☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||||
For the transition period from to |
Wisconsin | 39-1098068 | ||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
433 Main Street | |||||||||||
Green Bay, | Wisconsin | 54301 | |||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Common stock, par value $0.01 per share | ASB | New York Stock Exchange | ||||||
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E | ASB PrE | New York Stock Exchange | ||||||
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F | ASB PrF | New York Stock Exchange | ||||||
6.625% Fixed-Rate Reset Subordinated Notes due 2033 | ASBA | New York Stock Exchange |
Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
Emerging growth company | ☐ |
ASSOCIATED BANC-CORP | |||||
Table of Contents |
Page | ||||||||
ASSOCIATED BANC-CORP | |||||
Commonly Used Terms | |||||
The following listing provides a reference of common acronyms, abbreviations, and other defined terms used throughout the document: |
ACLL | Allowance for Credit Losses on Loans | ||||
AFS | Available for Sale | ||||
ALCO | Asset / Liability Committee | ||||
ASU | Accounting Standards Update | ||||
the Bank | Associated Bank, National Association | ||||
Basel III | International framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity | ||||
bp | basis point(s) | ||||
BTFP | Bank Term Funding Program | ||||
CDs | Certificates of Deposit | ||||
CDIs | Core Deposit Intangibles | ||||
CECL | Current Expected Credit Losses | ||||
CET1 | Common Equity Tier 1 | ||||
CFPB | Consumer Financial Protection Bureau | ||||
Corporation / our | Associated Banc-Corp collectively with all of its subsidiaries and affiliates | ||||
CRA | Community Reinvestment Act | ||||
CRE | Commercial Real Estate | ||||
EAR | Earnings at Risk | ||||
Exchange Act | Securities Exchange Act of 1934, as amended | ||||
FASB | Financial Accounting Standards Board | ||||
FDIC | Federal Deposit Insurance Corporation | ||||
Federal Reserve | Board of Governors of the Federal Reserve System | ||||
FFELP | Federal Family Education Loan Program | ||||
FHLB | Federal Home Loan Bank | ||||
FHLMC | Federal Home Loan Mortgage Corporation | ||||
FICO | Fair Isaac Corporation, provider of a broad-based risk score to aid in credit decisions | ||||
FNMA | Federal National Mortgage Association | ||||
FTEs | Full-time equivalent employees | ||||
FTP | Funds Transfer Pricing | ||||
GAAP | Generally Accepted Accounting Principles | ||||
GNMA | Government National Mortgage Association | ||||
GSE | Government-Sponsored Enterprise | ||||
HTM | Held to Maturity | ||||
LTV | Loan-to-Value | ||||
Moody's | Moody’s Investors Service | ||||
MSRs | Mortgage Servicing Rights | ||||
MVE | Market Value of Equity | ||||
NAV | Measured at fair value using Net Asset Value per share (or its equivalent) as a practical expedient | ||||
Net Free Funds | Noninterest-bearing sources of funds | ||||
NPAs | Nonperforming Assets | ||||
OCI | Other Comprehensive Income | ||||
OREO | Other Real Estate Owned | ||||
Parent Company | Associated Banc-Corp individually | ||||
RAP | Retirement Account Plan - the Corporation's noncontributory defined benefit retirement plan |
Repurchase Agreements | Securities sold under agreements to repurchase | ||||
Restricted Stock Awards | Restricted common stock and restricted common stock units to certain key employees | ||||
Retirement Eligible Colleagues | Colleagues whose retirement meets the early retirement or normal retirement definitions under the applicable equity compensation plan | ||||
ROCET1 | Return on Common Equity Tier 1 | ||||
SBA | Small Business Administration | ||||
SEC | U.S. Securities and Exchange Commission | ||||
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 | ||||
YTD | Year-to-Date |
Mar 31, 2024 | Dec 31, 2023 | |||||||
(In thousands, except share and per share data) | (Unaudited) | (Audited) | ||||||
Assets | ||||||||
Cash and due from banks | $ | 429,859 | $ | 484,384 | ||||
Interest-bearing deposits in other financial institutions | 420,114 | 425,089 | ||||||
Federal funds sold and securities purchased under agreements to resell | 1,610 | 14,350 | ||||||
AFS investment securities, at fair value | 3,724,148 | 3,600,892 | ||||||
HTM investment securities, net, at amortized cost | 3,832,967 | 3,860,160 | ||||||
Equity securities | 19,571 | 41,651 | ||||||
FHLB and Federal Reserve Bank stocks, at cost | 173,968 | 229,171 | ||||||
Residential loans held for sale | 52,414 | 33,011 | ||||||
Commercial loans held for sale | — | 90,303 | ||||||
Loans | 29,494,263 | 29,216,218 | ||||||
Allowance for loan losses | (356,006) | (351,094) | ||||||
Loans, net | 29,138,257 | 28,865,124 | ||||||
Tax credit and other investments | 255,252 | 258,067 | ||||||
Premises and equipment, net | 367,618 | 372,978 | ||||||
Bank and corporate owned life insurance | 685,089 | 682,649 | ||||||
Goodwill | 1,104,992 | 1,104,992 | ||||||
Other intangible assets, net | 38,268 | 40,471 | ||||||
Mortgage servicing rights, net | 85,226 | 84,390 | ||||||
Interest receivable | 167,092 | 169,569 | ||||||
Other assets | 640,638 | 658,604 | ||||||
Total assets | $ | 41,137,084 | $ | 41,015,855 | ||||
Liabilities and stockholders' equity | ||||||||
Noninterest-bearing demand deposits | $ | 6,254,135 | $ | 6,119,956 | ||||
Interest-bearing deposits | 27,459,023 | 27,326,093 | ||||||
Total deposits | 33,713,158 | 33,446,049 | ||||||
Short-term funding | 765,671 | 326,780 | ||||||
FHLB advances | 1,333,411 | 1,940,194 | ||||||
Other long-term funding | 536,055 | 541,269 | ||||||
Allowance for unfunded commitments | 31,776 | 34,776 | ||||||
Accrued expenses and other liabilities | 588,341 | 552,814 | ||||||
Total liabilities | $ | 36,968,412 | $ | 36,841,882 | ||||
Stockholders’ equity | ||||||||
Preferred equity | $ | 194,112 | $ | 194,112 | ||||
Common equity | ||||||||
Common stock | $ | 1,752 | $ | 1,752 | ||||
Surplus | 1,708,652 | 1,714,822 | ||||||
Retained earnings | 2,991,571 | 2,946,805 | ||||||
Accumulated other comprehensive (loss) | (209,881) | (171,096) | ||||||
Treasury stock, at cost | (517,533) | (512,421) | ||||||
Total common equity | 3,974,561 | 3,979,861 | ||||||
Total stockholders’ equity | 4,168,673 | 4,173,973 | ||||||
Total liabilities and stockholders’ equity | $ | 41,137,084 | $ | 41,015,855 | ||||
Preferred shares authorized (par value $1.00 per share) | 750,000 | 750,000 | ||||||
Preferred shares issued and outstanding | 200,000 | 200,000 | ||||||
Common shares authorized (par value $0.01 per share) | 250,000,000 | 250,000,000 | ||||||
Common shares issued | 175,216,409 | 175,216,409 | ||||||
Common shares outstanding | 150,738,678 | 151,036,674 |
Three Months Ended Mar 31, | ||||||||
(In thousands, except per share data) | 2024 | 2023 | ||||||
Interest income | ||||||||
Interest and fees on loans | $ | 454,472 | $ | 391,320 | ||||
Interest and dividends on investment securities | ||||||||
Taxable | 46,548 | 30,142 | ||||||
Tax-exempt | 14,774 | 16,025 | ||||||
Other interest | 7,595 | 5,329 | ||||||
Total interest income | 523,388 | 442,817 | ||||||
Interest expense | ||||||||
Interest on deposits | 226,231 | 109,422 | ||||||
Interest on federal funds purchased and securities sold under agreements to repurchase | 2,863 | 3,143 | ||||||
Interest on other short-term funding | 4,708 | — | ||||||
Interest on FHLB advances | 21,671 | 49,960 | ||||||
Interest on long-term funding | 10,058 | 6,281 | ||||||
Total interest expense | 265,530 | 168,807 | ||||||
Net interest income | 257,858 | 274,010 | ||||||
Provision for credit losses | 24,001 | 17,971 | ||||||
Net interest income after provision for credit losses | 233,857 | 256,039 | ||||||
Noninterest income | ||||||||
Wealth management fees | 21,694 | 20,189 | ||||||
Service charges and deposit account fees | 12,439 | 12,994 | ||||||
Card-based fees | 11,267 | 10,586 | ||||||
Other fee-based revenue | 4,402 | 4,276 | ||||||
Capital markets, net | 4,050 | 5,083 | ||||||
Mortgage banking, net | 2,662 | 3,545 | ||||||
Bank and corporate owned life insurance | 2,570 | 2,664 | ||||||
Asset (losses) gains, net | (306) | 263 | ||||||
Investment securities gains, net | 3,879 | 51 | ||||||
Other | 2,327 | 2,422 | ||||||
Total noninterest income | 64,985 | 62,073 | ||||||
Noninterest expense | ||||||||
Personnel | 119,395 | 116,420 | ||||||
Technology | 26,200 | 23,598 | ||||||
Occupancy | 13,633 | 15,063 | ||||||
Business development and advertising | 6,517 | 5,849 | ||||||
Equipment | 4,599 | 4,930 | ||||||
Legal and professional | 4,672 | 3,857 | ||||||
Loan and foreclosure costs | 1,979 | 1,138 | ||||||
FDIC assessment | 13,946 | 6,875 | ||||||
Other intangible amortization | 2,203 | 2,203 | ||||||
Other | 4,513 | 7,479 | ||||||
Total noninterest expense | 197,657 | 187,412 | ||||||
Income before income taxes | 101,185 | 130,700 | ||||||
Income tax expense | 20,016 | 27,340 | ||||||
Net income | 81,169 | 103,360 | ||||||
Preferred stock dividends | 2,875 | 2,875 | ||||||
Net income available to common equity | $ | 78,294 | $ | 100,485 | ||||
Earnings per common share | ||||||||
Basic | $ | 0.52 | $ | 0.67 | ||||
Diluted | $ | 0.52 | $ | 0.66 | ||||
Average common shares outstanding | ||||||||
Basic | 149,855 | 149,763 | ||||||
Diluted | 151,292 | 151,128 |
Three Months Ended Mar 31, | ||||||||
($ in thousands) | 2024 | 2023 | ||||||
Net income | $ | 81,169 | $ | 103,360 | ||||
Other comprehensive income (loss), net of tax | ||||||||
AFS investment securities | ||||||||
Net unrealized (losses) gains | (29,889) | 36,478 | ||||||
Amortization of net unrealized losses on AFS securities transferred to HTM securities | 2,060 | 2,267 | ||||||
Reclassification adjustment for net losses realized in net income | 197 | — | ||||||
Income tax benefit (expense) | 6,885 | (9,892) | ||||||
Other comprehensive (loss) income on AFS securities | (20,746) | 28,853 | ||||||
Cash flow hedge derivatives | ||||||||
Net unrealized (losses) gains | (19,461) | 13,763 | ||||||
Reclassification adjustment for net losses realized in net income | 4,823 | 1,262 | ||||||
Income tax (expense) | (1,688) | (4,694) | ||||||
Other comprehensive (loss) income on cash flow hedge derivatives | (16,326) | 10,331 | ||||||
Defined benefit pension and postretirement obligations | ||||||||
Amortization of prior service cost | (72) | (81) | ||||||
Amortization of actuarial (gain) loss | (7) | 30 | ||||||
Income tax (expense) benefit | (1,633) | 79 | ||||||
Other comprehensive (loss) income on pension and postretirement obligations | (1,712) | 27 | ||||||
Total other comprehensive (loss) income | (38,785) | 39,211 | ||||||
Comprehensive income | $ | 42,384 | $ | 142,571 |
(In thousands, except per share data) | Preferred Equity | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive (Loss) | Treasury Stock | Total | ||||||||||||||||
Balance, December 31, 2023 | $ | 194,112 | $ | 1,752 | $ | 1,714,822 | $ | 2,946,805 | $ | (171,096) | $ | (512,421) | $ | 4,173,973 | |||||||||
Comprehensive income: | |||||||||||||||||||||||
Net income | — | — | — | 81,169 | — | — | 81,169 | ||||||||||||||||
Other comprehensive (loss) | — | — | — | — | (38,785) | — | (38,785) | ||||||||||||||||
Comprehensive income | 42,384 | ||||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||||
Stock-based compensation plans, net | — | — | (13,839) | — | — | 17,749 | 3,910 | ||||||||||||||||
Purchase of treasury stock, open market purchases | — | — | — | — | — | (18,289) | (18,289) | ||||||||||||||||
Purchase of treasury stock, stock-based compensation plans | — | — | — | — | — | (4,572) | (4,572) | ||||||||||||||||
Cash dividends: | |||||||||||||||||||||||
Common stock, $0.22 per share | — | — | — | (33,527) | — | — | (33,527) | ||||||||||||||||
Preferred stock(a) | — | — | — | (2,875) | — | — | (2,875) | ||||||||||||||||
Stock-based compensation expense, net | — | — | 7,669 | — | — | — | 7,669 | ||||||||||||||||
Balance, March 31, 2024 | $ | 194,112 | $ | 1,752 | $ | 1,708,652 | $ | 2,991,571 | $ | (209,881) | $ | (517,533) | $ | 4,168,673 | |||||||||
(In thousands, except per share data) | Preferred Equity | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total | ||||||||||||||||
Balance, December 31, 2022 | $ | 194,112 | $ | 1,752 | $ | 1,712,733 | $ | 2,904,882 | $ | (272,799) | $ | (525,190) | $ | 4,015,490 | |||||||||
Comprehensive income: | |||||||||||||||||||||||
Net income | — | — | — | 103,360 | — | — | 103,360 | ||||||||||||||||
Other comprehensive income | — | — | — | — | 39,211 | — | 39,211 | ||||||||||||||||
Comprehensive income | 142,571 | ||||||||||||||||||||||
Common stock issued: | |||||||||||||||||||||||
Stock-based compensation plans, net | — | — | (12,612) | — | — | 14,379 | 1,766 | ||||||||||||||||
Purchase of treasury stock, stock-based compensation plans | — | — | — | — | — | (5,362) | (5,362) | ||||||||||||||||
Cash dividends: | |||||||||||||||||||||||
Common stock, $0.21 per share | — | — | — | (32,013) | — | — | (32,013) | ||||||||||||||||
Preferred stock(a) | — | — | — | (2,875) | — | — | (2,875) | ||||||||||||||||
Stock-based compensation expense, net | — | — | 6,086 | — | — | — | 6,086 | ||||||||||||||||
Balance, March 31, 2023 | $ | 194,112 | $ | 1,752 | $ | 1,706,206 | $ | 2,973,354 | $ | (233,588) | $ | (516,173) | $ | 4,125,663 | |||||||||
Three Months Ended Mar 31, | ||||||||
($ in thousands) | 2024 | 2023 | ||||||
Cash flows from operating activities | ||||||||
Net income | $ | 81,169 | $ | 103,360 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Provision for credit losses | 24,001 | 17,971 | ||||||
Depreciation and amortization | 12,352 | 11,425 | ||||||
Change in MSRs valuation | (1,646) | 1,857 | ||||||
Amortization of other intangible assets | 2,203 | 2,203 | ||||||
Amortization and accretion on earning assets, funding, and other, net | 10,673 | 338 | ||||||
Net amortization of tax credit investments | 8,990 | 8,574 | ||||||
(Gains) on sales of investment securities, net | (3,857) | — | ||||||
Asset losses (gains), net | 306 | (263) | ||||||
(Gains) loss on mortgage banking activities, net | (22) | 251 | ||||||
Mortgage loans originated and acquired for sale | (105,394) | (69,254) | ||||||
Proceeds from sales of mortgage loans held for sale | 91,026 | 54,652 | ||||||
Changes in certain assets and liabilities: | ||||||||
Decrease (increase) in interest receivable | 2,477 | (7,955) | ||||||
Increase in interest payable | 15,590 | 14,775 | ||||||
(Decrease) in expense payable | (30,827) | (52,396) | ||||||
Increase (decrease) in net derivative position | 35,008 | (42,403) | ||||||
Net change in other assets and other liabilities | 12,453 | 4,336 | ||||||
Net cash provided by operating activities | 154,500 | 47,470 | ||||||
Cash flows from investing activities | ||||||||
Net (increase) in loans | (222,656) | (414,268) | ||||||
Purchases of: | ||||||||
AFS securities | (341,275) | (681,386) | ||||||
HTM securities | — | (41,524) | ||||||
FHLB and Federal Reserve Bank stocks and equity securities | (16,585) | (56,892) | ||||||
Proceeds from: | ||||||||
Sales of AFS securities | 9,472 | — | ||||||
Sale of FHLB and Federal Reserve Bank stocks and equity securities | 98,005 | 15,765 | ||||||
Prepayments, calls, and maturities of AFS securities | 176,266 | 79,746 | ||||||
Prepayments, calls, and maturities of HTM securities | 28,026 | 33,053 | ||||||
Sales, prepayments, calls, and maturities of other assets | 4,337 | 10,115 | ||||||
Premises, equipment, and software | (8,500) | (13,898) | ||||||
Net change in tax credit and alternative investments | (2,409) | (7,033) | ||||||
Net cash (used in) investing activities | (275,320) | (1,076,322) | ||||||
Cash flows from financing activities | ||||||||
Net increase in deposits | 267,109 | 695,723 | ||||||
Net increase (decrease) in short-term funding | 438,891 | (379,329) | ||||||
Net (decrease) increase in short-term FHLB advances | (602,000) | 660,000 | ||||||
Repayment of long-term FHLB advances | (664) | (507) | ||||||
Proceeds from long-term FHLB advances | 619 | 115 | ||||||
Proceeds from issuance of long-term funding | — | 292,740 | ||||||
(Repayment) of finance lease principal | (22) | (21) | ||||||
Proceeds from issuance of common stock for stock-based compensation plans | 3,910 | 1,766 | ||||||
Purchase of treasury stock, open market purchases | (18,289) | — | ||||||
Purchase of treasury stock, stock-based compensation plans | (4,572) | (5,362) | ||||||
Cash dividends on common stock | (33,527) | (32,013) | ||||||
Cash dividends on preferred stock | (2,875) | (2,875) | ||||||
Net cash provided by financing activities | 48,580 | 1,230,238 | ||||||
Net (decrease) increase in cash and cash equivalents | (72,239) | 201,385 | ||||||
Cash and cash equivalents at beginning of period | 923,823 | 621,455 | ||||||
