10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: March 31, 2021

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
	For the transition period from             to

Commission file number: 001-31343

Associated Banc-Corp

(Exact name of registrant as specified in its charter)

Wisconsin	39-1098068
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

433 Main Street
Green Bay,	Wisconsin	54301
(Address of principal executive offices)		(Zip Code)

(920) 491-7500

(Registrant’s telephone number, including area code)

(not applicable)

(Former name, former address and former fiscal year, if changed since last report)

Securities Registered Pursuant to Section 12(b) of the act:

Title of each class	Trading symbol	Name of each exchange on which registered
Common stock, par value $0.01 per share	ASB	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 6.125% Non-Cum. Perp Pref Stock, Srs C	ASB PrC	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.375% Non-Cum. Perp Pref Stock, Srs D	ASB PrD	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E	ASB PrE	New York Stock Exchange
Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F	ASB PrF	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  ☑        No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  ☑        No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☑	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ☐        No  ☑

APPLICABLE ONLY TO CORPORATE ISSUERS:

The number of shares outstanding of registrant’s common stock, par value $0.01 per share, at April 23, 2021 was 152,808,020.

1

ASSOCIATED BANC-CORP

Table of Contents

		Page
PART I. Financial Information
	Item 1. Financial Statements (Unaudited):	5
	Consolidated Balance Sheets	5
	Consolidated Statements of Income	6
	Consolidated Statements of Comprehensive Income	7
	Consolidated Statements of Changes in Stockholders’ Equity	8
	Consolidated Statements of Cash Flows	9
	Notes to Consolidated Financial Statements	11
	Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	50
	Item 3. Quantitative and Qualitative Disclosures About Market Risk	75
	Item 4. Controls and Procedures	76
PART II. Other Information
	Item 1. Legal Proceedings	77
	Item 1A. Risk Factors	77
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	77
	Item 6. Exhibits	79
	Signatures	80

2

ASSOCIATED BANC-CORP

Commonly Used Acronyms and Abbreviations

The following listing provides a reference of common acronyms and abbreviations used throughout the document:

ABRC	Associated Benefits & Risk Consulting, the Corporation's insurance division which was sold on June 30, 2020
ACL	Allowance for Credit Losses on Loans and Investments
ACLL	Allowance for Credit Losses on Loans
AFS	Available for Sale
ALCO	Asset / Liability Committee
ARRC	Alternative Reference Rate Committee
ASC	Accounting Standards Codification
Associated / Corporation / our / we	Associated Banc-Corp collectively with all of its subsidiaries and affiliates
Associated Bank / the Bank	Associated Bank, National Association
ASU	Accounting Standards Update
Basel III	International framework established by the Basel Committee on Banking Supervision for the regulation of capital and liquidity
bp	basis point(s)
CARES Act	Coronavirus Aid, Relief, and Economic Security Act
CDs	Certificates of Deposit
CDIs	Core Deposit Intangibles
CECL	Current Expected Credit Losses
CET1	Common Equity Tier 1
CRA	Community Reinvestment Act
CRE	Commercial Real Estate
EAR	Earnings at Risk
Economic Aid Act	Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act
Exchange Act	Securities Exchange Act of 1934, as amended
FASB	Financial Accounting Standards Board
FDIC	Federal Deposit Insurance Corporation
Federal Reserve	Board of Governors of the Federal Reserve System
FFELP	Federal Family Education Loan Program
FHLB	Federal Home Loan Bank
FHLMC	Federal Home Loan Mortgage Corporation
FICO	Fair Isaac Corporation, provider of a broad-based risk score to aid in credit decisions
First Staunton	First Staunton Bancshares, Incorporated
FNMA	Federal National Mortgage Association
FTEs	Full-time equivalent employees
FTP	Funds Transfer Pricing
GAAP	Generally Accepted Accounting Principles
GNMA	Government National Mortgage Association
GSEs	Government-Sponsored Enterprises
HTM	Held to Maturity
LIBOR	London Interbank Offered Rate
LTV	Loan-to-Value
MSRs	Mortgage Servicing Rights

3

MVE	Market Value of Equity
Net Free Funds	Noninterest-bearing sources of funds
NII	Net Interest Income
NPAs	Nonperforming Assets
OREO	Other Real Estate Owned
Parent Company	Associated Banc-Corp individually
PCD	Purchased Credit Deteriorated
PPP	Paycheck Protection Program
PPPLF	Paycheck Protection Program Liquidity Facility
RAP	Retirement Account Plan - the Corporation's noncontributory defined benefit retirement plan
Repurchase Agreements	Securities sold under agreements to repurchase
Restricted Stock Awards	Restricted common stock and restricted common stock units to certain key employees
Retirement Eligible Colleagues	Colleagues whose retirement meets the early retirement or normal retirement definitions under the applicable equity compensation plan
Rockefeller	Rockefeller Capital Management
S&P	Standard & Poor's
SBA	Small Business Administration
SEC	U.S. Securities and Exchange Commission
Series C Preferred Stock	The Corporation's 6.125% Non-Cumulative Perpetual Preferred Stock, Series C, liquidation preference $1,000 per share
Series D Preferred Stock	The Corporation's 5.375% Non-Cumulative Perpetual Preferred Stock, Series D, liquidation preference $1,000 per share
Series E Preferred Stock	The Corporation's 5.875% Non-Cumulative Perpetual Preferred Stock, Series E, liquidation preference $1,000 per share
Series F Preferred Stock	The Corporation's 5.625% Non-Cumulative Perpetual Preferred Stock, Series F, liquidation preference $1,000 per share
SOFR	Secured Overnight Finance Rate
TDR	Troubled Debt Restructuring
USI	USI Insurance Services LLC
Whitnell	Whitnell & Co.
YTD	Year-to-Date

4

Table of Contents

PART I - FINANCIAL INFORMATION
ITEM 1.	Financial Statements:

ASSOCIATED BANC-CORP

Consolidated Balance Sheets

	March 31, 2021		December 31, 2020
(In Thousands, except share and per share data)	(Unaudited)		(Audited)
Assets
Cash and due from banks	$	356,285	$	416,154
Interest-bearing deposits in other financial institutions	1,590,494		298,759
Federal funds sold and securities purchased under agreements to resell	—		1,135
Investment securities AFS, at fair value	3,356,949		3,085,441
Investment securities HTM, net, at amortized cost	1,857,087		1,878,938
Equity securities	15,673		15,106
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	168,281		168,280
Residential loans held for sale	153,151		129,158
Loans	24,162,328		24,451,724
Allowance for loan losses	(352,938)		(383,702)
Loans, net	23,809,389		24,068,022
Tax credit and other investments	303,701		297,232
Premises and equipment, net	398,671		418,914
Bank and corporate owned life insurance	680,831		679,647
Goodwill	1,104,992		1,109,300
Other intangible assets, net	64,701		68,254
Mortgage servicing rights, net	49,500		41,961
Interest receivable	86,466		90,263
Other assets	579,084		653,219
Total assets	$	34,575,255	$	33,419,783
Liabilities and Stockholders' Equity
Noninterest-bearing demand deposits	$	8,496,194	$	7,661,728
Interest-bearing deposits	19,180,972		18,820,753
Total deposits	27,677,166		26,482,481
Federal funds purchased and securities sold under agreements to repurchase	138,507		192,971
Commercial paper	51,171		59,346
FHLB advances	1,629,966		1,632,723
Other long-term funding	549,729		549,465
Allowance for unfunded commitments	50,776		47,776
Accrued expenses and other liabilities	350,160		364,088
Total liabilities	30,447,474		29,328,850
Stockholders’ Equity
Preferred equity	353,512		353,512
Common equity
Common stock	1,752		1,752
Surplus	1,706,786		1,720,329
Retained earnings	2,520,144		2,458,920
Accumulated other comprehensive income (loss)	(4,193)		12,618
Treasury stock, at cost	(450,222)		(456,198)
Total common equity	3,774,268		3,737,421
Total stockholders’ equity	4,127,780		4,090,933
Total liabilities and stockholders’ equity	$	34,575,255	$	33,419,783
Preferred shares authorized (par value $1.00 per share)	750,000		750,000
Preferred shares issued and outstanding	364,458		364,458
Common shares authorized (par value $0.01 per share)	250,000,000		250,000,000
Common shares issued	175,216,409		175,216,409
Common shares outstanding	153,684,904		153,540,224

Numbers may not sum due to rounding.

See accompanying notes to consolidated financial statements.

5

Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Income (Unaudited)

	Three Months Ended March 31,
(In Thousands, except per share data)	2021		2020
Interest income
Interest and fees on loans	$	174,049	$	224,786
Interest and dividends on investment securities
Taxable	7,014		20,272
Tax-exempt	14,162		14,882
Other interest	1,694		3,304
Total interest income	196,920		263,244
Interest expense
Interest on deposits	5,909		36,666
Interest on federal funds purchased and securities sold under agreements to repurchase	26		368
Interest on other short-term funding	6		36
Interest on FHLB advances	9,493		17,626
Interest on long-term funding	5,585		5,607
Total interest expense	21,018		60,303
Net interest income	175,902		202,942
Provision for credit losses	(23,004)		53,001
Net interest income after provision for credit losses	198,906		149,941
Noninterest income
Wealth management fees	22,414		20,816
Service charges and deposit account fees	14,855		15,222
Card-based fees	9,743		9,597
Other fee-based revenue	4,596		4,497
Capital markets, net	8,118		7,935
Mortgage banking, net	23,925		6,143
Bank and corporate owned life insurance	2,702		3,094
Insurance commissions and fess	76		22,608
Asset gains (losses), net	4,809		(77)
Investment securities gains (losses), net	(39)		6,118
Gains on sale of branches, net(a)	1,002		—
Other	3,141		2,352
Total noninterest income	95,343		98,306
Noninterest expense
Personnel	104,026		114,200
Technology	20,740		20,799
Occupancy	16,156		16,069
Business development and advertising	4,395		5,826
Equipment	5,518		5,439
Legal and professional	6,530		5,160
Loan and foreclosure costs	2,220		3,120
FDIC assessment	4,750		5,500
Other intangible amortization	2,236		2,814
Other	8,775		13,263
Total noninterest expense	175,347		192,191
Income (loss) before income taxes	118,903		56,056
Income tax expense (benefit)	24,602		10,219
Net income	94,301		45,838
Preferred stock dividends	5,207		3,801
Net income available to common equity	$	89,094	$	42,037
Earnings per common share
Basic	$	0.58	$	0.27
Diluted	$	0.58	$	0.27
Average common shares outstanding
Basic	152,355		154,701
Diluted	153,688		155,619

Numbers may not sum due to rounding.

(a) Includes the deposit premium on the sale of branches net of miscellaneous costs to sell. See Note 2 Acquisitions and Dispositions for additional details on the branch sales.

See accompanying notes to consolidated financial statements.

6

Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended March 31,
($ in Thousands)	2021		2020
Net income	$	94,301	$	45,838
Other comprehensive income (loss), net of tax
Investment securities AFS
Net unrealized gains (losses)	(23,979)		26,419
Amortization of net unrealized (gains) losses on AFS securities transferred to HTM securities	518		556
Reclassification adjustment for net losses (gains) realized in net income	39		(6,118)
Income tax (expense) benefit	5,851		(5,225)
Other comprehensive income (loss) on investment securities AFS	(17,571)		15,632
Defined benefit pension and postretirement obligations
Amortization of prior service cost	(37)		(38)
Amortization of actuarial loss (gain)	1,050		808
Income tax (expense) benefit	(253)		(193)
Other comprehensive income (loss) on pension and postretirement obligations	760		577
Total other comprehensive income (loss)	(16,811)		16,209
Comprehensive income	$	77,490	$	62,046

Numbers may not sum due to rounding.

See accompanying notes to consolidated financial statements.

7

Table of Contents

Item 1. Financial Statements Continued:    

ASSOCIATED BANC-CORP

Consolidated Statements of Changes in Stockholders’ Equity (Unaudited)

(In Thousands, except per share data)	Preferred Equity		Common Stock		Surplus		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total
Balance, December 31, 2020	$	353,512	$	1,752	$	1,720,329	$	2,458,920	$	12,618	$	(456,198)	$	4,090,933
Comprehensive income
Net income	—		—		—		94,301		—		—		94,301
Other comprehensive income (loss)	—		—		—		—		(16,811)		—		(16,811)
Comprehensive income													77,490
Common stock issued
Stock-based compensation plans, net	—		—		(16,986)		—		—		27,542		10,556
Purchase of treasury stock, open market purchases	—		—		—		—		—		(17,973)		(17,973)
Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		(3,593)		(3,593)
Cash dividends
Common stock, $0.18 per share	—		—		—		(27,870)		—		—		(27,870)
Preferred stock(a)	—		—		—		(5,207)		—		—		(5,207)
Stock-based compensation expense, net	—		—		3,444		—		—		—		3,444
Balance, March 31, 2021	$	353,512	$	1,752	$	1,706,786	$	2,520,144	$	(4,193)	$	(450,222)	$	4,127,780

Numbers may not sum due to rounding.

(a) Series C, $0.3828125 per share; Series D, $0.3359375 per share; Series E, $0.3671875 per share; and Series F, $0.3515625 per share.

(In Thousands, except per share data)	Preferred Equity		Common Stock		Surplus		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Treasury Stock		Total
Balance, December 31, 2019	$	256,716	$	1,752	$	1,716,431	$	2,380,867	$	(33,183)	$	(400,460)	$	3,922,124
Cumulative effect of ASU 2016-13 adoption (CECL)	—		—		—		(98,337)		—		—		(98,337)
Total shareholder's equity at beginning of period, as adjusted	256,716		1,752		1,716,431		2,282,530		(33,183)		(400,460)		3,823,787
Comprehensive income
Net income	—		—		—		45,838		—		—		45,838
Other comprehensive income (loss)	—		—		—		—		16,209		—		16,209
Comprehensive income													62,046
Common stock issued
Stock-based compensation plans, net	—		—		(20,659)		—		—		23,555		2,896
Purchase of treasury stock, open market purchases	—		—		—		—		—		(71,255)		(71,255)
Purchase of treasury stock, stock-based compensation plans	—		—		—		—		—		(5,555)		(5,555)
Cash dividends
Common stock, $0.18 per share	—		—		—		(28,392)		—		—		(28,392)
Preferred stock(a)	—		—		—		(3,801)		—		—		(3,801)
Stock-based compensation expense, net	—		—		10,744		—		—		—		10,744
Balance, March 31, 2020	$	256,716	$	1,752	$	1,706,516	$	2,296,176	$	(16,974)	$	(453,714)	$	3,790,471

Numbers may not sum due to rounding.

(a) Series C, $0.3828125 per share; Series D, $0.3359375 per share; and Series E, $0.3671875 per share.

See accompanying notes to consolidated financial statements.

8

Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
($ in Thousands)	2021		2020
Cash Flow From Operating Activities
Net income	$	94,301	$	45,838
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Provision for credit losses	(23,004)		53,001
Depreciation and amortization	12,038		14,971
Addition to (recovery of) valuation allowance on mortgage servicing rights, net	(10,578)		9,098
Amortization of mortgage servicing rights	6,388		3,635
Amortization of other intangible assets	2,236		2,814
Amortization and accretion on earning assets, funding, and other, net	7,941		5,728
Net amortization of tax credit investments	8,301		6,486
Losses (gains) on sales of investment securities, net	39		(6,118)
Asset (gains) losses, net	(4,809)		77
(Gains) losses on sale of branch, net	(1,002)		—
(Gain) loss on mortgage banking activities, net	(10,326)		(14,274)
Mortgage loans originated and acquired for sale	(412,645)		(310,254)
Proceeds from sales of mortgage loans held for sale	400,135		297,265
Changes in certain assets and liabilities
(Increase) decrease in interest receivable	3,797		(1,181)
Increase (decrease) in interest payable	(8,694)		(6,511)
Increase (decrease) in expense payable	(12,818)		(61,924)
(Increase) decrease in net derivative position	69,829		(77,369)
Increase (decrease) in unsettled trades	3,000		—
(Increase) decrease in net income tax position	10,627		(23,556)
Net change in other assets and other liabilities	23,012		42,192
Net cash provided by (used in) operating activities	157,768		(20,083)
Cash Flow From Investing Activities
Net decrease (increase) in loans	274,733		(1,395,767)
Purchases of
AFS securities	(809,140)		(93,487)
HTM securities	(37,215)		(29,463)
Federal Home Loan Bank and Federal Reserve Bank stocks	(1)		(49,794)
Premises, equipment, and software, net of disposals	(6,477)		(11,045)
Other intangibles	—		(200)
Proceeds from
Sales of AFS securities	51,295		365,239
Sale of Federal Home Loan Bank and Federal Reserve Bank stocks	—		55,000
Prepayments, calls, and maturities of AFS investment securities	419,235		186,496
Prepayments, calls, and maturities of HTM investment securities	97,196		84,360
Sales, prepayments, calls, and maturities of other assets	8,525		10,482
Net cash received in Whitnell sale	2,484		—
Net change in tax credit and alternative investments	(12,990)		(17,877)
Net cash (paid) received in acquisition	—		(31,452)
Net cash provided by (used in) investing activities	(12,354)		(927,507)
Cash Flow From Financing Activities
Net increase (decrease) in deposits	1,225,867		1,443,965
Net decrease in deposits due to branch sales	(31,083)		—
Net increase (decrease) in short-term funding	(62,639)		(324,317)
Net increase (decrease) in short-term FHLB advances	—		30,000
Repayment of long-term FHLB advances	(2,954)		(5,464)
Proceeds from long-term FHLB advances	251		—
(Repayment) proceeds of finance lease principal	(37)		1
Proceeds from issuance of common stock for stock-based compensation plans	10,556		2,896
Purchase of treasury stock, open market purchases	(17,973)		(71,255)
Purchase of treasury stock, stock-based compensation plans	(3,593)		(5,555)
Cash dividends on common stock	(27,870)		(28,392)
Cash dividends on preferred stock	(5,207)		(3,801)
Net cash provided by (used in) financing activities	1,085,319		1,038,079
Net increase (decrease) in cash and cash equivalents	1,230,732		90,488
Cash and cash equivalents at beginning of period	716,048		588,744
Cash and cash equivalents at end of period(a)	$	1,946,780	$	679,232

Numbers may not sum due to rounding.

(a) No restricted cash due to the Federal Reserve reducing the required reserve ratio to zero

See accompanying notes to consolidated financial statements.

9

Table of Contents

ASSOCIATED BANC-CORP

Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
($ in Thousands)	2021		2020
Supplemental disclosures of cash flow information
Cash paid for interest	$	29,258	$	66,316
Cash paid for (received from) income and franchise taxes	(114)		1,373
Loans and bank premises transferred to OREO	15,426		3,374
Capitalized mortgage servicing rights	3,348		3,716
Loans transferred into held for sale from portfolio, net	5,582		205,065
Unsettled trades to purchase securities	3,000		—
Acquisition
Fair value of assets acquired, including cash and cash equivalents	—		457,448
Fair value ascribed to goodwill and intangible assets	—		22,538
Fair value of liabilities assumed	—		479,985

10

Table of Contents

Item 1. Financial Statements Continued:

ASSOCIATED BANC-CORP

Notes to Consolidated Financial Statements

These interim consolidated financial statements have been prepared according to the rules and regulations of the SEC and, therefore, certain information and footnote disclosures normally presented in accordance with GAAP have been omitted or abbreviated. The information contained on the consolidated financial statements and footnotes in Associated Banc-Corp's 2020 Annual Report on Form 10-K should be referred to in connection with the reading of these unaudited interim financial statements.

Note 1 Basis of Presentation

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position, results of operations and comprehensive income, changes in stockholders’ equity, and cash flows of the Corporation and Parent Company for the periods presented, and all such adjustments are of a normal recurring nature. The consolidated financial statements include the accounts of all subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. Estimates that are particularly susceptible to significant change include the determination of the ACLL, goodwill impairment assessment, MSRs valuation, and income taxes. Management has evaluated subsequent events for potential recognition or disclosure.

Within the tables presented, certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes.

Note 2 Acquisitions and Dispositions

Acquisitions:

The Corporation did not have any acquisitions during the first quarter of 2021.

2020

First Staunton Acquisition

On February 14, 2020, the Corporation completed its acquisition of First Staunton. The purchase price was based on an assumed 4% deposit premium at announcement. The conversion of the branches was completed simultaneously with the close of the transaction, expanding the Bank's presence into nine new Metro-East St. Louis communities. As a result of the acquisition and other consolidations, a net of seven branch locations were added.

The Corporation recorded approximately $15 million in goodwill related to the First Staunton acquisition. Goodwill created by the acquisition is not tax deductible. See Note 8 for additional information on goodwill, as well as the carrying amount and amortization of CDI assets related to the First Staunton acquisition.

11

Table of Contents

The following table presents the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date related to the First Staunton acquisition:

($ in Thousands)	Purchase Accounting Adjustments		February 14, 2020
Assets
Cash and cash equivalents	$	—	$	44,782
Investment securities AFS	(24)		98,743
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	—		781
Loans	(4,808)		369,741
Premises and equipment, net	(3,005)		4,865
Bank owned life insurance	9		6,770
Goodwill			14,812
Core deposit intangibles (included in other intangible assets, net on the face of the consolidated balance sheets)	7,379		7,379
OREO (included in other assets on the face of the consolidated balance sheets)	670		762
Other assets	2,795		7,692
Total assets			$	556,328
Liabilities
Deposits	$	1,285	$	438,684
Other borrowings	61		34,613
Accrued expenses and other liabilities	179		6,730
Total liabilities			$	480,028
Total consideration paid			$	76,300

For a description of methods used to determine the fair value of significant assets and liabilities presented on the balance sheet above, see Assumptions section of this Note.

The Corporation has purchased loans with the First Staunton acquisition, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination (PCD). The carrying amount of those loans is as follows:

($ in Thousands)	February 14, 2020
Purchase price of loans at acquisition	$	77,221
Allowance for credit losses at acquisition	3,504
Non-credit discount/(premium) at acquisition	(951)
Par value of acquired loans at acquisition	$	79,774

The Corporation acquired no PCD securities in connection with the acquisition.

Assumptions

Investment Securities: The fair value of investments on the date of acquisition was determined utilizing an external third party broker opinion of the market value.

Loans: Fair values for loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan, amortization status and current discount rates. For the non-credit (interest and liquidity) premium, loans were grouped together according to similar characteristics when applying various valuation techniques. For the credit discount, loans were also grouped based on whether they had more than insignificant deterioration in credit since origination.

CDIs: This intangible asset represents the value of the relationships with deposit customers. The fair value was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, net maintenance cost of the deposit base, alternative cost of funds, and the interest costs associated with customer deposits. The CDIs are being amortized on a straight-line basis over 10 years.

Time Deposits: The fair value for time deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered to the contractual interest rates on such time deposits.

FHLB Borrowings: The fair value of FHLB advances are estimated based on quoted market prices for the instrument if available, or for similar instruments if not available, or by using discounted cash flow analyses, based on current incremental borrowing rates for similar types of instruments.

12

Table of Contents

Dispositions:

2021

On March 1, 2021, the Corporation closed on the sale of its wealth management subsidiary Whitnell to Rockefeller for a purchase price of $8 million. Associated reported a first quarter 2021 pre-tax gain of approximately $2 million, included in asset gains (losses), net on the consolidated statements of income, in conjunction with the sale.

On February 26, 2021, the Bank completed the sale of one branch located in Monroe, Wisconsin to Summit Credit Union. Under the terms of the transaction, Associated Bank sold $31 million in total deposits and no loans. Associated Bank received an approximately 4% purchase premium on deposits transferred.

2020

On June 30, 2020, the Corporation completed the sale of ABRC to USI for $266 million in cash. Associated recorded a second quarter 2020 pre-tax book gain of approximately $163 million in conjunction with the sale.

On December 11, 2020, the Bank completed the sale of five branches in Peoria, Illinois to Morton Community Bank. Under the terms of the transaction, the Bank sold $180 million in total deposits and no loans. Associated Bank received a 4% purchase premium on deposits transferred. With the sale of these branches, the Bank exited the Peoria market.

On December 11, 2020, the Bank completed the sale of two branches in southwest Wisconsin to Royal Bank. Under the terms of the transaction, Associated Bank sold $53 million in total deposits and no loans. Associated Bank received a 4% purchase premium on deposits transferred in the Prairie du Chien and Richland Center branches.

Note 3 Summary of Significant Accounting Policies

The accounting and reporting policies of the Corporation conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1 Summary of Significant Accounting Policies included in the Corporation’s 2020 Annual Report on Form 10-K. There have been no changes to the Corporation's significant accounting policies since December 31, 2020.

New Accounting Pronouncements Adopted

Standard	Description	Date of adoption	Effect on financial statements
ASU 2019-12 Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes	The FASB issued this amendment to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments in this Update were effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendment was permitted.	1st Quarter 2021	Adoption of this amendment did not have a material impact on the Corporation's results of operation, financial position or liquidity.
ASU 2020-08 Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs	The FASB issued this amendment to clarify that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in this Update were effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendments was not permitted.	1st Quarter 2021	Adoption of this amendment did not have a material impact on the Corporation's results of operation, financial position or liquidity.

Future Accounting Pronouncements

There are no accounting pronouncements recently issued or proposed that have not yet been adopted by the Corporation.

13

Table of Contents

Note 4 Earnings Per Common Share

Earnings per common share are calculated utilizing the two-class method. Basic earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock awards). Presented below are the calculations for basic and diluted earnings per common share:

	Three Months Ended March 31,
(In Thousands, except per share data)	2021		2020
Net income	$	94,301	$	45,838
Preferred stock dividends	(5,207)		(3,801)
Net income available to common equity	$	89,094	$	42,037
Common shareholder dividends	(27,661)		(28,264)
Unvested share-based payment awards	(209)		(128)
Undistributed earnings	$	61,224	$	13,645
Undistributed earnings allocated to common shareholders	$	60,836	$	13,555
Undistributed earnings allocated to unvested share-based payment awards	387		90
Undistributed earnings	$	61,224	$	13,645
Basic
Distributed earnings to common shareholders	$	27,661	$	28,264
Undistributed earnings allocated to common shareholders	60,836		13,555
Total common shareholders earnings, basic	$	88,497	$	41,819
Diluted
Distributed earnings to common shareholders	$	27,661	$	28,264
Undistributed earnings allocated to common shareholders	60,836		13,555
Total common shareholders earnings, diluted	$	88,497	$	41,819
Weighted average common shares outstanding	152,355		154,701
Effect of dilutive common stock awards	1,333		918
Diluted weighted average common shares outstanding	153,688		155,619
Basic earnings per common share	$	0.58	$	0.27
Diluted earnings per common share	$	0.58	$	0.27

Non-dilutive common stock options of approximately 3 million and 4 million for the three months ended March 31, 2021 and 2020, respectively, were excluded from the earnings per common share calculation.

Note 5 Stock-Based Compensation

The fair values of stock options and restricted stock awards (including restricted stock units) are amortized as compensation expense on a straight-line basis over the vesting period of the grants. For colleagues who meet the definition of retirement eligible under the 2017 Incentive Compensation Plan and the 2020 Incentive Compensation Plan, expenses related to stock options and restricted stock awards are fully recognized on the date the colleague meets the definition of normal or early retirement. Compensation expense recognized is included in personnel expense on the consolidated statements of income.

Assumptions are used in estimating the fair value of stock options granted. The weighted average expected life of the stock option represents the period of time stock options are expected to be outstanding and is estimated using historical data of stock option exercises and forfeitures. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility is based on the implied volatility of the Corporation’s stock.

14

Table of Contents

The Corporation did not grant stock options in the first three months of 2021. The following assumptions were used in estimating the fair value for options granted for the full year 2020:

	2020
Dividend yield	3.50	%
Risk-free interest rate	1.60	%
Weighted average expected volatility	21.00	%
Weighted average expected life	5.75 years
Weighted average per share fair value of options	$2.39

A summary of the Corporation’s stock option activity for the three months ended March 31, 2021 is presented below:

Stock Options	Shares(a)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(a)
Outstanding at December 31, 2020	6,473	$	19.77	6.23 years	$	2,005
Exercised	615	15.96
Forfeited or expired	35	20.99
Outstanding at March 31, 2021	5,823	$	20.17	6.21 years	$	13,099
Options Exercisable at March 31, 2021	4,240	$	20.19	5.39 years	$	10,154

(a) In thousands

Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock option. For the three months ended March 31, 2021, the intrinsic value of stock options exercised was $3 million compared to less than $1 million for the three months ended March 31, 2020. The total fair value of stock options vested was $3 million for both the three months ended March 31, 2021 and 2020.

The Corporation recognized compensation expense for the vesting of stock options of $403 thousand for the three months ended March 31, 2021, compared to $2 million for the three months ended March 31, 2020. Included in compensation expense for 2021 was no expense for the accelerated vesting of stock options granted to retirement eligible colleagues. At March 31, 2021, the Corporation had approximately $2 million of unrecognized compensation expense related to stock options that is expected to be recognized over the remaining requisite service periods that extend predominately through the first quarter of 2024.

The Corporation also has issued time-based and performance-based restricted stock awards under the 2017 Incentive Compensation Plan and subsequent 2020 Incentive Compensation Plan. Performance awards are based on performance goals of earnings per share and total shareholder return with vesting ranging from a minimum of 0% to a maximum of 150% of the target award. Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date.

The following table summarizes information about the Corporation’s restricted stock awards activity for the three months ended March 31, 2021:

Restricted Stock Awards	Shares(a)	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020	2,293	$	20.70
Granted	771	19.59
Vested	571	21.69
Forfeited	28	24.13
Outstanding at March 31, 2021	2,466	$	19.72

(a) In thousands

The Corporation amortizes the expense related to restricted stock awards as compensation expense over the vesting period specified in the grant's award agreement. Performance-based restricted stock awards granted during 2020 and 2021 will vest ratably over a period of three years. Service-based restricted stock awards granted during 2020 and 2021 will vest ratably over a period of four years. Expense for restricted stock awards issued of approximately $3 million was recorded for the three months ended March 31, 2021 and $9 million was recorded for the three months ended March 31, 2020. Included in compensation expense for the first three months of 2021 was approximately $1 million of expense for the accelerated vesting of restricted stock awards granted to retirement eligible colleagues. The Corporation had $24 million of unrecognized compensation costs related to restricted stock awards at March 31, 2021 that are expected to be recognized over the remaining requisite service periods that extend predominately through the first quarter of 2025.

15

Table of Contents

The Corporation has the ability to issue shares from treasury or new shares upon the exercise of stock options or the granting of restricted stock awards. The Board of Directors has authorized management to repurchase shares of the Corporation’s common stock in the market, to be made available for issuance in connection with the Corporation’s employee incentive plans and for other corporate purposes. The repurchase of shares, if any, will be based on market and investment opportunities, capital levels, growth prospects, and regulatory constraints. Such repurchases may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchase programs, or similar facilities.

Note 6 Investment Securities

Investment securities are classified as AFS, HTM, or equity on the consolidated balance sheets at the time of purchase. The amortized cost and fair values of securities AFS and HTM at March 31, 2021 were as follows:

($ in Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Investment securities AFS
U. S. Treasury securities	$	54,237	$	—	$	(544)	$	53,693
Agency securities	15,000		—		(96)		14,904
Obligations of state and political subdivisions (municipal securities)	411,964		21,218		—		433,182
Residential mortgage-related securities
FNMA / FHLMC	1,910,644		5,956		(5,647)		1,910,954
GNMA	119,913		3,451		—		123,365
Commercial mortgage-related securities
FNMA / FHLMC	93,902		2,330		(1,883)		94,349
GNMA	381,158		8,254		—		389,411
Asset backed securities
FFELP	325,812		1,675		(1,554)		325,933
SBA	8,216		—		(57)		8,160
Other debt securities	3,000		—		—		3,000
Total investment securities AFS	$	3,323,846	$	42,885	$	(9,782)	$	3,356,949
Investment securities HTM
U. S. Treasury securities	$	1,000	$	20	$	—	$	1,019
Obligations of state and political subdivisions (municipal securities)	1,455,462		106,933		(994)		1,561,401
Residential mortgage-related securities
FNMA / FHLMC	47,480		2,471		—		49,951
GNMA	87,717		3,353		—		91,070
Commercial mortgage-related securities
FNMA/FHLMC	63,844		157		(2,138)		61,863
GNMA	201,648		5,611		(21)		207,238
Total investment securities HTM	$	1,857,150	$	118,544	$	(3,154)	$	1,972,541

16

Table of Contents

The amortized cost and fair values of securities AFS and HTM at December 31, 2020 were as follows:

($ in Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Investment securities AFS
U. S. Treasury securities	$	26,436	$	95	$	—	$	26,531
Agency securities	24,985		53		—		25,038
Obligations of state and political subdivisions (municipal securities)	425,057		25,605		—		450,662
Residential mortgage-related securities
FNMA / FHLMC	1,448,806		12,935		(500)		1,461,241
GNMA	231,364		4,176		(3)		235,537
Commercial mortgage-related securities
FNMA / FHLMC	19,654		3,250		—		22,904
GNMA	511,429		13,327		—		524,756
Asset backed securities
FFELP	329,030		1,172		(3,013)		327,189
SBA	8,637		—		(53)		8,584
Other debt securities	3,000		—		—		3,000
Total investment securities AFS	$	3,028,399	$	60,612	$	(3,570)	$	3,085,441
Investment securities HTM
U. S. Treasury securities	$	999	$	25	$	—	$	1,024
Obligations of state and political subdivisions (municipal securities)	1,441,900		133,544		—		1,575,445
Residential mortgage-related securities
FNMA / FHLMC	54,599		2,891		—		57,490
GNMA	114,553		4,260		—		118,813
Commercial mortgage-related securities
FNMA / FHLMC	11,211		—		—		11,211
GNMA	255,742		9,218		—		264,960
Total investment securities HTM	$	1,879,005	$	149,938	$	—	$	2,028,943

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of investment securities AFS and HTM at March 31, 2021, are shown below:

	AFS					HTM
($ in Thousands)	Amortized Cost		Fair Value			Amortized Cost		Fair Value
Due in one year or less	$	9,575	$	9,588		$	35,299	$	35,587
Due after one year through five years	79,504		79,813			47,810		49,383
Due after five years through ten years	357,498		373,906			179,382		188,263
Due after ten years	37,624		41,472			1,193,970		1,289,186
Total debt securities	484,201		504,778			1,456,461		1,562,420
Residential mortgage-related securities
FNMA / FHLMC	1,910,644		1,910,954			47,480		49,951
GNMA	119,913		123,365			87,717		91,070
Commercial mortgage-related securities
FNMA / FHLMC	93,902		94,349			63,844		61,863
GNMA	381,158		389,411			201,648		207,238
Asset backed securities
FFELP	325,812		325,933			—		—
SBA	8,216		8,160			—		—
Total investment securities	$	3,323,846	$	3,356,949		$	1,857,150	$	1,972,541
Ratio of fair value to amortized cost			101.0		%			106.2		%

17

Table of Contents

On a quarterly basis, the Corporation refreshes the credit quality of each HTM security. The following table summarizes the credit quality indicators of HTM securities at amortized cost at March 31, 2021:

($ in Thousands)	AAA		AA		A		Not Rated		Total
U. S. Treasury securities	$	1,000	$	—	$	—	$	—	$	1,000
Obligations of state and political subdivisions (municipal securities)	582,675		860,882		11,711		193		1,455,462
Residential mortgage-related securities
FNMA / FHLMC	47,480		—		—		—		47,480
GNMA	87,717		—		—		—		87,717
Commercial mortgage-related securities
FNMA / FHLMC	63,844		—		—		—		63,844
GNMA	201,648		—		—		—		201,648
Total HTM securities	$	984,363	$	860,882	$	11,711	$	193	$	1,857,150

The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2020:

($ in Thousands)	AAA		AA		A		Total
U. S. Treasury securities	$	999	$	—	$	—	$	999
Obligations of state and political subdivisions (municipal securities)	567,252		860,607		14,041		1,441,900
Residential mortgage-related securities
FNMA / FHLMC	54,599		—		—		54,599
GNMA	114,553		—		—		114,553
Commercial mortgage-related securities
FNMA / FHLMC	11,211		—		—		11,211
GNMA	255,742		—		—		255,742
Total HTM securities	$	1,004,357	$	860,607	$	14,041	$	1,879,005

Investment securities gains (losses), net includes proceeds from the sale of investment securities as well as any applicable write-ups or write-downs of investment securities. The proceeds from the sale of investment securities for the three months ended March 31, 2021 and 2020, are shown below:

	Three Months Ended March 31,
($ in Thousands)	2021		2020
Gross gains on AFS securities	$	36	$	6,198
Gross (losses) on AFS securities	(75)		(80)
Investment securities gains (losses), net	$	(39)	$	6,118
Proceeds from sales of investment securities	$	51,295	$	365,239

During the first quarter of 2021, the Corporation sold $51 million of lower yielding U.S. Treasury and Agency securities at a slight loss to take advantage of the steeper yield curve by reinvesting the proceeds into similar but higher yielding, longer duration securities.

During the first quarter of 2020, the Corporation sold $281 million of primarily prepayment sensitive mortgage-related securities at a gain of $6 million. Additionally, in February 2020, the Corporation sold $84 million of certain securities acquired in the First Staunton acquisition that did not fit the parameters of the Corporation's current investment strategy.

Investment securities with a carrying value of approximately $1.5 billion and $1.6 billion at March 31, 2021 and December 31, 2020, respectively, were pledged to secure certain deposits or for other purposes as required or permitted by law.

Accrued interest receivable on HTM securities totaled $12 million and $14 million at March 31, 2021 and December 31, 2020, respectively. Accrued interest receivable on AFS securities totaled $8 million at both March 31, 2021 and December 31, 2020. Accrued interest receivable on both HTM and AFS securities is included in interest receivable on the consolidated balance sheets. There was no interest income reversed for investments going into nonaccrual at both March 31, 2021 and 2020.

A security is considered past due once it is 30 days past due under the terms of the agreement. At both March 31, 2021 and December 31, 2020, the Corporation had no past due HTM securities.

The allowance for credit losses on HTM securities was approximately $63,000 at March 31, 2021 and approximately $67,000 at December 31, 2020, attributable entirely to the Corporation's municipal securities, included in investment securities HTM, net, at amortized cost on the consolidated balance sheets. The Corporation also holds U.S. Treasury and mortgage-related securities

18

Table of Contents

issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government and, as a result, no allowance for credit losses has been recorded related to these securities.

The following represents gross unrealized losses and the related fair value of investment securities AFS and HTM, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at March 31, 2021:

	Less than 12 months					12 months or more					Total
($ in Thousands)	Number of Securities	Unrealized (Losses)		Fair Value		Number of Securities	Unrealized (Losses)		Fair Value		Unrealized (Losses)		Fair Value
Investment securities AFS
U.S. Treasury securities	5	$	(544)	$	53,693	—	$	—	$	—	$	(544)	$	53,693
Agency securities	1	(96)		14,904		—	—		—		(96)		14,904
Obligations of state and political subdivisions (municipal securities)	1	—		910		—	—		—		—		910
Residential mortgage-related securities
FNMA / FHLMC	24	(5,647)		756,359		—	—		—		(5,647)		756,359
GNMA	1	—		253		—	—		—		—		253
Commercial mortgage-related securities
FNMA / FHLMC	2	(1,883)		72,435		—	—		—		(1,883)		72,435
GNMA	1	—		78		—	—		—		—		78
Asset backed securities
FFELP	—	—		—		15	(1,554)		141,652		(1,554)		141,652
SBA	—	—		—		14	(57)		7,750		(57)		7,750
Total	35	$	(8,171)	$	898,632	29	$	(1,611)	$	149,402	$	(9,782)	$	1,048,033
Investment securities HTM
Obligations of state and political subdivisions (municipal securities)	33	$	(994)	$	62,908	—	$	—	$	—	$	(994)	$	62,908
Commercial mortgage-related securities
FNMA / FHLMC	6	(2,138)		41,105		—	—		—		(2,138)		41,105
GNMA	2	(21)		22,205		—	—		—		(21)		22,205
Total	41	$	(3,154)	$	126,218	—	$	—	$	—	$	(3,154)	$	126,218

For comparative purposes, the following represents gross unrealized losses and the related fair value of investment securities AFS and HTM, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2020:

	Less than 12 months					12 months or more					Total
($ in Thousands)	Number of Securities	Unrealized (Losses)		Fair Value		Number of Securities	Unrealized (Losses)		Fair Value		Unrealized (Losses)		Fair Value
Investment securities AFS
Residential mortgage-related securities
FNMA / FHLMC	7	$	(500)	$	163,002	—	$	—	$	—	$	(500)	$	163,002
GNMA	2	(3)		9,784		—	—		—		(3)		9,784
GNMA commercial mortgage-related securities	1	—		287		—	—		—		—		287
Asset backed securities
FFELP	1	(129)		9,267		16	(2,885)		178,681		(3,013)		187,948
SBA	14	(53)		8,379		—	—		—		(53)		8,379
Other debt securities	2	—		2,000		—	—		—		—		2,000
Total	27	$	(685)	$	192,720	16	$	(2,885)	$	178,681	$	(3,570)	$	371,400
Investment securities HTM
GNMA residential mortgage-related securities	1	$	—	$	325	—	$	—	$	—	$	—	$	325
Total	1	$	—	$	325	—	$	—	$	—	$	—	$	325

The Corporation reviews the AFS investment securities portfolio on a quarterly basis to monitor its credit exposure. A determination as to whether a security’s decline in fair value is the result of credit risk takes into consideration numerous factors and the relative significance of any single factor can vary by security. Some factors the Corporation may consider in the impairment analysis include the extent to which the security has been in an unrealized loss position, the change in security

19

Table of Contents

rating, financial condition and near-term prospects of the issuer, as well as the security and industry specific economic conditions.

Based on the Corporation’s evaluation, management does not believe any unrealized losses at March 31, 2021 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. The U.S. Treasury 3 year and 5 year rates increased by 18 bp and 56 bp, respectively, from December 31, 2020. The Corporation does not intend to sell nor does it believe that it will be required to sell the securities in an unrealized loss position before recovery of their amortized cost basis.

FHLB and Federal Reserve Bank stocks: The Corporation is required to maintain Federal Reserve Bank stock and FHLB stock as a member of both the Federal Reserve System and the FHLB, and in amounts as required by these institutions. These equity securities are “restricted” in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other marketable equity securities and their fair value is equal to amortized cost. The Corporation had FHLB stock of $82 million at both March 31, 2021 and December 31, 2020. The Corporation had Federal Reserve Bank stock of $87 million at both March 31, 2021 and December 31, 2020. Accrued interest receivable on FHLB stock totaled approximately $944,000 and approximately $972,000 at March 31, 2021 and December 31, 2020, respectively. There was approximately $370,000 of accrued interest receivable on Federal Reserve Bank stock at March 31, 2021 and none at December 31, 2020. Accrued interest receivable on both FHLB stock and Federal Reserve Bank stock is included in interest receivable on the consolidated balance sheets.

Equity Securities

Equity securities with readily determinable fair values: The Corporation's portfolio of equity securities with readily determinable fair values is primarily comprised of CRA Qualified Investment mutual funds. At both March 31, 2021 and December 31, 2020, the Corporation had equity securities with readily determinable fair values of $2 million.

Equity securities without readily determinable fair values: The Corporation's portfolio of equity securities without readily determinable fair values primarily consists of 77,996 Visa Class B restricted shares, 77,000 of which the Corporation received in 2008 as part of Visa's initial public offering and carried at fair value after the Corporation donated 42,039 Visa Class B restricted shares to the Corporation's Charitable Remainder Trust during the second quarter of 2019, with the subsequent sale of those shares resulting in an observable market price after the shares were previously carried at a zero cost basis. During the first quarter of 2020, the Corporation acquired 996 Visa Class B restricted shares from the acquisition of First Staunton, and those shares are carried at a zero cost basis due to the lack of an observable market price since the time of acquisition. The Corporation had equity securities without readily determinable fair values of $14 million at March 31, 2021 and $13 million at December 31, 2020.

Note 7 Loans

The period end loan composition was as follows:

($ in Thousands)	March 31, 2021		December 31, 2020
PPP	$	836,566	$	767,757
Commercial and industrial	7,664,501		7,701,422
Commercial real estate — owner occupied	883,237		900,912
Commercial and business lending	9,384,303		9,370,091
Commercial real estate — investor	4,260,706		4,342,584
Real estate construction	1,882,299		1,840,417
Commercial real estate lending	6,143,004		6,183,001
Total commercial	15,527,307		15,553,091
Residential mortgage	7,685,218		7,878,324
Home equity	651,647		707,255
Other consumer	298,156		313,054
Total consumer	8,635,020		8,898,632
Total loans	$	24,162,328	$	24,451,724

Accrued interest receivable on loans totaled $64 million at March 31, 2021, and $66 million at December 31, 2020, and is included in interest receivable on the consolidated balance sheets. Interest accrued but not received for loans placed on nonaccrual is reversed against interest income. The amount of accrued interest reversed totaled approximately $98,000 for the three months ended March 31, 2021, and approximately $327,000 for the three months ended March 31, 2020.

20

Table of Contents

The following table presents commercial and consumer loans by credit quality indicator by vintage year at March 31, 2021:

					Term Loans Amortized Cost Basis by Origination Year(a)
($ in Thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		YTD 2021		2020		2019		2018		2017		Prior		Total
PPP:(b)
Risk rating:
Pass	$	—	$	—	$	281,120	$	527,971	$	—	$	—	$	—	$	—	$	809,091
Special Mention	—		—		1,642		3,434		—		—		—		—		5,076
Potential Problem	—		—		9,450		12,948		—		—		—		—		22,398
PPP	$	—	$	—	$	292,213	$	544,353	$	—	$	—	$	—	$	—	$	836,566
Commercial and industrial:
Risk rating:
Pass	$	2,009	$	2,170,406	$	378,782	$	1,303,573	$	1,333,680	$	1,119,175	$	389,390	$	694,910	$	7,389,917
Special Mention	—		7,298		96		3,805		59,502		48,156		207		185		119,249
Potential Problem	1,800		20,492		4,166		17,407		34,437		37,587		1,761		6,294		122,143
Nonaccrual	—		—		—		6,143		725		16,530		334		9,461		33,192
Commercial and industrial	$	3,809	$	2,198,196	$	383,045	$	1,330,929	$	1,428,343	$	1,221,448	$	391,692	$	710,849	$	7,664,501
Commercial real estate - owner occupied:
Risk rating:
Pass	$	11,868	$	20,916	$	59,551	$	174,514	$	210,032	$	128,471	$	81,020	$	184,983	$	859,487
Special Mention	—		—		—		5,014		2,080		—		424		260		7,777
Potential Problem	—		622		105		3,992		1,066		652		2,035		7,493		15,965
Nonaccrual	—		—		—		—		—		—		—		7		7
Commercial real estate - owner occupied	$	11,868	$	21,538	$	59,656	$	183,520	$	213,178	$	129,123	$	83,479	$	192,743	$	883,237
Commercial and business lending:
Risk rating:
Pass	$	13,877	$	2,191,322	$	719,454	$	2,006,059	$	1,543,712	$	1,247,646	$	470,410	$	879,893	$	9,058,495
Special Mention	—		7,298		1,738		12,253		61,582		48,156		631		444		132,102
Potential Problem	1,800		21,114		13,721		34,347		35,502		38,238		3,796		13,786		160,506
Nonaccrual	—		—		—		6,143		725		16,530		334		9,468		33,200
Commercial and business lending	$	15,677	$	2,219,734	$	734,913	$	2,058,802	$	1,641,521	$	1,350,571	$	475,170	$	903,592	$	9,384,303
Commercial real estate - investor:
Risk rating:
Pass	$	—	$	153,847	$	344,412	$	1,106,623	$	989,271	$	635,944	$	208,367	$	445,269	$	3,883,733
Special Mention	—		—		1,776		83,975		104,806		16,161		8,897		17,121		232,735
Potential Problem	—		802		5,473		52,576		8,952		1,787		2,840		13,321		85,752
Nonaccrual	—		—		—		8,883		15,605		19,522		14,173		302		58,485
Commercial real estate - investor	$	—	$	154,649	$	351,662	$	1,252,057	$	1,118,634	$	673,414	$	234,276	$	476,014	$	4,260,706
Real estate construction:
Risk rating:
Pass	$	5,732	$	26,865	$	125,807	$	756,890	$	628,967	$	228,127	$	21,478	$	16,815	$	1,804,950
Special Mention	—		—		—		529		3,648		58,826		42		—		63,045
Potential Problem	—		—		12		131		13,713		—		—		119		13,977
Nonaccrual	—		—		—		—		—		—		—		327		327
Real estate construction	$	5,732	$	26,865	$	125,819	$	757,550	$	646,328	$	286,953	$	21,520	$	17,262	$	1,882,299
Commercial real estate lending:
Risk rating:
Pass	$	5,732	$	180,712	$	470,219	$	1,863,513	$	1,618,239	$	864,072	$	229,845	$	462,084	$	5,688,683
Special Mention	—		—		1,776		84,504		108,453		74,987		8,939		17,121		295,780
Potential Problem	—		802		5,486		52,708		22,665		1,787		2,840		13,440		99,728
Nonaccrual	—		—		—		8,883		15,605		19,522		14,173		630		58,813
Commercial real estate lending	$	5,732	$	181,515	$	477,481	$	2,009,607	$	1,764,962	$	960,368	$	255,796	$	493,275	$	6,143,004

21

Table of Contents

					Term Loans Amortized Cost Basis by Origination Year(a)
($ in Thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		YTD 2021		2020		2019		2018		2017		Prior		Total
Total commercial:
Risk rating:
Pass	$	19,609	$	2,372,034	$	1,189,673	$	3,869,571	$	3,161,950	$	2,111,718	$	700,255	$	1,341,977	$	14,747,179
Special Mention	—		7,298		3,514		96,757		170,035		123,143		9,569		17,565		427,882
Potential Problem	1,800		21,916		19,207		87,055		58,167		40,026		6,636		27,227		260,234
Nonaccrual	—		—		—		15,026		16,330		36,052		14,507		10,098		92,012
Total commercial	$	21,409	$	2,401,249	$	1,212,394	$	4,068,409	$	3,406,483	$	2,310,939	$	730,967	$	1,396,867	$	15,527,307
Residential mortgage:
Risk rating:
Pass	$	—	$	—	$	449,381	$	2,205,662	$	1,280,604	$	545,743	$	881,884	$	2,257,349	$	7,620,622
Special Mention	—		—		—		121		—		37		133		525		816
Potential Problem	—		—		72		510		561		674		126		582		2,524
Nonaccrual	—		—		—		1,765		3,160		6,431		8,243		41,657		61,256
Residential mortgage	$	—	$	—	$	449,452	$	2,208,058	$	1,284,324	$	552,885	$	890,386	$	2,300,113	$	7,685,218
Home equity:
Risk rating:
Pass	$	1,891	$	526,777	$	71	$	2,080	$	11,595	$	13,535	$	10,333	$	75,385	$	639,776
Special Mention	—		25		—		—		—		60		—		265		350
Potential Problem	—		1,563		—		—		—		20		—		146		1,729
Nonaccrual	262		91		10		786		118		366		413		8,008		9,792
Home equity	$	2,153	$	528,455	$	81	$	2,866	$	11,713	$	13,981	$	10,745	$	83,805	$	651,647
Other consumer:
Risk rating:
Pass	$	171	$	156,829	$	1,908	$	8,330	$	8,674	$	2,974	$	1,351	$	117,360	$	297,427
Special Mention	—		452		—		—		40		—		—		5		497
Nonaccrual	13		93		—		15		35		10		23		56		231
Other consumer	$	183	$	157,375	$	1,908	$	8,345	$	8,749	$	2,984	$	1,374	$	117,421	$	298,156
Total consumer:
Risk rating:
Pass	$	2,062	$	683,606	$	451,360	$	2,216,072	$	1,300,872	$	562,252	$	893,567	$	2,450,094	$	8,557,824
Special Mention	—		477		—		121		40		96		133		795		1,663
Potential Problem	—		1,563		72		510		561		694		126		728		4,254
Nonaccrual	274		184		10		2,566		3,313		6,807		8,678		49,722		71,280
Total consumer	$	2,336	$	685,830	$	451,442	$	2,219,269	$	1,304,787	$	569,850	$	902,504	$	2,501,338	$	8,635,020
Total loans:
Risk rating:
Pass	$	21,671	$	3,055,640	$	1,641,033	$	6,085,644	$	4,462,823	$	2,673,970	$	1,593,822	$	3,792,071	$	23,305,003
Special Mention	—		7,775		3,514		96,877		170,076		123,240		9,703		18,360		429,545
Potential Problem	1,800		23,479		19,279		87,565		58,729		40,720		6,761		27,955		264,488
Nonaccrual	274		184		10		17,592		19,643		42,859		23,185		59,819		163,292
Total loans	$	23,745	$	3,087,079	$	1,663,836	$	6,287,678	$	4,711,270	$	2,880,788	$	1,633,471	$	3,898,205	$	24,162,328

(a) Revolving loans converted to term loans are also reported in their year of origination

(b) The Corporation’s policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans.

