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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Wintrust Financial Corporation | NASDAQ:WTFC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.26 | 0.28% | 94.00 | 91.00 | 115.00 | 94.19 | 92.54 | 92.54 | 538,792 | 05:00:10 |
☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Illinois | 36-3873352 | ||||
(State of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of Each Class | Ticker Symbol | Name of Each Exchange on Which Registered | ||||||
Common Stock, no par value | WTFC | The NASDAQ Global Select Market | ||||||
Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, no par value | WTFCM | The NASDAQ Global Select Market | ||||||
Depositary Shares, Each Representing a 1/1,000th Interest in a Share of | WTFCP | The NASDAQ Global Select Market | ||||||
6.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series E, no par value |
Large accelerated filer | ☑ | Accelerated filer | ☐ | ||||||||||||||||||||
Non-accelerated filer | ☐ | (Do not check if a smaller reporting company) | Smaller reporting company | ☐ | |||||||||||||||||||
Emerging growth company | ☐ |
Page | ||||||||
PART I. — FINANCIAL INFORMATION | ||||||||
ITEM 1. | ||||||||
ITEM 2. | ||||||||
ITEM 3. | ||||||||
ITEM 4. | ||||||||
PART II. — OTHER INFORMATION | ||||||||
ITEM 1. | ||||||||
ITEM 1A. | ||||||||
ITEM 2. | ||||||||
ITEM 3. | Defaults Upon Senior Securities | NA | ||||||
ITEM 4. | Mine Safety Disclosures | NA | ||||||
ITEM 5. | ||||||||
ITEM 6. | ||||||||
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CONDITION | |||||||||||||||||
(Unaudited) | (Unaudited) | ||||||||||||||||
(In thousands, except share data) | March 31, 2023 | December 31, 2022 | March 31, 2022 | ||||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | $ | 445,928 | $ | 490,908 | $ | 462,516 | |||||||||||
Federal funds sold and securities purchased under resale agreements | 58 | 58 | 700,056 | ||||||||||||||
Interest-bearing deposits with banks | 1,563,578 | 1,988,719 | 4,013,597 | ||||||||||||||
Available-for-sale securities, at fair value | 3,259,845 | 3,243,017 | 2,998,898 | ||||||||||||||
Held-to-maturity securities, at amortized cost, net of allowance for credit losses of $463, $488 and $159 at March 31, 2023, December 31, 2022 and March 31, 2022, respectively ($3.0 billion, $2.9 billion and $3.1 billion fair value at March 31, 2023, December 31, 2022 and March 31, 2022, respectively) | 3,606,391 | 3,640,567 | 3,435,729 | ||||||||||||||
Trading account securities | 102 | 1,127 | 852 | ||||||||||||||
Equity securities with readily determinable fair value | 111,943 | 110,365 | 92,689 | ||||||||||||||
Federal Home Loan Bank and Federal Reserve Bank stock | 244,957 | 224,759 | 136,163 | ||||||||||||||
Brokerage customer receivables | 16,042 | 16,387 | 22,888 | ||||||||||||||
Mortgage loans held-for-sale, at fair value | 302,493 | 299,935 | 606,545 | ||||||||||||||
Loans, net of unearned income | 39,565,471 | 39,196,485 | 35,280,547 | ||||||||||||||
Allowance for loan losses | (287,972) | (270,173) | (250,539) | ||||||||||||||
Net loans | 39,277,499 | 38,926,312 | 35,030,008 | ||||||||||||||
Premises, software and equipment, net | 760,283 | 764,798 | 761,213 | ||||||||||||||
Lease investments, net | 256,301 | 253,928 | 240,656 | ||||||||||||||
Accrued interest receivable and other assets | 1,413,795 | 1,391,342 | 1,066,750 | ||||||||||||||
Trade date securities receivable | 939,758 | 921,717 | — | ||||||||||||||
Goodwill | 653,587 | 653,524 | 655,402 | ||||||||||||||
Other acquisition-related intangible assets | 20,951 | 22,186 | 26,699 | ||||||||||||||
Total assets | $ | 52,873,511 | $ | 52,949,649 | $ | 50,250,661 | |||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||
Deposits: | |||||||||||||||||
Non-interest-bearing | $ | 11,236,083 | $ | 12,668,160 | $ | 13,748,918 | |||||||||||
Interest-bearing | 31,482,128 | 30,234,384 | 28,470,404 | ||||||||||||||
Total deposits | 42,718,211 | 42,902,544 | 42,219,322 | ||||||||||||||
Federal Home Loan Bank advances | 2,316,071 | 2,316,071 | 1,241,071 | ||||||||||||||
Other borrowings | 583,548 | 596,614 | 482,516 | ||||||||||||||
Subordinated notes | 437,493 | 437,392 | 437,033 | ||||||||||||||
Junior subordinated debentures | 253,566 | 253,566 | 253,566 | ||||||||||||||
Trade date securities payable | — | — | 437 | ||||||||||||||
Accrued interest payable and other liabilities | 1,549,116 | 1,646,624 | 1,124,460 | ||||||||||||||
Total liabilities | 47,858,005 | 48,152,811 | 45,758,405 | ||||||||||||||
Shareholders’ Equity: | |||||||||||||||||
Preferred stock, no par value; 20,000,000 shares authorized: | |||||||||||||||||
Series D - $25 liquidation value; 5,000,000 shares issued and outstanding at March 31, 2023, December 31, 2022 and March 31, 2022 | 125,000 | 125,000 | 125,000 | ||||||||||||||
Series E - $25,000 liquidation value; 11,500 shares issued and outstanding at March 31, 2023, December 31, 2022 and March 31, 2022 | 287,500 | 287,500 | 287,500 | ||||||||||||||
Common stock, no par value; $1.00 stated value; 100,000,000 shares authorized at March 31, 2023, December 31, 2022 and March 31, 2022; 61,197,979 shares issued at March 31, 2023, 60,797,270 shares issued at December 31, 2022 and 59,090,903 shares issued at March 31, 2022 | 61,198 | 60,797 | 59,091 | ||||||||||||||
Surplus | 1,913,947 | 1,902,474 | 1,698,093 | ||||||||||||||
Treasury stock, at cost, 21,564 shares at March 31, 2023, 3,262 shares at December 31, 2022, and 1,837,689 shares at March 31, 2022 | (1,966) | (304) | (109,903) | ||||||||||||||
Retained earnings | 2,997,263 | 2,849,007 | 2,548,474 | ||||||||||||||
Accumulated other comprehensive loss | (367,436) | (427,636) | (115,999) | ||||||||||||||
Total shareholders’ equity | 5,015,506 | 4,796,838 | 4,492,256 | ||||||||||||||
Total liabilities and shareholders’ equity | $ | 52,873,511 | $ | 52,949,649 | $ | 50,250,661 |
Three Months Ended | |||||||||||
(In thousands, except per share data) | March 31, 2023 | March 31, 2022 | |||||||||
Interest income | |||||||||||
Interest and fees on loans | $ | 558,692 | $ | 285,698 | |||||||
Mortgage loans held-for-sale | 3,528 | 6,087 | |||||||||
Interest-bearing deposits with banks | 13,468 | 1,687 | |||||||||
Federal funds sold and securities purchased under resale agreements | 70 | 431 | |||||||||
Investment securities | 59,943 | 32,398 | |||||||||
Trading account securities | 14 | 5 | |||||||||
Federal Home Loan Bank and Federal Reserve Bank stock | 3,680 | 1,772 | |||||||||
Brokerage customer receivables | 295 | 174 | |||||||||
Total interest income | 639,690 | 328,252 | |||||||||
Interest expense | |||||||||||
Interest on deposits | 144,802 | 14,854 | |||||||||
Interest on Federal Home Loan Bank advances | 19,135 | 4,816 | |||||||||
Interest on other borrowings | 7,854 | 2,239 | |||||||||
Interest on subordinated notes | 5,488 | 5,482 | |||||||||
Interest on junior subordinated debentures | 4,416 | 1,567 | |||||||||
Total interest expense | 181,695 | 28,958 | |||||||||
Net interest income | 457,995 | 299,294 | |||||||||
Provision for credit losses | 23,045 | 4,106 | |||||||||
Net interest income after provision for credit losses | 434,950 | 295,188 | |||||||||
Non-interest income | |||||||||||
Wealth management | 29,945 | 31,394 | |||||||||
Mortgage banking | 18,264 | 77,231 | |||||||||
Service charges on deposit accounts | 12,903 | 15,283 | |||||||||
Gains (losses) on investment securities, net | 1,398 | (2,782) | |||||||||
Fees from covered call options | 10,391 | 3,742 | |||||||||
Trading gains, net | 813 | 3,889 | |||||||||
Operating lease income, net | 13,046 | 15,475 | |||||||||
Other | 21,009 | 18,558 | |||||||||
Total non-interest income | 107,769 | 162,790 | |||||||||
Non-interest expense | |||||||||||
Salaries and employee benefits | 176,781 | 172,355 | |||||||||
Software and equipment | 24,697 | 22,810 | |||||||||
Operating lease equipment | 9,833 | 9,708 | |||||||||
Occupancy, net | 18,486 | 17,824 | |||||||||
Data processing | 9,409 | 7,505 | |||||||||
Advertising and marketing | 11,946 | 11,924 | |||||||||
Professional fees | 8,163 | 8,401 | |||||||||
Amortization of other acquisition-related intangible assets | 1,235 | 1,609 | |||||||||
FDIC insurance | 8,669 | 7,729 | |||||||||
Other real estate owned expense, net | (207) | (1,032) | |||||||||
Other | 30,157 | 25,465 | |||||||||
Total non-interest expense | 299,169 | 284,298 | |||||||||
Income before taxes | 243,550 | 173,680 | |||||||||
Income tax expense | 63,352 | 46,289 | |||||||||
Net income | $ | 180,198 | $ | 127,391 | |||||||
Preferred stock dividends | 6,991 | 6,991 | |||||||||
Net income applicable to common shares | $ | 173,207 | $ | 120,400 | |||||||
Net income per common share—Basic | $ | 2.84 | $ | 2.11 | |||||||
Net income per common share—Diluted | $ | 2.80 | $ | 2.07 | |||||||
Cash dividends declared per common share | $ | 0.40 | $ | 0.34 | |||||||
Weighted average common shares outstanding | 60,950 | 57,196 | |||||||||
Dilutive potential common shares | 873 | 862 | |||||||||
Average common shares and dilutive common shares | 61,823 | 58,058 |
Three Months Ended | |||||||||||
(In thousands) | March 31, 2023 | March 31, 2022 | |||||||||
Net income | $ | 180,198 | $ | 127,391 | |||||||
Unrealized gains (losses) on available-for-sale securities | |||||||||||
Before tax | 47,040 | (206,017) | |||||||||
Tax effect | (12,537) | 54,903 | |||||||||
Net of tax | 34,503 | (151,114) | |||||||||
Reclassification of net gains on available-for-sale securities included in net income | |||||||||||
Before tax | 560 | 250 | |||||||||
Tax effect | (151) | (67) | |||||||||
Net of tax | 409 | 183 | |||||||||
Reclassification of amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale | |||||||||||
Before tax | 43 | 42 | |||||||||
Tax effect | (11) | (11) | |||||||||
Net of tax | 32 | 31 | |||||||||
Net unrealized gains (losses) on available-for-sale securities | 34,062 | (151,328) | |||||||||
Unrealized gains on derivative instruments | |||||||||||
Before tax | 34,666 | 39,481 | |||||||||
Tax effect | (9,238) | (10,532) | |||||||||
Net unrealized gains on derivative instruments | 25,428 | 28,949 | |||||||||
Foreign currency adjustment | |||||||||||
Before tax | 890 | 2,842 | |||||||||
Tax effect | (180) | (554) | |||||||||
Net foreign currency adjustment | 710 | 2,288 | |||||||||
Total other comprehensive income (loss) | 60,200 | (120,091) | |||||||||
Comprehensive income | $ | 240,398 | $ | 7,300 |
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED) | |||||||||||||||||||||||||||||||||||||||||
(In thousands, except per share data) | Preferred stock | Common stock | Surplus | Treasury stock | Retained earnings | Accumulated other comprehensive income (loss) | Total shareholders’ equity | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | $ | 412,500 | $ | 58,892 | $ | 1,685,572 | $ | (109,903) | $ | 2,447,535 | $ | 4,092 | $ | 4,498,688 | |||||||||||||||||||||||||||
Net income | — | — | — | — | 127,391 | — | 127,391 | ||||||||||||||||||||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | — | — | (120,091) | (120,091) | ||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock, $0.34 per share | — | — | — | — | (19,461) | — | (19,461) | ||||||||||||||||||||||||||||||||||
Dividends on Series D preferred stock, $0.41 per share and Series E preferred stock, $429.69 per share | — | — | — | — | (6,991) | — | (6,991) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 7,891 | — | — | — | 7,891 | ||||||||||||||||||||||||||||||||||
Common stock issued for: | |||||||||||||||||||||||||||||||||||||||||
Exercise of stock options and warrants | — | 79 | 3,279 | — | — | — | 3,358 | ||||||||||||||||||||||||||||||||||
Restricted stock awards | — | 52 | (52) | — | — | — | — | ||||||||||||||||||||||||||||||||||
Employee stock purchase plan | — | 10 | 832 | — | — | — | 842 | ||||||||||||||||||||||||||||||||||
Director compensation plan | — | 58 | 571 | — | — | — | 629 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 412,500 | $ | 59,091 | $ | 1,698,093 | $ | (109,903) | $ | 2,548,474 | $ | (115,999) | $ | 4,492,256 | |||||||||||||||||||||||||||
Balance at January 1, 2023 | $ | 412,500 | $ | 60,797 | $ | 1,902,474 | $ | (304) | $ | 2,849,007 | $ | (427,636) | $ | 4,796,838 | |||||||||||||||||||||||||||
— | — | — | — | (544) | — | (544) | |||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | 180,198 | — | 180,198 | ||||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | — | 60,200 | 60,200 | ||||||||||||||||||||||||||||||||||
Cash dividends declared on common stock, $0.40 per share | — | — | — | — | (24,407) | — | (24,407) | ||||||||||||||||||||||||||||||||||
Dividends on Series D preferred stock, $0.41 per share and Series E preferred stock, $429.69 per share | — | — | — | — | (6,991) | — | (6,991) | ||||||||||||||||||||||||||||||||||
Stock-based compensation | — | — | 8,295 | — | — | — | 8,295 | ||||||||||||||||||||||||||||||||||
Common stock issued for: | |||||||||||||||||||||||||||||||||||||||||
Exercise of stock options and warrants | — | 54 | 2,162 | — | — | — | 2,216 | ||||||||||||||||||||||||||||||||||
Restricted stock awards | — | 275 | (275) | (1,662) | — | — | (1,662) | ||||||||||||||||||||||||||||||||||
Employee stock purchase plan | — | 9 | 685 | — | — | — | 694 | ||||||||||||||||||||||||||||||||||
Director compensation plan | — | 63 | 606 | — | — | — | 669 | ||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | 412,500 | $ | 61,198 | $ | 1,913,947 | $ | (1,966) | $ | 2,997,263 | $ | (367,436) | $ | 5,015,506 | |||||||||||||||||||||||||||
Three Months Ended | |||||||||||
(In thousands) | March 31, 2023 | March 31, 2022 | |||||||||
Operating Activities: | |||||||||||
Net income | $ | 180,198 | $ | 127,391 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Provision for credit losses | 23,045 | 4,106 | |||||||||
Depreciation, amortization and accretion, net | 18,798 | 24,526 | |||||||||
Stock-based compensation expense | 8,295 | 7,891 | |||||||||
Amortization of premium on securities, net | 275 | 893 | |||||||||
Accretion of discount and deferred fees on loans, net | (4,263) | (7,540) | |||||||||
Mortgage servicing rights fair value changes, net of economic hedge | 10,863 | (37,349) | |||||||||
Non-designated derivatives fair value changes, net | (2,805) | (4,046) | |||||||||
Originations and purchases of mortgage loans held-for-sale | (366,006) | (887,393) | |||||||||
Early buy-out exercises of mortgage loans held-for-sale guaranteed by U.S. government agencies, net of subsequent paydowns or payoffs | (6,334) | (4,065) | |||||||||
Proceeds from sales of mortgage loans held-for-sale | 366,509 | 1,085,471 | |||||||||
Bank owned life insurance (“BOLI”) loss (income) | 1,351 | (48) | |||||||||
Decrease in trading securities, net | 1,025 | 209 | |||||||||
Decrease in brokerage customer receivables, net | 345 | 3,180 | |||||||||
Gains on mortgage loans sold | (10,795) | (20,690) | |||||||||
(Gains) losses on investment securities, net | (1,398) | 2,782 | |||||||||
Losses (gains) on sales of premises and equipment, net | 93 | (9) | |||||||||
Losses (gains) on sales and fair value adjustments of other real estate owned, net | 99 | (1,038) | |||||||||
(Increase) decrease in accrued interest receivable and other assets, net | (97,024) | 110,691 | |||||||||
(Decrease) increase in accrued interest payable and other liabilities, net | (53,830) | 53,062 | |||||||||
Net Cash Provided by Operating Activities | 68,441 | 458,024 | |||||||||
Investing Activities: | |||||||||||
Proceeds from maturities and calls of available-for-sale securities | 1,008,597 | 119,041 | |||||||||
Proceeds from maturities and calls of held-to-maturity securities | 40,342 | 66,966 | |||||||||
Proceeds from sales of available-for-sale securities | — | — | |||||||||
Proceeds from sales of equity securities with readily determinable fair value | 23,592 | 18,753 | |||||||||
Proceeds from sales and capital distributions of equity securities without readily determinable fair value | 67 | 250 | |||||||||
Purchases of available-for-sale securities | (996,433) | (996,293) | |||||||||
Purchases of held-to-maturity securities | (6,443) | (560,903) | |||||||||
Purchases of equity securities with readily determinable fair value | (23,697) | (23,255) | |||||||||
Purchases of equity securities without readily determinable fair value | (4,850) | (1,010) | |||||||||
Redemptions (purchases) of Federal Home Loan Bank and Federal Reserve Bank stock, net | 20,198 | (785) | |||||||||
Distributions from investments in partnerships, net | 2,794 | 124 | |||||||||
Proceeds from sales of other real estate owned | 435 | 2,497 | |||||||||
Decrease in interest-bearing deposits with banks, net | 424,842 | 1,359,947 | |||||||||
Increase in loans, net | (365,885) | (472,409) | |||||||||
Redemption of BOLI | — | 960 | |||||||||
Purchases of premises and equipment, net | (9,139) | (7,722) | |||||||||
Net Cash Provided by (Used for) Investing Activities | 114,420 | (493,839) | |||||||||
Financing Activities: | |||||||||||
(Decrease) increase in deposit accounts, net | (184,335) | 123,733 | |||||||||
Decrease in other borrowings, net | (13,968) | (14,928) | |||||||||
Increase in Federal Home Loan Bank advances, net | — | — | |||||||||
Cash payments to settle contingent consideration liabilities recognized in business combinations | (57) | — | |||||||||
Issuance of common shares resulting from the exercise of stock options and employee stock purchase plan | 3,579 | 4,829 | |||||||||
Common stock repurchases for tax withholdings related to stock-based compensation | (1,662) | — | |||||||||
Dividends paid | (31,398) | (26,452) | |||||||||
Net Cash (Used for) Provided by Financing Activities | (227,841) | 87,182 | |||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (44,980) | 51,367 | |||||||||
Cash and Cash Equivalents at Beginning of Period | 490,966 | 411,205 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 445,986 | $ | 462,572 |
March 31, 2023 | |||||||||||||||||||||||
(In thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||
U.S. Treasury | $ | 4,947 | $ | 1 | $ | — | $ | 4,948 | |||||||||||||||
U.S. government agencies | 80,000 | — | (5,138) | 74,862 | |||||||||||||||||||
Municipal | 164,110 | 439 | (4,163) | 160,386 | |||||||||||||||||||
Corporate notes: | |||||||||||||||||||||||
Financial issuers | 93,995 | — | (11,320) | 82,675 | |||||||||||||||||||
Other | 1,000 | — | — | 1,000 | |||||||||||||||||||
Mortgage-backed: (1) | |||||||||||||||||||||||
Mortgage-backed securities | 3,300,048 | 1,787 | (445,405) | 2,856,430 | |||||||||||||||||||
Collateralized mortgage obligations | 95,880 | — | (16,336) | 79,544 | |||||||||||||||||||
Total available-for-sale securities | $ | 3,739,980 | $ | 2,227 | $ | (482,362) | $ | 3,259,845 | |||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||
U.S. government agencies | $ | 339,608 | $ | 24 | $ | (70,064) | $ | 269,568 | |||||||||||||||
Municipal | 174,720 | 1,117 | (2,880) | 172,957 | |||||||||||||||||||
Mortgage-backed: (1) | |||||||||||||||||||||||
Mortgage-backed securities | 2,872,591 | 1,197 | (533,415) | 2,340,373 | |||||||||||||||||||
Collateralized mortgage obligations | 161,874 | — | (22,431) | 139,443 | |||||||||||||||||||
Corporate notes | 58,061 | 14 | (4,218) | 53,857 | |||||||||||||||||||
Total held-to-maturity securities | $ | 3,606,854 | $ | 2,352 | $ | (633,008) | $ | 2,976,198 | |||||||||||||||
Less: Allowance for credit losses | (463) | ||||||||||||||||||||||
Held-to-maturity securities, net of allowance for credit losses | $ | 3,606,391 | |||||||||||||||||||||
Equity securities with readily determinable fair value | $ | 116,296 | $ | 3,065 | $ | (7,418) | $ | 111,943 |
December 31, 2022 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||
U.S. Treasury | $ | 14,943 | $ | 5 | $ | — | $ | 14,948 | |||||||||||||||
U.S. government agencies | 80,000 | 36 | (5,814) | 74,222 | |||||||||||||||||||
Municipal | 173,861 | 230 | (5,436) | 168,655 | |||||||||||||||||||
Corporate notes: | |||||||||||||||||||||||
Financial issuers | 93,994 | — | (9,291) | 84,703 | |||||||||||||||||||
Other | 1,000 | 2 | — | 1,002 | |||||||||||||||||||
Mortgage-backed: (1) | |||||||||||||||||||||||
Mortgage-backed securities | 3,308,494 | 238 | (488,795) | 2,819,937 | |||||||||||||||||||
Collateralized mortgage obligations | 97,342 | — | (17,792) | 79,550 | |||||||||||||||||||
Total available-for-sale securities | $ | 3,769,634 | $ | 511 | $ | (527,128) | $ | 3,243,017 | |||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||
U.S. government agencies | $ | 339,614 | $ | — | $ | (75,293) | $ | 264,321 | |||||||||||||||
Municipal | 179,027 | 477 | (4,066) | 175,438 | |||||||||||||||||||
Mortgage-backed: (1) | |||||||||||||||||||||||
Mortgage-backed securities | 2,900,031 | — | (583,682) | 2,316,349 | |||||||||||||||||||
Collateralized mortgage obligations | 164,151 | — | (23,322) | 140,829 | |||||||||||||||||||
Corporate notes | 58,232 | — | (5,348) | 52,884 | |||||||||||||||||||
Total held-to-maturity securities | $ | 3,641,055 | $ | 477 | $ | (691,711) | $ | 2,949,821 | |||||||||||||||
Less: Allowance for credit losses | (488) | ||||||||||||||||||||||
Held-to-maturity securities, net of allowance for credit losses | $ | 3,640,567 | |||||||||||||||||||||
Equity securities with readily determinable fair value | $ | 115,552 | $ | 2,935 | $ | (8,122) | $ | 110,365 |
March 31, 2022 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | ||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||
U.S. Treasury | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
U.S. government agencies | 50,000 | 366 | (729) | 49,637 | |||||||||||||||||||
Municipal | 157,563 | 1,019 | (3,093) | 155,489 | |||||||||||||||||||
Corporate notes: | |||||||||||||||||||||||
Financial issuers | 86,994 | 1 | (5,047) | 81,948 | |||||||||||||||||||
Other | 1,000 | — | (9) | 991 | |||||||||||||||||||
Mortgage-backed: (1) | |||||||||||||||||||||||
Mortgage-backed securities | 2,794,760 | 591 | (177,899) | 2,617,452 | |||||||||||||||||||
Collateralized mortgage obligations | 103,424 | 1 | (10,044) | 93,381 | |||||||||||||||||||
Total available-for-sale securities | $ | 3,193,741 | $ | 1,978 | $ | (196,821) | $ | 2,998,898 | |||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||
U.S. government agencies | $ | 264,661 | $ | 35 | $ | (27,673) | $ | 237,023 | |||||||||||||||
Municipal | 180,548 | 3,176 | (1,693) | 182,031 | |||||||||||||||||||
Mortgage-backed: (1) | |||||||||||||||||||||||
Mortgage-backed securities | 2,772,622 | — | (253,254) | 2,519,368 | |||||||||||||||||||
Collateralized mortgage obligations | 174,273 | — | (6,847) | 167,426 | |||||||||||||||||||
Corporate notes | 43,784 | — | (3,205) | 40,579 | |||||||||||||||||||
Total held-to-maturity securities | $ | 3,435,888 | $ | 3,211 | $ | (292,672) | $ | 3,146,427 | |||||||||||||||
Less: Allowance for credit losses | (159) | ||||||||||||||||||||||
Held-to-maturity securities, net of allowance for credit losses | $ | 3,435,729 | |||||||||||||||||||||
Equity securities with readily determinable fair value | $ | 91,629 | $ | 5,259 | $ | (4,199) | $ | 92,689 |
Continuous unrealized losses existing for less than 12 months | Continuous unrealized losses existing for greater than 12 months | Total | |||||||||||||||||||||||||||||||||
(In thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||||||||||
U.S. government agencies | $ | 29,945 | $ | (55) | $ | 44,917 | $ | (5,083) | $ | 74,862 | $ | (5,138) | |||||||||||||||||||||||
Municipal | 58,695 | (624) | 55,413 | (3,539) | 114,108 | (4,163) | |||||||||||||||||||||||||||||
Corporate notes: | |||||||||||||||||||||||||||||||||||
Financial issuers | 9,912 | (87) | 72,763 | (11,233) | 82,675 | (11,320) | |||||||||||||||||||||||||||||
Mortgage-backed: (1) | |||||||||||||||||||||||||||||||||||
Mortgage-backed securities | 219,643 | (7,558) | 2,297,025 | (437,847) | 2,516,668 | (445,405) | |||||||||||||||||||||||||||||
Collateralized mortgage obligations | 72 | (1) | 79,472 | (16,335) | 79,544 | (16,336) | |||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 318,267 | $ | (8,325) | $ | 2,549,590 | $ | (474,037) | $ | 2,867,857 | $ | (482,362) |
Three months ended March 31, | |||||||||||
(In thousands) | 2023 | 2022 | |||||||||
Realized gains on investment securities | $ | 605 | $ | 258 | |||||||
Realized losses on investment securities | (45) | (8) | |||||||||
Net realized gains on investment securities | 560 | 250 | |||||||||
Unrealized gains on equity securities with readily determinable fair value | 2,290 | 180 | |||||||||
Unrealized losses on equity securities with readily determinable fair value | (1,452) | (2,641) | |||||||||
Net unrealized gains (losses) on equity securities with readily determinable fair value | 838 | (2,461) | |||||||||
Upward adjustments of equity securities without readily determinable fair values | — | — | |||||||||
Downward adjustments of equity securities without readily determinable fair values | — | — | |||||||||
Impairment of equity securities without readily determinable fair values | — | (571) | |||||||||
Adjustment and impairment, net, of equity securities without readily determinable fair values | — | (571) | |||||||||
Gains (losses) on investment securities, net | $ | 1,398 | $ | (2,782) | |||||||
Proceeds from sales of available-for-sale securities(1) | $ | — | $ | — | |||||||
Proceeds from sales of equity securities with readily determinable fair value | 23,592 | 18,753 | |||||||||
Proceeds from sales and capital distributions of equity securities without readily determinable fair value | 67 | 250 |
March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||||||
(In thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | Amortized Cost | Fair Value | |||||||||||||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 108,880 | $ | 108,429 | $ | 119,830 | $ | 119,275 | $ | 48,130 | $ | 47,945 | |||||||||||||||||||||||
Due in one to five years | 131,959 | 122,172 | 63,644 | 61,701 | 67,138 | 66,034 | |||||||||||||||||||||||||||||
Due in five to ten years | 39,019 | 35,158 | 115,734 | 105,076 | 110,960 | 105,670 | |||||||||||||||||||||||||||||
Due after ten years | 64,194 | 58,112 | 64,590 | 57,478 | 69,329 | 68,416 | |||||||||||||||||||||||||||||
Mortgage-backed | 3,395,928 | 2,935,974 | 3,405,836 | 2,899,487 | 2,898,184 | 2,710,833 | |||||||||||||||||||||||||||||
Total available-for-sale securities | $ | 3,739,980 | $ | 3,259,845 | $ | 3,769,634 | $ | 3,243,017 | $ | 3,193,741 | $ | 2,998,898 | |||||||||||||||||||||||
Held-to-maturity securities | |||||||||||||||||||||||||||||||||||
Due in one year or less | $ | 2,302 | $ | 2,300 | $ | 1,340 | $ | 1,332 | $ | 1,208 | $ | 1,213 | |||||||||||||||||||||||
Due in one to five years | 98,207 | 93,717 | 94,705 | 89,093 | 83,085 | 80,210 | |||||||||||||||||||||||||||||
Due in five to ten years | 110,967 | 110,892 | 115,318 | 113,758 | 101,410 | 102,940 | |||||||||||||||||||||||||||||
Due after ten years | 360,913 | 289,473 | 365,510 | 288,460 | 303,290 | 275,270 | |||||||||||||||||||||||||||||
Mortgage-backed | 3,034,465 | 2,479,816 | 3,064,182 | 2,457,178 | 2,946,895 | 2,686,794 | |||||||||||||||||||||||||||||
Total held-to-maturity securities | $ | 3,606,854 | $ | 2,976,198 | $ | 3,641,055 | $ | 2,949,821 | $ | 3,435,888 | $ | 3,146,427 | |||||||||||||||||||||||
Less: Allowance for credit losses | (463) | (488) | (159) | ||||||||||||||||||||||||||||||||
Held-to-maturity securities, net of allowance for credit losses | $ | 3,606,391 | $ | 3,640,567 | $ | 3,435,729 | |||||||||||||||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2022 | ||||||||||||||
Balance: | |||||||||||||||||
Commercial | $ | 12,576,985 | $ | 12,549,164 | $ | 11,583,963 | |||||||||||
Commercial real estate | 10,239,078 | 9,950,947 | 9,235,074 | ||||||||||||||
Home equity | 337,016 | 332,698 | 321,435 | ||||||||||||||
Residential real estate | 2,505,545 | 2,372,383 | 1,799,985 | ||||||||||||||
Premium finance receivables | |||||||||||||||||
Property and casualty insurance | 5,738,880 | 5,849,459 | 4,937,408 | ||||||||||||||
Life insurance | 8,125,802 | 8,090,998 | 7,354,163 | ||||||||||||||
Consumer and other | 42,165 | 50,836 | 48,519 | ||||||||||||||
Total loans, net of unearned income | $ | 39,565,471 | $ | 39,196,485 | $ | 35,280,547 | |||||||||||
Mix: | |||||||||||||||||
Commercial | 32 | % | 32 | % | 33 | % | |||||||||||
Commercial real estate | 26 | 25 | 26 | ||||||||||||||
Home equity | 1 | 1 | 1 | ||||||||||||||
Residential real estate | 6 | 6 | 5 | ||||||||||||||
Premium finance receivables | |||||||||||||||||
Property and casualty insurance | 14 | 15 | 14 | ||||||||||||||
Life insurance | 21 | 21 | 21 | ||||||||||||||
Consumer and other | 0 | 0 | 0 | ||||||||||||||
Total loans, net of unearned income | 100 | % | 100 | % | 100 | % |
As of March 31, 2023 | 90+ days and still accruing | 60-89 days past due | 30-59 days past due | ||||||||||||||||||||||||||||||||
(In thousands) | Nonaccrual | Current | Total Loans | ||||||||||||||||||||||||||||||||
Loan Balances (includes PCD): | |||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||
Commercial, industrial and other | $ | 47,950 | $ | — | $ | 10,755 | $ | 95,593 | $ | 12,422,687 | $ | 12,576,985 | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||
Construction and development | 5,404 | — | 4,438 | 19,616 | 1,567,595 | 1,597,053 | |||||||||||||||||||||||||||||
Non-construction | 5,792 | — | 16,101 | 53,064 | 8,567,068 | 8,642,025 | |||||||||||||||||||||||||||||
Home equity | 1,190 | — | 116 | 1,118 | 334,592 | 337,016 | |||||||||||||||||||||||||||||
Residential real estate, excluding early buy-out loans | 11,333 | 104 | 74 | 19,183 | 2,278,699 | 2,309,393 | |||||||||||||||||||||||||||||
Premium finance receivables | |||||||||||||||||||||||||||||||||||
Property and casualty insurance loans | 18,543 | 9,215 | 14,287 | 32,545 | 5,664,290 | 5,738,880 | |||||||||||||||||||||||||||||
Life insurance loans | — | 1,066 | 21,552 | 52,975 | 8,050,209 | 8,125,802 | |||||||||||||||||||||||||||||
Consumer and other | 6 | 87 | 10 | 379 | 41,683 | 42,165 | |||||||||||||||||||||||||||||
Total loans, net of unearned income, excluding early buy-out loans | $ | 90,218 | $ | 10,472 | $ | 67,333 | $ | 274,473 | $ | 38,926,823 | $ | 39,369,319 | |||||||||||||||||||||||
Early buy-out loans guaranteed by U.S. government agencies (1) | 29,245 | 36,920 | — | 1,485 | 128,502 | 196,152 | |||||||||||||||||||||||||||||
Total loans, net of unearned income | $ | 119,463 | $ | 47,392 | $ | 67,333 | $ | 275,958 | $ | 39,055,325 | $ | 39,565,471 |
As of December 31, 2022 | 90+ days and still accruing | 60-89 days past due | 30-59 days past due | ||||||||||||||||||||||||||||||||
(In thousands) | Nonaccrual | Current | Total Loans | ||||||||||||||||||||||||||||||||
Loan Balances (includes PCD): | |||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||
Commercial, industrial and other | $ | 35,579 | $ | 462 | $ | 21,128 | $ | 56,696 | $ | 12,435,299 | $ | 12,549,164 | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||
Construction and development | 416 | — | 361 | 14,390 | 1,471,763 | 1,486,930 | |||||||||||||||||||||||||||||
Non-construction | 5,971 | — | 1,883 | 16,285 | 8,439,878 | 8,464,017 | |||||||||||||||||||||||||||||
Home equity | 1,487 | — | — | 2,152 | 329,059 | 332,698 | |||||||||||||||||||||||||||||
Residential real estate, excluding early buy-out loans | 10,171 | — | 4,364 | 9,982 | 2,183,078 | 2,207,595 | |||||||||||||||||||||||||||||
Premium finance receivables | |||||||||||||||||||||||||||||||||||
Property and casualty insurance loans | 13,470 | 15,841 | 14,926 | 40,557 | 5,764,665 | 5,849,459 | |||||||||||||||||||||||||||||
Life insurance loans | — | 17,245 | 5,260 | 68,725 | 7,999,768 | 8,090,998 | |||||||||||||||||||||||||||||
Consumer and other | 6 | 49 | 18 | 224 | 50,539 | 50,836 | |||||||||||||||||||||||||||||
Total loans, net of unearned income, excluding early buy-out loans | $ | 67,100 | $ | 33,597 | $ | 47,940 | $ | 209,011 | $ | 38,674,049 | $ | 39,031,697 | |||||||||||||||||||||||
Early buy-out loans guaranteed by U.S. government agencies (1) | 31,279 | 47,450 | 984 | 1,584 | 83,491 | 164,788 | |||||||||||||||||||||||||||||
Total loans, net of unearned income | $ | 98,379 | $ | 81,047 | $ | 48,924 | $ | 210,595 | $ | 38,757,540 | $ | 39,196,485 |
As of March 31, 2022 | 90+ days and still accruing | 60-89 days past due | 30-59 days past due | ||||||||||||||||||||||||||||||||
(In thousands) | Nonaccrual | Current | Total Loans | ||||||||||||||||||||||||||||||||
Loan Balances (includes PCD): | |||||||||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||||||||
Commercial, industrial and other | $ | 16,878 | $ | — | $ | 1,294 | $ | 31,889 | $ | 11,533,902 | $ | 11,583,963 | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||
Construction and development | 1,054 | — | — | 1,409 | 1,393,943 | 1,396,406 | |||||||||||||||||||||||||||||
Non-construction | 11,247 | — | 2,648 | 28,732 | 7,796,041 | 7,838,668 | |||||||||||||||||||||||||||||
Home equity | 1,747 | — | 199 | 545 | 318,944 | 321,435 | |||||||||||||||||||||||||||||
Residential real estate, excluding early buy-out loans | 7,262 | — | 293 | 18,808 | 1,723,526 | 1,749,889 | |||||||||||||||||||||||||||||
Premium finance receivables | |||||||||||||||||||||||||||||||||||
Property and casualty insurance loans | 6,707 | 12,363 | 8,890 | 21,278 | 4,888,170 | 4,937,408 | |||||||||||||||||||||||||||||
Life insurance loans | — | — | 22,401 | 15,522 | 7,316,240 | 7,354,163 | |||||||||||||||||||||||||||||
Consumer and other | 4 | 43 | 5 | 221 | 48,246 | 48,519 | |||||||||||||||||||||||||||||
Total loans, net of unearned income, excluding early buy-out loans | $ | 44,899 | $ | 12,406 | $ | 35,730 | $ | 118,404 | $ | 35,019,012 | $ | 35,230,451 | |||||||||||||||||||||||
Early buy-out loans guaranteed by U.S. government agencies (1) | 4,661 | 28,958 | — | 185 | 16,292 | 50,096 | |||||||||||||||||||||||||||||
Total loans, net of unearned income | $ | 49,560 | $ | 41,364 | $ | 35,730 | $ | 118,589 | $ | 35,035,304 | $ | 35,280,547 |
Year of Origination | Revolving | Total | |||||||||||||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | to Term | Loans | ||||||||||||||||||||||||||
Loan Balances: | |||||||||||||||||||||||||||||||||||
Commercial, industrial and other | |||||||||||||||||||||||||||||||||||
Pass | $ | 752,119 | $ | 2,576,073 | $ | 2,081,628 | $ | 940,341 | $ | 603,016 | $ | 1,213,066 | $ | 3,872,419 | $ | 3,497 | $ | 12,042,159 | |||||||||||||||||
Special mention | 402 | 55,314 | 92,315 | 9,462 | 23,220 | 10,695 | 149,012 | 268 | 340,688 | ||||||||||||||||||||||||||
Substandard accrual | — | 13,415 | 40,397 | 2,401 | 12,670 | 40,814 | 36,035 | 456 | 146,188 | ||||||||||||||||||||||||||
Substandard nonaccrual/doubtful | — | 550 | 5,479 | 10,985 | 28,490 | 2,215 | 231 | — | 47,950 | ||||||||||||||||||||||||||
Total commercial, industrial and other | $ | 752,521 | $ | 2,645,352 | $ | 2,219,819 | $ | 963,189 | $ | 667,396 | $ | 1,266,790 | $ | 4,057,697 | $ | 4,221 | $ | 12,576,985 | |||||||||||||||||
Construction and development | |||||||||||||||||||||||||||||||||||
Pass | $ | 42,635 | $ | 506,714 | $ | 512,801 | $ | 204,113 | $ | 111,497 | $ | 119,478 | $ | 12,626 | $ | 369 | $ | 1,510,233 | |||||||||||||||||
Special mention | — | — | 1,475 | 16,480 | 23,494 | 14,360 | — | — | 55,809 | ||||||||||||||||||||||||||
Substandard accrual | — | 2,337 | — | 8,301 | — | 14,969 | — | — | 25,607 | ||||||||||||||||||||||||||
Substandard nonaccrual/doubtful | — | 4,190 | 798 | — | — | 416 | — | — | 5,404 | ||||||||||||||||||||||||||
Total construction and development | $ | 42,635 | $ | 513,241 | $ | 515,074 | $ | 228,894 | $ | 134,991 | $ | 149,223 | $ | 12,626 | $ | 369 | $ | 1,597,053 | |||||||||||||||||
Non-construction | |||||||||||||||||||||||||||||||||||
Pass | $ | 472,528 | $ | 1,862,370 | $ | 1,441,054 | $ | 1,002,397 | $ | 814,910 | $ | 2,637,342 | $ | 184,246 | $ | 649 | $ | 8,415,496 | |||||||||||||||||
Special mention | — | 4,351 | 11,872 | 2,140 | 29,868 | 74,174 | 1,439 | — | 123,844 | ||||||||||||||||||||||||||
Substandard accrual | — | — | 3,163 | 22,041 | 16,827 | 54,862 | — | — | 96,893 | ||||||||||||||||||||||||||
Substandard nonaccrual/doubtful | — | — | — | — | — | 5,792 | — | — | 5,792 | ||||||||||||||||||||||||||
Total non-construction | $ | 472,528 | $ | 1,866,721 | $ | 1,456,089 | $ | 1,026,578 | $ | 861,605 | $ | 2,772,170 | $ | 185,685 | $ | 649 | $ | 8,642,025 | |||||||||||||||||
Home equity | |||||||||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | — | $ | — | $ | 56 | $ | 5,633 | $ | 317,387 | $ | — | $ | 323,076 | |||||||||||||||||
Special mention | — | — | — | — | — | 1,430 | 2,193 | — | 3,623 | ||||||||||||||||||||||||||
Substandard accrual | — | — | — | — | — | 8,214 | 869 | 44 | 9,127 | ||||||||||||||||||||||||||
Substandard nonaccrual/doubtful | — | — | 77 | 116 | 18 | 880 | 99 | — | 1,190 | ||||||||||||||||||||||||||
Total home equity | $ | — | $ | — | $ | 77 | $ | 116 | $ | 74 | $ | 16,157 | $ | 320,548 | $ | 44 | $ | 337,016 | |||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||||||||
Early buy-out loans guaranteed by U.S. government agencies | $ | — | $ | — | $ | 769 | $ | 9,250 | $ | 19,430 | $ | 166,703 | $ | — | $ | — | $ | 196,152 | |||||||||||||||||
Pass | 95,403 | 815,003 | 825,881 | 225,297 | 118,840 | 196,150 | — | — | 2,276,574 |
Special mention | 40 | 3,816 | 718 | 1,992 | 542 | 4,488 | — | — | 11,596 | ||||||||||||||||||||||||||
Substandard accrual | 323 | 1,204 | 1,825 | 1,182 | 1,100 | 4,256 | — | — | 9,890 | ||||||||||||||||||||||||||
Substandard nonaccrual/doubtful | — | 284 | 1,100 | 759 | 1,665 | 7,525 | — | — | 11,333 | ||||||||||||||||||||||||||
Total residential real estate | $ | 95,766 | $ | 820,307 | $ | 830,293 | $ | 238,480 | $ | 141,577 | $ | 379,122 | $ | — | $ | — | $ | 2,505,545 | |||||||||||||||||
Premium finance receivables - property and casualty | |||||||||||||||||||||||||||||||||||
Pass | $ | 2,826,947 | $ | 2,757,313 | $ | 35,647 | $ | 5,270 | $ | 906 | $ | — | $ | — | $ | — | $ | 5,626,083 | |||||||||||||||||
Special mention | 42,025 | 49,190 | 969 | 17 | — | — | — | — | 92,201 | ||||||||||||||||||||||||||
Substandard accrual | 205 | 1,700 | 148 | — | — | — | — | — | 2,053 | ||||||||||||||||||||||||||
Substandard nonaccrual/doubtful | 777 | 16,975 | 779 | 12 | — | — | — | — | 18,543 | ||||||||||||||||||||||||||
Total premium finance receivables - property and casualty | $ | 2,869,954 | $ | 2,825,178 | $ | 37,543 | $ | 5,299 | $ | 906 | $ | — | $ | — | $ | — | $ | 5,738,880 | |||||||||||||||||
Premium finance receivables - life | |||||||||||||||||||||||||||||||||||
Pass | $ | 49,164 | $ | 550,396 | $ | 830,917 | $ | 1,056,414 | $ | 936,674 | $ | 4,699,645 | $ | — | $ | — | $ | 8,123,210 | |||||||||||||||||
Special mention | — | — | 1,156 | 1,436 | — | — | — | — | 2,592 | ||||||||||||||||||||||||||
Substandard accrual | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Substandard nonaccrual/doubtful | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total premium finance receivables - life | $ | 49,164 | $ | 550,396 | $ | 832,073 | $ | 1,057,850 | $ | 936,674 | $ | 4,699,645 | $ | — | $ | — | $ | 8,125,802 | |||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||||||||
Pass | $ | 750 | $ | 2,469 | $ | 1,414 | $ | 200 | $ | 433 | $ | 5,306 | $ | 31,392 | $ | — | $ | 41,964 | |||||||||||||||||
Special mention | — | 6 | 1 | — | 2 | 133 | 3 | — | 145 | ||||||||||||||||||||||||||
Substandard accrual | — | 2 | — | — | — | 40 | 8 | — | 50 | ||||||||||||||||||||||||||
Substandard nonaccrual/doubtful | — | — | 6 | — | — | — | — | — | 6 | ||||||||||||||||||||||||||
Total consumer and other | $ | 750 | $ | 2,477 | $ | 1,421 | $ | 200 | $ | 435 | $ | 5,479 | $ | 31,403 | $ | — | $ | 42,165 | |||||||||||||||||
Total loans | |||||||||||||||||||||||||||||||||||
Early buy-out loans guaranteed by U.S. government agencies | $ | — | $ | — | $ | 769 | $ | 9,250 | $ | 19,430 | $ | 166,703 | $ | — | $ | — | $ | 196,152 | |||||||||||||||||
Pass | 4,239,546 | 9,070,338 | 5,729,342 | 3,434,032 | 2,586,332 | 8,876,620 | 4,418,070 | 4,515 | 38,358,795 | ||||||||||||||||||||||||||
Special mention | 42,467 | 112,677 | 108,506 | 31,527 | 77,126 | 105,280 | 152,647 | 268 | 630,498 | ||||||||||||||||||||||||||
Substandard accrual | 528 | 18,658 | 45,533 | 33,925 | 30,597 | 123,155 | 36,912 | 500 | 289,808 | ||||||||||||||||||||||||||
Substandard nonaccrual/doubtful | 777 | 21,999 | 8,239 | 11,872 | 30,173 | 16,828 | 330 | — | 90,218 | ||||||||||||||||||||||||||
Total loans | $ | 4,283,318 | $ | 9,223,672 | $ | 5,892,389 | $ | 3,520,606 | $ | 2,743,658 | $ | 9,288,586 | $ | 4,607,959 | $ | 5,283 | $ | 39,565,471 | |||||||||||||||||
Current period gross write offs | $ | 478 | $ | 4,893 | $ | 1,194 | $ | 337 | $ | 318 | $ | 131 | $ | — | $ | — | $ | 7,351 |
As of March 31, 2023 | Year of Origination | Total | ||||||||||||||||||||||||
(In thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Balance | |||||||||||||||||||
Amortized Cost Balances: | ||||||||||||||||||||||||||
U.S. government agencies | ||||||||||||||||||||||||||
1-4 internal grade | $ | — | $ | 160,000 | $ | 147,804 | $ | 25,000 | $ | 4,000 | $ | 2,804 | $ | 339,608 | ||||||||||||
5-7 internal grade | — | |||||||||||||||||||||||||
8-10 internal grade | — | |||||||||||||||||||||||||
Total U.S. government agencies | $ | — | $ | 160,000 | $ | 147,804 | $ | 25,000 | $ | 4,000 | $ | 2,804 | $ | 339,608 | ||||||||||||
Municipal | ||||||||||||||||||||||||||
1-4 internal grade | $ | — | $ | 1,042 | $ | 6,978 | $ | 264 | $ | 618 | $ | 165,818 | $ | 174,720 | ||||||||||||
5-7 internal grade | — | — | — | — | — | — | — | |||||||||||||||||||
8-10 internal grade | — | — | — | — | — | — | — | |||||||||||||||||||
Total municipal | $ | — | $ | 1,042 | $ | 6,978 | $ | 264 | $ | 618 | $ | 165,818 | $ | 174,720 | ||||||||||||
Mortgage-backed securities | ||||||||||||||||||||||||||
1-4 internal grade | $ | 5,065 | $ | 606,922 | $ | 2,422,478 | $ | — | $ | — | $ | — | $ | 3,034,465 | ||||||||||||
5-7 internal grade | — | — | — | — | — | — | — | |||||||||||||||||||
8-10 internal grade | — | — | — | — | — | — | — | |||||||||||||||||||
Total mortgage-backed securities | $ | 5,065 | $ | 606,922 | $ | 2,422,478 | $ | — | $ | — | $ | — | $ | 3,034,465 | ||||||||||||
Corporate notes | ||||||||||||||||||||||||||
1-4 internal grade | $ | — | $ | 14,964 | $ | — | $ | 6,009 | $ | 7,291 | $ | 29,797 | $ | 58,061 | ||||||||||||
5-7 internal grade | — | — | — | — | — | — | — | |||||||||||||||||||
8-10 internal grade | — | — | — | — | — | — | — | |||||||||||||||||||
Total corporate notes | $ | — | $ | 14,964 | $ | — | $ | 6,009 | $ | 7,291 | $ | 29,797 | $ | 58,061 | ||||||||||||
Total held-to-maturity securities | $ | 3,606,854 | ||||||||||||||||||||||||
Less: Allowance for credit losses | (463) | |||||||||||||||||||||||||
Held-to-maturity securities, net of allowance for credit losses | $ | 3,606,391 |
March 31, | December 31, | March 31, | ||||||||||||||||||
(In thousands) | 2023 | 2022 | 2022 | |||||||||||||||||
Allowance for loan losses | $ | 287,972 | $ | 270,173 | $ | 250,539 | ||||||||||||||
Allowance for unfunded lending-related commitments losses | 87,826 | 87,275 | 50,629 | |||||||||||||||||
Allowance for loan losses and unfunded lending-related commitments losses | 375,798 | 357,448 | 301,168 | |||||||||||||||||
Allowance for held-to-maturity securities losses | 463 | 488 | 159 | |||||||||||||||||
Allowance for credit losses | $ | 376,261 | $ | 357,936 | $ | 301,327 |
Three months ended March 31, 2023 | Commercial Real Estate | Home Equity | Residential Real Estate | Premium Finance Receivables | Consumer and Other | Total Loans | |||||||||||||||||||||||||||||||||||
(In thousands) | Commercial | ||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses at beginning of period | $ | 142,769 | $ | 184,352 | $ | 7,573 | $ | 11,585 | $ | 10,671 | $ | 498 | $ | 357,448 | |||||||||||||||||||||||||||
111 | 1,356 | (33) | (692) | — | (1) | 741 | |||||||||||||||||||||||||||||||||||
Other adjustments | — | — | — | — | 4 | — | 4 | ||||||||||||||||||||||||||||||||||
Charge-offs | (2,543) | (5) | — | — | (4,650) | (153) | (7,351) | ||||||||||||||||||||||||||||||||||
Recoveries | 392 | 100 | 35 | 4 | 1,323 | 32 | 1,886 | ||||||||||||||||||||||||||||||||||
Provision for credit losses | 8,772 | 8,977 | 153 | 537 | 4,607 | 24 | 23,070 | ||||||||||||||||||||||||||||||||||
Allowance for credit losses at period end | $ | 149,501 | $ | 194,780 | $ | 7,728 | $ | 11,434 | $ | 11,955 | $ | 400 | $ | 375,798 | |||||||||||||||||||||||||||
By measurement method: | |||||||||||||||||||||||||||||||||||||||||
Individually measured | $ | 11,281 | $ | 1,621 | $ | — | $ | — | $ | — | $ | 1 | $ | 12,903 | |||||||||||||||||||||||||||
Collectively measured | 138,220 | 193,159 | 7,728 | 11,434 | 11,955 | 399 | 362,895 | ||||||||||||||||||||||||||||||||||
Loans at period end | |||||||||||||||||||||||||||||||||||||||||
Individually measured | $ | 47,950 | $ | 11,196 | $ | 1,190 | $ | 11,280 | $ | — | $ | 6 | $ | 71,622 | |||||||||||||||||||||||||||
Collectively measured | 12,529,035 | 10,227,882 | 335,826 | 2,286,733 | 13,864,682 | 42,159 | 39,286,317 | ||||||||||||||||||||||||||||||||||
Loans held at fair value | — | — | — | 207,532 | — | — | 207,532 |
Three months ended March 31, 2022 | Commercial | Commercial Real Estate | Home Equity | Residential Real Estate | Premium Finance Receivables | Consumer and Other | Total Loans | ||||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||||||||||
Allowance for credit losses at beginning of period | $ | 119,307 | $ | 144,583 | $ | 10,699 | $ | 8,782 | $ | 15,859 | $ | 423 | $ | 299,653 | |||||||||||||||||||||||||||
Other adjustments | — | — | — | — | 22 | — | 22 | ||||||||||||||||||||||||||||||||||
Charge-offs | (1,414) | (777) | (197) | (466) | (1,678) | (193) | (4,725) | ||||||||||||||||||||||||||||||||||
Recoveries | 538 | 32 | 93 | 5 | 1,476 | 49 | 2,193 | ||||||||||||||||||||||||||||||||||
Provision for credit losses | 2,480 | 1,068 | (29) | 1,108 | (957) | 355 | 4,025 | ||||||||||||||||||||||||||||||||||
Allowance for credit losses at period end | $ | 120,911 | $ | 144,906 | $ | 10,566 | $ | 9,429 | $ | 14,722 | $ | 634 | $ | 301,168 | |||||||||||||||||||||||||||
By measurement method: | |||||||||||||||||||||||||||||||||||||||||
Individually measured | $ | 3,698 | $ | 522 | $ | 127 | $ | 800 | $ | — | $ | 5 | $ | 5,152 | |||||||||||||||||||||||||||
Collectively measured | 117,213 | 144,384 | 10,439 | 8,629 | 14,722 | 629 | 296,016 | ||||||||||||||||||||||||||||||||||
Loans at period end | |||||||||||||||||||||||||||||||||||||||||
Individually measured | $ | 19,651 | $ | 22,370 | $ | 12,904 | $ | 17,842 | $ | — | $ | 79 | $ | 72,846 | |||||||||||||||||||||||||||
Collectively measured | 11,564,312 | 9,212,704 | 308,531 | 1,724,159 | 12,291,571 | 48,440 | 35,149,717 | ||||||||||||||||||||||||||||||||||
Loans held at fair value | — | — | — | 57,984 | — | — | 57,984 |
Three months ended March 31, 2023 (Dollars in thousands) | Total (1) | Percentage of Total Class of Loan | Extension of Term (1) | Reduction of Interest Rate (1) | Delay in Contractual Payments (1) | Extension of Term and Reduction of Interest Rate (1) | ||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | $ | 37,474 | 0.3 | % | $ | 1,938 | $ | 221 | $ | 35,265 | $ | 50 | ||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||
Non-construction | 1,333 | — | 467 | 827 | 39 | — | ||||||||||||||||||||||||||||||||
Home equity | 203 | 0.1 | 203 | — | — | — | ||||||||||||||||||||||||||||||||
Residential real estate | 1,708 | 0.1 | 1,253 | 271 | — | 184 | ||||||||||||||||||||||||||||||||
Premium finance receivables | ||||||||||||||||||||||||||||||||||||||
Property and casualty insurance loans | 11 | 0.0 | 3 | — | — | 8 | ||||||||||||||||||||||||||||||||
Total loans | $ | 40,729 | 0.1 | % | $ | 3,864 | $ | 1,319 | $ | 35,304 | $ | 242 | ||||||||||||||||||||||||||
Weighted average magnitude of modifications: | ||||||||||||||||||||||||||||||||||||||
Duration of extension and delayed payment terms | 27 months | 17 months | ||||||||||||||||||||||||||||||||||||
Reduction of interest rate | 275 | bps |
(Dollars in thousands) | As of March 31, 2023 | Three Months Ended March 31, 2023 | |||||||||
Total (2) | Payments in Default (1)(2) | ||||||||||
Commercial | |||||||||||
Commercial, industrial and other | $ | 37,474 | $ | 2 | |||||||
Commercial real estate | |||||||||||
Non-construction | 1,333 | 828 | |||||||||
Home equity | 203 | 104 | |||||||||
Residential real estate | 1,708 | — | |||||||||
Premium finance receivables | |||||||||||
Property and casualty insurance loans | 11 | 11 | |||||||||
Total loans | $ | 40,729 | $ | 945 |
Three months ended March 31, 2022 (Dollars in thousands) | Total (1)(2) | Extension at Below Market Terms (2) | Reduction of Interest Rate (2) | Modification to Interest-only Payments (2) | Forgiveness of Debt (2) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Count | Balance | Count | Balance | Count | Balance | Count | Balance | Count | Balance | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial, industrial and other | 3 | $ | 282 | 2 | $ | 120 | 1 | $ | 85 | 2 | $ | 247 | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-construction | 2 | 1,907 | 1 | 1,178 | 1 | 1,178 | 2 | 1,907 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential real estate and other | 8 | 908 | 8 | 908 | 7 | 762 | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total loans | 13 | $ | 3,097 | 11 | $ | 2,206 | 9 | $ | 2,025 | 4 | $ | 2,154 | — | $ | — |
(Dollars in thousands) | As of March 31, 2022 | Three Months Ended March 31, 2022 | |||||||||||||||||||||
Total (1)(3) | Payments in Default (2)(3) | ||||||||||||||||||||||
Count | Balance | Count | Balance | ||||||||||||||||||||
Commercial | |||||||||||||||||||||||
Commercial, industrial and other | 17 | $ | 5,205 | 11 | $ | 4,526 | |||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Non-construction | 5 | 4,613 | 2 | 2,163 | |||||||||||||||||||
Residential real estate and other | 35 | 5,021 | 1 | 104 | |||||||||||||||||||
Total loans | 57 | $ | 14,839 | 14 | $ | 6,793 |
(In thousands) | December 31, 2022 | Goodwill Acquired | Impairment Loss | Goodwill Adjustments | March 31, 2023 | ||||||||||||||||||||||||
Community banking | $ | 545,671 | $ | — | $ | — | $ | — | $ | 545,671 | |||||||||||||||||||
Specialty finance | 38,480 | — | — | 63 | 38,543 | ||||||||||||||||||||||||
Wealth management | 69,373 | — | — | — | 69,373 | ||||||||||||||||||||||||
Total | $ | 653,524 | $ | — | $ | — | $ | 63 | $ | 653,587 |
(In thousands) | March 31, 2023 | December 31, 2022 | March 31, 2022 | ||||||||||||||
Community banking segment: | |||||||||||||||||
Core deposit intangibles with finite lives: | |||||||||||||||||
Gross carrying amount | $ | 55,206 | $ | 55,206 | $ | 55,206 | |||||||||||
Accumulated amortization | (43,473) | (42,501) | (39,243) | ||||||||||||||
Net carrying amount | $ | 11,733 | $ | 12,705 | $ | 15,963 | |||||||||||
Trademark with indefinite lives: | |||||||||||||||||
Carrying amount | 5,800 | 5,800 | 5,800 | ||||||||||||||
Total net carrying amount | $ | 17,533 | $ | 18,505 | $ | 21,763 | |||||||||||
Specialty finance segment: | |||||||||||||||||
Customer list intangibles with finite lives: | |||||||||||||||||
Gross carrying amount | $ | 1,962 | $ | 1,962 | $ | 1,968 | |||||||||||
Accumulated amortization | (1,799) | (1,785) | (1,738) | ||||||||||||||
Net carrying amount | $ | 163 | $ | 177 | $ | 230 | |||||||||||
Wealth management segment: | |||||||||||||||||
Customer list and other intangibles with finite lives: | |||||||||||||||||
Gross carrying amount | $ | 20,430 | $ | 20,430 | $ | 20,430 | |||||||||||
Accumulated amortization | (17,175) | (16,926) | (15,724) | ||||||||||||||
Net carrying amount | $ | 3,255 | $ | 3,504 | $ | 4,706 | |||||||||||
Total acquisition-related intangible assets: | |||||||||||||||||
Gross carrying amount | $ | 83,398 | $ | 83,398 | $ | 83,404 | |||||||||||
Accumulated amortization | (62,447) | (61,212) | (56,705) | ||||||||||||||
Total other acquisition-related intangible assets, net | $ | 20,951 | $ | 22,186 | $ | 26,699 |
Estimated amortization | |||||
Actual in three months ended March 31, 2023 | $ | 1,235 | |||
Estimated remaining in 2023 | 3,422 | ||||
Estimated—2024 | 3,259 | ||||
Estimated—2025 | 2,552 | ||||
Estimated—2026 | 1,954 | ||||
Estimated—2027 | 1,450 |
Three Months Ended | ||||||||||||||
March 31, | March 31, | |||||||||||||
(In thousands) | 2023 | 2022 | ||||||||||||
Fair value at beginning of the period | $ | 230,225 | $ | 147,571 | ||||||||||
Additions from loans sold with servicing retained | 5,107 | 14,401 | ||||||||||||
Estimate of changes in fair value due to: | ||||||||||||||
Early buyout options (“EBO”) exercised | — | (175) | ||||||||||||
Payoffs and paydowns | (3,909) | (6,016) | ||||||||||||
Changes in valuation inputs or assumptions | (6,953) | 43,365 | ||||||||||||
Fair value at end of the period | $ | 224,470 | $ | 199,146 | ||||||||||
Unpaid principal balance of mortgage loans serviced for others | $ | 14,080,461 | $ | 13,426,535 |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | March 31, 2022 | ||||||||||||||
Balance: | |||||||||||||||||
Non-interest-bearing | $ | 11,236,083 | $ | 12,668,160 | $ | 13,748,918 | |||||||||||
NOW and interest-bearing demand deposits | 5,576,558 | 5,591,986 | 5,089,724 | ||||||||||||||
Wealth management deposits | 1,809,933 | 2,463,833 | 2,542,995 | ||||||||||||||
Money market | 13,552,277 | 12,886,795 | 13,012,460 | ||||||||||||||
Savings | 5,192,108 | 4,556,635 | 4,089,230 | ||||||||||||||
Time certificates of deposit | 5,351,252 | 4,735,135 | 3,735,995 | ||||||||||||||
Total deposits | $ | 42,718,211 | $ | 42,902,544 | $ | 42,219,322 | |||||||||||
Mix: | |||||||||||||||||
Non-interest-bearing | 26 | % | 30 | % | 32 | % | |||||||||||
NOW and interest-bearing demand deposits | 13 | 13 | 12 | ||||||||||||||
Wealth management deposits | 4 | 5 | 6 | ||||||||||||||
Money market | 32 | 30 | 31 | ||||||||||||||
Savings | 12 | 11 | 10 | ||||||||||||||
Time certificates of deposit | 13 | 11 | 9 | ||||||||||||||
Total deposits | 100 | % | 100 | % | 100 | % |
(In thousands) | March 31, 2023 | December 31, 2022 | March 31, 2022 | ||||||||||||||
FHLB advances | $ | 2,316,071 | $ | 2,316,071 | $ | 1,241,071 | |||||||||||
Other borrowings: | |||||||||||||||||
Notes payable | 192,666 | 199,793 | 74,969 | ||||||||||||||
Short-term borrowings | 10,124 | 17,612 | 15,872 | ||||||||||||||
Secured borrowings | 320,007 | 317,942 | 328,889 | ||||||||||||||
Other | 60,751 | 61,267 | 62,786 | ||||||||||||||
Total other borrowings | 583,548 | 596,614 | 482,516 | ||||||||||||||
Subordinated notes | 437,493 | 437,392 | 437,033 | ||||||||||||||
Total FHLB advances, other borrowings and subordinated notes | $ | 3,337,112 | $ | 3,350,077 | $ | 2,160,620 |
(In thousands) | Overnight Sweep Collateral | |||||||
Available-for-sale securities pledged | ||||||||
Mortgage-backed securities | $ | 18,348 | ||||||
Excess collateral | 8,224 | |||||||
Securities sold under repurchase agreements | $ | 10,124 |
(Dollars in thousands) | Common Securities | Trust Preferred Securities | Junior Subordinated Debentures | Rate Structure | Contractual Rate at 3/31/2023 | Issue Date | Maturity Date | Earliest Redemption Date | |||||||||||||||||||||||||||||||||||||||
Wintrust Capital Trust III | $ | 774 | $ | 25,000 | $ | 25,774 | L+3.25 | 8.08 | % | 04/2003 | 04/2033 | 04/2008 | |||||||||||||||||||||||||||||||||||
Wintrust Statutory Trust IV | 619 | 20,000 | 20,619 | L+2.80 | 7.96 | % | 12/2003 | 12/2033 | 12/2008 | ||||||||||||||||||||||||||||||||||||||
Wintrust Statutory Trust V | 1,238 | 40,000 | 41,238 | L+2.60 | 7.76 | % | 05/2004 | 05/2034 | 06/2009 | ||||||||||||||||||||||||||||||||||||||
Wintrust Capital Trust VII | 1,550 | 50,000 | 51,550 | L+1.95 | 6.82 | % | 12/2004 | 03/2035 | 03/2010 | ||||||||||||||||||||||||||||||||||||||
Wintrust Capital Trust VIII | 1,238 | 25,000 | 26,238 | L+1.45 | 6.61 | % | 08/2005 | 09/2035 | 09/2010 | ||||||||||||||||||||||||||||||||||||||
Wintrust Capital Trust IX | 1,547 | 50,000 | 51,547 | L+1.63 | 6.50 | % | 09/2006 | 09/2036 | 09/2011 | ||||||||||||||||||||||||||||||||||||||
Northview Capital Trust I | 186 | 6,000 | 6,186 | L+3.00 | 7.81 | % | 08/2003 | 11/2033 | 08/2008 | ||||||||||||||||||||||||||||||||||||||
Town Bankshares Capital Trust I | 186 | 6,000 | 6,186 | L+3.00 | 7.81 | % | 08/2003 | 11/2033 | 08/2008 | ||||||||||||||||||||||||||||||||||||||
First Northwest Capital Trust I | 155 | 5,000 | 5,155 | L+3.00 | 8.16 | % | 05/2004 | 05/2034 | 05/2009 | ||||||||||||||||||||||||||||||||||||||
Suburban Illinois Capital Trust II | 464 | 15,000 | 15,464 | L+1.75 | 6.62 | % | 12/2006 | 12/2036 | 12/2011 | ||||||||||||||||||||||||||||||||||||||
Community Financial Shares Statutory Trust II | 109 | 3,500 | 3,609 | L+1.62 | 6.49 | % | 06/2007 | 09/2037 | 06/2012 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 253,566 | 7.16 | % |
Three Months Ended | $ Change in Contribution | % Change in Contribution | |||||||||||||||||||||
(Dollars in thousands) | March 31, 2023 | March 31, 2022 | |||||||||||||||||||||
Net interest income: | |||||||||||||||||||||||
Community Banking | $ | 369,848 | $ | 228,615 | $ | 141,233 | 62 | % | |||||||||||||||
Specialty Finance | 70,351 | 55,370 | 14,981 | 27 | |||||||||||||||||||
Wealth Management | 8,955 | 8,376 | 579 | 7 | |||||||||||||||||||
Total Operating Segments | 449,154 | 292,361 | 156,793 | 54 | |||||||||||||||||||
Intersegment Eliminations | 8,841 | 6,933 | 1,908 | 28 | |||||||||||||||||||
Consolidated net interest income | $ | 457,995 | $ | 299,294 | $ | 158,701 | 53 | % | |||||||||||||||
Provision for credit losses: | |||||||||||||||||||||||
Community Banking | $ | 21,099 | $ | 4,118 | $ | 16,981 | NM | ||||||||||||||||
Specialty Finance | 1,946 | (12) | 1,958 | NM | |||||||||||||||||||
Wealth Management | — | — | — | — | |||||||||||||||||||
Total Operating Segments | 23,045 | 4,106 | 18,939 | NM | |||||||||||||||||||
Intersegment Eliminations | — | — | — | — | |||||||||||||||||||
Consolidated provision for credit losses | $ | 23,045 | $ | 4,106 | $ | 18,939 | NM | ||||||||||||||||
Non-interest income: | |||||||||||||||||||||||
Community Banking | $ | 68,733 | $ | 121,888 | $ | (53,155) | (44) | % | |||||||||||||||
Specialty Finance | 25,790 | 24,122 | 1,668 | 7 | |||||||||||||||||||
Wealth Management | 30,297 | 30,578 | (281) | (1) | |||||||||||||||||||
Total Operating Segments | 124,820 | 176,588 | (51,768) | (29) | |||||||||||||||||||
Intersegment Eliminations | (17,051) | (13,798) | (3,253) | 24 | |||||||||||||||||||
Consolidated non-interest income | $ | 107,769 | $ | 162,790 | $ | (55,021) | (34) | % | |||||||||||||||
Net revenue: | |||||||||||||||||||||||
Community Banking | $ | 438,581 | $ | 350,503 | $ | 88,078 | 25 | % | |||||||||||||||
Specialty Finance | 96,141 | 79,492 | 16,649 | 21 | |||||||||||||||||||
Wealth Management | 39,252 | 38,954 | 298 | 1 | |||||||||||||||||||
Total Operating Segments | 573,974 | 468,949 | 105,025 | 22 | |||||||||||||||||||
Intersegment Eliminations | (8,210) | (6,865) | (1,345) | 20 | |||||||||||||||||||
Consolidated net revenue | $ | 565,764 | $ | 462,084 | $ | 103,680 | 22 | % | |||||||||||||||
Segment profit: | |||||||||||||||||||||||
Community Banking | $ | 134,232 | $ | 90,099 | $ | 44,133 | 49 | % | |||||||||||||||
Specialty Finance | 36,737 | 29,604 | 7,133 | 24 | |||||||||||||||||||
Wealth Management | 9,229 | 7,688 | 1,541 | 20 | |||||||||||||||||||
Consolidated net income | $ | 180,198 | $ | 127,391 | $ | 52,807 | 41 | % | |||||||||||||||
Segment assets: | |||||||||||||||||||||||
Community Banking | $ | 41,611,980 | $ | 40,050,015 | $ | 1,561,965 | 4 | % | |||||||||||||||
Specialty Finance | 9,841,044 | 8,624,501 | 1,216,543 | 14 | |||||||||||||||||||
Wealth Management | 1,420,487 | 1,576,145 | (155,658) | (10) | |||||||||||||||||||
Consolidated total assets | $ | 52,873,511 | $ | 50,250,661 | $ | 2,622,850 | 5 | % |
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||||||||
(In thousands) | March 31, 2023 | December 31, 2022 | March 31, 2022 | March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||
Derivatives designated as hedging instruments under ASC 815: | |||||||||||||||||||||||||||||||||||
Interest rate derivatives designated as Cash Flow Hedges | $ | 25,730 | $ | — | $ | 13,257 | $ | 43,412 | $ | 58,198 | $ | 3,361 | |||||||||||||||||||||||
Interest rate derivatives designated as Fair Value Hedges | 13,732 | 16,768 | 7,388 | — | — | 1,716 | |||||||||||||||||||||||||||||
Total derivatives designated as hedging instruments under ASC 815 | $ | 39,462 | $ | 16,768 | $ | 20,645 | $ | 43,412 | $ | 58,198 | $ | 5,077 | |||||||||||||||||||||||
Derivatives not designated as hedging instruments under ASC 815: | |||||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | 219,869 | $ | 269,670 | $ | 119,056 | $ | 219,053 | $ | 271,109 | $ | 115,002 | |||||||||||||||||||||||
Interest rate lock commitments | 5,356 | 1,711 | 3,447 | 67 | 58 | 1,558 | |||||||||||||||||||||||||||||
Forward commitments to sell mortgage loans | 121 | 220 | 10,063 | 2,953 | 414 | 147 | |||||||||||||||||||||||||||||
Commodity forward contracts | 491 | 257 | — | 315 | 162 | — | |||||||||||||||||||||||||||||
Foreign exchange contracts | 8,705 | 8,222 | 323 | 8,632 | 8,137 | 323 | |||||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments under ASC 815 | $ | 234,542 | $ | 280,080 | $ | 132,889 | $ | 231,020 | $ | 279,880 | $ | 117,030 | |||||||||||||||||||||||
Total Derivatives | $ | 274,004 | $ | 296,848 | $ | 153,534 | $ | 274,432 | $ | 338,078 | $ | 122,107 |
March 31, 2023 | |||||||||||
Notional | Fair Value | ||||||||||
(In thousands) | Amount | Asset (Liability) | |||||||||
Interest Rate Collars at 1-month CME term SOFR: | |||||||||||
Buy 2.250% floor, sell 3.743% cap; matures September 2025 | $ | 1,250,000 | $ | (16,675) | |||||||
Buy 2.750% floor, sell 4.320% cap; matures October 2026 | 500,000 | (126) | |||||||||
Buy 2.000% floor, sell 3.450% cap; matures September 2027 | 1,250,000 | (26,069) | |||||||||
Interest Rate Swaps at 1-month CME term SOFR: | |||||||||||
Fixed 3.748%; matures December 2025 | 250,000 | 26 | |||||||||
Fixed 3.759%; matures December 2025 | 250,000 | 99 | |||||||||
Fixed 3.680%; matures February 2026 | 250,000 | (251) | |||||||||
Fixed 4.176%; matures March 2026 | 250,000 | 3,342 | |||||||||
Fixed 3.915%; matures March 2026 | 250,000 | 1,531 | |||||||||
Fixed 4.450%; matures July 2026 | 250,000 | 6,502 | |||||||||
Fixed 3.515%, matures December 2026 | 250,000 | 123 | |||||||||
Fixed 3.512%; matures December 2026 | 250,000 | 97 | |||||||||
Fixed 3.453%; matures February 2027 | 250,000 | (291) | |||||||||
Fixed 4.150%; matures July 2027 | 250,000 | 7,238 | |||||||||
Fixed 3.748%; matures March 2028 | 250,000 | 4,649 | |||||||||
Fixed 3.526%; matures March 2028 | 250,000 | 2,123 | |||||||||
Total Cash Flow Hedges | $ | 6,000,000 | $ | (17,682) | |||||||
Three Months Ended | |||||||||||
(In thousands) | March 31, 2023 | March 31, 2022 | |||||||||
Unrealized gain at beginning of period | $ | 10,026 | $ | 36,908 | |||||||
Amount reclassified from accumulated other comprehensive income or loss to interest income or expense on deposits, loans, and other borrowings | 3,572 | 5,353 | |||||||||
Amount of gain recognized in other comprehensive income or loss | 31,094 | 34,128 | |||||||||
Unrealized gain at end of period | $ | 44,692 | $ | 76,389 |
March 31, 2023 | |||||||||||||||||||||||
(In thousands) Derivatives in Fair Value Hedging Relationships | Location in the Statement of Condition | Carrying Amount of the Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/(Liabilities) for which Hedge Accounting has been Discontinued | |||||||||||||||||||
Interest rate swaps | Loans, net of unearned income | $ | 138,254 | $ | (13,682) | $ | (100) | ||||||||||||||||
Available-for-sale debt securities | 898 | (15) | — |
(In thousands) Derivatives in Fair Value Hedging Relationships | Location of (Loss)/Gain Recognized in Income on Derivative | Three Months Ended | |||||||||
March 31, 2023 | |||||||||||
Interest rate swaps | Interest and fees on loans | $ | (9) | ||||||||
Interest income - investment securities | — |
(In thousands) | Three Months Ended | ||||||||||||||||
Derivative | Location in income statement | March 31, 2023 | March 31, 2022 | ||||||||||||||
Interest rate swaps and caps | Trading gains, net | $ | 800 | $ | 4,024 | ||||||||||||
Mortgage banking derivatives | Mortgage banking revenue | 3,640 | (7,369) | ||||||||||||||
Commodity contracts | Trading gains (losses), net | 177 | — | ||||||||||||||
Foreign exchange contracts | Trading gains, net | — | — | ||||||||||||||
Covered call options | Fees from covered call options | 10,391 | 3,742 | ||||||||||||||
Derivative contract held as economic hedge on MSRs | Mortgage banking revenue | 946 | — |
Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||
(In thousands) | March 31, 2023 | December 31, 2022 | March 31, 2022 | March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||
Gross Amounts Recognized | $ | 259,331 | $ | 286,438 | $ | 139,701 | $ | 262,465 | $ | 329,307 | $ | 120,079 | |||||||||||||||||||||||
Less: Amounts offset in the Statements of Condition | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Net amount presented in the Statements of Condition | $ | 259,331 | $ | 286,438 | $ | 139,701 | $ | 262,465 | $ | 329,307 | $ | 120,079 | |||||||||||||||||||||||
Gross amounts not offset in the Statements of Condition | |||||||||||||||||||||||||||||||||||
Offsetting Derivative Positions | (55,838) | (64,100) | (19,557) | (55,838) | (64,100) | (19,557) | |||||||||||||||||||||||||||||
Collateral Posted | (181,884) | (194,666) | (70,807) | — | — | (257) | |||||||||||||||||||||||||||||
Net Credit Exposure | $ | 21,609 | $ | 27,672 | $ | 49,337 | $ | 206,627 | $ | 265,207 | $ | 100,265 |
March 31, 2023 | |||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||
U.S. Treasury | $ | 4,948 | $ | 4,948 | $ | — | $ | — | |||||||||||||||
U.S. government agencies | 74,862 | — | 74,862 | — | |||||||||||||||||||
Municipal | 160,386 | — | 48,129 | 112,257 | |||||||||||||||||||
Corporate notes | 83,675 | — | 83,675 | — | |||||||||||||||||||
Mortgage-backed | 2,935,974 | — | 2,935,974 | — | |||||||||||||||||||
Trading account securities | 102 | — | 102 | — | |||||||||||||||||||
Equity securities with readily determinable fair value | 111,943 | 103,877 | 8,066 | — | |||||||||||||||||||
Mortgage loans held-for-sale | 302,493 | — | 258,243 | 44,250 | |||||||||||||||||||
Loans held-for-investment | 202,143 | — | 132,650 | 69,493 | |||||||||||||||||||
MSRs | 224,470 | — | — | 224,470 | |||||||||||||||||||
Nonqualified deferred compensation assets | 14,379 | — | 14,379 | — | |||||||||||||||||||
Derivative assets | 274,004 | — | 268,648 | 5,356 | |||||||||||||||||||
Total | $ | 4,389,379 | $ | 108,825 | $ | 3,824,728 | $ | 455,826 | |||||||||||||||
Derivative liabilities | $ | 274,432 | $ | — | $ | 274,432 | $ | — |
December 31, 2022 | ||||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||
Available-for-sale securities | ||||||||||||||||||||||||||
U.S. Treasury | $ | 14,948 | $ | 14,948 | $ | — | $ | — | ||||||||||||||||||
U.S. government agencies | 74,222 | — | 74,222 | — | ||||||||||||||||||||||
Municipal | 168,655 | — | 51,118 | 117,537 | ||||||||||||||||||||||
Corporate notes | 85,705 | — | 85,705 | — | ||||||||||||||||||||||
Mortgage-backed | 2,899,487 | — | 2,899,487 | — | ||||||||||||||||||||||
Trading account securities | 1,127 | — | 1,127 | — | ||||||||||||||||||||||
Equity securities with readily determinable fair value | 110,365 | 102,299 | 8,066 | — | ||||||||||||||||||||||
Mortgage loans held-for-sale | 299,935 | — | 251,280 | 48,655 | ||||||||||||||||||||||
Loans held-for-investment | 179,932 | — | 95,767 | 84,165 | ||||||||||||||||||||||
MSRs | 230,225 | — | — | 230,225 | ||||||||||||||||||||||
Nonqualified deferred compensation assets | 13,899 | — | 13,899 | — | ||||||||||||||||||||||
Derivative assets | 296,848 | — | 295,137 | 1,711 | ||||||||||||||||||||||
Total | $ | 4,375,348 | $ | 117,247 | $ | 3,775,808 | $ | 482,293 | ||||||||||||||||||
Derivative liabilities | $ | 338,078 | $ | — | $ | 338,078 | $ | — |
March 31, 2022 | |||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Available-for-sale securities | |||||||||||||||||||||||
U.S. Treasury | $ | — | $ | — | $ | — | $ | — | |||||||||||||||
U.S. government agencies | 49,637 | — | 49,637 | — | |||||||||||||||||||
Municipal | 155,489 | — | 55,088 | 100,401 | |||||||||||||||||||
Corporate notes | 82,939 | — | 82,939 | — | |||||||||||||||||||
Mortgage-backed | 2,710,833 | — | 2,710,833 | — | |||||||||||||||||||
Trading account securities | 852 | — | 852 | — | |||||||||||||||||||
Equity securities with readily determinable fair value | 92,689 | 84,623 | 8,066 | — | |||||||||||||||||||
Mortgage loans held-for-sale | 606,545 | — | 606,545 | — | |||||||||||||||||||
Loans held-for-investment | 57,984 | — | 13,520 | 44,464 | |||||||||||||||||||
MSRs | 199,146 | — | — | 199,146 | |||||||||||||||||||
Nonqualified deferred compensation assets | 15,447 | — | 15,447 | — | |||||||||||||||||||
Derivative assets | 153,534 | — | 150,087 | 3,447 | |||||||||||||||||||
Total | $ | 4,125,095 | $ | 84,623 | $ | 3,693,014 | $ | 347,458 | |||||||||||||||
Derivative liabilities | $ | 122,107 | $ | — | $ | 122,107 | $ | — |
Mortgage loans held-for-sale | U.S. Government agencies | Loans held-for- investment | Mortgage servicing rights | Derivative assets | |||||||||||||||||||||||||||||||
(In thousands) | Municipal | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2023 | $ | 117,537 | $ | 48,655 | $ | — | $ | 84,165 | $ | 230,225 | $ | 1,711 | |||||||||||||||||||||||
Total net (losses) gains included in: | |||||||||||||||||||||||||||||||||||
Net income (1) | — | 466 | — | 364 | (5,755) | 3,645 | |||||||||||||||||||||||||||||
Other comprehensive income or loss | (1,662) | — | — | — | — | — | |||||||||||||||||||||||||||||
Purchases | 4,418 | — | — | — | — | — | |||||||||||||||||||||||||||||
Issuances | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Sales | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Settlements | (8,036) | (18,619) | — | (20,322) | — | — | |||||||||||||||||||||||||||||
Net transfers into Level 3 | — | 13,748 | — | 5,286 | — | — | |||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | 112,257 | $ | 44,250 | $ | — | $ | 69,493 | $ | 224,470 | $ | 5,356 |
Mortgage loans held-for-sale | U.S. Government agencies | Loans held-for- investment | Mortgage servicing rights | Derivative assets | |||||||||||||||||||||||||||||||
(In thousands) | Municipal | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2022 | $ | 105,687 | $ | — | $ | — | $ | 15,891 | $ | 147,571 | $ | 10,560 | |||||||||||||||||||||||
Total net gains (losses) included in: | |||||||||||||||||||||||||||||||||||
Net income (1) | — | — | — | (772) | 51,575 | (7,113) | |||||||||||||||||||||||||||||
Other comprehensive income or loss | (5,449) | — | — | — | — | — | |||||||||||||||||||||||||||||
Purchases | 1,246 | — | — | — | — | — | |||||||||||||||||||||||||||||
Issuances | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Sales | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Settlements | (1,083) | — | — | (1,667) | — | — | |||||||||||||||||||||||||||||
Net transfers into Level 3 | — | — | — | 31,012 | — | — | |||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | 100,401 | $ | — | $ | — | $ | 44,464 | $ | 199,146 | $ | 3,447 |
March 31, 2023 | Three Months Ended March 31, 2023 Fair Value Losses Recognized, net | ||||||||||||||||||||||||||||
(In thousands) | Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||
Individually assessed loans - foreclosure probable and collateral-dependent | $ | 71,622 | $ | — | $ | — | $ | 71,622 | $ | 2,501 | |||||||||||||||||||
Other real estate owned (1) | 9,361 | — | — | 9,361 | 104 | ||||||||||||||||||||||||
Total | $ | 80,983 | $ | — | $ | — | $ | 80,983 | $ | 2,605 |
(Dollars in thousands) | Fair Value | Valuation Methodology | Significant Unobservable Input | Range of Inputs | Weighted Average of Inputs | Impact to valuation from an increased or higher input value | |||||||||||||||||||||||||||||
Measured at fair value on a recurring basis: | |||||||||||||||||||||||||||||||||||
Municipal securities | $ | 112,257 | Bond pricing | Equivalent rating | BBB-AA+ | N/A | Increase | ||||||||||||||||||||||||||||
Mortgage loans held-for-sale | 44,250 | Discounted cash flows | Discount rate | 5.96% | 5.96% | Decrease | |||||||||||||||||||||||||||||
Credit discount | 0% - 10% | 0.22% | Decrease | ||||||||||||||||||||||||||||||||
Loans held-for-investment | 69,493 | Discounted cash flows | Discount rate | 5.96% - 6.25% | 5.98% | Decrease | |||||||||||||||||||||||||||||
Credit discount | 0% - 13% | 0.86% | Decrease | ||||||||||||||||||||||||||||||||
Constant prepayment rate (CPR) - current loans | 6.92% | 6.92% | Decrease | ||||||||||||||||||||||||||||||||
Average life - delinquent loans (in years) | 1.2 years - 10.2 years | 5.4 years | Decrease | ||||||||||||||||||||||||||||||||
MSRs | 224,470 | Discounted cash flows | Discount rate | 3% - 33% | 10.33% | Decrease | |||||||||||||||||||||||||||||
Constant prepayment rate (CPR) | 0% - 100% | 6.92% | Decrease | ||||||||||||||||||||||||||||||||
Cost of servicing | $70 - $200 | $ | 76 | Decrease | |||||||||||||||||||||||||||||||
Cost of servicing - delinquent | $200 - 1,000 | $ | 403 | Decrease | |||||||||||||||||||||||||||||||
Derivatives | 5,356 | Discounted cash flows | Pull-through rate | 31% - 100% | 82.06 | % | Increase | ||||||||||||||||||||||||||||
Measured at fair value on a non-recurring basis: | |||||||||||||||||||||||||||||||||||
Individually assessed loans - foreclosure probable and collateral-dependent | 71,622 | Appraisal value | Appraisal adjustment - cost of sale | 10% | 10.00% | Decrease | |||||||||||||||||||||||||||||
Other real estate owned | 9,361 | Appraisal value | Appraisal adjustment - cost of sale | 10% | 10.00% | Decrease |
At March 31, 2023 | At December 31, 2022 | At March 31, 2022 | |||||||||||||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | Carrying | Fair | ||||||||||||||||||||||||||||||
(In thousands) | Value | Value | Value | Value | Value | Value | |||||||||||||||||||||||||||||
Financial Assets: | |||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 445,986 | $ | 445,986 | $ | 490,966 | $ | 490,966 | $ | 462,572 | $ | 462,572 | |||||||||||||||||||||||
Securities sold under agreements to repurchase with original maturities exceeding three months | — | — | — | — | 700,000 | 700,000 | |||||||||||||||||||||||||||||
Interest-bearing deposits with banks | 1,563,578 | 1,563,578 | 1,988,719 | 1,988,719 | 4,013,597 | 4,013,597 | |||||||||||||||||||||||||||||
Available-for-sale securities | 3,259,845 | 3,259,845 | 3,243,017 | 3,243,017 | 2,998,898 | 2,998,898 | |||||||||||||||||||||||||||||
Held-to-maturity securities | 3,606,391 | 2,976,198 | 3,640,567 | 2,949,821 | 3,435,729 | 3,146,427 | |||||||||||||||||||||||||||||
Trading account securities | 102 | 102 | 1,127 | 1,127 | 852 | 852 | |||||||||||||||||||||||||||||
Equity securities with readily determinable fair value | 111,943 | 111,943 | 110,365 | 110,365 | 92,689 | 92,689 | |||||||||||||||||||||||||||||
FHLB and FRB stock, at cost | 244,957 | 244,957 | 224,759 | 224,759 | 136,163 | 136,163 | |||||||||||||||||||||||||||||
Brokerage customer receivables | 16,042 | 16,042 | 16,387 | 16,387 | 22,888 | 22,888 | |||||||||||||||||||||||||||||
Mortgage loans held-for-sale, at fair value | 302,493 | 302,493 | 299,935 | 299,935 | 606,545 | 606,545 | |||||||||||||||||||||||||||||
Loans held-for-investment, at fair value | 202,143 | 202,143 | 179,932 | 179,932 | 57,984 | 57,984 | |||||||||||||||||||||||||||||
Loans held-for-investment, at amortized cost | 39,363,328 | 38,577,761 | 39,016,553 | 38,018,678 | 35,222,563 | 35,989,840 | |||||||||||||||||||||||||||||
Nonqualified deferred compensation assets | 14,379 | 14,379 | 13,899 | 13,899 | 15,447 | 15,447 | |||||||||||||||||||||||||||||
Derivative assets | 274,004 | 274,004 | 296,848 | 296,848 | 153,534 | 153,534 | |||||||||||||||||||||||||||||
Accrued interest receivable and other | 417,066 | 417,066 | 379,719 | 379,719 | 278,873 | 278,873 | |||||||||||||||||||||||||||||
Total financial assets | $ | 49,822,257 | $ | 48,406,497 | $ | 49,902,793 | $ | 48,214,172 | $ | 48,198,334 | $ | 48,676,309 | |||||||||||||||||||||||
Financial Liabilities | |||||||||||||||||||||||||||||||||||
Non-maturity deposits | $ | 37,366,959 | $ | 37,366,959 | $ | 38,167,409 | $ | 38,167,409 | $ | 38,483,327 | $ | 38,483,327 | |||||||||||||||||||||||
Deposits with stated maturities | 5,351,252 | 4,970,556 | 4,735,135 | 4,085,058 | 3,735,995 | 3,735,750 | |||||||||||||||||||||||||||||
FHLB advances | 2,316,071 | 2,255,580 | 2,316,071 | 2,219,983 | 1,241,071 | 1,193,080 | |||||||||||||||||||||||||||||
Other borrowings | 583,548 | 555,615 | 596,614 | 569,342 | 482,516 | 483,202 | |||||||||||||||||||||||||||||
Subordinated notes | 437,493 | 410,827 | 437,392 | 409,395 | 437,033 | 446,711 | |||||||||||||||||||||||||||||
Junior subordinated debentures | 253,566 | 252,663 | 253,566 | 253,405 | 253,566 | 268,913 | |||||||||||||||||||||||||||||
Derivative liabilities | 274,432 | 274,432 | 338,078 | 338,078 | 122,107 | 122,107 | |||||||||||||||||||||||||||||
Accrued interest payable | 42,015 | 42,015 | 22,176 | 22,176 | 14,269 | 14,269 | |||||||||||||||||||||||||||||
Total financial liabilities | $ | 46,625,336 | $ | 46,128,647 | $ | 46,866,441 | $ | 46,064,846 | $ | 44,769,884 | $ | 44,747,359 |
Stock Options | Common Shares | Weighted Average Strike Price | Remaining Contractual Term (1) | Intrinsic Value (2) (in thousands) | |||||||||||||||||||
Outstanding at January 1, 2023 | 68,093 | $ | 41.14 | ||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||
Exercised | (54,218) | 40.87 | |||||||||||||||||||||
Forfeited or canceled | — | — | |||||||||||||||||||||
Outstanding at March 31, 2023 | 13,875 | $ | 42.18 | 4.7 | $ | 427 | |||||||||||||||||
Exercisable at March 31, 2023 | 13,875 | $ | 42.18 | 4.7 | $ | 427 |
Stock Options | Common Shares | Weighted Average Strike Price | Remaining Contractual Term (1) | Intrinsic Value (2) (in thousands) | |||||||||||||||||||
Outstanding at January 1, 2022 | 193,447 | $ | 41.62 | ||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||
Exercised | (79,376) | 42.32 | |||||||||||||||||||||
Forfeited or canceled | (771) | 40.87 | |||||||||||||||||||||
Outstanding at March 31, 2022 | 113,300 | $ | 41.13 | 1.4 | $ | 5,869 | |||||||||||||||||
Exercisable at March 31, 2022 | 113,300 | $ | 41.13 | 1.4 | $ | 5,869 |
Three months ended March 31, 2023 | Three months ended March 31, 2022 | ||||||||||||||||||||||
Restricted Shares | Common Shares | Weighted Average Grant-Date Fair Value | Common Shares | Weighted Average Grant-Date Fair Value | |||||||||||||||||||
Outstanding at January 1 | 610,155 | $ | 73.21 | 476,813 | $ | 61.33 | |||||||||||||||||
Granted | 242,576 | 89.82 | 194,849 | 97.30 | |||||||||||||||||||
Vested and issued | (96,649) | 64.14 | (52,465) | 65.42 | |||||||||||||||||||
Forfeited or canceled | (1,968) | 77.37 | (3,615) | 66.37 | |||||||||||||||||||
Outstanding at March 31 | 754,114 | $ | 79.70 | 615,582 | $ | 72.34 | |||||||||||||||||
Vested, but deferred, at March 31 | 97,888 | $ | 53.30 | 95,806 | $ | 52.67 |
Three months ended March 31, 2023 | Three months ended March 31, 2022 | ||||||||||||||||||||||
Performance-based Stock | Common Shares | Weighted Average Grant-Date Fair Value | Common Shares | Weighted Average Grant-Date Fair Value | |||||||||||||||||||
Outstanding at January 1 | 545,379 | $ | 70.30 | 557,255 | $ | 62.94 | |||||||||||||||||
Granted | 185,514 | 92.48 | 159,202 | 97.21 | |||||||||||||||||||
Added by performance factor at vesting | 23,161 | 63.64 | — | — | |||||||||||||||||||
Vested and issued | (178,203) | 63.64 | — | — | |||||||||||||||||||
Forfeited or canceled | (2,301) | 78.20 | (159,952) | 71.56 | |||||||||||||||||||
Outstanding at March 31 | 573,550 | $ | 79.24 | 556,505 | $ | 70.27 | |||||||||||||||||
Vested, but deferred, at March 31 | 35,852 | $ | 44.59 | 35,285 | $ | 43.88 |
(In thousands) | Accumulated Unrealized (Losses) Gains on Securities | Accumulated Unrealized Gains (Losses) on Derivative Instruments | Accumulated Foreign Currency Translation Adjustments | Total Accumulated Other Comprehensive (Loss) Income | |||||||||||||||||||
Balance at January 1, 2023 | $ | (386,057) | $ | 7,381 | $ | (48,960) | $ | (427,636) | |||||||||||||||
Other comprehensive income during the period, net of tax, before reclassifications | 34,503 | 22,808 | 710 | 58,021 | |||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss into net income, net of tax | (409) | 2,620 | — | 2,211 | |||||||||||||||||||
Amount reclassified from accumulated other comprehensive income or loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax | (32) | — | — | (32) | |||||||||||||||||||
Net other comprehensive income during the period, net of tax | $ | 34,062 | $ | 25,428 | $ | 710 | $ | 60,200 | |||||||||||||||
Balance at March 31, 2023 | $ | (351,995) | $ | 32,809 | $ | (48,250) | $ | (367,436) | |||||||||||||||
Balance at January 1, 2022 | $ | 8,724 | $ | 27,111 | $ | (31,743) | $ | 4,092 | |||||||||||||||
Other comprehensive (loss) income during the period, net of tax, before reclassifications | (151,114) | 25,023 | 2,288 | (123,803) | |||||||||||||||||||
Amount reclassified from accumulated other comprehensive income or loss into net income, net of tax | (183) | 3,926 | — | 3,743 | |||||||||||||||||||
Amount reclassified from accumulated other comprehensive loss related to amortization of unrealized gains on investment securities transferred to held-to-maturity from available-for-sale, net of tax | (31) | — | — | (31) | |||||||||||||||||||
Net other comprehensive (loss) income during the period, net of tax | $ | (151,328) | $ | 28,949 | $ | 2,288 | $ | (120,091) | |||||||||||||||
Balance at March 31, 2022 | $ | (142,604) | $ | 56,060 | $ | (29,455) | $ | (115,999) | |||||||||||||||
(In thousands) | Amount Reclassified from Accumulated Other Comprehensive Income (Loss) for the | |||||||||||||||||||
Details Regarding the Component of Accumulated Other Comprehensive Income (Loss) | Three Months Ended | Impacted Line on the Consolidated Statements of Income | ||||||||||||||||||
March 31, | ||||||||||||||||||||
2023 | 2022 | |||||||||||||||||||
Accumulated unrealized gains on securities | ||||||||||||||||||||
Gains included in net income | $ | 560 | $ | 250 | Gains (losses) on investment securities, net | |||||||||||||||
560 | 250 | Income before taxes | ||||||||||||||||||
Tax effect | (151) | (67) | Income tax expense | |||||||||||||||||
Net of tax | $ | 409 | $ | 183 | Net income | |||||||||||||||
Accumulated unrealized gains on derivative instruments | ||||||||||||||||||||
Amount reclassified to interest income on loans | $ | 9,072 | $ | — | Interest on Loans | |||||||||||||||
Amount reclassified to interest expense on deposits | $ | (5,588) | $ | 4,819 | Interest on deposits | |||||||||||||||
Amount reclassified to interest expense on other borrowings | 88 | 534 | Interest on other borrowings | |||||||||||||||||
(3,572) | (5,353) | Income before taxes | ||||||||||||||||||
Tax effect | 952 | 1,427 | Income tax expense | |||||||||||||||||
Net of tax | $ | (2,620) | $ | (3,926) | Net income |
Three Months Ended | ||||||||||||||
(In thousands, except per share data) | March 31, 2023 | March 31, 2022 | ||||||||||||
Net income | $ | 180,198 | $ | 127,391 | ||||||||||
Less: Preferred stock dividends | 6,991 | 6,991 | ||||||||||||
Net income applicable to common shares | (A) | $ | 173,207 | $ | 120,400 | |||||||||
Weighted average common shares outstanding | (B) | 60,950 | 57,196 | |||||||||||
Effect of dilutive potential common shares | ||||||||||||||
Common stock equivalents | 873 | 862 | ||||||||||||
Weighted average common shares and effect of dilutive potential common shares | (C) | 61,823 | 58,058 | |||||||||||
Net income per common share: | ||||||||||||||
Basic | (A/B) | $ | 2.84 | $ | 2.11 | |||||||||
Diluted | (A/C) | $ | 2.80 | $ | 2.07 |
Three months ended | |||||||||||||||||
(Dollars in thousands, except per share data) | March 31, 2023 | March 31, 2022 | Percentage (%) or Basis Point (bp) Change | ||||||||||||||
Net income | $ | 180,198 | $ | 127,391 | 41 | % | |||||||||||
Pre-tax income, excluding provision for credit losses (non-GAAP) (1) | 266,595 | 177,786 | 50 | ||||||||||||||
Net income per common share—Diluted | 2.80 | 2.07 | 35 | ||||||||||||||
Net revenue (2) | 565,764 | 462,084 | 22 | ||||||||||||||
Net interest income | 457,995 | 299,294 | 53 | ||||||||||||||
Net interest margin | 3.81 | % | 2.60 | % | 121 | bps | |||||||||||
Net interest margin - fully taxable-equivalent (non-GAAP) (1) | 3.83 | 2.61 | 122 | ||||||||||||||
Net overhead ratio (3) | 1.49 | 1.00 | 49 | ||||||||||||||
Return on average assets | 1.40 | 1.04 | 36 | ||||||||||||||
Return on average common equity | 15.67 | 11.94 | 373 | ||||||||||||||
Return on average tangible common equity (non-GAAP) (1) | 18.55 | 14.48 | 407 | ||||||||||||||
At end of period | |||||||||||||||||
Total assets | $ | 52,873,511 | $ | 50,250,661 | 5 | % | |||||||||||
Total loans, excluding loans held-for-sale | 39,565,471 | 35,280,547 | 12 | ||||||||||||||
Total loans, including loans held-for-sale | 39,867,964 | 35,887,092 | 11 | ||||||||||||||
Total deposits | 42,718,211 | 42,219,322 | 1 | ||||||||||||||
Total shareholders’ equity | 5,015,506 | 4,492,256 | 12 | ||||||||||||||
Book value per common share (1) | $ | 75.24 | $ | 71.26 | 6 | ||||||||||||
Tangible common book value per share (1) | 64.22 | 59.34 | 8 | ||||||||||||||
Market price per common share | 72.95 | 92.93 | (22) | ||||||||||||||
Allowance for loan and unfunded lending-related commitment losses to total loans | 0.95 | % | 0.85 | % | 10 | bps | |||||||||||
Three Months Ended | |||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||
(Dollars and shares in thousands) | 2023 | 2022 | 2022 | ||||||||||||||
Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio: | |||||||||||||||||
(A) Interest Income (GAAP) | $ | 639,690 | $ | 580,745 | $ | 328,252 | |||||||||||
Taxable-equivalent adjustment: | |||||||||||||||||
- Loans | 1,872 | 1,594 | 427 | ||||||||||||||
- Liquidity management assets | 551 | 538 | 465 | ||||||||||||||
- Other earning assets | 4 | 1 | 2 | ||||||||||||||
(B) Interest Income (non-GAAP) | $ | 642,117 | $ | 582,878 | $ | 329,146 | |||||||||||
(C) Interest Expense (GAAP) | 181,695 | 123,929 | 28,958 | ||||||||||||||
(D) Net Interest Income (GAAP) (A minus C) | $ | 457,995 | $ | 456,816 | $ | 299,294 | |||||||||||
(E) Net Interest Income, fully taxable-equivalent (non-GAAP) (B minus C) | $ | 460,422 | $ | 458,949 | $ | 300,188 | |||||||||||
Net interest margin (GAAP) | 3.81 | % | 3.71 | % | 2.60 | % | |||||||||||
Net interest margin, fully taxable-equivalent (non-GAAP) | 3.83 | 3.73 | 2.61 | ||||||||||||||
(F) Non-interest income | $ | 107,769 | $ | 93,839 | $ | 162,790 | |||||||||||
(G) (Losses) gains on investment securities, net | 1,398 | (6,745) | (2,782) | ||||||||||||||
(H) Non-interest expense | 299,169 | 307,836 | 284,298 | ||||||||||||||
Efficiency ratio (H/(D+F-G)) | 53.01 | % | 55.23 | % | 61.16 | % | |||||||||||
Efficiency ratio (non-GAAP) (H/(E+F-G)) | 52.78 | 55.02 | 61.04 | ||||||||||||||
Reconciliation of Non-GAAP Tangible Common Equity Ratio: | |||||||||||||||||
Total shareholders’ equity (GAAP) | $ | 5,015,506 | $ | 4,796,838 | $ | 4,492,256 | |||||||||||
Less: Non-convertible preferred stock (GAAP) | (412,500) | (412,500) | (412,500) | ||||||||||||||
Less: Acquisition-related intangible assets (GAAP) | (674,538) | (675,710) | (682,101) | ||||||||||||||
(I) Total tangible common shareholders’ equity (non-GAAP) | $ | 3,928,468 | $ | 3,708,628 | $ | 3,397,655 | |||||||||||
(J) Total assets (GAAP) | $ | 52,873,511 | $ | 52,949,649 | $ | 50,250,661 | |||||||||||
Less: Acquisition-related intangible assets (GAAP) | (674,538) | (675,710) | (682,101) | ||||||||||||||
(K) Total tangible assets (non-GAAP) | $ | 52,198,973 | $ | 52,273,939 | $ | 49,568,560 | |||||||||||
Common equity to assets ratio (GAAP) (L/J) | 8.7 | % | 8.3 | % | 8.1 | % | |||||||||||
Tangible common equity ratio (non-GAAP) (I/K) | 7.5 | 7.1 | 6.9 | ||||||||||||||
Reconciliation of Non-GAAP Tangible Book Value per Common Share: | |||||||||||||||||
Total shareholders’ equity | $ | 5,015,506 | $ | 4,796,838 | $ | 4,492,256 | |||||||||||
Less: Preferred stock | (412,500) | (412,500) | (412,500) | ||||||||||||||
(L) Total common equity | $ | 4,603,006 | $ | 4,384,338 | $ | 4,079,756 | |||||||||||
(M) Actual common shares outstanding | 61,176 | 60,794 | 57,253 | ||||||||||||||
Book value per common share (L/M) | $ | 75.24 | $ | 72.12 | $ | 71.26 | |||||||||||
Tangible book value per common share (non-GAAP) (I/M) | 64.22 | 61.00 | 59.34 |
Three Months Ended | |||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2022 | ||||||||||||||
Reconciliation of Non-GAAP Return on Average Tangible Common Equity: | |||||||||||||||||
(N) Net income applicable to common shares | $ | 173,207 | $ | 137,826 | $ | 120,400 | |||||||||||
Add: Acquisition-related intangible asset amortization | 1,235 | 1,436 | 1,609 | ||||||||||||||
Less: Tax effect of acquisition-related intangible asset amortization | (321) | (370) | (430) | ||||||||||||||
After-tax acquisition-related intangible asset amortization | $ | 914 | $ | 1,066 | $ | 1,179 | |||||||||||
(O) Tangible net income applicable to common shares (non-GAAP) | $ | 174,121 | $ | 138,892 | $ | 121,579 | |||||||||||
Total average shareholders’equity | $ | 4,895,271 | $ | 4,710,856 | $ | 4,500,460 | |||||||||||
Less: Average preferred stock | (412,500) | (412,500) | (412,500) | ||||||||||||||
(P) Total average common shareholders’ equity | $ | 4,482,771 | $ | 4,298,356 | $ | 4,087,960 | |||||||||||
Less: Average acquisition-related intangible assets | (675,247) | (676,371) | (682,603) | ||||||||||||||
(Q) Total average tangible common shareholders’ equity (non-GAAP) | $ | 3,807,524 | $ | 3,621,985 | $ | 3,405,357 | |||||||||||
Return on average common equity, annualized (N/P) | 15.67 | % | 12.72 | % | 11.94 | % | |||||||||||
Return on average tangible common equity, annualized (non-GAAP) (O/Q) | 18.55 | 15.21 | 14.48 |
Impact to estimated allowance for credit losses from an increased or higher input value | ||||||||||||||
Baa Credit Spread | Increases | |||||||||||||
CRE Price Index | Decreases | |||||||||||||
Baa Credit Spread | ||||||||
Narrows | Widens | |||||||
Commercial | Decreases estimate by 10%-15% | Increases estimate by 10%-15% | ||||||
Commercial Real Estate: | ||||||||
Construction | Decreases estimate by 15%-20% | Increases estimate by 15%-20% | ||||||
Non-Construction | Decreases estimate by 4%-5% | Increases estimate by 4%-5% |
CRE Price Index | ||||||||
Increases | Decreases | |||||||
Commercial Real Estate: | ||||||||
Construction | Decreases estimate by 30%-35% | Increases estimate by 130%-135% | ||||||
Non-Construction | Decreases estimate by 25%-30% | Increases estimate by 40%-45% |
Average Balance for three months ended, | Interest for three months ended, | Yield/Rate for three months ended, | |||||||||||||||||||||||||||||||||||||||||||||||||||
(Dollars in thousands) | Mar 31, 2023 | Dec 31, 2022 | Mar 31, 2022 | Mar 31, 2023 | Dec 31, 2022 | Mar 31, 2022 | Mar 31, 2023 | Dec 31, 2022 | Mar 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents(1) | $ | 1,235,748 | $ | 2,449,889 | $ | 4,563,726 | $ | 13,538 | $ | 21,612 | $ | 2,118 | 4.44 | % | 3.50 | % | 0.19 | % | |||||||||||||||||||||||||||||||||||
Investment securities(2) | 7,956,722 | 7,310,383 | 6,378,022 | 60,494 | 53,630 | 32,863 | 3.08 | 2.91 | 2.09 | ||||||||||||||||||||||||||||||||||||||||||||
FHLB and FRB stock | 233,615 | 185,290 | 135,912 | 3,680 | 2,918 | 1,772 | 6.39 | 6.25 | 5.29 | ||||||||||||||||||||||||||||||||||||||||||||
Liquidity management assets(3)(8) | $ | 9,426,085 | $ | 9,945,562 | $ | 11,077,660 | $ | 77,712 | $ | 78,160 | $ | 36,753 | 3.34 | % | 3.12 | % | 1.35 | % | |||||||||||||||||||||||||||||||||||
Other earning assets(3)(4)(8) | 18,445 | 18,585 | 25,192 | 313 | 289 | 181 | 6.87 | 6.17 | 2.91 | ||||||||||||||||||||||||||||||||||||||||||||
Mortgage loans held-for-sale | 270,966 | 308,639 | 664,019 | 3,528 | 3,997 | 6,087 | 5.28 | 5.14 | 3.72 | ||||||||||||||||||||||||||||||||||||||||||||
Loans, net of unearned income(3)(5)(8) | 39,093,368 | 38,566,871 | 34,830,520 | 560,564 | 500,432 | 286,125 | 5.82 | 5.15 | 3.33 | ||||||||||||||||||||||||||||||||||||||||||||
Total earning assets(8) | $ | 48,808,864 | $ | 48,839,657 | $ | 46,597,391 | $ | 642,117 | $ | 582,878 | $ | 329,146 | 5.34 | % | 4.73 | % | 2.86 | % | |||||||||||||||||||||||||||||||||||
Allowance for loan and investment security losses | (282,704) | (252,827) | (253,080) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 488,457 | 475,691 | 481,634 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 3,060,701 | 3,025,097 | 2,675,899 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 52,075,318 | $ | 52,087,618 | $ | 49,501,844 | |||||||||||||||||||||||||||||||||||||||||||||||
NOW and interest-bearing demand deposits | $ | 5,271,740 | $ | 5,598,291 | $ | 4,788,272 | $ | 18,772 | $ | 14,982 | $ | 1,990 | 1.44 | % | 1.06 | % | 0.17 | % | |||||||||||||||||||||||||||||||||||
Wealth management deposits | 2,167,081 | 2,883,247 | 2,505,800 | 12,258 | 14,079 | 918 | 2.29 | 1.94 | 0.15 | ||||||||||||||||||||||||||||||||||||||||||||
Money market accounts | 12,533,468 | 12,319,842 | 12,773,805 | 68,276 | 45,468 | 7,648 | 2.21 | 1.46 | 0.24 | ||||||||||||||||||||||||||||||||||||||||||||
Savings accounts | 4,830,322 | 4,403,113 | 3,904,299 | 15,816 | 8,421 | 336 | 1.33 | 0.76 | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 5,041,638 | 4,023,232 | 3,861,371 | 29,680 | 12,497 | 3,962 | 2.39 | 1.23 | 0.42 | ||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 29,844,249 | $ | 29,227,725 | $ | 27,833,547 | $ | 144,802 | $ | 95,447 | $ | 14,854 | 1.97 | % | 1.30 | % | 0.22 | % | |||||||||||||||||||||||||||||||||||
Federal Home Loan Bank advances | 2,474,882 | 2,088,201 | 1,241,071 | 19,135 | 13,823 | 4,816 | 3.14 | 2.63 | 1.57 | ||||||||||||||||||||||||||||||||||||||||||||
Other borrowings | 602,937 | 480,553 | 494,267 | 7,854 | 5,313 | 2,239 | 5.28 | 4.39 | 1.84 | ||||||||||||||||||||||||||||||||||||||||||||
Subordinated notes | 437,422 | 437,312 | 436,966 | 5,488 | 5,520 | 5,482 | 5.02 | 5.05 | 5.02 | ||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | 253,566 | 253,566 | 253,566 | 4,416 | 3,826 | 1,567 | 6.97 | 5.90 | 2.47 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | $ | 33,613,056 | $ | 32,487,357 | $ | 30,259,417 | $ | 181,695 | $ | 123,929 | $ | 28,958 | 2.19 | % | 1.51 | % | 0.39 | % | |||||||||||||||||||||||||||||||||||
Non-interest-bearing deposits | 12,171,631 | 13,404,036 | 13,734,064 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 1,395,360 | 1,485,369 | 1,007,903 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity | 4,895,271 | 4,710,856 | 4,500,460 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and shareholders’ equity | $ | 52,075,318 | $ | 52,087,618 | $ | 49,501,844 | |||||||||||||||||||||||||||||||||||||||||||||||
Interest rate spread(6)(8) | 3.15 | % | 3.22 | % | 2.47 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Less: Fully taxable-equivalent adjustment | (2,427) | (2,133) | (894) | (0.02) | (0.02) | (0.01) | |||||||||||||||||||||||||||||||||||||||||||||||
Net free funds/contribution(7) | $ | 15,195,808 | $ | 16,352,300 | $ | 16,337,974 | 0.68 | 0.51 | 0.14 | ||||||||||||||||||||||||||||||||||||||||||||
Net interest income/margin (GAAP)(8) | $ | 457,995 | $ | 456,816 | $ | 299,294 | 3.81 | % | 3.71 | % | 2.60 | % | |||||||||||||||||||||||||||||||||||||||||
Fully taxable-equivalent adjustment | 2,427 | 2,133 | 894 | 0.02 | 0.02 | 0.01 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/margin, fully taxable-equivalent (non-GAAP)(8) | $ | 460,422 | $ | 458,949 | $ | 300,188 | 3.83 | % | 3.73 | % | 2.61 | % |
First Quarter of 2023 Compared to Fourth Quarter of 2022 | First Quarter of 2023 Compared to First Quarter of 2022 | ||||||||||
(In thousands) | |||||||||||
Net interest income, FTE basis (non-GAAP)(1) for comparative period | $ | 458,949 | $ | 300,188 | |||||||
Change due to mix and growth of earning assets and interest-bearing liabilities (volume) | (4,478) | 17,377 | |||||||||
Change due to interest rate fluctuations (rate) | 16,149 | 142,857 | |||||||||
Change due to number of days in each period | (10,198) | — | |||||||||
Less: FTE adjustment | (2,427) | (2,427) | |||||||||
Net interest income (GAAP)(1) for the period ended March 31, 2023 | $ | 457,995 | $ | 457,995 | |||||||
FTE adjustment | 2,427 | 2,427 | |||||||||
Net interest income, FTE basis (non-GAAP)(1) | $ | 460,422 | $ | 460,422 |
Three Months Ended | $ Change | % Change | |||||||||||||||||||||
(Dollars in thousands) | March 31, 2023 | March 31, 2022 | |||||||||||||||||||||
Brokerage | $ | 4,533 | $ | 4,632 | $ | (99) | (2) | % | |||||||||||||||
Trust and asset management | 25,412 | 26,762 | (1,350) | (5) | |||||||||||||||||||
Total wealth management (1) | 29,945 | 31,394 | (1,449) | (5) | |||||||||||||||||||
Mortgage banking | 18,264 | 77,231 | (58,967) | (76) | |||||||||||||||||||
Service charges on deposit accounts | 12,903 | 15,283 | (2,380) | (16) | |||||||||||||||||||
Gains (losses) on investment securities, net | 1,398 | (2,782) | 4,180 | NM | |||||||||||||||||||
Fees from covered call options | 10,391 | 3,742 | 6,649 | NM | |||||||||||||||||||
Trading gains, net | 813 | 3,889 | (3,076) | (79) | |||||||||||||||||||
Operating lease income, net | 13,046 | 15,475 | (2,429) | (16) | |||||||||||||||||||
Other: | |||||||||||||||||||||||
Interest rate swap fees | 2,606 | 4,569 | (1,963) | (43) | |||||||||||||||||||
BOLI | 1,351 | 48 | 1,303 | NM | |||||||||||||||||||
Administrative services | 1,615 | 1,853 | (238) | (13) | |||||||||||||||||||
Foreign currency remeasurement (losses) gains | (188) | 11 | (199) | NM | |||||||||||||||||||
Early pay-offs of capital leases | 365 | 265 | 100 | 38 | |||||||||||||||||||
Miscellaneous | 15,260 | 11,812 | 3,448 | 29 | |||||||||||||||||||
Total Other | 21,009 | 18,558 | 2,451 | 13 | |||||||||||||||||||
Total Non-interest Income | $ | 107,769 | $ | 162,790 | $ | (55,021) | (34) | % |
Three months ended | $ Change | % Change | |||||||||||||||||||||
(Dollars in thousands) | March 31, 2023 | March 31, 2022 | |||||||||||||||||||||
Salaries and employee benefits: | |||||||||||||||||||||||
Salaries | $ | 108,354 | $ | 92,116 | $ | 16,238 | 18 | % | |||||||||||||||
Commissions and incentive compensation | 39,799 | 51,793 | (11,994) | (23) | |||||||||||||||||||
Benefits | 28,628 | 28,446 | 182 | 1 | |||||||||||||||||||
Total salaries and employee benefits | 176,781 | 172,355 | 4,426 | 3 | |||||||||||||||||||
Software and equipment | 24,697 | 22,810 | 1,887 | 8 | |||||||||||||||||||
Operating lease equipment | 9,833 | 9,708 | 125 | 1 | |||||||||||||||||||
Occupancy, net | 18,486 | 17,824 | 662 | 4 | |||||||||||||||||||
Data processing | 9,409 | 7,505 | 1,904 | 25 | |||||||||||||||||||
Advertising and marketing | 11,946 | 11,924 | 22 | 0 | |||||||||||||||||||
Professional fees | 8,163 | 8,401 | (238) | (3) | |||||||||||||||||||
Amortization of other acquisition-related intangible assets | 1,235 | 1,609 | (374) | (23) | |||||||||||||||||||
FDIC insurance | 8,669 | 7,729 | 940 | 12 | |||||||||||||||||||
OREO expense, net | (207) | (1,032) | 825 | (80) | |||||||||||||||||||
Other: | |||||||||||||||||||||||
Lending expenses, net of deferred originations costs | 1,764 | 6,821 | (5,057) | (74) | |||||||||||||||||||
Travel and entertainment | 4,590 | 2,676 | 1,914 | 72 | |||||||||||||||||||
Miscellaneous | 23,803 | 15,968 | 7,835 | 49 | |||||||||||||||||||
Total other | 30,157 | 25,465 | 4,692 | 18 | |||||||||||||||||||
Total Non-interest Expense | $ | 299,169 | $ | 284,298 | $ | 14,871 | 5 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Balance | Percent | Balance | Percent | Balance | Percent | |||||||||||||||||||||||||||||
Mortgage loans held-for-sale | $ | 270,966 | 1 | % | $ | 308,639 | 1 | % | $ | 664,019 | 1 | % | |||||||||||||||||||||||
Loans, net of unearned income | |||||||||||||||||||||||||||||||||||
Commercial | $ | 12,401,473 | 25 | % | $ | 12,245,207 | 25 | % | $ | 11,603,981 | 25 | % | |||||||||||||||||||||||
Commercial real estate | 10,144,301 | 21 | 9,825,886 | 20 | 9,133,587 | 20 | |||||||||||||||||||||||||||||
Home equity | 333,195 | 1 | 330,761 | 1 | 328,817 | 1 | |||||||||||||||||||||||||||||
Residential real estate | 2,336,190 | 5 | 2,234,596 | 5 | 1,658,884 | 4 | |||||||||||||||||||||||||||||
Premium finance receivables | 13,811,566 | 28 | 13,850,648 | 28 | 12,056,395 | 25 | |||||||||||||||||||||||||||||
Other loans | 66,643 | 0 | 79,773 | 0 | 48,856 | 0 | |||||||||||||||||||||||||||||
Total average loans (1) | $ | 39,093,368 | 80 | % | $ | 38,566,871 | 79 | % | $ | 34,830,520 | 75 | % | |||||||||||||||||||||||
Liquidity management assets (2) | 9,426,085 | 19 | 9,945,562 | 20 | 11,077,660 | 24 | |||||||||||||||||||||||||||||
Other earning assets (3) | 18,445 | 0 | 18,585 | 0 | 25,192 | 0 | |||||||||||||||||||||||||||||
Total average earning assets | $ | 48,808,864 | 100 | % | $ | 48,839,657 | 100 | % | $ | 46,597,391 | 100 | % | |||||||||||||||||||||||
Total average assets | $ | 52,075,318 | $ | 52,087,618 | $ | 49,501,844 | |||||||||||||||||||||||||||||
Total average earning assets to total average assets | 94 | % | 94 | % | 94 | % |
As of March 31, 2023 | One year or less | From one to five years | From five to fifteen years | After fifteen years | |||||||||||||||||||||||||
(In thousands) | Total | ||||||||||||||||||||||||||||
Commercial | |||||||||||||||||||||||||||||
Fixed rate | $ | 499,853 | $ | 2,594,118 | $ | 1,608,735 | $ | 14,047 | $ | 4,716,753 | |||||||||||||||||||
Variable rate | 7,858,277 | 1,955 | — | — | 7,860,232 | ||||||||||||||||||||||||
Total commercial | $ | 8,358,130 | $ | 2,596,073 | $ | 1,608,735 | $ | 14,047 | $ | 12,576,985 | |||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||
Fixed rate | 534,274 | 2,777,288 | 616,509 | 52,951 | 3,981,022 | ||||||||||||||||||||||||
Variable rate | 6,249,717 | 8,299 | 40 | — | 6,258,056 | ||||||||||||||||||||||||
Total commercial real estate | $ | 6,783,991 | $ | 2,785,587 | $ | 616,549 | $ | 52,951 | $ | 10,239,078 | |||||||||||||||||||
Home equity | |||||||||||||||||||||||||||||
Fixed rate | 11,913 | 2,931 | — | 33 | 14,877 | ||||||||||||||||||||||||
Variable rate | 322,138 | — | 1 | — | 322,139 | ||||||||||||||||||||||||
Total home equity | $ | 334,051 | $ | 2,931 | $ | 1 | $ | 33 | $ | 337,016 | |||||||||||||||||||
Residential real estate | |||||||||||||||||||||||||||||
Fixed rate | 16,639 | 3,889 | 30,584 | 1,078,608 | 1,129,720 | ||||||||||||||||||||||||
Variable rate | 69,098 | 245,174 | 1,061,553 | — | 1,375,825 | ||||||||||||||||||||||||
Total residential real estate | $ | 85,737 | $ | 249,063 | $ | 1,092,137 | $ | 1,078,608 | $ | 2,505,545 | |||||||||||||||||||
Premium finance receivables - property & casualty |
Fixed rate | 5,619,254 | 119,626 | — | — | 5,738,880 | ||||||||||||||||||||||||
Variable rate | — | — | — | — | — | ||||||||||||||||||||||||
Total premium finance receivables - property & casualty | $ | 5,619,254 | $ | 119,626 | $ | — | $ | — | $ | 5,738,880 | |||||||||||||||||||
Premium finance receivables - life insurance | |||||||||||||||||||||||||||||
Fixed rate | 106,992 | 534,387 | 22,836 | — | 664,215 | ||||||||||||||||||||||||
Variable rate | 7,461,587 | — | — | — | 7,461,587 | ||||||||||||||||||||||||
Total premium finance receivables - life insurance | $ | 7,568,579 | $ | 534,387 | $ | 22,836 | $ | — | $ | 8,125,802 | |||||||||||||||||||
Consumer and other | |||||||||||||||||||||||||||||
Fixed rate | 5,507 | 5,263 | 51 | 477 | 11,298 | ||||||||||||||||||||||||
Variable rate | 30,867 | — | — | — | 30,867 | ||||||||||||||||||||||||
Total consumer and other | $ | 36,374 | $ | 5,263 | $ | 51 | $ | 477 | $ | 42,165 | |||||||||||||||||||
Total per category | |||||||||||||||||||||||||||||
Fixed rate | 6,794,432 | 6,037,502 | 2,278,715 | 1,146,116 | 16,256,765 | ||||||||||||||||||||||||
