Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2021 | Nov. 05, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 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 | 406,953,610 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Period Period Focus | Q3 | |
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 ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Cash and due from banks | $ 304,912,000 | $ 257,845,000 |
Interest bearing deposits with banks | 1,195,244,000 | 1,071,360,000 |
Investment securities: | ||
Equity securities | 36,068,000 | 29,378,000 |
Trading debt securities | 4,797,000 | 0 |
Available for sale debt securities | 1,208,277,000 | 1,339,473,000 |
Held to maturity debt securities (net of allowance for credit losses of $1,075 at September 30, 2021 and $1,428 at December 31, 2020) | 2,583,328,000 | 2,171,583,000 |
Total investment securities | 3,832,470,000 | 3,540,434,000 |
Loans held for sale, at fair value | 157,084,000 | 301,427,000 |
Loans | 32,606,814,000 | 32,217,112,000 |
Less: Allowance for loan losses | (342,527,000) | (340,243,000) |
Net loans | 32,264,287,000 | 31,876,869,000 |
Premises and equipment, net | 319,763,000 | 319,797,000 |
Lease right of use assets | 258,180,000 | 252,053,000 |
Bank owned life insurance | 537,301,000 | 535,209,000 |
Accrued interest receivable | 98,073,000 | 106,230,000 |
Goodwill | 1,382,442,000 | 1,382,442,000 |
Other intangible assets, net | 62,525,000 | 70,449,000 |
Other assets | 865,726,000 | 971,961,000 |
Total Assets | 41,278,007,000 | 40,686,076,000 |
Deposits: | ||
Non-interest bearing | 10,789,237,000 | 9,205,266,000 |
Interest bearing: | ||
Savings, NOW and money market | 18,883,085,000 | 16,015,658,000 |
Time | 3,960,283,000 | 6,714,678,000 |
Total deposits | 33,632,605,000 | 31,935,602,000 |
Short-term borrowings | 783,346,000 | 1,147,958,000 |
Long-term borrowings | 1,427,444,000 | 2,295,665,000 |
Junior subordinated debentures issued to capital trusts | 56,326,000 | 56,065,000 |
Lease liabilities | 282,034,000 | 276,675,000 |
Accrued expenses and other liabilities | 273,754,000 | 381,991,000 |
Total Liabilities | 36,455,509,000 | 36,093,956,000 |
Shareholders’ Equity | ||
Common stock (no par value, authorized 650,000,000 shares; issued 407,317,006 shares at September 30, 2021 and 403,881,488 shares at December 31, 2020) | 142,976,000 | 141,746,000 |
Surplus | 3,672,467,000 | 3,637,468,000 |
Retained earnings | 818,780,000 | 611,158,000 |
Accumulated other comprehensive loss | (21,375,000) | (7,718,000) |
Treasury stock, at cost (3,342 common shares at September 30, 2021 and 22,490 common shares at December 31, 2020) | (41,000) | (225,000) |
Total Shareholders’ Equity | 4,822,498,000 | 4,592,120,000 |
Total Liabilities and Shareholders’ Equity | 41,278,007,000 | 40,686,076,000 |
Series A | ||
Shareholders’ Equity | ||
Preferred stock, no par value; 50,000,000 authorized shares: | 111,590,000 | 111,590,000 |
Series B | ||
Shareholders’ Equity | ||
Preferred stock, no par value; 50,000,000 authorized shares: | $ 98,101,000 | $ 98,101,000 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Allowance for credit losses, excluding accrued interest | $ 1,075 | $ 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) | 407,317,006 | 403,881,488 |
Treasury stock, shares (in shares) | 3,342 | 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Interest Income | ||||
Interest and fees on loans | $ 309,753 | $ 315,788 | $ 938,248 | $ 970,739 |
Interest and dividends on investment securities: | ||||
Taxable | 14,292 | 14,845 | 40,174 | 56,225 |
Tax-exempt | 2,609 | 3,606 | 9,181 | 11,224 |
Dividends | 1,505 | 2,684 | 5,543 | 9,177 |
Interest on federal funds sold and other short-term investments | 642 | 420 | 1,101 | 2,296 |
Total interest income | 328,801 | 337,343 | 994,247 | 1,049,661 |
Interest on deposits: | ||||
Savings, NOW and money market | 10,605 | 13,323 | 32,896 | 64,463 |
Time | 4,394 | 19,028 | 21,766 | 91,699 |
Interest on short-term borrowings | 1,464 | 2,588 | 4,390 | 9,275 |
Interest on long-term borrowings and junior subordinated debentures | 11,312 | 19,318 | 40,595 | 53,240 |
Total interest expense | 27,775 | 54,257 | 99,647 | 218,677 |
Net Interest Income | 301,026 | 283,086 | 894,600 | 830,984 |
Provision (credit) for credit losses for held to maturity securities | 35 | (112) | (353) | 688 |
Provision for credit losses for loans | 3,496 | 31,020 | 21,287 | 106,059 |
Net Interest Income After Provision for Credit Losses | 297,495 | 252,178 | 873,666 | 724,237 |
Non-Interest Income | ||||
Insurance commissions | 1,610 | 1,816 | 5,805 | 5,426 |
Gains (losses) on securities transactions, net | 787 | (46) | 1,263 | (127) |
Fees from loan servicing | 2,894 | 2,551 | 8,980 | 7,526 |
Gains on sales of loans, net | 6,442 | 13,366 | 20,016 | 26,253 |
Gains on sales of assets, net | 344 | 894 | 380 | 716 |
Bank owned life insurance | 2,018 | (1,304) | 6,824 | 7,661 |
Other | 19,358 | 24,975 | 47,497 | 65,548 |
Total non-interest income | 42,431 | 49,272 | 116,790 | 135,499 |
Non-Interest Expense | ||||
Salary and employee benefits expense | 93,992 | 83,626 | 273,190 | 247,886 |
Net occupancy and equipment expense | 32,402 | 31,116 | 97,112 | 96,774 |
FDIC insurance assessment | 3,644 | 4,847 | 10,294 | 14,858 |
Amortization of other intangible assets | 5,298 | 6,377 | 16,753 | 18,528 |
Professional and legal fees | 13,492 | 8,762 | 27,250 | 22,646 |
Loss on extinguishment of debt | 0 | 2,353 | 8,406 | 2,353 |
Amortization of tax credit investments | 3,079 | 2,759 | 8,795 | 9,403 |
Telecommunication expense | 2,615 | 2,094 | 8,507 | 7,247 |
Other | 20,400 | 18,251 | 56,721 | 53,312 |
Total non-interest expense | 174,922 | 160,185 | 507,028 | 473,007 |
Income Before Income Taxes | 165,004 | 141,265 | 483,428 | 386,729 |
Income tax expense | 42,424 | 38,891 | 124,626 | 101,486 |
Net Income | 122,580 | 102,374 | 358,802 | 285,243 |
Dividends on preferred stock | 3,172 | 3,172 | 9,516 | 9,516 |
Net Income Available to Common Shareholders | $ 119,408 | $ 99,202 | $ 349,286 | $ 275,727 |
Earnings Per Common Share: | ||||
Basic (usd per share) | $ 0.29 | $ 0.25 | $ 0.86 | $ 0.68 |
Diluted (usd per share) | 0.29 | 0.25 | 0.86 | 0.68 |
Cash Dividends Declared per Common Share (usd per share) | $ 0.11 | $ 0.11 | $ 0.33 | $ 0.33 |
Weighted Average Number of Common Shares Outstanding: | ||||
Basic (in shares) | 406,824,160 | 403,833,469 | 405,986,114 | 403,714,701 |
Diluted (in shares) | 409,238,001 | 404,788,526 | 408,509,767 | 404,912,126 |
Trust and investment services | ||||
Non-Interest Income | ||||
Revenue from contracts with customer | $ 3,550 | $ 3,068 | $ 10,411 | $ 9,307 |
Service charges on deposit accounts | ||||
Non-Interest Income | ||||
Revenue from contracts with customer | $ 5,428 | $ 3,952 | $ 15,614 | $ 13,189 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 122,580 | $ 102,374 | $ 358,802 | $ 285,243 |
Unrealized gains and losses on available for sale securities | ||||
Net (losses) gains arising during the period | (3,953) | (1,262) | (15,860) | 27,819 |
Less reclassification adjustment for net (gains) losses included in net income | (613) | 36 | (493) | 94 |
Total | (4,566) | (1,226) | (16,353) | 27,913 |
Unrealized gains and losses on derivatives (cash flow hedges) | ||||
Net (losses) gains on derivatives arising during the period | (96) | 83 | (69) | (2,254) |
Less reclassification adjustment for net losses included in net income | 743 | 1,127 | 1,928 | 1,257 |
Total | 647 | 1,210 | 1,859 | (997) |
Defined benefit pension plan | ||||
Amortization of actuarial net loss | 279 | 171 | 837 | 515 |
Total other comprehensive (loss) income | (3,640) | 155 | (13,657) | 27,431 |
Total comprehensive income | $ 118,940 | $ 102,529 | $ 345,145 | $ 312,674 |
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 income (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 | 285,243 | |||||||||||||||||||||
Ending balance at Sep. 30, 2020 | 4,533,763 | 209,691 | $ 141,718 | 3,633,321 | 553,826 | (4,783) | (10) | |||||||||||||||
Ending balance (in shares) at Sep. 30, 2020 | 403,879 | |||||||||||||||||||||
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 income (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 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income | 102,374 | 102,374 | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | 155 | 155 | ||||||||||||||||||||
Cash dividends declared: | ||||||||||||||||||||||
Cash dividends declared on preferred stock | (1,797) | (1,375) | (1,797) | (1,375) | ||||||||||||||||||
Cash dividends declared on common stock | (44,770) | (44,770) | ||||||||||||||||||||
Effect of stock incentive plan, net (in shares) | 83 | |||||||||||||||||||||
Effect of stock incentive plan, net | 4,688 | $ 51 | 4,529 | (117) | 225 | |||||||||||||||||
Ending balance at Sep. 30, 2020 | 4,533,763 | 209,691 | $ 141,718 | 3,633,321 | 553,826 | (4,783) | (10) | |||||||||||||||
Ending balance (in shares) at Sep. 30, 2020 | 403,879 | |||||||||||||||||||||
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 income (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 | 358,802 | |||||||||||||||||||||
Ending balance at Sep. 30, 2021 | 4,822,498 | 209,691 | $ 142,976 | 3,672,467 | 818,780 | (21,375) | (41) | |||||||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 407,314 | |||||||||||||||||||||
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 income (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 | |||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||
Net income | 122,580 | 122,580 | ||||||||||||||||||||
Other comprehensive income (loss), net of tax | (3,640) | (3,640) | ||||||||||||||||||||
Cash dividends declared: | ||||||||||||||||||||||
Cash dividends declared on preferred stock | $ (1,797) | $ (1,375) | $ (1,797) | $ (1,375) | ||||||||||||||||||
Cash dividends declared on common stock | $ (45,228) | $ (45,228) | ||||||||||||||||||||
Effect of stock incentive plan, net (in shares) | 1,230 | |||||||||||||||||||||
Effect of stock incentive plan, net | 14,151 | $ 426 | 13,831 | (168) | 62 | |||||||||||||||||
Ending balance at Sep. 30, 2021 | $ 4,822,498 | $ 209,691 | $ 142,976 | $ 3,672,467 | $ 818,780 | $ (21,375) | $ (41) | |||||||||||||||
Ending balance (in shares) at Sep. 30, 2021 | 407,314 |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | 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 | $ 0.39 | $ 0.39 |
Preferred Series B | ||||||
Preferred stock, cash dividends declared (usd per share) | 0.34 | 0.34 | 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 | $ 0.11 | $ 0.11 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 358,802 | $ 285,243 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 40,799 | 43,975 |
Stock-based compensation | 15,852 | 12,001 |
Provision for credit losses | 20,934 | 106,747 |
Net amortization of premiums and accretion of discounts on securities and borrowings | 22,145 | 26,051 |
Amortization of other intangible assets | 16,753 | 18,528 |
(Gains) losses on securities transactions, net | (1,263) | 127 |
Proceeds from sales of loans held for sale | 932,274 | 716,739 |
Gains on sales of loans, net | (20,016) | (26,253) |
Originations of loans held for sale | (774,443) | (829,252) |
Gains on sales of assets, net | (380) | (716) |
Loss on extinguishment of debt | 8,406 | 2,353 |
Net change in: | ||
Trading debt securities | (4,797) | 0 |
Cash surrender value of bank owned life insurance | (6,824) | (7,661) |
Accrued interest receivable | 8,157 | (30,421) |
Other assets | 97,341 | (420,572) |
Accrued expenses and other liabilities | (130,698) | 83,591 |
Net cash provided by (used in) operating activities | 583,042 | (19,520) |
Cash flows from investing activities: | ||
Net loan originations and purchases | (405,204) | (2,686,137) |
Equity securities: | ||
Purchases | (3,163) | (7,616) |
Sales | 1,227 | 27,867 |
Held to maturity debt securities: | ||
Purchases | (1,062,202) | (381,606) |
Maturities, calls and principal repayments | 633,272 | 532,151 |
Available for sale debt securities: | ||
Purchases | (367,866) | (306,071) |
Sales | 91,978 | 0 |
Maturities, calls and principal repayments | 376,875 | 374,321 |
Death benefit proceeds from bank owned life insurance | 3,850 | 14,062 |
Proceeds from sales of real estate property and equipment | 4,982 | 16,136 |
Proceeds from sales of loans held for investment | 4,498 | 30,020 |
Purchases of real estate property and equipment | (19,805) | (20,715) |
Net cash used in investing activities | (741,558) | (2,407,588) |
Cash flows from financing activities: | ||
Net change in deposits | 1,697,003 | 2,002,145 |
Net change in short-term borrowings | (364,612) | 337,446 |
Proceeds from issuance of long-term borrowings, net | 295,922 | 838,388 |
Repayments of long-term borrowings | (1,168,465) | (108,446) |
Cash dividends paid to preferred shareholders | (9,516) | (9,516) |
Cash dividends paid to common shareholders | (134,860) | (133,536) |
Purchase of common shares to treasury | (699) | (4,972) |
Common stock issued, net | 15,199 | 2,074 |
Other, net | (505) | (451) |
Net cash provided by financing activities | 329,467 | 2,923,132 |
Net change in cash and cash equivalents | 170,951 | 496,024 |
Cash and cash equivalents at beginning of year | 1,329,205 | 434,687 |
Cash and cash equivalents at end of period | 1,500,156 | 930,711 |
Supplemental disclosures of cash flow information: | ||
Interest on deposits and borrowings | 109,661 | 229,987 |
Federal and state income taxes | 148,674 | 108,302 |
Supplemental schedule of non-cash investing activities: | ||
Transfer of loans to other real estate owned | 141 | 3,716 |
Transfer of loans to loans held for sale | 0 | 30,020 |
Lease right of use assets obtained in exchange for operating lease liabilities | $ 40,296 | $ 10,141 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 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 September 30, 2021 and for all periods presented have been made. The results of operations for the three and nine months ended September 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. 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. |
Business Combinations
Business Combinations | 9 Months Ended |
Sep. 30, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |
Business Combinations | Business Combinations The Westchester Bank Holding Corporation. On June 29, 2021, Valley announced that it will acquire The Westchester Bank Holding Corporation (“Westchester”) and its principal subsidiary, The Westchester Bank which is headquartered in White Plains, New York. As of June 30, 2021 , Westchester had total assets of $1.3 billion, total loans of $908 million, and total deposits of $1.1 billion. Westchester maintains a seven branch network in Westchester County, New York. The common shareholders of Westchester will receive 229.645 shares of Valley common stock for each Westchester share they own. Based on Valley’s closing stock price on June 28, 2021, Westchester’s stockholders will receive approximately $210 million in Valley common stock. Existing Westchester options will be cashed out for approximately $10 million in cash. Valley has received all the requisite regulatory approvals to complete the merger which is anticipated to close on December 1, 2021, pending the satisfaction of customary closing conditions . Bank Leumi Le-Israel Corporation . On September 23, 2021, Valley announced that it will acquire Bank Leumi Le-Israel Corporation (“Leumi”), the U.S. subsidiary of Bank Leumi Le-Israel B.M., and parent company of Bank Leumi USA (“Bank Leumi”). Bank Leumi maintains its headquarters in New York City and also has commercial banking offices in Chicago, Los Angeles, Palo Alto, and Aventura, Florida. As of June 30, 2021, Leumi had total assets of $8.4 billion, total deposits of $7.1 billion, and gross loans of $5.4 billion. The common stockholders of Leumi will receive 3.8025 shares of Valley common stock and $5.08 in cash (subject to specified adjustments) for each Leumi common share they own. Based on Valley’s closing stock price on September 22, 2021, the transaction is valued at an estimated $1.1 billion, inclusive of the value of options and upon completion of the acquisition, Leumi will own approximately 14 percent of Valley's common stock. The acquisition is expected to close in the first half of 2022, subject to standard regulatory approvals, approval of Valley shareholders, as well as other customary closing conditions. Dudley Venture s. On October 8, 2021, Valley acquired Arizona-based Dudley Ventures (DV), an advisory firm specializing in the investment and management of tax credits. The transaction includes the acquisition of DV's community development entity, DV Community Investment, as well as DV Fund Advisors and DV Advisory Services. The transaction price included $11.3 million of cash at the closing date, fixed future stock consideration totaling $3.8 million, and contingent cash earn-out payments based upon revenue growth of the acquired entities over a five-year period. |
Earnings Per Common Share
Earnings Per Common Share | 9 Months Ended |
Sep. 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 nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands, except for share data) Net income available to common shareholders $ 119,408 $ 99,202 $ 349,286 $ 275,727 Basic weighted average number of common shares outstanding 406,824,160 403,833,469 405,986,114 403,714,701 Plus: Common stock equivalents 2,413,841 955,057 2,523,653 1,197,425 Diluted weighted average number of common shares outstanding 409,238,001 404,788,526 408,509,767 404,912,126 Earnings per common share: Basic $ 0.29 $ 0.25 $ 0.86 $ 0.68 Diluted 0.29 0.25 0.86 0.68 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 nine months ended September 30, 2021, respectively, as compared to 4.9 million and 2.2 million shares for the three and nine months ended September 30, 2020, respectively. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 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 nine months ended September 30, 2021: Components of Accumulated Other Comprehensive Loss Total Unrealized Gains Unrealized Gains Defined (in thousands) Balance at June 30, 2021 $ 21,503 $ (2,694) $ (36,544) $ (17,735) Other comprehensive loss before reclassification (3,953) (96) — (4,049) Amounts reclassified from other comprehensive (loss) income (613) 743 279 409 Other comprehensive (loss) income, net (4,566) 647 279 (3,640) Balance at September 30, 2021 $ 16,937 $ (2,047) $ (36,265) $ (21,375) 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 before reclassification (15,860) (69) — (15,929) Amounts reclassified from other comprehensive (loss) income (493) 1,928 837 2,272 Other comprehensive (loss) income, net (16,353) 1,859 837 (13,657) Balance at September 30, 2021 $ 16,937 $ (2,047) $ (36,265) $ (21,375) 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 nine months ended September 30, 2021 and 2020: Amounts Reclassified from Three Months Ended Nine Months Ended September 30, Components of Accumulated Other Comprehensive Loss 2021 2020 2021 2020 Income Statement Line Item (in thousands) Unrealized gains (losses) on AFS securities before tax $ 825 $ (46) $ 663 $ (127) Gains (losses) on securities transactions, net Tax effect (212) 10 (170) 33 Total net of tax 613 (36) 493 (94) Unrealized losses on derivatives (cash flow hedges) before tax (1,044) (1,586) (2,708) (1,763) Interest expense Tax effect 301 459 780 506 Total net of tax (743) (1,127) (1,928) (1,257) Defined benefit pension plan: Amortization of actuarial net loss (388) (234) (1,163) (699) * Tax effect 109 63 326 184 Total net of tax (279) (171) (837) (515) Total reclassifications, net of tax $ (409) $ (1,334) $ (2,272) $ (1,866) * 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 | 9 Months Ended |
Sep. 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 | 9 Months Ended |
