☒ | 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 |
Pennsylvania | 23-2195389 | ||||||||||||||||
(State or other jurisdiction of
incorporation or organization) |
(I.R.S. Employer
Identification No.) |
||||||||||||||||
One Penn Square | Lancaster, | Pennsylvania | 17602 | ||||||||||||||
(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 $2.50 | FULT | The Nasdaq Stock Market, LLC | ||||||
Depositary Shares, Each Representing 1/40th Interest in a Share of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A
|
FULTP | The Nasdaq Stock Market, LLC |
Description | Page | |||||||
Glossary of Terms | ||||||||
PART I. FINANCIAL INFORMATION | ||||||||
(a) | ||||||||
(b) | ||||||||
(c) | ||||||||
(d) | ||||||||
(e) | ||||||||
(f) | ||||||||
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations | ||||||||
Item 3. Defaults Upon Senior Securities - (not applicable)
|
||||||||
Item 4. Mine Safety Disclosures - (not applicable) | ||||||||
Item 5. Other Information - (none to be reported)
|
||||||||
FULTON FINANCIAL CORPORATION | ||||||||
GLOSSARY OF DEFINED ACRONYMS AND TERMS | ||||||||
ACL | Allowance for credit losses | |||||||
AFS | Available for sale | |||||||
ALCO | Asset/Liability Management Committee | |||||||
AML | Anti-Money Laundering | |||||||
AOCI | Accumulated other comprehensive income | |||||||
ARC | Auction rate security | |||||||
ARRC | Alternative Reference Rates Committee | |||||||
ASC | Accounting Standards Codification | |||||||
ASU | Accounting Standards Update | |||||||
bp | Basis point(s) | |||||||
BSA | Bank Secrecy Act | |||||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act | |||||||
CECL | Current expected credit losses | |||||||
Corporation or Company | Fulton Financial Corporation | |||||||
COVID-19 | Coronavirus | |||||||
ETR | Effective tax rate | |||||||
Exchange Act | Securities Exchange Act of 1934 | |||||||
EAD | Exposure at default | |||||||
FASB | Financial Accounting Standards Board | |||||||
FDIC | Federal Deposit Insurance Corporation | |||||||
Fed Funds Rate | Target federal funds rate | |||||||
FHLB | Federal Home Loan Bank | |||||||
FOMC | Federal Open Market Committee | |||||||
FRB | Federal Reserve Bank | |||||||
FTE | Fully taxable-equivalent | |||||||
Fulton Bank or the Bank | Fulton Bank, N.A. | |||||||
GAAP | U.S. Generally Accepted Accounting Principles | |||||||
HTM | Held to maturity | |||||||
LGD | Loss given default | |||||||
LIBOR | London Interbank Offered Rate | |||||||
MSRs | Mortgage servicing rights | |||||||
NIM | Net interest margin | |||||||
N/M | Not meaningful | |||||||
Net Loans | Loans and lease receivables, (net of unearned income) | |||||||
OBS | Off-balance-sheet | |||||||
OCI | Other comprehensive income | |||||||
OREO | Other real estate owned | |||||||
PD | Probability of default | |||||||
PPP | Paycheck Protection Program | |||||||
PSU | Performance-based restricted stock unit | |||||||
RSU | Restricted stock unit | |||||||
SBA | Small Business Administration | |||||||
SEC | United States Securities and Exchange Commission | |||||||
SOFR | Secured Overnight Financing Rate |
TCI | Tax credit investment | |||||||
TDR | Troubled debt restructuring | |||||||
TruPS | Trust Preferred Securities | |||||||
Visa Shares |
Visa, Inc. Class B restricted shares
|
September 30,
2021 |
December 31,
2020 |
||||||||||
(unaudited) | |||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 260,564 | $ | 120,462 | |||||||
Interest-bearing deposits with other banks | 2,210,445 | 1,727,370 | |||||||||
Cash and cash equivalents | 2,471,009 | 1,847,832 | |||||||||
FRB and FHLB stock | 61,293 | 92,129 | |||||||||
Loans held for sale | 43,123 | 83,886 | |||||||||
Investment securities: | |||||||||||
AFS, at estimated fair value | 3,084,337 | 3,062,143 | |||||||||
HTM, at amortized cost | 916,423 | 278,281 | |||||||||
Net Loans | 18,269,407 | 18,900,820 | |||||||||
Less: ACL - loans | (256,727) | (277,567) | |||||||||
Loans, net | 18,012,680 | 18,623,253 | |||||||||
Net premises and equipment | 228,179 | 231,480 | |||||||||
Accrued interest receivable | 57,902 | 72,942 | |||||||||
Goodwill and intangible assets | 536,697 | 536,659 | |||||||||
Other assets | 979,189 | 1,078,128 | |||||||||
Total Assets | $ | 26,390,832 | $ | 25,906,733 | |||||||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | 7,434,155 | $ | 6,531,002 | |||||||
Interest-bearing | 14,639,886 | 14,308,205 | |||||||||
Total Deposits | 22,074,041 | 20,839,207 | |||||||||
Short-term borrowings | 468,967 | 630,066 | |||||||||
Accrued interest payable | 5,202 | 10,365 | |||||||||
Long-term borrowings | 627,386 | 1,296,263 | |||||||||
Other liabilities | 515,418 | 514,004 | |||||||||
Total Liabilities | 23,691,014 | 23,289,905 | |||||||||
SHAREHOLDERS’ EQUITY | |||||||||||
Preferred stock, no par value, 10.0 million shares authorized; Series A, 0.2 million shares authorized and issued in 2020, liquidation preference of $1,000 per share
|
192,878 | 192,878 | |||||||||
Common stock, $2.50 par value, 600.0 million shares authorized, 223.8 million shares issued in 2021 and 223.2 million issued in 2020
|
559,622 | 557,917 | |||||||||
Additional paid-in capital | 1,516,618 | 1,508,117 | |||||||||
Retained earnings | 1,258,499 | 1,120,781 | |||||||||
Accumulated other comprehensive gain | 25,615 | 65,091 | |||||||||
Treasury stock, at cost, 62.4 million shares in 2021 and 60.8 million shares in 2020
|
(853,414) | (827,956) | |||||||||
Total Shareholders’ Equity | 2,699,818 | 2,616,828 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 26,390,832 | $ | 25,906,733 | |||||||
See Notes to Consolidated Financial Statements |
(in thousands, except per-share data) | Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Interest Income | |||||||||||||||||||||||
Loans, including fees | $ | 161,889 | $ | 158,804 | $ | 480,955 | $ | 493,256 | |||||||||||||||
Investment securities: | |||||||||||||||||||||||
Taxable | 13,757 | 13,150 | 41,345 | 44,615 | |||||||||||||||||||
Tax-exempt | 6,246 | 5,449 | 17,820 | 15,481 | |||||||||||||||||||
Loans held for sale | 299 | 728 | 969 | 1,557 | |||||||||||||||||||
Other interest income | 1,888 | 1,028 | 4,599 | 4,324 | |||||||||||||||||||
Total Interest Income
|
184,079 | 179,159 | 545,688 | 559,233 | |||||||||||||||||||
Interest Expense | |||||||||||||||||||||||
Deposits | 6,525 | 14,631 | 24,108 | 58,189 | |||||||||||||||||||
Short-term borrowings | 131 | 370 | 456 | 4,960 | |||||||||||||||||||
Long-term borrowings | 6,153 | 10,042 | 23,006 | 28,468 | |||||||||||||||||||
Total Interest Expense
|
12,809 | 25,043 | 47,570 | 91,617 | |||||||||||||||||||
Net Interest Income
|
171,270 | 154,116 | 498,118 | 467,616 | |||||||||||||||||||
Provision for credit losses | (600) | 7,080 | (9,600) | 70,680 | |||||||||||||||||||
Net Interest Income After Provision for Credit Losses
|
171,870 | 147,036 | 507,718 | 396,936 | |||||||||||||||||||
Non-Interest Income | |||||||||||||||||||||||
Commercial banking | 16,738 | 18,311 | 50,209 | 53,477 | |||||||||||||||||||
Consumer banking | 11,801 | 10,423 | 33,415 | 30,800 | |||||||||||||||||||
Wealth management | 18,532 | 14,943 | 53,513 | 43,405 | |||||||||||||||||||
Mortgage banking | 9,535 | 16,801 | 26,333 | 32,999 | |||||||||||||||||||
Other | 5,971 | 2,769 | 12,883 | 10,080 | |||||||||||||||||||
Non-Interest Income Before Investment Securities Gains | 62,577 | 63,247 | 176,353 | 170,761 | |||||||||||||||||||
Investment securities gains, net | — | 2 | 33,511 | 3,053 | |||||||||||||||||||
Total Non-Interest Income | 62,577 | 63,249 | 209,864 | 173,814 | |||||||||||||||||||
Non-Interest Expense | |||||||||||||||||||||||
Salaries and employee benefits | 82,679 | 79,227 | 243,632 | 240,467 | |||||||||||||||||||
Data processing and software | 14,335 | 12,285 | 41,828 | 36,123 | |||||||||||||||||||
Net occupancy | 12,957 | 13,221 | 39,433 | 39,851 | |||||||||||||||||||
Other outside services | 7,889 | 7,617 | 24,557 | 23,098 | |||||||||||||||||||
State taxes | 4,994 | 2,692 | 13,883 | 8,583 | |||||||||||||||||||
Equipment | 3,416 | 3,711 | 10,268 | 10,322 | |||||||||||||||||||
Professional fees | 2,271 | 2,879 | 7,701 | 10,412 | |||||||||||||||||||
FDIC insurance | 2,727 | 1,578 | 7,633 | 6,519 | |||||||||||||||||||
Amortization of TCI | 1,546 | 1,694 | 4,640 | 4,594 | |||||||||||||||||||
Marketing | 1,448 | 1,147 | 3,798 | 4,029 | |||||||||||||||||||
Intangible amortization | 150 | 132 | 443 | 397 | |||||||||||||||||||
Debt extinguishment | — | — | 32,575 | 2,878 | |||||||||||||||||||
Other | 10,184 | 12,962 | 33,420 | 37,431 | |||||||||||||||||||
Total Non-Interest Expense | 144,596 | 139,145 | 463,811 | 424,705 | |||||||||||||||||||
Income Before Income Taxes | 89,851 | 71,140 | 253,771 | 146,045 | |||||||||||||||||||
Income taxes | 14,268 | 9,529 | 40,160 | 18,832 | |||||||||||||||||||
Net Income | 75,583 | 61,611 | 213,611 | 127,213 | |||||||||||||||||||
Preferred stock dividends | (2,562) | — | (7,715) | — | |||||||||||||||||||
Net Income Available to Common Shareholders | $ | 73,021 | $ | 61,611 | $ | 205,896 | $ | 127,213 | |||||||||||||||
PER SHARE: | |||||||||||||||||||||||
Net Income Available to Common Shareholders (Basic) | $ | 0.45 | $ | 0.38 | $ | 1.27 | $ | 0.78 | |||||||||||||||
Net Income Available to Common Shareholders (Diluted) | 0.45 | 0.38 | 1.26 | 0.78 | |||||||||||||||||||
Cash Dividends | 0.14 | 0.13 | 0.42 | 0.39 | |||||||||||||||||||
See Notes to Consolidated Financial Statements |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net Income | $ | 75,583 | $ | 61,611 | $ | 213,611 | $ | 127,213 | |||||||||||||||
Other Comprehensive (Loss)/Income, net of tax: | |||||||||||||||||||||||
Unrealized (loss)/gain on securities | (21,622) | 4,333 | (16,073) | 56,186 | |||||||||||||||||||
Reclassification adjustment for securities gains included in net income | — | (1) | (25,901) | (2,377) | |||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | 637 | 928 | 2,154 | 2,517 | |||||||||||||||||||
Net unrealized gain on interest rate swaps used in cash flow hedges | (891) | — | (524) | — | |||||||||||||||||||
Amortization of net unrecognized pension and postretirement income | 290 | 255 | 868 | 765 | |||||||||||||||||||
Other Comprehensive (Loss)/Income | (21,586) | 5,515 | (39,476) | 57,091 | |||||||||||||||||||
Total Comprehensive Income | $ | 53,997 | $ | 67,126 | $ | 174,135 | $ | 184,304 | |||||||||||||||
See Notes to Consolidated Financial Statements |
Preferred Stock | Common Stock | Additional |
Retained
Earnings |
Accumulated Other Comprehensive
Income (Loss) |
Treasury
Stock |
Total | |||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount |
Paid-in
Capital |
|||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | 200 | $ | 192,878 | 162,988 | $ | 559,485 | $ | 1,513,645 | $ | 1,208,086 | $ | 47,201 | $ | (828,337) | $ | 2,692,958 | |||||||||||||||||||||||||||||||||||||
Net income | 75,583 | 75,583 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (21,586) | (21,586) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 132 | 137 | 781 | 1,049 | 1,967 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | 2,192 | 2,192 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | (1,691) | (26,126) | (26,126) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | (2,562) | (2,562) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.14 per share
|
(22,608) | (22,608) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 200 | $ | 192,878 | 161,429 | $ | 559,622 | $ | 1,516,618 | $ | 1,258,499 | $ | 25,615 | $ | (853,414) | $ | 2,699,818 | |||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | — | $ | — | 161,958 | $ | 557,569 | $ | 1,503,750 | $ | 1,059,160 | $ | 51,439 | $ | (831,417) | $ | 2,340,501 | |||||||||||||||||||||||||||||||||||||
Net income | 61,611 | 61,611 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 5,515 | 5,515 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 176 | 149 | 105 | 1,592 | 1,846 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | 1,875 | 1,875 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.13 per share
|
(21,083) | (21,083) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | — | $ | — | 162,134 | $ | 557,718 | $ | 1,505,730 | $ | 1,099,688 | $ | 56,954 | $ | (829,825) | $ | 2,390,265 | |||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 200 | $ | 192,878 | 162,350 | $ | 557,917 | $ | 1,508,117 | $ | 1,120,781 | $ | 65,091 | $ | (827,956) | $ | 2,616,828 | |||||||||||||||||||||||||||||||||||||
Net income | 213,611 | 213,611 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (39,476) | (39,476) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 770 | 1,705 | 2,309 | 668 | 4,682 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | 6,192 | 6,192 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | (1,691) | (26,126) | (26,126) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | (7,715) | (7,715) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.42 per share
|
(68,178) | (68,178) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | 200 | $ | 192,878 | 161,429 | $ | 559,622 | $ | 1,516,618 | $ | 1,258,499 | $ | 25,615 | $ | (853,414) | $ | 2,699,818 | |||||||||||||||||||||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | — | $ | — | 164,218 | $ | 556,110 | $ | 1,499,681 | $ | 1,079,391 | $ | (137) | $ | (792,869) | $ | 2,342,176 | |||||||||||||||||||||||||||||||||||||
