| ☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||
| Indiana | 35-1539838 | ||||||||||
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||||||||||
| One Main Street | 47708 | ||||||||||
| Evansville, | Indiana | (Zip Code) | |||||||||
| (Address of principal executive offices) | |||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||||||||||||||
| Common stock, no par value | ONB | The | NASDAQ | Stock Market LLC | |||||||||||||||||||
| Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series A | ONBPP | The | NASDAQ | Stock Market LLC | |||||||||||||||||||
| Depositary Shares, each representing a 1/40th interest in a share of Non-Cumulative Perpetual Preferred Stock, Series C | ONBPO | The | NASDAQ | Stock Market LLC | |||||||||||||||||||
| Large accelerated filer | ☑ | Accelerated filer | ☐ | |||||||||||||||||
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ | |||||||||||||||||
| Emerging growth company | ☐ | |||||||||||||||||||
| Page | |||||||||||
| PART I. | |||||||||||
| Item 1. | |||||||||||
| Note 1. | |||||||||||
| Note 2. | |||||||||||
| Note 3. | |||||||||||
| Note 4. | |||||||||||
| Note 5. | |||||||||||
| Note 6. | |||||||||||
| Note 7. | |||||||||||
| Note 8. | |||||||||||
| Note 9. | |||||||||||
| Note 10. | |||||||||||
| Note 11. | |||||||||||
| Note 12. | |||||||||||
| Note 13. | |||||||||||
| Note 14. | |||||||||||
| Note 15. | |||||||||||
| Note 16. | |||||||||||
| Note 17. | |||||||||||
| Item 2. | |||||||||||
| Item 3. | |||||||||||
| Item 4. | |||||||||||
| PART II. | |||||||||||
| Item 1A. | |||||||||||
| Item 2. | |||||||||||
| Item 5. | |||||||||||
| Item 6. | |||||||||||
(dollars and shares in thousands, except per share data) | March 31, 2023 | December 31, 2022 | |||||||||
| (unaudited) | |||||||||||
| Assets | |||||||||||
| Cash and due from banks | $ | 386,879 | $ | 453,432 | |||||||
| Money market and other interest-earning investments | 727,056 | 274,980 | |||||||||
| Total cash and cash equivalents | 1,113,935 | 728,412 | |||||||||
| Equity securities, at fair value | 72,158 | 52,507 | |||||||||
Investment securities - available-for-sale, at fair value (amortized cost $7,592,765 and $7,772,603, respectively) | 6,687,066 | 6,773,712 | |||||||||
Investment securities - held-to-maturity, at amortized cost (fair value $2,663,374 and $2,643,682, respectively) | 3,071,190 | 3,089,147 | |||||||||
| Federal Home Loan Bank/Federal Reserve Bank stock, at cost | 413,326 | 314,168 | |||||||||
| Loans held for sale, at fair value | 10,584 | 11,926 | |||||||||
| Loans: | |||||||||||
| Commercial | 9,751,875 | 9,508,904 | |||||||||
| Commercial real estate | 12,908,380 | 12,457,070 | |||||||||
| Residential real estate | 6,568,666 | 6,460,441 | |||||||||
| Consumer credit, net of unearned income | 2,593,453 | 2,697,226 | |||||||||
| Total loans | 31,822,374 | 31,123,641 | |||||||||
| Allowance for credit losses on loans | (298,711) | (303,671) | |||||||||
| Net loans | 31,523,663 | 30,819,970 | |||||||||
| Premises and equipment, net | 566,758 | 557,307 | |||||||||
| Operating lease right-of-use assets | 183,687 | 189,714 | |||||||||
| Accrued interest receivable | 188,988 | 190,521 | |||||||||
| Goodwill | 1,998,716 | 1,998,716 | |||||||||
| Other intangible assets | 120,219 | 126,405 | |||||||||
| Company-owned life insurance | 770,471 | 768,552 | |||||||||
| Other assets | 1,121,883 | 1,142,315 | |||||||||
| Total assets | $ | 47,842,644 | $ | 46,763,372 | |||||||
| Liabilities | |||||||||||
| Deposits: | |||||||||||
| Noninterest-bearing demand | $ | 10,995,083 | $ | 11,930,798 | |||||||
| Interest-bearing: | |||||||||||
| Checking and NOW | 7,903,520 | 8,340,955 | |||||||||
| Savings | 6,030,255 | 6,326,158 | |||||||||
| Money market | 5,867,239 | 5,389,139 | |||||||||
| Time deposits | 4,121,695 | 3,013,780 | |||||||||
| Total deposits | 34,917,792 | 35,000,830 | |||||||||
| Federal funds purchased and interbank borrowings | 618,955 | 581,489 | |||||||||
| Securities sold under agreements to repurchase | 393,018 | 432,804 | |||||||||
| Federal Home Loan Bank advances | 4,981,612 | 3,829,018 | |||||||||
| Other borrowings | 746,869 | 743,003 | |||||||||
| Operating lease liabilities | 205,249 | 211,964 | |||||||||
| Accrued expenses and other liabilities | 701,723 | 835,669 | |||||||||
| Total liabilities | 42,565,218 | 41,634,777 | |||||||||
| Shareholders' Equity | |||||||||||
Preferred stock, 2,000 shares authorized, 231 shares issued and outstanding | 230,500 | 230,500 | |||||||||
Common stock, no par value, $1.00 per share stated value, 600,000 shares authorized, 291,922 and 292,903 shares issued and outstanding, respectively | 291,922 | 292,903 | |||||||||
| Capital surplus | 4,144,730 | 4,174,265 | |||||||||
| Retained earnings | 1,318,632 | 1,217,349 | |||||||||
| Accumulated other comprehensive income (loss), net of tax | (708,358) | (786,422) | |||||||||
| Total shareholders' equity | 5,277,426 | 5,128,595 | |||||||||
| Total liabilities and shareholders' equity | $ | 47,842,644 | $ | 46,763,372 | |||||||
| Three Months Ended March 31, | |||||||||||
(dollars and shares in thousands, except per share data) | 2023 | 2022 | |||||||||
| Interest Income | |||||||||||
| Loans including fees: | |||||||||||
| Taxable | $ | 410,375 | $ | 184,015 | |||||||
| Nontaxable | 10,212 | 3,507 | |||||||||
| Investment securities: | |||||||||||
| Taxable | 60,801 | 37,409 | |||||||||
| Nontaxable | 11,163 | 10,266 | |||||||||
| Money market and other interest-earning investments | 3,098 | 308 | |||||||||
| Total interest income | 495,649 | 235,505 | |||||||||
| Interest Expense | |||||||||||
| Deposits | 62,593 | 3,194 | |||||||||
| Federal funds purchased and interbank borrowings | 4,839 | — | |||||||||
| Securities sold under agreements to repurchase | 779 | 96 | |||||||||
| Federal Home Loan Bank advances | 37,996 | 5,963 | |||||||||
| Other borrowings | 7,954 | 3,467 | |||||||||
| Total interest expense | 114,161 | 12,720 | |||||||||
| Net interest income | 381,488 | 222,785 | |||||||||
| Provision for credit losses | 13,437 | 108,736 | |||||||||
| Net interest income after provision for credit losses | 368,051 | 114,049 | |||||||||
| Noninterest Income | |||||||||||
| Wealth management fees | 18,760 | 14,630 | |||||||||
| Service charges on deposit accounts | 17,003 | 14,026 | |||||||||
| Debit card and ATM fees | 9,982 | 7,599 | |||||||||
| Mortgage banking revenue | 3,400 | 7,245 | |||||||||
| Investment product fees | 8,160 | 7,322 | |||||||||
| Capital markets income | 6,939 | 4,442 | |||||||||
| Company-owned life insurance | 3,186 | 3,524 | |||||||||
| Debt securities gains (losses), net | (5,216) | 342 | |||||||||
| Other income | 8,467 | 6,110 | |||||||||
| Total noninterest income | 70,681 | 65,240 | |||||||||
| Noninterest Expense | |||||||||||
| Salaries and employee benefits | 137,364 | 124,147 | |||||||||
| Occupancy | 28,282 | 21,019 | |||||||||
| Equipment | 7,389 | 5,168 | |||||||||
| Marketing | 9,417 | 4,276 | |||||||||
| Technology | 19,202 | 18,762 | |||||||||
| Communication | 4,461 | 3,417 | |||||||||
| Professional fees | 6,732 | 19,791 | |||||||||
| FDIC assessment | 10,404 | 2,575 | |||||||||
| Amortization of intangibles | 6,186 | 4,811 | |||||||||
| Amortization of tax credit investments | 2,761 | 1,516 | |||||||||
| Property optimization | 1,317 | — | |||||||||
| Other expense | 17,196 | 10,107 | |||||||||
| Total noninterest expense | 250,711 | 215,589 | |||||||||
| Income (loss) before income taxes | 188,021 | (36,300) | |||||||||
| Income tax expense (benefit) | 41,421 | (8,714) | |||||||||
| Net income (loss) | 146,600 | (27,586) | |||||||||
| Preferred dividends | (4,034) | (2,017) | |||||||||
| Net income (loss) applicable to common shareholders | $ | 142,566 | $ | (29,603) | |||||||
| Net income (loss) per common share - basic | $ | 0.49 | $ | (0.13) | |||||||
| Net income (loss) per common share - diluted | 0.49 | (0.13) | |||||||||
| Weighted average number of common shares outstanding - basic | 291,088 | 227,002 | |||||||||
| Weighted average number of common shares outstanding - diluted | 292,756 | 227,002 | |||||||||
| Dividends per common share | $ | 0.14 | $ | 0.14 | |||||||
| Three Months Ended March 31, | |||||||||||
| (dollars in thousands) | 2023 | 2022 | |||||||||
| Net income (loss) | $ | 146,600 | $ | (27,586) | |||||||
| Other comprehensive income (loss): | |||||||||||
| Change in debt securities available-for-sale: | |||||||||||
| Unrealized holding gains (losses) for the period | 24,724 | (429,470) | |||||||||
| Reclassification for securities transferred to held-to-maturity | — | 22,163 | |||||||||
| Reclassification adjustment for securities (gains) losses realized in income | 5,216 | (342) | |||||||||
| Income tax effect | 1,146 | 96,235 | |||||||||
| Unrealized gains (losses) on available-for-sale securities | 31,086 | (311,414) | |||||||||
| Change in securities held-to-maturity: | |||||||||||
| Adjustment for securities transferred from available-for-sale | — | (22,163) | |||||||||
| Amortization of unrealized losses on securities transferred from available-for-sale | 5,829 | 310 | |||||||||
| Income tax effect | (131) | 5,126 | |||||||||
| Changes from securities held-to-maturity | 5,698 | (16,727) | |||||||||
| Change in hedges: | |||||||||||
| Net unrealized derivative gains (losses) on hedges | 47,849 | (9,506) | |||||||||
| Reclassification adjustment for (gains) losses realized in net income | 7,292 | (669) | |||||||||
| Income tax effect | (13,720) | 2,500 | |||||||||
| Changes from hedges | 41,421 | (7,675) | |||||||||
| Change in defined benefit pension plans: | |||||||||||
| Amortization of net (gains) losses recognized in income | (188) | (11) | |||||||||
| Income tax effect | 47 | 3 | |||||||||
| Changes from defined benefit pension plans | (141) | (8) | |||||||||
| Other comprehensive income (loss), net of tax | 78,064 | (335,824) | |||||||||
| Comprehensive income (loss) | $ | 224,664 | $ | (363,410) | |||||||
| (dollars in thousands, except per share data) | Preferred Stock | Common Stock | Capital Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total Shareholders' Equity | |||||||||||||||||||||||||||||
| Balance, December 31, 2021 | $ | — | $ | 165,838 | $ | 1,880,545 | $ | 968,010 | $ | (2,375) | $ | 3,012,018 | |||||||||||||||||||||||
| Net income (loss) | — | — | — | (27,586) | — | (27,586) | |||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | (335,824) | (335,824) | |||||||||||||||||||||||||||||
| First Midwest Bancorp, Inc. merger: | |||||||||||||||||||||||||||||||||||
| Issuance of common stock | — | 129,365 | 2,316,947 | — | — | 2,446,312 | |||||||||||||||||||||||||||||
| Issuance of preferred stock, net of issuance costs | 230,500 | — | 13,219 | — | — | 243,719 | |||||||||||||||||||||||||||||
| Cash dividends: | |||||||||||||||||||||||||||||||||||
Common ($0.14 per share) | — | — | — | (40,782) | — | (40,782) | |||||||||||||||||||||||||||||
| Preferred dividends | — | — | — | (2,017) | — | (2,017) | |||||||||||||||||||||||||||||
| Common stock issued | — | 10 | 155 | — | — | 165 | |||||||||||||||||||||||||||||
| Common stock repurchased | — | (3,890) | (66,188) | — | — | (70,078) | |||||||||||||||||||||||||||||
| Share-based compensation expense | — | — | 6,284 | — | — | 6,284 | |||||||||||||||||||||||||||||
| Stock activity under incentive compensation plans | — | 1,636 | (1,368) | (365) | — | (97) | |||||||||||||||||||||||||||||
| Balance, March 31, 2022 | $ | 230,500 | $ | 292,959 | $ | 4,149,594 | $ | 897,260 | $ | (338,199) | $ | 5,232,114 | |||||||||||||||||||||||
| Balance, December 31, 2022 | $ | 230,500 | $ | 292,903 | $ | 4,174,265 | $ | 1,217,349 | $ | (786,422) | $ | 5,128,595 | |||||||||||||||||||||||
| Net income (loss) | — | — | — | 146,600 | — | 146,600 | |||||||||||||||||||||||||||||
| Other comprehensive income (loss) | — | — | — | — | 78,064 | 78,064 | |||||||||||||||||||||||||||||
| Cash dividends: | |||||||||||||||||||||||||||||||||||
Common ($0.14 per share) | — | — | — | (41,088) | — | (41,088) | |||||||||||||||||||||||||||||
| Preferred dividends | — | — | — | (4,034) | — | (4,034) | |||||||||||||||||||||||||||||
| Common stock issued | — | 15 | 247 | — | — | 262 | |||||||||||||||||||||||||||||
| Common stock repurchased | — | (2,598) | (41,112) | — | — | (43,710) | |||||||||||||||||||||||||||||
| Share-based compensation expense | — | — | 12,742 | — | — | 12,742 | |||||||||||||||||||||||||||||
| Stock activity under incentive compensation plans | — | 1,602 | (1,412) | (195) | — | (5) | |||||||||||||||||||||||||||||
| Balance, March 31, 2023 | $ | 230,500 | $ | 291,922 | $ | 4,144,730 | $ | 1,318,632 | $ | (708,358) | $ | 5,277,426 | |||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| (dollars in thousands) | 2023 | 2022 | |||||||||
| Cash Flows From Operating Activities | |||||||||||
| Net income (loss) | $ | 146,600 | $ | (27,586) | |||||||
| Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||||||||||
| Depreciation | 9,121 | 7,790 | |||||||||
| Amortization of other intangible assets | 6,186 | 4,811 | |||||||||
| Amortization of tax credit investments | 2,761 | 1,516 | |||||||||
| Net premium amortization on investment securities | 3,603 | 4,462 | |||||||||