Sep. 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 September 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). September 30, Fair Value Measurements at Reporting Date Using: Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 32,300 $ 20,890 $ — $ — Trading debt securities 4,797 — 4,797 — Available for sale debt securities: U.S. government agency securities 21,442 — 21,442 — Obligations of states and political subdivisions 83,149 — 83,149 — Residential mortgage-backed securities 992,828 — 992,828 — Corporate and other debt securities 110,858 — 110,858 — Total available for sale debt securities 1,208,277 — 1,208,277 — Loans held for sale (2) 157,084 — 157,084 — Other assets (3) 215,919 — 215,919 — Total assets $ 1,618,377 $ 20,890 $ 1,586,077 $ — Liabilities Other liabilities (3) $ 66,733 $ — $ 66,733 $ — Total liabilities $ 66,733 $ — $ 66,733 $ — Non-recurring fair value measurements: Collateral dependent loans $ 68,162 $ — $ — $ 68,162 Foreclosed assets 2,037 — — 2,037 Total $ 70,199 $ — $ — $ 70,199 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 $11.4 million and $7.8 million at September 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 $152.4 million and $286.4 million at September 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 consists of a publicly traded mutual fund, Community Reinvestment Act (CRA) investment fund and an investment related to the development of new financial technologies that are carried at quoted prices in active markets. Valley also has privately held CRA funds measured at NAV, which are excluded from fair value hierarchy levels in the tables above. 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. 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. Available for sale debt securities. When applicable, 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 September 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 September 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 September 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 September 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 September 30, 2021, collateral dependent loans with a total amortized cost of $136.1 million, including our taxi medallion loan portfolio, were reduced by specific allowance for loan losses allocations totaling $67.9 million to a reported total net carrying amount of $68.2 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 September 30, 2021, the fair value model used a blended prepayment speed (stated as constant prepayment rates) of 13.6 percent and a discount rate of 9.0 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 September 30, 2021, there was no re-measurement of loan servicing rights at fair value. See Note 9 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 0.6 percent to 4.6 percent at September 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 September 30, 2021 and December 31, 2020 were as follows: Fair Value September 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 304,912 $ 304,912 $ 257,845 $ 257,845 Interest bearing deposits with banks Level 1 1,195,244 1,195,244 1,071,360 1,071,360 Equity securities (1) Level 3 3,768 3,768 2,999 2,999 Held to maturity debt securities: U.S. Treasury securities Level 1 67,716 72,898 68,126 75,484 U.S. government agency securities Level 2 4,817 5,015 6,222 6,513 Obligations of states and political subdivisions Level 2 353,406 360,903 470,259 484,506 Residential mortgage-backed securities Level 2 2,072,700 2,076,597 1,550,306 1,589,655 Trust preferred securities Level 2 37,014 31,507 37,348 30,033 Corporate and other debt securities Level 2 48,750 49,391 40,750 41,421 Total held to maturity debt securities (2) 2,584,403 2,596,311 2,173,011 2,227,612 Net loans Level 3 32,264,287 32,113,934 31,876,869 31,635,060 Accrued interest receivable Level 1 98,073 98,073 106,230 106,230 Federal Reserve Bank and Federal Home Loan Bank stock (3) Level 2 207,701 207,701 250,116 250,116 Financial liabilities Deposits without stated maturities Level 1 29,672,322 29,672,322 25,220,924 25,220,924 Deposits with stated maturities Level 2 3,960,283 3,957,008 6,714,678 6,639,022 Short-term borrowings Level 1 783,346 765,636 1,147,958 1,151,478 Long-term borrowings Level 2 1,427,444 1,417,368 2,295,665 2,405,345 Junior subordinated debentures issued to capital trusts Level 2 56,326 46,057 56,065 57,779 Accrued interest payable (4) Level 1 8,824 8,824 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 | 9 Months Ended |
Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Equity Securities Equity securities carried at fair value totaled $36.1 million and $29.4 million at September 30, 2021 and December 31, 2020, respectively. At September 30, 2021, Valley's equity securities consisted of one publicly traded mutual fund, CRA investments and to a lesser extent, equity investments related to the development of new financial technologies. Our CRA and other equity investments are a mixture of both publicly traded entities and privately held entities without readily determinable fair market values. Trading Debt Securities The fair value of trading securities, consisting of municipal bonds, totaled $4.8 million at September 30, 2021. We had no trading debt securities at December 31, 2020. Net trading gains and losses are included in net gains and losses on securities transactions within non-interest income. We recorded net trading losses of $2 thousand and net trading gains of $705 thousand for three and nine months ended September 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 September 30, 2021 and December 31, 2020 were as follows: Amortized Gross Gross Fair Value (in thousands) September 30, 2021 U.S. government agency securities $ 20,408 $ 1,041 $ (7) $ 21,442 Obligations of states and political subdivisions: Obligations of states and state agencies 29,752 239 (39) 29,952 Municipal bonds 53,186 440 (429) 53,197 Total obligations of states and political subdivisions 82,938 679 (468) 83,149 Residential mortgage-backed securities 973,543 21,761 (2,476) 992,828 Corporate and other debt securities 107,901 3,262 (305) 110,858 Total $ 1,184,790 $ 26,743 $ (3,256) $ 1,208,277 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 September 30, 2021 and December 31, 2020 were as follows: Less than More than Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) September 30, 2021 U.S. government agency securities $ — $ — $ 1,355 $ (7) $ 1,355 $ (7) Obligations of states and political subdivisions: Obligations of states and state agencies 10,344 (39) — — 10,344 (39) Municipal bonds 25,100 (429) — — 25,100 (429) Total obligations of states and political subdivisions 35,444 (468) — — 35,444 (468) Residential mortgage-backed securities 264,495 (2,138) 12,058 (338) 276,553 (2,476) Corporate and other debt securities 19,175 (305) — — 19,175 (305) Total $ 319,114 $ (2,911) $ 13,413 $ (345) $ 332,527 $ (3,256) 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 111 and 58 at September 30, 2021 and December 31, 2020, respectively. As of September 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 $547.5 million. The contractual maturities of available for sale debt securities at September 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. September 30, 2021 Amortized Fair (in thousands) Due in one year $ 10,183 $ 10,294 Due after one year through five years 31,000 31,750 Due after five years through ten years 84,781 87,587 Due after ten years 85,283 85,818 Residential mortgage-backed securities 973,543 992,828 Total $ 1,184,790 $ 1,208,277 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 4.9 years at September 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 September 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 nine months ended September 30, 2021 and 2020. There was no allowance for credit losses for available for sale debt securities at September 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 September 30, 2021 and December 31, 2020 were as follows: Amortized Gross Gross Fair Value (in thousands) September 30, 2021 U.S. Treasury securities $ 67,716 $ 5,182 $ — $ 72,898 U.S. government agency securities 4,817 198 — 5,015 Obligations of states and political subdivisions: Obligations of states and state agencies 161,929 3,866 (293) 165,502 Municipal bonds 191,477 4,066 (142) 195,401 Total obligations of states and political subdivisions 353,406 7,932 (435) 360,903 Residential mortgage-backed securities 2,072,700 21,898 (18,001) 2,076,597 Trust preferred securities 37,014 4 (5,511) 31,507 Corporate and other debt securities 48,750 650 (9) 49,391 Total $ 2,584,403 $ 35,864 $ (23,956) $ 2,596,311 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 September 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) September 30, 2021 Obligations of states and political subdivisions: Obligations of states and state agencies $ 10,541 $ (218) $ 5,519 $ (75) $ 16,060 $ (293) Municipal bonds 14,917 (142) — — 14,917 (142) Total obligations of states and political subdivisions 25,458 (360) 5,519 (75) 30,977 (435) Residential mortgage-backed securities 1,292,965 (17,978) 2,546 (23) 1,295,511 (18,001) Trust preferred securities — — 30,503 (5,511) 30,503 (5,511) Corporate and other debt securities 6,991 (9) — — 6,991 (9) Total $ 1,325,414 $ (18,347) $ 38,568 $ (5,609) $ 1,363,982 $ (23,956) 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 62 and 13 at September 30, 2021 and December 31, 2020, respectively. As of September 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 $955.9 million. The contractual maturities of investments in debt securities held to maturity at September 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. September 30, 2021 Amortized Fair (in thousands) Due in one year $ 22,683 $ 22,845 Due after one year through five years 231,112 239,893 Due after five years through ten years 66,064 67,333 Due after ten years 191,844 189,643 Residential mortgage-backed securities 2,072,700 2,076,597 Total $ 2,584,403 $ 2,596,311 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 5.9 years at September 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 September 30, 2021 and December 31, 2020. AAA/AA/A Rated BBB rated Non-investment grade rated Non-rated Total (in thousands) September 30, 2021 U.S. Treasury securities $ 67,716 $ — $ — $ — $ 67,716 U.S. government agency securities 4,817 — — — 4,817 Obligations of states and political subdivisions: Obligations of states and state agencies 135,122 — 5,595 21,212 161,929 Municipal bonds 150,468 — — 41,009 191,477 Total obligations of states and political subdivisions 285,590 — 5,595 62,221 353,406 Residential mortgage-backed securities 2,072,700 — — — 2,072,700 Trust preferred securities — — — 37,014 37,014 Corporate and other debt securities 2,000 6,000 — 40,750 48,750 Total $ 2,432,823 $ 6,000 $ 5,595 $ 139,985 $ 2,584,403 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 $ 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 September 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 September 30, 2021, held to maturity debt securities were carried net of allowance for credit losses totaling $1.1 million and $1.4 million at |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses for Loans | 9 Months Ended |
Sep. 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 September 30, 2021 and December 31, 2020 was as follows: September 30, 2021 December 31, 2020 (in thousands) Loans: Commercial and industrial: Commercial and industrial $ 4,761,227 $ 4,709,569 Commercial and industrial PPP loans * 874,033 2,152,139 Total commercial and industrial loans 5,635,260 6,861,708 Commercial real estate: Commercial real estate 17,912,070 16,724,998 Construction 1,804,580 1,745,825 Total commercial real estate loans 19,716,650 18,470,823 Residential mortgage 4,332,422 4,183,743 Consumer: Home equity 402,658 431,553 Automobile 1,563,698 1,355,955 Other consumer 956,126 913,330 Total consumer loans 2,922,482 2,700,838 Total loans $ 32,606,814 $ 32,217,112 * Represents SBA Paycheck Protection Program (PPP) loans, net of unearned fees totaling $27.6 million and $43.2 million at September 30, 2021 and December 31, 2020, respectively. Total loans includes net unearned discounts and deferre d loan fees of $73.0 million an d $95.8 million at September 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 September 30, 2021 and December 31, 2020. Accrued interest on loans, which is excluded from the amortized cost of loans held for investment, totaled $83.4 million and $90.2 million at September 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 nine months ended September 30, 2020 . Excluding the loan transfers, there were no other material sales of loans from the held for investment portfolio during the three and nine months ended September 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 September 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) September 30, 2021 Commercial and industrial $ 2,677 $ 985 $ 2,083 $ 100,614 $ 106,359 $ 5,528,901 $ 5,635,260 $ 10,407 Commercial real estate: Commercial real estate 22,956 5,897 1,942 95,843 126,638 17,785,432 17,912,070 55,621 Construction — — — 17,653 17,653 1,786,927 1,804,580 — Total commercial real estate loans 22,956 5,897 1,942 113,496 144,291 19,572,359 19,716,650 55,621 Residential mortgage 9,293 974 1,002 33,648 44,917 4,287,505 4,332,422 21,032 Consumer loans: Home equity 606 225 — 3,541 4,372 398,286 402,658 5 Automobile 4,218 555 233 420 5,426 1,558,272 1,563,698 — Other consumer 639 837 92 112 1,680 954,446 956,126 — Total consumer loans 5,463 1,617 325 4,073 11,478 2,911,004 2,922,482 5 Total $ 40,389 $ 9,473 $ 5,352 $ 251,831 $ 307,045 $ 32,299,769 $ 32,606,814 $ 87,065 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 September 30, 2021 and December 31, 2020: Term Loans Amortized Cost Basis by Origination Year September 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 $ 1,526,393 $ 840,868 $ 462,843 $ 388,482 $ 149,991 $ 328,289 $ 1,716,736 $ 269 $ 5,413,871 Special Mention 1,809 1,558 1,342 10,770 1,930 14,950 59,905 53 92,317 Substandard 4,587 6,507 3,972 7,853 886 2,532 15,066 288 41,691 Doubtful — — 2,736 5 16,364 68,276 — — 87,381 Total commercial and industrial $ 1,532,789 $ 848,933 $ 470,893 $ 407,110 $ 169,171 $ 414,047 $ 1,791,707 $ 610 $ 5,635,260 Commercial real estate Risk Rating: Pass $ 3,178,182 $ 2,936,284 $ 2,801,710 $ 1,851,162 $ 1,498,151 $ 4,716,223 $ 170,763 $ 12,753 $ 17,165,228 Special Mention 1,988 45,305 44,596 43,593 51,875 169,460 38,594 — 395,411 Substandard 743 33,817 39,817 40,568 68,190 165,574 2,531 — 351,240 Doubtful — — — — — 191 — — 191 Total commercial real estate $ 3,180,913 $ 3,015,406 $ 2,886,123 $ 1,935,323 $ 1,618,216 $ 5,051,448 $ 211,888 $ 12,753 $ 17,912,070 Construction Risk Rating: Pass $ 160,031 $ 109,843 $ 62,330 $ 65,581 $ 6,181 $ 28,498 $ 1,329,163 $ — $ 1,761,627 Special Mention 4,131 — 1,018 — — — 9,497 — 14,646 Substandard — 23 13 646 — 17,842 9,783 — 28,307 Total construction $ 164,162 $ 109,866 $ 63,361 $ 66,227 $ 6,181 $ 46,340 $ 1,348,443 $ — $ 1,804,580 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 September 30, 2021 and December 31, 2020. Term Loans Amortized Cost Basis by Origination Year September 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 $ 1,084,533 $ 661,418 $ 619,942 $ 467,876 $ 405,847 $ 1,019,676 $ 60,510 $ — $ 4,319,802 90 days or more past due — 234 2,093 4,072 3,150 3,071 — — 12,620 Total residential mortgage $ 1,084,533 $ 661,652 $ 622,035 $ 471,948 $ 408,997 $ 1,022,747 $ 60,510 $ — $ 4,332,422 Consumer loans Home equity Performing $ 11,096 $ 6,593 $ 8,055 $ 8,745 $ 6,031 $ 14,327 $ 303,235 $ 43,502 $ 401,584 90 days or more past due — — — — — 68 542 464 1,074 Total home equity 11,096 6,593 8,055 8,745 6,031 14,395 303,777 43,966 402,658 Automobile Performing 611,329 342,584 315,330 182,973 89,463 21,302 — — 1,562,981 90 days or more past due 73 52 130 162 179 121 — — 717 Total automobile 611,402 342,636 315,460 183,135 89,642 21,423 — — 1,563,698 Other Consumer Performing 6,518 6,794 6,543 7,231 1,017 9,017 918,946 — 956,066 90 days or more past due — — — — — — 60 — 60 Total other consumer 6,518 6,794 6,543 7,231 1,017 9,017 919,006 — 956,126 Total consumer $ 629,016 $ 356,023 $ 330,058 $ 199,111 $ 96,690 $ 44,835 $ 1,222,783 $ 43,966 $ 2,922,482 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 $64.8 million and $57.4 million as of September 30, 2021 and December 31, 2020, respectively. Non-performing TDRs totaled $116.7 million and $92.8 million as of September 30, 2021 and December 31, 2020, respectively. The following table presents the pre- and post-modification amortized cost of loans by loan class modified as TDRs during the three and nine months ended September 30, 2021 and 2020. Post-modification amounts are presented as of September 30, 2021 and 2020. Three Months Ended September 30, 2021 2020 Troubled Debt Restructurings Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification ($ in thousands) Commercial and industrial 4 $ 2,446 $ 2,414 28 $ 31,237 $ 30,938 Commercial real estate: Commercial real estate 5 14,473 14,539 2 4,249 4,240 Construction 2 17,599 17,599 — — — Total commercial real estate 7 32,072 32,138 2 4,249 4,240 Residential mortgage 4 356 350 1 247 247 Consumer — — — 1 72 72 Total 15 $ 34,874 $ 34,902 32 $ 35,805 $ 35,497 Nine Months Ended September 30, 2021 2020 Troubled Debt Restructurings Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification ($ in thousands) Commercial and industrial 16 $ 21,822 $ 19,060 33 $ 40,537 $ 38,204 Commercial real estate: Commercial real estate 11 26,710 26,730 4 8,996 9,000 Construction 2 17,599 17,599 — — — Total commercial real estate 13 44,309 44,329 4 8,996 9,000 Residential mortgage 12 2,974 2,909 1 247 247 Consumer 1 170 163 1 72 72 Total 42 $ 69,275 $ 66,461 39 $ 49,852 $ 47,523 The total TDRs presented in the above table had allocated allowance for loan losses of $8.2 million and $18.7 million at September 30, 2021 and 2020, respectively. There were $206 thousand and $6.0 million of charge-offs related to TDRs for the three and nine months ended September 30, 2021, respectively. There were $1.9 million and $5.6 million of charge-offs related to TDRs for the three and nine months ended September 30, 2020, respectively. Valley did not extend any commitments to lend additional funds to borrowers whose loans have been modified as TDRs during the three and nine months ended September 30, 2021 and 2020. Loans modified as TDRs within the previous 12 months and for which there was a payment default (90 or more days past due) for the three and nine months ended September 30, 2021 and 2020 were as follows: Three Months Ended September 30, 2021 2020 Troubled Debt Restructurings Subsequently Defaulted Number of Recorded Investment Number of Recorded ($ in thousands) Commercial and industrial — $ — 30 $ 17,496 Commercial real estate 1 419 — — Residential mortgage 1 129 — — Total 2 $ 548 30 $ 17,496 Nine Months Ended September 30, 2021 2020 Troubled Debt Restructurings Subsequently Defaulted Number of Recorded Investment Number of Recorded ($ in thousands) Commercial and industrial — $ — 35 $ 20,099 Commercial real estate 1 419 — — Residential mortgage 1 129 — — Consumer — — 1 18 Total 2 $ 548 36 $ 20,117 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 September 30, 2021, Valley had approximately $98.6 million of outstanding loans remaining in their payment deferral period under short-term modifications as compared to $361.0 million of loans in deferral at December 31, 2020. Under the applicable guidance, none of these loans were classified as TDRs at September 30, 2021 and December 31, 2020. Loans in Process of Foreclosure. Other real estate owned (OREO) totaled $4.0 million and $5.1 million at September 30, 2021 and December 31, 2020, respectively. OREO included foreclosed residential real estate properties which wer e immaterial at September 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 $3.0 million and $1.9 million at September 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 September 30, 2021 and December 31, 2020: September 30, December 31, (in thousands) Commercial and industrial * $ 95,509 $ 106,239 Commercial real estate 117,609 41,562 Residential mortgage 35,047 28,176 Home equity 5 50 Total $ 248,170 $ 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 September 30, 2021 and December 31, 2020: September 30, December 31, (in thousands) Components of allowance for credit losses for loans: Allowance for loan losses $ 342,527 $ 340,243 Allowance for unfunded credit commitments 14,400 11,111 Total allowance for credit losses for loans $ 356,927 $ 351,354 The following table summarizes the provision for credit losses for loans for the periods indicated: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Components of provision for credit losses for loans: Provision for loan losses $ 3,496 $ 30,833 $ 17,998 $ 105,709 Provision for unfunded credit commitments — 187 3,289 350 Total provision for credit losses for loans $ 3,496 $ 31,020 $ 21,287 $ 106,059 The following table details the activity in the allowance for loan losses by loan portfolio segment for the three and nine months ended September 30, 2021 and 2020: Commercial Commercial Residential Consumer Total (in thousands) Three Months Ended Allowance for loan losses: Beginning balance $ 109,689 $ 189,139 $ 25,303 $ 15,193 $ 339,324 Loans charged-off (1,248) — — (771) (2,019) Charged-off loans recovered 514 29 228 955 1,726 Net (charge-offs) recoveries (734) 29 228 184 (293) (Credit) provision for loan losses (5,078) 10,553 (799) (1,180) 3,496 Ending balance $ 103,877 $ 199,721 $ 24,732 $ 14,197 $ 342,527 Three Months Ended Allowance for losses: Beginning balance $ 132,039 $ 131,702 $ 29,630 $ 16,243 $ 309,614 Loans charged-off (13,965) (695) (7) (2,458) (17,125) Charged-off loans recovered 428 100 31 1,151 1,710 Net (charge-offs) recoveries (13,537) (595) 24 (1,307) (15,415) Provision (credit) for loan losses 11,907 13,543 (1,040) 6,423 30,833 Ending balance $ 130,409 $ 144,650 $ 28,614 $ 21,359 $ 325,032 Commercial Commercial Residential Consumer Total (in thousands) Nine Months Ended Allowance for loan losses: Beginning balance $ 131,070 $ 164,113 $ 28,873 $ 16,187 $ 340,243 Loans charged-off (19,283) (382) (139) (3,389) (23,193) Charged-off loans recovered 2,781 763 576 3,359 7,479 Net (charge-offs) recoveries (16,502) 381 437 (30) (15,714) (Credit) provision for loan losses (10,691) 35,227 (4,578) (1,960) 17,998 Ending balance $ 103,877 $ 199,721 $ 24,732 $ 14,197 $ 342,527 Nine 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 (31,349) (766) (348) (7,624) (40,087) Charged-off loans recovered 1,796 244 626 2,454 5,120 Net (charge-offs) recoveries (29,553) (522) 278 (5,170) (34,967) Provision for loan losses 40,734 49,702 2,701 12,572 105,709 Ending balance $ 130,409 $ 144,650 $ 28,614 $ 21,359 $ 325,032 * 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 September 30, 2021 and December 31, 2020. Commercial Commercial Residential Consumer Total (in thousands) September 30, 2021 Allowance for loan losses: Individually evaluated for credit losses $ 62,661 $ 8,093 $ 489 $ 574 $ 71,817 Collectively evaluated for credit losses 41,216 191,628 24,243 13,623 270,710 Total $ 103,877 $ 199,721 $ 24,732 $ 14,197 $ 342,527 Loans: Individually evaluated for credit losses $ 117,656 $ 143,181 $ 42,441 $ 3,264 $ 306,542 Collectively evaluated for credit losses 5,517,604 19,573,469 4,289,981 2,919,218 32,300,272 Total $ 5,635,260 $ 19,716,650 $ 4,332,422 $ 2,922,482 $ 32,606,814 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 | 9 Months Ended |
