Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 06, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 1-11277 | |
Entity Registrant Name | Valley National Bancorp | |
Entity Incorporation, State or Country Code | NJ | |
Entity Tax Identification Number | 22-2477875 | |
Entity Address, Address Line One | One Penn Plaza | |
Entity Address, City or Town | New York, | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10119 | |
City Area Code | 973 | |
Local Phone Number | 305-8800 | |
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 | 406,608,663 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Period Period Focus | Q2 | |
Entity Central Index Key | 0000714310 | |
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 | VLY | |
Security Exchange Name | NASDAQ | |
Non-Cumulative Perpetual Preferred Stock, Series A | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Non-Cumulative Perpetual Preferred Stock, Series A, no par value | |
Trading Symbol | VLYPP | |
Security Exchange Name | NASDAQ | |
Non-Cumulative Perpetual Preferred Stock, Series B | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Non-Cumulative Perpetual Preferred Stock, Series B, no par value | |
Trading Symbol | VLYPO | |
Security Exchange Name | NASDAQ |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 329,006 | $ 257,845 |
Interest bearing deposits with banks | 1,515,757 | 1,071,360 |
Investment securities: | ||
Equity securities | 33,870 | 29,378 |
Trading debt securities | 21,216 | 0 |
Available for sale debt securities | 1,075,538 | 1,339,473 |
Held to maturity debt securities (net of allowance for credit losses of $1,040 at June 30, 2021 and $1,428 at December 31, 2020) | 2,532,772 | 2,171,583 |
Total investment securities | 3,663,396 | 3,540,434 |
Loans held for sale, at fair value | 159,256 | 301,427 |
Loans | 32,457,454 | 32,217,112 |
Less: Allowance for loan losses | (339,324) | (340,243) |
Net loans | 32,118,130 | 31,876,869 |
Premises and equipment, net | 327,517 | 319,797 |
Lease right of use assets | 235,165 | 252,053 |
Bank owned life insurance | 535,283 | 535,209 |
Accrued interest receivable | 99,068 | 106,230 |
Goodwill | 1,382,442 | 1,382,442 |
Other intangible assets, net | 65,523 | 70,449 |
Other assets | 843,685 | 971,961 |
Total Assets | 41,274,228 | 40,686,076 |
Deposits: | ||
Non-interest bearing | 10,528,946 | 9,205,266 |
Interest bearing: | ||
Savings, NOW and money market | 18,358,279 | 16,015,658 |
Time | 4,307,549 | 6,714,678 |
Total deposits | 33,194,774 | 31,935,602 |
Short-term borrowings | 854,378 | 1,147,958 |
Long-term borrowings | 1,885,690 | 2,295,665 |
Junior subordinated debentures issued to capital trusts | 56,239 | 56,065 |
Lease liabilities | 259,075 | 276,675 |
Accrued expenses and other liabilities | 286,265 | 381,991 |
Total Liabilities | 36,536,421 | 36,093,956 |
Shareholders’ Equity | ||
Common stock (no par value, authorized 650,000,000 shares; issued 406,090,983 shares at June 30, 2021 and 403,881,488 shares at December 31, 2020) | 142,550 | 141,746 |
Surplus | 3,658,636 | 3,637,468 |
Retained earnings | 744,768 | 611,158 |
Accumulated other comprehensive loss | (17,735) | (7,718) |
Treasury stock, at cost (7,193 common shares at June 30, 2021 and 22,490 common shares at December 31, 2020) | (103) | (225) |
Total Shareholders’ Equity | 4,737,807 | 4,592,120 |
Total Liabilities and Shareholders’ Equity | 41,274,228 | 40,686,076 |
Series A | ||
Shareholders’ Equity | ||
Preferred stock, no par value; 50,000,000 authorized shares: | 111,590 | 111,590 |
Series B | ||
Shareholders’ Equity | ||
Preferred stock, no par value; 50,000,000 authorized shares: | $ 98,101 | $ 98,101 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Allowance for credit losses, excluding accrued interest | $ 1,040 | $ 1,428 |
Preferred stock, par value (usd per share) | $ 0 | $ 0 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, par value (usd per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 650,000,000 | 650,000,000 |
Common stock, shares issued (in shares) | 406,090,983 | 403,881,488 |
Treasury stock, shares (in shares) | 7,193 | 22,490 |
Series A | ||
Preferred stock, shares issued (in shares) | 4,600,000 | 4,600,000 |
Series B | ||
Preferred stock, shares issued (in shares) | 4,000,000 | 4,000,000 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest Income | ||||
Interest and fees on loans | $ 315,314 | $ 321,883 | $ 628,495 | $ 654,951 |
Interest and dividends on investment securities: | ||||
Taxable | 12,716 | 19,447 | 25,882 | 41,380 |
Tax-exempt | 3,216 | 3,692 | 6,572 | 7,618 |
Dividends | 2,167 | 3,092 | 4,038 | 6,493 |
Interest on federal funds sold and other short-term investments | 235 | 411 | 459 | 1,876 |
Total interest income | 333,648 | 348,525 | 665,446 | 712,318 |
Interest on deposits: | ||||
Savings, NOW and money market | 11,166 | 16,627 | 22,291 | 51,140 |
Time | 6,279 | 29,857 | 17,372 | 72,671 |
Interest on short-term borrowings | 1,168 | 1,980 | 2,926 | 6,687 |
Interest on long-term borrowings and junior subordinated debentures | 14,128 | 17,502 | 29,283 | 33,922 |
Total interest expense | 32,741 | 65,966 | 71,872 | 164,420 |
Net Interest Income | 300,907 | 282,559 | 593,574 | 547,898 |
(Credit) provision for credit losses for held to maturity securities | (30) | 41 | (388) | 800 |
Provision for credit losses for loans | 8,777 | 41,115 | 17,791 | 75,039 |
Net Interest Income After Provision for Credit Losses | 292,160 | 241,403 | 576,171 | 472,059 |
Non-Interest Income | ||||
Insurance commissions | 2,637 | 1,659 | 4,195 | 3,610 |
Gains (losses) on securities transactions, net | 375 | (41) | 476 | (81) |
Fees from loan servicing | 3,187 | 2,227 | 6,086 | 4,975 |
Gains on sales of loans, net | 10,061 | 8,337 | 13,574 | 12,887 |
Gains (losses) on sales of assets, net | 232 | (299) | 36 | (178) |
Bank owned life insurance | 2,475 | 5,823 | 4,806 | 8,965 |
Other | 15,544 | 20,741 | 28,139 | 40,573 |
Total non-interest income | 43,126 | 44,830 | 74,359 | 86,227 |
Non-Interest Expense | ||||
Salary and employee benefits expense | 91,095 | 78,532 | 179,198 | 164,260 |
Net occupancy and equipment expense | 32,451 | 33,217 | 64,710 | 65,658 |
FDIC insurance assessment | 3,374 | 6,135 | 6,650 | 10,011 |
Amortization of other intangible assets | 5,449 | 6,681 | 11,455 | 12,151 |
Professional and legal fees | 7,486 | 7,797 | 13,758 | 13,884 |
Loss on extinguishment of debt | 8,406 | 0 | 8,406 | 0 |
Amortization of tax credit investments | 2,972 | 3,416 | 5,716 | 6,644 |
Telecommunication expense | 2,732 | 2,866 | 5,892 | 5,153 |
Other | 17,928 | 18,522 | 36,321 | 35,061 |
Total non-interest expense | 171,893 | 157,166 | 332,106 | 312,822 |
Income Before Income Taxes | 163,393 | 129,067 | 318,424 | 245,464 |
Income tax expense | 42,881 | 33,466 | 82,202 | 62,595 |
Net Income | 120,512 | 95,601 | 236,222 | 182,869 |
Dividends on preferred stock | 3,172 | 3,172 | 6,344 | 6,344 |
Net Income Available to Common Shareholders | $ 117,340 | $ 92,429 | $ 229,878 | $ 176,525 |
Earnings Per Common Share: | ||||
Basic (usd per share) | $ 0.29 | $ 0.23 | $ 0.57 | $ 0.44 |
Diluted (usd per share) | 0.29 | 0.23 | 0.56 | 0.44 |
Cash Dividends Declared per Common Share (usd per share) | $ 0.11 | $ 0.11 | $ 0.22 | $ 0.22 |
Weighted Average Number of Common Shares Outstanding: | ||||
Basic (in shares) | 405,963,209 | 403,790,242 | 405,560,146 | 403,654,665 |
Diluted (in shares) | 408,660,778 | 404,631,845 | 408,152,458 | 405,043,183 |
Trust and investment services | ||||
Non-Interest Income | ||||
Revenue from contracts with customer | $ 3,532 | $ 2,826 | $ 6,861 | $ 6,239 |
Service charges on deposit accounts | ||||
Non-Interest Income | ||||
Revenue from contracts with customer | $ 5,083 | $ 3,557 | $ 10,186 | $ 9,237 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 120,512 | $ 95,601 | $ 236,222 | $ 182,869 |
Unrealized gains and losses on available for sale securities | ||||
Net (losses) gains arising during the period | (1,471) | 3,013 | (11,907) | 29,081 |
Less reclassification adjustment for net losses included in net income | 76 | 31 | 120 | 58 |
Total | (1,395) | 3,044 | (11,787) | 29,139 |
Unrealized gains and losses on derivatives (cash flow hedges) | ||||
Net (losses) gains on derivatives arising during the period | (147) | (1,280) | 27 | (2,337) |
Less reclassification adjustment for net losses (gains) included in net income | 534 | (308) | 1,185 | 130 |
Total | 387 | (1,588) | 1,212 | (2,207) |
Defined benefit pension plan | ||||
Amortization of actuarial net loss | 278 | 172 | 558 | 344 |
Total other comprehensive (loss) income | (730) | 1,628 | (10,017) | 27,276 |
Total comprehensive income | $ 119,782 | $ 97,229 | $ 226,205 | $ 210,145 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | Preferred Series A | Preferred Series B | Common Stock | Cumulative Effect, Period of Adoption, Adjustment | Cumulative Effect, Period of Adoption, Adjusted Balance | Preferred Stock | Preferred StockCumulative Effect, Period of Adoption, Adjusted Balance | Common Stock | Common StockCumulative Effect, Period of Adoption, Adjusted Balance | Surplus | SurplusCumulative Effect, Period of Adoption, Adjusted Balance | Retained Earnings | Retained EarningsPreferred Series A | Retained EarningsPreferred Series B | Retained EarningsCommon Stock | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Retained EarningsCumulative Effect, Period of Adoption, Adjusted Balance | Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive LossCumulative Effect, Period of Adoption, Adjusted Balance | Treasury Stock | Treasury StockCumulative Effect, Period of Adoption, Adjusted Balance |
Beginning balance at Dec. 31, 2019 | $ 4,384,188 | $ (28,187) | $ 4,356,001 | $ 209,691 | $ 209,691 | $ 141,423 | $ 141,423 | $ 3,622,208 | $ 3,622,208 | $ 443,559 | $ (28,187) | $ 415,372 | $ (32,214) | $ (32,214) | $ (479) | $ (479) | ||||||
Beginning balance (in shares) at Dec. 31, 2019 | 403,278 | 403,278 | ||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income | 87,268 | 87,268 | ||||||||||||||||||||
Other comprehensive loss, net of tax | 25,648 | 25,648 | ||||||||||||||||||||
Cash dividends declared: | ||||||||||||||||||||||
Cash dividends declared on preferred stock | $ (1,797) | $ (1,375) | $ (1,797) | $ (1,375) | ||||||||||||||||||
Cash dividends declared on common stock | $ (44,979) | $ (44,979) | ||||||||||||||||||||
Effect of stock incentive plan, net (in shares) | 466 | |||||||||||||||||||||
Effect of stock incentive plan, net | 232 | $ 190 | 1,828 | (2,065) | 279 | |||||||||||||||||
Ending balance at Mar. 31, 2020 | 4,420,998 | 209,691 | $ 141,613 | 3,624,036 | 452,424 | (6,566) | (200) | |||||||||||||||
Ending balance (in shares) at Mar. 31, 2020 | 403,744 | |||||||||||||||||||||
Beginning balance at Dec. 31, 2019 | 4,384,188 | $ (28,187) | $ 4,356,001 | 209,691 | $ 209,691 | $ 141,423 | $ 141,423 | 3,622,208 | $ 3,622,208 | 443,559 | $ (28,187) | $ 415,372 | (32,214) | $ (32,214) | (479) | $ (479) | ||||||
Beginning balance (in shares) at Dec. 31, 2019 | 403,278 | 403,278 | ||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income | 182,869 | |||||||||||||||||||||
Ending balance at Jun. 30, 2020 | 4,474,488 | 209,691 | $ 141,667 | 3,628,792 | 499,511 | (4,938) | (235) | |||||||||||||||
Ending balance (in shares) at Jun. 30, 2020 | 403,796 | |||||||||||||||||||||
Beginning balance at Mar. 31, 2020 | 4,420,998 | 209,691 | $ 141,613 | 3,624,036 | 452,424 | (6,566) | (200) | |||||||||||||||
Beginning balance (in shares) at Mar. 31, 2020 | 403,744 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income | 95,601 | 95,601 | ||||||||||||||||||||
Other comprehensive loss, net of tax | 1,628 | 1,628 | ||||||||||||||||||||
Cash dividends declared: | ||||||||||||||||||||||
Cash dividends declared on preferred stock | (1,797) | (1,375) | (1,797) | (1,375) | ||||||||||||||||||
Cash dividends declared on common stock | (44,750) | (44,750) | ||||||||||||||||||||
Effect of stock incentive plan, net (in shares) | 52 | |||||||||||||||||||||
Effect of stock incentive plan, net | 4,183 | $ 54 | 4,756 | (592) | (35) | |||||||||||||||||
Ending balance at Jun. 30, 2020 | 4,474,488 | 209,691 | $ 141,667 | 3,628,792 | 499,511 | (4,938) | (235) | |||||||||||||||
Ending balance (in shares) at Jun. 30, 2020 | 403,796 | |||||||||||||||||||||
Beginning balance at Dec. 31, 2020 | 4,592,120 | 209,691 | $ 141,746 | 3,637,468 | 611,158 | (7,718) | (225) | |||||||||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 403,859 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income | 115,710 | 115,710 | ||||||||||||||||||||
Other comprehensive loss, net of tax | (9,287) | (9,287) | ||||||||||||||||||||
Cash dividends declared: | ||||||||||||||||||||||
Cash dividends declared on preferred stock | (1,797) | (1,375) | (1,797) | (1,375) | ||||||||||||||||||
Cash dividends declared on common stock | (45,281) | (45,281) | ||||||||||||||||||||
Effect of stock incentive plan, net (in shares) | 1,939 | |||||||||||||||||||||
Effect of stock incentive plan, net | 9,580 | $ 689 | 14,480 | (5,764) | 175 | |||||||||||||||||
Ending balance at Mar. 31, 2021 | 4,659,670 | 209,691 | $ 142,435 | 3,651,948 | 672,651 | (17,005) | (50) | |||||||||||||||
Ending balance (in shares) at Mar. 31, 2021 | 405,798 | |||||||||||||||||||||
Beginning balance at Dec. 31, 2020 | 4,592,120 | 209,691 | $ 141,746 | 3,637,468 | 611,158 | (7,718) | (225) | |||||||||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 403,859 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income | 236,222 | |||||||||||||||||||||
Ending balance at Jun. 30, 2021 | 4,737,807 | 209,691 | $ 142,550 | 3,658,636 | 744,768 | (17,735) | (103) | |||||||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 406,084 | |||||||||||||||||||||
Beginning balance at Mar. 31, 2021 | 4,659,670 | 209,691 | $ 142,435 | 3,651,948 | 672,651 | (17,005) | (50) | |||||||||||||||
Beginning balance (in shares) at Mar. 31, 2021 | 405,798 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income | 120,512 | 120,512 | ||||||||||||||||||||
Other comprehensive loss, net of tax | (730) | (730) | ||||||||||||||||||||
Cash dividends declared: | ||||||||||||||||||||||
Cash dividends declared on preferred stock | $ (1,797) | $ (1,375) | $ (1,797) | $ (1,375) | ||||||||||||||||||
Cash dividends declared on common stock | $ (45,093) | $ (45,093) | ||||||||||||||||||||
Effect of stock incentive plan, net (in shares) | 286 | |||||||||||||||||||||
Effect of stock incentive plan, net | 6,620 | $ 115 | 6,688 | (130) | (53) | |||||||||||||||||
Ending balance at Jun. 30, 2021 | $ 4,737,807 | $ 209,691 | $ 142,550 | $ 3,658,636 | $ 744,768 | $ (17,735) | $ (103) | |||||||||||||||
Ending balance (in shares) at Jun. 30, 2021 | 406,084 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | |
Common stock, cash dividends declared (usd per share) | $ 0.11 | $ 0.11 | ||
Preferred Series A | ||||
Preferred stock, cash dividends declared (usd per share) | 0.39 | $ 0.39 | 0.39 | $ 0.39 |
Preferred Series B | ||||
Preferred stock, cash dividends declared (usd per share) | 0.34 | 0.34 | 0.34 | 0.34 |
Common Stock | ||||
Common stock, cash dividends declared (usd per share) | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 236,222 | $ 182,869 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 27,681 | 29,608 |
Stock-based compensation | 10,690 | 8,199 |
Provision for credit losses | 17,403 | 75,839 |
Net amortization of premiums and accretion of discounts on securities and borrowings | 14,112 | 15,305 |
Amortization of other intangible assets | 11,455 | 12,151 |
(Gains) losses on securities transactions, net | (476) | 81 |
Proceeds from sales of loans held for sale | 690,844 | 408,785 |
Gains on sales of loans, net | (13,574) | (12,887) |
Originations of loans held for sale | (541,627) | (443,684) |
(Gains) losses on sales of assets, net | (36) | 178 |
Loss on extinguishment of debt | 8,406 | 0 |
Net change in: | ||
Trading debt securities | (21,216) | 0 |
Cash surrender value of bank owned life insurance | (4,806) | (8,965) |
Accrued interest receivable | 7,162 | (17,170) |
Other assets | 131,345 | (426,776) |
Accrued expenses and other liabilities | (119,331) | 166,490 |
Net cash provided by (used in) operating activities | 454,254 | (9,977) |
Cash flows from investing activities: | ||
Net loan originations and purchases | (264,512) | (2,568,893) |
Equity securities: | ||
Purchases | (2,482) | (5,365) |
Sales | 649 | 0 |
Held to maturity debt securities: | ||
Purchases | (744,868) | (107,136) |
Maturities, calls and principal repayments | 372,397 | 301,004 |
Available for sale debt securities: | ||
Purchases | (87,366) | (302,071) |
Sales | 41,134 | 0 |
Maturities, calls and principal repayments | 287,901 | 213,348 |
Death benefit proceeds from bank owned life insurance | 3,850 | 13,751 |
Proceeds from sales of real estate property and equipment | 2,747 | 8,202 |
Proceeds from sales of loans held for investment | 4,498 | 30,020 |
Purchases of real estate property and equipment | (12,207) | (14,469) |
Net cash used in investing activities | (398,259) | (2,431,609) |
Cash flows from financing activities: | ||
Net change in deposits | 1,259,172 | 2,151,400 |
Net change in short-term borrowings | (293,580) | 989,600 |
Proceeds from issuance of long-term borrowings, net | 295,934 | 838,388 |
Repayments of long-term borrowings | (710,595) | (53,418) |
Cash dividends paid to preferred shareholders | (6,344) | (6,344) |
Cash dividends paid to common shareholders | (90,201) | (89,122) |
Purchase of common shares to treasury | (684) | (4,924) |
Common stock issued, net | 6,194 | 1,140 |
Other, net | (333) | (264) |
Net cash provided by financing activities | 459,563 | 3,826,456 |
Net change in cash and cash equivalents | 515,558 | 1,384,870 |
Cash and cash equivalents at beginning of year | 1,329,205 | 434,687 |
Cash and cash equivalents at end of period | 1,844,763 | 1,819,557 |
Supplemental disclosures of cash flow information: | ||
Interest on deposits and borrowings | 82,596 | 178,337 |
Federal and state income taxes | 117,562 | 14,731 |
Supplemental schedule of non-cash investing activities: | ||
Transfer of loans to other real estate owned | 141 | 2,750 |
Transfer of loans to loans held for sale | 0 | 30,020 |
Lease right of use assets obtained in exchange for operating lease liabilities | $ 1,993 | $ 6,407 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited consolidated financial statements of Valley National Bancorp, a New Jersey corporation (Valley), include the accounts of its commercial bank subsidiary, Valley National Bank (the Bank), and all of Valley’s direct or indirect wholly-owned subsidiaries. All inter-company transactions and balances have been eliminated. The accounting and reporting policies of Valley conform to U.S. generally accepted accounting principles (U.S. GAAP) and general practices within the financial services industry. In accordance with applicable accounting standards, Valley does not consolidate statutory trusts established for the sole purpose of issuing trust preferred securities and related trust common securities. Certain prior period amounts have been reclassified to conform to the current presentation. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly Valley’s financial position, results of operations, changes in shareholders' equity and cash flows at June 30, 2021 and for all periods presented have been made. The results of operations for the three and six months ended on June 30, 2021 are not necessarily indicative of the results to be expected for the entire fiscal year or any subsequent interim period. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP and industry practice have been condensed or omitted pursuant to rules and regulations of the SEC. These financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in Valley’s Annual Report on Form 10-K for the year ended December 31, 2020. Correction of an Immaterial Error. Valley's previously reported consolidated statement of cash flows for the six months ended June 30, 2020 was revised to reflect an adjustment for an intercompany account that was not properly eliminated in consolidation. The adjustment resulted in a $90.8 million decrease in “Net change in deposits” line item to a net increase of $2.2 billion. The corresponding decrease in the “Net change in cash and cash equivalents” line item resulted in a change from a net increase of $1.5 billion to a net increase of $1.4 billion. The effect of these revisions was immaterial to the interim period. Significant Estimates. In preparing the unaudited consolidated financial statements in conformity with U.S. GAAP, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and results of operations for the periods indicated. Material estimates that require application of management’s most difficult, subjective or complex judgment and are particularly susceptible to change include: the allowance for credit losses, the evaluation of goodwill and other intangible assets for impairment, and income taxes. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual amounts or results could differ significantly from those estimates. The current economic environment has increased the degree of uncertainty inherent in these material estimates. Actual results may differ from those estimates. Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date. |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share The following table shows the calculation of both basic and diluted earnings per common share for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands, except for share data) Net income available to common shareholders $ 117,340 $ 92,429 $ 229,878 $ 176,525 Basic weighted average number of common shares outstanding 405,963,209 403,790,242 405,560,146 403,654,665 Plus: Common stock equivalents 2,697,569 841,603 2,592,312 1,388,518 Diluted weighted average number of common shares outstanding 408,660,778 404,631,845 408,152,458 405,043,183 Earnings per common share: Basic $ 0.29 $ 0.23 $ 0.57 $ 0.44 Diluted 0.29 0.23 0.56 0.44 Common stock equivalents represent the dilutive effect of additional common shares issuable upon the assumed vesting or exercise, if applicable, of restricted stock units and common stock options to purchase Valley’s common shares. Common stock options with exercise prices that exceed the average market price per share of Valley’s common stock during the periods presented may have an anti-dilutive effect on the diluted earnings per common share calculation and therefore are excluded from the diluted earnings per share calculation along with restricted stock units. Potential anti-dilutive weighted common shares were immaterial for the three and six months ended June 30, 2021, respectively, as compared to 2.7 million and 2.3 million shares for the three and six months ended June 30, 2020, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the three and six months ended June 30, 2021: Components of Accumulated Other Comprehensive Loss Total Unrealized Gains Unrealized Gains Defined (in thousands) Balance at March 31, 2021 $ 22,898 $ (3,081) $ (36,822) $ (17,005) Other comprehensive loss before reclassification (1,471) (147) — (1,618) Amounts reclassified from other comprehensive income 76 534 278 888 Other comprehensive (loss) income, net (1,395) 387 278 (730) Balance at June 30, 2021 $ 21,503 $ (2,694) $ (36,544) $ (17,735) Components of Accumulated Other Comprehensive Loss Total Unrealized Gains Unrealized Gains Defined (in thousands) Balance at December 31, 2020 $ 33,290 $ (3,906) $ (37,102) $ (7,718) Other comprehensive (loss) income before reclassification (11,907) 27 — (11,880) Amounts reclassified from other comprehensive income 120 1,185 558 1,863 Other comprehensive (loss) income, net (11,787) 1,212 558 (10,017) Balance at June 30, 2021 $ 21,503 $ (2,694) $ (36,544) $ (17,735) The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the three and six months ended June 30, 2021 and 2020: Amounts Reclassified from Three Months Ended Six Months Ended June 30, Components of Accumulated Other Comprehensive Loss 2021 2020 2021 2020 Income Statement Line Item (in thousands) Unrealized losses on AFS securities before tax $ (103) $ (41) $ (162) $ (81) Gains (losses) on securities transactions, net Tax effect 27 10 42 23 Total net of tax (76) (31) (120) (58) Unrealized (losses) gains on derivatives (cash flow hedges) before tax (749) 438 (1,664) (177) Interest expense Tax effect 215 (130) 479 47 Total net of tax (534) 308 (1,185) (130) Defined benefit pension plan: Amortization of actuarial net loss (387) (229) (775) (465) * Tax effect 109 57 217 121 Total net of tax (278) (172) (558) (344) Total reclassifications, net of tax $ (888) $ 105 $ (1,863) $ (532) * Amortization of actuarial net loss is included in the computation of net periodic pension cost recognized within other non-interest expense. |
New Authoritative Accounting Gu
New Authoritative Accounting Guidance | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
New Authoritative Accounting Guidance | New Authoritative Accounting Guidance New Accounting Guidance Adopted in 2021 Accounting Standards Update (ASU) No. 2020-08, "Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs" provides clarification and affects the guidance previously issued by ASU No. 2017-08 “Receivables -Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU No. 2020-08 clarifies that an entity should reevaluate whether a debt security with multiple call dates is within the scope of paragraph 310-20-35-33. For each reporting period, to the extent that the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the next call date, the premium should be amortized to the next call date, unless the guidance to consider estimated prepayments is applied. Valley adopted ASU No. 2020-08 on January 1, 2021 and the new guidance did not have a significant impact on Valley’s consolidated financial statements. New Accounting Guidance issued in 2021 ASU No. 2021-01 "Reference Rate Reform (Topic 848)" extends some of Accounting Standards Codification Topic 848’s optional expedients to derivative contracts impacted by the discounting transition, including for derivatives that do not reference LIBOR or other reference rates that are expected to be discontinued. ASU No. 2021-01 is effective for all entities immediately upon issuance and may be elected retrospectively to eligible modifications as of any date from the beginning of the interim period that includes March 12, 2020, or prospectively to new modifications made on or after any date within the interim period including January 7, 2021 and it can be applied through December 31, 2022, similar to the other reference rate reform relief provided under Topic 848. The ASU No. 2021-01 is not expected to have a significant impact on Valley’s consolidated financial statements. |
Fair Value Measurement of Asset