Net income | 127,213 | 127,213 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 57,091 | 57,091 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 824 | 1,608 | 646 | 2,792 | 5,046 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | 5,403 | 5,403 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for CECL (1)
|
(43,807) | (43,807) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | (2,908) | (39,748) | (39,748) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.39 per share
|
(63,109) | (63,109) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | — | $ | — | 162,134 | $ | 557,718 | $ | 1,505,730 | $ | 1,099,688 | $ | 56,954 | $ | (829,825) | $ | 2,390,265 | |||||||||||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements |
(in thousands) | Nine months ended September 30 | ||||||||||
2021 | 2020 | ||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
Net Income | $ | 213,611 | $ | 127,213 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
Provision for credit losses | (9,600) | 70,680 | |||||||||
Depreciation and amortization of premises and equipment | 20,647 | 21,653 | |||||||||
Amortization of TCI | 21,001 | 22,883 | |||||||||
Net amortization of investment securities premiums | 11,816 | 8,722 | |||||||||
Investment securities gains, net | (33,511) | (3,053) | |||||||||
Gain on sales of mortgage loans held for sale | (20,038) | (42,208) | |||||||||
Proceeds from sales of mortgage loans held for sale | 818,432 | 1,113,671 | |||||||||
Originations of mortgage loans held for sale | (757,631) | (1,127,256) | |||||||||
Intangible amortization | 443 | 397 | |||||||||
Amortization of issuance costs and discounts on long-term borrowings | 1,608 | 836 | |||||||||
Debt extinguishment costs | 32,575 | 2,878 | |||||||||
Stock-based compensation | 6,192 | 5,403 | |||||||||
Other changes, net | 16,627 | (169,447) | |||||||||
Total adjustments | 108,561 | (94,841) | |||||||||
Net cash provided by (used in) operating activities | 322,172 | 32,372 | |||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
Proceeds from sales of AFS securities | 125,811 | 215,150 | |||||||||
Proceeds from principal repayments and maturities of AFS securities | 366,788 | 282,832 | |||||||||
Proceeds from principal repayments and maturities of HTM securities | 89,349 | 67,268 | |||||||||
Purchase of AFS securities | (901,400) | (728,937) | |||||||||
Purchase of HTM securities | (310,699) | — | |||||||||
Sale of Visa Shares | 33,962 | — | |||||||||
Sale of FRB and FHLB stock | 30,836 | 3,458 | |||||||||
Net decrease (increase) in loans | 620,583 | (2,203,974) | |||||||||
Net purchases of premises and equipment | (17,346) | (18,550) | |||||||||
Net cash paid for acquisition | 292 | — | |||||||||
Net change in tax credit investments | (12,439) | (9,585) | |||||||||
Net cash provided by (used in) investing activities | 25,737 | (2,392,338) | |||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
Net increase in demand and savings deposits | 1,743,512 | 3,669,990 | |||||||||
Net decrease in time deposits | (508,678) | (333,852) | |||||||||
Net decrease in short-term borrowings | (161,099) | (271,514) | |||||||||
Proceeds from long-term borrowings | 620 | 495,898 | |||||||||
Repayments of long-term borrowings | (703,681) | (82,491) | |||||||||
Net proceeds from issuance of common stock | 4,682 | 5,046 | |||||||||
Dividends paid | (73,962) | (63,387) | |||||||||
Acquisition of treasury stock | (26,126) | (39,748) | |||||||||
Net cash provided by financing activities | 275,268 | 3,379,942 | |||||||||
Net Increase in Cash and Cash Equivalents | 623,177 | 1,019,976 | |||||||||
Cash and Cash Equivalents at Beginning of Period | 1,847,832 | 517,791 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 2,471,009 | $ | 1,537,767 | |||||||
Supplemental Disclosures of Cash Flow Information: | |||||||||||
Cash paid during the period for: | |||||||||||
Interest | $ | 52,733 | $ | 91,328 | |||||||
Income taxes | 8,329 | 12,118 | |||||||||
Supplemental Schedule of Certain Noncash Activities: | |||||||||||
Transfer of AFS securities to HTM securities | $ | 376,165 | $ | — | |||||||
See Notes to Consolidated Financial Statements |
September 30, 2021 | |||||||||||||||||||||||
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Estimated
Fair Value |
||||||||||||||||||||
Available for Sale | (in thousands) | ||||||||||||||||||||||
U.S. Government securities | $ | 153,493 | $ | — | $ | (283) | $ | 153,210 | |||||||||||||||
U.S. Government sponsored agency securities | 62,137 | — | (71) | 62,066 | |||||||||||||||||||
State and municipal securities | 1,111,024 | 43,139 | (3,769) | 1,150,394 | |||||||||||||||||||
Corporate debt securities | 354,727 | 14,663 | (52) | 369,338 | |||||||||||||||||||
Collateralized mortgage obligations | 246,726 | 5,639 | (330) | 252,035 | |||||||||||||||||||
Residential mortgage-backed securities | 191,623 | 1,669 | (3,169) | 190,123 | |||||||||||||||||||
Commercial mortgage-backed securities | 827,921 | 10,039 | (5,922) | 832,038 | |||||||||||||||||||
Auction rate securities | 76,350 | — | (1,217) | 75,133 | |||||||||||||||||||
Total | $ | 3,024,001 | $ | 75,149 | $ | (14,813) | $ | 3,084,337 | |||||||||||||||
Held to Maturity | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | 410,189 | $ | 13,803 | $ | (6,514) | $ | 417,478 | |||||||||||||||
Commercial mortgage-backed securities | 506,234 | — | (13,556) | 492,678 | |||||||||||||||||||
Total | $ | 916,423 | $ | 13,803 | $ | (20,070) | $ | 910,156 |
December 31, 2020 | |||||||||||||||||||||||
Amortized
Cost |
Gross
Unrealized Gains |
Gross
Unrealized Losses |
Estimated
Fair Value |
||||||||||||||||||||
Available for Sale | (in thousands) | ||||||||||||||||||||||
State and municipal securities | $ | 891,327 | $ | 61,286 | $ | — | $ | 952,613 | |||||||||||||||
Corporate debt securities | 348,391 | 19,445 | (691) | 367,145 | |||||||||||||||||||
Collateralized mortgage obligations | 491,321 | 12,560 | (115) | 503,766 | |||||||||||||||||||
Residential mortgage-backed securities | 373,779 | 4,246 | (27) | 377,998 | |||||||||||||||||||
Commercial mortgage-backed securities | 741,172 | 22,384 | (1,141) | 762,415 | |||||||||||||||||||
Auction rate securities | 101,510 | — | (3,304) | 98,206 | |||||||||||||||||||
Total | $ | 2,947,500 | $ | 119,921 | $ | (5,278) | $ | 3,062,143 | |||||||||||||||
Held to Maturity | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | 278,281 | $ | 18,576 | $ | — | $ | 296,857 | |||||||||||||||
Gross Realized Gains | Gross Realized Losses | Net Gains | |||||||||||||||||||||
Three months ended | (in thousands) | ||||||||||||||||||||||
September 30, 2021 | $ | — | $ | — | $ | — | |||||||||||||||||
September 30, 2020 | 94 | (92) | 2 | ||||||||||||||||||||
Nine months ended | |||||||||||||||||||||||
September 30, 2021 | $ | 34,481 | $ | (970) | $ | 33,511 | |||||||||||||||||
September 30, 2020 | 6,545 | (3,492) | 3,053 | ||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||
Number of Securities |
Estimated
Fair Value |
Unrealized
Losses |
Number of Securities |
Estimated
Fair Value |
Unrealized
Losses |
Estimated
Fair Value |
Unrealized
Losses |
||||||||||||||||||||||||||||||||||||||||
Available for Sale | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government securities | 2 | $ | 153,210 | $ | (283) | — | $ | — | $ | — | $ | 153,210 | $ | (283) | |||||||||||||||||||||||||||||||||
U.S. Government sponsored agency securities | 1 | 62,066 | (71) | — | — | — | 62,066 | (71) | |||||||||||||||||||||||||||||||||||||||
State and municipal securities | 64 | 269,388 | (3,769) | — | — | — | 269,388 | (3,769) | |||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 3 | 13,952 | (52) | — | — | — | 13,952 | (52) | |||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 1 | 29,565 | (330) | — | — | — | 29,565 | (330) | |||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 6 | 129,507 | (2,574) | 1 | 17,522 | (595) | 147,029 | (3,169) | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 26 | 368,338 | (5,922) | — | — | — | 368,338 | (5,922) | |||||||||||||||||||||||||||||||||||||||
Auction rate securities | — | — | — | 118 | 75,133 | (1,217) | 75,133 | (1,217) | |||||||||||||||||||||||||||||||||||||||
Total available for sale | 103 | $ | 1,026,026 | $ | (13,001) | 119 | $ | 92,655 | $ | (1,812) | $ | 1,118,681 | $ | (14,813) | |||||||||||||||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 12 | $ | 193,637 | $ | (6,514) | — | $ | — | $ | — | $ | 193,637 | $ | (6,514) | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 27 | 452,785 | (13,556) | — | — | — | 452,785 | (13,556) | |||||||||||||||||||||||||||||||||||||||
Total | 39 | $ | 646,422 | $ | (20,070) | — | $ | — | $ | — | $ | 646,422 | $ | (20,070) |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||||||||||||||
Number of Securities |
Estimated
Fair Value |
Unrealized
Losses |
Number of Securities |
Estimated
Fair Value |
Unrealized
Losses |
Estimated
Fair Value |
Unrealized
Losses |
||||||||||||||||||||||||||||||||||||||||
Available for Sale | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 9 | $ | 44,528 | $ | (377) | 1 | $ | 6,871 | $ | (314) | $ | 51,399 | $ | (691) | |||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 3 | 57,601 | (115) | — | — | — | 57,601 | (115) | |||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 1 | 20,124 | (27) | — | — | — | 20,124 | (27) | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 9 | 144,383 | (1,141) | — | — | — | 144,383 | (1,141) | |||||||||||||||||||||||||||||||||||||||
Auction rate securities | — | — | — | 162 | 98,206 | (3,304) | 98,206 | (3,304) | |||||||||||||||||||||||||||||||||||||||
Total available for sale(1)
|
22 | $ | 266,636 | $ | (1,660) | 163 | $ | 105,077 | $ | (3,618) | $ | 371,713 | $ | (5,278) | |||||||||||||||||||||||||||||||||
September 30,
2021 |
December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Real estate - commercial mortgage | $ | 7,145,115 | $ | 7,105,092 | |||||||
Commercial and industrial (1)
|
4,454,059 | 5,670,828 | |||||||||
Real-estate - residential mortgage | 3,719,684 | 3,141,915 | |||||||||
Real-estate - home equity | 1,126,628 | 1,202,913 | |||||||||
Real-estate - construction | 1,111,487 | 1,047,218 | |||||||||
Consumer | 458,595 | 466,772 | |||||||||
Equipment lease financing and other | 266,489 | 284,377 | |||||||||
Overdrafts | 5,471 | 4,806 | |||||||||
Gross loans | 18,287,528 | 18,923,921 | |||||||||
Unearned income | (18,121) | (23,101) | |||||||||
Net Loans | $ | 18,269,407 | $ | 18,900,820 |
September 30, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
ACL - loans | $ | 256,727 | $ | 277,567 | |||||||
ACL - OBS credit exposure | 14,783 | 14,373 | |||||||||
Total ACL | $ | 271,510 | $ | 291,940 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Balance at beginning of period | $ | 269,805 | $ | 272,920 | $ | 291,940 | $ | 166,209 | |||||||||||||||||||||
Impact of adopting CECL on January 1, 2020 (1)
|
— | — | — | 58,348 | |||||||||||||||||||||||||
Loans charged off | (2,234) | (5,489) | (19,958) | (27,539) | |||||||||||||||||||||||||
Recoveries of loans previously charged off | 4,539 | 7,847 | 9,128 | 14,660 | |||||||||||||||||||||||||
Net loans recovered/(charged off) | 2,305 | 2,358 | (10,830) | (12,879) | |||||||||||||||||||||||||
Provision for credit losses (2)
|
(600) | 7,080 | (9,600) | 70,680 | |||||||||||||||||||||||||
Balance at end of period | $ | 271,510 | $ | 282,358 | $ | 271,510 | $ | 282,358 |
Real Estate -
Commercial Mortgage |
Commercial and
Industrial |
Real Estate -
Home Equity |
Real Estate -
Residential Mortgage |
Real Estate
- Construction |
Consumer |
Equipment lease financing, other
and overdrafts |
Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 95,381 | $ | 65,404 | $ | 12,593 | $ | 54,188 | $ | 12,654 | $ | 9,401 | $ | 5,411 | $ | 255,032 | |||||||||||||||||||||||||||||||
Loans charged off | (14) | (647) | (58) | (602) | — | (446) | (467) | (2,234) | |||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 564 | 2,330 | 78 | 86 | 697 | 426 | 358 | 4,539 | |||||||||||||||||||||||||||||||||||||||
Net loans recovered (charged off) | 550 | 1,683 | 20 | (516) | 697 | (20) | (109) | 2,305 | |||||||||||||||||||||||||||||||||||||||
Provision for loan losses (1)
|
234 | (4,196) | (202) | 2,557 | (930) | (324) | 2,251 | (610) | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | 96,165 | $ | 62,891 | $ | 12,411 | $ | 56,229 | $ | 12,421 | $ | 9,057 | $ | 7,553 | $ | 256,727 | |||||||||||||||||||||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 102,695 | $ | 61,447 | $ | 16,391 | $ | 46,443 | $ | 12,314 | $ | 10,299 | $ | 6,948 | $ | 256,537 | |||||||||||||||||||||||||||||||
Loans charged off | (746) | (2,969) | (393) | (198) | — | (701) | (483) | (5,490) | |||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 100 | 2,103 | 44 | 95 | 4,873 | 447 | 185 | 7,847 | |||||||||||||||||||||||||||||||||||||||
Net loans recovered (charged off) | (646) | (866) | (349) | (103) | 4,873 | (254) | (298) | 2,357 | |||||||||||||||||||||||||||||||||||||||
Provision for loan and lease losses (1)
|
9,806 | (1,743) | 256 | 2,013 | (2,177) | 260 | (484) | 7,931 | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | 111,855 | $ | 58,838 | $ | 16,298 | $ | 48,353 | $ | 15,010 | $ | 10,305 | $ | 6,166 | $ | 266,825 | |||||||||||||||||||||||||||||||
Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 103,425 | $ | 74,771 | $ | 14,232 | $ | 51,995 | $ | 15,608 | $ | 10,905 | $ | 6,631 | $ | 277,567 | |||||||||||||||||||||||||||||||