22

Table of Contents

The following table presents commercial and consumer loans by credit quality indicator by vintage year at December 31, 2020:

					Term Loans Amortized Cost Basis by Origination Year(a)
($ in Thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		2020		2019		2018		2017		2016		Prior		Total
PPP:(b)
Risk rating:
Pass	$	—	$	—	$	745,767	$	—	$	—	$	—	$	—	$	—	$	745,767
Special Mention	—		—		3,988		—		—		—		—		—		3,988
Potential Problem	—		—		18,002		—		—		—		—		—		18,002
PPP	$	—	$	—	$	767,757	$	—	$	—	$	—	$	—	$	—	$	767,757
Commercial and industrial:
Risk rating:
Pass	$	4,628	$	2,177,138	$	1,389,260	$	1,435,519	$	1,182,302	$	483,957	$	305,998	$	453,734	$	7,427,908
Special Mention	—		10,159		2,719		39,854		37,042		113		215		67		90,169
Potential Problem	2,565		7,237		19,331		28,413		56,580		2,269		6,477		1,179		121,487
Nonaccrual	16,852		—		6,238		5,789		17,014		16,623		8,781		7,414		61,859
Commercial and industrial	$	24,045	$	2,194,534	$	1,417,548	$	1,509,575	$	1,292,938	$	502,962	$	321,471	$	462,394	$	7,701,422
Commercial real estate - owner occupied:
Risk rating:
Pass	$	1,150	$	18,022	$	185,861	$	209,069	$	128,360	$	99,546	$	147,366	$	79,111	$	867,335
Special Mention	—		113		1,882		3,122		300		658		264		—		6,339
Potential Problem	—		3,486		4,104		8,916		—		1,490		4,437		3,747		26,179
Nonaccrual	—		—		—		—		—		318		—		740		1,058
Commercial real estate - owner occupied	$	1,150	$	21,621	$	191,847	$	221,107	$	128,660	$	102,012	$	152,067	$	83,598	$	900,912
Commercial and business lending:
Risk rating:
Pass	$	5,778	$	2,195,160	$	2,320,888	$	1,644,588	$	1,310,662	$	583,503	$	453,364	$	532,845	$	9,041,009
Special Mention	—		10,272		8,589		42,976		37,342		771		479		67		100,496
Potential Problem	2,565		10,723		41,437		37,329		56,580		3,759		10,915		4,926		165,668
Nonaccrual	16,852		—		6,238		5,789		17,014		16,941		8,781		8,154		62,917
Commercial and business lending	$	25,195	$	2,216,154	$	2,377,152	$	1,730,682	$	1,421,598	$	604,974	$	473,539	$	545,992	$	9,370,091
Commercial real estate - investor:
Risk rating:
Pass	$	10,971	$	171,497	$	1,249,644	$	976,332	$	720,237	$	271,987	$	341,658	$	211,360	$	3,942,714
Special Mention	—		—		90,235		97,333		12,339		—		21,882		8,465		230,254
Potential Problem	—		838		16,343		13,575		30,911		2,279		239		27,209		91,396
Nonaccrual	19,803		—		10,141		53,056		446		14,267		—		309		78,220
Commercial real estate - investor	$	30,774	$	172,335	$	1,366,364	$	1,140,297	$	763,933	$	288,533	$	363,779	$	247,343	$	4,342,584
Real estate construction:
Risk rating:
Pass	$	776	$	47,880	$	645,925	$	738,561	$	294,910	$	25,219	$	2,420	$	16,768	$	1,771,682
Special Mention	—		—		487		494		48,283		42		—		30		49,336
Potential Problem	—		—		135		—		18,803		—		93		15		19,046
Nonaccrual	—		—		—		—		—		16		—		338		353
Real estate construction	$	776	$	47,880	$	646,547	$	739,055	$	361,996	$	25,277	$	2,513	$	17,150	$	1,840,417
Commercial real estate lending:
Risk rating:
Pass	$	11,746	$	219,377	$	1,895,569	$	1,714,893	$	1,015,146	$	297,205	$	344,078	$	228,127	$	5,714,396
Special Mention	—		—		90,722		97,827		60,622		42		21,882		8,494		279,590
Potential Problem	—		838		16,479		13,575		49,714		2,279		332		27,224		110,442
Nonaccrual	19,803		—		10,141		53,056		446		14,283		—		647		78,573
Commercial real estate lending	$	31,549	$	220,215	$	2,012,911	$	1,879,352	$	1,125,929	$	313,810	$	366,292	$	264,493	$	6,183,001

23

Table of Contents

					Term Loans Amortized Cost Basis by Origination Year(a)
($ in Thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		2020		2019		2018		2017		2016		Prior		Total
Total commercial:
Risk rating:
Pass	$	17,524	$	2,414,537	$	4,216,457	$	3,359,482	$	2,325,808	$	880,708	$	797,441	$	760,973	$	14,755,405
Special Mention	—		10,272		99,311		140,803		97,964		813		22,361		8,562		380,086
Potential Problem	2,565		11,561		57,916		50,905		106,295		6,038		11,247		32,150		276,111
Nonaccrual	36,655		—		16,379		58,845		17,460		31,224		8,781		8,801		141,490
Total commercial	$	56,745	$	2,436,370	$	4,390,063	$	3,610,033	$	2,547,526	$	918,783	$	839,831	$	810,485	$	15,553,091
Residential mortgage:
Risk rating:
Pass	$	—	$	—	$	2,185,240	$	1,490,589	$	615,118	$	998,072	$	911,797	$	1,612,971	$	7,813,788
Special Mention	—		—		—		355		330		102		126		537		1,450
Potential Problem	—		—		1,200		689		652		—		179		1,028		3,749
Nonaccrual	—		—		1,478		2,271		5,882		7,116		11,003		31,587		59,337
Residential mortgage	$	—	$	—	$	2,187,918	$	1,493,903	$	621,983	$	1,005,290	$	923,105	$	1,646,124	$	7,878,324
Home equity:
Risk rating:
Pass	$	10,224	$	569,389	$	2,057	$	12,968	$	15,792	$	11,594	$	5,803	$	76,165	$	693,767
Special Mention	596		631		—		39		14		39		4		804		1,532
Potential Problem	—		1,922		—		—		—		—		—		146		2,068
Nonaccrual	1,600		100		965		134		410		319		711		7,249		9,888
Home equity	$	12,421	$	572,041	$	3,022	$	13,141	$	16,216	$	11,952	$	6,518	$	84,364	$	707,255
Other consumer:
Risk rating:
Pass	$	70	$	165,114	$	9,525	$	10,309	$	3,987	$	1,872	$	1,185	$	120,425	$	312,416
Special Mention	5		438		13		16		11		4		7		8		498
Nonaccrual	5		33		9		49		21		10		—		18		140
Other consumer	$	81	$	165,585	$	9,547	$	10,374	$	4,019	$	1,886	$	1,192	$	120,451	$	313,054
Total consumer:
Risk rating:
Pass	$	10,294	$	734,502	$	2,196,822	$	1,513,865	$	634,897	$	1,011,539	$	918,785	$	1,809,561	$	8,819,971
Special Mention	602		1,069		13		410		356		145		137		1,349		3,480
Potential Problem	—		1,922		1,200		689		652		—		179		1,174		5,817
Nonaccrual	1,605		133		2,452		2,454		6,313		7,445		11,714		38,854		69,364
Total consumer	$	12,501	$	737,626	$	2,200,487	$	1,517,417	$	642,218	$	1,019,128	$	930,816	$	1,850,939	$	8,898,632
Total loans:
Risk rating:
Pass (c)	$	27,819	$	3,149,039	$	6,413,278	$	4,873,347	$	2,960,705	$	1,892,247	$	1,716,226	$	2,570,534	$	23,575,376
Special Mention	602		11,341		99,324		141,213		98,320		958		22,498		9,911		383,566
Potential Problem	2,565		13,483		59,116		51,593		106,947		6,038		11,426		33,324		281,928
Nonaccrual	38,260		133		18,831		61,298		23,773		38,669		20,496		47,655		210,854
Total loans	$	69,246	$	3,173,996	$	6,590,550	$	5,127,451	$	3,189,745	$	1,937,912	$	1,770,647	$	2,661,424	$	24,451,724

(a) Revolving loans converted to term loans are also reported in their year of origination

(b) The Corporation’s policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans.

(c) Accruing TDRs are included in pass unless otherwise rated as special mention

Factors that are important to managing overall credit quality are sound loan underwriting and administration, systematic monitoring of existing loans and commitments, effective loan review on an ongoing basis, early identification of potential problems, and appropriate policies for allowance for loan losses, allowance for unfunded commitments, nonaccrual loans, and charge offs.

For commercial loans, management has determined the pass credit quality indicator to include credits exhibiting acceptable financial statements, cash flow, and leverage. If any risk exists, it is mitigated by the loan structure, collateral, monitoring, or control. For consumer loans, performing loans include credits performing in accordance with the original contractual terms.

24

Table of Contents

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Special mention credits have potential weaknesses that deserve management’s attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the credit. Potential problem loans are considered inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged. These loans generally have a well-defined weakness, or weaknesses, which may jeopardize liquidation of the debt, and are characterized by the distinct possibility the Corporation will sustain some loss if the deficiencies are not corrected. Management has determined commercial loan relationships in nonaccrual status, and commercial and consumer loan relationships with their terms restructured in a TDR, meet the criteria to be individually evaluated. Commercial loans classified as special mention, potential problem, and nonaccrual are reviewed at a minimum on a quarterly basis, while pass credits, which are performing rated credits, are generally reviewed on an annual basis or more frequently if the loan renewal is less than one year or if otherwise warranted.

The following table presents loans by past due status at March 31, 2021:

	Accruing
($ in Thousands)	Current(a)		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Nonaccrual(b)(c)		Total
PPP	$	836,566	$	—	$	—	$	—	$	—	$	836,566
Commercial and industrial	7,630,593		444		82		190		33,192		7,664,501
Commercial real estate - owner occupied	883,229		—		—		—		7		883,237
Commercial and business lending	9,350,388		444		82		190		33,200		9,384,303
Commercial real estate - investor	4,196,221		5,999		—		—		58,485		4,260,706
Real estate construction	1,880,995		977		—		—		327		1,882,299
Commercial real estate lending	6,077,216		6,976		—		—		58,813		6,143,004
Total commercial	15,427,603		7,420		82		190		92,012		15,527,307
Residential mortgage	7,619,602		3,494		479		387		61,256		7,685,218
Home equity	639,503		2,002		350		—		9,792		651,647
Other consumer	295,556		681		589		1,098		231		298,156
Total consumer	8,554,661		6,177		1,417		1,485		71,280		8,635,020
Total loans	$	23,982,264	$	13,597	$	1,500	$	1,675	$	163,292	$	24,162,328

(a) Any loans deferred in connection with the COVID-19 pandemic are considered current in accordance with Section 4013 of the CARES Act.

(b) Of the total nonaccrual loans, $99 million, or 61%, were current with respect to payment at March 31, 2021.

(c) No interest income was recognized on nonaccrual loans for the three months ended March 31, 2021. In addition, there were $16 million of nonaccrual loans for which there was no related ACLL at March 31, 2021.

The following table presents loans by past due status at December 31, 2020:

	Accruing
($ in Thousands)	Current(a)		30-59 Days Past Due		60-89 Days Past Due		90+ Days  Past Due		Nonaccrual(b)(c)		Total
PPP	$	767,757	$	—	$	—	$	—	$	—	$	767,757
Commercial and industrial	7,633,269		2,819		3,300		175		61,859		7,701,422
Commercial real estate - owner occupied	899,480		158		215		—		1,058		900,912
Commercial and business lending	9,300,506		2,977		3,516		175		62,917		9,370,091
Commercial real estate - investor	4,251,571		1,024		11,769		—		78,220		4,342,584
Real estate construction	1,839,073		991		—		—		353		1,840,417
Commercial real estate lending	6,090,644		2,015		11,769		—		78,573		6,183,001
Total commercial	15,391,150		4,992		15,284		175		141,490		15,553,091
Residential mortgage	7,808,294		8,975		1,410		308		59,337		7,878,324
Home equity	692,565		3,071		1,731		—		9,888		707,255
Other consumer	310,200		1,039		560		1,115		140		313,054
Total consumer	8,811,060		13,085		3,701		1,423		69,364		8,898,632
Total loans	$	24,202,209	$	18,077	$	18,985	$	1,598	$	210,854	$	24,451,724

(a) Any loans deferred in connection with the COVID-19 pandemic are considered current in accordance with Section 4013 of the CARES Act.

(b) Of the total nonaccrual loans, $128 million, or 61%, were current with respect to payment at December 31, 2020.

(c) No interest income was recognized on nonaccrual loans for the year ended December 31, 2020. In addition, there were $28 million of nonaccrual loans for which there was no related ACLL at December 31, 2020.

25

Table of Contents

Troubled Debt Restructurings

Loans are considered restructured loans if concessions have been granted to borrowers that are experiencing financial difficulty.

The following table presents nonaccrual and performing restructured loans by loan portfolio:

	March 31, 2021				December 31, 2020
($ in Thousands)	Performing Restructured Loans		Nonaccrual Restructured Loans(a)		Performing Restructured Loans		Nonaccrual Restructured Loans(a)
Commercial and industrial	$	11,985	$	2,114	$	12,713	$	6,967
Commercial real estate — owner occupied	1,488		—		1,711		—
Commercial real estate — investor	13,627		220		26,435		225
Real estate construction	256		109		260		111
Residential mortgage	10,462		13,537		7,825		11,509
Home equity	1,929		1,644		1,957		1,379
Other consumer	1,073		—		1,191		—
Total restructured loans(b)	$	40,820	$	17,624	$	52,092	$	20,190

(a) Nonaccrual restructured loans have been included within nonaccrual loans.
(b) Does not include any restructured loans related to the COVID-19 pandemic in accordance with Section 4013 of the CARES Act.

The Corporation had a recorded investment of $6 million in loans modified as TDRs during the three months ended March 31, 2021, of which $3 million were in accrual status, included in pass or special mention based on their risk rating within the credit quality tables, and $3 million were in nonaccrual, within the credit quality tables, pending a sustained period of repayment. Short-term loan modifications made in good faith to help ease the adverse effects of the COVID-19 pandemic are not categorized as TDRs in accordance with the CARES Act. The following table provides the number of loans modified in a TDR by loan portfolio, the recorded investment, and unpaid principal balance for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31, 2021					Three Months Ended March 31, 2020
($ in Thousands)	Number of Loans	Recorded Investment(a)		Unpaid Principal Balance(b)		Number of Loans	Recorded Investment(a)		Unpaid Principal Balance(b)
Commercial and industrial	—	$	—	$	—	1	$	48	$	48
Commercial real estate — owner occupied	—	—		—		1	290		321
Commercial real estate — investor	4	1,693		1,693		1	570		1,740
Real estate construction	—	—		—		1	122		122
Residential mortgage	20	3,876		3,902		18	3,592		3,668
Home equity	1	430		430		8	277		277
Total loans modified	25	$	5,999	$	6,025	30	$	4,899	$	6,175

(a) Represents post-modification outstanding recorded investment.

(b) Represents pre-modification outstanding recorded investment.

Restructured loan modifications may include payment schedule modifications, interest rate concessions, maturity date extensions, modification of note structure (A/B Note), non-reaffirmed Chapter 7 bankruptcies, principal reduction, or some combination of these concessions. During the three months ended March 31, 2021, restructured loan modifications of commercial loans primarily included maturity date extensions and payment schedule modifications. Restructured loan modifications of consumer loans primarily included maturity date extensions, interest rate concessions, non-reaffirmed Chapter 7 bankruptcies, or a combination of these concessions for the three months ended March 31, 2021.

The following table provides the number of loans modified in a TDR during the previous twelve months which subsequently defaulted during the three months ended March 31, 2021 and 2020, and the recorded investment in these restructured loans as of March 31, 2021 and 2020:

	Three Months Ended March 31, 2021			Three Months Ended March 31, 2020
($ in Thousands)	Number of Loans	Recorded Investment		Number of Loans	Recorded Investment
Residential mortgage	1	97		3	388
Home equity	—	—		2	88
Total loans modified	1	$	97	5	$	476

26

Table of Contents

All loans modified in a TDR are individually evaluated for impairment. The nature and extent of the impairment of restructured loans, including those which have experienced a subsequent payment default, are considered in the determination of an appropriate level of the ACLL.

The Corporation analyzes loans for classification as a probable TDR. This analysis includes identifying customers that are showing possible liquidity issues in the near term without reasonable access to alternative sources of capital. At March 31, 2021, the Corporation had $49 million in loans meeting this classification compared to $68 million at December 31, 2020. Of the loans classified as probable TDRs at March 31, 2021, $36 million were related to the commercial and industrial portfolio and $13 million were related to the CRE portfolio.

Allowance for Credit Losses on Loans

The ACLL is comprised of the allowance for loan losses and the allowance for unfunded commitments. The level of the ACLL represents management’s estimate of an amount appropriate to provide for expected lifetime credit losses in the loan portfolio at the balance sheet date. The expected lifetime credit losses are the product of multiplying the Corporation's estimates of probability of default, loss given default, and the individual loan level exposure at default on an undiscounted basis. A main factor in the determination of the ACLL is the economic forecast. The Corporation utilized Moody's baseline forecast, updated during March 2021, in the allowance model. The forecast is applied over a 2 year reasonable and supportable period with straight-line reversion to the historical losses over the second year of the period. The allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). See Note 12 for additional information on the change in the allowance for unfunded commitments.

27

Table of Contents

The following table presents a summary of the changes in the ACLL by portfolio segment for the three months ended March 31, 2021:

($ in Thousands)	December 31, 2020		Charge offs		Recoveries		Net Charge offs		Provision for credit losses		March 31, 2021		ACLL / Loans
Allowance for loan losses
PPP	$	531	$	—	$	—	$	—	$	76	$	607
Commercial and industrial	142,793		(3,123)		4,490		1,367		(19,453)		124,707
Commercial real estate — owner occupied	11,274		—		4		4		508		11,786
Commercial and business lending	154,598		(3,123)		4,494		1,370		(18,869)		137,099
Commercial real estate — investor	93,435		(8,739)		2,854		(5,886)		1,694		89,243
Real estate construction	59,193		(3)		31		29		(4,979)		54,243
Commercial real estate lending	152,629		(8,742)		2,885		(5,857)		(3,286)		143,486
Total commercial	307,226		(11,865)		7,379		(4,487)		(22,155)		280,585
Residential mortgage	42,996		(243)		134		(109)		2,328		45,215
Home equity	18,849		(238)		583		344		(2,822)		16,371
Other consumer	14,630		(827)		315		(511)		(3,351)		10,767
Total consumer	76,475		(1,308)		1,031		(277)		(3,845)		72,353
Total loans	$	383,702	$	(13,174)	$	8,410	$	(4,764)	$	(26,000)	$	352,938
Allowance for unfunded commitments
Commercial and industrial	22,311		—		—		—		2,417		24,728
Commercial real estate — owner occupied	266		—		—		—		38		304
Commercial and business lending	22,577		—		—		—		2,455		25,033
Commercial real estate — investor	636		—		—		—		15		651
Real estate construction	18,887		—		—		—		422		19,309
Commercial real estate lending	19,523		—		—		—		437		19,960
Total commercial	42,101		—		—		—		2,892		44,993
Home equity	3,118		—		—		—		(199)		2,919
Other consumer	2,557		—		—		—		307		2,865
Total consumer	5,675		—		—		—		108		5,783
Total loans	$	47,776	$	—	$	—	$	—	$	3,000	$	50,776
Allowance for credit losses on loans
PPP	$	531	$	—	$	—	$	—	$	76	$	607	0.07	%
Commercial and industrial	165,105		(3,123)		4,490		1,367		(17,037)		149,435		1.95	%
Commercial real estate — owner occupied	11,539		—		4		4		547		12,090		1.37	%
Commercial and business lending	177,175		(3,123)		4,494		1,370		(16,414)		162,132		1.73	%
Commercial real estate — investor	94,071		(8,739)		2,854		(5,886)		1,709		89,894		2.11	%
Real estate construction	78,080		(3)		31		29		(4,557)		73,552		3.91	%
Commercial real estate lending	172,152		(8,742)		2,885		(5,857)		(2,849)		163,446		2.66	%
Total commercial	349,327		(11,865)		7,379		(4,487)		(19,262)		325,578		2.10	%
Residential mortgage	42,996		(243)		134		(109)		2,328		45,215		0.59	%
Home equity	21,967		(238)		583		344		(3,021)		19,290		2.96	%
Other consumer	17,187		(827)		315		(511)		(3,044)		13,631		4.57	%
Total consumer	82,150		(1,308)		1,031		(277)		(3,738)		78,136		0.90	%
Total loans	$	431,478	$	(13,174)	$	8,410	$	(4,764)	$	(23,000)	$	403,714	1.67	%

28

Table of Contents

The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 2020:

($ in Thousands)	Dec. 31, 2019		Cumulative effect of ASU 2016-13 adoption (CECL)		Jan. 1, 2020		Charge offs		Recoveries		Net Charge offs		Gross up of allowance for PCD loans at acquisition		Provision recorded at acquisition		Provision for credit losses		Dec. 31, 2020		ACLL / Loans
Allowance for loan losses
PPP	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	531	$	531
Commercial and industrial	91,133		52,919		144,052		(80,320)		7,004		(73,316)		293		408		71,355		142,793
Commercial real estate — owner occupied	10,284		(1,851)		8,433		(419)		147		(272)		890		255		1,967		11,274
Commercial and business lending	101,417		51,068		152,485		(80,739)		7,151		(73,588)		1,183		663		73,853		154,598
Commercial real estate — investor	40,514		2,041		42,555		(22,920)		643		(22,277)		753		472		71,933		93,435
Real estate construction	24,915		7,467		32,382		(19)		49		31		435		492		25,854		59,193
Commercial real estate lending	65,428		9,508		74,937		(22,938)		692		(22,246)		1,188		964		97,787		152,629
Total commercial	166,846		60,576		227,422		(103,677)		7,844		(95,834)		2,371		1,627		171,641		307,226
Residential mortgage	16,960		33,215		50,175		(1,867)		500		(1,367)		651		403		(6,864)		42,996
Home equity	10,926		11,649		22,575		(1,719)		1,978		259		422		374		(4,781)		18,849
Other consumer	6,639		7,016		13,655		(4,790)		1,101		(3,689)		61		140		4,462		14,630
Total consumer	34,525		51,880		86,405		(8,376)		3,579		(4,797)		1,134		917		(7,183)		76,475
Total loans	$	201,371	$	112,457	$	313,828	$	(112,053)	$	11,422	$	(100,631)	$	3,504	$	2,543	$	164,457	$	383,702
Allowance for unfunded commitments
Commercial and industrial	12,276		(3,998)		8,278		—		—		—		—		61		13,972		22,311
Commercial real estate — owner occupied	127		—		127		—		—		—		—		4		135		266
Commercial and business lending	12,403		(3,998)		8,405		—		—		—		—		65		14,108		22,577
Commercial real estate — investor	530		246		776		—		—		—		—		2		(141)		636
Real estate construction	7,532		18,347		25,879		—		—		—		—		45		(7,038)		18,887
Commercial real estate lending	8,062		18,593		26,655		—		—		—		—		47		(7,179)		19,523
Total commercial	20,465		14,595		35,060		—		—		—		—		112		6,929		42,101
Home equity	1,038		2,591		3,629		—		—		—		—		66		(577)		3,118
Other consumer	405		1,504		1,909		—		—		—		—		—		649		2,557
Total consumer	1,443		4,095		5,538		—		—		—		—		66		72		5,675
Total loans	$	21,907	$	18,690	$	40,597	$	—	$	—	$	—	$	—	$	179	$	7,000	$	47,776
Allowance for credit losses on loans
PPP	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	531	$	531	0.07	%
Commercial and industrial	103,409		48,921		152,330		(80,320)		7,004		(73,316)		293		469		85,327		165,105		2.14	%
Commercial real estate — owner occupied	10,411		(1,851)		8,560		(419)		147		(272)		890		259		2,102		11,539		1.28	%
Commercial and business lending	113,820		47,070		160,890		(80,739)		7,151		(73,588)		1,183		728		87,961		177,175		1.89	%
Commercial real estate — investor	41,044		2,287		43,331		(22,920)		643		(22,277)		753		474		71,792		94,071		2.17	%
Real estate construction	32,447		25,814		58,261		(19)		49		31		435		537		18,816		78,080		4.24	%
Commercial real estate lending	73,490		28,101		101,591		(22,938)		692		(22,246)		1,188		1,011		90,608		172,152		2.78	%
Total commercial	187,311		75,171		262,482		(103,677)		7,844		(95,834)		2,371		1,739		178,569		349,327		2.25	%
Residential mortgage	16,960		33,215		50,175		(1,867)		500		(1,367)		651		403		(6,864)		42,996		0.55	%
Home equity	11,964		14,240		26,204		(1,719)		1,978		259		422		440		(5,358)		21,967		3.11	%
Other consumer	7,044		8,520		15,564		(4,790)		1,101		(3,689)		61		140		5,111		17,187		5.49	%
Total consumer	35,968		55,975		91,943		(8,376)		3,579		(4,797)		1,134		983		(7,112)		82,150		0.92	%
Total loans	$	223,278	$	131,147	$	354,425	$	(112,053)	$	11,422	$	(100,631)	$	3,504	$	2,722	$	171,457	$	431,478	1.76	%

29

Table of Contents

Loans Acquired in Acquisitions

Loans acquired in a business combination after January 1, 2020 are recorded in accordance with ASC Topic 326. See Note 2 for more information on loans acquired in a business combination. After January 1, 2020, acquired loans were segregated into two types:

•Non-PCD loans are accounted for in accordance with ASC Topic 310-20 "Nonrefundable Fees and Other Costs" as these loans do not show evidence of credit deterioration since origination. The allowance for loan losses on these loans is recorded through provision for credit losses on the consolidated statements of income at acquisition.

•PCD loans are loans demonstrating more than insignificant credit deterioration and are accounted for with ASC Topic 326-30. Under this guidance, the credit mark on acquired assets grosses up the ACLL and the amortized cost of the loan.

Note 8 Goodwill and Other Intangible Assets

Goodwill

Goodwill is not amortized but is instead subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

The Corporation conducted its most recent annual impairment testing in May 2020, utilizing a quantitative assessment of goodwill impairment which included determining the estimated fair value of each reporting unit, utilizing an equally weighted combination of discounted cash flow and market-based approaches, and comparing that fair value to each reporting unit’s carrying amount (including goodwill). An impairment loss is recognized if the carrying amount of a reporting unit exceeds its fair value. Based on the quantitative assessment, management concluded that the estimated fair value exceeded the carrying value (including goodwill) for each reporting unit. Therefore, based on the step one quantitative analysis, no impairment was required. There have been no events since the May 2020 impairment testing that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in 2020 or the first three months of 2021.

Each of the valuation techniques employed by the Corporation requires significant assumptions. Depending upon the specific approach, assumptions are made regarding the economic environment including forecasted cash flow projections, expected net interest margins, long-term growth rates, discount rates for cash flows, control premiums, and price-to-forward earnings multiples. Changes to any one of these assumptions could result in significantly different results. A sustained decline in the Corporation’s expected future cash flows or estimated growth rates, or a prolonged decline in the price of the Corporation’s common stock due to deterioration in the economic environment, may necessitate additional interim testing, which could result in an impairment charge to goodwill in future reporting periods.

At both March 31, 2021 and December 31, 2020, the Corporation had goodwill of $1.1 billion. During the first quarter of 2021, there was a reduction of $4 million related to the sale of Whitnell.

Other Intangible Assets

The Corporation has other intangible assets that are amortized, consisting of CDIs and MSRs. For CDIs and other intangibles, changes in the gross carrying amount, accumulated amortization, and net book value were as follows:

($ in Thousands)	Three Months Ended March 31, 2021		Year Ended December 31, 2020
Core deposit intangibles
Gross carrying amount at the beginning of the year	$	88,109	$	80,730
Additions during the period	—		7,379
Accumulated amortization	(23,408)		(21,205)
Net book value	$	64,701	$	66,904
Amortization during the year	$	2,203	$	8,749
Other intangibles
Gross carrying amount at the beginning of the year	$	2,000	$	38,970
Additions during the period	—		200
Reductions due to sale	(1,317)		(17,435)
Accumulated amortization	(683)		(20,385)
Net book value	$	—	$	1,350
Amortization during the year	$	33	$	1,443

30

Table of Contents

Mortgage Servicing Rights

The Corporation sells residential mortgage loans in the secondary market and typically retains the right to service the loans sold. MSRs are amortized in proportion to and over the period of estimated net servicing income and assessed for impairment at each reporting date.

The Corporation evaluates its MSRs asset for impairment at minimum on a quarterly basis. Impairment is assessed based on fair value at each reporting date using estimated prepayment speeds of the underlying mortgage loans serviced and stratifications based on the risk characteristics of the underlying loans (predominantly loan type and note interest rate). As mortgage interest rates fall, prepayment speeds are usually faster and the value of the MSRs asset generally decreases, requiring additional valuation reserve. Conversely, as mortgage interest rates rise, prepayment speeds are usually slower and the value of the MSRs asset generally increases, requiring less valuation reserve. A valuation allowance is established, through a charge to earnings, to the extent the amortized cost of the MSRs exceeds the estimated fair value by stratification. An other-than-temporary impairment (i.e., recoverability is considered remote when considering interest rates and loan pay off activity) is recognized as a write-down of the MSRs asset and the related valuation allowance (to the extent a valuation allowance is available) and then against earnings. A direct write-down permanently reduces the carrying value of the MSRs asset and valuation allowance, precluding subsequent recoveries. See Note 12 for a discussion of the recourse provisions on sold residential mortgage loans. See Note 13 which further discusses fair value measurement relative to the MSRs asset.

A summary of changes in the balance of the MSRs asset and the MSRs valuation allowance is as follows:

($ in Thousands)	Three Months Ended March 31, 2021			Year Ended December 31, 2020
Mortgage servicing rights
Mortgage servicing rights at beginning of period	$	59,967		$	67,607
Additions from acquisition	—			1,357
Additions	3,348			13,667
Amortization	(6,388)			(22,664)
Mortgage servicing rights at end of period	$	56,927		$	59,967
Valuation allowance at beginning of period	$	(18,006)		$	(302)
(Additions) recoveries, net	10,578			(17,704)
Valuation allowance at end of period	$	(7,428)		$	(18,006)
Mortgage servicing rights, net	$	49,500		$	41,961
Fair value of mortgage servicing rights	$	49,541		$	41,990
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)	$	7,313,308		$	7,743,956
Mortgage servicing rights, net to servicing portfolio	0.68		%	0.54		%
Mortgage servicing rights expense(a)	$	(4,190)		$	40,369

(a) Includes the amortization of mortgage servicing rights and additions / recoveries to the valuation allowance of mortgage servicing rights, and is a component of mortgage banking, net on the consolidated statements of income.

The projections of amortization expense are based on existing asset balances, the current interest rate environment, and prepayment speeds as of March 31, 2021. The actual amortization expense the Corporation recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements, and events or circumstances that indicate the carrying amount of an asset may not be recoverable. The following table shows the estimated future amortization expense for amortizing intangible assets:

($ in Thousands)	Core Deposit Intangibles		Mortgage Servicing Rights
Nine Months Ending December 31, 2021	$	6,608	$	8,345
2022	8,811		11,550
2023	8,811		8,909
2024	8,811		6,983
2025	8,811		5,547
2026	8,811		4,466
Beyond 2026	14,038		11,125
Total Estimated Amortization Expense	$	64,701	$	56,927

31

Table of Contents

Note 9 Short and Long-Term Funding

The following table presents the components of short-term funding (funding with original contractual maturities of one year or less) and long-term funding (funding with original contractual maturities greater than one year):

($ in Thousands)	March 31, 2021		December 31, 2020
Short-Term Funding
Federal funds purchased	$	7,450	$	7,070
Securities sold under agreements to repurchase	131,057		185,901
Federal funds purchased and securities sold under agreements to repurchase	138,507		192,971
Commercial paper	51,171		59,346
Total short-term funding	$	189,678	$	252,317
Long-Term Funding
Bank senior notes, at par, due 2021	$	300,000	$	300,000
Corporation subordinated notes, at par, due 2025	250,000		250,000
Finance leases	1,091		1,128
Capitalized costs	(1,362)		(1,663)
FHLB advances	1,629,966		$	1,632,723
Total long-term funding	2,179,694		2,182,188
Total short and long-term funding	$	2,369,372	$	2,434,505

Securities Sold Under Agreements to Repurchase

The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability on the Corporation’s consolidated balance sheets, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities). See Note 11 for additional disclosures on balance sheet offsetting.

The Corporation utilizes securities sold under agreements to repurchase to facilitate the needs of its customers. As of March 31, 2021, the Corporation pledged agency mortgage-related securities with a fair value of $192 million as collateral for the repurchase agreements. Securities pledged as collateral under repurchase agreements are maintained with the Corporation's safekeeping agents and are monitored on a daily basis due to the market risk of fair value changes in the underlying securities. The Corporation generally pledges excess securities to ensure there is sufficient collateral to satisfy short-term fluctuations in both the repurchase agreement balances and the fair value of the underlying securities.

The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets as of March 31, 2021 and December 31, 2020 are presented in the following table:

	Remaining Contractual Maturity of the Agreements
($ in Thousands)	Overnight and Continuous		Up to 30 days		30-90 days		Greater than 90 days		Total
March 31, 2021
Repurchase agreements
Agency mortgage-related securities	$	131,057	$	—	$	—	$	—	$	131,057
Total	$	131,057	$	—	$	—	$	—	$	131,057
December 31, 2020
Repurchase agreements
Agency mortgage-related securities	$	185,901	$	—	$	—	$	—	$	185,901
Total	$	185,901	$	—	$	—	$	—	$	185,901

32

Table of Contents

Long-Term Funding

Senior Notes 

In August 2018, the Bank issued $300 million of senior notes, due August 2021, and callable July 2021. The senior notes have a fixed coupon interest rate of 3.50% and were issued at a discount.

Subordinated Notes 

In November 2014, the Corporation issued $250 million of 10-year subordinated notes, due January 2025, and callable October 2024. The subordinated notes have a fixed coupon interest rate of 4.25% and were issued at a discount.

Finance Leases

In connection with the construction of new branches in Oshkosh and Eau Claire, Wisconsin, the Corporation entered into land leases with options to purchase the underlying land for a fixed price, which the Corporation now expects to exercise. The finance leases have fixed interest rates of approximately 1.00%. See Note 18 for additional disclosure regarding the Corporation’s leases.

Note 10 Derivative and Hedging Activities

The Corporation is exposed to certain risk arising from both its business operations and economic conditions. The Corporation principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Corporation manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Corporation's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Corporation's known or expected cash receipts and its known or expected cash payments principally related to the Corporation's assets.

The contract or notional amount of a derivative is used to determine, along with the other terms of the derivative, the amounts to be exchanged between the counterparties. The Corporation is exposed to credit risk in the event of nonperformance by counterparties to financial instruments. To mitigate the counterparty risk, contracts generally contain language outlining collateral pledging requirements for each counterparty. For non-centrally cleared derivatives, collateral must be posted when the market value exceeds certain mutually agreed upon threshold limits. Securities and cash are often pledged as collateral. The Corporation pledged $67 million of investment securities as collateral at March 31, 2021, and pledged $72 million of investment securities as collateral at December 31, 2020. At March 31, 2021, the Corporation posted $21 million of cash collateral compared to $31 million at December 31, 2020.

Federal regulations require the Corporation to clear all LIBOR interest rate swaps through a clearing house, if possible. For derivatives cleared through central clearing houses, the variation margin payments are legally characterized as daily settlements of the derivative rather than collateral. The Corporation's clearing agent for interest rate derivative contracts that are centrally cleared through the Chicago Mercantile Exchange (CME) and the London Clearing House (LCH) settles the variation margin daily. As a result, the variation margin payment and the related derivative instruments are considered a single unit of account for accounting and financial reporting purposes. Depending on the net position, the fair value is reported in other assets or accrued expenses and other liabilities on the consolidated balance sheets. The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument.

Fair Value Hedges of Interest Rate Risk

The Corporation is exposed to changes in the fair value of certain of its pools of prepayable fixed-rate assets due to changes in benchmark interest rates. The Corporation used interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involved the payment of fixed-rate amounts to a counterparty in exchange for the Corporation receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk were recognized in interest income. During the fourth quarter of 2019, the Corporation terminated the outstanding fair value hedges.

33

Table of Contents

Derivatives to Accommodate Customer Needs

The Corporation also facilitates customer borrowing activity by entering into various derivative contracts which are designated as free standing derivative contracts. Free standing derivative products are entered into primarily for the benefit of commercial customers seeking to manage their exposures to interest rate risk, foreign currency, and commodity prices. These derivative contracts are not designated against specific assets and liabilities on the consolidated balance sheets or forecasted transactions and, therefore, do not qualify for hedge accounting treatment. Such derivative contracts are carried at fair value in other assets and accrued expenses and other liabilities on the consolidated balance sheets with changes in the fair value recorded as a component of capital markets, net, and typically include interest rate-related instruments (swaps and caps), foreign currency exchange forwards, and commodity contracts. See Note 11 for additional information and disclosures on balance sheet offsetting.

Interest rate-related instruments: The Corporation provides interest rate risk management services to commercial customers, primarily forward interest rate swaps and caps. The Corporation’s market risk from unfavorable movements in interest rates related to these derivative contracts is generally economically hedged by concurrently entering into offsetting derivative contracts. The offsetting derivative contracts have identical notional values, terms, and indices.

Foreign currency exchange forwards: The Corporation provides foreign currency exchange services to customers, primarily forward contracts. The Corporation's customers enter into a foreign currency exchange forward with the Corporation as a means for them to mitigate exchange rate risk. The Corporation mitigates its risk by then entering into an offsetting foreign currency exchange derivative contract.

Commodity contracts: Commodity contracts are entered into primarily for the benefit of commercial customers seeking to manage their exposure to fluctuating commodity prices. The Corporation mitigates its risk by then entering into an offsetting commodity derivative contract.

Mortgage Derivatives

Interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans are considered derivative instruments, and the fair value of these commitments is recorded in other assets and accrued expenses and other liabilities on the consolidated balance sheets with the changes in fair value recorded as a component of mortgage banking, net.

The following table presents the total notional amounts and gross fair values of the Company’s derivatives, as well as the balance sheet netting adjustments as of March 31, 2021 and December 31, 2020. The derivative assets and liabilities are presented on a gross basis prior to the application of bilateral collateral and master netting agreements, but after the variation margin payments with central clearing organizations have been applied as settlement, as applicable. Total derivative assets and liabilities are adjusted to take into consideration the effects of legally enforceable master netting agreements and cash collateral received or paid as of March 31, 2021 and December 31, 2020. The resulting net derivative asset and liability fair values are included in other assets and accrued expenses and other liabilities, respectively, on the consolidated balance sheets.

	March 31, 2021								December 31, 2020
	Asset				Liability				Asset				Liability
($ in Thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Not designated as hedging instruments
Interest rate-related instruments	$	3,654,732	$	121,020	$	3,654,732	$	28,382	$	3,639,679	$	192,518	$	3,639,679	$	25,680
Foreign currency exchange forwards	448,395		3,044		439,381		2,828		411,292		4,909		398,890		4,836
Commodity contracts	70,633		5,808		70,758		5,098		87,547		12,486		83,214		11,155
Mortgage banking(a)(b)	292,704		11,171		408,500		—		226,818		9,624		335,500		2,046
Gross derivatives before netting			$	141,043			$	36,308			$	219,537			$	43,716
Less: Legally enforceable master netting agreements			2,643				2,643				1,936				1,936
Less: Cash collateral pledged/received			1,581				17,583				10,879				25,625
Total derivative instruments, after netting			$	136,819			$	16,082			$	206,722			$	16,155

(a) Mortgage derivative assets include interest rate lock commitments and mortgage derivative liabilities include forward commitments.

(b) Includes $4 million forward commitment fair value.

34

Table of Contents

The Corporation terminated its $500 million fair value hedge during the fourth quarter of 2019. At March 31, 2021, the amortized cost basis of the closed portfolios which had previously been used in the terminated hedging relationship was $534 million and is included in loans and investment securities, AFS, at fair value on the consolidated balance sheets. This amount includes $3 million of hedging adjustments on the discontinued hedging relationships.

The table below identifies the effect of fair value hedge accounting on the Corporation's consolidated statements of income for the three months ended March 31, 2021 and 2020:

	Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Three Months Ended March 31,
	2021				2020
($ in Thousands)	Interest Income		Other Income (Expense)		Interest Income		Other Income (Expense)
Total amounts of income and expense line items presented on the consolidated statements of income in which the effects of the fair value hedge is recorded	$	(485)	$	—	$	(322)	$	(262)
The effects of fair value hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20
Interest contracts
Hedged items	(485)		—		(322)		(262)
Derivatives designated as hedging instruments(a)	—		—		—		—

(a) Includes net settlements on the derivatives.

The table below identifies the effect of derivatives not designated as hedging instruments on the Corporation's consolidated statements of income for the three months ended March 31, 2021 and 2020:

	Consolidated Statements of Income Category of Gain / (Loss)  Recognized in Income	Three Months Ended March 31,
($ in Thousands)		2021		2020
Derivative Instruments
Interest rate-related instruments — customer and mirror, net	Capital markets, net	$	2,938	$	(3,090)
Foreign currency exchange forwards	Capital markets, net	143		(122)
Commodity contracts	Capital markets, net	(621)		746
Interest rate lock commitments (mortgage)	Mortgage banking, net	(2,708)		9,928
Forward commitments (mortgage)	Mortgage banking, net	(6,300)		(10,262)

Note 11 Balance Sheet Offsetting

Interest Rate-Related Instruments, Commodity Contracts, and Foreign Exchange Forwards (“Interest, Commodity, and Foreign Exchange Agreements”)

The Corporation enters into interest rate-related instruments to facilitate the interest rate risk management strategies of commercial customers, commodity contracts to manage commercial customers' exposure to fluctuating commodity prices, and foreign exchange forwards to manage customers' exposure to fluctuating foreign exchange rates. The Corporation mitigates these risks by entering into equal and offsetting agreements with highly rated third-party financial institutions. The Corporation is party to master netting arrangements with its financial institution counterparties that create single net settlements of all legal claims or obligations to pay or receive the net amount of settlement of the individual interest, commodity, and foreign exchange agreements. Collateral, usually in the form of investment securities and cash, is posted by the counterparty with net liability positions in accordance with contract thresholds. Derivatives subject to a legally enforceable master netting agreement are reported on a net basis, net of cash collateral, in other assets and accrued expenses and other liabilities, on the face of the consolidated balance sheets. See Note 10 for additional information on the Corporation’s derivative and hedging activities.

Securities Sold Under Agreements to Repurchase

The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. These repurchase agreements are accounted for as collateralized financing arrangements (i.e., secured borrowings) and not as a sale and subsequent repurchase of securities (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities). The right of set-off for a repurchase agreement resembles a secured borrowing, whereby the collateral would be used to settle the fair value of the repurchase agreement should the Corporation be in default

35

Table of Contents

(e.g., fails to make an interest payment to the counterparty). In addition, the Corporation does not enter into reverse repurchase agreements; therefore, there is no such offsetting to be done with the repurchase agreements. See Note 9 for additional disclosures on repurchase agreements.

The following table presents the interest rate, commodity, and foreign exchange assets and liabilities subject to an enforceable master netting arrangement. The interest, commodity and foreign exchange agreements the Corporation has with its commercial customers are not subject to an enforceable master netting arrangement and are therefore excluded from this table:

	Gross Amounts Recognized		Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets				Net Amounts Presented on the Consolidated Balance Sheets		Gross Amounts Not Offset on the Consolidated Balance Sheets
($ in Thousands)			Derivative Liabilities Offset		Cash Collateral Received						Net Amount
Derivative assets
March 31, 2021	$	4,496	$	(2,643)	$	(1,581)	$	272	$	—	$	272
December 31, 2020	13,441		(1,936)		(10,879)		626		—		626
	Gross Amounts Recognized		Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets				Net Amounts Presented on the Consolidated Balance Sheets		Gross Amounts Not Offset on the Consolidated Balance Sheets
($ in Thousands)			Derivative Assets Offset		Cash Collateral Pledged						Net Amount
Derivative liabilities
March 31, 2021	$	20,393	$	(2,643)	$	(17,583)	$	167	$	—	$	167
December 31, 2020	27,951		(1,936)		(25,625)		390		—		390

Note 12 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters

The Corporation utilizes a variety of financial instruments in the normal course of business to meet the financial needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments include lending-related and other commitments (see below) as well as derivative instruments (see Note 10). The following is a summary of lending-related commitments:

($ in Thousands)	March 31, 2021		December 31, 2020
Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale(a)(b)	$	10,102,713	$	10,010,492
Commercial letters of credit(a)	7,301		3,642
Standby letters of credit(c)	247,473		278,798

(a) These off-balance sheet financial instruments are exercisable at the market rate prevailing at the date the underlying transaction will be completed and, thus, are deemed to have no current fair value, or the fair value is based on fees currently charged to enter into similar agreements and was not material at March 31, 2021 or December 31, 2020.

(b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 10.

(c) The Corporation has established a liability of $3 million for both March 31, 2021 and December 31, 2020, as an estimate of the fair value of these financial instruments.

Lending-related Commitments

As a financial services provider, the Corporation routinely enters into commitments to extend credit. Such commitments are subject to the same credit policies and approval process accorded to loans made by the Corporation, with each customer’s creditworthiness evaluated on a case-by-case basis. The commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to these financial instruments is represented by the contractual amount of those instruments. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the customer. Since a significant portion of commitments to extend credit are subject to specific restrictive loan covenants or may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. An allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded commitments (including unfunded loan commitments and letters of credit). The following table presents a summary of the changes in the allowance for unfunded commitments:

36

Table of Contents

($ in Thousands)	Three Months Ended March 31, 2021		Year Ended December 31, 2020
Allowance for Unfunded Commitments
Balance at beginning of period	$	47,776	$	21,907
Cumulative effect of ASU 2016-13 adoption (CECL)	N/A		18,690
Balance at beginning of period, adjusted	47,776		40,597
Provision for unfunded commitments	3,000		7,000
Amount recorded at acquisition	—		179
Balance at end of period	$	50,776	$	47,776

Lending-related commitments include commitments to extend credit, commitments to originate residential mortgage loans held for sale, commercial letters of credit, and standby letters of credit. Commitments to extend credit are legally binding agreements to lend to customers at predetermined interest rates, as long as there is no violation of any condition established in the contracts. Interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans are considered derivative instruments, and the fair value of these commitments is recorded on the consolidated balance sheets. The Corporation’s derivative and hedging activity is further described in Note 10. Commercial and standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party, while standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party.

Other Commitments

The Corporation invests in qualified affordable housing projects, federal and state historic projects, new market projects, and opportunity zone funds for the purpose of community reinvestment and obtaining tax credits and other tax benefits. Return on the Corporation's investment in these projects and funds comes in the form of the tax credits and tax losses that pass through to the Corporation, and deferral or elimination of capital gain recognition for tax purposes. The aggregate carrying value of these investments at March 31, 2021 was $280 million, compared to $272 million at December 31, 2020, included in tax credit and other investments on the consolidated balance sheets. The Corporation utilizes the proportional amortization method to account for investments in qualified affordable housing projects.

Under the proportional amortization method, the Corporation amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits. The Corporation recognized additional income tax expense attributable to the amortization of investments in qualified affordable housing projects of $8 million and $6 million for the three months ended March 31, 2021 and 2020, respectively. The Corporation's remaining investment in qualified affordable housing projects accounted for under the proportional amortization method totaled $277 million at March 31, 2021 and $268 million at December 31, 2020.

The Corporation’s unfunded equity contributions relating to investments in qualified affordable housing, federal and state historic projects, and new market projects are recorded in accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s remaining unfunded equity contributions totaled $119 million and $118 million at March 31, 2021 and December 31, 2020, respectively.

For the three months ended March 31, 2021 and the year ended December 31, 2020, the Corporation did not record any impairment related to qualified affordable housing investments.

The Corporation has principal investment commitments to provide capital-based financing to private and public companies through either direct investment in specific companies or through investment funds and partnerships. The timing of future cash requirements to fund such principal investment commitments is generally dependent on the investment cycle, whereby privately held companies are funded by private equity investors and ultimately sold, merged, or taken public through an initial offering, which can vary based on overall market conditions, as well as the nature and type of industry in which the companies operate. The Corporation also invests in loan pools that support CRA loans. The timing of future cash requirements to fund these pools is dependent upon loan demand, which can vary over time. The aggregate carrying value of these investments was $23 million and $25 million at March 31, 2021 and December 31, 2020, respectively, included in tax credit and other investments on the consolidated balance sheets.

37

Table of Contents

Legal Proceedings

The Corporation is party to various pending and threatened claims and legal proceedings arising in the normal course of business activities, some of which involve claims for substantial amounts. Although there can be no assurance as to the ultimate outcomes, the Corporation believes it has meritorious defenses to the claims asserted against it in its currently outstanding matters and intends to continue to defend itself vigorously with respect to such legal proceedings. The Corporation will consider settlement of cases when, in management’s judgment, it is in the best interests of the Corporation and its shareholders.

On at least a quarterly basis, the Corporation assesses its liabilities and contingencies in connection with all pending or threatened claims and litigation, utilizing the most recent information available. On a matter by matter basis, an accrual for loss is established for those matters which the Corporation believes it is probable that a loss may be incurred and that the amount of such loss can be reasonably estimated. Once established, each accrual is adjusted as appropriate to reflect any subsequent developments. Accordingly, management’s estimate will change from time to time, and actual losses may be more or less than the current estimate. For matters where a loss is not probable, or the amount of the loss cannot be estimated, no accrual is established.

Resolution of legal claims is inherently unpredictable, and in many legal proceedings various factors exacerbate this inherent unpredictability, including where the damages sought are unsubstantiated or indeterminate, it is unclear whether a case brought as a class action will be allowed to proceed on that basis, discovery is not complete, the proceeding is not yet in its final stages, the matters present legal uncertainties, there are significant facts in dispute, there are a large number of parties (including where it is uncertain how liability, if any, will be shared among multiple defendants), or there is a wide range of potential results.

A lawsuit, Evans et al v. Associated Banc-Corp et al, was filed in the United States District Court for the Eastern District of Wisconsin - Green Bay Division on January 13, 2021 by one current and one former participant in the Associated Banc-Corp 401(k) and Employee Stock Ownership Plan (the “Plan”) as representatives of a putative class. The plaintiffs alleged that Associated Banc-Corp, the Associated Banc-Corp Plan Administrative Committee, and current and past members of such committee during the relevant time period (the “Defendants”) breached their fiduciary duties with respect to the Plan in violation of Employee Retirement Income Security Act of 1974, as amended, by applying an imprudent and inappropriate preference for products associated with Associated Banc-Corp within the Plan, and that the Defendants failed to monitor or control the recordkeeping expenses paid to Associated Trust Company, N.A. On March 18, 2021, the Defendants filed a motion to dismiss. On April 8, 2021, the plaintiffs filed an amended complaint which dropped the record keeping claim, added Associated Trust Company N.A. and Kellogg Asset Management, LLC as defendants, and alleged various breaches of fiduciary duty related to the selection and monitoring of, and the fees charged by, proprietary collective investment trusts. The plaintiffs, in part, seek an accounting and disgorgement of certain profits, as well as certain equitable restitution and equitable monetary relief. The Corporation intends to vigorously defend against this lawsuit. It is not possible for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss at this time with respect to this lawsuit.

