Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-15817 | |
Entity Registrant Name | Old National Bancorp | |
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 | |
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) | 292,621,000 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0000707179 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common stock, no par value | |
Trading Symbol | ONB | |
Security Exchange Name | NASDAQ | |
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A | |
Trading Symbol | ONBPP | |
Security Exchange Name | NASDAQ | |
Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C | |
Trading Symbol | ONBPO | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 381,343 | $ 453,432 |
Money market and other interest-earning investments | 1,282,087 | 274,980 |
Total cash and cash equivalents | 1,663,430 | 728,412 |
Equity securities, at fair value | 69,880 | 52,507 |
Investment securities - available-for-sale, at fair value (amortized cost $7,719,944 and $7,772,603, respectively) | 6,414,761 | 6,773,712 |
Investment securities - held-to-maturity, at amortized cost (fair value $2,393,621 and $2,643,682, respectively) | 3,027,914 | 3,089,147 |
Federal Home Loan Bank/Federal Reserve Bank stock, at cost | 365,588 | 314,168 |
Loans held-for-sale, at fair value | 122,033 | 11,926 |
Loans: | ||
Total loans | 32,577,834 | 31,123,641 |
Allowance for credit losses on loans | (303,982) | (303,671) |
Net loans | 32,273,852 | 30,819,970 |
Premises and equipment, net | 565,607 | 557,307 |
Operating lease right-of-use assets | 179,284 | 189,714 |
Accrued interest receivable | 209,503 | 190,521 |
Goodwill | 1,998,716 | 1,998,716 |
Other intangible assets | 108,119 | 126,405 |
Company-owned life insurance | 774,517 | 768,552 |
Other assets | 1,286,244 | 1,142,315 |
Total assets | 49,059,448 | 46,763,372 |
Deposits: | ||
Noninterest-bearing demand | 10,091,352 | 11,930,798 |
Interest-bearing: | ||
Checking and NOW | 7,495,417 | 8,340,955 |
Savings | 5,296,985 | 6,326,158 |
Money market | 8,793,218 | 5,389,139 |
Time deposits | 5,575,704 | 3,013,780 |
Total deposits | 37,252,676 | 35,000,830 |
Federal funds purchased and interbank borrowings | 918 | 581,489 |
Securities sold under agreements to repurchase | 279,061 | 432,804 |
Federal Home Loan Bank advances | 4,412,576 | 3,829,018 |
Other borrowings | 863,455 | 743,003 |
Operating lease liabilities | 199,937 | 211,964 |
Accrued expenses and other liabilities | 811,288 | 835,669 |
Total liabilities | 43,819,911 | 41,634,777 |
Shareholders’ Equity | ||
Preferred stock, 2,000 shares authorized, 231 shares issued and outstanding | 230,500 | 230,500 |
Common stock, no par value, $1.00 per share stated value, 600,000 shares authorized, 292,586 and 292,903 shares issued and outstanding, respectively | 292,586 | 292,903 |
Capital surplus | 4,153,977 | 4,174,265 |
Retained earnings | 1,531,289 | 1,217,349 |
Accumulated other comprehensive income (loss), net of tax | (968,815) | (786,422) |
Total shareholders’ equity | 5,239,537 | 5,128,595 |
Total liabilities and shareholders’ equity | 49,059,448 | 46,763,372 |
Commercial | ||
Loans: | ||
Total loans | 9,333,448 | 9,508,904 |
Allowance for credit losses on loans | (124,755) | (120,612) |
Commercial real estate | ||
Loans: | ||
Total loans | 13,916,221 | 12,457,070 |
Allowance for credit losses on loans | (144,975) | (138,244) |
Residential real estate | ||
Loans: | ||
Total loans | 6,696,288 | 6,460,441 |
Allowance for credit losses on loans | (20,780) | (21,916) |
Consumer credit, net of unearned income | ||
Loans: | ||
Total loans | $ 2,631,877 | $ 2,697,226 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Investment securities-available-for-sale, fair value | $ 7,719,944 | $ 7,772,603 |
Investment securities - held-to-maturity, fair value | $ 2,393,621 | $ 2,643,682 |
Preferred stock, shares authorized (in shares) | 2,000 | 2,000 |
Preferred stock, shares issued (in shares) | 231 | 231 |
Preferred stock, shares outstanding (in shares) | 231 | 231 |
Common stock, stated value (in dollars per share) | $ 1 | $ 1 |
Authorized and unissued common shares reserved for issuance (in shares) | 600,000 | 600,000 |
Common stock, shares issued (in shares) | 292,586 | 292,903 |
Common stock, shares outstanding (in shares) | 292,586 | 292,903 |
Consolidated Statements of Inco
Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Loans including fees: | ||||
Taxable | $ 474,387 | $ 331,271 | $ 1,334,658 | $ 800,535 |
Nontaxable | 11,181 | 6,461 | 32,318 | 14,770 |
Investment securities: | ||||
Taxable | 66,924 | 56,765 | 191,797 | 145,633 |
Nontaxable | 10,833 | 11,086 | 33,039 | 32,370 |
Money market and other interest-earning investments | 13,194 | 935 | 25,258 | 3,073 |
Total interest income | 576,519 | 406,518 | 1,617,070 | 996,381 |
Interest Expense | ||||
Deposits | 147,428 | 10,820 | 310,995 | 19,201 |
Federal funds purchased and interbank borrowings | 910 | 720 | 11,404 | 722 |
Securities sold under agreements to repurchase | 710 | 106 | 2,389 | 287 |
Federal Home Loan Bank advances | 40,382 | 13,027 | 123,466 | 25,915 |
Other borrowings | 12,003 | 5,256 | 30,071 | 13,410 |
Total interest expense | 201,433 | 29,929 | 478,325 | 59,535 |
Net interest income | 375,086 | 376,589 | 1,138,745 | 936,846 |
Provision for credit losses | 19,068 | 15,490 | 47,292 | 133,391 |
Net interest income after provision for credit losses | 356,018 | 361,099 | 1,091,453 | 803,455 |
Noninterest Income | ||||
Wealth and investment services fees | 26,687 | 25,359 | 80,128 | 75,183 |
Service charges on deposit accounts | 18,524 | 20,042 | 53,278 | 54,392 |
Debit card and ATM fees | 10,818 | 10,608 | 31,453 | 29,429 |
Mortgage banking revenue | 5,063 | 5,360 | 12,628 | 19,127 |
Capital markets income | 5,891 | 8,906 | 19,003 | 20,609 |
Company-owned life insurance | 3,740 | 3,361 | 11,624 | 11,456 |
Debt securities gains (losses), net | (241) | (172) | (5,440) | 85 |
Other income | 10,456 | 6,921 | 30,574 | 24,461 |
Total noninterest income | 80,938 | 80,385 | 233,248 | 234,742 |
Noninterest Expense | ||||
Salaries and employee benefits | 131,541 | 147,203 | 404,715 | 433,167 |
Occupancy | 25,795 | 26,418 | 80,162 | 73,933 |
Equipment | 8,284 | 7,328 | 23,394 | 20,046 |
Marketing | 9,448 | 10,361 | 28,698 | 23,756 |
Technology | 20,592 | 20,269 | 59,850 | 64,914 |
Communication | 4,075 | 5,392 | 12,768 | 14,687 |
Professional fees | 5,956 | 6,559 | 19,085 | 32,686 |
FDIC assessment | 9,000 | 6,249 | 29,028 | 13,523 |
Amortization of intangibles | 6,040 | 7,089 | 18,286 | 19,070 |
Amortization of tax credit investments | 2,644 | 2,662 | 8,167 | 5,703 |
Property optimization | 0 | 0 | 1,559 | 0 |
Other expense | 21,401 | 22,914 | 56,359 | 54,023 |
Total noninterest expense | 244,776 | 262,444 | 742,071 | 755,508 |
Income before income taxes | 192,180 | 179,040 | 582,630 | 282,689 |
Income tax expense | 44,304 | 38,887 | 133,118 | 55,137 |
Net income | 147,876 | 140,153 | 449,512 | 227,552 |
Preferred dividends | (4,034) | (4,034) | (12,101) | (10,084) |
Net income applicable to common shareholders | $ 143,842 | $ 136,119 | $ 437,411 | $ 217,468 |
Net income per common share - basic (in dollars per share) | $ 0.49 | $ 0.47 | $ 1.50 | $ 0.81 |
Net income per common share - diluted (in dollars per share) | $ 0.49 | $ 0.47 | $ 1.50 | $ 0.80 |
Weighted average number of common shares outstanding - basic (in shares) | 290,648 | 290,961 | 290,763 | 269,843 |
Weighted average number of common shares outstanding - diluted (in shares) | 291,717 | 292,483 | 291,809 | 271,123 |
Dividends per common share (in dollars per share) | $ 0.14 | $ 0.14 | $ 0.42 | $ 0.42 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 147,876 | $ 140,153 | $ 449,512 | $ 227,552 |
Change in debt securities available-for-sale: | ||||
Unrealized holding gains (losses) for the period | (208,626) | (285,798) | (304,061) | (1,019,782) |
Reclassification for securities transferred to held-to-maturity | 0 | 0 | 0 | 165,473 |
Reclassification adjustment for securities (gains) losses realized in income | 241 | 172 | 5,440 | (85) |
Income tax effect | 51,903 | 68,356 | 83,092 | 202,999 |
Unrealized gains (losses) on available-for-sale securities | (156,482) | (217,270) | (215,529) | (651,395) |
Change in securities held-to-maturity: | ||||
Adjustment for securities transferred from available-for-sale | 0 | 0 | 0 | (165,473) |
Amortization of unrealized losses on securities transferred from available-for-sale | 5,623 | 6,772 | 16,574 | 10,774 |
Income tax effect | (1,430) | (1,651) | (2,861) | 37,621 |
Changes from securities held-to-maturity | 4,193 | 5,121 | 13,713 | (117,078) |
Change in hedges: | ||||
Net unrealized derivative gains (losses) on hedges | (15,574) | (36,755) | 45,547 | (49,679) |
Reclassification adjustment for (gains) losses realized in net income | 4,927 | 749 | (19,893) | (139) |
Income tax effect | 2,754 | 8,846 | (6,094) | 12,240 |
Changes from hedges | (7,893) | (27,160) | 19,560 | (37,578) |
Change in defined benefit pension plans: | ||||
Amortization of net (gains) losses recognized in income | 0 | (11) | (182) | (32) |
Income tax effect | 0 | 3 | 45 | 8 |
Changes from defined benefit pension plans | 0 | (8) | (137) | (24) |
Other comprehensive income (loss), net of tax | (160,182) | (239,317) | (182,393) | (806,075) |
Comprehensive income (loss) | $ (12,306) | $ (99,164) | $ 267,119 | $ (578,523) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Balance at beginning of period at Dec. 31, 2021 | $ 3,012,018 | $ 0 | $ 165,838 | $ 1,880,545 | $ 968,010 | $ (2,375) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (27,586) | (27,586) | ||||
Other comprehensive income (loss) | (335,824) | (335,824) | ||||
First Midwest Bancorp, Inc. merger: | ||||||
Issuance of common stock | 2,446,312 | 129,365 | 2,316,947 | |||
Issuance of preferred stock, net of issuance costs | 243,719 | 230,500 | 13,219 | |||
Cash dividends: | ||||||
Common | (40,782) | (40,782) | ||||
Preferred dividends | (2,017) | (2,017) | ||||
Common stock issued | 165 | 10 | 155 | |||
Common stock repurchased | (70,078) | (3,890) | (66,188) | |||
Share-based compensation expense | 6,284 | 6,284 | ||||
Stock activity under incentive compensation plans | (97) | 1,636 | (1,368) | (365) | ||
Balance at end of period at Mar. 31, 2022 | 5,232,114 | 230,500 | 292,959 | 4,149,594 | 897,260 | (338,199) |
Balance at beginning of period at Dec. 31, 2021 | 3,012,018 | 0 | 165,838 | 1,880,545 | 968,010 | (2,375) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 227,552 | |||||
Other comprehensive income (loss) | (806,075) | |||||
First Midwest Bancorp, Inc. merger: | ||||||
Issuance of common stock | 2,446,312 | 243,870 | ||||
Balance at end of period at Sep. 30, 2022 | 4,943,383 | 230,500 | 292,880 | 4,166,583 | 1,061,870 | (808,450) |
Balance at beginning of period at Mar. 31, 2022 | 5,232,114 | 230,500 | 292,959 | 4,149,594 | 897,260 | (338,199) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 114,985 | 114,985 | ||||
Other comprehensive income (loss) | (230,934) | (230,934) | ||||
Cash dividends: | ||||||
Common | (40,901) | (40,901) | ||||
Preferred dividends | (4,033) | (4,033) | ||||
Common stock issued | 162 | 10 | 152 | |||
Common stock repurchased | (322) | (21) | (301) | |||
Share-based compensation expense | 7,813 | 7,813 | ||||
Stock activity under incentive compensation plans | (101) | (55) | 285 | (331) | ||
Balance at end of period at Jun. 30, 2022 | 5,078,783 | 230,500 | 292,893 | 4,157,543 | 966,980 | (569,133) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 140,153 | 140,153 | ||||
Other comprehensive income (loss) | (239,317) | (239,317) | ||||
Cash dividends: | ||||||
Common | (40,907) | (40,907) | ||||
Preferred dividends | (4,034) | (4,034) | ||||
Common stock issued | 230 | 17 | 213 | |||
Common stock repurchased | (531) | (34) | (497) | |||
Share-based compensation expense | 7,485 | 7,485 | ||||
Stock activity under incentive compensation plans | 1,521 | 4 | 1,839 | (322) | ||
Balance at end of period at Sep. 30, 2022 | 4,943,383 | 230,500 | 292,880 | 4,166,583 | 1,061,870 | (808,450) |
Balance at beginning of period at Dec. 31, 2022 | 5,128,595 | 230,500 | 292,903 | 4,174,265 | 1,217,349 | (786,422) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 146,600 | 146,600 | ||||
Other comprehensive income (loss) | 78,064 | 78,064 | ||||
Cash dividends: | ||||||
Common | (41,088) | (41,088) | ||||
Preferred dividends | (4,034) | (4,034) | ||||
Common stock issued | 262 | 15 | 247 | |||
Common stock repurchased | (43,710) | (2,598) | (41,112) | |||
Share-based compensation expense | 12,742 | 12,742 | ||||
Stock activity under incentive compensation plans | (5) | 1,602 | (1,412) | (195) | ||
Balance at end of period at Mar. 31, 2023 | 5,277,426 | 230,500 | 291,922 | 4,144,730 | 1,318,632 | (708,358) |
Balance at beginning of period at Dec. 31, 2022 | 5,128,595 | 230,500 | 292,903 | 4,174,265 | 1,217,349 | (786,422) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 449,512 | |||||
Other comprehensive income (loss) | (182,393) | |||||
First Midwest Bancorp, Inc. merger: | ||||||
Issuance of common stock | 0 | 0 | ||||
Balance at end of period at Sep. 30, 2023 | 5,239,537 | 230,500 | 292,586 | 4,153,977 | 1,531,289 | (968,815) |
Balance at beginning of period at Mar. 31, 2023 | 5,277,426 | 230,500 | 291,922 | 4,144,730 | 1,318,632 | (708,358) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 155,036 | 155,036 | ||||
Other comprehensive income (loss) | (100,275) | (100,275) | ||||
Cash dividends: | ||||||
Common | (40,932) | (40,932) | ||||
Preferred dividends | (4,033) | (4,033) | ||||
Common stock issued | 272 | 20 | 252 | |||
Common stock repurchased | (105) | (8) | (97) | |||
Share-based compensation expense | 5,247 | 5,247 | ||||
Stock activity under incentive compensation plans | (541) | 663 | (1,043) | (161) | ||
Balance at end of period at Jun. 30, 2023 | 5,292,095 | 230,500 | 292,597 | 4,149,089 | 1,428,542 | (808,633) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 147,876 | 147,876 | ||||
Other comprehensive income (loss) | (160,182) | (160,182) | ||||
Cash dividends: | ||||||
Common | (40,933) | (40,933) | ||||
Preferred dividends | (4,034) | (4,034) | ||||
Common stock issued | 263 | 20 | 243 | |||
Common stock repurchased | (451) | (31) | (420) | |||
Share-based compensation expense | 4,914 | 4,914 | ||||
Stock activity under incentive compensation plans | (11) | 0 | 151 | (162) | ||
Balance at end of period at Sep. 30, 2023 | $ 5,239,537 | $ 230,500 | $ 292,586 | $ 4,153,977 | $ 1,531,289 | $ (968,815) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||||||||
Dividends per common share (in dollars per share) | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.14 | $ 0.42 | $ 0.42 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash Flows From Operating Activities | ||
Net income | $ 449,512 | $ 227,552 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation | 28,162 | 26,893 |
Amortization of other intangible assets | 18,286 | 19,070 |
Amortization of tax credit investments | 8,167 | 5,703 |
Net premium amortization on investment securities | 8,673 | 14,625 |
Accretion income related to acquired loans | (17,484) | (63,472) |
Share-based compensation expense | 22,903 | 21,582 |
Provision for credit losses | 47,292 | 133,391 |
Debt securities (gains) losses, net | 5,440 | (85) |
Net (gains) losses on sales of loans and other assets | (727) | (5,911) |
Increase in cash surrender value of company-owned life insurance | (11,624) | (11,456) |
Residential real estate loans originated for sale | (366,340) | (490,288) |
Proceeds from sales of residential real estate loans | 366,485 | 531,121 |
(Increase) decrease in interest receivable | (18,982) | (29,088) |
(Increase) decrease in other assets | (56,116) | 36,049 |
Increase (decrease) in accrued expenses and other liabilities | (40,132) | 271,625 |
Net cash flows provided by (used in) operating activities | 443,515 | 687,311 |
Cash Flows From Investing Activities | ||
Cash received from merger, net | 0 | 1,912,629 |
Purchases of investment securities available-for-sale | (626,820) | (1,367,896) |
Purchases of investment securities held-to-maturity | (1,941) | (156,378) |
Purchases of Federal Home Loan Bank/Federal Reserve Bank stock | (99,158) | (115,488) |
Purchases of equity securities | (20,862) | (5,843) |
Proceeds from maturities, prepayments, and calls of investment securities available-for-sale | 614,782 | 1,117,620 |
Proceeds from sales of investment securities available-for-sale | 54,056 | 13,371 |
Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity | 76,276 | 61,172 |
Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock | 47,738 | 108,697 |
Proceeds from sales of equity securities | 2,610 | 52,034 |
Loan originations and payments, net | (2,269,544) | (2,481,620) |
Proceeds from sales of commercial loans | 679,952 | 0 |
Proceeds from company-owned life insurance death benefits | 5,865 | 8,716 |
Proceeds from sales of premises and equipment and other assets | 3,513 | 3,202 |
Purchases of premises and equipment and other assets | (28,074) | (28,739) |
Net cash flows provided by (used in) investing activities | (1,561,607) | (878,523) |
Net increase (decrease) in: | ||
Deposits | 2,251,846 | 235,064 |
Federal funds purchased and interbank borrowings | (580,571) | 300,755 |
Securities sold under agreements to repurchase | (153,743) | (89,416) |
Other borrowings | 114,251 | 152,324 |
Payments for maturities of Federal Home Loan Bank advances | (1,850,150) | (1,674,875) |
Proceeds from Federal Home Loan Bank advances | 2,450,000 | 1,450,000 |
Cash dividends paid | (135,054) | (132,674) |
Common stock repurchased | (44,266) | (70,931) |
Common stock issued | 797 | 557 |
Net cash flows provided by (used in) financing activities | 2,053,110 | 170,804 |
Net increase (decrease) in cash and cash equivalents | 935,018 | (20,408) |
Cash and cash equivalents at beginning of period | 728,412 | 822,019 |
Cash and cash equivalents at end of period | 1,663,430 | 801,611 |
Supplemental cash flow information: | ||
Total interest paid | 450,939 | 62,207 |
Total income taxes paid (net of refunds) | 158,478 | 14,759 |
Issuance of common stock | 0 | 2,446,312 |
Investment securities purchased but not settled | 0 | 3,858 |
Securities transferred from available-for-sale to held-to-maturity | 0 | 2,986,736 |
Operating lease right-of-use assets obtained in exchange for lease obligations | 7,899 | 17,376 |
Finance lease right-of-use assets obtained in exchange for lease obligations | 10,019 | 629 |
Preferred Stock | ||
Supplemental cash flow information: | ||
Issuance of common stock | $ 0 | $ 243,870 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
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 subsidiaries (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 September 30, 2023 and December 31, 2022, and the results of its operations for the three and nine months ended September 30, 2023 and 2022. Interim results do not necessarily represent annual results. Certain information and disclosures normally included in notes to consolidated annual financial statements prepared in accordance with GAAP have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to SEC rules and regulations. These financial statements should be read in conjunction with Old National’s Annual Report on Form 10-K for the year ended December 31, 2022. All 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. Financial Difficulty Modifications Any loans that are modified are reviewed by Old National to identify if a financial difficulty modification has occurred, which is when Old National Bank modifies a loan related to a borrower experiencing financial difficulties. 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, a permanent reduction of the recorded investment of the loan, or an other-than-insignificant payment delay. The adoption of ASU 2022-02 on January 1, 2023 eliminated the recognition and measurement of TDRs and enhanced disclosures for modifications to loans related to borrowers experiencing financial difficulties. See Note 2 to the consolidated financial statements for additional detail regarding the adoption of ASU 2022-02. Other than the changes for financial difficulty modifications, there have been no material changes from the significant accounting policies disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Guidance Adopted in 2023 FASB ASC 805 – In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities From Contracts With Customers , to address diversity in practice and inconsistency related to the accounting for revenue contracts with customers acquired in a business combination. The amendments require that the acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The ASU also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and liabilities. The amendments in this update are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Entities should apply the amendments prospectively to business combinations that occur after the effective date. The adoption of this guidance on January 1, 2023 did not have a material impact on the consolidated financial statements. FASB ASC 815 – In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method , to expand the current single-layer method of electing hedge accounting to allow multiple hedged layers of a single closed portfolio under the method and rename the last-of-layer method the portfolio layer method. The amendments in this update are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The adoption of this guidance on January 1, 2023 did not have a material impact on the consolidated financial statements. FASB ASC 326 – In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures , to eliminate the TDR recognition and measurement guidance and, instead, require that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. The amendments require that an entity disclose current-period gross charge-offs by year of origination for financing receivables and net investment in leases within the vintage disclosures required by ASC 326. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Old National adopted the provision in ASU 2022-02 related to the recognition and measurement of TDRs on a prospective basis on January 1, 2023, which did not have a material impact on the consolidated financial statements. 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 LIBOR or other interbank offered rate on financial reporting. The guidance is applicable only to contracts or hedge accounting relationships that reference LIBOR or another reference rate expected to be discontinued. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which defers the sunset date of relief provisions within Topic 848 from December 31, 2022 to December 31, 2024. The objective of the guidance in Topic 848 is to provide relief during the transition period. The amendments in this ASU are effective March 12, 2020 through December 31, 2024. Old National believes the adoption of this guidance on activities subsequent to September 30, 2023 will not have a material impact on the consolidated financial statements. Accounting Guidance Pending Adoption FASB ASC 820 – In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions , to clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. Old National is currently evaluating the impact of adopting the new guidance on the consolidated financial statements. FASB ASC 842 – In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements , which requires all entities to amortize leasehold improvements associated with common control leases over the useful life to the common control group. This ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. Transition can be done either retrospectively or prospectively. Old National is currently evaluating the impact of adopting the new guidance on the consolidated financial statements. FASB ASC 323 – In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method , which allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. This ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for all entities in any interim period. Old National is currently evaluating the impact of adopting the new guidance on the consolidated financial statements. |
Acquisition and Divestiture Act
Acquisition and Divestiture Activity | 9 Months Ended |
Sep. 30, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition and Divestiture Activity | ACQUISITION AND DIVESTITURE ACTIVITY Merger First Midwest Bancorp, Inc. On February 15, 2022, Old National completed its previously announced merger of equals transaction with First Midwest pursuant to an agreement and plan of merger, dated as of May 30, 2021, to combine in an all-stock transaction. The combined organization has a presence in additional Midwestern markets, strong commercial banking capabilities, a robust retail footprint, a significant wealth management platform, and an enhanced ability to attract talent. The combined organization also creates the scale and profitability to accelerate digital and technology capabilities to drive future investments in consumer and commercial banking, as well as wealth management services. As of December 31, 2022, Old National finalized its valuation of all assets acquired and liabilities assumed. Transaction costs totaling $23.2 million associated with the merger have been expensed for the nine months ended September 30, 2023, compared to $100.6 million during the nine months ended September 30, 2022. Additional transaction and integration costs will be expensed in future periods as incurred. Divestiture On November 18, 2022, Old National completed its previously announced transaction with UMB, pursuant to which UMB acquired Old National’s business of acting as a qualified custodian for, and administering, health savings accounts. Old National served as custodian for health savings accounts comprised of both investment accounts and deposit accounts. At closing, the health savings accounts held in deposit accounts that were transferred totaled approximately $382 million and the transaction resulted in a $90.7 million pre-tax gain. Pending Acquisition CapStar Financial Holdings, Inc. On October 26, 2023, Old National announced that it entered into a definitive merger agreement pursuant to which Old National will acquire CapStar Financial Holdings, Inc. (“CapStar”) and its wholly-owned subsidiary, CapStar Bank, in an all-stock transaction. This partnership transaction will strengthen Old National’s recently formed Nashville presence and add several new high-growth markets. As of September 30, 2023, CapStar had approximately $3.3 billion of total assets, $2.3 billion of total loans, and $2.8 billion of deposits. Under the terms of the merger agreement, each outstanding share of CapStar common stock will be converted into the right to receive 1.155 shares of Old National common stock, valuing the transaction at approximately $344.4 million, or $16.64 per share, based on Old National’s 30-day volume weighted average closing stock price ending October 25, 2023. The transaction value is likely to change until closing due to fluctuations in the price of Old National common stock. The definitive merger agreement has been approved by the Board of Directors of each company. The transaction remains subject to regulatory approval and the approval of CapStar shareholders. The transaction is anticipated to close in the second quarter of 2024. |
Net Income Per Common Share
Net Income Per Common Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | NET INCOME PER COMMON SHARE Basic and diluted net income per common share are calculated using the two-class method. Net income applicable to common shares 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 applicable to common shares is then divided by the weighted-average number of common shares and common share equivalents during the period. The following table presents the calculation of basic and diluted net income per common share: Three Months Ended Nine Months Ended (dollars and shares in thousands, except per share data) 2023 2022 2023 2022 Net income $ 147,876 $ 140,153 $ 449,512 $ 227,552 Preferred dividends (4,034) (4,034) (12,101) (10,084) Net income applicable to common shares $ 143,842 $ 136,119 $ 437,411 $ 217,468 Weighted average common shares outstanding: Weighted average common shares outstanding (basic) 290,648 290,961 290,763 269,843 Effect of dilutive securities: Restricted stock 1,069 1,516 1,045 1,273 Stock appreciation rights — 6 1 7 Weighted average diluted shares outstanding 291,717 292,483 291,809 271,123 Basic Net Income Per Common Share $ 0.49 $ 0.47 $ 1.50 $ 0.81 Diluted Net Income Per Common Share $ 0.49 $ 0.47 $ 1.50 $ 0.80 |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2023 | |