Sep. 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 September 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. There was no i mpairment of goodwill recognized during the three and nine months ended September 30, 2021 and 2020. The following table summarizes other intangible assets as of September 30, 2021 and December 31, 2020: Gross Accumulated Valuation Net (in thousands) September 30, 2021 Loan servicing rights $ 111,978 $ (89,039) $ — $ 22,939 Core deposits 101,160 (62,511) — 38,649 Other 3,945 (3,008) — 937 Total other intangible assets $ 217,083 $ (154,558) $ — $ 62,525 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 $32 thousand and $864 thousand for the three and nine months ended September 30, 2021, respectively. Valley recorded net impairment charges totaling $188 thousand and $966 thousand for the three and nine months ended September 30, 2020, respectively. See the “Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis” section of Note 6 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 nine months ended September 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 $ 1,063 $ 2,843 $ 51 2022 3,705 9,876 191 2023 3,015 8,146 131 2024 2,473 6,537 117 2025 2,047 4,929 103 Valley recognized amortization expense on other intangible assets, including net (recoveries of) impairment charges on loan servicing rights, totaling approximately $5.3 million and $6.4 million for the three months ended September 30, 2021 and 2020, respectively, and $16.8 million and $18.5 million for the nine months ended September 30, 2021 and 2020, respectively. |
Borrowed Funds
Borrowed Funds | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Borrowed Funds | Borrowed Funds Short-Term Borrowings Short-term borrowings at September 30, 2021 and December 31, 2020 consisted of the following: September 30, 2021 December 31, 2020 (in thousands) FHLB advances $ 600,000 $ 1,000,000 Securities sold under agreements to repurchase 183,346 147,958 Total short-term borrowings $ 783,346 $ 1,147,958 The weighted average interest rate for short-term FHLB advances was 0.35 percent and 0.38 percent at September 30, 2021 and December 31, 2020, respectively. The interest payments on the FHLB advances totaling $600 million were hedged with interest rate swaps at September 30, 2021. See Note 12 for additional details. Long-Term Borrowings Long-term borrowings at September 30, 2021 and December 31, 2020 consisted of the following: September 30, 2021 December 31, 2020 (in thousands) FHLB advances, net (1) $ 789,185 $ 1,592,252 Subordinated debt, net (2) 638,259 403,413 Securities sold under agreements to repurchase — 300,000 Total long-term borrowings $ 1,427,444 $ 2,295,665 (1) FHLB advances is presented net of unamortized prepayment penalties and other purchase accounting adjustments totaling $2.6 million at December 31, 2020. The prepayment penalties and other purchase accounting adjustments were fully amortized at September 30, 2021. (2) Subordinated debt is presented net of unamortized debt issuance costs totaling $6.1 million and $2.7 million at September 30, 2021 and December 31, 2020, respectively. FHLB Advances. Long-term FHLB advances had a weighted average interest rate of 1.88 percent and 2.02 percent at September 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 nine months ended September 30, 2021. The long-term FHLB advances at September 30, 2021 are scheduled for contractual balance repayments as follows: Year Amount (in thousands) 2023 $ 350,000 2024 165,000 2025 273,000 Total long-term FHLB advances $ 788,000 There are no FHLB advances with scheduled repayments in years 2023 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 September 30, 2021, the subordinated notes had a carrying value of $296.2 million, net of unamortized 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 12 for additional details. Valley also had the following subordinated debt outstanding at September 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 3.37 percent at December 31, 2020. Long-term repos outstanding as of December 31, 2020 were repaid upon their respective contractual maturity dates during the third quarter 2021. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 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 September 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 30 thousand and 26 thousand of time-based RSUs during the three months ended September 30, 2021 and 2020, respectively, and 1.2 million for both the nine months ended September 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 nine months ended September 30, 2021 and 2020 was $11.98 per share and $10.41 per share, respectively. Valley granted 604 thousand and 589 thousand of performance-based RSUs to certain executive officers for the nine months ended September 30, 2021 and 2020, respectively. There were no grants of performance-based RSUs during the three months ended September 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 nine months ended September 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 $4.1 million for the three months ended September 30, 2021 and |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 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 September 30, 2021, Valley had 27 credit swaps with an aggregate notional amount of $263.9 million related to risk participation agreements. At September 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: September 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 $ — $ 273 $ 800,000 $ — $ 179 $ 1,100,000 Fair value hedge interest rate swaps — 316 300,000 — — — Total derivatives designated as hedging instruments $ — $ 589 $ 1,100,000 $ — $ 179 $ 1,100,000 Derivatives not designated as hedging instruments: Interest rate swaps and other derivatives * $ 215,046 $ 64,623 $ 10,296,468 $ 387,008 $ 154,025 $ 8,889,557 Mortgage banking derivatives 873 1,521 327,116 444 2,077 321,486 Total derivatives not designated as hedging instruments $ 215,919 $ 66,144 $ 10,623,584 $ 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 September 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 Nine Months Ended 2021 2020 2021 2020 (in thousands) Amount of loss reclassified from accumulated other comprehensive loss to interest expense $ (1,044) $ (1,586) $ (2,708) $ (1,763) Amount of (loss) gain recognized in other comprehensive income (144) 95 (125) 3,158 The accumulated net after-tax losses related to effective cash flow hedges included in accumulated other comprehensive loss were $2.0 million and $4.0 million at September 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 $1.8 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 Nine Months Ended 2021 2020 2021 2020 (in thousands) Derivative - interest rate swap: Interest income $ — $ 88 $ — $ 170 Interest expense (396) — (316) — Hedged item - subordinated debt and loans: Interest income $ — $ (88) $ — $ (170) Interest expense 405 — 322 — The changes in the fair value of the hedged item designated as a qualifying hedge are captured as an adjustment to the carrying amount of the hedged item (basis adjustment). The following table presents the hedged item related to interest rate derivatives designated as fair value hedges and the cumulative basis fair value adjustment included in the net carrying amount of the hedged item at September 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 $ (299,678) $ 322 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 Nine Months Ended 2021 2020 2021 2020 (in thousands) Non-designated hedge interest rate swaps and credit derivatives Other non-interest expense $ 216 $ 600 $ (209) $ 2,105 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 $8.8 million and $19.2 million for the three months ended September 30, 2021 and 2020, respectively, and $22.6 million and $48.1 million for the nine months ended September 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 September 30, 2021, Valley was in compliance with all of the provisions of its derivative counterparty agreements. As of September 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 $60.5 million. Valley has derivative counterparty agreements that require minimum collateral posting thresholds for |
Balance Sheet Offsetting
Balance Sheet Offsetting | 9 Months Ended |
Sep. 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 September 30, 2021 and December 31, 2020. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Collateral (1) Net (in thousands) September 30, 2021 Assets: Interest rate swaps $ 215,046 $ — $ 215,046 $ — $ — $ 215,046 Liabilities: Interest rate swaps $ 65,212 $ — $ 65,212 $ — $ (60,177) $ 5,035 Total $ 65,212 $ — $ 65,212 $ — $ (60,177) $ 5,035 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 | 9 Months Ended |
Sep. 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 September 30, 2021 and December 31, 2020: September 30, December 31, (in thousands) Other Assets: Affordable housing tax credit investments, net $ 17,231 $ 20,074 Other tax credit investments, net 46,880 47,301 Total tax credit investments, net $ 64,111 $ 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 nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 948 $ 1,352 $ 2,744 $ 3,979 Other tax credit investment credits and tax benefits 2,702 1,727 8,130 5,567 Total reduction in income tax expense $ 3,650 $ 3,079 $ 10,874 $ 9,546 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 681 $ 642 $ 1,684 $ 1,733 Affordable housing tax credit investment impairment losses 387 585 1,159 1,668 Other tax credit investment losses 256 12 780 1,235 Other tax credit investment impairment losses 1,755 1,520 5,172 4,767 Total amortization of tax credit investments recorded in non-interest expense $ 3,079 $ 2,759 $ 8,795 $ 9,403 |
Business Segments
Business Segments | 9 Months Ended |
Sep. 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 nine months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,373,897 $ 25,324,485 $ 5,634,492 $ — $ 38,332,874 Interest income $ 58,887 $ 250,866 $ 19,766 $ (718) $ 328,801 Interest expense 4,032 13,795 3,228 6,720 27,775 Net interest income (loss) 54,855 237,071 16,538 (7,438) 301,026 Provision (credit) for credit losses (4,614) 8,110 35 — 3,531 Net interest income (loss) after provision for credit losses 59,469 228,961 16,503 (7,438) 297,495 Non-interest income 11,845 11,611 2,018 16,957 42,431 Non-interest expense 13,520 27,504 (150) 134,048 174,922 Internal transfer expense (income) 20,662 71,141 15,825 (107,628) — Income (loss) before income taxes $ 37,132 $ 141,927 $ 2,846 $ (16,901) $ 165,004 Return on average interest earning assets (pre-tax) 2.01 % 2.24 % 0.20 % N/A 1.72 % Three Months Ended September 30, 2020 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,126,157 $ 25,389,107 $ 5,252,446 $ — $ 37,767,710 Interest income $ 63,956 $ 251,920 $ 22,513 $ (1,046) $ 337,343 Interest expense 9,048 33,330 6,728 5,151 54,257 Net interest income (loss) 54,908 218,590 15,785 (6,197) 283,086 Provision (credit) for credit losses 5,383 25,637 (112) — 30,908 Net interest income (loss) after provision for credit losses 49,525 192,953 15,897 (6,197) 252,178 Non-interest income 23,531 20,421 (1,304) 6,624 49,272 Non-interest expense 19,877 25,633 (186) 114,861 160,185 Internal transfer expense (income) 18,614 66,390 13,713 (98,717) — Income (loss) before income taxes $ 34,565 $ 121,351 $ 1,066 $ (15,717) $ 141,265 Return on average interest earning assets (pre-tax) 1.94 % 1.91 % 0.08 % N/A 1.50 % Nine Months Ended September 30, 2021 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,176,086 $ 25,465,276 $ 5,261,185 $ — $ 37,902,547 Interest income $ 179,151 $ 759,097 $ 58,514 $ (2,515) $ 994,247 Interest expense 15,639 55,497 11,466 17,045 99,647 Net interest income (loss) 163,512 703,600 47,048 (19,560) 894,600 (Credit) provision for credit losses (6,538) 27,825 (353) — 20,934 Net interest income (loss) after provision for credit losses 170,050 675,775 47,401 (19,560) 873,666 Non-interest income 47,445 29,144 6,824 33,377 116,790 Non-interest expense 53,161 80,276 1,370 372,221 507,028 Internal transfer expense (income) 60,026 212,931 43,706 (316,663) — Income (loss) before income taxes $ 104,308 $ 411,712 $ 9,149 $ (41,741) $ 483,428 Return on average interest earning assets (pre-tax) 1.94 % 2.16 % 0.23 % N/A 1.70 % Nine Months Ended September 30, 2020 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,187,839 $ 24,334,429 $ 5,221,538 $ — $ 36,743,806 Interest income $ 199,018 $ 771,947 $ 81,905 $ (3,209) $ 1,049,661 Interest expense 40,217 136,156 29,216 13,088 218,677 Net interest income (loss) 158,801 635,791 52,689 (16,297) 830,984 Provision for credit losses 15,274 90,785 688 — 106,747 Net interest income (loss) after provision for credit losses 143,527 545,006 52,001 (16,297) 724,237 Non-interest income 55,383 52,192 7,661 20,263 135,499 Non-interest expense 60,188 73,041 843 338,935 473,007 Internal transfer expense (income) 58,355 197,444 42,393 (298,192) — Income (loss) before income taxes $ 80,367 $ 326,713 $ 16,426 $ (36,777) $ 386,729 Return on average interest earning assets (pre-tax) 1.49 % 1.79 % 0.42 % N/A 1.40 % |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 9 Months Ended |
Sep. 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 September 30, 2021 and for all periods presented have been made. The results of operations for the three and nine months ended September 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 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) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands, except for share data) Net income available to common shareholders $ 119,408 $ 99,202 $ 349,286 $ 275,727 Basic weighted average number of common shares outstanding 406,824,160 403,833,469 405,986,114 403,714,701 Plus: Common stock equivalents 2,413,841 955,057 2,523,653 1,197,425 Diluted weighted average number of common shares outstanding 409,238,001 404,788,526 408,509,767 404,912,126 Earnings per common share: Basic $ 0.29 $ 0.25 $ 0.86 $ 0.68 Diluted 0.29 0.25 0.86 0.68 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2021: Components of Accumulated Other Comprehensive Loss Total Unrealized Gains Unrealized Gains Defined (in thousands) Balance at June 30, 2021 $ 21,503 $ (2,694) $ (36,544) $ (17,735) Other comprehensive loss before reclassification (3,953) (96) — (4,049) Amounts reclassified from other comprehensive (loss) income (613) 743 279 409 Other comprehensive (loss) income, net (4,566) 647 279 (3,640) Balance at September 30, 2021 $ 16,937 $ (2,047) $ (36,265) $ (21,375) 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 before reclassification (15,860) (69) — (15,929) Amounts reclassified from other comprehensive (loss) income (493) 1,928 837 2,272 Other comprehensive (loss) income, net (16,353) 1,859 837 (13,657) Balance at September 30, 2021 $ 16,937 $ (2,047) $ (36,265) $ (21,375) |
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 nine months ended September 30, 2021 and 2020: Amounts Reclassified from Three Months Ended Nine Months Ended September 30, Components of Accumulated Other Comprehensive Loss 2021 2020 2021 2020 Income Statement Line Item (in thousands) Unrealized gains (losses) on AFS securities before tax $ 825 $ (46) $ 663 $ (127) Gains (losses) on securities transactions, net Tax effect (212) 10 (170) 33 Total net of tax 613 (36) 493 (94) Unrealized losses on derivatives (cash flow hedges) before tax (1,044) (1,586) (2,708) (1,763) Interest expense Tax effect 301 459 780 506 Total net of tax (743) (1,127) (1,928) (1,257) Defined benefit pension plan: Amortization of actuarial net loss (388) (234) (1,163) (699) * Tax effect 109 63 326 184 Total net of tax (279) (171) (837) (515) Total reclassifications, net of tax $ (409) $ (1,334) $ (2,272) $ (1,866) * 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) | 9 Months Ended |
Sep. 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 September 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). September 30, Fair Value Measurements at Reporting Date Using: Quoted Prices Significant Significant (in thousands) Recurring fair value measurements: Assets Investment securities: Equity securities (1) $ 32,300 $ 20,890 $ — $ — Trading debt securities 4,797 — 4,797 — Available for sale debt securities: U.S. government agency securities 21,442 — 21,442 — Obligations of states and political subdivisions 83,149 — 83,149 — Residential mortgage-backed securities 992,828 — 992,828 — Corporate and other debt securities 110,858 — 110,858 — Total available for sale debt securities 1,208,277 — 1,208,277 — Loans held for sale (2) 157,084 — 157,084 — Other assets (3) 215,919 — 215,919 — Total assets $ 1,618,377 $ 20,890 $ 1,586,077 $ — Liabilities Other liabilities (3) $ 66,733 $ — $ 66,733 $ — Total liabilities $ 66,733 $ — $ 66,733 $ — Non-recurring fair value measurements: Collateral dependent loans $ 68,162 $ — $ — $ 68,162 Foreclosed assets 2,037 — — 2,037 Total $ 70,199 $ — $ — $ 70,199 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 $11.4 million and $7.8 million at September 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 $152.4 million and $286.4 million at September 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 September 30, 2021 and December 31, 2020 were as follows: Fair Value September 30, 2021 December 31, 2020 Carrying Fair Value Carrying Fair Value (in thousands) Financial assets Cash and due from banks Level 1 $ 304,912 $ 304,912 $ 257,845 $ 257,845 Interest bearing deposits with banks Level 1 1,195,244 1,195,244 1,071,360 1,071,360 Equity securities (1) Level 3 3,768 3,768 2,999 2,999 Held to maturity debt securities: U.S. Treasury securities Level 1 67,716 72,898 68,126 75,484 U.S. government agency securities Level 2 4,817 5,015 6,222 6,513 Obligations of states and political subdivisions Level 2 353,406 360,903 470,259 484,506 Residential mortgage-backed securities Level 2 2,072,700 2,076,597 1,550,306 1,589,655 Trust preferred securities Level 2 37,014 31,507 37,348 30,033 Corporate and other debt securities Level 2 48,750 49,391 40,750 41,421 Total held to maturity debt securities (2) 2,584,403 2,596,311 2,173,011 2,227,612 Net loans Level 3 32,264,287 32,113,934 31,876,869 31,635,060 Accrued interest receivable Level 1 98,073 98,073 106,230 106,230 Federal Reserve Bank and Federal Home Loan Bank stock (3) Level 2 207,701 207,701 250,116 250,116 Financial liabilities Deposits without stated maturities Level 1 29,672,322 29,672,322 25,220,924 25,220,924 Deposits with stated maturities Level 2 3,960,283 3,957,008 6,714,678 6,639,022 Short-term borrowings Level 1 783,346 765,636 1,147,958 1,151,478 Long-term borrowings Level 2 1,427,444 1,417,368 2,295,665 2,405,345 Junior subordinated debentures issued to capital trusts Level 2 56,326 46,057 56,065 57,779 Accrued interest payable (4) Level 1 8,824 8,824 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) | 9 Months Ended |
