Cover
Cover | 6 Months Ended |
Jun. 30, 2021shares | |
Cover [Abstract] | |
Document Type | 10-Q |
Document Quarterly Report | true |
Document Period End Date | Jun. 30, 2021 |
Document Transition Report | false |
Entity File Number | 1-15817 |
Entity Incorporation, State or Country Code | IN |
Entity Tax Identification Number | 35-1539838 |
Entity Address, Address Line One | One Main Street |
Entity Address, City or Town | Evansville, |
Entity Address, State or Province | IN |
Entity Address, Postal Zip Code | 47708 |
City Area Code | (800) |
Local Phone Number | 731-2265 |
Title of 12(b) Security | Common Stock, No Par Value |
Trading Symbol | ONB |
Security Exchange Name | NASDAQ |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding (in shares) | 165,732,000 |
Amendment Flag | false |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | Old National Bancorp /IN/ |
Entity Central Index Key | 0000707179 |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 188,391 | $ 268,208 |
Money market and other interest-earning investments | 302,740 | 321,504 |
Total cash and cash equivalents | 491,131 | 589,712 |
Equity securities, at fair value | 2,464 | 2,547 |
Investment securities - available-for-sale, at fair value: | ||
Total investment securities - available-for-sale | 6,775,177 | 5,970,115 |
Federal Home Loan Bank/Federal Reserve Bank stock, at cost | 169,389 | 169,433 |
Loans held for sale, at fair value | 50,121 | 63,250 |
Loans: | ||
Total loans | 13,784,677 | 13,786,479 |
Allowance for credit losses | (109,444) | (131,388) |
Net loans | 13,675,233 | 13,655,091 |
Premises and equipment, net | 484,879 | 464,408 |
Operating lease right-of-use assets | 72,207 | 76,197 |
Accrued interest receivable | 85,594 | 85,306 |
Goodwill | 1,036,994 | 1,036,994 |
Other intangible assets | 40,030 | 46,014 |
Company-owned life insurance | 459,565 | 456,110 |
Other assets | 332,882 | 345,445 |
Total assets | 23,675,666 | 22,960,622 |
Deposits: | ||
Noninterest-bearing demand | 6,142,724 | 5,633,672 |
Interest-bearing: | ||
Checking and NOW | 4,921,430 | 4,977,046 |
Savings | 3,675,701 | 3,395,747 |
Money market | 2,126,537 | 1,908,118 |
Time deposits | 1,002,519 | 1,122,870 |
Total deposits | 17,868,911 | 17,037,453 |
Federal funds purchased and interbank borrowings | 1,523 | 1,166 |
Securities sold under agreements to repurchase | 396,129 | 431,166 |
Federal Home Loan Bank advances | 1,891,143 | 1,991,435 |
Other borrowings | 270,318 | 252,787 |
Operating lease liabilities | 81,333 | 86,598 |
Accrued expenses and other liabilities | 175,191 | 187,361 |
Total liabilities | 20,684,548 | 19,987,966 |
Shareholders' Equity | ||
Preferred stock, 2,000 shares authorized, no shares issued or outstanding | 0 | 0 |
Common stock, $1.00 per share stated value, 300,000 shares authorized, 165,732 and 165,367 shares issued and outstanding, respectively | 165,732 | 165,367 |
Capital surplus | 1,876,372 | 1,875,626 |
Retained earnings | 886,752 | 783,892 |
Accumulated other comprehensive income (loss), net of tax | 62,262 | 147,771 |
Total shareholders' equity | 2,991,118 | 2,972,656 |
Total liabilities and shareholders' equity | 23,675,666 | 22,960,622 |
Commercial | ||
Loans: | ||
Total loans | 3,802,943 | 3,956,422 |
Allowance for credit losses | (25,731) | (30,567) |
Commercial real estate | ||
Loans: | ||
Total loans | 6,187,318 | 5,946,512 |
Allowance for credit losses | (65,469) | (75,810) |
Residential real estate | ||
Loans: | ||
Total loans | 2,215,056 | 2,248,422 |
Allowance for credit losses | (10,419) | (12,608) |
Consumer credit, net of unearned income | ||
Loans: | ||
Total loans | 1,579,360 | 1,635,123 |
U.S. Treasury | ||
Investment securities - available-for-sale, at fair value: | ||
Total investment securities - available-for-sale | 234,792 | 10,208 |
U.S. government-sponsored entities and agencies | ||
Investment securities - available-for-sale, at fair value: | ||
Total investment securities - available-for-sale | 1,422,287 | 841,988 |
Mortgage-backed securities | ||
Investment securities - available-for-sale, at fair value: | ||
Total investment securities - available-for-sale | 3,280,983 | 3,339,098 |
States and political subdivisions | ||
Investment securities - available-for-sale, at fair value: | ||
Total investment securities - available-for-sale | 1,567,931 | 1,492,162 |
Other securities | ||
Investment securities - available-for-sale, at fair value: | ||
Total investment securities - available-for-sale | $ 269,184 | $ 286,659 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock, shares authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, stated value (in dollars per share) | $ 1 | $ 1 |
Authorized and unissued common shares reserved for issuance (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 165,732,000 | 165,367,000 |
Common stock, shares outstanding (in shares) | 165,732,000 | 165,367,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Loans including fees: | ||||
Taxable | $ 123,577 | $ 124,737 | $ 246,106 | $ 253,464 |
Nontaxable | 3,171 | 3,453 | 6,528 | 7,078 |
Investment securities: | ||||
Taxable | 24,401 | 25,398 | 48,532 | 52,754 |
Nontaxable | 9,261 | 8,352 | 18,393 | 16,294 |
Money market and other interest-earning investments | 48 | 34 | 136 | 383 |
Total interest income | 160,458 | 161,974 | 319,695 | 329,973 |
Interest Expense | ||||
Deposits | 2,732 | 6,798 | 5,891 | 19,096 |
Federal funds purchased and interbank borrowings | 0 | 44 | 0 | 1,284 |
Securities sold under agreements to repurchase | 95 | 185 | 215 | 569 |
Federal Home Loan Bank advances | 5,218 | 6,844 | 10,627 | 14,612 |
Other borrowings | 2,486 | 2,432 | 4,915 | 4,970 |
Total interest expense | 10,531 | 16,303 | 21,648 | 40,531 |
Net interest income | 149,927 | 145,671 | 298,047 | 289,442 |
Provision for credit losses | (4,929) | 22,545 | (22,285) | 39,495 |
Net interest income after provision for credit losses | 154,856 | 123,126 | 320,332 | 249,947 |
Noninterest Income | ||||
Wealth management fees | 10,734 | 9,424 | 20,442 | 18,308 |
Service charges on deposit accounts | 8,514 | 7,582 | 16,638 | 17,659 |
Debit card and ATM fees | 5,583 | 4,832 | 10,726 | 9,830 |
Mortgage banking revenue | 7,827 | 17,313 | 24,352 | 28,432 |
Investment product fees | 6,042 | 4,845 | 11,906 | 10,719 |
Capital markets income | 5,871 | 6,179 | 9,586 | 10,507 |
Company-owned life insurance | 2,783 | 2,968 | 5,497 | 6,048 |
Debt securities gains (losses), net | 692 | 511 | 2,685 | 5,685 |
Other income | 3,462 | 4,807 | 6,388 | 8,775 |
Total noninterest income | 51,508 | 58,461 | 108,220 | 115,963 |
Noninterest Expense | ||||
Salaries and employee benefits | 72,640 | 66,556 | 140,757 | 145,729 |
Occupancy | 14,054 | 13,245 | 28,926 | 28,378 |
Equipment | 4,506 | 3,853 | 8,475 | 9,158 |
Marketing | 2,632 | 2,395 | 4,694 | 5,492 |
Data processing | 11,697 | 9,629 | 24,050 | 19,096 |
Communication | 2,411 | 2,296 | 5,289 | 5,094 |
Professional fees | 8,528 | 3,545 | 11,252 | 7,838 |
FDIC assessment | 1,226 | 2,014 | 2,833 | 3,623 |
Amortization of intangibles | 2,909 | 3,612 | 5,984 | 7,388 |
Amortization of tax credit investments | 1,813 | 287 | 3,015 | 5,802 |
Other expense | 7,202 | 12,689 | 12,083 | 41,267 |
Total noninterest expense | 129,618 | 120,121 | 247,358 | 278,865 |
Income before income taxes | 76,746 | 61,466 | 181,194 | 87,045 |
Income tax expense | 13,960 | 9,761 | 31,590 | 12,700 |
Net income | $ 62,786 | $ 51,705 | $ 149,604 | $ 74,345 |
Net income per common share - basic (in dollars per share) | $ 0.38 | $ 0.32 | $ 0.91 | $ 0.45 |
Net income per common share - diluted (in dollars per share) | $ 0.38 | $ 0.32 | $ 0.90 | $ 0.45 |
Weighted average number of common shares outstanding - basic (in shares) | 165,175 | 164,732 | 165,086 | 166,240 |
Weighted average number of common shares outstanding - diluted (in shares) | 165,934 | 165,302 | 165,821 | 166,848 |
Dividends per common share (in dollars per share) | $ 0.14 | $ 0.14 | $ 0.28 | $ 0.28 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 62,786 | $ 51,705 | $ 149,604 | $ 74,345 |
Change in debt securities available-for-sale: | ||||
Unrealized holding gains (losses) for the period | (35,818) | 15,728 | (109,332) | 119,682 |
Reclassification adjustment for securities (gains) losses realized in income | (692) | (511) | (2,685) | (5,685) |
Income tax effect | 9,110 | (2,906) | 25,777 | (25,317) |
Unrealized gains (losses) on available-for-sale debt securities | (27,400) | 12,311 | (86,240) | 88,680 |
Cash flow hedges: | ||||
Net unrealized derivative gains (losses) on cash flow hedges | (1,272) | (246) | 2,776 | 7,557 |
Reclassification adjustment for (gains) losses realized in net income | (1,756) | (1,670) | (1,905) | (2,101) |
Income tax effect | 744 | 470 | (214) | (1,341) |
Changes from cash flow hedges | (2,284) | (1,446) | 657 | 4,115 |
Defined benefit pension plans: | ||||
Amortization of net loss recognized in income | 49 | 27 | 98 | 54 |
Income tax effect | (12) | (6) | (24) | (13) |
Changes from defined benefit pension plans | 37 | 21 | 74 | 41 |
Other comprehensive income (loss), net of tax | (29,647) | 10,886 | (85,509) | 92,836 |
Comprehensive income | $ 33,139 | $ 62,591 | $ 64,095 | $ 167,181 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Common Stock | Common StockCumulative Effect, Period of Adoption, Adjusted Balance | Capital Surplus | Capital SurplusCumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjusted Balance |
Balance at beginning of period at Dec. 31, 2019 | $ 2,852,453 | $ (31,150) | $ 2,821,303 | $ 169,616 | $ 169,616 | $ 1,944,445 | $ 1,944,445 | $ 682,185 | $ (31,150) | $ 651,035 | $ 56,207 | $ 56,207 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 22,640 | 22,640 | ||||||||||
Other comprehensive income (loss) | 81,950 | 81,950 | ||||||||||
Dividends - common stock | (23,535) | (23,535) | ||||||||||
Common stock issued | 151 | 9 | 142 | |||||||||
Common stock repurchased | (81,822) | (5,076) | (76,746) | |||||||||
Share-based compensation expense | 2,748 | 2,748 | ||||||||||
Stock activity under incentive compensation plans | 0 | 560 | (329) | (231) | ||||||||
Balance at end of period at Mar. 31, 2020 | 2,823,435 | 165,109 | 1,870,260 | 649,909 | 138,157 | |||||||
Balance at beginning of period at Dec. 31, 2019 | 2,852,453 | $ (31,150) | $ 2,821,303 | 169,616 | $ 169,616 | 1,944,445 | $ 1,944,445 | 682,185 | $ (31,150) | $ 651,035 | 56,207 | $ 56,207 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 74,345 | |||||||||||
Other comprehensive income (loss) | 92,836 | |||||||||||
Balance at end of period at Jun. 30, 2020 | 2,864,255 | 165,093 | 1,871,741 | 678,378 | 149,043 | |||||||
Balance at beginning of period at Mar. 31, 2020 | 2,823,435 | 165,109 | 1,870,260 | 649,909 | 138,157 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 51,705 | 51,705 | ||||||||||
Other comprehensive income (loss) | 10,886 | 10,886 | ||||||||||
Dividends - common stock | (23,113) | (23,113) | ||||||||||
Common stock issued | 145 | 11 | 134 | |||||||||
Common stock repurchased | (473) | (34) | (439) | |||||||||
Share-based compensation expense | 1,480 | 1,480 | ||||||||||
Stock activity under incentive compensation plans | 190 | 7 | 306 | (123) | ||||||||
Balance at end of period at Jun. 30, 2020 | 2,864,255 | 165,093 | 1,871,741 | 678,378 | 149,043 | |||||||
Balance at beginning of period at Dec. 31, 2020 | 2,972,656 | 165,367 | 1,875,626 | 783,892 | 147,771 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 86,818 | 86,818 | ||||||||||
Other comprehensive income (loss) | (55,862) | (55,862) | ||||||||||
Dividends - common stock | (23,195) | (23,195) | ||||||||||
Common stock issued | 139 | 9 | 130 | |||||||||
Common stock repurchased | (2,856) | (160) | (2,696) | |||||||||
Share-based compensation expense | 1,747 | 1,747 | ||||||||||
Stock activity under incentive compensation plans | 0 | 460 | (235) | (225) | ||||||||
Balance at end of period at Mar. 31, 2021 | 2,979,447 | 165,676 | 1,874,572 | 847,290 | 91,909 | |||||||
Balance at beginning of period at Dec. 31, 2020 | 2,972,656 | 165,367 | 1,875,626 | 783,892 | 147,771 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 149,604 | |||||||||||
Other comprehensive income (loss) | (85,509) | |||||||||||
Balance at end of period at Jun. 30, 2021 | 2,991,118 | 165,732 | 1,876,372 | 886,752 | 62,262 | |||||||
Balance at beginning of period at Mar. 31, 2021 | 2,979,447 | 165,676 | 1,874,572 | 847,290 | 91,909 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income | 62,786 | 62,786 | ||||||||||
Other comprehensive income (loss) | (29,647) | (29,647) | ||||||||||
Dividends - common stock | (23,202) | (23,202) | ||||||||||
Common stock issued | 143 | 7 | 136 | |||||||||
Common stock repurchased | (449) | (24) | (425) | |||||||||
Share-based compensation expense | 1,816 | 1,816 | ||||||||||
Stock activity under incentive compensation plans | 224 | 73 | 273 | (122) | ||||||||
Balance at end of period at Jun. 30, 2021 | $ 2,991,118 | $ 165,732 | $ 1,876,372 | $ 886,752 | $ 62,262 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Dividends per common share (in dollars per share) | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.28 | $ 0.28 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash Flows From Operating Activities | ||
Net income | $ 149,604 | $ 74,345 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation | 14,068 | 15,053 |
Amortization of other intangible assets | 5,984 | 7,388 |
Amortization of tax credit investments | 3,015 | 5,802 |
Net premium amortization on investment securities | 7,526 | 10,145 |
Accretion income related to acquired loans | (9,781) | (12,406) |
Share-based compensation expense | 3,563 | 4,228 |
Provision for credit losses | (22,285) | 39,495 |
Debt securities (gains) losses, net | (2,685) | (5,685) |
Net (gains) losses on sales of loans and other assets | (18,202) | 7,760 |
Increase in cash surrender value of company-owned life insurance | (5,497) | (6,048) |
Residential real estate loans originated for sale | (645,624) | (672,393) |
Proceeds from sales of residential real estate loans | 677,888 | 602,671 |
(Increase) decrease in interest receivable | (288) | 737 |
(Increase) decrease in other assets | 40,951 | (88,376) |
Increase (decrease) in accrued expenses and other liabilities | (33,062) | (19,284) |
Net cash flows provided by (used in) operating activities | 165,175 | (36,568) |
Cash Flows From Investing Activities | ||
Purchases of investment securities available-for-sale | (1,801,957) | (1,154,055) |
Purchases of Federal Home Loan Bank/Federal Reserve Bank stock | 0 | (10,025) |
Proceeds from maturities, prepayments, and calls of investment securities available-for-sale | 820,305 | 948,093 |
Proceeds from sales of investment securities available-for-sale | 67,715 | 256,438 |
Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock | 44 | 21 |
Proceeds from sales of equity securities | 325 | 956 |
Loan originations and payments, net | 11,924 | (1,488,360) |
Proceeds from company-owned life insurance death benefits | 2,042 | 1,899 |
Proceeds from sales of premises and equipment and other assets | 7,632 | 6,363 |
Purchases of premises and equipment and other assets | (34,411) | (18,714) |
Net cash flows provided by (used in) investing activities | (926,381) | (1,457,384) |
Net increase (decrease) in: | ||
Deposits | 831,458 | 1,766,049 |
Federal funds purchased and interbank borrowings | 357 | (349,613) |
Securities sold under agreements to repurchase | (35,037) | 39,962 |
Other borrowings | 12,428 | (5,407) |
Payments for maturities of Federal Home Loan Bank advances | (145,005) | (250,005) |
Payments for modification of Federal Home Loan Bank advances | (2,156) | 0 |
Proceeds from Federal Home Loan Bank advances | 50,000 | 455,770 |
Cash dividends paid on common stock | (46,397) | (46,648) |
Common stock repurchased | (3,305) | (82,295) |
Common stock issued | 282 | 296 |
Net cash flows provided by (used in) financing activities | 662,625 | 1,528,109 |
Net increase (decrease) in cash and cash equivalents | (98,581) | 34,157 |
Cash and cash equivalents at beginning of period | 589,712 | 276,337 |
Cash and cash equivalents at end of period | 491,131 | 310,494 |
Supplemental cash flow information: | ||
Total interest paid | 22,368 | 42,278 |
Total taxes paid (net of refunds) | 3,526 | 1,999 |
Investment securities purchased but not settled | 8,046 | 36,681 |
Operating lease right-of-use assets obtained in exchange for lease obligations | 499 | (992) |
Finance lease right-of-use assets obtained in exchange for lease obligations | $ 4,994 | $ 5,225 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements include the accounts of Old National Bancorp and its wholly-owned affiliates (hereinafter collectively referred to as “Old National”) and have been prepared in conformity with accounting principles generally accepted in the United States of America and prevailing practices within the banking industry. Such principles require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosures of contingent assets and liabilities at the date of the financial statements and amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the consolidated financial statements contain all the normal and recurring adjustments necessary for a fair statement of the financial position of Old National as of June 30, 2021 and December 31, 2020, and the results of its operations for the three and six months ended June 30, 2021 and 2020. Interim results do not necessarily represent annual results. These financial statements should be read in conjunction with Old National’s Annual Report on Form 10-K for the year ended December 31, 2020. All significant intercompany transactions and balances have been eliminated. Certain prior year amounts have been reclassified to conform to the current presentation. Such reclassifications had no effect on prior period net income or shareholders’ equity and were insignificant amounts. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Guidance Adopted in 2021 FASB ASC 715 – In August 2018, the FASB issued ASU No. 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans . The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments in this update became effective for fiscal years ending after December 15, 2020 and did not have a material impact on the financial statements. FASB ASC 740 – In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU removes specific exceptions to the general principles in Topic 740 in GAAP. It eliminates the need for an organization to analyze whether the following apply in a given period: (1) exception to the incremental approach for intraperiod tax allocation; (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments; and (3) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also improves financial statement preparers’ application of income tax-related guidance and simplifies GAAP for: (1) franchise taxes that are partially based on income; (2) transactions with a government that result in a step up in the tax basis of goodwill; (3) separate financial statements of legal entities that are not subject to tax; and (4) enacted changes in tax laws in interim periods. The amendments in this update became effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years and did not have a material impact on the financial statements. FASB ASC 321, 323, and 815 – In January 2020, the FASB issued ASU No. 2020-01, Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815 (a Consensus of the Emerging Issues Task Force). The ASU clarifies the interaction between ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities and the ASU on equity method investments. ASU 2016-01 provides companies with an alternative to measure certain equity securities without a readily determinable fair value at cost, minus impairment, if any, unless an observable transaction for an identical or similar security occurs. ASU 2020-01 clarifies that for purposes of applying the Topic 321 measurement alternative, an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting under Topic 323, immediately before applying or upon discontinuing the equity method. In addition, the new ASU provides direction that a company should not consider whether the underlying securities would be accounted for under the equity method or the fair value option when it is determining the accounting for certain forward contracts and purchased options, upon either settlement or exercise. The amendments in this update became effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The amendments are to be applied prospectively and did not have a material impact on the consolidated financial statements. Acquisitions and Dispositions of Businesses and Related Pro Forma Information – In May 2020, the SEC issued a final rule that revises the circumstances that require financial statements and related pro forma information for acquisitions and dispositions of businesses. The intent of the rule is to allow for more meaningful conclusions on when an acquired or disposed business is significant as well as to improve the related disclosure requirements. The changes are intended to improve the financial information about acquired or disposed businesses, facilitate more timely access to capital, and reduce the complexity and costs to prepare the disclosure. The final rule was effective January 1, 2021. FASB ASC 310 – In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs , to clarify that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The ASU was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The new guidance did not have a material impact on the consolidated financial statements. FASB ASC 470 – In October 2020, the FASB issued ASU No. 2020-09, Debt (Topic 470) Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762 , which amends and supersedes various SEC paragraphs to reflect SEC Release No. 33-10762. That release amends the financial disclosure requirements applicable to registered debt offerings that include credit enhancements, such as subsidiary guarantees. These changes are intended to both improve the quality of disclosure and increase the likelihood that issuers will conduct debt offerings on a registered basis. The final rules were effective on January 4, 2021. The amendments did not have a material impact on the consolidated financial statements. Codification Improvements – In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements . The amendments improve codification by having all disclosure-related guidance available in the disclosure sections of the codification. Prior to this ASU, various disclosure requirements or options to present information on the face of the financial statements or as a note to the financial statements were not included in the appropriate disclosure sections of the codification. The codification improvements also contain various other minor amendments to codification that are not expected to have a significant effect on current accounting practice. The amendments became effective for annual periods beginning after December 15, 2020. FASB ASC 848 – In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the transition away from the LIBOR or other interbank offered rate on financial reporting. To help with the transition to new reference rates, the ASU provides optional expedients and exceptions for applying GAAP to affected contract modifications and hedge accounting relationships. The main provisions include: • A change in a contract’s reference interest rate would be accounted for as a continuation of that contract rather than as the creation of a new one for contracts, including loans, debt, leases, and other arrangements, that meet specific criteria. • When updating its hedging strategies in response to reference rate reform, an entity would be allowed to preserve its hedge accounting. The guidance is applicable only to contracts or hedge accounting relationships that reference LIBOR or another reference rate expected to be discontinued. Because the guidance is meant to help entities through the transition period, it will be in effect for a limited time and will not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has elected certain optional expedients that are retained through the end of the hedging relationship. The amendments in this ASU are effective March 12, 2020 through December 31, 2022. ASU 2020-04 permits relief solely for reference rate reform actions and permits different elections over the effective date for legacy and new activity. Accordingly, Old National is evaluating and reassessing the elections on a quarterly basis. For current elections in effect regarding the assertion of the probability of forecasted transactions, Old National elects the expedient to assert the probability of the hedged interest payments and receipts regardless of any expected modification in terms related to reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , which addresses questions about whether Topic 848 can be applied to derivative instruments that do not reference a rate that is expected to be discontinued but that use an interest rate for margining, discounting, or contract price alignment that is expected to be modified as a result of reference rate reform, commonly referred to as the “discounting transition.” The amendments clarify that certain optional expedients and exceptions in Topic 848 do apply to derivatives that are affected by the discounting transition. The amendments in ASU 2021-01 are effective immediately. Old National believes the adoption of this guidance on activities subsequent to June 30, 2021 through December 31, 2022 will not have a material impact on the consolidated financial statements. Guidance on Non-TDR Loan Modifications due to COVID-19 – The CAA, which was signed into law on December 27, 2020, extends certain provisions of the CARES Act. Section 4013 of the CARES Act provided temporary relief from TDR accounting and is amended by Division N, Section 540 of the CAA, by extending the end date from December 31, 2020, to the earlier of January 1, 2022, or 60 days after the date on which the COVID-19 national emergency terminates. In response, the OCC updated its two-page reference guide, “TDR Designation and COVID-19 Loan Modifications,” to conform to the extended TDR provisions. In accordance with such guidance, we are offering short-term modifications made in response to COVID-19 to borrowers who are current and otherwise not past due. These include short-term (180 days or less) modifications in the form of payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. See Note 6 for further information on non-TDR loan modifications. Accounting Guidance Pending Adoption FASB ASC 470 and 815 – In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , to clarify the accounting for certain financial instruments with characteristics of liabilities and equity. The amendments in this update reduce the number of accounting models for convertible debt instruments and convertible preferred stock by removing the cash conversion model and the beneficial conversion feature model. Limiting the accounting models will result in fewer embedded conversion features being separately recognized from the host contract. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in-capital. In addition, this ASU improves disclosure requirements for convertible instruments and earnings-per-share guidance. The ASU also revises the derivative scope exception guidance to reduce form-over-substance-based accounting conclusions driven by remote contingent events. The amendments in this update are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption will be permitted, but no earlier than for fiscal years beginning after December 15, 2020. Old National is currently evaluating the impact of adopting the new guidance on the consolidated financial statements. |
Acquisition Activity
Acquisition Activity | 6 Months Ended |
Jun. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition Activity | ACQUISITION ACTIVITY Pending Acquisition First Midwest Bancorp, Inc. On May 30, 2021, Old National entered into a definitive merger agreement with First Midwest to combine in an all-stock merger of equals transaction. Under the terms of the merger agreement, which has been unanimously approved by the Boards of Directors of both companies, First Midwest stockholders will receive 1.1336 shares of Old National common stock for each share of First Midwest common stock they own. Holders of First Midwest Common Stock will receive cash in lieu of fractional shares. Each share of 7.000% fixed-rate non-cumulative perpetual preferred stock, Series A, no par value, and each share of 7.000% fixed-rate non-cumulative perpetual preferred stock, Series C, no par value, of First Midwest will be converted into the right to receive one share of a newly created series of preferred stock of Old National having terms that are not materially less favorable than the First Midwest preferred stock. Following completion of the transaction, former First Midwest stockholders are expected to collectively represent approximately 44% of the combined company. The new organization will operate under the Old National Bancorp and Old National Bank names, with headquarters and the main office located in Evansville, Indiana and commercial and consumer banking operations headquartered in Chicago, Illinois. Based on Old National’s June 30, 2021 closing price of $17.61 per share, this represents a total transaction value of approximately $2.307 billion. The transaction value is likely to change until closing due to fluctuations in the price of Old National common stock and is also subject to adjustment under certain circumstances as provided in the merger agreement. The transaction is expected to close in late 2021 or early 2022 subject to customary closing conditions, including regulatory and shareholder approvals. |
Net Income Per Share
Net Income Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | NET INCOME PER SHARE Basic and diluted net income per share are calculated using the two-class method. Net income is divided by the weighted-average number of common shares outstanding during the period. Adjustments to the weighted average number of common shares outstanding are made only when such adjustments will dilute net income per common share. Net income is then divided by the weighted-average number of common shares and common share equivalents during the period. The following table reconciles basic and diluted net income per share: Three Months Ended Six Months Ended (dollars and shares in thousands, except per share data) 2021 2020 2021 2020 Basic Net Income Per Share Net income $ 62,786 $ 51,705 $ 149,604 $ 74,345 Weighted average common shares outstanding 165,175 164,732 165,086 166,240 Basic Net Income Per Share $ 0.38 $ 0.32 $ 0.91 $ 0.45 Diluted Net Income Per Share Net income $ 62,786 $ 51,705 $ 149,604 $ 74,345 Weighted average common shares outstanding 165,175 164,732 165,086 166,240 Effect of dilutive securities: Restricted stock 737 535 713 571 Stock options and appreciation rights 22 35 22 37 Weighted average shares outstanding 165,934 165,302 165,821 166,848 Diluted Net Income Per Share $ 0.38 $ 0.32 $ 0.90 $ 0.45 |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES The following table summarizes the amortized cost and fair value of the available-for-sale investment securities portfolio and the corresponding amounts of unrealized gains, unrealized losses, and basis adjustments recognized in accumulated other comprehensive income (loss): (dollars in thousands) Amortized Unrealized Unrealized Basis Fair June 30, 2021 Available-for-Sale U.S. Treasury $ 237,135 $ 1,579 $ (9,420) $ 5,498 $ 234,792 U.S. government-sponsored entities and agencies 1,447,432 10,665 (29,280) (6,530) 1,422,287 Mortgage-backed securities - Agency 3,262,520 54,002 (35,539) — 3,280,983 States and political subdivisions 1,491,787 77,383 (1,239) — 1,567,931 Pooled trust preferred securities 13,746 — (4,358) — 9,388 Other securities 249,277 11,040 (521) — 259,796 Total available-for-sale securities $ 6,701,897 $ 154,669 $ (80,357) $ (1,032) $ 6,775,177 December 31, 2020 Available-for-Sale U.S. Treasury $ 9,909 $ 299 $ — $ — $ 10,208 U.S. government-sponsored entities and agencies 841,133 5,744 (3,921) (968) 841,988 Mortgage-backed securities - Agency 3,249,002 91,086 (990) — 3,339,098 States and political subdivisions 1,405,868 86,325 (31) — 1,492,162 Pooled trust preferred securities 13,763 — (5,850) — 7,913 Other securities 265,079 14,260 (593) — 278,746 Total available-for-sale securities $ 5,784,754 $ 197,714 $ (11,385) $ (968) $ 5,970,115 (1) Basis adjustments represent the cumulative fair value adjustments included in the carrying amounts of fixed-rate investment securities assets in fair value hedging arrangements . Proceeds from sales or calls of available-for-sale investment securities and the resulting realized gains and realized losses were as follows: Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Proceeds from sales of available-for-sale debt securities $ 15,247 $ 20,028 $ 67,715 $ 256,438 Proceeds from calls of available-for-sale debt securities 46,750 141,964 56,995 305,735 Total $ 61,997 $ 161,992 $ 124,710 $ 562,173 Realized gains on sales of available-for-sale debt securities $ 736 $ 545 $ 2,736 $ 6,140 Realized gains on calls of available-for-sale debt securities 48 27 61 40 Realized losses on sales of available-for-sale debt securities (85) (61) (85) (470) Realized losses on calls of available-for-sale debt securities (7) — (27) (25) Debt securities gains (losses), net $ 692 $ 511 $ 2,685 $ 5,685 All of the mortgage-backed securities in the investment portfolio are residential mortgage-backed securities. The amortized cost and fair value of the investment securities portfolio are shown by contractual maturity. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations with or without call or prepayment penalties. Weighted average yield is based on amortized cost. June 30, 2021 (dollars in thousands) Amortized Fair Weighted Maturity Available-for-Sale Within one year $ 155,512 $ 157,167 2.45 % One to five years 2,510,178 2,563,562 2.17 Five to ten years 1,793,204 1,774,222 1.78 Beyond ten years 2,243,003 2,280,226 2.48 Total $ 6,701,897 $ 6,775,177 2.17 % The following table summarizes the available-for-sale investment securities with unrealized losses for which an allowance for credit losses has not been recorded by aggregated major security type and length of time in a continuous unrealized loss position: Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Losses June 30, 2021 Available-for-Sale U.S. Treasury $ 133,626 $ (9,420) $ — $ — $ 133,626 $ (9,420) U.S. government-sponsored entities 836,281 (29,280) — — 836,281 (29,280) Mortgage-backed securities - Agency 1,453,544 (35,462) 3,431 (77) 1,456,975 (35,539) States and political subdivisions 145,415 (1,239) — — 145,415 (1,239) Pooled trust preferred securities — — 9,388 (4,358) 9,388 (4,358) Other securities 17,851 (294) 27,651 (227) 45,502 (521) Total available-for-sale $ 2,586,717 $ (75,695) $ 40,470 $ (4,662) $ 2,627,187 $ (80,357) December 31, 2020 Available-for-Sale U.S. government-sponsored entities $ 355,528 $ (3,921) $ — $ — $ 355,528 $ (3,921) Mortgage-backed securities - Agency 275,833 (895) 3,572 (95) 279,405 (990) States and political subdivisions 3,497 (31) — — 3,497 (31) Pooled trust preferred securities — — 7,913 (5,850) 7,913 (5,850) Other securities 19,404 (70) 24,871 (523) 44,275 (593) Total available-for-sale $ 654,262 $ (4,917) $ 36,356 $ (6,468) $ 690,618 $ (11,385) Available-for-sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses at least quarterly. For available-for sale debt securities in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through income. For available-for sale debt securities that do not meet the criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security and the issuer, among other factors. If this assessment indicates that a credit loss exists, we compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis for the security, a credit loss exists and an allowance for credit losses is recorded, limited to the amount that the fair value of the security is less than its amortized cost basis. Any impairment that has not been recorded through an allowance for credit losses is recognized in other comprehensive income, net of applicable taxes. No allowance for credit losses for available-for-sale debt securities was needed at June 30, 2021 or December 31, 2020. Accrued interest receivable on available-for-sale debt securities is excluded from the estimate of credit losses and totaled $33.9 million at June 30, 2021 and $27.0 million at December 31, 2020. The U.S. government sponsored entities and agencies and mortgage-backed securities – agency are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major credit rating agencies, and have a long history of no credit losses. Therefore, for those securities, we do not record expected credit losses. At June 30, 2021, Old National’s securities portfolio consisted of 1,891 securities, 213 of which were in an unrealized loss position. The unrealized losses attributable to our U.S. Treasury, U.S. government-sponsored entities and agencies, agency mortgage-backed securities, states and political subdivisions, and other securities are the result of fluctuations in interest rates. Our pooled trust preferred securities are discussed below. At June 30, 2021, we had no intent to sell any securities that were in an unrealized loss position nor is it expected that we would be required to sell the securities prior to their anticipated recovery. Pooled Trust Preferred Securities At June 30, 2021, our securities portfolio contained two pooled trust preferred securities with a fair value of $9.4 million and unrealized losses of $4.4 million. These securities are evaluated using collateral-specific assumptions to estimate the expected future interest and principal cash flows. For the six months ended June 30, 2021 and 2020, we did not recognize any losses on these securities. The table below summarizes the relevant characteristics of our pooled trust preferred securities as well as our single issuer trust preferred securities that are included in the “other securities” category in this footnote. Each of the pooled trust preferred securities support a more senior tranche of security holders. Both pooled trust preferred securities have experienced credit defaults. However, we believe that the value of the instruments lies in the full and timely interest payments that will be received through maturity, the steady amortization that will be experienced until maturity, and the full return of principal by the final maturity of the collateralized debt obligations. (dollars in thousands) Class Lowest Amortized Fair Unrealized # of Issuers Actual Expected Excess June 30, 2021 Pooled trust preferred securities: Pretsl XXVII LTD B BB $ 4,197 $ 2,926 $ (1,271) 32/41 14.4% 10.5% 42.3% Trapeza Ser 13A A2A A 9,549 6,462 (3,087) 38/40 4.5% 6.2% 61.0% 13,746 9,388 (4,358) Single Issuer trust preferred securities: JP Morgan Chase & Co BBB- 4,816 4,645 (171) Total $ 18,562 $ 14,033 $ (4,529) (1) Lowest rating for the security provided by any nationally recognized credit rating agency. Equity Securities Old National’s equity securities with readily determinable fair values totaled $2.5 million at June 30, 2021 and December 31, 2020. There were gains on equity securities of $0.2 million during the three months ended June 30, 2021 and $0.7 million during the six months ended June 30, 2021, compared to $0.6 million during the three months ended June 30, 2020 and $0.7 million during the six months ended June 30, 2020. Old National also has equity securities without readily determinable fair values that are included in other assets that totaled $127.6 million at June 30, 2021 and $105.8 million at December 31, 2020. These equity securities without readily determinable fair values are illiquid investments that consist of partnerships, limited liability companies, and other ownership interests that support affordable housing, economic development, and community revitalization initiatives in low-to-moderate income neighborhoods. There have been no impairments or adjustments on equity securities without readily determinable fair values in the six months ended June 30, 2021 or 2020. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | LOANS AND ALLOWANCE FOR CREDIT LOSSES Loans Old National’s loans consist primarily of loans made to consumers and commercial clients in various industries, including manufacturing, agribusiness, transportation, mining, wholesaling, and retailing. Most of Old National’s lending activity occurs within our principal geographic markets of Indiana, Kentucky, Michigan, Minnesota, and Wisconsin. Old National manages concentrations of credit exposure by industry, product, geography, customer relationship, and loan size. While loans to lessors of both residential and non-residential real estate exceed 10% of total loans, no individual sub-segment category within those broader categories reaches the 10% threshold. The loan categories used to monitor and analyze interest income and yields are different than the portfolio segments used to determine the allowance for credit losses for loans. The allowance for credit losses was calculated by pooling loans of similar credit risk characteristics and credit monitoring procedures. The four loan portfolios are classified into seven segments of loans - commercial, commercial real estate, BBCC, residential real estate, indirect, direct, and home equity. The commercial and commercial real estate loan categories shown on the balance sheet include the same pool of loans as the commercial, commercial real estate, and BBCC portfolio segments. The consumer loan category shown on the balance sheet is comprised of the same loans in the indirect, direct, and home equity portfolio segments. The composition of loans by portfolio segment as of June 30, 2021 follows: June 30, 2021 Segment June 30, 2021 Statement Portfolio After (dollars in thousands) Balance Reclassifications Reclassifications Loans: Commercial $ 3,802,943 $ (186,941) $ 3,616,002 Commercial real estate 6,187,318 (161,503) 6,025,815 BBCC N/A 348,444 348,444 Residential real estate 2,215,056 — 2,215,056 Consumer 1,579,360 (1,579,360) N/A Indirect N/A 881,096 881,096 Direct N/A 148,313 148,313 Home equity N/A 549,951 549,951 Total $ 13,784,677 $ — $ 13,784,677 The composition of loans by portfolio segment follows: (dollars in thousands) June 30, December 31, Commercial (1) (2) $ 3,616,002 $ 3,757,700 Commercial real estate 6,025,815 5,774,811 BBCC 348,444 370,423 Residential real estate 2,215,056 2,248,422 Indirect 881,096 913,902 Direct 148,313 164,807 Home equity 549,951 556,414 Total loans 13,784,677 13,786,479 Allowance for credit losses (109,444) (131,388) Net loans $ 13,675,233 $ 13,655,091 (1) Includes direct finance leases of $28.8 million at June 30, 2021 and $32.3 million at December 31, 2020. (2) Includes PPP loans of $721.1 million at June 30, 2021 and $943.0 million at December 31, 2020. The risk characteristics of each loan portfolio segment are as follows: Commercial Commercial loans are classified primarily on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. The cash flows of borrowers, however, may not be as expected and the collateral securing these loans may fluctuate in value. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some loans may be made on an unsecured basis. In the case of loans secured by accounts receivable, the availability of funds for the repayment of these loans may be substantially dependent on the ability of the borrower to collect amounts due from its customers. Section 1102 of the CARES Act created the PPP, a program administered by the SBA to provide loans to small businesses for payroll and other basic expenses during the COVID-19 pandemic. Old National has participated in the PPP as a lender. These loans are eligible to be forgiven if certain conditions are satisfied and are fully guaranteed by the SBA. Additionally, loan payments will also be deferred for the first six months of the loan term. The PPP commenced on April 3, 2020 and was available to qualified borrowers through August 8, 2020. No collateral or personal guarantees were required. Neither the government nor lenders are permitted to charge the recipients any fees. During 2020, Old National originated over 9,700 loans with balances in excess of $1.5 billion to new and existing customers through the PPP. On December 27, 2020, President Trump signed into law the CAA. The CAA, among other things, extends the life of the PPP, effectively creating a second round of PPP loans for eligible businesses. Old National has participated in the CAA’s second round of PPP lending. In mid-January Old National opened its lending portal and began processing PPP loan applications. Old National initially focused on helping minority-owned business, women-owned business, not-for-profit entities, and existing first round PPP customers with the lending process. During the six months ended June 30, 2021, Old National originated approximately 6,200 loans totaling $583.7 million through the second round of the PPP. Additionally, section 541 of the CAA extended the relief provided by the CARES Act for financial institutions to suspend the GAAP accounting treatment for troubled debt restructuring to January 1, 2022. At June 30, 2021, remaining PPP loans totaled $721.1 million. Commercial Real Estate Commercial real estate loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is generally dependent on the successful operation of the property securing the loan or the business conducted on the property securing the loan. Commercial real estate loans may be adversely affected by conditions in the real estate markets or in the general economy. The properties securing Old National’s commercial real estate portfolio are diverse in terms of type and geographic location. Management monitors and evaluates commercial real estate loans based on collateral, geography, and risk grade criteria. In addition, management tracks the level of owner-occupied commercial real estate loans versus non-owner occupied loans. Included with commercial real estate are construction loans, which are underwritten utilizing independent appraisal reviews, sensitivity analysis of absorption and lease rates, financial analysis of the developers and property owners, and feasibility studies, if available. Construction loans are generally based on estimates of costs and value associated with the complete project. These estimates may be inaccurate. Construction loans often involve the disbursement of substantial funds with repayment substantially dependent on the success of the ultimate project. Sources of repayment for these types of loans may be pre-committed permanent loans from approved long-term lenders (including Old National), sales of developed property, or an interim loan commitment from Old National until permanent financing is obtained. These loans are closely monitored by on-site inspections and are considered to have higher risks than other real estate loans due to their ultimate repayment being sensitive to interest rate changes, governmental regulation of real property, general economic conditions, and the availability of long-term financing. At 231%, Old National Bank’s commercial real estate loans as a percentage of its risk-based capital remained well below the regulatory guideline limit of 300% at June 30, 2021. BBCC BBCC loans are typically granted to small businesses with gross revenues of less than $5 million and aggregate debt of less than $1 million. Old National has established minimum debt service coverage ratios, minimum FICO scores for owners and guarantors, and the ability to show relatively stable earnings as criteria to help mitigate risk. Repayment of these loans depends on the personal income of the borrowers and the cash flows of the business. These factors can be affected by changes in economic conditions such as unemployment levels. Residential With respect to residential loans that are secured by 1-4 family residences and are generally owner occupied, Old National typically establishes a maximum loan-to-value ratio and generally requires private mortgage insurance if that ratio is exceeded. Repayment of these loans is primarily dependent on the personal income of the borrowers, which can be impacted by economic conditions in their market areas such as unemployment levels. Repayment can also be impacted by changes in residential property values. Portfolio risk is mitigated by the fact that the loans are of smaller individual amounts and spread over a large number of borrowers. Indirect Indirect loans are secured by automobile collateral, generally new and used cars and trucks from auto dealers that operate within our footprint. Old National typically mitigates the risk of indirect loans by establishing minimum FICO scores, maximum loan-to-value ratios, and maximum debt-to-income ratios. Repayment of these loans depends largely on the personal income of the borrowers, which can be affected by changes in economic conditions such as unemployment levels. Portfolio risk is mitigated by the fact that the loans are of smaller amounts spread over many borrowers, conservative credit policies, and ongoing reviews of dealer relationships. Direct Direct loans are typically secured by collateral such as auto or real estate or are unsecured. Old National has established conservative underwriting standards such as minimum FICO scores, maximum loan-to-value ratios, and maximum debt-to-income ratios. Repayment of these loans depends largely on the personal income of the borrowers, which can be affected by changes in economic conditions such as unemployment levels. Portfolio risk is mitigated by the fact that the loans are of smaller amounts spread over many borrowers along with conservative credit policies. Home Equity Home equity loans are generally secured by 1-4 family residences that are owner occupied. Old National has established conservative underwriting standards such as minimum FICO scores, maximum loan-to-value ratios, and maximum debt-to-income ratios. Repayment of these loans depends largely on the personal income of the borrowers, which can be affected by changes in economic conditions such as unemployment levels. Portfolio risk is mitigated by the fact that the loans are of smaller amounts spread over many borrowers, along with conservative credit policies as well as monitoring of updated borrower credit scores. Allowance for Credit Losses Loans Credit quality within the loans held for investment portfolio is continuously monitored by management and is reflected within the allowance for credit losses for loans. The allowance for credit losses is an estimate of expected losses inherent within the Company’s loans held for investment portfolio. Credit quality is assessed and monitored by evaluating various attributes and the results of those evaluations are utilized in underwriting new loans and in our process for estimating expected credit losses. Expected credit loss inherent in non-cancelable off-balance-sheet credit exposures is accounted for as a separate liability included in other liabilities on the balance sheet. The allowance for credit losses for loans held for investment is adjusted by a credit loss expense, which is reported in earnings, and reduced by the charge-off of loan amounts, net of recoveries. Old National has made a policy election to report accrued interest receivable as a separate line item on the balance sheet. Accrued interest receivable on loans is excluded from the estimate of credit losses and totaled $51.3 million at June 30, 2021 and $57.3 million at December 31, 2020. The allowance for credit loss estimation process involves procedures to appropriately consider the unique characteristics of its loan portfolio segments. These segments are further disaggregated into loan classes based on the level at which credit risk is monitored. When computing the level of expected credit losses, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status, and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods evaluations of the overall loan portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense in those future periods. The allowance level is influenced by loan volumes, loan AQR migration or delinquency status, changes in historical loss experience, and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. The methodology for estimating the amount of expected credit losses reported in the allowance for credit losses has two basic components: first, an asset-specific component involving individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans; and second, a pooled component for estimated expected credit losses for pools of loans that share similar risk characteristics. The allowance for credit losses decreased for the six months ended June 30, 2021 primarily due to changes in the economic forecast. The forecast scenario includes improved unemployment, gross domestic product, and house price index. In addition to the quantitative inputs, several qualitative factors were considered. These factors include the risk that unemployment and gross domestic product prove to be more severe and/or prolonged than our baseline forecast, the consumption of the vaccine is less than anticipated, the presence of communicable strains of the virus, and the slow return to full employment. The mitigating impacts of the reopening of the economy, ongoing increased unemployment benefits, as well as the various government sponsored loan programs, were also considered. Old National’s activity in the allowance for credit losses for loans by portfolio segment was as follows: (dollars in thousands) Balance at Impact of Sub-Total Charge-offs Recoveries Provision Balance at Three Months Ended Commercial $ 25,130 $ — $ 25,130 $ (178) $ 204 $ 575 $ 25,731 Commercial real estate 70,561 — 70,561 (178) 111 (5,025) 65,469 BBCC 2,537 — 2,537 (100) 15 346 2,798 Residential real estate 10,265 — 10,265 (62) 51 165 10,419 Indirect 2,255 — 2,255 (206) 565 (571) 2,043 Direct 665 — 665 (256) 209 22 640 Home equity 2,624 — 2,624 — 161 (441) 2,344 Total $ 114,037 $ — $ 114,037 $ (980) $ 1,316 $ (4,929) $ 109,444 Three Months Ended Commercial $ 31,125 $ — $ 31,125 $ (136) $ 553 $ (1,924) $ 29,618 Commercial real estate 54,103 — 54,103 (1,160) 246 17,880 71,069 BBCC 5,417 — 5,417 (66) 56 925 6,332 Residential real estate 9,637 — 9,637 (16) 42 4,581 14,244 Indirect 3,666 — 3,666 (367) 494 660 4,453 Direct 822 — 822 (405) 231 187 835 Home equity 1,610 — 1,610 (82) 79 236 1,843 Total $ 106,380 $ — $ 106,380 $ (2,232) $ 1,701 $ 22,545 $ 128,394 Six Months Ended Commercial $ 30,567 $ — $ 30,567 $ (586) $ 443 $ (4,693) $ 25,731 Commercial real estate 75,810 — 75,810 (178) 184 (10,347) 65,469 BBCC 6,120 — 6,120 (136) 56 (3,242) 2,798 Residential real estate 12,608 — 12,608 (220) 138 (2,107) 10,419 Indirect 3,580 — 3,580 (790) 1,101 (1,848) 2,043 Direct 855 — 855 (558) 469 (126) 640 Home equity 1,848 — 1,848 (82) 500 78 2,344 Total $ 131,388 $ — $ 131,388 $ (2,550) $ 2,891 $ (22,285) $ 109,444 Six Months Ended Commercial $ 21,359 $ 7,150 $ 28,509 $ (5,178) $ 910 $ 5,377 $ 29,618 Commercial real estate 20,535 25,548 46,083 (2,452) 915 26,523 71,069 BBCC 2,279 3,702 5,981 (81) 122 310 6,332 Residential real estate 2,299 6,986 9,285 (316) 211 5,064 14,244 Indirect 5,319 (1,669) 3,650 (1,570) 908 1,465 4,453 Direct 1,863 (1,059) 804 (880) 383 528 835 Home equity 965 689 1,654 (200) 161 228 1,843 Total $ 54,619 $ 41,347 $ 95,966 $ (10,677) $ 3,610 $ 39,495 $ 128,394 PPP loans were factored in the provision for credit losses for the three and six months ended June 30, 2021; however, due to the SBA guaranty and our borrowers’ adherence to the PPP terms, the provision impact was insignificant. Unfunded Loan Commitments Old National maintains an allowance for credit losses on unfunded commercial lending commitments and letters of credit to provide for the risk of loss inherent in these arrangements. The allowance is computed using a methodology similar to that used to determine the allowance for credit losses for loans, modified to take into account the probability of a drawdown on the commitment. The allowance for credit losses on unfunded loan commitments is classified as a liability account on the balance sheet. Old National’s activity in the allowance for credit losses on unfunded loan commitments was as follows: Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Allowance for credit losses on unfunded loan commitments: Balance at beginning of period $ 10,365 $ 8,950 $ 11,689 $ 2,656 Impact of adopting ASC 326 — — — 4,549 Sub-Total 10,365 8,950 11,689 7,205 Expense (reversal of expense) for credit losses 64 2,076 (1,260) 3,821 Balance at end of period $ 10,429 $ 11,026 $ 10,429 $ 11,026 Credit Quality Old National’s management monitors the credit quality of its loans on an ongoing basis with the AQR for commercial loans reviewed annually or at renewal and the performance of its residential and consumer loans based upon the accrual status refreshed at least quarterly. Internally, management assigns an AQR to each non-homogeneous commercial, commercial real estate, and BBCC loan in the portfolio. The primary determinants of the AQR are the reliability of the primary source of repayment and the past, present, and projected financial condition of the borrower. The AQR will also consider current industry conditions. Major factors used in determining the AQR can vary based on the nature of the loan, but commonly include factors such as debt service coverage, internal cash flow, liquidity, leverage, operating performance, debt burden, FICO scores, occupancy, interest rate sensitivity, and expense burden. Old National uses the following definitions for risk ratings: Criticized . Special mention loans that have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loan or of the institution’s credit position at some future date. Classified – Substandard . Loans classified as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. Classified – Nonaccrual . Loans classified as nonaccrual have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection in full, on the basis of currently existing facts, conditions, and values, in doubt. Classified – Doubtful . Loans classified as doubtful have all the weaknesses inherent in those classified as nonaccrual, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Pass rated loans are those loans that are other than criticized, classified – substandard, classified – nonaccrual, or classified – doubtful. The following table summarizes the amortized cost of term loans by risk category of commercial, commercial real estate, and BBCC loans by loan portfolio segment and class of loan: Origination Year Revolving to Term (dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Total June 30, 2021 Commercial: Risk Rating: Pass $ 882,344 $ 846,644 $ 352,182 $ 135,068 $ 199,148 $ 319,481 $ 579,021 $ 149,663 $ 3,463,551 Criticized 19,340 16,659 5,872 — 3,246 5,855 7,573 10,474 69,019 Classified: Substandard 878 10,285 6,806 11,151 11,693 4,302 7,585 1,197 53,897 Nonaccrual 1,126 3,903 1,087 3,168 5,403 — 203 8,667 23,557 Doubtful — — 672 1,476 438 3,392 — — 5,978 Total $ 903,688 $ 877,491 $ 366,619 $ 150,863 $ 219,928 $ 333,030 $ 594,382 $ 170,001 $ 3,616,002 Commercial real estate: Risk Rating: Pass $ 735,842 $ 1,577,143 $ 975,834 $ 632,791 $ 581,992 $ 802,809 $ 7,041 $ 403,743 $ 5,717,195 Criticized 7,325 3,305 31,140 32,413 21,950 38,101 — 19,213 153,447 Classified: Substandard 118 10,908 6,923 15,245 22,707 13,239 2,064 17,258 88,462 Nonaccrual 240 2,606 96 1,887 6,713 11,637 327 224 23,730 Doubtful — — 1,744 816 17,936 22,485 — — 42,981 Total $ 743,525 $ 1,593,962 $ 1,015,737 $ 683,152 $ 651,298 $ 888,271 $ 9,432 $ 440,438 $ 6,025,815 BBCC: Risk Rating: Pass $ 38,046 $ 81,716 $ 62,428 $ 41,304 $ 29,864 $ 18,748 $ 43,945 $ 19,103 $ 335,154 Criticized 820 1,074 1,066 692 — 372 714 1,060 5,798 Classified: Substandard 291 173 1,175 223 858 — 25 680 3,425 Nonaccrual — 467 — 598 243 — — 1,639 2,947 Doubtful — — 351 576 — 193 — — 1,120 Total $ 39,157 $ 83,430 $ 65,020 $ 43,393 $ 30,965 $ 19,313 $ 44,684 $ 22,482 $ 348,444 Origination Year Revolving to Term (dollars in thousands) 2020 2019 2018 2017 2016 Prior Revolving Total December 31, 2020 Commercial: Risk Rating: Pass $ 1,675,964 $ 420,736 $ 171,228 $ 227,710 $ 124,041 $ 262,538 $ 549,849 $ 148,508 $ 3,580,574 Criticized 23,982 9,603 15,003 9,508 3,383 5,369 10,307 2,685 79,840 Classified: Substandard 6,501 6,369 10,077 9,836 2,774 8,441 15,344 3,049 62,391 Nonaccrual 2,600 3,754 4,701 6,951 49 4,379 778 7,013 30,225 Doubtful — — 1,016 2,748 296 610 — — 4,670 Total $ 1,709,047 $ 440,462 $ 202,025 $ 256,753 $ 130,543 $ 281,337 $ 576,278 $ 161,255 $ 3,757,700 Commercial real estate: Risk Rating: Pass $ 1,537,226 $ 1,041,305 $ 749,102 $ 677,119 $ 496,086 $ 513,658 $ 28,122 $ 382,219 $ 5,424,837 Criticized 6,874 49,271 26,464 46,994 17,648 33,490 — 19,804 200,545 Classified: Substandard 11,451 4,700 13,565 26,691 5,308 8,665 — 2,911 73,291 Nonaccrual 1,408 2,054 5,393 9,456 1,635 12,564 — 313 32,823 Doubtful — 1,832 — 18,926 19,283 3,274 — — 43,315 Total $ 1,556,959 $ 1,099,162 $ 794,524 $ 779,186 $ 539,960 $ 571,651 $ 28,122 $ 405,247 $ 5,774,811 BBCC: Risk Rating: Pass $ 94,828 $ 73,913 $ 49,875 $ 36,288 $ 24,946 $ 5,327 $ 52,393 $ 19,353 $ 356,923 Criticized 1,599 1,403 621 414 643 — 868 1,259 6,807 Classified: Substandard 233 1,417 195 246 33 — 317 701 3,142 Nonaccrual 161 551 134 200 — — 89 1,466 2,601 Doubtful — 3 847 70 — 30 — — 950 Total $ 96,821 $ 77,287 $ 51,672 $ 37,218 $ 25,622 $ 5,357 $ 53,667 $ 22,779 $ 370,423 For residential real estate and consumer loan classes, Old National evaluates credit quality based on the aging status of the loan and by payment activity. The performing or nonperforming status is updated on an on-going basis dependent upon improvement and deterioration in credit quality. The following table presents the amortized cost of term residential real estate and consumer loans based on payment activity: Origination Year Revolving to Term (dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Total June 30, 2021 Residential real estate: Risk Rating: Performing $ 323,691 $ 675,663 $ 344,305 $ 92,770 $ 131,965 $ 627,392 $ — $ 114 $ 2,195,900 Nonperforming — 171 123 354 915 17,593 — — 19,156 Total $ 323,691 $ 675,834 $ 344,428 $ 93,124 $ 132,880 $ 644,985 $ — $ 114 $ 2,215,056 Indirect: Risk Rating: Performing $ 183,279 $ 297,803 $ 195,190 $ 97,284 $ 64,671 $ 40,013 $ — $ 42 $ 878,282 Nonperforming — 362 718 700 614 420 — — 2,814 Total $ 183,279 $ 298,165 $ 195,908 $ 97,984 $ 65,285 $ 40,433 $ — $ 42 $ 881,096 Direct: Risk Rating: Performing $ 19,259 $ 23,280 $ 20,215 $ 21,277 $ 10,652 $ 20,394 $ 31,263 $ 694 $ 147,034 Nonperforming 3 96 105 152 145 768 2 8 1,279 Total $ 19,262 $ 23,376 $ 20,320 $ 21,429 $ 10,797 $ 21,162 $ 31,265 $ 702 $ 148,313 Home equity: Risk Rating: Performing $ — $ — $ 971 $ 414 $ 671 $ — $ 524,229 $ 18,960 $ 545,245 Nonperforming — — 46 — 9 174 134 4,343 4,706 Total $ — $ — $ 1,017 $ 414 $ 680 $ 174 $ 524,363 $ 23,303 $ 549,951 Origination Year Revolving to Term 2020 2019 2018 2017 2016 Prior Revolving Total December 31, 2020 Residential real estate: Risk Rating: Performing $ 624,435 $ 453,132 $ 132,107 $ 190,376 $ 202,457 $ 620,999 $ — $ 122 $ 2,223,628 Nonperforming 65 251 680 892 2,131 20,775 — — 24,794 Total $ 624,500 $ 453,383 $ 132,787 $ 191,268 $ 204,588 $ 641,774 $ — $ 122 $ 2,248,422 Indirect: Risk Rating: Performing $ 352,989 $ 253,514 $ 134,893 $ 96,587 $ 52,225 $ 21,088 $ — $ 77 $ 911,373 Nonperforming 22 443 777 666 429 192 — — 2,529 Total $ 353,011 $ 253,957 $ 135,670 $ 97,253 $ 52,654 $ 21,280 $ — $ 77 $ 913,902 Direct: Risk Rating: Performing $ 32,499 $ 29,189 $ 30,510 $ 16,182 $ 8,527 $ 19,465 $ 26,028 $ 1,229 $ 163,629 Nonperforming 22 141 171 64 247 526 4 3 1,178 Total $ 32,521 $ 29,330 $ 30,681 $ 16,246 $ 8,774 $ 19,991 $ 26,032 $ 1,232 $ 164,807 Home equity: Risk Rating: Performing $ 1 $ 997 $ 444 $ 891 $ 238 $ — $ 529,275 $ 20,314 $ 552,160 Nonperforming — 37 — — 11 116 94 3,996 4,254 Total $ 1 $ 1,034 $ 444 $ 891 $ 249 $ 116 $ 529,369 $ 24,310 $ 556,414 Nonaccrual and Past Due Loans Old National does not record interest on nonaccrual loans until principal is recovered. For all loan classes, a loan is generally placed on nonaccrual status when principal or interest becomes 90 days past due unless it is well secured and in the process of collection, or earlier when concern exists as to the ultimate collectability of principal or interest. Interest accrued but not received is reversed against earnings. Cash interest received on these loans is applied to the principal balance until the principal is recovered or until the loan returns to accrual status. Loans may be returned to accrual status when all the principal and interest amounts contractually due are brought current, remain current for a prescribed period, and future payments are reasonably assured. The following table presents the aging of the amortized cost basis in past due loans by class of loans: (dollars in thousands) 30-59 Days 60-89 Days Past Due Total Current Total June 30, 2021 Commercial $ 683 $ 59 $ 1,303 $ 2,045 $ 3,613,957 $ 3,616,002 Commercial real estate 1,072 95 24,306 25,473 6,000,342 6,025,815 BBCC 539 218 70 827 347,617 348,444 Residential 6,710 2,602 4,945 14,257 2,200,799 2,215,056 Indirect 2,083 335 467 2,885 878,211 881,096 Direct 898 167 244 1,309 147,004 148,313 Home equity 537 356 1,774 2,667 547,284 549,951 Total $ 12,522 $ 3,832 $ 33,109 $ 49,463 $ 13,735,214 $ 13,784,677 December 31, 2020 Commercial $ 2,977 $ 664 $ 2,100 $ 5,741 $ 3,751,959 $ 3,757,700 Commercial real estate 887 128 27,272 28,287 5,746,524 5,774,811 BBCC 894 882 61 1,837 368,586 370,423 Residential 11,639 3,296 7,666 22,601 2,225,821 2,248,422 Indirect 5,222 960 492 6,674 907,228 913,902 Direct 753 533 426 1,712 163,095 164,807 Home equity 1,075 377 1,663 3,115 553,299 556,414 Total $ 23,447 $ 6,840 $ 39,680 $ 69,967 $ 13,716,512 $ 13,786,479 The following table presents the amortized cost basis of loans on nonaccrual status and loans past due 90 days or more and still accruing by class of loan: June 30, 2021 December 31, 2020 (dollars in thousands) Nonaccrual Nonaccrual Past Due Nonaccrual Nonaccrual Past Due Commercial $ 29,535 $ 1,630 $ — $ 34,895 $ 3,394 $ 122 Commercial real estate 66,711 30,124 — 76,138 22,152 20 BBCC 4,067 — — 3,551 — — Residential 19,156 — — 24,794 — — Indirect 2,814 — — 2,529 — 12 Direct 1,279 — 9 1,178 27 13 Home equity 4,706 — — 4,254 45 — Total $ 128,268 $ 31,754 $ 9 $ 147,339 $ 25,618 $ 167 Interest income recognized on nonaccrual loans was insignificant during the three and six months ended June 30, 2021 and 2020. When management determines that foreclosure is probable, expected credit losses for collateral dependent loans are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. A loan is considered collateral dependent when the borrower is experiencing financial difficulty and the loan is expected to be repaid substantially through the operation or sale of the collateral. The class of loan represents the primary collateral type associated with the loan. Significant quarter over quarter changes are reflective of changes in nonaccrual status and not necessarily associated with credit quality indicators like appraisal value. The following table presents the amortized cost basis of collateral dependent loans by class of loan: Type of Collateral (dollars in thousands) Real Blanket Investment Auto Other June 30, 2021 Commercial $ 7,031 $ 18,159 $ 3,763 $ 185 $ 397 Commercial real estate 52,105 372 1,046 — 13,188 BBCC 1,940 1,921 51 155 — Residential 19,156 — — — — Indirect — — — 2,814 — Direct 1,014 — 1 212 21 Home equity 4,706 — — — — Total loans $ 85,952 $ 20,452 $ 4,861 $ 3,366 $ 13,606 December 31, 2020 Commercial $ 8,976 $ 19,253 $ 5,379 $ 394 $ 893 Commercial real estate 60,844 472 1,137 — 13,685 BBCC 1,425 1,929 63 134 — Residential 24,794 — — — — Indirect — — — 2,529 — Direct 901 — 2 235 29 Home equity 4,254 — — — — Total loans $ 101,194 $ 21,654 $ 6,581 $ 3,292 $ 14,607 Loan Participations Old National has loan participations, which qualify as participating interests, with other financial institutions. At June 30, 2021, these loans totaled $1.088 billion, of which $490.5 million had been sold to other financial institutions and $597.3 million was retained by Old National. The loan participations convey proportionate ownership rights with equal priority to each participating interest holder; involve no recourse (other than ordinary representations and warranties) to, or subordination by, any participating interest holder; all cash flows are divided among the participating interest holders in proportion to each holder’s share of ownership; and no holder has the right to pledge the entire financial asset unless all participating interest holders agree. Troubled Debt Restructurings Old National may choose to restructure the contractual terms of certain loans. The decision to restructure a loan, versus aggressively enforcing the collection of the loan, may benefit Old National by increasing the ultimate probability of collection. Any loans that are modified are reviewed by Old National to identify if a TDR has occurred, which is when for economic or legal reasons related to a borrower’s financial difficulties, Old National Bank grants a concession to the borrower that it would not otherwise consider. Terms may be modified to fit the ability of the borrower to repay in line with its current financial status. The modification of the terms of such loans includes one or a combination of the following: a reduction of the stated interest rate of the loan, an extension of the maturity date at a stated rate of interest lower than the current market rate of new debt with similar risk, or a permanent reduction of the recorded investment of the loan. Loans modified in a TDR are typically placed on nonaccrual status until we determine the future collection of principal and interest is reasonably assured, which generally requires that the borrower demonstrate a period of performance according to the restructured terms for six months. If we are unable to resolve a nonperforming loan issue, the credit will be charged off when it is apparent there will be a loss. For large commercial type loans, each relationship is individually analyzed for evidence of apparent loss based on quantitative benchmarks or subjectively based upon certain events or particular circumstances. For residential and consumer loans, a charge off is recorded at the time foreclosure is initiated or when the loan becomes 120 to 180 days past due, whichever is earlier. For commercial TDRs, an allocated reserve is established within the allowance for credit losses for the difference between the carrying value of the loan and its computed value. To determine the computed value of the loan, one of the following methods is selected: (1) the present value of expected cash flows discounted at the loan’s original effective interest rate, (2) the loan’s observable market price, or (3) the fair value of the collateral, if the loan is collatera |
Other Real Estate Owned
Other Real Estate Owned | 6 Months Ended |
Jun. 30, 2021 | |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | |
Other Real Estate Owned | OTHER REAL ESTATE OWNED Other real estate owned is included in other assets. The following table presents activity in other real estate owned: Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Balance at beginning of period $ 751 $ 2,163 $ 1,324 $ 2,169 Additions 25 57 155 204 Sales (243) (309) (874) (423) Impairments (13) (125) (85) (164) Balance at end of period (1) $ 520 $ 1,786 $ 520 $ 1,786 (1) Includes repossessed personal property of $0.2 million at June 30, 2021 and June 30, 2020. Foreclosed residential real estate property recorded as a result of obtaining physical possession of the property included in the table above totaled $0.3 million at June 30, 2021 and $0.8 million at December 31, 2020. Consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $1.6 million at June 30, 2021 and $2.7 million at December 31, 2020. |
Premises and Equipment
Premises and Equipment | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | PREMISES AND EQUIPMENT The composition of premises and equipment was as follows: (dollars in thousands) June 30, December 31, Land $ 72,114 $ 72,600 Buildings 384,142 373,660 Furniture, fixtures, and equipment 129,726 110,735 Leasehold improvements 44,914 44,734 Total 630,896 601,729 Accumulated depreciation (146,017) (137,321) Premises and equipment, net $ 484,879 $ 464,408 Depreciation expense was $7.0 million for the three months ended June 30, 2021 and $14.1 million for the six months ended June 30, 2021, compared to $6.5 million for the three months ended June 30, 2020 and $15.1 million for the six months ended June 30, 2020. Finance Leases Old National leases certain banking center buildings and equipment under finance leases that are included in premises and equipment. See Notes 9 and 15 to the consolidated financial statements for detail regarding these leases. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | LEASES Old National has operating and finance leases for land, office space, banking centers, and equipment. These leases are generally for periods of 5 to 20 years with various renewal options. We include certain renewal options in the measurement of our right-of-use assets and lease liabilities if they are reasonably certain to be exercised. Variable lease payments that are dependent on an index or a rate are initially measured using the index or rate at the commencement date and are included in the measurement of the lease liability. Variable lease payments that are not dependent on an index or a rate are excluded from the measurement of the lease liability and are recognized in profit and loss when incurred. Variable lease payments are defined as payments made for the right to use an asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time. Old National has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated. For certain equipment leases, Old National accounts for the lease and non-lease components as a single lease component using the practical expedient available for that class of assets. Old National does not have any material sub-lease agreements. The components of lease expense were as follows: Affected Line Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Operating lease cost occupancy/equipment expense $ 3,092 $ 6,646 $ 6,393 $ 15,827 Finance lease cost: Amortization of right-of-use assets occupancy expense 810 256 1,121 423 Interest on lease liabilities interest expense 120 91 215 169 Short-term lease cost occupancy expense — 1 — 1 Sub-lease income occupancy expense (135) (121) (278) (249) Total $ 3,887 $ 6,873 $ 7,451 $ 16,171 Supplemental balance sheet information related to leases was as follows: (dollars in thousands) June 30, December 31, Operating Leases Operating lease right-of-use assets $ 72,207 $ 76,197 Operating lease liabilities 81,333 86,598 Finance Leases Premises and equipment, net 15,224 11,351 Other borrowings 15,813 11,813 Weighted-Average Remaining Lease Term (in Years) Operating leases 10.4 10.6 Finance leases 8.3 10.3 Weighted-Average Discount Rate Operating leases 3.39 % 3.40 % Finance leases 3.14 % 3.46 % Supplemental cash flow information related to leases was as follows: Six Months Ended (dollars in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,166 $ 8,283 Operating cash flows from finance leases 215 169 Financing cash flows from finance leases 993 322 The following table presents a maturity analysis of the Company’s lease liability by lease classification at June 30, 2021: (dollars in thousands) Operating Finance 2021 $ 7,066 $ 1,214 2022 13,233 2,440 2023 9,553 2,466 2024 8,512 2,471 2025 8,373 2,464 Thereafter 50,549 7,006 Total undiscounted lease payments 97,286 18,061 Amounts representing interest (15,953) (2,248) Lease liability $ 81,333 $ 15,813 Old National leases certain office space and buildings to unrelated parties in exchange for consideration. All of these tenant leases are classified as operating leases. The following table presents a maturity analysis of the Company’s tenant leases at June 30, 2021: (dollars in thousands) Tenant 2021 $ 1,207 2022 1,984 2023 1,591 2024 1,420 2025 1,083 Thereafter 2,922 Total undiscounted lease payments $ 10,207 |
