — (249) (682) (8,016) (9,246) Real estate - construction (1) Pass 322,922 258,080 261,583 37,426 9,510 34,097 13,677 — 937,295 Special Mention — 12,622 25,898 — — — — — 38,520 Substandard or Lower — 521 2,229 — 340 21,284 168 2,229 26,771 Total real estate - construction 322,922 271,223 289,710 37,426 9,850 55,381 13,845 2,229 1,002,586 Real estate - construction Current period gross charge-offs — — — — — — — — — Total Pass $ 1,732,981 $ 1,841,229 $ 1,796,011 $ 1,363,602 $ 1,003,493 $ 3,455,090 $ 1,516,133 $ 42,372 $ 12,750,911 Special Mention 10,703 66,074 147,582 11,439 42,106 124,273 74,535 198 476,910 Substandard or Lower 613 46,663 38,144 52,985 45,907 148,568 106,202 8,963 448,045 Total $ 1,744,297 $ 1,953,966 $ 1,981,737 $ 1,428,026 $ 1,091,506 $ 3,727,931 $ 1,696,870 $ 51,533 $ 13,675,866 (1) Excludes real estate - construction - other. Total loans risk- rated substandard or lower increased by $157.9 million, or 54.4%, compared to December 31, 2022, primarily due to borrower performance in both commercial and industrial loans and commercial real estate loans. The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period: December 31, 2022 (dollars in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans Amortized Amortized 2022 2021 2020 2019 2018 Prior Cost Basis Cost Basis Total Real estate - commercial mortgage Pass $ 1,014,575 $ 1,095,725 $ 969,118 $ 810,850 $ 621,689 $ 2,610,511 $ 80,665 $ 307 $ 7,203,440 Special Mention 95 50,367 23,296 33,735 16,205 181,736 947 — 306,381 Substandard or Lower 1,032 3,039 31,042 38,378 23,112 87,168 243 — 184,014 Total real estate - commercial mortgage 1,015,702 1,149,131 1,023,456 882,963 661,006 2,879,415 81,855 307 7,693,835 Real estate - commercial mortgage Current period gross charge-offs — — — — — (53) — (12,420) (12,473) Commercial and industrial Pass 907,390 449,145 397,881 315,605 185,096 604,352 1,387,961 618 4,248,048 Special Mention 11,405 24,479 3,763 8,147 5,218 24,633 56,048 250 133,943 Substandard or Lower 834 418 4,818 13,044 3,081 22,025 51,077 249 95,546 Total commercial and industrial 919,629 474,042 406,462 336,796 193,395 651,010 1,495,086 1,117 4,477,537 Commercial and industrial Current period gross charge-offs — — (36) — (21) (365) (1,192) (776) (2,390) Real estate - construction (1) Pass 159,195 390,993 243,406 28,539 24,421 93,511 47,271 — 987,336 Special Mention — — — — — 21,603 — — 21,603 Substandard or Lower — — 3,852 2,274 — 4,272 203 — 10,601 Total real estate - construction 159,195 390,993 247,258 30,813 24,421 119,386 47,474 — 1,019,540 Real estate - construction (1) Current period gross charge-offs — — — — — — — — — Total Pass $ 2,081,160 $ 1,935,863 $ 1,610,405 $ 1,154,994 $ 831,206 $ 3,308,374 $ 1,515,897 $ 925 $ 12,438,824 Special Mention 11,500 74,846 27,059 41,882 21,423 227,972 56,995 250 461,927 Substandard or Lower 1,866 3,457 39,712 53,696 26,193 113,465 51,523 249 290,161 Total $ 2,094,526 $ 2,014,166 $ 1,677,176 $ 1,250,572 $ 878,822 $ 3,649,811 $ 1,624,415 $ 1,424 $ 13,190,912 (1) Excludes real estate - construction - other. The Corporation considers the performance of the loan portfolio and its impact on the ACL. 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 other loans. For these loans, the most relevant credit quality indicator is delinquency status, and the Corporation evaluates credit quality based on the aging status of the loan. The following tables present the amortized cost of these loans based on payment activity, by origination year, for the periods shown: December 31, 2023 (dollars in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans Amortized Amortized 2023 2022 2021 2020 2019 Prior Cost Basis Cost Basis Total Real estate - residential mortgage Performing $ 623,247 $ 1,126,656 $ 1,682,759 $ 984,050 $ 260,049 $ 607,133 $ — $ — $ 5,283,894 Nonperforming — 1,720 4,888 4,701 6,233 24,487 — — 42,029 Total real estate - residential mortgage 623,247 1,128,376 1,687,647 988,751 266,282 631,620 — — 5,325,923 Real estate - residential mortgage Current period gross charge-offs — — — — — — — (62) (62) Consumer and real estate - home equity Performing 272,571 276,373 85,985 62,426 37,667 204,913 805,645 20,044 1,765,624 Nonperforming 295 455 866 282 354 5,526 1,439 1,661 10,878 Total consumer and real estate - home equity 272,866 276,828 86,851 62,708 38,021 210,439 807,084 21,705 1,776,502 Consumer and real estate - home equity Current period gross charge-offs (119) — — — — (525) (283) (6,587) (7,514) Leases and other loans Performing 166,490 83,641 27,755 22,304 16,246 9,867 — — 326,303 Nonperforming — 118 — — — 9,893 — — 10,011 Total leases and other loans 166,490 83,759 27,755 22,304 16,246 19,760 — — 336,314 Leases and other loans Current period gross charge-offs (471) (521) (246) (128) (82) (656) (765) (1,511) (4,380) Construction - other Performing 127,382 93,319 13,698 555 — — — — 234,954 Nonperforming — 1,535 — — — — — — 1,535 Total construction - other 127,382 94,854 13,698 555 — — — — 236,489 Construction - other Current period gross charge-offs — — — — — — — — — Total Performing $ 1,189,690 $ 1,579,989 $ 1,810,197 $ 1,069,335 $ 313,962 $ 821,913 $ 805,645 $ 20,044 $ 7,610,775 Nonperforming 295 3,828 5,754 4,983 6,587 39,906 1,439 1,661 64,453 Total $ 1,189,985 $ 1,583,817 $ 1,815,951 $ 1,074,318 $ 320,549 $ 861,819 $ 807,084 $ 21,705 $ 7,675,228 December 31, 2022 (dollars in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans Amortized Amortized 2022 2021 2020 2019 2018 Prior Cost Basis Cost Basis Total Real estate - residential mortgage Performing $ 933,903 $ 1,708,703 $ 1,054,126 $ 286,167 $ 87,455 $ 620,416 $ — $ — $ 4,690,770 Nonperforming 1,199 5,104 6,597 6,466 4,587 22,556 — — 46,509 Total real estate - residential mortgage 935,102 1,713,807 1,060,723 292,633 92,042 642,972 — — 4,737,279 Real estate - residential mortgage Current period gross charge-offs — — — — — — — (66) (66) Consumer and real estate - home equity Performing 416,631 109,724 80,422 52,384 45,642 211,127 842,226 34,061 1,792,217 Nonperforming 292 298 174 36 98 6,512 1,722 668 9,800 Total consumer and real estate - home equity 416,923 110,022 80,596 52,420 45,740 217,639 843,948 34,729 1,802,017 Consumer and real estate - home equity loans Current period gross charge-offs — (587) (70) (108) (16) (442) (178) (3,011) (4,412) Leases and other loans Performing 146,198 39,427 40,024 29,309 15,019 15,670 — — 285,647 Nonperforming — — — — — 13,307 — — 13,307 Total leases and other 146,198 39,427 40,024 29,309 15,019 28,977 — — 298,954 Leases and other loans Current period gross charge-offs (506) (167) (140) (80) (47) (1,191) — — (2,131) Construction - other Performing 164,924 73,492 10,892 — 1,077 — — — 250,385 Nonperforming — — — — — — — — — Total construction - other 164,924 73,492 10,892 — 1,077 — — — 250,385 Construction - other Current period gross charge-offs — — — — — — — — — Total Performing $ 1,661,656 $ 1,931,346 $ 1,185,464 $ 367,860 $ 149,193 $ 847,213 $ 842,226 $ 34,061 $ 7,019,019 Nonperforming 1,491 5,402 6,771 6,502 4,685 42,375 1,722 668 69,616 Total $ 1,663,147 $ 1,936,748 $ 1,192,235 $ 374,362 $ 153,878 $ 889,588 $ 843,948 $ 34,729 $ 7,088,635 The following table presents non-performing assets: December 31, December 31, (dollars in thousands) Non-accrual loans $ 121,620 $ 144,443 Loans 90 days or more past due and still accruing 31,721 27,463 Total non-performing loans 153,341 171,906 OREO (1) 896 5,790 Total non-performing assets $ 154,237 $ 177,696 (1) Excludes $10.9 million and $6.0 million of residential mortgage properties for which formal foreclosure proceeding were in process as of December 31, 2023 and 2022, respectively. 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 (dollars in thousands) December 31, 2023 Real estate - commercial mortgage $ 4,408 $ 1,341 $ 1,722 $ 44,805 $ 8,075,452 $ 8,127,728 Commercial and industrial (1) 5,620 1,656 1,068 39,952 4,497,256 4,545,552 Real estate - residential mortgage 49,145 10,838 21,205 20,824 5,223,911 5,325,923 Real estate - home equity 8,142 2,075 5,326 4,753 1,026,888 1,047,184 Real estate - construction 4,185 451 1,535 1,341 1,231,563 1,239,075 Consumer 8,361 1,767 747 52 718,391 729,318 Leases and other loans (1) 146 722 118 9,893 325,435 336,314 Total $ 80,007 $ 18,850 $ 31,721 $ 121,620 $ 21,098,896 $ 21,351,094 (1) Includes unearned income. 30-59 Days Past 60-89 ≥ 90 Days Non- Current Total (dollars in thousands) December 31, 2022 Real estate - commercial mortgage $ 10,753 $ 4,644 $ 2,473 $ 70,161 $ 7,605,804 $ 7,693,835 Commercial and industrial (1) 6,067 2,289 1,172 27,116 4,436,360 4,473,004 Real estate - residential mortgage 57,061 8,209 20,215 26,294 4,625,500 4,737,279 Real estate - home equity 5,666 2,444 2,704 6,105 1,085,919 1,102,838 Real estate - construction 1,762 1,758 — 1,368 1,265,037 1,269,925 Consumer 6,692 1,339 899 92 690,157 699,179 Leases and other loans (1) 348 122 — 13,307 289,710 303,487 Total $ 88,349 $ 20,805 $ 27,463 $ 144,443 $ 19,998,487 $ 20,279,547 (1 ) Includes unearned income. Loan Modifications to Borrowers Experiencing Financial Difficulty On January 1, 2023, the Corporation adopted ASU 2022-02. Loan modifications reported below do not include modifications with insignificant payment delays. ASU 2022-02 lists the following factors when considering if the loan modification has insignificant payment delays: (1) the amount of the restructured payments subject to the delay is insignificant relative to the unpaid principal or collateral value of the debt and will result in an insignificant shortfall in the contractual amount due, and (2) the delay in timing of the restructured payment period is insignificant relative to the frequency of payments due under the debt, the debt’s original contractual maturity or the debt’s original expected duration. The Corporation modifies loans by providing a concession when deemed appropriate. Depending on the circumstances, a term extension, interest rate reduction or principal forgiveness may be granted. In certain instances a combination of concessions may be provided to a customer. When principal forgiveness is provided, the amount of principal forgiven is deemed to be uncollectible and the amortized cost basis of the loan is reduced by the amount of the forgiven portion, with a corresponding reduction to the ACL. The following table presents the amortized cost basis for the year ended December 31, 2023 of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted: Term Extension Amortized Cost Basis % of Class of Financing Receivable (dollars in thousands) Real estate - commercial mortgage $ 2,944 0.04 % Commercial and industrial 11,970 0.26 Real estate - residential mortgage 8,182 0.15 Total $ 23,096 Interest Rate Reduction and Term Extension Amortized Cost Basis % of Class of Financing Receivable (dollars in thousands) Real estate - residential mortgage $ 910 0.02 % Total $ 910 The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty for the year ended December 31, 2023. Term Extension Financial Effect Real estate - commercial mortgage Added a weighted-average 1.22 years to the life of loans, which reduced monthly payment amounts for the borrowers. Commercial and industrial Added a weighted-average 0.92 years to the life of loans, which reduced monthly payment amounts for the borrowers. Real estate - residential mortgage Added a weighted-average 8.10 years to the life of loans, which reduced monthly payment amounts for the borrowers. Interest Rate Reduction Financial Effect Real estate - residential mortgage Reduced weighted-average interest rate from 3.76% to 2.30% During the year ended December 31, 2023, there were no loans modified due to financial difficulty where there was a principal balance forgiveness. During the year ended December 31, 2023, there were no loans modified due to financial difficulty during 2023 that defaulted subsequent to modification. The following table presents the performance of loans that have been modified in the year ended December 31, 2023. 30-89 90+ Total Days Past Past Due Past Current Due and Accruing Due (dollars in thousands) Real estate - commercial mortgage $ 2,944 $ — $ — $ — Commercial and industrial 11,970 — — — Real estate - residential mortgage 9,092 — — — Total $ 24,006 $ — $ — $ — |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | NOTE 6 - PREMISES AND EQUIPMENT The following is a summary of premises and equipment as of December 31: 2023 2022 (dollars in thousands) Land $ 39,742 $ 39,752 Buildings and improvements 365,744 357,698 Furniture and equipment 161,244 152,048 Construction in progress 12,313 8,711 Total premises and equipment 579,043 558,209 Less: Accumulated depreciation and amortization (356,162) (333,068) Net premises and equipment $ 222,881 $ 225,141 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2023 | |
Transfers and Servicing [Abstract] | |
Mortgage Servicing Rights | NOTE 8 - MORTGAGE SERVICING RIGHTS The following table summarizes the changes in MSRs, which are included in other assets on the consolidated balance sheets, with adjustments to the carrying value included in mortgage banking income on the consolidated statements of income: 2023 2022 2021 (dollars in thousands) Amortized cost: Balance at beginning of period $ 34,217 $ 35,993 $ 38,745 Originations of MSRs 2,475 4,067 9,216 Amortization (5,090) (5,843) (11,968) Balance at end of period $ 31,602 $ 34,217 $ 35,993 Valuation allowance: Balance at beginning of period $ — $ (600) $ (10,500) Reduction (addition) to valuation allowance — 600 9,900 Balance at end of period $ — $ — $ (600) Net MSRs at end of period $ 31,602 $ 34,217 $ 35,393 Estimated fair value of MSRs at end of period $ 49,696 $ 50,044 $ 35,393 MSRs represent the economic value of contractual rights to service mortgage loans that have been sold. The total portfolio of mortgage loans serviced by the Corporation for unrelated third parties was $4.1 billion and $4.2 billion as of December 31, 2023 and 2022, respectively. Actual and expected prepayments of the underlying mortgage loans can impact the fair value of MSRs. The Corporation accounts for MSRs at the lower of amortized cost or fair value. The fair value of MSRs is estimated by discounting the estimated cash flows from servicing income, net of expense, over the expected life of the underlying loans at a discount rate commensurate with the risk associated with these assets. Expected life is based on the contractual terms of the loans, as adjusted for prepayment projections. The fair values of MSRs were $49.7 million and $50.0 million as of December 31, 2023 and 2022, respectively. Based on its fair value analysis as of December 31, 2023 and 2022, the Corporation determined that no valuation allowance was required for the years ended December 31, 2023 and 2022. The valuation allowance was $0.6 million at December 31, 2021. Total servicing income, included in mortgage banking income in the consolidated statements of income, was $10.2 million, $10.6 million and $11.2 million as of December 31, 2023, 2022 and 2021, respectively. Total MSR amortization expense, recognized as a reduction to mortgage banking income in the consolidated statements of income, was $5.1 million, $5.8 million and $12.0 million in 2023, 2022 and 2021, respectively. Estimated future MSR amortization expense, based on balances as of December 31, 2023, and the estimated remaining lives of the underlying loans, follows (dollars in thousands): Year 2024 $ 3,822 2025 3,425 2026 3,061 2027 2,741 2028 2,455 Thereafter 16,098 Total estimated amortization expense $ 31,602 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | NOTE 7 - GOODWILL AND INTANGIBLE ASSETS Goodwill totaled $553.3 million and $550.5 million as of December 31, 2023 and 2022, respectively. The increase was the result of adjustments related to the Merger. See "Note 2 - Business Combinations" in the Notes to Consolidated Financial Statements for additional information. There were no goodwill impairment charges in 2023 based on the annual assessment. The estimated fair values of the Corporation's reporting units are subject to uncertainty, including future changes in fair values of banks in general and future operating results of reporting units, which could differ significantly from the assumptions used in the current valuation of reporting units. The follow table summarizes intangible assets, which are included in goodwill and intangible assets on the consolidated balance sheets: December 31, 2023 2022 (dollars in thousands) Amortizing intangible assets $ 13,596 $ 13,596 Accumulated amortization (6,255) (3,311) Net intangibles $ 7,341 $ 10,285 Net intangibles included CDI of $4.9 million and $7.2 million as of December 31, 2023 and 2022, respectively. The CDI was recorded as part of the Merger and is being amortized over 7 years using the sum-of-the-years digits method. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Deposits | NOTE 9 - DEPOSITS Deposits consisted of the following as of December 31: 2023 2022 (dollars in thousands) Noninterest-bearing demand $ 5,314,094 $ 7,006,388 Interest-bearing demand 5,722,695 5,410,903 Savings and money market accounts 6,616,901 6,434,621 Total demand and savings 17,653,690 18,851,912 Brokered deposits 1,144,692 208,416 Time deposits 2,739,241 1,589,210 Total Deposits $ 21,537,623 $ 20,649,538 The scheduled maturities of time deposits as of December 31, 2023 were as follows (dollars in thousands): Year 2024 $ 2,180,323 2025 421,029 2026 64,748 2027 16,343 2028 8,429 Thereafter 48,369 Total $ 2,739,241 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 10 - BORROWINGS Borrowings as of December 31, 2023 and 2022 and the related maximum amounts outstanding at the end of any month in each of the two years then ended are presented below. December 31 Maximum Outstanding 2023 2022 2023 2022 (dollars in thousands) Federal funds purchased $ 240,000 $ 191,000 $ 862,000 $ 292,000 Federal Home Loan Bank advances 1,100,000 1,250,000 1,720,000 1,250,000 Other borrowings: Short-term promissory notes issued to customers and customer repurchase agreements 611,304 574,394 646,439 574,394 Other repurchase agreements — 315,000 — 315,000 Other borrowings 838 1,179 1,151 — Total other borrowings $ 612,142 $ 890,573 As of December 31, 2023, the Corporation had aggregate federal funds lines borrowing capacity of $2.6 billion, with $0.2 billion of outstanding borrowings against that amount. A combination of commercial real estate loans, commercial loans, consumer loans and investment securities were pledged to the FRB to provide access to the FRB discount window borrowings. The Corporation had $1.3 billion of collateralized borrowing availability at the FRB discount window with no amount outstanding as of December 31, 2023. The Corporation had $1.9 billion of borrowing capacity at the Bank Term Funding Program facility with no amount outstanding as of December 31, 2023. As of December 31, 2023, the Corporation had total borrowing capacity of $8.2 billion with remaining borrowing capacity of approximately $4.9 billion with the FHLB. Advances from the FHLB, when utilized, are secured by qualifying commercial real estate and residential mortgage loans, investments and other assets. The following is included in senior and subordinated debt as of December 31: 2023 2022 (dollars in thousands) Subordinated debt $ 538,778 $ 543,601 Unamortized discounts and issuance costs (3,394) (3,967) Total senior debt and subordinated debt $ 535,384 $ 539,634 The following table summarizes the scheduled maturities of senior and subordinated debt with an original maturity of one year or more as of December 31, 2023 (dollars in thousands): Year 2024 $ 168,778 2025 — 2026 — 2027 — 2028 — Thereafter 370,000 Unamortized discounts and issuance costs (3,394) Total $ 535,384 In December 2023, the Corporation retired $5.0 million of subordinated debt with a fixed-to-floating rate of 3.25% and effective rate of 3.35% maturing in 2030. On March 16, 2022, $65.0 million of senior notes with a fixed rate of 3.60% were repaid upon their maturity. The Corporation owned all of the common stock of the Columbia Bancorp Statutory Trust, Columbia Bancorp Statutory Trust II and Columbia Bancorp Statutory Trust III, each of which issued TruPS in conjunction with the Corporation issuing junior subordinated deferrable interest debentures to these trusts. In September 2022, the Corporation redeemed all of the outstanding junior subordinated deferrable interest debentures issued to these trusts, totaling approximately $17.2 million, and these trusts redeemed all of the outstanding TruPS in a like amount, after which the subsidiary trusts were canceled. In 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. In June 2015, the Corporation issued $150.0 million of subordinated notes, which mature on November 15, 2024 and carry a fixed rate of 4.50% and an effective rate of 4.69% as a result of discounts and issuance costs. Interest is paid semi-annually in May and November. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE 11 - DERIVATIVE FINANCIAL INSTRUMENTS The following table presents a summary of notional amounts and fair values of derivative financial instruments as of December 31: 2023 2022 Notional Asset Notional Asset (dollars in thousands) Interest Rate Locks with Customers Positive fair values $ 119,558 $ 460 $ 70,836 $ 182 Negative fair values 1,015 (2) 4,939 (51) Forward Commitments Positive fair values — — — — Negative fair values 42,000 (854) 10,000 (147) Interest Rate Derivatives with Customers Positive fair values 824,659 22,656 171,317 3,337 Negative fair values 3,784,236 (222,530) 3,802,480 (280,401) Interest Rate Derivatives with Dealer Counterparties (1) Positive fair values 3,784,236 128,235 3,802,480 161,956 Negative fair values 824,659 (23,023) 171,317 (3,703) Interest Rate Derivatives used in Cash Flow Hedges ( 1) Positive fair values 2,500,000 6,189 600,000 1,321 Negative fair values 750,000 — 1,000,000 (12,163) Foreign Exchange Contracts with Customers Positive fair values 4,159 40 11,123 571 Negative fair values 13,353 (446) 3,672 (85) Foreign Exchange Contracts with Correspondent Banks Positive fair values 15,969 532 4,887 101 Negative fair values 6,112 (31) 8,280 (499) (1) Fair values are net of a valuation allowance of $366.3 thousand as of December 31, 2023 and 2022. In the third quarter of 2023, the Corporation recorded a $3.0 million reduction to other non-interest income to reflect market valuation movement in certain of the Corporation's legacy commercial customer back-to-back interest rate swap transactions resulting from the transition from LIBOR to SOFR. For the year ended December 31, 2023, the full-year reduction to other non-interest income related to the transition from LIBOR to SOFR was $1.9 million. The following table presents the effect of cash flow hedge accounting on AOCI for the year ended December 31, 2023 and 2022: Amount of Gain (Loss) Recognized in OCI on Derivative Amount of Gain (Loss) Recognized in OCI Included Component Amount of Gain (Loss) Recognized in OCI Excluded Component Location of Gain (Loss) Recognized from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Included Component Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component (dollars in thousands) Year ended December 31, 2023 Interest Rate Products $ 19,598 $ 19,598 $ — Interest Income $ (27,546) $ (27,546) $ — Interest Rate Products (10,550) (10,550) — Interest Expense 1,696 1,696 — Total $ 9,048 $ 9,048 $ — $ (25,850) $ (25,850) $ — Year ended December 31, 2022 Interest Rate Products $ (81,400) $ (81,400) $ — Interest Income $ (7,761) $ (7,761) $ — Total $ (81,400) $ (81,400) $ — $ (7,761) $ (7,761) $ — The following table presents the effect of fair value and cash flow hedge accounting on the income statement for the year ended December 31: Consolidated Statements of Income Classification 2023 2022 Interest Income Interest Expense Interest Income Interest Expense (dollars in thousands) Total amounts of income line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded $ (27,546) $ 1,696 $ (7,761) $ — The effects of fair value and cash flow hedging: Amount of gain or (loss) on cash flow hedging relationships — — — — Interest contracts: Amount of gain (loss) reclassified from AOCI into income (27,546) 1,696 (7,761) — Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring — — — — Amount of gain (loss) reclassified from AOCI into income - included component (27,546) 1,696 (7,761) — Amount of gain (loss) reclassified from AOCI into income - excluded component — — — — During the next twelve months, the Corporation estimates that an additional $25.4 million will be reclassified as a decrease to interest income. The following table presents the fair value gains (losses) on derivative financial instruments for the years ended December 31: Consolidated Statements of Income Classification 2023 2022 2021 (dollars in thousands) Mortgage banking derivatives (1) Mortgage banking $ (380) $ (2,360) $ (3,392) Interest rate derivatives Other income (1,855) — 1,050 Foreign exchange contracts Other income 7 81 (36) Net fair value gains/(losses) on derivative financial instruments $ (2,228) $ (2,279) $ (2,378) (1) Includes interest rate locks with customers and forward commitments. Fair Value Option The Corporation has elected to measure mortgage loans held for sale at fair value. The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of December 31: 2023 2022 (dollars in thousands) Amortized Cost (1) $ 14,792 $ 7,180 Fair value 15,158 7,264 (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 $0.3 million for the year ended December 31, 2023. Losses related to changes in fair values of mortgage loans held for sale were $0.6 million for the year ended December 31, 2022, and losses related to changes in fair values of mortgage loans held for sale were $2.5 million for the year ended December 31, 2021. The gains and losses are recorded on the consolidated income statements as an adjustment to mortgage banking income. Balance Sheet Offsetting The fair values of interest rate derivative agreements and foreign exchange contracts the Corporation enters into with customers and dealer counterparties may be eligible for offset on the consolidated balance sheets if they are subject to master netting arrangements or similar agreements. The Corporation has elected to net its financial assets and liabilities designated as interest rate derivatives when offsetting is permitted. The following table presents the Corporation's financial instruments that are eligible for offset, and the effects of offsetting, on the consolidated balance sheets as of December 31: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (dollars in thousands) 2023 Interest rate derivative assets $ 157,080 $ (15,154) $ — $ 141,926 Foreign exchange derivative assets with correspondent banks 532 (532) — — Total $ 157,612 $ (15,686) $ — $ 141,926 Interest rate derivative liabilities $ 245,553 $ (21,343) $ (93,841) $ 130,369 Foreign exchange derivative liabilities with correspondent banks 31 (532) — (501) Total $ 245,584 $ (21,875) $ (93,841) $ 129,868 2022 Interest rate derivative assets $ 166,614 $ (8,071) $ — $ 158,543 Foreign exchange derivative assets with correspondent banks 101 (101) — — Total $ 166,715 $ (8,172) $ — $ 158,543 Interest rate derivative liabilities $ 296,267 $ (2,771) $ (127,638) $ 165,858 Foreign exchange derivative liabilities with correspondent banks 499 (101) — 398 Total $ 296,766 $ (2,872) $ (127,638) $ 166,256 (1) For interest rate derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent cash collateral (pledged by the Corporation) or received from the counterparty on interest rate derivative transactions and foreign exchange contracts with financial institution counterparties. Interest rate derivatives with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash collateral amounts are included in the table only to the extent of the net derivative fair values. Cash Flow Hedge Terminations In January 2023, the Corporation terminated interest rate derivatives designated as cash flow hedges with a combined notional amount of $1.0 billion. As the hedged transaction continues to be probable, the unrealized losses that have been recorded in AOCI are recognized as reduction to interest income when the previously forecasted hedged item affects earnings in future periods. During 2023, $22.1 million of these unrealized losses have been reclassified as a reduction of interest income on loans, including fees, on the consolidated statements of income. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Matters [Abstract] | |
Regulatory Matters | NOTE 12 - REGULATORY MATTERS Regulatory Capital Requirements The Corporation and the Bank are subject to regulatory capital requirements administered by banking regulators. Failure to meet minimum capital requirements can trigger certain mandatory - and possibly additional discretionary - actions by regulators that, if undertaken, could have a direct material effect on the Corporation's financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of its assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank's capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Basel III Rules The Basel III Rules provide a comprehensive framework and require the Corporation and the Bank to: • Meet a minimum Common Equity Tier 1 capital ratio of 4.50% of risk-weighted assets and a minimum Tier 1 capital of 6.00% of risk-weighted assets; • Meet a minimum Total capital ratio of 8.00% of risk-weighted assets and a minimum Tier 1 leverage capital ratio of 4.00% of average assets; • Maintain a "capital conservation buffer" of 2.50% above the minimum risk-based capital requirements, which must be maintained to avoid restrictions on capital distributions and certain discretionary bonus payments; and • Comply with a revised definition of capital to improve the ability of regulatory capital instruments to absorb losses. Certain non-qualifying capital instruments, including cumulative preferred stock and TruPS, are excluded as a component of Tier 1 capital for institutions of the Corporation's size. The Corporation and the Bank are required to maintain a "capital conservation buffer" of 2.50% above the minimum risk-based capital requirements. The rules provide that the failure to maintain the "capital conservation buffer" results in restrictions on capital distributions and discretionary cash bonus payments to executive officers. As a result, under the Basel III Rules, if the Bank fails to maintain the required minimum capital conservation buffer, the Corporation will be subject to limits, and possibly prohibitions, on its ability to obtain capital distributions from such subsidiaries. If the Corporation does not receive sufficient cash dividends from the Bank, it may not have sufficient funds to pay dividends on its common stock, service its debt obligations or repurchase its common stock. As of December 31, 2023 and 2022, the Corporation's capital levels met the minimum capital requirements, including the capital conservation buffers, as prescribed in the Basel III Rules. As of December 31, 2023 and 2022, the Bank was well capitalized under the regulatory framework for prompt corrective action based on its capital ratio calculation. To be categorized as well capitalized, the bank was required to maintain minimum total risk-based, Tier I risk-based, Common Equity Tier I risk-based and Tier I leverage ratios as set forth in the table below. There are no conditions or events since December 31, 2023, that management believes have changed the institution's categories. The following tables present the Total risk-based, Tier I risk-based, Common Equity Tier I risk-based and Tier I leverage requirements under the Basel III Rules as of December 31: 2023 Actual For Capital Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Total Capital (to Risk-Weighted Assets): Corporation $ 3,184,496 14.0 % $ 1,817,712 8.0 % N/A N/A Fulton Bank, N.A. 2,896,908 12.8 1,809,836 8.0 $ 2,262,295 10.0 % Tier I Capital (to Risk-Weighted Assets): Corporation $ 2,541,819 11.2 % $ 1,363,284 6.0 % N/A N/A Fulton Bank, N.A 2,620,837 11.6 1,357,377 6.0 $ 1,809,836 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets): Corporation $ 2,348,941 10.3% $ 1,022,463 4.5 % N/A N/A Fulton Bank, N.A 2,576,837 11.4 1,018,033 4.5 $ 1,470,492 6.5 % Tier I Leverage Capital (to Average Assets): Corporation $ 2,541,819 9.5% $ 1,072,189 4.0 % N/A N/A Fulton Bank, N.A 2,620,837 9.6 1,089,195 4.0 $ 1,361,494 5.0 % N/A - Not applicable as "well capitalized" applies to banks only. 2022 Actual For Capital Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Total Capital (to Risk-Weighted Assets): Corporation $ 3,051,813 13.6 % $ 1,799,138 8.0 % N/A N/A Fulton Bank, N.A. 2,846,302 12.7 1,786,472 8.0 $ 2,233,090 10.0 % Tier I Capital (to Risk-Weighted Assets): Corporation $ 2,447,018 10.9 % $ 1,349,353 6.0 % N/A N/A Fulton Bank, N.A 2,612,363 11.7 1,339,854 6.0 $ 1,786,472 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets): Corporation $ 2,254,140 10.0% $ 1,012,015 4.5 % N/A N/A Fulton Bank, N.A 2,568,363 11.5 1,004,890 4.5 $ 1,451,508 6.5 % Tier I Leverage Capital (to Average Assets): Corporation $ 2,447,018 9.5 % $ 1,032,543 4.0 % N/A N/A Fulton Bank, N.A 2,612,363 10.1 1,035,915 4.0 $ 1,294,893 5.0 % N/A - Not applicable as "well capitalized" applies to banks only. Dividend and Loan Limitations The dividends that may be paid by the Bank to the Parent Company are subject to certain legal and regulatory limitations. The total amount available for payment of dividends by the Bank to the Parent Company calculated using the three-year earnings test was approximately $131.8 million as of December 31, 2023, based on the Bank maintaining enough capital to be considered well capitalized under the Basel III Rules. Under current regulations, the Bank is limited in the amount it may loan to its affiliates, including the Parent Company. Loans to a single affiliate may not exceed 10%, and the aggregate of loans to all affiliates may not exceed 20% of the Bank's regulatory capital. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 13 - INCOME TAXES The components of income taxes are as follows: 2023 2022 2021 (dollars in thousands) Current tax expense: Federal $ 49,707 $ 44,478 $ 35,692 State 11,137 6,906 10,646 Total current tax expense 60,844 51,384 46,338 Deferred tax (benefit) expense: Federal 3,021 8,974 11,081 State 576 (324) 1,329 Total deferred tax (benefit) expense 3,597 8,650 12,410 Total income tax expense $ 64,441 $ 60,034 $ 58,748 The differences between the effective income tax rate and the federal statutory income tax rate are as follows: 2023 2022 2021 Statutory tax rate 21.0 % 21.0 % 21.0 % Tax credit investments (1.3) (2.0) (3.0) Tax-exempt income (4.2) (3.5) (3.0) Bank owned life insurance (0.8) (0.7) (0.5) State income taxes, net of federal benefit 2.6 1.2 2.6 Executive compensation 0.3 0.3 0.1 FDIC Premium 0.5 0.3 0.3 Other, net 0.4 0.7 0.1 Effective income tax rate 18.5 % 17.3 % 17.6 % The net DTA recorded by the Corporation is included in other assets and consists of the following tax effects of temporary differences as of December 31: 2023 2022 (dollars in thousands) Deferred tax assets: Unrealized holding losses on securities $ 90,671 $ 110,689 Allowance for credit losses 71,013 65,481 State loss carryforwards 27,948 26,421 Lease liability 21,570 21,264 Other accrued expenses 11,082 10,059 Deferred compensation 10,215 9,014 Intangible assets 7,460 3,023 Stock-based compensation 5,129 4,681 Tax credit carryforwards 4,995 5,146 Other 5,469 5,223 Total gross deferred tax assets $ 255,552 $ 261,001 Deferred tax liabilities: Equipment lease financing 47,345 26,560 Right-of-use-asset 20,022 19,276 MSRs 7,158 7,750 Acquisition premiums/discounts 5,508 5,492 Postretirement and defined benefit plans 3,438 1,755 Tax credit investments 1,747 3,393 Premises and equipment 1,678 5,775 Other — 16 Total gross deferred tax liabilities $ 86,896 $ 70,017 Net deferred tax asset, before valuation allowance 168,656 190,984 Valuation allowance (27,948) (26,421) Net deferred tax asset $ 140,708 $ 164,563 In assessing the realizability of DTAs, management considers whether it is more likely than not that some or all of the DTAs will not be realized. The ultimate realization of DTAs is dependent upon the generation of future taxable income and/or capital gain income during periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies, such as those that may be implemented to generate capital gains, in making this assessment. The valuation allowance relates to state net operating loss carryforwards for which realizability is uncertain. As of December 31, 2023 and 2022, the Corporation had state net operating loss carryforwards of approximately $354 million and $335 million, respectively, which are available to offset future state taxable income, and expire at various dates through 2043. As of December 31, 2023, based on the level of historical taxable income and projections for future taxable income over the periods in which the DTAs are deductible, management believes it is more likely than not that the Corporation will realize the benefits of its DTAs, net of the valuation allowance. As of December 31, 2023, the Corporation had tax credit carryforwards related to TCIs of approximately $5 million. The Corporation recorded a DTA of $5 million, reflecting the benefit of these tax credit carryforwards, which will begin to expire in 2042 if not yet utilized. Uncertain Tax Positions The following table summarizes the changes in unrecognized tax benefits for the years ended December 31: 2023 2022 2021 (dollars in thousands) Balance at beginning of year $ 1,228 $ 1,673 $ 2,151 Current period tax positions 147 112 120 Lapse of statute of limitations (331) (557) (598) Balance at end of year $ 1,044 $ 1,228 $ 1,673 Virtually all of the Corporation's unrecognized tax benefits are for positions that are taken on an annual basis on state tax returns. Increases to unrecognized tax benefits will occur as a result of accruing for the nonrecognition of the position for the current year. Decreases will occur as a result of the lapsing of the statute of limitations for the oldest outstanding year which includes the position. These offsetting increases and decreases are likely to continue in the future, including over the next twelve months. While the net effect on total unrecognized tax benefits during this period cannot be reasonably estimated, approximately $0.1 million is expected to reverse in 2024 due to lapsing of the statute of limitations. Decreases can also occur throughout the settlement of positions with taxing authorities. As of December 31, 2023, if recognized, all of the Corporation's unrecognized tax benefits would impact the effective tax rate. Not included in the table above is $0.2 million of federal income tax benefit on unrecognized state tax benefits which, if recognized, would also impact the effective tax rate. Interest accrued related to unrecognized tax benefits is recorded as a component of income tax expense. Penalties, if incurred, would also be recognized in income tax expense. The Corporation recognized approximately $138 thousand and $121 thousand of recoveries in 2023 and 2022, respectively, for interest and penalties in income tax expense related to unrecognized tax positions. As of December 31, 2023 and 2022, total accrued interest and penalties related to unrecognized tax positions were approximately $0.3 million and $0.5 million, respectively. The Corporation files income tax returns in the federal and various state jurisdictions. In most cases, unrecognized tax benefits are related to tax years that remain subject to examination by the relevant taxing authorities. With few exceptions, the Corporation is no longer subject to federal, state and local examinations by tax authorities for years before 2020. Tax Credit Investments The TCIs are included in other assets, with any unfunded equity commitments recorded in other liabilities on the consolidated balance sheets and changes are reflected in change in tax credit investments in the consolidated statements of cash flows. In 2023, the Corporation adopted ASU 2023-02, which allows all TCIs to qualify for the proportional amortization method if: (1) it is probable that the income tax credits allocatable to the Corporation will be available; (2) the Corporation does not have the ability to exercise significant influence over the operating and financial policies of the underlying project; (3) substantially all of the projected benefits are from income tax credits and other income tax benefits; (4) the Corporation's projected yield based solely on the cash flows from the income tax credits and other income tax benefits is positive; and (5) the Corporation is a limited liability investor in the limited liability entity for both legal and tax purposes, and the Corporation’s liability is limited to its capital investment. See "Note 1 - Summary of Significant Accounting Policies" in the Notes to the Consolidated Financial Statements. All TCIs held as of December 31, 2023 that qualify for the proportional amortization method, 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 and net income in the consolidated statements of cash flows. All TCIs are evaluated for impairment at the end of each reporting period. There were no impairments recorded against TCIs during 2023. The following table presents the balances of the Corporation's TCIs and related unfunded commitments as of December 31: 2023 2022 Included in other assets: (dollars in thousands) Affordable housing tax credit investments, net $ 170,115 $ 161,103 Other tax credit investments, net 35,907 61,077 Total TCIs, net $ 206,022 $ 222,180 Included in other liabilities: Unfunded affordable housing tax credit commitments $ 58,312 $ 53,108 Other tax credit liabilities 28,361 46,814 Total unfunded tax credit commitments and liabilities $ 86,673 $ 99,922 The following table presents other information relating to the Corporation's TCIs for the years ended December 31: 2023 2022 2021 (dollars in thousands) Components of income taxes: Tax credits and benefits $ (28,748) $ (27,154) $ (28,141) Amortization of tax credits and benefits, net of tax benefits 23,446 19,298 17,378 Deferred tax expense 610 766 639 Total reduction in income tax expense $ (4,692) $ (7,090) $ (10,124) Amortization of TCIs: Total amortization of TCIs $ — $ 2,783 $ 6,187 |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | NOTE 14 - NET INCOME PER COMMON SHARE Basic net income per common share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding. Diluted net income per common share is calculated as net income available to common shareholders divided by the weighted average number of shares outstanding plus the incremental number of shares added as a result of converting common stock equivalents, calculated using the treasury stock method. The Corporation's common stock equivalents consist of outstanding stock options, restricted stock, RSUs and PSUs. PSUs are required to be included in weighted average diluted shares outstanding if performance measures, as defined in each PSU award agreement, are met as of the end of the period. A reconciliation of weighted average common shares outstanding used to calculate basic and diluted net income per share follows: 2023 2022 2021 (in thousands) Weighted average common shares outstanding (basic) 165,241 164,119 162,233 Impact of common stock equivalents 1,528 1,353 1,074 Weighted average common shares outstanding (diluted) 166,769 165,472 163,307 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income [Abstract] | |
Stockholders' Equity | NOTE 15 - SHAREHOLDERS' EQUITY Preferred Stock On October 29, 2020, the Corporation issued 8.0 million depositary shares ("Depositary Shares"), each representing a 1/40 th interest in a share of the Corporation's 5.125% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A, of which 200,000 are authorized and issued, 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 preferred stock is redeemable, at the Corporation's option, in whole or in part, on and after January 15, 2026, and redeemable in whole, but not in part, prior to January 15, 2026 within 90 days following the occurrence of a regulatory capital treatment event. Stock Reissuance On July 1, 2022, the Corporation reissued 6,208,516 shares of common stock that had been held as Treasury stock in connection with the Merger. Accumulated Other Comprehensive Income (Loss) The following table presents the components of other comprehensive income (loss) for the years ended December 31: Before-Tax Amount Tax Effect Net of Tax Amount (dollars in thousands) 2023 Unrealized gain (loss) on securities $ 46,572 $ (10,549) $ 36,023 Reclassification adjustment for securities gains (losses) included in net income (1) (733) 166 (567) Amortization of net unrealized gains (losses) on AFS transferred to HTM (2) 7,644 (1,731) 5,913 Net unrealized holding gains (loss) arising during the period on interest rate derivatives used in cash flow hedges 9,048 (2,050) 6,998 Reclassification adjustment for net loss (gain) realized in net income on interest rate derivatives used in cash flow hedges 25,850 (5,855) 19,995 Unrecognized pension and postretirement income (cost) 6,162 (1,385) 4,777 Amortization of net unrecognized pension and postretirement items (3) 73 (16) 57 Total Other Comprehensive Income $ 94,616 $ (21,420) $ 73,196 2022 Unrealized gain (loss) on securities $ (403,606) $ 91,437 $ (312,169) Reclassification adjustment for securities gains (losses) included in net income (1) (27) 7 (20) Amortization of net unrealized gains (losses) on AFS transferred to HTM (2) (57,509) 13,026 (44,483) Net unrealized holding gain (loss) arising during the period on interest rate derivatives used in cash flow hedges (81,400) 18,437 (62,963) Reclassification adjustment for net loss (gain) realized in net income on interest rate derivatives used in cash flow hedges 7,761 (1,757) 6,004 Unrecognized pension and postretirement income (cost) 825 (181) 644 Amortization of net unrecognized pension and postretirement items (3) 128 (28) 100 Total Other Comprehensive (Loss) $ (533,828) $ 120,941 $ (412,887) 2021 Unrealized gain (loss) on securities $ (23,222) $ 5,274 $ (17,948) Reclassification adjustment for securities gains (losses) included in net income (1) (33,516) 7,611 (25,905) Amortization of net unrealized gains (losses) on AFS transferred to HTM (2) 3,485 (795) 2,690 Net unrealized holding gains (loss) arising during the period on interest rate derivatives used in cash flow hedges (3,452) 782 (2,670) Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges (2,776) 629 (2,147) Unrecognized pension and postretirement income (cost) 9,147 (2,003) 7,144 Amortization of net unrecognized pension and postretirement items (3) 1,480 (324) 1,156 Total Other Comprehensive Income (Loss) $ (48,854) $ 11,174 $ (37,680) A (1) Amounts reclassified out of AOCI. Before-tax amounts included in "Investment securities gains, net" on the Consolidated Statements of Income. See "Note 4 - Investment Securities," for additional details. (2) Amounts reclassified out of AOCI. Before-tax amounts included as a reduction to "Interest Income" on the Consolidated Statements of Income. (3) Amounts reclassified out of AOCI. Before-tax amounts included in "Salaries and employee benefits" on the Consolidated Statements of Income. See "Note 17 - Employee Benefit Plans," for additional details. The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31: Unrealized Gains (Losses) on Investment Securities Net Unrealized Gain (Loss) on Interest Rate Derivatives used in Cash Flow Hedges Unrecognized Pension and Postretirement Plan Income (Costs) Total (dollars in thousands) Balance at December 31, 2020 $ 81,604 $ — $ (16,513) $ 65,091 OCI before reclassifications (17,948) — 7,144 (10,804) Amounts reclassified from AOCI gain (loss) (25,905) (4,817) 1,156 (29,566) Amortization of net unrealized gains (losses) on AFS securities transferred to HTM 2,690 — — 2,690 Balance at December 31, 2021 40,441 (4,817) (8,213) 27,411 OCI before reclassifications (312,169) (62,963) 644 (374,488) Amounts reclassified from AOCI (20) 6,004 100 6,084 Amortization of net unrealized gains (losses) on AFS securities transferred to HTM (44,483) — — (44,483) Balance at December 31, 2022 (316,231) (61,776) (7,469) (385,476) OCI before reclassifications 36,023 6,998 4,777 47,798 Amounts reclassified from AOCI (567) 19,995 57 19,485 Amortization of net unrealized gains (losses) on AFS securities transferred to HTM 5,913 — — 5,913 Balance at December 31, 2023 $ (274,862) $ (34,783) $ (2,635) $ (312,280) Common Stock Repurchase Programs On December 19, 2023, the Corporation announced that its Board of Directors approved the 2024 Repurchase Program. The 2024 Repurchase Program will expire on December 31, 2024. Under the 2024 Repurchase Program, the Corporation is authorized to repurchase up to $125.0 million of shares of its common stock. Under this authorization, up to $25.0 million of the $125 million authorization may be used to repurchase the Corporation's Preferred Stock and outstanding subordinated notes through December 31, 2024. The 2024 Repurchase Program may be discontinued at any time. On December 20, 2022, the Corporation announced that its Board of Directors approved the 2023 Repurchase Program. Under the 2023 Repurchase Program, the Corporation is authorized to repurchase up to $100.0 million of its common stock, or approximately 3.6% of its outstanding shares, through December 31, 2023. During 2023, 5.0 million shares were repurchased at a total cost of $77.1 million or $15.32 per share, under t he 2023 Repurchase Program. On March 21, 2022, the Corporation announced that its Board of Directors approved the repurchase of up to $75 million of shares of the Corporation's common stock commencing on April 1, 2022 and expiring on December 31, 2022. No shares of the Corporation's common stock were repurchased under this program during 2022. On February 9, 2021, the Corporation announced that its Board of Directors approved the share repurchase of up to $75.0 million of the Corporation's common stock through December 31, 2021 . On November 19, 2021, the Corporation announced that its Board of Directors approved the extension of this program through March 31, 2022. During 2021, 2.8 million shares were repurchased at a total cost of $43.9 million, or $15.65 per share, under this program. No shares of the Corporation's common stock were repurchased under this program during 2022. Under these repurchase programs, repurchased shares are added to treasury stock, at cost. As permitted by securities laws and other legal requirements, and subject to market conditions and other factors, purchases may be made from time to time in open market or privately negotiated transactions, including, without limitation, through accelerated share repurchase transactions. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation Plans | NOTE 16 - STOCK-BASED COMPENSATION PLANS The following table presents compensation expense and related tax benefits for all equity awards recognized in the consolidated statements of income for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 (dollars in thousands) Compensation expense $ 11,265 $ 15,081 $ 9,264 Tax benefit (2,484) (2,690) (2,027) Total stock-based compensation, net of tax $ 8,781 $ 12,391 $ 7,237 The tax benefits as a percentage of compensation expense, as shown in the preceding table, were 22.1%, 17.8% and 21.9% in 2023, 2022 and 2021, respectively. These percentages differ from the Corporation's federal statutory tax rate of 21%. Tax benefits are only recognized over the vesting period for awards that ordinarily will generate a tax deduction when exercised, in the case of non-qualified stock options, or upon vesting, in the case of restricted stock, RSUs, and PSUs. Tax benefits in excess of the tax rate resulted from incentive stock option exercises that triggered a tax deduction when they were exercised and excess tax benefits realized on vesting RSUs and PSUs during the period. The following table provides information about stock option activity for the year ended December 31, 2023: Stock Weighted Weighted Aggregate Outstanding and exercisable as of December 31, 2022 108,464 $ 12.11 Granted — — Exercised (68,134) 11.81 Forfeited — — Expired (195) 11.58 Outstanding and exercisable as of December 31, 2023 40,135 $ 12.61 0.3 years $ 0.2 The following table presents information about stock options exercised for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 (dollars in thousands) Number of options exercised 68,134 130,503 148,670 Total intrinsic value of options exercised $ 249 $ 842 $ 801 Cash received from options exercised $ 805 $ 1,402 $ 1,651 Tax benefit from options exercised $ 47 $ 163 $ 155 Upon exercise, the Corporation issues shares from its authorized, but unissued, common stock to satisfy the options. The following table provides information about nonvested restricted stock, RSUs and PSUs granted under the Employee Equity Plan and Directors' Plan for the year ended December 31, 2023: Restricted Stock/RSUs/PSUs (1) Shares Weighted Nonvested as of December 31, 2022 2,524,196 $ 14.16 Granted 1,026,492 11.85 Vested (806,481) 11.79 Forfeited (81,736) 13.21 Nonvested as of December 31, 2023 2,662,471 $ 14.24 (1) There were no nonvested stock options at December 31, 2023 or 2022. As of December 31, 2023, there was $10.6 million of total unrecognized compensation cost (pre-tax) related to restricted stock, RSUs and PSUs that will be recognized as compensation expense over a weighted average period of 1.7 years . As of December 31, 2023, the Employee Equity Plan had 4.4 million shares reserved for future grants through 2032, and the Directors' Plan had 398.3 thousand shares reserved for future grants through 2033. The fair value of certain PSUs with market-based performance conditions granted under the Employee Equity Plan was estimated on the grant date using the Monte Carlo valuation methodology performed by a third-party valuation expert. This valuation is dependent upon certain assumptions, as summarized in the following table: 2023 2022 2021 Risk-free interest rate 3.84 % 2.84 % 0.25 % Volatility of Corporation’s stock 35.63 % 43.46 % 42.55 % Expected life of PSUs 3 years 3 years 3 years The expected life of the PSUs with fair values measured using the Monte Carlo valuation methodology was based on the defined performance period of three years. Volatility of the Corporation's stock was based on historical volatility for the period commensurate with the expected life of the PSUs. The risk-free interest rate is the zero-coupon U.S. Treasury rate commensurate with the expected life of the PSUs on the date of the grant. Based on the assumptions above, the Corporation calculated an estimated fair value per PSU with market-based performance conditions granted in 2023, 2022 and 2021 of $10.63, $14.93 and $16.94, respectively. Under the ESPP, eligible employees can purchase stock of the Corporation at 85% of the fair market value of the stock on the date of purchase. The ESPP is considered to be a compensatory plan and, as such, compensation expense is recognized for the 15% discount on shares purchased. The following table summarizes activity under the ESPP: 2023 2022 2021 ESPP shares purchased 162,667 134,645 134,156 Average purchase price per share (85% of market value) $ 11.68 $ 14.06 $ 13.92 Compensation expense recognized (in thousands) $ 348 $ 334 $ 329 |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | NOTE 17 - EMPLOYEE BENEFIT PLANS The following summarizes retirement plan expense for the years ended December 31: 2023 2022 2021 (dollars in thousands) 401(k) Retirement Plan $ 11,930 $ 10,988 $ 10,338 Pension Plan 464 (1,347) 217 Total $ 12,394 $ 9,641 $ 10,555 The 401(k) Retirement Plan is a defined contribution plan under which eligible employees may defer a portion of their pre-tax covered compensation on an annual basis, with employer matches of up to 5% of employee compensation. Employee and employer contributions under these features are 100% vested. Contributions to the Pension Plan are actuarially determined and funded annually, if necessary. The Corporation recognizes the funded status of its Pension Plan on the consolidated balance sheets and recognizes the changes in that funded status through OCI. The Pension Plan has been curtailed, with no additional benefits accruing to participants. Pension Plan The net periodic pension cost for the Pension Plan, as determined by consulting actuaries, consisted of the following components for the years ended December 31: 2023 2022 2021 (dollars in thousands) Interest cost $ 3,269 $ 2,393 $ 2,244 Expected return on assets (3,436) (4,393) (4,044) Net amortization and deferral 631 653 2,017 Net periodic pension cost $ 464 $ (1,347) $ 217 The following table summarizes the changes in the projected benefit obligation and fair value of Pension Plan assets for the plan years ended December 31: 2023 2022 (dollars in thousands) Projected benefit obligation at beginning of year $ 68,716 $ 87,530 Interest cost 3,269 2,393 Benefit payments (4,687) (4,502) Change in assumptions 1,492 (17,131) Experience gain 162 426 Projected benefit obligation at end of year $ 68,952 $ 68,716 Fair value of plan assets at beginning of year $ 78,137 $ 94,115 Actual return on plan assets 11,209 (11,476) Benefit payments (4,687) (4,502) Fair value of plan assets at end of year $ 84,659 $ 78,137 The following table presents the funded status of the Pension Plan, included in other assets and other liabilities on the consolidated balance sheets, as of December 31: 2023 2022 (dollars in thousands) Projected benefit obligation $ (68,952) $ (68,716) Fair value of plan assets 84,659 78,137 Funded status $ 15,707 $ 9,421 The following table summarizes the changes in the unrecognized net loss included as a component of AOCI: Unrecognized Net Loss Before tax Net of tax (dollars in thousands) Balance as of December 31, 2021 $ 13,558 $ 10,545 Recognized as a component of 2022 periodic pension cost (653) (510) Unrecognized losses arising in 2022 (835) (651) Balance as of December 31, 2022 12,070 9,384 Recognized as a component of 2023 periodic pension cost (631) (492) Unrecognized losses arising in 2023 (6,119) (4,775) Balance as of December 31, 2023 $ 5,320 $ 4,117 The following rates were used to calculate the net periodic pension cost and the present value of benefit obligations as of December 31: 2023 2022 2021 Discount rate-projected benefit obligation 4.73 % 4.93 % 2.80 % Expected long-term rate of return on plan assets 5.00 % 5.00 % 5.00 % The discount rates used were determined using the FTSE Pension Discount Curve (formerly, the Citigroup Average Life discount rate table), as adjusted based on the Pension Plan's expected benefit payments. The 5.00% long-term rate of return on plan assets used to calculate the net periodic pension cost was based on historical returns, adjusted for expectations of long-term asset returns based on the December 31, 2023 weighted average asset allocations. The expected long-term return is considered to be appropriate based on the asset mix and the historical returns realized. The following table presents a summary of the fair values of the Pension Plan's assets as of December 31: 2023 2022 Estimated % of Total Estimated % of Total (dollars in thousands) Equity mutual funds $ 27,998 $ 23,338 Equity common trust funds 20,246 16,919 Equity securities 48,244 57.0 % 40,257 51.5 % Cash and money market funds 6,276 9,102 Fixed income mutual funds 12,639 15,252 Corporate debt securities 2,600 2,324 U.S. Government agency securities 9,908 7,041 Fixed income securities and cash 31,423 37.1 % 33,719 43.2 % Other alternative investment funds 4,992 5.9 % 4,161 5.3 % Total $ 84,659 100.0 % $ 78,137 100.0 % Investment allocation decisions are made by a retirement plan committee. The goal of the investment allocation strategy is to match certain benefit obligations with maturities of fixed income securities. Alternative investments may include managed futures, commodities, real estate investment trusts, master limited partnerships, and long-short strategies with traditional stocks and bonds. All alternative investments are in the form of mutual funds, not individual contracts, to enable daily liquidity. The fair values for assets held by the Pension Plan are based on quoted prices for identical instruments and would be categorized as Level 1 assets under the fair value hierarchy. Estimated future benefit payments are as follows (in thousands): Year 2024 $ 4,799 2025 4,852 2026 4,942 2027 5,007 2028 5,002 Thereafter 24,638 Total $ 49,240 Multiemployer Defined Benefit Pension Plan In connection with the Merger, the Corporation assumed the obligations of Prudential Bancorp under the Prudential Bancorp Pension Plan that had previously been closed to new Prudential Bancorp participants. The Prudential Bancorp Pension Plan is structured as a multiple employer plan under Internal Revenue Code Section 413(c). It maintains a single trust and all assets are commingled and invested on a pooled basis. All amounts payable by the Prudential Bancorp Pension Plan are a general charge upon all its assets. This structure gives rise to the risk if a participating employer fails before funding up to cover the liabilities of its participants and orphans, contributions for all remaining employers will increase, as assets have to be re-allocated to cover such shortfall. Information regarding the Prudential Bancorp Pension Plan as of December 31, 2023 is as follows: Legal Name of Plan Pentegra Defined Benefit Plan for Financial Institutions (dollars in thousands) Plan Employer Identification Number 23-1928421 The Corporation's contribution for the year ended December 31, 2023 (1) $ 358 Are the Corporation's contributions more than 5% of total contributions? No Funded Status 80.12 % (1) Includes 2024 prepayment of $140 thousand. Postretirement Benefits The Corporation provides medical benefits and life insurance benefits under the Postretirement Plan to certain retired full-time employees who were employees of the Corporation prior to January 1, 1998. Prior to February 1, 2014, certain full-time employees became eligible for these discretionary benefits if they reached retirement age while working for the Corporation. The Corporation recognizes the funded status of the Postretirement Plan on the consolidated balance sheets and recognizes the changes in that funded status through OCI. The components of the net benefit for Postretirement Plan other than pensions are as follows: 2023 2022 2021 (dollars in thousands) Interest cost $ 42 $ 34 $ 32 Net amortization and deferral (558) (525) (536) Net postretirement benefit $ (516) $ (491) $ (504) This table summarizes the changes in the accumulated postretirement benefit obligation for the years ended December 31: 2023 2022 (dollars in thousands) Accumulated postretirement benefit obligation at beginning of year $ 972 $ 1,244 Interest cost 42 34 Benefit payments (147) (155) Change in experience (31) 51 Change in assumptions 8 (202) Accumulated postretirement benefit obligation at end of year $ 844 $ 972 The fair values of the Postretirement Plan assets were $0 as of both December 31, 2023 and 2022. The funded status of the Postretirement Plan, included in other liabilities on the consolidated balance sheets as of December 31, 2023 and 2022 was $0.8 million and $1.0 million, respectively. The following table summarizes the changes in items recognized as a component of accumulated other comprehensive income (loss): Before tax Unrecognized Unrecognized Total Net of tax (dollars in thousands) Balance as of December 31, 2021 $ (2,548) $ (729) $ (3,277) $ (2,556) Recognized as a component of 2022 postretirement cost 464 61 525 410 Unrecognized gains arising in 2022 — (150) (150) (118) Balance as of December 31, 2022 (2,084) (818) (2,902) (2,264) Recognized as a component of 2023 postretirement cost 464 94 558 435 Unrecognized gains arising in 2023 — (23) (23) (18) Balance as of December 31, 2023 $ (1,620) $ (747) $ (2,367) $ (1,847) The following rates were used to calculate net periodic postretirement benefit cost and the present value of benefit obligations as of December 31: 2023 2022 2021 Discount rate-projected benefit obligation 4.73 % 4.93 % 2.80 % Expected long-term rate of return on plan assets 3.00 % 3.00 % 3.00 % The discount rates used to calculate the accumulated postretirement benefit obligation were determined using the FTSE Pension Discount Curve (formerly, the Citigroup Average Life discount rate table), as adjusted based on the Postretirement Plan's expected benefit payments. Estimated future benefit payments under the Postretirement Plan are as follows (dollars in thousands): Year 2024 $ 134 2025 122 2026 110 2027 99 2028 88 Thereafter 304 Total $ 857 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | NOTE 18 - LEASES The Corporation has operating leases for certain financial centers, corporate offices and land. The following table presents the components of lease expense, which is included in net occupancy expense on the consolidated statements of income (dollars in thousands): 2023 2022 2021 Operating lease expense $ 19,372 $ 17,766 $ 16,345 Variable lease expense 3,160 3,017 1,384 Sublease income (1,111) (964) (860) Total lease expense $ 21,421 $ 19,819 $ 16,869 Supplemental consolidated balance sheet information related to leases was as follows as of December 31 (dollars in thousands): Operating Leases Balance Sheet Classification 2023 2022 ROU assets Other assets $ 88,188 $ 85,103 Lease liabilities Other liabilities $ 95,230 $ 93,883 Weighted average remaining lease term 6.48 years 6.75 years Weighted average discount rate 3.34 % 2.89 % The discount rate used in determining the lease liability for each individual lease is the FHLB fixed advance rate which corresponds with the remaining lease term. Supplemental cash flow information related to operating leases was as follows (dollars in thousands): 2023 2022 Cash paid for amounts included in the measurement of lease liabilities $ 20,898 $ 19,405 ROU assets obtained in exchange for lease obligations 20,184 18,715 Lease payment obligations for each of the next five years and thereafter, with a reconciliation to the Corporation's lease liability were as follows (dollars in thousands): Year Operating Leases 2024 $ 20,391 2025 18,299 2026 16,603 2027 14,204 2028 11,022 Thereafter 25,948 Total lease payments 106,467 Less: imputed interest (11,237) Present value of lease liabilities $ 95,230 As of December 31, 2023, the Corporation had not entered into any significant leases that have not yet commenced. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 19 - FAIR VALUE MEASUREMENTS The following tables present assets and liabilities measured at fair value on a recurring basis and reported on the consolidated balance sheets: 2023 Level 1 Level 2 Level 3 Total (dollars in thousands) Loans held for sale $ — $ 15,158 $ — $ 15,158 Available for sale investment securities: U.S. Government securities 42,161 — — 42,161 U.S. Government-sponsored agency securities — 1,010 — 1,010 State and municipal securities — 1,072,013 — 1,072,013 Corporate debt securities — 440,551 — 440,551 Collateralized mortgage obligations — 111,434 — 111,434 Residential mortgage-backed securities — 196,795 — 196,795 Commercial mortgage-backed securities — 534,388 — 534,388 Total available for sale investment securities 42,161 2,356,191 — 2,398,352 Other assets: Investments held in Rabbi Trust 29,819 — — 29,819 Derivative assets 572 157,540 — 158,112 Total assets $ 72,552 $ 2,528,889 $ — $ 2,601,441 Other liabilities: Deferred compensation liabilities $ 29,819 $ — $ — $ 29,819 Derivative liabilities 477 246,157 — 246,634 Total liabilities $ 30,296 $ 246,157 $ — $ 276,453 2022 Level 1 Level 2 Level 3 Total (dollars in thousands) Loans held for sale $ — $ 7,264 $ — $ 7,264 Available for sale investment securities: U.S. Government securities 218,485 — — 218,485 U.S. Government-sponsored agency securities — 1,008 — 1,008 State and municipal securities — 1,105,712 — 1,105,712 Corporate debt securities — 422,309 — 422,309 Collateralized mortgage obligations — 134,033 — 134,033 Residential mortgage-backed securities — 212,698 — 212,698 Commercial mortgage-backed securities — 552,522 — 552,522 Total available for sale investment securities 218,485 2,428,282 — 2,646,767 Other assets: Investments held in Rabbi Trust 23,435 — — 23,435 Derivative assets 672 166,796 — 167,468 Total assets $ 242,592 $ 2,602,342 $ — $ 2,844,934 Other liabilities: Deferred compensation liabilities $ 23,435 $ — $ — $ 23,435 Derivative liabilities 584 296,465 — 297,049 Total liabilities $ 24,019 $ 296,465 $ — $ 320,484 The valuation techniques used to measure fair value for the items in the preceding tables are as follows: Loans held for sale - This category includes mortgage loans held for sale that are measured at fair value. Fair values as of December 31, 2023 and 2022, were measured as the price that secondary market investors were offering for loans with similar characteristics. See "Note 1 - Summary of Significant Accounting Policies" for details related to the Corporation's election to measure assets and liabilities at fair value. Available for sale investment securities - Included in this asset category are debt securities. Level 2 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. • U.S. Government securities - These securities are classified as Level 1. Fair values are based on quoted prices with active markets. • U.S. Government-sponsored agency securities - These debt securities are classified as Level 2. Fair values are determined by a third-party pricing service, as detailed above. • 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 and senior debt issued by financial institutions ($433.4 million at December 31, 2023 and $415.4 million at December 31, 2022) and other corporate debt issued by non-financial institutions ($7.2 million at December 31, 2023 and $6.9 million at December 31, 2022). Level 2 investments include subordinated debt and senior debt, and other corporate debt issued by non-financial institutions at December 31, 2023 and 2022. The fair values for these corporate debt securities are determined by a third-party pricing service, as detailed above. Investments held in Rabbi Trust - This category consists of mutual funds that are held in trust for employee deferred compensation plans that the Corporation has elected to measure at fair value. Shares of mutual funds are valued based on net asset value, which represents quoted market prices for the underlying shares held in the mutual funds, and as such, are classified as Level 1. Derivative assets - Fair value of foreign currency exchange contracts classified as Level 1 assets ($0.6 million at December 31, 2023 and $0.7 million at December 31, 2022). 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 ($0.5 million at December 31, 2023 and $0.2 million at December 31, 2022) and the fair value of interest rate derivatives ($157.1 million at December 31, 2023 and $166.6 million at December 31, 2022). The fair values of the interest rate locks, forward commitments and interest rate derivatives represent the amounts that would be required to settle the derivative financial instruments at the balance sheet date. See "Note 11 - 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 ($0.5 million and $0.6 million at December 31, 2023 and 2022, respectively). 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 ($0.9 million at December 31, 2023 and $0.2 million at December 31, 2022) and the fair value of interest rate derivatives ($245.6 million at December 31, 2023 and $296.3 million at December 31, 2022). The fair values of these liabilities are determined in the same manner as the related assets, as described under the heading "Derivative assets" above. Certain financial instruments are not measured at fair value on an ongoing basis but are subject to fair value measurement in certain circumstances, such as upon their acquisition or when there is evidence of impairment. The following table presents Level 3 financial assets measured at fair value on a nonrecurring basis: 2023 2022 (dollars in thousands) Loans, net $ 102,135 $ 121,115 OREO 896 5,790 MSRs (1) 49,696 50,044 Total assets $ 152,727 $ 176,949 (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 8 - Mortgage Servicing Rights" for additional information. The valuation techniques used to measure fair value for the items in the table above are as follows: • Loans, net – This category consists of loans that were individually evaluated for impairment and have been classified as Level 3 assets. The amount shown is the balance of non-accrual loans, net of related ACL. See "Note 5 - Loans and Allowance for Credit Losses," for additional details. • OREO – This category consists of OREO classified as Level 3 assets, for which the fair values were based on estimated selling prices less estimated selling costs for similar assets in active markets. • MSRs – This category consists of MSRs, which were initially recorded at fair value upon the sale of residential mortgage loans to secondary market investors, and subsequently carried at the lower of amortized cost or fair value. MSRs are amortized as a reduction to servicing income over the estimated lives of the underlying loans. MSRs are stratified 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 December 31, 2023 valuation were 7.4% and 9.5%, respectively. Management reviews the reasonableness of the significant inputs to the third-party valuation in comparison to market data. See "Note 8 - Mortgage Servicing Rights," for additional information. Changes in any of those inputs, in isolation, could result in a significantly different fair value measurement, as depicted in the table below: Significant Input Scenario Shock % Change in Valuation Prepayment Rate + 15% (4)% Prepayment Rate - 15% 4% Discount Rate - 200 bps 10% Discount Rate + 200 bps (8)% The following table details the book values and the estimated fair values of the Corporation's financial instruments as of December 31, 2023 and 2022. A general description of the methods and assumptions used to estimate such fair values is also provided. 2023 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total FINANCIAL ASSETS (dollars in thousands) Cash and cash equivalents $ 549,710 $ 549,710 $ — $ — $ 549,710 FRB and FHLB stock 124,405 — 124,405 — 124,405 Loans held for sale 15,158 — 15,158 — 15,158 AFS securities 2,398,352 42,161 2,356,191 — 2,398,352 HTM securities 1,267,922 — 1,072,207 — 1,072,207 Loans, net 21,057,690 — — 19,930,560 19,930,560 Accrued interest receivable 107,972 107,972 — — 107,972 Other assets 661,067 452,935 157,540 50,592 661,067 FINANCIAL LIABILITIES Demand and savings deposits $ 17,653,690 $ 17,653,690 $ — $ — $ 17,653,690 Brokered deposits 1,144,692 145,987 999,392 — 1,145,379 Time deposits 2,739,241 — 2,714,709 — 2,714,709 Accrued interest payable 35,083 35,083 — — 35,083 Federal funds purchased 240,000 240,000 — — 240,000 Federal Home Loan Bank advances 1,100,000 1,094,013 — — 1,094,013 Senior debt and subordinated debt 535,384 — 463,270 — 463,270 Other borrowings 612,142 611,269 837 — 612,106 Other liabilities 429,046 165,635 246,157 17,254 429,046 2022 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total FINANCIAL ASSETS (dollars in thousands) Cash and cash equivalents $ 681,921 $ 681,921 $ — $ — $ 681,921 FRB and FHLB stock 130,186 — 130,186 — 130,186 Loans held for sale 7,264 — 7,264 — 7,264 AFS securities 2,646,767 218,485 2,428,282 — 2,646,767 HTM securities 1,321,256 — 1,125,049 — 1,125,049 Loans, net 20,010,181 — — 18,862,701 18,862,701 Accrued interest receivable 91,579 91,579 — — 91,579 Other assets 642,049 419,419 166,796 55,834 642,049 FINANCIAL LIABILITIES Demand and savings deposits $ 18,851,912 $ 18,851,912 $ — $ — $ 18,851,912 Brokered deposits 208,416 188,416 25,085 — 213,501 Time deposits 1,589,210 — 1,574,747 — 1,574,747 Accrued interest payable 10,185 10,185 — — 10,185 Federal funds purchased 191,000 190,998 — — 190,998 Federal Home Loan Bank advances 1,250,000 1,249,629 — — 1,249,629 Senior debt and subordinated debt 539,634 — 456,867 — 456,867 Other borrowings 890,573 889,393 1,180 — 890,573 Other liabilities 467,705 154,912 296,465 16,328 467,705 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 Other borrowings Accrued interest payable FRB and FHLB stock represent restricted investments and are carried at cost on the consolidated balance sheets, which is a reasonable estimate of fair value. As of December 31, 2023, 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 consist 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 is determined in a manner consistent with the respective type of deposits discussed above. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 20 - 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 borrowers or obligors. Commitments to extend credit are agreements to lend to a borrowers or obligors as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower or obligor. Since a portion of the commitments is expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Corporation evaluates each borrower or obligor's creditworthiness on a case-by-case basis. The amount of collateral, if any, obtained upon extension of credit is based on management's credit evaluation of the borrower or obligor. Collateral held varies but may include accounts receivable, inventory, property, equipment and income-producing commercial properties. Standby letters of credit are conditional commitments issued to guarantee the financial or performance obligation of a borrower or obligor to a third party. Commercial letters of credit are conditional commitments issued to facilitate foreign and domestic trade transactions for borrowers or obligors. The credit risk involved in issuing letters of credit is similar to that involved in extending loan facilities. These obligations are underwritten consistent with commercial lending standards. The maximum exposure to loss for standby and commercial letters of credit is equal to the contractual (or notional) amount of the instruments. The Corporation has commitments to extend credit and letters of credit. The following table presents the Corporation's commitments to extend credit and letters of credit: 2023 2022 (dollars in thousands) Commercial and industrial $ 4,929,981 $ 4,832,858 Real estate - commercial mortgage and real estate - construction 1,867,830 1,972,505 Real estate - home equity 1,992,700 1,890,258 Total commitments to extend credit $ 8,790,511 $ 8,695,621 Standby letters of credit $ 264,440 $ 260,829 Commercial letters of credit 67,396 49,288 Total letters of credit $ 331,836 $ 310,117 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 December 31, 2023 and 2022, the total reserve for losses on residential mortgage loans sold was $1.8 million and $1.4 million, for each period, including reserves for both representation and warranty and credit loss exposures. In addition, a component of ACL for OBS credit exposures of $2.7 million and $6.0 million as of December 31, 2023 and December 31, 2022, respectively, related to additional credit exposure for potential loan repurchases. 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, that 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. |