Loans charged off | (8,357) | (5,920) | (482) | (1,290) | (39) | (1,999) | (1,871) | (19,958) | |||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 1,467 | 3,792 | 187 | 286 | 1,335 | 1,391 | 670 | 9,128 | |||||||||||||||||||||||||||||||||||||||
Net loans recovered (charged off) | (6,890) | (2,128) | (295) | (1,004) | 1,296 | (608) | (1,201) | (10,830) | |||||||||||||||||||||||||||||||||||||||
Provision for loan losses (1)
|
(370) | (9,752) | (1,526) | 5,238 | (4,483) | (1,240) | 2,123 | (10,010) | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | 96,165 | $ | 62,891 | $ | 12,411 | $ | 56,229 | $ | 12,421 | $ | 9,057 | $ | 7,553 | $ | 256,727 | |||||||||||||||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 45,610 | $ | 68,602 | $ | 17,744 | $ | 19,771 | $ | 4,443 | $ | 3,762 | $ | 3,690 | $ | 163,622 | |||||||||||||||||||||||||||||||
Impact of adopting CECL on January 1, 2020 | 29,361 | (18,576) | (65) | 21,235 | 4,015 | 5,969 | 3,784 | 45,723 | |||||||||||||||||||||||||||||||||||||||
Loans charged off | (3,925) | (17,348) | (1,138) | (620) | (17) | (2,788) | (1,704) | (27,540) | |||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 439 | 6,815 | 305 | 292 | 4,943 | 1,481 | 385 | 14,660 | |||||||||||||||||||||||||||||||||||||||
Net loans recovered (charged off) | (3,486) | (10,533) | (833) | (328) | 4,926 | (1,307) | (1,319) | (12,880) | |||||||||||||||||||||||||||||||||||||||
Provision for loan losses (1)
|
40,370 | 19,345 | (548) | 7,675 | 1,626 | 1,881 | 11 | 70,360 | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | $ | 111,855 | $ | 58,838 | $ | 16,298 | $ | 48,353 | $ | 15,010 | $ | 10,305 | $ | 6,166 | $ | 266,825 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
With a Related Allowance | Without a Related Allowance | Total | With a Related Allowance | Without a Related Allowance | Total | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 21,415 | $ | 26,719 | $ | 48,134 | $ | 19,909 | $ | 31,561 | $ | 51,470 | |||||||||||||||||||||||
Commercial and industrial | 14,413 | 15,024 | 29,437 | 13,937 | 18,056 | 31,993 | |||||||||||||||||||||||||||||
Real estate - residential mortgage | 34,125 | 1,256 | 35,381 | 24,590 | 1,517 | 26,107 | |||||||||||||||||||||||||||||
Real estate - home equity | 8,785 | — | 8,785 | 9,398 | 190 | 9,588 | |||||||||||||||||||||||||||||
Real estate - construction | 173 | 786 | 959 | 437 | 958 | 1,395 | |||||||||||||||||||||||||||||
Consumer | 263 | — | 263 | 332 | — | 332 | |||||||||||||||||||||||||||||
Equipment lease financing and other | 6,462 | 9,412 | 15,874 | — | 16,313 | 16,313 | |||||||||||||||||||||||||||||
$ | 85,636 | $ | 53,197 | $ | 138,833 | $ | 68,603 | $ | 68,595 | $ | 137,198 |
September 30, 2021 | ||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Amortized | ||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Cost Basis | Cost Basis | Total | ||||||||||||||||||||||||
Real estate - construction(1)
|
||||||||||||||||||||||||||||||||
Pass | $ | 128,034 | $ | 293,806 | $ | 151,408 | $ | 144,492 | $ | 33,644 | $ | 125,191 | $ | 51,540 | $ | — | $ | 928,115 | ||||||||||||||
Special Mention | 4,995 | — | 5,588 | — | — | 8,708 | — | — | 19,291 | |||||||||||||||||||||||
Substandard or Lower | — | — | 153 | — | 1,928 | 1,145 | 235 | — | 3,461 | |||||||||||||||||||||||
Total real estate - construction | 133,029 | 293,806 | 157,149 | 144,492 | 35,572 | 135,044 | 51,775 | — | 950,867 | |||||||||||||||||||||||
Real estate - construction(1)
|
||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | (39) | — | — | — | — | — | (39) | |||||||||||||||||||||||
Current period recoveries | — | — | 39 | — | — | 1,296 | — | — | 1,335 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | — | — | — | 1,296 | — | — | 1,296 | |||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Pass | 944,250 | 593,100 | 440,777 | 241,747 | 169,970 | 621,558 | 1,134,355 | — | 4,145,757 | |||||||||||||||||||||||
Special Mention | 1,334 | 12,204 | 30,505 | 16,791 | 7,933 | 42,241 | 49,972 | 95 | 161,075 | |||||||||||||||||||||||
Substandard or Lower | 419 | 8,590 | 15,586 | 22,916 | 12,733 | 36,887 | 47,329 | 2,767 | 147,227 | |||||||||||||||||||||||
Total commercial and industrial | 946,003 | 613,894 | 486,868 | 281,454 | 190,636 | 700,686 | 1,231,656 | 2,862 | 4,454,059 | |||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | (70) | (128) | (110) | (155) | (529) | (4,928) | — | (5,920) | |||||||||||||||||||||||
Current period recoveries | — | — | 78 | 835 | 335 | 1,739 | 805 | — | 3,792 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | (70) | (50) | 725 | 180 | 1,210 | (4,123) | — | (2,128) | |||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Pass | 680,108 | 959,013 | 915,762 | 629,123 | 725,055 | 2,467,159 | 54,023 | — | 6,430,243 | |||||||||||||||||||||||
Special Mention | 2,285 | 26,391 | 44,713 | 92,508 | 79,543 | 248,743 | 188 | 105 | 494,476 | |||||||||||||||||||||||
Substandard or Lower | — | 8,197 | 25,745 | 14,884 | 37,701 | 131,514 | 2,319 | 36 | 220,396 | |||||||||||||||||||||||
Total real estate - commercial mortgage | 682,393 | 993,601 | 986,220 | 736,515 | 842,299 | 2,847,416 | 56,530 | 141 | 7,145,115 | |||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | (14) | (25) | (6,603) | (1,517) | (198) | — | (8,357) | |||||||||||||||||||||||
Current period recoveries | — | — | — | — | 27 | 1,440 | — | — | 1,467 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | (14) | (25) | (6,576) | (77) | (198) | — | (6,890) | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Pass | $ | 1,752,392 | $ | 1,845,919 | $ | 1,507,947 | $ | 1,015,362 | $ | 928,669 | $ | 3,213,908 | $ | 1,239,918 | $ | — | $ | 11,504,115 | ||||||||||||||
Special Mention | 8,614 | 38,595 | 80,806 | 109,299 | 87,476 | 299,692 | 50,160 | 200 | 674,842 | |||||||||||||||||||||||
Substandard or Lower | 419 | 16,787 | 41,484 | 37,800 | 52,362 | 169,546 | 49,883 | 2,803 | 371,084 | |||||||||||||||||||||||
Total | $ | 1,761,425 | $ | 1,901,301 | $ | 1,630,237 | $ | 1,162,461 | $ | 1,068,507 | $ | 3,683,146 | $ | 1,339,961 | $ | 3,003 | $ | 12,550,041 |
December 31, 2020 | ||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Amortized | ||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Cost Basis | Cost Basis | Total | ||||||||||||||||||||||||
Real estate - construction(1)
|
||||||||||||||||||||||||||||||||
Pass | $ | 185,883 | $ | 229,097 | $ | 217,604 | $ | 81,086 | $ | 37,976 | $ | 110,470 | $ | 38,026 | $ | — | $ | 900,142 | ||||||||||||||
Special Mention | — | — | — | — | 7,047 | 6,212 | — | — | 13,259 | |||||||||||||||||||||||
Substandard or Lower | — | 447 | — | 2,000 | 753 | 1,637 | 632 | — | 5,469 | |||||||||||||||||||||||
Total real estate - construction | 185,883 | 229,544 | 217,604 | 83,086 | 45,776 | 118,319 | 38,658 | — | 918,870 | |||||||||||||||||||||||
Real estate - construction(1)
|
||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | — | — | — | (17) | — | — | (17) | |||||||||||||||||||||||
Current period recoveries | — | — | — | — | 68 | 5,054 | — | — | 5,122 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | — | — | 68 | 5,037 | — | — | 5,105 | |||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Pass | 2,283,533 | 508,541 | 298,567 | 214,089 | 208,549 | 596,646 | 1,278,689 | — | 5,388,614 | |||||||||||||||||||||||
Special Mention | 6,633 | 23,834 | 29,167 | 10,945 | 11,506 | 25,960 | 45,994 | — | 154,039 | |||||||||||||||||||||||
Substandard or Lower | 3,221 | 5,947 | 8,434 | 11,251 | 11,192 | 23,852 | 64,278 | — | 128,175 | |||||||||||||||||||||||
Total commercial and industrial | 2,293,387 | 538,322 | 336,168 | 236,285 | 231,247 | 646,458 | 1,388,961 | — | 5,670,828 | |||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | (114) | (30) | (488) | (393) | (520) | (17,370) | — | (18,915) | |||||||||||||||||||||||
Current period recoveries | — | 43 | 486 | 216 | 162 | 4,531 | 5,958 | — | 11,396 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | (71) | 456 | (272) | (231) | 4,011 | (11,412) | — | (7,519) | |||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Pass | 973,664 | 917,510 | 708,946 | 794,955 | 783,094 | 2,213,343 | 53,041 | 404 | 6,444,957 | |||||||||||||||||||||||
Special Mention | 13,639 | 40,874 | 84,047 | 80,705 | 89,112 | 167,424 | 2,364 | — | 478,165 | |||||||||||||||||||||||
Substandard or Lower | 1,238 | 6,681 | 6,247 | 39,027 | 22,605 | 103,007 | 2,225 | 940 | 181,970 | |||||||||||||||||||||||
Total real estate - commercial mortgage | 988,541 | 965,065 | 799,240 | 914,687 | 894,811 | 2,483,774 | 57,630 | 1,344 | 7,105,092 | |||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | (60) | (21) | (36) | (2,515) | (29) | (1,547) | (17) | — | (4,225) | |||||||||||||||||||||||
Current period recoveries | — | 6 | — | — | 1 | 1,020 | — | — | 1,027 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | (60) | (15) | (36) | (2,515) | (28) | (527) | (17) | — | (3,198) | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Pass | $ | 3,443,080 | $ | 1,655,148 | $ | 1,225,117 | $ | 1,090,130 | $ | 1,029,619 | $ | 2,920,459 | $ | 1,369,756 | $ | 404 | $ | 12,733,713 | ||||||||||||||
Special Mention | 20,272 | 64,708 | 113,214 | 91,650 | 107,665 | 199,596 | 48,358 | — | 645,463 | |||||||||||||||||||||||
Substandard or Lower | 4,459 | 13,075 | 14,681 | 52,278 | 34,550 | 128,496 | 67,135 | 940 | 315,614 | |||||||||||||||||||||||
Total | $ | 3,467,811 | $ | 1,732,931 | $ | 1,353,012 | $ | 1,234,058 | $ | 1,171,834 | $ | 3,248,551 | $ | 1,485,249 | $ | 1,344 | $ | 13,694,790 |
September 30, 2021 | ||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Amortized | ||||||||||||||||||||||||||||||
2021 | 2020 | 2019 | 2018 | 2017 | Prior | Cost Basis | Cost Basis | Total | ||||||||||||||||||||||||
Real estate - home equity | ||||||||||||||||||||||||||||||||
Performing | $ | 24,122 | $ | 25,743 | $ | 6,929 | $ | 10,265 | $ | 8,210 | $ | 100,740 | $ | 935,387 | $ | 4,161 | $ | 1,115,557 | ||||||||||||||
Nonperforming | — | — | — | 16 | 233 | 2,124 | 8,698 | — | 11,071 | |||||||||||||||||||||||
Total real estate - home equity | 24,122 | 25,743 | 6,929 | 10,281 | 8,443 | 102,864 | 944,085 | 4,161 | 1,126,628 | |||||||||||||||||||||||
Real estate - home equity | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | (41) | — | — | (171) | (270) | — | (482) | |||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | 82 | 105 | — | 187 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | (41) | — | — | (89) | (165) | — | (295) | |||||||||||||||||||||||
Real estate - residential mortgage | ||||||||||||||||||||||||||||||||
Performing | 1,250,164 | 1,178,626 | 385,806 | 129,589 | 220,587 | 517,694 | — | — | 3,682,466 | |||||||||||||||||||||||
Nonperforming | — | 6,639 | 1,701 | 3,390 | 2,726 | 22,762 | — | — | 37,218 | |||||||||||||||||||||||
Total real estate - residential mortgage | 1,250,164 | 1,185,265 | 387,507 | 132,979 | 223,313 | 540,456 | — | — | 3,719,684 | |||||||||||||||||||||||
Real estate - residential mortgage | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | (626) | (148) | (125) | (4) | (387) | — | — | (1,290) | |||||||||||||||||||||||
Current period recoveries | — | — | 1 | 15 | — | 178 | 92 | — | 286 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | (626) | (147) | (110) | (4) | (209) | 92 | — | (1,004) | |||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Performing | 102,573 | 87,668 | 73,606 | 67,172 | 29,069 | 46,371 | 51,696 | — | 458,155 | |||||||||||||||||||||||
Nonperforming | 64 | 145 | 21 | 56 | 33 | 96 | 25 | — | 440 | |||||||||||||||||||||||
Total consumer | 102,637 | 87,813 | 73,627 | 67,228 | 29,102 | 46,467 | 51,721 | — | 458,595 | |||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | (12) | (359) | (239) | (235) | (219) | (195) | (740) | — | (1,999) | |||||||||||||||||||||||
Current period recoveries | — | 122 | 103 | 86 | 129 | 704 | 247 | — | 1,391 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | (12) | (237) | (136) | (149) | (90) | 509 | (493) | — | (608) | |||||||||||||||||||||||
Equipment lease financing and other | ||||||||||||||||||||||||||||||||
Performing | 71,134 | 64,931 | 50,952 | 35,124 | 22,960 | 10,985 | — | — | 256,086 | |||||||||||||||||||||||
Nonperforming | — | — | — | — | 15,718 | 156 | — | — | 15,874 | |||||||||||||||||||||||
Total leasing and other | 71,134 | 64,931 | 50,952 | 35,124 | 38,678 | 11,141 | — | — | 271,960 | |||||||||||||||||||||||
Equipment lease financing and other | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | (595) | (1,276) | — | — | — | — | — | — | (1,871) | |||||||||||||||||||||||
Current period recoveries | 215 | 320 | 83 | 8 | 14 | 30 | — | — | 670 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | (380) | (956) | 83 | 8 | 14 | 30 | — | — | (1,201) | |||||||||||||||||||||||
Construction - other | ||||||||||||||||||||||||||||||||
Performing | 80,993 | 69,823 | 4,611 | 5,009 | — | 11 | — | — | 160,447 | |||||||||||||||||||||||
Nonperforming | — | — | — | — | 173 | — | — | — | 173 | |||||||||||||||||||||||
Total construction - other | 80,993 | 69,823 | 4,611 | 5,009 | 173 | 11 | — | — | 160,620 | |||||||||||||||||||||||
Construction - other | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Performing | $ | 1,528,986 | $ | 1,426,791 | $ | 521,904 | $ | 247,159 | $ | 280,826 | $ | 675,801 | $ | 987,083 | $ | 4,161 | $ | 5,672,711 | ||||||||||||||