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 and held-to-maturity investment securities portfolios and the corresponding amounts of gross unrealized gains, unrealized losses, and basis adjustments in AOCI and gross unrecognized gains and losses. (dollars in thousands) Amortized Unrealized Unrealized Basis Adjustments (1) Fair September 30, 2023 Available-for-Sale U.S. Treasury $ 616,608 $ 98 $ (10,258) $ (58,322) $ 548,126 U.S. government-sponsored entities and agencies 1,475,307 — (229,113) (103,294) 1,142,900 Mortgage-backed securities - Agency 4,686,448 17 (823,760) — 3,862,705 States and political subdivisions 592,495 7 (47,058) (500) 544,944 Pooled trust preferred securities 13,794 — (2,669) — 11,125 Other securities 335,292 112 (30,443) — 304,961 Total available-for-sale securities $ 7,719,944 $ 234 $ (1,143,301) $ (162,116) $ 6,414,761 Held-to-Maturity U.S. government-sponsored entities and agencies $ 824,223 $ — $ (207,213) $ — $ 617,010 Mortgage-backed securities - Agency 1,043,585 — (195,933) — 847,652 States and political subdivisions 1,160,256 — (231,147) — 929,109 Allowance for securities held-to-maturity (150) — — — (150) Total held-to-maturity securities $ 3,027,914 $ — $ (634,293) $ — $ 2,393,621 December 31, 2022 Available-for-Sale U.S. Treasury $ 253,148 $ 5 $ (5,189) $ (47,037) $ 200,927 U.S. government-sponsored entities and agencies 1,451,736 — (169,248) (107,408) 1,175,080 Mortgage-backed securities - Agency 4,986,354 976 (617,428) — 4,369,902 States and political subdivisions 688,159 1,789 (26,096) — 663,852 Pooled trust preferred securities 13,783 — (2,972) — 10,811 Other securities 379,423 258 (26,541) — 353,140 Total available-for-sale securities $ 7,772,603 $ 3,028 $ (847,474) $ (154,445) $ 6,773,712 Held-to-Maturity U.S. government-sponsored entities and agencies $ 819,168 $ — $ (162,810) $ — $ 656,358 Mortgage-backed securities - Agency 1,106,817 — (123,854) — 982,963 States and political subdivisions 1,163,312 221 (159,022) — 1,004,511 Allowance for securities held-to-maturity (150) — — — (150) Total held-to-maturity securities $ 3,089,147 $ 221 $ (445,686) $ — $ 2,643,682 (1) Basis adjustments represent the cumulative amount of fair value hedging adjustments included in the carrying amounts of fixed-rate investment securities assets designated in fair value hedging arrangements. See Note 15 to the consolidated financial statements for additional information regarding these derivative financial instruments. Substantially all of the mortgage-backed securities in the investment portfolio are residential mortgage-backed 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 Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Proceeds $ 28,531 $ 5,221 $ 111,419 $ 78,568 Realized gains 54 17 1,002 528 Realized losses (295) (189) (6,442) (443) The table below shows the amortized cost and fair value of the investment securities portfolio 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. September 30, 2023 (dollars in thousands) Amortized Fair Weighted Maturity Available-for-Sale Within one year $ 539,157 $ 535,193 4.71 % One to five years 1,567,565 1,395,867 2.80 Five to ten years 3,987,461 3,285,183 2.37 Beyond ten years 1,625,761 1,198,518 2.46 Total $ 7,719,944 $ 6,414,761 2.64 % Held-to-Maturity One to five years $ 161,837 $ 127,716 2.68 % Five to ten years 954,756 797,284 2.64 Beyond ten years 1,911,321 1,468,621 2.71 Total $ 3,027,914 $ 2,393,621 2.69 % 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 September 30, 2023 Available-for-Sale U.S. Treasury $ 37,492 $ (144) $ 178,540 $ (10,114) $ 216,032 $ (10,258) U.S. government-sponsored entities 32,821 (58) 1,110,079 (229,055) 1,142,900 (229,113) Mortgage-backed securities - Agency 124,895 (5,798) 3,736,306 (817,962) 3,861,201 (823,760) States and political subdivisions 258,362 (7,749) 260,563 (39,309) 518,925 (47,058) Pooled trust preferred securities — — 11,125 (2,669) 11,125 (2,669) Other securities 11,737 (323) 262,912 (30,120) 274,649 (30,443) Total available-for-sale $ 465,307 $ (14,072) $ 5,559,525 $ (1,129,229) $ 6,024,832 $ (1,143,301) December 31, 2022 Available-for-Sale U.S. Treasury $ 130,967 $ (3,264) $ 66,992 $ (1,925) $ 197,959 $ (5,189) U.S. government-sponsored entities 454,854 (75,795) 720,226 (93,453) 1,175,080 (169,248) Mortgage-backed securities - Agency 3,207,319 (358,507) 1,116,205 (258,921) 4,323,524 (617,428) States and political subdivisions 414,813 (25,555) 2,703 (541) 417,516 (26,096) Pooled trust preferred securities — — 10,811 (2,972) 10,811 (2,972) Other securities 257,775 (17,045) 75,309 (9,496) 333,084 (26,541) Total available-for-sale $ 4,465,728 $ (480,166) $ 1,992,246 $ (367,308) $ 6,457,974 $ (847,474) The following table summarizes the held-to-maturity investment securities with unrecognized losses aggregated by major security type and length of time in a continuous loss position: Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized September 30, 2023 Held-to-Maturity U.S. government-sponsored entities $ — $ — $ 617,010 $ (207,213) $ 617,010 $ (207,213) Mortgage-backed securities - Agency — — 847,652 (195,933) 847,652 (195,933) States and political subdivisions 64,441 (4,877) 864,668 (226,270) 929,109 (231,147) Total held-to-maturity $ 64,441 $ (4,877) $ 2,329,330 $ (629,416) $ 2,393,771 $ (634,293) December 31, 2022 Held-to-Maturity U.S. government-sponsored entities $ 354,293 $ (110,523) $ 302,066 $ (52,287) $ 656,359 $ (162,810) Mortgage-backed securities - Agency 367,849 (42,438) 615,114 (81,416) 982,963 (123,854) States and political subdivisions 838,689 (127,355) 135,573 (31,667) 974,262 (159,022) Total held-to-maturity $ 1,560,831 $ (280,316) $ 1,052,753 $ (165,370) $ 2,613,584 $ (445,686) The unrecognized losses on held-to-maturity investment securities presented in the table above do not include unrecognized losses on securities that were transferred from available-for-sale to held-to-maturity totaling $132.3 million at September 30, 2023 and $148.9 million at December 31, 2022. These unrecognized losses are included as a separate component of shareholders’ equity and are being amortized over the remaining term of the securities. No allowance for credit losses on available-for-sale debt securities was needed at September 30, 2023 or December 31, 2022. An allowance on held-to-maturity debt securities is maintained for certain municipal bonds to account for expected lifetime credit losses. Substantially all of the U.S. government-sponsored entities and agencies and agency mortgage-backed securities 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. The allowance for credit losses on held-to-maturity debt securities was $0.2 million at September 30, 2023 and December 31, 2022. Accrued interest receivable on the securities portfolio is excluded from the estimate of credit losses and totaled $38.0 million at September 30, 2023 and $50.9 million at December 31, 2022. At September 30, 2023, Old National’s securities portfolio consisted of 3,007 securities, 2,917 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 and temporary market movements. Old National’s pooled trust preferred securities are evaluated using collateral-specific assumptions to estimate the expected future interest and principal cash flows. At September 30, 2023, 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. Old National’s two pooled trust preferred securities with fair values totaling $11.1 million and unrealized losses totaling $2.7 million 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. Old National did not recognize any losses on these securities for the nine months ended September 30, 2023 or 2022. Equity Securities Equity securities consist of mutual funds for Community Reinvestment Act qualified investments and diversified investment securities held in a grantor trust for participants in the Company’s nonqualified deferred compensation plan. Old National’s equity securities with readily determinable fair values totaled $69.9 million at September 30, 2023 and $52.5 million at December 31, 2022. There were losses on equity securities of $0.8 million during the three months ended September 30, 2023 and losses of $1.4 million during the nine months ended September 30, 2023, compared to losses of $0.7 million and $4.9 million during the three and nine months ended September 30, 2022, respectively. Alternative Investments Old National has alternative investments without readily determinable fair values that are included in other assets totaling $418.3 million at September 30, 2023, consisting of $242.3 million of illiquid investments in partnerships, limited liability companies, and other ownership interests that support affordable housing and $176.0 million of economic development and community revitalization initiatives in low-to-moderate income neighborhoods. These alternative investments totaled $396.8 million at December 31, 2022. There have been no impairments or adjustments on equity securities without readily determinable fair values, except for amortization of tax credit investments in the nine months ended September 30, 2023 and 2022. See Note 9 to the consolidated financial statements for detail regarding these investments. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2023 | |
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 many diverse industries, including real estate rental and leasing, manufacturing, healthcare, wholesale trade, construction, and agriculture, among others. Most of Old National’s lending activity occurs within our principal geographic markets in the Midwest region. Old National manages concentrations of credit exposure by industry, product, geography, client relationship, and loan size. 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 on loans. The allowance for credit losses was calculated by pooling loans of similar credit risk characteristics and credit monitoring procedures. The four loan portfolios used to monitor and analyze interest income and yields – commercial, commercial real estate, residential real estate, and consumer – are reclassified into seven segments of loans – commercial, commercial real estate, BBCC, residential real estate, indirect, direct, and home equity for purposes of determining the allowance for credit losses on loans. 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 portfolio segment reclassifications follow: Balance Sheet Portfolio After (dollars in thousands) September 30, 2023 Loans: Commercial $ 9,333,448 $ (226,353) $ 9,107,095 Commercial real estate 13,916,221 (165,593) 13,750,628 BBCC N/A 391,946 391,946 Residential real estate 6,696,288 — 6,696,288 Consumer 2,631,877 (2,631,877) N/A Indirect N/A 1,047,224 1,047,224 Direct N/A 542,689 542,689 Home equity N/A 1,041,964 1,041,964 Total $ 32,577,834 $ — $ 32,577,834 December 31, 2022 Loans: Commercial $ 9,508,904 $ (210,280) $ 9,298,624 Commercial real estate 12,457,070 (158,322) 12,298,748 BBCC N/A 368,602 368,602 Residential real estate 6,460,441 — 6,460,441 Consumer 2,697,226 (2,697,226) N/A Indirect N/A 1,034,257 1,034,257 Direct N/A 629,186 629,186 Home equity N/A 1,033,783 1,033,783 Total $ 31,123,641 $ — $ 31,123,641 The composition of loans by portfolio segment follows: (dollars in thousands) September 30, December 31, Commercial (1) $ 9,107,095 $ 9,298,624 Commercial real estate 13,750,628 12,298,748 BBCC 391,946 368,602 Residential real estate 6,696,288 6,460,441 Indirect 1,047,224 1,034,257 Direct 542,689 629,186 Home equity 1,041,964 1,033,783 Total loans 32,577,834 31,123,641 Allowance for credit losses on loans (303,982) (303,671) Net loans $ 32,273,852 $ 30,819,970 (1) Includes direct finance leases of $173.0 million at September 30, 2023 and $188.1 million at December 31, 2022. 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 clients. 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 245%, Old National Bank’s applicable investor commercial real estate loans as a percentage of its risk-based capital remained below the regulatory guideline limit of 300% at September 30, 2023. 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 factors such as changes in economic conditions and 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 on 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 on 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 $162.8 million at September 30, 2023 and $137.7 million at December 31, 2022. The allowance for credit loss estimation process involves procedures to appropriately consider the unique characteristics of our 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 base forecast scenario considers unemployment, gross domestic product, and the BBB ratio (BBB spread to the 10-year U.S. Treasury rate). In addition to the quantitative inputs, several qualitative factors are considered. These factors include the risk that unemployment, gross domestic product, housing product index, and the BBB ratio prove to be more severe and/or prolonged than our baseline forecast due to a variety of factors including monetary actions to control inflation, recent instability in the banking sector, conflict in Ukraine, and global supply chain issues. Old National’s activity in the allowance for credit losses on loans by portfolio segment was as follows: (dollars in thousands) Balance at Allowance Charge-offs Recoveries Provision Balance at Three Months Ended Commercial $ 127,403 $ — $ (16,705) $ 1,616 $ 12,441 $ 124,755 Commercial real estate 136,897 — (2,291) 102 10,267 144,975 BBCC 2,776 — (1,049) 70 912 2,709 Residential real estate 20,421 — (15) 28 346 20,780 Indirect 1,407 — (490) 325 79 1,321 Direct 4,755 — (2,180) 580 416 3,571 Home equity 6,896 — (20) 341 (1,346) 5,871 Total $ 300,555 $ — $ (22,750) $ 3,062 $ 23,115 $ 303,982 Three Months Ended Commercial $ 102,819 $ 3,740 $ (2,696) $ 2,206 $ 6,344 $ 112,413 Commercial real estate 141,802 6,818 (4,772) 287 (45) 144,090 BBCC 2,064 — — 108 (4) 2,168 Residential real estate 19,729 — (20) 66 1,481 21,256 Indirect 1,641 — (624) 379 189 1,585 Direct 14,412 — (3,299) 442 4,541 16,096 Home equity 5,536 — (29) 357 (1,218) 4,646 Total $ 288,003 $ 10,558 $ (11,440) $ 3,845 $ 11,288 $ 302,254 Nine Months Ended Commercial $ 120,612 $ — $ (37,459) $ 3,713 $ 37,889 $ 124,755 Commercial real estate 138,244 — (5,938) 1,394 11,275 144,975 BBCC 2,431 — (1,171) 174 1,275 2,709 Residential real estate 21,916 — (256) 153 (1,033) 20,780 Indirect 1,532 — (2,089) 1,349 529 1,321 Direct 12,116 — (8,018) 1,798 (2,325) 3,571 Home equity 6,820 — (330) 471 (1,090) 5,871 Total $ 303,671 $ — $ (55,261) $ 9,052 $ 46,520 $ 303,982 Nine Months Ended Commercial $ 27,232 $ 38,780 $ (5,919) $ 3,219 $ 49,101 $ 112,413 Commercial real estate 64,004 49,419 (5,596) 789 35,474 144,090 BBCC 2,458 — (48) 256 (498) 2,168 Residential real estate 9,347 136 (344) 636 11,481 21,256 Indirect 1,743 — (1,636) 921 557 1,585 Direct 528 31 (6,550) 1,712 20,375 16,096 Home equity 2,029 723 (107) 540 1,461 4,646 Total $ 107,341 $ 89,089 $ (20,200) $ 8,073 $ 117,951 $ 302,254 Unfunded Loan Commitments Old National maintains an allowance for credit losses on unfunded loan commitments 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 on 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 within accrued expenses and other liabilities, while the corresponding provision for unfunded loan commitments is included in the provision for credit losses. Old National’s activity in the allowance for credit losses on unfunded loan commitments was as follows: Three Months Ended Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Allowance for credit losses on unfunded loan commitments: Balance at beginning of period $ 37,007 $ 21,966 $ 32,188 $ 10,879 Provision for credit losses on unfunded loan commitments — — — 11,013 (Recapture of) provision for credit losses on unfunded loan (4,047) 4,203 772 4,277 Balance at end of period $ 32,960 $ 26,169 $ 32,960 $ 26,169 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, class of loan, and origination year: (dollars in thousands) Origination Year Revolving to Term 2023 2022 2021 2020 2019 Prior Revolving Total September 30, 2023 Commercial: Pass $ 1,615,716 $ 1,690,168 $ 1,095,758 $ 553,187 $ 479,907 $ 501,610 $ 2,000,147 $ 454,995 $ 8,391,488 Criticized 27,469 110,893 21,107 46,241 22,674 54,738 107,105 32,247 422,474 Classified: Substandard 19,509 40,694 32,135 38,892 9,970 20,431 66,977 15,417 244,025 Nonaccrual — 5,748 2,034 284 2,718 — — — 10,784 Doubtful — 18,838 5,626 1,762 962 11,136 — — 38,324 Total $ 1,662,694 $ 1,866,341 $ 1,156,660 $ 640,366 $ 516,231 $ 587,915 $ 2,174,229 $ 502,659 $ 9,107,095 Commercial real estate: Pass $ 1,805,852 $ 3,432,536 $ 2,715,562 $ 1,734,359 $ 1,117,895 $ 1,273,742 $ 73,590 $ 796,442 $ 12,949,978 Criticized 58,440 62,461 42,128 28,716 27,978 90,549 9,959 21,023 341,254 Classified: Substandard 21,214 84,269 23,589 16,822 78,165 41,313 — 50,424 315,796 Nonaccrual — 2,983 11,470 1,428 52 11,385 — 792 28,110 Doubtful — 1,649 33,564 4,142 38,199 37,936 — — 115,490 Total $ 1,885,506 $ 3,583,898 $ 2,826,313 $ 1,785,467 $ 1,262,289 $ 1,454,925 $ 83,549 $ 868,681 $ 13,750,628 BBCC: Pass $ 74,658 $ 76,281 $ 49,463 $ 42,980 $ 30,085 $ 14,488 $ 66,281 $ 18,582 $ 372,818 Criticized 2,295 2,469 1,114 76 1,110 — 2,470 2,264 11,798 Classified: Substandard 98 733 619 24 401 1,196 100 438 3,609 Nonaccrual 216 451 310 340 — 87 477 278 2,159 Doubtful — 865 492 50 67 88 — — 1,562 Total $ 77,267 $ 80,799 $ 51,998 $ 43,470 $ 31,663 $ 15,859 $ 69,328 $ 21,562 $ 391,946 (dollars in thousands) Origination Year Revolving to Term 2022 2021 2020 2019 2018 Prior Revolving Total December 31, 2022 Commercial: Pass $ 2,388,618 $ 1,754,364 $ 796,340 $ 738,208 $ 362,986 $ 388,617 $ 1,988,763 $ 329,119 $ 8,747,015 Criticized 40,856 30,661 63,557 33,490 9,195 5,312 61,036 4,327 248,434 Classified: Substandard 37,223 47,522 16,540 22,925 4,844 21,204 67,402 25,143 242,803 Nonaccrual 3,627 1,453 566 — — — 1,634 6,623 13,903 Doubtful 2,821 17,604 3,720 8,005 5,968 8,351 — — 46,469 Total $ 2,473,145 $ 1,851,604 $ 880,723 $ 802,628 $ 382,993 $ 423,484 $ 2,118,835 $ 365,212 $ 9,298,624 Commercial real estate: Pass $ 3,066,960 $ 2,828,758 $ 1,989,000 $ 1,219,025 $ 675,572 $ 1,018,719 $ 57,818 $ 689,553 $ 11,545,405 Criticized 75,306 34,422 22,569 82,637 86,504 56,864 — 23,282 381,584 Classified: Substandard 46,231 16,928 24,319 78,468 57,824 21,591 — 4,108 249,469 Nonaccrual 3,151 9,541 5,014 — 2,312 22,155 — 3,257 45,430 Doubtful 1,934 38,386 10,011 4,605 1,523 20,401 — — 76,860 Total $ 3,193,582 $ 2,928,035 $ 2,050,913 $ 1,384,735 $ 823,735 $ 1,139,730 $ 57,818 $ 720,200 $ 12,298,748 BBCC: Pass $ 90,341 $ 64,161 $ 52,304 $ 36,868 $ 23,618 $ 11,333 $ 60,016 $ 18,881 $ 357,522 Criticized 1,504 525 368 692 353 — 1,006 1,603 6,051 Classified: Substandard 811 143 — 421 — — 543 682 2,600 Nonaccrual 42 37 118 — 429 284 — 639 1,549 Doubtful 40 107 439 157 64 73 — — 880 Total $ 92,738 $ 64,973 $ 53,229 $ 38,138 $ 24,464 $ 11,690 $ 61,565 $ 21,805 $ 368,602 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 and origination year: Origination Year Revolving to Term (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Total September 30, 2023 Residential real estate: Risk Rating: Performing $ 362,518 $ 1,504,933 $ 1,861,729 $ 1,732,039 $ 444,411 $ 750,037 $ — $ 279 $ 6,655,946 Nonperforming — 3,529 2,905 4,538 3,343 26,027 — — 40,342 Total $ 362,518 $ 1,508,462 $ 1,864,634 $ 1,736,577 $ 447,754 $ 776,064 $ — $ 279 $ 6,696,288 Indirect: Risk Rating: Performing $ 309,220 $ 390,012 $ 181,235 $ 96,148 $ 46,877 $ 19,666 $ — $ 196 $ 1,043,354 Nonperforming 120 1,270 1,175 604 361 340 — — 3,870 Total $ 309,340 $ 391,282 $ 182,410 $ 96,752 $ 47,238 $ 20,006 $ — $ 196 $ 1,047,224 Direct: Risk Rating: Performing $ 84,749 $ 99,625 $ 107,539 $ 54,070 $ 35,065 $ 87,207 $ 63,877 $ 4,852 $ 536,984 Nonperforming 87 486 522 403 316 3,874 6 11 5,705 Total $ 84,836 $ 100,111 $ 108,061 $ 54,473 $ 35,381 $ 91,081 $ 63,883 $ 4,863 $ 542,689 Home equity: Risk Rating: Performing $ 1 $ 692 $ 387 $ 690 $ 743 $ 5,736 $ 994,797 $ 23,918 $ 1,026,964 Nonperforming — 24 219 203 758 4,810 1,692 7,294 15,000 Total $ 1 $ 716 $ 606 $ 893 $ 1,501 $ 10,546 $ 996,489 $ 31,212 $ 1,041,964 Origination Year Revolving to Term 2022 2021 2020 2019 2018 Prior Revolving Total December 31, 2022 Residential real estate: Risk Rating: Performing $ 1,327,168 $ 1,945,792 $ 1,825,762 $ 478,529 $ 136,260 $ 712,175 $ 7 $ 88 $ 6,425,781 Nonperforming 59 529 861 873 1,826 30,512 — — 34,660 Total $ 1,327,227 $ 1,946,321 $ 1,826,623 $ 479,402 $ 138,086 $ 742,687 $ 7 $ 88 $ 6,460,441 Indirect: Risk Rating: Performing $ 504,410 $ 249,407 $ 144,265 $ 82,304 $ 31,484 $ 19,095 $ — $ 62 $ 1,031,027 Nonperforming 348 1,074 645 531 304 328 — — 3,230 Total $ 504,758 $ 250,481 $ 144,910 $ 82,835 $ 31,788 $ 19,423 $ — $ 62 $ 1,034,257 Direct: Risk Rating: Performing $ 132,934 $ 164,126 $ 77,406 $ 57,919 $ 45,299 $ 59,212 $ 87,622 $ 671 $ 625,189 Nonperforming 115 851 614 205 327 1,526 5 354 3,997 Total $ 133,049 $ 164,977 $ 78,020 $ 58,124 $ 45,626 $ 60,738 $ 87,627 $ 1,025 $ 629,186 Home equity: Risk Rating: Performing $ 919 $ 896 $ 1,849 $ 1,497 $ 983 $ 11,646 $ 990,001 $ 14,792 $ 1,022,583 Nonperforming 166 160 166 446 794 4,308 1,698 3,462 11,200 Total $ 1,085 $ 1,056 $ 2,015 $ 1,943 $ 1,777 $ 15,954 $ 991,699 $ 18,254 $ 1,033,783 The following table summarizes the gross charge-offs of loans by loan portfolio segment and origination year: Origination Year (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Total Three Months Ended September 30, 2023 Commercial $ — $ 4,154 $ 12,271 $ — $ — $ 63 $ 217 $ 16,705 Commercial real estate — — — 1,744 — 547 — 2,291 BBCC 499 501 49 — — — — 1,049 Residential real estate — — — — — 15 — 15 Indirect 75 276 86 12 10 31 — 490 Direct 19 429 423 112 270 60 867 2,180 Home equity — — — — — 20 — 20 Total gross charge-offs $ 593 $ 5,360 $ 12,829 $ 1,868 $ 280 $ 736 $ 1,084 $ 22,750 Nine Months Ended September 30, 2023 Commercial $ — $ 6,254 $ 23,432 $ 120 $ 6,789 $ 302 $ 562 $ 37,459 Commercial real estate — 54 735 2,144 — 3,005 — 5,938 BBCC 499 548 77 47 — — — 1,171 Residential real estate — — — — — 256 — 256 Indirect 85 954 640 153 137 120 — 2,089 Direct 19 1,330 1,805 570 1,011 450 2,833 8,018 Home equity — — — — — 330 — 330 Total gross charge-offs $ 603 $ 9,140 $ 26,689 $ 3,034 $ 7,937 $ 4,463 $ 3,395 $ 55,261 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 September 30, 2023 Commercial $ 2,754 $ 4,214 $ 12,504 $ 19,472 $ 9,087,623 $ 9,107,095 Commercial real estate 15,954 6,295 21,366 43,615 13,707,013 13,750,628 BBCC 1,273 511 712 2,496 389,450 391,946 Residential 29,762 6,784 12,733 49,279 6,647,009 6,696,288 Indirect 5,576 1,368 1,156 8,100 1,039,124 1,047,224 Direct 3,626 1,059 1,588 6,273 536,416 542,689 Home equity 5,840 1,808 6,077 13,725 1,028,239 1,041,964 Total $ 64,785 $ 22,039 $ 56,136 $ 142,960 $ 32,434,874 $ 32,577,834 December 31, 2022 Commercial $ 14,147 $ 4,801 $ 11,080 $ 30,028 $ 9,268,596 $ 9,298,624 Commercial real estate 47,240 1,312 32,892 81,444 12,217,304 12,298,748 BBCC 730 365 603 1,698 366,904 368,602 Residential 24,181 5,033 11,753 40,967 6,419,474 6,460,441 Indirect 6,302 2,118 958 9,378 1,024,879 1,034,257 Direct 5,404 2,118 1,928 9,450 619,736 629,186 Home equity 6,585 1,966 4,707 13,258 1,020,525 1,033,783 Total $ 104,589 $ 17,713 $ 63,921 $ 186,223 $ 30,937,418 $ 31,123,641 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: September 30, 2023 December 31, 2022 (dollars in thousands) Nonaccrual Nonaccrual Past Due Nonaccrual Nonaccrual Past Due Commercial $ 49,108 $ 13,432 $ 577 $ 60,372 $ 7,873 $ 152 Commercial real estate 143,600 29,721 104 122,290 33,445 — BBCC 3,721 — — 2,429 — — Residential 40,342 — — 34,660 — 1,808 Indirect 3,870 — 54 3,230 — 28 Direct 5,705 — 109 3,997 — 133 Home equity 15,000 — 348 11,200 — 529 Total $ 261,346 $ 43,153 $ 1,192 $ 238,178 $ 41,318 $ 2,650 Interest income recognized on nonaccrual loans was insignificant during the three and nine months ended September 30, 2023 and 2022. 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 September 30, 2023 Commercial $ 13,635 $ 31,856 $ 466 $ 288 $ 347 Commercial real estate 131,826 — 1,205 — 6,184 BBCC 2,131 1,174 — 416 — Residential 40,342 — — — — Indirect — — — 3,870 — Direct 4,622 1 3 296 31 Home equity 15,000 — — — — Total loans $ 207,556 $ 33,031 $ 1,674 $ 4,870 $ 6,562 December 31, 2022 Commercial $ 8,962 $ 42,754 $ 2,690 $ 1,611 $ 980 Commercial real estate 108,871 — 1,718 — 6,411 BBCC 1,939 478 — 12 — Residential 34,660 — — — — Indirect — — — 3,230 — Direct 2,991 13 — 232 23 Home equity 11,200 — — — — Total loans $ 168,623 $ 43,245 $ 4,408 $ 5,085 $ 7,414 Loan Participations Old National has loan participations, which qualify as participating interests, with other financial institutions. At September 30, 2023, these loans totaled $2.8 billion, of which $1.2 billion had been sold to other financial institutions and $1.6 billion 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. Financial Difficulty Modifications Occasionally, Old National modifies loans to borrowers experiencing financial difficulty in the form of principal forgiveness, term extension, an other-than-insignificant payment delay, or interest rate reduction (or a combination thereof). When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses on loans. The following table presents the amortized cost basis of financial difficulty modifications at September 30, 2023 that were modified during the three and nine months ended September 30, 2023 by class of loans and type of modification: (dollars in thousands) Term Total Three Months Ended September 30, 2023 Commercial $ 3,502 0.0 % Commercial real estate 93,844 0.7 % Total $ 97,346 0.3 % Nine Months Ended September 30, 2023 Commercial $ 20,811 0.2 % Commercial real estate 116,580 0.8 % Total $ 137,391 0.4 % Old National closely monitors the performance of financial difficulty modifications to understand the effectiveness of its efforts. The following table presents the performance of loans identified as financial difficulty modifications at September 30, 2023: (dollars in thousands) 30-59 Days 60-89 Days Past Due Total Current Total September 30, 2023 Commercial $ — $ — $ 2,541 $ 2,541 $ 18,270 $ 20,811 Commercial real estate 1,086 — — 1,086 115,494 116,580 Total $ 1,086 $ — $ 2,541 $ 3,627 $ 133,764 $ 137,391 The following table summarizes the nature of the financial difficulty modifications during the three and nine months ended September 30, 2023 by class of loans: (dollars in thousands) Weighted- Three Months Ended September 30, 2023 Commercial 7.3 Commercial real estate 9.2 Total 9.2 Nine Months Ended September 30, 2023 Commercial 5.7 Commercial real estate 8.9 Total 8.4 There were no payment defaults on these loans subsequent to their modifications during the three and nine months ended September 30, 2023. At September 30, 2023, Old National had not committed to lend any material additional funds to the borrowers whose loans were modified due to financial difficulties. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2023 | |
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 Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Operating lease cost Occupancy/Equipment expense $ 7,462 $ 7,657 $ 23,569 $ 21,323 Finance lease cost: Amortization of right-of-use assets Occupancy expense 742 680 2,170 2,003 Interest on lease liabilities Interest expense 183 105 536 315 Sub-lease income Occupancy expense (119) (87) (281) (389) Total $ 8,268 $ 8,355 $ 25,994 $ 23,252 Supplemental balance sheet information related to leases was as follows: (dollars in thousands) September 30, December 31, Operating Leases Operating lease right-of-use assets $ 179,284 $ 189,714 Operating lease liabilities 199,937 211,964 Finance Leases Premises and equipment, net 20,571 10,799 Other borrowings 21,595 13,469 Weighted-Average Remaining Lease Term (in Years) Operating leases 8.5 9.1 Finance leases 10.6 7.2 Weighted-Average Discount Rate Operating leases 2.93 % 2.88 % Finance leases 3.89 % 3.30 % Supplemental cash flow information related to leases was as follows: Nine Months Ended (dollars in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 23,766 $ 22,223 Operating cash flows from finance leases 536 315 Financing cash flows from finance leases 1,893 1,839 The following table presents a maturity analysis of the Company’s lease liability by lease classification at September 30, 2023: (dollars in thousands) Operating Finance 2023 $ 7,959 $ 826 2024 31,183 3,357 2025 29,564 3,380 2026 28,622 2,154 2027 27,662 2,157 Thereafter 102,282 14,809 Total undiscounted lease payments 227,272 26,683 Amounts representing interest (27,335) (5,088) Lease liability $ 199,937 $ 21,595 |
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 Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Operating lease cost Occupancy/Equipment expense $ 7,462 $ 7,657 $ 23,569 $ 21,323 Finance lease cost: Amortization of right-of-use assets Occupancy expense 742 680 2,170 2,003 Interest on lease liabilities Interest expense 183 105 536 315 Sub-lease income Occupancy expense (119) (87) (281) (389) Total $ 8,268 $ 8,355 $ 25,994 $ 23,252 Supplemental balance sheet information related to leases was as follows: (dollars in thousands) September 30, December 31, Operating Leases Operating lease right-of-use assets $ 179,284 $ 189,714 Operating lease liabilities 199,937 211,964 Finance Leases Premises and equipment, net 20,571 10,799 Other borrowings 21,595 13,469 Weighted-Average Remaining Lease Term (in Years) Operating leases 8.5 9.1 Finance leases 10.6 7.2 Weighted-Average Discount Rate Operating leases 2.93 % 2.88 % Finance leases 3.89 % 3.30 % Supplemental cash flow information related to leases was as follows: Nine Months Ended (dollars in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 23,766 $ 22,223 Operating cash flows from finance leases 536 315 Financing cash flows from finance leases 1,893 1,839 The following table presents a maturity analysis of the Company’s lease liability by lease classification at September 30, 2023: (dollars in thousands) Operating Finance 2023 $ 7,959 $ 826 2024 31,183 3,357 2025 29,564 3,380 2026 28,622 2,154 2027 27,662 2,157 Thereafter 102,282 14,809 Total undiscounted lease payments 227,272 26,683 Amounts representing interest (27,335) (5,088) Lease liability $ 199,937 $ 21,595 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