Fair Value Measurement of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement of Assets and Liabilities | Fair Value Measurement of Assets and Liabilities ASC Topic 820, “Fair Value Measurements” establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described below: • Level 1 - Unadjusted exchange quoted prices in active markets for identical assets or liabilities, or identical liabilities traded as assets that the reporting entity has the ability to access at the measurement date. • Level 2 - Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly (i.e., quoted prices on similar assets) for substantially the full term of the asset or liability. • Level 3 - Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). Assets and Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at June 30, 2021 and December 31, 2020. The assets presented under “non-recurring fair value measurements” in the tables below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized). June 30, Fair Value Measurements at Reporting Date Using: Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 30,357 $ 19,604 $ — $ — Trading debt securities 21,216 — 21,216 — Available for sale debt securities: U.S. Treasury securities 51,010 51,010 — — U.S. government agency securities 23,907 — 23,907 — Obligations of states and political subdivisions 65,685 — 65,685 — Residential mortgage-backed securities 846,316 — 846,316 — Corporate and other debt securities 88,620 — 88,620 — Total available for sale debt securities 1,075,538 51,010 1,024,528 — Loans held for sale (2) 159,256 — 159,256 — Other assets (3) 248,843 — 248,843 — Total assets $ 1,535,210 $ 70,614 $ 1,453,843 $ — Liabilities Other liabilities (3) $ 81,676 $ — $ 81,676 $ — Total liabilities $ 81,676 $ — $ 81,676 $ — Non-recurring fair value measurements: Collateral dependent loans $ 39,655 $ — $ — $ 39,655 Loan servicing rights 158 — — 158 Foreclosed assets 2,202 — — 2,202 Total $ 42,015 $ — $ — $ 42,015 Fair Value Measurements at Reporting Date Using: December 31, Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 26,379 $ 18,600 $ — $ — Available for sale debt securities: U.S. Treasury securities 51,393 51,393 — — U.S. government agency securities 26,157 — 26,157 — Obligations of states and political subdivisions 79,950 — 79,135 815 Residential mortgage-backed securities 1,090,022 — 1,090,022 — Corporate and other debt securities 91,951 — 91,951 — Total available for sale 1,339,473 51,393 1,287,265 815 Loans held for sale (2) 301,427 — 301,427 — Other assets (3) 387,452 — 387,452 — Total assets $ 2,054,731 $ 69,993 $ 1,976,144 $ 815 Liabilities Other liabilities (3) $ 156,281 $ — $ 156,281 $ — Total liabilities $ 156,281 $ — $ 156,281 $ — Non-recurring fair value measurements: Collateral dependent impaired loans $ 35,228 $ — $ — $ 35,228 Loan servicing rights 15,603 — — 15,603 Foreclosed assets 7,387 — — 7,387 Total $ 58,218 $ — $ — $ 58,218 (1) Includes equity securities measured at net asset value (NAV) per share (or its equivalent) as a practical expedient totaling $10.8 million and $7.8 million at June 30, 2021 and December 31, 2020, respectively. These securities have not been classified in the fair value hierarchy. (2) Represents residential mortgage loans held for sale that are carried at fair value and had contractual unpaid principal balances totaling approximately $154.2 million and $286.4 million at June 30, 2021 and December 31, 2020, respectively. (3) Derivative financial instruments are included in this categor y. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following valuation techniques were used for financial instruments measured at fair value on a recurring basis. All the valuation techniques described below apply to the unpaid principal balance, excluding any accrued interest or dividends at the measurement date. Interest income and expense are recorded within the consolidated statements of income depending on the nature of the instrument using the effective interest method based on acquired discount or premium. Equity securities. The fair value of equity securities largely consists of a publicly traded mutual fund, a Community Reinvestment Act (CRA) investment fund that is carried at quoted prices in active markets and privately held CRA funds measured at NAV. Trading debt securities. The fair value of trading debt securities, consisting of municipal bonds, is reported at fair value utilizing Level 2 inputs. The prices for these investments are derived from market quotations and matrix pricing obtained through an independent pricing service. Available for sale debt securities. U.S. Treasury securities are reported at fair value utilizing Level 1 inputs. The majority of other investment securities are reported at fair value utilizing Level 2 inputs. The prices for these instruments are obtained through an independent pricing service or dealer market participants with whom Valley has historically transacted both purchases and sales of investment securities. Prices obtained from these sources include prices derived from market quotations and matrix pricing. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Management reviews the data and assumptions used in pricing the securities by its third-party provider to ensure the highest level of significant inputs are derived from market observable data. In addition, Valley reviews the volume and level of activity for all available for sale securities and attempts to identify transactions which may not be orderly or reflective of a significant level of activity and volume. Loans held for sale. Residential mortgage loans originated for sale are reported at fair value using Level 2 inputs. The fair values were calculated utilizing quoted prices for similar assets in active markets. The market prices represent a delivery price, which reflects the underlying price each institution would pay Valley for an immediate sale of an aggregate pool of mortgages. Non-performance risk did not materially impact the fair value of mortgage loans held for sale at June 30, 2021 and December 31, 2020 based on the short duration these assets were held, and the credit quality of these loans. Derivatives. Derivatives are reported at fair value utilizing Level 2 inputs. The fair values of Valley’s derivatives are determined using third-party prices that are based on discounted cash flow analysis using observed market inputs, such as the LIBOR, Overnight Index Swap and Secured Overnight Financing Rate (SOFR) curves for all cleared derivatives. The fair value of mortgage banking derivatives, consisting of interest rate lock commitments to fund residential mortgage loans and forward commitments for the future delivery of such loans (including certain loans held for sale at June 30, 2021 and December 31, 2020), is determined based on the current market prices for similar instruments. The fair values of most of the derivatives incorporate credit valuation adjustments, which consider the impact of any credit enhancements to the contracts, to account for potential nonperformance risk of Valley and its counterparties. The credit valuation adjustments were not significant to the overall valuation of Valley’s derivatives at June 30, 2021 and December 31, 2020. Assets and Liabilities Measured at Fair Value on a Non-recurring Basis The following valuation techniques were used for certain non-financial assets measured at fair value on a non-recurring basis, including collateral dependent loans reported at the fair value of the underlying collateral, loan servicing rights and foreclosed assets, which are reported at fair value upon initial recognition or subsequent impairment as described below. Collateral Dependent Loans . Collateral dependent loans are loans when foreclosure of the collateral is probable, or where the borrower is experiencing financial difficulty and substantially all of the repayment is expected from the collateral. Collateral dependent loans are reported at the fair value of the underlying collateral. Collateral values are estimated using Level 3 inputs, consisting of individual third-party appraisals that may be adjusted based on certain discounting criteria. Certain real estate appraisals may be discounted based on specific market data by location and property type. At June 30, 2021, collateral dependent loans were individually re-measured and reported at fair value through direct loan charge-offs to the allowance for loan losses based on the fair value of the underlying collateral. At June 30, 2021, collateral dependent loans, mostly consisting of taxi medallion loans, with a total amortized cost of $104.3 million were reduced by specific allowance for loan losses allocations totaling $64.6 million to a reported total net carrying amount of $39.7 million. Loan servicing rights. Fair values for each risk-stratified group of loan servicing rights are calculated using a fair value model from a third-party vendor that requires inputs that are both significant to the fair value measurement and unobservable (Level 3). The fair value model is based on various assumptions, including but not limited to, prepayment speeds, internal rate of return (discount rate), servicing cost, ancillary income, float rate, tax rate, and inflation. The prepayment speed and the discount rate are considered two of the most significant inputs in the model. At June 30, 2021, the fair value model used a blended prepayment speed (stated as constant prepayment rates) of 15.4 percent and a discount rate of 9.1 percent for the valuation of the loan servicing rights. A significant degree of judgment is involved in valuing the loan servicing rights using Level 3 inputs. The use of different assumptions could have a significant positive or negative effect on the fair value estimate. Impairment charges are recognized on loan servicing rights when the amortized cost of a risk-stratified group of loan servicing rights exceeds the estimated fair value. At June 30, 2021, certain loan servicing rights were re-measured at fair value totaling $158 thousand. See Note 8 for additional information. Foreclosed assets . Certain foreclosed assets (consisting of other real estate owned and other repossessed assets included in other assets), upon initial recognition and transfer from loans, are re-measured and reported at fair value using Level 3 inputs, consisting of a third-party appraisal less estimated cost to sell. When an asset is acquired, the excess of the loan balance over fair value, less estimated selling costs, is charged to the allowance for loan losses. If further declines in the estimated fair value of the asset occur, an asset is re-measured and reported at fair value through a write-down recorded in non-interest expense. The adjustments to the appraisals of foreclosed assets ranged from 1.3 percent to 7.1 percent at June 30, 2021. Other Fair Value Disclosures ASC Topic 825, “Financial Instruments,” requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The fair value estimates presented in the following table were based on pertinent market data and relevant information on the financial instruments available as of the valuation date. These estimates do not reflect any premium or discount that could result from offering for sale at one time the entire portfolio of financial instruments. Because no market exists for a portion of the financial instruments, fair value estimates may be based on judgments regarding future expected loss experience, current economic conditions, risk characteristics of various financial instruments and other factors. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. For instance, Valley has certain fee-generating business lines (e.g., its mortgage servicing operation, trust and investment management departments) that were not considered in these estimates since these activities are not financial instruments. In addition, the tax implications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in any of the estimates. The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at June 30, 2021 and December 31, 2020 were as follows: Fair Value June 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 329,006 $ 329,006 $ 257,845 $ 257,845 Interest bearing deposits with banks Level 1 1,515,757 1,515,757 1,071,360 1,071,360 Equity securities (1) Level 3 3,513 3,513 2,999 2,999 Held to maturity debt securities: U.S. Treasury securities Level 1 67,874 73,575 68,126 75,484 U.S. government agency securities Level 2 5,548 5,813 6,222 6,513 Obligations of states and political subdivisions Level 2 444,380 454,718 470,259 484,506 Residential mortgage-backed securities Level 2 1,926,900 1,938,608 1,550,306 1,589,655 Trust preferred securities Level 2 37,360 31,425 37,348 30,033 Corporate and other debt securities Level 2 51,750 52,380 40,750 41,421 Total held to maturity debt securities (2) 2,533,812 2,556,519 2,173,011 2,227,612 Net loans Level 3 32,118,130 31,962,961 31,876,869 31,635,060 Accrued interest receivable Level 1 99,068 99,068 106,230 106,230 Federal Reserve Bank and Federal Home Loan Bank stock (3) Level 2 212,122 212,122 250,116 250,116 Financial liabilities Deposits without stated maturities Level 1 28,887,225 28,887,225 25,220,924 25,220,924 Deposits with stated maturities Level 2 4,307,549 4,256,745 6,714,678 6,639,022 Short-term borrowings Level 1 854,378 838,440 1,147,958 1,151,478 Long-term borrowings Level 2 1,885,690 1,882,750 2,295,665 2,405,345 Junior subordinated debentures issued to capital trusts Level 2 56,239 45,802 56,065 57,779 Accrued interest payable (4) Level 1 8,115 8,115 18,839 18,839 (1) Represents equity securities without a readily determinable fair value measured at cost less impairment, if any. (2) The carrying amount is presented gross without the allowance for credit losses. (3) Included in other assets. (4) Included in accrued expenses and other liabilities. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Equity Securities Equity securities carried at fair value totaled $33.9 million and $29.4 million at June 30, 2021 and December 31, 2020, respectively. At June 30, 2021, Valley's equity securities consisted of one publicly traded money market mutual fund, CRA investments both publicly traded and privately held and, to a lesser extent, equity securities without readily determinable fair values. Trading Debt Securities The fair value of trading securities, consisting of municipal bonds, totaled $21.2 million at June 30, 2021. Net trading gains are included in net gains and losses on securities transactions within non-interest income. Net trading gains totaled $489 thousand and $707 thousand for the three and six months ended June 30, 2021, respectively. Available for Sale Debt Securities The amortized cost, gross unrealized gains and losses and fair value of available for sale debt securities at June 30, 2021 and December 31, 2020 were as follows: Amortized Gross Gross Fair Value (in thousands) June 30, 2021 U.S. Treasury securities $ 50,023 $ 987 $ — $ 51,010 U.S. government agency securities 22,695 1,218 (6) 23,907 Obligations of states and political subdivisions: Obligations of states and state agencies 32,098 614 — 32,712 Municipal bonds 32,440 541 (8) 32,973 Total obligations of states and political subdivisions 64,538 1,155 (8) 65,685 Residential mortgage-backed securities 823,040 24,490 (1,214) 846,316 Corporate and other debt securities 85,441 3,198 (19) 88,620 Total $ 1,045,737 $ 31,048 $ (1,247) $ 1,075,538 December 31, 2020 U.S. Treasury securities $ 50,031 $ 1,362 $ — $ 51,393 U.S. government agency securities 25,067 1,103 (13) 26,157 Obligations of states and political subdivisions: Obligations of states and state agencies 40,861 970 (32) 41,799 Municipal bonds 37,489 731 (69) 38,151 Total obligations of states and political subdivisions 78,350 1,701 (101) 79,950 Residential mortgage-backed securities 1,050,369 40,426 (773) 1,090,022 Corporate and other debt securities 89,689 2,294 (32) 91,951 Total $ 1,293,506 $ 46,886 $ (919) $ 1,339,473 The age of unrealized losses and fair value of the related available for sale debt securities at June 30, 2021 and December 31, 2020 were as follows: Less than More than Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) June 30, 2021 U.S. government agency securities $ — $ — $ 1,396 $ (6) $ 1,396 $ (6) Municipal bonds 4,705 (8) — — 4,705 (8) Residential mortgage-backed securities 116,758 (914) 12,726 (300) 129,484 (1,214) Corporate and other debt securities 1,981 (19) — — 1,981 (19) Total $ 123,444 $ (941) $ 14,122 $ (306) $ 137,566 $ (1,247) December 31, 2020 U.S. government agency securities $ — $ — $ 1,479 $ (13) $ 1,479 $ (13) Obligations of states and political subdivisions: Obligations of states and state agencies — — 1,010 (32) 1,010 (32) Municipal bonds 6,777 (69) — — 6,777 (69) Total obligations of states and political subdivisions 6,777 (69) 1,010 (32) 7,787 (101) Residential mortgage-backed securities 41,418 (500) 27,911 (273) 69,329 (773) Corporate and other debt securities 12,517 (32) — — 12,517 (32) Total $ 60,712 $ (601) $ 30,400 $ (318) $ 91,112 $ (919) Within the available for sale debt securities portfolio, the total number of security positions in an unrealized loss position was 67 and 58 at June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021, the fair value of available for sale debt securities that were pledged to secure public deposits, repurchase agreements, lines of credit, and for other purposes required by law, was $736.2 million. The contractual maturities of available for sale debt securities at June 30, 2021 are set forth in the following table. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary. June 30, 2021 Amortized Fair (in thousands) Due in one year $ 6,769 $ 6,824 Due after one year through five years 84,534 86,491 Due after five years through ten years 79,866 82,581 Due after ten years 51,528 53,326 Residential mortgage-backed securities 823,040 846,316 Total $ 1,045,737 $ 1,075,538 Actual maturities of available for sale debt securities may differ from those presented above since certain obligations provide the issuer the right to call or prepay the obligation prior to scheduled maturity without penalty. The weighted average remaining expected life for residential mortgage-backed securities available for sale was 4.4 years at June 30, 2021. Impairment Analysis of Available For Sale Debt Securities Valley's available for sale debt securities portfolio includes corporate bonds and revenue bonds, among other securities. These types of securities may pose a higher risk of future impairment charges by Valley as a result of the unpredictable nature of the U.S. economy and its potential negative effect on the future performance of the security issuers, including due to the economic effects of the COVID-19 pandemic. Available for sale debt securities in unrealized loss positions are evaluated for impairment related to credit losses on a quarterly basis. Val ley has evaluated available for sale debt securities that are in an unrealized loss position as of June 30, 2021 included in the table above and has determined that the declines in fair value are mainly attributable to market volatility, not credit quality or other factors. Based on a comparison of the present value of expected cash flows to the amortized cost, management recognized no impairment during the three and six months ended June 30, 2021 and 2020. There was no allowance for credit losses for available for sale debt securities at June 30, 2021 and December 31, 2020. Held to Maturity Debt Securities The amortized cost, gross unrealized gains and losses and fair value of debt securities held to maturity at June 30, 2021 and December 31, 2020 were as follows: Amortized Gross Gross Fair Value (in thousands) June 30, 2021 U.S. Treasury securities $ 67,874 $ 5,701 $ — $ 73,575 U.S. government agency securities 5,548 265 — 5,813 Obligations of states and political subdivisions: Obligations of states and state agencies 243,374 5,505 (43) 248,836 Municipal bonds 201,006 4,894 (18) 205,882 Total obligations of states and political subdivisions 444,380 10,399 (61) 454,718 Residential mortgage-backed securities 1,926,900 23,376 (11,668) 1,938,608 Trust preferred securities 37,360 51 (5,986) 31,425 Corporate and other debt securities 51,750 640 (10) 52,380 Total $ 2,533,812 $ 40,432 $ (17,725) $ 2,556,519 December 31, 2020 U.S. Treasury securities $ 68,126 $ 7,358 $ — $ 75,484 U.S. government agency securities 6,222 291 — 6,513 Obligations of states and political subdivisions: Obligations of states and state agencies 262,762 8,060 (105) 270,717 Municipal bonds 207,497 6,292 — 213,789 Total obligations of states and political subdivisions 470,259 14,352 (105) 484,506 Residential mortgage-backed securities 1,550,306 39,603 (254) 1,589,655 Trust preferred securities 37,348 50 (7,365) 30,033 Corporate and other debt securities 40,750 672 (1) 41,421 Total $ 2,173,011 $ 62,326 $ (7,725) $ 2,227,612 The age of unrealized losses and fair value of related debt securities held to maturity at June 30, 2021 and December 31, 2020 were as follows: Less than More than Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) June 30, 2021 Obligations of states and political subdivisions: Obligations of states and state agencies $ — $ — $ 5,570 $ (43) $ 5,570 $ (43) Municipal bonds 1,328 (18) — — 1,328 (18) Total obligations of states and political subdivisions 1,328 (18) 5,570 (43) 6,898 (61) Residential mortgage-backed securities 983,406 (11,606) 4,608 (62) 988,014 (11,668) Trust preferred securities — — 30,021 (5,986) 30,021 (5,986) Corporate and other debt securities 7,990 (10) — — 7,990 (10) Total $ 992,724 $ (11,634) $ 40,199 $ (6,091) $ 1,032,923 $ (17,725) December 31, 2020 Obligations of states and state agencies $ 5,546 $ (105) $ — $ — $ 5,546 $ (105) Residential mortgage-backed securities 21,599 (245) 2,470 (9) 24,069 (254) Trust preferred securities — — 28,630 (7,365) 28,630 (7,365) Corporate and other debt securities 10,749 (1) — — 10,749 (1) Total $ 37,894 $ (351) $ 31,100 $ (7,374) $ 68,994 $ (7,725) Within the held to maturity portfolio, the total number of security positions in an unrealized loss position was 44 and 13 at June 30, 2021 and December 31, 2020, respectively. As of June 30, 2021, the fair value of debt securities held to maturity that were pledged to secure public deposits, repurchase agreements, lines of credit, and for other purposes required by law, was $1.6 billion. The contractual maturities of investments in debt securities held to maturity at June 30, 2021 are set forth in the table below. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary. June 30, 2021 Amortized Fair (in thousands) Due in one year $ 27,218 $ 27,365 Due after one year through five years 247,844 257,620 Due after five years through ten years 129,112 130,979 Due after ten years 202,738 201,947 Residential mortgage-backed securities 1,926,900 1,938,608 Total $ 2,533,812 $ 2,556,519 Actual maturities of held to maturity debt securities may differ from those presented above since certain obligations provide the issuer the right to call or prepay the obligation prior to scheduled maturity without penalty. The weighted-average remaining expected life for residential mortgage-backed securities held to maturity was 6.0 years at June 30, 2021. Credit Quality Indicators Valley monitors the credit quality of the held to maturity debt securities through the use of the most current credit ratings from external rating agencies. The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at June 30, 2021 and December 31, 2020. AAA/AA/A Rated BBB rated Non-investment grade rated Non-rated Total (in thousands) June 30, 2021 U.S. Treasury securities $ 67,874 $ — $ — $ — $ 67,874 U.S. government agency securities 5,548 — — — 5,548 Obligations of states and political subdivisions: Obligations of states and state agencies 210,548 — 5,613 27,213 243,374 Municipal bonds 158,111 — — 42,895 201,006 Total obligations of states and political subdivisions 368,659 — 5,613 70,108 444,380 Residential mortgage-backed securities 1,926,900 — — — 1,926,900 Trust preferred securities — — — 37,360 37,360 Corporate and other debt securities — 8,000 — 43,750 51,750 Total $ 2,368,981 $ 8,000 $ 5,613 $ 151,218 $ 2,533,812 December 31, 2020 U.S. Treasury securities $ 68,126 $ — $ — $ — $ 68,126 U.S. government agency securities 6,222 — — — 6,222 Obligations of states and political subdivisions: Obligations of states and state agencies 228,286 — 5,650 28,826 262,762 Municipal bonds 166,408 — — 41,089 207,497 Total obligations of states and political subdivisions 394,694 — 5,650 69,915 470,259 Residential mortgage-backed securities 1,550,306 — — — 1,550,306 Trust preferred securities — — — 37,348 37,348 Corporate and other debt securities — 5,000 — 35,750 40,750 Total investment securities held to maturity $ 2,019,348 $ 5,000 $ 5,650 $ 143,013 $ 2,173,011 Obligations of states and political subdivisions include municipal bonds and revenue bonds issued by various municipal corporations. At June 30, 2021, most of the obligations of states and political subdivisions were rated investment grade and a large portion of the "non-rated" category included TEMS securities secured by Ginnie Mae securities. Trust preferred securities consist of non-rated single-issuer securities, issued by bank holding companies. Corporate bonds consist of debt primarily issued by banks. Allowance for Credit Losses for Held to Maturity Debt Securities Valley has a zero loss expectation for certain securities within the held to maturity portfolio, and therefore it is not required to estimate an allowance for credit losses related to these securities under the CECL standard. After an evaluation of qualitative factors, Valley identified the following securities types which it believes qualify for this exclusion: U.S. Treasury securities, U.S. government agency securities, residential mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, and collateralized municipal bonds called TEMS. At June 30, 2021, held to maturity debt securities were carried net of allowance for credit losses totaling $1.0 million and $1.4 million at |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses for Loans | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses for Loans | Loans and Allowance for Credit Losses for Loans The detail of the loan portfolio as of June 30, 2021 and December 31, 2020 was as follows: June 30, 2021 December 31, 2020 (in thousands) Loans: Commercial and industrial: Commercial and industrial $ 4,733,771 $ 4,709,569 Commercial and industrial PPP loans * 1,350,684 2,152,139 Total commercial and industrial loans 6,084,455 6,861,708 Commercial real estate: Commercial real estate 17,512,142 16,724,998 Construction 1,752,838 1,745,825 Total commercial real estate loans 19,264,980 18,470,823 Residential mortgage 4,226,975 4,183,743 Consumer: Home equity 410,856 431,553 Automobile 1,531,262 1,355,955 Other consumer 938,926 913,330 Total consumer loans 2,881,044 2,700,838 Total loans $ 32,457,454 $ 32,217,112 * Represents SBA Paycheck Protection Program (PPP) loans, net of unearned fees totaling $40.9 million and $43.2 million at June 30, 2021 and December 31, 2020, respectively. Total loans includes net unearned discounts and deferred loan fees of $86.1 million and $95.8 million at June 30, 2021 and December 31, 2020, respectively. Net unearned discounts and deferred loan fees include the non-credit discount on purchased credit deterioration (PCD) loans and net unearned fees related to PPP loans at June 30, 2021 and December 31, 2020. Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $84.1 million and $90.2 million at June 30, 2021 and December 31, 2020, respectively, and is presented separately in the consolidated statements of financial condition . Valley transferred and sold approximately $30.0 million of residential mortgage loans from the loan portfolio to loans held for sale during the six months ended June 30, 2020 . Excluding the loan transfers, there were no other material sales of loans from the held for investment portfolio during the three and six months ended June 30, 2021 and 2020. Credit Risk Management For all of its loan types, Valley adheres to a credit policy designed to minimize credit risk while generating the maximum income given the level of risk appetite. Management reviews and approves these policies and procedures on a regular basis with subsequent approval by the Board of Directors annually. Credit authority relating to a significant dollar percentage of the overall portfolio is centralized and controlled by the Credit Risk Management Division and by the Credit Committee. A reporting system supplements the management review process by providing management with frequent reports concerning loan production, loan quality, internal loan classification, concentrations of credit, loan delinquencies, non-performing, and potential problem loans. Loan portfolio diversification is an important factor utilized by Valley to manage its risk across business sectors and through cyclical economic circumstances. See Valley’s Annual Report on Form 10-K for the year ended December 31, 2020 for further details. Credit Quality The following table presents past due, current and non-accrual loans without an allowance for credit losses by loan portfolio class at June 30, 2021 and December 31, 2020: Past Due and Non-Accrual Loans 30-59 Days 60-89 Days 90 Days or More Non-Accrual Loans Total Past Due Loans Current Loans Total Loans Non-Accrual Loans Without Allowance for Credit Losses (in thousands) June 30, 2021 Commercial and industrial $ 3,867 $ 1,361 $ 2,351 $ 102,594 $ 110,173 $ 5,974,282 $ 6,084,455 $ 9,550 Commercial real estate: Commercial real estate 40,524 11,451 1,948 58,893 112,816 17,399,326 17,512,142 37,116 Construction — — — 17,660 17,660 1,735,178 1,752,838 — Total commercial real estate loans 40,524 11,451 1,948 76,553 130,476 19,134,504 19,264,980 37,116 Residential mortgage 8,479 1,608 956 35,941 46,984 4,179,991 4,226,975 16,807 Consumer loans: Home equity 592 325 — 4,431 5,348 405,508 410,856 48 Automobile 5,521 636 441 389 6,987 1,524,275 1,531,262 — Other consumer 129 24 22 104 279 938,647 938,926 — Total consumer loans 6,242 985 463 4,924 12,614 2,868,430 2,881,044 48 Total $ 59,112 $ 15,405 $ 5,718 $ 220,012 $ 300,247 $ 32,157,207 $ 32,457,454 $ 63,521 Past Due and Non-Accrual Loans 30-59 60-89 90 Days or More Non-Accrual Loans Total Past Due Loans Current Loans Total Loans Non-Accrual Loans Without Allowance for Credit Losses (in thousands) December 31, 2020 Commercial and industrial $ 6,393 $ 2,252 $ 9,107 $ 106,693 $ 124,445 $ 6,737,263 $ 6,861,708 $ 4,075 Commercial real estate: Commercial real estate 35,030 1,326 993 46,879 84,228 16,640,770 16,724,998 32,416 Construction 315 — — 84 399 1,745,426 1,745,825 — Total commercial real estate loans 35,345 1,326 993 46,963 84,627 18,386,196 18,470,823 32,416 Residential mortgage 17,717 10,351 3,170 25,817 57,055 4,126,688 4,183,743 11,610 Consumer loans: Home equity 953 492 — 4,936 6,381 425,172 431,553 50 Automobile 8,056 1,107 245 338 9,746 1,346,209 1,355,955 — Other consumer 1,248 224 26 535 2,033 911,297 913,330 — Total consumer loans 10,257 1,823 271 5,809 18,160 2,682,678 2,700,838 50 Total $ 69,712 $ 15,752 $ 13,541 $ 185,282 $ 284,287 $ 31,932,825 $ 32,217,112 $ 48,151 Credit quality indicators. Valley utilizes an internal loan classification system as a means of reporting problem loans within commercial and industrial, commercial real estate, and construction loan portfolio classes. Under Valley’s internal risk rating system, loan relationships could be classified as "Pass," "Special Mention," "Substandard," "Doubtful," and "Loss." Substandard loans include loans that exhibit well-defined weakness and are characterized by the distinct possibility that Valley will sustain some loss if the deficiencies are not corrected. Loans classified as Doubtful have all the weaknesses inherent in those classified as Substandard with the added characteristic that the weaknesses present make collection or liquidation in full, based on currently existing facts, conditions and values, highly questionable and improbable. Loans classified as Loss are those considered uncollectible with insignificant value and are charged-off immediately to the allowance for loan losses, and, therefore, not presented in the table below. Loans that do not currently pose a sufficient risk to warrant classification in one of the aforementioned categories but pose weaknesses that deserve management’s close attention are deemed Special Mention. Loans rated as Pass do not currently pose any identified risk and can range from the highest to average quality, depending on the degree of potential risk. Risk ratings are updated any time the situation warrants. The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at June 30, 2021 and December 31, 2020: Term Loans Amortized Cost Basis by Origination Year June 30, 2021 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Commercial and industrial Risk Rating: Pass $ 1,539,921 $ 1,227,478 $ 508,228 $ 438,246 $ 162,119 $ 409,413 $ 1,571,927 $ 225 $ 5,857,557 Special Mention 1,282 1,550 1,476 11,182 2,159 17,041 59,376 64 94,130 Substandard 3,325 8,658 4,366 8,803 859 1,374 17,141 321 44,847 Doubtful 129 — 2,739 — 16,370 68,683 — — 87,921 Total commercial and industrial $ 1,544,657 $ 1,237,686 $ 516,809 $ 458,231 $ 181,507 $ 496,511 $ 1,648,444 $ 610 $ 6,084,455 Commercial real estate Risk Rating: Pass $ 2,100,741 $ 3,055,880 $ 2,875,727 $ 2,005,122 $ 1,552,673 $ 4,978,293 $ 174,277 $ 12,849 $ 16,755,562 Special Mention 2,000 51,271 58,418 44,118 43,019 184,694 38,615 — 422,135 Substandard 849 22,209 32,935 39,756 73,103 162,866 2,531 — 334,249 Doubtful — — — — — 196 — — 196 Total commercial real estate $ 2,103,590 $ 3,129,360 $ 2,967,080 $ 2,088,996 $ 1,668,795 $ 5,326,049 $ 215,423 $ 12,849 $ 17,512,142 Construction Risk Rating: Pass $ 112,491 $ 147,431 $ 87,130 $ 78,332 $ 6,656 $ 29,216 $ 1,251,972 $ — $ 1,713,228 Special Mention — — 1,026 — — 1,714 8,871 — 11,611 Substandard — 28 16 331 — 17,842 9,782 — 27,999 Total construction $ 112,491 $ 147,459 $ 88,172 $ 78,663 $ 6,656 $ 48,772 $ 1,270,625 $ — $ 1,752,838 Term Loans Amortized Cost Basis by Origination Year December 31, 2020 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Commercial and industrial Risk Rating: Pass $ 3,058,596 $ 605,112 $ 556,284 $ 212,215 $ 162,483 $ 337,484 $ 1,677,559 $ 350 $ 6,610,083 Special Mention 819 10,236 2,135 9,502 10,228 14,165 49,883 51 97,019 Substandard 5,215 3,876 12,481 1,798 4,215 12,965 18,913 462 59,925 Doubtful — 5,203 1 17,010 2,596 69,871 — — 94,681 Total commercial and industrial $ 3,064,630 $ 624,427 $ 570,901 $ 240,525 $ 179,522 $ 434,485 $ 1,746,355 $ 863 $ 6,861,708 Commercial real estate Risk Rating: Pass $ 3,096,549 $ 3,052,076 $ 2,230,047 $ 1,767,528 $ 1,798,137 $ 3,916,990 $ 199,145 $ 15,532 $ 16,076,004 Special Mention 50,193 68,203 44,336 48,813 66,845 109,295 1,705 — 389,390 Substandard 18,936 17,049 30,997 59,618 11,541 118,725 2,531 — 259,397 Doubtful — — — — — 207 — — 207 Total commercial real estate $ 3,165,678 $ 3,137,328 $ 2,305,380 $ 1,875,959 $ 1,876,523 $ 4,145,217 $ 203,381 $ 15,532 $ 16,724,998 Construction Risk Rating: Pass $ 145,246 $ 120,800 $ 111,174 $ 15,497 $ 47,971 $ 20,029 $ 1,199,034 $ — $ 1,659,751 Special Mention — 1,043 — — 9,996 17,414 47,311 — 75,764 Substandard — 26 246 2,628 17 380 7,013 — 