Condensed Financial Information
Condensed Financial Information - Parent Company Only | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Statements - Parent Company Only | NOTE 21 - CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY CONDENSED BALANCE SHEETS December 31, 2023 2022 (dollars in thousands) ASSETS Cash and cash equivalents $ 171,433 $ 169,208 Other assets 62,500 58,497 Receivable from subsidiaries 276,215 194,869 Investments in: Bank subsidiary 2,794,106 2,708,663 Non-bank subsidiaries 42,496 38,348 Total Assets $ 3,346,750 $ 3,169,585 LIABILITIES AND EQUITY Senior and subordinated debt $ 535,384 $ 539,634 Other liabilities 51,227 50,194 Total Liabilities 586,611 589,828 Shareholders' equity 2,760,139 2,579,757 Total Liabilities and Shareholders' Equity $ 3,346,750 $ 3,169,585 CONDENSED STATEMENTS OF INCOME 2023 2022 2021 (dollars in thousands) Income: Dividends from subsidiaries $ 300,000 $ 207,000 $ 469,339 Other 794 725 258 300,794 207,725 469,597 Expenses 37,448 51,887 58,527 Income before income taxes and equity in undistributed net income of subsidiaries 263,346 155,838 411,070 Income tax benefit (7,861) (12,331) (12,516) 271,207 168,169 423,586 Equity in undistributed net income (loss) of: Bank subsidiaries 8,932 121,388 (133,157) Non-bank subsidiaries 4,141 (2,576) (14,932) Net Income 284,280 286,981 275,497 Preferred stock dividends (10,248) (10,248) (10,277) Net Income Available to Common Shareholders $ 274,032 $ 276,733 $ 265,220 CONDENSED STATEMENTS OF CASH FLOWS 2023 2022 2021 (dollars in thousands) Cash Flows From Operating Activities: Net Income $ 284,280 $ 286,981 $ 275,497 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of issuance costs and discount of long-term debt 750 724 1,846 Stock-based compensation 12,540 14,000 8,402 Net change in other assets (37,591) 44,790 119,822 Equity in undistributed net (income) loss of subsidiaries (13,073) (120,213) 148,091 Write-off of unamortized costs on trust preferred securities — — 12,390 Net change in other liabilities and payable to non-bank subsidiaries (50,047) (198,349) 78,716 Total adjustments (87,421) (259,048) 369,267 Net cash provided by operating activities 196,859 27,933 644,764 Cash Flows From Investing Activities Net cash paid for acquisition — (21,811) — Net cash used in investing activities — (21,811) — Cash Flows From Financing Activities: Repayments of long-term borrowings (5,000) (81,496) (153,612) Net proceeds from issuance of common stock 3,160 7,876 7,437 Dividends paid (115,738) (116,009) (112,028) Acquisition of treasury stock (77,056) — (43,909) Net cash used in financing activities (194,634) (189,629) (302,112) Net increase (decrease) in Cash and Cash Equivalents 2,225 (183,507) 342,652 Cash and Cash Equivalents at Beginning of Year 169,208 352,715 10,063 Cash and Cash Equivalents at End of Year $ 171,433 $ 169,208 $ 352,715 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income | $ 284,280 | $ 286,981 | $ 275,497 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Business and Basis of Financial Statement Presentation | Business: The Corporation is a financial holding company that provides a full range of banking and financial services to businesses and consumers through its wholly-owned banking subsidiary, Fulton Bank. In addition, the Parent Company owns the following non-bank subsidiaries: Fulton Financial Realty Company, Central Pennsylvania Financial Corp., FFC Penn Square, Inc., Fulton Insurance Services Group, Inc. and Fulton Community Partner, LLC. Collectively, the Parent Company and its subsidiaries are referred to as the Corporation. The Corporation's primary sources of revenue are interest income on loans, investment securities and other interest-earning assets and fee income earned on its products and services. Its expenses consist of interest expense on deposits and borrowed funds, provision for credit losses, other operating expenses and income taxes. The Corporation's primary competition is other financial services providers operating in its region. Competitors also include financial services providers located outside the Corporation's geographic market as a result of the growth in electronic delivery channels. The Corporation is subject to the regulations of certain federal and state agencies and undergoes periodic examinations by such regulatory agencies. The Corporation offers, through its banking subsidiary, a full range of retail and commercial banking services in Pennsylvania, Delaware, Maryland, New Jersey and Virginia. Basis of Financial Statement Presentation: The consolidated financial statements have been prepared in accordance with GAAP and include the accounts of the Parent Company and all wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosed amount of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. The Corporation evaluates subsequent events through the date of the filing of this report with the SEC. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash: |
FRB and FHLB Stock | FRB and FHLB Stock: |
Investments | Investments: Debt securities are classified as HTM at the time of purchase when the Corporation has both the intent and ability to hold these investments until they mature. Such debt securities are carried at cost, adjusted for amortization of premiums and accretion of discounts using the effective yield method. The Corporation does not engage in trading activities; however, since the investment portfolio serves as a source of liquidity, most debt securities are classified as AFS. AFS securities are carried at estimated fair value with the related unrealized holding gains and losses reported in shareholders' equity as a component of OCI, net of tax. Realized securities gains and losses are computed using the specific identification method and are recorded on a trade date basis. |
HTM and AFS Debt Securities | HTM Debt Securities: Expected credit losses on HTM debt securities would be recorded in the ACL on HTM debt securities. As of December 31, 2023, no HTM debt securities required an ACL as these investments consist solely of Agency guaranteed residential mortgage-backed and commercial mortgage-backed securities. AFS Debt Securities : The Bank's AFS rated debt securities are investment grade. In evaluating credit losses on debt securities, management considers factors such as the credit quality of the investments, the credit rating of the security, and the delinquency history of the security. As of December 31, 2023, no AFS debt securities required an ACL. |
Fair Value Option | Fair Value Option: The Corporation has elected to measure mortgage loans held for sale at fair value. Derivative financial instruments related to mortgage banking activities are also recorded at fair value, as detailed under the heading "Derivative Financial Instruments," below. The Corporation determines fair value for its mortgage loans held for sale based on the price that secondary market investors would pay for loans with similar characteristics, including interest rate and term, as of the date fair value is measured. Changes in fair values during the period are recorded as components of mortgage banking income on the consolidated statements of income. Interest income earned on mortgage loans held for sale is classified in interest income on the consolidated statements of income. |
Loans | Loans : Loans are stated at amortized cost, except for mortgage loans held for sale, which are carried at fair value. Interest income on loans is accrued as earned. 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 adequately 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 Modifications: Loans are accounted for and reported as modified 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 loan modification typically involve a more than insignificant deferral of scheduled loan payments, an extension of a loan's stated maturity date, a reduction in the interest rate or a forgiveness of principal. |
Allowance for Credit Losses | Allowance for Credit Losses: The Corporation follows ASU 2016-13 Financial Instruments - Credit Losses (ASC Topic 326): Measurement of Credit Losses on Financial Instruments . 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 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. The ACL consists of loans evaluated collectively and individually for expected credit losses. The ACL 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 is increased or decreased (when the provision for credit losses is negative) through the provision for credit losses and increased or decreased (when recoveries of loans previously charged off exceed loans charged off) by charge-offs, net of recoveries. The reserve for OBS credit exposures includes estimated losses on unfunded loan commitments, letters of credit and other OBS credit exposures. Loans: The ACL 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 accruing loans and non-accrual loans where the total commitment amount is less than $1 million. In determining the ACL, the Corporation uses three inputs to model the estimate. These inputs are the PD rate which estimates the likelihood that a borrower will be unable to meet its debt obligations, the LGD rate which estimates the percentage of an asset that is lost if a borrower defaults, and the EAD balance which estimates the gross exposure under a facility upon default. The PD models were developed based on historical default data. Both internal and external variables are evaluated in the process. The main internal variables are risk rating or delinquency history and indicators of default. The external variables are economic variables obtained from third-party forecasts. The PD models are transition matrix models that utilize historical credit observations and incorporate economic forecasts to project future default rates using a linear regression methodology for each loan segment. The LGD model uses a vintage loss approach that estimates LGD rates based on the bank’s historical loss experience for each loan segment. The EAD incorporates a prepayment rate and applies the PD rates to estimate the projected exposure at default across the life of each loan. The ACL is calculated by applying the LGD to the EAD at each period across the life of each loan. The ACL incorporates the Corporation’s historical credit observations, current conditions, and reasonable and supportable forecasts that are based on the projected performance of specific economic variables that are statistically correlated with historical PD rates. The reasonable and supportable forecast extends to 24 months and reverts back to an average PD rate using a straight-line reversion methodology over a 12 month period. The ACL is highly sensitive to the economic forecasts used to develop the reserve. As such, the calculation of the ACL is inherently subjective and requires management to exercise judgment. The ACL may include qualitative adjustments intended to capture the impact of uncertainties not reflected in the quantitative models. In determining qualitative adjustments, management considers changes in national, regional, and local economic and business conditions and their impact on the lending environment, including underwriting standards and other factors affecting credit losses over the remaining life of each loan. Loans Evaluated Individually : Loans evaluated individually for expected credit losses include loans on non-accrual status 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 of the ACL 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 provided by the borrower. 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 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. OBS Credit Exposures: The reserve for OBS credit exposures is recorded in other liabilities on the consolidated balance sheets, and represents management's estimate of expected losses in its unfunded loan commitments and other OBS credit exposures. The reserve for OBS credit exposures 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 reserve for OBS credit exposures is increased or decreased by charges or reductions to expense, through the provision for credit losses. |
Premises and Equipment | Premises and Equipment: Premises and equipment are stated at cost, less accumulated depreciation and amortization. The provision for depreciation and amortization is generally computed using the straight-line method over the estimated useful lives of the related assets, which are a maximum of 50 years for buildings and improvements, 8 years for furniture and 7 years for equipment. Leasehold improvements are amortized over the shorter of the useful life or the non-cancelable lease term. |
Other Real Estate Owned | OREO: Assets acquired in settlement of mortgage loan indebtedness are recorded as OREO and are included in other assets on the consolidated balance sheets, initially at the lower of the estimated fair value of the asset, less estimated selling costs, or the carrying amount of the loan. Costs to maintain the assets and subsequent gains and losses on sales are included in other non-interest expense on the consolidated statements of income. |
Mortgage Servicing Rights | MSRs: The estimated fair value of MSRs related to residential mortgage loans sold and serviced by the Corporation is recorded as an asset upon the sale of such loans. MSRs are amortized as a reduction to mortgage servicing income, included as a component of mortgage banking income on the consolidated statements of income, over the estimated lives of the underlying loans. |
Derivative Financial Instruments | Derivative Financial Instruments: The Corporation manages its exposure to certain interest rate risk through the use of derivatives. Certain of the Corporation's outstanding derivative contracts are designated as hedges, and none are entered into for speculative purposes. The Corporation enters into derivative contracts that are intended to economically hedge certain of its risks, even if hedge accounting does not apply or the Corporation elects not to apply hedge accounting. The Corporation records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Corporation has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. The Corporation does not have any derivative instruments designated as fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as cash flow hedges where hedge accounting is applied, changes in fair value are recognized in OCI, net of tax. For derivatives where hedge accounting does not apply, changes in fair value are 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 statements 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 Derivatives - Non-Designated Hedges The Corporation enters into interest rate derivatives with certain qualifying commercial loan customers to meet their interest rate risk management needs. The Corporation simultaneously enters into interest rate derivatives with dealer counterparties, with identical notional amounts and terms. The net result of these interest rate derivatives is that the customer pays a fixed rate of interest and the Corporation receives a floating rate. As the interest rate derivatives associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. The Corporation's existing OBS credit exposures result from participation in interest rate derivatives provided by external lenders as part of loan participation arrangements and, therefore, are not used to manage interest rate risk in the Corporation's assets or liabilities. The Corporation is required to clear all eligible interest rate derivative contracts with a clearing agent and is subject to the regulations of the Commodity Futures Trading Commission. Cash Flow Hedges of Interest Rate Risk The Corporation's objectives in using interest rate derivatives are to reduce volatility in net interest income and interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Corporation primarily uses interest rate derivatives as part of its interest rate risk management strategy. The Corporation enters into interest rate derivatives designated as cash flow hedges to hedge the variable cash flows associated with existing floating rate loans and borrowings. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the unrealized gain or loss on the derivative is recorded in OCI, net of tax, and subsequently reclassified into interest income or interest expense in the same period during which the hedged transaction affects earnings. Amounts reported in OCI related to derivatives will be reclassified to interest income or interest expense as interest payments are made on the Corporation's variable-rate loans and borrowings. Foreign Exchange Contracts |
Balance Sheet Offsetting | Balance Sheet Offsetting: 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 has elected to net its financial assets and liabilities designated as cash flow hedges when offsetting is permitted. The Corporation has elected not to offset the remaining assets and liabilities subject to such arrangements on the consolidated financial statements. The Corporation is a party to interest rate derivatives with financial institution counterparties and customers. Under these agreements, the Corporation has the right to net-settle multiple contracts with the same counterparty in the event of default on, or termination of, any one contract. Cash collateral is posted by the party with a net liability position in accordance with contract thresholds and can be used to settle the fair value of the interest rate derivatives 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 derivatives are required to be cleared through a daily clearing agent. As a result, the total fair values of interest rate derivative assets and derivative liabilities recognized on the consolidated balance sheets are not equal and offsetting. |
Income Taxes | Income Taxes: The Corporation utilizes the asset and liability method in accounting for income taxes. Under this method, DTAs and deferred tax liabilities are determined based upon the difference between the values of the assets and liabilities as reflected in the financial statements and their related tax basis using enacted tax rates in effect for the year in which the differences are expected to be recovered or settled. As changes in tax law or rates are enacted, DTAs and deferred tax liabilities are adjusted through income tax expense. In assessing the realizability of DTAs, management considers whether it is more likely than not that some portion or all of the DTAs will not be realized. The ultimate realization of DTAs is dependent upon the generation of future taxable income and tax planning strategies which will create taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, the amount of taxes paid in available carryback years, projected future taxable income, and, if necessary, tax planning strategies in making this assessment. A valuation allowance is provided against DTAs unless it is more likely than not that such DTAs will be realized. ASC Topic 740, "Income Taxes" creates a single model to address uncertainty in tax positions, and clarifies the accounting for uncertainty in income taxes recognized in an enterprise's financial statements by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in an enterprise's financial statements. It also provides guidance on derecognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. The liability for unrecognized tax benefits is included in other liabilities within the consolidated balance sheets. |
Stock-Based Compensation | Stock-Based Compensation: The Corporation grants equity awards to employees, consisting of stock options, restricted stock, RSUs and PSUs under its Employee Equity Plan. In addition, employees may purchase stock under the Corporation's ESPP. The Corporation also grants equity awards to non-employee members of its Board of Directors and Fulton Bank's Board of Directors under the Directors' Plan. Under the Directors' Plan, the Corporation can grant equity awards to non-employee holding company and subsidiary bank directors in the form of stock options, restricted stock, RSUs or common stock. Recent grants of equity awards under the Directors' Plan have been limited to RSUs. Equity awards issued under the Employee Equity Plan are generally granted annually and become fully vested over or after a three-year vesting period. The vesting period for non-performance-based awards represents the period during which employees are required to provide service in exchange for such awards. Equity awards under the Directors' Plan are generally granted annually and fully vest after a one-year vesting period. Certain events, as defined in the Employee Equity Plan and the Directors' Plan, result in the acceleration of the vesting of equity awards. Restricted stock, RSUs and PSUs earn dividends during the vesting period, which are forfeitable if the awards do not vest. The fair value of stock options, restricted stock and RSUs granted to employees or directors is recognized as compensation expense over the vesting period for such awards. Compensation expense for PSUs is also recognized over the vesting period and service period, however, compensation expense for PSUs may vary based on the expectations for actual performance relative to defined performance measures. |
Disclosures about Segments of an Enterprise and Related Information | Disclosures about Segments of an Enterprise and Related Information: |
Financial Guarantees | Financial Guarantees : Financial guarantees, which consist primarily of standby and commercial letters of credit, are accounted for by recognizing a liability equal to the fair value of the guarantees and crediting the liability to income over the term of the guarantee. Fair value is estimated based on the fees currently charged to enter into similar agreements with similar terms. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets: The Corporation accounts for its acquisitions using the purchase accounting method. Purchase accounting requires that all assets acquired and liabilities assumed, including certain intangible assets that must be recognized, be recorded at their estimated fair values as of the acquisition date. Any purchase price exceeding the fair value of net assets acquired is recorded as goodwill. Goodwill is not amortized to expense, but is evaluated for impairment at least annually. Write-downs of the balance, if necessary as a result of the impairment test, are charged to expense in the period in which goodwill is determined to be impaired. The Corporation performs its annual assessment of goodwill impairment in the fourth quarter of each year. If certain events occur which indicate goodwill might be impaired between annual assessments, goodwill would be evaluated when such events occur. |
Variable Interest Entities | VIEs: ASC Topic 810 provides guidance on when to consolidate certain VIEs in the financial statements of the Corporation. VIEs are entities in which equity investors do not have a controlling financial interest or do not have sufficient equity at risk for the entity to finance activities without additional financial support from other parties. VIEs are assessed for consolidation under ASC Topic 810 when the Corporation holds variable interests in these entities. The Corporation consolidates VIEs when it is deemed to be the primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has the power to make decisions that most significantly affect the economic performance of the VIE and has the obligation to absorb losses or the right to receive benefits that in either case could potentially be significant to the VIE. The Corporation makes investments in certain community development projects, the majority of which generate tax credits under various federal programs, including TCIs. These investments are made throughout the Corporation's market area as a means of supporting the communities it serves. The Corporation typically acts as a limited partner or member of a limited liability company in its TCIs and does not exert control over the operating or financial policies of the partnership or limited liability company. Tax credits earned are subject to recapture by federal taxing authorities based upon compliance requirements to be met at the project level. Because the Corporation owns 100% of the equity interests in its NMTC investments, these investments were consolidated based on ASC Topic 810 as of December 31, 2023 and 2022. Investments in affordable housing projects were not consolidated based on management's assessment of the provisions of ASC Topic 810. |
Fair Value Measurements | Fair Value Measurements: Assets and liabilities are categorized in a fair value hierarchy for the inputs to valuation techniques used to measure assets and liabilities at fair value using the following three categories (from highest to lowest priority): • Level 1 - Inputs that represent quoted prices for identical instruments in active markets. • Level 2 - Inputs that represent quoted prices for similar instruments in active markets, or quoted prices for identical instruments in non-active markets. Also included are 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. |
Revenue Recognition | Revenue Recognition: The sources of revenue for the Corporation are interest income from loans, leases and investments and non-interest income. Non-interest income is earned from various banking and financial services that the Corporation offers through its subsidiaries. Revenue is recognized as earned based on contractual terms, as transactions occur, or as services are provided. Following is further detail of the various types of revenue the Corporation earns and when it is recognized: Interest income : Interest income is recognized on an accrual basis according to loan and lease agreements, investment securities contracts or other written contracts. Wealth management services: Consists of income from trust commissions, brokerage, money market and insurance commissions. Trust commissions consists of advisory fees that are based on market values of clients' managed portfolios and transaction fees for fiduciary services performed, both of which are recognized when earned. Brokerage income includes advisory fees which are recognized when earned on a monthly basis and transaction fees that are recognized when transactions occur. Money market income is based on the balances held in trust accounts and is recognized monthly. Insurance commissions are earned and recognized when policies are originated. Currently, no investment management and trust service income is based on performance or investment results. Commercial and consumer banking income: Consists of cash management, overdraft and other service charges on deposit accounts as well as branch fees, ATM fees, debit and credit card income and merchant services fees. Also included are letter of credit fees, foreign exchange income and interest rate derivative fees. Revenue is primarily transactional and recognized when earned at the time the transactions occur. Mortgage banking income: Consists of gains or losses on the sale of residential mortgage loans and mortgage loan servicing income. Other Income: |
Leases | Leases: All leases with an initial term greater than 12 months recognize: (1) a ROU asset, which is an asset that represents the lessee's right to use, or control the use of, a specified asset for the lease term; and (2) a lease liability, which is a lessee's obligation to make lease payments arising from a lease, each measured on a discounted basis. The Corporation elected to not separate lease and non-lease components. As a lessee, the majority of the operating lease portfolio consists of real estate leases for the Corporation's financial centers, land and office space. The operating leases have remaining lease terms of 1 year to 20 years, some of which include options to extend the leases for 5 years or more. ROU assets and lease liabilities are not recognized for leases with an initial term of 12 months or less. Certain real estate leases have lease payments that adjust based on annual changes in the CPI or at a stated contractual rate. The leases that are dependent upon the CPI or stated contractual rate are initially measured using the CPI or contractual rate at the commencement date and are included in the measurement of the lease liability. Operating lease expense represents fixed lease payments for operating leases recognized on a straight-line basis over the applicable lease term. Variable lease expense represents expenses such as the payment of real estate taxes, insurance and common area maintenance based on the Corporation's pro-rata share. |
Defined Benefit Pension Plans | Defined Benefit Plan: |
Business Combinations Policy | Business Combinations: Business combinations are accounted for using the acquisition method of accounting. Under the acquisition method, identifiable assets acquired and liabilities assumed are measured at fair value as of the acquisition date. The difference between the purchase price and the fair value of net assets acquired is recorded as goodwill. Results of the operations of the acquired entity are included in the consolidated statement of income from the acquisition date. Acquisition costs are expensed as incurred. |
Other Recently Issued Accounting Standards | Recently Adopted Accounting Standards In March 2022, FASB issued ASU 2022-01 Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method ("ASU 2022-01") . This update addresses questions regarding the last-of-layer method arising from the issuance of ASU 2017-12 and permits more flexibility in hedging interest rate risk for both variable-rate and fixed-rate financial instruments and introduces the ability to hedge risk components for non-financial hedges. The Corporation adopted ASU 2022-01 on January 1, 2023, and it did not have a material impact on its consolidated financial statements. In March 2022, FASB issued ASU 2022-02 Financial Instruments - Credit Losses (Topic 326) ("ASU 2022-02"). This update reduces the complexity of accounting for TDRs by eliminating certain accounting guidance, enhancing disclosures and improving the consistency of vintage disclosures. The Corporation adopted ASU 2022-02 on January 1, 2023, and it did not have a material impact on its consolidated financial statements. In September 2022, FASB issued ASU 2022-04 Liabilities - Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations ("ASU 2022-04"). This update enhances transparency in the disclosure of supplier finance programs, which previously had no explicit requirements under GAAP. The Corporation adopted ASU 2022-04 on January 1, 2023, and it did not have a material impact on its consolidated financial statements. In December 2022, FASB issued ASU 2022-06 Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848. This update extends the sunset provision date of ASU 2020-04 Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting ("ASU 2020-04") to December 31, 2024 . The Corporation adopted ASU 2020-04 on June 30, 2023 and it did not have a material impact on its consolidated financial statements. In March 2023, FASB issued ASU 2023-02 Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method ("ASU 2023-02") . This update allows any tax credit program that meets certain criteria to use the proportional amortization method. The Corporation early adopted ASU 2023-02 using the modified retrospective method effective upon issuance, and it did not have a material impact on its consolidated financial statements. In July 2023, FASB issued ASU 2023-03 Presentation of Financial Statements (Topic 205), Income Statement - Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation - Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC SAB No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and SAB Topic 6.B, Accounting Series Release 280 - General Revision of Regulation S-X: Income or Loss Applicable to Common Stock ("ASU 2023-03") . This update amends certain SEC paragraphs from the Codification in response to (1) the issuance of SEC SAB 120; (2) the SEC staff announcement at the March 24, 2022, EITF meeting; and (3) SAB Topic 6.B, "Accounting Series Release No. 280 - General Revision of Regulation S-X: Income or Loss Applicable to Common Stock." ASU 2023-03 does not provide any new guidance so there is no transition or effective date associated with it. In August 2023, FASB issued ASU 2023-04 Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC SAB No. 121 ("ASU 2023-04") . This update adjusts language in FASB ASC 405-10 to align with SEC SAB No. 121 relating to accounting for obligations to safeguard crypto-assets an entity holds for its platform users. ASU 2023-24 does not provide any new guidance so there is no transition or effective date associated with it. The Corporation currently does not have obligations to safeguard crypto-assets. In October 2023, FASB issued ASU 2023-06 Disclosure Improvements ("ASU 2023-06"). This update adjusts language in FASB disclosure guidance to align with certain SEC disclosure requirements. The Corporation adopted ASU 2023-06 upon issuance, and it did not have an impact on its consolidated financial statements. Recently Issued Accounting Standards In March 2023, FASB issued ASU 2023-01 Leases (Topic 842): Common Control Arrangements ("ASU 2023-01") . This update clarifies guidance for leases between related parties under common control . The Corporation will adopt ASU 2023-01 on January 1, 2024. The Corporation does not expect the adoption of ASU 2023-01 to have a material impact on its consolidated financial statements. In November 2023, FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-04") . This update requires public entities with reportable segments to provide additional and more detailed disclosures. The Corporation will adopt ASU 2023-07 on December 15, 2024. The Corporation is not currently required to report segment information and, as such, does not expect the adoption of ASU 2023-07 to have an impact on its consolidated financial statements. In December 2023, FASB issued ASU 2023-08 Intangibles - Goodwill and Other - Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets ("ASU 2023-08") . This update provides guidance for crypto assets to be carried at fair value and requires additional disclosures. The Corporation will adopt ASU 2023-08 on January 1, 2025. The Corporation does not expect the adoption of ASU 2023-08 to have an impact on its consolidated financial statements. The Corporation currently does not hold crypto assets. In December 2023, FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09") . This update requires companies to disclose specific categories in the income tax rate reconciliation and requires additional information for certain reconciling items. The Corporation will adopt ASU 2023-09 on January 1, 2025. The Corporation does not expect the adoption of ASU 2023-09 to have an impact on its consolidated financial statements. |