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 Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Balance at beginning of period $ 1,998,716 $ 1,991,534 $ 1,998,716 $ 1,036,994 Acquisitions and adjustments — 11,065 — 965,605 Balance at end of period $ 1,998,716 $ 2,002,599 $ 1,998,716 $ 2,002,599 The increase in goodwill for the three and nine months ended September 30, 2022 was due to the First Midwest merger. See Note 3 to the consolidated financial statements for additional detail regarding this transaction. Old National performed the required annual goodwill impairment test as of August 31, 2023 and concluded that there was no impairment. No events or circumstances since the August 31, 2023 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 September 30, 2023 Core deposit $ 143,511 $ (68,312) $ 75,199 Customer trust relationships 52,621 (19,701) 32,920 Total other intangible assets $ 196,132 $ (88,013) $ 108,119 December 31, 2022 Core deposit $ 170,642 $ (80,951) $ 89,691 Customer trust relationships 56,243 (19,529) 36,714 Total other intangible assets $ 226,885 $ (100,480) $ 126,405 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 nine months ended September 30, 2023 or 2022. Total amortization expense associated with intangible assets was $6.0 million and $18.3 million for the three and nine months ended September 30, 2023, respectively, compared to $7.1 million and $19.1 million for the three and nine months ended September 30, 2022, respectively. Estimated amortization expense for future years is as follows: (dollars in thousands) 2023 remaining $ 5,869 2024 21,239 2025 18,358 2026 15,555 2027 12,867 Thereafter 34,231 Total $ 108,119 |
Qualified Affordable Housing Pr
Qualified Affordable Housing Projects and Other Tax Credit Investments | 9 Months Ended |
Sep. 30, 2023 | |
Investments in Affordable Housing Projects [Abstract] | |
Qualified Affordable Housing Projects and Other Tax Credit Investments | QUALIFIED AFFORDABLE HOUSING PROJECTS AND OTHER TAX CREDIT INVESTMENTS Old 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 September 30, 2023, 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) September 30, 2023 December 31, 2022 Investment Accounting Method Investment Unfunded Commitment (1) Investment Unfunded LIHTC Proportional amortization $ 93,214 $ 54,440 $ 84,428 $ 55,754 FHTC Equity 36,715 27,214 19,316 9,588 NMTC Consolidation 45,637 — 51,912 — Renewable Energy Equity 385 — 1,099 — Total $ 175,951 $ 81,654 $ 156,755 $ 65,342 (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 Expense (1) Tax Expense (Benefit) Recognized (2) Three Months Ended September 30, 2023 LIHTC $ 3,208 $ (3,582) FHTC 330 (399) NMTC 2,092 (2,611) Renewable Energy 222 — Total $ 5,852 $ (6,592) Three Months Ended September 30, 2022 LIHTC $ 1,240 $ (1,650) FHTC 215 (262) NMTC 2,237 (2,788) Renewable Energy 210 — Total $ 3,902 $ (4,700) Nine Months Ended September 30, 2023 LIHTC $ 6,135 $ (7,398) FHTC 1,178 (1,423) NMTC 6,275 (7,833) Renewable Energy 714 — Total $ 14,302 $ (16,654) Nine Months Ended September 30, 2022 LIHTC $ 3,734 $ (4,950) FHTC 635 (776) NMTC 4,439 (5,538) Renewable Energy 629 — Total $ 9,437 $ (11,264) (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 | 9 Months Ended |
Sep. 30, 2023 | |
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 Nine Months Ended September 30, (dollars in thousands) 2023 2022 Outstanding at period end $ 279,061 $ 438,053 Average amount outstanding during the period 351,362 450,966 Maximum amount outstanding at any month-end during the period 430,537 509,275 Weighted-average interest rate: During the period 0.91 % 0.09 % At period end 1.35 % 0.40 % At December 31, 2022, securities sold under agreements to repurchase totaled $432.8 million with a weighted-average interest rate of 1.31%. The following table presents the contractual maturity of our secured borrowings and class of collateral pledged: At September 30, 2023 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 $ 279,061 $ — $ — $ — $ 279,061 Total $ 279,061 $ — $ — $ — $ 279,061 The fair value of securities pledged to secure repurchase agreements may decline. Old National has pledged securities valued at 107% of the gross outstanding balance of repurchase agreements at September 30, 2023 to manage this risk. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 9 Months Ended |
Sep. 30, 2023 | |
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) September 30, December 31, FHLB advances (fixed rates 0.00% to 5.61% and variable rates 5.35% to 5.36%) maturing December 2023 to September 2042 $ 4,450,528 $ 3,850,677 Fair value hedge basis adjustments and unamortized (37,952) (21,659) Total $ 4,412,576 $ 3,829,018 FHLB advances had weighted-average rates of 3.36% at September 30, 2023 and 3.15% at December 31, 2022. Certain FHLB advances are collateralized with loans and investment securities up to 190%. At September 30, 2023, total unamortized prepayment fees related to debt modifications completed in prior years totaled $15.7 million, compared to $20.2 million at December 31, 2022. Contractual maturities of FHLB advances at September 30, 2023 were as follows: (dollars in thousands) Due in 2023 $ 100,000 Due in 2024 25,243 Due in 2025 550,285 Due in 2026 100,000 Thereafter 3,675,000 Fair value hedge basis adjustments and unamortized prepayment fees (37,952) Total $ 4,412,576 |
Other Borrowings
Other Borrowings | 9 Months Ended |
Sep. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Borrowings | OTHER BORROWINGS The following table summarizes Old National’s other borrowings: (dollars in thousands) September 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 (130) (247) Subordinated debentures (fixed rate 5.875%) maturing September 2026 150,000 150,000 Junior subordinated debentures (rates of 6.95% to 9.21%) maturing July 2031 to September 2037 136,643 136,643 Other basis adjustments 19,496 23,363 Old National Bank: Finance lease liabilities 21,595 13,469 Subordinated debentures (variable rate 9.99%) maturing October 2025 12,000 12,000 Leveraged loans for NMTC (fixed rates of 1.00% to 1.43%) maturing December 2046 to June 2060 143,745 143,187 Other (1) 205,106 89,588 Total other borrowings $ 863,455 $ 743,003 (1) Includes overnight borrowings to collateralize certain derivative positions totaling $204.5 million at September 30, 2023 and $88.0 million at December 31, 2022. Contractual maturities of other borrowings at September 30, 2023 were as follows: (dollars in thousands) Due in 2023 $ 205,160 Due in 2024 177,653 Due in 2025 14,740 Due in 2026 151,576 Due in 2027 1,636 Thereafter 292,738 Unamortized debt issuance costs and other basis adjustments 19,952 Total $ 863,455 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 mergers and 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 at September 30, 2023: (dollars in thousands) Rate at September 30, Name of Trust Issuance Date Issuance Rate Maturity Date Bridgeview Statutory Trust I July 2001 $ 15,464 3-month SOFR plus 3.58% 9.21% July 31, 2031 Bridgeview Capital Trust II December 2002 15,464 3-month SOFR plus 3.35% 8.92% January 7, 2033 First Midwest Capital Trust I November 2003 37,825 6.95% fixed 6.95% December 1, 2033 St. Joseph Capital Trust II March 2005 5,155 3-month SOFR plus 1.75% 7.42% March 17, 2035 Northern States Statutory Trust I September 2005 10,310 3-month SOFR plus 1.80% 7.47% September 15, 2035 Anchor Capital Trust III August 2005 5,000 3-month SOFR plus 1.55% 7.21% September 30, 2035 Great Lakes Statutory Trust II December 2005 6,186 3-month SOFR plus 1.40% 7.07% December 15, 2035 Home Federal Statutory September 2006 15,464 3-month SOFR plus 1.65% 7.32% September 15, 2036 Monroe Bancorp Capital July 2006 3,093 3-month SOFR plus 1.60% 7.17% October 7, 2036 Tower Capital Trust 3 December 2006 9,279 3-month SOFR plus 1.69% 7.36% March 1, 2037 Monroe Bancorp Statutory March 2007 5,155 3-month SOFR plus 1.60% 7.27% June 15, 2037 Great Lakes Statutory Trust III June 2007 8,248 3-month SOFR plus 1.70% 7.37% September 15, 2037 Total $ 136,643 Subordinated Debentures Old National assumed $12.0 million of subordinated fixed-to-floating notes related to the acquisition of Anchor Bancorp, Inc. (MN). The debentures currently have a floating rate of interest equal to the three-month term SOFR rate plus 4.618%. Old National assumed $150.0 million of subordinated fixed rate notes related to the First Midwest merger. The subordinated debentures have a 5.875% fixed rate of interest through the September 29, 2026 maturity date. Leveraged Loans The leveraged loans are directly related to the NMTC structure. As part of the transaction structure, Old National has the right to sell its interest in the entity that received the leveraged loans at an agreed upon price to the leveraged lender at the end of the NMTC seven-year compliance period. See Note 9 to the consolidated financial statements for additional information on the Company’s NMTC investments. Finance Lease Liabilities Old National has long-term finance lease liabilities for certain banking centers and equipment totaling $21.6 million at September 30, 2023. See Note 7 to the consolidated financial statements for a maturity analysis of the Company’s finance lease liabilities. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 9 Months Ended |
Sep. 30, 2023 | |
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 Unrealized Gains and Defined Total Three Months Ended September 30, 2023 Balance at beginning of period $ (701,393) $ (103,144) $ (4,096) $ — $ (808,633) Other comprehensive income (loss) before (156,660) — (11,546) — (168,206) Amounts reclassified from AOCI to income (1) 178 4,193 3,653 — 8,024 Balance at end of period $ (857,875) $ (98,951) $ (11,989) $ — $ (968,815) Three Months Ended September 30, 2022 Balance at beginning of period $ (437,075) $ (122,199) $ (9,875) $ 16 $ (569,133) Other comprehensive income (loss) before (217,401) — (27,725) — (245,126) Amounts reclassified from AOCI to income (1) 131 5,121 565 (8) 5,809 Balance at end of period $ (654,345) $ (117,078) $ (37,035) $ 8 $ (808,450) Nine Months Ended September 30, 2023 Balance at beginning of period $ (642,346) $ (112,664) $ (31,549) $ 137 $ (786,422) Other comprehensive income (loss) before (219,562) 1,325 34,279 — (183,958) Amounts reclassified from AOCI to income (1) 4,033 12,388 (14,719) (137) 1,565 Balance at end of period $ (857,875) $ (98,951) $ (11,989) $ — $ (968,815) Nine Months Ended September 30, 2022 Balance at beginning of period $ (2,950) $ — $ 543 $ 32 $ (2,375) Other comprehensive income (loss) before (651,330) (125,229) (37,473) — (814,032) Amounts reclassified from AOCI to income (1) (65) 8,151 (105) (24) 7,957 Balance at end of period $ (654,345) $ (117,078) $ (37,035) $ 8 $ (808,450) (1) See table below for details about reclassifications to income. The following table summarizes the amounts reclassified out of each component of AOCI for the three months ended September 30, 2023 and 2022: Three Months Ended (dollars in thousands) 2023 2022 Details about AOCI Components Amount Reclassified Affected Line Item in the Unrealized gains and losses on $ (241) $ (172) Debt securities gains (losses), net 63 41 Income tax (expense) benefit $ (178) $ (131) Net income (loss) Unrealized gains and losses on $ (5,623) $ (6,772) Interest income (expense) 1,430 1,651 Income tax (expense) benefit $ (4,193) $ (5,121) Net income (loss) Gains and losses on hedges $ (4,927) $ (749) Interest income (expense) 1,274 184 Income tax (expense) benefit $ (3,653) $ (565) Net income (loss) Amortization of defined benefit Actuarial gains (losses) $ — $ 11 Salaries and employee benefits — (3) Income tax (expense) benefit $ — $ 8 Net income (loss) Total reclassifications for the period $ (8,024) $ (5,809) Net income (loss) The following table summarizes the amounts reclassified out of each component of AOCI for the nine months ended September 30, 2023 and 2022: Nine Months Ended (dollars in thousands) 2023 2022 Details about AOCI Components Amount Reclassified Affected Line Item in the Unrealized gains and losses on $ (5,440) $ 85 Debt securities gains (losses), net 1,407 (20) Income tax (expense) benefit $ (4,033) $ 65 Net income (loss) Unrealized gains and losses on $ (16,574) $ (10,774) Interest income (expense) 4,186 2,623 Income tax (expense) benefit $ (12,388) $ (8,151) Net income (loss) Gains and losses on hedges $ 19,893 $ 139 Interest income (expense) (5,174) (34) Income tax (expense) benefit $ 14,719 $ 105 Net income (loss) Amortization of defined benefit Actuarial gains (losses) $ 182 $ 32 Salaries and employee benefits (45) (8) Income tax (expense) benefit $ 137 $ 24 Net income (loss) Total reclassifications for the period $ (1,565) $ (7,957) Net income (loss) |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
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 Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Provision at statutory rate of 21% $ 40,358 $ 37,598 $ 122,352 $ 59,365 Tax-exempt income: Tax-exempt interest (4,625) (3,929) (13,716) (10,335) Section 291/265 interest disallowance 675 85 1,593 150 Company-owned life insurance income (743) (684) (2,315) (2,340) Tax-exempt income (4,693) (4,528) (14,438) (12,525) State income taxes 8,163 7,050 24,856 7,808 Interim period effective rate adjustment 116 (31) (607) 3,042 Tax credit investments - federal (2,071) (2,407) (7,122) (4,968) Officer compensation limitation 1,040 401 3,120 1,053 Non-deductible FDIC premiums 1,949 1,178 6,096 2,549 Other, net (558) (374) (1,139) (1,187) Income tax expense (benefit) $ 44,304 $ 38,887 $ 133,118 $ 55,137 Effective tax rate 23.1 % 21.7 % 22.9 % 19.5 % The provision for income taxes was recorded at September 30, 2023 and 2022 based on the current estimate of the effective annual rate. The higher effective tax rate during the nine months ended September 30, 2023 compared to the same period in 2022 reflected an increase in pre-tax book income combined with smaller increases in tax-exempt income and tax credits. Other contributing factors were increases in non-deductible officer compensation and non-deductible FDIC premiums as well as the First Midwest merger in February 2022. Net Deferred Tax Assets Net deferred tax assets are included in other assets on the balance sheet. At September 30, 2023, net deferred tax assets totaled $480.7 million, compared to $435.8 million at December 31, 2022. No valuation allowance was required on the Company’s deferred tax assets at September 30, 2023 or December 31, 2022. The Company’s retained earnings at September 30, 2023 included an appropriation for acquired thrifts’ tax bad debt allowances totaling $58.6 million for which no provision for federal or state income taxes has been made. If in the future, this portion of retained earnings were distributed as a result of the liquidation of the Company or its subsidiaries, federal and state income taxes would be imposed at the then applicable rates. Old National has federal net operating loss carryforwards totaling $68.4 million at September 30, 2023 and $81.5 million at December 31, 2022. This federal net operating loss was acquired from the acquisition of Anchor BanCorp Wisconsin Inc. in 2016 and First Midwest in 2022. If not used, the federal net operating loss carryforwards will begin expiring in 2030 and later. Old National has recorded state net operating loss carryforwards totaling $115.6 million at September 30, 2023 and $124.4 million at December 31, 2022. If not used, the state net operating loss carryforwards will expire from 2027 to 2036. 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 federal and recorded state net operating loss carryforwards will be used prior to expiration. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | DERIVATIVE FINANCIAL INSTRUMENTS As 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. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. Old National’s exposure is limited to the termination 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 Designated as Hedges Subsequent changes in fair value for a hedging instrument that has been designated and qualifies as part of a hedging relationship are accounted for in the following manner: Cash flow hedges : changes in fair value are recognized as a component in other comprehensive income (loss). 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 both September 30, 2023 and December 31, 2022. Interest rate collars and floors related to variable-rate commercial loan pools were designated as cash flow hedges totaling $1.5 billion notional amount at September 30, 2023 and $1.9 billion notional amount at December 31, 2022. 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 $700.0 million notional amount at September 30, 2023 and $300.0 million notional amount at December 31, 2022. Interest rate swaps of certain available-for-sale investment securities were designated as fair value hedges totaling $998.1 million notional amount at September 30, 2023 and $910.0 million notional amount at December 31, 2022. The hedges were determined to be effective during all periods presented and we expect them to remain effective during the remaining terms. The following table summarizes Old National’s derivatives designated as hedges: September 30, 2023 December 31, 2022 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 $ 1,500,000 $ 2,214 $ 27,749 $ 1,900,000 $ 11,764 $ 47,859 Interest rate swaps on borrowings (3) 150,000 — — 150,000 — — Fair value hedges Interest rate swaps on investment securities (3) 998,107 — — 909,957 — — Interest rate swaps on borrowings (3) 700,000 — — 300,000 — — Total $ 2,214 $ 27,749 $ 11,764 $ 47,859 (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 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 September 30, 2023 Interest rate contracts Interest income/(expense) $ (9,553) Fixed-rate debt Interest income/(expense) $ 9,566 Interest rate contracts Interest income/(expense) 45,537 Fixed-rate Interest income/(expense) (46,055) Total $ 35,984 $ (36,489) Three Months Ended Interest rate contracts Interest income/(expense) $ (532) Fixed-rate debt Interest income/(expense) $ 638 Interest rate contracts Interest income/(expense) 47,963 Fixed-rate Interest income/(expense) (47,975) Total $ 47,431 $ (47,337) Nine Months Ended Interest rate contracts Interest income/(expense) $ (18,500) Fixed-rate debt Interest income/(expense) $ 18,303 Interest rate contracts Interest income/(expense) 7,268 Fixed-rate Interest income/(expense) (7,671) Total $ (11,232) $ 10,632 Nine Months Ended Interest rate contracts Interest income/(expense) $ (7,889) Fixed-rate debt Interest income/(expense) $ 8,193 Interest rate contracts Interest income/(expense) 159,397 Fixed-rate Interest income/(expense) (159,767) Total $ 151,508 $ (151,574) 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) 2023 2022 2023 2022 Derivatives in Location of Gain or Gain (Loss) Gain (Loss) Interest rate contracts Interest income/(expense) $ (15,574) $ (36,755) $ (5,960) $ (749) Nine Months Ended Nine Months Ended 2023 2022 2023 2022 Derivatives in Location of Gain or Gain (Loss) Gain (Loss) Interest rate contracts Interest income/(expense) $ 4,302 $ (49,679) $ 17,481 $ 139 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 $5.8 million will be reclassified to interest income and $26.3 million will be reclassified to interest expense. Derivatives Not Designated as Hedges 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 September 30, 2023, the notional amounts of the interest rate lock commitments were $42.5 million and forward commitments were $54.7 million. At December 31, 2022, the notional amounts of the interest rate lock commitments were $21.4 million and forward commitments were $30.3 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 clients. The notional amounts of these customer derivative instruments and the offsetting counterparty derivative instruments were $5.8 billion at September 30, 2023 and $5.2 billion at December 31, 2022. 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 clients 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 clients. Old National does not designate these foreign currency forward contracts for hedge accounting treatment. The following table summarizes Old National’s derivatives not designated as hedges: September 30, 2023 December 31, 2022 Fair Value Fair Value (dollars in thousands) Notional Assets (1) Liabilities (2) Notional Assets (1) Liabilities (2) Interest rate lock commitments $ 42,492 $ — $ 146 $ 21,401 $ 93 $ — Forward mortgage loan contracts 54,730 1,031 — 30,330 32 — Customer interest rate swaps 5,775,638 1,208 379,864 5,220,363 5,676 326,924 Counterparty interest rate swaps (3) 5,775,634 222,907 1,213 5,220,363 151,111 5,711 Customer foreign currency contracts 13,234 218 156 8,341 253 42 Counterparty foreign currency contracts 12,970 255 141 8,297 72 168 Total $ 225,619 $ 381,520 $ 157,237 $ 332,845 (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 effect of derivatives not designated as hedging instruments on the consolidated statements of income were as follows: Three Months Ended (dollars in thousands) 2023 2022 Derivatives Not Designated as Location of Gain or (Loss) Gain (Loss) Interest rate contracts (1) Other income/(expense) $ 426 $ 108 Mortgage contracts Mortgage banking revenue 391 638 Foreign currency contracts Other income/(expense) (3) 75 Total $ 814 $ 821 Nine Months Ended 2023 2022 Derivatives Not Designated as Location of Gain or (Loss) Gain (Loss) Interest rate contracts (1) Other income/(expense) $ 1,125 $ 1,058 Mortgage contracts Mortgage banking revenue 760 (735) Foreign currency contracts Other income/(expense) (16) 113 Total $ 1,869 $ 436 (1) Includes the valuation differences between the customer and offsetting swaps. |
Commitments, Contingencies, and
Commitments, Contingencies, and Financial Guarantees | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies, and Financial Guarantees | COMMITMENTS, CONTINGENCIES, AND FINANCIAL GUARANTEES Litigation At September 30, 2023, there were certain legal proceedings pending against the Company and its subsidiaries in the ordinary course of business. While the outcome of any legal proceeding is inherently uncertain, based on information currently available, the Company’s management does not expect that any potential liabilities arising from pending legal matters will have a material adverse effect on the Company’s business, financial position, or results of operations. Credit-Related Financial Instruments Old National holds instruments, in the normal course of business with clients, that are considered financial guarantees and are recorded 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. These commitments are not recorded in the consolidated financial statements. The following table summarizes Old National Bank’s unfunded loan commitments and standby letters of credit: (dollars in thousands) September 30, December 31, Unfunded loan commitments $ 9,142,538 $ 8,979,334 Standby letters of credit (1) 184,027 174,070 (1) Notional amount, which represents the maximum amount of future funding requirements. The carrying value was $1.2 million at September 30, 2023 and $0.8 million at December 31, 2022. At September 30, 2023, approximately 4% of the unfunded loan commitments had fixed rates, with the remainder having floating rates ranging from 0% to 23%. The allowance for unfunded loan commitments totaled $33.0 million at September 30, 2023 and $32.2 million at December 31, 2022. Old National is a party in risk participation transactions of interest rate swaps, which had total notional amounts of $522.5 million at September 30, 2023 and $398.9 million at December 31, 2022. 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 September 30, 2023, the conversion ratio was 1.5875. 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 September 30, 2023 are carried at a zero cost basis and are included in other assets with our equity securities that have no readily determinable fair value. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2023 | |
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 and equity securities : The fair values for investment securities and equity 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 SOFR 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. 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 market quotes developed using observable 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 September 30, 2023 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Equity securities $ 69,880 $ 69,880 $ — $ — Investment securities available-for-sale: U.S. Treasury 548,126 548,126 — — U.S. government-sponsored entities and agencies 1,142,900 — 1,142,900 — Mortgage-backed securities - Agency 3,862,705 — 3,862,705 — States and political subdivisions 544,944 — 544,944 — Pooled trust preferred securities 11,125 — 11,125 — Other securities 304,961 — 304,961 — Loans held-for-sale 122,033 — 122,033 — Derivative assets 227,833 — 227,833 — Financial Liabilities Derivative liabilities 409,269 — 409,269 — Fair Value Measurements at December 31, 2022 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Equity securities $ 52,507 $ 52,507 $ — $ — Investment securities available-for-sale: U.S. Treasury 200,927 200,927 — — U.S. government-sponsored entities and agencies 1,175,080 — 1,175,080 — Mortgage-backed securities - Agency 4,369,902 — 4,369,902 — States and political subdivisions 663,852 — 663,852 — Pooled trust preferred securities 10,811 — 10,811 — Other securities 353,140 — 353,140 — Loans held-for-sale 11,926 — 11,926 — Derivative assets 169,001 — 169,001 — Financial Liabilities Derivative liabilities 380,704 — 380,704 — Non-Recurring Basis Assets measured at fair value at September 30, 2023 on a non-recurring basis are summarized below: Fair Value Measurements at September 30, 2023 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant Collateral Dependent Loans: Commercial loans $ 10,783 $ — $ — $ 10,783 Commercial real estate loans 75,720 — — 75,720 Foreclosed Assets: Commercial 1,879 — — 1,879 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 $117.5 million, with a valuation allowance of $31.0 million at September 30, 2023. Old National recorded provision expense associated with these loans totaling $2.1 million and $21.9 million for the three and nine months ended September 30, 2023, respectively. Old National recorded provision expense associated with commercial and commercial real estate loans that were deemed collateral dependent totaling $7.3 million and $20.1 million for the three and nine months ended September 30, 2022, respectively. Other real estate owned and other repossessed property is measured at fair value less costs to sell on a non-recurring basis and had a net carrying amount of $1.9 million at September 30, 2023. There were $26 thousand of write-downs on other real estate owned for the three months ended September 30, 2023 and $0.1 million for nine months ended September 30, 2023. There were write-downs totaling $0.2 million and $0.6 million for the three and nine months ended September 30, 2022, respectively. 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). There was no valuation allowance for loan servicing rights with impairments at September 30, 2023 and no impairments or recoveries recorded during the three or nine months ended September 30, 2023. Old National recorded immaterial recoveries associated with loan servicing rights during the three and nine months ended September 30, 2022. Assets measured at fair value at December 31, 2022 on a non-recurring basis are summarized below: Fair Value Measurements at December 31, 2022 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Collateral Dependent Loans: Commercial loans $ 22,562 $ — $ — $ 22,562 Commercial real estate loans 48,026 — — 48,026 At December 31, 2022, commercial and commercial real estate loans that are deemed collateral dependent had a principal amount of $92.0 million, with a valuation allowance of $21.5 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) September 30, 2023 Collateral Dependent Loans Commercial loans $ 10,783 Discounted Discount for type of property, 10% - 40% (33%) cash flow age of appraisal, and current status Commercial real estate loans 75,720 Discounted Discount for type of property, 1% - 38% (17%) cash flow age of appraisal, and current status Foreclosed Assets Commercial real estate 1,879 Fair value of Discount for type of property, 4% - 17% (6%) collateral age of appraisal, and current status December 31, 2022 Collateral Dependent Loans Commercial loans $ 22,562 Discounted Discount for type of property, 10% - 47% (28%) cash flow age of appraisal, and current status Commercial real estate loans 48,026 Discounted Discount for type of property, 1% - 26% (11%) 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. Loans Held-For-Sale Old National has elected the fair value option for 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. Interest income for loans held-for-sale is included in the income statement totaling $0.4 million and $0.9 million for the three and nine months ended September 30, 2023, respectively, compared to $0.4 million and $1.6 million for the three and nine months ended September 30, 2022, respectively. Newly originated conforming fixed-rate and adjustable-rate first mortgage 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 September 30, 2023 Loans held-for-sale $ 122,033 $ 72 $ 121,961 December 31, 2022 Loans held-for-sale $ 11,926 $ 221 $ 11,705 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 September 30, 2023 Loans held-for-sale $ (327) $ 12 $ — $ (315) Three Months Ended September 30, 2022 Loans held-for-sale $ (710) $ 1 $ — $ (709) Nine Months Ended September 30, 2023 Loans held-for-sale $ (151) $ 2 $ — $ (149) Nine Months Ended September 30, 2022 Loans held-for-sale $ (1,775) $ 7 $ — $ (1,768) Financial Instruments Not Carried at Fair Value The carrying amounts and estimated exit price fair values of financial instruments not carried at fair value were as follows: Fair Value Measurements at September 30, 2023 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Cash, due from banks, money market, $ 1,663,430 $ 1,663,430 $ — $ — Investment securities held-to-maturity: U.S. government-sponsored entities and agencies 824,223 — 617,010 — Mortgage-backed securities - Agency 1,043,585 — 847,652 — State and political subdivisions 1,160,106 — 928,959 — Loans, net: Commercial 9,207,028 — — 9,078,129 Commercial real estate 13,770,202 — — 13,302,502 Residential real estate 6,675,508 — — 5,630,855 Consumer credit 2,621,114 — — 2,526,277 Accrued interest receivable 209,503 1,093 45,597 162,813 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 10,091,352 $ 10,091,352 $ — $ — Checking, NOW, savings, and money market 21,585,620 21,585,620 — — Time deposits 5,575,704 — 5,527,361 — Federal funds purchased and interbank borrowings 918 918 — — Securities sold under agreements to repurchase 279,061 279,061 — — FHLB advances 4,412,576 — 4,167,911 — Other borrowings 863,455 — 843,629 — Accrued interest payable 46,934 — 46,934 — Standby letters of credit 1,224 — — 1,224 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 3,582 Fair Value Measurements at December 31, 2022 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Cash, due from banks, money market, $ 728,412 $ 728,412 $ — $ — Investment securities held-to-maturity: U.S. government-sponsored entities and agencies 819,168 — 656,358 — Mortgage-backed securities - Agency 1,106,817 — 982,963 — State and political subdivisions 1,163,162 — 1,004,361 — Loans, net: Commercial 9,386,862 — — 9,066,583 Commercial real estate 12,317,825 — — 11,867,851 Residential real estate 6,438,525 — — 5,372,491 Consumer credit 2,676,758 — — 2,557,115 Accrued interest receivable 190,521 758 52,081 137,682 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 11,930,798 $ 11,930,798 $ — $ — Checking, NOW, savings, and money market 20,056,252 20,056,252 — — Time deposits 3,013,780 — 2,976,389 — Federal funds purchased and interbank borrowings 581,489 581,489 — — Securities sold under agreements to repurchase 432,804 432,804 — — FHLB advances 3,829,018 — 3,739,780 — Other borrowings 743,003 — 703,156 — Accrued interest payable 19,547 — 19,547 — Standby letters of credit 755 — — 755 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 3,666 The methods utilized to measure the fair value of financial instruments at September 30, 2023 and December 31, 2022 represent an approximation of exit price, however, an actual exit price may differ. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Pay vs Performance Disclosure | ||||||||