Leases | LEASES Old National has operating and finance leases for land, office space, banking centers, and equipment. These leases are generally for periods of 5 to 20 years with various renewal options. We include certain renewal options in the measurement of our right-of-use assets and lease liabilities if they are reasonably certain to be exercised. Variable lease payments that are dependent on an index or a rate are initially measured using the index or rate at the commencement date and are included in the measurement of the lease liability. Variable lease payments that are not dependent on an index or a rate are excluded from the measurement of the lease liability and are recognized in profit and loss when incurred. Variable lease payments are defined as payments made for the right to use an asset that vary because of changes in facts or circumstances occurring after the commencement date, other than the passage of time. Old National has lease agreements with lease and non-lease components, which are generally accounted for separately. For real estate leases, non-lease components and other non-components, such as common area maintenance charges, real estate taxes, and insurance are not included in the measurement of the lease liability since they are generally able to be segregated. For certain equipment leases, Old National accounts for the lease and non-lease components as a single lease component using the practical expedient available for that class of assets. Old National does not have any material sub-lease agreements. The components of lease expense were as follows: Affected Line Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Operating lease cost occupancy/equipment expense $ 3,092 $ 6,646 $ 6,393 $ 15,827 Finance lease cost: Amortization of right-of-use assets occupancy expense 810 256 1,121 423 Interest on lease liabilities interest expense 120 91 215 169 Short-term lease cost occupancy expense — 1 — 1 Sub-lease income occupancy expense (135) (121) (278) (249) Total $ 3,887 $ 6,873 $ 7,451 $ 16,171 Supplemental balance sheet information related to leases was as follows: (dollars in thousands) June 30, December 31, Operating Leases Operating lease right-of-use assets $ 72,207 $ 76,197 Operating lease liabilities 81,333 86,598 Finance Leases Premises and equipment, net 15,224 11,351 Other borrowings 15,813 11,813 Weighted-Average Remaining Lease Term (in Years) Operating leases 10.4 10.6 Finance leases 8.3 10.3 Weighted-Average Discount Rate Operating leases 3.39 % 3.40 % Finance leases 3.14 % 3.46 % Supplemental cash flow information related to leases was as follows: Six Months Ended (dollars in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,166 $ 8,283 Operating cash flows from finance leases 215 169 Financing cash flows from finance leases 993 322 The following table presents a maturity analysis of the Company’s lease liability by lease classification at June 30, 2021: (dollars in thousands) Operating Finance 2021 $ 7,066 $ 1,214 2022 13,233 2,440 2023 9,553 2,466 2024 8,512 2,471 2025 8,373 2,464 Thereafter 50,549 7,006 Total undiscounted lease payments 97,286 18,061 Amounts representing interest (15,953) (2,248) Lease liability $ 81,333 $ 15,813 Old National leases certain office space and buildings to unrelated parties in exchange for consideration. All of these tenant leases are classified as operating leases. The following table presents a maturity analysis of the Company’s tenant leases at June 30, 2021: (dollars in thousands) Tenant 2021 $ 1,207 2022 1,984 2023 1,591 2024 1,420 2025 1,083 Thereafter 2,922 Total undiscounted lease payments $ 10,207 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS The following table presents the changes in the carrying amount of goodwill: Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Balance at beginning of period $ 1,036,994 $ 1,036,994 $ 1,036,994 $ 1,036,994 Acquisitions and adjustments — — — — Balance at end of period $ 1,036,994 $ 1,036,994 $ 1,036,994 $ 1,036,994 Old National performed the required annual goodwill impairment test as of August 31, 2020 and there was no impairment. No events or circumstances since the August 31, 2020 annual impairment test were noted that would indicate it was more likely than not a goodwill impairment exists. The gross carrying amounts and accumulated amortization of other intangible assets were as follows: (dollars in thousands) Gross Accumulated Net June 30, 2021 Core deposit $ 103,264 $ (65,644) $ 37,620 Customer trust relationships 16,547 (14,137) 2,410 Total intangible assets $ 119,811 $ (79,781) $ 40,030 December 31, 2020 Core deposit $ 112,723 $ (69,623) $ 43,100 Customer trust relationships 16,547 (13,633) 2,914 Total intangible assets $ 129,270 $ (83,256) $ 46,014 Other intangible assets consist of core deposit intangibles and customer relationship intangibles and are being amortized primarily on an accelerated basis over their estimated useful lives, generally over a period of 5 to 15 years. Old National reviews other intangible assets for possible impairment whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. No impairment charges were recorded during the six months ended June 30, 2021 or 2020. Total amortization expense associated with intangible assets was $2.9 million for the three months ended June 30, 2021 and $6.0 million for the six months ended June 30, 2021, compared to $3.6 million for the three months ended June 30, 2020 and $7.4 million for the six months ended June 30, 2020. Estimated amortization expense for future years is as follows: (dollars in thousands) 2021 remaining $ 5,351 2022 9,014 2023 7,053 2024 5,645 2025 4,509 Thereafter 8,458 Total $ 40,030 |
Loan Servicing Rights
Loan Servicing Rights | 6 Months Ended |
Jun. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Loan Servicing Rights | LOAN SERVICING RIGHTS Loan servicing rights are included in other assets on the balance sheet. At June 30, 2021, loan servicing rights derived from mortgage loans sold with servicing retained totaled $28.8 million, compared to $26.7 million at December 31, 2020. Loans serviced for others are not reported as assets. The principal balance of mortgage loans serviced for others was $3.614 billion at June 30, 2021, compared to $3.613 billion at December 31, 2020. Custodial escrow balances maintained in connection with serviced loans were $42.2 million at June 30, 2021 and $16.2 million at December 31, 2020. The following table summarizes the carrying values and activity related to loan servicing rights and the related valuation allowance: Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Balance at beginning of period $ 28,262 $ 25,575 $ 28,124 $ 25,399 Additions 3,058 3,672 6,171 5,403 Amortization (2,434) (2,959) (5,409) (4,514) Balance before valuation allowance at end of period 28,886 26,288 28,886 26,288 Valuation allowance: Balance at beginning of period (146) (1,443) (1,407) (31) (Additions)/recoveries 41 (810) 1,302 (2,222) Balance at end of period (105) (2,253) (105) (2,253) Loan servicing rights, net $ 28,781 $ 24,035 $ 28,781 $ 24,035 At June 30, 2021, the fair value of servicing rights was $31.0 million, which was determined using a discount rate of 9% and a conditional prepayment rate of 11%. At December 31, 2020, the fair value of servicing rights was $26.8 million, which was determined using a discount rate of 9% and a conditional prepayment rate of 14%. |
Qualified Affordable Housing Pr
Qualified Affordable Housing Projects and Other Tax Credit Investments | 6 Months Ended |
Jun. 30, 2021 | |
Investments in Affordable Housing Projects [Abstract] | |
Qualified Affordable Housing Projects and Other Tax Credit Investments | QUALIFIED AFFORDABLE HOUSING PROJECTS AND OTHER TAX CREDIT INVESTMENTSOld National is a limited partner in several tax-advantaged limited partnerships whose purpose is to invest in approved qualified affordable housing, renewable energy, or other renovation or community revitalization projects. These investments are included in other assets on the balance sheet, with any unfunded commitments included with other liabilities. As of June 30, 2021, Old National expects to recover its remaining investments through the use of the tax credits that are generated by the investments. The following table summarizes Old National’s investments in qualified affordable housing projects and other tax credit investments: (dollars in thousands) June 30, 2021 December 31, 2020 Investment Accounting Method Investment Unfunded Investment Unfunded LIHTC Proportional amortization $ 41,939 $ 14,286 $ 33,609 $ 6,845 FHTC Equity 22,156 19,817 18,660 22,398 NMTC Equity 10,050 — 6,120 — Renewable Energy Equity 2,504 — 3,611 862 Total $ 76,649 $ 34,103 $ 62,000 $ 30,105 (1) All commitments will be paid by Old National by December 31, 2027. The following table summarizes the amortization expense and tax benefit recognized for Old National’s qualified affordable housing projects and other tax credit investments: (dollars in thousands) Amortization Tax Expense Three Months Ended June 30, 2021 LIHTC $ 863 $ (1,136) FHTC 1,228 (574) NMTC 375 (462) Renewable Energy 210 — Total $ 2,676 $ (2,172) Three Months Ended June 30, 2020 LIHTC $ 776 $ (1,019) FHTC — (1,356) Renewable Energy 287 (307) Total $ 1,063 $ (2,682) Six Months Ended June 30, 2021 LIHTC $ 1,725 $ (2,272) FHTC 1,359 (1,256) NMTC 750 (925) Renewable Energy 906 (562) Total $ 4,740 $ (5,015) Six Months Ended June 30, 2020 LIHTC $ 1,553 $ (2,038) FHTC 5,143 (2,712) Renewable Energy 659 (707) Total $ 7,355 $ (5,457) (1) The amortization expense for the LIHTC investments is included in our income tax expense. The amortization expense for the FHTC, NMTC, and Renewable Energy tax credits is included in noninterest expense. (2) All of the tax benefits recognized are included in our income tax expense. The tax benefit recognized for the FHTC, NMTC, and Renewable Energy investments primarily reflects the tax credits generated from the investments and excludes the net tax expense (benefit) and deferred tax liability of the investments’ income (loss). |
Securities Sold Under Agreement
Securities Sold Under Agreements to Repurchase | 6 Months Ended |
Jun. 30, 2021 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Securities Sold Under Agreements to Repurchase | SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE Securities sold under agreements to repurchase are secured borrowings. Old National pledges investment securities to secure these borrowings. The following table presents securities sold under agreements to repurchase and related weighted-average interest rates: At or for the Six Months Ended June 30, At December 31, At or for the Six Months Ended June 30, (dollars in thousands) Outstanding at period end $ 396,129 $ 431,166 $ 367,744 Average amount outstanding during the period 402,478 N/A 339,818 Maximum amount outstanding at any month-end during the period 405,278 N/A 367,744 Weighted-average interest rate: During the period 0.11 % N/A 0.34 % At period end 0.09 % 0.12 % 0.21 % The following table presents the contractual maturity of our secured borrowings and class of collateral pledged: At June 30, 2021 Remaining Contractual Maturity of the Agreements (dollars in thousands) Overnight and Continuous Up to 30-90 Days Greater Than 90 days Total Repurchase Agreements: U.S. Treasury and agency securities $ 396,129 $ — $ — $ — $ 396,129 Total $ 396,129 $ — $ — $ — $ 396,129 The fair value of securities pledged to secure repurchase agreements may decline. Old National has pledged securities valued at 116% of the gross outstanding balance of repurchase agreements at June 30, 2021 to manage this risk. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 6 Months Ended |
Jun. 30, 2021 | |
Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | FEDERAL HOME LOAN BANK ADVANCES The following table summarizes Old National Bank’s FHLB advances: (dollars in thousands) June 30, December 31, FHLB advances (fixed rates 0.45% to 4.96% and variable rates 0.06% to 0.10%) maturing October 2022 to January 2041 $ 1,904,155 $ 1,999,160 Fair value hedge basis adjustments and unamortized (13,012) (7,725) Total $ 1,891,143 $ 1,991,435 FHLB advances had weighted-average rates of 1.31% at June 30, 2021 and 1.32% at December 31, 2020. Investment securities and residential real estate loans collateralize these borrowings up to 140% of outstanding debt. In the first quarter of 2021, Old National modified $50.0 million pertaining to two FHLB advances, which lowered their weighted average effective rates from 1.53% to 0.33%. At June 30, 2021, total unamortized prepayment fees related to all debt modifications totaled $29.2 million, compared to $30.0 million at December 31, 2020. Contractual maturities of FHLB advances at June 30, 2021 were as follows: (dollars in thousands) Due in 2021 $ — Due in 2022 29,000 Due in 2023 155 Due in 2024 25,000 Due in 2025 550,000 Thereafter 1,300,000 Fair value hedge basis adjustments and unamortized prepayment fees (13,012) Total $ 1,891,143 |
Other Borrowings
Other Borrowings | 6 Months Ended |
Jun. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Borrowings | OTHER BORROWINGS The following table summarizes Old National’s other borrowings: (dollars in thousands) June 30, December 31, Old National Bancorp: Senior unsecured notes (fixed rate 4.125% maturing August 2024) $ 175,000 $ 175,000 Unamortized debt issuance costs related to senior unsecured notes (481) (559) Junior subordinated debentures (variable rates of 1.70% to 1.87%) maturing March 2035 to June 2037 42,000 42,000 Other basis adjustments (3,120) (3,195) Old National Bank: Finance lease liabilities 15,813 11,813 Subordinated debentures (variable rate 4.54%) 12,000 12,000 Leveraged loans for NMTC (fixed rates of 1.00% to 1.43%) maturing December 2046 to December 2052 25,655 15,300 Other 3,451 428 Total other borrowings $ 270,318 $ 252,787 Contractual maturities of other borrowings at June 30, 2021 were as follows: (dollars in thousands) Due in 2021 $ 1,006 Due in 2022 2,061 Due in 2023 2,131 Due in 2024 177,180 Due in 2025 2,220 Thereafter 85,870 Unamortized debt issuance costs and other basis adjustments (150) Total $ 270,318 Senior Notes In August 2014, Old National issued $175.0 million of senior unsecured notes with a 4.125% interest rate. These notes pay interest on February 15 and August 15 and mature on August 15, 2024. Junior Subordinated Debentures Junior subordinated debentures related to trust preferred securities are classified in “other borrowings.” Junior subordinated debentures qualify as Tier 2 capital for regulatory purposes, subject to certain limitations. Through various acquisitions, Old National assumed junior subordinated debenture obligations related to various trusts that issued trust preferred securities. Old National guarantees the payment of distributions on the trust preferred securities issued by the trusts. Proceeds from the issuance of each of these securities were used to purchase junior subordinated debentures with the same financial terms as the securities issued by the trusts. Old National, at any time, may redeem the junior subordinated debentures at par and, thereby cause a redemption of the trust preferred securities in whole or in part. The following table summarizes the terms of our outstanding junior subordinated debentures: (dollars in thousands) Rate at June 30, Name of Trust Issuance Date Issuance Rate Maturity Date St. Joseph Capital Trust II March 2005 $ 5,000 3-month LIBOR plus 1.75% 1.87% March 17, 2035 Anchor Capital Trust III August 2005 5,000 3-month LIBOR plus 1.55% 1.70% September 30, 2035 Home Federal Statutory September 2006 15,000 3-month LIBOR plus 1.65% 1.77% September 15, 2036 Monroe Bancorp Capital July 2006 3,000 3-month LIBOR plus 1.60% 1.78% October 7, 2036 Tower Capital Trust 3 December 2006 9,000 3-month LIBOR plus 1.69% 1.82% March 1, 2037 Monroe Bancorp Statutory March 2007 5,000 3-month LIBOR plus 1.60% 1.72% June 15, 2037 Total $ 42,000 Subordinated Debentures On November 1, 2017, Old National assumed $12.0 million of subordinated fixed-to-floating notes related to the acquisition of Anchor (MN). The subordinated debentures had a 5.75% fixed rate of interest through October 29, 2020. From October 30, 2020 to the October 30, 2025 maturity date, the debentures have a floating rate of interest equal to the three-month LIBOR rate plus 4.356%. Finance Lease Liabilities Old National has long-term finance lease liabilities for certain banking centers and equipment totaling $15.8 million. See Note 9 to the consolidated financial statements for a maturity analysis of the Company’s finance lease liabilities. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) The following table summarizes the changes within each classification of AOCI, net of tax: (dollars in thousands) Unrealized Gains and Defined Total Three Months Ended June 30, 2021 Balance at beginning of period $ 86,495 $ 5,525 $ (111) $ 91,909 Other comprehensive income (loss) before (26,886) (959) — (27,845) Amounts reclassified from AOCI to income (1) (514) (1,325) 37 (1,802) Balance at end of period $ 59,095 $ 3,241 $ (74) $ 62,262 Three Months Ended June 30, 2020 Balance at beginning of period $ 132,500 $ 5,801 $ (144) $ 138,157 Other comprehensive income (loss) before 12,733 (186) — 12,547 Amounts reclassified from AOCI to income (1) (422) (1,260) 21 (1,661) Balance at end of period $ 144,811 $ 4,355 $ (123) $ 149,043 Six Months Ended June 30, 2021 Balance at beginning of period $ 145,335 $ 2,584 $ (148) $ 147,771 Other comprehensive income (loss) before (84,173) 2,094 — (82,079) Amounts reclassified from AOCI to income (1) (2,067) (1,437) 74 (3,430) Balance at end of period $ 59,095 $ 3,241 $ (74) $ 62,262 Six Months Ended June 30, 2020 Balance at beginning of period $ 56,131 $ 240 $ (164) $ 56,207 Other comprehensive income (loss) before 93,102 5,700 — 98,802 Amounts reclassified from AOCI to income (1) (4,422) (1,585) 41 (5,966) Balance at end of period $ 144,811 $ 4,355 $ (123) $ 149,043 (1) See tables below for details about reclassifications to income. The following table summarizes the significant amounts reclassified out of each component of AOCI for the three months ended June 30, 2021 and 2020: Three Months Ended (dollars in thousands) 2021 2020 Details about AOCI Components Amount Reclassified Affected Line Item in the Unrealized gains and losses on $ 692 $ 511 Debt securities gains (losses), net (178) (89) Income tax (expense) benefit $ 514 $ 422 Net income Gains and losses on cash flow hedges $ 1,756 $ 1,670 Interest income (expense) (431) (410) Income tax (expense) benefit $ 1,325 $ 1,260 Net income Amortization of defined benefit Actuarial gains (losses) $ (49) $ (27) Salaries and employee benefits 12 6 Income tax (expense) benefit $ (37) $ (21) Net income Total reclassifications for the period $ 1,802 $ 1,661 Net income The following table summarizes the significant amounts reclassified out of each component of AOCI for the six months ended June 30, 2021 and 2020: Six Months Ended (dollars in thousands) 2021 2020 Details about AOCI Components Amount Reclassified Affected Line Item in the Unrealized gains and losses on $ 2,685 $ 5,685 Debt securities gains (losses), net (618) (1,263) Income tax (expense) benefit $ 2,067 $ 4,422 Net income Gains and losses on cash flow hedges $ 1,905 $ 2,101 Interest income (expense) (468) (516) Income tax (expense) benefit $ 1,437 $ 1,585 Net income Amortization of defined benefit Actuarial gains (losses) $ (98) $ (54) Salaries and employee benefits 24 13 Income tax (expense) benefit $ (74) $ (41) Net income Total reclassifications for the period $ 3,430 $ 5,966 Net income |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | SHARE-BASED COMPENSATIONAt June 30, 2021, Old National had 2.4 million shares remaining available for issuance under the Company’s Amended and Restated 2008 Incentive Compensation Plan. The granting of awards to key employees is typically in the form of restricted stock awards or units. Restricted Stock Awards Old National granted 0.2 million time-based restricted stock awards to certain key officers during the six months ended June 30, 2021, with shares vesting generally over a 36 month period. At June 30, 2021, nonvested shares totaled 0.5 million. Compensation expense is recognized on a straight-line basis over the vesting period. Shares are subject to certain restrictions and risk of forfeiture by the participants. At June 30, 2021, unrecognized compensation expense for unvested restricted stock awards was $6.5 million. The cost is expected to be recognized over a weighted-average period of 2.1 years. Old National recorded share-based compensation expense, net of tax, related to restricted stock awards of $0.7 million during the three months ended June 30, 2021 and $1.4 million during the six months ended June 30, 2021, compared to $0.5 million for the three months ended June 30, 2020 and $1.2 million for the six months ended June 30, 2020. Restricted Stock Units Old National granted 0.2 million shares of performance based restricted stock units to certain key officers during the six months ended June 30, 2021, with shares vesting at the end of a 36 month period based on the achievement of certain targets. At June 30, 2021, nonvested shares totaled 0.9 million. For certain awards, the level of performance could increase or decrease the number of shares earned. Compensation expense is recognized on a straight-line basis over the vesting period. Shares are subject to certain restrictions and risk of forfeiture by the participants. At June 30, 2021, unrecognized compensation expense was $5.7 million. The cost is expected to be recognized over a weighted-average period of 2.0 years. Old National recorded share-based compensation expense, net of tax, related to restricted stock units of $0.7 million during the three months ended June 30, 2021 and $1.3 million during the six months ended June 30, 2021, compared to $0.6 million during the three months ended June 30, 2020 and $2.0 million for the six months ended June 30, 2020. Stock Options and Appreciation Rights Old National has not granted stock options since 2009. However, Old National did acquire stock options and stock appreciation rights through prior year acquisitions. Old National recorded no incremental expense associated with the conversion of these options and stock appreciation rights. At June 30, 2021, 28 thousand stock appreciation rights remained outstanding. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Following is a summary of the major items comprising the differences in taxes from continuing operations computed at the federal statutory rate and as recorded in the consolidated statements of income: Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Provision at statutory rate of 21% $ 16,117 $ 12,908 $ 38,051 $ 18,279 Tax-exempt income: Tax-exempt interest (2,762) (2,671) (5,541) (5,303) Section 291/265 interest disallowance 30 44 63 116 Company-owned life insurance income (556) (623) (1,099) (1,270) Tax-exempt income (3,288) (3,250) (6,577) (6,457) State income taxes 2,200 1,718 5,173 1,711 Interim period effective rate adjustment (662) 75 (2,437) 3,341 Tax credit investments - federal (1,430) (1,819) (2,523) (3,720) Other, net 1,023 129 (97) (454) Income tax expense $ 13,960 $ 9,761 $ 31,590 $ 12,700 Effective tax rate 18.2 % 15.9 % 17.4 % 14.6 % The provision for income taxes was recorded at June 30, 2021 and 2020 based on the current estimate of the effective annual rate. The higher effective tax rate during the three and six months ended June 30, 2021 when compared to the three and six months ended June 30, 2020 is primarily the result of increases in pre-tax book income. Net Deferred Tax Assets Net deferred tax assets are included in other assets on the balance sheet. Significant components of net deferred tax assets (liabilities) were as follows: (dollars in thousands) June 30, December 31, Deferred Tax Assets Allowance for credit losses, net of recapture $ 29,259 $ 34,971 Benefit plan accruals 13,364 20,076 Net operating loss carryforwards 15,030 18,982 Deferred gain on securities 1,559 2,102 Acquired loans 9,720 11,989 Operating lease liabilities 23,937 24,245 Tax credit investments and other partnerships 1,339 1,054 Other, net 654 488 Total deferred tax assets 94,862 113,907 Deferred Tax Liabilities Purchase accounting (18,358) (18,232) Loan servicing rights (7,092) (6,582) Premises and equipment (13,898) (14,008) Prepaid expenses (956) (955) Operating lease right-of-use assets (21,543) (21,569) Unrealized gains on available-for-sale investment securities (15,217) (40,756) Unrealized gains on hedges (1,056) (1,080) Other, net (1,581) (1,555) Total deferred tax liabilities (79,701) (104,737) Net deferred tax assets $ 15,161 $ 9,170 Through the acquisition of Anchor (WI) in the second quarter of 2016 and Lafayette Savings Bank in the fourth quarter of 2014, both former thrifts, Old National Bank’s retained earnings at June 30, 2021 include base-year bad debt reserves, created for tax purposes prior to 1988, totaling $52.8 million. Of this total, $50.9 million was acquired from Anchor (WI), and $1.9 million was acquired from Lafayette Savings Bank. Base-year reserves are subject to recapture in the unlikely event that Old National Bank (1) makes distributions in excess of current and accumulated earnings and profits, as calculated for federal income tax purposes, (2) redeems its stock, or (3) liquidates. Old National Bank has no intention of making such a nondividend distribution. Accordingly, under current accounting principles, a related deferred income tax liability of $13.0 million has not been recognized. No valuation allowance was recorded at June 30, 2021 or December 31, 2020 because, based on current expectations, Old National believes it will generate sufficient income in future years to realize deferred tax assets. Old National has federal net operating loss carryforwards totaling $36.7 million at June 30, 2021 and $52.4 million at December 31, 2020. This federal net operating loss was acquired from the acquisition of Anchor (WI) in 2016. If not used, the federal net operating loss carryforwards will expire from 2030 to 2033. Old National has recorded state net operating loss carryforwards totaling $119.4 million at June 30, 2021 and $132.2 million at December 31, 2020. If not used, the state net operating loss carryforwards will expire from 2027 to 2033. The federal and recorded state net operating loss carryforwards are subject to an annual limitation under Internal Revenue Code section 382. Old National believes that all of the recorded net operating loss carryforwards will be used prior to expiration. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTSAs part of our overall interest rate risk management, Old National uses derivative instruments, including interest rate swaps, collars, caps, and floors. The notional amount does not represent amounts exchanged by the parties. The amount exchanged is determined by reference to the notional amount and the other terms of the individual agreements. Derivative instruments are recognized on the balance sheet at their fair value and are not reported on a net basis. In accordance with ASC 815-20-35-1, subsequent changes in fair value for a hedging instrument that has been designated and qualifies as part of a hedging relationship should be accounted for in the following manner: Cash flow hedges : changes in fair value are recognized as a component in other comprehensive income. Fair value hedges : changes in fair value are recognized concurrently in earnings. As long as a hedging instrument is designated and the results of the effectiveness testing support that the instrument qualifies for hedge accounting treatment, 100% of the periodic changes in fair value of the hedging instrument are accounted for as outlined above. This is the case whether or not economic mismatches exist in the hedging relationship. As a result, there is no periodic measurement or recognition of ineffectiveness. Rather, the full impact of hedge gains and losses is recognized in the period in which the hedged transactions impact earnings. The change in fair value of the hedging instrument that is included in the assessment of hedge effectiveness is presented in the same income statement line item that is used to present the earnings effect of the hedged item. Cash Flow Hedges Interest rate swaps of certain borrowings were designated as cash flow hedges totaling $150.0 million notional amount at June 30, 2021 and $325.0 million notional amount at December 31, 2020. Interest rate collars and floors related to variable-rate commercial loan pools were designated as cash flow hedges totaling $400.0 million notional amount at June 30, 2021 and December 31, 2020. The hedges were determined to be effective during all periods presented and we expect them to remain effective during the remaining terms. Old National has designated its interest rate collars as cash flow hedges. The structure of these instruments is such that Old National pays the counterparty an incremental amount if the collar index exceeds the cap rate. Conversely, Old National receives an incremental amount if the index falls below the floor rate. No payments are required if the collar index falls between the cap and floor rates. Old National has designated its interest rate floor transactions as cash flow hedges. The structure of these instruments is such that Old National receives an incremental amount if the index falls below the floor strike rate. No payments are required if the index remains above the floor strike rate. Fair Value Hedges Interest rate swaps of certain borrowings were designated as fair value hedges totaling $379.0 million notional amount at June 30, 2021 and December 31, 2020. Interest rate swaps of certain available-for-sale investment securities were designated as fair value hedges totaling $910.0 million notional amount at June 30, 2021 and $347.5 million notional amount at December 31, 2020. The hedges were determined to be effective during all periods presented and we expect them to remain effective during the remaining terms. Derivatives Designated as Hedges The following table summarizes Old National’s derivatives designated as hedges: June 30, 2021 December 31, 2020 Fair Value Fair Value (dollars in thousands) Notional Assets (1) Liabilities (2) Notional Assets (1) Liabilities (2) Cash flow hedges Interest rate collars and floors on loan pools $ 400,000 $ 3,110 $ — $ 400,000 $ 6,636 $ — Interest rate swaps on borrowings 150,000 3,247 — 325,000 628 1,816 Fair value hedges Interest rate swaps on investment securities 909,957 14,164 13,181 347,516 1,145 172 Interest rate swaps on borrowings 379,000 5,967 — 379,000 8,793 — Total $ 26,488 $ 13,181 $ 17,202 $ 1,988 (1) Derivative assets are included in other assets on the balance sheet. (2) Derivative liabilities are included in other liabilities on the balance sheet. The effect of derivative instruments in fair value hedging relationships on the consolidated statements of income were as follows: (dollars in thousands) Gain (Loss) Derivatives in Location of Gain or Gain (Loss) Hedged Items Location of Gain or Three Months Ended June 30, 2021 Interest rate contracts Interest income/(expense) $ (1,251) Fixed-rate debt Interest income/(expense) $ 1,251 Interest rate contracts Interest income/(expense) (45,829) Fixed-rate Interest income/(expense) 45,481 Total $ (47,080) $ 46,732 Three Months Ended Interest rate contracts Interest income/(expense) $ 730 Fixed-rate debt Interest income/(expense) $ (789) Six Months Ended Interest rate contracts Interest income/(expense) $ (2,826) Fixed-rate debt Interest income/(expense) $ 2,829 Interest rate contracts Interest income/(expense) 9 Fixed-rate Interest income/(expense) (64) Total $ (2,817) $ 2,765 Six Months Ended Interest rate contracts Interest income/(expense) $ 9,972 Fixed-rate debt Interest income/(expense) $ (10,016) The effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income were as follows: Three Months Ended Three Months Ended (dollars in thousands) 2021 2020 2021 2020 Derivatives in Location of Gain or Gain (Loss) Gain (Loss) Interest rate contracts Interest income/(expense) $ (1,272) $ (246) $ 1,756 $ 1,670 Six Months Ended Six Months Ended 2021 2020 2021 2020 Derivatives in Location of Gain or Gain (Loss) Gain (Loss) Interest rate contracts Interest income/(expense) $ 2,776 $ 7,557 $ 1,905 $ 2,101 Amounts reported in AOCI related to cash flow hedges will be reclassified to interest income or interest expense as interest payments are received or paid on Old National’s derivative instruments. During the next 12 months, we estimate that $2.9 million will be reclassified to interest income and $0.6 million will be reclassified to interest expense. Commitments to fund certain mortgage loans (interest rate lock commitments) and forward commitments for the future delivery of mortgage loans to third party investors are considered derivatives. These derivative contracts do not qualify for hedge accounting. At June 30, 2021, the notional amounts of the interest rate lock commitments were $157.6 million and forward commitments were $184.1 million. At December 31, 2020, the notional amounts of the interest rate lock commitments were $224.7 million and forward commitments were $261.0 million. It is our practice to enter into forward commitments for the future delivery of residential mortgage loans to third party investors when interest rate lock commitments are entered into in order to economically hedge the effect of changes in interest rates resulting from our commitment to fund the loans. Old National also enters into derivative instruments for the benefit of its customers. The notional amounts of these customer derivative instruments and the offsetting counterparty derivative instruments were $2.274 billion at June 30, 2021. The notional amounts of these customer derivative instruments and the offsetting counterparty derivative instruments were $2.008 billion at December 31, 2020. These derivative contracts do not qualify for hedge accounting. These instruments include interest rate swaps, caps, and collars. Commonly, Old National will economically hedge significant exposures related to these derivative contracts entered into for the benefit of customers by entering into offsetting contracts with approved, reputable, independent counterparties with substantially matching terms. Old National enters into derivative financial instruments as part of its foreign currency risk management strategies. These derivative instruments consist of foreign currency forward contracts to accommodate the business needs of its customers. Old National does not designate these foreign currency forward contracts for hedge accounting treatment. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. Old National’s exposure is limited to the replacement value of the contracts rather than the notional, principal, or contract amounts. There are provisions in our agreements with the counterparties that allow for certain unsecured credit exposure up to an agreed threshold. Exposures in excess of the agreed thresholds are collateralized. In addition, we minimize credit risk through credit approvals, limits, and monitoring procedures. Derivatives Not Designated as Hedges The following table summarizes Old National’s derivatives not designated as hedges: June 30, 2021 December 31, 2020 Fair Value Fair Value (dollars in thousands) Notional Assets (1) Liabilities (2) Notional Assets (1) Liabilities (2) Interest rate lock commitments $ 157,600 $ 4,668 $ — $ 224,719 $ 9,375 $ — Forward mortgage loan contracts 184,139 55 — 261,027 — 2,335 Customer interest rate swaps 2,274,193 73,114 4,977 2,008,149 113,300 133 Counterparty interest rate swaps (3) 2,274,193 367 9,367 2,008,149 — 13,543 Customer foreign currency forward contracts 16,764 408 — 9,990 324 — Counterparty foreign currency forward contracts 16,688 — 321 9,854 — 188 Total $ 78,612 $ 14,665 $ 122,999 $ 16,199 (1) Derivative assets are included in other assets on the balance sheet. (2) Derivative liabilities are included in other liabilities on the balance sheet. (3) The fair values of certain counterparty interest rate swaps are zero due to the settlement of centrally-cleared variation margin rules. The net adjustment was $59.6 million as of June 30, 2021 and $100.4 million as of December 31, 2020. The effect of derivatives not designated as hedging instruments on the consolidated statements of income were as follows: Three Months Ended (dollars in thousands) 2021 2020 Derivatives Not Designated as Location of Gain or (Loss) Gain (Loss) Interest rate contracts (1) Other income/(expense) $ (75) $ (122) Mortgage contracts Mortgage banking revenue (5,578) 7,236 Foreign currency contracts Other income/(expense) (85) (5) Total $ (5,738) $ 7,109 Six Months Ended 2021 2020 Derivatives Not Designated as Location of Gain or (Loss) Gain (Loss) Interest rate contracts (1) Other income/(expense) $ 310 $ (588) Mortgage contracts Mortgage banking revenue (2,317) 12,055 Foreign currency contracts Other income/(expense) (49) (24) Total $ (2,056) $ 11,443 (1) Includes the valuation differences between the customer and offsetting swaps. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES COVID-19 COVID-19 continues to unfold across the U.S. The COVID-19 pandemic has created economic and financial disruptions that have adversely affected, and are likely to continue to adversely affect, the business, financial condition, and results of operations of the Company and its customers. The COVID-19 pandemic caused changes in the behavior of customers, businesses, and their employees, including illness, quarantines, social distancing practices, cancellation of events and travel, business and school shutdowns, reduction in commercial activity and financial transactions, supply chain interruptions, increased unemployment, and overall economic and financial market instability. Future effects, including additional actions taken by federal, state, and local governments to contain COVID-19 or treat its impact, are unknown. However, if these actions are sustained, it may adversely impact several industries within our geographic footprint and impair the ability of Old National’s customers to fulfill their contractual obligations to the Company. This could cause Old National to experience a material adverse effect on our business operations, asset valuations, financial condition, and results of operations. Material adverse impacts may include all or a combination of valuation impairments on Old National’s intangible assets, investments, loans, loan servicing rights, deferred tax assets, or counter-party risk derivatives. Litigation In the normal course of business, Old National Bancorp and its subsidiaries have been named, from time to time, as defendants in various legal actions. Certain of the actual or threatened legal actions may include claims for substantial compensatory and/or punitive damages or claims for indeterminate amounts of damages. Old National contests liability and/or the amount of damages as appropriate in each pending matter. In view of the inherent difficulty of predicting the outcome of such matters, particularly in cases where claimants seek substantial or indeterminate damages or where investigations and proceedings are in the early stages, Old National cannot predict with certainty the loss or range of loss, if any, related to such matters, how or if such matters will be resolved, when they will ultimately be resolved, or what the eventual settlement, or other relief, if any, might be. Subject to the foregoing, Old National believes, based on current knowledge and after consultation with counsel, that the outcome of such pending matters will not have a material adverse effect on the consolidated financial condition of Old National, although the outcome of such matters could be material to Old National’s operating results and cash flows for a particular future period, depending on, among other things, the level of Old National’s revenues or income for such period. Old National will accrue for a loss contingency if (1) it is probable that a future event will occur and confirm the loss and (2) the amount of the loss can be reasonably estimated. Old National is not currently involved in any material litigation. Credit-Related Financial Instruments In the normal course of business, Old National’s banking affiliates have entered into various agreements to extend credit, including loan commitments of $4.151 billion and standby letters of credit of $72.0 million at June 30, 2021. At June 30, 2021, approximately $3.901 billion of the loan commitments had fixed rates and $250.4 million had floating rates, with the floating interest rates ranging from 0% to 14%. At December 31, 2020, loan commitments totaled $3.720 billion and standby letters of credit totaled $86.9 million. These commitments are not reflected in the consolidated financial statements. The allowance for unfunded loan commitments totaled $10.4 million at June 30, 2021 and $11.7 million at December 31, 2020. Old National had credit extensions with various unaffiliated banks related to letter of credit commitments issued on behalf of Old National’s clients totaling $7.9 million at June 30, 2021 and December 31, 2020. Old National provided collateral to the unaffiliated banks to secure credit extensions totaling $7.5 million at June 30, 2021 and December 31, 2020. Old National did not provide collateral for the remaining credit extensions. Visa Class B Restricted Shares In 2008, Old National received Visa Class B restricted shares as part of Visa’s initial public offering. These shares are transferable only under limited circumstances until they can be converted into the publicly traded Class A common shares. This conversion will not occur until the final settlement of certain litigation for which Visa is indemnified by the holders of Visa’s Class B shares, including Old National. Visa funded an escrow account from its initial public offering to settle these litigation claims. Increases in litigation claims requiring Visa to fund the escrow account due to insufficient funds will result in a reduction of the conversion ratio of each Visa Class B share to unrestricted Class A shares. As of June 30, 2021, the conversion ratio was 1.6228. Based on the existing transfer restriction and the uncertainty of the outcome of the Visa litigation, the 65,466 Class B shares that Old National owns at June 30, 2021 are carried at a zero cost basis and are included in other assets with our equity securities that have no readily determinable fair value. |