Reclassifications | Reclassifications |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Acquisitions | The following table summarizes the consideration transferred and the fair values of identifiable assets acquired and liabilities assumed on July 1, 2022: Fair Value (dollars in thousands, except share data) Consideration transferred: Common stock shares issued (6,208,516) $ 89,713 Cash paid to Prudential Bancorp shareholders 29,343 Value of consideration 119,056 Assets acquired: Cash and due from banks 7,533 Investment securities 287,126 Loans 554,091 Premises and equipment 8,574 Other assets 73,303 Total assets 930,627 Liabilities assumed: Deposits 532,170 Borrowings (1) 284,000 Other liabilities 14,482 Total liabilities 830,652 Net assets acquired: 99,975 Goodwill resulting from the Merger $ 19,081 (1) Included a $30.5 million intercompany borrowing between Prudential Bank and Fulton Bank. |
Schedule of Goodwill | The following table presents the change in goodwill during the period: (dollars in thousands) Goodwill at December 31, 2021 $ 534,266 Goodwill from the Merger 16,273 Goodwill at December 31, 2022 550,539 Adjustments to goodwill from the Merger 2,807 Goodwill at December 31, 2023 $ 553,346 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Values of Investment Securities | The following tables present the amortized cost and estimated fair values of investment securities, as of December 31: Amortized Gross Gross Estimated (dollars in thousands) 2023 Available for Sale U.S. Government securities $ 42,475 $ — $ (314) $ 42,161 U.S. Government-sponsored agency securities 1,038 — (28) 1,010 State and municipal securities 1,200,571 1,089 (129,647) 1,072,013 Corporate debt securities 480,714 473 (40,636) 440,551 Collateralized mortgage obligations 122,824 — (11,390) 111,434 Residential mortgage-backed securities 223,273 7 (26,485) 196,795 Commercial mortgage-backed securities 627,364 — (92,976) 534,388 Total $ 2,698,259 $ 1,569 $ (301,476) $ 2,398,352 Held to Maturity Residential mortgage-backed securities $ 407,075 $ — $ (51,805) $ 355,270 Commercial mortgage-backed securities 860,847 — (143,910) 716,937 Total $ 1,267,922 $ — $ (195,715) $ 1,072,207 2022 Available for Sale U.S. Government securities $ 226,140 $ — $ (7,655) $ 218,485 U.S. Government-sponsored agency securities 1,050 — (42) 1,008 State and municipal securities 1,284,245 283 (178,816) 1,105,712 Corporate debt securities 459,792 — (37,483) 422,309 Collateralized mortgage obligations 147,155 — (13,122) 134,033 Residential mortgage-backed securities 242,527 18 (29,847) 212,698 Commercial mortgage-backed securities 631,604 — (79,082) 552,522 Total $ 2,992,513 $ 301 $ (346,047) $ 2,646,767 Held to Maturity Residential mortgage-backed securities $ 457,325 $ — $ (57,480) $ 399,845 Commercial mortgage-backed securities 863,931 — (138,727) 725,204 Total $ 1,321,256 $ — $ (196,207) $ 1,125,049 |
Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities | The amortized cost and estimated fair values of debt securities as of December 31, 2023, by contractual maturity, are shown in the following table. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay with or without call or prepayment penalties. Available for Sale Held to Maturity Amortized Estimated Amortized Estimated (dollars in thousands) Due in one year or less $ 49,267 $ 49,022 $ — $ — Due from one year to five years 153,550 147,521 — — Due from five years to ten years 508,237 471,086 — — Due after ten years 1,013,744 888,106 — — 1,724,798 1,555,735 — — Residential mortgage-backed securities (1) 223,273 196,795 407,075 355,270 Commercial mortgage-backed securities (1) 627,364 534,388 860,847 716,937 Collateralized mortgage obligations (1) 122,824 111,434 — — Total $ 2,698,259 $ 2,398,352 $ 1,267,922 $ 1,072,207 (1) |
Summary of Gains and Losses on the Sales of Securities | The following table presents information related to gross gains and losses on the sales of securities for the years presented: Gross Realized Gains Gross Realized Losses Net Gains (Losses) (dollars in thousands) 2023 $ 283 $ (1,016) $ (733) 2022 1,587 (1,614) (27) 2021 35,593 (2,077) 33,516 |
Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in Continuous Unrealized Loss Position | The following tables present the gross unrealized losses and estimated fair values of investments, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of December 31: Less than 12 months 12 Months or Longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized 2023 (dollars in thousands) Available for Sale U.S. Government securities $ — $ — $ 42,161 $ (314) $ 42,161 $ (314) U.S. Government-sponsored agency securities — — 1,010 (28) 1,010 (28) State and municipal securities 76,155 (858) 917,274 (128,789) 993,429 (129,647) Corporate debt securities 42,945 (1,326) 370,523 (39,310) 413,468 (40,636) Collateralized mortgage obligations — — 111,434 (11,390) 111,434 (11,390) Residential mortgage-backed securities 409 (3) 195,453 (26,482) 195,862 (26,485) Commercial mortgage-backed securities 26,907 (1,053) 507,481 (91,923) 534,388 (92,976) Total available for sale $ 146,416 $ (3,240) $ 2,145,336 $ (298,236) $ 2,291,752 $ (301,476) Held to Maturity Residential mortgage-backed securities $ — $ — $ 355,270 $ (51,805) $ 355,270 $ (51,805) Commercial mortgage-backed securities — — 716,937 (143,910) 716,937 (143,910) Total held to maturity $ — $ — $ 1,072,207 $ (195,715) $ 1,072,207 $ (195,715) There were 727 AFS and 180 HTM positions at unrealized loss at December 31, 2023. Less than 12 months 12 Months or Longer Total Estimated Unrealized Estimated Unrealized Estimated Unrealized 2022 (dollars in thousands) Available for Sale U.S. Government Securities $ 96,906 $ (2,814) $ 121,579 $ (4,841) $ 218,485 $ (7,655) U.S. Government-sponsored agency securities 1,008 (42) — — 1,008 (42) State and municipal securities 995,122 (157,397) 61,089 (21,419) 1,056,211 (178,816) Corporate debt securities 376,398 (31,333) 37,157 (6,150) 413,555 (37,483) Collateralized mortgage obligations 113,191 (7,650) 20,842 (5,472) 134,033 (13,122) Residential mortgage-backed securities 154,861 (18,301) 55,293 (11,546) 210,154 (29,847) Commercial mortgage-backed securities 371,109 (38,845) 181,413 (40,237) 552,522 (79,082) Total available for sale $ 2,108,595 $ (256,382) $ 477,373 $ (89,665) $ 2,585,968 $ (346,047) Held to maturity Residential mortgage-backed securities $ 246,667 $ (14,275) $ 153,178 $ (43,205) $ 399,845 $ (57,480) Commercial mortgage-backed securities 258,255 (24,029) 466,949 (114,698) 725,204 (138,727) Total held to maturity $ 504,922 $ (38,304) $ 620,127 $ (157,903) $ 1,125,049 $ (196,207) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Summary of Loans and Leases, Net of Unearned Income | Loans and leases, net of unearned income are summarized as follows as of December 31: 2023 2022 (dollars in thousands) Real estate - commercial mortgage $ 8,127,728 $ 7,693,835 Commercial and industrial (1) 4,545,552 4,473,004 Real-estate - residential mortgage 5,325,923 4,737,279 Real-estate - home equity 1,047,184 1,102,838 Real-estate - construction 1,239,075 1,269,925 Consumer 729,318 699,179 Leases and other loans (2) 336,314 303,487 Net loans $ 21,351,094 $ 20,279,547 (1) Includes unearned income of $41.0 thousand and $4.5 million at December 31, 2023 and December 31, 2022, respectively. (2) Includes unearned income of $38.0 million and $24.8 million at December 31, 2023 and December 31, 2022, respectively. |
Schedule of Allowance for Credit Losses | The following table summarizes the ACL - loans balance and the reserve for OBS credit exposures balance as of December 31, 2023 and 2022: 2023 2022 (dollars in thousands) ACL - loans $ 293,404 $ 269,366 Reserve for OBS credit exposures (1) $ 17,254 $ 16,328 (1) |
Activity in the Allowance for Credit Losses | The following table presents the activity in the ACL - loans balances for the years ended December 31: 2023 2022 2021 (dollars in thousands) Balance at beginning of period $ 269,366 $ 249,001 $ 277,567 CECL Day 1 Provision expense — 7,954 — Initial purchased credit deteriorated loans — 1,135 — Loans charged off (39,201) (21,472) (30,952) Recoveries of loans previously charged off 10,129 14,092 17,146 Net loans (charged off) recovered (29,072) (7,380) (13,806) Provision for credit losses 53,110 18,656 (14,760) Balance at end of period $ 293,404 $ 269,366 $ 249,001 The following table presents the activity in the ACL - loans losses by portfolio segment for the years ended December 31, 2023 and 2022, by portfolio segment: Real Estate - Commercial and Industrial Consumer and Real Estate - Real Estate - Real Estate - Leases and other loans Total (dollars in thousands) Balance at December 31, 2021 $ 87,970 $ 67,056 $ 19,749 $ 54,236 $ 12,941 $ 7,049 $ 249,001 CECL Day 1 Provision expense 4,107 — 131 3,716 — — 7,954 Initial purchased credit deteriorated loans 1,051 — 7 77 — — 1,135 Loans charged off (12,473) (2,390) (4,412) (66) — (2,131) (21,472) Recoveries of loans previously charged off 3,860 5,893 2,581 425 574 759 14,092 Net loans (charged off) recovered (8,613) 3,503 (1,831) 359 574 (1,372) (7,380) Provision for loan losses (1) (15,059) (443) 8,373 24,862 (2,772) 3,695 18,656 Balance at December 31, 2022 69,456 70,116 26,429 83,250 10,743 9,372 269,366 Loans charged off (17,999) (9,246) (7,514) (62) — (4,380) (39,201) Recoveries of loans previously charged off 1,076 3,473 3,198 421 858 1,103 10,129 Net loans (charged off) recovered (16,923) (5,773) (4,316) 359 858 (3,277) (29,072) Provision for loan losses (1) 60,032 9,923 (4,509) (10,323) 694 (2,707) 53,110 Balance at December 31, 2023 $ 112,565 $ 74,266 $ 17,604 $ 73,286 $ 12,295 $ 3,388 $ 293,404 (1) Provision included in the table only includes the portion related to net loans |
Total Non-Accrual Loans by Class Segment | The following table presents total non-accrual loans, by class segment: 2023 2022 With a Related Allowance Without a Related Allowance Total With a Related Allowance Without a Related Allowance Total (dollars in thousands) Real estate - commercial mortgage $ 23,338 $ 21,467 $ 44,805 $ 39,722 $ 30,439 $ 70,161 Commercial and industrial 12,410 27,542 39,952 14,804 12,312 27,116 Real estate - residential mortgage 18,806 2,018 20,824 25,315 979 26,294 Real estate - home equity 4,649 104 4,753 5,975 130 6,105 Real estate - construction 341 1,000 1,341 866 502 1,368 Consumer 52 — 52 92 — 92 Leases and other loans 9,255 638 9,893 4,052 9,255 13,307 Total $ 68,851 $ 52,769 $ 121,620 $ 90,826 $ 53,617 $ 144,443 |
Financing Receivable Credit Quality Indicators | The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the current period: December 31, 2023 (dollars in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans Amortized Amortized 2023 2022 2021 2020 2019 Prior Cost Basis Cost Basis Total Real estate - commercial mortgage Pass $ 783,673 $ 993,017 $ 1,203,852 $ 984,958 $ 721,857 $ 2,822,155 $ 59,253 $ 31,636 $ 7,600,401 Special Mention 2,767 43,904 105,185 7,862 35,289 105,786 1,760 — 302,553 Substandard or Lower 366 20,958 31,304 49,142 26,579 95,621 804 — 224,774 Total real estate - commercial mortgage 786,806 1,057,879 1,340,341 1,041,962 783,725 3,023,562 61,817 31,636 8,127,728 Real estate - commercial mortgage Current period gross charge-offs — — — — — (424) — (17,575) (17,999) Commercial and industrial Pass 626,386 590,132 330,576 341,218 272,126 598,838 1,443,203 10,736 4,213,215 Special Mention 7,936 9,548 16,499 3,577 6,817 18,487 72,775 198 135,837 Substandard or Lower 247 25,184 4,611 3,843 18,988 31,663 105,230 6,734 196,500 Total commercial and industrial 634,569 624,864 351,686 348,638 297,931 648,988 1,621,208 17,668 4,545,552 Commercial and industrial Current period gross charge-offs — (299) — — — (249) (682) (8,016) (9,246) Real estate - construction (1) Pass 322,922 258,080 261,583 37,426 9,510 34,097 13,677 — 937,295 Special Mention — 12,622 25,898 — — — — — 38,520 Substandard or Lower — 521 2,229 — 340 21,284 168 2,229 26,771 Total real estate - construction 322,922 271,223 289,710 37,426 9,850 55,381 13,845 2,229 1,002,586 Real estate - construction Current period gross charge-offs — — — — — — — — — Total Pass $ 1,732,981 $ 1,841,229 $ 1,796,011 $ 1,363,602 $ 1,003,493 $ 3,455,090 $ 1,516,133 $ 42,372 $ 12,750,911 Special Mention 10,703 66,074 147,582 11,439 42,106 124,273 74,535 198 476,910 Substandard or Lower 613 46,663 38,144 52,985 45,907 148,568 106,202 8,963 448,045 Total $ 1,744,297 $ 1,953,966 $ 1,981,737 $ 1,428,026 $ 1,091,506 $ 3,727,931 $ 1,696,870 $ 51,533 $ 13,675,866 (1) Excludes real estate - construction - other. Total loans risk- rated substandard or lower increased by $157.9 million, or 54.4%, compared to December 31, 2022, primarily due to borrower performance in both commercial and industrial loans and commercial real estate loans. The following table summarizes designated internal risk rating categories by portfolio segment and loan class, by origination year, in the prior period: December 31, 2022 (dollars in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans Amortized Amortized 2022 2021 2020 2019 2018 Prior Cost Basis Cost Basis Total Real estate - commercial mortgage Pass $ 1,014,575 $ 1,095,725 $ 969,118 $ 810,850 $ 621,689 $ 2,610,511 $ 80,665 $ 307 $ 7,203,440 Special Mention 95 50,367 23,296 33,735 16,205 181,736 947 — 306,381 Substandard or Lower 1,032 3,039 31,042 38,378 23,112 87,168 243 — 184,014 Total real estate - commercial mortgage 1,015,702 1,149,131 1,023,456 882,963 661,006 2,879,415 81,855 307 7,693,835 Real estate - commercial mortgage Current period gross charge-offs — — — — — (53) — (12,420) (12,473) Commercial and industrial Pass 907,390 449,145 397,881 315,605 185,096 604,352 1,387,961 618 4,248,048 Special Mention 11,405 24,479 3,763 8,147 5,218 24,633 56,048 250 133,943 Substandard or Lower 834 418 4,818 13,044 3,081 22,025 51,077 249 95,546 Total commercial and industrial 919,629 474,042 406,462 336,796 193,395 651,010 1,495,086 1,117 4,477,537 Commercial and industrial Current period gross charge-offs — — (36) — (21) (365) (1,192) (776) (2,390) Real estate - construction (1) Pass 159,195 390,993 243,406 28,539 24,421 93,511 47,271 — 987,336 Special Mention — — — — — 21,603 — — 21,603 Substandard or Lower — — 3,852 2,274 — 4,272 203 — 10,601 Total real estate - construction 159,195 390,993 247,258 30,813 24,421 119,386 47,474 — 1,019,540 Real estate - construction (1) Current period gross charge-offs — — — — — — — — — Total Pass $ 2,081,160 $ 1,935,863 $ 1,610,405 $ 1,154,994 $ 831,206 $ 3,308,374 $ 1,515,897 $ 925 $ 12,438,824 Special Mention 11,500 74,846 27,059 41,882 21,423 227,972 56,995 250 461,927 Substandard or Lower 1,866 3,457 39,712 53,696 26,193 113,465 51,523 249 290,161 Total $ 2,094,526 $ 2,014,166 $ 1,677,176 $ 1,250,572 $ 878,822 $ 3,649,811 $ 1,624,415 $ 1,424 $ 13,190,912 (1) Excludes real estate - construction - other. December 31, 2023 (dollars in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans Amortized Amortized 2023 2022 2021 2020 2019 Prior Cost Basis Cost Basis Total Real estate - residential mortgage Performing $ 623,247 $ 1,126,656 $ 1,682,759 $ 984,050 $ 260,049 $ 607,133 $ — $ — $ 5,283,894 Nonperforming — 1,720 4,888 4,701 6,233 24,487 — — 42,029 Total real estate - residential mortgage 623,247 1,128,376 1,687,647 988,751 266,282 631,620 — — 5,325,923 Real estate - residential mortgage Current period gross charge-offs — — — — — — — (62) (62) Consumer and real estate - home equity Performing 272,571 276,373 85,985 62,426 37,667 204,913 805,645 20,044 1,765,624 Nonperforming 295 455 866 282 354 5,526 1,439 1,661 10,878 Total consumer and real estate - home equity 272,866 276,828 86,851 62,708 38,021 210,439 807,084 21,705 1,776,502 Consumer and real estate - home equity Current period gross charge-offs (119) — — — — (525) (283) (6,587) (7,514) Leases and other loans Performing 166,490 83,641 27,755 22,304 16,246 9,867 — — 326,303 Nonperforming — 118 — — — 9,893 — — 10,011 Total leases and other loans 166,490 83,759 27,755 22,304 16,246 19,760 — — 336,314 Leases and other loans Current period gross charge-offs (471) (521) (246) (128) (82) (656) (765) (1,511) (4,380) Construction - other Performing 127,382 93,319 13,698 555 — — — — 234,954 Nonperforming — 1,535 — — — — — — 1,535 Total construction - other 127,382 94,854 13,698 555 — — — — 236,489 Construction - other Current period gross charge-offs — — — — — — — — — Total Performing $ 1,189,690 $ 1,579,989 $ 1,810,197 $ 1,069,335 $ 313,962 $ 821,913 $ 805,645 $ 20,044 $ 7,610,775 Nonperforming 295 3,828 5,754 4,983 6,587 39,906 1,439 1,661 64,453 Total $ 1,189,985 $ 1,583,817 $ 1,815,951 $ 1,074,318 $ 320,549 $ 861,819 $ 807,084 $ 21,705 $ 7,675,228 December 31, 2022 (dollars in thousands) Term Loans Amortized Cost Basis by Origination Year Revolving Loans Revolving Loans converted to Term Loans Amortized Amortized 2022 2021 2020 2019 2018 Prior Cost Basis Cost Basis Total Real estate - residential mortgage Performing $ 933,903 $ 1,708,703 $ 1,054,126 $ 286,167 $ 87,455 $ 620,416 $ — $ — $ 4,690,770 Nonperforming 1,199 5,104 6,597 6,466 4,587 22,556 — — 46,509 Total real estate - residential mortgage 935,102 1,713,807 1,060,723 292,633 92,042 642,972 — — 4,737,279 Real estate - residential mortgage Current period gross charge-offs — — — — — — — (66) (66) Consumer and real estate - home equity Performing 416,631 109,724 80,422 52,384 45,642 211,127 842,226 34,061 1,792,217 Nonperforming 292 298 174 36 98 6,512 1,722 668 9,800 Total consumer and real estate - home equity 416,923 110,022 80,596 52,420 45,740 217,639 843,948 34,729 1,802,017 Consumer and real estate - home equity loans Current period gross charge-offs — (587) (70) (108) (16) (442) (178) (3,011) (4,412) Leases and other loans Performing 146,198 39,427 40,024 29,309 15,019 15,670 — — 285,647 Nonperforming — — — — — 13,307 — — 13,307 Total leases and other 146,198 39,427 40,024 29,309 15,019 28,977 — — 298,954 Leases and other loans Current period gross charge-offs (506) (167) (140) (80) (47) (1,191) — — (2,131) Construction - other Performing 164,924 73,492 10,892 — 1,077 — — — 250,385 Nonperforming — — — — — — — — — Total construction - other 164,924 73,492 10,892 — 1,077 — — — 250,385 Construction - other Current period gross charge-offs — — — — — — — — — Total Performing $ 1,661,656 $ 1,931,346 $ 1,185,464 $ 367,860 $ 149,193 $ 847,213 $ 842,226 $ 34,061 $ 7,019,019 Nonperforming 1,491 5,402 6,771 6,502 4,685 42,375 1,722 668 69,616 Total $ 1,663,147 $ 1,936,748 $ 1,192,235 $ 374,362 $ 153,878 $ 889,588 $ 843,948 $ 34,729 $ 7,088,635 |
Non-Performing Assets | The following table presents non-performing assets: December 31, December 31, (dollars in thousands) Non-accrual loans $ 121,620 $ 144,443 Loans 90 days or more past due and still accruing 31,721 27,463 Total non-performing loans 153,341 171,906 OREO (1) 896 5,790 Total non-performing assets $ 154,237 $ 177,696 (1) Excludes |
Aging of Amortized Cost Basis of Loans, by Class 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 (dollars in thousands) December 31, 2023 Real estate - commercial mortgage $ 4,408 $ 1,341 $ 1,722 $ 44,805 $ 8,075,452 $ 8,127,728 Commercial and industrial (1) 5,620 1,656 1,068 39,952 4,497,256 4,545,552 Real estate - residential mortgage 49,145 10,838 21,205 20,824 5,223,911 5,325,923 Real estate - home equity 8,142 2,075 5,326 4,753 1,026,888 1,047,184 Real estate - construction 4,185 451 1,535 1,341 1,231,563 1,239,075 Consumer 8,361 1,767 747 52 718,391 729,318 Leases and other loans (1) 146 722 118 9,893 325,435 336,314 Total $ 80,007 $ 18,850 $ 31,721 $ 121,620 $ 21,098,896 $ 21,351,094 (1) Includes unearned income. 30-59 Days Past 60-89 ≥ 90 Days Non- Current Total (dollars in thousands) December 31, 2022 Real estate - commercial mortgage $ 10,753 $ 4,644 $ 2,473 $ 70,161 $ 7,605,804 $ 7,693,835 Commercial and industrial (1) 6,067 2,289 1,172 27,116 4,436,360 4,473,004 Real estate - residential mortgage 57,061 8,209 20,215 26,294 4,625,500 4,737,279 Real estate - home equity 5,666 2,444 2,704 6,105 1,085,919 1,102,838 Real estate - construction 1,762 1,758 — 1,368 1,265,037 1,269,925 Consumer 6,692 1,339 899 92 690,157 699,179 Leases and other loans (1) 348 122 — 13,307 289,710 303,487 Total $ 88,349 $ 20,805 $ 27,463 $ 144,443 $ 19,998,487 $ 20,279,547 (1 ) Includes unearned income. |
Financing Receivables, Loan Modifications | The following table presents the amortized cost basis for the year ended December 31, 2023 of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted: Term Extension Amortized Cost Basis % of Class of Financing Receivable (dollars in thousands) Real estate - commercial mortgage $ 2,944 0.04 % Commercial and industrial 11,970 0.26 Real estate - residential mortgage 8,182 0.15 Total $ 23,096 Interest Rate Reduction and Term Extension Amortized Cost Basis % of Class of Financing Receivable (dollars in thousands) Real estate - residential mortgage $ 910 0.02 % Total $ 910 The following table presents the financial effect of the modifications made to borrowers experiencing financial difficulty for the year ended December 31, 2023. Term Extension Financial Effect Real estate - commercial mortgage Added a weighted-average 1.22 years to the life of loans, which reduced monthly payment amounts for the borrowers. Commercial and industrial Added a weighted-average 0.92 years to the life of loans, which reduced monthly payment amounts for the borrowers. Real estate - residential mortgage Added a weighted-average 8.10 years to the life of loans, which reduced monthly payment amounts for the borrowers. Interest Rate Reduction Financial Effect Real estate - residential mortgage Reduced weighted-average interest rate from 3.76% to 2.30% The following table presents the performance of loans that have been modified in the year ended December 31, 2023. 30-89 90+ Total Days Past Past Due Past Current Due and Accruing Due (dollars in thousands) Real estate - commercial mortgage $ 2,944 $ — $ — $ — Commercial and industrial 11,970 — — — Real estate - residential mortgage 9,092 — — — Total $ 24,006 $ — $ — $ — |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | The following is a summary of premises and equipment as of December 31: 2023 2022 (dollars in thousands) Land $ 39,742 $ 39,752 Buildings and improvements 365,744 357,698 Furniture and equipment 161,244 152,048 Construction in progress 12,313 8,711 Total premises and equipment 579,043 558,209 Less: Accumulated depreciation and amortization (356,162) (333,068) Net premises and equipment $ 222,881 $ 225,141 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, with adjustments to the carrying value included in mortgage banking income on the consolidated statements of income: 2023 2022 2021 (dollars in thousands) Amortized cost: Balance at beginning of period $ 34,217 $ 35,993 $ 38,745 Originations of MSRs 2,475 4,067 9,216 Amortization (5,090) (5,843) (11,968) Balance at end of period $ 31,602 $ 34,217 $ 35,993 Valuation allowance: Balance at beginning of period $ — $ (600) $ (10,500) Reduction (addition) to valuation allowance — 600 9,900 Balance at end of period $ — $ — $ (600) Net MSRs at end of period $ 31,602 $ 34,217 $ 35,393 Estimated fair value of MSRs at end of period $ 49,696 $ 50,044 $ 35,393 |
Schedule Of MSR Amortization Expense | Estimated future MSR amortization expense, based on balances as of December 31, 2023, and the estimated remaining lives of the underlying loans, follows (dollars in thousands): Year 2024 $ 3,822 2025 3,425 2026 3,061 2027 2,741 2028 2,455 Thereafter 16,098 Total estimated amortization expense $ 31,602 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The follow table summarizes intangible assets, which are included in goodwill and intangible assets on the consolidated balance sheets: December 31, 2023 2022 (dollars in thousands) Amortizing intangible assets $ 13,596 $ 13,596 Accumulated amortization (6,255) (3,311) Net intangibles $ 7,341 $ 10,285 Net intangibles included CDI of $4.9 million and $7.2 million as of December 31, 2023 and 2022, respectively. The CDI was recorded as part of the Merger and is being amortized over 7 years using the sum-of-the-years digits method. |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Schedule Of Deposits Liabilities | Deposits consisted of the following as of December 31: 2023 2022 (dollars in thousands) Noninterest-bearing demand $ 5,314,094 $ 7,006,388 Interest-bearing demand 5,722,695 5,410,903 Savings and money market accounts 6,616,901 6,434,621 Total demand and savings 17,653,690 18,851,912 Brokered deposits 1,144,692 208,416 Time deposits 2,739,241 1,589,210 Total Deposits $ 21,537,623 $ 20,649,538 |
Scheduled Maturities Of Time Deposits | The scheduled maturities of time deposits as of December 31, 2023 were as follows (dollars in thousands): Year 2024 $ 2,180,323 2025 421,029 2026 64,748 2027 16,343 2028 8,429 Thereafter 48,369 Total $ 2,739,241 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings Outstanding | Borrowings as of December 31, 2023 and 2022 and the related maximum amounts outstanding at the end of any month in each of the two years then ended are presented below. December 31 Maximum Outstanding 2023 2022 2023 2022 (dollars in thousands) Federal funds purchased $ 240,000 $ 191,000 $ 862,000 $ 292,000 Federal Home Loan Bank advances 1,100,000 1,250,000 1,720,000 1,250,000 Other borrowings: Short-term promissory notes issued to customers and customer repurchase agreements 611,304 574,394 646,439 574,394 Other repurchase agreements — 315,000 — 315,000 Other borrowings 838 1,179 1,151 — Total other borrowings $ 612,142 $ 890,573 |
Schedule of Senior and Subordinated Debts | The following is included in senior and subordinated debt as of December 31: 2023 2022 (dollars in thousands) Subordinated debt $ 538,778 $ 543,601 Unamortized discounts and issuance costs (3,394) (3,967) Total senior debt and subordinated debt $ 535,384 $ 539,634 |
Schedule of Maturities of Long-term Debt | The following table summarizes the scheduled maturities of senior and subordinated debt with an original maturity of one year or more as of December 31, 2023 (dollars in thousands): Year 2024 $ 168,778 2025 — 2026 — 2027 — 2028 — Thereafter 370,000 Unamortized discounts and issuance costs (3,394) Total $ 535,384 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Notion Amounts and Fair Values of Derivative Financial Instruments | The following table presents a summary of notional amounts and fair values of derivative financial instruments as of December 31: 2023 2022 Notional Asset Notional Asset (dollars in thousands) Interest Rate Locks with Customers Positive fair values $ 119,558 $ 460 $ 70,836 $ 182 Negative fair values 1,015 (2) 4,939 (51) Forward Commitments Positive fair values — — — — Negative fair values 42,000 (854) 10,000 (147) Interest Rate Derivatives with Customers Positive fair values 824,659 22,656 171,317 3,337 Negative fair values 3,784,236 (222,530) 3,802,480 (280,401) Interest Rate Derivatives with Dealer Counterparties (1) Positive fair values 3,784,236 128,235 3,802,480 161,956 Negative fair values 824,659 (23,023) 171,317 (3,703) Interest Rate Derivatives used in Cash Flow Hedges ( 1) Positive fair values 2,500,000 6,189 600,000 1,321 Negative fair values 750,000 — 1,000,000 (12,163) Foreign Exchange Contracts with Customers Positive fair values 4,159 40 11,123 571 Negative fair values 13,353 (446) 3,672 (85) Foreign Exchange Contracts with Correspondent Banks Positive fair values 15,969 532 4,887 101 Negative fair values 6,112 (31) 8,280 (499) (1) Fair values are net of a valuation allowance of $366.3 thousand as of December 31, 2023 and 2022. |
Summary of Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income | The following table presents the effect of cash flow hedge accounting on AOCI for the year ended December 31, 2023 and 2022: Amount of Gain (Loss) Recognized in OCI on Derivative Amount of Gain (Loss) Recognized in OCI Included Component Amount of Gain (Loss) Recognized in OCI Excluded Component Location of Gain (Loss) Recognized from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Amount of Gain (Loss) Reclassified from AOCI into Income Included Component Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component (dollars in thousands) Year ended December 31, 2023 Interest Rate Products $ 19,598 $ 19,598 $ — Interest Income $ (27,546) $ (27,546) $ — Interest Rate Products (10,550) (10,550) — Interest Expense 1,696 1,696 — Total $ 9,048 $ 9,048 $ — $ (25,850) $ (25,850) $ — Year ended December 31, 2022 Interest Rate Products $ (81,400) $ (81,400) $ — Interest Income $ (7,761) $ (7,761) $ — Total $ (81,400) $ (81,400) $ — $ (7,761) $ (7,761) $ — The following table presents the effect of fair value and cash flow hedge accounting on the income statement for the year ended December 31: Consolidated Statements of Income Classification 2023 2022 Interest Income Interest Expense Interest Income Interest Expense (dollars in thousands) Total amounts of income line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded $ (27,546) $ 1,696 $ (7,761) $ — The effects of fair value and cash flow hedging: Amount of gain or (loss) on cash flow hedging relationships — — — — Interest contracts: Amount of gain (loss) reclassified from AOCI into income (27,546) 1,696 (7,761) — Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring — — — — Amount of gain (loss) reclassified from AOCI into income - included component (27,546) 1,696 (7,761) — Amount of gain (loss) reclassified from AOCI into income - excluded component — — — — |
Summary of Fair Value Gains and Losses on Derivative Financial Instruments | The following table presents the fair value gains (losses) on derivative financial instruments for the years ended December 31: Consolidated Statements of Income Classification 2023 2022 2021 (dollars in thousands) Mortgage banking derivatives (1) Mortgage banking $ (380) $ (2,360) $ (3,392) Interest rate derivatives Other income (1,855) — 1,050 Foreign exchange contracts Other income 7 81 (36) Net fair value gains/(losses) on derivative financial instruments $ (2,228) $ (2,279) $ (2,378) (1) Includes interest rate locks with customers and forward commitments. |
Summary of Mortgage Loans Held for Sale | The Corporation has elected to measure mortgage loans held for sale at fair value. The following table presents a summary of mortgage loans held for sale and the impact of the fair value election on the consolidated financial statements as of December 31: 2023 2022 (dollars in thousands) Amortized Cost (1) $ 14,792 $ 7,180 Fair value 15,158 7,264 (1) Cost basis of mortgage loans held for sale represents the unpaid principal balance. |
Offsetting Assets and 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 as of December 31: Gross Amounts Gross Amounts Not Offset Recognized on the Consolidated on the Balance Sheets Consolidated Financial Cash Net Balance Sheets Instruments (1) Collateral (2) Amount (dollars in thousands) 2023 Interest rate derivative assets $ 157,080 $ (15,154) $ — $ 141,926 Foreign exchange derivative assets with correspondent banks 532 (532) — — Total $ 157,612 $ (15,686) $ — $ 141,926 Interest rate derivative liabilities $ 245,553 $ (21,343) $ (93,841) $ 130,369 Foreign exchange derivative liabilities with correspondent banks 31 (532) — (501) Total $ 245,584 $ (21,875) $ (93,841) $ 129,868 2022 Interest rate derivative assets $ 166,614 $ (8,071) $ — $ 158,543 Foreign exchange derivative assets with correspondent banks 101 (101) — — Total $ 166,715 $ (8,172) $ — $ 158,543 Interest rate derivative liabilities $ 296,267 $ (2,771) $ (127,638) $ 165,858 Foreign exchange derivative liabilities with correspondent banks 499 (101) — 398 Total $ 296,766 $ (2,872) $ (127,638) $ 166,256 (1) For interest rate derivative assets, amounts represent any derivative liability fair values that could be offset in the event of counterparty or customer default. For interest rate derivative liabilities, amounts represent any derivative asset fair values that could be offset in the event of counterparty or customer default. (2) Amounts represent cash collateral (pledged by the Corporation) or received from the counterparty on interest rate derivative transactions and foreign exchange contracts with financial institution counterparties. Interest rate derivatives with customers are collateralized by the same collateral securing the underlying loans to those borrowers. Cash collateral amounts are included in the table only to the extent of the net derivative fair values. Cash Flow Hedge Terminations In January 2023, the Corporation terminated interest rate derivatives designated as cash flow hedges with a combined notional amount of $1.0 billion. As the hedged transaction continues to be probable, the unrealized losses that have been recorded in AOCI are recognized as reduction to interest income when the previously forecasted hedged item affects earnings in future periods. During 2023, $22.1 million of these unrealized losses have been reclassified as a reduction of interest income on loans, including fees, on the consolidated statements of income. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Regulatory Matters [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements | he following tables present the Total risk-based, Tier I risk-based, Common Equity Tier I risk-based and Tier I leverage requirements under the Basel III Rules as of December 31: 2023 Actual For Capital Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Total Capital (to Risk-Weighted Assets): Corporation $ 3,184,496 14.0 % $ 1,817,712 8.0 % N/A N/A Fulton Bank, N.A. 2,896,908 12.8 1,809,836 8.0 $ 2,262,295 10.0 % Tier I Capital (to Risk-Weighted Assets): Corporation $ 2,541,819 11.2 % $ 1,363,284 6.0 % N/A N/A Fulton Bank, N.A 2,620,837 11.6 1,357,377 6.0 $ 1,809,836 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets): Corporation $ 2,348,941 10.3% $ 1,022,463 4.5 % N/A N/A Fulton Bank, N.A 2,576,837 11.4 1,018,033 4.5 $ 1,470,492 6.5 % Tier I Leverage Capital (to Average Assets): Corporation $ 2,541,819 9.5% $ 1,072,189 4.0 % N/A N/A Fulton Bank, N.A 2,620,837 9.6 1,089,195 4.0 $ 1,361,494 5.0 % N/A - Not applicable as "well capitalized" applies to banks only. 2022 Actual For Capital Well Capitalized Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) Total Capital (to Risk-Weighted Assets): Corporation $ 3,051,813 13.6 % $ 1,799,138 8.0 % N/A N/A Fulton Bank, N.A. 2,846,302 12.7 1,786,472 8.0 $ 2,233,090 10.0 % Tier I Capital (to Risk-Weighted Assets): Corporation $ 2,447,018 10.9 % $ 1,349,353 6.0 % N/A N/A Fulton Bank, N.A 2,612,363 11.7 1,339,854 6.0 $ 1,786,472 8.0 % Common Equity Tier I Capital (to Risk-Weighted Assets): Corporation $ 2,254,140 10.0% $ 1,012,015 4.5 % N/A N/A Fulton Bank, N.A 2,568,363 11.5 1,004,890 4.5 $ 1,451,508 6.5 % Tier I Leverage Capital (to Average Assets): Corporation $ 2,447,018 9.5 % $ 1,032,543 4.0 % N/A N/A Fulton Bank, N.A 2,612,363 10.1 1,035,915 4.0 $ 1,294,893 5.0 % N/A - Not applicable as "well capitalized" applies to banks only. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income taxes are as follows: 2023 2022 2021 (dollars in thousands) Current tax expense: Federal $ 49,707 $ 44,478 $ 35,692 State 11,137 6,906 10,646 Total current tax expense 60,844 51,384 46,338 Deferred tax (benefit) expense: Federal 3,021 8,974 11,081 State 576 (324) 1,329 Total deferred tax (benefit) expense 3,597 8,650 12,410 Total income tax expense $ 64,441 $ 60,034 $ 58,748 |