10,310 Total construction $ 145,246 $ 121,869 $ 111,420 $ 18,125 $ 57,984 $ 37,823 $ 1,253,358 $ — $ 1,745,825 For residential mortgages, automobile, home equity and other consumer loan portfolio classes, Valley also evaluates credit quality based on the aging status of the loan, which was previously presented, and by payment activity. The following table presents the amortized cost in those loan classes based on payment activity by origination year as of June 30, 2021 and December 31, 2020. Term Loans Amortized Cost Basis by Origination Year June 30, 2021 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Residential mortgage Performing $ 687,724 $ 701,963 $ 671,803 $ 519,568 $ 446,367 $ 1,108,317 $ 68,012 $ — $ 4,203,754 90 days or more past due — 1,719 1,852 2,021 3,907 13,722 — — 23,221 Total residential mortgage $ 687,724 $ 703,682 $ 673,655 $ 521,589 $ 450,274 $ 1,122,039 $ 68,012 $ — $ 4,226,975 Consumer loans Home equity Performing $ 7,120 $ 7,314 $ 8,925 $ 9,332 $ 6,946 $ 15,485 $ 307,985 $ 46,238 $ 409,345 90 days or more past due — — — — — 81 876 554 1,511 Total home equity 7,120 7,314 8,925 9,332 6,946 15,566 308,861 46,792 410,856 Automobile Performing 447,260 376,473 354,978 210,941 108,085 32,683 — — 1,530,420 90 days or more past due 25 89 175 230 198 125 — — 842 Total automobile 447,285 376,562 355,153 211,171 108,283 32,808 — — 1,531,262 Other Consumer Performing 5,953 7,101 6,626 6,850 1,037 7,905 903,454 — 938,926 90 days or more past due — — — — — — — — — Total other consumer 5,953 7,101 6,626 6,850 1,037 7,905 903,454 — 938,926 Total consumer $ 460,358 $ 390,977 $ 370,704 $ 227,353 $ 116,266 $ 56,279 $ 1,212,315 $ 46,792 $ 2,881,044 Term Loans Amortized Cost Basis by Origination Year December 31, 2020 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Residential mortgage Performing $ 730,764 $ 778,161 $ 684,761 $ 582,650 $ 380,723 $ 943,616 $ 64,798 $ — $ 4,165,473 90 days or more past due — 3,085 4,212 3,464 4,144 3,365 — — 18,270 Total residential mortgage $ 730,764 $ 781,246 $ 688,973 $ 586,114 $ 384,867 $ 946,981 $ 64,798 $ — $ 4,183,743 Consumer loans Home equity Performing $ 8,580 $ 10,634 $ 11,756 $ 8,886 $ 5,340 $ 15,393 $ 318,869 $ 50,879 $ 430,337 90 days or more past due — — — — 25 83 378 730 1,216 Total home equity 8,580 10,634 11,756 8,886 5,365 15,476 319,247 51,609 431,553 Automobile Performing 426,121 438,181 272,075 151,523 50,853 16,550 — — 1,355,303 90 days or more past due 19 108 173 223 35 94 — — 652 Total automobile 426,140 438,289 272,248 151,746 50,888 16,644 — — 1,355,955 Other Consumer Performing 12,271 5,558 6,815 1,112 1,077 5,314 880,748 — 912,895 90 days or more past due — — — — — 22 5 408 435 Total other consumer 12,271 5,558 6,815 1,112 1,077 5,336 880,753 408 913,330 Total consumer $ 446,991 $ 454,481 $ 290,819 $ 161,744 $ 57,330 $ 37,456 $ 1,200,000 $ 52,017 $ 2,700,838 Troubled debt restructured loans . From time to time, Valley may extend, restructure, or otherwise modify the terms of existing loans, on a case-by-case basis, to remain competitive and retain certain customers, as well as assist other customers who may be experiencing financial difficulties. If the borrower is experiencing financial difficulties and a concession has been made at the time of such modification, the loan is classified as a troubled debt restructured loan (TDR). Generally the concessions made for TDRs involve lowering the monthly payments on loans through either a reduction in interest rate below a market rate, an extension of the term of the loan without a corresponding adjustment to the risk premium reflected in the interest rate, or a combination of these two methods. The concessions may also involve payment deferrals but rarely result in the forgiveness of principal or accrued interest. In addition, Valley frequently obtains additional collateral or guarantor support when modifying such loans. If the borrower has demonstrated performance under the previous terms of the loan and Valley’s underwriting process shows the borrower has the capacity to continue to perform under the restructured terms, the loan will continue to accrue interest. Non-accruing restructured loans may be returned to accrual status when there has been a sustained period of repayment performance (generally six Performing TDRs (not reported as non-accrual loans) totaled $64.1 million and $57.4 million as of June 30, 2021 and December 31, 2020, respectively. Non-performing TDRs totaled $89.8 million and $92.8 million as of June 30, 2021 and December 31, 2020, respectively. The following table presents the pre- and post-modification amortized cost of loans by loan class modified as TDRs during the three and six months ended June 30, 2021 and 2020. Post-modification amounts are presented as of June 30, 2021 and 2020. Three Months Ended June 30, 2021 2020 Troubled Debt Restructurings Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification ($ in thousands) Commercial and industrial 9 $ 8,592 $ 8,529 4 $ 9,052 $ 7,047 Commercial real estate: Commercial real estate 6 12,237 12,223 1 885 900 Construction — — — 2 435 218 Total commercial real estate 6 12,237 12,223 3 1,320 1,118 Residential mortgage 2 1,089 1,079 — — — Total 17 $ 21,918 $ 21,831 7 $ 10,372 $ 8,165 Six Months Ended June 30, 2021 2020 Troubled Debt Restructurings Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification ($ in thousands) Commercial and industrial 13 $ 20,855 $ 19,648 20 $ 22,196 $ 19,674 Commercial real estate: Commercial real estate 6 12,237 12,223 2 4,748 4,762 Construction — — — 2 435 218 Total commercial real estate 6 12,237 12,223 4 5,183 4,980 Residential mortgage 8 2,618 2,586 — — — Consumer 1 169 166 — — — Total 28 $ 35,879 $ 34,623 24 $ 27,379 $ 24,654 The total TDRs presented in the above table had allocated allowance for loan losses of $4.5 million and $8.4 million at June 30, 2021 and 2020, respectively. There were $697 thousand and $5.8 million of charge-offs related to TDRs for the three and six months ended June 30, 2021, respectively. There were $2.9 million and $3.7 million of charge-offs were related to TDRs for the three and six months ended June 30, 2020, respectively. Valley did not extend any commitments to lend additional funds to borrowers whose loans have been modified as TDRs during the three and six months ended June 30, 2021 and 2020. Loans modified as TDRs within the previous 12 months and for which there was a payment default (90 or more days past due) for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended June 30, 2021 2020 Troubled Debt Restructurings Subsequently Defaulted Number of Recorded Investment Number of Recorded ($ in thousands) Commercial and industrial — $ — 20 $ 14,986 Residential mortgage 1 445 1 220 Consumer — — 2 204 Total 1 $ 445 23 $ 15,410 Six Months Ended June 30, 2021 2020 Troubled Debt Restructurings Subsequently Defaulted Number of Recorded Investment Number of Recorded ($ in thousands) Commercial and industrial 15 $ 12,384 20 $ 14,986 Residential mortgage 2 692 1 220 Consumer — — 2 204 Total 17 $ 13,076 23 $ 15,410 Forbearance. In response to the COVID-19 pandemic and its economic impact to certain customers, Valley implemented short-term loan modifications such as payment deferrals, fee waivers, extensions of repayment terms, or delays in payment, when requested by customers, all of which were insignificant. As of June 30, 2021, Valley had approximately $142 million of outstanding loans remaining in their payment deferral period under short-term modifications as compared to $361 million of loans in deferral at December 31, 2020. Under the applicable guidance, none of these loans were classified as TDRs at June 30, 2021 and December 31, 2020. Loans in Process of Foreclosure. Other real estate owned (OREO) totaled $4.5 million and $5.1 million at June 30, 2021 and December 31, 2020, respectively. OREO included foreclosed residential real estate properties which were immaterial at June 30, 2021 and totaled $1.0 million at December 31, 2020. Residential mortgage and consumer loans secured by residential real estate properties for which formal foreclosure proceedings are in process totaled $2.0 million and $1.9 million at June 30, 2021 and December 31, 2020, respectively. Collateral dependent loans. Loans are collateral-dependent when the debtor is experiencing financial difficulty and repayment is expected to be provided substantially through the sale or operation of the collateral. When Valley determines that foreclosure is probable, the collateral dependent loan balances are written down to the estimated current fair value (less estimated selling costs) resulting in an immediate charge-off to the allowance, excluding any consideration for personal guarantees that may be pursued in the Bank’s collection process. The following table presents collateral dependent loans by class as of June 30, 2021 and December 31, 2020: June 30, December 31, (in thousands) Commercial and industrial * $ 95,000 $ 106,239 Commercial real estate 66,054 41,562 Residential mortgage 31,714 28,176 Home equity 48 50 Total $ 192,816 $ 176,027 * Commercial and industrial loans are primarily collateralized by taxi medallions. Allowance for Credit Losses for Loans The following table summarizes the allowance for credit losses for loans at June 30, 2021 and December 31, 2020: June 30, December 31, (in thousands) Components of allowance for credit losses for loans: Allowance for loan losses $ 339,324 $ 340,243 Allowance for unfunded credit commitments 14,400 11,111 Total allowance for credit losses for loans $ 353,724 $ 351,354 The following table summarizes the provision for credit losses for loans for the periods indicated: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) Components of provision for credit losses for loans: Provision for loan losses $ 5,810 $ 41,025 $ 14,502 $ 74,876 Provision for unfunded credit commitments 2,967 90 3,289 163 Total provision for credit losses for loans $ 8,777 $ 41,115 $ 17,791 $ 75,039 The following table details the activity in the allowance for loan losses by loan portfolio segment for the three and six months ended June 30, 2021 and 2020: Commercial Commercial Residential Consumer Total (in thousands) Three Months Ended Allowance for loan losses: Beginning balance $ 126,408 $ 174,236 $ 27,172 $ 15,064 $ 342,880 Loans charged-off (10,893) — (1) (1,480) (12,374) Charged-off loans recovered 678 665 191 1,474 3,008 Net (charge-offs) recoveries (10,215) 665 190 (6) (9,366) (Credit) provision for loan losses (6,504) 14,238 (2,059) 135 5,810 Ending balance $ 109,689 $ 189,139 $ 25,303 $ 15,193 $ 339,324 Three Months Ended Allowance for losses: Beginning balance $ 127,437 $ 111,585 $ 29,456 $ 14,864 $ 283,342 Loans charged-off (14,024) (27) (5) (2,601) (16,657) Charged-off loans recovered 799 51 545 509 1,904 Net (charge-offs) recoveries (13,225) 24 540 (2,092) (14,753) Provision (credit) for loan losses 17,827 20,093 (366) 3,471 41,025 Ending balance $ 132,039 $ 131,702 $ 29,630 $ 16,243 $ 309,614 Commercial Commercial Residential Consumer Total (in thousands) Six Months Ended Allowance for loan losses: Beginning balance $ 131,070 $ 164,113 $ 28,873 $ 16,187 $ 340,243 Loans charged-off (18,035) (382) (139) (2,618) (21,174) Charged-off loans recovered 2,267 734 348 2,404 5,753 Net (charge-offs) recoveries (15,768) 352 209 (214) (15,421) (Credit) provision for loan losses (5,613) 24,674 (3,779) (780) 14,502 Ending balance $ 109,689 $ 189,139 $ 25,303 $ 15,193 $ 339,324 Six Months Ended Allowance for losses: Beginning balance $ 104,059 $ 45,673 $ 5,060 $ 6,967 $ 161,759 Impact of ASU 2016-13 adoption* 15,169 49,797 20,575 6,990 92,531 Beginning balance, adjusted 119,228 95,470 25,635 13,957 254,290 Loans charged-off (17,384) (71) (341) (5,166) (22,962) Charged-off loans recovered 1,368 144 595 1,303 3,410 Net (charge-offs) recoveries (16,016) 73 254 (3,863) (19,552) Provision for loan losses 28,827 36,159 3,741 6,149 74,876 Ending balance $ 132,039 $ 131,702 $ 29,630 $ 16,243 $ 309,614 * Includes a $61.6 million increase representing the estimated expected credit losses for PCD loans as a result of the ASU 2016-13 adoption on January 1, 2020. The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology at June 30, 2021 and December 31, 2020. Commercial Commercial Residential Consumer Total (in thousands) June 30, 2021 Allowance for loan losses: Individually evaluated for credit losses $ 64,275 $ 4,788 $ 618 $ 885 $ 70,566 Collectively evaluated for credit losses 45,414 184,351 24,685 14,308 268,758 Total $ 109,689 $ 189,139 $ 25,303 $ 15,193 $ 339,324 Loans: Individually evaluated for credit losses $ 120,559 $ 89,464 $ 38,660 $ 4,488 $ 253,171 Collectively evaluated for credit losses 5,963,896 19,175,516 4,188,315 2,876,556 32,204,283 Total $ 6,084,455 $ 19,264,980 $ 4,226,975 $ 2,881,044 $ 32,457,454 December 31, 2020 Allowance for loan losses: Individually evaluated for credit losses $ 73,063 $ 1,338 $ 1,206 $ 264 $ 75,871 Collectively evaluated for credit losses 58,007 162,775 27,667 15,923 264,372 Total $ 131,070 $ 164,113 $ 28,873 $ 16,187 $ 340,243 Loans: Individually evaluated for credit losses $ 131,057 $ 61,754 $ 35,151 $ 1,631 $ 229,593 Collectively evaluated for credit losses 6,730,651 18,409,069 4,148,592 2,699,207 31,987,519 Total $ 6,861,708 $ 18,470,823 $ 4,183,743 $ 2,700,838 $ 32,217,112 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill totaled $1.4 billion at both June 30, 2021 and December 31, 2020. There were no changes to the carrying amounts of goodwill allocated to Valley’s business segments, or reporting units thereof, for goodwill impairment analysis (as reported in Valley’s Annual Report on Form 10-K for the year ended December 31, 2020). During the second quarter 2021, Valley performed the annual goodwill impairment test at its normal assessment date. As a result, there was no i mpairment of goodwill recognized during the three and six months ended June 30, 2021 and 2020. The following table summarizes other intangible assets as of June 30, 2021 and December 31, 2020: Gross Accumulated Valuation Net (in thousands) June 30, 2021 Loan servicing rights $ 109,678 $ (86,681) $ (32) $ 22,965 Core deposits 101,160 (59,590) — 41,570 Other 3,945 (2,957) — 988 Total other intangible assets $ 214,783 $ (149,228) $ (32) $ 65,523 December 31, 2020 Loan servicing rights $ 103,150 $ (80,340) $ (865) $ 21,945 Core deposits 101,160 (53,747) — 47,413 Other 3,945 (2,854) — 1,091 Total other intangible assets $ 208,255 $ (136,941) $ (865) $ 70,449 Loan servicing rights are accounted for using the amortization method. Under this method, Valley amortizes the loan servicing assets over the period of the economic life of the assets arising from estimated net servicing revenues. On a quarterly basis, Valley stratifies its loan servicing assets into groupings based on risk characteristics and assesses each group for impairment based on fair value. Impairment charges on loan servicing rights are recognized in earnings when the book value of a stratified group of loan servicing rights exceeds its estimated fair value. Valley recorded net recoveries of impairment charges on its loan servicing rights totaling $42 thousand and $833 thousand for the three and six months ended June 30, 2021, respectively. Valley recorded net impairment charges totaling $669 thousand and $778 thousand for the three and six months ended June 30, 2020, respectively. See the “Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis” section of Note 5 for additional information regarding the fair valuation. Core deposits are amortized using an accelerated method and have a weighted average amortization period of 8.9 years. The line item labeled “Other” included in the table above primarily consists of customer lists and covenants not to compete, which are amortized over their expected lives generally using a straight-line method and have a weighted average amortization period of approximately 7.6 years. Valley evaluates core deposits and other intangibles for impairment when an indication of impairment exists. No impairment was recognized during the three and six months ended June 30, 2021 and 2020. The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2021 through 2025: Loan Servicing Core Other (in thousands) 2021 $ 2,331 $ 5,764 $ 103 2022 3,901 9,876 191 2023 3,099 8,146 131 2024 2,492 6,537 117 2025 2,030 4,929 103 Valley recognized amortization expense on other intangible assets, including net (recoveries of) impairment charges on loan servicing rights, totaling approximately $5.4 million and $6.7 million for the three months ended June 30, 2021 and 2020, respectively, and $11.5 million and $12.2 million for the six months ended June 30, 2021 and 2020, respectively. |
Borrowed Funds
Borrowed Funds | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds Short-Term Borrowings Short-term borrowings at June 30, 2021 and December 31, 2020 consisted of the following: June 30, 2021 December 31, 2020 (in thousands) FHLB advances $ 700,000 $ 1,000,000 Securities sold under agreements to repurchase 154,378 147,958 Total short-term borrowings $ 854,378 $ 1,147,958 The weighted average interest rate for short-term borrowings was 0.35 percent and 0.38 percent at June 30, 2021 and December 31, 2020, respectively. The interest payments on the FHLB advances totaling $700 million were hedged with interest rate swaps at June 30, 2021. See Note 11 for additional details. Long-Term Borrowings Long-term borrowings at June 30, 2021 and December 31, 2020 consisted of the following: June 30, 2021 December 31, 2020 (in thousands) FHLB advances, net (1) $ 947,206 $ 1,592,252 Subordinated debt, net (2) 638,484 403,413 Securities sold under agreements to repurchase 300,000 300,000 Total long-term borrowings $ 1,885,690 $ 2,295,665 (1) FHLB advances are presented net of unamortized prepayment penalties and other purchase accounting adjustments totaling $2.6 million at December 31, 2020. (2) Subordinated debt is presented net of unamortized debt issuance costs totaling $6.4 billion and $2.7 million at June 30, 2021 and December 31, 2020, respectively. FHLB Advances. Long-term FHLB advances had a weighted average interest rate of 1.91 percent and 2.02 percent at June 30, 2021 and December 31, 2020, respectively. FHLB advances are secured by pledges of certain eligible collateral, including but not limited to, U.S. government and agency mortgage-backed securities and a blanket assignment of qualifying first lien mortgage loans, consisting of both residential mortgage and commercial real estate loans. In June 2021, Valley prepaid approximately $248 million of long-term FHLB advances with maturities scheduled through 2025 and a weighted average effective interest rate of 1.82 percent. The transaction was funded with excess cash liquidity and accounted for as an early debt extinguishment resulting in a loss of $8.4 million reported within non-interest expense for the three and six months ended June 30, 2021. The long-term FHLB advances at June 30, 2021 are scheduled for contractual balance repayments as follows: Year Amount (in thousands) 2021 $ 157,870 2023 350,000 2024 165,000 2025 273,000 Total long-term FHLB advances $ 945,870 There are no FHLB advances with scheduled repayments in years 2021 and thereafter, reported in the table above, which are callable for early redemption by the FHLB during the next 12 months. Subordinated debt. On April 1, 2021, Valley redeemed, at par value, $60 million of its callable 6.25 percent subordinated notes originally due April 1, 2026. No gain or loss was incurred on this transaction. On May 25, 2021, Valley issued $300 million of 3.00 percent Fixed-to-Floating Rate subordinated notes due June 15, 2031. The subordinated notes are callable in whole or in part on or after June 15, 2026 or upon the occurrence of certain events. Interest on the subordinated notes during the initial five year term through June 15, 2026 is payable semi-annually on June 15 and December 15. Thereafter, interest is expected to be set based on three-month Secured Overnight Financing Rate (SOFR) plus 236 basis points and paid quarterly through maturity of the notes. At June 30, 2021, the subordinated notes had a carrying value of $296.0 million, net of debt issuance costs. During June 2021, Valley entered into an interest rate swap transaction used to hedge the change in the fair value of the $300 million in subordinated notes. See Note 11 for additional details. Valley also had the following subordinated debt outstanding at June 30, 2021: • $125 million aggregate principal amount of 5.125 percent subordinated notes due September 27, 2023 with no call dates or prepayments allowed except upon the occurrence of certain events; • $100 million aggregate principal amount of 4.55 percent subordinated notes due June 30, 2025 with no call dates or prepayments allowed except upon the occurrence of certain events; • $115 million aggregate principal amount of 5.25 percent subordinated notes due June 15, 2030 and callable in whole or in part on or after June 15, 2025 or upon the occurrence of certain events. Long-term securities sold under agreements to repurchase (repos). The long-term repos had a weighted average interest rate of 3.41 percent and 3.37 percent at June 30, 2021 and December 31, 2020, respectively. All long-term repos outstanding as of June 30, 2021 have maturities in the second half of 2021. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock–Based Compensation On April 19, 2021, Valley's shareholders approved the Valley National Bancorp 2021 Incentive Compensation Plan (the 2021 Plan) administered by the Compensation and Human Resources Committee (the Committee) as appointed by Valley's Board of Directors. The purposes of the 2021 Plan are to provide additional incentives to officers and key employees of Valley and its subsidiaries, whose substantial contributions are essential to the continued growth and success of Valley, and to attract and retain officers, other employees and non-employee directors whose efforts will result in the continued and long-term growth of Valley's business. Upon shareholder approval of the 2021 Plan, Valley ceased granting new awards under the Valley National Bancorp 2016 Long-Term Stock Incentive Plan (the 2016 Plan). Under the 2021 Plan, Valley may issue awards to its officers, employees and non-employee directors in amounts up to 9 million shares of common stock (less one share for every share granted after December 31, 2020 under the 2016 Plan) in the form of stock appreciation rights, both incentive and non-qualified stock options, restricted stock and restricted stock units (RSUs). If after December 31, 2020 any award granted under the 2016 Plan is forfeited, expires, settled for cash, withheld for tax obligations, or otherwise does not result in the issuance of all or a portion of the shares subject to such award, the shares will be added to the 2021 Plan's share reserve. As of June 30, 2021, 7.4 million shares of common stock were available for issuance under the 2021 Plan. The essential features of each award are described in the award agreement relating to that award. The grant, exercise, vesting, settlement or payment of an award may be based upon the fair value of Valley's common stock on the last sale price reported for Valley's common stock on such date or the last sale price reported preceding such date, except for performance- based awards with a market condition. The grant date fair values of performance-based awards that vest based on a market condition are determined by a third-party specialist using a Monte Carlo valuation model. Valley granted 109 thousand and 142 thousand of time-based RSUs during the three months ended June 30, 2021 and 2020, respectively, and 1.2 million for both the six months ended June 30, 2021 and 2020. Generally, time-based RSUs vest ratably over a three-year period. The average grant date fair value of the RSUs granted during the six months ended June 30, 2021 and 2020 was $11.63 per share and $10.48 per share, respectively. Valley granted 604 thousand and 589 thousand of performance-based RSUs to certain executive officers for the six months ended June 30, 2021 and 2020, respectively. There were no grants of performance-based RSUs during the three months ended June 30, 2021 and 2020, respectively. The performance-based RSU awards include RSUs with vesting conditions based upon certain levels of growth in Valley's tangible book value per share plus dividends and RSUs with vesting conditions based upon Valley's total shareholder return as compared to its peer group. The RSUs “cliff” vest after three years based on the cumulative performance of Valley during that time period. The RSUs earn dividend equivalents (equal to cash dividends paid on Valley's common stock) over the applicable performance period. Dividend equivalents are accumulated and paid to the grantee at the vesting date or forfeited if the performance conditions are not met. The grant date fair value of the performance-based RSUs granted during the six months ended June 30, 2021 and 2020 was $11.75 per share and $10.82 per share, respectively. Valley recorded total stock-based compensation expense of $5.2 million and $4.2 million for the three months ended June 30, 2021 and |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities Valley enters into derivative financial instruments to manage exposures that arise from business activities that result in the payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Fair Value Hedges of Fixed Rate Assets and Liabilities . Valley is exposed to changes in the fair value of fixed-rate subordinated debt due to changes in interest rates. From time to time, Valley uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate . Interest rate swaps designated as fair value hedges involve the receipt of variable rate payments from a counterparty in exchange for Valley making fixed rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives that are designated and qualify as fair value hedges, the gain or loss on the derivative as well as the loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. In June 2021, Valley entered into a $300 million forward-starting interest rate swap agreement with a notional amount of $300 million, maturing in June 2026, to hedge the change in the fair value of the 3.00 percent subordinated debt issued on May 28, 2021. Under the swap agreement, beginning in January 2022, Valley will receive fixed rate payments and pay variable rate amounts based on SOFR plus 2.187 percent. Cash Flow Hedges of Interest Rate Risk . Valley’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, Valley uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the payment of either fixed or variable-rate amounts in exchange for the receipt of variable or fixed-rate amounts from a counterparty, respectively. Non-designated Hedges. Derivatives not designated as hedges may be used to manage Valley’s exposure to interest rate movements or to provide service to customers but do not meet the requirements for hedge accounting under U.S. GAAP. Derivatives not designated as hedges are not entered into for speculative purposes. Valley executes interest rate swaps with commercial lending customers to facilitate their respective risk management strategies. These interest rate swaps with customers are simultaneously offset by interest rate swaps that Valley executes with a third party, such that Valley minimizes its net risk exposure resulting from such transactions. As these interest rate swaps do not meet the strict hedge accounting requirements, changes in the fair value of both the customer swaps and the offsetting swaps are recognized directly in earnings. Valley sometimes enters into risk participation agreements with external lenders where the banks are sharing their risk of default on the interest rate swaps on participated loans. Valley either pays or receives a fee depending on the participation type. Risk participation agreements are credit derivatives not designated as hedges. Credit derivatives are not speculative and are not used to manage interest rate risk in assets or liabilities. Changes in the fair value in credit derivatives are recognized directly in earnings. At June 30, 2021, Valley had 26 credit swaps with an aggregate notional amount of $215.8 million related to risk participation agreements. At June 30, 2021, Valley had two “steepener” swaps, each with a current notional amount of $10.4 million where the receive rate on the swap mirrors the pay rate on the brokered deposits and the rates paid on these types of hybrid instruments are based on a formula derived from the spread between the long and short ends of the constant maturity swap (CMS) rate curve. Although these types of instruments do not meet the hedge accounting requirements, the change in fair value of both the bifurcated derivative and the stand alone swap tend to move in opposite directions with changes in the three-month LIBOR rate and therefore provide an effective economic hedge. Valley regularly enters into mortgage banking derivatives which are non-designated hedges. These derivatives include interest rate lock commitments provided to customers to fund certain residential mortgage loans to be sold into the secondary market and forward commitments for the future delivery of such loans. Valley enters into forward commitments for the future delivery of residential mortgage loans when interest rate lock commitments are entered into in order to economically hedge the effect of future changes in interest rate on Valley's commitments to fund the loans as well as on its portfolio of mortgage loans held for sale. Amounts included in the consolidated statements of financial condition related to the fair value of Valley’s derivative financial instruments were as follows: June 30, 2021 December 31, 2020 Fair Value Fair Value Other Assets Other Liabilities Notional Amount Other Assets Other Liabilities Notional Amount (in thousands) Derivatives designated as hedging instruments: Cash flow hedge interest rate swaps $ — $ 349 $ 900,000 $ — $ 179 $ 1,100,000 Fair value hedge interest rate swaps 80 — 300,000 — — — Total derivatives designated as hedging instruments $ 80 $ 349 $ 1,200,000 $ — $ 179 $ 1,100,000 Derivatives not designated as hedging instruments: Interest rate swaps and other derivatives * $ 248,440 $ 80,215 $ 9,962,230 $ 387,008 $ 154,025 $ 8,889,557 Mortgage banking derivatives 323 1,112 330,528 444 2,077 321,486 Total derivatives not designated as hedging instruments $ 248,763 $ 81,327 $ 10,292,758 $ 387,452 $ 156,102 $ 9,211,043 * Other derivatives include risk participation agreements. The Chicago Mercantile Exchange and London Clearing House variation margins are classified as a single-unit of account with the cash flow hedges and over-the-counter (OTC) non-designated derivative instruments. As a result, the fair value of the applicable derivative assets and liabilities are reported net of variation margin at June 30, 2021 and December 31, 2020 in the table above . Gains (losses) included in the consolidated statements of income and other comprehensive income (loss), on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) Amount of (loss) gain reclassified from accumulated other comprehensive loss to interest expense $ (749) $ 438 $ (1,664) $ (177) Amount of (loss) gain recognized in other comprehensive income (loss) (158) (1,773) 19 (3,253) The accumulated net after-tax losses related to effective cash flow hedges included in accumulated other comprehensive loss were $2.7 million and $4.0 million at June 30, 2021 and December 31, 2020, respectively. Amounts reported in accumulated other comprehensive loss related to cash flow interest rate derivatives are reclassified to interest expense as interest payments are made on the hedged variable interest rate liabilities. Valley estimates that $2.3 million will be reclassified as an increase to interest expense over the next 12 months. Gains (losses) included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) Derivative - interest rate swap: Interest income $ — $ 71 $ — $ 82 Interest expense 80 — 80 — Hedged item - subordinated debt and loans: Interest income $ — $ (71) $ — $ (82) Interest expense (83) — (83) — The following table presents the hedged items related to interest rate derivatives designated as hedges of fair value and the cumulative basis fair value adjustment included in the net carrying amount of the hedged item at June 30, 2021. Line Item in the Statement of Financial Position in Which the Hedged Item is Included Carrying Amount of the Hedged Liability Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability (in thousands) Long-term borrowings $ (300,083) $ (83) The net (gains) losses included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) Non-designated hedge interest rate swaps and credit derivatives Other non-interest expense $ (2,210) $ 1,416 $ (425) $ 1,505 Other non-interest income included fee income related to non-designated hedge derivative interest rate swaps (not designated as hedging instruments) executed with commercial loan customers totaling $7.6 million and $14.7 million for the three months ended June 30, 2021 and 2020, respectively, and $13.8 million and $28.9 million for the six months ended June 30, 2021 and 2020, respectively. Credit Risk Related Contingent Features. By using derivatives, Valley is exposed to credit risk if counterparties to the derivative contracts do not perform as expected. Management attempts to minimize counterparty credit risk through credit approvals, limits, monitoring procedures and obtaining collateral where appropriate. Credit risk exposure associated with derivative contracts is managed at Valley in conjunction with Valley’s consolidated counterparty risk management process. Valley’s counterparties and the risk limits monitored by management are periodically reviewed and approved by the Board of Directors. Valley has agreements with its derivative counterparties providing that if Valley defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then Valley could also be declared in default on its derivative counterparty agreements. Additionally, Valley has an agreement with several of its derivative counterparties that contains provisions that require Valley’s debt to maintain an investment grade credit rating from each of the major credit rating agencies from which it receives a credit rating. If Valley’s credit rating is reduced below investment grade, or such rating is withdrawn or suspended, then the counterparty could terminate the derivative positions and Valley would be required to settle its obligations under the agreements. As of June 30, 2021, Valley was in compliance with all of the provisions of its derivative counterparty agreements. As of June 30, 2021, the fair value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk related to these agreements, w as $79.6 million. Valley has derivative counterparty agreements that require minimum collateral posting thresholds for |