| Accretion income related to acquired loans | (6,410) | (14,241) | |||||||||
| Share-based compensation expense | 12,742 | 6,284 | |||||||||
| Provision for credit losses | 13,437 | 108,736 | |||||||||
| Debt securities (gains) losses, net | 5,216 | (342) | |||||||||
| Net (gains) losses on sales of loans and other assets | 829 | (2,381) | |||||||||
| Increase in cash surrender value of company-owned life insurance | (3,186) | (3,524) | |||||||||
| Residential real estate loans originated for sale | (65,148) | (205,945) | |||||||||
| Proceeds from sales of residential real estate loans | 67,468 | 220,534 | |||||||||
| (Increase) decrease in interest receivable | 1,533 | 635 | |||||||||
| (Increase) decrease in other assets | (3,833) | 98,413 | |||||||||
| Increase (decrease) in accrued expenses and other liabilities | (137,230) | (38,102) | |||||||||
| Net cash flows provided by (used in) operating activities | 53,689 | 161,060 | |||||||||
| Cash Flows From Investing Activities | |||||||||||
| Cash received from merger, net | — | 1,912,629 | |||||||||
| Purchases of investment securities available-for-sale | (44,413) | (814,796) | |||||||||
| Purchases of investment securities held-to-maturity | (1,941) | (30,418) | |||||||||
| Purchases of Federal Home Loan Bank/Federal Reserve Bank stock | (99,158) | (69,818) | |||||||||
| Purchases of equity securities | (20,807) | (904) | |||||||||
| Proceeds from maturities, prepayments, and calls of investment securities available-for-sale | 164,893 | 342,435 | |||||||||
| Proceeds from sales of investment securities available-for-sale | 51,522 | 10,839 | |||||||||
| Proceeds from maturities, prepayments, and calls of investment securities held-to-maturity | 24,744 | 2,752 | |||||||||
| Proceeds from sales of Federal Home Loan Bank/Federal Reserve Bank stock | — | 54,897 | |||||||||
| Proceeds from sales of equity securities | 615 | 41,313 | |||||||||
| Loan originations and payments, net | (708,752) | (336,091) | |||||||||
| Proceeds from company-owned life insurance death benefits | 2,257 | 1,582 | |||||||||
| Proceeds from sales of premises and equipment and other assets | 1,410 | 2,751 | |||||||||
| Purchases of premises and equipment and other assets | (10,456) | (9,588) | |||||||||
| Net cash flows provided by (used in) investing activities | (640,086) | 1,107,583 | |||||||||
| Cash Flows From Financing Activities | |||||||||||
| Net increase (decrease) in: | |||||||||||
| Deposits | (83,038) | (211,209) | |||||||||
| Federal funds purchased and interbank borrowings | 37,466 | 1,445 | |||||||||
| Securities sold under agreements to repurchase | (39,786) | (18,194) | |||||||||
| Other borrowings | (4,002) | 26,566 | |||||||||
| Payments for maturities of Federal Home Loan Bank advances | (750,150) | (6) | |||||||||
| Proceeds from Federal Home Loan Bank advances | 1,900,000 | 200,000 | |||||||||
| Cash dividends paid | (45,122) | (42,799) | |||||||||
| Common stock repurchased | (43,710) | (70,078) | |||||||||
| Common stock issued | 262 | 165 | |||||||||
| Net cash flows provided by (used in) financing activities | 971,920 | (114,110) | |||||||||
| Net increase (decrease) in cash and cash equivalents | 385,523 | 1,154,533 | |||||||||
| Cash and cash equivalents at beginning of period | 728,412 | 822,019 | |||||||||
| Cash and cash equivalents at end of period | $ | 1,113,935 | $ | 1,976,552 | |||||||
| Three Months Ended March 31, | |||||||||||
| (dollars in thousands) | 2023 | 2022 | |||||||||
| Supplemental cash flow information: | |||||||||||
| Total interest paid | $ | 104,917 | $ | 17,854 | |||||||
| Total income taxes paid (net of refunds) | 1,182 | 1,471 | |||||||||
| Common stock issued for merger, net | — | 2,446,312 | |||||||||
| Preferred stock issued for merger, net | — | 243,870 | |||||||||
| Investment securities purchased but not settled | — | 22,183 | |||||||||
| Securities transferred from available-for-sale to held-to-maturity | — | 2,038,900 | |||||||||
| Operating lease right-of-use assets obtained in exchange for lease obligations | 222 | 2,249 | |||||||||
| Finance lease right-of-use assets obtained in exchange for lease obligations | 9,141 | $ | — | ||||||||
| Three Months Ended March 31, | |||||||||||
| (dollars and shares in thousands, except per share data) | 2023 | 2022 | |||||||||
| Net income (loss) | $ | 146,600 | $ | (27,586) | |||||||
| Preferred dividends | (4,034) | (2,017) | |||||||||
| Net income (loss) applicable to common shares | $ | 142,566 | $ | (29,603) | |||||||
| Weighted average common shares outstanding: | |||||||||||
| Weighted average common shares outstanding (basic) | 291,088 | 227,002 | |||||||||
| Effect of dilutive securities: | |||||||||||
| Restricted stock | 1,666 | — | |||||||||
| Stock appreciation rights | 2 | — | |||||||||
| Weighted average diluted shares outstanding | 292,756 | 227,002 | |||||||||
| Basic Net Income (Loss) Per Common Share | $ | 0.49 | $ | (0.13) | |||||||
| Diluted Net Income (Loss) Per Common Share | $ | 0.49 | $ | (0.13) | |||||||
| (dollars in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Basis Adjustments (1) | Fair Value | ||||||||||||||||||||||||
| March 31, 2023 | |||||||||||||||||||||||||||||
| Available-for-Sale | |||||||||||||||||||||||||||||
| U.S. Treasury | $ | 268,894 | $ | 34 | $ | (10,755) | $ | (36,301) | $ | 221,872 | |||||||||||||||||||
| U.S. government-sponsored entities and agencies | 1,450,300 | — | (201,717) | (54,892) | 1,193,691 | ||||||||||||||||||||||||
| Mortgage-backed securities - Agency | 4,861,624 | 641 | (553,490) | — | 4,308,775 | ||||||||||||||||||||||||
| States and political subdivisions | 641,317 | 2,138 | (21,968) | — | 621,487 | ||||||||||||||||||||||||
| Pooled trust preferred securities | 13,787 | — | (2,938) | — | 10,849 | ||||||||||||||||||||||||
| Other securities | 356,843 | 277 | (26,728) | — | 330,392 | ||||||||||||||||||||||||
| Total available-for-sale securities | $ | 7,592,765 | $ | 3,090 | $ | (817,596) | $ | (91,193) | $ | 6,687,066 | |||||||||||||||||||
| Held-to-Maturity | |||||||||||||||||||||||||||||
| U.S. government-sponsored entities and agencies | $ | 820,849 | $ | — | $ | (157,226) | $ | — | $ | 663,623 | |||||||||||||||||||
| Mortgage-backed securities - Agency | 1,086,905 | — | (113,419) | — | 973,486 | ||||||||||||||||||||||||
| States and political subdivisions | 1,163,586 | 744 | (137,915) | — | 1,026,415 | ||||||||||||||||||||||||
| Allowance for securities held-to-maturity | (150) | — | — | — | (150) | ||||||||||||||||||||||||
| Total held-to-maturity securities | $ | 3,071,190 | $ | 744 | $ | (408,560) | $ | — | $ | 2,663,374 | |||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||||||||
| Available-for-Sale | |||||||||||||||||||||||||||||
| U.S. Treasury | $ | 253,148 | $ | 5 | $ | (5,189) | $ | (47,037) | $ | 200,927 | |||||||||||||||||||
| U.S. government-sponsored entities and agencies | 1,451,736 | — | (169,248) | (107,408) | 1,175,080 | ||||||||||||||||||||||||
| Mortgage-backed securities - Agency | 4,986,354 | 976 | (617,428) | — | 4,369,902 | ||||||||||||||||||||||||
| States and political subdivisions | 688,159 | 1,789 | (26,096) | — | 663,852 | ||||||||||||||||||||||||
| Pooled trust preferred securities | 13,783 | — | (2,972) | — | 10,811 | ||||||||||||||||||||||||
| Other securities | 379,423 | 258 | (26,541) | — | 353,140 | ||||||||||||||||||||||||
| Total available-for-sale securities | $ | 7,772,603 | $ | 3,028 | $ | (847,474) | $ | (154,445) | $ | 6,773,712 | |||||||||||||||||||
| Held-to-Maturity | |||||||||||||||||||||||||||||
| U.S. government-sponsored entities and agencies | $ | 819,168 | $ | — | $ | (162,810) | $ | — | $ | 656,358 | |||||||||||||||||||
| Mortgage-backed securities - Agency | 1,106,817 | — | (123,854) | — | 982,963 | ||||||||||||||||||||||||
| States and political subdivisions | 1,163,312 | 221 | (159,022) | — | 1,004,511 | ||||||||||||||||||||||||
| Allowance for securities held-to-maturity | (150) | — | — | — | (150) | ||||||||||||||||||||||||
| Total held-to-maturity securities | $ | 3,089,147 | $ | 221 | $ | (445,686) | $ | — | $ | 2,643,682 | |||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| (dollars in thousands) | 2023 | 2022 | |||||||||
| Proceeds | $ | 57,955 | $ | 50,113 | |||||||
| Realized gains | 909 | 463 | |||||||||
| Realized losses | (6,125) | (121) | |||||||||
| March 31, 2023 | |||||||||||||||||
| (dollars in thousands) | Amortized Cost | Fair Value | Weighted Average Yield | ||||||||||||||
| Maturity | |||||||||||||||||
| Available-for-Sale | |||||||||||||||||
| Within one year | $ | 141,160 | $ | 138,855 | 3.10 | % | |||||||||||
| One to five years | 1,751,081 | 1,635,833 | 2.79 | ||||||||||||||
| Five to ten years | 4,031,392 | 3,556,971 | 2.34 | ||||||||||||||
| Beyond ten years | 1,669,132 | 1,355,407 | 2.41 | ||||||||||||||
| Total | $ | 7,592,765 | $ | 6,687,066 | 2.47 | % | |||||||||||
| Held-to-Maturity | |||||||||||||||||
| One to five years | 162,300 | 141,113 | 2.74 | % | |||||||||||||
| Five to ten years | 928,090 | 838,844 | 2.67 | ||||||||||||||
| Beyond ten years | 1,980,800 | 1,683,417 | 2.73 | ||||||||||||||
| Total | $ | 3,071,190 | $ | 2,663,374 | 2.71 | % | |||||||||||
| Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||
| (dollars in thousands) | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | Fair Value | Unrealized Losses | |||||||||||||||||||||||||||||
| March 31, 2023 | |||||||||||||||||||||||||||||||||||
| Available-for-Sale | |||||||||||||||||||||||||||||||||||
| U.S. Treasury | $ | 23,229 | $ | (106) | $ | 190,653 | $ | (10,649) | $ | 213,882 | $ | (10,755) | |||||||||||||||||||||||
| U.S. government-sponsored entities and agencies | 96,117 | (2,554) | 1,097,574 | (199,163) | 1,193,691 | (201,717) | |||||||||||||||||||||||||||||
| Mortgage-backed securities - Agency | 758,680 | (26,422) | 3,513,804 | (527,068) | 4,272,484 | (553,490) | |||||||||||||||||||||||||||||
| States and political subdivisions | 112,958 | (1,576) | 233,172 | (20,392) | 346,130 | (21,968) | |||||||||||||||||||||||||||||
| Pooled trust preferred securities | — | — | 10,849 | (2,938) | 10,849 | (2,938) | |||||||||||||||||||||||||||||
| Other securities | 42,014 | (1,404) | 273,603 | (25,324) | 315,617 | (26,728) | |||||||||||||||||||||||||||||
| Total available-for-sale | $ | 1,032,998 | $ | (32,062) | $ | 5,319,655 | $ | (785,534) | $ | 6,352,653 | $ | (817,596) | |||||||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||||||||||||||
| Available-for-Sale | |||||||||||||||||||||||||||||||||||
| U.S. Treasury | $ | 130,967 | $ | (3,264) | $ | 66,992 | $ | (1,925) | $ | 197,959 | $ | (5,189) | |||||||||||||||||||||||
| U.S. government-sponsored entities and agencies | 454,854 | (75,795) | 720,226 | (93,453) | 1,175,080 | (169,248) | |||||||||||||||||||||||||||||
| Mortgage-backed securities - Agency | 3,207,319 | (358,507) | 1,116,205 | (258,921) | 4,323,524 | (617,428) | |||||||||||||||||||||||||||||
| States and political subdivisions | 414,813 | (25,555) | 2,703 | (541) | 417,516 | (26,096) | |||||||||||||||||||||||||||||
| Pooled trust preferred securities | — | — | 10,811 | (2,972) | 10,811 | (2,972) | |||||||||||||||||||||||||||||
| Other securities | 257,775 | (17,045) | 75,309 | (9,496) | 333,084 | (26,541) | |||||||||||||||||||||||||||||
| Total available-for-sale | $ | 4,465,728 | $ | (480,166) | $ | 1,992,246 | $ | (367,308) | $ | 6,457,974 | $ | (847,474) | |||||||||||||||||||||||
| Less than 12 months | 12 months or longer | Total | |||||||||||||||||||||||||||||||||
| (dollars in thousands) | Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | Fair Value | Unrecognized Losses | |||||||||||||||||||||||||||||
| March 31, 2023 | |||||||||||||||||||||||||||||||||||
| Held-to-Maturity | |||||||||||||||||||||||||||||||||||
| U.S. government-sponsored entities and agencies | $ | 82,080 | $ | (7,003) | $ | 581,543 | $ | (150,223) | $ | 663,623 | $ | (157,226) | |||||||||||||||||||||||
| Mortgage-backed securities - Agency | 254,788 | (18,775) | 718,698 | (94,644) | 973,486 | (113,419) | |||||||||||||||||||||||||||||
| States and political subdivisions | 40,220 | (2,238) | 931,463 | (135,677) | 971,683 | (137,915) | |||||||||||||||||||||||||||||
| Total held-to-maturity | $ | 377,088 | $ | (28,016) | $ | 2,231,704 | $ | (380,544) | $ | 2,608,792 | $ | (408,560) | |||||||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||||||||||||||
| Held-to-Maturity | |||||||||||||||||||||||||||||||||||
| U.S. government-sponsored entities and agencies | 354,293 | (110,523) | 302,066 | (52,287) | 656,359 | (162,810) | |||||||||||||||||||||||||||||
| Mortgage-backed securities - Agency | 367,849 | (42,438) | 615,114 | (81,416) | 982,963 | (123,854) | |||||||||||||||||||||||||||||
| States and political subdivisions | 838,689 | (127,355) | 135,573 | (31,667) | 974,262 | (159,022) | |||||||||||||||||||||||||||||
| Total available-for-sale | $ | 1,560,831 | $ | (280,316) | $ | 1,052,753 | $ | (165,370) | $ | 2,613,584 | $ | (445,686) | |||||||||||||||||||||||
| Balance Sheet Line Item | Portfolio Segment Reclassifications | After Reclassifications | |||||||||||||||
| (dollars in thousands) | |||||||||||||||||
| March 31, 2023 | |||||||||||||||||
| Loans: | |||||||||||||||||