Schedule of Effective Income Tax Rate Reconciliation | The differences between the effective income tax rate and the federal statutory income tax rate are as follows: 2023 2022 2021 Statutory tax rate 21.0 % 21.0 % 21.0 % Tax credit investments (1.3) (2.0) (3.0) Tax-exempt income (4.2) (3.5) (3.0) Bank owned life insurance (0.8) (0.7) (0.5) State income taxes, net of federal benefit 2.6 1.2 2.6 Executive compensation 0.3 0.3 0.1 FDIC Premium 0.5 0.3 0.3 Other, net 0.4 0.7 0.1 Effective income tax rate 18.5 % 17.3 % 17.6 % |
Schedule of Deferred Tax Assets and Liabilities | The net DTA recorded by the Corporation is included in other assets and consists of the following tax effects of temporary differences as of December 31: 2023 2022 (dollars in thousands) Deferred tax assets: Unrealized holding losses on securities $ 90,671 $ 110,689 Allowance for credit losses 71,013 65,481 State loss carryforwards 27,948 26,421 Lease liability 21,570 21,264 Other accrued expenses 11,082 10,059 Deferred compensation 10,215 9,014 Intangible assets 7,460 3,023 Stock-based compensation 5,129 4,681 Tax credit carryforwards 4,995 5,146 Other 5,469 5,223 Total gross deferred tax assets $ 255,552 $ 261,001 Deferred tax liabilities: Equipment lease financing 47,345 26,560 Right-of-use-asset 20,022 19,276 MSRs 7,158 7,750 Acquisition premiums/discounts 5,508 5,492 Postretirement and defined benefit plans 3,438 1,755 Tax credit investments 1,747 3,393 Premises and equipment 1,678 5,775 Other — 16 Total gross deferred tax liabilities $ 86,896 $ 70,017 Net deferred tax asset, before valuation allowance 168,656 190,984 Valuation allowance (27,948) (26,421) Net deferred tax asset $ 140,708 $ 164,563 |
Summary of Changes in Unrecognized Tax Benefits | The following table summarizes the changes in unrecognized tax benefits for the years ended December 31: 2023 2022 2021 (dollars in thousands) Balance at beginning of year $ 1,228 $ 1,673 $ 2,151 Current period tax positions 147 112 120 Lapse of statute of limitations (331) (557) (598) Balance at end of year $ 1,044 $ 1,228 $ 1,673 |
Summary of TCIs and Related Unfunded Commitments | The following table presents the balances of the Corporation's TCIs and related unfunded commitments as of December 31: 2023 2022 Included in other assets: (dollars in thousands) Affordable housing tax credit investments, net $ 170,115 $ 161,103 Other tax credit investments, net 35,907 61,077 Total TCIs, net $ 206,022 $ 222,180 Included in other liabilities: Unfunded affordable housing tax credit commitments $ 58,312 $ 53,108 Other tax credit liabilities 28,361 46,814 Total unfunded tax credit commitments and liabilities $ 86,673 $ 99,922 The following table presents other information relating to the Corporation's TCIs for the years ended December 31: 2023 2022 2021 (dollars in thousands) Components of income taxes: Tax credits and benefits $ (28,748) $ (27,154) $ (28,141) Amortization of tax credits and benefits, net of tax benefits 23,446 19,298 17,378 Deferred tax expense 610 766 639 Total reduction in income tax expense $ (4,692) $ (7,090) $ (10,124) Amortization of TCIs: Total amortization of TCIs $ — $ 2,783 $ 6,187 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Weighted Average Common Shares Outstanding | A reconciliation of weighted average common shares outstanding used to calculate basic and diluted net income per share follows: 2023 2022 2021 (in thousands) Weighted average common shares outstanding (basic) 165,241 164,119 162,233 Impact of common stock equivalents 1,528 1,353 1,074 Weighted average common shares outstanding (diluted) 166,769 165,472 163,307 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accumulated Other Comprehensive Income [Abstract] | |
Schedule of Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents the components of other comprehensive income (loss) for the years ended December 31: Before-Tax Amount Tax Effect Net of Tax Amount (dollars in thousands) 2023 Unrealized gain (loss) on securities $ 46,572 $ (10,549) $ 36,023 Reclassification adjustment for securities gains (losses) included in net income (1) (733) 166 (567) Amortization of net unrealized gains (losses) on AFS transferred to HTM (2) 7,644 (1,731) 5,913 Net unrealized holding gains (loss) arising during the period on interest rate derivatives used in cash flow hedges 9,048 (2,050) 6,998 Reclassification adjustment for net loss (gain) realized in net income on interest rate derivatives used in cash flow hedges 25,850 (5,855) 19,995 Unrecognized pension and postretirement income (cost) 6,162 (1,385) 4,777 Amortization of net unrecognized pension and postretirement items (3) 73 (16) 57 Total Other Comprehensive Income $ 94,616 $ (21,420) $ 73,196 2022 Unrealized gain (loss) on securities $ (403,606) $ 91,437 $ (312,169) Reclassification adjustment for securities gains (losses) included in net income (1) (27) 7 (20) Amortization of net unrealized gains (losses) on AFS transferred to HTM (2) (57,509) 13,026 (44,483) Net unrealized holding gain (loss) arising during the period on interest rate derivatives used in cash flow hedges (81,400) 18,437 (62,963) Reclassification adjustment for net loss (gain) realized in net income on interest rate derivatives used in cash flow hedges 7,761 (1,757) 6,004 Unrecognized pension and postretirement income (cost) 825 (181) 644 Amortization of net unrecognized pension and postretirement items (3) 128 (28) 100 Total Other Comprehensive (Loss) $ (533,828) $ 120,941 $ (412,887) 2021 Unrealized gain (loss) on securities $ (23,222) $ 5,274 $ (17,948) Reclassification adjustment for securities gains (losses) included in net income (1) (33,516) 7,611 (25,905) Amortization of net unrealized gains (losses) on AFS transferred to HTM (2) 3,485 (795) 2,690 Net unrealized holding gains (loss) arising during the period on interest rate derivatives used in cash flow hedges (3,452) 782 (2,670) Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges (2,776) 629 (2,147) Unrecognized pension and postretirement income (cost) 9,147 (2,003) 7,144 Amortization of net unrecognized pension and postretirement items (3) 1,480 (324) 1,156 Total Other Comprehensive Income (Loss) $ (48,854) $ 11,174 $ (37,680) A (1) Amounts reclassified out of AOCI. Before-tax amounts included in "Investment securities gains, net" on the Consolidated Statements of Income. See "Note 4 - Investment Securities," for additional details. (2) Amounts reclassified out of AOCI. Before-tax amounts included as a reduction to "Interest Income" on the Consolidated Statements of Income. (3) Amounts reclassified out of AOCI. Before-tax amounts included in "Salaries and employee benefits" on the Consolidated Statements of Income. See "Note 17 - Employee Benefit Plans," for additional details. |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents changes in each component of accumulated other comprehensive income (loss), net of tax, for the years ended December 31: Unrealized Gains (Losses) on Investment Securities Net Unrealized Gain (Loss) on Interest Rate Derivatives used in Cash Flow Hedges Unrecognized Pension and Postretirement Plan Income (Costs) Total (dollars in thousands) Balance at December 31, 2020 $ 81,604 $ — $ (16,513) $ 65,091 OCI before reclassifications (17,948) — 7,144 (10,804) Amounts reclassified from AOCI gain (loss) (25,905) (4,817) 1,156 (29,566) Amortization of net unrealized gains (losses) on AFS securities transferred to HTM 2,690 — — 2,690 Balance at December 31, 2021 40,441 (4,817) (8,213) 27,411 OCI before reclassifications (312,169) (62,963) 644 (374,488) Amounts reclassified from AOCI (20) 6,004 100 6,084 Amortization of net unrealized gains (losses) on AFS securities transferred to HTM (44,483) — — (44,483) Balance at December 31, 2022 (316,231) (61,776) (7,469) (385,476) OCI before reclassifications 36,023 6,998 4,777 47,798 Amounts reclassified from AOCI (567) 19,995 57 19,485 Amortization of net unrealized gains (losses) on AFS securities transferred to HTM 5,913 — — 5,913 Balance at December 31, 2023 $ (274,862) $ (34,783) $ (2,635) $ (312,280) |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Compensation Expense and Related Tax Benefits | The following table presents compensation expense and related tax benefits for all equity awards recognized in the consolidated statements of income for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 (dollars in thousands) Compensation expense $ 11,265 $ 15,081 $ 9,264 Tax benefit (2,484) (2,690) (2,027) Total stock-based compensation, net of tax $ 8,781 $ 12,391 $ 7,237 |
Stock Option Activity | The following table provides information about stock option activity for the year ended December 31, 2023: Stock Weighted Weighted Aggregate Outstanding and exercisable as of December 31, 2022 108,464 $ 12.11 Granted — — Exercised (68,134) 11.81 Forfeited — — Expired (195) 11.58 Outstanding and exercisable as of December 31, 2023 40,135 $ 12.61 0.3 years $ 0.2 |
Schedule Of Options Exercised | The following table presents information about stock options exercised for the years ended December 31, 2023, 2022 and 2021: 2023 2022 2021 (dollars in thousands) Number of options exercised 68,134 130,503 148,670 Total intrinsic value of options exercised $ 249 $ 842 $ 801 Cash received from options exercised $ 805 $ 1,402 $ 1,651 Tax benefit from options exercised $ 47 $ 163 $ 155 |
Schedule of Nonvested Share Activity | The following table provides information about nonvested restricted stock, RSUs and PSUs granted under the Employee Equity Plan and Directors' Plan for the year ended December 31, 2023: Restricted Stock/RSUs/PSUs (1) Shares Weighted Nonvested as of December 31, 2022 2,524,196 $ 14.16 Granted 1,026,492 11.85 Vested (806,481) 11.79 Forfeited (81,736) 13.21 Nonvested as of December 31, 2023 2,662,471 $ 14.24 (1) There were no nonvested stock options at December 31, 2023 or 2022. |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of certain PSUs with market-based performance conditions granted under the Employee Equity Plan was estimated on the grant date using the Monte Carlo valuation methodology performed by a third-party valuation expert. This valuation is dependent upon certain assumptions, as summarized in the following table: 2023 2022 2021 Risk-free interest rate 3.84 % 2.84 % 0.25 % Volatility of Corporation’s stock 35.63 % 43.46 % 42.55 % Expected life of PSUs 3 years 3 years 3 years |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The following table summarizes activity under the ESPP: 2023 2022 2021 ESPP shares purchased 162,667 134,645 134,156 Average purchase price per share (85% of market value) $ 11.68 $ 14.06 $ 13.92 Compensation expense recognized (in thousands) $ 348 $ 334 $ 329 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Costs of Retirement Plans | The following summarizes retirement plan expense for the years ended December 31: 2023 2022 2021 (dollars in thousands) 401(k) Retirement Plan $ 11,930 $ 10,988 $ 10,338 Pension Plan 464 (1,347) 217 Total $ 12,394 $ 9,641 $ 10,555 |
Multiemployer Plan | Information regarding the Prudential Bancorp Pension Plan as of December 31, 2023 is as follows: Legal Name of Plan Pentegra Defined Benefit Plan for Financial Institutions (dollars in thousands) Plan Employer Identification Number 23-1928421 The Corporation's contribution for the year ended December 31, 2023 (1) $ 358 Are the Corporation's contributions more than 5% of total contributions? No Funded Status 80.12 % (1) Includes 2024 prepayment of $140 thousand. |
Pension Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost | The net periodic pension cost for the Pension Plan, as determined by consulting actuaries, consisted of the following components for the years ended December 31: 2023 2022 2021 (dollars in thousands) Interest cost $ 3,269 $ 2,393 $ 2,244 Expected return on assets (3,436) (4,393) (4,044) Net amortization and deferral 631 653 2,017 Net periodic pension cost $ 464 $ (1,347) $ 217 |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | The following table summarizes the changes in the projected benefit obligation and fair value of Pension Plan assets for the plan years ended December 31: 2023 2022 (dollars in thousands) Projected benefit obligation at beginning of year $ 68,716 $ 87,530 Interest cost 3,269 2,393 Benefit payments (4,687) (4,502) Change in assumptions 1,492 (17,131) Experience gain 162 426 Projected benefit obligation at end of year $ 68,952 $ 68,716 Fair value of plan assets at beginning of year $ 78,137 $ 94,115 Actual return on plan assets 11,209 (11,476) Benefit payments (4,687) (4,502) Fair value of plan assets at end of year $ 84,659 $ 78,137 |
Schedule of Net Funded Status | The following table presents the funded status of the Pension Plan, included in other assets and other liabilities on the consolidated balance sheets, as of December 31: 2023 2022 (dollars in thousands) Projected benefit obligation $ (68,952) $ (68,716) Fair value of plan assets 84,659 78,137 Funded status $ 15,707 $ 9,421 |
Schedule Of Changes In Unrecognized Pension And Postretirement Items | The following table summarizes the changes in the unrecognized net loss included as a component of AOCI: Unrecognized Net Loss Before tax Net of tax (dollars in thousands) Balance as of December 31, 2021 $ 13,558 $ 10,545 Recognized as a component of 2022 periodic pension cost (653) (510) Unrecognized losses arising in 2022 (835) (651) Balance as of December 31, 2022 12,070 9,384 Recognized as a component of 2023 periodic pension cost (631) (492) Unrecognized losses arising in 2023 (6,119) (4,775) Balance as of December 31, 2023 $ 5,320 $ 4,117 |
Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations | The following rates were used to calculate the net periodic pension cost and the present value of benefit obligations as of December 31: 2023 2022 2021 Discount rate-projected benefit obligation 4.73 % 4.93 % 2.80 % Expected long-term rate of return on plan assets 5.00 % 5.00 % 5.00 % |
Schedule of Allocation of Plan Assets | The following table presents a summary of the fair values of the Pension Plan's assets as of December 31: 2023 2022 Estimated % of Total Estimated % of Total (dollars in thousands) Equity mutual funds $ 27,998 $ 23,338 Equity common trust funds 20,246 16,919 Equity securities 48,244 57.0 % 40,257 51.5 % Cash and money market funds 6,276 9,102 Fixed income mutual funds 12,639 15,252 Corporate debt securities 2,600 2,324 U.S. Government agency securities 9,908 7,041 Fixed income securities and cash 31,423 37.1 % 33,719 43.2 % Other alternative investment funds 4,992 5.9 % 4,161 5.3 % Total $ 84,659 100.0 % $ 78,137 100.0 % |
Schedule of Expected Benefit Payments | Estimated future benefit payments are as follows (in thousands): Year 2024 $ 4,799 2025 4,852 2026 4,942 2027 5,007 2028 5,002 Thereafter 24,638 Total $ 49,240 |
Other Postretirement Benefit Plans | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Summary of Pension Plan and Postretirement Plan Net Periodic Benefit Cost | The components of the net benefit for Postretirement Plan other than pensions are as follows: 2023 2022 2021 (dollars in thousands) Interest cost $ 42 $ 34 $ 32 Net amortization and deferral (558) (525) (536) Net postretirement benefit $ (516) $ (491) $ (504) |
Schedule of Changes in Accumulated Postemployment Benefit Obligations | This table summarizes the changes in the accumulated postretirement benefit obligation for the years ended December 31: 2023 2022 (dollars in thousands) Accumulated postretirement benefit obligation at beginning of year $ 972 $ 1,244 Interest cost 42 34 Benefit payments (147) (155) Change in experience (31) 51 Change in assumptions 8 (202) Accumulated postretirement benefit obligation at end of year $ 844 $ 972 |
Schedule Of Changes In Unrecognized Pension And Postretirement Items | The following table summarizes the changes in items recognized as a component of accumulated other comprehensive income (loss): Before tax Unrecognized Unrecognized Total Net of tax (dollars in thousands) Balance as of December 31, 2021 $ (2,548) $ (729) $ (3,277) $ (2,556) Recognized as a component of 2022 postretirement cost 464 61 525 410 Unrecognized gains arising in 2022 — (150) (150) (118) Balance as of December 31, 2022 (2,084) (818) (2,902) (2,264) Recognized as a component of 2023 postretirement cost 464 94 558 435 Unrecognized gains arising in 2023 — (23) (23) (18) Balance as of December 31, 2023 $ (1,620) $ (747) $ (2,367) $ (1,847) |
Schedule Of Rates Used To Calculate Net Periodic Pension Costs And Present Value Of Benefit Obligations | The following rates were used to calculate net periodic postretirement benefit cost and the present value of benefit obligations as of December 31: 2023 2022 2021 Discount rate-projected benefit obligation 4.73 % 4.93 % 2.80 % Expected long-term rate of return on plan assets 3.00 % 3.00 % 3.00 % |
Schedule of Expected Benefit Payments | Estimated future benefit payments under the Postretirement Plan are as follows (dollars in thousands): Year 2024 $ 134 2025 122 2026 110 2027 99 2028 88 Thereafter 304 Total $ 857 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Lease Cost and Supplemental Information | The following table presents the components of lease expense, which is included in net occupancy expense on the consolidated statements of income (dollars in thousands): 2023 2022 2021 Operating lease expense $ 19,372 $ 17,766 $ 16,345 Variable lease expense 3,160 3,017 1,384 Sublease income (1,111) (964) (860) Total lease expense $ 21,421 $ 19,819 $ 16,869 Supplemental cash flow information related to operating leases was as follows (dollars in thousands): 2023 2022 Cash paid for amounts included in the measurement of lease liabilities $ 20,898 $ 19,405 ROU assets obtained in exchange for lease obligations 20,184 18,715 |
Supplemental Balance Sheet Information | Supplemental consolidated balance sheet information related to leases was as follows as of December 31 (dollars in thousands): Operating Leases Balance Sheet Classification 2023 2022 ROU assets Other assets $ 88,188 $ 85,103 Lease liabilities Other liabilities $ 95,230 $ 93,883 Weighted average remaining lease term 6.48 years 6.75 years Weighted average discount rate 3.34 % 2.89 % |
Lease Payment Obligations | Lease payment obligations for each of the next five years and thereafter, with a reconciliation to the Corporation's lease liability were as follows (dollars in thousands): Year Operating Leases 2024 $ 20,391 2025 18,299 2026 16,603 2027 14,204 2028 11,022 Thereafter 25,948 Total lease payments 106,467 Less: imputed interest (11,237) Present value of lease liabilities $ 95,230 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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: 2023 Level 1 Level 2 Level 3 Total (dollars in thousands) Loans held for sale $ — $ 15,158 $ — $ 15,158 Available for sale investment securities: U.S. Government securities 42,161 — — 42,161 U.S. Government-sponsored agency securities — 1,010 — 1,010 State and municipal securities — 1,072,013 — 1,072,013 Corporate debt securities — 440,551 — 440,551 Collateralized mortgage obligations — 111,434 — 111,434 Residential mortgage-backed securities — 196,795 — 196,795 Commercial mortgage-backed securities — 534,388 — 534,388 Total available for sale investment securities 42,161 2,356,191 — 2,398,352 Other assets: Investments held in Rabbi Trust 29,819 — — 29,819 Derivative assets 572 157,540 — 158,112 Total assets $ 72,552 $ 2,528,889 $ — $ 2,601,441 Other liabilities: Deferred compensation liabilities $ 29,819 $ — $ — $ 29,819 Derivative liabilities 477 246,157 — 246,634 Total liabilities $ 30,296 $ 246,157 $ — $ 276,453 2022 Level 1 Level 2 Level 3 Total (dollars in thousands) Loans held for sale $ — $ 7,264 $ — $ 7,264 Available for sale investment securities: U.S. Government securities 218,485 — — 218,485 U.S. Government-sponsored agency securities — 1,008 — 1,008 State and municipal securities — 1,105,712 — 1,105,712 Corporate debt securities — 422,309 — 422,309 Collateralized mortgage obligations — 134,033 — 134,033 Residential mortgage-backed securities — 212,698 — 212,698 Commercial mortgage-backed securities — 552,522 — 552,522 Total available for sale investment securities 218,485 2,428,282 — 2,646,767 Other assets: Investments held in Rabbi Trust 23,435 — — 23,435 Derivative assets 672 166,796 — 167,468 Total assets $ 242,592 $ 2,602,342 $ — $ 2,844,934 Other liabilities: Deferred compensation liabilities $ 23,435 $ — $ — $ 23,435 Derivative liabilities 584 296,465 — 297,049 Total liabilities $ 24,019 $ 296,465 $ — $ 320,484 |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis | : 2023 2022 (dollars in thousands) Loans, net $ 102,135 $ 121,115 OREO 896 5,790 MSRs (1) 49,696 50,044 Total assets $ 152,727 $ 176,949 (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 8 - Mortgage Servicing Rights" for additional information. |
Fair Value Measurement Inputs and Valuation Techniques | Changes in any of those inputs, in isolation, could result in a significantly different fair value measurement, as depicted in the table below: Significant Input Scenario Shock % Change in Valuation Prepayment Rate + 15% (4)% Prepayment Rate - 15% 4% Discount Rate - 200 bps 10% Discount Rate + 200 bps (8)% |
Details of Book Value and Fair Value of Financial Instruments | The following table details the book values and the estimated fair values of the Corporation's financial instruments as of December 31, 2023 and 2022. A general description of the methods and assumptions used to estimate such fair values is also provided. 2023 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total FINANCIAL ASSETS (dollars in thousands) Cash and cash equivalents $ 549,710 $ 549,710 $ — $ — $ 549,710 FRB and FHLB stock 124,405 — 124,405 — 124,405 Loans held for sale 15,158 — 15,158 — 15,158 AFS securities 2,398,352 42,161 2,356,191 — 2,398,352 HTM securities 1,267,922 — 1,072,207 — 1,072,207 Loans, net 21,057,690 — — 19,930,560 19,930,560 Accrued interest receivable 107,972 107,972 — — 107,972 Other assets 661,067 452,935 157,540 50,592 661,067 FINANCIAL LIABILITIES Demand and savings deposits $ 17,653,690 $ 17,653,690 $ — $ — $ 17,653,690 Brokered deposits 1,144,692 145,987 999,392 — 1,145,379 Time deposits 2,739,241 — 2,714,709 — 2,714,709 Accrued interest payable 35,083 35,083 — — 35,083 Federal funds purchased 240,000 240,000 — — 240,000 Federal Home Loan Bank advances 1,100,000 1,094,013 — — 1,094,013 Senior debt and subordinated debt 535,384 — 463,270 — 463,270 Other borrowings 612,142 611,269 837 — 612,106 Other liabilities 429,046 165,635 246,157 17,254 429,046 2022 Estimated Fair Value Carrying Amount Level 1 Level 2 Level 3 Total FINANCIAL ASSETS (dollars in thousands) Cash and cash equivalents $ 681,921 $ 681,921 $ — $ — $ 681,921 FRB and FHLB stock 130,186 — 130,186 — 130,186 Loans held for sale 7,264 — 7,264 — 7,264 AFS securities 2,646,767 218,485 2,428,282 — 2,646,767 HTM securities 1,321,256 — 1,125,049 — 1,125,049 Loans, net 20,010,181 — — 18,862,701 18,862,701 Accrued interest receivable 91,579 91,579 — — 91,579 Other assets 642,049 419,419 166,796 55,834 642,049 FINANCIAL LIABILITIES Demand and savings deposits $ 18,851,912 $ 18,851,912 $ — $ — $ 18,851,912 Brokered deposits 208,416 188,416 25,085 — 213,501 Time deposits 1,589,210 — 1,574,747 — 1,574,747 Accrued interest payable 10,185 10,185 — — 10,185 Federal funds purchased 191,000 190,998 — — 190,998 Federal Home Loan Bank advances 1,250,000 1,249,629 — — 1,249,629 Senior debt and subordinated debt 539,634 — 456,867 — 456,867 Other borrowings 890,573 889,393 1,180 — 890,573 Other liabilities 467,705 154,912 296,465 16,328 467,705 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Outstanding Commitments to Extend Credit and Letters of Credit | The following table presents the Corporation's commitments to extend credit and letters of credit: 2023 2022 (dollars in thousands) Commercial and industrial $ 4,929,981 $ 4,832,858 Real estate - commercial mortgage and real estate - construction 1,867,830 1,972,505 Real estate - home equity 1,992,700 1,890,258 Total commitments to extend credit $ 8,790,511 $ 8,695,621 Standby letters of credit $ 264,440 $ 260,829 Commercial letters of credit 67,396 49,288 Total letters of credit $ 331,836 $ 310,117 |
Condensed Financial Informati_2
Condensed Financial Information - Parent Company Only (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information Parent Only | CONDENSED BALANCE SHEETS December 31, 2023 2022 (dollars in thousands) ASSETS Cash and cash equivalents $ 171,433 $ 169,208 Other assets 62,500 58,497 Receivable from subsidiaries 276,215 194,869 Investments in: Bank subsidiary 2,794,106 2,708,663 Non-bank subsidiaries 42,496 38,348 Total Assets $ 3,346,750 $ 3,169,585 LIABILITIES AND EQUITY Senior and subordinated debt $ 535,384 $ 539,634 Other liabilities 51,227 50,194 Total Liabilities 586,611 589,828 Shareholders' equity 2,760,139 2,579,757 Total Liabilities and Shareholders' Equity $ 3,346,750 $ 3,169,585 CONDENSED STATEMENTS OF INCOME 2023 2022 2021 (dollars in thousands) Income: Dividends from subsidiaries $ 300,000 $ 207,000 $ 469,339 Other 794 725 258 300,794 207,725 469,597 Expenses 37,448 51,887 58,527 Income before income taxes and equity in undistributed net income of subsidiaries 263,346 155,838 411,070 Income tax benefit (7,861) (12,331) (12,516) 271,207 168,169 423,586 Equity in undistributed net income (loss) of: Bank subsidiaries 8,932 121,388 (133,157) Non-bank subsidiaries 4,141 (2,576) (14,932) Net Income 284,280 286,981 275,497 Preferred stock dividends (10,248) (10,248) (10,277) Net Income Available to Common Shareholders $ 274,032 $ 276,733 $ 265,220 CONDENSED STATEMENTS OF CASH FLOWS 2023 2022 2021 (dollars in thousands) Cash Flows From Operating Activities: Net Income $ 284,280 $ 286,981 $ 275,497 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of issuance costs and discount of long-term debt 750 724 1,846 Stock-based compensation 12,540 14,000 8,402 Net change in other assets (37,591) 44,790 119,822 Equity in undistributed net (income) loss of subsidiaries (13,073) (120,213) 148,091 Write-off of unamortized costs on trust preferred securities — — 12,390 Net change in other liabilities and payable to non-bank subsidiaries (50,047) (198,349) 78,716 Total adjustments (87,421) (259,048) 369,267 Net cash provided by operating activities 196,859 27,933 644,764 Cash Flows From Investing Activities Net cash paid for acquisition — (21,811) — Net cash used in investing activities — (21,811) — Cash Flows From Financing Activities: Repayments of long-term borrowings (5,000) (81,496) (153,612) Net proceeds from issuance of common stock 3,160 7,876 7,437 Dividends paid (115,738) (116,009) (112,028) Acquisition of treasury stock (77,056) — (43,909) Net cash used in financing activities (194,634) (189,629) (302,112) Net increase (decrease) in Cash and Cash Equivalents 2,225 (183,507) 342,652 Cash and Cash Equivalents at Beginning of Year 169,208 352,715 10,063 Cash and Cash Equivalents at End of Year $ 171,433 $ 169,208 $ 352,715 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Days past due for nonaccrual status | 90 days | |
Change in retained earnings | $ 1,619,300 | $ 1,450,758 |
Change in ACL for certain OBS credit exposure | $ 2,700 | 6,000 |
Financing receivable, obtaining certified third-party appraisal for impaired loans, period | 12 months | |
Extension term of leases | 5 years | |
Business Combinations [Abstract] | ||
Foreign currency open position | $ 500 | |
Building and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 50 years | |
Furniture and Fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 8 years | |
Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life | 7 years | |
Consumer Loan | ||
Property, Plant and Equipment [Line Items] | ||
Number of days closed end consumer loans are charged off when they become past due | 120 days | |
Number of days open end consumer loans are charged off when they become past due | 180 days | |
Residential mortgage | ||
Property, Plant and Equipment [Line Items] | ||
Change in ACL for certain OBS credit exposure | $ 1,800 | $ 1,400 |
Employee Equity Plan | ||
Business Combinations [Abstract] | ||
Award vesting period | 3 years | |
Directors' Plan | ||
Business Combinations [Abstract] | ||
Award vesting period | 1 year | |
Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Remaining lease term of operating leases | 1 year | |
Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Remaining lease term of operating leases | 20 years |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jul. 01, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||||
Goodwill resulting from the Merger | $ 553,346 | $ 550,539 | $ 534,266 | |
Prudential | ||||
Business Acquisition [Line Items] | ||||
Percent of outstanding common stock acquired | 100% | |||
Goodwill resulting from the Merger | $ 19,081 | |||
Investment securities | 287,126 | |||
Loans | $ 554,091 |
Business Combinations - Schedul
Business Combinations - Schedule of Consideration Transferred and Fair Value of Identifiable Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Jul. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Goodwill resulting from the Merger | $ 553,346 | $ 550,539 | $ 534,266 | |
Prudential | ||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||||
Common stock shares issued (6,208,516) | $ 89,713 | |||
Cash paid to Prudential Bancorp shareholders | 29,343 | |||
Value of consideration | 119,056 | |||
Cash and due from banks | 7,533 | |||
Investment securities | 287,126 | |||
Loans | 554,091 | |||
Premises and equipment | 8,574 | |||
Other assets | 73,303 | |||
Total assets | 930,627 | |||
Deposits | 532,170 | |||
Borrowings(1) | 284,000 | |||
Other liabilities | 14,482 | |||
Total liabilities | 830,652 | |||
Net assets acquired: | 99,975 | |||
Goodwill resulting from the Merger | $ 19,081 | |||
Common shares issued (in shares) | 6,208,516 | |||
Intercompany borrowing | $ 30,500 |
Business Combinations - Goodwil
Business Combinations - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Jul. 01, 2022 | Dec. 31, 2021 | |
Goodwill [Roll Forward] | ||||
Goodwill | $ 553,346 | $ 550,539 | $ 534,266 | |
Prudential | ||||
Goodwill [Roll Forward] | ||||
Goodwill from the Merger | $ 2,807 | $ 16,273 | ||
Goodwill | $ 19,081 |
Restrictions on Cash and Cash_2
Restrictions on Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Cash and Due from Banks [Abstract] | ||
Collateral | $ 17.4 | $ 13.9 |
Investment Securities Schedule
Investment Securities Schedule of Amortized Cost and Fair Values of Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available for Sale | ||
Amortized Cost | $ 2,698,259 | $ 2,992,513 |
Gross Unrealized Gains | 1,569 | 301 |
Gross Unrealized Losses | (301,476) | (346,047) |
Estimated Fair Value | 2,398,352 | 2,646,767 |
Held to Maturity | ||
Amortized Cost | 1,267,922 | 1,321,256 |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (195,715) | |
Estimated Fair Value | 1,072,207 | |
U.S. Government securities | ||
Available for Sale | ||
Amortized Cost | 42,475 | 226,140 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (314) | (7,655) |
Estimated Fair Value | 42,161 | 218,485 |
U.S. Government-sponsored agency securities | ||
Available for Sale | ||
Amortized Cost | 1,038 | 1,050 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (28) | (42) |
Estimated Fair Value | 1,010 | 1,008 |
State and municipal securities | ||
Available for Sale | ||
Amortized Cost | 1,200,571 | 1,284,245 |
Gross Unrealized Gains | 1,089 | 283 |
Gross Unrealized Losses | (129,647) | (178,816) |
Estimated Fair Value | 1,072,013 | 1,105,712 |
Held to Maturity | ||
Amortized Cost | 1,321,256 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (196,207) | |
Estimated Fair Value | 1,125,049 | |
Corporate debt securities | ||
Available for Sale | ||
Amortized Cost | 480,714 | 459,792 |
Gross Unrealized Gains | 473 | 0 |
Gross Unrealized Losses | (40,636) | (37,483) |
Estimated Fair Value | 440,551 | 422,309 |
Collateralized mortgage obligations | ||
Available for Sale | ||
Amortized Cost | 122,824 | 147,155 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (11,390) | (13,122) |
Estimated Fair Value | 111,434 | 134,033 |
Residential mortgage-backed securities | ||
Available for Sale | ||
Amortized Cost | 223,273 | 242,527 |
Gross Unrealized Gains | 7 | 18 |
Gross Unrealized Losses | (26,485) | (29,847) |
Estimated Fair Value | 196,795 | 212,698 |
Held to Maturity | ||
Amortized Cost | 407,075 | 457,325 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (51,805) | (57,480) |
Estimated Fair Value | 355,270 | 399,845 |
Commercial mortgage-backed securities | ||
Available for Sale | ||
Amortized Cost | 627,364 | 631,604 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (92,976) | (79,082) |
Estimated Fair Value | 534,388 | 552,522 |
Held to Maturity | ||
Amortized Cost | 860,847 | 863,931 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (143,910) | (138,727) |
Estimated Fair Value | $ 716,937 | $ 725,204 |
Investment Securities Narrative
Investment Securities Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 01, 2022 | |
HTM, at amortized cost | $ 1,267,922 | $ 1,321,256 | ||
Estimated Fair Value | 1,072,207 | |||
Proceeds from sales of AFS securities | 213,424 | 196,411 | $ 359,137 | |
fair value of AFS securities transferred to HTM | $ 415,200 | |||
Amortize value of securities transferred from AFS to HTM | $ 479,000 | |||
Collateral Pledged | ||||
Available-for-sale securities pledged as collateral | $ 400,000 | 1,100,000 | ||
State and municipal securities | ||||
HTM, at amortized cost | 1,321,256 | |||
Estimated Fair Value | $ 1,125,049 |
Investment Securities Schedul_2
Investment Securities Schedule of Amortized Cost and Fair Values of Debt Securities by Contractual Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Available for Sale | ||
Due in one year or less | $ 49,267 | |
Due from one year to five years | 153,550 | |
Due from five years to ten years | 508,237 | |
Due after ten years | 1,013,744 | |
Amortized cost, before securities without debt maturities | 1,724,798 | |
Amortized Cost | 2,698,259 | $ 2,992,513 |
Estimated Fair Value | ||
Due in one year or less | 49,022 | |
Due from one year to five years | 147,521 | |
Due from five years to ten years | 471,086 | |
Due after ten years | 888,106 | |
Available for sale securities, debt maturities, before securities without single maturities | 1,555,735 | |
Estimated Fair Value | 2,398,352 | 2,646,767 |
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 | 1,267,922 | 1,321,256 |
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 | 1,072,207 | |
Residential mortgage-backed securities | ||
Available for Sale | ||
Available-for-sale securities, amortized cost without single maturity date | 223,273 | |
Amortized Cost | 223,273 | 242,527 |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 196,795 | |
Estimated Fair Value | 196,795 | 212,698 |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 407,075 | |
Amortized Cost | 407,075 | 457,325 |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 355,270 | |
Estimated Fair Value | 355,270 | 399,845 |
Commercial mortgage-backed securities | ||
Available for Sale | ||
Available-for-sale securities, amortized cost without single maturity date | 627,364 | |
Amortized Cost | 627,364 | 631,604 |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 534,388 | |
Estimated Fair Value | 534,388 | 552,522 |
Amortized Cost | ||
Debt securities, held-to-maturity, maturity, without single maturity date, amortized cost | 860,847 | |
Amortized Cost | 860,847 | 863,931 |
Estimated Fair Value | ||
Debt securities, held-to-maturity, maturity, without single maturity date, fair value | 716,937 | |
Estimated Fair Value | 716,937 | 725,204 |
Collateralized mortgage obligations | ||
Available for Sale | ||
Available-for-sale securities, amortized cost without single maturity date | 122,824 | |
Amortized Cost | 122,824 | 147,155 |
Estimated Fair Value | ||
Available-for-sale securities, debt maturities, without single maturity date, fair value | 111,434 | |
Estimated Fair Value | 111,434 | $ 134,033 |
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 |
Investment Securities Summary o