Balance Sheet Offsetting
Balance Sheet Offsetting | 6 Months Ended |
Jun. 30, 2021 | |
Offsetting [Abstract] | |
Balance Sheet Offsetting | Balance Sheet Offsetting Certain financial instruments, including certain OTC derivatives (mostly interest rate swaps) and repurchase agreements (accounted for as secured long-term borrowings), may be eligible for offset in the consolidated statements of financial condition and/or subject to master netting arrangements or similar agreements. OTC derivatives include interest rate swaps executed and settled bilaterally with counterparties without the use of an organized exchange or central clearing house (presented in the table below). The credit risk associated with bilateral OTC derivatives is managed through obtaining collateral and enforceable master netting agreements. Valley is party to master netting arrangements with its financial institution counterparties; however, Valley does not offset assets and liabilities under these arrangements for financial statement presentation purposes. The master netting arrangements provide for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, any one contract. Collateral, usually in the form of cash or marketable investment securities, is posted by the counterparty with net liability positions in accordance with contract thresholds. Master repurchase agreements which include “right of set-off” provisions generally have a legally enforceable right to offset recognized amounts. In such cases, the collateral would be used to settle the fair value of the swap or repurchase agreement should Valley be in default. The total amount of collateral held or pledged cannot exceed the net derivative fair values with the counterparty. The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of June 30, 2021 and December 31, 2020. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Collateral (1) Net (in thousands) June 30, 2021 Assets: Interest rate swaps $ 248,520 $ — $ 248,520 $ — $ — $ 248,520 Liabilities: Interest rate swaps $ 80,564 $ — $ 80,564 $ — $ (72,732) $ 7,832 Repurchase agreements 300,000 — 300,000 (300,000) (2) — — Total $ 380,564 $ — $ 380,564 $ (300,000) $ (72,732) $ 7,832 December 31, 2020 Assets: Interest rate swaps $ 150,487 $ — $ 150,487 $ — $ — $ 150,487 Liabilities: Interest rate swaps $ 150,487 $ — $ 150,487 $ — $ (150,487) $ — Repurchase agreements 300,000 — 300,000 (300,000) (2) — — Total $ 450,487 $ — $ 450,487 $ (300,000) $ (150,487) $ — (1) Cash collateral pledged to our counterparties in relation to market value exposures of OTC derivative contacts in a liability position. (2) Represents the fair value of non-cash pledged investment securities. |
Tax Credit Investments
Tax Credit Investments | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Tax Credit Investments | Tax Credit Investments Valley’s tax credit investments are primarily related to investments promoting qualified affordable housing projects, and other investments related to community development and renewable energy sources. Some of these tax-advantaged investments support Valley’s regulatory compliance with the Community Reinvestment Act (CRA). Valley’s investments in these entities generate a return primarily through the realization of federal income tax credits, and other tax benefits, such as tax deductions from operating losses of the investments, over specified time periods. These tax credits and deductions are recognized as a reduction of income tax expense. Valley’s tax credit investments are carried in other assets on the consolidated statements of financial condition. Valley’s unfunded capital and other commitments related to the tax credit investments are carried in accrued expenses and other liabilities on the consolidated statements of financial condition. Valley recognizes amortization of tax credit investments, including impairment losses, within non-interest expense in the consolidated statements of income using the equity method of accounting. After initial measurement, the carrying amounts of tax credit investments with non-readily determinable fair values are increased to reflect Valley's share of income of the investee and are reduced to reflect its share of losses of the investee, dividends received and impairments, if applicable. The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at June 30, 2021 and December 31, 2020: June 30, December 31, (in thousands) Other Assets: Affordable housing tax credit investments, net $ 18,298 $ 20,074 Other tax credit investments, net 43,066 47,301 Total tax credit investments, net $ 61,364 $ 67,375 Other Liabilities: Unfunded affordable housing tax credit commitments $ 1,379 $ 1,379 Total unfunded tax credit commitments $ 1,379 $ 1,379 The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 899 $ 1,393 $ 1,796 $ 2,627 Other tax credit investment credits and tax benefits 2,743 2,540 5,428 3,840 Total reduction in income tax expense $ 3,642 $ 3,933 $ 7,224 $ 6,467 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 460 $ 537 $ 1,003 $ 1,091 Affordable housing tax credit investment impairment losses 431 665 772 1,083 Other tax credit investment losses 351 679 524 1,223 Other tax credit investment impairment losses 1,730 1,535 3,417 3,247 Total amortization of tax credit investments recorded in non-interest expense $ 2,972 $ 3,416 $ 5,716 $ 6,644 |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Business Segments | Business SegmentsValley has four business segments that it monitors and reports on to manage Valley’s business operations. These segments are consumer lending, commercial lending, investment management, and corporate and other adjustments. Valley’s reportable segments have been determined based upon its internal structure of operations and lines of business. Each business segment is reviewed routinely for its asset growth, contribution to income before income taxes and return on average interest earning assets and impairment (if events or circumstances indicate a possible inability to realize the carrying amount). Expenses related to the branch network, all other components of retail banking, along with the back office departments of the Bank are allocated from the corporate and other adjustments segment to each of the other three business segments. Interest expense and internal transfer expense (for general corporate expenses) are allocated to each business segment utilizing a transfer pricing methodology, which involves the allocation of operating and funding costs based on each segment's respective mix of average earning assets and/or liabilities outstanding for the period. The financial reporting for each segment contains allocations and reporting in line with Valley’s operations, which may not necessarily be comparable to any other financial institution. The accounting for each segment includes internal accounting policies designed to measure consistent and reasonable financial reporting and may result in income and expense measurements that differ from amounts under U.S. GAAP. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in reported segment financial data. The following tables represent the financial data for Valley’s four business segments for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, 2021 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,150,137 $ 25,485,161 $ 5,272,116 $ — $ 37,907,414 Interest income $ 59,419 $ 255,895 $ 19,239 $ (905) $ 333,648 Interest expense 5,192 18,467 3,867 5,215 32,741 Net interest income (loss) 54,227 237,428 15,372 (6,120) 300,907 Provision (credit) for credit losses 711 8,066 (30) — 8,747 Net interest income (loss) after provision for credit losses 53,516 229,362 15,402 (6,120) 292,160 Non-interest income 21,915 9,819 2,475 8,917 43,126 Non-interest expense 19,792 27,241 (258) 125,118 171,893 Internal transfer expense (income) 19,862 71,207 14,632 (105,701) — Income (loss) before income taxes $ 35,777 $ 140,733 $ 3,503 $ (16,620) $ 163,393 Return on average interest earning assets (pre-tax) 2.00 % 2.21 % 0.27 % N/A 1.72 % Three Months Ended June 30, 2020 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,214,368 $ 24,826,832 $ 5,737,187 $ — $ 37,778,387 Interest income $ 66,807 $ 255,152 $ 27,623 $ (1,057) $ 348,525 Interest expense 11,469 40,640 9,728 4,129 65,966 Net interest income (loss) 55,338 214,512 17,895 (5,186) 282,559 Provision for credit losses 3,106 38,009 41 — 41,156 Net interest income (loss) after provision for credit losses 52,232 176,503 17,854 (5,186) 241,403 Non-interest income 17,175 16,172 5,823 5,660 44,830 Non-interest expense 20,440 23,250 642 112,834 157,166 Internal transfer expense (income) 19,406 66,858 15,505 (101,769) — Income (loss) before income taxes $ 29,561 $ 102,567 $ 7,530 $ (10,591) $ 129,067 Return on average interest earning assets (pre-tax) 1.64 % 1.65 % 0.52 % N/A 1.37 % Six Months Ended June 30, 2021 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,099,973 $ 25,509,061 $ 5,039,222 $ — $ 37,648,256 Interest income $ 120,264 $ 508,231 $ 38,748 $ (1,797) $ 665,446 Interest expense 11,607 41,702 8,238 10,325 71,872 Net interest income (loss) 108,657 466,529 30,510 (12,122) 593,574 (Credit) provision for credit losses (1,924) 19,715 (388) — 17,403 Net interest income (loss) after provision for credit losses 110,581 446,814 30,898 (12,122) 576,171 Non-interest income 35,600 17,533 4,806 16,420 74,359 Non-interest expense 39,641 52,772 1,520 238,173 332,106 Internal transfer expense (income) 39,364 141,790 27,881 (209,035) — Income (loss) before income taxes $ 67,176 $ 269,785 $ 6,303 $ (24,840) $ 318,424 Return on average interest earning assets (pre-tax) 1.89 % 2.12 % 0.25 % N/A 1.69 % Six Months Ended June 30, 2020 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,215,756 $ 23,804,558 $ 5,205,918 $ — $ 36,226,232 Interest income $ 135,062 $ 520,027 $ 59,392 $ (2,163) $ 712,318 Interest expense 31,169 102,826 22,488 7,937 164,420 Net interest income (loss) 103,893 417,201 36,904 (10,100) 547,898 Provision for credit losses 9,891 65,148 800 — 75,839 Net interest income (loss) after provision for credit losses 94,002 352,053 36,104 (10,100) 472,059 Non-interest income 31,852 31,771 8,965 13,639 86,227 Non-interest expense 40,311 47,408 1,029 224,074 312,822 Internal transfer expense (income) 39,741 131,054 28,680 (199,475) — Income (loss) before income taxes $ 45,802 $ 205,362 $ 15,360 $ (21,060) $ 245,464 Return on average interest earning assets (pre-tax) 1.27 % 1.73 % 0.59 % N/A 1.36 % |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited consolidated financial statements of Valley National Bancorp, a New Jersey corporation (Valley), include the accounts of its commercial bank subsidiary, Valley National Bank (the Bank), and all of Valley’s direct or indirect wholly-owned subsidiaries. All inter-company transactions and balances have been eliminated. The accounting and reporting policies of Valley conform to U.S. generally accepted accounting principles (U.S. GAAP) and general practices within the financial services industry. In accordance with applicable accounting standards, Valley does not consolidate statutory trusts established for the sole purpose of issuing trust preferred securities and related trust common securities. Certain prior period amounts have been reclassified to conform to the current presentation. In the opinion of management, all adjustments (which include only normal recurring adjustments) necessary to present fairly Valley’s financial position, results of operations, changes in shareholders' equity and cash flows at June 30, 2021 and for all periods presented have been made. The results of operations for the three and six months ended on June 30, 2021 are not necessarily indicative of the results to be expected for the entire fiscal year or any subsequent interim period. |
Significant Estimates | Significant Estimates. In preparing the unaudited consolidated financial statements in conformity with U.S. GAAP, management has made estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated statements of financial condition and results of operations for the periods indicated. Material estimates that require application of management’s most difficult, subjective or complex judgment and are particularly susceptible to change include: the allowance for credit losses, the evaluation of goodwill and other intangible assets for impairment, and income taxes. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected in the consolidated financial statements in the period they are deemed necessary. While management uses its best judgment, actual amounts or results could differ significantly from those estimates. The current economic environment has increased the degree of uncertainty inherent in these material estimates. Actual results may differ from those estimates. Also, future amounts and values could differ materially from those estimates due to changes in values and circumstances after the balance sheet date. |
Allowance for Credit Losses for Held to Maturity Debt Securities | Allowance for Credit Losses for Held to Maturity Debt SecuritiesValley has a zero loss expectation for certain securities within the held to maturity portfolio, and therefore it is not required to estimate an allowance for credit losses related to these securities under the CECL standard. After an evaluation of qualitative factors, Valley identified the following securities types which it believes qualify for this exclusion: U.S. Treasury securities, U.S. government agency securities, residential mortgage-backed securities issued by Ginnie Mae, Fannie Mae and Freddie Mac, and collateralized municipal bonds called TEMS. |
New Authoritative Accounting _2
New Authoritative Accounting Guidance (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
New Accounting Guidance Adopted and Not Yet Adopted | New Accounting Guidance Adopted in 2021 Accounting Standards Update (ASU) No. 2020-08, "Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs" provides clarification and affects the guidance previously issued by ASU No. 2017-08 “Receivables -Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU No. 2020-08 clarifies that an entity should reevaluate whether a debt security with multiple call dates is within the scope of paragraph 310-20-35-33. For each reporting period, to the extent that the amortized cost basis of an individual callable debt security exceeds the amount repayable by the issuer at the next call date, the premium should be amortized to the next call date, unless the guidance to consider estimated prepayments is applied. Valley adopted ASU No. 2020-08 on January 1, 2021 and the new guidance did not have a significant impact on Valley’s consolidated financial statements. New Accounting Guidance issued in 2021 ASU No. 2021-01 "Reference Rate Reform (Topic 848)" extends some of Accounting Standards Codification Topic 848’s optional expedients to derivative contracts impacted by the discounting transition, including for derivatives that do not reference LIBOR or other reference rates that are expected to be discontinued. ASU No. 2021-01 is effective for all entities immediately upon issuance and may be elected retrospectively to eligible modifications as of any date from the beginning of the interim period that includes March 12, 2020, or prospectively to new modifications made on or after any date within the interim period including January 7, 2021 and it can be applied through December 31, 2022, similar to the other reference rate reform relief provided under Topic 848. The ASU No. 2021-01 is not expected to have a significant impact on Valley’s consolidated financial statements. |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table shows the calculation of both basic and diluted earnings per common share for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands, except for share data) Net income available to common shareholders $ 117,340 $ 92,429 $ 229,878 $ 176,525 Basic weighted average number of common shares outstanding 405,963,209 403,790,242 405,560,146 403,654,665 Plus: Common stock equivalents 2,697,569 841,603 2,592,312 1,388,518 Diluted weighted average number of common shares outstanding 408,660,778 404,631,845 408,152,458 405,043,183 Earnings per common share: Basic $ 0.29 $ 0.23 $ 0.57 $ 0.44 Diluted 0.29 0.23 0.56 0.44 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Components of Accumulated Other Comprehensive Loss | The following table presents the after-tax changes in the balances of each component of accumulated other comprehensive loss for the three and six months ended June 30, 2021: Components of Accumulated Other Comprehensive Loss Total Unrealized Gains Unrealized Gains Defined (in thousands) Balance at March 31, 2021 $ 22,898 $ (3,081) $ (36,822) $ (17,005) Other comprehensive loss before reclassification (1,471) (147) — (1,618) Amounts reclassified from other comprehensive income 76 534 278 888 Other comprehensive (loss) income, net (1,395) 387 278 (730) Balance at June 30, 2021 $ 21,503 $ (2,694) $ (36,544) $ (17,735) Components of Accumulated Other Comprehensive Loss Total Unrealized Gains Unrealized Gains Defined (in thousands) Balance at December 31, 2020 $ 33,290 $ (3,906) $ (37,102) $ (7,718) Other comprehensive (loss) income before reclassification (11,907) 27 — (11,880) Amounts reclassified from other comprehensive income 120 1,185 558 1,863 Other comprehensive (loss) income, net (11,787) 1,212 558 (10,017) Balance at June 30, 2021 $ 21,503 $ (2,694) $ (36,544) $ (17,735) |
Reclassification from Each Component of Accumulated Other Comprehensive Loss | The following table presents amounts reclassified from each component of accumulated other comprehensive loss on a gross and net of tax basis for the three and six months ended June 30, 2021 and 2020: Amounts Reclassified from Three Months Ended Six Months Ended June 30, Components of Accumulated Other Comprehensive Loss 2021 2020 2021 2020 Income Statement Line Item (in thousands) Unrealized losses on AFS securities before tax $ (103) $ (41) $ (162) $ (81) Gains (losses) on securities transactions, net Tax effect 27 10 42 23 Total net of tax (76) (31) (120) (58) Unrealized (losses) gains on derivatives (cash flow hedges) before tax (749) 438 (1,664) (177) Interest expense Tax effect 215 (130) 479 47 Total net of tax (534) 308 (1,185) (130) Defined benefit pension plan: Amortization of actuarial net loss (387) (229) (775) (465) * Tax effect 109 57 217 121 Total net of tax (278) (172) (558) (344) Total reclassifications, net of tax $ (888) $ 105 $ (1,863) $ (532) * Amortization of actuarial net loss is included in the computation of net periodic pension cost recognized within other non-interest expense. |
Fair Value Measurement of Ass_2
Fair Value Measurement of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring and Non-Recurring Basis | The following tables present the assets and liabilities that are measured at fair value on a recurring and non-recurring basis by level within the fair value hierarchy as reported on the consolidated statements of financial condition at June 30, 2021 and December 31, 2020. The assets presented under “non-recurring fair value measurements” in the tables below are not measured at fair value on an ongoing basis but are subject to fair value adjustments under certain circumstances (e.g., when an impairment loss is recognized). June 30, Fair Value Measurements at Reporting Date Using: Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 30,357 $ 19,604 $ — $ — Trading debt securities 21,216 — 21,216 — Available for sale debt securities: U.S. Treasury securities 51,010 51,010 — — U.S. government agency securities 23,907 — 23,907 — Obligations of states and political subdivisions 65,685 — 65,685 — Residential mortgage-backed securities 846,316 — 846,316 — Corporate and other debt securities 88,620 — 88,620 — Total available for sale debt securities 1,075,538 51,010 1,024,528 — Loans held for sale (2) 159,256 — 159,256 — Other assets (3) 248,843 — 248,843 — Total assets $ 1,535,210 $ 70,614 $ 1,453,843 $ — Liabilities Other liabilities (3) $ 81,676 $ — $ 81,676 $ — Total liabilities $ 81,676 $ — $ 81,676 $ — Non-recurring fair value measurements: Collateral dependent loans $ 39,655 $ — $ — $ 39,655 Loan servicing rights 158 — — 158 Foreclosed assets 2,202 — — 2,202 Total $ 42,015 $ — $ — $ 42,015 Fair Value Measurements at Reporting Date Using: December 31, Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 26,379 $ 18,600 $ — $ — Available for sale debt securities: U.S. Treasury securities 51,393 51,393 — — U.S. government agency securities 26,157 — 26,157 — Obligations of states and political subdivisions 79,950 — 79,135 815 Residential mortgage-backed securities 1,090,022 — 1,090,022 — Corporate and other debt securities 91,951 — 91,951 — Total available for sale 1,339,473 51,393 1,287,265 815 Loans held for sale (2) 301,427 — 301,427 — Other assets (3) 387,452 — 387,452 — Total assets $ 2,054,731 $ 69,993 $ 1,976,144 $ 815 Liabilities Other liabilities (3) $ 156,281 $ — $ 156,281 $ — Total liabilities $ 156,281 $ — $ 156,281 $ — Non-recurring fair value measurements: Collateral dependent impaired loans $ 35,228 $ — $ — $ 35,228 Loan servicing rights 15,603 — — 15,603 Foreclosed assets 7,387 — — 7,387 Total $ 58,218 $ — $ — $ 58,218 (1) Includes equity securities measured at net asset value (NAV) per share (or its equivalent) as a practical expedient totaling $10.8 million and $7.8 million at June 30, 2021 and December 31, 2020, respectively. These securities have not been classified in the fair value hierarchy. (2) Represents residential mortgage loans held for sale that are carried at fair value and had contractual unpaid principal balances totaling approximately $154.2 million and $286.4 million at June 30, 2021 and December 31, 2020, respectively. (3) Derivative financial instruments are included in this categor y. |
Carrying Amounts and Estimated Fair Values of Financial Instruments | The carrying amounts and estimated fair values of financial instruments not measured and not reported at fair value on the consolidated statements of financial condition at June 30, 2021 and December 31, 2020 were as follows: Fair Value June 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 329,006 $ 329,006 $ 257,845 $ 257,845 Interest bearing deposits with banks Level 1 1,515,757 1,515,757 1,071,360 1,071,360 Equity securities (1) Level 3 3,513 3,513 2,999 2,999 Held to maturity debt securities: U.S. Treasury securities Level 1 67,874 73,575 68,126 75,484 U.S. government agency securities Level 2 5,548 5,813 6,222 6,513 Obligations of states and political subdivisions Level 2 444,380 454,718 470,259 484,506 Residential mortgage-backed securities Level 2 1,926,900 1,938,608 1,550,306 1,589,655 Trust preferred securities Level 2 37,360 31,425 37,348 30,033 Corporate and other debt securities Level 2 51,750 52,380 40,750 41,421 Total held to maturity debt securities (2) 2,533,812 2,556,519 2,173,011 2,227,612 Net loans Level 3 32,118,130 31,962,961 31,876,869 31,635,060 Accrued interest receivable Level 1 99,068 99,068 106,230 106,230 Federal Reserve Bank and Federal Home Loan Bank stock (3) Level 2 212,122 212,122 250,116 250,116 Financial liabilities Deposits without stated maturities Level 1 28,887,225 28,887,225 25,220,924 25,220,924 Deposits with stated maturities Level 2 4,307,549 4,256,745 6,714,678 6,639,022 Short-term borrowings Level 1 854,378 838,440 1,147,958 1,151,478 Long-term borrowings Level 2 1,885,690 1,882,750 2,295,665 2,405,345 Junior subordinated debentures issued to capital trusts Level 2 56,239 45,802 56,065 57,779 Accrued interest payable (4) Level 1 8,115 8,115 18,839 18,839 (1) Represents equity securities without a readily determinable fair value measured at cost less impairment, if any. (2) The carrying amount is presented gross without the allowance for credit losses. (3) Included in other assets. (4) Included in accrued expenses and other liabilities. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Available for Sale | The amortized cost, gross unrealized gains and losses and fair value of available for sale debt securities at June 30, 2021 and December 31, 2020 were as follows: Amortized Gross Gross Fair Value (in thousands) June 30, 2021 U.S. Treasury securities $ 50,023 $ 987 $ — $ 51,010 U.S. government agency securities 22,695 1,218 (6) 23,907 Obligations of states and political subdivisions: Obligations of states and state agencies 32,098 614 — 32,712 Municipal bonds 32,440 541 (8) 32,973 Total obligations of states and political subdivisions 64,538 1,155 (8) 65,685 Residential mortgage-backed securities 823,040 24,490 (1,214) 846,316 Corporate and other debt securities 85,441 3,198 (19) 88,620 Total $ 1,045,737 $ 31,048 $ (1,247) $ 1,075,538 December 31, 2020 U.S. Treasury securities $ 50,031 $ 1,362 $ — $ 51,393 U.S. government agency securities 25,067 1,103 (13) 26,157 Obligations of states and political subdivisions: Obligations of states and state agencies 40,861 970 (32) 41,799 Municipal bonds 37,489 731 (69) 38,151 Total obligations of states and political subdivisions 78,350 1,701 (101) 79,950 Residential mortgage-backed securities 1,050,369 40,426 (773) 1,090,022 Corporate and other debt securities 89,689 2,294 (32) 91,951 Total $ 1,293,506 $ 46,886 $ (919) $ 1,339,473 |
Age of Unrealized Losses and Fair Value of Related Available for Sale Debt Securities | The age of unrealized losses and fair value of the related available for sale debt securities at June 30, 2021 and December 31, 2020 were as follows: Less than More than Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) June 30, 2021 U.S. government agency securities $ — $ — $ 1,396 $ (6) $ 1,396 $ (6) Municipal bonds 4,705 (8) — — 4,705 (8) Residential mortgage-backed securities 116,758 (914) 12,726 (300) 129,484 (1,214) Corporate and other debt securities 1,981 (19) — — 1,981 (19) Total $ 123,444 $ (941) $ 14,122 $ (306) $ 137,566 $ (1,247) December 31, 2020 U.S. government agency securities $ — $ — $ 1,479 $ (13) $ 1,479 $ (13) Obligations of states and political subdivisions: Obligations of states and state agencies — — 1,010 (32) 1,010 (32) Municipal bonds 6,777 (69) — — 6,777 (69) Total obligations of states and political subdivisions 6,777 (69) 1,010 (32) 7,787 (101) Residential mortgage-backed securities 41,418 (500) 27,911 (273) 69,329 (773) Corporate and other debt securities 12,517 (32) — — 12,517 (32) Total $ 60,712 $ (601) $ 30,400 $ (318) $ 91,112 $ (919) |
Contractual Maturities of Debt Securities Available for Sale | The contractual maturities of available for sale debt securities at June 30, 2021 are set forth in the following table. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary. June 30, 2021 Amortized Fair (in thousands) Due in one year $ 6,769 $ 6,824 Due after one year through five years 84,534 86,491 Due after five years through ten years 79,866 82,581 Due after ten years 51,528 53,326 Residential mortgage-backed securities 823,040 846,316 Total $ 1,045,737 $ 1,075,538 |
Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Held to Maturity | The amortized cost, gross unrealized gains and losses and fair value of debt securities held to maturity at June 30, 2021 and December 31, 2020 were as follows: Amortized Gross Gross Fair Value (in thousands) June 30, 2021 U.S. Treasury securities $ 67,874 $ 5,701 $ — $ 73,575 U.S. government agency securities 5,548 265 — 5,813 Obligations of states and political subdivisions: Obligations of states and state agencies 243,374 5,505 (43) 248,836 Municipal bonds 201,006 4,894 (18) 205,882 Total obligations of states and political subdivisions 444,380 10,399 (61) 454,718 Residential mortgage-backed securities 1,926,900 23,376 (11,668) 1,938,608 Trust preferred securities 37,360 51 (5,986) 31,425 Corporate and other debt securities 51,750 640 (10) 52,380 Total $ 2,533,812 $ 40,432 $ (17,725) $ 2,556,519 December 31, 2020 U.S. Treasury securities $ 68,126 $ 7,358 $ — $ 75,484 U.S. government agency securities 6,222 291 — 6,513 Obligations of states and political subdivisions: Obligations of states and state agencies 262,762 8,060 (105) 270,717 Municipal bonds 207,497 6,292 — 213,789 Total obligations of states and political subdivisions 470,259 14,352 (105) 484,506 Residential mortgage-backed securities 1,550,306 39,603 (254) 1,589,655 Trust preferred securities 37,348 50 (7,365) 30,033 Corporate and other debt securities 40,750 672 (1) 41,421 Total $ 2,173,011 $ 62,326 $ (7,725) $ 2,227,612 |
Age of Unrealized Losses and Fair Value of Related Debt Securities Held to Maturity | The age of unrealized losses and fair value of related debt securities held to maturity at June 30, 2021 and December 31, 2020 were as follows: Less than More than Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized (in thousands) June 30, 2021 Obligations of states and political subdivisions: Obligations of states and state agencies $ — $ — $ 5,570 $ (43) $ 5,570 $ (43) Municipal bonds 1,328 (18) — — 1,328 (18) Total obligations of states and political subdivisions 1,328 (18) 5,570 (43) 6,898 (61) Residential mortgage-backed securities 983,406 (11,606) 4,608 (62) 988,014 (11,668) Trust preferred securities — — 30,021 (5,986) 30,021 (5,986) Corporate and other debt securities 7,990 (10) — — 7,990 (10) Total $ 992,724 $ (11,634) $ 40,199 $ (6,091) $ 1,032,923 $ (17,725) December 31, 2020 Obligations of states and state agencies $ 5,546 $ (105) $ — $ — $ 5,546 $ (105) Residential mortgage-backed securities 21,599 (245) 2,470 (9) 24,069 (254) Trust preferred securities — — 28,630 (7,365) 28,630 (7,365) Corporate and other debt securities 10,749 (1) — — 10,749 (1) Total $ 37,894 $ (351) $ 31,100 $ (7,374) $ 68,994 $ (7,725) |
Contractual Maturities of Debt Securities Held to Maturity | The contractual maturities of investments in debt securities held to maturity at June 30, 2021 are set forth in the table below. Maturities may differ from contractual maturities in residential mortgage-backed securities because the mortgages underlying the securities may be prepaid without any penalties. Therefore, residential mortgage-backed securities are not included in the maturity categories in the following summary. June 30, 2021 Amortized Fair (in thousands) Due in one year $ 27,218 $ 27,365 Due after one year through five years 247,844 257,620 Due after five years through ten years 129,112 130,979 Due after ten years 202,738 201,947 Residential mortgage-backed securities 1,926,900 1,938,608 Total $ 2,533,812 $ 2,556,519 |
Amortized Cost of Debt Securities Held to Maturity by External Credit Rating | The following table summarizes the amortized cost of held to maturity debt securities by external credit rating at June 30, 2021 and December 31, 2020. AAA/AA/A Rated BBB rated Non-investment grade rated Non-rated Total (in thousands) June 30, 2021 U.S. Treasury securities $ 67,874 $ — $ — $ — $ 67,874 U.S. government agency securities 5,548 — — — 5,548 Obligations of states and political subdivisions: Obligations of states and state agencies 210,548 — 5,613 27,213 243,374 Municipal bonds 158,111 — — 42,895 201,006 Total obligations of states and political subdivisions 368,659 — 5,613 70,108 444,380 Residential mortgage-backed securities 1,926,900 — — — 1,926,900 Trust preferred securities — — — 37,360 37,360 Corporate and other debt securities — 8,000 — 43,750 51,750 Total $ 2,368,981 $ 8,000 $ 5,613 $ 151,218 $ 2,533,812 December 31, 2020 U.S. Treasury securities $ 68,126 $ — $ — $ — $ 68,126 U.S. government agency securities 6,222 — — — 6,222 Obligations of states and political subdivisions: Obligations of states and state agencies 228,286 — 5,650 28,826 262,762 Municipal bonds 166,408 — — 41,089 207,497 Total obligations of states and political subdivisions 394,694 — 5,650 69,915 470,259 Residential mortgage-backed securities 1,550,306 — — — 1,550,306 Trust preferred securities — — — 37,348 37,348 Corporate and other debt securities — 5,000 — 35,750 40,750 Total investment securities held to maturity $ 2,019,348 $ 5,000 $ 5,650 $ 143,013 $ 2,173,011 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses for Loans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Loan Portfolio | The detail of the loan portfolio as of June 30, 2021 and December 31, 2020 was as follows: June 30, 2021 December 31, 2020 (in thousands) Loans: Commercial and industrial: Commercial and industrial $ 4,733,771 $ 4,709,569 Commercial and industrial PPP loans * 1,350,684 2,152,139 Total commercial and industrial loans 6,084,455 6,861,708 Commercial real estate: Commercial real estate 17,512,142 16,724,998 Construction 1,752,838 1,745,825 Total commercial real estate loans 19,264,980 18,470,823 Residential mortgage 4,226,975 4,183,743 Consumer: Home equity 410,856 431,553 Automobile 1,531,262 1,355,955 Other consumer 938,926 913,330 Total consumer loans 2,881,044 2,700,838 Total loans $ 32,457,454 $ 32,217,112 * Represents SBA Paycheck Protection Program (PPP) loans, net of unearned fees totaling $40.9 million and $43.2 million at June 30, 2021 and December 31, 2020, respectively. |
Past Due, Non-Accrual and Current Loans by Loan Portfolio Class | The following table presents past due, current and non-accrual loans without an allowance for credit losses by loan portfolio class at June 30, 2021 and December 31, 2020: Past Due and Non-Accrual Loans 30-59 Days 60-89 Days 90 Days or More Non-Accrual Loans Total Past Due Loans Current Loans Total Loans Non-Accrual Loans Without Allowance for Credit Losses (in thousands) June 30, 2021 Commercial and industrial $ 3,867 $ 1,361 $ 2,351 $ 102,594 $ 110,173 $ 5,974,282 $ 6,084,455 $ 9,550 Commercial real estate: Commercial real estate 40,524 11,451 1,948 58,893 112,816 17,399,326 17,512,142 37,116 Construction — — — 17,660 17,660 1,735,178 1,752,838 — Total commercial real estate loans 40,524 11,451 1,948 76,553 130,476 19,134,504 19,264,980 37,116 Residential mortgage 8,479 1,608 956 35,941 46,984 4,179,991 4,226,975 16,807 Consumer loans: Home equity 592 325 — 4,431 5,348 405,508 410,856 48 Automobile 5,521 636 441 389 6,987 1,524,275 1,531,262 — Other consumer 129 24 22 104 279 938,647 938,926 — Total consumer loans 6,242 985 463 4,924 12,614 2,868,430 2,881,044 48 Total $ 59,112 $ 15,405 $ 5,718 $ 220,012 $ 300,247 $ 32,157,207 $ 32,457,454 $ 63,521 Past Due and Non-Accrual Loans 30-59 60-89 90 Days or More Non-Accrual Loans Total Past Due Loans Current Loans Total Loans Non-Accrual Loans Without Allowance for Credit Losses (in thousands) December 31, 2020 Commercial and industrial $ 6,393 $ 2,252 $ 9,107 $ 106,693 $ 124,445 $ 6,737,263 $ 6,861,708 $ 4,075 Commercial real estate: Commercial real estate 35,030 1,326 993 46,879 84,228 16,640,770 16,724,998 32,416 Construction 315 — — 84 399 1,745,426 1,745,825 — Total commercial real estate loans 35,345 1,326 993 46,963 84,627 18,386,196 18,470,823 32,416 Residential mortgage 17,717 10,351 3,170 25,817 57,055 4,126,688 4,183,743 11,610 Consumer loans: Home equity 953 492 — 4,936 6,381 425,172 431,553 50 Automobile 8,056 1,107 245 338 9,746 1,346,209 1,355,955 — Other consumer 1,248 224 26 535 2,033 911,297 913,330 — Total consumer loans 10,257 1,823 271 5,809 18,160 2,682,678 2,700,838 50 Total $ 69,712 $ 15,752 $ 13,541 $ 185,282 $ 284,287 $ 31,932,825 $ 32,217,112 $ 48,151 |
Risk Category of Loans | The following table presents the internal loan classification risk by loan portfolio class by origination year based on the most recent analysis performed at June 30, 2021 and December 31, 2020: Term Loans Amortized Cost Basis by Origination Year June 30, 2021 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Commercial and industrial Risk Rating: Pass $ 1,539,921 $ 1,227,478 $ 508,228 $ 438,246 $ 162,119 $ 409,413 $ 1,571,927 $ 225 $ 5,857,557 Special Mention 1,282 1,550 1,476 11,182 2,159 17,041 59,376 64 94,130 Substandard 3,325 8,658 4,366 8,803 859 1,374 17,141 321 44,847 Doubtful 129 — 2,739 — 16,370 68,683 — — 87,921 Total commercial and industrial $ 1,544,657 $ 1,237,686 $ 516,809 $ 458,231 $ 181,507 $ 496,511 $ 1,648,444 $ 610 $ 6,084,455 Commercial real estate Risk Rating: Pass $ 2,100,741 $ 3,055,880 $ 2,875,727 $ 2,005,122 $ 1,552,673 $ 4,978,293 $ 174,277 $ 12,849 $ 16,755,562 Special Mention 2,000 51,271 58,418 44,118 43,019 184,694 38,615 — 422,135 Substandard 849 22,209 32,935 39,756 73,103 162,866 2,531 — 334,249 Doubtful — — — — — 196 — — 196 Total commercial real estate $ 2,103,590 $ 3,129,360 $ 2,967,080 $ 2,088,996 $ 1,668,795 $ 5,326,049 $ 215,423 $ 12,849 $ 17,512,142 Construction Risk Rating: Pass $ 112,491 $ 147,431 $ 87,130 $ 78,332 $ 6,656 $ 29,216 $ 1,251,972 $ — $ 1,713,228 Special Mention — — 1,026 — — 1,714 8,871 — 11,611 Substandard — 28 16 331 — 17,842 9,782 — 27,999 Total construction $ 112,491 $ 147,459 $ 88,172 $ 78,663 $ 6,656 $ 48,772 $ 1,270,625 $ — $ 1,752,838 Term Loans Amortized Cost Basis by Origination Year December 31, 2020 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Commercial and industrial Risk Rating: Pass $ 3,058,596 $ 605,112 $ 556,284 $ 212,215 $ 162,483 $ 337,484 $ 1,677,559 $ 350 $ 6,610,083 Special Mention 819 10,236 2,135 9,502 10,228 14,165 49,883 51 97,019 Substandard 5,215 3,876 12,481 1,798 4,215 12,965 18,913 462 59,925 Doubtful — 5,203 1 17,010 2,596 69,871 — — 94,681 Total commercial and industrial $ 3,064,630 $ 624,427 $ 570,901 $ 240,525 $ 179,522 $ 434,485 $ 1,746,355 $ 863 $ 6,861,708 Commercial real estate Risk Rating: Pass $ 3,096,549 $ 3,052,076 $ 2,230,047 $ 1,767,528 $ 1,798,137 $ 3,916,990 $ 199,145 $ 15,532 $ 16,076,004 Special Mention 50,193 68,203 44,336 48,813 66,845 109,295 1,705 — 389,390 Substandard 18,936 17,049 30,997 59,618 11,541 118,725 2,531 — 259,397 Doubtful — — — — — 207 — — 207 Total commercial real estate $ 3,165,678 $ 3,137,328 $ 2,305,380 $ 1,875,959 $ 1,876,523 $ 4,145,217 $ 203,381 $ 15,532 $ 16,724,998 Construction Risk Rating: Pass $ 145,246 $ 120,800 $ 111,174 $ 15,497 $ 47,971 $ 20,029 $ 1,199,034 $ — $ 1,659,751 Special Mention — 1,043 — — 9,996 17,414 47,311 — 75,764 Substandard — 26 246 2,628 17 380 7,013 — 10,310 Total construction $ 145,246 $ 121,869 $ 111,420 $ 18,125 $ 57,984 $ 37,823 $ 1,253,358 $ — $ 1,745,825 Term Loans Amortized Cost Basis by Origination Year June 30, 2021 2021 2020 2019 2018 2017 Prior to 2017 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Residential mortgage Performing $ 687,724 $ 701,963 $ 671,803 $ 519,568 $ 446,367 $ 1,108,317 $ 68,012 $ — $ 4,203,754 90 days or more past due — 1,719 1,852 2,021 3,907 13,722 — — 23,221 Total residential mortgage $ 687,724 $ 703,682 $ 673,655 $ 521,589 $ 450,274 $ 1,122,039 $ 68,012 $ — $ 4,226,975 Consumer loans Home equity Performing $ 7,120 $ 7,314 $ 8,925 $ 9,332 $ 6,946 $ 15,485 $ 307,985 $ 46,238 $ 409,345 90 days or more past due — — — — — 81 876 554 1,511 Total home equity 7,120 7,314 8,925 9,332 6,946 15,566 308,861 46,792 410,856 Automobile Performing 447,260 376,473 354,978 210,941 108,085 32,683 — — 1,530,420 90 days or more past due 25 89 175 230 198 125 — — 842 Total automobile 447,285 376,562 355,153 211,171 108,283 32,808 — — 1,531,262 Other Consumer Performing 5,953 7,101 6,626 6,850 1,037 7,905 903,454 — 938,926 90 days or more past due — — — — — — — — — Total other consumer 5,953 7,101 6,626 6,850 1,037 7,905 903,454 — 938,926 Total consumer $ 460,358 $ 390,977 $ 370,704 $ 227,353 $ 116,266 $ 56,279 $ 1,212,315 $ 46,792 $ 2,881,044 Term Loans Amortized Cost Basis by Origination Year December 31, 2020 2020 2019 2018 2017 2016 Prior to 2016 Revolving Loans Amortized Cost Basis Revolving Loans Converted to Term Loans Total (in thousands) Residential mortgage Performing $ 730,764 $ 778,161 $ 684,761 $ 582,650 $ 380,723 $ 943,616 $ 64,798 $ — $ 4,165,473 90 days or more past due — 3,085 4,212 3,464 4,144 3,365 — — 18,270 Total residential mortgage $ 730,764 $ 781,246 $ 688,973 $ 586,114 $ 384,867 $ 946,981 $ 64,798 $ — $ 4,183,743 Consumer loans Home equity Performing $ 8,580 $ 10,634 $ 11,756 $ 8,886 $ 5,340 $ 15,393 $ 318,869 $ 50,879 $ 430,337 90 days or more past due — — — — 25 83 378 730 1,216 Total home equity 8,580 10,634 11,756 8,886 5,365 15,476 319,247 51,609 431,553 Automobile Performing 426,121 438,181 272,075 151,523 50,853 16,550 — — 1,355,303 90 days or more past due 19 108 173 223 35 94 — — 652 Total automobile 426,140 438,289 272,248 151,746 50,888 16,644 — — 1,355,955 Other Consumer Performing 12,271 5,558 6,815 1,112 1,077 5,314 880,748 — 912,895 90 days or more past due — — — — — 22 5 408 435 Total other consumer 12,271 5,558 6,815 1,112 1,077 5,336 880,753 408 913,330 Total consumer $ 446,991 $ 454,481 $ 290,819 $ 161,744 $ 57,330 $ 37,456 $ 1,200,000 $ 52,017 $ 2,700,838 |
Pre-Modification and Post-Modification Outstanding Recorded Investments and Non-PCI Loans that Subsequently Defaulted | The following table presents the pre- and post-modification amortized cost of loans by loan class modified as TDRs during the three and six months ended June 30, 2021 and 2020. Post-modification amounts are presented as of June 30, 2021 and 2020. Three Months Ended June 30, 2021 2020 Troubled Debt Restructurings Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification ($ in thousands) Commercial and industrial 9 $ 8,592 $ 8,529 4 $ 9,052 $ 7,047 Commercial real estate: Commercial real estate 6 12,237 12,223 1 885 900 Construction — — — 2 435 218 Total commercial real estate 6 12,237 12,223 3 1,320 1,118 Residential mortgage 2 1,089 1,079 — — — Total 17 $ 21,918 $ 21,831 7 $ 10,372 $ 8,165 Six Months Ended June 30, 2021 2020 Troubled Debt Restructurings Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification ($ in thousands) Commercial and industrial 13 $ 20,855 $ 19,648 20 $ 22,196 $ 19,674 Commercial real estate: Commercial real estate 6 12,237 12,223 2 4,748 4,762 Construction — — — 2 435 218 Total commercial real estate 6 12,237 12,223 4 5,183 4,980 Residential mortgage 8 2,618 2,586 — — — Consumer 1 169 166 — — — Total 28 $ 35,879 $ 34,623 24 $ 27,379 $ 24,654 Loans modified as TDRs within the previous 12 months and for which there was a payment default (90 or more days past due) for the three and six months ended June 30, 2021 and 2020 were as follows: Three Months Ended June 30, 2021 2020 Troubled Debt Restructurings Subsequently Defaulted Number of Recorded Investment Number of Recorded ($ in thousands) Commercial and industrial — $ — 20 $ 14,986 Residential mortgage 1 445 1 220 Consumer — — 2 204 Total 1 $ 445 23 $ 15,410 Six Months Ended June 30, 2021 2020 Troubled Debt Restructurings Subsequently Defaulted Number of Recorded Investment Number of Recorded ($ in thousands) Commercial and industrial 15 $ 12,384 20 $ 14,986 Residential mortgage 2 692 1 220 Consumer — — 2 204 Total 17 $ 13,076 23 $ 15,410 |
Summary of Collateral Dependent Loans | The following table presents collateral dependent loans by class as of June 30, 2021 and December 31, 2020: June 30, December 31, (in thousands) Commercial and industrial * $ 95,000 $ 106,239 Commercial real estate 66,054 41,562 Residential mortgage 31,714 28,176 Home equity 48 50 Total $ 192,816 $ 176,027 |
Summary of Allowance for Credit Losses | The following table summarizes the allowance for credit losses for loans at June 30, 2021 and December 31, 2020: June 30, December 31, (in thousands) Components of allowance for credit losses for loans: Allowance for loan losses $ 339,324 $ 340,243 Allowance for unfunded credit commitments 14,400 11,111 Total allowance for credit losses for loans $ 353,724 $ 351,354 |
Summary of Provision for Credit Losses | The following table summarizes the provision for credit losses for loans for the periods indicated: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) Components of provision for credit losses for loans: Provision for loan losses $ 5,810 $ 41,025 $ 14,502 $ 74,876 Provision for unfunded credit commitments 2,967 90 3,289 163 Total provision for credit losses for loans $ 8,777 $ 41,115 $ 17,791 $ 75,039 |
Summary of Activity in Allowance for Loan Losses | The following table details the activity in the allowance for loan losses by loan portfolio segment for the three and six months ended June 30, 2021 and 2020: Commercial Commercial Residential Consumer Total (in thousands) Three Months Ended Allowance for loan losses: Beginning balance $ 126,408 $ 174,236 $ 27,172 $ 15,064 $ 342,880 Loans charged-off (10,893) — (1) (1,480) (12,374) Charged-off loans recovered 678 665 191 1,474 3,008 Net (charge-offs) recoveries (10,215) 665 190 (6) (9,366) (Credit) provision for loan losses (6,504) 14,238 (2,059) 135 5,810 Ending balance $ 109,689 $ 189,139 $ 25,303 $ 15,193 $ 339,324 Three Months Ended Allowance for losses: Beginning balance $ 127,437 $ 111,585 $ 29,456 $ 14,864 $ 283,342 Loans charged-off (14,024) (27) (5) (2,601) (16,657) Charged-off loans recovered 799 51 545 509 1,904 Net (charge-offs) recoveries (13,225) 24 540 (2,092) (14,753) Provision (credit) for loan losses 17,827 20,093 (366) 3,471 41,025 Ending balance $ 132,039 $ 131,702 $ 29,630 $ 16,243 $ 309,614 Commercial Commercial Residential Consumer Total (in thousands) Six Months Ended Allowance for loan losses: Beginning balance $ 131,070 $ 164,113 $ 28,873 $ 16,187 $ 340,243 Loans charged-off (18,035) (382) (139) (2,618) (21,174) Charged-off loans recovered 2,267 734 348 2,404 5,753 Net (charge-offs) recoveries (15,768) 352 209 (214) (15,421) (Credit) provision for loan losses (5,613) 24,674 (3,779) (780) 14,502 Ending balance $ 109,689 $ 189,139 $ 25,303 $ 15,193 $ 339,324 Six Months Ended Allowance for losses: Beginning balance $ 104,059 $ 45,673 $ 5,060 $ 6,967 $ 161,759 Impact of ASU 2016-13 adoption* 15,169 49,797 20,575 6,990 92,531 Beginning balance, adjusted 119,228 95,470 25,635 13,957 254,290 Loans charged-off (17,384) (71) (341) (5,166) (22,962) Charged-off loans recovered 1,368 144 595 1,303 3,410 Net (charge-offs) recoveries (16,016) 73 254 (3,863) (19,552) Provision for loan losses 28,827 36,159 3,741 6,149 74,876 Ending balance $ 132,039 $ 131,702 $ 29,630 $ 16,243 $ 309,614 * Includes a $61.6 million increase representing the estimated expected credit losses for PCD loans as a result of the ASU 2016-13 adoption on January 1, 2020. |
Summary of Allocation of Allowance for Loan Losses and Related Loans by Loan Portfolio Segment Disaggregated Based on Allowance Measurement Methodology | The following table represents the allocation of the allowance for loan losses and the related loans by loan portfolio segment disaggregated based on the allowance measurement methodology at June 30, 2021 and December 31, 2020. Commercial Commercial Residential Consumer Total (in thousands) June 30, 2021 Allowance for loan losses: Individually evaluated for credit losses $ 64,275 $ 4,788 $ 618 $ 885 $ 70,566 Collectively evaluated for credit losses 45,414 184,351 24,685 14,308 268,758 Total $ 109,689 $ 189,139 $ 25,303 $ 15,193 $ 339,324 Loans: Individually evaluated for credit losses $ 120,559 $ 89,464 $ 38,660 $ 4,488 $ 253,171 Collectively evaluated for credit losses 5,963,896 19,175,516 4,188,315 2,876,556 32,204,283 Total $ 6,084,455 $ 19,264,980 $ 4,226,975 $ 2,881,044 $ 32,457,454 December 31, 2020 Allowance for loan losses: Individually evaluated for credit losses $ 73,063 $ 1,338 $ 1,206 $ 264 $ 75,871 Collectively evaluated for credit losses 58,007 162,775 27,667 15,923 264,372 Total $ 131,070 $ 164,113 $ 28,873 $ 16,187 $ 340,243 Loans: Individually evaluated for credit losses $ 131,057 $ 61,754 $ 35,151 $ 1,631 $ 229,593 Collectively evaluated for credit losses 6,730,651 18,409,069 4,148,592 2,699,207 31,987,519 Total $ 6,861,708 $ 18,470,823 $ 4,183,743 $ 2,700,838 $ 32,217,112 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | The following table summarizes other intangible assets as of June 30, 2021 and December 31, 2020: Gross Accumulated Valuation Net (in thousands) June 30, 2021 Loan servicing rights $ 109,678 $ (86,681) $ (32) $ 22,965 Core deposits 101,160 (59,590) — 41,570 Other 3,945 (2,957) — 988 Total other intangible assets $ 214,783 $ (149,228) $ (32) $ 65,523 December 31, 2020 Loan servicing rights $ 103,150 $ (80,340) $ (865) $ 21,945 Core deposits 101,160 (53,747) — 47,413 Other 3,945 (2,854) — 1,091 Total other intangible assets $ 208,255 $ (136,941) $ (865) $ 70,449 |
Estimated Future Amortization Expense | The following table presents the estimated future amortization expense of other intangible assets for the remainder of 2021 through 2025: Loan Servicing Core Other (in thousands) 2021 $ 2,331 $ 5,764 $ 103 2022 3,901 9,876 191 2023 3,099 8,146 131 2024 2,492 6,537 117 2025 2,030 4,929 103 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Short-Term Borrowings | Short-term borrowings at June 30, 2021 and December 31, 2020 consisted of the following: June 30, 2021 December 31, 2020 (in thousands) FHLB advances $ 700,000 $ 1,000,000 Securities sold under agreements to repurchase 154,378 147,958 Total short-term borrowings $ 854,378 $ 1,147,958 |
Schedule of Long-Term Borrowings | Long-term borrowings at June 30, 2021 and December 31, 2020 consisted of the following: June 30, 2021 December 31, 2020 (in thousands) FHLB advances, net (1) $ 947,206 $ 1,592,252 Subordinated debt, net (2) 638,484 403,413 Securities sold under agreements to repurchase 300,000 300,000 Total long-term borrowings $ 1,885,690 $ 2,295,665 (1) FHLB advances are presented net of unamortized prepayment penalties and other purchase accounting adjustments totaling $2.6 million at December 31, 2020. (2) Subordinated debt is presented net of unamortized debt issuance costs totaling $6.4 billion and $2.7 million at June 30, 2021 and December 31, 2020, respectively. |
Schedule of FHLB Repayment | The long-term FHLB advances at June 30, 2021 are scheduled for contractual balance repayments as follows: Year Amount (in thousands) 2021 $ 157,870 2023 350,000 2024 165,000 2025 273,000 Total long-term FHLB advances $ 945,870 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Consolidated Statements of Financial Condition Related to Fair Value of Derivative Financial Instruments | Amounts included in the consolidated statements of financial condition related to the fair value of Valley’s derivative financial instruments were as follows: June 30, 2021 December 31, 2020 Fair Value Fair Value Other Assets Other Liabilities Notional Amount Other Assets Other Liabilities Notional Amount (in thousands) Derivatives designated as hedging instruments: Cash flow hedge interest rate swaps $ — $ 349 $ 900,000 $ — $ 179 $ 1,100,000 Fair value hedge interest rate swaps 80 — 300,000 — — — Total derivatives designated as hedging instruments $ 80 $ 349 $ 1,200,000 $ — $ 179 $ 1,100,000 Derivatives not designated as hedging instruments: Interest rate swaps and other derivatives * $ 248,440 $ 80,215 $ 9,962,230 $ 387,008 $ 154,025 $ 8,889,557 Mortgage banking derivatives 323 1,112 330,528 444 2,077 321,486 Total derivatives not designated as hedging instruments $ 248,763 $ 81,327 $ 10,292,758 $ 387,452 $ 156,102 $ 9,211,043 * Other derivatives include risk participation agreements. |
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Cash Flows | Gains (losses) included in the consolidated statements of income and other comprehensive income (loss), on a pre-tax basis, related to interest rate derivatives designated as hedges of cash flows were as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) Amount of (loss) gain reclassified from accumulated other comprehensive loss to interest expense $ (749) $ 438 $ (1,664) $ (177) Amount of (loss) gain recognized in other comprehensive income (loss) (158) (1,773) 19 (3,253) |
Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Fair Value | Gains (losses) included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) Derivative - interest rate swap: Interest income $ — $ 71 $ — $ 82 Interest expense 80 — 80 — Hedged item - subordinated debt and loans: Interest income $ — $ (71) $ — $ (82) Interest expense (83) — (83) — |
Interest Rate Derivatives Designated as Hedges | The following table presents the hedged items related to interest rate derivatives designated as hedges of fair value and the cumulative basis fair value adjustment included in the net carrying amount of the hedged item at June 30, 2021. Line Item in the Statement of Financial Position in Which the Hedged Item is Included Carrying Amount of the Hedged Liability Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability (in thousands) Long-term borrowings $ (300,083) $ (83) |
Net (Gains) Losses Related to Derivative Instruments Not Designated as Hedging Instruments | The net (gains) losses included in the consolidated statements of income related to derivative instruments not designated as hedging instruments were as follows: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) Non-designated hedge interest rate swaps and credit derivatives Other non-interest expense $ (2,210) $ 1,416 $ (425) $ 1,505 |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Offsetting [Abstract] | |
Offsetting Assets | The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of June 30, 2021 and December 31, 2020. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Collateral (1) Net (in thousands) June 30, 2021 Assets: Interest rate swaps $ 248,520 $ — $ 248,520 $ — $ — $ 248,520 Liabilities: Interest rate swaps $ 80,564 $ — $ 80,564 $ — $ (72,732) $ 7,832 Repurchase agreements 300,000 — 300,000 (300,000) (2) — — Total $ 380,564 $ — $ 380,564 $ (300,000) $ (72,732) $ 7,832 December 31, 2020 Assets: Interest rate swaps $ 150,487 $ — $ 150,487 $ — $ — $ 150,487 Liabilities: Interest rate swaps $ 150,487 $ — $ 150,487 $ — $ (150,487) $ — Repurchase agreements 300,000 — 300,000 (300,000) (2) — — Total $ 450,487 $ — $ 450,487 $ (300,000) $ (150,487) $ — (1) Cash collateral pledged to our counterparties in relation to market value exposures of OTC derivative contacts in a liability position. (2) Represents the fair value of non-cash pledged investment securities. |
Offsetting Liabilities | The table below presents information about Valley’s financial instruments eligible for offset in the consolidated statements of financial condition as of June 30, 2021 and December 31, 2020. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Collateral (1) Net (in thousands) June 30, 2021 Assets: Interest rate swaps $ 248,520 $ — $ 248,520 $ — $ — $ 248,520 Liabilities: Interest rate swaps $ 80,564 $ — $ 80,564 $ — $ (72,732) $ 7,832 Repurchase agreements 300,000 — 300,000 (300,000) (2) — — Total $ 380,564 $ — $ 380,564 $ (300,000) $ (72,732) $ 7,832 December 31, 2020 Assets: Interest rate swaps $ 150,487 $ — $ 150,487 $ — $ — $ 150,487 Liabilities: Interest rate swaps $ 150,487 $ — $ 150,487 $ — $ (150,487) $ — Repurchase agreements 300,000 — 300,000 (300,000) (2) — — Total $ 450,487 $ — $ 450,487 $ (300,000) $ (150,487) $ — (1) Cash collateral pledged to our counterparties in relation to market value exposures of OTC derivative contacts in a liability position. (2) Represents the fair value of non-cash pledged investment securities. |
Tax Credit Investments (Tables)
Tax Credit Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Affordable Housing Tax Credit Investments, Other Tax Credit Investments, and Related Unfunded Commitments | The following table presents the balances of Valley’s affordable housing tax credit investments, other tax credit investments, and related unfunded commitments at June 30, 2021 and December 31, 2020: June 30, December 31, (in thousands) Other Assets: Affordable housing tax credit investments, net $ 18,298 $ 20,074 Other tax credit investments, net 43,066 47,301 Total tax credit investments, net $ 61,364 $ 67,375 Other Liabilities: Unfunded affordable housing tax credit commitments $ 1,379 $ 1,379 Total unfunded tax credit commitments $ 1,379 $ 1,379 |
Affordable Housing Tax Credit Investments and Other Tax Credit Investments | The following table presents other information relating to Valley’s affordable housing tax credit investments and other tax credit investments for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended 2021 2020 2021 2020 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 899 $ 1,393 $ 1,796 $ 2,627 Other tax credit investment credits and tax benefits 2,743 2,540 5,428 3,840 Total reduction in income tax expense $ 3,642 $ 3,933 $ 7,224 $ 6,467 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 460 $ 537 $ 1,003 $ 1,091 Affordable housing tax credit investment impairment losses 431 665 772 1,083 Other tax credit investment losses 351 679 524 1,223 Other tax credit investment impairment losses 1,730 1,535 3,417 3,247 Total amortization of tax credit investments recorded in non-interest expense $ 2,972 $ 3,416 $ 5,716 $ 6,644 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Financial Data for Business Segments | The following tables represent the financial data for Valley’s four business segments for the three and six months ended June 30, 2021 and 2020: Three Months Ended June 30, 2021 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,150,137 $ 25,485,161 $ 5,272,116 $ — $ 37,907,414 Interest income $ 59,419 $ 255,895 $ 19,239 $ (905) $ 333,648 Interest expense 5,192 18,467 3,867 5,215 32,741 Net interest income (loss) 54,227 237,428 15,372 (6,120) 300,907 Provision (credit) for credit losses 711 8,066 (30) — 8,747 Net interest income (loss) after provision for credit losses 53,516 229,362 15,402 (6,120) 292,160 Non-interest income 21,915 9,819 2,475 8,917 43,126 Non-interest expense 19,792 27,241 (258) 125,118 171,893 Internal transfer expense (income) 19,862 71,207 14,632 (105,701) — Income (loss) before income taxes $ 35,777 $ 140,733 $ 3,503 $ (16,620) $ 163,393 Return on average interest earning assets (pre-tax) 2.00 % 2.21 % 0.27 % N/A 1.72 % Three Months Ended June 30, 2020 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,214,368 $ 24,826,832 $ 5,737,187 $ — $ 37,778,387 Interest income $ 66,807 $ 255,152 $ 27,623 $ (1,057) $ 348,525 Interest expense 11,469 40,640 9,728 4,129 65,966 Net interest income (loss) 55,338 214,512 17,895 (5,186) 282,559 Provision for credit losses 3,106 38,009 41 — 41,156 Net interest income (loss) after provision for credit losses 52,232 176,503 17,854 (5,186) 241,403 Non-interest income 17,175 16,172 5,823 5,660 44,830 Non-interest expense 20,440 23,250 642 112,834 157,166 Internal transfer expense (income) 19,406 66,858 15,505 (101,769) — Income (loss) before income taxes $ 29,561 $ 102,567 $ 7,530 $ (10,591) $ 129,067 Return on average interest earning assets (pre-tax) 1.64 % 1.65 % 0.52 % N/A 1.37 % Six Months Ended June 30, 2021 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,099,973 $ 25,509,061 $ 5,039,222 $ — $ 37,648,256 Interest income $ 120,264 $ 508,231 $ 38,748 $ (1,797) $ 665,446 Interest expense 11,607 41,702 8,238 10,325 71,872 Net interest income (loss) 108,657 466,529 30,510 (12,122) 593,574 (Credit) provision for credit losses (1,924) 19,715 (388) — 17,403 Net interest income (loss) after provision for credit losses 110,581 446,814 30,898 (12,122) 576,171 Non-interest income 35,600 17,533 4,806 16,420 74,359 Non-interest expense 39,641 52,772 1,520 238,173 332,106 Internal transfer expense (income) 39,364 141,790 27,881 (209,035) — Income (loss) before income taxes $ 67,176 $ 269,785 $ 6,303 $ (24,840) $ 318,424 Return on average interest earning assets (pre-tax) 1.89 % 2.12 % 0.25 % N/A 1.69 % Six Months Ended June 30, 2020 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,215,756 $ 23,804,558 $ 5,205,918 $ — $ 36,226,232 Interest income $ 135,062 $ 520,027 $ 59,392 $ (2,163) $ 712,318 Interest expense 31,169 102,826 22,488 7,937 164,420 Net interest income (loss) 103,893 417,201 36,904 (10,100) 547,898 Provision for credit losses 9,891 65,148 800 — 75,839 Net interest income (loss) after provision for credit losses 94,002 352,053 36,104 (10,100) 472,059 Non-interest income 31,852 31,771 8,965 13,639 86,227 Non-interest expense 40,311 47,408 1,029 224,074 312,822 Internal transfer expense (income) 39,741 131,054 28,680 (199,475) — Income (loss) before income taxes $ 45,802 $ 205,362 $ 15,360 $ (21,060) $ 245,464 Return on average interest earning assets (pre-tax) 1.27 % 1.73 % 0.59 % N/A 1.36 % |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 29, 2021 | Dec. 31, 2020 | |