Financial Guarantees
Financial Guarantees | 6 Months Ended |
Jun. 30, 2021 | |
Guarantees and Product Warranties [Abstract] | |
Financial Guarantees | FINANCIAL GUARANTEES Old National holds instruments, in the normal course of business with clients, that are considered financial guarantees in accordance with FASB ASC 460-10 (FIN 45, Guarantor’s Accounting and Disclosure Requirements for Guarantees, Including Indirect Guarantees of Indebtedness of Others ) , which requires Old National to record the instruments at fair value. Standby letters of credit guarantees are issued in connection with agreements made by clients to counterparties. Standby letters of credit are contingent upon failure of the client to perform the terms of the underlying contract. Credit risk associated with standby letters of credit is essentially the same as that associated with extending loans to clients and is subject to normal credit policies. The term of these standby letters of credit is typically one year or less. At June 30, 2021, the notional amount of standby letters of credit was $72.0 million, which represented the maximum amount of future funding requirements, and the carrying value was $0.4 million. At December 31, 2020, the notional amount of standby letters of credit was $86.9 million, which represented the maximum amount of future funding requirements, and the carrying value was $0.5 million. Old National is a party in risk participation transactions of interest rate swaps, which had total notional amount of $74.8 million at June 30, 2021. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segment Information | SEGMENT INFORMATIONOperating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Old National Bank, Old National’s bank subsidiary, is the only significant subsidiary upon which management makes decisions regarding how to allocate resources and assess performance. Each of the banking centers of Old National Bank provide a group of similar community banking services, including such products and services as commercial, real estate and consumer loans, time deposits, checking and savings accounts, cash management, brokerage, trust, and investment advisory services. The individual banking centers located throughout our Midwest footprint have similar operating and economic characteristics. While the chief decision maker monitors the revenue streams of the various products, services, and regional locations, operations are managed and financial performance is evaluated on a Company-wide basis. Accordingly, all of the community banking services and banking center locations are considered by management to be aggregated into one reportable operating segment, community banking. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FAIR VALUE Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. There are three levels of inputs that may be used to measure fair values: • Level 1 – Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. • Level 2 – Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 – Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Old National used the following methods and significant assumptions to estimate the fair value of each type of financial instrument: Investment securities : The fair values for investment securities are determined by quoted market prices, if available (Level 1). For securities where quoted prices are not available, fair values are calculated based on market prices of similar securities (Level 2). For securities where quoted prices or market prices of similar securities are not available, fair values are calculated using discounted cash flows or other market indicators (Level 3). Discounted cash flows are calculated using swap and LIBOR curves plus spreads that adjust for loss severities, volatility, credit risk, and optionality. During times when trading is more liquid, broker quotes are used (if available) to validate the model. Rating agency and industry research reports as well as defaults and deferrals on individual securities are reviewed and incorporated into the calculations. Residential loans held for sale : The fair value of loans held for sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan (Level 2). Derivative financial instruments : The fair values of derivative financial instruments are based on derivative valuation models using market data inputs as of the valuation date (Level 2). Recurring Basis Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which we have elected the fair value option, are summarized below: Fair Value Measurements at June 30, 2021 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Equity securities $ 2,464 $ 2,464 $ — $ — Investment securities available-for-sale: U.S. Treasury 234,792 234,792 — — U.S. government-sponsored entities and agencies 1,422,287 — 1,422,287 — Mortgage-backed securities - Agency 3,280,983 — 3,280,983 — States and political subdivisions 1,567,931 — 1,567,931 — Pooled trust preferred securities 9,388 — — 9,388 Other securities 259,796 — 259,796 — Residential loans held for sale 50,121 — 50,121 — Derivative assets 105,100 — 105,100 — Financial Liabilities Derivative liabilities 27,846 — 27,846 — Fair Value Measurements at December 31, 2020 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Equity securities $ 2,547 $ 2,547 $ — $ — Investment securities available-for-sale: U.S. Treasury 10,208 10,208 — — U.S. government-sponsored entities and agencies 841,988 — 841,988 — Mortgage-backed securities - Agency 3,339,098 — 3,339,098 — States and political subdivisions 1,492,162 — 1,492,162 — Pooled trust preferred securities 7,913 — — 7,913 Other securities 278,746 — 278,746 — Residential loans held for sale 63,250 — 63,250 — Derivative assets 140,201 — 140,201 — Financial Liabilities Derivative liabilities 18,187 — 18,187 — The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3): (dollars in thousands) Pooled Trust States and Three Months Ended June 30, 2021 Balance at beginning of period $ 8,210 $ — Accretion of discount 5 — Sales/payments received (12) — Increase in fair value of securities 1,185 — Balance at end of period $ 9,388 $ — Three Months Ended June 30, 2020 Balance at beginning of period $ 7,422 $ — Accretion of discount 3 — Sales/payments received (16) — Decrease in fair value of securities (224) — Balance at end of period $ 7,185 $ — Six Months Ended June 30, 2021 Balance at beginning of period $ 7,913 $ — Accretion of discount 10 — Sales/payments received (27) — Increase in fair value of securities 1,492 — Balance at end of period $ 9,388 $ — Six Months Ended June 30, 2020 Balance at beginning of period $ 8,222 $ 40 Accretion of discount 7 — Sales/payments received (33) (40) Decrease in fair value of securities (1,011) — Balance at end of period $ 7,185 $ — The accretion of discounts on securities in the table above is included in interest income. The increase or decrease in the fair value of securities in the table above is included in the unrealized holding gains (losses) for the period in the statement of other comprehensive income. An increase in fair value is reflected in the balance sheet as an increase in the fair value of investment securities available-for-sale, an increase in accumulated other comprehensive income, which is included in shareholders’ equity, and a decrease in other assets related to the tax impact. A decrease in fair value is reflected in the balance sheet as a decrease in the fair value of investment securities available-for-sale, a decrease in accumulated other comprehensive income, which is included in shareholders’ equity, and an increase in other assets related to the tax impact. The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 of the fair value hierarchy: (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) (4) June 30, 2021 Pooled trust preferred securities $ 9,388 Discounted cash flow Constant prepayment rate (1) 0.00% Additional asset defaults (2) 5.8% - 8.6% (6.7%) Expected asset recoveries (3) 0.0% - 23.3% (7.4%) December 31, 2020 Pooled trust preferred securities $ 7,913 Discounted cash flow Constant prepayment rate (1) 0.00% Additional asset defaults (2) 6.0% - 8.7% (6.8%) Expected asset recoveries (3) 0.0% - 23.2% (7.3%) (1) Assuming no prepayments. (2) Each currently performing pool asset is assigned a default probability based on the banking environment, which is adjusted for specific issuer evaluation, of 0%, 50%, or 100%. (3) Each currently defaulted pool asset is assigned a recovery probability based on specific issuer evaluation of 0%, 25%, or 100%. (4) Unobservable inputs are weighted by the estimated number of defaults and current performing collateral of the instruments. Significant changes in any of the unobservable inputs used in the fair value measurement in isolation would have resulted in a significant change to the fair value measurement. The pooled trust preferred securities Old National owns are subordinate note classes that rely on an ongoing cash flow stream to support their values. The senior note classes receive the benefit of prepayments to the detriment of subordinate note classes since the ongoing interest cash flow stream is reduced by the early redemption. Generally, a change in prepayment rates or additional pool asset defaults would have an impact that is directionally opposite from a change in the expected recovery of a defaulted pool asset. Non-Recurring Basis Assets measured at fair value at June 30, 2021 on a non-recurring basis are summarized below: Fair Value Measurements at June 30, 2021 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant Collateral Dependent Loans: Commercial loans $ 12,443 $ — $ — $ 12,443 Commercial real estate loans 23,825 — — 23,825 Loan servicing rights 277 — 277 — Commercial and commercial real estate loans that are deemed collateral dependent are valued using the discounted cash flows. The liquidation amounts are based on the fair value of the underlying collateral using the most recently available appraisals with certain adjustments made based on the type of property, age of appraisal, current status of the property, and other related factors to estimate the current value of the collateral. These commercial and commercial real estate loans had a principal amount of $40.6 million, with a valuation allowance of $4.3 million at June 30, 2021. Old National recorded provision expense associated with these loans totaling $0.2 million for the three months ended June 30, 2021 and provision recoveries totaling $38 thousand for the six months ended June 30, 2021. Old National recorded provision recoveries associated with commercial and commercial real estate loans that were deemed collateral dependent totaling $0.3 million for the three months ended June 30, 2020 and provision expense totaling $6.5 million for the six months ended June 30, 2020. Other real estate owned and other repossessed property is measured at fair value less costs to sell. Old National did not have any other real estate owned or repossessed property measured at fair value on a non-recurring basis at June 30, 2021. There were no write-downs of other real estate owned for the three months ended June 30, 2021 and $23 thousand for the six months ended June 30, 2021. There were write-downs of other real estate owned of $87 thousand for the three months ended June 30, 2020 and $98 thousand for the six months ended June 30, 2020. Loan servicing rights are evaluated for impairment based upon the fair value of the rights as compared to the carrying amount. If the carrying amount of an individual tranche exceeds fair value, impairment is recorded on that tranche so that the servicing asset is carried at fair value. Fair value is determined at a tranche level, based on market prices for comparable mortgage servicing contracts when available, or alternatively based on a valuation model that calculates the present value of estimated future net servicing income. The valuation model utilizes a discount rate, weighted average prepayment speed, and other economic factors that market participants would use in estimating future net servicing income and that can be validated against available market data (Level 2). The valuation allowance for loan servicing rights with impairments at June 30, 2021 totaled $0.1 million. Old National recorded recoveries associated with these loan servicing rights totaling $41 thousand during the three months ended June 30, 2021 and $1.3 million for the six months ended June 30, 2021. There were impairments of $0.8 million for the three months ended June 30, 2020 and $2.2 million for the six months ended June 30, 2020. Assets measured at fair value at December 31, 2020 on a non-recurring basis are summarized below: Fair Value Measurements at December 31, 2020 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Collateral Dependent Loans: Commercial loans $ 10,747 $ — $ — $ 10,747 Commercial real estate loans 40,653 — — 40,653 Loan servicing rights 26,717 — 26,717 — At December 31, 2020, commercial and commercial real estate loans that are deemed collateral dependent had a principal amount of $57.2 million, with a valuation allowance of $5.8 million. The valuation allowance for loan servicing rights with impairments at December 31, 2020 totaled $1.4 million. The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 of the fair value hierarchy: (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) (1) June 30, 2021 Collateral Dependent Loans Commercial loans $ 12,443 Discounted Discount for type of property, 1% - 27% (10%) cash flow age of appraisal, and current status Commercial real estate loans 23,825 Discounted Discount for type of property, 0% - 19% (11%) cash flow age of appraisal, and current status December 31, 2020 Collateral Dependent Loans Commercial loans $ 10,747 Discounted Discount for type of property, 0% - 33% (12%) cash flow age of appraisal, and current status Commercial real estate loans 40,653 Discounted Discount for type of property, 0% - 18% (7%) cash flow age of appraisal, and current status (1) Unobservable inputs were weighted by the relative fair value of the instruments. Fair Value Option Old National may elect to report most financial instruments and certain other items at fair value on an instrument-by instrument basis with changes in fair value reported in net income. After the initial adoption, the election is made at the acquisition of an eligible financial asset, financial liability, or firm commitment or when certain specified reconsideration events occur. The fair value election may not be revoked once an election is made. Residential Loans Held For Sale Old National has elected the fair value option for residential loans held for sale. For these loans, interest income is recorded in the consolidated statements of income based on the contractual amount of interest income earned on the financial assets (except any that are on nonaccrual status). None of these loans are 90 days or more past due, nor are any on nonaccrual status. Included in the income statement is interest income for loans held for sale totaling $0.4 million for the three months ended June 30, 2021 and $0.8 million for the six months ended June 30, 2021, compared to $0.5 million for the three months ended June 30, 2020 and $0.9 million for the six months ended June 30, 2020. Old National has elected the fair value option for newly originated conforming fixed-rate and adjustable-rate first mortgage loans held for sale. These loans are intended for sale and are hedged with derivative instruments. Old National has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplification. The fair value option was not elected for loans held for investment. The difference between the aggregate fair value and the aggregate remaining principal balance for loans for which the fair value option has been elected was as follows: (dollars in thousands) Aggregate Fair Value Difference Contractual Principal June 30, 2021 Residential loans held for sale $ 50,121 $ 1,896 $ 48,225 December 31, 2020 Residential loans held for sale $ 63,250 $ 3,485 $ 59,765 Accrued interest at period end is included in the fair value of the instruments. The following table presents the amount of gains and losses from fair value changes included in income before income taxes for financial assets carried at fair value: (dollars in thousands) Other Interest Income Interest (Expense) Total Changes Three Months Ended June 30, 2021 Residential loans held for sale $ 790 $ — $ (1) $ 789 Three Months Ended June 30, 2020 Residential loans held for sale $ 3,597 $ — $ (2) $ 3,595 Six Months Ended June 30, 2021 Residential loans held for sale $ (1,590) $ 2 $ (1) $ (1,589) Six Months Ended June 30, 2020 Residential loans held for sale $ 5,018 $ 2 $ (2) $ 5,018 Financial Instruments Not Carried at Fair Value The carrying amounts and estimated fair values of financial instruments not carried at fair value were as follows: Fair Value Measurements at June 30, 2021 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Cash, due from banks, money market, $ 491,131 $ 491,131 $ — $ — Loans, net: Commercial 3,775,602 — — 3,773,238 Commercial real estate 6,120,661 — — 6,105,998 Residential real estate 2,204,637 — — 2,206,836 Consumer credit 1,574,333 — — 1,576,753 Accrued interest receivable 85,594 679 33,568 51,347 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 6,142,724 $ 6,142,724 $ — $ — Checking, NOW, savings, and money market 10,723,668 10,723,668 — — Time deposits 1,002,519 — 1,016,578 — Federal funds purchased and interbank borrowings 1,523 1,523 — — Securities sold under agreements to repurchase 396,129 396,129 — — FHLB advances 1,891,143 — 1,960,496 — Other borrowings 270,318 — 289,240 — Accrued interest payable 4,722 — 4,722 — Standby letters of credit 400 — — 400 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 7,047 Fair Value Measurements at December 31, 2020 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Cash, due from banks, money market, $ 589,712 $ 589,712 $ — $ — Loans, net: Commercial 3,922,642 — — 3,912,948 Commercial real estate 5,867,795 — — 5,797,447 Residential real estate 2,235,814 — — 2,264,274 Consumer credit 1,628,840 — — 1,618,365 Accrued interest receivable 85,306 21 27,977 57,308 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 5,633,672 $ 5,633,672 $ — $ — Checking, NOW, savings, and money market 10,280,911 10,180,911 99,957 — Time deposits 1,122,870 — 1,140,922 — Federal funds purchased and interbank borrowings 1,166 1,166 — — Securities sold under agreements to repurchase 431,166 431,166 — — FHLB advances 1,991,435 — 2,092,033 — Other borrowings 252,787 — 254,612 — Accrued interest payable 5,443 — 5,443 — Standby letters of credit 462 — — 462 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 11,822 The methods utilized to measure the fair value of financial instruments at June 30, 2021 and December 31, 2020 represent an approximation of exit price, however, an actual exit price may differ. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS Old National’s revenue from contracts with customers in the scope of Topic 606 is recognized within noninterest income. The consolidated statements of income include all categories of noninterest income. The following table reflects only the categories of noninterest income that are within the scope of Topic 606: Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Wealth management fees $ 10,734 $ 9,424 $ 20,442 $ 18,308 Service charges on deposit accounts 8,514 7,582 16,638 17,659 Debit card and ATM fees 5,583 4,832 10,726 9,830 Investment product fees 6,042 4,845 11,906 10,719 Other income: Merchant processing fees 970 707 1,794 1,511 Gain (loss) on other real estate owned 120 34 230 (22) Safe deposit box fees 205 208 568 518 Insurance premiums and commissions 16 196 38 312 Total $ 32,184 $ 27,828 $ 62,342 $ 58,835 Wealth management fees : Old National earns wealth management fees based upon asset custody and investment management services provided to individual and institutional customers. Most of these customers receive monthly or quarterly billings for services rendered based upon the market value of assets in custody. Fees that are transaction based are recognized at the point in time that the transaction is executed. Service charges on deposit accounts : Old National earns fees from deposit customers for transaction-based, account maintenance, and overdraft services. Transaction-based fees and overdraft fees are recognized at a point in time, since the customer generally has a right to cancel the depository arrangement at any time. The arrangement is considered a day-to-day contract with ongoing renewals and optional purchases, so the duration of the contract does not extend beyond the services already performed. Account maintenance fees, which relate primarily to monthly maintenance, are earned over the course of a month, representing the period over which Old National satisfies its performance obligation. Debit card and ATM fees : Debit card and ATM fees include ATM usage fees and debit card interchange income. As with the transaction-based fees on deposit accounts, the ATM fees are recognized at the point in time that Old National fulfills the customer’s request. Old National earns interchange fees from cardholder transactions processed through card association networks. Interchange rates are generally set by the card associations based upon purchase volumes and other factors. Interchange fees represent a percentage of the underlying transaction value and are recognized daily, concurrently with the transaction processing services provided to the cardholder. Investment product fees : Investment product fees are the commissions and fees received from a registered broker/dealer and investment adviser that provide those services to Old National customers. Old National acts as an agent in arranging the relationship between the customer and the third-party service provider. These fees are recognized monthly from the third-party broker based upon services already performed, net of the processing fees charged to Old National by the broker. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements include the accounts of Old National Bancorp and its wholly-owned affiliates (hereinafter collectively referred to as “Old National”) and have been prepared in conformity with accounting principles generally accepted in the United States of America and prevailing practices within the banking industry. Such principles require management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosures of contingent assets and liabilities at the date of the financial statements and amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. In the opinion of management, the consolidated financial statements contain all the normal and recurring adjustments necessary for a fair statement of the financial position of Old National as of June 30, 2021 and December 31, 2020, and the results of its operations for the three and six months ended June 30, 2021 and 2020. Interim results do not necessarily represent annual results. These financial statements should be read in conjunction with Old National’s Annual Report on Form 10-K for the year ended December 31, 2020. All significant intercompany transactions and balances have been eliminated. Certain prior year amounts have been reclassified to conform to the current presentation. Such reclassifications had no effect on prior period net income or shareholders’ equity and were insignificant amounts. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Guidance Adopted in 2021 FASB ASC 715 – In August 2018, the FASB issued ASU No. 2018-14, Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans . The amendments in this update modify the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. The amendments in this update became effective for fiscal years ending after December 15, 2020 and did not have a material impact on the financial statements. FASB ASC 740 – In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. This ASU removes specific exceptions to the general principles in Topic 740 in GAAP. It eliminates the need for an organization to analyze whether the following apply in a given period: (1) exception to the incremental approach for intraperiod tax allocation; (2) exceptions to accounting for basis differences when there are ownership changes in foreign investments; and (3) exception in interim period income tax accounting for year-to-date losses that exceed anticipated losses. The ASU also improves financial statement preparers’ application of income tax-related guidance and simplifies GAAP for: (1) franchise taxes that are partially based on income; (2) transactions with a government that result in a step up in the tax basis of goodwill; (3) separate financial statements of legal entities that are not subject to tax; and (4) enacted changes in tax laws in interim periods. The amendments in this update became effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years and did not have a material impact on the financial statements. FASB ASC 321, 323, and 815 – In January 2020, the FASB issued ASU No. 2020-01, Investments – Equity Securities (Topic 321), Investments – Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) – Clarifying the Interactions Between Topic 321, Topic 323, and Topic 815 (a Consensus of the Emerging Issues Task Force). The ASU clarifies the interaction between ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities and the ASU on equity method investments. ASU 2016-01 provides companies with an alternative to measure certain equity securities without a readily determinable fair value at cost, minus impairment, if any, unless an observable transaction for an identical or similar security occurs. ASU 2020-01 clarifies that for purposes of applying the Topic 321 measurement alternative, an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting under Topic 323, immediately before applying or upon discontinuing the equity method. In addition, the new ASU provides direction that a company should not consider whether the underlying securities would be accounted for under the equity method or the fair value option when it is determining the accounting for certain forward contracts and purchased options, upon either settlement or exercise. The amendments in this update became effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The amendments are to be applied prospectively and did not have a material impact on the consolidated financial statements. Acquisitions and Dispositions of Businesses and Related Pro Forma Information – In May 2020, the SEC issued a final rule that revises the circumstances that require financial statements and related pro forma information for acquisitions and dispositions of businesses. The intent of the rule is to allow for more meaningful conclusions on when an acquired or disposed business is significant as well as to improve the related disclosure requirements. The changes are intended to improve the financial information about acquired or disposed businesses, facilitate more timely access to capital, and reduce the complexity and costs to prepare the disclosure. The final rule was effective January 1, 2021. FASB ASC 310 – In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs , to clarify that an entity should reevaluate whether a callable debt security is within the scope of ASC paragraph 310-20-35-33 for each reporting period. The ASU was effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. The new guidance did not have a material impact on the consolidated financial statements. FASB ASC 470 – In October 2020, the FASB issued ASU No. 2020-09, Debt (Topic 470) Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762 , which amends and supersedes various SEC paragraphs to reflect SEC Release No. 33-10762. That release amends the financial disclosure requirements applicable to registered debt offerings that include credit enhancements, such as subsidiary guarantees. These changes are intended to both improve the quality of disclosure and increase the likelihood that issuers will conduct debt offerings on a registered basis. The final rules were effective on January 4, 2021. The amendments did not have a material impact on the consolidated financial statements. Codification Improvements – In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements . The amendments improve codification by having all disclosure-related guidance available in the disclosure sections of the codification. Prior to this ASU, various disclosure requirements or options to present information on the face of the financial statements or as a note to the financial statements were not included in the appropriate disclosure sections of the codification. The codification improvements also contain various other minor amendments to codification that are not expected to have a significant effect on current accounting practice. The amendments became effective for annual periods beginning after December 15, 2020. FASB ASC 848 – In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , which provides temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the transition away from the LIBOR or other interbank offered rate on financial reporting. To help with the transition to new reference rates, the ASU provides optional expedients and exceptions for applying GAAP to affected contract modifications and hedge accounting relationships. The main provisions include: • A change in a contract’s reference interest rate would be accounted for as a continuation of that contract rather than as the creation of a new one for contracts, including loans, debt, leases, and other arrangements, that meet specific criteria. • When updating its hedging strategies in response to reference rate reform, an entity would be allowed to preserve its hedge accounting. The guidance is applicable only to contracts or hedge accounting relationships that reference LIBOR or another reference rate expected to be discontinued. Because the guidance is meant to help entities through the transition period, it will be in effect for a limited time and will not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, for which an entity has elected certain optional expedients that are retained through the end of the hedging relationship. The amendments in this ASU are effective March 12, 2020 through December 31, 2022. ASU 2020-04 permits relief solely for reference rate reform actions and permits different elections over the effective date for legacy and new activity. Accordingly, Old National is evaluating and reassessing the elections on a quarterly basis. For current elections in effect regarding the assertion of the probability of forecasted transactions, Old National elects the expedient to assert the probability of the hedged interest payments and receipts regardless of any expected modification in terms related to reference rate reform. In January 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , which addresses questions about whether Topic 848 can be applied to derivative instruments that do not reference a rate that is expected to be discontinued but that use an interest rate for margining, discounting, or contract price alignment that is expected to be modified as a result of reference rate reform, commonly referred to as the “discounting transition.” The amendments clarify that certain optional expedients and exceptions in Topic 848 do apply to derivatives that are affected by the discounting transition. The amendments in ASU 2021-01 are effective immediately. Old National believes the adoption of this guidance on activities subsequent to June 30, 2021 through December 31, 2022 will not have a material impact on the consolidated financial statements. Guidance on Non-TDR Loan Modifications due to COVID-19 – The CAA, which was signed into law on December 27, 2020, extends certain provisions of the CARES Act. Section 4013 of the CARES Act provided temporary relief from TDR accounting and is amended by Division N, Section 540 of the CAA, by extending the end date from December 31, 2020, to the earlier of January 1, 2022, or 60 days after the date on which the COVID-19 national emergency terminates. In response, the OCC updated its two-page reference guide, “TDR Designation and COVID-19 Loan Modifications,” to conform to the extended TDR provisions. In accordance with such guidance, we are offering short-term modifications made in response to COVID-19 to borrowers who are current and otherwise not past due. These include short-term (180 days or less) modifications in the form of payment deferrals, fee waivers, extensions of repayment terms, or other delays in payment that are insignificant. See Note 6 for further information on non-TDR loan modifications. Accounting Guidance Pending Adoption FASB ASC 470 and 815 – In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging— Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity , to clarify the accounting for certain financial instruments with characteristics of liabilities and equity. The amendments in this update reduce the number of accounting models for convertible debt instruments and convertible preferred stock by removing the cash conversion model and the beneficial conversion feature model. Limiting the accounting models will result in fewer embedded conversion features being separately recognized from the host contract. Convertible instruments that continue to be subject to separation models are (1) those with embedded conversion features that are not clearly and closely related to the host contract, that meet the definition of a derivative, and that do not qualify for a scope exception from derivative accounting and (2) convertible debt instruments issued with substantial premiums for which the premiums are recorded as paid-in-capital. In addition, this ASU improves disclosure requirements for convertible instruments and earnings-per-share guidance. The ASU also revises the derivative scope exception guidance to reduce form-over-substance-based accounting conclusions driven by remote contingent events. The amendments in this update are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. Early adoption will be permitted, but no earlier than for fiscal years beginning after December 15, 2020. Old National is currently evaluating the impact of adopting the new guidance on the consolidated financial statements. |