Nonperforming | 64 | 6,784 | 1,722 | 3,462 | 18,883 | 25,138 | 8,723 | — | 64,776 | |||||||||||||||||||||||
Total | $ | 1,529,050 | $ | 1,433,575 | $ | 523,626 | $ | 250,621 | $ | 299,709 | $ | 700,939 | $ | 995,806 | $ | 4,161 | $ | 5,737,487 |
December 31, 2020 | ||||||||||||||||||||||||||||||||
Term Loans Amortized Cost Basis by Origination Year | Revolving Loans | Revolving Loans converted to Term Loans | ||||||||||||||||||||||||||||||
(dollars in thousands) | Amortized | Amortized | ||||||||||||||||||||||||||||||
2020 | 2019 | 2018 | 2017 | 2016 | Prior | Cost Basis | Cost Basis | Total | ||||||||||||||||||||||||
Real estate - home equity | ||||||||||||||||||||||||||||||||
Performing | $ | 31,445 | $ | 8,176 | $ | 13,906 | $ | 11,024 | $ | 11,667 | $ | 126,749 | $ | 982,285 | $ | 5,321 | $ | 1,190,573 | ||||||||||||||
Nonperforming | — | 88 | 23 | 233 | 221 | 2,290 | 9,485 | — | 12,340 | |||||||||||||||||||||||
Total real estate - home equity | 31,445 | 8,264 | 13,929 | 11,257 | 11,888 | 129,039 | 991,770 | 5,321 | 1,202,913 | |||||||||||||||||||||||
Real estate - home equity | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | — | — | — | (34) | (1,159) | — | (1,193) | |||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | 138 | 366 | — | 504 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | — | — | — | 104 | (793) | — | (689) | |||||||||||||||||||||||
Real estate - residential mortgage | ||||||||||||||||||||||||||||||||
Performing | 1,255,532 | 585,878 | 228,398 | 341,563 | 264,990 | 434,889 | — | — | 3,111,250 | |||||||||||||||||||||||
Nonperforming | 217 | 2,483 | 3,177 | 2,483 | 722 | 21,583 | — | — | 30,665 | |||||||||||||||||||||||
Total real estate - residential mortgage | 1,255,749 | 588,361 | 231,575 | 344,046 | 265,712 | 456,472 | — | — | 3,141,915 | |||||||||||||||||||||||
Real estate - residential mortgage | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | (68) | (101) | (190) | (7) | (254) | — | — | (620) | |||||||||||||||||||||||
Current period recoveries | — | 68 | 16 | 1 | 1 | 405 | — | — | 491 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | (85) | (189) | (6) | 151 | — | — | (129) | |||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Performing | 114,399 | 98,587 | 95,072 | 43,334 | 25,804 | 36,086 | 52,698 | 42 | 466,022 | |||||||||||||||||||||||
Nonperforming | 168 | 19 | 124 | 141 | 114 | 150 | 34 | — | 750 | |||||||||||||||||||||||
Total consumer | 114,567 | 98,606 | 95,196 | 43,475 | 25,918 | 36,236 | 52,732 | 42 | 466,772 | |||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | (134) | (542) | (524) | (444) | (489) | (769) | (498) | — | (3,400) | |||||||||||||||||||||||
Current period recoveries | — | 64 | 165 | 159 | 94 | 101 | 1,292 | — | 1,875 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | (134) | (478) | (359) | (285) | (395) | (668) | 794 | — | (1,525) | |||||||||||||||||||||||
Equipment lease financing and other | ||||||||||||||||||||||||||||||||
Performing | 102,324 | 65,303 | 49,453 | 34,995 | 15,631 | 5,040 | — | — | 272,746 | |||||||||||||||||||||||
Nonperforming | — | — | 30 | 15,983 | 142 | 282 | — | — | 16,437 | |||||||||||||||||||||||
Total leasing and other | 102,324 | 65,303 | 49,483 | 50,978 | 15,773 | 5,322 | — | — | 289,183 | |||||||||||||||||||||||
Equipment lease financing and other | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | (606) | (1,581) | — | — | — | — | — | — | (2,187) | |||||||||||||||||||||||
Current period recoveries | 185 | 349 | 21 | 18 | 11 | 21 | — | — | 605 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | (421) | (1,232) | 21 | 18 | 11 | 21 | — | — | (1,582) | |||||||||||||||||||||||
Construction - other | ||||||||||||||||||||||||||||||||
Performing | 96,444 | 24,888 | 6,822 | — | 16 | — | — | — | 128,170 | |||||||||||||||||||||||
Nonperforming | — | — | — | 178 | — | — | — | — | 178 | |||||||||||||||||||||||
Total construction - other | 96,444 | 24,888 | 6,822 | 178 | 16 | — | — | — | 128,348 | |||||||||||||||||||||||
Construction - other | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Performing | $ | 1,600,144 | $ | 782,832 | $ | 393,651 | $ | 430,916 | $ | 318,108 | $ | 602,764 | $ | 1,034,983 | $ | 5,363 | $ | 5,168,761 | ||||||||||||||
Nonperforming | 385 | 2,590 | 3,354 | 19,018 | 1,199 | 24,305 | 9,519 | — | 60,370 | |||||||||||||||||||||||
Total | $ | 1,600,529 | $ | 785,422 | $ | 397,005 | $ | 449,934 | $ | 319,307 | $ | 627,069 | $ | 1,044,502 | $ | 5,363 | $ | 5,229,131 |
September 30,
2021 |
December 31,
2020 |
||||||||||
(in thousands) | |||||||||||
Non-accrual loans | $ | 138,833 | $ | 137,198 | |||||||
Loans 90 days or more past due and still accruing | 11,389 | 9,929 | |||||||||
Total non-performing loans | 150,222 | 147,127 | |||||||||
OREO (1)
|
1,896 | 4,178 | |||||||||
Total non-performing assets | $ | 152,118 | $ | 151,305 |
30-59 | 60-89 | ≥ 90 Days | |||||||||||||||||||||||||||||||||||||||
Days Past | Days Past | Past Due | Non- | ||||||||||||||||||||||||||||||||||||||
Due | Due | and Accruing | Accrual | Current | Total | ||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | $ | 7,495 | $ | 240 | $ | 3,966 | $ | 48,134 | $ | 7,085,280 | $ | 7,145,115 | |||||||||||||||||||||||||||||
Commercial and industrial | 16,134 | 1,366 | 3,261 | 29,437 | 4,403,861 | 4,454,059 | |||||||||||||||||||||||||||||||||||
Real estate – residential mortgage | 19,365 | 2,974 | 1,695 | 35,381 | 3,660,269 | 3,719,684 | |||||||||||||||||||||||||||||||||||
Real estate – home equity | 3,245 | 1,194 | 2,286 | 8,785 | 1,111,118 | 1,126,628 | |||||||||||||||||||||||||||||||||||
Real estate – construction | 360 | — | 5 | 959 | 1,110,163 | 1,111,487 | |||||||||||||||||||||||||||||||||||
Consumer | 2,412 | 475 | 176 | 263 | 455,269 | 458,595 | |||||||||||||||||||||||||||||||||||
Equipment lease financing and other | 306 | — | — | 15,874 | 237,659 | 253,839 | |||||||||||||||||||||||||||||||||||
Total | $ | 49,317 | $ | 6,249 | $ | 11,389 | $ | 138,833 | $ | 18,063,619 | $ | 18,269,407 |
30-59 Days Past
Due |
60-89
Days Past Due |
≥ 90 Days
Past Due and Accruing |
Non-
accrual |
Current | Total | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | $ | 14,999 | $ | 9,273 | $ | 1,177 | $ | 51,470 | $ | 7,028,173 | $ | 7,105,092 | |||||||||||||||||||||||
Commercial and industrial | 11,285 | 1,068 | 616 | 31,993 | 5,625,866 | 5,670,828 | |||||||||||||||||||||||||||||
Real estate – residential mortgage | 22,281 | 7,675 | 4,687 | 26,107 | 3,081,165 | 3,141,915 | |||||||||||||||||||||||||||||
Real estate – home equity | 5,622 | 1,654 | 2,753 | 9,588 | 1,183,296 | 1,202,913 | |||||||||||||||||||||||||||||
Real estate – construction | 1,938 | — | 155 | 1,395 | 1,043,730 | 1,047,218 | |||||||||||||||||||||||||||||
Consumer | 3,036 | 501 | 417 | 332 | 462,486 | 466,772 | |||||||||||||||||||||||||||||
Equipment lease financing and other | 838 | 150 | 124 | 16,313 | 248,657 | 266,082 | |||||||||||||||||||||||||||||
Total | $ | 59,999 | $ | 20,321 | $ | 9,929 | $ | 137,198 | $ | 18,673,373 | $ | 18,900,820 |
September 30,
2021 |
December 31,
2020 |
||||||||||
(in thousands) | |||||||||||
Real estate - commercial mortgage | $ | 14,546 | $ | 28,451 | |||||||
Commercial and industrial | 6,577 | 6,982 | |||||||||
Real estate - residential mortgage | 13,694 | 18,602 | |||||||||
Real estate - home equity | 12,704 | 14,391 | |||||||||
Real estate - construction | 153 | — | |||||||||
Consumer | 5 | — | |||||||||
Total accruing TDRs | 47,679 | 68,426 | |||||||||
Non-accrual TDRs (1)
|
59,802 | 35,755 | |||||||||
Total TDRs | $ | 107,481 | $ | 104,181 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||
Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | Number of Loans | Recorded Investment | ||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 5 | $ | 852 | 4 | $ | 3,021 | 9 | $ | 2,745 | 18 | $ | 4,399 | |||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | 4 | 9,129 | 5 | 8,394 | 9 | 16,020 | 12 | 24,868 | |||||||||||||||||||||||||||||||||||||||
Real estate - residential mortgage | 5 | 1,703 | 8 | 1,351 | 42 | 12,431 | 48 | 10,516 | |||||||||||||||||||||||||||||||||||||||
Real estate - home equity | 6 | 123 | 13 | 1,370 | 22 | 870 | 40 | 3,556 | |||||||||||||||||||||||||||||||||||||||
Real estate - construction | — | — | — | — | 1 | 154 | — | — | |||||||||||||||||||||||||||||||||||||||
Consumer | — | — | 3 | 53 | — | — | 11 | 238 | |||||||||||||||||||||||||||||||||||||||
Total
|
20 | $ | 11,807 | 33 | $ | 14,189 | 83 | $ | 32,220 | 129 | $ | 43,577 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Amortized cost: | |||||||||||||||||||||||
Balance at beginning of period | $ | 36,062 | $ | 38,692 | $ | 38,745 | $ | 39,267 | |||||||||||||||
Originations of MSRs | 2,637 | 4,319 | 6,905 | 8,569 | |||||||||||||||||||
Amortization | (2,661) | (4,129) | (9,612) | (8,954) | |||||||||||||||||||
Balance at end of period | $ | 36,038 | $ | 38,882 | $ | 36,038 | $ | 38,882 | |||||||||||||||
Valuation allowance: | |||||||||||||||||||||||
Balance at beginning of period | $ | (6,600) | $ | (7,700) | $ | (10,500) | $ | — | |||||||||||||||
Reduction (addition) to valuation allowance | 3,500 | (1,500) | 7,400 | (9,200) | |||||||||||||||||||
Balance at end of period | $ | (3,100) | $ | (9,200) | $ | (3,100) | $ | (9,200) | |||||||||||||||
Net MSRs at end of period | $ | 32,938 | $ | 29,682 | $ | 32,938 | $ | 29,682 | |||||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Notional
Amount |
Asset
(Liability) Fair Value |
Notional
Amount |
Asset
(Liability) Fair Value |
||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Interest Rate Locks with Customers | |||||||||||||||||||||||
Positive fair values | $ | 304,893 | $ | 2,990 | $ | 382,903 | $ | 8,034 | |||||||||||||||
Negative fair values | 3,366 | (18) | 3,154 | (35) | |||||||||||||||||||
Forward Commitments | |||||||||||||||||||||||
Positive fair values | 53,000 | 630 | — | — | |||||||||||||||||||
Negative fair values | — | — | 292,262 | (2,263) | |||||||||||||||||||
Interest Rate Swaps with Customers | |||||||||||||||||||||||
Positive fair values | 3,205,646 | 183,850 | 3,834,062 | 330,951 | |||||||||||||||||||
Negative fair values | 701,719 | (2,633) | 45,640 | (2) | |||||||||||||||||||
Interest Rate Swaps with Dealer Counterparties | |||||||||||||||||||||||
Positive fair values | 701,719 | 2,633 | 45,640 | 2 | |||||||||||||||||||
Negative fair values | 3,205,646 | (94,235) | 3,834,062 | (165,205) | |||||||||||||||||||
Interest Rate Swaps used in Cash Flow Hedges | |||||||||||||||||||||||
Positive fair values | 400,000 | 377 | — | — | |||||||||||||||||||
Negative fair values | 100,000 | (150) | — | — | |||||||||||||||||||
Foreign Exchange Contracts with Customers | |||||||||||||||||||||||
Positive fair values | 9,782 | 293 | 1,121 | 5 | |||||||||||||||||||
Negative fair values | 649 | (13) | 5,963 | (275) | |||||||||||||||||||
Foreign Exchange Contracts with Correspondent Banks | |||||||||||||||||||||||
Positive fair values | 1,525 | 26 | 6,372 | 318 | |||||||||||||||||||
Negative fair values | 10,554 | (284) | 1,422 | (5) | |||||||||||||||||||
Consolidated Statements of Income Classification | ||||||||||||||||||||
Interest Income | ||||||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||||||
September 30, 2021 | September 30, 2021 | |||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Total amounts of income line items presented in the consolidated statements of income in which the effects of fair value or cash flow hedges are recorded | $ | 873 | $ | 1,894 | ||||||||||||||||
The effects of fair value and cash flow hedging: | ||||||||||||||||||||
Gain or (loss) on cash flow hedging relationships | — | — | ||||||||||||||||||
Interest contracts: | ||||||||||||||||||||
Amount of gain reclassified from AOCI into income | 873 | 1,894 | ||||||||||||||||||
Amount of gain or (loss) reclassified from AOCI into income as a result that a forecasted transaction is no longer probable of occurring | — | — | ||||||||||||||||||
Amount of Gain Reclassified from AOCI into Income - Included Component | 873 | 1,894 | ||||||||||||||||||
Amount of Gain or (Loss) Reclassified from AOCI into Income - Excluded Component | — | — |
Consolidated Statements of Income Classification | Three months ended September 30 | Nine months ended September 30 | |||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Mortgage banking derivatives (1)
|
Mortgage banking income | $ | 228 | $ | 1,783 | $ | (2,134) | $ | 9,527 | ||||||||||||||||||||
Interest rate swaps | Other expense | 1,069 | (12) | 861 | 70 | ||||||||||||||||||||||||
Foreign exchange contracts | Other income | (17) | 25 | (21) | 42 | ||||||||||||||||||||||||
Net fair value gains/(losses) on derivative financial instruments | $ | 1,280 | $ | 1,796 | $ | (1,294) | $ | 9,639 |
September 30,
2021 |
December 31,
2020 |
||||||||||
(in thousands) | |||||||||||
Amortized cost (1)
|
$ | 42,361 | $ | 80,662 | |||||||
Fair value | 43,123 | 83,886 |
Gross Amounts | Gross Amounts Not Offset | ||||||||||||||||||||||
Recognized | on the Consolidated | ||||||||||||||||||||||
on the | Balance Sheets | ||||||||||||||||||||||
Consolidated | Financial | Cash | Net | ||||||||||||||||||||
Balance Sheets |
Instruments(1)
|
Collateral (2)
|
Amount | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
September 30, 2021 | |||||||||||||||||||||||
Interest rate swap derivative assets | $ | 186,860 | $ | (4,205) | $ | — | $ | 182,655 | |||||||||||||||
