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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Associated Banc Corp | NYSE:ASB | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 21.87 | 0 | 09:09:34 |
☑ | 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 | ||||||||||
For the transition period from to |
Wisconsin | 39-1098068 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
433 Main Street | |||||||||||
Green Bay, | Wisconsin | 54301 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common stock, par value $0.01 per share | ASB | New York Stock Exchange | ||||||
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E | ASB PrE | New York Stock Exchange | ||||||
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F | ASB PrF | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
ASSOCIATED BANC-CORP | |||||
Table of Contents |
Page | ||||||||
ASSOCIATED BANC-CORP | |||||
Commonly Used Acronyms and Abbreviations | |||||
The following listing provides a reference of common acronyms and abbreviations used throughout the document: |
ACLL | Allowance for Credit Losses on Loans | ||||
AFS | Available for Sale | ||||
ALCO | Asset / Liability Committee | ||||
ARRC | Alternative Reference Rate Committee | ||||
ASC | Accounting Standards Codification | ||||
Associated / the Company / Corporation / our / we | Associated Banc-Corp collectively with all of its subsidiaries and affiliates | ||||
ASU | Accounting Standards Update | ||||
the Bank | Associated Bank, National Association | ||||
Basel III | International framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity | ||||
bp | basis point(s) | ||||
CDs | Certificates of Deposit | ||||
CDIs | Core Deposit Intangibles | ||||
CECL | Current Expected Credit Losses | ||||
CET1 | Common Equity Tier 1 | ||||
CRA | Community Reinvestment Act | ||||
CRE | Commercial Real Estate | ||||
EAR | Earnings at Risk | ||||
Exchange Act | Securities Exchange Act of 1934, as amended | ||||
FASB | Financial Accounting Standards Board | ||||
FDIC | Federal Deposit Insurance Corporation | ||||
Federal Reserve | Board of Governors of the Federal Reserve System | ||||
FFELP | Federal Family Education Loan Program | ||||
FHLB | Federal Home Loan Bank | ||||
FHLMC | Federal Home Loan Mortgage Corporation | ||||
FICO | Fair Isaac Corporation, provider of a broad-based risk score to aid in credit decisions | ||||
FNMA | Federal National Mortgage Association | ||||
FOMC | Federal Open Market Committee | ||||
FTEs | Full-time equivalent employees | ||||
FTP | Funds Transfer Pricing | ||||
GAAP | Generally Accepted Accounting Principles | ||||
GNMA | Government National Mortgage Association | ||||
GSEs | Government-Sponsored Enterprises | ||||
HTM | Held to Maturity | ||||
LIBOR | London Interbank Offered Rate | ||||
LOCOM | Lower of Cost or Market | ||||
LTV | Loan-to-Value | ||||
MSRs | Mortgage Servicing Rights | ||||
MVE | Market Value of Equity | ||||
Net Free Funds | Noninterest-bearing sources of funds | ||||
NII | Net Interest Income | ||||
NPAs | Nonperforming Assets | ||||
OREO | Other Real Estate Owned | ||||
Parent Company | Associated Banc-Corp individually | ||||
PPP | Paycheck Protection Program |
RAP | Retirement Account Plan - the Corporation's noncontributory defined benefit retirement plan | ||||
Repurchase Agreements | Securities sold under agreements to repurchase | ||||
Restricted Stock Awards | Restricted common stock and restricted common stock units to certain key employees | ||||
Retirement Eligible Colleagues | Colleagues whose retirement meets the early retirement or normal retirement definitions under the applicable equity compensation plan | ||||
ROCET1 | Return on Common Equity Tier 1 | ||||
Rockefeller | Rockefeller Capital Management | ||||
S&P | Standard & Poor's | ||||
SBA | Small Business Administration | ||||
SEC | U.S. Securities and Exchange Commission | ||||
Series C Preferred Stock | The Corporation's 6.125% Non-Cumulative Perpetual Preferred Stock, Series C, liquidation preference $1,000 per share | ||||
Series D Preferred Stock | The Corporation's 5.375% Non-Cumulative Perpetual Preferred Stock, Series D, liquidation preference $1,000 per share | ||||
Series E Preferred Stock | The Corporation's 5.875% Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $1,000 per share | ||||
Series F Preferred Stock | The Corporation's 5.625% Non-Cumulative Perpetual Preferred Stock, Series F, liquidation preference $1,000 per share | ||||
SOFR | Secured Overnight Finance Rate | ||||
TBA | To-Be-Announced | ||||
TDRs | Troubled Debt Restructurings | ||||
Whitnell | Whitnell & Co. | ||||
YTD | Year-to-Date |
Jun 30, 2022 | Dec 31, 2021 | |||||||
(In Thousands, except share and per share data) | (Unaudited) | (Audited) | ||||||
Assets | ||||||||
Cash and due from banks | $ | 397,364 | $ | 343,831 | ||||
Interest-bearing deposits in other financial institutions | 436,887 | 681,684 | ||||||
Federal funds sold and securities purchased under agreements to resell | 32,820 | — | ||||||
AFS investment securities, at fair value | 2,677,511 | 4,332,015 | ||||||
HTM investment securities, net, at amortized cost | 3,945,206 | 2,238,947 | ||||||
Equity securities | 19,039 | 18,352 | ||||||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 237,616 | 168,281 | ||||||
Residential loans held for sale | 42,676 | 136,638 | ||||||
Commercial loans held for sale | 44,721 | — | ||||||
Loans | 26,494,698 | 24,224,949 | ||||||
Allowance for loan losses | (280,771) | (280,015) | ||||||
Loans, net | 26,213,927 | 23,944,934 | ||||||
Tax credit and other investments | 275,165 | 293,733 | ||||||
Premises and equipment, net | 387,633 | 385,173 | ||||||
Bank and corporate owned life insurance | 675,347 | 680,021 | ||||||
Goodwill | 1,104,992 | 1,104,992 | ||||||
Other intangible assets, net | 53,687 | 58,093 | ||||||
Mortgage servicing rights, net(a) | 76,570 | 54,862 | ||||||
Interest receivable | 95,426 | 80,528 | ||||||
Other assets | 519,403 | 582,168 | ||||||
Total assets | $ | 37,235,990 | $ | 35,104,253 | ||||
Liabilities and Stockholders' Equity | ||||||||
Noninterest-bearing demand deposits | $ | 8,085,702 | $ | 8,504,077 | ||||
Interest-bearing deposits | 20,490,874 | 19,962,353 | ||||||
Total deposits | 28,576,577 | 28,466,430 | ||||||
Federal funds purchased and securities sold under agreements to repurchase | 682,839 | 319,532 | ||||||
Commercial paper | 22,781 | 34,730 | ||||||
FHLB advances | 3,258,039 | 1,621,047 | ||||||
Other long-term funding | 249,820 | 249,324 | ||||||
Allowance for unfunded commitments | 36,776 | 39,776 | ||||||
Accrued expenses and other liabilities | 449,776 | 348,560 | ||||||
Total liabilities | $ | 33,276,608 | $ | 31,079,399 | ||||
Stockholders’ Equity | ||||||||
Preferred equity | $ | 193,195 | $ | 193,195 | ||||
Common equity | ||||||||
Common stock | $ | 1,752 | $ | 1,752 | ||||
Surplus | 1,710,319 | 1,713,851 | ||||||
Retained earnings | 2,768,736 | 2,672,601 | ||||||
Accumulated other comprehensive (loss) | (182,788) | (10,317) | ||||||
Treasury stock, at cost | (531,832) | (546,229) | ||||||
Total common equity | 3,766,187 | 3,831,658 | ||||||
Total stockholders’ equity | 3,959,382 | 4,024,853 | ||||||
Total liabilities and stockholders’ equity | $ | 37,235,990 | $ | 35,104,253 | ||||
Preferred shares authorized (par value $1.00 per share) | 750,000 | 750,000 | ||||||
Preferred shares issued and outstanding | 200,000 | 200,000 | ||||||
Common shares authorized (par value $0.01 per share) | 250,000,000 | 250,000,000 | ||||||
Common shares issued | 175,216,409 | 175,216,409 | ||||||
Common shares outstanding | 150,126,419 | 149,342,641 |
Three Months Ended Jun 30, | Six Months Ended Jun 30, | |||||||||||||
(In Thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Interest income | ||||||||||||||
Interest and fees on loans | $ | 199,876 | $ | 174,228 | $ | 367,573 | $ | 348,277 | ||||||
Interest and dividends on investment securities | ||||||||||||||
Taxable | 18,317 | 8,840 | 34,789 | 15,855 | ||||||||||
Tax-exempt | 16,379 | 14,366 | 32,487 | 28,528 | ||||||||||
Other interest | 2,420 | 1,826 | 4,413 | 3,521 | ||||||||||
Total interest income | 236,991 | 199,260 | 439,261 | 396,180 | ||||||||||
Interest expense | ||||||||||||||
Interest on deposits | 8,019 | 4,609 | 11,591 | 10,519 | ||||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 406 | 30 | 444 | 55 | ||||||||||
Interest on other short-term funding | 1 | 7 | 2 | 13 | ||||||||||
Interest on FHLB advances | 9,689 | 9,524 | 17,871 | 19,017 | ||||||||||
Interest on long-term funding | 2,730 | 5,575 | 5,460 | 11,160 | ||||||||||
Total interest expense | 20,845 | 19,745 | 35,367 | 40,764 | ||||||||||
Net interest income | 216,146 | 179,515 | 403,893 | 355,416 | ||||||||||
Provision for credit losses | (2) | (35,004) | (3,992) | (58,009) | ||||||||||
Net interest income after provision for credit losses | 216,148 | 214,519 | 407,886 | 413,425 | ||||||||||
Noninterest income | ||||||||||||||
Wealth management fees | 21,332 | 22,706 | 43,735 | 45,120 | ||||||||||
Service charges and deposit account fees | 16,506 | 15,549 | 33,363 | 30,404 | ||||||||||
Card-based fees | 11,442 | 10,982 | 21,368 | 20,725 | ||||||||||
Other fee-based revenue | 4,360 | 4,244 | 8,126 | 8,840 | ||||||||||
Capital markets, net | 8,010 | 5,696 | 16,656 | 13,814 | ||||||||||
Mortgage banking, net | 6,145 | 8,128 | 14,536 | 32,054 | ||||||||||
Bank and corporate owned life insurance | 4,106 | 3,088 | 6,177 | 5,791 | ||||||||||
Asset gains (losses), net | 1,677 | (14) | 1,865 | 4,796 | ||||||||||
Investment securities gains (losses), net | (8) | 24 | 12 | (16) | ||||||||||
Gains on sale of branches, net(a) | — | 36 | — | 1,038 | ||||||||||
Other | 1,888 | 3,004 | 4,086 | 6,221 | ||||||||||
Total noninterest income | 75,458 | 73,443 | 149,925 | 168,786 | ||||||||||
Noninterest expense | ||||||||||||||
Personnel | 112,666 | 106,994 | 217,477 | 211,020 | ||||||||||
Technology | 21,223 | 20,236 | 42,707 | 40,975 | ||||||||||
Occupancy | 14,151 | 14,679 | 30,231 | 30,835 | ||||||||||
Business development and advertising | 5,655 | 4,970 | 10,610 | 9,366 | ||||||||||
Equipment | 4,960 | 5,481 | 9,920 | 10,999 | ||||||||||
Legal and professional | 4,873 | 6,661 | 9,960 | 13,191 | ||||||||||
Loan and foreclosure costs | 1,476 | 2,671 | 3,490 | 4,891 | ||||||||||
FDIC assessment | 5,400 | 3,600 | 10,500 | 8,350 | ||||||||||
Other intangible amortization | 2,203 | 2,203 | 4,405 | 4,439 | ||||||||||
Other | 8,815 | 6,979 | 15,412 | 15,755 | ||||||||||
Total noninterest expense | 181,420 | 174,475 | 354,712 | 349,821 | ||||||||||
Income before income taxes | 110,187 | 113,487 | 203,099 | 232,389 | ||||||||||
Income tax expense | 23,363 | 22,480 | 42,013 | 47,082 | ||||||||||
Net income | 86,824 | 91,007 | 161,086 | 185,307 | ||||||||||
Preferred stock dividends | 2,875 | 4,875 | 5,750 | 10,082 | ||||||||||
Net income available to common equity | $ | 83,949 | $ | 86,131 | $ | 155,336 | $ | 175,226 | ||||||
Earnings per common share | ||||||||||||||
Basic | $ | 0.56 | $ | 0.56 | $ | 1.04 | $ | 1.14 | ||||||
Diluted | $ | 0.56 | $ | 0.56 | $ | 1.03 | $ | 1.13 | ||||||
Average common shares outstanding | ||||||||||||||
Basic | 149,083 | 152,042 | 148,933 | 152,198 | ||||||||||
Diluted | 150,203 | 153,381 | 150,265 | 153,473 |
Three Months Ended Jun 30, | Six Months Ended Jun 30, | |||||||||||||
($ in Thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Net income | $ | 86,824 | $ | 91,007 | $ | 161,086 | $ | 185,307 | ||||||
Other comprehensive income (loss), net of tax | ||||||||||||||
AFS investment securities | ||||||||||||||
Net unrealized gains (losses) | (65,038) | 7,978 | (168,321) | (16,002) | ||||||||||
Unrealized (losses) on AFS securities transferred to HTM securities | — | — | (67,604) | — | ||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM securities | 3,273 | 645 | 4,381 | 1,163 | ||||||||||
Reclassification adjustment for net losses (gains) realized in net income | 8 | (24) | (12) | 16 | ||||||||||
Income tax (expense) benefit | 15,998 | (2,277) | 59,096 | 3,574 | ||||||||||
Other comprehensive income (loss) on AFS securities | (45,758) | 6,322 | (172,460) | (11,249) | ||||||||||
Defined benefit pension and postretirement obligations | ||||||||||||||
Amortization of prior service cost | (81) | (37) | (163) | (74) | ||||||||||
Amortization of actuarial loss | 74 | 1,050 | 147 | 2,100 | ||||||||||
Income tax (expense) benefit | 2 | (253) | 4 | (506) | ||||||||||
Other comprehensive income (loss) on pension and postretirement obligations | (6) | 760 | (12) | 1,519 | ||||||||||
Total other comprehensive income (loss) | (45,764) | 7,082 | (172,472) | (9,729) | ||||||||||
Comprehensive income (loss) | $ | 41,060 | $ | 98,088 | $ | (11,386) | $ | 175,578 |
(In Thousands, except per share data) | Preferred Equity | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | ||||||||||||||||
Balance, December 31, 2021 | $ | 193,195 | $ | 1,752 | $ | 1,713,851 | $ | 2,672,601 | $ | (10,317) | $ | (546,229) | $ | 4,024,853 | |||||||||
Change in accounting principle(a) | — | — | — | 1,713 | — | — | 1,713 | ||||||||||||||||
Total shareholder's equity at beginning of period, as adjusted | 193,195 | 1,752 | 1,713,851 | 2,674,314 | (10,317) | (546,229) | 4,026,566 | ||||||||||||||||
Comprehensive income (loss) | |||||||||||||||||||||||
Net income | — | — | — | 74,262 | — | — | 74,262 | ||||||||||||||||
Other comprehensive (loss) | — | — | — | — | (126,708) | — | (126,708) | ||||||||||||||||
Comprehensive (loss) | (52,445) | ||||||||||||||||||||||
Common stock issued | |||||||||||||||||||||||
Stock-based compensation plans, net | — | — | (11,911) | — | — | 18,565 | 6,654 | ||||||||||||||||
Purchase of treasury stock, stock-based compensation plans | — | — | — | — | — | (5,193) | (5,193) | ||||||||||||||||
Cash dividends | |||||||||||||||||||||||
Common stock, $0.20 per share | — | — | — | (30,583) | — | — | (30,583) | ||||||||||||||||
Preferred stock(b) | — | — | — | (2,875) | — | — | (2,875) | ||||||||||||||||
Stock-based compensation expense, net | — | — | 6,164 | — | — | — | 6,164 | ||||||||||||||||
Balance, March 31, 2022 | $ | 193,195 | $ | 1,752 | $ | 1,708,104 | $ | 2,715,118 | $ | (137,024) | $ | (532,858) | $ | 3,948,287 | |||||||||
Comprehensive income: | |||||||||||||||||||||||
Net income | — | — | — | 86,824 | — | — | 86,824 | ||||||||||||||||
Other comprehensive (loss) | — | — | — | — | (45,764) | — | (45,764) | ||||||||||||||||
Comprehensive income | 41,060 | ||||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||||
Stock-based compensation plans, net | — | — | (1,771) | — | — | 1,910 | 139 | ||||||||||||||||
Purchase of treasury stock, stock-based compensation plans | — | — | — | — | — | (884) | (884) | ||||||||||||||||
Cash dividends: | |||||||||||||||||||||||
Common stock, $0.20 per share | — | — | — | (30,331) | — | — | (30,331) | ||||||||||||||||
Preferred stock(b) | — | — | — | (2,875) | — | — | (2,875) | ||||||||||||||||
Stock-based compensation expense, net | — | — | 3,986 | — | — | — | 3,986 | ||||||||||||||||
Balance, June 30, 2022 | $ | 193,195 | $ | 1,752 | $ | 1,710,319 | $ | 2,768,736 | $ | (182,788) | $ | (531,832) | $ | 3,959,382 | |||||||||
(In Thousands, except per share data) | Preferred Equity | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | ||||||||||||||||
Balance, December 31, 2020 | $ | 353,512 | $ | 1,752 | $ | 1,720,329 | $ | 2,458,920 | $ | 12,618 | $ | (456,198) | $ | 4,090,933 | |||||||||
Comprehensive income (loss) | |||||||||||||||||||||||
Net income | — | — | — | 94,301 | — | — | 94,301 | ||||||||||||||||
Other comprehensive (loss) | — | — | — | — | (16,811) | — | (16,811) | ||||||||||||||||
Comprehensive income | 77,490 | ||||||||||||||||||||||
Common stock issued | |||||||||||||||||||||||
Stock-based compensation plans, net | — | — | (16,986) | — | — | 27,542 | 10,556 | ||||||||||||||||
Purchase of treasury stock, open market purchases | — | — | — | — | — | (17,973) | (17,973) | ||||||||||||||||
Purchase of treasury stock, stock-based compensation plans | — | — | — | — | — | (3,593) | (3,593) | ||||||||||||||||
Cash dividends | |||||||||||||||||||||||
Common stock, $0.18 per share | — | — | — | (27,870) | — | — | (27,870) | ||||||||||||||||
Preferred stock(a) | — | — | — | (5,207) | — | — | (5,207) | ||||||||||||||||
Stock-based compensation expense, net | — | — | 3,444 | — | — | — | 3,444 | ||||||||||||||||
Balance, March 31, 2021 | $ | 353,512 | $ | 1,752 | $ | 1,706,786 | $ | 2,520,144 | $ | (4,193) | $ | (450,222) | $ | 4,127,780 | |||||||||
Comprehensive income: | |||||||||||||||||||||||
Net income | — | — | — | 91,007 | — | — | 91,007 | ||||||||||||||||
Other comprehensive income | — | — | — | — | 7,082 | — | 7,082 | ||||||||||||||||
Comprehensive income | 98,088 | ||||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||||
Stock-based compensation plans, net | — | — | (3,632) | — | — | 11,250 | 7,618 | ||||||||||||||||
Purchase of treasury stock, open market purchases | — | — | — | — | — | (29,972) | (29,972) | ||||||||||||||||
Purchase of treasury stock, stock-based compensation plans | — | — | — | — | — | (856) | (856) | ||||||||||||||||
Cash dividends: | |||||||||||||||||||||||
Common stock, $0.18 per share | — | — | — | (27,822) | — | — | (27,822) | ||||||||||||||||
Preferred stock(b) | — | — | — | (4,875) | — | — | (4,875) | ||||||||||||||||
Redemption of preferred stock | (63,313) | — | — | (1,687) | — | — | (65,000) | ||||||||||||||||
Stock-based compensation expense, net | — | — | 5,092 | — | — | — | 5,092 | ||||||||||||||||
Balance, June 30, 2021 | $ | 290,200 | $ | 1,752 | $ | 1,708,246 | $ | 2,576,766 | $ | 2,889 | $ | (469,801) | $ | 4,110,052 | |||||||||
Six Months Ended Jun 30, | ||||||||
($ in Thousands) | 2022 | 2021 | ||||||
Cash Flow From Operating Activities | ||||||||
Net income | $ | 161,086 | $ | 185,307 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities | ||||||||
Provision for credit losses | (3,992) | (58,009) | ||||||
Depreciation and amortization | 22,741 | 24,200 | ||||||
Change in MSRs valuation(a) | (19,400) | (10,239) | ||||||
Amortization of other intangible assets | 4,405 | 4,439 | ||||||
Amortization and accretion on earning assets, funding, and other, net | 10,315 | 10,796 | ||||||
