☒ | ANNUAL 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 | P. O. Box 4887 | Lancaster, | Pennsylvania | 17604 | |||||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol | Name of exchange on which registered | ||||||||||||
Common Stock, $2.50 par value | 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 |
Securities registered pursuant to Section 12(g) of the Act: | ||
None |
Large accelerated filer | x | Accelerated filer | ¨ | Emerging growth company | ☐ | ||||||||||||
Non-accelerated filer | ¨ | Smaller reporting company | ☐ |
Description | Page | |||||||
PART I | ||||||||
Item 1. | ||||||||
Item 1A. | ||||||||
Item 1B. | ||||||||
Item 2. | ||||||||
Item 3. | ||||||||
Item 4. | ||||||||
PART II | ||||||||
Item 5. | ||||||||
Item 6. | ||||||||
Item 7. | ||||||||
Item 7A. | ||||||||
Item 8. | ||||||||
Item 9. | ||||||||
Item 9A. | ||||||||
Item 9B. | ||||||||
PART III | ||||||||
Item 10. | ||||||||
Item 11. | ||||||||
Item 12. | ||||||||
Item 13. | ||||||||
Item 14. | ||||||||
PART IV | ||||||||
Item 15. | ||||||||
Item 16. | ||||||||
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 | |||||||
APR | Annual percentage rate | |||||||
ARC | Auction Rate Security | |||||||
ARRC | Alternative Reference Rates Committee | |||||||
ASC | Accounting Standards Codification | |||||||
ASU | Accounting Standards Update | |||||||
ATM | Automated teller machine | |||||||
bp or bps | Basis Point(s) | |||||||
BSA | Bank Secrecy Act of 1970, as amended | |||||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act | |||||||
CCPA | California Consumer Privacy Act | |||||||
CECL | Current Expected Credit Losses | |||||||
CET1 | Common Equity Tier 1 | |||||||
CFPB | Consumer Financial Protection Bureau | |||||||
CFTC | Commodity Futures Trading Commission | |||||||
Charter Consolidation | The 2019 consolidation of two of the Corporation's wholly owned banking subsidiaries into Fulton Bank | |||||||
Corporation, Company, we our, or us | Fulton Financial Corporation | |||||||
COVID-19 | Coronavirus | |||||||
CPI | Consumer Price Index | |||||||
CRA | Community Reinvestment Act | |||||||
DIF | Federal Deposit Insurance Fund | |||||||
Directors' Plan | Amended and Restated Directors’ Equity Participation Plan | |||||||
Dodd-Frank Act | Dodd-Frank Wall Street Reform and Consumer Protection Act | |||||||
DOJ | U.S. Department of Justice | |||||||
DOL | U.S. Department of Labor | |||||||
DTAs | Deferred Tax Assets | |||||||
EAD | Exposure at Default | |||||||
Economic Growth Act | Economic Growth, Regulatory Relief, and Consumer Protection Act | |||||||
ECOA | Equal Credit Opportunity Act | |||||||
Employee Equity Plan | Amended and Restated Equity and Cash Incentive Compensation Plan | |||||||
ESG | Environmental, social and governance | |||||||
ESPP | Employee Stock Purchase Plan | |||||||
ETR | Effective Tax Rate | |||||||
Exchange Act | Securities Exchange Act of 1934 | |||||||
FASB | Financial Accounting Standards Board | |||||||
FCA | United Kingdom Financial Conduct Authority | |||||||
FDIC | Federal Deposit Insurance Corporation | |||||||
FDICIA | Federal Deposit Insurance Corporation Improvement Act | |||||||
Fed Funds Rate | Target Federal Funds Rate |
Federal Reserve Board | Board of Governors of the Federal Reserve System | |||||||
FHLB | Federal Home Loan Bank | |||||||
FinCEN | Financial Crimes Enforcement Network | |||||||
Fintechs | Financial technology companies | |||||||
FOMC | Federal Open Market Committee | |||||||
Foreign Currency Nostro Accounts | Foreign currency with international correspondent banks | |||||||
FRB | Federal Reserve Bank | |||||||
FSOC | Financial Stability Oversight Council | |||||||
FTE | Fully Taxable-Equivalent | |||||||
Fulton Bank or the Bank | Fulton Bank, N.A. | |||||||
GAAP | U.S. Generally Accepted Accounting Principles | |||||||
GLBA | Gramm-Leach-Bliley Act | |||||||
HTM | Held to Maturity | |||||||
IDI | Insured depository institution | |||||||
LGD | Loss Given Default | |||||||
LIBOR | London Interbank Offered Rate | |||||||
Management's Discussion | Management's Discussion and Analysis of Financial Condition and Results of Operations | |||||||
MSRs | Mortgage Servicing Rights | |||||||
NDAA | National Defense Authorization Act | |||||||
Net Loans | Loans and Lease Receivables, (net of unearned income) | |||||||
N/M | Not meaningful | |||||||
NMTC | New Market Tax Credits | |||||||
Net Loans | Loans and lease receivables, (net of unearned income) | |||||||
OBS | Off-Balance-Sheet | |||||||
OCC | Office of the Comptroller of the Currency | |||||||
OCI | Other comprehensive income | |||||||
OREO | Other Real Estate Owned | |||||||
OTTI | Other-Than-Temporary Impairment | |||||||
Parent Company | Fulton Financial Corporation individually | |||||||
Patriot Act | USA PATRIOT Act of 2001 | |||||||
PD | Probability of Default | |||||||
PPP | Paycheck Protection Program | |||||||
PSU | Performance-Based Restricted Stock Unit | |||||||
QM | Qualified mortgage | |||||||
RESPA | Real Estate Settlement Procedures Act | |||||||
ROU | Right-of-Use | |||||||
RSU | Restricted Stock Unit | |||||||
RWA | Risk-weighted assets | |||||||
SBA | Small Business Administration | |||||||
SEC | U.S. Securities and Exchange Commission | |||||||
SOFR | Secured Overnight Financing Rate | |||||||
Tax Act | Tax Cuts and Jobs Act of 2017 | |||||||
Tax Code | U.S. Internal Revenue Code of 1986, as amended | |||||||
TCI | Tax Credit Investment | |||||||
TDR | Troubled Debt Restructuring | |||||||
TruPS | Trust Preferred Securities |
TILA | Truth in Lending Act | |||||||
Visa Shares | Visa, Inc. Class B restricted shares | |||||||
Volcker Rule Regulators | FDIC, Federal Reserve Board, OCC, Commodity Futures Trading Commission and U.S. Securities and Exchange Commission |
Subsidiary | Total Assets | |||||||
(in thousands) | ||||||||
Columbia Bancorp Statutory Trust | $ | 6,186 | ||||||
Columbia Bancorp Statutory Trust II | 4,124 | |||||||
Columbia Bancorp Statutory Trust III | 6,186 |
Name | Age (1) | Office Held and Term of Office | ||||||||||||
E. Philip Wenger ![]() | 64 | Director of the Corporation since 2009 and Director of Fulton Bank, N.A since 2019. Chairman of the Board and Chief Executive Officer of the Corporation since January 2013. Mr. Wenger previously served as President of the Corporation from 2008 to 2017, Chief Operating Officer of the Corporation from 2008 to 2012, a Director of Fulton Bank, N.A. from 2003 to 2009, Chairman of Fulton Bank, N.A. from 2006 to 2009 and has been employed by the Corporation in a number of positions since 1979. | ||||||||||||
Mark R. McCollom ![]() | 57 | Senior Executive Vice President and Chief Financial Officer of the Corporation since March of 2018. Mr. McCollom joined the Corporation in November 2017 as Senior Executive Vice President and Chief Financial Officer Designee. Before joining the Corporation he was a Senior Managing Director, Chief Administrative Officer and COO of Griffin Financial Group, LLC. Prior to his role at Griffin Financial Group, Mr. McCollom was the Chief Financial Officer of Sovereign Bancorp, Inc. He has over 30 years of experience in the financial services industry. | ||||||||||||
Curtis J. Myers ![]() | 53 | Director of the Corporation since 2019 and Director of Fulton Bank, N.A. since 2009. President and Chief Operating Officer of the Corporation since January 1, 2018. Chairman and Chief Executive Officer of Fulton Bank, N.A. since May 2018. Mr. Myers served as Senior Executive Vice President of the Corporation from July 2013 to December 2017. President and Chief Operating Officer of Fulton Bank, N.A. since February 2009. He served as Executive Vice President of the Corporation since August 2011. Mr. Myers has been employed by Fulton Bank, N.A. in a number of positions since 1990. | ||||||||||||
David M. Campbell ![]() | 60 | Senior Executive Vice President, and Director of Strategic Initiatives and Operations since December 2014. Mr. Campbell joined the Corporation as Chief Administrative Officer of Fulton Financial Advisors, a division of Fulton Bank, N.A. in 2009, and was promoted to President of Fulton Financial Advisors in 2010. He has more than 30 years of experience in financial services. | ||||||||||||
Beth Ann L. Chivinski ![]() | 61 | Senior Executive Vice President and Chief Risk Officer of the Corporation effective June 1, 2016. Previously, she served as the Corporation’s Chief Audit Executive April 2013 to June 2016 and was promoted to Senior Executive Vice President of the Corporation in 2014. Prior to that, she served as the Corporation’s Executive Vice President, Controller and Chief Accounting Officer from June 2004 to March 31, 2013. Ms. Chivinski has worked in various positions with the Corporation since 1994. | ||||||||||||
Name | Age (1) | Office Held and Term of Office | ||||||||||||
Natasha R. Luddington ![]() | 47 | Senior Executive Vice President, Chief Legal Officer and Corporate Secretary effective December 31, 2021. Ms. Luddington became the Senior Executive Vice President, Chief Legal Officer and Corporate Secretary (Designee) of the Corporation in October 2021. Prior to joining the Corporation, Ms. Luddington served as Senior Vice President, Associate General Counsel and Interim General Counsel at Pacific Western Bank. Ms. Luddington has more than 20 years of experience Working in financial services law beginning with work at several law firms, including Fried, Frank, Harris, Shriver & Jacobson LLP in Washington, D.C. | ||||||||||||
Meg R. Mueller ![]() | 57 | Senior Executive Vice President and Head of Commercial Business since January 1, 2018. Ms. Mueller served as Chief Credit Officer of the Corporation from 2010 - 2017 and was promoted to Senior Executive Vice President of the Corporation in 2013. Ms. Mueller has been employed by the Corporation in a number of positions since 1996. | ||||||||||||
Angela M. Sargent ![]() | 54 | Senior Executive Vice President and Chief Information Officer of the Corporation since July 2013. Ms. Sargent served as Executive Vice President and Chief Information Officer from 2002 to 2013 and has been employed by the Corporation in a number of positions since 1992. | ||||||||||||
Angela M. Snyder ![]() | 57 | Senior Executive Vice President and Head of Consumer Banking since January 1, 2018. She heads the Corporation's Consumer Banking line of business. Ms. Snyder joined the Corporation in 2002 as President of Woodstown National Bank she then served as Chairwoman, President and CEO of Fulton Bank of New Jersey until 2019, when the Corporation consolidated that bank into Fulton Bank, N.A. She has more than 30 years of experience in the financial services industry. | ||||||||||||
Daniel R. Stolzer ![]() | 65 | Senior Executive Vice President, Chief Legal Officer and Corporate Secretary from January 1, 2018 to December 31, 2021 when he retired as a member of the Corporation's senior management team. Mr. Stolzer joined the Corporation in 2013 as Executive Vice President, General Counsel and Corporate Secretary. Prior to joining the Corporation, Mr. Stolzer served as Chief Counsel - Special Projects at PNC Financial Services Group in Pittsburgh, PA and Deputy General Counsel at KeyCorp in Cleveland, OH. He has more than 30 years of experience working in financial services law beginning with work at several law firms, including Cadwalader, Wickersham & Taft in New York City where he was a member of the Corporate Securities and Capital Markets practice groups. . | ||||||||||||
Bernadette M. Taylor ![]() | 60 | Senior Executive Vice President, and Chief Human Resource Officer since May 2015. In 2001, she was promoted to Senior Vice President of employee services. She served as Executive Vice President of employee services, employment, and director of human resources before her promotion in 2015 to Chief Human Resources Officer. Dr. Taylor joined the Corporation in 1994 as Corporate Training Director at Fulton Financial Corporation. | ||||||||||||
Price Range | Per Share Dividend | |||||||||||||||||||
High | Low | |||||||||||||||||||
2021 | ||||||||||||||||||||
First Quarter | $ | 18.41 | $ | 12.41 | $ | 0.14 | ||||||||||||||
Second Quarter | 18.34 | 15.46 | 0.14 | |||||||||||||||||
Third Quarter | 16.27 | 14.16 | 0.14 | |||||||||||||||||
Fourth Quarter | 17.39 | 15.28 | 0.22 | |||||||||||||||||
2020 | ||||||||||||||||||||
First Quarter | $ | 17.62 | $ | 10.07 | $ | 0.13 | ||||||||||||||
Second Quarter | 12.97 | 8.91 | 0.13 | |||||||||||||||||
Third Quarter | 10.88 | 8.89 | 0.13 | |||||||||||||||||
Fourth Quarter | 13.67 | 9.15 | 0.17 |
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants and rights (1) | Weighted-average exercise price of outstanding options, warrants and rights (2) | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in first column) (3) | |||||||||||||||||
Equity compensation plans approved by security holders | 2,302,330 | $ | 11.57 | 11,073,621 | ||||||||||||||||
Equity compensation plans not approved by security holders | — | — | — | |||||||||||||||||
Total | 2,302,330 | $ | 11.57 | 11,073,621 |
Year Ending December 31 | ||||||||||||||||||||||||||||||||||||||
Index | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | ||||||||||||||||||||||||||||||||
Fulton Financial Corporation | $ | 100.00 | $ | 97.62 | $ | 86.99 | $ | 101.10 | $ | 77.24 | $ | 106.80 | ||||||||||||||||||||||||||
S&P 500 | $ | 100.00 | $ | 121.83 | $ | 116.49 | $ | 153.17 | $ | 181.35 | $ | 233.41 | ||||||||||||||||||||||||||
Nasdaq Bank Index | $ | 100.00 | $ | 104.14 | $ | 86.09 | $ | 102.99 | $ | 90.82 | $ | 129.20 |
Period | Total Number of Shares Purchased1 | 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 Programs2 | ||||||||||||||||||||||
October 1, 2021 to October 31, 2021 | 200,430 | $ | 15.74 | 200,430 | $ | 45,754,230 | ||||||||||||||||||||
November 1, 2021 to November 30, 2021 | 54,773 | 15.75 | 54,773 | 44,891,823 | ||||||||||||||||||||||
December 1, 2021 to December 31, 2021 | 856,290 | 16.05 | 856,290 | 31,147,473 |
2021 | 2020 | ||||||||||
Net income (in thousands) | $ | 275,497 | $ | 178,040 | |||||||
Net income available to common shareholders (in thousands) | $ | 265,220 | $ | 175,905 | |||||||
Diluted net income available to common shareholders per share | $ | 1.62 | $ | 1.08 | |||||||
Return on average assets, annualized | 1.05 | % | 0.73 | % | |||||||
Return on average equity | 10.64 | % | 7.45 | % | |||||||
Return on average common shareholders' equity (tangible) (1) | 13.58 | % | 9.66 | % | |||||||
Net interest margin (2) | 2.78 | % | 2.86 | % | |||||||
Efficiency ratio (1) | 63.1 | % | 65.7 | % | |||||||
Non-performing assets to total assets | 0.60 | % | 0.58 | % | |||||||
Annualized net charge-offs to average loans | 0.07 | % | 0.05 | % |
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | Average Balance | Interest | Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
ASSETS | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loans (1) | $ | 18,627,787 | $ | 644,387 | 3.46 | % | $ | 18,270,390 | $ | 662,785 | 3.63 | % | $ | 16,430,347 | $ | 747,119 | 4.55 | % | |||||||||||||||||||||||||||||||||||
Taxable investment securities (2) | 2,665,416 | 55,351 | 1.88 | 2,182,410 | 58,173 | 2.66 | 2,278,448 | 62,556 | 2.74 | ||||||||||||||||||||||||||||||||||||||||||||
Tax-exempt investment securities (2) | 1,007,834 | 30,974 | 3.07 | 825,057 | 26,641 | 3.22 | 500,398 | 17,998 | 3.57 | ||||||||||||||||||||||||||||||||||||||||||||
Total investment securities | 3,673,250 | 86,325 | 2.35 | 3,007,467 | 84,814 | 2.82 | 2,778,846 | 80,554 | 2.89 | ||||||||||||||||||||||||||||||||||||||||||||
Loans held for sale | 39,211 | 1,302 | 3.32 | 60,015 | 2,077 | 3.46 | 25,795 | 1,351 | 5.24 | ||||||||||||||||||||||||||||||||||||||||||||
Other interest-earning assets | 2,014,954 | 3,694 | 0.18 | 1,120,727 | 5,504 | 0.49 | 445,008 | 9,249 | 2.08 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 24,355,202 | 735,708 | 3.02 | 22,458,599 | 755,180 | 3.36 | 19,679,996 | 838,273 | 4.26 | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-earning assets: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and due from banks | 165,942 | 139,146 | 119,144 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Premises and equipment | 228,708 | 238,864 | 239,376 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 1,686,053 | 1,746,956 | 1,385,689 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Less: ACL - loans (3) | (265,572) | (249,848) | (166,165) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 26,170,333 | $ | 24,333,717 | $ | 21,258,040 | |||||||||||||||||||||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | $ | 5,979,479 | $ | 3,662 | 0.06 | % | $ | 5,278,941 | $ | 11,390 | 0.22 | % | $ | 4,384,059 | $ | 33,348 | 0.76 | % | |||||||||||||||||||||||||||||||||||
Savings and money market deposits | 6,306,967 | 4,936 | 0.08 | 5,550,234 | 14,654 | 0.26 | 5,018,381 | 41,823 | 0.83 | ||||||||||||||||||||||||||||||||||||||||||||
Brokered deposits | 286,901 | 1,096 | 0.38 | 310,763 | 2,387 | 0.77 | 245,501 | 5,779 | 2.35 | ||||||||||||||||||||||||||||||||||||||||||||
Time deposits | 1,939,446 | 20,311 | 1.05 | 2,546,305 | 41,615 | 1.63 | 2,869,326 | 50,825 | 1.77 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing deposits | 14,512,793 | 30,005 | 0.21 | 13,686,243 | 70,046 | 0.51 | 12,517,267 | 131,775 | 1.05 | ||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 513,092 | 583 | 0.11 | 810,583 | 5,227 | 0.64 | 849,679 | 14,543 | 1.70 | ||||||||||||||||||||||||||||||||||||||||||||