Sep. 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 September 30, 2021 and December 31, 2020 were as follows: Amortized Gross Gross Fair Value (in thousands) September 30, 2021 U.S. government agency securities $ 20,408 $ 1,041 $ (7) $ 21,442 Obligations of states and political subdivisions: Obligations of states and state agencies 29,752 239 (39) 29,952 Municipal bonds 53,186 440 (429) 53,197 Total obligations of states and political subdivisions 82,938 679 (468) 83,149 Residential mortgage-backed securities 973,543 21,761 (2,476) 992,828 Corporate and other debt securities 107,901 3,262 (305) 110,858 Total $ 1,184,790 $ 26,743 $ (3,256) $ 1,208,277 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 September 30, 2021 and December 31, 2020 were as follows: Less than More than Total Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) September 30, 2021 U.S. government agency securities $ — $ — $ 1,355 $ (7) $ 1,355 $ (7) Obligations of states and political subdivisions: Obligations of states and state agencies 10,344 (39) — — 10,344 (39) Municipal bonds 25,100 (429) — — 25,100 (429) Total obligations of states and political subdivisions 35,444 (468) — — 35,444 (468) Residential mortgage-backed securities 264,495 (2,138) 12,058 (338) 276,553 (2,476) Corporate and other debt securities 19,175 (305) — — 19,175 (305) Total $ 319,114 $ (2,911) $ 13,413 $ (345) $ 332,527 $ (3,256) 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 September 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. September 30, 2021 Amortized Fair (in thousands) Due in one year $ 10,183 $ 10,294 Due after one year through five years 31,000 31,750 Due after five years through ten years 84,781 87,587 Due after ten years 85,283 85,818 Residential mortgage-backed securities 973,543 992,828 Total $ 1,184,790 $ 1,208,277 |
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 September 30, 2021 and December 31, 2020 were as follows: Amortized Gross Gross Fair Value (in thousands) September 30, 2021 U.S. Treasury securities $ 67,716 $ 5,182 $ — $ 72,898 U.S. government agency securities 4,817 198 — 5,015 Obligations of states and political subdivisions: Obligations of states and state agencies 161,929 3,866 (293) 165,502 Municipal bonds 191,477 4,066 (142) 195,401 Total obligations of states and political subdivisions 353,406 7,932 (435) 360,903 Residential mortgage-backed securities 2,072,700 21,898 (18,001) 2,076,597 Trust preferred securities 37,014 4 (5,511) 31,507 Corporate and other debt securities 48,750 650 (9) 49,391 Total $ 2,584,403 $ 35,864 $ (23,956) $ 2,596,311 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 September 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) September 30, 2021 Obligations of states and political subdivisions: Obligations of states and state agencies $ 10,541 $ (218) $ 5,519 $ (75) $ 16,060 $ (293) Municipal bonds 14,917 (142) — — 14,917 (142) Total obligations of states and political subdivisions 25,458 (360) 5,519 (75) 30,977 (435) Residential mortgage-backed securities 1,292,965 (17,978) 2,546 (23) 1,295,511 (18,001) Trust preferred securities — — 30,503 (5,511) 30,503 (5,511) Corporate and other debt securities 6,991 (9) — — 6,991 (9) Total $ 1,325,414 $ (18,347) $ 38,568 $ (5,609) $ 1,363,982 $ (23,956) 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 September 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. September 30, 2021 Amortized Fair (in thousands) Due in one year $ 22,683 $ 22,845 Due after one year through five years 231,112 239,893 Due after five years through ten years 66,064 67,333 Due after ten years 191,844 189,643 Residential mortgage-backed securities 2,072,700 2,076,597 Total $ 2,584,403 $ 2,596,311 |
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 September 30, 2021 and December 31, 2020. AAA/AA/A Rated BBB rated Non-investment grade rated Non-rated Total (in thousands) September 30, 2021 U.S. Treasury securities $ 67,716 $ — $ — $ — $ 67,716 U.S. government agency securities 4,817 — — — 4,817 Obligations of states and political subdivisions: Obligations of states and state agencies 135,122 — 5,595 21,212 161,929 Municipal bonds 150,468 — — 41,009 191,477 Total obligations of states and political subdivisions 285,590 — 5,595 62,221 353,406 Residential mortgage-backed securities 2,072,700 — — — 2,072,700 Trust preferred securities — — — 37,014 37,014 Corporate and other debt securities 2,000 6,000 — 40,750 48,750 Total $ 2,432,823 $ 6,000 $ 5,595 $ 139,985 $ 2,584,403 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 $ 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) | 9 Months Ended |
Sep. 30, 2021 | |
Receivables [Abstract] | |
Schedule of Loan Portfolio | The detail of the loan portfolio as of September 30, 2021 and December 31, 2020 was as follows: September 30, 2021 December 31, 2020 (in thousands) Loans: Commercial and industrial: Commercial and industrial $ 4,761,227 $ 4,709,569 Commercial and industrial PPP loans * 874,033 2,152,139 Total commercial and industrial loans 5,635,260 6,861,708 Commercial real estate: Commercial real estate 17,912,070 16,724,998 Construction 1,804,580 1,745,825 Total commercial real estate loans 19,716,650 18,470,823 Residential mortgage 4,332,422 4,183,743 Consumer: Home equity 402,658 431,553 Automobile 1,563,698 1,355,955 Other consumer 956,126 913,330 Total consumer loans 2,922,482 2,700,838 Total loans $ 32,606,814 $ 32,217,112 * Represents SBA Paycheck Protection Program (PPP) loans, net of unearned fees totaling $27.6 million and $43.2 million at September 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 September 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) September 30, 2021 Commercial and industrial $ 2,677 $ 985 $ 2,083 $ 100,614 $ 106,359 $ 5,528,901 $ 5,635,260 $ 10,407 Commercial real estate: Commercial real estate 22,956 5,897 1,942 95,843 126,638 17,785,432 17,912,070 55,621 Construction — — — 17,653 17,653 1,786,927 1,804,580 — Total commercial real estate loans 22,956 5,897 1,942 113,496 144,291 19,572,359 19,716,650 55,621 Residential mortgage 9,293 974 1,002 33,648 44,917 4,287,505 4,332,422 21,032 Consumer loans: Home equity 606 225 — 3,541 4,372 398,286 402,658 5 Automobile 4,218 555 233 420 5,426 1,558,272 1,563,698 — Other consumer 639 837 92 112 1,680 954,446 956,126 — Total consumer loans 5,463 1,617 325 4,073 11,478 2,911,004 2,922,482 5 Total $ 40,389 $ 9,473 $ 5,352 $ 251,831 $ 307,045 $ 32,299,769 $ 32,606,814 $ 87,065 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 September 30, 2021 and December 31, 2020: Term Loans Amortized Cost Basis by Origination Year September 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 $ 1,526,393 $ 840,868 $ 462,843 $ 388,482 $ 149,991 $ 328,289 $ 1,716,736 $ 269 $ 5,413,871 Special Mention 1,809 1,558 1,342 10,770 1,930 14,950 59,905 53 92,317 Substandard 4,587 6,507 3,972 7,853 886 2,532 15,066 288 41,691 Doubtful — — 2,736 5 16,364 68,276 — — 87,381 Total commercial and industrial $ 1,532,789 $ 848,933 $ 470,893 $ 407,110 $ 169,171 $ 414,047 $ 1,791,707 $ 610 $ 5,635,260 Commercial real estate Risk Rating: Pass $ 3,178,182 $ 2,936,284 $ 2,801,710 $ 1,851,162 $ 1,498,151 $ 4,716,223 $ 170,763 $ 12,753 $ 17,165,228 Special Mention 1,988 45,305 44,596 43,593 51,875 169,460 38,594 — 395,411 Substandard 743 33,817 39,817 40,568 68,190 165,574 2,531 — 351,240 Doubtful — — — — — 191 — — 191 Total commercial real estate $ 3,180,913 $ 3,015,406 $ 2,886,123 $ 1,935,323 $ 1,618,216 $ 5,051,448 $ 211,888 $ 12,753 $ 17,912,070 Construction Risk Rating: Pass $ 160,031 $ 109,843 $ 62,330 $ 65,581 $ 6,181 $ 28,498 $ 1,329,163 $ — $ 1,761,627 Special Mention 4,131 — 1,018 — — — 9,497 — 14,646 Substandard — 23 13 646 — 17,842 9,783 — 28,307 Total construction $ 164,162 $ 109,866 $ 63,361 $ 66,227 $ 6,181 $ 46,340 $ 1,348,443 $ — $ 1,804,580 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 September 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 $ 1,084,533 $ 661,418 $ 619,942 $ 467,876 $ 405,847 $ 1,019,676 $ 60,510 $ — $ 4,319,802 90 days or more past due — 234 2,093 4,072 3,150 3,071 — — 12,620 Total residential mortgage $ 1,084,533 $ 661,652 $ 622,035 $ 471,948 $ 408,997 $ 1,022,747 $ 60,510 $ — $ 4,332,422 Consumer loans Home equity Performing $ 11,096 $ 6,593 $ 8,055 $ 8,745 $ 6,031 $ 14,327 $ 303,235 $ 43,502 $ 401,584 90 days or more past due — — — — — 68 542 464 1,074 Total home equity 11,096 6,593 8,055 8,745 6,031 14,395 303,777 43,966 402,658 Automobile Performing 611,329 342,584 315,330 182,973 89,463 21,302 — — 1,562,981 90 days or more past due 73 52 130 162 179 121 — — 717 Total automobile 611,402 342,636 315,460 183,135 89,642 21,423 — — 1,563,698 Other Consumer Performing 6,518 6,794 6,543 7,231 1,017 9,017 918,946 — 956,066 90 days or more past due — — — — — — 60 — 60 Total other consumer 6,518 6,794 6,543 7,231 1,017 9,017 919,006 — 956,126 Total consumer $ 629,016 $ 356,023 $ 330,058 $ 199,111 $ 96,690 $ 44,835 $ 1,222,783 $ 43,966 $ 2,922,482 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 nine months ended September 30, 2021 and 2020. Post-modification amounts are presented as of September 30, 2021 and 2020. Three Months Ended September 30, 2021 2020 Troubled Debt Restructurings Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification ($ in thousands) Commercial and industrial 4 $ 2,446 $ 2,414 28 $ 31,237 $ 30,938 Commercial real estate: Commercial real estate 5 14,473 14,539 2 4,249 4,240 Construction 2 17,599 17,599 — — — Total commercial real estate 7 32,072 32,138 2 4,249 4,240 Residential mortgage 4 356 350 1 247 247 Consumer — — — 1 72 72 Total 15 $ 34,874 $ 34,902 32 $ 35,805 $ 35,497 Nine Months Ended September 30, 2021 2020 Troubled Debt Restructurings Number Pre-Modification Post-Modification Number Pre-Modification Post-Modification ($ in thousands) Commercial and industrial 16 $ 21,822 $ 19,060 33 $ 40,537 $ 38,204 Commercial real estate: Commercial real estate 11 26,710 26,730 4 8,996 9,000 Construction 2 17,599 17,599 — — — Total commercial real estate 13 44,309 44,329 4 8,996 9,000 Residential mortgage 12 2,974 2,909 1 247 247 Consumer 1 170 163 1 72 72 Total 42 $ 69,275 $ 66,461 39 $ 49,852 $ 47,523 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 nine months ended September 30, 2021 and 2020 were as follows: Three Months Ended September 30, 2021 2020 Troubled Debt Restructurings Subsequently Defaulted Number of Recorded Investment Number of Recorded ($ in thousands) Commercial and industrial — $ — 30 $ 17,496 Commercial real estate 1 419 — — Residential mortgage 1 129 — — Total 2 $ 548 30 $ 17,496 Nine Months Ended September 30, 2021 2020 Troubled Debt Restructurings Subsequently Defaulted Number of Recorded Investment Number of Recorded ($ in thousands) Commercial and industrial — $ — 35 $ 20,099 Commercial real estate 1 419 — — Residential mortgage 1 129 — — Consumer — — 1 18 Total 2 $ 548 36 $ 20,117 |
Summary of Collateral Dependent Loans | The following table presents collateral dependent loans by class as of September 30, 2021 and December 31, 2020: September 30, December 31, (in thousands) Commercial and industrial * $ 95,509 $ 106,239 Commercial real estate 117,609 41,562 Residential mortgage 35,047 28,176 Home equity 5 50 Total $ 248,170 $ 176,027 |
Summary of Allowance for Credit Losses | The following table summarizes the allowance for credit losses for loans at September 30, 2021 and December 31, 2020: September 30, December 31, (in thousands) Components of allowance for credit losses for loans: Allowance for loan losses $ 342,527 $ 340,243 Allowance for unfunded credit commitments 14,400 11,111 Total allowance for credit losses for loans $ 356,927 $ 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 Nine Months Ended 2021 2020 2021 2020 (in thousands) Components of provision for credit losses for loans: Provision for loan losses $ 3,496 $ 30,833 $ 17,998 $ 105,709 Provision for unfunded credit commitments — 187 3,289 350 Total provision for credit losses for loans $ 3,496 $ 31,020 $ 21,287 $ 106,059 |
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 nine months ended September 30, 2021 and 2020: Commercial Commercial Residential Consumer Total (in thousands) Three Months Ended Allowance for loan losses: Beginning balance $ 109,689 $ 189,139 $ 25,303 $ 15,193 $ 339,324 Loans charged-off (1,248) — — (771) (2,019) Charged-off loans recovered 514 29 228 955 1,726 Net (charge-offs) recoveries (734) 29 228 184 (293) (Credit) provision for loan losses (5,078) 10,553 (799) (1,180) 3,496 Ending balance $ 103,877 $ 199,721 $ 24,732 $ 14,197 $ 342,527 Three Months Ended Allowance for losses: Beginning balance $ 132,039 $ 131,702 $ 29,630 $ 16,243 $ 309,614 Loans charged-off (13,965) (695) (7) (2,458) (17,125) Charged-off loans recovered 428 100 31 1,151 1,710 Net (charge-offs) recoveries (13,537) (595) 24 (1,307) (15,415) Provision (credit) for loan losses 11,907 13,543 (1,040) 6,423 30,833 Ending balance $ 130,409 $ 144,650 $ 28,614 $ 21,359 $ 325,032 Commercial Commercial Residential Consumer Total (in thousands) Nine Months Ended Allowance for loan losses: Beginning balance $ 131,070 $ 164,113 $ 28,873 $ 16,187 $ 340,243 Loans charged-off (19,283) (382) (139) (3,389) (23,193) Charged-off loans recovered 2,781 763 576 3,359 7,479 Net (charge-offs) recoveries (16,502) 381 437 (30) (15,714) (Credit) provision for loan losses (10,691) 35,227 (4,578) (1,960) 17,998 Ending balance $ 103,877 $ 199,721 $ 24,732 $ 14,197 $ 342,527 Nine 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 (31,349) (766) (348) (7,624) (40,087) Charged-off loans recovered 1,796 244 626 2,454 5,120 Net (charge-offs) recoveries (29,553) (522) 278 (5,170) (34,967) Provision for loan losses 40,734 49,702 2,701 12,572 105,709 Ending balance $ 130,409 $ 144,650 $ 28,614 $ 21,359 $ 325,032 * 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 September 30, 2021 and December 31, 2020. Commercial Commercial Residential Consumer Total (in thousands) September 30, 2021 Allowance for loan losses: Individually evaluated for credit losses $ 62,661 $ 8,093 $ 489 $ 574 $ 71,817 Collectively evaluated for credit losses 41,216 191,628 24,243 13,623 270,710 Total $ 103,877 $ 199,721 $ 24,732 $ 14,197 $ 342,527 Loans: Individually evaluated for credit losses $ 117,656 $ 143,181 $ 42,441 $ 3,264 $ 306,542 Collectively evaluated for credit losses 5,517,604 19,573,469 4,289,981 2,919,218 32,300,272 Total $ 5,635,260 $ 19,716,650 $ 4,332,422 $ 2,922,482 $ 32,606,814 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) | 9 Months Ended |
Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Other Intangible Assets | The following table summarizes other intangible assets as of September 30, 2021 and December 31, 2020: Gross Accumulated Valuation Net (in thousands) September 30, 2021 Loan servicing rights $ 111,978 $ (89,039) $ — $ 22,939 Core deposits 101,160 (62,511) — 38,649 Other 3,945 (3,008) — 937 Total other intangible assets $ 217,083 $ (154,558) $ — $ 62,525 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 $ 1,063 $ 2,843 $ 51 2022 3,705 9,876 191 2023 3,015 8,146 131 2024 2,473 6,537 117 2025 2,047 4,929 103 |
Borrowed Funds (Tables)
Borrowed Funds (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Short-Term Borrowings | Short-term borrowings at September 30, 2021 and December 31, 2020 consisted of the following: September 30, 2021 December 31, 2020 (in thousands) FHLB advances $ 600,000 $ 1,000,000 Securities sold under agreements to repurchase 183,346 147,958 Total short-term borrowings $ 783,346 $ 1,147,958 |
Schedule of Long-Term Borrowings | Long-term borrowings at September 30, 2021 and December 31, 2020 consisted of the following: September 30, 2021 December 31, 2020 (in thousands) FHLB advances, net (1) $ 789,185 $ 1,592,252 Subordinated debt, net (2) 638,259 403,413 Securities sold under agreements to repurchase — 300,000 Total long-term borrowings $ 1,427,444 $ 2,295,665 (1) FHLB advances is presented net of unamortized prepayment penalties and other purchase accounting adjustments totaling $2.6 million at December 31, 2020. The prepayment penalties and other purchase accounting adjustments were fully amortized at September 30, 2021. (2) Subordinated debt is presented net of unamortized debt issuance costs totaling $6.1 million and $2.7 million at September 30, 2021 and December 31, 2020, respectively. |
Schedule of FHLB Repayment | The long-term FHLB advances at September 30, 2021 are scheduled for contractual balance repayments as follows: Year Amount (in thousands) 2023 $ 350,000 2024 165,000 2025 273,000 Total long-term FHLB advances $ 788,000 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 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: September 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 $ — $ 273 $ 800,000 $ — $ 179 $ 1,100,000 Fair value hedge interest rate swaps — 316 300,000 — — — Total derivatives designated as hedging instruments $ — $ 589 $ 1,100,000 $ — $ 179 $ 1,100,000 Derivatives not designated as hedging instruments: Interest rate swaps and other derivatives * $ 215,046 $ 64,623 $ 10,296,468 $ 387,008 $ 154,025 $ 8,889,557 Mortgage banking derivatives 873 1,521 327,116 444 2,077 321,486 Total derivatives not designated as hedging instruments $ 215,919 $ 66,144 $ 10,623,584 $ 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 Nine Months Ended 2021 2020 2021 2020 (in thousands) Amount of loss reclassified from accumulated other comprehensive loss to interest expense $ (1,044) $ (1,586) $ (2,708) $ (1,763) Amount of (loss) gain recognized in other comprehensive income (144) 95 (125) 3,158 |
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 Nine Months Ended 2021 2020 2021 2020 (in thousands) Derivative - interest rate swap: Interest income $ — $ 88 $ — $ 170 Interest expense (396) — (316) — Hedged item - subordinated debt and loans: Interest income $ — $ (88) $ — $ (170) Interest expense 405 — 322 — |
Interest Rate Derivatives Designated as Hedges | The following table presents the hedged item related to interest rate derivatives designated as fair value hedges and the cumulative basis fair value adjustment included in the net carrying amount of the hedged item at September 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 $ (299,678) $ 322 |
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 Nine Months Ended 2021 2020 2021 2020 (in thousands) Non-designated hedge interest rate swaps and credit derivatives Other non-interest expense $ 216 $ 600 $ (209) $ 2,105 |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 9 Months Ended |
Sep. 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 September 30, 2021 and December 31, 2020. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Collateral (1) Net (in thousands) September 30, 2021 Assets: Interest rate swaps $ 215,046 $ — $ 215,046 $ — $ — $ 215,046 Liabilities: Interest rate swaps $ 65,212 $ — $ 65,212 $ — $ (60,177) $ 5,035 Total $ 65,212 $ — $ 65,212 $ — $ (60,177) $ 5,035 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 September 30, 2021 and December 31, 2020. Gross Amounts Not Offset Gross Amounts Gross Amounts Net Amounts Financial Cash Collateral (1) Net (in thousands) September 30, 2021 Assets: Interest rate swaps $ 215,046 $ — $ 215,046 $ — $ — $ 215,046 Liabilities: Interest rate swaps $ 65,212 $ — $ 65,212 $ — $ (60,177) $ 5,035 Total $ 65,212 $ — $ 65,212 $ — $ (60,177) $ 5,035 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) | 9 Months Ended |