Investment Securities Summary of Gains and Losses from Equity and Debt Securities, and Losses from Other-than-Temporary Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross Realized Gains | $ 283 | $ 1,587 | $ 35,593 |
Gross Realized Losses | (1,016) | (1,614) | (2,077) |
Net Gains (Losses) | $ (733) | $ (27) | $ 33,516 |
Investment Securities Gross Unr
Investment Securities Gross Unrealized Losses and Fair Values of Investments by Category and Length of Time in a Continuous Unrealized Loss Position (Details) $ in Thousands | Dec. 31, 2023 USD ($) position | Dec. 31, 2022 USD ($) position |
Available for Sale | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 146,416 | $ 2,108,595 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3,240) | (256,382) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,145,336 | 477,373 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (298,236) | (89,665) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,291,752 | 2,585,968 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (301,476) | $ (346,047) |
Debt securities, available for sale, number of positions | position | 727 | 782,000,000 |
Held to Maturity | ||
Estimated Fair Value, Less Than 12 Months | $ 0 | $ 504,922 |
Unrealized Losses, Less Than 12 Months | 0 | (38,304) |
Estimated Fair Value, 12 Months or Longer | 1,072,207 | 620,127 |
Unrealized Losses, 12 Months or Longer | (195,715) | (157,903) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 1,072,207 | 1,125,049 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ (195,715) | $ (196,207) |
Debt securities, held-to-maturity, number of positions | position | 180 | 180,000,000 |
U.S. Government securities | ||
Available for Sale | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 0 | $ 96,906 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (2,814) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 42,161 | 121,579 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (314) | (4,841) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 42,161 | 218,485 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (314) | (7,655) |
US Government Agencies Debt Securities | ||
Available for Sale | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 1,008 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (42) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,010 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (28) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,010 | 1,008 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (28) | (42) |
State and municipal securities | ||
Available for Sale | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 76,155 | 995,122 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (858) | (157,397) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 917,274 | 61,089 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (128,789) | (21,419) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 993,429 | 1,056,211 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (129,647) | (178,816) |
Corporate debt securities | ||
Available for Sale | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 42,945 | 376,398 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,326) | (31,333) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 370,523 | 37,157 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (39,310) | (6,150) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 413,468 | 413,555 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (40,636) | (37,483) |
Collateralized mortgage obligations | ||
Available for Sale | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 113,191 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (7,650) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 111,434 | 20,842 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (11,390) | (5,472) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 111,434 | 134,033 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (11,390) | (13,122) |
Residential mortgage-backed securities | ||
Available for Sale | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 409 | 154,861 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3) | (18,301) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 195,453 | 55,293 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (26,482) | (11,546) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 195,862 | 210,154 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (26,485) | (29,847) |
Held to Maturity | ||
Estimated Fair Value, Less Than 12 Months | 0 | 246,667 |
Unrealized Losses, Less Than 12 Months | 0 | (14,275) |
Estimated Fair Value, 12 Months or Longer | 355,270 | 153,178 |
Unrealized Losses, 12 Months or Longer | (51,805) | (43,205) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 355,270 | 399,845 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (51,805) | (57,480) |
Commercial mortgage-backed securities | ||
Available for Sale | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 26,907 | 371,109 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,053) | (38,845) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 507,481 | 181,413 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (91,923) | (40,237) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 534,388 | 552,522 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (92,976) | (79,082) |
Held to Maturity | ||
Estimated Fair Value, Less Than 12 Months | 0 | 258,255 |
Unrealized Losses, Less Than 12 Months | 0 | (24,029) |
Estimated Fair Value, 12 Months or Longer | 716,937 | 466,949 |
Unrealized Losses, 12 Months or Longer | (143,910) | (114,698) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 716,937 | 725,204 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | $ (143,910) | $ (138,727) |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Summary Of Gross Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | $ 21,351,094 | $ 20,279,547 |
Real estate - commercial mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 8,127,728 | 7,693,835 |
Commercial and Industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 4,545,552 | 4,473,004 |
Unearned income | 41 | 4,500 |
Real estate – residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 5,325,923 | 4,737,279 |
Real-estate - home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 1,047,184 | 1,102,838 |
Real-estate - construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 1,239,075 | 1,269,925 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 729,318 | 699,179 |
Leases and other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 336,314 | 303,487 |
Leases and other loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Net loans | 336,314 | 303,487 |
Unearned income | $ 38,000 | $ 24,800 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Loans and leases receivable, related parties | $ 162,500 | $ 126,300 |
Proceeds from related party debt | $ 45,400 | |
Repayments of related party debt | $ 9,200 | |
Impaired loans with principal balances | 78% | 91% |
Non-accrual loans with no related allowance for credit losses | $ 52,769 | $ 53,617 |
Interest income on non-accrual loans | 1,500 | 2,200 |
Borrowers with loan modifications, commitments to lend additional funds | 0 | |
Minimum | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Impaired loan balances allocated reserves | 1,000 | |
Impaired loans balances, real estate as collateral | $ 1,000 | $ 1,000 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables [Abstract] | ||||
ACL - loans | $ 293,404 | $ 269,366 | $ 249,001 | $ 277,567 |
Reserve for OBS credit exposures | $ 17,254 | $ 16,328 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Activity in the Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||
Beginning balance | $ 269,366 | $ 249,001 | $ 277,567 |
Loans charged off | 39,201 | 21,472 | |
Loans charged off | (30,952) | ||
Recoveries of loans previously charged off | 10,129 | 14,092 | |
Recoveries of loans previously charged off | 17,146 | ||
Net loans (charged off) recovered | (29,072) | (7,380) | |
Net loans recovered (charged off) | (13,806) | ||
Provision for credit losses | 54,036 | 28,021 | (14,600) |
Prudential | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Provision for credit losses | 0 | 7,954 | 0 |
Financing Receivable, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 0 | 1,135 | 0 |
Financing Receivable | |||
Allowance for Loan and Lease Losses [Roll Forward] | |||
Provision for credit losses | $ 53,110 | $ 18,656 | $ (14,760) |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 269,366 | $ 249,001 | $ 277,567 |
Loans charged off | 39,201 | 21,472 | |
Recoveries of loans previously charged off | 10,129 | 14,092 | |
Net loans recovered (charged off) | (13,806) | ||
Loans - Excluding OBS Credit Exposure | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 249,001 | ||
Beginning balance | 269,366 | ||
Loans charged off | 39,201 | 21,472 | |
Recoveries of loans previously charged off | 10,129 | 14,092 | |
Net loans recovered (charged off) | (29,072) | (7,380) | |
Provision for credit losses | 53,110 | 18,656 | |
Ending balance | 293,404 | 269,366 | |
Allowance for credit losses at acquisition | 1,135 | ||
Real estate - commercial mortgage | Loans - Excluding OBS Credit Exposure | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 87,970 | ||
Beginning balance | 69,456 | ||
Loans charged off | 17,999 | 12,473 | |
Recoveries of loans previously charged off | 1,076 | 3,860 | |
Net loans recovered (charged off) | (16,923) | (8,613) | |
Provision for credit losses | 60,032 | (15,059) | |
Ending balance | 112,565 | 69,456 | |
Allowance for credit losses at acquisition | 1,051 | ||
Commercial and Industrial | Loans - Excluding OBS Credit Exposure | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 67,056 | ||
Beginning balance | 70,116 | ||
Loans charged off | 9,246 | 2,390 | |
Recoveries of loans previously charged off | 3,473 | 5,893 | |
Net loans recovered (charged off) | (5,773) | 3,503 | |
Provision for credit losses | 9,923 | (443) | |
Ending balance | 74,266 | 70,116 | |
Allowance for credit losses at acquisition | 0 | ||
Real-estate - home equity | Loans - Excluding OBS Credit Exposure | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 19,749 | ||
Beginning balance | 26,429 | ||
Loans charged off | 7,514 | 4,412 | |
Recoveries of loans previously charged off | 3,198 | 2,581 | |
Net loans recovered (charged off) | (4,316) | (1,831) | |
Provision for credit losses | (4,509) | 8,373 | |
Ending balance | 17,604 | 26,429 | |
Financing Receivable, Provision Expense | 131 | ||
Allowance for credit losses at acquisition | 7 | ||
Real estate – residential mortgage | Loans - Excluding OBS Credit Exposure | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 54,236 | ||
Beginning balance | 83,250 | ||
Loans charged off | 62 | 66 | |
Recoveries of loans previously charged off | 421 | 425 | |
Net loans recovered (charged off) | 359 | 359 | |
Provision for credit losses | (10,323) | 24,862 | |
Ending balance | 73,286 | 83,250 | |
Financing Receivable, Provision Expense | 3,716 | ||
Allowance for credit losses at acquisition | 77 | ||
Real-estate - construction | Loans - Excluding OBS Credit Exposure | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 12,941 | ||
Beginning balance | 10,743 | ||
Loans charged off | 0 | 0 | |
Recoveries of loans previously charged off | 858 | 574 | |
Net loans recovered (charged off) | 858 | 574 | |
Provision for credit losses | 694 | (2,772) | |
Ending balance | 12,295 | 10,743 | |
Allowance for credit losses at acquisition | 0 | ||
Leases and other loans | Loans - Excluding OBS Credit Exposure | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 7,049 | ||
Beginning balance | 9,372 | ||
Loans charged off | 4,380 | 2,131 | |
Recoveries of loans previously charged off | 1,103 | 759 | |
Net loans recovered (charged off) | (3,277) | (1,372) | |
Provision for credit losses | (2,707) | 3,695 | |
Ending balance | $ 3,388 | 9,372 | |
Allowance for credit losses at acquisition | 0 | ||
Cumulative Effect, Period of Adoption, Adjustment | Loans - Excluding OBS Credit Exposure | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 7,954 | ||
Ending balance | 7,954 | ||
Cumulative Effect, Period of Adoption, Adjustment | Real estate - commercial mortgage | Loans - Excluding OBS Credit Exposure | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 4,107 | ||
Ending balance | 4,107 | ||
Cumulative Effect, Period of Adoption, Adjustment | Commercial and Industrial | Loans - Excluding OBS Credit Exposure | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 0 | ||
Ending balance | 0 | ||
Cumulative Effect, Period of Adoption, Adjustment | Real-estate - construction | Loans - Excluding OBS Credit Exposure | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | 0 | ||
Ending balance | 0 | ||
Cumulative Effect, Period of Adoption, Adjustment | Leases and other loans | Loans - Excluding OBS Credit Exposure | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Beginning balance | $ 0 | ||
Ending balance | $ 0 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Total Non-Accrual Loans by Class Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | $ 68,851 | $ 90,826 |
Non-accrual loans with no related allowance for credit losses | 52,769 | 53,617 |
Unpaid Principal Balance | 121,620 | 144,443 |
Financial Asset, 30 to 59 Days Past Due | ||
Impaired Financing Receivables [Line Items] | ||
Total | 80,007 | 88,349 |
Real estate - commercial mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 23,338 | 39,722 |
Non-accrual loans with no related allowance for credit losses | 21,467 | 30,439 |
Unpaid Principal Balance | 44,805 | 70,161 |
Real estate - commercial mortgage | Financial Asset, 30 to 59 Days Past Due | ||
Impaired Financing Receivables [Line Items] | ||
Total | 4,408 | 10,753 |
Commercial - secured | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 12,410 | 14,804 |
Non-accrual loans with no related allowance for credit losses | 27,542 | 12,312 |
Unpaid Principal Balance | 39,952 | 27,116 |
Real estate – residential mortgage | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 18,806 | 25,315 |
Non-accrual loans with no related allowance for credit losses | 2,018 | 979 |
Unpaid Principal Balance | 20,824 | 26,294 |
Real estate – residential mortgage | Financial Asset, 30 to 59 Days Past Due | ||
Impaired Financing Receivables [Line Items] | ||
Total | 49,145 | 57,061 |
Real-estate - home equity | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 4,649 | 5,975 |
Non-accrual loans with no related allowance for credit losses | 104 | 130 |
Unpaid Principal Balance | 4,753 | 6,105 |
Real-estate - home equity | Financial Asset, 30 to 59 Days Past Due | ||
Impaired Financing Receivables [Line Items] | ||
Total | 8,142 | 5,666 |
Real-estate - construction | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 341 | 866 |
Non-accrual loans with no related allowance for credit losses | 1,000 | 502 |
Unpaid Principal Balance | 1,341 | 1,368 |
Real-estate - construction | Financial Asset, 30 to 59 Days Past Due | ||
Impaired Financing Receivables [Line Items] | ||
Total | 4,185 | 1,762 |
Consumer | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 52 | 92 |
Non-accrual loans with no related allowance for credit losses | 0 | 0 |
Unpaid Principal Balance | 52 | 92 |
Consumer | Financial Asset, 30 to 59 Days Past Due | ||
Impaired Financing Receivables [Line Items] | ||
Total | 8,361 | 6,692 |
Leases and other loans | ||
Impaired Financing Receivables [Line Items] | ||
Unpaid principal balance, with related allowance | 9,255 | 4,052 |
Non-accrual loans with no related allowance for credit losses | 638 | 9,255 |
Unpaid Principal Balance | 9,893 | 13,307 |
Leases and other loans | Financial Asset, 30 to 59 Days Past Due | ||
Impaired Financing Receivables [Line Items] | ||
Total | $ 146 | $ 348 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Credit Quality Indicators (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Total | ||
Current period gross charge-offs | $ (39,201) | $ (21,472) |
Current period recoveries | 10,129 | 14,092 |
Portfolio Segment and Loan Class | ||
2021 | ||
Total | 1,744,297 | 2,094,526 |
2020 | ||
Total | 1,953,966 | 2,014,166 |
2019 | ||
Total | 1,981,737 | 1,677,176 |
2018 | ||
Total | 1,428,026 | 1,250,572 |
2017 | ||
Total | 1,091,506 | 878,822 |
Prior | ||
Total | 3,727,931 | 3,649,811 |
Revolving Loans Amortized Cost Basis | ||
Total | 1,696,870 | 1,624,415 |
Total | ||
Total | 13,675,866 | 13,190,912 |
Portfolio Segment and Loan Class | Pass | ||
2021 | ||
Total | 1,732,981 | 2,081,160 |
2020 | ||
Total | 1,841,229 | 1,935,863 |
2019 | ||
Total | 1,796,011 | 1,610,405 |
2018 | ||
Total | 1,363,602 | 1,154,994 |
2017 | ||
Total | 1,003,493 | 831,206 |
Prior | ||
Total | 3,455,090 | 3,308,374 |
Revolving Loans Amortized Cost Basis | ||
Total | 1,516,133 | 1,515,897 |
Total | ||
Total | 12,750,911 | 12,438,824 |
Portfolio Segment and Loan Class | Special Mention | ||
2021 | ||
Total | 10,703 | 11,500 |
2020 | ||
Total | 66,074 | 74,846 |
2019 | ||
Total | 147,582 | 27,059 |
2018 | ||
Total | 11,439 | 41,882 |
2017 | ||
Total | 42,106 | 21,423 |
Prior | ||
Total | 124,273 | 227,972 |
Revolving Loans Amortized Cost Basis | ||
Total | 74,535 | 56,995 |
Total | ||
Total | 476,910 | 461,927 |
Portfolio Segment and Loan Class | Substandard or Lower | ||
2021 | ||
Total | 613 | 1,866 |
2020 | ||
Total | 46,663 | 3,457 |
2019 | ||
Total | 38,144 | 39,712 |
2018 | ||
Total | 52,985 | 53,696 |
2017 | ||
Total | 45,907 | 26,193 |
Prior | ||
Total | 148,568 | 113,465 |
Revolving Loans Amortized Cost Basis | ||
Total | 106,202 | 51,523 |
Total | ||
Total | 448,045 | 290,161 |
Portfolio Segment and Loan Class | Real estate - commercial mortgage | ||
2021 | ||
Total | 786,806 | 1,015,702 |
Current period gross charge-offs | 0 | 0 |
2020 | ||
Total | 1,057,879 | 1,149,131 |
Current period gross charge-offs | 0 | 0 |
2019 | ||
Total | 1,340,341 | 1,023,456 |
Current period gross charge-offs | 0 | 0 |
2018 | ||
Total | 1,041,962 | 882,963 |
Current period gross charge-offs | 0 | 0 |
2017 | ||
Total | 783,725 | 661,006 |
Current period gross charge-offs | 0 | 0 |
Prior | ||
Total | 3,023,562 | 2,879,415 |
Current period gross charge-offs | (424) | (53) |
Revolving Loans Amortized Cost Basis | ||
Total | 61,817 | 81,855 |
Current period gross charge-offs | 0 | 0 |
Total | ||
Total | 8,127,728 | 7,693,835 |
Current period gross charge-offs | (17,999) | (12,473) |
Portfolio Segment and Loan Class | Real estate - commercial mortgage | Pass | ||
2021 | ||
Total | 783,673 | 1,014,575 |
2020 | ||
Total | 993,017 | 1,095,725 |
2019 | ||
Total | 1,203,852 | 969,118 |
2018 | ||
Total | 984,958 | 810,850 |
2017 | ||
Total | 721,857 | 621,689 |
Prior | ||
Total | 2,822,155 | 2,610,511 |
Revolving Loans Amortized Cost Basis | ||
Total | 59,253 | 80,665 |
Total | ||
Total | 7,600,401 | 7,203,440 |
Portfolio Segment and Loan Class | Real estate - commercial mortgage | Special Mention | ||
2021 | ||
Total | 2,767 | 95 |
2020 | ||
Total | 43,904 | 50,367 |
2019 | ||
Total | 105,185 | 23,296 |
2018 | ||
Total | 7,862 | 33,735 |
2017 | ||
Total | 35,289 | 16,205 |
Prior | ||
Total | 105,786 | 181,736 |
Revolving Loans Amortized Cost Basis | ||
Total | 1,760 | 947 |
Total | ||
Total | 302,553 | 306,381 |
Portfolio Segment and Loan Class | Real estate - commercial mortgage | Substandard or Lower | ||
2021 | ||
Total | 366 | 1,032 |
2020 | ||
Total | 20,958 | 3,039 |
2019 | ||
Total | 31,304 | 31,042 |
2018 | ||
Total | 49,142 | 38,378 |
2017 | ||
Total | 26,579 | 23,112 |
Prior | ||
Total | 95,621 | 87,168 |
Revolving Loans Amortized Cost Basis | ||
Total | 804 | 243 |
Total | ||
Total | 224,774 | 184,014 |
Portfolio Segment and Loan Class | Commercial and Industrial | ||
2021 | ||
Total | 634,569 | 919,629 |
Current period gross charge-offs | 0 | 0 |
2020 | ||
Total | 624,864 | 474,042 |
Current period gross charge-offs | (299) | 0 |
2019 | ||
Total | 351,686 | 406,462 |
Current period gross charge-offs | 0 | (36) |
2018 | ||
Total | 348,638 | 336,796 |
Current period gross charge-offs | 0 | 0 |
2017 | ||
Total | 297,931 | 193,395 |
Current period gross charge-offs | 0 | (21) |
Prior | ||
Total | 648,988 | 651,010 |
Current period gross charge-offs | (249) | (365) |
Revolving Loans Amortized Cost Basis | ||
Total | 1,621,208 | 1,495,086 |
Current period gross charge-offs | (682) | (1,192) |
Total | ||
Total | 4,545,552 | 4,477,537 |
Current period gross charge-offs | (9,246) | (2,390) |
Portfolio Segment and Loan Class | Commercial and Industrial | Pass | ||
2021 | ||
Total | 626,386 | 907,390 |
2020 | ||
Total | 590,132 | 449,145 |
2019 | ||
Total | 330,576 | 397,881 |
2018 | ||
Total | 341,218 | 315,605 |
2017 | ||
Total | 272,126 | 185,096 |
Prior | ||
Total | 598,838 | 604,352 |
Revolving Loans Amortized Cost Basis | ||
Total | 1,443,203 | 1,387,961 |
Total | ||
Total | 4,213,215 | 4,248,048 |
Portfolio Segment and Loan Class | Commercial and Industrial | Special Mention | ||
2021 | ||
Total | 7,936 | 11,405 |
2020 | ||
Total | 9,548 | 24,479 |
2019 | ||
Total | 16,499 | 3,763 |
2018 | ||
Total | 3,577 | 8,147 |
2017 | ||
Total | 6,817 | 5,218 |
Prior | ||
Total | 18,487 | 24,633 |
Revolving Loans Amortized Cost Basis | ||
Total | 72,775 | 56,048 |
Total | ||
Total | 135,837 | 133,943 |
Portfolio Segment and Loan Class | Commercial and Industrial | Substandard or Lower | ||
2021 | ||
Total | 247 | 834 |
2020 | ||
Total | 25,184 | 418 |
2019 | ||
Total | 4,611 | 4,818 |
2018 | ||
Total | 3,843 | 13,044 |
2017 | ||
Total | 18,988 | 3,081 |
Prior | ||
Total | 31,663 | 22,025 |
Revolving Loans Amortized Cost Basis | ||
Total | 105,230 | 51,077 |
Total | ||
Total | 196,500 | 95,546 |
Portfolio Segment and Loan Class | Construction - Real Estate | ||
2021 | ||
Total | 322,922 | 159,195 |
Current period gross charge-offs | 0 | 0 |
2020 | ||
Total | 271,223 | 390,993 |
Current period gross charge-offs | 0 | 0 |
2019 | ||
Total | 289,710 | 247,258 |
Current period gross charge-offs | 0 | 0 |
2018 | ||
Total | 37,426 | 30,813 |
Current period gross charge-offs | 0 | 0 |
2017 | ||
Total | 9,850 | 24,421 |
Current period gross charge-offs | 0 | 0 |
Prior | ||
Total | 55,381 | 119,386 |
Current period gross charge-offs | 0 | 0 |
Revolving Loans Amortized Cost Basis | ||
Total | 13,845 | 47,474 |
Current period gross charge-offs | 0 | 0 |
Total | ||
Total | 1,002,586 | 1,019,540 |
Current period gross charge-offs | 0 | 0 |
Portfolio Segment and Loan Class | Construction - Real Estate | Pass | ||
2021 | ||
Total | 322,922 | 159,195 |
2020 | ||
Total | 258,080 | 390,993 |
2019 | ||
Total | 261,583 | 243,406 |
2018 | ||
Total | 37,426 | 28,539 |
2017 | ||
Total | 9,510 | 24,421 |
Prior | ||
Total | 34,097 | 93,511 |
Revolving Loans Amortized Cost Basis | ||
Total | 13,677 | 47,271 |
Total | ||
Total | 937,295 | 987,336 |
Portfolio Segment and Loan Class | Construction - Real Estate | Special Mention | ||
2021 | ||
Total | 0 | 0 |
2020 | ||
Total | 12,622 | 0 |
2019 | ||
Total | 25,898 | 0 |
2018 | ||
Total | 0 | 0 |
2017 | ||
Total | 0 | 0 |
Prior | ||
Total | 0 | 21,603 |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Total | ||
Total | 38,520 | 21,603 |
Portfolio Segment and Loan Class | Construction - Real Estate | Substandard or Lower | ||
2021 | ||
Total | 0 | 0 |
2020 | ||
Total | 521 | 0 |
2019 | ||
Total | 2,229 | 3,852 |
2018 | ||
Total | 0 | 2,274 |
2017 | ||
Total | 340 | 0 |
Prior | ||
Total | 21,284 | 4,272 |
Revolving Loans Amortized Cost Basis | ||
Total | 168 | 203 |
Total | ||
Total | 26,771 | 10,601 |
Payment Activity, Aging Status | ||
2021 | ||
Total | 1,189,985 | 1,663,147 |
2020 | ||
Total | 1,583,817 | 1,936,748 |
2019 | ||
Total | 1,815,951 | 1,192,235 |
2018 | ||
Total | 1,074,318 | 374,362 |
2017 | ||
Total | 320,549 | 153,878 |
Prior | ||
Total | 861,819 | 889,588 |
Revolving Loans Amortized Cost Basis | ||
Total | 807,084 | 843,948 |
Total | ||
Total | 7,675,228 | 7,088,635 |
Payment Activity, Aging Status | Performing | ||
2021 | ||
Total | 1,189,690 | 1,661,656 |
2020 | ||
Total | 1,579,989 | 1,931,346 |
2019 | ||
Total | 1,810,197 | 1,185,464 |
2018 | ||
Total | 1,069,335 | 367,860 |
2017 | ||
Total | 313,962 | 149,193 |
Prior | ||
Total | 821,913 | 847,213 |
Revolving Loans Amortized Cost Basis | ||
Total | 805,645 | 842,226 |
Total | ||
Total | 7,610,775 | 7,019,019 |
Payment Activity, Aging Status | Nonperforming | ||
2021 | ||
Total | 295 | 1,491 |
2020 | ||
Total | 3,828 | 5,402 |
2019 | ||
Total | 5,754 | 6,771 |
2018 | ||
Total | 4,983 | 6,502 |
2017 | ||
Total | 6,587 | 4,685 |
Prior | ||
Total | 39,906 | 42,375 |
Revolving Loans Amortized Cost Basis | ||
Total | 1,439 | 1,722 |
Total | ||
Total | 64,453 | 69,616 |
Payment Activity, Aging Status | Real-estate - home equity | ||
2021 | ||
Total | 272,866 | 416,923 |
Current period gross charge-offs | (119) | 0 |
2020 | ||
Total | 276,828 | 110,022 |
Current period gross charge-offs | 0 | (587) |
2019 | ||
Total | 86,851 | 80,596 |
Current period gross charge-offs | 0 | (70) |
2018 | ||
Total | 62,708 | 52,420 |
Current period gross charge-offs | 0 | (108) |
2017 | ||
Total | 38,021 | 45,740 |
Current period gross charge-offs | 0 | (16) |
Prior | ||
Total | 210,439 | 217,639 |
Current period gross charge-offs | (525) | (442) |
Revolving Loans Amortized Cost Basis | ||
Total | 807,084 | 843,948 |
Current period gross charge-offs | (283) | (178) |
Total | ||
Total | 1,776,502 | 1,802,017 |
Current period gross charge-offs | (7,514) | (4,412) |
Payment Activity, Aging Status | Real-estate - home equity | Performing | ||
2021 | ||
Total | 272,571 | 416,631 |
2020 | ||
Total | 276,373 | 109,724 |
2019 | ||
Total | 85,985 | 80,422 |
2018 | ||
Total | 62,426 | 52,384 |
2017 | ||
Total | 37,667 | 45,642 |
Prior | ||
Total | 204,913 | 211,127 |
Revolving Loans Amortized Cost Basis | ||
Total | 805,645 | 842,226 |
Total | ||
Total | 1,765,624 | 1,792,217 |
Payment Activity, Aging Status | Real-estate - home equity | Nonperforming | ||
2021 | ||
Total | 295 | 292 |
2020 | ||
Total | 455 | 298 |
2019 | ||
Total | 866 | 174 |
2018 | ||
Total | 282 | 36 |
2017 | ||
Total | 354 | 98 |
Prior | ||
Total | 5,526 | 6,512 |
Revolving Loans Amortized Cost Basis | ||
Total | 1,439 | 1,722 |
Total | ||
Total | 10,878 | 9,800 |
Payment Activity, Aging Status | Real estate – residential mortgage | ||
2021 | ||
Total | 623,247 | 935,102 |
Current period gross charge-offs | 0 | 0 |
2020 | ||
Total | 1,128,376 | 1,713,807 |
Current period gross charge-offs | 0 | 0 |
2019 | ||
Total | 1,687,647 | 1,060,723 |
Current period gross charge-offs | 0 | 0 |
2018 | ||
Total | 988,751 | 292,633 |
Current period gross charge-offs | 0 | 0 |
2017 | ||
Total | 266,282 | 92,042 |
Current period gross charge-offs | 0 | 0 |
Prior | ||
Total | 631,620 | 642,972 |
Current period gross charge-offs | 0 | 0 |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Current period gross charge-offs | 0 | 0 |
Total | ||
Total | 5,325,923 | 4,737,279 |
Current period gross charge-offs | (62) | (66) |
Payment Activity, Aging Status | Real estate – residential mortgage | Performing | ||
2021 | ||
Total | 623,247 | 933,903 |
2020 | ||
Total | 1,126,656 | 1,708,703 |
2019 | ||
Total | 1,682,759 | 1,054,126 |
2018 | ||
Total | 984,050 | 286,167 |
2017 | ||
Total | 260,049 | 87,455 |
Prior | ||
Total | 607,133 | 620,416 |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Total | ||
Total | 5,283,894 | 4,690,770 |
Payment Activity, Aging Status | Real estate – residential mortgage | Nonperforming | ||
2021 | ||
Total | 0 | 1,199 |
2020 | ||
Total | 1,720 | 5,104 |
2019 | ||
Total | 4,888 | 6,597 |
2018 | ||
Total | 4,701 | 6,466 |
2017 | ||
Total | 6,233 | 4,587 |
Prior | ||
Total | 24,487 | 22,556 |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Total | ||
Total | 42,029 | 46,509 |
Payment Activity, Aging Status | Leases and other loans | ||
2021 | ||
Total | 166,490 | 146,198 |
Current period gross charge-offs | (471) | (506) |
2020 | ||
Total | 83,759 | 39,427 |
Current period gross charge-offs | (521) | (167) |
2019 | ||
Total | 27,755 | 40,024 |
Current period gross charge-offs | (246) | (140) |
2018 | ||
Total | 22,304 | 29,309 |
Current period gross charge-offs | (128) | (80) |
2017 | ||
Total | 16,246 | 15,019 |
Current period gross charge-offs | (82) | (47) |
Prior | ||
Total | 19,760 | 28,977 |
Current period gross charge-offs | (656) | (1,191) |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Current period gross charge-offs | (765) | 0 |
Total | ||
Total | 336,314 | 298,954 |
Current period gross charge-offs | (4,380) | (2,131) |
Payment Activity, Aging Status | Leases and other loans | Performing | ||
2021 | ||
Total | 166,490 | 146,198 |
2020 | ||
Total | 83,641 | 39,427 |
2019 | ||
Total | 27,755 | 40,024 |
2018 | ||
Total | 22,304 | 29,309 |
2017 | ||
Total | 16,246 | 15,019 |
Prior | ||
Total | 9,867 | 15,670 |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Total | ||
Total | 326,303 | 285,647 |
Payment Activity, Aging Status | Leases and other loans | Nonperforming | ||
2021 | ||
Total | 0 | 0 |
2020 | ||
Total | 118 | 0 |
2019 | ||
Total | 0 | 0 |
2018 | ||
Total | 0 | 0 |
2017 | ||
Total | 0 | 0 |
Prior | ||
Total | 9,893 | 13,307 |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Total | ||
Total | 10,011 | 13,307 |
Payment Activity, Aging Status | Construction - other | ||
2021 | ||
Total | 127,382 | 164,924 |
Current period gross charge-offs | 0 | 0 |
2020 | ||
Total | 94,854 | 73,492 |
Current period gross charge-offs | 0 | 0 |
2019 | ||
Total | 13,698 | 10,892 |
Current period gross charge-offs | 0 | 0 |
2018 | ||
Total | 555 | 0 |
Current period gross charge-offs | 0 | 0 |
2017 | ||
Total | 0 | 1,077 |
Current period gross charge-offs | 0 | 0 |
Prior | ||
Total | 0 | 0 |
Current period gross charge-offs | 0 | 0 |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Current period gross charge-offs | 0 | 0 |
Total | ||
Total | 236,489 | 250,385 |
Current period gross charge-offs | 0 | 0 |
Payment Activity, Aging Status | Construction - other | Performing | ||
2021 | ||
Total | 127,382 | 164,924 |
2020 | ||
Total | 93,319 | 73,492 |
2019 | ||
Total | 13,698 | 10,892 |
2018 | ||
Total | 555 | 0 |
2017 | ||
Total | 0 | 1,077 |
Prior | ||
Total | 0 | 0 |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Total | ||
Total | 234,954 | 250,385 |
Payment Activity, Aging Status | Construction - other | Nonperforming | ||
2021 | ||
Total | 0 | 0 |
2020 | ||
Total | 1,535 | 0 |
2019 | ||
Total | 0 | 0 |
2018 | ||
Total | 0 | 0 |
2017 | ||
Total | 0 | 0 |
Prior | ||
Total | 0 | 0 |
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Total | ||
Total | 1,535 | 0 |
Conversion to Term Loan | Portfolio Segment and Loan Class | ||
Revolving Loans Amortized Cost Basis | ||
Total | 51,533 | 1,424 |
Conversion to Term Loan | Portfolio Segment and Loan Class | Pass | ||
Revolving Loans Amortized Cost Basis | ||
Total | 42,372 | 925 |
Conversion to Term Loan | Portfolio Segment and Loan Class | Special Mention | ||
Revolving Loans Amortized Cost Basis | ||
Total | 198 | 250 |
Conversion to Term Loan | Portfolio Segment and Loan Class | Substandard or Lower | ||
Revolving Loans Amortized Cost Basis | ||
Total | 8,963 | 249 |
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - commercial mortgage | ||
Revolving Loans Amortized Cost Basis | ||
Total | 31,636 | 307 |
Current period gross charge-offs | (17,575) | (12,420) |
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - commercial mortgage | Pass | ||
Revolving Loans Amortized Cost Basis | ||
Total | 31,636 | 307 |
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - commercial mortgage | Special Mention | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Conversion to Term Loan | Portfolio Segment and Loan Class | Real estate - commercial mortgage | Substandard or Lower | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Conversion to Term Loan | Portfolio Segment and Loan Class | Commercial and Industrial | ||
Revolving Loans Amortized Cost Basis | ||
Total | 17,668 | 1,117 |
Current period gross charge-offs | (8,016) | (776) |
Conversion to Term Loan | Portfolio Segment and Loan Class | Commercial and Industrial | Pass | ||
Revolving Loans Amortized Cost Basis | ||
Total | 10,736 | 618 |
Conversion to Term Loan | Portfolio Segment and Loan Class | Commercial and Industrial | Special Mention | ||
Revolving Loans Amortized Cost Basis | ||
Total | 198 | 250 |
Conversion to Term Loan | Portfolio Segment and Loan Class | Commercial and Industrial | Substandard or Lower | ||
Revolving Loans Amortized Cost Basis | ||
Total | 6,734 | 249 |
Conversion to Term Loan | Portfolio Segment and Loan Class | Construction - Real Estate | ||
Revolving Loans Amortized Cost Basis | ||
Total | 2,229 | 0 |
Current period gross charge-offs | 0 | 0 |
Conversion to Term Loan | Portfolio Segment and Loan Class | Construction - Real Estate | Pass | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Conversion to Term Loan | Portfolio Segment and Loan Class | Construction - Real Estate | Special Mention | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Conversion to Term Loan | Portfolio Segment and Loan Class | Construction - Real Estate | Substandard or Lower | ||
Revolving Loans Amortized Cost Basis | ||
Total | 2,229 | 0 |
Conversion to Term Loan | Payment Activity, Aging Status | ||
Revolving Loans Amortized Cost Basis | ||
Total | 21,705 | 34,729 |
Conversion to Term Loan | Payment Activity, Aging Status | Performing | ||
Revolving Loans Amortized Cost Basis | ||
Total | 20,044 | 34,061 |
Conversion to Term Loan | Payment Activity, Aging Status | Nonperforming | ||
Revolving Loans Amortized Cost Basis | ||
Total | 1,661 | 668 |
Conversion to Term Loan | Payment Activity, Aging Status | Real-estate - home equity | ||
Revolving Loans Amortized Cost Basis | ||
Total | 21,705 | 34,729 |
Current period gross charge-offs | (6,587) | (3,011) |
Conversion to Term Loan | Payment Activity, Aging Status | Real-estate - home equity | Performing | ||
Revolving Loans Amortized Cost Basis | ||
Total | 20,044 | 34,061 |
Conversion to Term Loan | Payment Activity, Aging Status | Real-estate - home equity | Nonperforming | ||
Revolving Loans Amortized Cost Basis | ||
Total | 1,661 | 668 |
Conversion to Term Loan | Payment Activity, Aging Status | Real estate – residential mortgage | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Current period gross charge-offs | (62) | (66) |
Conversion to Term Loan | Payment Activity, Aging Status | Real estate – residential mortgage | Performing | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Conversion to Term Loan | Payment Activity, Aging Status | Real estate – residential mortgage | Nonperforming | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Conversion to Term Loan | Payment Activity, Aging Status | Leases and other loans | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Current period gross charge-offs | (1,511) | 0 |
Conversion to Term Loan | Payment Activity, Aging Status | Leases and other loans | Performing | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Conversion to Term Loan | Payment Activity, Aging Status | Leases and other loans | Nonperforming | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Conversion to Term Loan | Payment Activity, Aging Status | Construction - other | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Current period gross charge-offs | 0 | 0 |
Conversion to Term Loan | Payment Activity, Aging Status | Construction - other | Performing | ||
Revolving Loans Amortized Cost Basis | ||
Total | 0 | 0 |
Conversion to Term Loan | Payment Activity, Aging Status | Construction - other | Nonperforming | ||
Revolving Loans Amortized Cost Basis | ||
Total | $ 0 | $ 0 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Non-Performing Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Non-accrual loans | $ 121,620 | $ 144,443 |
≥ 90 Days Past Due and Accruing | 31,721 | 27,463 |
Total non-performing loans | 153,341 | 171,906 |
OREO | 896 | 5,790 |
Total non-performing assets | 154,237 | 177,696 |
Mortgage loans in process of foreclosure | $ 10,900 | $ 6,000 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Past Due Loan Status and Non-Accrual Loans by Portfolio Segment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | $ 31,721 | $ 27,463 |
Non- accrual | 121,620 | 144,443 |
Net loans | 21,351,094 | 20,279,547 |
Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 80,007 | 88,349 |
Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 18,850 | 20,805 |
Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 21,098,896 | 19,998,487 |
Real estate - commercial mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 1,722 | 2,473 |
Non- accrual | 44,805 | 70,161 |
Net loans | 8,127,728 | 7,693,835 |
Real estate - commercial mortgage | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,408 | 10,753 |
Real estate - commercial mortgage | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,341 | 4,644 |
Real estate - commercial mortgage | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 8,075,452 | 7,605,804 |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 1,068 | 1,172 |
Non- accrual | 39,952 | 27,116 |
Net loans | 4,545,552 | 4,473,004 |
Commercial and Industrial | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,620 | 6,067 |