Long-term borrowings | 784,871 | 29,094 | 3.71 | 1,254,300 | 38,398 | 3.06 | 942,600 | 30,599 | 3.25 | ||||||||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 15,810,756 | 59,682 | 0.38 | 15,751,126 | 113,671 | 0.72 | 14,309,546 | 176,917 | 1.24 | ||||||||||||||||||||||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Demand deposits | 7,211,153 | 5,714,803 | 4,249,294 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 462,478 | 476,139 | 393,130 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | 23,484,387 | 21,942,068 | 18,951,970 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total deposits/Cost of deposits | 21,723,946 | 0.14 | 19,401,046 | 0.36 | 16,766,561 | 0.79 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Interest-bearing liabilities and non-interest bearing deposits/Cost of funds | 23,021,909 | 0.26 | 21,465,929 | 0.53 | 18,558,840 | 0.95 | |||||||||||||||||||||||||||||||||||||||||||||||
Shareholders’ equity | 2,685,946 | 2,391,649 | 2,306,070 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 26,170,333 | $ | 24,333,717 | $ | 21,258,040 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income/net interest margin (FTE) | 676,026 | 2.78 | % | 641,509 | 2.86 | % | 661,356 | 3.36 | % | ||||||||||||||||||||||||||||||||||||||||||||
Tax equivalent adjustment | (12,296) | (12,302) | (12,967) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 663,730 | $ | 629,207 | $ | 648,389 |
2021 vs. 2020 Increase (decrease) due to change in | |||||||||||||||||
Volume | Yield/Rate | Net | |||||||||||||||
(in thousands) | |||||||||||||||||
Interest income on: | |||||||||||||||||
Net loans (1) | $ | 12,882 | $ | (31,280) | $ | (18,398) | |||||||||||
Taxable investment securities | 13,430 | (16,252) | (2,822) | ||||||||||||||
Tax-exempt investment securities | 5,625 | (1,292) | 4,333 | ||||||||||||||
Loans held for sale | (694) | (81) | (775) | ||||||||||||||
Other interest-earning assets | 2,866 | (4,676) | (1,810) | ||||||||||||||
Total interest income | $ | 34,109 | $ | (53,581) | $ | (19,472) | |||||||||||
Interest expense on: | |||||||||||||||||
Demand deposits | $ | 1,414 | $ | (9,142) | $ | (7,728) | |||||||||||
Savings deposits | 1,689 | (11,407) | (9,718) | ||||||||||||||
Brokered deposits | (170) | (1,121) | (1,291) | ||||||||||||||
Time deposits | (8,545) | (12,759) | (21,304) | ||||||||||||||
Short-term borrowings | (1,426) | (3,218) | (4,644) | ||||||||||||||
Long-term borrowings | (16,337) | 7,033 | (9,304) | ||||||||||||||
Total interest expense | $ | (23,375) | $ | (30,614) | $ | (53,989) |
Note: | Changes which are partially attributable to both volume and rate are allocated to the volume and rate components presented above based on the percentage of the direct changes that are attributable to each component. |
Increase (Decrease) in Balance | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Noninterest-bearing demand | $ | 7,211,153 | — | % | $ | 5,714,803 | — | % | $ | 1,496,350 | 26.2 | % | |||||||||||||||||||||||
Interest-bearing demand | 5,979,479 | 0.06 | 5,278,941 | 0.22 | 700,538 | 13.3 | |||||||||||||||||||||||||||||
Savings | 6,306,967 | 0.08 | 5,550,234 | 0.26 | 756,733 | 13.6 | |||||||||||||||||||||||||||||
Total demand and savings | 19,497,599 | 0.04 | 16,543,978 | 0.16 | 2,953,621 | 17.9 | |||||||||||||||||||||||||||||
Brokered deposits | 286,901 | 0.38 | 310,763 | 0.77 | (23,862) | (7.7) | |||||||||||||||||||||||||||||
Time deposits | 1,939,446 | 1.05 | 2,546,305 | 1.63 | (606,859) | (23.8) | |||||||||||||||||||||||||||||
Total deposits | $ | 21,723,946 | 0.14 | % | $ | 19,401,046 | 0.36 | % | $ | 2,322,900 | 12.0 | % |
Increase (Decrease) in Balance | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||||||||||||||
Customer funding (1) | $ | 513,092 | 0.11 | % | $ | 553,033 | 0.28 | % | $ | (39,941) | (7.2) | % | |||||||||||||||||||||||
Federal funds purchased | — | — | 64,918 | 0.82 | (64,918) | N/M | |||||||||||||||||||||||||||||
FHLB advances and other borrowings (2) | — | — | 192,632 | 1.61 | (192,632) | N/M | |||||||||||||||||||||||||||||
Total short-term borrowings | 513,092 | 0.11 | 810,583 | 0.64 | (297,491) | (36.7) | |||||||||||||||||||||||||||||
Long-term borrowings: | |||||||||||||||||||||||||||||||||||
FHLB advances | 126,677 | 1.80 | 557,596 | 1.86 | (430,919) | (77.3) | |||||||||||||||||||||||||||||
Other long-term borrowings | 658,194 | 4.07 | 696,704 | 4.02 | (38,510) | (5.5) | |||||||||||||||||||||||||||||
Total long-term borrowings | 784,871 | 3.71 | 1,254,300 | 3.06 | (469,429) | (37.4) | |||||||||||||||||||||||||||||
Total borrowings | $ | 1,297,963 | 2.29 | % | $ | 2,064,883 | 2.11 | % | $ | (766,920) | (37.1) | % |
2020 vs. 2019 Increase (decrease) due to change in | ||||||||||||||||||||
Volume | Yield/Rate | Net | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Interest income on: | ||||||||||||||||||||
Net loans (1) | $ | 77,662 | $ | (161,996) | $ | (84,334) | ||||||||||||||
Taxable investment securities | (3,323) | (1,059) | (4,382) | |||||||||||||||||
Tax-exempt investment securities | 10,576 | (1,933) | 8,643 | |||||||||||||||||
Loans held for sale | 1,308 | (582) | 726 | |||||||||||||||||
Other interest-earning assets | 6,909 | (10,654) | (3,745) | |||||||||||||||||
Total interest income | $ | 93,132 | $ | (176,224) | $ | (83,092) | ||||||||||||||
Interest expense on: | ||||||||||||||||||||
Demand deposits | $ | 4,863 | $ | (26,821) | $ | (21,958) | ||||||||||||||
Savings deposits | 4,025 | (31,194) | (27,169) | |||||||||||||||||
Brokered deposits | 959 | (4,351) | (3,392) | |||||||||||||||||
Time deposits | (5,409) | (3,801) | (9,210) | |||||||||||||||||
Short-term borrowings | (641) | (8,675) | (9,316) | |||||||||||||||||
Long-term borrowings | 9,627 | (1,828) | 7,799 | |||||||||||||||||
Total interest expense | $ | 13,424 | $ | (76,670) | $ | (63,246) |
Increase (Decrease) in Balance | |||||||||||||||||||||||||||||||||||
2020 | 2019 | ||||||||||||||||||||||||||||||||||
Balance | Yield | Balance | Yield | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 6,928,269 | 3.53 | % | $ | 6,463,783 | 4.56 | % | $ | 464,486 | 7.2 | % | |||||||||||||||||||||||
Commercial and industrial(1) | 5,501,317 | 3.10 | 4,473,549 | 4.52 | 1,027,768 | 23.0 | |||||||||||||||||||||||||||||
Real estate - residential mortgage | 2,876,538 | 3.80 | 2,441,684 | 4.05 | 434,854 | 17.8 | |||||||||||||||||||||||||||||
Real estate - home equity | 1,255,094 | 4.11 | 1,382,908 | 5.23 | (127,814) | (9.2) | |||||||||||||||||||||||||||||
Real estate - construction | 965,534 | 3.64 | 928,183 | 4.79 | 37,351 | 4.0 | |||||||||||||||||||||||||||||
Consumer | 466,419 | 4.16 | 448,205 | 4.42 | 18,214 | 4.1 | |||||||||||||||||||||||||||||
Equipment lease financing | 281,859 | 3.93 | 279,489 | 4.40 | 2,370 | 0.8 | |||||||||||||||||||||||||||||
Other (2) | (4,640) | — | 12,546 | — | (17,186) | (137.0) | |||||||||||||||||||||||||||||
Total loans | $ | 18,270,390 | 3.63 | % | $ | 16,430,347 | 4.55 | % | $ | 1,840,043 | 11.2 | % |
2020 | 2019 | Increase (Decrease) in Balance | |||||||||||||||||||||||||||||||||
Balance | Rate | Balance | Rate | $ | % | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||||||||||||||
Customer funding (1) | $ | 553,033 | 0.28 | % | $ | 355,983 | 0.77 | % | $ | 197,050 | 55.4 | % | |||||||||||||||||||||||
Federal funds purchased | 64,918 | 0.82 | 132,578 | 2.20 | (67,660) | (51.0) | |||||||||||||||||||||||||||||
FHLB advances and other borrowings (2) | 192,632 | 1.61 | 361,118 | 2.43 | (168,486) | (46.7) | |||||||||||||||||||||||||||||
Total short-term borrowings | 810,583 | 0.64 | 849,679 | 1.70 | (39,096) | (4.6) | |||||||||||||||||||||||||||||
Long-term borrowings: | |||||||||||||||||||||||||||||||||||
FHLB advances | 557,596 | 1.86 | 555,229 | 2.38 | 2,367 | 0.4 | |||||||||||||||||||||||||||||
Other long-term borrowings | 696,704 | 4.02 | 387,371 | 4.48 | 309,333 | 79.85 | |||||||||||||||||||||||||||||
Total long-term borrowings | 1,254,300 | 3.06 | 942,600 | 3.25 | 311,700 | 33.1 | |||||||||||||||||||||||||||||
Total borrowings | $ | 2,064,883 | 2.11 | % | $ | 1,792,279 | 2.51 | % | $ | 272,604 | 15.2 | % |
Increase (Decrease) | |||||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Commercial banking: | |||||||||||||||||||||||
Merchant and card | $ | 26,121 | $ | 23,139 | $ | 2,982 | 12.9 | % | |||||||||||||||
Cash management | 20,865 | 18,725 | 2,140 | 11.4 | |||||||||||||||||||
Capital markets | 9,381 | 18,288 | (8,907) | (48.7) | |||||||||||||||||||
Other commercial banking | 12,322 | 10,134 | 2,188 | 21.6 | |||||||||||||||||||
Total commercial banking | 68,689 | 70,286 | (1,597) | (2.3) | |||||||||||||||||||
Consumer banking: | |||||||||||||||||||||||
Card | 23,505 | 19,777 | 3,728 | 18.9 | |||||||||||||||||||
Overdraft | 12,844 | 12,556 | 288 | 2.3 | |||||||||||||||||||
Other consumer banking | 9,195 | 9,265 | (70) | (0.8) | |||||||||||||||||||
Total consumer banking | 45,544 | 41,598 | 3,946 | 9.5 | |||||||||||||||||||
Wealth management fees | 71,798 | 59,058 | 12,740 | 21.6 | |||||||||||||||||||
Mortgage banking: | |||||||||||||||||||||||
Gains on sales of mortgage loans | 24,380 | 53,599 | (29,219) | (54.5) | |||||||||||||||||||
Mortgage servicing income | 9,196 | (11,290) | 20,486 | N/M | |||||||||||||||||||
Total mortgage banking | 33,576 | 42,309 | (8,733) | (20.6) | |||||||||||||||||||
Other | 20,622 | 13,084 | 7,538 | 57.6 | |||||||||||||||||||
Non-interest income before investment securities gains | 240,229 | 226,335 | 13,894 | 6.1 | |||||||||||||||||||
Investment securities gains, net | 33,516 | 3,053 | 30,463 | N/M | |||||||||||||||||||
Total Non-Interest Income | $ | 273,745 | $ | 229,388 | $ | 44,357 | 19.3 | % |
Increase (Decrease) | |||||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Salaries and employee benefits | $ | 329,138 | $ | 324,395 | $ | 4,743 | 1.5 | % | |||||||||||||||
Data processing and software | 56,440 | 48,073 | 8,367 | 17.4 | |||||||||||||||||||
Net occupancy | 53,799 | 53,013 | 786 | 1.5 | |||||||||||||||||||
Other outside services | 34,194 | 31,432 | 2,762 | 8.8 | |||||||||||||||||||
Debt extinguishment | 33,249 | 2,878 | 30,371 | N/M | |||||||||||||||||||
State taxes | 18,793 | 12,613 | 6,180 | 49.0 | |||||||||||||||||||
Equipment | 13,807 | 13,885 | (78) | (0.6) | |||||||||||||||||||
FDIC insurance | 10,665 | 8,865 | 1,800 | 20.3 | |||||||||||||||||||
Professional fees | 9,647 | 12,835 | (3,188) | (24.8) | |||||||||||||||||||
Amortization of TCI | 6,187 | 6,126 | 61 | 1.0 | |||||||||||||||||||
Marketing | 5,275 | 5,127 | 148 | 2.9 | |||||||||||||||||||
Intangible amortization | 589 | 529 | 60 | 11.3 | |||||||||||||||||||
Other | 46,047 | 59,669 | (13,622) | (22.8) | |||||||||||||||||||
Total Non-Interest Expense | $ | 617,830 | $ | 579,440 | $ | 38,390 | 6.6 | % |
Increase (Decrease) | |||||||||||||||||||||||
2020 | 2019 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Commercial banking: | |||||||||||||||||||||||
Merchant and card | $ | 23,139 | $ | 24,077 | $ | (938) | (3.9) | % | |||||||||||||||
Cash management | 18,725 | 18,392 | 333 | 1.8 | |||||||||||||||||||
Capital markets | 18,288 | 14,875 | 3,413 | 22.9 | |||||||||||||||||||
Other commercial banking | 10,134 | 13,773 | (3,639) | (26.4) | |||||||||||||||||||
Total commercial banking | 70,286 | 71,117 | (831) | (1.2) | |||||||||||||||||||
Consumer banking: | |||||||||||||||||||||||
Card | 19,777 | 20,515 | (738) | (3.6) | |||||||||||||||||||
Overdraft | 12,556 | 17,949 | (5,393) | (30.0) | |||||||||||||||||||
Other consumer banking | 9,265 | 11,039 | (1,774) | (16.1) | |||||||||||||||||||
Total consumer banking | 41,598 | 49,503 | (7,905) | (16.0) | |||||||||||||||||||
Wealth management fees | 59,058 | 55,678 | 3,380 | 6.1 | |||||||||||||||||||
Mortgage banking: | |||||||||||||||||||||||
Gains on sales of mortgage loans | 53,599 | 17,881 | 35,718 | N/M | |||||||||||||||||||
Mortgage servicing income | (11,290) | 5,218 | (16,508) | N/M | |||||||||||||||||||
Total mortgage banking | 42,309 | 23,099 | 19,210 | 83.2 | |||||||||||||||||||
Other | 13,084 | 12,030 | 1,054 | 8.8 | |||||||||||||||||||
Non-interest income before investment securities gains | 226,335 | 211,427 | 14,908 | 7.1 | |||||||||||||||||||
Investment securities gains, net | 3,053 | 4,733 | (1,680) | (35.5) | |||||||||||||||||||
Total Non-Interest Income | $ | 229,388 | $ | 216,160 | $ | 13,228 | 6.1 | % |
Increase (Decrease) | |||||||||||||||||||||||
2020 | 2019 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Salaries and employee benefits | $ | 324,395 | $ | 311,934 | $ | 12,461 | 4.0 | % | |||||||||||||||
Net occupancy | 53,013 | 52,826 | 187 | 0.4 | |||||||||||||||||||
Data processing and software | 48,073 | 44,679 | 3,394 | 7.6 | |||||||||||||||||||
Other outside services | 31,432 | 39,989 | (8,557) | (21.4) | |||||||||||||||||||
Equipment | 13,885 | 13,575 | 310 | 2.3 | |||||||||||||||||||
Professional fees | 12,835 | 13,134 | (299) | (2.3) | |||||||||||||||||||
State taxes | 12,613 | 8,894 | 3,719 | 41.8 | |||||||||||||||||||
FDIC insurance | 8,865 | 7,780 | 1,085 | 13.9 | |||||||||||||||||||
Amortization of TCI | 6,126 | 6,021 | 105 | 1.7 | |||||||||||||||||||
Marketing | 5,127 | 9,848 | (4,721) | (47.9) | |||||||||||||||||||
Debt extinguishment | 2,878 | 4,326 | (1,448) | (33.5) | |||||||||||||||||||
Intangible amortization | 529 | 1,427 | (898) | (62.9) | |||||||||||||||||||
Other | 59,669 | 53,303 | 6,366 | 11.9 | |||||||||||||||||||
Total non-interest expense | $ | 579,440 | $ | 567,736 | $ | 11,704 | 2.1 | % |
December 31 | Increase (Decrease) | ||||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||
Cash and cash equivalents | $ | 1,638,614 | $ | 1,847,832 | $ | (209,218) | (11.3) | % | |||||||||||||||
FRB and FHLB Stock | 57,635 | 92,129 | (34,494) | (37.4) | % | ||||||||||||||||||
Loans held for sale | 35,768 | 83,886 | (48,118) | (57.4) | |||||||||||||||||||
Investment securities | 4,167,774 | 3,340,424 | 827,350 | 24.8 | |||||||||||||||||||
Loans, net | 18,076,349 | 18,623,253 | (546,904) | (2.9) | |||||||||||||||||||
Net premises and equipment | 220,357 | 231,480 | (11,123) | (4.8) | |||||||||||||||||||
Goodwill and intangibles | 538,053 | 536,659 | 1,394 | 0.3 | |||||||||||||||||||
Other assets | 1,061,848 | 1,151,070 | (89,222) | (7.8) | |||||||||||||||||||
Total Assets | $ | 25,796,398 | $ | 25,906,733 | $ | (110,335) | (0.4) | % | |||||||||||||||
Liabilities and Shareholders’ Equity | |||||||||||||||||||||||
Deposits | $ | 21,573,499 | $ | 20,839,207 | $ | 734,292 | 3.5 | % | |||||||||||||||
Short-term borrowings | 416,764 | 630,066 | (213,302) | (33.9) | |||||||||||||||||||
Long-term borrowings | 621,345 | 1,296,263 | (674,918) | (52.1) | |||||||||||||||||||
Other liabilities | 472,110 | 524,369 | (52,259) | (10.0) | |||||||||||||||||||
Total Liabilities | 23,083,718 | 23,289,905 | (206,187) | (0.9) | |||||||||||||||||||
Total Shareholders’ Equity | 2,712,680 | 2,616,828 | 95,852 | 3.7 | |||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 25,796,398 | $ | 25,906,733 | $ | (110,335) | (0.4) | % |
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Available for Sale | |||||||||||
U.S. Government securities | $ | 127,618 | $ | — | |||||||
State and municipal securities | 1,188,670 | 952,613 | |||||||||
Corporate debt securities | 386,133 | 367,145 | |||||||||
Collateralized mortgage obligations | 209,359 | 503,766 | |||||||||
Residential Mortgage-backed securities | 229,795 | 377,998 | |||||||||
Commercial mortgage backed securities | 971,148 | 762,415 | |||||||||
Auction rate securities | 74,667 | 98,206 | |||||||||
3,187,390 | 3,062,143 | ||||||||||
Held to Maturity | |||||||||||
Residential mortgage-backed securities | 404,958 | 278,281 | |||||||||
Commercial mortgage-backed securities | 575,426 | — | |||||||||
980,384 | 278,281 | ||||||||||
Total investment securities | $ | 4,167,774 | $ | 3,340,424 | |||||||
December 31 | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Real estate – commercial mortgage | $ | 7,279,080 | $ | 7,105,092 | $ | 6,700,776 | |||||||||||
Commercial and industrial (1) | 4,208,327 | 5,670,828 | 4,446,701 | ||||||||||||||
Real estate – residential mortgage | 3,846,750 | 3,141,915 | 2,641,465 | ||||||||||||||
Real estate – home equity | 1,118,248 | 1,202,913 | 1,314,944 | ||||||||||||||
Real estate – construction | 1,139,779 | 1,047,218 | 971,079 | ||||||||||||||
Consumer | 464,657 | 466,772 | 463,164 | ||||||||||||||
Equipment lease financing and other | 283,557 | 284,377 | 322,625 | ||||||||||||||
Overdrafts | 1,988 | 4,806 | 3,582 | ||||||||||||||
Gross loans | 18,342,386 | 18,923,921 | 16,864,336 | ||||||||||||||
Unearned income | (17,036) | (23,101) | (26,810) | ||||||||||||||
Net Loans | $ | 18,325,350 | $ | 18,900,820 | $ | 16,837,526 |
2021 | 2020 | ||||||||||
Real estate (1) | 44.3 | % | 43.1 | % | |||||||
Health care | 6.7 | 7.2 | |||||||||
Agriculture | 6.1 | 6.5 | |||||||||
Manufacturing | 5.1 | 5.0 | |||||||||
Other services (2) | 5.0 | 4.9 | |||||||||
Construction (3) | 3.9 | 4.7 | |||||||||
Hospitality and food services | 3.7 | 4.0 | |||||||||
Retail | 3.0 | 3.5 | |||||||||
Wholesale trade | 2.8 | 2.7 | |||||||||
Educational services | 2.7 | 3.0 | |||||||||
Arts, entertainment and recreation | 2.3 | 2.4 | |||||||||
Professional, scientific and technical services | 1.8 | 2.2 | |||||||||
Public administration | 1.5 | 1.7 | |||||||||
Finance and Insurance | 1.4 | 1.4 | |||||||||
Transportation and warehousing | 1.3 | 1.4 | |||||||||
Other (4) | 8.4 | 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) | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | 48,106 | $ | 33,166 | $ | 3,618 | $ | 16,676 | $ | 7,004 | $ | — | $ | 16,528 | $ | 125,098 | |||||||||||||||||||||||||||||||
Additions | 37,208 | 37,538 | 153 | 12,994 | 5,621 | 3,742 | 3,177 | 100,433 | |||||||||||||||||||||||||||||||||||||||
Payments | (34,405) | (14,077) | (2,358) | (1,848) | (1,617) | (10) | (1,205) | (55,520) | |||||||||||||||||||||||||||||||||||||||
Charge-offs | (18,915) | (4,225) | (17) | (620) | (1,193) | (3,400) | (2,187) | (30,557) | |||||||||||||||||||||||||||||||||||||||
Transfers to OREO | — | (31) | — | (237) | (227) | — | — | (495) | |||||||||||||||||||||||||||||||||||||||