| Commercial | $ | 9,751,875 | $ | (213,187) | $ | 9,538,688 | |||||||||||
| Commercial real estate | 12,908,380 | (160,041) | 12,748,339 | ||||||||||||||
| BBCC | N/A | 373,228 | 373,228 | ||||||||||||||
| Residential real estate | 6,568,666 | — | 6,568,666 | ||||||||||||||
| Consumer | 2,593,453 | (2,593,453) | N/A | ||||||||||||||
| Indirect | N/A | 1,003,287 | 1,003,287 | ||||||||||||||
| Direct | N/A | 580,726 | 580,726 | ||||||||||||||
| Home equity | N/A | 1,009,440 | 1,009,440 | ||||||||||||||
| Total | $ | 31,822,374 | $ | — | $ | 31,822,374 | |||||||||||
| December 31, 2022 | |||||||||||||||||
| Loans: | |||||||||||||||||
| Commercial | $ | 9,508,904 | $ | (210,280) | $ | 9,298,624 | |||||||||||
| Commercial real estate | 12,457,070 | (158,322) | 12,298,748 | ||||||||||||||
| BBCC | N/A | 368,602 | 368,602 | ||||||||||||||
| Residential real estate | 6,460,441 | — | 6,460,441 | ||||||||||||||
| Consumer | 2,697,226 | (2,697,226) | N/A | ||||||||||||||
| Indirect | N/A | 1,034,257 | 1,034,257 | ||||||||||||||
| Direct | N/A | 629,186 | 629,186 | ||||||||||||||
| Home equity | N/A | 1,033,783 | 1,033,783 | ||||||||||||||
| Total | $ | 31,123,641 | $ | — | $ | 31,123,641 | |||||||||||
| (dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
Commercial (1) | $ | 9,538,688 | $ | 9,298,624 | |||||||
| Commercial real estate | 12,748,339 | 12,298,748 | |||||||||
| BBCC | 373,228 | 368,602 | |||||||||
| Residential real estate | 6,568,666 | 6,460,441 | |||||||||
| Indirect | 1,003,287 | 1,034,257 | |||||||||
| Direct | 580,726 | 629,186 | |||||||||
| Home equity | 1,009,440 | 1,033,783 | |||||||||
| Total loans | 31,822,374 | 31,123,641 | |||||||||
| Allowance for credit losses on loans | (298,711) | (303,671) | |||||||||
| Net loans | $ | 31,523,663 | $ | 30,819,970 | |||||||
| (dollars in thousands) | Balance at Beginning of Period | Allowance Established for Acquired PCD Loans | Charge-offs | Recoveries | Provision for Loan Losses | Balance at End of Period | |||||||||||||||||||||||||||||
| Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||||||||
| Commercial | $ | 120,612 | $ | — | $ | (12,423) | $ | 283 | $ | 17,296 | $ | 125,768 | |||||||||||||||||||||||
| Commercial real estate | 138,244 | — | (1,189) | 263 | (1,970) | 135,348 | |||||||||||||||||||||||||||||
| BBCC | 2,431 | — | (28) | 73 | (160) | 2,316 | |||||||||||||||||||||||||||||
| Residential real estate | 21,916 | — | (23) | 72 | (1,758) | 20,207 | |||||||||||||||||||||||||||||
| Indirect | 1,532 | — | (1,197) | 412 | 687 | 1,434 | |||||||||||||||||||||||||||||
| Direct | 12,116 | — | (3,238) | 581 | (2,693) | 6,766 | |||||||||||||||||||||||||||||
| Home equity | 6,820 | — | (82) | 67 | 67 | 6,872 | |||||||||||||||||||||||||||||
| Total | $ | 303,671 | $ | — | $ | (18,180) | $ | 1,751 | $ | 11,469 | $ | 298,711 | |||||||||||||||||||||||
| Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||||
| Commercial | $ | 27,232 | $ | 35,040 | $ | (1,880) | $ | 325 | $ | 38,754 | $ | 99,471 | |||||||||||||||||||||||
| Commercial real estate | 64,004 | 42,601 | (507) | 182 | 34,210 | 140,490 | |||||||||||||||||||||||||||||
| BBCC | 2,458 | — | (28) | 57 | (418) | 2,069 | |||||||||||||||||||||||||||||
| Residential real estate | 9,347 | 136 | (185) | 440 | 7,514 | 17,252 | |||||||||||||||||||||||||||||
| Indirect | 1,743 | — | (483) | 222 | 166 | 1,648 | |||||||||||||||||||||||||||||
| Direct | 528 | 31 | (1,530) | 582 | 14,839 | 14,450 | |||||||||||||||||||||||||||||
| Home equity | 2,029 | 723 | (51) | 82 | 2,344 | 5,127 | |||||||||||||||||||||||||||||
| Total | $ | 107,341 | $ | 78,531 | $ | (4,664) | $ | 1,890 | $ | 97,409 | $ | 280,507 | |||||||||||||||||||||||
| Three Months Ended March 31, | |||||||||||
| (dollars in thousands) | 2023 | 2022 | |||||||||
| Allowance for credit losses on unfunded loan commitments: | |||||||||||
| Balance at beginning of period | $ | 32,188 | $ | 10,879 | |||||||
| Provision for credit losses on unfunded commitments acquired during the period | — | 11,013 | |||||||||
| Provision for unfunded loan commitments | 1,968 | 154 | |||||||||
| Balance at end of period | $ | 34,156 | $ | 22,046 | |||||||
| Origination Year | Revolving to Term | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Total | |||||||||||||||||||||||||||||||||||||||||||||
| March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | $ | 673,613 | $ | 2,299,378 | $ | 1,517,883 | $ | 712,011 | $ | 629,196 | $ | 694,970 | $ | 2,041,109 | $ | 433,838 | $ | 9,001,998 | |||||||||||||||||||||||||||||||||||
| Criticized | 24,476 | 38,369 | 26,289 | 52,907 | 31,378 | 6,538 | 56,784 | 10,792 | 247,533 | ||||||||||||||||||||||||||||||||||||||||||||
| Classified: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Substandard | 5,879 | 16,596 | 75,646 | 15,505 | 21,896 | 3,401 | 40,883 | 47,187 | 226,993 | ||||||||||||||||||||||||||||||||||||||||||||
| Nonaccrual | — | — | 1,462 | 2,049 | 1,468 | — | 6,436 | 5,172 | 16,587 | ||||||||||||||||||||||||||||||||||||||||||||
| Doubtful | — | 20,828 | 11,687 | 3,633 | 73 | 9,356 | — | — | 45,577 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 703,968 | $ | 2,375,171 | $ | 1,632,967 | $ | 786,105 | $ | 684,011 | $ | 714,265 | $ | 2,145,212 | $ | 496,989 | $ | 9,538,688 | |||||||||||||||||||||||||||||||||||
| Gross charge-offs | $ | — | $ | — | $ | 5,230 | $ | — | $ | 6,789 | $ | 239 | $ | 165 | $ | — | $ | 12,423 | |||||||||||||||||||||||||||||||||||
| Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | $ | 600,890 | $ | 3,129,239 | $ | 2,833,471 | $ | 1,942,417 | $ | 1,171,555 | $ | 1,560,183 | $ | 74,982 | $ | 643,987 | $ | 11,956,724 | |||||||||||||||||||||||||||||||||||
| Criticized | 217 | 56,997 | 40,407 | 22,202 | 70,931 | 105,130 | — | 42,466 | 338,350 | ||||||||||||||||||||||||||||||||||||||||||||
| Classified: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Substandard | 8,653 | 89,716 | 22,101 | 20,207 | 98,147 | 82,928 | — | 18,138 | 339,890 | ||||||||||||||||||||||||||||||||||||||||||||
| Nonaccrual | — | 648 | 9,785 | 4,879 | — | 21,708 | — | 3,151 | 40,171 | ||||||||||||||||||||||||||||||||||||||||||||
| Doubtful | — | 2,627 | 35,723 | 9,919 | 4,507 | 20,428 | — | — | 73,204 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 609,760 | $ | 3,279,227 | $ | 2,941,487 | $ | 1,999,624 | $ | 1,345,140 | $ | 1,790,377 | $ | 74,982 | $ | 707,742 | $ | 12,748,339 | |||||||||||||||||||||||||||||||||||
| Gross charge-offs | $ | — | $ | 54 | $ | 735 | $ | 400 | $ | — | $ | — | $ | — | $ | — | $ | 1,189 | |||||||||||||||||||||||||||||||||||
| BBCC: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | $ | 25,194 | $ | 86,881 | $ | 59,220 | $ | 48,866 | $ | 35,291 | $ | 27,217 | $ | 59,846 | $ | 17,644 | $ | 360,159 | |||||||||||||||||||||||||||||||||||
| Criticized | 50 | 1,843 | 479 | 265 | 1,023 | 57 | 2,047 | 1,660 | 7,424 | ||||||||||||||||||||||||||||||||||||||||||||
| Classified: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Substandard | 10 | 986 | 641 | 33 | 415 | — | 603 | 658 | 3,346 | ||||||||||||||||||||||||||||||||||||||||||||
| Nonaccrual | — | 39 | 36 | 130 | — | 626 | — | 836 | 1,667 | ||||||||||||||||||||||||||||||||||||||||||||
| Doubtful | — | 39 | 73 | 276 | 108 | 136 | — | — | 632 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 25,254 | $ | 89,788 | $ | 60,449 | $ | 49,570 | $ | 36,837 | $ | 28,036 | $ | 62,496 | $ | 20,798 | $ | 373,228 | |||||||||||||||||||||||||||||||||||
| Gross charge-offs | $ | — | $ | — | $ | 28 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 28 | |||||||||||||||||||||||||||||||||||
| Origination Year | Revolving to Term | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving | Total | |||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commercial: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | $ | 2,388,618 | $ | 1,754,364 | $ | 796,340 | $ | 738,208 | $ | 362,986 | $ | 388,617 | $ | 1,988,763 | $ | 329,119 | $ | 8,747,015 | |||||||||||||||||||||||||||||||||||
| Criticized | 40,856 | 30,661 | 63,557 | 33,490 | 9,195 | 5,312 | 61,036 | 4,327 | 248,434 | ||||||||||||||||||||||||||||||||||||||||||||
| Classified: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Substandard | 37,223 | 47,522 | 16,540 | 22,925 | 4,844 | 21,204 | 67,402 | 25,143 | 242,803 | ||||||||||||||||||||||||||||||||||||||||||||
| Nonaccrual | 3,627 | 1,453 | 566 | — | — | — | 1,634 | 6,623 | 13,903 | ||||||||||||||||||||||||||||||||||||||||||||
| Doubtful | 2,821 | 17,604 | 3,720 | 8,005 | 5,968 | 8,351 | — | — | 46,469 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 2,473,145 | $ | 1,851,604 | $ | 880,723 | $ | 802,628 | $ | 382,993 | $ | 423,484 | $ | 2,118,835 | $ | 365,212 | $ | 9,298,624 | |||||||||||||||||||||||||||||||||||
| Commercial real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | $ | 3,066,960 | $ | 2,828,758 | $ | 1,989,000 | $ | 1,219,025 | $ | 675,572 | $ | 1,018,719 | $ | 57,818 | $ | 689,553 | $ | 11,545,405 | |||||||||||||||||||||||||||||||||||
| Criticized | 75,306 | 34,422 | 22,569 | 82,637 | 86,504 | 56,864 | — | 23,282 | 381,584 | ||||||||||||||||||||||||||||||||||||||||||||
| Classified: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Substandard | 46,231 | 16,928 | 24,319 | 78,468 | 57,824 | 21,591 | — | 4,108 | 249,469 | ||||||||||||||||||||||||||||||||||||||||||||
| Nonaccrual | 3,151 | 9,541 | 5,014 | — | 2,312 | 22,155 | — | 3,257 | 45,430 | ||||||||||||||||||||||||||||||||||||||||||||
| Doubtful | 1,934 | 38,386 | 10,011 | 4,605 | 1,523 | 20,401 | — | — | 76,860 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 3,193,582 | $ | 2,928,035 | $ | 2,050,913 | $ | 1,384,735 | $ | 823,735 | $ | 1,139,730 | $ | 57,818 | $ | 720,200 | $ | 12,298,748 | |||||||||||||||||||||||||||||||||||
| BBCC: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Pass | $ | 90,341 | $ | 64,161 | $ | 52,304 | $ | 36,868 | $ | 23,618 | $ | 11,333 | $ | 60,016 | $ | 18,881 | $ | 357,522 | |||||||||||||||||||||||||||||||||||
| Criticized | 1,504 | 525 | 368 | 692 | 353 | — | 1,006 | 1,603 | 6,051 | ||||||||||||||||||||||||||||||||||||||||||||
| Classified: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Substandard | 811 | 143 | — | 421 | — | — | 543 | 682 | 2,600 | ||||||||||||||||||||||||||||||||||||||||||||
| Nonaccrual | 42 | 37 | 118 | — | 429 | 284 | — | 639 | 1,549 | ||||||||||||||||||||||||||||||||||||||||||||
| Doubtful | 40 | 107 | 439 | 157 | 64 | 73 | — | — | 880 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 92,738 | $ | 64,973 | $ | 53,229 | $ | 38,138 | $ | 24,464 | $ | 11,690 | $ | 61,565 | $ | 21,805 | $ | 368,602 | |||||||||||||||||||||||||||||||||||
| Origination Year | Revolving to Term | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| (dollars in thousands) | 2023 | 2022 | 2021 | 2020 | 2019 | Prior | Revolving | Total | |||||||||||||||||||||||||||||||||||||||||||||
| March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performing | $ | 92,032 | $ | 1,419,736 | $ | 1,975,809 | $ | 1,749,348 | $ | 472,547 | $ | 823,622 | $ | — | $ | 84 | $ | 6,533,178 | |||||||||||||||||||||||||||||||||||
| Nonperforming | — | 1,272 | 2,373 | 2,421 | 2,796 | 26,620 | — | 6 | 35,488 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 92,032 | $ | 1,421,008 | $ | 1,978,182 | $ | 1,751,769 | $ | 475,343 | $ | 850,242 | $ | — | $ | 90 | $ | 6,568,666 | |||||||||||||||||||||||||||||||||||
| Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 23 | $ | — | $ | — | $ | 23 | |||||||||||||||||||||||||||||||||||
| Indirect: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performing | $ | 74,980 | $ | 465,805 | $ | 225,377 | $ | 126,788 | $ | 69,147 | $ | 37,704 | $ | — | $ | 58 | $ | 999,859 | |||||||||||||||||||||||||||||||||||
| Nonperforming | — | 505 | 1,286 | 627 | 467 | 543 | — | — | 3,428 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 74,980 | $ | 466,310 | $ | 226,663 | $ | 127,415 | $ | 69,614 | $ | 38,247 | $ | — | $ | 58 | $ | 1,003,287 | |||||||||||||||||||||||||||||||||||
| Gross charge-offs | $ | — | $ | 514 | $ | 430 | $ | 93 | $ | 111 | $ | 49 | $ | — | $ | — | $ | 1,197 | |||||||||||||||||||||||||||||||||||
| Direct: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performing | $ | 27,097 | $ | 121,525 | $ | 141,746 | $ | 68,407 | $ | 48,981 | $ | 92,285 | $ | 74,520 | $ | 2,118 | $ | 576,679 | |||||||||||||||||||||||||||||||||||
| Nonperforming | — | 401 | 554 | 580 | 636 | 1,863 | 7 | 6 | 4,047 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 27,097 | $ | 121,926 | $ | 142,300 | $ | 68,987 | $ | 49,617 | $ | 94,148 | $ | 74,527 | $ | 2,124 | $ | 580,726 | |||||||||||||||||||||||||||||||||||
| Gross charge-offs | $ | — | $ | 471 | $ | 794 | $ | 286 | $ | 327 | $ | 195 | $ | 1,165 | $ | — | $ | 3,238 | |||||||||||||||||||||||||||||||||||
| Home equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performing | $ | — | $ | 1,273 | $ | 876 | $ | 1,382 | $ | 1,068 | $ | 7,938 | $ | 962,911 | $ | 20,456 | $ | 995,904 | |||||||||||||||||||||||||||||||||||
| Nonperforming | — | 162 | 133 | 161 | 930 | 5,470 | 1,924 | 4,756 | 13,536 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | — | $ | 1,435 | $ | 1,009 | $ | 1,543 | $ | 1,998 | $ | 13,408 | $ | 964,835 | $ | 25,212 | $ | 1,009,440 | |||||||||||||||||||||||||||||||||||