Regulatory Matters

A variety of consumer products, including mortgage and deposit products, and certain fees and charges related to such products, have come under increased regulatory scrutiny. It is possible that regulatory authorities could bring enforcement actions, including civil money penalties, or take other actions against the Corporation and the Bank in regard to these consumer products. The Bank could also determine of its own accord, or be required by regulators, to refund or otherwise make remediation payments to customers in connection with these products. It is not possible at this time for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss related to such matters.

Mortgage Repurchase Reserve

The Corporation sells residential mortgage loans to investors in the normal course of business. Residential mortgage loans sold to others are predominantly conventional residential first lien mortgages originated under the Corporation's usual underwriting procedures, and are most often sold on a nonrecourse basis, primarily to the GSEs. The Corporation’s agreements to sell residential mortgage loans in the normal course of business usually require certain representations and warranties on the underlying loans sold, related to credit information, loan documentation, collateral, and insurability. Subsequent to being sold, if a material underwriting deficiency or documentation defect is discovered, the Corporation may be obligated to repurchase the loan or reimburse the GSEs for losses incurred (collectively, “make whole requests”). The make whole requests and any related risk of loss under the representations and warranties are largely driven by borrower performance.

As a result of make whole requests, the Corporation has repurchased loans with aggregate principal balances of $2 million and $10 million for the three months ended March 31, 2021 and the year ended December 31, 2020, respectively. There were $109 thousand of loss reimbursement and settlement claims paid for the three months ended March 31, 2021 and there were no such

38

Table of Contents

claims for the year ended December 31, 2020. Make whole requests during 2020 and the first three months of 2021 generally arose from loans sold during the period of January 1, 2012 to December 31, 2020. Since January 1, 2012, loans sold totaled $14.7 billion at the time of sale, and consisted primarily of loans sold to GSEs. As of March 31, 2021, approximately $6.5 billion of these sold loans remain outstanding.

The balance in the mortgage repurchase reserve at the balance sheet date reflects the estimated amount of potential loss the Corporation could incur from repurchasing a loan, as well as loss reimbursements, indemnifications, and other settlement resolutions. The mortgage repurchase reserve, included in accrued expenses and other liabilities on the consolidated balance sheets, was $1 million as of March 31, 2021 and $2 million as of December 31, 2020.

The Corporation may also sell residential mortgage loans with limited recourse (limited in that the recourse period ends prior to the loan’s maturity, usually after certain time and / or loan paydown criteria have been met), whereby repurchase could be required if the loan had defined delinquency issues during the limited recourse periods. At March 31, 2021 and December 31, 2020, there were approximately $27 million and $36 million, respectively, of residential mortgage loans sold with such recourse risk. There have been limited instances and immaterial historical losses on repurchases for recourse under the limited recourse criteria.

The Corporation has a subordinate position to the FHLB in the credit risk on residential mortgage loans it sold to the FHLB in exchange for a monthly credit enhancement fee. The Corporation has not sold loans to the FHLB with such credit risk retention since February 2005. At March 31, 2021 and December 31, 2020, there were $31 million and $33 million, respectively, of such residential mortgage loans with credit risk recourse, upon which there have been negligible historical losses to the Corporation.

Note 13 Fair Value Measurements

Fair value represents the estimated price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept).

The valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis are described in the Fair Value Measurements note in the Corporation’s 2020 Annual Report on Form 10-K.

The table below presents the Corporation’s financial instruments measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, aggregated by the level in the fair value hierarchy within which those measurements fall:

39

Table of Contents

($ in Thousands)	Fair Value Hierarchy	March 31, 2021		December 31, 2020
Assets
Investment securities AFS
U.S. Treasury securities	Level 1	$	53,693	$	26,531
Agency securities	Level 2	14,904		25,038
Obligations of state and political subdivisions (municipal securities)	Level 2	433,182		450,662
Residential mortgage-related securities
FNMA / FHLMC	Level 2	1,910,954		1,461,241
GNMA	Level 2	123,365		235,537
Commercial mortgage-related securities
FNMA / FHLMC	Level 2	94,349		22,904
GNMA	Level 2	389,411		524,756
Asset backed securities
FFELP	Level 2	325,933		327,189
SBA	Level 2	8,160		8,584
Other debt securities	Level 2	3,000		3,000
Total investment securities AFS	Level 1	$	53,693	$	26,531
Total investment securities AFS	Level 2	3,303,257		3,058,910
Equity securities with readily determinable fair values	Level 1	1,684		1,661
Residential loans held for sale	Level 2	153,151		129,158
Interest rate-related instruments(a)	Level 2	121,020		192,518
Foreign currency exchange forwards(a)	Level 2	3,044		4,909
Commodity contracts(a)	Level 2	5,808		12,486
Interest rate lock commitments to originate residential mortgage loans held for sale	Level 3	6,917		9,624
Forward commitments to sell residential mortgage loans	Level 3	4,255		—
Liabilities
Interest rate-related instruments(a)	Level 2	$	28,382	$	25,680
Foreign currency exchange forwards(a)	Level 2	2,828		4,836
Commodity contracts(a)	Level 2	5,098		11,155
Forward commitments to sell residential mortgage loans	Level 3	—		2,046

(a) Figures are presented gross before netting. See Note 10 and Note 11 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

The table below presents a rollforward of the consolidated balance sheets amounts for the three months ended March 31, 2021 and the year ended December 31, 2020, for the Corporation's mortgage derivatives measured on a recurring basis and classified within Level 3 of the fair value hierarchy:

($ in Thousands)	Interest rate lock commitments to originate residential mortgage loans held for sale		Forward commitments to sell residential mortgage loans		Total
Balance December 31, 2019	$	2,527	$	710	$	1,817
New production	72,659		(3,505)		76,164
Closed loans / settlements	(76,001)		(12,587)		(63,414)
Other	10,439		17,427		(6,988)
Mortgage derivative gain (loss)	7,097		1,335		5,762
Balance December 31, 2020	$	9,624	$	2,046	$	7,579
New production	$	16,629	$	(1,203)	$	17,832
Closed loans / settlements	(14,186)		2,501		(16,687)
Other	(5,151)		(7,598)		2,447
Mortgage derivative gain (loss)	(2,708)		(6,300)		3,593
Balance March 31, 2021	$	6,917	$	(4,255)	$	11,171

The closing ratio on interest rate lock commitments to originate residential mortgage loans held for sale is a Level 3 measurement, and was 89% at March 31, 2021.

40

Table of Contents

The following table presents the carrying value of equity securities without readily determinable fair values still held as of March 31, 2021 that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable. Also shown are the cumulative upward and downward adjustments for the Corporation's equity securities without readily determinable fair values as of March 31, 2021:

($ in Thousands)
Equity securities without readily determinable fair values
Carrying value as of December 31, 2020	$	13,444
Carrying value changes	—
Additions	544
Carrying value as of March 31, 2021	$	13,989
Cumulative upward carrying value changes between January 1, 2018 and March 31, 2021	$	13,444
Cumulative downward carrying value changes/impairment between January 1, 2018 and March 31, 2021	$	—

The table below presents the Corporation’s assets measured at fair value on a nonrecurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall:

				Consolidated Statements of Income Category of Adjustment  Recognized in Income	Adjustment Recognized on the Consolidated Statements of Income(c)
($ in Thousands)	Fair Value Hierarchy	Fair Value
March 31, 2021
Assets
Individually evaluated loans(a)	Level 3	$	93,201	Provision for credit losses	$	(1,613)
OREO(b)	Level 2	10,326		Other noninterest expense	3,681
Mortgage servicing rights	Level 3	49,541		Mortgage banking, net	10,578
December 31, 2020
Assets
Individually evaluated loans(a)	Level 3	$	138,752	Provision for credit losses	$	97,519
OREO(b)	Level 2	6,125		Other noninterest expense	3,747
Mortgage servicing rights	Level 3	41,990		Mortgage banking, net	(17,704)

(a) Includes probable TDRs which are individually analyzed, net of the related allowance for credit losses.

(b) If the fair value of the collateral exceeds the carrying amount of the asset, no charge off or adjustment is necessary, the asset is not considered to be carried at fair value, and is therefore not included in the table.

(c) Includes the full year impact on the consolidated statements of income

Certain nonfinancial assets and nonfinancial liabilities measured at fair value on a nonrecurring basis include the fair value analysis in the goodwill impairment test, and intangible assets and other nonfinancial long-lived assets measured at fair value for impairment assessment.

The Corporation's significant Level 3 measurements which employ unobservable inputs that are readily quantifiable pertain to MSRs and individually evaluated loans.

The table below presents information about these inputs and further discussion is found above:

March 31, 2021	Valuation Technique	Significant Unobservable Input	Range of Inputs			Weighted Average Input Applied
Mortgage servicing rights	Discounted cash flow	Discount rate	9%	-	14%	9%
Mortgage servicing rights	Discounted cash flow	Constant prepayment rate	10%	-	45%	16%
Individually evaluated loans	Appraisals / Discounted cash flow	Collateral / Discount factor	25%	-	38%	34%

41

Table of Contents

Fair Value of Financial Instruments

The Corporation is required to disclose estimated fair values for its financial instruments.

Fair value estimates are set forth below for the Corporation’s financial instruments:

		March 31, 2021				December 31, 2020
($ in Thousands)	Fair Value Hierarchy Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Cash and due from banks	Level 1	$	356,285	$	356,285	$	416,154	$	416,154
Interest-bearing deposits in other financial institutions	Level 1	1,590,494		1,590,494		298,759		298,759
Federal funds sold and securities purchased under agreements to resell	Level 1	—		—		1,135		1,135
Investment securities AFS	Level 1	53,693		53,693		26,531		26,531
Investment securities AFS	Level 2	3,303,257		3,303,257		3,058,910		3,058,910
Investment securities HTM, net	Level 1	1,000		1,019		999		1,024
Investment securities HTM, net	Level 2	1,856,088		1,971,459		1,877,939		2,027,852
Equity securities with readily determinable fair values	Level 1	1,684		1,684		1,661		1,661
Equity securities without readily determinable fair values	Level 3	13,989		13,989		13,444		13,444
FHLB and Federal Reserve Bank stocks	Level 2	168,281		168,281		168,280		168,280
Residential loans held for sale	Level 2	153,151		153,151		129,158		129,158
Loans, net	Level 3	23,809,389		23,723,543		24,068,022		24,012,738
Bank and corporate owned life insurance	Level 2	680,831		680,831		679,647		679,647
Derivatives (other assets)(a)	Level 2	129,872		129,872		209,913		209,913
Interest rate lock commitments to originate residential mortgage loans held for sale (other assets)	Level 3	6,917		6,917		9,624		9,624
Forward commitments to sell residential mortgage loans (other assets)	Level 3	4,255		4,255		—		—
Financial liabilities
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts	Level 3	$	26,115,814	$	26,115,814	$	24,725,451	$	24,725,451
Brokered CDs and other time deposits(b)	Level 2	1,561,352		1,566,421		1,757,030		1,766,200
Short-term funding	Level 2	189,678		189,672		252,317		252,303
FHLB advances	Level 2	1,629,966		1,693,172		1,632,723		1,760,727
Other long-term funding	Level 2	549,729		576,183		549,465		578,233
Standby letters of credit(c)	Level 2	2,549		2,549		2,731		2,731
Derivatives (accrued expenses and other liabilities)(a)	Level 2	36,308		36,308		41,671		41,671
Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities)	Level 3	—		—		2,046		2,046

(a) Figures are presented gross before netting. See Note 10 and Note 11 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

(b) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value.

(c) The commitment on standby letters of credit was $247 million at March 31, 2021 and $279 million at December 31, 2020. See Note 12 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.

Note 14 Retirement Plans

The Corporation has a noncontributory defined benefit retirement account plan, the RAP, covering substantially all employees who meet participation requirements. The benefits are based primarily on years of service and the employee’s compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Any retirement plans of acquired entities are typically merged into the RAP after completion of the mergers, and credit is usually given to employees for years of service at the acquired institution for vesting and eligibility purposes.

The Corporation also provides legacy healthcare access to a limited group of retired employees from a previous acquisition in the Postretirement Plan. There are no other active retiree healthcare plans.

The First Staunton acquisition closed on February 14, 2020, and the employees who met the required criteria as a result of the transaction became eligible to participate in the RAP on February 15, 2020, with their vesting service credit based on their prior hours of service with First Staunton. See Note 2 for additional information on the First Staunton acquisition.

42

Table of Contents

The components of net periodic pension cost and net periodic benefit cost for the RAP and Postretirement Plan for the three months ended March 31, 2021 and 2020 were as follows:

	Three Months Ended March 31,
($ in Thousands)	2021		2020
Components of Net Periodic Benefit Cost
RAP
Service cost	$	2,075	$	2,165
Interest cost	1,623		2,008
Expected return on plan assets	(6,430)		(6,405)
Amortization of prior service cost	(18)		(19)
Amortization of actuarial loss (gain)	1,050		808
Total net periodic pension cost	$	(1,701)	$	(1,444)
Postretirement Plan
Interest cost	$	13	$	20
Amortization of prior service cost	(19)		(19)
Total net periodic benefit cost	$	(6)	$	1

The components of net periodic pension cost and net periodic benefit cost, other than the service cost component, are included in the line item other of noninterest expense on the consolidated statements of income. The service cost components are included in personnel on the consolidated statements of income. The weighted-average interest crediting rate was 2.80% at both March 31, 2021 and December 31, 2020.

The Corporation’s funding policy is to pay at least the minimum amount required by federal law and regulations, with consideration given to the maximum funding amounts allowed. The Corporation regularly reviews the funding of its RAP. There were no contributions during the three months ended March 31, 2021 and 2020.

Note 15 Segment Reporting

The Corporation utilizes a risk-based internal profitability measurement system to provide strategic business unit reporting. The profitability measurement system is based on internal management methodologies designed to produce consistent results and reflect the underlying economics of the units. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The three reportable segments are Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. The financial information of the Corporation’s segments has been compiled utilizing the accounting policies described in the Corporation’s 2020 Annual Report on Form 10-K with certain exceptions. The more significant of these exceptions are described herein.

The reportable segment results are presented based on the Corporation's internal management accounting process. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to U.S. GAAP. As a result, reported segments and the financial information of the reported segments are not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in previously reported segment financial data. Additionally, the information presented is not indicative of how the segments would perform if they operated as independent entities.

To determine financial performance of each segment, the Corporation allocates FTP assignments, the provision for credit losses, certain noninterest expenses, income taxes, and equity to each segment. Allocation methodologies are subject to periodic adjustment as the internal management accounting system is revised, the interest rate environment evolves, and business or product lines within the segments change. Also, because the development and application of these methodologies is a dynamic process, the financial results presented may be periodically reviewed.

The Corporation allocates net interest income using an internal FTP methodology that charges users of funds (assets) and credits providers of funds (liabilities, primarily deposits) based on the maturity, prepayment and / or re-pricing characteristics of the assets and liabilities. The net effect of this allocation is offset in the Risk Management and Shared Services segment to ensure consolidated totals reflect the Corporation's net interest income. The net FTP allocation is reflected as net intersegment income (expense) in the accompanying tables.

A credit provision is allocated to segments based on the expected long-term annual net charge off rates attributable to the credit risk of loans managed by the segment during the period. In contrast, the level of the consolidated provision for credit losses is

43

Table of Contents

determined based on an ACLL model using the methodologies described in the Corporation’s 2020 Annual Report on Form 10-K. The net effect of the credit provision is recorded in Risk Management and Shared Services. Indirect expenses incurred by certain centralized support areas are allocated to segments based on actual usage (for example, volume measurements) and other criteria. Certain types of administrative expense and bank-wide expense accruals (including amortization of CDIs and other intangible assets associated with acquisitions, acquisition-related costs, and asset gains on disposed business units) are generally not allocated to segments. Income taxes are allocated to segments based on the Corporation’s estimated effective tax rate, with certain segments adjusted for any tax-exempt income or non-deductible expenses. Equity is allocated to the segments based on regulatory capital requirements and in proportion to an assessment of the inherent risks associated with the business of the segment (including interest, credit and operating risk).

A brief description of each business segment is presented below. A more in-depth discussion of these segments can be found in the Segment Reporting footnote in the Corporation’s 2020 Annual Report on Form 10-K.

The Corporate and Commercial Specialty segment serves a wide range of customers including larger businesses, developers, not-for-profits, municipalities, and financial institutions by providing lending and deposit solutions as well as the support to deliver, fund, and manage such banking solutions. In addition, this segment provides a variety of investment, fiduciary, and retirement planning products and services to individuals and small to mid-sized businesses. During the first quarter of 2021, the Corporation sold its wealth management subsidiary Whitnell. The Community, Consumer, and Business segment serves individuals, as well as small and mid-sized businesses, by providing lending and deposit solutions. In addition, the Corporation offered insurance and risk consulting services. The Risk Management and Shared Services segment includes key shared operational functions and also includes residual revenue and expenses, representing the difference between actual amounts incurred and the amounts allocated to operating segments, including interest rate risk residuals (FTP mismatches) and credit risk and provision residuals (long-term credit charge mismatches).

Information about the Corporation’s segments is presented below:

	Corporate and Commercial Specialty
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Net interest income	$	93,161	$	107,753
Net intersegment interest income (expense)	6,684		(10,726)
Segment net interest income	99,845		97,028
Noninterest income(a)	43,031		38,733
Total revenue	142,876		135,761
Provision for credit losses	17,509		12,172
Noninterest expense	57,725		54,304
Income (loss) before income taxes	67,642		69,284
Income tax expense (benefit)	12,649		12,940
Net income	$	54,993	$	56,344
Allocated goodwill	$	525,836	$	530,144

	Community, Consumer, and Business
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Net interest income	$	68,275	$	74,927
Net intersegment interest income (expense)	12,875		18,665
Segment net interest income	81,150		93,592
Noninterest income	46,128		53,350
Total revenue	127,278		146,942
Provision for credit losses	5,099		5,108
Noninterest expense	97,346		113,777
Income (loss) before income taxes	24,834		28,057
Income tax expense (benefit)	5,215		5,892
Net income	$	19,618	$	22,165
Allocated goodwill	$	579,156	$	661,244

44

Table of Contents

	Risk Management and Shared Services
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Net interest income	$	14,465	$	20,261
Net intersegment interest income (expense)	(19,559)		(7,939)
Segment net interest income	(5,094)		12,322
Noninterest income	6,184		6,223
Total revenue	1,091		18,545
Provision for credit losses	(45,612)		35,720
Noninterest expense	20,275		24,110
Income (loss) before income taxes	26,427		(41,285)
Income tax expense (benefit)	6,737		(8,613)
Net income	$	19,690	$	(32,672)
Allocated goodwill	$	—	$	—

	Consolidated Total
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Net interest income	$	175,902	$	202,942
Net intersegment interest income (expense)	—		—
Segment net interest income	175,902		202,942
Noninterest income(a)	95,343		98,306
Total revenue	271,245		301,248
Provision for credit losses	(23,004)		53,001
Noninterest expense	175,347		192,191
Income (loss) before income taxes	118,903		56,056
Income tax expense (benefit)	24,602		10,219
Net income	$	94,301	$	45,838
Allocated goodwill	$	1,104,992	$	1,191,388

(a) Includes $2 million pre-tax gain on sale of Whitnell.

45

Table of Contents

Note 16 Accumulated Other Comprehensive Income (Loss)

The following tables summarize the components of accumulated other comprehensive income (loss) at March 31, 2021 and 2020, including changes during the preceding three month periods as well as any reclassifications out of accumulated other comprehensive income (loss):

($ in Thousands)	Investment Securities AFS		Defined Benefit Pension and Postretirement Obligations		Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2020	$	41,325	$	(28,707)	$	12,618
Other comprehensive income (loss) before reclassifications	(23,979)		—		(23,979)
Amounts reclassified from accumulated other comprehensive income (loss)
Investment securities losses (gains), net	39		—		39
Personnel expense	—		(37)		(37)
Other expense	—		1,050		1,050
Interest income	518		—		518
Income tax (expense) benefit	5,851		(253)		5,598
Net other comprehensive income (loss) during period	(17,571)		760		(16,811)
Balance March 31, 2021	$	23,754	$	(27,947)	$	(4,193)
Balance December 31, 2019	$	3,989	$	(37,172)	$	(33,183)
Other comprehensive income (loss) before reclassifications	26,419		—		26,419
Amounts reclassified from accumulated other comprehensive income (loss)
Investment securities losses (gains), net	(6,118)		—		(6,118)
Personnel expense	—		(38)		(38)
Other expense	—		808		808
Interest income	556		—		556
Income tax (expense) benefit	(5,225)		(193)		(5,418)
Net other comprehensive income (loss) during period	15,632		577		16,209
Balance March 31, 2020	$	19,620	$	(36,595)	$	(16,974)

46

Table of Contents

Note 17 Revenue from Contracts with Customers

Revenue from contracts with customers is recognized when obligations under the terms of a contract with the Corporation's customer are satisfied. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. We do not have any material significant payment terms as payment is received at or shortly after the satisfaction of the performance obligation.

The Corporation's disaggregated revenue by major source is presented below:

	Corporate and Commercial Specialty
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Wealth management fees	$	22,414	$	20,106
Service charges and deposit account fees	4,905		3,551
Card-based fees(a)	435		515
Insurance commissions and fees	24		76
Other revenue	685		788
Noninterest income (in-scope of Topic 606)	$	28,463	$	25,036
Noninterest income (out-of-scope of Topic 606)	14,568		13,697
Total noninterest income	$	43,031	$	38,733
	Community, Consumer, and Business
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Wealth management fees	$	—	$	710
Service charges and deposit account fees	9,935		11,665
Card-based fees(a)	9,325		9,045
Insurance commissions and fees	50		22,529
Other revenue	3,579		2,286
Noninterest income (in-scope of Topic 606)	$	22,889	$	46,235
Noninterest income (out-of-scope of Topic 606)	23,239		7,115
Total noninterest income	$	46,128	$	53,350

	Risk Management and Shared Services
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Service charges and deposit account fees	15		5
Card-based fees(a)	4		47
Insurance commissions and fees	2		3
Other revenue	389		23
Noninterest income (in-scope of Topic 606)	$	409	$	77
Noninterest income (out-of-scope of Topic 606)	5,775		6,146
Total noninterest income	$	6,184	$	6,223
	Consolidated Total
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Wealth management fees	$	22,414	$	20,816
Service charges and deposit account fees	14,855		15,222
Card-based fees(a)	9,764		9,607
Insurance commissions and fees	76		22,608
Other revenue	4,653		3,096
Noninterest income (in-scope of Topic 606)	$	51,762	$	71,348
Noninterest income (out-of-scope of Topic 606)	43,581		26,958
Total noninterest income	$	95,343	$	98,306

(a) Certain card-based fees are out-of-scope of Topic 606.

47

Table of Contents

Below is a listing of performance obligations for the Corporation's main revenue streams:

Revenue Stream	Noninterest income in-scope of Topic 606
Service charges and deposit account fees	Service charges and deposit account fees consist of monthly service fees (i.e. business analyzed fees and consumer service charges) and other deposit account related fees. The Corporation's performance obligation for monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Other deposit account related fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges and deposit account fees is primarily received immediately or in the following month through a direct charge to customers’ accounts.
Card-based fees(a)	Card-based fees are primarily comprised of debit and credit card income, ATM fees, and merchant services income. Debit and credit card income is primarily comprised of interchange fees earned whenever the Corporation's debit and credit cards are processed through card payment networks. ATM and merchant fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment is typically received immediately or in the following month.
Trust and asset management fees(b)	Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Corporation's performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to the customers’ accounts. The Corporation's performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered.
Brokerage and advisory fees(b)	Brokerage and advisory fees primarily consist of investment advisory, brokerage, retirement services, and annuities. The Corporation's performance obligation for investment advisory services and retirement services is generally satisfied, and the related revenue recognized, over the period in which the services are provided. The performance obligation for annuities is satisfied upon sale of the annuity, and therefore, the related revenue is primarily recognized at the time of sale. Payment for these services are typically received immediately or in advance of the service.

(a) Certain card-based fees are out-of-scope of Topic 606.

(b) Trust and asset management fees and brokerage and advisory fees are included in wealth management fees.

Note 18 Leases

The Corporation has operating leases for retail and corporate offices, land, and equipment. The Corporation also has finance leases for land.

These leases have original terms of 1 year or longer with remaining maturities up to 42 years, some of which include options to extend the lease term. An analysis of the lease options has been completed and any purchase options or optional periods that the Corporation is reasonably likely to extend have been included in the capitalization.

The discount rate used to capitalize the operating leases is the Corporation's FHLB borrowing rate on the date of lease commencement. When determining the rate to discount specific lease obligations, the repayment period and term are considered.

Operating and finance lease costs and cash flows resulting from these leases are presented below:

	Three Months Ended March 31,
($ in Thousands)	2021		2020
Operating lease costs	$	2,240	$	2,623
Finance lease costs	39		36
Operating lease cash flows	2,963		2,731
Finance lease cash flows	40		21

The lease classifications on the consolidated balance sheets were as follows:

($ in Thousands)	Consolidated Balance Sheets Category	March 31, 2021		December 31, 2020
		Amount
Operating lease right-of-use asset	Premises and equipment	$	32,071	$	31,994
Finance lease right-of-use asset	Other assets	854		962
Operating lease liability	Accrued expenses and other liabilities	36,079		36,425
Finance lease liability	Other long-term funding	1,091		1,128

The lease payment obligations, weighted-average remaining lease term, and weighted-average discount rate were as follows:

48

Table of Contents

	March 31, 2021					December 31, 2020
($ in Thousands)	Lease payments		Weighted-average lease term (in years)	Weighted-average discount rate		Lease payments		Weighted-average lease term (in years)	Weighted-average discount rate
Operating leases
Equipment	$	385	2.24	0.46	%	$	386	2.49	0.46	%
Retail and corporate offices	33,707		5.94	3.27	%	34,036		6.04	3.33	%
Land	6,165		8.83	3.10	%	6,385		8.99	3.09	%
Total operating leases	$	40,257	6.33	3.22	%	$	40,806	6.45	3.27	%
Finance leases
Land	$	1,105	1.40	1.05	%	$	1,145	1.65	1.05	%
Total finance leases	$	1,105	1.40	1.05	%	$	1,145	1.65	1.05	%

Contractual lease payment obligations for each of the next five years and thereafter, in addition to a reconciliation to the Corporation’s lease liability, were as follows:

($ in Thousands)	Operating Leases		Finance Leases		Total Leases
Nine Months Ending December 31, 2021	$	6,591	$	132	$	6,724
2022	7,111		973		8,084
2023	6,010		—		6,010
2024	5,274		—		5,274
2025	4,110		—		4,110
Beyond 2025	11,160		—		11,160
Total lease payments	$	40,257	$	1,105	$	41,362
Less: interest	4,178		14		4,192
Present value of lease payments	$	36,079	$	1,091	$	37,170

As of March 31, 2021 and December 31, 2020, additional operating leases, primarily retail and corporate offices, that had not yet commenced totaled $15 million and $17 million, respectively. The leases that had not yet commenced as of March 31, 2021, will commence between April 2021 and October 2023 with lease terms of 1 year to 6 years.

49

Table of Contents

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

Special Note Regarding Forward-Looking Statements

This report contains statements that may constitute forward-looking statements within the meaning of the safe-harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, such as statements other than historical facts contained or incorporated by reference into this report. These forward-looking statements include statements with respect to the Corporation’s financial condition, results of operations, plans, objectives, future performance and business, including statements preceded by, followed by or that include the words “believes,” “expects,” or “anticipates,” references to estimates or similar expressions. Future filings by the Corporation with the SEC, and future statements other than historical facts contained in written material, press releases and oral statements issued by, or on behalf of the Corporation may also constitute forward-looking statements.

All forward-looking statements contained in this report or which may be contained in future statements made for or on behalf of the Corporation are based upon information available at the time the statement is made and the Corporation assumes no obligation to update any forward-looking statements, except as required by federal securities law. Forward-looking statements are subject to significant risks and uncertainties, and the Corporation’s actual results may differ materially from the expected results discussed in such forward-looking statements. Factors that might cause actual results to differ from the results discussed in forward-looking statements include, but are not limited to, the risk factors in Item 1A, Risk Factors, in the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2020, in the Corporation's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, in Item 1A of Part 2 herein, and as may be described from time to time in the Corporation’s subsequent SEC filings.

Overview

The following discussion and analysis is presented to assist in the understanding and evaluation of the Corporation’s financial condition and results of operations. It is intended to complement the unaudited consolidated financial statements, footnotes, and supplemental financial data appearing elsewhere in this Quarterly Report on Form 10-Q and should be read in conjunction therewith. Management continually evaluates strategic acquisition opportunities and various other strategic alternatives that could involve the sale or acquisition of branches or other assets, or the consolidation or creation of subsidiaries. Within the tables presented, certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes.

50

Table of Contents

Performance Summary

•Average loans of $24.5 billion increased $1.2 billion, or 5%, compared to the first three months of 2020, driven by an increase in PPP and CRE loans. The Corporation expects 2021 commercial loan growth, excluding PPP, of 2% to 4%.

•Average deposits of $26.8 billion increased $2.5 billion, or 10%, from the first three months of 2020, driven primarily by government stimulus related inflows.

•Net interest income of $176 million decreased $27 million, or 13%, from the first three months of 2020, and net interest margin was 2.39% compared to 2.84% for the first three months of 2020, both decreases are primarily due to a lower interest rate environment. The Corporation expects a full year margin of 2.45% to 2.55%.

•Provision for credit losses had a release of $23 million, compared to provision expense of $53 million for the first three months of 2020. The Corporation expects full year provision to be nominal.

•Noninterest income of $95 million decreased $3 million, or 3%, from the first three months of 2020. The Corporation expects 2021 noninterest income of $310 million to $330 million, reflecting positive fee income trends which we expect will outpace margin pressure. In addition, mortgage banking revenue is expected to remain elevated in the second quarter of 2021 with potential further MSRs recoveries should rates move higher.

•Noninterest expense of $175 million decreased $17 million, or 9%, from the first three months of 2020 due to a decrease in personnel expense of $10 million, or 9%, primarily due to having fewer employees. During the first quarter of 2021, the Corporation began hiring staff for the purpose of originating auto-secured loans indirectly through dealers beginning in the fall of 2021 and expects a total of 55-60 FTEs by year end. As a result of the new indirect auto lending initiative, additional mortgage commission, and incentive and compensation expenses, the Corporation expects 2021 noninterest expense of $690 million to $695 million.

Table 1 Summary Results of Operations: Trends

($ in Thousands, except per share data)	1Q21			4Q20			3Q20		2Q20			1Q20
Net income	$	94,301		$	67,002		$	45,214	$	148,718		$	45,838
Net income available to common equity	89,094			61,795			40,007		144,573			42,037
Earnings per common share - basic	0.58			0.40			0.26		0.94			0.27
Earnings per common share - diluted	0.58			0.40			0.26		0.94			0.27
Effective tax rate	20.69		%	20.10		%	N/M		25.62		%	18.23		%

N/M = Not Meaningful

51

Table 2 Net Interest Income Analysis

	Three Months Ended
	March 31, 2021						December 31, 2020						March 31, 2020
($ in Thousands)	Average Balance		Interest Income / Expense		Average Yield / Rate		Average Balance		Interest Income / Expense		Average Yield / Rate		Average Balance		Interest Income / Expense		Average Yield / Rate
Assets
Earning assets
Loans(a)(b)(c)
Commercial PPP lending	$	806,699	$	8,900	4.47	%	$	929,859	$	10,854	4.64	%	$	—	$	—	—	%
Commercial and business lending (excl PPP loans)	8,537,301		54,091		2.57	%	8,513,750		57,473		2.69	%	8,380,113		80,217		3.85	%
Commercial real estate lending	6,171,202		44,315		2.91	%	6,157,622		44,636		2.88	%	5,329,568		57,499		4.34	%
Total commercial	15,515,202		107,307		2.80	%	15,601,230		112,963		2.88	%	13,709,681		137,716		4.04	%
Residential mortgage	7,962,691		55,504		2.79	%	8,029,585		60,292		3.00	%	8,404,351		69,961		3.33	%
Retail	985,456		11,630		4.75	%	1,051,022		13,035		4.95	%	1,194,586		17,473		5.86	%
Total loans	24,463,349		174,442		2.88	%	24,681,837		186,290		3.01	%	23,308,618		225,149		3.88	%
Investment securities
Taxable	2,976,469		7,014		0.94	%	3,155,508		9,746		1.24	%	3,460,224		20,272		2.34	%
Tax-exempt(a)	1,900,346		17,844		3.76	%	1,909,512		17,870		3.74	%	1,974,247		18,603		3.77	%
Other short-term investments	991,844		1,694		0.69	%	985,091		1,699		0.69	%	473,604		3,304		2.81	%
Investments and other	5,868,659		26,553		1.81	%	6,050,111		29,315		1.94	%	5,908,075		42,179		2.86	%
Total earning assets	30,332,008		$	200,994	2.67	%	30,731,948		$	215,605	2.80	%	29,216,693		$	267,329	3.67	%
Other assets, net	3,352,135						3,343,844						3,360,311
Total assets	$	33,684,143					$	34,075,792					$	32,577,005
Liabilities and Stockholders' equity
Interest-bearing liabilities
Interest-bearing deposits
Savings	$	3,810,321	$	332	0.04	%	$	3,628,458	$	356	0.04	%	$	2,868,840	$	1,800	0.25	%
Interest-bearing demand	5,713,270		1,178		0.08	%	5,739,983		1,215		0.08	%	5,307,230		8,755		0.66	%
Money market	6,875,730		1,059		0.06	%	6,539,583		1,121		0.07	%	6,538,658		10,806		0.66	%
Network transaction deposits	1,080,109		327		0.12	%	1,265,748		468		0.15	%	1,434,128		4,601		1.29	%
Time deposits	1,658,568		3,014		0.74	%	1,888,074		4,602		0.97	%	2,636,231		10,703		1.63	%
Total interest-bearing deposits	19,137,998		5,909		0.13	%	19,061,847		7,762		0.16	%	18,785,088		36,666		0.79	%
Federal funds purchased and securities sold under agreements to repurchase	136,144		26		0.08	%	164,091		32		0.08	%	194,406		368		0.76	%
Commercial paper	42,774		6		0.05	%	40,128		5		0.05	%	34,282		25		0.29	%
PPPLF	—		—		—	%	464,119		410		0.35	%	—		—		—	%
Other short-term funding	—		—		—	%	—		—		—	%	16,997		11		0.25	%
FHLB advances	1,631,895		9,493		2.36	%	1,660,274		9,888		2.37	%	3,231,999		17,626		2.19	%
Long-term funding	549,585		5,585		4.07	%	549,307		5,585		4.07	%	549,465		5,607		4.08	%
Total short and long-term funding	2,360,397		15,109		2.58	%	2,877,919		15,920		2.20	%	4,027,149		23,637		2.36	%
Total interest-bearing liabilities	21,498,395		$	21,018	0.40	%	21,939,766		$	23,682	0.43	%	22,812,237		$	60,303	1.06	%
Noninterest-bearing demand deposits	7,666,561						7,677,003						5,506,861
Other liabilities	415,195						405,430						416,107
Stockholders’ Equity	4,103,991						4,053,593						3,841,800
Total liabilities and stockholders’ equity	$	33,684,143					$	34,075,792					$	32,577,005
Interest rate spread					2.27	%					2.37	%					2.61	%
Net free funds					0.12	%					0.12	%					0.23	%
Fully tax-equivalent net interest income and net interest margin ("NIM")			$	179,976	2.39	%			$	191,923	2.49	%			$	207,026	2.84	%
Fully tax-equivalent adjustment			4,074						3,930						4,084
Net interest income			$	175,902					$	187,993					$	202,942

Numbers may not sum due to rounding

(a) The yield on tax-exempt loans and securities is computed on a fully tax-equivalent basis using a tax rate of 21% and is net of the effects of certain disallowed interest deductions.

(b) Nonaccrual loans and loans held for sale have been included in the average balances.

(c) Interest income includes amortization of net deferred loan origination costs and net accreted purchase loan discount.

52

Notable Contributions to the Change in Net Interest Income

•    Average loans of $24.5 billion increased $1.2 billion, or 5%, compared to the first three months of 2020, primarily driven by an increase of $842 million, or 16%, in CRE loans as loans in the pipeline continued to fund along with slower payoffs. PPP loan originations, which began last April, increased average loans by $807 million. Partially offsetting this growth was a decrease of $442 million, or 5%, in residential mortgages as the lower rate environment has resulted in higher levels of refinances.

•Net interest income on the consolidated statements of income (which excludes the fully tax-equivalent adjustment) was $176 million for the first three months of 2021 compared to $203 million for the first three months of 2020. Fully tax-equivalent net interest income of $180 million for the first three months of 2021 was $27 million, or 13%, lower than the first three months of 2020. The net interest margin for the first three months of 2021 was 2.39% compared to 2.84% for the first three months of 2020. The decreases were attributable to a lower interest rate environment and increased liquidity primarily related to monetary and fiscal stimulus programs. To lessen the impact of the lower rate environment, the Corporation began requiring LIBOR floors in applicable loan restructurings, renewals of existing loan transactions, and any new loan transactions. See sections Interest Rate Risk and Quantitative and Qualitative Disclosures about Market Risk for a discussion of interest rate risk and market risk.

•    Average interest-bearing liabilities of $21.5 billion for the first three months of 2021 were down $1.3 billion, or 6%, compared to the first three months of 2020. On average, FHLB advances decreased $1.6 billion, or 50%, primarily driven by the Corporation's prepayment of $950 million in FHLB advances during the third quarter of 2020. Interest-bearing deposits increased $353 million, or 2%, primarily driven by a combined increase of $1.7 billion, or 11%, in savings, money market and interest bearing demand deposits, partially offset by a combined decrease of $1.3 billion, or 33%, in higher cost network and time deposits. Average noninterest-bearing demand deposits of $7.7 billion for the first three months of 2021 were up $2.2 billion, or 39% versus the first three months of 2020. Government stimulus programs and a partially closed down economy has led to customers holding higher deposit balances.

•    The cost of interest-bearing liabilities was 0.40% for the first three months of 2021, which was a 66 bp drop from the first three months of 2020 primarily attributed to the federal funds rate decreases which occurred in March 2020.

•The Federal Reserve lowered the federal funds target interest to a range of 0.00% to 0.25% in March 2020, which has remained constant through the end of the first quarter of 2021.

Provision for Credit Losses

The provision for credit losses is predominantly a function of the Corporation’s reserving methodology and judgments as to other qualitative and quantitative factors used to determine the appropriate level of the ACLL, which focuses on changes in the size and character of the loan portfolio, changes in levels of individually evaluated and other nonaccrual loans, historical losses and delinquencies in each portfolio category, the risk inherent in specific loans, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, and other factors which could affect potential credit losses. The forecast the Corporation used for March 31, 2021 was the Moody's baseline scenario from March 2021 over a 2 year reasonable and supportable period with straight-line reversion to historical losses over the second year of the period. See additional discussion under the sections titled, Loans, Credit Risk, Nonperforming Assets, and Allowance for Credit Losses on Loans.

53

Noninterest Income

Table 3 Noninterest Income

											1Q21 Changes vs
($ in Thousands, except as noted)	1Q21		4Q20		3Q20		2Q20		1Q20		4Q20		1Q20
Wealth management fees	$	22,414	$	22,073	$	21,152	$	20,916	$	20,816	2	%	8	%
Service charges and deposit account fees	14,855		15,318		14,283		11,484		15,222		(3)	%	(2)	%
Card-based fees	9,743		9,848		10,195		8,893		9,597		(1)	%	2	%
Other fee-based revenue	4,596		4,998		4,968		4,774		4,497		(8)	%	2	%
Total fee-based revenue	51,608		52,237		50,598		46,068		50,132		(1)	%	3	%
Capital markets, net	8,118		5,898		7,222		6,910		7,935		38	%	2	%
Mortgage servicing fees, net(a)	(1,397)		(973)		(957)		(781)		2,062		(44)	%	N/M
Gains (losses) and fair value adjustments on loans held for sale	14,744		14,733		14,536		20,976		9,756		—	%	51	%
Fair value adjustment on portfolio loans transferred to held for sale	—		—		509		—		3,423		—	%	(100)	%
Mortgage servicing rights (impairment) recovery	10,578		776		(1,451)		(7,932)		(9,098)		N/M		N/M
Mortgage banking, net	23,925		14,537		12,636		12,263		6,143		65	%	N/M
Bank and corporate owned life insurance	2,702		3,978		3,074		3,625		3,094		(32)	%	(13)	%
Insurance commissions and fees	76		92		114		22,430		22,608		(17)	%	(100)	%
Other	3,141		2,879		2,232		2,737		2,352		9	%	34	%
Subtotal	89,570		79,621		75,877		94,034		92,264		12	%	(3)	%
Asset gains (losses), net	4,809		(1,356)		(339)		157,361		(77)		N/M		N/M
Investment securities gains(losses), net	(39)		—		7		3,096		6,118		N/M		N/M
Gain/loss on the sale of branches, net	1,002		7,449		—		—		—		(87)	%	N/M
Total noninterest income	$	95,343	$	85,714	$	75,545	$	254,490	$	98,306	11	%	(3)	%
Mortgage loans originated for sale during period	$	412,645	$	323,101	$	458,361	$	550,419	$	310,254	28	%	33	%
Mortgage loan settlements during period	400,135		338,794		598,509		725,003		297,265		18	%	35	%
Mortgage portfolio loans transferred to held for sale during period	—		—		69,532		—		199,587		—	%	(100)	%
Assets under management, at market value(b)	12,553		13,314		12,195		11,755		10,454		(6)	%	20	%

N/M = Not Meaningful

(a) Includes mortgage origination and servicing fees, net of mortgage servicing rights amortization.

(b) $ in millions. Excludes assets held in brokerage accounts.

Notable Contributions to the Change in Noninterest Income

•Mortgage banking, net was up $18 million from the first three months of 2020 due to an $11 million recovery of MSRs impairment during the quarter, compared to impairment of $9 million during the first three months of 2020.

•Insurance commission and fees was down $23 million, from the first three months of 2020, driven by the sale of ABRC during the second quarter of 2020, which largely eliminated insurance commissions and fees.

•Asset gains (losses), net was up $5 million from the first three months of 2020, driven by a gain of $2 million from the sale of Whitnell and gains of $3 million from private equity investments.

•Investment securities gains (losses), net was down $6 million from the first three of 2020 due to fewer securities being sold at a gain.

54

Noninterest Expense

Table 4 Noninterest Expense

											1Q21 Change vs
($ in Thousands)	1Q21		4Q20		3Q20		2Q20		1Q20		4Q20		1Q20
Personnel	$	104,026	$	98,033	$	108,567	$	111,350	$	114,200	6	%	(9)	%
Technology	20,740		19,574		19,666		21,174		20,799		6	%	—	%
Occupancy	16,156		15,678		17,854		14,464		16,069		3	%	1	%
Business development and advertising	4,395		5,421		3,626		3,556		5,826		(19)	%	(25)	%
Equipment	5,518		5,555		5,399		5,312		5,439		(1)	%	1	%
Legal and professional	6,530		5,737		5,591		5,058		5,160		14	%	27	%
Loan and foreclosure costs	2,220		3,758		2,118		3,605		3,120		(41)	%	(29)	%
FDIC assessment	4,750		5,700		3,900		5,250		5,500		(17)	%	(14)	%
Other intangible amortization	2,236		2,253		2,253		2,872		2,814		(1)	%	(21)	%
Loss on prepayments of FHLB advances	—		—		44,650		—		—		N/M		N/M
Other	8,775		11,141		13,963		10,766		13,263		(21)	%	(34)	%
Total noninterest expense	$	175,347	$	172,850	$	227,587	$	183,407	$	192,191	1	%	(9)	%
Average FTEs(a)	4,020		4,134		4,374		4,701		4,631		(3)	%	(13)	%

(a) Average FTEs without overtime

Notable Contributions to the Change in Noninterest Expense

•Personnel expense decreased $10 million or 9% from the first three months of 2020, primarily due to having fewer employees as a result of the sale of ABRC, corporate restructurings and branch sales, offset by an increase in incentives and commission.

Income Taxes

The Corporation recognized income tax expense of $25 million for the three months ended March 31, 2021, compared to income tax expense of $10 million for the three months ended March 31, 2020. The Corporation's effective tax rate was 20.69% for the first three months of 2021, compared to an effective tax rate of 18.23% for the first three months of 2020. The higher income tax expense was driven primarily by an increase in income before tax. The Corporation expects a full year effective tax rate of 19% to 21%, assuming no change in the corporate tax rate.

Income tax expense recorded on the consolidated statements of income involves the interpretation and application of certain accounting pronouncements and federal and state tax laws and regulations, and is, therefore, considered a critical accounting policy. The Corporation is subject to examination by various taxing authorities. Examination by taxing authorities may impact the amount of tax expense and / or reserve for uncertainty in income taxes if their interpretations differ from those of management, based on their judgments about information available to them at the time of their examinations. See section Critical Accounting Policies, in the Corporation’s 2020 Annual Report on Form 10-K for additional information on income taxes.

55

Balance Sheet Analysis

•At March 31, 2021, total assets were $34.6 billion, up $1.2 billion, or 3%, from December 31, 2020 and up $667 million, or 2%, from March 31, 2020.

•Interest bearing deposits in other financial institutions were $1.6 billion at March 31, 2021, up $1.3 billion and $1.4 billion from December 31, 2020 and March 31, 2020, respectively, primarily due to excess reserves being held at the Federal Reserve.

•Loans of $24.2 billion at March 31, 2021 were down $289 million, or 1%, from December 31, 2020 and down $203 million, or 1% from March 31, 2020. See Note 7 Loans for additional details.

•At March 31, 2021, total deposits of $27.7 billion were up $1.2 billion, or 5%, from December 31, 2020 and were up $2.0 billion, or 8%, from March 31, 2020. Government stimulus programs and a partially closed down economy has led to customers holding higher deposit balances. See section Deposits and Customer Funding for additional information on deposits.

•FHLB advances were $1.6 billion at both March 31, 2021 and December 31, 2020, and down $1.6 billion, or 49%, from March 31, 2020, primarily driven by the Corporation's prepayment of $950 million in long-term FHLB advances during the third quarter of 2020.

•Preferred equity was $354 million at both March 31, 2021 and December 31, 2020, and up $97 million, or 38%, from March 31, 2020. On June 9, 2020, the Corporation issued $100 million, or $97 million net of issuance costs, of 5.625% Non-Cumulative Perpetual Preferred Stock, Series F.

Loans

Table 5 Period End Loan Composition

	March 31, 2021				December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020
($ in Thousands)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
PPP	$	836,566	3	%	$	767,757	3	%	$	1,022,217	4	%	$	1,012,033	4	%	$	—	—	%
Commercial and industrial	7,664,501		32	%	7,701,422		31	%	7,933,404		32	%	7,968,709		32	%	8,517,974		35	%
Commercial real estate — owner occupied	883,237		4	%	900,912		4	%	904,997		4	%	914,385		4	%	940,687		4	%
Commercial and business lending	9,384,303		39	%	9,370,091		38	%	9,860,618		39	%	9,895,127		40	%	9,458,661		39	%
Commercial real estate — investor	4,260,706		18	%	4,342,584		18	%	4,320,926		17	%	4,174,125		17	%	4,038,036		17	%
Real estate construction	1,882,299		8	%	1,840,417		8	%	1,859,609		7	%	1,708,189		7	%	1,544,858		6	%
Commercial real estate lending	6,143,004		25	%	6,183,001		25	%	6,180,536		25	%	5,882,314		24	%	5,582,894		23	%
Total commercial	15,527,307		64	%	15,553,091		64	%	16,041,154		64	%	15,777,441		64	%	15,041,555		62	%
Residential mortgage	7,685,218		32	%	7,878,324		32	%	7,885,523		32	%	7,933,518		32	%	8,132,417		33	%
Home equity	651,647		3	%	707,255		3	%	761,593		3	%	795,671		3	%	844,901		3	%
Other consumer	298,156		1	%	313,054		1	%	315,483		1	%	326,040		1	%	346,761		1	%
Total consumer	8,635,020		36	%	8,898,632		36	%	8,962,599		36	%	9,055,230		36	%	9,324,079		38	%
Total loans	$	24,162,328	100	%	$	24,451,724	100	%	$	25,003,753	100	%	$	24,832,671	100	%	$	24,365,633	100	%

The Corporation has long-term guidelines relative to the proportion of Commercial and Business, CRE, and Consumer loan commitments within the overall loan portfolio, with each targeted to represent 30-40% of the overall loan portfolio. The targeted long-term guidelines were unchanged during 2020 and the first three months of 2021. Furthermore, certain sub-asset classes within the respective portfolios are further defined and dollar limitations are placed on these sub-portfolios. These guidelines and limits are reviewed quarterly and approved annually by the Enterprise Risk Committee of the Corporation’s Board of Directors. These guidelines and limits are designed to create balance and diversification within the loan portfolios.

56

The Corporation’s loan distribution and interest rate sensitivity as of March 31, 2021 are summarized in the following table:

Table 6 Loan Distribution and Interest Rate Sensitivity

($ in Thousands)	Within 1 Year(a)		1-5 Years		After 5 Years		Total		% of Total
PPP	$	—	$	836,566	$	—	$	836,566	3	%
Commercial and industrial	7,079,691		479,171		105,640		7,664,501		32	%
Commercial real estate — owner occupied	478,388		237,177		167,671		883,237		4	%
Commercial real estate — investor	3,866,975		292,594		101,137		4,260,706		18	%
Real estate construction	1,859,917		12,057		10,324		1,882,299		8	%
Residential mortgage - Adjustable(b)	508,921		1,125,983		1,729,486		3,364,391		14	%
Residential mortgage - Fixed	37,612		95,429		4,187,785		4,320,827		18	%
Home equity	27,204		92,789		531,654		651,647		3	%
Other consumer	41,482		59,335		197,339		298,156		1	%
Total loans	$	13,900,190	$	3,231,100	$	7,031,037	$	24,162,328	100	%
Fixed rate	$	5,404,162	$	1,921,843	$	4,737,476	$	12,063,481	50	%
Floating or adjustable rate	8,496,028		1,309,257		2,293,561		12,098,846		50	%
Total	$	13,900,190	$	3,231,100	$	7,031,037	$	24,162,328	100	%

(a) Demand loans, past due loans, overdrafts, and credit cards are reported in the “Within 1 Year” category.

(b) Based on contractual loan terms for adjustable rate mortgages; does not factor in early prepayments or amortization.

At March 31, 2021, $17.5 billion, or 72%, of the loans outstanding were floating rate, adjustable rate, re-pricing within one year, or maturing within one year.

Credit Risk

An active credit risk management process is used for commercial loans to ensure that sound and consistent credit decisions are made. Credit risk is controlled by detailed underwriting procedures, comprehensive loan administration, and periodic review of borrowers’ outstanding loans and commitments. Borrower relationships are formally reviewed and graded on an ongoing basis for early identification of potential problems. Further analysis by customer, industry, and geographic location are performed to monitor trends, financial performance, and concentrations. See Note 7 Loans of the notes to consolidated financial statements for additional information on managing overall credit quality.

The loan portfolio is widely diversified by types of borrowers, industry groups, and market areas within the Corporation's branch footprint. Significant loan concentrations are considered to exist when there are amounts loaned to numerous borrowers engaged in similar activities that would cause them to be similarly impacted by economic or other conditions. At March 31, 2021, no significant concentrations existed in the Corporation’s portfolio in excess of 10% of total loans.

Commercial and business lending: The commercial and business lending classification primarily includes commercial loans to large corporations, middle market companies, small businesses, and lease financing.

Table 7 Largest Commercial and Business Lending Industry Group Exposures

March 31, 2021	% of Total Loans		% of Total Commercial and Business Lending
Finance and Insurance	7	%	19	%
Utilities	7	%	18	%
Manufacturing and Wholesale Trade	6	%	17	%
Real Estate	5	%	12	%

The remaining commercial and business lending portfolio is spread over a diverse range of industries, none of which exceed 2% of total loans.

The credit risk related to commercial loans is largely influenced by general economic conditions and the resulting impact on a borrower’s operations or on the value of underlying collateral, if any.

57

Commercial real estate - investor: CRE-investor is comprised of loans secured by various non-owner occupied or investor income producing property types.

