Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jan. 31, 2020 | |
Cover [Abstract] | |||
Entity Registrant Name | Hancock Whitney Corporation | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Central Index Key | 0000750577 | ||
Trading Symbol | HWC | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Fiscal Period Focus | FY | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 87,236,434 | ||
Entity Public Float | $ 3.5 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Shell Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity Tax Identification Number | 64-0693170 | ||
Entity File Number | 001-36872 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Incorporation, State or Country Code | MS | ||
Entity Address, Address Line One | Hancock Whitney Plaza | ||
Entity Address, Address Line Two | 2510 14th Street | ||
Entity Address, City or Town | Gulfport | ||
Entity Address, State or Province | MS | ||
Entity Address, Postal Zip Code | 39501 | ||
City Area Code | (228) | ||
Local Phone Number | 868-4727 | ||
Title of 12(b) Security | COMMON STOCK, $3.33 PAR VALUE | ||
Security Exchange Name | NASDAQ | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement for our annual meeting of shareholders to be filed with the Securities and Exchange Commission (“SEC” or “the Commission”) are incorporated by reference into Part III of this Report. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Cash and due from banks | $ 432,104 | $ 383,372 |
Interest-bearing bank deposits | 109,961 | 110,579 |
Federal funds sold | 268 | 515 |
Securities available for sale, at fair value (amortized cost of $4,637,610 and $2,755,806) | 4,675,304 | 2,691,037 |
Securities held to maturity (fair value of $1,611,004 and $2,935,856) | 1,568,009 | 2,979,547 |
Loans held for sale | 55,864 | 28,150 |
Loans | 21,212,755 | 20,026,411 |
Less: allowance for loan losses | (191,251) | (194,514) |
Loans, net | 21,021,504 | 19,831,897 |
Property and equipment, net of accumulated depreciation of $249,527 and $225,969 | 380,209 | 353,668 |
Right of use assets, net of accumulated amortization of $12,194 | 110,023 | |
Prepaid expense | 40,178 | 35,047 |
Other real estate and foreclosed assets, net | 30,405 | 26,270 |
Accrued interest receivable | 92,037 | 86,681 |
Goodwill | 855,453 | 790,972 |
Other intangible assets, net | 106,807 | 96,151 |
Life insurance contracts | 608,063 | 549,300 |
Deferred tax asset, net | 22,967 | |
Funded pension assets, net | 185,791 | 65,125 |
Other assets | 328,777 | 184,629 |
Total assets | 30,600,757 | 28,235,907 |
Deposits: | ||
Noninterest-bearing | 8,775,632 | 8,499,027 |
Interest-bearing | 15,027,943 | 14,651,158 |
Total deposits | 23,803,575 | 23,150,185 |
Short-term borrowings | 2,714,872 | 1,589,128 |
Long-term debt | 233,462 | 224,993 |
Accrued interest payable | 10,200 | 12,267 |
Lease liabilities | 127,703 | |
Deferred tax liability, net | 37,721 | |
Other liabilities | 205,539 | 177,994 |
Total liabilities | 27,133,072 | 25,154,567 |
Stockholders' equity: | ||
Common stock | 309,513 | 292,716 |
Capital surplus | 1,736,664 | 1,725,741 |
Retained earnings | 1,476,232 | 1,243,592 |
Accumulated other comprehensive loss, net | (54,724) | (180,709) |
Total stockholders' equity | 3,467,685 | 3,081,340 |
Total liabilities and stockholders' equity | $ 30,600,757 | $ 28,235,907 |
Preferred shares authorized (par value of $20.00 per share) | 50,000,000 | 50,000,000 |
Common shares authorized (par value of $3.33 per share) | 350,000,000 | 350,000,000 |
Common shares issued | 92,947,000 | 87,903,000 |
Common shares outstanding | 87,515,000 | 85,643,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 4,637,610 | $ 2,755,806 |
Securities held to maturity, fair value | 1,611,004 | 2,935,856 |
Property and equipment, accumulated depreciation | 249,527 | $ 225,969 |
Right of use assets, accumulated amortization | $ 12,194 | |
Preferred stock, par value per share | $ 20 | $ 20 |
Common stock, par value per share | $ 3.33 | $ 3.33 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income: | |||
Loans, including fees | $ 971,735 | $ 877,875 | $ 772,030 |
Loans held for sale | 1,876 | 946 | 851 |
Securities-taxable | 127,459 | 124,720 | 102,013 |
Securities-tax exempt | 20,757 | 21,951 | 22,235 |
Short-term investments | 3,955 | 2,776 | 3,452 |
Total interest income | 1,125,782 | 1,028,268 | 900,581 |
Interest expense: | |||
Deposits | 187,988 | 130,715 | 76,546 |
Short-term borrowings | 30,766 | 36,096 | 15,735 |
Long-term debt | 11,811 | 12,619 | 15,988 |
Total interest expense | 230,565 | 179,430 | 108,269 |
Net interest income | 895,217 | 848,838 | 792,312 |
Provision for credit losses | 47,708 | 36,116 | 58,968 |
Net interest income after provision for credit losses | 847,509 | 812,722 | 733,344 |
Noninterest income: | |||
Net gain on sales of assets | 593 | 24,654 | 7,478 |
Securities transactions | (25,480) | ||
Other income | 53,938 | 43,786 | 39,870 |
Total noninterest income | 315,907 | 285,140 | 267,781 |
Noninterest expense: | |||
Compensation expense | 362,083 | 330,968 | 320,096 |
Employee benefits | 77,796 | 73,727 | 71,817 |
Personnel expense | 439,879 | 404,695 | 391,913 |
Net occupancy expense | 50,936 | 47,795 | 47,869 |
Equipment expense | 18,393 | 16,367 | 14,841 |
Data processing expense | 82,981 | 74,129 | 66,385 |
Professional services expense | 45,007 | 41,579 | 40,235 |
Amortization of intangibles | 20,844 | 22,050 | 22,417 |
Deposit insurance and regulatory fees | 19,512 | 31,423 | 29,627 |
Other real estate (income) expense | 671 | (2,985) | (2,669) |
Other expense | 92,454 | 80,693 | 82,073 |
Total noninterest expense | 770,677 | 715,746 | 692,691 |
Income before income taxes | 392,739 | 382,116 | 308,434 |
Income taxes | 65,359 | 58,346 | 92,802 |
Net income | $ 327,380 | $ 323,770 | $ 215,632 |
Earnings per common share - basic | $ 3.72 | $ 3.72 | $ 2.49 |
Earnings per common share - diluted | 3.72 | 3.72 | 2.48 |
Dividends paid per share | $ 1.08 | $ 1.02 | $ 0.96 |
Weighted average shares outstanding-basic | 86,488 | 85,355 | 84,695 |
Weighted average shares outstanding-diluted | 86,599 | 85,521 | 84,963 |
Service charges on deposit accounts | |||
Noninterest income: | |||
Service charges on deposit accounts | $ 86,364 | $ 85,272 | $ 83,166 |
Trust fees | |||
Noninterest income: | |||
Service charges on deposit accounts | 61,609 | 55,488 | 44,538 |
Bank card and ATM fees | |||
Noninterest income: | |||
Service charges on deposit accounts | 66,976 | 60,440 | 53,779 |
Investment and annuity fees and insurance commissions | |||
Noninterest income: | |||
Service charges on deposit accounts | 26,574 | 25,348 | 23,741 |
Secondary mortgage market operations | |||
Noninterest income: | |||
Service charges on deposit accounts | $ 19,853 | $ 15,632 | $ 15,209 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 327,380 | $ 323,770 | $ 215,632 |
Other comprehensive income (loss) before income taxes: | |||
Net change in unrealized gain/loss on available for sale securities and cash flow hedges | 143,922 | (52,757) | (425) |
Reclassification of net losses realized and included in earnings | 13,429 | 34,966 | 5,801 |
Valuation adjustment for pension plan amendment | 17,315 | ||
Other valuation adjustments of employee benefit plans | 2,398 | (45,198) | (10,929) |
Amortization of unrealized net loss on securities transferred to held to maturity | 3,153 | 3,296 | 3,786 |
Other comprehensive income (loss) before income taxes | 162,902 | (59,693) | 15,548 |
Income tax expense (benefit) | 36,917 | (13,386) | 4,088 |
Other comprehensive income (loss) net of income taxes | 125,985 | (46,307) | 11,460 |
Comprehensive income | $ 453,365 | $ 277,463 | $ 227,092 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income Loss, Net [Member] | |
Balance at Dec. 31, 2016 | $ 2,719,768 | $ 291,358 | $ 1,698,253 | $ 850,689 | $ (120,532) | |
Balance, Shares Issued at Dec. 31, 2016 | 87,495 | |||||
Net income | 215,632 | 215,632 | ||||
Other comprehensive income (loss) | 11,460 | 11,460 | ||||
Comprehensive income | 227,092 | 215,632 | 11,460 | |||
Reclassification of certain tax effects from accumulated other comprehensive loss | 25,330 | [1] | 25,330 | (25,330) | ||
Cash dividends declared | (83,266) | (83,266) | ||||
Common stock activity, long-term incentive plan | 18,135 | $ 1,358 | 16,644 | 133 | ||
Common stock activity, long-term incentive plan, Shares Issued | 408 | |||||
Issuance of stock from dividend reinvestment and stock purchase plans | 3,220 | 3,220 | ||||
Balance at Dec. 31, 2017 | 2,884,949 | $ 292,716 | 1,718,117 | 1,008,518 | (134,402) | |
Balance, Shares Issued at Dec. 31, 2017 | 87,903 | |||||
Net income | 323,770 | 323,770 | ||||
Other comprehensive income (loss) | (46,307) | (46,307) | ||||
Comprehensive income | 277,463 | 323,770 | (46,307) | |||
Cash dividends declared | (88,838) | (88,838) | ||||
Common stock activity, long-term incentive plan | 12,624 | 12,482 | 142 | |||
Issuance of stock from dividend reinvestment and stock purchase plans | 3,409 | 3,409 | ||||
Purchase of common stock under stock buyback program | (8,267) | (8,267) | ||||
Balance at Dec. 31, 2018 | $ 3,081,340 | $ 292,716 | 1,725,741 | 1,243,592 | (180,709) | |
Balance, Shares Issued at Dec. 31, 2018 | 87,903 | 87,903 | ||||
Net income | $ 327,380 | 327,380 | ||||
Other comprehensive income (loss) | 125,985 | 125,985 | ||||
Comprehensive income | 453,365 | 327,380 | 125,985 | |||
Cash dividends declared | (94,871) | (94,871) | ||||
Common stock issued as consideration in business combination | 193,849 | $ 16,797 | 177,052 | |||
Common stock issued as consideration in business combination, Shares Issued | 5,044 | |||||
Common stock activity, long-term incentive plan | 15,388 | 15,257 | 131 | |||
Issuance of stock from dividend reinvestment and stock purchase plans | 3,614 | 3,614 | ||||
Initial delivery of shares under accelerated share repurchase agreement | (138,768) | (138,768) | ||||
Forward contract for accelerated share repurchase agreement | (46,232) | (46,232) | ||||
Balance at Dec. 31, 2019 | $ 3,467,685 | $ 309,513 | $ 1,736,664 | $ 1,476,232 | $ (54,724) | |
Balance, Shares Issued at Dec. 31, 2019 | 92,947 | 92,947 | ||||
[1] | Represents the reclassification of stranded income tax effects to Retained Earnings upon adoption of ASU 2018-02. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Repurchased of common stock shares | $ 200,000 | ||
Initial delivery of shares under accelerated share repurchase agreement, shares | 3,611,870 | ||
Retained Earnings [Member] | |||
Cash dividends declared, per common share | $ 1.08 | $ 1.02 | $ 0.96 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income | $ 327,380 | $ 323,770 | $ 215,632 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 30,902 | 26,532 | 28,142 |
Provision for credit losses | 47,708 | 36,116 | 58,968 |
(Gain) loss on sale other real estate and foreclosed assets | 626 | (3,355) | (2,839) |
Deferred tax expense | 47,100 | 45,214 | 49,831 |
Increase in cash surrender value of life insurance contracts | (16,158) | (7,850) | (14,959) |
Gain on sale of Visa Class B common shares | (33,229) | ||
Loss on sale of securities available for sale | 25,480 | ||
(Gain) loss on the sale of loans | (619) | 6,991 | (3,363) |
Loss on sale of business | 1,145 | ||
Loss on disposal of other assets | 1,109 | 1,897 | 1,587 |
Net (increase) decrease in loans held for sale | (27,773) | 11,986 | 3,317 |
Net amortization of securities premium/discount | 32,166 | 33,161 | 33,244 |
Amortization of intangibles | 20,844 | 22,050 | 22,417 |
Amortization of FDIC loss share receivable | 2,427 | ||
Stock-based compensation expense | 20,902 | 19,793 | 17,633 |
Contribution to pension plan | (100,000) | (39,000) | |
Increase (decrease) in interest payable and other liabilities | (1,753) | (9,397) | 2,307 |
Net payments from FDIC for loss share claims | 2,299 | ||
Decrease in FDIC loss share receivable | 8,613 | ||
Increase in other assets | (22,556) | (13,811) | (9,836) |
Other, net | (7,929) | 1,691 | (4,335) |
Net cash provided by operating activities | 351,949 | 449,184 | 411,085 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Proceeds from sales of securities available for sale | 268,413 | 455,162 | 213,877 |
Proceeds from maturities of securities available for sale | 294,681 | 327,141 | 338,843 |
Purchases of securities available for sale | (1,010,805) | (629,976) | (742,279) |
Proceeds from maturities of securities held to maturity | 417,520 | 359,312 | 373,088 |
Purchases of securities held to maturity | (183,626) | (375,770) | (863,457) |
Net (increase) decrease in short-term investments | 281,251 | (18,710) | 351,087 |
Proceeds from sale of loans | 112,048 | 166,462 | 59,483 |
Net increase in loans | (555,008) | (1,358,077) | (1,051,628) |
Purchase of life insurance contracts | (32,788) | (1,822) | (50,000) |
Proceeds from the sale of Visa Class B shares | 42,858 | ||
Purchases of property and equipment | (42,716) | (50,664) | (20,297) |
Proceeds from sales of other real estate | 30,658 | 17,214 | 24,324 |
Cash acquired in stock-based business combination | 28,059 | ||
Consideration (paid) received in business combinations | (1,112) | 141,769 | 476,609 |
Proceeds from the sale of business, net of cash sold | 77,648 | ||
Other, net | (65,597) | 551 | (4,971) |
Net cash used in investing activities | (459,022) | (846,902) | (895,321) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase (decrease) in deposits | (627,557) | 679,669 | 900,427 |
Net increase (decrease) in short-term borrowings | 1,058,748 | (114,762) | (118,151) |
Repayments of long-term debt | (14,222) | (90,216) | (204,111) |
Issuance of long-term debt | 20,846 | 20,610 | 165 |
Dividends paid | (94,871) | (88,838) | (83,266) |
Payroll tax remitted on net share settlement of equity awards | (6,295) | (8,695) | (11,881) |
Repurchase of common stock | (185,000) | (8,267) | |
Proceeds from exercise of stock options | 542 | 1,232 | 12,092 |
Proceeds from dividend reinvestment and stock purchase plan | 3,614 | 3,409 | 3,220 |
Net cash provided by financing activities | 155,805 | 394,142 | 498,495 |
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | 48,732 | (3,576) | 14,259 |
CASH AND DUE FROM BANKS, BEGINNING | 383,372 | 386,948 | 372,689 |
CASH AND DUE FROM BANKS, ENDING | 432,104 | 383,372 | 386,948 |
SUPPLEMENTAL INFORMATION | |||
Income taxes paid | 28,288 | 7,283 | 45,092 |
Interest paid | 232,456 | 175,382 | 108,702 |
SUPPLEMENTAL INFORMATION FOR NON-CASH INVESTING AND FINANCING ACTIVITIES | |||
Assets acquired in settlement of loans | $ 21,285 | $ 22,393 | $ 19,140 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Recent Accounting Pronouncements | Note 1. Summary of Significant Accounting Policies and Recent Accounting Pronouncements DESCRIPTION OF BUSINESS Hancock Whitney Corporation (the “Company”) is a financial services company that provides a comprehensive network of full-service financial choices to customers primarily in the Gulf South region through its bank subsidiary, Hancock Whitney Bank (the “Bank”), a Mississippi state bank. The Bank offers a broad range of traditional and online banking services to commercial, small business and retail customers, providing a variety of transaction and savings deposit products, treasury management services, secured and unsecured loan products (including revolving credit facilities), and letters of credit and similar financial guarantees. The Bank also provides trust and investment management services to retirement plans, corporations and individuals. The Company also offers investment brokerage services through its broker-dealer subsidiary, Hancock Whitney Investment Services, Inc., a nonbank subsidiary of the holding company. The Company primarily operates across the Gulf South region, including southern Mississippi; southern and central Alabama; southern, central and northwest Louisiana; the northern, central, and panhandle regions of Florida; and the certain areas of east and northeast Texas including Houston, Beaumont and Dallas, among others. In addition, the Company operates a loan production office in Nashville, Tennessee and trust and investment management offices in Texas, New York and New Jersey. The Company was organized in 1984 as a bank holding company registered under the Bank Holding Company Act of 1956, as amended and qualified as a financial holding company in 2002. The corporate headquarters of the Company is in Gulfport, Mississippi. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. (U.S. GAAP) and those generally practiced within the banking industry. Following is a summary of the more significant accounting policies. Basis of Presentation The consolidated financial statements include the accounts of the Company and all other entities in which the Company has a controlling interest. Significant intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform to U.S. GAAP and general practices followed by the banking industry. These accounting principles and practices require management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. Fair Value Accounting U.S. GAAP requires the use of fair values in determining the carrying values of certain assets and liabilities in the financial statements, as well as for specific disclosures about certain assets and liabilities. Accounting guidance establishes a fair value hierarchy that prioritizes the inputs to these valuation techniques used to measure fair value giving preference to quoted prices in active markets (level 1) and the lowest priority to unobservable inputs such as a reporting entity’s own data or information or assumptions developed from this data (level 3). Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in markets that are not active, observable inputs other than quoted prices, such as interest rates and yield curves, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Business Combinations Business combinations are accounted for under the purchase method of accounting. Purchased assets, including identifiable intangibles, and assumed liabilities are recorded at their respective acquisition date fair values. If the fair value of net assets purchased exceeds the consideration given, a bargain purchase gain is recognized. If the consideration given exceeds the fair value of the net assets received or if the fair value of the net liabilities assumed exceeds the consideration received, goodwill is recognized. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Purchased loans acquired in a business combination are recorded at estimated fair value on their purchase date with no carryover of the related allowance for loan losses. All identifiable intangible assets that are acquired in a business combination are recognized at the acquisition date fair value. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). Cash and Due from Banks The Company considers only cash on hand, cash items in process of collection and balances due from financial institutions as cash and cash equivalents. Securities Securities are classified as trading, held to maturity or available for sale. Management determines the appropriate classification of debt and equity securities at the time of purchase and reevaluates this classification periodically as conditions change that could require reclassification. Available for sale securities are stated at fair value. Unrealized holding gains and unrealized holding losses, other than those determined to be other than temporary, are reported net of tax in other comprehensive income and in accumulated other comprehensive income (“AOCI”) until realized. Securities that the Company both positively intends and has the ability to hold to maturity are classified as securities held to maturity and are carried at amortized cost. The intent and ability to hold are not considered satisfied when a security is available to be sold in response to changes in interest rates, prepayment rates, liquidity needs or other reasons as part of an overall asset/liability management strategy. Premiums and discounts on securities, both those held to maturity and those available for sale, are amortized and accreted to income as an adjustment to the securities’ yields using the effective interest method. Realized gains and losses on securities, including declines in value judged to be other than temporary, are reported net as a component of noninterest income. The cost of securities sold is specifically identified for use in calculating realized gains and losses. Loans Loans Held for Sale Residential mortgage loans originated for sale are classified as loans held for sale and carried at the lower of cost or market. Forward sales commitments on a best-efforts basis are entered into with third parties concurrently with interest rate lock commitments made to prospective borrowers. Held for sale loans also includes residential construction loans that are anticipated to be sold upon completion of the construction term. At times, management may decide to sell loans that were not originated for that purpose. Those loans are reclassified as held for sale when that decision is made and also carried at the lower of cost or market. Loans held for investment Loans that the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are considered loans held for investment and reported as “Loans” in the Consolidated Balance Sheets and in the related footnote disclosures. Loans held for investment include loans originated for investment and loans acquired in purchase transactions. Originated loans are reported at the principal balance outstanding net of unearned income. Interest on loans and accretion of unearned income, including net deferred loan fees and costs, are computed in a manner that approximates a level yield on recorded principal. Interest on loans is recognized in income as earned. The accrual of interest on an originated loan is discontinued (“nonaccrual status”) when, in management’s opinion, it is probable that the borrower will be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. When accrual of interest is discontinued on a loan, all unpaid accrued interest is reversed and payments subsequently received are applied first to recover principal. Interest income is recognized for payments received after contractual principal has been satisfied. Loans are returned to accrual status when all the principal and interest contractually due are brought current and future payment performance is reasonably assured. Loans that are acquired in purchase transactions are recorded at estimated fair value at the acquisition date with no carryover of the related allowance for loan losses. Acquired loans are segregated between those considered to be performing (“purchased credit performing”) and those with evidence of credit deterioration (“purchased credit impaired”) based on such factors as past due status, nonaccrual status and credit risk ratings. Purchased credit performing loans are accounted for under Accounting Standards Codification (“ASC”) 310-20 and purchased credit impaired loans are accounted for under ASC 310-30. Purchased credit impaired loans for which the timing and amount of future cash flows cannot be reasonably projected are accounted for using the cost recovery method. With the exception of those accounted for using the cost recovery method, the acquired loans are further segregated into loan pools designed to facilitate the development of expected cash flows to be used in estimating fair value. The pools are based on common risk characteristics such as market area, loan type, credit risk ratings, contractual interest rate, and repayment terms. Loan types can include commercial and industrial loans not secured by real estate, construction and land development loans, commercial real estate loans, residential mortgage loans, and consumer loans, with further segregation within certain loan types as needed. Expected cash flows, both principal and interest, from each pool are estimated based on key assumptions covering such factors as prepayments, default rates, and severity of loss given a default. These assumptions are developed using both historical experience and the portfolio characteristics at acquisition as well as available market research. The fair value estimate for each pool is based on the estimate of expected cash flows from the pool discounted at prevailing market rates. The difference at the acquisition date between the fair value and the contractual amounts due for each purchased credit performing loan pool (the “fair value discount”) is accreted into income over the estimated life of the pool. Purchased credit performing loans are placed on nonaccrual status and reported as nonperforming or past due using the same criteria applied to the originated portfolio. The excess of estimated cash flows expected to be collected from each purchased credit impaired loan pool over the pool’s carrying value is referred to as the accretable yield and is recognized in interest income using an effective yield method over the expected life of the pool. Each pool of purchased credit impaired loans is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Purchased credit impaired loans in pools with an accretable yield and expected cash flows that are reasonably estimable are considered to be accruing and performing even though collection of contractual payments on loans within the pool may be in doubt. Purchased credit impaired loans accounted for in pools are generally not subject to individual evaluation for impairment and are not reported with impaired loans or troubled debt restructurings even if they would otherwise qualify for such treatment. Impaired Loans The Company considers a loan to be impaired when, based upon current information and events, it believes it is probable all amounts due according to the contractual terms of the loans agreement will not be collected. A loan is not considered impaired due to a delay in payment if all amounts due, including interest accrued at the contractual interest rate of the period of delay, is expected to be collected. Impaired loans include loans on nonaccrual, certain purchased credit impaired loans accounted for using the cost recovery method, and loans modified in troubled debt restructurings (defined below), both accruing and nonaccrual statuses. Purchased credit impaired loans accounted for in pools with an accretable yield are considered performing and excluded from impaired loans as this accounting methodology takes into consideration expected future credit losses. Troubled Debt Restructurings Troubled debt restructurings (TDRs) occur when a borrower is experiencing, or is expected to experience, financial difficulties in the near-term and a modification in loan terms is granted that would otherwise not have been considered. Troubled debt restructurings can result in loans remaining on nonaccrual, moving to nonaccrual, or continuing to accrue, depending on the individual facts and circumstances of the borrower. All loans whose terms have been modified in a TDR, including both commercial and retail loans, are reported as “impaired.” When measuring impairment on a TDR, the loan’s value is determined by either the present value of expected cash flows calculated using the loan’s effective interest rate before the restructuring, or the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. If the value as determined is less than the recorded investment in the loan, the difference is charged off through the allowance for loan and lease losses. Modified acquired-impaired loans are not removed from their accounting pool and accounted for as a TDR even if those loans would otherwise be deemed TDRs. Allowance for Credit Losses The Allowance for Credit Losses (ACL) is comprised of the Allowance for Loan and Lease Losses (ALLL), a valuation account available to absorb losses on loans and the Reserve for Unfunded Lending Commitments, a liability established to absorb credit losses on off-balance sheet exposures. The ACL is established and maintained at an amount sufficient to cover estimated credit losses inherent in the loan and lease portfolios and off balance sheet exposures of the Company as of the date of the determination. Credit losses arise not only from credit risk, but also from other risks inherent in the lending process including, but not limited to, collateral risk, operational risk, concentration risk, and economic risk. As such, all related risks of lending are considered when assessing the adequacy of the allowance for loan and lease losses. Quarterly, management estimates inherent losses in the portfolio and unfunded exposures based on a number of factors, including the Company’s past loan loss and delinquency experience, known and inherent risks in the portfolio, adverse situations that may affect the borrowers’ ability to repay, the estimated value of any underlying collateral and current economic conditions. The analysis and methodology for estimating the ACL include two primary elements: A loss rate analysis, which incorporates a historical loss rate as updated for current conditions, is used for credits collectively evaluated for impairment; and a specific reserve analysis is used for credits individually evaluated for impairment. For the loss rate analysis, the Company segments loans into commercial non-real estate, commercial real estate – owner occupied, commercial real estate – income producing, construction and land development, residential mortgage and consumer, with further segmentation as deemed appropriate. Both quantitative and qualitative factors are applied at the detailed portfolio segments. Commercial loans (commercial non-real estate, commercial real estate – owner occupied, commercial real estate – income producing and construction and land development), are further subdivided by risk rating, while retail loans (residential mortgage and consumer) are further subdivided by delinquency. The Company uses loss emergence periods developed based on historical experience, which is currently 24 months for commercial loans and twelve to eighteen months for retail and residential mortgage loans. Historical loss rates are calculated using a weighted average of the loss emergence periods in the historical look back period. As circumstances dictate, management will make adjustments to the overall loss rate to reflect differences in current conditions as compared to those during the historical loss period. Conditions to be considered include problem loan trends, current business and economic conditions, credit concentrations, lending policies and procedures, lending staff, collateral values, loan profiles and volumes, loan review quality, and changes in competition and regulations. When a loan is determined to be impaired, the amount of impairment is recognized by creating a specific allowance for any shortfall between the loan’s value and its recorded investment. The loan’s value is measured by either the loan’s observable market price, the fair value of the collateral of the loan (less liquidation costs) if it is collateral dependent, or by the present value of expected future cash flows discounted at the loan’s effective interest rate. Loans individually analyzed for impairment are not incorporated into the pool analysis to avoid double counting. The Company limits the specific reserve analysis to include all impaired commercial and residential mortgage loans with relationship balances of $1 million or greater and all loans classified as troubled debt restructurings. The monitoring of credit risk also extends to unfunded credit commitments, such as unused commercial credit lines and letters of credit, and management establishes reserves as needed for its estimate of probable losses on such commitments. Similar to funded loans, the methodology for estimating losses for the reserve for unfunded lending commitments includes a collective review as well as individual evaluations of impaired borrowers. The reserve for unfunded lending commitments is reflected in other liabilities in the consolidated balance sheets. It is the policy of the Company to promptly charge off all commercial and residential mortgage loans, or portions of loans, when available information reasonably confirms that they are wholly or partially uncollectible. Prior to recognizing a loss, asset value is established based on an assessment of the value of the collateral securing the loan, the borrower’s and the guarantor’s ability and willingness to pay and the status of the account in bankruptcy court, if applicable. Consumer loans are generally charged down when the loan is 120 days past due for most secured and unsecured loans and 150 days past due for consumer credit card loans, unless the loan is clearly both well secured and in the process of collection. Loans are charged down to the fair value of the collateral, if any, less estimated selling costs. Loans are charged off against the allowance for loan losses with subsequent recoveries added back to the allowance. Allowance for purchased credit performing loans is evaluated at each reporting date subsequent to acquisition. An allowance is determined for each loan pool using a methodology similar to that described above for originated loans and then compared to the remaining fair value discount for that pool. If the allowance is greater than the discount, the excess is recognized as an addition to the allowance through a provision for loan losses. If the allowance is less than the discount, no additional allowance is recognized. For purchased credit impaired loans accounted for in pools, estimated cash flows expected to be collected are recast at each reporting date for each loan pool that is material individually or in the aggregate. These evaluations require the continued use and updating of key assumptions and estimates such as default rates, loss severity given default and prepayment speed assumptions, similar to those used for the initial fair value estimate. Management’s judgment must be applied in developing these assumptions. If the present value of expected cash flows for a pool is less than its carrying value, impairment is recognized by an increase in the allowance for loan losses and a charge to the provision for loan losses. If the present value of expected cash flows for a pool is greater than its carrying value, any previously established allowance for loan losses is reversed and any remaining difference increases the accretable yield which will be taken into interest income over the remaining life of the loan pool. Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets, which are up to 30 years for buildings and three to ten years for most furniture and equipment. Amortization expense for software is generally charged over three years, or seven years for core systems. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. The Company evaluates whether events and circumstances have occurred that indicate that such long-lived assets have been impaired. Measurement of any impairment of such long-lived assets is based on their fair values. Property and equipment used in operations is considered held for sale when certain criteria are met, including when management has committed to a plan to sell the asset, the asset is available for sale in its immediate condition, and the sale is probable within one year of the reporting date. Assets held for sale are reported at the lower of cost or fair value less costs to sell. Gains and losses related to retirement or disposition of property and equipment are recorded in other income under noninterest income on the consolidated statements of income as realized. Operating Leases Effective January 1, 2019, the Company adopted the amended provisions of Financial Accounting Standards Codification Topic 842, “Leases,” using the modified retrospective approach, impacting the reporting and disclosures for operating leases. Under the revised standard, the Company recognizes a liability representing the present value of future lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset over the lease term in the statement of financial position. The Company determines if an arrangement is a lease at inception of the contract and assesses the appropriate classification as finance or operating. Operating leases with terms greater than one year are included in right-of-use lease assets and lease obligations on the Company’s balance sheets. The lease term includes payments to be made in optional or renewal periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term using the interest rate implicit in the contract, when available, or the Company’s incremental collateralized borrowing rate with similar terms. Agreements with both lease and non-lease components are accounted for separately, with only the lease component capitalized. The right-of-use asset is the amount of the lease liability adjusted for prepaid or accrued lease payments, remaining balance of any lease incentives received, unamortized initial direct costs, and impairment. Lease expense is recorded on a straight-line basis over the lease term through amortization of the right-of-use asset plus implicit interest accreted on the operating lease liability obligation, and is reflected in Net Occupancy Expense in the Consolidated Statement of Income. The Company evaluates whether events and circumstances have occurred that indicate right-of-use assets have been impaired. Measurement of any impairment of such assets is based on their fair values. Once a right-of-use asset for an operating lease is impaired, the carrying amount of the right-of-use asset is reduced through expense and the remaining balance is subsequently amortized on a straight-line basis. Some of the Company’s leases contain variable components, such as annual changes to rent based on the consumer price index. Operating lease liabilities are not re-measured as a result of changes to variable components unless the lease must be re-measured for some other reason such as a renewal that was not reasonably certain of being exercised. Changes to the variable components are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. The Company elected to use the standard’s “package of practical expedients,” which allows the use of previous conclusions about lease identification, lease classification and the accounting treatment for initial direct costs. The Company also elected the short-term lease recognition exemption for all leases with lease terms of one year or less; as such, the Company will not recognize right-of-use assets or lease liabilities on the consolidated balance sheet for such leases. For periods prior to January 1, 2019, lease accounting was in accordance with the previously effective guidance of Financial Accounting Standard Codification Topic 840, “Leases,” where operating lease cost were expensed as incurred and non-cancellable future minimum operating lease payments were presented for disclosure only. Other Real Estate and Foreclosed Assets Other real estate and foreclosed assets includes real property and other assets that have been acquired in satisfaction of loans, and real property no longer used in the Bank’s business. These assets are recorded at the estimated fair value less the estimated cost of disposition and carried at the lower of either cost or market. Fair value is based on independent appraisals and other relevant factors. Any initial reduction in the carrying amount of a loan to the fair value of the collateral received less selling costs is charged to the allowance for loan losses. Each asset is revalued on an annual basis, or more often if market conditions necessitate. Subsequent losses on the periodic revaluation of these assets and gains or losses recognized on disposition are charged to current earnings, as are revenues from and costs of operating and maintaining real property; with the resulting net (income) expense reflected in noninterest expense in the Consolidated Statements of Income. Improvements made to real property are capitalized if the expenditures are expected to be recovered upon the sale of the property . Goodwill and Other Intangible Assets Goodwill represents the excess of consideration paid over the fair value of net assets acquired or the excess of the fair value liabilities assumed over consideration received in a business combination. Goodwill is not amortized but is assessed for impairment on an annual basis, or more often if events or circumstances indicate there may be impairment. The impairment test compares the estimated fair value of a reporting unit with its net book value. The Company has assigned all goodwill to one reporting unit that represents overall banking operations. The fair value of the reporting unit is based on valuation techniques that market participants would use in an acquisition of the whole unit, and may include analysis such as estimated discounted cash flows, the quoted market price of the Company’s stock, adjusted for a control premium, and observable average price-to-earnings and price-to-book multiples of competitors. If the unit’s fair value is less than its carrying value, an estimate of the implied fair value of the goodwill is compared to the goodwill’s carrying value, and any impairment recognized. Other identifiable intangible assets with finite lives, such as core deposit intangibles, customer lists and trade name, are initially recorded at fair value and are generally amortized over the periods benefited. These assets are evaluated for impairment in a similar manner to long-lived assets. Life Insurance Contracts Bank-owned life insurance contracts (BOLI) are comprised of long-term life insurance contracts on the lives of certain current and past employees where the insurance policy benefits and ownership are retained by the employer. Its cash surrender value is an asset that the Company uses to partially offset the future cost of employee benefits. The cash value accumulation on BOLI is permanently tax deferred if the policy is held to the insured person’s death and certain other conditions are met. Derivative Instruments and Hedging Activities The Company records all derivatives on the balance sheet at fair value as components of other assets and other liabilities. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. For derivatives designated as hedging the exposure to changes in the fair value of an asset or liability (fair value hedge), the gain or loss is recognized in earnings in the period of the fair value change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. Derivatives designated as hedging exposure to variable cash flows of a forecasted transaction (cash flow hedge), are reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings or in certain circumstances, when the hedge is terminated, with the full impact of hedge gains and losses recognized in the period in which the hedged transaction impacts the entity’s earnings. For derivatives that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. Note 11 - Derivatives describes the derivative instruments currently used by the Company and discloses how these derivatives impact the Company’s financial position and results of operations. Stockholders’ Equity Common stock reflects shares issued at par value. Repurchase of the Company’s common stock (treasury stock) is recorded at cost as a reduction of stockholders’ equity within capital surplus in the accompanying Consolidated Balance Sheets and the Statements of Changes in Stockholders’ Equity. When treasury shares are subsequently reissued, treasury stock is reduced by the cost of such stock using the first-in-first-out method, with the difference recorded in capital surplus or retained earnings, as applicable. Revenue Recognition Interest Income Interest income is recognized on an accrual basis driven by written contracts, such as loan agreements or securities contracts. Loan origination fees and costs are recognized over the life of the loan as an adjustment to yield. Service Charges on Deposit Accounts Service charges on deposit accounts include transaction based fees for non-sufficient funds, account analysis fees, and other service charges on deposits, including monthly account service fees. Non-sufficient funds fees are recognized at |
Acquisitions and Divestiture