Net income (loss) | $ 147,876 | $ 155,036 | $ 146,600 | $ 140,153 | $ 114,985 | $ (27,586) | $ 449,512 | $ 227,552 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Sep. 30, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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 subsidiaries (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 September 30, 2023 and December 31, 2022, and the results of its operations for the three and nine months ended September 30, 2023 and 2022. Interim results do not necessarily represent annual results. Certain information and disclosures normally included in notes to consolidated annual financial statements prepared in accordance with GAAP have been condensed or omitted in this Quarterly Report on Form 10-Q pursuant to SEC rules and regulations. These financial statements should be read in conjunction with Old National’s Annual Report on Form 10-K for the year ended December 31, 2022. All 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. |
Financial Difficulty Modifications | Financial Difficulty Modifications Any loans that are modified are reviewed by Old National to identify if a financial difficulty modification has occurred, which is when Old National Bank modifies a loan related to a borrower experiencing financial difficulties. 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, a permanent reduction of the recorded investment of the loan, or an other-than-insignificant payment delay. The adoption of ASU 2022-02 on January 1, 2023 eliminated the recognition and measurement of TDRs and enhanced disclosures for modifications to loans related to borrowers experiencing financial difficulties. See Note 2 to the consolidated financial statements for additional detail regarding the adoption of ASU 2022-02. Other than the changes for financial difficulty modifications, there have been no material changes from the significant accounting policies disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Guidance Adopted in 2023 FASB ASC 805 – In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities From Contracts With Customers , to address diversity in practice and inconsistency related to the accounting for revenue contracts with customers acquired in a business combination. The amendments require that the acquirer recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606. At the acquisition date, an acquirer should account for the related revenue contracts in accordance with Topic 606 as if it had originated the contracts. The ASU also provides certain practical expedients for acquirers when recognizing and measuring acquired contract assets and liabilities. The amendments in this update are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Entities should apply the amendments prospectively to business combinations that occur after the effective date. The adoption of this guidance on January 1, 2023 did not have a material impact on the consolidated financial statements. FASB ASC 815 – In March 2022, the FASB issued ASU 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging—Portfolio Layer Method , to expand the current single-layer method of electing hedge accounting to allow multiple hedged layers of a single closed portfolio under the method and rename the last-of-layer method the portfolio layer method. The amendments in this update are effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. The adoption of this guidance on January 1, 2023 did not have a material impact on the consolidated financial statements. FASB ASC 326 – In March 2022, the FASB issued ASU 2022-02, Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures , to eliminate the TDR recognition and measurement guidance and, instead, require that an entity evaluate (consistent with the accounting for other loan modifications) whether the modification represents a new loan or a continuation of an existing loan. The amendments also enhance existing disclosure requirements and introduce new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. The amendments require that an entity disclose current-period gross charge-offs by year of origination for financing receivables and net investment in leases within the vintage disclosures required by ASC 326. The amendments in this update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Old National adopted the provision in ASU 2022-02 related to the recognition and measurement of TDRs on a prospective basis on January 1, 2023, which did not have a material impact on the consolidated financial statements. 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 LIBOR or other interbank offered rate on financial reporting. The guidance is applicable only to contracts or hedge accounting relationships that reference LIBOR or another reference rate expected to be discontinued. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which defers the sunset date of relief provisions within Topic 848 from December 31, 2022 to December 31, 2024. The objective of the guidance in Topic 848 is to provide relief during the transition period. The amendments in this ASU are effective March 12, 2020 through December 31, 2024. Old National believes the adoption of this guidance on activities subsequent to September 30, 2023 will not have a material impact on the consolidated financial statements. Accounting Guidance Pending Adoption FASB ASC 820 – In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions , to clarify that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted. Old National is currently evaluating the impact of adopting the new guidance on the consolidated financial statements. FASB ASC 842 – In March 2023, the FASB issued ASU 2023-01, Leases (Topic 842): Common Control Arrangements , which requires all entities to amortize leasehold improvements associated with common control leases over the useful life to the common control group. This ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been made available for issuance. If an entity adopts the amendments in an interim period, it must adopt them as of the beginning of the fiscal year that includes that interim period. Transition can be done either retrospectively or prospectively. Old National is currently evaluating the impact of adopting the new guidance on the consolidated financial statements. FASB ASC 323 – In March 2023, the FASB issued ASU 2023-02, Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method , which allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. This ASU is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted for all entities in any interim period. Old National is currently evaluating the impact of adopting the new guidance on the consolidated financial statements. |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Table Reconciling Basic and Diluted Net Income Per Share | The following table presents the calculation of basic and diluted net income per common share: Three Months Ended Nine Months Ended (dollars and shares in thousands, except per share data) 2023 2022 2023 2022 Net income $ 147,876 $ 140,153 $ 449,512 $ 227,552 Preferred dividends (4,034) (4,034) (12,101) (10,084) Net income applicable to common shares $ 143,842 $ 136,119 $ 437,411 $ 217,468 Weighted average common shares outstanding: Weighted average common shares outstanding (basic) 290,648 290,961 290,763 269,843 Effect of dilutive securities: Restricted stock 1,069 1,516 1,045 1,273 Stock appreciation rights — 6 1 7 Weighted average diluted shares outstanding 291,717 292,483 291,809 271,123 Basic Net Income Per Common Share $ 0.49 $ 0.47 $ 1.50 $ 0.81 Diluted Net Income Per Common Share $ 0.49 $ 0.47 $ 1.50 $ 0.80 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 and held-to-maturity investment securities portfolios and the corresponding amounts of gross unrealized gains, unrealized losses, and basis adjustments in AOCI and gross unrecognized gains and losses. (dollars in thousands) Amortized Unrealized Unrealized Basis Adjustments (1) Fair September 30, 2023 Available-for-Sale U.S. Treasury $ 616,608 $ 98 $ (10,258) $ (58,322) $ 548,126 U.S. government-sponsored entities and agencies 1,475,307 — (229,113) (103,294) 1,142,900 Mortgage-backed securities - Agency 4,686,448 17 (823,760) — 3,862,705 States and political subdivisions 592,495 7 (47,058) (500) 544,944 Pooled trust preferred securities 13,794 — (2,669) — 11,125 Other securities 335,292 112 (30,443) — 304,961 Total available-for-sale securities $ 7,719,944 $ 234 $ (1,143,301) $ (162,116) $ 6,414,761 Held-to-Maturity U.S. government-sponsored entities and agencies $ 824,223 $ — $ (207,213) $ — $ 617,010 Mortgage-backed securities - Agency 1,043,585 — (195,933) — 847,652 States and political subdivisions 1,160,256 — (231,147) — 929,109 Allowance for securities held-to-maturity (150) — — — (150) Total held-to-maturity securities $ 3,027,914 $ — $ (634,293) $ — $ 2,393,621 December 31, 2022 Available-for-Sale U.S. Treasury $ 253,148 $ 5 $ (5,189) $ (47,037) $ 200,927 U.S. government-sponsored entities and agencies 1,451,736 — (169,248) (107,408) 1,175,080 Mortgage-backed securities - Agency 4,986,354 976 (617,428) — 4,369,902 States and political subdivisions 688,159 1,789 (26,096) — 663,852 Pooled trust preferred securities 13,783 — (2,972) — 10,811 Other securities 379,423 258 (26,541) — 353,140 Total available-for-sale securities $ 7,772,603 $ 3,028 $ (847,474) $ (154,445) $ 6,773,712 Held-to-Maturity U.S. government-sponsored entities and agencies $ 819,168 $ — $ (162,810) $ — $ 656,358 Mortgage-backed securities - Agency 1,106,817 — (123,854) — 982,963 States and political subdivisions 1,163,312 221 (159,022) — 1,004,511 Allowance for securities held-to-maturity (150) — — — (150) Total held-to-maturity securities $ 3,089,147 $ 221 $ (445,686) $ — $ 2,643,682 (1) Basis adjustments represent the cumulative amount of fair value hedging adjustments included in the carrying amounts of fixed-rate investment securities assets designated in fair value hedging arrangements. See Note 15 to the consolidated financial statements for additional information regarding these derivative financial instruments. |
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 Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Proceeds $ 28,531 $ 5,221 $ 111,419 $ 78,568 Realized gains 54 17 1,002 528 Realized losses (295) (189) (6,442) (443) |
Expected Maturities of Investment Securities Portfolio | Weighted average yield is based on amortized cost. September 30, 2023 (dollars in thousands) Amortized Fair Weighted Maturity Available-for-Sale Within one year $ 539,157 $ 535,193 4.71 % One to five years 1,567,565 1,395,867 2.80 Five to ten years 3,987,461 3,285,183 2.37 Beyond ten years 1,625,761 1,198,518 2.46 Total $ 7,719,944 $ 6,414,761 2.64 % Held-to-Maturity One to five years $ 161,837 $ 127,716 2.68 % Five to ten years 954,756 797,284 2.64 Beyond ten years 1,911,321 1,468,621 2.71 Total $ 3,027,914 $ 2,393,621 2.69 % |
Available-for-Sale and Held-to-Maturity 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 September 30, 2023 Available-for-Sale U.S. Treasury $ 37,492 $ (144) $ 178,540 $ (10,114) $ 216,032 $ (10,258) U.S. government-sponsored entities 32,821 (58) 1,110,079 (229,055) 1,142,900 (229,113) Mortgage-backed securities - Agency 124,895 (5,798) 3,736,306 (817,962) 3,861,201 (823,760) States and political subdivisions 258,362 (7,749) 260,563 (39,309) 518,925 (47,058) Pooled trust preferred securities — — 11,125 (2,669) 11,125 (2,669) Other securities 11,737 (323) 262,912 (30,120) 274,649 (30,443) Total available-for-sale $ 465,307 $ (14,072) $ 5,559,525 $ (1,129,229) $ 6,024,832 $ (1,143,301) December 31, 2022 Available-for-Sale U.S. Treasury $ 130,967 $ (3,264) $ 66,992 $ (1,925) $ 197,959 $ (5,189) U.S. government-sponsored entities 454,854 (75,795) 720,226 (93,453) 1,175,080 (169,248) Mortgage-backed securities - Agency 3,207,319 (358,507) 1,116,205 (258,921) 4,323,524 (617,428) States and political subdivisions 414,813 (25,555) 2,703 (541) 417,516 (26,096) Pooled trust preferred securities — — 10,811 (2,972) 10,811 (2,972) Other securities 257,775 (17,045) 75,309 (9,496) 333,084 (26,541) Total available-for-sale $ 4,465,728 $ (480,166) $ 1,992,246 $ (367,308) $ 6,457,974 $ (847,474) |
Schedule of Held-to-Maturity Investment Securities with Unrecognized Losses | The following table summarizes the held-to-maturity investment securities with unrecognized losses aggregated by major security type and length of time in a continuous loss position: Less than 12 months 12 months or longer Total (dollars in thousands) Fair Unrecognized Fair Unrecognized Fair Unrecognized September 30, 2023 Held-to-Maturity U.S. government-sponsored entities $ — $ — $ 617,010 $ (207,213) $ 617,010 $ (207,213) Mortgage-backed securities - Agency — — 847,652 (195,933) 847,652 (195,933) States and political subdivisions 64,441 (4,877) 864,668 (226,270) 929,109 (231,147) Total held-to-maturity $ 64,441 $ (4,877) $ 2,329,330 $ (629,416) $ 2,393,771 $ (634,293) December 31, 2022 Held-to-Maturity U.S. government-sponsored entities $ 354,293 $ (110,523) $ 302,066 $ (52,287) $ 656,359 $ (162,810) Mortgage-backed securities - Agency 367,849 (42,438) 615,114 (81,416) 982,963 (123,854) States and political subdivisions 838,689 (127,355) 135,573 (31,667) 974,262 (159,022) Total held-to-maturity $ 1,560,831 $ (280,316) $ 1,052,753 $ (165,370) $ 2,613,584 $ (445,686) |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Receivables [Abstract] | |
Schedule of Composition of Loans and Impact of Adoption | The portfolio segment reclassifications follow: Balance Sheet Portfolio After (dollars in thousands) September 30, 2023 Loans: Commercial $ 9,333,448 $ (226,353) $ 9,107,095 Commercial real estate 13,916,221 (165,593) 13,750,628 BBCC N/A 391,946 391,946 Residential real estate 6,696,288 — 6,696,288 Consumer 2,631,877 (2,631,877) N/A Indirect N/A 1,047,224 1,047,224 Direct N/A 542,689 542,689 Home equity N/A 1,041,964 1,041,964 Total $ 32,577,834 $ — $ 32,577,834 December 31, 2022 Loans: Commercial $ 9,508,904 $ (210,280) $ 9,298,624 Commercial real estate 12,457,070 (158,322) 12,298,748 BBCC N/A 368,602 368,602 Residential real estate 6,460,441 — 6,460,441 Consumer 2,697,226 (2,697,226) N/A Indirect N/A 1,034,257 1,034,257 Direct N/A 629,186 629,186 Home equity N/A 1,033,783 1,033,783 Total $ 31,123,641 $ — $ 31,123,641 |
Schedule of Composition of Loans | The composition of loans by portfolio segment follows: (dollars in thousands) September 30, December 31, Commercial (1) $ 9,107,095 $ 9,298,624 Commercial real estate 13,750,628 12,298,748 BBCC 391,946 368,602 Residential real estate 6,696,288 6,460,441 Indirect 1,047,224 1,034,257 Direct 542,689 629,186 Home equity 1,041,964 1,033,783 Total loans 32,577,834 31,123,641 Allowance for credit losses on loans (303,982) (303,671) Net loans $ 32,273,852 $ 30,819,970 (1) Includes direct finance leases of $173.0 million at September 30, 2023 and $188.1 million at December 31, 2022. |
Schedule of Activity in Allowance for Loan Losses | Old National’s activity in the allowance for credit losses on loans by portfolio segment was as follows: (dollars in thousands) Balance at Allowance Charge-offs Recoveries Provision Balance at Three Months Ended Commercial $ 127,403 $ — $ (16,705) $ 1,616 $ 12,441 $ 124,755 Commercial real estate 136,897 — (2,291) 102 10,267 144,975 BBCC 2,776 — (1,049) 70 912 2,709 Residential real estate 20,421 — (15) 28 346 20,780 Indirect 1,407 — (490) 325 79 1,321 Direct 4,755 — (2,180) 580 416 3,571 Home equity 6,896 — (20) 341 (1,346) 5,871 Total $ 300,555 $ — $ (22,750) $ 3,062 $ 23,115 $ 303,982 Three Months Ended Commercial $ 102,819 $ 3,740 $ (2,696) $ 2,206 $ 6,344 $ 112,413 Commercial real estate 141,802 6,818 (4,772) 287 (45) 144,090 BBCC 2,064 — — 108 (4) 2,168 Residential real estate 19,729 — (20) 66 1,481 21,256 Indirect 1,641 — (624) 379 189 1,585 Direct 14,412 — (3,299) 442 4,541 16,096 Home equity 5,536 — (29) 357 (1,218) 4,646 Total $ 288,003 $ 10,558 $ (11,440) $ 3,845 $ 11,288 $ 302,254 Nine Months Ended Commercial $ 120,612 $ — $ (37,459) $ 3,713 $ 37,889 $ 124,755 Commercial real estate 138,244 — (5,938) 1,394 11,275 144,975 BBCC 2,431 — (1,171) 174 1,275 2,709 Residential real estate 21,916 — (256) 153 (1,033) 20,780 Indirect 1,532 — (2,089) 1,349 529 1,321 Direct 12,116 — (8,018) 1,798 (2,325) 3,571 Home equity 6,820 — (330) 471 (1,090) 5,871 Total $ 303,671 $ — $ (55,261) $ 9,052 $ 46,520 $ 303,982 Nine Months Ended Commercial $ 27,232 $ 38,780 $ (5,919) $ 3,219 $ 49,101 $ 112,413 Commercial real estate 64,004 49,419 (5,596) 789 35,474 144,090 BBCC 2,458 — (48) 256 (498) 2,168 Residential real estate 9,347 136 (344) 636 11,481 21,256 Indirect 1,743 — (1,636) 921 557 1,585 Direct 528 31 (6,550) 1,712 20,375 16,096 Home equity 2,029 723 (107) 540 1,461 4,646 Total $ 107,341 $ 89,089 $ (20,200) $ 8,073 $ 117,951 $ 302,254 Three Months Ended Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Allowance for credit losses on unfunded loan commitments: Balance at beginning of period $ 37,007 $ 21,966 $ 32,188 $ 10,879 Provision for credit losses on unfunded loan commitments — — — 11,013 (Recapture of) provision for credit losses on unfunded loan (4,047) 4,203 772 4,277 Balance at end of period $ 32,960 $ 26,169 $ 32,960 $ 26,169 |
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, class of loan, and origination year: (dollars in thousands) Origination Year Revolving to Term 2023 2022 2021 2020 2019 Prior Revolving Total September 30, 2023 Commercial: Pass $ 1,615,716 $ 1,690,168 $ 1,095,758 $ 553,187 $ 479,907 $ 501,610 $ 2,000,147 $ 454,995 $ 8,391,488 Criticized 27,469 110,893 21,107 46,241 22,674 54,738 107,105 32,247 422,474 Classified: Substandard 19,509 40,694 32,135 38,892 9,970 20,431 66,977 15,417 244,025 Nonaccrual — 5,748 2,034 284 2,718 — — — 10,784 Doubtful — 18,838 5,626 1,762 962 11,136 — — 38,324 Total $ 1,662,694 $ 1,866,341 $ 1,156,660 $ 640,366 $ 516,231 $ 587,915 $ 2,174,229 $ 502,659 $ 9,107,095 Commercial real estate: Pass $ 1,805,852 $ 3,432,536 $ 2,715,562 $ 1,734,359 $ 1,117,895 $ 1,273,742 $ 73,590 $ 796,442 $ 12,949,978 Criticized 58,440 62,461 42,128 28,716 27,978 90,549 9,959 21,023 341,254 Classified: Substandard 21,214 84,269 23,589 16,822 78,165 41,313 — 50,424 315,796 Nonaccrual — 2,983 11,470 1,428 52 11,385 — 792 28,110 Doubtful — 1,649 33,564 4,142 38,199 37,936 — — 115,490 Total $ 1,885,506 $ 3,583,898 $ 2,826,313 $ 1,785,467 $ 1,262,289 $ 1,454,925 $ 83,549 $ 868,681 $ 13,750,628 BBCC: Pass $ 74,658 $ 76,281 $ 49,463 $ 42,980 $ 30,085 $ 14,488 $ 66,281 $ 18,582 $ 372,818 Criticized 2,295 2,469 1,114 76 1,110 — 2,470 2,264 11,798 Classified: Substandard 98 733 619 24 401 1,196 100 438 3,609 Nonaccrual 216 451 310 340 — 87 477 278 2,159 Doubtful — 865 492 50 67 88 — — 1,562 Total $ 77,267 $ 80,799 $ 51,998 $ 43,470 $ 31,663 $ 15,859 $ 69,328 $ 21,562 $ 391,946 (dollars in thousands) Origination Year Revolving to Term 2022 2021 2020 2019 2018 Prior Revolving Total December 31, 2022 Commercial: Pass $ 2,388,618 $ 1,754,364 $ 796,340 $ 738,208 $ 362,986 $ 388,617 $ 1,988,763 $ 329,119 $ 8,747,015 Criticized 40,856 30,661 63,557 33,490 9,195 5,312 61,036 4,327 248,434 Classified: Substandard 37,223 47,522 16,540 22,925 4,844 21,204 67,402 25,143 242,803 Nonaccrual 3,627 1,453 566 — — — 1,634 6,623 13,903 Doubtful 2,821 17,604 3,720 8,005 5,968 8,351 — — 46,469 Total $ 2,473,145 $ 1,851,604 $ 880,723 $ 802,628 $ 382,993 $ 423,484 $ 2,118,835 $ 365,212 $ 9,298,624 Commercial real estate: Pass $ 3,066,960 $ 2,828,758 $ 1,989,000 $ 1,219,025 $ 675,572 $ 1,018,719 $ 57,818 $ 689,553 $ 11,545,405 Criticized 75,306 34,422 22,569 82,637 86,504 56,864 — 23,282 381,584 Classified: Substandard 46,231 16,928 24,319 78,468 57,824 21,591 — 4,108 249,469 Nonaccrual 3,151 9,541 5,014 — 2,312 22,155 — 3,257 45,430 Doubtful 1,934 38,386 10,011 4,605 1,523 20,401 — — 76,860 Total $ 3,193,582 $ 2,928,035 $ 2,050,913 $ 1,384,735 $ 823,735 $ 1,139,730 $ 57,818 $ 720,200 $ 12,298,748 BBCC: Pass $ 90,341 $ 64,161 $ 52,304 $ 36,868 $ 23,618 $ 11,333 $ 60,016 $ 18,881 $ 357,522 Criticized 1,504 525 368 692 353 — 1,006 1,603 6,051 Classified: Substandard 811 143 — 421 — — 543 682 2,600 Nonaccrual 42 37 118 — 429 284 — 639 1,549 Doubtful 40 107 439 157 64 73 — — 880 Total $ 92,738 $ 64,973 $ 53,229 $ 38,138 $ 24,464 $ 11,690 $ 61,565 $ 21,805 $ 368,602 Origination Year Revolving to Term (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Total September 30, 2023 Residential real estate: Risk Rating: Performing $ 362,518 $ 1,504,933 $ 1,861,729 $ 1,732,039 $ 444,411 $ 750,037 $ — $ 279 $ 6,655,946 Nonperforming — 3,529 2,905 4,538 3,343 26,027 — — 40,342 Total $ 362,518 $ 1,508,462 $ 1,864,634 $ 1,736,577 $ 447,754 $ 776,064 $ — $ 279 $ 6,696,288 Indirect: Risk Rating: Performing $ 309,220 $ 390,012 $ 181,235 $ 96,148 $ 46,877 $ 19,666 $ — $ 196 $ 1,043,354 Nonperforming 120 1,270 1,175 604 361 340 — — 3,870 Total $ 309,340 $ 391,282 $ 182,410 $ 96,752 $ 47,238 $ 20,006 $ — $ 196 $ 1,047,224 Direct: Risk Rating: Performing $ 84,749 $ 99,625 $ 107,539 $ 54,070 $ 35,065 $ 87,207 $ 63,877 $ 4,852 $ 536,984 Nonperforming 87 486 522 403 316 3,874 6 11 5,705 Total $ 84,836 $ 100,111 $ 108,061 $ 54,473 $ 35,381 $ 91,081 $ 63,883 $ 4,863 $ 542,689 Home equity: Risk Rating: Performing $ 1 $ 692 $ 387 $ 690 $ 743 $ 5,736 $ 994,797 $ 23,918 $ 1,026,964 Nonperforming — 24 219 203 758 4,810 1,692 7,294 15,000 Total $ 1 $ 716 $ 606 $ 893 $ 1,501 $ 10,546 $ 996,489 $ 31,212 $ 1,041,964 Origination Year Revolving to Term 2022 2021 2020 2019 2018 Prior Revolving Total December 31, 2022 Residential real estate: Risk Rating: Performing $ 1,327,168 $ 1,945,792 $ 1,825,762 $ 478,529 $ 136,260 $ 712,175 $ 7 $ 88 $ 6,425,781 Nonperforming 59 529 861 873 1,826 30,512 — — 34,660 Total $ 1,327,227 $ 1,946,321 $ 1,826,623 $ 479,402 $ 138,086 $ 742,687 $ 7 $ 88 $ 6,460,441 Indirect: Risk Rating: Performing $ 504,410 $ 249,407 $ 144,265 $ 82,304 $ 31,484 $ 19,095 $ — $ 62 $ 1,031,027 Nonperforming 348 1,074 645 531 304 328 — — 3,230 Total $ 504,758 $ 250,481 $ 144,910 $ 82,835 $ 31,788 $ 19,423 $ — $ 62 $ 1,034,257 Direct: Risk Rating: Performing $ 132,934 $ 164,126 $ 77,406 $ 57,919 $ 45,299 $ 59,212 $ 87,622 $ 671 $ 625,189 Nonperforming 115 851 614 205 327 1,526 5 354 3,997 Total $ 133,049 $ 164,977 $ 78,020 $ 58,124 $ 45,626 $ 60,738 $ 87,627 $ 1,025 $ 629,186 Home equity: Risk Rating: Performing $ 919 $ 896 $ 1,849 $ 1,497 $ 983 $ 11,646 $ 990,001 $ 14,792 $ 1,022,583 Nonperforming 166 160 166 446 794 4,308 1,698 3,462 11,200 Total $ 1,085 $ 1,056 $ 2,015 $ 1,943 $ 1,777 $ 15,954 $ 991,699 $ 18,254 $ 1,033,783 The following table summarizes the gross charge-offs of loans by loan portfolio segment and origination year: Origination Year (dollars in thousands) 2023 2022 2021 2020 2019 Prior Revolving Total Three Months Ended September 30, 2023 Commercial $ — $ 4,154 $ 12,271 $ — $ — $ 63 $ 217 $ 16,705 Commercial real estate — — — 1,744 — 547 — 2,291 BBCC 499 501 49 — — — — 1,049 Residential real estate — — — — — 15 — 15 Indirect 75 276 86 12 10 31 — 490 Direct 19 429 423 112 270 60 867 2,180 Home equity — — — — — 20 — 20 Total gross charge-offs $ 593 $ 5,360 $ 12,829 $ 1,868 $ 280 $ 736 $ 1,084 $ 22,750 Nine Months Ended September 30, 2023 Commercial $ — $ 6,254 $ 23,432 $ 120 $ 6,789 $ 302 $ 562 $ 37,459 Commercial real estate — 54 735 2,144 — 3,005 — 5,938 BBCC 499 548 77 47 — — — 1,171 Residential real estate — — — — — 256 — 256 Indirect 85 954 640 153 137 120 — 2,089 Direct 19 1,330 1,805 570 1,011 450 2,833 8,018 Home equity — — — — — 330 — 330 Total gross charge-offs $ 603 $ 9,140 $ 26,689 $ 3,034 $ 7,937 $ 4,463 $ 3,395 $ 55,261 |
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 September 30, 2023 Commercial $ 2,754 $ 4,214 $ 12,504 $ 19,472 $ 9,087,623 $ 9,107,095 Commercial real estate 15,954 6,295 21,366 43,615 13,707,013 13,750,628 BBCC 1,273 511 712 2,496 389,450 391,946 Residential 29,762 6,784 12,733 49,279 6,647,009 6,696,288 Indirect 5,576 1,368 1,156 8,100 1,039,124 1,047,224 Direct 3,626 1,059 1,588 6,273 536,416 542,689 Home equity 5,840 1,808 6,077 13,725 1,028,239 1,041,964 Total $ 64,785 $ 22,039 $ 56,136 $ 142,960 $ 32,434,874 $ 32,577,834 December 31, 2022 Commercial $ 14,147 $ 4,801 $ 11,080 $ 30,028 $ 9,268,596 $ 9,298,624 Commercial real estate 47,240 1,312 32,892 81,444 12,217,304 12,298,748 BBCC 730 365 603 1,698 366,904 368,602 Residential 24,181 5,033 11,753 40,967 6,419,474 6,460,441 Indirect 6,302 2,118 958 9,378 1,024,879 1,034,257 Direct 5,404 2,118 1,928 9,450 619,736 629,186 Home equity 6,585 1,966 4,707 13,258 1,020,525 1,033,783 Total $ 104,589 $ 17,713 $ 63,921 $ 186,223 $ 30,937,418 $ 31,123,641 |
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: September 30, 2023 December 31, 2022 (dollars in thousands) Nonaccrual Nonaccrual Past Due Nonaccrual Nonaccrual Past Due Commercial $ 49,108 $ 13,432 $ 577 $ 60,372 $ 7,873 $ 152 Commercial real estate 143,600 29,721 104 122,290 33,445 — BBCC 3,721 — — 2,429 — — Residential 40,342 — — 34,660 — 1,808 Indirect 3,870 — 54 3,230 — 28 Direct 5,705 — 109 3,997 — 133 Home equity 15,000 — 348 11,200 — 529 Total $ 261,346 $ 43,153 $ 1,192 $ 238,178 $ 41,318 $ 2,650 Type of Collateral (dollars in thousands) Real Blanket Investment Auto Other September 30, 2023 Commercial $ 13,635 $ 31,856 $ 466 $ 288 $ 347 Commercial real estate 131,826 — 1,205 — 6,184 BBCC 2,131 1,174 — 416 — Residential 40,342 — — — — Indirect — — — 3,870 — Direct 4,622 1 3 296 31 Home equity 15,000 — — — — Total loans $ 207,556 $ 33,031 $ 1,674 $ 4,870 $ 6,562 December 31, 2022 Commercial $ 8,962 $ 42,754 $ 2,690 $ 1,611 $ 980 Commercial real estate 108,871 — 1,718 — 6,411 BBCC 1,939 478 — 12 — Residential 34,660 — — — — Indirect — — — 3,230 — Direct 2,991 13 — 232 23 Home equity 11,200 — — — — Total loans $ 168,623 $ 43,245 $ 4,408 $ 5,085 $ 7,414 |