Net amortization of tax credit investments | 17,072 | 16,552 | ||||||
Losses (gains) on sales of investment securities, net | (12) | 16 | ||||||
Asset (gains), net | (1,865) | (4,796) | ||||||
(Gains) on sale of branch, net | — | (1,038) | ||||||
(Gain) loss on mortgage banking activities, net | 3,036 | (24,008) | ||||||
Mortgage loans originated and acquired for sale | (403,951) | (889,315) | ||||||
Proceeds from sales of mortgage loans held for sale | 500,410 | 884,581 | ||||||
Changes in certain assets and liabilities | ||||||||
(Increase) decrease in interest receivable | (14,898) | 8,466 | ||||||
(Decrease) increase in interest payable | 1,501 | (4,907) | ||||||
(Decrease) increase in expense payable | (24,791) | 11,274 | ||||||
Decrease in net derivative position | 231,332 | 56,833 | ||||||
Net change in other assets and other liabilities | 6,051 | 20,049 | ||||||
Net cash provided by operating activities | 489,039 | 230,202 | ||||||
Cash Flow From Investing Activities | ||||||||
Net decrease (increase) in loans | (2,271,051) | 478,170 | ||||||
Purchases of | ||||||||
AFS securities | (502,912) | (1,162,109) | ||||||
HTM securities | (202,271) | (81,368) | ||||||
Federal Home Loan Bank and Federal Reserve Bank stocks and equity securities | (69,339) | (1) | ||||||
Premises, equipment, and software, net of disposals | (33,373) | (19,706) | ||||||
Proceeds from | ||||||||
Sales of AFS and equity securities | 1,069 | 158,743 | ||||||
Prepayments, calls, and maturities of AFS securities | 296,179 | 699,584 | ||||||
Prepayments, calls, and maturities of HTM securities | 111,796 | 195,107 | ||||||
Sales, prepayments, calls, and maturities of other assets | 23,523 | 12,421 | ||||||
Net cash received in business segment sale | — | 2,415 | ||||||
Net change in tax credit and alternative investments | (34,186) | (34,200) | ||||||
Net cash provided by (used in) investing activities | (2,680,566) | 249,056 | ||||||
Cash Flow From Financing Activities | ||||||||
Net increase in deposits | 110,280 | 813,098 | ||||||
Net decrease in deposits due to branch sales | — | (31,083) | ||||||
Net increase (decrease) in short-term funding | 351,358 | (26,112) | ||||||
Net increase in short-term FHLB advances | 2,045,000 | — | ||||||
Repayment of long-term FHLB advances | (408,870) | (18,049) | ||||||
Proceeds from long-term FHLB advances | 916 | 5,251 | ||||||
(Repayment) proceeds of finance lease principal | 348 | (1,035) | ||||||
Proceeds from issuance of common stock for stock-based compensation plans | 6,793 | 18,174 | ||||||
Redemption of preferred shares | — | (65,000) | ||||||
Purchase of treasury stock, open market purchases | — | (47,945) | ||||||
Purchase of treasury stock, stock-based compensation plans | (6,078) | (4,450) | ||||||
Cash dividends on common stock | (60,914) | (55,693) | ||||||
Cash dividends on preferred stock | (5,750) | (10,082) | ||||||
Net cash provided by financing activities | 2,033,084 | 577,074 | ||||||
Net increase (decrease) in cash and cash equivalents | (158,444) | 1,056,332 | ||||||
Cash and cash equivalents at beginning of period | 1,025,515 | 716,048 | ||||||
Cash and cash equivalents at end of period(b) | $ | 867,071 | $ | 1,772,379 |
Six Months Ended Jun 30, | ||||||||
($ in Thousands) | 2022 | 2021 | ||||||
Supplemental disclosures of cash flow information | ||||||||
Cash paid for interest | $ | 33,533 | $ | 44,782 | ||||
Cash (received from) income and franchise taxes | 2,432 | 54,179 | ||||||
Loans and bank premises transferred to OREO | 1,817 | 18,535 | ||||||
Capitalized mortgage servicing rights | 5,231 | 7,488 | ||||||
Loans transferred from held for sale into portfolio, net | 4,149 | 9,970 | ||||||
Transfer of AFS securities to HTM securities | 1,621,990 | — | ||||||
Unsettled trades to purchase securities | 1,450 | — | ||||||
Standard | Description | Date of anticipated adoption | Effect on financial statements | ||||||||
ASU 2022-02 Financial Instruments-Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures | The FASB issued these amendments to eliminate accounting guidance for TDRs by creditors in Subtopic 310-40, Receivables-Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty, and to require that an entity disclose current-period gross writeoffs by year of origination for financing receivables and net investments in leases within the scope of Subtopic 326-20, Financial Instruments-Credit Losses-Measured at Amortized Cost. The amendments in this Update are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, and should be applied prospectively, except as provided in the next sentence. For the transition method related to the recognition and measurement of TDRs, an entity has the option to apply a modified retrospective transition method, resulting in a cumulative-effect adjustment to retained earnings in the period of adoption. Early adoption is permitted if an entity has adopted the amendments in Update 2016-03, including adoption in an interim period. | 1st Quarter 2023 | Adoption of this amendment is not expected to have a material impact on the Corporation's results of operation, financial position or liquidity, but will result in additional disclosure requirements related to gross charge offs by vintage year and the removal of TDR disclosures, replaced by additional disclosures on the types of modifications of loans to borrowers experiencing financial difficulties. |
Three Months Ended Jun 30, | Six Months Ended Jun 30, | |||||||||||||
(In Thousands, except per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Net income | $ | 86,824 | $ | 91,007 | $ | 161,086 | $ | 185,307 | ||||||
Preferred stock dividends | (2,875) | (4,875) | (5,750) | (10,082) | ||||||||||
Net income available to common equity | $ | 83,949 | $ | 86,131 | $ | 155,336 | $ | 175,226 | ||||||
Common shareholder dividends | (30,126) | (27,620) | (60,499) | (55,280) | ||||||||||
Unvested share-based payment awards | (205) | (203) | (415) | (412) | ||||||||||
Undistributed earnings | $ | 53,618 | $ | 58,309 | $ | 94,422 | $ | 119,533 | ||||||
Undistributed earnings allocated to common shareholders | $ | 53,257 | $ | 57,887 | $ | 93,807 | $ | 118,722 | ||||||
Undistributed earnings allocated to unvested share-based payment awards | 361 | 422 | 615 | 810 | ||||||||||
Undistributed earnings | $ | 53,618 | $ | 58,309 | $ | 94,422 | $ | 119,533 | ||||||
Basic | ||||||||||||||
Distributed earnings to common shareholders | $ | 30,126 | $ | 27,620 | $ | 60,499 | $ | 55,280 | ||||||
Undistributed earnings allocated to common shareholders | 53,257 | 57,887 | 93,807 | 118,722 | ||||||||||
Total common shareholders earnings, basic | $ | 83,383 | $ | 85,506 | $ | 154,306 | $ | 174,002 | ||||||
Diluted | ||||||||||||||
Distributed earnings to common shareholders | $ | 30,126 | $ | 27,620 | $ | 60,499 | $ | 55,280 | ||||||
Undistributed earnings allocated to common shareholders | 53,257 | 57,887 | 93,807 | 118,722 | ||||||||||
Total common shareholders earnings, diluted | $ | 83,383 | $ | 85,506 | $ | 154,306 | $ | 174,002 | ||||||
Weighted average common shares outstanding | 149,083 | 152,042 | 148,933 | 152,198 | ||||||||||
Effect of dilutive common stock awards | 1,121 | 1,339 | 1,332 | 1,275 | ||||||||||
Diluted weighted average common shares outstanding | 150,203 | 153,381 | 150,265 | 153,473 | ||||||||||
Basic earnings per common share | $ | 0.56 | $ | 0.56 | $ | 1.04 | $ | 1.14 | ||||||
Diluted earnings per common share | $ | 0.56 | $ | 0.56 | $ | 1.03 | $ | 1.13 |
Stock Options | Shares(a) | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value(a) | ||||||||||
Outstanding at December 31, 2021 | 4,814 | $ | 20.72 | 5.96 years | $ | 12,532 | ||||||||
Exercised | 367 | 17.64 | ||||||||||||
Outstanding at June 30, 2022 | 4,447 | $ | 20.97 | 5.56 years | $ | 1,770 | ||||||||
Options Exercisable at June 30, 2022 | 3,805 | $ | 21.28 | 5.24 years | $ | 1,341 |
Restricted Stock Awards | Shares(a) | Weighted Average Grant Date Fair Value | ||||||
Outstanding at December 31, 2021 | 2,635 | $ | 19.87 | |||||
Granted | 673 | 23.44 | ||||||
Vested | 754 | 23.16 | ||||||
Forfeited | 22 | 21.35 | ||||||
Outstanding at June 30, 2022 | 2,532 | $ | 20.64 |
($ in Thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ||||||||||
AFS investment securities | ||||||||||||||
U. S. Treasury securities | $ | 124,365 | $ | — | $ | (11,256) | $ | 113,109 | ||||||
Agency securities | 15,000 | — | (1,041) | 13,959 | ||||||||||
Obligations of state and political subdivisions (municipal securities) | 361,712 | 648 | (3,518) | 358,842 | ||||||||||
Residential mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 1,959,641 | 547 | (148,585) | 1,811,603 | ||||||||||
GNMA | 87,779 | — | (1,542) | 86,238 | ||||||||||
Commercial mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 19,207 | — | (601) | 18,606 | ||||||||||
GNMA | 108,153 | — | (2,473) | 105,680 | ||||||||||
Asset backed securities | ||||||||||||||
FFELP | 168,357 | — | (7,092) | 161,264 | ||||||||||
SBA | 5,287 | 40 | (45) | 5,281 | ||||||||||
Other debt securities | 3,000 | — | (71) | 2,929 | ||||||||||
Total AFS investment securities | $ | 2,852,501 | $ | 1,234 | $ | (176,224) | $ | 2,677,511 | ||||||
HTM investment securities | ||||||||||||||
U. S. Treasury securities | $ | 998 | $ | — | $ | (44) | $ | 955 | ||||||
Obligations of state and political subdivisions (municipal securities) | 1,717,627 | 4,002 | (161,116) | 1,560,514 | ||||||||||
Residential mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 967,421 | 34,108 | (125,444) | 876,085 | ||||||||||
GNMA | 42,248 | 37 | (1,637) | 40,649 | ||||||||||
Private-label | 375,638 | 12,693 | (54,490) | 333,841 | ||||||||||
Commercial mortgage-related securities | ||||||||||||||
FNMA/FHLMC | 762,086 | 16,835 | (131,851) | 647,070 | ||||||||||
GNMA | 79,250 | 799 | (4,970) | 75,079 | ||||||||||
Total HTM investment securities | $ | 3,945,269 | $ | 68,474 | $ | (479,551) | $ | 3,534,192 |
($ in Thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ||||||||||
AFS investment securities | ||||||||||||||
U. S. Treasury securities | $ | 124,291 | $ | — | $ | (1,334) | $ | 122,957 | ||||||
Agency securities | 15,000 | — | (103) | 14,897 | ||||||||||
Obligations of state and political subdivisions (municipal securities) | 381,517 | 18,940 | — | 400,457 | ||||||||||
Residential mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 2,709,399 | 3,729 | (21,249) | 2,691,879 | ||||||||||
GNMA | 66,189 | 1,591 | — | 67,780 | ||||||||||
Private-label | 332,028 | 31 | (2,335) | 329,724 | ||||||||||
Commercial mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 357,240 | 2,686 | (9,302) | 350,623 | ||||||||||
GNMA | 165,439 | 1,360 | — | 166,799 | ||||||||||
Asset backed securities | ||||||||||||||
FFELP | 177,974 | 475 | (1,123) | 177,325 | ||||||||||
SBA | 6,594 | 39 | (54) | 6,580 | ||||||||||
Other debt securities | 3,000 | — | (6) | 2,994 | ||||||||||
Total AFS investment securities | $ | 4,338,671 | $ | 28,850 | $ | (35,506) | $ | 4,332,015 | ||||||
HTM investment securities | ||||||||||||||
U. S. Treasury securities | $ | 1,000 | $ | 1 | $ | — | $ | 1,001 | ||||||
Obligations of state and political subdivisions (municipal securities) | 1,628,759 | 113,179 | (1,951) | 1,739,988 | ||||||||||
Residential mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 34,347 | 1,792 | — | 36,139 | ||||||||||
GNMA | 48,053 | 1,578 | — | 49,631 | ||||||||||
Commercial mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 425,937 | 122 | (6,659) | 419,400 | ||||||||||
GNMA | 100,907 | 1,799 | (200) | 102,506 | ||||||||||
Total HTM investment securities | $ | 2,239,003 | $ | 118,471 | $ | (8,809) | $ | 2,348,664 |
AFS | HTM | |||||||||||||
($ in Thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||
Due in one year or less | $ | 6,905 | $ | 6,895 | $ | 15,582 | $ | 15,627 | ||||||
Due after one year through five years | 98,473 | 94,572 | 34,915 | 35,027 | ||||||||||
Due after five years through ten years | 361,344 | 350,609 | 169,413 | 167,713 | ||||||||||
Due after ten years | 37,355 | 36,762 | 1,498,715 | 1,343,101 | ||||||||||
Total debt securities | 504,077 | 488,839 | 1,718,625 | 1,561,468 | ||||||||||
Residential mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 1,959,641 | 1,811,603 | 967,421 | 876,085 | ||||||||||
GNMA | 87,779 | 86,238 | 42,248 | 40,649 | ||||||||||
Private-label | — | — | 375,638 | 333,841 | ||||||||||
Commercial mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 19,207 | 18,606 | 762,086 | 647,070 | ||||||||||
GNMA | 108,153 | 105,680 | 79,250 | 75,079 | ||||||||||
Asset backed securities | ||||||||||||||
FFELP | 168,357 | 161,264 | — | — | ||||||||||
SBA | 5,287 | 5,281 | — | — | ||||||||||
Total investment securities | $ | 2,852,501 | $ | 2,677,511 | $ | 3,945,269 | $ | 3,534,192 | ||||||
Ratio of fair value to amortized cost | 93.9 | % | 89.6 | % |
($ in Thousands) | AAA | AA | A | Not Rated | Total | ||||||||||||
U. S. Treasury securities | $ | 998 | $ | — | $ | — | $ | — | $ | 998 | |||||||
Obligations of state and political subdivisions (municipal securities) | 799,925 | 908,098 | 8,710 | 894 | 1,717,627 | ||||||||||||
Residential mortgage-related securities | |||||||||||||||||
FNMA / FHLMC | 967,421 | — | — | — | 967,421 | ||||||||||||
GNMA | 42,248 | — | — | — | 42,248 | ||||||||||||
Private-label | 375,638 | — | — | — | 375,638 | ||||||||||||
Commercial mortgage-related securities | |||||||||||||||||
FNMA / FHLMC | 762,086 | — | — | — | 762,086 | ||||||||||||
GNMA | 79,250 | — | — | — | 79,250 | ||||||||||||
Total HTM securities | $ | 3,027,567 | $ | 908,098 | $ | 8,710 | $ | 894 | $ | 3,945,269 |
($ in Thousands) | AAA | AA | A | Not Rated | Total | ||||||||||||
U. S. Treasury securities | $ | 1,000 | $ | — | $ | — | $ | — | $ | 1,000 | |||||||
Obligations of state and political subdivisions (municipal securities) | 702,399 | 914,591 | 10,873 | 896 | 1,628,759 | ||||||||||||
Residential mortgage-related securities | |||||||||||||||||
FNMA / FHLMC | 34,347 | — | — | — | 34,347 | ||||||||||||
GNMA | 48,053 | — | — | — | 48,053 | ||||||||||||
Commercial mortgage-related securities | |||||||||||||||||
FNMA / FHLMC | 425,937 | — | — | — | 425,937 | ||||||||||||
GNMA | 100,907 | — | — | — | 100,907 | ||||||||||||
Total HTM securities | $ | 1,312,642 | $ | 914,591 | $ | 10,873 | $ | 896 | $ | 2,239,003 |
Three Months Ended Jun 30, | Six Months Ended Jun 30, | |||||||||||||
($ in Thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Gross gains on AFS securities | $ | — | $ | 386 | $ | 21 | $ | 421 | ||||||
Gross (losses) on AFS securities | (8) | (362) | (8) | (437) | ||||||||||
Investment securities gains (losses), net | $ | (8) | $ | 24 | $ | 12 | $ | (16) | ||||||
Proceeds from sales of AFS investment securities | $ | 327 | $ | 107,412 | $ | 1,061 | $ | 158,708 |
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||
($ in Thousands) | Number of Securities | Unrealized (Losses) | Fair Value | Number of Securities | Unrealized (Losses) | Fair Value | Unrealized (Losses) | Fair Value | ||||||||||||||||||
AFS investment securities | ||||||||||||||||||||||||||
U.S. Treasury securities | 5 | $ | (10,141) | $ | 104,289 | 2 | $ | (1,115) | $ | 8,820 | $ | (11,256) | $ | 113,109 | ||||||||||||
Agency securities | 1 | (1,041) | 13,959 | — | — | — | (1,041) | 13,959 | ||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | 373 | (3,518) | 224,804 | — | — | — | (3,518) | 224,804 | ||||||||||||||||||
Residential mortgage-related securities | ||||||||||||||||||||||||||
FNMA / FHLMC | 95 | (125,142) | 1,554,774 | 8 | (23,443) | 222,626 | (148,585) | 1,777,400 | ||||||||||||||||||
GNMA | 17 | (1,542) | 86,238 | — | — | — | (1,542) | 86,238 | ||||||||||||||||||
Commercial mortgage-related securities | ||||||||||||||||||||||||||
FNMA / FHLMC | 1 | (601) | 18,606 | — | — | — | (601) | 18,606 | ||||||||||||||||||
GNMA | 35 | (2,473) | 105,680 | — | — | — | (2,473) | 105,680 | ||||||||||||||||||
Asset backed securities | ||||||||||||||||||||||||||
FFELP | 6 | (2,905) | 72,610 | 9 | (4,187) | 88,655 | (7,092) | 161,264 | ||||||||||||||||||
SBA | — | — | — | 7 | (45) | 2,456 | (45) | 2,456 | ||||||||||||||||||
Other debt securities | 3 | (71) | 2,929 | — | — | — | (71) | 2,929 | ||||||||||||||||||
Total | 536 | $ | (147,433) | $ | 2,183,889 | 26 | $ | (28,791) | $ | 322,556 | $ | (176,224) | $ | 2,506,446 | ||||||||||||
HTM investment securities | ||||||||||||||||||||||||||
U.S. Treasury securities | 1 | $ | (44) | $ | 955 | — | $ | — | $ | — | $ | (44) | $ | 955 | ||||||||||||
Obligations of state and political subdivisions (municipal securities) | 717 | (156,757) | 1,127,009 | 9 | (4,359) | 11,242 | (161,116) | 1,138,251 | ||||||||||||||||||
Residential mortgage-related securities | ||||||||||||||||||||||||||
FNMA / FHLMC | 81 | (125,444) | 872,561 | — | — | — | (125,444) | 872,561 | ||||||||||||||||||
GNMA | 74 | (1,637) | 40,113 | — | — | — | (1,637) | 40,113 | ||||||||||||||||||
Private-label | 18 | (54,490) | 333,841 | — | — | — | (54,490) | 333,841 | ||||||||||||||||||
Commercial mortgage-related securities | ||||||||||||||||||||||||||
FNMA / FHLMC | 15 | (119,046) | 313,359 | 7 | (12,804) | 68,980 | (131,851) | 382,339 | ||||||||||||||||||
GNMA | 33 | (4,970) | 339,810 | — | — | — | (4,970) | 339,810 | ||||||||||||||||||
Total | 939 | $ | (462,387) | $ | 3,027,647 | 16 | $ | (17,163) | $ | 80,222 | $ | (479,551) | $ | 3,107,869 |
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||
($ in Thousands) | Number of Securities | Unrealized (Losses) | Fair Value | Number of Securities | Unrealized (Losses) | Fair Value | Unrealized (Losses) | Fair Value | ||||||||||||||||||
AFS investment securities | ||||||||||||||||||||||||||
U.S. Treasury securities | 7 | $ | (1,334) | $ | 122,957 | — | $ | — | $ | — | $ | (1,334) | $ | 122,957 | ||||||||||||
Agency securities | 1 | (103) | 14,897 | — | — | — | (103) | 14,897 | ||||||||||||||||||
Residential mortgage-related securities | ||||||||||||||||||||||||||
FNMA / FHLMC | 74 | (21,249) | 2,172,837 | — | — | — | (21,249) | 2,172,837 | ||||||||||||||||||
Private-label | 12 | (2,335) | 248,617 | — | — | — | (2,335) | 248,617 | ||||||||||||||||||