Acquisitions and Divestiture | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions and Divestiture | Note Acquisitions MidSouth Bancorp, Inc. On September 21, 2019, the Company completed the acquisition of all of the outstanding common stock of MidSouth Bancorp, Inc. (“MidSouth”) (NYSE: MSL), parent company of MidSouth Bank, N.A. The acquisition provides the Company opportunity for both enhanced growth in several of its current markets, such as MidSouth’s home market of Lafayette, Louisiana, as well as opportunities for expansion into new markets in Louisiana and Texas. The transaction was accounted for as a business combination whereby the Company acquired net assets with an estimated fair value of $130.5 million and recorded goodwill of $63.4 million. In consideration for the net assets acquired, the Company issued approximately 5.0 million shares of common stock, resulting in a transaction value of $193.8 million. Due to the close proximity to the acquisition date, certain acquisition-date fair value measurements have not been finalized and are subject to change. As the Company obtains the information related to facts and circumstances that existed as of the acquisition date, provisional measurements will be finalized, and any adjustments, if necessary, will be included in the allocation in the reporting period in which the final amounts are determined, not to exceed one year from the acquisition date. The following table sets forth the preliminary acquisition date fair value of the assets acquired and liabilities assumed, and the resulting goodwill. The goodwill is not deductible for federal income tax purposes. (in thousands) ASSETS Cash and due from banks $ 28,059 Interest bearing bank deposits 276,911 Federal funds sold 3,475 Securities available for sale 272,240 Loans 787,628 Property and equipment 34,288 Other real estate 343 Identifiable intangible assets 31,500 Other assets 79,888 Total identifiable assets 1,514,332 LIABILITIES Deposit liabilities 1,280,947 Short term borrowings 66,996 Long term debt 13,919 Other liabilities 21,990 Total liabilities 1,383,852 Net assets acquired 130,480 Value of stock-based consideration 193,849 Goodwill $ 63,369 The loans acquired were recorded at an estimated fair value at the acquisition date using a loss adjusted cash flow method, with no carryover of the related allowance for loan losses. Acquired loans are classified as either purchased credit performing or purchased credit impaired based on such factors as past due status, nonaccrual status and internal risk rating. Loans considered to be purchased credit performing were accounted for under Accounting Standards Codification (“ASC”) 310-20. The purchased credit performing loans had a book balance of $686.0 million, of which $18.8 million is not expected to be collected, and an estimated fair value of $667.1 million. Loans considered to be purchased credit impaired were accounted for under ASC 310-30 using the expected cash flow method. The purchased credit impaired loans had a book balance of $143.9 million and an estimated fair value of $120.5 million. The securities available for sale portfolio consisted primarily of collateralized mortgage obligations and mortgaged backed securities. Substantially all of the portfolio acquired was sold prior to December 31, 2019. The core deposit intangible asset of $31.5 million represents the value of the relationships with deposit customers based on the favorable source of funds method. The core deposit intangible will be amortized using sum of years’ digits over the asset’s estimated life of 15 years. Short-term borrowings consisted of customer repurchase agreements of $39.5 million and two FHLB advances totaling $27.5 million. The FHLB advances had 30 day maturities with fixed interest rates of 2.16%. Long-term debt consisted of three trust preferred debentures with maturities through 2037; however, each was callable and were eligible for redemption at the Company’s election. The Company redeemed each debenture in full prior to December 31, 2019. The operating results of the Company for the year ended December 31, 2019 includes the results from the operations of the acquired business from the date of acquisition. The results of the acquired business are not material to the Company’s consolidated results of operations and, as such, neither supplemental pro forma information of the combined entity nor revenue and earnings contributed by the acquired business since the date of acquisition are presented. During the year ended December 31, 2019, the Company incurred acquisition related costs of approximately $32.7 million. The following table presents the acquisition related costs by component: (in thousands) Personnel expense $ 7,506 Net occupancy and equipment expense 1,464 Professional services expense 7,075 Data processing expense 1,092 Other real estate 130 Advertising expense 2,581 Other expense 12,818 Total merger-related expenses $ 32,666 Personnel expense includes severance and change in control costs. Professional services expense includes legal and consulting costs, including costs associated with systems conversion. Other expense includes contract and lease termination fees and other transaction-related costs. Trust and Asset Management Business On July 13, 2018, the Company acquired the bank-managed high net worth individual and institutional investment management and trust business of Capital One, National Association (“Capital One”). The transaction added assets under management of $4 billion and assets under management and administration of $10.4 billion to the Company’s existing trust and asset management business. In addition, the Company assumed approximately $217 million of customer deposit liabilities. The following table sets forth the acquisition date fair value of the assets acquired and the liabilities assumed, the consideration received, and the resulting goodwill. The goodwill is deductible for federal income tax purposes. (in thousands) ASSETS Accounts receivable $ 2,803 Identifiable intangible assets 27,562 Total identifiable assets 30,365 LIABILITIES Deposit liabilities 217,432 Other liabilities 151 Total liabilities 217,583 Net liabilities assumed (187,218 ) Consideration received 140,657 Goodwill $ 46,561 Identifiable intangible assets include customer relationships that are being amortized using an accelerated method based on forecasted cash flows over a useful life of approximately 17 years The operating results of the Company for the years ended December 31, 2019 and 2018 includes the results from the operations of the acquired trust and asset management business from the date of acquisition. The results are not material to the Company’s results of operations and, as such, supplemental proforma financial information for the years ended December 31, 2019 and 2018 is not presented. During year ended December 31, 2018, the Company incurred acquisition related costs of approximately $6.2 million. Goodwill Resulting from Business Combinations Goodwill represents the excess of the consideration transferred over the fair value of the net assets acquired or the excess of the fair value of net liabilities assumed over the consideration received. It is comprised of estimated future economic benefits arising from the transaction that cannot be individually identified or do not qualify for separate recognition. These benefits include expanded presence in existing markets and entry into new markets, and expected earnings streams and operational efficiencies that the Company believes will result from these business combinations. The following table illustrates the change in the Company’s goodwill for the years ended December 31, 2019 and 2018: (in thousands) Goodwill balance at December 31, 2017 $ 745,523 Additions and adjustments: Initial goodwill recorded in acquisition of trust and asset management business 45,634 Measurement period adjustments - acquisition of trust and asset management business (185 ) Goodwill balance at December 31, 2018 $ 790,972 Additions and adjustments: Final settlement of cash consideration - acquisition of trust and asset management business $ 1,112 Initial goodwill recorded in acquisition of MidSouth Bancorp, Inc. 69,207 Measurement period adjustments - acquisition of MidSouth Bancorp, Inc. (5,838 ) Goodwill balance at December 31, 2019 $ 855,453 Divestiture On March 9, 2018, the Company sold its consumer finance subsidiary, Harrison Finance Company. The Company received cash of approximately $78.9 million and recorded a loss on the sale of $1.1 million. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | Note 3. Securities The amortized cost and fair value of securities classified as available for sale and held to maturity at December 31, 2019 and 2018 follow. Securities Available for Sale December 31, 2019 December 31, 2018 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 98,320 $ 652 $ 300 $ 98,672 $ 74,339 $ — $ 2,633 $ 71,706 Municipal obligations 242,016 7,789 — 249,805 246,713 360 6,646 240,427 Residential mortgage-backed securities 1,910,909 20,268 7,020 1,924,157 1,468,912 4,284 29,794 1,443,402 Commercial mortgage-backed securities 1,570,765 19,880 4,178 1,586,467 799,060 1,953 30,936 770,077 Collateralized mortgage obligations 807,600 3,757 3,142 808,215 163,282 903 2,260 161,925 Corporate debt securities 8,000 21 33 7,988 3,500 — — 3,500 $ 4,637,610 $ 52,367 $ 14,673 $ 4,675,304 $ 2,755,806 $ 7,500 $ 72,269 $ 2,691,037 Securities Held to Maturity December 31, 2019 December 31, 2018 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 50,000 $ 3 $ — $ 50,003 $ 50,000 $ — $ 478 $ 49,522 Municipal obligations 641,019 27,146 69 668,096 688,201 2,347 9,503 681,045 Residential mortgage-backed securities 29,687 883 — 30,570 640,393 1,461 6,117 635,737 Commercial mortgage-backed securities 539,371 12,474 581 551,264 357,175 376 10,882 346,669 Collateralized mortgage obligations 307,932 3,597 458 311,071 1,243,778 1,598 22,493 1,222,883 $ 1,568,009 $ 44,103 $ 1,108 $ 1,611,004 $ 2,979,547 $ 5,782 $ 49,473 $ 2,935,856 The Company held no securities classified as trading at December 31, 2019 or 2018. Under the provisions ASU 2019-04, the Company made a one-time election to transfer securities with an amortized cost of $1.2 billion from the held to maturity portfolio to the available for sale portfolio. The securities transferred are eligible to be hedged under the last of layer method; as such, the reclassification allows the Company to take advantage of the amended fair value hedging rules in the future, should it meet the Company’s investment strategy. The following tables present the amortized cost and fair value of debt securities at December 31, 2019 by contractual maturity. Actual maturities will differ from contractual maturities because of rights to call or repay obligations with or without penalties and scheduled and unscheduled principal payments on mortgage-backed securities and collateral mortgage obligations. (in thousands) Amortized Cost Fair Value Debt Securities Available for Sale Due in one year or less $ 356 $ 363 Due after one year through five years 151,871 154,646 Due after five years through ten years 1,764,275 1,778,398 Due after ten years 2,721,108 2,741,897 Total available for sale debt securities $ 4,637,610 $ 4,675,304 (in thousands) Amortized Cost Fair Value Debt Securities Held to Maturity Due in one year or less $ 50,000 $ 50,003 Due after one year through five years 140,009 141,929 Due after five years through ten years 672,094 694,992 Due after ten years 705,906 724,080 Total held to maturity debt securities $ 1,568,009 $ 1,611,004 The details for securities classified as available for sale with unrealized losses at December 31, 2019 follow. Available for sale Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 28,235 $ 300 $ — $ — $ 28,235 $ 300 Municipal obligations — — — — — — Residential mortgage-backed securities 420,066 5,042 399,787 1,978 819,853 7,020 Commercial mortgage-backed securities 458,855 3,971 14,896 207 473,751 4,178 Collateralized mortgage obligations 89,689 1,315 184,389 1,827 274,078 3,142 Corporate debt securities 1,467 33 — — 1,467 33 . $ 998,312 $ 10,661 $ 599,072 $ 4,012 $ 1,597,384 $ 14,673 The details for securities classified as available for sale with unrealized losses at December 31, 2018 follow. Available for sale Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ — $ — $ 71,706 $ 2,633 $ 71,706 $ 2,633 Municipal obligations 41,203 591 170,883 6,054 212,086 6,645 Residential mortgage-backed securities 305,090 2,485 762,826 27,309 1,067,916 29,794 Commercial mortgage-backed securities 96,226 1,851 570,485 29,085 666,711 30,936 Collateralized mortgage obligations 254 1 111,804 2,259 112,058 2,260 $ 442,773 $ 4,928 $ 1,687,704 $ 67,340 $ 2,130,477 $ 72,268 The details for securities classified as held to maturity with unrealized losses at December 31, 2019 follow. Held to maturity Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ — $ — $ — $ — $ — $ — Municipal obligations 4,735 38 3,143 31 7,878 69 Residential mortgage-backed securities — — — — — — Commercial mortgage-backed securities 28,426 581 — — 28,426 581 Collateralized mortgage obligations — — 49,110 458 49,110 458 $ 33,161 $ 619 $ 52,253 $ 489 $ 85,414 $ 1,108 The details for securities classified as held to maturity with unrealized losses as of December 31, 201 8 follow. Held to maturity Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ — $ — $ 49,521 $ 478 $ 49,521 $ 478 Municipal obligations 233,469 2,256 233,280 7,247 466,749 9,503 Residential mortgage-backed securities 90,730 123 235,251 5,994 325,981 6,117 Commercial mortgage-backed securities — — 305,419 10,882 305,419 10,882 Collateralized mortgage obligations 77,394 281 897,153 22,212 974,547 22,493 $ 401,593 $ 2,660 $ 1,720,624 $ 46,813 $ 2,122,217 $ 49,473 The unrealized losses primarily relate to changes in market rates on fixed rate debt securities since the respective purchase date. In all cases, the indicated impairment on these debt securities would be recovered no later than the security’s maturity date or possibly earlier if the market price for the security increases with a reduction in the yield required by the market. None of the unrealized losses relate to the marketability of the securities or the issuers’ abilities to meet contractual obligations. The Company believes it has adequate liquidity and, therefore, does not plan to and, more likely than not, will not be required to sell these securities before recovery of the indicated impairment. Accordingly, the unrealized losses on these securities have been determined to be temporary. The following table presents the proceeds from, gross gains on, and gross losses on sales of securities during the years ended December 31, 2019, 2018 and 2017: Years Ended December 31, (in thousands) 2019 2018 2017 Proceeds $ 268,413 $ 455,162 $ 213,877 Gross gains — — — Gross losses — 25,480 — Securities with carrying values totaling approximately $3.3 billion at December 31, 2019 and $3.4 billion at December 31, 2018 were pledged, primarily to secure public deposits or securities sold under agreements to repurchase. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Note 4. Loans and Allowance for Credit Losses The Company generally makes loans in its market areas of south Mississippi; southern and central Alabama; northwest, central and south Louisiana; the northern, central and panhandle regions of Florida; and certain areas of east and northeast Texas, including Houston, Beaumont and Dallas; and Nashville, Tennessee. The following table presents loans, net of unearned income, by portfolio class at December 31, 2019 and 2018: (in thousands) 2019 2018 Commercial non-real estate $ 9,166,947 $ 8,620,601 Commercial real estate - owner occupied 2,738,460 2,457,748 Total commercial and industrial 11,905,407 11,078,349 Commercial real estate - income producing 2,994,448 2,341,779 Construction and land development 1,157,451 1,548,335 Residential mortgages 2,990,631 2,910,081 Consumer 2,164,818 2,147,867 Total loans $ 21,212,755 $ 20,026,411 The Bank makes loans in the normal course of business to directors and executive officers of the Company and the Bank and to their associates. Loans to such related parties are made on substantially the same terms, including interest rates and collateral requirements, as those prevailing at the time for comparable transactions with unrelated parties and do not involve more than normal risk of collectability when originated. Balances of loans to the Company’s directors, executive officers and their associates at December 31, 2019 and 2018 were approximately $13.4 million and $37.5 million, respectively. Included in such loans at December 31, 2018 was $22.4 million to directors that retired in 2019. Related party loan activity in 2019 includes new loans of $7.1 million and repayments of $8.8 million. The Bank has a line of credit with the Federal Home Loan Bank of Dallas that is secured by blanket pledges of certain qualifying loan types. The Bank had borrowings on this line of $2.0 billion and $1.2 billion at December 31, 2019 and 2018, respectively. The following schedules show activity in the allowance for credit losses by portfolio segment for the year ended December 31, 2019 and the activity in the allowance for loan losses by portfolio segment for the year ended December 31, 2018, as well as the corresponding recorded investment in loans at December 31, 2019 and 2018. Commercial Non-Real Estate Commercial Real Estate- Owner Occupied Total Commercial and Industrial Commercial Real Estate- Income Producing Construction and Land Development Residential Mortgages Consumer Total (in thousands) Year Ended December 31, 2019 Allowance for credit losses Allowance for loan losses: Beginning balance $ 97,752 $ 13,757 $ 111,509 $ 17,638 $ 15,647 $ 23,782 $ 25,938 $ 194,514 Charge-offs (39,600 ) (137 ) (39,737 ) (32 ) (7 ) (846 ) (18,455 ) (59,077 ) Recoveries 6,940 306 7,246 569 140 480 3,645 12,080 Net provision for loan losses 41,340 (2,949 ) 38,391 2,694 (6,430 ) (3,085 ) 12,164 43,734 Ending balance - allowance for loan losses $ 106,432 $ 10,977 $ 117,409 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 191,251 Reserve for unfunded lending commitments: Beginning balance $ — $ — $ — $ — $ — $ — $ — $ — Provision for losses on unfunded commitments 3,974 — 3,974 — — — — 3,974 Ending balance - reserve for unfunded lending commitments $ 3,974 $ — $ 3,974 $ — $ — $ — $ — $ 3,974 Total allowance for credit losses $ 110,406 $ 10,977 $ 121,383 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 195,225 Allowance for loan losses: Individually evaluated for impairment $ 21,733 $ 104 $ 21,837 $ 18 $ 21 $ 217 $ 292 $ 22,385 Amounts related to purchased credit impaired loans 164 169 333 39 136 7,474 275 8,257 Collectively evaluated for impairment 84,535 10,704 95,239 20,812 9,193 12,640 22,725 160,609 Allowance for loan losses $ 106,432 $ 10,977 $ 117,409 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 191,251 Reserve for unfunded lending commitments: Individually evaluated for impairment $ 3,974 $ — $ 3,974 $ — $ — $ — $ — $ 3,974 Total allowance for credit losses $ 110,406 $ 10,977 $ 121,383 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 195,225 Loans: Individually evaluated for impairment $ 232,438 $ 4,381 $ 236,819 $ 1,898 $ 277 $ 5,174 $ 1,483 $ 245,651 Purchased credit impaired loans 31,073 36,200 67,273 35,353 20,516 86,757 5,346 215,245 Collectively evaluated for impairment 8,903,436 2,697,879 11,601,315 2,957,197 1,136,658 2,898,700 2,157,989 20,751,859 Total loans $ 9,166,947 $ 2,738,460 $ 11,905,407 $ 2,994,448 $ 1,157,451 $ 2,990,631 $ 2,164,818 $ 21,212,755 Commercial Non-Real Estate Commercial Real Estate- Owner Occupied Total Commercial and Industrial Commercial Real Estate- Income Producing Construction and Land Development Residential Mortgages Consumer Total (in thousands) Year Ended December 31, 2018 Allowance for loan losses: Beginning balance $ 127,918 $ 12,962 $ 140,880 $ 13,709 $ 7,372 $ 24,844 $ 30,503 $ 217,308 Charge-offs (40,069 ) (8,059 ) (48,128 ) (1,633 ) (334 ) (614 ) (23,913 ) (74,622 ) Recoveries 14,385 317 14,702 221 96 2,179 5,162 22,360 Net provision for loan losses (4,482 ) 8,537 4,055 5,341 8,513 (2,627 ) 20,834 36,116 Other — — — — — — (6,648 ) (6,648 ) Ending balance - allowance for loan losses $ 97,752 $ 13,757 $ 111,509 $ 17,638 $ 15,647 $ 23,782 $ 25,938 $ 194,514 Allowance for loan losses: Individually evaluated for impairment $ 3,636 $ 607 $ 4,243 $ 210 $ 1 $ 444 $ 216 $ 5,114 Amounts related to purchased credit impaired loans 239 215 454 43 83 9,766 388 10,734 Collectively evaluated for impairment 93,877 12,935 106,812 17,385 15,563 13,572 25,334 178,666 Total allowance for loan losses $ 97,752 $ 13,757 $ 111,509 $ 17,638 $ 15,647 $ 23,782 $ 25,938 $ 194,514 Loans: Individually evaluated for impairment $ 239,384 $ 21,666 $ 261,050 $ 2,701 $ 121 $ 3,876 $ 1,007 $ 268,755 Purchased credit impaired loans 6,629 6,212 12,841 3,757 3,387 105,430 4,181 129,596 Collectively evaluated for impairment 8,374,588 2,429,870 10,804,458 2,335,321 1,544,827 2,800,775 2,142,679 19,628,060 Total loans $ 8,620,601 $ 2,457,748 $ 11,078,349 $ 2,341,779 $ 1,548,335 $ 2,910,081 $ 2,147,867 $ 20,026,411 Impaired Loans The following table shows the composition of nonaccrual loans by portfolio class. Purchased credit impaired loans accounted for in pools with an accretable yield are considered to be performing and are excluded from the table. December 31, (in thousands) 2019 2018 Commercial non-real estate $ 178,678 $ 110,653 Commercial real estate - owner occupied 7,708 16,895 Total commercial and industrial 186,386 127,548 Commercial real estate - income producing 2,594 4,991 Construction and land development 1,217 2,146 Residential mortgages 39,262 35,866 Consumer 16,374 16,744 Total loans $ 245,833 $ 187,295 For the years ended December 31, 2019, 2018 and 2017, the estimated amount of interest income from nonaccrual loans that would have been recorded had the loans not been assigned nonaccrual status was $13.9 million, $13.7 million and $14.7 million, respectively. Nonaccrual loans include nonaccruing loans modified in troubled debt restructurings (TDRs) of $132.5 million and $85.5 million, at December 31, 2019 and 2018, respectively. Total TDRs, both accruing and nonaccruing, were $193.7 million at December 31, 2019 and $224.6 million at December 31, 2018. The table below details TDRs that were modified during the years ended December 31, 2019, 2018 and 2017 by portfolio segment. All such loans are individually evaluated for impairment. Years Ended ($ in thousands) 2019 2018 2017 Outstanding Recorded Investment Outstanding Recorded Investment Outstanding Recorded Investment Troubled Debt Restructurings: Number of Contracts Pre- Modification Post- Modification Number of Contracts Pre- Modification Post- Modification Number of Contracts Pre- Modification Post- Modification Commercial non-real estate 13 $ 64,051 $ 57,240 29 $ 85,306 $ 85,306 52 $ 162,909 $ 162,909 Commercial real estate - owner occupied 1 167 167 2 6,138 6,138 5 5,684 5,684 Total commercial and industrial 14 64,218 57,407 31 91,444 91,444 57 168,593 168,593 Commercial real estate - income producing 1 123 123 1 1,564 1,564 5 5,625 5,625 Construction and land development 3 323 323 — — — — — — Residential mortgages 21 3,286 3,286 14 1,297 1,297 15 2,812 2,812 Consumer 10 168 168 10 455 455 1 40 40 Total loans 49 $ 68,118 $ 61,307 56 $ 94,760 $ 94,760 78 $ 177,070 $ 177,070 The TDRs modified during the year ended December 31, 2019 reflected in the table above include $18.7 million of loans with extended amortization terms or other payment concessions, $41.3 million of loans with significant covenant waivers and $8.1 million with other modifications. In addition, the Company received approximately $6.8 million of equity securities of one commercial non-real estate borrower in satisfaction of a portion of its debt. The TDRs modified during the year ended December 31, 2018 include $50.8 million of loans with extended amortization terms or other payment concessions, $14.6 million of loans with significant covenant waivers, and $29.4 million with other modifications. The TDRs modified during the year ended December 31, 2017 include $98.1 million of loans with extended terms or other payment concessions, $76.2 million of loans with significant covenant waivers, and $2.8 million of other modifications. At December 31, 2019 and 2018, the Company had unfunded commitments of approximately $2.4 million and $2.1 million, respectively, to borrowers whose loan terms had been modified in TDRs. No TDRs modified during the years ended December 31, 2019 and 2017 subsequently defaulted within twelve month of modification. Of the TDRs modified during the year ended December 31, 2018, one residential mortgage totaling $0.2 million, one owner-occupied commercial real estate loan totaling $1.8 million and one consumer loan totaling less than $ 0.1 million defaulted within 12 months of the modification. The tables below present loans that are individually evaluated for impairment disaggregated by portfolio class at December 31, 2019 and 2018. Loans individually evaluated for impairment include TDRs and loans that are determined to be impaired and have aggregate relationship balances of $1 million or more. December 31, 2019 (in thousands) Recorded Investment Without an Allowance Recorded Investment With an Allowance Unpaid Principal Balance Related Allowance Commercial non-real estate $ 134,191 $ 98,247 $ 270,078 $ 21,733 Commercial real estate - owner occupied 2,665 1,716 7,793 104 Total commercial and industrial 136,856 99,963 277,871 21,837 Commercial real estate - income producing 373 1,525 1,959 18 Construction and land development — 277 322 21 Residential mortgages 3,383 1,791 5,709 217 Consumer 479 1,004 1,906 292 Total loans $ 141,091 $ 104,560 $ 287,767 $ 22,385 December 31, 2018 (in thousands) Recorded Investment Without an Allowance Recorded Investment With an Allowance Unpaid Principal Balance Related Allowance Commercial non-real estate $ 144,625 $ 94,759 $ 273,290 $ 3,636 Commercial real estate - owner occupied 13,027 8,639 25,888 607 Total commercial and industrial 157,652 103,398 299,178 4,243 Commercial real estate - income producing 1,138 1,563 3,428 210 Construction and land development 100 21 121 1 Residential mortgages 2,058 1,818 4,421 444 Consumer 279 728 1,253 216 Total loans $ 161,227 $ 107,528 $ 308,401 $ 5,114 The tables below present the average balances and interest income for total impaired loans for the years ended December 31, 2019 and 2018. Interest income recognized represents interest on accruing loans modified in a TDR. Years Ended December 31, 2019 December 31, 2018 (in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial non-real estate $ 223,500 $ 4,917 $ 286,146 $ 7,919 Commercial real estate - owner occupied 14,719 196 25,325 343 Total commercial and industrial 238,219 5,113 311,471 8,262 Commercial real estate - income producing 2,407 27 9,155 71 Construction and land development 906 4 145 — Residential mortgages 4,578 11 5,598 18 Consumer 1,464 77 814 39 Total loans $ 247,574 $ 5,232 $ 327,183 $ 8,390 Aging Analysis The tables below present the age analysis of past due loans by portfolio class at December 31, 2019 and 2018. Purchased credit impaired loans with an accretable yield are considered to be current: December 31, 2019 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days past due Total Past Due Current Total Loans Recorded Investment > 90 Days and Accruing (in thousands) Commercial non-real estate $ 20,893 $ 13,445 $ 100,806 $ 135,144 $ 9,031,803 $ 9,166,947 $ 1,537 Commercial real estate - owner occupied 4,862 556 7,268 12,686 2,725,774 2,738,460 830 Total commercial and industrial 25,755 14,001 108,074 147,830 11,757,577 11,905,407 2,367 Commercial real estate - income producing 738 703 2,910 4,351 2,990,097 2,994,448 450 Construction and land development 5,747 680 2,480 8,907 1,148,544 1,157,451 2,042 Residential mortgages 32,867 8,584 23,577 65,028 2,925,603 2,990,631 85 Consumer 18,586 6,215 9,901 34,702 2,130,116 2,164,818 1,638 Total loans $ 83,693 $ 30,183 $ 146,942 $ 260,818 $ 20,951,937 $ 21,212,755 $ 6,582 December 31, 2018 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Total Loans Recorded Investment > 90 Days and Accruing (in thousands) Commercial non-real estate $ 12,257 $ 3,895 $ 77,551 $ 93,703 $ 8,526,898 $ 8,620,601 $ 10,823 Commercial real estate - owner occupied 2,394 1,570 14,542 18,506 2,439,242 2,457,748 380 Total commercial and industrial 14,651 5,465 92,093 112,209 10,966,140 11,078,349 11,203 Commercial real estate - income producing 2,371 772 5,495 8,638 2,333,141 2,341,779 1,844 Construction and land development 7,397 1,129 2,165 10,691 1,537,644 1,548,335 644 Residential mortgages 32,869 14,706 23,175 70,750 2,839,331 2,910,081 — Consumer 20,402 4,695 9,665 34,762 2,113,105 2,147,867 618 Total loans $ 77,690 $ 26,767 $ 132,593 $ 237,050 $ 19,789,361 $ 20,026,411 $ 14,309 Credit Quality Indicators The tables below present the credit quality indicators classes by segments and portfolio class of loans at December 31, 2019 and December 31, 2018. December 31, 2019 (in thousands) Commercial Non- Real Estate Commercial Real Estate - Owner Occupied Total Commercial and Industrial Commercial Real Estate - Income Producing Construction and Land Development Total Commercial Grade: Pass $ 8,492,113 $ 2,517,448 $ 11,009,561 $ 2,883,553 $ 1,120,997 $ 15,014,111 Pass-Watch 220,850 146,266 367,116 69,765 25,621 462,502 Special Mention 71,654 14,651 86,305 14,995 283 101,583 Substandard 382,330 60,095 442,425 26,135 10,550 479,110 Doubtful — — — — — — Total $ 9,166,947 $ 2,738,460 $ 11,905,407 $ 2,994,448 $ 1,157,451 $ 16,057,306 December 31, 2018 (in thousands) Commercial Non- Real Estate Commercial Real Estate - Owner Occupied Total Commercial & Industrial Commercial Real Estate - Income Producing Construction and Land Development Total Commercial Grade: Pass $ 7,875,588 $ 2,274,211 $ 10,149,799 $ 2,265,087 $ 1,487,599 $ 13,902,485 Pass-Watch 260,510 84,271 344,781 46,535 49,099 440,415 Special Mention 75,752 23,149 98,901 5,510 816 105,227 Substandard 408,751 76,117 484,868 24,647 10,821 520,336 Doubtful — — — — — — Total $ 8,620,601 $ 2,457,748 $ 11,078,349 $ 2,341,779 $ 1,548,335 $ 14,968,463 December 31, 2019 December 31, 2018 (in thousands) Residential Mortgage Consumer Total Residential Mortgage Consumer Total Performing $ 2,950,854 $ 2,147,312 $ 5,098,166 $ 2,873,669 $ 2,130,395 $ 5,004,064 Nonperforming 39,777 17,506 57,283 36,412 17,472 53,884 Total $ 2,990,631 $ 2,164,818 $ 5,155,449 $ 2,910,081 $ 2,147,867 $ 5,057,948 Below are the definitions of the Company’s internally assigned grades: Commercial: • Pass - loans properly approved, documented, collateralized, and performing which do not reflect an abnormal credit risk. • Pass - Watch - credits in this category are of sufficient risk to cause concern. This category is reserved for credits that display negative performance trends. The “Watch” grade should be regarded as a transition category. • Special Mention - a criticized asset category defined as having potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may, at some future date, result in the deterioration of the repayment prospects for the credit or the institution’s credit position. Special mention credits are not considered part of the Classified credit categories and do not expose an institution to sufficient risk to warrant adverse classification. • Substandard - an asset that is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the institution will sustain some loss if the deficiencies are not corrected. • Doubtful - an asset that has all the weaknesses inherent in one classified Substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. • Loss - credits classified as Loss are considered uncollectable and are charged off promptly once so classified. Residential and Consumer: • Performing – accruing loans that have not been modified in a troubled debt restructuring. • Nonperforming – loans for which there are good reasons to doubt that payments will be made in full. All loans with nonaccrual status and all loans that have been modified in a troubled debt restructuring are classified as nonperforming. Purchased Credit Impaired Loans Changes in the carrying amount of purchased credit impaired loans and related accretable yield are presented in the following table for the years ended December 31, 2019 and 2018: 2019 2018 Carrying Carrying Amount Accretable Amount Accretable (in thousands) of Loans Yield of Loans Yield Balance at beginning of period $ 129,596 $ 37,294 $ 153,403 $ 62,517 Additions 120,562 6,246 — — Payments received, net (48,076 ) (4,601 ) (39,556 ) (5,779 ) Accretion 13,163 (13,163 ) 15,749 (15,749 ) Increase (decrease) in expected cash flows based on actual cash flow and changes in cash flow assumptions — 4,170 — (3,695 ) Balance at end of period $ 215,245 $ 29,946 $ 129,596 $ 37,294 Residential Mortgage Loans in Process of Foreclosure Loans in process of foreclosure include those for which formal foreclosure proceedings are in process according to local requirements of the applicable jurisdiction. Included in loans are $8.6 million and $7.1 million of consumer loans secured by single family residential mortgage real estate that are in process of foreclosure as of December 31, 2019 and 2018, respectively. In addition to the single family residential real estate loans in process of foreclosure, the Company also held $6.3 million and $1.8 million of foreclosed single family residential properties in other real estate owned as of December 31, 2019 and 2018, respectively. Loans Held for Sale Loans held for sale totaled $55.9 million and $ 28.1 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 5. Property and Equipment Property and equipment consisted of the following at December 31, 2019 and 2018: December 31, (in thousands) 2019 2018 Land and land improvements $ 79,720 $ 70,960 Buildings and leasehold improvements 339,503 311,409 Furniture, fixtures and equipment 115,051 92,805 Software 75,448 72,721 Assets under development 20,014 31,742 629,736 579,637 Accumulated depreciation and amortization (249,527 ) (225,969 ) Property and equipment, net $ 380,209 $ 353,668 Assets under development is comprised primarily of software design and implementation costs. Depreciation and amortization expense was $30.9 million, $26.5 million and $28.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. Property and Equipment Held for Sale Certain of the Company’s property and equipment meet the criteria to be classified as assets held for sale . |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Operating Leases | Note 6. Operating Leases Effective January 1, 2019, the Company adopted the amended provisions of Financial Accounting Standards Codification Topic 842, “Leases,” using the modified retrospective approach, impacting the reporting and disclosures for operating leases. The core principle of Topic 842 is that a lessee should recognize in the statement of financial position a liability representing the present value of future lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset over the lease term, as well as the disclosure of key information about operating leasing arrangements. Refer to Note 1 – Summary of Significant Accounting Policies for a description of the Company’s policy and transition elections. The Company has operating leases on a number of its branches, certain regional headquarters and other properties to limit its exposure to ownership risks such as fluctuations in real estate prices and obsolescence. The Company leases real estate with lease terms generally from five to 20 years, some of which have renewal options from one to 20 years. As these extension options are not generally considered reasonably certain of renewal, they are not included in the lease term. The Company is not a lessee in any contracts classified as finance leases. The following tables present supplemental information pertaining to operating leases at and for the year ended December 31, 2019. (dollars in thousands) Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities for operating leases $ 16,027 Right of use assets obtained in exchange for lease liabilities 121,066 December 31, 2019 Weighted average remaining lease term (in years) 12.95 Weighted average discount rate 3.53 % The following table sets forth the maturities of the Company’s lease liabilities and the present value discount at December 31, 2019. (dollars in thousands) 2019 $ 16,382 2020 15,947 2021 15,551 2022 13,973 2023 11,877 Thereafter 89,677 Total 163,407 Present value discount (35,704 ) Lease liability $ 127,703 The following table sets forth the components of the Company’s lease expense for the year ended December 31, 2019. (in thousands) December 31, 2019 Operating lease expense $ 18,075 Short-term lease expense 462 Variable lease expense 46 Sublease income (322 ) Total $ 18,261 The Company elected the optional transition method to not restate prior periods. Rental expense under ASC 840 approximated $18.2 million and $17.0 million for the years ended December 31, 2018 and 2017, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 7. Goodwill and Other Intangible Assets Goodwill represents the excess of the consideration paid over the fair value of the net assets acquired or the excess of the fair value of the net liabilities assumed over the consideration received in a business combination. The 2019 acquisition of MidSouth resulted in goodwill of $63.4 million and the 2018 acquisition of the trust and asset management business resulted in goodwill of $46.6 million. The carrying amount of goodwill was $855.5 million and $791.0 million at December 31, 2019 and 2018, respectively. For additional information regarding changes to the Company’s carrying amount of goodwill, refer to Note 2 – Business Combinations. The Company completed its annual impairment test of goodwill as of September 30, 2019 by performing a qualitative (“Step Zero”) assessment. The qualitative assessment involved the examination of changes in macroeconomic conditions, industry and conditions, overall financial performance, cost factors and other relevant entity-specific events, including changes in management and other key personnel and changes in the share price of the Company’s common stock. As a result of the assessment, the Company concluded that its goodwill was not impaired. No goodwill impairment charges were recognized during 2019, 2018 or 2017. Identifiable intangible assets with finite lives are amortized over the periods benefited and are evaluated for impairment similar to other long-lived assets. The purchase and carrying values of intangible assets subject to amortization at December 31, 2019 and 2018 were as follows: December 31, 2019 Purchase Accumulated Carrying (in thousands) Value Amortization Value Core deposit intangibles $ 247,455 $ 168,577 $ 78,878 Credit card and trust relationships 49,962 22,448 27,514 Merchant processing relationships 10,000 9,585 415 $ 307,417 $ 200,610 $ 106,807 December 31, 2018 Purchase Accumulated Carrying (in thousands) Value Amortization Value Core deposit intangibles $ 215,955 $ 151,446 $ 64,509 Credit card and trust relationships 49,962 19,564 30,398 Merchant processing relationships 10,000 8,756 1,244 $ 275,917 $ 179,766 $ 96,151 Aggregate amortization expense by category of finite lived intangible assets for the years ended December 31, 2019, 2018 and 2017 is as follows: Years Ended December 31, (in thousands) 2019 2018 2017 Core deposit intangibles $ 17,132 $ 18,566 $ 19,442 Credit card and trust relationships 2,883 2,682 1,975 Merchant processing relationships 829 802 1,000 $ 20,844 $ 22,050 $ 22,417 At December 31, 2019, the weighted-average remaining life of core deposit intangibles was approximately 10 years, and the weighted-average remaining life of other identifiable intangibles was approximately 15 years. The following table shows estimated amortization expense of other intangible assets at December 31, 2019 for the five succeeding years and all years thereafter, calculated based on current amortization schedules. (in thousands) 2020 $ 19,916 2021 16,665 2022 14,033 2023 11,557 2024 9,413 Thereafter 35,223 $ 106,807 |
Time Deposits
Time Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Time Deposits | Note 8. Time Deposits The following table presents a detail of deposits at December 31, 2019 and 2018: (in thousands) 2019 2018 Noninterest-bearing deposits $ 8,775,632 $ 8,499,027 Interest-bearing retail transaction and savings deposits 8,845,097 8,000,092 Interest-bearing public fund deposits Public fund transaction and savings deposits 2,803,912 2,622,938 Public fund time deposits 560,503 383,578 Total interest-bearing public fund deposits 3,364,415 3,006,516 Retail time deposits 2,652,842 2,416,086 Brokered time deposits 165,589 1,228,464 Total interest-bearing deposits 15,027,943 14,651,158 Total deposits $ 23,803,575 $ 23,150,185 The maturity of time deposits at December 31, 2019 follows. (in thousands) 2020 $ 2,841,291 2021 405,102 2022 87,059 2023 20,106 2024 10,212 Thereafter 1,402 Total time deposits $ 3,365,172 Certificates of deposit in amounts greater than or equal to $250,000 totaled approximately $1.4 billion at December 31, 2019. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Short Term Borrowings [Abstract] | |
Short-Term Borrowings | Note 9. Short-Term Borrowings The following table presents information concerning short-term borrowing at and for the years ended December 31, 2019 and 2018: December 31, (in thousands) 2019 2018 Federal funds purchased: Amount outstanding at period end $ 195,450 $ 425 Average amount outstanding during period 49,297 39,968 Maximum amount at any month end during period 202,933 100,925 Weighted-average interest at period end 1.60 % 2.00 % Weighted-average interest rate during period 2.30 % 2.11 % Securities sold under agreements to repurchase: Amount outstanding at period end $ 484,422 $ 428,599 Average amount outstanding during period 493,344 456,000 Maximum amount at any month end during period 518,042 500,345 Weighted-average interest at period end 0.54 % 0.32 % Weighted-average interest rate during period 0.52 % 0.23 % FHLB borrowings: Amount outstanding at period end $ 2,035,000 $ 1,160,104 Average amount outstanding during period 1,399,503 1,694,804 Maximum amount at any month end during period 1,941,774 2,410,258 Weighted-average interest at period end 1.17 % 2.48 % Weighted-average interest rate during period 1.96 % 2.02 % Federal funds purchased represent unsecured borrowings from other banks, generally on an overnight basis. Securities sold under agreements to repurchase (“repurchase agreements”) are funds borrowed on a secured basis by selling securities under agreements to repurchase, mainly in connection with treasury-management services offered to deposit customers. The customer repurchase agreements mature daily and are secured by agency securities. As the Company maintains effective control over assets sold under agreements to repurchase, the securities continue to be presented in the consolidated balance sheets. Because the Company acts as a borrower transferring assets to the counterparty, and the agreements mature daily, the Company’s risk is limited. The $2.0 billion of FHLB borrowings at December 31, 2019 consists of two notes, one fixed and one variable rate, totaling $775 million that mature in 2020; three |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 10. Long-Term Debt As of December 31, 2019 and 2018, long-term debt was comprised of the following: December 31, (in thousands) 2019 2018 Subordinated notes payable, maturing June 2045 $ 150,000 $ 150,000 Other long-term debt 87,890 79,598 Less: unamortized debt issuance costs (4,428 ) (4,605 ) Total long-term debt $ 233,462 $ 224,993 The following table sets forth unamortized debt issuance costs associated with the respective debt instruments as of December 31, 2019: Unamortized Debt Issuance (in thousands) Principal Costs Subordinated notes payable, maturing June 2045 $ 150,000 $ 4,428 Other long-term debt 87,890 — Total $ 237,890 $ 4,428 On March 9, 2015, the Company completed the issuance of subordinated notes payable with an aggregate principal amount of $150 million, maturing on June 15, 2045. These notes accrue interest at a fixed rate of 5.95% per annum, with quarterly interest payments which began in June 2015. Subject to prior approval by the Federal Reserve, the Company may redeem the notes in whole or in part on any interest payment date on or after June 15, 2020. This debt qualifies as tier 2 capital in the calculation of certain regulatory capital ratios. Substantially all of the Company’s other long-term debt consists of borrowings associated with tax credit fund activities. Although these borrowings have indicated maturities through 2053, each is expected to be satisfied at the end of the seven-year |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives | Note 11. Derivatives Risk Management Objective of Using Derivatives The Company enters into derivative financial instruments to manage risks related to differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments, currently associated with fixed rate brokered deposits and certain investment securities and select pools of variable rate loans. The Bank also entered into interest rate derivative agreements as a service to certain qualifying customers. The Bank manages a matched book with respect to these customer derivatives in order to minimize its net risk exposure resulting from such agreements. The Bank also enters into risk participation agreements under which it may either sell or buy credit risk associated with a customer’s performance under certain interest rate derivative contracts related to loans in which participation interests have been sold to or purchased from other banks. Fair Values of Derivative Instruments on the Balance Sheet The table below presents the notional or contractual amounts and fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets at December 31, 2019 and 2018. December 31, 2019 December 31, 2018 Derivative (1) Derivative (1) (in thousands) Type of Hedge Notional or Contractual Amount Assets Liabilities Notional or Contractual Amount Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps - variable rate loans Cash Flow $ 1,175,000 $ 24,172 $ 337 $ 875,000 $ 3,954 $ 9,173 Interest rate swaps - securities Fair Value 441,400 1,474 1,759 — — — Interest rate swaps - brokered deposits Fair Value 43,000 — 9 483,110 — 2,089 $ 1,659,400 $ 25,646 $ 2,105 $ 1,358,110 $ 3,954 $ 11,262 Derivatives not designated as hedging instruments: Interest rate swaps N/A $ 3,759,232 $ 54,512 $ 55,664 $ 2,554,808 $ 23,670 $ 24,669 Risk participation agreements N/A 254,825 21 45 171,222 10 131 Forward commitments to sell residential mortgage loans N/A 145,623 651 744 77,208 110 664 Interest rate-lock commitments on residential mortgage loans N/A 83,224 369 375 59,119 464 67 Foreign exchange forward contracts N/A 64,632 303 366 37,749 751 718 Visa Class B derivative contract N/A 43,753 — 5,704 43,753 — 7,304 $ 4,351,289 $ 55,856 $ 62,898 $ 2,943,859 $ 25,005 $ 33,553 Total derivatives $ 6,010,689 $ 81,502 $ 65,003 $ 4,301,969 $ 28,959 $ 44,815 Less: netting adjustments (2) (27,056 ) (43,914 ) (11,979 ) (22,588 ) Total derivate assets/liabilities $ 54,446 $ 21,089 $ 16,980 $ 22,227 (1) Derivative assets and liabilities are reported in other assets or other liabilities, respectively, in the consolidated balance sheets. ( 2 ) Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. Cash Flow Hedges of Interest Rate Risk The Company is party to various interest rate swap agreements designated and qualifying as cash flow hedges of the Company’s forecasted variable cash flows for pools of variable rate loans. For each agreement, the Company receives interest at a fixed rate and pays at a variable rate. During the year ended December 31, 2018, the Company terminated five swap agreements and paid termination fees of approximately $10.6 million. The resulting accumulated other comprehensive loss is being amortized over the remaining maturities of the designated instruments. Amortization of other comprehensive loss on terminated cash flow hedges totaled $4.1 million and $6.0 million for the years ended December 31, 2019 and 2018, respectively. The notional amounts of the swap agreements in place at December 31, 2019 expire as follows: $50 million in 2021; $475 million in 2022; $550 million in 2023; $100 million in 2024. Fair Value Hedges of Interest Rate Risk Interest rate swaps on brokered deposits The Company enters into interest rate swap agreements that modify the Company’s exposure to interest rate risk by effectively converting a portion of the Company’s brokered certificates of deposit from fixed rates to variable rates. The maturities and call features of these interest rate swaps match the features of the hedged deposits. As interest rates fall, the decline in the value of the certificates of deposit is offset by the increase in the value of the interest rate swaps. Conversely, as interest rates rise, the value of the underlying hedged deposits increases, but the value of the interest rate swaps decreases, resulting in no impact on earnings. Interest expense is adjusted by the difference between the fixed and floating rates for the period the swaps are in effect. Interest rate swaps on securities available for sale During the third quarter of 2019, the Company executed multiple forward starting fixed payer swaps to convert the latter portion of pools of available for sale securities to a floating rate. These instruments were designated as last-of-layer fair value hedges against the select closed pools of prepayable commercial mortgage backed securities. This strategy provides the Company with a fixed rate coupon during the front end unhedged tenor of the bonds and results in a floating rate security during the back end hedged tenor, with hedged start dates between August 2023 through August 2024 and maturity dates from January 2028 through January 2029. In accordance with ASC 815, an entity may exclude prepayment risk when measuring the change in fair value of the hedged item attributable to interest rate risk under the last-of-layer approach. The fair value of the hedged item attributable to interest rate risk will be presented in interest income along with the change in the fair value of the hedging instrument. At December 31, 2019, the amortized cost basis of the closed portfolio of prepayable commercial mortgage backed securities totaled $498.3 million. The amount that represents the hedged items was $441.4 million and the basis adjustment associated with the hedged items totaled $0.3 million. Derivatives Not Designated as Hedges Customer interest rate derivative program The Bank enters into interest rate derivative agreements, primarily rate swaps, with commercial banking customers to facilitate their risk management strategies. The Bank enters into offsetting agreements with unrelated financial institutions, thereby mitigating its net risk exposure resulting from such transactions. Because the interest rate derivatives associated with this program do not meet hedge accounting requirements, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. Risk participation agreements The Bank also enters into risk participation agreements under which it may either assume or sell credit risk associated with a borrower’s performance under certain interest rate derivative contracts. In those instances where the Bank has assumed credit risk, it is not a direct counterparty to the derivative contract with the borrower and has entered into the risk participation agreement because it is a party to the related loan agreement with the borrower. In those instances in which the Bank has sold credit risk, it is the sole counterparty to the derivative contract with the borrower and has entered into the risk participation agreement because other banks participate in the related loan agreement. The Bank manages its credit risk under risk participation agreements by monitoring the creditworthiness of the borrower, based on the Bank’s normal credit review process. Mortgage banking derivatives The Bank also enters into certain derivative agreements as part of its mortgage banking activities. These agreements include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell these loans to investors on a best efforts delivery basis. Customer foreign exchange forward contract derivatives The Bank enters into foreign exchange forward derivative agreements, primarily forward foreign currency contracts, with commercial banking customers to facilitate their risk management strategies. The Bank manages its risk exposure from such transactions by entering into offsetting agreements with unrelated financial institutions. The Bank has not elected to designate these foreign exchange forward contract derivatives as hedges; as such, changes in the fair value of both the customer derivatives and the offsetting derivatives are recognized directly in earnings. Visa Class B derivative contract The Company is a member of Visa USA. During the fourth quarter of 2018, the Company sold the majority of its Visa Class B holdings, at which time it entered into a derivative agreement with the purchaser whereby the Company will make or receive cash payments whenever the conversion ratio of the Visa Class B shares into Visa Class A shares is adjusted. The conversion ratio changes when Visa deposits funds to a litigation escrow established by Visa to pay settlements for certain litigation, for which Visa is indemnified by Visa USA members. The Company is also required to make periodic financing payments to the purchaser until all of Visa’s covered litigation matters are resolved. Thus, the derivative contract extends until the end of Visa’s Covered Litigation matters, the timing of which is uncertain. The contract includes a contingent accelerated termination clause based on the credit ratings of the Company. At December 31, 2019 and 2018, the fair value of the liability associated with this contract was $5.7 million and $7.3 million respectively. Refer to Note 20 – Fair Value of Financial Instruments for discussion of the valuation inputs and process for this derivative liability. Effect of Derivative Instruments on the Statements of Income The effects of derivative instruments on the consolidated statements of income for the years ended December 31, 2019, 2018 and 2017 are presented in the table below. For the years ended December 31, 2019 and 2018, the reduction of interest income attributable to cash flow hedges includes amortization of accumulated other comprehensive loss that resulted from termination of certain interest rate swap contracts. Year Ended December 31, Derivative Instruments: Location of Gain (Loss) Recognized in the Statement of Income: 2019 2018 2017 Fair value hedges- securities Interest income $ 1 $ — $ — Cash flow hedges - variable rate loans Interest income (4,255) (4,497) (280) Fair value hedges - brokered deposits Interest expense (1,752) (2,343) 829 All other instruments Other noninterest income 12,958 5,368 5,870 Total $ 6,952 $ (1,472) $ 6,419 Credit Risk-Related Contingent Features Certain of the Bank’s derivative instruments contain provisions allowing the financial institution counterparty to terminate the contracts in certain circumstances, such as the downgrade of the Bank’s credit ratings below specified levels, a default by the Bank on its indebtedness, or the failure of the Bank to maintain specified minimum regulatory capital ratios or its regulatory status as a well-capitalized institution. These derivative agreements also contain provisions regarding the posting of collateral by each party. The Company is not in violation of any such provisions. The aggregate fair value of derivative instruments with credit risk-related contingent features that were in a net liability position at December 31, 2019 and 2018 was $12.9 million and $0.4 million, respectively, for which the Company had posted collateral of $12.4 million and $0.3 million, respectively. Offsetting Assets and Liabilities The Bank’s derivative instruments with certain counterparties contain legally enforceable netting provisions that allow for net settlement of multiple transactions to a single amount, which may be positive, negative, or zero. Agreements with certain bilateral counterparties require both parties to maintain collateral in the event that the fair values of derivative instruments exceed established exposure thresholds. For centrally cleared derivatives, the Company is subject to initial margin posting and daily variation margin exchange with the central clearinghouses. Offsetting information in regards to all derivative assets and liabilities, including accrued interest subject to these master netting agreements at December 31, 2019 and 2018 is presented in the following tables: As of December 31, 2019 Gross Amounts Offset in the Net Amounts Presented in the Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Statement of Financial Position Statement of Financial Position Financial Instruments Cash Collateral Net Amount Derivative Assets $ 27,938 $ (27,915 ) $ 23 $ 23 $ - $ - Derivative Liabilities $ 56,523 $ (44,570 ) $ 11,953 $ 23 $ 35,113 $ (23,183 ) As of December 31, 2018 Gross Amounts Offset in the Net Amounts Presented in the Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Statement of Financial Position Statement of Financial Position Financial Instruments Cash Collateral Net Amount Derivative Assets $ 16,167 $ (12,842 ) $ 3,325 $ 1,846 $ — $ 1,479 Derivative Liabilities $ 23,811 $ (21,651 ) $ 2,160 $ 1,846 $ 2,871 $ (2,557 ) The Company has excess collateral compared to total exposure due to initial margin requirements for day-to-day rate volatility. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | Note 12. Stockholders’ Equity Common Shares Outstanding Common shares outstanding exclude treasury shares of 4.0 million and 0.9 million with a first-in-first-out cost basis of $135.8 million and $18.5 million at December 31, 2019 and 2018, respectively. Shares outstanding also exclude unvested restricted share awards of 1.4 million and 1.3 million at December 31, 2019 and 2018, respectively. Shares Issued as Consideration in Business Combination On September 21, 2019, the Company issued 5,044,332 million shares of common stock valued at $193.8 million as consideration in its acquisition of MidSouth. Refer to Note 2 – Acquisitions and Divestiture for further information. Stock Buyback Program On September 23, 2019, the Company’s board of directors approved an amended stock buyback program that authorizes the Company to repurchase up to 5.5 million shares of its common stock through the expiration date of December 31, 2020. The program, as amended, allows the Company to repurchase its common shares in the open market, by block purchase, through accelerated share repurchase programs, in privately negotiated transactions, or as otherwise determined by the Company in one or more transactions. The Company is not obligated to purchase any shares under this program, and the board of directors may terminate or amend the program at any time prior to the expiration date. On October 18, 2019, the Company entered into an accelerated share repurchase (“ASR”) agreement with Morgan Stanley & Co. LLC (“Morgan Stanley”) to repurchase $185 million of the Company’s common stock. Pursuant to the ASR agreement, the Company made a $185 million payment to Morgan Stanley on October 21, 2019, and received from Morgan Stanley day an initial delivery of 3,611,870 shares of the Company’s common stock, which represented 75% of the estimated total number of shares to be repurchased based on the October 18, 2019 closing price of the Company’s common stock. The Company is accounting for the ASR as two separate transactions. The initial delivery of shares totaling $138.8 million were accounted for as treasury shares, and the value of the remaining shares to be exchanged upon final settlement totaling $46.2 million is being treated as a forward contract. The Company determined the forward contract meets scope exception provided for in ASC 815-10-15-74(a) and, as such, qualifies for equity classification. The final number of shares to be repurchased will be based generally on the volume-weighted average price per share of the Company’s common stock during the term of the ASR agreement, less a discount, and subject to possible adjustments in accordance with the terms of the ASR agreement. Because the ASR is uncollared, the Company may be obligated to return a portion of the initial shares should the average share price increase over the remaining term of the contract. Final settlement of the ASR agreement is scheduled to occur no later than the third quarter of 2020. In 2018, under a previous Board-approved stock buyback program in place from May 2018 to September 2019, the Company repurchased 200,000 shares of its common stock at an average price of $41.30 per share. Accumulated Other Comprehensive Income (Loss) A roll forward of the components of AOCI is included as follows: (in thousands) Available for Sale Securities HTM Securities Transferred from AFS Employee Benefit Plans Cash Flow Hedges Equity Method Investment Total Balance, December 31, 2016 $ (28,679 ) $ (14,392 ) $ (72,501 ) $ (4,960 ) $ $ (120,532 ) Net change in unrealized gain (loss) 6,903 — — (7,328 ) — (425 ) Reclassification of net loss realized and included in earnings — — 5,201 600 — 5,801 Valuation adjustment for employee benefit plan amendment — — 17,315 — — 17,315 Other valuation adjustment for employee benefit plans — — (10,929 ) — — (10,929 ) Amortization of unrealized net loss on securities transferred to held to maturity — 3,786 — — — 3,786 Income tax expense (benefit) 1,067 1,393 4,228 (2,600 ) — 4,088 Reclassification of certain tax effects (a) 6,669 2,586 13,936 2,139 — 25,330 Balance, December 31, 2017 $ (29,512 ) $ (14,585 ) $ (79,078 ) $ (11,227 ) $ — $ (134,402 ) Net change in unrealized (loss) gain (52,060 ) — — (697 ) — (52,757 ) Reclassification of net loss realized and included in earnings 25,480 — 4,989 4,497 — 34,966 Valuation adjustment for employee benefit plans — — (45,198 ) — — (45,198 ) Amortization of unrealized net loss on securities transferred to held to maturity — 3,296 — — — 3,296 Income tax expense (benefit) (5,967 ) 755 (9,040 ) 866 — (13,386 ) Balance, December 31, 2018 $ (50,125 ) $ (12,044 ) $ (110,247 ) $ (8,293 ) $ — $ (180,709 ) Net change in unrealized gain or loss 115,413 — — 28,943 (434 ) 143,922 Reclassification of net (gain) loss realized and included in earnings — — 9,174 4,255 — 13,429 Valuation adjustment for employee benefit plans — — 2,398 — — 2,398 Unrealized loss on securities transferred to available for sale (13,236 ) 13,236 — — — — Amortization of unrealized net loss on securities transferred to held to maturity — 3,153 — — — 3,153 Income tax expense 23,102 3,706 2,603 7,506 — 36,917 Balance, December 31, 2019 $ 28,950 $ 639 $ (101,278 ) $ 17,399 $ (434 ) $ (54,724 ) (a) Represents the reclassification of stranded income tax effects to Retained Earnings upon adoption of ASU 2018-02. Accumulated Other Comprehensive Income or Loss (“AOCI”) is reported as a component of stockholders’ equity. AOCI can include, among other items, unrealized holding gains and losses on securities available for sale (“AFS”), including the Company’s share of unrealized gains and losses reported by a partnership accounted for under the equity method, gains and losses associated with pension or other post-retirement benefits that are not recognized immediately as a component of net periodic benefit cost, and gains and losses on derivative instruments that are designated as, and qualify as, cash flow hedges. Net unrealized gains and losses on AFS securities reclassified as securities held to maturity (“HTM”) also continue to be reported as a component of AOCI and will be amortized over the estimated remaining life of the securities as an adjustment to interest income. Subject to certain thresholds, unrealized losses on employee benefit plans will be reclassified into income as pension and post-retirement costs are recognized over the remaining service period of plan participants. Accumulated gains or losses on the cash flow hedge of the variable rate loans described in Note 11 will be reclassified into income over the life of the hedge. Accumulated other comprehensive loss resulting from the terminated interest rate swaps will be amortized over the remaining maturities of the designated instruments. Gains and losses within AOCI are net of deferred income taxes, where applicable. The following table shows the line items in the consolidated statements of income affected by amounts reclassified from AOCI: Amount reclassified from AOCI (a) Year Ended December 31, Increase (decrease) in affected line (in thousands) 2019 2018 item in the income statement Amortization of unrealized net loss on securities transferred to HTM $ (3,153 ) $ (3,296 ) Interest income Tax effect 713 755 Income taxes Net of tax (2,440 ) (2,541 ) Net income Gain (loss) on sale of AFS securities — (25,480 ) Securities transactions Tax effect — 5,720 Income taxes Net of tax — (19,760 ) Net income Amortization of defined benefit pension and post-retirement items (b) $ (9,174 ) $ (4,989 ) Other noninterest expense Tax effect 2,074 1,122 Income taxes Net of tax (7,100 ) (3,867 ) Net income Reclassification of unrealized gain (loss) on cash flow hedges (110 ) $ 1,072 Interest income Tax effect 25 (244 ) Income taxes Net of tax (85 ) 828 Net Income Amortization of loss on terminated cash flow hedges (4,145 ) (5,569 ) Interest income Tax effect 937 1,269 Income taxes Net of tax (3,208 ) (4,300 ) Net income Total reclassifications, net of tax $ (12,833 ) $ (30,468 ) Net income (a) Amounts in parenthesis indicate reduction in net income. Regulatory Capital Measures of regulatory capital are an important tool used by regulators to monitor the financial health of financial institutions. The primary quantitative measures used to gauge capital adequacy are Common equity tier 1, Tier 1 and Total regulatory capital to risk-weighted assets (risk-based capital ratios) and the Tier 1 capital to average total assets (leverage ratio). Both the Company and the Bank subsidiary are required to maintain minimum risk-based capital ratios of 8.0% total capital, 4.5% Tier 1 Common Equity, and 6.0% Tier 1 capital. The minimum leverage ratio is 3.0% for bank holding companies and banks that meet certain specified criteria, including having the highest supervisory rating. All others are required to maintain a leverage ratio of at least 4.0%. To evaluate capital adequacy, regulators compare an institution’s regulatory capital ratios with their agency guidelines, as well as with the guidelines established as part of the uniform regulatory framework for prompt corrective supervisory action toward financial institutions. The framework for prompt corrective action categorizes capital levels into one of five classifications rating from well-capitalized to critically under-capitalized. For an institution to be eligible to be classified as well capitalized its total risk-based capital ratios must be at least 10.0% for total capital, 6.5% for Tier 1 Common Equity and 8.0% for Tier 1 capital, and its leverage ratio must be at least 5.0%. In reaching an overall conclusion on capital adequacy or assigning a classification under the uniform framework, regulators also consider other subjective and quantitative measures of risk associated with an institution. The Company and the Bank were deemed to be well capitalized based upon the most recent notifications from their regulators. There are no conditions or events since those notifications that management believes would change the classifications. At December 31, 2019 and 2018, the Company and the Bank were in compliance with all of their respective minimum regulatory capital requirements. Following is a summary of the actual regulatory capital amounts and ratios for the Company and the Bank together with corresponding regulatory capital requirements at December 31, 201 9 and 201 8 . Actual Required for Minimum Capital Adequacy Required To Be Well Capitalized ($ in thousands) Amount Ratio % Amount Ratio % Amount Ratio % At December 31, 2019 Tier 1 leverage capital Hancock Whitney Corporation $ 2,584,162 8.76 $ 1,180,163 4.00 $ 1,475,204 5.00 Hancock Whitney Bank 2,640,913 8.96 1,179,194 4.00 1,473,992 5.00 Common equity tier 1 (to risk weighted assets) Hancock Whitney Corporation $ 2,584,162 10.50 $ 1,107,527 4.50 $ 1,599,761 6.50 Hancock Whitney Bank 2,640,913 10.74 1,106,558 4.50 1,598,362 6.50 Tier 1 capital (to risk weighted assets) Hancock Whitney Corporation $ 2,584,162 10.50 $ 1,476,702 6.00 $ 1,968,936 8.00 Hancock Whitney Bank 2,640,913 10.74 1,475,411 6.00 1,967,214 8.00 Total capital (to risk weighted assets) Hancock Whitney Corporation $ 2,929,387 11.90 $ 1,968,936 8.00 $ 2,461,171 10.00 Hancock Whitney Bank 2,836,138 11.53 1,967,214 8.00 2,459,018 10.00 At December 31, 2018 Tier 1 leverage capital Hancock Whitney Corporation $ 2,391,762 8.67 $ 1,103,544 4.00 $ 1,379,430 5.00 Hancock Whitney Bank 2,351,090 8.54 1,101,372 4.00 1,376,715 5.00 Common equity tier 1 (to risk weighted assets) Hancock Whitney Corporation $ 2,391,762 10.48 $ 1,026,637 4.50 $ 1,482,920 6.50 Hancock Whitney Bank 2,351,090 10.32 1,025,355 4.50 1,481,068 6.50 Tier 1 capital (to risk weighted assets) Hancock Whitney Corporation $ 2,391,762 10.48 $ 1,368,849 6.00 $ 1,825,132 8.00 Hancock Whitney Bank 2,351,090 10.32 1,367,140 6.00 1,822,853 8.00 Total capital (to risk weighted assets) Hancock Whitney Corporation $ 2,736,276 11.99 $ 1,825,132 8.00 $ 2,281,415 10.00 Hancock Whitney Bank 2,545,604 11.17 1,822,053 8.00 2,278,566 10.00 Regulatory Restrictions on Dividends Regulatory policy statements provide that generally bank holding companies should pay dividends only out of current operating earnings and that the level of dividends must be consistent with current and expected capital requirements. Dividends received from the Bank have been the primary source of funds available to the Company for the payment of dividends to its stockholders. Federal and state banking laws and regulations restrict the amount of dividends the Bank may distribute to the Company without prior regulatory approval, as well as the amount of loans it may make to the Company. Dividends paid by the Bank are subject to approval by the Commissioner of Banking and Consumer Finance of the State of Mississippi. Further, beginning January 1, 2019, a capital conservation buffer of 2.5% above each of the minimum capital ratio requirements (common equity tier 1, Tier 1, and total risk-based capital) must be met for a bank or bank holding company to be able to pay dividends. |
Noninterest Income and Noninter
Noninterest Income and Noninterest Expense | 12 Months Ended |
Dec. 31, 2019 | |
Other Income And Expenses [Abstract] | |
Noninterest Income and Noninterest Expense | Note 13. Noninterest Income and Noninterest Expense During the fourth quarter of 2018, the Company sold the majority of its holdings of Visa Class B common shares. The sale resulted in a gain of approximately $33.2 million, which is included in net gain on sales of assets on the Consolidated Statement of Income. For more information on the circumstances surrounding the sale, refer to Note 11 – Derivatives. The components of other noninterest income and other noninterest expense are as follows: Years Ended December 31, (in thousands) 2019 2018 2017 Other noninterest income: Income from bank-owned life insurance $ 14,946 $ 12,424 $ 11,473 Credit-related fees 11,399 11,065 11,140 Income from derivatives 12,958 5,368 5,870 Other miscellaneous income 14,635 14,929 11,387 Total other noninterest income $ 53,938 $ 43,786 $ 39,870 Other noninterest expense: Advertising $ 15,251 $ 12,334 $ 15,031 Corporate value and franchise taxes 15,949 13,595 12,797 Entertainment and contributions 10,777 11,359 8,260 Telecommunication and postage 14,588 14,659 14,686 Printing and supplies 4,947 5,548 5,138 Travel expenses 5,278 5,338 5,043 Tax credit investment amortization 4,943 5,166 4,850 Other retirement expense (16,561 ) (18,661 ) (15,249 ) Other miscellaneous expense 37,282 31,355 31,517 Total other noninterest expense $ 92,454 $ 80,693 $ 82,073 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14. Income Taxes Income tax expense included in net income consisted of the following components: Years Ended December 31, (in thousands) 2019 2018 2017 Included in net income Current federal $ 12,172 $ 7,594 $ 38,859 Current state 6,087 5,538 4,112 Total current provision 18,259 13,132 42,971 Deferred federal 46,290 41,078 48,653 Deferred state 810 4,136 1,178 Total deferred provision 47,100 45,214 49,831 Total included in net income $ 65,359 $ 58,346 $ 92,802 Income tax expense does not reflect the tax effects of amounts recognized in other comprehensive income and in AOCI, a separate component of stockholders’ equity. These amounts include unrealized gains and losses on securities available for sale or transferred to held to maturity, unrealized gains and losses on derivatives and hedging transactions, and valuation adjustments of defined benefit and other post-retirement benefit plans. Refer to Note 12 – Stockholders’ Equity for additional information. Temporary differences arise between the tax bases of assets or liabilities and their carrying amounts for financial reporting purposes. The expected tax effects from when these differences are resolved are recorded currently as deferred tax assets or liabilities. Significant components of the Company’s deferred tax assets and liabilities were as follows: December 31, (in thousands) 2019 2018 Deferred tax assets: Allowance for loan losses $ 47,008 $ 45,198 Employee compensation and benefits — 12,796 Loan purchase accounting adjustments 18,717 1,132 Tax credit carryforward 2,025 2,059 Securities — 17,390 Federal/State net operating loss 7,295 1,629 Lease liability 29,003 — Other 7,893 18,431 Gross deferred tax assets 111,941 98,635 State valuation allowance (1,415 ) (1,629 ) Net deferred tax assets $ 110,526 $ 97,006 Deferred tax liabilities: Employee compensation and benefits $ (9,662 ) $ — Securities (9,589 ) — Fixed assets & intangibles (48,144 ) (44,277 ) Lease Financing (41,565 ) (23,605 ) Right-of-use asset (24,887 ) — Other (14,400 ) (6,157 ) Gross deferred tax liabilities $ (148,247 ) $ (74,039 ) Net deferred tax asset (liability) $ (37,721 ) $ 22,967 Reported income tax expense differed from amounts computed by applying the statutory income tax rate of 21% for the years ended December 31, 2019 and 2018 and 35% for the year ended December 31, 2017 to earnings before income taxes. The primary differences are due to tax-exempt income, federal and state tax credits, and excess tax benefits from stock-based compensation in 2019. The main source of tax credits has been investments in tax-advantaged securities and tax credit projects. These investments are made primarily in the markets we serve and directed at tax credits issued under the Qualified Zone Academy Bonds (“QZAB”), Qualified School Construction Bonds (“QSCB”), as well as Federal and State New Market Tax Credit (“NMTC”) and Low-Income Housing Tax Credit (“LIHTC”) programs. A summary of the factors that impacted income tax expense follows. Years Ended December 31, 2019 2018 2017 ($ in thousands) Amount % Amount % Amount % Taxes computed at statutory rate $ 82,475 21.0 % $ 80,244 21.0 % $ 107,952 35.0 % Increases (decreases) in taxes resulting from: State income taxes, net of federal income tax benefit 7,204 1.8 8,770 2.3 4,288 1.4 Tax-exempt interest (10,435 ) (2.7 ) (10,803 ) (2.8 ) (18,870 ) (6.1 ) Life insurance contracts (3,901 ) (1.0 ) (2,019 ) (0.5 ) (5,360 ) (1.7 ) Tax credits (10,293 ) (2.6 ) (11,344 ) (3.0 ) (9,286 ) (3.1 ) Employee share-based compensation (842 ) (0.2 ) (1,380 ) (0.3 ) (5,824 ) (1.9 ) FDIC assessment disallowance 1,895 0.5 2,818 0.7 — — Return to provision adjustment (1,459 ) (0.4 ) (9,942 ) (2.6 ) (120 ) — Impact of deferred tax asset re-measurement — — — — 19,520 6.3 Other, net 715 0.2 2,002 0.5 502 0.2 Income tax expense $ 65,359 16.6 % $ 58,346 15.3 % $ 92,802 30.1 % As of December 31, 2019, the Company had approximately $2.0 million in state tax credit carryforwards that originated in the tax years from 2015 through 2019 and begin expiring in 2022. These carryforwards are primarily from investments in state NMTC projects. In 2019, the Company invested in certain affordable housing project limited partnerships that are qualified low-income housing tax credit developments. These investments are considered variable interest entities for which the Company is not the primary beneficiary and, therefore, are not consolidated. The tax credits, when realized, will be reflected in the consolidated statement of income as a reduction of income tax expense. The unamortized portion of the investment is reflected within other assets in the consolidated balance sheets. The Company’s investments in affordable housing limited partnerships totaled $ 37.3 million at December 31, 2019. There were no such investments at December 31, 2018. The Company had approximately $22.9 million in state net operating loss carryforwards that originated in the tax years 2004 through 2019 and begin expiring in 2024. A valuation allowance has been established for the state net operating loss carryforwards. The impact of this valuation allowance is immaterial to the financial statements. The tax benefit of a position taken or expected to be taken in a tax return should be recognized when it is more likely than not that the position will be sustained on its technical merits. The liability for unrecognized tax benefits was immaterial as of December 31, 2019, 2018 and 2017. The Company does not expect the liability for unrecognized tax benefits to change significantly during 2020. The Company recognizes interest and penalties, if any, related to income tax matters in income tax expense, and the amounts recognized during 2019, 2018 and 2017 were insignificant. The Company and its subsidiaries file a consolidated U.S. federal income tax return, as well as filing various state returns. Generally, the returns for years prior to 2016 are no longer subject to examination by taxing authorities. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 15. Earnings Per Share The Company calculates earnings per share using the two-class method. The two-class method allocates net income to each class of common stock and participating security according to common dividends declared and participation rights in undistributed earnings. Participating securities consist of nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents A summary of the information used in the computation of earnings per common share follows. Years Ended December 31, ($ in thousands, except per share data) 2019 2018 2017 Numerator: Net income to common shareholders $ 327,380 $ 323,770 $ 215,632 Net income allocated to participating securities -- basic and diluted 5,546 5,930 4,670 Net income allocated to common shareholders - basic and diluted $ 321,834 $ 317,840 $ 210,962 Denominator: Weighted-average common shares - basic 86,488 85,355 84,695 Dilutive potential common shares 111 166 268 Weighted average common shares - diluted 86,599 85,521 84,963 Earnings per common share: Basic $ 3.72 $ 3.72 $ 2.49 Diluted $ 3.72 $ 3.72 $ 2.48 Potential common shares are excluded from the computation of diluted earnings per share when their inclusion would have had an anti-dilutive effect. Potential common shares can consist of, among other forms, employee and director stock options, unvested performance share awards, and deferred restricted units. Weighted-average anti-dilutive potential common shares of this nature totaled 15,815 for the year ended December 31, 2019, 5,129 for the year ended December 31, 2018, and 10,551 for the year ended December 31, 2017. The diluted earnings per share computation for the year ended December 31, 2019 also excludes the impact of the forward contract related to the October 21, 2019 accelerated share repurchase transaction. Based upon the average daily volume weighted-average price of the Company’s common stock at December 31, 2019, the counterparty to the transaction is expected to deliver additional shares for the settlement of the forward contract upon settlement; as such, the impact of the forward contract related to the accelerated share repurchase transaction would have been anti-dilutive to earnings per share. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | Note 16. Segment Reporting Accounting standards require that information be reported about a company’s operating segments using a “management approach.” Reportable segments are identified in these standards as those revenue-producing components for which discrete financial information is produced internally and which are subject to evaluation by the chief operating decision maker in deciding how to allocate resources to segments. Consistent with the Company’s strategy that is focused on providing a consistent package of banking products and services across all markets, the Company has identified its overall banking operations as its only reportable segment. Because the overall banking operations comprise substantially all of the consolidated operations, no separate segment disclosures are presented. |
Retirement Benefit Plans
Retirement Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Retirement Benefit Plans | Note 17. Retirement Benefit Plans The Company offers a qualified defined benefit pension plan, the Hancock Whitney Corporation Pension Plan and Trust Agreement (“Pension Plan”), covering certain eligible associates. Eligibility is based on minimum age and service-related requirements. During the second quarter of 2017, the Pension Plan was amended to exclude any individual hired or rehired by the Company after June 30, 2017 from eligibility to participate. The Pension Plan amendment further provided that the accrued benefits of each participant in the Pension Plan whose combined age plus years of service as of January 1, 2018 totaled less than 55 were to be frozen as of January 1, 2018 and not thereafter increase. The Company makes contributions to this plan in amounts sufficient to meet funding requirements set forth in federal employee benefit and tax laws, plus such additional amounts as the Company may determine to be appropriate. The Company was not required to make a contribution to the Pension Plan during 2019 or 2018. During 2018, the Company made a discretionary contribution of $39 million designated to the 2017 plan year as part of its income tax initiatives. Market conditions during the latter part of 2018 resulted in a decline in the Pension Plan’s asset value. The Company made a $100 million discretionary contribution to the Pension Plan during the first quarter of 2019, the timing and amount of which was determined with the intent to optimize investment return. The Company does not anticipate being required to make a contribution, nor does it anticipate making a discretionary contribution to the Pension Plan in 2020. The Company also offers a defined contribution retirement benefit plan (401(k) plan), the Hancock Whitney Corporation 401(k) Savings Plan and Trust Agreement (“401(k) Plan”), that covers substantially all associates who have been employed 60 days and meet a minimum age requirement and employment classification criteria. The Company matches 100% of the first 1% of compensation saved by a participant, and 50% of the next 5% of compensation saved. Newly eligible associates are automatically enrolled at an initial 3% savings rate unless the associate actively opts out of participation in the plan. The 401(k) Plan was also amended during the second quarter of 2017 for participants whose benefits are frozen under the Pension Plan to add an enhanced Company contribution beginning January 1, 2018, in the amount of 2%, 4% or 6% of such participant’s eligible compensation, based on the participant’s age and years of service with the Company. The 401(k) Plan’s amendment further provided that the Company will contribute to the benefit of those associates of the Company hired or rehired after June 30, 2017 and those associates of the Company never enrolled in the Pension Plan an additional basic contribution in an amount equal to 2% of the associate’s eligible compensation beginning January 1, 2018. Participants vest in the new basic and enhanced Company contributions upon completion of three years of service. The Company’s 401(k) plan matching expense totaled $15.7 million, $14.6 million and $8.4 million for the years ended December 31, 2019, 2018 and 2017, respectively. Certain associates who were designated executive officers of Whitney Holding Company and/or Whitney National Bank before the acquisition by the Company are also covered by an unfunded nonqualified defined benefit pension plan. The benefits under this nonqualified plan were designed to supplement amounts to be paid under the defined benefit plan previously maintained for employees of Whitney Holding Company and/or Whitney National Bank (the “Whitney Pension Plan”), and are calculated using the Whitney Pension Plan’s formula, but without applying the restrictions imposed on qualified plans by certain provisions of the Internal Revenue Code. Accrued benefits under this plan were frozen as of December 31, 2012 in connection with the merger of the Whitney Pension Plan into the Company’s qualified defined benefit pension plan, and no future benefits will be accrued under this plan. The Company also sponsors defined benefit postretirement plans for certain associates. The Hancock postretirement plans are available only to associates hired by the Company prior to January 1, 2000. The Hancock plans provide health care and life insurance benefits to retiring associates who participate in medical and/or group life insurance benefit plans for active associates and have reached 55 years of age with ten years of service, at the time of retirement. The postretirement health care plan is contributory, with retiree contributions adjusted annually and subject to certain employer contribution maximums. The Whitney postretirement plans are available only to former employees of Whitney Holding Company and/or Whitney National Bank who meet the eligibility requirements, and offer health care and life insurance benefits for eligible retirees and their eligible dependents. Participant contributions are required under the health plan. These plans restrict eligibility for postretirement health benefits to retirees already receiving benefits as of the date of the plan amendments in 2007 and to those active participants who were eligible to receive benefits as of December 31, 2007 (i.e., were age 55 with ten years of credited service). Life insurance benefits are currently only available to associates who retired before December 31, 2007. The Company assumed certain trends in health care costs in the determination of the benefit obligations. The plans assumed a 7.25% and 7.5 6.75 four year The following tables detail the changes in the benefit obligations and plan assets of the defined benefit plans for the years ended December 31, 2019 and 2018 as well as the funded status of the plans at each year end and the amounts recognized in the Company’s consolidated balance sheets. The Company uses a December 31 measurement date for all defined benefit pension plans and other postretirement benefit plans. 2019 2018 2019 2018 (in thousands) Pension Benefits Other Post- Retirement Benefits Change in benefit obligation Benefit obligation at beginning of year $ 492,017 $ 513,844 $ 16,283 $ 23,036 Service cost 10,981 12,414 95 120 Interest cost 18,843 16,762 621 621 Plan participants' contributions — — 547 628 Net actuarial (gain) loss 81,166 (30,796 ) 733 (6,717 ) Benefits paid (21,141 ) (20,207 ) (1,566 ) (1,405 ) Benefit obligation, end of year 581,866 492,017 16,713 16,283 Change in plan assets Fair value of plan assets at beginning of year 542,618 564,365 — — Actual return on plan assets 130,745 (40,491 ) — — Employer contributions 101,165 40,138 1,019 777 Plan participants' contributions — — 547 628 Benefit payments (21,141 ) (20,207 ) (1,566 ) (1,405 ) Expenses (1,249 ) (1,187 ) — — Fair value of plan assets, end of year 752,138 542,618 — — Funded status at end of year - net asset (liability) $ 170,272 $ 50,601 $ (16,713 ) $ (16,283 ) Amounts recognized in accumulated other comprehensive loss Unrecognized loss at beginning of year $ 149,470 $ 102,978 $ (7,015 ) $ (732 ) Net actuarial loss (gain) (13,218 ) 46,492 1,646 (6,283 ) Unrecognized gain (loss) at end of year $ 136,252 $ 149,470 $ (5,369 ) $ (7,015 ) Projected benefit obligation $ 581,866 $ 492,017 Accumulated benefit obligation 550,005 467,300 Fair value of plan assets 752,138 542,618 The net funded status of $170.3 million for pension benefits plans includes an excess of plan assets over the benefit obligation of $185.8 million on the defined benefit pension plan, offset by an unfunded benefit obligation of $15.5 million for the nonqualified retirement plan. The following table shows net periodic benefit cost included in expense and the changes in the amounts recognized in AOCI during 2019, 2018, and 2017. Years Ended December 31, 2019 2018 2017 2019 2018 2017 ($ in thousands) Pension Benefits Other Post-Retirement Benefits Net periodic benefit cost Service cost $ 10,981 $ 12,414 $ 15,381 $ 95 $ 120 $ 129 Interest cost 18,843 16,762 16,514 621 621 668 Expected return on plan assets (45,199 ) (41,033 ) (37,632 ) — — — Amortization of net loss/ prior service cost 10,087 5,423 5,554 (913 ) (434 ) (353 ) Net periodic benefit cost (5,288 ) (6,434 ) (183 ) (197 ) 307 444 Other changes in plan assets and benefit obligations recognized in other comprehensive income, before taxes Net (loss) gain recognized during the year (10,087 ) (5,423 ) (5,554 ) 913 434 353 Net actuarial loss (gain) (3,131 ) 51,915 (7,378 ) 733 (6,717 ) 993 Total recognized in other comprehensive income (13,218 ) 46,492 (12,932 ) 1,646 (6,283 ) 1,346 Total recognized in net periodic benefit cost and other comprehensive income $ (18,506 ) $ 40,058 $ (13,115 ) $ 1,449 $ (5,976 ) $ 1,790 Discount rate for benefit obligations 3.14 % 4.14 % 3.57 % 3.11 % 4.10 % 3.52 % Discount rate for net periodic benefit cost 4.14 % 3.57 % 4.10 % 4.10 % 3.52 % 3.95 % Expected long-term return on plan assets 7.25 % 7.25 % 7.25 % n/a n/a n/a Rate of compensation increase scaled * scaled ** scaled ** n/a n/a n/a * Graded scale, declining from 7.25% 2.25% ** Graded scale, declining from 7.00% The long term rate of return on plan assets is determined by using the weighted-average of historical real returns for major asset classes based on target asset allocations. The discount rates for the benefit obligation were calculated by matching expected future cash flows to the Findley Pension Discount Curve (AA) in 2019 and 2018 and the BPSM-AA Only Pension Discount Curve in 2017. The following table presents expected plan benefit payments over the ten years succeeding December 31, 2019: (in thousands) Pension Post-Retirement Total 2020 $ 22,974 $ 849 $ 23,823 2021 24,016 888 24,904 2022 25,163 855 26,018 2023 26,130 876 27,006 2024 27,414 855 28,269 2025-2029 156,055 4,376 160,431 . $ 281,752 $ 8,699 $ 290,451 The expected benefit payments are estimated based on the same assumptions used to measure the Company’s benefit obligations at December 31, 2019. The estimated amounts of actuarial loss that will be amortized from accumulated other comprehensive loss into net periodic benefit cost over the next year is $5.1 million. The following table illustrates the effect on the annual periodic postretirement benefit costs and postretirement benefit obligation of a 1% increase or 1% decrease in the assumed health care cost trend rates from the rates assumed at December 31, 2019: 1% Decrease Assumed 1% Increase (in thousands) in Rates Rates in Rates Aggregated service and interest cost $ 642 $ 715 $ 806 Postretirement benefit obligation 15,031 16,712 18,780 The fair values of pension plan assets at December 31, 201 9 and 201 8 , by asset category, are shown in the following tables. The fair value is presented based on the Financial Accounting Standards Board’s fair value hierarchy that prioritizes inputs into the valuation techniques used to measure fair value. Level 1 uses quoted prices in active markets for identical assets, Level 2 uses significant observable inputs, and Level 3 uses significant unobservable inputs. In accordance with Subtopic 820-10 common trust funds are reported at fair value using net asset value per share (or its equivalent) as a practical expedient and are not classified in the fair value hierarchy. For all investments, the plan attempts to use quoted market prices of identical assets on active exchanges, or Level 1 measurements. Where such quoted market prices are not available, the plan will use quoted prices for similar instruments or discounted cash flows to estimate the value, reported as Level 2. December 31, 2019 Fair Value Measurements by Asset Category / Fund Level 1 Level 2 Level 3 Total (in thousands) Cash and equivalents $ 2,574 $ — $ — $ 2,574 Total cash and cash equivalents 2,574 — — 2,574 Fixed income securities 23,450 45,951 69,401 Mutual fund-fixed income 34,652 — — 34,652 Exchange Traded Fund (ETF)-fixed income 3,134 3,134 Total fixed income 61,236 45,951 — 107,187 Domestic and foreign stock 88,174 — 88,174 Mutual funds-equity 236,436 — — 236,436 Total equity 324,610 — 324,610 Total assets at fair value 388,420 45,951 — 434,371 Common trust funds (fixed income) — — — 258,572 Common trust fund (real assets) — — — 59,195 Total $ 388,420 $ 45,951 $ — $ 752,138 December 31, 2018 Fair Value Measurements by Asset Category / Fund Level 1 Level 2 Level 3 Total (in thousands) Cash and equivalents $ 8,643 $ — $ — $ 8,643 Total cash and cash equivalents 8,643 — — 8,643 Fixed income securities 19,856 97,025 — 116,881 Mutual fund-fixed income 31,556 — 145 31,701 Total fixed income 51,412 97,025 145 148,582 Domestic and foreign stock 80,813 6 — 80,819 Mutual funds-equity 150,466 — — 150,466 Total equity 231,279 6 — 231,285 Total assets at fair value 291,334 97,031 145 388,510 Common trust funds (fixed income) — — — 125,706 Common trust fund (real assets) — — — 28,402 Total $ 291,334 $ 97,031 $ 145 $ 542,618 The following table presents the percentage allocation of the plan assets by asset category and corresponding target allocations at December 31, 2019 and 2018. Plan Assets Target Allocation at December 31, at December 31, Asset category 2019 2018 2019 2018 Cash and equivalents 0 % 1 % 0 - 5% 0 - 5% Fixed income securities 49 51 41 - 57% 35 - 63% Equity securities 43 43 35 - 51% 35 - 51% Real assets 8 5 0 - 12% 0 - 12% 100 % 100 % Plan assets are invested in long-term strategies and evaluated within the context of a long-term investment horizon. Plan assets will be diversified across multiple asset classes so as to minimize the risk of large losses. Short-term fluctuations in value will be considered secondary to long-term results. The Company employs a total return approach whereby a diversified mix of asset class investments are used to maximize the long-term return of plan assets for an acceptable level of risk. Risk tolerance is established through careful consideration of the plan liabilities, plan funded status and the Company’s financial condition. The investment performance of the plan is regularly monitored to ensure that appropriate risk levels are being taken and to evaluate returns versus a suitable market benchmark. The benefits investment committee meets periodically to review the policy, strategy, and performance of the plans. |
Share-Based Payment Arrangement