Sep. 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 September 30, 2021 and December 31, 2020: September 30, December 31, (in thousands) Other Assets: Affordable housing tax credit investments, net $ 17,231 $ 20,074 Other tax credit investments, net 46,880 47,301 Total tax credit investments, net $ 64,111 $ 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 nine months ended September 30, 2021 and 2020: Three Months Ended Nine Months Ended 2021 2020 2021 2020 (in thousands) Components of Income Tax Expense: Affordable housing tax credits and other tax benefits $ 948 $ 1,352 $ 2,744 $ 3,979 Other tax credit investment credits and tax benefits 2,702 1,727 8,130 5,567 Total reduction in income tax expense $ 3,650 $ 3,079 $ 10,874 $ 9,546 Amortization of Tax Credit Investments: Affordable housing tax credit investment losses $ 681 $ 642 $ 1,684 $ 1,733 Affordable housing tax credit investment impairment losses 387 585 1,159 1,668 Other tax credit investment losses 256 12 780 1,235 Other tax credit investment impairment losses 1,755 1,520 5,172 4,767 Total amortization of tax credit investments recorded in non-interest expense $ 3,079 $ 2,759 $ 8,795 $ 9,403 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2021 and 2020: Three Months Ended September 30, 2021 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,373,897 $ 25,324,485 $ 5,634,492 $ — $ 38,332,874 Interest income $ 58,887 $ 250,866 $ 19,766 $ (718) $ 328,801 Interest expense 4,032 13,795 3,228 6,720 27,775 Net interest income (loss) 54,855 237,071 16,538 (7,438) 301,026 Provision (credit) for credit losses (4,614) 8,110 35 — 3,531 Net interest income (loss) after provision for credit losses 59,469 228,961 16,503 (7,438) 297,495 Non-interest income 11,845 11,611 2,018 16,957 42,431 Non-interest expense 13,520 27,504 (150) 134,048 174,922 Internal transfer expense (income) 20,662 71,141 15,825 (107,628) — Income (loss) before income taxes $ 37,132 $ 141,927 $ 2,846 $ (16,901) $ 165,004 Return on average interest earning assets (pre-tax) 2.01 % 2.24 % 0.20 % N/A 1.72 % Three Months Ended September 30, 2020 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,126,157 $ 25,389,107 $ 5,252,446 $ — $ 37,767,710 Interest income $ 63,956 $ 251,920 $ 22,513 $ (1,046) $ 337,343 Interest expense 9,048 33,330 6,728 5,151 54,257 Net interest income (loss) 54,908 218,590 15,785 (6,197) 283,086 Provision (credit) for credit losses 5,383 25,637 (112) — 30,908 Net interest income (loss) after provision for credit losses 49,525 192,953 15,897 (6,197) 252,178 Non-interest income 23,531 20,421 (1,304) 6,624 49,272 Non-interest expense 19,877 25,633 (186) 114,861 160,185 Internal transfer expense (income) 18,614 66,390 13,713 (98,717) — Income (loss) before income taxes $ 34,565 $ 121,351 $ 1,066 $ (15,717) $ 141,265 Return on average interest earning assets (pre-tax) 1.94 % 1.91 % 0.08 % N/A 1.50 % Nine Months Ended September 30, 2021 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,176,086 $ 25,465,276 $ 5,261,185 $ — $ 37,902,547 Interest income $ 179,151 $ 759,097 $ 58,514 $ (2,515) $ 994,247 Interest expense 15,639 55,497 11,466 17,045 99,647 Net interest income (loss) 163,512 703,600 47,048 (19,560) 894,600 (Credit) provision for credit losses (6,538) 27,825 (353) — 20,934 Net interest income (loss) after provision for credit losses 170,050 675,775 47,401 (19,560) 873,666 Non-interest income 47,445 29,144 6,824 33,377 116,790 Non-interest expense 53,161 80,276 1,370 372,221 507,028 Internal transfer expense (income) 60,026 212,931 43,706 (316,663) — Income (loss) before income taxes $ 104,308 $ 411,712 $ 9,149 $ (41,741) $ 483,428 Return on average interest earning assets (pre-tax) 1.94 % 2.16 % 0.23 % N/A 1.70 % Nine Months Ended September 30, 2020 Consumer Commercial Investment Corporate Total ($ in thousands) Average interest earning assets $ 7,187,839 $ 24,334,429 $ 5,221,538 $ — $ 36,743,806 Interest income $ 199,018 $ 771,947 $ 81,905 $ (3,209) $ 1,049,661 Interest expense 40,217 136,156 29,216 13,088 218,677 Net interest income (loss) 158,801 635,791 52,689 (16,297) 830,984 Provision for credit losses 15,274 90,785 688 — 106,747 Net interest income (loss) after provision for credit losses 143,527 545,006 52,001 (16,297) 724,237 Non-interest income 55,383 52,192 7,661 20,263 135,499 Non-interest expense 60,188 73,041 843 338,935 473,007 Internal transfer expense (income) 58,355 197,444 42,393 (298,192) — Income (loss) before income taxes $ 80,367 $ 326,713 $ 16,426 $ (36,777) $ 386,729 Return on average interest earning assets (pre-tax) 1.49 % 1.79 % 0.42 % N/A 1.40 % |
Business Combinations (Details)
Business Combinations (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 01, 2021 | Oct. 08, 2021 | Jun. 30, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||||||
Assets | $ 41,278,007 | $ 40,686,076 | ||||
Loans | 32,264,287 | 31,876,869 | ||||
Deposits | 33,632,605 | $ 31,935,602 | ||||
Merger expenses | $ 1,300 | |||||
Westchester Bank Holding Corporation | Scenario, forecast | ||||||
Business Acquisition [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 | |||||
Bank Leumi Le-Israel Corporation | Scenario, forecast | ||||||
Business Acquisition [Line Items] | ||||||
Number of shares issued for every share owned (in shares) | 3.8025 | |||||
Cash paid for every share owned (in dollars per share) | $ 5.08 | |||||
Consideration transferred | $ 1,100,000 | |||||
Percentage of common stock transferred | 14.00% | |||||
Dudley Ventures | Subsequent Event | ||||||
Business Acquisition [Line Items] | ||||||
Business combination, consideration transferred, equity interests issued and issuable | $ 3,800 | |||||
Payments to acquire business | $ 11,300 | |||||
Revenue growth, period | 5 years | |||||
Westchester Bank Holding Corporation | ||||||
Business Acquisition [Line Items] | ||||||
Assets | $ 1,300,000 | |||||
Loans | 908,000 | |||||
Deposits | 1,100,000 | |||||
Bank Leumi Le-Israel Corporation | ||||||
Business Acquisition [Line Items] | ||||||
Assets | 8,400,000 | |||||
Loans | 5,400,000 | |||||
Deposits | $ 7,100,000 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share Reconciliation | ||||
Net income available to common shareholders | $ 119,408 | $ 99,202 | $ 349,286 | $ 275,727 |
Basic weighted average number of common shares outstanding (in shares) | 406,824,160 | 403,833,469 | 405,986,114 | 403,714,701 |
Plus: Common stock equivalents (in shares) | 2,413,841 | 955,057 | 2,523,653 | 1,197,425 |
Diluted weighted average number of common shares outstanding (in shares) | 409,238,001 | 404,788,526 | 408,509,767 | 404,912,126 |
Earnings per common share: | ||||
Basic (usd per share) | $ 0.29 | $ 0.25 | $ 0.86 | $ 0.68 |
Diluted (usd per share) | $ 0.29 | $ 0.25 | $ 0.86 | $ 0.68 |
Anti-dilutive common stock options and warrants (in shares) | 0 | 4,900,000 | 0 | 2,200,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Accumulated Other Comprehensive Income (Loss) | ||||
Beginning balance | $ 4,737,807 | $ 4,474,488 | $ 4,592,120 | $ 4,384,188 |
Other comprehensive loss before reclassification | (4,049) | (15,929) | ||
Amounts reclassified from other comprehensive (loss) income | 409 | 2,272 | ||
Total other comprehensive (loss) income | (3,640) | 155 | (13,657) | 27,431 |
Ending balance | 4,822,498 | 4,533,763 | 4,822,498 | 4,533,763 |
Total Accumulated Other Comprehensive Loss | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Beginning balance | (17,735) | (4,938) | (7,718) | (32,214) |
Ending balance | (21,375) | $ (4,783) | (21,375) | $ (4,783) |
Unrealized Gains and Losses on Available for Sale (AFS) Securities | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Beginning balance | 21,503 | 33,290 | ||
Other comprehensive loss before reclassification | (3,953) | (15,860) | ||
Amounts reclassified from other comprehensive (loss) income | (613) | (493) | ||
Total other comprehensive (loss) income | (4,566) | (16,353) | ||
Ending balance | 16,937 | 16,937 | ||
Unrealized Gains and Losses on Derivatives | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Beginning balance | (2,694) | (3,906) | ||
Other comprehensive loss before reclassification | (96) | (69) | ||
Amounts reclassified from other comprehensive (loss) income | 743 | 1,928 | ||
Total other comprehensive (loss) income | 647 | 1,859 | ||
Ending balance | (2,047) | (2,047) | ||
Defined Benefit Pension Plan | ||||
Accumulated Other Comprehensive Income (Loss) | ||||
Beginning balance | (36,544) | (37,102) | ||
Other comprehensive loss before reclassification | 0 | 0 | ||
Amounts reclassified from other comprehensive (loss) income | 279 | 837 | ||
Total other comprehensive (loss) income | 279 | 837 | ||
Ending balance | $ (36,265) | $ (36,265) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Loss - Reclassification from Each Component of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Reclassification Out Of Accumulated Other Comprehensive Loss | ||||||||
Gains (losses) on securities transactions, net | $ 787 | $ (46) | $ 1,263 | $ (127) | ||||
Tax effect | (42,424) | (38,891) | (124,626) | (101,486) | ||||
Net income | 122,580 | $ 120,512 | $ 115,710 | 102,374 | $ 95,601 | $ 87,268 | 358,802 | 285,243 |
Interest expense | (27,775) | (54,257) | (99,647) | (218,677) | ||||
Amortization of actuarial net loss | 20,400 | 18,251 | 56,721 | 53,312 | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | ||||||||
Reclassification Out Of Accumulated Other Comprehensive Loss | ||||||||
Net income | (409) | (1,334) | (2,272) | (1,866) | ||||
Interest expense | (1,044) | (1,586) | (2,708) | (1,763) | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | Unrealized gains (losses) on AFS securities before tax | ||||||||
Reclassification Out Of Accumulated Other Comprehensive Loss | ||||||||
Gains (losses) on securities transactions, net | 825 | (46) | 663 | (127) | ||||
Tax effect | (212) | 10 | (170) | 33 | ||||
Net income | 613 | (36) | 493 | (94) | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | Unrealized losses on derivatives (cash flow hedges) before tax | ||||||||
Reclassification Out Of Accumulated Other Comprehensive Loss | ||||||||
Tax effect | 301 | 459 | 780 | 506 | ||||
Net income | (743) | (1,127) | (1,928) | (1,257) | ||||
Interest expense | (1,044) | (1,586) | (2,708) | (1,763) | ||||
Amounts Reclassified from Accumulated Other Comprehensive Loss | Defined benefit pension plan | ||||||||
Reclassification Out Of Accumulated Other Comprehensive Loss | ||||||||
Tax effect | 109 | 63 | 326 | 184 | ||||
Net income | (279) | (171) | (837) | (515) | ||||
Amortization of actuarial net loss | $ (388) | $ (234) | $ (1,163) | $ (699) |
Fair Value Measurement of Ass_3
Fair Value Measurement of Assets and Liabilities - Recurring and Non-Recurring Basis (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Investment securities: | ||
Equity securities | $ 36,068,000 | $ 29,378,000 |
Trading debt securities | 4,797,000 | 0 |
Available for sale debt securities: | ||
Available for sale debt securities | 1,208,277,000 | 1,339,473,000 |
Non-recurring fair value measurements: | ||
Unpaid principal balances of loans held for sale | 152,400,000 | 286,400,000 |
U.S. Treasury securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 51,393,000 | |
U.S. government agency securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 21,442,000 | 26,157,000 |
Obligations of states and political subdivisions | ||
Available for sale debt securities: | ||
Available for sale debt securities | 83,149,000 | 79,950,000 |
Residential mortgage-backed securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 992,828,000 | 1,090,022,000 |
Corporate and other debt securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 110,858,000 | 91,951,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | ||
Investment securities: | ||
Equity securities | 20,890,000 | 18,600,000 |
Trading debt securities | 0 | |
Available for sale debt securities: | ||
Available for sale debt securities | 0 | 51,393,000 |
Loans held for sale | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 20,890,000 | 69,993,000 |
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 | ||
Available for sale debt securities: | ||
Available for sale debt securities | 51,393,000 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Recurring fair value measurements | U.S. government agency securities | ||
Available for sale debt 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 | ||
Available for sale debt 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 | ||
Available for sale debt 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 | ||
Available for sale debt 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 | |
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 | 4,797,000 | |
Available for sale debt securities: | ||
Available for sale debt securities | 1,208,277,000 | 1,287,265,000 |
Loans held for sale | 157,084,000 | 301,427,000 |
Other assets | 215,919,000 | 387,452,000 |
Total assets | 1,586,077,000 | 1,976,144,000 |
Liabilities | ||
Other liabilities | 66,733,000 | 156,281,000 |
Total liabilities | 66,733,000 | 156,281,000 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | U.S. Treasury securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 0 | |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | U.S. government agency securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 21,442,000 | 26,157,000 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Obligations of states and political subdivisions | ||
Available for sale debt securities: | ||
Available for sale debt securities | 83,149,000 | 79,135,000 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Residential mortgage-backed securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 992,828,000 | 1,090,022,000 |
Significant Other Observable Inputs (Level 2) | Recurring fair value measurements | Corporate and other debt securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 110,858,000 | 91,951,000 |
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 | |
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: | ||
Available for sale debt securities | 0 | 815,000 |
Loans held for sale | 0 | 0 |
Other assets | 0 | 0 |
Total assets | 0 | 815,000 |
Liabilities | ||
Other liabilities | 0 | 0 |
Total liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | U.S. Treasury securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 0 | |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | U.S. government agency securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Obligations of states and political subdivisions | ||
Available for sale debt securities: | ||
Available for sale debt securities | 0 | 815,000 |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Residential mortgage-backed securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Recurring fair value measurements | Corporate and other debt securities | ||
Available for sale debt 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 | 68,162,000 | 35,228,000 |
Loan servicing rights | 15,603,000 | |
Foreclosed assets | 2,037,000 | 7,387,000 |
Total | 70,199,000 | 58,218,000 |
NAV | ||
Investment securities: | ||
Equity securities | 11,400,000 | 7,800,000 |
Fair Value | Recurring fair value measurements | ||
Investment securities: | ||
Equity securities | 32,300,000 | 26,379,000 |
Trading debt securities | 4,797,000 | |
Available for sale debt securities: | ||
Available for sale debt securities | 1,208,277,000 | 1,339,473,000 |
Loans held for sale | 157,084,000 | 301,427,000 |
Other assets | 215,919,000 | 387,452,000 |
Total assets | 1,618,377,000 | 2,054,731,000 |
Liabilities | ||
Other liabilities | 66,733,000 | 156,281,000 |
Total liabilities | 66,733,000 | 156,281,000 |
Fair Value | Recurring fair value measurements | U.S. Treasury securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 51,393,000 | |
Fair Value | Recurring fair value measurements | U.S. government agency securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 21,442,000 | 26,157,000 |
Fair Value | Recurring fair value measurements | Obligations of states and political subdivisions | ||
Available for sale debt securities: | ||
Available for sale debt securities | 83,149,000 | 79,950,000 |
Fair Value | Recurring fair value measurements | Residential mortgage-backed securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 992,828,000 | 1,090,022,000 |
Fair Value | Recurring fair value measurements | Corporate and other debt securities | ||
Available for sale debt securities: | ||
Available for sale debt securities | 110,858,000 | 91,951,000 |
Fair Value | Non-recurring fair value measurements | ||
Non-recurring fair value measurements: | ||
Collateral dependent loans | 68,162,000 | 35,228,000 |
Loan servicing rights | 0 | 15,603,000 |
Foreclosed assets | 2,037,000 | 7,387,000 |
Total | 70,199,000 | 58,218,000 |
Fair Value | Significant Unobservable Inputs (Level 3) | ||
Investment securities: | ||
Equity securities | $ 3,768,000 | $ 2,999,000 |
Fair Value Measurement of Ass_4
Fair Value Measurement of Assets and Liabilities - Additional Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Collateral dependent loans amortized cost | $ 136,100,000 | |
Specific valuation allowance allocations | $ 67,900,000 | |
Valuation of loan servicing rights, prepayment rate | 13.60% | |
Valuation of loan servicing rights, discount rate | 9.00% | |
Minimum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Discount adjustment of the appraisals of foreclosed assets | 0.60% | |
Maximum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Discount adjustment of the appraisals of foreclosed assets | 4.60% | |
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 | $ 68,200,000 | |
Loan servicing rights | $ 0 | $ 15,603,000 |
Fair Value Measurement of Ass_5
Fair Value Measurement of Assets and Liabilities - Carrying Amounts and Estimated Fair Values (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest bearing deposits with banks | $ 1,195,244 | $ 1,071,360 |
Equity securities | 36,068 | 29,378 |
Total held to maturity debt securities | 2,596,311 | 2,227,612 |
Accrued interest receivable | 98,073 | 106,230 |
Deposits with stated maturities | 3,960,283 | 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 | 72,898 | 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 | 5,015 | 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 | 360,903 | 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 | 2,076,597 | 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 | 31,507 | 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 | 49,391 | 41,421 |
Carrying Amount | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 2,584,403 | 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 | 304,912 | 257,845 |
Interest bearing deposits with banks | 1,195,244 | 1,071,360 |
Accrued interest receivable | 98,073 | 106,230 |
Deposits without stated maturities | 29,672,322 | 25,220,924 |
Short-term borrowings | 783,346 | 1,147,958 |
Accrued interest payable | 8,824 | 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 | 67,716 | 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 | 207,701 | 250,116 |
Deposits with stated maturities | 3,960,283 | 6,714,678 |
Long-term borrowings | 1,427,444 | 2,295,665 |
Junior subordinated debentures issued to capital trusts | 56,326 | 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 | 4,817 | 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 | 353,406 | 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 | 2,072,700 | 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 | 37,014 | 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 | 48,750 | 40,750 |
Carrying Amount | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 3,768 | 2,999 |
Net loans | 32,264,287 | 31,876,869 |
Fair Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total held to maturity debt securities | 2,596,311 | 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 | 304,912 | 257,845 |
Interest bearing deposits with banks | 1,195,244 | 1,071,360 |
Accrued interest receivable | 98,073 | 106,230 |
Deposits without stated maturities | 29,672,322 | 25,220,924 |
Short-term borrowings | 765,636 | 1,151,478 |
Accrued interest payable | 8,824 | 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 | 72,898 | 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 | 207,701 | 250,116 |
Deposits with stated maturities | 3,957,008 | 6,639,022 |
Long-term borrowings | 1,417,368 | 2,405,345 |
Junior subordinated debentures issued to capital trusts | 46,057 | 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 | 5,015 | 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 | 360,903 | 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 | 2,076,597 | 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 | 31,507 | 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 | 49,391 | 41,421 |
Fair Value | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity securities | 3,768 | 2,999 |
Net loans | $ 32,113,934 | $ 31,635,060 |
Investment Securities - Additio
Investment Securities - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021USD ($)position | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)position | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($)position | |