Cash and cash equivalents at end of period(a) | $ | 851,583 | $ | 822,840 |
Three Months Ended Mar 31, | ||||||||
($ in thousands) | 2024 | 2023 | ||||||
Supplemental disclosures of cash flow information | ||||||||
Cash paid for interest | $ | 249,660 | $ | 153,760 | ||||
Cash paid for income and franchise taxes | 1,995 | 1,086 | ||||||
Loans and bank premises transferred to OREO | 577 | 3,599 | ||||||
Capitalized mortgage servicing rights | 877 | 474 | ||||||
Loans transferred (from) into held for sale from (into) portfolio, net | (86,096) | 94 | ||||||
Fair value adjustments on hedged long-term FHLB advances and subordinated debt | 10,210 | (10,724) | ||||||
Fair value adjustments on foreign currency exchange forwards | 2,708 | (341) | ||||||
Fair value adjustment on cash flow hedges | (16,326) | 10,331 | ||||||
Standard | Description | Date of adoption | Effect on financial statements | ||||||||
ASU 2023-02 Investments-Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method | The amendments in this update permit reporting entities to elect to account for their tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the proportional amortization method if certain conditions are met. A reporting entity may make an accounting policy election to apply the proportional amortization method on a tax-credit-program-by-tax-credit-program basis rather than electing to apply the proportional amortization method at the reporting entity level or to individual investments. The amendments in this update also remove certain guidance for Qualified Affordable Housing Project investments and require the application of the delayed equity contribution guidance to all tax equity investments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and must be applied on either a modified retrospective or a retrospective basis. Early adoption is permitted in any interim period, however if adopted in an interim period the entity shall adopt the amendments in this update as of the beginning of the fiscal year that includes the interim period. | 1st Quarter 2024 | The Corporation has determined the impact on its results of operation, financial position, liquidity, and disclosures is immaterial. |
Standard | Description | Date of anticipated adoption | Effect on financial statements | ||||||||
ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures | The amendments in this update improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful financial analyses. The amendments in this update also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in this update are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. | Fiscal year 2024 and interim periods beginning in 1st quarter 2025 | The Corporation is currently evaluating the impact on its disclosures. | ||||||||
ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures | The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. This update also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this update are effective for fiscal years beginning after December 15, 2024 and are to be applied on a prospective basis. Early adoption is permitted. | 1st Quarter 2025 | The Corporation is currently evaluating the impact on its disclosures. |
Three Months Ended Mar 31, | ||||||||
($ in thousands, except per share data) | 2024 | 2023 | ||||||
Net income | $ | 81,169 | $ | 103,360 | ||||
Preferred stock dividends | (2,875) | (2,875) | ||||||
Net income available to common equity | $ | 78,294 | $ | 100,485 | ||||
Common shareholder dividends | (33,407) | (31,808) | ||||||
Unvested share-based payment awards | (120) | (205) | ||||||
Undistributed earnings | $ | 44,767 | $ | 68,472 | ||||
Undistributed earnings allocated to common shareholders | $ | 44,524 | $ | 68,086 | ||||
Undistributed earnings allocated to unvested share-based payment awards | 242 | 386 | ||||||
Undistributed earnings | $ | 44,767 | $ | 68,472 | ||||
Basic | ||||||||
Distributed earnings to common shareholders | $ | 33,407 | $ | 31,808 | ||||
Undistributed earnings allocated to common shareholders | 44,524 | 68,086 | ||||||
Total common shareholders earnings, basic | $ | 77,932 | $ | 99,894 | ||||
Diluted | ||||||||
Distributed earnings to common shareholders | $ | 33,407 | $ | 31,808 | ||||
Undistributed earnings allocated to common shareholders | 44,524 | 68,086 | ||||||
Total common shareholders earnings, diluted | $ | 77,932 | $ | 99,894 | ||||
Weighted average common shares outstanding | 149,855 | 149,763 | ||||||
Effect of dilutive common stock awards | 1,436 | 1,365 | ||||||
Diluted weighted average common shares outstanding | 151,292 | 151,128 | ||||||
Basic earnings per common share | $ | 0.52 | $ | 0.67 | ||||
Diluted earnings per common share | $ | 0.52 | $ | 0.66 |
Stock Options | Shares(a) | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value(a) | ||||||||||
Outstanding at December 31, 2023 | 3,792 | $ | 21.25 | 4.26 years | $ | 5,834 | ||||||||
Exercised | 179 | 17.27 | ||||||||||||
Outstanding at March 31, 2024 | 3,613 | $ | 21.45 | 4.08 years | $ | 5,299 | ||||||||
Options Exercisable at March 31, 2024 | 3,613 | $ | 21.45 | 4.08 years | $ | 5,299 |
Restricted Stock | Shares(a) | Weighted Average Grant Date Fair Value | ||||||
Outstanding at December 31, 2023 | 2,349 | $ | 21.20 | |||||
Granted | 802 | 21.00 | ||||||
Vested | 631 | 24.39 | ||||||
Forfeited | 4 | 22.05 | ||||||
Outstanding at March 31, 2024 | 2,516 | $ | 21.33 |
($ in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ||||||||||
AFS investment securities | ||||||||||||||
U.S. Treasury securities | $ | 39,985 | $ | — | $ | (4,427) | $ | 35,558 | ||||||
Obligations of state and political subdivisions (municipal securities) | 83,823 | 1 | (2,995) | 80,830 | ||||||||||
Residential mortgage-related securities: | ||||||||||||||
FNMA/FHLMC | 1,247,657 | 221 | (156,880) | 1,090,998 | ||||||||||
GNMA | 2,219,058 | 6,114 | (10,658) | 2,214,513 | ||||||||||
Commercial mortgage-related securities: | ||||||||||||||
FNMA/FHLMC | 18,603 | — | (1,595) | 17,008 | ||||||||||
GNMA | 159,523 | — | (7,291) | 152,232 | ||||||||||
Asset backed securities: | ||||||||||||||
FFELP | 130,196 | 22 | (1,065) | 129,154 | ||||||||||
SBA | 916 | 1 | (28) | 890 | ||||||||||
Other debt securities | 3,000 | — | (35) | 2,965 | ||||||||||
Total AFS investment securities | $ | 3,902,762 | $ | 6,359 | $ | (184,973) | $ | 3,724,148 | ||||||
HTM investment securities | ||||||||||||||
U.S. Treasury securities | $ | 999 | $ | — | $ | (30) | $ | 969 | ||||||
Obligations of state and political subdivisions (municipal securities) | 1,676,275 | 2,292 | (154,833) | 1,523,734 | ||||||||||
Residential mortgage-related securities: | ||||||||||||||
FNMA/FHLMC | 930,148 | 26,023 | (184,227) | 771,944 | ||||||||||
GNMA | 48,043 | 24 | (3,609) | 44,457 | ||||||||||
Private-label | 341,153 | 9,399 | (69,484) | 281,069 | ||||||||||
Commercial mortgage-related securities: | ||||||||||||||
FNMA/FHLMC | 779,310 | 12,068 | (162,450) | 628,928 | ||||||||||
GNMA | 57,114 | 338 | (7,270) | 50,183 | ||||||||||
Total HTM investment securities | $ | 3,833,043 | $ | 50,145 | $ | (581,903) | $ | 3,301,284 | ||||||
($ in thousands) | Amortized Cost | Gross Unrealized Gains | Gross Unrealized (Losses) | Fair Value | ||||||||||
AFS investment securities | ||||||||||||||
U.S. Treasury securities | $ | 39,984 | $ | — | $ | (4,083) | $ | 35,902 | ||||||
Obligations of state and political subdivisions (municipal securities) | 94,008 | 23 | (2,214) | 91,817 | ||||||||||
Residential mortgage-related securities: | ||||||||||||||
FNMA/FHLMC | 1,274,052 | 294 | (153,552) | 1,120,794 | ||||||||||
GNMA | 2,021,242 | 24,254 | (2,822) | 2,042,675 | ||||||||||
Commercial mortgage-related securities: | ||||||||||||||
FNMA/FHLMC | 18,691 | — | (1,755) | 16,937 | ||||||||||
GNMA | 161,928 | — | (7,135) | 154,793 | ||||||||||
Asset backed securities: | ||||||||||||||
FFELP | 135,832 | 5 | (1,862) | 133,975 | ||||||||||
SBA | 1,077 | 2 | (28) | 1,051 | ||||||||||
Other debt securities | 3,000 | — | (50) | 2,950 | ||||||||||
Total AFS investment securities | $ | 3,749,814 | $ | 24,579 | $ | (173,501) | $ | 3,600,892 | ||||||
HTM investment securities | ||||||||||||||
U.S. Treasury securities | $ | 999 | $ | — | $ | (36) | $ | 963 | ||||||
Obligations of state and political subdivisions (municipal securities) | 1,682,473 | 5,638 | (134,053) | 1,554,059 | ||||||||||
Residential mortgage-related securities: | ||||||||||||||
FNMA/FHLMC | 941,973 | 27,007 | (164,587) | 804,393 | ||||||||||
GNMA | 48,979 | 92 | (2,901) | 46,170 | ||||||||||
Private-label | 345,083 | 9,796 | (65,372) | 289,507 | ||||||||||
Commercial mortgage-related securities: | ||||||||||||||
FNMA/FHLMC | 780,995 | 12,699 | (160,781) | 632,914 | ||||||||||
GNMA | 59,733 | 386 | (7,500) | 52,619 | ||||||||||
Total HTM investment securities | $ | 3,860,235 | $ | 55,619 | $ | (535,230) | $ | 3,380,624 |
AFS | HTM | |||||||||||||
($ in thousands) | Amortized Cost | Fair Value | Amortized Cost | Fair Value | ||||||||||
Due in one year or less | $ | 1,915 | $ | 1,902 | $ | 11,061 | $ | 11,011 | ||||||
Due after one year through five years | 47,142 | 42,470 | 58,092 | 57,522 | ||||||||||
Due after five years through ten years | 50,863 | 48,613 | 166,954 | 162,309 | ||||||||||
Due after ten years | 26,888 | 26,368 | 1,441,167 | 1,293,862 | ||||||||||
Total debt securities | 126,808 | 119,353 | 1,677,274 | 1,524,703 | ||||||||||
Residential mortgage-related securities: | ||||||||||||||
FNMA/FHLMC | 1,247,657 | 1,090,998 | 930,148 | 771,944 | ||||||||||
GNMA | 2,219,058 | 2,214,513 | 48,043 | 44,457 | ||||||||||
Private-label | — | — | 341,153 | 281,069 | ||||||||||
Commercial mortgage-related securities: | ||||||||||||||
FNMA/FHLMC | 18,603 | 17,008 | 779,310 | 628,928 | ||||||||||
GNMA | 159,523 | 152,232 | 57,114 | 50,183 | ||||||||||
Asset backed securities: | ||||||||||||||
FFELP | 130,196 | 129,154 | — | — | ||||||||||
SBA | 916 | 890 | — | — | ||||||||||
Total investment securities | $ | 3,902,762 | $ | 3,724,148 | $ | 3,833,043 | $ | 3,301,284 | ||||||
Ratio of fair value to amortized cost | 95.4 | % | 86.1 | % |
($ in thousands) | AAA | AA | A | Not Rated | Total | ||||||||||||
U.S. Treasury securities | $ | 999 | $ | — | $ | — | $ | — | $ | 999 | |||||||
Obligations of state and political subdivisions (municipal securities) | 768,220 | 901,215 | 5,685 | 1,154 | 1,676,275 | ||||||||||||
Residential mortgage-related securities: | |||||||||||||||||
FNMA/FHLMC | 930,148 | — | — | — | 930,148 | ||||||||||||
GNMA | 48,043 | — | — | — | 48,043 | ||||||||||||
Private-label | 341,153 | — | — | — | 341,153 | ||||||||||||
Commercial mortgage-related securities: | |||||||||||||||||
FNMA/FHLMC | 779,310 | — | — | — | 779,310 | ||||||||||||
GNMA | 57,114 | — | — | — | 57,114 | ||||||||||||
Total HTM securities | $ | 2,924,988 | $ | 901,215 | $ | 5,685 | $ | 1,154 | $ | 3,833,043 |
($ in thousands) | AAA | AA | A | Not Rated | Total | ||||||||||||
U.S. Treasury securities | $ | 999 | $ | — | $ | — | $ | — | $ | 999 | |||||||
Obligations of state and political subdivisions (municipal securities) | 760,329 | 915,303 | 5,687 | 1,155 | 1,682,473 | ||||||||||||
Residential mortgage-related securities: | |||||||||||||||||
FNMA/FHLMC | 941,973 | — | — | — | 941,973 | ||||||||||||
GNMA | 48,979 | — | — | — | 48,979 | ||||||||||||
Private-label | 345,083 | — | — | — | 345,083 | ||||||||||||
Commercial mortgage-related securities: | |||||||||||||||||
FNMA/FHLMC | 780,995 | — | — | — | 780,995 | ||||||||||||
GNMA | 59,733 | — | — | — | 59,733 | ||||||||||||
Total HTM securities | $ | 2,938,090 | $ | 915,303 | $ | 5,687 | $ | 1,155 | $ | 3,860,235 |
Three Months Ended Mar 31, | ||||||||
($ in thousands) | 2024 | 2023 | ||||||
Gross realized (losses) on AFS securities | $ | (197) | $ | — | ||||
Gain on sale and net write-up (down) of equity securities | 4,076 | 51 | ||||||
Investment securities gains (losses), net | $ | 3,879 | $ | 51 | ||||
Proceeds from sales of AFS investment securities | $ | 9,472 | $ | — |
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||
($ in thousands) | Number of Securities | Unrealized (Losses) | Fair Value | Number of Securities | Unrealized (Losses) | Fair Value | Unrealized (Losses) | Fair Value | ||||||||||||||||||
AFS investment securities | ||||||||||||||||||||||||||
U.S. Treasury securities | — | $ | — | $ | — | 1 | $ | (4,427) | $ | 35,558 | $ | (4,427) | $ | 35,558 | ||||||||||||
Obligations of state and political subdivisions (municipal securities) | 27 | (218) | 13,847 | 108 | (2,777) | 64,217 | (2,995) | 78,064 | ||||||||||||||||||
Residential mortgage-related securities: | ||||||||||||||||||||||||||
FNMA/FHLMC | 24 | (694) | 31,375 | 71 | (156,185) | 1,045,343 | (156,880) | 1,076,718 | ||||||||||||||||||
GNMA | 59 | (7,016) | 1,122,930 | 10 | (3,643) | 105,462 | (10,658) | 1,228,391 | ||||||||||||||||||
Commercial mortgage-related securities: | ||||||||||||||||||||||||||
FNMA/FHLMC | — | — | — | 1 | (1,595) | 17,008 | (1,595) | 17,008 | ||||||||||||||||||
GNMA | 1 | (337) | 13,668 | 30 | (6,954) | 138,564 | (7,291) | 152,232 | ||||||||||||||||||
Asset backed securities: | ||||||||||||||||||||||||||
FFELP | 2 | (116) | 40,177 | 12 | (949) | 75,411 | (1,065) | 115,588 | ||||||||||||||||||
SBA | — | — | — | 5 | (28) | 677 | (28) | 677 | ||||||||||||||||||
Other debt securities | 1 | (7) | 993 | 2 | (28) | 1,972 | (35) | 2,965 | ||||||||||||||||||
Total | 114 | $ | (8,388) | $ | 1,222,990 | 240 | $ | (176,585) | $ | 1,484,212 | $ | (184,973) | $ | 2,707,201 | ||||||||||||
HTM investment securities | ||||||||||||||||||||||||||
U.S. Treasury securities | — | $ | — | $ | — | 1 | $ | (30) | $ | 969 | $ | (30) | $ | 969 | ||||||||||||
Obligations of state and political subdivisions (municipal securities) | 287 | (2,536) | 324,576 | 653 | (152,297) | 916,225 | (154,833) | 1,240,801 | ||||||||||||||||||
Residential mortgage-related securities: | ||||||||||||||||||||||||||
FNMA/FHLMC | 5 | (40) | 3,489 | 113 | (184,186) | 768,182 | (184,227) | 771,671 | ||||||||||||||||||
GNMA | 6 | (99) | 8,674 | 79 | (3,511) | 34,346 | (3,609) | 43,020 | ||||||||||||||||||
Private-label | — | — | — | 18 | (69,484) | 281,069 | (69,484) | 281,069 | ||||||||||||||||||
Commercial mortgage-related securities: | ||||||||||||||||||||||||||
FNMA/FHLMC | 1 | (263) | 8,003 | 44 | (162,187) | 620,926 | (162,450) | 628,928 | ||||||||||||||||||
GNMA | — | — | — | 13 | (7,270) | 50,183 | (7,270) | 50,183 | ||||||||||||||||||
Total | 299 | $ | (2,938) | $ | 344,741 | 921 | $ | (578,965) | $ | 2,671,899 | $ | (581,903) | $ | 3,016,640 |
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||||
($ in thousands) | Number of Securities | Unrealized (Losses) | Fair Value | Number of Securities | Unrealized (Losses) | Fair Value | Unrealized (Losses) | Fair Value | ||||||||||||||||||
AFS investment securities | ||||||||||||||||||||||||||
U.S. Treasury securities | — | $ | — | $ | — | 1 | $ | (4,083) | $ | 35,902 | $ | (4,083) | $ | 35,902 | ||||||||||||
Obligations of state and political subdivisions (municipal securities) | 41 | (347) | 23,762 | 92 | (1,867) | 53,022 | (2,214) | 76,784 | ||||||||||||||||||
Residential mortgage-related securities: | ||||||||||||||||||||||||||
FNMA/FHLMC | 18 | (333) | 22,870 | 71 | (153,219) | 1,080,337 | (153,552) | 1,103,207 | ||||||||||||||||||
GNMA | 13 | (924) | 156,847 | 5 | (1,898) | 26,643 | (2,822) | 183,490 | ||||||||||||||||||
Commercial mortgage-related securities: | ||||||||||||||||||||||||||
FNMA/FHLMC | — | — | — | 1 | (1,755) | 16,937 | (1,755) | 16,937 | ||||||||||||||||||
GNMA | 9 | (3,160) | 103,055 | 22 | (3,975) | 51,738 | (7,135) | 154,793 | ||||||||||||||||||
Asset backed securities: | ||||||||||||||||||||||||||
FFELP | — | — | — | 14 | (1,862) | 125,339 | (1,862) | 125,339 | ||||||||||||||||||
SBA | — | — | — | 5 | (28) | 761 | (28) | 761 | ||||||||||||||||||
Other debt securities | 1 | (9) | 991 | 2 | (42) | 1,958 | (50) | 2,950 | ||||||||||||||||||
Total | 82 | $ | (4,773) | $ | 307,527 | 213 | $ | (168,728) | $ | 1,392,635 | $ | (173,501) | $ | 1,700,162 | ||||||||||||
HTM investment securities | ||||||||||||||||||||||||||
U.S. Treasury securities | — | $ | — | $ | — | 1 | $ | (36) | $ | 963 | $ | (36) | $ | 963 | ||||||||||||
Obligations of state and political subdivisions (municipal securities) | 182 | (1,535) | 180,270 | 537 | (132,518) | 792,940 | (134,053) | 973,210 | ||||||||||||||||||
Residential mortgage-related securities: | ||||||||||||||||||||||||||
FNMA/FHLMC | 20 | (511) | 30,323 | 94 | (164,076) | 771,042 | (164,587) | 801,365 | ||||||||||||||||||
GNMA | 2 | (17) | 2,128 | 78 | (2,884) | 34,626 | (2,901) | 36,754 | ||||||||||||||||||
Private-label | — | — | — | 18 | (65,372) | 289,507 | (65,372) | 289,507 | ||||||||||||||||||