Share-Based Payment Arrangements | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Payment Arrangements | Note 18. Share-Based Payment Arrangements The Company maintains incentive compensation plans that incorporate share-based payment arrangements for associates and directors. The current plan under which share-based awards may be granted, the 2014 Long Term Incentive Plan (the “2014 Plan”), was approved by the Company’s stockholders at the 2014 annual meeting as a successor to the Company’s 2005 Long-Term Incentive Plan (the “2005 Plan”). Certain share-based awards remain outstanding under the 2005 Plan and prior equity incentive compensation plans, but no future awards may be granted thereunder. The Compensation Committee of the Company’s Board of Directors administers the equity incentive plans, makes determinations with respect to participation by employees or directors and authorizes the share-based awards. Under the 2014 Plan, participants may be awarded stock options (including incentive stock options for associates), restricted shares, performance stock awards and stock appreciation rights, all on a stand-alone, combination or tandem basis. To date, the Committee has awarded stock options, tenure-based restricted shares and performance stock awards under the 2014 Plan and the prior equity incentive plans. Under the 2014 Plan, future awards may be granted for the issuance of an aggregate of 2,996,357 shares of the Company’s common stock, plus the number of any shares of the Company’s common stock for which awards under the 2005 Plan are cancelled, expired, forfeited or settled in cash. The 2014 Plan limits the number of shares for which awards may be granted to any participant during any calendar year to 100,000 shares. The Company may use authorized unissued shares or shares held in treasury to satisfy awards under the 2014 Plan. As of December 31, 2019 there were 0.4 million shares available for future issuance under the 2014 equity compensation plan. For the years ended December 31, 2019, 2018 and 2017, total share-based compensation recognized in income was $20.9 million, $19.8 million and $17.6 million, respectively. The total recognized tax benefit related to the share-based compensation was $5.5 million, $5.8 million and $13.3 million for 2019, 2018 and 2017, respectively. A summary of stock option activity for 2019 is presented below: Options Number of Shares Weighted- Average Exercise Price ($) Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($000) Outstanding at January 1, 2019 46,685 $ 31.88 2.6 $ 164 Former MidSouth options converted at acquisition 20,530 46.76 — Exercised/Released (23,365 ) 33.06 180 Cancelled/Forfeited — — — Expired (15,305 ) 45.85 6 Outstanding at December 31, 2019 28,545 $ 34.11 2.2 $ 296 Exercisable at December 31, 2019 28,545 $ 34.11 2.2 $ 296 The exercise price for stock options is set at the closing market price of the Company’s stock on the date immediately preceding the date of grant, except for the exercise price of certain options granted to major stockholders which is set at 110% of the market price. Option awards generally vest equally over five years of continuous service and have ten-year The total intrinsic value of options exercised during the years ended December 31, 2019, 2018 and 2017 was $0.2 million, $0.6 million and $4.3 million, respectively. A summary of the Company’s nonvested restricted and performance shares for the year ended December 31, 201 9 is presented below: Number of Shares Weighted- Average Grant-Date Fair Value ($) Nonvested at January 1, 2019 1,494,041 $ 39.89 Granted 694,377 39.85 Vested (525,166 ) 38.20 Cancelled/Forfeited (66,994 ) 39.88 Nonvested at December 31, 2019 1,596,258 $ 40.43 As of December 31, 2018, there was $58.6 million of total unrecognized compensation expense related to nonvested restricted and performance shares expected to vest in future periods. This compensation is expected to be recognized in expense over a weighted-average period of 3.5 years. The total fair value of shares which vested during 2019 and 2018 was $20.1 million and $26.2 million, respectively. In 2019, the Company granted 33,691 performance shares subject to a total shareholder return (“TSR”) performance metric with a grant date fair value of $35.27 per share and 33,691 performance shares subject to an operating earnings per share performance metric with a grant date fair value of $32.15 per share to key members of executive management. The number of performance shares subject to TSR that ultimately vest at the end of the three-year two-year three-year |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 19. Commitments and Contingencies Credit Related In the normal course of business, the Bank enters into financial instruments, such as commitments to extend credit and letters of credit, to meet the financing needs of its customers. Such instruments are not reflected in the accompanying consolidated financial statements until they are funded, although they expose the Bank to varying degrees of credit risk and interest rate risk in much the same way as funded loans. Commitments to extend credit include revolving commercial credit lines, nonrevolving loan commitments issued mainly to finance the acquisition and development or construction of real property or equipment, and credit card and personal credit lines. The availability of funds under commercial credit lines and loan commitments generally depends on whether the borrower continues to meet credit standards established in the underlying contract and has not violated other contractual conditions. Loan commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee by the borrower. Credit card and personal credit lines are generally subject to cancellation if the borrower’s credit quality deteriorates. A number of commercial and personal credit lines are used only partially or, in some cases, not at all before they expire, and the total commitment amounts do not necessarily represent future cash requirements of the Company. A substantial majority of the letters of credit are standby agreements that obligate the Bank to fulfill a customer’s financial commitments to a third party if the customer is unable to perform. The Bank issues standby letters of credit primarily to provide credit enhancement to its customers’ other commercial or public financing arrangements and to help them demonstrate financial capacity to vendors of essential goods and services. The contract amounts of these instruments reflect the Company’s exposure to credit risk. The Company undertakes the same credit evaluation in making loan commitments and assuming conditional obligations as it does for on-balance sheet instruments and may require collateral or other credit support. At December 31, 2019, the Company had a reserve for unfunded lending commitments totaling $4.0 million. The Company’s off-balance sheet financial instruments are summarized below: December 31, (in thousands) 2019 2018 Commitments to extend credit $ 7,530,143 $ 7,234,528 Letters of credit 393,284 365,498 Legal Proceedings The Company is party to various legal proceedings arising in the ordinary course of business. Management does not believe that loss contingencies, if any, arising from pending litigation and regulatory matters will have a material adverse effect on the consolidated financial position or liquidity of the Company. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 20. Fair Value Measurements The FASB defines fair value as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The FASB’s guidance also establishes a fair value hierarchy that prioritizes the inputs to these valuation techniques used to measure fair value, giving preference to quoted prices in active markets for identical assets or liabilities (level 1) and the lowest priority to unobservable inputs such as a reporting entity’s own data (level 3). Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in markets that are not active, observable inputs other than quoted prices, such as interest rates and yield curves, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Fair Value of Assets and Liabilities Measured on a Recurring Basis The following tables present for each of the fair value hierarchy levels the Company’s financial assets and liabilities that are measured at fair value on a recurring basis in the consolidated balance sheets. December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 98,672 $ — $ 98,672 Municipal obligations — 249,805 — 249,805 Corporate debt securities — 7,988 — 7,988 Residential mortgage-backed securities — 1,924,157 — 1,924,157 Commercial mortgage-backed securities — 1,586,467 — 1,586,467 Collateralized mortgage obligations — 808,215 — 808,215 Total available for sale securities — 4,675,304 — 4,675,304 Derivative assets (1) — 54,446 — 54,446 Total recurring fair value measurements - assets $ — $ 4,729,750 $ — $ 4,729,750 Liabilities — — Derivative liabilities (1) $ — $ 15,385 $ 5,704 $ 21,089 Total recurring fair value measurements - liabilities $ — $ 15,385 $ 5,704 $ 21,089 (1) For further disaggregation of derivative assets and liabilities, see Note 11 – Derivatives. December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 71,706 $ — $ 71,706 Municipal obligations — 240,427 — 240,427 Corporate debt securities — 3,500 — 3,500 Residential mortgage-backed securities — 1,443,402 — 1,443,402 Commercial mortgage-backed securities — 770,077 — 770,077 Collateralized mortgage obligations — 161,925 — 161,925 Total available for sale securities — 2,691,037 — 2,691,037 Derivative assets (1) — 16,980 — 16,980 Total recurring fair value measurements - assets $ — 2,708,017 $ — 2,708,017 Liabilities — Derivative liabilities (1) $ — $ 14,923 $ 7,304 $ 22,227 Total recurring fair value measurements - liabilities $ — $ 14,923 $ 7,304 $ 22,227 (1) For further disaggregation of derivative assets and liabilities, see Note 11 – Derivatives. Securities classified as level 2 include obligations of U.S. Government agencies and U.S. Government-sponsored agencies, residential and commercial mortgage-backed securities and collateralized mortgage obligations that are issued or guaranteed by U.S. government agencies, and state and municipal bonds. The level 2 fair value measurements for investment securities are obtained quarterly from a third-party pricing service that uses industry-standard pricing models. Substantially all of the model inputs are observable in the marketplace or can be supported by observable data. The Company invests only in securities of investment grade quality with a targeted duration, for the overall portfolio, generally between two and five and a half years For the Company’s derivative financial instruments designated as hedges and those under the customer interest rate program, the fair value is obtained from a third-party pricing service that uses an industry-standard discounted cash flow model that relies on inputs, LIBOR swap curves, Overnight Index swap rate curves, all observable in the marketplace. To comply with the accounting guidance, credit valuation adjustments are incorporated in the fair values to appropriately reflect nonperformance risk for both the Company and the counterparties. Although the Company has determined that the majority of the inputs used to value these derivative instruments fall within level 2 of the fair value hierarchy, the credit value adjustments utilize level 3 inputs, such as estimates of current credit spreads. The Company has determined that the impact of the credit valuation adjustments is not significant to the overall valuation of these derivatives. As a result, the Company has classified its derivative valuations for these instruments in level 2 of the fair value hierarchy. The Company’s policy is to measure counterparty credit risk quarterly for all derivative instruments subject to master netting arrangements consistent with how market participants would price the net risk exposure at the measurement date. The Company also has certain derivative instruments associated with the Bank’s mortgage-banking activities. These derivative instruments include interest rate lock commitments on prospective residential mortgage loans and forward commitments to sell these loans to investors on a best efforts delivery basis. The fair value of these derivative instruments is measured using observable market prices for similar instruments and is classified as a level 2 measurement. The Company’s Level 3 liability consists of a derivative contract with the purchaser of 192,163 shares of Visa Class B common stock. Pursuant to the agreement, the Company retains the risks associated with the ultimate conversion of the Visa Class B common shares into shares of Visa. Class A common stock, such that the counterparty will be compensated for any dilutive adjustments to the conversion ratio and the Company will be compensated for any anti-dilutive adjustments to the ratio. The agreement also requires periodic payments by the Company to the counterparty calculated by reference to the market price of Visa Class A common shares at the time of sale and a fixed rate of interest that steps up once after the eighth scheduled quarterly payment. The fair value of the liability is determined using a discounted cash flow methodology. The significant unobservable inputs used in the fair value measurement are the Company’s own assumptions about estimated changes in the conversion rate of the Visa Class B common shares into Visa Class A common shares, the date on which such conversion is expected to occur and the estimated growth rate of the Visa Class A common share price. Refer to Note 11 – Derivatives for information about the derivative contract with the counterparty. The Company believes its valuation methods for its assets and liabilities carried at fair value are appropriate; however, the use of different methodologies or assumptions, particularly as applied to Level 3 assets and liabilities, could have a material effect on the computation of their estimated fair values. Changes in Level 3 Fair Value Measurements and Quantitative Information about Level 3 Fair Value Measurements The table below presents a rollforward of the amounts on the consolidated balance sheet for the year ended December 31, 2019 for financial instruments of a material nature that are classified within Level 3 of the fair value hierarchy and are measured at fair value on a recurring basis: (in thousands) Balance at December 31, 2017 $ — Entry into derivative contract 7,304 Balance at December 31, 2018 7,304 Cash settlements (1,900 ) Losses included in earnings 300 Balance at December 31, 2019 $ 5,704 The table below provides an overview of the valuation techniques and significant unobservable inputs used in those techniques to measure the financial instrument measured on a recurring basis and classified within Level 3 of the valuation. The range of sensitivities that management utilized in its fair value calculations is deemed acceptable in the industry with respect to the identified financial instrument. Level 3 Class Fair Value at December 31, 2019 Fair Value at December 31, 2018 Valuation Techniques Unobservable Input Values Utilized VISA Class A Appreciation 6.0% - 18.0% Other Derivative Liability $ 5,704 $ 7,304 Discounted cash flow Conversion rate 1.62x - 1.59x Time until resolution 24 - 48 months The Company’s policy is to recognize transfers between valuation hierarchy levels as of the end of a reporting period. There were no transfers between levels during the periods presented. Fair Value of Assets Measured on a Nonrecurring Basis Certain assets and liabilities are measured at fair value on a nonrecurring basis. Collateral-dependent impaired loans are level 2 assets measured at the fair value of the underlying collateral based on independent third-party appraisals that take into consideration market-based information such as recent sales activity for similar assets in the property’s market. Other real estate owned and foreclosed assets, including both foreclosed property and surplus banking property, are level 3 assets that are adjusted to fair value, less estimated selling costs, upon transfer from loans or property and equipment. Subsequently, other real estate owned and foreclosed assets is carried at the lower of carrying value or fair value less estimated selling costs. Fair values are determined by sales agreement or third-party appraisals as discounted for estimated selling costs, information from comparable sales, and marketability of the assets. The fair value information presented below is not as of the period end, rather it was as of the date the fair value adjustment was recorded during the twelve months for each of the dates presented below, and excludes nonrecurring fair value measurements of assets no longer on the balance sheet. The following table presents the Company’s financial assets that are measured at fair value on a nonrecurring basis for each of the fair value hierarchy levels: December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Collateral dependent impaired loans $ — $ 182,377 $ — $ 182,377 Other real estate owned and foreclosed assets — — 24,422 24,422 Total nonrecurring fair value measurements $ — $ 182,377 $ 24,422 $ 206,799 December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Collateral dependent impaired loans $ — $ 170,918 $ — $ 170,918 Other real estate owned — — 14,594 14,594 Total nonrecurring fair value measurements $ — $ 170,918 $ 14,594 $ 185,512 Accounting guidance from the FASB requires the disclosure of estimated fair value information about certain on- and off-balance sheet financial instruments, including those financial instruments that are not measured and reported at fair value on a recurring basis. The significant methods and assumptions used by the Company to estimate the fair value of financial instruments are discussed below. Cash, Short-Term Investments and Federal Funds Sold – For these short-term instruments, the carrying amount is a reasonable estimate of fair value. Securities – The fair value measurement for securities available for sale was discussed earlier in the note. The same measurement techniques were applied to the valuation of securities held to maturity. Loans, Net – The fair value measurement for certain impaired loans was discussed earlier in the note. For the remaining portfolio, fair values were generally determined by discounting scheduled cash flows using discount rates determined with reference to current market rates at which loans with similar terms would be made to borrowers with similar credit quality. Loans Held For Sale – These loans are recorded at fair value and carried at the lower of cost or market. The carrying amount is considered a reasonable estimate of fair value. Deposits – The accounting guidance requires that the fair value of deposits with no stated maturity, such as noninterest-bearing demand deposits and interest-bearing checking and savings accounts, be assigned fair values equal to amounts payable upon demand (carrying amounts). The fair value of fixed-maturity certificates of deposit is estimated using the rates currently offered for deposits of similar remaining maturities. Securities Sold under Agreements to Repurchase, Federal Funds Purchased and Short-Term FHLB Borrowings – For these short-term liabilities, the carrying amount is a reasonable estimate of fair value. Long-Term Debt – The fair value is estimated by discounting the future contractual cash flows using current market rates at which debt with similar terms could be obtained. Derivative Financial Instruments – The fair value measurements for derivative financial instruments was discussed earlier in the note. The following tables present the estimated fair values of the Company’s financial instruments by fair value hierarchy levels and the corresponding carrying amount at December 31, 2019 and 2018. December 31, 2019 Total Carrying (in thousands) Level 1 Level 2 Level 3 Fair Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 542,333 $ — $ — $ 542,333 $ 542,333 Available for sale securities — 4,675,304 — 4,675,304 4,675,304 Held to maturity securities — 1,611,004 — 1,611,004 1,568,009 Loans, net — 182,377 20,861,702 21,044,079 21,021,504 Loans held for sale — 55,864 — 55,864 55,864 Derivative financial instruments — 54,446 — 54,446 54,446 Financial liabilities: Deposits $ — $ — $ 23,786,775 $ 23,786,775 $ 23,803,575 Federal funds purchased 195,450 — — 195,450 195,450 Securities sold under agreements to repurchase 484,422 — — 484,422 484,422 Short-term FHLB Borrowings 2,035,000 — — 2,035,000 2,035,000 Long-term debt — 226,098 — 226,098 233,462 Derivative financial instruments — 15,385 5,704 21,089 21,089 December 31, 2018 Total Carrying (in thousands) Level 1 Level 2 Level 3 Fair Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 494,466 $ — $ — $ 494,466 $ 494,466 Available for sale securities — 2,961,037 — 2,961,037 2,691,037 Held to maturity securities — 2,935,856 — 2,935,856 2,979,547 Loans, net — 170,918 19,555,969 19,726,887 19,831,897 Loans held for sale — 28,150 — 28,150 28,150 Derivative financial instruments — 16,980 — 16,980 16,980 Financial liabilities: — Deposits $ — $ — $ 23,129,574 $ 23,129,574 $ 23,150,185 Federal funds purchased 425 — — 425 425 Securities sold under agreements to repurchase 428,599 — — 428,599 428,599 FHLB short-term borrowings 1,160,104 — — 1,160,104 1,160,104 Long-term debt — 223,135 — 223,135 224,993 Derivative financial instruments — 14,923 7,304 22,227 22,227 |
Condensed Parent Company Inform
Condensed Parent Company Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Parent Company Information | Note 21. Condensed Parent Company Information The following condensed financial statements reflect the accounts and transactions of Hancock Whitney Corporation only: Condensed Balance Sheets December 31, (in thousands) 2019 2018 Assets: Cash $ 57,943 $ 153,939 Investment in bank subsidiaries 3,524,029 3,040,186 Investment in non-bank subsidiaries 23,498 26,274 Due from subsidiaries and other assets 9,101 6,868 Total sssets $ 3,614,571 $ 3,227,267 Liabilities and Stockholders' Equity: Long term debt $ 145,572 $ 145,396 Other liabilities 1,314 531 Stockholders' equity 3,467,685 3,081,340 Total liabilities and stockholders' equity $ 3,614,571 $ 3,227,267 Condensed Statements of Income Years Ended December 31, (in thousands) 2019 2018 2017 Operating Income From subsidiaries Cash dividends received from bank subsidiaries $ 240,000 $ 200,000 $ 90,000 Cash dividend from nonbank Subsidiary 5,000 — — Noncash dividend from bank subsidiaries — — 11,708 Equity in earnings of subsidiaries greater than dividends received 94,185 137,914 124,531 Total operating income 339,185 337,914 226,239 Other expense, net (15,635 ) (18,728 ) (16,931 ) Income tax benefit (3,830 ) (4,584 ) (6,324 ) Net income $ 327,380 $ 323,770 $ 215,632 Other comprehensive income (loss), net of tax 125,985 (46,307 ) 11,460 Comprehensive income $ 453,365 $ 277,463 $ 227,092 Condensed Statements of Cash Flows Years Ended December 31, (in thousands) 2019 2018 2017 Cash flows from operating activities - principally dividends received from subsidiaries $ 255,322 $ 216,270 $ 111,591 Net cash provided by operating activities 255,322 216,270 111,591 Cash flows from investing activities: Contribution of capital to subsidiary (50,000 ) — (270,000 ) Net cash received in acquisition 38,505 — — Proceeds from sale of securities available for sale — 47,557 — Proceeds from principal paydowns of securities available for sale — 9,091 11,015 Other, net (1,874 ) — — Net cash provided by (used in) investing activities (13,369 ) 56,648 (258,985 ) Cash flows from financing activities: Repayment of long term debt (13,919 ) (89,200 ) (17,900 ) Dividends paid to stockholders (94,871 ) (88,838 ) (83,266 ) Repurchase of common stock — (8,267 ) — Proceeds from issuance of common stock 4,265 4,693 15,312 Payroll tax remitted on net share settlement of equity awards (6,295 ) (8,695 ) (11,881 ) Payment accelerated share repurchase agreement (185,000 ) — — Other, net (42,129 ) — — Net cash used in financing activities (337,949 ) (190,307 ) (97,735 ) Net increase (decrease) in cash (95,996 ) 82,611 (245,129 ) Cash, beginning of year 153,939 71,328 316,457 Cash, end of year $ 57,943 $ 153,939 $ 71,328 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Description of Business | DESCRIPTION OF BUSINESS Hancock Whitney Corporation (the “Company”) is a financial services company that provides a comprehensive network of full-service financial choices to customers primarily in the Gulf South region through its bank subsidiary, Hancock Whitney Bank (the “Bank”), a Mississippi state bank. The Bank offers a broad range of traditional and online banking services to commercial, small business and retail customers, providing a variety of transaction and savings deposit products, treasury management services, secured and unsecured loan products (including revolving credit facilities), and letters of credit and similar financial guarantees. The Bank also provides trust and investment management services to retirement plans, corporations and individuals. The Company also offers investment brokerage services through its broker-dealer subsidiary, Hancock Whitney Investment Services, Inc., a nonbank subsidiary of the holding company. The Company primarily operates across the Gulf South region, including southern Mississippi; southern and central Alabama; southern, central and northwest Louisiana; the northern, central, and panhandle regions of Florida; and the certain areas of east and northeast Texas including Houston, Beaumont and Dallas, among others. In addition, the Company operates a loan production office in Nashville, Tennessee and trust and investment management offices in Texas, New York and New Jersey. The Company was organized in 1984 as a bank holding company registered under the Bank Holding Company Act of 1956, as amended and qualified as a financial holding company in 2002. The corporate headquarters of the Company is in Gulfport, Mississippi. |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Company and all other entities in which the Company has a controlling interest. Significant intercompany transactions and balances have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. |
Use of Estimates | Use of Estimates The accounting principles the Company follows and the methods for applying these principles conform to U.S. GAAP and general practices followed by the banking industry. These accounting principles and practices require management to make estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the accompanying notes. Actual results could differ from those estimates. |
Fair Value Accounting | Fair Value Accounting U.S. GAAP requires the use of fair values in determining the carrying values of certain assets and liabilities in the financial statements, as well as for specific disclosures about certain assets and liabilities. Accounting guidance establishes a fair value hierarchy that prioritizes the inputs to these valuation techniques used to measure fair value giving preference to quoted prices in active markets (level 1) and the lowest priority to unobservable inputs such as a reporting entity’s own data or information or assumptions developed from this data (level 3). Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical assets or liabilities in markets that are not active, observable inputs other than quoted prices, such as interest rates and yield curves, and inputs that are derived principally from or corroborated by observable market data by correlation or other means. |
Business Combinations | Business Combinations Business combinations are accounted for under the purchase method of accounting. Purchased assets, including identifiable intangibles, and assumed liabilities are recorded at their respective acquisition date fair values. If the fair value of net assets purchased exceeds the consideration given, a bargain purchase gain is recognized. If the consideration given exceeds the fair value of the net assets received or if the fair value of the net liabilities assumed exceeds the consideration received, goodwill is recognized. Fair values are subject to refinement for up to one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Purchased loans acquired in a business combination are recorded at estimated fair value on their purchase date with no carryover of the related allowance for loan losses. All identifiable intangible assets that are acquired in a business combination are recognized at the acquisition date fair value. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). |
Cash and Due from Banks | Cash and Due from Banks The Company considers only cash on hand, cash items in process of collection and balances due from financial institutions as cash and cash equivalents. |
Securities | Securities Securities are classified as trading, held to maturity or available for sale. Management determines the appropriate classification of debt and equity securities at the time of purchase and reevaluates this classification periodically as conditions change that could require reclassification. Available for sale securities are stated at fair value. Unrealized holding gains and unrealized holding losses, other than those determined to be other than temporary, are reported net of tax in other comprehensive income and in accumulated other comprehensive income (“AOCI”) until realized. Securities that the Company both positively intends and has the ability to hold to maturity are classified as securities held to maturity and are carried at amortized cost. The intent and ability to hold are not considered satisfied when a security is available to be sold in response to changes in interest rates, prepayment rates, liquidity needs or other reasons as part of an overall asset/liability management strategy. Premiums and discounts on securities, both those held to maturity and those available for sale, are amortized and accreted to income as an adjustment to the securities’ yields using the effective interest method. Realized gains and losses on securities, including declines in value judged to be other than temporary, are reported net as a component of noninterest income. The cost of securities sold is specifically identified for use in calculating realized gains and losses. |
Loans | Loans Loans Held for Sale Residential mortgage loans originated for sale are classified as loans held for sale and carried at the lower of cost or market. Forward sales commitments on a best-efforts basis are entered into with third parties concurrently with interest rate lock commitments made to prospective borrowers. Held for sale loans also includes residential construction loans that are anticipated to be sold upon completion of the construction term. At times, management may decide to sell loans that were not originated for that purpose. Those loans are reclassified as held for sale when that decision is made and also carried at the lower of cost or market. Loans held for investment Loans that the Company has the intent and ability to hold for the foreseeable future or until maturity or payoff are considered loans held for investment and reported as “Loans” in the Consolidated Balance Sheets and in the related footnote disclosures. Loans held for investment include loans originated for investment and loans acquired in purchase transactions. Originated loans are reported at the principal balance outstanding net of unearned income. Interest on loans and accretion of unearned income, including net deferred loan fees and costs, are computed in a manner that approximates a level yield on recorded principal. Interest on loans is recognized in income as earned. The accrual of interest on an originated loan is discontinued (“nonaccrual status”) when, in management’s opinion, it is probable that the borrower will be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. When accrual of interest is discontinued on a loan, all unpaid accrued interest is reversed and payments subsequently received are applied first to recover principal. Interest income is recognized for payments received after contractual principal has been satisfied. Loans are returned to accrual status when all the principal and interest contractually due are brought current and future payment performance is reasonably assured. Loans that are acquired in purchase transactions are recorded at estimated fair value at the acquisition date with no carryover of the related allowance for loan losses. Acquired loans are segregated between those considered to be performing (“purchased credit performing”) and those with evidence of credit deterioration (“purchased credit impaired”) based on such factors as past due status, nonaccrual status and credit risk ratings. Purchased credit performing loans are accounted for under Accounting Standards Codification (“ASC”) 310-20 and purchased credit impaired loans are accounted for under ASC 310-30. Purchased credit impaired loans for which the timing and amount of future cash flows cannot be reasonably projected are accounted for using the cost recovery method. With the exception of those accounted for using the cost recovery method, the acquired loans are further segregated into loan pools designed to facilitate the development of expected cash flows to be used in estimating fair value. The pools are based on common risk characteristics such as market area, loan type, credit risk ratings, contractual interest rate, and repayment terms. Loan types can include commercial and industrial loans not secured by real estate, construction and land development loans, commercial real estate loans, residential mortgage loans, and consumer loans, with further segregation within certain loan types as needed. Expected cash flows, both principal and interest, from each pool are estimated based on key assumptions covering such factors as prepayments, default rates, and severity of loss given a default. These assumptions are developed using both historical experience and the portfolio characteristics at acquisition as well as available market research. The fair value estimate for each pool is based on the estimate of expected cash flows from the pool discounted at prevailing market rates. The difference at the acquisition date between the fair value and the contractual amounts due for each purchased credit performing loan pool (the “fair value discount”) is accreted into income over the estimated life of the pool. Purchased credit performing loans are placed on nonaccrual status and reported as nonperforming or past due using the same criteria applied to the originated portfolio. The excess of estimated cash flows expected to be collected from each purchased credit impaired loan pool over the pool’s carrying value is referred to as the accretable yield and is recognized in interest income using an effective yield method over the expected life of the pool. Each pool of purchased credit impaired loans is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Purchased credit impaired loans in pools with an accretable yield and expected cash flows that are reasonably estimable are considered to be accruing and performing even though collection of contractual payments on loans within the pool may be in doubt. Purchased credit impaired loans accounted for in pools are generally not subject to individual evaluation for impairment and are not reported with impaired loans or troubled debt restructurings even if they would otherwise qualify for such treatment. Impaired Loans The Company considers a loan to be impaired when, based upon current information and events, it believes it is probable all amounts due according to the contractual terms of the loans agreement will not be collected. A loan is not considered impaired due to a delay in payment if all amounts due, including interest accrued at the contractual interest rate of the period of delay, is expected to be collected. Impaired loans include loans on nonaccrual, certain purchased credit impaired loans accounted for using the cost recovery method, and loans modified in troubled debt restructurings (defined below), both accruing and nonaccrual statuses. Purchased credit impaired loans accounted for in pools with an accretable yield are considered performing and excluded from impaired loans as this accounting methodology takes into consideration expected future credit losses. Troubled Debt Restructurings Troubled debt restructurings (TDRs) occur when a borrower is experiencing, or is expected to experience, financial difficulties in the near-term and a modification in loan terms is granted that would otherwise not have been considered. Troubled debt restructurings can result in loans remaining on nonaccrual, moving to nonaccrual, or continuing to accrue, depending on the individual facts and circumstances of the borrower. All loans whose terms have been modified in a TDR, including both commercial and retail loans, are reported as “impaired.” When measuring impairment on a TDR, the loan’s value is determined by either the present value of expected cash flows calculated using the loan’s effective interest rate before the restructuring, or the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent. If the value as determined is less than the recorded investment in the loan, the difference is charged off through the allowance for loan and lease losses. Modified acquired-impaired loans are not removed from their accounting pool and accounted for as a TDR even if those loans would otherwise be deemed TDRs. |
Allowance for Credit Losses | Allowance for Credit Losses The Allowance for Credit Losses (ACL) is comprised of the Allowance for Loan and Lease Losses (ALLL), a valuation account available to absorb losses on loans and the Reserve for Unfunded Lending Commitments, a liability established to absorb credit losses on off-balance sheet exposures. The ACL is established and maintained at an amount sufficient to cover estimated credit losses inherent in the loan and lease portfolios and off balance sheet exposures of the Company as of the date of the determination. Credit losses arise not only from credit risk, but also from other risks inherent in the lending process including, but not limited to, collateral risk, operational risk, concentration risk, and economic risk. As such, all related risks of lending are considered when assessing the adequacy of the allowance for loan and lease losses. Quarterly, management estimates inherent losses in the portfolio and unfunded exposures based on a number of factors, including the Company’s past loan loss and delinquency experience, known and inherent risks in the portfolio, adverse situations that may affect the borrowers’ ability to repay, the estimated value of any underlying collateral and current economic conditions. The analysis and methodology for estimating the ACL include two primary elements: A loss rate analysis, which incorporates a historical loss rate as updated for current conditions, is used for credits collectively evaluated for impairment; and a specific reserve analysis is used for credits individually evaluated for impairment. For the loss rate analysis, the Company segments loans into commercial non-real estate, commercial real estate – owner occupied, commercial real estate – income producing, construction and land development, residential mortgage and consumer, with further segmentation as deemed appropriate. Both quantitative and qualitative factors are applied at the detailed portfolio segments. Commercial loans (commercial non-real estate, commercial real estate – owner occupied, commercial real estate – income producing and construction and land development), are further subdivided by risk rating, while retail loans (residential mortgage and consumer) are further subdivided by delinquency. The Company uses loss emergence periods developed based on historical experience, which is currently 24 months for commercial loans and twelve to eighteen months for retail and residential mortgage loans. Historical loss rates are calculated using a weighted average of the loss emergence periods in the historical look back period. As circumstances dictate, management will make adjustments to the overall loss rate to reflect differences in current conditions as compared to those during the historical loss period. Conditions to be considered include problem loan trends, current business and economic conditions, credit concentrations, lending policies and procedures, lending staff, collateral values, loan profiles and volumes, loan review quality, and changes in competition and regulations. When a loan is determined to be impaired, the amount of impairment is recognized by creating a specific allowance for any shortfall between the loan’s value and its recorded investment. The loan’s value is measured by either the loan’s observable market price, the fair value of the collateral of the loan (less liquidation costs) if it is collateral dependent, or by the present value of expected future cash flows discounted at the loan’s effective interest rate. Loans individually analyzed for impairment are not incorporated into the pool analysis to avoid double counting. The Company limits the specific reserve analysis to include all impaired commercial and residential mortgage loans with relationship balances of $1 million or greater and all loans classified as troubled debt restructurings. The monitoring of credit risk also extends to unfunded credit commitments, such as unused commercial credit lines and letters of credit, and management establishes reserves as needed for its estimate of probable losses on such commitments. Similar to funded loans, the methodology for estimating losses for the reserve for unfunded lending commitments includes a collective review as well as individual evaluations of impaired borrowers. The reserve for unfunded lending commitments is reflected in other liabilities in the consolidated balance sheets. It is the policy of the Company to promptly charge off all commercial and residential mortgage loans, or portions of loans, when available information reasonably confirms that they are wholly or partially uncollectible. Prior to recognizing a loss, asset value is established based on an assessment of the value of the collateral securing the loan, the borrower’s and the guarantor’s ability and willingness to pay and the status of the account in bankruptcy court, if applicable. Consumer loans are generally charged down when the loan is 120 days past due for most secured and unsecured loans and 150 days past due for consumer credit card loans, unless the loan is clearly both well secured and in the process of collection. Loans are charged down to the fair value of the collateral, if any, less estimated selling costs. Loans are charged off against the allowance for loan losses with subsequent recoveries added back to the allowance. Allowance for purchased credit performing loans is evaluated at each reporting date subsequent to acquisition. An allowance is determined for each loan pool using a methodology similar to that described above for originated loans and then compared to the remaining fair value discount for that pool. If the allowance is greater than the discount, the excess is recognized as an addition to the allowance through a provision for loan losses. If the allowance is less than the discount, no additional allowance is recognized. For purchased credit impaired loans accounted for in pools, estimated cash flows expected to be collected are recast at each reporting date for each loan pool that is material individually or in the aggregate. These evaluations require the continued use and updating of key assumptions and estimates such as default rates, loss severity given default and prepayment speed assumptions, similar to those used for the initial fair value estimate. Management’s judgment must be applied in developing these assumptions. If the present value of expected cash flows for a pool is less than its carrying value, impairment is recognized by an increase in the allowance for loan losses and a charge to the provision for loan losses. If the present value of expected cash flows for a pool is greater than its carrying value, any previously established allowance for loan losses is reversed and any remaining difference increases the accretable yield which will be taken into interest income over the remaining life of the loan pool. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost, less accumulated depreciation and amortization. Depreciation is charged to expense using the straight-line method over the estimated useful lives of the assets, which are up to 30 years for buildings and three to ten years for most furniture and equipment. Amortization expense for software is generally charged over three years, or seven years for core systems. Leasehold improvements are amortized over the terms of the respective leases or the estimated useful lives of the improvements, whichever is shorter. The Company evaluates whether events and circumstances have occurred that indicate that such long-lived assets have been impaired. Measurement of any impairment of such long-lived assets is based on their fair values. Property and equipment used in operations is considered held for sale when certain criteria are met, including when management has committed to a plan to sell the asset, the asset is available for sale in its immediate condition, and the sale is probable within one year of the reporting date. Assets held for sale are reported at the lower of cost or fair value less costs to sell. Gains and losses related to retirement or disposition of property and equipment are recorded in other income under noninterest income on the consolidated statements of income as realized. |
Operating Leases | Operating Leases Effective January 1, 2019, the Company adopted the amended provisions of Financial Accounting Standards Codification Topic 842, “Leases,” using the modified retrospective approach, impacting the reporting and disclosures for operating leases. Under the revised standard, the Company recognizes a liability representing the present value of future lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset over the lease term in the statement of financial position. The Company determines if an arrangement is a lease at inception of the contract and assesses the appropriate classification as finance or operating. Operating leases with terms greater than one year are included in right-of-use lease assets and lease obligations on the Company’s balance sheets. The lease term includes payments to be made in optional or renewal periods only if the lessee is reasonably certain to exercise an option to extend the lease or not to exercise an option to terminate the lease. Operating lease right-of-use assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term using the interest rate implicit in the contract, when available, or the Company’s incremental collateralized borrowing rate with similar terms. Agreements with both lease and non-lease components are accounted for separately, with only the lease component capitalized. The right-of-use asset is the amount of the lease liability adjusted for prepaid or accrued lease payments, remaining balance of any lease incentives received, unamortized initial direct costs, and impairment. Lease expense is recorded on a straight-line basis over the lease term through amortization of the right-of-use asset plus implicit interest accreted on the operating lease liability obligation, and is reflected in Net Occupancy Expense in the Consolidated Statement of Income. The Company evaluates whether events and circumstances have occurred that indicate right-of-use assets have been impaired. Measurement of any impairment of such assets is based on their fair values. Once a right-of-use asset for an operating lease is impaired, the carrying amount of the right-of-use asset is reduced through expense and the remaining balance is subsequently amortized on a straight-line basis. Some of the Company’s leases contain variable components, such as annual changes to rent based on the consumer price index. Operating lease liabilities are not re-measured as a result of changes to variable components unless the lease must be re-measured for some other reason such as a renewal that was not reasonably certain of being exercised. Changes to the variable components are treated as variable lease payments and recognized in the period in which the obligation for those payments was incurred. The Company elected to use the standard’s “package of practical expedients,” which allows the use of previous conclusions about lease identification, lease classification and the accounting treatment for initial direct costs. The Company also elected the short-term lease recognition exemption for all leases with lease terms of one year or less; as such, the Company will not recognize right-of-use assets or lease liabilities on the consolidated balance sheet for such leases. For periods prior to January 1, 2019, lease accounting was in accordance with the previously effective guidance of Financial Accounting Standard Codification Topic 840, “Leases,” where operating lease cost were expensed as incurred and non-cancellable future minimum operating lease payments were presented for disclosure only. |
Other Real Estate and Foreclosed Assets | Other Real Estate and Foreclosed Assets Other real estate and foreclosed assets includes real property and other assets that have been acquired in satisfaction of loans, and real property no longer used in the Bank’s business. These assets are recorded at the estimated fair value less the estimated cost of disposition and carried at the lower of either cost or market. Fair value is based on independent appraisals and other relevant factors. Any initial reduction in the carrying amount of a loan to the fair value of the collateral received less selling costs is charged to the allowance for loan losses. Each asset is revalued on an annual basis, or more often if market conditions necessitate. Subsequent losses on the periodic revaluation of these assets and gains or losses recognized on disposition are charged to current earnings, as are revenues from and costs of operating and maintaining real property; with the resulting net (income) expense reflected in noninterest expense in the Consolidated Statements of Income. Improvements made to real property are capitalized if the expenditures are expected to be recovered upon the sale of the property . |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill represents the excess of consideration paid over the fair value of net assets acquired or the excess of the fair value liabilities assumed over consideration received in a business combination. Goodwill is not amortized but is assessed for impairment on an annual basis, or more often if events or circumstances indicate there may be impairment. The impairment test compares the estimated fair value of a reporting unit with its net book value. The Company has assigned all goodwill to one reporting unit that represents overall banking operations. The fair value of the reporting unit is based on valuation techniques that market participants would use in an acquisition of the whole unit, and may include analysis such as estimated discounted cash flows, the quoted market price of the Company’s stock, adjusted for a control premium, and observable average price-to-earnings and price-to-book multiples of competitors. If the unit’s fair value is less than its carrying value, an estimate of the implied fair value of the goodwill is compared to the goodwill’s carrying value, and any impairment recognized. Other identifiable intangible assets with finite lives, such as core deposit intangibles, customer lists and trade name, are initially recorded at fair value and are generally amortized over the periods benefited. These assets are evaluated for impairment in a similar manner to long-lived assets. |
Life Insurance Contracts | Life Insurance Contracts Bank-owned life insurance contracts (BOLI) are comprised of long-term life insurance contracts on the lives of certain current and past employees where the insurance policy benefits and ownership are retained by the employer. Its cash surrender value is an asset that the Company uses to partially offset the future cost of employee benefits. The cash value accumulation on BOLI is permanently tax deferred if the policy is held to the insured person’s death and certain other conditions are met. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Company records all derivatives on the balance sheet at fair value as components of other assets and other liabilities. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. For derivatives designated as hedging the exposure to changes in the fair value of an asset or liability (fair value hedge), the gain or loss is recognized in earnings in the period of the fair value change together with the offsetting loss or gain on the hedged item attributable to the risk being hedged. Derivatives designated as hedging exposure to variable cash flows of a forecasted transaction (cash flow hedge), are reported as a component of other comprehensive income and subsequently reclassified into earnings when the forecasted transaction affects earnings or in certain circumstances, when the hedge is terminated, with the full impact of hedge gains and losses recognized in the period in which the hedged transaction impacts the entity’s earnings. For derivatives that are not designated as hedging instruments, changes in the fair value of the derivatives are recognized in earnings immediately. Note 11 - Derivatives describes the derivative instruments currently used by the Company and discloses how these derivatives impact the Company’s financial position and results of operations. |
Stockholders' Equity | Stockholders’ Equity Common stock reflects shares issued at par value. Repurchase of the Company’s common stock (treasury stock) is recorded at cost as a reduction of stockholders’ equity within capital surplus in the accompanying Consolidated Balance Sheets and the Statements of Changes in Stockholders’ Equity. When treasury shares are subsequently reissued, treasury stock is reduced by the cost of such stock using the first-in-first-out method, with the difference recorded in capital surplus or retained earnings, as applicable. |