Table 8 Largest Commercial Real Estate Investor Property Type Exposures

March 31, 2021	% of Total Loans		% of Total Commercial Real Estate - Investor
Multi-Family	5	%	30	%
Office	4	%	24	%
Retail	3	%	19	%
Industrial	3	%	18	%

The remaining CRE-investor portfolio is spread over various other property types, none of which exceed 2% of total loans.

Credit risk is managed in a similar manner to commercial and business lending by employing sound underwriting guidelines, lending primarily to borrowers in local markets and businesses, periodically evaluating the underlying collateral, and formally reviewing the borrower’s financial soundness and relationship on an ongoing basis.

Real estate construction: Real estate construction loans are primarily short-term or interim loans that provide financing for the acquisition or development of commercial income properties, multi-family projects, or residential development, both single family and condominium. Real estate construction loans are made to developers and project managers who are generally well known to the Corporation and have prior successful project experience. The credit risk associated with real estate construction loans is generally confined to specific geographic areas but is also influenced by general economic conditions. The Corporation controls the credit risk on these types of loans by making loans in familiar markets to developers, reviewing the merits of individual projects, controlling loan structure, and monitoring project progress and construction advances.

Table 9 Largest Real Estate Construction Property Type Exposures

March 31, 2021	% of Total Loans		% of Total Real Estate Construction
Multi-Family	3	%	38	%

The remaining real estate construction portfolio is spread over various other property types, none of which exceed 2% of total loans.

The Corporation’s current lending standards for CRE and real estate construction lending are determined by property type and specifically address many criteria, including: maximum loan amounts, maximum LTV, requirements for pre-leasing and / or presales, minimum borrower equity, and maximum loan-to-cost. Currently, the maximum standard for LTV is 80%, with lower limits established for certain higher risk types, such as raw land that has a 50% LTV maximum. The Corporation’s LTV guidelines are in compliance with regulatory supervisory limits. In most cases, for real estate construction loans, the loan amounts include interest reserves, which are built into the loans and sized to fund loan payments through construction and lease up and / or sell out.

Residential mortgages: Residential mortgage loans are primarily first lien home mortgages with a maximum loan-to-collateral value without credit enhancement (e.g. private mortgage insurance) of 80%. The residential mortgage portfolio is focused primarily in the Corporation's three-state branch footprint, with approximately 88% of the outstanding loan balances in the Corporation's branch footprint at March 31, 2021. The majority of the on balance sheet residential mortgage portfolio consists of LIBOR or constant maturity treasury based, hybrid, adjustable rate mortgage loans with initial fixed rate terms of 3, 5, 7, or 10 years. The rates on these mortgages adjust based upon the movement in the underlying index which is then added to a margin and rounded to the nearest 0.125%. That result is then subjected to any periodic caps to produce the borrower's interest rate for the coming term.

In 2014, the Financial Stability Oversight Council and Financial Stability Board raised concerns about the reliability and robustness of LIBOR and called for the development of alternative interest rate benchmarks. The ARRC, through authority from the Federal Reserve, have selected the SOFR as the alternative rate and developed a paced transition plan which addresses the risk that LIBOR may not exist beyond the end of 2021. There are still many components of this plan which have not been fully decided or implemented in the industry. As a result, the Corporation is reaching out to certain borrowers offering an opportunity to refinance or modify their loans to avoid any uncertainty around the LIBOR transition. Performing borrowers can modify or refinance to a fixed interest rate or an adjustable rate mortgage tied to the one-year treasury adjusted to a constant maturity of one-year with an appropriate margin. This provides the Bank and borrower with greater certainty around the loan structure.

58

The Corporation generally retains certain fixed-rate residential real estate mortgages in its loan portfolio, including retail and private banking jumbo mortgages and CRA-related mortgages. As part of management’s historical practice of originating and servicing residential mortgage loans, generally the Corporation’s 30 year, agency conforming, fixed-rate residential real estate mortgage loans have been sold in the secondary market with servicing rights retained. Subject to management’s analysis of the current interest rate environment, among other market factors, the Corporation may choose to retain 30 year mortgage loan production on its balance sheet. See section Loans for additional information on loans.

The Corporation’s underwriting and risk-based pricing guidelines for residential mortgage loans include minimum borrower FICO and maximum LTV of the property securing the loan. Residential mortgage products generally are underwritten using FHLMC and FNMA secondary marketing guidelines.

Home equity: Home equity consists of both home equity lines of credit and closed-end home equity loans. The Corporation’s credit risk monitoring guidelines for home equity is based on an ongoing review of loan delinquency status, as well as a quarterly review of FICO score deterioration and property devaluation. The Corporation does not routinely obtain appraisals on performing loans to update LTV ratios after origination; however, the Corporation monitors the local housing markets by reviewing the various home price indices and incorporates the impact of the changing market conditions in its ongoing credit monitoring process. For junior lien home equity loans, the Corporation is unable to track the performance of the first lien loan if it does not own or service the first lien loan. However, the Corporation obtains a refreshed FICO score on a quarterly basis and monitors this as part of its assessment of the home equity portfolio.

The Corporation’s underwriting and risk-based pricing guidelines for home equity lines of credit and loans consist of a combination of both borrower FICO and the original cumulative LTV against the property securing the loan. During the second quarter of 2020, in the volatile economic environment, the Corporation reduced its exposure by reducing its maximum LTV on home equity lines of credit from 90% to 80%, among other changes, while maintaining the minimum acceptable FICO at 670. The Corporation's current home equity line of credit offering is priced based on floating rate indices and generally allows 10 years of interest-only payments followed by a 20-year amortization of the outstanding balance. During the third quarter of 2020, based upon an analysis of market conditions and uncertainty around the timing and scope of the anticipated economic recovery, the Corporation temporarily suspended new applications for home equity lines of credit. Due to improving economic conditions, the Corporation resumed applications for home equity lines of credit in the first quarter of 2021. The loans in the Corporation's portfolio generally have an original term of 20 years with principal and interest payments required. See section Loans for additional information on loans.

Other consumer: Other consumer consists of student loans, short-term personal installment loans, and credit cards. The Corporation had $115 million and $118 million of student loans at March 31, 2021 and December 31, 2020, respectively, the majority of which are government guaranteed. As a result of the COVID-19 pandemic and the passage of the CARES Act, government guaranteed student loans had been placed on an administrative forbearance through September 30, 2020. Subsequently, on August 8, 2020, President Trump directed the Secretary of Education to continue to suspend loan payments, stop collections, and waive interest on U.S. Department of Education held federal student loans through December 31, 2020. On December 4, 2020, the relief measures were extended through January 31, 2021, and on January 20, 2021, President Biden extended the federal student loan relief through September 30, 2021. Credit risk for non-government guaranteed student loans, short-term personal installment loans, and credit cards is influenced by general economic conditions, the characteristics of individual borrowers, and the nature of the loan collateral. Risks of loss are generally on smaller average balances per loan spread over many borrowers. Once charged off, there is usually less opportunity for recovery of these smaller consumer loans. Credit risk is primarily controlled by reviewing the creditworthiness of the borrowers, monitoring payment histories, and taking appropriate collateral and guarantee positions. The student loan portfolio is in run-off and no new student loans are being originated.

59

COVID-19 Update:

Beginning on April 3, 2020, the Corporation began originating SBA loans under the PPP, which are included in commercial and business lending loans, to help businesses keep their workforce employed and cover other working capital needs during the COVID-19 pandemic. All complete eligible applications for the PPP have been processed in the order in which they have been received. The Corporation began submitting PPP forgiveness applications on behalf of our customers on September 14, 2020. Forgiveness payments from the SBA began to be received in the fourth quarter of 2020. The Corporation received approximately $248 million and $221 million of forgiveness payments in 2020 and 2021, respectively, with nearly all of the remaining loans expected to be forgiven throughout the remainder of 2021. On December 27, 2020, the Economic Aid Act was signed into law, which included another round of PPP funding. The Corporation began originating the new round of PPP loans in January 2021. As of March 31, 2021, the Corporation had funded $293 million of PPP loans in this most recent round.

The following table summarizes the balance segmentation of the PPP loans and associated deferred fees as of March 31, 2021:

Table 10 Paycheck Protection Program Loan Segmentation

	Round 1 & 2					Round 3					Total
	Originated Loans	Originated Balance		Outstanding Balance		Originated Loans	Originated Balance		Outstanding Balance		Outstanding Balance
($ in Thousands)
>=$2,000,000	99	$	335,534	$	292,427	10	$	20,000	$	20,000	$	312,427
< $2,000,000 And > $350,000	485	386,245		118,800		145	106,778		106,778		225,578
<=$350,000	7,495	344,007		133,126		4,158	165,753		165,434		298,560
Total	8,079	$	1,065,786	$	544,353	4,313	$	292,531	$	292,213	$	836,566
Deferred fees				$	6,072				$	11,504	$	17,576

The following table summarizes loan forbearances outstanding in response to the COVID-19 pandemic as of March 31, 2021 as a result of the loan forbearance program:

Table 11 COVID-19 Loan Forbearances

($ in Thousands)	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Commercial and business lending	$	5,521	$	12,377	$	61,535	$	187,708	$	345
Commercial real estate	12,115		18,368		248,842		675,382		595
Total consumer	19,724		47,835		375,794		724,921		428
Total	$	37,360	$	78,579	$	686,171	$	1,588,011	$	1,368

60

Nonperforming Assets

Management is committed to a proactive nonaccrual and problem loan identification philosophy. This philosophy is implemented through the ongoing monitoring and review of all pools of risk in the loan portfolio to ensure that problem loans are identified quickly and the risk of loss is minimized. Table 12 provides detailed information regarding NPAs, which include nonaccrual loans, OREO, and other NPAs:

Table 12 Nonperforming Assets

($ in Thousands)	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Nonperforming assets
Commercial and industrial	$	33,192		$	61,859		$	105,899		$	80,239		$	58,854
Commercial real estate — owner occupied	7			1,058			2,043			1,932			1,838
Commercial and business lending	33,200			62,917			107,941			82,171			60,692
Commercial real estate — investor	58,485			78,220			50,458			11,172			1,091
Real estate construction	327			353			392			503			486
Commercial real estate lending	58,813			78,573			50,850			11,675			1,577
Total commercial	92,012			141,490			158,792			93,846			62,269
Residential mortgage	61,256			59,337			62,331			66,656			64,855
Home equity	9,792			9,888			10,277			10,829			9,378
Other consumer	231			140			190			276			215
Total consumer	71,280			69,364			72,798			77,761			74,448
Total nonaccrual loans	163,292			210,854			231,590			171,607			136,717
Commercial real estate owned	2,092			2,185			2,113			2,968			3,105
Residential real estate owned	1,501			1,194			1,535			3,573			5,994
Bank properties real estate owned	20,995			10,889			15,335			13,723			13,431
OREO	24,588			14,269			18,983			20,264			22,530
Other nonperforming assets	—			—			909			909			6,004
Total nonperforming assets	$	187,880		$	225,123		$	251,481		$	192,780		$	165,251
Accruing loans past due 90 days or more
Commercial	$	190		$	175		$	763		$	385		$	436
Consumer	1,485			1,423			1,091			1,081			1,819
Total accruing loans past due 90 days or more	$	1,675		$	1,598		$	1,854		$	1,466		$	2,255
Restructured loans (accruing)(a)
Commercial	$	27,356		$	41,119		$	18,407		$	18,189		$	18,767
Consumer	13,464			10,973			8,485			7,114			7,618
Total restructured loans (accruing)	$	40,820		$	52,092		$	26,891		$	25,303		$	26,384
Nonaccrual restructured loans (included in nonaccrual loans)	$	17,624		$	20,190		$	23,844		$	25,362		$	24,204
Ratios
Nonaccrual loans to total loans	0.68		%	0.86		%	0.93		%	0.69		%	0.56		%
NPAs to total loans plus OREO	0.78		%	0.92		%	1.01		%	0.78		%	0.68		%
NPAs to total assets	0.54		%	0.67		%	0.72		%	0.54		%	0.49		%
Allowance for credit losses on loans to nonaccrual loans	247.23		%	204.63		%	190.85		%	249.74		%	288.24		%

(a) Does not include any restructured loans related to COVID-19 in accordance with Section 4013 of the CARES Act.

61

Table 12 Nonperforming Assets (continued)

($ in Thousands)	March 31, 2021		December 31, 2020		September 30, 2020		June 30, 2020		March 31, 2020
Accruing loans 30-89 days past due
Commercial and industrial	$	526	$	6,119	$	298	$	716	$	976
Commercial real estate — owner occupied	—		373		870		199		51
Commercial and business lending	526		6,492		1,167		916		1,027
Commercial real estate — investor	5,999		12,793		409		13,874		14,462
Real estate construction	977		991		111		385		179
Commercial real estate lending	6,976		13,784		520		14,260		14,641
Total commercial	7,502		20,276		1,687		15,175		15,668
Residential mortgage	3,973		10,385		6,185		3,023		10,102
Home equity	2,352		4,802		5,609		3,108		7,001
Other consumer	1,270		1,599		1,351		1,482		1,777
Total consumer	7,594		16,786		13,144		7,613		18,879
Total accruing loans 30-89 days past due	$	15,097	$	37,062	$	14,831	$	22,788	$	34,547
Potential problem loans
PPP(a)	$	22,398	$	18,002	$	19,161	$	19,161	$	—
Commercial and industrial	122,143		121,487		144,159		176,270		149,747
Commercial real estate — owner occupied	15,965		26,179		22,808		15,919		15,802
Commercial and business lending	160,506		165,668		186,129		211,350		165,550
Commercial real estate — investor	85,752		91,396		100,459		88,237		61,030
Real estate construction	13,977		19,046		2,178		2,170		1,753
Commercial real estate lending	99,728		110,442		102,637		90,407		62,783
Total commercial	260,234		276,111		288,766		301,758		228,333
Residential mortgage	2,524		3,749		2,396		3,157		3,322
Home equity	1,729		2,068		1,632		1,921		2,238
Total consumer	4,254		5,817		4,028		5,078		5,559
Total potential problem loans	$	264,488	$	281,928	$	292,794	$	306,836	$	233,892

(a) The Corporation’s policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans.

Nonaccrual loans: Nonaccrual loans are considered to be one indicator of potential future loan losses. See Note 7 Loans of the notes to consolidated financial statements for additional nonaccrual loan disclosures. See also sections Credit Risk and Allowance for Credit Losses on Loans.

Accruing loans past due 90 days or more: Loans past due 90 days or more but still accruing interest are classified as such where the underlying loans are both well secured (the collateral value is sufficient to cover principal and accrued interest) and are in the process of collection.

Restructured loans: Loans are considered restructured loans if concessions have been granted to borrowers that are experiencing financial difficulty. See also Note 7 Loans of the notes to consolidated financial statements for additional restructured loans disclosures.

Potential problem loans: The level of potential problem loans is another predominant factor in determining the relative level of risk in the loan portfolio and in determining the appropriate level of the ACLL. Potential problem loans are generally defined by management to include loans rated as substandard by management that are collectively evaluated (not nonaccrual loans or accruing TDRs); however, there are circumstances present to create doubt as to the ability of the borrower to comply with present repayment terms. The decision of management to include performing loans in potential problem loans does not necessarily mean that the Corporation expects losses to occur, but that management recognizes a higher degree of risk associated with these loans.

OREO: Management actively seeks to ensure OREO properties held are monitored to minimize the Corporation’s risk of loss.

Other nonperforming assets: During the third quarter of 2019, the Bank accepted a partial settlement of a debt by receiving units of ownership interest in an oil and gas limited liability company, and during 2020, the Corporation wrote the value for the ownership interest down to zero.

62

Allowance for Credit Losses on Loans

Credit risks within the loan portfolio are inherently different for each loan type. Credit risk is controlled and monitored through the use of lending standards, a thorough review of potential borrowers, and ongoing review of loan payment performance. Active asset quality administration, including early problem loan identification and timely resolution of problems, aids in the management of credit risk and the minimization of loan losses. Credit risk management for each loan type is discussed in the section entitled Credit Risk. See Note 7 Loans of the notes to consolidated financial statements for additional disclosures on the ACLL.

To assess the appropriateness of the ACLL, the Corporation focuses on the evaluation of many factors, including but not limited to: evaluation of facts and issues related to specific loans, management’s ongoing review and grading of the loan portfolio, credit report refreshes, consideration of historical loan loss and delinquency experience on each portfolio category, trends in past due and nonaccrual loans, the level of potential problem loans, the risk characteristics of the various classifications of loan segments, changes in the size and character of the loan portfolio, concentrations of loans to specific borrowers or industries, existing economic conditions and economic forecasts, the fair value of underlying collateral, funding assumptions on lines, and other qualitative and quantitative factors which could affect potential credit losses. The Corporation utilized the Moody's baseline forecast for March 2021 in the allowance model. The forecast is applied over a 2 year reasonable and supportable period with straight-line reversion to historical losses over the second year of the period. Assessing these factors involves significant judgment. Because each of the criteria used is subject to change, the ACLL is not necessarily indicative of the trend of future credit losses on loans in any particular segment. Therefore, management considers the ACLL a critical accounting policy, see section Critical Accounting Policies for additional information on the ACLL. See section Nonperforming Assets for a detailed discussion on asset quality. See also Note 7 Loans of the notes to consolidated financial statements for additional ACLL disclosures. Table 5 provides information on loan growth and period end loan composition, Table 12 provides additional information regarding NPAs, and Table 13 and Table 14 provide additional information regarding activity in the ACLL.

The loan segmentation used in calculating the ACLL at March 31, 2021 and December 31, 2020 was generally comparable. The methodology to calculate the ACLL consists of the following components: a valuation allowance estimate is established for commercial and consumer loans determined by the Corporation to be individually evaluated, using discounted cash flows, estimated fair value of underlying collateral, and/or other data available. Loans are segmented for criticized loan pools by loan type as well as for non-criticized loan pools by loan type, primarily based on historical loss rates after considering loan type, historical loss and delinquency experience, credit quality, and industry classifications. Loans that have been criticized are considered to have a higher risk of default than non-criticized loans, as circumstances were present to support the lower loan grade, warranting higher loss factors. The loss factors applied in the methodology are periodically re-evaluated and adjusted to reflect changes in historical loss levels or other risks. Additionally, management allocates ACLL to absorb losses that may not be provided for by the other components due to qualitative factors evaluated by management, such as limitations within the credit risk grading process, known current economic or business conditions that may not yet show in trends, industry or other concentrations with current issues that impose higher inherent risks than are reflected in the loss factors, and other relevant considerations. The total allowance is available to absorb losses from any segment of the loan portfolio.

63

Table 13 Allowance for Credit Losses on Loans

	Quarter Ended
($ in Thousands)	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Allowance for Loan Losses
Balance at beginning of period	$	383,702		$	384,711		$	363,803		$	337,793		$	201,371
Cumulative effect of ASU 2016-13 adoption (CECL)	N/A			N/A			N/A			N/A			112,457
Balance at beginning of period, adjusted	383,702			384,711			363,803			337,793			313,828
Provision for loan losses	(26,000)			26,500			50,500			52,500			34,957
Provision for loan losses recorded at acquisition	N/A			N/A			N/A			N/A			2,543
Gross up of allowance for PCD loans at acquisition	N/A			N/A			N/A			N/A			3,504
Charge offs	(13,174)			(30,315)			(34,079)			(28,351)			(19,308)
Recoveries	8,410			2,805			4,488			1,861			2,268
Net (charge offs) recoveries	(4,764)			(27,510)			(29,592)			(26,490)			(17,040)
Balance at end of period	$	352,938		$	383,702		$	384,711		$	363,803		$	337,793
Allowance for Unfunded Commitments
Balance at beginning of period	$	47,776		$	57,276		$	64,776		$	56,276		$	21,907
Cumulative effect of ASU 2016-13 adoption (CECL)	N/A			N/A			N/A			N/A			18,690
Balance at beginning of period, adjusted	47,776			57,276			64,776			56,276			40,597
Provision for unfunded commitments	3,000			(9,500)			(7,500)			8,500			15,500
Amount recorded at acquisition	—			—			—			—			179
Balance at end of period	$	50,776		$	47,776		$	57,276		$	64,776		$	56,276
Allowance for credit losses on loans	$	403,714		$	431,478		$	441,988		$	428,579		$	394,069
Provision for credit losses on loans	(23,000)			17,000			43,000			61,000			53,000
Net loan (charge offs) recoveries
Commercial and industrial	$	1,367		$	(8,514)		$	(24,834)		$	(24,919)		$	(15,049)
Commercial real estate — owner occupied	4			143			(416)			1			—
Commercial and business lending	1,370			(8,371)			(25,249)			(24,919)			(15,048)
Commercial real estate — investor	(5,886)			(18,696)			(3,609)			28			—
Real estate construction	29			43			(21)			(3)			11
Commercial real estate lending	(5,857)			(18,653)			(3,630)			25			11
Total commercial	(4,487)			(27,024)			(28,879)			(24,893)			(15,037)
Residential mortgage	(109)			(162)			(79)			(215)			(912)
Home equity	344			335			156			(303)			71
Other consumer	(511)			(659)			(790)			(1,078)			(1,162)
Total consumer	(277)			(486)			(712)			(1,596)			(2,003)
Total net (charge offs) recoveries	$	(4,764)		$	(27,510)		$	(29,592)		$	(26,490)		$	(17,040)
Ratios
Allowance for credit losses on loans to total loans	1.67		%	1.76		%	1.77		%	1.73		%	1.62		%
Allowance for credit losses on loans to net charge offs (annualized)	20.9x			3.9x			3.8x			4.0x			5.7x
Loan Evaluation Method for ACLL
Individually evaluated for impairment	43,262			79,831			88,030			81,243			72,084
Collectively evaluated for impairment	360,452			351,646			353,957			347,336			321,985
Total ACLL	403,714			431,478			441,988			428,579			394,069
Loan Balance
Individually evaluated for impairment	180,006			259,497			256,536			218,293			223,962
Collectively evaluated for impairment	23,982,321			24,192,227			24,747,216			24,614,378			24,141,672
Total loan balance	24,162,328			24,451,724			25,003,753			24,832,671			24,365,633

64

Table 14 Annualized Net (Charge Offs) Recoveries(a)

	Quarter Ended
(In basis points)	March 31, 2021	December 31, 2020	September 30, 2020	June 30, 2020	March 31, 2020
Net loan (charge offs) recoveries
Commercial and industrial	7	(45)	(126)	(121)	(81)
Commercial real estate — owner occupied	—	6	(18)	—	—
Commercial and business lending	6	(35)	(103)	(100)	(72)
Commercial real estate — investor	(55)	(173)	(34)	—	—
Real estate construction	1	1	—	—	—
Commercial real estate lending	(38)	(121)	(24)	—	—
Total commercial	(12)	(69)	(73)	(64)	(44)
Residential mortgage	(1)	(1)	—	(1)	(4)
Home equity	21	18	8	(15)	3
Other consumer	(68)	(83)	(98)	(128)	(134)
Total consumer	(1)	(2)	(3)	(7)	(8)
Total net (charge offs) recoveries	(8)	(44)	(47)	(42)	(29)

(a) Annualized ratio of net charge offs to average loans by loan type.

Notable Contributions to the Change in the Allowance for Credit Losses on Loans

•Total loans decreased $289 million, or 1%, from December 31, 2020 and decreased $203 million, or 1%, from March 31, 2020. The decrease from March 31, 2020 was primarily driven by decreases in consumer lending, which was partially offset by an increase in CRE loans. See section Loans for additional information on the changes in the loan portfolio and see section Credit Risk for discussion about credit risk management for each loan type.

•Potential problem loans decreased $17 million, or 6%, from December 31, 2020, but increased $31 million, or 13%, from March 31, 2020. The decrease from December 31, 2020 was primarily due to decreases in CRE and commercial and business lending, while the increase from March 31, 2020 was primarily driven by CRE loans. CRE loans were negatively impacted during the COVID-19 pandemic and saw an increase in potential problem loans throughout 2020. As economic conditions have improved throughout 2021, there have been decreases in CRE potential problem loans. See Table 12 for additional information regarding potential problem loans.

•Total nonaccrual loans decreased $48 million, or 23%, from December 31, 2020, but increased $27 million, or 19%, from March 31, 2020. The decrease from December 31, 2020 was primarily due to decreases in commercial and industrial loans and CRE - investor loans, while the increase from March 31, 2020 was primarily driven by an increase in CRE lending, which was partially offset by a decrease in commercial and industrial lending. As economic conditions trended downward in 2020, due to the COVID-19 pandemic, nonaccrual loans increased. As economic conditions have been improving throughout 2021, nonaccrual loans have decreased. See Note 7 Loans of the notes to consolidated financial statements and Table 12 for additional disclosures on the changes in asset quality.

•Net charge offs decreased $12 million from March 31, 2020, primarily driven by decreased charge off amounts in commercial and industrial loans. See Table 13 and Table 14 for additional information on the activity in the ACLL.

Management believes the level of ACLL to be appropriate at March 31, 2021.

65

Deposits and Customer Funding

The following table summarizes the composition of our deposits and customer funding:

Table 15 Period End Deposit and Customer Funding Composition

	March 31, 2021				December 31, 2020				September 30, 2020				June 30, 2020				March 31, 2020
($ in Thousands)	Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total		Amount		% of Total
Noninterest-bearing demand	$	8,496,194	31	%	$	7,661,728	29	%	$	7,489,048	28	%	$	7,573,942	29	%	$	6,107,386	24	%
Savings	4,032,830		15	%	3,650,085		14	%	3,529,423		13	%	3,394,930		13	%	3,033,039		12	%
Interest-bearing demand	5,748,353		21	%	6,090,869		23	%	5,979,449		22	%	5,847,349		22	%	6,170,071		24	%
Money market	7,838,437		28	%	7,322,769		28	%	7,687,775		29	%	7,486,319		28	%	7,717,739		30	%
Brokered CDs	—		—	%	—		—	%	—		—	%	4,225		—	%	65,000		—	%
Other time	1,561,352		6	%	1,757,030		7	%	2,026,852		8	%	2,244,680		8	%	2,568,345		10	%
Total deposits	$	27,677,166	100	%	$	26,482,481	100	%	$	26,712,547	100	%	$	26,551,444	100	%	$	25,661,580	100	%
Customer funding(a)	182,228				245,247				198,741				178,398				142,174
Total deposits and customer funding	$	27,859,394			$	26,727,727			$	26,911,289			$	26,729,842			$	25,803,754
Network transaction deposits(b)	$	1,054,634			$	1,197,093			$	1,390,778			$	1,496,958			$	1,731,996
Net deposits and customer funding (total deposits and customer funding, excluding Brokered CDs and network transaction deposits)	$	26,804,761			$	25,530,634			$	25,520,511			$	25,228,660			$	24,006,758
Time deposits of more than $250,000	$	246,037			$	341,068			$	463,739			$	559,434			$	756,195

(a) Securities sold under agreement to repurchase and commercial paper.

(b) Included above in interest-bearing demand and money market.

•Total deposits, which are the Corporation's largest source of funds, increased $1.2 billion, or 5%, from December 31, 2020, and increased $2.0 billion, or 8%, from March 31, 2020, primarily driven by customers holding proceeds from government stimulus programs in their deposit accounts.

•Noninterest-bearing deposits increased $834 million, or 11%, from December 31, 2020, and increased $2.4 billion, or 39%, from March 31, 2020. Savings accounts increased $383 million, or 10%, from December 31, 2020, and increased $1.0 billion, or 33%, from March 31, 2020. These increases were primarily due to government stimulus program inflows.

•Time deposits decreased $196 million, or 11%, from December 31, 2020, and decreased $1.1 billion, or 41%, from March 31, 2020, due to higher priced time deposits rolling off as they mature.

•Non-maturity deposit accounts, comprised of savings, money market, and demand (both interest and noninterest-bearing) accounts, comprised 94% of the Corporation's total deposits at March 31, 2021.

•Included in the above amounts were $1.1 billion of network deposits, primarily sourced from other financial institutions and intermediaries. These represented 4% of the Corporation's total deposits at March 31, 2021. Network deposits decreased $142 million, or 12%, from December 31, 2020, and decreased $677 million, or 39%, from March 31, 2020.

Liquidity

The objective of liquidity risk management is to ensure that the Corporation has the ability to generate sufficient cash or cash equivalents in a timely and cost effective manner to satisfy the cash flow requirements of depositors and borrowers and to meet its other commitments as they become due. The Corporation’s liquidity risk management process is designed to identify, measure, and manage the Corporation’s funding and liquidity risk to meet its daily funding needs in the ordinary course of business, as well as to address expected and unexpected changes in its funding requirements. The Corporation engages in various activities to manage its liquidity risk, including diversifying its funding sources, stress testing, and holding readily-marketable assets which can be used as a source of liquidity, if needed.

The Corporation performs dynamic scenario analysis in accordance with industry best practices. Measures have been established to ensure the Corporation has sufficient high quality short-term liquidity to meet cash flow requirements under stressed scenarios. In addition, the Corporation also reviews static measures such as deposit funding as a percentage of total assets and liquid asset levels. Strong capital ratios, credit quality, and core earnings are also essential to maintaining cost effective access to wholesale funding markets. At March 31, 2021, the Corporation was in compliance with its internal liquidity objectives and had sufficient asset-based liquidity to meet its obligations under a stressed scenario.

66

The Corporation maintains diverse and readily available liquidity sources, including:

•Investment securities, which are an important tool to the Corporation’s liquidity objective and can be pledged or sold to enhance liquidity, if necessary. See Note 6 Investment Securities of the notes to consolidated financial statements for additional information on the Corporation's investment securities portfolio, including pledged investment securities.

•Pledgeable loan collateral, which is eligible collateral with both the Federal Reserve Bank and the FHLB under established lines of credit. Based on the amount of collateral pledged, the FHLB established a collateral value from which the Bank may draw advances against the collateral. The collateral is also used to enable the FHLB to issue letters of credit in favor of public fund depositors of the Bank. As of March 31, 2021, the Bank had $5.7 billion available for future advances. The Federal Reserve Bank also establishes a collateral value of assets to support borrowings from the discount window. As of March 31, 2021, the Bank had $752 million available for discount window borrowings.

•A $200 million Parent Company commercial paper program, of which $51 million was outstanding as of March 31, 2021.

•Dividends and service fees from subsidiaries, as well as the proceeds from issuance of capital, which are also funding sources for the Parent Company.

•Equity issuances by the Parent Company; the Corporation has filed a shelf registration statement with the SEC under which the Parent Company may, from time to time, offer shares of the Corporation’s common stock in connection with acquisitions of businesses, assets, or securities of other companies.

•Other issuances by the Parent Company; the Corporation intends to file an updated universal shelf registration statement with the SEC, under which the Parent Company may offer the following securities, either separately or in units: debt securities, preferred stock, depositary shares, common stock, and warrants.

•Bank issuances; the Bank may also issue institutional CDs, network transaction deposits, and brokered CDs.

•Global Bank Note Program issuances; the Bank has implemented the program pursuant to which it may from time to time offer up to $2.0 billion aggregate principal amount of its unsecured senior and subordinated notes. In August 2018, the Bank issued $300 million of senior notes, due August 2021, and callable July 2021.

Credit ratings relate to the Corporation’s ability to issue debt securities and the cost to borrow money, and should not be viewed as an indication of future stock performance or a recommendation to buy, sell, or hold securities. Adverse changes in these factors could result in a negative change in credit ratings and impact not only the ability to raise funds in the capital markets but also the cost of these funds. The credit ratings of the Parent Company and the Bank at March 31, 2021 are displayed below:

Table 16 Credit Ratings

	Moody’s	S&P
Bank short-term deposits	P-1	-
Bank long-term deposits/issuer	A1	BBB+
Corporation commercial paper	P-2	-
Corporation long-term senior debt/issuer	Baa1	BBB
Outlook	Negative	Stable

For the three months ended March 31, 2021, net cash provided by operating activities and financing activities was $158 million and $1.1 billion, respectively, while net cash used in investing activities was $12 million for a net increase in cash and cash equivalents of $1.2 billion since year-end 2020. At March 31, 2021, assets of $34.6 billion increased $1.2 billion, or 3%, from year-end 2020, primarily driven by a $1.3 billion increase in interest-bearing deposits in other financial institutions, offset by a $289 million, or 1%, decrease in loans. On the funding side, deposits of $27.7 billion increased $1.2 billion, or 5%, from year-end related to deposit inflows from government stimulus programs.

For the three months ended March 31, 2020, net cash used in operating activities and investing activities was $20 million and $928 million, respectively, while net cash provided by financing activities was $1.0 billion for a net increase in cash and cash equivalents of $90 million since year-end 2019. At March 31, 2020, assets of $33.9 billion increased $1.5 billion, or 5%, from year-end 2019, primarily driven by a $1.5 billion, or 7%, increase in loans as customers drew on their lines to enhance their liquidity in response to the uncertainty surrounding the COVID-19 pandemic. Additionally, on February 14, 2020, the Corporation added $370 million in loans from the First Staunton acquisition. On the funding side, deposits of $25.7 billion increased $1.9 billion, or 8%, from year-end as advances on customer's loans were deposited into their deposit account

67

increasing their liquidity. Additionally, on February 14, 2020, the Corporation assumed $439 million of deposits from the First Staunton acquisition.

Quantitative and Qualitative Disclosures about Market Risk

Market risk and interest rate risk are managed centrally. Market risk is the potential for loss arising from adverse changes in the fair value of fixed income securities, equity securities, other earning assets and derivative financial instruments as a result of changes in interest rates or other factors. Interest rate risk is the potential for reduced net interest income resulting from adverse changes in the level of interest rates. As a financial institution that engages in transactions involving an array of financial products, the Corporation is exposed to both market risk and interest rate risk. In addition to market risk, interest rate risk is measured and managed through a number of methods. The Corporation uses financial modeling simulation techniques that measure the sensitivity of future earnings due to changing rate environments to measure interest rate risk.

Policies established by the Corporation’s ALCO and approved by the Board of Directors are intended to limit these risks. The Board has delegated day-to-day responsibility for managing market and interest rate risk to ALCO. The primary objectives of market risk management are to minimize any adverse effect that changes in market risk factors may have on net interest income and to offset the risk of price changes for certain assets recorded at fair value.

Interest Rate Risk

The primary goal of interest rate risk management is to control exposure to interest rate risk within policy limits approved by the Board of Directors. These limits and guidelines reflect the Corporation's risk appetite for interest rate risk over both short-term and long-term horizons. No interest rate limit breaches occurred during the first three months of 2021.

The major sources of the Corporation's non-trading interest rate risk are timing differences in the maturity and re-pricing characteristics of assets and liabilities, changes in the shape of the yield curve, and the potential exercise of explicit or embedded options. We measure these risks and their impact by identifying and quantifying exposures through the use of sophisticated simulation and valuation models which are employed by management to understand NII at risk, interest rate sensitive EAR, and MVE at risk. The Corporation’s interest rate risk profile is such that a higher or steeper yield curve adds to income while a flatter yield curve is relatively neutral, and a lower or inverted yield curve generally has a negative impact on earnings. The Corporation's EAR profile is asset sensitive at March 31, 2021.

For further discussion of the Corporation's interest rate risk and corresponding key assumptions, see the Interest Rate Risk section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included in the Corporation’s 2020 Annual Report on Form 10-K.

The sensitivity analysis included below is measured as a percentage change in NII and EAR due to gradual moves in benchmark interest rates from a baseline scenario over 12 months. We evaluate the sensitivity using: 1) a dynamic forecast incorporating expected growth in the balance sheet, and 2) a static forecast where the current balance sheet is held constant.

While a gradual shift in interest rates was used in this analysis to provide an estimate of exposure under a probable scenario, an instantaneous shift in interest rates would have a much more significant impact.

Table 17 Estimated % Change in Rate Sensitive Earnings at Risk Over 12 Months

	Dynamic Forecast March 31, 2021		Static Forecast March 31, 2021		Dynamic Forecast December 31, 2020		Static Forecast December 31, 2020
Gradual Rate Change
100 bp increase in interest rates	6.6	%	6.4	%	6.2	%	6.3	%
200 bp increase in interest rates	13.9	%	13.3	%	12.8	%	12.7	%

At March 31, 2021, the MVE profile indicates an increase in net balance sheet value due to instantaneous upward changes in rates.

68

Table 18 Market Value of Equity Sensitivity

	March 31, 2021		December 31, 2020
Instantaneous Rate Change
100 bp increase in interest rates	0.9	%	1.9	%
200 bp increase in interest rates	1.4	%	2.8	%

Since MVE measures the discounted present value of cash flows over the estimated lives of instruments, the change in MVE does not directly correlate to the degree that earnings would be impacted over a shorter time horizon (i.e., the current year). Further, MVE does not take into account factors such as future balance sheet growth, changes in product mix, changes in yield curve relationships, and changes in product spreads that could mitigate the adverse impact of changes in interest rates.

The above NII, EAR, and MVE measures do not include all actions that management may undertake to manage this risk in response to anticipated changes in interest rates.

Contractual Obligations, Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities

The following table summarizes significant contractual obligations and other commitments at March 31, 2021, at those amounts contractually due to the recipient, including any unamortized premiums or discounts, hedge basis adjustments, or other similar carrying value adjustments.

Table 19 Contractual Obligations and Other Commitments

($ in Thousands)	One Year or Less		One to Three Years		Three to Five Years		Over Five Years		Total
Time deposits	$	1,194,134	$	307,396	$	59,817	$	5	$	1,561,352
Short-term funding	189,678		—		—		—		189,678
FHLB advances	17,822		7,337		1,000,466		604,340		1,629,966
Other long-term funding	299,865		923		248,940		—		549,729
Operating leases	7,516		11,189		8,093		9,281		36,079
Commitments to extend credit	5,444,007		3,875,437		1,040,485		151,284		10,511,213
Total	$	7,153,022	$	4,202,282	$	2,357,802	$	764,911	$	14,478,017

The Corporation utilizes a variety of financial instruments in the normal course of business to meet the financial needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments include lending-related commitments and derivative instruments. A discussion of the Corporation’s derivative instruments at March 31, 2021 is included in Note 10 Derivative and Hedging Activities of the notes to consolidated financial statements. A discussion of the Corporation’s lending-related commitments is included in Note 12 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters of the notes to consolidated financial statements. See Note 9 Short and Long-Term Funding of the notes to consolidated financial statements for additional information on the Corporation’s short-term funding, FHLB advances, and long-term funding. See also Note 18 Leases of the notes to consolidated financial statements for additional information on the Corporation's operating leases.

Capital

Management actively reviews capital strategies for the Corporation and each of its subsidiaries in light of perceived business risks, future growth opportunities, industry standards, and compliance with regulatory requirements. The assessment of overall capital adequacy depends on a variety of factors, including asset quality, liquidity, stability of earnings, changing competitive forces, economic condition in markets served, and strength of management. At March 31, 2021, the capital ratios of the Corporation and its banking subsidiaries were in excess of regulatory minimum requirements. The Corporation’s capital ratios are summarized in the following table.

69

Table 20 Capital Ratios

	Quarter Ended
($ in Thousands)	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Risk-based Capital(a)
CET1	$	2,759,473		$	2,706,010		$	2,671,739		$	2,651,286		$	2,421,135
Tier 1 capital	3,112,239			3,058,809			3,024,710			3,004,424			2,676,951
Total capital	3,682,720			3,632,807			3,601,705			3,577,757			3,249,807
Total risk-weighted assets	25,640,395			25,903,415			26,141,710			25,864,463			25,866,140
CET1 capital ratio	10.76		%	10.45		%	10.22		%	10.25		%	9.36		%
Tier 1 capital ratio	12.14		%	11.81		%	11.57		%	11.62		%	10.35		%
Total capital ratio	14.36		%	14.02		%	13.78		%	13.83		%	12.56		%
Tier 1 leverage ratio	9.53		%	9.37		%	9.02		%	9.08		%	8.50		%
Selected Equity and Performance Ratios
Total stockholders’ equity / assets	11.94		%	12.24		%	11.66		%	11.34		%	11.18		%
Dividend payout ratio(b)	31.03		%	45.00		%	69.23		%	19.15		%	66.67		%
Return on average assets	1.14		%	0.78		%	0.51		%	1.72		%	0.57		%
Annualized noninterest expense / average assets	2.11		%	2.02		%	2.55		%	2.12		%	2.37		%

(a) The Federal Reserve establishes regulatory capital requirements, including well-capitalized standards for the Corporation. The Corporation follows Basel III, subject to certain transition provisions. These regulatory capital measurements are used by management, regulators, investors, and analysts to assess, monitor and compare the quality and composition of the Corporation's capital with the capital of other financial services companies.

(b) Ratio is based upon basic earnings per common share.

See Part II, Item 2, Unregistered Sales of Equity Securities and Use of Proceeds, for information on the shares repurchased during the first quarter of 2021.

In February 2019, the federal bank regulatory agencies issued a final rule (the "2019 CECL Rule") that revised certain capital regulations to account for changes to credit loss accounting under GAAP. The rule included a transition option that allowed banking organizations to phase in, over a three-year period, the day-one impact of CECL adoption on regulatory capital ratios. In August 2020, the federal bank regulatory agencies issued a final rule that maintains the three-year transition option of the 2019 CECL Rule and also provided an option to delay for two years an estimate of the effect of CECL on regulatory capital, relative to the incurred loss methodology's effect on regulatory capital, followed by a three-year transition period. The Corporation has elected to utilize the CECL Transition Provision granted by the banking regulators. Under these provisions, the Day 1 capital impact relating to the adoption of ASU 2016-13 and 25% of the difference between the period end ACL and the Day 1 ACL will be 100% deferred for 2 years, and then phased in over the next 3 years. At March 31, 2021, the Corporation had a modified CECL transitional amount of $111 million.

70

Non-GAAP Measures

Table 21 Non-GAAP Measures

	Quarter Ended
($ in Thousands)	March 31, 2021			December 31, 2020			September 30, 2020			June 30, 2020			March 31, 2020
Selected equity and performance ratios(a)(b)
Tangible common equity / tangible assets	7.80		%	7.94		%	7.50		%	7.25		%	6.90		%
Return on average equity	9.32		%	6.58		%	4.46		%	15.55		%	4.80		%
Return on average tangible common equity	14.03		%	9.75		%	6.36		%	25.45		%	7.31		%
Return on average CET1	13.25		%	9.16		%	5.98		%	23.71		%	6.84		%
Return on average tangible assets	1.18		%	0.81		%	0.52		%	1.78		%	0.59		%
Average stockholders' equity / average assets	12.18		%	11.90		%	11.35		%	11.04		%	11.79		%
Tangible common equity reconciliation(a)
Common equity	$	3,774,268		$	3,737,421		$	3,691,796		$	3,670,612		$	3,533,755
Goodwill and other intangible assets, net	(1,169,694)			(1,177,554)			(1,178,409)			(1,180,661)			(1,284,111)
Tangible common equity	$	2,604,575		$	2,559,867		$	2,513,387		$	2,489,951		$	2,249,644
Tangible Assets Reconciliation(a)
Total assets	$	34,575,255		$	33,419,783		$	34,698,746		$	35,501,464		$	33,908,056
Goodwill and other intangible assets, net	(1,169,694)			(1,177,554)			(1,178,409)			(1,180,661)			(1,284,111)
Tangible assets	$	33,405,561		$	32,242,230		$	33,520,337		$	34,320,803		$	32,623,944
Average tangible common equity and average CET1 reconciliation(a)(b)
Common equity	$	3,750,479		$	3,699,957		$	3,680,687		$	3,566,293		$	3,585,083
Goodwill and other intangible assets, net	(1,174,617)			(1,178,165)			(1,179,796)			(1,281,176)			(1,272,175)
Tangible common equity	2,575,862			2,521,792			2,500,891			2,285,117			2,312,908
Modified CECL transitional amount	115,649			122,828			120,228			115,272			101,340
Accumulated other comprehensive loss (income)	(5,337)			(3,668)			(3,682)			7,663			10,398
Deferred tax assets (liabilities), net	40,608			41,578			42,183			44,777			46,635
Average CET1	$	2,726,782		$	2,682,530		$	2,659,620		$	2,452,829		$	2,471,281
Average tangible assets reconciliation(a)
Total assets	$	33,684,143		$	34,075,792		$	35,550,359		$	34,845,943		$	32,577,005
Goodwill and other intangible assets, net	(1,174,617)			(1,178,165)			(1,179,796)			(1,281,176)			(1,272,175)
Tangible assets	$	32,509,526		$	32,897,626		$	34,370,563		$	33,564,768		$	31,304,829
Efficiency ratio reconciliation(c)
Federal Reserve efficiency ratio	65.74		%	59.68		%	85.41		%	43.49		%	70.37		%
Fully tax-equivalent adjustment	(0.97)		%	(0.84)		%	(1.29)		%	(0.39)		%	(0.96)		%
Other intangible amortization	(0.82)		%	(0.82)		%	(0.87)		%	(0.65)		%	(0.95)		%
Fully tax-equivalent efficiency ratio	63.96		%	58.02		%	83.25		%	42.46		%	68.47		%
Acquisition related costs adjustment	(0.01)		%	—		%	(0.08)		%	(0.12)		%	(0.58)		%
Provision for unfunded commitments adjustment	(1.09)		%	3.42		%	2.87		%	(1.91)		%	(5.18)		%
Asset gains (losses), net adjustment	1.12		%	(0.30)		%	(0.11)		%	22.10		%	(0.02)		%
Branch Sales	0.24		%	1.68		%	—		%	—		%	—		%
3Q 2020 Initiatives(d)	—		%	—		%	(22.90)		%	—		%	—		%
Adjusted efficiency ratio	64.21		%	62.83		%	63.02		%	62.53		%	62.70		%

(a) The ratio tangible common equity to tangible assets excludes goodwill and other intangible assets, net. This financial measure has been included as it is considered to be a critical metric with which to analyze and evaluate financial condition and capital strength.

(b) These capital measurements are used by management, regulators, investors, and analysts to assess, monitor and compare the quality and composition of our capital with the capital of other financial services companies.

(c) The efficiency ratio as defined by the Federal Reserve guidance is noninterest expense (which includes the provision for unfunded commitments) divided by the sum of net interest income plus noninterest income, excluding investment securities gains / losses, net. The fully tax-equivalent efficiency ratio is noninterest expense (which includes the provision for unfunded commitments), excluding other intangible amortization, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains / losses, net. The adjusted efficiency ratio is noninterest expense, which excludes the provision for unfunded commitments, other intangible amortization, acquisition related costs, and 3Q 2020 initiatives, divided by the sum of fully tax-equivalent net interest income plus noninterest income, excluding investment securities gains (losses), net, acquisition related costs, asset gains (losses), net, and gain on sale of branches. Management believes the adjusted efficiency ratio is a meaningful measure as it enhances the comparability of net interest income arising from taxable and tax-exempt sources and provides a better measure as to how the Corporation is managing its expenses by adjusting for acquisition related costs, provision for unfunded commitments, asset gains (losses), net, branch sales, and third quarter of 2020 initiatives.

(d) Third quarter of 2020 initiatives consisted of cost saving efforts that were executed during the third quarter of 2020. These initiatives included a $45 million loss on prepayment of FHLB advances, $10 million in severance, and $6 million in write-downs related to branch sales and lease breakage related to announced branch consolidations.

71

Sequential Quarter Results

The Corporation reported net income of $94 million for the first quarter of 2021, compared to net income of $67 million for the fourth quarter of 2020. Net income available to common equity was $89 million for the first quarter of 2021, or $0.58 for both basic and diluted earnings per common share. Comparatively, net income available to common equity for the fourth quarter of 2020 was $62 million, or $0.40 for both basic and diluted earnings per common share (see Table 1).

Fully tax-equivalent net interest income for the first quarter of 2021 was $180 million, $12 million, or 6%, lower than the fourth quarter of 2020. The net interest margin in the first quarter of 2021 was down 10 bp to 2.39%. Average earning assets decreased $400 million, or 1%, to $30.3 billion in the first quarter of 2021, with decreases of $218 million in loans and $181 million in investments. On the funding side, short and long-term funding decreased $518 million from the fourth quarter of 2020 primarily due to the paydown of PPPLF borrowings (see Table 2).

The provision for credit losses had a release of $23 million for the first quarter of 2021, compared to $17 million of expense for the fourth quarter of 2020 (see Table 13). See discussion under sections: Provision for Credit Losses, Nonperforming Assets, and Allowance for Credit Losses on Loans.

Noninterest income for the first quarter of 2021 increased $10 million, or 11%, from the fourth quarter of 2020, primarily due to the increase of $9 million in mortgage banking, net, driven by the recovery of MSRs impairment (see Table 3).

Noninterest expense of $175 million increased $2 million, or 1%, from the fourth quarter of 2020, primarily due to higher personnel expense, partially offset by OREO write downs related to the closure of branches during the fourth quarter of 2020. (see Table 4).

For the first quarter of 2021, the Corporation recognized income tax expense of $25 million, compared to income tax expense of $17 million for the fourth quarter of 2020. The higher income tax expense during the first quarter of 2021 compared to the fourth quarter of 2020 was primarily driven by an increase in income before taxes. See Income Taxes section for a detailed discussion on income taxes.

Segment Review

As discussed in Note 15 Segment Reporting of the notes to consolidated financial statements, the Corporation’s reportable segments have been determined based upon its internal profitability reporting system, which is organized by strategic business unit. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The reportable segments are Corporate and Commercial Specialty; Community, Consumer and Business; and Risk Management and Shared Services.

72

Table 22 Selected Segment Financial Data

	Three Months Ended March 31,
($ in Thousands)	2021			2020			% Change
Corporate and Commercial Specialty
Total revenue(a)	$	142,876		$	135,761		5	%
Provision for credit losses	17,509			12,172			44	%
Noninterest expense	57,725			54,304			6	%
Income tax expense (benefit)	12,649			12,940			(2)	%
Net income	54,993			56,344			(2)	%
Average earning assets	14,562,174			12,993,498			12	%
Average loans	14,629,667			13,045,630			12	%
Average deposits	9,561,666			9,027,986			6	%
Average allocated capital (Average CET1)(b)	1,467,932			1,328,293			11	%
Return on average allocated capital (ROCET1)(b)	15.19		%	17.06		%	-187 bp
Community, Consumer, and Business
Total revenue	$	127,278		$	146,942		(13)	%
Provision for credit losses	5,099			5,108			—	%
Noninterest expense	97,346			113,777			(14)	%
Income tax expense (benefit)	5,215			5,892			(11)	%
Net income	19,618			22,165			(11)	%
Average earning assets	9,102,883			9,390,271			(3)	%
Average loans	9,034,449			9,329,349			(3)	%
Average deposits	16,080,866			13,691,417			17	%
Average allocated capital (Average CET1)(b)	498,630			549,689			(9)	%
Return on average allocated capital (ROCET1)(b)	15.96		%	16.22		%	-26 bp
Risk Management and Shared Services
Total revenue	$	1,091		$	18,545		(94)	%
Provision for credit losses	(45,612)			35,720			N/M
Noninterest expense	20,275			24,110			(16)	%
Income tax expense (benefit)	6,737			(8,613)			N/M
Net income	19,690			(32,672)			N/M
Average earning assets	6,666,951			6,832,924			(2)	%
Average loans	799,233			933,639			(14)	%
Average deposits	1,162,027			1,572,546			(26)	%
Average allocated capital (Average CET1)(b)	760,220			593,299			28	%
Return on average allocated capital (ROCET1)(b)	7.73		%	(24.72)		%	N/M
Consolidated Total
Total revenue(a)	$	271,245		$	301,248		(10)	%
Return on average allocated capital (ROCET1)(b)	13.25		%	6.84		%	N/M

N/M = Not meaningful

(a) Includes $2 million pre-tax gain on sale of Whitnell.

(b) The Federal Reserve establishes capital adequacy requirements for the Corporation, including CET1. For segment reporting purposes, the return on CET1 ("ROCET1") reflects return on average allocated CET1. The ROCET1 for the Risk Management and Shared Services segment and the Consolidated Total is inclusive of the annualized effect of the preferred stock dividends.

Notable Changes in Segment Financial Data

The Corporate and Commercial Specialty segment consists of lending and deposit solutions to larger businesses, developers, not-for-profits, municipalities, and financial institutions, and the support to deliver, fund, and manage such banking solutions. In addition, this segment provides a variety of investment, fiduciary, and retirement planning products and services to individuals and small to mid-sized businesses. During the first quarter of 2021, the Corporation sold its wealth management subsidiary Whitnell.

•Revenue increased $7 million, or 5%, from the three months ended March 31, 2020. The increase was primarily driven by an increase of $5 million in asset gains/losses, net, including a $2 million pre-tax gain on sale of Whitnell.