Net Income Per Share (Tables)
Net Income Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Summary of Table Reconciling Basic and Diluted Net Income Per Share | The following table reconciles basic and diluted net income per share: Three Months Ended Six Months Ended (dollars and shares in thousands, except per share data) 2021 2020 2021 2020 Basic Net Income Per Share Net income $ 62,786 $ 51,705 $ 149,604 $ 74,345 Weighted average common shares outstanding 165,175 164,732 165,086 166,240 Basic Net Income Per Share $ 0.38 $ 0.32 $ 0.91 $ 0.45 Diluted Net Income Per Share Net income $ 62,786 $ 51,705 $ 149,604 $ 74,345 Weighted average common shares outstanding 165,175 164,732 165,086 166,240 Effect of dilutive securities: Restricted stock 737 535 713 571 Stock options and appreciation rights 22 35 22 37 Weighted average shares outstanding 165,934 165,302 165,821 166,848 Diluted Net Income Per Share $ 0.38 $ 0.32 $ 0.90 $ 0.45 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Fair Value of Available-for-Sale Investment Securities Portfolio | The following table summarizes the amortized cost and fair value of the available-for-sale investment securities portfolio and the corresponding amounts of unrealized gains, unrealized losses, and basis adjustments recognized in accumulated other comprehensive income (loss): (dollars in thousands) Amortized Unrealized Unrealized Basis Fair June 30, 2021 Available-for-Sale U.S. Treasury $ 237,135 $ 1,579 $ (9,420) $ 5,498 $ 234,792 U.S. government-sponsored entities and agencies 1,447,432 10,665 (29,280) (6,530) 1,422,287 Mortgage-backed securities - Agency 3,262,520 54,002 (35,539) — 3,280,983 States and political subdivisions 1,491,787 77,383 (1,239) — 1,567,931 Pooled trust preferred securities 13,746 — (4,358) — 9,388 Other securities 249,277 11,040 (521) — 259,796 Total available-for-sale securities $ 6,701,897 $ 154,669 $ (80,357) $ (1,032) $ 6,775,177 December 31, 2020 Available-for-Sale U.S. Treasury $ 9,909 $ 299 $ — $ — $ 10,208 U.S. government-sponsored entities and agencies 841,133 5,744 (3,921) (968) 841,988 Mortgage-backed securities - Agency 3,249,002 91,086 (990) — 3,339,098 States and political subdivisions 1,405,868 86,325 (31) — 1,492,162 Pooled trust preferred securities 13,763 — (5,850) — 7,913 Other securities 265,079 14,260 (593) — 278,746 Total available-for-sale securities $ 5,784,754 $ 197,714 $ (11,385) $ (968) $ 5,970,115 (1) Basis adjustments represent the cumulative fair value adjustments included in the carrying amounts of fixed-rate investment securities assets in fair value hedging arrangements . |
Schedule of Proceeds from Sales or Calls and Realized Gain and Losses of Available-for-Sale Investment Securities and Other Securities | Proceeds from sales or calls of available-for-sale investment securities and the resulting realized gains and realized losses were as follows: Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Proceeds from sales of available-for-sale debt securities $ 15,247 $ 20,028 $ 67,715 $ 256,438 Proceeds from calls of available-for-sale debt securities 46,750 141,964 56,995 305,735 Total $ 61,997 $ 161,992 $ 124,710 $ 562,173 Realized gains on sales of available-for-sale debt securities $ 736 $ 545 $ 2,736 $ 6,140 Realized gains on calls of available-for-sale debt securities 48 27 61 40 Realized losses on sales of available-for-sale debt securities (85) (61) (85) (470) Realized losses on calls of available-for-sale debt securities (7) — (27) (25) Debt securities gains (losses), net $ 692 $ 511 $ 2,685 $ 5,685 |
Expected Maturities of Investment Securities Portfolio | Weighted average yield is based on amortized cost. June 30, 2021 (dollars in thousands) Amortized Fair Weighted Maturity Available-for-Sale Within one year $ 155,512 $ 157,167 2.45 % One to five years 2,510,178 2,563,562 2.17 Five to ten years 1,793,204 1,774,222 1.78 Beyond ten years 2,243,003 2,280,226 2.48 Total $ 6,701,897 $ 6,775,177 2.17 % |
Available-for-Sale Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position | The following table summarizes the available-for-sale investment securities with unrealized losses for which an allowance for credit losses has not been recorded by aggregated major security type and length of time in a continuous unrealized loss position: Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Losses June 30, 2021 Available-for-Sale U.S. Treasury $ 133,626 $ (9,420) $ — $ — $ 133,626 $ (9,420) U.S. government-sponsored entities 836,281 (29,280) — — 836,281 (29,280) Mortgage-backed securities - Agency 1,453,544 (35,462) 3,431 (77) 1,456,975 (35,539) States and political subdivisions 145,415 (1,239) — — 145,415 (1,239) Pooled trust preferred securities — — 9,388 (4,358) 9,388 (4,358) Other securities 17,851 (294) 27,651 (227) 45,502 (521) Total available-for-sale $ 2,586,717 $ (75,695) $ 40,470 $ (4,662) $ 2,627,187 $ (80,357) December 31, 2020 Available-for-Sale U.S. government-sponsored entities $ 355,528 $ (3,921) $ — $ — $ 355,528 $ (3,921) Mortgage-backed securities - Agency 275,833 (895) 3,572 (95) 279,405 (990) States and political subdivisions 3,497 (31) — — 3,497 (31) Pooled trust preferred securities — — 7,913 (5,850) 7,913 (5,850) Other securities 19,404 (70) 24,871 (523) 44,275 (593) Total available-for-sale $ 654,262 $ (4,917) $ 36,356 $ (6,468) $ 690,618 $ (11,385) |
Trust Preferred Securities | The table below summarizes the relevant characteristics of our pooled trust preferred securities as well as our single issuer trust preferred securities that are included in the “other securities” category in this footnote. Each of the pooled trust preferred securities support a more senior tranche of security holders. Both pooled trust preferred securities have experienced credit defaults. However, we believe that the value of the instruments lies in the full and timely interest payments that will be received through maturity, the steady amortization that will be experienced until maturity, and the full return of principal by the final maturity of the collateralized debt obligations. (dollars in thousands) Class Lowest Amortized Fair Unrealized # of Issuers Actual Expected Excess June 30, 2021 Pooled trust preferred securities: Pretsl XXVII LTD B BB $ 4,197 $ 2,926 $ (1,271) 32/41 14.4% 10.5% 42.3% Trapeza Ser 13A A2A A 9,549 6,462 (3,087) 38/40 4.5% 6.2% 61.0% 13,746 9,388 (4,358) Single Issuer trust preferred securities: JP Morgan Chase & Co BBB- 4,816 4,645 (171) Total $ 18,562 $ 14,033 $ (4,529) (1) Lowest rating for the security provided by any nationally recognized credit rating agency. |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Composition of Loans and Impact of Adoption | The composition of loans by portfolio segment as of June 30, 2021 follows: June 30, 2021 Segment June 30, 2021 Statement Portfolio After (dollars in thousands) Balance Reclassifications Reclassifications Loans: Commercial $ 3,802,943 $ (186,941) $ 3,616,002 Commercial real estate 6,187,318 (161,503) 6,025,815 BBCC N/A 348,444 348,444 Residential real estate 2,215,056 — 2,215,056 Consumer 1,579,360 (1,579,360) N/A Indirect N/A 881,096 881,096 Direct N/A 148,313 148,313 Home equity N/A 549,951 549,951 Total $ 13,784,677 $ — $ 13,784,677 |
Schedule of Composition of Loans | The composition of loans by portfolio segment follows: (dollars in thousands) June 30, December 31, Commercial (1) (2) $ 3,616,002 $ 3,757,700 Commercial real estate 6,025,815 5,774,811 BBCC 348,444 370,423 Residential real estate 2,215,056 2,248,422 Indirect 881,096 913,902 Direct 148,313 164,807 Home equity 549,951 556,414 Total loans 13,784,677 13,786,479 Allowance for credit losses (109,444) (131,388) Net loans $ 13,675,233 $ 13,655,091 (1) Includes direct finance leases of $28.8 million at June 30, 2021 and $32.3 million at December 31, 2020. (2) Includes PPP loans of $721.1 million at June 30, 2021 and $943.0 million at December 31, 2020. |
Schedule of Activity in Allowance for Loan Losses | Old National’s activity in the allowance for credit losses for loans by portfolio segment was as follows: (dollars in thousands) Balance at Impact of Sub-Total Charge-offs Recoveries Provision Balance at Three Months Ended Commercial $ 25,130 $ — $ 25,130 $ (178) $ 204 $ 575 $ 25,731 Commercial real estate 70,561 — 70,561 (178) 111 (5,025) 65,469 BBCC 2,537 — 2,537 (100) 15 346 2,798 Residential real estate 10,265 — 10,265 (62) 51 165 10,419 Indirect 2,255 — 2,255 (206) 565 (571) 2,043 Direct 665 — 665 (256) 209 22 640 Home equity 2,624 — 2,624 — 161 (441) 2,344 Total $ 114,037 $ — $ 114,037 $ (980) $ 1,316 $ (4,929) $ 109,444 Three Months Ended Commercial $ 31,125 $ — $ 31,125 $ (136) $ 553 $ (1,924) $ 29,618 Commercial real estate 54,103 — 54,103 (1,160) 246 17,880 71,069 BBCC 5,417 — 5,417 (66) 56 925 6,332 Residential real estate 9,637 — 9,637 (16) 42 4,581 14,244 Indirect 3,666 — 3,666 (367) 494 660 4,453 Direct 822 — 822 (405) 231 187 835 Home equity 1,610 — 1,610 (82) 79 236 1,843 Total $ 106,380 $ — $ 106,380 $ (2,232) $ 1,701 $ 22,545 $ 128,394 Six Months Ended Commercial $ 30,567 $ — $ 30,567 $ (586) $ 443 $ (4,693) $ 25,731 Commercial real estate 75,810 — 75,810 (178) 184 (10,347) 65,469 BBCC 6,120 — 6,120 (136) 56 (3,242) 2,798 Residential real estate 12,608 — 12,608 (220) 138 (2,107) 10,419 Indirect 3,580 — 3,580 (790) 1,101 (1,848) 2,043 Direct 855 — 855 (558) 469 (126) 640 Home equity 1,848 — 1,848 (82) 500 78 2,344 Total $ 131,388 $ — $ 131,388 $ (2,550) $ 2,891 $ (22,285) $ 109,444 Six Months Ended Commercial $ 21,359 $ 7,150 $ 28,509 $ (5,178) $ 910 $ 5,377 $ 29,618 Commercial real estate 20,535 25,548 46,083 (2,452) 915 26,523 71,069 BBCC 2,279 3,702 5,981 (81) 122 310 6,332 Residential real estate 2,299 6,986 9,285 (316) 211 5,064 14,244 Indirect 5,319 (1,669) 3,650 (1,570) 908 1,465 4,453 Direct 1,863 (1,059) 804 (880) 383 528 835 Home equity 965 689 1,654 (200) 161 228 1,843 Total $ 54,619 $ 41,347 $ 95,966 $ (10,677) $ 3,610 $ 39,495 $ 128,394 Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Allowance for credit losses on unfunded loan commitments: Balance at beginning of period $ 10,365 $ 8,950 $ 11,689 $ 2,656 Impact of adopting ASC 326 — — — 4,549 Sub-Total 10,365 8,950 11,689 7,205 Expense (reversal of expense) for credit losses 64 2,076 (1,260) 3,821 Balance at end of period $ 10,429 $ 11,026 $ 10,429 $ 11,026 |
Schedule of Risk Category of Loans and Amortized Cost | The following table summarizes the amortized cost of term loans by risk category of commercial, commercial real estate, and BBCC loans by loan portfolio segment and class of loan: Origination Year Revolving to Term (dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Total June 30, 2021 Commercial: Risk Rating: Pass $ 882,344 $ 846,644 $ 352,182 $ 135,068 $ 199,148 $ 319,481 $ 579,021 $ 149,663 $ 3,463,551 Criticized 19,340 16,659 5,872 — 3,246 5,855 7,573 10,474 69,019 Classified: Substandard 878 10,285 6,806 11,151 11,693 4,302 7,585 1,197 53,897 Nonaccrual 1,126 3,903 1,087 3,168 5,403 — 203 8,667 23,557 Doubtful — — 672 1,476 438 3,392 — — 5,978 Total $ 903,688 $ 877,491 $ 366,619 $ 150,863 $ 219,928 $ 333,030 $ 594,382 $ 170,001 $ 3,616,002 Commercial real estate: Risk Rating: Pass $ 735,842 $ 1,577,143 $ 975,834 $ 632,791 $ 581,992 $ 802,809 $ 7,041 $ 403,743 $ 5,717,195 Criticized 7,325 3,305 31,140 32,413 21,950 38,101 — 19,213 153,447 Classified: Substandard 118 10,908 6,923 15,245 22,707 13,239 2,064 17,258 88,462 Nonaccrual 240 2,606 96 1,887 6,713 11,637 327 224 23,730 Doubtful — — 1,744 816 17,936 22,485 — — 42,981 Total $ 743,525 $ 1,593,962 $ 1,015,737 $ 683,152 $ 651,298 $ 888,271 $ 9,432 $ 440,438 $ 6,025,815 BBCC: Risk Rating: Pass $ 38,046 $ 81,716 $ 62,428 $ 41,304 $ 29,864 $ 18,748 $ 43,945 $ 19,103 $ 335,154 Criticized 820 1,074 1,066 692 — 372 714 1,060 5,798 Classified: Substandard 291 173 1,175 223 858 — 25 680 3,425 Nonaccrual — 467 — 598 243 — — 1,639 2,947 Doubtful — — 351 576 — 193 — — 1,120 Total $ 39,157 $ 83,430 $ 65,020 $ 43,393 $ 30,965 $ 19,313 $ 44,684 $ 22,482 $ 348,444 Origination Year Revolving to Term (dollars in thousands) 2020 2019 2018 2017 2016 Prior Revolving Total December 31, 2020 Commercial: Risk Rating: Pass $ 1,675,964 $ 420,736 $ 171,228 $ 227,710 $ 124,041 $ 262,538 $ 549,849 $ 148,508 $ 3,580,574 Criticized 23,982 9,603 15,003 9,508 3,383 5,369 10,307 2,685 79,840 Classified: Substandard 6,501 6,369 10,077 9,836 2,774 8,441 15,344 3,049 62,391 Nonaccrual 2,600 3,754 4,701 6,951 49 4,379 778 7,013 30,225 Doubtful — — 1,016 2,748 296 610 — — 4,670 Total $ 1,709,047 $ 440,462 $ 202,025 $ 256,753 $ 130,543 $ 281,337 $ 576,278 $ 161,255 $ 3,757,700 Commercial real estate: Risk Rating: Pass $ 1,537,226 $ 1,041,305 $ 749,102 $ 677,119 $ 496,086 $ 513,658 $ 28,122 $ 382,219 $ 5,424,837 Criticized 6,874 49,271 26,464 46,994 17,648 33,490 — 19,804 200,545 Classified: Substandard 11,451 4,700 13,565 26,691 5,308 8,665 — 2,911 73,291 Nonaccrual 1,408 2,054 5,393 9,456 1,635 12,564 — 313 32,823 Doubtful — 1,832 — 18,926 19,283 3,274 — — 43,315 Total $ 1,556,959 $ 1,099,162 $ 794,524 $ 779,186 $ 539,960 $ 571,651 $ 28,122 $ 405,247 $ 5,774,811 BBCC: Risk Rating: Pass $ 94,828 $ 73,913 $ 49,875 $ 36,288 $ 24,946 $ 5,327 $ 52,393 $ 19,353 $ 356,923 Criticized 1,599 1,403 621 414 643 — 868 1,259 6,807 Classified: Substandard 233 1,417 195 246 33 — 317 701 3,142 Nonaccrual 161 551 134 200 — — 89 1,466 2,601 Doubtful — 3 847 70 — 30 — — 950 Total $ 96,821 $ 77,287 $ 51,672 $ 37,218 $ 25,622 $ 5,357 $ 53,667 $ 22,779 $ 370,423 Origination Year Revolving to Term (dollars in thousands) 2021 2020 2019 2018 2017 Prior Revolving Total June 30, 2021 Residential real estate: Risk Rating: Performing $ 323,691 $ 675,663 $ 344,305 $ 92,770 $ 131,965 $ 627,392 $ — $ 114 $ 2,195,900 Nonperforming — 171 123 354 915 17,593 — — 19,156 Total $ 323,691 $ 675,834 $ 344,428 $ 93,124 $ 132,880 $ 644,985 $ — $ 114 $ 2,215,056 Indirect: Risk Rating: Performing $ 183,279 $ 297,803 $ 195,190 $ 97,284 $ 64,671 $ 40,013 $ — $ 42 $ 878,282 Nonperforming — 362 718 700 614 420 — — 2,814 Total $ 183,279 $ 298,165 $ 195,908 $ 97,984 $ 65,285 $ 40,433 $ — $ 42 $ 881,096 Direct: Risk Rating: Performing $ 19,259 $ 23,280 $ 20,215 $ 21,277 $ 10,652 $ 20,394 $ 31,263 $ 694 $ 147,034 Nonperforming 3 96 105 152 145 768 2 8 1,279 Total $ 19,262 $ 23,376 $ 20,320 $ 21,429 $ 10,797 $ 21,162 $ 31,265 $ 702 $ 148,313 Home equity: Risk Rating: Performing $ — $ — $ 971 $ 414 $ 671 $ — $ 524,229 $ 18,960 $ 545,245 Nonperforming — — 46 — 9 174 134 4,343 4,706 Total $ — $ — $ 1,017 $ 414 $ 680 $ 174 $ 524,363 $ 23,303 $ 549,951 Origination Year Revolving to Term 2020 2019 2018 2017 2016 Prior Revolving Total December 31, 2020 Residential real estate: Risk Rating: Performing $ 624,435 $ 453,132 $ 132,107 $ 190,376 $ 202,457 $ 620,999 $ — $ 122 $ 2,223,628 Nonperforming 65 251 680 892 2,131 20,775 — — 24,794 Total $ 624,500 $ 453,383 $ 132,787 $ 191,268 $ 204,588 $ 641,774 $ — $ 122 $ 2,248,422 Indirect: Risk Rating: Performing $ 352,989 $ 253,514 $ 134,893 $ 96,587 $ 52,225 $ 21,088 $ — $ 77 $ 911,373 Nonperforming 22 443 777 666 429 192 — — 2,529 Total $ 353,011 $ 253,957 $ 135,670 $ 97,253 $ 52,654 $ 21,280 $ — $ 77 $ 913,902 Direct: Risk Rating: Performing $ 32,499 $ 29,189 $ 30,510 $ 16,182 $ 8,527 $ 19,465 $ 26,028 $ 1,229 $ 163,629 Nonperforming 22 141 171 64 247 526 4 3 1,178 Total $ 32,521 $ 29,330 $ 30,681 $ 16,246 $ 8,774 $ 19,991 $ 26,032 $ 1,232 $ 164,807 Home equity: Risk Rating: Performing $ 1 $ 997 $ 444 $ 891 $ 238 $ — $ 529,275 $ 20,314 $ 552,160 Nonperforming — 37 — — 11 116 94 3,996 4,254 Total $ 1 $ 1,034 $ 444 $ 891 $ 249 $ 116 $ 529,369 $ 24,310 $ 556,414 |
Schedule of Past Due Financing Receivables | The following table presents the aging of the amortized cost basis in past due loans by class of loans: (dollars in thousands) 30-59 Days 60-89 Days Past Due Total Current Total June 30, 2021 Commercial $ 683 $ 59 $ 1,303 $ 2,045 $ 3,613,957 $ 3,616,002 Commercial real estate 1,072 95 24,306 25,473 6,000,342 6,025,815 BBCC 539 218 70 827 347,617 348,444 Residential 6,710 2,602 4,945 14,257 2,200,799 2,215,056 Indirect 2,083 335 467 2,885 878,211 881,096 Direct 898 167 244 1,309 147,004 148,313 Home equity 537 356 1,774 2,667 547,284 549,951 Total $ 12,522 $ 3,832 $ 33,109 $ 49,463 $ 13,735,214 $ 13,784,677 December 31, 2020 Commercial $ 2,977 $ 664 $ 2,100 $ 5,741 $ 3,751,959 $ 3,757,700 Commercial real estate 887 128 27,272 28,287 5,746,524 5,774,811 BBCC 894 882 61 1,837 368,586 370,423 Residential 11,639 3,296 7,666 22,601 2,225,821 2,248,422 Indirect 5,222 960 492 6,674 907,228 913,902 Direct 753 533 426 1,712 163,095 164,807 Home equity 1,075 377 1,663 3,115 553,299 556,414 Total $ 23,447 $ 6,840 $ 39,680 $ 69,967 $ 13,716,512 $ 13,786,479 |
Schedule of Nonaccrual and Past Due Loans | The following table presents the amortized cost basis of loans on nonaccrual status and loans past due 90 days or more and still accruing by class of loan: June 30, 2021 December 31, 2020 (dollars in thousands) Nonaccrual Nonaccrual Past Due Nonaccrual Nonaccrual Past Due Commercial $ 29,535 $ 1,630 $ — $ 34,895 $ 3,394 $ 122 Commercial real estate 66,711 30,124 — 76,138 22,152 20 BBCC 4,067 — — 3,551 — — Residential 19,156 — — 24,794 — — Indirect 2,814 — — 2,529 — 12 Direct 1,279 — 9 1,178 27 13 Home equity 4,706 — — 4,254 45 — Total $ 128,268 $ 31,754 $ 9 $ 147,339 $ 25,618 $ 167 Type of Collateral (dollars in thousands) Real Blanket Investment Auto Other June 30, 2021 Commercial $ 7,031 $ 18,159 $ 3,763 $ 185 $ 397 Commercial real estate 52,105 372 1,046 — 13,188 BBCC 1,940 1,921 51 155 — Residential 19,156 — — — — Indirect — — — 2,814 — Direct 1,014 — 1 212 21 Home equity 4,706 — — — — Total loans $ 85,952 $ 20,452 $ 4,861 $ 3,366 $ 13,606 December 31, 2020 Commercial $ 8,976 $ 19,253 $ 5,379 $ 394 $ 893 Commercial real estate 60,844 472 1,137 — 13,685 BBCC 1,425 1,929 63 134 — Residential 24,794 — — — — Indirect — — — 2,529 — Direct 901 — 2 235 29 Home equity 4,254 — — — — Total loans $ 101,194 $ 21,654 $ 6,581 $ 3,292 $ 14,607 |
Schedule of Activity in Trouble Debt Restructurings | The following table presents activity in TDRs: (dollars in thousands) Beginning (Charge-offs)/ (Payments)/ (Removals)/ Ending Three Months Ended June 30, 2021 Commercial $ 8,471 $ — $ (207) $ — $ 8,264 Commercial real estate 17,385 5 (1,420) — 15,970 BBCC 105 3 (11) — 97 Residential 2,603 (4) (17) — 2,582 Indirect — 1 (1) — — Direct 726 1 (62) — 665 Home equity 276 1 (60) — 217 Total $ 29,566 $ 7 $ (1,778) $ — $ 27,795 Three Months Ended June 30, 2020 Commercial $ 10,928 $ — $ (330) $ — $ 10,598 Commercial real estate 12,848 19 (161) — 12,706 BBCC 562 31 (446) — 147 Residential 3,040 — (28) — 3,012 Indirect — 2 (2) — — Direct 922 — (143) — 779 Home equity 374 1 (8) — 367 Total $ 28,674 $ 53 $ (1,118) $ — $ 27,609 Six Months Ended June 30, 2021 Commercial $ 11,090 $ — $ (1,655) $ (1,171) $ 8,264 Commercial real estate 17,606 15 (1,651) — 15,970 BBCC 112 5 (20) — 97 Residential 2,824 (4) (238) — 2,582 Indirect — 3 (3) — — Direct 739 2 (76) — 665 Home equity 282 1 (66) — 217 Total $ 32,653 $ 22 $ (3,709) $ (1,171) $ 27,795 Six Months Ended June 30, 2020 Commercial $ 12,412 $ (694) $ (1,120) $ — $ 10,598 Commercial real estate 14,277 (1,253) (318) — 12,706 BBCC 578 31 (462) — 147 Residential 3,107 — (95) — 3,012 Indirect — 5 (5) — — Direct 983 2 (206) — 779 Home equity 381 2 (16) — 367 Total $ 31,738 $ (1,907) $ (2,222) $ — $ 27,609 |
Schedule of Volume of Loan Deferrals | The table below presents these loan deferrals by loan category: December 31, 2020 June 30, 2021 (dollars in thousands) Deferrals Deferrals Number of Commercial and commercial real estate $ 53,823 $ 17,313 40 Residential real estate 1,855 264 4 Consumer 8,224 4,104 217 Total $ 63,902 $ 21,681 261 (1) Includes second deferrals between 90 and 180 days totaling $2.5 million of commercial and commercial real estate loans, $0.1 million of residential real estate loans, and $0.6 million of consumer loans. |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | |
Activity in Other Real Estate Owned | The following table presents activity in other real estate owned: Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Balance at beginning of period $ 751 $ 2,163 $ 1,324 $ 2,169 Additions 25 57 155 204 Sales (243) (309) (874) (423) Impairments (13) (125) (85) (164) Balance at end of period (1) $ 520 $ 1,786 $ 520 $ 1,786 (1) Includes repossessed personal property of $0.2 million at June 30, 2021 and June 30, 2020. |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Premises and Equipment | The composition of premises and equipment was as follows: (dollars in thousands) June 30, December 31, Land $ 72,114 $ 72,600 Buildings 384,142 373,660 Furniture, fixtures, and equipment 129,726 110,735 Leasehold improvements 44,914 44,734 Total 630,896 601,729 Accumulated depreciation (146,017) (137,321) Premises and equipment, net $ 484,879 $ 464,408 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense were as follows: Affected Line Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Operating lease cost occupancy/equipment expense $ 3,092 $ 6,646 $ 6,393 $ 15,827 Finance lease cost: Amortization of right-of-use assets occupancy expense 810 256 1,121 423 Interest on lease liabilities interest expense 120 91 215 169 Short-term lease cost occupancy expense — 1 — 1 Sub-lease income occupancy expense (135) (121) (278) (249) Total $ 3,887 $ 6,873 $ 7,451 $ 16,171 |
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: (dollars in thousands) June 30, December 31, Operating Leases Operating lease right-of-use assets $ 72,207 $ 76,197 Operating lease liabilities 81,333 86,598 Finance Leases Premises and equipment, net 15,224 11,351 Other borrowings 15,813 11,813 Weighted-Average Remaining Lease Term (in Years) Operating leases 10.4 10.6 Finance leases 8.3 10.3 Weighted-Average Discount Rate Operating leases 3.39 % 3.40 % Finance leases 3.14 % 3.46 % |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Six Months Ended (dollars in thousands) 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,166 $ 8,283 Operating cash flows from finance leases 215 169 Financing cash flows from finance leases 993 322 |
Schedule of Maturity Analysis of Lease Liability by Lease Classification | The following table presents a maturity analysis of the Company’s lease liability by lease classification at June 30, 2021: (dollars in thousands) Operating Finance 2021 $ 7,066 $ 1,214 2022 13,233 2,440 2023 9,553 2,466 2024 8,512 2,471 2025 8,373 2,464 Thereafter 50,549 7,006 Total undiscounted lease payments 97,286 18,061 Amounts representing interest (15,953) (2,248) Lease liability $ 81,333 $ 15,813 |
Schedule of Maturity Analysis of Tenant Leases | The following table presents a maturity analysis of the Company’s tenant leases at June 30, 2021: (dollars in thousands) Tenant 2021 $ 1,207 2022 1,984 2023 1,591 2024 1,420 2025 1,083 Thereafter 2,922 Total undiscounted lease payments $ 10,207 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes in Carrying Amount of Goodwill | The following table presents the changes in the carrying amount of goodwill: Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Balance at beginning of period $ 1,036,994 $ 1,036,994 $ 1,036,994 $ 1,036,994 Acquisitions and adjustments — — — — Balance at end of period $ 1,036,994 $ 1,036,994 $ 1,036,994 $ 1,036,994 |
Schedule of Gross Carrying Amounts and Accumulated Amortization of Other Intangible Assets | The gross carrying amounts and accumulated amortization of other intangible assets were as follows: (dollars in thousands) Gross Accumulated Net June 30, 2021 Core deposit $ 103,264 $ (65,644) $ 37,620 Customer trust relationships 16,547 (14,137) 2,410 Total intangible assets $ 119,811 $ (79,781) $ 40,030 December 31, 2020 Core deposit $ 112,723 $ (69,623) $ 43,100 Customer trust relationships 16,547 (13,633) 2,914 Total intangible assets $ 129,270 $ (83,256) $ 46,014 |
Schedule of Estimated Amortization Expense for Future Years | Estimated amortization expense for future years is as follows: (dollars in thousands) 2021 remaining $ 5,351 2022 9,014 2023 7,053 2024 5,645 2025 4,509 Thereafter 8,458 Total $ 40,030 |
Loan Servicing Rights (Tables)
Loan Servicing Rights (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Transfers and Servicing [Abstract] | |
Components of Loan Servicing Rights and Valuation Allowance | The following table summarizes the carrying values and activity related to loan servicing rights and the related valuation allowance: Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Balance at beginning of period $ 28,262 $ 25,575 $ 28,124 $ 25,399 Additions 3,058 3,672 6,171 5,403 Amortization (2,434) (2,959) (5,409) (4,514) Balance before valuation allowance at end of period 28,886 26,288 28,886 26,288 Valuation allowance: Balance at beginning of period (146) (1,443) (1,407) (31) (Additions)/recoveries 41 (810) 1,302 (2,222) Balance at end of period (105) (2,253) (105) (2,253) Loan servicing rights, net $ 28,781 $ 24,035 $ 28,781 $ 24,035 |
Qualified Affordable Housing _2
Qualified Affordable Housing Projects and Other Tax Credit Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments in Affordable Housing Projects [Abstract] | |
Schedule of Qualified Affordable Housing Projects and Other Tax Credit Investments | The following table summarizes Old National’s investments in qualified affordable housing projects and other tax credit investments: (dollars in thousands) June 30, 2021 December 31, 2020 Investment Accounting Method Investment Unfunded Investment Unfunded LIHTC Proportional amortization $ 41,939 $ 14,286 $ 33,609 $ 6,845 FHTC Equity 22,156 19,817 18,660 22,398 NMTC Equity 10,050 — 6,120 — Renewable Energy Equity 2,504 — 3,611 862 Total $ 76,649 $ 34,103 $ 62,000 $ 30,105 (1) All commitments will be paid by Old National by December 31, 2027. The following table summarizes the amortization expense and tax benefit recognized for Old National’s qualified affordable housing projects and other tax credit investments: (dollars in thousands) Amortization Tax Expense Three Months Ended June 30, 2021 LIHTC $ 863 $ (1,136) FHTC 1,228 (574) NMTC 375 (462) Renewable Energy 210 — Total $ 2,676 $ (2,172) Three Months Ended June 30, 2020 LIHTC $ 776 $ (1,019) FHTC — (1,356) Renewable Energy 287 (307) Total $ 1,063 $ (2,682) Six Months Ended June 30, 2021 LIHTC $ 1,725 $ (2,272) FHTC 1,359 (1,256) NMTC 750 (925) Renewable Energy 906 (562) Total $ 4,740 $ (5,015) Six Months Ended June 30, 2020 LIHTC $ 1,553 $ (2,038) FHTC 5,143 (2,712) Renewable Energy 659 (707) Total $ 7,355 $ (5,457) (1) The amortization expense for the LIHTC investments is included in our income tax expense. The amortization expense for the FHTC, NMTC, and Renewable Energy tax credits is included in noninterest expense. (2) All of the tax benefits recognized are included in our income tax expense. The tax benefit recognized for the FHTC, NMTC, and Renewable Energy investments primarily reflects the tax credits generated from the investments and excludes the net tax expense (benefit) and deferred tax liability of the investments’ income (loss). |
Securities Sold Under Agreeme_2
Securities Sold Under Agreements to Repurchase (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Schedule of Securities Sold Under Agreements to Repurchase and Weighted-Average Interest Rates | The following table presents securities sold under agreements to repurchase and related weighted-average interest rates: At or for the Six Months Ended June 30, At December 31, At or for the Six Months Ended June 30, (dollars in thousands) Outstanding at period end $ 396,129 $ 431,166 $ 367,744 Average amount outstanding during the period 402,478 N/A 339,818 Maximum amount outstanding at any month-end during the period 405,278 N/A 367,744 Weighted-average interest rate: During the period 0.11 % N/A 0.34 % At period end 0.09 % 0.12 % 0.21 % |
Schedule of Remaining Contractual Maturity of Secured Borrowings and Class of Collateral Pledged Under Repurchase Agreements | The following table presents the contractual maturity of our secured borrowings and class of collateral pledged: At June 30, 2021 Remaining Contractual Maturity of the Agreements (dollars in thousands) Overnight and Continuous Up to 30-90 Days Greater Than 90 days Total Repurchase Agreements: U.S. Treasury and agency securities $ 396,129 $ — $ — $ — $ 396,129 Total $ 396,129 $ — $ — $ — $ 396,129 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Federal Home Loan Banks [Abstract] | |
Summary of FHLB Advances | The following table summarizes Old National Bank’s FHLB advances: (dollars in thousands) June 30, December 31, FHLB advances (fixed rates 0.45% to 4.96% and variable rates 0.06% to 0.10%) maturing October 2022 to January 2041 $ 1,904,155 $ 1,999,160 Fair value hedge basis adjustments and unamortized (13,012) (7,725) Total $ 1,891,143 $ 1,991,435 |
Summary of Contractual Maturities of FHLB Advances | Contractual maturities of FHLB advances at June 30, 2021 were as follows: (dollars in thousands) Due in 2021 $ — Due in 2022 29,000 Due in 2023 155 Due in 2024 25,000 Due in 2025 550,000 Thereafter 1,300,000 Fair value hedge basis adjustments and unamortized prepayment fees (13,012) Total $ 1,891,143 |
Other Borrowings (Tables)
Other Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Borrowings | The following table summarizes Old National’s other borrowings: (dollars in thousands) June 30, December 31, Old National Bancorp: Senior unsecured notes (fixed rate 4.125% maturing August 2024) $ 175,000 $ 175,000 Unamortized debt issuance costs related to senior unsecured notes (481) (559) Junior subordinated debentures (variable rates of 1.70% to 1.87%) maturing March 2035 to June 2037 42,000 42,000 Other basis adjustments (3,120) (3,195) Old National Bank: Finance lease liabilities 15,813 11,813 Subordinated debentures (variable rate 4.54%) 12,000 12,000 Leveraged loans for NMTC (fixed rates of 1.00% to 1.43%) maturing December 2046 to December 2052 25,655 15,300 Other 3,451 428 Total other borrowings $ 270,318 $ 252,787 The following table summarizes the terms of our outstanding junior subordinated debentures: (dollars in thousands) Rate at June 30, Name of Trust Issuance Date Issuance Rate Maturity Date St. Joseph Capital Trust II March 2005 $ 5,000 3-month LIBOR plus 1.75% 1.87% March 17, 2035 Anchor Capital Trust III August 2005 5,000 3-month LIBOR plus 1.55% 1.70% September 30, 2035 Home Federal Statutory September 2006 15,000 3-month LIBOR plus 1.65% 1.77% September 15, 2036 Monroe Bancorp Capital July 2006 3,000 3-month LIBOR plus 1.60% 1.78% October 7, 2036 Tower Capital Trust 3 December 2006 9,000 3-month LIBOR plus 1.69% 1.82% March 1, 2037 Monroe Bancorp Statutory March 2007 5,000 3-month LIBOR plus 1.60% 1.72% June 15, 2037 Total $ 42,000 |
Contractual Maturities of Other Borrowings | Contractual maturities of other borrowings at June 30, 2021 were as follows: (dollars in thousands) Due in 2021 $ 1,006 Due in 2022 2,061 Due in 2023 2,131 Due in 2024 177,180 Due in 2025 2,220 Thereafter 85,870 Unamortized debt issuance costs and other basis adjustments (150) Total $ 270,318 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of AOCI | The following table summarizes the changes within each classification of AOCI, net of tax: (dollars in thousands) Unrealized Gains and Defined Total Three Months Ended June 30, 2021 Balance at beginning of period $ 86,495 $ 5,525 $ (111) $ 91,909 Other comprehensive income (loss) before (26,886) (959) — (27,845) Amounts reclassified from AOCI to income (1) (514) (1,325) 37 (1,802) Balance at end of period $ 59,095 $ 3,241 $ (74) $ 62,262 Three Months Ended June 30, 2020 Balance at beginning of period $ 132,500 $ 5,801 $ (144) $ 138,157 Other comprehensive income (loss) before 12,733 (186) — 12,547 Amounts reclassified from AOCI to income (1) (422) (1,260) 21 (1,661) Balance at end of period $ 144,811 $ 4,355 $ (123) $ 149,043 Six Months Ended June 30, 2021 Balance at beginning of period $ 145,335 $ 2,584 $ (148) $ 147,771 Other comprehensive income (loss) before (84,173) 2,094 — (82,079) Amounts reclassified from AOCI to income (1) (2,067) (1,437) 74 (3,430) Balance at end of period $ 59,095 $ 3,241 $ (74) $ 62,262 Six Months Ended June 30, 2020 Balance at beginning of period $ 56,131 $ 240 $ (164) $ 56,207 Other comprehensive income (loss) before 93,102 5,700 — 98,802 Amounts reclassified from AOCI to income (1) (4,422) (1,585) 41 (5,966) Balance at end of period $ 144,811 $ 4,355 $ (123) $ 149,043 (1) See tables below for details about reclassifications to income. |
Reclassifications out of AOCI | The following table summarizes the significant amounts reclassified out of each component of AOCI for the three months ended June 30, 2021 and 2020: Three Months Ended (dollars in thousands) 2021 2020 Details about AOCI Components Amount Reclassified Affected Line Item in the Unrealized gains and losses on $ 692 $ 511 Debt securities gains (losses), net (178) (89) Income tax (expense) benefit $ 514 $ 422 Net income Gains and losses on cash flow hedges $ 1,756 $ 1,670 Interest income (expense) (431) (410) Income tax (expense) benefit $ 1,325 $ 1,260 Net income Amortization of defined benefit Actuarial gains (losses) $ (49) $ (27) Salaries and employee benefits 12 6 Income tax (expense) benefit $ (37) $ (21) Net income Total reclassifications for the period $ 1,802 $ 1,661 Net income The following table summarizes the significant amounts reclassified out of each component of AOCI for the six months ended June 30, 2021 and 2020: Six Months Ended (dollars in thousands) 2021 2020 Details about AOCI Components Amount Reclassified Affected Line Item in the Unrealized gains and losses on $ 2,685 $ 5,685 Debt securities gains (losses), net (618) (1,263) Income tax (expense) benefit $ 2,067 $ 4,422 Net income Gains and losses on cash flow hedges $ 1,905 $ 2,101 Interest income (expense) (468) (516) Income tax (expense) benefit $ 1,437 $ 1,585 Net income Amortization of defined benefit Actuarial gains (losses) $ (98) $ (54) Salaries and employee benefits 24 13 Income tax (expense) benefit $ (74) $ (41) Net income Total reclassifications for the period $ 3,430 $ 5,966 Net income |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Differences in Taxes from Continuing Operations Computed at Statutory Rate | Following is a summary of the major items comprising the differences in taxes from continuing operations computed at the federal statutory rate and as recorded in the consolidated statements of income: Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Provision at statutory rate of 21% $ 16,117 $ 12,908 $ 38,051 $ 18,279 Tax-exempt income: Tax-exempt interest (2,762) (2,671) (5,541) (5,303) Section 291/265 interest disallowance 30 44 63 116 Company-owned life insurance income (556) (623) (1,099) (1,270) Tax-exempt income (3,288) (3,250) (6,577) (6,457) State income taxes 2,200 1,718 5,173 1,711 Interim period effective rate adjustment (662) 75 (2,437) 3,341 Tax credit investments - federal (1,430) (1,819) (2,523) (3,720) Other, net 1,023 129 (97) (454) Income tax expense $ 13,960 $ 9,761 $ 31,590 $ 12,700 Effective tax rate 18.2 % 15.9 % 17.4 % 14.6 % |
Schedule of Significant Components of Net Deferred Tax Assets (Liabilities) | Significant components of net deferred tax assets (liabilities) were as follows: (dollars in thousands) June 30, December 31, Deferred Tax Assets Allowance for credit losses, net of recapture $ 29,259 $ 34,971 Benefit plan accruals 13,364 20,076 Net operating loss carryforwards 15,030 18,982 Deferred gain on securities 1,559 2,102 Acquired loans 9,720 11,989 Operating lease liabilities 23,937 24,245 Tax credit investments and other partnerships 1,339 1,054 Other, net 654 488 Total deferred tax assets 94,862 113,907 Deferred Tax Liabilities Purchase accounting (18,358) (18,232) Loan servicing rights (7,092) (6,582) Premises and equipment (13,898) (14,008) Prepaid expenses (956) (955) Operating lease right-of-use assets (21,543) (21,569) Unrealized gains on available-for-sale investment securities (15,217) (40,756) Unrealized gains on hedges (1,056) (1,080) Other, net (1,581) (1,555) Total deferred tax liabilities (79,701) (104,737) Net deferred tax assets $ 15,161 $ 9,170 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Derivatives | The following table summarizes Old National’s derivatives designated as hedges: June 30, 2021 December 31, 2020 Fair Value Fair Value (dollars in thousands) Notional Assets (1) Liabilities (2) Notional Assets (1) Liabilities (2) Cash flow hedges Interest rate collars and floors on loan pools $ 400,000 $ 3,110 $ — $ 400,000 $ 6,636 $ — Interest rate swaps on borrowings 150,000 3,247 — 325,000 628 1,816 Fair value hedges Interest rate swaps on investment securities 909,957 14,164 13,181 347,516 1,145 172 Interest rate swaps on borrowings 379,000 5,967 — 379,000 8,793 — Total $ 26,488 $ 13,181 $ 17,202 $ 1,988 (1) Derivative assets are included in other assets on the balance sheet. (2) Derivative liabilities are included in other liabilities on the balance sheet. |
Schedule of Derivative Instruments Effect on Consolidated Statement of Income | The effect of derivative instruments in fair value hedging relationships on the consolidated statements of income were as follows: (dollars in thousands) Gain (Loss) Derivatives in Location of Gain or Gain (Loss) Hedged Items Location of Gain or Three Months Ended June 30, 2021 Interest rate contracts Interest income/(expense) $ (1,251) Fixed-rate debt Interest income/(expense) $ 1,251 Interest rate contracts Interest income/(expense) (45,829) Fixed-rate Interest income/(expense) 45,481 Total $ (47,080) $ 46,732 Three Months Ended Interest rate contracts Interest income/(expense) $ 730 Fixed-rate debt Interest income/(expense) $ (789) Six Months Ended Interest rate contracts Interest income/(expense) $ (2,826) Fixed-rate debt Interest income/(expense) $ 2,829 Interest rate contracts Interest income/(expense) 9 Fixed-rate Interest income/(expense) (64) Total $ (2,817) $ 2,765 Six Months Ended Interest rate contracts Interest income/(expense) $ 9,972 Fixed-rate debt Interest income/(expense) $ (10,016) The effect of derivative instruments in cash flow hedging relationships on the consolidated statements of income were as follows: Three Months Ended Three Months Ended (dollars in thousands) 2021 2020 2021 2020 Derivatives in Location of Gain or Gain (Loss) Gain (Loss) Interest rate contracts Interest income/(expense) $ (1,272) $ (246) $ 1,756 $ 1,670 Six Months Ended Six Months Ended 2021 2020 2021 2020 Derivatives in Location of Gain or Gain (Loss) Gain (Loss) Interest rate contracts Interest income/(expense) $ 2,776 $ 7,557 $ 1,905 $ 2,101 The effect of derivatives not designated as hedging instruments on the consolidated statements of income were as follows: Three Months Ended (dollars in thousands) 2021 2020 Derivatives Not Designated as Location of Gain or (Loss) Gain (Loss) Interest rate contracts (1) Other income/(expense) $ (75) $ (122) Mortgage contracts Mortgage banking revenue (5,578) 7,236 Foreign currency contracts Other income/(expense) (85) (5) Total $ (5,738) $ 7,109 Six Months Ended 2021 2020 Derivatives Not Designated as Location of Gain or (Loss) Gain (Loss) Interest rate contracts (1) Other income/(expense) $ 310 $ (588) Mortgage contracts Mortgage banking revenue (2,317) 12,055 Foreign currency contracts Other income/(expense) (49) (24) Total $ (2,056) $ 11,443 (1) Includes the valuation differences between the customer and offsetting swaps. |