Commercial mortgage-related securities: | ||||||||||||||||||||||||||
FNMA/FHLMC | 1 | (121) | 8,144 | 44 | (160,660) | 624,770 | (160,781) | 632,914 | ||||||||||||||||||
GNMA | — | — | — | 13 | (7,500) | 52,619 | (7,500) | 52,619 | ||||||||||||||||||
Total | 205 | $ | (2,184) | $ | 220,865 | 785 | $ | (533,046) | $ | 2,566,468 | $ | (535,230) | $ | 2,787,333 |
($ in thousands) | Mar 31, 2024 | Dec 31, 2023 | ||||||
Commercial and industrial | $ | 9,858,329 | $ | 9,731,555 | ||||
Commercial real estate — owner occupied | 1,095,894 | 1,061,700 | ||||||
Commercial and business lending | 10,954,223 | 10,793,255 | ||||||
Commercial real estate — investor | 5,035,195 | 5,124,245 | ||||||
Real estate construction | 2,287,041 | 2,271,398 | ||||||
Commercial real estate lending | 7,322,237 | 7,395,644 | ||||||
Total commercial | 18,276,460 | 18,188,898 | ||||||
Residential mortgage | 7,868,180 | 7,864,891 | ||||||
Auto finance | 2,471,257 | 2,256,162 | ||||||
Home equity | 619,764 | 628,526 | ||||||
Other consumer | 258,603 | 277,740 | ||||||
Total consumer | 11,217,802 | 11,027,319 | ||||||
Total loans | $ | 29,494,263 | $ | 29,216,218 |
Term Loans Amortized Cost Basis by Origination Year(a) | |||||||||||||||||||||||||||||
($ in thousands) | Rev Loans Converted to Term(a) | Rev Loans Amortized Cost Basis | YTD 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | ||||||||||||||||||||
Commercial and industrial: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 279 | $ | 1,732,197 | $ | 318,587 | $ | 1,758,151 | $ | 2,806,636 | $ | 1,701,638 | $ | 380,164 | $ | 774,950 | $ | 9,472,322 | |||||||||||
Special mention | — | 14,287 | — | 13,305 | 24,216 | 27,909 | 3,392 | 865 | 83,973 | ||||||||||||||||||||
Substandard | 434 | 23,288 | 44,013 | 2,283 | 82,394 | 59,491 | 17,184 | 1,138 | 229,791 | ||||||||||||||||||||
Nonaccrual | 3,157 | — | 2,938 | 12,629 | 14,495 | 17,599 | — | 24,582 | 72,243 | ||||||||||||||||||||
Commercial and industrial | $ | 3,869 | $ | 1,769,772 | $ | 365,538 | $ | 1,786,369 | $ | 2,927,740 | $ | 1,806,637 | $ | 400,739 | $ | 801,535 | $ | 9,858,329 | |||||||||||
Commercial real estate - owner occupied: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 11,455 | $ | 56,257 | $ | 196,065 | $ | 191,357 | $ | 234,852 | $ | 133,883 | $ | 218,224 | $ | 1,042,093 | |||||||||||
Special mention | — | 94 | — | — | — | — | — | — | 94 | ||||||||||||||||||||
Substandard | — | 950 | 2,667 | 18,003 | 2,083 | 12,376 | 8,423 | 7,114 | 51,616 | ||||||||||||||||||||
Nonaccrual | — | — | 722 | 1,368 | — | — | — | — | 2,090 | ||||||||||||||||||||
Commercial real estate - owner occupied | $ | — | $ | 12,500 | $ | 59,646 | $ | 215,436 | $ | 193,440 | $ | 247,228 | $ | 142,306 | $ | 225,339 | $ | 1,095,894 | |||||||||||
Commercial and business lending: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 279 | $ | 1,743,652 | $ | 374,844 | $ | 1,954,216 | $ | 2,997,992 | $ | 1,936,490 | $ | 514,047 | $ | 993,174 | $ | 10,514,415 | |||||||||||
Special mention | — | 14,381 | — | 13,305 | 24,216 | 27,909 | 3,392 | 865 | 84,068 | ||||||||||||||||||||
Substandard | 434 | 24,239 | 46,680 | 20,286 | 84,477 | 71,867 | 25,606 | 8,252 | 281,408 | ||||||||||||||||||||
Nonaccrual | 3,157 | — | 3,659 | 13,997 | 14,495 | 17,599 | — | 24,582 | 74,333 | ||||||||||||||||||||
Commercial and business lending | $ | 3,869 | $ | 1,782,272 | $ | 425,184 | $ | 2,001,805 | $ | 3,121,180 | $ | 2,053,865 | $ | 543,045 | $ | 1,026,873 | $ | 10,954,223 | |||||||||||
Commercial real estate - investor: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 131,383 | $ | 196,066 | $ | 1,162,643 | $ | 1,274,328 | $ | 1,014,759 | $ | 418,534 | $ | 550,600 | $ | 4,748,313 | |||||||||||
Special mention | — | 502 | — | — | 22,494 | 9,238 | — | 35,614 | 67,848 | ||||||||||||||||||||
Substandard | — | — | 38,662 | 94,918 | 33,540 | 25,949 | 975 | 6,293 | 200,338 | ||||||||||||||||||||
Nonaccrual | — | — | — | — | — | — | — | 18,697 | 18,697 | ||||||||||||||||||||
Commercial real estate - investor | $ | — | $ | 131,886 | $ | 234,727 | $ | 1,257,561 | $ | 1,330,362 | $ | 1,049,946 | $ | 419,509 | $ | 611,204 | $ | 5,035,195 | |||||||||||
Real estate construction: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 24,266 | $ | 58,519 | $ | 474,768 | $ | 1,177,598 | $ | 494,047 | $ | 45,034 | $ | 12,792 | $ | 2,287,023 | |||||||||||
Nonaccrual | — | — | — | — | — | — | — | 18 | 18 | ||||||||||||||||||||
Real estate construction | $ | — | $ | 24,266 | $ | 58,519 | $ | 474,768 | $ | 1,177,598 | $ | 494,047 | $ | 45,034 | $ | 12,810 | $ | 2,287,041 | |||||||||||
Commercial real estate lending: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 155,649 | $ | 254,585 | $ | 1,637,410 | $ | 2,451,926 | $ | 1,508,806 | $ | 463,568 | $ | 563,392 | $ | 7,035,336 | |||||||||||
Special mention | — | 502 | — | — | 22,494 | 9,238 | — | 35,614 | 67,848 | ||||||||||||||||||||
Substandard | — | — | 38,662 | 94,918 | 33,540 | 25,949 | 975 | 6,293 | 200,338 | ||||||||||||||||||||
Nonaccrual | — | — | — | — | — | — | — | 18,715 | 18,715 | ||||||||||||||||||||
Commercial real estate lending | $ | — | $ | 156,151 | $ | 293,246 | $ | 1,732,329 | $ | 2,507,960 | $ | 1,543,993 | $ | 464,543 | $ | 624,014 | $ | 7,322,237 | |||||||||||
Total commercial: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 279 | $ | 1,899,301 | $ | 629,429 | $ | 3,591,627 | $ | 5,449,918 | $ | 3,445,296 | $ | 977,615 | $ | 1,556,566 | $ | 17,549,751 | |||||||||||
Special mention | — | 14,883 | — | 13,305 | 46,710 | 37,146 | 3,392 | 36,480 | 151,916 | ||||||||||||||||||||
Substandard | 434 | 24,239 | 85,342 | 115,205 | 118,017 | 97,816 | 26,582 | 14,545 | 481,745 | ||||||||||||||||||||
Nonaccrual | 3,157 | — | 3,659 | 13,997 | 14,495 | 17,599 | — | 43,297 | 93,047 | ||||||||||||||||||||
Total commercial | $ | 3,869 | $ | 1,938,423 | $ | 718,430 | $ | 3,734,133 | $ | 5,629,140 | $ | 3,597,858 | $ | 1,007,588 | $ | 1,650,888 | $ | 18,276,460 |
Term Loans Amortized Cost Basis by Origination Year(a) | |||||||||||||||||||||||||||||
($ in thousands) | Rev Loans Converted to Term(a) | Rev Loans Amortized Cost Basis | YTD 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | ||||||||||||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | 23,550 | $ | 396,223 | $ | 1,657,013 | $ | 2,086,129 | $ | 1,389,566 | $ | 2,244,891 | $ | 7,797,372 | |||||||||||
Special mention | — | — | — | — | — | — | — | 94 | 94 | ||||||||||||||||||||
Substandard | — | — | — | 467 | 92 | — | — | 199 | 759 | ||||||||||||||||||||
Nonaccrual | — | — | 877 | 1,264 | 10,501 | 9,712 | 8,575 | 39,026 | 69,954 | ||||||||||||||||||||
Residential mortgage | $ | — | $ | — | $ | 24,427 | $ | 397,954 | $ | 1,667,606 | $ | 2,095,841 | $ | 1,398,141 | $ | 2,284,210 | $ | 7,868,180 | |||||||||||
Auto finance: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | 384,126 | $ | 1,133,964 | $ | 874,922 | $ | 68,423 | $ | 137 | $ | 352 | $ | 2,461,925 | |||||||||||
Special mention | — | — | — | 634 | 1,398 | 117 | — | — | 2,148 | ||||||||||||||||||||
Substandard | — | — | — | 26 | — | — | — | — | 26 | ||||||||||||||||||||
Nonaccrual | — | — | 21 | 1,682 | 4,898 | 554 | — | 2 | 7,158 | ||||||||||||||||||||
Auto finance | $ | — | $ | — | $ | 384,147 | $ | 1,136,306 | $ | 881,218 | $ | 69,094 | $ | 137 | $ | 354 | $ | 2,471,257 | |||||||||||
Home equity: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 3,830 | $ | 514,998 | $ | 21 | $ | 1,508 | $ | 29,539 | $ | 5,949 | $ | 2,278 | $ | 56,995 | $ | 611,286 | |||||||||||
Special mention | 17 | 53 | — | 46 | 38 | — | — | 175 | 312 | ||||||||||||||||||||
Substandard | — | — | — | 9 | — | — | — | 56 | 65 | ||||||||||||||||||||
Nonaccrual | 505 | 76 | 31 | — | 671 | 141 | 120 | 7,061 | 8,100 | ||||||||||||||||||||
Home equity | $ | 4,352 | $ | 515,127 | $ | 51 | $ | 1,563 | $ | 30,248 | $ | 6,090 | $ | 2,398 | $ | 64,286 | $ | 619,764 | |||||||||||
Other consumer: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 75 | $ | 186,540 | $ | 1,489 | $ | 4,995 | $ | 2,823 | $ | 1,474 | $ | 781 | $ | 57,722 | $ | 255,824 | |||||||||||
Special mention | 3 | 850 | — | 14 | 24 | 6 | 7 | 3 | 904 | ||||||||||||||||||||
Substandard | — | 1,788 | — | — | — | — | — | — | 1,788 | ||||||||||||||||||||
Nonaccrual | 4 | 61 | — | 9 | 7 | — | — | 11 | 87 | ||||||||||||||||||||
Other consumer | $ | 82 | $ | 189,238 | $ | 1,489 | $ | 5,018 | $ | 2,854 | $ | 1,480 | $ | 788 | $ | 57,735 | $ | 258,603 | |||||||||||
Total consumer: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 3,905 | $ | 701,538 | $ | 409,186 | $ | 1,536,690 | $ | 2,564,297 | $ | 2,161,975 | $ | 1,392,762 | $ | 2,359,959 | $ | 11,126,407 | |||||||||||
Special mention | 20 | 904 | — | 694 | 1,459 | 123 | 7 | 272 | 3,459 | ||||||||||||||||||||
Substandard | — | 1,788 | — | 502 | 92 | — | — | 255 | 2,637 | ||||||||||||||||||||
Nonaccrual | 509 | 137 | 928 | 2,955 | 16,077 | 10,407 | 8,695 | 46,100 | 85,299 | ||||||||||||||||||||
Total consumer | $ | 4,434 | $ | 704,365 | $ | 410,115 | $ | 1,540,841 | $ | 2,581,926 | $ | 2,172,506 | $ | 1,401,464 | $ | 2,406,586 | $ | 11,217,802 | |||||||||||
Total loans: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 4,184 | $ | 2,600,839 | $ | 1,038,615 | $ | 5,128,316 | $ | 8,014,215 | $ | 5,607,272 | $ | 2,370,376 | $ | 3,916,525 | $ | 28,676,159 | |||||||||||
Special mention | 20 | 15,787 | — | 13,999 | 48,169 | 37,270 | 3,399 | 36,752 | 155,375 | ||||||||||||||||||||
Substandard | 434 | 26,026 | 85,342 | 115,707 | 118,109 | 97,816 | 26,582 | 14,800 | 484,383 | ||||||||||||||||||||
Nonaccrual | 3,666 | 137 | 4,588 | 16,952 | 30,572 | 28,007 | 8,695 | 89,396 | 178,346 | ||||||||||||||||||||
Total loans | $ | 8,303 | $ | 2,642,788 | $ | 1,128,545 | $ | 5,274,974 | $ | 8,211,066 | $ | 5,770,365 | $ | 2,409,052 | $ | 4,057,474 | $ | 29,494,263 |
Term Loans Amortized Cost Basis by Origination Year(a) | |||||||||||||||||||||||||||||
($ in thousands) | Rev Loans Converted to Term(a) | Rev Loans Amortized Cost Basis | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | ||||||||||||||||||||
Commercial and industrial: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 1,380 | $ | 1,693,249 | $ | 1,736,617 | $ | 2,877,173 | $ | 1,824,362 | $ | 398,046 | $ | 383,695 | $ | 449,006 | $ | 9,362,149 | |||||||||||
Special mention | — | 21,779 | 4,017 | 46,610 | 8,525 | 3,529 | — | 25,341 | 109,801 | ||||||||||||||||||||
Substandard | 804 | 81,924 | 10,515 | 39,748 | 47,279 | 17,732 | 94 | 291 | 197,582 | ||||||||||||||||||||
Nonaccrual | 6,414 | — | 13,317 | 14,188 | 33,891 | 627 | — | — | 62,022 | ||||||||||||||||||||
Commercial and industrial | $ | 8,598 | $ | 1,796,951 | $ | 1,764,466 | $ | 2,977,719 | $ | 1,914,057 | $ | 419,934 | $ | 383,789 | $ | 474,638 | $ | 9,731,555 | |||||||||||
Commercial real estate - owner occupied: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 15,393 | $ | 204,039 | $ | 188,003 | $ | 239,218 | $ | 136,535 | $ | 135,730 | $ | 92,339 | $ | 1,011,259 | |||||||||||
Special mention | — | 271 | — | — | 6,150 | 2,635 | — | 1,293 | 10,349 | ||||||||||||||||||||
Substandard | — | 292 | 14,735 | 2,791 | 6,416 | 8,537 | 3,086 | 2,841 | 38,699 | ||||||||||||||||||||
Nonaccrual | — | — | 1,394 | — | — | — | — | — | 1,394 | ||||||||||||||||||||
Commercial real estate - owner occupied | $ | — | $ | 15,957 | $ | 220,168 | $ | 190,794 | $ | 251,783 | $ | 147,708 | $ | 138,816 | $ | 96,473 | $ | 1,061,700 | |||||||||||
Commercial and business lending: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 1,380 | $ | 1,708,642 | $ | 1,940,657 | $ | 3,065,177 | $ | 2,063,580 | $ | 534,581 | $ | 519,426 | $ | 541,345 | $ | 10,373,408 | |||||||||||
Special mention | — | 22,050 | 4,017 | 46,610 | 14,675 | 6,164 | — | 26,634 | 120,150 | ||||||||||||||||||||
Substandard | 804 | 82,216 | 25,250 | 42,539 | 53,695 | 26,269 | 3,180 | 3,132 | 236,281 | ||||||||||||||||||||
Nonaccrual | 6,414 | — | 14,710 | 14,188 | 33,891 | 627 | — | — | 63,416 | ||||||||||||||||||||
Commercial and business lending | $ | 8,598 | $ | 1,812,909 | $ | 1,984,635 | $ | 3,168,514 | $ | 2,165,840 | $ | 567,642 | $ | 522,606 | $ | 571,111 | $ | 10,793,255 | |||||||||||
Commercial real estate - investor: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 155,109 | $ | 1,263,866 | $ | 1,247,434 | $ | 1,080,425 | $ | 471,371 | $ | 358,996 | $ | 239,230 | $ | 4,816,433 | |||||||||||
Special mention | — | 502 | 4,248 | 25,474 | 26,208 | — | 29,772 | 6,014 | 92,218 | ||||||||||||||||||||
Substandard | — | — | 106,002 | 69,584 | 15,000 | 983 | — | 24,025 | 215,595 | ||||||||||||||||||||
Commercial real estate - investor | $ | — | $ | 155,611 | $ | 1,374,116 | $ | 1,342,492 | $ | 1,121,633 | $ | 472,355 | $ | 388,768 | $ | 269,269 | $ | 5,124,245 | |||||||||||
Real estate construction: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 23,307 | $ | 422,277 | $ | 1,176,608 | $ | 547,825 | $ | 87,680 | $ | 5,740 | $ | 7,954 | $ | 2,271,392 | |||||||||||
Nonaccrual | — | — | — | — | — | — | — | 6 | 6 | ||||||||||||||||||||
Real estate construction | $ | — | $ | 23,307 | $ | 422,277 | $ | 1,176,608 | $ | 547,825 | $ | 87,680 | $ | 5,740 | $ | 7,960 | $ | 2,271,398 | |||||||||||
Commercial real estate lending: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | 178,416 | $ | 1,686,143 | $ | 2,424,042 | $ | 1,628,250 | $ | 559,052 | $ | 364,737 | $ | 247,184 | $ | 7,087,824 | |||||||||||
Special mention | — | 502 | 4,248 | 25,474 | 26,208 | — | 29,772 | 6,014 | 92,218 | ||||||||||||||||||||
Substandard | — | — | 106,002 | 69,584 | 15,000 | 983 | — | 24,025 | 215,595 | ||||||||||||||||||||
Nonaccrual | — | — | — | — | — | — | — | 6 | 6 | ||||||||||||||||||||
Commercial real estate lending | $ | — | $ | 178,918 | $ | 1,796,393 | $ | 2,519,100 | $ | 1,669,458 | $ | 560,035 | $ | 394,508 | $ | 277,230 | $ | 7,395,644 |
Term Loans Amortized Cost Basis by Origination Year(a) | |||||||||||||||||||||||||||||
($ in thousands) | Rev Loans Converted to Term(a) | Rev Loans Amortized Cost Basis | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | ||||||||||||||||||||
Total commercial: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 1,380 | $ | 1,887,058 | $ | 3,626,800 | $ | 5,489,219 | $ | 3,691,830 | $ | 1,093,633 | $ | 884,162 | $ | 788,529 | $ | 17,461,232 | |||||||||||
Special mention | — | 22,552 | 8,265 | 72,084 | 40,882 | 6,164 | 29,772 | 32,648 | 212,368 | ||||||||||||||||||||
Substandard | 804 | 82,216 | 131,253 | 112,123 | 68,695 | 27,253 | 3,180 | 27,157 | 451,876 | ||||||||||||||||||||
Nonaccrual | 6,414 | — | 14,710 | 14,188 | 33,891 | 627 | — | 6 | 63,422 | ||||||||||||||||||||
Total commercial | $ | 8,598 | $ | 1,991,827 | $ | 3,781,028 | $ | 5,687,614 | $ | 3,835,298 | $ | 1,127,677 | $ | 917,114 | $ | 848,341 | $ | 18,188,898 | |||||||||||
Residential mortgage: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | 352,321 | $ | 1,617,409 | $ | 2,110,577 | $ | 1,414,186 | $ | 647,778 | $ | 1,650,542 | $ | 7,792,813 | |||||||||||
Special mention | — | — | — | — | — | — | 95 | 57 | 152 | ||||||||||||||||||||
Substandard | — | — | 490 | 93 | — | — | 174 | 26 | 784 | ||||||||||||||||||||
Nonaccrual | — | — | 1,425 | 9,567 | 9,259 | 10,397 | 6,628 | 33,865 | 71,142 | ||||||||||||||||||||
Residential mortgage | $ | — | $ | — | $ | 354,236 | $ | 1,627,070 | $ | 2,119,836 | $ | 1,424,583 | $ | 654,675 | $ | 1,684,490 | $ | 7,864,891 | |||||||||||
Auto finance: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | — | $ | — | $ | 1,218,820 | $ | 952,839 | $ | 75,209 | $ | 163 | $ | 456 | $ | 132 | $ | 2,247,618 | |||||||||||
Special mention | — | — | 619 | 1,850 | 205 | — | — | — | 2,674 | ||||||||||||||||||||
Substandard | — | — | — | 73 | — | — | — | — | 73 | ||||||||||||||||||||
Nonaccrual | — | — | 1,032 | 4,332 | 430 | — | 3 | — | 5,797 | ||||||||||||||||||||
Auto finance | $ | — | $ | — | $ | 1,220,471 | $ | 959,094 | $ | 75,844 | $ | 163 | $ | 458 | $ | 132 | $ | 2,256,162 | |||||||||||
Home equity: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 8,703 | $ | 521,000 | $ | 1,678 | $ | 29,863 | $ | 6,084 | $ | 2,327 | $ | 4,891 | $ | 53,350 | $ | 619,192 | |||||||||||
Special mention | 179 | 200 | — | 87 | — | 29 | 15 | 378 | 708 | ||||||||||||||||||||
Substandard | 10 | 75 | 10 | — | — | — | 33 | — | 118 | ||||||||||||||||||||
Nonaccrual | 1,302 | 160 | 29 | 495 | 132 | 144 | 368 | 7,180 | 8,508 | ||||||||||||||||||||
Home equity | $ | 10,195 | $ | 521,434 | $ | 1,717 | $ | 30,445 | $ | 6,217 | $ | 2,500 | $ | 5,308 | $ | 60,907 | $ | 628,526 | |||||||||||
Other consumer: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 121 | $ | 196,632 | $ | 6,419 | $ | 3,732 | $ | 2,658 | $ | 1,127 | $ | 460 | $ | 64,121 | $ | 275,149 | |||||||||||
Special mention | 26 | 843 | 9 | — | 3 | 20 | — | 6 | 881 | ||||||||||||||||||||