Schedule of Activity in Trouble Debt Restructurings | The following table presents the amortized cost basis of financial difficulty modifications at September 30, 2023 that were modified during the three and nine months ended September 30, 2023 by class of loans and type of modification: (dollars in thousands) Term Total Three Months Ended September 30, 2023 Commercial $ 3,502 0.0 % Commercial real estate 93,844 0.7 % Total $ 97,346 0.3 % Nine Months Ended September 30, 2023 Commercial $ 20,811 0.2 % Commercial real estate 116,580 0.8 % Total $ 137,391 0.4 % Old National closely monitors the performance of financial difficulty modifications to understand the effectiveness of its efforts. The following table presents the performance of loans identified as financial difficulty modifications at September 30, 2023: (dollars in thousands) 30-59 Days 60-89 Days Past Due Total Current Total September 30, 2023 Commercial $ — $ — $ 2,541 $ 2,541 $ 18,270 $ 20,811 Commercial real estate 1,086 — — 1,086 115,494 116,580 Total $ 1,086 $ — $ 2,541 $ 3,627 $ 133,764 $ 137,391 The following table summarizes the nature of the financial difficulty modifications during the three and nine months ended September 30, 2023 by class of loans: (dollars in thousands) Weighted- Three Months Ended September 30, 2023 Commercial 7.3 Commercial real estate 9.2 Total 9.2 Nine Months Ended September 30, 2023 Commercial 5.7 Commercial real estate 8.9 Total 8.4 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Leases [Abstract] | |
Schedule of Components of Lease Expense | The components of lease expense were as follows: Affected Line Three Months Ended Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Operating lease cost Occupancy/Equipment expense $ 7,462 $ 7,657 $ 23,569 $ 21,323 Finance lease cost: Amortization of right-of-use assets Occupancy expense 742 680 2,170 2,003 Interest on lease liabilities Interest expense 183 105 536 315 Sub-lease income Occupancy expense (119) (87) (281) (389) Total $ 8,268 $ 8,355 $ 25,994 $ 23,252 |
Schedule of Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: (dollars in thousands) September 30, December 31, Operating Leases Operating lease right-of-use assets $ 179,284 $ 189,714 Operating lease liabilities 199,937 211,964 Finance Leases Premises and equipment, net 20,571 10,799 Other borrowings 21,595 13,469 Weighted-Average Remaining Lease Term (in Years) Operating leases 8.5 9.1 Finance leases 10.6 7.2 Weighted-Average Discount Rate Operating leases 2.93 % 2.88 % Finance leases 3.89 % 3.30 % |
Schedule of Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Nine Months Ended (dollars in thousands) 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 23,766 $ 22,223 Operating cash flows from finance leases 536 315 Financing cash flows from finance leases 1,893 1,839 |
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 September 30, 2023: (dollars in thousands) Operating Finance 2023 $ 7,959 $ 826 2024 31,183 3,357 2025 29,564 3,380 2026 28,622 2,154 2027 27,662 2,157 Thereafter 102,282 14,809 Total undiscounted lease payments 227,272 26,683 Amounts representing interest (27,335) (5,088) Lease liability $ 199,937 $ 21,595 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Balance at beginning of period $ 1,998,716 $ 1,991,534 $ 1,998,716 $ 1,036,994 Acquisitions and adjustments — 11,065 — 965,605 Balance at end of period $ 1,998,716 $ 2,002,599 $ 1,998,716 $ 2,002,599 |
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 September 30, 2023 Core deposit $ 143,511 $ (68,312) $ 75,199 Customer trust relationships 52,621 (19,701) 32,920 Total other intangible assets $ 196,132 $ (88,013) $ 108,119 December 31, 2022 Core deposit $ 170,642 $ (80,951) $ 89,691 Customer trust relationships 56,243 (19,529) 36,714 Total other intangible assets $ 226,885 $ (100,480) $ 126,405 |
Schedule of Estimated Amortization Expense for Future Years | Estimated amortization expense for future years is as follows: (dollars in thousands) 2023 remaining $ 5,869 2024 21,239 2025 18,358 2026 15,555 2027 12,867 Thereafter 34,231 Total $ 108,119 |
Qualified Affordable Housing _2
Qualified Affordable Housing Projects and Other Tax Credit Investments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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) September 30, 2023 December 31, 2022 Investment Accounting Method Investment Unfunded Commitment (1) Investment Unfunded LIHTC Proportional amortization $ 93,214 $ 54,440 $ 84,428 $ 55,754 FHTC Equity 36,715 27,214 19,316 9,588 NMTC Consolidation 45,637 — 51,912 — Renewable Energy Equity 385 — 1,099 — Total $ 175,951 $ 81,654 $ 156,755 $ 65,342 (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 Expense (1) Tax Expense (Benefit) Recognized (2) Three Months Ended September 30, 2023 LIHTC $ 3,208 $ (3,582) FHTC 330 (399) NMTC 2,092 (2,611) Renewable Energy 222 — Total $ 5,852 $ (6,592) Three Months Ended September 30, 2022 LIHTC $ 1,240 $ (1,650) FHTC 215 (262) NMTC 2,237 (2,788) Renewable Energy 210 — Total $ 3,902 $ (4,700) Nine Months Ended September 30, 2023 LIHTC $ 6,135 $ (7,398) FHTC 1,178 (1,423) NMTC 6,275 (7,833) Renewable Energy 714 — Total $ 14,302 $ (16,654) Nine Months Ended September 30, 2022 LIHTC $ 3,734 $ (4,950) FHTC 635 (776) NMTC 4,439 (5,538) Renewable Energy 629 — Total $ 9,437 $ (11,264) (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) | 9 Months Ended |
Sep. 30, 2023 | |
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 Nine Months Ended September 30, (dollars in thousands) 2023 2022 Outstanding at period end $ 279,061 $ 438,053 Average amount outstanding during the period 351,362 450,966 Maximum amount outstanding at any month-end during the period 430,537 509,275 Weighted-average interest rate: During the period 0.91 % 0.09 % At period end 1.35 % 0.40 % |
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 September 30, 2023 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 $ 279,061 $ — $ — $ — $ 279,061 Total $ 279,061 $ — $ — $ — $ 279,061 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Federal Home Loan Banks [Abstract] | |
Summary of FHLB Advances | The following table summarizes Old National Bank’s FHLB advances: (dollars in thousands) September 30, December 31, FHLB advances (fixed rates 0.00% to 5.61% and variable rates 5.35% to 5.36%) maturing December 2023 to September 2042 $ 4,450,528 $ 3,850,677 Fair value hedge basis adjustments and unamortized (37,952) (21,659) Total $ 4,412,576 $ 3,829,018 |
Summary of Contractual Maturities of FHLB Advances | Contractual maturities of FHLB advances at September 30, 2023 were as follows: (dollars in thousands) Due in 2023 $ 100,000 Due in 2024 25,243 Due in 2025 550,285 Due in 2026 100,000 Thereafter 3,675,000 Fair value hedge basis adjustments and unamortized prepayment fees (37,952) Total $ 4,412,576 |
Other Borrowings (Tables)
Other Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Summary of Other Borrowings | The following table summarizes Old National’s other borrowings: (dollars in thousands) September 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 (130) (247) Subordinated debentures (fixed rate 5.875%) maturing September 2026 150,000 150,000 Junior subordinated debentures (rates of 6.95% to 9.21%) maturing July 2031 to September 2037 136,643 136,643 Other basis adjustments 19,496 23,363 Old National Bank: Finance lease liabilities 21,595 13,469 Subordinated debentures (variable rate 9.99%) maturing October 2025 12,000 12,000 Leveraged loans for NMTC (fixed rates of 1.00% to 1.43%) maturing December 2046 to June 2060 143,745 143,187 Other (1) 205,106 89,588 Total other borrowings $ 863,455 $ 743,003 (1) Includes overnight borrowings to collateralize certain derivative positions totaling $204.5 million at September 30, 2023 and $88.0 million at December 31, 2022. The following table summarizes the terms of our outstanding junior subordinated debentures at September 30, 2023: (dollars in thousands) Rate at September 30, Name of Trust Issuance Date Issuance Rate Maturity Date Bridgeview Statutory Trust I July 2001 $ 15,464 3-month SOFR plus 3.58% 9.21% July 31, 2031 Bridgeview Capital Trust II December 2002 15,464 3-month SOFR plus 3.35% 8.92% January 7, 2033 First Midwest Capital Trust I November 2003 37,825 6.95% fixed 6.95% December 1, 2033 St. Joseph Capital Trust II March 2005 5,155 3-month SOFR plus 1.75% 7.42% March 17, 2035 Northern States Statutory Trust I September 2005 10,310 3-month SOFR plus 1.80% 7.47% September 15, 2035 Anchor Capital Trust III August 2005 5,000 3-month SOFR plus 1.55% 7.21% September 30, 2035 Great Lakes Statutory Trust II December 2005 6,186 3-month SOFR plus 1.40% 7.07% December 15, 2035 Home Federal Statutory September 2006 15,464 3-month SOFR plus 1.65% 7.32% September 15, 2036 Monroe Bancorp Capital July 2006 3,093 3-month SOFR plus 1.60% 7.17% October 7, 2036 Tower Capital Trust 3 December 2006 9,279 3-month SOFR plus 1.69% 7.36% March 1, 2037 Monroe Bancorp Statutory March 2007 5,155 3-month SOFR plus 1.60% 7.27% June 15, 2037 Great Lakes Statutory Trust III June 2007 8,248 3-month SOFR plus 1.70% 7.37% September 15, 2037 Total $ 136,643 The following table summarizes Old National Bank’s unfunded loan commitments and standby letters of credit: (dollars in thousands) September 30, December 31, Unfunded loan commitments $ 9,142,538 $ 8,979,334 Standby letters of credit (1) 184,027 174,070 (1) Notional amount, which represents the maximum amount of future funding requirements. The carrying value was $1.2 million at September 30, 2023 and $0.8 million at December 31, 2022. |
Summary of Contractual Maturities of Other Borrowings | Contractual maturities of other borrowings at September 30, 2023 were as follows: (dollars in thousands) Due in 2023 $ 205,160 Due in 2024 177,653 Due in 2025 14,740 Due in 2026 151,576 Due in 2027 1,636 Thereafter 292,738 Unamortized debt issuance costs and other basis adjustments 19,952 Total $ 863,455 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Equity [Abstract] | |
Schedule of AOCI | The following table summarizes the changes within each classification of AOCI, net of tax: (dollars in thousands) Unrealized Unrealized Gains and Defined Total Three Months Ended September 30, 2023 Balance at beginning of period $ (701,393) $ (103,144) $ (4,096) $ — $ (808,633) Other comprehensive income (loss) before (156,660) — (11,546) — (168,206) Amounts reclassified from AOCI to income (1) 178 4,193 3,653 — 8,024 Balance at end of period $ (857,875) $ (98,951) $ (11,989) $ — $ (968,815) Three Months Ended September 30, 2022 Balance at beginning of period $ (437,075) $ (122,199) $ (9,875) $ 16 $ (569,133) Other comprehensive income (loss) before (217,401) — (27,725) — (245,126) Amounts reclassified from AOCI to income (1) 131 5,121 565 (8) 5,809 Balance at end of period $ (654,345) $ (117,078) $ (37,035) $ 8 $ (808,450) Nine Months Ended September 30, 2023 Balance at beginning of period $ (642,346) $ (112,664) $ (31,549) $ 137 $ (786,422) Other comprehensive income (loss) before (219,562) 1,325 34,279 — (183,958) Amounts reclassified from AOCI to income (1) 4,033 12,388 (14,719) (137) 1,565 Balance at end of period $ (857,875) $ (98,951) $ (11,989) $ — $ (968,815) Nine Months Ended September 30, 2022 Balance at beginning of period $ (2,950) $ — $ 543 $ 32 $ (2,375) Other comprehensive income (loss) before (651,330) (125,229) (37,473) — (814,032) Amounts reclassified from AOCI to income (1) (65) 8,151 (105) (24) 7,957 Balance at end of period $ (654,345) $ (117,078) $ (37,035) $ 8 $ (808,450) (1) See table below for details about reclassifications to income. |
Reclassifications out of AOCI | The following table summarizes the amounts reclassified out of each component of AOCI for the three months ended September 30, 2023 and 2022: Three Months Ended (dollars in thousands) 2023 2022 Details about AOCI Components Amount Reclassified Affected Line Item in the Unrealized gains and losses on $ (241) $ (172) Debt securities gains (losses), net 63 41 Income tax (expense) benefit $ (178) $ (131) Net income (loss) Unrealized gains and losses on $ (5,623) $ (6,772) Interest income (expense) 1,430 1,651 Income tax (expense) benefit $ (4,193) $ (5,121) Net income (loss) Gains and losses on hedges $ (4,927) $ (749) Interest income (expense) 1,274 184 Income tax (expense) benefit $ (3,653) $ (565) Net income (loss) Amortization of defined benefit Actuarial gains (losses) $ — $ 11 Salaries and employee benefits — (3) Income tax (expense) benefit $ — $ 8 Net income (loss) Total reclassifications for the period $ (8,024) $ (5,809) Net income (loss) The following table summarizes the amounts reclassified out of each component of AOCI for the nine months ended September 30, 2023 and 2022: Nine Months Ended (dollars in thousands) 2023 2022 Details about AOCI Components Amount Reclassified Affected Line Item in the Unrealized gains and losses on $ (5,440) $ 85 Debt securities gains (losses), net 1,407 (20) Income tax (expense) benefit $ (4,033) $ 65 Net income (loss) Unrealized gains and losses on $ (16,574) $ (10,774) Interest income (expense) 4,186 2,623 Income tax (expense) benefit $ (12,388) $ (8,151) Net income (loss) Gains and losses on hedges $ 19,893 $ 139 Interest income (expense) (5,174) (34) Income tax (expense) benefit $ 14,719 $ 105 Net income (loss) Amortization of defined benefit Actuarial gains (losses) $ 182 $ 32 Salaries and employee benefits (45) (8) Income tax (expense) benefit $ 137 $ 24 Net income (loss) Total reclassifications for the period $ (1,565) $ (7,957) Net income (loss) |
Income Taxes (Tables)
Income Taxes (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 Nine Months Ended (dollars in thousands) 2023 2022 2023 2022 Provision at statutory rate of 21% $ 40,358 $ 37,598 $ 122,352 $ 59,365 Tax-exempt income: Tax-exempt interest (4,625) (3,929) (13,716) (10,335) Section 291/265 interest disallowance 675 85 1,593 150 Company-owned life insurance income (743) (684) (2,315) (2,340) Tax-exempt income (4,693) (4,528) (14,438) (12,525) State income taxes 8,163 7,050 24,856 7,808 Interim period effective rate adjustment 116 (31) (607) 3,042 Tax credit investments - federal (2,071) (2,407) (7,122) (4,968) Officer compensation limitation 1,040 401 3,120 1,053 Non-deductible FDIC premiums 1,949 1,178 6,096 2,549 Other, net (558) (374) (1,139) (1,187) Income tax expense (benefit) $ 44,304 $ 38,887 $ 133,118 $ 55,137 Effective tax rate 23.1 % 21.7 % 22.9 % 19.5 % |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Interest Rate Derivatives | The following table summarizes Old National’s derivatives designated as hedges: September 30, 2023 December 31, 2022 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 $ 1,500,000 $ 2,214 $ 27,749 $ 1,900,000 $ 11,764 $ 47,859 Interest rate swaps on borrowings (3) 150,000 — — 150,000 — — Fair value hedges Interest rate swaps on investment securities (3) 998,107 — — 909,957 — — Interest rate swaps on borrowings (3) 700,000 — — 300,000 — — Total $ 2,214 $ 27,749 $ 11,764 $ 47,859 (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. |
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 September 30, 2023 Interest rate contracts Interest income/(expense) $ (9,553) Fixed-rate debt Interest income/(expense) $ 9,566 Interest rate contracts Interest income/(expense) 45,537 Fixed-rate Interest income/(expense) (46,055) Total $ 35,984 $ (36,489) Three Months Ended Interest rate contracts Interest income/(expense) $ (532) Fixed-rate debt Interest income/(expense) $ 638 Interest rate contracts Interest income/(expense) 47,963 Fixed-rate Interest income/(expense) (47,975) Total $ 47,431 $ (47,337) Nine Months Ended Interest rate contracts Interest income/(expense) $ (18,500) Fixed-rate debt Interest income/(expense) $ 18,303 Interest rate contracts Interest income/(expense) 7,268 Fixed-rate Interest income/(expense) (7,671) Total $ (11,232) $ 10,632 Nine Months Ended Interest rate contracts Interest income/(expense) $ (7,889) Fixed-rate debt Interest income/(expense) $ 8,193 Interest rate contracts Interest income/(expense) 159,397 Fixed-rate Interest income/(expense) (159,767) Total $ 151,508 $ (151,574) 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) 2023 2022 2023 2022 Derivatives in Location of Gain or Gain (Loss) Gain (Loss) Interest rate contracts Interest income/(expense) $ (15,574) $ (36,755) $ (5,960) $ (749) Nine Months Ended Nine Months Ended 2023 2022 2023 2022 Derivatives in Location of Gain or Gain (Loss) Gain (Loss) Interest rate contracts Interest income/(expense) $ 4,302 $ (49,679) $ 17,481 $ 139 The effect of derivatives not designated as hedging instruments on the consolidated statements of income were as follows: Three Months Ended (dollars in thousands) 2023 2022 Derivatives Not Designated as Location of Gain or (Loss) Gain (Loss) Interest rate contracts (1) Other income/(expense) $ 426 $ 108 Mortgage contracts Mortgage banking revenue 391 638 Foreign currency contracts Other income/(expense) (3) 75 Total $ 814 $ 821 Nine Months Ended 2023 2022 Derivatives Not Designated as Location of Gain or (Loss) Gain (Loss) Interest rate contracts (1) Other income/(expense) $ 1,125 $ 1,058 Mortgage contracts Mortgage banking revenue 760 (735) Foreign currency contracts Other income/(expense) (16) 113 Total $ 1,869 $ 436 (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: September 30, 2023 December 31, 2022 Fair Value Fair Value (dollars in thousands) Notional Assets (1) Liabilities (2) Notional Assets (1) Liabilities (2) Interest rate lock commitments $ 42,492 $ — $ 146 $ 21,401 $ 93 $ — Forward mortgage loan contracts 54,730 1,031 — 30,330 32 — Customer interest rate swaps 5,775,638 1,208 379,864 5,220,363 5,676 326,924 Counterparty interest rate swaps (3) 5,775,634 222,907 1,213 5,220,363 151,111 5,711 Customer foreign currency contracts 13,234 218 156 8,341 253 42 Counterparty foreign currency contracts 12,970 255 141 8,297 72 168 Total $ 225,619 $ 381,520 $ 157,237 $ 332,845 (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. |
Commitments, Contingencies, a_2
Commitments, Contingencies, and Financial Guarantees (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Loan Commitments | The following table summarizes Old National’s other borrowings: (dollars in thousands) September 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 (130) (247) Subordinated debentures (fixed rate 5.875%) maturing September 2026 150,000 150,000 Junior subordinated debentures (rates of 6.95% to 9.21%) maturing July 2031 to September 2037 136,643 136,643 Other basis adjustments 19,496 23,363 Old National Bank: Finance lease liabilities 21,595 13,469 Subordinated debentures (variable rate 9.99%) maturing October 2025 12,000 12,000 Leveraged loans for NMTC (fixed rates of 1.00% to 1.43%) maturing December 2046 to June 2060 143,745 143,187 Other (1) 205,106 89,588 Total other borrowings $ 863,455 $ 743,003 (1) Includes overnight borrowings to collateralize certain derivative positions totaling $204.5 million at September 30, 2023 and $88.0 million at December 31, 2022. The following table summarizes the terms of our outstanding junior subordinated debentures at September 30, 2023: (dollars in thousands) Rate at September 30, Name of Trust Issuance Date Issuance Rate Maturity Date Bridgeview Statutory Trust I July 2001 $ 15,464 3-month SOFR plus 3.58% 9.21% July 31, 2031 Bridgeview Capital Trust II December 2002 15,464 3-month SOFR plus 3.35% 8.92% January 7, 2033 First Midwest Capital Trust I November 2003 37,825 6.95% fixed 6.95% December 1, 2033 St. Joseph Capital Trust II March 2005 5,155 3-month SOFR plus 1.75% 7.42% March 17, 2035 Northern States Statutory Trust I September 2005 10,310 3-month SOFR plus 1.80% 7.47% September 15, 2035 Anchor Capital Trust III August 2005 5,000 3-month SOFR plus 1.55% 7.21% September 30, 2035 Great Lakes Statutory Trust II December 2005 6,186 3-month SOFR plus 1.40% 7.07% December 15, 2035 Home Federal Statutory September 2006 15,464 3-month SOFR plus 1.65% 7.32% September 15, 2036 Monroe Bancorp Capital July 2006 3,093 3-month SOFR plus 1.60% 7.17% October 7, 2036 Tower Capital Trust 3 December 2006 9,279 3-month SOFR plus 1.69% 7.36% March 1, 2037 Monroe Bancorp Statutory March 2007 5,155 3-month SOFR plus 1.60% 7.27% June 15, 2037 Great Lakes Statutory Trust III June 2007 8,248 3-month SOFR plus 1.70% 7.37% September 15, 2037 Total $ 136,643 The following table summarizes Old National Bank’s unfunded loan commitments and standby letters of credit: (dollars in thousands) September 30, December 31, Unfunded loan commitments $ 9,142,538 $ 8,979,334 Standby letters of credit (1) 184,027 174,070 (1) Notional amount, which represents the maximum amount of future funding requirements. The carrying value was $1.2 million at September 30, 2023 and $0.8 million at December 31, 2022. |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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 September 30, 2023 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Equity securities $ 69,880 $ 69,880 $ — $ — Investment securities available-for-sale: U.S. Treasury 548,126 548,126 — — U.S. government-sponsored entities and agencies 1,142,900 — 1,142,900 — Mortgage-backed securities - Agency 3,862,705 — 3,862,705 — States and political subdivisions 544,944 — 544,944 — Pooled trust preferred securities 11,125 — 11,125 — Other securities 304,961 — 304,961 — Loans held-for-sale 122,033 — 122,033 — Derivative assets 227,833 — 227,833 — Financial Liabilities Derivative liabilities 409,269 — 409,269 — Fair Value Measurements at December 31, 2022 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Equity securities $ 52,507 $ 52,507 $ — $ — Investment securities available-for-sale: U.S. Treasury 200,927 200,927 — — U.S. government-sponsored entities and agencies 1,175,080 — 1,175,080 — Mortgage-backed securities - Agency 4,369,902 — 4,369,902 — States and political subdivisions 663,852 — 663,852 — Pooled trust preferred securities 10,811 — 10,811 — Other securities 353,140 — 353,140 — Loans held-for-sale 11,926 — 11,926 — Derivative assets 169,001 — 169,001 — Financial Liabilities Derivative liabilities 380,704 — 380,704 — |
Schedule of Assets Measured at Fair Value on a Non-Recurring Basis | Assets measured at fair value at September 30, 2023 on a non-recurring basis are summarized below: Fair Value Measurements at September 30, 2023 Using (dollars in thousands) Carrying Quoted Prices in Significant Significant Collateral Dependent Loans: Commercial loans $ 10,783 $ — $ — $ 10,783 Commercial real estate loans 75,720 — — 75,720 Foreclosed Assets: Commercial 1,879 — — 1,879 Assets measured at fair value at December 31, 2022 on a non-recurring basis are summarized below: Fair Value Measurements at December 31, 2022 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Collateral Dependent Loans: Commercial loans $ 22,562 $ — $ — $ 22,562 Commercial real estate loans 48,026 — — 48,026 |
Schedule of 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) (1) September 30, 2023 Collateral Dependent Loans Commercial loans $ 10,783 Discounted Discount for type of property, 10% - 40% (33%) cash flow age of appraisal, and current status Commercial real estate loans 75,720 Discounted Discount for type of property, 1% - 38% (17%) cash flow age of appraisal, and current status Foreclosed Assets Commercial real estate 1,879 Fair value of Discount for type of property, 4% - 17% (6%) collateral age of appraisal, and current status December 31, 2022 Collateral Dependent Loans Commercial loans $ 22,562 Discounted Discount for type of property, 10% - 47% (28%) cash flow age of appraisal, and current status Commercial real estate loans 48,026 Discounted Discount for type of property, 1% - 26% (11%) cash flow age of appraisal, and current status (1) Unobservable inputs were weighted by the relative fair value of the instruments. |
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 September 30, 2023 Loans held-for-sale $ 122,033 $ 72 $ 121,961 December 31, 2022 Loans held-for-sale $ 11,926 $ 221 $ 11,705 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 September 30, 2023 Loans held-for-sale $ (327) $ 12 $ — $ (315) Three Months Ended September 30, 2022 Loans held-for-sale $ (710) $ 1 $ — $ (709) Nine Months Ended September 30, 2023 Loans held-for-sale $ (151) $ 2 $ — $ (149) Nine Months Ended September 30, 2022 Loans held-for-sale $ (1,775) $ 7 $ — $ (1,768) |
Carrying Amounts and Estimated Fair Values of Financial Instruments, Not Carried at Fair Value | The carrying amounts and estimated exit price fair values of financial instruments not carried at fair value were as follows: Fair Value Measurements at September 30, 2023 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Cash, due from banks, money market, $ 1,663,430 $ 1,663,430 $ — $ — Investment securities held-to-maturity: U.S. government-sponsored entities and agencies 824,223 — 617,010 — Mortgage-backed securities - Agency 1,043,585 — 847,652 — State and political subdivisions 1,160,106 — 928,959 — Loans, net: Commercial 9,207,028 — — 9,078,129 Commercial real estate 13,770,202 — — 13,302,502 Residential real estate 6,675,508 — — 5,630,855 Consumer credit 2,621,114 — — 2,526,277 Accrued interest receivable 209,503 1,093 45,597 162,813 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 10,091,352 $ 10,091,352 $ — $ — Checking, NOW, savings, and money market 21,585,620 21,585,620 — — Time deposits 5,575,704 — 5,527,361 — Federal funds purchased and interbank borrowings 918 918 — — Securities sold under agreements to repurchase 279,061 279,061 — — FHLB advances 4,412,576 — 4,167,911 — Other borrowings 863,455 — 843,629 — Accrued interest payable 46,934 — 46,934 — Standby letters of credit 1,224 — — 1,224 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 3,582 Fair Value Measurements at December 31, 2022 Using (dollars in thousands) Carrying Value Quoted Prices in Significant Significant Financial Assets Cash, due from banks, money market, $ 728,412 $ 728,412 $ — $ — Investment securities held-to-maturity: U.S. government-sponsored entities and agencies 819,168 — 656,358 — Mortgage-backed securities - Agency 1,106,817 — 982,963 — State and political subdivisions 1,163,162 — 1,004,361 — Loans, net: Commercial 9,386,862 — — 9,066,583 Commercial real estate 12,317,825 — — 11,867,851 Residential real estate 6,438,525 — — 5,372,491 Consumer credit 2,676,758 — — 2,557,115 Accrued interest receivable 190,521 758 52,081 137,682 Financial Liabilities Deposits: Noninterest-bearing demand deposits $ 11,930,798 $ 11,930,798 $ — $ — Checking, NOW, savings, and money market 20,056,252 20,056,252 — — Time deposits 3,013,780 — 2,976,389 — Federal funds purchased and interbank borrowings 581,489 581,489 — — Securities sold under agreements to repurchase 432,804 432,804 — — FHLB advances 3,829,018 — 3,739,780 — Other borrowings 743,003 — 703,156 — Accrued interest payable 19,547 — 19,547 — Standby letters of credit 755 — — 755 Off-Balance Sheet Financial Instruments Commitments to extend credit $ — $ — $ — $ 3,666 |
Acquisition and Divestiture A_2
Acquisition and Divestiture Activity (Details) $ / shares in Units, $ in Thousands | 9 Months Ended | ||||
Oct. 26, 2023 USD ($) $ / shares | Nov. 18, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Business Acquisition [Line Items] | |||||
Assets | $ 49,059,448 | $ 46,763,372 | |||
Total loans | 32,577,834 | 31,123,641 | |||
Deposits | 37,252,676 | $ 35,000,830 | |||
Deposits, health savings accounts | $ 382,000 | ||||
Gain on sale of health savings accounts business | $ 90,700 | ||||
First Midwest | |||||
Business Acquisition [Line Items] | |||||
Transaction costs, expensed | 23,200 | $ 100,600 | |||
CapStar Financial Holdings, Inc. | Subsequent Event | |||||
Business Acquisition [Line Items] | |||||
Shares exchange ratio | 1.155 | ||||
Value of issuance common stock shares | $ 344,400 | ||||
Share price (in dollars per share) | $ / shares | $ 16.64 | ||||
Weighted average closing stock price | 30 days | ||||
CapStar Financial Holdings, Inc. | CapStar Financial Holdings, Inc. | |||||
Business Acquisition [Line Items] | |||||
Assets | 3,300,000 | ||||
Total loans | 2,300,000 | ||||
Deposits | $ 2,800,000 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Earnings Per Share [Abstract] | ||||||||
Net income | $ 147,876 | $ 155,036 | $ 146,600 | $ 140,153 | $ 114,985 | $ (27,586) | $ 449,512 | $ 227,552 |
Preferred dividends | (4,034) | (4,034) | (12,101) | (10,084) | ||||
Net income applicable to common shareholders | $ 143,842 | $ 136,119 | $ 437,411 | $ 217,468 | ||||
Weighted average common shares outstanding: | ||||||||
Weighted average common shares outstanding (basic) (in shares) | 290,648 | 290,961 | 290,763 | 269,843 | ||||