Transfers to accrual status | (1) | (901) | (1) | (858) | — | — | — | (1,761) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 31,993 | 51,470 | 1,395 | 26,107 | 9,588 | 332 | 16,313 | 137,198 | |||||||||||||||||||||||||||||||||||||||
Additions | 40,722 | 36,664 | 404 | 12,498 | 1,972 | 2,628 | 1,919 | 96,807 | |||||||||||||||||||||||||||||||||||||||
Payments | (27,175) | (25,668) | (859) | (1,823) | (1,785) | (98) | (341) | (57,749) | |||||||||||||||||||||||||||||||||||||||
Charge-offs | (15,337) | (8,726) | (39) | (1,290) | (676) | (2,633) | (2,251) | (30,952) | |||||||||||||||||||||||||||||||||||||||
Transfers to OREO | — | — | — | — | (274) | — | — | (274) | |||||||||||||||||||||||||||||||||||||||
Transfers to accrual status | (62) | (925) | — | (223) | (154) | — | — | (1,364) | |||||||||||||||||||||||||||||||||||||||
Balance of non-accrual loans at December 31, 2021 | $ | 30,141 | $ | 52,815 | $ | 901 | $ | 35,269 | $ | 8,671 | $ | 229 | $ | 15,640 | $ | 143,666 |
December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(in thousands) | |||||||||||||||||
Non-accrual loans (1) (2) (3) | $ | 143,666 | $ | 137,198 | $ | 125,098 | |||||||||||
Loans 90 days or more past due and still accruing (2) | 8,453 | 9,929 | 16,057 | ||||||||||||||
Total non-performing loans and leases | 152,119 | 147,127 | 141,155 | ||||||||||||||
OREO (4) | 1,817 | 4,178 | 6,831 | ||||||||||||||
Total non-performing assets | $ | 153,936 | $ | 151,305 | $ | 147,986 |
December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Commercial and industrial | $ | 30,629 | $ | 32,609 | $ | 49,491 | |||||||||||
Real estate – commercial mortgage | 54,044 | 52,647 | 37,279 | ||||||||||||||
Real estate – residential mortgage | 39,399 | 30,794 | 22,411 | ||||||||||||||
Real estate – home equity | 10,924 | 1,550 | 10,568 | ||||||||||||||
Real estate – construction | 901 | 12,341 | 4,306 | ||||||||||||||
Consumer | 582 | 749 | 458 | ||||||||||||||
Equipment lease financing | 15,640 | 16,437 | 16,642 | ||||||||||||||
Total non-performing loans | $ | 152,119 | $ | 147,127 | $ | 141,155 | |||||||||||
Non-performing loans to total loans | 0.83 | % | 0.78 | % | 0.84 | % |
December 31, | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(in thousands) | |||||||||||||||||
Real estate – commercial mortgage | $ | 3,464 | $ | 28,451 | $ | 13,330 | |||||||||||
Commercial and industrial | 1,857 | 6,982 | 5,193 | ||||||||||||||
Real estate – residential mortgage | 11,948 | 18,602 | 21,551 | ||||||||||||||
Real estate – home equity | 12,218 | 14,391 | 15,068 | ||||||||||||||
Consumer | 5 | — | 8 | ||||||||||||||
Total accruing TDRs | 29,492 | 68,426 | 55,150 | ||||||||||||||
Non-accrual TDRs (1) | 55,945 | 35,755 | 20,825 | ||||||||||||||
Total TDRs | $ | 85,437 | $ | 104,181 | $ | 75,975 |
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Commercial properties | $ | 943 | $ | 1,730 | |||||||
Residential properties | 669 | 1,496 | |||||||||
Undeveloped land | 205 | 952 | |||||||||
Total OREO | $ | 1,817 | $ | 4,178 |
Special Mention (1) | Increase (Decrease) | Substandard or Lower (2) | Increase (Decrease) | Total Criticized and Classified Loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | $ | % | 2021 | 2020 | $ | % | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 387,279 | $ | 478,165 | $ | (90,886) | (19.0)% | $ | 331,096 | $ | 181,970 | $ | 149,126 | 82.0% | $ | 718,375 | $ | 660,135 | |||||||||||||||||||||||||||||||||||||||||
Commercial and industrial | 142,369 | 154,039 | (11,670) | (7.6) | 152,219 | 128,175 | 24,044 | 18.8 | 294,588 | 282,214 | |||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - construction (3) | 58,841 | 13,259 | 45,582 | N/M | 6,324 | 5,469 | 855 | 15.6 | 65,165 | 18,728 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 588,489 | $ | 645,463 | $ | (56,974) | (8.8)% | $ | 489,639 | $ | 315,614 | $ | 174,025 | 55.1% | $ | 1,078,128 | $ | 961,077 | |||||||||||||||||||||||||||||||||||||||||
% of total risk rated loans | 4.7% | 4.7% | 3.9% | 2.3% | 8.6% | 7.0% |
Delinquent (1) | Non-performing (2) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | $ | % | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - home equity | $ | 5,523 | 0.49 | % | $ | 7,276 | 0.55 | % | $ | 11,123 | 0.99 | % | $ | 12,340 | 0.94 | % | $ | 16,646 | 1.49 | % | $ | 19,616 | 1.49 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Real estate - residential mortgage | 25,877 | 0.67 | 29,956 | 0.95 | 39,542 | 1.03 | 30,665 | 0.98 | 65,419 | 1.70 | 60,621 | 1.93 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate - construction - other | 1,318 | 0.11 | 1,938 | 0.20 | 173 | 0.02 | 178 | 0.02 | 1,491 | 0.13 | 2,116 | 0.22 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumer | 4,437 | 0.95 | 3,537 | 0.76 | 583 | 0.13 | 750 | 0.16 | 5,020 | 1.08 | 4,287 | 0.93 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment lease financing | 253 | 0.09 | 988 | 0.33 | 15,641 | 5.83 | 16,437 | 5.49 | 15,894 | 5.92 | 17,425 | 5.82 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 37,408 | 0.56 | % | $ | 43,695 | 0.92 | % | $ | 67,062 | 0.98 | % | $ | 60,370 | 1.25 | % | $ | 104,470 | 1.54 | % | $ | 104,065 | 2.17 | % |
2021 | 2020 | 2019 | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Net Loans | $ | 18,325,350 | $ | 18,900,820 | $ | 16,837,526 | |||||||||||
Average balance of Net Loans | $ | 18,627,787 | $ | 18,270,390 | $ | 16,430,347 | |||||||||||
Balance of ACL at beginning of period | $ | 291,940 | $ | 166,209 | $ | 169,410 | |||||||||||
Impact of adopting CECL on January 1, 2020 | — | 58,348 | — | ||||||||||||||
Loans charged off: | |||||||||||||||||
Commercial and industrial | (15,337) | (18,915) | (42,410) | ||||||||||||||
Real estate – commercial mortgage | (8,726) | (4,225) | (1,837) | ||||||||||||||
Real estate – home equity | (676) | (1,193) | (1,291) | ||||||||||||||
Consumer | (2,633) | (3,400) | (3,403) | ||||||||||||||
Equipment lease financing and other | (2,251) | (2,187) | (2,560) | ||||||||||||||
Real estate – residential mortgage | (1,290) | (620) | (1,545) | ||||||||||||||
Real estate – construction | (39) | (17) | (143) | ||||||||||||||
Total loans charged off | (30,952) | (30,557) | (53,189) | ||||||||||||||
Recoveries of loans previously charged off: | |||||||||||||||||
Commercial and industrial | 9,587 | 11,396 | 8,721 | ||||||||||||||
Real estate – construction | 1,412 | 5,122 | 2,591 | ||||||||||||||
Real estate – home equity | 248 | 504 | 688 | ||||||||||||||
Consumer | 2,097 | 1,875 | 1,306 | ||||||||||||||
Real estate – commercial mortgage | 2,474 | 1,027 | 2,202 | ||||||||||||||
Equipment lease financing and other | 953 | 605 | 666 | ||||||||||||||
Real estate – residential mortgage | 375 | 491 | 989 | ||||||||||||||
Total recoveries | 17,146 | 21,020 | 17,163 | ||||||||||||||
Net loans charged off | (13,806) | (9,537) | (36,026) | ||||||||||||||
Provision for credit losses | (14,600) | 76,920 | 32,825 | ||||||||||||||
Balance of ACL at end of period | $ | 263,534 | $ | 291,940 | $ | 166,209 | |||||||||||
Components of the ACL: | |||||||||||||||||
ACL - Loans | $ | 249,001 | $ | 277,567 | $ | 163,622 | |||||||||||
ACL - OBS credit exposures (1) | 14,533 | 14,373 | 2,587 | ||||||||||||||
Balance of ACL at end of period | $ | 263,534 | $ | 291,940 | $ | 166,209 | |||||||||||
Selected Asset Quality Ratios: | |||||||||||||||||
Net charge-offs to average loans | 0.07 | % | 0.05 | % | 0.22 | % | |||||||||||
ACL - loans to total Net Loans | 1.36 | 1.47 | 0.97 | ||||||||||||||
ACL to total Net Loans | 1.44 | 1.54 | 0.99 | ||||||||||||||
Non-performing assets (2) to total assets | 0.60 | 0.58 | 0.68 | ||||||||||||||
Non-performing assets (2) to total loans and OREO | 0.83 | 0.83 | 0.88 | ||||||||||||||
Non-accrual loans to total Net Loans | 0.78 | 0.72 | 0.74 | ||||||||||||||
ACL - loans(3) to non-performing loans | 163.69 | 188.66 | 117.75 | ||||||||||||||
Non-performing assets (2) to tangible common shareholders' equity and ACL - loans (3) | 6.90 | 6.99 | 7.50 |
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
ACL - loans | % In Each Loan Category (1) | ACL - loans | % In Each Loan Category (1) | ACL - loans | % In Each Loan Category (1) | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | $ | 87,970 | 39.7 | % | $ | 103,425 | 37.6 | % | $ | 45,610 | 39.6 | % | |||||||||||||||||||||||
Commercial and industrial | 67,056 | 22.9 | 74,771 | 30.0 | 68,602 | 26.4 | |||||||||||||||||||||||||||||
Real estate - residential mortgage | 54,236 | 21.0 | 51,995 | 16.6 | 19,771 | 15.7 | |||||||||||||||||||||||||||||
Consumer, home equity, equipment lease financing | 26,798 | 10.2 | 31,770 | 10.3 | 25,196 | 12.5 | |||||||||||||||||||||||||||||
Real estate - construction | 12,941 | 6.2 | 15,608 | 5.5 | 4,443 | 5.8 | |||||||||||||||||||||||||||||
Total | $ | 249,001 | 100.0 | % | $ | 277,567 | 100.0 | % | $ | 163,622 | 100.0 | % |
Increase (Decrease) | |||||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Noninterest-bearing demand | $ | 7,370,963 | $ | 6,531,002 | $ | 839,961 | 12.9 | % | |||||||||||||||
Interest-bearing demand | 5,819,539 | 5,818,564 | 975 | — | |||||||||||||||||||
Savings | 6,403,995 | 5,929,792 | 474,203 | 8.0 | |||||||||||||||||||
Total demand and savings | 19,594,497 | 18,279,358 | 1,315,139 | 7.2 | |||||||||||||||||||
Brokered deposits | 251,526 | 335,185 | (83,659) | (25.0) | |||||||||||||||||||
Time deposits | 1,727,476 | 2,224,664 | (497,188) | (22.3) | |||||||||||||||||||
Total deposits | $ | 21,573,499 | $ | 20,839,207 | $ | 734,292 | 3.5 | % |
Increase (Decrease) | |||||||||||||||||||||||
2021 | 2020 | $ | % | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Short-term borrowings: | |||||||||||||||||||||||
Customer funding (1) | $ | 416,764 | $ | 630,066 | $ | (213,302) | (33.9) | % | |||||||||||||||
Long-term borrowings: | |||||||||||||||||||||||
FHLB advances | — | 535,973 | (535,973) | (100.0) | |||||||||||||||||||
Other long-term borrowings | 621,345 | 760,290 | (138,945) | (18.3) | |||||||||||||||||||
Total long-term borrowings | 621,345 | 1,296,263 | (674,918) | (52.1) | |||||||||||||||||||
Total borrowings | $ | 1,038,109 | $ | 1,926,329 | $ | (888,220) | (46.1) | % |
2021 | 2020 | Regulatory Minimum for Capital Adequacy | Fully Phased-in, with Capital Conservation Buffers | ||||||||||||||||||||
Total Risk-Based Capital (to Risk-Weighted Assets) | 14.1% | 14.4% | 8.0% | 10.5% | |||||||||||||||||||
Tier I Risk-Based Capital (to Risk-Weighted Assets) | 10.9% | 10.5% | 6.0% | 8.5% | |||||||||||||||||||
Common Equity Tier I (to Risk-Weighted Assets) | 9.9% | 9.5% | 4.5% | 7.0% | |||||||||||||||||||
Tier I Leverage Capital (to Average Assets) | 8.6% | 8.2% | 4.0% | 4.0% |
Commercial and industrial | $ | 5,072,008 | |||
Real estate - commercial mortgage and real estate - construction | 1,914,238 | ||||
Real estate - home equity | 1,744,922 | ||||
Total commitments to extend credit | $ | 8,731,168 | |||
Standby letters of credit | $ | 298,275 | |||
Commercial letters of credit | 54,196 | ||||
Total letters of credit | $ | 352,471 |
Rate Shock (1) | Annual change in net interest income | % Change in net interest income | |||||||||
+400 bps | + $173.1 million | + 25.3% | |||||||||
+300 bps | + $129.6 million | + 19.0% | |||||||||
+200 bps | + $85.6 million | + 12.5% | |||||||||
+100 bps | + $41.3 million | + 6.0% |
Maturing | |||||||||||||||||||||||||||||||||||||||||||||||
Within One Year | After One But Within Five Years | After Five But Within Ten Years | After Ten Years | ||||||||||||||||||||||||||||||||||||||||||||
Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||||||||||||
Available for sale | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government securities | $ | — | — | % | $ | 127,618 | 0.65 | % | $ | — | — | % | $ | — | — | % | |||||||||||||||||||||||||||||||
State and municipal (1) | 8,147 | 5.36 | 10,561 | 5.16 | 46,422 | 4.05 | 1,123,540 | 3.77 | |||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 1,028 | 5.36 | 25,745 | 3.36 | 359,360 | 3.79 | — | — | |||||||||||||||||||||||||||||||||||||||
Auction rate securities (2) | — | — | — | — | — | — | 74,667 | 1.60 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 9,175 | 5.36 | % | $ | 163,924 | 1.35 | % | $ | 405,782 | 3.82 | % | $ | 1,198,207 | 3.63 | % | |||||||||||||||||||||||||||||||
Weighted | |||||||||||||||||
Amount | Yield | Average Life | |||||||||||||||
(dollars in thousands) | (in years) | ||||||||||||||||
Available for sale | |||||||||||||||||
Residential mortgage-backed securities | $ | 229,795 | 1.48 | % | 6.9 | ||||||||||||
Commercial mortgage-backed securities | 971,148 | 2.03 | 5.4 | ||||||||||||||
Collateralized mortgage obligations | 209,359 | 2.57 | 1.8 | ||||||||||||||
Held to maturity | |||||||||||||||||
Residential mortgage-backed securities | 404,958 | 1.71 | 5.3 | ||||||||||||||
Commercial mortgage-backed securities | $ | 575,426 | 1.42 | % | 6.9 |
One Year or Less | One Through Five Years | More Than Five Years | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Commercial and industrial: | |||||||||||||||||||||||
Adjustable and floating rate | $ | 878,779 | $ | 1,870,312 | $ | 407,888 | $ | 3,156,979 | |||||||||||||||
Fixed rate | 377,774 | 580,231 | 93,343 | 1,051,348 | |||||||||||||||||||
Total commercial and industrial | $ | 1,256,553 | $ | 2,450,543 | $ | 501,231 | $ | 4,208,327 | |||||||||||||||
Real estate – mortgage (1): | |||||||||||||||||||||||
Adjustable and floating rate | $ | 1,610,832 | $ | 4,773,542 | $ | 2,178,207 | $ | 8,562,581 | |||||||||||||||
Fixed rate | 896,030 | 1,817,004 | 968,463 | 3,681,497 | |||||||||||||||||||
Total real estate - mortgage (1) | $ | 2,506,862 | $ | 6,590,546 | $ | 3,146,670 | $ | 12,244,078 | |||||||||||||||
Real estate – construction: | |||||||||||||||||||||||
Adjustable and floating rate | $ | 341,075 | $ | 409,924 | $ | 160,422 | $ | 911,421 | |||||||||||||||
Fixed rate | 201,834 | 22,132 | 4,392 | 228,358 | |||||||||||||||||||
Total real estate – construction | $ | 542,909 | $ | 432,056 | $ | 164,814 | $ | 1,139,779 | |||||||||||||||
Consumer, lease financing and other: | |||||||||||||||||||||||
Adjustable and floating rate | $ | 12,765 | $ | 47,116 | $ | — | $ | 59,881 | |||||||||||||||
Fixed rate | 206,605 | 403,315 | 80,404 | 690,324 | |||||||||||||||||||
Total consumer, lease financing and other | $ | 219,370 | $ | 450,431 | $ | 80,404 | $ | 750,205 | |||||||||||||||
Unearned income | — | (17,039) | — | (17,039) | |||||||||||||||||||
Total | $ | 4,525,694 | $ | 9,906,537 | $ | 3,893,119 | $ | 18,325,350 |
Year | |||||
2022 | $ | 1,315,785 | |||
2023 | 232,748 | ||||
2024 | 71,064 | ||||
2025 | 29,367 | ||||
2026 | 14,810 | ||||
Thereafter | 63,702 | ||||
Total | $ | 1,727,476 |
Three months or less | $ | 132,545 | |||
Over three through six months | 127,783 | ||||
Over six through twelve months | 323,164 | ||||
Over twelve months | 162,053 | ||||
Total | $ | 745,545 |
CONSOLIDATED BALANCE SHEETS | ||||||||||||||
(dollars in thousands, except per-share data) |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
ASSETS | |||||||||||
Cash and due from banks | $ | 172,276 | $ | 120,462 | |||||||
Interest-bearing deposits with other banks | 1,466,338 | 1,727,370 | |||||||||
Cash and cash equivalents | 1,638,614 | 1,847,832 | |||||||||
FRB and FHLB stock | 57,635 | 92,129 | |||||||||
Loans held for sale | 35,768 | 83,886 | |||||||||
Investment securities: | |||||||||||
AFS, at estimated fair value | 3,187,390 | 3,062,143 | |||||||||
HTM, at amortized cost | 980,384 | 278,281 | |||||||||
Net Loans | 18,325,350 | 18,900,820 | |||||||||
Less: ACL - loans | (249,001) | (277,567) | |||||||||
Loans, net | 18,076,349 | 18,623,253 | |||||||||
Net premises and equipment | 220,357 | 231,480 | |||||||||
Accrued interest receivable | 57,451 | 72,942 | |||||||||
Goodwill and net intangible assets | 538,053 | 536,659 | |||||||||
Other assets | 1,004,397 | 1,078,128 | |||||||||
Total Assets | $ | 25,796,398 | $ | 25,906,733 | |||||||
LIABILITIES | |||||||||||
Deposits: | |||||||||||
Noninterest-bearing | $ | 7,370,963 | $ | 6,531,002 | |||||||
Interest-bearing | 14,202,536 | 14,308,205 | |||||||||
Total Deposits | 21,573,499 | 20,839,207 | |||||||||
Short-term borrowings | 416,764 | 630,066 | |||||||||
Accrued interest payable | 7,000 | 10,365 | |||||||||
Long-term borrowings | 621,345 | 1,296,263 | |||||||||
Other liabilities | 465,110 | 514,004 | |||||||||
Total Liabilities | 23,083,718 | 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 2021 and 2020, liquidation preference of $1,000 per share | 192,878 | 192,878 | |||||||||
Common stock, 2.50 par value, 600.0 million shares authorized, 223.9 million shares issued in 2021 and 223.2 million issued in 2020 | 559,766 | 557,917 | |||||||||
Additional paid-in capital | 1,519,873 | 1,508,117 | |||||||||
Retained earnings | 1,282,383 | 1,120,781 | |||||||||
Accumulated other comprehensive gain | 27,411 | 65,091 | |||||||||
Treasury stock, at cost, 63.4 million shares in 2021 and 60.8 million shares in 2020 | (869,631) | (827,956) | |||||||||
Total Shareholders’ Equity | 2,712,680 | 2,616,828 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 25,796,398 | $ | 25,906,733 | |||||||
See Notes to Consolidated Financial Statements |
CONSOLIDATED STATEMENTS OF INCOME | ||||||||||||||
(dollars in thousands, except per-share data) |
2021 | 2020 | 2019 | |||||||||||||||
Interest Income | |||||||||||||||||
Loans, including fees | $ | 638,595 | $ | 656,077 | $ | 737,932 | |||||||||||
Investment securities: | |||||||||||||||||
Taxable | 55,351 | 58,173 | 62,556 | ||||||||||||||
Tax-exempt | 24,470 | 21,047 | 14,218 | ||||||||||||||
Loans held for sale | 1,302 | 2,077 | 1,351 | ||||||||||||||
Other interest income | 3,694 | 5,504 | 9,249 | ||||||||||||||
Total Interest Income | 723,412 | 742,878 | 825,306 | ||||||||||||||