Summary of Derivatives Not Designated as Hedging Instruments | The following table summarizes Old National’s derivatives not designated as hedges: June 30, 2021 December 31, 2020 Fair Value Fair Value (dollars in thousands) Notional Assets (1) Liabilities (2) Notional Assets (1) Liabilities (2) Interest rate lock commitments $ 157,600 $ 4,668 $ — $ 224,719 $ 9,375 $ — Forward mortgage loan contracts 184,139 55 — 261,027 — 2,335 Customer interest rate swaps 2,274,193 73,114 4,977 2,008,149 113,300 133 Counterparty interest rate swaps (3) 2,274,193 367 9,367 2,008,149 — 13,543 Customer foreign currency forward contracts 16,764 408 — 9,990 324 — Counterparty foreign currency forward contracts 16,688 — 321 9,854 — 188 Total $ 78,612 $ 14,665 $ 122,999 $ 16,199 (1) Derivative assets are included in other assets on the balance sheet. (2) Derivative liabilities are included in other liabilities on the balance sheet. (3) The fair values of certain counterparty interest rate swaps are zero due to the settlement of centrally-cleared variation margin rules. The net adjustment was $59.6 million as of June 30, 2021 and $100.4 million as of December 31, 2020. |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis, including financial assets and liabilities for which we have elected the fair value option, are summarized below: Fair Value Measurements at June 30, 2021 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Equity securities $ 2,464 $ 2,464 $ — $ — Investment securities available-for-sale: U.S. Treasury 234,792 234,792 — — U.S. government-sponsored entities and agencies 1,422,287 — 1,422,287 — Mortgage-backed securities - Agency 3,280,983 — 3,280,983 — States and political subdivisions 1,567,931 — 1,567,931 — Pooled trust preferred securities 9,388 — — 9,388 Other securities 259,796 — 259,796 — Residential loans held for sale 50,121 — 50,121 — Derivative assets 105,100 — 105,100 — Financial Liabilities Derivative liabilities 27,846 — 27,846 — Fair Value Measurements at December 31, 2020 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Equity securities $ 2,547 $ 2,547 $ — $ — Investment securities available-for-sale: U.S. Treasury 10,208 10,208 — — U.S. government-sponsored entities and agencies 841,988 — 841,988 — Mortgage-backed securities - Agency 3,339,098 — 3,339,098 — States and political subdivisions 1,492,162 — 1,492,162 — Pooled trust preferred securities 7,913 — — 7,913 Other securities 278,746 — 278,746 — Residential loans held for sale 63,250 — 63,250 — Derivative assets 140,201 — 140,201 — Financial Liabilities Derivative liabilities 18,187 — 18,187 — |
Reconciliation of All Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) | The table below presents a reconciliation of all assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3): (dollars in thousands) Pooled Trust States and Three Months Ended June 30, 2021 Balance at beginning of period $ 8,210 $ — Accretion of discount 5 — Sales/payments received (12) — Increase in fair value of securities 1,185 — Balance at end of period $ 9,388 $ — Three Months Ended June 30, 2020 Balance at beginning of period $ 7,422 $ — Accretion of discount 3 — Sales/payments received (16) — Decrease in fair value of securities (224) — Balance at end of period $ 7,185 $ — Six Months Ended June 30, 2021 Balance at beginning of period $ 7,913 $ — Accretion of discount 10 — Sales/payments received (27) — Increase in fair value of securities 1,492 — Balance at end of period $ 9,388 $ — Six Months Ended June 30, 2020 Balance at beginning of period $ 8,222 $ 40 Accretion of discount 7 — Sales/payments received (33) (40) Decrease in fair value of securities (1,011) — Balance at end of period $ 7,185 $ — |
Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurements | The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 of the fair value hierarchy: (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) (4) June 30, 2021 Pooled trust preferred securities $ 9,388 Discounted cash flow Constant prepayment rate (1) 0.00% Additional asset defaults (2) 5.8% - 8.6% (6.7%) Expected asset recoveries (3) 0.0% - 23.3% (7.4%) December 31, 2020 Pooled trust preferred securities $ 7,913 Discounted cash flow Constant prepayment rate (1) 0.00% Additional asset defaults (2) 6.0% - 8.7% (6.8%) Expected asset recoveries (3) 0.0% - 23.2% (7.3%) (1) Assuming no prepayments. (2) Each currently performing pool asset is assigned a default probability based on the banking environment, which is adjusted for specific issuer evaluation, of 0%, 50%, or 100%. (3) Each currently defaulted pool asset is assigned a recovery probability based on specific issuer evaluation of 0%, 25%, or 100%. (4) Unobservable inputs are weighted by the estimated number of defaults and current performing collateral of the instruments. The table below provides quantitative information about significant unobservable inputs used in fair value measurements within Level 3 of the fair value hierarchy: (dollars in thousands) Fair Value Valuation Techniques Unobservable Input Range (Weighted Average) (1) June 30, 2021 Collateral Dependent Loans Commercial loans $ 12,443 Discounted Discount for type of property, 1% - 27% (10%) cash flow age of appraisal, and current status Commercial real estate loans 23,825 Discounted Discount for type of property, 0% - 19% (11%) cash flow age of appraisal, and current status December 31, 2020 Collateral Dependent Loans Commercial loans $ 10,747 Discounted Discount for type of property, 0% - 33% (12%) cash flow age of appraisal, and current status Commercial real estate loans 40,653 Discounted Discount for type of property, 0% - 18% (7%) cash flow age of appraisal, and current status (1) Unobservable inputs were weighted by the relative fair value of the instruments. |
Assets Measured at Fair Value on a Non-Recurring Basis | Assets measured at fair value at June 30, 2021 on a non-recurring basis are summarized below: Fair Value Measurements at June 30, 2021 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant Collateral Dependent Loans: Commercial loans $ 12,443 $ — $ — $ 12,443 Commercial real estate loans 23,825 — — 23,825 Loan servicing rights 277 — 277 — Assets measured at fair value at December 31, 2020 on a non-recurring basis are summarized below: Fair Value Measurements at December 31, 2020 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Collateral Dependent Loans: Commercial loans $ 10,747 $ — $ — $ 10,747 Commercial real estate loans 40,653 — — 40,653 Loan servicing rights 26,717 — 26,717 — |
Schedule of Difference Between the Aggregate Fair Value and the Aggregate Remaining Principal Balance | The difference between the aggregate fair value and the aggregate remaining principal balance for loans for which the fair value option has been elected was as follows: (dollars in thousands) Aggregate Fair Value Difference Contractual Principal June 30, 2021 Residential loans held for sale $ 50,121 $ 1,896 $ 48,225 December 31, 2020 Residential loans held for sale $ 63,250 $ 3,485 $ 59,765 The following table presents the amount of gains and losses from fair value changes included in income before income taxes for financial assets carried at fair value: (dollars in thousands) Other Interest Income Interest (Expense) Total Changes Three Months Ended June 30, 2021 Residential loans held for sale $ 790 $ — $ (1) $ 789 Three Months Ended June 30, 2020 Residential loans held for sale $ 3,597 $ — $ (2) $ 3,595 Six Months Ended June 30, 2021 Residential loans held for sale $ (1,590) $ 2 $ (1) $ (1,589) Six Months Ended June 30, 2020 Residential loans held for sale $ 5,018 $ 2 $ (2) $ 5,018 |
Carrying Amounts and Estimated Fair Values of Financial Instruments, Not Carried at Fair Value | The carrying amounts and estimated fair values of financial instruments not carried at fair value were as follows: Fair Value Measurements at June 30, 2021 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Cash, due from banks, money market, $ 491,131 $ 491,131 $ — $ — Loans, net: Commercial 3,775,602 — — 3,773,238 Commercial real estate 6,120,661 — — 6,105,998 Residential real estate 2,204,637 — — 2,206,836 Consumer credit 1,574,333 — — 1,576,753 Accrued interest receivable 85,594 679 33,568 51,347 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 6,142,724 $ 6,142,724 $ — $ — Checking, NOW, savings, and money market 10,723,668 10,723,668 — — Time deposits 1,002,519 — 1,016,578 — Federal funds purchased and interbank borrowings 1,523 1,523 — — Securities sold under agreements to repurchase 396,129 396,129 — — FHLB advances 1,891,143 — 1,960,496 — Other borrowings 270,318 — 289,240 — Accrued interest payable 4,722 — 4,722 — Standby letters of credit 400 — — 400 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 7,047 Fair Value Measurements at December 31, 2020 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Cash, due from banks, money market, $ 589,712 $ 589,712 $ — $ — Loans, net: Commercial 3,922,642 — — 3,912,948 Commercial real estate 5,867,795 — — 5,797,447 Residential real estate 2,235,814 — — 2,264,274 Consumer credit 1,628,840 — — 1,618,365 Accrued interest receivable 85,306 21 27,977 57,308 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 5,633,672 $ 5,633,672 $ — $ — Checking, NOW, savings, and money market 10,280,911 10,180,911 99,957 — Time deposits 1,122,870 — 1,140,922 — Federal funds purchased and interbank borrowings 1,166 1,166 — — Securities sold under agreements to repurchase 431,166 431,166 — — FHLB advances 1,991,435 — 2,092,033 — Other borrowings 252,787 — 254,612 — Accrued interest payable 5,443 — 5,443 — Standby letters of credit 462 — — 462 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 11,822 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Information | The consolidated statements of income include all categories of noninterest income. The following table reflects only the categories of noninterest income that are within the scope of Topic 606: Three Months Ended Six Months Ended (dollars in thousands) 2021 2020 2021 2020 Wealth management fees $ 10,734 $ 9,424 $ 20,442 $ 18,308 Service charges on deposit accounts 8,514 7,582 16,638 17,659 Debit card and ATM fees 5,583 4,832 10,726 9,830 Investment product fees 6,042 4,845 11,906 10,719 Other income: Merchant processing fees 970 707 1,794 1,511 Gain (loss) on other real estate owned 120 34 230 (22) Safe deposit box fees 205 208 568 518 Insurance premiums and commissions 16 196 38 312 Total $ 32,184 $ 27,828 $ 62,342 $ 58,835 |
Acquisition Activity (Details)
Acquisition Activity (Details) $ / shares in Units, $ in Millions | May 30, 2021USD ($) | Jun. 30, 2021USD ($)$ / shares |
Business Acquisition [Line Items] | ||
Share price (in dollars per share) | $ / shares | $ 17.61 | |
Merger transaction costs | $ 6.5 | |
First Midwest | ||
Business Acquisition [Line Items] | ||
Shares exchange ratio | 1.1336 | |
Transaction value | $ 2,307 | |
First Midwest | Former First Midwest Stockholders | ||
Business Acquisition [Line Items] | ||
Percentage of voting interests acquired | 44.00% | |
First Midwest | Series A Preferred Stock | ||
Business Acquisition [Line Items] | ||
Dividend rate | 7.00% | |
First Midwest | Series C Preferred Stock | ||
Business Acquisition [Line Items] | ||
Dividend rate | 7.00% |
Net Income Per Share (Details)
Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Basic Net Income Per Share | ||||
Net income | $ 62,786 | $ 51,705 | $ 149,604 | $ 74,345 |
Weighted average common shares outstanding (in shares) | 165,175 | 164,732 | 165,086 | 166,240 |
Effect of dilutive securities: | ||||
Restricted stock (in shares) | 737 | 535 | 713 | 571 |
Stock options and appreciation rights (in shares) | 22 | 35 | 22 | 37 |
Basic Net Income Per Share (in dollars per share) | $ 0.38 | $ 0.32 | $ 0.91 | $ 0.45 |
Diluted Net Income Per Share | ||||
Net income | $ 62,786 | $ 51,705 | $ 149,604 | $ 74,345 |
Weighted average common shares outstanding (in shares) | 165,175 | 164,732 | 165,086 | 166,240 |
Weighted average shares outstanding (in shares) | 165,934 | 165,302 | 165,821 | 166,848 |
Diluted Net Income Per Share (in dollars per share) | $ 0.38 | $ 0.32 | $ 0.90 | $ 0.45 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Fair Value of Available-for-Sale Investment Securities Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 6,701,897 | $ 5,784,754 |
Unrealized Gains | 154,669 | 197,714 |
Unrealized Losses | (80,357) | (11,385) |
Basis Adjustments | (1,032) | (968) |
Fair Value | 6,775,177 | 5,970,115 |
U.S. Treasury | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 237,135 | 9,909 |
Unrealized Gains | 1,579 | 299 |
Unrealized Losses | (9,420) | 0 |
Basis Adjustments | 5,498 | 0 |
Fair Value | 234,792 | 10,208 |
U.S. government-sponsored entities and agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,447,432 | 841,133 |
Unrealized Gains | 10,665 | 5,744 |
Unrealized Losses | (29,280) | (3,921) |
Basis Adjustments | (6,530) | (968) |
Fair Value | 1,422,287 | 841,988 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 3,262,520 | 3,249,002 |
Unrealized Gains | 54,002 | 91,086 |
Unrealized Losses | (35,539) | (990) |
Basis Adjustments | 0 | 0 |
Fair Value | 3,280,983 | 3,339,098 |
States and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,491,787 | 1,405,868 |
Unrealized Gains | 77,383 | 86,325 |
Unrealized Losses | (1,239) | (31) |
Basis Adjustments | 0 | 0 |
Fair Value | 1,567,931 | 1,492,162 |
Pooled trust preferred securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 13,746 | 13,763 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (4,358) | (5,850) |
Basis Adjustments | 0 | 0 |
Fair Value | 9,388 | 7,913 |
Other securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 249,277 | 265,079 |
Unrealized Gains | 11,040 | 14,260 |
Unrealized Losses | (521) | (593) |
Basis Adjustments | 0 | 0 |
Fair Value | $ 259,796 | $ 278,746 |
Investment Securities - Schedul
Investment Securities - Schedule of Proceeds from Sales or Calls and Realized Gain and Losses of Available-for-sale Investment Securities and Other Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Proceeds from Sale, Maturity and Collection of Investments [Abstract] | ||||
Proceeds from sales of available-for-sale debt securities | $ 15,247 | $ 20,028 | $ 67,715 | $ 256,438 |
Proceeds from calls of available-for-sale debt securities | 46,750 | 141,964 | 56,995 | 305,735 |
Total | 61,997 | 161,992 | 124,710 | 562,173 |
Realized gains on sales of available-for-sale debt securities | 736 | 545 | 2,736 | 6,140 |
Realized gains on calls of available-for-sale debt securities | 48 | 27 | 61 | 40 |
Realized losses on sales of available-for-sale debt securities | (85) | (61) | (85) | (470) |
Realized losses on calls of available-for-sale debt securities | (7) | 0 | (27) | (25) |
Debt securities gains (losses), net | $ 692 | $ 511 | $ 2,685 | $ 5,685 |
Investment Securities - Expecte
Investment Securities - Expected Maturities of Investment Securities Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Available-for-sale, Amortized Cost | ||
Within one year | $ 155,512 | |
One to five years | 2,510,178 | |
Five to ten years | 1,793,204 | |
Beyond ten years | 2,243,003 | |
Total | 6,701,897 | $ 5,784,754 |
Available-for-sale, Fair Value | ||
Within one year | 157,167 | |
One to five years | 2,563,562 | |
Five to ten years | 1,774,222 | |
Beyond ten years | 2,280,226 | |
Total | $ 6,775,177 | $ 5,970,115 |
Available-for-sale, Weighted Average Yield | ||
Within one year | 2.45% | |
One to five years | 2.17% | |
Five to ten years | 1.78% | |
Beyond ten years | 2.48% | |
Total | 2.17% |
Investment Securities - Availab
Investment Securities - Available-for-Sale Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-Sale, Less than 12 Months, Fair Value | $ 2,586,717 | $ 654,262 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (75,695) | (4,917) |
Available-for-Sale, 12 months or longer, Fair Value | 40,470 | 36,356 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (4,662) | (6,468) |
Available-for-Sale, Fair Value | 2,627,187 | 690,618 |
Available-for-Sale, Unrealized Losses | (80,357) | (11,385) |
U.S. Treasury | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-Sale, Less than 12 Months, Fair Value | 133,626 | |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (9,420) | |
Available-for-Sale, 12 months or longer, Fair Value | 0 | |
Available-for-Sale, 12 months or longer, Unrealized Losses | 0 | |
Available-for-Sale, Fair Value | 133,626 | |
Available-for-Sale, Unrealized Losses | (9,420) | 0 |
U.S. government-sponsored entities and agencies | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-Sale, Less than 12 Months, Fair Value | 836,281 | 355,528 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (29,280) | (3,921) |
Available-for-Sale, 12 months or longer, Fair Value | 0 | 0 |
Available-for-Sale, 12 months or longer, Unrealized Losses | 0 | 0 |
Available-for-Sale, Fair Value | 836,281 | 355,528 |
Available-for-Sale, Unrealized Losses | (29,280) | (3,921) |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-Sale, Less than 12 Months, Fair Value | 1,453,544 | 275,833 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (35,462) | (895) |
Available-for-Sale, 12 months or longer, Fair Value | 3,431 | 3,572 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (77) | (95) |
Available-for-Sale, Fair Value | 1,456,975 | 279,405 |
Available-for-Sale, Unrealized Losses | (35,539) | (990) |
States and political subdivisions | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-Sale, Less than 12 Months, Fair Value | 145,415 | 3,497 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (1,239) | (31) |
Available-for-Sale, 12 months or longer, Fair Value | 0 | 0 |
Available-for-Sale, 12 months or longer, Unrealized Losses | 0 | 0 |
Available-for-Sale, Fair Value | 145,415 | 3,497 |
Available-for-Sale, Unrealized Losses | (1,239) | (31) |
Pooled trust preferred securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-Sale, Less than 12 Months, Fair Value | 0 | 0 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | 0 | 0 |
Available-for-Sale, 12 months or longer, Fair Value | 9,388 | 7,913 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (4,358) | (5,850) |
Available-for-Sale, Fair Value | 9,388 | 7,913 |
Available-for-Sale, Unrealized Losses | (4,358) | (5,850) |
Other securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-Sale, Less than 12 Months, Fair Value | 17,851 | 19,404 |
Available-for-Sale, Less than 12 Months, Unrealized Losses | (294) | (70) |
Available-for-Sale, 12 months or longer, Fair Value | 27,651 | 24,871 |
Available-for-Sale, 12 months or longer, Unrealized Losses | (227) | (523) |
Available-for-Sale, Fair Value | 45,502 | 44,275 |
Available-for-Sale, Unrealized Losses | $ (521) | $ (593) |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)security | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)security | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Summary of Investment Holdings [Line Items] | |||||
Allowance for credit losses for available-for-sale debt securities | $ 0 | $ 0 | $ 0 | ||
Accrued interest receivable | $ 33,900,000 | $ 33,900,000 | 27,000,000 | ||
Number of securities in security portfolio | security | 1,891 | 1,891 | |||
Number of securities in unrealized loss position | security | 213 | 213 | |||
Total investment securities - available-for-sale | $ 6,775,177,000 | $ 6,775,177,000 | 5,970,115,000 | ||
Unrealized losses | 80,357,000 | 80,357,000 | 11,385,000 | ||
Equity securities, at fair value | 2,464,000 | 2,464,000 | 2,547,000 | ||
Gains on equity securities | 200,000 | $ 600,000 | 700,000 | $ 700,000 | |
Impairments on equity securities without readily determinable fair value | 0 | 0 | |||
Other Assets | |||||
Summary of Investment Holdings [Line Items] | |||||
Equity securities without readily determinable fair value | $ 127,600,000 | $ 127,600,000 | 105,800,000 | ||
Pooled trust preferred securities | |||||
Summary of Investment Holdings [Line Items] | |||||
Number of pooled trust preferred securities | security | 2 | 2 | |||
Total investment securities - available-for-sale | $ 9,388,000 | $ 9,388,000 | 7,913,000 | ||
Unrealized losses | $ 4,358,000 | 4,358,000 | $ 5,850,000 | ||
Other-than-temporary impairment loss | $ 0 | $ 0 |
Investment Securities - Trust P
Investment Securities - Trust Preferred Securities (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($)issuer | Dec. 31, 2020USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||
Total | $ 6,701,897 | $ 5,784,754 |
Fair Value | 6,775,177 | $ 5,970,115 |
Pooled Trust Preferred Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 13,746 | |
Fair Value | 9,388 | |
Unrealized Gain/ (Loss) | $ (4,358) | |
Pooled Trust Preferred Securities | Pretsl XXVII LTD | ||
Debt Securities, Available-for-sale [Line Items] | ||
Pooled trust preferred securities, Class | B | |
Lowest Credit Rating | BB | |
Total | $ 4,197 | |
Fair Value | 2,926 | |
Unrealized Gain/ (Loss) | $ (1,271) | |
Number of Issuers Currently Performing | issuer | 32 | |
Number of Issuers Currently Remaining | issuer | 41 | |
Actual Deferrals and Defaults as a % of Original Collateral | 14.40% | |
Expected Defaults as a % of Remaining Performing Collateral | 10.50% | |
Excess Subordination as a % of Current Performing Collateral | 42.30% | |
Pooled Trust Preferred Securities | Trapeza Ser 13A | ||
Debt Securities, Available-for-sale [Line Items] | ||
Pooled trust preferred securities, Class | A2A | |
Lowest Credit Rating | A | |
Total | $ 9,549 | |
Fair Value | 6,462 | |
Unrealized Gain/ (Loss) | $ (3,087) | |
Number of Issuers Currently Performing | issuer | 38 | |
Number of Issuers Currently Remaining | issuer | 40 | |
Actual Deferrals and Defaults as a % of Original Collateral | 4.50% | |
Expected Defaults as a % of Remaining Performing Collateral | 6.20% | |
Excess Subordination as a % of Current Performing Collateral | 61.00% | |
Single Issuer Trust Preferred Securities | JP Morgan Chase & Co | ||
Debt Securities, Available-for-sale [Line Items] | ||
Lowest Credit Rating | BBB- | |
Total | $ 4,816 | |
Fair Value | 4,645 | |
Unrealized Gain/ (Loss) | (171) | |
Trust Preferred Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total | 18,562 | |
Fair Value | 14,033 | |
Unrealized Gain/ (Loss) | $ (4,529) |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)segmentapplicationportfolio | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)loansegmentapplicationportfolio | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)application | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Number of loan portfolios | portfolio | 4 | 4 | |||
Number of loan segments | segment | 7 | 7 | |||
Total loans | $ 13,784,677,000 | $ 13,784,677,000 | $ 13,786,479,000 | ||
Accrued interest receivable on loans | 51,300,000 | $ 51,300,000 | 57,300,000 | ||
Loan placed on nonaccrual when past due, number of days | 90 days | ||||
Loan participations | 1,088,000,000 | $ 1,088,000,000 | |||
Loan participations sold | 490,500,000 | 490,500,000 | |||
Loan participations retained | 597,300,000 | $ 597,300,000 | |||
TDR term | 6 months | ||||
Minimum number of days for loan charge off to be recorded | 120 days | ||||
Maximum number of days for loan charge off to be recorded | 180 days | ||||
Financing receivable TDRs included with non-accrual loans | 13,600,000 | $ 13,600,000 | 14,900,000 | ||
Financing receivable TDR specific reserves | 1,000,000 | 1,000,000 | 1,600,000 | ||
Unfunded commitments on TDRs | 900,000 | $ 900,000 | $ 0 | ||
Financing receivable, TDR, number of loans qualified for removal | loan | 1 | ||||
Charge-offs | (7,000) | $ (53,000) | $ (22,000) | $ 1,907,000 | |
Number of days for a loan to be considered to be in payment default | 90 days | ||||
Troubled Debt Restructurings During Period | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Charge-offs | $ 0 | 0 | |||
Commercial | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
PPP, number of applications processed and approved (over) | application | 6,200 | 6,200 | 9,700 | ||
PPP, amount of funding | $ 583,700,000 | $ 583,700,000 | $ 1,500,000,000 | ||
Total loans | 3,802,943,000 | 3,802,943,000 | 3,956,422,000 | ||
Charge-offs | 0 | 0 | 0 | 694,000 | |
Commercial | PPP Loans | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total loans | 721,100,000 | 721,100,000 | 943,000,000 | ||
Commercial real estate | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Total loans | $ 6,187,318,000 | $ 6,187,318,000 | $ 5,946,512,000 | ||
Percentage of risk-based capital | 231.00% | 231.00% | |||
Regulatory guideline limit | 300.00% | 300.00% | |||
Charge-offs | $ (5,000) | $ (19,000) | $ (15,000) | $ 1,253,000 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Schedule of Composition of Loans and Impact of Adoption (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | $ 13,784,677 | $ 13,786,479 | ||||
Allowance for credit losses | (109,444) | $ (114,037) | (131,388) | $ (128,394) | $ (106,380) | $ (54,619) |
Net loans | 13,675,233 | 13,655,091 | ||||
Segment Portfolio Reclassification | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | |||||
Segment Portfolio Reclassification, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 13,784,677 | 13,786,479 | ||||
Allowance for credit losses | (109,444) | (131,388) | ||||
Net loans | 13,675,233 | 13,655,091 | ||||
Commercial | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 3,802,943 | 3,956,422 | ||||
Allowance for credit losses | (25,731) | (25,130) | (30,567) | (29,618) | (31,125) | (21,359) |
Commercial | PPP Loans | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 721,100 | 943,000 | ||||
Commercial | Segment Portfolio Reclassification | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | (186,941) | |||||
Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 3,616,002 | 3,757,700 | ||||
Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 6,187,318 | 5,946,512 | ||||
Allowance for credit losses | (65,469) | (70,561) | (75,810) | (71,069) | (54,103) | (20,535) |
Commercial real estate | Segment Portfolio Reclassification | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | (161,503) | |||||
Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 6,025,815 | 5,774,811 | ||||
BBCC | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses | (2,798) | (2,537) | (6,120) | (6,332) | (5,417) | (2,279) |
BBCC | Segment Portfolio Reclassification | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 348,444 | |||||
BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 348,444 | 370,423 | ||||
Residential real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 2,215,056 | 2,248,422 | ||||
Allowance for credit losses | (10,419) | (10,265) | (12,608) | (14,244) | (9,637) | (2,299) |
Residential real estate | Segment Portfolio Reclassification | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | |||||
Residential real estate | Segment Portfolio Reclassification, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 2,215,056 | 2,248,422 | ||||
Consumer credit | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,579,360 | 1,635,123 | ||||
Consumer credit | Segment Portfolio Reclassification | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | (1,579,360) | |||||
Indirect | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 881,096 | 913,902 | ||||
Allowance for credit losses | (2,043) | (2,255) | (3,580) | (4,453) | (3,666) | (5,319) |
Indirect | Segment Portfolio Reclassification | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 881,096 | |||||
Indirect | Segment Portfolio Reclassification, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 881,096 | 913,902 | ||||
Direct | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 148,313 | 164,807 | ||||
Allowance for credit losses | (640) | (665) | (855) | (835) | (822) | (1,863) |
Direct | Segment Portfolio Reclassification | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 148,313 | |||||
Direct | Segment Portfolio Reclassification, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 148,313 | 164,807 | ||||
Home equity | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 549,951 | 556,414 | ||||
Allowance for credit losses | (2,344) | $ (2,624) | (1,848) | $ (1,843) | $ (1,610) | $ (965) |
Home equity | Segment Portfolio Reclassification | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 549,951 | |||||
Home equity | Segment Portfolio Reclassification, Adjusted Balance | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 549,951 | 556,414 | ||||
Direct Finance Leases | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | $ 28,800 | $ 32,300 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Schedule of Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | $ 114,037 | $ 106,380 | $ 131,388 | $ 54,619 |
Charge-offs | (980) | (2,232) | (2,550) | (10,677) |
Recoveries | 1,316 | 1,701 | 2,891 | 3,610 |
Provision for credit losses | (4,929) | 22,545 | (22,285) | 39,495 |
Balance at End of Period | 109,444 | 128,394 | 109,444 | 128,394 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 41,347 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 114,037 | 106,380 | 131,388 | 95,966 |
Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 25,130 | 31,125 | 30,567 | 21,359 |
Charge-offs | (178) | (136) | (586) | (5,178) |
Recoveries | 204 | 553 | 443 | 910 |
Provision for credit losses | 575 | (1,924) | (4,693) | 5,377 |
Balance at End of Period | 25,731 | 29,618 | 25,731 | 29,618 |
Commercial | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 7,150 | |||
Commercial | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 25,130 | 31,125 | 30,567 | 28,509 |
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 70,561 | 54,103 | 75,810 | 20,535 |
Charge-offs | (178) | (1,160) | (178) | (2,452) |
Recoveries | 111 | 246 | 184 | 915 |
Provision for credit losses | (5,025) | 17,880 | (10,347) | 26,523 |
Balance at End of Period | 65,469 | 71,069 | 65,469 | 71,069 |
Commercial real estate | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 25,548 | |||
Commercial real estate | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 70,561 | 54,103 | 75,810 | 46,083 |
BBCC | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 2,537 | 5,417 | 6,120 | 2,279 |
Charge-offs | (100) | (66) | (136) | (81) |
Recoveries | 15 | 56 | 56 | 122 |
Provision for credit losses | 346 | 925 | (3,242) | 310 |
Balance at End of Period | 2,798 | 6,332 | 2,798 | 6,332 |
BBCC | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 3,702 | |||
BBCC | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 2,537 | 5,417 | 6,120 | 5,981 |
Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 10,265 | 9,637 | 12,608 | 2,299 |
Charge-offs | (62) | (16) | (220) | (316) |
Recoveries | 51 | 42 | 138 | 211 |
Provision for credit losses | 165 | 4,581 | (2,107) | 5,064 |
Balance at End of Period | 10,419 | 14,244 | 10,419 | 14,244 |
Residential real estate | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 6,986 | |||
Residential real estate | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 10,265 | 9,637 | 12,608 | 9,285 |
Indirect | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 2,255 | 3,666 | 3,580 | 5,319 |
Charge-offs | (206) | (367) | (790) | (1,570) |
Recoveries | 565 | 494 | 1,101 | 908 |
Provision for credit losses | (571) | 660 | (1,848) | 1,465 |
Balance at End of Period | 2,043 | 4,453 | 2,043 | 4,453 |
Indirect | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | (1,669) | |||
Indirect | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 2,255 | 3,666 | 3,580 | 3,650 |
Direct | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 665 | 822 | 855 | 1,863 |
Charge-offs | (256) | (405) | (558) | (880) |
Recoveries | 209 | 231 | 469 | 383 |
Provision for credit losses | 22 | 187 | (126) | 528 |
Balance at End of Period | 640 | 835 | 640 | 835 |
Direct | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | (1,059) | |||
Direct | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 665 | 822 | 855 | 804 |
Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 2,624 | 1,610 | 1,848 | 965 |
Charge-offs | 0 | (82) | (82) | (200) |
Recoveries | 161 | 79 | 500 | 161 |
Provision for credit losses | (441) | 236 | 78 | 228 |
Balance at End of Period | 2,344 | 1,843 | 2,344 | 1,843 |
Home equity | Cumulative Effect, Period of Adoption, Adjustment | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 689 | |||
Home equity | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | $ 2,624 | $ 1,610 | $ 1,848 | $ 1,654 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Schedule of Allowance for Credit Losses on Unfunded Loan Commitments (Details) - Unfunded Loan Commitment - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Balance at beginning of period | $ 10,365 | $ 8,950 | $ 11,689 | $ 2,656 |
Expense (reversal of expense) for credit losses | 64 | 2,076 | (1,260) | 3,821 |
Balance at end of period | 10,429 | 11,026 | 10,429 | 11,026 |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | 0 | 4,549 |
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Balance at beginning of period | $ 10,365 | $ 8,950 | $ 11,689 | $ 7,205 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Schedule of Risk Rating and Payment Performance (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | $ 13,784,677 | $ 13,786,479 |
Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 13,784,677 | 13,786,479 |
Commercial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 3,802,943 | 3,956,422 |
Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 903,688 | 1,709,047 |
Originated one year before current year | 877,491 | 440,462 |
Originated two years before current year | 366,619 | 202,025 |
Originated three years before current year | 150,863 | 256,753 |
Originated four years before current year | 219,928 | 130,543 |
Originated more than five years before current fiscal year | 333,030 | 281,337 |
Revolving | 594,382 | 576,278 |
Revolving to Term | 170,001 | 161,255 |
Total loans | 3,616,002 | 3,757,700 |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 6,187,318 | 5,946,512 |
Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 743,525 | 1,556,959 |
Originated one year before current year | 1,593,962 | 1,099,162 |
Originated two years before current year | 1,015,737 | 794,524 |
Originated three years before current year | 683,152 | 779,186 |
Originated four years before current year | 651,298 | 539,960 |
Originated more than five years before current fiscal year | 888,271 | 571,651 |
Revolving | 9,432 | 28,122 |
Revolving to Term | 440,438 | 405,247 |
Total loans | 6,025,815 | 5,774,811 |
BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 39,157 | 96,821 |
Originated one year before current year | 83,430 | 77,287 |
Originated two years before current year | 65,020 | 51,672 |
Originated three years before current year | 43,393 | 37,218 |
Originated four years before current year | 30,965 | 25,622 |
Originated more than five years before current fiscal year | 19,313 | 5,357 |
Revolving | 44,684 | 53,667 |
Revolving to Term | 22,482 | 22,779 |
Total loans | 348,444 | 370,423 |
Residential real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 323,691 | 624,500 |
Originated one year before current year | 675,834 | 453,383 |
Originated two years before current year | 344,428 | 132,787 |
Originated three years before current year | 93,124 | 191,268 |
Originated four years before current year | 132,880 | 204,588 |
Originated more than five years before current fiscal year | 644,985 | 641,774 |
Revolving | 0 | 0 |
Revolving to Term | 114 | 122 |
Total loans | 2,215,056 | 2,248,422 |
Residential real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 2,215,056 | 2,248,422 |
Residential real estate | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 323,691 | 624,435 |
Originated one year before current year | 675,663 | 453,132 |
Originated two years before current year | 344,305 | 132,107 |
Originated three years before current year | 92,770 | 190,376 |
Originated four years before current year | 131,965 | 202,457 |
Originated more than five years before current fiscal year | 627,392 | 620,999 |
Revolving | 0 | 0 |
Revolving to Term | 114 | 122 |
Total loans | 2,195,900 | 2,223,628 |
Residential real estate | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 65 |
Originated one year before current year | 171 | 251 |
Originated two years before current year | 123 | 680 |
Originated three years before current year | 354 | 892 |
Originated four years before current year | 915 | 2,131 |
Originated more than five years before current fiscal year | 17,593 | 20,775 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total loans | 19,156 | 24,794 |
Indirect | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 183,279 | 353,011 |
Originated one year before current year | 298,165 | 253,957 |
Originated two years before current year | 195,908 | 135,670 |
Originated three years before current year | 97,984 | 97,253 |
Originated four years before current year | 65,285 | 52,654 |
Originated more than five years before current fiscal year | 40,433 | 21,280 |
Revolving | 0 | 0 |
Revolving to Term | 42 | 77 |
Total loans | 881,096 | 913,902 |
Indirect | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 881,096 | 913,902 |