Effect of dilutive securities: | ||||||||
Restricted stock (in shares) | 1,069 | 1,516 | 1,045 | 1,273 | ||||
Stock appreciation rights (in shares) | 0 | 6 | 1 | 7 | ||||
Weighted average diluted shares outstanding (in shares) | 291,717 | 292,483 | 291,809 | 271,123 | ||||
Basic Net Income Per Common Share (in dollars per share) | $ 0.49 | $ 0.47 | $ 1.50 | $ 0.81 | ||||
Diluted Net Income Per Common Share (in dollars per share) | $ 0.49 | $ 0.47 | $ 1.50 | $ 0.80 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost and Fair Value of Available-for-Sale Investment Securities Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Available-for-Sale | ||
Total | $ 7,719,944 | $ 7,772,603 |
Unrealized Gains | 234 | 3,028 |
Unrealized Losses | (1,143,301) | (847,474) |
Basis adjustments | (162,116) | (154,445) |
Fair Value | 6,414,761 | 6,773,712 |
Held-to-Maturity | ||
Allowance for securities held-to-maturity | (150) | (150) |
Total held-to-maturity securities | 3,027,914 | 3,089,147 |
Unrealized Gains | 0 | 221 |
Unrealized Losses | (634,293) | (445,686) |
Basis adjustments | 0 | 0 |
Fair Value | 2,393,621 | 2,643,682 |
U.S. Treasury | ||
Available-for-Sale | ||
Total | 616,608 | 253,148 |
Unrealized Gains | 98 | 5 |
Unrealized Losses | (10,258) | (5,189) |
Basis adjustments | (58,322) | (47,037) |
Fair Value | 548,126 | 200,927 |
U.S. government-sponsored entities and agencies | ||
Available-for-Sale | ||
Total | 1,475,307 | 1,451,736 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (229,113) | (169,248) |
Basis adjustments | (103,294) | (107,408) |
Fair Value | 1,142,900 | 1,175,080 |
Held-to-Maturity | ||
Amortized Cost | 824,223 | 819,168 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (207,213) | (162,810) |
Basis adjustments | 0 | 0 |
Fair Value | 617,010 | 656,358 |
Mortgage-backed securities | ||
Available-for-Sale | ||
Total | 4,686,448 | 4,986,354 |
Unrealized Gains | 17 | 976 |
Unrealized Losses | (823,760) | (617,428) |
Basis adjustments | 0 | 0 |
Fair Value | 3,862,705 | 4,369,902 |
Held-to-Maturity | ||
Amortized Cost | 1,043,585 | 1,106,817 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (195,933) | (123,854) |
Basis adjustments | 0 | 0 |
Fair Value | 847,652 | 982,963 |
States and political subdivisions | ||
Available-for-Sale | ||
Total | 592,495 | 688,159 |
Unrealized Gains | 7 | 1,789 |
Unrealized Losses | (47,058) | (26,096) |
Basis adjustments | (500) | 0 |
Fair Value | 544,944 | 663,852 |
Held-to-Maturity | ||
Amortized Cost | 1,160,256 | 1,163,312 |
Unrealized Gains | 0 | 221 |
Unrealized Losses | (231,147) | (159,022) |
Basis adjustments | 0 | 0 |
Fair Value | 929,109 | 1,004,511 |
Pooled trust preferred securities | ||
Available-for-Sale | ||
Total | 13,794 | 13,783 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (2,669) | (2,972) |
Basis adjustments | 0 | 0 |
Fair Value | 11,125 | 10,811 |
Other securities | ||
Available-for-Sale | ||
Total | 335,292 | 379,423 |
Unrealized Gains | 112 | 258 |
Unrealized Losses | (30,443) | (26,541) |
Basis adjustments | 0 | 0 |
Fair Value | $ 304,961 | $ 353,140 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Proceeds from Sale, Maturity and Collection of Investments [Abstract] | ||||
Proceeds | $ 28,531 | $ 5,221 | $ 111,419 | $ 78,568 |
Realized gains | 54 | 17 | 1,002 | 528 |
Realized losses | $ (295) | $ (189) | $ (6,442) | $ (443) |
Investment Securities - Expecte
Investment Securities - Expected Maturities of Investment Securities Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Available-for-sale, Amortized Cost | ||
Within one year | $ 539,157 | |
One to five years | 1,567,565 | |
Five to ten years | 3,987,461 | |
Beyond ten years | 1,625,761 | |
Total | 7,719,944 | $ 7,772,603 |
Available-for-sale, Fair Value | ||
Within one year | 535,193 | |
One to five years | 1,395,867 | |
Five to ten years | 3,285,183 | |
Beyond ten years | 1,198,518 | |
Total | $ 6,414,761 | 6,773,712 |
Available-for-sale, Weighted Average Yield | ||
Within one year | 4.71% | |
One to five years | 2.80% | |
Five to ten years | 2.37% | |
Beyond ten years | 2.46% | |
Total | 2.64% | |
Held-to-Maturity, Amortized Cost | ||
One to five years | $ 161,837 | |
Five to ten years | 954,756 | |
Beyond ten years | 1,911,321 | |
Total held-to-maturity securities | 3,027,914 | 3,089,147 |
Held-to-Maturity, Fair Value | ||
One to five years | 127,716 | |
Five to ten years | 797,284 | |
Beyond ten years | 1,468,621 | |
Total | $ 2,393,621 | $ 2,643,682 |
Held-to-Maturity, Weighted Average Yield | ||
One to five years | 2.68% | |
Five to ten years | 2.64% | |
Beyond ten years | 2.71% | |
Total | 2.69% |
Investment Securities - Availab
Investment Securities - Available-for-Sale and Held-to-Maturity Investment Securities with Unrealized Losses by Aggregated Major Security Type and Length of Time in Continuous Unrealized Loss Position (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-sale, less than 12 months, fair value | $ 465,307 | $ 4,465,728 |
Available-for-sale, less than 12 months, unrealized losses | (14,072) | (480,166) |
Available-for-sale, 12 months or longer, fair value | 5,559,525 | 1,992,246 |
Available-for-sale, 12 months or longer, unrealized losses | (1,129,229) | (367,308) |
Available-for-sale, fair value | 6,024,832 | 6,457,974 |
Available-for-sale, unrealized losses | (1,143,301) | (847,474) |
U.S. Treasury | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-sale, less than 12 months, fair value | 37,492 | 130,967 |
Available-for-sale, less than 12 months, unrealized losses | (144) | (3,264) |
Available-for-sale, 12 months or longer, fair value | 178,540 | 66,992 |
Available-for-sale, 12 months or longer, unrealized losses | (10,114) | (1,925) |
Available-for-sale, fair value | 216,032 | 197,959 |
Available-for-sale, unrealized losses | (10,258) | (5,189) |
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 | 32,821 | 454,854 |
Available-for-sale, less than 12 months, unrealized losses | (58) | (75,795) |
Available-for-sale, 12 months or longer, fair value | 1,110,079 | 720,226 |
Available-for-sale, 12 months or longer, unrealized losses | (229,055) | (93,453) |
Available-for-sale, fair value | 1,142,900 | 1,175,080 |
Available-for-sale, unrealized losses | (229,113) | (169,248) |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-sale, less than 12 months, fair value | 124,895 | 3,207,319 |
Available-for-sale, less than 12 months, unrealized losses | (5,798) | (358,507) |
Available-for-sale, 12 months or longer, fair value | 3,736,306 | 1,116,205 |
Available-for-sale, 12 months or longer, unrealized losses | (817,962) | (258,921) |
Available-for-sale, fair value | 3,861,201 | 4,323,524 |
Available-for-sale, unrealized losses | (823,760) | (617,428) |
States and political subdivisions | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-sale, less than 12 months, fair value | 258,362 | 414,813 |
Available-for-sale, less than 12 months, unrealized losses | (7,749) | (25,555) |
Available-for-sale, 12 months or longer, fair value | 260,563 | 2,703 |
Available-for-sale, 12 months or longer, unrealized losses | (39,309) | (541) |
Available-for-sale, fair value | 518,925 | 417,516 |
Available-for-sale, unrealized losses | (47,058) | (26,096) |
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 | 11,125 | 10,811 |
Available-for-sale, 12 months or longer, unrealized losses | (2,669) | (2,972) |
Available-for-sale, fair value | 11,125 | 10,811 |
Available-for-sale, unrealized losses | (2,669) | (2,972) |
Other securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Available-for-sale, less than 12 months, fair value | 11,737 | 257,775 |
Available-for-sale, less than 12 months, unrealized losses | (323) | (17,045) |
Available-for-sale, 12 months or longer, fair value | 262,912 | 75,309 |
Available-for-sale, 12 months or longer, unrealized losses | (30,120) | (9,496) |
Available-for-sale, fair value | 274,649 | 333,084 |
Available-for-sale, unrealized losses | $ (30,443) | $ (26,541) |
Investment Securities - Held-to
Investment Securities - Held-to-Maturity with Unrecognized Losses (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value | ||
Less than 12 months | $ 64,441 | $ 1,560,831 |
12 months or longer | 2,329,330 | 1,052,753 |
Total | 2,393,771 | 2,613,584 |
Unrecognized Losses | ||
Less than 12 months | (4,877) | (280,316) |
12 months or longer | (629,416) | (165,370) |
Total | (634,293) | (445,686) |
U.S. government-sponsored entities and agencies | ||
Fair Value | ||
Less than 12 months | 0 | 354,293 |
12 months or longer | 617,010 | 302,066 |
Total | 617,010 | 656,359 |
Unrecognized Losses | ||
Less than 12 months | 0 | (110,523) |
12 months or longer | (207,213) | (52,287) |
Total | (207,213) | (162,810) |
Mortgage-backed securities | ||
Fair Value | ||
Less than 12 months | 0 | 367,849 |
12 months or longer | 847,652 | 615,114 |
Total | 847,652 | 982,963 |
Unrecognized Losses | ||
Less than 12 months | 0 | (42,438) |
12 months or longer | (195,933) | (81,416) |
Total | (195,933) | (123,854) |
States and political subdivisions | ||
Fair Value | ||
Less than 12 months | 64,441 | 838,689 |
12 months or longer | 864,668 | 135,573 |
Total | 929,109 | 974,262 |
Unrecognized Losses | ||
Less than 12 months | (4,877) | (127,355) |
12 months or longer | (226,270) | (31,667) |
Total | $ (231,147) | $ (159,022) |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) security instrument | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) security instrument | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Summary of Investment Holdings [Line Items] | |||||
Transferred from available-for-sale to held-for-maturity | $ 132,300,000 | $ 132,300,000 | $ 148,900,000 | ||
Allowance for credit losses for available-for-sale debt securities | 0 | 0 | 0 | ||
Allowance for securities held-to-maturity | 150,000 | 150,000 | 150,000 | ||
Accrued interest receivable | $ 38,000,000 | $ 38,000,000 | 50,900,000 | ||
Number of securities in security portfolio | security | 3,007 | 3,007 | |||
Number of securities in unrealized loss position | security | 2,917 | 2,917 | |||
Fair Value | $ 6,414,761,000 | $ 6,414,761,000 | 6,773,712,000 | ||
Unrealized losses | 1,143,301,000 | 1,143,301,000 | 847,474,000 | ||
Equity securities, at fair value | 69,880,000 | 69,880,000 | 52,507,000 | ||
Losses on equity securities | 800,000 | $ 700,000 | 1,400,000 | $ 4,900,000 | |
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 | 418,300,000 | 418,300,000 | 396,800,000 | ||
Other Assets | Partnership Interest | |||||
Summary of Investment Holdings [Line Items] | |||||
Equity securities without readily determinable fair value | 242,300,000 | 242,300,000 | |||
Other Assets | Initiatives in Low-to-Moderate Income Neighborhoods | |||||
Summary of Investment Holdings [Line Items] | |||||
Equity securities without readily determinable fair value | $ 176,000,000 | $ 176,000,000 | |||
Pooled trust preferred securities | |||||
Summary of Investment Holdings [Line Items] | |||||
Number of instruments held | instrument | 2 | 2 | |||
Fair Value | $ 11,125,000 | $ 11,125,000 | 10,811,000 | ||
Unrealized losses | $ 2,669,000 | $ 2,669,000 | $ 2,972,000 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Additional Information (Details) | 9 Months Ended | |
Sep. 30, 2023 USD ($) segment portfolio | Dec. 31, 2022 USD ($) | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Number of loan portfolios | portfolio | 4 | |
Number of loan segments | segment | 7 | |
Accrued interest receivable on loans | $ 162,800,000 | $ 137,700,000 |
Loan placed on nonaccrual when past due, number of days | 90 days | |
Loan participations | $ 2,800,000,000 | |
Loan participations sold | 1,200,000,000 | |
Loan participations retained | 1,600,000,000 | |
Unfunded commitments on TDRs | $ 0 | |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Percentage of risk-based capital (in percent) | 245% | |
Regulatory guideline limit (in percent) | 300% |
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 | Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | $ 32,577,834 | $ 31,123,641 | ||||
Allowance for credit losses on loans | (303,982) | $ (300,555) | (303,671) | $ (302,254) | $ (288,003) | $ (107,341) |
Net loans | 32,273,852 | 30,819,970 | ||||
Portfolio Segment Reclassifications | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
After Reclassifications | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 32,577,834 | 31,123,641 | ||||
Allowance for credit losses on loans | (303,982) | (303,671) | ||||
Net loans | 32,273,852 | 30,819,970 | ||||
Commercial | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 9,333,448 | 9,508,904 | ||||
Allowance for credit losses on loans | (124,755) | (127,403) | (120,612) | (112,413) | (102,819) | (27,232) |
Commercial | Portfolio Segment Reclassifications | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | (226,353) | (210,280) | ||||
Commercial | After Reclassifications | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 9,107,095 | 9,298,624 | ||||
Commercial real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 13,916,221 | 12,457,070 | ||||
Allowance for credit losses on loans | (144,975) | (136,897) | (138,244) | (144,090) | (141,802) | (64,004) |
Commercial real estate | Portfolio Segment Reclassifications | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | (165,593) | (158,322) | ||||
Commercial real estate | After Reclassifications | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 13,750,628 | 12,298,748 | ||||
BBCC | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for credit losses on loans | (2,709) | (2,776) | (2,431) | (2,168) | (2,064) | (2,458) |
BBCC | Portfolio Segment Reclassifications | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 391,946 | 368,602 | ||||
BBCC | After Reclassifications | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 391,946 | 368,602 | ||||
Residential real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 6,696,288 | 6,460,441 | ||||
Allowance for credit losses on loans | (20,780) | (20,421) | (21,916) | (21,256) | (19,729) | (9,347) |
Residential real estate | Portfolio Segment Reclassifications | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 0 | 0 | ||||
Residential real estate | After Reclassifications | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 6,696,288 | 6,460,441 | ||||
Consumer | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 2,631,877 | 2,697,226 | ||||
Consumer | Portfolio Segment Reclassifications | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | (2,631,877) | (2,697,226) | ||||
Indirect | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,047,224 | 1,034,257 | ||||
Allowance for credit losses on loans | (1,321) | (1,407) | (1,532) | (1,585) | (1,641) | (1,743) |
Indirect | Portfolio Segment Reclassifications | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,047,224 | 1,034,257 | ||||
Indirect | After Reclassifications | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,047,224 | 1,034,257 | ||||
Direct | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 542,689 | 629,186 | ||||
Allowance for credit losses on loans | (3,571) | (4,755) | (12,116) | (16,096) | (14,412) | (528) |
Direct | Portfolio Segment Reclassifications | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 542,689 | 629,186 | ||||
Direct | After Reclassifications | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 542,689 | 629,186 | ||||
Home equity | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,041,964 | 1,033,783 | ||||
Allowance for credit losses on loans | (5,871) | $ (6,896) | (6,820) | $ (4,646) | $ (5,536) | $ (2,029) |
Home equity | Portfolio Segment Reclassifications | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,041,964 | 1,033,783 | ||||
Home equity | After Reclassifications | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | 1,041,964 | 1,033,783 | ||||
Direct Finance Leases | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Total loans | $ 173,000 | $ 188,100 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | $ 300,555 | $ 288,003 | $ 303,671 | $ 107,341 |
Allowance Established for Acquired PCD Loans | 0 | 10,558 | 0 | 89,089 |
Charge-offs | (22,750) | (11,440) | (55,261) | (20,200) |
Recoveries | 3,062 | 3,845 | 9,052 | 8,073 |
Provision for Loan Losses | 23,115 | 11,288 | 46,520 | 117,951 |
Balance at End of Period | 303,982 | 302,254 | 303,982 | 302,254 |
Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 127,403 | 102,819 | 120,612 | 27,232 |
Allowance Established for Acquired PCD Loans | 0 | 3,740 | 0 | 38,780 |
Charge-offs | (16,705) | (2,696) | (37,459) | (5,919) |
Recoveries | 1,616 | 2,206 | 3,713 | 3,219 |
Provision for Loan Losses | 12,441 | 6,344 | 37,889 | 49,101 |
Balance at End of Period | 124,755 | 112,413 | 124,755 | 112,413 |
Commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 136,897 | 141,802 | 138,244 | 64,004 |
Allowance Established for Acquired PCD Loans | 0 | 6,818 | 0 | 49,419 |
Charge-offs | (2,291) | (4,772) | (5,938) | (5,596) |
Recoveries | 102 | 287 | 1,394 | 789 |
Provision for Loan Losses | 10,267 | (45) | 11,275 | 35,474 |
Balance at End of Period | 144,975 | 144,090 | 144,975 | 144,090 |
BBCC | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 2,776 | 2,064 | 2,431 | 2,458 |
Allowance Established for Acquired PCD Loans | 0 | 0 | 0 | 0 |
Charge-offs | (1,049) | 0 | (1,171) | (48) |
Recoveries | 70 | 108 | 174 | 256 |
Provision for Loan Losses | 912 | (4) | 1,275 | (498) |
Balance at End of Period | 2,709 | 2,168 | 2,709 | 2,168 |
Residential real estate | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 20,421 | 19,729 | 21,916 | 9,347 |
Allowance Established for Acquired PCD Loans | 0 | 0 | 0 | 136 |
Charge-offs | (15) | (20) | (256) | (344) |
Recoveries | 28 | 66 | 153 | 636 |
Provision for Loan Losses | 346 | 1,481 | (1,033) | 11,481 |
Balance at End of Period | 20,780 | 21,256 | 20,780 | 21,256 |
Indirect | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 1,407 | 1,641 | 1,532 | 1,743 |
Allowance Established for Acquired PCD Loans | 0 | 0 | 0 | 0 |
Charge-offs | (490) | (624) | (2,089) | (1,636) |
Recoveries | 325 | 379 | 1,349 | 921 |
Provision for Loan Losses | 79 | 189 | 529 | 557 |
Balance at End of Period | 1,321 | 1,585 | 1,321 | 1,585 |
Direct | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 4,755 | 14,412 | 12,116 | 528 |
Allowance Established for Acquired PCD Loans | 0 | 0 | 0 | 31 |
Charge-offs | (2,180) | (3,299) | (8,018) | (6,550) |
Recoveries | 580 | 442 | 1,798 | 1,712 |
Provision for Loan Losses | 416 | 4,541 | (2,325) | 20,375 |
Balance at End of Period | 3,571 | 16,096 | 3,571 | 16,096 |
Home equity | ||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Balance at Beginning of Period | 6,896 | 5,536 | 6,820 | 2,029 |
Allowance Established for Acquired PCD Loans | 0 | 0 | 0 | 723 |
Charge-offs | (20) | (29) | (330) | (107) |
Recoveries | 341 | 357 | 471 | 540 |
Provision for Loan Losses | (1,346) | (1,218) | (1,090) | 1,461 |
Balance at End of Period | $ 5,871 | $ 4,646 | $ 5,871 | $ 4,646 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Balance at beginning of period | $ 37,007 | $ 21,966 | $ 32,188 | $ 10,879 |
Provision for credit losses on unfunded loan commitments acquired during the period | 0 | 0 | 0 | 11,013 |
(Recapture of) provision for credit losses on unfunded loan commitments | (4,047) | 4,203 | 772 | 4,277 |
Balance at end of period | $ 32,960 | $ 26,169 | $ 32,960 | $ 26,169 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Schedule of Risk Rating and Payment Performance (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total loans | $ 32,577,834 | $ 32,577,834 | $ 31,123,641 | ||
2023 | 593 | 603 | |||
2022 | 5,360 | 9,140 | |||
2021 | 12,829 | 26,689 | |||
2020 | 1,868 | 3,034 | |||
2019 | 280 | 7,937 | |||
Prior | 736 | 4,463 | |||
Revolving | 1,084 | 3,395 | |||
Total | 22,750 | $ 11,440 | 55,261 | $ 20,200 | |
Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total loans | 32,577,834 | 32,577,834 | 31,123,641 | ||
Commercial | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total loans | 9,333,448 | 9,333,448 | 9,508,904 | ||
Total | 16,705 | 2,696 | 37,459 | 5,919 | |
Commercial | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 1,662,694 | 1,662,694 | 2,473,145 | ||
2022 | 1,866,341 | 1,866,341 | 1,851,604 | ||
2021 | 1,156,660 | 1,156,660 | 880,723 | ||
2020 | 640,366 | 640,366 | 802,628 | ||
2019 | 516,231 | 516,231 | 382,993 | ||
Prior | 587,915 | 587,915 | 423,484 | ||
Revolving | 2,174,229 | 2,174,229 | 2,118,835 | ||
Revolving to Term | 502,659 | 502,659 | 365,212 | ||
Total loans | 9,107,095 | 9,107,095 | 9,298,624 | ||
2023 | 0 | 0 | |||
2022 | 4,154 | 6,254 | |||
2021 | 12,271 | 23,432 | |||
2020 | 0 | 120 | |||
2019 | 0 | 6,789 | |||
Prior | 63 | 302 | |||
Revolving | 217 | 562 | |||
Total | 16,705 | 37,459 | |||
Commercial real estate | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total loans | 13,916,221 | 13,916,221 | 12,457,070 | ||
Total | 2,291 | 4,772 | 5,938 | 5,596 | |
Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 1,885,506 | 1,885,506 | 3,193,582 | ||
2022 | 3,583,898 | 3,583,898 | 2,928,035 | ||
2021 | 2,826,313 | 2,826,313 | 2,050,913 | ||
2020 | 1,785,467 | 1,785,467 | 1,384,735 | ||
2019 | 1,262,289 | 1,262,289 | 823,735 | ||
Prior | 1,454,925 | 1,454,925 | 1,139,730 | ||
Revolving | 83,549 | 83,549 | 57,818 | ||
Revolving to Term | 868,681 | 868,681 | 720,200 | ||
Total loans | 13,750,628 | 13,750,628 | 12,298,748 | ||
2023 | 0 | 0 | |||
2022 | 0 | 54 | |||
2021 | 0 | 735 | |||
2020 | 1,744 | 2,144 | |||
2019 | 0 | 0 | |||
Prior | 547 | 3,005 | |||
Revolving | 0 | 0 | |||
Total | 2,291 | 5,938 | |||
BBCC | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total | 1,049 | 0 | 1,171 | 48 | |
BBCC | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 77,267 | 77,267 | 92,738 | ||
2022 | 80,799 | 80,799 | 64,973 | ||
2021 | 51,998 | 51,998 | 53,229 | ||
2020 | 43,470 | 43,470 | 38,138 | ||
2019 | 31,663 | 31,663 | 24,464 | ||
Prior | 15,859 | 15,859 | 11,690 | ||
Revolving | 69,328 | 69,328 | 61,565 | ||
Revolving to Term | 21,562 | 21,562 | 21,805 | ||
Total loans | 391,946 | 391,946 | 368,602 | ||
2023 | 499 | 499 | |||
2022 | 501 | 548 | |||
2021 | 49 | 77 | |||
2020 | 0 | 47 | |||
2019 | 0 | 0 | |||
Prior | 0 | 0 | |||
Revolving | 0 | 0 | |||
Total | 1,049 | 1,171 | |||
Residential real estate | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 362,518 | 362,518 | 1,327,227 | ||
2022 | 1,508,462 | 1,508,462 | 1,946,321 | ||
2021 | 1,864,634 | 1,864,634 | 1,826,623 | ||
2020 | 1,736,577 | 1,736,577 | 479,402 | ||
2019 | 447,754 | 447,754 | 138,086 | ||
Prior | 776,064 | 776,064 | 742,687 | ||
Revolving | 0 | 0 | 7 | ||
Revolving to Term | 279 | 279 | 88 | ||
Total loans | 6,696,288 | 6,696,288 | 6,460,441 | ||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 15 | 256 | |||
Revolving | 0 | 0 | |||
Total | 15 | 20 | 256 | 344 | |
Residential real estate | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total loans | 6,696,288 | 6,696,288 | 6,460,441 | ||
Residential real estate | Performing | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 362,518 | 362,518 | 1,327,168 | ||
2022 | 1,504,933 | 1,504,933 | 1,945,792 | ||
2021 | 1,861,729 | 1,861,729 | 1,825,762 | ||
2020 | 1,732,039 | 1,732,039 | 478,529 | ||
2019 | 444,411 | 444,411 | 136,260 | ||
Prior | 750,037 | 750,037 | 712,175 | ||
Revolving | 0 | 0 | 7 | ||
Revolving to Term | 279 | 279 | 88 | ||
Total loans | 6,655,946 | 6,655,946 | 6,425,781 | ||
Residential real estate | Nonperforming | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | 59 | ||
2022 | 3,529 | 3,529 | 529 | ||
2021 | 2,905 | 2,905 | 861 | ||
2020 | 4,538 | 4,538 | 873 | ||
2019 | 3,343 | 3,343 | 1,826 | ||
Prior | 26,027 | 26,027 | 30,512 | ||
Revolving | 0 | 0 | 0 | ||
Revolving to Term | 0 | 0 | 0 | ||
Total loans | 40,342 | 40,342 | 34,660 | ||
Indirect | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 309,340 | 309,340 | 504,758 | ||
2022 | 391,282 | 391,282 | 250,481 | ||
2021 | 182,410 | 182,410 | 144,910 | ||
2020 | 96,752 | 96,752 | 82,835 | ||
2019 | 47,238 | 47,238 | 31,788 | ||
Prior | 20,006 | 20,006 | 19,423 | ||
Revolving | 0 | 0 | 0 | ||
Revolving to Term | 196 | 196 | 62 | ||
Total loans | 1,047,224 | 1,047,224 | 1,034,257 | ||
2023 | 75 | 85 | |||
2022 | 276 | 954 | |||
2021 | 86 | 640 | |||
2020 | 12 | 153 | |||
2019 | 10 | 137 | |||
Prior | 31 | 120 | |||
Revolving | 0 | 0 | |||
Total | 490 | 624 | 2,089 | 1,636 | |
Indirect | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total loans | 1,047,224 | 1,047,224 | 1,034,257 | ||
Indirect | Performing | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 309,220 | 309,220 | 504,410 | ||
2022 | 390,012 | 390,012 | 249,407 | ||
2021 | 181,235 | 181,235 | 144,265 | ||
2020 | 96,148 | 96,148 | 82,304 | ||
2019 | 46,877 | 46,877 | 31,484 | ||
Prior | 19,666 | 19,666 | 19,095 | ||
Revolving | 0 | 0 | 0 | ||
Revolving to Term | 196 | 196 | 62 | ||
Total loans | 1,043,354 | 1,043,354 | 1,031,027 | ||
Indirect | Nonperforming | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 120 | 120 | 348 | ||
2022 | 1,270 | 1,270 | 1,074 | ||
2021 | 1,175 | 1,175 | 645 | ||
2020 | 604 | 604 | 531 | ||
2019 | 361 | 361 | 304 | ||
Prior | 340 | 340 | 328 | ||
Revolving | 0 | 0 | 0 | ||
Revolving to Term | 0 | 0 | 0 | ||
Total loans | 3,870 | 3,870 | 3,230 | ||
Direct | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 84,836 | 84,836 | 133,049 | ||
2022 | 100,111 | 100,111 | 164,977 | ||
2021 | 108,061 | 108,061 | 78,020 | ||
2020 | 54,473 | 54,473 | 58,124 | ||
2019 | 35,381 | 35,381 | 45,626 | ||
Prior | 91,081 | 91,081 | 60,738 | ||
Revolving | 63,883 | 63,883 | 87,627 | ||
Revolving to Term | 4,863 | 4,863 | 1,025 | ||
Total loans | 542,689 | 542,689 | 629,186 | ||
2023 | 19 | 19 | |||
2022 | 429 | 1,330 | |||
2021 | 423 | 1,805 | |||
2020 | 112 | 570 | |||
2019 | 270 | 1,011 | |||
Prior | 60 | 450 | |||
Revolving | 867 | 2,833 | |||
Total | 2,180 | 3,299 | 8,018 | 6,550 | |
Direct | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total loans | 542,689 | 542,689 | 629,186 | ||
Direct | Performing | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 84,749 | 84,749 | 132,934 | ||
2022 | 99,625 | 99,625 | 164,126 | ||
2021 | 107,539 | 107,539 | 77,406 | ||
2020 | 54,070 | 54,070 | 57,919 | ||
2019 | 35,065 | 35,065 | 45,299 | ||
Prior | 87,207 | 87,207 | 59,212 | ||
Revolving | 63,877 | 63,877 | 87,622 | ||
Revolving to Term | 4,852 | 4,852 | 671 | ||
Total loans | 536,984 | 536,984 | 625,189 | ||
Direct | Nonperforming | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 87 | 87 | 115 | ||
2022 | 486 | 486 | 851 | ||
2021 | 522 | 522 | 614 | ||
2020 | 403 | 403 | 205 | ||
2019 | 316 | 316 | 327 | ||
Prior | 3,874 | 3,874 | 1,526 | ||
Revolving | 6 | 6 | 5 | ||
Revolving to Term | 11 | 11 | 354 | ||
Total loans | 5,705 | 5,705 | 3,997 | ||
Home equity | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 1 | 1 | 1,085 | ||
2022 | 716 | 716 | 1,056 | ||
2021 | 606 | 606 | 2,015 | ||
2020 | 893 | 893 | 1,943 | ||
2019 | 1,501 | 1,501 | 1,777 | ||
Prior | 10,546 | 10,546 | 15,954 | ||
Revolving | 996,489 | 996,489 | 991,699 | ||
Revolving to Term | 31,212 | 31,212 | 18,254 | ||
Total loans | 1,041,964 | 1,041,964 | 1,033,783 | ||
2023 | 0 | 0 | |||
2022 | 0 | 0 | |||
2021 | 0 | 0 | |||
2020 | 0 | 0 | |||
2019 | 0 | 0 | |||
Prior | 20 | 330 | |||
Revolving | 0 | 0 | |||
Total | 20 | $ 29 | 330 | $ 107 | |
Home equity | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Total loans | 1,041,964 | 1,041,964 | 1,033,783 | ||
Home equity | Performing | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 1 | 1 | 919 | ||
2022 | 692 | 692 | 896 | ||
2021 | 387 | 387 | 1,849 | ||
2020 | 690 | 690 | 1,497 | ||
2019 | 743 | 743 | 983 | ||
Prior | 5,736 | 5,736 | 11,646 | ||
Revolving | 994,797 | 994,797 | 990,001 | ||
Revolving to Term | 23,918 | 23,918 | 14,792 | ||
Total loans | 1,026,964 | 1,026,964 | 1,022,583 | ||
Home equity | Nonperforming | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | 166 | ||
2022 | 24 | 24 | 160 | ||
2021 | 219 | 219 | 166 | ||
2020 | 203 | 203 | 446 | ||
2019 | 758 | 758 | 794 | ||
Prior | 4,810 | 4,810 | 4,308 | ||
Revolving | 1,692 | 1,692 | 1,698 | ||
Revolving to Term | 7,294 | 7,294 | 3,462 | ||
Total loans | 15,000 | 15,000 | 11,200 | ||
Pass | Commercial | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 1,615,716 | 1,615,716 | 2,388,618 | ||
2022 | 1,690,168 | 1,690,168 | 1,754,364 | ||
2021 | 1,095,758 | 1,095,758 | 796,340 | ||
2020 | 553,187 | 553,187 | 738,208 | ||
2019 | 479,907 | 479,907 | 362,986 | ||
Prior | 501,610 | 501,610 | 388,617 | ||
Revolving | 2,000,147 | 2,000,147 | 1,988,763 | ||
Revolving to Term | 454,995 | 454,995 | 329,119 | ||
Total loans | 8,391,488 | 8,391,488 | 8,747,015 | ||
Pass | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 1,805,852 | 1,805,852 | 3,066,960 | ||
2022 | 3,432,536 | 3,432,536 | 2,828,758 | ||
2021 | 2,715,562 | 2,715,562 | 1,989,000 | ||
2020 | 1,734,359 | 1,734,359 | 1,219,025 | ||
2019 | 1,117,895 | 1,117,895 | 675,572 | ||
Prior | 1,273,742 | 1,273,742 | 1,018,719 | ||
Revolving | 73,590 | 73,590 | 57,818 | ||
Revolving to Term | 796,442 | 796,442 | 689,553 | ||
Total loans | 12,949,978 | 12,949,978 | 11,545,405 | ||