Reclassification [Line Items] | |||||
Net change in deposits | $ 1,259,172 | $ 2,151,400 | |||
Net change in cash and cash equivalents | 515,558 | 1,384,870 | |||
Assets | 41,274,228 | $ 40,686,076 | |||
Loans | 32,118,130 | 31,876,869 | |||
Deposits | $ 33,194,774 | $ 31,935,602 | |||
Westchester Bank Holding Corporation | Scenario, forecast | |||||
Reclassification [Line Items] | |||||
Number of shares issued for every share owned (in shares) | 229.645 | ||||
Business combination, consideration transferred, equity interests issued and issuable | $ 210,000 | ||||
Payments to acquire business | $ 10,000 | ||||
Westchester Bank Holding Corporation | |||||
Reclassification [Line Items] | |||||
Assets | $ 1,300,000 | ||||
Loans | 908,000 | ||||
Deposits | $ 1,100,000 | ||||
Previously Reported | |||||
Reclassification [Line Items] | |||||
Net change in deposits | 90,800 | ||||
Net change in cash and cash equivalents | $ 1,500,000 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share Reconciliation | ||||
Net income available to common shareholders | $ 117,340 | $ 92,429 | $ 229,878 | $ 176,525 |
Basic weighted average number of common shares outstanding (in shares) | 405,963,209 | 403,790,242 | 405,560,146 | 403,654,665 |
Plus: Common stock equivalents (in shares) | 2,697,569 | 841,603 | 2,592,312 | 1,388,518 |
Diluted weighted average number of common shares outstanding (in shares) | 408,660,778 | 404,631,845 | 408,152,458 | 405,043,183 |
Earnings per common share: | ||||
Basic (usd per share) | $ 0.29 | $ 0.23 | $ 0.57 | $ 0.44 |
Diluted (usd per share) | $ 0.29 | $ 0.23 | $ 0.56 | $ 0.44 |
Anti-dilutive common stock options and warrants (in shares) | 0 | 2,700,000 | 0 | 2,300,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) | ||||
Beginning balance | $ 4,659,670 | $ 4,420,998 | $ 4,592,120 | $ 4,384,188 |
Other comprehensive (loss) income before reclassification | (1,618) | (11,880) | ||
Amounts reclassified from other comprehensive income | 888 | 1,863 | ||
Total other comprehensive (loss) income | (730) | 1,628 | (10,017) | 27,276 |
Ending balance | 4,737,807 | 4,474,488 | 4,737,807 | 4,474,488 |
Total Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Beginning balance | (17,005) | (6,566) | (7,718) | (32,214) |
Ending balance | (17,735) | $ (4,938) | (17,735) | $ (4,938) |
Unrealized Gains and Losses on Available for Sale (AFS) Securities | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Beginning balance | 22,898 | 33,290 | ||
Other comprehensive (loss) income before reclassification | (1,471) | (11,907) | ||
Amounts reclassified from other comprehensive income | 76 | 120 | ||
Total other comprehensive (loss) income | (1,395) | (11,787) | ||
Ending balance | 21,503 | 21,503 | ||
Unrealized Gains and Losses on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Beginning balance | (3,081) | (3,906) | ||
Other comprehensive (loss) income before reclassification | (147) | 27 | ||
Amounts reclassified from other comprehensive income | 534 | 1,185 | ||
Total other comprehensive (loss) income | 387 | 1,212 | ||
Ending balance | (2,694) | (2,694) | ||
Defined Benefit Pension Plan | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Beginning balance | (36,822) | (37,102) | ||
Other comprehensive (loss) income before reclassification | 0 | 0 | ||
Amounts reclassified from other comprehensive income | 278 | 558 | ||
Total other comprehensive (loss) income | 278 | 558 | ||
Ending balance | $ (36,544) | $ (36,544) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Reclassification from Each Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Reclassification Out Of Accumulated Other Comprehensive Loss | ||||||
Unrealized losses on AFS securities before tax | $ 375 | $ (41) | $ 476 | $ (81) | ||
Tax effect | (42,881) | (33,466) | (82,202) | (62,595) | ||
Net income | 120,512 | $ 115,710 | 95,601 | $ 87,268 | 236,222 | 182,869 |
Interest expense | (32,741) | (65,966) | (71,872) | (164,420) | ||
Amortization of actuarial net loss | 17,928 | 18,522 | 36,321 | 35,061 | ||
Amounts Reclassified from Accumulated Other Comprehensive Loss | ||||||
Reclassification Out Of Accumulated Other Comprehensive Loss | ||||||
Net income | (888) | 105 | (1,863) | (532) | ||
Interest expense | (749) | 438 | (1,664) | (177) | ||
Amounts Reclassified from Accumulated Other Comprehensive Loss | Unrealized losses on AFS securities before tax | ||||||
Reclassification Out Of Accumulated Other Comprehensive Loss | ||||||
Unrealized losses on AFS securities before tax | (103) | (41) | (162) | (81) | ||
Tax effect | 27 | 10 | 42 | 23 | ||
Net income | (76) | (31) | (120) | (58) | ||
Amounts Reclassified from Accumulated Other Comprehensive Loss | Unrealized (losses) gains on derivatives (cash flow hedges) before tax | ||||||
Reclassification Out Of Accumulated Other Comprehensive Loss | ||||||
Tax effect | 215 | (130) | 479 | 47 | ||
Net income | (534) | 308 | (1,185) | (130) | ||
Interest expense | (749) | 438 | (1,664) | (177) | ||
Amounts Reclassified from Accumulated Other Comprehensive Loss | Defined benefit pension plan | ||||||
Reclassification Out Of Accumulated Other Comprehensive Loss | ||||||
Tax effect | 109 | 57 | 217 | 121 | ||
Net income | (278) | (172) | (558) | (344) | ||
Amortization of actuarial net loss | $ (387) | $ (229) | $ (775) | $ (465) |
Fair Value Measurement of Ass_3
Fair Value Measurement of Assets and Liabilities - Recurring and Non-Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investment securities: | ||
Equity securities | $ 33,870 | $ 29,378 |
Trading debt securities | 21,216 | 0 |
Available for sale debt securities | 1,075,538 | 1,339,473 |
Non-recurring fair value measurements: | ||
Unpaid principal balances of loans held for sale | 154,200 | 286,400 |
U.S. Treasury securities | ||
Investment securities: | ||
Available for sale debt securities | 51,010 | 51,393 |
U.S. government agency securities | ||
Investment securities: | ||
Available for sale debt securities | 23,907 | 26,157 |
Obligations of states and political subdivisions | ||
Investment securities: | ||
Available for sale debt securities | 65,685 | 79,950 |
Residential mortgage-backed securities | ||
Investment securities: | ||
Available for sale debt securities | 846,316 | 1,090,022 |
Corporate and other debt securities | ||
Investment securities: | ||
Available for sale debt securities | 88,620 | 91,951 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | ||
Investment securities: | ||
Equity securities | 19,604 | 18,600 |
Trading debt securities | 0 | |
Available for sale debt securities | 51,010 | 51,393 |
Available for sale debt securities: | ||
Loans held for sale | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 70,614 | 69,993 |
Liabilities | ||
Other liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | U.S. Treasury securities | ||
Investment securities: | ||
Available for sale debt securities | 51,010 | 51,393 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | U.S. government agency securities | ||
Investment securities: | ||
Available for sale debt securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | Obligations of states and political subdivisions | ||
Investment securities: | ||
Available for sale debt securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | Residential mortgage-backed securities | ||
Investment securities: | ||
Available for sale debt securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | Corporate and other debt securities | ||
Investment securities: | ||
Available for sale debt securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-recurring fair value measurements | ||
Non-recurring fair value measurements: | ||
Collateral dependent loans | 0 | 0 |
Loan servicing rights | 0 | 0 |
Foreclosed assets | 0 | 0 |
Total | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | ||
Investment securities: | ||
Equity securities | 0 | 0 |
Trading debt securities | 21,216 | |
Available for sale debt securities | 1,024,528 | 1,287,265 |
Available for sale debt securities: | ||
Loans held for sale | 159,256 | 301,427 |
Other assets | 248,843 | 387,452 |
Total assets | 1,453,843 | 1,976,144 |
Liabilities | ||
Other liabilities | 81,676 | 156,281 |
Total liabilities | 81,676 | 156,281 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | U.S. Treasury securities | ||
Investment securities: | ||
Available for sale debt securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | U.S. government agency securities | ||
Investment securities: | ||
Available for sale debt securities | 23,907 | 26,157 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Obligations of states and political subdivisions | ||
Investment securities: | ||
Available for sale debt securities | 65,685 | 79,135 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Residential mortgage-backed securities | ||
Investment securities: | ||
Available for sale debt securities | 846,316 | 1,090,022 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Corporate and other debt securities | ||
Investment securities: | ||
Available for sale debt securities | 88,620 | 91,951 |
Significant Other Observable Inputs (Level 2) | Non-recurring fair value measurements | ||
Non-recurring fair value measurements: | ||
Collateral dependent loans | 0 | 0 |
Loan servicing rights | 0 | 0 |
Foreclosed assets | 0 | 0 |
Total | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | ||
Investment securities: | ||
Equity securities | 0 | 0 |
Trading debt securities | 0 | |
Available for sale debt securities | 0 | 815 |
Available for sale debt securities: | ||
Loans held for sale | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 0 | 815 |
Liabilities | ||
Other liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | U.S. Treasury securities | ||
Investment securities: | ||
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | U.S. government agency securities | ||
Investment securities: | ||
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Obligations of states and political subdivisions | ||
Investment securities: | ||
Available for sale debt securities | 0 | 815 |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Residential mortgage-backed securities | ||
Investment securities: | ||
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Corporate and other debt securities | ||
Investment securities: | ||
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Non-recurring fair value measurements | ||
Non-recurring fair value measurements: | ||
Collateral dependent loans | 39,655 | 35,228 |
Loan servicing rights | 158 | 15,603 |
Foreclosed assets | 2,202 | 7,387 |
Total | 42,015 | 58,218 |
NAV | ||
Investment securities: | ||
Equity securities | 10,800 | 7,800 |
Fair Value | Recurring fair value measurements | ||
Investment securities: | ||
Equity securities | 30,357 | 26,379 |
Trading debt securities | 21,216 | |
Available for sale debt securities | 1,075,538 | 1,339,473 |
Available for sale debt securities: | ||
Loans held for sale | 159,256 | 301,427 |
Other assets | 248,843 | 387,452 |
Total assets | 1,535,210 | 2,054,731 |
Liabilities | ||
Other liabilities | 81,676 | 156,281 |
Total liabilities | 81,676 | 156,281 |
Fair Value | Recurring fair value measurements | U.S. Treasury securities | ||
Investment securities: | ||
Available for sale debt securities | 51,010 | 51,393 |
Fair Value | Recurring fair value measurements | U.S. government agency securities | ||
Investment securities: | ||
Available for sale debt securities | 23,907 | 26,157 |
Fair Value | Recurring fair value measurements | Obligations of states and political subdivisions | ||
Investment securities: | ||
Available for sale debt securities | 65,685 | 79,950 |
Fair Value | Recurring fair value measurements | Residential mortgage-backed securities | ||
Investment securities: | ||
Available for sale debt securities | 846,316 | 1,090,022 |
Fair Value | Recurring fair value measurements | Corporate and other debt securities | ||
Investment securities: | ||
Available for sale debt securities | 88,620 | 91,951 |
Fair Value | Non-recurring fair value measurements | ||
Non-recurring fair value measurements: | ||
Collateral dependent loans | 39,655 | 35,228 |
Loan servicing rights | 158 | 15,603 |
Foreclosed assets | 2,202 | 7,387 |
Total | 42,015 | 58,218 |
Fair Value | Significant Unobservable Inputs (Level 3) | ||
Investment securities: | ||
Equity securities | $ 3,513 | $ 2,999 |
Fair Value Measurement of Ass_4
Fair Value Measurement of Assets and Liabilities - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Collateral dependent loans amortized cost | $ 104,300 | |
Specific valuation allowance allocations | $ 64,600 | |
Valuation of loan servicing rights, prepayment rate | 15.40% | |
Valuation of loan servicing rights, discount rate | 9.10% | |
Minimum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Discount adjustment of the appraisals of foreclosed assets | 1.30% | |
Maximum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Discount adjustment of the appraisals of foreclosed assets | 7.10% | |
Fair Value | Non-recurring fair value measurements | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Reported net carrying amount of collateral dependent loans | $ 39,700 | |
Loan servicing rights | $ 158 | $ 15,603 |
Fair Value Measurement of Ass_5
Fair Value Measurement of Assets and Liabilities - Carrying Amounts and Estimated Fair Values (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest bearing deposits with banks | $ 1,515,757 | $ 1,071,360 |
Equity securities | 33,870 | 29,378 |
Total held to maturity debt securities | 2,556,519 | 2,227,612 |
Accrued interest receivable | 99,068 | 106,230 |
Deposits with stated maturities | 4,307,549 | 6,714,678 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 73,575 | 75,484 |
U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 5,813 | 6,513 |
Obligations of states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 454,718 | 484,506 |
Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 1,938,608 | 1,589,655 |
Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 31,425 | 30,033 |
Corporate and other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 52,380 | 41,421 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 2,533,812 | 2,173,011 |
Carrying Amount | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and due from banks | 329,006 | 257,845 |
Interest bearing deposits with banks | 1,515,757 | 1,071,360 |
Accrued interest receivable | 99,068 | 106,230 |
Deposits without stated maturities | 28,887,225 | 25,220,924 |
Short-term borrowings | 854,378 | 1,147,958 |
Accrued interest payable | 8,115 | 18,839 |
Carrying Amount | Level 1 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 67,874 | 68,126 |
Carrying Amount | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Federal Reserve Bank and Federal Home Loan Bank stock | 212,122 | 250,116 |
Deposits with stated maturities | 4,307,549 | 6,714,678 |
Long-term borrowings | 1,885,690 | 2,295,665 |
Junior subordinated debentures issued to capital trusts | 56,239 | 56,065 |
Carrying Amount | Level 2 | U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 5,548 | 6,222 |
Carrying Amount | Level 2 | Obligations of states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 444,380 | 470,259 |
Carrying Amount | Level 2 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 1,926,900 | 1,550,306 |
Carrying Amount | Level 2 | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 37,360 | 37,348 |
Carrying Amount | Level 2 | Corporate and other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 51,750 | 40,750 |
Carrying Amount | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 3,513 | 2,999 |
Net loans | 32,118,130 | 31,876,869 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 2,556,519 | 2,227,612 |
Fair Value | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and due from banks | 329,006 | 257,845 |
Interest bearing deposits with banks | 1,515,757 | 1,071,360 |
Accrued interest receivable | 99,068 | 106,230 |
Deposits without stated maturities | 28,887,225 | 25,220,924 |
Short-term borrowings | 838,440 | 1,151,478 |
Accrued interest payable | 8,115 | 18,839 |
Fair Value | Level 1 | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 73,575 | 75,484 |
Fair Value | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Federal Reserve Bank and Federal Home Loan Bank stock | 212,122 | 250,116 |
Deposits with stated maturities | 4,256,745 | 6,639,022 |
Long-term borrowings | 1,882,750 | 2,405,345 |
Junior subordinated debentures issued to capital trusts | 45,802 | 57,779 |
Fair Value | Level 2 | U.S. government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 5,813 | 6,513 |
Fair Value | Level 2 | Obligations of states and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 454,718 | 484,506 |
Fair Value | Level 2 | Residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 1,938,608 | 1,589,655 |
Fair Value | Level 2 | Trust preferred securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 31,425 | 30,033 |
Fair Value | Level 2 | Corporate and other debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 52,380 | 41,421 |
Fair Value | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 3,513 | 2,999 |
Net loans | $ 31,962,961 | $ 31,635,060 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($)position | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)position | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)position | |
Investments, Debt and Equity Securities [Abstract] | |||||
Equity securities | $ 33,870,000 | $ 33,870,000 | $ 29,378,000 | ||
Trading debt securities | 21,216,000 | 21,216,000 | $ 0 | ||
Net trading gain on trading securities | $ 489,000 | $ 707,000 | |||
Number of security positions in the debt securities available for sale portfolio in an unrealized loss position | position | 67 | 67 | 58 | ||
Fair value of debt securities available for sale pledged as collateral | $ 736,200,000 | $ 736,200,000 | |||
Weighted-average remaining expected life of residential mortgage-backed securities available for sale, years | 4 years 4 months 24 days | ||||
Number of security positions in the securities held to maturity portfolio in an unrealized loss position | position | 44 | 44 | 13 | ||
Fair value of investments held to maturity pledged as collateral | $ 1,600,000,000 | $ 1,600,000,000 | |||
Weighted-average remaining expected life of residential mortgage-backed securities held to maturity, years | 6 years | ||||
Held to maturity debt securities, allowance for credit losses | 1,000,000 | $ 1,000,000 | $ 1,400,000 | ||
Charge-offs of debt securities | $ 0 | $ 0 | $ 0 | $ 0 |
Investment Securities - Amortiz
Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,045,737 | $ 1,293,506 |
Gross Unrealized Gains | 31,048 | 46,886 |
Gross Unrealized Losses | (1,247) | (919) |
Fair Value | 1,075,538 | 1,339,473 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 50,023 | 50,031 |
Gross Unrealized Gains | 987 | 1,362 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 51,010 | 51,393 |
U.S. government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 22,695 | 25,067 |
Gross Unrealized Gains | 1,218 | 1,103 |
Gross Unrealized Losses | (6) | (13) |
Fair Value | 23,907 | 26,157 |
Obligations of states and state agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 32,098 | 40,861 |
Gross Unrealized Gains | 614 | 970 |
Gross Unrealized Losses | 0 | (32) |
Fair Value | 32,712 | 41,799 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 32,440 | 37,489 |
Gross Unrealized Gains | 541 | 731 |
Gross Unrealized Losses | (8) | (69) |
Fair Value | 32,973 | 38,151 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 64,538 | 78,350 |
Gross Unrealized Gains | 1,155 | 1,701 |
Gross Unrealized Losses | (8) | (101) |
Fair Value | 65,685 | 79,950 |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 823,040 | 1,050,369 |
Gross Unrealized Gains | 24,490 | 40,426 |
Gross Unrealized Losses | (1,214) | (773) |
Fair Value | 846,316 | 1,090,022 |
Corporate and other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 85,441 | 89,689 |
Gross Unrealized Gains | 3,198 | 2,294 |
Gross Unrealized Losses | (19) | (32) |
Fair Value | $ 88,620 | $ 91,951 |
Investment Securities - Age of
Investment Securities - Age of Unrealized Losses and Fair Value of Related Available for Sale Debt Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value | ||
Less than Twelve Months | $ 123,444 | $ 60,712 |
More than Twelve Months | 14,122 | 30,400 |
Total | 137,566 | 91,112 |
Unrealized Losses | ||
Less than Twelve Months | (941) | (601) |
More than Twelve Months | (306) | (318) |
Total | (1,247) | (919) |
U.S. government agency securities | ||
Fair Value | ||
Less than Twelve Months | 0 | 0 |
More than Twelve Months | 1,396 | 1,479 |
Total | 1,396 | 1,479 |
Unrealized Losses | ||
Less than Twelve Months | 0 | 0 |
More than Twelve Months | (6) | (13) |
Total | (6) | (13) |
Obligations of states and state agencies | ||
Fair Value | ||
Less than Twelve Months | 0 | |
More than Twelve Months | 1,010 | |
Total | 1,010 | |
Unrealized Losses | ||
Less than Twelve Months | 0 | |
More than Twelve Months | (32) | |
Total | (32) | |
Municipal bonds | ||
Fair Value | ||
Less than Twelve Months | 4,705 | 6,777 |
More than Twelve Months | 0 | 0 |
Total | 4,705 | 6,777 |
Unrealized Losses | ||
Less than Twelve Months | (8) | (69) |
More than Twelve Months | 0 | 0 |
Total | (8) | (69) |
Obligations of states and political subdivisions | ||
Fair Value | ||
Less than Twelve Months | 6,777 | |
More than Twelve Months | 1,010 | |
Total | 7,787 | |
Unrealized Losses | ||
Less than Twelve Months | (69) | |
More than Twelve Months | (32) | |
Total | (101) | |
Residential mortgage-backed securities | ||
Fair Value | ||
Less than Twelve Months | 116,758 | 41,418 |
More than Twelve Months | 12,726 | 27,911 |
Total | 129,484 | 69,329 |
Unrealized Losses | ||
Less than Twelve Months | (914) | (500) |
More than Twelve Months | (300) | (273) |
Total | (1,214) | (773) |
Corporate and other debt securities | ||
Fair Value | ||
Less than Twelve Months | 1,981 | 12,517 |
More than Twelve Months | 0 | 0 |
Total | 1,981 | 12,517 |
Unrealized Losses | ||
Less than Twelve Months | (19) | (32) |
More than Twelve Months | 0 | 0 |
Total | $ (19) | $ (32) |
Investment Securities - Contrac
Investment Securities - Contractual Maturities of Debt Securities Available for Sale (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due in one year | $ 6,769 | |
Due after one year through five years | 84,534 | |
Due after five years through ten years | 79,866 | |
Due after ten years | 51,528 | |
Residential mortgage-backed securities | 823,040 | |
Amortized Cost | 1,045,737 | $ 1,293,506 |
Fair Value | ||
Due in one year | 6,824 | |
Due after one year through five years | 86,491 | |
Due after five years through ten years | 82,581 | |
Due after ten years | 53,326 | |
Residential mortgage-backed securities | 846,316 | |
Total | $ 1,075,538 | $ 1,339,473 |
Investment Securities - Amort_2
Investment Securities - Amortized Cost, Gross Unrealized Gains and Losses and Fair Value of Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 2,533,812 | $ 2,173,011 |
Gross Unrealized Gains | 40,432 | 62,326 |
Gross Unrealized Losses | (17,725) | (7,725) |
Fair Value | 2,556,519 | 2,227,612 |
U.S. Treasury securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 67,874 | 68,126 |
Gross Unrealized Gains | 5,701 | 7,358 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 73,575 | 75,484 |
U.S. government agency securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 5,548 | 6,222 |
Gross Unrealized Gains | 265 | 291 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 5,813 | 6,513 |
Obligations of states and state agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 243,374 | 262,762 |
Gross Unrealized Gains | 5,505 | 8,060 |
Gross Unrealized Losses | (43) | (105) |
Fair Value | 248,836 | 270,717 |
Municipal bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 201,006 | 207,497 |
Gross Unrealized Gains | 4,894 | 6,292 |
Gross Unrealized Losses | (18) | 0 |
Fair Value | 205,882 | 213,789 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 444,380 | 470,259 |
Gross Unrealized Gains | 10,399 | 14,352 |
Gross Unrealized Losses | (61) | (105) |
Fair Value | 454,718 | 484,506 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 1,926,900 | 1,550,306 |
Gross Unrealized Gains | 23,376 | 39,603 |
Gross Unrealized Losses | (11,668) | (254) |
Fair Value | 1,938,608 | 1,589,655 |
Trust preferred securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 37,360 | 37,348 |
Gross Unrealized Gains | 51 | 50 |
Gross Unrealized Losses | (5,986) | (7,365) |
Fair Value | 31,425 | 30,033 |
Corporate and other debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 51,750 | 40,750 |
Gross Unrealized Gains | 640 | 672 |
Gross Unrealized Losses | (10) | (1) |
Fair Value | $ 52,380 | $ 41,421 |
Investment Securities - Unreali
Investment Securities - Unrealized Losses and Fair Value of Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value | ||
Less than Twelve Months | $ 992,724 | $ 37,894 |
More than Twelve Months | 40,199 | 31,100 |
Total | 1,032,923 | 68,994 |
Unrealized Losses | ||
Less than Twelve Months | (11,634) | (351) |
More than Twelve Months | (6,091) | (7,374) |
Total | (17,725) | (7,725) |
Obligations of states and state agencies | ||
Fair Value | ||
Less than Twelve Months | 0 | 5,546 |
More than Twelve Months | 5,570 | 0 |
Total | 5,570 | 5,546 |
Unrealized Losses | ||
Less than Twelve Months | 0 | (105) |
More than Twelve Months | (43) | 0 |
Total | (43) | (105) |
Municipal bonds | ||
Fair Value | ||
Less than Twelve Months | 1,328 | |
More than Twelve Months | 0 | |
Total | 1,328 | |
Unrealized Losses | ||
Less than Twelve Months | (18) | |
More than Twelve Months | 0 | |
Total | (18) | 0 |
Obligations of states and political subdivisions | ||
Fair Value | ||
Less than Twelve Months | 1,328 | |
More than Twelve Months | 5,570 | |
Total | 6,898 | |
Unrealized Losses | ||
Less than Twelve Months | (18) | |
More than Twelve Months | (43) | |
Total | (61) | (105) |
Residential mortgage-backed securities | ||
Fair Value | ||
Less than Twelve Months | 983,406 | 21,599 |
More than Twelve Months | 4,608 | 2,470 |
Total | 988,014 | 24,069 |
Unrealized Losses | ||
Less than Twelve Months | (11,606) | (245) |
More than Twelve Months | (62) | (9) |
Total | (11,668) | (254) |
Trust preferred securities | ||
Fair Value | ||
Less than Twelve Months | 0 | 0 |
More than Twelve Months | 30,021 | 28,630 |
Total | 30,021 | 28,630 |
Unrealized Losses | ||
Less than Twelve Months | 0 | 0 |
More than Twelve Months | (5,986) | (7,365) |
Total | (5,986) | (7,365) |
Corporate and other debt securities | ||
Fair Value | ||
Less than Twelve Months | 7,990 | 10,749 |
More than Twelve Months | 0 | 0 |
Total | 7,990 | 10,749 |
Unrealized Losses | ||
Less than Twelve Months | (10) | (1) |
More than Twelve Months | 0 | 0 |
Total | $ (10) | $ (1) |
Investment Securities - Contr_2
Investment Securities - Contractual Maturities of Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due in one year | $ 27,218 | |
Due after one year through five years | 247,844 | |
Due after five years through ten years | 129,112 | |
Due after ten years | 202,738 | |
Residential mortgage-backed securities | 1,926,900 | |
Amortized Cost | 2,533,812 | $ 2,173,011 |
Fair Value | ||
Due in one year | 27,365 | |
Due after one year through five years | 257,620 | |
Due after five years through ten years | 130,979 | |
Due after ten years | 201,947 | |
Residential mortgage-backed securities | 1,938,608 | |
Total | $ 2,556,519 | $ 2,227,612 |
Investment Securities - Amort_3
Investment Securities - Amortized Cost of Debt Securities Held to Maturity by External Credit Rating (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | $ 2,533,812 | $ 2,173,011 |
U.S. Treasury securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 67,874 | 68,126 |
U.S. government agency securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 5,548 | 6,222 |
Obligations of states and state agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 243,374 | 262,762 |
Municipal bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 201,006 | 207,497 |
Obligations of states and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 444,380 | 470,259 |
Residential mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 1,926,900 | 1,550,306 |
Trust preferred securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 37,360 | 37,348 |
Corporate and other debt securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 51,750 | 40,750 |
AAA/AA/A Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 2,368,981 | 2,019,348 |
AAA/AA/A Rated | U.S. Treasury securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 67,874 | 68,126 |
AAA/AA/A Rated | U.S. government agency securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 5,548 | 6,222 |
AAA/AA/A Rated | Obligations of states and state agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 210,548 | 228,286 |
AAA/AA/A Rated | Municipal bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 158,111 | 166,408 |
AAA/AA/A Rated | Obligations of states and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 368,659 | 394,694 |