Foreign exchange derivative assets with correspondent banks | 26 | (26) | — | — | |||||||||||||||||||
Total | $ | 186,886 | $ | (4,231) | $ | — | $ | 182,655 | |||||||||||||||
Interest rate swap derivative liabilities | $ | 97,018 | $ | (3,978) | $ | (90,620) | $ | 2,420 | |||||||||||||||
Foreign exchange derivative liabilities with correspondent banks | 284 | (26) | — | 258 | |||||||||||||||||||
Total | $ | 97,302 | $ | (4,004) | $ | (90,620) | $ | 2,678 | |||||||||||||||
December 31, 2020 | |||||||||||||||||||||||
Interest rate swap derivative assets | $ | 330,951 | $ | (2) | $ | — | $ | 330,949 | |||||||||||||||
Foreign exchange derivative assets with correspondent banks | 318 | (5) | — | 313 | |||||||||||||||||||
Total | $ | 331,269 | $ | (7) | $ | — | $ | 331,262 | |||||||||||||||
Interest rate swap derivative liabilities | $ | 165,205 | $ | (2) | $ | (165,203) | $ | — | |||||||||||||||
Foreign exchange derivative liabilities with correspondent banks | 5 | (5) | — | — | |||||||||||||||||||
Total | $ | 165,210 | $ | (7) | $ | (165,203) | $ | — |
September 30, | December 31, | ||||||||||||||||
2021 | 2020 | ||||||||||||||||
Included in other assets: | (in thousands) | ||||||||||||||||
Affordable housing tax credit investment, net | $ | 167,434 | $ | 152,203 | |||||||||||||
Other tax credit investments, net | 47,645 | 59,224 | |||||||||||||||
Total TCIs, net | $ | 215,079 | $ | 211,427 | |||||||||||||
Included in other liabilities: | |||||||||||||||||
Unfunded affordable housing tax credit commitments | $ | 54,420 | $ | 31,562 | |||||||||||||
Other tax credit liabilities | 38,845 | 49,491 | |||||||||||||||
Total unfunded tax credit commitments and liabilities | $ | 93,265 | $ | 81,053 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||
Components of income taxes: | (in thousands) | ||||||||||||||||||||||||||||
Affordable housing tax credits and other tax benefits | $ | (6,515) | $ | (7,290) | $ | (19,546) | $ | (21,678) | |||||||||||||||||||||
Other tax credit investment credits and tax benefits | (723) | (1,240) | (2,168) | (3,122) | |||||||||||||||||||||||||
Amortization of affordable housing investments, net of tax benefit | 4,344 | 5,024 | 13,033 | 15,071 | |||||||||||||||||||||||||
Deferred tax expense | 159 | 275 | 479 | 691 | |||||||||||||||||||||||||
Total net reduction in income tax expense | $ | (2,735) | $ | (3,231) | $ | (8,202) | $ | (9,038) | |||||||||||||||||||||
Amortization of TCIs: | |||||||||||||||||||||||||||||
Affordable housing tax credits investment | $ | 1,002 | $ | 1,021 | $ | 3,006 | $ | 3,065 | |||||||||||||||||||||
Other tax credit investment amortization | 544 | 673 | 1,634 | 1,529 | |||||||||||||||||||||||||
Total amortization of TCIs | $ | 1,546 | $ | 1,694 | $ | 4,640 | $ | 4,594 |
Before-Tax Amount | Tax Effect | Net of Tax Amount | |||||||||||||||
Three months ended September 30, 2021 | (in thousands) | ||||||||||||||||
Unrealized loss on securities | $ | (27,975) | $ | 6,353 | $ | (21,622) | |||||||||||
Reclassification adjustment for securities gains included in net income (1)
|
— | — | — | ||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM (2)
|
824 | (187) | 637 | ||||||||||||||
Net unrealized losses on interest rate swaps used in cash flow hedges (3)
|
(1,153) | 262 | (891) | ||||||||||||||
Amortization of net unrecognized pension and postretirement items (4)
|
371 | (81) | 290 | ||||||||||||||
Total OCI | $ | (27,933) | $ | 6,347 | $ | (21,586) | |||||||||||
Three months ended September 30, 2020 | |||||||||||||||||
Unrealized gain on securities | $ | 5,565 | $ | (1,232) | $ | 4,333 | |||||||||||
Reclassification adjustment for securities gains included in net income (1)
|
(2) | 1 | (1) | ||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM (2)
|
1,192 | (264) | 928 | ||||||||||||||
Amortization of net unrecognized pension and postretirement items (4)
|
329 | (73) | 255 | ||||||||||||||
Total OCI | $ | 7,083 | $ | (1,568) | $ | 5,515 | |||||||||||
Nine months ended September 30, 2021 | |||||||||||||||||
Unrealized loss on securities | $ | (20,796) | $ | 4,723 | $ | (16,073) | |||||||||||
Reclassification adjustment for securities gains included in net income (1)
|
(33,511) | 7,610 | (25,901) | ||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM (2)
|
2,787 | (633) | 2,154 | ||||||||||||||
Net unrealized gain on interest rate swaps used in cash flow hedges (3)
|
(678) | 154 | (524) | ||||||||||||||
Amortization of net unrecognized pension and postretirement items (3)
|
1,111 | (243) | 868 | ||||||||||||||
Total OCI | $ | (51,087) | $ | 11,611 | $ | (39,476) | |||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||
Unrealized gain on securities (4)
|
$ | 72,146 | $ | (15,960) | $ | 56,186 | |||||||||||
Reclassification adjustment for securities gains included in net income (1)
|
(3,053) | 676 | (2,377) | ||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM (2)
|
3,232 | (715) | 2,517 | ||||||||||||||
Amortization of net unrecognized pension and postretirement items (3)
|
984 | (219) | 765 | ||||||||||||||
Total OCI | $ | 73,309 | $ | (16,218) | $ | 57,091 |
Unrealized Gains (Losses) on Investment Securities | Net Unrealized (Loss) Gain on Interest Rate Swaps used in Cash Flow Hedges | Unrecognized Pension and Postretirement Plan Income (Costs) | Total | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Three months ended September 30, 2021 | |||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 62,769 | $ | 367 | $ | (15,935) | $ | 47,201 | |||||||||||||||||||||
OCI before reclassifications | (21,622) | — | — | (21,622) | |||||||||||||||||||||||||
Amounts reclassified from AOCI | — | (891) | 290 | (601) | |||||||||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | 637 | — | — | 637 | |||||||||||||||||||||||||
Balance at September 30, 2021 | $ | 41,784 | $ | (524) | $ | (15,645) | $ | 25,615 | |||||||||||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | 65,930 | $ | — | $ | (14,491) | $ | 51,439 | |||||||||||||||||||||
OCI before reclassifications | 4,333 | — | — | 4,333 | |||||||||||||||||||||||||
Amounts reclassified from AOCI | — | — | 255 | 255 | |||||||||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | 928 | — | — | 928 | |||||||||||||||||||||||||
Balance at September 30, 2020 | $ | 71,190 | $ | — | $ | (14,236) | $ | 56,954 | |||||||||||||||||||||
Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 81,604 | $ | — | $ | (16,513) | $ | 65,091 | |||||||||||||||||||||
OCI before reclassifications | (16,073) | — | — | (16,073) | |||||||||||||||||||||||||
Amounts reclassified from AOCI | (25,901) | (524) | 868 | (25,557) | |||||||||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM
|
2,154 | — | — | 2,154 | |||||||||||||||||||||||||
Balance at September 30, 2021 | $ | 41,784 | $ | (524) | $ | (15,645) | $ | 25,615 | |||||||||||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 14,864 | $ | — | $ | (15,001) | $ | (137) | |||||||||||||||||||||
OCI before reclassifications | 56,186 | — | — | 56,186 | |||||||||||||||||||||||||
Amounts reclassified from AOCI | (2,377) | — | 765 | (1,612) | |||||||||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | 2,517 | — | — | 2,517 | |||||||||||||||||||||||||
Balance at September 30, 2020 | $ | 71,190 | $ | — | $ | (14,236) | $ | 56,954 |
September 30, 2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Loans held for sale | $ | — | $ | 43,123 | $ | — | $ | 43,123 | |||||||||||||||
Available for sale investment securities: | |||||||||||||||||||||||
U.S. Government securities | 153,210 | — | — | 153,210 | |||||||||||||||||||
U.S. Government sponsored agency securities | — | 62,066 | — | 62,066 | |||||||||||||||||||
State and municipal securities | — | 1,150,394 | — | 1,150,394 | |||||||||||||||||||
Corporate debt securities | — | 369,338 | — | 369,338 | |||||||||||||||||||
Collateralized mortgage obligations | — | 252,035 | — | 252,035 | |||||||||||||||||||
Residential mortgage-backed securities | — | 190,123 | — | 190,123 | |||||||||||||||||||
Commercial mortgage-backed securities | — | 832,038 | — | 832,038 | |||||||||||||||||||
Auction rate securities | — | — | 75,133 | 75,133 | |||||||||||||||||||
Total available for sale investment securities | 153,210 | 2,855,994 | 75,133 | 3,084,337 | |||||||||||||||||||
Other assets:
|
|||||||||||||||||||||||
Investments held in Rabbi Trust | 27,015 | — | — | 27,015 | |||||||||||||||||||
Derivative assets | 319 | 190,480 | — | 190,799 | |||||||||||||||||||
Total assets | $ | 180,544 | $ | 3,089,597 | $ | 75,133 | $ | 3,345,274 | |||||||||||||||
Other liabilities: | |||||||||||||||||||||||
Deferred compensation liabilities | $ | 27,015 | $ | — | $ | — | $ | 27,015 | |||||||||||||||
Derivative liabilities | 297 | 97,036 | — | 97,333 | |||||||||||||||||||
Total liabilities | $ | 27,312 | $ | 97,036 | $ | — | $ | 124,348 |
December 31, 2020 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Loans held for sale | $ | — | $ | 83,886 | $ | — | $ | 83,886 | |||||||||||||||
Available for sale investment securities: | |||||||||||||||||||||||
State and municipal securities | — | 952,613 | — | 952,613 | |||||||||||||||||||
Corporate debt securities | — | 367,145 | — | 367,145 | |||||||||||||||||||
Collateralized mortgage obligations | — | 503,766 | — | 503,766 | |||||||||||||||||||
Residential mortgage-backed securities | — | 377,998 | — | 377,998 | |||||||||||||||||||
Commercial mortgage-backed securities | — | 762,415 | — | 762,415 | |||||||||||||||||||
Auction rate securities | — | — | 98,206 | 98,206 | |||||||||||||||||||
Total available for sale investment securities | — | 2,963,937 | 98,206 | 3,062,143 | |||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Investments held in Rabbi Trust | 24,383 | — | — | 24,383 | |||||||||||||||||||
Derivative assets | 323 | 338,987 | — | 339,310 | |||||||||||||||||||
Total assets | $ | 24,706 | $ | 3,386,810 | $ | 98,206 | $ | 3,509,722 | |||||||||||||||
Other liabilities: | |||||||||||||||||||||||
Deferred compensation liabilities | $ | 24,383 | $ | — | $ | — | $ | 24,383 | |||||||||||||||
Derivative liabilities | 280 | 167,505 | — | 167,785 | |||||||||||||||||||
Total liabilities | $ | 24,663 | $ | 167,505 | $ | — | $ | 192,168 |
Single-issuer
Trust Preferred Securities |
ARCs | ||||||||||||||||
Three months ended September 30, 2021 | (in thousands) | ||||||||||||||||
Balance at June 30, 2021 | $ | — | $ | 74,834 | |||||||||||||
Unrealized adjustment to fair value (1)
|
— | 299 | |||||||||||||||
Balance at September 30, 2021 | $ | — | $ | 75,133 | |||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||
Balance at June 30, 2020 | $ | — | $ | 100,859 | |||||||||||||
Sales | — | — | |||||||||||||||
Unrealized adjustment to fair value (1)
|
— | (2,869) | |||||||||||||||
Balance at September 30, 2020 | $ | — | $ | 97,990 | |||||||||||||
Nine months ended September 30, 2021 | |||||||||||||||||
Balance at December 31, 2020 | $ | — | $ | 98,206 | |||||||||||||
Sales | — | (24,619) | |||||||||||||||
Unrealized adjustment to fair value (1)
|
— | 1,546 | |||||||||||||||
Balance at September 30, 2021 | $ | — | $ | 75,133 | |||||||||||||
Nine months ended September 30, 2020 | |||||||||||||||||
Balance at December 31, 2019 | $ | 2,400 | $ | 101,926 | |||||||||||||
Sales | (2,160) | — | |||||||||||||||
Unrealized adjustment to fair value (1)
|
(242) | (3,936) | |||||||||||||||
Discount accretion | 2 | — | |||||||||||||||
Balance at September 30, 2020 | $ | — | $ | 97,990 | |||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Loans, net | $ | 113,261 | $ | 116,584 | |||||||
OREO | 1,896 | 4,178 | |||||||||
MSRs (1)
|
32,938 | 28,245 | |||||||||
Total assets | $ | 148,095 | $ | 149,007 |
September 30, 2021 | |||||||||||||||||
Estimated Fair Value | |||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | |||||||||||||||||
FINANCIAL ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 2,471,009 | $ | 2,471,009 | $ | — | $ | — | $ | 2,471,009 | |||||||
FRB and FHLB stock | 61,293 | — | 61,293 | — | 61,293 | ||||||||||||
Loans held for sale | 43,123 | — | 43,123 | — | 43,123 | ||||||||||||
AFS securities | 3,084,337 | 153,210 | 2,855,994 | 75,133 | 3,084,337 | ||||||||||||
HTM securities | 916,423 | — | 910,156 | — | 910,156 | ||||||||||||
Net Loans | 18,012,680 | — | — | 17,434,206 | 17,434,206 | ||||||||||||
Accrued interest receivable | 57,902 | 57,902 | — | — | 57,902 | ||||||||||||
Other assets | 517,140 | 291,826 | 190,480 | 34,834 | 517,140 | ||||||||||||
FINANCIAL LIABILITIES | |||||||||||||||||
Demand and savings deposits | $ | 20,022,870 | $ | 20,022,870 | $ | — | $ | — | $ | 20,022,870 | |||||||
Brokered deposits | 262,617 | 242,617 | 20,732 | — | 263,349 | ||||||||||||
Time deposits | 1,788,554 | — | 1,795,084 | — | 1,795,084 | ||||||||||||
Short-term borrowings | 468,967 | 468,967 | — | — | 468,967 | ||||||||||||
Accrued interest payable | 5,202 | 5,202 | — | — | 5,202 | ||||||||||||
Long-term borrowings | 627,386 | — | 614,866 | — | 614,866 | ||||||||||||
Other liabilities | 325,361 | 213,542 | 97,036 | 14,783 | 325,361 |
December 31, 2020 | |||||||||||||||||
Estimated Fair Value | |||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
(in thousands) | |||||||||||||||||
FINANCIAL ASSETS | |||||||||||||||||
Cash and cash equivalents | $ | 1,847,832 | $ | 1,847,832 | $ | — | $ | — | $ | 1,847,832 | |||||||
FRB and FHLB stock | 92,129 | — | 92,129 | — | 92,129 | ||||||||||||
Loans held for sale | 83,886 | — | 83,886 | — | 83,886 | ||||||||||||