Revenue Recognition | Revenue Recognition Interest Income Interest income is recognized on an accrual basis driven by written contracts, such as loan agreements or securities contracts. Loan origination fees and costs are recognized over the life of the loan as an adjustment to yield. Service Charges on Deposit Accounts Service charges on deposit accounts include transaction based fees for non-sufficient funds, account analysis fees, and other service charges on deposits, including monthly account service fees. Non-sufficient funds fees are recognized at the time when the account overdraft occurs in accordance with regulatory guidelines. Account analysis fees consist of fees charged on certain business deposit accounts based upon account activity as well as other monthly account fees, and are recorded under the accrual method of accounting as services are performed. Other service charges are earned by providing depositors safeguard and remittance of funds as well as by providing other elective services for depositors that are performed upon the depositor’s request. Charges for deposit services for the safeguard and remittance of funds are recognized at the end of the statement cycle, after services are provided, as the customer retains funds in the account. Revenue for other elective services is earned at the point in time the customer uses the service. Trust Fees Trust fee income represents revenue generated from asset management services provided to individuals, businesses, and institutions. The Company has a fiduciary responsibility to the beneficiary of the trust to perform agreed upon services which can include investing assets, periodic reporting, and providing tax information regarding the trust. In exchange for these trust and custodial services, the Company collects fee income from beneficiaries as contractually determined via fee schedules. The Company’s performance obligation is primarily satisfied over time as the services are performed and provided to the customer. These fees are recorded under the accrual method of accounting as the services are performed. The Company generally acts as the principal in these transactions and records revenue and expenses on a gross basis. Bank Card and Automated Teller Machine (“ATM”) Fees Bank card and ATM fees include credit card, debit card and ATM transaction revenue. The majority of this revenue is card interchange fees earned through a third party network. Performance obligations are satisfied for each transaction when the card is used and the funds are remitted. The network establishes interchange fees that the merchant remits for each transaction, and costs are incurred from the network for facilitating the interchange with the merchant. Card fees also include merchant services fees earned for providing merchants with card processing capabilities. ATM income is generated from allowing customers to withdraw funds from other banks’ machines and from allowing a non-customer cardholder to withdraw funds from the Company’s machines. The Company satisfies its performance obligations for each transaction at the point in time that the withdrawal is processed. Bank card and ATM fee income is recorded on accrual basis as services are provided with the related expense reflected in data processing expense. Investment and Annuity Fees and Insurance Commissions Investment and annuity services fee income represents income earned from investment and advisory services. The Company provides its customers with access to investment products through the use of third party carriers to meet their financial needs and investment objectives. Upon selection of an investment product, the customer enters into a policy with the carrier. The performance obligation is satisfied by fulfilling its responsibility to acquire the investment for which a commission fee is earned from the carrier based on agreed-upon fee percentages on a trade date basis. The Company has a contractual relationship with a third party broker dealer to provide full service brokerage and investment advisory activities. As the agent in the arrangement, the Company recognizes the investment services commissions on a net basis. Investment revenue also includes portfolio management fees, which represent monthly fees charged on a contractual basis to customers for the management of their investment portfolios and are recorded under the accrual method of accounting on a gross basis, with expenses recorded in the appropriate expense line item. This revenue line item includes investment banking income, which includes fees for services arising from securities offerings or placements in which the Company acts as a principal. Revenue is recognized at the time the underwriting is completed and the revenue is reasonably determinable. Any costs associated with these transactions are reflected in the appropriate expense line item. Insurance commission revenue is recognized on a gross basis as of the effective date of the insurance policy as the Company’s performance obligation is connecting the customer to the insurance products. The Company also receives contingent commissions from insurance companies as additional incentive for achieving specified premium volume goals and/or the loss experience of the insurance placed. Contingent commissions from insurance companies are recognized when determinable, which is generally when such commissions are received or when we receive data from the insurance companies that allows the reasonable estimation of these amounts. Any costs associated with these transactions are reflected in the appropriate expense line item. Secondary Mortgage Market Operations Secondary mortgage market operations revenue is primarily comprised of service release premiums earned on the sale of closed-end mortgage loans to other financial institutions or government agencies that are recognized in revenue as each sales transaction occurs. Net Gain (Loss) on Sales of Assets Net gain (loss) on sales of assets reflects the excess (deficiency) of proceeds received over the carrying amount of assets sold plus cost to sell for various assets other than foreclosed real estate. Gain or loss on the sale of assets are recognized as each transaction occurs. Securities Transactions Securities transactions includes net realized gain (losses) on securities sold reflecting the excess (deficiency) of proceeds received over the specifically identified carrying amount of the assets being sold plus cost to sell. Securities sales are recorded as each transaction occurs on a trade-date basis. Securities transactions also include declines in fair value for both available for sale and held to maturity securities when those declines are deemed to be other than temporary. Income from Bank-Owned Life Insurance Bank-owned life insurance income primarily represents income earned from the appreciation of the cash surrender value of insurance contracts held and the proceeds of insurance benefits. Revenue from the proceeds of insurance benefits is recognized at the time a claim is confirmed. Credit Related Fees Credit-related fee income includes letters of credit fees and unused commercial commitment fees. Revenue for letters of credit fees is recognized over time. Revenue for unused commercial commitment fees are recognized based on contractual terms, generally when collected. Income from Derivatives Income from derivatives consists primarily of income from interest rate swaps, net of fair value adjustments for customer derivatives and the related offsetting agreements with unrelated financial institutions for which the derivative instruments are not designated as hedges. Other Miscellaneous Income Other miscellaneous income represents a variety of revenue streams, including safe deposit box income, wire transfer fees, syndication fees and any other income not reflected above. Income is recorded once the performance obligation is satisfied, generally on the accrual basis or on a cash basis if not material and/or considered constrained. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred and recorded as a component of noninterest expense. |
Income Taxes | Income Taxes Income taxes are accounted for using the asset and liability method. Current tax liabilities or assets are recognized for the estimated income taxes payable or refundable on tax returns to be filed with respect to the current year. Deferred tax assets and liabilities are based on temporary differences between the financial statement carrying amounts and the tax bases of the Company’s assets and liabilities. Deferred tax assets and liabilities are measured using the enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be realized or settled. Valuation allowances are established against deferred tax assets if, based on all available evidence, it is more likely than not that some or all of the assets will not be realized. The benefit of a position taken or expected to be taken in a tax return is recognized when it is more likely than not that the position will be sustained on its technical merits. The effects of changes in tax rates and laws upon deferred tax balances are recognized in the period in which the legislation is enacted. The Company makes investments that generate investment tax credits (ITC). The Company uses the deferral method of accounting whereby the tax benefit from the investment tax credits is recognized as a reduction of the book basis of the related asset and is amortized into income over the tax life of the underlying investment. The Company also made investments in projects that yield tax credits issued under the Qualified Zone Academy Bonds (QZAB) and Qualified School Construction Bonds (QSCB) prior to December 31, 2017, as well as Federal and state New Market Tax Credit (NMTC) programs. Returns on these investments are generated through the receipt of federal and state tax credits. The tax credits are recorded as a reduction to the income tax provision in the year that they are earned. Tax credits from QZAB and QSCB bonds are generally earned over the life of the bonds in lieu of interest income. Credits on Federal NMTC investments are earned over the seven- year three to five-year The Company also invests in affordable housing projects that generate low-income tax credits (LIHTC) that are earned over a 10-year period, beginning with the year the rental activity begins. The proportional amortization method is used for investments in affordable housing projects that qualify for LIHTC when the Company, as the investor, does not have significant influence over such projects. For such projects, the investment is proportionally amortized over the same period as the expected tax benefits from the underlying projects as a component of the income tax provision. If needed, write-downs of LIHTC investments are also presented as a component of the income tax provision, on a net basis with the amortization. Should the Company have significant influence over projects, the cost or equity method of accounting is used and investment amortization is a component of noninterest expense. The significant influence criteria that enables use of the proportional amortization method is reevaluated if events occur that change the Company’s influence on the project. The Company currently only has LIHTC investments accounted for under the proportional method of accounting. With the exception of QZAB and QSCB tax credits, all of the tax credits described above can be carried back one-year |
Retirement Benefits | Retirement Benefits The Company sponsors defined benefit pension plans and certain other defined benefit postretirement plans for eligible employees. The amounts reported in the consolidated financial statements with respect to these plans are based on actuarial valuations that incorporate various assumptions regarding future experience under the plans. Note 17 – Retirement Benefit Plans discusses the actuarial assumptions and provides information about the liabilities or assets recognized for the funded status of the Company’s obligations under these plans, the net benefit expense charged to current operations, and the amounts recognized as a component of other comprehensive income loss and AOCI. |
Share-Based Payment Arrangements | Share-Based Payment Arrangements The grant date fair value of equity instruments awarded to employees and directors establishes the cost of the services received in exchange, and the cost associated with awards that are expected to vest is recognized over the requisite service period. Share-based compensation for service-based awards that contain a graded vesting schedule is recognized on a straight-line basis over the requisite service period for the entire award. Forfeitures of unvested awards are recognized in earnings in the period in which they occur. Refer to Note 18 – Share-Based Payment Arrangements for additional information. |
Earnings per Share | Earnings per Share The Company calculates earnings per share using the two-class method. The two-class method allocates net income to each class of common stock and participating security according to the common dividends declared and participation rights in undistributed earnings. Participating securities currently consist of unvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents. Basic earnings per common share is computed by dividing income applicable to common shareholders by the weighted-average number of common shares outstanding for the applicable period. Shares outstanding exclude treasury shares and unvested share-based payment awards under long-term incentive compensation plans and directors’ compensation plans. Diluted earnings per common share is computed using the weighted-average number of common shares outstanding increased by the number of shares in which employees would vest under performance-based stock awards and stock unit awards based on expected performance factors and by the number of additional shares that would have been issued if potentially dilutive stock options were exercised, each as determined using the treasury stock method. |
Reportable Segment Disclosures | Reportable Segment Disclosures Accounting standards require that information be reported about a company’s operating segments using a “management approach.” Reportable segments are identified in these standards as those revenue-producing components for which discrete financial information is produced internally and which are subject to evaluation by the chief operating decision maker in deciding how to allocate resources to segments. The Company’s stated strategy is to provide a consistent package of banking products and services throughout a coherent market area; as such, the Company has identified its overall banking operations as its only reportable segment. Because the overall banking operations comprise substantially all of the Company’s consolidated operations, no separate segment disclosures are presented. |
Other | Other Assets held by the Bank in a fiduciary capacity are not assets of the Bank and are not included in the Consolidated Balance Sheets. |
Recent Accounting Pronouncements | RECENT ACCOUNTING PRONOUNCEMENTS Accounting Standards Adopted in 2019 In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842),” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. With the exception of short-term leases, lessees are required to recognize a lease liability representing the lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis, and a right-of-use asset representing the lessee’s right to use, or control the use of, a specified asset for the lease term upon adoption. Lessor accounting was largely unchanged under the new guidance, except for clarification of the definition of initial direct costs which provided additional guidance on the timing of recognition of those costs. Subsequent to the issuance of this update, the FASB issued three additional ASUs that provide codification improvements and certain transition elections, including ASU 2018-11, which permits an additional transition method whereby an entity may elect to record a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company was required to and did adopt the standard effective January 1, 2019, using the modified retrospective transition method permitted by ASU 2018-11. Thus, the Company’s reporting for the comparative periods presented in the financial statements and disclosures continues to be in accordance with GAAP Topic 840. Upon adoption, the Company recorded a gross-up of assets and liabilities in its Consolidated Balance Sheet, with $116.3 million for right of use assets and $131.1 million of lease payment obligations offset by the elimination of $14.8 million of existing lease incentive and other deferred rent liabilities. Accounting for leases in accordance with Topic 842 has not had a material impact upon the Company’s consolidated results of operations, and is not expected to in future periods. Refer to the “Operating Lease” section of this note for information regarding accounting policy and operating lease practical expedient elections at adoption, and Note 6 – Operating Leases for further information related to the Company’s lease contracts and assets at December 31, 2019. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” The Update provides clarification and correction to certain areas of previously issued ASUs concerning financial instruments (2016-01, 2016-13 and 2017-12). Effective dates for adoption of this Update’s provisions vary in accordance with the effective dates and adoption status of the amended ASUs. Clarifying guidance includes an amendment to update transition provisions related to a one-time election to reclassify debt securities from held to maturity to available for sale where the debt securities are eligible to be hedged under the last-of-layer method in accordance with Topic 815, Derivatives and Hedging. The clarification included the following related to the transfer election and reclassified securities: (1) the transfer does not call into question an entity’s assertion to hold to maturity those debt securities that continue to be classified as held-to-maturity (2) the securities are not required to be designated in a last-of-layer hedging relationship (3) the securities may be sold by an entity after reclassification. During the fourth quarter of 2019, the Company exercised the one-time election to transfer securities with an amortized cost of approximately $ 1.2 billion from its held to maturity portfolio to its available for sale portfolio. Refer to Note 3 – Securities for further information about the Company’s investment securities. Issued but Not Yet Adopted Accounting Standards In December 2019, the FASB issued ASU 2019-12, “Simplifying the Accounting for Income Taxes (Topic 740).” The amendments in this Update are meant to simplify the accounting for income taxes by removing certain exceptions to GAAP. The amendments also improve consistent application of and simplify GAAP by modifying and/or revising the accounting for certain income tax transactions and by clarifying certain existing codification. The amendments in the update are effective for public business entities for fiscal years and interim periods within those fiscal years beginning after December 15, 2020. The Company is currently assessing the impact of adoption of this guidance, but does not expect the update to have a material impact upon its financial position and results of operations. In August 2018, the FASB issued ASU 2018-14, “Compensation – Retirement Benefits – Defined Benefit Plans – General (Subtopic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans.” The amendments in this Update modify certain disclosure requirements by removing disclosures that are no longer considered cost beneficial, clarifying specific requirements of disclosures, and adding disclosure requirements identified as relevant. The amendments in this Update are effective for fiscal years ending after December 15, 2020 for public business entities, and early adoption is permitted. The Company will modify its pension and postretirement plan disclosures upon adoption of this guidance. Adoption of this guidance will have no impact upon the Company’s results of operations or financial condition. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” The amendments in this Update modify certain disclosure requirements on fair value measurements set forth in Topic 820, Fair Value Measurements. In addition, the amendments in this Update eliminate the phrase “an entity shall disclose at a minimum” to promote the appropriate exercise of discretion by entities when considering fair value measurement disclosures to clarify that materiality is an appropriate consideration of entities and their auditors when evaluating disclosure requirements. The amendments in this Update are effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 31, 2019, and early adoption is permitted. The Company will modify its fair value measurements disclosures upon adoption of this guidance. Adoption of this guidance will have no impact upon the Company’s results of operations or financial condition. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” The ASU, more commonly referred to as Current Expected Credit Losses, or CECL, requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. Financial institutions and other organizations are required to use forward-looking information to inform their credit loss estimates. Many of the loss estimation techniques currently applied will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. In addition, the ASU amends the accounting for credit losses on debt securities and purchased financial assets with credit deterioration. The ASU is effective for public business entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019, with a cumulative-effect adjustment to retained earnings for non-purchased credit impaired loans as of the beginning of the year of adoption. For purchased credit impaired loans, there is no impact to retained earnings upon adoption; rather, the entity will reclassify a portion of the purchase accounting fair value mark to allowance for credit losses as of the beginning of the year of adoption. The Company expects adoption of this guidance, pending final approval through our governance process, to result in a $76.7 million increase in allowance for credit losses on January 1, 2020, comprised of increases in the ALLL of $49.4 million and the reserve for unfunded lending commitments of $27.3 million, with $19.8 million of the ALLL increase reclassified from the fair value mark for acquired impaired loans considered purchased credit deteriorated under the new guidance, and resulting in a cumulative-effect adjustment to retained earnings (net of tax) of $44.1 million. Calculated credit losses on held to maturity debt securities were not material and there was no impact to the Company’s available for sale portfolio or other financial instruments. The Company’s CECL allowance for credit losses estimates loan and unfunded exposures over a two-year reasonable and supportable forecast period utilizing the weighted average of a range of macroeconomic scenarios, and then reverts to longer historical loss experience to estimate losses for the remaining life. The Company utilizes internally developed credit models and third party economic forecasts for the calculation of the reasonable supportable forecast for the majority of the portfolio and other methods, generally historical loss based, for select portfolios. The credit models consist primarily of multivariate regression and a utoregressive models that correlat e historical net charge-off rates to select macroeconomic variables at a collective-level , using similar portfolio and regional aggregation as the incurred methodology . Forward-looking macroeconomic forecasts are applied as inputs to the regression equations to estimate quarterly pooled net charge-off rates over the reasonable and supportable period. The net charge-off rates from the credit models or, for the post reasonable supportable period, the portfolios’ long-term average loss rates are applied to the balance run-off forecasts . The balance run-off forecast incorporates prepayment assumptions developed using historical experience using the same macroeconomic forecasts as the credit models . Forecasted net charge-off rates are also applied to forecasted draws and subsequent run-off of unfunded commitments that are also based on historical experience. Qualitative adjustments to the output of quantitative results are made using the same factors for consideration as under the current incurred methodology. The Company also continues to establish specific reserves on individually evaluate d nonaccrual and loans modified in trouble d debt restructures as t hese loans are deemed to not s hare risk characteristics with other financial assets , largely unchanged from the incurred process . |
Acquisitions and Divestiture (T
Acquisitions and Divestiture (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition [Line Items] | |
Schedule of Goodwill | The following table illustrates the change in the Company’s goodwill for the years ended December 31, 2019 and 2018: (in thousands) Goodwill balance at December 31, 2017 $ 745,523 Additions and adjustments: Initial goodwill recorded in acquisition of trust and asset management business 45,634 Measurement period adjustments - acquisition of trust and asset management business (185 ) Goodwill balance at December 31, 2018 $ 790,972 Additions and adjustments: Final settlement of cash consideration - acquisition of trust and asset management business $ 1,112 Initial goodwill recorded in acquisition of MidSouth Bancorp, Inc. 69,207 Measurement period adjustments - acquisition of MidSouth Bancorp, Inc. (5,838 ) Goodwill balance at December 31, 2019 $ 855,453 |
MidSouth [Member] | |
Business Acquisition [Line Items] | |
Schedule of Fair Value of Net Assets Acquired and Liabilities Assumed | . The following table sets forth the preliminary acquisition date fair value of the assets acquired and liabilities assumed, and the resulting goodwill. (in thousands) ASSETS Cash and due from banks $ 28,059 Interest bearing bank deposits 276,911 Federal funds sold 3,475 Securities available for sale 272,240 Loans 787,628 Property and equipment 34,288 Other real estate 343 Identifiable intangible assets 31,500 Other assets 79,888 Total identifiable assets 1,514,332 LIABILITIES Deposit liabilities 1,280,947 Short term borrowings 66,996 Long term debt 13,919 Other liabilities 21,990 Total liabilities 1,383,852 Net assets acquired 130,480 Value of stock-based consideration 193,849 Goodwill $ 63,369 |
Schedule of Acquisitions Related Costs by Component | The following table presents the acquisition related costs by component: (in thousands) Personnel expense $ 7,506 Net occupancy and equipment expense 1,464 Professional services expense 7,075 Data processing expense 1,092 Other real estate 130 Advertising expense 2,581 Other expense 12,818 Total merger-related expenses $ 32,666 |
Capital One [Member] | |
Business Acquisition [Line Items] | |
Schedule of Fair Value of Net Assets Acquired and Liabilities Assumed | The following table sets forth the acquisition date fair value of the assets acquired and the liabilities assumed, the consideration received, and the resulting goodwill. (in thousands) ASSETS Accounts receivable $ 2,803 Identifiable intangible assets 27,562 Total identifiable assets 30,365 LIABILITIES Deposit liabilities 217,432 Other liabilities 151 Total liabilities 217,583 Net liabilities assumed (187,218 ) Consideration received 140,657 Goodwill $ 46,561 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | |
Amortized Cost and Fair Value of Securities Available for Sale | Securities Available for Sale December 31, 2019 December 31, 2018 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 98,320 $ 652 $ 300 $ 98,672 $ 74,339 $ — $ 2,633 $ 71,706 Municipal obligations 242,016 7,789 — 249,805 246,713 360 6,646 240,427 Residential mortgage-backed securities 1,910,909 20,268 7,020 1,924,157 1,468,912 4,284 29,794 1,443,402 Commercial mortgage-backed securities 1,570,765 19,880 4,178 1,586,467 799,060 1,953 30,936 770,077 Collateralized mortgage obligations 807,600 3,757 3,142 808,215 163,282 903 2,260 161,925 Corporate debt securities 8,000 21 33 7,988 3,500 — — 3,500 $ 4,637,610 $ 52,367 $ 14,673 $ 4,675,304 $ 2,755,806 $ 7,500 $ 72,269 $ 2,691,037 |
Amortized Cost and Fair Value of Securities Held to Maturity | Securities Held to Maturity December 31, 2019 December 31, 2018 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair (in thousands) Cost Gains Losses Value Cost Gains Losses Value U.S. Treasury and government agency securities $ 50,000 $ 3 $ — $ 50,003 $ 50,000 $ — $ 478 $ 49,522 Municipal obligations 641,019 27,146 69 668,096 688,201 2,347 9,503 681,045 Residential mortgage-backed securities 29,687 883 — 30,570 640,393 1,461 6,117 635,737 Commercial mortgage-backed securities 539,371 12,474 581 551,264 357,175 376 10,882 346,669 Collateralized mortgage obligations 307,932 3,597 458 311,071 1,243,778 1,598 22,493 1,222,883 $ 1,568,009 $ 44,103 $ 1,108 $ 1,611,004 $ 2,979,547 $ 5,782 $ 49,473 $ 2,935,856 |
Proceeds from Gross Gains on and Gross Losses on Sale of Securities | The following table presents the proceeds from, gross gains on, and gross losses on sales of securities during the years ended December 31, 2019, 2018 and 2017: Years Ended December 31, (in thousands) 2019 2018 2017 Proceeds $ 268,413 $ 455,162 $ 213,877 Gross gains — — — Gross losses — 25,480 — |
Available for Sale Securities [Member] | |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | (in thousands) Amortized Cost Fair Value Debt Securities Available for Sale Due in one year or less $ 356 $ 363 Due after one year through five years 151,871 154,646 Due after five years through ten years 1,764,275 1,778,398 Due after ten years 2,721,108 2,741,897 Total available for sale debt securities $ 4,637,610 $ 4,675,304 |
Securities with Unrealized Losses | Available for sale Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ 28,235 $ 300 $ — $ — $ 28,235 $ 300 Municipal obligations — — — — — — Residential mortgage-backed securities 420,066 5,042 399,787 1,978 819,853 7,020 Commercial mortgage-backed securities 458,855 3,971 14,896 207 473,751 4,178 Collateralized mortgage obligations 89,689 1,315 184,389 1,827 274,078 3,142 Corporate debt securities 1,467 33 — — 1,467 33 . $ 998,312 $ 10,661 $ 599,072 $ 4,012 $ 1,597,384 $ 14,673 Available for sale Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ — $ — $ 71,706 $ 2,633 $ 71,706 $ 2,633 Municipal obligations 41,203 591 170,883 6,054 212,086 6,645 Residential mortgage-backed securities 305,090 2,485 762,826 27,309 1,067,916 29,794 Commercial mortgage-backed securities 96,226 1,851 570,485 29,085 666,711 30,936 Collateralized mortgage obligations 254 1 111,804 2,259 112,058 2,260 $ 442,773 $ 4,928 $ 1,687,704 $ 67,340 $ 2,130,477 $ 72,268 |
Held-to-maturity Securities [Member] | |
Schedule Of Gain Loss On Investments Including Marketable Securities And Investments Held At Cost Income Statement Reported Amounts Summary [Line Items] | |
Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | (in thousands) Amortized Cost Fair Value Debt Securities Held to Maturity Due in one year or less $ 50,000 $ 50,003 Due after one year through five years 140,009 141,929 Due after five years through ten years 672,094 694,992 Due after ten years 705,906 724,080 Total held to maturity debt securities $ 1,568,009 $ 1,611,004 |
Securities with Unrealized Losses | Held to maturity Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ — $ — $ — $ — $ — $ — Municipal obligations 4,735 38 3,143 31 7,878 69 Residential mortgage-backed securities — — — — — — Commercial mortgage-backed securities 28,426 581 — — 28,426 581 Collateralized mortgage obligations — — 49,110 458 49,110 458 $ 33,161 $ 619 $ 52,253 $ 489 $ 85,414 $ 1,108 Held to maturity Losses < 12 Months Losses 12 Months or > Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized (in thousands) Value Losses Value Losses Value Losses U.S. Treasury and government agency securities $ — $ — $ 49,521 $ 478 $ 49,521 $ 478 Municipal obligations 233,469 2,256 233,280 7,247 466,749 9,503 Residential mortgage-backed securities 90,730 123 235,251 5,994 325,981 6,117 Commercial mortgage-backed securities — — 305,419 10,882 305,419 10,882 Collateralized mortgage obligations 77,394 281 897,153 22,212 974,547 22,493 $ 401,593 $ 2,660 $ 1,720,624 $ 46,813 $ 2,122,217 $ 49,473 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounts Notes And Loans Receivable [Line Items] | |
Loans, Net of Unearned Income | The following table presents loans, net of unearned income, by portfolio class at December 31, 2019 and 2018: (in thousands) 2019 2018 Commercial non-real estate $ 9,166,947 $ 8,620,601 Commercial real estate - owner occupied 2,738,460 2,457,748 Total commercial and industrial 11,905,407 11,078,349 Commercial real estate - income producing 2,994,448 2,341,779 Construction and land development 1,157,451 1,548,335 Residential mortgages 2,990,631 2,910,081 Consumer 2,164,818 2,147,867 Total loans $ 21,212,755 $ 20,026,411 |
Allowance for Credit Losses by Portfolio Segment and Allowance for Loan Losses by Portfolio Segment | The following schedules show activity in the allowance for credit losses by portfolio segment for the year ended December 31, 2019 and the activity in the allowance for loan losses by portfolio segment for the year ended December 31, 2018, as well as the corresponding recorded investment in loans at December 31, 2019 and 2018. Commercial Non-Real Estate Commercial Real Estate- Owner Occupied Total Commercial and Industrial Commercial Real Estate- Income Producing Construction and Land Development Residential Mortgages Consumer Total (in thousands) Year Ended December 31, 2019 Allowance for credit losses Allowance for loan losses: Beginning balance $ 97,752 $ 13,757 $ 111,509 $ 17,638 $ 15,647 $ 23,782 $ 25,938 $ 194,514 Charge-offs (39,600 ) (137 ) (39,737 ) (32 ) (7 ) (846 ) (18,455 ) (59,077 ) Recoveries 6,940 306 7,246 569 140 480 3,645 12,080 Net provision for loan losses 41,340 (2,949 ) 38,391 2,694 (6,430 ) (3,085 ) 12,164 43,734 Ending balance - allowance for loan losses $ 106,432 $ 10,977 $ 117,409 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 191,251 Reserve for unfunded lending commitments: Beginning balance $ — $ — $ — $ — $ — $ — $ — $ — Provision for losses on unfunded commitments 3,974 — 3,974 — — — — 3,974 Ending balance - reserve for unfunded lending commitments $ 3,974 $ — $ 3,974 $ — $ — $ — $ — $ 3,974 Total allowance for credit losses $ 110,406 $ 10,977 $ 121,383 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 195,225 Allowance for loan losses: Individually evaluated for impairment $ 21,733 $ 104 $ 21,837 $ 18 $ 21 $ 217 $ 292 $ 22,385 Amounts related to purchased credit impaired loans 164 169 333 39 136 7,474 275 8,257 Collectively evaluated for impairment 84,535 10,704 95,239 20,812 9,193 12,640 22,725 160,609 Allowance for loan losses $ 106,432 $ 10,977 $ 117,409 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 191,251 Reserve for unfunded lending commitments: Individually evaluated for impairment $ 3,974 $ — $ 3,974 $ — $ — $ — $ — $ 3,974 Total allowance for credit losses $ 110,406 $ 10,977 $ 121,383 $ 20,869 $ 9,350 $ 20,331 $ 23,292 $ 195,225 Loans: Individually evaluated for impairment $ 232,438 $ 4,381 $ 236,819 $ 1,898 $ 277 $ 5,174 $ 1,483 $ 245,651 Purchased credit impaired loans 31,073 36,200 67,273 35,353 20,516 86,757 5,346 215,245 Collectively evaluated for impairment 8,903,436 2,697,879 11,601,315 2,957,197 1,136,658 2,898,700 2,157,989 20,751,859 Total loans $ 9,166,947 $ 2,738,460 $ 11,905,407 $ 2,994,448 $ 1,157,451 $ 2,990,631 $ 2,164,818 $ 21,212,755 Commercial Non-Real Estate Commercial Real Estate- Owner Occupied Total Commercial and Industrial Commercial Real Estate- Income Producing Construction and Land Development Residential Mortgages Consumer Total (in thousands) Year Ended December 31, 2018 Allowance for loan losses: Beginning balance $ 127,918 $ 12,962 $ 140,880 $ 13,709 $ 7,372 $ 24,844 $ 30,503 $ 217,308 Charge-offs (40,069 ) (8,059 ) (48,128 ) (1,633 ) (334 ) (614 ) (23,913 ) (74,622 ) Recoveries 14,385 317 14,702 221 96 2,179 5,162 22,360 Net provision for loan losses (4,482 ) 8,537 4,055 5,341 8,513 (2,627 ) 20,834 36,116 Other — — — — — — (6,648 ) (6,648 ) Ending balance - allowance for loan losses $ 97,752 $ 13,757 $ 111,509 $ 17,638 $ 15,647 $ 23,782 $ 25,938 $ 194,514 Allowance for loan losses: Individually evaluated for impairment $ 3,636 $ 607 $ 4,243 $ 210 $ 1 $ 444 $ 216 $ 5,114 Amounts related to purchased credit impaired loans 239 215 454 43 83 9,766 388 10,734 Collectively evaluated for impairment 93,877 12,935 106,812 17,385 15,563 13,572 25,334 178,666 Total allowance for loan losses $ 97,752 $ 13,757 $ 111,509 $ 17,638 $ 15,647 $ 23,782 $ 25,938 $ 194,514 Loans: Individually evaluated for impairment $ 239,384 $ 21,666 $ 261,050 $ 2,701 $ 121 $ 3,876 $ 1,007 $ 268,755 Purchased credit impaired loans 6,629 6,212 12,841 3,757 3,387 105,430 4,181 129,596 Collectively evaluated for impairment 8,374,588 2,429,870 10,804,458 2,335,321 1,544,827 2,800,775 2,142,679 19,628,060 Total loans $ 8,620,601 $ 2,457,748 $ 11,078,349 $ 2,341,779 $ 1,548,335 $ 2,910,081 $ 2,147,867 $ 20,026,411 |
Composition of Nonaccrual Loans by Portfolio Class | The following table shows the composition of nonaccrual loans by portfolio class. Purchased credit impaired loans accounted for in pools with an accretable yield are considered to be performing and are excluded from the table. December 31, (in thousands) 2019 2018 Commercial non-real estate $ 178,678 $ 110,653 Commercial real estate - owner occupied 7,708 16,895 Total commercial and industrial 186,386 127,548 Commercial real estate - income producing 2,594 4,991 Construction and land development 1,217 2,146 Residential mortgages 39,262 35,866 Consumer 16,374 16,744 Total loans $ 245,833 $ 187,295 |
Troubled Debt Restructurings Modified by Portfolio Segment | The table below details TDRs that were modified during the years ended December 31, 2019, 2018 and 2017 by portfolio segment. All such loans are individually evaluated for impairment. Years Ended ($ in thousands) 2019 2018 2017 Outstanding Recorded Investment Outstanding Recorded Investment Outstanding Recorded Investment Troubled Debt Restructurings: Number of Contracts Pre- Modification Post- Modification Number of Contracts Pre- Modification Post- Modification Number of Contracts Pre- Modification Post- Modification Commercial non-real estate 13 $ 64,051 $ 57,240 29 $ 85,306 $ 85,306 52 $ 162,909 $ 162,909 Commercial real estate - owner occupied 1 167 167 2 6,138 6,138 5 5,684 5,684 Total commercial and industrial 14 64,218 57,407 31 91,444 91,444 57 168,593 168,593 Commercial real estate - income producing 1 123 123 1 1,564 1,564 5 5,625 5,625 Construction and land development 3 323 323 — — — — — — Residential mortgages 21 3,286 3,286 14 1,297 1,297 15 2,812 2,812 Consumer 10 168 168 10 455 455 1 40 40 Total loans 49 $ 68,118 $ 61,307 56 $ 94,760 $ 94,760 78 $ 177,070 $ 177,070 |
Loans Individually Evaluated for Impairment Disaggregated by Portfolio Class | The tables below present loans that are individually evaluated for impairment disaggregated by portfolio class at December 31, 2019 and 2018. December 31, 2019 (in thousands) Recorded Investment Without an Allowance Recorded Investment With an Allowance Unpaid Principal Balance Related Allowance Commercial non-real estate $ 134,191 $ 98,247 $ 270,078 $ 21,733 Commercial real estate - owner occupied 2,665 1,716 7,793 104 Total commercial and industrial 136,856 99,963 277,871 21,837 Commercial real estate - income producing 373 1,525 1,959 18 Construction and land development — 277 322 21 Residential mortgages 3,383 1,791 5,709 217 Consumer 479 1,004 1,906 292 Total loans $ 141,091 $ 104,560 $ 287,767 $ 22,385 December 31, 2018 (in thousands) Recorded Investment Without an Allowance Recorded Investment With an Allowance Unpaid Principal Balance Related Allowance Commercial non-real estate $ 144,625 $ 94,759 $ 273,290 $ 3,636 Commercial real estate - owner occupied 13,027 8,639 25,888 607 Total commercial and industrial 157,652 103,398 299,178 4,243 Commercial real estate - income producing 1,138 1,563 3,428 210 Construction and land development 100 21 121 1 Residential mortgages 2,058 1,818 4,421 444 Consumer 279 728 1,253 216 Total loans $ 161,227 $ 107,528 $ 308,401 $ 5,114 The tables below present the average balances and interest income for total impaired loans for the years ended December 31, 2019 and 2018. Interest income recognized represents interest on accruing loans modified in a TDR. Years Ended December 31, 2019 December 31, 2018 (in thousands) Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized Commercial non-real estate $ 223,500 $ 4,917 $ 286,146 $ 7,919 Commercial real estate - owner occupied 14,719 196 25,325 343 Total commercial and industrial 238,219 5,113 311,471 8,262 Commercial real estate - income producing 2,407 27 9,155 71 Construction and land development 906 4 145 — Residential mortgages 4,578 11 5,598 18 Consumer 1,464 77 814 39 Total loans $ 247,574 $ 5,232 $ 327,183 $ 8,390 |
Age Analysis of Past Due Loans by Portfolio Class | The tables below present the age analysis of past due loans by portfolio class at December 31, 2019 and 2018. Purchased credit impaired loans with an accretable yield are considered to be current: December 31, 2019 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days past due Total Past Due Current Total Loans Recorded Investment > 90 Days and Accruing (in thousands) Commercial non-real estate $ 20,893 $ 13,445 $ 100,806 $ 135,144 $ 9,031,803 $ 9,166,947 $ 1,537 Commercial real estate - owner occupied 4,862 556 7,268 12,686 2,725,774 2,738,460 830 Total commercial and industrial 25,755 14,001 108,074 147,830 11,757,577 11,905,407 2,367 Commercial real estate - income producing 738 703 2,910 4,351 2,990,097 2,994,448 450 Construction and land development 5,747 680 2,480 8,907 1,148,544 1,157,451 2,042 Residential mortgages 32,867 8,584 23,577 65,028 2,925,603 2,990,631 85 Consumer 18,586 6,215 9,901 34,702 2,130,116 2,164,818 1,638 Total loans $ 83,693 $ 30,183 $ 146,942 $ 260,818 $ 20,951,937 $ 21,212,755 $ 6,582 December 31, 2018 30-59 Days Past Due 60-89 Days Past Due Greater Than 90 Days Past Due Total Past Due Current Total Loans Recorded Investment > 90 Days and Accruing (in thousands) Commercial non-real estate $ 12,257 $ 3,895 $ 77,551 $ 93,703 $ 8,526,898 $ 8,620,601 $ 10,823 Commercial real estate - owner occupied 2,394 1,570 14,542 18,506 2,439,242 2,457,748 380 Total commercial and industrial 14,651 5,465 92,093 112,209 10,966,140 11,078,349 11,203 Commercial real estate - income producing 2,371 772 5,495 8,638 2,333,141 2,341,779 1,844 Construction and land development 7,397 1,129 2,165 10,691 1,537,644 1,548,335 644 Residential mortgages 32,869 14,706 23,175 70,750 2,839,331 2,910,081 — Consumer 20,402 4,695 9,665 34,762 2,113,105 2,147,867 618 Total loans $ 77,690 $ 26,767 $ 132,593 $ 237,050 $ 19,789,361 $ 20,026,411 $ 14,309 |
Changes in Carrying Amount of Purchased Credit Impaired Loans and Related Accretable Yield | Changes in the carrying amount of purchased credit impaired loans and related accretable yield are presented in the following table for the years ended December 31, 2019 and 2018: 2019 2018 Carrying Carrying Amount Accretable Amount Accretable (in thousands) of Loans Yield of Loans Yield Balance at beginning of period $ 129,596 $ 37,294 $ 153,403 $ 62,517 Additions 120,562 6,246 — — Payments received, net (48,076 ) (4,601 ) (39,556 ) (5,779 ) Accretion 13,163 (13,163 ) 15,749 (15,749 ) Increase (decrease) in expected cash flows based on actual cash flow and changes in cash flow assumptions — 4,170 — (3,695 ) Balance at end of period $ 215,245 $ 29,946 $ 129,596 $ 37,294 |
Total Commercial [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Credit Quality Indicators by Segments and Portfolio Class | The tables below present the credit quality indicators classes by segments and portfolio class of loans at December 31, 2019 and December 31, 2018. December 31, 2019 (in thousands) Commercial Non- Real Estate Commercial Real Estate - Owner Occupied Total Commercial and Industrial Commercial Real Estate - Income Producing Construction and Land Development Total Commercial Grade: Pass $ 8,492,113 $ 2,517,448 $ 11,009,561 $ 2,883,553 $ 1,120,997 $ 15,014,111 Pass-Watch 220,850 146,266 367,116 69,765 25,621 462,502 Special Mention 71,654 14,651 86,305 14,995 283 101,583 Substandard 382,330 60,095 442,425 26,135 10,550 479,110 Doubtful — — — — — — Total $ 9,166,947 $ 2,738,460 $ 11,905,407 $ 2,994,448 $ 1,157,451 $ 16,057,306 December 31, 2018 (in thousands) Commercial Non- Real Estate Commercial Real Estate - Owner Occupied Total Commercial & Industrial Commercial Real Estate - Income Producing Construction and Land Development Total Commercial Grade: Pass $ 7,875,588 $ 2,274,211 $ 10,149,799 $ 2,265,087 $ 1,487,599 $ 13,902,485 Pass-Watch 260,510 84,271 344,781 46,535 49,099 440,415 Special Mention 75,752 23,149 98,901 5,510 816 105,227 Substandard 408,751 76,117 484,868 24,647 10,821 520,336 Doubtful — — — — — — Total $ 8,620,601 $ 2,457,748 $ 11,078,349 $ 2,341,779 $ 1,548,335 $ 14,968,463 |
Residential Mortgage and Consumer [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Credit Quality Indicators by Segments and Portfolio Class | December 31, 2019 December 31, 2018 (in thousands) Residential Mortgage Consumer Total Residential Mortgage Consumer Total Performing $ 2,950,854 $ 2,147,312 $ 5,098,166 $ 2,873,669 $ 2,130,395 $ 5,004,064 Nonperforming 39,777 17,506 57,283 36,412 17,472 53,884 Total $ 2,990,631 $ 2,164,818 $ 5,155,449 $ 2,910,081 $ 2,147,867 $ 5,057,948 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Property and equipment consisted of the following at December 31, 2019 and 2018: December 31, (in thousands) 2019 2018 Land and land improvements $ 79,720 $ 70,960 Buildings and leasehold improvements 339,503 311,409 Furniture, fixtures and equipment 115,051 92,805 Software 75,448 72,721 Assets under development 20,014 31,742 629,736 579,637 Accumulated depreciation and amortization (249,527 ) (225,969 ) Property and equipment, net $ 380,209 $ 353,668 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of Supplemental Information Pertaining To Operating Leases and Lease Expense | The following tables present supplemental information pertaining to operating leases at and for the year ended December 31, 2019. (dollars in thousands) Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities for operating leases $ 16,027 Right of use assets obtained in exchange for lease liabilities 121,066 December 31, 2019 Weighted average remaining lease term (in years) 12.95 Weighted average discount rate 3.53 % The following table sets forth the components of the Company’s lease expense for the year ended December 31, 2019. (in thousands) December 31, 2019 Operating lease expense $ 18,075 Short-term lease expense 462 Variable lease expense 46 Sublease income (322 ) Total $ 18,261 |
Summary Maturities of Lease Liabilities and Present Value Discount | The following table sets forth the maturities of the Company’s lease liabilities and the present value discount at December 31, 2019. (dollars in thousands) 2019 $ 16,382 2020 15,947 2021 15,551 2022 13,973 2023 11,877 Thereafter 89,677 Total 163,407 Present value discount (35,704 ) Lease liability $ 127,703 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Carrying Value of Intangible Assets Subject to Amortization | December 31, 2019 Purchase Accumulated Carrying (in thousands) Value Amortization Value Core deposit intangibles $ 247,455 $ 168,577 $ 78,878 Credit card and trust relationships 49,962 22,448 27,514 Merchant processing relationships 10,000 9,585 415 $ 307,417 $ 200,610 $ 106,807 December 31, 2018 Purchase Accumulated Carrying (in thousands) Value Amortization Value Core deposit intangibles $ 215,955 $ 151,446 $ 64,509 Credit card and trust relationships 49,962 19,564 30,398 Merchant processing relationships 10,000 8,756 1,244 $ 275,917 $ 179,766 $ 96,151 |
Aggregate Amortization Expense | Years Ended December 31, (in thousands) 2019 2018 2017 Core deposit intangibles $ 17,132 $ 18,566 $ 19,442 Credit card and trust relationships 2,883 2,682 1,975 Merchant processing relationships 829 802 1,000 $ 20,844 $ 22,050 $ 22,417 |
Estimated Amortization Expense of Other Intangible Assets | (in thousands) 2020 $ 19,916 2021 16,665 2022 14,033 2023 11,557 2024 9,413 Thereafter 35,223 $ 106,807 |
Time Deposits (Tables)
Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Schedule of Detailed Time Deposits | The following table presents a detail of deposits at December 31, 2019 and 2018: (in thousands) 2019 2018 Noninterest-bearing deposits $ 8,775,632 $ 8,499,027 Interest-bearing retail transaction and savings deposits 8,845,097 8,000,092 Interest-bearing public fund deposits Public fund transaction and savings deposits 2,803,912 2,622,938 Public fund time deposits 560,503 383,578 Total interest-bearing public fund deposits 3,364,415 3,006,516 Retail time deposits 2,652,842 2,416,086 Brokered time deposits 165,589 1,228,464 Total interest-bearing deposits 15,027,943 14,651,158 Total deposits $ 23,803,575 $ 23,150,185 |
Maturity of Time Deposits | The maturity of time deposits at December 31, 2019 follows. (in thousands) 2020 $ 2,841,291 2021 405,102 2022 87,059 2023 20,106 2024 10,212 Thereafter 1,402 Total time deposits $ 3,365,172 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Short Term Borrowings [Abstract] | |