Interest Expense | |||||||||||||||||
Deposits | 30,005 | 70,046 | 131,775 | ||||||||||||||
Short-term borrowings | 583 | 5,227 | 14,543 | ||||||||||||||
Long-term borrowings | 29,094 | 38,398 | 30,599 | ||||||||||||||
Total Interest Expense | 59,682 | 113,671 | 176,917 | ||||||||||||||
Net Interest Income | 663,730 | 629,207 | 648,389 | ||||||||||||||
Provision for credit losses | (14,600) | 76,920 | 32,825 | ||||||||||||||
Net Interest Income After Provision for Credit Losses | 678,330 | 552,287 | 615,564 | ||||||||||||||
Non-Interest Income | |||||||||||||||||
Commercial banking | 68,689 | 70,286 | 71,117 | ||||||||||||||
Consumer banking | 45,544 | 41,598 | 49,503 | ||||||||||||||
Wealth management | 71,798 | 59,058 | 55,678 | ||||||||||||||
Mortgage banking | 33,576 | 42,309 | 23,099 | ||||||||||||||
Other | 20,622 | 13,084 | 12,030 | ||||||||||||||
Non-Interest Income Before Investment Securities Gains, Net | 240,229 | 226,335 | 211,427 | ||||||||||||||
Investment securities gains, net | 33,516 | 3,053 | 4,733 | ||||||||||||||
Total Non-Interest Income | 273,745 | 229,388 | 216,160 | ||||||||||||||
Non-Interest Expense | |||||||||||||||||
Salaries and employee benefits | 329,138 | 324,395 | 311,934 | ||||||||||||||
Data processing and software | 56,440 | 48,073 | 44,679 | ||||||||||||||
Net occupancy | 53,799 | 53,013 | 52,826 | ||||||||||||||
Other outside services | 34,194 | 31,432 | 39,989 | ||||||||||||||
Debt extinguishment | 33,249 | 2,878 | 4,326 | ||||||||||||||
State taxes | 18,793 | 12,613 | 8,894 | ||||||||||||||
Equipment | 13,807 | 13,885 | 13,575 | ||||||||||||||
FDIC insurance | 10,665 | 8,865 | 7,780 | ||||||||||||||
Professional fees | 9,647 | 12,835 | 13,134 | ||||||||||||||
Amortization of TCI | 6,187 | 6,126 | 6,021 | ||||||||||||||
Marketing | 5,275 | 5,127 | 9,848 | ||||||||||||||
Intangible amortization | 589 | 529 | 1,427 | ||||||||||||||
Other | 46,047 | 59,669 | 53,303 | ||||||||||||||
Total Non-Interest Expense | 617,830 | 579,440 | 567,736 | ||||||||||||||
Income Before Income Taxes | 334,245 | 202,235 | 263,988 | ||||||||||||||
Income taxes | 58,748 | 24,195 | 37,649 | ||||||||||||||
Net Income | 275,497 | 178,040 | 226,339 | ||||||||||||||
Preferred stock dividends | (10,277) | (2,135) | — | ||||||||||||||
Net Income Available to Common Shareholders | $ | 265,220 | $ | 175,905 | $ | 226,339 | |||||||||||
PER SHARE: | |||||||||||||||||
Net income available to common shareholders (basic) | $ | 1.63 | $ | 1.08 | $ | 1.36 | |||||||||||
Net income available to common shareholders (diluted) | 1.62 | 1.08 | 1.35 | ||||||||||||||
Cash dividends | 0.64 | 0.56 | 0.56 | ||||||||||||||
See Notes to Consolidated Financial Statements |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||||||||||||
(in thousands) |
2021 | 2020 | 2019 | ||||||||||||||||||
Net Income | $ | 275,497 | $ | 178,040 | 226,339 | |||||||||||||||
Other Comprehensive (Loss)/Income, net of tax: | ||||||||||||||||||||
Unrealized gains (losses) on AFS investment securities: | ||||||||||||||||||||
Unrealized (loss)/gain on securities | (17,948) | 65,651 | 56,919 | |||||||||||||||||
Reclassification adjustment for securities gains included in net income | (25,905) | (2,359) | (3,686) | |||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | 2,690 | 3,448 | 6,285 | |||||||||||||||||
Non-credit related unrealized (loss) gain on other-than-temporarily impaired debt securities | — | — | (680) | |||||||||||||||||
Net unrealized gains (losses) on AFS investment securities | (41,163) | 66,740 | 58,838 | |||||||||||||||||
Unrealized (losses) gains on interest rate swaps used in cash flow hedges: | ||||||||||||||||||||
Net unrealized holding (losses) gains arising during the period | (2,147) | — | — | |||||||||||||||||
Less: reclassification adjustment for net losses (gains) realized in net income | 2,670 | — | — | |||||||||||||||||
Net unrealized (losses) gains on interest rate swaps used in cash flow hedges | (4,817) | — | — | |||||||||||||||||
Defined benefit pension plan and postretirement benefits: | ||||||||||||||||||||
Unrecognized pension and postretirement (cost) income | 7,144 | (2,532) | (937) | |||||||||||||||||
Amortization of net unrecognized pension and postretirement income | 1,156 | 1,020 | 1,025 | |||||||||||||||||
Net unrealized (losses) gains on defined benefit pension and postretirement plans | 8,300 | (1,512) | 88 | |||||||||||||||||
Other Comprehensive (Loss)/Income | (37,680) | 65,228 | 58,926 | |||||||||||||||||
Total Comprehensive Income | $ | 237,817 | $ | 243,268 | $ | 285,265 | ||||||||||||||
See Notes to Consolidated Financial Statements |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY | ||||||||||||||
(in thousands, except per share data) |
Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive (Loss) Income | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | Retained Earnings | Treasury Stock | Total | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | — | $ | — | 170,184 | $ | 554,377 | $ | 1,489,703 | $ | 946,032 | $ | (59,063) | $ | (683,476) | $ | 2,247,573 | |||||||||||||||||||||||||||||||||||||
Net income | 226,339 | 226,339 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 58,926 | 58,926 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 883 | 1,733 | 2,565 | 2,064 | 6,362 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | 7,413 | 7,413 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | (6,849) | (111,457) | (111,457) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.56 per share | (92,980) | (92,980) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | — | $ | — | 164,218 | $ | 556,110 | $ | 1,499,681 | $ | 1,079,391 | $ | (137) | $ | (792,869) | $ | 2,342,176 | |||||||||||||||||||||||||||||||||||||
Net income | 178,040 | 178,040 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | 65,228 | 65,228 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock issued | 200 | 192,878 | 192,878 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 1,040 | 1,807 | 907 | 4,661 | 7,375 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | 7,529 | 7,529 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | (2,908) | (39,748) | (39,748) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment for CECL(1) | (43,807) | (43,807) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | (2,135) | (2,135) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.56 per share | (90,708) | (90,708) | |||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 275,497 | 275,497 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | (37,680) | (37,680) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 943 | 1,849 | 3,354 | 2,234 | 7,437 | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation awards | 8,402 | 8,402 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition of treasury stock | (2,803) | (43,909) | (43,909) | ||||||||||||||||||||||||||||||||||||||||||||||||||
Preferred stock dividend | (10,277) | (10,277) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock cash dividends - $0.64 per share | (103,618) | (103,618) | |||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | 200 | $ | 192,878 | 160,490 | $ | 559,766 | $ | 1,519,873 | $ | 1,282,383 | $ | 27,411 | $ | (869,631) | $ | 2,712,680 | |||||||||||||||||||||||||||||||||||||
See Notes to Consolidated Financial Statements |
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||||||||
(in thousands) |
2021 | 2020 | 2019 | |||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||||||||
Net Income | $ | 275,497 | $ | 178,040 | $ | 226,339 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Provision for credit losses | (14,600) | 76,920 | 32,825 | ||||||||||||||
Depreciation and amortization of premises and equipment | 28,802 | 28,803 | 28,200 | ||||||||||||||
Amortization of TCI | 28,003 | 30,800 | 32,810 | ||||||||||||||
Net amortization of investment securities premiums | 16,031 | 12,222 | 9,387 | ||||||||||||||
Deferred income tax benefit | 12,410 | (21,591) | (165) | ||||||||||||||
Investment securities gains, net | (33,516) | (3,053) | (4,733) | ||||||||||||||
Gain on sales of mortgage loans held for sale | (24,379) | (53,599) | (17,882) | ||||||||||||||
Proceeds from sales of mortgage loans held for sale | 1,050,943 | 1,536,174 | 916,725 | ||||||||||||||
Originations of mortgage loans held for sale | (978,446) | (1,528,633) | (909,572) | ||||||||||||||
Intangible amortization | 589 | 529 | 1,427 | ||||||||||||||
Amortization of issuance costs and discounts on long-term borrowings | 1,846 | 1,128 | 842 | ||||||||||||||
Debt extinguishment costs | 33,249 | 2,877 | — | ||||||||||||||
Stock-based compensation | 8,402 | 7,529 | 7,413 | ||||||||||||||
Other changes, net | (62,559) | (110,781) | (195,903) | ||||||||||||||
Total adjustments | 66,775 | (20,675) | (98,626) | ||||||||||||||
Net cash provided by operating activities | 342,272 | 157,365 | 127,713 | ||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||||||||
Proceeds from sales of AFS securities | 359,137 | 215,150 | 710,739 | ||||||||||||||
Proceeds from principal repayments and maturities of AFS securities | 469,393 | 430,845 | 234,702 | ||||||||||||||
Proceeds from principal repayments and maturities of HTM securities | 117,958 | 93,823 | 83,121 | ||||||||||||||
Purchase of AFS securities | (1,309,470) | (1,134,380) | (1,138,070) | ||||||||||||||
Purchase of HTM securities | (443,081) | — | — | ||||||||||||||
Sale of Visa Shares | 33,962 | — | — | ||||||||||||||
Sale (purchase) of FRB and FHLB stock | 34,494 | 5,293 | (18,139) | ||||||||||||||
Net decrease (increase) in loans | 561,664 | (2,072,831) | (708,048) | ||||||||||||||
Net purchases of premises and equipment | (17,679) | (20,237) | (33,717) | ||||||||||||||
Net cash paid for acquisition | (1,982) | (1,884) | (5,174) | ||||||||||||||
Net change in tax credit investments | (18,363) | (15,259) | (18,760) | ||||||||||||||
Net cash used in investing activities | (213,967) | (2,499,480) | (893,346) | ||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||||||||
Net increase in demand and savings deposits | 1,315,139 | 3,951,905 | 849,437 | ||||||||||||||
Net (decrease) increase in time deposits | (580,847) | (506,611) | 168,317 | ||||||||||||||
Net (decrease) increase in short-term borrowings | (213,302) | (253,175) | 128,464 | ||||||||||||||
Proceeds from long-term borrowings | 620 | 495,898 | 485,000 | ||||||||||||||
Repayments of long-term borrowings | (710,633) | (85,410) | (596,056) | ||||||||||||||
Net proceeds from issuance of preferred stock | — | 192,878 | — | ||||||||||||||
Net proceeds from issuance of common stock | 7,437 | 7,375 | 6,362 | ||||||||||||||
Dividends paid | (112,028) | (90,956) | (92,330) | ||||||||||||||
Acquisition of treasury stock | (43,909) | (39,748) | (111,457) | ||||||||||||||
Net cash (used in) provided by financing activities | (337,523) | 3,672,156 | 837,737 | ||||||||||||||
Net (decrease) increase in Cash and Cash Equivalents | (209,218) | 1,330,041 | 72,104 | ||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 1,847,832 | 517,791 | 445,687 | ||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 1,638,614 | $ | 1,847,832 | $ | 517,791 | |||||||||||
Supplemental Disclosures of Cash Flow Information: | |||||||||||||||||
Cash paid during the period for: | |||||||||||||||||
Interest | $ | 63,047 | $ | 112,140 | $ | 178,612 | |||||||||||
Income taxes | 27,870 | 16,190 | 9,193 | ||||||||||||||
Supplemental Schedule of Certain Noncash Activities: | |||||||||||||||||
Transfer of AFS securities to HTM securities | $ | 376,165 | $ | — | $ | — | |||||||||||
Transfer of HTM securities to AFS securities | — | — | 158,898 | ||||||||||||||
See Notes to Consolidated Financial Statements |
NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
NOTE 2 – RESTRICTIONS ON CASH AND CASH EQUIVALENTS |
NOTE 3 – INVESTMENT SECURITIES |
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
2021 | |||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||
U.S. Government securities | $ | 127,831 | $ | — | $ | (213) | $ | 127,618 | |||||||||||||||
State and municipal securities | 1,139,187 | 50,161 | (678) | 1,188,670 | |||||||||||||||||||
Corporate debt securities | 373,482 | 13,009 | (358) | 386,133 | |||||||||||||||||||
Collateralized mortgage obligations | 206,532 | 3,581 | (754) | 209,359 | |||||||||||||||||||
Residential mortgage-backed securities | 231,607 | 1,224 | (3,036) | 229,795 | |||||||||||||||||||
Commercial mortgage-backed securities | 974,541 | 6,141 | (9,534) | 971,148 | |||||||||||||||||||
Auction rate securities | 76,350 | — | (1,683) | 74,667 | |||||||||||||||||||
Total | $ | 3,129,530 | $ | 74,116 | $ | (16,256) | $ | 3,187,390 | |||||||||||||||
Held to Maturity | |||||||||||||||||||||||
Residential mortgage-backed securities | $ | 404,958 | $ | 11,022 | $ | (7,067) | $ | 408,913 | |||||||||||||||
Commercial mortgage-backed securities | 575,426 | — | (18,472) | 556,954 | |||||||||||||||||||
Total | $ | 980,384 | $ | 11,022 | $ | (25,539) | $ | 965,867 | |||||||||||||||
2020 | |||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||
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 | |||||||||||||||
Available for Sale | Held to Maturity | ||||||||||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Due in one year or less | $ | 9,053 | $ | 9,175 | $ | — | $ | — | |||||||||||||||
Due from one year to five years | 163,249 | 163,924 | — | — | |||||||||||||||||||
Due from five years to ten years | 391,040 | 405,782 | — | — | |||||||||||||||||||
Due after ten years | 1,153,508 | 1,198,207 | — | — | |||||||||||||||||||
1,716,850 | 1,777,088 | — | — | ||||||||||||||||||||
Residential mortgage-backed securities (1) | 231,607 | 229,795 | 404,958 | 408,913 | |||||||||||||||||||
Commercial mortgage-backed securities (1) | 974,541 | 971,148 | 575,426 | 556,954 | |||||||||||||||||||
Collateralized mortgage obligations (1) | 206,532 | 209,359 | — | — | |||||||||||||||||||
Total | $ | 3,129,530 | $ | 3,187,390 | $ | 980,384 | $ | 965,867 |
Gross Realized Gains | Gross Realized Losses | Net Gains | |||||||||||||||
(in thousands) | |||||||||||||||||
2021 | $ | 35,593 | $ | (2,077) | $ | 33,516 | |||||||||||
2020 | 6,545 | (3,492) | 3,053 | ||||||||||||||
2019 | 11,554 | (6,821) | 4,733 |
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 | ||||||||||||||||||||||||||||||||||||||||
2021 | (dollars in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government securities | 2 | $ | 127,618 | $ | (213) | — | $ | — | $ | — | $ | 127,618 | $ | (213) | |||||||||||||||||||||||||||||||||
State and municipal securities | 29 | 82,731 | (678) | — | — | — | 82,731 | (678) | |||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 6 | 43,068 | (358) | — | — | — | 43,068 | (358) | |||||||||||||||||||||||||||||||||||||||
Collateralized mortgage obligations | 4 | 28,517 | (754) | — | — | — | 28,517 | (754) | |||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 7 | 123,687 | (2,388) | 1 | 16,669 | (648) | 140,356 | (3,036) | |||||||||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 41 | 512,312 | (9,534) | — | — | — | 512,312 | (9,534) | |||||||||||||||||||||||||||||||||||||||
Auction rate securities | — | — | — | 118 | 74,667 | (1,683) | 74,667 | (1,683) | |||||||||||||||||||||||||||||||||||||||
Total available for sale | 89 | $ | 917,933 | $ | (13,925) | 119 | $ | 91,336 | $ | (2,331) | $ | 1,009,269 | $ | (16,256) | |||||||||||||||||||||||||||||||||
Held to Maturity | |||||||||||||||||||||||||||||||||||||||||||||||
Residential mortgage-backed securities | 14 | $ | 205,969 | $ | (7,067) | — | $ | — | $ | — | $ | 205,969 | $ | (7,067) | |||||||||||||||||||||||||||||||||
Commercial mortgage-backed securities | 36 | 556,954 | (18,472) | — | — | — | 556,954 | (18,472) | |||||||||||||||||||||||||||||||||||||||
Total | 50 | $ | 762,923 | $ | (25,539) | — | $ | — | $ | — | $ | 762,923 | $ | (25,539) |
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 | ||||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Available for Sale | |||||||||||||||||||||||||||||||||||||||||||||||
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 | 22 | $ | 266,636 | $ | (1,660) | 163 | $ | 105,077 | $ | (3,618) | $ | 371,713 | $ | (5,278) | |||||||||||||||||||||||||||||||||
NOTE 4 – Loans and Allowance for Credit Losses |
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Real estate - commercial mortgage | $ | 7,279,080 | $ | 7,105,092 | |||||||
Commercial and industrial (1) | 4,208,327 | 5,670,828 | |||||||||
Real-estate - residential mortgage | 3,846,750 | 3,141,915 | |||||||||
Real-estate - home equity | 1,118,248 | 1,202,913 | |||||||||
Real-estate - construction | 1,139,779 | 1,047,218 | |||||||||
Consumer | 464,657 | 466,772 | |||||||||
Equipment lease financing and other | 283,557 | 284,377 | |||||||||
Overdrafts | 1,988 | 4,806 | |||||||||
Gross loans | 18,342,386 | 18,923,921 | |||||||||
Unearned income | (17,036) | (23,101) | |||||||||
Net Loans | $ | 18,325,350 | $ | 18,900,820 |
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
ACL - loans | $ | 249,001 | $ | 277,567 | |||||||
ACL - OBS credit exposure | 14,533 | 14,373 | |||||||||
Total ACL | $ | 263,534 | $ | 291,940 |
2021 | 2020 | 2019 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Balance at beginning of period | $ | 291,940 | $ | 166,209 | $ | 169,410 | ||||||||||||||
Impact of adopting CECL on January 1, 2020 (1) | — | 58,348 | — | |||||||||||||||||
Loans charged off | (30,952) | (30,557) | (53,189) | |||||||||||||||||
Recoveries of loans previously charged off | 17,146 | 21,020 | 17,163 | |||||||||||||||||
Net loans charged off | (13,806) | (9,537) | (36,026) | |||||||||||||||||
Provision for credit losses (2) | (14,600) | 76,920 | 32,825 | |||||||||||||||||
Balance at the end of the period (3) | $ | 263,534 | $ | 291,940 | $ | 166,209 |