AFS securities | 3,062,143 | — | 2,963,937 | 98,206 | 3,062,143 | ||||||||||||
HTM securities | 278,281 | — | 296,857 | — | 296,857 | ||||||||||||
Net Loans | 18,623,253 | — | — | 18,354,532 | 18,354,532 | ||||||||||||
Accrued interest receivable | 72,942 | 72,942 | — | — | 72,942 | ||||||||||||
Other assets | 650,425 | 279,015 | 338,987 | 32,423 | 650,425 | ||||||||||||
FINANCIAL LIABILITIES | |||||||||||||||||
Demand and savings deposits | $ | 18,279,358 | $ | 18,279,358 | $ | — | $ | — | $ | 18,279,358 | |||||||
Brokered deposits | 335,185 | 295,185 | 41,206 | — | 336,391 | ||||||||||||
Time deposits | 2,224,664 | — | 2,246,457 | — | 2,246,457 | ||||||||||||
Short-term borrowings | 630,066 | 630,066 | — | — | 630,066 | ||||||||||||
Accrued interest payable | 10,365 | 10,365 | — | — | 10,365 | ||||||||||||
Long-term borrowings | 1,296,263 | — | 1,332,041 | — | 1,332,041 | ||||||||||||
Other liabilities | 338,747 | 156,869 | 167,505 | 14,373 | 338,747 |
Assets | Liabilities | |||||||
Cash and cash equivalents | Demand and savings deposits | |||||||
Accrued interest receivable | Short-term borrowings | |||||||
Accrued interest payable |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Weighted average shares outstanding (basic) | 162,506 | 162,061 | 162,577 | 162,416 | |||||||||||||||||||
Impact of common stock equivalents | 950 | 518 | 1,057 | 667 | |||||||||||||||||||
Weighted average shares outstanding (diluted) | 163,456 | 162,579 | 163,634 | 163,083 | |||||||||||||||||||
Per share: | |||||||||||||||||||||||
Basic | $ | 0.45 | $ | 0.38 | $ | 1.27 | $ | 0.78 | |||||||||||||||
Diluted | 0.45 | 0.38 | 1.26 | 0.78 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Compensation expense | $ | 2,192 | $ | 1,875 | $ | 6,192 | $ | 5,403 | |||||||||||||||
Tax benefit | (481) | (397) | (1,352) | (1,144) | |||||||||||||||||||
Stock-based compensation expense, net of tax benefit | $ | 1,711 | $ | 1,478 | $ | 4,840 | $ | 4,259 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Interest cost | $ | 561 | $ | 681 | $ | 1,683 | $ | 2,043 | |||||||||||||||
Expected return on plan assets | (1,011) | (982) | (3,033) | (2,946) | |||||||||||||||||||
Net amortization and deferral | 504 | 465 | 1,513 | 1,395 | |||||||||||||||||||
Net periodic pension cost | $ | 54 | $ | 164 | $ | 163 | $ | 492 | |||||||||||||||
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Interest cost | $ | 8 | $ | 11 | $ | 24 | $ | 33 | |||||||||||||||
Net accretion and deferral | (134) | (137) | (402) | (411) | |||||||||||||||||||
Net periodic benefit | $ | (126) | $ | (126) | $ | (378) | $ | (378) |
September 30, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Commitments to extend credit | $ | 9,083,877 | $ | 8,651,055 | |||||||
Standby letters of credit | 302,834 | 298,750 | |||||||||
Commercial letters of credit | 56,387 | 56,229 |
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Return on average common shareholders' equity (tangible) | |||||||||||||||||||||||
Net income available to common shareholders | $ | 73,021 | $ | 61,611 | $ | 205,896 | $ | 127,213 | |||||||||||||||
Plus: Intangible amortization, net of tax | 118 | 103 | 349 | 312 | |||||||||||||||||||
Numerator | $ | 73,139 | $ | 61,714 | $ | 206,245 | $ | 127,525 | |||||||||||||||
Average common shareholders' equity | $ | 2,722,833 | $ | 2,374,091 | $ | 2,676,762 | $ | 2,340,204 | |||||||||||||||
Less: Average goodwill and intangible assets | (536,772) | (534,971) | (536,615) | (535,103) | |||||||||||||||||||
Less: Average preferred stock | (192,878) | — | (192,878) | — | |||||||||||||||||||
Denominator | $ | 1,993,183 | $ | 1,839,120 | $ | 1,947,269 | $ | 1,805,101 | |||||||||||||||
Return on average common shareholders' equity (tangible), annualized | 14.56 | % | 13.35 | % | 21.36 | % | 9.44 | % | |||||||||||||||
Efficiency ratio | |||||||||||||||||||||||
Non-interest expense | $ | 144,596 | $ | 139,145 | $ | 463,811 | $ | 424,705 | |||||||||||||||
Less: Debt extinguishment cost | — | — | (32,575) | (2,878) | |||||||||||||||||||
Less: Amortization of tax credit investments | (1,546) | (1,694) | (4,640) | (4,594) | |||||||||||||||||||
Less: Intangible amortization | (150) | (132) | (443) | (397) | |||||||||||||||||||
Numerator | $ | 142,900 | $ | 136,519 | $ | 426,153 | $ | 416,036 | |||||||||||||||
Net interest income | $ | 171,270 | $ | 154,116 | $ | 498,118 | $ | 467,616 | |||||||||||||||
Tax equivalent adjustment (1)
|
3,114 | 2,990 | 9,111 | 9,315 | |||||||||||||||||||
Plus: Total non-interest income | 62,577 | 63,249 | 209,864 | 173,813 | |||||||||||||||||||
Less: Investment securities gains, net | — | (2) | (33,511) | (3,053) | |||||||||||||||||||
Denominator | $ | 236,961 | $ | 220,353 | $ | 683,582 | $ | 647,691 | |||||||||||||||
Efficiency ratio | 60.3 | % | 62.0 | % | 62.3 | % | 64.2 | % |
Three months ended September 30 | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Average
Balance |
Interest |
Yield/
Rate |
Average
Balance |
Interest |
Yield/
Rate |
||||||||||||||||||||||||||||||
ASSETS | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Net Loans (1)
|
$ | 18,414,153 | $ | 163,343 | 3.53 | % | $ | 18,880,519 | $ | 160,344 | 3.38 | % | |||||||||||||||||||||||
Taxable investment securities (2)
|
2,785,828 | 13,757 | 1.80 | 2,011,893 | 13,150 | 2.61 | |||||||||||||||||||||||||||||
Tax-exempt investment securities (2)
|
1,035,685 | 7,906 | 3.05 | 861,764 | 6,899 | 3.19 | |||||||||||||||||||||||||||||
Total investment securities | 3,821,513 | 21,663 | 2.27 | 2,873,657 | 20,049 | 2.79 | |||||||||||||||||||||||||||||
Loans held for sale | 36,427 | 299 | 3.28 | 79,999 | 728 | 3.64 | |||||||||||||||||||||||||||||
Other interest-earning assets | 2,301,326 | 1,888 | 0.18 | 1,387,327 | 1,028 | 0.30 | |||||||||||||||||||||||||||||
Total interest-earning assets | 24,573,419 | 187,193 | 3.03 | 23,221,502 | 182,149 | 3.13 | |||||||||||||||||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||||||||||||||
Cash and due from banks | 200,315 | 138,567 | |||||||||||||||||||||||||||||||||
Premises and equipment | 228,861 | 239,183 | |||||||||||||||||||||||||||||||||
Other assets | 1,695,767 | 1,835,190 | |||||||||||||||||||||||||||||||||
Less: ACL - loans (3)
|
(257,486) | (264,934) | |||||||||||||||||||||||||||||||||
Total Assets | $ | 26,440,876 | $ | 25,169,508 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | $ | 6,168,908 | $ | 814 | 0.05 | % | $ | 5,591,548 | $ | 1,913 | 0.14 | % | |||||||||||||||||||||||
Savings deposits | 6,392,537 | 1,054 | 0.07 | 5,716,050 | 2,347 | 0.16 | |||||||||||||||||||||||||||||
Brokered deposits | 270,168 | 229 | 0.34 | 314,721 | 440 | 0.56 | |||||||||||||||||||||||||||||
Time deposits | 1,852,223 | 4,428 | 0.95 | 2,495,445 | 9,931 | 1.58 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 14,683,836 | 6,525 | 0.18 | 14,117,764 | 14,631 | 0.41 | |||||||||||||||||||||||||||||
Short-term borrowings | 494,811 | 131 | 0.11 | 613,127 | 370 | 0.24 | |||||||||||||||||||||||||||||
Long-term borrowings | 627,300 | 6,153 | 3.92 | 1,295,515 | 10,042 | 3.10 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 15,805,947 | 12,809 | 0.32 | 16,026,406 | 25,043 | 0.62 | |||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | 7,439,644 | 6,270,683 | |||||||||||||||||||||||||||||||||
Other liabilities | 472,452 | 498,328 | |||||||||||||||||||||||||||||||||
Total Liabilities | 23,718,043 | 22,795,417 | |||||||||||||||||||||||||||||||||
Total Deposits/Cost of deposits | 22,123,480 | 0.12 | 20,388,447 | 0.29 | |||||||||||||||||||||||||||||||
Total Interest-bearing liabilities and non-interest bearing deposits/Cost of funds | 23,245,591 | 0.22 | 22,297,089 | 0.45 | |||||||||||||||||||||||||||||||
Shareholders’ equity | 2,722,833 | 2,374,091 | |||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 26,440,876 | $ | 25,169,508 | |||||||||||||||||||||||||||||||
Net interest income/FTE NIM | 174,384 | 2.82 | % | 157,106 | 2.70 | % | |||||||||||||||||||||||||||||
Tax equivalent adjustment | (3,114) | (2,990) | |||||||||||||||||||||||||||||||||
Net interest income | $ | 171,270 | $ | 154,116 |
2021 vs. 2020
Increase (Decrease) due to change in |
|||||||||||||||||
Volume | Rate | Net | |||||||||||||||
(in thousands) | |||||||||||||||||
FTE Interest income on: | |||||||||||||||||
Net Loans (1)
|
$ | (4,033) | $ | 7,032 | $ | 2,999 | |||||||||||
Taxable investment securities | 4,883 | (4,276) | 607 | ||||||||||||||
Tax-exempt investment securities | 1,327 | (320) | 1,007 | ||||||||||||||
Loans held for sale | (363) | (66) | (429) | ||||||||||||||
Other interest-earning assets | 1,057 | (197) | 860 | ||||||||||||||
Total interest income | $ | 2,871 | $ | 2,173 | $ | 5,044 | |||||||||||
Interest expense on: | |||||||||||||||||
Demand deposits | $ | 199 | $ | (1,298) | $ | (1,099) | |||||||||||
Savings deposits | 226 | (1,519) | (1,293) | ||||||||||||||
Brokered deposits | (56) | (155) | (211) | ||||||||||||||
Time deposits | (2,161) | (3,342) | (5,503) | ||||||||||||||
Short-term borrowings | (63) | (176) | (239) | ||||||||||||||
Long-term borrowings | (6,111) | 2,222 | (3,889) | ||||||||||||||
Total interest expense | $ | (7,966) | $ | (4,268) | $ | (12,234) |
Three months ended September 30 |
Increase (Decrease)
in Balance |
||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 7,439,644 | — | % | $ | 6,270,683 | — | % | $ | 1,168,961 | 18.6 | % | |||||||||||||||||||||||
Interest-bearing demand | 6,168,908 | 0.05 | 5,591,548 | 0.14 | 577,360 | 10.3 | |||||||||||||||||||||||||||||
Savings | 6,392,537 | 0.07 | 5,716,050 | 0.16 | 676,487 | 11.8 | |||||||||||||||||||||||||||||
Total demand and savings | 20,001,089 | 0.04 | 17,578,281 | 0.10 | 2,422,808 | 13.8 | |||||||||||||||||||||||||||||
Brokered deposits | 270,168 | 0.34 | 314,721 | 0.56 | (44,553) | (14.2) | |||||||||||||||||||||||||||||
Time deposits | 1,852,223 | 0.95 | 2,495,445 | 1.58 | (643,222) | (25.8) | |||||||||||||||||||||||||||||
Total deposits | $ | 22,123,480 | 0.12 | % | $ | 20,388,447 | 0.29 | % | $ | 1,735,033 | 8.5 | % |
Three months ended September 30 | Increase (Decrease) | ||||||||||||||||||||||||||||||||||
2021 | 2020 | in Balance | |||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
Short-term borrowings: | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Customer funding(1)
|
$ | 494,811 | 0.11 | % | $ | 613,127 | 0.24 | % | $ | (118,316) | (19.3) | % | |||||||||||||||||||||||
Total short-term borrowings | 494,811 | 0.11 | 613,127 | 0.24 | (118,316) | (19.3) | |||||||||||||||||||||||||||||
Long-term borrowings: | |||||||||||||||||||||||||||||||||||
FHLB advances | — | — | 535,992 | 1.81 | (535,992) | N/M | |||||||||||||||||||||||||||||
Other long-term debt | 627,300 | 3.92 | 759,523 | 4.00 | (132,223) | (17.4) | |||||||||||||||||||||||||||||
Total long-term borrowings | 627,300 | 3.92 | 1,295,515 | 3.10 | (668,215) | (51.6) | |||||||||||||||||||||||||||||
Total borrowings | $ | 1,122,111 | 2.24 | % | $ | 1,908,642 | 2.18 | % | $ | (786,531) | (41.2) | % | |||||||||||||||||||||||
Three months ended September 30 | Increase (Decrease) | ||||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Commercial banking: | |||||||||||||||||||||||
Merchant and card | $ | 6,979 | $ | 6,237 | $ | 742 | 11.9 | % | |||||||||||||||
Cash management | 5,285 | 4,742 | 543 | 11.5 | |||||||||||||||||||
Capital markets | 2,063 | 4,696 | (2,633) | (56.1) | |||||||||||||||||||
Other commercial banking | 2,411 | 2,636 | (225) | (8.5) | |||||||||||||||||||
Total commercial banking | 16,738 | 18,311 | (1,573) | (8.6) | |||||||||||||||||||
Consumer banking: | |||||||||||||||||||||||
Card | 5,941 | 5,002 | 939 | 18.8 | |||||||||||||||||||
Overdraft | 3,474 | 3,015 | 459 | 15.2 | |||||||||||||||||||
Other consumer banking | 2,386 | 2,406 | (20) | (0.8) | |||||||||||||||||||
Total consumer banking | 11,801 | 10,423 | 1,378 | 13.2 | |||||||||||||||||||
Wealth management fees | 18,532 | 14,943 | 3,589 | 24.0 | |||||||||||||||||||
Mortgage banking: | |||||||||||||||||||||||
Gains on sales of mortgage loans | 5,944 | 19,480 | (13,536) | (69.5) | |||||||||||||||||||
Mortgage servicing income | 3,591 | (2,679) | 6,270 | N/M | |||||||||||||||||||
Total mortgage banking | 9,535 | 16,801 | (7,266) | (43.2) | |||||||||||||||||||
Other | 5,971 | 2,769 | 3,202 | 115.6 | |||||||||||||||||||
Non-interest income before investment securities gains | 62,577 | 63,247 | (670) | (1.1) | |||||||||||||||||||
Investment securities gains, net | — | 2 | (2) | (100.0) | |||||||||||||||||||
Total Non-Interest Income | $ | 62,577 | $ | 63,249 | $ | (672) | (1.1) | % |
Three months ended September 30 | Increase (Decrease) | ||||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Salaries and employee benefits | $ | 82,679 | $ | 79,227 | $ | 3,452 | 4.4 | % | |||||||||||||||
Data processing and software | 14,335 | 12,285 | 2,050 | 16.7 | |||||||||||||||||||
Net occupancy | 12,957 | 13,221 | (264) | (2.0) | |||||||||||||||||||
Other outside services | 7,889 | 7,617 | 272 | 3.6 | |||||||||||||||||||
State taxes | 4,994 | 2,692 | 2,302 | 85.5 | |||||||||||||||||||
Equipment | 3,416 | 3,711 | (295) | (7.9) | |||||||||||||||||||
FDIC insurance | 2,727 | 1,578 | 1,149 | 72.8 | |||||||||||||||||||
Professional fees | 2,271 | 2,879 | (608) | (21.1) | |||||||||||||||||||
Amortization of TCI | 1,546 | 1,694 | (148) | (8.7) | |||||||||||||||||||
Marketing | 1,448 | 1,147 | 301 | 26.2 | |||||||||||||||||||