FNMA / FHLMC commercial mortgage-related securities | 19 | (9,302) | 328,568 | — | — | — | (9,302) | 328,568 | ||||||||||||||||||
Asset backed securities | ||||||||||||||||||||||||||
FFELP | 4 | (256) | 64,282 | 8 | (867) | 62,576 | (1,123) | 126,858 | ||||||||||||||||||
SBA | — | — | — | 9 | (54) | 3,902 | (54) | 3,902 | ||||||||||||||||||
Other debt securities | 3 | (6) | 2,994 | — | — | — | (6) | 2,994 | ||||||||||||||||||
Total | 120 | $ | (34,586) | $ | 2,955,152 | 17 | $ | (920) | $ | 66,478 | $ | (35,506) | $ | 3,021,630 | ||||||||||||
HTM investment securities | ||||||||||||||||||||||||||
Obligations of state and political subdivisions (municipal securities) | 49 | $ | (1,951) | $ | 112,038 | — | $ | — | $ | — | $ | (1,951) | $ | 112,038 | ||||||||||||
Commercial mortgage-related securities | ||||||||||||||||||||||||||
FNMA/FHLMC | 18 | (6,272) | 388,072 | 1 | (387) | 10,775 | (6,659) | 398,847 | ||||||||||||||||||
GNMA | 5 | (200) | 33,468 | — | — | — | (200) | 33,468 | ||||||||||||||||||
Total | 72 | $ | (8,422) | $ | 533,577 | 1 | $ | (387) | $ | 10,775 | $ | (8,809) | $ | 544,352 |
($ in Thousands) | Jun 30, 2022 | Dec 31, 2021 | ||||||
PPP | $ | 9,514 | $ | 66,070 | ||||
Asset-based lending & equipment finance(a) | 263,044 | 178,027 | ||||||
Commercial and industrial | 8,984,127 | 8,208,289 | ||||||
Commercial real estate — owner occupied | 928,152 | 971,326 | ||||||
Commercial and business lending | 10,184,836 | 9,423,711 | ||||||
Commercial real estate — investor | 4,790,241 | 4,384,569 | ||||||
Real estate construction | 1,775,648 | 1,808,976 | ||||||
Commercial real estate lending | 6,565,889 | 6,193,545 | ||||||
Total commercial | 16,750,726 | 15,617,256 | ||||||
Residential mortgage | 8,002,943 | 7,567,310 | ||||||
Auto finance | 847,969 | 143,045 | ||||||
Home equity | 592,843 | 595,615 | ||||||
Other consumer | 300,217 | 301,723 | ||||||
Total consumer | 9,743,972 | 8,607,693 | ||||||
Total loans | $ | 26,494,698 | $ | 24,224,949 |
Term Loans Amortized Cost Basis by Origination Year(a) | |||||||||||||||||||||||||||||
($ in Thousands) | Rev Loans Converted to Term(a) | Rev Loans Amortized Cost Basis | YTD 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | ||||||||||||||||||||
PPP:(b) | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | 49 | $ | 8,527 | $ | 891 | $ | — | $ | — | $ | — | $ | 9,467 | |||||||||||
Potential Problem | — | — | 47 | — | — | — | — | — | 47 | ||||||||||||||||||||
PPP | $ | — | $ | — | $ | 96 | $ | 8,527 | $ | 891 | $ | — | $ | — | $ | — | $ | 9,514 | |||||||||||
Asset-based lending & equipment finance: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 19,968 | $ | 77,441 | $ | 100,349 | $ | 44,012 | $ | 977 | $ | 192 | $ | 8 | $ | 242,947 | |||||||||||
Special Mention | — | — | — | — | 285 | — | — | — | 285 | ||||||||||||||||||||
Potential Problem | — | 1,563 | 1,500 | — | 16,750 | — | — | — | 19,813 | ||||||||||||||||||||
Asset-based lending & equipment finance | $ | — | $ | 21,531 | $ | 78,941 | $ | 100,349 | $ | 61,047 | $ | 977 | $ | 192 | $ | 8 | $ | 263,044 | |||||||||||
Commercial and industrial: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 2,252,288 | $ | 1,499,191 | $ | 2,520,309 | $ | 695,696 | $ | 772,615 | $ | 541,349 | $ | 542,828 | $ | 8,824,277 | |||||||||||
Special Mention | — | 16,663 | 1,500 | 5,242 | 17,308 | — | — | 33,509 | 74,222 | ||||||||||||||||||||
Potential Problem | 71 | 10,237 | 17,655 | 1,312 | 3,751 | 44,715 | 175 | 6,940 | 84,785 | ||||||||||||||||||||
Nonaccrual | — | — | — | — | 843 | — | — | — | 843 | ||||||||||||||||||||
Commercial and industrial | $ | 71 | $ | 2,279,187 | $ | 1,518,346 | $ | 2,526,863 | $ | 717,599 | $ | 817,331 | $ | 541,524 | $ | 583,277 | $ | 8,984,127 | |||||||||||
Commercial real estate - owner occupied: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 6,344 | $ | 57,860 | $ | 251,874 | $ | 170,340 | $ | 173,189 | $ | 95,730 | $ | 126,926 | $ | 882,263 | |||||||||||
Special Mention | — | — | — | — | 7,260 | — | — | — | 7,260 | ||||||||||||||||||||
Potential Problem | — | 211 | 898 | 8,779 | 3,752 | 9,073 | 5,282 | 10,634 | 38,628 | ||||||||||||||||||||
Commercial real estate - owner occupied | $ | — | $ | 6,555 | $ | 58,757 | $ | 260,653 | $ | 181,352 | $ | 182,262 | $ | 101,012 | $ | 137,560 | $ | 928,152 | |||||||||||
Commercial and business lending: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 2,278,600 | $ | 1,634,541 | $ | 2,881,059 | $ | 910,939 | $ | 946,782 | $ | 637,271 | $ | 669,762 | $ | 9,958,954 | |||||||||||
Special Mention | — | 16,663 | 1,500 | 5,242 | 24,853 | — | — | 33,509 | 81,767 | ||||||||||||||||||||
Potential Problem | 71 | 12,010 | 20,100 | 10,091 | 24,253 | 53,788 | 5,457 | 17,574 | 143,273 | ||||||||||||||||||||
Nonaccrual | — | — | — | — | 843 | — | — | — | 843 | ||||||||||||||||||||
Commercial and business lending | $ | 71 | $ | 2,307,273 | $ | 1,656,141 | $ | 2,896,392 | $ | 960,888 | $ | 1,000,570 | $ | 642,728 | $ | 720,844 | $ | 10,184,836 | |||||||||||
Commercial real estate - investor: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 38,623 | $ | 91,473 | $ | 1,069,896 | $ | 1,488,158 | $ | 731,756 | $ | 569,142 | $ | 274,865 | $ | 294,879 | $ | 4,520,168 | |||||||||||
Special Mention | — | — | — | 69,497 | — | 20,906 | — | 212 | 90,615 | ||||||||||||||||||||
Potential Problem | — | — | 267 | 48,237 | 28,728 | 25,497 | 18,746 | 11,161 | 132,635 | ||||||||||||||||||||
Nonaccrual | — | — | 814 | 37,922 | 7,642 | 444 | — | — | 46,823 | ||||||||||||||||||||
Commercial real estate - investor | $ | 38,623 | $ | 91,473 | $ | 1,070,977 | $ | 1,643,814 | $ | 768,126 | $ | 615,989 | $ | 293,611 | $ | 306,252 | $ | 4,790,241 | |||||||||||
Real estate construction: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 27,288 | $ | 263,216 | $ | 962,486 | $ | 375,197 | $ | 65,237 | $ | 23,355 | $ | 11,039 | $ | 1,727,819 | |||||||||||
Special Mention | — | — | — | 941 | 11,929 | 34,274 | — | — | 47,144 | ||||||||||||||||||||
Potential Problem | — | — | — | 82 | — | — | — | — | 82 | ||||||||||||||||||||
Nonaccrual | — | — | — | — | — | — | — | 604 | 604 | ||||||||||||||||||||
Real estate construction | $ | — | $ | 27,288 | $ | 263,216 | $ | 963,509 | $ | 387,126 | $ | 99,511 | $ | 23,355 | $ | 11,643 | $ | 1,775,648 |
Term Loans Amortized Cost Basis by Origination Year(a) | |||||||||||||||||||||||||||||
($ in Thousands) | Rev Loans Converted to Term(a) | Rev Loans Amortized Cost Basis | YTD 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Total | ||||||||||||||||||||
Commercial real estate lending: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 38,623 | $ | 118,762 | $ | 1,333,112 | $ | 2,450,644 | $ | 1,106,953 | $ | 634,379 | $ | 298,220 | $ | 305,917 | $ | 6,247,987 | |||||||||||
Special Mention | — | — | — | 70,438 | 11,929 | 55,180 | — | 212 | 137,758 | ||||||||||||||||||||
Potential Problem | — | — | 267 | 48,318 | 28,728 | 25,497 | 18,746 | 11,161 | 132,717 | ||||||||||||||||||||
Nonaccrual | — | — | 814 | 37,922 | 7,642 | 444 | — | 604 | 47,427 | ||||||||||||||||||||
Commercial real estate lending | $ | 38,623 | $ | 118,762 | $ | 1,334,193 | $ | 2,607,322 | $ | 1,155,252 | $ | 715,500 | $ | 316,966 | $ | 317,895 | $ | 6,565,889 | |||||||||||
Total commercial: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 38,623 | $ | 2,397,362 | $ | 2,967,653 | $ | 5,331,703 | $ | 2,017,892 | $ | 1,581,161 | $ | 935,492 | $ | 975,679 | $ | 16,206,941 | |||||||||||
Special Mention | — | 16,663 | 1,500 | 75,680 | 36,782 | 55,180 | — | 33,721 | 219,525 | ||||||||||||||||||||
Potential Problem | 71 | 12,010 | 20,367 | 58,409 | 52,981 | 79,285 | 24,203 | 28,735 | 275,990 | ||||||||||||||||||||
Nonaccrual | — | — | 814 | 37,922 | 8,485 | 444 | — | 604 | 48,270 | ||||||||||||||||||||
Total commercial | $ | 38,694 | $ | 2,426,035 | $ | 2,990,334 | $ | 5,503,714 | $ | 2,116,140 | $ | 1,716,070 | $ | 959,695 | $ | 1,038,739 | $ | 16,750,726 | |||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | 825,055 | $ | 1,959,667 | $ | 1,789,114 | $ | 865,412 | $ | 389,154 | $ | 2,118,258 | $ | 7,946,661 | |||||||||||
Special Mention | — | — | — | — | 99 | — | — | 46 | 145 | ||||||||||||||||||||
Potential Problem | — | — | 330 | 462 | 96 | 754 | 633 | 1,022 | 3,297 | ||||||||||||||||||||
Nonaccrual | — | — | 3,839 | 1,925 | 3,497 | 3,928 | 6,295 | 33,355 | 52,840 | ||||||||||||||||||||
Residential mortgage | $ | — | $ | — | $ | 829,224 | $ | 1,962,054 | $ | 1,792,807 | $ | 870,095 | $ | 396,082 | $ | 2,152,682 | $ | 8,002,943 | |||||||||||
Auto finance: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | 719,132 | $ | 125,195 | $ | 476 | $ | 1,904 | $ | 760 | $ | 179 | $ | 847,646 | |||||||||||
Special Mention | — | — | 130 | 140 | — | — | — | — | 271 | ||||||||||||||||||||
Nonaccrual | — | — | — | 21 | — | 21 | 11 | — | 53 | ||||||||||||||||||||
Auto finance | $ | — | $ | — | $ | 719,263 | $ | 125,356 | $ | 476 | $ | 1,925 | $ | 771 | $ | 179 | $ | 847,969 | |||||||||||
Home equity: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 5,461 | $ | 493,282 | $ | 9,466 | $ | 3,966 | $ | 1,675 | $ | 6,664 | $ | 7,840 | $ | 62,133 | $ | 585,026 | |||||||||||
Special Mention | 109 | 65 | — | — | 33 | 26 | 39 | 366 | 529 | ||||||||||||||||||||
Potential Problem | — | — | — | — | — | 35 | 7 | 146 | 188 | ||||||||||||||||||||
Nonaccrual | 759 | 8 | — | 15 | 68 | 165 | 346 | 6,497 | 7,100 | ||||||||||||||||||||
Home equity | $ | 6,328 | $ | 493,356 | $ | 9,466 | $ | 3,981 | $ | 1,776 | $ | 6,890 | $ | 8,232 | $ | 69,143 | $ | 592,843 | |||||||||||
Other consumer: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 111 | $ | 190,483 | $ | 4,065 | $ | 6,704 | $ | 3,204 | $ | 1,786 | $ | 307 | $ | 93,134 | $ | 299,685 | |||||||||||
Special Mention | 1 | 430 | — | 18 | — | — | — | 1 | 449 | ||||||||||||||||||||
Nonaccrual | 15 | 14 | — | — | 29 | 9 | 5 | 27 | 83 | ||||||||||||||||||||
Other consumer | $ | 127 | $ | 190,927 | $ | 4,065 | $ | 6,723 | $ | 3,233 | $ | 1,795 | $ | 312 | $ | 93,162 | $ | 300,217 | |||||||||||
Total consumer: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 5,572 | $ | 683,766 | $ | 1,557,718 | $ | 2,095,532 | $ | 1,794,469 | $ | 875,766 | $ | 398,061 | $ | 2,273,705 | $ | 9,679,017 | |||||||||||
Special Mention | 109 | 495 | 130 | 159 | 131 | 26 | 39 | 413 | 1,394 | ||||||||||||||||||||
Potential Problem | — | — | 330 | 462 | 96 | 789 | 640 | 1,168 | 3,486 | ||||||||||||||||||||
Nonaccrual | 774 | 22 | 3,839 | 1,961 | 3,594 | 4,123 | 6,657 | 39,880 | 60,075 | ||||||||||||||||||||
Total consumer | $ | 6,455 | $ | 684,283 | $ | 1,562,017 | $ | 2,098,113 | $ | 1,798,292 | $ | 880,705 | $ | 405,397 | $ | 2,315,166 | $ | 9,743,972 | |||||||||||
Total loans: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 44,195 | $ | 3,081,128 | $ | 4,525,371 | $ | 7,427,234 | $ | 3,812,361 | $ | 2,456,927 | $ | 1,333,552 | $ | 3,249,384 | $ | 25,885,958 | |||||||||||
Special Mention | 109 | 17,158 | 1,630 | 75,838 | 36,913 | 55,206 | 39 | 34,134 | 220,919 | ||||||||||||||||||||
Potential Problem | 71 | 12,010 | 20,697 | 58,871 | 53,077 | 80,074 | 24,843 | 29,903 | 279,475 | ||||||||||||||||||||
Nonaccrual | 774 | 22 | 4,653 | 39,883 | 12,079 | 4,567 | 6,657 | 40,484 | 108,345 | ||||||||||||||||||||
Total loans | $ | 45,149 | $ | 3,110,318 | $ | 4,552,351 | $ | 7,601,827 | $ | 3,914,431 | $ | 2,596,775 | $ | 1,365,091 | $ | 3,353,905 | $ | 26,494,698 |
Term Loans Amortized Cost Basis by Origination Year(a) | |||||||||||||||||||||||||||||
($ in Thousands) | Rev Loans Converted to Term(a) | Rev Loans Amortized Cost Basis | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | ||||||||||||||||||||
PPP:(b) | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | 44,921 | $ | 18,610 | $ | — | $ | — | $ | — | $ | — | $ | 63,531 | |||||||||||
Special Mention | — | — | 212 | 281 | — | — | — | — | 493 | ||||||||||||||||||||
Potential Problem | — | — | 2,000 | — | — | — | — | — | 2,000 | ||||||||||||||||||||
Nonaccrual | — | — | — | 46 | — | — | — | — | 46 | ||||||||||||||||||||
PPP | $ | — | $ | — | $ | 47,134 | $ | 18,936 | $ | — | $ | — | $ | — | $ | — | $ | 66,070 | |||||||||||
Commercial and industrial:(c) | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 2,084 | $ | 2,371,605 | $ | 2,631,753 | $ | 852,758 | $ | 986,300 | $ | 710,491 | $ | 177,568 | $ | 493,876 | $ | 8,224,351 | |||||||||||
Special Mention | — | 7,068 | 5,900 | 1,695 | — | — | — | 2,811 | 17,474 | ||||||||||||||||||||
Potential Problem | 2,706 | 26,387 | 23,415 | 19,960 | 46,296 | 20,924 | 104 | 1,172 | 138,258 | ||||||||||||||||||||
Nonaccrual | 76 | — | 5,996 | 161 | 52 | 24 | — | — | 6,233 | ||||||||||||||||||||
Commercial and industrial | $ | 4,867 | $ | 2,405,059 | $ | 2,667,064 | $ | 874,575 | $ | 1,032,647 | $ | 731,439 | $ | 177,671 | $ | 497,860 | $ | 8,386,316 | |||||||||||
Commercial real estate - owner occupied: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 10,092 | $ | 30,869 | $ | 261,418 | $ | 178,424 | $ | 187,073 | $ | 110,169 | $ | 54,538 | $ | 117,011 | $ | 939,503 | |||||||||||
Special Mention | — | 226 | — | 4,628 | — | — | — | 245 | 5,100 | ||||||||||||||||||||
Potential Problem | — | 526 | 5,953 | 4,721 | 10,047 | 727 | 2,204 | 2,546 | 26,723 | ||||||||||||||||||||
Commercial real estate - owner occupied | $ | 10,092 | $ | 31,621 | $ | 267,371 | $ | 187,773 | $ | 197,120 | $ | 110,896 | $ | 56,742 | $ | 119,802 | $ | 971,326 | |||||||||||
Commercial and business lending: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 12,176 | $ | 2,402,474 | $ | 2,938,092 | $ | 1,049,792 | $ | 1,173,373 | $ | 820,660 | $ | 232,106 | $ | 610,887 | $ | 9,227,385 | |||||||||||
Special Mention | — | 7,294 | 6,112 | 6,604 | — | — | — | 3,056 | 23,066 | ||||||||||||||||||||
Potential Problem | 2,706 | 26,913 | 31,368 | 24,681 | 56,343 | 21,651 | 2,307 | 3,718 | 166,981 | ||||||||||||||||||||
Nonaccrual | 76 | — | 5,996 | 207 | 52 | 24 | — | — | 6,279 | ||||||||||||||||||||
Commercial and business lending | $ | 14,958 | $ | 2,436,680 | $ | 2,981,569 | $ | 1,081,284 | $ | 1,229,767 | $ | 842,335 | $ | 234,414 | $ | 617,662 | $ | 9,423,711 | |||||||||||
Commercial real estate - investor: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 37,430 | $ | 105,521 | $ | 1,650,936 | $ | 685,423 | $ | 867,606 | $ | 414,079 | $ | 139,320 | $ | 230,452 | $ | 4,093,337 | |||||||||||
Special Mention | — | — | 57,163 | 27,384 | 33,016 | 72 | — | 6,781 | 124,416 | ||||||||||||||||||||
Potential Problem | — | — | 21,309 | 9,860 | 22,243 | 34,591 | 3,564 | 14,573 | 106,138 | ||||||||||||||||||||
Nonaccrual | — | — | 45,502 | 8,158 | 6,820 | — | — | 197 | 60,677 | ||||||||||||||||||||
Commercial real estate - investor | $ | 37,430 | $ | 105,521 | $ | 1,774,910 | $ | 730,825 | $ | 929,685 | $ | 448,741 | $ | 142,883 | $ | 252,003 | $ | 4,384,569 | |||||||||||
Real estate construction: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 31,773 | $ | 843,664 | $ | 614,469 | $ | 204,337 | $ | 48,647 | $ | 2,229 | $ | 12,212 | $ | 1,757,331 | |||||||||||
Special Mention | — | — | 2,203 | 11,929 | — | 15,885 | 41 | 2 | 30,060 | ||||||||||||||||||||
Potential Problem | — | — | 37 | 120 | 21,251 | — | — | — | 21,408 | ||||||||||||||||||||
Nonaccrual | — | — | — | — | — | — | — | 177 | 177 | ||||||||||||||||||||
Real estate construction | $ | — | $ | 31,773 | $ | 845,903 | $ | 626,518 | $ | 225,588 | $ | 64,532 | $ | 2,270 | $ | 12,392 | $ | 1,808,976 | |||||||||||
Commercial real estate lending: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 37,430 | $ | 137,294 | $ | 2,494,600 | $ | 1,299,893 | $ | 1,071,943 | $ | 462,726 | $ | 141,549 | $ | 242,664 | $ | 5,850,668 | |||||||||||
Special Mention | — | — | 59,366 | 39,313 | 33,016 | 15,957 | 41 | 6,784 | 154,476 | ||||||||||||||||||||
Potential Problem | — | — | 21,345 | 9,980 | 43,494 | 34,591 | 3,564 | 14,573 | 127,546 | ||||||||||||||||||||
Nonaccrual | — | — | 45,502 | 8,158 | 6,820 | — | — | 374 | 60,855 | ||||||||||||||||||||
Commercial real estate lending | $ | 37,430 | $ | 137,294 | $ | 2,620,814 | $ | 1,357,343 | $ | 1,155,273 | $ | 513,273 | $ | 145,153 | $ | 264,395 | $ | 6,193,545 |
Term Loans Amortized Cost Basis by Origination Year(a) | |||||||||||||||||||||||||||||
($ in Thousands) | Rev Loans Converted to Term(a) | Rev Loans Amortized Cost Basis | 2021 | 2020 | 2019 | 2018 | 2017 | Prior | Total | ||||||||||||||||||||
Total commercial: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 49,606 | $ | 2,539,768 | $ | 5,432,693 | $ | 2,349,685 | $ | 2,245,316 | $ | 1,283,386 | $ | 373,655 | $ | 853,551 | $ | 15,078,053 | |||||||||||
Special Mention | — | 7,294 | 65,478 | 45,917 | 33,016 | 15,957 | 41 | 9,840 | 177,543 | ||||||||||||||||||||
Potential Problem | 2,706 | 26,913 | 52,713 | 34,660 | 99,837 | 56,241 | 5,871 | 18,291 | 294,527 | ||||||||||||||||||||
Nonaccrual | 76 | — | 51,498 | 8,365 | 6,872 | 24 | — | 374 | 67,134 | ||||||||||||||||||||
Total commercial | $ | 52,388 | $ | 2,573,974 | $ | 5,602,382 | $ | 2,438,627 | $ | 2,385,040 | $ | 1,355,608 | $ | 379,567 | $ | 882,057 | $ | 15,617,256 | |||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | 1,771,447 | $ | 1,945,029 | $ | 974,188 | $ | 428,459 | $ | 673,447 | $ | 1,716,419 | $ | 7,508,989 | |||||||||||
Special Mention | — | — | — | — | — | 285 | — | 461 | 746 | ||||||||||||||||||||
Potential Problem | — | — | 475 | 332 | 404 | 265 | 81 | 658 | 2,214 | ||||||||||||||||||||
Nonaccrual | — | — | 1,993 | 2,911 | 4,479 | 6,224 | 6,019 | 33,734 | 55,362 | ||||||||||||||||||||
Residential mortgage | $ | — | $ | — | $ | 1,773,915 | $ | 1,948,272 | $ | 979,071 | $ | 435,233 | $ | 679,547 | $ | 1,751,272 | $ | 7,567,310 | |||||||||||
Auto finance: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | 137,952 | $ | 707 | $ | 2,675 | $ | 1,200 | $ | 352 | $ | 107 | $ | 142,993 | |||||||||||
Nonaccrual | — | — | — | — | 36 | 15 | — | — | 52 | ||||||||||||||||||||
Auto finance | $ | — | $ | — | $ | 137,952 | $ | 707 | $ | 2,711 | $ | 1,216 | $ | 352 | $ | 107 | $ | 143,045 | |||||||||||
Home equity: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 6,728 | $ | 498,970 | $ | 1,216 | $ | 1,401 | $ | 7,640 | $ | 8,742 | $ | 7,660 | $ | 61,251 | $ | 586,880 | |||||||||||
Special Mention | 133 | 100 | — | 102 | 4 | — | — | 638 | 844 | ||||||||||||||||||||