•Credit provision increased $5 million, or 44%, as loans in the pipeline continued to fund along with slower payoffs.

73

•Average loans increased $1.6 billion, or 12%, primarily driven by an $808 million increase in commercial and business loans, which is largely related to PPP loans, and a $744 million increase in CRE loans.

The Community, Consumer, and Business segment consists of lending, deposit solutions, and historically offered ancillary financial services, primarily insurance and risk consulting, to individuals and small to mid-sized businesses.

•Revenue decreased $20 million, or 13%, from the three months ended March 31, 2020. The decrease was primarily due to a $22 million decrease in insurance commissions and fees as a result of the sale of ABRC, which was partially offset by a $17 million increase in net mortgage banking income as a result of an $11 million recovery of MSRs impairment during the first three months of 2021, compared to impairment of $9 million during the first three months of 2020. In addition, net interest income decreased from the first three months of 2021 largely driven by the current interest rate environment.

•Noninterest expense decreased $16 million, or 14%, from the three months ended March 31, 2020. The decrease was primarily driven by a $12 million decrease in personnel expense, largely driven by a reduction in FTEs as a result of branch consolidations and the sale of ABRC.

•Average deposits increased $2.4 billion, or 17%, from the three months ended March 31, 2020. The increase was primarily driven by customers holding proceeds from government stimulus programs and tax returns in their deposit accounts.

The Risk Management and Shared Services segment includes key shared Corporate functions, Parent Company activity, intersegment eliminations, and residual revenues and expenses.

•Revenues decreased $17 million, or 94%, from the three months ended March 31, 2020. The decrease was primarily driven by the FTP charge on loans decreasing faster than the FTP credit paid for deposits as a result of the current interest rate environment.

•Credit provision decreased $81 million as a result of improving credit quality within the loan portfolio and an improving economic forecast.

•Noninterest expense decreased $4 million from the three months ended March 31, 2020. The decrease was primarily driven by lower fringe benefit costs.

•Average deposits decreased $411 million, or 26%, from the three months ended March 31, 2020. The decrease was primarily driven by a decrease in higher cost network deposits.

Critical Accounting Policies

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. Estimates that are particularly susceptible to significant change include the determination of the ACLL, goodwill impairment assessment, MSRs valuation, and income taxes. A discussion of these policies can be found in the Critical Accounting Policies section in Management's Discussion and Analysis of Financial Condition and Results of Operations included in the Corporation’s 2020 Annual Report on Form 10-K. There has been no changes in the Corporation's application of critical accounting policies since December 31, 2020.

Recent Developments

On April 27, 2021, the Corporation’s Board of Directors declared a regular quarterly cash dividend of $0.18 per common share, payable on June 15, 2021 to shareholders of record at the close of business on June 1, 2021. The Board of Directors also declared a regular quarterly cash dividend of $0.3828125 per depositary share on Associated's 6.125% Series C Perpetual Preferred Stock, payable on June 15, 2021 to shareholders of record at the close of business on June 1, 2021. The Board of Directors also declared a regular quarterly cash dividend of $0.3359375 per depositary share on Associated's 5.375% Series D Perpetual Preferred Stock, payable on June 15, 2021 to shareholders of record at the close of business on June 1, 2021. The Board of Directors also declared a regular quarterly cash dividend of $0.3671875 per depositary share on Associated's 5.875% Series E Perpetual Preferred Stock, payable on June 15, 2021 to shareholders of record at the close of business on June 1, 2021. The Board of Directors also declared a regular quarterly cash dividend of $0.3515625 per depositary share on Associated's 5.625% Series F Perpetual Preferred Stock, payable on June 15, 2021 to shareholders of record at the close of business on June 1, 2021.

74

On April 27, 2021, the Corporation announced it is calling for the redemption of all of its outstanding depositary shares representing a 1/40th interest in a share of the Corporation’s 6.125% Series C Non-Cumulative Perpetual Preferred Stock (the “Depositary Shares”) on June 15, 2021 (the “Redemption Date”). There are 2.6 million Depositary Shares outstanding. The Depositary Shares will be redeemed at a redemption price of $25 per Depositary Share, plus an amount equal to any declared and unpaid dividends to the Redemption Date.

ITEM 3.     Quantitative and Qualitative Disclosures About Market Risk

Information required by this item is set forth in Item 2 under the captions Quantitative and Qualitative Disclosures about Market Risk and Interest Rate Risk.

75

ITEM 4.     Controls and Procedures

The Corporation maintains disclosure controls and procedures as required under Rule 13a-15 promulgated under the Securities Exchange Act of 1934, as amended, that are designed to ensure that information required to be disclosed in the Corporation's Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to the Corporation’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

As of March 31, 2021, the Corporation’s management carried out an evaluation, under the supervision and with the participation of the Corporation’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of its disclosure controls and procedures. Based on the foregoing, its Chief Executive Officer and Chief Financial Officer concluded that the Corporation’s disclosure controls and procedures were effective as of March 31, 2021.

No changes were made to the Corporation’s internal control over financial reporting (as defined in Rule 13a-15(f) of the Exchange Act of 1934) during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Corporation’s internal control over financial reporting.

76

PART II - OTHER INFORMATION

ITEM 1. Legal Proceedings

The information required by this item is set forth in Part I, Item 1 under Note 12 Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters of the notes to consolidated financial statements.

ITEM 1A. Risk Factors

The following risk factors supplement the Risk Factors described in the Corporation’s 2020 Annual Report on Form 10-K and should be read in conjunction therewith

Changes in the federal, state, or local tax laws may negatively impact our financial performance. On March 31, 2021, President Biden unveiled his infrastructure plan, which includes a proposal to increase the federal corporate tax rate from 21% to 28% as part of a package of tax reforms to help fund the spending proposals in the plan. The Biden plan is in the early stages of the legislative process, which is expected to proceed this year due to the Democratic Party's majority in both houses of Congress. If adopted as proposed, the increase of the corporate tax rate would adversely affect our results of operations in future periods.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the first quarter of 2021, the Corporation repurchased approximately $22 million of common stock, including $18 million of open market purchases and $4 million of repurchases related to tax withholding on equity compensation, or approximately 1.2 million shares, of common stock. The repurchase details are presented in the table below:

Common Stock Purchases

	Total Number  of Shares Purchased(a)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs(b)
Period
January 1, 2021 - January 31, 2021	983,920	$	18.58	966,354	—
February 1, 2021 - February 28, 2021	142,689	19.27		—	—
March 1, 2021 - March 31, 2021	27,182	20.78		—	—
Total	1,153,791	$	18.71	966,354	4,434,321

(a) During the first quarter of 2021, the Corporation repurchased 187,437 common shares for minimum tax withholding settlements on equity compensation. These purchases do not count against the maximum number of shares that may yet be purchased under the Board of Directors’ authorization described below.

(b) At March 31, 2021, there remained approximately $95 million authorized to be repurchased in the aggregate. Approximately 4.4 million shares of common stock remained available to be repurchased under this Board authorization based on the closing share price on March 31, 2021.

Repurchases under Board authorized repurchase programs are subject to any necessary regulatory approvals and other limitations and may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchases, or similar facilities.

Preferred Stock Purchases

During the first quarter of 2021, the Corporation did not repurchase any shares of preferred stock.

On August 28, 2015, the Board of Directors authorized the repurchase of up to $10 million of depositary shares of the Corporation's Series C Preferred Stock, of which all of such depository shares remained available to repurchase as of March 31, 2021. Using the closing stock price on March 31, 2021 of $26.12, a total of approximately 383,000 shares remained available to be repurchased under the previously approved Board authorizations.

On July 25, 2017, the Board of Directors authorized the repurchase of up to $15 million of depositary shares of the Corporation's Series D Preferred Stock, of which approximately $14 million remained available to repurchase as of March 31,

77

2021. Using the closing stock price on March 31, 2021 of $25.57, a total of approximately 565,000 shares remained available to be repurchased under the previously approved Board authorizations.

The repurchase of depositary shares is based on market and investment opportunities, capital levels, growth prospects, and regulatory constraints. Such repurchases may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchase programs, or similar facilities.

78

ITEM 6. Exhibits

(a)    Exhibits:

Exhibit (10.1), Form of Retention Restricted Stock Award Agreement between Associated Banc-Corp, Nicole M. Kitowski, Michael O. Meinolf and Tammy C. Stadler

Exhibit (10.2), Offer Letter, dated March 4, 2021, by and between Associated Banc-Corp and Andrew J. Harmening, incorporated by reference from the Company's Current Report on Form 8-K, dated March 10, 2021.

Exhibit (31.1), Certification Under Section 302 of Sarbanes-Oxley by Philip B. Flynn, Chief Executive Officer.

Exhibit (31.2), Certification Under Section 302 of Sarbanes-Oxley by Christopher J. Del Moral-Niles, Chief Financial Officer.

Exhibit (32), Certification by the Chief Executive Officer and Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of Sarbanes-Oxley.

Exhibit (101), Interactive data files pursuant to Rule 405 of Regulation S-T: (i) Unaudited Consolidated Balance Sheets, (ii) Unaudited Consolidated Statements of Income, (iii) Unaudited Consolidated Statements of Comprehensive Income, (iv) Unaudited Consolidated Statements of Changes in Stockholders’ Equity, (v) Unaudited Consolidated Statements of Cash Flows, and (vi) Notes to Consolidated Financial Statements.

79

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ASSOCIATED BANC-CORP
	(Registrant)
Date: April 27, 2021	/s/ Philip B. Flynn
	Philip B. Flynn
	President and Chief Executive Officer
Date: April 27, 2021	/s/ Christopher J. Del Moral-Niles
	Christopher J. Del Moral-Niles
	Chief Financial Officer
Date: April 27, 2021	/s/ Tammy C. Stadler
	Tammy C. Stadler
	Principal Accounting Officer

80

EX-10.1

  Associated Banc-Corp 2020 Incentive Compensation Plan Cover Page to Retention Agreement (The Retention Agreement has been delivered simultaneously herewith) Grantee Name: PARTICIPANT NAME Grant Date: February 19, 2021 Grant Date FMV: $225,000 Grant Price: GRANT DATE FMV Grant Acceptance Process: Step 1: Please read the below Retention Agreement in its entirety, and print for your records. Step 2: After thoroughly reviewing the Retention Agreement, review your individual award information. Step 3: Electronically accept your grant via the Online Grant Agreement portal of Fidelity’s website. Share Information Subject to this Award: Restricted Stock Award Pursuant and subject to the Associated Banc-Corp 2020 Incentive Compensation Plan (the “Plan”) and the Retention Agreement delivered to Grantee simultaneously herewith, the Committee has awarded the Grantee named above shares of restricted Common Stock of Associated Banc-Corp (“Restricted Shares”) as follows: IN WITNESS WHEREOF, as of the Grant Date the Company hereby grants to the Grantee the Restricted Shares pursuant to the terms and conditions of the Retention Agreement delivered simultaneously herewith and the terms and conditions of the Plan. ASSOCIATED BANC-CORP   Philip B. Flynn, President & CEO   Please electronically accept your grant via the Online Grant Agreement portal of Fidelity’s website. Failure to do so by March 26, 2021 may result in forfeiture of the Restricted Shares. Restricted Stock Shares Awarded: NUMBER OFSHARES GRANTED

RETENTION AGREEMENT In accordance with and subject to the terms of the Associated Banc-Corp 2020 Incentive Compensation Plan (the “Plan”) and this Agreement, the Committee granted to the person named as grantee (the “Grantee”) on the cover page delivered simultaneously with this Retention Agreement (the “Cover Page”) an award of Restricted Shares of Associated Banc- Corp (the “Company”) (the Cover Page and this Retention Agreement hereinafter referred to as this “Agreement”). To evidence such award and to set forth its terms, the Company and the Grantee agree as follows. All capitalized terms not otherwise defined in this Agreement shall have the meaning set forth in the Plan. 1. Grant of Restricted Shares. Subject to, and upon the terms and conditions set forth in this Agreement and the Plan, the Committee granted to the Grantee the number of restricted shares set forth on the Cover Page (the “Restricted Shares”), effective as of the grant date set forth on the Cover Page (the “Grant Date”), and the Grantee hereby accepts the grant of the Restricted Shares on a restricted basis, as set forth herein. 2. Limitations on Transferability. At any time prior to vesting in accordance with Paragraph 3, 4 or 5 below, the Restricted Shares, or any interest therein, cannot be directly or indirectly transferred, sold, assigned, encumbered or otherwise disposed. 3. Dates of Vesting. Subject to the provisions of Paragraphs 4 and 5 below, the Restricted Shares shall cease to be restricted and shall become non-forfeitable (thereafter being referred to as “Vested Shares”) in accordance with the following schedule: Vesting Date Percentage of Restricted Shares To Vest 1st anniversary of Grant Date 50% 2nd anniversary of Grant Date 50% Notwithstanding the foregoing, and subject to Paragraphs 4 and 5 below, in the event that the Grantee incurs a Termination of Service, any Restricted Shares that were unvested on the date of such Termination of Service shall be immediately forfeited to the Company. Accordingly, upon such Termination of Service, the Grantee shall have no right to receive payment or the right to receive any value with respect to any unvested and forfeited portion of the Restricted Shares. Notwithstanding anything in the Plan to the contrary, the Grantee shall not become immediately vested in the Restricted Shares upon Early Retirement or Normal Retirement.

4. Termination of Service. Subject to Paragraph 5 below, the provisions of this Paragraph 4 shall apply in the event the Grantee incurs a Termination of Service at any time prior to all the Restricted Shares becoming Vested Shares pursuant to Paragraph 3 above: (a) If the Grantee incurs a Termination of Service because of his or her death, Disability, or an involuntary Termination of Service by the Company other than due to Cause, any Restricted Shares that had not become Vested Shares prior to the date of such Termination of Service shall become Vested Shares, and the Grantee shall immediately own the Vested Shares free of all restrictions otherwise imposed by this Agreement except for Vested Shares used to satisfy the tax withholding obligations set forth in Paragraph 25 below or otherwise required by any taxing authority. (b) If the Grantee incurs a Termination of Service for any reason other than as stated in Paragraph 4(a) above, then any Restricted Shares that had not become Vested Shares prior to the date of such Termination of Service shall be immediately forfeited to the Company without consideration. Accordingly, upon such Termination of Service, the Grantee shall have no right to receive payment or the right to receive any value with respect to any unvested portion of the Restricted Shares. 5. Change in Control. Notwithstanding Paragraph 4 above, if the Grantee incurs an involuntary Termination of Service by the Company (other than due to Cause) during the two year period immediately following a Change in Control, any Restricted Shares that had not become Vested Shares prior to the date of such Termination of Service shall become Vested Shares, and the Grantee shall immediately own the Vested Shares free of all restrictions otherwise imposed by this Agreement except for Vested Shares used to satisfy the tax withholding obligations set forth in Paragraph 25 below or otherwise required by any taxing authority. In addition, upon a Change in Control, the Grantee will have such rights with respect to the Restricted Shares as are provided for in the Plan. 6. Transfer of Restricted Shares. The Company, in its sole discretion, shall credit the Restricted Shares to the Grantee in a book entry on the records kept by the Company’s transfer agent. The Restricted Shares shall be subject to restrictions on transfer until, and to the extent, such Restricted Shares become Vested Shares pursuant to Paragraph 3, 4 or 5 above. To the extent any Restricted Shares fail to become Vested Shares pursuant to Paragraph 3, 4 or 5 above, the Company shall cancel such forfeited Restricted Shares pursuant to the terms of the Plan and this Agreement without consideration. The Company shall release the restrictions in the book entry records of its transfer agent once Restricted Shares become Vested Shares. 7. Restrictive Covenants. (a) Trade Secrets. The parties hereto acknowledge that the Company has taken and will continue to take actions to protect that information which qualifies as a trade secret under applicable law (a “Trade Secret”). Accordingly, the Grantee agrees that during the term of Grantee’s employment with the Company, and thereafter for so long as such information remains a Trade Secret, Grantee shall not directly or indirectly use or disclose any Trade Secret of the Company. With respect to the disclosure of a Trade Secret and in accordance with 18 U.S.C. § 1833, Grantee shall not be held

criminally or civilly liable under any federal or state trade secret law for the disclosure of a Trade Secret that (i) is made in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney, provided that, the information is disclosed solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document filed in a lawsuit or other proceeding filed under seal so that it is not disclosed to the public. Grantee is further notified that if Grantee files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Grantee may disclose the Company’s Trade Secrets to Grantee’s attorney and use the Trade Secret information in the court proceeding, provided that, Grantee files any document containing the Trade Secret under seal so that it is not disclosed to the public, and does not disclose the Trade Secret, except pursuant to court order. (b) Confidential Information. The parties hereto acknowledge that the Company has created and maintains at great expense strategic plans, sales data and sales strategy, methods, products, procedures, processes, techniques, financial information, customer and supplier lists, personal customer data, pricing policies, personnel data and other similar confidential and proprietary information, and has received from its customers certain non-Trade Secret confidential and proprietary information (collectively, the “Confidential Information”). The parties hereto further acknowledge that the Company has taken and will continue to take actions to protect the Confidential Information. Accordingly, the Grantee agrees that during the term of the Grantee’s employment with the Company, and until the sooner of (i) such time as the Confidential Information becomes generally available to the public through no fault of the Grantee or other person under the duty of confidentiality to the Company, (ii) such time as the Confidential Information no longer provides a benefit to the Company, or (iii) two (2) years after the termination of the Grantee’s employment with the Company, the Grantee will not, in any capacity, use or disclose, or cause to be used or disclosed any Confidential Information the Grantee acquired while employed by the Company. The requirements of confidentiality and the limitations on use and disclosure described in this Agreement shall not apply to Confidential Information that the Grantee can demonstrate by clear and convincing evidence, at the time of disclosure by the Company to the Grantee, was known to the Grantee as evidenced by the Grantee's contemporaneous written records. (c) Preservation of Rights. The parties hereto agree that nothing in this Agreement shall be construed to limit or negate the law of torts or trade secrets where it provides the Company with broader protection than that provided herein. (d) Return of Company Property. The parties hereto acknowledge that any material (in computerized or written form) that the Grantee obtained in the course of performing the Grantee’s employment duties are the sole and exclusive property of the Company, the Grantee agrees to immediately return any and all records, files, computerized data, documents, confidential or proprietary information, or any other property owned or belonging to the Company in the Grantee’s possession or under his or her control, without any originals or copies being kept by the Grantee or conveyed to any other person, upon the Grantee’s separation from employment or upon the Company’s request.

(e) Non-Interference with Customers. For a period of twelve (12) months following the termination of the Grantee’s employment with the Company for any reason, the Grantee will not, directly or indirectly, on behalf of him/herself or any other person, entity or enterprise, do any of the following: (i) solicit business from any person or entity who is an Active Customer (as defined below) and to whom the Grantee has provided products or services during the twelve (12) month period prior to the termination of the Grantee’s employment with the Company (the “Reference Period”) for the purpose of providing competitive products or services similar to those provided by the Grantee during the Reference Period; (ii) request or advise any of the Active Customers, to whom the Grantee provided products or services during his/her employment with the Company to withdraw, curtail or cancel any of their business relations with the Company. “Active Customer” shall mean any person or entity that, within the Reference Period, received any products or services supplied by or on behalf of the Company or one of its Subsidiaries. (f) Non-interference with Company Employees. For a period of twelve (12) months following the termination of the Grantee’s employment with the Company for any reason, the Grantee will not, directly or indirectly, on behalf of him/herself or any other person, entity or enterprise: directly or indirectly solicit any Restricted Person (as defined below) to provide services to any Competitive Business (as defined below) in a capacity (i) involving duties substantially similar to those performed by such Restricted Person during his or her employment with the Company or (ii) which is reasonably likely to involve the use or disclosure of Confidential information. “Restricted Person” shall mean any Company employee who (1) has been entrusted with the Company’s Confidential Information or Trade Secrets in connection with his/her employment with the Company and (2) with whom Grantee directly worked at any point during the twelve (12) month period immediately preceding the end, for whatever reason, of Grantee’s employment with the Company. “Competitive Business” shall mean that aspect of any firm, business, activity or enterprise which competes with the Company in the state in which the Grantee is employed by the Company, and any neighboring state in which the Company conducts business. (g) Remedies. Notwithstanding any other provision of this Agreement, if the Grantee breaches any provision of this Paragraph 7, any Restricted Shares shall be immediately forfeited to the Company without consideration. In addition, the Company shall be entitled to injunctive and other equitable relief (without the necessity of showing actual monetary damages or of posting any bond or other security): (i) restraining and enjoining any act which would constitute a breach, or (ii) compelling the performance of

any obligation which, if not performed, would constitute a breach, as well as any other remedies available to the Company, including monetary damages. Upon the Company’s request, the Grantee shall provide reasonable assurances and evidence of compliance with the restrictive covenants set forth in this Paragraph 7. If any court of competent jurisdiction shall deem any provision in this Paragraph 7 too restrictive, the other provisions shall stand, and the court shall modify the unduly restrictive provision to the point of greatest restriction permissible by law. The restrictive covenants set forth in this Paragraph 7 shall survive the termination of this Agreement, the forfeiture of any Restricted Shares, and the Grantee’s termination of employment for any reason, and the Grantee shall continue to be bound by the terms of this Paragraph 7 as if this Agreement was still in effect. 8. Liability of the Company. The inability of the Company to obtain approval from any regulatory body having authority deemed by the Company to be necessary to the lawful issuance and transfer of any Shares pursuant to this Agreement shall relieve the Company of any liability with respect to the non-issuance or transfer of the Shares as to which such approval shall not have been obtained. However, the Company shall use commercially reasonable efforts to obtain all such approvals. 9. Adjustment in Restricted Shares. This Award of Restricted Shares is subject to adjustment as provided under Section 4.2 of the Plan. 10. Plan and Agreement Amendment. (a) No discontinuation, modification, or amendment of the Plan may, without the written consent of the Grantee, adversely affect the rights of the Grantee under this Agreement, except as otherwise provided under the Plan. (b) This Agreement may be amended as provided under the Plan, but no such amendment shall adversely affect the Grantee’s rights under this Agreement without the Grantee’s written consent, unless otherwise permitted by the Plan. 11. Shareholder Rights. The Grantee shall be entitled to receive any dividends that become payable on or after the Grant Date with respect to the Restricted Shares and Vested Shares; provided, however, that no dividends shall be payable (a) with respect to the Restricted Shares on account of record dates occurring prior to the Grant Date and (b) with respect to forfeited Restricted Shares on account of record dates occurring on or after the date of such forfeiture. The Grantee shall be entitled to vote the Restricted Shares on or after the Grant Date to the same extent as would have been applicable to the Grantee if the Restricted Shares had then been Vested Shares; provided, however, that the Grantee shall not be entitled to vote (a) the Restricted Shares on account of record dates occurring prior to the Grant Date and (b) with respect to forfeited Restricted Shares on account of record dates occurring on or after the date of such forfeiture. 12. Employment Rights. This Agreement is not a contract of employment, and the terms of employment of the Grantee or other relationship of the Grantee with an Employer shall not be affected in any way by this Agreement except as specifically provided herein. The

execution of this Agreement shall not be construed as conferring any legal rights upon the Grantee for a continuation of an employment or other relationship with an Employer, nor shall it interfere with the right of an Employer to discharge the Grantee and to treat him or her without regard to the effect which such treatment might have upon him or her as a Grantee. 13. Disclosure Rights. Except as required by applicable law, the Company (or any of its affiliates) shall not have any duty or obligation to disclose affirmatively to a record or beneficial holder of Common Stock, Restricted Shares or Vested Shares, and such holder shall have no right to be advised of, any material information regarding the Company at any time prior to, upon or in connection with receipt of the Shares. 14. Governing Law. This Agreement shall be governed by the internal substantive laws, but not the choice of law rules, of the State of Wisconsin. This Agreement, subject to the terms and conditions of the Plan, represents the entire agreement between the parties with respect to the grant of the Restricted Shares to the Grantee. The parties hereto each submit and consent to the jurisdiction of the courts in the State of Wisconsin, Brown County, in any action brought to enforce or otherwise relating to this Agreement. 15. Compliance with Laws and Regulations. Notwithstanding anything herein to the contrary: (a) the Company shall not be obligated to credit a book entry related to the Restricted Shares or Vested Shares to be entered on the records of the Company’s transfer agent, unless and until the Company is advised by its counsel that such book entry is in compliance with all applicable laws, regulations of governmental authority, and the requirements of any exchange upon which Shares are traded; (b) the Company may require, as a condition of such a book entry, and in order to ensure compliance with such laws, regulations and requirements, that the Grantee make whatever covenants, agreements, and representations, or execute whatever documents or instruments, the Company, in its sole discretion, considers necessary or desirable; (c) no payment or benefit under this Agreement shall be provided to the Grantee if it would violate any applicable Compensation Limitation; and (d) notwithstanding anything to the contrary in this Agreement, the Restricted Shares (including any proceeds, gains, or other economic benefit actually or constructively received by the Grantee thereof upon the receipt or vesting thereof, or resale of the Shares received pursuant hereto upon or after the Restricted Shares become Vested Shares) shall be subject to the provisions of any clawback or recoupment policy adopted by the Board and/or the Committee, including any such policy adopted to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act, any rules or regulations promulgated and in effect thereunder, or any SEC or securities exchange rule.

16. Successors and Assigns. Except as otherwise expressly set forth in this Agreement, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the succeeding administrators, heirs and legal representatives of the Grantee and the successors and assigns of the Company. 17. No Limitation on Rights of the Company. This Agreement shall not in any way affect the right of the Company to adjust, reclassify, reorganize or otherwise make changes in its capital or business structure, or to merge, consolidate, dissolve, liquidate, sell or transfer all or any part of its business or assets. 18. Notices. Any communication or notice required or permitted to be given hereunder shall be in writing, and, if to the Company, to its principal place of business, attention: Secretary, and, if to the Grantee, to the address appearing on the records of the Company. Such communication or notice shall be delivered personally or sent by certified, registered, or express mail, postage prepaid, return receipt requested, or by a reputable overnight delivery service. Any such notice shall be deemed given when received by the intended recipient. 19. Construction. Notwithstanding any other provision of this Agreement, this Agreement is made and the Restricted Shares are granted pursuant to the Plan and are in all respects limited by and subject to the express provisions of the Plan, as amended from time to time. This Agreement does not modify or amend the terms of the Plan. To the extent any provision of this Agreement is inconsistent or in conflict with any term or provision of the Plan, the Plan shall govern. The interpretation and construction by the Committee of the Plan, this Agreement and any such rules and regulations adopted by the Committee for purposes of administering the Plan shall be final and binding upon the Grantee and all other persons. 20. Entire Agreement. This Agreement, together with the Plan, constitutes the entire obligation of the parties hereto with respect to the subject matter hereof and shall supersede any prior expressions of intent or understanding with respect to this transaction. 21. Waiver; Cumulative Rights. The failure or delay of either party to require performance by the other party of any provision hereof shall not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each and every right hereunder is cumulative and may be exercised in part or in whole from time to time. 22. Counterparts. This Agreement may be signed in two counterparts, each of which shall be an original, but both of which shall constitute but one and the same instrument. 23. Headings. The headings contained in this Agreement are for reference purposes only and shall not affect the meaning or interpretation of this Agreement. 24. Severability. If any provision of this Agreement shall for any reason be held to be invalid or unenforceable, such invalidity or unenforceability shall not affect any other provision hereof, and this Agreement shall be construed as if such invalid or unenforceable provision were omitted.

25. Tax Consequences. The Grantee acknowledges and agrees that the Grantee is responsible for all taxes and tax consequences with respect to the grant of the Restricted Shares or the lapse of restrictions otherwise imposed by this Agreement. The Grantee further acknowledges that it is the Grantee’s responsibility to obtain any advice that the Grantee deems necessary or appropriate with respect to any and all tax matters that may exist as a result of the grant of the Restricted Shares or the lapse of restrictions otherwise imposed by this Agreement. If the Grantee files a Code Section 83(b) election with respect to the Restricted Shares, he or she will immediately notify the Company of such election. Notwithstanding any other provision of this Agreement, the Restricted Shares shall not be released to the Grantee unless, as provided in Section 17 of the Plan, the Grantee shall have paid to the Company, or made arrangements satisfactory to the Company regarding the payment of, any federal, state, local or foreign income or employment taxes required by law to be withheld with respect to the grant of the Restricted Shares or the lapse of restrictions otherwise imposed by this Agreement. 26. Receipt of Plan. The Grantee acknowledges receipt of a copy of the Plan, and represents that the Grantee is familiar with the terms and provisions thereof, and hereby accepts the Restricted Shares subject to all the terms and provisions of this Agreement and of the Plan. The Shares are granted pursuant to the terms of the Plan, the terms of which are incorporated herein by reference, and the Restricted Shares shall in all respects be interpreted in accordance with the Plan. The Committee shall interpret and construe the Plan and this Agreement, and its interpretation and determination shall be conclusive and binding upon the parties hereto and any other person claiming an interest hereunder, with respect to any issue arising hereunder or thereunder. 27. Condition to Accept Agreement. This Agreement shall be null and void unless the Grantee accepts this Agreement via the Online Grant Agreement portal of Fidelity’s website, indicating Grantee’s acceptance of these Restricted Shares pursuant to the terms and conditions of this Agreement, on or before the date listed at the end of the Cover Page. By accepting this Agreement via the Online Grant Agreement portal of Fidelity’s website, Grantee acknowledges and agrees to the terms and conditions of this Retention Agreement, Cover Page, and the Plan, including, but not limited to, the terms of the Restrictive Covenants contained in Paragraph 7 of this Agreement.  

EX-31.1

Exhibit 31.1

CERTIFICATION UNDER SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

CERTIFICATIONS

I, Philip B. Flynn, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Associated Banc-Corp;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 27, 2021	/s/ Philip B. Flynn
	Philip B. Flynn
	President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION UNDER SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

CERTIFICATIONS

I, Christopher J. Del Moral-Niles, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Associated Banc-Corp;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: April 27, 2021	/s/ Christopher J. Del Moral-Niles
	Christopher J. Del Moral-Niles
	Chief Financial Officer

EX-32

Exhibit 32

Certification by the Chief Executive Officer and Chief Financial

Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant

to Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of Associated Banc-Corp, a Wisconsin corporation (the “Company”), does hereby certify that:

1. The accompanying Quarterly Report of the Company on Form 10-Q for the quarter ended March 31, 2021 (the “Report”), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. Information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Philip B. Flynn

Philip B. Flynn

Chief Executive Officer

April 27, 2021

/s/ Christopher J. Del Moral-Niles

Christopher J. Del Moral-Niles

Chief Financial Officer

April 27, 2021

XML

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 23, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-31343
Entity Registrant Name	Associated Banc-Corp
Entity Incorporation, State or Country Code	WI
Entity Address, Address Line One	433 Main Street
Entity Address, City or Town	Green Bay,
Entity Address, State or Province	WI
Entity Tax Identification Number	39-1098068
Entity Address, Postal Zip Code	54301
City Area Code	920
Local Phone Number	491-7500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		152,808,020
Entity Central Index Key	0000007789
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
The New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	ASB
Security Exchange Name	NYSE
Series C Preferred Stock | The New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shrs, each representing 1/40th intrst in a shr of 6.125% Non-Cum. Perp Pref Stock, Srs C
Trading Symbol	ASB PrC
Security Exchange Name	NYSE
Series D Preferred Stock | The New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shrs, each representing 1/40th intrst in a shr of 5.375% Non-Cum. Perp Pref Stock, Srs D
Trading Symbol	ASB PrD
Security Exchange Name	NYSE
Series E Preferred Stock | The New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shrs, each representing 1/40th intrst in a shr of 5.875% Non-Cum. Perp Pref Stock, Srs E
Trading Symbol	ASB PrE
Security Exchange Name	NYSE
Series F Preferred Stock | The New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Depositary Shrs, each representing 1/40th intrst in a shr of 5.625% Non-Cum. Perp Pref Stock, Srs F
Trading Symbol	ASB PrF
Security Exchange Name	NYSE

XML

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Cash and due from banks	$ 356,285	$ 416,154
Interest-bearing deposits in other financial institutions	1,590,494	298,759
Federal funds sold and securities purchased under agreements to resell	0	1,135
Investment securities AFS, at fair value	3,356,949	3,085,441
Investment securities HTM, net, at amortized cost	1,857,087	1,878,938
Equity securities	15,673	15,106
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	168,281	168,280
Residential loans held for sale	153,151	129,158
Loans	24,162,328	24,451,724
Allowance for loan losses	(352,938)	(383,702)
Loans, net	23,809,389	24,068,022
Tax credit and other investments	303,701	297,232
Premises and equipment, net	398,671	418,914
Bank and corporate owned life insurance	680,831	679,647
Goodwill	1,104,992	1,109,300
Other intangible assets, net	64,701	68,254
Mortgage servicing rights, net	49,500	41,961
Interest receivable	86,466	90,263
Other assets	579,084	653,219
Total assets	34,575,255	33,419,783
Liabilities and Stockholders' Equity
Noninterest-bearing demand deposits	8,496,194	7,661,728
Interest-bearing deposits	19,180,972	18,820,753
Total deposits	27,677,166	26,482,481
Federal funds purchased and securities sold under agreements to repurchase	138,507	192,971
Commercial paper	51,171	59,346
FHLB advances	1,629,966	1,632,723
Total long-term funding	2,179,694	2,182,188
Allowance for unfunded commitments	50,776	47,776
Accrued expenses and other liabilities	350,160	364,088
Total liabilities	30,447,474	29,328,850
Stockholders’ Equity
Preferred equity	353,512	353,512
Common stock	1,752	1,752
Surplus	1,706,786	1,720,329
Retained earnings	2,520,144	2,458,920
Accumulated other comprehensive income (loss)	(4,193)	12,618
Treasury stock, at cost	(450,222)	(456,198)
Total common equity	3,774,268	3,737,421
Total stockholders’ equity	4,127,780	4,090,933
Total liabilities and stockholders’ equity	$ 34,575,255	$ 33,419,783
Preferred shares authorized (par value $1.00 per share)	750,000	750,000
Preferred shares issued and outstanding	364,458	364,458
Common shares authorized (par value $0.01 per share)	250,000,000	250,000,000
Common shares issued	175,216,409	175,216,409
Common shares outstanding	153,684,904	153,540,224
Preferred shares, par value	$ 1.00	$ 1.00
Common shares, par value	$ 0.01	$ 0.01

XML

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Preferred shares, par value	$ 1.00	$ 1.00
Common shares, par value	$ 0.01	$ 0.01
Off-Balance Sheet, Credit Loss, Liability	$ 50,776	$ 47,776	$ 21,907

XML

Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Interest income
Interest and fees on loans	$ 174,049	$ 224,786
Interest and dividends on investment securities
Taxable	7,014	20,272
Tax-exempt	14,162	14,882
Other interest	1,694	3,304
Total interest income	196,920	263,244
Interest expense
Interest on deposits	5,909	36,666
Interest on federal funds purchased and securities sold under agreements to repurchase	26	368
Interest on other short-term funding	6	36
Interest on FHLB advances	9,493	17,626
Interest on long-term funding	5,585	5,607
Total interest expense	21,018	60,303
Net interest income	175,902	202,942
Provision for credit losses	(23,004)	53,001
Net interest income after provision for credit losses	198,906	149,941
Noninterest income
Noninterest Income In Scope of Topic 606	51,762	71,348
Capital markets, net	8,118	7,935
Mortgage banking, net	23,925	6,143
Bank and corporate owned life insurance	2,702	3,094
Asset gains (losses), net	4,809	(77)
Investment securities gains (losses), net	(39)	6,118
Gains on sale of branches, net(a)	1,002	0
Other	3,141	2,352
Total noninterest income	95,343	98,306
Noninterest expense
Personnel	104,026	114,200
Technology	20,740	20,799
Occupancy	16,156	16,069
Business development and advertising	4,395	5,826
Equipment	5,518	5,439
Legal and professional	6,530	5,160
Loan and foreclosure costs	2,220	3,120
FDIC assessment	4,750	5,500
Other intangible amortization	2,236	2,814
Other	8,775	13,263
Total noninterest expense	175,347	192,191
Income (loss) before income taxes	118,903	56,056
Income tax expense (benefit)	24,602	10,219
Net income	94,301	45,838
Preferred stock dividends	5,207	3,801
Net income available to common equity	$ 89,094	$ 42,037
Earnings per common share
Basic	$ 0.58	$ 0.27
Diluted	$ 0.58	$ 0.27
Average common shares outstanding
Basic	152,355	154,701
Diluted	153,688	155,619
Wealth management fees
Noninterest income
Noninterest Income In Scope of Topic 606	$ 22,414	$ 20,816
Service charges and deposit account fees
Noninterest income
Noninterest Income In Scope of Topic 606	14,855	15,222
Card-based fees
Noninterest income
Noninterest Income In Scope of Topic 606	9,764	9,607
Card-based fees	9,743	9,597
Other fee-based revenue
Noninterest income
Noninterest Income In Scope of Topic 606	4,653	3,096
Card-based fees	4,596	4,497
Insurance commissions and fess
Noninterest income
Noninterest Income In Scope of Topic 606	76	22,608
Operating Segments | Risk Management and Shared Services
Interest expense
Net interest income	14,465	20,261
Provision for credit losses	(45,612)	35,720
Noninterest income
Total noninterest income	6,184	6,223
Noninterest expense
Total noninterest expense	20,275	24,110
Income (loss) before income taxes	26,427	(41,285)
Income tax expense (benefit)	6,737	(8,613)
Net income	$ 19,690	$ (32,672)

XML

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 94,301	$ 45,838
Investment securities AFS
Net unrealized gains (losses)	(23,979)	26,419
Amortization of net unrealized (gains) losses on AFS securities transferred to HTM securities	518	556
Reclassification adjustment for net losses (gains) realized in net income	39	(6,118)
Income tax (expense) benefit	5,851	(5,225)
Other comprehensive income (loss) on investment securities AFS	(17,571)	15,632
Defined benefit pension and postretirement obligations
Amortization of prior service cost	(37)	(38)
Amortization of actuarial loss (gain)	1,050	808
Income tax (expense) benefit	(253)	(193)
Other comprehensive income (loss) on pension and postretirement obligations	760	577
Total other comprehensive income (loss)	(16,811)	16,209
Comprehensive income	$ 77,490	$ 62,046

XML

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Cumulative Effect, Period Of Adoption, Adjustment	Performance/Service Based RSAs, RSA,	Board Authorized Purchase Program [Member]	Series C Preferred Stock	Series D Preferred Stock	Series E Preferred Stock	Preferred Equity	Preferred Equity Cumulative Effect, Period Of Adoption, Adjustment	Common Stock	Common Stock Cumulative Effect, Period Of Adoption, Adjustment	Surplus	Surplus Cumulative Effect, Period Of Adoption, Adjustment	Retained Earnings	Retained Earnings Cumulative Effect, Period Of Adoption, Adjustment	Retained Earnings Series F Preferred Stock	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period Of Adoption, Adjustment	Treasury Stock	Treasury Stock Cumulative Effect, Period Of Adoption, Adjustment	Treasury Stock Performance/Service Based RSAs, RSA,	Treasury Stock Board Authorized Purchase Program [Member]
Beginning balance at Dec. 31, 2019	$ 3,922,124	$ 3,823,787						$ 256,716	$ 256,716	$ 1,752	$ 1,752	$ 1,716,431	$ 1,716,431	$ 2,380,867	$ 2,282,530		$ (33,183)	$ (33,183)	$ (400,460)	$ (400,460)
Beginning balance (Accounting Standards Update 2016-13) at Dec. 31, 2019		$ (98,337)
Comprehensive income
Net income	45,838													45,838
Other comprehensive income (loss)	16,209																16,209
Comprehensive income	62,046
Common stock issued
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	2,896											(20,659)		0					23,555
Purchase of treasury stock,			$ (5,555)	$ (71,255)																	$ (5,555)	$ (71,255)
Cash dividends
Common stock ($0.17 per share in 2019 and $0.18 per share in 2020)	(28,392)													(28,392)
Preferred stock(a)	(3,801)													(3,801)
Stock-based compensation expense, net	10,744											10,744
Ending balance at Mar. 31, 2020	3,790,471							256,716		1,752		1,706,516		2,296,176			(16,974)		(453,714)
Cash dividends
Preferred Stock, Dividends, Per Share, Cash Paid					$ 0.3828125	$ 0.3359375	$ 0.3671875
Beginning balance at Dec. 31, 2020	4,090,933							353,512		1,752		1,720,329		2,458,920			12,618		(456,198)
Comprehensive income
Net income	94,301													94,301
Other comprehensive income (loss)	(16,811)																(16,811)
Comprehensive income	77,490
Common stock issued
Shares Issued, Value, Share-based Payment Arrangement, after Forfeiture	10,556											(16,986)							27,542
Purchase of treasury stock,			$ (3,593)	$ (17,973)																	$ (3,593)	$ (17,973)
Cash dividends
Common stock ($0.17 per share in 2019 and $0.18 per share in 2020)	(27,870)													(27,870)
Preferred stock(a)	(5,207)													(5,207)
Stock-based compensation expense, net	3,444											3,444
Ending balance at Mar. 31, 2021	$ 4,127,780							$ 353,512		$ 1,752		$ 1,706,786		$ 2,520,144			$ (4,193)		$ (450,222)
Cash dividends
Preferred Stock, Dividends, Per Share, Cash Paid					$ 0.3828125	$ 0.3359375	$ 0.3671875									$ 0.3515625

XML

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Cash Flow From Operating Activities
Net income	$ 94,301	$ 45,838
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Provision for credit losses	(23,004)	53,001
Depreciation and amortization	12,038	14,971
Addition to (recovery of) valuation allowance on mortgage servicing rights, net	(10,578)	9,098
Amortization of mortgage servicing rights	6,388	3,635
Amortization of other intangible assets	2,236	2,814
Amortization and accretion on earning assets, funding, and other, net	7,941	5,728
Net amortization of tax credit investments	8,301	6,486
Losses (gains) on sales of investment securities, net	39	(6,118)
Asset (gains) losses, net	(4,809)	77
Gain (Loss) on Disposition of Business	(1,002)	0
(Gain) loss on mortgage banking activities, net	(10,326)	(14,274)
Mortgage loans originated and acquired for sale	(412,645)	(310,254)
Proceeds from sales of mortgage loans held for sale	400,135	297,265
Changes in certain assets and liabilities
(Increase) decrease in interest receivable	3,797	(1,181)
Increase (decrease) in interest payable	(8,694)	(6,511)
Increase (decrease) in expense payable	(12,818)	(61,924)
(Increase) decrease in net derivative position	69,829	(77,369)
Increase (decrease) in unsettled trades	3,000	0
(Increase) decrease in net income tax position	10,627	(23,556)
Net change in other assets and other liabilities	23,012	42,192
Net cash provided by (used in) operating activities	157,768	(20,083)
Cash Flow From Investing Activities
Net decrease (increase) in loans	274,733	(1,395,767)
Purchases of
AFS securities	(809,140)	(93,487)
HTM securities	(37,215)	(29,463)
Federal Home Loan Bank and Federal Reserve Bank stocks	(1)	(49,794)
Premises, equipment, and software, net of disposals	(6,477)	(11,045)
Other intangibles	0	(200)
Proceeds from
Sales of AFS securities	51,295	365,239
Sale of Federal Home Loan Bank and Federal Reserve Bank stocks	0	55,000
Prepayments, calls, and maturities of AFS investment securities	419,235	186,496
Prepayments, calls, and maturities of HTM investment securities	97,196	84,360
Sales, prepayments, calls, and maturities of other assets	8,525	10,482
Net change in tax credit and alternative investments	(12,990)	(17,877)
Net cash (paid) received in acquisition	0	31,452
Net cash provided by (used in) investing activities	(12,354)	(927,507)
Cash Flow From Financing Activities
Net increase (decrease) in deposits	1,225,867	1,443,965
Net Decrease In Deposits Due To Branch Sales	(31,083)	0
Net increase (decrease) in short-term funding	(62,639)	(324,317)
Net increase (decrease) in short-term FHLB advances	0	30,000
Repayment of long-term FHLB advances	(2,954)	(5,464)
Proceeds from long-term FHLB advances	251	0
(Repayment) proceeds of finance lease principal	37	1
Proceeds from issuance of common stock for stock-based compensation plans	10,556	2,896
Cash dividends on common stock	(27,870)	(28,392)
Cash dividends on preferred stock	(5,207)	(3,801)
Net cash provided by (used in) financing activities	1,085,319	1,038,079
Net increase (decrease) in cash and cash equivalents	1,230,732	90,488
Cash and cash equivalents at beginning of period	716,048	588,744	$ 588,744
Cash and cash equivalents at end of period(a)	1,946,780	679,232	716,048
Supplemental disclosures of cash flow information
Cash paid for interest	29,258	66,316
Cash paid for (received from) income and franchise taxes	(114)	1,373
Loans and bank premises transferred to OREO	15,426	3,374
Capitalized mortgage servicing rights	3,348	3,716
Loans transferred into held for sale from portfolio, net	5,582	205,065
Unsettled trades to purchase securities	3,000	0
Acquisition
Fair value of assets acquired, including cash and cash equivalents				$ 0	$ 457,448
Fair value ascribed to goodwill and intangible assets				0	22,538
Fair value of liabilities assumed				0	479,985
Restricted Cash and Cash Equivalents
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Total	1,946,780	679,232	$ 588,744	$ 1,946,780	$ 679,232
Retained Earnings
Cash Flow From Operating Activities
Net income	94,301	45,838
Whitnell
Proceeds from
Sales, prepayments, calls, and maturities of other assets	2,484	0
Performance/Service Based RSAs, RSA,
Cash Flow From Financing Activities
Payments for Repurchase of Common Stock	(3,593)	(5,555)
Board Authorized Purchase Program [Member]
Cash Flow From Financing Activities
Payments for Repurchase of Common Stock	$ (17,973)	$ (71,255)

XML

Basis of Presentation

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

In the opinion of management, the accompanying unaudited consolidated financial statements contain all adjustments necessary to present fairly the financial position, results of operations and comprehensive income, changes in stockholders’ equity, and cash flows of the Corporation and Parent Company for the periods presented, and all such adjustments are of a normal recurring nature. The consolidated financial statements include the accounts of all subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.

In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. Estimates that are particularly susceptible to significant change include the determination of the ACLL, goodwill impairment assessment, MSRs valuation, and income taxes. Management has evaluated subsequent events for potential recognition or disclosure.

Within the tables presented, certain columns and rows may not sum due to the use of rounded numbers for disclosure purposes.

XML

Acquisitions

Dec. 11, 2020

Business Combinations [Abstract]

Acquisitions and Dispositions

Acquisitions and Dispositions

Acquisitions:

The Corporation did not have any acquisitions during the first quarter of 2021.

2020

First Staunton Acquisition

On February 14, 2020, the Corporation completed its acquisition of First Staunton. The purchase price was based on an assumed 4% deposit premium at announcement. The conversion of the branches was completed simultaneously with the close of the transaction, expanding the Bank's presence into nine new Metro-East St. Louis communities. As a result of the acquisition and other consolidations, a net of seven branch locations were added.

The Corporation recorded approximately $15 million in goodwill related to the First Staunton acquisition. Goodwill created by the acquisition is not tax deductible. See Note 8 for additional information on goodwill, as well as the carrying amount and amortization of CDI assets related to the First Staunton acquisition.

The following table presents the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date related to the First Staunton acquisition:

($ in Thousands)	Purchase Accounting Adjustments		February 14, 2020
Assets
Cash and cash equivalents	$	—	$	44,782
Investment securities AFS	(24)		98,743
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	—		781
Loans	(4,808)		369,741
Premises and equipment, net	(3,005)		4,865
Bank owned life insurance	9		6,770
Goodwill			14,812
Core deposit intangibles (included in other intangible assets, net on the face of the consolidated balance sheets)	7,379		7,379
OREO (included in other assets on the face of the consolidated balance sheets)	670		762
Other assets	2,795		7,692
Total assets			$	556,328
Liabilities
Deposits	$	1,285	$	438,684
Other borrowings	61		34,613
Accrued expenses and other liabilities	179		6,730
Total liabilities			$	480,028
Total consideration paid			$	76,300

For a description of methods used to determine the fair value of significant assets and liabilities presented on the balance sheet above, see Assumptions section of this Note.

The Corporation has purchased loans with the First Staunton acquisition, for which there was, at acquisition, evidence of more than insignificant deterioration of credit quality since origination (PCD). The carrying amount of those loans is as follows:

($ in Thousands)	February 14, 2020
Purchase price of loans at acquisition	$	77,221
Allowance for credit losses at acquisition	3,504
Non-credit discount/(premium) at acquisition	(951)
Par value of acquired loans at acquisition	$	79,774

The Corporation acquired no PCD securities in connection with the acquisition.

Assumptions

Investment Securities: The fair value of investments on the date of acquisition was determined utilizing an external third party broker opinion of the market value.

Loans: Fair values for loans were based on a discounted cash flow methodology that considered factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan, amortization status and current discount rates. For the non-credit (interest and liquidity) premium, loans were grouped together according to similar characteristics when applying various valuation techniques. For the credit discount, loans were also grouped based on whether they had more than insignificant deterioration in credit since origination.

CDIs: This intangible asset represents the value of the relationships with deposit customers. The fair value was estimated based on a discounted cash flow methodology that gave appropriate consideration to expected customer attrition rates, net maintenance cost of the deposit base, alternative cost of funds, and the interest costs associated with customer deposits. The CDIs are being amortized on a straight-line basis over 10 years.

Time Deposits: The fair value for time deposits are estimated using a discounted cash flow calculation that applies interest rates currently being offered to the contractual interest rates on such time deposits.

FHLB Borrowings: The fair value of FHLB advances are estimated based on quoted market prices for the instrument if available, or for similar instruments if not available, or by using discounted cash flow analyses, based on current incremental borrowing rates for similar types of instruments.

Dispositions:

2021

On March 1, 2021, the Corporation closed on the sale of its wealth management subsidiary Whitnell to Rockefeller for a purchase price of $8 million. Associated reported a first quarter 2021 pre-tax gain of approximately $2 million, included in asset gains (losses), net on the consolidated statements of income, in conjunction with the sale.

On February 26, 2021, the Bank completed the sale of one branch located in Monroe, Wisconsin to Summit Credit Union. Under the terms of the transaction, Associated Bank sold $31 million in total deposits and no loans. Associated Bank received an approximately 4% purchase premium on deposits transferred.

2020

On June 30, 2020, the Corporation completed the sale of ABRC to USI for $266 million in cash. Associated recorded a second quarter 2020 pre-tax book gain of approximately $163 million in conjunction with the sale.

On December 11, 2020, the Bank completed the sale of five branches in Peoria, Illinois to Morton Community Bank. Under the terms of the transaction, the Bank sold $180 million in total deposits and no loans. Associated Bank received a 4% purchase premium on deposits transferred. With the sale of these branches, the Bank exited the Peoria market.

On December 11, 2020, the Bank completed the sale of two branches in southwest Wisconsin to Royal Bank. Under the terms of the transaction, Associated Bank sold $53 million in total deposits and no loans. Associated Bank received a 4% purchase premium on deposits transferred in the Prairie du Chien and Richland Center branches.

XML

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Standards Update and Change in Accounting Principle [Abstract]

Summary of Significant Accounting Policies

Summary of Significant Accounting Policies

The accounting and reporting policies of the Corporation conform to U.S. GAAP and to general practice within the financial services industry. A discussion of these policies can be found in Note 1 Summary of Significant Accounting Policies included in the Corporation’s 2020 Annual Report on Form 10-K. There have been no changes to the Corporation's significant accounting policies since December 31, 2020.

New Accounting Pronouncements Adopted

Standard	Description	Date of adoption	Effect on financial statements
ASU 2019-12 Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes	The FASB issued this amendment to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments in this Update were effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendment was permitted.	1st Quarter 2021	Adoption of this amendment did not have a material impact on the Corporation's results of operation, financial position or liquidity.
ASU 2020-08 Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs	The FASB issued this amendment to clarify that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in this Update were effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendments was not permitted.	1st Quarter 2021	Adoption of this amendment did not have a material impact on the Corporation's results of operation, financial position or liquidity.