Intangible amortization | 150 | 132 | 18 | 13.6 | |||||||||||||||||||
Other | 10,184 | 12,962 | (2,778) | (21.4) | |||||||||||||||||||
Total non-interest expense | $ | 144,596 | $ | 139,145 | $ | 5,451 | 3.9 | % |
Nine months ended September 30 | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Average
Balance |
Interest |
Yield/
Rate |
Average
Balance |
Interest |
Yield/
Rate |
||||||||||||||||||||||||||||||
ASSETS | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Net Loans(1)
|
$ | 18,765,024 | $ | 485,330 | 3.46 | % | $ | 18,027,253 | $ | 498,455 | 3.69 | % | |||||||||||||||||||||||
Taxable investment securities (2)
|
2,619,411 | 41,345 | 1.93 | 2,165,180 | 44,615 | 2.75 | |||||||||||||||||||||||||||||
Tax-exempt investment securities (2)
|
969,946 | 22,557 | 3.10 | 804,484 | 19,596 | 3.24 | |||||||||||||||||||||||||||||
Total investment securities | 3,589,357 | 63,902 | 2.37 | 2,969,664 | 64,211 | 2.88 | |||||||||||||||||||||||||||||
Loans held for sale | 40,551 | 969 | 3.19 | 54,355 | 1,557 | 3.82 | |||||||||||||||||||||||||||||
Other interest-earning assets | 1,986,161 | 4,599 | 0.18 | 936,819 | 4,325 | 0.62 | |||||||||||||||||||||||||||||
Total interest-earning assets | 24,381,093 | 554,799 | 3.04 | 21,988,091 | 568,548 | 3.45 | |||||||||||||||||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||||||||||||||
Cash and due from banks | 150,435 | 143,496 | |||||||||||||||||||||||||||||||||
Premises and equipment | 229,513 | 239,739 | |||||||||||||||||||||||||||||||||
Other assets | 1,689,094 | 1,729,351 | |||||||||||||||||||||||||||||||||
Less: ACL - loans(3)
|
(268,412) | (242,300) | |||||||||||||||||||||||||||||||||
Total Assets | $ | 26,181,723 | $ | 23,858,377 | |||||||||||||||||||||||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | $ | 5,994,878 | $ | 2,905 | 0.06 | % | $ | 5,116,696 | $ | 9,933 | 0.26 | % | |||||||||||||||||||||||
Savings and money market deposits | 6,271,019 | 3,944 | 0.08 | 5,431,071 | 12,788 | 0.31 | |||||||||||||||||||||||||||||
Brokered deposits | 297,250 | 876 | 0.39 | 300,795 | 1,935 | 0.86 | |||||||||||||||||||||||||||||
Time deposits | 2,001,043 | 16,383 | 1.09 | 2,626,802 | 33,533 | 1.71 | |||||||||||||||||||||||||||||
Total interest-bearing deposits | 14,564,190 | 24,108 | 0.22 | 13,475,364 | 58,189 | 0.58 | |||||||||||||||||||||||||||||
Short-term borrowings | 526,259 | 456 | 0.12 | 873,694 | 4,960 | 0.76 | |||||||||||||||||||||||||||||
Long-term borrowings | 839,396 | 23,006 | 3.66 | 1,240,253 | 28,468 | 3.06 | |||||||||||||||||||||||||||||
Total interest-bearing liabilities | 15,929,845 | 47,570 | 0.40 | 15,589,311 | 91,617 | 0.78 | |||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||
Demand deposits | 7,108,199 | 5,458,807 | |||||||||||||||||||||||||||||||||
Other liabilities | 466,917 | 470,055 | |||||||||||||||||||||||||||||||||
Total Liabilities | 23,504,961 | 21,518,173 | |||||||||||||||||||||||||||||||||
Total Deposits/Cost of deposits | 21,672,389 | 0.15 | 18,934,171 | 0.41 | |||||||||||||||||||||||||||||||
Total Interest-bearing liabilities and non-interest bearing deposits/Cost of funds | 23,038,044 | 0.28 | 21,048,118 | 0.58 | |||||||||||||||||||||||||||||||
Shareholders’ equity | 2,676,762 | 2,340,204 | |||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 26,181,723 | $ | 23,858,377 | |||||||||||||||||||||||||||||||
Net interest income/FTE NIM | 507,229 | 2.78 | % | 476,931 | 2.90 | % | |||||||||||||||||||||||||||||
Tax equivalent adjustment | (9,111) | (9,315) | |||||||||||||||||||||||||||||||||
Net interest income | $ | 498,118 | $ | 467,616 |
2021 vs. 2020
Increase (Decrease) due to change in |
|||||||||||||||||
Volume | Rate | Net | |||||||||||||||
(in thousands) | |||||||||||||||||
FTE interest income on: | |||||||||||||||||
Net Loans (1)
|
$ | 19,381 | $ | (32,506) | $ | (13,125) | |||||||||||
Taxable investment securities | 9,618 | (12,888) | (3,270) | ||||||||||||||
Tax-exempt investment securities | 3,839 | (878) | 2,961 | ||||||||||||||
Loans held for sale | (356) | (232) | (588) | ||||||||||||||
Other interest-earning assets | 3,942 | (3,668) | 274 | ||||||||||||||
Total interest income | $ | 36,424 | $ | (50,172) | $ | (13,749) | |||||||||||
Interest expense on: | |||||||||||||||||
Demand deposits | $ | 1,510 | $ | (8,538) | $ | (7,028) | |||||||||||
Savings deposits | 1,698 | (10,542) | (8,844) | ||||||||||||||
Brokered deposits | (22) | (1,037) | (1,059) | ||||||||||||||
Time deposits | (6,800) | (10,350) | (17,150) | ||||||||||||||
Short-term borrowings | (1,445) | (3,059) | (4,504) | ||||||||||||||
Long-term borrowings | (10,328) | 4,866 | (5,462) | ||||||||||||||
Total interest expense | $ | (15,387) | $ | (28,660) | $ | (44,047) |
Nine months ended September 30 | Increase (Decrease) in Balance | ||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Balance | Yield | Balance | Yield | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | $ | 7,146,951 | 3.14 | % | $ | 6,870,148 | 3.64 | % | $ | 276,803 | 4.0 | % | |||||||||||||||||||||||
Commercial and industrial (1)
|
5,295,240 | 2.64 | 5,382,459 | 3.10 | (87,219) | (1.6) | |||||||||||||||||||||||||||||
Real estate – residential mortgage | 3,409,381 | 3.43 | 2,805,694 | 3.86 | 603,687 | 21.5 | |||||||||||||||||||||||||||||
Real estate – home equity | 1,147,444 | 3.71 | 1,269,525 | 4.17 | (122,081) | (9.6) | |||||||||||||||||||||||||||||
Real estate – construction | 1,065,125 | 3.09 | 950,845 | 3.83 | 114,280 | 12.0 | |||||||||||||||||||||||||||||
Consumer | 454,434 | 4.00 | 465,661 | 4.19 | (11,227) | (2.4) | |||||||||||||||||||||||||||||
Equipment lease financing | 256,741 | 3.92 | 282,800 | 3.91 | (26,059) | (9.2) | |||||||||||||||||||||||||||||
Other (2)
|
(10,292) | — | 121 | — | (10,413) | N/M | |||||||||||||||||||||||||||||
Total loans | $ | 18,765,024 | 3.46 | % | $ | 18,027,253 | 3.69 | % | $ | 737,771 | 4.1 | % |
Nine months ended September 30 |
Increase (Decrease) in
Balance |
||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 7,108,199 | — | % | $ | 5,458,807 | — | % | $ | 1,649,392 | 30.2 | % | |||||||||||||||||||||||
Interest-bearing demand | 5,994,878 | 0.06 | 5,116,696 | 0.26 | 878,182 | 17.2 | |||||||||||||||||||||||||||||
Savings | 6,271,019 | 0.08 | 5,431,071 | 0.31 | 839,948 | 15.5 | |||||||||||||||||||||||||||||
Total demand and savings | 19,374,096 | 0.05 | 16,006,574 | 0.19 | 3,367,522 | 21.0 | |||||||||||||||||||||||||||||
Brokered deposits | 297,250 | 0.39 | 300,795 | 0.86 | (3,545) | (1.2) | |||||||||||||||||||||||||||||
Time deposits | 2,001,043 | 1.09 | 2,626,802 | 1.71 | (625,759) | (23.8) | |||||||||||||||||||||||||||||
Total deposits | $ | 21,672,389 | 0.15 | % | $ | 18,934,171 | 0.41 | % | $ | 2,738,218 | 14.5 | % |
Nine months ended September 30 |
Increase (Decrease) in
Balance |
||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
Short-term borrowings: | (dollars in thousands) | ||||||||||||||||||||||||||||||||||
Customer funding(1)
|
$ | 526,259 | 0.12 | % | $ | 529,667 | 0.33 | % | $ | (3,408) | (0.6) | % | |||||||||||||||||||||||
Federal funds purchased | — | — | 86,715 | 0.82 | (86,715) | N/M | |||||||||||||||||||||||||||||
FHLB advances and other borrowings(2)
|
— | — | 257,312 | 1.61 | (257,312) | N/M | |||||||||||||||||||||||||||||
Total short-term borrowings | 526,259 | 0.12 | 873,694 | 0.76 | (347,435) | (39.8) | |||||||||||||||||||||||||||||
Long-term borrowings: | |||||||||||||||||||||||||||||||||||
FHLB advances | 169,366 | 1.80 | 564,855 | 1.88 | (395,489) | (70.0) | |||||||||||||||||||||||||||||
Other long-term debt | 670,030 | 4.12 | 675,398 | 4.05 | (5,368) | (0.8) | |||||||||||||||||||||||||||||
Total long-term borrowings | 839,396 | 3.66 | 1,240,253 | 3.06 | (400,857) | (32.3) | |||||||||||||||||||||||||||||
Total borrowings | $ | 1,365,655 | 2.29 | % | $ | 2,113,947 | 2.11 | % | $ | (748,292) | (35.4) | % |
Nine months ended September 30 | Increase (Decrease) | ||||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Commercial banking: | |||||||||||||||||||||||
Merchant and card | $ | 19,533 | $ | 17,187 | $ | 2,346 | 13.6 | % | |||||||||||||||
Cash management | 15,547 | 13,987 | 1,560 | 11.2 | |||||||||||||||||||
Capital markets | 6,399 | 14,775 | (8,376) | (56.7) | |||||||||||||||||||
Other commercial banking | 8,730 | 7,528 | 1,202 | 16.0 | |||||||||||||||||||
Total commercial banking | 50,209 | 53,477 | (3,268) | (6.1) | |||||||||||||||||||
Consumer banking: | |||||||||||||||||||||||
Card | 17,552 | 14,653 | 2,899 | 19.8 | |||||||||||||||||||
Overdraft | 8,948 | 9,180 | (232) | (2.5) | |||||||||||||||||||
Other consumer banking | 6,915 | 6,967 | (52) | (0.7) | |||||||||||||||||||
Total consumer banking | 33,415 | 30,800 | 2,615 | 8.5 | |||||||||||||||||||
Wealth management fees | 53,513 | 43,405 | 10,108 | 23.3 | |||||||||||||||||||
Mortgage banking: | |||||||||||||||||||||||
Gains on sales of mortgage loans | 20,038 | 42,208 | (22,170) | (52.5) | |||||||||||||||||||
Mortgage servicing income | 6,295 | (9,209) | 15,504 | (168.4) | |||||||||||||||||||
Total mortgage banking | 26,333 | 32,999 | (6,666) | (20.2) | |||||||||||||||||||
Other | 12,883 | 10,080 | 2,803 | 27.8 | |||||||||||||||||||
Non-interest income before investment securities gains, net | 176,353 | 170,761 | 5,592 | 3.3 | |||||||||||||||||||
Investment securities gains, net | 33,511 | 3,053 | 30,458 | N/M | |||||||||||||||||||
Total Non-Interest Income | $ | 209,864 | $ | 173,814 | $ | 36,050 | 20.7 | % |
Nine months ended September 30 | Increase (Decrease) | ||||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Salaries and employee benefits | $ | 243,632 | $ | 240,467 | $ | 3,165 | 1.3 | % | |||||||||||||||
Data processing and software | 41,828 | 36,123 | 5,705 | 15.8 | |||||||||||||||||||
Net occupancy | 39,433 | 39,851 | (418) | (1.0) | |||||||||||||||||||
Other outside services | 24,557 | 23,098 | 1,459 | 6.3 | |||||||||||||||||||
State taxes | 13,883 | 8,583 | 5,300 | 61.7 | |||||||||||||||||||
Equipment | 10,268 | 10,322 | (54) | (0.5) | |||||||||||||||||||
Professional fees | 7,701 | 10,412 | (2,711) | (26.0) | |||||||||||||||||||
FDIC insurance | 7,633 | 6,519 | 1,114 | 17.1 | |||||||||||||||||||
Amortization of TCI | 4,640 | 4,594 | 46 | 1.0 | |||||||||||||||||||
Marketing | 3,798 | 4,029 | (231) | (5.7) | |||||||||||||||||||
Intangible amortization | 443 | 397 | 46 | 11.6 | |||||||||||||||||||
Debt extinguishment | 32,575 | 2,878 | 29,697 | N/M | |||||||||||||||||||
Other | 33,420 | 37,432 | (4,012) | (10.7) | |||||||||||||||||||
Total non-interest expense | $ | 463,811 | $ | 424,705 | $ | 39,106 | 9.2 | % |
September 30, 2021 | December 31, 2020 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
Assets | (dollars in thousands) | ||||||||||||||||||||||
Cash and cash equivalents | $ | 2,471,009 | $ | 1,847,832 | $ | 623,177 | 33.7 | % | |||||||||||||||
FRB and FHLB Stock | 61,293 | 92,129 | (30,836) | (33.5) | |||||||||||||||||||
Loans held for sale | 43,123 | 83,886 | (40,763) | (48.6) | |||||||||||||||||||
Investment securities | 4,000,760 | 3,340,424 | 660,336 | 19.8 | |||||||||||||||||||
Net Loans | 18,012,680 | 18,623,253 | (610,573) | (3.3) | |||||||||||||||||||
Premises and equipment | 228,179 | 231,480 | (3,301) | (1.4) | |||||||||||||||||||
Goodwill and intangibles | 536,697 | 536,659 | 38 | — | |||||||||||||||||||
Other assets | 1,037,091 | 1,151,070 | (113,979) | (9.9) | |||||||||||||||||||
Total Assets | $ | 26,390,832 | $ | 25,906,733 | $ | 484,099 | 1.9 | % | |||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||
Deposits | $ | 22,074,041 | $ | 20,839,207 | $ | 1,234,834 | 5.9 | % | |||||||||||||||
Short-term borrowings | 468,967 | 630,066 | (161,099) | (25.6) | |||||||||||||||||||
Long-term borrowings | 627,386 | 1,296,263 | (668,877) | (51.6) | |||||||||||||||||||
Other liabilities | 520,620 | 524,369 | (3,749) | (0.7) | |||||||||||||||||||
Total Liabilities | 23,691,014 | 23,289,905 | 401,109 | 1.7 | |||||||||||||||||||
Total Shareholders’ Equity | 2,699,818 | 2,616,828 | 82,990 | 3.2 | |||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 26,390,832 | $ | 25,906,733 | $ | 484,099 | 1.9 | % |
September 30,
2021 |
December 31,
2020 |
Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
Available for Sale | (dollars in thousands) | ||||||||||||||||||||||
U.S. Government securities | $ | 153,210 | $ | — | $ | 153,210 | N/M | ||||||||||||||||
U.S. Government sponsored agency securities | 62,066 | — | 62,066 | N/M | |||||||||||||||||||
State and municipal securities
|
1,150,394 | 952,613 | 197,781 | 20.8 | % | ||||||||||||||||||
Corporate debt securities | 369,338 | 367,145 | 2,193 | 0.6 | |||||||||||||||||||
Collateralized mortgage obligations
|
252,035 | 503,766 | (251,731) | (50.0) | |||||||||||||||||||
Residential mortgage-backed securities
|
190,123 | 377,998 | (187,875) | (49.7) | |||||||||||||||||||
Commercial mortgage-backed securities
|
832,038 | 762,415 | 69,623 | 9.1 | |||||||||||||||||||
Auction rate securities | 75,133 | 98,206 | (23,073) | (23.5) | |||||||||||||||||||
Total available for sale securities | $ | 3,084,337 | $ | 3,062,143 | $ | 22,194 | 0.7 | % | |||||||||||||||
Held to Maturity | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | 410,189 | $ | 278,281 | $ | 131,908 | 47.4 | % | |||||||||||||||
Commercial mortgage-backed securities | 506,234 | — | 506,234 | N/M | |||||||||||||||||||
Total held to maturity securities | $ | 916,423 | $ | 278,281 | $ | 638,142 | N/M | ||||||||||||||||