| Gross charge-offs | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 82 | $ | — | $ | — | $ | 82 | |||||||||||||||||||||||||||||||||||
| Origination Year | Revolving to Term | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | 2021 | 2020 | 2019 | 2018 | Prior | Revolving | Total | ||||||||||||||||||||||||||||||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Residential real estate: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performing | $ | 1,327,168 | $ | 1,945,792 | $ | 1,825,762 | $ | 478,529 | $ | 136,260 | $ | 712,175 | $ | 7 | $ | 88 | $ | 6,425,781 | |||||||||||||||||||||||||||||||||||
| Nonperforming | 59 | 529 | 861 | 873 | 1,826 | 30,512 | — | — | 34,660 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 1,327,227 | $ | 1,946,321 | $ | 1,826,623 | $ | 479,402 | $ | 138,086 | $ | 742,687 | $ | 7 | $ | 88 | $ | 6,460,441 | |||||||||||||||||||||||||||||||||||
| Indirect: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performing | $ | 504,410 | $ | 249,407 | $ | 144,265 | $ | 82,304 | $ | 31,484 | $ | 19,095 | $ | — | $ | 62 | $ | 1,031,027 | |||||||||||||||||||||||||||||||||||
| Nonperforming | 348 | 1,074 | 645 | 531 | 304 | 328 | — | — | 3,230 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 504,758 | $ | 250,481 | $ | 144,910 | $ | 82,835 | $ | 31,788 | $ | 19,423 | $ | — | $ | 62 | $ | 1,034,257 | |||||||||||||||||||||||||||||||||||
| Direct: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performing | $ | 132,934 | $ | 164,126 | $ | 77,406 | $ | 57,919 | $ | 45,299 | $ | 59,212 | $ | 87,622 | $ | 671 | $ | 625,189 | |||||||||||||||||||||||||||||||||||
| Nonperforming | 115 | 851 | 614 | 205 | 327 | 1,526 | 5 | 354 | 3,997 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 133,049 | $ | 164,977 | $ | 78,020 | $ | 58,124 | $ | 45,626 | $ | 60,738 | $ | 87,627 | $ | 1,025 | $ | 629,186 | |||||||||||||||||||||||||||||||||||
| Home equity: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Risk Rating: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Performing | $ | 919 | $ | 896 | $ | 1,849 | $ | 1,497 | $ | 983 | $ | 11,646 | $ | 990,001 | $ | 14,792 | $ | 1,022,583 | |||||||||||||||||||||||||||||||||||
| Nonperforming | 166 | 160 | 166 | 446 | 794 | 4,308 | 1,698 | 3,462 | 11,200 | ||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | 1,085 | $ | 1,056 | $ | 2,015 | $ | 1,943 | $ | 1,777 | $ | 15,954 | $ | 991,699 | $ | 18,254 | $ | 1,033,783 | |||||||||||||||||||||||||||||||||||
| (dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | Past Due 90 Days or More | Total Past Due | Current | Total Loans | |||||||||||||||||||||||||||||
| March 31, 2023 | |||||||||||||||||||||||||||||||||||
| Commercial | $ | 8,463 | $ | 3,397 | $ | 9,333 | $ | 21,193 | $ | 9,517,495 | $ | 9,538,688 | |||||||||||||||||||||||
| Commercial real estate | 14,648 | 256 | 26,659 | 41,563 | 12,706,776 | 12,748,339 | |||||||||||||||||||||||||||||
| BBCC | 1,618 | 552 | 430 | 2,600 | 370,628 | 373,228 | |||||||||||||||||||||||||||||
| Residential | 19,495 | 310 | 9,725 | 29,530 | 6,539,136 | 6,568,666 | |||||||||||||||||||||||||||||
| Indirect | 4,229 | 1,141 | 511 | 5,881 | 997,406 | 1,003,287 | |||||||||||||||||||||||||||||
| Direct | 3,759 | 955 | 1,511 | 6,225 | 574,501 | 580,726 | |||||||||||||||||||||||||||||
| Home equity | 6,279 | 1,923 | 4,802 | 13,004 | 996,436 | 1,009,440 | |||||||||||||||||||||||||||||
| Total | $ | 58,491 | $ | 8,534 | $ | 52,971 | $ | 119,996 | $ | 31,702,378 | $ | 31,822,374 | |||||||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||||||||||||||
| Commercial | $ | 14,147 | $ | 4,801 | $ | 11,080 | $ | 30,028 | $ | 9,268,596 | $ | 9,298,624 | |||||||||||||||||||||||
| Commercial real estate | 47,240 | 1,312 | 32,892 | 81,444 | 12,217,304 | 12,298,748 | |||||||||||||||||||||||||||||
| BBCC | 730 | 365 | 603 | 1,698 | 366,904 | 368,602 | |||||||||||||||||||||||||||||
| Residential | 24,181 | 5,033 | 11,753 | 40,967 | 6,419,474 | 6,460,441 | |||||||||||||||||||||||||||||
| Indirect | 6,302 | 2,118 | 958 | 9,378 | 1,024,879 | 1,034,257 | |||||||||||||||||||||||||||||
| Direct | 5,404 | 2,118 | 1,928 | 9,450 | 619,736 | 629,186 | |||||||||||||||||||||||||||||
| Home equity | 6,585 | 1,966 | 4,707 | 13,258 | 1,020,525 | 1,033,783 | |||||||||||||||||||||||||||||
| Total | $ | 104,589 | $ | 17,713 | $ | 63,921 | $ | 186,223 | $ | 30,937,418 | $ | 31,123,641 | |||||||||||||||||||||||
| March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Nonaccrual Amortized Cost | Nonaccrual With No Related Allowance | Past Due 90 Days or More and Accruing | Nonaccrual Amortized Cost | Nonaccrual With No Related Allowance | Past Due 90 Days or More and Accruing | |||||||||||||||||||||||||||||
| Commercial | $ | 62,164 | $ | 14,695 | $ | — | $ | 60,372 | $ | 7,873 | $ | 152 | |||||||||||||||||||||||
| Commercial real estate | 113,375 | 36,495 | — | 122,290 | 33,445 | — | |||||||||||||||||||||||||||||
| BBCC | 2,299 | — | — | 2,429 | — | — | |||||||||||||||||||||||||||||
| Residential | 35,488 | — | 1,070 | 34,660 | — | 1,808 | |||||||||||||||||||||||||||||
| Indirect | 3,428 | — | — | 3,230 | — | 28 | |||||||||||||||||||||||||||||
| Direct | 4,047 | — | 119 | 3,997 | — | 133 | |||||||||||||||||||||||||||||
| Home equity | 13,536 | — | 42 | 11,200 | — | 529 | |||||||||||||||||||||||||||||
| Total | $ | 234,337 | $ | 51,190 | $ | 1,231 | $ | 238,178 | $ | 41,318 | $ | 2,650 | |||||||||||||||||||||||
| Type of Collateral | |||||||||||||||||||||||||||||
| (dollars in thousands) | Real Estate | Blanket Lien | Investment Securities/Cash | Auto | Other | ||||||||||||||||||||||||
| March 31, 2023 | |||||||||||||||||||||||||||||
| Commercial | $ | 13,899 | $ | 41,674 | $ | 2,219 | $ | 1,103 | $ | 124 | |||||||||||||||||||
| Commercial real estate | 100,490 | — | 1,661 | — | 6,334 | ||||||||||||||||||||||||
| BBCC | 1,823 | 464 | — | 12 | — | ||||||||||||||||||||||||
| Residential | 35,488 | — | — | — | — | ||||||||||||||||||||||||
| Indirect | — | — | — | 3,428 | — | ||||||||||||||||||||||||
| Direct | 2,961 | 2 | — | 253 | 34 | ||||||||||||||||||||||||
| Home equity | 13,536 | — | — | — | |||||||||||||||||||||||||
| Total loans | $ | 168,197 | $ | 42,140 | $ | 3,880 | $ | 4,796 | $ | 6,492 | |||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||||||||
| Commercial | $ | 8,962 | $ | 42,754 | $ | 2,690 | $ | 1,611 | $ | 980 | |||||||||||||||||||
| Commercial real estate | 108,871 | — | 1,718 | — | 6,411 | ||||||||||||||||||||||||
| BBCC | 1,939 | 478 | — | 12 | — | ||||||||||||||||||||||||
| Residential | 34,660 | — | — | — | — | ||||||||||||||||||||||||
| Indirect | — | — | — | 3,230 | — | ||||||||||||||||||||||||
| Direct | 2,991 | 13 | — | 232 | 23 | ||||||||||||||||||||||||
| Home equity | 11,200 | — | — | — | — | ||||||||||||||||||||||||
| Total loans | $ | 168,623 | $ | 43,245 | $ | 4,408 | $ | 5,085 | $ | 7,414 | |||||||||||||||||||
| (dollars in thousands) | Term Extension | Total Class of Loans | |||||||||||||||
| Commercial | $ | 17,342 | 0.2 | % | |||||||||||||
| Commercial real estate | 9,926 | 0.1 | % | ||||||||||||||
| Total | $ | 27,268 | 0.1 | % | |||||||||||||
| (dollars in thousands) | 30-59 Days Past Due | 60-89 Days Past Due | Past Due 90 Days or More | Total Past Due | Current | Total Loans | |||||||||||||||||||||||||||||
| March 31, 2023 | |||||||||||||||||||||||||||||||||||
| Commercial | $ | — | $ | 2,637 | $ | — | $ | 2,637 | $ | 14,705 | $ | 17,342 | |||||||||||||||||||||||
| Commercial real estate | — | — | — | — | 9,926 | 9,926 | |||||||||||||||||||||||||||||
| Total | $ | — | $ | 2,637 | $ | — | $ | 2,637 | $ | 24,631 | $ | 27,268 | |||||||||||||||||||||||
| (dollars in thousands) | Weighted- Average Term Extension (in months) | |||||||
| Commercial | 6.8 | |||||||
| Commercial real estate | 4.1 | |||||||
| Total | 5.6 | |||||||
| Affected Line Item in the Statement of Income | Three Months Ended March 31, | ||||||||||||||||
| (dollars in thousands) | 2023 | 2022 | |||||||||||||||
| Operating lease cost | Occupancy/Equipment expense | $ | 8,638 | $ | 5,108 | ||||||||||||
| Finance lease cost: | |||||||||||||||||
| Amortization of right-of-use assets | Occupancy expense | 691 | 675 | ||||||||||||||
| Interest on lease liabilities | Interest expense | 169 | 107 | ||||||||||||||
| Sub-lease income | Occupancy expense | (60) | (128) | ||||||||||||||
| Total | $ | 9,438 | $ | 5,762 | |||||||||||||
| (dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
| Operating Leases | |||||||||||
| Operating lease right-of-use assets | $ | 183,687 | $ | 189,714 | |||||||
| Operating lease liabilities | 205,249 | 211,964 | |||||||||
| Finance Leases | |||||||||||
| 21,173 | 10,799 | ||||||||||
| 21,983 | 13,469 | ||||||||||
| Weighted-Average Remaining Lease Term (in Years) | |||||||||||
| Operating leases | 8.9 | 9.1 | |||||||||
| Finance leases | 10.6 | 7.2 | |||||||||
| Weighted-Average Discount Rate | |||||||||||
| Operating leases | 2.90 | % | 2.88 | % | |||||||
| Finance leases | 3.82 | % | 3.30 | % | |||||||
| Three Months Ended March 31, | |||||||||||
| (dollars in thousands) | 2023 | 2022 | |||||||||
| Cash paid for amounts included in the measurement of lease liabilities: | |||||||||||
| Operating cash flows from operating leases | $ | 7,932 | $ | 5,341 | |||||||
| Operating cash flows from finance leases | 169 | 107 | |||||||||
| Financing cash flows from finance leases | 628 | 616 | |||||||||
| (dollars in thousands) | Operating Leases | Finance Leases | |||||||||
| 2023 | $ | 22,933 | $ | 2,432 | |||||||
| 2024 | 29,819 | 3,278 | |||||||||
| 2025 | 28,513 | 3,301 | |||||||||
| 2026 | 27,600 | 2,075 | |||||||||
| 2027 | 26,668 | 2,078 | |||||||||
| Thereafter | 98,709 | 13,964 | |||||||||
| Total undiscounted lease payments | 234,242 | 27,128 | |||||||||
| Amounts representing interest | (28,993) | (5,145) | |||||||||
| Lease liability | $ | 205,249 | $ | 21,983 | |||||||
| Three Months Ended March 31, | |||||||||||
| (dollars in thousands) | 2023 | 2022 | |||||||||
| Balance at beginning of period | $ | 1,998,716 | $ | 1,036,994 | |||||||
| Acquisitions and adjustments | — | 960,163 | |||||||||
| Balance at end of period | $ | 1,998,716 | $ | 1,997,157 | |||||||
| (dollars in thousands) | Gross Carrying Amount | Accumulated Amortization and Impairment | Net Carrying Amount | ||||||||||||||
| March 31, 2023 | |||||||||||||||||
| Core deposit | $ | 170,642 | $ | (85,861) | $ | 84,781 | |||||||||||
| Customer trust relationships | 56,243 | (20,805) | 35,438 | ||||||||||||||
| Total other intangible assets | $ | 226,885 | $ | (106,666) | $ | 120,219 | |||||||||||
| December 31, 2022 | |||||||||||||||||
| Core deposit | $ | 170,642 | $ | (80,951) | $ | 89,691 | |||||||||||
| Customer trust relationships | 56,243 | (19,529) | 36,714 | ||||||||||||||
| Total other intangible assets | $ | 226,885 | $ | (100,480) | $ | 126,405 | |||||||||||
| (dollars in thousands) | |||||
| 2023 remaining | $ | 17,969 | |||
| 2024 | 21,239 | ||||
| 2025 | 18,358 | ||||
| 2026 | 15,555 | ||||
| 2027 | 12,867 | ||||
| Thereafter | 34,231 | ||||
| Total | $ | 120,219 | |||
| (dollars in thousands) | March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||
| Investment | Accounting Method | Investment | Unfunded Commitment (1) | Investment | Unfunded Commitment | |||||||||||||||||||||
| LIHTC | Proportional amortization | $ | 82,950 | $ | 46,743 | $ | 84,428 | $ | 55,754 | |||||||||||||||||
| FHTC | Equity | 18,892 | 9,019 | 19,316 | 9,588 | |||||||||||||||||||||
| NMTC | Consolidation | 49,820 | — | 51,912 | — | |||||||||||||||||||||
| Renewable Energy | Equity | 854 | — | 1,099 | — | |||||||||||||||||||||
| Total | $ | 152,516 | $ | 55,762 | $ | 156,755 | $ | 65,342 | ||||||||||||||||||
| (dollars in thousands) | Amortization Expense (1) | Tax Expense (Benefit) Recognized (2) | |||||||||
| Three Months Ended March 31, 2023 | |||||||||||
| LIHTC | $ | 1,463 | $ | (1,908) | |||||||
| FHTC | 424 | (512) | |||||||||
| NMTC | 2,091 | (2,611) | |||||||||
| Renewable Energy | 246 | — | |||||||||
| Total | $ | 4,224 | $ | (5,031) | |||||||
| Three Months Ended March 31, 2022 | |||||||||||
| LIHTC | $ | 1,253 | $ | (1,650) | |||||||
| FHTC | 205 | (251) | |||||||||
| NMTC | 1,101 | (1,375) | |||||||||
| Renewable Energy | 210 | — | |||||||||
| Total | $ | 2,769 | $ | (3,276) | |||||||
At or for the Three Months Ended March 31, 2023 | At December 31, 2022 | At or for the Three Months Ended March 31, 2022 | |||||||||||||||
| (dollars in thousands) | |||||||||||||||||
| Outstanding at period end | $ | 393,018 | $ | 432,804 | $ | 509,275 | |||||||||||
| Average amount outstanding during the period | 412,819 | N/A | 449,939 | ||||||||||||||
| Maximum amount outstanding at any month-end during the period | 430,537 | N/A | 509,275 | ||||||||||||||
| Weighted-average interest rate: | |||||||||||||||||
| During the period | 0.77 | % | N/A | 0.09 | % | ||||||||||||
| At period end | 0.88 | % | 1.31 | % | 0.08 | % | |||||||||||
| At March 31, 2023 | |||||||||||||||||||||||||||||
| Remaining Contractual Maturity of the Agreements | |||||||||||||||||||||||||||||
| (dollars in thousands) | Overnight and Continuous | Up to 30 Days | 30-90 Days | Greater Than 90 days | Total | ||||||||||||||||||||||||