Commercial and Industrial | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,656 | 2,289 |
Commercial and Industrial | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,497,256 | 4,436,360 |
Real estate – residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 21,205 | 20,215 |
Non- accrual | 20,824 | 26,294 |
Net loans | 5,325,923 | 4,737,279 |
Real estate – residential mortgage | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 49,145 | 57,061 |
Real estate – residential mortgage | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 10,838 | 8,209 |
Real estate – residential mortgage | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 5,223,911 | 4,625,500 |
Real-estate - home equity | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 5,326 | 2,704 |
Non- accrual | 4,753 | 6,105 |
Net loans | 1,047,184 | 1,102,838 |
Real-estate - home equity | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 8,142 | 5,666 |
Real-estate - home equity | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 2,075 | 2,444 |
Real-estate - home equity | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,026,888 | 1,085,919 |
Real-estate - construction | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 1,535 | 0 |
Non- accrual | 1,341 | 1,368 |
Net loans | 1,239,075 | 1,269,925 |
Real-estate - construction | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 4,185 | 1,762 |
Real-estate - construction | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 451 | 1,758 |
Real-estate - construction | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,231,563 | 1,265,037 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 747 | 899 |
Non- accrual | 52 | 92 |
Net loans | 729,318 | 699,179 |
Consumer | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 8,361 | 6,692 |
Consumer | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 1,767 | 1,339 |
Consumer | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 718,391 | 690,157 |
Leases and other loans | ||
Financing Receivable, Past Due [Line Items] | ||
≥ 90 Days Past Due and Accruing | 118 | 0 |
Non- accrual | 9,893 | 13,307 |
Net loans | 336,314 | 303,487 |
Leases and other loans | Financial Asset, 30 to 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 146 | 348 |
Leases and other loans | Financial Asset, 60 to 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | 722 | 122 |
Leases and other loans | Financial Asset, Not Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Total | $ 325,435 | $ 289,710 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Amortized Cost on Modified Loans (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Extended Maturity | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | $ 23,096 |
Extended Maturity and Interest Rate Reduction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 910 |
Real estate - commercial mortgage | Extended Maturity | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | $ 2,944 |
% of Class of Financing Receivable | 0.04% |
Commercial and Industrial | Extended Maturity | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | $ 11,970 |
% of Class of Financing Receivable | 0.26% |
Real estate – residential mortgage | Extended Maturity | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | $ 8,182 |
% of Class of Financing Receivable | 0.15% |
Real estate – residential mortgage | Extended Maturity and Interest Rate Reduction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | $ 910 |
% of Class of Financing Receivable | 0.02% |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Term Extension on Modified Loans (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Real estate - commercial mortgage | Extended Maturity | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications, added weighted average life (in years) | 1 year 2 months 19 days |
Commercial and Industrial | Extended Maturity | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications, added weighted average life (in years) | 11 months 1 day |
Real estate – residential mortgage | Extended Maturity | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modifications, added weighted average life (in years) | 8 years 1 month 6 days |
Real estate – residential mortgage | Extended Maturity and Interest Rate Reduction | Minimum | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modification, reduced weighted-average interest rate | 3.76% |
Real estate – residential mortgage | Extended Maturity and Interest Rate Reduction | Maximum | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Loan modification, reduced weighted-average interest rate | 2.30% |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Performance of Loans Modified in Period (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Financial Asset, Not Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | $ 24,006 |
30-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
90+ Past Due and Accruing | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Financial assets, total past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Real estate - commercial mortgage | Financial Asset, Not Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 2,944 |
Real estate - commercial mortgage | 30-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Real estate - commercial mortgage | 90+ Past Due and Accruing | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Real estate - commercial mortgage | Financial assets, total past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Commercial and Industrial | Financial Asset, Not Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 11,970 |
Commercial and Industrial | 30-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Commercial and Industrial | 90+ Past Due and Accruing | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Commercial and Industrial | Financial assets, total past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Real estate – residential mortgage | Financial Asset, Not Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 9,092 |
Real estate – residential mortgage | 30-89 Days Past Due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Real estate – residential mortgage | 90+ Past Due and Accruing | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | 0 |
Real estate – residential mortgage | Financial assets, total past due | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
Amortization Cost Basis | $ 0 |
Premises and Equipment (Details
Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | $ 579,043 | $ 558,209 |
Less: Accumulated depreciation and amortization | (356,162) | (333,068) |
Net premises and equipment | 222,881 | 225,141 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 39,742 | 39,752 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 365,744 | 357,698 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | 161,244 | 152,048 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total premises and equipment | $ 12,313 | $ 8,711 |
Mortgage Servicing Rights Summa
Mortgage Servicing Rights Summary of Changes in Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Servicing Asset [Abstract] | |||
Estimated fair value of MSRs | $ 49,700 | $ 50,000 | |
Residential mortgage | |||
Amortized Cost: | |||
Balance at beginning of period | 34,217 | 35,993 | $ 38,745 |
Originations of MSRs | 2,475 | 4,067 | 9,216 |
Amortization | (5,090) | (5,843) | (11,968) |
Balance at end of period | 31,602 | 34,217 | 35,993 |
Servicing Asset [Abstract] | |||
Beginning balance | 0 | (600) | (10,500) |
Reduction (addition) to valuation allowance | 0 | 600 | 9,900 |
Ending balance | 0 | 0 | (600) |
Net MSRs at end of year | 31,602 | 34,217 | 35,393 |
Estimated fair value of MSRs | $ 49,696 | $ 50,044 | $ 35,393 |
Mortgage Servicing Rights Narra
Mortgage Servicing Rights Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Servicing Assets at Amortized Value [Line Items] | ||||
Loans serviced by unrelated third party | $ 4,100,000 | $ 4,200,000 | ||
Estimated fair value of MSRs | 49,700 | 50,000 | ||
Non-interest income before investment securities gains | 228,411 | 227,157 | $ 240,229 | |
Mortgage banking | ||||
Servicing Assets at Amortized Value [Line Items] | ||||
Non-interest income before investment securities gains | 10,388 | 14,204 | 33,576 | |
Residential mortgage | ||||
Servicing Assets at Amortized Value [Line Items] | ||||
Estimated fair value of MSRs | 49,696 | 50,044 | 35,393 | |
Increase to valuation allowance | 0 | 0 | 600 | $ 10,500 |
Amortization expense | 5,090 | 5,843 | 11,968 | |
Residential mortgage | Mortgage banking | ||||
Servicing Assets at Amortized Value [Line Items] | ||||
Non-interest income before investment securities gains | $ 10,200 | $ 10,600 | $ 11,200 |
Mortgage Servicing Rights - MSR
Mortgage Servicing Rights - MSR Amortization Expense (Details) - Mortgage $ in Thousands | Dec. 31, 2023 USD ($) |
Servicing Assets at Amortized Value [Line Items] | |
2024 | $ 3,822 |
2025 | 3,425 |
2026 | 3,061 |
2027 | 2,741 |
2028 | 2,455 |
Thereafter | 16,098 |
Total estimated amortization expense | $ 31,602 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets (Details) - USD ($) | 12 Months Ended | |||
Jul. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $ 553,346,000 | $ 550,539,000 | $ 534,266,000 | |
Goodwill impairment charges | 0 | |||
Goodwill [Line Items] | ||||
Amortizing intangible assets | 13,596,000 | 13,596,000 | ||
Accumulated amortization | (6,255,000) | (3,311,000) | ||
Other Intangible Assets, Net | 7,341,000 | |||
Net intangibles | 10,285,000 | |||
Prudential | ||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $ 19,081,000 | |||
Goodwill [Line Items] | ||||
Amortizing intangible assets | $ 4,900,000 | $ 7,200,000 | ||
Prudential | Core Deposits | ||||
Goodwill [Line Items] | ||||
Amortization period of acquired intangible assets | 7 years |
Deposits (Details)
Deposits (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits [Line Items] | ||
Noninterest-bearing demand | $ 5,314,094,000 | $ 7,006,388,000 |
Interest-bearing demand | 5,722,695,000 | 5,410,903,000 |
Savings and money market accounts | 6,616,901,000 | 6,434,621,000 |
Total demand and savings | 17,653,690,000 | 18,851,912,000 |
Brokered deposits | 1,144,692,000 | 208,416,000 |
Time deposits | 2,739,241,000 | 1,589,210,000 |
Total Deposits | 21,537,623,000 | 20,649,538,000 |
Time Deposits, $250,000 or More | 551,200,000 | 214,800,000 |
Maturities of Time Deposits [Abstract] | ||
2022 | 2,180,323,000 | |
2023 | 421,029,000 | |
2024 | 64,748,000 | |
2025 | 16,343,000 | |
2026 | 8,429,000 | |
Thereafter | 48,369,000 | |
Total | 2,739,241,000 | 1,589,210,000 |
Certificates of Deposit | ||
Deposits [Line Items] | ||
Time Deposits, $100,000 or More | $ 1,500,000,000 | $ 691,400,000 |
Borrowings - Schedule of Amount
Borrowings - Schedule of Amount Outstanding (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Disclosure [Abstract] | ||
Federal funds purchased | $ 240,000 | $ 191,000 |
Federal Home Loan Bank advances | 1,100,000 | 1,250,000 |
Other borrowings: | ||
Short-term promissory notes issued to customers and customer repurchase agreements | 611,304 | 574,394 |
Other Borrowings Non-customer Funding | 0 | 315,000 |
Other Borrowings, Non-customer Funding, Activity for Year, Maximum Outstanding at any Month End | 0 | 315,000 |
Other Borrowings, Other, Activity for Year, Maximum Outstanding at any Month End | 1,151 | 0 |
Other borrowings | 838 | 1,179 |
Total other borrowings | 612,142 | 890,573 |
Borrowings, maximum amounts outstanding | ||
Federal funds purchased, maximum outstanding | 862,000 | 292,000 |
Federal Home Loan Bank advances, maximum outstanding | 1,720,000 | 1,250,000 |
Customer funding, maximum outstanding | $ 646,439 | $ 574,394 |
Borrowings - Narrative (Details
Borrowings - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||||||
Mar. 16, 2022 | Sep. 30, 2022 | Jun. 30, 2015 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jul. 01, 2022 | Mar. 31, 2021 | Jun. 30, 2016 | Nov. 30, 2014 | |
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity | $ 2,600,000,000 | |||||||||
Collateralized borrowings availability at discount window | 1,300,000,000 | $ 1,300,000,000 | ||||||||
Repayments of senior debt | 5,000,000 | $ 81,496,000 | $ 710,633,000 | |||||||
Payments For Repurchase Of Trust Preferred Debt | $ 17,200,000 | |||||||||
Federal Home Loan Bank advances | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unused borrowing capacity | 4,900,000,000 | |||||||||
debt instrument total borrowing capacity | 8,200,000,000 | |||||||||
Senior Notes | 3.60% Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of senior debt | $ 65,000,000 | |||||||||
Stated interest rate (as a percent) | 3.60% | |||||||||
Senior Notes | 3.25% Senior Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Repayments of senior debt | $ 5,000,000 | |||||||||
Subordinated debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt instrument, face amount | $ 150,000,000 | |||||||||
Effective interest rate (as a percent) | 4.69% | |||||||||
Subordinated borrowings fixed rate (as a percent) | 4.50% | |||||||||
Subordinated debt | November 2024 Subordinated Debt | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (as a percent) | 4.50% | |||||||||
Effective interest rate (as a percent) | 4.87% | |||||||||
Subordinated debt | $ 100,000,000 | |||||||||
Subordinated debt | 3.25% Notes due 2030 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (as a percent) | 3.25% | |||||||||
Debt instrument, face amount | $ 200,000,000 | |||||||||
Effective interest rate (as a percent) | 3.35% | |||||||||
Subordinated debt | 3.75% Notes due 2035 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stated interest rate (as a percent) | 3.75% | |||||||||
Debt instrument, face amount | $ 175,000,000 | |||||||||
Effective interest rate (as a percent) | 3.85% | |||||||||
Prudential | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Assumed borrowings | $ 284,000,000 |
Borrowings - Schedule of Senior
Borrowings - Schedule of Senior and Subordinated Debts (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Senior debt and subordinated debt | $ 535,384 | $ 539,634 |
Subordinated debt | ||
Debt Instrument [Line Items] | ||
Senior debt and subordinated debt | 538,778 | 543,601 |
Unamortized discounts and issuance costs | ||
Debt Instrument [Line Items] | ||
Senior debt and subordinated debt | $ 3,394 | $ 3,967 |
Borrowings - Schedule of Debt M
Borrowings - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2023 | $ 168,778 | |
2024 | 0 | |
2025 | 0 | |
2026 | 0 | |
2027 | 0 | |
Thereafter | 370,000 | |
Unamortized discounts and issuance costs | (3,394) | |
Senior debt and subordinated debt | $ 535,384 | $ 539,634 |
Derivative Financial Instrume_3
Derivative Financial Instruments Notional Amounts and Fair Values of Derivative Financial Instruments (Details) $ in Thousands | Dec. 31, 2023 USD ($) position | Dec. 31, 2022 USD ($) position |
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $ 157,612 | $ 166,715 |
Derivative Liability, Fair Value, Gross Liability | (245,584) | (296,766) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 146,416 | 2,108,595 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3,240) | (256,382) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 2,145,336 | 477,373 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (298,236) | (89,665) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 2,291,752 | 2,585,968 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (301,476) | (346,047) |
Estimated Fair Value, Less Than 12 Months | 0 | 504,922 |
Unrealized Losses, Less Than 12 Months | $ 0 | $ (38,304) |
Debt securities, held-to-maturity, number of positions | position | 180 | 180,000,000 |
Estimated Fair Value, 12 Months or Longer | $ 1,072,207 | $ 620,127 |
Unrealized Losses, 12 Months or Longer | (195,715) | (157,903) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 1,072,207 | 1,125,049 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (195,715) | (196,207) |
U.S. Government securities | ||
Derivatives, Fair Value [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 96,906 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (2,814) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 42,161 | 121,579 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (314) | (4,841) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 42,161 | 218,485 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (314) | (7,655) |
Residential mortgage-backed securities | ||
Derivatives, Fair Value [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 409 | 154,861 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3) | (18,301) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 195,453 | 55,293 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (26,482) | (11,546) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 195,862 | 210,154 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (26,485) | (29,847) |
Estimated Fair Value, Less Than 12 Months | 0 | 246,667 |
Unrealized Losses, Less Than 12 Months | 0 | (14,275) |
Estimated Fair Value, 12 Months or Longer | 355,270 | 153,178 |
Unrealized Losses, 12 Months or Longer | (51,805) | (43,205) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 355,270 | 399,845 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (51,805) | (57,480) |
Commercial mortgage-backed securities | ||
Derivatives, Fair Value [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 26,907 | 371,109 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,053) | (38,845) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 507,481 | 181,413 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (91,923) | (40,237) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 534,388 | 552,522 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (92,976) | (79,082) |
Estimated Fair Value, Less Than 12 Months | 0 | 258,255 |
Unrealized Losses, Less Than 12 Months | 0 | (24,029) |
Estimated Fair Value, 12 Months or Longer | 716,937 | 466,949 |
Unrealized Losses, 12 Months or Longer | (143,910) | (114,698) |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Fair Value | 716,937 | 725,204 |
Debt Securities, Held-to-maturity, Unrealized Loss Position, Accumulated Loss | (143,910) | (138,727) |
US Government Agencies Debt Securities | ||
Derivatives, Fair Value [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 0 | 1,008 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (42) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 1,010 | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | (28) | 0 |
Debt Securities, Available-for-sale, Unrealized Loss Position | 1,010 | 1,008 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (28) | (42) |
Interest Rate Locks with Customers | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 119,558 | 70,836 |
Derivative Liability, Notional Amount | 1,015 | 4,939 |
Derivative Asset, Fair Value, Gross Asset | 460 | 182 |
Interest Rate Locks with Customers | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (2) | (51) |
Forward Commitments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 0 | 0 |
Derivative Liability, Notional Amount | 42,000 | 10,000 |
Derivative Asset, Fair Value, Gross Asset | 0 | 0 |
Forward Commitments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (854) | (147) |
Interest Rate Derivatives with Customers | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 824,659 | 171,317 |
Derivative Liability, Notional Amount | 3,784,236 | 3,802,480 |
Derivative Asset, Fair Value, Gross Asset | 22,656 | 3,337 |
Interest Rate Derivatives with Customers | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (222,530) | (280,401) |
Interest Rate Swap With Counterparty [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 3,784,236 | 3,802,480 |
Derivative Liability, Notional Amount | 824,659 | 171,317 |
Derivative Asset, Fair Value, Gross Asset | 128,235 | 161,956 |
Interest Rate Swap With Counterparty [Member] | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (23,023) | (3,703) |
Interest Rate Swaps Used in Cash Flow Hedges [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 2,500,000 | 600,000 |
Derivative Liability, Notional Amount | 750,000 | 1,000,000 |
Derivative Asset, Fair Value, Gross Asset | 6,189 | 1,321 |
Interest Rate Swaps Used in Cash Flow Hedges [Member] | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | 0 | (12,163) |
Foreign Exchange Contracts with Customers | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 4,159 | 11,123 |
Derivative Liability, Notional Amount | 13,353 | 3,672 |
Derivative Asset, Fair Value, Gross Asset | 40 | 571 |
Foreign Exchange Contracts with Customers | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | (446) | (85) |
Foreign Exchange Contracts with Correspondent Banks | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Asset, Notional Amount | 15,969 | 4,887 |
Derivative Liability, Notional Amount | 6,112 | 8,280 |
Derivative Asset, Fair Value, Gross Asset | 532 | 101 |
Foreign Exchange Contracts with Correspondent Banks | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value, Gross Liability | $ (31) | $ (499) |
Derivative Financial Instrume_4
Derivative Financial Instruments Summary of Effect of Fair Value and Cash Flow Hedge Accounting on Accumulated Other Comprehensive Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivative | $ 6,998,000 | $ (62,963,000) | $ (2,670,000) |
Reclassification adjustment for net loss (gain) realized in net income on interest rate derivatives used in cash flow hedges | (19,995,000) | (6,004,000) | $ 2,147,000 |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | 25,400,000 | ||
Interest Rate Swap | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivative | 9,048,000 | (81,400,000) | |
Amount of Gain (Loss) Recognized in OCI Included Component | 9,048,000 | (81,400,000) | |
Amount of Gain (Loss) Recognized in OCI Excluded Component | 0 | 0 | |
Reclassification adjustment for net loss (gain) realized in net income on interest rate derivatives used in cash flow hedges | (25,850,000) | (7,761,000) | |
Amount of Gain (Loss) Reclassified from AOCI into Income Included Component | (25,850,000) | (7,761,000) | |
Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component | 0 | 0 | |
Interest Rate Swap | Interest Income | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivative | 19,598,000 | (81,400,000) | |
Amount of Gain (Loss) Recognized in OCI Included Component | 19,598,000 | (81,400,000) | |
Amount of Gain (Loss) Recognized in OCI Excluded Component | 0 | 0 | |
Reclassification adjustment for net loss (gain) realized in net income on interest rate derivatives used in cash flow hedges | (27,546,000) | (7,761,000) | |
Amount of Gain (Loss) Reclassified from AOCI into Income Included Component | (27,546,000) | (7,761,000) | |
Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component | 0 | 0 | |
Interest Rate Swap | Interest Expense | |||
Derivative [Line Items] | |||
Amount of Gain (Loss) Recognized in OCI on Derivative | (10,550,000) | ||
Amount of Gain (Loss) Recognized in OCI Included Component | (10,550,000) | ||
Amount of Gain (Loss) Recognized in OCI Excluded Component | 0 | ||
Reclassification adjustment for net loss (gain) realized in net income on interest rate derivatives used in cash flow hedges | 1,696,000 | 0 | |
Amount of Gain (Loss) Reclassified from AOCI into Income Included Component | 1,696,000 | 0 | |
Amount of Gain (Loss) Reclassified from AOCI into Income Excluded Component | $ 0 | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments Fair Value Gains and Losses on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivatives, Fair Value [Line Items] | |||
Net fair value gains/(losses) on derivative financial instruments | $ (2,228) | $ (2,279) | $ (2,378) |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other interest income, Other, Non-interest income before investment securities gains | Other interest income, Other, Non-interest income before investment securities gains | Other interest income, Other, Non-interest income before investment securities gains |
Mortgage Banking Derivatives | |||
Derivatives, Fair Value [Line Items] | |||
Net fair value gains/(losses) on derivative financial instruments | $ (380) | $ (2,360) | $ (3,392) |
Interest Rate Swap | |||
Derivatives, Fair Value [Line Items] | |||
Net fair value gains/(losses) on derivative financial instruments | (1,855) | 0 | 1,050 |
Foreign Exchange Contract | |||
Derivatives, Fair Value [Line Items] | |||
Net fair value gains/(losses) on derivative financial instruments | $ 7 | $ 81 | $ (36) |
Derivative Financial Instrume_6
Derivative Financial Instruments Fair Value Option (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale | $ 15,158 | $ 7,264 |
Mortgage Loans Held For Sale | Cost | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale | 14,792 | 7,180 |
Mortgage Loans Held For Sale | Fair value | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Loans held for sale | $ 15,158 | $ 7,264 |
Derivative Financial Instrume_7
Derivative Financial Instruments Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 31, 2023 | |
Interest Rate Contract, Terminated | ||||
Derivative [Line Items] | ||||
Unrealized losses reclassified to earnings | $ 22.1 | |||
Interest Rate Contract, Terminated | Cash Flow Hedging | ||||
Derivative [Line Items] | ||||
Derivative, notional amount | $ 1,000 | |||
Mortgage Loans Held For Sale | ||||
Derivative [Line Items] | ||||
Gains (losses) related to changes in fair values of mortgage loans held for sale | $ 0.3 | $ (0.6) | $ (2.5) |
Derivative Financial Instrume_8
Derivative Financial Instruments Offsetting Derivative Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | $ 157,612 | $ 166,715 |
Financial Instruments | (15,686) | (8,172) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 141,926 | 158,543 |
Derivative liability, gross liability | 245,584 | 296,766 |
Derivative liability, Collateral, Right to Reclaim Securities | (21,875) | (2,872) |
Derivative liability, Collateral, Right to Reclaim Cash | (93,841) | (127,638) |
Derivative liability, Net Amount | 129,868 | 166,256 |
Interest Rate Swap | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 157,080 | 166,614 |
Financial Instruments | (15,154) | (8,071) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 141,926 | 158,543 |
Derivative liability, gross liability | 245,553 | 296,267 |
Derivative liability, Collateral, Right to Reclaim Securities | (21,343) | (2,771) |
Derivative liability, Collateral, Right to Reclaim Cash | (93,841) | (127,638) |
Derivative liability, Net Amount | 130,369 | 165,858 |
Foreign Exchange Contract | ||
Offsetting Assets [Line Items] | ||
Derivative asset, fair value | 532 | 101 |
Financial Instruments | (532) | (101) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Net Amount | 0 | 0 |
Derivative liability, gross liability | 31 | 499 |
Derivative liability, Collateral, Right to Reclaim Securities | (532) | (101) |
Derivative liability, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative liability, Net Amount | $ (501) | $ 398 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total amount available for payment of dividends | $ 131,800 | |
Maximum allowed percentage of loans issued to a single affiliate | 10% | |
Maximum allowed percentage of loans issued to all affiliates | 20% | |
Total Capital (to Risk-Weighted Assets): | ||
Capital | $ 3,184,496 | $ 3,051,813 |
Capital to risk weighted assets | 0.140 | 0.136 |
Capital required for capital adequacy | $ 1,817,712 | $ 1,799,138 |
Capital required for capital adequacy to risk weighted assets | 0.080 | 0.080 |
Tier I Capital (to Risk-Weighted Assets): | ||
Tier one risk based capital | $ 2,541,819 | $ 2,447,018 |
Tier one risk based capital to risk weighted assets | 0.112 | 0.109 |
Tier one risk based capital required for capital adequacy | $ 1,363,284 | $ 1,349,353 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 0.060 | 0.060 |
Common Equity Tier I Capital (to Risk-Weighted Assets): | ||
Common equity tier 1 capital | $ 2,348,941 | $ 2,254,140 |
Common equity tier one capital ratio | 0.103 | 0.100 |
Common equity tier one capital required for capital adequacy | $ 1,022,463 | $ 1,012,015 |
Common equity tier one capital required for capital adequacy to risk weighted assets | 4.50% | 4.50% |
Tier I Leverage Capital (to Average Assets): | ||
Tier one leverage capital | $ 2,541,819 | $ 2,447,018 |
Tier one leverage capital to average assets | 0.095 | 0.095 |
Tier one leverage capital required for capital adequacy | $ 1,072,189 | $ 1,032,543 |
Tier one leverage capital required for capital adequacy to average assets | 0.040 | 0.040 |
Fulton Bank, N.A. | ||
Total Capital (to Risk-Weighted Assets): | ||
Capital | $ 2,896,908 | $ 2,846,302 |
Capital to risk weighted assets | 0.128 | 0.127 |
Capital required for capital adequacy | $ 1,809,836 | $ 1,786,472 |
Capital required for capital adequacy to risk weighted assets | 0.080 | 0.080 |
Capital required to be well capitalized | $ 2,262,295 | $ 2,233,090 |
Capital required to be well capitalized to risk weighted assets | 0.100 | 0.100 |
Tier I Capital (to Risk-Weighted Assets): | ||
Tier one risk based capital | $ 2,620,837 | $ 2,612,363 |
Tier one risk based capital to risk weighted assets | 0.116 | 0.117 |
Tier one risk based capital required for capital adequacy | $ 1,357,377 | $ 1,339,854 |
Tier one risk based capital required for capital adequacy to risk weighted assets | 0.060 | 0.060 |
Tier one risk based capital required to be well capitalized | $ 1,809,836 | $ 1,786,472 |
Tier one risk based capital required to be well capitalized to risk weighted assets | 0.080 | 0.080 |
Common Equity Tier I Capital (to Risk-Weighted Assets): | ||
Common equity tier 1 capital | $ 2,576,837 | $ 2,568,363 |
Common equity tier one capital ratio | 0.114 | 0.115 |
Common equity tier one capital required for capital adequacy | $ 1,018,033 | $ 1,004,890 |
Common equity tier one capital required for capital adequacy to risk weighted assets | 4.50% | 4.50% |
Common equity tier one capital required to be well-capitalized | $ 1,470,492 | $ 1,451,508 |
Common equity tier one capital required to be well capitalized to risk weighted assets | 6.50% | 6.50% |
Tier I Leverage Capital (to Average Assets): | ||
Tier one leverage capital | $ 2,620,837 | $ 2,612,363 |
Tier one leverage capital to average assets | 0.096 | 0.101 |
Tier one leverage capital required for capital adequacy | $ 1,089,195 | $ 1,035,915 |
Tier one leverage capital required for capital adequacy to average assets | 0.040 | 0.040 |
Tier one leverage capital required to be well capitalized | $ 1,361,494 | $ 1,294,893 |
Tier one leverage capital required to be well capitalized to average assets | 0.050 | 0.050 |
Income Taxes Expense (Benefit)
Income Taxes Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current tax expense: | |||
Federal | $ 49,707 | $ 44,478 | $ 35,692 |
State | 11,137 | 6,906 | 10,646 |
Total | 60,844 | 51,384 | 46,338 |
Deferred tax (benefit) expense: | |||
Federal | 3,021 | 8,974 | 11,081 |
State | 576 | (324) | 1,329 |
Total | 3,597 | 8,650 | 12,410 |
Total income tax expense | $ 64,441 | $ 60,034 | $ 58,748 |
Income Taxes Effective Tax Rate
Income Taxes Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Statutory tax rate | 21% | 21% | 21% |
Tax credit investments | (1.30%) | (2.00%) | (3.00%) |
Tax-exempt income | (4.20%) | (3.50%) | (3.00%) |
Bank owned life insurance | (0.80%) | (0.70%) | (0.50%) |
State income taxes, net of federal benefit | 2.60% | 1.20% | 2.60% |
Executive compensation | 0.30% | 0.30% | 0.10% |
FDIC Premium | 0.50% | 0.30% | 0.30% |
Other, net | 0.40% | 0.70% | 0.10% |
Effective income tax rate | 18.50% | 17.30% | 17.60% |
Income Taxes Deferred Tax Asset
Income Taxes Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred tax assets: | |||
Allowance for credit losses | $ 71,013 | $ 65,481 | |
Tax credit carryforwards | 4,995 | 5,146 | |
State loss carryforwards | 27,948 | 26,421 | |
Lease liability | 21,570 | 21,264 | |
Other accrued expenses | 11,082 | 10,059 | |
Deferred compensation | 10,215 | 9,014 | |
Stock-based compensation | 5,129 | 4,681 | |
Deferred losses from terminated cash flow hedges | 7,460 | 3,023 | |
Other | 5,469 | 5,223 | |
Total gross deferred tax assets | 255,552 | 261,001 | |
Deferred tax liabilities: | |||
Equipment lease financing | 47,345 | 26,560 | |
Right-of-use-asset | 20,022 | 19,276 | |
Tax credit investments | 1,747 | 3,393 | |
Premises and equipment | 1,678 | 5,775 | |
MSRs | 7,158 | 7,750 | |
Acquisition premiums/discounts | 5,508 | 5,492 | |
Postretirement and defined benefit plans | 3,438 | 1,755 | |
Other | 0 | 16 | |
Total gross deferred tax liabilities | 86,896 | 70,017 | |
Net deferred tax asset, before valuation allowance | 168,656 | 190,984 | |
Valuation allowance | (27,948) | (26,421) | |
Net deferred tax asset | 140,708 | 164,563 | |
State and local operating loss carryforwards | 354,000 | 335,000 | |
Tax credits and benefits | (28,748) | (27,154) | $ (28,141) |
Deferred Tax Asset, Tax Deferred Expense, Reserve and Accrual, Unrealized Holding Loss on Securities | $ 90,671 | $ 110,689 |
Income Taxes Unrecognized Benef
Income Taxes Unrecognized Benefit (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | |||
Balance at beginning of year | $ 1,228 | $ 1,673 | $ 2,151 |
Current period tax positions | 147 | 112 | 120 |
Lapse of statute of limitations | (331) | (557) | (598) |
Balance at end of year | 1,044 | 1,228 | $ 1,673 |
Lapse of statute of limitations, approximate reversal next fiscal year | 100 | ||
Unrecognized tax benefits that would impact effective tax rate | 200 | ||
Income tax penalties and interest accrued | 300 | 500 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense Recovery | $ (138) | $ (121) |
Income Taxes TCIs and Related U
Income Taxes TCIs and Related Unfunded Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Affordable housing tax credit investments, net | $ 170,115 | $ 161,103 | |
Other tax credit investments, net | 35,907 | 61,077 | |
Total TCIs, net | 206,022 | 222,180 | |
Unfunded affordable housing tax credit commitments | 58,312 | 53,108 | |
Other tax credit liabilities | 28,361 | 46,814 | |
Total unfunded tax credit commitments and liabilities | 86,673 | 99,922 | |
Tax credits and benefits | (28,748) | (27,154) | $ (28,141) |
Amortization of tax credits and benefits, net of tax benefits | 23,446 | 19,298 | 17,378 |
Deferred tax expense | 610 | 766 | 639 |
Total reduction in income tax expense | (4,692) | (7,090) | (10,124) |
Total amortization of TCIs | $ 0 | $ 2,783 | $ 6,187 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Weighted average common shares outstanding (basic) | 165,241 | 164,119 | 162,233 |
Impact of common stock equivalents | 1,528 | 1,353 | 1,074 |
Weighted average common shares outstanding (diluted) | 166,769 | 165,472 | 163,307 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 01, 2022 | Oct. 29, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 28, 2021 | Dec. 31, 2020 |
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | |||||
Preferred stock, shares issued (in shares) | 200,000 | 200,000 | |||||
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | $ 1,000 | |||||
Residential mortgage | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Valuation Allowance for Impairment of Recognized Servicing Assets, Balance | $ 0 | $ 0 | $ (600) | $ (10,500) | |||
Prudential | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Common shares issued (in shares) | 6,208,516 | ||||||
Depositary Shares | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Equivalent interest in share (as a percent) | 2.50% | ||||||
Depositary Shares | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Stock issued (in shares) | 8,000,000 | ||||||
Preferred stock, shares authorized (in shares) | 200,000 | ||||||
Preferred stock, shares issued (in shares) | 200,000 | ||||||
Preferred stock, liquidation preference (in dollars per share) | $ 25 | ||||||
Series A Preferred Stock | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Preferred stock dividend rate (as a percent) | 5.125% | ||||||
Preferred stock, liquidation preference (in dollars per share) | $ 1,000 | ||||||
Aggregate offering amount | $ 200,000 | ||||||
Common Stock | February 2021 Stock Repurchase Program | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Treasury stock, value | $ 75,000 | ||||||
Common Stock | 2023 Share Repurchase Program | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Treasury stock, value | $ 100,000 |
Shareholders' Equity - Accumula
Shareholders' Equity - Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Before-Tax Amount | |||
OCI, Debt Securities, Available-for-Sale, Unrealized Holding Gain (Loss), before Adjustment and Tax | $ 46,572 | $ (403,606) | $ (23,222) |
Reclassification adjustment for securities gains included in net income | (733) | (27) | (33,516) |
Amortization of net unrealized losses on available for sale securities transferred to held to maturity | 7,644 | (57,509) | 3,485 |
Net unrealized holding gains (loss) arising during the period on interest rate derivatives used in cash flow hedges | 9,048 | (81,400) | (3,452) |