AAA/AA/A Rated | Residential mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 1,926,900 | 1,550,306 |
AAA/AA/A Rated | Trust preferred securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
AAA/AA/A Rated | Corporate and other debt securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
BBB rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 8,000 | 5,000 |
BBB rated | U.S. Treasury securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
BBB rated | U.S. government agency securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
BBB rated | Obligations of states and state agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
BBB rated | Municipal bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
BBB rated | Obligations of states and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
BBB rated | Residential mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
BBB rated | Trust preferred securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
BBB rated | Corporate and other debt securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 8,000 | 5,000 |
Non-investment grade rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 5,613 | 5,650 |
Non-investment grade rated | U.S. Treasury securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
Non-investment grade rated | U.S. government agency securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
Non-investment grade rated | Obligations of states and state agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 5,613 | 5,650 |
Non-investment grade rated | Municipal bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
Non-investment grade rated | Obligations of states and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 5,613 | 5,650 |
Non-investment grade rated | Residential mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
Non-investment grade rated | Trust preferred securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
Non-investment grade rated | Corporate and other debt securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
Non-rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 151,218 | 143,013 |
Non-rated | U.S. Treasury securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
Non-rated | U.S. government agency securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
Non-rated | Obligations of states and state agencies | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 27,213 | 28,826 |
Non-rated | Municipal bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 42,895 | 41,089 |
Non-rated | Obligations of states and political subdivisions | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 70,108 | 69,915 |
Non-rated | Residential mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 0 | 0 |
Non-rated | Trust preferred securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 37,360 | 37,348 |
Non-rated | Corporate and other debt securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | $ 43,750 | $ 35,750 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses for Loans - Loan Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 32,457,454 | $ 32,217,112 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,084,455 | 6,861,708 |
Loans, deferred income, PPP | 40,900 | 43,200 |
Commercial and industrial | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,733,771 | 4,709,569 |
Commercial and industrial | Commercial and industrial PPP loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,350,684 | 2,152,139 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 19,264,980 | 18,470,823 |
Commercial real estate | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 17,512,142 | 16,724,998 |
Commercial real estate | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,752,838 | 1,745,825 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,226,975 | 4,183,743 |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,881,044 | 2,700,838 |
Consumer loans | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 410,856 | 431,553 |
Consumer loans | Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,531,262 | 1,355,955 |
Consumer loans | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 938,926 | $ 913,330 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses for Loans - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non covered loans net of unearned discount and deferred loan fees | $ 86,100,000 | $ 86,100,000 | $ 95,800,000 | ||
Accrued interest | 84,100,000 | 84,100,000 | 90,200,000 | ||
Transfer of loans to loans held for sale | 0 | $ 30,020,000 | |||
Sales of loans | 0 | $ 0 | $ 0 | 0 | |
Number of consecutive months for performing restructured loans to be put on accrual status | 6 months | ||||
TDRs not reported as non-accrual loans | 64,100,000 | $ 64,100,000 | 57,400,000 | ||
Non-performing TDRs | 89,800,000 | 89,800,000 | 92,800,000 | ||
Specific reserves for loan losses | 4,500,000 | 8,400,000 | 4,500,000 | 8,400,000 | |
Loan charge-offs related to loans modified as TDRs | 697,000 | $ 2,900,000 | 5,800,000 | 3,700,000 | |
Amount from modified loans | 142,000,000 | 142,000,000 | 361,000,000 | ||
Other real estate owned | 4,500,000 | 4,500,000 | 5,100,000 | ||
Residential real estate properties | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Other real estate owned | 0 | 0 | 1,000,000 | ||
In formal foreclosure proceedings | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Residential mortgage and consumer loans secured by residential real estate properties | $ 2,000,000 | $ 2,000,000 | $ 1,900,000 | ||
Residential mortgage | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Transfer of loans to loans held for sale | $ 30,000,000 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses for Loans - Past Due, Non-Accrual and Current Loans by Loan Portfolio Class (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 32,457,454 | $ 32,217,112 |
Non-Accrual Loans | 220,012 | 185,282 |
Non-Accrual Loans Without Allowance for Credit Losses | 63,521 | 48,151 |
Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 300,247 | 284,287 |
30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 59,112 | 69,712 |
60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 15,405 | 15,752 |
90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,718 | 13,541 |
Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 32,157,207 | 31,932,825 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,084,455 | 6,861,708 |
Non-Accrual Loans | 102,594 | 106,693 |
Non-Accrual Loans Without Allowance for Credit Losses | 9,550 | 4,075 |
Commercial and industrial | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 110,173 | 124,445 |
Commercial and industrial | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 3,867 | 6,393 |
Commercial and industrial | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,361 | 2,252 |
Commercial and industrial | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,351 | 9,107 |
Commercial and industrial | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,974,282 | 6,737,263 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 19,264,980 | 18,470,823 |
Non-Accrual Loans | 76,553 | 46,963 |
Non-Accrual Loans Without Allowance for Credit Losses | 37,116 | 32,416 |
Commercial real estate | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 130,476 | 84,627 |
Commercial real estate | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 40,524 | 35,345 |
Commercial real estate | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 11,451 | 1,326 |
Commercial real estate | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,948 | 993 |
Commercial real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 19,134,504 | 18,386,196 |
Commercial real estate | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 17,512,142 | 16,724,998 |
Non-Accrual Loans | 58,893 | 46,879 |
Non-Accrual Loans Without Allowance for Credit Losses | 37,116 | 32,416 |
Commercial real estate | Commercial real estate | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 112,816 | 84,228 |
Commercial real estate | Commercial real estate | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 40,524 | 35,030 |
Commercial real estate | Commercial real estate | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 11,451 | 1,326 |
Commercial real estate | Commercial real estate | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,948 | 993 |
Commercial real estate | Commercial real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 17,399,326 | 16,640,770 |
Commercial real estate | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,752,838 | 1,745,825 |
Non-Accrual Loans | 17,660 | 84 |
Non-Accrual Loans Without Allowance for Credit Losses | 0 | 0 |
Commercial real estate | Construction | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 17,660 | 399 |
Commercial real estate | Construction | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 315 |
Commercial real estate | Construction | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | Construction | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Commercial real estate | Construction | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,735,178 | 1,745,426 |
Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,226,975 | 4,183,743 |
Non-Accrual Loans | 35,941 | 25,817 |
Non-Accrual Loans Without Allowance for Credit Losses | 16,807 | 11,610 |
Residential mortgage | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 46,984 | 57,055 |
Residential mortgage | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 8,479 | 17,717 |
Residential mortgage | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,608 | 10,351 |
Residential mortgage | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 956 | 3,170 |
Residential mortgage | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,179,991 | 4,126,688 |
Consumer loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,881,044 | 2,700,838 |
Non-Accrual Loans | 4,924 | 5,809 |
Non-Accrual Loans Without Allowance for Credit Losses | 48 | 50 |
Consumer loans | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 12,614 | 18,160 |
Consumer loans | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,242 | 10,257 |
Consumer loans | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 985 | 1,823 |
Consumer loans | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 463 | 271 |
Consumer loans | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,868,430 | 2,682,678 |
Consumer loans | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 410,856 | 431,553 |
Non-Accrual Loans | 4,431 | 4,936 |
Non-Accrual Loans Without Allowance for Credit Losses | 48 | 50 |
Consumer loans | Home equity | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,348 | 6,381 |
Consumer loans | Home equity | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 592 | 953 |
Consumer loans | Home equity | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 325 | 492 |
Consumer loans | Home equity | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer loans | Home equity | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 405,508 | 425,172 |
Consumer loans | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,531,262 | 1,355,955 |
Non-Accrual Loans | 389 | 338 |
Non-Accrual Loans Without Allowance for Credit Losses | 0 | 0 |
Consumer loans | Automobile | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,987 | 9,746 |
Consumer loans | Automobile | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,521 | 8,056 |
Consumer loans | Automobile | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 636 | 1,107 |
Consumer loans | Automobile | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 441 | 245 |
Consumer loans | Automobile | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,524,275 | 1,346,209 |
Consumer loans | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 938,926 | 913,330 |
Non-Accrual Loans | 104 | 535 |
Non-Accrual Loans Without Allowance for Credit Losses | 0 | 0 |
Consumer loans | Other consumer | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 279 | 2,033 |
Consumer loans | Other consumer | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 129 | 1,248 |
Consumer loans | Other consumer | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 24 | 224 |
Consumer loans | Other consumer | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 22 | 26 |
Consumer loans | Other consumer | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 938,647 | $ 911,297 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses for Loans - Internal Loan Classification Risk by Loan Portfolio Class by Origination Year (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 32,457,454 | $ 32,217,112 |
Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 1,544,657 | 3,064,630 |
Year two, fiscal year before current fiscal year | 1,237,686 | 624,427 |
Year three, two years before current fiscal year | 516,809 | 570,901 |
Year four, three years before current fiscal year | 458,231 | 240,525 |
Year five, four years before current fiscal year | 181,507 | 179,522 |
More than five years before current fiscal year | 496,511 | 434,485 |
Revolving Loans Amortized Cost Basis | 1,648,444 | 1,746,355 |
Revolving Loans Converted to Term Loans | 610 | 863 |
Total | 6,084,455 | 6,861,708 |
Commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 1,539,921 | 3,058,596 |
Year two, fiscal year before current fiscal year | 1,227,478 | 605,112 |
Year three, two years before current fiscal year | 508,228 | 556,284 |
Year four, three years before current fiscal year | 438,246 | 212,215 |
Year five, four years before current fiscal year | 162,119 | 162,483 |
More than five years before current fiscal year | 409,413 | 337,484 |
Revolving Loans Amortized Cost Basis | 1,571,927 | 1,677,559 |
Revolving Loans Converted to Term Loans | 225 | 350 |
Total | 5,857,557 | 6,610,083 |
Commercial and industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 1,282 | 819 |
Year two, fiscal year before current fiscal year | 1,550 | 10,236 |
Year three, two years before current fiscal year | 1,476 | 2,135 |
Year four, three years before current fiscal year | 11,182 | 9,502 |
Year five, four years before current fiscal year | 2,159 | 10,228 |
More than five years before current fiscal year | 17,041 | 14,165 |
Revolving Loans Amortized Cost Basis | 59,376 | 49,883 |
Revolving Loans Converted to Term Loans | 64 | 51 |
Total | 94,130 | 97,019 |
Commercial and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 3,325 | 5,215 |
Year two, fiscal year before current fiscal year | 8,658 | 3,876 |
Year three, two years before current fiscal year | 4,366 | 12,481 |
Year four, three years before current fiscal year | 8,803 | 1,798 |
Year five, four years before current fiscal year | 859 | 4,215 |
More than five years before current fiscal year | 1,374 | 12,965 |
Revolving Loans Amortized Cost Basis | 17,141 | 18,913 |
Revolving Loans Converted to Term Loans | 321 | 462 |
Total | 44,847 | 59,925 |
Commercial and industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 129 | 0 |
Year two, fiscal year before current fiscal year | 0 | 5,203 |
Year three, two years before current fiscal year | 2,739 | 1 |
Year four, three years before current fiscal year | 0 | 17,010 |
Year five, four years before current fiscal year | 16,370 | 2,596 |
More than five years before current fiscal year | 68,683 | 69,871 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 87,921 | 94,681 |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 19,264,980 | 18,470,823 |
Commercial real estate | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 2,103,590 | 3,165,678 |
Year two, fiscal year before current fiscal year | 3,129,360 | 3,137,328 |
Year three, two years before current fiscal year | 2,967,080 | 2,305,380 |
Year four, three years before current fiscal year | 2,088,996 | 1,875,959 |
Year five, four years before current fiscal year | 1,668,795 | 1,876,523 |
More than five years before current fiscal year | 5,326,049 | 4,145,217 |
Revolving Loans Amortized Cost Basis | 215,423 | 203,381 |
Revolving Loans Converted to Term Loans | 12,849 | 15,532 |
Total | 17,512,142 | 16,724,998 |
Commercial real estate | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 2,100,741 | 3,096,549 |
Year two, fiscal year before current fiscal year | 3,055,880 | 3,052,076 |
Year three, two years before current fiscal year | 2,875,727 | 2,230,047 |
Year four, three years before current fiscal year | 2,005,122 | 1,767,528 |
Year five, four years before current fiscal year | 1,552,673 | 1,798,137 |
More than five years before current fiscal year | 4,978,293 | 3,916,990 |
Revolving Loans Amortized Cost Basis | 174,277 | 199,145 |
Revolving Loans Converted to Term Loans | 12,849 | 15,532 |
Total | 16,755,562 | 16,076,004 |
Commercial real estate | Commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 2,000 | 50,193 |
Year two, fiscal year before current fiscal year | 51,271 | 68,203 |
Year three, two years before current fiscal year | 58,418 | 44,336 |
Year four, three years before current fiscal year | 44,118 | 48,813 |
Year five, four years before current fiscal year | 43,019 | 66,845 |
More than five years before current fiscal year | 184,694 | 109,295 |
Revolving Loans Amortized Cost Basis | 38,615 | 1,705 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 422,135 | 389,390 |
Commercial real estate | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 849 | 18,936 |
Year two, fiscal year before current fiscal year | 22,209 | 17,049 |
Year three, two years before current fiscal year | 32,935 | 30,997 |
Year four, three years before current fiscal year | 39,756 | 59,618 |
Year five, four years before current fiscal year | 73,103 | 11,541 |
More than five years before current fiscal year | 162,866 | 118,725 |
Revolving Loans Amortized Cost Basis | 2,531 | 2,531 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 334,249 | 259,397 |
Commercial real estate | Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 0 | 0 |
Year two, fiscal year before current fiscal year | 0 | 0 |
Year three, two years before current fiscal year | 0 | 0 |
Year four, three years before current fiscal year | 0 | 0 |
Year five, four years before current fiscal year | 0 | 0 |
More than five years before current fiscal year | 196 | 207 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 196 | 207 |
Commercial real estate | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 112,491 | 145,246 |
Year two, fiscal year before current fiscal year | 147,459 | 121,869 |
Year three, two years before current fiscal year | 88,172 | 111,420 |
Year four, three years before current fiscal year | 78,663 | 18,125 |
Year five, four years before current fiscal year | 6,656 | 57,984 |
More than five years before current fiscal year | 48,772 | 37,823 |
Revolving Loans Amortized Cost Basis | 1,270,625 | 1,253,358 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 1,752,838 | 1,745,825 |
Commercial real estate | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 112,491 | 145,246 |
Year two, fiscal year before current fiscal year | 147,431 | 120,800 |
Year three, two years before current fiscal year | 87,130 | 111,174 |
Year four, three years before current fiscal year | 78,332 | 15,497 |
Year five, four years before current fiscal year | 6,656 | 47,971 |
More than five years before current fiscal year | 29,216 | 20,029 |
Revolving Loans Amortized Cost Basis | 1,251,972 | 1,199,034 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 1,713,228 | 1,659,751 |
Commercial real estate | Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 0 | 0 |
Year two, fiscal year before current fiscal year | 0 | 1,043 |
Year three, two years before current fiscal year | 1,026 | 0 |
Year four, three years before current fiscal year | 0 | 0 |
Year five, four years before current fiscal year | 0 | 9,996 |
More than five years before current fiscal year | 1,714 | 17,414 |
Revolving Loans Amortized Cost Basis | 8,871 | 47,311 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 11,611 | 75,764 |
Commercial real estate | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 0 | 0 |
Year two, fiscal year before current fiscal year | 28 | 26 |
Year three, two years before current fiscal year | 16 | 246 |
Year four, three years before current fiscal year | 331 | 2,628 |
Year five, four years before current fiscal year | 0 | 17 |
More than five years before current fiscal year | 17,842 | 380 |
Revolving Loans Amortized Cost Basis | 9,782 | 7,013 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | $ 27,999 | $ 10,310 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses for Loans - Amortized Cost In Those Loan Classes Based on Payment Activity by Origination Year (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 32,457,454 | $ 32,217,112 |
90 Days or More Past Due Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 5,718 | 13,541 |
Residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 687,724 | 730,764 |
Year two, fiscal year before current fiscal year | 703,682 | 781,246 |
Year three, two years before current fiscal year | 673,655 | 688,973 |
Year four, three years before current fiscal year | 521,589 | 586,114 |
Year five, four years before current fiscal year | 450,274 | 384,867 |
More than five years before current fiscal year | 1,122,039 | 946,981 |
Revolving Loans Amortized Cost Basis | 68,012 | 64,798 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 4,226,975 | 4,183,743 |
Residential mortgage | 90 Days or More Past Due Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 956 | 3,170 |
Residential mortgage | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 687,724 | 730,764 |
Year two, fiscal year before current fiscal year | 701,963 | 778,161 |
Year three, two years before current fiscal year | 671,803 | 684,761 |
Year four, three years before current fiscal year | 519,568 | 582,650 |
Year five, four years before current fiscal year | 446,367 | 380,723 |
More than five years before current fiscal year | 1,108,317 | 943,616 |
Revolving Loans Amortized Cost Basis | 68,012 | 64,798 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 4,203,754 | 4,165,473 |
Residential mortgage | Non-Performing Loans | 90 Days or More Past Due Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 0 | 0 |
Year two, fiscal year before current fiscal year | 1,719 | 3,085 |
Year three, two years before current fiscal year | 1,852 | 4,212 |
Year four, three years before current fiscal year | 2,021 | 3,464 |
Year five, four years before current fiscal year | 3,907 | 4,144 |
More than five years before current fiscal year | 13,722 | 3,365 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 23,221 | 18,270 |
Consumer loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 460,358 | 446,991 |
Year two, fiscal year before current fiscal year | 390,977 | 454,481 |
Year three, two years before current fiscal year | 370,704 | 290,819 |
Year four, three years before current fiscal year | 227,353 | 161,744 |
Year five, four years before current fiscal year | 116,266 | 57,330 |
More than five years before current fiscal year | 56,279 | 37,456 |
Revolving Loans Amortized Cost Basis | 1,212,315 | 1,200,000 |
Revolving Loans Converted to Term Loans | 46,792 | 52,017 |
Total | 2,881,044 | 2,700,838 |
Consumer loans | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 7,120 | 8,580 |
Year two, fiscal year before current fiscal year | 7,314 | 10,634 |
Year three, two years before current fiscal year | 8,925 | 11,756 |
Year four, three years before current fiscal year | 9,332 | 8,886 |
Year five, four years before current fiscal year | 6,946 | 5,365 |
More than five years before current fiscal year | 15,566 | 15,476 |
Revolving Loans Amortized Cost Basis | 308,861 | 319,247 |
Revolving Loans Converted to Term Loans | 46,792 | 51,609 |
Total | 410,856 | 431,553 |
Consumer loans | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 447,285 | 426,140 |
Year two, fiscal year before current fiscal year | 376,562 | 438,289 |
Year three, two years before current fiscal year | 355,153 | 272,248 |
Year four, three years before current fiscal year | 211,171 | 151,746 |
Year five, four years before current fiscal year | 108,283 | 50,888 |
More than five years before current fiscal year | 32,808 | 16,644 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 1,531,262 | 1,355,955 |
Consumer loans | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 5,953 | 12,271 |
Year two, fiscal year before current fiscal year | 7,101 | 5,558 |
Year three, two years before current fiscal year | 6,626 | 6,815 |
Year four, three years before current fiscal year | 6,850 | 1,112 |
Year five, four years before current fiscal year | 1,037 | 1,077 |
More than five years before current fiscal year | 7,905 | 5,336 |
Revolving Loans Amortized Cost Basis | 903,454 | 880,753 |
Revolving Loans Converted to Term Loans | 0 | 408 |
Total | 938,926 | 913,330 |
Consumer loans | 90 Days or More Past Due Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 463 | 271 |
Consumer loans | 90 Days or More Past Due Loans | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Consumer loans | 90 Days or More Past Due Loans | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 441 | 245 |
Consumer loans | 90 Days or More Past Due Loans | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 22 | 26 |
Consumer loans | Performing | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 7,120 | 8,580 |
Year two, fiscal year before current fiscal year | 7,314 | 10,634 |
Year three, two years before current fiscal year | 8,925 | 11,756 |
Year four, three years before current fiscal year | 9,332 | 8,886 |
Year five, four years before current fiscal year | 6,946 | 5,340 |
More than five years before current fiscal year | 15,485 | 15,393 |
Revolving Loans Amortized Cost Basis | 307,985 | 318,869 |
Revolving Loans Converted to Term Loans | 46,238 | 50,879 |
Total | 409,345 | 430,337 |
Consumer loans | Performing | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 447,260 | 426,121 |
Year two, fiscal year before current fiscal year | 376,473 | 438,181 |
Year three, two years before current fiscal year | 354,978 | 272,075 |
Year four, three years before current fiscal year | 210,941 | 151,523 |
Year five, four years before current fiscal year | 108,085 | 50,853 |
More than five years before current fiscal year | 32,683 | 16,550 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 1,530,420 | 1,355,303 |
Consumer loans | Performing | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 5,953 | 12,271 |
Year two, fiscal year before current fiscal year | 7,101 | 5,558 |
Year three, two years before current fiscal year | 6,626 | 6,815 |
Year four, three years before current fiscal year | 6,850 | 1,112 |
Year five, four years before current fiscal year | 1,037 | 1,077 |
More than five years before current fiscal year | 7,905 | 5,314 |
Revolving Loans Amortized Cost Basis | 903,454 | 880,748 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 938,926 | 912,895 |
Consumer loans | Non-Performing Loans | 90 Days or More Past Due Loans | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 0 | 0 |
Year two, fiscal year before current fiscal year | 0 | 0 |
Year three, two years before current fiscal year | 0 | 0 |
Year four, three years before current fiscal year | 0 | 0 |
Year five, four years before current fiscal year | 0 | 25 |
More than five years before current fiscal year | 81 | 83 |
Revolving Loans Amortized Cost Basis | 876 | 378 |
Revolving Loans Converted to Term Loans | 554 | 730 |
Total | 1,511 | 1,216 |
Consumer loans | Non-Performing Loans | 90 Days or More Past Due Loans | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 25 | 19 |
Year two, fiscal year before current fiscal year | 89 | 108 |
Year three, two years before current fiscal year | 175 | 173 |
Year four, three years before current fiscal year | 230 | 223 |
Year five, four years before current fiscal year | 198 | 35 |
More than five years before current fiscal year | 125 | 94 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 842 | 652 |
Consumer loans | Non-Performing Loans | 90 Days or More Past Due Loans | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 0 | 0 |
Year two, fiscal year before current fiscal year | 0 | 0 |
Year three, two years before current fiscal year | 0 | 0 |
Year four, three years before current fiscal year | 0 | 0 |
Year five, four years before current fiscal year | 0 | 0 |
More than five years before current fiscal year | 0 | 22 |
Revolving Loans Amortized Cost Basis | 0 | 5 |
Revolving Loans Converted to Term Loans | 0 | 408 |
Total | $ 0 | $ 435 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses for Loans - Pre-Modification and Post-Modification (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)contract | Jun. 30, 2021USD ($)contract | Jun. 30, 2020USD ($)contract | |
Troubled Debt Restructurings | ||||
Number of contracts, troubled debt restructurings (in contract) | contract | 17 | 7 | 28 | 24 |
Pre-Modification Amortized Carrying Amount | $ 21,918 | $ 10,372 | $ 35,879 | $ 27,379 |
Post-Modification Amortized Carrying Amount | $ 21,831 | $ 8,165 | $ 34,623 | $ 24,654 |
Days past due to place on non-accrual status | 90 days | 90 days | ||
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract | 1 | 23 | 17 | 23 |
Recorded Investment | $ 445 | $ 15,410 | $ 13,076 | $ 15,410 |
Commercial and industrial | ||||
Troubled Debt Restructurings | ||||
Number of contracts, troubled debt restructurings (in contract) | contract | 9 | 4 | 13 | 20 |
Pre-Modification Amortized Carrying Amount | $ 8,592 | $ 9,052 | $ 20,855 | $ 22,196 |
Post-Modification Amortized Carrying Amount | $ 8,529 | $ 7,047 | $ 19,648 | $ 19,674 |
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract | 0 | 20 | 15 | 20 |
Recorded Investment | $ 0 | $ 14,986 | $ 12,384 | $ 14,986 |
Commercial Real Estate | ||||
Troubled Debt Restructurings | ||||
Number of contracts, troubled debt restructurings (in contract) | contract | 6 | 3 | 6 | 4 |
Pre-Modification Amortized Carrying Amount | $ 12,237 | $ 1,320 | $ 12,237 | $ 5,183 |
Post-Modification Amortized Carrying Amount | $ 12,223 | $ 1,118 | $ 12,223 | $ 4,980 |
Commercial Real Estate | Commercial real estate | ||||
Troubled Debt Restructurings | ||||
Number of contracts, troubled debt restructurings (in contract) | contract | 6 | 1 | 6 | 2 |
Pre-Modification Amortized Carrying Amount | $ 12,237 | $ 885 | $ 12,237 | $ 4,748 |
Post-Modification Amortized Carrying Amount | $ 12,223 | $ 900 | $ 12,223 | $ 4,762 |
Commercial Real Estate | Construction | ||||
Troubled Debt Restructurings | ||||
Number of contracts, troubled debt restructurings (in contract) | contract | 0 | 2 | 0 | 2 |
Pre-Modification Amortized Carrying Amount | $ 0 | $ 435 | $ 0 | $ 435 |
Post-Modification Amortized Carrying Amount | $ 0 | $ 218 | $ 0 | $ 218 |
Residential mortgage | ||||
Troubled Debt Restructurings | ||||
Number of contracts, troubled debt restructurings (in contract) | contract | 2 | 0 | 8 | 0 |
Pre-Modification Amortized Carrying Amount | $ 1,089 | $ 0 | $ 2,618 | $ 0 |
Post-Modification Amortized Carrying Amount | $ 1,079 | $ 0 | $ 2,586 | $ 0 |