Real Estate - Commercial Mortgage | Commercial and Industrial | Real Estate - Home Equity | Real Estate - Residential Mortgage | Real Estate - Construction | Consumer | Equipment Finance Leasing and Other | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
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 | (4,225) | (18,915) | (1,193) | (620) | (17) | (3,400) | (2,187) | (30,557) | |||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 1,027 | 11,396 | 504 | 491 | 5,122 | 1,875 | 605 | 21,020 | |||||||||||||||||||||||||||||||||||||||
Net loans recovered (charged off) | (3,198) | (7,519) | (689) | (129) | 5,105 | (1,525) | (1,582) | (9,537) | |||||||||||||||||||||||||||||||||||||||
Provision for loan losses (1) | 31,652 | 32,264 | (2,758) | 11,118 | 2,045 | 2,699 | 739 | 77,759 | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 103,425 | 74,771 | 14,232 | 51,995 | 15,608 | 10,905 | 6,631 | 277,567 | |||||||||||||||||||||||||||||||||||||||
Loans charged off | (8,726) | (15,337) | (676) | (1,290) | (39) | (2,633) | (2,251) | (30,952) | |||||||||||||||||||||||||||||||||||||||
Recoveries of loans previously charged off | 2,474 | 9,587 | 248 | 375 | 1,412 | 2,097 | 953 | 17,146 | |||||||||||||||||||||||||||||||||||||||
Net loans recovered (charged off) | (6,252) | (5,750) | (428) | (915) | 1,373 | (536) | (1,298) | (13,806) | |||||||||||||||||||||||||||||||||||||||
Provision for loan losses(1) | (9,203) | (1,965) | (2,595) | 3,156 | (4,040) | (1,829) | 1,716 | (14,760) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | 87,970 | $ | 67,056 | $ | 11,209 | $ | 54,236 | $ | 12,941 | $ | 8,540 | $ | 7,049 | $ | 249,001 |
2021 | 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 | $ | 20,564 | $ | 32,251 | $ | 52,815 | $ | 19,909 | $ | 31,561 | $ | 51,470 | |||||||||||||||||||||||
Commercial and industrial | 12,571 | 17,570 | 30,141 | 13,937 | 18,056 | 31,993 | |||||||||||||||||||||||||||||
Real estate - residential mortgage | 35,269 | — | 35,269 | 24,590 | 1,517 | 26,107 | |||||||||||||||||||||||||||||
Real estate - home equity | 8,671 | — | 8,671 | 9,398 | 190 | 9,588 | |||||||||||||||||||||||||||||
Real estate - construction | 173 | 728 | 901 | 437 | 958 | 1,395 | |||||||||||||||||||||||||||||
Consumer | 229 | — | 229 | 332 | — | 332 | |||||||||||||||||||||||||||||
Equipment lease financing and other | 6,247 | 9,393 | 15,640 | — | 16,313 | 16,313 | |||||||||||||||||||||||||||||
Total | $ | 83,724 | $ | 59,942 | $ | 143,666 | $ | 68,603 | $ | 68,595 | $ | 137,198 | |||||||||||||||||||||||
December 31, 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 | $ | 190,030 | $ | 315,811 | $ | 113,245 | $ | 83,886 | $ | 17,545 | $ | 117,157 | $ | 46,409 | $ | — | $ | 884,083 | ||||||||||||||
Special Mention | 5,843 | 775 | 9,984 | 20,200 | 15,724 | 6,315 | — | — | 58,841 | |||||||||||||||||||||||
Substandard or Lower | — | — | — | — | 1,912 | 4,185 | 227 | — | 6,324 | |||||||||||||||||||||||
Total real estate - construction | 195,873 | 316,586 | 123,229 | 104,086 | 35,181 | 127,657 | 46,636 | — | 949,248 | |||||||||||||||||||||||
Real estate - construction (1) | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | (39) | — | — | — | — | — | (39) | |||||||||||||||||||||||
Current period recoveries | — | — | 39 | — | — | 1,373 | — | — | 1,412 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | — | — | — | 1,373 | — | — | 1,373 | |||||||||||||||||||||||
Commercial and industrial (2) | ||||||||||||||||||||||||||||||||
Pass | 855,924 | 520,802 | 396,575 | 232,805 | 147,675 | 581,762 | 1,177,857 | 339 | 3,913,739 | |||||||||||||||||||||||
Special Mention | 5,386 | 8,538 | 33,937 | 8,301 | 10,346 | 23,380 | 52,386 | 95 | 142,369 | |||||||||||||||||||||||
Substandard or Lower | 1,225 | 9,775 | 19,393 | 24,327 | 11,912 | 34,825 | 49,562 | 1,200 | 152,219 | |||||||||||||||||||||||
Total commercial and industrial | 862,535 | 539,115 | 449,905 | 265,433 | 169,933 | 639,967 | 1,279,805 | 1,634 | 4,208,327 | |||||||||||||||||||||||
Commercial and industrial | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | (2,977) | (406) | (4,966) | (208) | (286) | (800) | (5,694) | — | (15,337) | |||||||||||||||||||||||
Current period recoveries | 6 | 39 | 4,691 | 841 | 457 | 2,342 | 1,211 | — | 9,587 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | (2,971) | (367) | (275) | 633 | 171 | 1,542 | (4,483) | — | (5,750) | |||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Pass | 1,086,113 | 899,172 | 826,866 | 624,653 | 712,223 | 2,356,308 | 55,370 | — | 6,560,705 | |||||||||||||||||||||||
Special Mention | 1,317 | 60,732 | 96,508 | 25,280 | 33,595 | 169,732 | 115 | — | 387,279 | |||||||||||||||||||||||
Substandard or Lower | 1,537 | 8,516 | 28,810 | 68,818 | 69,793 | 151,450 | 684 | 1,488 | 331,096 | |||||||||||||||||||||||
Total real estate - commercial mortgage | 1,088,967 | 968,420 | 952,184 | 718,751 | 815,611 | 2,677,490 | 56,169 | 1,488 | 7,279,080 | |||||||||||||||||||||||
Real estate - commercial mortgage | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | (14) | (25) | (6,972) | (1,517) | (198) | — | (8,726) | |||||||||||||||||||||||
Current period recoveries | — | — | — | — | 983 | 1,491 | — | — | 2,474 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | (14) | (25) | (5,989) | (26) | (198) | — | (6,252) | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Pass | $ | 2,132,067 | $ | 1,735,785 | $ | 1,336,686 | $ | 941,344 | $ | 877,443 | $ | 3,055,227 | $ | 1,279,636 | $ | 339 | $ | 11,358,527 | ||||||||||||||
Special Mention | 12,546 | 70,045 | 140,429 | 53,781 | 59,665 | 199,427 | 52,501 | 95 | 588,489 | |||||||||||||||||||||||
Substandard or Lower | 2,762 | 18,291 | 48,203 | 93,145 | 83,617 | 190,460 | 50,473 | 2,688 | 489,639 | |||||||||||||||||||||||
Total | $ | 2,147,375 | $ | 1,824,121 | $ | 1,525,318 | $ | 1,088,270 | $ | 1,020,725 | $ | 3,445,114 | $ | 1,382,610 | $ | 3,122 | $ | 12,436,655 |
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 (2) | ||||||||||||||||||||||||||||||||
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 |
December 31, 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 | $ | 32,682 | $ | 23,478 | $ | 7,024 | $ | 9,255 | $ | 7,415 | $ | 92,983 | $ | 930,289 | $ | 3,999 | $ | 1,107,125 | ||||||||||||||
Non-performing | — | — | — | 15 | 282 | 2,145 | 8,483 | 198 | 11,123 | |||||||||||||||||||||||
Total real estate - home equity | 32,682 | 23,478 | 7,024 | 9,270 | 7,697 | 95,128 | 938,772 | 4,197 | 1,118,248 | |||||||||||||||||||||||
Real estate - home equity | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | (41) | — | — | (171) | (464) | — | (676) | |||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | 96 | 152 | — | 248 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | (41) | — | — | (75) | (312) | — | (428) | |||||||||||||||||||||||
Real estate - residential mortgage | ||||||||||||||||||||||||||||||||
Performing | 1,548,174 | 1,133,602 | 344,625 | 113,801 | 198,164 | 468,842 | — | — | 3,807,208 | |||||||||||||||||||||||
Non-performing | — | 6,753 | 2,189 | 3,424 | 2,844 | 24,332 | — | — | 39,542 | |||||||||||||||||||||||
Total real estate - residential mortgage | 1,548,174 | 1,140,355 | 346,814 | 117,225 | 201,008 | 493,174 | — | — | 3,846,750 | |||||||||||||||||||||||
Real estate - residential mortgage | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | (626) | (148) | (125) | (4) | (387) | — | — | (1,290) | |||||||||||||||||||||||
Current period recoveries | — | — | 1 | 18 | — | 264 | 92 | — | 375 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | (626) | (147) | (107) | (4) | (123) | 92 | — | (915) | |||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Performing | 129,759 | 79,440 | 66,745 | 59,309 | 25,839 | 42,429 | 60,553 | — | 464,074 | |||||||||||||||||||||||
Non-performing | 122 | 101 | 60 | 36 | 32 | 203 | 29 | — | 583 | |||||||||||||||||||||||
Total consumer | 129,881 | 79,541 | 66,805 | 59,345 | 25,871 | 42,632 | 60,582 | — | 464,657 | |||||||||||||||||||||||
Consumer | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | (175) | (491) | (455) | (238) | (224) | (240) | (810) | — | (2,633) | |||||||||||||||||||||||
Current period recoveries | — | 223 | 131 | 131 | 167 | 952 | 493 | — | 2,097 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | (175) | (268) | (324) | (107) | (57) | 712 | (317) | — | (536) | |||||||||||||||||||||||
Equipment lease financing and other | ||||||||||||||||||||||||||||||||
Performing | 97,077 | 65,316 | 49,591 | 34,107 | 22,444 | 1,369 | — | — | 269,904 | |||||||||||||||||||||||
Non-performing | — | — | — | — | 15,503 | 138 | — | — | 15,641 | |||||||||||||||||||||||
Total leasing and other | 97,077 | 65,316 | 49,591 | 34,107 | 37,947 | 1,507 | — | — | 285,545 | |||||||||||||||||||||||
Equipment lease financing and other | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | (975) | (1,276) | — | — | — | — | — | — | (2,251) | |||||||||||||||||||||||
Current period recoveries | 255 | 539 | 88 | 10 | 18 | 43 | — | — | 953 | |||||||||||||||||||||||
Total net (charge-offs) recoveries | (720) | (737) | 88 | 10 | 18 | 43 | — | — | (1,298) | |||||||||||||||||||||||
Construction - other | ||||||||||||||||||||||||||||||||
Performing | 144,652 | 40,040 | 638 | 5,028 | — | — | — | — | 190,358 | |||||||||||||||||||||||
Non-performing | — | — | — | — | 173 | — | — | — | 173 | |||||||||||||||||||||||
Total construction - other | 144,652 | 40,040 | 638 | 5,028 | 173 | — | — | — | 190,531 | |||||||||||||||||||||||
Construction - other | ||||||||||||||||||||||||||||||||
Current period gross charge-offs | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Current period recoveries | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total net (charge-offs) recoveries | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total | ||||||||||||||||||||||||||||||||
Performing | $ | 1,952,344 | $ | 1,341,876 | $ | 468,623 | $ | 221,500 | $ | 253,862 | $ | 605,623 | $ | 990,842 | $ | 3,999 | $ | 5,838,669 | ||||||||||||||
Non-performing | 122 | 6,854 | 2,249 | 3,475 | 18,834 | 26,818 | 8,512 | 198 | 67,062 | |||||||||||||||||||||||
Total | $ | 1,952,466 | $ | 1,348,730 | $ | 470,872 | $ | 224,975 | $ | 272,696 | $ | 632,441 | $ | 999,354 | $ | 4,197 | $ | 5,905,731 | ||||||||||||||
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 | ||||||||||||||
Non-performing | — | 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 | |||||||||||||||||||||||
Non-performing | 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 | |||||||||||||||||||||||
Non-performing | 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 | |||||||||||||||||||||||
Non-performing | — | — | 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 | |||||||||||||||||||||||
Non-performing | — | — | — | 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 | ||||||||||||||
Non-performing | 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 |
December 31, 2021 | December 31, 2020 | ||||||||||
(in thousands) | |||||||||||
Non-accrual loans | $ | 143,666 | $ | 137,198 | |||||||
Loans 90 days or more past due and still accruing | 8,453 | 9,929 | |||||||||
Total non-performing loans | 152,119 | 147,127 | |||||||||
OREO (1) | 1,817 | 4,178 | |||||||||
Total non-performing assets | $ | 153,936 | $ | 151,305 |
30-59 | 60-89 | ≥ 90 Days | |||||||||||||||||||||||||||||||||
Days Past | Days Past | Past Due | Non- | ||||||||||||||||||||||||||||||||
Due | Due | and Accruing | Accrual | Current | Total | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||
December 31, 2021 | |||||||||||||||||||||||||||||||||||
Real estate – commercial mortgage | $ | 1,089 | $ | 1,750 | $ | 1,229 | $ | 52,815 | $ | 7,222,197 | $ | 7,279,080 | |||||||||||||||||||||||
Commercial and industrial | 5,457 | 1,932 | 488 | 30,141 | 4,170,309 | 4,208,327 | |||||||||||||||||||||||||||||
Real estate – residential mortgage | 22,957 | 2,920 | 4,130 | 35,269 | 3,781,474 | 3,846,750 | |||||||||||||||||||||||||||||
Real estate – home equity | 4,369 | 1,154 | 2,253 | 8,671 | 1,101,801 | 1,118,248 | |||||||||||||||||||||||||||||
Real estate – construction | 1,318 | — | — | 901 | 1,137,560 | 1,139,779 | |||||||||||||||||||||||||||||
Consumer | 3,561 | 876 | 353 | 229 | 459,638 | 464,657 | |||||||||||||||||||||||||||||
Equipment lease financing and other | 226 | 27 | — | 15,640 | 252,616 | 268,509 | |||||||||||||||||||||||||||||
Total | $ | 38,977 | $ | 8,659 | $ | 8,453 | $ | 143,666 | $ | 18,125,595 | $ | 18,325,350 |
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 | |||||||||||||||||||||||
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Real estate - commercial mortgage | $ | 3,464 | $ | 28,451 | |||||||
Commercial and industrial | 1,857 | 6,982 | |||||||||
Real estate - residential mortgage | 11,948 | 18,602 | |||||||||
Real estate - home equity | 12,218 | 14,391 | |||||||||
Consumer | 5 | — | |||||||||
Total accruing TDRs | 29,492 | 68,426 | |||||||||
Non-accrual TDRs (1) | 55,945 | 35,755 | |||||||||
Total TDRs | $ | 85,437 | $ | 104,181 |
2021 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Number of Loans | Post-Modification Recorded Investment | Number of Loans | Post-Modification Recorded Investment | Number of Loans | Post-Modification Recorded Investment | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Real estate - commercial mortgage | 9 | $ | 16,020 | 12 | $ | 24,868 | 2 | $ | 263 | ||||||||||||||||||||||||||
Commercial and industrial | 10 | 2,823 | 20 | 5,218 | 16 | 5,378 | |||||||||||||||||||||||||||||
Real estate - residential mortgage | 46 | 13,256 | 48 | 10,493 | 6 | 2,252 | |||||||||||||||||||||||||||||
Real estate - home equity | 30 | 1,226 | 48 | 4,359 | 59 | 2,706 | |||||||||||||||||||||||||||||
Real estate - construction | 1 | 154 | — | — | — | — | |||||||||||||||||||||||||||||
Consumer | — | — | 14 | 345 | — | — | |||||||||||||||||||||||||||||
Total | 96 | $ | 33,479 | 142 | $ | 45,283 | 83 | $ | 10,599 |
NOTE 5 – PREMISES AND EQUIPMENT |
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Land | $ | 38,494 | $ | 38,654 | |||||||
Buildings and improvements | 346,098 | 343,604 | |||||||||
Furniture and equipment | 145,627 | 165,572 | |||||||||
Construction in progress | 8,644 | 5,423 | |||||||||
Total premises and equipment | 538,863 | 553,253 | |||||||||
Less: Accumulated depreciation and amortization | (318,506) | (321,773) | |||||||||
Net premises and equipment | $ | 220,357 | $ | 231,480 |
NOTE 6 – GOODWILL AND INTANGIBLE ASSETS |
2021 | 2020 | ||||||||||
(in millions) | |||||||||||
Intangible assets | |||||||||||
Amortizing intangible assets | $ | 5.4 | $ | 4.3 | |||||||
Accumulated amortization | (1.6) | (1.0) | |||||||||
Net intangibles | $ | 3.8 | $ | 3.3 |
NOTE 7 – MORTGAGE SERVICING RIGHTS |
2021 | 2020 | 2019 | |||||||||||||||
(in thousands) | |||||||||||||||||
Amortized cost: | |||||||||||||||||
Balance at beginning of period | $ | 38,745 | $ | 39,267 | $ | 38,573 | |||||||||||
Originations of MSRs | 9,216 | 12,173 | 7,546 | ||||||||||||||
Amortization | (11,968) | (12,695) | (6,852) | ||||||||||||||
Balance at end of period | $ | 35,993 | $ | 38,745 | $ | 39,267 | |||||||||||
Valuation allowance: | |||||||||||||||||
Balance at beginning of period | $ | (10,500) | $ | — | $ | — | |||||||||||
Reduction (addition) to valuation allowance | 9,900 | (10,500) | — | ||||||||||||||
Balance at end of period | $ | (600) | $ | (10,500) | $ | — | |||||||||||
Net MSRs at end of period | $ | 35,393 | $ | 28,245 | $ | 39,267 | |||||||||||
Estimated fair value of MSRs at end of period | $ | 35,393 | $ | 28,245 | $ | 45,193 | |||||||||||
Year | |||||
2022 | $ | 6,104 | |||
2023 | 5,665 | ||||
2024 | 5,186 | ||||
2025 | 4,663 | ||||
2026 | 4,095 | ||||
Thereafter | 10,280 | ||||
Total estimated amortization expense | $ | 35,993 |
NOTE 8 – DEPOSITS |
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Noninterest-bearing demand | $ | 7,370,963 | $ | 6,531,002 | |||||||
Interest-bearing demand | 5,819,539 | 5,818,564 | |||||||||
Savings and money market accounts | 6,403,995 | 5,929,792 | |||||||||
Total demand and savings | 19,594,497 | 18,279,358 | |||||||||
Brokered deposits | 251,526 | 335,185 | |||||||||
Time deposits | 1,727,476 | 2,224,664 | |||||||||
Total Deposits | $ | 21,573,499 | $ | 20,839,207 |
Year | |||||
2022 | $ | 1,315,785 | |||
2023 | 232,748 | ||||
2024 | 71,064 | ||||
2025 | 29,367 | ||||
2026 | 14,810 | ||||
Thereafter | 63,702 | ||||
$ | 1,727,476 |
NOTE 9 – SHORT-TERM AND LONG-TERM BORROWINGS |
December 31 | Maximum Outstanding | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Federal funds purchased | $ | — | $ | — | $ | — | $ | 200,000 | |||||||||||||||
Short-term FHLB advances (1) | — | — | — | 980,000 | |||||||||||||||||||
Customer funding (2) | 416,764 | 630,066 | 552,547 | 630,066 | |||||||||||||||||||
Total short-term borrowings | $ | 416,764 | $ | 630,066 |
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
FHLB advances | $ | — | $ | 535,973 | |||||||
Subordinated debt | 543,778 | 625,000 | |||||||||
Senior notes | 65,000 | 125,000 | |||||||||
Junior subordinated deferrable interest debentures | 16,496 | 16,496 | |||||||||
Other long-term debt | 939 | 507 | |||||||||
Unamortized discounts and issuance costs | (4,868) | (6,713) | |||||||||
Total long-term borrowings | $ | 621,345 | $ | 1,296,263 |
Year | |||||
2022 | $ | 65,313 | |||
2023 | 313 | ||||
2024 | 169,091 | ||||
2025 | — | ||||
2026 | — | ||||
Thereafter | 391,496 | ||||
Unamortized discounts and issuance costs | (4,868) | ||||
$ | 621,345 |
Debentures Issued to | Fixed/ Variable | Interest Rate | Amount | Maturity | Callable | Call Price | |||||||||||||||||||||||||||||
Columbia Bancorp Statutory Trust | Variable | 2.78 | % | $ | 6,186 | 06/30/34 | 03/31/22 | 100.0 | |||||||||||||||||||||||||||
Columbia Bancorp Statutory Trust II | Variable | 2.09 | % | 4,124 | 03/15/35 | 03/15/22 | 100.0 | ||||||||||||||||||||||||||||