Future Accounting Pronouncements

There are no accounting pronouncements recently issued or proposed that have not yet been adopted

XML

Earnings Per Common Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Earnings Per Common Share

Earnings Per Common Share

Earnings per common share are calculated utilizing the two-class method. Basic earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding. Diluted earnings per common share are calculated by dividing the sum of distributed earnings to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of common shares outstanding adjusted for the dilutive effect of common stock awards (outstanding stock options and unvested restricted stock awards). Presented below are the calculations for basic and diluted earnings per common share:

	Three Months Ended March 31,
(In Thousands, except per share data)	2021		2020
Net income	$	94,301	$	45,838
Preferred stock dividends	(5,207)		(3,801)
Net income available to common equity	$	89,094	$	42,037
Common shareholder dividends	(27,661)		(28,264)
Unvested share-based payment awards	(209)		(128)
Undistributed earnings	$	61,224	$	13,645
Undistributed earnings allocated to common shareholders	$	60,836	$	13,555
Undistributed earnings allocated to unvested share-based payment awards	387		90
Undistributed earnings	$	61,224	$	13,645
Basic
Distributed earnings to common shareholders	$	27,661	$	28,264
Undistributed earnings allocated to common shareholders	60,836		13,555
Total common shareholders earnings, basic	$	88,497	$	41,819
Diluted
Distributed earnings to common shareholders	$	27,661	$	28,264
Undistributed earnings allocated to common shareholders	60,836		13,555
Total common shareholders earnings, diluted	$	88,497	$	41,819
Weighted average common shares outstanding	152,355		154,701
Effect of dilutive common stock awards	1,333		918
Diluted weighted average common shares outstanding	153,688		155,619
Basic earnings per common share	$	0.58	$	0.27
Diluted earnings per common share	$	0.58	$	0.27

Non-dilutive common stock options of approximately 3 million and 4 million for the three months ended March 31, 2021 and 2020, respectively, were excluded from the earnings per common share calculation.

XML

Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Stock-Based Compensation

Stock-Based Compensation

The fair values of stock options and restricted stock awards (including restricted stock units) are amortized as compensation expense on a straight-line basis over the vesting period of the grants. For colleagues who meet the definition of retirement eligible under the 2017 Incentive Compensation Plan and the 2020 Incentive Compensation Plan, expenses related to stock options and restricted stock awards are fully recognized on the date the colleague meets the definition of normal or early retirement. Compensation expense recognized is included in personnel expense on the consolidated statements of income.

Assumptions are used in estimating the fair value of stock options granted. The weighted average expected life of the stock option represents the period of time stock options are expected to be outstanding and is estimated using historical data of stock option exercises and forfeitures. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected volatility is based on the implied volatility of the Corporation’s stock.

The Corporation did not grant stock options in the first three months of 2021. The following assumptions were used in estimating the fair value for options granted for the full year 2020:

	2020
Dividend yield	3.50	%
Risk-free interest rate	1.60	%
Weighted average expected volatility	21.00	%
Weighted average expected life	5.75 years
Weighted average per share fair value of options	$2.39

A summary of the Corporation’s stock option activity for the three months ended March 31, 2021 is presented below:

Stock Options	Shares(a)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(a)
Outstanding at December 31, 2020	6,473	$	19.77	6.23 years	$	2,005
Exercised	615	15.96
Forfeited or expired	35	20.99
Outstanding at March 31, 2021	5,823	$	20.17	6.21 years	$	13,099
Options Exercisable at March 31, 2021	4,240	$	20.19	5.39 years	$	10,154

(a) In thousands

Intrinsic value represents the amount by which the fair market value of the underlying stock exceeds the exercise price of the stock option. For the three months ended March 31, 2021, the intrinsic value of stock options exercised was $3 million compared to less than $1 million for the three months ended March 31, 2020. The total fair value of stock options vested was $3 million for both the three months ended March 31, 2021 and 2020.

The Corporation recognized compensation expense for the vesting of stock options of $403 thousand for the three months ended March 31, 2021, compared to $2 million for the three months ended March 31, 2020. Included in compensation expense for 2021 was no expense for the accelerated vesting of stock options granted to retirement eligible colleagues. At March 31, 2021, the Corporation had approximately $2 million of unrecognized compensation expense related to stock options that is expected to be recognized over the remaining requisite service periods that extend predominately through the first quarter of 2024.

The Corporation also has issued time-based and performance-based restricted stock awards under the 2017 Incentive Compensation Plan and subsequent 2020 Incentive Compensation Plan. Performance awards are based on performance goals of earnings per share and total shareholder return with vesting ranging from a minimum of 0% to a maximum of 150% of the target award. Performance awards are valued utilizing a Monte Carlo simulation model to estimate fair value of the awards at the grant date.

The following table summarizes information about the Corporation’s restricted stock awards activity for the three months ended March 31, 2021:

Restricted Stock Awards	Shares(a)	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020	2,293	$	20.70
Granted	771	19.59
Vested	571	21.69
Forfeited	28	24.13
Outstanding at March 31, 2021	2,466	$	19.72

(a) In thousands

The Corporation amortizes the expense related to restricted stock awards as compensation expense over the vesting period specified in the grant's award agreement. Performance-based restricted stock awards granted during 2020 and 2021 will vest ratably over a period of three years. Service-based restricted stock awards granted during 2020 and 2021 will vest ratably over a period of four years. Expense for restricted stock awards issued of approximately $3 million was recorded for the three months ended March 31, 2021 and $9 million was recorded for the three months ended March 31, 2020. Included in compensation expense for the first three months of 2021 was approximately $1 million of expense for the accelerated vesting of restricted stock awards granted to retirement eligible colleagues. The Corporation had $24 million of unrecognized compensation costs related to restricted stock awards at March 31, 2021 that are expected to be recognized over the remaining requisite service periods that extend predominately through the first quarter of 2025.

The Corporation has the ability to issue shares from treasury or new shares upon the exercise of stock options or the granting of restricted stock awards. The Board of Directors has authorized management to repurchase shares of the Corporation’s common stock in the market, to be made available for issuance in connection with the Corporation’s employee incentive plans and for other corporate purposes. The repurchase of shares, if any, will be based on market and investment opportunities, capital levels, growth prospects, and regulatory constraints. Such repurchases may occur from time to time in open market purchases, block transactions, private transactions, accelerated share repurchase programs, or similar facilities.

XML

Investment Securities

3 Months Ended

Mar. 31, 2020

Investments, Debt and Equity Securities [Abstract]

Investment Securities

Investment Securities

Investment securities are classified as AFS, HTM, or equity on the consolidated balance sheets at the time of purchase. The amortized cost and fair values of securities AFS and HTM at March 31, 2021 were as follows:

($ in Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Investment securities AFS
U. S. Treasury securities	$	54,237	$	—	$	(544)	$	53,693
Agency securities	15,000		—		(96)		14,904
Obligations of state and political subdivisions (municipal securities)	411,964		21,218		—		433,182
Residential mortgage-related securities
FNMA / FHLMC	1,910,644		5,956		(5,647)		1,910,954
GNMA	119,913		3,451		—		123,365
Commercial mortgage-related securities
FNMA / FHLMC	93,902		2,330		(1,883)		94,349
GNMA	381,158		8,254		—		389,411
Asset backed securities
FFELP	325,812		1,675		(1,554)		325,933
SBA	8,216		—		(57)		8,160
Other debt securities	3,000		—		—		3,000
Total investment securities AFS	$	3,323,846	$	42,885	$	(9,782)	$	3,356,949
Investment securities HTM
U. S. Treasury securities	$	1,000	$	20	$	—	$	1,019
Obligations of state and political subdivisions (municipal securities)	1,455,462		106,933		(994)		1,561,401
Residential mortgage-related securities
FNMA / FHLMC	47,480		2,471		—		49,951
GNMA	87,717		3,353		—		91,070
Commercial mortgage-related securities
FNMA/FHLMC	63,844		157		(2,138)		61,863
GNMA	201,648		5,611		(21)		207,238
Total investment securities HTM	$	1,857,150	$	118,544	$	(3,154)	$	1,972,541

The amortized cost and fair values of securities AFS and HTM at December 31, 2020 were as follows:

($ in Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Investment securities AFS
U. S. Treasury securities	$	26,436	$	95	$	—	$	26,531
Agency securities	24,985		53		—		25,038
Obligations of state and political subdivisions (municipal securities)	425,057		25,605		—		450,662
Residential mortgage-related securities
FNMA / FHLMC	1,448,806		12,935		(500)		1,461,241
GNMA	231,364		4,176		(3)		235,537
Commercial mortgage-related securities
FNMA / FHLMC	19,654		3,250		—		22,904
GNMA	511,429		13,327		—		524,756
Asset backed securities
FFELP	329,030		1,172		(3,013)		327,189
SBA	8,637		—		(53)		8,584
Other debt securities	3,000		—		—		3,000
Total investment securities AFS	$	3,028,399	$	60,612	$	(3,570)	$	3,085,441
Investment securities HTM
U. S. Treasury securities	$	999	$	25	$	—	$	1,024
Obligations of state and political subdivisions (municipal securities)	1,441,900		133,544		—		1,575,445
Residential mortgage-related securities
FNMA / FHLMC	54,599		2,891		—		57,490
GNMA	114,553		4,260		—		118,813
Commercial mortgage-related securities
FNMA / FHLMC	11,211		—		—		11,211
GNMA	255,742		9,218		—		264,960
Total investment securities HTM	$	1,879,005	$	149,938	$	—	$	2,028,943

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The expected maturities of investment securities AFS and HTM at March 31, 2021, are shown below:

	AFS					HTM
($ in Thousands)	Amortized Cost		Fair Value			Amortized Cost		Fair Value
Due in one year or less	$	9,575	$	9,588		$	35,299	$	35,587
Due after one year through five years	79,504		79,813			47,810		49,383
Due after five years through ten years	357,498		373,906			179,382		188,263
Due after ten years	37,624		41,472			1,193,970		1,289,186
Total debt securities	484,201		504,778			1,456,461		1,562,420
Residential mortgage-related securities
FNMA / FHLMC	1,910,644		1,910,954			47,480		49,951
GNMA	119,913		123,365			87,717		91,070
Commercial mortgage-related securities
FNMA / FHLMC	93,902		94,349			63,844		61,863
GNMA	381,158		389,411			201,648		207,238
Asset backed securities
FFELP	325,812		325,933			—		—
SBA	8,216		8,160			—		—
Total investment securities	$	3,323,846	$	3,356,949		$	1,857,150	$	1,972,541
Ratio of fair value to amortized cost			101.0		%			106.2		%

On a quarterly basis, the Corporation refreshes the credit quality of each HTM security. The following table summarizes the credit quality indicators of HTM securities at amortized cost at March 31, 2021:

($ in Thousands)	AAA		AA		A		Not Rated		Total
U. S. Treasury securities	$	1,000	$	—	$	—	$	—	$	1,000
Obligations of state and political subdivisions (municipal securities)	582,675		860,882		11,711		193		1,455,462
Residential mortgage-related securities
FNMA / FHLMC	47,480		—		—		—		47,480
GNMA	87,717		—		—		—		87,717
Commercial mortgage-related securities
FNMA / FHLMC	63,844		—		—		—		63,844
GNMA	201,648		—		—		—		201,648
Total HTM securities	$	984,363	$	860,882	$	11,711	$	193	$	1,857,150

The following table summarizes the credit quality indicators of HTM securities at amortized cost at December 31, 2020:

($ in Thousands)	AAA		AA		A		Total
U. S. Treasury securities	$	999	$	—	$	—	$	999
Obligations of state and political subdivisions (municipal securities)	567,252		860,607		14,041		1,441,900
Residential mortgage-related securities
FNMA / FHLMC	54,599		—		—		54,599
GNMA	114,553		—		—		114,553
Commercial mortgage-related securities
FNMA / FHLMC	11,211		—		—		11,211
GNMA	255,742		—		—		255,742
Total HTM securities	$	1,004,357	$	860,607	$	14,041	$	1,879,005

Investment securities gains (losses), net includes proceeds from the sale of investment securities as well as any applicable write-ups or write-downs of investment securities. The proceeds from the sale of investment securities for the three months ended March 31, 2021 and 2020, are shown below:

	Three Months Ended March 31,
($ in Thousands)	2021		2020
Gross gains on AFS securities	$	36	$	6,198
Gross (losses) on AFS securities	(75)		(80)
Investment securities gains (losses), net	$	(39)	$	6,118
Proceeds from sales of investment securities	$	51,295	$	365,239

During the first quarter of 2021, the Corporation sold $51 million of lower yielding U.S. Treasury and Agency securities at a slight loss to take advantage of the steeper yield curve by reinvesting the proceeds into similar but higher yielding, longer duration securities.

During the first quarter of 2020, the Corporation sold $281 million of primarily prepayment sensitive mortgage-related securities at a gain of $6 million. Additionally, in February 2020, the Corporation sold $84 million of certain securities acquired in the First Staunton acquisition that did not fit the parameters of the Corporation's current investment strategy.

Investment securities with a carrying value of approximately $1.5 billion and $1.6 billion at March 31, 2021 and December 31, 2020, respectively, were pledged to secure certain deposits or for other purposes as required or permitted by law.

Accrued interest receivable on HTM securities totaled $12 million and $14 million at March 31, 2021 and December 31, 2020, respectively. Accrued interest receivable on AFS securities totaled $8 million at both March 31, 2021 and December 31, 2020. Accrued interest receivable on both HTM and AFS securities is included in interest receivable on the consolidated balance sheets. There was no interest income reversed for investments going into nonaccrual at both March 31, 2021 and 2020.

A security is considered past due once it is 30 days past due under the terms of the agreement. At both March 31, 2021 and December 31, 2020, the Corporation had no past due HTM securities.

The allowance for credit losses on HTM securities was approximately $63,000 at March 31, 2021 and approximately $67,000 at December 31, 2020, attributable entirely to the Corporation's municipal securities, included in investment securities HTM, net, at amortized cost on the consolidated balance sheets. The Corporation also holds U.S. Treasury and mortgage-related securities

issued by the U.S. government or a GSE which are backed by the full faith and credit of the U.S. government and, as a result, no allowance for credit losses has been recorded related to these securities.

The following represents gross unrealized losses and the related fair value of investment securities AFS and HTM, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at March 31, 2021:

	Less than 12 months					12 months or more					Total
($ in Thousands)	Number of Securities	Unrealized (Losses)		Fair Value		Number of Securities	Unrealized (Losses)		Fair Value		Unrealized (Losses)		Fair Value
Investment securities AFS
U.S. Treasury securities	5	$	(544)	$	53,693	—	$	—	$	—	$	(544)	$	53,693
Agency securities	1	(96)		14,904		—	—		—		(96)		14,904
Obligations of state and political subdivisions (municipal securities)	1	—		910		—	—		—		—		910
Residential mortgage-related securities
FNMA / FHLMC	24	(5,647)		756,359		—	—		—		(5,647)		756,359
GNMA	1	—		253		—	—		—		—		253
Commercial mortgage-related securities
FNMA / FHLMC	2	(1,883)		72,435		—	—		—		(1,883)		72,435
GNMA	1	—		78		—	—		—		—		78
Asset backed securities
FFELP	—	—		—		15	(1,554)		141,652		(1,554)		141,652
SBA	—	—		—		14	(57)		7,750		(57)		7,750
Total	35	$	(8,171)	$	898,632	29	$	(1,611)	$	149,402	$	(9,782)	$	1,048,033
Investment securities HTM
Obligations of state and political subdivisions (municipal securities)	33	$	(994)	$	62,908	—	$	—	$	—	$	(994)	$	62,908
Commercial mortgage-related securities
FNMA / FHLMC	6	(2,138)		41,105		—	—		—		(2,138)		41,105
GNMA	2	(21)		22,205		—	—		—		(21)		22,205
Total	41	$	(3,154)	$	126,218	—	$	—	$	—	$	(3,154)	$	126,218

For comparative purposes, the following represents gross unrealized losses and the related fair value of investment securities AFS and HTM, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2020:

	Less than 12 months					12 months or more					Total
($ in Thousands)	Number of Securities	Unrealized (Losses)		Fair Value		Number of Securities	Unrealized (Losses)		Fair Value		Unrealized (Losses)		Fair Value
Investment securities AFS
Residential mortgage-related securities
FNMA / FHLMC	7	$	(500)	$	163,002	—	$	—	$	—	$	(500)	$	163,002
GNMA	2	(3)		9,784		—	—		—		(3)		9,784
GNMA commercial mortgage-related securities	1	—		287		—	—		—		—		287
Asset backed securities
FFELP	1	(129)		9,267		16	(2,885)		178,681		(3,013)		187,948
SBA	14	(53)		8,379		—	—		—		(53)		8,379
Other debt securities	2	—		2,000		—	—		—		—		2,000
Total	27	$	(685)	$	192,720	16	$	(2,885)	$	178,681	$	(3,570)	$	371,400
Investment securities HTM
GNMA residential mortgage-related securities	1	$	—	$	325	—	$	—	$	—	$	—	$	325
Total	1	$	—	$	325	—	$	—	$	—	$	—	$	325

The Corporation reviews the AFS investment securities portfolio on a quarterly basis to monitor its credit exposure. A determination as to whether a security’s decline in fair value is the result of credit risk takes into consideration numerous factors and the relative significance of any single factor can vary by security. Some factors the Corporation may consider in the impairment analysis include the extent to which the security has been in an unrealized loss position, the change in security

rating, financial condition and near-term prospects of the issuer, as well as the security and industry specific economic conditions.

Based on the Corporation’s evaluation, management does not believe any unrealized losses at March 31, 2021 represent credit deterioration as these unrealized losses are primarily attributable to changes in interest rates and the current market conditions. The U.S. Treasury 3 year and 5 year rates increased by 18 bp and 56 bp, respectively, from December 31, 2020. The Corporation does not intend to sell nor does it believe that it will be required to sell the securities in an unrealized loss position before recovery of their amortized cost basis.

FHLB and Federal Reserve Bank stocks: The Corporation is required to maintain Federal Reserve Bank stock and FHLB stock as a member of both the Federal Reserve System and the FHLB, and in amounts as required by these institutions. These equity securities are “restricted” in that they can only be sold back to the respective institutions or another member institution at par. Therefore, they are less liquid than other marketable equity securities and their fair value is equal to amortized cost. The Corporation had FHLB stock of $82 million at both March 31, 2021 and December 31, 2020. The Corporation had Federal Reserve Bank stock of $87 million at both March 31, 2021 and December 31, 2020. Accrued interest receivable on FHLB stock totaled approximately $944,000 and approximately $972,000 at March 31, 2021 and December 31, 2020, respectively. There was approximately $370,000 of accrued interest receivable on Federal Reserve Bank stock at March 31, 2021 and none at December 31, 2020. Accrued interest receivable on both FHLB stock and Federal Reserve Bank stock is included in interest receivable on the consolidated balance sheets.

Equity Securities

Equity securities with readily determinable fair values: The Corporation's portfolio of equity securities with readily determinable fair values is primarily comprised of CRA Qualified Investment mutual funds. At both March 31, 2021 and December 31, 2020, the Corporation had equity securities with readily determinable fair values of $2 million.

Equity securities without readily determinable fair values: The Corporation's portfolio of equity securities without readily determinable fair values primarily consists of 77,996 Visa Class B restricted shares, 77,000 of which the Corporation received in 2008 as part of Visa's initial public offering and carried at fair value after the Corporation donated 42,039 Visa Class B restricted shares to the Corporation's Charitable Remainder Trust during the second quarter of 2019, with the subsequent sale of those shares resulting in an observable market price after the shares were previously carried at a zero cost basis. During the first quarter of 2020, the Corporation acquired 996 Visa Class B restricted shares from the acquisition of First Staunton, and those shares are carried at a zero cost basis due to the lack of an observable market price since the time of acquisition. The Corporation had equity securities without readily determinable fair values of $14 million at March 31, 2021 and $13 million at December 31, 2020

XML

Loans

3 Months Ended

Mar. 31, 2021

Receivables [Abstract]

Loans

Loans

The period end loan composition was as follows:

($ in Thousands)	March 31, 2021		December 31, 2020
PPP	$	836,566	$	767,757
Commercial and industrial	7,664,501		7,701,422
Commercial real estate — owner occupied	883,237		900,912
Commercial and business lending	9,384,303		9,370,091
Commercial real estate — investor	4,260,706		4,342,584
Real estate construction	1,882,299		1,840,417
Commercial real estate lending	6,143,004		6,183,001
Total commercial	15,527,307		15,553,091
Residential mortgage	7,685,218		7,878,324
Home equity	651,647		707,255
Other consumer	298,156		313,054
Total consumer	8,635,020		8,898,632
Total loans	$	24,162,328	$	24,451,724

Accrued interest receivable on loans totaled $64 million at March 31, 2021, and $66 million at December 31, 2020, and is included in interest receivable on the consolidated balance sheets. Interest accrued but not received for loans placed on nonaccrual is reversed against interest income. The amount of accrued interest reversed totaled approximately $98,000 for the three months ended March 31, 2021, and approximately $327,000 for the three months ended March 31, 2020.

The following table presents commercial and consumer loans by credit quality indicator by vintage year at March 31, 2021:

					Term Loans Amortized Cost Basis by Origination Year(a)
($ in Thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		YTD 2021		2020		2019		2018		2017		Prior		Total
PPP:(b)
Risk rating:
Pass	$	—	$	—	$	281,120	$	527,971	$	—	$	—	$	—	$	—	$	809,091
Special Mention	—		—		1,642		3,434		—		—		—		—		5,076
Potential Problem	—		—		9,450		12,948		—		—		—		—		22,398
PPP	$	—	$	—	$	292,213	$	544,353	$	—	$	—	$	—	$	—	$	836,566
Commercial and industrial:
Risk rating:
Pass	$	2,009	$	2,170,406	$	378,782	$	1,303,573	$	1,333,680	$	1,119,175	$	389,390	$	694,910	$	7,389,917
Special Mention	—		7,298		96		3,805		59,502		48,156		207		185		119,249
Potential Problem	1,800		20,492		4,166		17,407		34,437		37,587		1,761		6,294		122,143
Nonaccrual	—		—		—		6,143		725		16,530		334		9,461		33,192
Commercial and industrial	$	3,809	$	2,198,196	$	383,045	$	1,330,929	$	1,428,343	$	1,221,448	$	391,692	$	710,849	$	7,664,501
Commercial real estate - owner occupied:
Risk rating:
Pass	$	11,868	$	20,916	$	59,551	$	174,514	$	210,032	$	128,471	$	81,020	$	184,983	$	859,487
Special Mention	—		—		—		5,014		2,080		—		424		260		7,777
Potential Problem	—		622		105		3,992		1,066		652		2,035		7,493		15,965
Nonaccrual	—		—		—		—		—		—		—		7		7
Commercial real estate - owner occupied	$	11,868	$	21,538	$	59,656	$	183,520	$	213,178	$	129,123	$	83,479	$	192,743	$	883,237
Commercial and business lending:
Risk rating:
Pass	$	13,877	$	2,191,322	$	719,454	$	2,006,059	$	1,543,712	$	1,247,646	$	470,410	$	879,893	$	9,058,495
Special Mention	—		7,298		1,738		12,253		61,582		48,156		631		444		132,102
Potential Problem	1,800		21,114		13,721		34,347		35,502		38,238		3,796		13,786		160,506
Nonaccrual	—		—		—		6,143		725		16,530		334		9,468		33,200
Commercial and business lending	$	15,677	$	2,219,734	$	734,913	$	2,058,802	$	1,641,521	$	1,350,571	$	475,170	$	903,592	$	9,384,303
Commercial real estate - investor:
Risk rating:
Pass	$	—	$	153,847	$	344,412	$	1,106,623	$	989,271	$	635,944	$	208,367	$	445,269	$	3,883,733
Special Mention	—		—		1,776		83,975		104,806		16,161		8,897		17,121		232,735
Potential Problem	—		802		5,473		52,576		8,952		1,787		2,840		13,321		85,752
Nonaccrual	—		—		—		8,883		15,605		19,522		14,173		302		58,485
Commercial real estate - investor	$	—	$	154,649	$	351,662	$	1,252,057	$	1,118,634	$	673,414	$	234,276	$	476,014	$	4,260,706
Real estate construction:
Risk rating:
Pass	$	5,732	$	26,865	$	125,807	$	756,890	$	628,967	$	228,127	$	21,478	$	16,815	$	1,804,950
Special Mention	—		—		—		529		3,648		58,826		42		—		63,045
Potential Problem	—		—		12		131		13,713		—		—		119		13,977
Nonaccrual	—		—		—		—		—		—		—		327		327
Real estate construction	$	5,732	$	26,865	$	125,819	$	757,550	$	646,328	$	286,953	$	21,520	$	17,262	$	1,882,299
Commercial real estate lending:
Risk rating:
Pass	$	5,732	$	180,712	$	470,219	$	1,863,513	$	1,618,239	$	864,072	$	229,845	$	462,084	$	5,688,683
Special Mention	—		—		1,776		84,504		108,453		74,987		8,939		17,121		295,780
Potential Problem	—		802		5,486		52,708		22,665		1,787		2,840		13,440		99,728
Nonaccrual	—		—		—		8,883		15,605		19,522		14,173		630		58,813
Commercial real estate lending	$	5,732	$	181,515	$	477,481	$	2,009,607	$	1,764,962	$	960,368	$	255,796	$	493,275	$	6,143,004

					Term Loans Amortized Cost Basis by Origination Year(a)
($ in Thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		YTD 2021		2020		2019		2018		2017		Prior		Total
Total commercial:
Risk rating:
Pass	$	19,609	$	2,372,034	$	1,189,673	$	3,869,571	$	3,161,950	$	2,111,718	$	700,255	$	1,341,977	$	14,747,179
Special Mention	—		7,298		3,514		96,757		170,035		123,143		9,569		17,565		427,882
Potential Problem	1,800		21,916		19,207		87,055		58,167		40,026		6,636		27,227		260,234
Nonaccrual	—		—		—		15,026		16,330		36,052		14,507		10,098		92,012
Total commercial	$	21,409	$	2,401,249	$	1,212,394	$	4,068,409	$	3,406,483	$	2,310,939	$	730,967	$	1,396,867	$	15,527,307
Residential mortgage:
Risk rating:
Pass	$	—	$	—	$	449,381	$	2,205,662	$	1,280,604	$	545,743	$	881,884	$	2,257,349	$	7,620,622
Special Mention	—		—		—		121		—		37		133		525		816
Potential Problem	—		—		72		510		561		674		126		582		2,524
Nonaccrual	—		—		—		1,765		3,160		6,431		8,243		41,657		61,256
Residential mortgage	$	—	$	—	$	449,452	$	2,208,058	$	1,284,324	$	552,885	$	890,386	$	2,300,113	$	7,685,218
Home equity:
Risk rating:
Pass	$	1,891	$	526,777	$	71	$	2,080	$	11,595	$	13,535	$	10,333	$	75,385	$	639,776
Special Mention	—		25		—		—		—		60		—		265		350
Potential Problem	—		1,563		—		—		—		20		—		146		1,729
Nonaccrual	262		91		10		786		118		366		413		8,008		9,792
Home equity	$	2,153	$	528,455	$	81	$	2,866	$	11,713	$	13,981	$	10,745	$	83,805	$	651,647
Other consumer:
Risk rating:
Pass	$	171	$	156,829	$	1,908	$	8,330	$	8,674	$	2,974	$	1,351	$	117,360	$	297,427
Special Mention	—		452		—		—		40		—		—		5		497
Nonaccrual	13		93		—		15		35		10		23		56		231
Other consumer	$	183	$	157,375	$	1,908	$	8,345	$	8,749	$	2,984	$	1,374	$	117,421	$	298,156
Total consumer:
Risk rating:
Pass	$	2,062	$	683,606	$	451,360	$	2,216,072	$	1,300,872	$	562,252	$	893,567	$	2,450,094	$	8,557,824
Special Mention	—		477		—		121		40		96		133		795		1,663
Potential Problem	—		1,563		72		510		561		694		126		728		4,254
Nonaccrual	274		184		10		2,566		3,313		6,807		8,678		49,722		71,280
Total consumer	$	2,336	$	685,830	$	451,442	$	2,219,269	$	1,304,787	$	569,850	$	902,504	$	2,501,338	$	8,635,020
Total loans:
Risk rating:
Pass	$	21,671	$	3,055,640	$	1,641,033	$	6,085,644	$	4,462,823	$	2,673,970	$	1,593,822	$	3,792,071	$	23,305,003
Special Mention	—		7,775		3,514		96,877		170,076		123,240		9,703		18,360		429,545
Potential Problem	1,800		23,479		19,279		87,565		58,729		40,720		6,761		27,955		264,488
Nonaccrual	274		184		10		17,592		19,643		42,859		23,185		59,819		163,292
Total loans	$	23,745	$	3,087,079	$	1,663,836	$	6,287,678	$	4,711,270	$	2,880,788	$	1,633,471	$	3,898,205	$	24,162,328

(a) Revolving loans converted to term loans are also reported in their year of origination

(b) The Corporation’s policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans.

The following table presents commercial and consumer loans by credit quality indicator by vintage year at December 31, 2020:

					Term Loans Amortized Cost Basis by Origination Year(a)
($ in Thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		2020		2019		2018		2017		2016		Prior		Total
PPP:(b)
Risk rating:
Pass	$	—	$	—	$	745,767	$	—	$	—	$	—	$	—	$	—	$	745,767
Special Mention	—		—		3,988		—		—		—		—		—		3,988
Potential Problem	—		—		18,002		—		—		—		—		—		18,002
PPP	$	—	$	—	$	767,757	$	—	$	—	$	—	$	—	$	—	$	767,757
Commercial and industrial:
Risk rating:
Pass	$	4,628	$	2,177,138	$	1,389,260	$	1,435,519	$	1,182,302	$	483,957	$	305,998	$	453,734	$	7,427,908
Special Mention	—		10,159		2,719		39,854		37,042		113		215		67		90,169
Potential Problem	2,565		7,237		19,331		28,413		56,580		2,269		6,477		1,179		121,487
Nonaccrual	16,852		—		6,238		5,789		17,014		16,623		8,781		7,414		61,859
Commercial and industrial	$	24,045	$	2,194,534	$	1,417,548	$	1,509,575	$	1,292,938	$	502,962	$	321,471	$	462,394	$	7,701,422
Commercial real estate - owner occupied:
Risk rating:
Pass	$	1,150	$	18,022	$	185,861	$	209,069	$	128,360	$	99,546	$	147,366	$	79,111	$	867,335
Special Mention	—		113		1,882		3,122		300		658		264		—		6,339
Potential Problem	—		3,486		4,104		8,916		—		1,490		4,437		3,747		26,179
Nonaccrual	—		—		—		—		—		318		—		740		1,058
Commercial real estate - owner occupied	$	1,150	$	21,621	$	191,847	$	221,107	$	128,660	$	102,012	$	152,067	$	83,598	$	900,912
Commercial and business lending:
Risk rating:
Pass	$	5,778	$	2,195,160	$	2,320,888	$	1,644,588	$	1,310,662	$	583,503	$	453,364	$	532,845	$	9,041,009
Special Mention	—		10,272		8,589		42,976		37,342		771		479		67		100,496
Potential Problem	2,565		10,723		41,437		37,329		56,580		3,759		10,915		4,926		165,668
Nonaccrual	16,852		—		6,238		5,789		17,014		16,941		8,781		8,154		62,917
Commercial and business lending	$	25,195	$	2,216,154	$	2,377,152	$	1,730,682	$	1,421,598	$	604,974	$	473,539	$	545,992	$	9,370,091
Commercial real estate - investor:
Risk rating:
Pass	$	10,971	$	171,497	$	1,249,644	$	976,332	$	720,237	$	271,987	$	341,658	$	211,360	$	3,942,714
Special Mention	—		—		90,235		97,333		12,339		—		21,882		8,465		230,254
Potential Problem	—		838		16,343		13,575		30,911		2,279		239		27,209		91,396
Nonaccrual	19,803		—		10,141		53,056		446		14,267		—		309		78,220
Commercial real estate - investor	$	30,774	$	172,335	$	1,366,364	$	1,140,297	$	763,933	$	288,533	$	363,779	$	247,343	$	4,342,584
Real estate construction:
Risk rating:
Pass	$	776	$	47,880	$	645,925	$	738,561	$	294,910	$	25,219	$	2,420	$	16,768	$	1,771,682
Special Mention	—		—		487		494		48,283		42		—		30		49,336
Potential Problem	—		—		135		—		18,803		—		93		15		19,046
Nonaccrual	—		—		—		—		—		16		—		338		353
Real estate construction	$	776	$	47,880	$	646,547	$	739,055	$	361,996	$	25,277	$	2,513	$	17,150	$	1,840,417
Commercial real estate lending:
Risk rating:
Pass	$	11,746	$	219,377	$	1,895,569	$	1,714,893	$	1,015,146	$	297,205	$	344,078	$	228,127	$	5,714,396
Special Mention	—		—		90,722		97,827		60,622		42		21,882		8,494		279,590
Potential Problem	—		838		16,479		13,575		49,714		2,279		332		27,224		110,442
Nonaccrual	19,803		—		10,141		53,056		446		14,283		—		647		78,573
Commercial real estate lending	$	31,549	$	220,215	$	2,012,911	$	1,879,352	$	1,125,929	$	313,810	$	366,292	$	264,493	$	6,183,001

					Term Loans Amortized Cost Basis by Origination Year(a)
($ in Thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		2020		2019		2018		2017		2016		Prior		Total
Total commercial:
Risk rating:
Pass	$	17,524	$	2,414,537	$	4,216,457	$	3,359,482	$	2,325,808	$	880,708	$	797,441	$	760,973	$	14,755,405
Special Mention	—		10,272		99,311		140,803		97,964		813		22,361		8,562		380,086
Potential Problem	2,565		11,561		57,916		50,905		106,295		6,038		11,247		32,150		276,111
Nonaccrual	36,655		—		16,379		58,845		17,460		31,224		8,781		8,801		141,490
Total commercial	$	56,745	$	2,436,370	$	4,390,063	$	3,610,033	$	2,547,526	$	918,783	$	839,831	$	810,485	$	15,553,091
Residential mortgage:
Risk rating:
Pass	$	—	$	—	$	2,185,240	$	1,490,589	$	615,118	$	998,072	$	911,797	$	1,612,971	$	7,813,788
Special Mention	—		—		—		355		330		102		126		537		1,450
Potential Problem	—		—		1,200		689		652		—		179		1,028		3,749
Nonaccrual	—		—		1,478		2,271		5,882		7,116		11,003		31,587		59,337
Residential mortgage	$	—	$	—	$	2,187,918	$	1,493,903	$	621,983	$	1,005,290	$	923,105	$	1,646,124	$	7,878,324
Home equity:
Risk rating:
Pass	$	10,224	$	569,389	$	2,057	$	12,968	$	15,792	$	11,594	$	5,803	$	76,165	$	693,767
Special Mention	596		631		—		39		14		39		4		804		1,532
Potential Problem	—		1,922		—		—		—		—		—		146		2,068
Nonaccrual	1,600		100		965		134		410		319		711		7,249		9,888
Home equity	$	12,421	$	572,041	$	3,022	$	13,141	$	16,216	$	11,952	$	6,518	$	84,364	$	707,255
Other consumer:
Risk rating:
Pass	$	70	$	165,114	$	9,525	$	10,309	$	3,987	$	1,872	$	1,185	$	120,425	$	312,416
Special Mention	5		438		13		16		11		4		7		8		498
Nonaccrual	5		33		9		49		21		10		—		18		140
Other consumer	$	81	$	165,585	$	9,547	$	10,374	$	4,019	$	1,886	$	1,192	$	120,451	$	313,054
Total consumer:
Risk rating:
Pass	$	10,294	$	734,502	$	2,196,822	$	1,513,865	$	634,897	$	1,011,539	$	918,785	$	1,809,561	$	8,819,971
Special Mention	602		1,069		13		410		356		145		137		1,349		3,480
Potential Problem	—		1,922		1,200		689		652		—		179		1,174		5,817
Nonaccrual	1,605		133		2,452		2,454		6,313		7,445		11,714		38,854		69,364
Total consumer	$	12,501	$	737,626	$	2,200,487	$	1,517,417	$	642,218	$	1,019,128	$	930,816	$	1,850,939	$	8,898,632
Total loans:
Risk rating:
Pass (c)	$	27,819	$	3,149,039	$	6,413,278	$	4,873,347	$	2,960,705	$	1,892,247	$	1,716,226	$	2,570,534	$	23,575,376
Special Mention	602		11,341		99,324		141,213		98,320		958		22,498		9,911		383,566
Potential Problem	2,565		13,483		59,116		51,593		106,947		6,038		11,426		33,324		281,928
Nonaccrual	38,260		133		18,831		61,298		23,773		38,669		20,496		47,655		210,854
Total loans	$	69,246	$	3,173,996	$	6,590,550	$	5,127,451	$	3,189,745	$	1,937,912	$	1,770,647	$	2,661,424	$	24,451,724

(a) Revolving loans converted to term loans are also reported in their year of origination

(b) The Corporation’s policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans.

(c) Accruing TDRs are included in pass unless otherwise rated as special mention

Factors that are important to managing overall credit quality are sound loan underwriting and administration, systematic monitoring of existing loans and commitments, effective loan review on an ongoing basis, early identification of potential problems, and appropriate policies for allowance for loan losses, allowance for unfunded commitments, nonaccrual loans, and charge offs.

For commercial loans, management has determined the pass credit quality indicator to include credits exhibiting acceptable financial statements, cash flow, and leverage. If any risk exists, it is mitigated by the loan structure, collateral, monitoring, or control. For consumer loans, performing loans include credits performing in accordance with the original contractual terms.

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Special mention credits have potential weaknesses that deserve management’s attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the credit. Potential problem loans are considered inadequately protected by the current net worth and paying capacity of the obligor or the collateral pledged. These loans generally have a well-defined weakness, or weaknesses, which may jeopardize liquidation of the debt, and are characterized by the distinct possibility the Corporation will sustain some loss if the deficiencies are not corrected. Management has determined commercial loan relationships in nonaccrual status, and commercial and consumer loan relationships with their terms restructured in a TDR, meet the criteria to be individually evaluated. Commercial loans classified as special mention, potential problem, and nonaccrual are reviewed at a minimum on a quarterly basis, while pass credits, which are performing rated credits, are generally reviewed on an annual basis or more frequently if the loan renewal is less than one year or if otherwise warranted.

The following table presents loans by past due status at March 31, 2021:

	Accruing
($ in Thousands)	Current(a)		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Nonaccrual(b)(c)		Total
PPP	$	836,566	$	—	$	—	$	—	$	—	$	836,566
Commercial and industrial	7,630,593		444		82		190		33,192		7,664,501
Commercial real estate - owner occupied	883,229		—		—		—		7		883,237
Commercial and business lending	9,350,388		444		82		190		33,200		9,384,303
Commercial real estate - investor	4,196,221		5,999		—		—		58,485		4,260,706
Real estate construction	1,880,995		977		—		—		327		1,882,299
Commercial real estate lending	6,077,216		6,976		—		—		58,813		6,143,004
Total commercial	15,427,603		7,420		82		190		92,012		15,527,307
Residential mortgage	7,619,602		3,494		479		387		61,256		7,685,218
Home equity	639,503		2,002		350		—		9,792		651,647
Other consumer	295,556		681		589		1,098		231		298,156
Total consumer	8,554,661		6,177		1,417		1,485		71,280		8,635,020
Total loans	$	23,982,264	$	13,597	$	1,500	$	1,675	$	163,292	$	24,162,328

(a) Any loans deferred in connection with the COVID-19 pandemic are considered current in accordance with Section 4013 of the CARES Act.

(b) Of the total nonaccrual loans, $99 million, or 61%, were current with respect to payment at March 31, 2021.

(c) No interest income was recognized on nonaccrual loans for the three months ended March 31, 2021. In addition, there were $16 million of nonaccrual loans for which there was no related ACLL at March 31, 2021.

The following table presents loans by past due status at December 31, 2020:

	Accruing
($ in Thousands)	Current(a)		30-59 Days Past Due		60-89 Days Past Due		90+ Days  Past Due		Nonaccrual(b)(c)		Total
PPP	$	767,757	$	—	$	—	$	—	$	—	$	767,757
Commercial and industrial	7,633,269		2,819		3,300		175		61,859		7,701,422
Commercial real estate - owner occupied	899,480		158		215		—		1,058		900,912
Commercial and business lending	9,300,506		2,977		3,516		175		62,917		9,370,091
Commercial real estate - investor	4,251,571		1,024		11,769		—		78,220		4,342,584
Real estate construction	1,839,073		991		—		—		353		1,840,417
Commercial real estate lending	6,090,644		2,015		11,769		—		78,573		6,183,001
Total commercial	15,391,150		4,992		15,284		175		141,490		15,553,091
Residential mortgage	7,808,294		8,975		1,410		308		59,337		7,878,324
Home equity	692,565		3,071		1,731		—		9,888		707,255
Other consumer	310,200		1,039		560		1,115		140		313,054
Total consumer	8,811,060		13,085		3,701		1,423		69,364		8,898,632
Total loans	$	24,202,209	$	18,077	$	18,985	$	1,598	$	210,854	$	24,451,724

(a) Any loans deferred in connection with the COVID-19 pandemic are considered current in accordance with Section 4013 of the CARES Act.

(b) Of the total nonaccrual loans, $128 million, or 61%, were current with respect to payment at December 31, 2020.

(c) No interest income was recognized on nonaccrual loans for the year ended December 31, 2020. In addition, there were $28 million of nonaccrual loans for which there was no related ACLL at December 31, 2020.

Troubled Debt Restructurings

Loans are considered restructured loans if concessions have been granted to borrowers that are experiencing financial difficulty.

The following table presents nonaccrual and performing restructured loans by loan portfolio:

	March 31, 2021				December 31, 2020
($ in Thousands)	Performing Restructured Loans		Nonaccrual Restructured Loans(a)		Performing Restructured Loans		Nonaccrual Restructured Loans(a)
Commercial and industrial	$	11,985	$	2,114	$	12,713	$	6,967
Commercial real estate — owner occupied	1,488		—		1,711		—
Commercial real estate — investor	13,627		220		26,435		225
Real estate construction	256		109		260		111
Residential mortgage	10,462		13,537		7,825		11,509
Home equity	1,929		1,644		1,957		1,379
Other consumer	1,073		—		1,191		—
Total restructured loans(b)	$	40,820	$	17,624	$	52,092	$	20,190

(a) Nonaccrual restructured loans have been included within nonaccrual loans.
(b) Does not include any restructured loans related to the COVID-19 pandemic in accordance with Section 4013 of the CARES Act.

The Corporation had a recorded investment of $6 million in loans modified as TDRs during the three months ended March 31, 2021, of which $3 million were in accrual status, included in pass or special mention based on their risk rating within the credit quality tables, and $3 million were in nonaccrual, within the credit quality tables, pending a sustained period of repayment. Short-term loan modifications made in good faith to help ease the adverse effects of the COVID-19 pandemic are not categorized as TDRs in accordance with the CARES Act. The following table provides the number of loans modified in a TDR by loan portfolio, the recorded investment, and unpaid principal balance for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31, 2021					Three Months Ended March 31, 2020
($ in Thousands)	Number of Loans	Recorded Investment(a)		Unpaid Principal Balance(b)		Number of Loans	Recorded Investment(a)		Unpaid Principal Balance(b)
Commercial and industrial	—	$	—	$	—	1	$	48	$	48
Commercial real estate — owner occupied	—	—		—		1	290		321
Commercial real estate — investor	4	1,693		1,693		1	570		1,740
Real estate construction	—	—		—		1	122		122
Residential mortgage	20	3,876		3,902		18	3,592		3,668
Home equity	1	430		430		8	277		277
Total loans modified	25	$	5,999	$	6,025	30	$	4,899	$	6,175

(a) Represents post-modification outstanding recorded investment.

(b) Represents pre-modification outstanding recorded investment.

Restructured loan modifications may include payment schedule modifications, interest rate concessions, maturity date extensions, modification of note structure (A/B Note), non-reaffirmed Chapter 7 bankruptcies, principal reduction, or some combination of these concessions. During the three months ended March 31, 2021, restructured loan modifications of commercial loans primarily included maturity date extensions and payment schedule modifications. Restructured loan modifications of consumer loans primarily included maturity date extensions, interest rate concessions, non-reaffirmed Chapter 7 bankruptcies, or a combination of these concessions for the three months ended March 31, 2021.

The following table provides the number of loans modified in a TDR during the previous twelve months which subsequently defaulted during the three months ended March 31, 2021 and 2020, and the recorded investment in these restructured loans as of March 31, 2021 and 2020:

	Three Months Ended March 31, 2021			Three Months Ended March 31, 2020
($ in Thousands)	Number of Loans	Recorded Investment		Number of Loans	Recorded Investment
Residential mortgage	1	97		3	388
Home equity	—	—		2	88
Total loans modified	1	$	97	5	$	476

All loans modified in a TDR are individually evaluated for impairment. The nature and extent of the impairment of restructured loans, including those which have experienced a subsequent payment default, are considered in the determination of an appropriate level of the ACLL.

The Corporation analyzes loans for classification as a probable TDR. This analysis includes identifying customers that are showing possible liquidity issues in the near term without reasonable access to alternative sources of capital. At March 31, 2021, the Corporation had $49 million in loans meeting this classification compared to $68 million at December 31, 2020. Of the loans classified as probable TDRs at March 31, 2021, $36 million were related to the commercial and industrial portfolio and $13 million were related to the CRE portfolio.

Allowance for Credit Losses on Loans

The ACLL is comprised of the allowance for loan losses and the allowance for unfunded commitments. The level of the ACLL represents management’s estimate of an amount appropriate to provide for expected lifetime credit losses in the loan portfolio at the balance sheet date. The expected lifetime credit losses are the product of multiplying the Corporation's estimates of probability of default, loss given default, and the individual loan level exposure at default on an undiscounted basis. A main factor in the determination of the ACLL is the economic forecast. The Corporation utilized Moody's baseline forecast, updated during March 2021, in the allowance model. The forecast is applied over a 2 year reasonable and supportable period with straight-line reversion to the historical losses over the second year of the period. The allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded credit facilities (including unfunded loan commitments and letters of credit). See Note 12 for additional information on the change in the allowance for unfunded commitments.

The following table presents a summary of the changes in the ACLL by portfolio segment for the three months ended March 31, 2021:

($ in Thousands)	December 31, 2020		Charge offs		Recoveries		Net Charge offs		Provision for credit losses		March 31, 2021		ACLL / Loans
Allowance for loan losses
PPP	$	531	$	—	$	—	$	—	$	76	$	607
Commercial and industrial	142,793		(3,123)		4,490		1,367		(19,453)		124,707
Commercial real estate — owner occupied	11,274		—		4		4		508		11,786
Commercial and business lending	154,598		(3,123)		4,494		1,370		(18,869)		137,099
Commercial real estate — investor	93,435		(8,739)		2,854		(5,886)		1,694		89,243
Real estate construction	59,193		(3)		31		29		(4,979)		54,243
Commercial real estate lending	152,629		(8,742)		2,885		(5,857)		(3,286)		143,486
Total commercial	307,226		(11,865)		7,379		(4,487)		(22,155)		280,585
Residential mortgage	42,996		(243)		134		(109)		2,328		45,215
Home equity	18,849		(238)		583		344		(2,822)		16,371
Other consumer	14,630		(827)		315		(511)		(3,351)		10,767
Total consumer	76,475		(1,308)		1,031		(277)		(3,845)		72,353
Total loans	$	383,702	$	(13,174)	$	8,410	$	(4,764)	$	(26,000)	$	352,938
Allowance for unfunded commitments
Commercial and industrial	22,311		—		—		—		2,417		24,728
Commercial real estate — owner occupied	266		—		—		—		38		304
Commercial and business lending	22,577		—		—		—		2,455		25,033
Commercial real estate — investor	636		—		—		—		15		651
Real estate construction	18,887		—		—		—		422		19,309
Commercial real estate lending	19,523		—		—		—		437		19,960
Total commercial	42,101		—		—		—		2,892		44,993
Home equity	3,118		—		—		—		(199)		2,919
Other consumer	2,557		—		—		—		307		2,865
Total consumer	5,675		—		—		—		108		5,783
Total loans	$	47,776	$	—	$	—	$	—	$	3,000	$	50,776
Allowance for credit losses on loans
PPP	$	531	$	—	$	—	$	—	$	76	$	607	0.07	%
Commercial and industrial	165,105		(3,123)		4,490		1,367		(17,037)		149,435		1.95	%
Commercial real estate — owner occupied	11,539		—		4		4		547		12,090		1.37	%
Commercial and business lending	177,175		(3,123)		4,494		1,370		(16,414)		162,132		1.73	%
Commercial real estate — investor	94,071		(8,739)		2,854		(5,886)		1,709		89,894		2.11	%
Real estate construction	78,080		(3)		31		29		(4,557)		73,552		3.91	%
Commercial real estate lending	172,152		(8,742)		2,885		(5,857)		(2,849)		163,446		2.66	%
Total commercial	349,327		(11,865)		7,379		(4,487)		(19,262)		325,578		2.10	%
Residential mortgage	42,996		(243)		134		(109)		2,328		45,215		0.59	%
Home equity	21,967		(238)		583		344		(3,021)		19,290		2.96	%
Other consumer	17,187		(827)		315		(511)		(3,044)		13,631		4.57	%
Total consumer	82,150		(1,308)		1,031		(277)		(3,738)		78,136		0.90	%
Total loans	$	431,478	$	(13,174)	$	8,410	$	(4,764)	$	(23,000)	$	403,714	1.67	%

The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 2020:

($ in Thousands)	Dec. 31, 2019		Cumulative effect of ASU 2016-13 adoption (CECL)		Jan. 1, 2020		Charge offs		Recoveries		Net Charge offs		Gross up of allowance for PCD loans at acquisition		Provision recorded at acquisition		Provision for credit losses		Dec. 31, 2020		ACLL / Loans
Allowance for loan losses
PPP	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	531	$	531
Commercial and industrial	91,133		52,919		144,052		(80,320)		7,004		(73,316)		293		408		71,355		142,793
Commercial real estate — owner occupied	10,284		(1,851)		8,433		(419)		147		(272)		890		255		1,967		11,274
Commercial and business lending	101,417		51,068		152,485		(80,739)		7,151		(73,588)		1,183		663		73,853		154,598
Commercial real estate — investor	40,514		2,041		42,555		(22,920)		643		(22,277)		753		472		71,933		93,435
Real estate construction	24,915		7,467		32,382		(19)		49		31		435		492		25,854		59,193
Commercial real estate lending	65,428		9,508		74,937		(22,938)		692		(22,246)		1,188		964		97,787		152,629
Total commercial	166,846		60,576		227,422		(103,677)		7,844		(95,834)		2,371		1,627		171,641		307,226
Residential mortgage	16,960		33,215		50,175		(1,867)		500		(1,367)		651		403		(6,864)		42,996
Home equity	10,926		11,649		22,575		(1,719)		1,978		259		422		374		(4,781)		18,849
Other consumer	6,639		7,016		13,655		(4,790)		1,101		(3,689)		61		140		4,462		14,630
Total consumer	34,525		51,880		86,405		(8,376)		3,579		(4,797)		1,134		917		(7,183)		76,475
Total loans	$	201,371	$	112,457	$	313,828	$	(112,053)	$	11,422	$	(100,631)	$	3,504	$	2,543	$	164,457	$	383,702
Allowance for unfunded commitments
Commercial and industrial	12,276		(3,998)		8,278		—		—		—		—		61		13,972		22,311
Commercial real estate — owner occupied	127		—		127		—		—		—		—		4		135		266
Commercial and business lending	12,403		(3,998)		8,405		—		—		—		—		65		14,108		22,577
Commercial real estate — investor	530		246		776		—		—		—		—		2		(141)		636
Real estate construction	7,532		18,347		25,879		—		—		—		—		45		(7,038)		18,887
Commercial real estate lending	8,062		18,593		26,655		—		—		—		—		47		(7,179)		19,523
Total commercial	20,465		14,595		35,060		—		—		—		—		112		6,929		42,101
Home equity	1,038		2,591		3,629		—		—		—		—		66		(577)		3,118
Other consumer	405		1,504		1,909		—		—		—		—		—		649		2,557
Total consumer	1,443		4,095		5,538		—		—		—		—		66		72		5,675
Total loans	$	21,907	$	18,690	$	40,597	$	—	$	—	$	—	$	—	$	179	$	7,000	$	47,776
Allowance for credit losses on loans
PPP	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	531	$	531	0.07	%
Commercial and industrial	103,409		48,921		152,330		(80,320)		7,004		(73,316)		293		469		85,327		165,105		2.14	%
Commercial real estate — owner occupied	10,411		(1,851)		8,560		(419)		147		(272)		890		259		2,102		11,539		1.28	%
Commercial and business lending	113,820		47,070		160,890		(80,739)		7,151		(73,588)		1,183		728		87,961		177,175		1.89	%
Commercial real estate — investor	41,044		2,287		43,331		(22,920)		643		(22,277)		753		474		71,792		94,071		2.17	%
Real estate construction	32,447		25,814		58,261		(19)		49		31		435		537		18,816		78,080		4.24	%
Commercial real estate lending	73,490		28,101		101,591		(22,938)		692		(22,246)		1,188		1,011		90,608		172,152		2.78	%
Total commercial	187,311		75,171		262,482		(103,677)		7,844		(95,834)		2,371		1,739		178,569		349,327		2.25	%
Residential mortgage	16,960		33,215		50,175		(1,867)		500		(1,367)		651		403		(6,864)		42,996		0.55	%
Home equity	11,964		14,240		26,204		(1,719)		1,978		259		422		440		(5,358)		21,967		3.11	%
Other consumer	7,044		8,520		15,564		(4,790)		1,101		(3,689)		61		140		5,111		17,187		5.49	%
Total consumer	35,968		55,975		91,943		(8,376)		3,579		(4,797)		1,134		983		(7,112)		82,150		0.92	%
Total loans	$	223,278	$	131,147	$	354,425	$	(112,053)	$	11,422	$	(100,631)	$	3,504	$	2,722	$	171,457	$	431,478	1.76	%

Loans Acquired in Acquisitions

Loans acquired in a business combination after January 1, 2020 are recorded in accordance with ASC Topic 326. See Note 2 for more information on loans acquired in a business combination. After January 1, 2020, acquired loans were segregated into two types:

•Non-PCD loans are accounted for in accordance with ASC Topic 310-20 "Nonrefundable Fees and Other Costs" as these loans do not show evidence of credit deterioration since origination. The allowance for loan losses on these loans is recorded through provision for credit losses on the consolidated statements of income at acquisition.