Pass | BBCC | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 74,658 | 74,658 | 90,341 | ||
2022 | 76,281 | 76,281 | 64,161 | ||
2021 | 49,463 | 49,463 | 52,304 | ||
2020 | 42,980 | 42,980 | 36,868 | ||
2019 | 30,085 | 30,085 | 23,618 | ||
Prior | 14,488 | 14,488 | 11,333 | ||
Revolving | 66,281 | 66,281 | 60,016 | ||
Revolving to Term | 18,582 | 18,582 | 18,881 | ||
Total loans | 372,818 | 372,818 | 357,522 | ||
Criticized | Commercial | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 27,469 | 27,469 | 40,856 | ||
2022 | 110,893 | 110,893 | 30,661 | ||
2021 | 21,107 | 21,107 | 63,557 | ||
2020 | 46,241 | 46,241 | 33,490 | ||
2019 | 22,674 | 22,674 | 9,195 | ||
Prior | 54,738 | 54,738 | 5,312 | ||
Revolving | 107,105 | 107,105 | 61,036 | ||
Revolving to Term | 32,247 | 32,247 | 4,327 | ||
Total loans | 422,474 | 422,474 | 248,434 | ||
Criticized | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 58,440 | 58,440 | 75,306 | ||
2022 | 62,461 | 62,461 | 34,422 | ||
2021 | 42,128 | 42,128 | 22,569 | ||
2020 | 28,716 | 28,716 | 82,637 | ||
2019 | 27,978 | 27,978 | 86,504 | ||
Prior | 90,549 | 90,549 | 56,864 | ||
Revolving | 9,959 | 9,959 | 0 | ||
Revolving to Term | 21,023 | 21,023 | 23,282 | ||
Total loans | 341,254 | 341,254 | 381,584 | ||
Criticized | BBCC | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 2,295 | 2,295 | 1,504 | ||
2022 | 2,469 | 2,469 | 525 | ||
2021 | 1,114 | 1,114 | 368 | ||
2020 | 76 | 76 | 692 | ||
2019 | 1,110 | 1,110 | 353 | ||
Prior | 0 | 0 | 0 | ||
Revolving | 2,470 | 2,470 | 1,006 | ||
Revolving to Term | 2,264 | 2,264 | 1,603 | ||
Total loans | 11,798 | 11,798 | 6,051 | ||
Substandard | Commercial | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 19,509 | 19,509 | 37,223 | ||
2022 | 40,694 | 40,694 | 47,522 | ||
2021 | 32,135 | 32,135 | 16,540 | ||
2020 | 38,892 | 38,892 | 22,925 | ||
2019 | 9,970 | 9,970 | 4,844 | ||
Prior | 20,431 | 20,431 | 21,204 | ||
Revolving | 66,977 | 66,977 | 67,402 | ||
Revolving to Term | 15,417 | 15,417 | 25,143 | ||
Total loans | 244,025 | 244,025 | 242,803 | ||
Substandard | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 21,214 | 21,214 | 46,231 | ||
2022 | 84,269 | 84,269 | 16,928 | ||
2021 | 23,589 | 23,589 | 24,319 | ||
2020 | 16,822 | 16,822 | 78,468 | ||
2019 | 78,165 | 78,165 | 57,824 | ||
Prior | 41,313 | 41,313 | 21,591 | ||
Revolving | 0 | 0 | 0 | ||
Revolving to Term | 50,424 | 50,424 | 4,108 | ||
Total loans | 315,796 | 315,796 | 249,469 | ||
Substandard | BBCC | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 98 | 98 | 811 | ||
2022 | 733 | 733 | 143 | ||
2021 | 619 | 619 | 0 | ||
2020 | 24 | 24 | 421 | ||
2019 | 401 | 401 | 0 | ||
Prior | 1,196 | 1,196 | 0 | ||
Revolving | 100 | 100 | 543 | ||
Revolving to Term | 438 | 438 | 682 | ||
Total loans | 3,609 | 3,609 | 2,600 | ||
Nonaccrual | Commercial | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | 3,627 | ||
2022 | 5,748 | 5,748 | 1,453 | ||
2021 | 2,034 | 2,034 | 566 | ||
2020 | 284 | 284 | 0 | ||
2019 | 2,718 | 2,718 | 0 | ||
Prior | 0 | 0 | 0 | ||
Revolving | 0 | 0 | 1,634 | ||
Revolving to Term | 0 | 0 | 6,623 | ||
Total loans | 10,784 | 10,784 | 13,903 | ||
Nonaccrual | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | 3,151 | ||
2022 | 2,983 | 2,983 | 9,541 | ||
2021 | 11,470 | 11,470 | 5,014 | ||
2020 | 1,428 | 1,428 | 0 | ||
2019 | 52 | 52 | 2,312 | ||
Prior | 11,385 | 11,385 | 22,155 | ||
Revolving | 0 | 0 | 0 | ||
Revolving to Term | 792 | 792 | 3,257 | ||
Total loans | 28,110 | 28,110 | 45,430 | ||
Nonaccrual | BBCC | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 216 | 216 | 42 | ||
2022 | 451 | 451 | 37 | ||
2021 | 310 | 310 | 118 | ||
2020 | 340 | 340 | 0 | ||
2019 | 0 | 0 | 429 | ||
Prior | 87 | 87 | 284 | ||
Revolving | 477 | 477 | 0 | ||
Revolving to Term | 278 | 278 | 639 | ||
Total loans | 2,159 | 2,159 | 1,549 | ||
Doubtful | Commercial | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | 2,821 | ||
2022 | 18,838 | 18,838 | 17,604 | ||
2021 | 5,626 | 5,626 | 3,720 | ||
2020 | 1,762 | 1,762 | 8,005 | ||
2019 | 962 | 962 | 5,968 | ||
Prior | 11,136 | 11,136 | 8,351 | ||
Revolving | 0 | 0 | 0 | ||
Revolving to Term | 0 | 0 | 0 | ||
Total loans | 38,324 | 38,324 | 46,469 | ||
Doubtful | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | 1,934 | ||
2022 | 1,649 | 1,649 | 38,386 | ||
2021 | 33,564 | 33,564 | 10,011 | ||
2020 | 4,142 | 4,142 | 4,605 | ||
2019 | 38,199 | 38,199 | 1,523 | ||
Prior | 37,936 | 37,936 | 20,401 | ||
Revolving | 0 | 0 | 0 | ||
Revolving to Term | 0 | 0 | 0 | ||
Total loans | 115,490 | 115,490 | 76,860 | ||
Doubtful | BBCC | Segment Portfolio Reclassification, Adjusted Balance | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
2023 | 0 | 0 | 40 | ||
2022 | 865 | 865 | 107 | ||
2021 | 492 | 492 | 439 | ||
2020 | 50 | 50 | 157 | ||
2019 | 67 | 67 | 64 | ||
Prior | 88 | 88 | 73 | ||
Revolving | 0 | 0 | 0 | ||
Revolving to Term | 0 | 0 | 0 | ||
Total loans | $ 1,562 | $ 1,562 | $ 880 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Schedule of Past Due Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 32,577,834 | $ 31,123,641 |
Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 32,577,834 | 31,123,641 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 9,333,448 | 9,508,904 |
Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 9,107,095 | 9,298,624 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 13,916,221 | 12,457,070 |
Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 13,750,628 | 12,298,748 |
BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 391,946 | 368,602 |
Residential real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6,696,288 | 6,460,441 |
Residential real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6,696,288 | 6,460,441 |
Indirect | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,047,224 | 1,034,257 |
Indirect | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,047,224 | 1,034,257 |
Direct | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 542,689 | 629,186 |
Direct | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 542,689 | 629,186 |
Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,041,964 | 1,033,783 |
Home equity | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,041,964 | 1,033,783 |
Total Past Due | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 142,960 | 186,223 |
Total Past Due | Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 19,472 | 30,028 |
Total Past Due | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 43,615 | 81,444 |
Total Past Due | BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,496 | 1,698 |
Total Past Due | Residential real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 49,279 | 40,967 |
Total Past Due | Indirect | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 8,100 | 9,378 |
Total Past Due | Direct | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6,273 | 9,450 |
Total Past Due | Home equity | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 13,725 | 13,258 |
30-59 Days Past Due | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 64,785 | 104,589 |
30-59 Days Past Due | Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,754 | 14,147 |
30-59 Days Past Due | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 15,954 | 47,240 |
30-59 Days Past Due | BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,273 | 730 |
30-59 Days Past Due | Residential real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 29,762 | 24,181 |
30-59 Days Past Due | Indirect | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 5,576 | 6,302 |
30-59 Days Past Due | Direct | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,626 | 5,404 |
30-59 Days Past Due | Home equity | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 5,840 | 6,585 |
60-89 Days Past Due | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 22,039 | 17,713 |
60-89 Days Past Due | Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,214 | 4,801 |
60-89 Days Past Due | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6,295 | 1,312 |
60-89 Days Past Due | BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 511 | 365 |
60-89 Days Past Due | Residential real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6,784 | 5,033 |
60-89 Days Past Due | Indirect | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,368 | 2,118 |
60-89 Days Past Due | Direct | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,059 | 2,118 |
60-89 Days Past Due | Home equity | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,808 | 1,966 |
Past Due 90 Days or More | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 56,136 | 63,921 |
Past Due 90 Days or More | Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 12,504 | 11,080 |
Past Due 90 Days or More | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 21,366 | 32,892 |
Past Due 90 Days or More | BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 712 | 603 |
Past Due 90 Days or More | Residential real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 12,733 | 11,753 |
Past Due 90 Days or More | Indirect | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,156 | 958 |
Past Due 90 Days or More | Direct | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,588 | 1,928 |
Past Due 90 Days or More | Home equity | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6,077 | 4,707 |
Current | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 32,434,874 | 30,937,418 |
Current | Commercial | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 9,087,623 | 9,268,596 |
Current | Commercial real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 13,707,013 | 12,217,304 |
Current | BBCC | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 389,450 | 366,904 |
Current | Residential real estate | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6,647,009 | 6,419,474 |
Current | Indirect | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,039,124 | 1,024,879 |
Current | Direct | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 536,416 | 619,736 |
Current | Home equity | Segment Portfolio Reclassification, Adjusted Balance | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 1,028,239 | $ 1,020,525 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Schedule of Nonaccrual Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | $ 261,346 | $ 238,178 |
Nonaccrual With No Related Allowance | 43,153 | 41,318 |
Past Due 90 Days or More and Accruing | 1,192 | 2,650 |
Commercial | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 49,108 | 60,372 |
Nonaccrual With No Related Allowance | 13,432 | 7,873 |
Past Due 90 Days or More and Accruing | 577 | 152 |
Commercial real estate | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 143,600 | 122,290 |
Nonaccrual With No Related Allowance | 29,721 | 33,445 |
Past Due 90 Days or More and Accruing | 104 | 0 |
BBCC | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 3,721 | 2,429 |
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 | 40,342 | 34,660 |
Nonaccrual With No Related Allowance | 0 | 0 |
Past Due 90 Days or More and Accruing | 0 | 1,808 |
Indirect | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 3,870 | 3,230 |
Nonaccrual With No Related Allowance | 0 | 0 |
Past Due 90 Days or More and Accruing | 54 | 28 |
Direct | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 5,705 | 3,997 |
Nonaccrual With No Related Allowance | 0 | 0 |
Past Due 90 Days or More and Accruing | 109 | 133 |
Home equity | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual Amortized Cost | 15,000 | 11,200 |
Nonaccrual With No Related Allowance | 0 | 0 |
Past Due 90 Days or More and Accruing | $ 348 | $ 529 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Schedule of Types of Collateral (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 32,577,834 | $ 31,123,641 |
Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 207,556 | 168,623 |
Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 33,031 | 43,245 |
Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,674 | 4,408 |
Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 4,870 | 5,085 |
Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 6,562 | 7,414 |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 9,333,448 | 9,508,904 |
Commercial | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 13,635 | 8,962 |
Commercial | Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 31,856 | 42,754 |
Commercial | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 466 | 2,690 |
Commercial | Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 288 | 1,611 |
Commercial | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 347 | 980 |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 13,916,221 | 12,457,070 |
Commercial real estate | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 131,826 | 108,871 |
Commercial real estate | Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
Commercial real estate | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,205 | 1,718 |
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 | 6,184 | 6,411 |
BBCC | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 2,131 | 1,939 |
BBCC | Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,174 | 478 |
BBCC | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 0 | 0 |
BBCC | Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 416 | 12 |
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 | 6,696,288 | 6,460,441 |
Residential real estate | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 40,342 | 34,660 |
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 | 1,047,224 | 1,034,257 |
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 | 3,870 | 3,230 |
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 | 542,689 | 629,186 |
Direct | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 4,622 | 2,991 |
Direct | Blanket Lien | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1 | 13 |
Direct | Investment Securities/Cash | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 3 | 0 |
Direct | Auto | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 296 | 232 |
Direct | Other | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 31 | 23 |
Home equity | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,041,964 | 1,033,783 |
Home equity | Real Estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 15,000 | 11,200 |
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 Amortized Cost Basis of Loans with Modifications (Details) - Extended Maturity - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Term Extension | $ 97,346 | $ 137,391 |
Total Class of Loans | 0.30% | 0.40% |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Term Extension | $ 3,502 | $ 20,811 |
Total Class of Loans | 0% | 0.20% |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Term Extension | $ 93,844 | $ 116,580 |
Total Class of Loans | 0.70% | 0.80% |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Schedule of Monitors the Performance of Loan Modifications to Borrowers Experiencing Financial Difficulty to Understand the Effectiveness of its Modification Efforts (Details) - Extended Maturity - Segment Portfolio Reclassification, Adjusted Balance $ in Thousands | Sep. 30, 2023 USD ($) |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 137,391 |
30-59 Days Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 1,086 |
60-89 Days Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Past Due 90 Days or More | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 2,541 |
Total Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 3,627 |
Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 133,764 |
Commercial | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 20,811 |
Commercial | 30-59 Days Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial | 60-89 Days Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial | Past Due 90 Days or More | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 2,541 |
Commercial | Total Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 2,541 |
Commercial | Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 18,270 |
Commercial real estate | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 116,580 |
Commercial real estate | 30-59 Days Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 1,086 |
Commercial real estate | 60-89 Days Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial real estate | Past Due 90 Days or More | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 0 |
Commercial real estate | Total Past Due | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | 1,086 |
Commercial real estate | Current | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |
Total | $ 115,494 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Schedule of the nature of the Loan Modifications to Borrowers Experiencing Financial Difficulty (Details) - Extended Maturity | 3 Months Ended | 9 Months Ended |
Sep. 30, 2023 | Sep. 30, 2023 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted- Average Term Extension (in months) | 9 months 18 days | 8 months 12 days |
Commercial | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted- Average Term Extension (in months) | 7 months 6 days | 6 months |
Commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Weighted- Average Term Extension (in months) | 9 months 18 days | 8 months 12 days |
Leases - Additional Information
Leases - Additional Information (Details) | Sep. 30, 2023 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Finance lease cost: | ||||
Total | $ 8,268 | $ 8,355 | $ 25,994 | $ 23,252 |
Occupancy/Equipment expense | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease cost | 7,462 | 7,657 | 23,569 | 21,323 |
Occupancy expense | ||||
Finance lease cost: | ||||
Amortization of right-of-use assets | 742 | 680 | 2,170 | 2,003 |
Sub-lease income | (119) | (87) | (281) | (389) |
Interest expense | ||||
Finance lease cost: | ||||
Interest on lease liabilities | $ 183 | $ 105 | $ 536 | $ 315 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Operating Leases | ||
Operating lease right-of-use assets | $ 179,284 | $ 189,714 |
Operating lease liabilities | 199,937 | 211,964 |
Finance Leases | ||
Premises and equipment, net | 20,571 | 10,799 |
Other borrowings | $ 21,595 | $ 13,469 |
Finance lease, right-of-use asset, statement of financial position [extensible enumeration] | Premises and equipment, net | Premises and equipment, net |
Finance lease, liability, statement of financial position [extensible enumeration] | Other borrowings | Other borrowings |
Weighted-Average Remaining Lease Term (in Years) | ||
Operating leases | 8 years 6 months | 9 years 1 month 6 days |
Finance leases | 10 years 7 months 6 days | 7 years 2 months 12 days |
Weighted-Average Discount Rate | ||
Operating leases | 2.93% | 2.88% |
Finance leases | 3.89% | 3.30% |
Leases - Schedule of Suppleme_2
Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 23,766 | $ 22,223 |
Operating cash flows from finance leases | 536 | 315 |
Financing cash flows from finance leases | $ 1,893 | $ 1,839 |
Leases - Schedule of Maturity A
Leases - Schedule of Maturity Analysis of Lease Liability by Lease Classification (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2023 | $ 7,959 | |
2024 | 31,183 | |
2025 | 29,564 | |
2026 | 28,622 | |
2027 | 27,662 | |
Thereafter | 102,282 | |
Total undiscounted lease payments | 227,272 | |
Amounts representing interest | (27,335) | |
Lease liability | 199,937 | $ 211,964 |
Finance Leases | ||
2023 | 826 | |
2024 | 3,357 | |
2025 | 3,380 | |
2026 | 2,154 | |
2027 | 2,157 | |
Thereafter | 14,809 | |
Total undiscounted lease payments | 26,683 | |
Amounts representing interest | (5,088) | |
Lease liability | $ 21,595 | $ 13,469 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill [Roll Forward] | ||||
Balance at beginning of period | $ 1,998,716 | $ 1,991,534 | $ 1,998,716 | $ 1,036,994 |
Acquisitions and adjustments | 0 | 11,065 | 0 | 965,605 |
Balance at end of period | $ 1,998,716 | $ 2,002,599 | $ 1,998,716 | $ 2,002,599 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Goodwill [Line Items] | |||||
Goodwill impairment | $ 0 | ||||
Impairment charges | $ 0 | $ 0 | |||
Amortization of intangibles | $ 6,040,000 | $ 7,089,000 | $ 18,286,000 | $ 19,070,000 | |
Minimum | Core Deposits and Other Intangible Assets | |||||
Goodwill [Line Items] | |||||
Estimated useful lives | 5 years | 5 years | |||
Maximum | Core Deposits and Other Intangible Assets | |||||
Goodwill [Line Items] | |||||
Estimated useful lives | 15 years | 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 | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 196,132 | $ 226,885 |
Accumulated Amortization and Impairment | (88,013) | (100,480) |
Net Carrying Amount | 108,119 | 126,405 |
Core deposit | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 143,511 | 170,642 |
Accumulated Amortization and Impairment | (68,312) | (80,951) |
Net Carrying Amount | 75,199 | 89,691 |
Customer trust relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 52,621 | 56,243 |
Accumulated Amortization and Impairment | (19,701) | (19,529) |
Net Carrying Amount | $ 32,920 | $ 36,714 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense for Future Years (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2023 remaining | $ 5,869 | |
2024 | 21,239 | |
2025 | 18,358 | |
2026 | 15,555 | |
2027 | 12,867 | |
Thereafter | 34,231 | |
Net Carrying Amount | $ 108,119 | $ 126,405 |
Qualified Affordable Housing _3
Qualified Affordable Housing Projects and Other Tax Credit Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Summary of Investment Holdings [Line Items] | |||||
Investment | $ 175,951 | $ 175,951 | $ 156,755 | ||
Unfunded commitment | 81,654 | 81,654 | 65,342 | ||
Amortization expense | 5,852 | $ 3,902 | 14,302 | $ 9,437 | |
Tax expense (benefit) recognized | (6,592) | (4,700) | (16,654) | (11,264) | |
LIHTC | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment, proportional amortization | 93,214 | 93,214 | 84,428 | ||
Unfunded commitment, proportional amortization | 54,440 | 54,440 | 55,754 | ||
Amortization expense | 3,208 | 1,240 | 6,135 | 3,734 | |
Tax expense (benefit) recognized | (3,582) | (1,650) | (7,398) | (4,950) | |
FHTC | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment, equity | 36,715 | 36,715 | 19,316 | ||
Unfunded commitment, equity | 27,214 | 27,214 | 9,588 | ||
Amortization expense | 330 | 215 | 1,178 | 635 | |
Tax expense (benefit) recognized | (399) | (262) | (1,423) | (776) | |
NMTC | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment, equity | 45,637 | 45,637 | 51,912 | ||
Unfunded commitment, equity | 0 | 0 | 0 | ||
Amortization expense | 2,092 | 2,237 | 6,275 | 4,439 | |
Tax expense (benefit) recognized | (2,611) | (2,788) | (7,833) | (5,538) | |
Renewable Energy | |||||
Summary of Investment Holdings [Line Items] | |||||
Investment, equity | 385 | 385 | 1,099 | ||
Unfunded commitment, equity | 0 | 0 | $ 0 | ||
Amortization expense | 222 | 210 | 714 | 629 | |
Tax expense (benefit) recognized | $ 0 | $ 0 | $ 0 | $ 0 |
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 ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Securities Sold under Agreements to Repurchase [Abstract] | |||
Outstanding at period end | $ 279,061 | $ 438,053 | $ 432,804 |
Average amount outstanding during the period | 351,362 | 450,966 | |
Maximum amount outstanding at any month-end during the period | $ 430,537 | $ 509,275 | |
Weighted average interest rate during period (in percent) | 0.91% | 0.09% | |
Weighted average interest rate at end of period (in percent) | 1.35% | 0.40% | 1.31% |
Securities Sold Under Agreeme_4
Securities Sold Under Agreements to Repurchase - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | |
Securities Sold under Agreements to Repurchase [Abstract] | |||
Securities sold under agreements to repurchase | $ 279,061 | $ 432,804 | $ 438,053 |
Weighted average interest rate at end of period (in percent) | 1.35% | 1.31% | 0.40% |
Gross outstanding balance of repurchase agreements collateralized by securities percentage (in percent) | 107% |
Securities Sold Under Agreeme_5
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 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | $ 279,061 | $ 432,804 | $ 438,053 |
U.S. Treasury and agency securities | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | 279,061 | ||
Overnight and Continuous | |||
Assets Sold under Agreements to Repurchase [Line Items] | |||
Secured borrowings and class of collateral pledged under repurchase agreements | 279,061 | ||
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 | 279,061 | ||
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 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances - Summary of FHLB Advances (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Federal Home Loan Bank, Advances [Line Items] | ||
FHLB advances (fixed rates 0.00% to 5.61% and variable rates 5.35% to 5.36%) maturing December 2023 to September 2042 | $ 4,450,528 | $ 3,850,677 |
Fair value hedge basis adjustments and unamortized prepayment fees | (37,952) | (21,659) |
Federal Home Loan Bank advances | $ 4,412,576 | $ 3,829,018 |
Minimum | FHLB Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Fixed rate (in percent) | 0% | |
Variable rate (in percent) | 5.35% | |
Maximum | FHLB Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Fixed rate (in percent) | 5.61% | |
Variable rate (in percent) | 5.36% |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Federal Home Loan Bank, Advances [Line Items] | ||
Weighted-average rates of FHLB advances (in percent) | 3.36% | 3.15% |
Modifications, unamortized prepayment fees | $ 15.7 | $ 20.2 |
FHLB Advances | ||
Federal Home Loan Bank, Advances [Line Items] | ||
Percentage of borrowings collateralized by investment securities and residential real estate loans (in percent) | 190% |
Federal Home Loan Bank Advanc_5
Federal Home Loan Bank Advances - Summary of Contractual Maturities of FHLB Advances (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Federal Home Loan Banks [Abstract] | ||
Due in 2023 | $ 100,000 | |
Due in 2024 | 25,243 | |
Due in 2025 | 550,285 | |
Due in 2026 | 100,000 | |
Thereafter | 3,675,000 | |
Fair value hedge basis adjustments and unamortized prepayment fees | (37,952) | $ (21,659) |
Federal Home Loan Bank advances | $ 4,412,576 | $ 3,829,018 |
Other Borrowings - Summary of O
Other Borrowings - Summary of Other Borrowings (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | ||
Lease liability | $ 21,595 | $ 13,469 |
Other borrowings | 863,455 | 743,003 |
Old National Bank | ||
Debt Instrument [Line Items] | ||
Other basis adjustments | 205,106 | 89,588 |
Lease liability | 21,595 | 13,469 |
Derivative collateralize position amount | 204,500 | 88,000 |
Old National Bancorp | ||
Debt Instrument [Line Items] | ||
Other basis adjustments | $ 19,496 | 23,363 |
Senior Unsecured Notes | Old National Bancorp | ||
Debt Instrument [Line Items] | ||
Fixed rate (in percent) | 4.125% | |
Senior unsecured notes (fixed rate 4.125%) maturing August 2024 | $ 175,000 | 175,000 |
Unamortized debt issuance costs related to senior unsecured notes | $ (130) | (247) |
Subordinated Debt | Old National Bank | ||
Debt Instrument [Line Items] | ||
Variable rate (in percent) | 9.99% | |
Subordinated debentures | $ 12,000 | 12,000 |
Subordinated Debt | Old National Bancorp | ||
Debt Instrument [Line Items] | ||
Fixed rate (in percent) | 5.875% | |
Subordinated debentures | $ 150,000 | 150,000 |
Junior Subordinated Debentures | Old National Bancorp | ||
Debt Instrument [Line Items] | ||
Junior subordinated debentures (rates of 6.95% to 9.21%) maturing July 2031 to September 2037 | 136,643 | 136,643 |
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 June 2060 | $ 143,745 | $ 143,187 |
Minimum | Junior Subordinated Debentures | Old National Bancorp | ||
Debt Instrument [Line Items] | ||
Variable rate (in percent) | 6.95% | |
Minimum | Notes Payable to Banks | Old National Bank | ||
Debt Instrument [Line Items] | ||
Fixed rate (in percent) | 1% | |
Maximum | Junior Subordinated Debentures | Old National Bancorp | ||
Debt Instrument [Line Items] | ||
Variable rate (in percent) | 9.21% | |
Maximum | Notes Payable to Banks | Old National Bank | ||
Debt Instrument [Line Items] | ||
Fixed rate (in percent) | 1.43% |
Other Borrowings - Contractual
Other Borrowings - Contractual Maturities of Other Borrowings (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Due in 2023 | $ 205,160 | |
Due in 2024 | 177,653 | |
Due in 2025 | 14,740 | |
Due in 2026 | 151,576 | |
Due in 2027 | 1,636 | |
Thereafter | 292,738 | |
Unamortized debt issuance costs and other basis adjustments | 19,952 | |
Total | $ 863,455 | $ 743,003 |
Other Borrowings - Summary of T
Other Borrowings - Summary of Terms of Outstanding Junior Subordinated Debentures (Details) - Trust Preferred Securities - Junior Subordinated Debentures | 9 Months Ended |
Sep. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 136,643,000 |
Bridgeview Statutory Trust I | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 15,464,000 |
Rate | 9.21% |
Bridgeview Statutory Trust I | Secured Overnight Financing Rate (SOFR) | |
Debt Instrument [Line Items] | |
Variable rate (in percent) | 3.58% |