Reclassification adjustment for net loss (gain) realized in net income on interest rate derivatives used in cash flow hedges | 25,850 | 7,761 | (2,776) |
Other comprehensive income, pension and other postretirement benefit plans, net unamortized gain (loss) arising during period, before tax | 6,162 | 825 | 9,147 |
Amortization of net unrecognized pension and postretirement income | 73 | 128 | 1,480 |
Other Comprehensive Income (Loss), before Tax, Total | 94,616 | (533,828) | (48,854) |
Tax Effect | |||
Unrealized gain (loss) on securities | (10,549) | 91,437 | 5,274 |
Reclassification adjustment for securities gains included in net income | 166 | 7 | 7,611 |
Amortization of net unrealized gains (losses) on AFS transferred to HTM | (1,731) | 13,026 | (795) |
Net unrealized holding gains (loss) arising during the period on interest rate derivatives used in cash flow hedges | (2,050) | 18,437 | 782 |
Reclassification adjustment for net loss (gain) realized in net income on interest rate derivatives used in cash flow hedges | (5,855) | (1,757) | 629 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, Tax | (1,385) | (181) | (2,003) |
Amortization of net unrecognized pension and postretirement income | (16) | (28) | (324) |
Other Comprehensive Income (Loss), Tax | (21,420) | 120,941 | 11,174 |
Other Comprehensive Income/(Loss), net of tax: | |||
Unrealized gain (loss) on securities | 36,023 | (312,169) | (17,948) |
Reclassification adjustment for securities gains (losses) included in net income | (567) | (20) | (25,905) |
Amortization of net unrealized gains (losses) on AFS transferred to HTM | 5,913 | (44,483) | 2,690 |
Net unrealized holding gains (loss) arising during the period on interest rate derivatives used in cash flow hedges | 6,998 | (62,963) | (2,670) |
Reclassification adjustment for net loss (gain) realized in net income on interest rate derivatives used in cash flow hedges | 19,995 | 6,004 | (2,147) |
Unrecognized pension and postretirement income (cost) | 4,777 | 644 | 7,144 |
Amortization of net unrecognized pension and postretirement items | 57 | 100 | 1,156 |
Total Other Comprehensive Income | $ 73,196 | $ (412,887) | $ (37,680) |
Shareholders' Equity - Changes
Shareholders' Equity - Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Beginning Balance | $ (385,476) | ||
Amortization of net unrealized gains (losses) on AFS securities transferred to HTM | 5,913 | $ (44,483) | $ 2,690 |
Ending Balance | (312,280) | (385,476) | |
Unrealized Gains (Losses) on Investment Securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Beginning Balance | (316,231) | 40,441 | 81,604 |
OCI before reclassifications | 36,023 | (312,169) | (17,948) |
Amounts reclassified from AOCI gain (loss) | (567) | (20) | (25,905) |
Amortization of net unrealized gains (losses) on AFS securities transferred to HTM | 5,913 | (44,483) | 2,690 |
Ending Balance | (274,862) | (316,231) | 40,441 |
Net Unrealized Gain (Loss) on Interest Rate Derivatives used in Cash Flow Hedges | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Beginning Balance | (61,776) | (4,817) | 0 |
OCI before reclassifications | 6,998 | (62,963) | 0 |
Amounts reclassified from AOCI gain (loss) | 19,995 | 6,004 | (4,817) |
Amortization of net unrealized gains (losses) on AFS securities transferred to HTM | 0 | 0 | 0 |
Ending Balance | (34,783) | (61,776) | (4,817) |
Unrecognized Pension and Postretirement Plan Income (Costs) | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Beginning Balance | (7,469) | (8,213) | (16,513) |
OCI before reclassifications | 4,777 | 644 | 7,144 |
Amounts reclassified from AOCI gain (loss) | 57 | 100 | 1,156 |
Amortization of net unrealized gains (losses) on AFS securities transferred to HTM | 0 | 0 | 0 |
Ending Balance | (2,635) | (7,469) | (8,213) |
Accumulated Other Comprehensive (Loss) Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Beginning Balance | (385,476) | 27,411 | 65,091 |
OCI before reclassifications | 47,798 | (374,488) | (10,804) |
Amounts reclassified from AOCI gain (loss) | 19,485 | 6,084 | (29,566) |
Amortization of net unrealized gains (losses) on AFS securities transferred to HTM | 5,913 | (44,483) | 2,690 |
Ending Balance | $ (312,280) | $ (385,476) | $ 27,411 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock Repurchase Plans (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2022 | Feb. 28, 2021 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Common stock repurchase amount | $ 77,056 | $ 43,909 | ||
Common Stock | 2023 Share Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury stock, value | $ 100,000 | |||
Percent of common shares outstanding, expected to be delivered | 3.60% | |||
Acquisition of treasury stock (in shares) | 5 | |||
Common stock repurchase amount | $ 77,100 | |||
Average cost per share of treasury stock acquired (usd per share) | $ 15.32 | |||
Common Stock | February 2021 Stock Repurchase Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury stock, value | $ 75,000 | |||
Acquisition of treasury stock (in shares) | 2.8 | |||
Common stock repurchase amount | $ 43,900 | |||
Average cost per share of treasury stock acquired (usd per share) | $ 15.65 | |||
Common Stock | 2024 Share Repurchase | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury stock, value | $ 125,000 | |||
Preferred Stock | 2024 Share Repurchase | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Treasury stock, value | $ 25,000 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans Compensation Expense and Related Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | $ 12,540 | $ 14,000 | $ 8,402 |
Stock Options And Restricted Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation | 11,265 | 15,081 | 9,264 |
Tax benefit | (2,484) | (2,690) | (2,027) |
Total stock-based compensation, net of tax | $ 8,781 | $ 12,391 | $ 7,237 |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Tax benefits as a percentage of compensation expense | 22.10% | 17.80% | 21.90% |
Statutory tax rate | 21% | 21% | 21% |
Total unrecognized compensation cost | $ 10.6 | ||
Weighted average period for recognition of compensation expense | 1 year 8 months 12 days | ||
Percentage of fair value at purchase date | 85% | ||
Discount from market price, purchase date | 15% | ||
Employee Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future grants under the stock option and compensation plan | 4,400,000 | ||
Directors' Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future grants under the stock option and compensation plan | 398,300 | ||
Restricted Stock/RSUs/PSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life of options | 3 years | 3 years | 3 years |
Weighted average grant date fair value, options granted (in dollars per share) | $ 10.63 | $ 14.93 | $ 16.94 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans Options Activity (Details) - Stock Options - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Options | |||
Outstanding and exercisable as of December 31, 2022 | 108,464 | ||
Exercised | (68,134) | ||
Forfeited | 0 | ||
Expired | (195) | ||
Outstanding and exercisable as of December 31, 2023 | 40,135 | 108,464 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross | 0 | 0 | |
Weighted Average Exercise Price | |||
Outstanding as of December 31, 2020 (usd per share) | $ 12.11 | ||
Exercised (usd per share) | 11.81 | ||
Forfeited (usd per share) | 0 | ||
Expired (usd per share) | 11.58 | ||
Outstanding as of December 31, 2021 (usd per share) | $ 12.61 | $ 12.11 | |
Weighted Average Remaining Contractual Term, Outstanding | 3 months 18 days | ||
Additional Disclosures [Abstract] | |||
Outstanding, Aggregate Intrinsic Value | $ 200,000 | ||
Number of options exercised | 68,134 | $ 130,503 | $ 148,670 |
Total intrinsic value of options exercised | 249,000 | 842,000 | 801,000 |
Cash received from options exercised | 805,000 | 1,402,000 | 1,651,000 |
Tax benefit from options exercised | $ 47,000 | $ 163,000 | $ 155,000 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans Nonvested (Details) - Restricted Stock/RSUs/PSUs | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Nonvested as of December 31, 2022 | shares | 2,524,196 |
Granted | shares | 1,026,492 |
Vested | shares | (806,481) |
Forfeited | shares | (81,736) |
Nonvested as of December 31, 2023 | shares | 2,662,471 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Weighted Average Grant Date Fair Value [Roll Forward] | |
Nonvested as of December 31, 2020 (usd per share) | $ / shares | $ 14.16 |
Granted (usd per share) | $ / shares | 11.85 |
Vested (usd per share) | $ / shares | 11.79 |
Forfeited (usd per share) | $ / shares | 13.21 |
Nonvested as of December 31, 2021 (usd per share) | $ / shares | $ 14.24 |
Stock-Based Compensation Plan_6
Stock-Based Compensation Plans Assumptions (Details) - Restricted Stock/RSUs/PSUs | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rate | 3.84% | 2.84% | 0.25% |
Volatility of Corporation’s stock | 35.63% | 43.46% | 42.55% |
Expected life of options | 3 years | 3 years | 3 years |
Stock-Based Compensation Plan_7
Stock-Based Compensation Plans ESPP (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
ESPP shares purchased | 162,667 | 134,645 | 134,156 |
Average purchase price per share (85% of market value) | $ 11.68 | $ 14.06 | $ 13.92 |
Compensation expense recognized (in thousands) | $ 348 | $ 334 | $ 329 |
Employee Benefit Plans Benefits
Employee Benefit Plans Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Retirement plan and pension plan, total | $ 12,394 | $ 9,641 | $ 10,555 |
Other Postretirement Benefit Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension Plan | (516) | (491) | (504) |
Other Postretirement Benefit Plan | 401k Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
401(k) Retirement Plan | $ 11,930 | 10,988 | 10,338 |
Maximum percentage of eligible employee’s covered compensation | 5% | ||
Percentage of plan vested | 100% | ||
Pension Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Pension Plan | $ 464 | $ (1,347) | $ 217 |
Employee Benefit Plans Net Peri
Employee Benefit Plans Net Periodic Benefit Cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | $ 3,269 | $ 2,393 | $ 2,244 |
Expected return on assets | (3,436) | (4,393) | (4,044) |
Net amortization and deferral | 631 | 653 | 2,017 |
Net periodic benefit cost | 464 | (1,347) | 217 |
Other Postretirement Benefit Plans | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Interest cost | 42 | 34 | 32 |
Net amortization and deferral | (558) | (525) | (536) |
Net periodic benefit cost | $ (516) | $ (491) | $ (504) |
Employee Benefit Plans Projecte
Employee Benefit Plans Projected Benefit Obligation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | $ 78,137,000 | ||
Fair value of plan assets at end of year | 84,659,000 | $ 78,137,000 | |
Pension Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | 68,716,000 | 87,530,000 | |
Interest cost | 3,269,000 | 2,393,000 | $ 2,244,000 |
Benefit payments | (4,687,000) | (4,502,000) | |
Change in assumptions | 1,492,000 | (17,131,000) | |
Experience gain | 162,000 | 426,000 | |
Projected benefit obligation at end of year | 68,952,000 | 68,716,000 | 87,530,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 78,137,000 | 94,115,000 | |
Actual return on plan assets | 11,209,000 | (11,476,000) | |
Fair value of plan assets at end of year | 84,659,000 | 78,137,000 | 94,115,000 |
Other Postretirement Benefit Plans | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Projected benefit obligation at beginning of year | 972,000 | 1,244,000 | |
Interest cost | 42,000 | 34,000 | 32,000 |
Benefit payments | (147,000) | (155,000) | |
Change in assumptions | 8,000 | (202,000) | |
Experience gain | 31,000 | (51,000) | |
Projected benefit obligation at end of year | 844,000 | 972,000 | $ 1,244,000 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at beginning of year | 0 | ||
Fair value of plan assets at end of year | $ 0 | $ 0 |
Employee Benefit Plans Funded S
Employee Benefit Plans Funded Status (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Fair value of plan assets | $ 84,659 | $ 78,137 | |
Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Projected benefit obligation | (68,952) | (68,716) | $ (87,530) |
Fair value of plan assets | 84,659 | 78,137 | $ 94,115 |
Funded status | $ 15,707 | $ 9,421 |
Employee Benefit Plans Unrecogn
Employee Benefit Plans Unrecognized loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | $ (385,476) | ||
Unrecognized gains arising in current year | 4,777 | $ 644 | $ 7,144 |
Ending Balance | (312,280) | (385,476) | |
Unrecognized Pension and Postretirement Plan Income (Costs) | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (7,469) | (8,213) | (16,513) |
Ending Balance | (2,635) | (7,469) | (8,213) |
Pension Plans | Unrecognized Net Loss | |||
Before tax | |||
Beginning balance | 12,070 | 13,558 | |
Reclass adjustment for postretirement plan gain included in net income | (631) | (653) | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (6,119) | (835) | |
Ending balance | 5,320 | 12,070 | 13,558 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | 9,384 | 10,545 | |
Recognized component of periodic pension cost | (492) | (510) | |
Unrecognized gains arising in current year | (4,775) | (651) | |
Ending Balance | 4,117 | 9,384 | 10,545 |
Other Postretirement Benefit Plans | Unrecognized Prior Service Cost | |||
Before tax | |||
Beginning balance | (2,084) | (2,548) | |
Reclass adjustment for postretirement plan gain included in net income | 464 | 464 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | 0 | 0 | |
Ending balance | (1,620) | (2,084) | (2,548) |
Other Postretirement Benefit Plans | Unrecognized Net Loss | |||
Before tax | |||
Beginning balance | (818) | (729) | |
Reclass adjustment for postretirement plan gain included in net income | 94 | 61 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (23) | (150) | |
Ending balance | (747) | (818) | (729) |
Other Postretirement Benefit Plans | Unrecognized Pension and Postretirement Plan Income (Costs) | |||
Before tax | |||
Beginning balance | (2,902) | (3,277) | |
Reclass adjustment for postretirement plan gain included in net income | 558 | 525 | |
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss) Arising During Period, before Tax | (23) | (150) | |
Ending balance | (2,367) | (2,902) | (3,277) |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning Balance | (2,264) | (2,556) | |
Recognized component of periodic pension cost | 435 | 410 | |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, Prior to Curtailment, Net of Tax | (118) | ||
Unrecognized gains arising in current year | (18) | ||
Ending Balance | $ (1,847) | $ (2,264) | $ (2,556) |
Employee Benefit Plans Rates (D
Employee Benefit Plans Rates (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pension Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate-projected benefit obligation | 4.73% | 4.93% | 2.80% |
Expected long-term rate of return on plan assets | 5% | 5% | 5% |
Other Postretirement Benefit Plans | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Discount rate-projected benefit obligation | 4.73% | 4.93% | 2.80% |
Expected long-term rate of return on plan assets | 3% | 3% | 3% |
Employee Benefit Plans Fair Val
Employee Benefit Plans Fair Value Of Plan Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets | $ 84,659 | $ 78,137 |
Actual plan asset allocations | 100% | 100% |
Equity securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets | $ 48,244 | $ 40,257 |
Actual plan asset allocations | 57% | 51.50% |
Equity Funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets | $ 27,998 | $ 23,338 |
Mutual Funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets | 20,246 | 16,919 |
Debt securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets | $ 31,423 | $ 33,719 |
Actual plan asset allocations | 37.10% | 43.20% |
Money Market Funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets | $ 6,276 | $ 9,102 |
Fixed Income Funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets | 12,639 | 15,252 |
Corporate debt securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets | 2,600 | 2,324 |
US Government Agencies Debt Securities | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets | 9,908 | 7,041 |
Other Alternative Investment Mutual Funds | ||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||
Fair value of plan assets | $ 4,992 | $ 4,161 |
Actual plan asset allocations | 5.90% | 5.30% |
Employee Benefit Plans Expected
Employee Benefit Plans Expected benefits (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Pension Plans | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2022 | $ 4,799 |
2023 | 4,852 |
2024 | 4,942 |
2025 | 5,007 |
2026 | 5,002 |
Thereafter | 24,638 |
Total | 49,240 |
Other Postretirement Benefit Plans | |
Defined Benefit Plan, Estimated Future Benefit Payments [Abstract] | |
2022 | 134 |
2023 | 122 |
2024 | 110 |
2025 | 99 |
2026 | 88 |
Thereafter | 304 |
Total | $ 857 |
Employee Benefit Plans Multi-Em
Employee Benefit Plans Multi-Employer Plan (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Postemployment Benefits [Abstract] | |
Multiemployer Plan, Pension, Significant, Employer Identification Number | 231928421 |
Multiemployer Plan, Pension, Significant, Employer Contribution, Cost | $ 358 |
Multiemployer Plan, Pension, Significant, Employer Contribution Exceeds 5 Percent [true false] | true |
Multiemployer Plan, Pension, Significant, Funded Status [Fixed List] | At least 80 percent |
Leases - Costs and Supplemental
Leases - Costs and Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Operating lease expense | $ 19,372 | $ 17,766 | $ 16,345 |
Variable lease expense | 3,160 | 3,017 | 1,384 |
Sublease income | (1,111) | (964) | (860) |
Total lease expense | 21,421 | 19,819 | $ 16,869 |
ROU assets | 88,188 | 85,103 | |
Lease liabilities | $ 95,230 | $ 93,883 | |
Weighted average remaining lease term | 6 years 5 months 23 days | 6 years 9 months | |
Weighted average discount rate | 3.34% | 2.89% | |
Cash paid for amounts included in the measurement of lease liabilities | $ 20,898 | $ 19,405 | |
ROU assets obtained in exchange for lease obligations | $ 20,184 | $ 18,715 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Leases - Lease Payment Obligati
Leases - Lease Payment Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2022 | $ 20,391 | |
2023 | 18,299 | |
2024 | 16,603 | |
2025 | 14,204 | |
2026 | 11,022 | |
Thereafter | 25,948 | |
Total lease payments | 106,467 | |
Less: imputed interest | (11,237) | |
Present value of lease liabilities | $ 95,230 | $ 93,883 |
Fair Value Measurements Assets
Fair Value Measurements Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 2,398,352 | $ 2,646,767 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | $ 15,158 | $ 7,264 |
Estimated Fair Value | 2,398,352 | 2,646,767 |
Investments held in Rabbi Trust | 29,819 | 23,435 |
Derivative assets | 158,112 | 167,468 |
Total assets | 2,601,441 | 2,844,934 |
Deferred compensation liabilities | 29,819 | 23,435 |
Derivative liabilities | 246,634 | 297,049 |
Total liabilities | 276,453 | 320,484 |
U.S. Government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 42,161 | 218,485 |
U.S. Government securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 42,161 | 218,485 |
State and municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 1,072,013 | 1,105,712 |
State and municipal securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 1,072,013 | 1,105,712 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 440,551 | 422,309 |
Corporate debt securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 440,551 | 422,309 |
Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 111,434 | 134,033 |
Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 111,434 | 134,033 |
Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 196,795 | 212,698 |
Residential mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 196,795 | 212,698 |
Commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 534,388 | 552,522 |
Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 534,388 | 552,522 |
US Government Agencies Debt Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 1,010 | 1,008 |
US Government Agencies Debt Securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 1,010 | 1,008 |
Level 1 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 0 | 0 |
Estimated Fair Value | 42,161 | 218,485 |
Investments held in Rabbi Trust | 29,819 | 23,435 |
Derivative assets | 572 | 672 |
Total assets | 72,552 | 242,592 |
Deferred compensation liabilities | 29,819 | 23,435 |
Derivative liabilities | 477 | 584 |
Total liabilities | 30,296 | 24,019 |
Level 1 | U.S. Government securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 42,161 | 218,485 |
Level 1 | State and municipal securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Level 1 | Corporate debt securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Level 1 | Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Level 1 | Residential mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Level 1 | Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Level 1 | US Government Agencies Debt Securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 15,158 | 7,264 |
Estimated Fair Value | 2,356,191 | 2,428,282 |
Investments held in Rabbi Trust | 0 | 0 |
Derivative assets | 157,540 | 166,796 |
Total assets | 2,528,889 | 2,602,342 |
Deferred compensation liabilities | 0 | 0 |
Derivative liabilities | 246,157 | 296,465 |
Total liabilities | 246,157 | 296,465 |
Level 2 | U.S. Government securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Level 2 | State and municipal securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 1,072,013 | 1,105,712 |
Level 2 | Corporate debt securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 440,551 | 422,309 |
Level 2 | Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 111,434 | 134,033 |
Level 2 | Residential mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 196,795 | 212,698 |
Level 2 | Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 534,388 | 552,522 |
Level 2 | US Government Agencies Debt Securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 1,010 | 1,008 |
Level 3 | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for sale | 0 | 0 |
Estimated Fair Value | 0 | 0 |
Investments held in Rabbi Trust | 0 | 0 |
Derivative assets | 0 | 0 |
Total assets | 0 | 0 |
Deferred compensation liabilities | 0 | 0 |
Derivative liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Level 3 | U.S. Government securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Level 3 | State and municipal securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Level 3 | Corporate debt securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Level 3 | Collateralized mortgage obligations | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Level 3 | Residential mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Level 3 | Commercial mortgage-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Level 3 | US Government Agencies Debt Securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Estimated Fair Value | $ 0 | $ 0 |
Fair Value Measurements Asset_2
Fair Value Measurements Assets Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other real estate owned (OREO) | $ 896 | $ 5,790 |
Fair Value, Nonrecurring | Level 3 | ||
Loans, net | 102,135 | 121,115 |
Other real estate owned (OREO) | 896 | 5,790 |
Net MSRs at end of year | 49,696 | 50,044 |
Total assets | $ 152,727 | $ 176,949 |
Fair Value Measurements Narrati
Fair Value Measurements Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | $ 2,398,352 | $ 2,646,767 |
Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Assumptions used to estimate fair value, prepayment speed | 7.40% | |
Assumptions used to estimate fair value, discount rate | 9.50% | |
Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | $ 2,398,352 | 2,646,767 |
Derivative assets | 158,112 | 167,468 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 2,356,191 | 2,428,282 |
Derivative assets | 157,540 | 166,796 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Derivative assets | 0 | 0 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 42,161 | 218,485 |
Derivative assets | 572 | 672 |
Fair Value, Measurements, Recurring | Foreign Exchange Contract | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Total liabilities | 500 | 600 |
Fair Value, Measurements, Recurring | Foreign Exchange Contract | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 600 | 700 |
Fair Value, Measurements, Recurring | Forward Commitments | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 500 | 200 |
Total liabilities | 900 | 200 |
Fair Value, Measurements, Recurring | Interest Rate Swap | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Other financial assets | 157,100 | 166,600 |
Total liabilities | 245,600 | 296,300 |
Corporate debt securities | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 440,551 | 422,309 |
Corporate debt securities | Fair Value, Measurements, Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 440,551 | 422,309 |
Corporate debt securities | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 440,551 | 422,309 |
Corporate debt securities | Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Corporate debt securities | Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 0 | 0 |
Financial Institutions Subordinated Debt | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | 433,400 | 415,400 |
Other Corporate Debt | Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Estimated Fair Value | $ 7,200 | $ 6,900 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurement Inputs and Valuation Techniques (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Scenario Shock, Plus 30% | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Assumptions used to estimate fair value, prepayment speed | (4.00%) |
Scenario Shock, Minus 30% | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Assumptions used to estimate fair value, prepayment speed | 4% |
Scenario Shock, Minus 200 Basis Points | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Assumptions used to estimate fair value, discount rate | 10% |
Scenario Shock, Plus 200 Basis Points | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Assumptions used to estimate fair value, discount rate | (8.00%) |
Fair Value Measurements Details
Fair Value Measurements Details of Book Value and Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
AFS, at estimated fair value | $ 2,398,352 | $ 2,646,767 |
Estimated Fair Value | 1,072,207 | |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and cash equivalents | 549,710 | 681,921 |
FRB and FHLB stock | 124,405 | 130,186 |
Loans held for sale | 15,158 | 7,264 |
AFS, at estimated fair value | 1,267,922 | 1,321,256 |
Estimated Fair Value | 2,398,352 | 2,646,767 |
Loans, net | 21,057,690 | 20,010,181 |
Accrued interest receivable | 107,972 | 91,579 |
Other assets | 661,067 | 642,049 |
Demand and savings deposits | 17,653,690 | 18,851,912 |
Brokered deposits | 1,144,692 | 208,416 |
Time deposits | 2,739,241 | 1,589,210 |
Accrued interest payable | 35,083 | 10,185 |
Federal Funds Purchased, Fair Value Disclosure | 240,000 | 191,000 |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 1,100,000 | 1,250,000 |
Long-Term Debt, Fair Value | 535,384 | 539,634 |
Other Borrowings, Fair Value Disclosure | 612,142 | 890,573 |
Other liabilities | 429,046 | 467,705 |
Estimate of Fair Value Measurement | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and cash equivalents | 549,710 | 681,921 |
FRB and FHLB stock | 124,405 | 130,186 |
Loans held for sale | 15,158 | 7,264 |
AFS, at estimated fair value | 1,072,207 | 1,125,049 |
Estimated Fair Value | 2,398,352 | 2,646,767 |
Loans, net | 19,930,560 | 18,862,701 |
Accrued interest receivable | 107,972 | 91,579 |
Other assets | 661,067 | 642,049 |
Demand and savings deposits | 17,653,690 | 18,851,912 |
Brokered deposits | 1,145,379 | 213,501 |
Time deposits | 2,714,709 | 1,574,747 |
Accrued interest payable | 35,083 | 10,185 |
Federal Funds Purchased, Fair Value Disclosure | 240,000 | 190,998 |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 1,094,013 | 1,249,629 |
Long-Term Debt, Fair Value | 463,270 | 456,867 |
Other Borrowings, Fair Value Disclosure | 612,106 | 890,573 |
Other liabilities | 429,046 | 467,705 |
Level 1 | Estimate of Fair Value Measurement | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and cash equivalents | 549,710 | 681,921 |
FRB and FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
AFS, at estimated fair value | 0 | 0 |
Estimated Fair Value | 42,161 | 218,485 |
Loans, net | 0 | 0 |
Accrued interest receivable | 107,972 | 91,579 |
Other assets | 452,935 | 419,419 |
Demand and savings deposits | 17,653,690 | 18,851,912 |
Brokered deposits | 145,987 | 188,416 |
Time deposits | 0 | 0 |
Accrued interest payable | 35,083 | 10,185 |
Federal Funds Purchased, Fair Value Disclosure | 240,000 | 190,998 |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 1,094,013 | 1,249,629 |
Long-Term Debt, Fair Value | 0 | 0 |
Other Borrowings, Fair Value Disclosure | 611,269 | 889,393 |
Other liabilities | 165,635 | 154,912 |
Level 2 | Estimate of Fair Value Measurement | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and cash equivalents | 0 | 0 |
FRB and FHLB stock | 124,405 | 130,186 |
Loans held for sale | 15,158 | 7,264 |
AFS, at estimated fair value | 1,072,207 | 1,125,049 |
Estimated Fair Value | 2,356,191 | 2,428,282 |
Loans, net | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Other assets | 157,540 | 166,796 |
Demand and savings deposits | 0 | 0 |
Brokered deposits | 999,392 | 25,085 |
Time deposits | 2,714,709 | 1,574,747 |
Accrued interest payable | 0 | 0 |
Federal Funds Purchased, Fair Value Disclosure | 0 | 0 |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 0 | 0 |
Long-Term Debt, Fair Value | 463,270 | 456,867 |
Other Borrowings, Fair Value Disclosure | 837 | 1,180 |
Other liabilities | 246,157 | 296,465 |
Level 3 | Estimate of Fair Value Measurement | ||
Fair Value, Balance Sheet Grouping, FinancialStatement Captions[Line Items] | ||
Cash and cash equivalents | 0 | 0 |
FRB and FHLB stock | 0 | 0 |
Loans held for sale | 0 | 0 |
AFS, at estimated fair value | 0 | 0 |
Estimated Fair Value | 0 | 0 |
Loans, net | 19,930,560 | 18,862,701 |
Accrued interest receivable | 0 | 0 |
Other assets | 50,592 | 55,834 |
Demand and savings deposits | 0 | 0 |
Brokered deposits | 0 | 0 |
Time deposits | 0 | 0 |
Accrued interest payable | 0 | 0 |
Federal Funds Purchased, Fair Value Disclosure | 0 | 0 |
Federal Home Loan Bank Borrowings, Fair Value Disclosure | 0 | 0 |
Long-Term Debt, Fair Value | 0 | 0 |
Other Borrowings, Fair Value Disclosure | 0 | 0 |
Other liabilities | $ 17,254 | $ 16,328 |
Commitments and Contingencies O
Commitments and Contingencies Outstanding Commitments to Extend Credit and Letters of Credit (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Valuation allowances and reserves, balance | $ 2,700 | $ 6,000 |
Commercial and industrial | ||
Valuation allowances and reserves, balance | 4,929,981 | 4,832,858 |
Commerical mortgage and construction | ||
Valuation allowances and reserves, balance | 1,867,830 | 1,972,505 |
Real estate - home equity | ||
Valuation allowances and reserves, balance | 1,992,700 | 1,890,258 |
Total commitments to extend credit | ||
Valuation allowances and reserves, balance | 8,790,511 | 8,695,621 |
Standby letters of credit | ||
Valuation allowances and reserves, balance | 264,440 | 260,829 |
Commercial letters of credit | ||
Valuation allowances and reserves, balance | 67,396 | 49,288 |
Letter of Credit | ||
Valuation allowances and reserves, balance | $ 331,836 | $ 310,117 |
Commitments and Contingencies N
Commitments and Contingencies Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Loss Contingencies [Line Items] | ||
Valuation allowances and reserves, balance | $ 2.7 | $ 6 |
Residential mortgage | ||
Loss Contingencies [Line Items] | ||
Valuation allowances and reserves, balance | $ 1.8 | $ 1.4 |
Condensed Financial Informati_3
Condensed Financial Information - Parent Company Only Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||||
Other assets | $ 1,267,138 | $ 1,256,583 | ||
Investments in: | ||||
Total Assets | 27,571,915 | 26,931,702 | ||
Other liabilities | 751,544 | 821,015 | ||
Total Liabilities | 24,811,776 | 24,351,945 | ||
Shareholders' Equity [Abstract] | ||||
Shareholders’ equity | 2,760,139 | 2,579,757 | $ 2,712,680 | $ 2,616,828 |
Total Liabilities and Shareholders' Equity | 27,571,915 | 26,931,702 | ||
Parent | ||||
ASSETS | ||||
Cash and cash equivalents | 171,433 | 169,208 | $ 352,715 | $ 10,063 |
Other assets | 62,500 | 58,497 | ||
Receivable from subsidiaries | 276,215 | 194,869 | ||
Investments in: | ||||
Bank subsidiary | 2,794,106 | 2,708,663 | ||
Non-bank subsidiaries | 42,496 | 38,348 | ||
Total Assets | 3,346,750 | 3,169,585 | ||
Senior and subordinated debt | 535,384 | 539,634 | ||
Other liabilities | 51,227 | 50,194 | ||
Total Liabilities | 586,611 | 589,828 | ||
Shareholders' Equity [Abstract] | ||||
Shareholders’ equity | 2,760,139 | 2,579,757 | ||
Total Liabilities and Shareholders' Equity | $ 3,346,750 | $ 3,169,585 |
Condensed Financial Informati_4
Condensed Financial Information - Parent Company Only Income statement (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Financial Statements, Captions [Line Items] | |||
Total Non-Interest Income | $ 227,678 | $ 227,130 | $ 273,745 |
Income tax benefit | 64,441 | 60,034 | 58,748 |
Net Income | 284,280 | 286,981 | 275,497 |
Preferred stock dividends | (10,248) | (10,248) | (10,277) |
Net Income Available to Common Shareholders | 274,032 | 276,733 | 265,220 |
Parent | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends from subsidiaries | 300,000 | 207,000 | 469,339 |
Other | 794 | 725 | 258 |
Total Non-Interest Income | 300,794 | 207,725 | 469,597 |
Expenses | 37,448 | 51,887 | 58,527 |
Income Before Income Taxes | 263,346 | 155,838 | 411,070 |
Income tax benefit | (7,861) | (12,331) | (12,516) |
Income before equity in undistributed income of subsidiaries | 271,207 | 168,169 | 423,586 |
Net Income | 284,280 | 286,981 | 275,497 |
Preferred stock dividends | (10,248) | ||
Net Income Available to Common Shareholders | 274,032 | ||
Parent | Bank subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Non-bank subsidiaries | 8,932 | 121,388 | (133,157) |
Parent | Non-bank subsidiaries | |||
Condensed Financial Statements, Captions [Line Items] | |||
Non-bank subsidiaries | $ 4,141 | $ (2,576) | $ (14,932) |
Condensed Financial Informati_5
Condensed Financial Information - Parent Company Only Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows From Operating Activities: | |||
Net Income | $ 284,280 | $ 286,981 | $ 275,497 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities [Abstract] | |||
Amortization of issuance costs and discounts on long-term borrowings | 750 | 724 | 1,846 |
Stock-based compensation | 12,540 | 14,000 | 8,402 |
Increase (Decrease) in Other Operating Liabilities | (16,825) | 392,503 | 69,602 |
Total adjustments | 78,704 | 307,810 | 62,894 |
Net cash provided by operating activities | 362,984 | 594,791 | 338,391 |
Cash Flows From Investing Activities | |||
Net cash paid for acquisition | 0 | (21,811) | (1,982) |
Net cash used in investing activities | (809,215) | (1,535,583) | (210,086) |
Cash Flows From Financing Activities: | |||
Net proceeds from issuance of common stock | 3,160 | 7,876 | 7,437 |
Dividends paid | (115,738) | (116,009) | (112,028) |
Acquisition of treasury stock | (77,056) | 0 | (43,909) |
Net cash provided by (used in) financing activities | 314,020 | (15,901) | (337,523) |
Parent | |||
Cash Flows From Operating Activities: | |||
Net Income | 284,280 | 286,981 | 275,497 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities [Abstract] | |||
Amortization of issuance costs and discounts on long-term borrowings | 750 | 724 | 1,846 |
Stock-based compensation | 12,540 | 14,000 | 8,402 |
Increase (Decrease) in Other Operating Assets | (37,591) | 44,790 | 119,822 |
Equity in undistributed net (income) loss of subsidiaries | (13,073) | (120,213) | 148,091 |
Write-off of unamortized costs on trust preferred securities | 0 | 0 | 12,390 |
Increase (Decrease) in Other Operating Liabilities | (50,047) | (198,349) | 78,716 |
Total adjustments | (87,421) | (259,048) | 369,267 |
Net cash provided by operating activities | 196,859 | 27,933 | 644,764 |
Cash Flows From Investing Activities | |||
Net cash paid for acquisition | 0 | (21,811) | 0 |
Net cash used in investing activities | 0 | (21,811) | 0 |
Cash Flows From Financing Activities: | |||
Repayments of long-term borrowings | (5,000) | (81,496) | (153,612) |
Net proceeds from issuance of common stock | 3,160 | 7,876 | 7,437 |
Dividends paid | (115,738) | (116,009) | (112,028) |
Acquisition of treasury stock | (77,056) | 0 | (43,909) |
Net cash provided by (used in) financing activities | (194,634) | (189,629) | (302,112) |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 2,225 | (183,507) | 342,652 |
Cash and Cash Equivalents at Beginning of Year | 169,208 | 352,715 | 10,063 |
Cash and Cash Equivalents at End of Year | $ 171,433 | $ 169,208 | $ 352,715 |