Substandard | — | 1,582 | — | — | — | — | — | — | 1,582 | ||||||||||||||||||||
Nonaccrual | 27 | 71 | 10 | 1 | 6 | 2 | 8 | 29 | 128 | ||||||||||||||||||||
Other consumer | $ | 174 | $ | 199,129 | $ | 6,438 | $ | 3,733 | $ | 2,668 | $ | 1,149 | $ | 468 | $ | 64,156 | $ | 277,740 | |||||||||||
Total consumer: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 8,824 | $ | 717,632 | $ | 1,579,238 | $ | 2,603,843 | $ | 2,194,529 | $ | 1,417,802 | $ | 653,584 | $ | 1,768,145 | $ | 10,934,773 | |||||||||||
Special mention | 205 | 1,043 | 628 | 1,936 | 208 | 49 | 110 | 441 | 4,416 | ||||||||||||||||||||
Substandard | 10 | 1,656 | 500 | 166 | — | — | 207 | 26 | 2,556 | ||||||||||||||||||||
Nonaccrual | 1,330 | 231 | 2,496 | 14,396 | 9,827 | 10,544 | 7,007 | 41,073 | 85,574 | ||||||||||||||||||||
Total consumer | $ | 10,369 | $ | 720,563 | $ | 1,582,862 | $ | 2,620,341 | $ | 2,204,564 | $ | 1,428,395 | $ | 660,909 | $ | 1,809,685 | $ | 11,027,319 | |||||||||||
Total loans: | |||||||||||||||||||||||||||||
Risk rating: | |||||||||||||||||||||||||||||
Pass | $ | 10,204 | $ | 2,604,690 | $ | 5,206,038 | $ | 8,093,062 | $ | 5,886,359 | $ | 2,511,435 | $ | 1,537,747 | $ | 2,556,674 | $ | 28,396,005 | |||||||||||
Special mention | 205 | 23,595 | 8,893 | 74,020 | 41,091 | 6,213 | 29,882 | 33,089 | 216,784 | ||||||||||||||||||||
Substandard | 814 | 83,872 | 131,753 | 112,289 | 68,695 | 27,253 | 3,387 | 27,183 | 454,432 | ||||||||||||||||||||
Nonaccrual | 7,744 | 231 | 17,206 | 28,584 | 43,718 | 11,170 | 7,007 | 41,080 | 148,997 | ||||||||||||||||||||
Total loans | $ | 18,966 | $ | 2,712,389 | $ | 5,363,890 | $ | 8,307,956 | $ | 6,039,862 | $ | 2,556,071 | $ | 1,578,023 | $ | 2,658,026 | $ | 29,216,218 |
Gross Charge Offs by Origination Year | ||||||||||||||||||||||||||
($ in thousands) | Rev Loans Amortized Cost Basis | YTD 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | ||||||||||||||||||
Commercial and industrial | $ | 1,024 | $ | — | $ | 125 | $ | 553 | $ | 17,724 | $ | 3 | $ | — | $ | 19,429 | ||||||||||
Commercial real estate-owner occupied | — | — | — | — | — | — | 3 | 3 | ||||||||||||||||||
Commercial and business lending | 1,024 | — | 125 | 553 | 17,724 | 3 | 3 | 19,432 | ||||||||||||||||||
Total commercial | 1,024 | — | 125 | 553 | 17,724 | 3 | 3 | 19,432 | ||||||||||||||||||
Residential mortgage | — | — | 40 | — | — | 2 | 47 | 89 | ||||||||||||||||||
Auto finance | — | — | 767 | 1,675 | 158 | — | — | 2,600 | ||||||||||||||||||
Home equity | 93 | — | — | — | — | — | 15 | 108 | ||||||||||||||||||
Other consumer | 1,688 | — | 15 | 8 | 17 | 28 | 34 | 1,790 | ||||||||||||||||||
Total consumer | 1,782 | — | 822 | 1,683 | 175 | 30 | 95 | 4,586 | ||||||||||||||||||
Total gross charge offs | $ | 2,806 | $ | — | $ | 947 | $ | 2,236 | $ | 17,899 | $ | 33 | $ | 98 | $ | 24,018 |
Gross Charge Offs by Origination Year | ||||||||||||||||||||||||||
($ in thousands) | Rev Loans Amortized Cost Basis | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Total | ||||||||||||||||||
Commercial and industrial | $ | 4,130 | $ | 717 | $ | 9,594 | $ | 25,270 | $ | 5,958 | $ | — | $ | 18 | $ | 45,687 | ||||||||||
Commercial real estate-owner occupied | — | — | — | — | — | 25 | — | 25 | ||||||||||||||||||
Commercial and business lending | 4,130 | 717 | 9,594 | 25,270 | 5,958 | 25 | 18 | 45,713 | ||||||||||||||||||
Commercial real estate-investor | — | — | — | — | — | — | 252 | 252 | ||||||||||||||||||
Real estate construction | — | — | — | — | — | — | 25 | 25 | ||||||||||||||||||
Commercial real estate lending | — | — | — | — | — | — | 277 | 277 | ||||||||||||||||||
Total commercial | 4,130 | 717 | 9,594 | 25,270 | 5,958 | 25 | 295 | 45,989 | ||||||||||||||||||
Residential mortgage | — | 2 | 32 | 42 | 148 | 5 | 723 | 952 | ||||||||||||||||||
Auto finance | — | 795 | 4,524 | 626 | — | 5 | — | 5,950 | ||||||||||||||||||
Home equity | 53 | 21 | 3 | 31 | — | 22 | 294 | 424 | ||||||||||||||||||
Other consumer | 4,884 | — | 72 | 124 | 131 | 72 | 170 | 5,453 | ||||||||||||||||||
Total consumer | 4,937 | 818 | 4,630 | 823 | 279 | 105 | 1,187 | 12,779 | ||||||||||||||||||
Total gross charge offs | $ | 9,068 | $ | 1,535 | $ | 14,224 | $ | 26,093 | $ | 6,237 | $ | 130 | $ | 1,482 | $ | 58,768 |
Accruing | ||||||||||||||||||||
($ in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Nonaccrual(a)(b) | Total | ||||||||||||||
Commercial and industrial | $ | 9,785,140 | $ | 371 | $ | 150 | $ | 426 | $ | 72,243 | $ | 9,858,329 | ||||||||
Commercial real estate - owner occupied | 1,093,804 | — | — | — | 2,090 | 1,095,894 | ||||||||||||||
Commercial and business lending | 10,878,944 | 371 | 150 | 426 | 74,333 | 10,954,223 | ||||||||||||||
Commercial real estate - investor | 4,997,335 | — | 19,164 | — | 18,697 | 5,035,195 | ||||||||||||||
Real estate construction | 2,285,763 | 1,260 | — | — | 18 | 2,287,041 | ||||||||||||||
Commercial real estate lending | 7,283,098 | 1,260 | 19,164 | — | 18,715 | 7,322,237 | ||||||||||||||
Total commercial | 18,162,042 | 1,631 | 19,314 | 426 | 93,047 | 18,276,460 | ||||||||||||||
Residential mortgage | 7,788,322 | 9,808 | 94 | — | 69,954 | 7,868,180 | ||||||||||||||
Auto finance | 2,451,552 | 10,373 | 2,148 | 26 | 7,158 | 2,471,257 | ||||||||||||||
Home equity | 608,821 | 2,506 | 312 | 24 | 8,100 | 619,764 | ||||||||||||||
Other consumer | 254,313 | 1,298 | 963 | 1,942 | 87 | 258,603 | ||||||||||||||
Total consumer | 11,103,009 | 23,985 | 3,517 | 1,992 | 85,299 | 11,217,802 | ||||||||||||||
Total loans | $ | 29,265,051 | $ | 25,617 | $ | 22,831 | $ | 2,417 | $ | 178,346 | $ | 29,494,263 |
Accruing | ||||||||||||||||||||
($ in thousands) | Current | 30-59 Days Past Due | 60-89 Days Past Due | 90+ Days Past Due | Nonaccrual(a)(b) | Total | ||||||||||||||
Commercial and industrial | $ | 9,663,587 | $ | 5,374 | $ | 191 | $ | 380 | $ | 62,022 | $ | 9,731,555 | ||||||||
Commercial real estate - owner occupied | 1,059,948 | — | 358 | — | 1,394 | 1,061,700 | ||||||||||||||
Commercial and business lending | 10,723,536 | 5,374 | 549 | 380 | 63,416 | 10,793,255 | ||||||||||||||
Commercial real estate - investor | 5,086,117 | — | 18,697 | 19,432 | — | 5,124,245 | ||||||||||||||
Real estate construction | 2,271,392 | — | — | — | 6 | 2,271,398 | ||||||||||||||
Commercial real estate lending | 7,357,509 | — | 18,697 | 19,432 | 6 | 7,395,644 | ||||||||||||||
Total commercial | 18,081,044 | 5,374 | 19,246 | 19,812 | 63,422 | 18,188,898 | ||||||||||||||
Residential mortgage | 7,780,304 | 13,294 | 152 | — | 71,142 | 7,864,891 | ||||||||||||||
Auto finance | 2,232,906 | 14,712 | 2,674 | 73 | 5,797 | 2,256,162 | ||||||||||||||
Home equity | 615,810 | 3,500 | 708 | — | 8,508 | 628,526 | ||||||||||||||
Other consumer | 273,644 | 1,233 | 932 | 1,803 | 128 | 277,740 | ||||||||||||||
Total consumer | 10,902,664 | 32,739 | 4,467 | 1,876 | 85,574 | 11,027,319 | ||||||||||||||
Total loans | $ | 28,983,708 | $ | 38,113 | $ | 23,712 | $ | 21,689 | $ | 148,997 | $ | 29,216,218 |
Interest Rate Concession | ||||||||
Amortized Cost | ||||||||
($ in thousands) | March 31, 2024 | March 31, 2023 | ||||||
Commercial and industrial | $ | 159 | $ | 47 | ||||
Auto | 46 | 61 | ||||||
Home equity | — | 31 | ||||||
Other consumer | 534 | 498 | ||||||
Total loans modified | $ | 739 | $ | 637 |
Term Extension | ||||||||
Amortized Cost | ||||||||
($ in thousands) | March 31, 2024 | March 31, 2023 | ||||||
Residential mortgage | $ | — | $ | 209 | ||||
Total loans modified | $ | — | $ | 209 |
Combination - Interest Rate Concession and Term Extension | ||||||||
Amortized Cost | ||||||||
($ in thousands) | March 31, 2024 | March 31, 2023 | ||||||
Residential mortgage | $ | 643 | $ | 165 | ||||
Home equity | 31 | 93 | ||||||
Total loans modified | $ | 674 | $ | 258 |
Interest Rate Concession | ||||||||
Financial Effect, Weighted Average Contractual Interest Rate (Decrease) Increase(a) | ||||||||
Loan Type | March 31, 2024 | March 31, 2023 | ||||||
Commercial and industrial | (16) | % | (16) | % | ||||
Residential mortgage | 3 | % | — | % | ||||
Auto | (9) | % | (2) | % | ||||
Home equity | (3) | % | 1 | % | ||||
Other consumer | (21) | % | (20) | % | ||||
Weighted average of total loans modified | (9) | % | (17) | % |
Term Extension | ||||||||
Financial Effect, Weighted Average Term Increase(a) | ||||||||
Loan Type | March 31, 2024 | March 31, 2023 | ||||||
Residential mortgage | 158 months | 26 months | ||||||
Home equity | 64 months | 0 months | ||||||
Weighted average of total loans modified | 153 months | 26 months |
Payment Status (Amortized Cost Basis) | ||||||||||||||
($ in thousands) | Current | 30-89 Days Past Due | 90+ Days Past Due | Nonaccrual | ||||||||||
Commercial and industrial | $ | 377 | $ | — | $ | — | $ | — | ||||||
Residential mortgage | 345 | — | — | 991 | ||||||||||
Auto | 63 | 3 | — | 11 | ||||||||||
Home equity | 135 | 47 | — | 139 | ||||||||||
Other consumer | 1,487 | — | — | — | ||||||||||
Total loans modified | $ | 2,407 | $ | 50 | $ | — | $ | 1,141 |
Payment Status (Amortized Cost Basis) | ||||||||||||||
($ in thousands) | Current | 30-89 Days Past Due | 90+ Days Past Due | Nonaccrual | ||||||||||
Commercial and industrial | $ | 47 | $ | — | $ | — | $ | — | ||||||
Residential mortgage | 126 | — | — | 248 | ||||||||||
Auto | 61 | — | — | — | ||||||||||
Home equity | 31 | — | — | 93 | ||||||||||
Other consumer | 498 | — | — | — | ||||||||||
Total loans modified | $ | 763 | $ | — | $ | — | $ | 341 |
Amortized Cost of Loan Modifications that Subsequently Defaulted | |||||||||||
($ in thousands) | Interest Rate Concession | Term Extension | Combination Interest Rate Reduction and Term Extension | ||||||||
Auto | $ | 11 | $ | — | $ | — | |||||
Total loans modified | $ | 11 | $ | — | $ | — |
Amortized Cost of Loan Modifications that Subsequently Defaulted | |||||||||||
($ in thousands) | Interest Rate Concession | Term Extension | Combination Interest Rate Reduction and Term Extension | ||||||||
Home equity | $ | — | $ | — | $ | 60 | |||||
Total loans modified | $ | — | $ | — | $ | 60 |
($ in thousands) | Dec 31, 2023 | Charge offs | Recoveries | Net Charge offs | Provision for credit losses | Mar 31, 2024 | ACLL / Loans | ||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||
Commercial and industrial | $ | 128,263 | $ | (19,429) | $ | 791 | $ | (18,638) | $ | 23,202 | $ | 132,826 | |||||||||||
Commercial real estate — owner occupied | 10,610 | (3) | 5 | 2 | 1,768 | 12,381 | |||||||||||||||||
Commercial and business lending | 138,873 | (19,432) | 796 | (18,636) | 24,970 | 145,207 | |||||||||||||||||
Commercial real estate — investor | 67,858 | — | — | — | 4,137 | 71,995 | |||||||||||||||||
Real estate construction | 53,554 | — | 30 | 30 | (4,281) | 49,303 | |||||||||||||||||
Commercial real estate lending | 121,412 | — | 30 | 30 | (144) | 121,298 | |||||||||||||||||
Total commercial | 260,285 | (19,432) | 826 | (18,606) | 24,826 | 266,506 | |||||||||||||||||
Residential mortgage | 37,808 | (89) | 27 | (62) | (1,831) | 35,915 | |||||||||||||||||
Auto finance | 24,961 | (2,600) | 506 | (2,094) | 3,248 | 26,114 | |||||||||||||||||
Home equity | 15,403 | (108) | 319 | 211 | (874) | 14,740 | |||||||||||||||||
Other consumer | 12,638 | (1,790) | 252 | (1,537) | 1,630 | 12,731 | |||||||||||||||||
Total consumer | 90,809 | (4,586) | 1,104 | (3,482) | 2,174 | 89,501 | |||||||||||||||||
Total loans | $ | 351,094 | $ | (24,018) | $ | 1,930 | $ | (22,088) | $ | 27,000 | $ | 356,006 | |||||||||||
Allowance for unfunded commitments | |||||||||||||||||||||||
Commercial and industrial | $ | 13,319 | $ | — | $ | — | $ | — | $ | (757) | $ | 12,562 | |||||||||||
Commercial real estate — owner occupied | 149 | — | — | — | 15 | 164 | |||||||||||||||||
Commercial and business lending | 13,468 | — | — | — | (742) | 12,725 | |||||||||||||||||
Commercial real estate — investor | 480 | — | — | — | 37 | 517 | |||||||||||||||||
Real estate construction | 17,024 | — | — | — | (2,103) | 14,921 | |||||||||||||||||
Commercial real estate lending | 17,504 | — | — | — | (2,066) | 15,438 | |||||||||||||||||
Total commercial | 30,972 | — | — | — | (2,808) | 28,164 | |||||||||||||||||
Home equity | 2,629 | — | — | — | (316) | 2,313 | |||||||||||||||||
Other consumer | 1,174 | — | — | — | 124 | 1,298 | |||||||||||||||||
Total consumer | 3,803 | — | — | — | (192) | 3,612 | |||||||||||||||||
Total loans | $ | 34,776 | $ | — | $ | — | $ | — | $ | (3,000) | $ | 31,776 | |||||||||||
Allowance for credit losses on loans | |||||||||||||||||||||||
Commercial and industrial | $ | 141,582 | $ | (19,429) | $ | 791 | $ | (18,638) | $ | 22,445 | $ | 145,388 | 1.47 | % | |||||||||
Commercial real estate — owner occupied | 10,759 | (3) | 5 | 2 | 1,783 | 12,544 | 1.14 | % | |||||||||||||||
Commercial and business lending | 152,341 | (19,432) | 796 | (18,636) | 24,227 | 157,933 | 1.44 | % | |||||||||||||||
Commercial real estate — investor | 68,338 | — | — | — | 4,174 | 72,512 | 1.44 | % | |||||||||||||||
Real estate construction | 70,578 | — | 30 | 30 | (6,383) | 64,225 | 2.81 | % | |||||||||||||||
Commercial real estate lending | 138,916 | — | 30 | 30 | (2,209) | 136,737 | 1.87 | % | |||||||||||||||
Total commercial | 291,257 | (19,432) | 826 | (18,606) | 22,018 | 294,669 | 1.61 | % | |||||||||||||||
Residential mortgage | 37,808 | (89) | 27 | (62) | (1,831) | 35,915 | 0.46 | % | |||||||||||||||
Auto finance | 24,961 | (2,600) | 506 | (2,094) | 3,248 | 26,114 | 1.06 | % | |||||||||||||||
Home equity | 18,032 | (108) | 319 | 211 | (1,190) | 17,054 | 2.75 | % | |||||||||||||||
Other consumer | 13,812 | (1,790) | 252 | (1,537) | 1,755 | 14,029 | 5.43 | % | |||||||||||||||
Total consumer | 94,613 | (4,586) | 1,104 | (3,482) | 1,982 | 93,112 | 0.83 | % | |||||||||||||||
Total loans | $ | 385,870 | $ | (24,018) | $ | 1,930 | $ | (22,088) | $ | 24,000 | $ | 387,782 | 1.31 | % |
($ in thousands) | Dec 31, 2022 | Charge offs | Recoveries | Net Charge offs | Provision for credit losses | Dec 31, 2023 | ACLL / Loans | ||||||||||||||||
Allowance for loan losses | |||||||||||||||||||||||
Commercial and industrial | $ | 119,076 | $ | (45,687) | $ | 3,015 | $ | (42,672) | $ | 51,859 | $ | 128,263 | |||||||||||
Commercial real estate — owner occupied | 9,475 | (25) | 11 | (15) | 1,150 | 10,610 | |||||||||||||||||
Commercial and business lending | 128,551 | (45,713) | 3,026 | (42,687) | 53,009 | 138,873 | |||||||||||||||||
Commercial real estate — investor | 54,398 | (252) | 3,016 | 2,763 | 10,697 | 67,858 | |||||||||||||||||
Real estate construction | 45,589 | (25) | 80 | 55 | 7,910 | 53,554 | |||||||||||||||||
Commercial real estate lending | 99,986 | (277) | 3,095 | 2,819 | 18,607 | 121,412 | |||||||||||||||||
Total commercial | 228,538 | (45,989) | 6,121 | (39,868) | 71,616 | 260,285 | |||||||||||||||||
Residential mortgage | 38,298 | (952) | 541 | (411) | (79) | 37,808 | |||||||||||||||||
Auto finance | 19,619 | (5,950) | 1,241 | (4,709) | 10,051 | 24,961 | |||||||||||||||||
Home equity | 14,875 | (424) | 1,262 | 837 | (310) | 15,403 | |||||||||||||||||
Other consumer | 11,390 | (5,453) | 978 | (4,475) | 5,723 | 12,638 | |||||||||||||||||
Total consumer | 84,182 | (12,779) | 4,021 | (8,758) | 15,384 | 90,809 | |||||||||||||||||
Total loans | $ | 312,720 | $ | (58,768) | $ | 10,142 | $ | (48,626) | $ | 87,000 | $ | 351,094 | |||||||||||
Allowance for unfunded commitments | |||||||||||||||||||||||
Commercial and industrial | $ | 12,997 | $ | — | $ | — | $ | — | $ | 321 | $ | 13,319 | |||||||||||
Commercial real estate — owner occupied | 103 | — | — | — | 46 | 149 | |||||||||||||||||
Commercial and business lending | 13,101 | — | — | — | 367 | 13,468 | |||||||||||||||||
Commercial real estate — investor | 710 | — | — | — | (230) | 480 | |||||||||||||||||
Real estate construction | 20,583 | — | — | — | (3,558) | 17,024 | |||||||||||||||||
Commercial real estate lending | 21,292 | — | — | — | (3,788) | 17,504 | |||||||||||||||||
Total commercial | 34,393 | — | — | — | (3,421) | 30,972 | |||||||||||||||||
Home equity | 2,699 | — | — | — | (70) | 2,629 | |||||||||||||||||
Other consumer | 1,683 | — | — | — | (509) | 1,174 | |||||||||||||||||
Total consumer | 4,382 | — | — | — | (579) | 3,803 | |||||||||||||||||
Total loans | $ | 38,776 | $ | — | $ | — | $ | — | $ | (4,000) | $ | 34,776 | |||||||||||
Allowance for credit losses on loans | |||||||||||||||||||||||
Commercial and industrial | $ | 132,073 | $ | (45,687) | $ | 3,015 | $ | (42,672) | $ | 52,181 | $ | 141,582 | 1.45 | % | |||||||||
Commercial real estate — owner occupied | 9,579 | (25) | 11 | (15) | 1,195 | 10,759 | 1.01 | % | |||||||||||||||
Commercial and business lending | 141,652 | (45,713) | 3,026 | (42,687) | 53,376 | 152,341 | 1.41 | % | |||||||||||||||
Commercial real estate — investor | 55,108 | (252) | 3,016 | 2,763 | 10,467 | 68,338 | 1.33 | % | |||||||||||||||