| Repurchase Agreements: | |||||||||||||||||||||||||||||
| U.S. Treasury and agency securities | $ | 393,018 | $ | — | $ | — | $ | — | $ | 393,018 | |||||||||||||||||||
| Total | $ | 393,018 | $ | — | $ | — | $ | — | $ | 393,018 | |||||||||||||||||||
| (dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
FHLB advances (fixed rates 0.00% to 5.11% and variable rates 4.57% to 5.24%) maturing April 2023 to September 2042 | $ | 5,000,528 | $ | 3,850,677 | |||||||
| Fair value hedge basis adjustments and unamortized prepayment fees | (18,916) | (21,659) | |||||||||
| Total | $ | 4,981,612 | $ | 3,829,018 | |||||||
| (dollars in thousands) | |||||
| Due in 2023 | $ | 1,250,000 | |||
| Due in 2024 | 25,243 | ||||
| Due in 2025 | 550,285 | ||||
| Due in 2026 | 100,000 | ||||
| Thereafter | 3,075,000 | ||||
| Fair value hedge basis adjustments and unamortized prepayment fees | (18,916) | ||||
| Total | $ | 4,981,612 | |||
| (dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
| Old National Bancorp: | |||||||||||
Senior unsecured notes (fixed rate 4.125%) maturing August 2024 | $ | 175,000 | $ | 175,000 | |||||||
| Unamortized debt issuance costs related to senior unsecured notes | (208) | (247) | |||||||||
Subordinated debentures (fixed rate 5.875%) maturing September 2026 | 150,000 | 150,000 | |||||||||
Junior subordinated debentures (variable rates of 6.27% to 8.41%) maturing July 2031 to September 2037 | 136,643 | 136,643 | |||||||||
| Other basis adjustments | 22,073 | 23,363 | |||||||||
| Old National Bank: | |||||||||||
| Finance lease liabilities | 21,983 | 13,469 | |||||||||
Subordinated debentures (variable rate 9.16%) maturing October 2025 | 12,000 | 12,000 | |||||||||
Leveraged loans for NMTC (fixed rates of 1.00% to 1.43%) maturing December 2046 to June 2060 | 143,745 | 143,187 | |||||||||
Other (1) | 85,633 | 89,588 | |||||||||
| Total other borrowings | $ | 746,869 | $ | 743,003 | |||||||
| (dollars in thousands) | |||||
| Due in 2023 | $ | 86,291 | |||
| Due in 2024 | 177,609 | ||||
| Due in 2025 | 14,696 | ||||
| Due in 2026 | 151,529 | ||||
| Due in 2027 | 1,587 | ||||
| Thereafter | 292,059 | ||||
| Unamortized debt issuance costs and other basis adjustments | 23,098 | ||||
| Total | $ | 746,869 | |||
| (dollars in thousands) | Rate at March 31, 2023 | |||||||||||||||||||||||||
| Name of Trust | Issuance Date | Issuance Amount | Rate | Maturity Date | ||||||||||||||||||||||
| Bridgeview Statutory Trust I | July 2001 | $ | 15,464 | 3-month LIBOR plus 3.58% | 8.41% | July 31, 2031 | ||||||||||||||||||||
| Bridgeview Capital Trust II | December 2002 | 15,464 | 3-month LIBOR plus 3.35% | 8.18% | January 7, 2033 | |||||||||||||||||||||
| First Midwest Capital Trust I | November 2003 | 37,825 | 6.95% fixed | 6.95% | December 1, 2033 | |||||||||||||||||||||
| St. Joseph Capital Trust II | March 2005 | 5,155 | 3-month LIBOR plus 1.75% | 6.66% | March 17, 2035 | |||||||||||||||||||||
| Northern States Statutory Trust I | September 2005 | 10,310 | 3-month LIBOR plus 1.80% | 6.67% | September 15, 2035 | |||||||||||||||||||||
| Anchor Capital Trust III | August 2005 | 5,000 | 3-month LIBOR plus 1.55% | 6.71% | September 30, 2035 | |||||||||||||||||||||
| Great Lakes Statutory Trust II | December 2005 | 6,186 | 3-month LIBOR plus 1.40% | 6.27% | December 15, 2035 | |||||||||||||||||||||
| Home Federal Statutory Trust I | September 2006 | 15,464 | 3-month LIBOR plus 1.65% | 6.52% | September 15, 2036 | |||||||||||||||||||||
| Monroe Bancorp Capital Trust I | July 2006 | 3,093 | 3-month LIBOR plus 1.60% | 6.43% | October 7, 2036 | |||||||||||||||||||||
| Tower Capital Trust 3 | December 2006 | 9,279 | 3-month LIBOR plus 1.69% | 6.65% | March 1, 2037 | |||||||||||||||||||||
| Monroe Bancorp Statutory Trust II | March 2007 | 5,155 | 3-month LIBOR plus 1.60% | 6.47% | June 15, 2037 | |||||||||||||||||||||
| Great Lakes Statutory Trust III | June 2007 | 8,248 | 3-month LIBOR plus 1.70% | 6.57% | September 15, 2037 | |||||||||||||||||||||
| Total | $ | 136,643 | ||||||||||||||||||||||||
| (dollars in thousands) | Unrealized Gains and Losses on Available- for-Sale Debt Securities | Unrealized Gains and Losses on Held-to- Maturity Securities | Gains and Losses on Hedges | Defined Benefit Pension Plans | Total | ||||||||||||||||||||||||
| Three Months Ended March 31, 2023 | |||||||||||||||||||||||||||||
| Balance at beginning of period | $ | (642,346) | $ | (112,664) | $ | (31,549) | $ | 137 | $ | (786,422) | |||||||||||||||||||
| Other comprehensive income (loss) before reclassifications | 27,219 | 1,325 | 35,985 | — | 64,529 | ||||||||||||||||||||||||
Amounts reclassified from AOCI to income (1) | 3,867 | 4,373 | 5,436 | (141) | 13,535 | ||||||||||||||||||||||||
| Balance at end of period | $ | (611,260) | $ | (106,966) | $ | 9,872 | $ | (4) | $ | (708,358) | |||||||||||||||||||
| Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||
| Balance at beginning of period | $ | (2,950) | $ | — | $ | 543 | $ | 32 | $ | (2,375) | |||||||||||||||||||
| Other comprehensive income (loss) before reclassifications | (311,153) | (16,963) | (7,170) | — | (335,286) | ||||||||||||||||||||||||
Amounts reclassified from AOCI to income (1) | (261) | 236 | (505) | (8) | (538) | ||||||||||||||||||||||||
| Balance at end of period | $ | (314,364) | $ | (16,727) | $ | (7,132) | $ | 24 | $ | (338,199) | |||||||||||||||||||
| Three Months Ended March 31, | |||||||||||||||||
| (dollars in thousands) | 2023 | 2022 | |||||||||||||||
| Details about AOCI Components | Amount Reclassified from AOCI | Affected Line Item in the Statement of Income | |||||||||||||||
| Unrealized gains and losses on available-for-sale securities | $ | (5,216) | $ | 342 | Debt securities gains (losses), net | ||||||||||||
| 1,349 | (81) | Income tax (expense) benefit | |||||||||||||||
| $ | (3,867) | $ | 261 | Net income (loss) | |||||||||||||
| Unrealized gains and losses on held-to-maturity securities | $ | (5,829) | $ | (310) | Interest income (expense) | ||||||||||||
| 1,456 | 74 | Income tax (expense) benefit | |||||||||||||||
| $ | (4,373) | $ | (236) | Net income (loss) | |||||||||||||
| Gains and losses on hedges Interest rate contracts | $ | (7,292) | $ | 669 | Interest income (expense) | ||||||||||||
| 1,856 | (164) | Income tax (expense) benefit | |||||||||||||||
| $ | (5,436) | $ | 505 | Net income (loss) | |||||||||||||
| Amortization of defined benefit pension items | |||||||||||||||||
| Actuarial gains (losses) | $ | 188 | $ | 11 | Salaries and employee benefits | ||||||||||||
| (47) | (3) | Income tax (expense) benefit | |||||||||||||||
| $ | 141 | $ | 8 | Net income (loss) | |||||||||||||
| Total reclassifications for the period | $ | (13,535) | $ | 538 | Net income (loss) | ||||||||||||
| Three Months Ended March 31, | |||||||||||
| (dollars in thousands) | 2023 | 2022 | |||||||||
Provision at statutory rate of 21% | $ | 39,484 | $ | (7,623) | |||||||
| Tax-exempt income: | |||||||||||
| Tax-exempt interest | (4,486) | (2,992) | |||||||||
| Section 291/265 interest disallowance | 386 | 28 | |||||||||
| Company-owned life insurance income | (627) | (718) | |||||||||
| Tax-exempt income | (4,727) | (3,682) | |||||||||
| State income taxes | 8,142 | (3,327) | |||||||||
| Interim period effective rate adjustment | (1,717) | 7,040 | |||||||||
| Tax credit investments - federal | (2,526) | (1,270) | |||||||||
| Officer compensation limitation | 1,040 | — | |||||||||
| Other, net | 1,725 | 148 | |||||||||
| Income tax expense (benefit) | $ | 41,421 | $ | (8,714) | |||||||
| Effective tax rate | 22.0 | % | 24.0 | % | |||||||
| March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
| Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Notional | Assets (1) | Liabilities (2) | Notional | Assets (1) | Liabilities (2) | |||||||||||||||||||||||||||||
| Cash flow hedges | |||||||||||||||||||||||||||||||||||
| Interest rate collars and floors on loan pools | $ | 1,900,000 | $ | 17,328 | $ | 38,276 | $ | 1,900,000 | $ | 11,764 | $ | 47,859 | |||||||||||||||||||||||
Interest rate swaps on borrowings (3) | 150,000 | — | — | 150,000 | — | — | |||||||||||||||||||||||||||||
| Fair value hedges | |||||||||||||||||||||||||||||||||||
Interest rate swaps on investment securities (3) | 909,957 | — | 4,833 | 909,957 | — | — | |||||||||||||||||||||||||||||
Interest rate swaps on borrowings (3) | 200,000 | — | — | 300,000 | — | — | |||||||||||||||||||||||||||||
| Total | $ | 17,328 | $ | 43,109 | $ | 11,764 | $ | 47,859 | |||||||||||||||||||||||||||
| (dollars in thousands) | Gain (Loss) Recognized in Income on Related Hedged Items | |||||||||||||||||||
| Derivatives in Fair Value Hedging Relationships | Location of Gain or (Loss) Recognized in Income on Derivative | Gain (Loss) Recognized in Income on Derivative | Hedged Items in Fair Value Hedging Relationships | Location of Gain or (Loss) Recognized in in Income on Related Hedged Item | ||||||||||||||||
Three Months Ended March 31, 2023 | ||||||||||||||||||||
| Interest rate contracts | Interest income/(expense) | $ | 2,153 | Fixed-rate debt | Interest income/(expense) | $ | (2,218) | |||||||||||||
| Interest rate contracts | Interest income/(expense) | (63,115) | Fixed-rate investment securities | Interest income/(expense) | 63,251 | |||||||||||||||
| Total | $ | (60,962) | $ | 61,033 | ||||||||||||||||
| Three Months Ended March 31, 2022 | ||||||||||||||||||||
| Interest rate contracts | Interest income/(expense) | $ | (4,833) | Fixed-rate debt | Interest income/(expense) | $ | 4,956 | |||||||||||||
| Interest rate contracts | Interest income/(expense) | 57,654 | Fixed-rate investment securities | Interest income/(expense) | (58,029) | |||||||||||||||
| Total | $ | 52,821 | $ | (53,073) | ||||||||||||||||
| March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||||||||||||||
| Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||
| (dollars in thousands) | Notional | Assets (1) | Liabilities (2) | Notional | Assets (1) | Liabilities (2) | |||||||||||||||||||||||||||||
| Interest rate lock commitments | $ | 38,945 | $ | 380 | $ | — | $ | 21,401 | $ | 93 | $ | — | |||||||||||||||||||||||
| Forward mortgage loan contracts | 45,047 | — | 148 | 30,330 | 32 | — | |||||||||||||||||||||||||||||
| Customer interest rate swaps | 5,575,403 | 19,470 | 257,902 | 5,220,363 | 5,676 | 326,924 | |||||||||||||||||||||||||||||
Counterparty interest rate swaps (3) | 5,575,403 | 128,487 | 19,610 | 5,220,363 | 151,111 | 5,711 | |||||||||||||||||||||||||||||
| Customer foreign currency forward contracts | 14,165 | 382 | 21 | 8,341 | 253 | 42 | |||||||||||||||||||||||||||||
| Counterparty foreign currency forward contracts | 14,143 | 22 | 205 | 8,297 | 72 | 168 | |||||||||||||||||||||||||||||
| Total | $ | 148,741 | $ | 277,886 | $ | 157,237 | $ | 332,845 | |||||||||||||||||||||||||||
| Three Months Ended March 31, | ||||||||||||||
| (dollars in thousands) | 2023 | 2022 | ||||||||||||
| Derivatives Not Designated as Hedging Instruments | Location of Gain or (Loss) Recognized in Income on Derivative | Gain (Loss) Recognized in Income on Derivative | ||||||||||||
Interest rate contracts (1) | Other income/(expense) | $ | (138) | $ | 501 | |||||||||
| Mortgage contracts | Mortgage banking revenue | 107 | 130 | |||||||||||
| Foreign currency contracts | Other income/(expense) | (1) | (28) | |||||||||||
| Total | $ | (32) | $ | 603 | ||||||||||
| (dollars in thousands) | March 31, 2023 | December 31, 2022 | |||||||||
| Unfunded loan commitments | $ | 9,386,866 | $ | 8,979,334 | |||||||
Standby letters of credit (1) | 181,476 | 174,070 | |||||||||
| Fair Value Measurements at March 31, 2023 Using | |||||||||||||||||||||||
| (dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
| Financial Assets | |||||||||||||||||||||||
| Equity securities | $ | 72,158 | $ | 72,158 | $ | — | $ | — | |||||||||||||||
| Investment securities available-for-sale: | |||||||||||||||||||||||
| U.S. Treasury | 221,872 | 221,872 | — | — | |||||||||||||||||||
| U.S. government-sponsored entities and agencies | 1,193,691 | — | 1,193,691 | — | |||||||||||||||||||
| Mortgage-backed securities - Agency | 4,308,775 | — | 4,308,775 | — | |||||||||||||||||||
| States and political subdivisions | 621,487 | — | 621,487 | — | |||||||||||||||||||
| Pooled trust preferred securities | 10,849 | — | 10,849 | — | |||||||||||||||||||
| Other securities | 330,392 | — | 330,392 | — | |||||||||||||||||||
| Residential loans held for sale | 10,584 | — | 10,584 | — | |||||||||||||||||||
| Derivative assets | 166,069 | — | 166,069 | — | |||||||||||||||||||
| Financial Liabilities | |||||||||||||||||||||||
| Derivative liabilities | 320,995 | — | 320,995 | — | |||||||||||||||||||
| Fair Value Measurements at December 31, 2022 Using | |||||||||||||||||||||||
| (dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
| Financial Assets | |||||||||||||||||||||||
| Equity securities | $ | 52,507 | $ | 52,507 | $ | — | $ | — | |||||||||||||||
| Investment securities available-for-sale: | |||||||||||||||||||||||
| U.S. Treasury | 200,927 | 200,927 | — | — | |||||||||||||||||||
| U.S. government-sponsored entities and agencies | 1,175,080 | — | 1,175,080 | — | |||||||||||||||||||