•PCD loans are loans demonstrating more than insignificant credit deterioration and are accounted for with ASC Topic 326-30. Under this guidance, the credit mark on acquired assets grosses up the ACLL and the amortized cost of the loan.

XML

Goodwill and Other Intangible Assets

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

Goodwill and Other Intangible Assets

Goodwill

Goodwill is not amortized but is instead subject to impairment tests on at least an annual basis, and more frequently if an event occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.

The Corporation conducted its most recent annual impairment testing in May 2020, utilizing a quantitative assessment of goodwill impairment which included determining the estimated fair value of each reporting unit, utilizing an equally weighted combination of discounted cash flow and market-based approaches, and comparing that fair value to each reporting unit’s carrying amount (including goodwill). An impairment loss is recognized if the carrying amount of a reporting unit exceeds its fair value. Based on the quantitative assessment, management concluded that the estimated fair value exceeded the carrying value (including goodwill) for each reporting unit. Therefore, based on the step one quantitative analysis, no impairment was required. There have been no events since the May 2020 impairment testing that have changed the Corporation's impairment assessment conclusion. There were no impairment charges recorded in 2020 or the first three months of 2021.

Each of the valuation techniques employed by the Corporation requires significant assumptions. Depending upon the specific approach, assumptions are made regarding the economic environment including forecasted cash flow projections, expected net interest margins, long-term growth rates, discount rates for cash flows, control premiums, and price-to-forward earnings multiples. Changes to any one of these assumptions could result in significantly different results. A sustained decline in the Corporation’s expected future cash flows or estimated growth rates, or a prolonged decline in the price of the Corporation’s common stock due to deterioration in the economic environment, may necessitate additional interim testing, which could result in an impairment charge to goodwill in future reporting periods.

At both March 31, 2021 and December 31, 2020, the Corporation had goodwill of $1.1 billion. During the first quarter of 2021, there was a reduction of $4 million related to the sale of Whitnell.

Other Intangible Assets

The Corporation has other intangible assets that are amortized, consisting of CDIs and MSRs. For CDIs and other intangibles, changes in the gross carrying amount, accumulated amortization, and net book value were as follows:

($ in Thousands)	Three Months Ended March 31, 2021		Year Ended December 31, 2020
Core deposit intangibles
Gross carrying amount at the beginning of the year	$	88,109	$	80,730
Additions during the period	—		7,379
Accumulated amortization	(23,408)		(21,205)
Net book value	$	64,701	$	66,904
Amortization during the year	$	2,203	$	8,749
Other intangibles
Gross carrying amount at the beginning of the year	$	2,000	$	38,970
Additions during the period	—		200
Reductions due to sale	(1,317)		(17,435)
Accumulated amortization	(683)		(20,385)
Net book value	$	—	$	1,350
Amortization during the year	$	33	$	1,443

Mortgage Servicing Rights

The Corporation sells residential mortgage loans in the secondary market and typically retains the right to service the loans sold. MSRs are amortized in proportion to and over the period of estimated net servicing income and assessed for impairment at each reporting date.

The Corporation evaluates its MSRs asset for impairment at minimum on a quarterly basis. Impairment is assessed based on fair value at each reporting date using estimated prepayment speeds of the underlying mortgage loans serviced and stratifications based on the risk characteristics of the underlying loans (predominantly loan type and note interest rate). As mortgage interest rates fall, prepayment speeds are usually faster and the value of the MSRs asset generally decreases, requiring additional valuation reserve. Conversely, as mortgage interest rates rise, prepayment speeds are usually slower and the value of the MSRs asset generally increases, requiring less valuation reserve. A valuation allowance is established, through a charge to earnings, to the extent the amortized cost of the MSRs exceeds the estimated fair value by stratification. An other-than-temporary impairment (i.e., recoverability is considered remote when considering interest rates and loan pay off activity) is recognized as a write-down of the MSRs asset and the related valuation allowance (to the extent a valuation allowance is available) and then against earnings. A direct write-down permanently reduces the carrying value of the MSRs asset and valuation allowance, precluding subsequent recoveries. See Note 12 for a discussion of the recourse provisions on sold residential mortgage loans. See Note 13 which further discusses fair value measurement relative to the MSRs asset.

A summary of changes in the balance of the MSRs asset and the MSRs valuation allowance is as follows:

($ in Thousands)	Three Months Ended March 31, 2021			Year Ended December 31, 2020
Mortgage servicing rights
Mortgage servicing rights at beginning of period	$	59,967		$	67,607
Additions from acquisition	—			1,357
Additions	3,348			13,667
Amortization	(6,388)			(22,664)
Mortgage servicing rights at end of period	$	56,927		$	59,967
Valuation allowance at beginning of period	$	(18,006)		$	(302)
(Additions) recoveries, net	10,578			(17,704)
Valuation allowance at end of period	$	(7,428)		$	(18,006)
Mortgage servicing rights, net	$	49,500		$	41,961
Fair value of mortgage servicing rights	$	49,541		$	41,990
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)	$	7,313,308		$	7,743,956
Mortgage servicing rights, net to servicing portfolio	0.68		%	0.54		%
Mortgage servicing rights expense(a)	$	(4,190)		$	40,369

(a) Includes the amortization of mortgage servicing rights and additions / recoveries to the valuation allowance of mortgage servicing rights, and is a component of mortgage banking, net on the consolidated statements of income.

The projections of amortization expense are based on existing asset balances, the current interest rate environment, and prepayment speeds as of March 31, 2021. The actual amortization expense the Corporation recognizes in any given period may be significantly different depending upon acquisition or sale activities, changes in interest rates, prepayment speeds, market conditions, regulatory requirements, and events or circumstances that indicate the carrying amount of an asset may not be recoverable. The following table shows the estimated future amortization expense for amortizing intangible assets:

($ in Thousands)	Core Deposit Intangibles		Mortgage Servicing Rights
Nine Months Ending December 31, 2021	$	6,608	$	8,345
2022	8,811		11,550
2023	8,811		8,909
2024	8,811		6,983
2025	8,811		5,547
2026	8,811		4,466
Beyond 2026	14,038		11,125
Total Estimated Amortization Expense	$	64,701	$	56,927

XML

Short and Long-Term Funding

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Short and Long-Term Funding

Short and Long-Term Funding

The following table presents the components of short-term funding (funding with original contractual maturities of one year or less) and long-term funding (funding with original contractual maturities greater than one year):

($ in Thousands)	March 31, 2021		December 31, 2020
Short-Term Funding
Federal funds purchased	$	7,450	$	7,070
Securities sold under agreements to repurchase	131,057		185,901
Federal funds purchased and securities sold under agreements to repurchase	138,507		192,971
Commercial paper	51,171		59,346
Total short-term funding	$	189,678	$	252,317
Long-Term Funding
Bank senior notes, at par, due 2021	$	300,000	$	300,000
Corporation subordinated notes, at par, due 2025	250,000		250,000
Finance leases	1,091		1,128
Capitalized costs	(1,362)		(1,663)
FHLB advances	1,629,966		$	1,632,723
Total long-term funding	2,179,694		2,182,188
Total short and long-term funding	$	2,369,372	$	2,434,505

Securities Sold Under Agreements to Repurchase

The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. Under these arrangements, the Corporation may transfer legal control over the assets but still retain effective control through an agreement that both entitles and obligates the Corporation to repurchase the assets. The obligation to repurchase the securities is reflected as a liability on the Corporation’s consolidated balance sheets, while the securities underlying the repurchase agreements remain in the respective investment securities asset accounts (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities). See Note 11 for additional disclosures on balance sheet offsetting.

The Corporation utilizes securities sold under agreements to repurchase to facilitate the needs of its customers. As of March 31, 2021, the Corporation pledged agency mortgage-related securities with a fair value of $192 million as collateral for the repurchase agreements. Securities pledged as collateral under repurchase agreements are maintained with the Corporation's safekeeping agents and are monitored on a daily basis due to the market risk of fair value changes in the underlying securities. The Corporation generally pledges excess securities to ensure there is sufficient collateral to satisfy short-term fluctuations in both the repurchase agreement balances and the fair value of the underlying securities.

The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets as of March 31, 2021 and December 31, 2020 are presented in the following table:

	Remaining Contractual Maturity of the Agreements
($ in Thousands)	Overnight and Continuous		Up to 30 days		30-90 days		Greater than 90 days		Total
March 31, 2021
Repurchase agreements
Agency mortgage-related securities	$	131,057	$	—	$	—	$	—	$	131,057
Total	$	131,057	$	—	$	—	$	—	$	131,057
December 31, 2020
Repurchase agreements
Agency mortgage-related securities	$	185,901	$	—	$	—	$	—	$	185,901
Total	$	185,901	$	—	$	—	$	—	$	185,901

Long-Term Funding

Senior Notes 

In August 2018, the Bank issued $300 million of senior notes, due August 2021, and callable July 2021. The senior notes have a fixed coupon interest rate of 3.50% and were issued at a discount.

Subordinated Notes 

In November 2014, the Corporation issued $250 million of 10-year subordinated notes, due January 2025, and callable October 2024. The subordinated notes have a fixed coupon interest rate of 4.25% and were issued at a discount.

Finance Leases

In connection with the construction of new branches in Oshkosh and Eau Claire, Wisconsin, the Corporation entered into land leases with options to purchase the underlying land for a fixed price, which the Corporation now expects to exercise. The finance leases have fixed interest rates of approximately 1.00%. See Note 18 for additional disclosure regarding the Corporation’s leases.

XML

Derivative and Hedging Activities

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative and Hedging Activities

Derivative and Hedging Activities

The Corporation is exposed to certain risk arising from both its business operations and economic conditions. The Corporation principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Corporation manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Corporation enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Corporation's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Corporation's known or expected cash receipts and its known or expected cash payments principally related to the Corporation's assets.

The contract or notional amount of a derivative is used to determine, along with the other terms of the derivative, the amounts to be exchanged between the counterparties. The Corporation is exposed to credit risk in the event of nonperformance by counterparties to financial instruments. To mitigate the counterparty risk, contracts generally contain language outlining collateral pledging requirements for each counterparty. For non-centrally cleared derivatives, collateral must be posted when the market value exceeds certain mutually agreed upon threshold limits. Securities and cash are often pledged as collateral. The Corporation pledged $67 million of investment securities as collateral at March 31, 2021, and pledged $72 million of investment securities as collateral at December 31, 2020. At March 31, 2021, the Corporation posted $21 million of cash collateral compared to $31 million at December 31, 2020.

Federal regulations require the Corporation to clear all LIBOR interest rate swaps through a clearing house, if possible. For derivatives cleared through central clearing houses, the variation margin payments are legally characterized as daily settlements of the derivative rather than collateral. The Corporation's clearing agent for interest rate derivative contracts that are centrally cleared through the Chicago Mercantile Exchange (CME) and the London Clearing House (LCH) settles the variation margin daily. As a result, the variation margin payment and the related derivative instruments are considered a single unit of account for accounting and financial reporting purposes. Depending on the net position, the fair value is reported in other assets or accrued expenses and other liabilities on the consolidated balance sheets. The daily settlement of the derivative exposure does not change or reset the contractual terms of the instrument.

Fair Value Hedges of Interest Rate Risk

The Corporation is exposed to changes in the fair value of certain of its pools of prepayable fixed-rate assets due to changes in benchmark interest rates. The Corporation used interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in the designated benchmark interest rate. Interest rate swaps designated as fair value hedges involved the payment of fixed-rate amounts to a counterparty in exchange for the Corporation receiving variable-rate payments over the life of the agreements without the exchange of the underlying notional amount. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk were recognized in interest income. During the fourth quarter of 2019, the Corporation terminated the outstanding fair value hedges.

Derivatives to Accommodate Customer Needs

The Corporation also facilitates customer borrowing activity by entering into various derivative contracts which are designated as free standing derivative contracts. Free standing derivative products are entered into primarily for the benefit of commercial customers seeking to manage their exposures to interest rate risk, foreign currency, and commodity prices. These derivative contracts are not designated against specific assets and liabilities on the consolidated balance sheets or forecasted transactions and, therefore, do not qualify for hedge accounting treatment. Such derivative contracts are carried at fair value in other assets and accrued expenses and other liabilities on the consolidated balance sheets with changes in the fair value recorded as a component of capital markets, net, and typically include interest rate-related instruments (swaps and caps), foreign currency exchange forwards, and commodity contracts. See Note 11 for additional information and disclosures on balance sheet offsetting.

Interest rate-related instruments: The Corporation provides interest rate risk management services to commercial customers, primarily forward interest rate swaps and caps. The Corporation’s market risk from unfavorable movements in interest rates related to these derivative contracts is generally economically hedged by concurrently entering into offsetting derivative contracts. The offsetting derivative contracts have identical notional values, terms, and indices.

Foreign currency exchange forwards: The Corporation provides foreign currency exchange services to customers, primarily forward contracts. The Corporation's customers enter into a foreign currency exchange forward with the Corporation as a means for them to mitigate exchange rate risk. The Corporation mitigates its risk by then entering into an offsetting foreign currency exchange derivative contract.

Commodity contracts: Commodity contracts are entered into primarily for the benefit of commercial customers seeking to manage their exposure to fluctuating commodity prices. The Corporation mitigates its risk by then entering into an offsetting commodity derivative contract.

Mortgage Derivatives

Interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans are considered derivative instruments, and the fair value of these commitments is recorded in other assets and accrued expenses and other liabilities on the consolidated balance sheets with the changes in fair value recorded as a component of mortgage banking, net.

The following table presents the total notional amounts and gross fair values of the Company’s derivatives, as well as the balance sheet netting adjustments as of March 31, 2021 and December 31, 2020. The derivative assets and liabilities are presented on a gross basis prior to the application of bilateral collateral and master netting agreements, but after the variation margin payments with central clearing organizations have been applied as settlement, as applicable. Total derivative assets and liabilities are adjusted to take into consideration the effects of legally enforceable master netting agreements and cash collateral received or paid as of March 31, 2021 and December 31, 2020. The resulting net derivative asset and liability fair values are included in other assets and accrued expenses and other liabilities, respectively, on the consolidated balance sheets.

	March 31, 2021								December 31, 2020
	Asset				Liability				Asset				Liability
($ in Thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Not designated as hedging instruments
Interest rate-related instruments	$	3,654,732	$	121,020	$	3,654,732	$	28,382	$	3,639,679	$	192,518	$	3,639,679	$	25,680
Foreign currency exchange forwards	448,395		3,044		439,381		2,828		411,292		4,909		398,890		4,836
Commodity contracts	70,633		5,808		70,758		5,098		87,547		12,486		83,214		11,155
Mortgage banking(a)(b)	292,704		11,171		408,500		—		226,818		9,624		335,500		2,046
Gross derivatives before netting			$	141,043			$	36,308			$	219,537			$	43,716
Less: Legally enforceable master netting agreements			2,643				2,643				1,936				1,936
Less: Cash collateral pledged/received			1,581				17,583				10,879				25,625
Total derivative instruments, after netting			$	136,819			$	16,082			$	206,722			$	16,155

(a) Mortgage derivative assets include interest rate lock commitments and mortgage derivative liabilities include forward commitments.

(b) Includes $4 million forward commitment fair value.

The Corporation terminated its $500 million fair value hedge during the fourth quarter of 2019. At March 31, 2021, the amortized cost basis of the closed portfolios which had previously been used in the terminated hedging relationship was $534 million and is included in loans and investment securities, AFS, at fair value on the consolidated balance sheets. This amount includes $3 million of hedging adjustments on the discontinued hedging relationships.

The table below identifies the effect of fair value hedge accounting on the Corporation's consolidated statements of income for the three months ended March 31, 2021 and 2020:

	Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Three Months Ended March 31,
	2021				2020
($ in Thousands)	Interest Income		Other Income (Expense)		Interest Income		Other Income (Expense)
Total amounts of income and expense line items presented on the consolidated statements of income in which the effects of the fair value hedge is recorded	$	(485)	$	—	$	(322)	$	(262)
The effects of fair value hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20
Interest contracts
Hedged items	(485)		—		(322)		(262)
Derivatives designated as hedging instruments(a)	—		—		—		—

(a) Includes net settlements on the derivatives.

The table below identifies the effect of derivatives not designated as hedging instruments on the Corporation's consolidated statements of income for the three months ended March 31, 2021 and 2020:

	Consolidated Statements of Income Category of Gain / (Loss)  Recognized in Income	Three Months Ended March 31,
($ in Thousands)		2021		2020
Derivative Instruments
Interest rate-related instruments — customer and mirror, net	Capital markets, net	$	2,938	$	(3,090)
Foreign currency exchange forwards	Capital markets, net	143		(122)
Commodity contracts	Capital markets, net	(621)		746
Interest rate lock commitments (mortgage)	Mortgage banking, net	(2,708)		9,928
Forward commitments (mortgage)	Mortgage banking, net	(6,300)		(10,262)

XML

Balance Sheet Offsetting

3 Months Ended

Mar. 31, 2021

Offsetting [Abstract]

Balance Sheet Offsetting

Balance Sheet Offsetting

Interest Rate-Related Instruments, Commodity Contracts, and Foreign Exchange Forwards (“Interest, Commodity, and Foreign Exchange Agreements”)

The Corporation enters into interest rate-related instruments to facilitate the interest rate risk management strategies of commercial customers, commodity contracts to manage commercial customers' exposure to fluctuating commodity prices, and foreign exchange forwards to manage customers' exposure to fluctuating foreign exchange rates. The Corporation mitigates these risks by entering into equal and offsetting agreements with highly rated third-party financial institutions. The Corporation is party to master netting arrangements with its financial institution counterparties that create single net settlements of all legal claims or obligations to pay or receive the net amount of settlement of the individual interest, commodity, and foreign exchange agreements. Collateral, usually in the form of investment securities and cash, is posted by the counterparty with net liability positions in accordance with contract thresholds. Derivatives subject to a legally enforceable master netting agreement are reported on a net basis, net of cash collateral, in other assets and accrued expenses and other liabilities, on the face of the consolidated balance sheets. See Note 10 for additional information on the Corporation’s derivative and hedging activities.

Securities Sold Under Agreements to Repurchase

The Corporation enters into agreements under which it sells securities subject to an obligation to repurchase the same or similar securities. These repurchase agreements are accounted for as collateralized financing arrangements (i.e., secured borrowings) and not as a sale and subsequent repurchase of securities (i.e., there is no offsetting or netting of the investment securities assets with the repurchase agreement liabilities). The right of set-off for a repurchase agreement resembles a secured borrowing, whereby the collateral would be used to settle the fair value of the repurchase agreement should the Corporation be in default

(e.g., fails to make an interest payment to the counterparty). In addition, the Corporation does not enter into reverse repurchase agreements; therefore, there is no such offsetting to be done with the repurchase agreements. See Note 9 for additional disclosures on repurchase agreements.

The following table presents the interest rate, commodity, and foreign exchange assets and liabilities subject to an enforceable master netting arrangement. The interest, commodity and foreign exchange agreements the Corporation has with its commercial customers are not subject to an enforceable master netting arrangement and are therefore excluded from this table:

	Gross Amounts Recognized		Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets				Net Amounts Presented on the Consolidated Balance Sheets		Gross Amounts Not Offset on the Consolidated Balance Sheets
($ in Thousands)			Derivative Liabilities Offset		Cash Collateral Received						Net Amount
Derivative assets
March 31, 2021	$	4,496	$	(2,643)	$	(1,581)	$	272	$	—	$	272
December 31, 2020	13,441		(1,936)		(10,879)		626		—		626
	Gross Amounts Recognized		Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets				Net Amounts Presented on the Consolidated Balance Sheets		Gross Amounts Not Offset on the Consolidated Balance Sheets
($ in Thousands)			Derivative Assets Offset		Cash Collateral Pledged						Net Amount
Derivative liabilities
March 31, 2021	$	20,393	$	(2,643)	$	(17,583)	$	167	$	—	$	167
December 31, 2020	27,951		(1,936)		(25,625)		390		—		390

XML

Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters

Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters

The Corporation utilizes a variety of financial instruments in the normal course of business to meet the financial needs of its customers and to manage its own exposure to fluctuations in interest rates. These financial instruments include lending-related and other commitments (see below) as well as derivative instruments (see Note 10). The following is a summary of lending-related commitments:

($ in Thousands)	March 31, 2021		December 31, 2020
Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale(a)(b)	$	10,102,713	$	10,010,492
Commercial letters of credit(a)	7,301		3,642
Standby letters of credit(c)	247,473		278,798

(a) These off-balance sheet financial instruments are exercisable at the market rate prevailing at the date the underlying transaction will be completed and, thus, are deemed to have no current fair value, or the fair value is based on fees currently charged to enter into similar agreements and was not material at March 31, 2021 or December 31, 2020.

(b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 10.

(c) The Corporation has established a liability of $3 million for both March 31, 2021 and December 31, 2020, as an estimate of the fair value of these financial instruments.

Lending-related Commitments

As a financial services provider, the Corporation routinely enters into commitments to extend credit. Such commitments are subject to the same credit policies and approval process accorded to loans made by the Corporation, with each customer’s creditworthiness evaluated on a case-by-case basis. The commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. The Corporation’s exposure to credit loss in the event of nonperformance by the other party to these financial instruments is represented by the contractual amount of those instruments. The amount of collateral obtained, if deemed necessary by the Corporation upon extension of credit, is based on management’s credit evaluation of the customer. Since a significant portion of commitments to extend credit are subject to specific restrictive loan covenants or may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash flow requirements. An allowance for unfunded commitments is maintained at a level believed by management to be sufficient to absorb expected lifetime losses related to unfunded commitments (including unfunded loan commitments and letters of credit). The following table presents a summary of the changes in the allowance for unfunded commitments:

($ in Thousands)	Three Months Ended March 31, 2021		Year Ended December 31, 2020
Allowance for Unfunded Commitments
Balance at beginning of period	$	47,776	$	21,907
Cumulative effect of ASU 2016-13 adoption (CECL)	N/A		18,690
Balance at beginning of period, adjusted	47,776		40,597
Provision for unfunded commitments	3,000		7,000
Amount recorded at acquisition	—		179
Balance at end of period	$	50,776	$	47,776

Lending-related commitments include commitments to extend credit, commitments to originate residential mortgage loans held for sale, commercial letters of credit, and standby letters of credit. Commitments to extend credit are legally binding agreements to lend to customers at predetermined interest rates, as long as there is no violation of any condition established in the contracts. Interest rate lock commitments to originate residential mortgage loans held for sale and forward commitments to sell residential mortgage loans are considered derivative instruments, and the fair value of these commitments is recorded on the consolidated balance sheets. The Corporation’s derivative and hedging activity is further described in Note 10. Commercial and standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. Commercial letters of credit are issued specifically to facilitate commerce and typically result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party, while standby letters of credit generally are contingent upon the failure of the customer to perform according to the terms of the underlying contract with the third party.

Other Commitments

The Corporation invests in qualified affordable housing projects, federal and state historic projects, new market projects, and opportunity zone funds for the purpose of community reinvestment and obtaining tax credits and other tax benefits. Return on the Corporation's investment in these projects and funds comes in the form of the tax credits and tax losses that pass through to the Corporation, and deferral or elimination of capital gain recognition for tax purposes. The aggregate carrying value of these investments at March 31, 2021 was $280 million, compared to $272 million at December 31, 2020, included in tax credit and other investments on the consolidated balance sheets. The Corporation utilizes the proportional amortization method to account for investments in qualified affordable housing projects.

Under the proportional amortization method, the Corporation amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits. The Corporation recognized additional income tax expense attributable to the amortization of investments in qualified affordable housing projects of $8 million and $6 million for the three months ended March 31, 2021 and 2020, respectively. The Corporation's remaining investment in qualified affordable housing projects accounted for under the proportional amortization method totaled $277 million at March 31, 2021 and $268 million at December 31, 2020.

The Corporation’s unfunded equity contributions relating to investments in qualified affordable housing, federal and state historic projects, and new market projects are recorded in accrued expenses and other liabilities on the consolidated balance sheets. The Corporation’s remaining unfunded equity contributions totaled $119 million and $118 million at March 31, 2021 and December 31, 2020, respectively.

For the three months ended March 31, 2021 and the year ended December 31, 2020, the Corporation did not record any impairment related to qualified affordable housing investments.

The Corporation has principal investment commitments to provide capital-based financing to private and public companies through either direct investment in specific companies or through investment funds and partnerships. The timing of future cash requirements to fund such principal investment commitments is generally dependent on the investment cycle, whereby privately held companies are funded by private equity investors and ultimately sold, merged, or taken public through an initial offering, which can vary based on overall market conditions, as well as the nature and type of industry in which the companies operate. The Corporation also invests in loan pools that support CRA loans. The timing of future cash requirements to fund these pools is dependent upon loan demand, which can vary over time. The aggregate carrying value of these investments was $23 million and $25 million at March 31, 2021 and December 31, 2020, respectively, included in tax credit and other investments on the consolidated balance sheets.

Legal Proceedings

The Corporation is party to various pending and threatened claims and legal proceedings arising in the normal course of business activities, some of which involve claims for substantial amounts. Although there can be no assurance as to the ultimate outcomes, the Corporation believes it has meritorious defenses to the claims asserted against it in its currently outstanding matters and intends to continue to defend itself vigorously with respect to such legal proceedings. The Corporation will consider settlement of cases when, in management’s judgment, it is in the best interests of the Corporation and its shareholders.

On at least a quarterly basis, the Corporation assesses its liabilities and contingencies in connection with all pending or threatened claims and litigation, utilizing the most recent information available. On a matter by matter basis, an accrual for loss is established for those matters which the Corporation believes it is probable that a loss may be incurred and that the amount of such loss can be reasonably estimated. Once established, each accrual is adjusted as appropriate to reflect any subsequent developments. Accordingly, management’s estimate will change from time to time, and actual losses may be more or less than the current estimate. For matters where a loss is not probable, or the amount of the loss cannot be estimated, no accrual is established.

Resolution of legal claims is inherently unpredictable, and in many legal proceedings various factors exacerbate this inherent unpredictability, including where the damages sought are unsubstantiated or indeterminate, it is unclear whether a case brought as a class action will be allowed to proceed on that basis, discovery is not complete, the proceeding is not yet in its final stages, the matters present legal uncertainties, there are significant facts in dispute, there are a large number of parties (including where it is uncertain how liability, if any, will be shared among multiple defendants), or there is a wide range of potential results.

A lawsuit, Evans et al v. Associated Banc-Corp et al, was filed in the United States District Court for the Eastern District of Wisconsin - Green Bay Division on January 13, 2021 by one current and one former participant in the Associated Banc-Corp 401(k) and Employee Stock Ownership Plan (the “Plan”) as representatives of a putative class. The plaintiffs alleged that Associated Banc-Corp, the Associated Banc-Corp Plan Administrative Committee, and current and past members of such committee during the relevant time period (the “Defendants”) breached their fiduciary duties with respect to the Plan in violation of Employee Retirement Income Security Act of 1974, as amended, by applying an imprudent and inappropriate preference for products associated with Associated Banc-Corp within the Plan, and that the Defendants failed to monitor or control the recordkeeping expenses paid to Associated Trust Company, N.A. On March 18, 2021, the Defendants filed a motion to dismiss. On April 8, 2021, the plaintiffs filed an amended complaint which dropped the record keeping claim, added Associated Trust Company N.A. and Kellogg Asset Management, LLC as defendants, and alleged various breaches of fiduciary duty related to the selection and monitoring of, and the fees charged by, proprietary collective investment trusts. The plaintiffs, in part, seek an accounting and disgorgement of certain profits, as well as certain equitable restitution and equitable monetary relief. The Corporation intends to vigorously defend against this lawsuit. It is not possible for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss at this time with respect to this lawsuit.

Regulatory Matters

A variety of consumer products, including mortgage and deposit products, and certain fees and charges related to such products, have come under increased regulatory scrutiny. It is possible that regulatory authorities could bring enforcement actions, including civil money penalties, or take other actions against the Corporation and the Bank in regard to these consumer products. The Bank could also determine of its own accord, or be required by regulators, to refund or otherwise make remediation payments to customers in connection with these products. It is not possible at this time for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss related to such matters.

Mortgage Repurchase Reserve

The Corporation sells residential mortgage loans to investors in the normal course of business. Residential mortgage loans sold to others are predominantly conventional residential first lien mortgages originated under the Corporation's usual underwriting procedures, and are most often sold on a nonrecourse basis, primarily to the GSEs. The Corporation’s agreements to sell residential mortgage loans in the normal course of business usually require certain representations and warranties on the underlying loans sold, related to credit information, loan documentation, collateral, and insurability. Subsequent to being sold, if a material underwriting deficiency or documentation defect is discovered, the Corporation may be obligated to repurchase the loan or reimburse the GSEs for losses incurred (collectively, “make whole requests”). The make whole requests and any related risk of loss under the representations and warranties are largely driven by borrower performance.

As a result of make whole requests, the Corporation has repurchased loans with aggregate principal balances of $2 million and $10 million for the three months ended March 31, 2021 and the year ended December 31, 2020, respectively. There were $109 thousand of loss reimbursement and settlement claims paid for the three months ended March 31, 2021 and there were no such

claims for the year ended December 31, 2020. Make whole requests during 2020 and the first three months of 2021 generally arose from loans sold during the period of January 1, 2012 to December 31, 2020. Since January 1, 2012, loans sold totaled $14.7 billion at the time of sale, and consisted primarily of loans sold to GSEs. As of March 31, 2021, approximately $6.5 billion of these sold loans remain outstanding.

The balance in the mortgage repurchase reserve at the balance sheet date reflects the estimated amount of potential loss the Corporation could incur from repurchasing a loan, as well as loss reimbursements, indemnifications, and other settlement resolutions. The mortgage repurchase reserve, included in accrued expenses and other liabilities on the consolidated balance sheets, was $1 million as of March 31, 2021 and $2 million as of December 31, 2020.

The Corporation may also sell residential mortgage loans with limited recourse (limited in that the recourse period ends prior to the loan’s maturity, usually after certain time and / or loan paydown criteria have been met), whereby repurchase could be required if the loan had defined delinquency issues during the limited recourse periods. At March 31, 2021 and December 31, 2020, there were approximately $27 million and $36 million, respectively, of residential mortgage loans sold with such recourse risk. There have been limited instances and immaterial historical losses on repurchases for recourse under the limited recourse criteria.

The Corporation has a subordinate position to the FHLB in the credit risk on residential mortgage loans it sold to the FHLB in exchange for a monthly credit enhancement fee. The Corporation has not sold loans to the FHLB with such credit risk retention since February 2005. At March 31, 2021 and December 31, 2020, there were $31 million and $33 million, respectively, of such residential mortgage loans with credit risk recourse, upon which there have been negligible historical losses to the Corporation.

XML

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

Fair value represents the estimated price at which an orderly transaction to sell an asset or to transfer a liability would take place between market participants at the measurement date under current market conditions (i.e., an exit price concept).

The valuation methodologies for assets and liabilities measured at fair value on a recurring and non-recurring basis are described in the Fair Value Measurements note in the Corporation’s 2020 Annual Report on Form 10-K.

The table below presents the Corporation’s financial instruments measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, aggregated by the level in the fair value hierarchy within which those measurements fall:

($ in Thousands)	Fair Value Hierarchy	March 31, 2021		December 31, 2020
Assets
Investment securities AFS
U.S. Treasury securities	Level 1	$	53,693	$	26,531
Agency securities	Level 2	14,904		25,038
Obligations of state and political subdivisions (municipal securities)	Level 2	433,182		450,662
Residential mortgage-related securities
FNMA / FHLMC	Level 2	1,910,954		1,461,241
GNMA	Level 2	123,365		235,537
Commercial mortgage-related securities
FNMA / FHLMC	Level 2	94,349		22,904
GNMA	Level 2	389,411		524,756
Asset backed securities
FFELP	Level 2	325,933		327,189
SBA	Level 2	8,160		8,584
Other debt securities	Level 2	3,000		3,000
Total investment securities AFS	Level 1	$	53,693	$	26,531
Total investment securities AFS	Level 2	3,303,257		3,058,910
Equity securities with readily determinable fair values	Level 1	1,684		1,661
Residential loans held for sale	Level 2	153,151		129,158
Interest rate-related instruments(a)	Level 2	121,020		192,518
Foreign currency exchange forwards(a)	Level 2	3,044		4,909
Commodity contracts(a)	Level 2	5,808		12,486
Interest rate lock commitments to originate residential mortgage loans held for sale	Level 3	6,917		9,624
Forward commitments to sell residential mortgage loans	Level 3	4,255		—
Liabilities
Interest rate-related instruments(a)	Level 2	$	28,382	$	25,680
Foreign currency exchange forwards(a)	Level 2	2,828		4,836
Commodity contracts(a)	Level 2	5,098		11,155
Forward commitments to sell residential mortgage loans	Level 3	—		2,046

(a) Figures are presented gross before netting. See Note 10 and Note 11 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

The table below presents a rollforward of the consolidated balance sheets amounts for the three months ended March 31, 2021 and the year ended December 31, 2020, for the Corporation's mortgage derivatives measured on a recurring basis and classified within Level 3 of the fair value hierarchy:

($ in Thousands)	Interest rate lock commitments to originate residential mortgage loans held for sale		Forward commitments to sell residential mortgage loans		Total
Balance December 31, 2019	$	2,527	$	710	$	1,817
New production	72,659		(3,505)		76,164
Closed loans / settlements	(76,001)		(12,587)		(63,414)
Other	10,439		17,427		(6,988)
Mortgage derivative gain (loss)	7,097		1,335		5,762
Balance December 31, 2020	$	9,624	$	2,046	$	7,579
New production	$	16,629	$	(1,203)	$	17,832
Closed loans / settlements	(14,186)		2,501		(16,687)
Other	(5,151)		(7,598)		2,447
Mortgage derivative gain (loss)	(2,708)		(6,300)		3,593
Balance March 31, 2021	$	6,917	$	(4,255)	$	11,171

The closing ratio on interest rate lock commitments to originate residential mortgage loans held for sale is a Level 3 measurement, and was 89% at March 31, 2021.

The following table presents the carrying value of equity securities without readily determinable fair values still held as of March 31, 2021 that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable. Also shown are the cumulative upward and downward adjustments for the Corporation's equity securities without readily determinable fair values as of March 31, 2021:

($ in Thousands)
Equity securities without readily determinable fair values
Carrying value as of December 31, 2020	$	13,444
Carrying value changes	—
Additions	544
Carrying value as of March 31, 2021	$	13,989
Cumulative upward carrying value changes between January 1, 2018 and March 31, 2021	$	13,444
Cumulative downward carrying value changes/impairment between January 1, 2018 and March 31, 2021	$	—

The table below presents the Corporation’s assets measured at fair value on a nonrecurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall:

				Consolidated Statements of Income Category of Adjustment  Recognized in Income	Adjustment Recognized on the Consolidated Statements of Income(c)
($ in Thousands)	Fair Value Hierarchy	Fair Value
March 31, 2021
Assets
Individually evaluated loans(a)	Level 3	$	93,201	Provision for credit losses	$	(1,613)
OREO(b)	Level 2	10,326		Other noninterest expense	3,681
Mortgage servicing rights	Level 3	49,541		Mortgage banking, net	10,578
December 31, 2020
Assets
Individually evaluated loans(a)	Level 3	$	138,752	Provision for credit losses	$	97,519
OREO(b)	Level 2	6,125		Other noninterest expense	3,747
Mortgage servicing rights	Level 3	41,990		Mortgage banking, net	(17,704)

(a) Includes probable TDRs which are individually analyzed, net of the related allowance for credit losses.

(b) If the fair value of the collateral exceeds the carrying amount of the asset, no charge off or adjustment is necessary, the asset is not considered to be carried at fair value, and is therefore not included in the table.

(c) Includes the full year impact on the consolidated statements of income

Certain nonfinancial assets and nonfinancial liabilities measured at fair value on a nonrecurring basis include the fair value analysis in the goodwill impairment test, and intangible assets and other nonfinancial long-lived assets measured at fair value for impairment assessment.

The Corporation's significant Level 3 measurements which employ unobservable inputs that are readily quantifiable pertain to MSRs and individually evaluated loans.

The table below presents information about these inputs and further discussion is found above:

March 31, 2021	Valuation Technique	Significant Unobservable Input	Range of Inputs			Weighted Average Input Applied
Mortgage servicing rights	Discounted cash flow	Discount rate	9%	-	14%	9%
Mortgage servicing rights	Discounted cash flow	Constant prepayment rate	10%	-	45%	16%
Individually evaluated loans	Appraisals / Discounted cash flow	Collateral / Discount factor	25%	-	38%	34%

Fair Value of Financial Instruments

The Corporation is required to disclose estimated fair values for its financial instruments.

Fair value estimates are set forth below for the Corporation’s financial instruments:

		March 31, 2021				December 31, 2020
($ in Thousands)	Fair Value Hierarchy Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Cash and due from banks	Level 1	$	356,285	$	356,285	$	416,154	$	416,154
Interest-bearing deposits in other financial institutions	Level 1	1,590,494		1,590,494		298,759		298,759
Federal funds sold and securities purchased under agreements to resell	Level 1	—		—		1,135		1,135
Investment securities AFS	Level 1	53,693		53,693		26,531		26,531
Investment securities AFS	Level 2	3,303,257		3,303,257		3,058,910		3,058,910
Investment securities HTM, net	Level 1	1,000		1,019		999		1,024
Investment securities HTM, net	Level 2	1,856,088		1,971,459		1,877,939		2,027,852
Equity securities with readily determinable fair values	Level 1	1,684		1,684		1,661		1,661
Equity securities without readily determinable fair values	Level 3	13,989		13,989		13,444		13,444
FHLB and Federal Reserve Bank stocks	Level 2	168,281		168,281		168,280		168,280
Residential loans held for sale	Level 2	153,151		153,151		129,158		129,158
Loans, net	Level 3	23,809,389		23,723,543		24,068,022		24,012,738
Bank and corporate owned life insurance	Level 2	680,831		680,831		679,647		679,647
Derivatives (other assets)(a)	Level 2	129,872		129,872		209,913		209,913
Interest rate lock commitments to originate residential mortgage loans held for sale (other assets)	Level 3	6,917		6,917		9,624		9,624
Forward commitments to sell residential mortgage loans (other assets)	Level 3	4,255		4,255		—		—
Financial liabilities
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts	Level 3	$	26,115,814	$	26,115,814	$	24,725,451	$	24,725,451
Brokered CDs and other time deposits(b)	Level 2	1,561,352		1,566,421		1,757,030		1,766,200
Short-term funding	Level 2	189,678		189,672		252,317		252,303
FHLB advances	Level 2	1,629,966		1,693,172		1,632,723		1,760,727
Other long-term funding	Level 2	549,729		576,183		549,465		578,233
Standby letters of credit(c)	Level 2	2,549		2,549		2,731		2,731
Derivatives (accrued expenses and other liabilities)(a)	Level 2	36,308		36,308		41,671		41,671
Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities)	Level 3	—		—		2,046		2,046

(a) Figures are presented gross before netting. See Note 10 and Note 11 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

(b) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value.

(c) The commitment on standby letters of credit was $247 million at March 31, 2021 and $279 million at December 31, 2020. See Note 12 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.

XML

Retirement Plans

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Retirement Plans

Retirement Plans

The Corporation has a noncontributory defined benefit retirement account plan, the RAP, covering substantially all employees who meet participation requirements. The benefits are based primarily on years of service and the employee’s compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Any retirement plans of acquired entities are typically merged into the RAP after completion of the mergers, and credit is usually given to employees for years of service at the acquired institution for vesting and eligibility purposes.

The Corporation also provides legacy healthcare access to a limited group of retired employees from a previous acquisition in the Postretirement Plan. There are no other active retiree healthcare plans.

The First Staunton acquisition closed on February 14, 2020, and the employees who met the required criteria as a result of the transaction became eligible to participate in the RAP on February 15, 2020, with their vesting service credit based on their prior hours of service with First Staunton. See Note 2 for additional information on the First Staunton acquisition.

The components of net periodic pension cost and net periodic benefit cost for the RAP and Postretirement Plan for the three months ended March 31, 2021 and 2020 were as follows:

	Three Months Ended March 31,
($ in Thousands)	2021		2020
Components of Net Periodic Benefit Cost
RAP
Service cost	$	2,075	$	2,165
Interest cost	1,623		2,008
Expected return on plan assets	(6,430)		(6,405)
Amortization of prior service cost	(18)		(19)
Amortization of actuarial loss (gain)	1,050		808
Total net periodic pension cost	$	(1,701)	$	(1,444)
Postretirement Plan
Interest cost	$	13	$	20
Amortization of prior service cost	(19)		(19)
Total net periodic benefit cost	$	(6)	$	1

The components of net periodic pension cost and net periodic benefit cost, other than the service cost component, are included in the line item other of noninterest expense on the consolidated statements of income. The service cost components are included in personnel on the consolidated statements of income. The weighted-average interest crediting rate was 2.80% at both March 31, 2021 and December 31, 2020.

The Corporation’s funding policy is to pay at least the minimum amount required by federal law and regulations, with consideration given to the maximum funding amounts allowed. The Corporation regularly reviews the funding of its RAP. There were no contributions during the three months ended March 31, 2021 and 2020.

XML

Segment Reporting

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Reporting

Segment Reporting

The Corporation utilizes a risk-based internal profitability measurement system to provide strategic business unit reporting. The profitability measurement system is based on internal management methodologies designed to produce consistent results and reflect the underlying economics of the units. Certain strategic business units have been combined for segment information reporting purposes where the nature of the products and services, the type of customer, and the distribution of those products and services are similar. The three reportable segments are Corporate and Commercial Specialty; Community, Consumer, and Business; and Risk Management and Shared Services. The financial information of the Corporation’s segments has been compiled utilizing the accounting policies described in the Corporation’s 2020 Annual Report on Form 10-K with certain exceptions. The more significant of these exceptions are described herein.

The reportable segment results are presented based on the Corporation's internal management accounting process. The management accounting policies and processes utilized in compiling segment financial information are highly subjective and, unlike financial accounting, are not based on authoritative guidance similar to U.S. GAAP. As a result, reported segments and the financial information of the reported segments are not necessarily comparable with similar information reported by other financial institutions. Furthermore, changes in management structure or allocation methodologies and procedures may result in changes in previously reported segment financial data. Additionally, the information presented is not indicative of how the segments would perform if they operated as independent entities.

To determine financial performance of each segment, the Corporation allocates FTP assignments, the provision for credit losses, certain noninterest expenses, income taxes, and equity to each segment. Allocation methodologies are subject to periodic adjustment as the internal management accounting system is revised, the interest rate environment evolves, and business or product lines within the segments change. Also, because the development and application of these methodologies is a dynamic process, the financial results presented may be periodically reviewed.

The Corporation allocates net interest income using an internal FTP methodology that charges users of funds (assets) and credits providers of funds (liabilities, primarily deposits) based on the maturity, prepayment and / or re-pricing characteristics of the assets and liabilities. The net effect of this allocation is offset in the Risk Management and Shared Services segment to ensure consolidated totals reflect the Corporation's net interest income. The net FTP allocation is reflected as net intersegment income (expense) in the accompanying tables.

A credit provision is allocated to segments based on the expected long-term annual net charge off rates attributable to the credit risk of loans managed by the segment during the period. In contrast, the level of the consolidated provision for credit losses is

determined based on an ACLL model using the methodologies described in the Corporation’s 2020 Annual Report on Form 10-K. The net effect of the credit provision is recorded in Risk Management and Shared Services. Indirect expenses incurred by certain centralized support areas are allocated to segments based on actual usage (for example, volume measurements) and other criteria. Certain types of administrative expense and bank-wide expense accruals (including amortization of CDIs and other intangible assets associated with acquisitions, acquisition-related costs, and asset gains on disposed business units) are generally not allocated to segments. Income taxes are allocated to segments based on the Corporation’s estimated effective tax rate, with certain segments adjusted for any tax-exempt income or non-deductible expenses. Equity is allocated to the segments based on regulatory capital requirements and in proportion to an assessment of the inherent risks associated with the business of the segment (including interest, credit and operating risk).

A brief description of each business segment is presented below. A more in-depth discussion of these segments can be found in the Segment Reporting footnote in the Corporation’s 2020 Annual Report on Form 10-K.

The Corporate and Commercial Specialty segment serves a wide range of customers including larger businesses, developers, not-for-profits, municipalities, and financial institutions by providing lending and deposit solutions as well as the support to deliver, fund, and manage such banking solutions. In addition, this segment provides a variety of investment, fiduciary, and retirement planning products and services to individuals and small to mid-sized businesses. During the first quarter of 2021, the Corporation sold its wealth management subsidiary Whitnell. The Community, Consumer, and Business segment serves individuals, as well as small and mid-sized businesses, by providing lending and deposit solutions. In addition, the Corporation offered insurance and risk consulting services. The Risk Management and Shared Services segment includes key shared operational functions and also includes residual revenue and expenses, representing the difference between actual amounts incurred and the amounts allocated to operating segments, including interest rate risk residuals (FTP mismatches) and credit risk and provision residuals (long-term credit charge mismatches).

Information about the Corporation’s segments is presented below:

	Corporate and Commercial Specialty
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Net interest income	$	93,161	$	107,753
Net intersegment interest income (expense)	6,684		(10,726)
Segment net interest income	99,845		97,028
Noninterest income(a)	43,031		38,733
Total revenue	142,876		135,761
Provision for credit losses	17,509		12,172
Noninterest expense	57,725		54,304
Income (loss) before income taxes	67,642		69,284
Income tax expense (benefit)	12,649		12,940
Net income	$	54,993	$	56,344
Allocated goodwill	$	525,836	$	530,144

	Community, Consumer, and Business
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Net interest income	$	68,275	$	74,927
Net intersegment interest income (expense)	12,875		18,665
Segment net interest income	81,150		93,592
Noninterest income	46,128		53,350
Total revenue	127,278		146,942
Provision for credit losses	5,099		5,108
Noninterest expense	97,346		113,777
Income (loss) before income taxes	24,834		28,057
Income tax expense (benefit)	5,215		5,892
Net income	$	19,618	$	22,165
Allocated goodwill	$	579,156	$	661,244

	Risk Management and Shared Services
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Net interest income	$	14,465	$	20,261
Net intersegment interest income (expense)	(19,559)		(7,939)
Segment net interest income	(5,094)		12,322
Noninterest income	6,184		6,223
Total revenue	1,091		18,545
Provision for credit losses	(45,612)		35,720
Noninterest expense	20,275		24,110
Income (loss) before income taxes	26,427		(41,285)
Income tax expense (benefit)	6,737		(8,613)
Net income	$	19,690	$	(32,672)
Allocated goodwill	$	—	$	—

	Consolidated Total
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Net interest income	$	175,902	$	202,942
Net intersegment interest income (expense)	—		—
Segment net interest income	175,902		202,942
Noninterest income(a)	95,343		98,306
Total revenue	271,245		301,248
Provision for credit losses	(23,004)		53,001
Noninterest expense	175,347		192,191
Income (loss) before income taxes	118,903		56,056
Income tax expense (benefit)	24,602		10,219
Net income	$	94,301	$	45,838
Allocated goodwill	$	1,104,992	$	1,191,388

XML

Accumulated Other Comprehensive Income (Loss)

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

The following tables summarize the components of accumulated other comprehensive income (loss) at March 31, 2021 and 2020, including changes during the preceding three month periods as well as any reclassifications out of accumulated other comprehensive income (loss):

($ in Thousands)	Investment Securities AFS		Defined Benefit Pension and Postretirement Obligations		Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2020	$	41,325	$	(28,707)	$	12,618
Other comprehensive income (loss) before reclassifications	(23,979)		—		(23,979)
Amounts reclassified from accumulated other comprehensive income (loss)
Investment securities losses (gains), net	39		—		39
Personnel expense	—		(37)		(37)
Other expense	—		1,050		1,050
Interest income	518		—		518
Income tax (expense) benefit	5,851		(253)		5,598
Net other comprehensive income (loss) during period	(17,571)		760		(16,811)
Balance March 31, 2021	$	23,754	$	(27,947)	$	(4,193)
Balance December 31, 2019	$	3,989	$	(37,172)	$	(33,183)
Other comprehensive income (loss) before reclassifications	26,419		—		26,419
Amounts reclassified from accumulated other comprehensive income (loss)
Investment securities losses (gains), net	(6,118)		—		(6,118)
Personnel expense	—		(38)		(38)
Other expense	—		808		808
Interest income	556		—		556
Income tax (expense) benefit	(5,225)		(193)		(5,418)
Net other comprehensive income (loss) during period	15,632		577		16,209
Balance March 31, 2020	$	19,620	$	(36,595)	$	(16,974)

XML

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2021

Revenue Recognition [Abstract]

Revenue from Contracts with Customers

Revenue from Contracts with Customers

Revenue from contracts with customers is recognized when obligations under the terms of a contract with the Corporation's customer are satisfied. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. We do not have any material significant payment terms as payment is received at or shortly after the satisfaction of the performance obligation.

The Corporation's disaggregated revenue by major source is presented below:

	Corporate and Commercial Specialty
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Wealth management fees	$	22,414	$	20,106
Service charges and deposit account fees	4,905		3,551
Card-based fees(a)	435		515
Insurance commissions and fees	24		76
Other revenue	685		788
Noninterest income (in-scope of Topic 606)	$	28,463	$	25,036
Noninterest income (out-of-scope of Topic 606)	14,568		13,697
Total noninterest income	$	43,031	$	38,733
	Community, Consumer, and Business
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Wealth management fees	$	—	$	710
Service charges and deposit account fees	9,935		11,665
Card-based fees(a)	9,325		9,045
Insurance commissions and fees	50		22,529
Other revenue	3,579		2,286
Noninterest income (in-scope of Topic 606)	$	22,889	$	46,235
Noninterest income (out-of-scope of Topic 606)	23,239		7,115
Total noninterest income	$	46,128	$	53,350

	Risk Management and Shared Services
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Service charges and deposit account fees	15		5
Card-based fees(a)	4		47
Insurance commissions and fees	2		3
Other revenue	389		23
Noninterest income (in-scope of Topic 606)	$	409	$	77
Noninterest income (out-of-scope of Topic 606)	5,775		6,146
Total noninterest income	$	6,184	$	6,223
	Consolidated Total
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Wealth management fees	$	22,414	$	20,816
Service charges and deposit account fees	14,855		15,222
Card-based fees(a)	9,764		9,607
Insurance commissions and fees	76		22,608
Other revenue	4,653		3,096
Noninterest income (in-scope of Topic 606)	$	51,762	$	71,348
Noninterest income (out-of-scope of Topic 606)	43,581		26,958
Total noninterest income	$	95,343	$	98,306

(a) Certain card-based fees are out-of-scope of Topic 606.