Real estate construction | 66,171 | (25) | 80 | 55 | 4,351 | 70,578 | 3.11 | % | |||||||||||||||
Commercial real estate lending | 121,279 | (277) | 3,095 | 2,819 | 14,819 | 138,916 | 1.88 | % | |||||||||||||||
Total commercial | 262,931 | (45,989) | 6,121 | (39,868) | 68,195 | 291,257 | 1.60 | % | |||||||||||||||
Residential mortgage | 38,298 | (952) | 541 | (411) | (79) | 37,808 | 0.48 | % | |||||||||||||||
Auto finance | 19,619 | (5,950) | 1,241 | (4,709) | 10,051 | 24,961 | 1.11 | % | |||||||||||||||
Home equity | 17,574 | (424) | 1,262 | 837 | (380) | 18,032 | 2.87 | % | |||||||||||||||
Other consumer | 13,073 | (5,453) | 978 | (4,475) | 5,214 | 13,812 | 4.97 | % | |||||||||||||||
Total consumer | 88,565 | (12,779) | 4,021 | (8,758) | 14,805 | 94,613 | 0.86 | % | |||||||||||||||
Total loans | $ | 351,496 | $ | (58,768) | $ | 10,142 | $ | (48,626) | $ | 83,000 | $ | 385,870 | 1.32 | % |
($ in thousands) | Three Months Ended March 31, 2024 | Year Ended Dec 31, 2023 | ||||||
Core deposit intangibles | ||||||||
Gross carrying amount at the beginning of period | $ | 88,109 | $ | 88,109 | ||||
Accumulated amortization | (49,841) | (47,638) | ||||||
Net book value | $ | 38,268 | $ | 40,471 | ||||
Amortization during the period | $ | 2,203 | $ | 8,811 | ||||
($ in thousands) | Three Months Ended March 31, 2024 | Year Ended Dec 31, 2023 | ||||||
Mortgage servicing rights | ||||||||
Mortgage servicing rights at beginning of period | $ | 84,390 | $ | 77,351 | ||||
Additions | 877 | 3,564 | ||||||
Paydowns | (1,687) | (7,185) | ||||||
Valuation: | ||||||||
Change in fair value model assumptions | — | 8,881 | ||||||
Changes in fair value of asset | 1,646 | 1,778 | ||||||
Mortgage servicing rights at end of period | $ | 85,226 | $ | 84,390 | ||||
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)(a) | $ | 6,349,049 | $ | 7,364,492 | ||||
Mortgage servicing rights to servicing portfolio(a) | 1.34 | % | 1.15 | % | ||||
($ in thousands) | Core Deposit Intangibles | Mortgage Servicing Rights | ||||||
Nine months ended December 31, 2024 | $ | 6,608 | $ | 6,930 | ||||
2025 | 8,811 | 11,133 | ||||||
2026 | 8,811 | 11,013 | ||||||
2027 | 8,811 | 10,506 | ||||||
2028 | 3,485 | 9,628 | ||||||
2029 | 1,681 | 8,614 | ||||||
Beyond 2029 | 61 | 27,402 | ||||||
Total estimated amortization expense and MSRs decay | $ | 38,268 | $ | 85,226 |
($ in thousands) | Mar 31, 2024 | Dec 31, 2023 | ||||||
Short-term funding | ||||||||
Federal funds purchased | $ | 175,135 | $ | 220,160 | ||||
Securities sold under agreements to repurchase | 90,536 | 106,620 | ||||||
Federal funds purchased and securities sold under agreements to repurchase | 265,671 | 326,780 | ||||||
BTFP funding | 500,000 | — | ||||||
Total short-term funding | $ | 765,671 | $ | 326,780 | ||||
Long-term funding | ||||||||
Corporation subordinated notes, at par | $ | 550,000 | $ | 550,000 | ||||
Discount and capitalized costs | (7,468) | (7,748) | ||||||
Subordinated debt fair value hedge(a) | (6,838) | (1,366) | ||||||
Finance leases | 361 | 383 | ||||||
Total long-term funding | $ | 536,055 | $ | 541,269 | ||||
Total short and long-term funding, excluding FHLB advances | $ | 1,301,726 | $ | 868,049 | ||||
FHLB advances | ||||||||
Short-term FHLB advances | $ | 138,000 | $ | 740,000 | ||||
Long-term FHLB advances | 1,209,862 | 1,209,907 | ||||||
FHLB advances fair value hedge(a) | (14,451) | (9,713) | ||||||
Total FHLB advances | $ | 1,333,411 | $ | 1,940,194 | ||||
Total short and long-term funding | $ | 2,635,137 | $ | 2,808,243 |
Overnight and Continuous | ||||||||
($ in thousands) | Mar 31, 2024 | Dec 31, 2023 | ||||||
Repurchase agreements | ||||||||
Agency mortgage-related securities | $ | 90,536 | $ | 106,620 | ||||
Mar 31, 2024 | Dec 31, 2023 | |||||||||||||||||||||||||
Asset | Liability | Asset | Liability | |||||||||||||||||||||||
($ in thousands) | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||
Designated as hedging instruments: | ||||||||||||||||||||||||||
Interest rate-related instruments | $ | 1,350,000 | $ | 2,164 | $ | 1,750,000 | $ | 10,685 | $ | 2,300,000 | $ | 8,075 | $ | 550,000 | $ | 930 | ||||||||||
Foreign currency exchange forwards | 147,695 | 624 | 263,335 | 230 | 231,566 | 632 | 189,212 | 2,946 | ||||||||||||||||||
Total designated as hedging instruments | 2,788 | 10,915 | 8,707 | 3,876 | ||||||||||||||||||||||
Not designated as hedging instruments: | ||||||||||||||||||||||||||
Interest rate-related and other instruments | 3,770,832 | 113,337 | 6,262,958 | 222,303 | 3,603,513 | 111,623 | 6,528,471 | 195,662 | ||||||||||||||||||
Foreign currency exchange forwards | 115,002 | 5,276 | 88,602 | 4,956 | 87,526 | 2,954 | 135,654 | 2,746 | ||||||||||||||||||
Mortgage banking(a) | 49,808 | 666 | 98,000 | 222 | 29,490 | 439 | 51,500 | 673 | ||||||||||||||||||
Total not designated as hedging instruments | 119,279 | 227,482 | 115,016 | 199,082 | ||||||||||||||||||||||
Gross derivatives before netting | 122,067 | 238,397 | 123,723 | 202,958 | ||||||||||||||||||||||
Less: Legally enforceable master netting agreements | 6,463 | 6,463 | 18,234 | 18,234 | ||||||||||||||||||||||
Less: Cash collateral pledged/received | 55,681 | — | 35,855 | — | ||||||||||||||||||||||
Total derivative instruments, after netting | $ | 59,923 | $ | 231,934 | $ | 69,634 | $ | 184,724 |
Line Item in the Consolidated Balance Sheets in Which the Hedged Item is Included | ||||||||||||||
Carrying Amount of the Hedged Assets/(Liabilities)(a) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | Carrying Amount of the Hedged Assets/(Liabilities)(a) | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | |||||||||||
($ in thousands) | March 31, 2024 | December 31, 2023 | ||||||||||||
Other long-term funding | $ | (543,162) | $ | 6,838 | $ | (548,634) | $ | 1,366 | ||||||
FHLB advances | (585,549) | 14,451 | (590,287) | 9,713 | ||||||||||
Total | $ | (1,128,711) | $ | 21,289 | $ | (1,138,921) | $ | 11,079 |
Location and Amount Recognized on the Consolidated Statements of Income in Fair Value and Cash Flow Hedging Relationships | ||||||||||||||
Three months ended Mar 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
($ in thousands) | Interest Income | Interest Expense | Interest Income | Interest Expense | ||||||||||
Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value or cash flow hedges are recorded(a) | $ | (4,863) | $ | 5,322 | $ | (1,321) | $ | 2,515 | ||||||
The effects of fair value and cash flow hedging: Impact on fair value hedging relationships in Subtopic 815-20 | ||||||||||||||
Interest contracts: | ||||||||||||||
Hedged items | (40) | (10,210) | (59) | 10,724 | ||||||||||
Derivatives designated as hedging instruments(a) | (4,823) | 15,532 | (1,262) | (8,209) |
Location and Amount Recognized on the Consolidated Statements of Income in Fair Value Hedging Relationships | ||||||||
Three months ended Mar 31, | ||||||||
2024 | 2023 | |||||||
($ in thousands) | Capital Markets, Net | Capital Markets, Net | ||||||
Total amounts of income/expense presented on the consolidated statements of income in which the effects of the fair value hedges are recorded | $ | — | $ | — | ||||
The effects of fair value hedging: Impact on fair value hedging relationships in Subtopic 815-20 | ||||||||
Foreign currency contracts: | ||||||||
Hedged items | (9,070) | 1,802 | ||||||
Derivatives designated as hedging instruments | 9,070 | (1,802) |
Three Months Ended Mar 31, | ||||||||
($ in thousands) | 2024 | 2023 | ||||||
Interest rate-related instruments designated as cash flow hedging instruments | ||||||||
Amount of (loss) income recognized in OCI on cash flow hedge derivative(a) | $ | (19,461) | $ | 13,763 | ||||
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest income(a) | 4,823 | 1,262 | ||||||
Consolidated Statements of Income Category of Gain / (Loss) Recognized in Income | Three Months Ended Mar 31, | ||||||||||
($ in thousands) | 2024 | 2023 | |||||||||
Derivative instruments | |||||||||||
Interest rate-related and other instruments — customer and mirror, net | Capital markets, net | $ | (71) | $ | (70) | ||||||
Interest rate-related instruments — MSRs hedge | Mortgage banking, net | (2,937) | 2,521 | ||||||||
Foreign currency exchange forwards | Capital markets, net | 746 | 228 | ||||||||
Interest rate lock commitments (mortgage) | Mortgage banking, net | 227 | 252 | ||||||||
Forward commitments (mortgage) | Mortgage banking, net | 451 | (395) |
Gross Amounts Recognized | Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets | Net Amounts Presented on the Consolidated Balance Sheets | Gross Amounts Not Offset on the Consolidated Balance Sheets | |||||||||||||||||
($ in thousands) | Derivative Liabilities Offset | Cash Collateral Received | Security Collateral Received | Net Amount | ||||||||||||||||
Derivative assets | ||||||||||||||||||||
March 31, 2024 | $ | 102,956 | $ | (6,463) | $ | (55,681) | $ | 40,812 | $ | (32,683) | $ | 8,129 | ||||||||
December 31, 2023 | 87,075 | (18,234) | (35,855) | 32,985 | (32,985) | — | ||||||||||||||
Gross Amounts Recognized | Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets | Net Amounts Presented on the Consolidated Balance Sheets | Gross Amounts Not Offset on the Consolidated Balance Sheets | |||||||||||||||||
($ in thousands) | Derivative Assets Offset | Cash Collateral Pledged | Security Collateral Pledged | Net Amount | ||||||||||||||||
Derivative liabilities | ||||||||||||||||||||
March 31, 2024 | $ | 17,172 | $ | (6,463) | $ | — | $ | 10,709 | $ | — | $ | 10,709 | ||||||||
December 31, 2023 | 18,767 | (18,234) | — | 533 | — | 533 | ||||||||||||||
($ in thousands) | Mar 31, 2024 | Dec 31, 2023 | ||||||
Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale(a)(b) | $ | 10,828,869 | $ | 11,170,147 | ||||
Commercial letters of credit(a) | 4,580 | 3,697 | ||||||
Standby letters of credit(c) | 230,396 | 212,029 |
($ in thousands) | Three Months Ended March 31, 2024 | Year Ended December 31, 2023 | ||||||
Allowance for unfunded commitments | ||||||||
Balance at beginning of period | $ | 34,776 | $ | 38,776 | ||||
Provision for unfunded commitments | (3,000) | (4,000) | ||||||
Balance at end of period | $ | 31,776 | $ | 34,776 |
Mar 31, 2024 | |||||||||||||||||
($ in thousands) | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | $ | 429,859 | $ | 429,859 | $ | 429,859 | $ | — | $ | — | |||||||
Interest-bearing deposits in other financial institutions | 420,114 | 420,114 | 420,114 | — | — | ||||||||||||
Federal funds sold and securities purchased under agreements to resell | 1,610 | 1,610 | 1,610 | — | — | ||||||||||||
AFS investment securities: | |||||||||||||||||
U.S. Treasury securities | 35,558 | 35,558 | 35,558 | — | — | ||||||||||||
Obligations of state and political subdivisions (municipal securities) | 80,830 | 80,830 | — | 80,830 | — | ||||||||||||
Residential mortgage-related securities: | |||||||||||||||||
FNMA / FHLMC | 1,090,998 | 1,090,998 | — | 1,090,998 | — | ||||||||||||
GNMA | 2,214,513 | 2,214,513 | — | 2,214,513 | — | ||||||||||||
Commercial mortgage-related securities: | |||||||||||||||||
FNMA / FHLMC | 17,008 | 17,008 | — | 17,008 | — | ||||||||||||
GNMA | 152,232 | 152,232 | — | 152,232 | — | ||||||||||||
Asset backed securities: | |||||||||||||||||
FFELP | 129,154 | 129,154 | — | 129,154 | — | ||||||||||||
SBA | 890 | 890 | — | 890 | — | ||||||||||||
Other debt securities | 2,965 | 2,965 | — | 2,965 | — | ||||||||||||
Total AFS investment securities | 3,724,148 | 3,724,148 | 35,558 | 3,688,590 | — | ||||||||||||
HTM investment securities: | |||||||||||||||||
U.S. Treasury securities | 999 | 969 | 969 | — | — | ||||||||||||
Obligations of state and political subdivisions (municipal securities), net | 1,676,199 | 1,523,658 | — | 1,523,658 | — | ||||||||||||
Residential mortgage-related securities: | |||||||||||||||||
FNMA / FHLMC | 930,148 | 771,944 | — | 771,944 | — | ||||||||||||
GNMA | 48,043 | 44,457 | — | 44,457 | — | ||||||||||||
Private-label | 341,153 | 281,069 | — | 281,069 | — | ||||||||||||
Commercial mortgage-related securities: | |||||||||||||||||
FNMA / FHLMC | 779,310 | 628,928 | — | 628,928 | — | ||||||||||||
GNMA | 57,114 | 50,183 | — | 50,183 | — | ||||||||||||
Total HTM investment securities, net | 3,832,967 | 3,301,209 | 969 | 3,300,239 | — | ||||||||||||
Equity securities: | |||||||||||||||||
Equity securities | 7,071 | 7,071 | 6,966 | — | 105 | ||||||||||||
Equity securities at NAV | 12,500 | 12,500 | |||||||||||||||
Total equity securities | 19,571 | 19,571 | |||||||||||||||
FHLB and Federal Reserve Bank stocks | 173,968 | 173,968 | — | 173,968 | — | ||||||||||||
Residential loans held for sale | 52,414 | 52,414 | — | 52,414 | — | ||||||||||||
Loans, net | 29,138,257 | 27,739,448 | — | — | 27,739,448 | ||||||||||||
Bank and corporate owned life insurance | 685,089 | 685,089 | — | 685,089 | — | ||||||||||||
Mortgage servicing rights, net | 85,226 | 85,226 | — | — | 85,226 | ||||||||||||
Interest rate-related instruments designated as hedging instruments(a) | 2,164 | 2,164 | — | 2,164 | — | ||||||||||||
Foreign currency exchange forwards designated as hedging instruments(a) | 624 | 624 | — | 624 | — | ||||||||||||
Interest rate-related and other instruments not designated as hedging instruments(a) | 113,337 | 113,337 | — | 113,337 | — | ||||||||||||
Foreign currency exchange forwards not designated as hedging instruments(a) | 5,276 | 5,276 | — | 5,276 | — | ||||||||||||
Interest rate lock commitments to originate residential mortgage loans held for sale | 666 | 666 | — | — | 666 | ||||||||||||
Total selected assets at fair value | $ | 38,685,290 | $ | 36,754,723 | $ | 895,077 | $ | 8,021,701 | $ | 27,825,445 |
Mar 31, 2024 | |||||||||||||||||
($ in thousands) | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing demand | $ | 6,254,135 | $ | 6,254,135 | $ | — | $ | — | $ | 6,254,135 | |||||||
Savings | 5,124,639 | 5,124,639 | — | — | 5,124,639 | ||||||||||||
Interest-bearing demand | 8,747,127 | 8,747,127 | — | — | 8,747,127 | ||||||||||||
Money market | 6,721,674 | 6,721,674 | — | — | 6,721,674 | ||||||||||||
Brokered CDs(a) | 3,931,230 | 3,931,230 | — | 3,931,230 | — | ||||||||||||
Other time deposits(a) | 2,934,352 | 2,934,352 | — | 2,934,352 | — | ||||||||||||
Total deposits | 33,713,158 | 33,713,158 | — | 6,865,582 | 26,847,575 | ||||||||||||
Short-term funding: | |||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 265,671 | 265,661 | — | 265,661 | — | ||||||||||||
BTFP funding | 500,000 | 497,959 | — | 497,959 | — | ||||||||||||
Total short-term funding | 765,671 | 763,620 | — | 763,620 | — | ||||||||||||
FHLB advances | 1,333,411 | 1,320,280 | — | 1,320,280 | — | ||||||||||||
Other long-term funding | 536,055 | 517,009 | — | 517,009 | — | ||||||||||||
Standby letters of credit(b) | 2,347 | 2,347 | — | 2,347 | — | ||||||||||||
Interest rate-related instruments designated as hedging instruments(c) | 10,685 | 10,685 | — | 10,685 | — | ||||||||||||
Foreign currency exchange forwards designated as hedging instruments(c) | 230 | 230 | — | 230 | — | ||||||||||||
Interest rate-related and other instruments not designated as hedging instruments(c) | 222,303 | 222,303 | — | 222,303 | — | ||||||||||||
Foreign currency exchange forwards not designated as hedging instruments(c) | 4,956 | 4,956 | — | 4,956 | — | ||||||||||||
Forward commitments to sell residential mortgage loans | 222 | 222 | — | — | 222 | ||||||||||||
Total selected liabilities at fair value | $ | 36,589,039 | $ | 36,554,811 | $ | — | $ | 9,707,013 | $ | 26,847,797 |
Dec 31, 2023 | |||||||||||||||||
($ in thousands) | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Assets | |||||||||||||||||
Cash and due from banks | $ | 484,384 | $ | 484,384 | $ | 484,384 | $ | — | $ | — | |||||||
Interest-bearing deposits in other financial institutions | 425,089 | 425,089 | 425,089 | — | — | ||||||||||||
Federal funds sold and securities purchased under agreements to resell | 14,350 | 14,350 | 14,350 | — | — | ||||||||||||
AFS investment securities: | |||||||||||||||||
U.S. Treasury securities | 35,902 | 35,902 | 35,902 | — | — | ||||||||||||
Obligations of state and political subdivisions (municipal securities) | 91,817 | 91,817 | — | 91,817 | — | ||||||||||||
Residential mortgage-related securities: | |||||||||||||||||
FNMA / FHLMC | 1,120,794 | 1,120,794 | — | 1,120,794 | — | ||||||||||||
GNMA | 2,042,675 | 2,042,675 | — | 2,042,675 | — | ||||||||||||
Commercial mortgage-related securities: | |||||||||||||||||
FNMA / FHLMC | 16,937 | 16,937 | — | 16,937 | — | ||||||||||||
GNMA | 154,793 | 154,793 | — | 154,793 | — | ||||||||||||
Asset backed securities: | |||||||||||||||||
FFELP | 133,975 | 133,975 | — | 133,975 | — | ||||||||||||
SBA | 1,051 | 1,051 | — | 1,051 | — | ||||||||||||