Investments, Debt and Equity Securities [Abstract] | |||||
Equity securities | $ 36,068,000 | $ 36,068,000 | $ 29,378,000 | ||
Trading debt securities | 4,797,000 | 4,797,000 | $ 0 | ||
Net trading gains (losses) on trading securities | $ (2,000) | $ 705,000 | |||
Number of security positions in the debt securities available for sale portfolio in an unrealized loss position | position | 111 | 111 | 58 | ||
Fair value of debt securities available for sale pledged as collateral | $ 547,500,000 | $ 547,500,000 | |||
Weighted-average remaining expected life of residential mortgage-backed securities available for sale, years | 4 years 10 months 24 days | ||||
Number of security positions in the securities held to maturity portfolio in an unrealized loss position | position | 62 | 62 | 13 | ||
Fair value of investments held to maturity pledged as collateral | $ 955,900,000 | $ 955,900,000 | |||
Weighted-average remaining expected life of residential mortgage-backed securities held to maturity, years | 5 years 10 months 24 days | ||||
Held to maturity debt securities, allowance for credit losses | 1,100,000 | $ 1,100,000 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,184,790 | $ 1,293,506 |
Gross Unrealized Gains | 26,743 | 46,886 |
Gross Unrealized Losses | (3,256) | (919) |
Fair Value | 1,208,277 | 1,339,473 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 50,031 | |
Gross Unrealized Gains | 1,362 | |
Gross Unrealized Losses | 0 | |
Fair Value | 51,393 | |
U.S. government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 20,408 | 25,067 |
Gross Unrealized Gains | 1,041 | 1,103 |
Gross Unrealized Losses | (7) | (13) |
Fair Value | 21,442 | 26,157 |
Obligations of states and state agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 29,752 | 40,861 |
Gross Unrealized Gains | 239 | 970 |
Gross Unrealized Losses | (39) | (32) |
Fair Value | 29,952 | 41,799 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 53,186 | 37,489 |
Gross Unrealized Gains | 440 | 731 |
Gross Unrealized Losses | (429) | (69) |
Fair Value | 53,197 | 38,151 |
Obligations of states and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 82,938 | 78,350 |
Gross Unrealized Gains | 679 | 1,701 |
Gross Unrealized Losses | (468) | (101) |
Fair Value | 83,149 | 79,950 |
Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 973,543 | 1,050,369 |
Gross Unrealized Gains | 21,761 | 40,426 |
Gross Unrealized Losses | (2,476) | (773) |
Fair Value | 992,828 | 1,090,022 |
Corporate and other debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 107,901 | 89,689 |
Gross Unrealized Gains | 3,262 | 2,294 |
Gross Unrealized Losses | (305) | (32) |
Fair Value | $ 110,858 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value | ||
Less than Twelve Months | $ 319,114 | $ 60,712 |
More than Twelve Months | 13,413 | 30,400 |
Total | 332,527 | 91,112 |
Unrealized Losses | ||
Less than Twelve Months | (2,911) | (601) |
More than Twelve Months | (345) | (318) |
Total | (3,256) | (919) |
U.S. government agency securities | ||
Fair Value | ||
Less than Twelve Months | 0 | 0 |
More than Twelve Months | 1,355 | 1,479 |
Total | 1,355 | 1,479 |
Unrealized Losses | ||
Less than Twelve Months | 0 | 0 |
More than Twelve Months | (7) | (13) |
Total | (7) | (13) |
Obligations of states and state agencies | ||
Fair Value | ||
Less than Twelve Months | 10,344 | 0 |
More than Twelve Months | 0 | 1,010 |
Total | 10,344 | 1,010 |
Unrealized Losses | ||
Less than Twelve Months | (39) | 0 |
More than Twelve Months | 0 | (32) |
Total | (39) | (32) |
Municipal bonds | ||
Fair Value | ||
Less than Twelve Months | 25,100 | 6,777 |
More than Twelve Months | 0 | 0 |
Total | 25,100 | 6,777 |
Unrealized Losses | ||
Less than Twelve Months | (429) | (69) |
More than Twelve Months | 0 | 0 |
Total | (429) | (69) |
Obligations of states and political subdivisions | ||
Fair Value | ||
Less than Twelve Months | 35,444 | 6,777 |
More than Twelve Months | 0 | 1,010 |
Total | 35,444 | 7,787 |
Unrealized Losses | ||
Less than Twelve Months | (468) | (69) |
More than Twelve Months | 0 | (32) |
Total | (468) | (101) |
Residential mortgage-backed securities | ||
Fair Value | ||
Less than Twelve Months | 264,495 | 41,418 |
More than Twelve Months | 12,058 | 27,911 |
Total | 276,553 | 69,329 |
Unrealized Losses | ||
Less than Twelve Months | (2,138) | (500) |
More than Twelve Months | (338) | (273) |
Total | (2,476) | (773) |
Corporate and other debt securities | ||
Fair Value | ||
Less than Twelve Months | 19,175 | 12,517 |
More than Twelve Months | 0 | 0 |
Total | 19,175 | 12,517 |
Unrealized Losses | ||
Less than Twelve Months | (305) | (32) |
More than Twelve Months | 0 | 0 |
Total | $ (305) | $ (32) |
Investment Securities - Contrac
Investment Securities - Contractual Maturities of Debt Securities Available for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due in one year | $ 10,183 | |
Due after one year through five years | 31,000 | |
Due after five years through ten years | 84,781 | |
Due after ten years | 85,283 | |
Residential mortgage-backed securities | 973,543 | |
Amortized Cost | 1,184,790 | $ 1,293,506 |
Fair Value | ||
Due in one year | 10,294 | |
Due after one year through five years | 31,750 | |
Due after five years through ten years | 87,587 | |
Due after ten years | 85,818 | |
Residential mortgage-backed securities | 992,828 | |
Total | $ 1,208,277 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 2,584,403 | $ 2,173,011 |
Gross Unrealized Gains | 35,864 | 62,326 |
Gross Unrealized Losses | (23,956) | (7,725) |
Fair Value | 2,596,311 | 2,227,612 |
U.S. Treasury securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 67,716 | 68,126 |
Gross Unrealized Gains | 5,182 | 7,358 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 72,898 | 75,484 |
U.S. government agency securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 4,817 | 6,222 |
Gross Unrealized Gains | 198 | 291 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 5,015 | 6,513 |
Obligations of states and state agencies | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 161,929 | 262,762 |
Gross Unrealized Gains | 3,866 | 8,060 |
Gross Unrealized Losses | (293) | (105) |
Fair Value | 165,502 | 270,717 |
Municipal bonds | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 191,477 | 207,497 |
Gross Unrealized Gains | 4,066 | 6,292 |
Gross Unrealized Losses | (142) | 0 |
Fair Value | 195,401 | 213,789 |
Obligations of states and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 353,406 | 470,259 |
Gross Unrealized Gains | 7,932 | 14,352 |
Gross Unrealized Losses | (435) | (105) |
Fair Value | 360,903 | 484,506 |
Residential mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 2,072,700 | 1,550,306 |
Gross Unrealized Gains | 21,898 | 39,603 |
Gross Unrealized Losses | (18,001) | (254) |
Fair Value | 2,076,597 | 1,589,655 |
Trust preferred securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 37,014 | 37,348 |
Gross Unrealized Gains | 4 | 50 |
Gross Unrealized Losses | (5,511) | (7,365) |
Fair Value | 31,507 | 30,033 |
Corporate and other debt securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 48,750 | 40,750 |
Gross Unrealized Gains | 650 | 672 |
Gross Unrealized Losses | (9) | (1) |
Fair Value | $ 49,391 | $ 41,421 |
Investment Securities - Unreali
Investment Securities - Unrealized Losses and Fair Value of Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value | ||
Less than Twelve Months | $ 1,325,414 | $ 37,894 |
More than Twelve Months | 38,568 | 31,100 |
Total | 1,363,982 | 68,994 |
Unrealized Losses | ||
Less than Twelve Months | (18,347) | (351) |
More than Twelve Months | (5,609) | (7,374) |
Total | (23,956) | (7,725) |
Obligations of states and state agencies | ||
Fair Value | ||
Less than Twelve Months | 10,541 | 5,546 |
More than Twelve Months | 5,519 | 0 |
Total | 16,060 | 5,546 |
Unrealized Losses | ||
Less than Twelve Months | (218) | (105) |
More than Twelve Months | (75) | 0 |
Total | (293) | (105) |
Municipal bonds | ||
Fair Value | ||
Less than Twelve Months | 14,917 | |
More than Twelve Months | 0 | |
Total | 14,917 | |
Unrealized Losses | ||
Less than Twelve Months | (142) | |
More than Twelve Months | 0 | |
Total | (142) | 0 |
Obligations of states and political subdivisions | ||
Fair Value | ||
Less than Twelve Months | 25,458 | |
More than Twelve Months | 5,519 | |
Total | 30,977 | |
Unrealized Losses | ||
Less than Twelve Months | (360) | |
More than Twelve Months | (75) | |
Total | (435) | (105) |
Residential mortgage-backed securities | ||
Fair Value | ||
Less than Twelve Months | 1,292,965 | 21,599 |
More than Twelve Months | 2,546 | 2,470 |
Total | 1,295,511 | 24,069 |
Unrealized Losses | ||
Less than Twelve Months | (17,978) | (245) |
More than Twelve Months | (23) | (9) |
Total | (18,001) | (254) |
Trust preferred securities | ||
Fair Value | ||
Less than Twelve Months | 0 | 0 |
More than Twelve Months | 30,503 | 28,630 |
Total | 30,503 | 28,630 |
Unrealized Losses | ||
Less than Twelve Months | 0 | 0 |
More than Twelve Months | (5,511) | (7,365) |
Total | (5,511) | (7,365) |
Corporate and other debt securities | ||
Fair Value | ||
Less than Twelve Months | 6,991 | 10,749 |
More than Twelve Months | 0 | 0 |
Total | 6,991 | 10,749 |
Unrealized Losses | ||
Less than Twelve Months | (9) | (1) |
More than Twelve Months | 0 | 0 |
Total | $ (9) | $ (1) |
Investment Securities - Contr_2
Investment Securities - Contractual Maturities of Debt Securities Held to Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Amortized Cost | ||
Due in one year | $ 22,683 | |
Due after one year through five years | 231,112 | |
Due after five years through ten years | 66,064 | |
Due after ten years | 191,844 | |
Residential mortgage-backed securities | 2,072,700 | |
Amortized Cost | 2,584,403 | $ 2,173,011 |
Fair Value | ||
Due in one year | 22,845 | |
Due after one year through five years | 239,893 | |
Due after five years through ten years | 67,333 | |
Due after ten years | 189,643 | |
Residential mortgage-backed securities | 2,076,597 | |
Total | $ 2,596,311 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | $ 2,584,403 | $ 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 | 67,716 | 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 | 4,817 | 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 | 161,929 | 262,762 |
Municipal bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 191,477 | 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 | 353,406 | 470,259 |
Residential mortgage-backed securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 2,072,700 | 1,550,306 |
Trust preferred securities | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 37,014 | 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 | 48,750 | 40,750 |
AAA/AA/A Rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 2,432,823 | 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 | 67,716 | 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 | 4,817 | 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 | 135,122 | 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 | 150,468 | 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 | 285,590 | 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 | 2,072,700 | 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 | 2,000 | 0 |
BBB rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 6,000 | 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 | 6,000 | 5,000 |
Non-investment grade rated | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 5,595 | 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 | 5,595 | 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 | 5,595 | 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 | 139,985 | 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 | 21,212 | 28,826 |
Non-rated | Municipal bonds | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Amortized cost of held to maturity debt securities | 41,009 | 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 | 62,221 | 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 | 37,014 | 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 | $ 40,750 | $ 35,750 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses for Loans - Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 32,606,814 | $ 32,217,112 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,635,260 | 6,861,708 |
Loans, deferred income, PPP | 27,600 | 43,200 |
Commercial and industrial | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,761,227 | 4,709,569 |
Commercial and industrial | Commercial and industrial PPP loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 874,033 | 2,152,139 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 19,716,650 | 18,470,823 |
Commercial real estate | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 17,912,070 | 16,724,998 |
Commercial real estate | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,804,580 | 1,745,825 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,332,422 | 4,183,743 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,922,482 | 2,700,838 |
Consumer | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 402,658 | 431,553 |
Consumer | Automobile | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 1,563,698 | 1,355,955 |
Consumer | Other consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 956,126 | $ 913,330 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses for Loans - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Non covered loans net of unearned discount and deferred loan fees | $ 73,000,000 | $ 73,000,000 | $ 95,800,000 | ||
Accrued interest | 83,400,000 | 83,400,000 | 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 | 64,800,000 | $ 64,800,000 | 57,400,000 | ||
Non-performing TDRs | 116,700,000 | 116,700,000 | 92,800,000 | ||
Specific reserves for loan losses | 8,200,000 | 18,700,000 | 8,200,000 | 18,700,000 | |
Loan charge-offs related to loans modified as TDRs | 206,000 | $ 1,900,000 | 6,000,000 | 5,600,000 | |
Amount from modified loans | 98,600,000 | 98,600,000 | 361,000,000 | ||
Other real estate owned | 4,000,000 | 4,000,000 | 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 | $ 3,000,000 | $ 3,000,000 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 32,606,814 | $ 32,217,112 |
Non-Accrual Loans | 251,831 | 185,282 |
Non-Accrual Loans Without Allowance for Credit Losses | 87,065 | 48,151 |
Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 307,045 | 284,287 |
30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 40,389 | 69,712 |
60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 9,473 | 15,752 |
90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,352 | 13,541 |
Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 32,299,769 | 31,932,825 |
Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,635,260 | 6,861,708 |
Non-Accrual Loans | 100,614 | 106,693 |
Non-Accrual Loans Without Allowance for Credit Losses | 10,407 | 4,075 |
Commercial and industrial | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 106,359 | 124,445 |
Commercial and industrial | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,677 | 6,393 |
Commercial and industrial | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 985 | 2,252 |
Commercial and industrial | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,083 | 9,107 |
Commercial and industrial | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,528,901 | 6,737,263 |
Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 19,716,650 | 18,470,823 |
Non-Accrual Loans | 113,496 | 46,963 |
Non-Accrual Loans Without Allowance for Credit Losses | 55,621 | 32,416 |
Commercial real estate | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 144,291 | 84,627 |
Commercial real estate | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 22,956 | 35,345 |
Commercial real estate | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,897 | 1,326 |
Commercial real estate | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,942 | 993 |
Commercial real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 19,572,359 | 18,386,196 |
Commercial real estate | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 17,912,070 | 16,724,998 |
Non-Accrual Loans | 95,843 | 46,879 |
Non-Accrual Loans Without Allowance for Credit Losses | 55,621 | 32,416 |
Commercial real estate | Commercial real estate | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 126,638 | 84,228 |
Commercial real estate | Commercial real estate | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 22,956 | 35,030 |
Commercial real estate | Commercial real estate | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,897 | 1,326 |
Commercial real estate | Commercial real estate | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,942 | 993 |
Commercial real estate | Commercial real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 17,785,432 | 16,640,770 |
Commercial real estate | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,804,580 | 1,745,825 |
Non-Accrual Loans | 17,653 | 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 | 17,653 | 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 | 1,786,927 | 1,745,426 |
Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,332,422 | 4,183,743 |
Non-Accrual Loans | 33,648 | 25,817 |
Non-Accrual Loans Without Allowance for Credit Losses | 21,032 | 11,610 |
Residential mortgage | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 44,917 | 57,055 |
Residential mortgage | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 9,293 | 17,717 |
Residential mortgage | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 974 | 10,351 |
Residential mortgage | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,002 | 3,170 |
Residential mortgage | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,287,505 | 4,126,688 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,922,482 | 2,700,838 |
Non-Accrual Loans | 4,073 | 5,809 |
Non-Accrual Loans Without Allowance for Credit Losses | 5 | 50 |
Consumer | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 11,478 | 18,160 |
Consumer | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,463 | 10,257 |
Consumer | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,617 | 1,823 |
Consumer | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 325 | 271 |
Consumer | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,911,004 | 2,682,678 |
Consumer | Home equity | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 402,658 | 431,553 |
Non-Accrual Loans | 3,541 | 4,936 |
Non-Accrual Loans Without Allowance for Credit Losses | 5 | 50 |
Consumer | Home equity | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,372 | 6,381 |
Consumer | Home equity | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 606 | 953 |
Consumer | Home equity | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 225 | 492 |
Consumer | Home equity | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Consumer | Home equity | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 398,286 | 425,172 |
Consumer | Automobile | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,563,698 | 1,355,955 |
Non-Accrual Loans | 420 | 338 |
Non-Accrual Loans Without Allowance for Credit Losses | 0 | 0 |
Consumer | Automobile | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 5,426 | 9,746 |
Consumer | Automobile | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,218 | 8,056 |
Consumer | Automobile | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 555 | 1,107 |
Consumer | Automobile | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 233 | 245 |
Consumer | Automobile | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,558,272 | 1,346,209 |
Consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 956,126 | 913,330 |
Non-Accrual Loans | 112 | 535 |
Non-Accrual Loans Without Allowance for Credit Losses | 0 | 0 |
Consumer | Other consumer | Financial Asset, Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,680 | 2,033 |
Consumer | Other consumer | 30-59 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 639 | 1,248 |
Consumer | Other consumer | 60-89 Days Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 837 | 224 |
Consumer | Other consumer | 90 Days or More Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 92 | 26 |
Consumer | Other consumer | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 954,446 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 32,606,814 | $ 32,217,112 |
Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 1,532,789 | 3,064,630 |
Year two, fiscal year before current fiscal year | 848,933 | 624,427 |
Year three, two years before current fiscal year | 470,893 | 570,901 |