Potential Problem | 6 | — | 6 | — | — | 13 | — | 146 | 165 | ||||||||||||||||||||
Nonaccrual | 925 | 35 | 9 | 92 | 211 | 305 | 302 | 6,772 | 7,726 | ||||||||||||||||||||
Home equity | $ | 7,792 | $ | 499,104 | $ | 1,232 | $ | 1,595 | $ | 7,856 | $ | 9,059 | $ | 7,962 | $ | 68,807 | $ | 595,615 | |||||||||||
Other consumer: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 443 | $ | 180,312 | $ | 9,297 | $ | 4,987 | $ | 2,884 | $ | 371 | $ | 265 | $ | 103,075 | $ | 301,191 | |||||||||||
Special Mention | 7 | 351 | — | 4 | — | — | — | 7 | 363 | ||||||||||||||||||||
Nonaccrual | 6 | 120 | — | 14 | 7 | — | 19 | 11 | 170 | ||||||||||||||||||||
Other consumer | $ | 456 | $ | 180,783 | $ | 9,297 | $ | 5,005 | $ | 2,890 | $ | 371 | $ | 284 | $ | 103,093 | $ | 301,723 | |||||||||||
Total consumer: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 7,171 | $ | 679,353 | $ | 1,919,912 | $ | 1,952,124 | $ | 987,387 | $ | 438,771 | $ | 681,725 | $ | 1,880,781 | $ | 8,540,053 | |||||||||||
Special Mention | 140 | 451 | — | 106 | 4 | 285 | — | 1,106 | 1,952 | ||||||||||||||||||||
Potential Problem | 6 | — | 481 | 332 | 404 | 277 | 81 | 804 | 2,379 | ||||||||||||||||||||
Nonaccrual | 931 | 154 | 2,003 | 3,017 | 4,733 | 6,545 | 6,340 | 40,517 | 63,309 | ||||||||||||||||||||
Total consumer | $ | 8,248 | $ | 679,959 | $ | 1,922,396 | $ | 1,955,579 | $ | 992,528 | $ | 445,878 | $ | 688,145 | $ | 1,923,208 | $ | 8,607,693 | |||||||||||
Total loans: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 56,777 | $ | 3,219,121 | $ | 7,352,605 | $ | 4,301,809 | $ | 3,232,703 | $ | 1,722,157 | $ | 1,055,380 | $ | 2,734,332 | $ | 23,618,106 | |||||||||||
Special Mention | 140 | 7,745 | 65,478 | 46,023 | 33,021 | 16,241 | 41 | 10,946 | 179,495 | ||||||||||||||||||||
Potential Problem | 2,713 | 26,913 | 53,194 | 34,992 | 100,240 | 56,519 | 5,952 | 19,095 | 296,905 | ||||||||||||||||||||
Nonaccrual | 1,006 | 154 | 53,501 | 11,382 | 11,605 | 6,569 | 6,340 | 40,891 | 130,443 | ||||||||||||||||||||
Total loans | $ | 60,636 | $ | 3,253,933 | $ | 7,524,778 | $ | 4,394,206 | $ | 3,377,569 | $ | 1,801,486 | $ | 1,067,713 | $ | 2,805,265 | $ | 24,224,949 |
Accruing | ||||||||||||||||||||
($ in Thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Nonaccrual(a)(b) | Total | ||||||||||||||
PPP | $ | 8,039 | $ | 1,361 | $ | 113 | $ | — | $ | — | $ | 9,514 | ||||||||
Asset-based lending & equipment finance | 263,044 | — | — | — | — | 263,044 | ||||||||||||||
Commercial and industrial | 8,982,984 | 106 | 61 | 133 | 843 | 8,984,127 | ||||||||||||||
Commercial real estate - owner occupied | 928,152 | — | — | — | — | 928,152 | ||||||||||||||
Commercial and business lending | 10,182,219 | 1,467 | 174 | 133 | 843 | 10,184,836 | ||||||||||||||
Commercial real estate - investor | 4,737,934 | 5,484 | — | — | 46,823 | 4,790,241 | ||||||||||||||
Real estate construction | 1,775,044 | — | — | — | 604 | 1,775,648 | ||||||||||||||
Commercial real estate lending | 6,512,978 | 5,484 | — | — | 47,427 | 6,565,889 | ||||||||||||||
Total commercial | 16,695,197 | 6,952 | 174 | 133 | 48,270 | 16,750,726 | ||||||||||||||
Residential mortgage | 7,944,365 | 5,213 | 102 | 423 | 52,840 | 8,002,943 | ||||||||||||||
Auto finance | 845,010 | 2,635 | 271 | — | 53 | 847,969 | ||||||||||||||
Home equity | 582,782 | 2,448 | 514 | — | 7,100 | 592,843 | ||||||||||||||
Other consumer | 297,770 | 807 | 557 | 999 | 83 | 300,217 | ||||||||||||||
Total consumer | 9,669,928 | 11,104 | 1,444 | 1,422 | 60,075 | 9,743,972 | ||||||||||||||
Total loans | $ | 26,365,125 | $ | 18,055 | $ | 1,618 | $ | 1,555 | $ | 108,345 | $ | 26,494,698 |
Accruing | ||||||||||||||||||||
($ in Thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Nonaccrual(a)(b) | Total | ||||||||||||||
PPP | $ | 65,941 | $ | 40 | $ | 43 | $ | — | $ | 46 | $ | 66,070 | ||||||||
Asset-based lending | 178,027 | — | — | — | — | 178,027 | ||||||||||||||
Commercial and industrial(c) | 8,201,272 | 579 | 54 | 151 | 6,233 | 8,208,289 | ||||||||||||||
Commercial real estate - owner occupied | 971,163 | 163 | — | — | — | 971,326 | ||||||||||||||
Commercial and business lending | 9,416,403 | 781 | 97 | 151 | 6,279 | 9,423,711 | ||||||||||||||
Commercial real estate - investor | 4,323,276 | 142 | 474 | — | 60,677 | 4,384,569 | ||||||||||||||
Real estate construction | 1,807,178 | 1,618 | 2 | — | 177 | 1,808,976 | ||||||||||||||
Commercial real estate lending | 6,130,454 | 1,759 | 477 | — | 60,855 | 6,193,545 | ||||||||||||||
Total commercial | 15,546,857 | 2,541 | 573 | 151 | 67,134 | 15,617,256 | ||||||||||||||
Residential mortgage | 7,505,654 | 5,500 | 669 | 126 | 55,362 | 7,567,310 | ||||||||||||||
Auto finance | 142,982 | 11 | — | — | 52 | 143,045 | ||||||||||||||
Home equity | 584,177 | 2,867 | 844 | — | 7,726 | 595,615 | ||||||||||||||
Other consumer | 298,261 | 1,835 | 472 | 986 | 170 | 301,723 | ||||||||||||||
Total consumer | 8,531,074 | 10,213 | 1,985 | 1,111 | 63,309 | 8,607,693 | ||||||||||||||
Total loans | $ | 24,077,931 | $ | 12,754 | $ | 2,558 | $ | 1,263 | $ | 130,443 | $ | 24,224,949 |
Jun 30, 2022 | Dec 31, 2021 | |||||||||||||
($ in Thousands) | Performing Restructured Loans | Nonaccrual Restructured Loans(a) | Performing Restructured Loans | Nonaccrual Restructured Loans(a) | ||||||||||
Commercial and industrial | $ | 13,882 | $ | — | $ | 8,687 | $ | — | ||||||
Commercial real estate — owner occupied | 421 | — | 967 | — | ||||||||||
Commercial real estate — investor | 943 | 4,266 | 12,866 | 3,093 | ||||||||||
Real estate construction | 179 | 43 | 242 | 45 | ||||||||||
Residential mortgage | 15,829 | 16,854 | 16,316 | 13,483 | ||||||||||
Home equity | 2,246 | 1,009 | 2,648 | 806 | ||||||||||
Other consumer | 753 | — | 803 | — | ||||||||||
Total restructured loans | $ | 34,253 | $ | 22,172 | $ | 42,530 | $ | 17,426 |
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||||||||
($ in Thousands) | Number of Loans | Recorded Investment(a) | Unpaid Principal Balance(b) | Number of Loans | Recorded Investment(a) | Unpaid Principal Balance(b) | ||||||||||||||
Commercial and industrial | 2 | $ | 275 | $ | 275 | 2 | $ | 128 | $ | 129 | ||||||||||
Commercial real estate — investor | 1 | $ | 553 | $ | 573 | 4 | $ | 1,690 | $ | 1,690 | ||||||||||
Residential mortgage | 35 | 8,149 | 8,315 | 37 | 7,424 | 7,450 | ||||||||||||||
Home equity | 8 | 291 | 312 | 4 | 566 | 603 | ||||||||||||||
Total loans modified | 46 | $ | 9,267 | $ | 9,474 | 47 | $ | 9,808 | $ | 9,871 |
Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | |||||||||||||
($ in Thousands) | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | ||||||||||
Residential mortgage | 4 | $ | 1,178 | 1 | $ | 97 | ||||||||
($ in Thousands) | Dec 31, 2021 | Charge offs | Recoveries | Net Charge offs | Provision for credit losses | Jun 30, 2022 | ACLL / Loans | ||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||
PPP | $ | 51 | $ | — | $ | — | $ | — | $ | (45) | $ | 6 | |||||||||||
Asset-based lending & equipment finance | 4,182 | — | — | — | 450 | 4,632 | |||||||||||||||||
Commercial and industrial | 85,624 | (1,895) | 3,305 | 1,410 | 5,018 | 92,052 | |||||||||||||||||
Commercial real estate — owner occupied | 11,473 | — | 7 | 7 | (1,074) | 10,406 | |||||||||||||||||
Commercial and business lending | 101,330 | (1,895) | 3,312 | 1,417 | 4,349 | 107,096 | |||||||||||||||||
Commercial real estate — investor | 72,803 | — | — | — | (8,412) | 64,391 | |||||||||||||||||
Real estate construction | 37,643 | — | 33 | 33 | (1,537) | 36,139 | |||||||||||||||||
Commercial real estate lending | 110,446 | — | 33 | 33 | (9,949) | 100,531 | |||||||||||||||||
Total commercial | 211,776 | (1,895) | 3,346 | 1,450 | (5,600) | 207,626 | |||||||||||||||||
Residential mortgage | 40,787 | (138) | 646 | 508 | (2,444) | 38,851 | |||||||||||||||||
Auto finance | 1,999 | (60) | 49 | (10) | 8,440 | 10,428 | |||||||||||||||||
Home equity | 14,011 | (195) | 971 | 776 | (1,496) | 13,291 | |||||||||||||||||
Other consumer | 11,441 | (1,531) | 564 | (967) | 100 | 10,574 | |||||||||||||||||
Total consumer | 68,239 | (1,924) | 2,230 | 306 | 4,600 | 73,145 | |||||||||||||||||
Total loans | $ | 280,015 | $ | (3,819) | $ | 5,576 | $ | 1,757 | $ | (1,000) | $ | 280,771 | |||||||||||
Allowance for unfunded commitments | |||||||||||||||||||||||
Asset-based lending & equipment finance | $ | 857 | $ | — | $ | — | $ | — | $ | (124) | $ | 733 | |||||||||||
Commercial and industrial | 17,601 | — | — | — | (2,949) | 14,652 | |||||||||||||||||
Commercial real estate — owner occupied | 208 | — | — | — | (94) | 114 | |||||||||||||||||
Commercial and business lending | 18,667 | — | — | — | (3,167) | 15,500 | |||||||||||||||||
Commercial real estate — investor | 936 | — | — | — | (287) | 649 | |||||||||||||||||
Real estate construction | 15,586 | — | — | — | 901 | 16,487 | |||||||||||||||||
Commercial real estate lending | 16,522 | — | — | — | 614 | 17,136 | |||||||||||||||||
Total commercial | 35,189 | — | — | — | (2,553) | 32,636 | |||||||||||||||||
Home equity | 2,592 | — | — | — | (150) | 2,441 | |||||||||||||||||
Other consumer | 1,995 | — | — | — | (296) | 1,698 | |||||||||||||||||
Total consumer | 4,587 | — | — | — | (447) | 4,140 | |||||||||||||||||
Total loans | $ | 39,776 | $ | — | $ | — | $ | — | $ | (3,000) | $ | 36,776 | |||||||||||
Allowance for credit losses on loans | |||||||||||||||||||||||
PPP | $ | 51 | $ | — | $ | — | $ | — | $ | (45) | $ | 6 | 0.06 | % | |||||||||
Asset-based lending & equipment finance | 5,040 | — | — | — | 325 | 5,365 | 2.04 | % | |||||||||||||||
Commercial and industrial | 103,225 | (1,895) | 3,305 | 1,410 | 2,069 | 106,704 | 1.19 | % | |||||||||||||||
Commercial real estate — owner occupied | 11,681 | — | 7 | 7 | (1,167) | 10,520 | 1.13 | % | |||||||||||||||
Commercial and business lending | 119,997 | (1,895) | 3,312 | 1,417 | 1,182 | 122,595 | 1.20 | % | |||||||||||||||
Commercial real estate — investor | 73,739 | — | — | — | (8,699) | 65,040 | 1.36 | % | |||||||||||||||
Real estate construction | 53,229 | — | 33 | 33 | (636) | 52,627 | 2.96 | % | |||||||||||||||
Commercial real estate lending | 126,968 | — | 33 | 33 | (9,335) | 117,667 | 1.79 | % | |||||||||||||||
Total commercial | 246,965 | (1,895) | 3,346 | 1,450 | (8,153) | 240,262 | 1.43 | % | |||||||||||||||
Residential mortgage | 40,787 | (138) | 646 | 508 | (2,444) | 38,851 | 0.49 | % | |||||||||||||||
Auto finance | 1,999 | (60) | 49 | (10) | 8,440 | 10,428 | 1.23 | % | |||||||||||||||
Home equity | 16,603 | (195) | 971 | 776 | (1,647) | 15,732 | 2.65 | % | |||||||||||||||
Other consumer | 13,436 | (1,531) | 564 | (967) | (196) | 12,273 | 4.09 | % | |||||||||||||||
Total consumer | 72,825 | (1,924) | 2,230 | 306 | 4,153 | 77,284 | 0.79 | % | |||||||||||||||
Total loans | $ | 319,791 | $ | (3,819) | $ | 5,576 | $ | 1,757 | $ | (4,000) | $ | 317,547 | 1.20 | % |
($ in Thousands) | Dec 31, 2020 | Charge offs | Recoveries | Net Charge offs | Provision for credit losses | Dec 31, 2021 | ACLL / Loans | ||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||
PPP | $ | 531 | $ | — | $ | — | $ | — | $ | (480) | $ | 51 | |||||||||||
Asset-based lending | 2,077 | — | 412 | 412 | 1,693 | 4,182 | |||||||||||||||||
Commercial and industrial(a) | 140,716 | (21,564) | 8,152 | (13,412) | (41,680) | 85,624 | |||||||||||||||||
Commercial real estate — owner occupied | 11,274 | — | 120 | 120 | 80 | 11,473 | |||||||||||||||||
Commercial and business lending | 154,598 | (21,564) | 8,684 | (12,880) | (40,388) | 101,330 | |||||||||||||||||
Commercial real estate — investor | 93,435 | (14,346) | 3,162 | (11,184) | (9,448) | 72,803 | |||||||||||||||||
Real estate construction | 59,193 | (5) | 126 | 121 | (21,672) | 37,643 | |||||||||||||||||
Commercial real estate lending | 152,629 | (14,351) | 3,288 | (11,063) | (31,120) | 110,446 | |||||||||||||||||
Total commercial | 307,226 | (35,915) | 11,972 | (23,943) | (71,508) | 211,776 | |||||||||||||||||
Residential mortgage | 42,996 | (880) | 841 | (38) | (2,170) | 40,787 | |||||||||||||||||
Auto finance | 174 | (22) | 31 | 9 | 1,816 | 1,999 | |||||||||||||||||
Home equity | 18,849 | (668) | 2,854 | 2,186 | (7,024) | 14,011 | |||||||||||||||||
Other consumer | 14,456 | (3,168) | 1,267 | (1,901) | (1,113) | 11,441 | |||||||||||||||||
Total consumer | 76,475 | (4,738) | 4,993 | 256 | (8,492) | 68,239 | |||||||||||||||||
Total loans | $ | 383,702 | $ | (40,652) | $ | 16,965 | $ | (23,687) | $ | (80,000) | $ | 280,015 | |||||||||||
Allowance for unfunded commitments | |||||||||||||||||||||||
Asset-based lending | $ | 901 | $ | — | $ | — | $ | — | $ | (43) | $ | 857 | |||||||||||
Commercial and industrial(a) | 21,411 | — | — | — | (3,809) | 17,601 | |||||||||||||||||
Commercial real estate — owner occupied | 266 | — | — | — | (58) | 208 | |||||||||||||||||
Commercial and business lending | 22,577 | — | — | — | (3,911) | 18,667 | |||||||||||||||||
Commercial real estate — investor | 636 | — | — | — | 300 | 936 | |||||||||||||||||
Real estate construction | 18,887 | — | — | — | (3,301) | 15,586 | |||||||||||||||||
Commercial real estate lending | 19,523 | — | — | — | (3,001) | 16,522 | |||||||||||||||||
Total commercial | 42,101 | — | — | — | (6,912) | 35,189 | |||||||||||||||||
Home equity | 3,118 | — | — | — | (526) | 2,592 | |||||||||||||||||
Other consumer | 2,557 | — | — | — | (563) | 1,995 | |||||||||||||||||
Total consumer | 5,675 | — | — | — | (1,088) | 4,587 | |||||||||||||||||
Total loans | $ | 47,776 | $ | — | $ | — | $ | — | $ | (8,000) | $ | 39,776 | |||||||||||
Allowance for credit losses on loans | |||||||||||||||||||||||
PPP | $ | 531 | $ | — | $ | — | $ | — | $ | (480) | $ | 51 | 0.08 | % | |||||||||
Asset-based lending | 2,978 | — | 412 | 412 | 1,649 | 5,040 | 2.83 | % | |||||||||||||||
Commercial and industrial(a) | 162,126 | (21,564) | 8,152 | (13,412) | (45,490) | 103,225 | 1.26 | % | |||||||||||||||
Commercial real estate — owner occupied | 11,539 | — | 120 | 120 | 22 | 11,681 | 1.20 | % | |||||||||||||||
Commercial and business lending | 177,175 | (21,564) | 8,684 | (12,880) | (44,299) | 119,997 | 1.27 | % | |||||||||||||||
Commercial real estate — investor | 94,071 | (14,346) | 3,162 | (11,184) | (9,148) | 73,739 | 1.68 | % | |||||||||||||||
Real estate construction | 78,080 | (5) | 126 | 121 | (24,972) | 53,229 | 2.94 | % | |||||||||||||||
Commercial real estate lending | 172,152 | (14,351) | 3,288 | (11,063) | (34,121) | 126,968 | 2.05 | % | |||||||||||||||
Total commercial | 349,327 | (35,915) | 11,972 | (23,943) | (78,419) | 246,965 | 1.58 | % | |||||||||||||||
Residential mortgage | 42,996 | (880) | 841 | (38) | (2,170) | 40,787 | 0.54 | % | |||||||||||||||
Auto finance | 174 | (22) | 31 | 9 | 1,816 | 1,999 | 1.40 | % | |||||||||||||||
Home equity | 21,967 | (668) | 2,854 | 2,186 | (7,550) | 16,603 | 2.79 | % | |||||||||||||||
Other consumer | 17,013 | (3,168) | 1,267 | (1,901) | (1,676) | 13,436 | 4.45 | % | |||||||||||||||
Total consumer | 82,150 | (4,738) | 4,993 | 256 | (9,581) | 72,825 | 0.85 | % | |||||||||||||||
Total loans | $ | 431,478 | $ | (40,652) | $ | 16,965 | $ | (23,687) | $ | (88,000) | $ | 319,791 | 1.32 | % |
($ in Thousands) | Six Months Ended June 30, 2022 | Year Ended Dec 31, 2021 | ||||||
Core deposit intangibles | ||||||||
Gross carrying amount at the beginning of period | $ | 88,109 | $ | 88,109 | ||||
Accumulated amortization | (34,422) | (30,016) | ||||||
Net book value | $ | 53,687 | $ | 58,093 | ||||
Amortization during the period | $ | 4,405 | $ | 8,811 | ||||
Other intangibles | ||||||||
Gross carrying amount at the beginning of period | $ | — | $ | 2,000 | ||||
Reductions due to sale | — | (1,317) | ||||||
Accumulated amortization | — | (683) | ||||||
Net book value | $ | — | $ | — | ||||
Amortization during the period | $ | — | $ | 33 |
($ in Thousands) | Six Months Ended June 30, 2022 | ||||
Mortgage servicing rights | |||||
Mortgage servicing rights at beginning of period | $ | 54,862 | |||
Cumulative effect of accounting methodology change | 2,296 | ||||
Balance at beginning of period, adjusted | $ | 57,158 | |||
Additions | 5,231 | ||||
Paydowns | (5,220) | ||||
Valuation: | |||||
Change in fair value model assumptions | 6,034 | ||||
Changes in fair value of asset | 13,366 | ||||
Mortgage servicing rights at end of period | $ | 76,570 | |||
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) | $ | 6,910,382 | |||
Mortgage servicing rights to servicing portfolio | 1.11 | % | |||
($ in Thousands) | Year Ended Dec 31, 2021 | ||||
Mortgage servicing rights | |||||
Mortgage servicing rights at beginning of period | $ | 59,967 | |||
Additions | 16,151 | ||||
Amortization | (19,436) | ||||
Mortgage servicing rights at end of period | $ | 56,682 | |||
Valuation allowance at beginning of period | $ | (18,006) | |||
Recoveries, net | 16,186 | ||||
Valuation allowance at end of period | $ | (1,820) | |||
Mortgage servicing rights, net | $ | 54,862 | |||
Fair value of mortgage servicing rights | $ | 57,259 | |||
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) | $ | 6,994,834 | |||
Mortgage servicing rights, net to servicing portfolio | 0.78 | % | |||
Mortgage servicing rights expense(a) | $ | 3,250 |
($ in Thousands) | Core Deposit Intangibles | Mortgage Servicing Rights | ||||||
Six months ended December 31, 2022 | $ | 4,405 | $ | 6,511 | ||||
2023 | 8,811 | 12,413 | ||||||
2024 | 8,811 | 10,884 | ||||||
2025 | 8,811 | 9,535 | ||||||
2026 | 8,811 | 8,275 | ||||||
2027 | 8,811 | 7,198 | ||||||
Beyond 2027 | 5,227 | 21,752 | ||||||
Total Estimated Amortization Expense | $ | 53,687 | $ | 76,570 |
($ in Thousands) | Jun 30, 2022 | Dec 31, 2021 | ||||||
Short-Term Funding | ||||||||
Federal funds purchased | $ | 409,180 | $ | 120 | ||||
Securities sold under agreements to repurchase | 273,659 | 319,412 | ||||||
Federal funds purchased and securities sold under agreements to repurchase | 682,839 | 319,532 | ||||||
Commercial paper | 22,781 | 34,730 | ||||||
Total short-term funding | $ | 705,620 | $ | 354,262 | ||||
Long-Term Funding | ||||||||
Corporation subordinated notes, at par, due 2025 | $ | 250,000 | $ | 250,000 | ||||
Capitalized costs | (691) | (839) | ||||||
Finance leases | 511 | 163 | ||||||
Total long-term funding | 249,820 | 249,324 | ||||||