Indirect | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 183,279 | 352,989 |
Originated one year before current year | 297,803 | 253,514 |
Originated two years before current year | 195,190 | 134,893 |
Originated three years before current year | 97,284 | 96,587 |
Originated four years before current year | 64,671 | 52,225 |
Originated more than five years before current fiscal year | 40,013 | 21,088 |
Revolving | 0 | 0 |
Revolving to Term | 42 | 77 |
Total loans | 878,282 | 911,373 |
Indirect | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 22 |
Originated one year before current year | 362 | 443 |
Originated two years before current year | 718 | 777 |
Originated three years before current year | 700 | 666 |
Originated four years before current year | 614 | 429 |
Originated more than five years before current fiscal year | 420 | 192 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total loans | 2,814 | 2,529 |
Direct | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 19,262 | 32,521 |
Originated one year before current year | 23,376 | 29,330 |
Originated two years before current year | 20,320 | 30,681 |
Originated three years before current year | 21,429 | 16,246 |
Originated four years before current year | 10,797 | 8,774 |
Originated more than five years before current fiscal year | 21,162 | 19,991 |
Revolving | 31,265 | 26,032 |
Revolving to Term | 702 | 1,232 |
Total loans | 148,313 | 164,807 |
Direct | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 148,313 | 164,807 |
Direct | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 19,259 | 32,499 |
Originated one year before current year | 23,280 | 29,189 |
Originated two years before current year | 20,215 | 30,510 |
Originated three years before current year | 21,277 | 16,182 |
Originated four years before current year | 10,652 | 8,527 |
Originated more than five years before current fiscal year | 20,394 | 19,465 |
Revolving | 31,263 | 26,028 |
Revolving to Term | 694 | 1,229 |
Total loans | 147,034 | 163,629 |
Direct | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 3 | 22 |
Originated one year before current year | 96 | 141 |
Originated two years before current year | 105 | 171 |
Originated three years before current year | 152 | 64 |
Originated four years before current year | 145 | 247 |
Originated more than five years before current fiscal year | 768 | 526 |
Revolving | 2 | 4 |
Revolving to Term | 8 | 3 |
Total loans | 1,279 | 1,178 |
Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 1 |
Originated one year before current year | 0 | 1,034 |
Originated two years before current year | 1,017 | 444 |
Originated three years before current year | 414 | 891 |
Originated four years before current year | 680 | 249 |
Originated more than five years before current fiscal year | 174 | 116 |
Revolving | 524,363 | 529,369 |
Revolving to Term | 23,303 | 24,310 |
Total loans | 549,951 | 556,414 |
Home equity | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total loans | 549,951 | 556,414 |
Home equity | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 1 |
Originated one year before current year | 0 | 997 |
Originated two years before current year | 971 | 444 |
Originated three years before current year | 414 | 891 |
Originated four years before current year | 671 | 238 |
Originated more than five years before current fiscal year | 0 | 0 |
Revolving | 524,229 | 529,275 |
Revolving to Term | 18,960 | 20,314 |
Total loans | 545,245 | 552,160 |
Home equity | Nonperforming | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated one year before current year | 0 | 37 |
Originated two years before current year | 46 | 0 |
Originated three years before current year | 0 | 0 |
Originated four years before current year | 9 | 11 |
Originated more than five years before current fiscal year | 174 | 116 |
Revolving | 134 | 94 |
Revolving to Term | 4,343 | 3,996 |
Total loans | 4,706 | 4,254 |
Pass | Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 882,344 | 1,675,964 |
Originated one year before current year | 846,644 | 420,736 |
Originated two years before current year | 352,182 | 171,228 |
Originated three years before current year | 135,068 | 227,710 |
Originated four years before current year | 199,148 | 124,041 |
Originated more than five years before current fiscal year | 319,481 | 262,538 |
Revolving | 579,021 | 549,849 |
Revolving to Term | 149,663 | 148,508 |
Total loans | 3,463,551 | 3,580,574 |
Pass | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 735,842 | 1,537,226 |
Originated one year before current year | 1,577,143 | 1,041,305 |
Originated two years before current year | 975,834 | 749,102 |
Originated three years before current year | 632,791 | 677,119 |
Originated four years before current year | 581,992 | 496,086 |
Originated more than five years before current fiscal year | 802,809 | 513,658 |
Revolving | 7,041 | 28,122 |
Revolving to Term | 403,743 | 382,219 |
Total loans | 5,717,195 | 5,424,837 |
Pass | BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 38,046 | 94,828 |
Originated one year before current year | 81,716 | 73,913 |
Originated two years before current year | 62,428 | 49,875 |
Originated three years before current year | 41,304 | 36,288 |
Originated four years before current year | 29,864 | 24,946 |
Originated more than five years before current fiscal year | 18,748 | 5,327 |
Revolving | 43,945 | 52,393 |
Revolving to Term | 19,103 | 19,353 |
Total loans | 335,154 | 356,923 |
Criticized | Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 19,340 | 23,982 |
Originated one year before current year | 16,659 | 9,603 |
Originated two years before current year | 5,872 | 15,003 |
Originated three years before current year | 0 | 9,508 |
Originated four years before current year | 3,246 | 3,383 |
Originated more than five years before current fiscal year | 5,855 | 5,369 |
Revolving | 7,573 | 10,307 |
Revolving to Term | 10,474 | 2,685 |
Total loans | 69,019 | 79,840 |
Criticized | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 7,325 | 6,874 |
Originated one year before current year | 3,305 | 49,271 |
Originated two years before current year | 31,140 | 26,464 |
Originated three years before current year | 32,413 | 46,994 |
Originated four years before current year | 21,950 | 17,648 |
Originated more than five years before current fiscal year | 38,101 | 33,490 |
Revolving | 0 | 0 |
Revolving to Term | 19,213 | 19,804 |
Total loans | 153,447 | 200,545 |
Criticized | BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 820 | 1,599 |
Originated one year before current year | 1,074 | 1,403 |
Originated two years before current year | 1,066 | 621 |
Originated three years before current year | 692 | 414 |
Originated four years before current year | 0 | 643 |
Originated more than five years before current fiscal year | 372 | 0 |
Revolving | 714 | 868 |
Revolving to Term | 1,060 | 1,259 |
Total loans | 5,798 | 6,807 |
Substandard | Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 878 | 6,501 |
Originated one year before current year | 10,285 | 6,369 |
Originated two years before current year | 6,806 | 10,077 |
Originated three years before current year | 11,151 | 9,836 |
Originated four years before current year | 11,693 | 2,774 |
Originated more than five years before current fiscal year | 4,302 | 8,441 |
Revolving | 7,585 | 15,344 |
Revolving to Term | 1,197 | 3,049 |
Total loans | 53,897 | 62,391 |
Substandard | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 118 | 11,451 |
Originated one year before current year | 10,908 | 4,700 |
Originated two years before current year | 6,923 | 13,565 |
Originated three years before current year | 15,245 | 26,691 |
Originated four years before current year | 22,707 | 5,308 |
Originated more than five years before current fiscal year | 13,239 | 8,665 |
Revolving | 2,064 | 0 |
Revolving to Term | 17,258 | 2,911 |
Total loans | 88,462 | 73,291 |
Substandard | BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 291 | 233 |
Originated one year before current year | 173 | 1,417 |
Originated two years before current year | 1,175 | 195 |
Originated three years before current year | 223 | 246 |
Originated four years before current year | 858 | 33 |
Originated more than five years before current fiscal year | 0 | 0 |
Revolving | 25 | 317 |
Revolving to Term | 680 | 701 |
Total loans | 3,425 | 3,142 |
Nonaccrual | Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 1,126 | 2,600 |
Originated one year before current year | 3,903 | 3,754 |
Originated two years before current year | 1,087 | 4,701 |
Originated three years before current year | 3,168 | 6,951 |
Originated four years before current year | 5,403 | 49 |
Originated more than five years before current fiscal year | 0 | 4,379 |
Revolving | 203 | 778 |
Revolving to Term | 8,667 | 7,013 |
Total loans | 23,557 | 30,225 |
Nonaccrual | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 240 | 1,408 |
Originated one year before current year | 2,606 | 2,054 |
Originated two years before current year | 96 | 5,393 |
Originated three years before current year | 1,887 | 9,456 |
Originated four years before current year | 6,713 | 1,635 |
Originated more than five years before current fiscal year | 11,637 | 12,564 |
Revolving | 327 | 0 |
Revolving to Term | 224 | 313 |
Total loans | 23,730 | 32,823 |
Nonaccrual | BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 161 |
Originated one year before current year | 467 | 551 |
Originated two years before current year | 0 | 134 |
Originated three years before current year | 598 | 200 |
Originated four years before current year | 243 | 0 |
Originated more than five years before current fiscal year | 0 | 0 |
Revolving | 0 | 89 |
Revolving to Term | 1,639 | 1,466 |
Total loans | 2,947 | 2,601 |
Doubtful | Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated one year before current year | 0 | 0 |
Originated two years before current year | 672 | 1,016 |
Originated three years before current year | 1,476 | 2,748 |
Originated four years before current year | 438 | 296 |
Originated more than five years before current fiscal year | 3,392 | 610 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total loans | 5,978 | 4,670 |
Doubtful | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated one year before current year | 0 | 1,832 |
Originated two years before current year | 1,744 | 0 |
Originated three years before current year | 816 | 18,926 |
Originated four years before current year | 17,936 | 19,283 |
Originated more than five years before current fiscal year | 22,485 | 3,274 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total loans | 42,981 | 43,315 |
Doubtful | BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated one year before current year | 0 | 3 |
Originated two years before current year | 351 | 847 |
Originated three years before current year | 576 | 70 |
Originated four years before current year | 0 | 0 |
Originated more than five years before current fiscal year | 193 | 30 |
Revolving | 0 | 0 |
Revolving to Term | 0 | 0 |
Total loans | $ 1,120 | $ 950 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Schedule of Past Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 13,784,677 | $ 13,786,479 |
Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 13,784,677 | 13,786,479 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,802,943 | 3,956,422 |
Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,616,002 | 3,757,700 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6,187,318 | 5,946,512 |
Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6,025,815 | 5,774,811 |
BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 348,444 | 370,423 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,215,056 | 2,248,422 |
Residential real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,215,056 | 2,248,422 |
Indirect | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 881,096 | 913,902 |
Indirect | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 881,096 | 913,902 |
Direct | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 148,313 | 164,807 |
Direct | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 148,313 | 164,807 |
Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 549,951 | 556,414 |
Home equity | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 549,951 | 556,414 |
Total Past Due | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 49,463 | 69,967 |
Total Past Due | Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,045 | 5,741 |
Total Past Due | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 25,473 | 28,287 |
Total Past Due | BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 827 | 1,837 |
Total Past Due | Residential real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 14,257 | 22,601 |
Total Past Due | Indirect | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,885 | 6,674 |
Total Past Due | Direct | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,309 | 1,712 |
Total Past Due | Home equity | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,667 | 3,115 |
30-59 Days Past Due | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 12,522 | 23,447 |
30-59 Days Past Due | Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 683 | 2,977 |
30-59 Days Past Due | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,072 | 887 |
30-59 Days Past Due | BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 539 | 894 |
30-59 Days Past Due | Residential real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6,710 | 11,639 |
30-59 Days Past Due | Indirect | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,083 | 5,222 |
30-59 Days Past Due | Direct | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 898 | 753 |
30-59 Days Past Due | Home equity | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 537 | 1,075 |
60-89 Days Past Due | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,832 | 6,840 |
60-89 Days Past Due | Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 59 | 664 |
60-89 Days Past Due | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 95 | 128 |
60-89 Days Past Due | BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 218 | 882 |
60-89 Days Past Due | Residential real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,602 | 3,296 |
60-89 Days Past Due | Indirect | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 335 | 960 |
60-89 Days Past Due | Direct | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 167 | 533 |
60-89 Days Past Due | Home equity | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 356 | 377 |
Past Due 90 Days or More | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 33,109 | 39,680 |
Past Due 90 Days or More | Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,303 | 2,100 |
Past Due 90 Days or More | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 24,306 | 27,272 |
Past Due 90 Days or More | BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 70 | 61 |
Past Due 90 Days or More | Residential real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,945 | 7,666 |
Past Due 90 Days or More | Indirect | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 467 | 492 |
Past Due 90 Days or More | Direct | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 244 | 426 |
Past Due 90 Days or More | Home equity | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,774 | 1,663 |
Current | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 13,735,214 | 13,716,512 |
Current | Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,613,957 | 3,751,959 |
Current | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6,000,342 | 5,746,524 |
Current | BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 347,617 | 368,586 |
Current | Residential real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,200,799 | 2,225,821 |
Current | Indirect | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 878,211 | 907,228 |
Current | Direct | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 147,004 | 163,095 |
Current | Home equity | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 547,284 | $ 553,299 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Schedule of Nonaccrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | $ 128,268 | $ 147,339 |
Nonaccrual With No Related Allowance | 31,754 | 25,618 |
Past Due 90 Days or More and Accruing | 9 | 167 |
Commercial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 29,535 | 34,895 |
Nonaccrual With No Related Allowance | 1,630 | 3,394 |
Past Due 90 Days or More and Accruing | 0 | 122 |
Commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 66,711 | 76,138 |
Nonaccrual With No Related Allowance | 30,124 | 22,152 |
Past Due 90 Days or More and Accruing | 0 | 20 |
BBCC | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 4,067 | 3,551 |
Nonaccrual With No Related Allowance | 0 | 0 |
Past Due 90 Days or More and Accruing | 0 | 0 |
Residential real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 19,156 | 24,794 |
Nonaccrual With No Related Allowance | 0 | 0 |
Past Due 90 Days or More and Accruing | 0 | 0 |
Indirect | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 2,814 | 2,529 |
Nonaccrual With No Related Allowance | 0 | 0 |
Past Due 90 Days or More and Accruing | 0 | 12 |
Direct | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 1,279 | 1,178 |
Nonaccrual With No Related Allowance | 0 | 27 |
Past Due 90 Days or More and Accruing | 9 | 13 |
Home equity | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 4,706 | 4,254 |
Nonaccrual With No Related Allowance | 0 | 45 |
Past Due 90 Days or More and Accruing | $ 0 | $ 0 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Schedule of Types of Collateral (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 13,784,677 | $ 13,786,479 |
Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 85,952 | 101,194 |
Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 20,452 | 21,654 |
Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 4,861 | 6,581 |
Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 3,366 | 3,292 |
Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 13,606 | 14,607 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 3,802,943 | 3,956,422 |
Commercial | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 7,031 | 8,976 |
Commercial | Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 18,159 | 19,253 |
Commercial | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 3,763 | 5,379 |
Commercial | Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 185 | 394 |
Commercial | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 397 | 893 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 6,187,318 | 5,946,512 |
Commercial real estate | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 52,105 | 60,844 |
Commercial real estate | Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 372 | 472 |
Commercial real estate | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,046 | 1,137 |
Commercial real estate | Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Commercial real estate | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 13,188 | 13,685 |
BBCC | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,940 | 1,425 |
BBCC | Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,921 | 1,929 |
BBCC | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 51 | 63 |
BBCC | Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 155 | 134 |
BBCC | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Residential real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 2,215,056 | 2,248,422 |
Residential real estate | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 19,156 | 24,794 |
Residential real estate | Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Residential real estate | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Residential real estate | Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Residential real estate | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Indirect | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 881,096 | 913,902 |
Indirect | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Indirect | Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Indirect | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Indirect | Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 2,814 | 2,529 |
Indirect | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Direct | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 148,313 | 164,807 |
Direct | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,014 | 901 |
Direct | Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Direct | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1 | 2 |
Direct | Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 212 | 235 |
Direct | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 21 | 29 |
Home equity | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 549,951 | 556,414 |
Home equity | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 4,706 | 4,254 |
Home equity | Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Home equity | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Home equity | Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Home equity | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 0 | $ 0 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Schedule of Activity in Troubled Debt Restructurings (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Financing Receivable, Troubled Debt Restructuring [Roll Forward] | ||||
Beginning Balance | $ 29,566 | $ 28,674 | $ 32,653 | $ 31,738 |
(Charge-offs)/ Recoveries | 7 | 53 | 22 | (1,907) |
(Payments)/ Disbursements | (1,778) | (1,118) | (3,709) | (2,222) |
(Removals)/ Additions | 0 | 0 | (1,171) | 0 |
Ending Balance | 27,795 | 27,609 | 27,795 | 27,609 |
Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Roll Forward] | ||||
Beginning Balance | 8,471 | 10,928 | 11,090 | 12,412 |
(Charge-offs)/ Recoveries | 0 | 0 | 0 | (694) |
(Payments)/ Disbursements | (207) | (330) | (1,655) | (1,120) |
(Removals)/ Additions | 0 | 0 | (1,171) | 0 |
Ending Balance | 8,264 | 10,598 | 8,264 | 10,598 |
Commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Roll Forward] | ||||
Beginning Balance | 17,385 | 12,848 | 17,606 | 14,277 |
(Charge-offs)/ Recoveries | 5 | 19 | 15 | (1,253) |
(Payments)/ Disbursements | (1,420) | (161) | (1,651) | (318) |
(Removals)/ Additions | 0 | 0 | 0 | 0 |
Ending Balance | 15,970 | 12,706 | 15,970 | 12,706 |
BBCC | ||||
Financing Receivable, Troubled Debt Restructuring [Roll Forward] | ||||
Beginning Balance | 105 | 562 | 112 | 578 |
(Charge-offs)/ Recoveries | 3 | 31 | 5 | 31 |
(Payments)/ Disbursements | (11) | (446) | (20) | (462) |
(Removals)/ Additions | 0 | 0 | 0 | 0 |
Ending Balance | 97 | 147 | 97 | 147 |
Residential real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Roll Forward] | ||||
Beginning Balance | 2,603 | 3,040 | 2,824 | 3,107 |
(Charge-offs)/ Recoveries | (4) | 0 | (4) | 0 |
(Payments)/ Disbursements | (17) | (28) | (238) | (95) |
(Removals)/ Additions | 0 | 0 | 0 | 0 |
Ending Balance | 2,582 | 3,012 | 2,582 | 3,012 |
Indirect | ||||
Financing Receivable, Troubled Debt Restructuring [Roll Forward] | ||||
Beginning Balance | 0 | 0 | 0 | 0 |
(Charge-offs)/ Recoveries | 1 | 2 | 3 | 5 |
(Payments)/ Disbursements | (1) | (2) | (3) | (5) |
(Removals)/ Additions | 0 | 0 | 0 | 0 |
Ending Balance | 0 | 0 | 0 | 0 |
Direct | ||||
Financing Receivable, Troubled Debt Restructuring [Roll Forward] | ||||
Beginning Balance | 726 | 922 | 739 | 983 |
(Charge-offs)/ Recoveries | 1 | 0 | 2 | 2 |
(Payments)/ Disbursements | (62) | (143) | (76) | (206) |
(Removals)/ Additions | 0 | 0 | 0 | 0 |
Ending Balance | 665 | 779 | 665 | 779 |
Home equity | ||||
Financing Receivable, Troubled Debt Restructuring [Roll Forward] | ||||
Beginning Balance | 276 | 374 | 282 | 381 |
(Charge-offs)/ Recoveries | 1 | 1 | 1 | 2 |
(Payments)/ Disbursements | (60) | (8) | (66) | (16) |
(Removals)/ Additions | 0 | 0 | 0 | 0 |
Ending Balance | $ 217 | $ 367 | $ 217 | $ 367 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Non-TDR Loan Modifications due to COVID-19 (Details) - CARES Act Modification $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($)deferral | Dec. 31, 2020USD ($) | |
Financing Receivable, Modification [Line Items] | ||
Deferrals Balance | $ 21,681 | $ 63,902 |
Number of Deferrals | deferral | 261 | |
Commercial and commercial real estate | ||
Financing Receivable, Modification [Line Items] | ||
Deferrals Balance | $ 17,313 | 53,823 |
Number of Deferrals | deferral | 40 | |
Second deferrals between 90 and 180 days, amount | $ 2,500 | |
Residential real estate | ||
Financing Receivable, Modification [Line Items] | ||
Deferrals Balance | $ 264 | 1,855 |
Number of Deferrals | deferral | 4 | |
Second deferrals between 90 and 180 days, amount | $ 100 | |
Consumer credit | ||
Financing Receivable, Modification [Line Items] | ||
Deferrals Balance | $ 4,104 | $ 8,224 |
Number of Deferrals | deferral | 217 | |
Second deferrals between 90 and 180 days, amount | $ 600 |
Other Real Estate Owned - Activ
Other Real Estate Owned - Activity in Other Real Estate Owned (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other Real Estate [Roll Forward] | ||||
Balance at beginning of period | $ 751 | $ 2,163 | $ 1,324 | $ 2,169 |
Additions | 25 | 57 | 155 | 204 |
Sales | (243) | (309) | (874) | (423) |
Impairments | (13) | (125) | (85) | (164) |
Balance at end of period | 520 | 1,786 | 520 | 1,786 |
Repossessed personal property | $ 200 | $ 200 | $ 200 | $ 200 |
Other Real Estate Owned - Addit
Other Real Estate Owned - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Real Estate Owned, Disclosure of Detailed Components [Abstract] | ||
Value of foreclosed residential real estate property | $ 0.3 | $ 0.8 |
Value of mortgage loans in process of foreclosure | $ 1.6 | $ 2.7 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 630,896 | $ 601,729 |
Accumulated depreciation | (146,017) | (137,321) |
Premises and equipment, net | 484,879 | 464,408 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 72,114 | 72,600 |
Buildings | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 384,142 | 373,660 |
Furniture, fixtures, and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 129,726 | 110,735 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 44,914 | $ 44,734 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 7,000 | $ 6,500 | $ 14,068 | $ 15,053 |
Leases - Additional Information
Leases - Additional Information (Details) | Jun. 30, 2021 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term | 5 years |
Finance lease term | 5 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Operating lease term | 20 years |
Finance lease term | 20 years |
Leases - Schedule of Components
Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Finance lease cost: | ||||
Total | $ 3,887 | $ 6,873 | $ 7,451 | $ 16,171 |
occupancy/equipment expense | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | 3,092 | 6,646 | 6,393 | 15,827 |
occupancy expense | ||||
Finance lease cost: | ||||
Amortization of right-of-use assets | 810 | 256 | 1,121 | 423 |
Short-term lease cost | 0 | 1 | 0 | 1 |
Sub-lease income | (135) | (121) | (278) | (249) |
interest expense | ||||
Finance lease cost: | ||||
Interest on lease liabilities | $ 120 | $ 91 | $ 215 | $ 169 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Operating Leases | ||
Operating lease right-of-use assets | $ 72,207 | $ 76,197 |
Operating lease liabilities | $ 81,333 | $ 86,598 |
Finance Leases | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Premises and equipment, net | Premises and equipment, net |
Premises and equipment, net | $ 15,224 | $ 11,351 |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other borrowings | Other borrowings |
Other borrowings | $ 15,813 | $ 11,813 |
Weighted-Average Remaining Lease Term (in Years) | ||
Operating leases | 10 years 4 months 24 days | 10 years 7 months 6 days |
Finance leases | 8 years 3 months 18 days | 10 years 3 months 18 days |
Weighted-Average Discount Rate | ||
Operating leases | 3.39% | 3.40% |
Finance leases | 3.14% | 3.46% |
Leases - Schedule of Suppleme_2
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 7,166 | $ 8,283 |
Operating cash flows from finance leases | 215 | 169 |
Financing cash flows from finance leases | $ 993 | $ 322 |
Leases - Schedule of Maturity A
Leases - Schedule of Maturity Analysis of Lease Liability by Lease Classification (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Operating Leases | ||
2021 | $ 7,066 | |
2022 | 13,233 | |
2023 | 9,553 | |
2024 | 8,512 | |
2025 | 8,373 | |
Thereafter | 50,549 | |
Total undiscounted lease payments | 97,286 | |
Amounts representing interest | (15,953) | |
Lease liability | 81,333 | $ 86,598 |
Finance Leases | ||
2021 | 1,214 | |
2022 | 2,440 | |
2023 | 2,466 | |
2024 | 2,471 | |
2025 | 2,464 | |
Thereafter | 7,006 | |
Total undiscounted lease payments | 18,061 | |
Amounts representing interest | (2,248) | |
Lease liability | $ 15,813 | $ 11,813 |
Leases - Schedule of Maturity_2
Leases - Schedule of Maturity Analysis of Tenant Leases (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Tenant Leases | |
2021 | $ 1,207 |
2022 | 1,984 |
2023 | 1,591 |
2024 | 1,420 |
2025 | 1,083 |
Thereafter | 2,922 |
Total undiscounted lease payments | $ 10,207 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Changes in Carrying Amount of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Goodwill [Roll Forward] | ||||
Balance at beginning of period | $ 1,036,994 | $ 1,036,994 | $ 1,036,994 | $ 1,036,994 |
Acquisitions and adjustments | 0 | 0 | 0 | 0 |
Balance at end of period | $ 1,036,994 | $ 1,036,994 | $ 1,036,994 | $ 1,036,994 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) | Aug. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Goodwill [Line Items] | |||||
Goodwill impairment | $ 0 | ||||
Impairment charges | $ 0 | $ 0 | |||
Amortization of other intangible assets | $ 2,909,000 | $ 3,612,000 | $ 5,984,000 | $ 7,388,000 | |
Core Deposits and Other Intangible Assets | Minimum | |||||
Goodwill [Line Items] | |||||
Estimated useful lives of core deposits and customer relationships | 5 years | ||||
Core Deposits and Other Intangible Assets | Maximum | |||||
Goodwill [Line Items] | |||||
Estimated useful lives of core deposits and customer relationships | 15 years |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Gross Carrying Amounts and Accumulated Amortization of Other Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 119,811 | $ 129,270 |
Accumulated Amortization and Impairment | (79,781) | (83,256) |
Net Carrying Amount | 40,030 | 46,014 |
Core deposit | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 103,264 | 112,723 |
Accumulated Amortization and Impairment | (65,644) | (69,623) |
Net Carrying Amount | 37,620 | 43,100 |
Customer trust relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,547 | 16,547 |
Accumulated Amortization and Impairment | (14,137) | (13,633) |
Net Carrying Amount | $ 2,410 | $ 2,914 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense for Future Years (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2021 remaining | $ 5,351 | |
2022 | 9,014 | |
2023 | 7,053 | |
2024 | 5,645 | |
2025 | 4,509 | |
Thereafter | 8,458 | |
Net Carrying Amount | $ 40,030 | $ 46,014 |
Loan Servicing Rights - Additio
Loan Servicing Rights - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | |
Transfers and Servicing [Abstract] | |||
Servicing asset | $ 28,781 | $ 26,700 | $ 24,035 |
Principal balance of loans serviced for others | 3,614,000 | 3,613,000 | |
Funds held in escrow | 42,200 | 16,200 | |
Fair value of servicing rights | $ 31,000 | $ 26,800 | |
Fair value at discount rate | 9.00% | 9.00% | |
Fair value inputs weighted average prepayment speed | 11.00% | 14.00% |
Loan Servicing Rights - Compone
Loan Servicing Rights - Components of Loan Servicing Rights and Valuation Allowance (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Servicing asset: | |||||
Balance at beginning of period | $ 28,262 | $ 25,575 | $ 28,124 | $ 25,399 | |
Additions | 3,058 | 3,672 | 6,171 | 5,403 | |
Amortization | (2,434) | (2,959) | (5,409) | (4,514) | |
Balance before valuation allowance at end of period | 28,886 | 26,288 | 28,886 | 26,288 | |
Valuation allowance: | |||||
Balance at beginning of period | (146) | (1,443) | (1,407) | (31) | |
(Additions)/recoveries | 41 | (810) | 1,302 | (2,222) | |
Balance at end of period | (105) | (2,253) | (105) | (2,253) | |
Loan servicing rights, net | $ 28,781 | $ 24,035 | $ 28,781 | $ 24,035 | $ 26,700 |
Qualified Affordable Housing _3
Qualified Affordable Housing Projects and Other Tax Credit Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Investment Holdings [Line Items] | |||||
Investment | $ 76,649 | $ 76,649 | $ 62,000 | ||
Unfunded Commitment | 34,103 | 34,103 | 30,105 | ||
Amortization Expense | 2,676 | $ 1,063 | 4,740 | $ 7,355 | |
Tax Expense (Benefit) Recognized | (2,172) | (2,682) | (5,015) | (5,457) | |
LIHTC | |||||
Investment Holdings [Line Items] | |||||
Investment, Proportional amortization | 41,939 | 41,939 | 33,609 | ||
Unfunded Commitment, Proportional amortization | 14,286 | 14,286 | 6,845 | ||
Amortization Expense | 863 | 776 | 1,725 | 1,553 | |
Tax Expense (Benefit) Recognized | (1,136) | (1,019) | (2,272) | (2,038) | |
FHTC | |||||
Investment Holdings [Line Items] | |||||
Investment, Equity | 22,156 | 22,156 | 18,660 | ||
Unfunded Commitment, Equity | 19,817 | 19,817 | 22,398 | ||
Amortization Expense | 1,228 | 0 | 1,359 | 5,143 | |
Tax Expense (Benefit) Recognized | (574) | (1,356) | (1,256) | (2,712) | |
NMTC | |||||
Investment Holdings [Line Items] | |||||
Investment, Equity | 10,050 | 10,050 | 6,120 | ||
Unfunded Commitment, Equity | 0 | 0 | 0 | ||
Amortization Expense | 375 | 750 | |||
Tax Expense (Benefit) Recognized | (462) | (925) | |||
Renewable Energy | |||||
Investment Holdings [Line Items] | |||||
Investment, Equity | 2,504 | 2,504 | 3,611 | ||
Unfunded Commitment, Equity | 0 | 0 | $ 862 | ||
Amortization Expense | 210 | 287 | 906 | 659 | |
Tax Expense (Benefit) Recognized | $ 0 | $ (307) | $ (562) | $ (707) |
Securities Sold Under Agreeme_3
Securities Sold Under Agreements to Repurchase - Schedule of Securities Sold under Agreements to Repurchase and Related Weighted-Average Interest Rates (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Securities Sold under Agreements to Repurchase [Abstract] | |||
Securities sold under agreements to repurchase | $ 396,129,000 | $ 367,744,000 | $ 431,166,000 |
Average amount outstanding during the period | 402,478,000 | 339,818,000 | |
Maximum amount outstanding at any month-end during the period | $ 405,278,000 | $ 367,744,000 | |
Weighted average interest rate during period | 0.11% | 0.34% | |
Weighted average interest rate at end of period | 0.09% | 0.21% | 0.12% |
Securities Sold Under Agreeme_4
Securities Sold Under Agreements to Repurchase - Schedule of Remaining Contractual Maturity of Secured Borrowings and Class of Collateral Pledged Under Repurchase Agreements (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | $ 396,129 | $ 431,166 | $ 367,744 |
U.S. Treasury and agency securities | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | 396,129 | ||
Overnight and Continuous | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | 396,129 | ||
Overnight and Continuous | U.S. Treasury and agency securities | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | 396,129 | ||
Up to 30 Days | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | 0 | ||
Up to 30 Days | U.S. Treasury and agency securities | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | 0 | ||
30-90 Days | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | 0 | ||
30-90 Days | U.S. Treasury and agency securities | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | 0 | ||
Greater Than 90 days | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | 0 | ||
Greater Than 90 days | U.S. Treasury and agency securities | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | $ 0 |
Securities Sold Under Agreeme_5
Securities Sold Under Agreements to Repurchase - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Securities Sold under Agreements to Repurchase [Abstract] | |
Gross outstanding balance of repurchase agreements collateralized by securities percentage | 116.00% |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances - Summary of FHLB Advances (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances (fixed rates 0.45% to 4.96% and variable rates 0.06% to 0.10%) maturing October 2022 to January 2041 | $ 1,904,155 | $ 1,999,160 |
Fair value hedge basis adjustments and unamortized prepayment fees | (13,012) | (7,725) |
Federal Home Loan Bank advances | $ 1,891,143 | $ 1,991,435 |
Minimum | FHLB Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Fixed rate | 0.45% | |
Variable rate | 0.06% | |
Maximum | FHLB Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Fixed rate | 4.96% | |
Variable rate | 0.10% |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances - Additional Information (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($)advance | Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Federal Home Loan Bank, Advances [Line Items] | |||
Weighted-average rates of FHLB advances | 1.31% | 1.32% | |
Modifications, amount | $ 50 | ||
Modifications, number of contracts | advance | 2 | ||
Weighted average interest rate | 0.33% | 1.53% | |
Modifications, unamortized prepayment fees | $ 29.2 | $ 30 | |
FHLB Advances | |||
Federal Home Loan Bank, Advances [Line Items] | |||
Percentage of borrowings collateralized by investment securities and residential real estate loans | 140.00% |
Federal Home Loan Bank Advanc_5
Federal Home Loan Bank Advances - Summary of Contractual Maturities of FHLB Advances (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Federal Home Loan Banks [Abstract] | ||
Due in 2021 | $ 0 | |
Due in 2022 | 29,000 | |
Due in 2023 | 155 | |
Due in 2024 | 25,000 | |
Due in 2025 | 550,000 | |
Thereafter | 1,300,000 | |
Fair value hedge basis adjustments and unamortized prepayment fees | (13,012) | $ (7,725) |
Federal Home Loan Bank advances | $ 1,891,143 | $ 1,991,435 |
Other Borrowings - Summary of O
Other Borrowings - Summary of Other Borrowings (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | Aug. 31, 2014 | |