Other debt securities | 2,950 | 2,950 | — | 2,950 | — | ||||||||||||
Total AFS investment securities | 3,600,892 | 3,600,892 | 35,902 | 3,564,990 | — | ||||||||||||
HTM investment securities: | |||||||||||||||||
U.S. Treasury securities | 999 | 963 | 963 | — | — | ||||||||||||
Obligations of state and political subdivisions (municipal securities), net | 1,682,398 | 1,553,984 | — | 1,553,984 | — | ||||||||||||
Residential mortgage-related securities: | |||||||||||||||||
FNMA / FHLMC | 941,973 | 804,393 | — | 804,393 | — | ||||||||||||
GNMA | 48,979 | 46,170 | — | 46,170 | — | ||||||||||||
Private-label | 345,083 | 289,507 | — | 289,507 | — | ||||||||||||
Commercial mortgage-related securities: | |||||||||||||||||
FNMA / FHLMC | 780,995 | 632,914 | — | 632,914 | — | ||||||||||||
GNMA | 59,733 | 52,619 | — | 52,619 | — | ||||||||||||
Total HTM investment securities, net | 3,860,160 | 3,380,550 | 963 | 3,379,586 | — | ||||||||||||
Equity securities: | |||||||||||||||||
Equity securities | 31,651 | 31,651 | 6,883 | — | 24,769 | ||||||||||||
Equity securities at NAV | 10,000 | 10,000 | |||||||||||||||
Total equity securities | 41,651 | 41,651 | |||||||||||||||
FHLB and Federal Reserve Bank stocks | 229,171 | 229,171 | — | 229,171 | — | ||||||||||||
Residential loans held for sale | 33,011 | 33,011 | — | 33,011 | — | ||||||||||||
Commercial loans held for sale | 90,303 | 90,303 | — | 90,303 | — | ||||||||||||
Loans, net | 28,865,124 | 27,371,086 | — | — | 27,371,086 | ||||||||||||
Bank and corporate owned life insurance | 682,649 | 682,649 | — | 682,649 | — | ||||||||||||
Mortgage servicing rights, net | 84,390 | 84,390 | — | — | 84,390 | ||||||||||||
Interest rate-related instruments designated as hedging instruments(a) | 8,075 | 8,075 | — | 8,075 | — | ||||||||||||
Foreign currency exchange forwards designated as hedging instruments(a) | 632 | 632 | — | 632 | — | ||||||||||||
Interest rate-related and other instruments not designated as hedging instruments(a) | 111,623 | 111,623 | — | 111,623 | — | ||||||||||||
Foreign currency exchange forwards not designated as hedging instruments(a) | 2,954 | 2,954 | — | 2,954 | — | ||||||||||||
Interest rate lock commitments to originate residential mortgage loans held for sale | 439 | 439 | — | — | 439 | ||||||||||||
Total selected assets at fair value | $ | 38,534,897 | $ | 36,561,249 | $ | 967,570 | $ | 8,102,995 | $ | 27,480,684 |
Dec 31, 2023 | |||||||||||||||||
($ in thousands) | Carrying Amount | Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||
Liabilities | |||||||||||||||||
Deposits: | |||||||||||||||||
Noninterest-bearing demand | $ | 6,119,956 | $ | 6,119,956 | $ | — | $ | — | $ | 6,119,956 | |||||||
Savings | 4,835,701 | 4,835,701 | — | — | 4,835,701 | ||||||||||||
Interest-bearing demand | 8,843,967 | 8,843,967 | — | — | 8,843,967 | ||||||||||||
Money market | 6,330,453 | 6,330,453 | — | — | 6,330,453 | ||||||||||||
Brokered CDs(a) | 4,447,479 | 4,447,479 | — | 4,447,479 | — | ||||||||||||
Other time deposits(a) | 2,868,494 | 2,868,494 | — | 2,868,494 | — | ||||||||||||
Total deposits | 33,446,049 | 33,446,049 | — | 7,315,973 | 26,130,076 | ||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 326,780 | 326,757 | — | 326,757 | — | ||||||||||||
FHLB advances | 1,940,194 | 1,944,600 | — | 1,944,600 | — | ||||||||||||
Other long-term funding | 541,269 | 534,983 | — | 534,983 | — | ||||||||||||
Standby letters of credit(b) | 2,157 | 2,157 | — | 2,157 | — | ||||||||||||
Interest rate-related instruments designated as hedging instruments(c) | 930 | 930 | — | 930 | — | ||||||||||||
Foreign currency exchange forwards designated as hedging instruments(c) | 2,946 | 2,946 | — | 2,946 | — | ||||||||||||
Interest rate-related and other instruments not designated as hedging instruments(c) | 195,662 | 195,662 | — | 195,662 | — | ||||||||||||
Foreign currency exchange forwards not designated as hedging instruments(c) | 2,746 | 2,746 | — | 2,746 | — | ||||||||||||
Forward commitments to sell residential mortgage loans | 673 | 673 | — | — | 673 | ||||||||||||
Total selected liabilities at fair value | $ | 36,459,407 | $ | 36,457,504 | $ | — | $ | 10,326,755 | $ | 26,130,749 |
($ 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, 2022 | $ | 86 | $ | 46 | $ | 40 | |||||
New production | 6,557 | (1,816) | 8,373 | ||||||||
Closed loans / settlements | (4,171) | 2,494 | (6,665) | ||||||||
Other | (2,033) | (51) | (1,982) | ||||||||
Change in mortgage derivative | 352 | 627 | (274) | ||||||||
Balance December 31, 2023 | $ | 439 | $ | 673 | $ | (234) | |||||
New production | $ | 1,820 | $ | (590) | $ | 2,409 | |||||
Closed loans / settlements | (1,546) | 188 | (1,734) | ||||||||
Other | (46) | (49) | 3 | ||||||||
Change in mortgage derivative | 227 | (451) | 678 | ||||||||
Balance March 31, 2024 | $ | 666 | $ | 222 | $ | 444 |
($ 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(a) | ||||||||||
March 31, 2024 | ||||||||||||||
Assets | ||||||||||||||
Individually evaluated loans | Level 3 | $ | 67,625 | Provision for credit losses | $ | 22,305 | ||||||||
OREO(b) | Level 2 | 102 | Other noninterest expense / provision for credit losses(c) | 21 | ||||||||||
December 31, 2023 | ||||||||||||||
Assets | ||||||||||||||
Individually evaluated loans | Level 3 | $ | 47,221 | Provision for credit losses | $ | 45,709 | ||||||||
OREO(b) | Level 2 | 3,139 | Other noninterest expense / provision for credit losses(c) | 2,532 | ||||||||||
Equity securities without readily determinable fair values | Level 3 | 24,671 | Investment securities gains (losses), net | 5,785 |
March 31, 2024 | Valuation Technique | Significant Unobservable Input | Range of Inputs | Weighted Average Input Applied | ||||||||||||||||
Mortgage servicing rights | Discounted cash flow | Option adjusted spread | 5% | - | 8% | 5% | ||||||||||||||
Mortgage servicing rights | Discounted cash flow | Constant prepayment rate | —% | - | 100% | 6% | ||||||||||||||
Individually evaluated loans | Appraisals / Discounted cash flow | Collateral / Discount factor | 11% | - | 56% | 52% | ||||||||||||||
Interest rate lock commitments to originate residential mortgage loans held for sale | Discounted cash flow | Closing Ratio | 25% | - | 100% | 86% |
Three Months Ended Mar 31, | ||||||||
($ in thousands) | 2024 | 2023 | ||||||
RAP | ||||||||
Service cost | $ | 874 | $ | 796 | ||||
Interest cost | 2,719 | 2,686 | ||||||
Expected return on plan assets | (8,650) | (8,202) | ||||||
Amortization of prior service cost | (53) | (63) | ||||||
Amortization of actuarial loss | — | 37 | ||||||
Total net periodic pension cost | $ | (5,111) | $ | (4,746) | ||||
Postretirement Plan | ||||||||
Interest cost | $ | 18 | $ | 20 | ||||
Amortization of prior service cost | (19) | (19) | ||||||
Amortization of actuarial (gain) | (7) | (7) | ||||||
Total net periodic benefit cost | $ | (8) | $ | (7) |
Corporate and Commercial Specialty | ||||||||
Three Months Ended Mar 31, | ||||||||
($ in thousands) | 2024 | 2023 | ||||||
Net interest income | $ | 242,931 | $ | 219,123 | ||||
Net intersegment interest (expense) | (93,736) | (80,980) | ||||||
Segment net interest income | 149,195 | 138,143 | ||||||
Noninterest income | 34,422 | 32,717 | ||||||
Total revenue | 183,617 | 170,860 | ||||||
Provision for credit losses | 15,428 | 13,782 | ||||||
Noninterest expense | 66,350 | 62,119 | ||||||
Income before income taxes | 101,839 | 94,960 | ||||||
Income tax expense | 21,081 | 17,726 | ||||||
Net income | $ | 80,758 | $ | 77,234 | ||||
Allocated goodwill | $ | 525,836 | $ | 525,836 |
Community, Consumer, and Business | ||||||||
Three Months Ended Mar 31, | ||||||||
($ in thousands) | 2024 | 2023 | ||||||
Net interest income | $ | 58,192 | $ | 80,284 | ||||
Net intersegment interest income | 130,159 | 88,079 | ||||||
Segment net interest income | 188,351 | 168,363 | ||||||
Noninterest income | 24,494 | 25,947 | ||||||
Total revenue | 212,845 | 194,310 | ||||||
Provision for credit losses | 6,825 | 6,758 | ||||||
Noninterest expense | 110,490 | 111,735 | ||||||
Income before income taxes | 95,530 | 75,817 | ||||||
Income tax expense | 20,062 | 15,922 | ||||||
Net income | $ | 75,468 | $ | 59,895 | ||||
Allocated goodwill | $ | 579,156 | $ | 579,156 | ||||
Risk Management and Shared Services | ||||||||
Three Months Ended Mar 31, | ||||||||
($ in thousands) | 2024 | 2023 | ||||||
Net interest (loss) | $ | (43,266) | $ | (25,397) | ||||
Net intersegment (expense) | (36,422) | (7,099) | ||||||
Segment net interest (loss) | (79,688) | (32,496) | ||||||
Noninterest income | 6,068 | 3,409 | ||||||
Total revenue | (73,620) | (29,087) | ||||||
Provision for credit losses | 1,747 | (2,568) | ||||||
Noninterest expense | 20,817 | 13,558 | ||||||
(Loss) before income taxes | (96,184) | (40,077) | ||||||
Income tax (benefit) | (21,127) | (6,307) | ||||||
Net (loss) | $ | (75,058) | $ | (33,770) | ||||
Allocated goodwill | $ | — | $ | — |
Consolidated Total | ||||||||
Three Months Ended Mar 31, | ||||||||
($ in thousands) | 2024 | 2023 | ||||||
Net interest income | $ | 257,858 | $ | 274,010 | ||||
Net intersegment interest income | — | — | ||||||
Segment net interest income | 257,858 | 274,010 | ||||||
Noninterest income | 64,985 | 62,073 | ||||||
Total revenue | 322,842 | 336,083 | ||||||
Provision for credit losses | 24,001 | 17,971 | ||||||
Noninterest expense | 197,657 | 187,412 | ||||||
Income before income taxes | 101,185 | 130,700 | ||||||
Income tax expense | 20,016 | 27,340 | ||||||
Net income | $ | 81,169 | $ | 103,360 | ||||
Allocated goodwill | $ | 1,104,992 | $ | 1,104,992 |
($ in thousands) | AFS Investment Securities | Cash Flow Hedge Derivatives | Defined Benefit Pension and Postretirement Obligations | Accumulated Other Comprehensive Income (Loss) | ||||||||||
Balance December 31, 2023 | $ | (148,641) | $ | 3,080 | $ | (25,535) | $ | (171,096) | ||||||
Other comprehensive (loss) before reclassifications | (29,889) | — | — | (29,889) | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss): | ||||||||||||||
Investment securities losses, net | 197 | — | — | 197 | ||||||||||
HTM investment securities, net, at amortized cost(a) | 2,060 | — | — | 2,060 | ||||||||||
Other assets / accrued expenses and other liabilities | — | (19,461) | — | (19,461) | ||||||||||
Interest income | — | 4,823 | — | 4,823 | ||||||||||
Personnel expense | — | — | (72) | (72) | ||||||||||
Other expense | — | — | (7) | (7) | ||||||||||
Income tax benefit (expense) | 6,885 | (1,688) | (1,633) | 3,564 | ||||||||||
Net other comprehensive (loss) during period | (20,746) | (16,326) | (1,712) | (38,785) | ||||||||||
Balance March 31, 2024 | $ | (169,388) | $ | (13,246) | $ | (27,247) | $ | (209,881) | ||||||
Balance December 31, 2022 | $ | (233,192) | $ | 3,360 | $ | (42,968) | $ | (272,799) | ||||||
Other comprehensive income before reclassifications | 36,478 | — | — | 36,478 | ||||||||||
Amounts reclassified from accumulated other comprehensive income (loss): | ||||||||||||||
HTM investment securities, net, at amortized cost(a) | 2,267 | — | — | 2,267 | ||||||||||
Other assets / accrued expenses and other liabilities | — | 13,763 | — | 13,763 | ||||||||||
Interest income | — | 1,262 | — | 1,262 | ||||||||||
Personnel expense | — | — | (81) | (81) | ||||||||||
Other expense | — | — | 30 | 30 | ||||||||||
Income tax (expense) benefit | (9,892) | (4,694) | 79 | (14,507) | ||||||||||
Net other comprehensive income during period | 28,853 | 10,331 | 27 | 39,211 | ||||||||||
Balance March 31, 2023 | $ | (204,339) | $ | 13,691 | $ | (42,940) | $ | (233,588) | ||||||
Three Months Ended Mar 31, | ||||||||
($ in thousands) | 2024 | 2023 | ||||||
Operating lease costs | $ | 1,545 | $ | 1,464 | ||||
Finance lease costs | 23 | 23 | ||||||
Operating lease cash flows | 1,844 | 1,828 | ||||||
Finance lease cash flows | 23 | 22 |
($ in thousands) | Consolidated Balance Sheets Category | Mar 31, 2024 | Dec 31, 2023 | ||||||||
Operating lease right-of-use asset | Premises and equipment | $ | 23,310 | $ | 24,712 | ||||||
Finance lease right-of-use asset | Other assets | 347 | 368 | ||||||||
Operating lease liability | Accrued expenses and other liabilities | 25,813 | 27,311 | ||||||||
Finance lease liability | Other long-term funding | 361 | 383 |
Mar 31, 2024 | Dec 31, 2023 | |||||||||||||||||||
($ 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 | ||||||||||||||||||||
Retail and corporate offices | $ | 24,223 | 5.61 | 3.14 | % | $ | 25,729 | 5.76 | 3.12 | % | ||||||||||
Land | 3,846 | 6.87 | 3.49 | % | 4,050 | 6.98 | 3.48 | % | ||||||||||||
Equipment | 408 | 2.25 | 4.62 | % | 408 | 2.50 | 4.62 | % | ||||||||||||
Total operating leases | $ | 28,476 | 5.73 | 3.21 | % | $ | 30,187 | 5.88 | 3.19 | % | ||||||||||
Finance leases | ||||||||||||||||||||
Retail and corporate offices | $ | 370 | 4.00 | 1.32 | % | $ | 394 | 4.25 | 1.32 | % | ||||||||||
Total finance leases | $ | 370 | 4.00 | 1.32 | % | $ | 394 | 4.25 | 1.32 | % |
($ in thousands) | Operating Leases | Finance Leases | Total Leases | ||||||||
Nine months ended December 31, 2024 | $ | 4,828 | $ | 69 | $ | 4,898 | |||||
2025 | 5,629 | 93 | 5,721 | ||||||||
2026 | 5,023 | 93 | 5,116 | ||||||||
2027 | 4,312 | 93 | 4,404 | ||||||||
2028 | 3,428 | 23 | 3,451 | ||||||||
Beyond 2028 | 5,257 | — | 5,257 | ||||||||
Total lease payments | $ | 28,476 | $ | 370 | $ | 28,847 | |||||
Less: interest | 2,663 | 9 | 2,673 | ||||||||
Present value of lease payments | $ | 25,813 | $ | 361 | $ | 26,174 |
ITEM 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations |
Three months ended | |||||||||||||||||
($ in thousands, except per share data) | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | ||||||||||||
Net income (loss) | $ | 81,169 | $ | (90,806) | $ | 83,248 | $ | 87,154 | $ | 103,360 | |||||||
Net income (loss) available to common equity | 78,294 | (93,681) | 80,373 | 84,279 | 100,485 | ||||||||||||
Earnings (loss) per common share - basic | 0.52 | (0.63) | 0.53 | 0.56 | 0.67 | ||||||||||||
Earnings (loss) per common share - diluted | 0.52 | (0.62) | 0.53 | 0.56 | 0.66 | ||||||||||||
Effective tax rate | 19.78 | % | N/M | 18.92 | % | 21.26 | % | 20.92 | % |
Three Months Ended, | |||||||||||||||||||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Mar 31, 2023 | |||||||||||||||||||||||||||
($ 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 and business lending | $ | 10,816,255 | $ | 194,090 | 7.22% | $ | 10,820,214 | $ | 193,808 | 7.11% | $ | 10,616,026 | $ | 167,174 | 6.39% | ||||||||||||||
Commercial real estate lending | 7,389,962 | 138,850 | 7.56% | 7,397,809 | 138,437 | 7.42% | 7,251,193 | 119,087 | 6.66% | ||||||||||||||||||||
Total commercial | 18,206,217 | 332,940 | 7.35% | 18,218,024 | 332,245 | 7.24% | 17,867,219 | 286,262 | 6.50% | ||||||||||||||||||||
Residential mortgage | 7,896,956 | 68,787 | 3.48% | 8,691,258 | 76,035 | 3.50% | 8,584,528 | 70,711 | 3.30% | ||||||||||||||||||||
Auto finance | 2,373,720 | 32,603 | 5.52% | 2,138,536 | 29,221 | 5.42% | 1,490,115 | 16,458 | 4.48% | ||||||||||||||||||||
Other retail | 892,128 | 20,661 | 9.28% | 904,618 | 21,026 | 9.27% | 903,956 | 18,494 | 8.23% | ||||||||||||||||||||
Total loans | 29,369,022 | 454,991 | 6.22% | 29,952,435 | 458,527 | 6.08% | 28,845,818 | 391,925 | 5.49% | ||||||||||||||||||||
Investment securities | |||||||||||||||||||||||||||||
Taxable | 5,517,023 | 46,727 | 3.39% | 5,344,578 | 41,809 | 3.13% | 4,912,416 | 30,142 | 2.45% | ||||||||||||||||||||
Tax-exempt(a) | 2,133,352 | 18,024 | 3.38% | 2,209,662 | 19,244 | 3.48% | 2,329,519 | 20,192 | 3.47% | ||||||||||||||||||||
Other short-term investments | 576,782 | 8,311 | 5.80% | 767,256 | 10,418 | 5.39% | 493,061 | 5,329 | 4.37% | ||||||||||||||||||||
Investments and other | 8,227,158 | 73,062 | 3.55% | 8,321,495 | 71,471 | 3.43% | 7,734,996 | 55,664 | 2.88% | ||||||||||||||||||||
Total earning assets | 37,596,179 | $ | 528,053 | 5.64% | 38,273,931 | $ | 529,998 | 5.51% | 36,580,814 | $ | 447,589 | 4.94% | |||||||||||||||||
Other assets, net | 3,173,027 | 3,056,772 | 3,026,251 | ||||||||||||||||||||||||||
Total assets | $ | 40,769,206 | $ | 41,330,703 | $ | 39,607,065 | |||||||||||||||||||||||
Liabilities and stockholders' equity | |||||||||||||||||||||||||||||
Interest-bearing liabilities | |||||||||||||||||||||||||||||
Interest-bearing deposits | |||||||||||||||||||||||||||||
Savings | $ | 4,928,031 | $ | 21,747 | 1.77% | $ | 4,861,913 | $ | 20,334 | 1.66% | $ | 4,664,624 | $ | 9,859 | 0.86% | ||||||||||||||
Interest-bearing demand | 7,490,119 | 49,990 | 2.68% | 7,156,151 | 47,277 | 2.62% | 6,814,487 | 29,918 | 1.78% | ||||||||||||||||||||
Money market | 6,116,604 | 47,306 | 3.11% | 6,121,105 | 47,110 | 3.05% | 7,536,393 | 41,637 | 2.24% | ||||||||||||||||||||