Year four, three years before current fiscal year | 407,110 | 240,525 |
Year five, four years before current fiscal year | 169,171 | 179,522 |
More than five years before current fiscal year | 414,047 | 434,485 |
Revolving Loans Amortized Cost Basis | 1,791,707 | 1,746,355 |
Revolving Loans Converted to Term Loans | 610 | 863 |
Total | 5,635,260 | 6,861,708 |
Commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 1,526,393 | 3,058,596 |
Year two, fiscal year before current fiscal year | 840,868 | 605,112 |
Year three, two years before current fiscal year | 462,843 | 556,284 |
Year four, three years before current fiscal year | 388,482 | 212,215 |
Year five, four years before current fiscal year | 149,991 | 162,483 |
More than five years before current fiscal year | 328,289 | 337,484 |
Revolving Loans Amortized Cost Basis | 1,716,736 | 1,677,559 |
Revolving Loans Converted to Term Loans | 269 | 350 |
Total | 5,413,871 | 6,610,083 |
Commercial and industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 1,809 | 819 |
Year two, fiscal year before current fiscal year | 1,558 | 10,236 |
Year three, two years before current fiscal year | 1,342 | 2,135 |
Year four, three years before current fiscal year | 10,770 | 9,502 |
Year five, four years before current fiscal year | 1,930 | 10,228 |
More than five years before current fiscal year | 14,950 | 14,165 |
Revolving Loans Amortized Cost Basis | 59,905 | 49,883 |
Revolving Loans Converted to Term Loans | 53 | 51 |
Total | 92,317 | 97,019 |
Commercial and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 4,587 | 5,215 |
Year two, fiscal year before current fiscal year | 6,507 | 3,876 |
Year three, two years before current fiscal year | 3,972 | 12,481 |
Year four, three years before current fiscal year | 7,853 | 1,798 |
Year five, four years before current fiscal year | 886 | 4,215 |
More than five years before current fiscal year | 2,532 | 12,965 |
Revolving Loans Amortized Cost Basis | 15,066 | 18,913 |
Revolving Loans Converted to Term Loans | 288 | 462 |
Total | 41,691 | 59,925 |
Commercial and industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 0 | 0 |
Year two, fiscal year before current fiscal year | 0 | 5,203 |
Year three, two years before current fiscal year | 2,736 | 1 |
Year four, three years before current fiscal year | 5 | 17,010 |
Year five, four years before current fiscal year | 16,364 | 2,596 |
More than five years before current fiscal year | 68,276 | 69,871 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 87,381 | 94,681 |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 19,716,650 | 18,470,823 |
Commercial real estate | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 3,180,913 | 3,165,678 |
Year two, fiscal year before current fiscal year | 3,015,406 | 3,137,328 |
Year three, two years before current fiscal year | 2,886,123 | 2,305,380 |
Year four, three years before current fiscal year | 1,935,323 | 1,875,959 |
Year five, four years before current fiscal year | 1,618,216 | 1,876,523 |
More than five years before current fiscal year | 5,051,448 | 4,145,217 |
Revolving Loans Amortized Cost Basis | 211,888 | 203,381 |
Revolving Loans Converted to Term Loans | 12,753 | 15,532 |
Total | 17,912,070 | 16,724,998 |
Commercial real estate | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 3,178,182 | 3,096,549 |
Year two, fiscal year before current fiscal year | 2,936,284 | 3,052,076 |
Year three, two years before current fiscal year | 2,801,710 | 2,230,047 |
Year four, three years before current fiscal year | 1,851,162 | 1,767,528 |
Year five, four years before current fiscal year | 1,498,151 | 1,798,137 |
More than five years before current fiscal year | 4,716,223 | 3,916,990 |
Revolving Loans Amortized Cost Basis | 170,763 | 199,145 |
Revolving Loans Converted to Term Loans | 12,753 | 15,532 |
Total | 17,165,228 | 16,076,004 |
Commercial real estate | Commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 1,988 | 50,193 |
Year two, fiscal year before current fiscal year | 45,305 | 68,203 |
Year three, two years before current fiscal year | 44,596 | 44,336 |
Year four, three years before current fiscal year | 43,593 | 48,813 |
Year five, four years before current fiscal year | 51,875 | 66,845 |
More than five years before current fiscal year | 169,460 | 109,295 |
Revolving Loans Amortized Cost Basis | 38,594 | 1,705 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 395,411 | 389,390 |
Commercial real estate | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 743 | 18,936 |
Year two, fiscal year before current fiscal year | 33,817 | 17,049 |
Year three, two years before current fiscal year | 39,817 | 30,997 |
Year four, three years before current fiscal year | 40,568 | 59,618 |
Year five, four years before current fiscal year | 68,190 | 11,541 |
More than five years before current fiscal year | 165,574 | 118,725 |
Revolving Loans Amortized Cost Basis | 2,531 | 2,531 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 351,240 | 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 | 191 | 207 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 191 | 207 |
Commercial real estate | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 164,162 | 145,246 |
Year two, fiscal year before current fiscal year | 109,866 | 121,869 |
Year three, two years before current fiscal year | 63,361 | 111,420 |
Year four, three years before current fiscal year | 66,227 | 18,125 |
Year five, four years before current fiscal year | 6,181 | 57,984 |
More than five years before current fiscal year | 46,340 | 37,823 |
Revolving Loans Amortized Cost Basis | 1,348,443 | 1,253,358 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 1,804,580 | 1,745,825 |
Commercial real estate | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 160,031 | 145,246 |
Year two, fiscal year before current fiscal year | 109,843 | 120,800 |
Year three, two years before current fiscal year | 62,330 | 111,174 |
Year four, three years before current fiscal year | 65,581 | 15,497 |
Year five, four years before current fiscal year | 6,181 | 47,971 |
More than five years before current fiscal year | 28,498 | 20,029 |
Revolving Loans Amortized Cost Basis | 1,329,163 | 1,199,034 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 1,761,627 | 1,659,751 |
Commercial real estate | Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 4,131 | 0 |
Year two, fiscal year before current fiscal year | 0 | 1,043 |
Year three, two years before current fiscal year | 1,018 | 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 | 0 | 17,414 |
Revolving Loans Amortized Cost Basis | 9,497 | 47,311 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 14,646 | 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 | 23 | 26 |
Year three, two years before current fiscal year | 13 | 246 |
Year four, three years before current fiscal year | 646 | 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 | 9,783 | 7,013 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | $ 28,307 | $ 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | $ 32,606,814 | $ 32,217,112 |
90 Days or More Past Due Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 5,352 | 13,541 |
Residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 1,084,533 | 730,764 |
Year two, fiscal year before current fiscal year | 661,652 | 781,246 |
Year three, two years before current fiscal year | 622,035 | 688,973 |
Year four, three years before current fiscal year | 471,948 | 586,114 |
Year five, four years before current fiscal year | 408,997 | 384,867 |
More than five years before current fiscal year | 1,022,747 | 946,981 |
Revolving Loans Amortized Cost Basis | 60,510 | 64,798 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 4,332,422 | 4,183,743 |
Residential mortgage | 90 Days or More Past Due Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 1,002 | 3,170 |
Residential mortgage | Performing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 1,084,533 | 730,764 |
Year two, fiscal year before current fiscal year | 661,418 | 778,161 |
Year three, two years before current fiscal year | 619,942 | 684,761 |
Year four, three years before current fiscal year | 467,876 | 582,650 |
Year five, four years before current fiscal year | 405,847 | 380,723 |
More than five years before current fiscal year | 1,019,676 | 943,616 |
Revolving Loans Amortized Cost Basis | 60,510 | 64,798 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 4,319,802 | 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 | 234 | 3,085 |
Year three, two years before current fiscal year | 2,093 | 4,212 |
Year four, three years before current fiscal year | 4,072 | 3,464 |
Year five, four years before current fiscal year | 3,150 | 4,144 |
More than five years before current fiscal year | 3,071 | 3,365 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 12,620 | 18,270 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 629,016 | 446,991 |
Year two, fiscal year before current fiscal year | 356,023 | 454,481 |
Year three, two years before current fiscal year | 330,058 | 290,819 |
Year four, three years before current fiscal year | 199,111 | 161,744 |
Year five, four years before current fiscal year | 96,690 | 57,330 |
More than five years before current fiscal year | 44,835 | 37,456 |
Revolving Loans Amortized Cost Basis | 1,222,783 | 1,200,000 |
Revolving Loans Converted to Term Loans | 43,966 | 52,017 |
Total | 2,922,482 | 2,700,838 |
Consumer | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 11,096 | 8,580 |
Year two, fiscal year before current fiscal year | 6,593 | 10,634 |
Year three, two years before current fiscal year | 8,055 | 11,756 |
Year four, three years before current fiscal year | 8,745 | 8,886 |
Year five, four years before current fiscal year | 6,031 | 5,365 |
More than five years before current fiscal year | 14,395 | 15,476 |
Revolving Loans Amortized Cost Basis | 303,777 | 319,247 |
Revolving Loans Converted to Term Loans | 43,966 | 51,609 |
Total | 402,658 | 431,553 |
Consumer | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 611,402 | 426,140 |
Year two, fiscal year before current fiscal year | 342,636 | 438,289 |
Year three, two years before current fiscal year | 315,460 | 272,248 |
Year four, three years before current fiscal year | 183,135 | 151,746 |
Year five, four years before current fiscal year | 89,642 | 50,888 |
More than five years before current fiscal year | 21,423 | 16,644 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 1,563,698 | 1,355,955 |
Consumer | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 6,518 | 12,271 |
Year two, fiscal year before current fiscal year | 6,794 | 5,558 |
Year three, two years before current fiscal year | 6,543 | 6,815 |
Year four, three years before current fiscal year | 7,231 | 1,112 |
Year five, four years before current fiscal year | 1,017 | 1,077 |
More than five years before current fiscal year | 9,017 | 5,336 |
Revolving Loans Amortized Cost Basis | 919,006 | 880,753 |
Revolving Loans Converted to Term Loans | 0 | 408 |
Total | 956,126 | 913,330 |
Consumer | 90 Days or More Past Due Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 325 | 271 |
Consumer | 90 Days or More Past Due Loans | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 0 | 0 |
Consumer | 90 Days or More Past Due Loans | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 233 | 245 |
Consumer | 90 Days or More Past Due Loans | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total | 92 | 26 |
Consumer | Performing | Home equity | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 11,096 | 8,580 |
Year two, fiscal year before current fiscal year | 6,593 | 10,634 |
Year three, two years before current fiscal year | 8,055 | 11,756 |
Year four, three years before current fiscal year | 8,745 | 8,886 |
Year five, four years before current fiscal year | 6,031 | 5,340 |
More than five years before current fiscal year | 14,327 | 15,393 |
Revolving Loans Amortized Cost Basis | 303,235 | 318,869 |
Revolving Loans Converted to Term Loans | 43,502 | 50,879 |
Total | 401,584 | 430,337 |
Consumer | Performing | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 611,329 | 426,121 |
Year two, fiscal year before current fiscal year | 342,584 | 438,181 |
Year three, two years before current fiscal year | 315,330 | 272,075 |
Year four, three years before current fiscal year | 182,973 | 151,523 |
Year five, four years before current fiscal year | 89,463 | 50,853 |
More than five years before current fiscal year | 21,302 | 16,550 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 1,562,981 | 1,355,303 |
Consumer | Performing | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 6,518 | 12,271 |
Year two, fiscal year before current fiscal year | 6,794 | 5,558 |
Year three, two years before current fiscal year | 6,543 | 6,815 |
Year four, three years before current fiscal year | 7,231 | 1,112 |
Year five, four years before current fiscal year | 1,017 | 1,077 |
More than five years before current fiscal year | 9,017 | 5,314 |
Revolving Loans Amortized Cost Basis | 918,946 | 880,748 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 956,066 | 912,895 |
Consumer | 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 | 68 | 83 |
Revolving Loans Amortized Cost Basis | 542 | 378 |
Revolving Loans Converted to Term Loans | 464 | 730 |
Total | 1,074 | 1,216 |
Consumer | Non-Performing Loans | 90 Days or More Past Due Loans | Automobile | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Year one, current fiscal year | 73 | 19 |
Year two, fiscal year before current fiscal year | 52 | 108 |
Year three, two years before current fiscal year | 130 | 173 |
Year four, three years before current fiscal year | 162 | 223 |
Year five, four years before current fiscal year | 179 | 35 |
More than five years before current fiscal year | 121 | 94 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Converted to Term Loans | 0 | 0 |
Total | 717 | 652 |
Consumer | 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 | 60 | 5 |
Revolving Loans Converted to Term Loans | 0 | 408 |
Total | $ 60 | $ 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 | 9 Months Ended | ||
Sep. 30, 2021USD ($)contract | Sep. 30, 2020USD ($)contract | Sep. 30, 2021USD ($)contract | Sep. 30, 2020USD ($)contract | |
Troubled Debt Restructurings | ||||
Number of contracts, troubled debt restructurings (in contract) | contract | 15 | 32 | 42 | 39 |
Pre-Modification Amortized Carrying Amount | $ 34,874 | $ 35,805 | $ 69,275 | $ 49,852 |
Post-Modification Amortized Carrying Amount | $ 34,902 | $ 35,497 | $ 66,461 | $ 47,523 |
Days past due to place on non-accrual status | 90 days | 90 days | ||
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract | 2 | 30 | 2 | 36 |
Recorded Investment | $ 548 | $ 17,496 | $ 548 | $ 20,117 |
Commercial and industrial | ||||
Troubled Debt Restructurings | ||||
Number of contracts, troubled debt restructurings (in contract) | contract | 4 | 28 | 16 | 33 |
Pre-Modification Amortized Carrying Amount | $ 2,446 | $ 31,237 | $ 21,822 | $ 40,537 |
Post-Modification Amortized Carrying Amount | $ 2,414 | $ 30,938 | $ 19,060 | $ 38,204 |
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract | 0 | 30 | 0 | 35 |
Recorded Investment | $ 0 | $ 17,496 | $ 0 | $ 20,099 |
Commercial Real Estate | ||||
Troubled Debt Restructurings | ||||
Number of contracts, troubled debt restructurings (in contract) | contract | 7 | 2 | 13 | 4 |
Pre-Modification Amortized Carrying Amount | $ 32,072 | $ 4,249 | $ 44,309 | $ 8,996 |
Post-Modification Amortized Carrying Amount | $ 32,138 | $ 4,240 | $ 44,329 | $ 9,000 |
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract | 1 | 0 | 1 | 0 |
Recorded Investment | $ 419 | $ 0 | $ 419 | $ 0 |
Commercial Real Estate | Commercial real estate | ||||
Troubled Debt Restructurings | ||||
Number of contracts, troubled debt restructurings (in contract) | contract | 5 | 2 | 11 | 4 |
Pre-Modification Amortized Carrying Amount | $ 14,473 | $ 4,249 | $ 26,710 | $ 8,996 |
Post-Modification Amortized Carrying Amount | $ 14,539 | $ 4,240 | $ 26,730 | $ 9,000 |
Commercial Real Estate | Construction | ||||
Troubled Debt Restructurings | ||||
Number of contracts, troubled debt restructurings (in contract) | contract | 2 | 0 | 2 | 0 |
Pre-Modification Amortized Carrying Amount | $ 17,599 | $ 0 | $ 17,599 | $ 0 |
Post-Modification Amortized Carrying Amount | $ 17,599 | $ 0 | $ 17,599 | $ 0 |
Residential mortgage | ||||
Troubled Debt Restructurings | ||||
Number of contracts, troubled debt restructurings (in contract) | contract | 4 | 1 | 12 | 1 |
Pre-Modification Amortized Carrying Amount | $ 356 | $ 247 | $ 2,974 | $ 247 |
Post-Modification Amortized Carrying Amount | $ 350 | $ 247 | $ 2,909 | $ 247 |
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract | 1 | 0 | 1 | 0 |
Recorded Investment | $ 129 | $ 0 | $ 129 | $ 0 |
Consumer | ||||
Troubled Debt Restructurings | ||||
Number of contracts, troubled debt restructurings (in contract) | contract | 0 | 1 | 1 | 1 |
Pre-Modification Amortized Carrying Amount | $ 0 | $ 72 | $ 170 | $ 72 |
Post-Modification Amortized Carrying Amount | $ 0 | $ 72 | $ 163 | $ 72 |
Number of contracts, troubled debt restructurings subsequently defaulted (in contract) | contract | 0 | 1 | ||
Recorded Investment | $ 0 | $ 18 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses for Loans - Summary of Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 32,606,814 | $ 32,217,112 |
Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 5,635,260 | 6,861,708 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 19,716,650 | 18,470,823 |
Commercial real estate | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 17,912,070 | 16,724,998 |
Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 4,332,422 | 4,183,743 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 2,922,482 | 2,700,838 |
Consumer | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 402,658 | 431,553 |
Collateral Pledged | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 248,170 | 176,027 |
Collateral Pledged | Commercial and industrial | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 95,509 | 106,239 |
Collateral Pledged | Commercial real estate | Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 117,609 | 41,562 |
Collateral Pledged | Residential mortgage | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | 35,047 | 28,176 |
Collateral Pledged | Consumer | Home equity | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 5 | $ 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 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||||||
Allowance for loan losses | $ 342,527 | $ 339,324 | $ 340,243 | $ 325,032 | $ 309,614 | $ 161,759 |
Allowance for unfunded credit commitments | 14,400 | 11,111 | ||||
Total allowance for credit losses for loans | $ 356,927 | $ 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Receivables [Abstract] | ||||
Provision (credit) for loan losses | $ 3,496 | $ 30,833 | $ 17,998 | $ 105,709 |
Provision for unfunded credit commitments | 0 | 187 | 3,289 | 350 |
Total provision for credit losses for loans | $ 3,496 | $ 31,020 | $ 21,287 | $ 106,059 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Allowance for loan losses: | ||||
Beginning balance | $ 339,324 | $ 309,614 | $ 340,243 | $ 161,759 |
Loans charged-off | (2,019) | (17,125) | (23,193) | (40,087) |
Charged-off loans recovered | 1,726 | 1,710 | 7,479 | 5,120 |
Net (charge-offs) recoveries | (293) | (15,415) | (15,714) | (34,967) |
Provision (credit) for loan losses | 3,496 | 30,833 | 17,998 | 105,709 |
Ending balance | 342,527 | 325,032 | 342,527 | 325,032 |
Allowance for PCD loans reclassification | 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 | 109,689 | 132,039 | 131,070 | 104,059 |
Loans charged-off | (1,248) | (13,965) | (19,283) | (31,349) |
Charged-off loans recovered | 514 | 428 | 2,781 | 1,796 |
Net (charge-offs) recoveries | (734) | (13,537) | (16,502) | (29,553) |
Provision (credit) for loan losses | (5,078) | 11,907 | (10,691) | 40,734 |
Ending balance | 103,877 | 130,409 | 103,877 | 130,409 |
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 | 189,139 | 131,702 | 164,113 | 45,673 |
Loans charged-off | 0 | (695) | (382) | (766) |
Charged-off loans recovered | 29 | 100 | 763 | 244 |
Net (charge-offs) recoveries | 29 | (595) | 381 | (522) |
Provision (credit) for loan losses | 10,553 | 13,543 | 35,227 | 49,702 |
Ending balance | 199,721 | 144,650 | 199,721 | 144,650 |
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 | 25,303 | 29,630 | 28,873 | 5,060 |
Loans charged-off | 0 | (7) | (139) | (348) |
Charged-off loans recovered | 228 | 31 | 576 | 626 |
Net (charge-offs) recoveries | 228 | 24 | 437 | 278 |
Provision (credit) for loan losses | (799) | (1,040) | (4,578) | 2,701 |
Ending balance | 24,732 | 28,614 | 24,732 | 28,614 |
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 | 15,193 | 16,243 | 16,187 | 6,967 |
Loans charged-off | (771) | (2,458) | (3,389) | (7,624) |
Charged-off loans recovered | 955 | 1,151 | 3,359 | 2,454 |
Net (charge-offs) recoveries | 184 | (1,307) | (30) | (5,170) |
Provision (credit) for loan losses | (1,180) | 6,423 | (1,960) | 12,572 |
Ending balance | $ 14,197 | $ 21,359 | $ 14,197 | 21,359 |
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 | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for credit losses | $ 71,817 | $ 75,871 | ||||
Collectively evaluated for credit losses | 270,710 | 264,372 | ||||
Total | 342,527 | $ 339,324 | 340,243 | $ 325,032 | $ 309,614 | $ 161,759 |
Individually evaluated for credit losses | 306,542 | 229,593 | ||||
Collectively evaluated for credit losses | 32,300,272 | 31,987,519 | ||||
Total | 32,606,814 | 32,217,112 | ||||
Commercial and industrial | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for credit losses | 62,661 | 73,063 | ||||
Collectively evaluated for credit losses | 41,216 | 58,007 | ||||
Total | 103,877 | 109,689 | 131,070 | 130,409 | 132,039 | 104,059 |
Individually evaluated for credit losses | 117,656 | 131,057 | ||||
Collectively evaluated for credit losses | 5,517,604 | 6,730,651 | ||||
Total | 5,635,260 | 6,861,708 | ||||
Commercial Real Estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for credit losses | 8,093 | 1,338 | ||||
Collectively evaluated for credit losses | 191,628 | 162,775 | ||||
Total | 199,721 | 189,139 | 164,113 | 144,650 | 131,702 | 45,673 |
Individually evaluated for credit losses | 143,181 | 61,754 | ||||
Collectively evaluated for credit losses | 19,573,469 | 18,409,069 | ||||
Total | 19,716,650 | 18,470,823 | ||||
Residential Mortgage | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for credit losses | 489 | 1,206 | ||||
Collectively evaluated for credit losses | 24,243 | 27,667 | ||||
Total | 24,732 | 25,303 | 28,873 | 28,614 | 29,630 | 5,060 |
Individually evaluated for credit losses | 42,441 | 35,151 | ||||
Collectively evaluated for credit losses | 4,289,981 | 4,148,592 | ||||
Total | 4,332,422 | 4,183,743 | ||||
Consumer | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Individually evaluated for credit losses | 574 | 264 | ||||
Collectively evaluated for credit losses | 13,623 | 15,923 | ||||
Total | 14,197 | $ 15,193 | 16,187 | $ 21,359 | $ 16,243 | $ 6,967 |
Individually evaluated for credit losses | 3,264 | 1,631 | ||||
Collectively evaluated for credit losses | 2,919,218 | 2,699,207 | ||||
Total | $ 2,922,482 | $ 2,700,838 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 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) | (32,000) | 188,000 | (864,000) | 966,000 | |
Amortization of other intangible assets | 5,298,000 | 6,377,000 | $ 16,753,000 | 18,528,000 | |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 217,083 | $ 208,255 |
Accumulated Amortization | (154,558) | (136,941) |
Valuation Allowance | 0 | (865) |
Net Intangible Assets | 62,525 | 70,449 |
Loan servicing rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 111,978 | 103,150 |
Accumulated Amortization | (89,039) | (80,340) |
Valuation Allowance | 0 | (865) |
Net Intangible Assets | 22,939 | 21,945 |
Core deposits | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 101,160 | 101,160 |
Accumulated Amortization | (62,511) | (53,747) |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | 38,649 | 47,413 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 3,945 | 3,945 |
Accumulated Amortization | (3,008) | (2,854) |
Valuation Allowance | 0 | 0 |
Net Intangible Assets | $ 937 | $ 1,091 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Loan Servicing Rights | |
Finite-Lived Intangible Assets [Line Items] | |
2021 | $ 1,063 |
2022 | 3,705 |
2023 | 3,015 |
2024 | 2,473 |
2025 | 2,047 |
Core Deposits | |
Finite-Lived Intangible Assets [Line Items] | |
2021 | 2,843 |
2022 | 9,876 |
2023 | 8,146 |
2024 | 6,537 |
2025 | 4,929 |
Other | |
Finite-Lived Intangible Assets [Line Items] | |
2021 | 51 |
2022 | 191 |
2023 | 131 |
2024 | 117 |
2025 | $ 103 |
Borrowed Funds - Schedule of Sh
Borrowed Funds - Schedule of Short-Term Borrowings (Detail) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total short-term borrowings | $ 783,346 | $ 1,147,958 |
Short-term borrowings | ||
Debt Instrument [Line Items] | ||
FHLB advances | 600,000 | 1,000,000 |
Securities sold under agreements to repurchase | 183,346 | 147,958 |
Total short-term borrowings | $ 783,346 | $ 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 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||||||
Weighted average interest rate for short-term borrowings | 0.35% | 0.35% | 0.38% | ||||||
Payments of FHLBank borrowings | $ 248,000,000 | ||||||||
Loss on extinguishment of debt | $ 0 | $ 2,353,000 | $ 8,406,000 | $ 2,353,000 | |||||
FHLB advances, callable for early redemption | 0 | 0 | |||||||
Subordinated borrowing interest rate | 3.00% | 3.00% | |||||||
Subordinated debt carrying value | $ 296,200,000 | $ 296,200,000 | |||||||
Federal Home Loan Bank Advances | |||||||||
Debt Instrument [Line Items] | |||||||||
Weighted average interest rate for long-term borrowings | 1.88% | 1.88% | 2.02% | ||||||
Effective interest rate of debt | 1.82% | ||||||||
Loss on extinguishment of debt | $ 8,400,000 | ||||||||
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 | |||||||
Subordinated borrowing interest rate | 5.125% | ||||||||
Subordinated Notes Due June 2025 | |||||||||
Debt Instrument [Line Items] | |||||||||
Subordinated debt, net | 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 | |||||||
Subordinated borrowing interest rate | 5.25% | ||||||||
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 | 3.37% | ||||||||
Federal Home Loan Bank Advances | |||||||||
Debt Instrument [Line Items] | |||||||||
Amount of hedged debt | $ 600,000,000 | $ 600,000,000 |
Borrowed Funds - Schedule of Lo
Borrowed Funds - Schedule of Long-Term Borrowings (Detail) - Long-term borrowings - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
FHLB advances, net | $ 789,185 | $ 1,592,252 |
Subordinated debt, net | 638,259 | 403,413 |
Securities sold under agreements to repurchase | 0 | 300,000 |
Total long-term borrowings | 1,427,444 | 2,295,665 |
Unamortized prepayment penalties and other purchase accounting adjustments | 2,600 | |
Deferred issuance costs | $ 6,100 | $ 2,700 |
Borrowed Funds - Schedule of FH
Borrowed Funds - Schedule of FHLB Repayment (Detail) - Long-term borrowings $ in Thousands | Sep. 30, 2021USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 350,000 |
2024 | 165,000 |
2025 | 273,000 |
Total long-term FHLB advances | $ 788,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense (in USD) | $ 5.2 | $ 4.1 | $ 15.9 | $ 12.3 |
Stock-based compensation amortization expense unrecognized (in USD) | $ 23.9 | $ 23.9 | ||
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) | 30,000 | 26,000 | 1,200,000 | 1,200,000 |
Award vesting period (in years) | 3 years | |||
Average grant date fair value (usd per share) | $ 11.98 | $ 10.41 | ||
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) | May 28, 2021 | May 25, 2021 | Jun. 30, 2021USD ($) | Sep. 30, 2021USD ($)swap | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)swap | Sep. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Derivative [Line Items] | ||||||||
Subordinated borrowing interest rate | 3.00% | 3.00% | ||||||
Aggregate fair value of net liability position | $ 60,500,000 | $ 60,500,000 | ||||||
Derivatives not designated as hedging instruments: | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | 10,623,584,000 | 10,623,584,000 | $ 9,211,043,000 | |||||
Interest rate swaps | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | $ 300,000,000 | |||||||
Accumulated net after-tax losses related to effective cash flow hedges | 2,000,000 | 2,000,000 | 4,000,000 | |||||
Reclassified to interest expense | 1,800,000 | 1,800,000 | ||||||
Interest rate swaps | Fair value hedge | Noninterest Income | ||||||||
Derivative [Line Items] | ||||||||
Fee income related to derivative interest rate swaps executed with commercial loan customers | 8,800,000 | $ 19,200,000 | 22,600,000 | $ 48,100,000 | ||||
Interest rate swaps | Derivatives not designated as hedging instruments: | ||||||||
Derivative [Line Items] | ||||||||
Notional amount | $ 10,296,468,000 | $ 10,296,468,000 | $ 8,889,557,000 | |||||
Number of instruments held | swap | 27 | 27 | ||||||
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 | $ 263,900,000 | $ 263,900,000 | ||||||
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 ($) | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Interest rate swaps | |||
Derivative [Line Items] | |||
Other Assets | $ 0 | $ 0 | |
Other Liabilities | 65,212,000 | 150,487,000 | |
Interest rate swaps | |||
Derivative [Line Items] | |||
Notional Amount | $ 300,000,000 | ||
Derivatives designated as hedging instruments: | |||
Derivative [Line Items] | |||
Notional Amount | 1,100,000,000 | 1,100,000,000 | |
Derivatives designated as hedging instruments: | Other Assets | |||
Derivative [Line Items] | |||
Other Assets | 0 | 0 | |
Derivatives designated as hedging instruments: | Other Liabilities | |||
Derivative [Line Items] | |||
Other Liabilities | 589,000 | 179,000 | |
Derivatives designated as hedging instruments: | Cash flow hedge interest rate swaps | Interest rate swaps | |||
Derivative [Line Items] | |||
Notional Amount | 800,000,000 | 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 | 273,000 | 179,000 | |
Derivatives designated as hedging instruments: | Fair value hedge | Interest rate swaps | |||
Derivative [Line Items] | |||
Notional Amount | 300,000,000 | 0 | |
Derivatives designated as hedging instruments: | Fair value hedge | Interest rate swaps | Other Assets | |||
Derivative [Line Items] | |||
Other Assets | 0 | 0 | |
Derivatives designated as hedging instruments: | Fair value hedge | Interest rate swaps | Other Liabilities | |||
Derivative [Line Items] | |||
Other Liabilities | 316,000 | 0 | |
Derivatives not designated as hedging instruments: | |||
Derivative [Line Items] | |||
Notional Amount | 10,623,584,000 | 9,211,043,000 | |
Derivatives not designated as hedging instruments: | Other Assets | |||
Derivative [Line Items] | |||
Other Assets | 215,919,000 | 387,452,000 | |
Derivatives not designated as hedging instruments: | Other Liabilities | |||
Derivative [Line Items] | |||
Other Liabilities | 66,144,000 | 156,102,000 | |
Derivatives not designated as hedging instruments: | Interest rate swaps | |||
Derivative [Line Items] | |||
Notional Amount | 10,296,468,000 | 8,889,557,000 | |
Derivatives not designated as hedging instruments: | Interest rate swaps | Other Assets | |||
Derivative [Line Items] | |||
Other Assets | 215,046,000 | 387,008,000 | |
Derivatives not designated as hedging instruments: | Interest rate swaps | Other Liabilities | |||
Derivative [Line Items] | |||
Other Liabilities | 64,623,000 | 154,025,000 | |
Derivatives not designated as hedging instruments: | Mortgage banking derivatives | |||
Derivative [Line Items] | |||
Notional Amount | 327,116,000 | 321,486,000 | |
Derivatives not designated as hedging instruments: | Mortgage banking derivatives | Other Assets | |||
Derivative [Line Items] | |||
Other Assets | 873,000 | 444,000 | |
Derivatives not designated as hedging instruments: | Mortgage banking derivatives | Other Liabilities | |||
Derivative [Line Items] | |||
Other Liabilities | 1,521,000 | $ 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Amounts Related To Interest Rate Derivatives Included In Income Designated As Hedges Of Cash Flows [Line Items] | ||||
Amount of loss reclassified from accumulated other comprehensive loss to interest expense | $ (27,775) | $ (54,257) | $ (99,647) | $ (218,677) |
Amount of (loss) gain recognized in other comprehensive income | (144) | 95 | (125) | 3,158 |
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 reclassified from accumulated other comprehensive loss to interest expense | $ (1,044) | $ (1,586) | $ (2,708) | $ (1,763) |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 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 | $ 88 | $ 0 | $ 170 |
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 | (88) | 0 | (170) |
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 | (396) | 0 | (316) | 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 | $ 405 | $ 0 | $ 322 | $ 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 | Sep. 30, 2021USD ($) |
Derivative [Line Items] | |
Carrying Amount of the Hedged Liability | $ (299,678) |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liability | $ 322 |
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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Non-designated hedge interest rate swaps and credit derivatives | ||||
Other non-interest expense | $ 216 | $ 600 | $ (209) | $ 2,105 |
Balance Sheet Offsetting (Detai
Balance Sheet Offsetting (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Offsetting Liabilities | ||
Gross Amounts Recognized | $ 65,212 | $ 450,487 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 65,212 | 450,487 |
Gross Amounts Not Offset, Financial Instruments | 0 | (300,000) |
Gross Amounts Not Offset, Cash Collateral | (60,177) | (150,487) |
Net Amount | 5,035 | 0 |
Repurchase agreements | ||
Offsetting Repurchase Agreement Liabilities | ||
Gross Amounts Recognized | 300,000 | |
Gross Amounts Offset | 0 | |
Net Amounts Presented | 300,000 | |
Gross Amounts Not Offset, Financial Instruments | (300,000) | |
Gross Amounts Not Offset, Cash Collateral | 0 | |
Net Amount | 0 | |
Interest rate swaps | ||
Offsetting Assets | ||
Gross Amounts Recognized | 215,046 | 150,487 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 215,046 | 150,487 |
Gross Amounts Not Offset, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset, Cash Collateral | 0 | 0 |
Net Amount | 215,046 | 150,487 |
Offsetting Liabilities | ||
Gross Amounts Recognized | 65,212 | 150,487 |
Gross Amounts Offset | 0 | 0 |
Net Amounts Presented | 65,212 | 150,487 |
Gross Amounts Not Offset, Financial Instruments | 0 | 0 |
Gross Amounts Not Offset, Cash Collateral | (60,177) | (150,487) |
Net Amount | $ 5,035 | $ 0 |
Tax Credit Investments - Balanc
Tax Credit Investments - Balance Sheet Disclosures (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Other Assets | ||
Other Assets: | ||
Affordable housing tax credit investments, net | $ 17,231 | $ 20,074 |
Other tax credit investments, net | 46,880 | 47,301 |
Total tax credit investments, net | 64,111 | 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Components of Income Tax Expense: | ||||
Affordable housing tax credits and other tax benefits | $ 948 | $ 1,352 | $ 2,744 | $ 3,979 |
Other tax credit investment credits and tax benefits | 2,702 | 1,727 | 8,130 | 5,567 |
Total reduction in income tax expense | 3,650 | 3,079 | 10,874 | 9,546 |
Non-Interest Expenses | ||||
Amortization of Tax Credit Investments: | ||||
Affordable housing tax credit investment losses | 681 | 642 | 1,684 | 1,733 |
Affordable housing tax credit investment impairment losses | 387 | 585 | 1,159 | 1,668 |
Other tax credit investment losses | 256 | 12 | 780 | 1,235 |
Other tax credit investment impairment losses | 1,755 | 1,520 | 5,172 | 4,767 |
Total amortization of tax credit investments recorded in non-interest expense | $ 3,079 | $ 2,759 | $ 8,795 | $ 9,403 |
Business Segments - Additional
Business Segments - Additional Information (Details) - segment | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 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 | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Average interest earning assets | $ 38,332,874 | $ 37,767,710 | $ 37,902,547 | $ 36,743,806 |
Interest income | 328,801 | 337,343 | 994,247 | 1,049,661 |
Interest expense | 27,775 | 54,257 | 99,647 | 218,677 |
Net Interest Income | 301,026 | 283,086 | 894,600 | 830,984 |
Provision (credit) for credit losses | 3,531 | 30,908 | 20,934 | 106,747 |
Net Interest Income After Provision for Credit Losses | 297,495 | 252,178 | 873,666 | 724,237 |
Non-interest income | 42,431 | 49,272 | 116,790 | 135,499 |
Non-interest expense | 174,922 | 160,185 | 507,028 | 473,007 |
Internal transfer expense (income) | 0 | 0 | 0 | 0 |
Income Before Income Taxes | $ 165,004 | $ 141,265 | $ 483,428 | $ 386,729 |
Return on average interest earning assets (pre-tax) | 1.72% | 1.50% | 1.70% | 1.40% |
Consumer Lending | ||||
Segment Reporting Information [Line Items] | ||||
Return on average interest earning assets (pre-tax) | 1.94% | |||
Consumer Lending | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Average interest earning assets | $ 7,373,897 | $ 7,126,157 | $ 7,176,086 | $ 7,187,839 |
Interest income | 58,887 | 63,956 | 179,151 | 199,018 |
Interest expense | 4,032 | 9,048 | 15,639 | 40,217 |
Net Interest Income | 54,855 | 54,908 | 163,512 | 158,801 |
Provision (credit) for credit losses | (4,614) | 5,383 | (6,538) | 15,274 |
Net Interest Income After Provision for Credit Losses | 59,469 | 49,525 | 170,050 | 143,527 |
Non-interest income | 11,845 | 23,531 | 47,445 | 55,383 |
Non-interest expense | 13,520 | 19,877 | 53,161 | 60,188 |
Internal transfer expense (income) | 20,662 | 18,614 | 60,026 | 58,355 |
Income Before Income Taxes | $ 37,132 | $ 34,565 | $ 104,308 | $ 80,367 |
Return on average interest earning assets (pre-tax) | 2.01% | 1.94% | 1.49% | |
Commercial Lending | ||||
Segment Reporting Information [Line Items] | ||||
Return on average interest earning assets (pre-tax) | 2.16% | |||
Commercial Lending | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Average interest earning assets | $ 25,324,485 | $ 25,389,107 | $ 25,465,276 | $ 24,334,429 |
Interest income | 250,866 | 251,920 | 759,097 | 771,947 |
Interest expense | 13,795 | 33,330 | 55,497 | 136,156 |
Net Interest Income | 237,071 | 218,590 | 703,600 | 635,791 |
Provision (credit) for credit losses | 8,110 | 25,637 | 27,825 | 90,785 |
Net Interest Income After Provision for Credit Losses | 228,961 | 192,953 | 675,775 | 545,006 |
Non-interest income | 11,611 | 20,421 | 29,144 | 52,192 |
Non-interest expense | 27,504 | 25,633 | 80,276 | 73,041 |
Internal transfer expense (income) | 71,141 | 66,390 | 212,931 | 197,444 |
Income Before Income Taxes | $ 141,927 | $ 121,351 | $ 411,712 | $ 326,713 |
Return on average interest earning assets (pre-tax) | 2.24% | 1.91% | 1.79% | |
Investment Management | ||||
Segment Reporting Information [Line Items] | ||||
Return on average interest earning assets (pre-tax) | 0.23% | |||
Investment Management | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Average interest earning assets | $ 5,634,492 | $ 5,252,446 | $ 5,261,185 | $ 5,221,538 |
Interest income | 19,766 | 22,513 | 58,514 | 81,905 |
Interest expense | 3,228 | 6,728 | 11,466 | 29,216 |
Net Interest Income | 16,538 | 15,785 | 47,048 | 52,689 |
Provision (credit) for credit losses | 35 | (112) | (353) | 688 |
Net Interest Income After Provision for Credit Losses | 16,503 | 15,897 | 47,401 | 52,001 |
Non-interest income | 2,018 | (1,304) | 6,824 | 7,661 |
Non-interest expense | (150) | (186) | 1,370 | 843 |
Internal transfer expense (income) | 15,825 | 13,713 | 43,706 | 42,393 |
Income Before Income Taxes | $ 2,846 | $ 1,066 | 9,149 | $ 16,426 |
Return on average interest earning assets (pre-tax) | 0.20% | 0.08% | 0.42% | |
Corporate and Other Adjustments | Corporate and Other Adjustments | ||||
Segment Reporting Information [Line Items] | ||||
Average interest earning assets | $ 0 | $ 0 | 0 | $ 0 |
Interest income | (718) | (1,046) | (2,515) | (3,209) |
Interest expense | 6,720 | 5,151 | 17,045 | 13,088 |
Net Interest Income | (7,438) | (6,197) | (19,560) | (16,297) |
Provision (credit) for credit losses | 0 | 0 | 0 | 0 |
Net Interest Income After Provision for Credit Losses | (7,438) | (6,197) | (19,560) | (16,297) |
Non-interest income | 16,957 | 6,624 | 33,377 | 20,263 |
Non-interest expense | 134,048 | 114,861 | 372,221 | 338,935 |
Internal transfer expense (income) | (107,628) | (98,717) | (316,663) | (298,192) |
Income Before Income Taxes | $ (16,901) | $ (15,717) | $ (41,741) | $ (36,777) |
Uncategorized Items - vly-20210
Label | Element | Value |
Accounting Standards Update [Extensible Enumeration] | us-gaap_AccountingStandardsUpdateExtensibleList | Accounting Standards Update 2016-13 [Member] |