Columbia Bancorp Statutory Trust III | Variable | 1.97 | % | 6,186 | 06/15/35 | 03/15/22 | 100.0 | ||||||||||||||||||||||||||||
$ | 16,496 |
NOTE 10 – DERIVATIVE FINANCIAL INSTRUMENTS |
2021 | 2020 | ||||||||||||||||||||||
Notional Amount | Asset (Liability) Fair Value | Notional Amount | Asset (Liability) Fair Value | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Interest Rate Locks with Customers | |||||||||||||||||||||||
Positive fair values | $ | 261,428 | $ | 2,326 | $ | 382,903 | $ | 8,034 | |||||||||||||||
Negative fair values | 2,549 | (23) | 3,154 | (35) | |||||||||||||||||||
Forward Commitments | |||||||||||||||||||||||
Positive fair values | 51,000 | 41 | — | — | |||||||||||||||||||
Negative fair values | — | — | 292,262 | (2,263) | |||||||||||||||||||
Interest Rate Swaps with Customers | |||||||||||||||||||||||
Positive fair values | 3,213,924 | 153,752 | 3,834,062 | 330,951 | |||||||||||||||||||
Negative fair values | 752,462 | (4,766) | 45,640 | (2) | |||||||||||||||||||
Interest Rate Swaps with Dealer Counterparties | |||||||||||||||||||||||
Positive fair values | 752,462 | 4,766 | 45,640 | 2 | |||||||||||||||||||
Negative fair values | 3,213,924 | (79,889) | 3,834,062 | (165,205) | |||||||||||||||||||
Interest Rate Swaps used in Cash Flow Hedges | |||||||||||||||||||||||
Positive fair values | 500,000 | 60 | — | — | |||||||||||||||||||
Negative fair values | 500,000 | (1,432) | — | — | |||||||||||||||||||
Foreign Exchange Contracts with Customers | |||||||||||||||||||||||
Positive fair values | 7,629 | 229 | 1,121 | 5 | |||||||||||||||||||
Negative fair values | 3,388 | (51) | 5,963 | (275) | |||||||||||||||||||
Foreign Exchange Contracts with Correspondent Banks | |||||||||||||||||||||||
Positive fair values | 3,656 | 69 | 6,372 | 318 | |||||||||||||||||||
Negative fair values | 9,364 | (240) | 1,422 | (5) |
Amount of Gain (Loss) Recognized in OCI on Derivative | Amount of Gain (Loss) Recognized in OCI Included Component | Amount of Gain or (Loss) Recognized in OCI Excluded Component | Location of Gain or (Loss) Recognized from AOCI into Income | Amount of Gain Reclassified from AOCI into Income | Amount of Gain Reclassified from AOCI into Income Included Component | Amount of Gain or (Loss) Reclassified from AOCI into Income Excluded Component | |||||||||||||||||||||||||||||||||||
Derivatives in Cash Flow Hedging Relationships: | |||||||||||||||||||||||||||||||||||||||||
Interest Rate Products | (3,452,060) | (3,452,060) | — | Interest income | 2,775,589 | 2,775,589 | — |
Consolidated Statements of Income Classification | |||||||||||
Interest Income | Interest Expense | ||||||||||
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 | $ | 2,776 | $ | — | |||||||
The effects of fair value and cash flow hedging: | |||||||||||
Amount of gain or (loss) on cash flow hedging relationships | — | — | |||||||||
Interest contracts: | |||||||||||
Amount of gain reclassified from AOCI into income | 2,776 | — | |||||||||
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 | 2,776 | — | |||||||||
Amount of Gain or (Loss) Reclassified from AOCI into Income - Excluded Component | — | — |
Consolidated Statements of Income Classification | 2021 | 2020 | 2019 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Mortgage banking derivatives (1) | Mortgage banking | $ | (3,392) | $ | 4,974 | $ | 689 | ||||||||||||||||
Interest rate swaps | Other expense | 1,050 | 70 | 122 | |||||||||||||||||||
Foreign exchange contracts | Other income | (36) | 12 | 20 | |||||||||||||||||||
Net fair value gains (losses) on derivative financial instruments | $ | (2,378) | $ | 5,056 | $ | 831 |
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Amortized cost (1) | $ | 35,050 | $ | 80,662 | |||||||
Fair value | 35,768 | 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) | |||||||||||||||||||||||
2021 | |||||||||||||||||||||||
Interest rate swap derivative assets | $ | 158,578 | $ | (8,028) | $ | — | $ | 150,550 | |||||||||||||||
Foreign exchange derivative assets with correspondent banks | 69 | (69) | — | — | |||||||||||||||||||
Total | $ | 158,647 | $ | (8,097) | $ | — | $ | 150,550 | |||||||||||||||
Interest rate swap derivative liabilities | $ | 86,087 | $ | (6,656) | $ | (74,359) | $ | 5,072 | |||||||||||||||
Foreign exchange derivative liabilities with correspondent banks | 240 | (69) | — | 171 | |||||||||||||||||||
Total | $ | 86,327 | $ | (6,725) | $ | (74,359) | $ | 5,243 | |||||||||||||||
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) | $ | — |
NOTE 11 – REGULATORY MATTERS |
2021 | |||||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | Well Capitalized | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | $ | 2,841,529 | 14.1 | % | $ | 1,610,429 | 8.0 | % | N/A | N/A | |||||||||||||||||||||||||
Fulton Bank, N.A. | 2,591,332 | 12.9 | 1,602,597 | 8.0 | $ | 2,003,246 | 10.0 | % | |||||||||||||||||||||||||||
Tier I Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | $ | 2,195,647 | 10.9 | % | $ | 1,207,822 | 6.0 | % | N/A | N/A | |||||||||||||||||||||||||
Fulton Bank, N.A | 2,395,890 | 12.0 | 1,201,948 | 6.0 | $ | 1,602,597 | 8.0 | % | |||||||||||||||||||||||||||
Common Equity Tier I Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | $ | 2,002,769 | 9.9 | % | $ | 905,866 | 4.5 | % | N/A | N/A | |||||||||||||||||||||||||
Fulton Bank, N.A | 2,351,890 | 11.7 | 901,461 | 4.5 | $ | 1,302,110 | 6.5 | % | |||||||||||||||||||||||||||
Tier I Leverage Capital (to Average Assets): | |||||||||||||||||||||||||||||||||||
Corporation | $ | 2,195,647 | 8.6 | % | $ | 1,023,787 | 4.0 | % | N/A | N/A | |||||||||||||||||||||||||
Fulton Bank, N.A | 2,395,890 | 9.4 | 1,017,083 | 4.0 | $ | 1,271,354 | 5.0 | % |
2020 | |||||||||||||||||||||||||||||||||||
Actual | For Capital Adequacy Purposes | Well Capitalized | |||||||||||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | $ | 2,837,801 | 14.4 | % | $ | 1,571,876 | 8.0 | % | N/A | N/A | |||||||||||||||||||||||||
Fulton Bank, N.A. | 2,758,963 | 14.1 | 1,562,322 | 8.0 | $ | 1,952,903 | 10.0 | % | |||||||||||||||||||||||||||
Tier I Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | $ | 2,067,640 | 10.5 | % | $ | 1,178,907 | 6.0 | % | N/A | N/A | |||||||||||||||||||||||||
Fulton Bank, N.A | 2,529,802 | 13.0 | 1,171,742 | 6.0 | $ | 1,562,322 | 8.0 | % | |||||||||||||||||||||||||||
Common Equity Tier I Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||||||||||||
Corporation | $ | 1,874,762 | 9.5 | % | $ | 884,181 | 4.5 | % | N/A | N/A | |||||||||||||||||||||||||
Fulton Bank, N.A | 2,485,802 | 12.7 | 878,806 | 4.5 | $ | 1,269,387 | 6.5 | % | |||||||||||||||||||||||||||
Tier I Leverage Capital (to Average Assets): | |||||||||||||||||||||||||||||||||||
Corporation | $ | 2,067,640 | 8.2 | % | $ | 1,009,469 | 4.0 | % | N/A | N/A | |||||||||||||||||||||||||
Fulton Bank, N.A | 2,529,802 | 10.1 | 1,001,313 | 4.0 | $ | 1,251,641 | 5.0 | % |
NOTE 12 – INCOME TAXES |
2021 | 2020 | 2019 | |||||||||||||||
(in thousands) | |||||||||||||||||
Current tax expense: | |||||||||||||||||
Federal | $ | 35,692 | $ | 38,397 | $ | 32,610 | |||||||||||
State | 10,646 | 7,389 | 5,204 | ||||||||||||||
46,338 | 45,786 | 37,814 | |||||||||||||||
Deferred tax (benefit) expense: | |||||||||||||||||
Federal | 11,081 | (18,131) | (1,271) | ||||||||||||||
State | 1,329 | (3,460) | 1,106 | ||||||||||||||
12,410 | (21,591) | (165) | |||||||||||||||
Total income tax expense | $ | 58,748 | $ | 24,195 | $ | 37,649 |
2021 | 2020 | 2019 | |||||||||||||||
Statutory tax rate | 21.0 | % | 21.0 | % | 21.0 | % | |||||||||||
Tax credit investments | (3.0) | (5.7) | (4.6) | ||||||||||||||
Tax-exempt income | (3.0) | (4.9) | (3.9) | ||||||||||||||
Bank owned life insurance | (0.5) | (0.7) | (0.4) | ||||||||||||||
State income taxes, net of federal benefit | 2.6 | 1.1 | 0.2 | ||||||||||||||
Change in valuation allowance | — | — | 1.8 | ||||||||||||||
Executive compensation | 0.1 | — | — | ||||||||||||||
FDIC Premium | 0.3 | 0.3 | — | ||||||||||||||
Penalties | — | 0.2 | — | ||||||||||||||
Other, net | 0.1 | 0.7 | 0.2 | ||||||||||||||
Effective income tax rate | 17.6 | % | 12.0 | % | 14.3 | % |
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Deferred tax assets: | |||||||||||
Allowance for credit losses | $ | 62,465 | $ | 67,059 | |||||||
Tax credit carryforwards | 27,192 | 39,294 | |||||||||
State loss carryforwards | 23,996 | 20,401 | |||||||||
Lease Liability | 21,034 | — | |||||||||
Tax credit investments | 11,203 | 10,159 | |||||||||
Other accrued expenses | 10,633 | 9,801 | |||||||||
Deferred compensation | 9,190 | 8,486 | |||||||||
Stock-based compensation | 3,499 | 3,289 | |||||||||
Postretirement and defined benefit plans | — | 1,553 | |||||||||
Other | 7,348 | 12,107 | |||||||||
Total gross deferred tax assets | $ | 176,560 | $ | 172,149 | |||||||
Deferred tax liabilities: | |||||||||||
Equipment lease financing | $ | 41,049 | $ | 44,216 | |||||||
Right-of-use-asset | 18,671 | — | |||||||||
Unrealized holding gains on AFS securities | 10,432 | 23,978 | |||||||||
Premises and equipment | 9,151 | 8,876 | |||||||||
MSRs | 8,016 | 6,414 | |||||||||
Acquisition premiums/discounts | 5,466 | 5,466 | |||||||||
Intangible assets | 1,272 | 1,205 | |||||||||
Postretirement and defined benefit plans | 1,243 | — | |||||||||
Other | 13,492 | 15,811 | |||||||||
Total gross deferred tax liabilities | 108,792 | 105,966 | |||||||||
Net deferred tax asset, before valuation allowance | 67,768 | 66,183 | |||||||||
Valuation allowance | (23,996) | (20,401) | |||||||||
Net deferred tax asset | $ | 43,772 | $ | 45,782 |
2021 | 2020 | 2019 | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance at beginning of year | $ | 2,151 | $ | 2,517 | $ | 2,726 | |||||||||||
Current period tax positions | 120 | 95 | 292 | ||||||||||||||
Lapse of statute of limitations | (598) | (461) | (501) | ||||||||||||||
Balance at end of year | $ | 1,673 | $ | 2,151 | $ | 2,517 |
2021 | 2020 | ||||||||||||||||
Included in other assets: | ( in thousands) | ||||||||||||||||
Affordable housing tax credit investments, net | $ | 161,052 | $ | 152,203 | |||||||||||||
Other tax credit investments, net | 42,987 | 59,224 | |||||||||||||||
Total TCIs, net | $ | 204,039 | $ | 211,427 | |||||||||||||
Included in other liabilities: | |||||||||||||||||
Unfunded affordable housing tax credit commitments | $ | 49,364 | $ | 31,562 | |||||||||||||
Other tax credit liabilities | 33,941 | 49,491 | |||||||||||||||
Total unfunded tax credit commitments and liabilities | $ | 83,305 | $ | 81,053 |
2021 | 2020 | 2019 | ||||||||||||||||||
( in thousands) | ||||||||||||||||||||
Components of income taxes: | ||||||||||||||||||||
Tax credits and benefits | (28,141) | (32,940) | (35,184) | |||||||||||||||||
Amortization of tax credits and benefits, net of tax benefits | 17,378 | 20,429 | 22,184 | |||||||||||||||||
Deferred tax expense | 639 | 921 | 954 | |||||||||||||||||
Total reduction in income tax expense | $ | (10,124) | $ | (11,590) | $ | (12,046) | ||||||||||||||
Amortization of TCIs: | ||||||||||||||||||||
Total amortization of TCIs | $ | 6,187 | $ | 6,126 | $ | 6,021 | ||||||||||||||
NOTE 13 – NET INCOME PER COMMON SHARE |
2021 | 2020 | 2019 | |||||||||||||||
(in thousands) | |||||||||||||||||
Weighted average common shares outstanding (basic) | 162,233 | 162,372 | 166,902 | ||||||||||||||
Impact of common stock equivalents | 1,074 | 718 | 890 | ||||||||||||||
Weighted average common shares outstanding (diluted) | 163,307 | 163,090 | 167,792 |
NOTE 14 – SHAREHOLDERS’ EQUITY |
Before-Tax Amount | Tax Effect | Net of Tax Amount | |||||||||||||||
(in thousands) | |||||||||||||||||
2021 | |||||||||||||||||
Unrealized loss on securities | $ | (23,222) | $ | 5,274 | $ | (17,948) | |||||||||||
Reclassification adjustment for securities gains included in net income (1) | (33,516) | 7,611 | (25,905) | ||||||||||||||
Amortization of net unrealized losses on AFS transferred to HTM (2) | 3,485 | (795) | 2,690 | ||||||||||||||
Net unrealized holding loss arising during the period on interest rate swaps used in cash flow hedges | (2,776) | 629 | (2,147) | ||||||||||||||
Reclassification adjustment for net loss realized in net income on interest rate swaps used in cash flow hedges | (3,452) | 782 | (2,670) | ||||||||||||||
Unrecognized pension and postretirement income | 9,147 | (2,003) | 7,144 | ||||||||||||||
Amortization of net unrecognized pension and postretirement items (3) | 1,480 | (324) | 1,156 | ||||||||||||||
Total Other Comprehensive Loss | $ | (48,854) | $ | 11,174 | $ | (37,680) | |||||||||||
2020 | |||||||||||||||||
Unrealized gain on securities | $ | 85,188 | $ | (19,537) | $ | 65,651 | |||||||||||
Reclassification adjustment for securities gains included in net income (1) | (3,053) | 694 | (2,359) | ||||||||||||||
Amortization of net unrealized losses on AFS transferred to HTM (2) (4) | 4,360 | (912) | 3,448 | ||||||||||||||
Unrecognized pension and postretirement income | (3,242) | 710 | (2,532) | ||||||||||||||
Amortization of net unrecognized pension and postretirement items (3) | 1,311 | (291) | 1,020 | ||||||||||||||
Total Other Comprehensive Income | $ | 84,564 | $ | (19,336) | $ | 65,228 | |||||||||||
2019 | |||||||||||||||||
Unrealized gain on securities | $ | 73,085 | $ | (16,166) | $ | 56,919 | |||||||||||
Reclassification adjustment for securities gains included in net income (1) | (4,733) | 1,047 | (3,686) | ||||||||||||||
Amortization of net unrealized losses on AFS transferred to HTM (2) | 8,070 | (1,785) | 6,285 | ||||||||||||||
Non-credit related unrealized losses on other-than-temporarily impaired debt securities | (873) | 193 | (680) | ||||||||||||||
Unrecognized pension and postretirement income | (1,203) | 266 | (937) | ||||||||||||||
Amortization of net unrecognized pension and postretirement items (3) | 1,316 | (291) | 1,025 | ||||||||||||||
Total Other Comprehensive Income | $ | 75,662 | $ | (16,736) | $ | 58,926 |
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) | |||||||||||||||||||||||
Balance at December 31, 2018 | $ | (43,974) | $ | — | $ | (15,089) | $ | (59,063) | |||||||||||||||
Other comprehensive loss before reclassifications | 56,239 | — | (937) | 55,302 | |||||||||||||||||||
Amounts reclassified from AOCI (loss) | (3,686) | — | 1,025 | (2,661) | |||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | 6,285 | — | — | 6,285 | |||||||||||||||||||
Balance at December 31, 2019 | 14,864 | — | (15,001) | (137) | |||||||||||||||||||
OCI before reclassifications | 65,651 | — | (2,532) | 63,119 | |||||||||||||||||||
Amounts reclassified from AOCI | (2,359) | — | 1,020 | (1,339) | |||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | 3,448 | — | — | 3,448 | |||||||||||||||||||
Balance at December 31, 2020 | 81,604 | — | (16,513) | 65,091 | |||||||||||||||||||
OCI before reclassifications | (17,948) | — | 7,144 | (10,804) | |||||||||||||||||||
Amounts reclassified from AOCI | (25,905) | (4,817) | 1,156 | (29,566) | |||||||||||||||||||
Amortization of net unrealized losses on AFS securities transferred to HTM | 2,690 | — | — | 2,690 | |||||||||||||||||||
Balance at December 31, 2021 | $ | 40,441 | $ | (4,817) | $ | (8,213) | $ | 27,411 |
NOTE 15 – STOCK-BASED COMPENSATION PLANS |
2021 | 2020 | 2019 | |||||||||||||||
(in thousands) | |||||||||||||||||
Compensation expense | $ | 9,264 | $ | 8,381 | $ | 7,413 | |||||||||||
Tax benefit | (2,027) | (1,790) | (1,610) | ||||||||||||||
Total stock-based compensation, net of tax | $ | 7,237 | $ | 6,591 | $ | 5,803 |
Stock Options | Weighted Average Exercise Price | Weighted Average Remaining Contractual Term | Aggregate Intrinsic Value (in millions) | ||||||||||||||||||||
Outstanding and exercisable as of December 31, 2020 | 398,307 | $ | 11.39 | ||||||||||||||||||||
Exercised | (148,670) | 11.10 | |||||||||||||||||||||
Forfeited | (1,676) | 11.33 | |||||||||||||||||||||
Expired | (8,370) | 11.24 | |||||||||||||||||||||
Outstanding and exercisable as of December 31, 2021 | 239,591 | $ | 11.57 | 1.6 years | $ | 1.3 | |||||||||||||||||
2021 | 2020 | 2019 | |||||||||||||||
(dollars in thousands) | |||||||||||||||||
Number of options exercised | 148,670 | 89,725 | 150,296 | ||||||||||||||
Total intrinsic value of options exercised | $ | 801 | $ | 192 | $ | 1,028 | |||||||||||
Cash received from options exercised | $ | 1,651 | $ | 880 | $ | 1,446 | |||||||||||
Tax benefit from options exercised | $ | 155 | $ | 37 | $ | 188 |
Restricted Stock/RSUs/PSUs (1) | ||||||||||||||
Shares | Weighted Average Grant Date Fair Value | |||||||||||||
Nonvested as of December 31, 2020 | 1,897,380 | $ | 14.07 | |||||||||||
Granted | 665,749 | 16.83 | ||||||||||||
Vested | (379,193) | 16.37 | ||||||||||||
Forfeited | (121,197) | 15.78 | ||||||||||||
Nonvested as of December 31, 2021 | 2,062,739 | $ | 14.26 |
2021 | 2020 | 2019 | |||||||||||||||
Risk-free interest rate | 0.25 | % | 0.25 | % | 2.27 | % | |||||||||||
Volatility of Corporation’s stock | 42.55 | % | 33.10 | % | 23.00 | % | |||||||||||
Expected life of PSUs | 3 years | 3 years | 3 years |
2021 | 2020 | 2019 | |||||||||||||||
ESPP shares purchased | 134,156 | 194,485 | 136,576 | ||||||||||||||
Average purchase price per share (85% of market value) | $ | 13.92 | $ | 10.02 | $ | 14.03 | |||||||||||
Compensation expense recognized (in thousands) | $ | 329 | $ | 344 | $ | 338 |
NOTE 16 – EMPLOYEE BENEFIT PLANS |
2021 | 2020 | 2019 | |||||||||||||||
(in thousands) | |||||||||||||||||
401(k) Retirement Plan | $ | 10,338 | $ | 9,853 | $ | 8,976 | |||||||||||
Pension Plan | 217 | 660 | 2,484 | ||||||||||||||
Total | $ | 10,555 | $ | 10,513 | $ | 11,460 |
2021 | 2020 | 2019 | |||||||||||||||
(in thousands) | |||||||||||||||||
Interest cost | $ | 2,244 | $ | 2,726 | $ | 3,257 | |||||||||||
Expected return on assets | (4,044) | (3,925) | (2,754) | ||||||||||||||
Net amortization and deferral | 2,017 | 1,859 | 1,981 | ||||||||||||||