Network transaction deposits | 1,651,937 | 22,205 | 5.41% | 1,616,719 | 22,034 | 5.41% | 1,147,089 | 12,825 | 4.53% | ||||||||||||||||||||
Time deposits | 7,198,315 | 84,983 | 4.75% | 6,264,621 | 72,121 | 4.57% | 2,362,260 | 15,182 | 2.61% | ||||||||||||||||||||
Total interest-bearing deposits | 27,385,005 | 226,231 | 3.32% | 26,020,510 | 208,875 | 3.18% | 22,524,853 | 109,422 | 1.97% | ||||||||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 263,979 | 2,863 | 4.36% | 347,204 | 3,734 | 4.27% | 429,780 | 3,143 | 2.97% | ||||||||||||||||||||
Other short-term funding | 449,999 | 5,603 | 5.01% | — | — | —% | 17,339 | — | 0.01% | ||||||||||||||||||||
FHLB advances | 1,540,247 | 21,671 | 5.66% | 3,467,433 | 49,171 | 5.63% | 4,254,532 | 49,960 | 4.76% | ||||||||||||||||||||
Long-term funding | 539,106 | 10,058 | 7.46% | 531,155 | 10,185 | 7.67% | 408,175 | 6,281 | 6.16% | ||||||||||||||||||||
Total short and long-term funding | 2,793,331 | 40,194 | 5.78% | 4,345,793 | 63,090 | 5.77% | 5,109,826 | 59,384 | 4.71% | ||||||||||||||||||||
Total interest-bearing liabilities | 30,178,337 | $ | 266,425 | 3.55% | 30,366,302 | $ | 271,965 | 3.55% | 27,634,679 | $ | 168,807 | 2.48% | |||||||||||||||||
Noninterest-bearing demand deposits | 5,882,052 | 6,171,240 | 7,340,219 | ||||||||||||||||||||||||||
Other liabilities | 527,437 | 672,597 | 570,166 | ||||||||||||||||||||||||||
Stockholders’ equity | 4,181,381 | 4,120,564 | 4,062,001 | ||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 40,769,206 | $ | 41,330,703 | $ | 39,607,065 | |||||||||||||||||||||||
Interest rate spread | 2.09% | 1.96% | 2.46% | ||||||||||||||||||||||||||
Net free funds | 0.70% | 0.73% | 0.61% | ||||||||||||||||||||||||||
Fully tax-equivalent net interest income and net interest margin | $ | 261,628 | 2.79% | $ | 258,033 | 2.69% | $ | 278,782 | 3.07% | ||||||||||||||||||||
Fully tax-equivalent adjustment | 3,770 | 4,630 | 4,772 | ||||||||||||||||||||||||||
Net interest income | $ | 257,858 | $ | 253,403 | $ | 274,010 |
Three months ended | Changes vs | ||||||||||||||||||||||
($ in thousands, except as noted) | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2023 | Mar 31, 2023 | ||||||||||||||||
Wealth management fees | $ | 21,694 | $ | 21,003 | $ | 20,828 | $ | 20,483 | $ | 20,189 | 3 | % | 7 | % | |||||||||
Service charges and deposit account fees | 12,439 | 10,815 | 12,864 | 12,372 | 12,994 | 15 | % | (4) | % | ||||||||||||||
Card-based fees | 11,267 | 11,528 | 11,510 | 11,396 | 10,586 | (2) | % | 6 | % | ||||||||||||||
Other fee-based revenue | 4,402 | 4,019 | 4,509 | 4,465 | 4,276 | 10 | % | 3 | % | ||||||||||||||
Total fee-based revenue | 49,802 | 47,365 | 49,710 | 48,715 | 48,045 | 5 | % | 4 | % | ||||||||||||||
Capital markets, net | 4,050 | 9,106 | 5,368 | 5,093 | 5,083 | (56) | % | (20) | % | ||||||||||||||
Mortgage banking, net | 2,662 | 1,615 | 6,501 | 7,768 | 3,545 | 65 | % | (25) | % | ||||||||||||||
Loss on mortgage portfolio sale | — | (136,239) | — | — | — | (100) | % | N/M | |||||||||||||||
Bank and corporate owned life insurance | 2,570 | 3,383 | 2,047 | 2,172 | 2,664 | (24) | % | (4) | % | ||||||||||||||
Other | 2,327 | 2,850 | 2,339 | 2,080 | 2,422 | (18) | % | (4) | % | ||||||||||||||
Subtotal | 61,411 | (71,919) | 65,965 | 65,827 | 61,758 | N/M | (1) | % | |||||||||||||||
Asset gains (losses), net | (306) | (136) | 625 | (299) | 263 | 125 | % | N/M | |||||||||||||||
Investment securities gains (losses), net | 3,879 | (58,958) | (11) | 14 | 51 | N/M | N/M | ||||||||||||||||
Total noninterest income (loss) | $ | 64,985 | $ | (131,013) | $ | 66,579 | $ | 65,543 | $ | 62,073 | N/M | 5 | % | ||||||||||
Mortgage loans originated for sale during period | $ | 105,394 | $ | 112,365 | $ | 115,075 | $ | 99,141 | $ | 69,254 | (6) | % | 52 | % | |||||||||
Mortgage loan settlements during period | 91,026 | 957,450 | 103,452 | 96,514 | 54,652 | (90) | % | 67 | % | ||||||||||||||
Assets under management, at market value(a) | 14,171 | 13,545 | 12,543 | 12,995 | 12,412 | 5 | % | 14 | % |
Three months ended | Change vs | ||||||||||||||||||||||
($ in thousands) | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2023 | Mar 31, 2023 | ||||||||||||||||
Personnel | $ | 119,395 | $ | 120,686 | $ | 117,159 | $ | 114,089 | $ | 116,420 | (1) | % | 3 | % | |||||||||
Technology | 26,200 | 28,027 | 26,172 | 24,220 | 23,598 | (7) | % | 11 | % | ||||||||||||||
Occupancy | 13,633 | 14,429 | 14,125 | 13,587 | 15,063 | (6) | % | (9) | % | ||||||||||||||
Business development and advertising | 6,517 | 8,350 | 7,100 | 7,106 | 5,849 | (22) | % | 11 | % | ||||||||||||||
Equipment | 4,599 | 4,742 | 5,016 | 4,975 | 4,930 | (3) | % | (7) | % | ||||||||||||||
Legal and professional | 4,672 | 6,762 | 4,461 | 4,831 | 3,857 | (31) | % | 21 | % | ||||||||||||||
Loan and foreclosure costs | 1,979 | 585 | 2,049 | 1,635 | 1,138 | N/M | 74 | % | |||||||||||||||
FDIC assessment | 13,946 | 41,497 | 9,150 | 9,550 | 6,875 | (66) | % | 103 | % | ||||||||||||||
Other intangible amortization | 2,203 | 2,203 | 2,203 | 2,203 | 2,203 | — | % | — | % | ||||||||||||||
Other | 4,513 | 12,110 | 8,771 | 8,476 | 7,479 | (63) | % | (40) | % | ||||||||||||||
Total noninterest expense | $ | 197,657 | $ | 239,391 | $ | 196,205 | $ | 190,673 | $ | 187,412 | (17) | % | 5 | % | |||||||||
Average FTEs(a) | 4,070 | 4,130 | 4,220 | 4,227 | 4,219 | (1) | % | (4) | % |
Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | ||||||||||||||||||||||||||||
($ in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||
Commercial and industrial | $ | 9,858,329 | 33 | % | $ | 9,731,555 | 33 | % | $ | 10,099,068 | 33 | % | $ | 10,055,487 | 34 | % | $ | 9,869,781 | 34 | % | ||||||||||||
Commercial real estate — owner occupied | 1,095,894 | 4 | % | 1,061,700 | 4 | % | 1,054,969 | 3 | % | 1,058,237 | 4 | % | 1,050,236 | 4 | % | |||||||||||||||||
Commercial and business lending | 10,954,223 | 37 | % | 10,793,255 | 37 | % | 11,154,037 | 37 | % | 11,113,724 | 37 | % | 10,920,017 | 37 | % | |||||||||||||||||
Commercial real estate — investor | 5,035,195 | 17 | % | 5,124,245 | 18 | % | 5,218,980 | 17 | % | 5,312,928 | 18 | % | 5,094,249 | 17 | % | |||||||||||||||||
Real estate construction | 2,287,041 | 8 | % | 2,271,398 | 8 | % | 2,130,719 | 7 | % | 2,009,060 | 7 | % | 2,147,070 | 7 | % | |||||||||||||||||
Commercial real estate lending | 7,322,237 | 25 | % | 7,395,644 | 25 | % | 7,349,699 | 24 | % | 7,321,988 | 25 | % | 7,241,318 | 25 | % | |||||||||||||||||
Total commercial | 18,276,460 | 62 | % | 18,188,898 | 62 | % | 18,503,736 | 61 | % | 18,435,711 | 62 | % | 18,161,335 | 62 | % | |||||||||||||||||
Residential mortgage | 7,868,180 | 27 | % | 7,864,891 | 27 | % | 8,782,645 | 29 | % | 8,746,345 | 29 | % | 8,605,164 | 29 | % | |||||||||||||||||
Auto finance | 2,471,257 | 8 | % | 2,256,162 | 8 | % | 2,007,164 | 7 | % | 1,777,974 | 6 | % | 1,551,538 | 5 | % | |||||||||||||||||
Home equity | 619,764 | 2 | % | 628,526 | 2 | % | 623,650 | 2 | % | 615,506 | 2 | % | 609,787 | 2 | % | |||||||||||||||||
Other consumer | 258,603 | 1 | % | 277,740 | 1 | % | 275,993 | 1 | % | 273,367 | 1 | % | 279,248 | 1 | % | |||||||||||||||||
Total consumer | 11,217,802 | 38 | % | 11,027,319 | 38 | % | 11,689,451 | 39 | % | 11,413,193 | 38 | % | 11,045,737 | 38 | % | |||||||||||||||||
Total loans | $ | 29,494,263 | 100 | % | $ | 29,216,218 | 100 | % | $ | 30,193,187 | 100 | % | $ | 29,848,904 | 100 | % | $ | 29,207,072 | 100 | % | ||||||||||||
($ in thousands) | Within 1 Year(a) | 1-5 Years | 5-15 Years | Over 15 Years | Total | % of Total | ||||||||||||||
Commercial and industrial | $ | 8,836,304 | $ | 686,351 | $ | 326,893 | $ | 8,780 | $ | 9,858,329 | 33 | % | ||||||||
Commercial real estate — owner occupied | 679,920 | 293,112 | 122,863 | — | 1,095,894 | 4 | % | |||||||||||||
Commercial real estate — investor | 4,677,835 | 292,300 | 65,061 | — | 5,035,195 | 17 | % | |||||||||||||
Real estate construction | 2,244,789 | 32,646 | 1,766 | 7,840 | 2,287,041 | 8 | % | |||||||||||||
Commercial - adjustable | 11,232,462 | 36,821 | 3,538 | — | 11,272,820 | 38 | % | |||||||||||||
Commercial - fixed | 5,206,386 | 1,267,588 | 513,045 | 16,620 | 7,003,640 | 24 | % | |||||||||||||
Residential mortgage - adjustable | 203,699 | 602,574 | 1,549,413 | 295 | 2,355,982 | 8 | % | |||||||||||||
Residential mortgage - fixed | 4,712 | 72,493 | 499,394 | 4,935,599 | 5,512,198 | 19 | % | |||||||||||||
Auto finance | 651 | 1,075,501 | 1,395,104 | — | 2,471,257 | 8 | % | |||||||||||||
Home equity | 565,196 | 10,358 | 34,966 | 9,245 | 619,764 | 2 | % | |||||||||||||
Other consumer | 194,771 | 32,113 | 20,666 | 11,052 | 258,603 | 1 | % | |||||||||||||
Total loans | $ | 17,407,877 | $ | 3,097,448 | $ | 4,016,126 | $ | 4,972,812 | $ | 29,494,263 | 100 | % | ||||||||
Fixed-rate | $ | 5,220,674 | $ | 2,456,672 | $ | 2,463,175 | $ | 4,972,517 | $ | 15,113,038 | 51 | % | ||||||||
Floating or adjustable rate | 12,187,203 | 640,776 | 1,552,950 | 295 | 14,381,225 | 49 | % | |||||||||||||
Total | $ | 17,407,877 | $ | 3,097,448 | $ | 4,016,126 | $ | 4,972,812 | $ | 29,494,263 | 100 | % | ||||||||
March 31, 2024 | NAICS Subsector | Outstanding Balance | Total Exposure | % of Total Loan Exposure | ||||||||||
($ in thousands) | ||||||||||||||
Real Estate(a) | 531 | $ | 1,768,102 | $ | 3,292,974 | 8 | % | |||||||
Utilities(b) | 221 | 2,584,397 | 3,190,718 | 8 | % | |||||||||
Credit Intermediation and Related Activities(c) | 522 | 786,948 | 1,741,721 | 4 | % | |||||||||
Merchant Wholesalers, Durable Goods | 423 | 453,915 | 931,764 | 2 | % | |||||||||
March 31, 2024 | % of Total Loan Exposure | % of Total Commercial Real Estate - Investor Loan Exposure | ||||||
Multi-Family | 4 | % | 33 | % | ||||
Industrial | 3 | % | 25 | % | ||||
Office | 3 | % | 21 | % | ||||
March 31, 2024 | % of Total Loan Exposure | % of Total Real Estate Construction Loan Exposure | ||||||
Multi-Family | 5 | % | 49 | % | ||||
Industrial | 2 | % | 23 | % | ||||
($ in thousands) | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | ||||||||||||
Nonperforming assets | |||||||||||||||||
Commercial and industrial | $ | 72,243 | $ | 62,022 | $ | 74,812 | $ | 34,907 | $ | 22,735 | |||||||
Commercial real estate — owner occupied | 2,090 | 1,394 | 3,936 | 1,444 | 1,478 | ||||||||||||
Commercial and business lending | 74,333 | 63,416 | 78,748 | 36,352 | 24,213 | ||||||||||||
Commercial real estate — investor | 18,697 | — | 10,882 | 22,068 | 25,122 | ||||||||||||
Real estate construction | 18 | 6 | 103 | 125 | 178 | ||||||||||||
Commercial real estate lending | 18,715 | 6 | 10,985 | 22,193 | 25,300 | ||||||||||||
Total commercial | 93,047 | 63,422 | 89,732 | 58,544 | 49,513 | ||||||||||||
Residential mortgage | 69,954 | 71,142 | 66,153 | 61,718 | 58,274 | ||||||||||||
Auto finance | 7,158 | 5,797 | 4,533 | 3,065 | 2,436 | ||||||||||||
Home equity | 8,100 | 8,508 | 7,917 | 7,788 | 7,246 | ||||||||||||
Other consumer | 87 | 128 | 222 | 163 | 100 | ||||||||||||
Total consumer | 85,299 | 85,574 | 78,826 | 72,733 | 68,056 | ||||||||||||
Total nonaccrual loans | 178,346 | 148,997 | 168,558 | 131,278 | 117,569 | ||||||||||||
Commercial real estate owned | 914 | 914 | 1,062 | 1,062 | 3,071 | ||||||||||||
Residential real estate owned | 920 | 1,290 | 989 | 870 | 2,987 | ||||||||||||
Bank properties real estate owned(a) | 6,603 | 8,301 | 6,400 | 5,643 | 9,125 | ||||||||||||
OREO | 8,437 | 10,506 | 8,452 | 7,575 | 15,184 | ||||||||||||
Repossessed assets | 1,241 | 919 | 658 | 348 | 92 | ||||||||||||
Total nonperforming assets | $ | 188,025 | $ | 160,421 | $ | 177,668 | $ | 139,201 | $ | 132,845 | |||||||
Accruing loans past due 90 days or more | |||||||||||||||||
Commercial | $ | 426 | $ | 19,812 | $ | 441 | $ | 366 | $ | 323 | |||||||
Consumer | 1,992 | 1,876 | 1,715 | 1,360 | 1,380 | ||||||||||||
Total accruing loans past due 90 days or more | $ | 2,417 | $ | 21,689 | $ | 2,156 | $ | 1,726 | $ | 1,703 | |||||||
Restructured loans (accruing) | |||||||||||||||||
Commercial | $ | 377 | $ | 306 | $ | 234 | $ | 168 | $ | 47 | |||||||
Consumer | 2,080 | 2,414 | 1,855 | 1,271 | 716 | ||||||||||||
Total restructured loans (accruing) | $ | 2,457 | $ | 2,719 | $ | 2,089 | $ | 1,439 | $ | 763 | |||||||
Nonaccrual restructured loans (included in nonaccrual loans) | $ | 1,141 | $ | 805 | $ | 961 | $ | 796 | $ | 341 | |||||||
Ratios | |||||||||||||||||
Nonaccrual loans to total loans | 0.60 | % | 0.51 | % | 0.56 | % | 0.44 | % | 0.40 | % | |||||||
NPAs to total loans plus OREO and repossessed assets | 0.64 | % | 0.55 | % | 0.59 | % | 0.47 | % | 0.45 | % | |||||||
NPAs to total assets | 0.46 | % | 0.39 | % | 0.43 | % | 0.34 | % | 0.33 | % | |||||||
Allowance for credit losses on loans to nonaccrual loans | 217.43 | % | 258.98 | % | 225.78 | % | 287.20 | % | 311.48 | % |
($ in thousands) | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | ||||||||||||
Accruing loans 30-89 days past due | |||||||||||||||||
Commercial and industrial | $ | 521 | $ | 5,565 | $ | 1,507 | $ | 12,005 | $ | 4,239 | |||||||
Commercial real estate — owner occupied | — | 358 | 1,877 | 1,484 | 2,955 | ||||||||||||
Commercial and business lending | 521 | 5,923 | 3,384 | 13,489 | 7,195 | ||||||||||||
Commercial real estate — investor | 19,164 | 18,697 | 10,121 | — | — | ||||||||||||
Real estate construction | 1,260 | — | 10 | 76 | — | ||||||||||||
Commercial real estate lending | 20,424 | 18,697 | 10,131 | 76 | — | ||||||||||||
Total commercial | 20,945 | 24,619 | 13,515 | 13,565 | 7,195 | ||||||||||||
Residential mortgage | 9,903 | 13,446 | 11,652 | 8,961 | 7,626 | ||||||||||||
Auto finance | 12,521 | 17,386 | 16,688 | 11,429 | 8,640 | ||||||||||||
Home equity | 2,819 | 4,208 | 3,687 | 4,030 | 4,113 | ||||||||||||
Other consumer | 2,260 | 2,166 | 1,880 | 2,025 | 1,723 | ||||||||||||
Total consumer | 27,503 | 37,205 | 33,908 | 26,444 | 22,102 | ||||||||||||
Total accruing loans 30-89 days past due | $ | 48,448 | $ | 61,825 | $ | 47,422 | $ | 40,008 | $ | 29,297 | |||||||
Quarter Ended | |||||||||||||||||
($ in thousands) | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | ||||||||||||
Allowance for loan losses | |||||||||||||||||
Balance at beginning of period | $ | 351,094 | $ | 345,795 | $ | 338,750 | $ | 326,432 | $ | 312,720 | |||||||
Provision for loan losses | 27,000 | 21,000 | 25,500 | 23,500 | 17,000 | ||||||||||||
Charge offs | (24,018) | (17,878) | (20,535) | (14,855) | (5,501) | ||||||||||||
Recoveries | 1,930 | 2,177 | 2,079 | 3,674 | 2,212 | ||||||||||||
Net (charge offs) recoveries | (22,088) | (15,701) | (18,455) | (11,181) | (3,289) | ||||||||||||
Balance at end of period | $ | 356,006 | $ | 351,094 | $ | 345,795 | $ | 338,750 | $ | 326,432 | |||||||
Allowance for unfunded commitments | |||||||||||||||||
Balance at beginning of period | $ | 34,776 | $ | 34,776 | $ | 38,276 | $ | 39,776 | $ | 38,776 | |||||||
Provision for unfunded commitments | (3,000) | — | (3,500) | (1,500) | 1,000 | ||||||||||||
Balance at end of period | $ | 31,776 | $ | 34,776 | $ | 34,776 | $ | 38,276 | $ | 39,776 | |||||||
Allowance for credit losses on loans | $ | 387,782 | $ | 385,870 | $ | 380,571 | $ | 377,027 | $ | 366,208 | |||||||
Provision for credit losses on loans | 24,000 | 21,000 | 22,000 | 22,000 | 18,000 | ||||||||||||
Net loan (charge offs) recoveries | |||||||||||||||||
Commercial and industrial | (18,638) | (13,178) | (16,558) | (11,177) | (1,759) | ||||||||||||
Commercial real estate — owner occupied | 2 | (22) | 2 | 3 | 3 | ||||||||||||
Commercial and business lending | (18,636) | (13,200) | (16,556) | (11,174) | (1,756) | ||||||||||||
Commercial real estate — investor | — | 216 | 272 | 2,276 | — | ||||||||||||
Real estate construction | 30 | 38 | 18 | (18) | 18 | ||||||||||||
Commercial real estate lending | 30 | 253 | 290 | 2,257 | 18 | ||||||||||||
Total commercial | (18,606) | (12,947) | (16,266) | (8,917) | (1,738) | ||||||||||||
Residential mortgage | (62) | (53) | (22) | (283) | (53) | ||||||||||||
Auto finance | (2,094) | (1,436) | (1,269) | (1,048) | (957) | ||||||||||||
Home equity | 211 | 185 | 128 | 183 | 340 | ||||||||||||
Other consumer | (1,537) | (1,450) | (1,027) | (1,117) | (881) | ||||||||||||
Total consumer | (3,482) | (2,754) | (2,189) | (2,264) | (1,550) | ||||||||||||
Total net (charge offs) recoveries | $ | (22,088) | $ | (15,701) | $ | (18,455) | $ | (11,181) | $ | (3,289) | |||||||
Ratios | |||||||||||||||||
Allowance for credit losses on loans to total loans | 1.31 | % | 1.32 | % | 1.26 | % | 1.26 | % | 1.25 | % | |||||||
Allowance for credit losses on loans to net charge offs (annualized) | 4.4x | 6.2x | 5.2x | 8.4x | 27.5x | ||||||||||||
Loan evaluation method for ACLL | |||||||||||||||||
Individually evaluated for impairment | $ | 25,335 | $ | 15,492 | $ | 11,033 | $ | 12,268 | $ | 11,585 | |||||||
Collectively evaluated for impairment | 362,447 | 370,378 | 369,538 | 364,759 | 354,623 | ||||||||||||