Debt Instrument [Line Items] | |||
Lease liability | $ 15,813 | $ 11,813 | |
Other borrowings | 270,318 | 252,787 | |
Old National Bank | |||
Debt Instrument [Line Items] | |||
Other basis adjustments | 3,451 | 428 | |
Lease liability | 15,813 | 11,813 | |
Old National Bancorp | |||
Debt Instrument [Line Items] | |||
Other basis adjustments | $ (3,120) | (3,195) | |
Senior Unsecured Notes | Old National Bancorp | |||
Debt Instrument [Line Items] | |||
Fixed rate | 4.125% | 4.125% | |
Senior unsecured notes (fixed rate 4.125% maturing August 2024) | $ 175,000 | 175,000 | $ 175,000 |
Unamortized debt issuance costs related to senior unsecured notes | (481) | (559) | |
Junior Subordinated Debentures | Old National Bancorp | |||
Debt Instrument [Line Items] | |||
Junior subordinated debentures (variable rates of 1.70% to 1.87%) maturing March 2035 to June 2037 | $ 42,000 | 42,000 | |
Subordinated Debt | Old National Bank | |||
Debt Instrument [Line Items] | |||
Variable rate | 4.54% | ||
Subordinated debentures (variable rate 4.54%) | $ 12,000 | 12,000 | |
Notes Payable to Banks | Old National Bank | |||
Debt Instrument [Line Items] | |||
Leveraged loans for NMTC (fixed rates of 1.00% to 1.43%) maturing December 2046 to December 2052 | $ 25,655 | $ 15,300 | |
Minimum | Junior Subordinated Debentures | Old National Bancorp | |||
Debt Instrument [Line Items] | |||
Variable rate | 1.70% | ||
Minimum | Notes Payable to Banks | Old National Bank | |||
Debt Instrument [Line Items] | |||
Fixed rate | 1.00% | ||
Maximum | Junior Subordinated Debentures | Old National Bancorp | |||
Debt Instrument [Line Items] | |||
Variable rate | 1.87% | ||
Maximum | Notes Payable to Banks | Old National Bank | |||
Debt Instrument [Line Items] | |||
Fixed rate | 1.43% |
Other Borrowings - Contractual
Other Borrowings - Contractual Maturities of Other Borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Due in 2021 | $ 1,006 | |
Due in 2022 | 2,061 | |
Due in 2023 | 2,131 | |
Due in 2024 | 177,180 | |
Due in 2025 | 2,220 | |
Thereafter | 85,870 | |
Unamortized debt issuance costs and other basis adjustments | (150) | |
Total | $ 270,318 | $ 252,787 |
Other Borrowings - Additional I
Other Borrowings - Additional Information (Details) - USD ($) $ in Thousands | Nov. 01, 2017 | Jun. 30, 2021 | Dec. 31, 2020 | Aug. 31, 2014 |
Debt Instrument [Line Items] | ||||
Lease liability | $ 15,813 | $ 11,813 | ||
Old National Bank | ||||
Debt Instrument [Line Items] | ||||
Lease liability | 15,813 | 11,813 | ||
Subordinated Debentures | Anchor Bank (MN) | Subordinated Fixed-to-Floating Notes | ||||
Debt Instrument [Line Items] | ||||
Fixed rate | 5.75% | |||
Value of subordinated fixed-to-floating notes assumed | $ 12,000 | |||
Subordinated Debentures | Anchor Bank (MN) | Subordinated Fixed-to-Floating Notes | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Variable rate | 4.356% | |||
Old National Bancorp | Senior Unsecured Notes | ||||
Debt Instrument [Line Items] | ||||
Senior unsecured notes | $ 175,000 | $ 175,000 | $ 175,000 | |
Fixed rate | 4.125% | 4.125% |
Other Borrowings - Summary of T
Other Borrowings - Summary of Terms of Outstanding Junior Subordinated Debentures (Details) - Trust Preferred Securities - Junior Subordinated Debentures | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 42,000,000 |
St. Joseph Capital Trust II | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 5,000,000 |
Rate | 1.87% |
St. Joseph Capital Trust II | LIBOR | |
Debt Instrument [Line Items] | |
Variable rate | 1.75% |
Anchor Capital Trust III | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 5,000,000 |
Rate | 1.70% |
Anchor Capital Trust III | LIBOR | |
Debt Instrument [Line Items] | |
Variable rate | 1.55% |
Home Federal Statutory Trust I | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 15,000,000 |
Rate | 1.77% |
Home Federal Statutory Trust I | LIBOR | |
Debt Instrument [Line Items] | |
Variable rate | 1.65% |
Monroe Bancorp Capital Trust I | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 3,000,000 |
Rate | 1.78% |
Monroe Bancorp Capital Trust I | LIBOR | |
Debt Instrument [Line Items] | |
Variable rate | 1.60% |
Tower Capital Trust 3 | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 9,000,000 |
Rate | 1.82% |
Tower Capital Trust 3 | LIBOR | |
Debt Instrument [Line Items] | |
Variable rate | 1.69% |
Monroe Bancorp Statutory Trust II | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 5,000,000 |
Rate | 1.72% |
Monroe Bancorp Statutory Trust II | LIBOR | |
Debt Instrument [Line Items] | |
Variable rate | 1.60% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 2,979,447 | $ 2,823,435 | $ 2,972,656 | $ 2,852,453 |
Other comprehensive income (loss) before reclassifications | (27,845) | 12,547 | (82,079) | 98,802 |
Amounts reclassified from AOCI to income | (1,802) | (1,661) | (3,430) | (5,966) |
Balance at end of period | 2,991,118 | 2,864,255 | 2,991,118 | 2,864,255 |
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 91,909 | 138,157 | 147,771 | 56,207 |
Balance at end of period | 62,262 | 149,043 | 62,262 | 149,043 |
Unrealized Gains and Losses on Available- for-Sale Debt Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 86,495 | 132,500 | 145,335 | 56,131 |
Other comprehensive income (loss) before reclassifications | (26,886) | 12,733 | (84,173) | 93,102 |
Amounts reclassified from AOCI to income | (514) | (422) | (2,067) | (4,422) |
Balance at end of period | 59,095 | 144,811 | 59,095 | 144,811 |
Gains and Losses on Cash Flow Hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 5,525 | 5,801 | 2,584 | 240 |
Other comprehensive income (loss) before reclassifications | (959) | (186) | 2,094 | 5,700 |
Amounts reclassified from AOCI to income | (1,325) | (1,260) | (1,437) | (1,585) |
Balance at end of period | 3,241 | 4,355 | 3,241 | 4,355 |
Defined Benefit Pension Plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (111) | (144) | (148) | (164) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI to income | 37 | 21 | 74 | 41 |
Balance at end of period | $ (74) | $ (123) | $ (74) | $ (123) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Debt securities (gains) losses, net | $ (692) | $ (511) | $ (2,685) | $ (5,685) | ||
Income tax (expense) benefit | 13,960 | 9,761 | 31,590 | 12,700 | ||
Interest income (expense) | (149,927) | (145,671) | (298,047) | (289,442) | ||
Salaries and employee benefits | 72,640 | 66,556 | 140,757 | 145,729 | ||
Net income | (62,786) | $ (86,818) | (51,705) | $ (22,640) | (149,604) | (74,345) |
Amount Reclassified from AOCI | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Net income | 1,802 | 1,661 | 3,430 | 5,966 | ||
Amount Reclassified from AOCI | Unrealized Gains and Losses on Available- for-Sale Debt Securities | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Debt securities (gains) losses, net | 692 | 511 | 2,685 | 5,685 | ||
Income tax (expense) benefit | (178) | (89) | (618) | (1,263) | ||
Net income | 514 | 422 | 2,067 | 4,422 | ||
Amount Reclassified from AOCI | Gains and Losses on Cash Flow Hedges | Interest rate contracts | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Income tax (expense) benefit | (431) | (410) | (468) | (516) | ||
Interest income (expense) | 1,756 | 1,670 | 1,905 | 2,101 | ||
Net income | 1,325 | 1,260 | 1,437 | 1,585 | ||
Amount Reclassified from AOCI | Defined Benefit Pension Plans | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Income tax (expense) benefit | 12 | 6 | 24 | 13 | ||
Salaries and employee benefits | (49) | (27) | (98) | (54) | ||
Net income | $ (37) | $ (21) | $ (74) | $ (41) |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Remaining shares available for issuance (in shares) | 2,400 | 2,400 | ||
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted during period (in shares) | 200 | |||
Share-based compensation awards, vesting period | 36 months | |||
Nonvested shares outstanding (in shares) | 500 | 500 | ||
Unrecognized compensation expense | $ 6,500,000 | $ 6,500,000 | ||
Expected weighted-average period for cost recognition | 2 years 1 month 6 days | |||
Share-based compensation expense | $ 700,000 | $ 500,000 | $ 1,400,000 | $ 1,200,000 |
Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares granted during period (in shares) | 200 | |||
Share-based compensation awards, vesting period | 36 months | |||
Nonvested shares outstanding (in shares) | 900 | 900 | ||
Unrecognized compensation expense | $ 5,700,000 | $ 5,700,000 | ||
Expected weighted-average period for cost recognition | 2 years | |||
Share-based compensation expense | $ 700,000 | $ 600,000 | $ 1,300,000 | $ 2,000,000 |
Stock Options | Old National Bancorp | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incremental expense associated with conversion of stock appreciation rights | $ 0 | |||
Stock Appreciation Rights (SARs) | Old National Bancorp | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Nonvested shares outstanding (in shares) | 28 | 28 |
Income Taxes - Summary of Diffe
Income Taxes - Summary of Differences in Taxes from Continuing Operations Computed at Statutory Rate (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | ||||
Statutory rate | 21.00% | |||
Provision at statutory rate of 21% | $ 16,117 | $ 12,908 | $ 38,051 | $ 18,279 |
Tax-exempt income: | ||||
Tax-exempt interest | (2,762) | (2,671) | (5,541) | (5,303) |
Section 291/265 interest disallowance | 30 | 44 | 63 | 116 |
Company-owned life insurance income | (556) | (623) | (1,099) | (1,270) |
Tax-exempt income | (3,288) | (3,250) | (6,577) | (6,457) |
State income taxes | 2,200 | 1,718 | 5,173 | 1,711 |
Interim period effective rate adjustment | (662) | 75 | (2,437) | 3,341 |
Tax credit investments - federal | (1,430) | (1,819) | (2,523) | (3,720) |
Other, net | 1,023 | 129 | (97) | (454) |
Income tax expense | $ 13,960 | $ 9,761 | $ 31,590 | $ 12,700 |
Effective tax rate | 18.20% | 15.90% | 17.40% | 14.60% |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of Net Deferred Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Deferred Tax Assets | ||
Allowance for credit losses, net of recapture | $ 29,259 | $ 34,971 |
Benefit plan accruals | 13,364 | 20,076 |
Net operating loss carryforwards | 15,030 | 18,982 |
Deferred gain on securities | 1,559 | 2,102 |
Acquired loans | 9,720 | 11,989 |
Operating lease liabilities | 23,937 | 24,245 |
Tax credit investments and other partnerships | 1,339 | 1,054 |
Other, net | 654 | 488 |
Total deferred tax assets | 94,862 | 113,907 |
Deferred Tax Liabilities | ||
Purchase accounting | (18,358) | (18,232) |
Loan servicing rights | (7,092) | (6,582) |
Premises and equipment | (13,898) | (14,008) |
Prepaid expenses | (956) | (955) |
Operating lease right-of-use assets | (21,543) | (21,569) |
Unrealized gains on available-for-sale investment securities | (15,217) | (40,756) |
Unrealized gains on hedges | (1,056) | (1,080) |
Other, net | (1,581) | (1,555) |
Total deferred tax liabilities | (79,701) | (104,737) |
Net deferred tax assets | $ 15,161 | $ 9,170 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Income Taxes [Line Items] | ||
Bad debt reserves, created for tax purposes | $ 52,800,000 | |
Unrecognized deferred income tax liability | 13,000,000 | |
Valuation allowance recorded | 0 | $ 0 |
Federal | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards | 36,700,000 | 52,400,000 |
State | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards | 119,400,000 | $ 132,200,000 |
AnchorBank WI | ||
Income Taxes [Line Items] | ||
Bad debt reserves, created for tax purposes | 50,900,000 | |
Lafayette Savings Bank | ||
Income Taxes [Line Items] | ||
Bad debt reserves, created for tax purposes | $ 1,900,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Percentage of periodic changes in fair value qualifies for hedge accounting treatment | 100.00% | |
Interest Income | ||
Derivative [Line Items] | ||
Reclassified interest income (expense) | $ 2,900 | |
Interest Expense | ||
Derivative [Line Items] | ||
Reclassified interest income (expense) | 600 | |
Interest rate swaps on borrowings | Cash flow hedges | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 150,000 | $ 325,000 |
Interest rate swaps on borrowings | Fair value hedges | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 379,000 | 379,000 |
Interest rate collars and floors on loan pools | Cash flow hedges | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 400,000 | 400,000 |
Interest rate swaps on investment securities | Fair value hedges | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 909,957 | 347,516 |
Interest rate lock commitments | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 157,600 | 224,719 |
Forward mortgage loan contracts | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 184,139 | 261,027 |
Counterparty interest rate swaps | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 2,274,193 | 2,008,149 |
Customer interest rate swaps | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | $ 2,274,193 | $ 2,008,149 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Assets | $ 26,488 | $ 17,202 |
Liabilities | 13,181 | 1,988 |
Designated as Hedging Instrument | Cash flow hedges | Interest rate collars and floors on loan pools | ||
Derivative [Line Items] | ||
Notional | 400,000 | 400,000 |
Assets | 3,110 | 6,636 |
Liabilities | 0 | 0 |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swaps on borrowings | ||
Derivative [Line Items] | ||
Notional | 150,000 | 325,000 |
Assets | 3,247 | 628 |
Liabilities | 0 | 1,816 |
Designated as Hedging Instrument | Fair value hedges | Interest rate swaps on borrowings | ||
Derivative [Line Items] | ||
Notional | 379,000 | 379,000 |
Assets | 5,967 | 8,793 |
Liabilities | 0 | 0 |
Designated as Hedging Instrument | Fair value hedges | Interest rate swaps on investment securities | ||
Derivative [Line Items] | ||
Notional | 909,957 | 347,516 |
Assets | 14,164 | 1,145 |
Liabilities | 13,181 | 172 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Assets | 78,612 | 122,999 |
Liabilities | 14,665 | 16,199 |
Not Designated as Hedging Instrument | Interest rate lock commitments | ||
Derivative [Line Items] | ||
Notional | 157,600 | 224,719 |
Assets | 4,668 | 9,375 |
Liabilities | 0 | 0 |
Not Designated as Hedging Instrument | Forward mortgage loan contracts | ||
Derivative [Line Items] | ||
Notional | 184,139 | 261,027 |
Assets | 55 | 0 |
Liabilities | 0 | 2,335 |
Not Designated as Hedging Instrument | Customer interest rate swaps | ||
Derivative [Line Items] | ||
Notional | 2,274,193 | 2,008,149 |
Assets | 73,114 | 113,300 |
Liabilities | 4,977 | 133 |
Not Designated as Hedging Instrument | Counterparty interest rate swaps | ||
Derivative [Line Items] | ||
Notional | 2,274,193 | 2,008,149 |
Assets | 367 | 0 |
Liabilities | 9,367 | 13,543 |
Interest rate contracts net adjustment | 59,600 | 100,400 |
Not Designated as Hedging Instrument | Customer foreign currency forward contracts | ||
Derivative [Line Items] | ||
Notional | 16,764 | 9,990 |
Assets | 408 | 324 |
Liabilities | 0 | 0 |
Not Designated as Hedging Instrument | Counterparty foreign currency forward contracts | ||
Derivative [Line Items] | ||
Notional | 16,688 | 9,854 |
Assets | 0 | 0 |
Liabilities | $ 321 | $ 188 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of Effect of Derivative Instruments on the Consolidated Statements of Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income on Derivative | $ (1,272) | $ (246) | $ 2,776 | $ 7,557 |
Gain (Loss) Reclassified from AOCI into Income | 1,756 | 1,670 | 1,905 | 2,101 |
Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | (5,738) | 7,109 | (2,056) | 11,443 |
Fair value hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | (47,080) | (2,817) | ||
Gain (Loss) Recognized in Income on Related Hedged Items | 46,732 | 2,765 | ||
Interest rate swaps on borrowings | Interest income/(expense) | Fair value hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | (1,251) | 730 | (2,826) | 9,972 |
Gain (Loss) Recognized in Income on Related Hedged Items | 1,251 | (789) | 2,829 | (10,016) |
Interest rate swaps on investment securities | Interest income/(expense) | Fair value hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | (45,829) | 9 | ||
Gain (Loss) Recognized in Income on Related Hedged Items | 45,481 | (64) | ||
Interest rate contracts | Interest income/(expense) | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income on Derivative | (1,272) | (246) | 2,776 | 7,557 |
Gain (Loss) Reclassified from AOCI into Income | 1,756 | 1,670 | 1,905 | 2,101 |
Interest rate contracts | Other income/(expense) | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | (75) | (122) | 310 | (588) |
Mortgage contracts | Mortgage banking revenue | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | (5,578) | 7,236 | (2,317) | 12,055 |
Foreign currency contracts | Other income/(expense) | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | $ (85) | $ (5) | $ (49) | $ (24) |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 6 Months Ended | |
Jun. 30, 2021USD ($)shares | Dec. 31, 2020USD ($) | |
Loss Contingencies [Line Items] | ||
Loan commitments | $ 4,151,000,000 | $ 3,720,000,000 |
Standby letters of credit | 72,000,000 | 86,900,000 |
Fixed rate loan commitment | 3,901,000,000 | |
Floating rate loan commitment | $ 250,400,000 | |
Loan commitments floating rate, minimum | 0.00% | |
Loan commitments floating rate, maximum | 14.00% | |
Allowance for unfunded loan commitments | $ 10,400,000 | 11,700,000 |
Extended credit | 7,900,000 | 7,900,000 |
Credit extensions with collateral | $ 7,500,000 | $ 7,500,000 |
Class B Restricted Shares | Visa | ||
Loss Contingencies [Line Items] | ||
Restricted stock conversion ratio | 1.6228 | |
Investment owned, balance, shares | shares | 65,466 | |
Investment owned, at cost | $ 0 |
Financial Guarantees (Details)
Financial Guarantees (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Financial Guarantees [Line Items] | ||
Term of standby letters of credit (up to) | 1 year | |
Notional amount of standby letters of credit | $ 72,000,000 | $ 86,900,000 |
Carrying value of letters of credit | 400,000 | $ 500,000 |
Interest Rate Swap | ||
Financial Guarantees [Line Items] | ||
Notional amount | $ 74,800,000 |
Segment Information (Details)
Segment Information (Details) | 6 Months Ended |
Jun. 30, 2021segment | |
Community Banking Segment | |
Segment Reporting Information [Line Items] | |
Number of reportable operating segment | 1 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity securities | $ 2,464 | $ 2,547 |
Total investment securities - available-for-sale | 6,775,177 | 5,970,115 |
U.S. Treasury | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 234,792 | 10,208 |
U.S. government-sponsored entities and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 1,422,287 | 841,988 |
Mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 3,280,983 | 3,339,098 |
States and political subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 1,567,931 | 1,492,162 |
Pooled trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 9,388 | 7,913 |
Other securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 259,796 | 278,746 |
Fair Value on Recurring Basis | Carrying Value | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity securities | 2,464 | 2,547 |
Residential loans held for sale | 50,121 | 63,250 |
Derivative assets | 105,100 | 140,201 |
Derivative liabilities | 27,846 | 18,187 |
Fair Value on Recurring Basis | Carrying Value | U.S. Treasury | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 234,792 | 10,208 |
Fair Value on Recurring Basis | Carrying Value | U.S. government-sponsored entities and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 1,422,287 | 841,988 |
Fair Value on Recurring Basis | Carrying Value | Mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 3,280,983 | 3,339,098 |
Fair Value on Recurring Basis | Carrying Value | States and political subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 1,567,931 | 1,492,162 |
Fair Value on Recurring Basis | Carrying Value | Pooled trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 9,388 | 7,913 |
Fair Value on Recurring Basis | Carrying Value | Other securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 259,796 | 278,746 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity securities | 2,464 | 2,547 |
Residential loans held for sale | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity securities | 0 | 0 |
Residential loans held for sale | 50,121 | 63,250 |
Derivative assets | 105,100 | 140,201 |
Derivative liabilities | 27,846 | 18,187 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity securities | 0 | 0 |
Residential loans held for sale | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | U.S. Treasury | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 234,792 | 10,208 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | U.S. Treasury | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 0 | 0 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | U.S. Treasury | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 0 | 0 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | U.S. government-sponsored entities and agencies | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 0 | 0 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | U.S. government-sponsored entities and agencies | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 1,422,287 | 841,988 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | U.S. government-sponsored entities and agencies | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 0 | 0 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | Mortgage-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 0 | 0 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | Mortgage-backed securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 3,280,983 | 3,339,098 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | Mortgage-backed securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 0 | 0 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | States and political subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 0 | 0 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | States and political subdivisions | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 1,567,931 | 1,492,162 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | States and political subdivisions | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 0 | 0 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | Pooled trust preferred securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 0 | 0 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | Pooled trust preferred securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 0 | 0 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | Pooled trust preferred securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 9,388 | 7,913 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | Other securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 0 | 0 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | Other securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | 259,796 | 278,746 |
Fair Value on Recurring Basis | Estimate of Fair Value Measurement | Other securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Total investment securities - available-for-sale | $ 0 | $ 0 |
Fair Value - Reconciliation of
Fair Value - Reconciliation of All Assets Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Level 3) (Details) - Significant Unobservable Inputs (Level 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Pooled trust preferred securities | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | $ 8,210 | $ 7,422 | $ 7,913 | $ 8,222 |
Accretion of discount | 5 | 3 | 10 | 7 |
Sales/payments received | (12) | (16) | (27) | (33) |
Increase (decrease) in fair value of securities | 1,185 | (224) | 1,492 | (1,011) |
Balance at end of period | 9,388 | 7,185 | 9,388 | 7,185 |
States and political subdivisions | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 0 | 0 | 0 | 40 |
Accretion of discount | 0 | 0 | 0 | 0 |
Sales/payments received | 0 | 0 | 0 | (40) |
Increase (decrease) in fair value of securities | 0 | 0 | 0 | 0 |
Balance at end of period | $ 0 | $ 0 | $ 0 | $ 0 |
Fair Value - Quantitative Infor
Fair Value - Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurements (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($) | Dec. 31, 2020USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 6,775,177 | $ 5,970,115 |
Pooled trust preferred securities | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of adjusted specific issuer evaluation defaults | 0.00% | |
Percentage of adjusted specific issuer evaluation recoveries | 0.00% | |
Pooled trust preferred securities | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of adjusted specific issuer evaluation defaults | 100.00% | |
Percentage of adjusted specific issuer evaluation recoveries | 100.00% | |
Pooled trust preferred securities | Median | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Percentage of adjusted specific issuer evaluation defaults | 50.00% | |
Percentage of adjusted specific issuer evaluation recoveries | 25.00% | |
Significant Unobservable Inputs (Level 3) | Pooled trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 9,388 | $ 7,913 |
Significant Unobservable Inputs (Level 3) | Pooled trust preferred securities | Constant prepayment rate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Pooled trust preferred securities | Minimum | Additional asset defaults | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.058 | 0.060 |
Significant Unobservable Inputs (Level 3) | Pooled trust preferred securities | Minimum | Expected asset recoveries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Pooled trust preferred securities | Maximum | Additional asset defaults | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.086 | 0.087 |
Significant Unobservable Inputs (Level 3) | Pooled trust preferred securities | Maximum | Expected asset recoveries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.233 | 0.232 |
Significant Unobservable Inputs (Level 3) | Pooled trust preferred securities | Weighted Average | Additional asset defaults | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.067 | 0.068 |
Significant Unobservable Inputs (Level 3) | Pooled trust preferred securities | Weighted Average | Expected asset recoveries | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.074 | 0.073 |
Significant Unobservable Inputs (Level 3) | Collateral Dependent Loans | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 12,443 | $ 10,747 |
Significant Unobservable Inputs (Level 3) | Collateral Dependent Loans | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 23,825 | $ 40,653 |
Significant Unobservable Inputs (Level 3) | Collateral Dependent Loans | Minimum | Discount for type of property, age of appraisal, and current status | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.01 | 0 |
Significant Unobservable Inputs (Level 3) | Collateral Dependent Loans | Minimum | Discount for type of property, age of appraisal, and current status | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Collateral Dependent Loans | Maximum | Discount for type of property, age of appraisal, and current status | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.27 | 0.33 |
Significant Unobservable Inputs (Level 3) | Collateral Dependent Loans | Maximum | Discount for type of property, age of appraisal, and current status | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.19 | 0.18 |
Significant Unobservable Inputs (Level 3) | Collateral Dependent Loans | Weighted Average | Discount for type of property, age of appraisal, and current status | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.10 | 0.12 |
Significant Unobservable Inputs (Level 3) | Collateral Dependent Loans | Weighted Average | Discount for type of property, age of appraisal, and current status | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | 0.11 | 0.07 |
Fair Value - Assets Measured at
Fair Value - Assets Measured at Fair Value on a Non-Recurring Basis (Details) - Fair Value on Non-recurring Basis - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Loan servicing rights | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | $ 277 | $ 26,717 |
Loan servicing rights | Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | 0 | 0 |
Loan servicing rights | Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | 277 | 26,717 |
Loan servicing rights | Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | 0 | 0 |
Commercial | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | 12,443 | 10,747 |
Commercial | Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | 0 | 0 |
Commercial | Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | 0 | 0 |
Commercial | Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | 12,443 | 10,747 |
Commercial real estate | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | 23,825 | 40,653 |
Commercial real estate | Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | 0 | 0 |
Commercial real estate | Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | 0 | 0 |
Commercial real estate | Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | $ 23,825 | $ 40,653 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Allowance for credit losses | $ 109,444,000 | $ 128,394,000 | $ 109,444,000 | $ 128,394,000 | $ 114,037,000 | $ 131,388,000 | $ 106,380,000 | $ 54,619,000 |
Provision expense for (recoveries from) credit losses | (4,929,000) | 22,545,000 | (22,285,000) | 39,495,000 | ||||
Other real estate owned property write-downs | 0 | 87,000 | 23,000 | 98,000 | ||||
Valuation allowance for loan servicing rights with impairments | 105,000 | 2,253,000 | 105,000 | 2,253,000 | $ 146,000 | 1,407,000 | $ 1,443,000 | $ 31,000 |
Valuation allowance for loan servicing rights with impairments, impairments (recoveries) during period | (41,000) | 810,000 | $ (1,302,000) | 2,222,000 | ||||
Past due period of mortgage loans held for sale | 90 days | |||||||
Interest income for residential loans held for sale | 400,000 | 500,000 | $ 800,000 | 900,000 | ||||
Impaired Commercial and Commercial Real Estate Loans | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Principal amount of impaired commercial and commercial real estate loans | 40,600,000 | 40,600,000 | 57,200,000 | |||||
Allowance for credit losses | 4,300,000 | 4,300,000 | $ 5,800,000 | |||||
Provision expense for (recoveries from) credit losses | $ 200,000 | $ (300,000) | $ (38,000) | $ 6,500,000 |
Fair Value - Schedule of Differ
Fair Value - Schedule of Difference between the Aggregate Fair Value and the Aggregate Remaining Principal Balance (Details) - Residential loans held for sale - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Aggregate Fair Value | $ 50,121 | $ 63,250 |
Difference | 1,896 | 3,485 |
Contractual Principal | $ 48,225 | $ 59,765 |
Fair Value - Changes in Fair Va
Fair Value - Changes in Fair Value for Items Measured at Fair Value Pursuant to Election of the Fair Value (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Interest Income | $ 149,927 | $ 145,671 | $ 298,047 | $ 289,442 |
Interest (Expense) | (10,531) | (16,303) | (21,648) | (40,531) |
Residential loans held for sale | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other Gains and (Losses) | 790 | 3,597 | (1,590) | 5,018 |
Interest Income | 0 | 0 | 2 | 2 |
Interest (Expense) | (1) | (2) | (1) | (2) |
Total Changes in Fair Values Included in Current Period Earnings | $ 789 | $ 3,595 | $ (1,589) | $ 5,018 |
Fair Value - Carrying Amounts a
Fair Value - Carrying Amounts and Estimated Fair Values of Financial Instruments, Not Carried at Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash, due from banks, money market, and other interest-earning investments | $ 491,131 | $ 589,712 | |
Loans, net | 13,675,233 | 13,655,091 | |
Accrued interest receivable | 85,594 | 85,306 | |
Noninterest-bearing demand deposits | 6,142,724 | 5,633,672 | |
Time deposits | 1,002,519 | 1,122,870 | |
Federal funds purchased and interbank borrowings | 1,523 | 1,166 | |
Securities sold under agreements to repurchase | 396,129 | 431,166 | $ 367,744 |
Federal Home Loan Bank advances | 1,891,143 | 1,991,435 | |
Other borrowings | 270,318 | 252,787 | |
Carrying Value | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash, due from banks, money market, and other interest-earning investments | 491,131 | 589,712 | |
Accrued interest receivable | 85,594 | 85,306 | |
Noninterest-bearing demand deposits | 6,142,724 | 5,633,672 | |
Checking, NOW, savings, and money market interest-bearing deposits | 10,723,668 | 10,280,911 | |
Time deposits | 1,002,519 | 1,122,870 | |
Federal funds purchased and interbank borrowings | 1,523 | 1,166 | |
Securities sold under agreements to repurchase | 396,129 | 431,166 | |
Federal Home Loan Bank advances | 1,891,143 | 1,991,435 | |
Other borrowings | 270,318 | 252,787 | |
Accrued interest payable | 4,722 | 5,443 | |
Standby letters of credit | 400 | 462 | |
Commitments to extend credit | 0 | 0 | |
Carrying Value | Commercial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 3,775,602 | 3,922,642 | |
Carrying Value | Commercial real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 6,120,661 | 5,867,795 | |
Carrying Value | Residential real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 2,204,637 | 2,235,814 | |
Carrying Value | Consumer credit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 1,574,333 | 1,628,840 | |
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash, due from banks, money market, and other interest-earning investments | 491,131 | 589,712 | |
Accrued interest receivable | 679 | 21 | |
Noninterest-bearing demand deposits | 6,142,724 | 5,633,672 | |
Checking, NOW, savings, and money market interest-bearing deposits | 10,723,668 | 10,180,911 | |
Time deposits | 0 | 0 | |
Federal funds purchased and interbank borrowings | 1,523 | 1,166 | |
Securities sold under agreements to repurchase | 396,129 | 431,166 | |
Federal Home Loan Bank advances | 0 | 0 | |
Other borrowings | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Standby letters of credit | 0 | 0 | |
Commitments to extend credit | 0 | 0 | |
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 0 | 0 | |
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 0 | 0 | |
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | Residential real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 0 | 0 | |
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | Consumer credit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 0 | 0 | |
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash, due from banks, money market, and other interest-earning investments | 0 | 0 | |
Accrued interest receivable | 33,568 | 27,977 | |
Noninterest-bearing demand deposits | 0 | 0 | |
Checking, NOW, savings, and money market interest-bearing deposits | 0 | 99,957 | |
Time deposits | 1,016,578 | 1,140,922 | |
Federal funds purchased and interbank borrowings | 0 | 0 | |
Securities sold under agreements to repurchase | 0 | 0 | |
Federal Home Loan Bank advances | 1,960,496 | 2,092,033 | |
Other borrowings | 289,240 | 254,612 | |
Accrued interest payable | 4,722 | 5,443 | |
Standby letters of credit | 0 | 0 | |
Commitments to extend credit | 0 | 0 | |
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Commercial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 0 | 0 | |
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Commercial real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 0 | 0 | |
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Residential real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 0 | 0 | |
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Consumer credit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 0 | 0 | |
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash, due from banks, money market, and other interest-earning investments | 0 | 0 | |
Accrued interest receivable | 51,347 | 57,308 | |
Noninterest-bearing demand deposits | 0 | 0 | |
Checking, NOW, savings, and money market interest-bearing deposits | 0 | 0 | |
Time deposits | 0 | 0 | |
Federal funds purchased and interbank borrowings | 0 | 0 | |
Securities sold under agreements to repurchase | 0 | 0 | |
Federal Home Loan Bank advances | 0 | 0 | |
Other borrowings | 0 | 0 | |
Accrued interest payable | 0 | 0 | |
Standby letters of credit | 400 | 462 | |
Commitments to extend credit | 7,047 | 11,822 | |
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | Commercial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 3,773,238 | 3,912,948 | |
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | Commercial real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 6,105,998 | 5,797,447 | |
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | Residential real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 2,206,836 | 2,264,274 | |
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | Consumer credit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | $ 1,576,753 | $ 1,618,365 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Noninterest income within scope of Topic 606 | $ 32,184 | $ 27,828 | $ 62,342 | $ 58,835 |
Wealth management fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income within scope of Topic 606 | 10,734 | 9,424 | 20,442 | 18,308 |
Service charges on deposit accounts | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income within scope of Topic 606 | 8,514 | 7,582 | 16,638 | 17,659 |
Debit card and ATM fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income within scope of Topic 606 | 5,583 | 4,832 | 10,726 | 9,830 |
Investment product fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income within scope of Topic 606 | 6,042 | 4,845 | 11,906 | 10,719 |
Merchant processing fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income within scope of Topic 606 | 970 | 707 | 1,794 | 1,511 |
Gain (loss) on other real estate owned | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income within scope of Topic 606 | 120 | 34 | 230 | (22) |
Safe deposit box fees | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income within scope of Topic 606 | 205 | 208 | 568 | 518 |
Insurance premiums and commissions | ||||
Disaggregation of Revenue [Line Items] | ||||
Noninterest income within scope of Topic 606 | $ 16 | $ 196 | $ 38 | $ 312 |