Net periodic pension cost | $ | 217 | $ | 660 | $ | 2,484 | |||||||||||
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Projected benefit obligation at beginning of year | $ | 92,292 | $ | 86,204 | |||||||
Interest cost | 2,244 | 2,726 | |||||||||
Benefit payments | (4,272) | (4,104) | |||||||||
Change in assumptions | (2,613) | 7,532 | |||||||||
Experience gain | (121) | (66) | |||||||||
Projected benefit obligation at end of year | $ | 87,530 | $ | 92,292 | |||||||
Fair value of plan assets at beginning of year | $ | 87,177 | $ | 83,676 | |||||||
Actual return on plan assets | 11,210 | 7,605 | |||||||||
Benefit payments | (4,272) | (4,104) | |||||||||
Fair value of plan assets at end of year | $ | 94,115 | $ | 87,177 |
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Projected benefit obligation | $ | (87,530) | $ | (92,292) | |||||||
Fair value of plan assets | 94,115 | 87,177 | |||||||||
Funded status | $ | 6,585 | $ | (5,115) |
Unrecognized Net Loss | |||||||||||
Before tax | Net of tax | ||||||||||
(in thousands) | |||||||||||
Balance as of December 31, 2019 | $ | 23,546 | $ | 18,337 | |||||||
Recognized as a component of 2020 periodic pension cost | (1,859) | (1,452) | |||||||||
Unrecognized gains arising in 2020 | 3,787 | 2,958 | |||||||||
Balance as of December 31, 2020 | 25,474 | 19,843 | |||||||||
Recognized as a component of 2021 periodic pension cost | (2,017) | (1,574) | |||||||||
Unrecognized losses arising in 2021 | (9,899) | (7,724) | |||||||||
Balance as of December 31, 2021 | $ | 13,558 | $ | 10,545 |
2021 | 2020 | 2019 | |||||||||||||||
Discount rate-projected benefit obligation | 2.80 | % | 2.50 | % | 3.25 | % | |||||||||||
Expected long-term rate of return on plan assets | 5.00 | % | 5.00 | % | 5.00 | % |
2021 | 2020 | ||||||||||||||||||||||
Estimated Fair Value | % of Total Assets | Estimated Fair Value | % of Total Assets | ||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||
Equity mutual funds | $ | 35,752 | $ | 37,847 | |||||||||||||||||||
Equity common trust funds | 19,824 | 12,450 | |||||||||||||||||||||
Equity securities | 55,576 | 59.1 | % | 50,297 | 57.7 | % | |||||||||||||||||
Cash and money market funds | 8,447 | 9,444 | |||||||||||||||||||||
Fixed income mutual funds | 15,566 | 16,134 | |||||||||||||||||||||
Corporate debt securities | 2,733 | 3,319 | |||||||||||||||||||||
U.S. Government agency securities | 9,524 | 6,257 | |||||||||||||||||||||
Fixed income securities and cash | 36,270 | 38.5 | % | 35,154 | 40.3 | % | |||||||||||||||||
Other alternative investment funds | 2,269 | 2.4 | % | 1,726 | 2.0 | % | |||||||||||||||||
Total | $ | 94,115 | 100.0 | % | $ | 87,177 | 100.0 | % |
Year | |||||
2022 | $ | 4,505 | |||
2023 | 4,595 | ||||
2024 | 4,663 | ||||
2025 | 4,745 | ||||
2026 | 4,839 | ||||
Thereafter | 24,505 | ||||
Total | $ | 47,852 |
2021 | 2020 | 2019 | |||||||||||||||
(in thousands) | |||||||||||||||||
Interest cost | $ | 32 | $ | 43 | $ | 61 | |||||||||||
Net amortization and deferral | (536) | (548) | (556) | ||||||||||||||
Net postretirement benefit | $ | (504) | $ | (505) | $ | (495) |
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Accumulated postretirement benefit obligation at beginning of year | $ | 1,322 | $ | 1,450 | |||||||
Interest cost | 32 | 43 | |||||||||
Benefit payments | (167) | (177) | |||||||||
Change in experience | 71 | (32) | |||||||||
Change in assumptions | (14) | 38 | |||||||||
Accumulated postretirement benefit obligation at end of year | $ | 1,244 | $ | 1,322 | |||||||
Before tax | |||||||||||||||||||||||
Unrecognized Prior Service Cost | Unrecognized Net Loss (Gain) | Total | Net of tax | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Balance as of December 31, 2019 | $ | (3,476) | $ | (948) | $ | (4,424) | $ | (3,451) | |||||||||||||||
Recognized as a component of 2020 postretirement cost | 464 | 84 | 548 | 428 | |||||||||||||||||||
Unrecognized gains arising in 2020 | — | 6 | 6 | 5 | |||||||||||||||||||
Balance as of December 31, 2020 | (3,012) | (858) | (3,870) | (3,018) | |||||||||||||||||||
Recognized as a component of 2021 postretirement cost | 464 | 72 | 536 | 418 | |||||||||||||||||||
Unrecognized gains arising in 2021 | — | 57 | 57 | 44 | |||||||||||||||||||
Balance as of December 31, 2021 | $ | (2,548) | $ | (729) | $ | (3,277) | $ | (2,556) |
2021 | 2020 | 2019 | |||||||||||||||
Discount rate-projected benefit obligation | 2.80 | % | 2.50 | % | 3.25 | % | |||||||||||
Expected long-term rate of return on plan assets | 3.00 | % | 3.00 | % | 3.00 | % |
Year | |||||
2022 | $ | 160 | |||
2023 | 147 | ||||
2024 | 134 | ||||
2025 | 123 | ||||
2026 | 111 | ||||
Thereafter | 403 | ||||
Total | $ | 1,078 |
NOTE 17 – LEASES |
2021 | 2020 | 2019 | ||||||||||||||||||
Operating lease expense | $ | 16,345 | $ | 18,481 | $ | 18,852 | ||||||||||||||
Variable lease expense | 1,384 | 2,830 | 2,924 | |||||||||||||||||
Sublease income | (860) | (749) | (791) | |||||||||||||||||
Total lease expense | $ | 16,869 | $ | 20,562 | $ | 20,985 | ||||||||||||||
Operating Leases | Balance Sheet Classification | 2021 | 2020 | |||||||||||||||||
Other assets | $ | 82,431 | $ | 84,227 | ||||||||||||||||
Other liabilities | $ | 92,864 | $ | 96,812 | ||||||||||||||||
Weighted average remaining lease term | 7.0 years | 7.5 years | ||||||||||||||||||
Weighted average discount rate | 2.73 | % | 2.96 | % |
2021 | 2020 | ||||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | 19,611 | $ | 18,973 | |||||||
ROU assets obtained in exchange for lease obligations | 12,588 | 2,931 |
Year | Operating Leases | ||||
2022 | $ | 19,310 | |||
2023 | 18,086 | ||||
2024 | 15,974 | ||||
2025 | 14,099 | ||||
2026 | 11,648 | ||||
Thereafter | 35,858 | ||||
Total lease payments | 114,975 | ||||
Less: imputed interest | (22,111) | ||||
Present value of lease liabilities | $ | 92,864 |
NOTE 18 – COMMITMENTS AND CONTINGENCIES |
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Commercial and industrial | $ | 5,072,008 | $ | 5,245,041 | |||||||
Real estate - commercial mortgage and real estate - construction | 1,914,238 | 1,787,963 | |||||||||
Real estate - home equity | 1,744,922 | 1,618,051 | |||||||||
Total commitments to extend credit | $ | 8,731,168 | $ | 8,651,055 | |||||||
Standby letters of credit | $ | 298,275 | $ | 308,168 | |||||||
Commercial letters of credit | 54,196 | 56,229 | |||||||||
Total letters of credit | $ | 352,471 | $ | 364,397 |
NOTE 19 – FAIR VALUE MEASUREMENTS |
2021 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Loans held for sale | $ | — | $ | 35,768 | $ | — | $ | 35,768 | |||||||||||||||
Available for sale investment securities: | |||||||||||||||||||||||
U.S. Government securities | 127,618 | — | — | 127,618 | |||||||||||||||||||
State and municipal securities | — | 1,188,670 | — | 1,188,670 | |||||||||||||||||||
Corporate debt securities | — | 386,133 | — | 386,133 | |||||||||||||||||||
Collateralized mortgage obligations | — | 209,359 | — | 209,359 | |||||||||||||||||||
Residential mortgage-backed securities | — | 229,795 | — | 229,795 | |||||||||||||||||||
Commercial mortgage-backed securities | — | 971,148 | — | 971,148 | |||||||||||||||||||
Auction rate securities | — | — | 74,667 | 74,667 | |||||||||||||||||||
Total available for sale investment securities | 127,618 | 2,985,105 | 74,667 | 3,187,390 | |||||||||||||||||||
Other assets: | |||||||||||||||||||||||
Investments held in Rabbi Trust | 28,619 | — | — | 28,619 | |||||||||||||||||||
Derivative assets | 298 | 160,945 | — | 161,243 | |||||||||||||||||||
Total assets | $ | 156,535 | $ | 3,181,818 | $ | 74,667 | $ | 3,413,020 | |||||||||||||||
Other liabilities: | |||||||||||||||||||||||
Deferred compensation liabilities | $ | 28,619 | $ | — | $ | — | $ | 28,619 | |||||||||||||||
Derivative liabilities | 291 | 86,110 | — | 86,401 | |||||||||||||||||||
Total liabilities | $ | 28,910 | $ | 86,110 | $ | — | $ | 115,020 | |||||||||||||||
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 | |||||||||||||
(in thousands) | ||||||||||||||
Balance at December 31, 2019 | $ | 2,400 | $ | 101,926 | ||||||||||
Sales | (2,160) | — | ||||||||||||
Unrealized adjustment to fair value (1) | (242) | (3,720) | ||||||||||||
Discount accretion (2) | 2 | — | ||||||||||||
Balance at December 31, 2020 | $ | — | $ | 98,206 | ||||||||||
Sales | — | (24,619) | ||||||||||||
Unrealized adjustment to fair value (1) | — | 1,080 | ||||||||||||
Discount accretion (2) | — | — | ||||||||||||
Balance at December 31, 2021 | $ | — | $ | 74,667 |
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
Loans, net | $ | 118,458 | $ | 116,584 | |||||||
OREO | 1,817 | 4,178 | |||||||||
MSRs (1) | 35,393 | 28,245 | |||||||||
Total assets | $ | 155,668 | $ | 149,007 |
Significant Input | Scenario Shock | % Change in Valuation | ||||||||||||
Prepayment Rate | + 30% | (16)% | ||||||||||||
Prepayment Rate | - 30% | 15% | ||||||||||||
Discount Rate | - 200 bps | 7% | ||||||||||||
Discount Rate | + 200 bps | (7)% |
2021 | |||||||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
FINANCIAL ASSETS | (in thousands) | ||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,638,614 | $ | 1,638,614 | $ | — | $ | — | $ | 1,638,614 | |||||||||||||||||||
FRB and FHLB stock | 57,635 | — | 57,635 | — | 57,635 | ||||||||||||||||||||||||
Loans held for sale | 35,768 | — | 35,768 | — | 35,768 | ||||||||||||||||||||||||
HTM securities | 980,384 | — | 965,867 | — | 965,867 | ||||||||||||||||||||||||
AFS securities | 3,187,390 | 127,618 | 2,985,105 | 74,667 | 3,187,390 | ||||||||||||||||||||||||
Net Loans | 18,076,349 | — | — | 17,519,497 | 17,519,497 | ||||||||||||||||||||||||
Accrued interest receivable | 57,451 | 57,451 | — | — | 57,451 | ||||||||||||||||||||||||
Other assets | 565,491 | 367,336 | 160,945 | 37,210 | 565,491 | ||||||||||||||||||||||||
FINANCIAL LIABILITIES | |||||||||||||||||||||||||||||
Demand and savings deposits | $ | 19,594,497 | $ | 19,594,497 | $ | — | $ | — | $ | 19,594,497 | |||||||||||||||||||
Brokered deposits | 251,526 | 231,526 | 20,603 | — | 252,129 | ||||||||||||||||||||||||
Time deposits | 1,727,476 | — | 1,730,673 | — | 1,730,673 | ||||||||||||||||||||||||
Accrued interest payable | 7,000 | 7,000 | — | — | 7,000 | ||||||||||||||||||||||||
Short-term borrowings | 416,764 | 416,764 | — | — | 416,764 | ||||||||||||||||||||||||
Long-term borrowings | 621,345 | — | 605,719 | — | 605,719 | ||||||||||||||||||||||||
Other liabilities | 288,862 | 188,219 | 86,110 | 14,533 | 288,862 | ||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||||||||||||
Carrying Amount | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
FINANCIAL ASSETS | (in thousands) | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
HTM securities | 278,281 | — | 296,857 | — | 296,857 | ||||||||||||||||||||||||
AFS securities | 3,062,143 | — | 2,963,937 | 98,206 | 3,062,143 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Accrued interest payable | 10,365 | 10,365 | — | — | 10,365 | ||||||||||||||||||||||||
Short-term borrowings | 630,066 | 630,066 | — | — | 630,066 | ||||||||||||||||||||||||
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 |
NOTE 20 – CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY |
December 31, | |||||||||||
2021 | 2020 | ||||||||||
(in thousands) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | 352,715 | $ | 10,063 | |||||||
Other assets | 25,888 | 28,940 | |||||||||
Receivable from subsidiaries | 50,822 | 53,438 | |||||||||
Investments in: | |||||||||||
Bank subsidiary | 2,872,274 | 3,045,529 | |||||||||
Non-bank subsidiaries | 188,171 | 313,003 | |||||||||
Total Assets | $ | 3,489,870 | $ | 3,450,973 | |||||||
LIABILITIES AND EQUITY | |||||||||||
Long-term borrowings | $ | 620,406 | $ | 759,782 | |||||||
Payable to non-bank subsidiaries | 78,793 | — | |||||||||
Other liabilities | 77,991 | 74,363 | |||||||||
Total Liabilities | 777,190 | 834,145 | |||||||||
Shareholders’ equity | 2,712,680 | 2,616,828 | |||||||||
Total Liabilities and Shareholders’ Equity | $ | 3,489,870 | $ | 3,450,973 |
2021 | 2020 | 2019 | |||||||||||||||
(in thousands) | |||||||||||||||||
Income: | |||||||||||||||||
Dividends from subsidiaries | $ | 469,339 | $ | 161,000 | $ | 209,000 | |||||||||||
Other (1) | 258 | 100 | 191,978 | ||||||||||||||
469,597 | 161,100 | 400,978 | |||||||||||||||
Expenses | 58,527 | 48,634 | 218,837 | ||||||||||||||
Income before income taxes and equity in undistributed net income of subsidiaries | 411,070 | 112,466 | 182,141 | ||||||||||||||
Income tax benefit | (12,516) | (9,679) | (5,798) | ||||||||||||||
423,586 | 122,145 | 187,939 | |||||||||||||||
Equity in undistributed net income (loss) of: | |||||||||||||||||
Bank subsidiary | (133,157) | 162,037 | 44,926 | ||||||||||||||
Non-bank subsidiaries | (14,932) | (106,142) | (6,526) | ||||||||||||||
Net Income | 275,497 | 178,040 | 226,339 | ||||||||||||||
Preferred stock dividends | (10,277) | (2,135) | — | ||||||||||||||
Net Income Available to Common Shareholders | $ | 265,220 | $ | 175,905 | $ | 226,339 |
2021 | 2020 | 2019 | |||||||||||||||
(in thousands) | |||||||||||||||||
Cash Flows From Operating Activities: | |||||||||||||||||
Net Income | $ | 275,497 | $ | 178,040 | $ | 226,339 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Amortization of issuance costs and discount of long-term debt | 1,846 | 1,128 | 842 | ||||||||||||||
Stock-based compensation | 8,402 | 7,529 | 7,413 | ||||||||||||||
(Increase) decrease in other assets | 119,822 | (307,976) | (20,449) | ||||||||||||||
Equity in undistributed net income of subsidiaries | 148,091 | (55,895) | (38,400) | ||||||||||||||
Write-off of unamortized costs on trust preferred securities | 12,390 | — | — | ||||||||||||||
(Decrease) increase in other liabilities and payable to non-bank subsidiaries | 78,716 | (244,598) | 1,580 | ||||||||||||||
Total adjustments | 369,267 | (599,812) | (49,014) | ||||||||||||||
Net cash provided by operating activities | 644,764 | (421,772) | 177,325 | ||||||||||||||
Cash Flows From Investing Activities | — | — | — | ||||||||||||||
Cash Flows From Financing Activities: | |||||||||||||||||
Repayments of long-term borrowings | (153,612) | (19,453) | — | ||||||||||||||
Additions to long-term borrowings | — | 370,898 | — | ||||||||||||||
Net proceeds from issuance of preferred stock | — | 192,878 | — | ||||||||||||||
Net proceeds from issuance of common stock | 7,437 | 7,375 | 6,362 | ||||||||||||||
Dividends paid | (112,028) | (90,956) | (92,330) | ||||||||||||||
Acquisition of treasury stock | (43,909) | (39,748) | (111,457) | ||||||||||||||
Net cash used in financing activities | (302,112) | 420,994 | (197,425) | ||||||||||||||
Net (Decrease) Increase in Cash and Cash Equivalents | 342,652 | (778) | (20,100) | ||||||||||||||
Cash and Cash Equivalents at Beginning of Year | 10,063 | 10,841 | 30,941 | ||||||||||||||
Cash and Cash Equivalents at End of Year | $ | 352,715 | $ | 10,063 | $ | 10,841 |
/s/ E. PHILIP WENGER | ||
E. Philip Wenger Chairman and Chief Executive Officer | ||
/s/ MARK R. MCCOLLOM | ||
Mark R. McCollom Senior Executive Vice President and Chief Financial Officer |
Philadelphia, Pennsylvania | ||
February 28, 2022 |
4.11 | ||||||||
4.12 | ||||||||
4.13 | ||||||||
4.14 | ||||||||
10.1 | ||||||||
10.2 | ||||||||
10.2.1 | ||||||||
10.3 |
10.3.1 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | Form of Option Award and Form of Restricted Stock Award under the Fulton Financial Corporation Amended and Restated Equity and Cash Incentive Compensation Plan between Fulton Financial Corporation and Officers of the Corporation – Incorporated by reference to Exhibits 10.1 and 10.2, respectively, of the Fulton Financial Corporation Current Report on Form 8-K filed June 19, 2013. | |||||||
10.9 | ||||||||
10.10 | ||||||||
10.11 | ||||||||
10.12 | ||||||||
10.13 | ||||||||
10.14 | ||||||||
10.15 |
10.16 | ||||||||
10.17 | Forms of Time-Vested Restricted Stock Unit Award Agreement and Performance Share Restricted Stock Unit Award Agreement between Fulton Financial Corporation and Certain Employees of the Corporation as of March 18, 2014 – Incorporated by reference to Exhibits 10.1 and 10.2, respectively, of the Fulton Financial Corporation Current Report on Form 8-K filed March 24, 2014. | |||||||
10.18 | ||||||||
10.19 | ||||||||
10.20 | ||||||||
10.21 | ||||||||
10.22 | ||||||||
10.23 | ||||||||
21 | ||||||||
23 | ||||||||
24 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
32.1 | ||||||||
32.2 | ||||||||
101 | Interactive data files pursuant to Rule 405 of Regulation S-T (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) 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 | |||||||||||
(Registrant) | |||||||||||
Dated: | February 28, 2022 | By: | /S/ E. PHILIP WENGER | ||||||||
E. Philip Wenger, Chairman and Chief Executive Officer |
Signature | Capacity | Date | ||||||||||||
/S/ JENNIFER CRAIGHEAD CAREY | * | Director | February 28, 2022 | |||||||||||
Jennifer Craighead Carey | ||||||||||||||
/S/ LISA CRUTCHFIELD | * | Director | February 28, 2022 | |||||||||||
Lisa Crutchfield | ||||||||||||||
/S/ ANTHONY L. COSSETTI | Executive Vice President, Chief Accounting Officer and Controller (Principal Accounting Officer) | February 28, 2022 | ||||||||||||
Anthony L. Cossetti | ||||||||||||||
/S/ DENISE L. DEVINE | * | Director | February 28, 2022 | |||||||||||
Denise L. Devine | ||||||||||||||
/S/ STEVEN S. ETTER | * | Director | February 28, 2022 | |||||||||||
Steven S. Etter | ||||||||||||||
/S/ CARLOS E. GRAUPERA | * | Director | February 28, 2022 | |||||||||||
Carlos E. Graupera | ||||||||||||||
/S/ GEORGE W. HODGES | * | Director | February 28, 2022 | |||||||||||
George W. Hodges | ||||||||||||||
/S/ MARK R. MCCOLLOM | Senior Executive Vice President | February 28, 2022 | ||||||||||||
Mark R. McCollom | and Chief Financial Officer | |||||||||||||