Short-Term Borrowings | The following table presents information concerning short-term borrowing at and for the years ended December 31, 2019 and 2018: December 31, (in thousands) 2019 2018 Federal funds purchased: Amount outstanding at period end $ 195,450 $ 425 Average amount outstanding during period 49,297 39,968 Maximum amount at any month end during period 202,933 100,925 Weighted-average interest at period end 1.60 % 2.00 % Weighted-average interest rate during period 2.30 % 2.11 % Securities sold under agreements to repurchase: Amount outstanding at period end $ 484,422 $ 428,599 Average amount outstanding during period 493,344 456,000 Maximum amount at any month end during period 518,042 500,345 Weighted-average interest at period end 0.54 % 0.32 % Weighted-average interest rate during period 0.52 % 0.23 % FHLB borrowings: Amount outstanding at period end $ 2,035,000 $ 1,160,104 Average amount outstanding during period 1,399,503 1,694,804 Maximum amount at any month end during period 1,941,774 2,410,258 Weighted-average interest at period end 1.17 % 2.48 % Weighted-average interest rate during period 1.96 % 2.02 % |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | As of December 31, 2019 and 2018, long-term debt was comprised of the following: December 31, (in thousands) 2019 2018 Subordinated notes payable, maturing June 2045 $ 150,000 $ 150,000 Other long-term debt 87,890 79,598 Less: unamortized debt issuance costs (4,428 ) (4,605 ) Total long-term debt $ 233,462 $ 224,993 |
Long-Term Debt with Related Unamortized Debt Issuance Cost | The following table sets forth unamortized debt issuance costs associated with the respective debt instruments as of December 31, 2019: Unamortized Debt Issuance (in thousands) Principal Costs Subordinated notes payable, maturing June 2045 $ 150,000 $ 4,428 Other long-term debt 87,890 — Total $ 237,890 $ 4,428 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Fair Values of Derivative Financial Instruments | The table below presents the notional or contractual amounts and fair values of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets at December 31, 2019 and 2018. December 31, 2019 December 31, 2018 Derivative (1) Derivative (1) (in thousands) Type of Hedge Notional or Contractual Amount Assets Liabilities Notional or Contractual Amount Assets Liabilities Derivatives designated as hedging instruments: Interest rate swaps - variable rate loans Cash Flow $ 1,175,000 $ 24,172 $ 337 $ 875,000 $ 3,954 $ 9,173 Interest rate swaps - securities Fair Value 441,400 1,474 1,759 — — — Interest rate swaps - brokered deposits Fair Value 43,000 — 9 483,110 — 2,089 $ 1,659,400 $ 25,646 $ 2,105 $ 1,358,110 $ 3,954 $ 11,262 Derivatives not designated as hedging instruments: Interest rate swaps N/A $ 3,759,232 $ 54,512 $ 55,664 $ 2,554,808 $ 23,670 $ 24,669 Risk participation agreements N/A 254,825 21 45 171,222 10 131 Forward commitments to sell residential mortgage loans N/A 145,623 651 744 77,208 110 664 Interest rate-lock commitments on residential mortgage loans N/A 83,224 369 375 59,119 464 67 Foreign exchange forward contracts N/A 64,632 303 366 37,749 751 718 Visa Class B derivative contract N/A 43,753 — 5,704 43,753 — 7,304 $ 4,351,289 $ 55,856 $ 62,898 $ 2,943,859 $ 25,005 $ 33,553 Total derivatives $ 6,010,689 $ 81,502 $ 65,003 $ 4,301,969 $ 28,959 $ 44,815 Less: netting adjustments (2) (27,056 ) (43,914 ) (11,979 ) (22,588 ) Total derivate assets/liabilities $ 54,446 $ 21,089 $ 16,980 $ 22,227 (1) Derivative assets and liabilities are reported in other assets or other liabilities, respectively, in the consolidated balance sheets. ( 2 ) Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. |
Effects of Derivative Instruments on the Statement of Income | The effects of derivative instruments on the consolidated statements of income for the years ended December 31, 2019, 2018 and 2017 are presented in the table below. For the years ended December 31, 2019 and 2018, the reduction of interest income attributable to cash flow hedges includes amortization of accumulated other comprehensive loss that resulted from termination of certain interest rate swap contracts. Year Ended December 31, Derivative Instruments: Location of Gain (Loss) Recognized in the Statement of Income: 2019 2018 2017 Fair value hedges- securities Interest income $ 1 $ — $ — Cash flow hedges - variable rate loans Interest income (4,255) (4,497) (280) Fair value hedges - brokered deposits Interest expense (1,752) (2,343) 829 All other instruments Other noninterest income 12,958 5,368 5,870 Total $ 6,952 $ (1,472) $ 6,419 |
Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements | Offsetting information in regards to all derivative assets and liabilities, including accrued interest subject to these master netting agreements at December 31, 2019 and 2018 is presented in the following tables: As of December 31, 2019 Gross Amounts Offset in the Net Amounts Presented in the Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Statement of Financial Position Statement of Financial Position Financial Instruments Cash Collateral Net Amount Derivative Assets $ 27,938 $ (27,915 ) $ 23 $ 23 $ - $ - Derivative Liabilities $ 56,523 $ (44,570 ) $ 11,953 $ 23 $ 35,113 $ (23,183 ) As of December 31, 2018 Gross Amounts Offset in the Net Amounts Presented in the Gross Amounts Not Offset in the Statement of Financial Position (in thousands) Gross Amounts Recognized Statement of Financial Position Statement of Financial Position Financial Instruments Cash Collateral Net Amount Derivative Assets $ 16,167 $ (12,842 ) $ 3,325 $ 1,846 $ — $ 1,479 Derivative Liabilities $ 23,811 $ (21,651 ) $ 2,160 $ 1,846 $ 2,871 $ (2,557 ) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders Equity Note [Abstract] | |
Components of Accumulated Other Comprehensive Income (Loss) | (in thousands) Available for Sale Securities HTM Securities Transferred from AFS Employee Benefit Plans Cash Flow Hedges Equity Method Investment Total Balance, December 31, 2016 $ (28,679 ) $ (14,392 ) $ (72,501 ) $ (4,960 ) $ $ (120,532 ) Net change in unrealized gain (loss) 6,903 — — (7,328 ) — (425 ) Reclassification of net loss realized and included in earnings — — 5,201 600 — 5,801 Valuation adjustment for employee benefit plan amendment — — 17,315 — — 17,315 Other valuation adjustment for employee benefit plans — — (10,929 ) — — (10,929 ) Amortization of unrealized net loss on securities transferred to held to maturity — 3,786 — — — 3,786 Income tax expense (benefit) 1,067 1,393 4,228 (2,600 ) — 4,088 Reclassification of certain tax effects (a) 6,669 2,586 13,936 2,139 — 25,330 Balance, December 31, 2017 $ (29,512 ) $ (14,585 ) $ (79,078 ) $ (11,227 ) $ — $ (134,402 ) Net change in unrealized (loss) gain (52,060 ) — — (697 ) — (52,757 ) Reclassification of net loss realized and included in earnings 25,480 — 4,989 4,497 — 34,966 Valuation adjustment for employee benefit plans — — (45,198 ) — — (45,198 ) Amortization of unrealized net loss on securities transferred to held to maturity — 3,296 — — — 3,296 Income tax expense (benefit) (5,967 ) 755 (9,040 ) 866 — (13,386 ) Balance, December 31, 2018 $ (50,125 ) $ (12,044 ) $ (110,247 ) $ (8,293 ) $ — $ (180,709 ) Net change in unrealized gain or loss 115,413 — — 28,943 (434 ) 143,922 Reclassification of net (gain) loss realized and included in earnings — — 9,174 4,255 — 13,429 Valuation adjustment for employee benefit plans — — 2,398 — — 2,398 Unrealized loss on securities transferred to available for sale (13,236 ) 13,236 — — — — Amortization of unrealized net loss on securities transferred to held to maturity — 3,153 — — — 3,153 Income tax expense 23,102 3,706 2,603 7,506 — 36,917 Balance, December 31, 2019 $ 28,950 $ 639 $ (101,278 ) $ 17,399 $ (434 ) $ (54,724 ) (a) Represents the reclassification of stranded income tax effects to Retained Earnings upon adoption of ASU 2018-02. |
Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income | Amount reclassified from AOCI (a) Year Ended December 31, Increase (decrease) in affected line (in thousands) 2019 2018 item in the income statement Amortization of unrealized net loss on securities transferred to HTM $ (3,153 ) $ (3,296 ) Interest income Tax effect 713 755 Income taxes Net of tax (2,440 ) (2,541 ) Net income Gain (loss) on sale of AFS securities — (25,480 ) Securities transactions Tax effect — 5,720 Income taxes Net of tax — (19,760 ) Net income Amortization of defined benefit pension and post-retirement items (b) $ (9,174 ) $ (4,989 ) Other noninterest expense Tax effect 2,074 1,122 Income taxes Net of tax (7,100 ) (3,867 ) Net income Reclassification of unrealized gain (loss) on cash flow hedges (110 ) $ 1,072 Interest income Tax effect 25 (244 ) Income taxes Net of tax (85 ) 828 Net Income Amortization of loss on terminated cash flow hedges (4,145 ) (5,569 ) Interest income Tax effect 937 1,269 Income taxes Net of tax (3,208 ) (4,300 ) Net income Total reclassifications, net of tax $ (12,833 ) $ (30,468 ) Net income (a) Amounts in parenthesis indicate reduction in net income. |
Compliance with Regulatory Capital Requirements | Actual Required for Minimum Capital Adequacy Required To Be Well Capitalized ($ in thousands) Amount Ratio % Amount Ratio % Amount Ratio % At December 31, 2019 Tier 1 leverage capital Hancock Whitney Corporation $ 2,584,162 8.76 $ 1,180,163 4.00 $ 1,475,204 5.00 Hancock Whitney Bank 2,640,913 8.96 1,179,194 4.00 1,473,992 5.00 Common equity tier 1 (to risk weighted assets) Hancock Whitney Corporation $ 2,584,162 10.50 $ 1,107,527 4.50 $ 1,599,761 6.50 Hancock Whitney Bank 2,640,913 10.74 1,106,558 4.50 1,598,362 6.50 Tier 1 capital (to risk weighted assets) Hancock Whitney Corporation $ 2,584,162 10.50 $ 1,476,702 6.00 $ 1,968,936 8.00 Hancock Whitney Bank 2,640,913 10.74 1,475,411 6.00 1,967,214 8.00 Total capital (to risk weighted assets) Hancock Whitney Corporation $ 2,929,387 11.90 $ 1,968,936 8.00 $ 2,461,171 10.00 Hancock Whitney Bank 2,836,138 11.53 1,967,214 8.00 2,459,018 10.00 At December 31, 2018 Tier 1 leverage capital Hancock Whitney Corporation $ 2,391,762 8.67 $ 1,103,544 4.00 $ 1,379,430 5.00 Hancock Whitney Bank 2,351,090 8.54 1,101,372 4.00 1,376,715 5.00 Common equity tier 1 (to risk weighted assets) Hancock Whitney Corporation $ 2,391,762 10.48 $ 1,026,637 4.50 $ 1,482,920 6.50 Hancock Whitney Bank 2,351,090 10.32 1,025,355 4.50 1,481,068 6.50 Tier 1 capital (to risk weighted assets) Hancock Whitney Corporation $ 2,391,762 10.48 $ 1,368,849 6.00 $ 1,825,132 8.00 Hancock Whitney Bank 2,351,090 10.32 1,367,140 6.00 1,822,853 8.00 Total capital (to risk weighted assets) Hancock Whitney Corporation $ 2,736,276 11.99 $ 1,825,132 8.00 $ 2,281,415 10.00 Hancock Whitney Bank 2,545,604 11.17 1,822,053 8.00 2,278,566 10.00 |
Noninterest Income and Nonint_2
Noninterest Income and Noninterest Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income And Expenses [Abstract] | |
Components of Other Noninterest Income and Other Noninterest Expense | The components of other noninterest income and other noninterest expense are as follows: Years Ended December 31, (in thousands) 2019 2018 2017 Other noninterest income: Income from bank-owned life insurance $ 14,946 $ 12,424 $ 11,473 Credit-related fees 11,399 11,065 11,140 Income from derivatives 12,958 5,368 5,870 Other miscellaneous income 14,635 14,929 11,387 Total other noninterest income $ 53,938 $ 43,786 $ 39,870 Other noninterest expense: Advertising $ 15,251 $ 12,334 $ 15,031 Corporate value and franchise taxes 15,949 13,595 12,797 Entertainment and contributions 10,777 11,359 8,260 Telecommunication and postage 14,588 14,659 14,686 Printing and supplies 4,947 5,548 5,138 Travel expenses 5,278 5,338 5,043 Tax credit investment amortization 4,943 5,166 4,850 Other retirement expense (16,561 ) (18,661 ) (15,249 ) Other miscellaneous expense 37,282 31,355 31,517 Total other noninterest expense $ 92,454 $ 80,693 $ 82,073 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Income tax expense included in net income consisted of the following components: Years Ended December 31, (in thousands) 2019 2018 2017 Included in net income Current federal $ 12,172 $ 7,594 $ 38,859 Current state 6,087 5,538 4,112 Total current provision 18,259 13,132 42,971 Deferred federal 46,290 41,078 48,653 Deferred state 810 4,136 1,178 Total deferred provision 47,100 45,214 49,831 Total included in net income $ 65,359 $ 58,346 $ 92,802 |
Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities were as follows: December 31, (in thousands) 2019 2018 Deferred tax assets: Allowance for loan losses $ 47,008 $ 45,198 Employee compensation and benefits — 12,796 Loan purchase accounting adjustments 18,717 1,132 Tax credit carryforward 2,025 2,059 Securities — 17,390 Federal/State net operating loss 7,295 1,629 Lease liability 29,003 — Other 7,893 18,431 Gross deferred tax assets 111,941 98,635 State valuation allowance (1,415 ) (1,629 ) Net deferred tax assets $ 110,526 $ 97,006 Deferred tax liabilities: Employee compensation and benefits $ (9,662 ) $ — Securities (9,589 ) — Fixed assets & intangibles (48,144 ) (44,277 ) Lease Financing (41,565 ) (23,605 ) Right-of-use asset (24,887 ) — Other (14,400 ) (6,157 ) Gross deferred tax liabilities $ (148,247 ) $ (74,039 ) Net deferred tax asset (liability) $ (37,721 ) $ 22,967 |
Effective Income Tax Rate Reconciliation | A summary of the factors that impacted income tax expense follows. Years Ended December 31, 2019 2018 2017 ($ in thousands) Amount % Amount % Amount % Taxes computed at statutory rate $ 82,475 21.0 % $ 80,244 21.0 % $ 107,952 35.0 % Increases (decreases) in taxes resulting from: State income taxes, net of federal income tax benefit 7,204 1.8 8,770 2.3 4,288 1.4 Tax-exempt interest (10,435 ) (2.7 ) (10,803 ) (2.8 ) (18,870 ) (6.1 ) Life insurance contracts (3,901 ) (1.0 ) (2,019 ) (0.5 ) (5,360 ) (1.7 ) Tax credits (10,293 ) (2.6 ) (11,344 ) (3.0 ) (9,286 ) (3.1 ) Employee share-based compensation (842 ) (0.2 ) (1,380 ) (0.3 ) (5,824 ) (1.9 ) FDIC assessment disallowance 1,895 0.5 2,818 0.7 — — Return to provision adjustment (1,459 ) (0.4 ) (9,942 ) (2.6 ) (120 ) — Impact of deferred tax asset re-measurement — — — — 19,520 6.3 Other, net 715 0.2 2,002 0.5 502 0.2 Income tax expense $ 65,359 16.6 % $ 58,346 15.3 % $ 92,802 30.1 % |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Earnings Per Share | A summary of the information used in the computation of earnings per common share follows. Years Ended December 31, ($ in thousands, except per share data) 2019 2018 2017 Numerator: Net income to common shareholders $ 327,380 $ 323,770 $ 215,632 Net income allocated to participating securities -- basic and diluted 5,546 5,930 4,670 Net income allocated to common shareholders - basic and diluted $ 321,834 $ 317,840 $ 210,962 Denominator: Weighted-average common shares - basic 86,488 85,355 84,695 Dilutive potential common shares 111 166 268 Weighted average common shares - diluted 86,599 85,521 84,963 Earnings per common share: Basic $ 3.72 $ 3.72 $ 2.49 Diluted $ 3.72 $ 3.72 $ 2.48 |
Retirement Benefit Plans (Table
Retirement Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Changes in Benefit Obligations and Plan Assets | The following tables detail the changes in the benefit obligations and plan assets of the defined benefit plans for the years ended December 31, 2019 and 2018 as well as the funded status of the plans at each year end and the amounts recognized in the Company’s consolidated balance sheets. The Company uses a December 31 measurement date for all defined benefit pension plans and other postretirement benefit plans. 2019 2018 2019 2018 (in thousands) Pension Benefits Other Post- Retirement Benefits Change in benefit obligation Benefit obligation at beginning of year $ 492,017 $ 513,844 $ 16,283 $ 23,036 Service cost 10,981 12,414 95 120 Interest cost 18,843 16,762 621 621 Plan participants' contributions — — 547 628 Net actuarial (gain) loss 81,166 (30,796 ) 733 (6,717 ) Benefits paid (21,141 ) (20,207 ) (1,566 ) (1,405 ) Benefit obligation, end of year 581,866 492,017 16,713 16,283 Change in plan assets Fair value of plan assets at beginning of year 542,618 564,365 — — Actual return on plan assets 130,745 (40,491 ) — — Employer contributions 101,165 40,138 1,019 777 Plan participants' contributions — — 547 628 Benefit payments (21,141 ) (20,207 ) (1,566 ) (1,405 ) Expenses (1,249 ) (1,187 ) — — Fair value of plan assets, end of year 752,138 542,618 — — Funded status at end of year - net asset (liability) $ 170,272 $ 50,601 $ (16,713 ) $ (16,283 ) Amounts recognized in accumulated other comprehensive loss Unrecognized loss at beginning of year $ 149,470 $ 102,978 $ (7,015 ) $ (732 ) Net actuarial loss (gain) (13,218 ) 46,492 1,646 (6,283 ) Unrecognized gain (loss) at end of year $ 136,252 $ 149,470 $ (5,369 ) $ (7,015 ) Projected benefit obligation $ 581,866 $ 492,017 Accumulated benefit obligation 550,005 467,300 Fair value of plan assets 752,138 542,618 |
Components of Net Periodic Benefits Cost | The following table shows net periodic benefit cost included in expense and the changes in the amounts recognized in AOCI during 2019, 2018, and 2017. Years Ended December 31, 2019 2018 2017 2019 2018 2017 ($ in thousands) Pension Benefits Other Post-Retirement Benefits Net periodic benefit cost Service cost $ 10,981 $ 12,414 $ 15,381 $ 95 $ 120 $ 129 Interest cost 18,843 16,762 16,514 621 621 668 Expected return on plan assets (45,199 ) (41,033 ) (37,632 ) — — — Amortization of net loss/ prior service cost 10,087 5,423 5,554 (913 ) (434 ) (353 ) Net periodic benefit cost (5,288 ) (6,434 ) (183 ) (197 ) 307 444 Other changes in plan assets and benefit obligations recognized in other comprehensive income, before taxes Net (loss) gain recognized during the year (10,087 ) (5,423 ) (5,554 ) 913 434 353 Net actuarial loss (gain) (3,131 ) 51,915 (7,378 ) 733 (6,717 ) 993 Total recognized in other comprehensive income (13,218 ) 46,492 (12,932 ) 1,646 (6,283 ) 1,346 Total recognized in net periodic benefit cost and other comprehensive income $ (18,506 ) $ 40,058 $ (13,115 ) $ 1,449 $ (5,976 ) $ 1,790 Discount rate for benefit obligations 3.14 % 4.14 % 3.57 % 3.11 % 4.10 % 3.52 % Discount rate for net periodic benefit cost 4.14 % 3.57 % 4.10 % 4.10 % 3.52 % 3.95 % Expected long-term return on plan assets 7.25 % 7.25 % 7.25 % n/a n/a n/a Rate of compensation increase scaled * scaled ** scaled ** n/a n/a n/a * Graded scale, declining from 7.25% 2.25% ** Graded scale, declining from 7.00% |
Expected Plan Benefit Payments | The following table presents expected plan benefit payments over the ten years succeeding December 31, 2019: (in thousands) Pension Post-Retirement Total 2020 $ 22,974 $ 849 $ 23,823 2021 24,016 888 24,904 2022 25,163 855 26,018 2023 26,130 876 27,006 2024 27,414 855 28,269 2025-2029 156,055 4,376 160,431 . $ 281,752 $ 8,699 $ 290,451 |
Assumed Health Care Cost Trend Rates | The following table illustrates the effect on the annual periodic postretirement benefit costs and postretirement benefit obligation of a 1% increase or 1% decrease in the assumed health care cost trend rates from the rates assumed at December 31, 2019: 1% Decrease Assumed 1% Increase (in thousands) in Rates Rates in Rates Aggregated service and interest cost $ 642 $ 715 $ 806 Postretirement benefit obligation 15,031 16,712 18,780 |
Fair Values of Pension Plan Assets | For all investments, the plan attempts to use quoted market prices of identical assets on active exchanges, or Level 1 measurements. Where such quoted market prices are not available, the plan will use quoted prices for similar instruments or discounted cash flows to estimate the value, reported as Level 2 December 31, 2019 Fair Value Measurements by Asset Category / Fund Level 1 Level 2 Level 3 Total (in thousands) Cash and equivalents $ 2,574 $ — $ — $ 2,574 Total cash and cash equivalents 2,574 — — 2,574 Fixed income securities 23,450 45,951 69,401 Mutual fund-fixed income 34,652 — — 34,652 Exchange Traded Fund (ETF)-fixed income 3,134 3,134 Total fixed income 61,236 45,951 — 107,187 Domestic and foreign stock 88,174 — 88,174 Mutual funds-equity 236,436 — — 236,436 Total equity 324,610 — 324,610 Total assets at fair value 388,420 45,951 — 434,371 Common trust funds (fixed income) — — — 258,572 Common trust fund (real assets) — — — 59,195 Total $ 388,420 $ 45,951 $ — $ 752,138 December 31, 2018 Fair Value Measurements by Asset Category / Fund Level 1 Level 2 Level 3 Total (in thousands) Cash and equivalents $ 8,643 $ — $ — $ 8,643 Total cash and cash equivalents 8,643 — — 8,643 Fixed income securities 19,856 97,025 — 116,881 Mutual fund-fixed income 31,556 — 145 31,701 Total fixed income 51,412 97,025 145 148,582 Domestic and foreign stock 80,813 6 — 80,819 Mutual funds-equity 150,466 — — 150,466 Total equity 231,279 6 — 231,285 Total assets at fair value 291,334 97,031 145 388,510 Common trust funds (fixed income) — — — 125,706 Common trust fund (real assets) — — — 28,402 Total $ 291,334 $ 97,031 $ 145 $ 542,618 |
Percentage and Target Allocations | The following table presents the percentage allocation of the plan assets by asset category and corresponding target allocations at December 31, 2019 and 2018. Plan Assets Target Allocation at December 31, at December 31, Asset category 2019 2018 2019 2018 Cash and equivalents 0 % 1 % 0 - 5% 0 - 5% Fixed income securities 49 51 41 - 57% 35 - 63% Equity securities 43 43 35 - 51% 35 - 51% Real assets 8 5 0 - 12% 0 - 12% 100 % 100 % |
Share-Based Payment Arrangeme_2
Share-Based Payment Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Option Activity | Options Number of Shares Weighted- Average Exercise Price ($) Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value ($000) Outstanding at January 1, 2019 46,685 $ 31.88 2.6 $ 164 Former MidSouth options converted at acquisition 20,530 46.76 — Exercised/Released (23,365 ) 33.06 180 Cancelled/Forfeited — — — Expired (15,305 ) 45.85 6 Outstanding at December 31, 2019 28,545 $ 34.11 2.2 $ 296 Exercisable at December 31, 2019 28,545 $ 34.11 2.2 $ 296 |
Summary of Nonvested Restricted and Performance Shares | Number of Shares Weighted- Average Grant-Date Fair Value ($) Nonvested at January 1, 2019 1,494,041 $ 39.89 Granted 694,377 39.85 Vested (525,166 ) 38.20 Cancelled/Forfeited (66,994 ) 39.88 Nonvested at December 31, 2019 1,596,258 $ 40.43 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Financial Instruments | The Company’s off-balance sheet financial instruments are summarized below: December 31, (in thousands) 2019 2018 Commitments to extend credit $ 7,530,143 $ 7,234,528 Letters of credit 393,284 365,498 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present for each of the fair value hierarchy levels the Company’s financial assets and liabilities that are measured at fair value on a recurring basis in the consolidated balance sheets. December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 98,672 $ — $ 98,672 Municipal obligations — 249,805 — 249,805 Corporate debt securities — 7,988 — 7,988 Residential mortgage-backed securities — 1,924,157 — 1,924,157 Commercial mortgage-backed securities — 1,586,467 — 1,586,467 Collateralized mortgage obligations — 808,215 — 808,215 Total available for sale securities — 4,675,304 — 4,675,304 Derivative assets (1) — 54,446 — 54,446 Total recurring fair value measurements - assets $ — $ 4,729,750 $ — $ 4,729,750 Liabilities — — Derivative liabilities (1) $ — $ 15,385 $ 5,704 $ 21,089 Total recurring fair value measurements - liabilities $ — $ 15,385 $ 5,704 $ 21,089 (1) For further disaggregation of derivative assets and liabilities, see Note 11 – Derivatives. December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Assets Available for sale debt securities: U.S. Treasury and government agency securities $ — $ 71,706 $ — $ 71,706 Municipal obligations — 240,427 — 240,427 Corporate debt securities — 3,500 — 3,500 Residential mortgage-backed securities — 1,443,402 — 1,443,402 Commercial mortgage-backed securities — 770,077 — 770,077 Collateralized mortgage obligations — 161,925 — 161,925 Total available for sale securities — 2,691,037 — 2,691,037 Derivative assets (1) — 16,980 — 16,980 Total recurring fair value measurements - assets $ — 2,708,017 $ — 2,708,017 Liabilities — Derivative liabilities (1) $ — $ 14,923 $ 7,304 $ 22,227 Total recurring fair value measurements - liabilities $ — $ 14,923 $ 7,304 $ 22,227 (1) For further disaggregation of derivative assets and liabilities, see Note 11 – Derivatives. |
Consolidated Balance Sheets for Financial Instruments of Material Nature Measured at Fair Value on Recurring Basis | The table below presents a rollforward of the amounts on the consolidated balance sheet for the year ended December 31, 2019 for financial instruments of a material nature that are classified within Level 3 of the fair value hierarchy and are measured at fair value on a recurring basis: (in thousands) Balance at December 31, 2017 $ — Entry into derivative contract 7,304 Balance at December 31, 2018 7,304 Cash settlements (1,900 ) Losses included in earnings 300 Balance at December 31, 2019 $ 5,704 |
Overview of the Valuation Techniques and Significant Unobservable Inputs | Level 3 Class Fair Value at December 31, 2019 Fair Value at December 31, 2018 Valuation Techniques Unobservable Input Values Utilized VISA Class A Appreciation 6.0% - 18.0% Other Derivative Liability $ 5,704 $ 7,304 Discounted cash flow Conversion rate 1.62x - 1.59x Time until resolution 24 - 48 months |
Financial Assets Measured at Fair Value on Nonrecurring Basis | The following table presents the Company’s financial assets that are measured at fair value on a nonrecurring basis for each of the fair value hierarchy levels: December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Collateral dependent impaired loans $ — $ 182,377 $ — $ 182,377 Other real estate owned and foreclosed assets — — 24,422 24,422 Total nonrecurring fair value measurements $ — $ 182,377 $ 24,422 $ 206,799 December 31, 2018 (in thousands) Level 1 Level 2 Level 3 Total Collateral dependent impaired loans $ — $ 170,918 $ — $ 170,918 Other real estate owned — — 14,594 14,594 Total nonrecurring fair value measurements $ — $ 170,918 $ 14,594 $ 185,512 |
Estimated Fair Values of Financial Instruments | The following tables present the estimated fair values of the Company’s financial instruments by fair value hierarchy levels and the corresponding carrying amount at December 31, 2019 and 2018. December 31, 2019 Total Carrying (in thousands) Level 1 Level 2 Level 3 Fair Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 542,333 $ — $ — $ 542,333 $ 542,333 Available for sale securities — 4,675,304 — 4,675,304 4,675,304 Held to maturity securities — 1,611,004 — 1,611,004 1,568,009 Loans, net — 182,377 20,861,702 21,044,079 21,021,504 Loans held for sale — 55,864 — 55,864 55,864 Derivative financial instruments — 54,446 — 54,446 54,446 Financial liabilities: Deposits $ — $ — $ 23,786,775 $ 23,786,775 $ 23,803,575 Federal funds purchased 195,450 — — 195,450 195,450 Securities sold under agreements to repurchase 484,422 — — 484,422 484,422 Short-term FHLB Borrowings 2,035,000 — — 2,035,000 2,035,000 Long-term debt — 226,098 — 226,098 233,462 Derivative financial instruments — 15,385 5,704 21,089 21,089 December 31, 2018 Total Carrying (in thousands) Level 1 Level 2 Level 3 Fair Value Amount Financial assets: Cash, interest-bearing bank deposits, and federal funds sold $ 494,466 $ — $ — $ 494,466 $ 494,466 Available for sale securities — 2,961,037 — 2,961,037 2,691,037 Held to maturity securities — 2,935,856 — 2,935,856 2,979,547 Loans, net — 170,918 19,555,969 19,726,887 19,831,897 Loans held for sale — 28,150 — 28,150 28,150 Derivative financial instruments — 16,980 — 16,980 16,980 Financial liabilities: — Deposits $ — $ — $ 23,129,574 $ 23,129,574 $ 23,150,185 Federal funds purchased 425 — — 425 425 Securities sold under agreements to repurchase 428,599 — — 428,599 428,599 FHLB short-term borrowings 1,160,104 — — 1,160,104 1,160,104 Long-term debt — 223,135 — 223,135 224,993 Derivative financial instruments — 14,923 7,304 22,227 22,227 |
Condensed Parent Company Info_2
Condensed Parent Company Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Balance Sheets | December 31, (in thousands) 2019 2018 Assets: Cash $ 57,943 $ 153,939 Investment in bank subsidiaries 3,524,029 3,040,186 Investment in non-bank subsidiaries 23,498 26,274 Due from subsidiaries and other assets 9,101 6,868 Total sssets $ 3,614,571 $ 3,227,267 Liabilities and Stockholders' Equity: Long term debt $ 145,572 $ 145,396 Other liabilities 1,314 531 Stockholders' equity 3,467,685 3,081,340 Total liabilities and stockholders' equity $ 3,614,571 $ 3,227,267 |
Condensed Statements of Income | Years Ended December 31, (in thousands) 2019 2018 2017 Operating Income From subsidiaries Cash dividends received from bank subsidiaries $ 240,000 $ 200,000 $ 90,000 Cash dividend from nonbank Subsidiary 5,000 — — Noncash dividend from bank subsidiaries — — 11,708 Equity in earnings of subsidiaries greater than dividends received 94,185 137,914 124,531 Total operating income 339,185 337,914 226,239 Other expense, net (15,635 ) (18,728 ) (16,931 ) Income tax benefit (3,830 ) (4,584 ) (6,324 ) Net income $ 327,380 $ 323,770 $ 215,632 Other comprehensive income (loss), net of tax 125,985 (46,307 ) 11,460 Comprehensive income $ 453,365 $ 277,463 $ 227,092 |
Condensed Statements of Cash Flows | Years Ended December 31, (in thousands) 2019 2018 2017 Cash flows from operating activities - principally dividends received from subsidiaries $ 255,322 $ 216,270 $ 111,591 Net cash provided by operating activities 255,322 216,270 111,591 Cash flows from investing activities: Contribution of capital to subsidiary (50,000 ) — (270,000 ) Net cash received in acquisition 38,505 — — Proceeds from sale of securities available for sale — 47,557 — Proceeds from principal paydowns of securities available for sale — 9,091 11,015 Other, net (1,874 ) — — Net cash provided by (used in) investing activities (13,369 ) 56,648 (258,985 ) Cash flows from financing activities: Repayment of long term debt (13,919 ) (89,200 ) (17,900 ) Dividends paid to stockholders (94,871 ) (88,838 ) (83,266 ) Repurchase of common stock — (8,267 ) — Proceeds from issuance of common stock 4,265 4,693 15,312 Payroll tax remitted on net share settlement of equity awards (6,295 ) (8,695 ) (11,881 ) Payment accelerated share repurchase agreement (185,000 ) — — Other, net (42,129 ) — — Net cash used in financing activities (337,949 ) (190,307 ) (97,735 ) Net increase (decrease) in cash (95,996 ) 82,611 (245,129 ) Cash, beginning of year 153,939 71,328 316,457 Cash, end of year $ 57,943 $ 153,939 $ 71,328 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Details) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($)Unit |
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Maximum refinement period of fair values after closing date of acquisition | 1 year | ||
Allowance for loan losses | $ 0 | $ 0 | |
Loan minimum balance included in specific reserve analysis | $ 1,000,000 | ||
Number of reporting units | Unit | 1 | ||
Tax credit carry back period | 1 year | ||
Tax credit carry forward period | 20 years | ||
Operating Lease, Right-of-Use Asset | 110,023,000 | $ 110,023,000 | |
Operating Lease, Liability | 127,703,000 | 127,703,000 | |
Reserve for unfunded lending commitments | 3,974,000 | 3,974,000 | |
Accounting Standards Update 2016-02 [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Operating Lease, Right-of-Use Asset | $ 116,300,000 | $ 116,300,000 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:Assets | us-gaap:Assets | |
Operating Lease, Liability | $ 131,100,000 | $ 131,100,000 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:Liabilities | us-gaap:Liabilities | |
Deferred rent liabilities | $ 14,800,000 | $ 14,800,000 | |
Accounting Standards Update 2019-04 [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Transfer securities with amortized cost from its held to maturity portfolio to its available for sale portfolio | $ 1,200,000,000 | $ 1,200,000,000 | |
Accounting Standards Update 2016-13 [Member] | Subsequent Event [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Increase in allowance for credit losses | $ 76,700,000 | ||
Increases in ALLL | 49,400,000 | ||
Reserve for unfunded lending commitments | 27,300,000 | ||
Increase of ALLL reclassified from fair value mark for acquired impaired loans considered purchased credit deteriorated | 19,800,000 | ||
Cumulative-effect adjustment to retained earnings(net of tax) | $ 44,100,000 | ||
Federal NMTC Investment [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Tax credit earning period | 7 years | ||
Low Income Housing Credit Investments [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Tax credit earning period | 10 years | ||
Buildings [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Estimated useful lives of assets | 30 years | ||
Software [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Amortization Expense Charged Off Period | 3 years | ||
Core Systems [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Amortization Expense Charged Off Period | 7 years | ||
Minimum [Member] | State NMTC Investment [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Tax credit earning period | 3 years | ||
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Estimated useful lives of assets | 3 years | ||
Maximum [Member] | State NMTC Investment [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Tax credit earning period | 5 years | ||
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Estimated useful lives of assets | 10 years | ||
Commercial Loans [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Loss emergence periods | 24 months | ||
Retail Loans [Member] | Minimum [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Loss emergence periods | 12 months | ||
Residential Mortgages Loans [Member] | Maximum [Member] | |||
Summary Of Significant Accounting Policies And Recent Accounting Pronouncements [Line Items] | |||
Loss emergence periods | 18 months |
Acquisitions and Divestiture (N
Acquisitions and Divestiture (Narrative) (Details) shares in Millions | Sep. 21, 2019USD ($)shares | Mar. 09, 2018USD ($) | Dec. 31, 2019USD ($)loanshares | Dec. 31, 2018USD ($) | Jul. 13, 2018USD ($) | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | ||||||
Goodwill | $ 855,453,000 | $ 790,972,000 | $ 745,523,000 | |||
Purchased credit impaired loans book balance | 287,767,000 | 308,401,000 | ||||
Recorded investment without an allowance | $ 104,560,000 | 107,528,000 | ||||
Estimated useful life | 17 years | |||||
Harrison Finance Company [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Proceeds from sale of finance subsidiary | $ 78,900,000 | |||||
Loss from sale of consumer finance subsidiary | $ 1,100,000 | |||||
MidSouth [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Net assets acquired | $ 130,480,000 | |||||
Goodwill | $ 63,369,000 | |||||
Common stock issued | shares | 5,044,332 | 5 | ||||
Business combination transaction value on an average of share price | $ 193,800,000 | $ 193,800,000 | ||||
Maximum period for adjustments to provisional fair value measurements | 1 year | |||||
Book balance of the loans acquired | $ 686,000,000 | |||||
Estimated uncollectible amount | 18,800,000 | |||||
Estimated fair value of uncollectible amount | 667,100,000 | |||||
Purchased credit impaired loans book balance | 143,900,000 | |||||
Recorded investment without an allowance | 120,500,000 | |||||
Identifiable intangible assets | $ 31,500,000 | |||||
Estimated useful life | 15 years | |||||
Customer repurchase agreements | $ 39,500,000 | |||||
Number of preferred debentures | 3 | |||||
Debt instrument maturity year | 2037 | |||||
Acquisition related costs | $ 32,666,000 | |||||
Assets under management | $ 787,628,000 | |||||
MidSouth [Member] | FHLB | ||||||
Business Acquisition [Line Items] | ||||||
Number of FHLB advances | loan | 2 | |||||
FHLB advances amount | $ 27,500 | |||||
FHLB advances maturity period | 30 days | |||||
FHLB advances fixed interest rate | 2.16% | |||||
Capital One [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Net assets acquired | $ (187,218,000) | |||||
Goodwill | 46,561,000 | |||||
Identifiable intangible assets | $ 27,562,000 | |||||
Assets under management | $ 4,000,000,000 | |||||
Assets under management and administration | 10,400,000,000 | |||||
Cash for customer deposit liabilities assumed | $ 217,000,000 | |||||
Trust And Asset Management Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 46,600,000 | |||||
Estimated useful life | 17 years | |||||
Acquisition related costs | $ 6,200,000 |
Acquisitions and Divestiture (S
Acquisitions and Divestiture (Schedule of Fair Value of Net Assets Acquired Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 855,453 | $ 790,972 | $ 745,523 |
MidSouth [Member] | |||
Business Acquisition [Line Items] | |||
Cash and due from banks | 28,059 | ||
Interest bearing bank deposits | 276,911 | ||
Federal funds sold | 3,475 | ||
Securities available for sale | 272,240 | ||
Loans | 787,628 | ||
Property and equipment | 34,288 | ||
Other real estate | 343 | ||
Identifiable intangible assets | 31,500 | ||
Other assets | 79,888 | ||
Total identifiable assets | 1,514,332 | ||
Deposit liabilities | 1,280,947 | ||
Short term borrowings | 66,996 | ||
Long term debt | 13,919 | ||
Other liabilities | 21,990 | ||
Total liabilities | 1,383,852 | ||
Net identifiable assets acquired (liabilities assumed) | 130,480 | ||
Value of stock-based consideration | 193,849 | ||
Goodwill | $ 63,369 |
Acquisitions and Divestiture _2
Acquisitions and Divestiture (Schedule of Acquisitions Related Costs by Component) (Details) - MidSouth [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Business Acquisition [Line Items] | |
Personnel expense | $ 7,506 |
Net occupancy and equipment expense | 1,464 |
Professional services expense | 7,075 |
Data processing expense | 1,092 |
Other real estate | 130 |
Advertising expense | 2,581 |
Other expense | 12,818 |
Total merger-related expenses | $ 32,666 |
Acquisitions and Divestiture _3
Acquisitions and Divestiture (Schedule of Fair Value of Net Assets Acquired Acquired and Liabilities Assumed - Capital One) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Goodwill | $ 855,453 | $ 790,972 | $ 745,523 |
Capital One [Member] | |||
Business Acquisition [Line Items] | |||
Accounts receivable | 2,803 | ||
Identifiable intangible assets | 27,562 | ||
Total identifiable assets | 30,365 | ||
Deposit liabilities | 217,432 | ||
Other liabilities | 151 | ||
Total liabilities | 217,583 | ||
Net identifiable assets acquired (liabilities assumed) | (187,218) | ||
Consideration received | 140,657 | ||
Goodwill | $ 46,561 |
Acquisitions and Divestiture _4
Acquisitions and Divestiture (Schedule of Goodwill) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Goodwill, Beginning Balance | $ 790,972 | $ 745,523 |
Goodwill, Ending Balance | 855,453 | 790,972 |
Trust And Asset Management Acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill, Beginning Balance | 46,600 | |
Final settlement of cash consideration - acquisition of trust and asset management business | 1,112 | |
Goodwill, Initial goodwill recorded | 45,634 | |
Goodwill, Measurement period adjustments | (185) | |
Goodwill, Ending Balance | $ 46,600 | |
MidSouth [Member] | ||
Business Acquisition [Line Items] | ||
Goodwill, Initial goodwill recorded | 69,207 | |
Goodwill, Measurement period adjustments | (5,838) | |
Goodwill, Ending Balance | $ 63,369 |
Securities (Amortized Cost and
Securities (Amortized Cost and Fair Value of Securities Available for Sale) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | $ 4,637,610 | $ 2,755,806 |
Securities Available for Sale, Gross Unrealized Gains | 52,367 | 7,500 |
Securities Available for Sale, Gross Unrealized Losses | 14,673 | 72,269 |
Securities Available for Sale, Fair Value | 4,675,304 | 2,691,037 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 98,320 | 74,339 |
Securities Available for Sale, Gross Unrealized Gains | 652 | |
Securities Available for Sale, Gross Unrealized Losses | 300 | 2,633 |
Securities Available for Sale, Fair Value | 98,672 | 71,706 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 242,016 | 246,713 |
Securities Available for Sale, Gross Unrealized Gains | 7,789 | 360 |
Securities Available for Sale, Gross Unrealized Losses | 6,646 | |
Securities Available for Sale, Fair Value | 249,805 | 240,427 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 1,910,909 | 1,468,912 |
Securities Available for Sale, Gross Unrealized Gains | 20,268 | 4,284 |
Securities Available for Sale, Gross Unrealized Losses | 7,020 | 29,794 |
Securities Available for Sale, Fair Value | 1,924,157 | 1,443,402 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 1,570,765 | 799,060 |
Securities Available for Sale, Gross Unrealized Gains | 19,880 | 1,953 |
Securities Available for Sale, Gross Unrealized Losses | 4,178 | 30,936 |
Securities Available for Sale, Fair Value | 1,586,467 | 770,077 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 807,600 | 163,282 |
Securities Available for Sale, Gross Unrealized Gains | 3,757 | 903 |
Securities Available for Sale, Gross Unrealized Losses | 3,142 | 2,260 |
Securities Available for Sale, Fair Value | 808,215 | 161,925 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities Available for Sale, Gross Amortized Cost | 8,000 | 3,500 |
Securities Available for Sale, Gross Unrealized Gains | 21 | |
Securities Available for Sale, Gross Unrealized Losses | 33 | |
Securities Available for Sale, Fair Value | $ 7,988 | $ 3,500 |
Securities (Amortized Cost an_2
Securities (Amortized Cost and Fair Value of Securities Held to Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | $ 1,568,009 | $ 2,979,547 |
Securities Held to Maturity, Gross Unrealized Gains | 44,103 | 5,782 |
Securities Held to Maturity, Gross Unrealized Losses | 1,108 | 49,473 |
Securities Held to Maturity, Fair Value | 1,611,004 | 2,935,856 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 50,000 | 50,000 |
Securities Held to Maturity, Gross Unrealized Gains | 3 | |
Securities Held to Maturity, Gross Unrealized Losses | 478 | |
Securities Held to Maturity, Fair Value | 50,003 | 49,522 |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 641,019 | 688,201 |
Securities Held to Maturity, Gross Unrealized Gains | 27,146 | 2,347 |
Securities Held to Maturity, Gross Unrealized Losses | 69 | 9,503 |
Securities Held to Maturity, Fair Value | 668,096 | 681,045 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 29,687 | 640,393 |
Securities Held to Maturity, Gross Unrealized Gains | 883 | 1,461 |
Securities Held to Maturity, Gross Unrealized Losses | 6,117 | |
Securities Held to Maturity, Fair Value | 30,570 | 635,737 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 539,371 | 357,175 |
Securities Held to Maturity, Gross Unrealized Gains | 12,474 | 376 |
Securities Held to Maturity, Gross Unrealized Losses | 581 | 10,882 |
Securities Held to Maturity, Fair Value | 551,264 | 346,669 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Securities Held to Maturity, Gross Amortized Cost | 307,932 | 1,243,778 |
Securities Held to Maturity, Gross Unrealized Gains | 3,597 | 1,598 |
Securities Held to Maturity, Gross Unrealized Losses | 458 | 22,493 |
Securities Held to Maturity, Fair Value | $ 311,071 | $ 1,222,883 |
Securities (Narrative) (Details
Securities (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments Debt And Equity Securities [Line Items] | |||
Securities classified as trading | $ 0 | $ 0 | $ 0 |
Securities pledged as collateral | 3,300,000,000 | 3,300,000,000 | $ 3,400,000,000 |
Accounting Standards Update 2019-04 [Member] | |||
Investments Debt And Equity Securities [Line Items] | |||
Transfer securities with amortized cost from its held to maturity portfolio to its available for sale portfolio | $ 1,200,000,000 | $ 1,200,000,000 |
Securities (Amortized Cost an_3
Securities (Amortized Cost and Fair Value of Debt Securities by Contractual Maturity) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investments Debt And Equity Securities [Abstract] | ||
Debt Securities Available for Sale, Due in one year or less, Amortized Cost | $ 356 | |
Debt Securities Available for Sale, Due after one year through five years, Amortized Cost | 151,871 | |
Debt Securities Available for Sale, Due after five years through ten years, Amortized Cost | 1,764,275 | |
Debt Securities Available for Sale, Due after ten years, Amortized Cost | 2,721,108 | |
Total available for sale debt securities, Amortized Cost | 4,637,610 | |
Debt Securities Available for Sale, Due in one year or less, Fair Value | 363 | |
Debt Securities Available for Sale, Due after one year through five years, Fair Value | 154,646 | |
Debt Securities Available for Sale, Due after five years through ten years, Fair Value | 1,778,398 | |
Debt Securities Available for Sale, Due after ten years, Fair Value | 2,741,897 | |
Total available for sale debt securities, Fair Value | 4,675,304 | |
Debt Securities Held to Maturity, Due in one year or less, Amortized Cost | 50,000 | |
Debt Securities Held to Maturity, Due after one year through five years, Amortized Cost | 140,009 | |
Debt Securities Held to Maturity, Due after five years through ten years, Amortized Cost | 672,094 | |
Debt Securities Held to Maturity, Due after ten years, Amortized Cost | 705,906 | |
Total held to maturity debt securities, Amortized Cost | 1,568,009 | $ 2,979,547 |
Debt Securities Held to Maturity, Due in one year or less, Fair Value | 50,003 | |
Debt Securities Held to Maturity, Due after one year through five years, Fair Value | 141,929 | |
Debt Securities Held to Maturity, Due after five years through ten years, Fair Value | 694,992 | |
Debt Securities Held to Maturity, Due after ten years, Fair Value | 724,080 | |
Total held to maturity debt securities, Fair Value | $ 1,611,004 | $ 2,935,856 |
Securities (Securities Availabl
Securities (Securities Available for Sale with Unrealized Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | $ 998,312 | $ 442,773 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 10,661 | 4,928 |
Available for sale, Losses 12 months or longer, Fair Value | 599,072 | 1,687,704 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 4,012 | 67,340 |
Available for sale, Total, Fair Value | 1,597,384 | 2,130,477 |
Available for sale, Total, Gross Unrealized Losses | 14,673 | 72,268 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 28,235 | |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 300 | |
Available for sale, Losses 12 months or longer, Fair Value | 71,706 | |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 2,633 | |
Available for sale, Total, Fair Value | 28,235 | 71,706 |
Available for sale, Total, Gross Unrealized Losses | 300 | 2,633 |
Municipal Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 41,203 | |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 591 | |
Available for sale, Losses 12 months or longer, Fair Value | 170,883 | |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 6,054 | |
Available for sale, Total, Fair Value | 212,086 | |
Available for sale, Total, Gross Unrealized Losses | 6,645 | |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 420,066 | 305,090 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 5,042 | 2,485 |
Available for sale, Losses 12 months or longer, Fair Value | 399,787 | 762,826 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 1,978 | 27,309 |
Available for sale, Total, Fair Value | 819,853 | 1,067,916 |
Available for sale, Total, Gross Unrealized Losses | 7,020 | 29,794 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 458,855 | 96,226 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 3,971 | 1,851 |
Available for sale, Losses 12 months or longer, Fair Value | 14,896 | 570,485 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 207 | 29,085 |
Available for sale, Total, Fair Value | 473,751 | 666,711 |
Available for sale, Total, Gross Unrealized Losses | 4,178 | 30,936 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 89,689 | 254 |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 1,315 | 1 |
Available for sale, Losses 12 months or longer, Fair Value | 184,389 | 111,804 |
Available for sale, Losses 12 months or longer, Gross Unrealized Losses | 1,827 | 2,259 |
Available for sale, Total, Fair Value | 274,078 | 112,058 |
Available for sale, Total, Gross Unrealized Losses | 3,142 | $ 2,260 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale, Losses less than 12 months, Fair Value | 1,467 | |
Available for sale, Losses less than 12 months, Gross Unrealized Losses | 33 | |
Available for sale, Total, Fair Value | 1,467 | |
Available for sale, Total, Gross Unrealized Losses | $ 33 |
Securities (Securities Held to
Securities (Securities Held to Maturity with Unrealized Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | $ 33,161 | $ 401,593 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 619 | 2,660 |
Held to maturity, Losses 12 months or longer, Fair Value | 52,253 | 1,720,624 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 489 | 46,813 |
Held to maturity, Total, Fair Value | 85,414 | 2,122,217 |
Held to maturity, Total, Gross Unrealized Losses | 1,108 | 49,473 |
U.S. Treasury And Government Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses 12 months or longer, Fair Value | 49,521 | |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 478 | |