| Mortgage-backed securities - Agency | 4,369,902 | — | 4,369,902 | — | |||||||||||||||||||
| States and political subdivisions | 663,852 | — | 663,852 | — | |||||||||||||||||||
| Pooled trust preferred securities | 10,811 | — | 10,811 | — | |||||||||||||||||||
| Other securities | 353,140 | — | 353,140 | — | |||||||||||||||||||
| Residential loans held for sale | 11,926 | — | 11,926 | — | |||||||||||||||||||
| Derivative assets | 169,001 | — | 169,001 | — | |||||||||||||||||||
| Financial Liabilities | |||||||||||||||||||||||
| Derivative liabilities | 380,704 | — | 380,704 | — | |||||||||||||||||||
| Fair Value Measurements at March 31, 2023 Using | |||||||||||||||||||||||
| (dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
| Collateral Dependent Loans: | |||||||||||||||||||||||
| Commercial loans | $ | 16,686 | $ | — | $ | — | $ | 16,686 | |||||||||||||||
| Commercial real estate loans | 43,924 | — | — | 43,924 | |||||||||||||||||||
| Foreclosed Assets: | |||||||||||||||||||||||
| Commercial | 240 | — | — | 240 | |||||||||||||||||||
| Residential | 511 | — | — | 511 | |||||||||||||||||||
| Fair Value Measurements at December 31, 2022 Using | |||||||||||||||||||||||
| (dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
| Collateral Dependent Loans: | |||||||||||||||||||||||
| Commercial loans | $ | 22,562 | $ | — | $ | — | $ | 22,562 | |||||||||||||||
| Commercial real estate loans | 48,026 | — | — | 48,026 | |||||||||||||||||||
| (dollars in thousands) | Fair Value | Valuation Techniques | Unobservable Input | Range (Weighted Average) (1) | |||||||||||||||||||
| March 31, 2023 | |||||||||||||||||||||||
| Collateral Dependent Loans | |||||||||||||||||||||||
| Commercial loans | $ | 16,686 | Discounted | Discount for type of property, | 10% - 40% (33%) | ||||||||||||||||||
| cash flow | age of appraisal, and current status | ||||||||||||||||||||||
| Commercial real estate loans | 43,924 | Discounted | Discount for type of property, | 0% - 30% (14%) | |||||||||||||||||||
| cash flow | age of appraisal, and current status | ||||||||||||||||||||||
| Foreclosed Assets | |||||||||||||||||||||||
Commercial real estate (2) | 240 | Fair value of | Discount for type of property, | —% | |||||||||||||||||||
| collateral | age of appraisal, and current status | ||||||||||||||||||||||
Residential (2) | 511 | Fair value of | Discount for type of property, | 5% | |||||||||||||||||||
| collateral | age of appraisal, and current status | ||||||||||||||||||||||
| December 31, 2022 | |||||||||||||||||||||||
| Collateral Dependent Loans | |||||||||||||||||||||||
| Commercial loans | $ | 22,562 | Discounted | Discount for type of property, | 10% - 47% (28%) | ||||||||||||||||||
| cash flow | age of appraisal, and current status | ||||||||||||||||||||||
| Commercial real estate loans | 48,026 | Discounted | Discount for type of property, | 1% - 26% (11%) | |||||||||||||||||||
| cash flow | age of appraisal, and current status | ||||||||||||||||||||||
| (dollars in thousands) | Aggregate Fair Value | Difference | Contractual Principal | ||||||||||||||
| March 31, 2023 | |||||||||||||||||
| Residential loans held for sale | $ | 10,584 | $ | 165 | $ | 10,419 | |||||||||||
| December 31, 2022 | |||||||||||||||||
| Residential loans held for sale | $ | 11,926 | $ | 221 | $ | 11,705 | |||||||||||
| (dollars in thousands) | Other Gains and (Losses) | Interest Income | Interest (Expense) | Total Changes in Fair Values Included in Current Period Earnings | |||||||||||||||||||
| Three Months Ended March 31, 2023 | |||||||||||||||||||||||
| Residential loans held for sale | $ | (53) | $ | — | $ | (3) | $ | (56) | |||||||||||||||
| Three Months Ended March 31, 2022 | |||||||||||||||||||||||
| Residential loans held for sale | $ | (1,343) | $ | — | $ | (3) | $ | (1,346) | |||||||||||||||
| Fair Value Measurements at March 31, 2023 Using | |||||||||||||||||||||||
| (dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
| Financial Assets | |||||||||||||||||||||||
| Cash, due from banks, money market, and other interest-earning investments | $ | 1,113,935 | $ | 1,113,935 | $ | — | $ | — | |||||||||||||||
| Investment securities held-to-maturity: | |||||||||||||||||||||||
| U.S. government-sponsored entities and agencies | 820,849 | — | 663,623 | — | |||||||||||||||||||
| Mortgage-backed securities - Agency | 1,086,905 | — | 973,486 | — | |||||||||||||||||||
| State and political subdivisions | 1,163,436 | — | 1,026,265 | — | |||||||||||||||||||
| Loans, net: | |||||||||||||||||||||||
| Commercial | 9,624,779 | — | — | 9,477,212 | |||||||||||||||||||
| Commercial real estate | 12,772,044 | — | — | 12,477,217 | |||||||||||||||||||
| Residential real estate | 6,548,459 | — | — | 5,760,254 | |||||||||||||||||||
| Consumer credit | 2,578,381 | — | — | 2,481,269 | |||||||||||||||||||
| Accrued interest receivable | 188,988 | 1,046 | 43,858 | 144,084 | |||||||||||||||||||
| Financial Liabilities | |||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||
| Noninterest-bearing demand deposits | $ | 10,995,083 | $ | 10,995,083 | $ | — | $ | — | |||||||||||||||
| Checking, NOW, savings, and money market interest-bearing deposits | 19,801,014 | 19,801,014 | — | — | |||||||||||||||||||
| Time deposits | 4,121,695 | — | 4,066,499 | — | |||||||||||||||||||
| Federal funds purchased and interbank borrowings | 618,955 | 618,955 | — | — | |||||||||||||||||||
| Securities sold under agreements to repurchase | 393,018 | 393,018 | — | — | |||||||||||||||||||
| FHLB advances | 4,981,612 | — | 4,764,172 | — | |||||||||||||||||||
| Other borrowings | 746,869 | — | 717,801 | — | |||||||||||||||||||
| Accrued interest payable | 28,792 | — | 28,792 | — | |||||||||||||||||||
| Standby letters of credit | 846 | — | — | 846 | |||||||||||||||||||
| Off-Balance Sheet Financial Instruments | |||||||||||||||||||||||
| Commitments to extend credit | $ | — | $ | — | $ | — | $ | 3,649 | |||||||||||||||
| Fair Value Measurements at December 31, 2022 Using | |||||||||||||||||||||||
| (dollars in thousands) | Carrying Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | |||||||||||||||||||
| Financial Assets | |||||||||||||||||||||||
| Cash, due from banks, money market, and other interest-earning investments | $ | 728,412 | $ | 728,412 | $ | — | $ | — | |||||||||||||||
| Investment securities held-to-maturity: | |||||||||||||||||||||||
| U.S. government-sponsored entities and agencies | 819,168 | — | 656,358 | — | |||||||||||||||||||
| Mortgage-backed securities - Agency | 1,106,817 | — | 982,963 | — | |||||||||||||||||||
| State and political subdivisions | 1,163,162 | — | 1,004,361 | — | |||||||||||||||||||
| Loans, net: | |||||||||||||||||||||||
| Commercial | 9,386,862 | — | — | 9,066,583 | |||||||||||||||||||
| Commercial real estate | 12,317,825 | — | — | 11,867,851 | |||||||||||||||||||
| Residential real estate | 6,438,525 | — | — | 5,372,491 | |||||||||||||||||||
| Consumer credit | 2,676,758 | — | — | 2,557,115 | |||||||||||||||||||
| Accrued interest receivable | 190,521 | 758 | 52,081 | 137,682 | |||||||||||||||||||
| Financial Liabilities | |||||||||||||||||||||||
| Deposits: | |||||||||||||||||||||||
| Noninterest-bearing demand deposits | $ | 11,930,798 | $ | 11,930,798 | $ | — | $ | — | |||||||||||||||
| Checking, NOW, savings, and money market interest-bearing deposits | 20,056,252 | 20,056,252 | — | — | |||||||||||||||||||
| Time deposits | 3,013,780 | — | 2,976,389 | — | |||||||||||||||||||
| Federal funds purchased and interbank borrowings | 581,489 | 581,489 | — | — | |||||||||||||||||||
| Securities sold under agreements to repurchase | 432,804 | 432,804 | — | — | |||||||||||||||||||
| FHLB advances | 3,829,018 | — | 3,739,780 | — | |||||||||||||||||||
| Other borrowings | 743,003 | — | 703,156 | — | |||||||||||||||||||
| Accrued interest payable | 19,547 | — | 19,547 | — | |||||||||||||||||||
| Standby letters of credit | 755 | — | — | 755 | |||||||||||||||||||
| Off-Balance Sheet Financial Instruments | |||||||||||||||||||||||
| Commitments to extend credit | $ | — | $ | — | $ | — | $ | 3,666 | |||||||||||||||
| Three Months Ended | |||||||||||||||||
| (dollars and shares in thousands, except per share data) | March 31, | December 31, | September 30, | June 30, | March 31, | ||||||||||||
| 2023 | 2022 | 2022 | 2022 | 2022 | |||||||||||||
| Income Statement: | |||||||||||||||||
| Net interest income | $ | 381,488 | $ | 391,090 | $ | 376,589 | $ | 337,472 | $ | 222,785 | |||||||
Taxable equivalent adjustment (1) (4) | 5,666 | 5,378 | 4,950 | 4,314 | 3,772 | ||||||||||||
Net interest income - taxable equivalent basis (4) | 387,154 | 396,468 | 381,539 | 341,786 | 226,557 | ||||||||||||
Provision for credit losses (2) | 13,437 | 11,408 | 15,490 | 9,165 | 108,736 | ||||||||||||
| Noninterest income | 70,681 | 165,037 | 80,385 | 89,117 | 65,240 | ||||||||||||
Noninterest expense (2) | 250,711 | 282,675 | 262,444 | 277,475 | 215,589 | ||||||||||||
| Net income (loss) available to common shareholders | $ | 142,566 | $ | 196,701 | $ | 136,119 | $ | 110,952 | $ | (29,603) | |||||||
| Per Common Share Data: | |||||||||||||||||
| Weighted average diluted common shares | 292,756 | 293,131 | 292,483 | 291,881 | 227,002 | ||||||||||||
| Net income (loss) (diluted) | $ | 0.49 | $ | 0.67 | $ | 0.47 | $ | 0.38 | $ | (0.13) | |||||||
| Cash dividends | 0.14 | 0.14 | 0.14 | $ | 0.14 | $ | 0.14 | ||||||||||
Common dividend payout ratio (3) | 29 | % | 21 | % | 30 | % | 37 | % | (108) | % | |||||||
| Book value | $ | 17.24 | $ | 16.68 | $ | 16.05 | $ | 16.51 | $ | 17.03 | |||||||
| Stock price | 14.42 | 17.98 | 16.47 | 14.79 | 16.38 | ||||||||||||
Tangible common book value (4) | 9.98 | 9.42 | 8.75 | 9.23 | 9.71 | ||||||||||||
| Performance Ratios: | |||||||||||||||||
| Return on average assets | 1.25 | % | 1.74 | % | 1.22 | % | 1.01 | % | (0.31) | % | |||||||
| Return on average common equity | 11.58 | 16.77 | 11.13 | 9.08 | (2.89) | ||||||||||||
Return on tangible common equity (4) | 20.20 | 29.25 | 22.07 | 17.21 | (3.61) | ||||||||||||
Return on average tangible common equity (4) | 21.03 | 31.53 | 20.49 | 16.93 | (4.03) | ||||||||||||
Net interest margin (4) | 3.69 | 3.85 | 3.71 | 3.33 | 2.88 | ||||||||||||
Efficiency ratio (4) | 52.81 | 49.12 | 55.26 | 62.72 | 72.32 | ||||||||||||
Efficiency ratio (prior presentation) (5) | N/A | N/A | 56.17 | 62.70 | 76.15 | ||||||||||||
| Net charge-offs (recoveries) to average loans | 0.21 | 0.05 | 0.10 | 0.02 | 0.05 | ||||||||||||
| Allowance for credit losses on loans to ending loans | 0.94 | 0.98 | 0.99 | 0.97 | 0.99 | ||||||||||||
Allowance for credit losses (6) to ending loans | 1.05 | 1.08 | 1.08 | 1.05 | 1.07 | ||||||||||||
| Non-performing loans to ending loans | 0.74 | 0.81 | 0.81 | 0.78 | 0.88 | ||||||||||||
| Balance Sheet: | |||||||||||||||||
| Total loans | $ | 31,822,374 | $ | 31,123,641 | $ | 30,528,933 | $ | 29,553,648 | $ | 28,336,244 | |||||||
| Total assets | 47,842,644 | 46,763,372 | 46,215,526 | 45,748,355 | 45,834,648 | ||||||||||||
| Total deposits | 34,917,792 | 35,000,830 | 36,053,663 | 35,538,975 | 35,607,390 | ||||||||||||
| Total borrowed funds | 6,740,454 | 5,586,314 | 4,264,750 | 4,384,411 | 4,347,560 | ||||||||||||
| Total shareholders' equity | 5,277,426 | 5,128,595 | 4,943,383 | 5,078,783 | 5,232,114 | ||||||||||||
| Capital Ratios: | |||||||||||||||||
| Risk-based capital ratios: | |||||||||||||||||
| Tier 1 common equity | 9.98 | % | 10.03 | % | 9.88 | % | 9.90 | % | 10.04 | % | |||||||
| Tier 1 | 10.64 | 10.71 | 10.58 | 10.63 | 10.79 | ||||||||||||
| Total | 11.96 | 12.02 | 11.84 | 12.03 | 12.19 | ||||||||||||
| Leverage ratio (to average assets) | 8.53 | 8.52 | 8.26 | 8.19 | 10.58 | ||||||||||||
| Total equity to assets (averages) | 11.00 | 10.70 | 11.18 | 11.22 | 12.03 | ||||||||||||
Tangible common equity to tangible assets (4) | 6.37 | 6.18 | 5.82 | 6.20 | 6.51 | ||||||||||||
| Nonfinancial Data: | |||||||||||||||||
| Full-time equivalent employees | 4,023 | 3,967 | 4,008 | 4,196 | 4,333 | ||||||||||||
| Banking centers | 256 | 263 | 263 | 266 | 267 | ||||||||||||
| Three Months Ended | ||||||||||||||||||||||||||||||||
| (dollars and shares in thousands, except per share data) | March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||||||||||||||||||
| 2023 | 2022 | 2022 | 2022 | 2022 | ||||||||||||||||||||||||||||
| Tangible common book value: | ||||||||||||||||||||||||||||||||
| Shareholders' common equity | $ | 5,033,707 | $ | 4,884,876 | $ | 4,699,664 | $ | 4,835,064 | $ | 4,988,395 | ||||||||||||||||||||||
| Deduct: Goodwill and intangible assets | 2,118,935 | 2,125,121 | 2,135,792 | 2,131,815 | 2,144,609 | |||||||||||||||||||||||||||
Tangible shareholders' common equity (1) | $ | 2,914,772 | $ | 2,759,755 | $ | 2,563,872 | $ | 2,703,249 | $ | 2,843,786 | ||||||||||||||||||||||
| Period end common shares | 291,922 | 292,903 | 292,880 | 292,893 | 292,959 | |||||||||||||||||||||||||||
Tangible common book value (1) | 9.98 | 9.42 | 8.75 | 9.23 | 9.71 | |||||||||||||||||||||||||||
| Return on tangible common equity: | ||||||||||||||||||||||||||||||||
| Net income (loss) applicable to common shares | $ | 142,566 | $ | 196,701 | $ | 136,119 | $ | 110,952 | $ | (29,603) | ||||||||||||||||||||||