(Principal Financial Officer) | ||||||||||||||
Signature | Capacity | Date | ||||||||||||
/S/GEORGE K. MARTIN | * | Director | February 28, 2022 | |||||||||||
George K. Martin | ||||||||||||||
/S/ JAMES R. MOXLEY, III | * | Director | February 28, 2022 | |||||||||||
James R. Moxley, III | ||||||||||||||
/S/ CURTIS J. MYERS | Director, President and Chief | February 28, 2022 | ||||||||||||
Curtis J. Myers | Operating Officer | |||||||||||||
/S/ SCOTT A. SNYDER | * | Director | February 28, 2022 | |||||||||||
Scott A. Snyder | ||||||||||||||
/S/ RONALD H. SPAIR | * | Director | February 28, 2022 | |||||||||||
Ronald H. Spair | ||||||||||||||
/S/ MARK F. STRAUSS | * | Director | February 28, 2022 | |||||||||||
Mark F. Strauss | ||||||||||||||
/S/ ERNEST J. WATERS | * | Director | February 28, 2022 | |||||||||||
Ernest J. Waters | ||||||||||||||
/S/ E. PHILIP WENGER | Chairman and Chief Executive Officer (Principal Executive Officer) | February 28, 2022 | ||||||||||||
E. Philip Wenger | ||||||||||||||
*By /S/ NATASHA R. LUDDINGTON | February 28, 2022 | |||||||||||||
Natasha R. Luddington | ||||||||||||||
Attorney-in-Fact |
3.1 | Articles of Incorporation, as amended and restated, of Fulton Financial Corporation as amended – Incorporated by reference to Exhibit 3.1 of the Fulton Financial Corporation Current Report Form 8-K filed June 24, 2011. | |||||||
3.2 | Statement with Respect to Shares of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A of Fulton Financial Corporation, dated October 23, 2020, filed with the Pennsylvania Department of State - Incorporated by reference to Exhibit 3.1 of the Fulton Financial Corporation Current Report on Form 8-K filed on October 29, 2020. | |||||||
3.3 | Bylaws of Fulton Financial Corporation as amended – Incorporated by reference to Exhibit 3.1 of the Fulton Financial Corporation Current Report on a Form 8-K filed May 14, 2021. | |||||||
4.1 | An Indenture entered into on November 17, 2014, between Fulton Financial Corporation and Wilmington Trust, National Association as trustee, relating to the issuance by Fulton Financial Corporation of $250 million aggregate principal amount of 4.50% subordinated notes due November 15, 2024 – Incorporated by reference to Exhibit 4.1 of the Fulton Financial Corporation Current Report on Form 8-K filed November 17, 2014. | |||||||
4.2 | First Supplemental Indenture entered into on November 17, 2014, between Fulton Financial Corporation and Wilmington Trust, National Association as trustee, relating to the issuance by Fulton Financial Corporation of $250 million aggregate principal amount of 4.50% subordinated notes due November 15, 2024 - Incorporated by reference to Exhibit 4.2 of the Fulton Financial Corporation Current Report on Form 8-K filed November 17, 2014. | |||||||
4.3 | Form of 4.50% Subordinated Notes due 2024 (Included in Exhibit 4.2). | |||||||
4.4 | Second Supplemental Indenture entered into March 3, 2020, between Fulton Financial Corporation and Wilmington Trust, National Association, as trustee, relating to the issuance by Fulton Financial Corporation of $200 million aggregate principal amount of 3.25% subordinated notes due March 15, 2030 - Incorporated by reference to Exhibit 4.2 of the Fulton Financial Corporation Current Report on Form 8-K filed March 3, 2020. | |||||||
4.5 | Form of 3.250% Fixed-to-Floating Rate Subordinated Notes due 2030 (Included in Exhibit 4.4). | |||||||
4.6 | Third Supplemental Indenture entered into March 3, 2020, between Fulton Financial Corporation and Wilmington Trust, National Association, as trustee, relating to the issuance by Fulton Financial Corporation of $175 million aggregate principal amount of 3.75% subordinated notes due March 15, 2035 - Incorporated by reference to Exhibit 4.3 of the Fulton Financial Corporation Current Report on Form 8-K filed March 3, 2020. | |||||||
4.7 | Form of 3.750% Fixed-to-Floating Rate Subordinated Notes due 2035 (Included in Exhibit 4.6). | |||||||
4.8 | An Indenture entered into on March 16, 2017, between Fulton Financial Corporation and Wilmington Trust, National Association as trustee, relating to the issuance by Fulton Financial Corporation of $125 million aggregate principal amount of 3.60% senior notes due March 16, 2022 - Incorporated by reference to Exhibit 4.1 of the Fulton Financial Corporation Current Report on Form 8-K filed March 16, 2017. | |||||||
4.9 | First Supplemental Indenture entered into on March 16, 2017, between Fulton Financial Corporation and Wilmington Trust Company as trustee, relating to the issuance by Fulton Financial Corporation of $125 million aggregate principal amount of 3.60% senior notes due March 16, 2022 - Incorporated by reference to Exhibit 4.2 of the Fulton Financial Corporation Current Report on Form 8-K filed March 16, 2017. | |||||||
4.10 | Form of 3.60% Senior Notes due Form of 3.60% Senior Notes due 2022 (Included in Exhibit 4.9). | |||||||
4.11 | Statement with Respect to Shares of Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series A of Fulton Financial Corporation, dated October 23, 2020, filed with the Pennsylvania Department of State - Incorporated by reference to Exhibit 3.1 of the Fulton Financial Corporation Current Report on Form 8-K filed on October 29, 2020. | |||||||
4.12 | Deposit Agreement, dated October 29, 2020, among Fulton Financial Corporation, Equiniti Trust Company, as depositary, and the holders from time to time of the depositary receipts described therein - Incorporated by reference to Exhibit 4.1 of the Fulton Financial Corporation Current Report on Form 8-K filed on October 29, 2020. | |||||||
4.13 | Form of depositary receipt representing the Depositary Shares (Included in Exhibit 4.12). | |||||||
4.14 | Description of Fulton Financial Corporation Securities - Incorporated by reference to Exhibit 4.7 of the Fulton Financial Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2019. | |||||||
10.1 | Amended Employment Agreement between Fulton Financial Corporation and E. Philip Wenger dated November 12, 2008 – Incorporated by reference to Exhibit 10.5 of the Fulton Financial Corporation Current Report on Form 8-K filed November 14, 2008. | |||||||
10.2 | Form of Executive Employment Agreement between Fulton Financial Corporation and certain Executive Officers of Fulton Financial Corporation - Incorporated by reference to Exhibit 10.1 of the Fulton Financial Corporation Current Report on Form 8-K filed January 4, 2018. | |||||||
10.2.1 | Schedule of Executive Employment Agreements between Fulton Financial Corporation and certain Executive Officers of Fulton Financial Corporation - Filed herewith. |
10.3 | Form of Key Employee Change in Control Agreement between Fulton Financial Corporation and certain Executive Officers of Fulton Financial Corporation, Incorporated by reference to Exhibit 10.2 of the Fulton Financial Corporation Current Report on Form 8-K filed January 4, 2018. | |||||||
10.3.1 | Schedule of Key Employee Change in Control Agreements between Fulton Financial Corporation and certain Executive Officers of Fulton Financial Corporation - Filed herewith. | |||||||
10.4 | Form of Death Benefit Only Agreement to Senior Management - Incorporated by reference to Exhibit 10.9 of the Fulton Financial Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2006. | |||||||
10.5 | Fulton Financial Corporation Amended and Restated Equity and Cash Incentive Compensation Plan – Incorporated by reference to Exhibit 10.1 of the Fulton Financial Corporation Current Report on Form 8-K filed May 3, 2013. | |||||||
10.6 | Amendment No. 1 to Fulton Financial Corporation Amended and Restated Equity and Cash Incentive Compensation Plan - Incorporated by reference to Exhibit 10.1 of the Fulton Financial Corporation Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2016. | |||||||
10.7 | Amendment No. 2 to Fulton Financial Corporation Amended and Restated Equity and Cash Incentive Compensation Plan - Incorporated by reference to Exhibit 10.9 of the Fulton Financial Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2017. | |||||||
10.8 | Form of Option Award and Form of Restricted Stock Award under the Fulton Financial Corporation Amended and Restated Equity and Cash Incentive Compensation Plan between Fulton Financial Corporation and Officers of the Corporation – Incorporated by reference to Exhibits 10.1 and 10.2, respectively, of the Fulton Financial Corporation Current Report on Form 8-K filed June 19, 2013. | |||||||
10.9 | Amended and Restated Fulton Financial Corporation Employee Stock Purchase Plan – Incorporated by reference to Exhibit A to Fulton Financial Corporation’s definitive proxy statement, filed March 26, 2014. | |||||||
10.10 | Amendment No. 1 to the Amended and Restated Fulton Financial Corporation Employee Stock Purchase Plan - Incorporated by reference to Exhibit 10.10 of the Fulton Financial Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2019. | |||||||
10.11 | Fulton Financial Corporation Deferred Compensation Plan, as amended and restated effective December 1, 2015 – Incorporated by reference to Exhibit 10.12 of the Fulton Financial Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2015. | |||||||
10.12 | First Amendment effective January 1, 2019 to the Fulton Financial Corporation Deferred Compensation Plan -Incorporated by reference to Exhibit 10.1 of the Fulton Financial Corporation Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2019. | |||||||
10.13 | Second Amendment effective January 1, 2021 to the Fulton Financial Corporation Deferred Compensation Plan - Incorporated by reference to Exhibit 10.13 of the Fulton Financial Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2020. | |||||||
10.14 | Third Amendment effective March 11, 2021 to the Fulton Financial Corporation Deferred Compensation Plan - Incorporated by reference to Exhibit 10.1 of the Fulton Financial Corporation Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021. | |||||||
10.15 | Fourth Amendment effective July 20, 2021 to the Fulton Financial Corporation Deferred Compensation Plan - Incorporated by reference to Exhibit 10.2 of the Fulton Financial Corporation Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021. | |||||||
10.16 | Fifth Amendment effective January 1, 2022 to the Fulton Financial Corporation Deferred Compensation Plan - Incorporated by reference to Exhibit 10.2 of the Fulton Financial Corporation Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2021. | |||||||
10.17 | Forms of Time-Vested Restricted Stock Unit Award Agreement and Performance Share Restricted Stock Unit Award Agreement between Fulton Financial Corporation and Certain Employees of the Corporation as of March 18, 2014 – Incorporated by reference to Exhibits 10.1 and 10.2, respectively, of the Fulton Financial Corporation Current Report on Form 8-K filed March 24, 2014. | |||||||
10.18 | Fulton Financial Corporation Non-Employee Director Compensation - filed herewith. | |||||||
10.19 | Form of Director Stock Unit Award Agreement under the Directors' Equity Participation Plan, as amended - Incorporated by reference to Exhibit 10.15 of the Fulton Financial Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2018. | |||||||
10.20 | Fulton Financial Corporation Amended and Restated Directors' Equity Participation Plan – Incorporated by reference to Exhibit 10.1 of Fulton Financial Corporation’s Current Report on Form 8-K filed May 23, 2019. | |||||||
10.21 | Form of Master Confirmation between Fulton Financial Corporation and Goldman, Sachs & Co. - Incorporated by reference to Exhibit 10.1 of the Fulton Financial Corporation Current Report on Form 8-K filed November 17, 2014. | |||||||
10.22 | Agreement between Fulton Financial Corporation and Fiserv Solutions, LLC dated July 11, 2016 - Incorporated by reference to Exhibit 10.1 of the Fulton Financial Corporation Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2016. Portions of this exhibit have been redacted and are subject to a confidential treatment request filed with the Securities and Exchange Commission pursuant to Rule 24b-2 under the Securities Exchange Act of 1934, as amended. The redacted material was filed separately with the Securities and Exchange Commission. |
10.23 | Amendment to Agreement between Fulton Financial Corporation and Fiserv Solutions, LLC dated December 20, 2021. Portions of this exhibit have been omitted in accordance with Item 601(b)(10) of Regulation S-K. Filed herewith. | |||||||
21 | Subsidiaries of the Registrant. | |||||||
23 | Consent of Independent Registered Public Accounting Firm. | |||||||
24 | Power of Attorney | |||||||
31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||
31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |||||||
32.1 | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
32.2 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
101 | Interactive data files pursuant to Rule 405 of Regulation S-T (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Income, (iii) Consolidated Statements of Comprehensive Income, (iv) 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) |
Schedule Title | Extension Period Expiration | ||||
Accel Network Membership Exhibit | [***] | ||||
Account Processing Services Schedule | 03/31/2027 | ||||
ACH Services Schedule | [***] | ||||
ARP/SMS Service Schedule | [***] | ||||
[***] Services Schedule | [***] | ||||
BillMatrix Services Schedule | [***] | ||||
CashEdge Services | [***] | ||||
Check Printing Services Schedule | [***] | ||||
[***] Services Schedule (include [***]) | [***] | ||||
DocPlus Managed Services Schedule | [***] | ||||
EFT Solutions Services Schedule | [***] | ||||
EnAct Software Schedule | [***] | ||||
Enterprise Content Management Software Schedule | [***] | ||||
Enterprise Performance Management Software Schedule | [***] | ||||
Future Conversion Services Schedule | [***] | ||||
InformEnt Software Schedule | [***] | ||||
Lending Solutions Services Schedule | [***] | ||||
Marketing Services Program Schedule | [***] | ||||
Network Support Services Schedule | [***] | ||||
[***] Solutions Software Schedule | [***] |
Signature Software Schedule | [***] | ||||
Third Party Direct Electronic Payment Services Schedule | [***] | ||||
Weiland Bank Solutions WAA Services Schedule | [***] | ||||
XRoads for Signature Services Schedule | [***] |
Subsidiary | State of Incorporation or Organization | Name Under Which Business is Conducted | ||||||||||||
Fulton Bank, N.A. | United States of America | Fulton Financial Advisors | ||||||||||||
One Penn Square | Fulton Private Bank | |||||||||||||
P.O. Box 4887 | Fulton Mortgage Company | |||||||||||||
Lancaster, Pennsylvania 17604 | ||||||||||||||
Fulton Financial Realty Company | Pennsylvania | Fulton Financial Realty Company | ||||||||||||
One Penn Square | ||||||||||||||
P.O. Box 4887 | ||||||||||||||
Lancaster, Pennsylvania 17604 | ||||||||||||||
Central Pennsylvania Financial Corp. | Pennsylvania | Central Pennsylvania Financial Corp. | ||||||||||||
100 W. Independence Street | ||||||||||||||
Shamokin, PA 17872 | ||||||||||||||
FFC Management, Inc. | Delaware | FFC Management, Inc. | ||||||||||||
P.O. Box 609 | ||||||||||||||
Georgetown, DE 19947 | ||||||||||||||
Fulton Insurance Services Group, Inc. | Pennsylvania | Fulton Insurance Services Group, Inc. | ||||||||||||
One Penn Square | ||||||||||||||
P.O. Box 7989 | ||||||||||||||
Lancaster, Pennsylvania 17604 | ||||||||||||||
FFC Penn Square, Inc. | Delaware | FFC Penn Square, Inc. | ||||||||||||
P.O. Box 609 | ||||||||||||||
Georgetown, DE 19947 | ||||||||||||||
Columbia Bancorp Statutory Trust | Delaware | Columbia Bancorp Statutory Trust | ||||||||||||
7168 Gateway Drive | ||||||||||||||
Columbia, MD 21046 | ||||||||||||||
Columbia Bancorp Statutory Trust II | Delaware | Columbia Bancorp Statutory Trust II | ||||||||||||
7168 Gateway Drive | ||||||||||||||
Columbia, MD 21046 | ||||||||||||||
Columbia Bancorp Statutory Trust III | Delaware | Columbia Bancorp Statutory Trust III | ||||||||||||
7168 Gateway Drive | ||||||||||||||
Columbia, MD 21046 | ||||||||||||||
/s/ JENNIFER CRAIGHEAD CAREY | February 6, 2022 | |||||||
Jennifer Craighead Carey | ||||||||
Director | Date |
/s/ LISA CRUTCHFIELD | February 18, 2022 | |||||||
Lisa Crutchfield | ||||||||
Director | Date |
/s/ DENISE L. DEVINE | February 17, 2022 | |||||||
Denise L. Devine | ||||||||
Director | Date |
/s/ STEVEN S. ETTER | February 6, 2022 | |||||||
Steven S. Etter | ||||||||
Director | Date |
/s/ GEORGE K. MARTIN | February 9, 2022 | |||||||
George K. Martin | ||||||||
Director | Date |
/s/ CARLOS E. GRAUPERA | February 15, 2022 | |||||||
Carlos E. Graupera | ||||||||
Director | Date |
/s/ GEORGE W. HODGES | February 6, 2022 | |||||||
George W. Hodges | ||||||||
Director | Date |
/s/ JAMES R. MOXLEY, III | February 14, 2022 | |||||||
James R. Moxley, III | ||||||||
Director | Date |
/s/ SCOTT A. SNYDER | February 7, 2022 | |||||||
Scott A. Snyder | ||||||||
Director | Date |
/s/ RONALD H. SPAIR | February 10, 2022 | |||||||
Ronald H. Spair | ||||||||
Director | Date |
/s/ MARK F. STRAUSS | February 8, 2022 | |||||||
Mark F. Strauss | ||||||||
Director | Date |
/s/ ERNEST J. WATERS | February 6, 2022 | |||||||
Ernest J. Waters | ||||||||
Director | Date |
Date: | February 28, 2022 | |||||||
/s/ E. Philip Wenger | ||||||||
E. Philip Wenger | ||||||||
Chairman and Chief Executive Officer |
Date: | February 28, 2022 | |||||||
/s/ Mark R. McCollom | ||||||||
Mark R. McCollom | ||||||||
Senior Executive Vice President and Chief Financial Officer |
Date: | February 28, 2022 | |||||||
/s/ E. Philip Wenger | ||||||||
E. Philip Wenger | ||||||||
Chairman and Chief Executive Officer |
Date: | February 28, 2022 | |||||||
/s/ Mark R. McCollom | ||||||||
Mark R. McCollom | ||||||||
Senior Executive Vice President and Chief Financial Officer | ||||||||