Total short and long-term funding, excluding FHLB advances | $ | 955,440 | $ | 603,587 | ||||
FHLB Advances | ||||||||
Short-term FHLB advances | $ | 2,045,000 | $ | — | ||||
Long-term FHLB advances | 1,213,039 | 1,621,047 | ||||||
Total FHLB advances | 3,258,039 | 1,621,047 | ||||||
Total short and long-term funding | $ | 4,213,479 | $ | 2,224,633 |
Overnight and Continuous | ||||||||
($ in Thousands) | Jun 30, 2022 | Dec 31, 2021 | ||||||
Repurchase agreements | ||||||||
Agency mortgage-related securities | $ | 273,659 | $ | 319,412 | ||||
Jun 30, 2022 | Dec 31, 2021 | |||||||||||||||||||||||||
Asset | Liability | Asset | Liability | |||||||||||||||||||||||
($ in Thousands) | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||
Not designated as hedging instruments | ||||||||||||||||||||||||||
Interest rate-related instruments | $ | 4,116,939 | $ | 34,184 | $ | 4,116,939 | $ | 173,955 | $ | 3,874,781 | $ | 83,626 | $ | 3,874,781 | $ | 26,231 | ||||||||||
Foreign currency exchange forwards | 509,404 | 4,190 | 498,773 | 3,764 | 490,057 | 5,490 | 478,745 | 5,441 | ||||||||||||||||||
Commodity contracts | — | — | — | — | 3,894 | 1,264 | 3,910 | 1,248 | ||||||||||||||||||
Mortgage banking(a)(b) | 76,824 | 1,033 | 105,000 | 113 | 133,990 | 2,647 | 245,016 | — | ||||||||||||||||||
Gross derivatives before netting | $ | 39,407 | $ | 177,833 | $ | 93,026 | $ | 32,921 | ||||||||||||||||||
Less: Legally enforceable master netting agreements | 4,369 | 4,369 | 2,143 | 2,143 | ||||||||||||||||||||||
Less: Cash collateral pledged/received | 22,756 | — | 1,313 | 11,357 | ||||||||||||||||||||||
Total derivative instruments, after netting | $ | 12,281 | $ | 173,464 | $ | 89,570 | $ | 19,421 |
Location and Amount of Gain or (Loss) Recognized on the Consolidated Statements of Income in Fair Value and Cash Flow Hedging Relationships | ||||||||||||||
Three months ended Jun 30, | Six Months Ended Jun 30, | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||
($ in Thousands) | Interest Income | Interest Income | ||||||||||||
Total amounts of income presented on the consolidated statements of income in which the effects of the fair value hedge is recorded | $ | (129) | $ | (352) | $ | (308) | $ | (837) | ||||||
The effects of fair value hedging: (Loss) on fair value hedging relationships in Subtopic 815-20 | ||||||||||||||
Interest contracts | ||||||||||||||
Hedged items | (129) | (352) | (308) | (837) | ||||||||||
Consolidated Statements of Income Category of Gain / (Loss) Recognized in Income | Three Months Ended Jun 30, | Six Months Ended Jun 30, | |||||||||||||||
($ in Thousands) | 2022 | 2021 | 2022 | 2021 | |||||||||||||
Derivative Instruments | |||||||||||||||||
Interest rate-related instruments — customer and mirror, net | Capital markets, net | $ | 8 | $ | (950) | $ | 581 | $ | 1,989 | ||||||||
Interest rate-related instruments — MSRs hedge | Mortgage banking, net | (5,346) | — | (9,012) | — | ||||||||||||
Foreign currency exchange forwards | Capital markets, net | 254 | (25) | 377 | 118 | ||||||||||||
Commodity contracts | Capital markets, net | — | (512) | (16) | (1,132) | ||||||||||||
Interest rate lock commitments (mortgage) | Mortgage banking, net | 1,210 | (373) | (1,631) | (3,081) | ||||||||||||
Forward commitments (mortgage) | Mortgage banking, net | 4,885 | 4,685 | 128 | (1,616) |
Gross Amounts Recognized | Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets | Net Amounts Presented on the Consolidated Balance Sheets | ||||||||||||
($ in Thousands) | Derivative Liabilities Offset | Cash Collateral Received | ||||||||||||
Derivative assets | ||||||||||||||
June 30, 2022 | $ | 27,214 | $ | (4,369) | $ | (22,756) | $ | 89 | ||||||
December 31, 2021 | 3,567 | (2,143) | (1,313) | 111 | ||||||||||
Gross Amounts Recognized | Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets | Net Amounts Presented on the Consolidated Balance Sheets | ||||||||||||
($ in Thousands) | Derivative Assets Offset | Cash Collateral Pledged | ||||||||||||
Derivative liabilities | ||||||||||||||
June 30, 2022 | $ | 4,618 | $ | (4,369) | $ | — | $ | 249 | ||||||
December 31, 2021 | 15,620 | (2,143) | (11,357) | 2,120 | ||||||||||
($ in Thousands) | Jun 30, 2022 | Dec 31, 2021 | ||||||
Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale(a)(b) | $ | 11,483,648 | $ | 10,848,136 | ||||
Commercial letters of credit(a) | 5,152 | 5,992 | ||||||
Standby letters of credit(c) | 274,324 | 248,292 |
($ in Thousands) | Six Months Ended June 30, 2022 | Year Ended December 31, 2021 | ||||||
Allowance for Unfunded Commitments | ||||||||
Balance at beginning of period | $ | 39,776 | $ | 47,776 | ||||
Provision for unfunded commitments | (3,000) | (8,000) | ||||||
Balance at end of period | $ | 36,776 | $ | 39,776 |
($ in Thousands) | Fair Value Hierarchy | Jun 30, 2022 | Dec 31, 2021 | ||||||||
Assets | |||||||||||
AFS investment securities | |||||||||||
U.S. Treasury securities | Level 1 | $ | 113,109 | $ | 122,957 | ||||||
Agency securities | Level 2 | 13,959 | 14,897 | ||||||||
Obligations of state and political subdivisions (municipal securities) | Level 2 | 358,842 | 400,457 | ||||||||
Residential mortgage-related securities | |||||||||||
FNMA / FHLMC | Level 2 | 1,811,603 | 2,691,879 | ||||||||
GNMA | Level 2 | 86,238 | 67,780 | ||||||||
Private-label | Level 2 | — | 329,724 | ||||||||
Commercial mortgage-related securities | |||||||||||
FNMA / FHLMC | Level 2 | 18,606 | 350,623 | ||||||||
GNMA | Level 2 | 105,680 | 166,799 | ||||||||
Asset backed securities | |||||||||||
FFELP | Level 2 | 161,264 | 177,325 | ||||||||
SBA | Level 2 | 5,281 | 6,580 | ||||||||
Other debt securities | Level 2 | 2,929 | 2,994 | ||||||||
Total AFS investment securities | Level 1 | $ | 113,109 | $ | 122,957 | ||||||
Total AFS investment securities | Level 2 | 2,564,402 | 4,209,058 | ||||||||
Equity securities with readily determinable fair values | Level 1 | 5,502 | 4,810 | ||||||||
Residential loans held for sale | Level 2 | 42,676 | 136,638 | ||||||||
Mortgage servicing rights, net(a) | Level 3 | 76,570 | N/A | ||||||||
Interest rate-related instruments(b) | Level 2 | 34,184 | 83,626 | ||||||||
Foreign currency exchange forwards(b) | Level 2 | 4,190 | 5,490 | ||||||||
Commodity contracts(b) | Level 2 | — | 1,264 | ||||||||
Interest rate lock commitments to originate residential mortgage loans held for sale | Level 3 | 986 | 2,617 | ||||||||
Forward commitments on residential mortgage loans | Level 3 | — | 30 | ||||||||
Forward commitments on TBA securities | Level 3 | 47 | — | ||||||||
Liabilities | |||||||||||
Interest rate-related instruments(b) | Level 2 | $ | 173,955 | $ | 26,231 | ||||||
Foreign currency exchange forwards(b) | Level 2 | 3,764 | 5,441 | ||||||||
Commodity contracts(b) | Level 2 | — | 1,248 | ||||||||
Forward commitments on residential mortgage loans | Level 3 | 113 | — |
($ in Thousands) | Interest rate lock commitments to originate residential mortgage loans held for sale | Forward commitments on residential mortgage loans and TBA securities | Total | ||||||||
Balance December 31, 2020 | $ | 9,624 | $ | 2,046 | $ | 7,579 | |||||
New production | 53,686 | (3,281) | 56,966 | ||||||||
Closed loans / settlements | (53,477) | 3,740 | (57,217) | ||||||||
Other | (7,216) | (2,535) | (4,680) | ||||||||
Change in mortgage derivative | (7,007) | (2,076) | (4,932) | ||||||||
Balance December 31, 2021 | $ | 2,617 | $ | (30) | $ | 2,647 | |||||
New production | $ | 7,237 | $ | (1,083) | $ | 8,320 | |||||
Closed loans / settlements | 637 | 20,035 | (19,398) | ||||||||
Other | (9,505) | (18,856) | 9,351 | ||||||||
Change in mortgage derivative | (1,631) | 96 | (1,727) | ||||||||
Balance June 30, 2022 | $ | 986 | $ | 66 | $ | 920 |
($ in Thousands) | Fair Value Hierarchy | Fair Value | Consolidated Statements of Income Category of Adjustment Recognized in Income | Adjustment Recognized on the Consolidated Statements of Income(c) | ||||||||||
June 30, 2022 | ||||||||||||||
Assets | ||||||||||||||
Individually evaluated loans(a) | Level 3 | $ | 35,906 | Provision for credit losses | $ | (2,260) | ||||||||
OREO(b) | Level 2 | 2,098 | Other noninterest expense / provision for credit losses(d) | 496 | ||||||||||
December 31, 2021 | ||||||||||||||
Assets | ||||||||||||||
Individually evaluated loans(a) | Level 3 | $ | 69,917 | Provision for credit losses | $ | (3,045) | ||||||||
OREO(b) | Level 2 | 21,299 | Other noninterest expense / provision for credit losses(d) | 7,345 | ||||||||||
Mortgage servicing rights(e) | Level 3 | 57,259 | Mortgage banking, net | 16,186 | ||||||||||
June 30, 2022 | Valuation Technique | Significant Unobservable Input | Range of Inputs | Weighted Average Input Applied | ||||||||||||||||
Mortgage servicing rights | Discounted cash flow | Option adjusted spread | 8% | - | 10% | 8% | ||||||||||||||
Mortgage servicing rights | Discounted cash flow | Constant prepayment rate | —% | - | 100% | 8% | ||||||||||||||
Individually evaluated loans | Appraisals / Discounted cash flow | Collateral / Discount factor | 27% | - | 29% | 27% | ||||||||||||||
Interest rate lock commitments to originate residential mortgage loans held for sale | Discounted cash flow | Closing Ratio | 32% | - | 100% | 86% |
Jun 30, 2022 | Dec 31, 2021 | ||||||||||||||||
($ in Thousands) | Fair Value Hierarchy Level | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Financial assets | |||||||||||||||||
Cash and due from banks | Level 1 | $ | 397,364 | $ | 397,364 | $ | 343,831 | $ | 343,831 | ||||||||
Interest-bearing deposits in other financial institutions | Level 1 | 436,887 | 436,887 | 681,684 | 681,684 | ||||||||||||
Federal funds sold and securities purchased under agreements to resell | Level 1 | 32,820 | 32,820 | — | — | ||||||||||||
AFS investment securities | Level 1 | 113,109 | 113,109 | 122,957 | 122,957 | ||||||||||||
AFS investment securities | Level 2 | 2,564,402 | 2,564,402 | 4,209,058 | 4,209,058 | ||||||||||||
HTM investment securities, net | Level 1 | 998 | 955 | 1,000 | 1,001 | ||||||||||||
HTM investment securities, net | Level 2 | 3,944,208 | 3,533,175 | 2,237,947 | 2,347,608 | ||||||||||||
Equity securities with readily determinable fair values | Level 1 | 5,502 | 5,502 | 4,810 | 4,810 | ||||||||||||
Equity securities without readily determinable fair values | Level 3 | 13,538 | 13,538 | 13,542 | 13,542 | ||||||||||||
FHLB and Federal Reserve Bank stocks | Level 2 | 237,616 | 237,616 | 168,281 | 168,281 | ||||||||||||
Residential loans held for sale | Level 2 | 42,676 | 42,676 | 136,638 | 136,638 | ||||||||||||
Commercial loans held for sale | Level 2 | 44,721 | 44,721 | — | — | ||||||||||||
Loans, net | Level 3 | 26,213,927 | 25,322,573 | 23,944,934 | 23,980,330 | ||||||||||||
Bank and corporate owned life insurance | Level 2 | 675,347 | 675,347 | 680,021 | 680,021 | ||||||||||||
Mortgage servicing rights, net(a) | Level 3 | 76,570 | 76,570 | 54,862 | 57,259 | ||||||||||||
Derivatives (other assets)(b) | Level 2 | 38,374 | 38,374 | 90,379 | 90,379 | ||||||||||||
Interest rate lock commitments to originate residential mortgage loans held for sale (other assets) | Level 3 | 986 | 986 | 2,617 | 2,617 | ||||||||||||
Forward commitments on residential mortgage loans (other assets) | Level 3 | — | — | 30 | 30 | ||||||||||||
Forward commitments on TBA securities (other assets) | Level 3 | 47 | 47 | — | — | ||||||||||||
Financial liabilities | |||||||||||||||||
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts | Level 3 | $ | 27,352,996 | $ | 27,352,996 | $ | 27,119,167 | $ | 27,119,167 | ||||||||
Time deposits(c) | Level 2 | 1,223,581 | 1,223,581 | 1,347,262 | 1,347,262 | ||||||||||||
Short-term funding | Level 2 | 705,620 | 705,216 | 354,262 | 354,248 | ||||||||||||
FHLB advances | Level 2 | 3,258,039 | 3,250,216 | 1,621,047 | 1,680,814 | ||||||||||||
Other long-term funding | Level 2 | 249,820 | 250,571 | 249,324 | 265,545 | ||||||||||||
Standby letters of credit(d) | Level 2 | 2,617 | 2,617 | 2,367 | 2,367 | ||||||||||||
Derivatives (accrued expenses and other liabilities)(b) | Level 2 | 177,720 | 177,720 | 32,921 | 32,921 | ||||||||||||
Forward commitments on residential mortgage loans (accrued expenses and other liabilities) | Level 3 | 113 | 113 | — | — | ||||||||||||
Three Months Ended Jun 30, | Six Months Ended Jun 30, | |||||||||||||
($ in Thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Components of Net Periodic Benefit Cost | ||||||||||||||
RAP | ||||||||||||||
Service cost | $ | 923 | $ | 2,075 | $ | 1,847 | $ | 4,151 | ||||||
Interest cost | 1,772 | 1,623 | 3,545 | 3,245 | ||||||||||
Expected return on plan assets | (6,736) | (6,430) | (13,472) | (12,861) | ||||||||||
Amortization of prior service cost | (63) | (18) | (125) | (37) | ||||||||||
Amortization of actuarial loss | 74 | 1,050 | 147 | 2,100 | ||||||||||
Total net periodic pension cost | $ | (4,029) | $ | (1,701) | $ | (8,059) | $ | (3,402) | ||||||
Postretirement Plan | ||||||||||||||
Interest cost | $ | 13 | $ | 13 | $ | 27 | $ | 26 | ||||||
Amortization of prior service cost | (19) | (19) | (38) | (38) | ||||||||||
Total net periodic benefit cost | $ | (6) | $ | (6) | $ | (11) | $ | (12) |
Corporate and Commercial Specialty | ||||||||||||||
Three Months Ended Jun 30, | Six Months Ended Jun 30, | |||||||||||||
($ in Thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Net interest income | $ | 111,359 | $ | 90,039 | $ | 201,992 | $ | 179,700 | ||||||
Net intersegment interest income (expense) | (5,301) | 4,324 | 3,224 | 8,994 | ||||||||||
Segment net interest income | 106,058 | 94,363 | 205,216 | 188,694 | ||||||||||
Noninterest income(a) | 39,133 | 37,281 | 76,923 | 79,109 | ||||||||||
Total revenue | 145,191 | 131,643 | 282,139 | 267,803 | ||||||||||
Provision for credit losses | 12,246 | 15,716 | 24,900 | 32,395 | ||||||||||
Noninterest expense | 56,847 | 53,902 | 113,406 | 109,349 | ||||||||||
Income before income taxes | 76,098 | 62,026 | 143,833 | 126,058 | ||||||||||
Income tax expense | 13,919 | 11,214 | 26,232 | 23,106 | ||||||||||
Net income | $ | 62,179 | $ | 50,812 | $ | 117,601 | $ | 102,953 | ||||||
Allocated goodwill | $ | 525,836 | $ | 525,836 |
Community, Consumer, and Business | ||||||||||||||
Three Months Ended Jun 30, | Six Months Ended Jun 30, | |||||||||||||
($ in Thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Net interest income | $ | 76,999 | $ | 73,477 | $ | 146,543 | $ | 145,253 | ||||||
Net intersegment interest income | 30,638 | 15,992 | 49,470 | 30,881 | ||||||||||
Segment net interest income | 107,636 | 89,470 | 196,013 | 176,134 | ||||||||||
Noninterest income | 32,121 | 32,967 | 65,327 | 80,298 | ||||||||||
Total revenue | 139,757 | 122,437 | 261,341 | 256,432 | ||||||||||
Provision for credit losses | 4,924 | 5,279 | 9,580 | 11,207 | ||||||||||
Noninterest expense | 105,139 | 101,735 | 203,802 | 202,086 | ||||||||||
Income before income taxes | 29,695 | 15,424 | 47,959 | 43,139 | ||||||||||
Income tax expense | 6,236 | 3,239 | 10,071 | 9,059 | ||||||||||
Net income | $ | 23,459 | $ | 12,185 | $ | 37,888 | $ | 34,080 | ||||||
Allocated goodwill | $ | 579,156 | $ | 579,156 | ||||||||||
Risk Management and Shared Services | ||||||||||||||
Three Months Ended Jun 30, | Six Months Ended Jun 30, | |||||||||||||
($ in Thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Net interest income | $ | 27,789 | $ | 15,999 | $ | 55,358 | $ | 30,464 | ||||||
Net intersegment (expense) | (25,337) | (20,316) | (52,694) | (39,875) | ||||||||||
Segment net interest income (loss) | 2,452 | (4,318) | 2,664 | (9,412) | ||||||||||
Noninterest income | 4,204 | 3,195 | 7,675 | 9,379 | ||||||||||
Total revenue | 6,656 | (1,123) | 10,339 | (33) | ||||||||||
Provision for credit losses | (17,172) | (55,999) | (38,472) | (101,610) | ||||||||||
Noninterest expense | 19,434 | 18,839 | 37,505 | 38,386 | ||||||||||
Income before income taxes | 4,394 | 36,037 | 11,307 | 63,191 | ||||||||||
Income tax expense | 3,209 | 8,027 | 5,710 | 14,917 | ||||||||||
Net income | $ | 1,186 | $ | 28,010 | $ | 5,597 | $ | 48,274 | ||||||
Allocated goodwill | $ | — | $ | — |
Consolidated Total | ||||||||||||||
Three Months Ended Jun 30, | Six Months Ended Jun 30, | |||||||||||||
($ in Thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Net interest income | $ | 216,146 | $ | 179,515 | $ | 403,893 | $ | 355,416 | ||||||
Net intersegment interest income | — | — | — | — | ||||||||||
Segment net interest income | 216,146 | 179,515 | 403,893 | 355,416 | ||||||||||
Noninterest income(a) | 75,458 | 73,443 | 149,925 | 168,786 | ||||||||||
Total revenue | 291,604 | 252,957 | 553,819 | 524,202 | ||||||||||
Provision for credit losses | (2) | (35,004) | (3,992) | (58,009) | ||||||||||
Noninterest expense | 181,420 | 174,475 | 354,712 | 349,821 | ||||||||||
Income before income taxes | 110,187 | 113,487 | 203,099 | 232,389 | ||||||||||
Income tax expense | 23,363 | 22,480 | 42,013 | 47,082 | ||||||||||
Net income | $ | 86,824 | $ | 91,007 | $ | 161,086 | $ | 185,307 | ||||||
Allocated goodwill | $ | 1,104,992 | $ | 1,104,992 |
($ in Thousands) | AFS Investment Securities | Defined Benefit Pension and Postretirement Obligations | Accumulated Other Comprehensive Income (Loss) | ||||||||
Balance December 31, 2021 | $ | (5,266) | $ | (5,051) | $ | (10,317) | |||||
Other comprehensive (loss) before reclassifications | (168,321) | — | (168,321) | ||||||||
Unrealized (losses) on AFS securities transferred to HTM securities | (67,604) | — | (67,604) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||
Investment securities (gains), net | (12) | — | (12) | ||||||||
HTM investment securities, net, at amortized cost | 4,381 | — | 4,381 | ||||||||
Personnel expense | — | (163) | (163) | ||||||||
Other expense | — | 147 | 147 | ||||||||
Income tax benefit | 59,096 | 4 | 59,100 | ||||||||
Net other comprehensive (loss) during period | (172,460) | (12) | (172,472) | ||||||||
Balance June 30, 2022 | $ | (177,726) | $ | (5,062) | $ | (182,788) | |||||
Balance December 31, 2020 | $ | 41,325 | $ | (28,707) | $ | 12,618 | |||||
Other comprehensive (loss) before reclassifications | (16,002) | — | (16,002) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||
Investment securities losses, net | 16 | — | 16 | ||||||||