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract | 1 | 1 | 2 | 1 |
Recorded Investment | $ 445 | $ 220 | $ 692 | $ 220 |
Consumer | ||||
Troubled Debt Restructurings | ||||
Number of contracts, troubled debt restructurings (in contract) | contract | 1 | 0 | ||
Pre-Modification Amortized Carrying Amount | $ 169 | $ 0 | ||
Post-Modification Amortized Carrying Amount | $ 166 | $ 0 | ||
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract | 0 | 2 | 0 | 2 |
Recorded Investment | $ 0 | $ 204 | $ 0 | $ 204 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses for Loans - Summary of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 32,457,454 | $ 32,217,112 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 6,084,455 | 6,861,708 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 19,264,980 | 18,470,823 |
Commercial real estate | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 17,512,142 | 16,724,998 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,226,975 | 4,183,743 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,881,044 | 2,700,838 |
Consumer | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 410,856 | 431,553 |
Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 192,816 | 176,027 |
Collateral Pledged | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 95,000 | 106,239 |
Collateral Pledged | Commercial real estate | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 66,054 | 41,562 |
Collateral Pledged | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 31,714 | 28,176 |
Collateral Pledged | Consumer | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 48 | $ 50 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses for Loans - Summary of Allowance for Credit Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||||||
Allowance for loan losses | $ 339,324 | $ 342,880 | $ 340,243 | $ 309,614 | $ 283,342 | $ 161,759 |
Allowance for unfunded credit commitments | 14,400 | 11,111 | ||||
Total allowance for credit losses | $ 353,724 | $ 351,354 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses for Loans - Summary of Provision for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Receivables [Abstract] | ||||
Provision (credit) for loan losses | $ 5,810 | $ 41,025 | $ 14,502 | $ 74,876 |
Provision for unfunded credit commitments | 2,967 | 90 | 3,289 | 163 |
Total provision for credit losses for loans | $ 8,777 | $ 41,115 | $ 17,791 | $ 75,039 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses for Loans - Summary of Activity in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Allowance for loan losses: | ||||
Beginning balance | $ 342,880 | $ 283,342 | $ 340,243 | $ 161,759 |
Loans charged-off | (12,374) | (16,657) | (21,174) | (22,962) |
Charged-off loans recovered | 3,008 | 1,904 | 5,753 | 3,410 |
Net (charge-offs) recoveries | (9,366) | (14,753) | (15,421) | (19,552) |
Provision (credit) for loan losses | 5,810 | 41,025 | 14,502 | 74,876 |
Ending balance | 339,324 | 309,614 | 339,324 | 309,614 |
Allowance for PCD loans reclassification | 61,600 | 61,600 | ||
Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for loan losses: | ||||
Beginning balance | 92,531 | |||
Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Allowance for loan losses: | ||||
Beginning balance | 254,290 | |||
Commercial and industrial | ||||
Allowance for loan losses: | ||||
Beginning balance | 126,408 | 127,437 | 131,070 | 104,059 |
Loans charged-off | (10,893) | (14,024) | (18,035) | (17,384) |
Charged-off loans recovered | 678 | 799 | 2,267 | 1,368 |
Net (charge-offs) recoveries | (10,215) | (13,225) | (15,768) | (16,016) |
Provision (credit) for loan losses | (6,504) | 17,827 | (5,613) | 28,827 |
Ending balance | 109,689 | 132,039 | 109,689 | 132,039 |
Commercial and industrial | Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for loan losses: | ||||
Beginning balance | 15,169 | |||
Commercial and industrial | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Allowance for loan losses: | ||||
Beginning balance | 119,228 | |||
Commercial Real Estate | ||||
Allowance for loan losses: | ||||
Beginning balance | 174,236 | 111,585 | 164,113 | 45,673 |
Loans charged-off | 0 | (27) | (382) | (71) |
Charged-off loans recovered | 665 | 51 | 734 | 144 |
Net (charge-offs) recoveries | 665 | 24 | 352 | 73 |
Provision (credit) for loan losses | 14,238 | 20,093 | 24,674 | 36,159 |
Ending balance | 189,139 | 131,702 | 189,139 | 131,702 |
Commercial Real Estate | Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for loan losses: | ||||
Beginning balance | 49,797 | |||
Commercial Real Estate | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Allowance for loan losses: | ||||
Beginning balance | 95,470 | |||
Residential Mortgage | ||||
Allowance for loan losses: | ||||
Beginning balance | 27,172 | 29,456 | 28,873 | 5,060 |
Loans charged-off | (1) | (5) | (139) | (341) |
Charged-off loans recovered | 191 | 545 | 348 | 595 |
Net (charge-offs) recoveries | 190 | 540 | 209 | 254 |
Provision (credit) for loan losses | (2,059) | (366) | (3,779) | 3,741 |
Ending balance | 25,303 | 29,630 | 25,303 | 29,630 |
Residential Mortgage | Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for loan losses: | ||||
Beginning balance | 20,575 | |||
Residential Mortgage | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Allowance for loan losses: | ||||
Beginning balance | 25,635 | |||
Consumer | ||||
Allowance for loan losses: | ||||
Beginning balance | 15,064 | 14,864 | 16,187 | 6,967 |
Loans charged-off | (1,480) | (2,601) | (2,618) | (5,166) |
Charged-off loans recovered | 1,474 | 509 | 2,404 | 1,303 |
Net (charge-offs) recoveries | (6) | (2,092) | (214) | (3,863) |
Provision (credit) for loan losses | 135 | 3,471 | (780) | 6,149 |
Ending balance | $ 15,193 | $ 16,243 | $ 15,193 | 16,243 |
Consumer | Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for loan losses: | ||||
Beginning balance | 6,990 | |||
Consumer | Cumulative Effect, Period of Adoption, Adjusted Balance | ||||
Allowance for loan losses: | ||||
Beginning balance | $ 13,957 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses for Loans - Summary of Allocation of Allowance for Loan Losses and Related Loans by Loan Portfolio Segment Disaggregated Based on Allowance Measurement Methodology (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for credit losses | $ 70,566 | $ 75,871 | ||||
Collectively evaluated for credit losses | 268,758 | 264,372 | ||||
Total | 339,324 | $ 342,880 | 340,243 | $ 309,614 | $ 283,342 | $ 161,759 |
Individually evaluated for credit losses | 253,171 | 229,593 | ||||
Collectively evaluated for credit losses | 32,204,283 | 31,987,519 | ||||
Total | 32,457,454 | 32,217,112 | ||||
Commercial and industrial | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for credit losses | 64,275 | 73,063 | ||||
Collectively evaluated for credit losses | 45,414 | 58,007 | ||||
Total | 109,689 | 126,408 | 131,070 | 132,039 | 127,437 | 104,059 |
Individually evaluated for credit losses | 120,559 | 131,057 | ||||
Collectively evaluated for credit losses | 5,963,896 | 6,730,651 | ||||
Total | 6,084,455 | 6,861,708 | ||||
Commercial Real Estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for credit losses | 4,788 | 1,338 | ||||
Collectively evaluated for credit losses | 184,351 | 162,775 | ||||
Total | 189,139 | 174,236 | 164,113 | 131,702 | 111,585 | 45,673 |
Individually evaluated for credit losses | 89,464 | 61,754 | ||||
Collectively evaluated for credit losses | 19,175,516 | 18,409,069 | ||||
Total | 19,264,980 | 18,470,823 | ||||
Residential Mortgage | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for credit losses | 618 | 1,206 | ||||
Collectively evaluated for credit losses | 24,685 | 27,667 | ||||
Total | 25,303 | 27,172 | 28,873 | 29,630 | 29,456 | 5,060 |
Individually evaluated for credit losses | 38,660 | 35,151 | ||||
Collectively evaluated for credit losses | 4,188,315 | 4,148,592 | ||||
Total | 4,226,975 | 4,183,743 | ||||
Consumer | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for credit losses | 885 | 264 | ||||
Collectively evaluated for credit losses | 14,308 | 15,923 | ||||
Total | 15,193 | $ 15,064 | 16,187 | $ 16,243 | $ 14,864 | $ 6,967 |
Individually evaluated for credit losses | 4,488 | 1,631 | ||||
Collectively evaluated for credit losses | 2,876,556 | 2,699,207 | ||||
Total | $ 2,881,044 | $ 2,700,838 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 1,382,442,000 | $ 1,382,442,000 | $ 1,382,442,000 | ||
Goodwill impairment | 0 | $ 0 | 0 | $ 0 | |
Net impairment (net recovery) | 42,000 | (669,000) | 833,000 | (778,000) | |
Amortization of other intangible assets | 5,449,000 | 6,681,000 | $ 11,455,000 | 12,151,000 | |
Core Deposits | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period, years | 8 years 10 months 24 days | ||||
Other | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted average amortization period, years | 7 years 7 months 6 days | ||||
Core Deposits and Other | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Impairment of core deposits and other intangibles | $ 0 | $ 0 | $ 0 | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 214,783 | $ 208,255 |
Accumulated Amortization | (149,228) | (136,941) |
Valuation Allowance | (32) | (865) |
Net Intangible Assets | 65,523 | 70,449 |
Loan servicing rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 109,678 | 103,150 |
Accumulated Amortization | (86,681) | (80,340) |
Valuation Allowance | (32) | (865) |
Net Intangible Assets | 22,965 | 21,945 |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 101,160 | 101,160 |
Accumulated Amortization | (59,590) | (53,747) |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | 41,570 | 47,413 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 3,945 | 3,945 |
Accumulated Amortization | (2,957) | (2,854) |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | $ 988 | $ 1,091 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Loan Servicing Rights | |
Finite-Lived Intangible Assets [Line Items] | |
2021 | $ 2,331 |
2022 | 3,901 |
2023 | 3,099 |
2024 | 2,492 |
2025 | 2,030 |
Core Deposits | |
Finite-Lived Intangible Assets [Line Items] | |
2021 | 5,764 |
2022 | 9,876 |
2023 | 8,146 |
2024 | 6,537 |
2025 | 4,929 |
Other | |
Finite-Lived Intangible Assets [Line Items] | |
2021 | 103 |
2022 | 191 |
2023 | 131 |
2024 | 117 |
2025 | $ 103 |
Borrowed Funds - Schedule of Sh
Borrowed Funds - Schedule of Short-Term Borrowings (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total short-term borrowings | $ 854,378 | $ 1,147,958 |
Short-term borrowings | ||
Debt Instrument [Line Items] | ||
FHLB advances | 700,000 | 1,000,000 |
Securities sold under agreements to repurchase | 154,378 | 147,958 |
Total short-term borrowings | $ 854,378 | $ 1,147,958 |
Borrowed Funds - Additional Inf
Borrowed Funds - Additional Information (Detail) - USD ($) | May 28, 2021 | May 25, 2021 | Apr. 01, 2021 | Jun. 30, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||||||
Weighted average interest rate for short-term borrowings | 0.35% | 0.35% | 0.35% | 0.38% | |||||
Payments of FHLBank borrowings | $ 248,000,000 | ||||||||
Loss on extinguishment of debt | $ 8,406,000 | $ 0 | $ 8,406,000 | $ 0 | |||||
FHLB advances, callable for early redemption | 0 | 0 | 0 | ||||||
Subordinated borrowing interest rate | 3.00% | 3.00% | |||||||
Subordinated debt carrying value | 296,000,000 | 296,000,000 | 296,000,000 | ||||||
Subordinated Notes Due April 2026 | |||||||||
Debt Instrument [Line Items] | |||||||||
Subordinated debt, net | $ 60,000,000 | ||||||||
Subordinated borrowing interest rate | 6.25% | ||||||||
Subordinated Notes Due September 2023 | |||||||||
Debt Instrument [Line Items] | |||||||||
Subordinated debt, net | 125,000,000 | 125,000,000 | $ 125,000,000 | ||||||
Subordinated borrowing interest rate | 5.125% | ||||||||
Subordinated Notes Due June 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Subordinated debt, net | 100,000,000 | 100,000,000 | $ 100,000,000 | ||||||
Subordinated borrowing interest rate | 4.55% | ||||||||
Subordinated Notes Due June 2030 | |||||||||
Debt Instrument [Line Items] | |||||||||
Subordinated debt, net | $ 115,000,000 | $ 115,000,000 | $ 115,000,000 | ||||||
Subordinated borrowing interest rate | 5.25% | ||||||||
Federal Home Loan Bank Advances | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average interest rate for long-term borrowings | 1.91% | 1.91% | 1.91% | 2.02% | |||||
Effective interest rate of debt | 1.82% | 1.82% | 1.82% | ||||||
Loss on extinguishment of debt | $ 8,400,000 | $ 8,400,000 | |||||||
Subordinated Debt | |||||||||
Debt Instrument [Line Items] | |||||||||
Subordinated debt, net | $ 300,000,000 | ||||||||
Subordinated debt initial term | 5 years | ||||||||
Subordinated debt SOFR term | 3 months | ||||||||
Subordinated Debt | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||
Debt Instrument [Line Items] | |||||||||
Subordinated debt basis points | 2.36% | ||||||||
Long-Term Borrowings | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average interest rate for long-term borrowings | 3.41% | 3.41% | 3.41% | 3.37% | |||||
Federal Home Loan Bank Advances | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount of hedged debt | $ 700,000,000 | $ 700,000,000 | $ 700,000,000 |
Borrowed Funds - Schedule of Lo
Borrowed Funds - Schedule of Long-Term Borrowings (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Apr. 01, 2021 | Dec. 31, 2020 |
Long-term borrowings | |||
Debt Instrument [Line Items] | |||
FHLB advances, net | $ 947,206 | $ 1,592,252 | |
Subordinated debt, net | 638,484 | 403,413 | |
Securities sold under agreements to repurchase | 300,000 | 300,000 | |
Total long-term borrowings | 1,885,690 | 2,295,665 | |
Unamortized prepayment penalties and other purchase accounting adjustments | 2,600 | ||
Deferred issuance costs | 6,400,000 | $ 2,700 | |
Subordinated Notes Due June 2030 | |||
Debt Instrument [Line Items] | |||
Subordinated debt, net | 115,000 | ||
Subordinated Notes Due June 2025 | |||
Debt Instrument [Line Items] | |||
Subordinated debt, net | 100,000 | ||
Subordinated Notes Due September 2023 | |||
Debt Instrument [Line Items] | |||
Subordinated debt, net | $ 125,000 | ||
Subordinated Notes Due April 2026 | |||
Debt Instrument [Line Items] | |||
Subordinated debt, net | $ 60,000 |
Borrowed Funds - Schedule of FH
Borrowed Funds - Schedule of FHLB Repayment (Detail) - Long-term borrowings $ in Thousands | Jun. 30, 2021USD ($) |
Debt Instrument [Line Items] | |
2021 | $ 157,870 |
2023 | 350,000 |
2024 | 165,000 |
2025 | 273,000 |
Total long-term FHLB advances | $ 945,870 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense (in USD) | $ 5.2 | $ 4.2 | $ 10.7 | $ 8.2 |
Stock-based compensation amortization expense unrecognized (in USD) | $ 28.9 | $ 28.9 | ||
Average remaining vesting period (in years) | 2 years | |||
Time-Based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted during the period (in shares) | 109,000 | 142,000 | 1,200,000 | 1,200,000 |
Award vesting period (in years) | 3 years | |||
Average grant date fair value (usd per share) | $ 11.63 | $ 10.48 | ||
Performance-Based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted during the period (in shares) | 0 | 0 | 604,000 | 589,000 |
Award vesting period (in years) | 3 years | |||
Average grant date fair value (usd per share) | $ 11.75 | $ 10.82 | ||
2021 Plan | Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized (in shares) | 9,000,000 | 9,000,000 | ||
Number of shares available for grant (in shares) | 7,400,000 | 7,400,000 | ||
2016 Plan | Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Reduction of shares available to issue for shares granted after 2020 year end (in shares) | 1 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities - Additional Information (Details) | Jun. 28, 2021 | May 28, 2021 | May 25, 2021 | Jun. 30, 2021USD ($)swap | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)swap | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Derivative [Line Items] | ||||||||
Subordinated borrowing interest rate | 3.00% | 3.00% | ||||||
Aggregate fair value of net liability position | $ 79,600,000 | $ 79,600,000 | ||||||
Derivatives not designated as hedging instruments: | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | 10,292,758,000 | 10,292,758,000 | $ 9,211,043,000 | |||||
Interest rate swaps | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | 300,000,000 | 300,000,000 | ||||||
Accumulated net after-tax losses related to effective cash flow hedges | 2,700,000 | 2,700,000 | 4,000,000 | |||||
Reclassified to interest expense | 2,300,000 | 2,300,000 | ||||||
Interest rate swaps | Fair value hedge | Noninterest Income | ||||||||
Derivative [Line Items] | ||||||||
Fee income related to derivative interest rate swaps executed with commercial loan customers | 7,600,000 | $ 14,700,000 | 13,800,000 | $ 28,900,000 | ||||
Interest rate swaps | Derivatives not designated as hedging instruments: | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | $ 9,962,230,000 | $ 9,962,230,000 | $ 8,889,557,000 | |||||
Number of instruments held | swap | 26 | 26 | ||||||
Interest rate swaps | Derivatives not designated as hedging instruments: | Fair value hedge | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | $ 10,400,000 | $ 10,400,000 | ||||||
Number of instruments held | swap | 2 | 2 | ||||||
Interest rate swaps | Derivatives not designated as hedging instruments: | Risk Participation Agreement | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | $ 215,800,000 | $ 215,800,000 | ||||||
Interest rate swaps | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||
Derivative [Line Items] | ||||||||
Subordinated debt basis points | 2.187% |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities - Balance Sheet Disclosures (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Other Assets | $ 0 | $ 0 |
Other Liabilities | 80,564,000 | 150,487,000 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 300,000,000 | |
Derivatives designated as hedging instruments: | ||
Derivative [Line Items] | ||
Notional Amount | 1,200,000,000 | 1,100,000,000 |
Derivatives designated as hedging instruments: | Other Assets | ||
Derivative [Line Items] | ||
Other Assets | 80,000 | 0 |
Derivatives designated as hedging instruments: | Other Liabilities | ||
Derivative [Line Items] | ||
Other Liabilities | 349,000 | 179,000 |
Derivatives designated as hedging instruments: | Cash flow hedge interest rate swaps | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 900,000,000 | 1,100,000,000 |
Derivatives designated as hedging instruments: | Cash flow hedge interest rate swaps | Interest rate swaps | Other Assets | ||
Derivative [Line Items] | ||
Other Assets | 0 | 0 |
Derivatives designated as hedging instruments: | Cash flow hedge interest rate swaps | Interest rate swaps | Other Liabilities | ||
Derivative [Line Items] | ||
Other Liabilities | 349,000 | 179,000 |
Derivatives designated as hedging instruments: | Fair value hedge | Interest rate swaps | ||
Derivative [Line Items] | ||
Other Assets | 80,000 | 0 |
Other Liabilities | 0 | 0 |
Notional Amount | 300,000,000 | 0 |
Derivatives not designated as hedging instruments: | ||
Derivative [Line Items] | ||
Notional Amount | 10,292,758,000 | 9,211,043,000 |
Derivatives not designated as hedging instruments: | Other Assets | ||
Derivative [Line Items] | ||
Other Assets | 248,763,000 | 387,452,000 |
Derivatives not designated as hedging instruments: | Other Liabilities | ||
Derivative [Line Items] | ||
Other Liabilities | 81,327,000 | 156,102,000 |
Derivatives not designated as hedging instruments: | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | 9,962,230,000 | 8,889,557,000 |
Derivatives not designated as hedging instruments: | Interest rate swaps | Other Assets | ||
Derivative [Line Items] | ||
Other Assets | 248,440,000 | 387,008,000 |
Derivatives not designated as hedging instruments: | Interest rate swaps | Other Liabilities | ||
Derivative [Line Items] | ||
Other Liabilities | 80,215,000 | 154,025,000 |
Derivatives not designated as hedging instruments: | Mortgage banking derivatives | ||
Derivative [Line Items] | ||
Notional Amount | 330,528,000 | 321,486,000 |
Derivatives not designated as hedging instruments: | Mortgage banking derivatives | Other Assets | ||
Derivative [Line Items] | ||
Other Assets | 323,000 | 444,000 |
Derivatives not designated as hedging instruments: | Mortgage banking derivatives | Other Liabilities | ||
Derivative [Line Items] | ||
Other Liabilities | 1,112,000 | $ 2,077,000 |
Derivatives not designated as hedging instruments: | Fair value hedge | Interest rate swaps | ||
Derivative [Line Items] | ||
Notional Amount | $ 10,400,000 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities - Gains (Losses) Related to Interest Rate Derivatives Designated as Hedges of Cash Flows (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Amounts Related To Interest Rate Derivatives Included In Income Designated As Hedges Of Cash Flows [Line Items] | ||||
Amount of (loss) gain reclassified from accumulated other comprehensive loss to interest expense | $ (32,741) | $ (65,966) | $ (71,872) | $ (164,420) |
Amount of (loss) gain recognized in other comprehensive income (loss) | (158) | (1,773) | 19 | (3,253) |
Amounts Reclassified from Accumulated Other Comprehensive Loss | ||||
Amounts Related To Interest Rate Derivatives Included In Income Designated As Hedges Of Cash Flows [Line Items] | ||||
Amount of (loss) gain reclassified from accumulated other comprehensive loss to interest expense | $ (749) | $ 438 | $ (1,664) | $ (177) |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities - Gains (Losses) on Interest Rate Derivatives Designated as Fair Value Hedges (Details) - Fair value hedge - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Interest income | Derivative - interest rate swap: | ||||
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items] | ||||
Gain (loss) related to derivative interest rate swaps | $ 0 | $ 71 | $ 0 | $ 82 |
Interest income | Hedged item - subordinated debt and loans: | Derivatives designated as hedging instruments | ||||
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items] | ||||
Gain (loss) related to hedged loans | 0 | (71) | 0 | (82) |
Interest expense | Derivative - interest rate swap: | ||||
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items] | ||||
Gain (loss) related to derivative interest rate swaps | 80 | 0 | 80 | 0 |
Interest expense | Hedged item - subordinated debt and loans: | Derivatives designated as hedging instruments | ||||
Gain Loss On Fair Value Hedges Recognized In Earnings [Line Items] | ||||
Gain (loss) related to hedged loans | $ (83) | $ 0 | $ (83) | $ 0 |
Derivative Instruments and He_7
Derivative Instruments and Hedging Activities - Interest Rate Derivatives Designated as Hedges (Details) - Fair value hedge - Derivatives designated as hedging instruments: - Derivative - interest rate swap: $ in Thousands | Jun. 30, 2021USD ($) |
Derivative [Line Items] | |
Carrying Amount of the Hedged Liability | $ (300,083) |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability | $ (83) |
Derivative Instruments and He_8
Derivative Instruments and Hedging Activities - Net (Gains) Losses Related to Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Non-designated hedge interest rate swaps and credit derivatives | ||||
Other non-interest expense | $ (2,210) | $ 1,416 | $ (425) | $ 1,505 |
Balance Sheet Offsetting (Detai
Balance Sheet Offsetting (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Offsetting Liabilities | ||
Gross Amounts Recognized | $ 380,564 | $ 450,487 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 380,564 | 450,487 |
Gross Amounts Not Offset, Financial Instruments | (300,000) | (300,000) |
Gross Amounts Not Offset, Cash Collateral | (72,732) | (150,487) |
Net Amount | 7,832 | 0 |
Repurchase agreements | ||
Offsetting Repurchase Agreement Liabilities | ||
Gross Amounts Recognized | 300,000 | 300,000 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 300,000 | 300,000 |
Gross Amounts Not Offset, Financial Instruments | (300,000) | (300,000) |
Gross Amounts Not Offset, Cash Collateral | 0 | 0 |
Net Amount | 0 | 0 |
Interest rate swaps | ||
Offsetting Assets | ||
Gross Amounts Recognized | 248,520 | 150,487 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 248,520 | 150,487 |
Gross Amounts Not Offset, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset, Cash Collateral | 0 | 0 |
Net Amount | 248,520 | 150,487 |
Offsetting Liabilities | ||
Gross Amounts Recognized | 80,564 | 150,487 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 80,564 | 150,487 |
Gross Amounts Not Offset, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset, Cash Collateral | (72,732) | (150,487) |
Net Amount | $ 7,832 | $ 0 |
Tax Credit Investments - Balanc
Tax Credit Investments - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other Assets | ||
Other Assets: | ||
Affordable housing tax credit investments, net | $ 18,298 | $ 20,074 |
Other tax credit investments, net | 43,066 | 47,301 |
Total tax credit investments, net | 61,364 | 67,375 |
Other Liabilities: | ||
Other Liabilities: | ||
Unfunded affordable housing tax credit commitments | 1,379 | 1,379 |
Total unfunded tax credit commitments | $ 1,379 | $ 1,379 |
Tax Credit Investments - Income
Tax Credit Investments - Income Statement Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Components of Income Tax Expense: | ||||
Affordable housing tax credits and other tax benefits | $ 899 | $ 1,393 | $ 1,796 | $ 2,627 |
Other tax credit investment credits and tax benefits | 2,743 | 2,540 | 5,428 | 3,840 |
Total reduction in income tax expense | 3,642 | 3,933 | 7,224 | 6,467 |
Non-Interest Expenses | ||||
Amortization of Tax Credit Investments: | ||||
Affordable housing tax credit investment losses | 460 | 537 | 1,003 | 1,091 |
Affordable housing tax credit investment impairment losses | 431 | 665 | 772 | 1,083 |
Other tax credit investment losses | 351 | 679 | 524 | 1,223 |
Other tax credit investment impairment losses | 1,730 | 1,535 | 3,417 | 3,247 |
Total amortization of tax credit investments recorded in non-interest expense | $ 2,972 | $ 3,416 | $ 5,716 | $ 6,644 |
Business Segments - Additional
Business Segments - Additional Information (Details) - segment | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting [Abstract] | ||||
Number of business segments | 4 | 4 | 4 | 4 |
Business Segments - Schedule of
Business Segments - Schedule of Financial Data for Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Average interest earning assets | $ 37,907,414 | $ 37,778,387 | $ 37,648,256 | $ 36,226,232 |
Interest income | 333,648 | 348,525 | 665,446 | 712,318 |
Interest expense | 32,741 | 65,966 | 71,872 | 164,420 |
Net Interest Income | 300,907 | 282,559 | 593,574 | 547,898 |
Provision (credit) for credit losses | 8,747 | 41,156 | 17,403 | 75,839 |
Net Interest Income After Provision for Credit Losses | 292,160 | 241,403 | 576,171 | 472,059 |
Non-interest income | 43,126 | 44,830 | 74,359 | 86,227 |
Non-interest expense | 171,893 | 157,166 | 332,106 | 312,822 |
Internal transfer expense (income) | 0 | 0 | 0 | 0 |
Income Before Income Taxes | $ 163,393 | $ 129,067 | $ 318,424 | $ 245,464 |
Return on average interest earning assets (pre-tax) | 1.72% | 1.37% | 1.69% | 1.36% |
Consumer Lending | ||||
Segment Reporting Information [Line Items] | ||||
Return on average interest earning assets (pre-tax) | 1.89% | |||
Consumer Lending | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Average interest earning assets | $ 7,150,137 | $ 7,214,368 | $ 7,099,973 | $ 7,215,756 |
Interest income | 59,419 | 66,807 | 120,264 | 135,062 |
Interest expense | 5,192 | 11,469 | 11,607 | 31,169 |
Net Interest Income | 54,227 | 55,338 | 108,657 | 103,893 |
Provision (credit) for credit losses | 711 | 3,106 | (1,924) | 9,891 |
Net Interest Income After Provision for Credit Losses | 53,516 | 52,232 | 110,581 | 94,002 |
Non-interest income | 21,915 | 17,175 | 35,600 | 31,852 |
Non-interest expense | 19,792 | 20,440 | 39,641 | 40,311 |
Internal transfer expense (income) | 19,862 | 19,406 | 39,364 | 39,741 |
Income Before Income Taxes | $ 35,777 | $ 29,561 | $ 67,176 | $ 45,802 |
Return on average interest earning assets (pre-tax) | 2.00% | 1.64% | 1.27% | |
Commercial Lending | ||||
Segment Reporting Information [Line Items] | ||||
Return on average interest earning assets (pre-tax) | 2.12% | |||
Commercial Lending | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Average interest earning assets | $ 25,485,161 | $ 24,826,832 | $ 25,509,061 | $ 23,804,558 |
Interest income | 255,895 | 255,152 | 508,231 | 520,027 |
Interest expense | 18,467 | 40,640 | 41,702 | 102,826 |
Net Interest Income | 237,428 | 214,512 | 466,529 | 417,201 |
Provision (credit) for credit losses | 8,066 | 38,009 | 19,715 | 65,148 |
Net Interest Income After Provision for Credit Losses | 229,362 | 176,503 | 446,814 | 352,053 |
Non-interest income | 9,819 | 16,172 | 17,533 | 31,771 |
Non-interest expense | 27,241 | 23,250 | 52,772 | 47,408 |
Internal transfer expense (income) | 71,207 | 66,858 | 141,790 | 131,054 |
Income Before Income Taxes | $ 140,733 | $ 102,567 | $ 269,785 | $ 205,362 |
Return on average interest earning assets (pre-tax) | 2.21% | 1.65% | 1.73% | |
Investment Management | ||||
Segment Reporting Information [Line Items] | ||||
Return on average interest earning assets (pre-tax) | 0.25% | |||
Investment Management | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Average interest earning assets | $ 5,272,116 | $ 5,737,187 | $ 5,039,222 | $ 5,205,918 |
Interest income | 19,239 | 27,623 | 38,748 | 59,392 |
Interest expense | 3,867 | 9,728 | 8,238 | 22,488 |
Net Interest Income | 15,372 | 17,895 | 30,510 | 36,904 |
Provision (credit) for credit losses | (30) | 41 | (388) | 800 |
Net Interest Income After Provision for Credit Losses | 15,402 | 17,854 | 30,898 | 36,104 |
Non-interest income | 2,475 | 5,823 | 4,806 | 8,965 |
Non-interest expense | (258) | 642 | 1,520 | 1,029 |
Internal transfer expense (income) | 14,632 | 15,505 | 27,881 | 28,680 |
Income Before Income Taxes | $ 3,503 | $ 7,530 | 6,303 | $ 15,360 |
Return on average interest earning assets (pre-tax) | 0.27% | 0.52% | 0.59% | |
Corporate and Other Adjustments | Corporate and Other Adjustments | ||||
Segment Reporting Information [Line Items] | ||||
Average interest earning assets | $ 0 | $ 0 | 0 | $ 0 |
Interest income | (905) | (1,057) | (1,797) | (2,163) |
Interest expense | 5,215 | 4,129 | 10,325 | 7,937 |
Net Interest Income | (6,120) | (5,186) | (12,122) | (10,100) |
Provision (credit) for credit losses | 0 | 0 | 0 | 0 |
Net Interest Income After Provision for Credit Losses | (6,120) | (5,186) | (12,122) | (10,100) |
Non-interest income | 8,917 | 5,660 | 16,420 | 13,639 |
Non-interest expense | 125,118 | 112,834 | 238,173 | 224,074 |
Internal transfer expense (income) | (105,701) | (101,769) | (209,035) | (199,475) |
Income Before Income Taxes | $ (16,620) | $ (10,591) | $ (24,840) | $ (21,060) |
Uncategorized Items - vly-20210
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |