☑ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||
For the fiscal year ended | December 31, 2021 |
☐ | 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 | Name of each exchange on which registered | ||||||
Common stock, par value $0.01 per share | ASB | The 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 | The 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 | The New York Stock Exchange |
Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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Emerging growth company
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Page | ||||||||
ASSOCIATED BANC-CORP | ||
Commonly Used Acronyms and Abbreviations | ||
The following listing provides a reference of common acronyms and abbreviations used throughout the document: |
2020 Plan | 2020 Incentive Compensation Plan | ||||
ABRC | Associated Benefits and Risk Consulting, the Corporation's insurance division which was sold on June 30, 2020 | ||||
ABL | Asset-Based Lending | ||||
ACL | Allowance for Credit Losses on Loans and Investments | ||||
ACLL | Allowance for Credit Losses on Loans | ||||
ADC | Acquisition, Development, or Construction | ||||
AFS | Available for Sale | ||||
AFX | American Financial Exchange | ||||
ALCO | Asset / Liability Committee | ||||
Ameribor | American Interbank Offered Rate | ||||
AML | Anti-Money Laundering | ||||
APR | Annual Percentage Rate | ||||
ARRC | Alternative Reference Rate Committee | ||||
ASC | Accounting Standards Codification | ||||
Associated / Corporation / our / us / we | Associated Banc-Corp collectively with all of its subsidiaries and affiliates | ||||
Associated Bank / the Bank | Associated Bank, National Association | ||||
ASU | Accounting Standards Update | ||||
ATR | Ability-to-Repay | ||||
Basel III | International framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity | ||||
BHC Act | Bank Holding Company Act of 1956, as amended | ||||
bp | basis point(s) | ||||
BSA | Bank Secrecy Act | ||||
CAMELS | Capital adequacy, Asset quality, Management, Earnings, Liquidity, and Sensitivity | ||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act | ||||
CDs | Certificates of Deposit | ||||
CDIs | Core Deposit Intangibles | ||||
CECL | Current Expected Credit Losses | ||||
CET1 | Common Equity Tier 1 | ||||
CFPB | Consumer Financial Protection Bureau | ||||
CFTC | Commodity Futures Trading Commission | ||||
CMBS | Commercial Mortgage-Backed Securities | ||||
CMOs | Collateralized Mortgage Obligations | ||||
CRA | Community Reinvestment Act | ||||
CRE | Commercial Real Estate | ||||
DE&I | Diversity, Equity & Inclusion | ||||
DIF | Deposit Insurance Fund | ||||
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act | ||||
DOL | Department of Labor | ||||
DTAs | Deferred Tax Assets | ||||
DTCC | Depository Trust & Clearing Corporation | ||||
DTI | Debt-to-Income |
EAR | Earnings at Risk | ||||
Economic Aid Act | Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act | ||||
Economic Growth Act | Economic Growth, Regulatory Relief, and Consumer Protection Act | ||||
ESG | Environmental, Social, and Governance | ||||
Exchange Act | Securities Exchange Act of 1934, as amended | ||||
FASB | Financial Accounting Standards Board | ||||
FCA | United Kingdom Financial Conduct Authority | ||||
FDIC | Federal Deposit Insurance Corporation | ||||
FDICIA | Federal Deposit Insurance Corporation Improvement Act | ||||
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 | ||||
FICC | Fixed Income Clearing Corporation | ||||
FICO | Financing Corporation, established by the Competitive Equality Banking Act of 1987 | ||||
FICO Score | Fair Isaac Corporation score, a broad-based risk score to aid in credit decisions | ||||
FinCEN | Financial Crimes Enforcement Network | ||||
FINRA | Financial Industry Regulatory Authority | ||||
First Staunton | First Staunton Bancshares, Incorporated | ||||
FNMA | Federal National Mortgage Association | ||||
FOMC | Federal Open Market Committee | ||||
FRBNY | Federal Reserve Bank of New York | ||||
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 | ||||
HVCRE | High Volatility Commercial Real Estate | ||||
IDIs | Insured Depository Institutions | ||||
LGBTQ+ | Lesbian, Gay, Bisexual, Transgender, Queer, and Plus | ||||
LIBOR | London Interbank Offered Rate | ||||
LOCOM | Lower of Cost or Market | ||||
LTV | Loan-to-Value | ||||
MBS | Mortgage-Backed Securities | ||||
MMLF | Money Market Mutual Fund Liquidity Facility | ||||
MSAs | Mortgage Servicing Assets | ||||
MSLP | Main Street Lending Program | ||||
MSRs | Mortgage Servicing Rights | ||||
MVE | Market Value of Equity | ||||
NAICS | North American Industry Classification System | ||||
Net Free Funds | Noninterest-bearing sources of funds | ||||
NII | Net Interest Income | ||||
NPAs | Nonperforming Assets | ||||
NYSE | New York Stock Exchange | ||||
OCC | Office of the Comptroller of the Currency | ||||
OCI | Other Comprehensive Income | ||||
OREO | Other Real Estate Owned | ||||
Parent Company | Associated Banc-Corp individually |
Patriot Act | Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 | ||||
PCD | Purchased Credit Deteriorated | ||||
PPP | Paycheck Protection Program | ||||
PPPLF | Paycheck Protection Program Liquidity Facility | ||||
QM | Qualified Mortgage | ||||
RAP | Retirement Account Plan - the Corporation's noncontributory defined benefit retirement plan | ||||
Repurchase Agreements | Securities sold under agreements to repurchase | ||||
RESPA | Real Estate Settlement Procedures Act | ||||
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 | ||||
Rockefeller | Rockefeller Capital Management | ||||
S&P | Standard & Poor's | ||||
SARs | Suspicious Activity Reports | ||||
SBA | Small Business Administration | ||||
SEC | U.S. Securities and Exchange Commission | ||||
Securities Act | Securities Act of 1933, as amended | ||||
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 | ||||
Tax Act | U.S. Tax Cuts and Jobs Act of 2017 | ||||
TDR | Troubled Debt Restructuring | ||||
TILA | Truth in Lending Act | ||||
USI | USI Insurance Services LLC | ||||
Whitnell | Whitnell & Co. | ||||
ITEM 1. | Business |
ITEM 1A. | Risk Factors |
ITEM 1B. | Unresolved Staff Comments |
ITEM 2. | Properties |
ITEM 3. | Legal Proceedings |
ITEM 4. | Mine Safety Disclosures |
ITEM 5. | Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
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 | ||||||||||||||
October 1, 2021 - October 31, 2021 | 5,310 | $ | 21.16 | — | — | |||||||||
November 1, 2021 - November 30, 2021 | 901,148 | 22.90 | 900,000 | — | ||||||||||
December 1, 2021 - December 31, 2021 | 202,631 | 22.44 | 196,097 | — | ||||||||||
Total | 1,109,089 | $ | 22.81 | 1,096,097 | 3,525,716 |
2016 | 2017 | 2018 | 2019 | 2020 | 2021 | |||||||||||||||
Associated Banc-Corp | $ | 100.0 | $ | 104.9 | $ | 84.3 | $ | 96.8 | $ | 78.0 | $ | 106.9 | ||||||||
S&P 500 Index | $ | 100.0 | $ | 121.6 | $ | 116.4 | $ | 152.8 | $ | 180.3 | $ | 231.7 | ||||||||
S&P 400 Regional Banks Sub-Industry Index | $ | 100.0 | $ | 105.1 | $ | 83.1 | $ | 103.3 | $ | 93.7 | $ | 132.5 |
ITEM 6. | Selected Financial Data |
Years Ended December 31, | |||||||||||||||||
($ in Thousands, except per share data) | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||
Interest income | $ | 798,189 | $ | 912,840 | $ | 1,172,610 | $ | 1,154,137 | $ | 886,605 | |||||||
Interest expense | 72,334 | 149,883 | 336,936 | 274,557 | 145,385 | ||||||||||||
Net interest income | 725,855 | 762,957 | 835,674 | 879,580 | 741,220 | ||||||||||||
Provision for credit losses | (88,011) | 174,006 | 16,000 | — | 26,000 | ||||||||||||
Net interest income after provision for credit losses | 813,866 | 588,950 | 819,674 | 879,580 | 715,220 | ||||||||||||
Noninterest income | 332,364 | 514,056 | 380,824 | 355,568 | 332,680 | ||||||||||||
Noninterest expense | 709,924 | 776,034 | 793,988 | 821,799 | 709,133 | ||||||||||||
Income before income taxes | 436,307 | 326,972 | 406,509 | 413,349 | 338,767 | ||||||||||||
Income tax expense | 85,313 | 20,200 | 79,720 | 79,786 | 109,503 | ||||||||||||
Net income | 350,994 | 306,771 | 326,790 | 333,562 | 229,264 | ||||||||||||
Preferred stock dividends | 17,111 | 18,358 | 15,202 | 10,784 | 9,347 | ||||||||||||
Net income available to common equity | $ | 333,883 | $ | 288,413 | $ | 311,587 | $ | 322,779 | $ | 219,917 | |||||||
Earnings per common share | |||||||||||||||||
Basic | $ | 2.20 | $ | 1.87 | $ | 1.93 | $ | 1.92 | $ | 1.45 | |||||||
Diluted | 2.18 | 1.86 | 1.91 | 1.89 | 1.42 | ||||||||||||
Cash dividends per common share | 0.76 | 0.72 | 0.69 | 0.62 | 0.50 | ||||||||||||
Weighted average common shares outstanding | |||||||||||||||||
Basic | 150,773 | 153,005 | 160,534 | 167,345 | 150,877 | ||||||||||||
Diluted | 151,987 | 153,642 | 161,932 | 169,732 | 153,647 | ||||||||||||
Selected Financial Data | |||||||||||||||||
Year-End Balances | |||||||||||||||||
Loans | $ | 24,224,949 | $ | 24,451,724 | $ | 22,821,440 | $ | 22,940,429 | $ | 20,784,991 | |||||||
Allowance for credit losses on loans
|
319,791 | 431,478 | 223,278 | 262,359 | 290,280 | ||||||||||||
Investment securities, net(a)
|
6,589,314 | 4,979,485 | 5,482,759 | 6,689,021 | 6,326,299 | ||||||||||||
Total assets | 35,104,253 | 33,419,783 | 32,386,478 | 33,615,122 | 30,443,626 | ||||||||||||
Deposits | 28,466,430 | 26,482,481 | 23,779,064 | 24,897,393 | 22,785,962 | ||||||||||||
Short- and long-term funding, and FHLB advances | 2,224,633 | 2,434,505 | 4,195,423 | 4,527,056 | 4,073,732 | ||||||||||||
Stockholders’ equity
|
4,024,853 | 4,090,933 | 3,922,124 | 3,780,888 | 3,237,443 | ||||||||||||
Book value per common share | 25.66 | 24.34 | 23.32 | 21.43 | 20.13 | ||||||||||||
Tangible book value per common share | 17.87 | 16.67 | 15.28 | 13.86 | 13.65 | ||||||||||||
Average Balances | |||||||||||||||||
Loans | $ | 24,057,980 | $ | 24,537,648 | $ | 23,122,797 | $ | 22,718,297 | $ | 20,592,383 | |||||||
Investment securities | 5,419,557 | 5,226,571 | 6,194,465 | 6,912,921 | 6,028,262 | ||||||||||||
Earning assets | 31,122,532 | 30,832,007 | 29,820,829 | 30,049,793 | 26,999,884 | ||||||||||||
Total assets | 34,464,257 | 34,265,207 | 33,046,604 | 33,007,859 | 29,467,324 | ||||||||||||
Deposits | 27,693,414 | 26,007,685 | 24,735,608 | 24,072,049 | 21,923,602 | ||||||||||||
Interest-bearing liabilities | 21,905,605 | 22,992,211 | 23,535,115 | 23,699,823 | 21,045,399 | ||||||||||||
Stockholders’ equity | 4,079,449 | 3,944,572 | 3,871,869 | 3,692,433 | 3,172,634 | ||||||||||||
Risk-based Capital(b)
|
|||||||||||||||||
Total risk-weighted assets | $ | 27,242,735 | $ | 25,903,415 | $ | 24,296,382 | $ | 23,842,542 | $ | 21,504,495 | |||||||
CET1 | 2,808,289 | 2,706,010 | 2,480,698 | 2,449,721 | 2,171,508 | ||||||||||||
CET1 capital ratio | 10.31 | % | 10.45 | % | 10.21 | % | 10.27 | % | 10.10 | % | |||||||
Return on average CET1 | 12.08 | % | 11.23 | % | 12.59 | % | 13.15 | % | 10.43 | % |
ITEM 7. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
Years Ended December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||
($ 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 | $ | 472,216 | $ | 33,637 | 7.12 | % | $ | 701,111 | $ | 21,867 | 3.12 | % | $ | — | $ | — | — | % | |||||||||||
Asset-based lending | 120,903 | 3,704 | 3.06 | % | 177,710 | 6,039 | 3.40 | % | 273,949 | 13,966 | 5.10 | % | |||||||||||||||||
Commercial and business lending (excl PPP & ABL) | 8,511,364 | 212,744 | 2.50 | % | 8,531,333 | 252,699 | 2.96 | % | 8,152,825 | 371,107 | 4.55 | % | |||||||||||||||||
Commercial real estate lending | 6,156,214 | 178,354 | 2.90 | % | 5,811,498 | 192,545 | 3.31 | % | 5,150,464 | 255,582 | 4.96 | % | |||||||||||||||||
Total commercial | 15,260,697 | 428,439 | 2.81 | % | 15,221,651 | 473,150 | 3.11 | % | 13,577,238 | 640,655 | 4.72 | % | |||||||||||||||||
Residential mortgage | 7,847,564 | 221,099 | 2.82 | % | 8,190,190 | 254,814 | 3.11 | % | 8,311,914 | 282,134 | 3.39 | % | |||||||||||||||||
Retail | 949,719 | 45,723 | 4.81 | % | 1,125,806 | 58,655 | 5.21 | % | 1,233,646 | 76,939 | 6.24 | % | |||||||||||||||||
Total loans | 24,057,980 | 695,260 | 2.89 | % | 24,537,648 | 786,619 | 3.21 | % | 23,122,797 | 999,727 | 4.32 | % | |||||||||||||||||
Investment securities | |||||||||||||||||||||||||||||
Taxable | 3,383,528 | 37,916 | 1.12 | % | 3,295,718 | 59,806 | 1.81 | % | 4,284,991 | 100,304 | 2.34 | % | |||||||||||||||||
Tax-exempt(a)
|
2,036,030 | 73,975 | 3.63 | % | 1,930,853 | 72,901 | 3.78 | % | 1,909,474 | 71,956 | 3.77 | % | |||||||||||||||||
Other short-term investments | 1,644,995 | 7,833 | 0.48 | % | 1,067,788 | 9,473 | 0.89 | % | 503,566 | 16,643 | 3.30 | % | |||||||||||||||||
Investments and other | 7,064,552 | 119,724 | 1.69 | % | 6,294,359 | 142,179 | 2.26 | % | 6,698,032 | 188,903 | 2.82 | % | |||||||||||||||||
Total earning assets | $ | 31,122,532 | $ | 814,984 | 2.62 | % | $ | 30,832,007 | $ | 928,799 | 3.01 | % | $ | 29,820,829 | $ | 1,188,630 | 3.99 | % | |||||||||||
Other assets, net | 3,341,725 | 3,433,200 | 3,225,775 | ||||||||||||||||||||||||||
Total assets | $ | 34,464,257 | $ | 34,265,207 | $ | 33,046,604 | |||||||||||||||||||||||
Liabilities and stockholders' equity | |||||||||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||
Interest-bearing deposits | |||||||||||||||||||||||||||||
Savings | $ | 4,138,732 | $ | 1,435 | 0.03 | % | $ | 3,306,385 | $ | 2,966 | 0.09 | % | $ | 2,439,872 | $ | 7,086 | 0.29 | % | |||||||||||
Interest-bearing demand | 6,113,660 | 4,610 | 0.08 | % | 5,583,144 | 12,496 | 0.22 | % | 5,080,857 | 56,742 | 1.12 | % | |||||||||||||||||
Money market | 6,940,513 | 4,028 | 0.06 | % | 6,509,924 | 15,273 | 0.23 | % | 7,005,265 | 74,467 | 1.06 | % | |||||||||||||||||
Network transaction deposits | 929,544 | 1,120 | 0.12 | % | 1,442,951 | 6,219 | 0.43 | % | 1,860,951 | 42,523 | 2.29 | % | |||||||||||||||||
Time deposits | 1,495,060 | 7,429 | 0.50 | % | 2,281,040 | 30,685 | 1.35 | % | 3,129,142 | 56,468 | 1.80 | % | |||||||||||||||||
Total interest-bearing deposits | 19,617,508 | 18,622 | 0.09 | % | 19,123,444 | 67,639 | 0.35 | % | 19,516,088 | 237,286 | 1.22 | % | |||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 207,132 | 143 | 0.07 | % | 175,713 | 485 | 0.28 | % | 137,679 | 1,579 | 1.15 | % | |||||||||||||||||
Commercial paper | 49,546 | 22 | 0.04 | % | 38,583 | 41 | 0.11 | % | 32,123 | 138 | 0.43 | % | |||||||||||||||||
PPPLF | — | — | — | % | 565,371 | 1,984 | 0.35 | % | — | — | — | % | |||||||||||||||||
Other short-term funding | — | — | — | % | 4,226 | 11 | 0.25 | % | — | — | — | % | |||||||||||||||||
FHLB advances | 1,623,508 | 36,493 | 2.25 | % | 2,535,731 | 57,359 | 2.26 | % | 3,106,279 | 69,816 | 2.25 | % | |||||||||||||||||
Long-term funding | 407,912 | 17,053 | 4.18 | % | 549,143 | 22,365 | 4.07 | % | 742,946 | 28,116 | 3.78 | % | |||||||||||||||||
Total short and long-term funding | 2,288,098 | 53,712 | 2.35 | % | 3,868,767 | 82,245 | 2.13 | % | 4,019,027 | 99,651 | 2.48 | % | |||||||||||||||||
Total interest-bearing liabilities | $ | 21,905,605 | $ | 72,334 | 0.33 | % | $ | 22,992,211 | $ | 149,883 | 0.65 | % | $ | 23,535,115 | $ | 336,936 | 1.43 | % | |||||||||||
Noninterest-bearing demand deposits | 8,075,906 | 6,884,241 | 5,219,520 | ||||||||||||||||||||||||||
Other liabilities | 403,296 | 444,183 | 420,100 | ||||||||||||||||||||||||||
Stockholders’ equity | 4,079,449 | 3,944,572 | 3,871,869 | ||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 34,464,257 | $ | 34,265,207 | $ | 33,046,604 | |||||||||||||||||||||||
Interest rate spread | 2.29 | % | 2.36 | % | 2.56 | % | |||||||||||||||||||||||
Net free funds | 0.10 | % | 0.17 | % | 0.30 | % | |||||||||||||||||||||||
Fully tax-equivalent net interest income and net interest margin | $ | 742,650 | 2.39 | % | $ | 778,915 | 2.53 | % | $ | 851,693 | 2.86 | % | |||||||||||||||||
Fully tax-equivalent adjustment | $ | 16,796 | $ | 15,959 | $ | 16,020 | |||||||||||||||||||||||
Net interest income | $ | 725,855 | $ | 762,957 | $ | 835,674 |
2021 Compared to 2020
Increase (Decrease) Due to |
2020 Compared to 2019
Increase (Decrease) Due to |
|||||||||||||||||||
($ in Thousands) | Volume | Rate | Net | Volume | Rate | Net | ||||||||||||||
Interest income | ||||||||||||||||||||
Loans(b)
|
||||||||||||||||||||
Commercial PPP lending | $ | (8,997) | $ | 20,767 | $ | 11,770 | $ | 21,867 | $ | — | $ | 21,867 | ||||||||
Asset-based lending | (1,785) | (551) | (2,336) | (4,067) | (3,859) | (7,926) | ||||||||||||||
Commercial and business lending (excl PPP & ABL) | (590) | (39,365) | (39,955) | 16,523 | (134,931) | (118,408) | ||||||||||||||
Commercial real estate lending | 10,961 | (25,152) | (14,191) | 29,765 | (92,803) | (63,037) | ||||||||||||||
Total commercial | (411) | (44,300) | (44,711) | 64,089 | (231,593) | (167,504) | ||||||||||||||
Residential mortgage | (10,351) | (23,364) | (33,715) | (4,080) | (23,240) | (27,320) | ||||||||||||||
Retail | (8,705) | (4,227) | (12,933) | (6,342) | (11,942) | (18,283) | ||||||||||||||
Total loans | (19,467) | (71,892) | (91,359) | 53,667 | (266,775) | (213,108) | ||||||||||||||
Investment securities | ||||||||||||||||||||
Taxable | 1,554 | (23,444) | (21,890) | (20,520) | (19,978) | (40,498) | ||||||||||||||
Tax-exempt(b)
|
3,883 | (2,808) | 1,074 | 807 | 138 | 945 | ||||||||||||||
Other short-term investments | 3,843 | (5,483) | (1,640) | 10,394 | (17,564) | (7,170) | ||||||||||||||
Investments and other | 9,279 | (31,735) | (22,455) | (9,319) | (37,404) | (46,723) | ||||||||||||||
Total earning assets | $ | (10,188) | $ | (103,626) | $ | (113,814) | $ | 44,348 | $ | (304,179) | $ | (259,831) | ||||||||
Interest expense | ||||||||||||||||||||
Savings | $ | 613 | $ | (2,144) | $ | (1,531) | $ | 1,926 | $ | (6,046) | $ | (4,120) | ||||||||
Interest-bearing demand | 1,089 | (8,975) | (7,886) | 5,116 | (49,361) | (44,246) | ||||||||||||||
Money market | 949 | (12,194) | (11,245) | (4,924) | (54,270) | (59,194) | ||||||||||||||
Network transaction deposits | (1,686) | (3,413) | (5,099) | (7,871) | (28,433) | (36,304) | ||||||||||||||
Time deposits | (8,186) | (15,070) | (23,256) | (13,656) | (12,128) | (25,783) | ||||||||||||||
Total interest-bearing deposits | (7,220) | (41,796) | (49,016) | (19,409) | (150,238) | (169,647) | ||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 74 | (417) | (342) | 348 | (1,442) | (1,094) | ||||||||||||||
Commercial paper | 9 | (28) | (18) | 23 | (121) | (98) | ||||||||||||||
PPPLF | (1,984) | — | (1,984) | 1,984 | — | 1,984 | ||||||||||||||
Other short-term funding | (11) | — | (11) | 11 | — | 11 | ||||||||||||||
FHLB advances | (20,507) | (359) | (20,866) | (12,903) | 446 | (12,457) | ||||||||||||||
Long-term funding | (5,890) | 578 | (5,312) | (7,767) | 2,015 | (5,751) | ||||||||||||||
Total short and long-term funding | (28,309) | (224) | (28,533) | (18,304) | 898 | (17,406) | ||||||||||||||
Total interest-bearing liabilities | (35,529) | (42,020) | (77,549) | (37,713) | (149,340) | (187,053) | ||||||||||||||
Fully tax-equivalent net interest income | $ | 25,341 | $ | (61,606) | $ | (36,265) | $ | 82,061 | $ | (154,839) | $ | (72,778) |
Years Ended December 31, | Change From Prior Year | ||||||||||||||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | $ Change 2021 |
% Change
2021 |
$ Change
2020 |
% Change
2020 |
||||||||||||||||
Wealth management fees(a)
|
$ | 89,854 | $ | 84,957 | $ | 83,467 | $ | 4,897 | 6 | % | $ | 1,490 | 2 | % | |||||||||
Service charges and deposit account fees | 64,406 | 56,307 | 63,135 | 8,099 | 14 | % | (6,828) | (11) | % | ||||||||||||||
Card-based fees | 43,014 | 38,534 | 39,755 | 4,480 | 12 | % | (1,221) | (3) | % | ||||||||||||||
Other fee-based revenue | 17,086 | 19,238 | 18,942 | (2,152) | (11) | % | 296 | 2 | % | ||||||||||||||
Total fee-based revenue | 214,360 | 199,036 | 205,299 | 15,324 | 8 | % | (6,263) | (3) | % | ||||||||||||||
Capital markets, net | 30,602 | 27,966 | 19,862 | 2,636 | 9 | % | 8,104 | 41 | % | ||||||||||||||
Mortgage servicing fees, net(b)
|
(434) | (648) | 10,141 | 214 | (33) | % | (10,789) | N/M | |||||||||||||||
Gains and fair value adjustment on loans held for sale | 34,999 | 60,000 | 17,344 | (25,001) | (42) | % | 42,656 | N/M | |||||||||||||||
Fair value adjustment on portfolio loans transferred to held for sale | — | 3,932 | 4,456 | (3,932) | (100) | % | (524) | (12) | % | ||||||||||||||
Mortgage servicing rights (impairment) recovery | 16,186 | (17,704) | (63) | 33,890 | N/M | (17,641) | N/M | ||||||||||||||||
Mortgage banking, net | 50,751 | 45,580 | 31,878 | 5,171 | 11 | % | 13,702 | 43 | % | ||||||||||||||
Bank and corporate owned life insurance | 13,254 | 13,771 | 14,845 | (517) | (4) | % | (1,074) | (7) | % | ||||||||||||||
Insurance commissions and fees | 336 | 45,245 | 89,104 | (44,909) | (99) | % | (43,859) | (49) | % | ||||||||||||||
Other | 11,031 | 10,200 | 11,165 | 831 | 8 | % | (965) | (9) | % | ||||||||||||||
Subtotal | 320,333 | 341,798 | 372,154 | (21,465) | (6) | % | (30,356) | (8) | % | ||||||||||||||
Asset gains, net (c)
|
11,009 | 155,589 | 2,713 | (144,580) | (93) | % | 152,876 | N/M | |||||||||||||||
Investment securities gains (losses), net | (16) | 9,222 | 5,957 | (9,238) | N/M | 3,265 | 55 | % | |||||||||||||||
Gains on sale of branches, net(d)
|
1,038 | 7,449 | — | (6,411) | (86) | % | 7,449 | N/M | |||||||||||||||
Total noninterest income | $ | 332,364 | $ | 514,056 | $ | 380,824 | $ | (181,692) | (35) | % | $ | 133,232 | 35 | % | |||||||||
Mortgage loans originated for sale during period | $ | 1,749,556 | $ | 1,642,135 | $ | 1,090,792 | $ | 107,421 | 7 | % | $ | 551,343 | 51 | % | |||||||||
Mortgage loan settlements during period | 1,774,791 | 1,959,571 | 1,317,077 | (184,780) | (9) | % | 642,494 | 49 | % | ||||||||||||||
Mortgage portfolio loans transferred to held for sale during period | — | 269,203 | 242,382 | (269,203) | (100) | % | 26,821 | 11 | % | ||||||||||||||
Assets under management, at market value(e)
|
13,679 | 13,314 | 12,104 | 365 | 3 | % | 1,210 | 10 | % |
Years Ended December 31, | Change From Prior Year | ||||||||||||||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | $ Change 2021 |
% Change
2021 |
$ Change
2020 |
% Change
2020 |
||||||||||||||||
Personnel | $ | 426,687 | $ | 432,151 | $ | 487,063 | $ | (5,464) | (1) | % | $ | (54,912) | (11) | % | |||||||||
Technology | 81,689 | 81,214 | 82,429 | 475 | 1 | % | (1,215) | (1) | % | ||||||||||||||
Occupancy | 63,513 | 64,064 | 62,399 | (551) | (1) | % | 1,665 | 3 | % | ||||||||||||||
Business development and advertising | 21,149 | 18,428 | 29,600 | 2,721 | 15 | % | (11,172) | (38) | % | ||||||||||||||
Equipment | 21,104 | 21,705 | 23,550 | (601) | (3) | % | (1,845) | (8) | % | ||||||||||||||
Legal and professional | 21,923 | 21,546 | 19,901 | 377 | 2 | % | 1,645 | 8 | % | ||||||||||||||
Loan and foreclosure costs | 8,143 | 12,600 | 8,861 | (4,457) | (35) | % | 3,739 | 42 | % | ||||||||||||||
FDIC assessment | 18,150 | 20,350 | 16,250 | (2,200) | (11) | % | 4,100 | 25 | % | ||||||||||||||
Other intangible amortization | 8,844 | 10,192 | 9,948 | (1,348) | (13) | % | 244 | 2 | % | ||||||||||||||
Loss on prepayments of FHLB advances | — | 44,650 | — | (44,650) | (100) | % | 44,650 | N/M | |||||||||||||||
Other | 38,721 | 49,135 | 53,986 | (10,414) | (21) | % | (4,851) | (9) | % | ||||||||||||||
Total noninterest expense | $ | 709,924 | $ | 776,034 | $ | 793,988 | $ | (66,110) | (9) | % | $ | (17,954) | (2) | % | |||||||||
Average FTEs(a)
|
4,003 | 4,459 | 4,702 | (456) | (10) | % | (243) | (5) | % |
As of December 31, | ||||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||||||||||||||||||
($ in Thousands) | Amount |
% of
Total |
Amount |
% of
Total |
Amount |
% of
Total |
Amount |
% of
Total |
Amount |
% of
Total |
||||||||||||||||||||||
PPP | $ | 66,070 | — | % | $ | 767,757 | 3 | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | ||||||||||||
Asset-based lending | 178,027 | 1 | % | 137,476 | 1 | % | 239,182 | 1 | % | 306,433 | 1 | % | 252,125 | 1 | % | |||||||||||||||||
Commercial and industrial | 8,208,289 | 34 | % | 7,563,945 | 31 | % | 7,115,411 | 31 | % | 7,091,612 | 31 | % | 6,147,568 | 30 | % | |||||||||||||||||
Commercial real estate — owner occupied | 971,326 | 4 | % | 900,912 | 4 | % | 911,265 | 4 | % | 920,443 | 4 | % | 802,209 | 4 | % | |||||||||||||||||
Commercial and business lending | 9,423,711 | 39 | % | 9,370,091 | 38 | % | 8,265,858 | 36 | % | 8,318,487 | 36 | % | 7,201,902 | 35 | % | |||||||||||||||||
Commercial real estate — investor | 4,384,569 | 18 | % | 4,342,584 | 18 | % | 3,794,517 | 17 | % | 3,751,554 | 16 | % | 3,315,254 | 16 | % | |||||||||||||||||
Real estate construction | 1,808,976 | 7 | % | 1,840,417 | 8 | % | 1,420,900 | 6 | % | 1,335,031 | 6 | % | 1,451,684 | 7 | % | |||||||||||||||||
Commercial real estate lending | 6,193,545 | 26 | % | 6,183,001 | 25 | % | 5,215,417 | 23 | % | 5,086,585 | 22 | % | 4,766,938 | 23 | % | |||||||||||||||||
Total commercial | 15,617,256 | 64 | % | 15,553,091 | 64 | % | 13,481,275 | 59 | % | 13,405,072 | 58 | % | 11,968,840 | 58 | % | |||||||||||||||||
Residential mortgage | 7,567,310 | 31 | % | 7,878,324 | 32 | % | 8,136,980 | 36 | % | 8,277,712 | 36 | % | 7,546,534 | 36 | % | |||||||||||||||||
Home equity | 595,615 | 2 | % | 707,255 | 3 | % | 852,025 | 4 | % | 894,473 | 4 | % | 883,804 | 4 | % | |||||||||||||||||
Other consumer | 301,723 | 1 | % | 301,876 | 1 | % | 348,177 | 2 | % | 361,049 | 2 | % | 384,576 | 2 | % | |||||||||||||||||
Auto | 143,045 | 1 | % | 11,177 | — | % | 2,982 | — | % | 2,123 | — | % | 1,237 | — | % | |||||||||||||||||
Total consumer | 8,607,693 | 36 | % | 8,898,632 | 36 | % | 9,340,164 | 41 | % | 9,535,357 | 42 | % | 8,816,151 | 42 | % | |||||||||||||||||
Total loans | $ | 24,224,949 | 100 | % | $ | 24,451,724 | 100 | % | $ | 22,821,440 | 100 | % | $ | 22,940,429 | 100 | % | $ | 20,784,991 | 100 | % | ||||||||||||
Commercial real estate and real estate construction loan detail | ||||||||||||||||||||||||||||||||
Non-owner occupied | $ | 2,972,584 | 68 | % | $ | 2,969,906 | 68 | % | $ | 2,589,838 | 68 | % | $ | 2,545,751 | 68 | % | $ | 2,361,382 | 71 | % | ||||||||||||
Multi-family | 1,405,264 | 32 | % | 1,360,305 | 31 | % | 1,201,835 | 32 | % | 1,204,552 | 32 | % | 952,473 | 29 | % | |||||||||||||||||
Farmland | 6,720 | — | % | 12,373 | — | % | 2,844 | — | % | 1,250 | — | % | 1,399 | — | % | |||||||||||||||||
Commercial real estate — investor | $ | 4,384,569 | 100 | % | $ | 4,342,584 | 100 | % | $ | 3,794,517 | 100 | % | $ | 3,751,554 | 100 | % | $ | 3,315,254 | 100 | % | ||||||||||||
1-4 family construction | $ | 380,160 | 21 | % | $ | 270,467 | 15 | % | $ | 261,908 | 18 | % | $ | 289,558 | 22 | % | $ | 353,902 | 24 | % | ||||||||||||
All other construction | 1,428,816 | 79 | % | 1,569,950 | 85 | % | 1,158,992 | 82 | % | 1,045,474 | 78 | % | 1,097,782 | 76 | % | |||||||||||||||||
Real estate construction | $ | 1,808,976 | 100 | % | $ | 1,840,417 | 100 | % | $ | 1,420,900 | 100 | % | $ | 1,335,031 | 100 | % | $ | 1,451,684 | 100 | % |
December 31, 2021 | NAICS Subsector | Outstanding Balance | Total Exposure | % of Total Loan Exposure | ||||||||||
Credit Intermediation and Related Activities(a)
|
522 | $ | 1,333,524 | $ | 2,798,507 | 8 | % | |||||||
Real Estate(b)
|
531 | 1,462,003 | 2,688,293 | 8 | % | |||||||||
Utilities(c)
|
221 | 1,807,926 | 1,958,668 | 6 | % |
December 31, 2021 | % of Total Loan Exposure | % of Total Commercial Real Estate - Investor Loan Exposure | ||||||
Multi-Family | 4 | % | 30 | % | ||||
Office | 3 | % | 25 | % | ||||
Industrial | 3 | % | 21 | % |
December 31, 2021 | % of Total Loan Exposure | % of Total Real Estate Construction Loan Exposure | ||||||
Multi-Family | 4 | % | 37 | % | ||||
Single-Family | 3 | % | 23 | % | ||||
Industrial | 3 | % | 23 | % |
Round 1 & 2 | Round 3 | Total | |||||||||||||||||||||
($ in Thousands) | Originated Loans | Originated Balance | Outstanding Balance | Originated Loans | Originated Balance | Outstanding Balance | Outstanding Balance | ||||||||||||||||
>=$2,000,000 | 99 | $ | 335,534 | $ | 15,043 | 11 | $ | 22,000 | $ | 8,000 | $ | 23,043 | |||||||||||
< $2,000,000 And > $350,000 | 485 | 386,245 | 2,017 | 158 | 118,491 | 19,864 | 21,882 | ||||||||||||||||
<=$350,000 | 7,495 | 344,032 | 1,876 | 5,332 | 188,514 | 19,269 | 21,145 | ||||||||||||||||
Total | 8,079 | $ | 1,065,811 | $ | 18,936 | 5,501 | $ | 329,004 | $ | 47,134 | $ | 66,070 | |||||||||||
Deferred Fees | $ | 80 | $ | 1,722 | $ | 1,803 |
As of December 31, | |||||||||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||
Nonperforming assets | |||||||||||||||||
PPP | $ | 46 | $ | — | $ | — | $ | — | $ | — | |||||||
Commercial and industrial | 6,233 | 61,859 | 46,312 | 41,021 | 112,786 | ||||||||||||
Commercial real estate — owner occupied | — | 1,058 | 67 | 3,957 | 22,740 | ||||||||||||
Commercial and business lending | 6,279 | 62,917 | 46,380 | 44,978 | 135,526 | ||||||||||||
Commercial real estate — investor | 60,677 | 78,220 | 4,409 | 1,952 | 4,729 | ||||||||||||
Real estate construction | 177 | 353 | 493 | 979 | 974 | ||||||||||||
Commercial real estate lending | 60,855 | 78,573 | 4,902 | 2,931 | 5,703 | ||||||||||||
Total commercial | 67,134 | 141,490 | 51,282 | 47,909 | 141,229 | ||||||||||||
Residential mortgage | 55,362 | 59,337 | 57,844 | 67,574 | 53,632 | ||||||||||||
Home equity | 7,726 | 9,888 | 9,104 | 12,339 | 13,514 | ||||||||||||
Other consumer | 170 | 91 | 152 | 79 | 163 | ||||||||||||
Auto | 52 | 49 | — | — | 8 | ||||||||||||
Total consumer | 63,309 | 69,364 | 67,099 | 79,992 | 67,317 | ||||||||||||
Total nonaccrual loans | 130,443 | 210,854 | 118,380 | 127,901 | 208,546 | ||||||||||||
Commercial real estate owned | 984 | 2,185 | 3,530 | 4,047 | 6,735 | ||||||||||||
Residential real estate owned | 3,666 | 1,194 | 5,696 | 2,963 | 5,873 | ||||||||||||
Bank properties real estate owned(a)
|
24,969 | 10,889 | 11,874 | 4,974 | — | ||||||||||||
OREO | 29,619 | 14,269 | 21,101 | 11,984 | 12,608 | ||||||||||||
Other nonperforming assets | — | — | 6,004 | — | 7,418 | ||||||||||||
Total nonperforming assets | $ | 160,062 | $ | 225,123 | $ | 145,485 | $ | 139,885 | $ | 228,572 | |||||||
Accruing loans past due 90 days or more | |||||||||||||||||
Commercial | $ | 151 | $ | 175 | $ | 342 | $ | 311 | $ | 418 | |||||||
Consumer | 1,111 | 1,423 | 1,917 | 1,853 | 1,449 | ||||||||||||
Total accruing loans past due 90 days or more | $ | 1,263 | $ | 1,598 | $ | 2,259 | $ | 2,165 | $ | 1,867 | |||||||
Restructured loans (accruing)(b)
|
|||||||||||||||||
Commercial | $ | 22,763 | $ | 41,119 | $ | 18,944 | $ | 28,668 | $ | 48,735 | |||||||
Consumer | 19,768 | 10,973 | 7,097 | 24,595 | 25,883 | ||||||||||||
Total restructured loans (accruing) | $ | 42,530 | $ | 52,092 | $ | 26,041 | $ | 53,263 | $ | 74,618 | |||||||
Nonaccrual restructured loans (included in nonaccrual loans) | $ | 17,426 | $ | 20,190 | $ | 22,494 | $ | 26,292 | $ | 23,486 | |||||||
Ratios | |||||||||||||||||
Nonaccrual loans to total loans | 0.54 | % | 0.86 | % | 0.52 | % | 0.56 | % | 1.00 | % | |||||||
NPAs to total loans plus OREO | 0.66 | % | 0.92 | % | 0.64 | % | 0.61 | % | 1.10 | % | |||||||
NPAs to total assets | 0.46 | % | 0.67 | % | 0.45 | % | 0.42 | % | 0.75 | % | |||||||
Allowance for credit losses on loans to nonaccrual loans | 245.16 | % | 204.63 | % | 188.61 | % | 205.13 | % | 139.19 | % |
As of December 31, | |||||||||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||
Accruing loans 30-89 days past due | |||||||||||||||||
PPP | $ | 83 | $ | — | $ | — | $ | — | $ | — | |||||||
Commercial and industrial | 632 | 6,119 | 821 | 525 | 271 | ||||||||||||
Commercial real estate — owner occupied | 163 | 373 | 1,369 | 2,699 | 48 | ||||||||||||
Commercial and business lending | 878 | 6,492 | 2,190 | 3,224 | 319 | ||||||||||||
Commercial real estate — investor | 616 | 12,793 | 1,812 | 3,767 | 374 | ||||||||||||
Real estate construction | 1,620 | 991 | 97 | 330 | 251 | ||||||||||||
Commercial real estate lending | 2,236 | 13,784 | 1,909 | 4,097 | 625 | ||||||||||||
Total commercial | 3,114 | 20,276 | 4,099 | 7,321 | 944 | ||||||||||||
Residential mortgage | 6,169 | 10,385 | 9,274 | 9,706 | 9,552 | ||||||||||||
Home equity | 3,711 | 4,802 | 5,647 | 6,049 | 6,825 | ||||||||||||
Other consumer | 2,307 | 1,543 | 2,083 | 2,269 | 2,005 | ||||||||||||
Auto | 11 | 57 | — | — | 2 | ||||||||||||
Total consumer | 12,198 | 16,786 | 17,005 | 18,024 | 18,384 | ||||||||||||
Total accruing loans 30-89 days past due | $ | 15,312 | $ | 37,062 | $ | 21,104 | $ | 25,345 | $ | 19,328 | |||||||
Potential problem loans | |||||||||||||||||
PPP(c)
|
$ | 2,000 | $ | 18,002 | $ | — | $ | — | $ | — | |||||||
Commercial and industrial | 138,258 | 121,487 | 110,308 | 116,578 | 113,778 | ||||||||||||
Commercial real estate — owner occupied | 26,723 | 26,179 | 19,889 | 55,964 | 41,997 | ||||||||||||
Commercial and business lending | 166,981 | 165,668 | 130,197 | 172,542 | 155,775 | ||||||||||||
Commercial real estate — investor | 106,138 | 91,396 | 29,449 | 67,481 | 19,291 | ||||||||||||
Real estate construction | 21,408 | 19,046 | — | 3,834 | — | ||||||||||||
Commercial real estate lending | 127,546 | 110,442 | 29,449 | 71,315 | 19,291 | ||||||||||||
Total commercial | 294,527 | 276,111 | 159,646 | 243,856 | 175,066 | ||||||||||||
Residential mortgage | 2,214 | 3,749 | 1,451 | 5,975 | 1,616 | ||||||||||||
Home equity | 165 | 2,068 | — | 103 | 195 | ||||||||||||
Total consumer | 2,379 | 5,817 | 1,451 | 6,078 | 1,811 | ||||||||||||
Total potential problem loans | $ | 296,905 | $ | 281,928 | $ | 161,097 | $ | 249,935 | $ | 176,877 |
Years Ended December 31, | |||||||||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||
Interest income in accordance with original terms | $ | 6,537 | $ | 11,262 | $ | 12,032 | $ | 10,606 | $ | 16,205 | |||||||
Interest income recognized | (4,495) | (6,891) | (5,015) | (5,500) | (9,339) | ||||||||||||
Reduction in interest income | $ | 2,042 | $ | 4,371 | $ | 7,016 | $ | 5,106 | $ | 6,866 |
Years Ended December 31, | |||||||||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||
Allowance for loan losses | |||||||||||||||||
Balance at beginning of period | $ | 383,702 | $ | 201,371 | $ | 238,023 | $ | 265,880 | $ | 278,335 | |||||||
Cumulative effect of ASU 2016-13 adoption (CECL) | N/A | 112,457 | N/A | N/A | N/A | ||||||||||||
Balance at beginning of period, adjusted | 383,702 | 313,828 | 238,023 | 265,880 | 278,335 | ||||||||||||
Provision for loan losses | (80,000) | 164,457 | 18,500 | 2,500 | 27,000 | ||||||||||||
Provision for loan losses recorded at acquisition | — | 2,543 | — | — | — | ||||||||||||
Gross up of allowance for PCD loans at acquisition | — | 3,504 | — | — | — | ||||||||||||
Loans charged off | |||||||||||||||||
Asset-based lending | — | (6,650) | (8,777) | — | — | ||||||||||||
Commercial and industrial | (21,564) | (73,670) | (54,538) | (30,837) | (44,533) | ||||||||||||
Commercial real estate — owner occupied | — | (419) | (222) | (1,363) | (344) | ||||||||||||
Commercial and business lending | (21,564) | (80,739) | (63,537) | (32,200) | (44,877) | ||||||||||||
Commercial real estate — investor | (14,346) | (22,920) | — | (7,914) | (991) | ||||||||||||
Real estate construction | (5) | (19) | (60) | (298) | (604) | ||||||||||||
Commercial real estate lending | (14,351) | (22,938) | (60) | (8,212) | (1,595) | ||||||||||||
Total commercial | (35,915) | (103,677) | (63,597) | (40,412) | (46,472) | ||||||||||||
Residential mortgage | (880) | (1,867) | (3,322) | (1,627) | (2,611) | ||||||||||||
Home equity | (668) | (1,719) | (1,846) | (3,236) | (2,724) | ||||||||||||
Other consumer | (3,168) | (4,783) | (5,548) | (5,257) | (4,439) | ||||||||||||
Auto | (22) | (7) | — | (4) | — | ||||||||||||
Total consumer | (4,738) | (8,376) | (10,716) | (10,124) | (9,774) | ||||||||||||
Total loans charged off | (40,652) | (112,053) | (74,313) | (50,536) | (56,246) | ||||||||||||
Recoveries of loans previously charged off | |||||||||||||||||
Asset-based lending | 412 | 561 | 519 | — | — | ||||||||||||
Commercial and industrial | 8,152 | 6,444 | 11,356 | 13,714 | 11,465 | ||||||||||||
Commercial real estate — owner occupied | 120 | 147 | 2,795 | 639 | 173 | ||||||||||||
Commercial and business lending | 8,684 | 7,151 | 14,670 | 14,353 | 11,638 | ||||||||||||
Commercial real estate — investor | 3,162 | 643 | 31 | 668 | 242 | ||||||||||||
Real estate construction | 126 | 49 | 302 | 446 | 74 | ||||||||||||
Commercial real estate lending | 3,288 | 692 | 333 | 1,114 | 316 | ||||||||||||
Total commercial | 11,972 | 7,844 | 15,003 | 15,467 | 11,954 | ||||||||||||
Residential mortgage | 841 | 500 | 692 | 1,271 | 927 | ||||||||||||
Home equity | 2,854 | 1,978 | 2,599 | 2,628 | 3,194 | ||||||||||||
Other consumer | 1,267 | 1,076 | 858 | 803 | 701 | ||||||||||||
Auto | 31 | 25 | 10 | 10 | 15 | ||||||||||||
Total consumer | 4,993 | 3,579 | 4,158 | 4,712 | 4,837 | ||||||||||||
Total recoveries | 16,965 | 11,422 | 19,161 | 20,179 | 16,791 | ||||||||||||
Net (charge offs) | (23,687) | (100,631) | (55,152) | (30,358) | (39,455) | ||||||||||||
Balance at end of period | $ | 280,015 | $ | 383,702 | $ | 201,371 | $ | 238,023 | $ | 265,880 | |||||||
Allowance for unfunded commitments | |||||||||||||||||
Balance at beginning of period | $ | 47,776 | $ | 21,907 | $ | 24,336 | $ | 24,400 | $ | 25,400 | |||||||
Cumulative effect of ASU 2016-13 adoption (CECL) | N/A | 18,690 | N/A | N/A | N/A | ||||||||||||
Balance at beginning of period, adjusted | 47,776 | 40,597 | 24,336 | 24,400 | 25,400 | ||||||||||||
Provision for unfunded commitments | (8,000) | 7,000 | (2,500) | (2,500) | (1,000) | ||||||||||||
Amount recorded at acquisition | — | 179 | 70 | 2,436 | — | ||||||||||||
Balance at end of period | $ | 39,776 | $ | 47,776 | $ | 21,907 | $ | 24,336 | $ | 24,400 | |||||||
Allowance for credit losses on loans
|
$ | 319,791 | $ | 431,478 | $ | 223,278 | $ | 262,359 | $ | 290,280 | |||||||
Provision for credit losses on loans
|
(88,000) | 174,000 | 16,000 | — | 26,000 |
Years Ended December 31, | |||||||||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||
Net loan (charge offs) recoveries | |||||||||||||||||
Asset-based lending | $ | 412 | $ | (6,090) | $ | (8,259) | $ | — | $ | — | |||||||
Commercial and industrial | (13,412) | (67,226) | (43,182) | (17,124) | (33,067) | ||||||||||||
Commercial real estate — owner occupied | 120 | (272) | 2,573 | (724) | (171) | ||||||||||||
Commercial and business lending | (12,880) | (73,588) | (48,868) | (17,848) | (33,239) | ||||||||||||
Commercial real estate — investor | (11,184) | (22,277) | 31 | (7,246) | (749) | ||||||||||||
Real estate construction | 121 | 31 | 243 | 149 | (530) | ||||||||||||
Commercial real estate lending | (11,063) | (22,246) | 274 | (7,098) | (1,279) | ||||||||||||
Total commercial | (23,943) | (95,834) | (48,594) | (24,946) | (34,518) | ||||||||||||
Residential mortgage | (38) | (1,367) | (2,630) | (355) | (1,684) | ||||||||||||
Home equity | 2,186 | 259 | 753 | (608) | 470 | ||||||||||||
Other consumer | (1,901) | (3,707) | (4,690) | (4,455) | (3,738) | ||||||||||||
Auto | 9 | 19 | 10 | 6 | 15 | ||||||||||||
Total consumer | 256 | (4,797) | (6,558) | (5,412) | (4,937) | ||||||||||||
Total net (charge offs) | $ | (23,687) | $ | (100,631) | $ | (55,152) | $ | (30,358) | $ | (39,455) | |||||||
Ratios | |||||||||||||||||
Allowance for credit losses on loans to total loans | 1.32 | % | 1.76 | % | 0.98 | % | 1.14 | % | 1.40 | % | |||||||
Allowance for credit losses on loans to net charge offs | 13.5x | 4.3x | 4.0x | 8.6x | 7.4x | ||||||||||||
Loan Evaluation Method for ACLL | |||||||||||||||||
Individually evaluated for impairment | $ | 15,194 | $ | 79,831 | $ | 14,026 | $ | 11,053 | $ | 21,308 | |||||||
Collectively evaluated for impairment | 304,597 | 351,646 | 209,252 | 251,306 | 268,972 | ||||||||||||
Total ACLL | $ | 319,791 | $ | 431,478 | $ | 223,278 | $ | 262,359 | $ | 290,280 | |||||||
Loan Balance | |||||||||||||||||
Individually evaluated for impairment | $ | 115,643 | $ | 259,497 | $ | 111,595 | $ | 138,543 | $ | 247,575 | |||||||
Collectively evaluated for impairment | 24,109,306 | 24,192,227 | 22,709,845 | 22,801,887 | 20,537,416 | ||||||||||||
Total loan balance | $ | 24,224,949 | $ | 24,451,724 | $ | 22,821,440 | $ | 22,940,429 | $ | 20,784,991 |
Years Ended December 31, | |||||||||||||||||
(In Basis Points) | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||
Net loan (charge offs) recoveries | |||||||||||||||||
Asset-based lending | 34 | (343) | (301) | — | — | ||||||||||||
Commercial and industrial | (18) | (88) | (60) | (26) | (54) | ||||||||||||
Commercial real estate — owner occupied | 1 | (3) | 28 | (9) | (2) | ||||||||||||
Commercial and business lending | (14) | (78) | (58) | (23) | (46) | ||||||||||||
Commercial real estate — investor | (26) | (54) | — | (18) | (2) | ||||||||||||
Real estate construction | 1 | — | 2 | 1 | (3) | ||||||||||||
Commercial real estate lending | (18) | (38) | 1 | (13) | (3) | ||||||||||||
Total commercial | (16) | (63) | (36) | (19) | (28) | ||||||||||||
Residential mortgage | — | (2) | (3) | — | (2) | ||||||||||||
Home equity | 34 | 3 | 9 | (6) | 5 | ||||||||||||
Other consumer | (65) | (117) | (133) | (120) | (99) | ||||||||||||
Auto | 4 | 14 | 37 | 36 | 131 | ||||||||||||
Total consumer | — | (5) | (7) | (6) | (6) | ||||||||||||
Total net (charge offs) | (10) | (41) | (24) | (13) | (19) |
At December 31, | ||||||||||||||||||||
($ in Thousands) | 2021 | % of Total | 2020 | % of Total | 2019 | % of Total | ||||||||||||||
Investment securities AFS | ||||||||||||||||||||
Amortized cost | ||||||||||||||||||||
U.S. Treasury securities | $ | 124,291 | 3 | % | $ | 26,436 | 1 | % | $ | — | — | % | ||||||||
Agency securities | 15,000 | — | % | 24,985 | 1 | % | — | — | % | |||||||||||
Obligations of state and political subdivisions (municipal securities) | 381,517 | 9 | % | 425,057 | 14 | % | 529,908 | 16 | % | |||||||||||
Residential mortgage-related securities | ||||||||||||||||||||
FNMA / FHLMC | 2,709,399 | 62 | % | 1,448,806 | 48 | % | 131,158 | 4 | % | |||||||||||
GNMA | 66,189 | 2 | % | 231,364 | 8 | % | 982,941 | 30 | % | |||||||||||
Private-label | 332,028 | 8 | % | — | — | % | — | — | % | |||||||||||
Commercial mortgage-related securities | ||||||||||||||||||||
FNMA / FHLMC | 357,240 | 8 | % | 19,654 | 1 | % | 19,929 | 1 | % | |||||||||||
GNMA | 165,439 | 4 | % | 511,429 | 17 | % | 1,314,836 | 40 | % | |||||||||||
Asset backed securities | ||||||||||||||||||||
FFELP | 177,974 | 4 | % | 329,030 | 11 | % | 270,178 | 8 | % | |||||||||||
SBA | 6,594 | — | % | 8,637 | — | % | — | — | % | |||||||||||
Other debt securities | 3,000 | — | % | 3,000 | — | % | 3,000 | — | % | |||||||||||
Total amortized cost | $ | 4,338,671 | 100 | % | $ | 3,028,399 | 100 | % | $ | 3,251,950 | 100 | % | ||||||||
Fair value | ||||||||||||||||||||
U.S. Treasury securities | $ | 122,957 | 3 | % | $ | 26,531 | 1 | % | $ | — | — | % | ||||||||
Agency securities | 14,897 | — | % | 25,038 | 1 | % | — | — | % | |||||||||||
Obligations of state and political subdivisions (municipal securities) | 400,457 | 9 | % | 450,662 | 15 | % | 546,160 | 17 | % | |||||||||||
Residential mortgage-related securities | ||||||||||||||||||||
FNMA / FHLMC | 2,691,879 | 62 | % | 1,461,241 | 47 | % | 132,660 | 4 | % | |||||||||||
GNMA | 67,780 | 2 | % | 235,537 | 8 | % | 985,139 | 30 | % | |||||||||||
Private-label | 329,724 | 8 | % | — | — | % | — | — | % | |||||||||||
Commercial mortgage-related securities | ||||||||||||||||||||
FNMA / FHLMC | 350,623 | 8 | % | 22,904 | 1 | % | 21,728 | 1 | % | |||||||||||
GNMA | 166,799 | 4 | % | 524,756 | 17 | % | 1,310,207 | 40 | % | |||||||||||
Asset backed securities | ||||||||||||||||||||
FFELP | 177,325 | 4 | % | 327,189 | 11 | % | 263,693 | 8 | % | |||||||||||
SBA | 6,580 | — | % | 8,584 | — | % | — | — | % | |||||||||||
Other debt securities | 2,994 | — | % | 3,000 | — | % | 3,000 | — | % | |||||||||||
Total fair value and carrying value | $ | 4,332,015 | 100 | % | $ | 3,085,441 | 100 | % | $ | 3,262,586 | 100 | % | ||||||||
Net unrealized holding gains (losses) | $ | (6,656) | $ | 57,043 | $ | 10,636 | ||||||||||||||
At December 31, | ||||||||||||||||||||
($ in Thousands) | 2021 | % of Total | 2020 | % of Total | 2019 | % of Total | ||||||||||||||
Investment securities HTM | ||||||||||||||||||||
Amortized cost | ||||||||||||||||||||
U.S. Treasury securities | $ | 1,000 | — | % | $ | 999 | — | % | $ | 999 | — | % | ||||||||
Obligations of state and political subdivisions (municipal securities) | 1,628,759 | 73 | % | 1,441,900 | 77 | % | 1,418,569 | 64 | % | |||||||||||
Residential mortgage-related securities | ||||||||||||||||||||
FNMA / FHLMC | 34,347 | 2 | % | 54,599 | 3 | % | 81,676 | 4 | % | |||||||||||
GNMA | 48,053 | 2 | % | 114,553 | 6 | % | 269,523 | 12 | % | |||||||||||
Commercial mortgage-related securities | ||||||||||||||||||||
FNMA/FHLMC | 425,937 | 19 | % | 11,211 | 1 | % | — | — | % | |||||||||||
GNMA | 100,907 | 5 | % | 255,742 | 14 | % | 434,317 | 20 | % | |||||||||||
Total amortized cost and carrying value | $ | 2,239,003 | 100 | % | $ | 1,879,005 | 100 | % | $ | 2,205,083 | 100 | % | ||||||||
Fair value | ||||||||||||||||||||
U.S. Treasury securities | $ | 1,001 | — | % | $ | 1,024 | — | % | $ | 1,018 | — | % | ||||||||
Obligations of state and political subdivisions (municipal securities) | 1,739,988 | 74 | % | 1,575,445 | 78 | % | 1,487,227 | 65 | % | |||||||||||
Residential mortgage-related securities | ||||||||||||||||||||
FNMA / FHLMC | 36,139 | 2 | % | 57,490 | 3 | % | 83,420 | 4 | % | |||||||||||
GNMA | 49,631 | 2 | % | 118,813 | 6 | % | 270,296 | 12 | % | |||||||||||
Commercial mortgage-related securities | ||||||||||||||||||||
FNMA/FHLMC | 419,400 | 18 | % | 11,211 | 1 | % | — | — | % | |||||||||||
GNMA | 102,506 | 4 | % | 264,960 | 13 | % | 434,503 | 19 | % | |||||||||||
Total fair value | $ | 2,348,664 | 100 | % | $ | 2,028,943 | 100 | % | $ | 2,276,465 | 100 | % | ||||||||
Net unrealized holding gains (losses) | $ | 109,662 | $ | 149,938 | $ | 71,381 | ||||||||||||||
Equity securities | ||||||||||||||||||||
Equity securities carrying value and fair value | $ | 18,352 | 100 | % | $ | 15,106 | 100 | % | $ | 15,090 | 100 | % |
December 31, 2021 | |||||||||||
($ in Thousands) | Amortized Cost | Fair Value |
Weighted Average Yield(b)
|
||||||||
AFS securities | |||||||||||
U. S. Treasury securities | |||||||||||
After one but within five years | $ | 34,516 | $ | 34,022 | 0.84 | % | |||||
After five years but within ten years | 89,775 | 88,935 | 1.22 | % | |||||||
Total U. S. Treasury securities | $ | 124,291 | $ | 122,957 | 1.11 | % | |||||
Agency securities | |||||||||||
After one but within five years | $ | 15,000 | $ | 14,897 | 0.91 | % | |||||
Total agency securities | $ | 15,000 | $ | 14,897 | 0.91 | % | |||||
Obligations of state and political subdivisions (municipal securities) | |||||||||||
Within one year | $ | 5,799 | $ | 5,810 | 3.38 | % | |||||
After one but within five years | 22,733 | 23,228 | 3.39 | % | |||||||
After five years but within ten years | 315,570 | 330,007 | 3.24 | % | |||||||
After ten years | 37,416 | 41,412 | 4.27 | % | |||||||
Total obligations of state and political subdivisions (municipal securities) | $ | 381,517 | $ | 400,457 | 3.35 | % | |||||
Agency residential mortgage-related securities | |||||||||||
Within one year | $ | 2,371 | $ | 2,385 | 2.41 | % | |||||
After one but within five years | 1,344,549 | 1,340,493 | 1.32 | % | |||||||
After five years but within ten years | 602,003 | 598,577 | 1.38 | % | |||||||
After ten years | 826,666 | 818,204 | 1.92 | % | |||||||
Total agency residential mortgage-related securities | $ | 2,775,589 | $ | 2,759,659 | 1.51 | % | |||||
Private-label residential mortgage-related securities | |||||||||||
After one but within five years | $ | 262,180 | $ | 259,980 | 2.26 | % | |||||
After five years but within ten years | 69,848 | 69,744 | 2.43 | % | |||||||
Total private-label residential mortgage-related securities | $ | 332,028 | $ | 329,724 | 2.30 | % | |||||
Agency commercial mortgage-related securities | |||||||||||
Within one year | $ | 30,683 | $ | 30,902 | 2.42 | % | |||||
After one but within five years | 148,374 | 149,090 | 2.19 | % | |||||||
After five years but within ten years | 343,622 | 337,431 | 1.47 | % | |||||||
Total agency commercial mortgage-related securities | $ | 522,679 | $ | 517,423 | 1.73 | % | |||||
Asset backed securities | |||||||||||
Within one year | $ | 114 | $ | 114 | 3.13 | % | |||||
After one but within five years | 34,225 | 33,865 | 1.04 | % | |||||||
After five years but within ten years | 150,229 | 149,926 | 0.83 | % | |||||||
Total asset backed securities | $ | 184,568 | $ | 183,905 | 0.87 | % | |||||
Other debt securities | |||||||||||
Within one year | $ | 1,000 | $ | 999 | 2.82 | % | |||||
After one but within five years | 2,000 | 1,995 | 1.33 | % | |||||||
Total other debt securities | $ | 3,000 | $ | 2,994 | 1.83 | % | |||||
Total AFS securities | $ | 4,338,671 | $ | 4,332,015 | 1.72 | % | |||||
December 31, 2021 | |||||||||||
($ in Thousands) | Amortized Cost | Fair Value |
Weighted Average Yield(b)
|
||||||||
HTM securities | |||||||||||
U. S. Treasury securities | |||||||||||
Within one year | $ | 1,000 | $ | 1,001 | 2.56 | % | |||||
Total U. S. Treasury securities | $ | 1,000 | $ | 1,001 | 2.56 | % | |||||
Obligations of state and political subdivisions (municipal securities) | |||||||||||
Within one year | $ | 33,646 | $ | 33,842 | 3.66 | % | |||||
After one but within five years | 34,697 | 35,820 | 3.37 | % | |||||||
After five years but within ten years | 161,627 | 167,967 | 3.69 | % | |||||||
After ten years | 1,398,789 | 1,502,359 | 3.72 | % | |||||||
Total obligations of state and political subdivisions (municipal securities) | $ | 1,628,759 | $ | 1,739,988 | 3.71 | % | |||||
Agency residential mortgage-related securities | |||||||||||
Within one year | $ | 2,521 | $ | 2,602 | 2.10 | % | |||||
After one but within five years | 67,770 | 70,515 | 2.78 | % | |||||||
After five years but within ten years | 5,218 | 5,437 | 3.19 | % | |||||||
After ten years | 6,891 | 7,216 | 3.53 | % | |||||||
Total agency residential mortgage-related securities | $ | 82,400 | $ | 85,770 | 2.85 | % | |||||
Agency commercial mortgage-related securities | |||||||||||
Within one year | $ | 37 | $ | 37 | 2.12 | % | |||||
After one but within five years | 100,870 | 102,469 | 2.28 | % | |||||||
After five years but within ten years | 276,533 | 273,173 | 2.04 | % | |||||||
After ten years | 149,404 | 146,226 | 2.11 | % | |||||||
Total agency commercial mortgage-related securities | $ | 526,844 | $ | 521,905 | 2.10 | % | |||||
Total HTM securities | $ | 2,239,003 | $ | 2,348,664 | 3.30 | % | |||||
Equity securities | |||||||||||
Equity securities with readily determinable fair values | $ | 4,810 | $ | 4,810 | — | % | |||||
Equity securities without readily determinable fair values | 13,542 | 13,542 | — | % | |||||||
Total equity securities | $ | 18,352 | $ | 18,352 | — | % |
As of December 31, | |||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Noninterest-bearing demand | $ | 8,504,077 | $ | 7,661,728 | $ | 5,450,709 | |||||
Savings | 4,410,198 | 3,650,085 | 2,735,036 | ||||||||
Interest-bearing demand | 7,019,782 | 6,090,869 | 5,329,717 | ||||||||
Money market | 7,185,111 | 7,322,769 | 7,640,798 | ||||||||
Brokered CDs | — | — | 5,964 | ||||||||
Other time deposits | 1,347,262 | 1,757,030 | 2,616,839 | ||||||||
Total deposits | 28,466,430 | 26,482,481 | 23,779,064 | ||||||||
Customer funding(a)
|
354,142 | 245,247 | 103,113 | ||||||||
Total deposits and customer funding | $ | 28,820,572 | $ | 26,727,727 | $ | 23,882,177 | |||||
Network transaction deposits(b)
|
$ | 766,965 | $ | 1,197,093 | $ | 1,336,286 | |||||
Brokered CDs | — | — | 5,964 | ||||||||
Total network and brokered funding | 766,965 | 1,197,093 | 1,342,250 | ||||||||
Net deposits and customer funding (total deposits and customer funding, excluding Brokered CDs and network transaction deposits) | $ | 28,053,607 | $ | 25,530,634 | $ | 22,539,927 |
($ in Thousands) | December 31, 2021 | ||||
Three months or less | $ | 50,090 | |||
Over three months through six months | 46,106 | ||||
Over six months through twelve months | 22,327 | ||||
Over twelve months | 9,826 | ||||
Total | $ | 128,350 |
($ in Thousands) |
Note
Reference |
One Year
or Less |
One to
Three Years |
Three to
Five Years |
Over
Five Years |
Total | ||||||||||||||
Time deposits | 8 | $ | 1,055,614 | $ | 243,820 | $ | 47,823 | $ | 5 | $ | 1,347,262 | |||||||||
Short-term funding | 9 | 354,262 | — | — | — | 354,262 | ||||||||||||||
FHLB advances | 9 | 11,759 | 2,885 | 1,005,028 | 601,375 | 1,621,047 | ||||||||||||||
Other long-term funding | 9 | 140 | 22 | 249,161 | — | 249,324 | ||||||||||||||
Operating leases | 7 | 6,494 | 10,402 | 6,997 | 7,452 | 31,345 | ||||||||||||||
Commitments to extend credit | 14 & 16 | 5,350,135 | 3,613,885 | 1,889,106 | 240,026 | 11,093,152 | ||||||||||||||
Total | $ | 6,778,405 | $ | 3,871,014 | $ | 3,198,116 | $ | 848,858 | $ | 14,696,393 |
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 |
December 31, 2021 | December 31, 2020 | |||||||
Instantaneous Rate Change | ||||||||
100 bp increase in interest rates | (1.8) | % | 1.9 | % | ||||
200 bp increase in interest rates | (3.7) | % | 2.8 | % |
December 31, 2021 | June 30, 2023 | ||||||||||
Outstanding LIBOR Loan Commitments | Balance | Commitment |
Contractual Commitment(a)
|
||||||||
Commercial and industrial(b)
|
$ | 2,621,076 | $ | 5,966,356 | $ | 1,680,370 | |||||
Commercial real estate - owner occupied | 436,256 | 477,352 | 383,351 | ||||||||
Commercial and business lending | 3,057,332 | 6,443,708 | 2,063,720 | ||||||||
Commercial real estate - investor | 3,138,568 | 3,420,456 | 2,249,849 | ||||||||
Real estate construction | 1,181,921 | 2,895,912 | 1,900,557 | ||||||||
Commercial real estate lending | 4,320,489 | 6,316,368 | 4,150,406 | ||||||||
Total commercial | 7,377,821 | 12,760,076 | 6,214,126 | ||||||||
Residential mortgage | 481,998 | 481,998 | 481,867 | ||||||||
Other consumer | 13,446 | 30,338 | 5,577 | ||||||||
Total consumer | 495,444 | 512,336 | 487,444 | ||||||||
Total | $ | 7,873,265 | $ | 13,272,412 | $ | 6,701,570 |
As of December 31, | |||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Risk-based Capital(a)
|
|||||||||||
CET1 | $ | 2,808,289 | $ | 2,706,010 | $ | 2,480,698 | |||||
Tier 1 capital | 3,001,074 | 3,058,809 | 2,736,776 | ||||||||
Total capital | 3,570,026 | 3,632,807 | 3,208,625 | ||||||||
Total risk-weighted assets | 27,242,735 | 25,903,415 | 24,296,382 | ||||||||
Modified CECL transitional amount | 89,702 | 117,624 | — | ||||||||
CET1 capital ratio | 10.31 | % | 10.45 | % | 10.21 | % | |||||
Tier 1 capital ratio | 11.02 | % | 11.81 | % | 11.26 | % | |||||
Total capital ratio | 13.10 | % | 14.02 | % | 13.21 | % | |||||
Tier 1 leverage ratio | 8.83 | % | 9.37 | % | 8.83 | % | |||||
Selected Equity and Performance Ratios | |||||||||||
Total stockholders’ equity / total assets | 11.47 | % | 12.24 | % | 12.11 | % | |||||
Dividend payout ratio(b)
|
34.55 | % | 38.50 | % | 35.75 | % | |||||
Return on average assets | 1.02 | % | 0.90 | % | 0.99 | % | |||||
Noninterest expense / average assets | 2.06 | % | 2.26 | % | 2.40 | % |
At or for the Year Ended December 31, | |||||||||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | 2018 | 2017 | ||||||||||||
Selected equity and performance ratios(a)(b)
|
|||||||||||||||||
Tangible common equity / tangible assets | 7.86 | % | 7.94 | % | 7.71 | % | 7.04 | % | 7.08 | % | |||||||
Return on average equity | 8.60 | % | 7.78 | % | 8.44 | % | 9.03 | % | 7.23 | % | |||||||
Return on average tangible common equity | 12.74 | % | 11.99 | % | 13.21 | % | 14.06 | % | 10.86 | % | |||||||
Return on average CET1 | 12.08 | % | 11.23 | % | 12.59 | % | 13.15 | % | 10.43 | % | |||||||
Return on average tangible assets | 1.05 | % | 0.93 | % | 1.03 | % | 1.05 | % | 0.81 | % | |||||||
Average stockholders' equity / average assets | 11.84 | % | 11.51 | % | 11.72 | % | 11.19 | % | 10.77 | % | |||||||
Tangible common equity reconciliation(a)
|
|||||||||||||||||
Common equity | $ | 3,831,658 | $ | 3,737,421 | $ | 3,665,407 | $ | 3,524,171 | $ | 3,077,514 | |||||||
Goodwill and other intangible assets, net | (1,163,085) | (1,177,554) | (1,264,531) | (1,244,859) | (991,819) | ||||||||||||
Tangible common equity | $ | 2,668,573 | $ | 2,559,867 | $ | 2,400,876 | $ | 2,279,312 | $ | 2,085,695 | |||||||
Tangible assets reconciliation(a)
|
|||||||||||||||||
Total assets | $ | 35,104,253 | $ | 33,419,783 | $ | 32,386,478 | $ | 33,615,122 | $ | 30,443,626 | |||||||
Goodwill and other intangible assets, net | (1,163,085) | (1,177,554) | (1,264,531) | (1,244,859) | (991,819) | ||||||||||||
Tangible assets | $ | 33,941,167 | $ | 32,242,230 | $ | 31,121,947 | $ | 32,370,263 | $ | 29,451,807 | |||||||
Average tangible common equity and average CET1 reconciliation(a)(b)
|
|||||||||||||||||
Common equity | $ | 3,789,331 | $ | 3,633,259 | $ | 3,615,153 | $ | 3,505,075 | $ | 3,012,704 | |||||||
Goodwill and other intangible assets, net | (1,168,560) | (1,227,561) | (1,256,668) | (1,209,311) | (988,073) | ||||||||||||
Tangible common equity | 2,620,771 | 2,405,698 | 2,358,485 | 2,295,764 | 2,024,631 | ||||||||||||
Modified CECL transitional amount | 102,307 | 115,052 | N/A | N/A | N/A | ||||||||||||
Accumulated other comprehensive loss (income) | 1,234 | 2,643 | 68,946 | 117,408 | 53,879 | ||||||||||||
Deferred tax assets (liabilities), net | 40,011 | 43,789 | 46,980 | 41,747 | 30,949 | ||||||||||||
Average CET1 | $ | 2,764,323 | $ | 2,567,182 | $ | 2,474,411 | $ | 2,454,919 | $ | 2,109,459 | |||||||
Average tangible assets reconciliation(a)
|
|||||||||||||||||
Total assets | $ | 34,464,257 | $ | 34,265,207 | $ | 33,046,604 | $ | 33,007,859 | $ | 29,467,324 | |||||||
Goodwill and other intangible assets, net | (1,168,560) | (1,227,561) | (1,256,668) | (1,209,311) | (988,073) | ||||||||||||
Tangible assets | $ | 33,295,697 | $ | 33,037,646 | $ | 31,789,936 | $ | 31,798,548 | $ | 28,479,252 | |||||||
Efficiency ratio reconciliation(c)
|
|||||||||||||||||
Federal Reserve efficiency ratio | 66.33 | % | 61.76 | % | 65.38 | % | 66.23 | % | 65.97 | % | |||||||
Fully tax-equivalent adjustment | (1.04) | % | (0.77) | % | (0.85) | % | (0.71) | % | (1.28) | % | |||||||
Other intangible amortization | (0.84) | % | (0.80) | % | (0.82) | % | (0.66) | % | (0.18) | % | |||||||
Fully tax-equivalent efficiency ratio | 64.47 | % | 60.20 | % | 63.72 | % | 64.87 | % | 64.51 | % | |||||||
Provision for unfunded commitments adjustment | 0.74 | % | (0.55) | % | 0.20 | % | 0.20 | % | 0.09 | % | |||||||
Asset gains (losses), net adjustment | 0.67 | % | 8.20 | % | 0.14 | % | — | % | (0.07) | % | |||||||
Acquisitions, branch sales, and initiatives | (0.53) | % | (5.08) | % | (0.60) | % | (2.42) | % | — | % | |||||||
Adjusted efficiency ratio | 65.36 | % | 62.76 | % | 63.47 | % | 62.65 | % | 64.53 | % |
Year Ended December 31, | Change From Prior Year | ||||||||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | % Change 2020 | % Change 2019 | ||||||||||||
Corporate and Commercial Specialty | |||||||||||||||||
Total revenue | $ | 570,903 | $ | 554,991 | $ | 531,876 | 3 | % | 4 | % | |||||||
Provision for credit losses | 62,795 | 59,780 | 49,341 | 5 | % | 21 | % | ||||||||||
Noninterest expense | 229,444 | 209,507 | 233,655 | 10 | % | (10) | % | ||||||||||
Income tax expense | 49,772 | 53,193 | 47,480 | (6) | % | 12 | % | ||||||||||
Net income | 228,891 | 232,512 | 201,399 | (2) | % | 15 | % | ||||||||||
Average earning assets | 14,591,044 | 14,247,664 | 12,836,136 | 2 | % | 11 | % | ||||||||||
Average loans | 14,590,313 | 14,244,938 | 12,829,331 | 2 | % | 11 | % | ||||||||||
Average deposits | 9,853,905 | 9,423,485 | 9,710,281 | 5 | % | (3) | % | ||||||||||
Average allocated capital (Average CET1)(a)
|
1,477,890 | 1,428,291 | 1,283,231 | 3 | % | 11 | % | ||||||||||
Return on average allocated capital (ROCET1)(a)
|
15.49 | % | 16.28 | % | 15.69 | % | -79 bp | 59 bp | |||||||||
Community, Consumer, and Business | |||||||||||||||||
Total revenue | $ | 476,978 | $ | 535,237 | $ | 618,606 | (11) | % | (13) | % | |||||||
Provision for credit losses | 18,138 | 21,862 | 18,594 | (17) | % | 18 | % | ||||||||||
Noninterest expense | 387,033 | 429,565 | 467,086 | (10) | % | (8) | % | ||||||||||
Income tax expense | 15,080 | 17,600 | 27,914 | (14) | % | (37) | % | ||||||||||
Net income | 56,728 | 66,210 | 105,011 | (14) | % | (37) | % | ||||||||||
Average earning assets | 8,766,754 | 9,395,680 | 9,162,911 | (7) | % | 3 | % | ||||||||||
Average loans | 8,766,754 | 9,395,680 | 9,162,911 | (7) | % | 3 | % | ||||||||||
Average deposits | 16,817,803 | 15,026,889 | 12,957,467 | 12 | % | 16 | % | ||||||||||
Average allocated capital (Average CET1)(a)
|
473,937 | 533,954 | 541,992 | (11) | % | (1) | % | ||||||||||
Return on average allocated capital (ROCET1)(a)
|
11.97 | % | 12.40 | % | 19.38 | % | -43 bp | N/M | |||||||||
Risk Management and Shared Services | |||||||||||||||||
Total revenue(b)
|
$ | 10,338 | $ | 186,784 | $ | 66,017 | (94) | % | 183 | % | |||||||
Provision for credit losses | (168,944) | 92,365 | (51,935) | N/M | N/M | ||||||||||||
Noninterest expense (c)
|
93,446 | 136,962 | 93,247 | (32) | % | 47 | % | ||||||||||
Income tax expense (benefit)(d)
|
20,461 | (50,593) | 4,325 | N/M | N/M | ||||||||||||
Net income | 65,374 | 8,050 | 20,379 | N/M | (60) | % | |||||||||||
Average earning assets | 7,764,734 | 7,188,664 | 7,821,782 | 8 | % | (8) | % | ||||||||||
Average loans | 700,913 | 897,030 | 1,130,555 | (22) | % | (21) | % | ||||||||||
Average deposits | 1,021,706 | 1,557,311 | 2,067,860 | (34) | % | (25) | % | ||||||||||
Average allocated capital (Average CET1)(a)
|
812,495 | 604,937 | 649,188 | 34 | % | (7) | % | ||||||||||
Return on average allocated capital (ROCET1)(a)
|
8.05 | % | (1.70) | % | 0.80 | % | N/M | N/M | |||||||||
Consolidated Total | |||||||||||||||||
Total revenue | $ | 1,058,219 | $ | 1,277,012 | $ | 1,216,498 | (17) | % | 5 | % | |||||||
Return on average allocated capital (ROCET1)(a)
|
12.08 | % | 11.23 | % | 12.59 | % | 85 bp | -136 bp |
ITEM 7A. | Quantitative and Qualitative Disclosures About Market Risk |
ITEM 8. | Financial Statements and Supplementary Data |
December 31, | ||||||||
(In Thousands, except share and per share data) | 2021 | 2020 | ||||||
Assets | ||||||||
Cash and due from banks | $ | 343,831 | $ | 416,154 | ||||
Interest-bearing deposits in other financial institutions | 681,684 | 298,759 | ||||||
Federal funds sold and securities purchased under agreements to resell | — | 1,135 | ||||||
Investment securities AFS, at fair value | 4,332,015 | 3,085,441 | ||||||
Investment securities HTM, net, at amortized cost | 2,238,947 | 1,878,938 | ||||||
Equity securities | 18,352 | 15,106 | ||||||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | 168,281 | 168,280 | ||||||
Residential loans held for sale | 136,638 | 129,158 | ||||||
Loans | 24,224,949 | 24,451,724 | ||||||
Allowance for loan losses | (280,015) | (383,702) | ||||||
Loans, net | 23,944,934 | 24,068,022 | ||||||
Tax credit and other investments | 293,733 | 297,232 | ||||||
Premises and equipment, net | 385,173 | 418,914 | ||||||
Bank and corporate owned life insurance | 680,021 | 679,647 | ||||||
Goodwill | 1,104,992 | 1,109,300 | ||||||
Other intangible assets, net | 58,093 | 68,254 | ||||||
Mortgage servicing rights, net | 54,862 | 41,961 | ||||||
Interest receivable | 80,528 | 90,263 | ||||||
Other assets | 582,168 | 653,219 | ||||||
Total assets | $ | 35,104,253 | $ | 33,419,783 | ||||
Liabilities and Stockholders' Equity | ||||||||
Noninterest-bearing demand deposits | $ | 8,504,077 | $ | 7,661,728 | ||||
Interest-bearing deposits | 19,962,353 | 18,820,753 | ||||||
Total deposits | 28,466,430 | 26,482,481 | ||||||
Federal funds purchased and securities sold under agreements to repurchase | 319,532 | 192,971 | ||||||
Commercial paper | 34,730 | 59,346 | ||||||
FHLB advances | 1,621,047 | 1,632,723 | ||||||
Other long-term funding | 249,324 | 549,465 | ||||||
Allowance for unfunded commitments | 39,776 | 47,776 | ||||||
Accrued expenses and other liabilities | 348,560 | 364,088 | ||||||
Total liabilities | 31,079,399 | 29,328,850 | ||||||
Stockholders’ Equity
|
||||||||
Preferred equity | 193,195 | 353,512 | ||||||
Common equity | ||||||||
Common stock | 1,752 | 1,752 | ||||||
Surplus | 1,713,851 | 1,720,329 | ||||||
Retained earnings | 2,672,601 | 2,458,920 | ||||||
Accumulated other comprehensive income (loss) | (10,317) | 12,618 | ||||||
Treasury stock, at cost | (546,229) | (456,198) | ||||||
Total common equity | 3,831,658 | 3,737,421 | ||||||
Total stockholders’ equity | 4,024,853 | 4,090,933 | ||||||
Total liabilities and stockholders’ equity | $ | 35,104,253 | $ | 33,419,783 | ||||
Preferred shares authorized (par value $1.00 per share) | 750,000 | 750,000 | ||||||
Preferred shares issued and outstanding | 200,000 | 364,458 | ||||||
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 | 149,342,641 | 153,540,224 |
For the Years Ended December 31, | |||||||||||
(In Thousands, except per share data) | 2021 | 2020 | 2019 | ||||||||
Interest income | |||||||||||
Interest and fees on loans | $ | 693,729 | $ | 785,241 | $ | 998,099 | |||||
Interest and dividends on investment securities | |||||||||||
Taxable | 37,916 | 59,806 | 100,304 | ||||||||
Tax-exempt | 58,710 | 58,320 | 57,565 | ||||||||
Other interest | 7,833 | 9,473 | 16,643 | ||||||||
Total interest income | 798,189 | 912,840 | 1,172,610 | ||||||||
Interest expense | |||||||||||
Interest on deposits | 18,622 | 67,639 | 237,286 | ||||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 143 | 485 | 1,579 | ||||||||
Interest on other short-term funding | 22 | 51 | 138 | ||||||||
Interest on PPPLF | — | 1,984 | — | ||||||||
Interest on FHLB advances | 36,493 | 57,359 | 69,816 | ||||||||
Interest on long-term funding | 17,053 | 22,365 | 28,116 | ||||||||
Total interest expense | 72,334 | 149,883 | 336,936 | ||||||||
Net interest income | 725,855 | 762,957 | 835,674 | ||||||||
Provision for credit losses | (88,011) | 174,006 | 16,000 | ||||||||
Net interest income after provision for credit losses | 813,866 | 588,950 | 819,674 | ||||||||
Noninterest income | |||||||||||
Wealth management fees | 89,854 | 84,957 | 83,467 | ||||||||
Service charges and deposit account fees | 64,406 | 56,307 | 63,135 | ||||||||
Card-based fees | 43,014 | 38,534 | 39,755 | ||||||||
Other fee-based revenue | 17,086 | 19,238 | 18,942 | ||||||||
Capital markets, net | 30,602 | 27,966 | 19,862 | ||||||||
Mortgage banking, net | 50,751 | 45,580 | 31,878 | ||||||||
Bank and corporate owned life insurance | 13,254 | 13,771 | 14,845 | ||||||||
Insurance commissions and fees | 336 | 45,245 | 89,104 | ||||||||
Asset gains, net(a)
|
11,009 | 155,589 | 2,713 | ||||||||
Investment securities gains (losses), net | (16) | 9,222 | 5,957 | ||||||||
Gains on sale of branches, net(b)
|
1,038 | 7,449 | — | ||||||||
Other | 11,031 | 10,200 | 11,165 | ||||||||
Total noninterest income | 332,364 | 514,056 | 380,824 | ||||||||
Noninterest expense | |||||||||||
Personnel | 426,687 | 432,151 | 487,063 | ||||||||
Technology | 81,689 | 81,214 | 82,429 | ||||||||
Occupancy | 63,513 | 64,064 | 62,399 | ||||||||
Business development and advertising | 21,149 | 18,428 | 29,600 | ||||||||
Equipment | 21,104 | 21,705 | 23,550 | ||||||||
Legal and professional | 21,923 | 21,546 | 19,901 | ||||||||
Loan and foreclosure costs | 8,143 | 12,600 | 8,861 | ||||||||
FDIC assessment | 18,150 | 20,350 | 16,250 | ||||||||
Other intangible amortization | 8,844 | 10,192 | 9,948 | ||||||||
Loss on prepayments of FHLB advances | — | 44,650 | — | ||||||||
Other | 38,721 | 49,135 | 53,986 | ||||||||
Total noninterest expense | 709,924 | 776,034 | 793,988 | ||||||||
Income before income taxes | 436,307 | 326,972 | 406,509 | ||||||||
Income tax expense | 85,313 | 20,200 | 79,720 | ||||||||
Net income | 350,994 | 306,771 | 326,790 | ||||||||
Preferred stock dividends | 17,111 | 18,358 | 15,202 | ||||||||
Net income available to common equity | $ | 333,883 | $ | 288,413 | $ | 311,587 | |||||
Earnings per common share | |||||||||||
Basic | $ | 2.20 | $ | 1.87 | $ | 1.93 | |||||
Diluted | $ | 2.18 | $ | 1.86 | $ | 1.91 | |||||
Average common shares outstanding | |||||||||||
Basic | 150,773 | 153,005 | 160,534 | ||||||||
Diluted | 151,987 | 153,642 | 161,932 |
For the Years Ended December 31, | |||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Net income | $ | 350,994 | $ | 306,771 | $ | 326,790 | |||||
Other comprehensive income (loss), net of tax | |||||||||||
Investment securities AFS | |||||||||||
Net unrealized gains (losses) | (63,714) | 55,628 | 111,592 | ||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM securities | 1,551 | 3,359 | 895 | ||||||||
Reclassification adjustment for net losses (gains) realized in net income
|
16 | (9,222) | (5,957) | ||||||||
Income tax (expense) benefit | 15,557 | (12,429) | (26,898) | ||||||||
Other comprehensive income (loss) on investment securities AFS | (46,591) | 37,336 | 79,631 | ||||||||
Defined benefit pension and postretirement obligations | |||||||||||
Amortization of prior service cost | (148) | (148) | (148) | ||||||||
Plan amendments | 1,494 | — | — | ||||||||
Net actuarial gain | 25,519 | 7,780 | 16,296 | ||||||||
Amortization of actuarial loss | 4,594 | 3,897 | 476 | ||||||||
Income tax (expense) | (7,803) | (3,064) | (4,465) | ||||||||
Other comprehensive income on pension and postretirement obligations | 23,656 | 8,465 | 12,158 | ||||||||
Total other comprehensive income (loss) | (22,935) | 45,801 | 91,789 | ||||||||
Comprehensive income | $ | 328,059 | $ | 352,572 | $ | 418,579 |
(In Thousands, except per share data) | Preferred Equity | Common Stock | |||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Surplus |
Retained
Earnings |
Accumulated
Other Comprehensive Income (Loss) |
Treasury Stock | Total | |||||||||||||||||||||
Balance, December 31, 2018 | 264 | $ | 256,716 | 175,216 | $ | 1,752 | $ | 1,712,615 | $ | 2,181,414 | $ | (124,972) | $ | (246,638) | $ | 3,780,888 | |||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 326,790 | — | — | 326,790 | ||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 91,789 | — | 91,789 | ||||||||||||||||||||
Comprehensive income | $ | 418,579 | |||||||||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||||||||||
Stock-based compensation plans, net
|
— | — | — | — | (21,038) | — | — | 32,254 | 11,216 | ||||||||||||||||||||
Purchase of treasury stock, open market purchases | — | — | — | — | — | — | — | (177,484) | (177,484) | ||||||||||||||||||||
Purchase of treasury stock, stock-based compensation plans | — | — | — | — | — | — | — | (8,592) | (8,592) | ||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||
Common stock, $0.69 per share | — | — | — | — | — | (111,804) | — | — | (111,804) | ||||||||||||||||||||
Preferred stock(a)
|
— | — | — | — | — | (15,202) | — | — | (15,202) | ||||||||||||||||||||
Stock-based compensation expense, net | — | — | — | — | 24,854 | — | — | — | 24,854 | ||||||||||||||||||||
Other | — | — | — | — | — | (331) | — | — | (331) | ||||||||||||||||||||
Balance, December 31, 2019 | 264 | $ | 256,716 | 175,216 | $ | 1,752 | $ | 1,716,431 | $ | 2,380,867 | $ | (33,183) | $ | (400,460) | $ | 3,922,124 | |||||||||||||
Cumulative effect of ASU 2016-13 adoption (CECL) | — | — | — | — | — | (98,337) | — | — | (98,337) | ||||||||||||||||||||
Total shareholder's equity at beginning of period, as adjusted | 264 | $ | 256,716 | 175,216 | $ | 1,752 | $ | 1,716,431 | $ | 2,282,530 | $ | (33,183) | $ | (400,460) | $ | 3,823,787 | |||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 306,771 | — | — | 306,771 | ||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 45,801 | — | 45,801 | ||||||||||||||||||||
Comprehensive income | $ | 352,572 | |||||||||||||||||||||||||||
Issuance of preferred stock | 100 | 96,796 | — | — | — | — | — | — | 96,796 | ||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||||||||||
Stock-based compensation plans, net
|
— | — | — | — | (17,663) | — | — | 21,629 | 3,966 | ||||||||||||||||||||
Purchase of treasury stock, open market purchases | — | — | — | — | — | — | — | (71,255) | (71,255) | ||||||||||||||||||||
Purchase of treasury stock, stock-based compensation plans | — | — | — | — | — | — | — | (6,113) | (6,113) | ||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||
Common stock, $0.72 per share | — | — | — | — | — | (112,023) | — | — | (112,023) | ||||||||||||||||||||
Preferred stock(b)
|
— | — | — | — | — | (18,358) | — | — | (18,358) | ||||||||||||||||||||
Stock-based compensation expense, net | — | — | — | — | 21,561 | — | — | — | 21,561 | ||||||||||||||||||||
Balance, December 31, 2020 | 364 | $ | 353,512 | 175,216 | $ | 1,752 | $ | 1,720,329 | $ | 2,458,920 | $ | 12,618 | $ | (456,198) | $ | 4,090,933 | |||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||
Net income | — | — | — | — | — | 350,994 | — | — | $ | 350,994 | |||||||||||||||||||
Other comprehensive (loss) | — | — | — | — | — | — | (22,935) | — | (22,935) | ||||||||||||||||||||
Comprehensive income | $ | 328,059 | |||||||||||||||||||||||||||
Redemption of preferred stock | (164) | (160,317) | — | — | — | (4,141) | — | — | (164,458) | ||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||||||||||
Stock-based compensation plans, net
|
— | — | — | — | (22,069) | — | — | 47,771 | 25,702 | ||||||||||||||||||||
Purchase of treasury stock, open market purchases | — | — | — | — | — | — | — | (132,955) | (132,955) | ||||||||||||||||||||
Purchase of treasury stock, stock-based compensation plans | — | — | — | — | — | — | — | (4,847) | (4,847) | ||||||||||||||||||||
Cash dividends: | |||||||||||||||||||||||||||||
Common stock, $0.76 per share | — | — | — | — | — | (116,061) | — | — | (116,061) | ||||||||||||||||||||
Preferred stock(c)
|
— | — | — | — | — | (17,111) | — | — | (17,111) | ||||||||||||||||||||
Stock-based compensation expense, net | — | — | — | — | 15,591 | — | — | — | 15,591 | ||||||||||||||||||||
Balance, December 31, 2021 | 200 | $ | 193,195 | 175,216 | $ | 1,752 | $ | 1,713,851 | $ | 2,672,601 | $ | (10,317) | $ | (546,229) | $ | 4,024,853 |
For the Years Ended December 31, | |||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | 350,994 | $ | 306,771 | $ | 326,790 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | (88,011) | 174,006 | 16,000 | ||||||||
Depreciation and amortization | 46,508 | 50,567 | 58,149 | ||||||||
Addition to (recovery of) valuation allowance on mortgage servicing rights, net | (16,186) | 17,704 | 63 | ||||||||
Amortization of mortgage servicing rights | 19,436 | 22,664 | 12,432 | ||||||||
Amortization of other intangible assets | 8,844 | 10,192 | 9,948 | ||||||||
Amortization and accretion on earning assets, funding, and other, net | 15,088 | 25,028 | 23,573 | ||||||||
Net amortization of tax credit investments | 34,070 | 25,556 | 20,062 | ||||||||
Losses (gains) on sales of investment securities, net | 16 | (9,222) | (5,957) | ||||||||
Asset (gains), net | (11,009) | (155,589) | (2,713) | ||||||||
(Gains) on sale of branches, net | (1,038) | (7,449) | — | ||||||||
(Gain) on mortgage banking activities, net | (39,106) | (59,379) | (20,120) | ||||||||
Mortgage loans originated for sale | (1,749,556) | (1,642,135) | (1,090,792) | ||||||||
Proceeds from sales of mortgage loans held for sale | 1,774,791 | 1,959,571 | 1,317,077 | ||||||||
Changes in certain assets and liabilities | |||||||||||
Decrease in interest receivable | 9,735 | 933 | 7,595 | ||||||||
Increase (decrease) in interest payable | (10,675) | (11,385) | 2,495 | ||||||||
Increase (decrease) in accrued expenses | 24,645 | (29,057) | 723 | ||||||||
Increase (decrease) in derivative position | 120,418 | (113,760) | (102,966) | ||||||||
Increase (decrease) in net income tax position | (13,931) | (47,268) | 43,908 | ||||||||
Net change in other assets and other liabilities | 54,520 | 32,270 | (42,005) | ||||||||
Net cash provided by operating activities | 529,551 | 550,020 | 574,260 | ||||||||
Cash Flows from Investing Activities | |||||||||||
Net decrease (increase) in loans | 198,631 | (1,640,524) | (137,990) | ||||||||
Purchases of | |||||||||||
AFS securities | (2,746,994) | (1,648,938) | (460,124) | ||||||||
HTM securities | (622,485) | (125,480) | (423,682) | ||||||||
Federal Home Loan Bank and Federal Reserve Bank stocks | (10) | (84,152) | (246,836) | ||||||||
Premises, equipment, and software | (52,281) | (54,682) | (67,459) | ||||||||
Other intangibles | — | (200) | — | ||||||||
Proceeds from | |||||||||||
Sales of AFS securities | 158,743 | 626,283 | 1,367,476 | ||||||||
Sale of Federal Home Loan Bank and Federal Reserve Bank stocks | — | 144,000 | 270,023 | ||||||||
Prepayments, calls, and maturities of AFS investment securities | 1,216,657 | 1,343,056 | 561,659 | ||||||||
Prepayments, calls, and maturities of HTM investment securities | 299,761 | 449,078 | 260,510 | ||||||||
Sales, prepayments, calls and maturities of other assets | 29,833 | 27,964 | 10,250 | ||||||||
Net cash received in sale of subsidiary | 2,415 | 256,511 | — | ||||||||
Net change in tax credit and alternative investments | (68,455) | (55,134) | (67,632) | ||||||||
Net cash (paid) received in acquisitions | — | (31,518) | 551,250 | ||||||||
Net cash provided by (used in) investing activities | (1,584,186) | (793,737) | 1,617,446 | ||||||||
Cash Flows from Financing Activities | |||||||||||
Net increase (decrease) in deposits | 2,015,423 | 2,497,378 | (1,842,748) | ||||||||
Net decrease in deposits due to branch sales | (31,083) | (222,878) | — | ||||||||
Net increase (decrease) in short-term funding | 101,946 | (238,655) | 308,039 | ||||||||
Net (decrease) in short-term FHLB advances | — | (520,000) | (380,000) | ||||||||
Repayment of long-term FHLB advances | (18,437) | (1,040,972) | (764,657) | ||||||||
Proceeds from long-term FHLB advances | 6,950 | 4,215 | 751,573 | ||||||||
Redemption of Corporation's senior notes | (300,000) | — | (250,000) | ||||||||
Repayment of finance lease principal | (965) | (1,081) | (1) | ||||||||
Proceeds from issuance of preferred stock | — | 96,796 | — | ||||||||
Proceeds from issuance of common stock for stock-based compensation plans | 25,702 | 3,966 | 11,216 | ||||||||
Purchase of treasury stock, open market purchases | (132,955) | (71,255) | (177,484) | ||||||||
Purchase of treasury stock, stock-based compensation plans | (4,847) | (6,113) | (8,592) | ||||||||
Redemption of preferred stock | (164,458) | — | — | ||||||||
Cash dividends on common stock | (116,061) | (112,023) | (111,804) | ||||||||
Cash dividends on preferred stock | (17,111) | (18,358) | (15,202) | ||||||||
Net cash provided by (used in) financing activities | 1,364,102 | 371,020 | (2,479,660) | ||||||||
Net increase (decrease) in cash and cash equivalents | 309,467 | 127,304 | (287,954) | ||||||||
Cash and cash equivalents at beginning of period | 716,048 | 588,744 | 876,698 | ||||||||
Cash and cash equivalents at end of period(a)
|
$ | 1,025,515 | $ | 716,048 | $ | 588,744 |
For the Years Ended December 31, | |||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Supplemental disclosures of cash flow information | |||||||||||
Cash paid for interest | $ | 81,604 | $ | 159,291 | $ | 332,919 | |||||
Cash paid for income and franchise taxes | 57,728 | 17,734 | 41,131 | ||||||||
Loans and bank premises transferred to OREO | 35,553 | 19,261 | 10,513 | ||||||||
Capitalized mortgage servicing rights | 16,151 | 13,667 | 11,606 | ||||||||
Loans transferred into held for sale from portfolio, net | 6,010 | 264,570 | 313,570 | ||||||||
Transfer of HTM securities to AFS securities (adoption of ASU 2019-04) | — | — | 692,414 | ||||||||
Unsettled trades to purchase securities | 4,459 | — | — | ||||||||
Acquisitions | |||||||||||
Fair value of assets acquired, including cash and cash equivalents | — | 456,480 | 695,848 | ||||||||
Fair value ascribed to goodwill and intangible assets | — | 23,548 | 29,837 | ||||||||
Fair value of liabilities assumed | — | 480,028 | 725,764 | ||||||||
Common stock issued in acquisition | — | — | (79) |
Standard | Description | Date of adoption | Effect on financial statements | |||||||||||||||||
ASU 2019-12
Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes |
The FASB issued this amendment to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments in this Update were effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendment was permitted. | 1st Quarter 2021 | Adoption of this amendment did not have a material impact on the Corporation's results of operation, financial position or liquidity. | |||||||||||||||||
ASU 2020-08 Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs | The FASB issued this amendment to clarify that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in this Update were effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendments was not permitted. | 1st Quarter 2021 | Adoption of this amendment did not have a material impact on the Corporation's results of operation, financial position or liquidity. |
($ in Thousands) | Purchase Accounting Adjustments | February 14, 2020 | ||||||
Assets | ||||||||
Cash and cash equivalents | $ | — | $ | 44,782 | ||||
Investment securities AFS | (24) | 98,743 | ||||||
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost | — | 781 | ||||||
Loans | (4,808) | 369,741 | ||||||
Premises and equipment, net | (3,005) | 4,865 | ||||||
Bank owned life insurance | 9 | 6,770 | ||||||
Goodwill | 14,812 | |||||||
Core deposit intangibles (included in other intangible assets, net on the face of the consolidated balance sheets) | 7,379 | 7,379 | ||||||
OREO (included in other assets on the face of the consolidated balance sheets) | 670 | 762 | ||||||
Other assets | 2,795 | 7,692 | ||||||
Total assets | $ | 556,328 | ||||||
Liabilities | ||||||||
Deposits | $ | 1,285 | $ | 438,684 | ||||
Other borrowings | 61 | 34,613 | ||||||
Accrued expenses and other liabilities | 179 | 6,730 | ||||||
Total liabilities | $ | 480,028 | ||||||
Total consideration paid | $ | 76,300 |
($ in Thousands) | February 14, 2020 | |||||||
Purchase price of loans at acquisition | $ | 77,221 | ||||||
Allowance for credit losses at acquisition | 3,504 | |||||||
Non-credit (premium) at acquisition | (951) | |||||||
Par value of acquired loans at acquisition | $ | 79,774 |
($ in Thousands) |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized (Losses) |
Fair Value | ||||||||||
Investment securities AFS | ||||||||||||||
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 investment securities AFS | $ | 4,338,671 | $ | 28,850 | $ | (35,506) | $ | 4,332,015 | ||||||
Investment securities HTM | ||||||||||||||
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 investment securities HTM | $ | 2,239,003 | $ | 118,471 | $ | (8,809) | $ | 2,348,664 |
($ in Thousands) |
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized (Losses) |
Fair Value | ||||||||||
Investment securities AFS | ||||||||||||||
U.S. Treasury securities | $ | 26,436 | $ | 95 | $ | — | $ | 26,531 | ||||||
Agency securities | 24,985 | 53 | — | 25,038 | ||||||||||
Obligations of state and political subdivisions (municipal securities) | 425,057 | 25,605 | — | 450,662 | ||||||||||
Residential mortgage-related securities: | ||||||||||||||
FNMA / FHLMC | 1,448,806 | 12,935 | (500) | 1,461,241 | ||||||||||
GNMA | 231,364 | 4,176 | (3) | 235,537 | ||||||||||
Commercial mortgage-related securities | ||||||||||||||
FNMA/FHLMC | 19,654 | 3,250 | — | 22,904 | ||||||||||
GNMA | 511,429 | 13,327 | — | 524,756 | ||||||||||
Asset backed securities | ||||||||||||||
FFELP | 329,030 | 1,172 | (3,013) | 327,189 | ||||||||||
SBA | 8,637 | — | (53) | 8,584 | ||||||||||
Other debt securities | 3,000 | — | — | 3,000 | ||||||||||
Total investment securities AFS | $ | 3,028,399 | $ | 60,612 | $ | (3,570) | $ | 3,085,441 | ||||||
Investment securities HTM | ||||||||||||||
U.S. Treasury securities | $ | 999 | $ | 25 | $ | — | $ | 1,024 | ||||||
Obligations of state and political subdivisions (municipal securities) | 1,441,900 | 133,544 | — | 1,575,445 | ||||||||||
Residential mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 54,599 | 2,891 | — | 57,490 | ||||||||||
GNMA | 114,553 | 4,260 | — | 118,813 | ||||||||||
Commercial mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 11,211 | — | — | 11,211 | ||||||||||
GNMA | 255,742 | 9,218 | — | 264,960 | ||||||||||
Total investment securities HTM | $ | 1,879,005 | $ | 149,938 | $ | — | $ | 2,028,943 |
AFS | HTM | |||||||||||||
($ in Thousands) |
Amortized
Cost |
Fair
Value |
Amortized
Cost |
Fair
Value |
||||||||||
Due in one year or less | $ | 6,799 | $ | 6,809 | $ | 34,646 | $ | 34,842 | ||||||
Due after one year through five years | 74,250 | 74,142 | 34,697 | 35,820 | ||||||||||
Due after five years through ten years | 405,344 | 418,942 | 161,627 | 167,967 | ||||||||||
Due after ten years | 37,416 | 41,412 | 1,398,789 | 1,502,359 | ||||||||||
Total debt securities | 523,808 | 541,305 | 1,629,759 | 1,740,988 | ||||||||||
Residential mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 2,709,399 | 2,691,879 | 34,347 | 36,139 | ||||||||||
GNMA | 66,189 | 67,780 | 48,053 | 49,631 | ||||||||||
Private-label | 332,028 | 329,724 | — | — | ||||||||||
Commercial mortgage-related securities | ||||||||||||||
FNMA / FHLMC | 357,240 | 350,623 | 425,937 | 419,400 | ||||||||||
GNMA | 165,439 | 166,799 | 100,907 | 102,506 | ||||||||||
Asset backed securities | ||||||||||||||
FFELP | 177,974 | 177,325 | — | — | ||||||||||
SBA | 6,594 | 6,580 | — | — | ||||||||||
Total investment securities | $ | 4,338,671 | $ | 4,332,015 | $ | 2,239,003 | $ | 2,348,664 | ||||||
Ratio of Fair Value to Amortized Cost | 99.8 | % | 104.9 | % |
($ 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 |
($ in Thousands) | AAA | AA | A | Total | |||||||||||||
U.S. Treasury securities | $ | 999 | $ | — | $ | — | $ | 999 | |||||||||
Obligations of state and political subdivisions (municipal securities) | 567,252 | 860,607 | 14,041 | 1,441,900 | |||||||||||||
Residential mortgage-related securities | |||||||||||||||||
FNMA/FHLMC | 54,599 | — | — | 54,599 | |||||||||||||
GNMA | 114,553 | — | — | 114,553 | |||||||||||||
Commercial mortgage-related securities | |||||||||||||||||
FNMA/FHLMC | 11,211 | — | — | 11,211 | |||||||||||||
GNMA | 255,742 | — | — | 255,742 | |||||||||||||
Total HTM securities | $ | 1,004,357 | $ | 860,607 | $ | 14,041 | $ | 1,879,005 |
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Gross gains on AFS securities | $ | 421 | $ | 9,312 | $ | 6,374 | |||||
Gross (losses) on AFS securities | (437) | (90) | (13,861) | ||||||||
Write-up of equity securities without readily determinable fair values | — | — | 13,444 | ||||||||
Investment securities gains (losses), net | $ | (16) | $ | 9,222 | $ | 5,957 | |||||
Proceeds from sales of investment securities | $ | 158,708 | $ | 626,283 | $ | 1,367,476 |
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 |
||||||||||||||||||
Investment securities AFS | ||||||||||||||||||||||||||
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 | ||||||||||||
Investment securities HTM | ||||||||||||||||||||||||||
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 |
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 |
||||||||||||||||||
Investment securities AFS | ||||||||||||||||||||||||||
Residential mortgage-related securities | ||||||||||||||||||||||||||
FNMA / FHLMC | 7 | $ | (500) | $ | 163,002 | — | $ | — | $ | — | $ | (500) | $ | 163,002 | ||||||||||||
GNMA | 2 | (3) | 9,784 | — | — | — | (3) | 9,784 | ||||||||||||||||||
GNMA commercial mortgage-related securities | 1 | — | 287 | — | — | — | — | 287 | ||||||||||||||||||
Asset backed securities | ||||||||||||||||||||||||||
FFELP | 1 | (129) | 9,267 | 16 | (2,885) | 178,681 | (3,013) | 187,948 | ||||||||||||||||||
SBA | 14 | (53) | 8,379 | — | — | — | (53) | 8,379 | ||||||||||||||||||
Other debt securities | 2 | — | 2,000 | — | — | — | — | 2,000 | ||||||||||||||||||
Total | 27 | $ | (685) | $ | 192,720 | 16 | $ | (2,885) | $ | 178,681 | $ | (3,570) | $ | 371,400 | ||||||||||||
Investment securities HTM | ||||||||||||||||||||||||||
GNMA residential mortgage-related securities | 1 | $ | — | $ | 325 | — | $ | — | $ | — | $ | — | $ | 325 | ||||||||||||
Total | 1 | $ | — | $ | 325 | — | $ | — | $ | — | $ | — | $ | 325 |
($ in Thousands) | Dec 31, 2021 | Dec 31, 2020 | ||||||
PPP | $ | 66,070 | $ | 767,757 | ||||
Asset-based lending | 178,027 | 137,476 | ||||||
Commercial and industrial | 8,208,289 | 7,563,945 | ||||||
Commercial real estate - owner occupied | 971,326 | 900,912 | ||||||
Commercial and business lending | 9,423,711 | 9,370,091 | ||||||
Commercial real estate - investor | 4,384,569 | 4,342,584 | ||||||
Real estate construction | 1,808,976 | 1,840,417 | ||||||
Commercial real estate lending | 6,193,545 | 6,183,001 | ||||||
Total commercial | 15,617,256 | 15,553,091 | ||||||
Residential mortgage | 7,567,310 | 7,878,324 | ||||||
Home equity | 595,615 | 707,255 | ||||||
Other consumer | 301,723 | 301,876 | ||||||
Auto | 143,045 | 11,177 | ||||||
Total consumer | 8,607,693 | 8,898,632 | ||||||
Total loans | $ | 24,224,949 | $ | 24,451,724 |
($ in Thousands) | 2021 | 2020 | ||||||
Balance at beginning of year | $ | 29,420 | $ | 16,772 | ||||
New loans | 24,218 | 19,140 | ||||||
Repayments | (8,244) | (6,643) | ||||||
Change due to status of executive officers and directors | (150) | 152 | ||||||
Balance at end of year | $ | 45,245 | $ | 29,420 |
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 | |||||||||||
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 | |||||||||||
Auto: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | 137,952 | $ | 707 | $ | 2,675 | $ | 1,200 | $ | 352 | $ | 107 | $ | 142,993 | |||||||||||
Nonaccrual | — | — | — | — | 36 | 15 | — | — | 52 | ||||||||||||||||||||
Auto | $ | — | $ | — | $ | 137,952 | $ | 707 | $ | 2,711 | $ | 1,216 | $ | 352 | $ | 107 | $ | 143,045 | |||||||||||
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(d)
|
$ | 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 |
Term Loans Amortized Cost Basis by Origination Year(a)
|
|||||||||||||||||||||||||||||
($ in Thousands) |
Rev Loans Converted to Term(a)
|
Rev Loans Amortized Cost Basis | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | ||||||||||||||||||||
PPP:(b)
|
|||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | 745,767 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 745,767 | |||||||||||
Special Mention | — | — | 3,988 | — | — | — | — | — | 3,988 | ||||||||||||||||||||
Potential Problem | — | — | 18,002 | — | — | — | — | — | 18,002 | ||||||||||||||||||||
PPP | $ | — | $ | — | $ | 767,757 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 767,757 | |||||||||||
Commercial and industrial:(c)
|
|||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 4,628 | $ | 2,177,138 | $ | 1,389,260 | $ | 1,435,519 | $ | 1,182,302 | $ | 483,957 | $ | 305,998 | $ | 453,734 | $ | 7,427,908 | |||||||||||
Special Mention | — | 10,159 | 2,719 | 39,854 | 37,042 | 113 | 215 | 67 | 90,169 | ||||||||||||||||||||
Potential Problem | 2,565 | 7,237 | 19,331 | 28,413 | 56,580 | 2,269 | 6,477 | 1,179 | 121,487 | ||||||||||||||||||||
Nonaccrual | 16,852 | — | 6,238 | 5,789 | 17,014 | 16,623 | 8,781 | 7,414 | 61,859 | ||||||||||||||||||||
Commercial and industrial | $ | 24,045 | $ | 2,194,534 | $ | 1,417,548 | $ | 1,509,575 | $ | 1,292,938 | $ | 502,962 | $ | 321,471 | $ | 462,394 | $ | 7,701,422 | |||||||||||
Commercial real estate - owner occupied: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 1,150 | $ | 18,022 | $ | 185,861 | $ | 209,069 | $ | 128,360 | $ | 99,546 | $ | 147,366 | $ | 79,111 | $ | 867,335 | |||||||||||
Special Mention | — | 113 | 1,882 | 3,122 | 300 | 658 | 264 | — | 6,339 | ||||||||||||||||||||
Potential Problem | — | 3,486 | 4,104 | 8,916 | — | 1,490 | 4,437 | 3,747 | 26,179 | ||||||||||||||||||||
Nonaccrual | — | — | — | — | — | 318 | — | 740 | 1,058 | ||||||||||||||||||||
Commercial real estate - owner occupied | $ | 1,150 | $ | 21,621 | $ | 191,847 | $ | 221,107 | $ | 128,660 | $ | 102,012 | $ | 152,067 | $ | 83,598 | $ | 900,912 | |||||||||||
Commercial and business lending: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 5,778 | $ | 2,195,160 | $ | 2,320,888 | $ | 1,644,588 | $ | 1,310,662 | $ | 583,503 | $ | 453,364 | $ | 532,845 | $ | 9,041,009 | |||||||||||
Special Mention | — | 10,272 | 8,589 | 42,976 | 37,342 | 771 | 479 | 67 | 100,496 | ||||||||||||||||||||
Potential Problem | 2,565 | 10,723 | 41,437 | 37,329 | 56,580 | 3,759 | 10,915 | 4,926 | 165,668 | ||||||||||||||||||||
Nonaccrual | 16,852 | — | 6,238 | 5,789 | 17,014 | 16,941 | 8,781 | 8,154 | 62,917 | ||||||||||||||||||||
Commercial and business lending | $ | 25,195 | $ | 2,216,154 | $ | 2,377,152 | $ | 1,730,682 | $ | 1,421,598 | $ | 604,974 | $ | 473,539 | $ | 545,992 | $ | 9,370,091 | |||||||||||
Commercial real estate - investor: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 10,971 | $ | 171,497 | $ | 1,249,644 | $ | 976,332 | $ | 720,237 | $ | 271,987 | $ | 341,658 | $ | 211,360 | $ | 3,942,714 | |||||||||||
Special Mention | — | — | 90,235 | 97,333 | 12,339 | — | 21,882 | 8,465 | 230,254 | ||||||||||||||||||||
Potential Problem | — | 838 | 16,343 | 13,575 | 30,911 | 2,279 | 239 | 27,209 | 91,396 | ||||||||||||||||||||
Nonaccrual | 19,803 | — | 10,141 | 53,056 | 446 | 14,267 | — | 309 | 78,220 | ||||||||||||||||||||
Commercial real estate - investor | $ | 30,774 | $ | 172,335 | $ | 1,366,364 | $ | 1,140,297 | $ | 763,933 | $ | 288,533 | $ | 363,779 | $ | 247,343 | $ | 4,342,584 | |||||||||||
Real estate construction: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 776 | $ | 47,880 | $ | 645,925 | $ | 738,561 | $ | 294,910 | $ | 25,219 | $ | 2,420 | $ | 16,768 | $ | 1,771,682 | |||||||||||
Special Mention | — | — | 487 | 494 | 48,283 | 42 | — | 30 | 49,336 | ||||||||||||||||||||
Potential Problem | — | — | 135 | — | 18,803 | — | 93 | 15 | 19,046 | ||||||||||||||||||||
Nonaccrual | — | — | — | — | — | 16 | — | 338 | 353 | ||||||||||||||||||||
Real estate construction | $ | 776 | $ | 47,880 | $ | 646,547 | $ | 739,055 | $ | 361,996 | $ | 25,277 | $ | 2,513 | $ | 17,150 | $ | 1,840,417 | |||||||||||
Commercial real estate lending: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 11,746 | $ | 219,377 | $ | 1,895,569 | $ | 1,714,893 | $ | 1,015,146 | $ | 297,205 | $ | 344,078 | $ | 228,127 | $ | 5,714,396 | |||||||||||
Special Mention | — | — | 90,722 | 97,827 | 60,622 | 42 | 21,882 | 8,494 | 279,590 | ||||||||||||||||||||
Potential Problem | — | 838 | 16,479 | 13,575 | 49,714 | 2,279 | 332 | 27,224 | 110,442 | ||||||||||||||||||||
Nonaccrual | 19,803 | — | 10,141 | 53,056 | 446 | 14,283 | — | 647 | 78,573 | ||||||||||||||||||||
Commercial real estate lending | $ | 31,549 | $ | 220,215 | $ | 2,012,911 | $ | 1,879,352 | $ | 1,125,929 | $ | 313,810 | $ | 366,292 | $ | 264,493 | $ | 6,183,001 |
Term Loans Amortized Cost Basis by Origination Year(a)
|
|||||||||||||||||||||||||||||
($ in Thousands) |
Rev Loans Converted to Term(a)
|
Rev Loans Amortized Cost Basis | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | Total | ||||||||||||||||||||
Total commercial: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 17,524 | $ | 2,414,537 | $ | 4,216,457 | $ | 3,359,482 | $ | 2,325,808 | $ | 880,708 | $ | 797,441 | $ | 760,973 | $ | 14,755,405 | |||||||||||
Special Mention | — | 10,272 | 99,311 | 140,803 | 97,964 | 813 | 22,361 | 8,562 | 380,086 | ||||||||||||||||||||
Potential Problem | 2,565 | 11,561 | 57,916 | 50,905 | 106,295 | 6,038 | 11,247 | 32,150 | 276,111 | ||||||||||||||||||||
Nonaccrual | 36,655 | — | 16,379 | 58,845 | 17,460 | 31,224 | 8,781 | 8,801 | 141,490 | ||||||||||||||||||||
Total commercial | $ | 56,745 | $ | 2,436,370 | $ | 4,390,063 | $ | 3,610,033 | $ | 2,547,526 | $ | 918,783 | $ | 839,831 | $ | 810,485 | $ | 15,553,091 | |||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | 2,185,240 | $ | 1,490,589 | $ | 615,118 | $ | 998,072 | $ | 911,797 | $ | 1,612,971 | $ | 7,813,788 | |||||||||||
Special Mention | — | — | — | 355 | 330 | 102 | 126 | 537 | 1,450 | ||||||||||||||||||||
Potential Problem | — | — | 1,200 | 689 | 652 | — | 179 | 1,028 | 3,749 | ||||||||||||||||||||
Nonaccrual | — | — | 1,478 | 2,271 | 5,882 | 7,116 | 11,003 | 31,587 | 59,337 | ||||||||||||||||||||
Residential mortgage | $ | — | $ | — | $ | 2,187,918 | $ | 1,493,903 | $ | 621,983 | $ | 1,005,290 | $ | 923,105 | $ | 1,646,124 | $ | 7,878,324 | |||||||||||
Home equity: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 10,224 | $ | 569,389 | $ | 2,057 | $ | 12,968 | $ | 15,792 | $ | 11,594 | $ | 5,803 | $ | 76,165 | $ | 693,767 | |||||||||||
Special Mention | 596 | 631 | — | 39 | 14 | 39 | 4 | 804 | 1,532 | ||||||||||||||||||||
Potential Problem | — | 1,922 | — | — | — | — | — | 146 | 2,068 | ||||||||||||||||||||
Nonaccrual | 1,600 | 100 | 965 | 134 | 410 | 319 | 711 | 7,249 | 9,888 | ||||||||||||||||||||
Home equity | $ | 12,421 | $ | 572,041 | $ | 3,022 | $ | 13,141 | $ | 16,216 | $ | 11,952 | $ | 6,518 | $ | 84,364 | $ | 707,255 | |||||||||||
Other consumer:(d)
|
|||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 70 | $ | 165,114 | $ | 9,525 | $ | 10,309 | $ | 3,987 | $ | 1,872 | $ | 1,185 | $ | 120,425 | $ | 312,416 | |||||||||||
Special Mention | 5 | 438 | 13 | 16 | 11 | 4 | 7 | 8 | 498 | ||||||||||||||||||||
Nonaccrual | 5 | 33 | 9 | 49 | 21 | 10 | — | 18 | 140 | ||||||||||||||||||||
Other consumer | $ | 81 | $ | 165,585 | $ | 9,547 | $ | 10,374 | $ | 4,019 | $ | 1,886 | $ | 1,192 | $ | 120,451 | $ | 313,054 | |||||||||||
Total consumer: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 10,294 | $ | 734,502 | $ | 2,196,822 | $ | 1,513,865 | $ | 634,897 | $ | 1,011,539 | $ | 918,785 | $ | 1,809,561 | $ | 8,819,971 | |||||||||||
Special Mention | 602 | 1,069 | 13 | 410 | 356 | 145 | 137 | 1,349 | 3,480 | ||||||||||||||||||||
Potential Problem | — | 1,922 | 1,200 | 689 | 652 | — | 179 | 1,174 | 5,817 | ||||||||||||||||||||
Nonaccrual | 1,605 | 133 | 2,452 | 2,454 | 6,313 | 7,445 | 11,714 | 38,854 | 69,364 | ||||||||||||||||||||
Total consumer | $ | 12,501 | $ | 737,626 | $ | 2,200,487 | $ | 1,517,417 | $ | 642,218 | $ | 1,019,128 | $ | 930,816 | $ | 1,850,939 | $ | 8,898,632 | |||||||||||
Total loans: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass(e)
|
$ | 27,819 | $ | 3,149,039 | $ | 6,413,278 | $ | 4,873,347 | $ | 2,960,705 | $ | 1,892,247 | $ | 1,716,226 | $ | 2,570,534 | $ | 23,575,376 | |||||||||||
Special Mention | 602 | 11,341 | 99,324 | 141,213 | 98,320 | 958 | 22,498 | 9,911 | 383,566 | ||||||||||||||||||||
Potential Problem | 2,565 | 13,483 | 59,116 | 51,593 | 106,947 | 6,038 | 11,426 | 33,324 | 281,928 | ||||||||||||||||||||
Nonaccrual | 38,260 | 133 | 18,831 | 61,298 | 23,773 | 38,669 | 20,496 | 47,655 | 210,854 | ||||||||||||||||||||
Total loans | $ | 69,246 | $ | 3,173,996 | $ | 6,590,550 | $ | 5,127,451 | $ | 3,189,745 | $ | 1,937,912 | $ | 1,770,647 | $ | 2,661,424 | $ | 24,451,724 |
Accruing | ||||||||||||||||||||
($ in Thousands) |
Current(a)
|
30-59 Days
Past Due |
60-89 Days
Past Due |
90+ Days
Past Due |
Nonaccrual(b)(c)
|
Total | ||||||||||||||
PPP | $ | 65,941 | $ | 40 | $ | 43 | $ | — | $ | 46 | $ | 66,070 | ||||||||
Asset-based lending | 178,027 | — | — | — | — | 178,027 | ||||||||||||||
Commercial and industrial | 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 | ||||||||||||||
Home equity | 584,177 | 2,867 | 844 | — | 7,726 | 595,615 | ||||||||||||||
Other consumer | 298,261 | 1,835 | 472 | 986 | 170 | 301,723 | ||||||||||||||
Auto | 142,982 | 11 | — | — | 52 | 143,045 | ||||||||||||||
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 |
Accruing | ||||||||||||||||||||
($ in Thousands) |
Current(a)
|
30-59 Days
Past Due |
60-89 Days
Past Due |
90+ Days
Past Due |
Nonaccrual(b)(c)
|
Total | ||||||||||||||
PPP | $ | 767,757 | $ | — | $ | — | $ | — | $ | — | $ | 767,757 | ||||||||
Asset-based lending | 137,476 | — | — | — | — | 137,476 | ||||||||||||||
Commercial and industrial | 7,495,792 | 2,819 | 3,300 | 175 | 61,859 | 7,563,945 | ||||||||||||||
Commercial real estate - owner occupied | 899,480 | 158 | 215 | — | 1,058 | 900,912 | ||||||||||||||
Commercial and business lending | 9,300,506 | 2,977 | 3,516 | 175 | 62,917 | 9,370,091 | ||||||||||||||
Commercial real estate - investor | 4,251,571 | 1,024 | 11,769 | — | 78,220 | 4,342,584 | ||||||||||||||
Real estate construction | 1,839,073 | 991 | — | — | 353 | 1,840,417 | ||||||||||||||
Commercial real estate lending | 6,090,644 | 2,015 | 11,769 | — | 78,573 | 6,183,001 | ||||||||||||||
Total commercial | 15,391,150 | 4,992 | 15,284 | 175 | 141,490 | 15,553,091 | ||||||||||||||
Residential mortgage | 7,808,294 | 8,975 | 1,410 | 308 | 59,337 | 7,878,324 | ||||||||||||||
Home equity | 692,565 | 3,071 | 1,731 | — | 9,888 | 707,255 | ||||||||||||||
Other consumer | 299,128 | 998 | 545 | 1,115 | 91 | 301,876 | ||||||||||||||
Auto | 11,072 | 41 | 15 | — | 49 | 11,177 | ||||||||||||||
Total consumer | 8,811,060 | 13,085 | 3,701 | 1,423 | 69,364 | 8,898,632 | ||||||||||||||
Total loans | $ | 24,202,209 | $ | 18,077 | $ | 18,985 | $ | 1,598 | $ | 210,854 | $ | 24,451,724 |
December 31, 2021 | December 31, 2020 | December 31, 2019 | ||||||||||||||||||
($ in Thousands) |
Performing
Restructured Loans |
Nonaccrual
Restructured
Loans(a)
|
Performing
Restructured Loans |
Nonaccrual
Restructured
Loans(a)
|
Performing
Restructured Loans |
Nonaccrual
Restructured
Loans(a)
|
||||||||||||||
Commercial and industrial | $ | 8,687 | $ | — | $ | 12,713 | $ | 6,967 | $ | 16,678 | $ | 7,376 | ||||||||
Commercial real estate - owner occupied | 967 | — | 1,711 | — | 1,676 | — | ||||||||||||||
Commercial real estate - investor | 12,866 | 3,093 | 26,435 | 225 | 293 | — | ||||||||||||||
Real estate construction | 242 | 45 | 260 | 111 | 298 | 179 | ||||||||||||||
Residential mortgage | 16,316 | 13,483 | 7,825 | 11,509 | 3,955 | 13,035 | ||||||||||||||
Home equity | 2,648 | 806 | 1,957 | 1,379 | 1,896 | 1,904 | ||||||||||||||
Other consumer | 803 | — | 1,191 | — | 1,246 | 1 | ||||||||||||||
Total restructured loans(b)
|
$ | 42,530 | $ | 17,426 | $ | 52,092 | $ | 20,190 | $ | 26,041 | $ | 22,494 |
Years Ended December 31, | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||||||||||||||
($ in Thousands) |
Number
of Loans |
Recorded
Investment(a)
|
Unpaid
Principal
Balance(b)
|
Number
of Loans |
Recorded
Investment(a)
|
Unpaid
Principal
Balance(b)
|
Number
of Loans |
Recorded
Investment(a)
|
Unpaid
Principal
Balance(b)
|
||||||||||||||||||||
Commercial and industrial | 4 | $ | 610 | $ | 610 | 7 | $ | 1,823 | $ | 2,059 | 6 | $ | 7,588 | $ | 7,703 | ||||||||||||||
Commercial real estate - owner occupied | — | — | — | 4 | 658 | 689 | — | — | — | ||||||||||||||||||||
Commercial real estate - investor | 6 | 4,259 | 10,166 | 10 | 26,563 | 26,567 | — | — | — | ||||||||||||||||||||
Real estate construction | — | — | — | — | — | — | 1 | 77 | 77 | ||||||||||||||||||||
Residential mortgage | 69 | 12,415 | 12,463 | 36 | 6,031 | 6,113 | 53 | 7,436 | 7,517 | ||||||||||||||||||||
Home equity | 9 | 932 | 963 | 20 | 1,078 | 1,697 | 24 | 831 | 845 | ||||||||||||||||||||
Other consumer | — | — | — | — | — | — | 1 | 8 | 8 | ||||||||||||||||||||
Total loans modified | 88 | $ | 18,216 | $ | 24,201 | 77 | $ | 36,154 | $ | 37,125 | 85 | $ | 15,940 | $ | 16,150 |
($ 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 | 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 | |||||||||||||||||
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 | |||||||||||||||||
Auto | 174 | (22) | 31 | 9 | 1,816 | 1,999 | |||||||||||||||||
Total consumer | 76,475 | (4,738) | 4,993 | 256 | (8,492) | 68,239 | |||||||||||||||||
Total | $ | 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 | 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 | $ | 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(b)
|
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 | % | |||||||||||||||
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 | % | |||||||||||||||
Auto | 174 | (22) | 31 | 9 | 1,816 | 1,999 | 1.40 | % | |||||||||||||||
Total consumer | 82,150 | (4,738) | 4,993 | 256 | (9,581) | 72,825 | 0.85 | % | |||||||||||||||
Total | $ | 431,478 | $ | (40,652) | $ | 16,965 | $ | (23,687) | $ | (88,000) | $ | 319,791 | 1.32 | % |
($ in Thousands) | Dec. 31, 2019 | Cumulative effect of ASU 2016-13 adoption (CECL) | Jan. 1, 2020 | Charge offs | Recoveries | Net Charge offs | Gross up of allowance for PCD loans at acquisition | Provision recorded at acquisition | Provision for credit losses | Dec. 31, 2020 | ACLL / Loans | ||||||||||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||||||||||||||
PPP | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 531 | $ | 531 | |||||||||||||||
Asset-based lending | 3,407 | 64 | 3,470 | (6,650) | 561 | (6,090) | — | — | 4,697 | 2,077 | |||||||||||||||||||||||||
Commercial and industrial | 87,727 | 52,856 | 140,582 | (73,670) | 6,444 | (67,226) | 293 | 408 | 66,658 | 140,716 | |||||||||||||||||||||||||
Commercial real estate — owner occupied | 10,284 | (1,851) | 8,433 | (419) | 147 | (272) | 890 | 255 | 1,967 | 11,274 | |||||||||||||||||||||||||
Commercial and business lending | 101,417 | 51,068 | 152,485 | (80,739) | 7,151 | (73,588) | 1,183 | 663 | 73,853 | 154,598 | |||||||||||||||||||||||||
Commercial real estate — investor | 40,514 | 2,041 | 42,555 | (22,920) | 643 | (22,277) | 753 | 472 | 71,933 | 93,435 | |||||||||||||||||||||||||
Real estate construction | 24,915 | 7,467 | 32,382 | (19) | 49 | 31 | 435 | 492 | 25,854 | 59,193 | |||||||||||||||||||||||||
Commercial real estate lending | 65,428 | 9,508 | 74,937 | (22,938) | 692 | (22,246) | 1,188 | 964 | 97,787 | 152,629 | |||||||||||||||||||||||||
Total commercial | 166,846 | 60,576 | 227,422 | (103,677) | 7,844 | (95,834) | 2,371 | 1,627 | 171,641 | 307,226 | |||||||||||||||||||||||||
Residential mortgage | 16,960 | 33,215 | 50,175 | (1,867) | 500 | (1,367) | 651 | 403 | (6,864) | 42,996 | |||||||||||||||||||||||||
Home equity | 10,926 | 11,649 | 22,575 | (1,719) | 1,978 | 259 | 422 | 374 | (4,781) | 18,849 | |||||||||||||||||||||||||
Other consumer(a)
|
6,639 | 7,016 | 13,655 | (4,790) | 1,101 | (3,689) | 61 | 140 | 4,462 | 14,630 | |||||||||||||||||||||||||
Total consumer | 34,525 | 51,880 | 86,405 | (8,376) | 3,579 | (4,797) | 1,134 | 917 | (7,183) | 76,475 | |||||||||||||||||||||||||
Total | $ | 201,371 | $ | 112,457 | $ | 313,828 | $ | (112,053) | $ | 11,422 | $ | (100,631) | $ | 3,504 | $ | 2,543 | $ | 164,457 | $ | 383,702 | |||||||||||||||
Allowance for unfunded commitments | |||||||||||||||||||||||||||||||||||
Asset-based lending | $ | 471 | $ | (144) | $ | 328 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 573 | $ | 901 | |||||||||||||||
Commercial and industrial | 11,805 | (3,854) | 7,950 | — | — | — | — | 61 | 13,399 | 21,411 | |||||||||||||||||||||||||
Commercial real estate — owner occupied | 127 | — | 127 | — | — | — | — | 4 | 135 | 266 | |||||||||||||||||||||||||
Commercial and business lending | 12,403 | (3,998) | 8,405 | — | — | — | — | 65 | 14,108 | 22,577 | |||||||||||||||||||||||||
Commercial real estate — investor | 530 | 246 | 776 | — | — | — | — | 2 | (141) | 636 | |||||||||||||||||||||||||
Real estate construction | 7,532 | 18,347 | 25,879 | — | — | — | — | 45 | (7,038) | 18,887 | |||||||||||||||||||||||||
Commercial real estate lending | 8,062 | 18,593 | 26,655 | — | — | — | — | 47 | (7,179) | 19,523 | |||||||||||||||||||||||||
Total commercial | 20,465 | 14,595 | 35,060 | — | — | — | — | 112 | 6,929 | 42,101 | |||||||||||||||||||||||||
Home equity | 1,038 | 2,591 | 3,629 | — | — | — | — | 66 | (577) | 3,118 | |||||||||||||||||||||||||
Other consumer | 405 | 1,504 | 1,909 | — | — | — | — | — | 649 | 2,557 | |||||||||||||||||||||||||
Total consumer | 1,443 | 4,095 | 5,538 | — | — | — | — | 66 | 72 | 5,675 | |||||||||||||||||||||||||
Total | $ | 21,907 | $ | 18,690 | $ | 40,597 | $ | — | $ | — | $ | — | $ | — | $ | 179 | $ | 7,000 | $ | 47,776 | |||||||||||||||
Allowance for credit losses on loans | |||||||||||||||||||||||||||||||||||
PPP | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 531 | $ | 531 | 0.07 | % | |||||||||||||
Asset-based lending | 3,878 | (80) | 3,798 | (6,650) | 561 | (6,090) | — | — | 5,270 | 2,978 | 2.17 | % | |||||||||||||||||||||||
Commercial and industrial | 99,531 | 49,001 | 148,532 | (73,670) | 6,444 | (67,226) | 293 | 469 | 80,058 | 162,126 | 2.14 | % | |||||||||||||||||||||||
Commercial real estate — owner occupied | 10,411 | (1,851) | 8,560 | (419) | 147 | (272) | 890 | 259 | 2,102 | 11,539 | 1.28 | % | |||||||||||||||||||||||
Commercial and business lending | 113,820 | 47,070 | 160,890 | (80,739) | 7,151 | (73,588) | 1,183 | 728 | 87,961 | 177,175 | 1.89 | % | |||||||||||||||||||||||
Commercial real estate — investor | 41,044 | 2,287 | 43,331 | (22,920) | 643 | (22,277) | 753 | 474 | 71,792 | 94,071 | 2.17 | % | |||||||||||||||||||||||
Real estate construction | 32,447 | 25,814 | 58,261 | (19) | 49 | 31 | 435 | 537 | 18,816 | 78,080 | 4.24 | % | |||||||||||||||||||||||
Commercial real estate lending | 73,490 | 28,101 | 101,591 | (22,938) | 692 | (22,246) | 1,188 | 1,011 | 90,608 | 172,152 | 2.78 | % | |||||||||||||||||||||||
Total commercial | 187,311 | 75,171 | 262,482 | (103,677) | 7,844 | (95,834) | 2,371 | 1,739 | 178,569 | 349,327 | 2.25 | % | |||||||||||||||||||||||
Residential mortgage | 16,960 | 33,215 | 50,175 | (1,867) | 500 | (1,367) | 651 | 403 | (6,864) | 42,996 | 0.55 | % | |||||||||||||||||||||||
Home equity | 11,964 | 14,240 | 26,204 | (1,719) | 1,978 | 259 | 422 | 440 | (5,358) | 21,967 | 3.11 | % | |||||||||||||||||||||||
Other consumer(a)
|
7,044 | 8,520 | 15,564 | (4,790) | 1,101 | (3,689) | 61 | 140 | 5,111 | 17,187 | 5.49 | % | |||||||||||||||||||||||
Total consumer | 35,968 | 55,975 | 91,943 | (8,376) | 3,579 | (4,797) | 1,134 | 983 | (7,112) | 82,150 | 0.92 | % | |||||||||||||||||||||||
Total | $ | 223,278 | $ | 131,147 | $ | 354,425 | $ | (112,053) | $ | 11,422 | $ | (100,631) | $ | 3,504 | $ | 2,722 | $ | 171,457 | $ | 431,478 | 1.76 | % |
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Core deposit intangibles | |||||||||||
Gross carrying amount at the beginning of the year | $ | 88,109 | $ | 80,730 | $ | 58,100 | |||||
Additions during the year | — | 7,379 | 22,630 | ||||||||
Accumulated amortization | (30,016) | (21,205) | (12,456) | ||||||||
Net book value | $ | 58,093 | $ | 66,904 | $ | 68,274 | |||||
Amortization during the year | $ | 8,811 | $ | 8,749 | $ | 7,130 | |||||
Other intangibles | |||||||||||
Gross carrying amount at the beginning of the year | $ | 2,000 | $ | 38,970 | $ | 44,887 | |||||
Additions during the year | — | 200 | — | ||||||||
Reductions due to sale | (1,317) | (17,435) | (217) | ||||||||
Accumulated amortization | (683) | (20,385) | (24,643) | ||||||||
Net book value | $ | — | $ | 1,350 | $ | 20,027 | |||||
Amortization during the year | $ | 33 | $ | 1,443 | $ | 2,818 |
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Mortgage servicing rights | |||||||||||
Mortgage servicing rights at beginning of year | $ | 59,967 | $ | 67,607 | $ | 68,433 | |||||
Additions from acquisition | — | 1,357 | — | ||||||||
Additions | 16,151 | 13,667 | 11,606 | ||||||||
Amortization | (19,436) | (22,664) | (12,432) | ||||||||
Mortgage servicing rights at end of year | $ | 56,682 | $ | 59,967 | $ | 67,607 | |||||
Valuation allowance at beginning of year | (18,006) | (302) | (239) | ||||||||
(Additions) recoveries, net | 16,186 | (17,704) | (63) | ||||||||
Valuation allowance at end of year | (1,820) | (18,006) | (302) | ||||||||
Mortgage servicing rights, net | $ | 54,862 | $ | 41,961 | $ | 67,306 | |||||
Fair value of mortgage servicing rights | $ | 57,259 | $ | 41,990 | $ | 72,532 | |||||
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”) | 6,994,834 | 7,743,956 | 8,488,969 | ||||||||
Mortgage servicing rights, net to servicing portfolio | 0.78 | % | 0.54 | % | 0.79 | % | |||||
Mortgage servicing rights expense(a)
|
$ | 3,250 | $ | 40,369 | $ | 12,494 |
($ in Thousands) | Core Deposit Intangibles | Mortgage Servicing Rights | |||||||||||||||
Year ending December 31, | |||||||||||||||||
2022 | $ | 8,811 | $ | 8,901 | |||||||||||||
2023 | 8,811 | 9,614 | |||||||||||||||
2024 | 8,811 | 7,811 | |||||||||||||||
2025 | 8,811 | 6,490 | |||||||||||||||
2026 | 8,811 | 5,423 | |||||||||||||||
Beyond 2026 | 14,038 | 18,444 | |||||||||||||||
Total Estimated Amortization Expense | $ | 58,093 | $ | 56,682 |
2021 | 2020 | ||||||||||||||||
($ in Thousands)
|
Estimated
Useful Lives |
Cost |
Accumulated
Depreciation |
Net Book
Value |
Net Book
Value |
||||||||||||
Land | — | $ | 66,830 | $ | — | $ | 66,830 | $ | 70,431 | ||||||||
Land improvements | 3 – 15 years | 18,522 | 8,967 | 9,555 | 9,771 | ||||||||||||
Buildings and improvements | 5 – 39 years | 386,859 | 173,729 | 213,130 | 222,162 | ||||||||||||
Computers and related equipment | 4 – 8 years | 54,908 | 41,076 | 13,831 | 14,718 | ||||||||||||
Furniture, fixtures and other equipment | 3 – 20 years | 136,426 | 94,639 | 41,787 | 58,058 | ||||||||||||
Operating leases | — | 46,341 | 18,042 | 28,299 | 31,994 | ||||||||||||
Leasehold improvements | 2 – 20 years | 35,489 | 23,748 | 11,741 | 11,781 | ||||||||||||
Total premises and equipment | $ | 745,375 | $ | 360,202 | $ | 385,173 | $ | 418,914 |
Twelve Months Ended December 31, | ||||||||||||||
($ in Thousands) | 2021 | 2020 | ||||||||||||
Operating Lease Costs | $ | 8,712 | $ | 11,450 | ||||||||||
Finance Lease Costs | 107 | 154 | ||||||||||||
Operating Lease Cash Flows | 11,183 | 11,276 | ||||||||||||
Finance Lease Cash Flows | 137 | 122 |
Consolidated Balance Sheets Category | December 31, 2021 | December 31, 2020 | |||||||||
($ in Thousands) | Amount | ||||||||||
Operating lease right-of-use asset | Premises and equipment | $ | 28,299 | $ | 31,994 | ||||||
Finance lease right-of-use asset | Other assets | 143 | 962 | ||||||||
Operating lease liability | Accrued expenses and other liabilities | 31,345 | 36,425 | ||||||||
Finance lease liability | Other long-term funding | 163 | 1,128 |
December 31, 2021 | December 31, 2020 | |||||||||||||||||||
($ 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 | $ | 192 | 1.50 | 0.45 | % | $ | 386 | 2.49 | 0.46 | % | ||||||||||
Retail and corporate offices | 29,008 | 5.56 | 3.26 | % | 34,036 | 6.04 | 3.33 | % | ||||||||||||
Land | 5,551 | 8.29 | 3.12 | % | 6,385 | 8.99 | 3.09 | % | ||||||||||||
Total operating leases | $ | 34,751 | 5.94 | 3.22 | % | $ | 40,806 | 6.45 | 3.27 | % | ||||||||||
Finance leases | ||||||||||||||||||||
Retail and corporate offices | $ | 112 | 1.25 | 1.32 | % | $ | — | 0.00 | — | % | ||||||||||
Land | 51 | 0.67 | 1.07 | % | 1,145 | 1.65 | 1.05 | % | ||||||||||||
Total finance leases | $ | 164 | 1.07 | 1.24 | % | $ | 1,145 | 1.65 | 1.05 | % |
($ in Thousands) | Operating Leases | Finance Leases | Total Leases | ||||||||
Twelve Months Ending December 31, 2022 | $ | 8,056 | $ | 141 | $ | 8,197 | |||||
2023 | 6,170 | 22 | 6,193 | ||||||||
2024 | 5,383 | — | 5,383 | ||||||||
2025 | 4,084 | — | 4,084 | ||||||||
2026 | 3,518 | — | 3,518 | ||||||||
Beyond 2026 | 7,541 | — | 7,541 | ||||||||
Total lease payments | $ | 34,751 | $ | 164 | $ | 34,915 | |||||
Less: interest | 3,406 | 1 | 3,407 | ||||||||
Present value of lease payments | $ | 31,345 | $ | 163 | $ | 31,508 |
($ in Thousands) | Payments | Receipts | ||||||
2022 | $ | 8,467 | $ | 3,099 | ||||
2023 | 5,842 | 2,980 | ||||||
2024 | 5,238 | 2,715 | ||||||
2025 | 4,067 | 2,427 | ||||||
2026 | 3,506 | 2,184 | ||||||
Thereafter | 6,420 | 7,113 | ||||||
Total | $ | 33,540 | $ | 20,519 |
($ in Thousands) | 2021 | 2020 | ||||||
Noninterest-bearing demand | $ | 8,504,077 | $ | 7,661,728 | ||||
Savings | 4,410,198 | 3,650,085 | ||||||
Interest-bearing demand | 7,019,782 | 6,090,869 | ||||||
Money market | 7,185,111 | 7,322,769 | ||||||
Time deposits | 1,347,262 | 1,757,030 | ||||||
Total deposits | $ | 28,466,430 | $ | 26,482,481 |
Maturities During Year Ending December 31, | ($ in Thousands) | ||||
2022 | $ | 1,055,614 | |||
2023 | 177,715 | ||||
2024 | 66,105 | ||||
2025 | 25,211 | ||||
2026 | 22,612 | ||||
Thereafter | 5 | ||||
Total | $ | 1,347,262 |
($ in Thousands) | December 31, 2021 | December 31, 2020 | ||||||
Short-Term Funding | ||||||||
Federal funds purchased | $ | 120 | $ | 7,070 | ||||
Securities sold under agreements to repurchase | 319,412 | 185,901 | ||||||
Federal funds purchased and securities sold under agreements to repurchase | 319,532 | 192,971 | ||||||
Commercial paper | 34,730 | 59,346 | ||||||
Total short-term funding | $ | 354,262 | $ | 252,317 | ||||
Long-Term Funding | ||||||||
Bank senior notes, at par, due 2021 | $ | — | $ | 300,000 | ||||
Corporation subordinated notes, at par, due 2025 | 250,000 | 250,000 | ||||||
Capitalized costs | (839) | (1,663) | ||||||
Finance leases | 163 | 1,128 | ||||||
FHLB advances | 1,621,047 | 1,632,723 | ||||||
Total long-term funding | 1,870,371 | 2,182,188 | ||||||
Total short and long-term funding
|
$ | 2,224,633 | $ | 2,434,505 |
Overnight and Continuous | ||||||||||||||||||||
($ in Thousands) | December 31, 2021 | December 31, 2020 | ||||||||||||||||||
Repurchase agreements | ||||||||||||||||||||
Agency mortgage-related securities
|
$ | 319,412 | $ | 185,901 | ||||||||||||||||
Total | $ | 319,412 | $ | 185,901 | ||||||||||||||||
($ in Thousands) | Long Term Funding | |||||||||||||
Year | ||||||||||||||
2022 | $ | 11,811 | ||||||||||||
2023 | 2,363 | |||||||||||||
2024 | 633 | |||||||||||||
2025 | 649,377 | |||||||||||||
2026 | 604,813 | |||||||||||||
Thereafter | 601,375 | |||||||||||||
Total long-term funding | $ | 1,870,371 |
2020 | 2019 | ||||||||||
Dividend yield | 3.50 | % | 3.30 | % | |||||||
Risk-free interest rate | 1.60 | % | 2.60 | % | |||||||
Weighted average expected volatility | 21.00 | % | 24.00 | % | |||||||
Weighted average expected life | 5.75 years | 5.75 years | |||||||||
Weighted average per share fair value of options | $2.39 | $4.00 |
Stock Options |
Shares(a)
|
Weighted Average
Exercise Price |
Weighted Average
Remaining Contractual Term |
Aggregate
Intrinsic Value ($ in thousands) |
||||||||||
Outstanding at December 31, 2020 | 6,473 | $ | 19.77 | 6.23 years | $ | 2,005 | ||||||||
Exercised | (1,533) | 16.58 | ||||||||||||
Forfeited or expired | (126) | 22.28 | ||||||||||||
Outstanding at December 31, 2021 | 4,814 | $ | 20.72 | 5.96 years | $ | 12,532 | ||||||||
Options exercisable at December 31, 2021 | 3,264 | $ | 21.00 | 5.13 years | $ | 8,294 | ||||||||
Restricted Stock |
Shares(a)
|
Weighted Average
Grant Date Fair Value |
||||||
Outstanding at December 31, 2020 | 2,293 | $ | 20.46 | |||||
Granted | 1,229 | 20.03 | ||||||
Vested | (812) | 21.23 | ||||||
Forfeited | (75) | 21.72 | ||||||
Outstanding at December 31, 2021 | 2,635 | $ | 19.87 |
RAP |
Postretirement
Plan |
RAP |
Postretirement
Plan |
|||||||||||
($ in Thousands) | 2021 | 2021 | 2020 | 2020 | ||||||||||
Change in Fair Value of Plan Assets | ||||||||||||||
Fair value of plan assets at beginning of year | $ | 478,849 | $ | — | $ | 442,034 | $ | — | ||||||
Actual return on plan assets | 41,576 | — | 58,802 | — | ||||||||||
Employer contributions | — | 201 | — | 210 | ||||||||||
Gross benefits paid | (22,629) | (201) | (21,987) | (210) | ||||||||||
Fair value of plan assets at end of year(a)
|
$ | 497,796 | $ | — | $ | 478,849 | $ | — | ||||||
Change in Benefit Obligation | ||||||||||||||
Net benefit obligation at beginning of year | $ | 280,017 | $ | 2,243 | $ | 260,576 | $ | 2,545 | ||||||
Service cost | 7,779 | — | 8,244 | — | ||||||||||
Interest cost
|
6,570 | 52 | 8,185 | 78 | ||||||||||
Plan amendments | (1,494) | — | — | — | ||||||||||
Actuarial (gain) loss | (8,921) | (119) | 24,998 | (169) | ||||||||||
Gross benefits paid | (22,629) | (201) | (21,987) | (210) | ||||||||||
Net benefit obligation at end of year(a)
|
$ | 261,321 | $ | 1,975 | $ | 280,017 | $ | 2,243 | ||||||
Funded (unfunded) status | $ | 236,475 | $ | (1,975) | $ | 198,832 | $ | (2,243) | ||||||
Noncurrent assets | $ | 236,475 | $ | — | $ | 198,832 | $ | — | ||||||
Current liabilities | — | (177) | — | (189) | ||||||||||
Noncurrent liabilities | — | (1,798) | — | (2,055) | ||||||||||
Asset (liability) recognized on the consolidated balance sheets | $ | 236,475 | $ | (1,975) | $ | 198,832 | $ | (2,243) |
RAP |
Postretirement
Plan |
RAP |
Postretirement
Plan |
|||||||||||
($ in Thousands) | 2021 | 2021 | 2020 | 2020 | ||||||||||
Prior service cost | $ | (1,253) | $ | (419) | $ | (194) | $ | (477) | ||||||
Net actuarial loss | 5,605 | (89) | 28,029 | — | ||||||||||
Amount not yet recognized in net periodic benefit cost, but recognized in accumulated other comprehensive (income) loss | $ | 4,352 | $ | (508) | $ | 27,835 | $ | (477) |
RAP |
Postretirement
Plan |
RAP |
Postretirement
Plan |
|||||||||||
($ in Thousands) | 2021 | 2021 | 2020 | 2020 | ||||||||||
Net actuarial gain | $ | 25,257 | $ | 119 | $ | 8,209 | $ | 169 | ||||||
Amortization of prior service cost | (73) | (75) | (73) | (75) | ||||||||||
Amortization of actuarial loss | 4,594 | — | 3,897 | — | ||||||||||
Prior service cost | 1,494 | — | — | — | ||||||||||
Income tax (expense) | (7,791) | (11) | (3,040) | (23) | ||||||||||
Total Recognized in OCI | $ | 23,480 | $ | 33 | $ | 8,993 | $ | 71 |
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Service cost | $ | 7,779 | $ | 8,244 | $ | 7,263 | |||||
Interest cost | 6,570 | 8,185 | 9,752 | ||||||||
Expected return on plan assets | (25,675) | (25,595) | (24,332) | ||||||||
Amortization of prior service cost | (73) | (73) | (73) | ||||||||
Amortization of actuarial loss | 4,594 | 3,897 | 480 | ||||||||
Recognized settlement loss | 434 | — | — | ||||||||
Total net periodic pension (income) | $ | (6,370) | $ | (5,342) | $ | (6,910) |
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Interest cost | $ | 52 | $ | 78 | $ | 104 | |||||
Amortization of prior service cost | (75) | (75) | (75) | ||||||||
Amortization of actuarial (gain) | — | — | (4) | ||||||||
Total net periodic benefit cost (income) | $ | (24) | $ | 3 | $ | 25 |
RAP |
Postretirement
Plan |
RAP |
Postretirement
Plan |
|||||||||||
2021 | 2021 | 2020 | 2020 | |||||||||||
Weighted average assumptions used to determine benefit obligations | ||||||||||||||
Discount rate | 2.80 | % | 2.80 | % | 2.40 | % | 2.40 | % | ||||||
Rate of increase in compensation levels | 2.50 | % | N/A | 2.00 | % | N/A | ||||||||
Interest crediting rate | 3.07 | % | N/A | 3.24 | % | N/A | ||||||||
Weighted average assumptions used to determine net periodic benefit costs | ||||||||||||||
Discount rate
|
2.40 | % | 2.40 | % | 3.20 | % | 3.20 | % | ||||||
Rate of increase in compensation levels | 2.00 | % | N/A | 2.00 | % | N/A | ||||||||
Expected long-term rate of return on plan assets
|
6.00 | % | N/A | 6.20 | % | N/A |
Asset Category | 2021 | 2020 | ||||||
Equity securities | 55 | % | 53 | % | ||||
Fixed-income securities | 34 | % | 33 | % | ||||
Group annuity contracts | 10 | % | 11 | % | ||||
Alternative securities | — | % | 1 | % | ||||
Other | 1 | % | 2 | % | ||||
Total | 100 | % | 100 | % |
Fair Value Measurements Using | ||||||||||||||
($ in Thousands) | December 31, 2021 | Level 1 | Level 2 | Level 3 | ||||||||||
RAP Investments | ||||||||||||||
Money market account | $ | 5,446 | $ | 5,446 | $ | — | $ | — | ||||||
Common /collective trust funds | 185,791 | 185,791 | — | — | ||||||||||
Mutual funds | 257,345 | 257,345 | — | — | ||||||||||
Group annuity contracts | 49,213 | — | — | 49,213 | ||||||||||
Total RAP investments | $ | 497,796 | $ | 448,582 | $ | — | $ | 49,213 | ||||||
Fair Value Measurements Using | ||||||||||||||
($ in Thousands) | December 31, 2020 | Level 1 | Level 2 | Level 3 | ||||||||||
RAP Investments | ||||||||||||||
Money market account | $ | 9,429 | $ | 9,429 | $ | — | $ | — | ||||||
Common /collective trust funds | 172,950 | 172,950 | — | — | ||||||||||
Mutual funds | 245,605 | 245,605 | — | — | ||||||||||
Group annuity contracts | 50,866 | — | — | 50,866 | ||||||||||
Total RAP investments | $ | 478,849 | $ | 427,983 | $ | — | $ | 50,866 |
Fair Value Reconciliation of Level 3 RAP Investments | 2021 | 2020 | ||||||
Fair value of group annuity contract at beginning of period | $ | 50,866 | $ | 50,055 | ||||
Return on plan assets | 921 | 3,499 | ||||||
Transfers from money market funds and equity securities | 66 | — | ||||||
Benefits paid | (2,640) | (2,688) | ||||||
Fair value of group annuity contract at end of period | $ | 49,213 | $ | 50,866 |
($ in Thousands) | RAP | Postretirement Plan | ||||||
Estimated future benefit payments | ||||||||
2022 | $ | 16,398 | $ | 180 | ||||
2023 | 15,956 | 175 | ||||||
2024 | 16,897 | 169 | ||||||
2025 | 18,555 | 163 | ||||||
2026 | 17,051 | 156 | ||||||
2027-2031 | 77,883 | 674 |
Years Ended December 31, | |||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Current | |||||||||||
Federal | $ | 57,916 | $ | 33,020 | $ | 50,560 | |||||
State | 12,035 | 16,193 | 15,327 | ||||||||
Total current | 69,951 | 49,213 | 65,887 | ||||||||
Deferred | |||||||||||
Federal | 9,115 | (25,895) | 14,094 | ||||||||
State | 6,247 | (3,118) | (261) | ||||||||
Total deferred | 15,362 | (29,013) | 13,833 | ||||||||
Total income tax expense | $ | 85,313 | $ | 20,200 | $ | 79,720 |
($ in Thousands) | 2021 | 2020 | ||||||
Deferred tax assets | ||||||||
Allowance for loan losses | $ | 72,199 | $ | 88,967 | ||||
Allowance for other losses | 12,704 | 16,347 | ||||||
Accrued liabilities | 4,285 | 3,776 | ||||||
Deferred compensation | 31,896 | 27,896 | ||||||
Benefit of tax loss and credit carryforwards | 6,245 | 9,789 | ||||||
Nonaccrual interest | 1,374 | 1,763 | ||||||
Lease liability | 12,954 | 13,328 | ||||||
Basis difference from equity securities and other investments | — | 6,329 | ||||||
Net unrealized losses on AFS securities | 1,989 | — | ||||||
Net unrealized losses on pension and postretirement benefits | 1,308 | 9,110 | ||||||
Other | 3,806 | 997 | ||||||
Total deferred tax assets | $ | 148,760 | $ | 178,302 | ||||
Valuation allowance for deferred tax assets | — | (251) | ||||||
Total deferred tax assets after valuation allowance | $ | 148,760 | $ | 178,051 | ||||
Deferred tax liabilities | ||||||||
Prepaid expenses | $ | 61,826 | $ | 63,113 | ||||
Goodwill | 22,785 | 21,698 | ||||||
Mortgage banking activities | 14,382 | 10,403 | ||||||
Deferred loan fee income | 7,848 | 9,799 | ||||||
State deferred taxes | 1,234 | 2,636 | ||||||
Lease financing | — | 116 | ||||||
Bank premises and equipment | 20,705 | 30,188 | ||||||
Purchase accounting | 11,500 | 12,658 | ||||||
Basis difference from equity securities and other investments | 2,597 | — | ||||||
Net unrealized gains on AFS securities | — | 13,568 | ||||||
Other | 667 | 1,049 | ||||||
Total deferred tax liabilities | $ | 143,544 | $ | 165,228 | ||||
Net deferred tax assets (liabilities) | $ | 5,216 | $ | 12,823 |
($ in Thousands) | 2021 | 2020 | ||||||
Valuation allowance for deferred tax assets, beginning of year | $ | (251) | $ | (251) | ||||
Decrease in current year | 251 | — | ||||||
Valuation allowance for deferred tax assets, end of year | $ | — | $ | (251) |
2021 | 2020 | 2019 | |||||||||
Federal income tax rate at statutory rate | 21.0 | % | 21.0 % | 21.0 % | |||||||
Increases (decreases) resulting from: | |||||||||||
Tax-exempt interest and dividends | (3.0) | % | (3.9) | % | (3.3) | % | |||||
State income taxes (net of federal benefit) | 3.8 | % | 3.7 % | 3.5 % | |||||||
Bank owned life insurance | (0.6) | % | (0.9) | % | (0.8) | % | |||||
Tax effect of tax credits and benefits, net of related expenses | (1.8) | % | (1.8) | % | (0.9) | % | |||||
Tax reserve adjustments / settlements | — | % | 0.1 % | 0.2 % | |||||||
Net tax (benefit) expense from stock-based compensation | — | % | 0.3 % | (0.2) | % | ||||||
Restructuring in conjunction with ABRC sale | (0.1) | % | (13.7) | % | — | % | |||||
FDIC premium | 0.5 | % | 0.8 % | 0.5 % | |||||||
Other | (0.2) | % | 0.6 % | (0.4) | % | ||||||
Effective income tax rate | 19.6 | % | 6.2 | % | 19.6 | % |
($ in Millions) | 2021 | 2020 | ||||||
Balance at beginning of year | $ | 3 | $ | 3 | ||||
Subtractions for tax positions related to prior years | (1) | — | ||||||
Balance at end of year | $ | 2 | $ | 3 |
December 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
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 | $ | 3,874,781 | $ | 83,626 | $ | 3,874,781 | $ | 26,231 | $ | 3,639,679 | $ | 192,518 | $ | 3,639,679 | $ | 25,680 | |||||||||||||
Foreign currency exchange forwards | 490,057 | 5,490 | 478,745 | 5,441 | 411,292 | 4,909 | 398,890 | 4,836 | |||||||||||||||||||||
Commodity contracts | 3,894 | 1,264 | 3,910 | 1,248 | 87,547 | 12,486 | 83,214 | 11,155 | |||||||||||||||||||||
Mortgage banking(a)(b)
|
133,990 | 2,647 | 245,016 | — | 226,818 | 9,624 | 335,500 | 2,046 | |||||||||||||||||||||
Gross derivatives before netting | $ | 93,026 | $ | 32,921 | $ | 219,537 | $ | 43,716 | |||||||||||||||||||||
Less: Legally enforceable master netting agreements | 2,143 | 2,143 | 1,936 | 1,936 | |||||||||||||||||||||||||
Less: Cash collateral pledged/received | 1,313 | 11,357 | 10,879 | 25,625 | |||||||||||||||||||||||||
Total derivative instruments, after netting | $ | 89,570 | $ | 19,421 | $ | 206,722 | $ | 16,155 |
Location and Amount of Gain or (Loss) Recognized on Consolidated Statements of Income in Fair Value and Cash Flow Hedging Relationships | ||||||||||||||||||||||||||
For the Years Ended December 31, | ||||||||||||||||||||||||||
2021 | 2020 | 2019 | ||||||||||||||||||||||||
($ in Thousands) | Interest Income | Interest Income | Other Expense | Interest Income | ||||||||||||||||||||||
Total amounts of income and expense line items presented on the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded(a)
|
$ | (1,376) | $ | (1,779) | $ | (262) | $ | (448) | ||||||||||||||||||
The effects of fair value and cash flow hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20 | ||||||||||||||||||||||||||
Interest contracts | ||||||||||||||||||||||||||
Hedged items | (1,376) | (1,779) | (262) | 5,871 | ||||||||||||||||||||||
Derivatives designated as hedging instruments(a)
|
— | — | — | (6,319) | ||||||||||||||||||||||
Consolidated Statements of Income Category of
Gain / (Loss) Recognized in Income |
For the Years Ended December 31, | |||||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | |||||||||||
Derivative Instruments | ||||||||||||||
Interest rate-related instruments — customer and mirror, net | Capital market fees, net | $ | 2,432 | $ | (1,758) | $ | (1,393) | |||||||
Interest rate lock commitments (mortgage) | Mortgage banking, net | (7,007) | 7,097 | 319 | ||||||||||
Forward commitments (mortgage) | Mortgage banking, net | (2,075) | 1,335 | 1,362 | ||||||||||
Foreign currency exchange forwards | Capital market fees, net | (25) | (105) | 132 | ||||||||||
Commodity contracts | Capital market fees, net | (1,316) | 427 | (1,763) |
Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets | Net Amounts Presented on the Consolidated Balance Sheets | |||||||||||||||||||
($ in Thousands)
|
Gross Amounts Recognized | Derivative Liabilities Offset | Cash Collateral Received | |||||||||||||||||
Derivative assets
|
||||||||||||||||||||
December 31, 2021 | $ | 3,567 | $ | (2,143) | $ | (1,313) | $ | 111 | ||||||||||||
December 31, 2020 | 13,441 | (1,936) | (10,879) | 626 | ||||||||||||||||
Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets | Net Amounts Presented on the Consolidated Balance Sheets | |||||||||||||||||||
($ in Thousands) | Gross Amounts Recognized | Derivative Assets Offset | Cash Collateral Pledged | |||||||||||||||||
Derivative liabilities
|
||||||||||||||||||||
December 31, 2021 | $ | 15,620 | $ | (2,143) | $ | (11,357) | $ | 2,120 | ||||||||||||
December 31, 2020 | 27,951 | (1,936) | (25,625) | 390 |
($ in Thousands) | December 31, 2021 | December 31, 2020 | ||||||
Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale(a)(b)
|
$ | 10,848,136 | $ | 10,010,492 | ||||
Commercial letters of credit(a)
|
5,992 | 3,642 | ||||||
Standby letters of credit(c)
|
248,292 | 278,798 |
($ in Thousands) | Year Ended December 31, 2021 | Year Ended December 31, 2020 | ||||||
Allowance for Unfunded Commitments | ||||||||
Balance at beginning of period | $ | 47,776 | $ | 21,907 | ||||
Cumulative effect of ASU 2016-13 adoption (CECL) | N/A | 18,690 | ||||||
Balance at beginning of period, adjusted | 47,776 | 40,597 | ||||||
Provision for unfunded commitments | (8,000) | 7,000 | ||||||
Amount recorded at acquisition | — | 179 | ||||||
Balance at end of period | $ | 39,776 | $ | 47,776 |
December 31, | ||||||||
($ in Thousands) | 2021 | 2020 | ||||||
Assets | ||||||||
Cash and due from banks | $ | 17,241 | $ | 40,204 | ||||
Interest-bearing deposits in other financial institutions | 20,743 | 15,228 | ||||||
Notes and interest receivable from subsidiaries | 285,516 | 305,779 | ||||||
Investments in and receivable due from subsidiaries | 3,953,461 | 4,005,198 | ||||||
Other assets | 46,644 | 46,850 | ||||||
Total assets | $ | 4,323,605 | $ | 4,413,259 | ||||
Liabilities and Stockholders' Equity | ||||||||
Commercial paper | $ | 34,730 | $ | 59,346 | ||||
Subordinated notes, at par | 250,000 | 250,000 | ||||||
Long-term funding capitalized costs | (839) | (1,133) | ||||||
Total long-term funding | 249,161 | 248,867 | ||||||
Accrued expenses and other liabilities | 14,860 | 14,113 | ||||||
Total liabilities | 298,752 | 322,326 | ||||||
Preferred equity | 193,195 | 353,512 | ||||||
Common equity | 3,831,658 | 3,737,421 | ||||||
Total stockholders’ equity | 4,024,853 | 4,090,933 | ||||||
Total liabilities and stockholders’ equity | $ | 4,323,605 | $ | 4,413,259 |
For the Years Ended December 31, | |||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Income | |||||||||||
Income from subsidiaries | $ | 361,198 | $ | 317,895 | $ | 341,789 | |||||
Interest income on notes receivable from subsidiaries | 3,247 | 3,257 | 13,983 | ||||||||
Other income | 682 | 933 | 761 | ||||||||
Total income | 365,127 | 322,084 | 356,532 | ||||||||
Expense | |||||||||||
Interest expense on short and long-term funding | 10,942 | 10,960 | 16,802 | ||||||||
Other expense | 7,330 | 6,422 | 6,583 | ||||||||
Total expense | 18,272 | 17,383 | 23,384 | ||||||||
Income before income tax expense | 346,856 | 304,702 | 333,148 | ||||||||
Income tax expense (benefit) | (4,138) | (2,070) | 6,359 | ||||||||
Net income | 350,994 | 306,771 | 326,790 | ||||||||
Preferred stock dividends | 17,111 | 18,358 | 15,202 | ||||||||
Net income available to common equity | $ | 333,883 | $ | 288,413 | $ | 311,587 |
For the Years Ended December 31, | |||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Cash Flows from Operating Activities | |||||||||||
Net income | $ | 350,994 | $ | 306,771 | $ | 326,790 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
(Increase) decrease in equity in undistributed net income (loss) of subsidiaries | 28,802 | (61,406) | (21,789) | ||||||||
Net change in other assets and accrued expenses and other liabilities | 17,102 | (49,890) | 265 | ||||||||
Net cash provided by operating activities | 396,898 | 195,475 | 305,266 | ||||||||
Cash Flows from Investing Activities | |||||||||||
Net (increase) decrease in notes receivable from subsidiaries | 20,000 | (105,000) | 250,000 | ||||||||
Net cash provided by (used in) investing activities | 20,000 | (105,000) | 250,000 | ||||||||
Cash Flows from Financing Activities | |||||||||||
Net increase (decrease) in commercial paper | (24,616) | 27,330 | (13,406) | ||||||||
Redemption of Corporation's senior notes | — | — | (250,000) | ||||||||
Proceeds from issuance of common stock for stock-based compensation plans | 25,702 | 3,966 | 11,216 | ||||||||
Proceeds from issuance of preferred stock | — | 96,796 | — | ||||||||
Redemption of preferred stock | (164,458) | — | — | ||||||||
Purchase of treasury stock, open market purchases | (132,955) | (71,255) | (177,484) | ||||||||
Purchase of treasury stock, stock-based compensation plans | (4,847) | (6,113) | (8,592) | ||||||||
Cash dividends on common stock | (116,061) | (112,023) | (111,804) | ||||||||
Cash dividends on preferred stock | (17,111) | (18,358) | (15,202) | ||||||||
Net cash used in financing activities | (434,346) | (79,656) | (565,272) | ||||||||
Net increase (decrease) in cash and cash equivalents | (17,448) | 10,819 | (10,006) | ||||||||
Cash and cash equivalents at beginning of year | 55,432 | 44,613 | 54,619 | ||||||||
Cash and cash equivalents at end of year | $ | 37,984 | $ | 55,432 | $ | 44,613 |
($ in Thousands) | Fair Value Hierarchy | December 31, 2021 | December 31, 2020 | ||||||||
Assets | |||||||||||
Investment securities AFS | |||||||||||
U.S. Treasury securities | Level 1 | $ | 122,957 | $ | 26,531 | ||||||
Agency securities | Level 2 | 14,897 | 25,038 | ||||||||
Obligations of state and political subdivisions (municipal securities) | Level 2 | 400,457 | 450,662 | ||||||||
Residential mortgage-related securities | |||||||||||
FNMA / FHLMC | Level 2 | 2,691,879 | 1,461,241 | ||||||||
GNMA | Level 2 | 67,780 | 235,537 | ||||||||
Private-label | Level 2 | 329,724 | — | ||||||||
Commercial mortgage-related securities | |||||||||||
FNMA / FHLMC | Level 2 | 350,623 | 22,904 | ||||||||
GNMA | Level 2 | 166,799 | 524,756 | ||||||||
Asset backed securities | |||||||||||
FFELP | Level 2 | 177,325 | 327,189 | ||||||||
SBA | Level 2 | 6,580 | 8,584 | ||||||||
Other debt securities | Level 2 | 2,994 | 3,000 | ||||||||
Total investment securities AFS | Level 1 | $ | 122,957 | $ | 26,531 | ||||||
Total investment securities AFS | Level 2 | 4,209,058 | 3,058,910 | ||||||||
Equity securities with readily determinable fair values | Level 1 | 4,810 | 1,661 | ||||||||
Residential loans held for sale
|
Level 2 | 136,638 | 129,158 | ||||||||
Interest rate-related instruments(a)
|
Level 2 | 83,626 | 192,518 | ||||||||
Foreign currency exchange forwards(a)
|
Level 2 | 5,490 | 4,909 | ||||||||
Commodity contracts(a)
|
Level 2 | 1,264 | 12,486 | ||||||||
Interest rate lock commitments to originate residential mortgage loans held for sale | Level 3 | 2,617 | 9,624 | ||||||||
Forward commitments to sell residential mortgage loans | Level 3 | 30 | — | ||||||||
Liabilities | |||||||||||
Interest rate-related instruments(a)
|
Level 2 | $ | 26,231 | $ | 25,680 | ||||||
Foreign currency exchange forwards(a)
|
Level 2 | 5,441 | 4,836 | ||||||||
Commodity contracts(a)
|
Level 2 | 1,248 | 11,155 | ||||||||
Forward commitments to sell residential mortgage loans | Level 3 | — | 2,046 |
($ in Thousands) | Interest rate lock commitments to originate residential mortgage loans held for sale | Forward commitments to sell residential mortgage loans | Total | ||||||||
Balance December 31, 2019 | $ | 2,527 | $ | 710 | $ | 1,817 | |||||
New production | 72,659 | (3,505) | 76,164 | ||||||||
Closed loans / settlements | (76,001) | (12,587) | (63,414) | ||||||||
Other | 10,439 | 17,427 | (6,988) | ||||||||
Mortgage derivative gain | 7,097 | 1,335 | 5,762 | ||||||||
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) | ||||||||
Mortgage derivative (loss) | (7,007) | (2,076) | (4,932) | ||||||||
Balance December 31, 2021 | $ | 2,617 | $ | (30) | $ | 2,647 |
($ 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)
|
||||||||||
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 | Level 3 | 57,259 | Mortgage banking, net | 16,186 | ||||||||||
December 31, 2020 | ||||||||||||||
Assets | ||||||||||||||
Individually evaluated loans(a)
|
Level 3 | $ | 138,752 | Provision for credit losses | $ | 97,519 | ||||||||
OREO(b)
|
Level 2 | 6,125 | Other noninterest expense | 3,747 | ||||||||||
Mortgage servicing rights | Level 3 | 41,990 | Mortgage banking, net | (17,704) | ||||||||||
December 31, 2021 | Valuation Technique | Significant Unobservable Input | Range of Inputs | Weighted Average Input Applied | ||||||||||||||||
Mortgage servicing rights | Discounted cash flow | Discount rate | 9% | - | 13% | 9% | ||||||||||||||
Mortgage servicing rights | Discounted cash flow | Constant prepayment rate | 8% | - | 39% | 12% | ||||||||||||||
Individually evaluated loans | Appraisals / Discounted cash flow | Collateral / Discount factor | 33% | - | 61% | 38% |
December 31, 2021 | December 31, 2020 | ||||||||||||||||
($ in Thousands) | Fair Value Hierarchy Level | Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||
Financial assets | |||||||||||||||||
Cash and due from banks | Level 1 | $ | 343,831 | $ | 343,831 | $ | 416,154 | $ | 416,154 | ||||||||
Interest-bearing deposits in other financial institutions | Level 1 | 681,684 | 681,684 | 298,759 | 298,759 | ||||||||||||
Federal funds sold and securities purchased under agreements to resell | Level 1 | — | — | 1,135 | 1,135 | ||||||||||||
Investment securities AFS | Level 1 | 122,957 | 122,957 | 26,531 | 26,531 | ||||||||||||
Investment securities AFS | Level 2 | 4,209,058 | 4,209,058 | 3,058,910 | 3,058,910 | ||||||||||||
Investment securities HTM, net | Level 1 | 1,000 | 1,001 | 999 | 1,024 | ||||||||||||
Investment securities HTM, net | Level 2 | 2,237,947 | 2,347,608 | 1,877,939 | 2,027,852 | ||||||||||||
Equity securities with readily determinable fair values | Level 1 | 4,810 | 4,810 | 1,661 | 1,661 | ||||||||||||
Equity securities without readily determinable fair values | Level 3 | 13,542 | 13,542 | 13,444 | 13,444 | ||||||||||||
FHLB and Federal Reserve Bank stocks | Level 2 | 168,281 | 168,281 | 168,280 | 168,280 | ||||||||||||
Residential loans held for sale | Level 2 | 136,638 | 136,638 | 129,158 | 129,158 | ||||||||||||
Loans, net | Level 3 | 23,944,934 | 23,980,330 | 24,068,022 | 24,012,738 | ||||||||||||
Bank and corporate owned life insurance | Level 2 | 680,021 | 680,021 | 679,647 | 679,647 | ||||||||||||
Derivatives (other assets)(a)
|
Level 2 | 90,379 | 90,379 | 209,913 | 209,913 | ||||||||||||
Interest rate lock commitments to originate residential mortgage loans held for sale (other assets) | Level 3 | 2,617 | 2,617 | 9,624 | 9,624 | ||||||||||||
Forward commitments to sell residential mortgage loans (other assets) | Level 3 | 30 | 30 | — | — | ||||||||||||
Financial liabilities | |||||||||||||||||
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts | Level 3 | $ | 27,119,167 | $ | 27,119,167 | $ | 24,725,451 | $ | 24,725,451 | ||||||||
Brokered CDs and other time deposits(b)
|
Level 2 | 1,347,262 | 1,347,262 | 1,757,030 | 1,766,200 | ||||||||||||
Short-term funding
|
Level 2 | 354,262 | 354,248 | 252,317 | 252,303 | ||||||||||||
FHLB advances | Level 2 | 1,621,047 | 1,680,814 | 1,632,723 | 1,760,727 | ||||||||||||
Other long-term funding | Level 2 | 249,324 | 265,545 | 549,465 | 578,233 | ||||||||||||
Standby letters of credit(c)
|
Level 2 | 2,367 | 2,367 | 2,731 | 2,731 | ||||||||||||
Derivatives (accrued expenses and other liabilities)(a)
|
Level 2 | 32,921 | 32,921 | 41,671 | 41,671 | ||||||||||||
Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities) | Level 3 | — | — | 2,046 | 2,046 |
Actual |
For Capital Adequacy
Purposes |
To Be Well Capitalized
Under Prompt Corrective
Action Provisions(a)
|
||||||||||||||||||||||||
($ in Thousands) | Amount |
Ratio
|
Amount |
Ratio
|
Amount |
Ratio
|
||||||||||||||||||||
As of December 31 , 2021 | ||||||||||||||||||||||||||
Associated Banc-Corp | ||||||||||||||||||||||||||
Total capital | $ | 3,570,026 | 13.10 | % | $ | 2,179,419 | ≥ | 8.00 | % | |||||||||||||||||
Tier 1 capital | 3,001,074 | 11.02 | % | 1,634,564 | ≥ | 6.00 | % | |||||||||||||||||||
CET1 | 2,808,289 | 10.31 | % | 1,225,923 | ≥ | 4.50 | % | |||||||||||||||||||
Leverage | 3,001,074 | 8.83 | % | 1,359,299 | ≥ | 4.00 | % | |||||||||||||||||||
Associated Bank, N.A. | ||||||||||||||||||||||||||
Total capital | $ | 3,243,672 | 11.93 | % | $ | 2,175,689 | ≥ | 8.00 | % | $ | 2,719,611 | ≥ | 10.00 | % | ||||||||||||
Tier 1 capital | 2,923,881 | 10.75 | % | 1,631,766 | ≥ | 6.00 | % | 2,175,689 | ≥ | 8.00 | % | |||||||||||||||
CET1 | 2,923,881 | 10.75 | % | 1,223,825 | ≥ | 4.50 | % | 1,767,747 | ≥ | 6.50 | % | |||||||||||||||
Leverage | 2,923,881 | 8.61 | % | 1,358,041 | ≥ | 4.00 | % | 1,697,551 | ≥ | 5.00 | % | |||||||||||||||
As of December 31 , 2020 | ||||||||||||||||||||||||||
Associated Banc-Corp | ||||||||||||||||||||||||||
Total capital | $ | 3,632,807 | 14.02 | % | $ | 2,072,273 | ≥ | 8.00 | % | |||||||||||||||||
Tier 1 capital | 3,058,809 | 11.81 | % | 1,554,205 | ≥ | 6.00 | % | |||||||||||||||||||
CET1 | 2,706,010 | 10.45 | % | 1,165,654 | ≥ | 4.50 | % | |||||||||||||||||||
Leverage | 3,058,809 | 9.37 | % | 1,305,604 | ≥ | 4.00 | % | |||||||||||||||||||
Associated Bank, N.A. | ||||||||||||||||||||||||||
Total capital | $ | 3,295,823 | 12.74 | % | $ | 2,068,801 | ≥ | 8.00 | % | $ | 2,586,002 | ≥ | 10.00 | % | ||||||||||||
Tier 1 capital | 2,971,234 | 11.49 | % | 1,551,601 | ≥ | 6.00 | % | 2,068,801 | ≥ | 8.00 | % | |||||||||||||||
CET1 | 2,971,234 | 11.49 | % | 1,163,701 | ≥ | 4.50 | % | 1,680,901 | ≥ | 6.50 | % | |||||||||||||||
Leverage | 2,971,234 | 9.11 | % | 1,304,448 | ≥ | 4.00 | % | 1,630,560 | ≥ | 5.00 | % |
For the Years Ended December 31, | |||||||||||
($ in Thousands, except per share data) | 2021 | 2020 | 2019 | ||||||||
Net income | $ | 350,994 | $ | 306,771 | $ | 326,790 | |||||
Preferred stock dividends | (17,111) | (18,358) | (15,202) | ||||||||
Net income available to common equity | $ | 333,883 | $ | 288,413 | $ | 311,587 | |||||
Common shareholder dividends | $ | (115,212) | $ | (111,291) | $ | (111,091) | |||||
Unvested share-based payment awards | (849) | (732) | (713) | ||||||||
Undistributed earnings | $ | 217,822 | $ | 176,390 | $ | 199,784 | |||||
Undistributed earnings allocated to common shareholders | $ | 216,299 | $ | 175,134 | $ | 198,424 | |||||
Undistributed earnings allocated to unvested share-based payment awards | 1,523 | 1,256 | 1,360 | ||||||||
Undistributed earnings | $ | 217,822 | $ | 176,390 | $ | 199,784 | |||||
Basic | |||||||||||
Distributed earnings to common shareholders | $ | 115,212 | $ | 111,291 | $ | 111,091 | |||||
Undistributed earnings allocated to common shareholders | 216,299 | 175,134 | 198,424 | ||||||||
Total common shareholders earnings, basic | $ | 331,510 | $ | 286,425 | $ | 309,514 | |||||
Diluted | |||||||||||
Distributed earnings to common shareholders | $ | 115,212 | $ | 111,291 | $ | 111,091 | |||||
Undistributed earnings allocated to common shareholders | 216,299 | 175,134 | 198,424 | ||||||||
Total common shareholders earnings, diluted | $ | 331,510 | $ | 286,425 | $ | 309,514 | |||||
Weighted average common shares outstanding | 150,773 | 153,005 | 160,534 | ||||||||
Effect of dilutive common stock awards | 1,214 | 637 | 1,398 | ||||||||
Diluted weighted average common shares outstanding | 151,987 | 153,642 | 161,932 | ||||||||
Basic earnings per common share | $ | 2.20 | $ | 1.87 | $ | 1.93 | |||||
Diluted earnings per common share | $ | 2.18 | $ | 1.86 | $ | 1.91 |
Corporate and Commercial Specialty | |||||||||||
For the Years Ended December 31, | |||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Net interest income | $ | 373,856 | $ | 395,135 | $ | 447,979 | |||||
Net intersegment interest income (expense) | 26,710 | 10,400 | (52,200) | ||||||||
Segment net interest income | 400,565 | 405,535 | 395,779 | ||||||||
Noninterest income | 170,338 | 149,456 | 136,097 | ||||||||
Total revenue | 570,903 | 554,991 | 531,876 | ||||||||
Provision for credit losses | 62,795 | 59,780 | 49,341 | ||||||||
Noninterest expense | 229,444 | 209,507 | 233,655 | ||||||||
Income before income taxes | 278,664 | 285,705 | 248,879 | ||||||||
Income tax expense | 49,772 | 53,193 | 47,480 | ||||||||
Net income | $ | 228,891 | $ | 232,512 | $ | 201,399 | |||||
Allocated goodwill | $ | 525,836 | $ | 530,144 | $ | 530,144 |
Community, Consumer, and Business | |||||||||||
For the Years Ended December 31, | |||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Net interest income | $ | 276,854 | $ | 295,297 | $ | 301,563 | |||||
Net intersegment interest income | 53,668 | 54,203 | 93,331 | ||||||||
Segment net interest income | 330,522 | 349,500 | 394,894 | ||||||||
Noninterest income | 146,457 | 185,737 | 223,712 | ||||||||
Total revenue | 476,978 | 535,237 | 618,606 | ||||||||
Provision for credit losses | 18,138 | 21,862 | 18,594 | ||||||||
Noninterest expense | 387,033 | 429,565 | 467,086 | ||||||||
Income before income taxes | 71,808 | 83,810 | 132,925 | ||||||||
Income tax expense | 15,080 | 17,600 | 27,914 | ||||||||
Net income | $ | 56,728 | $ | 66,210 | $ | 105,011 | |||||
Allocated goodwill | $ | 579,156 | $ | 579,156 | $ | 646,086 |
Risk Management and Shared Services | |||||||||||
For the Years Ended December 31, | |||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Net interest income | $ | 75,146 | $ | 72,525 | $ | 86,132 | |||||
Net intersegment interest (expense) | (80,378) | (64,603) | (41,130) | ||||||||
Segment net interest income | (5,232) | 7,922 | 45,001 | ||||||||
Noninterest income(a)
|
15,570 | 178,862 | 21,015 | ||||||||
Total revenue | 10,338 | 186,784 | 66,017 | ||||||||
Provision for credit losses | (168,944) | 92,365 | (51,935) | ||||||||
Noninterest expense | 93,446 | 136,962 | 93,247 | ||||||||
Income (loss) before income taxes | 85,836 | (42,543) | 24,705 | ||||||||
Income tax expense (benefit)(b)
|
20,461 | (50,593) | 4,325 | ||||||||
Net income | $ | 65,374 | $ | 8,050 | $ | 20,379 | |||||
Allocated goodwill | $ | — | $ | — | $ | — |
Consolidated Total | |||||||||||
For the Years Ended December 31, | |||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Net interest income | $ | 725,855 | $ | 762,957 | $ | 835,674 | |||||
Net intersegment interest income | — | — | — | ||||||||
Segment net interest income | 725,855 | 762,957 | 835,674 | ||||||||
Noninterest income(a)
|
332,364 | 514,056 | 380,824 | ||||||||
Total revenue | 1,058,219 | 1,277,012 | 1,216,498 | ||||||||
Provision for credit losses | (88,011) | 174,006 | 16,000 | ||||||||
Noninterest expense | 709,924 | 776,034 | 793,988 | ||||||||
Income before income taxes | 436,307 | 326,972 | 406,509 | ||||||||
Income tax expense(b)
|
85,313 | 20,200 | 79,720 | ||||||||
Net income | $ | 350,994 | $ | 306,771 | $ | 326,790 | |||||
Allocated goodwill | $ | 1,104,992 | $ | 1,109,300 | $ | 1,176,230 |
($ in Thousands) |
Investment
Securities AFS |
Defined Benefit
Pension and Postretirement Obligations |
Accumulated
Other Comprehensive Income (Loss) |
||||||||
Balance, December 31, 2018 | $ | (75,643) | $ | (49,330) | $ | (124,972) | |||||
Other comprehensive income before reclassifications | 111,592 | 16,296 | 127,887 | ||||||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||
Investment securities (gains), net | (5,957) | — | (5,957) | ||||||||
Personnel expense | — | (148) | (148) | ||||||||
Other expense | — | 476 | 476 | ||||||||
Interest income | 895 | — | 895 | ||||||||
Income tax (expense) | (26,898) | (4,465) | (31,363) | ||||||||
Net other comprehensive income during period | 79,631 | 12,158 | 91,789 | ||||||||
Balance, December 31, 2019 | $ | 3,989 | $ | (37,172) | $ | (33,183) | |||||
Other comprehensive income before reclassifications | $ | 55,628 | $ | 7,780 | $ | 63,408 | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||
Investment securities (gains), net | (9,222) | — | (9,222) | ||||||||
Personnel expense | — | (148) | (148) | ||||||||
Other expense | — | 3,897 | 3,897 | ||||||||
Interest income | 3,359 | — | 3,359 | ||||||||
Income tax (expense) | (12,429) | (3,064) | (15,493) | ||||||||
Net other comprehensive income during period | 37,336 | 8,465 | 45,801 | ||||||||
Balance, December 31, 2020 | $ | 41,325 | $ | (28,707) | $ | 12,618 | |||||
Other comprehensive income (loss) before reclassifications | $ | (63,714) | $ | 25,519 | $ | (38,195) | |||||
Amounts reclassified from accumulated other comprehensive income (loss) | |||||||||||
Investment securities losses, net | 16 | — | 16 | ||||||||
Personnel expense | — | 1,346 | 1,346 | ||||||||
Other expense | — | 4,594 | 4,594 | ||||||||
Interest income | 1,551 | — | 1,551 | ||||||||
Income tax (expense) benefit | 15,557 | (7,803) | 7,754 | ||||||||
Net other comprehensive income (loss) during period | (46,591) | 23,656 | (22,935) | ||||||||
Balance, December 31, 2021 | $ | (5,266) | $ | (5,051) | $ | (10,317) |
Corporate and Commercial Specialty | |||||||||||
For the Years Ended December 31, | |||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Wealth management fees | $ | 89,854 | $ | 83,570 | $ | 80,719 | |||||
Service charges and deposit account fees | 18,635 | 16,903 | 13,342 | ||||||||
Card-based fees(a)
|
1,790 | 1,534 | 1,827 | ||||||||
Insurance commissions and fees | 138 | 208 | 364 | ||||||||
Other revenue | 3,450 | 3,462 | 1,647 | ||||||||
Noninterest Income (in-scope of Topic 606) | $ | 113,866 | $ | 105,678 | $ | 97,899 | |||||
Noninterest Income (out-of-scope of Topic 606) | 56,471 | 43,778 | 38,198 | ||||||||
Total Noninterest Income | $ | 170,338 | $ | 149,456 | $ | 136,097 | |||||
Community, Consumer, and Business | |||||||||||
For the Years Ended December 31, | |||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Wealth management fees | $ | — | $ | 1,387 | $ | 2,838 | |||||
Service charges and deposit account fees | 45,739 | 39,371 | 49,744 | ||||||||
Card-based fees(a)
|
41,313 | 36,937 | 37,895 | ||||||||
Insurance commissions and fees | 190 | 45,027 | 88,727 | ||||||||
Other revenue | 9,349 | 19,053 | 9,462 | ||||||||
Noninterest Income (in-scope of Topic 606) | $ | 96,592 | $ | 141,775 | $ | 188,666 | |||||
Noninterest Income (out-of-scope of Topic 606) | 49,865 | 43,962 | 35,046 | ||||||||
Total Noninterest Income | $ | 146,457 | $ | 185,737 | $ | 223,712 | |||||
Risk Management and Shared Services | |||||||||||
For the Years Ended December 31, | |||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Wealth management fees
|
$ | — | $ | — | $ | (90) | |||||
Service charges and deposit account fees | 32 | 33 | 49 | ||||||||
Card-based fees(a)
|
21 | 134 | 190 | ||||||||
Insurance commissions and fees | 8 | 10 | 13 | ||||||||
Other revenue | 1,760 | (1,552) | 1,370 | ||||||||
Noninterest Income (in-scope of Topic 606) | $ | 1,820 | $ | (1,375) | $ | 1,532 | |||||
Noninterest Income (out-of-scope of Topic 606)(b)
|
13,750 | 180,237 | 19,483 | ||||||||
Total Noninterest Income | $ | 15,570 | $ | 178,862 | $ | 21,015 | |||||
Consolidated Total | |||||||||||
For the Years Ended December 31, | |||||||||||
($ in Thousands) | 2021 | 2020 | 2019 | ||||||||
Wealth management fees | $ | 89,854 | $ | 84,957 | $ | 83,467 | |||||
Service charges and deposit account fees | 64,406 | 56,307 | 63,135 | ||||||||
Card-based fees(a)
|
43,124 | 38,605 | 39,912 | ||||||||
Insurance commissions and fees | 336 | 45,245 | 89,104 | ||||||||
Other revenue | 14,558 | 20,963 | 12,629 | ||||||||
Noninterest Income (in-scope of Topic 606) | $ | 212,278 | $ | 246,077 | $ | 288,247 | |||||
Noninterest Income (out-of-scope of Topic 606)(b)
|
120,086 | 267,979 | 92,577 | ||||||||
Total Noninterest Income | $ | 332,364 | $ | 514,056 | $ | 380,824 | |||||
Revenue Stream | Noninterest income in-scope of Topic 606 | |||||||
Service charges and deposit account fees | Service charges on deposit accounts 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 the 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 consists 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. |
ITEM 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
ITEM 9A. | Controls and Procedures |
ITEM 9B. | Other Information |
ITEM 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections |
ITEM 10. | Directors, Executive Officers and Corporate Governance |
ITEM 11. | Executive Compensation |
ITEM 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
December 31, 2021 |
(a)
Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants, and Rights |
(b)
Weighted-Average Exercise Price of Outstanding Options, Warrants, and Rights |
(c)
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (excluding securities reflected in column (a)) |
||||||||
Plan Category | |||||||||||
Equity compensation plan approved by security holders | 4,814,058 | $ | 20.72 | 11,022,343 | |||||||
ITEM 13. | Certain Relationships and Related Transactions, and Director Independence |
ITEM 14. | Principal Accounting Fees and Services |
ITEM 15. | Exhibits and Financial Statement Schedules |
ITEM 16. | Form 10-K Summary |
ASSOCIATED BANC-CORP | |||||||||||
Date: February 8, 2022 | By: |
/s/ Andrew J. Harmening
|
|||||||||
Andrew J. Harmening | |||||||||||
President and Chief Executive Officer |
Signature | Title | Date | ||||||||||||
/s/ Andrew J. Harmening
|
President and Chief Executive Officer
(Principal Executive Officer) |
February 8, 2022 | ||||||||||||
Andrew J. Harmening | ||||||||||||||
/s/ Christopher J. Del Moral-Niles
|
Chief Financial Officer
(Principal Financial Officer) |
February 8, 2022 | ||||||||||||
Christopher J. Del Moral-Niles | ||||||||||||||
/s/ Tammy C. Stadler
|
Chief Accounting Officer
(Principal Accounting Officer) |
February 8, 2022 | ||||||||||||
Tammy C. Stadler |
By: |
/s/ Randall J. Erickson
|
|||||||
Randall J. Erickson | ||||||||
As Attorney-In-Fact* |
* | Pursuant to authority granted by powers of attorney, copies of which are filed herewith. |
/s/ John F. Bergstrom | /s/ Eileen A. Kamerick | |||||||
John F. Bergstrom | Eileen A. Kamerick | |||||||
/s/ R. Jay Gerken | /s/ Gale E. Klappa | |||||||
R. Jay Gerken | Gale E. Klappa | |||||||
/s/ Judith P. Greffin | /s/ Cory L. Nettles | |||||||
Judith P. Greffin | Cory L. Nettles | |||||||
/s/ Michael J. Haddad | /s/ Karen T. van Lith | |||||||
Michael J. Hadddad | Karen T. van Lith | |||||||
/s/ Andrew J. Harmening | /s/ John (Jay) B. Williams | |||||||
Andrew J. Harmening | John (Jay) B. Williams | |||||||
/s/ Robert A Jeffe | ||||||||
Robert A. Jeffe |
Date: February 8, 2022 | /s/ Andrew J. Harmening | |||||||
Andrew J. Harmening | ||||||||
President and Chief Executive Officer |
Date: February 8, 2022 | /s/ Christopher J. Del Moral-Niles | |||||||
Christopher J. Del Moral-Niles | ||||||||
Chief Financial Officer |
/s/ Andrew J. Harmening | |||||
Andrew J. Harmening | |||||
Chief Executive Officer | |||||
February 8, 2022 |
/s/ Christopher J. Del Moral-Niles | |||||
Christopher J. Del Moral-Niles | |||||
Chief Financial Officer | |||||
February 8, 2022 |