HTM investment securities, net, at amortized cost | 1,163 | — | 1,163 | ||||||||
Personnel expense | — | (74) | (74) | ||||||||
Other expense | — | 2,100 | 2,100 | ||||||||
Income tax (expense) benefit | 3,574 | (506) | 3,068 | ||||||||
Net other comprehensive income (loss) during period | (11,249) | 1,519 | (9,729) | ||||||||
Balance June 30, 2021 | $ | 30,076 | $ | (27,187) | $ | 2,889 | |||||
($ in Thousands) | AFS Investments Securities | Defined Benefit Pension and Post Retirement Obligations | Accumulated Other Comprehensive Income (Loss) | ||||||||
Balance March 31, 2022 | $ | (131,968) | $ | (5,057) | $ | (137,024) | |||||
Other comprehensive (loss) before reclassifications | (65,038) | — | (65,038) | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||
Investment securities losses, net | 8 | — | 8 | ||||||||
HTM investment securities, net, at amortized cost | 3,273 | — | 3,273 | ||||||||
Personnel expense | — | (81) | (81) | ||||||||
Other expense | — | 74 | 74 | ||||||||
Income tax benefit | 15,998 | 2 | 16,000 | ||||||||
Net other comprehensive (loss) during period | (45,758) | (6) | (45,764) | ||||||||
Balance June 30, 2022 | $ | (177,726) | $ | (5,062) | $ | (182,788) | |||||
Balance March 31, 2021 | $ | 23,754 | $ | (27,947) | $ | (4,193) | |||||
Other comprehensive income before reclassifications | 7,978 | — | 7,978 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||
Investment securities (gains), net | (24) | — | (24) | ||||||||
HTM investment securities, net, at amortized cost | 645 | — | 645 | ||||||||
Personnel expense | — | (37) | (37) | ||||||||
Other expense | — | 1,050 | 1,050 | ||||||||
Income tax (expense) | (2,277) | (253) | (2,530) | ||||||||
Net other comprehensive income during period | 6,322 | 760 | 7,082 | ||||||||
Balance June 30, 2021 | $ | 30,076 | $ | (27,187) | $ | 2,889 |
Corporate and Commercial Specialty | ||||||||||||||
Three Months Ended Jun 30, | Six Months Ended Jun 30, | |||||||||||||
($ in Thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Wealth management fees | $ | 21,332 | $ | 22,706 | $ | 43,735 | $ | 45,120 | ||||||
Service charges and deposit account fees | 3,724 | 3,859 | 7,508 | 7,800 | ||||||||||
Card-based fees(a) | 327 | 295 | 744 | 640 | ||||||||||
Other revenue | 658 | 1,151 | 1,893 | 1,814 | ||||||||||
Noninterest income (in-scope of Topic 606) | $ | 26,041 | $ | 28,010 | $ | 53,881 | $ | 55,375 | ||||||
Noninterest income (out-of-scope of Topic 606)(b) | 13,092 | 9,271 | 23,042 | 23,734 | ||||||||||
Total noninterest income | $ | 39,133 | $ | 37,281 | $ | 76,923 | $ | 79,109 | ||||||
Community, Consumer, and Business | ||||||||||||||
Three Months Ended Jun 30, | Six Months Ended Jun 30, | |||||||||||||
($ in Thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Service charges and deposit account fees | $ | 12,777 | $ | 11,683 | $ | 25,846 | $ | 22,583 | ||||||
Card-based fees(a) | 11,135 | 10,709 | 20,659 | 20,123 | ||||||||||
Other revenue | 1,770 | 2,801 | 3,632 | 6,476 | ||||||||||
Noninterest income (in-scope of Topic 606) | $ | 25,683 | $ | 25,193 | $ | 50,138 | $ | 49,181 | ||||||
Noninterest income (out-of-scope of Topic 606) | 6,438 | 7,774 | 15,189 | 31,116 | ||||||||||
Total noninterest income | $ | 32,121 | $ | 32,967 | $ | 65,327 | $ | 80,298 |
Risk Management and Shared Services | ||||||||||||||
Three Months Ended Jun 30, | Six Months Ended Jun 30, | |||||||||||||
($ in Thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Service charges and deposit account fees | $ | 5 | $ | 7 | $ | 8 | $ | 22 | ||||||
Card-based fees(a) | 10 | 5 | 17 | 9 | ||||||||||
Other revenue | (120) | 307 | (81) | 697 | ||||||||||
Noninterest income (in-scope of Topic 606) | $ | (105) | $ | 319 | $ | (56) | $ | 728 | ||||||
Noninterest income (out-of-scope of Topic 606) | 4,310 | 2,876 | 7,731 | 8,651 | ||||||||||
Total noninterest income | $ | 4,204 | $ | 3,195 | $ | 7,675 | $ | 9,379 | ||||||
Consolidated Total | ||||||||||||||
Three Months Ended Jun 30, | Six Months Ended Jun 30, | |||||||||||||
($ in Thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Wealth management fees | $ | 21,332 | $ | 22,706 | $ | 43,735 | $ | 45,120 | ||||||
Service charges and deposit account fees | 16,506 | 15,549 | 33,363 | 30,404 | ||||||||||
Card-based fees(a) | 11,472 | 11,009 | 21,421 | 20,773 | ||||||||||
Other revenue | 2,309 | 4,258 | 5,444 | 8,987 | ||||||||||
Noninterest income (in-scope of Topic 606) | $ | 51,619 | $ | 53,522 | $ | 103,963 | $ | 105,284 | ||||||
Noninterest income (out-of-scope of Topic 606)(b) | 23,840 | 19,921 | 45,962 | 63,502 | ||||||||||
Total noninterest income | $ | 75,458 | $ | 73,443 | $ | 149,925 | $ | 168,786 |
Revenue Stream | Noninterest income in-scope of Topic 606 | ||||
Service charges and deposit account fees | Service charges and deposit account fees consist of monthly service fees (i.e. business analyzed fees and consumer service charges) and other deposit account related fees. The Corporation's performance obligation for monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Other deposit account related fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges and deposit account fees is primarily received immediately or in the following month through a direct charge to customers’ accounts. | ||||
Card-based fees(a) | Card-based fees are primarily comprised of debit and credit card income, ATM fees, and merchant services income. Debit and credit card income is primarily comprised of interchange fees earned whenever the Corporation's debit and credit cards are processed through card payment networks. ATM and merchant fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment is typically received immediately or in the following month. | ||||
Trust and asset management fees(b) | Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Corporation's performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to the customers’ accounts. The Corporation's performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered. | ||||
Brokerage and advisory fees(b) | Brokerage and advisory fees primarily consist of investment advisory, brokerage, retirement services, and annuities. The Corporation's performance obligation for investment advisory services and retirement services is generally satisfied, and the related revenue recognized, over the period in which the services are provided. The performance obligation for annuities is satisfied upon sale of the annuity, and therefore, the related revenue is primarily recognized at the time of sale. Payment for these services are typically received immediately or in advance of the service. |
Three Months Ended Jun 30, | Six Months Ended Jun 30, | |||||||||||||
($ in Thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||
Operating lease costs | $ | 1,926 | $ | 2,243 | $ | 3,724 | $ | 4,483 | ||||||
Finance lease costs | 32 | 19 | 73 | 58 | ||||||||||
Operating lease cash flows | 2,327 | 2,777 | 4,735 | 5,740 | ||||||||||
Finance lease cash flows | 37 | 40 | 80 | 80 |
($ in Thousands) | Consolidated Balance Sheets Category | Jun 30, 2022 | Dec 31, 2021 | ||||||||
Operating lease right-of-use asset | Premises and equipment | $ | 26,621 | $ | 28,299 | ||||||
Finance lease right-of-use asset | Other assets | 498 | 143 | ||||||||
Operating lease liability | Accrued expenses and other liabilities | 29,627 | 31,345 | ||||||||
Finance lease liability | Other long-term funding | 511 | 163 |
Jun 30, 2022 | Dec 31, 2021 | |||||||||||||||||||
($ in Thousands) | Lease payments | Weighted-average lease term (in years) | Weighted-average discount rate | Lease payments | Weighted-average lease term (in years) | Weighted-average discount rate | ||||||||||||||
Operating leases | ||||||||||||||||||||
Equipment | $ | 191 | 1.00 | 0.44 | % | $ | 192 | 1.50 | 0.45 | % | ||||||||||
Retail and corporate offices | 26,553 | 5.71 | 2.28 | % | 29,008 | 5.56 | 3.26 | % | ||||||||||||
Land | 5,160 | 7.93 | 3.13 | % | 5,551 | 8.29 | 3.12 | % | ||||||||||||
Total operating leases | $ | 31,904 | 6.02 | 2.41 | % | $ | 34,751 | 5.94 | 3.22 | % | ||||||||||
Finance leases | ||||||||||||||||||||
Retail and corporate offices | $ | 530 | 5.75 | 1.32 | % | $ | 112 | 1.25 | 1.32 | % | ||||||||||
Land | — | 0.00 | — | % | 51 | 0.67 | 1.07 | % | ||||||||||||
Total finance leases | $ | 530 | 5.75 | 1.32 | % | $ | 164 | 1.07 | 1.24 | % |
($ in Thousands) | Operating Leases | Finance Leases | Total Leases | ||||||||
Six months ended December 31, 2022 | $ | 3,515 | $ | 45 | $ | 3,560 | |||||
2023 | 6,240 | 92 | 6,332 | ||||||||
2024 | 5,650 | 93 | 5,742 | ||||||||
2025 | 4,387 | 93 | 4,479 | ||||||||
2026 | 3,823 | 93 | 3,915 | ||||||||
Beyond 2026 | 8,290 | 116 | 8,406 | ||||||||
Total lease payments | $ | 31,904 | $ | 530 | $ | 32,434 | |||||
Less: interest | 2,276 | 19 | 2,296 | ||||||||
Present value of lease payments | $ | 29,627 | $ | 511 | $ | 30,138 |
ITEM 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
Six months ended | Three months ended | |||||||||||||||||||||||||
($ in Thousands, except per share data) | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | |||||||||||||||||||
Net income | $ | 161,086 | $ | 185,307 | $ | 86,824 | $ | 74,262 | $ | 76,877 | $ | 88,809 | $ | 91,007 | ||||||||||||
Net income available to common equity | 155,336 | 175,226 | 83,949 | 71,387 | 74,002 | 84,655 | 86,131 | |||||||||||||||||||
Earnings per common share - basic | 1.04 | 1.14 | 0.56 | 0.48 | 0.49 | 0.56 | 0.56 | |||||||||||||||||||
Earnings per common share - diluted | 1.03 | 1.13 | 0.56 | 0.47 | 0.49 | 0.56 | 0.56 | |||||||||||||||||||
Effective tax rate | 20.69 | % | 20.26 | % | 21.20 | % | 20.07 | % | 16.48 | % | 20.61 | % | 19.81 | % |
Six Months Ended Jun 30, | ||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||
($ in Thousands) | Average Balance | Interest Income / Expense | Average Yield / Rate | Average Balance | Interest Income / Expense | Average Yield / Rate | ||||||||||||||
Assets | ||||||||||||||||||||
Earning assets | ||||||||||||||||||||
Loans(a)(b)(c) | ||||||||||||||||||||
Commercial PPP lending | $ | 28,818 | $ | 1,624 | 11.36 | % | $ | 753,778 | $ | 18,949 | 5.07 | % | ||||||||
Asset-based lending (ABL) & equipment finance(d) | 223,717 | 3,631 | 3.27 | % | 129,461 | 1,966 | 3.06 | % | ||||||||||||
Commercial and business lending (excl PPP, ABL and equipment finance) | 9,082,412 | 121,502 | 2.70 | % | 8,357,726 | 106,010 | 2.56 | % | ||||||||||||
Commercial real estate lending | 6,270,743 | 97,119 | 3.12 | % | 6,165,433 | 88,455 | 2.89 | % | ||||||||||||
Total commercial | 15,605,690 | 223,876 | 2.89 | % | 15,406,399 | 215,380 | 2.82 | % | ||||||||||||
Residential mortgage | 7,766,296 | 113,837 | 2.93 | % | 7,911,635 | 110,841 | 2.80 | % | ||||||||||||
Auto finance | 498,175 | 8,667 | 3.51 | % | 9,319 | 204 | 4.42 | % | ||||||||||||
Other retail | 881,382 | 22,032 | 5.02 | % | 952,621 | 22,623 | 4.77 | % | ||||||||||||
Total loans | 24,751,542 | 368,412 | 2.99 | % | 24,279,974 | 349,049 | 2.89 | % | ||||||||||||
Investment securities | ||||||||||||||||||||
Taxable | 4,406,507 | 34,789 | 1.58 | % | 3,099,322 | 15,855 | 1.02 | % | ||||||||||||
Tax-exempt(a) | 2,405,952 | 40,933 | 3.40 | % | 1,927,169 | 35,945 | 3.73 | % | ||||||||||||
Other short-term investments | 751,407 | 4,413 | 1.18 | % | 1,381,370 | 3,521 | 0.51 | % | ||||||||||||
Investments and other | 7,563,866 | 80,135 | 2.12 | % | 6,407,860 | 55,320 | 1.73 | % | ||||||||||||
Total earning assets | 32,315,408 | $ | 448,547 | 2.79 | % | 30,687,834 | $ | 404,369 | 2.65 | % | ||||||||||
Other assets, net | 3,152,445 | 3,345,982 | ||||||||||||||||||
Total assets | $ | 35,467,853 | $ | 34,033,816 | ||||||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||
Interest-bearing liabilities | ||||||||||||||||||||
Interest-bearing deposits | ||||||||||||||||||||
Savings | $ | 4,606,809 | $ | 910 | 0.04 | % | $ | 3,966,797 | $ | 689 | 0.04 | % | ||||||||
Interest-bearing demand | 6,566,704 | 4,002 | 0.12 | % | 5,796,680 | 2,234 | 0.08 | % | ||||||||||||
Money market | 6,970,392 | 3,168 | 0.09 | % | 6,928,898 | 2,082 | 0.06 | % | ||||||||||||
Network transaction deposits | 755,357 | 1,745 | 0.47 | % | 994,016 | 591 | 0.12 | % | ||||||||||||
Time deposits | 1,284,037 | 1,766 | 0.28 | % | 1,583,725 | 4,923 | 0.63 | % | ||||||||||||
Total interest-bearing deposits | 20,183,299 | 11,591 | 0.12 | % | 19,270,116 | 10,519 | 0.11 | % | ||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 374,661 | 444 | 0.24 | % | 146,941 | 55 | 0.08 | % | ||||||||||||
Commercial paper | 25,545 | 2 | 0.01 | % | 49,026 | 13 | 0.05 | % | ||||||||||||
FHLB advances | 2,019,622 | 17,871 | 1.78 | % | 1,626,114 | 19,017 | 2.36 | % | ||||||||||||
Long-term funding | 249,719 | 5,460 | 4.37 | % | 549,402 | 11,160 | 4.06 | % | ||||||||||||
Total short and long-term funding | 2,669,547 | 23,776 | 1.79 | % | 2,371,483 | 30,245 | 2.56 | % | ||||||||||||
Total interest-bearing liabilities | 22,852,845 | $ | 35,367 | 0.31 | % | 21,641,598 | $ | 40,764 | 0.38 | % | ||||||||||
Noninterest-bearing demand deposits | 8,224,440 | 7,869,320 | ||||||||||||||||||
Other liabilities | 428,752 | 405,519 | ||||||||||||||||||
Stockholders’ equity | 3,961,816 | 4,117,378 | ||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 35,467,853 | $ | 34,033,816 | ||||||||||||||||
Interest rate spread | 2.48 | % | 2.27 | % | ||||||||||||||||
Net free funds | 0.09 | % | 0.11 | % | ||||||||||||||||
Fully tax-equivalent net interest income and net interest margin ("NIM") | $ | 413,179 | 2.57 | % | $ | 363,605 | 2.38 | % | ||||||||||||
Fully tax-equivalent adjustment | 9,286 | 8,189 | ||||||||||||||||||
Net interest income | $ | 403,893 | $ | 355,416 |
Three Months Ended | |||||||||||||||||||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Jun 30, 2021 | |||||||||||||||||||||||||||
($ in Thousands) | Average Balance | Interest Income / Expense | Average Yield / Rate | Average Balance | Interest Income / Expense | Average Yield / Rate | Average Balance | Interest Income / Expense | Average Yield / Rate | ||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||
Earning assets | |||||||||||||||||||||||||||||
Loans(a)(b)(c) | |||||||||||||||||||||||||||||
Commercial PPP lending | $ | 14,026 | $ | 346 | 9.91 | % | $ | 43,774 | $ | 1,277 | 11.83 | % | $ | 701,440 | $ | 10,048 | 5.75 | % | |||||||||||
Asset-based lending (ABL) & equipment finance(d) | 244,369 | 2,181 | 3.58 | % | 202,836 | 1,449 | 2.90 | % | 121,153 | 894 | 2.96 | % | |||||||||||||||||
Commercial and business lending (excl PPP, ABL and equipment finance) | 9,346,218 | 68,748 | 2.95 | % | 8,815,676 | 52,754 | 2.43 | % | 8,316,472 | 52,992 | 2.56 | % | |||||||||||||||||
Commercial real estate lending | 6,363,395 | 53,233 | 3.36 | % | 6,177,062 | 43,886 | 2.88 | % | 6,159,728 | 44,139 | 2.87 | % | |||||||||||||||||
Total commercial | 15,968,007 | 124,509 | 3.13 | % | 15,239,348 | 99,366 | 2.64 | % | 15,298,792 | 108,073 | 2.83 | % | |||||||||||||||||
Residential mortgage | 7,860,220 | 58,434 | 2.97 | % | 7,671,329 | 55,403 | 2.89 | % | 7,861,139 | 55,337 | 2.82 | % | |||||||||||||||||
Auto finance | 689,027 | 6,017 | 3.50 | % | 305,202 | 2,649 | 3.52 | % | 8,458 | 93 | 4.42 | % | |||||||||||||||||
Other retail | 880,910 | 11,370 | 5.17 | % | 881,859 | 10,662 | 4.87 | % | 930,224 | 11,104 | 4.78 | % | |||||||||||||||||
Total loans | 25,398,163 | 200,331 | 3.16 | % | 24,097,738 | 168,081 | 2.81 | % | 24,098,614 | 174,607 | 2.90 | % | |||||||||||||||||
Investment securities | |||||||||||||||||||||||||||||
Taxable | 4,448,811 | 18,317 | 1.65 | % | 4,363,733 | 16,472 | 1.51 | % | 3,220,825 | 8,840 | 1.10 | % | |||||||||||||||||
Tax-exempt(a) | 2,427,068 | 20,637 | 3.40 | % | 2,384,601 | 20,296 | 3.40 | % | 1,953,696 | 18,101 | 3.71 | % | |||||||||||||||||
Other short-term investments | 352,310 | 2,420 | 2.75 | % | 1,154,939 | 1,993 | 0.70 | % | 1,766,615 | 1,826 | 0.41 | % | |||||||||||||||||
Investments and other | 7,228,189 | 41,374 | 2.29 | % | 7,903,273 | 38,761 | 1.96 | % | 6,941,135 | 28,767 | 1.66 | % | |||||||||||||||||
Total earning assets | 32,626,351 | $ | 241,705 | 2.97 | % | 32,001,010 | $ | 206,842 | 2.60 | % | 31,039,749 | $ | 203,375 | 2.62 | % | ||||||||||||||
Other assets, net | 3,106,232 | 3,199,172 | 3,339,898 | ||||||||||||||||||||||||||
Total assets | $ | 35,732,583 | $ | 35,200,182 | $ | 34,379,647 | |||||||||||||||||||||||
Liabilities and Stockholders' equity | |||||||||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||
Interest-bearing deposits | |||||||||||||||||||||||||||||
Savings | $ | 4,682,783 | $ | 530 | 0.05 | % | $ | 4,529,991 | $ | 380 | 0.03 | % | $ | 4,121,553 | $ | 357 | 0.03 | % | |||||||||||
Interest-bearing demand | 6,413,077 | 2,977 | 0.19 | % | 6,722,038 | 1,025 | 0.06 | % | 5,879,173 | 1,057 | 0.07 | % | |||||||||||||||||
Money market | 6,910,505 | 2,203 | 0.13 | % | 7,030,945 | 965 | 0.06 | % | 6,981,482 | 1,023 | 0.06 | % | |||||||||||||||||
Network transaction deposits | 775,593 | 1,480 | 0.77 | % | 734,895 | 265 | 0.15 | % | 908,869 | 264 | 0.12 | % | |||||||||||||||||
Time deposits | 1,255,292 | 829 | 0.26 | % | 1,313,101 | 937 | 0.29 | % | 1,509,705 | 1,909 | 0.51 | % | |||||||||||||||||
Total interest-bearing deposits | 20,037,250 | 8,019 | 0.16 | % | 20,330,970 | 3,571 | 0.07 | % | 19,400,781 | 4,609 | 0.10 | % | |||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 454,519 | 406 | 0.36 | % | 293,915 | 38 | 0.05 | % | 157,619 | 30 | 0.08 | % | |||||||||||||||||
Commercial paper | 23,154 | 1 | 0.01 | % | 27,963 | 1 | 0.01 | % | 55,209 | 7 | 0.05 | % | |||||||||||||||||
FHLB advances | 2,423,771 | 9,689 | 1.60 | % | 1,610,983 | 8,182 | 2.06 | % | 1,620,397 | 9,524 | 2.36 | % | |||||||||||||||||
Long-term funding | 249,805 | 2,730 | 4.37 | % | 249,632 | 2,730 | 4.38 | % | 549,222 | 5,575 | 4.06 | % | |||||||||||||||||
Total short and long-term funding | 3,151,249 | 12,826 | 1.63 | % | 2,182,492 | 10,951 | 2.03 | % | 2,382,446 | 15,136 | 2.55 | % | |||||||||||||||||
Total interest-bearing liabilities | 23,188,499 | $ | 20,845 | 0.36 | % | 22,513,462 | $ | 14,522 | 0.26 | % | 21,783,227 | $ | 19,745 | 0.36 | % | ||||||||||||||
Noninterest-bearing demand deposits | 8,133,492 | 8,316,399 | 8,069,851 | ||||||||||||||||||||||||||
Other liabilities | 473,478 | 383,528 | 395,950 | ||||||||||||||||||||||||||