Held to maturity, Total, Fair Value | 49,521 | |
Held to maturity, Total, Gross Unrealized Losses | 478 | |
Municipal Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 4,735 | 233,469 |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 38 | 2,256 |
Held to maturity, Losses 12 months or longer, Fair Value | 3,143 | 233,280 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 31 | 7,247 |
Held to maturity, Total, Fair Value | 7,878 | 466,749 |
Held to maturity, Total, Gross Unrealized Losses | 69 | 9,503 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 90,730 | |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 123 | |
Held to maturity, Losses 12 months or longer, Fair Value | 235,251 | |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 5,994 | |
Held to maturity, Total, Fair Value | 325,981 | |
Held to maturity, Total, Gross Unrealized Losses | 6,117 | |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 28,426 | |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 581 | |
Held to maturity, Losses 12 months or longer, Fair Value | 305,419 | |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 10,882 | |
Held to maturity, Total, Fair Value | 28,426 | 305,419 |
Held to maturity, Total, Gross Unrealized Losses | 581 | 10,882 |
Collateralized Mortgage Obligations [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Losses less than 12 months, Fair Value | 77,394 | |
Held to maturity, Losses less than 12 months, Gross Unrealized Losses | 281 | |
Held to maturity, Losses 12 months or longer, Fair Value | 49,110 | 897,153 |
Held to maturity, Losses 12 months or longer, Gross Unrealized Losses | 458 | 22,212 |
Held to maturity, Total, Fair Value | 49,110 | 974,547 |
Held to maturity, Total, Gross Unrealized Losses | $ 458 | $ 22,493 |
Securities (Proceeds from Gross
Securities (Proceeds from Gross Gains on and Gross Losses on Sale of Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |||
Proceeds | $ 268,413 | $ 455,162 | $ 213,877 |
Gross losses | $ 25,480 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses (Loans, Net of Unearned Income) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 21,212,755 | $ 20,026,411 |
Residential Mortgages [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 2,990,631 | 2,910,081 |
Consumer [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 2,164,818 | 2,147,867 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 2,994,448 | 2,341,779 |
Construction and Land Development [Member] | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 1,157,451 | 1,548,335 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 11,905,407 | 11,078,349 |
Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 9,166,947 | 8,620,601 |
Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 2,738,460 | $ 2,457,748 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | Dec. 31, 2017USD ($)loan | |
Accounts Notes And Loans Receivable [Line Items] | |||
Related party balances of loans | $ 13,400 | $ 37,500 | |
Related party new loans | 7,100 | ||
Related party repayments | 8,800 | ||
Short-term borrowings | 2,714,872 | 1,589,128 | |
Estimated interest income from nonaccrual loans not assigned to nonaccrual status | 13,900 | 13,700 | $ 14,700 |
Nonaccrual loans | 245,833 | 187,295 | |
TDRs both accruing and nonaccruing | 193,700 | 224,600 | |
Unfunded commitment to borrowers related to modified TDR | 2,400 | 2,100 | |
TDRs and loans impaired with minimum aggregate relationship balances | 1,000 | 1,000 | |
Loans held for sale | 55,864 | 28,150 | |
Residential Mortgages [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | 39,262 | 35,866 | |
Consumer [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | 16,374 | 16,744 | |
Real estate in process of foreclosure | 8,600 | 7,100 | |
Real estate acquired through foreclosure | 6,300 | 1,800 | |
Troubled Debt Restructurings [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Nonaccrual loans | $ 132,500 | $ 85,500 | |
Number of TDRs subsequently defaulted | loan | 0 | 0 | |
Troubled Debt Restructurings [Member] | Residential Mortgages [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of TDRs subsequently defaulted | loan | 1 | ||
Recorded Investment | $ 200 | ||
Troubled Debt Restructurings [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of TDRs subsequently defaulted | loan | 1 | ||
Recorded Investment | $ 1,800 | ||
Troubled Debt Restructurings [Member] | Consumer [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of TDRs subsequently defaulted | loan | 1 | ||
Recorded Investment | $ 100 | ||
Troubled Debt Restructurings [Member] | Commercial Non-Real Estate [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Equity securities | $ 6,800 | ||
Troubled Debt Restructurings [Member] | Loans With Extended Amortization Terms Or Other Payment Concessions [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Extended terms and other payment concessions | 18,700 | 50,800 | $ 98,100 |
Troubled Debt Restructurings [Member] | Loans With Significant Covenant Waivers [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Covenant waivers | 41,300 | 14,600 | 76,200 |
Troubled Debt Restructurings [Member] | Loans With Other Modifications [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Other modifications | 8,100 | 29,400 | $ 2,800 |
FHLB Borrowings [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Short-term borrowings | $ 2,035,000 | 1,160,104 | |
Director [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Related party balances of loans | $ 22,400 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses (Allowance for Credit Losses by Portfolio Segment and Allowance for Loan Losses by Portfolio Segment) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | $ 194,514 | $ 217,308 | |
Allowance for loan losses: Net provision for loan losses | 47,708 | 36,116 | $ 58,968 |
Allowance for loan losses: Ending balance | 191,251 | 194,514 | 217,308 |
Reserve for unfunded lending commitments: Provision for losses | 3,974 | ||
Reserve for unfunded lending commitments: Ending balance | 3,974 | ||
Total allowance for credit losses | 195,225 | ||
Allowance for loan losses: Individually evaluated for impairment | 22,385 | 5,114 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 8,257 | 10,734 | |
Allowance for loan losses: Collectively evaluated for impairment | 160,609 | 178,666 | |
Reserve for unfunded lending commitments: Individually evaluated for impairment | 3,974 | ||
Loans: Individually evaluated for impairment | 245,651 | 268,755 | |
Loans: Purchased credit impaired loans | 215,245 | 129,596 | |
Loans: Collectively evaluated for impairment | 20,751,859 | 19,628,060 | |
Loans receivable | 21,212,755 | 20,026,411 | |
Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (59,077) | (74,622) | |
Allowance for loan losses: Recoveries | 12,080 | 22,360 | |
Allowance for loan losses: Net provision for loan losses | 43,734 | 36,116 | |
Allowance for loan losses: Others | (6,648) | ||
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 17,638 | 13,709 | |
Allowance for loan losses: Ending balance | 20,869 | 17,638 | 13,709 |
Total allowance for credit losses | 20,869 | ||
Allowance for loan losses: Individually evaluated for impairment | 18 | 210 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 39 | 43 | |
Allowance for loan losses: Collectively evaluated for impairment | 20,812 | 17,385 | |
Loans: Individually evaluated for impairment | 1,898 | 2,701 | |
Loans: Purchased credit impaired loans | 35,353 | 3,757 | |
Loans: Collectively evaluated for impairment | 2,957,197 | 2,335,321 | |
Loans receivable | 2,994,448 | 2,341,779 | |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (32) | (1,633) | |
Allowance for loan losses: Recoveries | 569 | 221 | |
Allowance for loan losses: Net provision for loan losses | 2,694 | 5,341 | |
Total Commercial [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 15,647 | 7,372 | |
Allowance for loan losses: Ending balance | 9,350 | 15,647 | 7,372 |
Total allowance for credit losses | 9,350 | ||
Allowance for loan losses: Individually evaluated for impairment | 21 | 1 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 136 | 83 | |
Allowance for loan losses: Collectively evaluated for impairment | 9,193 | 15,563 | |
Loans: Individually evaluated for impairment | 277 | 121 | |
Loans: Purchased credit impaired loans | 20,516 | 3,387 | |
Loans: Collectively evaluated for impairment | 1,136,658 | 1,544,827 | |
Loans receivable | 1,157,451 | 1,548,335 | |
Total Commercial [Member] | Construction and Land Development [Member] | Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (7) | (334) | |
Allowance for loan losses: Recoveries | 140 | 96 | |
Allowance for loan losses: Net provision for loan losses | (6,430) | 8,513 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 111,509 | 140,880 | |
Allowance for loan losses: Ending balance | 117,409 | 111,509 | 140,880 |
Reserve for unfunded lending commitments: Provision for losses | 3,974 | ||
Reserve for unfunded lending commitments: Ending balance | 3,974 | ||
Total allowance for credit losses | 121,383 | ||
Allowance for loan losses: Individually evaluated for impairment | 21,837 | 4,243 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 333 | 454 | |
Allowance for loan losses: Collectively evaluated for impairment | 95,239 | 106,812 | |
Reserve for unfunded lending commitments: Individually evaluated for impairment | 3,974 | ||
Loans: Individually evaluated for impairment | 236,819 | 261,050 | |
Loans: Purchased credit impaired loans | 67,273 | 12,841 | |
Loans: Collectively evaluated for impairment | 11,601,315 | 10,804,458 | |
Loans receivable | 11,905,407 | 11,078,349 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (39,737) | (48,128) | |
Allowance for loan losses: Recoveries | 7,246 | 14,702 | |
Allowance for loan losses: Net provision for loan losses | 38,391 | 4,055 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 97,752 | 127,918 | |
Allowance for loan losses: Ending balance | 106,432 | 97,752 | 127,918 |
Reserve for unfunded lending commitments: Provision for losses | 3,974 | ||
Reserve for unfunded lending commitments: Ending balance | 3,974 | ||
Total allowance for credit losses | 110,406 | ||
Allowance for loan losses: Individually evaluated for impairment | 21,733 | 3,636 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 164 | 239 | |
Allowance for loan losses: Collectively evaluated for impairment | 84,535 | 93,877 | |
Reserve for unfunded lending commitments: Individually evaluated for impairment | 3,974 | ||
Loans: Individually evaluated for impairment | 232,438 | 239,384 | |
Loans: Purchased credit impaired loans | 31,073 | 6,629 | |
Loans: Collectively evaluated for impairment | 8,903,436 | 8,374,588 | |
Loans receivable | 9,166,947 | 8,620,601 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (39,600) | (40,069) | |
Allowance for loan losses: Recoveries | 6,940 | 14,385 | |
Allowance for loan losses: Net provision for loan losses | 41,340 | (4,482) | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 13,757 | 12,962 | |
Allowance for loan losses: Ending balance | 10,977 | 13,757 | 12,962 |
Total allowance for credit losses | 10,977 | ||
Allowance for loan losses: Individually evaluated for impairment | 104 | 607 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 169 | 215 | |
Allowance for loan losses: Collectively evaluated for impairment | 10,704 | 12,935 | |
Loans: Individually evaluated for impairment | 4,381 | 21,666 | |
Loans: Purchased credit impaired loans | 36,200 | 6,212 | |
Loans: Collectively evaluated for impairment | 2,697,879 | 2,429,870 | |
Loans receivable | 2,738,460 | 2,457,748 | |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (137) | (8,059) | |
Allowance for loan losses: Recoveries | 306 | 317 | |
Allowance for loan losses: Net provision for loan losses | (2,949) | 8,537 | |
Residential Mortgages [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 23,782 | 24,844 | |
Allowance for loan losses: Ending balance | 20,331 | 23,782 | 24,844 |
Total allowance for credit losses | 20,331 | ||
Allowance for loan losses: Individually evaluated for impairment | 217 | 444 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 7,474 | 9,766 | |
Allowance for loan losses: Collectively evaluated for impairment | 12,640 | 13,572 | |
Loans: Individually evaluated for impairment | 5,174 | 3,876 | |
Loans: Purchased credit impaired loans | 86,757 | 105,430 | |
Loans: Collectively evaluated for impairment | 2,898,700 | 2,800,775 | |
Loans receivable | 2,990,631 | 2,910,081 | |
Residential Mortgages [Member] | Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (846) | (614) | |
Allowance for loan losses: Recoveries | 480 | 2,179 | |
Allowance for loan losses: Net provision for loan losses | (3,085) | (2,627) | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Beginning balance | 25,938 | 30,503 | |
Allowance for loan losses: Ending balance | 23,292 | 25,938 | $ 30,503 |
Total allowance for credit losses | 23,292 | ||
Allowance for loan losses: Individually evaluated for impairment | 292 | 216 | |
Allowance for loan losses: Amounts related to purchased credit impaired loans | 275 | 388 | |
Allowance for loan losses: Collectively evaluated for impairment | 22,725 | 25,334 | |
Loans: Individually evaluated for impairment | 1,483 | 1,007 | |
Loans: Purchased credit impaired loans | 5,346 | 4,181 | |
Loans: Collectively evaluated for impairment | 2,157,989 | 2,142,679 | |
Loans receivable | 2,164,818 | 2,147,867 | |
Consumer [Member] | Non-Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for loan losses: Charge-offs | (18,455) | (23,913) | |
Allowance for loan losses: Recoveries | 3,645 | 5,162 | |
Allowance for loan losses: Net provision for loan losses | $ 12,164 | 20,834 | |
Allowance for loan losses: Others | $ (6,648) |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses (Composition of Nonaccrual Loans by Portfolio Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 245,833 | $ 187,295 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 2,594 | 4,991 |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 1,217 | 2,146 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 39,262 | 35,866 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 16,374 | 16,744 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 186,386 | 127,548 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | 178,678 | 110,653 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total loans | $ 7,708 | $ 16,895 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses (Troubled Debt Restructurings Modified by Portfolio Segment) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)contract | Dec. 31, 2018USD ($)contract | Dec. 31, 2017USD ($)contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 49 | 56 | 78 |
Pre-Modification Outstanding Recorded Investment | $ 68,118 | $ 94,760 | $ 177,070 |
Post-Modification Outstanding Recorded Investment | $ 61,307 | $ 94,760 | $ 177,070 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 1 | 1 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 123 | $ 1,564 | $ 5,625 |
Post-Modification Outstanding Recorded Investment | $ 123 | $ 1,564 | $ 5,625 |
Total Commercial [Member] | Construction and Land Development [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 3 | ||
Pre-Modification Outstanding Recorded Investment | $ 323 | ||
Post-Modification Outstanding Recorded Investment | $ 323 | ||
Residential Mortgages [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 21 | 14 | 15 |
Pre-Modification Outstanding Recorded Investment | $ 3,286 | $ 1,297 | $ 2,812 |
Post-Modification Outstanding Recorded Investment | $ 3,286 | $ 1,297 | $ 2,812 |
Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 10 | 10 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 168 | $ 455 | $ 40 |
Post-Modification Outstanding Recorded Investment | $ 168 | $ 455 | $ 40 |
Total Commercial And Industrial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 14 | 31 | 57 |
Pre-Modification Outstanding Recorded Investment | $ 64,218 | $ 91,444 | $ 168,593 |
Post-Modification Outstanding Recorded Investment | $ 57,407 | $ 91,444 | $ 168,593 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 13 | 29 | 52 |
Pre-Modification Outstanding Recorded Investment | $ 64,051 | $ 85,306 | $ 162,909 |
Post-Modification Outstanding Recorded Investment | $ 57,240 | $ 85,306 | $ 162,909 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 1 | 2 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 167 | $ 6,138 | $ 5,684 |
Post-Modification Outstanding Recorded Investment | $ 167 | $ 6,138 | $ 5,684 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses (Loans Individually Evaluated for Impairment Disaggregated by Portfolio Class) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded investment without an allowance | $ 141,091 | $ 161,227 |
Recorded investment with an allowance | 104,560 | 107,528 |
Unpaid principal balance | 287,767 | 308,401 |
Related allowance | 22,385 | 5,114 |
Average recorded investment | 247,574 | 327,183 |
Interest income recognized | 5,232 | 8,390 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment without an allowance | 373 | 1,138 |
Recorded investment with an allowance | 1,525 | 1,563 |
Unpaid principal balance | 1,959 | 3,428 |
Related allowance | 18 | 210 |
Average recorded investment | 2,407 | 9,155 |
Interest income recognized | 27 | 71 |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment without an allowance | 100 | |
Recorded investment with an allowance | 277 | 21 |
Unpaid principal balance | 322 | 121 |
Related allowance | 21 | 1 |
Average recorded investment | 906 | 145 |
Interest income recognized | 4 | |
Residential Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment without an allowance | 3,383 | 2,058 |
Recorded investment with an allowance | 1,791 | 1,818 |
Unpaid principal balance | 5,709 | 4,421 |
Related allowance | 217 | 444 |
Average recorded investment | 4,578 | 5,598 |
Interest income recognized | 11 | 18 |
Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment without an allowance | 479 | 279 |
Recorded investment with an allowance | 1,004 | 728 |
Unpaid principal balance | 1,906 | 1,253 |
Related allowance | 292 | 216 |
Average recorded investment | 1,464 | 814 |
Interest income recognized | 77 | 39 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment without an allowance | 136,856 | 157,652 |
Recorded investment with an allowance | 99,963 | 103,398 |
Unpaid principal balance | 277,871 | 299,178 |
Related allowance | 21,837 | 4,243 |
Average recorded investment | 238,219 | 311,471 |
Interest income recognized | 5,113 | 8,262 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment without an allowance | 134,191 | 144,625 |
Recorded investment with an allowance | 98,247 | 94,759 |
Unpaid principal balance | 270,078 | 273,290 |
Related allowance | 21,733 | 3,636 |
Average recorded investment | 223,500 | 286,146 |
Interest income recognized | 4,917 | 7,919 |
Total Commercial And Industrial [Member] | Total Commercial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded investment without an allowance | 2,665 | 13,027 |
Recorded investment with an allowance | 1,716 | 8,639 |
Unpaid principal balance | 7,793 | 25,888 |
Related allowance | 104 | 607 |
Average recorded investment | 14,719 | 25,325 |
Interest income recognized | $ 196 | $ 343 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses (Age Analysis of Past Due Loans by Portfolio Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 260,818 | $ 237,050 |
Current | 20,951,937 | 19,789,361 |
Total loans | 21,212,755 | 20,026,411 |
Recorded Investment > 90 Days and Accruing | 6,582 | 14,309 |
30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 83,693 | 77,690 |
60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 30,183 | 26,767 |
Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 146,942 | 132,593 |
Total Commercial [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,351 | 8,638 |
Current | 2,990,097 | 2,333,141 |
Total loans | 2,994,448 | 2,341,779 |
Recorded Investment > 90 Days and Accruing | 450 | 1,844 |
Total Commercial [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,907 | 10,691 |
Current | 1,148,544 | 1,537,644 |
Total loans | 1,157,451 | 1,548,335 |
Recorded Investment > 90 Days and Accruing | 2,042 | 644 |
Total Commercial [Member] | 30-59 Days Past Due [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 738 | 2,371 |
Total Commercial [Member] | 30-59 Days Past Due [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 5,747 | 7,397 |
Total Commercial [Member] | 60-89 Days Past Due [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 703 | 772 |
Total Commercial [Member] | 60-89 Days Past Due [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 680 | 1,129 |
Total Commercial [Member] | Greater Than 90 Days Past Due [Member] | Commercial Real Estate - Income Producing [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,910 | 5,495 |
Total Commercial [Member] | Greater Than 90 Days Past Due [Member] | Construction and Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 2,480 | 2,165 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 147,830 | 112,209 |
Current | 11,757,577 | 10,966,140 |
Total loans | 11,905,407 | 11,078,349 |
Recorded Investment > 90 Days and Accruing | 2,367 | 11,203 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 135,144 | 93,703 |
Current | 9,031,803 | 8,526,898 |
Total loans | 9,166,947 | 8,620,601 |
Recorded Investment > 90 Days and Accruing | 1,537 | 10,823 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 12,686 | 18,506 |
Current | 2,725,774 | 2,439,242 |
Total loans | 2,738,460 | 2,457,748 |
Recorded Investment > 90 Days and Accruing | 830 | 380 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 25,755 | 14,651 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 30-59 Days Past Due [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 20,893 | 12,257 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 30-59 Days Past Due [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 4,862 | 2,394 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 14,001 | 5,465 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 60-89 Days Past Due [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 13,445 | 3,895 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | 60-89 Days Past Due [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 556 | 1,570 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 108,074 | 92,093 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Greater Than 90 Days Past Due [Member] | Commercial Non-Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 100,806 | 77,551 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | Greater Than 90 Days Past Due [Member] | Commercial Real Estate - Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 7,268 | 14,542 |
Residential Mortgages [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 65,028 | 70,750 |
Current | 2,925,603 | 2,839,331 |
Total loans | 2,990,631 | 2,910,081 |
Recorded Investment > 90 Days and Accruing | 85 | |
Residential Mortgages [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 32,867 | 32,869 |
Residential Mortgages [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 8,584 | 14,706 |
Residential Mortgages [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 23,577 | 23,175 |
Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 34,702 | 34,762 |
Current | 2,130,116 | 2,113,105 |
Total loans | 2,164,818 | 2,147,867 |
Recorded Investment > 90 Days and Accruing | 1,638 | 618 |
Consumer [Member] | 30-59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 18,586 | 20,402 |
Consumer [Member] | 60-89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | 6,215 | 4,695 |
Consumer [Member] | Greater Than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due | $ 9,901 | $ 9,665 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses (Credit Quality Indicators by Segments and Portfolio Class) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 16,057,306 | $ 14,968,463 |
Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 11,905,407 | 11,078,349 |
Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 15,014,111 | 13,902,485 |
Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 11,009,561 | 10,149,799 |
Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 462,502 | 440,415 |
Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 367,116 | 344,781 |
Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 101,583 | 105,227 |
Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 86,305 | 98,901 |
Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 479,110 | 520,336 |
Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 442,425 | 484,868 |
Residential Mortgages [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,990,631 | 2,910,081 |
Residential Mortgages [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,950,854 | 2,873,669 |
Residential Mortgages [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 39,777 | 36,412 |
Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,164,818 | 2,147,867 |
Consumer [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,147,312 | 2,130,395 |
Consumer [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 17,506 | 17,472 |
Residential Mortgage and Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,155,449 | 5,057,948 |
Residential Mortgage and Consumer [Member] | Performing [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,098,166 | 5,004,064 |
Residential Mortgage and Consumer [Member] | Nonperforming [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 57,283 | 53,884 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 9,166,947 | 8,620,601 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 8,492,113 | 7,875,588 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 220,850 | 260,510 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 71,654 | 75,752 |
Commercial Non-Real Estate [Member] | Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 382,330 | 408,751 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,738,460 | 2,457,748 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Pass [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,517,448 | 2,274,211 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Pass-Watch [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 146,266 | 84,271 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Special Mention [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 14,651 | 23,149 |
Commercial Real Estate - Owner Occupied [Member] | Total Commercial [Member] | Substandard [Member] | Total Commercial And Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 60,095 | 76,117 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,994,448 | 2,341,779 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,883,553 | 2,265,087 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 69,765 | 46,535 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 14,995 | 5,510 |
Commercial Real Estate - Income Producing [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 26,135 | 24,647 |
Construction and Land Development [Member] | Total Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,157,451 | 1,548,335 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,120,997 | 1,487,599 |
Construction and Land Development [Member] | Total Commercial [Member] | Pass-Watch [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 25,621 | 49,099 |
Construction and Land Development [Member] | Total Commercial [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 283 | 816 |
Construction and Land Development [Member] | Total Commercial [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 10,550 | $ 10,821 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses (Changes in Carrying Amount of Purchased Credit Impaired Loans and Related Accretable Yield) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | ||
Carrying Amount of Loans, Balance at beginning of period | $ 129,596 | $ 153,403 |
Carrying Amount of Loans, Additions | 120,562 | |
Carrying Amount of Loans, Payments received, net | (48,076) | (39,556) |
Carrying Amount of Loans, Accretion | 13,163 | 15,749 |
Carrying Amount of Loans, Balance at end of period | 215,245 | 129,596 |
Accretable Yield, Balance at beginning of period | 37,294 | 62,517 |
Accretable Yield, Additions | 6,246 | |
Accretable Yield, Payments received, net | (4,601) | (5,779) |
Accretable Yield, Accretion | (13,163) | (15,749) |
Accretable Yield, Increase (decrease) in expected cash flows based on actual cash flow and changes in cash flow assumptions | 4,170 | (3,695) |
Accretable Yield, Balance at end of period | $ 29,946 | $ 37,294 |
Property and Equipment (Propert
Property and Equipment (Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 629,736 | $ 579,637 |
Accumulated depreciation and amortization | (249,527) | (225,969) |
Property and equipment, net | 380,209 | 353,668 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 79,720 | 70,960 |
Buildings and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 339,503 | 311,409 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 115,051 | 92,805 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 75,448 | 72,721 |
Assets Under Development [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 20,014 | $ 31,742 |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |||
Depreciation and amortization | $ 30,902 | $ 26,532 | $ 28,142 |
Property and equipment, held for sale | $ 300 | $ 27,000 |
Operating Leases - (Narrative)
Operating Leases - (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Leases [Line Items] | |||
Lessee, operating lease, existence of option to extend [true/false] | false | ||
Lessee, operating lease, option to extend | As these extension options are not generally considered reasonably certain of renewal, they are not included in the lease term. | ||
Rental expense | $ 18,200 | $ 17,000 | |
Minimum [Member] | |||
Leases [Line Items] | |||
Lessee, operating lease, term of contract | 5 years | ||
Lessee, operating lease, renewal term | 1 year | ||
Maximum [Member] | |||
Leases [Line Items] | |||
Lessee, operating lease, term of contract | 20 years | ||
Lessee, operating lease, renewal term | 20 years |
Operating Leases - Summary of S
Operating Leases - Summary of Supplemental Information Pertaining To Operating Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Cash paid for amounts included in the measurement of lease liabilities for operating leases | $ 16,027 |
Right of use assets obtained in exchange for lease liabilities | $ 121,066 |
Weighted average remaining lease term (in years) | 12 years 11 months 12 days |
Weighted average discount rate | 3.53% |
Operating Leases - Summary Matu
Operating Leases - Summary Maturities of Lease Liabilities and Present Value Discount (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 16,382 |
2020 | 15,947 |
2021 | 15,551 |
2022 | 13,973 |
2023 | 11,877 |
Thereafter | 89,677 |
Total | 163,407 |
Present value discount | (35,704) |
Lease liability | $ 127,703 |
Operating Leases - Components o
Operating Leases - Components of Lease Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 18,075 |
Short-term lease expense | 462 |
Variable lease expense | 46 |
Sublease income | (322) |
Total | $ 18,261 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 855,453,000 | $ 790,972,000 | $ 745,523,000 |
Goodwill impairment charges | $ 0 | 0 | $ 0 |
Estimated amortization expense succeeding period | 5 years | ||
Core Deposit Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-average remaining life | 10 years | ||
Other Identifiable Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted-average remaining life | 15 years | ||
Trust And Asset Management Acquisition [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 46,600,000 | ||
MidSouth [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Goodwill | $ 63,369,000 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Carrying Value of Intangible Assets Subject to Amortization) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Purchase Value | $ 307,417 | $ 275,917 |
Accumulated Amortization | 200,610 | 179,766 |
Carrying Value | 106,807 | 96,151 |
Core Deposit Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Purchase Value | 247,455 | 215,955 |
Accumulated Amortization | 168,577 | 151,446 |
Carrying Value | 78,878 | 64,509 |
Credit Card and Trust Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Purchase Value | 49,962 | 49,962 |
Accumulated Amortization | 22,448 | 19,564 |
Carrying Value | 27,514 | 30,398 |
Merchant Processing Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Purchase Value | 10,000 | 10,000 |
Accumulated Amortization | 9,585 | 8,756 |
Carrying Value | $ 415 | $ 1,244 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Aggregate Amortization Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Aggregate amortization expense | $ 20,844 | $ 22,050 | $ 22,417 |
Core Deposit Intangibles [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Aggregate amortization expense | 17,132 | 18,566 | 19,442 |
Credit Card and Trust Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Aggregate amortization expense | 2,883 | 2,682 | 1,975 |
Merchant Processing Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Aggregate amortization expense | $ 829 | $ 802 | $ 1,000 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Estimated Amortization Expense of Other Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2020 | $ 19,916 | |
2021 | 16,665 | |
2022 | 14,033 | |
2023 | 11,557 | |
2024 | 9,413 | |
Thereafter | 35,223 | |
Carrying Value | $ 106,807 | $ 96,151 |
Time Deposits (Schedule of Deta
Time Deposits (Schedule of Detailed Time Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Banking And Thrift [Abstract] | ||
Noninterest-bearing deposits | $ 8,775,632 | $ 8,499,027 |
Interest-bearing retail transaction and savings deposits | 8,845,097 | 8,000,092 |
Interest-bearing public fund deposits, Public fund transaction and savings deposits | 2,803,912 | 2,622,938 |
Interest-bearing public fund deposits, Public fund time deposits | 560,503 | 383,578 |
Total interest-bearing public fund deposits | 3,364,415 | 3,006,516 |
Retail time deposits | 2,652,842 | 2,416,086 |
Brokered time deposits | 165,589 | 1,228,464 |
Total interest-bearing deposits | 15,027,943 | 14,651,158 |
Total deposits | $ 23,803,575 | $ 23,150,185 |
Time Deposits (Maturity of Time
Time Deposits (Maturity of Time Deposits) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Banking And Thrift [Abstract] | |
2020 | $ 2,841,291 |
2021 | 405,102 |
2022 | 87,059 |
2023 | 20,106 |
2024 | 10,212 |
Thereafter | 1,402 |
Total time deposits | $ 3,365,172 |
Time Deposits (Narrative) (Deta
Time Deposits (Narrative) (Details) $ in Billions | Dec. 31, 2019USD ($) |
Banking And Thrift [Abstract] | |
Certificates of deposits more than or equal to $250,000 | $ 1.4 |
Short-Term Borrowings (Short-Te
Short-Term Borrowings (Short-Term Borrowings) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 2,714,872 | $ 1,589,128 |
Federal Funds Purchased [Member] | ||
Short-term Debt [Line Items] | ||
Amount outstanding at period end | 195,450 | 425 |
Average amount outstanding during period | 49,297 | 39,968 |
Maximum amount at any month end during period | $ 202,933 | $ 100,925 |
Weighted-average interest at period end | 1.60% | 2.00% |
Weighted-average interest rate during period | 2.30% | 2.11% |
Securities Sold Under Agreements to Repurchase [Member] | ||
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 484,422 | $ 428,599 |
Average amount outstanding during period | 493,344 | 456,000 |
Maximum amount at any month end during period | $ 518,042 | $ 500,345 |
Weighted-average interest at period end | 0.54% | 0.32% |
Weighted-average interest rate during period | 0.52% | 0.23% |
FHLB Borrowings [Member] | ||
Short-term Debt [Line Items] | ||
Amount outstanding at period end | $ 2,035,000 | $ 1,160,104 |
Average amount outstanding during period | 1,399,503 | 1,694,804 |
Maximum amount at any month end during period | $ 1,941,774 | $ 2,410,258 |
Weighted-average interest at period end | 1.17% | 2.48% |
Weighted-average interest rate during period | 1.96% | 2.02% |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)loanitem | Dec. 31, 2018USD ($) | |
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 2,714,872 | $ 1,589,128 |
FHLB Borrowings [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 2,035,000 | $ 1,160,104 |
FHLB Borrowings [Member] | FHLB Borrowings, 2 Notes, 1 Fixed and 1 Variable Rate Notes [Member] | Fixed-rate Term Notes [Member] | ||
Short-term Debt [Line Items] | ||
Number of fixed rate short-term borrowings | item | 1 | |
FHLB Borrowings [Member] | FHLB Borrowings, 2 Notes, 1 Fixed and 1 Variable Rate Notes [Member] | Fixed and Variable Rate Term Notes [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 775,000 | |
Short-term maturity year | 2020 | |
FHLB Borrowings [Member] | FHLB Borrowings, 2 Notes, 1 Fixed and 1 Variable Rate Notes [Member] | Variable-rate Term Notes [Member] | ||
Short-term Debt [Line Items] | ||
Number of variable rate short-term borrowings | loan | 1 | |
FHLB Borrowings [Member] | FHLB Borrowings, 3 Fixed Rate Notes [Member] | Fixed-rate Term Notes [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 800,000 | |
Number of fixed rate short-term borrowings | item | 3 | |
Short-term maturity year | 2034 | |
FHLB Borrowings [Member] | FHLB Borrowings, 4 Variable Rate Notes [Member] | Variable-rate Term Notes [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 460,000 | |
Number of variable rate short-term borrowings | loan | 4 | |
FHLB Borrowings [Member] | FHLB Borrowings, 4 Variable Rate Notes [Member] | Variable-rate Term Notes [Member] | Debt Due 2025 [Member] | ||
Short-term Debt [Line Items] | ||
Short-term maturity year | 2025 | |
FHLB Borrowings [Member] | FHLB Borrowings, 4 Variable Rate Notes [Member] | Variable-rate Term Notes [Member] | Debt Due 2026 [Member] | ||
Short-term Debt [Line Items] | ||
Short-term maturity year | 2026 |
Long-Term Debt (Long-Term Debt)
Long-Term Debt (Long-Term Debt) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 09, 2015 |
Debt Instrument [Line Items] | |||
Gross long-term debt | $ 237,890 | ||
Less: unamortized debt issuance costs | (4,428) | $ (4,605) | |
Total long-term debt | 233,462 | 224,993 | |
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2045 [Member] | |||
Debt Instrument [Line Items] | |||
Gross long-term debt | 150,000 | 150,000 | $ 150,000 |
Less: unamortized debt issuance costs | (4,428) | ||
Other Long-Term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Gross long-term debt | $ 87,890 | $ 79,598 |
Long-Term Debt (Long-Term Debt
Long-Term Debt (Long-Term Debt with Related Unamortized Debt Issuance Cost) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 09, 2015 |
Debt Instrument [Line Items] | |||
Principal | $ 237,890 | ||
Unamortized Debt Issuance Costs | 4,428 | $ 4,605 | |
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2045 [Member] | |||
Debt Instrument [Line Items] | |||
Principal | 150,000 | 150,000 | $ 150,000 |
Unamortized Debt Issuance Costs | 4,428 | ||
Other Long-Term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Principal | $ 87,890 | $ 79,598 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Mar. 09, 2015 | |
Debt Instrument [Line Items] | |||
Notes payable aggregate principal amount | $ 237,890 | ||
Other long-term debt maturity year | 2053 | ||
Subordinated Notes [Member] | Subordinated Notes Payable, Maturing June 2045 [Member] | |||
Debt Instrument [Line Items] | |||
Notes payable issuance date | Mar. 9, 2015 | ||
Notes payable aggregate principal amount | $ 150,000 | $ 150,000 | $ 150,000 |
Notes payable maturity date | Jun. 15, 2045 | ||
Notes payable interest rate | 5.95% | ||
Notes payable beginning payment date | Jun. 1, 2015 | ||
Notes payable redemption date | Jun. 15, 2020 | ||
Other Long-Term Debt [Member] | |||
Debt Instrument [Line Items] | |||
Notes payable aggregate principal amount | $ 87,890 | $ 79,598 | |
Notes payable agreement period | 7 years |
Derivatives (Fair Values of Der
Derivatives (Fair Values of Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | $ 6,010,689 | $ 4,301,969 | |
Fair Values, Assets | 23 | 3,325 | |
Less: netting adjustment, Assets | [1],[2] | (27,056) | (11,979) |
Fair Values, Liabilities | 11,953 | 2,160 | |
Less: netting adjustment, Liabilities | [1],[2] | (43,914) | (22,588) |
Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 81,502 | 28,959 |
Total derivate assets/liabilities | [1] | 54,446 | 16,980 |
Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Total derivate assets/liabilities | [1] | 21,089 | 22,227 |
Fair Values, Liabilities | [1] | 65,003 | 44,815 |
Derivatives Designated as Hedging Instruments [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 1,659,400 | 1,358,110 | |
Derivatives Designated as Hedging Instruments [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 25,646 | 3,954 |
Derivatives Designated as Hedging Instruments [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 2,105 | 11,262 |
Derivatives Not Designated as Hedging Instruments [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 4,351,289 | 2,943,859 | |
Derivatives Not Designated as Hedging Instruments [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 55,856 | 25,005 |
Derivatives Not Designated as Hedging Instruments [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 62,898 | 33,553 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 3,759,232 | 2,554,808 | |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 54,512 | 23,670 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 55,664 | 24,669 |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 254,825 | 171,222 | |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 21 | 10 |
Derivatives Not Designated as Hedging Instruments [Member] | Risk Participation Agreements [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 45 | 131 |
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 145,623 | 77,208 | |
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 651 | 110 |
Derivatives Not Designated as Hedging Instruments [Member] | Forward Commitments to Sell Residential Mortgage Loans [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 744 | 664 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 83,224 | 59,119 | |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 369 | 464 |
Derivatives Not Designated as Hedging Instruments [Member] | Interest Rate-Lock Commitments on Residential Mortgage Loans [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 375 | 67 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 64,632 | 37,749 | |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 303 | 751 |
Derivatives Not Designated as Hedging Instruments [Member] | Foreign Exchange Forward Contracts [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 366 | 718 |
Derivatives Not Designated as Hedging Instruments [Member] | Visa Class B derivative contract [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 43,753 | 43,753 | |
Derivatives Not Designated as Hedging Instruments [Member] | Visa Class B derivative contract [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 5,704 | 7,304 |
Cash Flow Hedge [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Variable Rate Loans [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 1,175,000 | 875,000 | |
Cash Flow Hedge [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Variable Rate Loans [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 24,172 | 3,954 |
Cash Flow Hedge [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Variable Rate Loans [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 337 | 9,173 |
Fair Value Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Securities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 441,400 | ||
Fair Value Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Securities [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Assets | [1] | 1,474 | |
Fair Value Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Securities [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | 1,759 | |
Fair Value Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Brokered Deposits [Member] | |||
Derivatives Fair Value [Line Items] | |||
Notional or Contractual Amount | 43,000 | 483,110 | |
Fair Value Hedging [Member] | Derivatives Designated as Hedging Instruments [Member] | Interest Rate Swaps - Brokered Deposits [Member] | Other Liabilities [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values, Liabilities | [1] | $ 9 | $ 2,089 |
[1] | Derivative assets and liabilities are reported in other assets or other liabilities, respectively, in the consolidated balance sheets. | ||
[2] | Represents balance sheet netting of derivative assets and liabilities for variation margin collateral held or placed with the same central clearing counterparty. See offsetting assets and liabilities for further information. |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)item | |
Derivative [Line Items] | ||
Notional amount of derivatives | $ 6,010,689 | $ 4,301,969 |
Available for sale debt securities, Amortized Cost | 4,637,610 | |
Fair value liability | 5,700 | 7,300 |
Credit risk-related contingent features, net liability position | 12,900 | 400 |
Credit risk-related contingent features, posted collateral | 12,400 | 300 |
Derivatives Designated as Hedging Instruments [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | 1,659,400 | 1,358,110 |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | ||
Derivative [Line Items] | ||
Termination fees | 10,600 | |
Amortization of accumulated other comprehensive loss on terminated cash flow hedges | 4,100 | $ 6,000 |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement One To Five [Member] | ||
Derivative [Line Items] | ||
Number of interest rate swap terminated | item | 5 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 4, Expires 2021 [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 50,000 | |
Derivative maturity expiration year | 2021 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 1, Expires 2022 [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 475,000 | |
Derivative maturity expiration year | 2022 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 2, Expires 2023 [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 550,000 | |
Derivative maturity expiration year | 2023 | |
Interest Rate Swaps [Member] | Derivatives Designated as Hedging Instruments [Member] | Cash Flow Hedge [Member] | Swap Agreement 3, Expires 2024 [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 100,000 | |
Derivative maturity expiration year | 2024 | |
Interest Rate Swaps - Securities [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Notional amount of derivatives | $ 441,400 | |
Interest Rate Swaps - Securities [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | Commercial Mortgage-Backed Securities [Member] | ||
Derivative [Line Items] | ||
Available for sale debt securities, Amortized Cost | 498,300 | |
Interest Rate Swaps - Securities [Member] | Derivatives Designated as Hedging Instruments [Member] | Fair Value Hedging [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Basis adjustment to interest rate swaps | $ 300 |
Derivatives (Effects of Derivat
Derivatives (Effects of Derivative Instruments on the Statements of Income) (Details) - Interest Rate Swaps Designated as Hedges [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative income reflected in income statement | $ 6,952 | $ (1,472) | $ 6,419 |
Other Noninterest Income [Member] | All Other Instruments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative income reflected in income statement | 12,958 | 5,368 | 5,870 |
Fair Value Hedging [Member] | Interest Income [Member] | Securities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative income reflected in income statement | 1 | ||
Fair Value Hedging [Member] | Interest Expense [Member] | Brokered Deposits [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative income reflected in income statement | (1,752) | (2,343) | 829 |
Cash Flow Hedge [Member] | Interest Income [Member] | Variable Rate Loans [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative income reflected in income statement | $ (4,255) | $ (4,497) | $ (280) |
Derivatives (Offsetting Derivat
Derivatives (Offsetting Derivative Assets and Liabilities Subject to Master Netting Arrangements) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ||
Gross Amounts Recognized, Derivative Assets | $ 27,938 | $ 16,167 |
Gross Amounts Offset in the Statement of Financial Position, Derivative Assets | (27,915) | (12,842) |
Net Amounts Presented in the Statement of Financial Position, Derivative Assets | 23 | 3,325 |
Gross Amounts Not Offset in the Statement of Financial Position - Financial Instruments, Derivative Assets | 23 | 1,846 |
Gross Amounts Not offset in the Statement of Financial Position - Cash Collateral, Derivative Assets | 0 | 0 |