Variable rate | 21,991,684 | 255,428 | 1,061,594 | — | 23,308,706 | ||||||||||||||||||||||||
Total loans, net of unearned income | $ | 28,786,116 | $ | 6,292,930 | $ | 3,340,309 | $ | 1,146,116 | $ | 39,565,471 | |||||||||||||||||||
Variable Rate Loan Pricing by Index: | |||||||||||||||||||||||||||||
SOFR tenors | $ | 9,065,867 | |||||||||||||||||||||||||||
One- year CMT | 5,008,849 | ||||||||||||||||||||||||||||
One- month LIBOR | 2,490,152 | ||||||||||||||||||||||||||||
Three- month LIBOR | 80,560 | ||||||||||||||||||||||||||||
Twelve- month LIBOR | 2,342,910 | ||||||||||||||||||||||||||||
Prime | 3,640,088 | ||||||||||||||||||||||||||||
Ameribor tenors | 341,332 | ||||||||||||||||||||||||||||
Other U.S. Treasury tenors | 74,865 | ||||||||||||||||||||||||||||
BSBY tenors | 52,235 | ||||||||||||||||||||||||||||
Other | 211,848 | ||||||||||||||||||||||||||||
Total variable rate | $ | 23,308,706 |
As of March 31, 2023 | As of March 31, 2022 | ||||||||||||||||||||||||||||||||||
Allowance | Allowance | ||||||||||||||||||||||||||||||||||
% of | For Credit | % of | For Credit | ||||||||||||||||||||||||||||||||
Total | Losses | Total | Losses | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Balance | Balance | Allocation | Balance | Balance | Allocation | |||||||||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||||||
Commercial, industrial, and other, excluding commercial PPP | $ | 12,559,790 | 55.0 | % | $ | 149,501 | $ | 11,329,999 | 54.4 | % | $ | 120,910 | |||||||||||||||||||||||
Commercial PPP | 17,195 | 0.1 | — | 253,964 | 1.2 | 1 | |||||||||||||||||||||||||||||
Total commercial | $ | 12,576,985 | 55.1 | % | $ | 149,501 | $ | 11,583,963 | 55.6 | % | $ | 120,911 | |||||||||||||||||||||||
Commercial Real Estate: | |||||||||||||||||||||||||||||||||||
Construction and development | $ | 1,597,053 | 7.0 | % | $ | 75,069 | $ | 1,396,406 | 6.7 | % | $ | 34,206 | |||||||||||||||||||||||
Non-construction | 8,642,025 | 37.9 | 119,711 | 7,838,668 | 37.7 | 110,700 | |||||||||||||||||||||||||||||
Total commercial real estate | $ | 10,239,078 | 44.9 | % | $ | 194,780 | $ | 9,235,074 | 44.4 | % | $ | 144,906 | |||||||||||||||||||||||
Total commercial and commercial real estate | $ | 22,816,063 | 100.0 | % | $ | 344,281 | $ | 20,819,037 | 100.0 | % | $ | 265,817 | |||||||||||||||||||||||
Commercial real estate - collateral location by state: | |||||||||||||||||||||||||||||||||||
Illinois | $ | 6,626,135 | 64.7 | % | $ | 6,450,630 | 69.8 | % | |||||||||||||||||||||||||||
Wisconsin | 882,547 | 8.6 | 771,336 | 8.4 | |||||||||||||||||||||||||||||||
Total primary markets | $ | 7,508,682 | 73.3 | % | $ | 7,221,966 | 78.2 | % | |||||||||||||||||||||||||||
Indiana | 343,926 | 3.4 | 340,862 | 3.7 | |||||||||||||||||||||||||||||||
Florida | 264,234 | 2.6 | 183,824 | 2.0 | |||||||||||||||||||||||||||||||
Colorado | 220,226 | 2.2 | 99,682 | 1.1 | |||||||||||||||||||||||||||||||
California | 190,510 | 1.9 | 137,726 | 1.5 | |||||||||||||||||||||||||||||||
Texas | 176,364 | 1.7 | 164,144 | 1.8 | |||||||||||||||||||||||||||||||
Michigan | 142,202 | 1.4 | 93,405 | 1.0 | |||||||||||||||||||||||||||||||
Other | 1,392,934 | 13.5 | 993,465 | 10.7 | |||||||||||||||||||||||||||||||
Total commercial real estate | $ | 10,239,078 | 100.0 | % | $ | 9,235,074 | 100.0 | % |
(Dollars in thousands) | March 31, 2023 | December 31, 2022 | March 31, 2022 | ||||||||||||||
Loans past due greater than 90 days and still accruing (2): | |||||||||||||||||
Commercial | $ | — | $ | 462 | $ | — | |||||||||||
Commercial real estate | — | — | — | ||||||||||||||
Home equity | — | — | — | ||||||||||||||
Residential real estate | 104 | — | — | ||||||||||||||
Premium finance receivables—property and casualty | 9,215 | 15,841 | 12,363 | ||||||||||||||
Premium finance receivables—life insurance | 1,066 | 17,245 | — | ||||||||||||||
Consumer and other | 87 | 49 | 43 | ||||||||||||||
Total loans past due greater than 90 days and still accruing | 10,472 | 33,597 | 12,406 | ||||||||||||||
Nonaccrual loans: | |||||||||||||||||
Commercial | 47,950 | 35,579 | 16,878 | ||||||||||||||
Commercial real estate | 11,196 | 6,387 | 12,301 | ||||||||||||||
Home equity | 1,190 | 1,487 | 1,747 | ||||||||||||||
Residential real estate | 11,333 | 10,171 | 7,262 | ||||||||||||||
Premium finance receivables—property and casualty | 18,543 | 13,470 | 6,707 | ||||||||||||||
Premium finance receivables—life insurance | — | — | — | ||||||||||||||
Consumer and other | 6 | 6 | 4 | ||||||||||||||
Total nonaccrual loans | 90,218 | 67,100 | 44,899 | ||||||||||||||
Total non-performing loans: | |||||||||||||||||
Commercial | 47,950 | 36,041 | 16,878 | ||||||||||||||
Commercial real estate | 11,196 | 6,387 | 12,301 | ||||||||||||||
Home equity | 1,190 | 1,487 | 1,747 | ||||||||||||||
Residential real estate | 11,437 | 10,171 | 7,262 | ||||||||||||||
Premium finance receivables—property and casualty | 27,758 | 29,311 | 19,070 | ||||||||||||||
Premium finance receivables—life insurance | 1,066 | 17,245 | — | ||||||||||||||
Consumer and other | 93 | 55 | 47 | ||||||||||||||
Total non-performing loans | $ | 100,690 | $ | 100,697 | $ | 57,305 | |||||||||||
Other real estate owned | 8,050 | 8,589 | 4,978 | ||||||||||||||
Other real estate owned—from acquisitions | 1,311 | 1,311 | 1,225 | ||||||||||||||
Other repossessed assets | — | — | — | ||||||||||||||
Total non-performing assets | 110,051 | $ | 110,597 | $ | 63,508 | ||||||||||||
Total non-performing loans by category as a percent of its own respective category’s period-end balance: | |||||||||||||||||
Commercial | 0.38 | % | 0.29 | % | 0.15 | % | |||||||||||
Commercial real estate | 0.11 | 0.06 | 0.13 | ||||||||||||||
Home equity | 0.35 | 0.45 | 0.54 | ||||||||||||||
Residential real estate | 0.46 | 0.43 | 0.40 | ||||||||||||||
Premium finance receivables—property and casualty | 0.48 | 0.50 | 0.39 | ||||||||||||||
Premium finance receivables—life insurance | 0.01 | 0.21 | — | ||||||||||||||
Consumer and other | 0.22 | 0.11 | 0.10 | ||||||||||||||
Total non-performing loans | 0.25 | % | 0.26 | % | 0.16 | % | |||||||||||
Total non-performing assets, as a percentage of total assets | 0.21 | % | 0.21 | % | 0.13 | % | |||||||||||
Total nonaccrual loans as a percentage of total loans | 0.23 | % | 0.17 | % | 0.13 | % | |||||||||||
Allowance for credit losses as a percentage of nonaccrual loans | 416.54 | % | 532.71 | % | 670.77 | % |
Three Months Ended | |||||||||||
March 31, | March 31, | ||||||||||
(In thousands) | 2023 | 2022 | |||||||||
Balance at beginning of period | $ | 100,697 | $ | 74,438 | |||||||
Additions from becoming non-performing in the respective period | 24,455 | 4,141 | |||||||||
Return to performing status | (480) | (729) | |||||||||
Payments received | (5,261) | (20,139) | |||||||||
Transfer to OREO and other repossessed assets | — | (4,377) | |||||||||
Charge-offs | (1,159) | (2,354) | |||||||||
Net change for niche loans (1) | (17,562) | 6,325 | |||||||||
Balance at end of period | $ | 100,690 | $ | 57,305 |
Three Months Ended | |||||||||||
(Dollars in thousands) | March 31, 2023 | March 31, 2022 | |||||||||
Allowance for credit losses at beginning of period | $ | 357,448 | $ | 299,653 | |||||||
Cumulative effect adjustment from the adoption of ASU 2022-02 | 741 | — | |||||||||
Provision for credit losses | 23,070 | 4,025 | |||||||||
Other adjustments | 4 | 22 | |||||||||
Charge-offs: | |||||||||||
Commercial | 2,543 | 1,414 | |||||||||
Commercial real estate | 5 | 777 | |||||||||
Home equity | — | 197 | |||||||||
Residential real estate | — | 466 | |||||||||
Premium finance receivables - property & casualty | 4,629 | 1,671 | |||||||||
Premium finance receivables - life insurance | 21 | 7 | |||||||||
Consumer and other | 153 | 193 | |||||||||
Total charge-offs | 7,351 | 4,725 | |||||||||
Recoveries: | |||||||||||
Commercial | 392 | 538 | |||||||||
Commercial real estate | 100 | 32 | |||||||||
Home equity | 35 | 93 | |||||||||
Residential real estate | 4 | 5 | |||||||||
Premium finance receivables - property & casualty | 1,314 | 1,476 | |||||||||
Premium finance receivables - life insurance | 9 | — | |||||||||
Consumer and other | 32 | 49 | |||||||||
Total recoveries | 1,886 | 2,193 | |||||||||
Net charge-offs | (5,465) | (2,532) | |||||||||
Allowance for credit losses at period end | $ | 375,798 | $ | 301,168 | |||||||
Annualized net charge-offs by category as a percentage of its own respective category’s average: | |||||||||||
Commercial | 0.07 | % | 0.03 | % | |||||||
Commercial real estate | 0.00 | 0.03 | |||||||||
Home equity | (0.04) | 0.13 | |||||||||
Residential real estate | 0.00 | 0.11 | |||||||||
Premium finance receivables - property & casualty | 0.23 | 0.02 | |||||||||
Premium finance receivables - life insurance | 0.00 | 0.00 | |||||||||
Consumer and other | 0.74 | 1.19 | |||||||||
Total loans, net of unearned income | 0.06 | % | 0.03 | % | |||||||
Loans at period-end | $ | 39,565,471 | $ | 35,280,547 | |||||||
Allowance for loan losses as a percentage of loans at period end | 0.73 | % | 0.71 | % | |||||||
Allowance for loan and unfunded loan-related commitment losses as a percentage of loans at period end | 0.95 | 0.85 | |||||||||
Three Months Ended | |||||||||||
(In thousands) | March 31, 2023 | March 31, 2022 | |||||||||
Balance at beginning of period | $ | 9,900 | $ | 4,271 | |||||||
Disposal/resolved | (435) | (2,497) | |||||||||
Transfers in at fair value, less costs to sell | — | 4,429 | |||||||||
Fair value adjustments | (104) | — | |||||||||
Balance at end of period | $ | 9,361 | $ | 6,203 |
Period End | |||||||||||||||||
(In thousands) | March 31, 2023 | December 31, 2022 | March 31, 2022 | ||||||||||||||
Residential real estate | $ | 1,051 | $ | 1,585 | $ | 1,127 | |||||||||||
Commercial real estate | 8,310 | 8,315 | 5,076 | ||||||||||||||
Total | $ | 9,361 | $ | 9,900 | $ | 6,203 |
Time Certificates of Deposit Maturity/Re-pricing Analysis As of March 31, 2023 (Dollars in thousands) | Total Time Certificates of Deposits | Weighted-Average Rate of Maturing Time Certificates of Deposit (1) | ||||||||||||
1-3 months | $ | 1,318,052 | 2.93 | % | ||||||||||
4-6 months | 1,081,367 | 2.42 | ||||||||||||
7-9 months | 922,367 | 2.24 | ||||||||||||
10-12 months | 885,299 | 3.11 | ||||||||||||
13-18 months | 655,805 | 3.12 | ||||||||||||
19-24 months | 348,591 | 2.77 | ||||||||||||
24+ months | 139,771 | 2.14 | ||||||||||||
Total | $ | 5,351,252 | 2.73 | % |
Three Months Ended | |||||||||||||||||||||||||||||||||||
March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Balance | Percent | Balance | Percent | Balance | Percent | |||||||||||||||||||||||||||||
Non-interest-bearing | $ | 12,171,631 | 29 | % | $ | 13,404,036 | 32 | % | $ | 13,734,064 | 34 | % | |||||||||||||||||||||||
NOW and interest-bearing demand deposits | 5,271,740 | 13 | 5,598,291 | 13 | 4,788,272 | 12 | |||||||||||||||||||||||||||||
Wealth management deposits | 2,167,081 | 5 | 2,883,247 | 7 | 2,505,800 | 6 | |||||||||||||||||||||||||||||
Money market | 12,533,468 | 30 | 12,319,842 | 29 | 12,773,805 | 30 | |||||||||||||||||||||||||||||
Savings | 4,830,322 | 11 | 4,403,113 | 10 | 3,904,299 | 9 | |||||||||||||||||||||||||||||
Time certificates of deposit | 5,041,638 | 12 | 4,023,232 | 9 | 3,861,371 | 9 | |||||||||||||||||||||||||||||
Total average deposits | $ | 42,015,880 | 100 | % | $ | 42,631,761 | 100 | % | $ | 41,567,611 | 100 | % |
March 31, | December 31, | ||||||||||||||||||||||||||||
(Dollars in thousands) | 2023 | 2022 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||
Total deposits | $ | 42,718,211 | $ | 42,219,322 | $ | 42,902,544 | $ | 42,095,585 | $ | 37,092,651 | |||||||||||||||||||
Brokered deposits | 4,015,271 | 2,541,159 | 3,174,093 | 1,591,083 | 1,843,227 | ||||||||||||||||||||||||
Brokered deposits as a percentage of total deposits | 9.4 | % | 6.0 | % | 7.4 | % | 3.8 | % | 5.0 | % |
Three Months Ended | |||||||||||||||||
March 31, | December 31, | March 31, | |||||||||||||||
(In thousands) | 2023 | 2022 | 2022 | ||||||||||||||
FHLB advances | $ | 2,474,882 | $ | 2,088,201 | $ | 1,241,071 | |||||||||||
Other borrowings: | |||||||||||||||||
Notes payable | 199,717 | 87,215 | 80,261 | ||||||||||||||
Short-term borrowings | 22,840 | 15,206 | 13,456 | ||||||||||||||
Secured borrowings | 319,453 | 316,693 | 337,590 | ||||||||||||||
Other | 60,927 | 61,439 | 62,960 | ||||||||||||||
Total other borrowings | $ | 602,937 | $ | 480,553 | $ | 494,267 | |||||||||||
Subordinated notes | 437,422 | 437,312 | 436,966 | ||||||||||||||
Junior subordinated debentures | 253,566 | 253,566 | 253,566 | ||||||||||||||
Total other funding sources | $ | 3,768,807 | $ | 3,259,632 | $ | 2,425,870 |
March 31, 2023 | December 31, 2022 | March 31, 2022 | |||||||||||||||
Tier 1 leverage ratio | 9.1 | % | 8.8 | % | 8.1 | % | |||||||||||
Risk-based capital ratios: | |||||||||||||||||
Tier 1 capital ratio | 10.1 | 10.0 | 9.6 | ||||||||||||||
Common equity tier 1 capital ratio | 9.2 | 9.1 | 8.6 | ||||||||||||||
Total capital ratio | 12.1 | 11.9 | 11.6 | ||||||||||||||
Other ratio: | |||||||||||||||||
Total average equity-to-total average assets(1) | 9.4 | 9.0 | 9.1 |
Minimum Capital Requirements | Minimum Ratio + Capital Conservation Buffer(1) | Minimum Well Capitalized(2) | |||||||||||||||
Tier 1 leverage ratio | 4.0 | % | N/A | N/A | |||||||||||||
Risk-based capital ratios: | |||||||||||||||||
Tier 1 capital ratio | 6.0 | 8.5 | 6.0 | ||||||||||||||
Common equity tier 1 capital ratio | 4.5 | 7.0 | N/A | ||||||||||||||
Total capital ratio | 8.0 | 10.5 | 10.0 |
Static Shock Scenarios | +200 Basis Points | +100 Basis Points | -100 Basis Points | -200 Basis Points | |||||||||||||||||||
March 31, 2023 | 4.2 | % | 2.4 | % | (2.4) | % | (7.3) | % | |||||||||||||||
December 31, 2022 | 7.2 | 3.8 | (5.0) | (12.1) | % | ||||||||||||||||||
March 31, 2022 | 21.4 | 11.0 | (11.3) | (18.7) | % |
Ramp Scenarios | +200 Basis Points | +100 Basis Points | -100 Basis Points | -200 Basis Points | |||||||||||||||||||
March 31, 2023 | 3.0 | % | 1.7 | % | (1.3) | % | (3.4) | % | |||||||||||||||
December 31, 2022 | 5.6 | 3.0 | (2.9) | (6.8) | % | ||||||||||||||||||
March 31, 2022 | 11.2 | 5.8 | (7.1) | (12.4) | % |
101.INS | The XBRL Instance Document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document (1) | |||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
WINTRUST FINANCIAL CORPORATION (Registrant) | ||||||||||||||
Date: | May 9, 2023 | /s/ DAVID L. STOEHR | ||||||||||||
David L. Stoehr | ||||||||||||||
Executive Vice President and Chief Financial Officer (Principal Financial Officer and duly authorized officer) |
Date: | May 9, 2023 | /s/ JEFFREY D. HAHNFELD | ||||||||||||
Jeffrey D. Hahnfeld | ||||||||||||||
Executive Vice President, Controller and Chief Accounting Officer (Principal Accounting Officer and duly authorized officer) |
1 Year Wintrust Financial Chart |
1 Month Wintrust Financial Chart |
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