Stockholders’ Equity | 3,937,114 | 3,986,792 | 4,130,618 | ||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 35,732,583 | $ | 35,200,182 | $ | 34,379,647 | |||||||||||||||||||||||
Interest rate spread | 2.61 | % | 2.34 | % | 2.26 | % | |||||||||||||||||||||||
Net free funds | 0.10 | % | 0.08 | % | 0.11 | % | |||||||||||||||||||||||
Fully tax-equivalent net interest income and net interest margin ("NIM") | $ | 220,860 | 2.71 | % | $ | 192,320 | 2.42 | % | $ | 183,629 | 2.37 | % | |||||||||||||||||
Fully tax-equivalent adjustment | 4,713 | 4,573 | 4,115 | ||||||||||||||||||||||||||
Net interest income | $ | 216,146 | $ | 187,747 | $ | 179,515 |
Six months ended | Three months ended | Changes vs | ||||||||||||||||||||||||||||||
($ in Thousands, except as noted) | Jun 30, 2022 | Jun 30, 2021 | YTD % Change | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2022 | Jun 30, 2021 | ||||||||||||||||||||||
Wealth management fees(a) | $ | 43,735 | $ | 45,120 | (3) | % | $ | 21,332 | $ | 22,404 | $ | 22,625 | $ | 22,110 | $ | 22,706 | (5) | % | (6) | % | ||||||||||||
Service charges and deposit account fees | 33,363 | 30,404 | 10 | % | 16,506 | 16,856 | 17,039 | 16,962 | 15,549 | (2) | % | 6 | % | |||||||||||||||||||
Card-based fees | 21,368 | 20,725 | 3 | % | 11,442 | 9,926 | 11,176 | 11,113 | 10,982 | 15 | % | 4 | % | |||||||||||||||||||
Other fee-based revenue | 8,126 | 8,840 | (8) | % | 4,360 | 3,766 | 4,316 | 3,929 | 4,244 | 16 | % | 3 | % | |||||||||||||||||||
Total fee-based revenue | 106,592 | 105,089 | 1 | % | 53,641 | 52,952 | 55,157 | 54,113 | 53,480 | 1 | % | — | % | |||||||||||||||||||
Capital markets, net | 16,656 | 13,814 | 21 | % | 8,010 | 8,646 | 9,674 | 7,114 | 5,696 | (7) | % | 41 | % | |||||||||||||||||||
Mortgage servicing fees, net(b) | 3,712 | (1,552) | N/M | 1,882 | 1,830 | 795 | 323 | (155) | 3 | % | N/M | |||||||||||||||||||||
Gains and fair value adjustments on loans held for sale | 421 | 23,367 | (98) | % | (363) | 785 | 3,290 | 8,341 | 8,623 | N/M | N/M | |||||||||||||||||||||
Changes in mortgage servicing rights valuation, net of economic hedge(c) | 10,403 | 10,239 | 2 | % | 4,627 | 5,776 | 3,955 | 1,993 | (340) | (20) | % | N/M | ||||||||||||||||||||
Mortgage banking, net | 14,536 | 32,054 | (55) | % | 6,145 | 8,391 | 8,041 | 10,657 | 8,128 | (27) | % | (24) | % | |||||||||||||||||||
Bank and corporate owned life insurance | 6,177 | 5,791 | 7 | % | 4,106 | 2,071 | 4,704 | 2,760 | 3,088 | 98 | % | 33 | % | |||||||||||||||||||
Other | 4,086 | 6,221 | (34) | % | 1,888 | 2,198 | 2,941 | 2,205 | 3,004 | (14) | % | (37) | % | |||||||||||||||||||
Subtotal | 148,048 | 162,968 | (9) | % | 73,790 | 74,258 | 80,517 | 76,848 | 73,397 | (1) | % | 1 | % | |||||||||||||||||||
Asset gains (losses), net | 1,865 | 4,796 | (61) | % | 1,677 | 188 | 985 | 5,228 | (14) | N/M | N/M | |||||||||||||||||||||
Investment securities gains(losses), net | 12 | (16) | N/M | (8) | 21 | — | — | 24 | N/M | N/M | ||||||||||||||||||||||
Gain on the sale of branches, net(d) | — | 1,038 | (100) | % | — | — | — | — | 36 | N/M | (100) | % | ||||||||||||||||||||
Total noninterest income | $ | 149,925 | $ | 168,786 | (11) | % | $ | 75,458 | $ | 74,467 | $ | 81,502 | $ | 82,076 | $ | 73,443 | 1 | % | 3 | % | ||||||||||||
Mortgage loans originated for sale during period | $ | 403,951 | $ | 889,315 | (55) | % | $ | 151,838 | $ | 252,113 | $ | 404,398 | $ | 455,842 | $ | 476,670 | (40) | % | (68) | % | ||||||||||||
Mortgage loan settlements during period | 500,410 | 884,581 | (43) | % | 204,321 | 296,089 | 426,785 | 463,425 | 484,446 | (31) | % | (58) | % | |||||||||||||||||||
Assets under management, at market value(e) | 11,561 | 12,937 | 13,679 | 13,148 | 13,141 | (11) | % | (12) | % |
Six months ended | Three months ended | Change vs | ||||||||||||||||||||||||||||||
($ in Thousands) | Jun 30, 2022 | Jun 30, 2021 | YTD % Change | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2022 | Jun 30, 2021 | ||||||||||||||||||||||
Personnel | $ | 217,477 | $ | 211,020 | 3 | % | $ | 112,666 | $ | 104,811 | $ | 107,787 | $ | 107,880 | $ | 106,994 | 7 | % | 5 | % | ||||||||||||
Technology | 42,707 | 40,975 | 4 | % | 21,223 | 21,485 | 20,787 | 19,927 | 20,236 | (1) | % | 5 | % | |||||||||||||||||||
Occupancy | 30,231 | 30,835 | (2) | % | 14,151 | 16,080 | 16,863 | 15,814 | 14,679 | (12) | % | (4) | % | |||||||||||||||||||
Business development and advertising | 10,610 | 9,366 | 13 | % | 5,655 | 4,954 | 5,627 | 6,156 | 4,970 | 14 | % | 14 | % | |||||||||||||||||||
Equipment | 9,920 | 10,999 | (10) | % | 4,960 | 4,960 | 4,905 | 5,200 | 5,481 | — | % | (10) | % | |||||||||||||||||||
Legal and professional | 9,960 | 13,191 | (24) | % | 4,873 | 5,087 | 4,428 | 4,304 | 6,661 | (4) | % | (27) | % | |||||||||||||||||||
Loan and foreclosure costs | 3,490 | 4,891 | (29) | % | 1,476 | 2,014 | 1,636 | 1,616 | 2,671 | (27) | % | (45) | % | |||||||||||||||||||
FDIC assessment | 10,500 | 8,350 | 26 | % | 5,400 | 5,100 | 4,800 | 5,000 | 3,600 | 6 | % | 50 | % | |||||||||||||||||||
Other intangible amortization | 4,405 | 4,439 | (1) | % | 2,203 | 2,203 | 2,203 | 2,203 | 2,203 | — | % | — | % | |||||||||||||||||||
Other | 15,412 | 15,755 | (2) | % | 8,815 | 6,597 | 13,173 | 9,793 | 6,979 | 34 | % | 26 | % | |||||||||||||||||||
Total noninterest expense | $ | 354,712 | $ | 349,821 | 1 | % | $ | 181,420 | $ | 173,292 | $ | 182,210 | $ | 177,892 | $ | 174,475 | 5 | % | 4 | % | ||||||||||||
Average FTEs(a) | 4,060 | 4,005 | 1 | % | 4,101 | 4,018 | 3,992 | 4,010 | 3,990 | 2 | % | 3 | % |
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | ||||||||||||||||||||||||||||
($ in Thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||
PPP | $ | 9,514 | — | % | $ | 17,995 | — | % | $ | 66,070 | — | % | $ | 182,121 | 1 | % | $ | 405,482 | 2 | % | ||||||||||||
Asset-based lending & equipment finance(a) | 263,044 | 1 | % | 231,040 | 1 | % | 178,027 | 1 | % | 111,027 | — | % | 105,726 | — | % | |||||||||||||||||
Commercial and industrial | 8,984,127 | 34 | % | 8,102,380 | 33 | % | 8,208,289 | 34 | % | 7,816,432 | 33 | % | 7,803,393 | 33 | % | |||||||||||||||||
Commercial real estate — owner occupied | 928,152 | 4 | % | 973,572 | 4 | % | 971,326 | 4 | % | 879,554 | 4 | % | 880,755 | 4 | % | |||||||||||||||||
Commercial and business lending | 10,184,836 | 38 | % | 9,324,986 | 38 | % | 9,423,711 | 39 | % | 8,989,133 | 38 | % | 9,195,355 | 38 | % | |||||||||||||||||
Commercial real estate — investor | 4,790,241 | 18 | % | 4,469,241 | 18 | % | 4,384,569 | 18 | % | 4,296,489 | 18 | % | 4,300,651 | 18 | % | |||||||||||||||||
Real estate construction | 1,775,648 | 7 | % | 1,760,076 | 7 | % | 1,808,976 | 7 | % | 1,834,871 | 8 | % | 1,880,897 | 8 | % | |||||||||||||||||
Commercial real estate lending | 6,565,889 | 25 | % | 6,229,317 | 25 | % | 6,193,545 | 26 | % | 6,131,360 | 26 | % | 6,181,549 | 26 | % | |||||||||||||||||
Total commercial | 16,750,726 | 63 | % | 15,554,303 | 63 | % | 15,617,256 | 64 | % | 15,120,493 | 64 | % | 15,376,904 | 64 | % | |||||||||||||||||
Residential mortgage | 8,002,943 | 30 | % | 7,609,343 | 31 | % | 7,567,310 | 31 | % | 7,590,895 | 32 | % | 7,638,372 | 32 | % | |||||||||||||||||
Auto finance | 847,969 | 3 | % | 497,523 | 2 | % | 143,045 | 1 | % | 6,739 | — | % | 7,817 | — | % | |||||||||||||||||
Home equity | 592,843 | 2 | % | 580,867 | 2 | % | 595,615 | 2 | % | 608,566 | 3 | % | 631,783 | 3 | % | |||||||||||||||||
Other consumer | 300,217 | 1 | % | 289,889 | 1 | % | 301,723 | 1 | % | 294,979 | 1 | % | 292,660 | 1 | % | |||||||||||||||||
Total consumer | 9,743,972 | 37 | % | 8,977,622 | 37 | % | 8,607,693 | 36 | % | 8,501,180 | 36 | % | 8,570,632 | 36 | % | |||||||||||||||||
Total loans | $ | 26,494,698 | 100 | % | $ | 24,531,926 | 100 | % | $ | 24,224,949 | 100 | % | $ | 23,621,673 | 100 | % | $ | 23,947,536 | 100 | % | ||||||||||||
($ in Thousands) | Within 1 Year(a) | 1-5 Years | 5-15 Years | Over 15 Years | Total | % of Total | ||||||||||||||
PPP | $ | 762 | $ | 8,752 | $ | — | $ | — | $ | 9,514 | — | % | ||||||||
Asset-based lending & equipment finance | 172,885 | 45,130 | 45,029 | — | 263,044 | 1 | % | |||||||||||||
Commercial and industrial | 8,403,145 | 450,789 | 105,220 | 24,972 | 8,984,127 | 34 | % | |||||||||||||
Commercial real estate — owner occupied | 523,377 | 292,090 | 111,254 | 1,430 | 928,152 | 4 | % | |||||||||||||
Commercial real estate — investor | 4,394,743 | 250,521 | 143,394 | 1,583 | 4,790,241 | 18 | % | |||||||||||||
Real estate construction | 1,717,452 | 45,392 | 3,543 | 9,261 | 1,775,648 | 7 | % | |||||||||||||
Commercial - adjustable | 9,083,007 | 100,371 | 12,127 | 8,660 | 9,204,165 | 35 | % | |||||||||||||
Commercial - fixed | 6,129,357 | 992,305 | 396,314 | 28,586 | 7,546,561 | 28 | % | |||||||||||||
Residential mortgage - adjustable | 324,248 | 628,309 | 1,573,688 | 155,750 | 2,681,995 | 10 | % | |||||||||||||
Residential mortgage - fixed | 35,061 | 81,033 | 254,987 | 4,949,868 | 5,320,948 | 20 | % | |||||||||||||
Auto finance | 288 | 20,490 | 827,191 | — | 847,969 | 3 | % | |||||||||||||
Home equity | 545,872 | 16,283 | 13,367 | 17,321 | 592,843 | 2 | % | |||||||||||||
Other consumer | 173,190 | 48,276 | 36,700 | 42,050 | 300,217 | 1 | % | |||||||||||||
Total loans | $ | 16,291,022 | $ | 1,887,067 | $ | 3,114,374 | $ | 5,202,234 | $ | 26,494,698 | 100 | % | ||||||||
Fixed-rate | $ | 6,232,983 | $ | 1,153,906 | $ | 697,833 | $ | 5,019,768 | $ | 13,104,489 | 49 | % | ||||||||
Floating or adjustable rate | 10,058,040 | 733,161 | 2,416,542 | 182,466 | 13,390,209 | 51 | % | |||||||||||||
Total | $ | 16,291,022 | $ | 1,887,067 | $ | 3,114,374 | $ | 5,202,234 | $ | 26,494,698 | 100 | % | ||||||||
June 30, 2022 | NAICS Subsector | Outstanding Balance | Total Exposure | % of Total Loan Exposure | ||||||||||
Real Estate(a) | 531 | $ | 1,725,081 | $ | 3,160,552 | 8 | % | |||||||
Credit Intermediation and Related Activities(b) | 522 | 1,037,994 | 2,511,829 | 7 | % | |||||||||
Utilities(c) | 221 | 2,100,956 | 2,383,329 | 6 | % | |||||||||
Merchant Wholesalers, Durable Goods | 423 | 453,912 | 769,019 | 2 | % | |||||||||
June 30, 2022 | % of Total Loan Exposure | % of Total Commercial Real Estate - Investor Loan Exposure | ||||||
Multi-Family | 4 | % | 32 | % | ||||
Office | 3 | % | 24 | % | ||||
Industrial | 3 | % | 22 | % | ||||
June 30, 2022 | % of Total Loan Exposure | % of Total Real Estate Construction Loan Exposure | ||||||
Multi-Family | 4 | % | 35 | % | ||||
Single Family | 3 | % | 24 | % | ||||
Industrial | 3 | % | 22 | % |
($ in Thousands) | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | ||||||||||||
Nonperforming assets | |||||||||||||||||
PPP | $ | — | $ | 41 | $ | 46 | $ | — | $ | — | |||||||
Commercial and industrial | 843 | 225 | 6,233 | 8,497 | 18,380 | ||||||||||||
Commercial real estate — owner occupied | — | — | — | 7 | 7 | ||||||||||||
Commercial and business lending | 843 | 266 | 6,279 | 8,504 | 18,387 | ||||||||||||
Commercial real estate — investor | 46,823 | 80,886 | 60,677 | 61,504 | 63,003 | ||||||||||||
Real estate construction | 604 | 609 | 177 | 247 | 247 | ||||||||||||
Commercial real estate lending | 47,427 | 81,495 | 60,855 | 61,751 | 63,250 | ||||||||||||
Total commercial | 48,270 | 81,761 | 67,134 | 70,256 | 81,637 | ||||||||||||
Residential mortgage | 52,840 | 53,827 | 55,362 | 56,678 | 56,795 | ||||||||||||
Auto finance | 53 | 49 | 52 | 67 | 56 | ||||||||||||
Home equity | 7,100 | 7,490 | 7,726 | 7,838 | 8,517 | ||||||||||||
Other consumer | 83 | 95 | 170 | 222 | 131 | ||||||||||||
Total consumer | 60,075 | 61,460 | 63,309 | 64,806 | 65,498 | ||||||||||||
Total nonaccrual loans | 108,345 | 143,221 | 130,443 | 135,062 | 147,135 | ||||||||||||
Commercial real estate owned | 957 | 861 | 984 | 1,005 | 1,318 | ||||||||||||
Residential real estate owned | 3,042 | 2,209 | 3,666 | 2,126 | 2,438 | ||||||||||||
Bank properties real estate owned(a) | 13,880 | 15,123 | 24,969 | 30,724 | 20,244 | ||||||||||||
OREO | 17,879 | 18,194 | 29,619 | 33,855 | 24,000 | ||||||||||||
Repossessed assets | 102 | — | — | — | — | ||||||||||||
Total nonperforming assets | $ | 126,327 | $ | 161,414 | $ | 160,062 | $ | 168,917 | $ | 171,135 | |||||||
Accruing loans past due 90 days or more | |||||||||||||||||
Commercial | $ | 133 | $ | 125 | $ | 151 | $ | 98 | $ | 203 | |||||||
Consumer | 1,422 | 1,470 | 1,111 | 932 | 1,099 | ||||||||||||
Total accruing loans past due 90 days or more | $ | 1,555 | $ | 1,595 | $ | 1,263 | $ | 1,029 | $ | 1,302 | |||||||
Restructured loans (accruing) | |||||||||||||||||
Commercial | $ | 15,425 | $ | 10,127 | $ | 22,763 | $ | 25,582 | $ | 26,353 | |||||||
Consumer | 18,828 | 19,876 | 19,768 | 18,917 | 15,582 | ||||||||||||
Total restructured loans (accruing) | $ | 34,253 | $ | 30,003 | $ | 42,530 | $ | 44,499 | $ | 41,935 | |||||||
Nonaccrual restructured loans (included in nonaccrual loans) | $ | 22,172 | $ | 19,352 | $ | 17,426 | $ | 15,226 | $ | 17,237 | |||||||
Ratios | |||||||||||||||||
Nonaccrual loans to total loans | 0.41 | % | 0.58 | % | 0.54 | % | 0.57 | % | 0.61 | % | |||||||
NPAs to total loans plus OREO and repossessed assets | 0.48 | % | 0.66 | % | 0.66 | % | 0.71 | % | 0.71 | % | |||||||
NPAs to total assets | 0.34 | % | 0.46 | % | 0.46 | % | 0.49 | % | 0.50 | % | |||||||
Allowance for credit losses on loans to nonaccrual loans | 293.09 | % | 221.92 | % | 245.16 | % | 246.02 | % | 247.45 | % |
($ in Thousands) | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | ||||||||||||
Accruing loans 30-89 days past due | |||||||||||||||||
PPP | $ | 1,475 | $ | 1 | $ | 83 | $ | 568 | $ | — | |||||||
Commercial and industrial | 167 | 1,085 | 632 | 1,229 | 258 | ||||||||||||
Commercial real estate — owner occupied | — | 198 | 163 | 30 | 47 | ||||||||||||
Commercial and business lending | 1,642 | 1,284 | 878 | 1,827 | 306 | ||||||||||||
Commercial real estate — investor | 5,484 | — | 616 | 17,021 | 391 | ||||||||||||
Real estate construction | — | — | 1,620 | — | 117 | ||||||||||||
Commercial real estate lending | 5,484 | — | 2,236 | 17,021 | 509 | ||||||||||||
Total commercial | 7,126 | 1,284 | 3,114 | 18,848 | 814 | ||||||||||||
Residential mortgage | 5,315 | 4,957 | 6,169 | 7,095 | 5,015 | ||||||||||||
Auto finance | 2,906 | 949 | 11 | 10 | 38 | ||||||||||||
Home equity | 2,961 | 4,207 | 3,711 | 2,931 | 2,472 | ||||||||||||
Other consumer | 1,365 | 1,232 | 2,307 | 1,272 | 1,036 | ||||||||||||
Total consumer | 12,547 | 11,345 | 12,198 | 11,308 | 8,562 | ||||||||||||
Total accruing loans 30-89 days past due | $ | 19,673 | $ | 12,629 | $ | 15,312 | $ | 30,156 | $ | 9,376 | |||||||
Potential problem loans | |||||||||||||||||
PPP(b) | $ | 47 | $ | 54 | $ | 2,000 | $ | 4,160 | $ | 8,695 | |||||||
Asset-based lending & equipment finance(c) | 19,813 | 19,057 | 17,697 | — | — | ||||||||||||
Commercial and industrial | 84,785 | 93,396 | 120,561 | 124,990 | 77,064 | ||||||||||||
Commercial real estate — owner occupied | 38,628 | 24,005 | 26,723 | 21,241 | 17,828 | ||||||||||||
Commercial and business lending | 143,273 | 136,513 | 166,981 | 150,391 | 103,587 | ||||||||||||
Commercial real estate — investor | 132,635 | 130,792 | 106,138 | 78,962 | 71,613 | ||||||||||||
Real estate construction | 82 | 200 | 21,408 | 19,187 | 16,465 | ||||||||||||
Commercial real estate lending | 132,717 | 130,992 | 127,546 | 98,150 | 88,078 | ||||||||||||
Total commercial | 275,990 | 267,505 | 294,527 | 248,541 | 191,665 | ||||||||||||
Residential mortgage | 3,297 | 3,032 | 2,214 | 2,374 | 3,024 | ||||||||||||
Home equity | 188 | 156 | 165 | 171 | 1,558 | ||||||||||||
Total consumer | 3,486 | 3,188 | 2,379 | 2,546 | 4,583 | ||||||||||||
Total potential problem loans | $ | 279,475 | $ | 270,693 | $ | 296,905 | $ | 251,087 | $ | 196,248 |
YTD | Quarter Ended | ||||||||||||||||||||||
($ in Thousands) | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | ||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||
Balance at beginning of period | $ | 280,015 | $ | 383,702 | $ | 279,058 | $ | 280,015 | $ | 290,997 | $ | 318,811 | $ | 352,938 | |||||||||
Provision for loan losses | (1,000) | (55,500) | 2,000 | (3,000) | (4,500) | (20,000) | (29,500) | ||||||||||||||||
Charge offs | (3,819) | (20,855) | (1,791) | (2,028) | (8,869) | (10,929) | (7,681) | ||||||||||||||||
Recoveries | 5,576 | 11,464 | 1,504 | 4,072 | 2,387 | 3,115 | 3,054 | ||||||||||||||||
Net (charge offs) recoveries | 1,757 | (9,391) | (287) | 2,044 | (6,482) | (7,814) | (4,628) | ||||||||||||||||
Balance at end of period | $ | 280,771 | $ | 318,811 | $ | 280,771 | $ | 279,058 | $ | 280,015 | $ | 290,997 | $ | 318,811 | |||||||||
Allowance for Unfunded Commitments | |||||||||||||||||||||||
Balance at beginning of period | $ | 39,776 | $ | 47,776 | $ | 38,776 | $ | 39,776 | $ | 41,276 | $ | 45,276 | $ | 50,776 | |||||||||
Provision for unfunded commitments | (3,000) | (2,500) | (2,000) | (1,000) | (1,500) | (4,000) | (5,500) | ||||||||||||||||
Balance at end of period | $ | 36,776 | $ | 45,276 | $ | 36,776 | $ | 38,776 | $ | 39,776 | $ | 41,276 | $ | 45,276 | |||||||||
Allowance for credit losses on loans | $ | 317,547 | $ | 364,087 | $ | 317,547 | $ | 317,835 | $ | 319,791 | $ | 332,273 | $ | 364,087 | |||||||||
Provision for credit losses on loans | (4,000) | (58,000) | — | (4,000) | (6,000) | (24,000) | (35,000) | ||||||||||||||||
Net loan (charge offs) recoveries | |||||||||||||||||||||||
Asset-based lending & equipment finance(a) | $ | — | $ | 294 | $ | — | $ | — | $ | 27 | $ | 91 | $ | 261 | |||||||||
Commercial and industrial | 1,410 | 2,406 | (444) | 1,854 | (6,669) | (9,149) | 1,072 | ||||||||||||||||
Commercial real estate — owner occupied | 7 | 9 | 4 | 3 | 4 | 106 | 5 | ||||||||||||||||
Commercial and business lending | 1,417 | 2,709 | (440) | 1,857 | (6,638) | (8,951) | 1,338 | ||||||||||||||||
Commercial real estate — investor | — | (11,475) | — | — | 109 | 181 | (5,589) | ||||||||||||||||
Real estate construction | 33 | 52 | 2 | 32 | 52 | 18 | 23 | ||||||||||||||||
Commercial real estate lending | 33 | (11,423) | 2 | 32 | 162 | 199 | (5,566) | ||||||||||||||||
Total commercial | 1,450 | (8,715) | (439) | 1,889 | (6,476) | (8,752) | (4,228) | ||||||||||||||||
Residential mortgage | 508 | (332) | 220 | 288 | (6) | 300 | (223) | ||||||||||||||||