Total Investment Securities
|
$ | 4,000,760 | $ | 3,340,424 | $ | 660,336 | 19.8 | % |
September 30,
2021 |
December 31, 2020 | 2021 vs. 2020 Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Real estate – commercial mortgage | $ | 7,145,115 | $ | 7,105,092 | $ | 40,023 | 0.6 | % | |||||||||||||||
Commercial and industrial (1)
|
4,454,059 | 5,670,828 | (1,216,769) | (21.5) | |||||||||||||||||||
Real estate – residential mortgage | 3,719,684 | 3,141,915 | 577,769 | 18.4 | |||||||||||||||||||
Real estate – home equity | 1,126,628 | 1,202,913 | (76,285) | (6.3) | |||||||||||||||||||
Real estate – construction | 1,111,487 | 1,047,218 | 64,269 | 6.1 | |||||||||||||||||||
Consumer | 458,595 | 466,772 | (8,177) | (1.8) | |||||||||||||||||||
Equipment lease financing and other | 266,489 | 284,377 | (17,888) | (6.3) | |||||||||||||||||||
Overdrafts | 5,471 | 4,806 | 665 | 13.8 | |||||||||||||||||||
Gross loans | 18,287,528 | 18,923,921 | (636,393) | (3.4) | |||||||||||||||||||
Unearned income | (18,121) | (23,101) | 4,980 | (21.6) | |||||||||||||||||||
Net Loans | $ | 18,269,407 | $ | 18,900,820 | $ | (631,413) | (3.3) | % |
September 30, 2021(5)
|
December 31, 2020(5)
|
||||||||||
Real estate (1)
|
45.7 | % | 43.1 | % | |||||||
Health care | 6.9 | 7.2 | |||||||||
Agriculture | 6.3 | 6.5 | |||||||||
Manufacturing | 5.2 | 5.0 | |||||||||
Other services (3)
|
5.2 | 4.9 | |||||||||
Construction (2)
|
4.1 | 4.7 | |||||||||
Hospitality and food services | 3.9 | 4.0 | |||||||||
Retail | 3.1 | 3.5 | |||||||||
Educational services | 2.8 | 3.0 | |||||||||
Wholesale trade | 2.8 | 2.7 | |||||||||
Arts, entertainment and recreation | 2.4 | 2.4 | |||||||||
Professional, scientific and technical services | 1.8 | 2.2 | |||||||||
Public administration | 1.5 | 1.7 | |||||||||
Transportation and warehousing | 1.4 | 1.4 | |||||||||
Finance and Insurance | 1.4 | 1.4 | |||||||||
Other (4)
|
5.5 | 6.3 | |||||||||
Total | 100.0 | % | 100.0 | % |
Commercial
and Industrial |
Real Estate -
Commercial Mortgage |
Real Estate -
Construction |
Real Estate -
Residential Mortgage |
Real Estate -
Home Equity |
Consumer | Equipment Lease Financing | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Three months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2021 | $ | 33,340 | $ | 53,428 | $ | 1,016 | $ | 34,797 | $ | 9,279 | $ | 287 | $ | 15,717 | $ | 147,864 | |||||||||||||||||||||||||||||||
Additions | 3,148 | 579 | — | 1,628 | 249 | 445 | 646 | 6,695 | |||||||||||||||||||||||||||||||||||||||
Payments | (6,404) | (5,859) | (57) | (442) | (685) | (23) | (22) | (13,492) | |||||||||||||||||||||||||||||||||||||||
Charge-offs | (647) | (14) | — | (602) | (58) | (446) | (467) | (2,234) | |||||||||||||||||||||||||||||||||||||||
Transfers to OREO | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | 29,437 | $ | 48,134 | $ | 959 | $ | 35,381 | $ | 8,785 | $ | 263 | $ | 15,874 | $ | 138,833 | |||||||||||||||||||||||||||||||
Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | 31,993 | $ | 51,470 | $ | 1,395 | $ | 26,107 | $ | 9,588 | $ | 332 | $ | 16,312 | $ | 137,197 | |||||||||||||||||||||||||||||||
Additions | 21,379 | 25,036 | 404 | 12,073 | 1,477 | 1,994 | 949 | 63,312 | |||||||||||||||||||||||||||||||||||||||
Payments | (17,953) | (19,090) | (801) | (1,509) | (1,524) | (64) | (108) | (41,049) | |||||||||||||||||||||||||||||||||||||||
Charge-offs | (5,920) | (8,357) | (39) | (1,290) | (482) | (1,999) | (1,279) | (19,366) | |||||||||||||||||||||||||||||||||||||||
Transfers to accrual status | — | — | — | — | (274) | — | — | (274) | |||||||||||||||||||||||||||||||||||||||
Transfers to OREO | (62) | (925) | — | — | — | — | — | (987) | |||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | $ | 29,437 | $ | 48,134 | $ | 959 | $ | 35,381 | $ | 8,785 | $ | 263 | $ | 15,874 | $ | 138,833 |
September 30, 2021 | December 31, 2020 | ||||||||||||||||
(dollars in thousands) | |||||||||||||||||
Non-accrual loans | $ | 138,833 | $ | 137,198 | |||||||||||||
Loans 90 days or more past due and still accruing | 11,389 | 9,929 | |||||||||||||||
Total non-performing loans | 150,222 | 147,127 | |||||||||||||||
OREO (1)
|
1,896 | 4,178 | |||||||||||||||
Total non-performing assets | $ | 152,118 | $ | 151,305 | |||||||||||||
Non-performing loans to total loans | 0.82 | % | 0.78 | % | |||||||||||||
Non-performing assets to total assets | 0.58 | % | 0.58 | % | |||||||||||||
ACL - loans to non-performing loans | 171 | % | 189 | % |
September 30, 2021 | December 31, 2020 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Real estate - commercial mortgage | $ | 14,546 | $ | 28,451 | |||||||||||||
Commercial and industrial | 6,577 | 6,982 | |||||||||||||||
Real estate - residential mortgage | 13,694 | 18,602 | |||||||||||||||
Real estate - home equity | 12,704 | 14,391 | |||||||||||||||
Real estate - construction | 153 | — | |||||||||||||||
Consumer | 5 | — | |||||||||||||||
Total accruing TDRs | 47,679 | 68,426 | |||||||||||||||
Non-accrual TDRs(1)
|
59,802 | 35,755 | |||||||||||||||
Total TDRs | $ | 107,481 | $ | 104,181 |
Special Mention (1)
|
Increase (Decrease) |
Substandard or Lower (2)
|
Increase (Decrease) | Total Criticized and Classified Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2021 | December 31, 2020 | $ | % | September 30, 2021 | December 31, 2020 | $ | % | September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 494,476 | $ | 478,165 | $ | 16,311 | 3.4% | $ | 220,396 | $ | 181,970 | $ | 38,426 | 21.1% | $ | 714,872 | $ | 660,135 | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 161,075 | 154,039 | 7,036 | 4.6 | 147,227 | 128,175 | 19,052 | 14.9 | 308,302 | 282,214 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - construction (3)
|
19,291 | 13,259 | 6,032 | 45.5 | 3,461 | 5,469 | (2,008) | (36.7) | 22,752 | 18,728 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 674,842 | $ | 645,463 | $ | 29,379 | 4.6% | $ | 371,084 | $ | 315,614 | $ | 55,470 | 17.6% | $ | 1,045,926 | $ | 961,077 | |||||||||||||||||||||||||||||||||||||||||
% of total risk rated loans | 5.4 | % | 4.7 | % | 3.0 | % | 2.3 | % | 8.3 | % | 7.0 | % |
September 30, 2021 | December 31, 2020 | ||||||||||
(dollars in thousands) | |||||||||||
ACL - loans | $ | 256,727 | $ | 277,567 | |||||||
ACL - OBS credit exposure (1)
|
14,783 | 14,373 | |||||||||
Total ACL | $ | 271,510 | $ | 291,940 | |||||||
Three months ended September 30 | Nine months ended September 30 | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Average balance of Net Loans | $ | 18,414,153 | $ | 18,880,519 | $ | 18,765,024 | $ | 18,027,253 | |||||||||||||||
Balance of ACL at beginning of period | $ | 255,032 | $ | 256,537 | $ | 277,567 | $ | 163,622 | |||||||||||||||
Impact of adopting CECL on January 1, 2020 | — | — | — | 45,723 | |||||||||||||||||||
Loans charged off: | |||||||||||||||||||||||
Real estate – commercial mortgage | (14) | (746) | (8,357) | (3,925) | |||||||||||||||||||
Commercial and industrial | (647) | (2,969) | (5,920) | (17,348) | |||||||||||||||||||
Real estate – residential mortgage | (602) | (198) | (1,290) | (620) | |||||||||||||||||||
Real estate – home equity | (58) | (393) | (482) | (1,138) | |||||||||||||||||||
Real estate – construction | — | — | (39) | (17) | |||||||||||||||||||
Consumer | (446) | (701) | (1,999) | (2,788) | |||||||||||||||||||
Equipment lease financing and other | (467) | (483) | (1,871) | (1,704) | |||||||||||||||||||
Total loans charged off | (2,234) | (5,490) | (19,958) | (27,540) | |||||||||||||||||||
Recoveries of loans previously charged off: | |||||||||||||||||||||||
Real estate – commercial mortgage | 564 | 100 | 1,467 | 439 | |||||||||||||||||||
Commercial and industrial | 2,330 | 2,103 | 3,792 | 6,815 | |||||||||||||||||||
Real estate – residential mortgage | 86 | 95 | 286 | 292 | |||||||||||||||||||
Real estate – home equity | 78 | 44 | 187 | 305 | |||||||||||||||||||
Real estate – construction | 697 | 4,873 | 1,335 | 4,943 | |||||||||||||||||||
Consumer | 426 | 447 | 1,391 | 1,481 | |||||||||||||||||||
Equipment lease financing and other | 358 | 185 | 670 | 385 | |||||||||||||||||||
Total recoveries | 4,539 | 7,847 | 9,128 | 14,660 | |||||||||||||||||||
Net loans charged off/(recoveries) | 2,305 | 2,357 | (10,830) | (12,880) | |||||||||||||||||||
Provision for credit losses (1)
|
(610) | 7,931 | (10,010) | 70,360 | |||||||||||||||||||
Balance of ACL at end of period | $ | 256,727 | $ | 266,825 | $ | 256,727 | $ | 266,825 | |||||||||||||||
Net charge-offs to average loans (annualized) | (0.05) | % | (0.05) | % | 0.08 | % | 0.10 | % |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||
ACL - loans |
% In Each Loan
Category (1) |
ACL - loans |
% In Each Loan Category (1)
|
||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 96,165 | 39.1 | % | $ | 103,425 | 37.6 | % | |||||||||||||||||||||
Commercial and industrial | 62,891 | 24.4 | 74,771 | 30.0 | |||||||||||||||||||||||||
Real estate - residential mortgage | 56,229 | 20.3 | 51,995 | 16.6 | |||||||||||||||||||||||||
Consumer, home equity, equipment lease financing | 29,021 | 10.1 | 31,770 | 10.3 | |||||||||||||||||||||||||
Real estate - construction | 12,421 | 6.1 | 15,608 | 5.5 | |||||||||||||||||||||||||
Total ACL - loans | $ | 256,727 | 100.0 | % | $ | 277,567 | 100.0 | % |
September 30, 2021 | December 31, 2020 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 7,434,155 | $ | 6,531,002 | $ | 903,153 | 13.8 | % | |||||||||||||||
Interest-bearing demand | 6,187,096 | 5,818,564 | 368,532 | 6.3 | |||||||||||||||||||
Savings | 6,401,619 | 5,929,792 | 471,827 | 8.0 | |||||||||||||||||||
Total demand and savings | 20,022,870 | 18,279,358 | 1,743,512 | 9.5 | |||||||||||||||||||
Brokered deposits | 262,617 | 335,185 | (72,568) | (21.7) | |||||||||||||||||||
Time deposits | 1,788,554 | 2,224,664 | (436,110) | (19.6) | |||||||||||||||||||
Total deposits | $ | 22,074,041 | $ | 20,839,207 | $ | 1,234,834 | 5.9 | % |
September 30, 2021 | December 31, 2020 | Increase (Decrease) | |||||||||||||||||||||
$ | % | ||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||
Customer funding (1)
|
$ | 468,967 | $ | 630,066 | $ | (161,099) | (25.6) | % | |||||||||||||||
Total short-term borrowings | 468,967 | 630,066 | (161,099) | (25.6) | |||||||||||||||||||
Long-term borrowings: | |||||||||||||||||||||||
FHLB advances | — | 535,973 | (535,973) | (100.0) | |||||||||||||||||||
Other long-term borrowings | 627,386 | 760,290 | (132,904) | (17.5) | |||||||||||||||||||
Total long-term borrowings | 627,386 | 1,296,263 | (668,877) | (51.6) | |||||||||||||||||||
Total borrowings | $ | 1,096,353 | $ | 1,926,329 | $ | (829,976) | (43.1) | % | |||||||||||||||
September 30, 2021 | December 31, 2020 |
Regulatory
Minimum for Capital Adequacy |
Fully Phased-in, with Capital Conservation Buffers | ||||||||||||||||||||
Tier I Leverage Capital (to Average Assets) | 8.4 | % | 8.2 | % | 4.0 | % | 4.0 | % | |||||||||||||||
Common Equity Tier I (to Risk-Weighted Assets) | 10.1 | % | 9.5 | % | 4.5 | % | 7.0 | % | |||||||||||||||
Tier I Risk-Based Capital (to Risk-Weighted Assets) | 11.1 | % | 10.5 | % | 6.0 | % | 8.5 | % | |||||||||||||||
Total Risk-Based Capital (to Risk-Weighted Assets) | 14.4 | % | 14.4 | % | 8.0 | % | 10.5 | % |
Rate Shock(1)
|
Annual change
in net interest income |
% change in net interest income | |||||||||
+400 bp | + $199.6 million | 28.4% | |||||||||
+300 bp | + $149.4 million | 21.3% | |||||||||
+200 bp | + $98.8 million | 14.1% | |||||||||
+100 bp | + $47.9 million | 6.8% | |||||||||
(c)
Period |
Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs | ||||||||||||||||||||||
July 1, 2021 to July 31, 2021 | 100,100 | $ | 15.30 | 100,100 | $ | 73,468,470 | ||||||||||||||||||||
August 1, 2021 to August 31, 2021 | 292,346 | 15.27 | 292,346 | 69,003,382 | ||||||||||||||||||||||
September 1, 2021 to September 30, 2021 | 1,298,682 | 15.47 | 1,298,682 | 48,908,096 |
3.1 |
|
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3.2 | |||||||||||
3.3 | |||||||||||
4.1 | |||||||||||
4.2 | |||||||||||
4.3 | |||||||||||
10.1 | |||||||||||
31.1 | |||||||||||
31.2 |
|
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32.1 |
|
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32.2 | |||||||||||
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 Shareholders' Equity, (v) Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements. | ||||||||||
104 | Cover page interactive data file (formatted as inline XBRL and contained in Exhibit 101) | ||||||||||
FULTON FINANCIAL CORPORATION | ||||||||||||||
Date: | November 8, 2021 | /s/ E. Philip Wenger | ||||||||||||
E. Philip Wenger | ||||||||||||||
Chairman and Chief Executive Officer | ||||||||||||||
Date: | November 8, 2021 | /s/ Mark R. McCollom | ||||||||||||
Mark R. McCollom | ||||||||||||||
Senior Executive Vice President and Chief Financial Officer | ||||||||||||||
Date: | November 8, 2021 | |||||||
/s/ E. Philip Wenger | ||||||||
E. Philip Wenger | ||||||||
Chairman and Chief Executive Officer |
Date: | November 8, 2021 | |||||||
/s/ Mark R. McCollom | ||||||||
Mark R. McCollom | ||||||||
Senior Executive Vice President and Chief Financial Officer |
Date: | November 8, 2021 | |||||||
/s/ E. Philip Wenger | ||||||||
E. Philip Wenger | ||||||||
Chairman and Chief Executive Officer |
Date: | November 8, 2021 | |||||||
/s/ Mark R. McCollom | ||||||||
Mark R. McCollom | ||||||||
Senior Executive Vice President and Chief Financial Officer | ||||||||