Add: Intangible amortization (net of tax) (2) | 4,639 | 5,090 | 5,317 | 5,378 | 3,934 | |||||||||||||||||||||||||||
Tangible net income (loss) (1) | $ | 147,205 | $ | 201,791 | $ | 141,436 | $ | 116,330 | $ | (25,669) | ||||||||||||||||||||||
Tangible shareholders' common equity (1) (see above) | $ | 2,914,772 | $ | 2,759,755 | $ | 2,563,872 | $ | 2,703,249 | $ | 2,843,786 | ||||||||||||||||||||||
Return on tangible common equity (1) | 20.20 | % | 29.25 | % | 22.07 | % | 17.21 | % | (3.61) | % | ||||||||||||||||||||||
| Return on average tangible common equity: | ||||||||||||||||||||||||||||||||
Tangible net income (loss) (1) (see above) | $ | 147,205 | $ | 201,791 | $ | 141,436 | $ | 116,330 | $ | (25,669) | ||||||||||||||||||||||
| Average shareholders' common equity | $ | 4,922,469 | $ | 4,692,863 | $ | 4,890,434 | $ | 4,886,181 | $ | 4,101,206 | ||||||||||||||||||||||
| Deduct: Average goodwill and intangible assets | 2,122,157 | 2,132,480 | 2,129,858 | 2,136,964 | 1,550,624 | |||||||||||||||||||||||||||
Average tangible shareholders' common equity (1) | $ | 2,800,312 | $ | 2,560,383 | $ | 2,760,576 | $ | 2,749,217 | $ | 2,550,582 | ||||||||||||||||||||||
Return on average tangible common equity (1) | 21.03 | % | 31.53 | % | 20.49 | % | 16.93 | % | (4.03) | % | ||||||||||||||||||||||
| Net interest margin: | ||||||||||||||||||||||||||||||||
| Net interest income | $ | 381,488 | $ | 391,090 | $ | 376,589 | $ | 337,472 | $ | 222,785 | ||||||||||||||||||||||
| Taxable equivalent adjustment | 5,666 | 5,378 | 4,950 | 4,314 | 3,772 | |||||||||||||||||||||||||||
Net interest income - taxable equivalent basis (1) | $ | 387,154 | $ | 396,468 | $ | 381,539 | $ | 341,786 | $ | 226,557 | ||||||||||||||||||||||
| Average earning assets | $ | 41,941,913 | $ | 41,206,695 | $ | 41,180,026 | $ | 41,003,338 | $ | 31,483,553 | ||||||||||||||||||||||
Net interest margin (1) | 3.69 | % | 3.85 | % | 3.71 | % | 3.33 | % | 2.88 | % | ||||||||||||||||||||||
| Efficiency ratio: | ||||||||||||||||||||||||||||||||
| Noninterest expense | $ | 250,711 | $ | 282,675 | $ | 262,444 | $ | 277,475 | $ | 215,589 | ||||||||||||||||||||||
| Deduct: Intangible amortization expense | 6,186 | 6,787 | 7,089 | 7,170 | 4,811 | |||||||||||||||||||||||||||
Adjusted noninterest expense (1) | $ | 244,525 | $ | 275,888 | $ | 255,355 | $ | 270,305 | $ | 210,778 | ||||||||||||||||||||||
Net interest income - taxable equivalent basis (1) (see above) | $ | 387,154 | $ | 396,468 | $ | 381,539 | $ | 341,786 | $ | 226,557 | ||||||||||||||||||||||
| Noninterest income | 70,681 | 165,037 | 80,385 | 89,117 | 65,240 | |||||||||||||||||||||||||||
| Deduct: Debt securities gains (losses), net | (5,216) | (173) | (172) | (85) | 342 | |||||||||||||||||||||||||||
Adjusted total revenue (1) | $ | 463,051 | $ | 561,678 | $ | 462,096 | $ | 430,988 | $ | 291,455 | ||||||||||||||||||||||
Efficiency ratio (1) | 52.81 | % | 49.12 | % | 55.26 | % | 62.72 | % | 72.32 | % | ||||||||||||||||||||||
| Tangible common equity to tangible assets: | ||||||||||||||||||||||||||||||||
Tangible shareholders' equity (1) (see above) | $ | 2,914,772 | $ | 2,759,755 | $ | 2,563,872 | $ | 2,703,249 | $ | 2,843,786 | ||||||||||||||||||||||
| Assets | $ | 47,842,644 | $ | 46,763,372 | $ | 46,215,526 | $ | 45,748,355 | $ | 45,834,648 | ||||||||||||||||||||||
| Deduct: Goodwill and intangible assets | 2,118,935 | 2,125,121 | 2,135,792 | 2,131,815 | 2,144,609 | |||||||||||||||||||||||||||
Tangible assets (1) | $ | 45,723,709 | $ | 44,638,251 | $ | 44,079,734 | $ | 43,616,540 | $ | 43,690,039 | ||||||||||||||||||||||
Tangible common equity to tangible assets (1) | 6.37 | % | 6.18 | % | 5.82 | % | 6.20 | % | 6.51 | % | ||||||||||||||||||||||
| Three Months Ended March 31, | % | |||||||||||||||||||
| (dollars in thousands, except per share data) | 2023 | 2022 | Change | |||||||||||||||||
| Income Statement Summary: | ||||||||||||||||||||
| Net interest income | $ | 381,488 | $ | 222,785 | 71.2 | % | ||||||||||||||
| Provision for credit losses | 13,437 | 108,736 | (87.6) | |||||||||||||||||
| Noninterest income | 70,681 | 65,240 | 8.3 | |||||||||||||||||
| Noninterest expense | 250,711 | 215,589 | 16.3 | |||||||||||||||||
| Net income (loss) applicable to common shareholders | 142,566 | (29,603) | (581.6) | |||||||||||||||||
| Net income (loss) per common share - diluted | 0.49 | (0.13) | (476.9) | |||||||||||||||||
| Other Data: | ||||||||||||||||||||
| Return on average common equity | 11.58 | % | (2.89) | % | ||||||||||||||||
Return on tangible common equity (1) | 20.20 | (3.61) | ||||||||||||||||||
Return on average tangible common equity (1) | 21.03 | (4.03) | ||||||||||||||||||
Efficiency ratio (1) | 52.81 | 72.32 | ||||||||||||||||||
Efficiency ratio (prior presentation) (2) | N/A | 76.15 | ||||||||||||||||||
| Tier 1 leverage ratio | 8.53 | 10.58 | ||||||||||||||||||
| Net charge-offs (recoveries) to average loans | 0.21 | 0.05 | ||||||||||||||||||
| (Tax equivalent basis, dollars in thousands) | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | |||||||||||||||||||||||||||||||||
| Earning Assets | Average Balance | Income (1)/ Expense | Yield/ Rate | Average Balance | Income (1)/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||
| Money market and other interest-earning investments | $ | 497,953 | $ | 3,098 | 2.52 | % | $ | 1,336,404 | $ | 308 | 0.09 | % | |||||||||||||||||||||||
| Investment securities: | |||||||||||||||||||||||||||||||||||
| Treasury and government sponsored agencies | 2,197,426 | 16,531 | 3.01 | % | 2,195,470 | 8,219 | 1.50 | % | |||||||||||||||||||||||||||
| Mortgage-backed securities | 5,429,200 | 35,090 | 2.59 | % | 4,869,038 | 24,377 | 2.00 | % | |||||||||||||||||||||||||||
| States and political subdivisions | 1,808,316 | 14,690 | 3.25 | % | 1,738,652 | 13,637 | 3.14 | % | |||||||||||||||||||||||||||
| Other securities | 738,139 | 8,604 | 4.66 | % | 605,552 | 4,144 | 2.74 | % | |||||||||||||||||||||||||||
| Total investment securities | 10,173,081 | 74,915 | 2.95 | % | 9,408,712 | 50,377 | 2.14 | % | |||||||||||||||||||||||||||
Loans: (2) | |||||||||||||||||||||||||||||||||||
| Commercial | 9,457,089 | 147,620 | 6.24 | % | 5,893,907 | 55,283 | 3.75 | % | |||||||||||||||||||||||||||
| Commercial real estate | 12,654,366 | 179,475 | 5.67 | % | 8,749,162 | 77,408 | 3.54 | % | |||||||||||||||||||||||||||
| Residential real estate loans | 6,523,074 | 58,099 | 3.56 | % | 3,990,716 | 33,986 | 3.41 | % | |||||||||||||||||||||||||||
| Consumer | 2,636,350 | 38,108 | 5.86 | % | 2,104,652 | 21,915 | 4.22 | % | |||||||||||||||||||||||||||
| Total loans | 31,270,879 | 423,302 | 5.42 | % | 20,738,437 | 188,592 | 3.64 | % | |||||||||||||||||||||||||||
| Total earning assets | 41,941,913 | $ | 501,315 | 4.79 | % | 31,483,553 | $ | 239,277 | 3.04 | % | |||||||||||||||||||||||||
| Deduct: Allowance for credit losses on loans | (304,393) | (168,175) | |||||||||||||||||||||||||||||||||
| Non-Earning Assets | |||||||||||||||||||||||||||||||||||
| Cash and due from banks | 437,872 | 268,836 | |||||||||||||||||||||||||||||||||
| Other assets | 4,907,115 | 3,480,640 | |||||||||||||||||||||||||||||||||
| Total assets | $ | 46,982,507 | $ | 35,064,854 | |||||||||||||||||||||||||||||||
| Interest-Bearing Liabilities | |||||||||||||||||||||||||||||||||||
| Checking and NOW | $ | 7,988,579 | $ | 19,359 | 0.98 | % | $ | 6,784,653 | $ | 596 | 0.04 | % | |||||||||||||||||||||||
| Savings | 6,183,409 | 2,230 | 0.15 | % | 5,302,015 | 589 | 0.05 | % | |||||||||||||||||||||||||||
| Money market | 5,641,288 | 20,010 | 1.44 | % | 3,778,682 | 691 | 0.07 | % | |||||||||||||||||||||||||||
| Time deposits | 3,558,400 | 20,994 | 2.39 | % | 1,745,153 | 1,318 | 0.31 | % | |||||||||||||||||||||||||||
| Total interest-bearing deposits | 23,371,676 | 62,593 | 1.09 | % | 17,610,503 | 3,194 | 0.07 | % | |||||||||||||||||||||||||||
| Federal funds purchased and interbank borrowings | 419,291 | 4,839 | 4.68 | % | 1,113 | — | 0.01 | % | |||||||||||||||||||||||||||
| Securities sold under agreements to repurchase | 412,819 | 779 | 0.77 | % | 449,939 | 96 | 0.09 | % | |||||||||||||||||||||||||||
| FHLB advances | 4,273,343 | 37,996 | 3.61 | % | 2,589,984 | 5,963 | 0.93 | % | |||||||||||||||||||||||||||
| Other borrowings | 781,221 | 7,954 | 4.13 | % | 432,434 | 3,467 | 3.21 | % | |||||||||||||||||||||||||||
| Total borrowed funds | 5,886,674 | 51,568 | 3.55 | % | 3,473,470 | 9,526 | 1.11 | % | |||||||||||||||||||||||||||
| Total interest-bearing liabilities | $ | 29,258,350 | $ | 114,161 | 1.58 | % | $ | 21,083,973 | $ | 12,720 | 0.24 | % | |||||||||||||||||||||||
| Noninterest-Bearing Liabilities and Shareholders' Equity | |||||||||||||||||||||||||||||||||||
| Demand deposits | $ | 11,526,267 | $ | 9,294,876 | |||||||||||||||||||||||||||||||
| Other liabilities | 1,031,702 | 467,589 | |||||||||||||||||||||||||||||||||
| Shareholders' equity | 5,166,188 | 4,218,416 | |||||||||||||||||||||||||||||||||
| Total liabilities and shareholders' equity | $ | 46,982,507 | $ | 35,064,854 | |||||||||||||||||||||||||||||||
| Net interest income - taxable equivalent basis | $ | 387,154 | 3.69 | % | $ | 226,557 | 2.88 | % | |||||||||||||||||||||||||||
| Taxable equivalent adjustment | (5,666) | (3,772) | |||||||||||||||||||||||||||||||||
| Net interest income (GAAP) | $ | 381,488 | 3.64 | % | $ | 222,785 | 2.83 | % | |||||||||||||||||||||||||||
From Three Months Ended March 31, 2022 to Three Months Ended March 31, 2023 | |||||||||||||||||
Total Change (1) | Attributed to | ||||||||||||||||
| (dollars in thousands) | Volume | Rate | |||||||||||||||
| Interest Income | |||||||||||||||||
| Money market and other interest-earning investments | $ | 2,790 | $ | (2,762) | $ | 5,552 | |||||||||||
Investment securities (2) | 24,538 | 4,861 | 19,677 | ||||||||||||||
Loans (2) | 234,710 | 119,213 | 115,497 | ||||||||||||||
| Total interest income | 262,038 | 121,312 | 140,726 | ||||||||||||||
| Interest Expense | |||||||||||||||||
| Checking and NOW deposits | 18,763 | 1,426 | 17,337 | ||||||||||||||
| Savings deposits | 1,641 | 199 | 1,442 | ||||||||||||||
| Money market deposits | 19,319 | 3,382 | 15,937 | ||||||||||||||
| Time deposits | 19,676 | 5,987 | 13,689 | ||||||||||||||
| Federal funds purchased and interbank borrowings | 4,839 | 2,418 | 2,421 | ||||||||||||||
| Securities sold under agreements to repurchase | 683 | (45) | 728 | ||||||||||||||
| FHLB advances | 32,033 | 9,330 | 22,703 | ||||||||||||||
| Other borrowings | 4,487 | 3,146 | 1,341 | ||||||||||||||
| Total interest expense | 101,441 | 25,843 | 75,598 | ||||||||||||||
| Net interest income | $ | 160,597 | $ | 95,469 | $ | 65,128 | |||||||||||
| Three Months Ended March 31, | % | |||||||||||||||||||
| (dollars in thousands) | 2023 | 2022 | Change | |||||||||||||||||
| Wealth management fees | $ | 18,760 | $ | 14,630 | 28.2 | % | ||||||||||||||
| Service charges on deposit accounts | 17,003 | 14,026 | 21.2 | |||||||||||||||||
| Debit card and ATM fees | 9,982 | 7,599 | 31.4 | |||||||||||||||||
| Mortgage banking revenue | 3,400 | 7,245 | (53.1) | |||||||||||||||||
| Investment product fees | 8,160 | 7,322 | 11.4 | |||||||||||||||||
| Capital markets income | 6,939 | 4,442 | 56.2 | |||||||||||||||||
| Company-owned life insurance | 3,186 | 3,524 | (9.6) | |||||||||||||||||
| Debt securities gains (losses), net | (5,216) | 342 | N/M | |||||||||||||||||
| Other income | 8,467 | 6,110 | 38.6 | |||||||||||||||||
| Total noninterest income | $ | 70,681 | $ | 65,240 | 8.3 | % | ||||||||||||||
| Three Months Ended March 31, | % | |||||||||||||||||||
| (dollars in thousands) | 2023 | 2022 | Change | |||||||||||||||||
| Salaries and employee benefits | $ | 137,364 | $ | 124,147 | 10.6 | % | ||||||||||||||
| Occupancy | 28,282 | 21,019 | 34.6 | |||||||||||||||||
| Equipment | 7,389 | 5,168 | 43.0 | |||||||||||||||||
| Marketing | 9,417 | 4,276 | 120.2 | |||||||||||||||||
| Technology | 19,202 | 18,762 | 2.3 | |||||||||||||||||
| Communication | 4,461 | 3,417 | 30.6 | |||||||||||||||||
| Professional fees | 6,732 | 19,791 | (66.0) | |||||||||||||||||
| FDIC assessment | 10,404 | 2,575 | 304.0 | |||||||||||||||||
| Amortization of intangibles | 6,186 | 4,811 | 28.6 | |||||||||||||||||
| Amortization of tax credit investments | 2,761 | 1,516 | 82.1 | |||||||||||||||||
| Property optimization | 1,317 | — | N/A | |||||||||||||||||
| Other expense | 17,196 | 10,107 | 70.1 | |||||||||||||||||
| Total noninterest expense | $ | 250,711 | $ | 215,589 | 16.3 | % | ||||||||||||||
| March 31, 2023 | December 31, 2022 | |||||||||||||||||||
| (dollars in thousands) | Outstanding | Exposure(1) | Nonaccrual | Outstanding | Exposure(1) | Nonaccrual | ||||||||||||||
| By Industry: | ||||||||||||||||||||
| Manufacturing | $ | 1,839,041 | $ | 2,949,868 | $ | 2,218 | $ | 1,757,907 | $ | 2,803,883 | $ | 2,464 | ||||||||
| Health care and social assistance | 1,547,279 | 2,066,304 | 6,614 | 1,588,392 | 2,043,105 | 11,806 | ||||||||||||||
| Wholesale trade | 823,273 | 1,587,693 | 4,852 | 857,400 | 1,552,985 | 2,895 | ||||||||||||||
| Real estate rental and leasing | 684,762 | 975,367 | 1,121 | 642,511 | 962,549 | 1,135 | ||||||||||||||
| Construction | 557,233 | 1,311,635 | 1,360 | 556,913 | 1,307,582 | 1,517 | ||||||||||||||