Auto finance | (10) | 12 | (14) | 4 | (11) | 8 | 3 | ||||||||||||||||
Home equity | 776 | 681 | 461 | 315 | 546 | 959 | 337 | ||||||||||||||||
Other consumer | (967) | (1,038) | (516) | (451) | (534) | (329) | (517) | ||||||||||||||||
Total consumer | 306 | (676) | 151 | 155 | (6) | 938 | (400) | ||||||||||||||||
Total net (charge offs) recoveries | $ | 1,757 | $ | (9,391) | $ | (287) | $ | 2,044 | $ | (6,482) | $ | (7,814) | $ | (4,628) | |||||||||
Ratios | |||||||||||||||||||||||
Allowance for credit losses on loans to total loans | 1.20 | % | 1.52 | % | 1.20 | % | 1.30 | % | 1.32 | % | 1.41 | % | 1.52 | % | |||||||||
Allowance for credit losses on loans to net charge offs (annualized) | N/M | 19.2x | N/M | N/M | 12.4x | 10.7x | 19.6x | ||||||||||||||||
Loan Evaluation Method for ACLL | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 10,068 | $ | 13,625 | $ | 15,194 | $ | 19,913 | $ | 29,352 | |||||||||||||
Collectively evaluated for impairment | 307,480 | 304,210 | 304,597 | 312,359 | 334,734 | ||||||||||||||||||
Total ACLL | $ | 317,547 | $ | 317,835 | $ | 319,791 | $ | 332,273 | $ | 364,087 | |||||||||||||
Loan Balance | |||||||||||||||||||||||
Individually evaluated for impairment | $ | 81,457 | $ | 110,445 | $ | 115,643 | $ | 131,484 | $ | 141,817 | |||||||||||||
Collectively evaluated for impairment | 26,413,241 | 24,421,481 | 24,109,306 | 23,490,189 | 23,805,719 | ||||||||||||||||||
Total loan balance | $ | 26,494,698 | $ | 24,531,926 | $ | 24,224,949 | $ | 23,621,673 | $ | 23,947,536 |
YTD | Quarter Ended | ||||||||||||||||||||||
(In basis points) | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | ||||||||||||||||
Net loan (charge offs) recoveries | |||||||||||||||||||||||
Asset-based lending & equipment finance(b) | — | 46 | — | — | 9 | 36 | 87 | ||||||||||||||||
Commercial and industrial | 4 | 6 | (2) | 10 | (34) | (47) | 6 | ||||||||||||||||
Commercial real estate — owner occupied | — | — | — | — | — | 5 | — | ||||||||||||||||
Commercial and business lending | 3 | 6 | (2) | 8 | (29) | (40) | 6 | ||||||||||||||||
Commercial real estate — investor | — | (54) | — | — | 1 | 2 | (52) | ||||||||||||||||
Real estate construction | — | 1 | — | 1 | 1 | — | 1 | ||||||||||||||||
Commercial real estate lending | — | (37) | — | — | 1 | 1 | (36) | ||||||||||||||||
Total commercial | 2 | (11) | (1) | 5 | (17) | (23) | (11) | ||||||||||||||||
Residential mortgage | 1 | (1) | 1 | 2 | — | 2 | (1) | ||||||||||||||||
Auto finance | — | 27 | (1) | 1 | (9) | 43 | 15 | ||||||||||||||||
Home equity | 27 | 21 | 32 | 22 | 36 | 61 | 21 | ||||||||||||||||
Other consumer | (66) | (72) | (70) | (62) | (71) | (44) | (72) | ||||||||||||||||
Total consumer | 1 | (2) | 1 | 1 | — | 4 | (2) | ||||||||||||||||
Total net (charge offs) recoveries | 1 | (8) | — | 3 | (11) | (13) | (8) | ||||||||||||||||
Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | ||||||||||||||||||||||||||||
($ in Thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||
Noninterest-bearing demand | $ | 8,085,702 | 28 | % | $ | 8,315,699 | 29 | % | $ | 8,504,077 | 30 | % | $ | 8,170,105 | 29 | % | $ | 7,999,143 | 29 | % | ||||||||||||
Savings | 4,708,156 | 16 | % | 4,661,232 | 16 | % | 4,410,198 | 15 | % | 4,278,453 | 15 | % | 4,182,651 | 15 | % | |||||||||||||||||
Interest-bearing demand | 6,789,722 | 24 | % | 6,616,767 | 23 | % | 7,019,782 | 25 | % | 6,407,844 | 23 | % | 5,969,285 | 22 | % | |||||||||||||||||
Money market | 7,769,415 | 27 | % | 7,522,797 | 26 | % | 7,185,111 | 25 | % | 7,583,978 | 27 | % | 7,640,825 | 28 | % | |||||||||||||||||
Time deposits | 1,223,581 | 4 | % | 1,288,913 | 5 | % | 1,347,262 | 5 | % | 1,410,886 | 5 | % | 1,472,395 | 5 | % | |||||||||||||||||
Total deposits | $ | 28,576,577 | 100 | % | $ | 28,405,409 | 100 | % | $ | 28,466,430 | 100 | % | $ | 27,851,266 | 100 | % | $ | 27,264,299 | 100 | % | ||||||||||||
Customer funding(a) | 296,440 | 299,301 | 354,142 | 322,081 | 226,160 | |||||||||||||||||||||||||||
Total deposits and customer funding | $ | 28,873,017 | $ | 28,704,710 | $ | 28,820,572 | $ | 28,173,348 | $ | 27,490,459 | ||||||||||||||||||||||
Network transaction deposits(b) | $ | 891,902 | $ | 762,680 | $ | 766,965 | $ | 929,174 | $ | 871,603 | ||||||||||||||||||||||
Net deposits and customer funding (total deposits and customer funding, excluding network transaction deposits) | 27,981,114 | 27,942,029 | 28,053,607 | 27,244,174 | 26,618,856 | |||||||||||||||||||||||||||
Time deposits of more than $250,000 | 180,705 | 209,208 | 215,100 | 223,075 | 232,035 |
Moody’s | S&P | |||||||
Bank short-term deposits | P-1 | - | ||||||
Bank long-term deposits/issuer | A1 | BBB+ | ||||||
Corporation commercial paper | P-2 | - | ||||||
Corporation long-term senior debt/issuer | Baa1 | BBB | ||||||
Outlook | Negative | Stable |
Jun 30, 2022 | Dec 31, 2021 | |||||||||||||
Dynamic Forecast | Static Forecast | Dynamic Forecast | Static Forecast | |||||||||||
Gradual Rate Change | ||||||||||||||
100 bp increase in interest rates | 5.4 | % | 4.1 | % | 5.0 | % | 5.4 | % | ||||||
200 bp increase in interest rates | 10.8 | % | 8.2 | % | 10.6 | % | 11.7 | % |
Jun 30, 2022 | Dec 31, 2021 | |||||||
Instantaneous Rate Change | ||||||||
100 bp increase in interest rates | (3.0) | % | (1.8) | % | ||||
200 bp increase in interest rates | (6.0) | % | (3.7) | % |
($ in Thousands) | Note Reference | One Year or Less | One to Three Years | Three to Five Years | Over Five Years | Total | ||||||||||||||
Time deposits | $ | 987,686 | $ | 191,715 | $ | 44,175 | $ | 5 | $ | 1,223,581 | ||||||||||
Short-term funding | 9 | 705,620 | — | — | — | 705,620 | ||||||||||||||
FHLB advances | 9 | 2,050,140 | 400,633 | 605,227 | 202,039 | 3,258,039 | ||||||||||||||
Other long-term funding | 9 | 84 | 249,485 | 181 | 69 | 249,820 | ||||||||||||||
Operating leases | 18 | 6,112 | 10,106 | 7,219 | 6,191 | 29,627 | ||||||||||||||
Total | $ | 3,749,642 | $ | 851,939 | $ | 656,802 | $ | 208,304 | $ | 5,466,687 |
YTD | Quarter Ended | ||||||||||||||||||||||
($ in Thousands) | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | ||||||||||||||||
Risk-based Capital(a) | |||||||||||||||||||||||
CET1 | $ | 2,896,675 | $ | 2,837,789 | $ | 2,808,289 | $ | 2,779,943 | $ | 2,790,392 | |||||||||||||
Tier 1 capital | 3,089,593 | 3,030,579 | 3,001,074 | 2,972,622 | 3,080,015 | ||||||||||||||||||
Total capital | 3,506,864 | 3,448,108 | 3,570,026 | 3,550,556 | 3,655,411 | ||||||||||||||||||
Total risk-weighted assets | 29,863,512 | 27,780,642 | 27,242,735 | 26,303,703 | 26,072,881 | ||||||||||||||||||
Modified CECL transitional amount | 67,276 | 67,276 | 89,702 | 92,822 | 100,776 | ||||||||||||||||||
CET1 capital ratio | 9.70 | % | 10.22 | % | 10.31 | % | 10.57 | % | 10.70 | % | |||||||||||||
Tier 1 capital ratio | 10.35 | % | 10.91 | % | 11.02 | % | 11.30 | % | 11.81 | % | |||||||||||||
Total capital ratio | 11.74 | % | 12.41 | % | 13.10 | % | 13.50 | % | 14.02 | % | |||||||||||||
Tier 1 leverage ratio | 8.87 | % | 8.86 | % | 8.83 | % | 8.81 | % | 9.23 | % | |||||||||||||
Selected Equity and Performance Ratios | |||||||||||||||||||||||
Total stockholders’ equity / assets | 10.63 | % | 11.30 | % | 11.47 | % | 11.60 | % | 12.03 | % | |||||||||||||
Dividend payout ratio(b) | 38.46 | % | 31.58 | % | 35.71 | % | 41.67 | % | 40.82 | % | 35.71 | % | 32.14 | % | |||||||||
Return on average assets | 0.92 | % | 1.10 | % | 0.97 | % | 0.86 | % | 0.87 | % | 1.01 | % | 1.06 | % | |||||||||
Annualized noninterest expense / average assets | 2.02 | % | 2.07 | % | 2.04 | % | 2.00 | % | 2.06 | % | 2.03 | % | 2.04 | % |
YTD | Quarter Ended | ||||||||||||||||||||||
($ in Thousands) | Jun 30, 2022 | Jun 30, 2021 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | ||||||||||||||||
Selected equity and performance ratios(a)(b)(c) | |||||||||||||||||||||||
Tangible common equity / tangible assets | 7.23 | % | 7.68 | % | 7.86 | % | 7.92 | % | 8.04 | % | |||||||||||||
Return on average equity | 8.20 | % | 9.08 | % | 8.85 | % | 7.55 | % | 7.62 | % | 8.63 | % | 8.84 | % | |||||||||
Return on average tangible common equity | 12.27 | % | 13.86 | % | 13.29 | % | 11.26 | % | 11.34 | % | 12.97 | % | 13.44 | % | |||||||||
Return on average CET1 | 11.03 | % | 12.87 | % | 11.77 | % | 10.27 | % | 10.50 | % | 12.11 | % | 12.51 | % | |||||||||
Return on average tangible assets | 0.97 | % | 1.16 | % | 1.03 | % | 0.90 | % | 0.92 | % | 1.07 | % | 1.12 | % | |||||||||
Average stockholders' equity / average assets | 11.17 | % | 12.10 | % | 11.02 | % | 11.33 | % | 11.43 | % | 11.74 | % | 12.01 | % | |||||||||
Tangible common equity reconciliation(a) | |||||||||||||||||||||||
Common equity | $ | 3,766,187 | $ | 3,755,092 | $ | 3,831,658 | $ | 3,801,766 | $ | 3,819,852 | |||||||||||||
Goodwill and other intangible assets, net | (1,158,680) | (1,160,883) | (1,163,085) | (1,165,288) | (1,167,491) | ||||||||||||||||||
Tangible common equity | $ | 2,607,507 | $ | 2,594,209 | $ | 2,668,573 | $ | 2,636,478 | $ | 2,652,361 | |||||||||||||
Tangible assets reconciliation(a) | |||||||||||||||||||||||
Total assets | $ | 37,235,990 | $ | 34,955,900 | $ | 35,104,253 | $ | 34,439,666 | $ | 34,152,625 | |||||||||||||
Goodwill and other intangible assets, net | (1,158,680) | (1,160,883) | (1,163,085) | (1,165,288) | (1,167,491) | ||||||||||||||||||
Tangible assets | $ | 36,077,310 | $ | 33,795,017 | $ | 33,941,167 | $ | 33,274,378 | $ | 32,985,134 | |||||||||||||
Average tangible common equity and average CET1 reconciliation(a) | |||||||||||||||||||||||
Common equity | $ | 3,768,621 | $ | 3,769,463 | $ | 3,743,919 | $ | 3,793,597 | $ | 3,810,668 | $ | 3,807,083 | $ | 3,788,237 | |||||||||
Goodwill and other intangible assets, net | (1,161,114) | (1,171,679) | (1,160,035) | (1,162,204) | (1,164,394) | (1,166,589) | (1,168,774) | ||||||||||||||||
Tangible common equity | 2,607,507 | 2,597,783 | 2,583,884 | 2,631,393 | 2,646,273 | 2,640,494 | 2,619,464 | ||||||||||||||||
Modified CECL transitional amount | 67,276 | 110,778 | 67,276 | 67,276 | 90,528 | 97,420 | 105,961 | ||||||||||||||||
Accumulated other comprehensive loss (income) | 125,566 | (4,218) | 170,253 | 80,383 | 18,513 | (5,320) | (3,111) | ||||||||||||||||
Deferred tax assets, net | 39,241 | 40,260 | 39,072 | 39,411 | 39,640 | 39,893 | 39,915 | ||||||||||||||||
Average CET1 | $ | 2,839,591 | $ | 2,744,603 | $ | 2,860,485 | $ | 2,818,464 | $ | 2,794,954 | $ | 2,772,487 | $ | 2,762,229 | |||||||||
Average tangible assets reconciliation(a) | |||||||||||||||||||||||
Total assets | $ | 35,467,853 | $ | 34,033,816 | $ | 35,732,583 | $ | 35,200,182 | $ | 35,016,159 | $ | 34,759,489 | $ | 34,379,647 | |||||||||
Goodwill and other intangible assets, net | (1,161,114) | (1,171,679) | (1,160,035) | (1,162,204) | (1,164,394) | (1,166,589) | (1,168,774) | ||||||||||||||||
Tangible assets | $ | 34,306,740 | $ | 32,862,137 | $ | 34,572,548 | $ | 34,037,978 | $ | 33,851,765 | $ | 33,592,900 | $ | 33,210,873 | |||||||||
Adjusted net income reconciliation(b) | |||||||||||||||||||||||
Net income | $ | 161,086 | $ | 185,307 | $ | 86,824 | $ | 74,262 | $ | 76,877 | $ | 88,809 | $ | 91,007 | |||||||||
Other intangible amortization, net of tax | 3,304 | 3,329 | 1,652 | 1,652 | 1,652 | 1,652 | 1,652 | ||||||||||||||||
Adjusted net income | $ | 164,390 | $ | 188,637 | $ | 88,476 | $ | 75,914 | $ | 78,529 | $ | 90,461 | $ | 92,659 | |||||||||
Adjusted net income available to common equity reconciliation(b) | |||||||||||||||||||||||
Net income available to common equity | $ | 155,336 | $ | 175,226 | $ | 83,949 | $ | 71,387 | $ | 74,002 | $ | 84,655 | $ | 86,131 | |||||||||
Other intangible amortization, net of tax | 3,304 | 3,329 | 1,652 | 1,652 | 1,652 | 1,652 | 1,652 | ||||||||||||||||
Adjusted net income available to common equity | $ | 158,640 | $ | 178,555 | $ | 85,601 | $ | 73,039 | $ | 75,654 | $ | 86,307 | $ | 87,784 | |||||||||
Efficiency ratio reconciliation(d) | |||||||||||||||||||||||
Federal Reserve efficiency ratio | 63.51 | % | 66.26 | % | 61.53 | % | 65.71 | % | 67.36 | % | 65.43 | % | 66.81 | % | |||||||||
Fully tax-equivalent adjustment | (1.05) | % | (1.02) | % | (0.98) | % | (1.13) | % | (1.10) | % | (1.01) | % | (1.07) | % | |||||||||
Other intangible amortization | (0.80) | % | (0.85) | % | (0.76) | % | (0.84) | % | (0.82) | % | (0.83) | % | (0.87) | % | |||||||||
Fully tax-equivalent efficiency ratio | 61.68 | % | 64.40 | % | 59.80 | % | 63.76 | % | 65.46 | % | 63.61 | % | 64.88 | % | |||||||||
Provision for unfunded commitments adjustment | 0.53 | % | 0.47 | % | 0.67 | % | 0.37 | % | 0.55 | % | 1.48 | % | 2.14 | % | |||||||||
Asset gains, net adjustment | 0.21 | % | 0.59 | % | 0.34 | % | 0.05 | % | 0.24 | % | 1.29 | % | — | % | |||||||||
Acquisitions, branch sales, and initiatives | — | % | 0.12 | % | — | % | — | % | (1.43) | % | (0.91) | % | 0.01 | % | |||||||||
Adjusted efficiency ratio | 62.42 | % | 65.58 | % | 60.82 | % | 64.18 | % | 64.82 | % | 65.46 | % | 67.02 | % |
Three Months Ended Jun 30, | Six Months Ended Jun 30, | |||||||||||||||||||
($ in Thousands) | 2022 | 2021 | % Change | 2022 | 2021 | % Change | ||||||||||||||
Corporate and Commercial Specialty | ||||||||||||||||||||
Total revenue(a) | $ | 145,191 | $ | 131,643 | 10 | % | $ | 282,139 | $ | 267,803 | 5 | % | ||||||||
Provision for credit losses | 12,246 | 15,716 | (22) | % | 24,900 | 32,395 | (23) | % | ||||||||||||
Noninterest expense | 56,847 | 53,902 | 5 | % | 113,406 | 109,349 | 4 | % | ||||||||||||
Income tax expense | 13,919 | 11,214 | 24 | % | 26,232 | 23,106 | 14 | % | ||||||||||||
Net income | 62,179 | 50,812 | 22 | % | 117,601 | 102,953 | 14 | % | ||||||||||||
Average earning assets | 15,083,176 | 14,024,769 | 8 | % | 14,751,601 | 14,037,418 | 5 | % | ||||||||||||
Average loans | 15,079,176 | 14,023,611 | 8 | % | 14,748,739 | 14,036,707 | 5 | % | ||||||||||||
Average deposits | 8,752,899 | 8,646,551 | 1 | % | 9,080,190 | 8,590,041 | 6 | % | ||||||||||||
Average allocated capital (Average CET1)(b) | 1,515,244 | 1,406,646 | 8 | % | 1,468,386 | 1,401,915 | 5 | % | ||||||||||||
Return on average allocated capital(b) | 16.46 | % | 14.49 | % | 197 bp | 16.15 | % | 14.81 | % | 134 bp | ||||||||||
Community, Consumer, and Business | ||||||||||||||||||||
Total revenue | $ | 139,757 | $ | 122,437 | 14 | % | $ | 261,341 | $ | 256,432 | 2 | % | ||||||||
Provision for credit losses | 4,924 | 5,279 | (7) | % | 9,580 | 11,207 | (15) | % | ||||||||||||
Noninterest expense | 105,139 | 101,735 | 3 | % | 203,802 | 202,086 | 1 | % | ||||||||||||
Income tax expense | 6,236 | 3,239 | 93 | % | 10,071 | 9,059 | 11 | % | ||||||||||||
Net income | 23,459 | 12,185 | 93 | % | 37,888 | 34,080 | 11 | % | ||||||||||||
Average earning assets | 9,784,918 | 9,379,435 | 4 | % | 9,481,879 | 9,496,153 | — | % | ||||||||||||
Average loans | 9,784,918 | 9,379,435 | 4 | % | 9,481,879 | 9,496,153 | — | % | ||||||||||||
Average deposits | 18,544,542 | 17,825,851 | 4 | % | 18,479,893 | 17,469,726 | 6 | % | ||||||||||||
Average allocated capital (Average CET1)(b) | 593,296 | 543,810 | 9 | % | 554,137 | 556,549 | — | % | ||||||||||||
Return on average allocated capital(b) | 15.86 | % | 8.99 | % | N/M | 13.79 | % | 12.35 | % | 144 bp | ||||||||||
Risk Management and Shared Services | ||||||||||||||||||||
Total revenue | $ | 6,656 | $ | (1,123) | N/M | $ | 10,339 | $ | (33) | N/M | ||||||||||
Provision for credit losses | (17,172) | (55,999) | (69) | % | (38,472) | (101,610) | (62) | % | ||||||||||||
Noninterest expense | 19,434 | 18,839 | 3 | % | 37,505 | 38,386 | (2) | % | ||||||||||||
Income tax expense | 3,209 | 8,027 | (60) | % | 5,710 | 14,917 | (62) | % | ||||||||||||
Net income | 1,186 | 28,010 | (96) | % | 5,597 | 48,274 | (88) | % | ||||||||||||
Average earning assets | 7,758,257 | 7,635,545 | 2 | % | 8,081,928 | 7,154,263 | 13 | % | ||||||||||||
Average loans | 534,069 | 695,568 | (23) | % | 520,924 | 747,114 | (30) | % | ||||||||||||
Average deposits | 873,301 | 998,231 | (13) | % | 847,656 | 1,079,669 | (21) | % | ||||||||||||
Average allocated capital (Average CET1)(b) | 751,945 | 811,773 | (7) | % | 817,067 | 786,139 | 4 | % | ||||||||||||
Return on average allocated capital(b) | (0.90) | % | 11.43 | % | N/M | (0.04) | % | 9.80 | % | N/M | ||||||||||
Consolidated Total | ||||||||||||||||||||
Total revenue(a) | $ | 291,604 | $ | 252,957 | 15 | % | $ | 553,819 | $ | 524,202 | 6 | % | ||||||||
Return on average allocated capital(b) | 11.77 | % | 12.51 | % | -74 bp | 11.03 | % | 12.87 | % | -184 bp |
ITEM 3. | Quantitative and Qualitative Disclosures About Market Risk |
ITEM 4. | Controls and Procedures |
PART II - OTHER INFORMATION |
ITEM 1. | Legal Proceedings |
ITEM 1A. | Risk Factors |
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Total Number of Shares Purchased(a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(b) | |||||||||||
Period | ||||||||||||||
April 1, 2022 - April 30, 2022 | 39,864 | $ | 20.61 | — | — | |||||||||
May 1, 2022 - May 31, 2022 | 2,525 | 19.96 | — | — | ||||||||||
June 1, 2022 - June 30, 2022 | 614 | 18.93 | — | — | ||||||||||
Total | 43,003 | $ | 20.55 | — | 4,361,770 |
ITEM 6. | Exhibits |
Exhibit (101), Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Unaudited Consolidated Balance Sheets, (ii) Unaudited Consolidated Statements of Income, (iii) Unaudited Consolidated Statements of Comprehensive Income, (iv) Unaudited Consolidated Statements of Changes in Stockholders’ Equity, (v) Unaudited Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements. | ||
Exhibit (104), The cover page from the Corporation's Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 has been formatted in Inline XBRL (Inline Extensible Business Reporting Language) and contained in Exhibits in 101. |
Signatures |
ASSOCIATED BANC-CORP | ||||||||
(Registrant) | ||||||||
Date: July 28, 2022 | /s/ Andrew J. Harmening | |||||||
Andrew J. Harmening | ||||||||
President and Chief Executive Officer | ||||||||
Date: July 28, 2022 | /s/ Christopher J. Del Moral-Niles | |||||||
Christopher J. Del Moral-Niles | ||||||||
Chief Financial Officer | ||||||||
Date: July 28, 2022 | /s/ Tammy C. Stadler | |||||||
Tammy C. Stadler | ||||||||
Chief Accounting Officer |
1 Year Associated Banc Chart |
1 Month Associated Banc Chart |
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