Net Amounts Presented in the Statement of Financial Position, Derivative Assets | 0 | 1,479 |
Gross Amounts Recognized, Derivative Liabilities | 56,523 | 23,811 |
Gross Amounts Offset in the Statement of Financial Position, Derivative Liabilities | (44,570) | (21,651) |
Net Amounts Presented in the Statement of Financial Position, Derivative Liabilities | 11,953 | 2,160 |
Gross Amounts Not Offset in the Statement of Financial Position - Financial Instruments, Derivative Liabilities | 23 | 1,846 |
Gross Amounts Not Offset in the Statement of Financial Position - Cash Collateral, Derivative Liabilities | 35,113 | 2,871 |
Gross Amounts Not Offset in the Statement of Financial Position - Net Amount, Derivatives Liabilities | $ (23,183) | $ (2,557) |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 21, 2019 | Sep. 23, 2019 | Sep. 21, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2019 | Oct. 18, 2019 | Jan. 01, 2019 |
Equity, Class of Treasury Stock [Line Items] | ||||||||
Treasury stock shares | 4,000,000 | 900,000 | ||||||
Treasury stock, Cost basis | $ 135,800 | $ 18,500 | ||||||
Payments for repurchase of common stock | $ 185,000 | $ 8,267 | ||||||
Shares repurchased | 3,611,870 | |||||||
Minimum risk-based capital ratio | 8.00% | 8.00% | ||||||
Minimum Tier 1 common equity | 4.50% | 4.50% | ||||||
Minimum Tier 1 capital ratio | 6.00% | 6.00% | ||||||
Minimum Tier 1 leverage capital ratio | 4.00% | 4.00% | ||||||
Well capitalized total risk based capital ratio | 10.00% | 10.00% | ||||||
Well capitalized Tier 1 common equity | 6.50% | 6.50% | ||||||
Well capitalized Tier 1 risk-based capital ratio | 8.00% | 8.00% | ||||||
Well capitalized Tier 1 leverage capital ratio | 5.00% | 5.00% | ||||||
Minimum requirement of capital conservation buffer ratio | 2.50% | |||||||
Bank Holding Companies and Banks that Meet Certain Criteria [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Minimum Tier 1 leverage capital ratio | 3.00% | |||||||
Accelerated Share Repurchase Agreement | Common Stock [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Share repurchase, authorized amount | $ 185,000 | |||||||
Payments for repurchase of common stock | $ 185,000 | |||||||
Shares repurchased | 3,611,870 | |||||||
Percentage of shares repurchased among authorized | 75.00% | |||||||
Treasury stock, value | $ 138,800 | |||||||
Repurchased shares treated as forward contract for final settlement value | $ 46,200 | |||||||
2018 Stock Buyback Program [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Number of shares authorized for repurchase | 5,500,000 | |||||||
Stock repurchase expiration date | Dec. 31, 2020 | |||||||
Shares repurchased | 200,000 | |||||||
Shares purchased price per share | $ 41.30 | |||||||
MidSouth [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Business combination, number of common stock issued | 5,044,332,000,000 | 5,000,000 | ||||||
Business combination, common stock value | $ 193,800 | $ 193,800 | ||||||
Restricted Stock [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Number of shares nonvested | 1,400,000 | 1,300,000 |
Stockholders' Equity (Component
Stockholders' Equity (Components of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ (180,709) | $ (134,402) | $ (120,532) | |
Net change in unrealized gain (loss) | 143,922 | (52,757) | (425) | |
Reclassification of net (gain) loss realized and included in earnings | 13,429 | 34,966 | 5,801 | |
Valuation adjustment for employee benefit plan amendment | 2,398 | (45,198) | 17,315 | |
Other valuation adjustments of employee benefit plans | 2,398 | (45,198) | (10,929) | |
Amortization of unrealized net loss on securities transferred to held to maturity | 3,153 | 3,296 | 3,786 | |
Income tax expense (benefit) | 36,917 | (13,386) | 4,088 | |
Impact of re-measurement of deferred tax assets | [1] | 25,330 | ||
Ending Balance | (54,724) | (180,709) | (134,402) | |
Accumulated Other Comprehensive Loss Available for Sale Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (50,125) | (29,512) | (28,679) | |
Net change in unrealized gain (loss) | 115,413 | (52,060) | 6,903 | |
Reclassification of net (gain) loss realized and included in earnings | 25,480 | |||
Unrealized loss on securities transferred to available for sale | (13,236) | |||
Income tax expense (benefit) | 23,102 | (5,967) | 1,067 | |
Impact of re-measurement of deferred tax assets | [1] | 6,669 | ||
Ending Balance | 28,950 | (50,125) | (29,512) | |
Held to Maturity Securities Transferred from AFS [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (12,044) | (14,585) | (14,392) | |
Unrealized loss on securities transferred to available for sale | 13,236 | |||
Amortization of unrealized net loss on securities transferred to held to maturity | 3,153 | 3,296 | 3,786 | |
Income tax expense (benefit) | 3,706 | 755 | 1,393 | |
Impact of re-measurement of deferred tax assets | [1] | 2,586 | ||
Ending Balance | 639 | (12,044) | (14,585) | |
Employee Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (110,247) | (79,078) | (72,501) | |
Reclassification of net (gain) loss realized and included in earnings | 9,174 | 4,989 | 5,201 | |
Valuation adjustment for employee benefit plan amendment | 2,398 | (45,198) | 17,315 | |
Other valuation adjustments of employee benefit plans | (10,929) | |||
Income tax expense (benefit) | 2,603 | (9,040) | 4,228 | |
Impact of re-measurement of deferred tax assets | [1] | 13,936 | ||
Ending Balance | (101,278) | (110,247) | (79,078) | |
Gains and Losses on Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (8,293) | (11,227) | (4,960) | |
Net change in unrealized gain (loss) | 28,943 | (697) | (7,328) | |
Reclassification of net (gain) loss realized and included in earnings | 4,255 | 4,497 | 600 | |
Income tax expense (benefit) | 7,506 | 866 | (2,600) | |
Impact of re-measurement of deferred tax assets | [1] | 2,139 | ||
Ending Balance | 17,399 | $ (8,293) | $ (11,227) | |
Equity Method Investment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Net change in unrealized gain (loss) | (434) | |||
Ending Balance | $ (434) | |||
[1] | Represents the reclassification of stranded income tax effects to Retained Earnings upon adoption of ASU 2018-02. |
Stockholders' Equity (Line Item
Stockholders' Equity (Line Items in Consolidated Income Statements Affected by Amounts Reclassified from Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of defined benefit pension and post-retirement items | $ 2,398 | $ (45,198) | $ 17,315 | |
Employee Benefit Plans [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of defined benefit pension and post-retirement items | 2,398 | (45,198) | $ 17,315 | |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total reclassifications, net of tax | [1] | (12,833) | (30,468) | |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Held to Maturity Securities Transferred from AFS [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of unrealized net loss on securities transferred to HTM | [1] | (3,153) | (3,296) | |
Tax effect | [1] | 713 | 755 | |
Net of tax | [1] | (2,440) | (2,541) | |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Available for Sale Securities [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Gain (loss) on sale of AFS securities | [1] | (25,480) | ||
Tax effect | [1] | 5,720 | ||
Net of tax | [1] | (19,760) | ||
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Employee Benefit Plans [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Amortization of defined benefit pension and post-retirement items | [1] | (9,174) | (4,989) | |
Tax effect | [1] | 2,074 | 1,122 | |
Net of tax | [1] | (7,100) | (3,867) | |
Amount Reclassified from Accumulated Other Comprehensive Income [Member] | Gains and Losses on Cash Flow Hedges [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Reclassification of unrealized gain (loss) on cash flow hedges | [1] | (110) | 1,072 | |
Tax effect | [1] | 25 | (244) | |
Net of tax | [1] | (85) | 828 | |
Amortization of loss on terminated cash flow hedges | [1] | (4,145) | (5,569) | |
Tax effect | [1] | 937 | 1,269 | |
Net of tax | [1] | $ (3,208) | $ (4,300) | |
[1] | Amounts in parenthesis indicate reduction in net income. |
Stockholders' Equity (Complianc
Stockholders' Equity (Compliance with Regulatory Capital Requirements) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Tier 1 leverage capital, Actual, Amount | $ 2,584,162 | $ 2,391,762 |
Common equity tier 1 (to risk weighted assets), Actual, Amount | 2,584,162 | 2,391,762 |
Tier 1 capital (to risk weighted assets), Actual, Amount | 2,584,162 | 2,391,762 |
Total capital (to risk weighted assets), Actual, Amount | $ 2,929,387 | $ 2,736,276 |
Tier 1 leverage capital, Actual, Ratio % | 8.76% | 8.67% |
Common equity tier 1 (to risk weighted assets), Actual, Ratio % | 10.50% | 10.48% |
Tier 1 capital (to risk weighted assets), Actual, Ratio % | 10.50% | 10.48% |
Total capital (to risk weighted assets), Actual, Ratio % | 11.90% | 11.99% |
Tier 1 leverage capital, Required for Minimum Capital Adequacy, Amount | $ 1,180,163 | $ 1,103,544 |
Common equity tier 1 (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | 1,107,527 | 1,026,637 |
Tier 1 capital (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | 1,476,702 | 1,368,849 |
Total capital (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | $ 1,968,936 | $ 1,825,132 |
Tier 1 leverage capital, Required for Minimum Capital Adequacy, Ratio % | 4.00% | 4.00% |
Common equity tier 1 (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 4.50% | 4.50% |
Tier 1 capital (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 6.00% | 6.00% |
Total capital (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 8.00% | 8.00% |
Tier 1 leverage capital, Required To Be Well Capitalized, Amount | $ 1,475,204 | $ 1,379,430 |
Common equity tier 1 (to risk weighted assets), Required To Be Well Capitalized, Amount | 1,599,761 | 1,482,920 |
Tier 1 capital (to risk weighted assets), Required To Be Well Capitalized, Amount | 1,968,936 | 1,825,132 |
Total capital (to risk weighted assets), Required To Be Well Capitalized, Amount | $ 2,461,171 | $ 2,281,415 |
Tier 1 leverage capital, Required To Be Well Capitalized, Ratio % | 5.00% | 5.00% |
Common equity tier 1 (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 6.50% | 6.50% |
Tier 1 capital (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 8.00% | 8.00% |
Total capital (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 10.00% | 10.00% |
Hancock Whitney Bank [Member] | ||
Tier 1 leverage capital, Actual, Amount | $ 2,640,913 | $ 2,351,090 |
Common equity tier 1 (to risk weighted assets), Actual, Amount | 2,640,913 | 2,351,090 |
Tier 1 capital (to risk weighted assets), Actual, Amount | 2,640,913 | 2,351,090 |
Total capital (to risk weighted assets), Actual, Amount | $ 2,836,138 | $ 2,545,604 |
Tier 1 leverage capital, Actual, Ratio % | 8.96% | 8.54% |
Common equity tier 1 (to risk weighted assets), Actual, Ratio % | 10.74% | 10.32% |
Tier 1 capital (to risk weighted assets), Actual, Ratio % | 10.74% | 10.32% |
Total capital (to risk weighted assets), Actual, Ratio % | 11.53% | 11.17% |
Tier 1 leverage capital, Required for Minimum Capital Adequacy, Amount | $ 1,179,194 | $ 1,101,372 |
Common equity tier 1 (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | 1,106,558 | 1,025,355 |
Tier 1 capital (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | 1,475,411 | 1,367,140 |
Total capital (to risk weighted assets), Required for Minimum Capital Adequacy, Amount | $ 1,967,214 | $ 1,822,053 |
Tier 1 leverage capital, Required for Minimum Capital Adequacy, Ratio % | 4.00% | 4.00% |
Common equity tier 1 (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 4.50% | 4.50% |
Tier 1 capital (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 6.00% | 6.00% |
Total capital (to risk weighted assets), Required for Minimum Capital Adequacy, Ratio % | 8.00% | 8.00% |
Tier 1 leverage capital, Required To Be Well Capitalized, Amount | $ 1,473,992 | $ 1,376,715 |
Common equity tier 1 (to risk weighted assets), Required To Be Well Capitalized, Amount | 1,598,362 | 1,481,068 |
Tier 1 capital (to risk weighted assets), Required To Be Well Capitalized, Amount | 1,967,214 | 1,822,853 |
Total capital (to risk weighted assets), Required To Be Well Capitalized, Amount | $ 2,459,018 | $ 2,278,566 |
Tier 1 leverage capital, Required To Be Well Capitalized, Ratio % | 5.00% | 5.00% |
Common equity tier 1 (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 6.50% | 6.50% |
Tier 1 capital (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 8.00% | 8.00% |
Total capital (to risk weighted assets), Required To Be Well Capitalized, Ratio % | 10.00% | 10.00% |
Noninterest Income and Nonint_3
Noninterest Income and Noninterest Expense (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income And Expenses [Abstract] | ||||
Net gain on sales of assets | $ 33,200 | $ 593 | $ 24,654 | $ 7,478 |
Noninterest Income and Nonint_4
Noninterest Income and Noninterest Expense (Components of Other Noninterest Income and Other Noninterest Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other noninterest income: | |||
Income from bank-owned life insurance | $ 14,946 | $ 12,424 | $ 11,473 |
Credit-related fees | 11,399 | 11,065 | 11,140 |
Income from derivatives | 12,958 | 5,368 | 5,870 |
Other miscellaneous income | 14,635 | 14,929 | 11,387 |
Total other noninterest income | 53,938 | 43,786 | 39,870 |
Other noninterest expense: | |||
Advertising | 15,251 | 12,334 | 15,031 |
Corporate value and franchise taxes | 15,949 | 13,595 | 12,797 |
Entertainment and contributions | 10,777 | 11,359 | 8,260 |
Telecommunication and postage | 14,588 | 14,659 | 14,686 |
Printing and supplies | 4,947 | 5,548 | 5,138 |
Travel expenses | 5,278 | 5,338 | 5,043 |
Tax credit investment amortization | 4,943 | 5,166 | 4,850 |
Other retirement expense | (16,561) | (18,661) | (15,249) |
Other miscellaneous expense | 37,282 | 31,355 | 31,517 |
Total other noninterest expense | $ 92,454 | $ 80,693 | $ 82,073 |
Income Taxes (Income Tax Expens
Income Taxes (Income Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Current federal | $ 12,172 | $ 7,594 | $ 38,859 |
Current state | 6,087 | 5,538 | 4,112 |
Total current provision | 18,259 | 13,132 | 42,971 |
Deferred federal | 46,290 | 41,078 | 48,653 |
Deferred state | 810 | 4,136 | 1,178 |
Total deferred provision | 47,100 | 45,214 | 49,831 |
Total included in net income | $ 65,359 | $ 58,346 | $ 92,802 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Allowance for loan losses | $ 47,008 | $ 45,198 |
Employee compensation and benefits | 12,796 | |
Loan purchase accounting adjustments | 18,717 | 1,132 |
Tax credit carryforward | 2,025 | 2,059 |
Securities | 17,390 | |
Federal/State net operating loss | 7,295 | 1,629 |
Lease liability | 29,003 | |
Other | 7,893 | 18,431 |
Gross deferred tax assets | 111,941 | 98,635 |
State valuation allowance | (1,415) | (1,629) |
Net deferred tax assets | 110,526 | 97,006 |
Employee compensation and benefits | (9,662) | |
Securities | (9,589) | |
Fixed assets & intangibles | (48,144) | (44,277) |
Lease Financing | (41,565) | (23,605) |
Right-of-use asset | (24,887) | |
Other | (14,400) | (6,157) |
Gross deferred tax liabilities | (148,247) | (74,039) |
Net deferred tax asset | $ 22,967 | |
Net deferred tax (liability) | $ (37,721) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax [Line Items] | |||
Tax computed at statutory rate | 21.00% | 21.00% | 35.00% |
Investments in affordable housing limited partnerships | $ 37,300,000 | $ 0 | |
Tax year audited | 2016 | ||
Federal And State [Member] | From 2011 Through 2017 Tax Years [Member] | |||
Income Tax [Line Items] | |||
Tax credit carryforwards | $ 2,000,000 | ||
Tax credit carryforwards, originated tax years | 2015 through 2019 | ||
Federal And State [Member] | From 2011 Through 2017 Tax Years [Member] | Minimum [Member] | |||
Income Tax [Line Items] | |||
Tax credit carryforwards, expiration date | Dec. 31, 2022 | ||
State [Member] | 2004 Through 2017 Tax Years [Member] | |||
Income Tax [Line Items] | |||
Net operating loss carryforwards | $ 22,900,000 | ||
Operating loss carryforwards, originated tax years | 2004 through 2019 | ||
Net operating loss carryforwards, expiration date | Dec. 31, 2024 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Rate Reconciliation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Taxes computed at statutory rate, amount | $ 82,475 | $ 80,244 | $ 107,952 |
State income taxes, net of federal income tax benefit, amount | 7,204 | 8,770 | 4,288 |
Tax-exempt interest, amount | (10,435) | (10,803) | (18,870) |
Life insurance contracts, amount | (3,901) | (2,019) | (5,360) |
Tax credits, amount | (10,293) | (11,344) | (9,286) |
Employee share-based compensation, amount | (842) | (1,380) | (5,824) |
FDIC assessment disallowance, amount | 1,895 | 2,818 | |
Return to provision adjustment, amount | (1,459) | (9,942) | (120) |
Impact of deferred tax asset re-measurement | 19,520 | ||
Other, net, amount | 715 | 2,002 | 502 |
Total included in net income | $ 65,359 | $ 58,346 | $ 92,802 |
Taxes computed at statutory rate | 21.00% | 21.00% | 35.00% |
State income taxes, net of federal income tax benefit | 1.80% | 2.30% | 1.40% |
Tax-exempt interest | (2.70%) | (2.80%) | (6.10%) |
Life insurance contracts | (1.00%) | (0.50%) | (1.70%) |
Tax credits | (2.60%) | (3.00%) | (3.10%) |
Employee share-based compensation | (0.20%) | (0.30%) | (1.90%) |
FDIC assessment disallowance | 0.50% | 0.70% | |
Return to provision adjustment | (0.40%) | (2.60%) | |
Impact of deferred tax asset re-measurement | 6.30% | ||
Other, net | 0.20% | 0.50% | 0.20% |
Income tax expense | 16.60% | 15.30% | 30.10% |
Earnings Per Share (Computation
Earnings Per Share (Computation of Earnings Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Net income to common shareholders | $ 327,380 | $ 323,770 | $ 215,632 |
Net income allocated to participating securities -- basic and diluted | 5,546 | 5,930 | 4,670 |
Net income allocated to common shareholders - basic and diluted | $ 321,834 | $ 317,840 | $ 210,962 |
Weighted-average common shares - basic | 86,488 | 85,355 | 84,695 |
Dilutive potential common shares | 111 | 166 | 268 |
Weighted average common shares - diluted | 86,599 | 85,521 | 84,963 |
Earnings per common share: Basic | $ 3.72 | $ 3.72 | $ 2.49 |
Earnings per common share: Diluted | $ 3.72 | $ 3.72 | $ 2.48 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Weighted-average anti-dilutive potential common shares | 15,815 | 5,129 | 10,551 |
Retirement Benefit Plans (Narra
Retirement Benefit Plans (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributed to pension plan | $ 100,000,000 | |||
Newly eligible associates initial savings rate | 3.00% | |||
First 1% Of Contribution Saved [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Matching percentage | 100.00% | |||
Percentage of compensation saved | 1.00% | |||
Next 5% Of Contribution Saved [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Matching percentage | 50.00% | |||
Percentage of compensation saved | 5.00% | |||
Pension Benefits [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributed to pension plan | $ 0 | $ 0 | ||
Employer contributions | 101,165,000 | 40,138,000 | ||
Funded status at end of year-net asset (liability) | 170,272,000 | 50,601,000 | ||
Excess of plan assets over the benefit obligation | 185,800,000 | |||
Unfunded benefit obligation | 15,500,000 | |||
Estimated amounts of actuarial loss that will be amortized from AOCI into net periodic benefit cost over the next year | $ 5,100,000 | |||
2017 Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributed to pension plan | 39,000,000 | |||
Amended Hancock 401K Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Additional matching percentage | 2.00% | |||
Period of employment for eligibility | 3 years | |||
Amended Hancock 401K Plan [Member] | 2% Of Contribution [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Matching percentage | 2.00% | |||
Amended Hancock 401K Plan [Member] | 4% Of Contribution [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Matching percentage | 4.00% | |||
Amended Hancock 401K Plan [Member] | 6% Of Contribution [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Matching percentage | 6.00% | |||
Whitney 401K Plan [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Employer contributions | $ 15,700,000 | $ 14,600,000 | $ 8,400,000 | |
Minimum age for increase in per capita cost of health care benefit | 55 years | |||
Years of credited service reaching 55 years of age | 10 years | |||
Hancock Plans [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Minimum age for increase in per capita cost of health care benefit | 55 years | |||
Years of credited service reaching 55 years of age | 10 years | |||
Increase (decrease) in pre- and post-Medicare age health costs rate | 7.25% | 7.50% | ||
Period of assumed health rate decline | 4 years | 4 years | ||
Decrease in ultimate rate over a period of time | 6.25% | 6.75% |
Retirement Benefit Plans (Chang
Retirement Benefit Plans (Changes in Benefit Obligations and Plan Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | $ 492,017 | $ 513,844 | |
Service cost | 10,981 | 12,414 | $ 15,381 |
Interest cost | 18,843 | 16,762 | 16,514 |
Net actuarial (gain) loss | 81,166 | (30,796) | |
Benefits paid | (21,141) | (20,207) | |
Benefit obligation, end of year | 581,866 | 492,017 | 513,844 |
Fair value of plan assets at beginning of year | 542,618 | 564,365 | |
Actual return on plan assets | 130,745 | (40,491) | |
Employer contributions | 101,165 | 40,138 | |
Benefit payments | (21,141) | (20,207) | |
Expenses | (1,249) | (1,187) | |
Fair value of plan assets, end of year | 752,138 | 542,618 | 564,365 |
Funded status at end of year - net asset (liability) | 170,272 | 50,601 | |
Unrecognized loss at beginning of year | 149,470 | 102,978 | |
Net actuarial loss (gain) | (13,218) | 46,492 | |
Unrecognized gain (loss) at end of year | 136,252 | 149,470 | 102,978 |
Accumulated benefit obligation | 550,005 | 467,300 | |
Other Post-Retirement Benefits [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Benefit obligation at beginning of year | 16,283 | 23,036 | |
Service cost | 95 | 120 | 129 |
Interest cost | 621 | 621 | 668 |
Plan participants' contributions | 547 | 628 | |
Net actuarial (gain) loss | 733 | (6,717) | |
Benefits paid | (1,566) | (1,405) | |
Benefit obligation, end of year | 16,713 | 16,283 | 23,036 |
Employer contributions | 1,019 | 777 | |
Plan participants' contributions | 547 | 628 | |
Benefit payments | (1,566) | (1,405) | |
Funded status at end of year - net asset (liability) | (16,713) | (16,283) | |
Unrecognized loss at beginning of year | (7,015) | (732) | |
Net actuarial loss (gain) | 1,646 | (6,283) | |
Unrecognized gain (loss) at end of year | $ (5,369) | $ (7,015) | $ (732) |
Retirement Benefit Plans (Compo
Retirement Benefit Plans (Components of Net Periodic Benefits Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Total recognized in other comprehensive income | $ (2,398) | $ 45,198 | $ 10,929 | |||
Pension Benefits [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | 10,981 | 12,414 | 15,381 | |||
Interest cost | 18,843 | 16,762 | 16,514 | |||
Expected return on plan assets | (45,199) | (41,033) | (37,632) | |||
Amortization of net loss/ prior service cost | 10,087 | 5,423 | 5,554 | |||
Net periodic benefit cost | (5,288) | (6,434) | (183) | |||
Net (loss) gain recognized during the year | (10,087) | (5,423) | (5,554) | |||
Net actuarial loss (gain) | (3,131) | 51,915 | (7,378) | |||
Total recognized in other comprehensive income | (13,218) | 46,492 | (12,932) | |||
Total recognized in net periodic benefit cost and other comprehensive income | $ (18,506) | $ 40,058 | $ (13,115) | |||
Discount rate for benefit obligations | 3.14% | 4.14% | 3.57% | |||
Discount rate for net periodic benefit cost | 4.14% | 3.57% | 4.10% | |||
Expected long-term return on plan assets | 7.25% | 7.25% | 7.25% | |||
Rate of compensation increase | [1] | [2] | [2] | |||
Pension Benefits [Member] | Graded Scale, At Age 20 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Rate of compensation increase | 7.25% | 7.25% | 7.25% | |||
Pension Benefits [Member] | Graded Scale, At Age 60 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Rate of compensation increase | 2.25% | 2.25% | 2.25% | |||
Pension Benefits [Member] | Graded Scale, 7.00% At Age 20 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Rate of compensation increase | 7.00% | 7.00% | 7.00% | |||
Pension Benefits [Member] | Graded Scale, 2.00% At Age 60 [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Rate of compensation increase | 2.00% | 2.00% | 2.00% | |||
Other Post-Retirement Benefits [Member] | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Service cost | $ 95 | $ 120 | $ 129 | |||
Interest cost | 621 | 621 | 668 | |||
Amortization of net loss/ prior service cost | (913) | (434) | (353) | |||
Net periodic benefit cost | (197) | 307 | 444 | |||
Net (loss) gain recognized during the year | 913 | 434 | 353 | |||
Net actuarial loss (gain) | 733 | (6,717) | 993 | |||
Total recognized in other comprehensive income | 1,646 | (6,283) | 1,346 | |||
Total recognized in net periodic benefit cost and other comprehensive income | $ 1,449 | $ (5,976) | $ 1,790 | |||
Discount rate for benefit obligations | 3.11% | 4.10% | 3.52% | |||
Discount rate for net periodic benefit cost | 4.10% | 3.52% | 3.95% | |||
[1] | Graded scale, declining from 7.25% 2.25% | |||||
[2] | Graded scale, declining from 7.00% |
Retirement Benefit Plans (Expec
Retirement Benefit Plans (Expected Plan Benefit Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 23,823 |
2021 | 24,904 |
2022 | 26,018 |
2023 | 27,006 |
2024 | 28,269 |
2025-2029 | 160,431 |
Total | 290,451 |
Pension Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 22,974 |
2021 | 24,016 |
2022 | 25,163 |
2023 | 26,130 |
2024 | 27,414 |
2025-2029 | 156,055 |
Total | 281,752 |
Other Post-Retirement Benefits [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | 849 |
2021 | 888 |
2022 | 855 |
2023 | 876 |
2024 | 855 |
2025-2029 | 4,376 |
Total | $ 8,699 |
Retirement Benefit Plans (Assum
Retirement Benefit Plans (Assumed Health Care Cost Trend Rates) (Details) - Other Post-Retirement Benefits [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Defined Benefit Plan Disclosure [Line Items] | |
Aggregated service and interest cost, 1% Decrease in Rates | $ 642 |
Postretirement benefit obligation, 1% Decrease in Rates | 15,031 |
Aggregated service and interest cost, Assumed Rates | 715 |
Postretirement benefit obligation, Assumed Rates | 16,712 |
Aggregated service and interest cost, 1% Increase in Rates | 806 |
Postretirement benefit obligation, 1% Increase in Rates | $ 18,780 |
Retirement Benefit Plans (Fair
Retirement Benefit Plans (Fair Values of Pension Plan Assets) (Details) - Pension Benefits [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 752,138 | $ 542,618 |
Cash And Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,574 | 8,643 |
Total Cash and Cash-Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,574 | 8,643 |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 69,401 | 116,881 |
Mutual Fund-Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 34,652 | 31,701 |
Exchange Traded Fund (ETF)-Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3,134 | |
Total Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 107,187 | 148,582 |
Domestic And Foreign Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 88,174 | 80,819 |
Mutual Funds-Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 236,436 | 150,466 |
Total Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 324,610 | 231,285 |
Total Real Assets At Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 434,371 | 388,510 |
Common Trust Fund (Fixed Income) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 258,572 | 125,706 |
Common Trust Fund (Real Assets) [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 59,195 | 28,402 |
Level 1 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 388,420 | 291,334 |
Level 1 [Member] | Cash And Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,574 | 8,643 |
Level 1 [Member] | Total Cash and Cash-Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 2,574 | 8,643 |
Level 1 [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 23,450 | 19,856 |
Level 1 [Member] | Mutual Fund-Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 34,652 | 31,556 |
Level 1 [Member] | Exchange Traded Fund (ETF)-Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 3,134 | |
Level 1 [Member] | Total Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 61,236 | 51,412 |
Level 1 [Member] | Domestic And Foreign Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 88,174 | 80,813 |
Level 1 [Member] | Mutual Funds-Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 236,436 | 150,466 |
Level 1 [Member] | Total Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 324,610 | 231,279 |
Level 1 [Member] | Total Real Assets At Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 388,420 | 291,334 |
Level 2 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 45,951 | 97,031 |
Level 2 [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 45,951 | 97,025 |
Level 2 [Member] | Total Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 45,951 | 97,025 |
Level 2 [Member] | Domestic And Foreign Stock [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6 | |
Level 2 [Member] | Total Equity [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 6 | |
Level 2 [Member] | Total Real Assets At Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 45,951 | 97,031 |
Level 3 [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 145 | |
Level 3 [Member] | Mutual Fund-Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 145 | |
Level 3 [Member] | Total Fixed Income [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | 145 | |
Level 3 [Member] | Total Real Assets At Fair Value [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Fair value of plan assets | $ 145 |
Retirement Benefit Plans (Perce
Retirement Benefit Plans (Percentage and Target Allocations) (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 100.00% | 100.00% |
Cash And Equivalents [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 0.00% | 1.00% |
Cash And Equivalents [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | 0.00% |
Cash And Equivalents [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 5.00% | 5.00% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 49.00% | 51.00% |
Fixed Income Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 35.00% | 35.00% |
Fixed Income Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 63.00% | 63.00% |
Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 43.00% | 43.00% |
Equity Securities [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 35.00% | 35.00% |
Equity Securities [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 51.00% | 51.00% |
Real Assets Fund [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Plan Assets | 8.00% | 5.00% |
Real Assets Fund [Member] | Minimum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0.00% | 0.00% |
Real Assets Fund [Member] | Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 12.00% | 12.00% |
Share-Based Payment Arrangeme_3
Share-Based Payment Arrangements (Narrative) (Details) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)entity$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation recognized | $ | $ 20.9 | $ 19.8 | $ 17.6 |
Recognized tax benefit related to share-based compensation | $ | $ 5.5 | 5.8 | 13.3 |
Percentage where an option price is equal to market price | 110.00% | ||
Service period | 5 years | ||
Term of option award vest, contractual term | 10 years | ||
Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Intrinsic value of options exercised | $ | $ 0.2 | 0.6 | $ 4.3 |
Restricted and Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation expense | $ | $ 58.6 | ||
Weighted-average period | 3 years 6 months | ||
Total fair value of shares vested | $ | $ 20.1 | $ 26.2 | |
Shares granted | 694,377 | ||
Grant date fair value per share | $ / shares | $ 39.85 | ||
Performance Shares [Member] | Executive Management [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Service period | 3 years | ||
Performance Shares [Member] | Total Shareholder Return [Member] | Executive Management [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 33,691 | ||
Grant date fair value per share | $ / shares | $ 35.27 | ||
Vesting performance period | 3 years | ||
Number of peer group regional banks | entity | 42 | ||
Performance Shares [Member] | Total Shareholder Return [Member] | Executive Management [Member] | Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of maximum number of shares vested | 200.00% | ||
Performance Shares [Member] | Operating Earnings Per Share [Member] | Executive Management [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares granted | 33,691 | ||
Grant date fair value per share | $ / shares | $ 32.15 | ||
Vesting performance period | 2 years | ||
2014 Long Term Incentive Plan [Member] | Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Aggregate awards authorized for grant | 2,996,357 | ||
Maximum number of shares which may be granted to participant | 100,000 | ||
Shares available for future issuance | 400,000 |
Share-Based Payment Arrangeme_4
Share-Based Payment Arrangements (Summary of Option Activity) (Details) - Options [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding at Beginning | shares | 46,685 | |
Number of Shares, Options Converted at Acquisition | shares | 20,530 | |
Number of Shares, Exercised/Released | shares | (23,365) | |
Number of Shares, Expired | shares | (15,305) | |
Number of Shares, Outstanding at Ending | shares | 28,545 | 46,685 |
Number of Shares, Exercisable at Ending | shares | 28,545 | |
Weighted Average Exercise Price, Outstanding at Beginning | $ / shares | $ 31.88 | |
Weighted Average Exercise Price, Options Converted at Acquisition | $ / shares | 46.76 | |
Weighted Average Exercise Price, Exercised/Released | $ / shares | $ 33.06 | |
Weighted Average Exercise Price, Expired | $ / shares | 45.85 | |
Weighted Average Exercise Price, Outstanding at Ending | $ / shares | 34.11 | $ 31.88 |
Weighted Average Exercise Price, Exercisable at Ending | $ / shares | $ 34.11 | |
Weighted Average Remaining Contractual Term (Years) | 2 years 2 months 12 days | 2 years 7 months 6 days |
Weighted Average Remaining Contractual Term (Years), Exercisable at Ending | 2 years 2 months 12 days | |
Aggregate Intrinsic Value, Outstanding at Beginning | $ | $ 164 | |
Aggregate Intrinsic Value, Exercised/Released | $ | 180 | |
Aggregate Intrinsic Value, Expired | $ | 6 | |
Aggregate Intrinsic Value, Outstanding at Ending | $ | 296 | $ 164 |
Aggregate Intrinsic Value, Exercisable at Ending | $ | $ 296 |
Share-Based Payment Arrangeme_5
Share-Based Payment Arrangements (Summary of Nonvested Restricted and Performance Shares) (Details) - Restricted and Performance Shares [Member] | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Nonvested at Beginning | shares | 1,494,041 |
Number of Shares, Granted | shares | 694,377 |
Number of Shares, Vested | shares | (525,166) |
Number of Shares, Cancelled/Forfeited | shares | (66,994) |
Number of Shares, Nonvested at Ending | shares | 1,596,258 |
Weighted Average Grant Date Fair Value, Nonvested at Beginning | $ / shares | $ 39.89 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 39.85 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 38.20 |
Weighted Average Grant Date Fair Value, Cancelled/Forfeited | $ / shares | 39.88 |
Weighted Average Grant Date Fair Value, Nonvested at Ending | $ / shares | $ 40.43 |
Commitments and Contingencies_2
Commitments and Contingencies (Narrative) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Reserve for unfunded lending commitments | $ 3,974 |
Commitments and Contingencies_3
Commitments and Contingencies (Off-Balance Sheet Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments to Extend Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Contract amounts | $ 7,530,143 | $ 7,234,528 |
Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Contract amounts | $ 393,284 | $ 365,498 |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Assets and Liabilities Measured at Fair Value on Recurring Basis) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | $ 4,675,304 | $ 2,691,037 | |
Derivative assets | 23 | 3,325 | |
Derivative liabilities | 11,953 | 2,160 | |
Total recurring fair value measurements - liabilities | 5,700 | 7,300 | |
Recurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 4,675,304 | 2,691,037 | |
Derivative assets | [1] | 54,446 | 16,980 |
Total fair value measurements | 4,729,750 | 2,708,017 | |
Derivative liabilities | [1] | 21,089 | 22,227 |
Total recurring fair value measurements - liabilities | 21,089 | 22,227 | |
Recurring [Member] | U.S. Treasury And Government Agency Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 98,672 | 71,706 | |
Recurring [Member] | Municipal Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 249,805 | 240,427 | |
Recurring [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 7,988 | 3,500 | |
Recurring [Member] | Residential Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 1,924,157 | 1,443,402 | |
Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 1,586,467 | 770,077 | |
Recurring [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 808,215 | 161,925 | |
Recurring [Member] | Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 4,675,304 | 2,691,037 | |
Derivative assets | [1] | 54,446 | 16,980 |
Total fair value measurements | 4,729,750 | 2,708,017 | |
Derivative liabilities | [1] | 15,385 | 14,923 |
Total recurring fair value measurements - liabilities | 15,385 | 14,923 | |
Recurring [Member] | Level 2 [Member] | U.S. Treasury And Government Agency Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 98,672 | 71,706 | |
Recurring [Member] | Level 2 [Member] | Municipal Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 249,805 | 240,427 | |
Recurring [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 7,988 | 3,500 | |
Recurring [Member] | Level 2 [Member] | Residential Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 1,924,157 | 1,443,402 | |
Recurring [Member] | Level 2 [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 1,586,467 | 770,077 | |
Recurring [Member] | Level 2 [Member] | Collateralized Mortgage Obligations [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Available for sale debt securities | 808,215 | 161,925 | |
Recurring [Member] | Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Derivative liabilities | [1] | 5,704 | 7,304 |
Total recurring fair value measurements - liabilities | $ 5,704 | $ 7,304 | |
[1] | For further disaggregation of derivative assets and liabilities, see Note 11 – Derivatives. |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - Recurring [Member] - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Transfers of assets and liabilities between levels | $ 0 | $ 0 |
Visa Inc [Member] | ||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Number of shares of Visa Class B common stock | 192,163 | |
Investment Securities [Member] | Minimum [Member] | ||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Targeted duration | 2 years | |
Investment Securities [Member] | Maximum [Member] | ||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Targeted duration | 5 years 6 months |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule of Level 3 Fair Value Rollforward) (Details) - Level 3 [Member] - Recurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 7,304 | |
Entry into derivative contract | 300 | $ 7,304 |
Cash settlements | (1,900) | |
Ending balance | $ 5,704 | $ 7,304 |
Fair Value Measurements (Overvi
Fair Value Measurements (Overview of the Valuation Techniques and Significant Unobservable Inputs) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | $ 11,953 | $ 2,160 | |
Recurring [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | [1] | 21,089 | 22,227 |
Recurring [Member] | Level 3 [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | [1] | $ 5,704 | 7,304 |
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Time Until Resolution | 24 months | ||
Recurring [Member] | Level 3 [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Time Until Resolution | 48 months | ||
Recurring [Member] | Level 3 [Member] | Measurement Input, Conversion Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Fair Values, Liabilities | $ 5,704 | $ 7,304 | |
Recurring [Member] | Level 3 [Member] | Measurement Input, Conversion Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 1.62 | ||
Recurring [Member] | Level 3 [Member] | Measurement Input, Conversion Rate [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 1.59 | ||
Recurring [Member] | Level 3 [Member] | Measurement Input, VISA Class A Appreciation [Member] | Valuation Technique, Discounted Cash Flow [Member] | Minimum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 6 | ||
Recurring [Member] | Level 3 [Member] | Measurement Input, VISA Class A Appreciation [Member] | Valuation Technique, Discounted Cash Flow [Member] | Maximum [Member] | |||
Fair Value of Financial Instruments, Recurring and Nonrecurring, Valuation Techniques [Line Items] | |||
Values Utilized | 18 | ||
[1] | For further disaggregation of derivative assets and liabilities, see Note 11 – Derivatives. |
Fair Value Measurements (Fina_2
Fair Value Measurements (Financial Assets Measured at Fair Value on Nonrecurring Basis) (Details) - Nonrecurring [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | $ 182,377 | $ 170,918 |
Other real estate owned and foreclosed assets | 24,422 | |
Other real estate owned | 14,594 | |
Total fair value measurements | 206,799 | 185,512 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent impaired loans | 182,377 | 170,918 |
Total fair value measurements | 182,377 | 170,918 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Other real estate owned and foreclosed assets | 24,422 | |
Other real estate owned | 14,594 | |
Total fair value measurements | $ 24,422 | $ 14,594 |
Fair Value Measurements (Estima
Fair Value Measurements (Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available for sale securities | $ 4,675,304 | $ 2,691,037 |
Held to maturity securities | 1,568,009 | 2,979,547 |
Derivative financial instruments | 23 | 3,325 |
Derivative financial instruments | 11,953 | 2,160 |
Total Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 542,333 | 494,466 |
Available for sale securities | 4,675,304 | 2,961,037 |
Held to maturity securities | 1,611,004 | 2,935,856 |
Loans, net | 21,044,079 | 19,726,887 |
Loans held for sale | 55,864 | 28,150 |
Derivative financial instruments | 54,446 | 16,980 |
Deposits | 23,786,775 | 23,129,574 |
Federal funds purchased | 195,450 | 425 |
Securities sold under agreements to repurchase | 484,422 | 428,599 |
Short-term FHLB Borrowings | 2,035,000 | 1,160,104 |
Long-term debt | 226,098 | 223,135 |
Derivative financial instruments | 21,089 | 22,227 |
Total Fair Value [Member] | Level 1 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 542,333 | 494,466 |
Federal funds purchased | 195,450 | 425 |
Securities sold under agreements to repurchase | 484,422 | 428,599 |
Short-term FHLB Borrowings | 2,035,000 | 1,160,104 |
Total Fair Value [Member] | Level 2 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Available for sale securities | 4,675,304 | 2,961,037 |
Held to maturity securities | 1,611,004 | 2,935,856 |
Loans, net | 182,377 | 170,918 |
Loans held for sale | 55,864 | 28,150 |
Derivative financial instruments | 54,446 | 16,980 |
Long-term debt | 226,098 | 223,135 |
Derivative financial instruments | 15,385 | 14,923 |
Total Fair Value [Member] | Level 3 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans, net | 20,861,702 | 19,555,969 |
Deposits | 23,786,775 | 23,129,574 |
Derivative financial instruments | 5,704 | 7,304 |
Carrying Amount [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash, interest-bearing bank deposits, and federal funds sold | 542,333 | 494,466 |
Available for sale securities | 4,675,304 | 2,691,037 |
Held to maturity securities | 1,568,009 | 2,979,547 |
Loans, net | 21,021,504 | 19,831,897 |
Loans held for sale | 55,864 | 28,150 |
Derivative financial instruments | 54,446 | 16,980 |
Deposits | 23,803,575 | 23,150,185 |
Federal funds purchased | 195,450 | 425 |
Securities sold under agreements to repurchase | 484,422 | 428,599 |
Short-term FHLB Borrowings | 2,035,000 | 1,160,104 |
Long-term debt | 233,462 | 224,993 |
Derivative financial instruments | $ 21,089 | $ 22,227 |
Condensed Parent Company Info_3
Condensed Parent Company Information (Condensed Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Total assets | $ 30,600,757 | $ 28,235,907 | ||
Long term debt | 233,462 | 224,993 | ||
Other liabilities | 205,539 | 177,994 | ||
Stockholders' equity | 3,467,685 | 3,081,340 | $ 2,884,949 | $ 2,719,768 |
Total liabilities and stockholders' equity | 30,600,757 | 28,235,907 | ||
Hancock Whitney Corporation [Member] | ||||
Cash | 57,943 | 153,939 | ||
Investment in bank subsidiaries | 3,524,029 | 3,040,186 | ||
Investment in non-bank subsidiaries | 23,498 | 26,274 | ||
Due from subsidiaries and other assets | 9,101 | 6,868 | ||
Total assets | 3,614,571 | 3,227,267 | ||
Long term debt | 145,572 | 145,396 | ||
Other liabilities | 1,314 | 531 | ||
Stockholders' equity | 3,467,685 | 3,081,340 | ||
Total liabilities and stockholders' equity | $ 3,614,571 | $ 3,227,267 |
Condensed Parent Company Info_4
Condensed Parent Company Information (Condensed Statements of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income tax benefit | $ 65,359 | $ 58,346 | $ 92,802 |
Net income | 327,380 | 323,770 | 215,632 |
Other comprehensive income (loss) | 125,985 | (46,307) | 11,460 |
Comprehensive income | 453,365 | 277,463 | 227,092 |
Hancock Whitney Corporation [Member] | |||
Cash dividends received from bank subsidiaries | 240,000 | 200,000 | 90,000 |
Cash dividend from nonbank Subsidiary | 5,000 | ||
Noncash dividend from bank subsidiaries | 11,708 | ||
Equity in earnings of subsidiaries greater than dividends received | 94,185 | 137,914 | 124,531 |
Total operating income | 339,185 | 337,914 | 226,239 |
Other expense, net | (15,635) | (18,728) | (16,931) |
Income tax benefit | (3,830) | (4,584) | (6,324) |
Net income | 327,380 | 323,770 | 215,632 |
Other comprehensive income (loss) | 125,985 | (46,307) | 11,460 |
Comprehensive income | $ 453,365 | $ 277,463 | $ 227,092 |
Condensed Parent Company Info_5
Condensed Parent Company Information (Condensed Statements of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net cash provided by operating activities | $ 351,949 | $ 449,184 | $ 411,085 |
Proceeds from sale of securities available for sale | 268,413 | 455,162 | 213,877 |
Other, net | (65,597) | 551 | (4,971) |
Net cash used in investing activities | (459,022) | (846,902) | (895,321) |
Repayment of long term debt | (14,222) | (90,216) | (204,111) |
Dividends paid to stockholders | (94,871) | (88,838) | (83,266) |
Repurchase of common stock | (185,000) | (8,267) | |
Payroll tax remitted on net share settlement of equity awards | (6,295) | (8,695) | (11,881) |
Net cash provided by financing activities | 155,805 | 394,142 | 498,495 |
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | 48,732 | (3,576) | 14,259 |
CASH AND DUE FROM BANKS, BEGINNING | 383,372 | 386,948 | 372,689 |
CASH AND DUE FROM BANKS, ENDING | 432,104 | 383,372 | 386,948 |
Hancock Whitney Corporation [Member] | |||
Cash flows from operating activities - principally dividends received from subsidiaries | 255,322 | 216,270 | 111,591 |
Net cash provided by operating activities | 255,322 | 216,270 | 111,591 |
Contribution of capital to subsidiary | (50,000) | (270,000) | |
Net cash received in acquisition | 38,505 | ||
Proceeds from sale of securities available for sale | 47,557 | ||
Proceeds from principal paydowns of securities available for sale | 9,091 | 11,015 | |
Other, net | (1,874) | ||
Net cash used in investing activities | (13,369) | 56,648 | (258,985) |
Repayment of long term debt | (13,919) | (89,200) | (17,900) |
Dividends paid to stockholders | (94,871) | (88,838) | (83,266) |
Repurchase of common stock | (8,267) | ||
Proceeds from issuance of common stock | 4,265 | 4,693 | 15,312 |
Payroll tax remitted on net share settlement of equity awards | (6,295) | (8,695) | (11,881) |
Payment accelerated share repurchase agreement | (185,000) | ||
Other, net | (42,129) | ||
Net cash provided by financing activities | (337,949) | (190,307) | (97,735) |
NET INCREASE (DECREASE) IN CASH AND DUE FROM BANKS | (95,996) | 82,611 | (245,129) |
CASH AND DUE FROM BANKS, BEGINNING | 153,939 | 71,328 | 316,457 |
CASH AND DUE FROM BANKS, ENDING | $ 57,943 | $ 153,939 | $ 71,328 |