| Professional, scientific, and technical services | 532,386 | 848,346 | 4,691 | 507,940 | 832,407 | 4,735 | ||||||||||||||
| Finance and insurance | 520,676 | 885,526 | 16 | 484,532 | 858,391 | 17 | ||||||||||||||
| Transportation and warehousing | 452,628 | 693,200 | 2,712 | 422,643 | 633,267 | 3,496 | ||||||||||||||
| Accommodation and food services | 419,808 | 566,248 | 541 | 399,915 | 512,025 | 596 | ||||||||||||||
| Retail trade | 404,323 | 686,379 | 7,061 | 332,367 | 538,135 | 7,386 | ||||||||||||||
| Administrative and support and waste management and remediation services | 319,715 | 488,693 | 9,889 | 315,785 | 446,655 | 13,860 | ||||||||||||||
| Public administration | 219,897 | 313,742 | — | 231,453 | 325,834 | 846 | ||||||||||||||
| Other services | 215,427 | 396,876 | 14,505 | 194,998 | 356,743 | 2,656 | ||||||||||||||
| Educational services | 213,835 | 369,592 | 3,792 | 210,850 | 378,955 | 3,750 | ||||||||||||||
| Agriculture, forestry, fishing, and hunting | 207,416 | 371,072 | 959 | 261,355 | 382,376 | 996 | ||||||||||||||
| Other | 794,176 | 1,080,282 | 505 | 743,943 | 1,122,409 | 739 | ||||||||||||||
| Total | $ | 9,751,875 | $ | 15,590,823 | $ | 60,836 | $ | 9,508,904 | $ | 15,057,301 | $ | 58,894 | ||||||||
| By Loan Size: | ||||||||||||||||||||
| Less than $200,000 | 3 | % | 2 | % | 3 | % | 3 | % | 3 | % | 3 | % | ||||||||
| $200,000 to $1,000,000 | 11 | 11 | 15 | 11 | 11 | 20 | ||||||||||||||
| $1,000,000 to $5,000,000 | 24 | 25 | 34 | 25 | 26 | 36 | ||||||||||||||
| $5,000,000 to $10,000,000 | 15 | 15 | 12 | 15 | 15 | 24 | ||||||||||||||
| $10,000,000 to $25,000,000 | 31 | 29 | 36 | 31 | 27 | 17 | ||||||||||||||
| Greater than $25,000,000 | 16 | 18 | — | 15 | 18 | — | ||||||||||||||
| Total | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||
| March 31, 2023 | December 31, 2022 | ||||||||||||||||||||||
| (dollars in thousands) | Outstanding | % | Outstanding | % | |||||||||||||||||||
| By Property Type: | |||||||||||||||||||||||
| Multifamily | $ | 4,321,782 | 33 | % | $ | 4,188,137 | 34 | % | |||||||||||||||
| Warehouse / Industrial | 2,110,884 | 16 | 1,976,804 | 16 | |||||||||||||||||||
| Retail | 1,876,410 | 15 | 1,808,041 | 14 | |||||||||||||||||||
| Office | 1,809,477 | 14 | 1,813,007 | 15 | |||||||||||||||||||
| Commercial development | 511,717 | 4 | 660,798 | 5 | |||||||||||||||||||
| Single family | 490,042 | 4 | 515,390 | 4 | |||||||||||||||||||
Other (1) | 1,788,068 | 14 | 1,494,893 | 12 | |||||||||||||||||||
| Total | $ | 12,908,380 | 100 | % | $ | 12,457,070 | 100 | % | |||||||||||||||
| (dollars in thousands) | March 31, 2023 | December 31, 2022 | $ Change | % Change | ||||||||||||||||
| Deposits: | ||||||||||||||||||||
| Noninterest-bearing demand | $ | 10,995,083 | $ | 11,930,798 | $ | (935,715) | (8) | % | ||||||||||||
| Interest-bearing: | ||||||||||||||||||||
| Checking and NOW | 7,903,520 | 8,340,955 | (437,435) | (5) | % | |||||||||||||||
| Savings | 6,030,255 | 6,326,158 | (295,903) | (5) | % | |||||||||||||||
| Money market | 5,867,239 | 5,389,139 | 478,100 | 9 | % | |||||||||||||||
| Time deposits | 4,121,695 | 3,013,780 | 1,107,915 | 37 | % | |||||||||||||||
| Total deposits | 34,917,792 | 35,000,830 | (83,038) | — | % | |||||||||||||||
| Wholesale borrowings: | ||||||||||||||||||||
| Federal funds purchased and interbank borrowings | 618,955 | 581,489 | 37,466 | 6 | % | |||||||||||||||
| Securities sold under agreements to repurchase | 393,018 | 432,804 | (39,786) | (9) | % | |||||||||||||||
| Federal Home Loan Bank advances | 4,981,612 | 3,829,018 | 1,152,594 | 30 | % | |||||||||||||||
| Other borrowings | 746,869 | 743,003 | 3,866 | 1 | % | |||||||||||||||
| Total wholesale borrowings | 6,740,454 | 5,586,314 | 1,154,140 | 21 | % | |||||||||||||||
| Total funding | $ | 41,658,246 | $ | 40,587,144 | $ | 1,071,102 | 3 | % | ||||||||||||
| Regulatory Guidelines Minimum | Prompt Corrective Action "Well Capitalized" Guidelines | March 31, | December 31, | |||||||||||||||||||||||||||||
| 2023 | 2022 | 2022 | ||||||||||||||||||||||||||||||
| Risk-based capital: | ||||||||||||||||||||||||||||||||
| Tier 1 capital to total average assets (leverage ratio) | 4.00 | % | N/A | % | 8.53 | % | 10.58 | % | 8.52 | % | ||||||||||||||||||||||
| Common equity Tier 1 capital to risk-adjusted total assets | 7.00 | N/A | 9.98 | 10.04 | 10.03 | |||||||||||||||||||||||||||
| Tier 1 capital to risk-adjusted total assets | 8.50 | 6.00 | 10.64 | 10.79 | 10.71 | |||||||||||||||||||||||||||
| Total capital to risk-adjusted total assets | 10.50 | 10.00 | 11.96 | 12.19 | 12.02 | |||||||||||||||||||||||||||
| Shareholders' equity to assets | N/A | N/A | 11.03 | 11.42 | 10.97 | |||||||||||||||||||||||||||
| Regulatory Guidelines Minimum | Prompt Corrective Action "Well Capitalized" Guidelines | March 31, | December 31, | |||||||||||||||||||||||||||||
| 2023 | 2022 | 2022 | ||||||||||||||||||||||||||||||
| Risk-based capital: | ||||||||||||||||||||||||||||||||
| Tier 1 capital to total average assets (leverage ratio) | 4.00 | % | 5.00 | % | 8.68 | % | 10.07 | % | 8.47 | % | ||||||||||||||||||||||
| Common equity Tier 1 capital to risk-adjusted total assets | 7.00 | 6.50 | 10.83 | 10.28 | 10.66 | |||||||||||||||||||||||||||
| Tier 1 capital to risk-adjusted total assets | 8.50 | 8.00 | 10.83 | 10.28 | 10.66 | |||||||||||||||||||||||||||
| Total capital to risk-adjusted total assets | 10.50 | 10.00 | 11.55 | 10.89 | 11.35 | |||||||||||||||||||||||||||
| March 31, | December 31, | |||||||||||||||||||
| (dollars in thousands) | 2023 | 2022 | 2022 | |||||||||||||||||
| Total nonaccrual loans | $ | 234,337 | $ | 227,925 | $ | 238,178 | ||||||||||||||
TDRs still accruing (1) | N/A | 20,999 | 15,313 | |||||||||||||||||
| Loans 90 days or more past due and still accruing | 1,231 | 1,646 | 2,650 | |||||||||||||||||
| Foreclosed assets | 10,817 | 19,713 | 10,845 | |||||||||||||||||
| Total under-performing assets | $ | 246,385 | $ | 270,283 | $ | 266,986 | ||||||||||||||
Classified loans (includes nonaccrual, TDRs still accruing, past due 90 days, and other problem loans) (1) | $ | 805,797 | $ | 747,912 | $ | 745,485 | ||||||||||||||
Other classified assets (2) | 26,441 | 24,676 | 24,735 | |||||||||||||||||
| Criticized loans | 593,307 | 507,689 | 636,069 | |||||||||||||||||
| Total criticized and classified assets | $ | 1,425,545 | $ | 1,280,277 | $ | 1,406,289 | ||||||||||||||
| Asset Quality Ratios: | ||||||||||||||||||||
Nonaccrual loans/total loans (3) | 0.74 | % | 0.80 | % | 0.77 | % | ||||||||||||||
Non-performing loans/total loans (3) (4) | 0.74 | 0.88 | 0.81 | |||||||||||||||||
Under-performing assets/total loans (3) | 0.77 | 0.95 | 0.86 | |||||||||||||||||
| Under-performing assets/total assets | 0.51 | 0.59 | 0.57 | |||||||||||||||||
| Allowance for credit losses on loans/under-performing assets | 121.24 | 103.78 | 113.74 | |||||||||||||||||
| Allowance for credit losses on loans/nonaccrual loans | 127.47 | 123.07 | 127.50 | |||||||||||||||||
| Immediate Rate Decrease | Immediate Rate Increase | ||||||||||||||||||||||
| (dollars in thousands) | -300 Basis Points | -200 Basis Points | -100 Basis Points | Base | +100 Basis Points | +200 Basis Points | +300 Basis Points | ||||||||||||||||
| March 31, 2023 | |||||||||||||||||||||||
| Projected interest income: | |||||||||||||||||||||||
| Money market, other interest earning investments, and investment securities | $ | 638,159 | $ | 668,554 | $ | 711,908 | $ | 764,597 | $ | 815,964 | $ | 866,973 | $ | 918,430 | |||||||||
| Loans | 2,516,865 | 2,868,902 | 3,220,937 | 3,569,373 | 3,908,901 | 4,247,694 | 4,586,338 | ||||||||||||||||
| Total interest income | 3,155,024 | 3,537,456 | 3,932,845 | 4,333,970 | 4,724,865 | 5,114,667 | 5,504,768 | ||||||||||||||||
| Projected interest expense: | |||||||||||||||||||||||
| Deposits | 347,614 | 520,021 | 699,243 | 879,315 | 1,063,942 | 1,248,569 | 1,433,196 | ||||||||||||||||
| Borrowings | 333,258 | 441,566 | 539,054 | 636,325 | 736,439 | 836,612 | 936,862 | ||||||||||||||||
| Total interest expense | 680,872 | 961,587 | 1,238,297 | 1,515,640 | 1,800,381 | 2,085,181 | 2,370,058 | ||||||||||||||||
| Net interest income | $ | 2,474,152 | $ | 2,575,869 | $ | 2,694,548 | $ | 2,818,330 | $ | 2,924,484 | $ | 3,029,486 | $ | 3,134,710 | |||||||||
| Change from base | $ | (344,178) | $ | (242,461) | $ | (123,782) | $ | 106,154 | $ | 211,156 | $ | 316,380 | |||||||||||
| % change from base | (12.21) | % | (8.60) | % | (4.39) | % | 3.77 | % | 7.49 | % | 11.23 | % | |||||||||||
| Immediate Rate Decrease | Immediate Rate Increase | ||||||||||||||||||||||
| -50 Basis Points | Base | +100 Basis Points | +200 Basis Points | +300 Basis Points | |||||||||||||||||||
| March 31, 2022 | |||||||||||||||||||||||
| Projected interest income: | |||||||||||||||||||||||
| Money market, other interest earning investments, and investment securities | $ | 533,997 | $ | 569,202 | $ | 638,295 | $ | 707,979 | $ | 777,163 | |||||||||||||
| Loans | 1,731,088 | 1,859,527 | 2,164,693 | 2,472,574 | 2,779,620 | ||||||||||||||||||
| Total interest income | 2,265,085 | 2,428,729 | 2,802,988 | 3,180,553 | 3,556,783 | ||||||||||||||||||
| Projected interest expense: | |||||||||||||||||||||||
| Deposits | 20,705 | 44,541 | 191,499 | 338,619 | 485,736 | ||||||||||||||||||
| Borrowings | 144,111 | 171,141 | 235,103 | 301,239 | 367,374 | ||||||||||||||||||
| Total interest expense | 164,816 | 215,682 | 426,602 | 639,858 | 853,110 | ||||||||||||||||||
| Net interest income | $ | 2,100,269 | $ | 2,213,047 | $ | 2,376,386 | $ | 2,540,695 | $ | 2,703,673 | |||||||||||||
| Change from base | $ | (112,778) | $ | 163,339 | $ | 327,648 | $ | 490,626 | |||||||||||||||
| % change from base | (5.10) | % | 7.38 | % | 14.81 | % | 22.17 | % | |||||||||||||||
| (dollars in thousands) | ||||||||||||||
| Maturity Bucket | Amount | Rate | ||||||||||||
| 2023 | $ | 2,354,454 | 2.60 | % | ||||||||||
| 2024 | 1,533,221 | 3.64 | ||||||||||||
| 2025 | 122,619 | 1.12 | ||||||||||||
| 2026 | 63,404 | 0.67 | ||||||||||||
| 2027 | 38,289 | 0.62 | ||||||||||||
| 2027 and beyond | 9,708 | 1.10 | ||||||||||||
| Total | $ | 4,121,695 | 2.89 | % | ||||||||||
| (dollars in thousands) | Parent Company | Subsidiaries | |||||||||
| Available liquid funds: | |||||||||||
| Cash and due from banks | $ | 823,897 | $ | 290,038 | |||||||
| Unencumbered government-issued debt securities | — | 525,898 | |||||||||
| Unencumbered investment grade municipal securities | — | 39,227 | |||||||||
| Unencumbered corporate securities | — | 29,706 | |||||||||
| Availability of borrowings: | |||||||||||
| Amount available from Federal Reserve discount window* | — | 952,201 | |||||||||
| Amount available from Federal Reserve Bank Term Funding Program | — | 2,300,000 | |||||||||
| Amount available from Federal Home Loan Bank* | — | 5,310,000 | |||||||||
| Total available funds | $ | 823,897 | $ | 9,447,070 | |||||||
| Period | Total Number of Shares Purchased (1) | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (2) | |||||||||||||||||||
| 01/01/23 - 03/31/23 | 175 | $ | 17.98 | — | $ | 136,093,633 | |||||||||||||||||
| 02/01/23 - 02/28/23 | 301,426 | $ | 17.76 | 1,772,316 | $ | 170,476,849 | |||||||||||||||||
| 03/01/23 - 03/31/23 | 2,296,573 | $ | 16.72 | — | $ | 170,476,849 | |||||||||||||||||
| Total | 2,598,174 | $ | 16.84 | 1,772,316 | $ | 170,476,849 | |||||||||||||||||
Exhibit No. | Description | |||||||
| 3.1 | ||||||||
| 3.2 | ||||||||
| 3.3 | ||||||||
| 3.4 | ||||||||
| 3.5 | ||||||||
| 3.6 | ||||||||
| 31.1 | ||||||||
| 31.2 | ||||||||
| 32.1 | ||||||||
| 32.2 | ||||||||
| 101 | The following materials from Old National’s Form 10-Q Report for the quarterly period ended March 31, 2023, formatted in inline XBRL: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income (Loss), (iii) the Consolidated Statements of Comprehensive Income (Loss), (iv) the Consolidated Statements of Changes in Shareholders’ Equity, (v) the Consolidated Statements of Cash Flows, and (vi) the Notes to Consolidated Financial Statements. | |||||||
| 104 | The cover page from Old National’s Form 10-Q Report for the quarterly period ended March 31, 2023, formatted in inline XBRL and contained in Exhibit 101. | |||||||
| OLD NATIONAL BANCORP | ||||||||
| (Registrant) | ||||||||
| By: | /s/ Brendon B. Falconer | |||||||
| Brendon B. Falconer | ||||||||
| Senior Executive Vice President and Chief Financial Officer | ||||||||
| Duly Authorized Officer and Principal Financial Officer | ||||||||
Date: May 3, 2023 | ||||||||
| Date: | May 3, 2023 | By: | /s/ James C. Ryan, III | |||||||||||
| James C. Ryan, III | ||||||||||||||
| Chief Executive Officer | ||||||||||||||
| (Principal Executive Officer) | ||||||||||||||
| Date: | May 3, 2023 | By: | /s/ Brendon B. Falconer | |||||||||||
| Brendon B. Falconer | ||||||||||||||
| Chief Financial Officer | ||||||||||||||
| (Principal Financial Officer) | ||||||||||||||
| By: | /s/ James C. Ryan, III | |||||||
| James C. Ryan, III | ||||||||
| Chief Executive Officer | ||||||||
| (Principal Executive Officer) | ||||||||
Date: May 3, 2023 | ||||||||
| By: | /s/ Brendon B. Falconer | |||||||
| Brendon B. Falconer | ||||||||
| Chief Financial Officer | ||||||||
| (Principal Financial Officer) | ||||||||
Date: May 3, 2023 | ||||||||