Bridgeview Capital Trust II | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 15,464,000 |
Rate | 8.92% |
Bridgeview Capital Trust II | Secured Overnight Financing Rate (SOFR) | |
Debt Instrument [Line Items] | |
Variable rate (in percent) | 3.35% |
First Midwest Capital Trust I | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 37,825,000 |
Variable rate (in percent) | 6.95% |
Rate | 6.95% |
St. Joseph Capital Trust II | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 5,155,000 |
Rate | 7.42% |
St. Joseph Capital Trust II | Secured Overnight Financing Rate (SOFR) | |
Debt Instrument [Line Items] | |
Variable rate (in percent) | 1.75% |
Northern States Statutory Trust I | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 10,310,000 |
Rate | 7.47% |
Northern States Statutory Trust I | Secured Overnight Financing Rate (SOFR) | |
Debt Instrument [Line Items] | |
Variable rate (in percent) | 1.80% |
Anchor Capital Trust III | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 5,000,000 |
Rate | 7.21% |
Anchor Capital Trust III | Secured Overnight Financing Rate (SOFR) | |
Debt Instrument [Line Items] | |
Variable rate (in percent) | 1.55% |
Great Lakes Statutory Trust II | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 6,186,000 |
Rate | 7.07% |
Great Lakes Statutory Trust II | Secured Overnight Financing Rate (SOFR) | |
Debt Instrument [Line Items] | |
Variable rate (in percent) | 1.40% |
Home Federal Statutory Trust I | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 15,464,000 |
Rate | 7.32% |
Home Federal Statutory Trust I | Secured Overnight Financing Rate (SOFR) | |
Debt Instrument [Line Items] | |
Variable rate (in percent) | 1.65% |
Monroe Bancorp Capital Trust I | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 3,093,000 |
Rate | 7.17% |
Monroe Bancorp Capital Trust I | Secured Overnight Financing Rate (SOFR) | |
Debt Instrument [Line Items] | |
Variable rate (in percent) | 1.60% |
Tower Capital Trust 3 | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 9,279,000 |
Rate | 7.36% |
Tower Capital Trust 3 | Secured Overnight Financing Rate (SOFR) | |
Debt Instrument [Line Items] | |
Variable rate (in percent) | 1.69% |
Monroe Bancorp Statutory Trust II | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 5,155,000 |
Rate | 7.27% |
Monroe Bancorp Statutory Trust II | Secured Overnight Financing Rate (SOFR) | |
Debt Instrument [Line Items] | |
Variable rate (in percent) | 1.60% |
Great Lakes Statutory Trust III | |
Debt Instrument [Line Items] | |
Issuance Amount | $ 8,248,000 |
Rate | 7.37% |
Great Lakes Statutory Trust III | Secured Overnight Financing Rate (SOFR) | |
Debt Instrument [Line Items] | |
Variable rate (in percent) | 1.70% |
Other Borrowings - Additional I
Other Borrowings - Additional Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2023 | Dec. 31, 2022 | Feb. 15, 2022 | Oct. 29, 2020 | |
Debt Instrument [Line Items] | ||||
Other borrowings | $ 21,595 | $ 13,469 | ||
Old National Bank | ||||
Debt Instrument [Line Items] | ||||
Other borrowings | 21,595 | 13,469 | ||
Subordinated Debt | Old National Bank | ||||
Debt Instrument [Line Items] | ||||
Subordinated debentures | 12,000 | 12,000 | ||
Subordinated Debt | Old National Bancorp | ||||
Debt Instrument [Line Items] | ||||
Subordinated debentures | $ 150,000 | $ 150,000 | ||
Fixed rate (in percent) | 5.875% | |||
Anchor Bank (MN) | Subordinated Debentures | Subordinated Fixed-to-Floating Notes | ||||
Debt Instrument [Line Items] | ||||
Value of subordinated fixed-to-floating notes assumed | $ 12,000 | |||
Anchor Bank (MN) | Subordinated Debentures | Subordinated Fixed-to-Floating Notes | Secured Overnight Financing Rate (SOFR) | ||||
Debt Instrument [Line Items] | ||||
Variable rate (in percent) | 4.618% | |||
First Midwest | ||||
Debt Instrument [Line Items] | ||||
Subordinated debentures | $ 150,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Schedule of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ 5,292,095 | $ 5,078,783 | $ 5,128,595 | $ 3,012,018 |
Other comprehensive income (loss) before reclassifications | (168,206) | (245,126) | (183,958) | (814,032) |
Amounts reclassified from AOCI to income | 8,024 | 5,809 | 1,565 | 7,957 |
Balance at end of period | 5,239,537 | 4,943,383 | 5,239,537 | 4,943,383 |
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (808,633) | (569,133) | (786,422) | (2,375) |
Balance at end of period | (968,815) | (808,450) | (968,815) | (808,450) |
Unrealized Gains and Losses on Available- for-Sale Debt Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (701,393) | (437,075) | (642,346) | (2,950) |
Other comprehensive income (loss) before reclassifications | (156,660) | (217,401) | (219,562) | (651,330) |
Amounts reclassified from AOCI to income | 178 | 131 | 4,033 | (65) |
Balance at end of period | (857,875) | (654,345) | (857,875) | (654,345) |
Unrealized Gains and Losses on Held-to- Maturity Securities | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (103,144) | (122,199) | (112,664) | 0 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 1,325 | (125,229) |
Amounts reclassified from AOCI to income | 4,193 | 5,121 | 12,388 | 8,151 |
Balance at end of period | (98,951) | (117,078) | (98,951) | (117,078) |
Gains and Losses on Hedges | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (4,096) | (9,875) | (31,549) | 543 |
Other comprehensive income (loss) before reclassifications | (11,546) | (27,725) | 34,279 | (37,473) |
Amounts reclassified from AOCI to income | 3,653 | 565 | (14,719) | (105) |
Balance at end of period | (11,989) | (37,035) | (11,989) | (37,035) |
Defined Benefit Pension Plans | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 0 | 16 | 137 | 32 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI to income | 0 | (8) | (137) | (24) |
Balance at end of period | $ 0 | $ 8 | $ 0 | $ 8 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Reclassifications out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Debt securities gains (losses), net | $ 241 | $ 172 | $ 5,440 | $ (85) | ||||
Income tax (expense) benefit | (44,304) | (38,887) | (133,118) | (55,137) | ||||
Interest income (expense) | (375,086) | (376,589) | (1,138,745) | (936,846) | ||||
Salaries and employee benefits | 131,541 | 147,203 | 404,715 | 433,167 | ||||
Net income (loss) | (147,876) | $ (155,036) | $ (146,600) | (140,153) | $ (114,985) | $ 27,586 | (449,512) | (227,552) |
Amount Reclassified from AOCI | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Net income (loss) | (8,024) | (5,809) | (1,565) | (7,957) | ||||
Amount Reclassified from AOCI | Unrealized gains and losses on available-for-sale securities | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Debt securities gains (losses), net | (241) | (172) | (5,440) | 85 | ||||
Income tax (expense) benefit | 63 | 41 | 1,407 | (20) | ||||
Net income (loss) | (178) | (131) | (4,033) | 65 | ||||
Amount Reclassified from AOCI | Unrealized gains and losses on held-to-maturity securities | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Income tax (expense) benefit | 1,430 | 1,651 | 4,186 | 2,623 | ||||
Interest income (expense) | (5,623) | (6,772) | (16,574) | (10,774) | ||||
Net income (loss) | (4,193) | (5,121) | (12,388) | (8,151) | ||||
Amount Reclassified from AOCI | Gains and losses on hedges Interest rate contracts | Interest rate contracts | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Income tax (expense) benefit | 1,274 | 184 | (5,174) | (34) | ||||
Interest income (expense) | (4,927) | (749) | 19,893 | 139 | ||||
Net income (loss) | (3,653) | (565) | 14,719 | 105 | ||||
Amount Reclassified from AOCI | Actuarial gains (losses) | ||||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||||
Income tax (expense) benefit | 0 | (3) | (45) | (8) | ||||
Salaries and employee benefits | 0 | 11 | 182 | 32 | ||||
Net income (loss) | $ 0 | $ 8 | $ 137 | $ 24 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Provision at statutory rate of 21% | $ 40,358 | $ 37,598 | $ 122,352 | $ 59,365 |
Tax-exempt income: | ||||
Tax-exempt interest | (4,625) | (3,929) | (13,716) | (10,335) |
Section 291/265 interest disallowance | 675 | 85 | 1,593 | 150 |
Company-owned life insurance income | (743) | (684) | (2,315) | (2,340) |
Tax-exempt income | (4,693) | (4,528) | (14,438) | (12,525) |
State income taxes | 8,163 | 7,050 | 24,856 | 7,808 |
Interim period effective rate adjustment | 116 | (31) | (607) | 3,042 |
Tax credit investments - federal | (2,071) | (2,407) | (7,122) | (4,968) |
Officer compensation limitation | 1,040 | 401 | 3,120 | 1,053 |
Non-deductible FDIC premiums | 1,949 | 1,178 | 6,096 | 2,549 |
Other, net | (558) | (374) | (1,139) | (1,187) |
Income tax expense (benefit) | $ 44,304 | $ 38,887 | $ 133,118 | $ 55,137 |
Effective tax rate | 23.10% | 21.70% | 22.90% | 19.50% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | Sep. 30, 2023 | Dec. 31, 2022 |
Income Taxes [Line Items] | ||
Net deferred tax assets | $ 480,700,000 | $ 435,800,000 |
Valuation allowance recorded | 0 | 0 |
Bad debt reserves, created for tax purposes | 58,600,000 | |
Federal | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards | 68,400,000 | 81,500,000 |
State | ||
Income Taxes [Line Items] | ||
Operating loss carryforwards | $ 115,600,000 | $ 124,400,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Percentage of periodic changes in fair value qualifies for hedge accounting treatment (in percent) | 100% | |
Interest Income | ||
Derivative [Line Items] | ||
Reclassified interest income (expense) | $ 5,800 | |
Interest Expense | ||
Derivative [Line Items] | ||
Reclassified interest income (expense) | 26,300 | |
Interest rate swaps on borrowings | Cash flow hedges | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 150,000 | $ 150,000 |
Interest rate swaps on borrowings | Fair value hedges | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 700,000 | 300,000 |
Interest rate collars and floors on loan pools | Cash flow hedges | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 1,500,000 | 1,900,000 |
Interest rate swaps on investment securities | Fair value hedges | Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 998,107 | 909,957 |
Interest rate lock commitments | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 42,492 | 21,401 |
Forward mortgage loan contracts | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 54,730 | 30,330 |
Counterparty interest rate swaps | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | 5,775,634 | 5,220,363 |
Customer interest rate swaps | Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Notional amount | $ 5,775,638 | $ 5,220,363 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Assets | $ 2,214 | $ 11,764 |
Liabilities | 27,749 | 47,859 |
Designated as Hedging Instrument | Cash flow hedges | Interest rate collars and floors on loan pools | ||
Derivative [Line Items] | ||
Notional | 1,500,000 | 1,900,000 |
Assets | 2,214 | 11,764 |
Liabilities | 27,749 | 47,859 |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swaps on borrowings | ||
Derivative [Line Items] | ||
Notional | 150,000 | 150,000 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Designated as Hedging Instrument | Fair value hedges | Interest rate swaps on borrowings | ||
Derivative [Line Items] | ||
Notional | 700,000 | 300,000 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Designated as Hedging Instrument | Fair value hedges | Interest rate swaps on investment securities | ||
Derivative [Line Items] | ||
Notional | 998,107 | 909,957 |
Assets | 0 | 0 |
Liabilities | 0 | 0 |
Not Designated as Hedging Instrument | ||
Derivative [Line Items] | ||
Assets | 225,619 | 157,237 |
Liabilities | 381,520 | 332,845 |
Not Designated as Hedging Instrument | Interest rate lock commitments | ||
Derivative [Line Items] | ||
Notional | 42,492 | 21,401 |
Assets | 0 | 93 |
Liabilities | 146 | 0 |
Not Designated as Hedging Instrument | Forward mortgage loan contracts | ||
Derivative [Line Items] | ||
Notional | 54,730 | 30,330 |
Assets | 1,031 | 32 |
Liabilities | 0 | 0 |
Not Designated as Hedging Instrument | Customer interest rate swaps | ||
Derivative [Line Items] | ||
Notional | 5,775,638 | 5,220,363 |
Assets | 1,208 | 5,676 |
Liabilities | 379,864 | 326,924 |
Not Designated as Hedging Instrument | Counterparty interest rate swaps | ||
Derivative [Line Items] | ||
Notional | 5,775,634 | 5,220,363 |
Assets | 222,907 | 151,111 |
Liabilities | 1,213 | 5,711 |
Not Designated as Hedging Instrument | Customer foreign currency contracts | ||
Derivative [Line Items] | ||
Notional | 13,234 | 8,341 |
Assets | 218 | 253 |
Liabilities | 156 | 42 |
Not Designated as Hedging Instrument | Counterparty foreign currency contracts | ||
Derivative [Line Items] | ||
Notional | 12,970 | 8,297 |
Assets | 255 | 72 |
Liabilities | $ 141 | $ 168 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income on Derivative | $ (15,574) | $ (36,755) | $ 45,547 | $ (49,679) |
Gain (Loss) Reclassified from AOCI into Income | (4,927) | (749) | 19,893 | 139 |
Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | 814 | 821 | 1,869 | 436 |
Fair value hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | 35,984 | 47,431 | (11,232) | 151,508 |
Gain (Loss) Recognized in Income on Related Hedged Items | (36,489) | (47,337) | 10,632 | (151,574) |
Interest rate swaps on borrowings | Fair value hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | (9,553) | (532) | (18,500) | (7,889) |
Gain (Loss) Recognized in Income on Related Hedged Items | 9,566 | 638 | 18,303 | 8,193 |
Interest rate swaps on investment securities | Fair value hedges | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | 45,537 | 47,963 | 7,268 | 159,397 |
Gain (Loss) Recognized in Income on Related Hedged Items | (46,055) | (47,975) | (7,671) | (159,767) |
Interest rate contracts | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income on Derivative | (15,574) | (36,755) | 4,302 | (49,679) |
Gain (Loss) Reclassified from AOCI into Income | (5,960) | (749) | 17,481 | 139 |
Interest rate contracts | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | 426 | 108 | 1,125 | 1,058 |
Mortgage contracts | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | 391 | 638 | 760 | (735) |
Foreign currency contracts | Not Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Recognized in Income on Derivative | $ (3) | $ 75 | $ (16) | $ 113 |
Commitments, Contingencies, a_3
Commitments, Contingencies, and Financial Guarantees - Additional Information (Details) | 9 Months Ended | |
Sep. 30, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | |
Loss Contingencies [Line Items] | ||
Term of standby letters of credit, years | 1 year | |
Percent of unfunded loan commitments with fixed rates (in percent) | 4% | |
Loan commitments floating rate, minimum (in percent) | 0% | |
Loan commitments floating rate, maximum (in percent) | 23% | |
Allowance for unfunded loan commitments | $ 33,000,000 | $ 32,200,000 |
Class B Restricted Shares | Visa | ||
Loss Contingencies [Line Items] | ||
Restricted stock conversion ratio | 1.5875 | |
Investment owned, balance, shares (in shares) | shares | 65,466 | |
Investment owned, at cost | $ 0 | |
Interest Rate Swap | ||
Loss Contingencies [Line Items] | ||
Notional amount | $ 522,500,000 | $ 398,900,000 |
Commitments, Contingencies, a_4
Commitments, Contingencies, and Financial Guarantees - Loan Commitments and Standby Letters of Credit (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Unfunded loan commitments | $ 9,142,538 | $ 8,979,334 |
Standby letters of credit | 184,027 | 174,070 |
Carrying value of letters of credit | $ 1,200 | $ 800 |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity securities | $ 69,880 | $ 52,507 |
Investment securities available for sale | 6,414,761 | 6,773,712 |
U.S. Treasury | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 548,126 | 200,927 |
U.S. government-sponsored entities and agencies | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 1,142,900 | 1,175,080 |
Mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 3,862,705 | 4,369,902 |
States and political subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 544,944 | 663,852 |
Pooled trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 11,125 | 10,811 |
Other securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 304,961 | 353,140 |
Fair Value on Recurring Basis | Carrying Value | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity securities | 69,880 | 52,507 |
Loans held-for-sale | 122,033 | 11,926 |
Derivative assets | 227,833 | 169,001 |
Derivative liabilities | 409,269 | 380,704 |
Fair Value on Recurring Basis | Carrying Value | U.S. Treasury | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 548,126 | 200,927 |
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] | ||
Investment securities available for sale | 1,142,900 | 1,175,080 |
Fair Value on Recurring Basis | Carrying Value | Mortgage-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 3,862,705 | 4,369,902 |
Fair Value on Recurring Basis | Carrying Value | States and political subdivisions | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 544,944 | 663,852 |
Fair Value on Recurring Basis | Carrying Value | Pooled trust preferred securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 11,125 | 10,811 |
Fair Value on Recurring Basis | Carrying Value | Other securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investment securities available for sale | 304,961 | 353,140 |
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 | 69,880 | 52,507 |
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 |
Loans held-for-sale | 122,033 | 11,926 |
Derivative assets | 227,833 | 169,001 |
Derivative liabilities | 409,269 | 380,704 |
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 |
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] | ||
Investment securities available for sale | 548,126 | 200,927 |
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] | ||
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] | ||
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] | ||
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] | ||
Investment securities available for sale | 1,142,900 | 1,175,080 |
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] | ||
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] | ||
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] | ||
Investment securities available for sale | 3,862,705 | 4,369,902 |
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] | ||
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] | ||
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] | ||
Investment securities available for sale | 544,944 | 663,852 |
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] | ||
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] | ||
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] | ||
Investment securities available for sale | 11,125 | 10,811 |
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] | ||
Investment securities available for sale | 0 | 0 |
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] | ||
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] | ||
Investment securities available for sale | 304,961 | 353,140 |
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] | ||
Investment securities available for sale | $ 0 | $ 0 |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Commercial Foreclosed Assets | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | $ 1,879 | |
Commercial Foreclosed Assets | 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 | |
Commercial Foreclosed Assets | 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 | |
Commercial Foreclosed Assets | 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 | 1,879 | |
Commercial | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | 10,783 | $ 22,562 |
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 | 10,783 | 22,562 |
Commercial real estate | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | 75,720 | 48,026 |
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 | $ 75,720 | $ 48,026 |
Fair Value - Additional Informa
Fair Value - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Allowance for credit losses | $ 303,982,000 | $ 302,254,000 | $ 303,982,000 | $ 302,254,000 | $ 300,555,000 | $ 303,671,000 | $ 288,003,000 | $ 107,341,000 |
Provision for credit losses | 19,068,000 | 15,490,000 | 47,292,000 | 133,391,000 | ||||
Other real estate owned property write-downs | 26,000 | 200,000 | 100,000 | 600,000 | ||||
Valuation allowance for loan servicing rights with impairments | 0 | 0 | ||||||
Valuation allowance for loan servicing rights with impairments, impairments (recoveries) during period | 0 | 0 | $ 0 | 0 | ||||
Past due period of mortgage loans held for sale | 90 days | |||||||
Interest income for residential loans held for sale | 400,000 | 400,000 | $ 900,000 | 1,600,000 | ||||
Fair Value on Non-recurring Basis | ||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||
Other real estate | 1,900,000 | 1,900,000 | ||||||
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 | 117,500,000 | 117,500,000 | 92,000,000 | |||||
Allowance for credit losses | 31,000,000 | 31,000,000 | $ 21,500,000 | |||||
Provision for credit losses | $ 2,100,000 | $ 7,300,000 | $ 21,900,000 | $ 20,100,000 |
Fair Value - Quantitative Infor
Fair Value - Quantitative Information about Significant Unobservable Inputs Used in Fair Value Measurements (Details) - Significant Unobservable Inputs (Level 3) $ in Thousands | Sep. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Collateral Dependent Loans | Commercial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 10,783 | $ 22,562 |
Collateral Dependent Loans | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 75,720 | $ 48,026 |
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 | 0.10 | 0.10 |
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 | 0.01 | 0.01 |
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 | 0.40 | 0.47 |
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 | 0.38 | 0.26 |
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 | 0.33 | 0.28 |
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 | 0.17 | 0.11 |
Foreclosed Assets | Commercial real estate | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 1,879 | |
Foreclosed Assets | 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 | 0.04 | |
Foreclosed Assets | 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 | 0.17 | |
Foreclosed Assets | 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 | 0.06 |
Fair Value - Schedule of Differ
Fair Value - Schedule of Difference between the Aggregate Fair Value and the Aggregate Remaining Principal Balance (Details) - Loans held-for-sale - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Aggregate Fair Value | $ 122,033 | $ 11,926 |
Difference | 72 | 221 |
Contractual Principal | $ 121,961 | $ 11,705 |
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 | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Interest Income | $ 375,086 | $ 376,589 | $ 1,138,745 | $ 936,846 |
Interest (Expense) | (201,433) | (29,929) | (478,325) | (59,535) |
Loans held-for-sale | ||||
Schedule of Trading Securities and Other Trading Assets [Line Items] | ||||
Other Gains and (Losses) | (327) | (710) | (151) | (1,775) |
Interest Income | 12 | 1 | 2 | 7 |
Interest (Expense) | 0 | 0 | 0 | 0 |
Total Changes in Fair Values Included in Current Period Earnings | $ (315) | $ (709) | $ (149) | $ (1,768) |
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 | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash, due from banks, money market, and other interest-earning investments | $ 1,663,430 | $ 728,412 | |
Loans, net | 32,273,852 | 30,819,970 | |
Accrued interest receivable | 209,503 | 190,521 | |
Noninterest-bearing demand deposits | 10,091,352 | 11,930,798 | |
Time deposits | 5,575,704 | 3,013,780 | |
Federal funds purchased and interbank borrowings | 918 | 581,489 | |
Securities sold under agreements to repurchase | 279,061 | 432,804 | $ 438,053 |
Federal Home Loan Bank advances | 4,412,576 | 3,829,018 | |
Other borrowings | 863,455 | 743,003 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government-sponsored entities and agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) | States and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Significant Other Observable Inputs (Level 2) | U.S. government-sponsored entities and agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 656,358 | ||
Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 982,963 | ||
Significant Other Observable Inputs (Level 2) | States and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 1,004,361 | ||
Significant Unobservable Inputs (Level 3) | U.S. government-sponsored entities and agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Significant Unobservable Inputs (Level 3) | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Significant Unobservable Inputs (Level 3) | States and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
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 | 1,663,430 | 728,412 | |
Accrued interest receivable | 209,503 | 190,521 | |
Noninterest-bearing demand deposits | 10,091,352 | 11,930,798 | |
Checking, NOW, savings, and money market interest-bearing deposits | 21,585,620 | 20,056,252 | |
Time deposits | 5,575,704 | 3,013,780 | |
Federal funds purchased and interbank borrowings | 918 | 581,489 | |
Securities sold under agreements to repurchase | 279,061 | 432,804 | |
Federal Home Loan Bank advances | 4,412,576 | 3,829,018 | |
Other borrowings | 863,455 | 743,003 | |
Accrued interest payable | 46,934 | 19,547 | |
Standby letters of credit | 1,224 | 755 | |
Commitments to extend credit | 0 | 0 | |
Carrying Value | U.S. government-sponsored entities and agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 824,223 | 819,168 | |
Carrying Value | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 1,043,585 | 1,106,817 | |
Carrying Value | States and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 1,160,106 | 1,163,162 | |
Carrying Value | Commercial | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 9,207,028 | 9,386,862 | |
Carrying Value | Commercial real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 13,770,202 | 12,317,825 | |
Carrying Value | Residential real estate | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 6,675,508 | 6,438,525 | |
Carrying Value | Consumer credit | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loans, net | 2,621,114 | 2,676,758 | |
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 | 1,663,430 | 728,412 | |
Accrued interest receivable | 1,093 | 758 | |
Noninterest-bearing demand deposits | 10,091,352 | 11,930,798 | |
Checking, NOW, savings, and money market interest-bearing deposits | 21,585,620 | 20,056,252 | |
Time deposits | 0 | 0 | |
Federal funds purchased and interbank borrowings | 918 | 581,489 | |
Securities sold under agreements to repurchase | 279,061 | 432,804 | |
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) | U.S. government-sponsored entities and agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Estimate of Fair Value Measurement | Quoted Prices in Active Markets for Identical Assets (Level 1) | States and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 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 | 45,597 | 52,081 | |
Noninterest-bearing demand deposits | 0 | 0 | |
Checking, NOW, savings, and money market interest-bearing deposits | 0 | 0 | |
Time deposits | 5,527,361 | 2,976,389 | |
Federal funds purchased and interbank borrowings | 0 | 0 | |
Securities sold under agreements to repurchase | 0 | 0 | |
Federal Home Loan Bank advances | 4,167,911 | 3,739,780 | |
Other borrowings | 843,629 | 703,156 | |
Accrued interest payable | 46,934 | 19,547 | |
Standby letters of credit | 0 | 0 | |
Commitments to extend credit | 0 | 0 | |
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | U.S. government-sponsored entities and agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 617,010 | ||
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 847,652 | ||
Estimate of Fair Value Measurement | Significant Other Observable Inputs (Level 2) | States and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 928,959 | ||
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 | 162,813 | 137,682 | |
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 | 1,224 | 755 | |
Commitments to extend credit | 3,582 | 3,666 | |
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | U.S. government-sponsored entities and agencies | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | Mortgage-backed securities | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
Estimate of Fair Value Measurement | Significant Unobservable Inputs (Level 3) | States and political subdivisions | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Investment securities held to maturity | 0 | ||
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 | 9,078,129 | 9,066,583 | |
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 | 13,302,502 | 11,867,851 | |
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 | 5,630,855 | 5,372,491 | |
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 | $ 2,526,277 | $ 2,557,115 |