Total ACLL | $ | 387,782 | $ | 385,870 | $ | 380,571 | $ | 377,027 | $ | 366,208 | |||||||
Loan balance | |||||||||||||||||
Individually evaluated for impairment | $ | 92,960 | $ | 62,712 | $ | 86,195 | $ | 58,109 | $ | 48,934 | |||||||
Collectively evaluated for impairment | 29,401,303 | 29,153,505 | 30,106,993 | 29,790,795 | 29,158,138 | ||||||||||||
Total loan balance | $ | 29,494,263 | $ | 29,216,218 | $ | 30,193,187 | $ | 29,848,904 | $ | 29,207,072 |
Quarter Ended | |||||||||||||||||
(In basis points) | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | ||||||||||||
Net loan (charge offs) recoveries | |||||||||||||||||
Commercial and industrial | (77) | (54) | (66) | (46) | (7) | ||||||||||||
Commercial real estate — owner occupied | — | (1) | — | — | — | ||||||||||||
Commercial and business lending | (69) | (48) | (60) | (41) | (7) | ||||||||||||
Commercial real estate — investor | — | 2 | 2 | 18 | — | ||||||||||||
Real estate construction | 1 | 1 | — | — | — | ||||||||||||
Commercial real estate lending | — | 1 | 2 | 12 | — | ||||||||||||
Total commercial | (41) | (28) | (35) | (20) | (4) | ||||||||||||
Residential mortgage | — | — | — | (1) | — | ||||||||||||
Auto finance | (35) | (27) | (27) | (25) | (26) | ||||||||||||
Home equity | 14 | 12 | 8 | 12 | 22 | ||||||||||||
Other consumer | (232) | (208) | (148) | (163) | (125) | ||||||||||||
Total consumer | (13) | (9) | (7) | (8) | (6) | ||||||||||||
Total net (charge offs) recoveries | (30) | (21) | (25) | (15) | (5) | ||||||||||||
Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | ||||||||||||||||||||||||||||
($ in thousands) | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | Amount | % of Total | ||||||||||||||||||||||
Noninterest-bearing demand | $ | 6,254,135 | 19 | % | $ | 6,119,956 | 18 | % | $ | 6,422,994 | 20 | % | $ | 6,565,666 | 21 | % | $ | 7,328,689 | 24 | % | ||||||||||||
Savings | 5,124,639 | 15 | % | 4,835,701 | 14 | % | 4,836,735 | 15 | % | 4,777,415 | 15 | % | 4,730,472 | 16 | % | |||||||||||||||||
Interest-bearing demand | 8,747,127 | 26 | % | 8,843,967 | 26 | % | 7,528,154 | 23 | % | 7,037,959 | 22 | % | 6,977,121 | 23 | % | |||||||||||||||||
Money market | 6,721,674 | 20 | % | 6,330,453 | 19 | % | 7,268,506 | 23 | % | 7,521,930 | 23 | % | 8,357,625 | 28 | % | |||||||||||||||||
Brokered CDs | 3,931,230 | 12 | % | 4,447,479 | 13 | % | 3,351,399 | 10 | % | 3,818,325 | 12 | % | 1,185,565 | 4 | % | |||||||||||||||||
Other time deposits | 2,934,352 | 9 | % | 2,868,494 | 9 | % | 2,715,538 | 8 | % | 2,293,114 | 7 | % | 1,752,351 | 6 | % | |||||||||||||||||
Total deposits | $ | 33,713,158 | 100 | % | $ | 33,446,049 | 100 | % | $ | 32,123,326 | 100 | % | $ | 32,014,409 | 100 | % | $ | 30,331,824 | 100 | % | ||||||||||||
Other customer funding(a) | 90,536 | 106,620 | 151,644 | 170,873 | 226,258 | |||||||||||||||||||||||||||
Total deposits and other customer funding | $ | 33,803,694 | $ | 33,552,669 | $ | 32,274,971 | $ | 32,185,282 | $ | 30,558,081 | ||||||||||||||||||||||
Network transaction deposits(b) | $ | 1,792,820 | $ | 1,566,139 | $ | 1,649,389 | $ | 1,600,619 | $ | 1,273,420 | ||||||||||||||||||||||
Net deposits and other customer funding(c) | 28,079,644 | 27,539,051 | 27,274,183 | 26,766,338 | 28,099,096 | |||||||||||||||||||||||||||
Time deposits of more than $250,000 | 543,469 | 522,626 | 533,853 | 465,446 | 345,169 |
($ in thousands) | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | ||||||||||||
Federal Reserve Bank balance | $ | 419,554 | $ | 421,848 | $ | 314,287 | $ | 178,983 | $ | 504,169 | |||||||
Available FHLB Chicago capacity | 7,035,768 | 5,985,385 | 5,377,628 | 5,148,360 | 3,453,813 | ||||||||||||
Available Federal Reserve Bank discount window capacity | 1,438,992 | 1,433,655 | 1,335,938 | 1,635,140 | 1,799,453 | ||||||||||||
Available BTFP capacity | — | 522,465 | 618,829 | 633,817 | 644,915 | ||||||||||||
Funding available within one business day(a) | 8,894,314 | 8,363,353 | 7,646,682 | 7,596,300 | 6,402,351 | ||||||||||||
Available federal funds lines | 1,670,000 | 1,550,000 | 2,518,000 | 2,623,000 | 2,773,000 | ||||||||||||
Available brokered deposits capacity(b) | 446,513 | 138,512 | 1,240,488 | 761,301 | 3,646,393 | ||||||||||||
Unsecured debt capacity(c) | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||||||||||
Total available liquidity | $ | 12,010,827 | $ | 11,051,865 | $ | 12,405,170 | $ | 11,980,601 | $ | 13,821,744 | |||||||
Uninsured and uncollateralized deposits | $ | 7,710,911 | $ | 7,586,047 | $ | 7,269,248 | $ | 7,081,826 | $ | 7,938,690 | |||||||
Coverage ratio of uninsured and uncollateralized deposits with secured funding available within one business day | 115 | % | 110 | % | 105 | % | 107 | % | 81 | % | |||||||
Coverage ratio of uninsured and uncollateralized deposits with total funding | 156 | % | 146 | % | 171 | % | 169 | % | 174 | % |
Mar 31, 2024 | Dec 31, 2023 | |||||||||||||
Dynamic Forecast | Static Forecast | Dynamic Forecast | Static Forecast | |||||||||||
Gradual Rate Change | ||||||||||||||
100 bp increase in interest rates | 1.7 | % | 1.6 | % | 1.9 | % | 2.2 | % | ||||||
200 bp increase in interest rates | 3.2 | % | 3.1 | % | 3.8 | % | 4.3 | % | ||||||
100 bp decrease in interest rates | (1.0) | % | (1.0) | % | (1.3) | % | (1.5) | % | ||||||
200 bp decrease in interest rates | (1.9) | % | (1.8) | % | (2.6) | % | (3.1) | % |
Mar 31, 2024 | Dec 31, 2023 | |||||||
Instantaneous Rate Change | ||||||||
100 bp increase in interest rates | (9.5) | % | (10.1) | % | ||||
200 bp increase in interest rates | (19.0) | % | (20.1) | % | ||||
100 bp decrease in interest rates | 9.1 | % | 9.7 | % | ||||
200 bp decrease in interest rates | 17.4 | % | 18.5 | % |
($ in thousands) | Note Reference | One Year or Less | One to Three Years | Three to Five Years | Over Five Years | Total | ||||||||||||||
Time deposits | $ | 6,744,548 | $ | 103,594 | $ | 17,435 | $ | 5 | $ | 6,865,582 | ||||||||||
Short-term funding | 8 | 765,671 | — | — | — | 765,671 | ||||||||||||||
FHLB advances | 8 | 138,000 | 997,989 | 196,981 | 440 | 1,333,411 | ||||||||||||||
Other long-term funding | 8 | 249,913 | 180 | 92 | 285,869 | 536,055 | ||||||||||||||
Operating leases | 16 | 5,578 | 9,367 | 6,875 | 3,994 | 25,813 | ||||||||||||||
Total | $ | 7,903,710 | $ | 1,111,130 | $ | 221,383 | $ | 290,308 | $ | 9,526,532 |
Quarter Ended | |||||||||||||||||
($ in thousands) | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | ||||||||||||
Risk-based capital(a) | |||||||||||||||||
CET1 | $ | 3,088,613 | $ | 3,074,938 | $ | 3,197,445 | $ | 3,143,131 | $ | 3,085,618 | |||||||
Tier 1 capital | 3,282,725 | 3,269,050 | 3,391,557 | 3,337,243 | 3,279,730 | ||||||||||||
Total capital | 3,957,879 | 3,997,205 | 4,103,998 | 4,051,096 | 3,990,606 | ||||||||||||
Total risk-weighted assets | 32,753,344 | 32,732,710 | 33,497,484 | 33,143,953 | 32,645,966 | ||||||||||||
Modified CECL transitional amount | 22,425 | 44,851 | 44,851 | 44,851 | 44,851 | ||||||||||||
CET1 capital ratio | 9.43 | % | 9.39 | % | 9.55 | % | 9.48 | % | 9.45 | % | |||||||
Tier 1 capital ratio | 10.02 | % | 9.99 | % | 10.12 | % | 10.07 | % | 10.05 | % | |||||||
Total capital ratio | 12.08 | % | 12.21 | % | 12.25 | % | 12.22 | % | 12.22 | % | |||||||
Tier 1 leverage ratio | 8.24 | % | 8.06 | % | 8.42 | % | 8.40 | % | 8.46 | % | |||||||
Selected equity and performance ratios | |||||||||||||||||
Total stockholders’ equity / total assets | 10.13 | % | 10.18 | % | 9.91 | % | 10.00 | % | 10.14 | % | |||||||
Dividend payout ratio(b) | 42.31 | % | N/M | 39.62 | % | 37.50 | % | 31.34 | % | ||||||||
Return on average assets | 0.80 | % | (0.87) | % | 0.80 | % | 0.86 | % | 1.06 | % | |||||||
Annualized noninterest expense / average assets | 1.95 | % | 2.30 | % | 1.90 | % | 1.89 | % | 1.92 | % |
Quarter Ended | |||||||||||||||||
($ in thousands) | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | ||||||||||||
Selected equity and performance ratios(a)(b)(c) | |||||||||||||||||
Tangible common equity / tangible assets | 7.08 | % | 7.11 | % | 6.88 | % | 6.94 | % | 7.03 | % | |||||||
Return on average equity | 7.81 | % | (8.74) | % | 7.99 | % | 8.47 | % | 10.32 | % | |||||||
Return on average tangible common equity | 11.31 | % | (13.13) | % | 11.67 | % | 12.38 | % | 15.26 | % | |||||||
Return on average CET1 | 10.27 | % | (11.85) | % | 10.08 | % | 10.88 | % | 13.38 | % | |||||||
Return on average tangible assets | 0.84 | % | (0.88) | % | 0.84 | % | 0.90 | % | 1.11 | % | |||||||
Average stockholders' equity / average assets | 10.26 | % | 9.97 | % | 10.06 | % | 10.18 | % | 10.26 | % | |||||||
Tangible common equity reconciliation(a) | |||||||||||||||||
Common equity | $ | 3,974,561 | $ | 3,979,861 | $ | 3,933,531 | $ | 3,928,762 | $ | 3,931,551 | |||||||
Goodwill and other intangible assets, net | (1,143,261) | (1,145,464) | (1,147,666) | (1,149,869) | (1,152,072) | ||||||||||||
Tangible common equity | $ | 2,831,300 | $ | 2,834,398 | $ | 2,785,865 | $ | 2,778,893 | $ | 2,779,480 | |||||||
Tangible assets reconciliation(a) | |||||||||||||||||
Total assets | $ | 41,137,084 | $ | 41,015,855 | $ | 41,637,381 | $ | 41,219,473 | $ | 40,702,519 | |||||||
Goodwill and other intangible assets, net | (1,143,261) | (1,145,464) | (1,147,666) | (1,149,869) | (1,152,072) | ||||||||||||
Tangible assets | $ | 39,993,824 | $ | 39,870,392 | $ | 40,489,715 | $ | 40,069,604 | $ | 39,550,448 | |||||||
Average tangible common equity and average CET1 reconciliation(a) | |||||||||||||||||
Common equity | $ | 3,987,269 | $ | 3,926,452 | $ | 3,937,940 | $ | 3,934,949 | $ | 3,867,890 | |||||||
Goodwill and other intangible assets, net | (1,144,588) | (1,146,677) | (1,148,951) | (1,151,039) | (1,153,173) | ||||||||||||
Tangible common equity | 2,842,681 | 2,779,775 | 2,788,989 | 2,783,910 | 2,714,716 | ||||||||||||
Modified CECL transitional amount | 22,425 | 44,851 | 44,851 | 44,851 | 44,851 | ||||||||||||
Accumulated other comprehensive loss | 188,067 | 286,402 | 302,043 | 251,624 | 258,827 | ||||||||||||
Deferred tax assets, net | 12,303 | 26,580 | 27,694 | 27,714 | 28,157 | ||||||||||||
Average CET1 | $ | 3,065,475 | $ | 3,137,608 | $ | 3,163,577 | $ | 3,108,099 | $ | 3,046,551 | |||||||
Average tangible assets reconciliation(a) | |||||||||||||||||
Total assets | $ | 40,769,206 | $ | 41,330,703 | $ | 41,075,980 | $ | 40,558,311 | $ | 39,607,065 | |||||||
Goodwill and other intangible assets, net | (1,144,588) | (1,146,677) | (1,148,951) | (1,151,039) | (1,153,173) | ||||||||||||
Tangible assets | $ | 39,624,617 | $ | 40,184,026 | $ | 39,927,029 | $ | 39,407,273 | $ | 38,453,892 | |||||||
Adjusted net income reconciliation(b) | |||||||||||||||||
Net income | $ | 81,169 | $ | (90,806) | $ | 83,248 | $ | 87,154 | $ | 103,360 | |||||||
Other intangible amortization, net of tax | 1,652 | 1,652 | 1,652 | 1,652 | 1,652 | ||||||||||||
Adjusted net income | $ | 82,821 | $ | (89,154) | $ | 84,900 | $ | 88,806 | $ | 105,012 | |||||||
Adjusted net income available to common equity reconciliation(b) | |||||||||||||||||
Net income available to common equity | $ | 78,294 | $ | (93,681) | $ | 80,373 | $ | 84,279 | $ | 100,485 | |||||||
Other intangible amortization, net of tax | 1,652 | 1,652 | 1,652 | 1,652 | 1,652 | ||||||||||||
Adjusted net income available to common equity | $ | 79,946 | $ | (92,029) | $ | 82,025 | $ | 85,931 | $ | 102,137 | |||||||
End of period core customer deposits reconciliation | |||||||||||||||||
Total deposits | $ | 33,713,158 | $ | 33,446,049 | $ | 32,123,326 | $ | 32,014,409 | $ | 30,331,824 | |||||||
Network transaction deposits | (1,792,820) | (1,566,139) | (1,649,389) | (1,600,619) | (1,273,420) | ||||||||||||
Brokered CDs | (3,931,230) | (4,447,479) | (3,351,399) | (3,818,325) | (1,185,565) | ||||||||||||
Core customer deposits | $ | 27,989,108 | $ | 27,432,431 | $ | 27,122,539 | $ | 26,595,465 | $ | 27,872,839 | |||||||
Efficiency ratio reconciliation(d) | |||||||||||||||||
Federal Reserve efficiency ratio | 61.03 | % | 132.01 | % | 60.06 | % | 58.49 | % | 56.07 | % | |||||||
Fully tax-equivalent adjustment | (0.71) | % | (3.29) | % | (0.89) | % | (0.85) | % | (0.79) | % | |||||||
Other intangible amortization | (0.69) | % | (1.21) | % | (0.69) | % | (0.68) | % | (0.66) | % | |||||||
Fully tax-equivalent efficiency ratio | 59.63 | % | 127.54 | % | 58.50 | % | 56.96 | % | 54.64 | % | |||||||
Three Months Ended Mar 31, | |||||||||||
($ in thousands) | 2024 | 2023 | % Change | ||||||||
Corporate and Commercial Specialty | |||||||||||
Total revenue | $ | 183,617 | $ | 170,860 | 7% | ||||||
Provision for credit losses | 15,428 | 13,782 | 12% | ||||||||
Noninterest expense | 66,350 | 62,119 | 7% | ||||||||
Income tax expense | 21,081 | 17,726 | 19% | ||||||||
Net income | 80,758 | 77,234 | 5% | ||||||||
Average earning assets | 17,643,512 | 17,106,092 | 3% | ||||||||
Average loans | 17,638,414 | 17,090,623 | 3% | ||||||||
Average deposits | 9,313,790 | 9,692,711 | (4)% | ||||||||
Average allocated capital (Average CET1)(a) | 1,711,227 | 1,704,400 | —% | ||||||||
Return on average allocated capital(a) | 18.98 | % | 18.38 | % | 60 bp | ||||||
Community, Consumer, and Business | |||||||||||
Total revenue | $ | 212,845 | $ | 194,310 | 10% | ||||||
Provision for credit losses | 6,825 | 6,758 | 1% | ||||||||
Noninterest expense | 110,490 | 111,735 | (1)% | ||||||||
Income tax expense | 20,062 | 15,922 | 26% | ||||||||
Net income | 75,468 | 59,895 | 26% | ||||||||
Average earning assets | 11,169,320 | 11,253,794 | (1)% | ||||||||
Average loans | 11,169,320 | 11,253,794 | (1)% | ||||||||
Average deposits | 18,091,904 | 18,121,871 | —% | ||||||||
Average allocated capital (Average CET1)(a) | 736,489 | 711,504 | 4% | ||||||||
Return on average allocated capital(a) | 41.21 | % | 34.14 | % | N/M | ||||||
Risk Management and Shared Services | |||||||||||
Total revenue | $ | (73,620) | $ | (29,087) | 153% | ||||||
Provision for credit losses | 1,747 | (2,568) | N/M | ||||||||
Noninterest expense | 20,817 | 13,558 | 54% | ||||||||
Income tax (benefit) | (21,127) | (6,307) | N/M | ||||||||
Net (loss) | (75,058) | (33,770) | 122% | ||||||||
Average earning assets | 8,783,348 | 8,220,928 | 7% | ||||||||
Average loans | 561,288 | 501,401 | 12% | ||||||||
Average deposits | 5,861,362 | 2,050,490 | 186% | ||||||||
Average allocated capital (Average CET1)(a) | 617,759 | 630,647 | (2)% | ||||||||
Return on average allocated capital(a) | (50.74) | % | (23.57) | % | N/M | ||||||
Consolidated Total | |||||||||||
Total revenue | $ | 322,842 | $ | 336,083 | (4)% | ||||||
Return on average allocated capital(a) | 10.27 | % | 13.38 | % | N/M |
ITEM 3. | Quantitative and Qualitative Disclosures About Market Risk |
ITEM 4. | Controls and Procedures |
PART II - OTHER INFORMATION |
ITEM 1. | Legal Proceedings |
ITEM 1A. | Risk Factors |
ITEM 2. | Unregistered Sales of Equity Securities and Use of Proceeds |
Total Number of Shares Purchased(a) | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(b) | |||||||||||
Period | ||||||||||||||
January 1, 2024 - January 31, 2024 | — | $ | — | — | ||||||||||
February 1, 2024 - February 29, 2024 | 1,043,080 | 20.27 | 900,000 | |||||||||||
March 1, 2024 - March 31, 2024 | 83,219 | 20.68 | — | |||||||||||
Total | 1,126,299 | $ | 20.30 | 900,000 | 2,852,467 |
ITEM 5. | Other Information |
ITEM 6. | Exhibits |
Exhibit (101), Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Unaudited Consolidated Balance Sheets, (ii) Unaudited Consolidated Statements of Income, (iii) Unaudited Consolidated Statements of Comprehensive Income, (iv) Unaudited Consolidated Statements of Changes in Stockholders’ Equity, (v) Unaudited Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements. | ||
Exhibit (104), The cover page from the Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 has been formatted in Inline XBRL (Inline Extensible Business Reporting Language) and contained in Exhibits in 101. |
Signatures |
ASSOCIATED BANC-CORP | ||||||||
(Registrant) | ||||||||
Date: April 30, 2024 | /s/ Andrew J. Harmening | |||||||
Andrew J. Harmening | ||||||||
President and Chief Executive Officer | ||||||||
Date: April 30, 2024 | /s/ Derek S. Meyer | |||||||
Derek S. Meyer | ||||||||
Chief Financial Officer | ||||||||
Date: April 30, 2024 | /s/ Tammy C. Stadler | |||||||
Tammy C. Stadler | ||||||||
Chief Accounting Officer |
Date: April 30, 2024 | /s/ Andrew J. Harmening | |||||||
Andrew J. Harmening | ||||||||
President and Chief Executive Officer |
Date: April 30, 2024 | /s/ Derek S. Meyer | |||||||
Derek S. Meyer | ||||||||
Chief Financial Officer |
/s/ Andrew J. Harmening | |||||
Andrew J. Harmening | |||||
Chief Executive Officer | |||||
April 30, 2024 |
/s/ Derek S. Meyer | |||||
Derek S. Meyer | |||||
Chief Financial Officer | |||||
April 30, 2024 |