Below is a listing of performance obligations for the Corporation's main revenue streams:

Revenue Stream	Noninterest income in-scope of Topic 606
Service charges and deposit account fees	Service charges and deposit account fees consist of monthly service fees (i.e. business analyzed fees and consumer service charges) and other deposit account related fees. The Corporation's performance obligation for monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Other deposit account related fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges and deposit account fees is primarily received immediately or in the following month through a direct charge to customers’ accounts.
Card-based fees(a)	Card-based fees are primarily comprised of debit and credit card income, ATM fees, and merchant services income. Debit and credit card income is primarily comprised of interchange fees earned whenever the Corporation's debit and credit cards are processed through card payment networks. ATM and merchant fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment is typically received immediately or in the following month.
Trust and asset management fees(b)	Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Corporation's performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to the customers’ accounts. The Corporation's performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered.
Brokerage and advisory fees(b)	Brokerage and advisory fees primarily consist of investment advisory, brokerage, retirement services, and annuities. The Corporation's performance obligation for investment advisory services and retirement services is generally satisfied, and the related revenue recognized, over the period in which the services are provided. The performance obligation for annuities is satisfied upon sale of the annuity, and therefore, the related revenue is primarily recognized at the time of sale. Payment for these services are typically received immediately or in advance of the service.

(a) Certain card-based fees are out-of-scope of Topic 606.

(b) Trust and asset management fees and brokerage and advisory fees are included in wealth management fees.

XML

Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

Leases

The Corporation has operating leases for retail and corporate offices, land, and equipment. The Corporation also has finance leases for land.

These leases have original terms of 1 year or longer with remaining maturities up to 42 years, some of which include options to extend the lease term. An analysis of the lease options has been completed and any purchase options or optional periods that the Corporation is reasonably likely to extend have been included in the capitalization.

The discount rate used to capitalize the operating leases is the Corporation's FHLB borrowing rate on the date of lease commencement. When determining the rate to discount specific lease obligations, the repayment period and term are considered.

Operating and finance lease costs and cash flows resulting from these leases are presented below:

	Three Months Ended March 31,
($ in Thousands)	2021		2020
Operating lease costs	$	2,240	$	2,623
Finance lease costs	39		36
Operating lease cash flows	2,963		2,731
Finance lease cash flows	40		21

The lease classifications on the consolidated balance sheets were as follows:

($ in Thousands)	Consolidated Balance Sheets Category	March 31, 2021		December 31, 2020
		Amount
Operating lease right-of-use asset	Premises and equipment	$	32,071	$	31,994
Finance lease right-of-use asset	Other assets	854		962
Operating lease liability	Accrued expenses and other liabilities	36,079		36,425
Finance lease liability	Other long-term funding	1,091		1,128

The lease payment obligations, weighted-average remaining lease term, and weighted-average discount rate were as follows:

	March 31, 2021					December 31, 2020
($ in Thousands)	Lease payments		Weighted-average lease term (in years)	Weighted-average discount rate		Lease payments		Weighted-average lease term (in years)	Weighted-average discount rate
Operating leases
Equipment	$	385	2.24	0.46	%	$	386	2.49	0.46	%
Retail and corporate offices	33,707		5.94	3.27	%	34,036		6.04	3.33	%
Land	6,165		8.83	3.10	%	6,385		8.99	3.09	%
Total operating leases	$	40,257	6.33	3.22	%	$	40,806	6.45	3.27	%
Finance leases
Land	$	1,105	1.40	1.05	%	$	1,145	1.65	1.05	%
Total finance leases	$	1,105	1.40	1.05	%	$	1,145	1.65	1.05	%

Contractual lease payment obligations for each of the next five years and thereafter, in addition to a reconciliation to the Corporation’s lease liability, were as follows:

($ in Thousands)	Operating Leases		Finance Leases		Total Leases
Nine Months Ending December 31, 2021	$	6,591	$	132	$	6,724
2022	7,111		973		8,084
2023	6,010		—		6,010
2024	5,274		—		5,274
2025	4,110		—		4,110
Beyond 2025	11,160		—		11,160
Total lease payments	$	40,257	$	1,105	$	41,362
Less: interest	4,178		14		4,192
Present value of lease payments	$	36,079	$	1,091	$	37,170

As of March 31, 2021 and December 31, 2020, additional operating leases, primarily retail and corporate offices, that had not yet commenced totaled $15 million and $17 million, respectively. The leases that had not yet commenced as of March 31, 2021, will commence between April 2021 and October 2023 with lease terms of 1 year to 6 years.

XML

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Standards Update and Change in Accounting Principle [Abstract]

New Accounting Pronouncements Adopted

New Accounting Pronouncements Adopted

Standard	Description	Date of adoption	Effect on financial statements
ASU 2019-12 Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes	The FASB issued this amendment to simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendment also improves consistent application of and simplifies GAAP for other areas of Topic 740 by clarifying and amending existing guidance. The amendments in this Update were effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendment was permitted.	1st Quarter 2021	Adoption of this amendment did not have a material impact on the Corporation's results of operation, financial position or liquidity.
ASU 2020-08 Codification Improvements to Subtopic 310-20, Receivables-Nonrefundable Fees and Other Costs	The FASB issued this amendment to clarify that an entity should reevaluate whether a callable debt security is within the scope of paragraph 310-20-35-33 for each reporting period. The amendments in this Update were effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020. Early adoption of the amendments was not permitted.	1st Quarter 2021	Adoption of this amendment did not have a material impact on the Corporation's results of operation, financial position or liquidity.

Future Accounting Pronouncements

There are no accounting pronouncements recently issued or proposed that have not yet been adopted

XML

Acquisitions Acquisitions (Tables)

Feb. 14, 2020

Business Combinations [Abstract]

Schedule of Business Acquisitions, by Acquisition

The following table presents the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date related to the First Staunton acquisition:

($ in Thousands)	Purchase Accounting Adjustments		February 14, 2020
Assets
Cash and cash equivalents	$	—	$	44,782
Investment securities AFS	(24)		98,743
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	—		781
Loans	(4,808)		369,741
Premises and equipment, net	(3,005)		4,865
Bank owned life insurance	9		6,770
Goodwill			14,812
Core deposit intangibles (included in other intangible assets, net on the face of the consolidated balance sheets)	7,379		7,379
OREO (included in other assets on the face of the consolidated balance sheets)	670		762
Other assets	2,795		7,692
Total assets			$	556,328
Liabilities
Deposits	$	1,285	$	438,684
Other borrowings	61		34,613
Accrued expenses and other liabilities	179		6,730
Total liabilities			$	480,028
Total consideration paid			$	76,300

Financing Receivable, Purchased With Credit Deterioration

The carrying amount of those loans is as follows:

($ in Thousands)	February 14, 2020
Purchase price of loans at acquisition	$	77,221
Allowance for credit losses at acquisition	3,504
Non-credit discount/(premium) at acquisition	(951)
Par value of acquired loans at acquisition	$	79,774

XML

Earnings Per Common Share (Tables)

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Calculations for basic and diluted earnings per common share

Presented below are the calculations for basic and diluted earnings per common share:

	Three Months Ended March 31,
(In Thousands, except per share data)	2021		2020
Net income	$	94,301	$	45,838
Preferred stock dividends	(5,207)		(3,801)
Net income available to common equity	$	89,094	$	42,037
Common shareholder dividends	(27,661)		(28,264)
Unvested share-based payment awards	(209)		(128)
Undistributed earnings	$	61,224	$	13,645
Undistributed earnings allocated to common shareholders	$	60,836	$	13,555
Undistributed earnings allocated to unvested share-based payment awards	387		90
Undistributed earnings	$	61,224	$	13,645
Basic
Distributed earnings to common shareholders	$	27,661	$	28,264
Undistributed earnings allocated to common shareholders	60,836		13,555
Total common shareholders earnings, basic	$	88,497	$	41,819
Diluted
Distributed earnings to common shareholders	$	27,661	$	28,264
Undistributed earnings allocated to common shareholders	60,836		13,555
Total common shareholders earnings, diluted	$	88,497	$	41,819
Weighted average common shares outstanding	152,355		154,701
Effect of dilutive common stock awards	1,333		918
Diluted weighted average common shares outstanding	153,688		155,619
Basic earnings per common share	$	0.58	$	0.27
Diluted earnings per common share	$	0.58	$	0.27

XML

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Fair value assumptions of stock options

The following assumptions were used in estimating the fair value for options granted for the full year 2020:

	2020
Dividend yield	3.50	%
Risk-free interest rate	1.60	%
Weighted average expected volatility	21.00	%
Weighted average expected life	5.75 years
Weighted average per share fair value of options	$2.39

Summary of company's stock option activities

A summary of the Corporation’s stock option activity for the three months ended March 31, 2021 is presented below:

Stock Options	Shares(a)	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term	Aggregate Intrinsic Value(a)
Outstanding at December 31, 2020	6,473	$	19.77	6.23 years	$	2,005
Exercised	615	15.96
Forfeited or expired	35	20.99
Outstanding at March 31, 2021	5,823	$	20.17	6.21 years	$	13,099
Options Exercisable at March 31, 2021	4,240	$	20.19	5.39 years	$	10,154

(a) In thousands

Summary of restricted stock awards activity (excluding salary shares)

The following table summarizes information about the Corporation’s restricted stock awards activity for the three months ended March 31, 2021:

Restricted Stock Awards	Shares(a)	Weighted Average Grant Date Fair Value
Outstanding at December 31, 2020	2,293	$	20.70
Granted	771	19.59
Vested	571	21.69
Forfeited	28	24.13
Outstanding at March 31, 2021	2,466	$	19.72

(a) In thousands

XML

Investment Securities (Tables)

3 Months Ended

Mar. 31, 2021

Investments, Debt and Equity Securities [Abstract]

Investment securities available for sale

The amortized cost and fair values of securities AFS and HTM at March 31, 2021 were as follows:

($ in Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Investment securities AFS
U. S. Treasury securities	$	54,237	$	—	$	(544)	$	53,693
Agency securities	15,000		—		(96)		14,904
Obligations of state and political subdivisions (municipal securities)	411,964		21,218		—		433,182
Residential mortgage-related securities
FNMA / FHLMC	1,910,644		5,956		(5,647)		1,910,954
GNMA	119,913		3,451		—		123,365
Commercial mortgage-related securities
FNMA / FHLMC	93,902		2,330		(1,883)		94,349
GNMA	381,158		8,254		—		389,411
Asset backed securities
FFELP	325,812		1,675		(1,554)		325,933
SBA	8,216		—		(57)		8,160
Other debt securities	3,000		—		—		3,000
Total investment securities AFS	$	3,323,846	$	42,885	$	(9,782)	$	3,356,949
Investment securities HTM
U. S. Treasury securities	$	1,000	$	20	$	—	$	1,019
Obligations of state and political subdivisions (municipal securities)	1,455,462		106,933		(994)		1,561,401
Residential mortgage-related securities
FNMA / FHLMC	47,480		2,471		—		49,951
GNMA	87,717		3,353		—		91,070
Commercial mortgage-related securities
FNMA/FHLMC	63,844		157		(2,138)		61,863
GNMA	201,648		5,611		(21)		207,238
Total investment securities HTM	$	1,857,150	$	118,544	$	(3,154)	$	1,972,541

The amortized cost and fair values of securities AFS and HTM at December 31, 2020 were as follows:

($ in Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Investment securities AFS
U. S. Treasury securities	$	26,436	$	95	$	—	$	26,531
Agency securities	24,985		53		—		25,038
Obligations of state and political subdivisions (municipal securities)	425,057		25,605		—		450,662
Residential mortgage-related securities
FNMA / FHLMC	1,448,806		12,935		(500)		1,461,241
GNMA	231,364		4,176		(3)		235,537
Commercial mortgage-related securities
FNMA / FHLMC	19,654		3,250		—		22,904
GNMA	511,429		13,327		—		524,756
Asset backed securities
FFELP	329,030		1,172		(3,013)		327,189
SBA	8,637		—		(53)		8,584
Other debt securities	3,000		—		—		3,000
Total investment securities AFS	$	3,028,399	$	60,612	$	(3,570)	$	3,085,441
Investment securities HTM
U. S. Treasury securities	$	999	$	25	$	—	$	1,024
Obligations of state and political subdivisions (municipal securities)	1,441,900		133,544		—		1,575,445
Residential mortgage-related securities
FNMA / FHLMC	54,599		2,891		—		57,490
GNMA	114,553		4,260		—		118,813
Commercial mortgage-related securities
FNMA / FHLMC	11,211		—		—		11,211
GNMA	255,742		9,218		—		264,960
Total investment securities HTM	$	1,879,005	$	149,938	$	—	$	2,028,943

Investment securities held to maturity

The amortized cost and fair values of securities AFS and HTM at March 31, 2021 were as follows:

($ in Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Investment securities AFS
U. S. Treasury securities	$	54,237	$	—	$	(544)	$	53,693
Agency securities	15,000		—		(96)		14,904
Obligations of state and political subdivisions (municipal securities)	411,964		21,218		—		433,182
Residential mortgage-related securities
FNMA / FHLMC	1,910,644		5,956		(5,647)		1,910,954
GNMA	119,913		3,451		—		123,365
Commercial mortgage-related securities
FNMA / FHLMC	93,902		2,330		(1,883)		94,349
GNMA	381,158		8,254		—		389,411
Asset backed securities
FFELP	325,812		1,675		(1,554)		325,933
SBA	8,216		—		(57)		8,160
Other debt securities	3,000		—		—		3,000
Total investment securities AFS	$	3,323,846	$	42,885	$	(9,782)	$	3,356,949
Investment securities HTM
U. S. Treasury securities	$	1,000	$	20	$	—	$	1,019
Obligations of state and political subdivisions (municipal securities)	1,455,462		106,933		(994)		1,561,401
Residential mortgage-related securities
FNMA / FHLMC	47,480		2,471		—		49,951
GNMA	87,717		3,353		—		91,070
Commercial mortgage-related securities
FNMA/FHLMC	63,844		157		(2,138)		61,863
GNMA	201,648		5,611		(21)		207,238
Total investment securities HTM	$	1,857,150	$	118,544	$	(3,154)	$	1,972,541

The amortized cost and fair values of securities AFS and HTM at December 31, 2020 were as follows:

($ in Thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized (Losses)		Fair Value
Investment securities AFS
U. S. Treasury securities	$	26,436	$	95	$	—	$	26,531
Agency securities	24,985		53		—		25,038
Obligations of state and political subdivisions (municipal securities)	425,057		25,605		—		450,662
Residential mortgage-related securities
FNMA / FHLMC	1,448,806		12,935		(500)		1,461,241
GNMA	231,364		4,176		(3)		235,537
Commercial mortgage-related securities
FNMA / FHLMC	19,654		3,250		—		22,904
GNMA	511,429		13,327		—		524,756
Asset backed securities
FFELP	329,030		1,172		(3,013)		327,189
SBA	8,637		—		(53)		8,584
Other debt securities	3,000		—		—		3,000
Total investment securities AFS	$	3,028,399	$	60,612	$	(3,570)	$	3,085,441
Investment securities HTM
U. S. Treasury securities	$	999	$	25	$	—	$	1,024
Obligations of state and political subdivisions (municipal securities)	1,441,900		133,544		—		1,575,445
Residential mortgage-related securities
FNMA / FHLMC	54,599		2,891		—		57,490
GNMA	114,553		4,260		—		118,813
Commercial mortgage-related securities
FNMA / FHLMC	11,211		—		—		11,211
GNMA	255,742		9,218		—		264,960
Total investment securities HTM	$	1,879,005	$	149,938	$	—	$	2,028,943

Amortized cost and fair values of investment securities by contractual maturity

The expected maturities of investment securities AFS and HTM at March 31, 2021, are shown below:

	AFS					HTM
($ in Thousands)	Amortized Cost		Fair Value			Amortized Cost		Fair Value
Due in one year or less	$	9,575	$	9,588		$	35,299	$	35,587
Due after one year through five years	79,504		79,813			47,810		49,383
Due after five years through ten years	357,498		373,906			179,382		188,263
Due after ten years	37,624		41,472			1,193,970		1,289,186
Total debt securities	484,201		504,778			1,456,461		1,562,420
Residential mortgage-related securities
FNMA / FHLMC	1,910,644		1,910,954			47,480		49,951
GNMA	119,913		123,365			87,717		91,070
Commercial mortgage-related securities
FNMA / FHLMC	93,902		94,349			63,844		61,863
GNMA	381,158		389,411			201,648		207,238
Asset backed securities
FFELP	325,812		325,933			—		—
SBA	8,216		8,160			—		—
Total investment securities	$	3,323,846	$	3,356,949		$	1,857,150	$	1,972,541
Ratio of fair value to amortized cost			101.0		%			106.2		%

Debt Securities, Held-to-maturity, Credit Quality Indicator

The following table summarizes the credit quality indicators of HTM securities at amortized cost at March 31, 2021:

($ in Thousands)	AAA		AA		A		Not Rated		Total
U. S. Treasury securities	$	1,000	$	—	$	—	$	—	$	1,000
Obligations of state and political subdivisions (municipal securities)	582,675		860,882		11,711		193		1,455,462
Residential mortgage-related securities
FNMA / FHLMC	47,480		—		—		—		47,480
GNMA	87,717		—		—		—		87,717
Commercial mortgage-related securities
FNMA / FHLMC	63,844		—		—		—		63,844
GNMA	201,648		—		—		—		201,648
Total HTM securities	$	984,363	$	860,882	$	11,711	$	193	$	1,857,150

Realized gains and losses and proceeds from sale

The proceeds from the sale of investment securities for the three months ended March 31, 2021 and 2020, are shown below:

	Three Months Ended March 31,
($ in Thousands)	2021		2020
Gross gains on AFS securities	$	36	$	6,198
Gross (losses) on AFS securities	(75)		(80)
Investment securities gains (losses), net	$	(39)	$	6,118
Proceeds from sales of investment securities	$	51,295	$	365,239

Unrealized losses and fair value of available for sale and held to maturity securities, by investment category and time length

The following represents gross unrealized losses and the related fair value of investment securities AFS and HTM, aggregated by investment category and length of time individual securities have been in a continuous unrealized loss position, at March 31, 2021:

	Less than 12 months					12 months or more					Total
($ in Thousands)	Number of Securities	Unrealized (Losses)		Fair Value		Number of Securities	Unrealized (Losses)		Fair Value		Unrealized (Losses)		Fair Value
Investment securities AFS
U.S. Treasury securities	5	$	(544)	$	53,693	—	$	—	$	—	$	(544)	$	53,693
Agency securities	1	(96)		14,904		—	—		—		(96)		14,904
Obligations of state and political subdivisions (municipal securities)	1	—		910		—	—		—		—		910
Residential mortgage-related securities
FNMA / FHLMC	24	(5,647)		756,359		—	—		—		(5,647)		756,359
GNMA	1	—		253		—	—		—		—		253
Commercial mortgage-related securities
FNMA / FHLMC	2	(1,883)		72,435		—	—		—		(1,883)		72,435
GNMA	1	—		78		—	—		—		—		78
Asset backed securities
FFELP	—	—		—		15	(1,554)		141,652		(1,554)		141,652
SBA	—	—		—		14	(57)		7,750		(57)		7,750
Total	35	$	(8,171)	$	898,632	29	$	(1,611)	$	149,402	$	(9,782)	$	1,048,033
Investment securities HTM
Obligations of state and political subdivisions (municipal securities)	33	$	(994)	$	62,908	—	$	—	$	—	$	(994)	$	62,908
Commercial mortgage-related securities
FNMA / FHLMC	6	(2,138)		41,105		—	—		—		(2,138)		41,105
GNMA	2	(21)		22,205		—	—		—		(21)		22,205
Total	41	$	(3,154)	$	126,218	—	$	—	$	—	$	(3,154)	$	126,218

For comparative purposes, the following represents gross unrealized losses and the related fair value of investment securities AFS and HTM, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, at December 31, 2020:

	Less than 12 months					12 months or more					Total
($ in Thousands)	Number of Securities	Unrealized (Losses)		Fair Value		Number of Securities	Unrealized (Losses)		Fair Value		Unrealized (Losses)		Fair Value
Investment securities AFS
Residential mortgage-related securities
FNMA / FHLMC	7	$	(500)	$	163,002	—	$	—	$	—	$	(500)	$	163,002
GNMA	2	(3)		9,784		—	—		—		(3)		9,784
GNMA commercial mortgage-related securities	1	—		287		—	—		—		—		287
Asset backed securities
FFELP	1	(129)		9,267		16	(2,885)		178,681		(3,013)		187,948
SBA	14	(53)		8,379		—	—		—		(53)		8,379
Other debt securities	2	—		2,000		—	—		—		—		2,000
Total	27	$	(685)	$	192,720	16	$	(2,885)	$	178,681	$	(3,570)	$	371,400
Investment securities HTM
GNMA residential mortgage-related securities	1	$	—	$	325	—	$	—	$	—	$	—	$	325
Total	1	$	—	$	325	—	$	—	$	—	$	—	$	325

XML

Loans Loans (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Receivables [Abstract]

Loan composition

The period end loan composition was as follows:

($ in Thousands)	March 31, 2021		December 31, 2020
PPP	$	836,566	$	767,757
Commercial and industrial	7,664,501		7,701,422
Commercial real estate — owner occupied	883,237		900,912
Commercial and business lending	9,384,303		9,370,091
Commercial real estate — investor	4,260,706		4,342,584
Real estate construction	1,882,299		1,840,417
Commercial real estate lending	6,143,004		6,183,001
Total commercial	15,527,307		15,553,091
Residential mortgage	7,685,218		7,878,324
Home equity	651,647		707,255
Other consumer	298,156		313,054
Total consumer	8,635,020		8,898,632
Total loans	$	24,162,328	$	24,451,724

Commercial and consumer loans by credit quality indicator

he following table presents commercial and consumer loans by credit quality indicator by vintage year at March 31, 2021:

					Term Loans Amortized Cost Basis by Origination Year(a)
($ in Thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		YTD 2021		2020		2019		2018		2017		Prior		Total
PPP:(b)
Risk rating:
Pass	$	—	$	—	$	281,120	$	527,971	$	—	$	—	$	—	$	—	$	809,091
Special Mention	—		—		1,642		3,434		—		—		—		—		5,076
Potential Problem	—		—		9,450		12,948		—		—		—		—		22,398
PPP	$	—	$	—	$	292,213	$	544,353	$	—	$	—	$	—	$	—	$	836,566
Commercial and industrial:
Risk rating:
Pass	$	2,009	$	2,170,406	$	378,782	$	1,303,573	$	1,333,680	$	1,119,175	$	389,390	$	694,910	$	7,389,917
Special Mention	—		7,298		96		3,805		59,502		48,156		207		185		119,249
Potential Problem	1,800		20,492		4,166		17,407		34,437		37,587		1,761		6,294		122,143
Nonaccrual	—		—		—		6,143		725		16,530		334		9,461		33,192
Commercial and industrial	$	3,809	$	2,198,196	$	383,045	$	1,330,929	$	1,428,343	$	1,221,448	$	391,692	$	710,849	$	7,664,501
Commercial real estate - owner occupied:
Risk rating:
Pass	$	11,868	$	20,916	$	59,551	$	174,514	$	210,032	$	128,471	$	81,020	$	184,983	$	859,487
Special Mention	—		—		—		5,014		2,080		—		424		260		7,777
Potential Problem	—		622		105		3,992		1,066		652		2,035		7,493		15,965
Nonaccrual	—		—		—		—		—		—		—		7		7
Commercial real estate - owner occupied	$	11,868	$	21,538	$	59,656	$	183,520	$	213,178	$	129,123	$	83,479	$	192,743	$	883,237
Commercial and business lending:
Risk rating:
Pass	$	13,877	$	2,191,322	$	719,454	$	2,006,059	$	1,543,712	$	1,247,646	$	470,410	$	879,893	$	9,058,495
Special Mention	—		7,298		1,738		12,253		61,582		48,156		631		444		132,102
Potential Problem	1,800		21,114		13,721		34,347		35,502		38,238		3,796		13,786		160,506
Nonaccrual	—		—		—		6,143		725		16,530		334		9,468		33,200
Commercial and business lending	$	15,677	$	2,219,734	$	734,913	$	2,058,802	$	1,641,521	$	1,350,571	$	475,170	$	903,592	$	9,384,303
Commercial real estate - investor:
Risk rating:
Pass	$	—	$	153,847	$	344,412	$	1,106,623	$	989,271	$	635,944	$	208,367	$	445,269	$	3,883,733
Special Mention	—		—		1,776		83,975		104,806		16,161		8,897		17,121		232,735
Potential Problem	—		802		5,473		52,576		8,952		1,787		2,840		13,321		85,752
Nonaccrual	—		—		—		8,883		15,605		19,522		14,173		302		58,485
Commercial real estate - investor	$	—	$	154,649	$	351,662	$	1,252,057	$	1,118,634	$	673,414	$	234,276	$	476,014	$	4,260,706
Real estate construction:
Risk rating:
Pass	$	5,732	$	26,865	$	125,807	$	756,890	$	628,967	$	228,127	$	21,478	$	16,815	$	1,804,950
Special Mention	—		—		—		529		3,648		58,826		42		—		63,045
Potential Problem	—		—		12		131		13,713		—		—		119		13,977
Nonaccrual	—		—		—		—		—		—		—		327		327
Real estate construction	$	5,732	$	26,865	$	125,819	$	757,550	$	646,328	$	286,953	$	21,520	$	17,262	$	1,882,299
Commercial real estate lending:
Risk rating:
Pass	$	5,732	$	180,712	$	470,219	$	1,863,513	$	1,618,239	$	864,072	$	229,845	$	462,084	$	5,688,683
Special Mention	—		—		1,776		84,504		108,453		74,987		8,939		17,121		295,780
Potential Problem	—		802		5,486		52,708		22,665		1,787		2,840		13,440		99,728
Nonaccrual	—		—		—		8,883		15,605		19,522		14,173		630		58,813
Commercial real estate lending	$	5,732	$	181,515	$	477,481	$	2,009,607	$	1,764,962	$	960,368	$	255,796	$	493,275	$	6,143,004

					Term Loans Amortized Cost Basis by Origination Year(a)
($ in Thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		YTD 2021		2020		2019		2018		2017		Prior		Total
Total commercial:
Risk rating:
Pass	$	19,609	$	2,372,034	$	1,189,673	$	3,869,571	$	3,161,950	$	2,111,718	$	700,255	$	1,341,977	$	14,747,179
Special Mention	—		7,298		3,514		96,757		170,035		123,143		9,569		17,565		427,882
Potential Problem	1,800		21,916		19,207		87,055		58,167		40,026		6,636		27,227		260,234
Nonaccrual	—		—		—		15,026		16,330		36,052		14,507		10,098		92,012
Total commercial	$	21,409	$	2,401,249	$	1,212,394	$	4,068,409	$	3,406,483	$	2,310,939	$	730,967	$	1,396,867	$	15,527,307
Residential mortgage:
Risk rating:
Pass	$	—	$	—	$	449,381	$	2,205,662	$	1,280,604	$	545,743	$	881,884	$	2,257,349	$	7,620,622
Special Mention	—		—		—		121		—		37		133		525		816
Potential Problem	—		—		72		510		561		674		126		582		2,524
Nonaccrual	—		—		—		1,765		3,160		6,431		8,243		41,657		61,256
Residential mortgage	$	—	$	—	$	449,452	$	2,208,058	$	1,284,324	$	552,885	$	890,386	$	2,300,113	$	7,685,218
Home equity:
Risk rating:
Pass	$	1,891	$	526,777	$	71	$	2,080	$	11,595	$	13,535	$	10,333	$	75,385	$	639,776
Special Mention	—		25		—		—		—		60		—		265		350
Potential Problem	—		1,563		—		—		—		20		—		146		1,729
Nonaccrual	262		91		10		786		118		366		413		8,008		9,792
Home equity	$	2,153	$	528,455	$	81	$	2,866	$	11,713	$	13,981	$	10,745	$	83,805	$	651,647
Other consumer:
Risk rating:
Pass	$	171	$	156,829	$	1,908	$	8,330	$	8,674	$	2,974	$	1,351	$	117,360	$	297,427
Special Mention	—		452		—		—		40		—		—		5		497
Nonaccrual	13		93		—		15		35		10		23		56		231
Other consumer	$	183	$	157,375	$	1,908	$	8,345	$	8,749	$	2,984	$	1,374	$	117,421	$	298,156
Total consumer:
Risk rating:
Pass	$	2,062	$	683,606	$	451,360	$	2,216,072	$	1,300,872	$	562,252	$	893,567	$	2,450,094	$	8,557,824
Special Mention	—		477		—		121		40		96		133		795		1,663
Potential Problem	—		1,563		72		510		561		694		126		728		4,254
Nonaccrual	274		184		10		2,566		3,313		6,807		8,678		49,722		71,280
Total consumer	$	2,336	$	685,830	$	451,442	$	2,219,269	$	1,304,787	$	569,850	$	902,504	$	2,501,338	$	8,635,020
Total loans:
Risk rating:
Pass	$	21,671	$	3,055,640	$	1,641,033	$	6,085,644	$	4,462,823	$	2,673,970	$	1,593,822	$	3,792,071	$	23,305,003
Special Mention	—		7,775		3,514		96,877		170,076		123,240		9,703		18,360		429,545
Potential Problem	1,800		23,479		19,279		87,565		58,729		40,720		6,761		27,955		264,488
Nonaccrual	274		184		10		17,592		19,643		42,859		23,185		59,819		163,292
Total loans	$	23,745	$	3,087,079	$	1,663,836	$	6,287,678	$	4,711,270	$	2,880,788	$	1,633,471	$	3,898,205	$	24,162,328

(a) Revolving loans converted to term loans are also reported in their year of origination

(b) The Corporation’s policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans.

The following table presents commercial and consumer loans by credit quality indicator by vintage year at December 31, 2020:

					Term Loans Amortized Cost Basis by Origination Year(a)
($ in Thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		2020		2019		2018		2017		2016		Prior		Total
PPP:(b)
Risk rating:
Pass	$	—	$	—	$	745,767	$	—	$	—	$	—	$	—	$	—	$	745,767
Special Mention	—		—		3,988		—		—		—		—		—		3,988
Potential Problem	—		—		18,002		—		—		—		—		—		18,002
PPP	$	—	$	—	$	767,757	$	—	$	—	$	—	$	—	$	—	$	767,757
Commercial and industrial:
Risk rating:
Pass	$	4,628	$	2,177,138	$	1,389,260	$	1,435,519	$	1,182,302	$	483,957	$	305,998	$	453,734	$	7,427,908
Special Mention	—		10,159		2,719		39,854		37,042		113		215		67		90,169
Potential Problem	2,565		7,237		19,331		28,413		56,580		2,269		6,477		1,179		121,487
Nonaccrual	16,852		—		6,238		5,789		17,014		16,623		8,781		7,414		61,859
Commercial and industrial	$	24,045	$	2,194,534	$	1,417,548	$	1,509,575	$	1,292,938	$	502,962	$	321,471	$	462,394	$	7,701,422
Commercial real estate - owner occupied:
Risk rating:
Pass	$	1,150	$	18,022	$	185,861	$	209,069	$	128,360	$	99,546	$	147,366	$	79,111	$	867,335
Special Mention	—		113		1,882		3,122		300		658		264		—		6,339
Potential Problem	—		3,486		4,104		8,916		—		1,490		4,437		3,747		26,179
Nonaccrual	—		—		—		—		—		318		—		740		1,058
Commercial real estate - owner occupied	$	1,150	$	21,621	$	191,847	$	221,107	$	128,660	$	102,012	$	152,067	$	83,598	$	900,912
Commercial and business lending:
Risk rating:
Pass	$	5,778	$	2,195,160	$	2,320,888	$	1,644,588	$	1,310,662	$	583,503	$	453,364	$	532,845	$	9,041,009
Special Mention	—		10,272		8,589		42,976		37,342		771		479		67		100,496
Potential Problem	2,565		10,723		41,437		37,329		56,580		3,759		10,915		4,926		165,668
Nonaccrual	16,852		—		6,238		5,789		17,014		16,941		8,781		8,154		62,917
Commercial and business lending	$	25,195	$	2,216,154	$	2,377,152	$	1,730,682	$	1,421,598	$	604,974	$	473,539	$	545,992	$	9,370,091
Commercial real estate - investor:
Risk rating:
Pass	$	10,971	$	171,497	$	1,249,644	$	976,332	$	720,237	$	271,987	$	341,658	$	211,360	$	3,942,714
Special Mention	—		—		90,235		97,333		12,339		—		21,882		8,465		230,254
Potential Problem	—		838		16,343		13,575		30,911		2,279		239		27,209		91,396
Nonaccrual	19,803		—		10,141		53,056		446		14,267		—		309		78,220
Commercial real estate - investor	$	30,774	$	172,335	$	1,366,364	$	1,140,297	$	763,933	$	288,533	$	363,779	$	247,343	$	4,342,584
Real estate construction:
Risk rating:
Pass	$	776	$	47,880	$	645,925	$	738,561	$	294,910	$	25,219	$	2,420	$	16,768	$	1,771,682
Special Mention	—		—		487		494		48,283		42		—		30		49,336
Potential Problem	—		—		135		—		18,803		—		93		15		19,046
Nonaccrual	—		—		—		—		—		16		—		338		353
Real estate construction	$	776	$	47,880	$	646,547	$	739,055	$	361,996	$	25,277	$	2,513	$	17,150	$	1,840,417
Commercial real estate lending:
Risk rating:
Pass	$	11,746	$	219,377	$	1,895,569	$	1,714,893	$	1,015,146	$	297,205	$	344,078	$	228,127	$	5,714,396
Special Mention	—		—		90,722		97,827		60,622		42		21,882		8,494		279,590
Potential Problem	—		838		16,479		13,575		49,714		2,279		332		27,224		110,442
Nonaccrual	19,803		—		10,141		53,056		446		14,283		—		647		78,573
Commercial real estate lending	$	31,549	$	220,215	$	2,012,911	$	1,879,352	$	1,125,929	$	313,810	$	366,292	$	264,493	$	6,183,001

					Term Loans Amortized Cost Basis by Origination Year(a)
($ in Thousands)	Rev Loans Converted to Term(a)		Rev Loans Amortized Cost Basis		2020		2019		2018		2017		2016		Prior		Total
Total commercial:
Risk rating:
Pass	$	17,524	$	2,414,537	$	4,216,457	$	3,359,482	$	2,325,808	$	880,708	$	797,441	$	760,973	$	14,755,405
Special Mention	—		10,272		99,311		140,803		97,964		813		22,361		8,562		380,086
Potential Problem	2,565		11,561		57,916		50,905		106,295		6,038		11,247		32,150		276,111
Nonaccrual	36,655		—		16,379		58,845		17,460		31,224		8,781		8,801		141,490
Total commercial	$	56,745	$	2,436,370	$	4,390,063	$	3,610,033	$	2,547,526	$	918,783	$	839,831	$	810,485	$	15,553,091
Residential mortgage:
Risk rating:
Pass	$	—	$	—	$	2,185,240	$	1,490,589	$	615,118	$	998,072	$	911,797	$	1,612,971	$	7,813,788
Special Mention	—		—		—		355		330		102		126		537		1,450
Potential Problem	—		—		1,200		689		652		—		179		1,028		3,749
Nonaccrual	—		—		1,478		2,271		5,882		7,116		11,003		31,587		59,337
Residential mortgage	$	—	$	—	$	2,187,918	$	1,493,903	$	621,983	$	1,005,290	$	923,105	$	1,646,124	$	7,878,324
Home equity:
Risk rating:
Pass	$	10,224	$	569,389	$	2,057	$	12,968	$	15,792	$	11,594	$	5,803	$	76,165	$	693,767
Special Mention	596		631		—		39		14		39		4		804		1,532
Potential Problem	—		1,922		—		—		—		—		—		146		2,068
Nonaccrual	1,600		100		965		134		410		319		711		7,249		9,888
Home equity	$	12,421	$	572,041	$	3,022	$	13,141	$	16,216	$	11,952	$	6,518	$	84,364	$	707,255
Other consumer:
Risk rating:
Pass	$	70	$	165,114	$	9,525	$	10,309	$	3,987	$	1,872	$	1,185	$	120,425	$	312,416
Special Mention	5		438		13		16		11		4		7		8		498
Nonaccrual	5		33		9		49		21		10		—		18		140
Other consumer	$	81	$	165,585	$	9,547	$	10,374	$	4,019	$	1,886	$	1,192	$	120,451	$	313,054
Total consumer:
Risk rating:
Pass	$	10,294	$	734,502	$	2,196,822	$	1,513,865	$	634,897	$	1,011,539	$	918,785	$	1,809,561	$	8,819,971
Special Mention	602		1,069		13		410		356		145		137		1,349		3,480
Potential Problem	—		1,922		1,200		689		652		—		179		1,174		5,817
Nonaccrual	1,605		133		2,452		2,454		6,313		7,445		11,714		38,854		69,364
Total consumer	$	12,501	$	737,626	$	2,200,487	$	1,517,417	$	642,218	$	1,019,128	$	930,816	$	1,850,939	$	8,898,632
Total loans:
Risk rating:
Pass (c)	$	27,819	$	3,149,039	$	6,413,278	$	4,873,347	$	2,960,705	$	1,892,247	$	1,716,226	$	2,570,534	$	23,575,376
Special Mention	602		11,341		99,324		141,213		98,320		958		22,498		9,911		383,566
Potential Problem	2,565		13,483		59,116		51,593		106,947		6,038		11,426		33,324		281,928
Nonaccrual	38,260		133		18,831		61,298		23,773		38,669		20,496		47,655		210,854
Total loans	$	69,246	$	3,173,996	$	6,590,550	$	5,127,451	$	3,189,745	$	1,937,912	$	1,770,647	$	2,661,424	$	24,451,724

(a) Revolving loans converted to term loans are also reported in their year of origination

(b) The Corporation’s policy is to assign risk ratings at the borrower level. PPP loans are 100% guaranteed by the SBA and therefore the Corporation considers these loans to have a risk profile similar to pass rated loans.

(c) Accruing TDRs are included in pass unless otherwise rated as special mention

Summarized details of Loans

The following table presents loans by past due status at March 31, 2021:

	Accruing
($ in Thousands)	Current(a)		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due		Nonaccrual(b)(c)		Total
PPP	$	836,566	$	—	$	—	$	—	$	—	$	836,566
Commercial and industrial	7,630,593		444		82		190		33,192		7,664,501
Commercial real estate - owner occupied	883,229		—		—		—		7		883,237
Commercial and business lending	9,350,388		444		82		190		33,200		9,384,303
Commercial real estate - investor	4,196,221		5,999		—		—		58,485		4,260,706
Real estate construction	1,880,995		977		—		—		327		1,882,299
Commercial real estate lending	6,077,216		6,976		—		—		58,813		6,143,004
Total commercial	15,427,603		7,420		82		190		92,012		15,527,307
Residential mortgage	7,619,602		3,494		479		387		61,256		7,685,218
Home equity	639,503		2,002		350		—		9,792		651,647
Other consumer	295,556		681		589		1,098		231		298,156
Total consumer	8,554,661		6,177		1,417		1,485		71,280		8,635,020
Total loans	$	23,982,264	$	13,597	$	1,500	$	1,675	$	163,292	$	24,162,328

(a) Any loans deferred in connection with the COVID-19 pandemic are considered current in accordance with Section 4013 of the CARES Act.

(b) Of the total nonaccrual loans, $99 million, or 61%, were current with respect to payment at March 31, 2021.

(c) No interest income was recognized on nonaccrual loans for the three months ended March 31, 2021. In addition, there were $16 million of nonaccrual loans for which there was no related ACLL at March 31, 2021.

The following table presents loans by past due status at December 31, 2020:

	Accruing
($ in Thousands)	Current(a)		30-59 Days Past Due		60-89 Days Past Due		90+ Days  Past Due		Nonaccrual(b)(c)		Total
PPP	$	767,757	$	—	$	—	$	—	$	—	$	767,757
Commercial and industrial	7,633,269		2,819		3,300		175		61,859		7,701,422
Commercial real estate - owner occupied	899,480		158		215		—		1,058		900,912
Commercial and business lending	9,300,506		2,977		3,516		175		62,917		9,370,091
Commercial real estate - investor	4,251,571		1,024		11,769		—		78,220		4,342,584
Real estate construction	1,839,073		991		—		—		353		1,840,417
Commercial real estate lending	6,090,644		2,015		11,769		—		78,573		6,183,001
Total commercial	15,391,150		4,992		15,284		175		141,490		15,553,091
Residential mortgage	7,808,294		8,975		1,410		308		59,337		7,878,324
Home equity	692,565		3,071		1,731		—		9,888		707,255
Other consumer	310,200		1,039		560		1,115		140		313,054
Total consumer	8,811,060		13,085		3,701		1,423		69,364		8,898,632
Total loans	$	24,202,209	$	18,077	$	18,985	$	1,598	$	210,854	$	24,451,724

(a) Any loans deferred in connection with the COVID-19 pandemic are considered current in accordance with Section 4013 of the CARES Act.

(b) Of the total nonaccrual loans, $128 million, or 61%, were current with respect to payment at December 31, 2020.

(c) No interest income was recognized on nonaccrual loans for the year ended December 31, 2020. In addition, there were $28 million of nonaccrual loans for which there was no related ACLL at December 31, 2020.

Nonaccrual and performing restructured loans

The following table presents nonaccrual and performing restructured loans by loan portfolio:

	March 31, 2021				December 31, 2020
($ in Thousands)	Performing Restructured Loans		Nonaccrual Restructured Loans(a)		Performing Restructured Loans		Nonaccrual Restructured Loans(a)
Commercial and industrial	$	11,985	$	2,114	$	12,713	$	6,967
Commercial real estate — owner occupied	1,488		—		1,711		—
Commercial real estate — investor	13,627		220		26,435		225
Real estate construction	256		109		260		111
Residential mortgage	10,462		13,537		7,825		11,509
Home equity	1,929		1,644		1,957		1,379
Other consumer	1,073		—		1,191		—
Total restructured loans(b)	$	40,820	$	17,624	$	52,092	$	20,190

(a) Nonaccrual restructured loans have been included within nonaccrual loans.
(b) Does not include any restructured loans related to the COVID-19 pandemic in accordance with Section 4013 of the CARES Act.

Summary of restructured loans

The following table provides the number of loans modified in a TDR by loan portfolio, the recorded investment, and unpaid principal balance for the three months ended March 31, 2021 and 2020:

	Three Months Ended March 31, 2021					Three Months Ended March 31, 2020
($ in Thousands)	Number of Loans	Recorded Investment(a)		Unpaid Principal Balance(b)		Number of Loans	Recorded Investment(a)		Unpaid Principal Balance(b)
Commercial and industrial	—	$	—	$	—	1	$	48	$	48
Commercial real estate — owner occupied	—	—		—		1	290		321
Commercial real estate — investor	4	1,693		1,693		1	570		1,740
Real estate construction	—	—		—		1	122		122
Residential mortgage	20	3,876		3,902		18	3,592		3,668
Home equity	1	430		430		8	277		277
Total loans modified	25	$	5,999	$	6,025	30	$	4,899	$	6,175

(a) Represents post-modification outstanding recorded investment.

(b) Represents pre-modification outstanding recorded investment.

Troubled debt restructurings subsequent redefault

The following table provides the number of loans modified in a TDR during the previous twelve months which subsequently defaulted during the three months ended March 31, 2021 and 2020, and the recorded investment in these restructured loans as of March 31, 2021 and 2020:

	Three Months Ended March 31, 2021			Three Months Ended March 31, 2020
($ in Thousands)	Number of Loans	Recorded Investment		Number of Loans	Recorded Investment
Residential mortgage	1	97		3	388
Home equity	—	—		2	88
Total loans modified	1	$	97	5	$	476

Changes in the allowance for loan losses by portfolio segment

The following table presents a summary of the changes in the ACLL by portfolio segment for the three months ended March 31, 2021:

($ in Thousands)	December 31, 2020		Charge offs		Recoveries		Net Charge offs		Provision for credit losses		March 31, 2021		ACLL / Loans
Allowance for loan losses
PPP	$	531	$	—	$	—	$	—	$	76	$	607
Commercial and industrial	142,793		(3,123)		4,490		1,367		(19,453)		124,707
Commercial real estate — owner occupied	11,274		—		4		4		508		11,786
Commercial and business lending	154,598		(3,123)		4,494		1,370		(18,869)		137,099
Commercial real estate — investor	93,435		(8,739)		2,854		(5,886)		1,694		89,243
Real estate construction	59,193		(3)		31		29		(4,979)		54,243
Commercial real estate lending	152,629		(8,742)		2,885		(5,857)		(3,286)		143,486
Total commercial	307,226		(11,865)		7,379		(4,487)		(22,155)		280,585
Residential mortgage	42,996		(243)		134		(109)		2,328		45,215
Home equity	18,849		(238)		583		344		(2,822)		16,371
Other consumer	14,630		(827)		315		(511)		(3,351)		10,767
Total consumer	76,475		(1,308)		1,031		(277)		(3,845)		72,353
Total loans	$	383,702	$	(13,174)	$	8,410	$	(4,764)	$	(26,000)	$	352,938
Allowance for unfunded commitments
Commercial and industrial	22,311		—		—		—		2,417		24,728
Commercial real estate — owner occupied	266		—		—		—		38		304
Commercial and business lending	22,577		—		—		—		2,455		25,033
Commercial real estate — investor	636		—		—		—		15		651
Real estate construction	18,887		—		—		—		422		19,309
Commercial real estate lending	19,523		—		—		—		437		19,960
Total commercial	42,101		—		—		—		2,892		44,993
Home equity	3,118		—		—		—		(199)		2,919
Other consumer	2,557		—		—		—		307		2,865
Total consumer	5,675		—		—		—		108		5,783
Total loans	$	47,776	$	—	$	—	$	—	$	3,000	$	50,776
Allowance for credit losses on loans
PPP	$	531	$	—	$	—	$	—	$	76	$	607	0.07	%
Commercial and industrial	165,105		(3,123)		4,490		1,367		(17,037)		149,435		1.95	%
Commercial real estate — owner occupied	11,539		—		4		4		547		12,090		1.37	%
Commercial and business lending	177,175		(3,123)		4,494		1,370		(16,414)		162,132		1.73	%
Commercial real estate — investor	94,071		(8,739)		2,854		(5,886)		1,709		89,894		2.11	%
Real estate construction	78,080		(3)		31		29		(4,557)		73,552		3.91	%
Commercial real estate lending	172,152		(8,742)		2,885		(5,857)		(2,849)		163,446		2.66	%
Total commercial	349,327		(11,865)		7,379		(4,487)		(19,262)		325,578		2.10	%
Residential mortgage	42,996		(243)		134		(109)		2,328		45,215		0.59	%
Home equity	21,967		(238)		583		344		(3,021)		19,290		2.96	%
Other consumer	17,187		(827)		315		(511)		(3,044)		13,631		4.57	%
Total consumer	82,150		(1,308)		1,031		(277)		(3,738)		78,136		0.90	%
Total loans	$	431,478	$	(13,174)	$	8,410	$	(4,764)	$	(23,000)	$	403,714	1.67	%

The following table presents a summary of the changes in the ACLL by portfolio segment for the year ended December 31, 2020:

($ in Thousands)	Dec. 31, 2019		Cumulative effect of ASU 2016-13 adoption (CECL)		Jan. 1, 2020		Charge offs		Recoveries		Net Charge offs		Gross up of allowance for PCD loans at acquisition		Provision recorded at acquisition		Provision for credit losses		Dec. 31, 2020		ACLL / Loans
Allowance for loan losses
PPP	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	531	$	531
Commercial and industrial	91,133		52,919		144,052		(80,320)		7,004		(73,316)		293		408		71,355		142,793
Commercial real estate — owner occupied	10,284		(1,851)		8,433		(419)		147		(272)		890		255		1,967		11,274
Commercial and business lending	101,417		51,068		152,485		(80,739)		7,151		(73,588)		1,183		663		73,853		154,598
Commercial real estate — investor	40,514		2,041		42,555		(22,920)		643		(22,277)		753		472		71,933		93,435
Real estate construction	24,915		7,467		32,382		(19)		49		31		435		492		25,854		59,193
Commercial real estate lending	65,428		9,508		74,937		(22,938)		692		(22,246)		1,188		964		97,787		152,629
Total commercial	166,846		60,576		227,422		(103,677)		7,844		(95,834)		2,371		1,627		171,641		307,226
Residential mortgage	16,960		33,215		50,175		(1,867)		500		(1,367)		651		403		(6,864)		42,996
Home equity	10,926		11,649		22,575		(1,719)		1,978		259		422		374		(4,781)		18,849
Other consumer	6,639		7,016		13,655		(4,790)		1,101		(3,689)		61		140		4,462		14,630
Total consumer	34,525		51,880		86,405		(8,376)		3,579		(4,797)		1,134		917		(7,183)		76,475
Total loans	$	201,371	$	112,457	$	313,828	$	(112,053)	$	11,422	$	(100,631)	$	3,504	$	2,543	$	164,457	$	383,702
Allowance for unfunded commitments
Commercial and industrial	12,276		(3,998)		8,278		—		—		—		—		61		13,972		22,311
Commercial real estate — owner occupied	127		—		127		—		—		—		—		4		135		266
Commercial and business lending	12,403		(3,998)		8,405		—		—		—		—		65		14,108		22,577
Commercial real estate — investor	530		246		776		—		—		—		—		2		(141)		636
Real estate construction	7,532		18,347		25,879		—		—		—		—		45		(7,038)		18,887
Commercial real estate lending	8,062		18,593		26,655		—		—		—		—		47		(7,179)		19,523
Total commercial	20,465		14,595		35,060		—		—		—		—		112		6,929		42,101
Home equity	1,038		2,591		3,629		—		—		—		—		66		(577)		3,118
Other consumer	405		1,504		1,909		—		—		—		—		—		649		2,557
Total consumer	1,443		4,095		5,538		—		—		—		—		66		72		5,675
Total loans	$	21,907	$	18,690	$	40,597	$	—	$	—	$	—	$	—	$	179	$	7,000	$	47,776
Allowance for credit losses on loans
PPP	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	531	$	531	0.07	%
Commercial and industrial	103,409		48,921		152,330		(80,320)		7,004		(73,316)		293		469		85,327		165,105		2.14	%
Commercial real estate — owner occupied	10,411		(1,851)		8,560		(419)		147		(272)		890		259		2,102		11,539		1.28	%
Commercial and business lending	113,820		47,070		160,890		(80,739)		7,151		(73,588)		1,183		728		87,961		177,175		1.89	%
Commercial real estate — investor	41,044		2,287		43,331		(22,920)		643		(22,277)		753		474		71,792		94,071		2.17	%
Real estate construction	32,447		25,814		58,261		(19)		49		31		435		537		18,816		78,080		4.24	%
Commercial real estate lending	73,490		28,101		101,591		(22,938)		692		(22,246)		1,188		1,011		90,608		172,152		2.78	%
Total commercial	187,311		75,171		262,482		(103,677)		7,844		(95,834)		2,371		1,739		178,569		349,327		2.25	%
Residential mortgage	16,960		33,215		50,175		(1,867)		500		(1,367)		651		403		(6,864)		42,996		0.55	%
Home equity	11,964		14,240		26,204		(1,719)		1,978		259		422		440		(5,358)		21,967		3.11	%
Other consumer	7,044		8,520		15,564		(4,790)		1,101		(3,689)		61		140		5,111		17,187		5.49	%
Total consumer	35,968		55,975		91,943		(8,376)		3,579		(4,797)		1,134		983		(7,112)		82,150		0.92	%
Total loans	$	223,278	$	131,147	$	354,425	$	(112,053)	$	11,422	$	(100,631)	$	3,504	$	2,722	$	171,457	$	431,478	1.76	%

XML

Goodwill and Other Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2021

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of core deposit intangibles and other intangibles

For CDIs and other intangibles, changes in the gross carrying amount, accumulated amortization, and net book value were as follows:

($ in Thousands)	Three Months Ended March 31, 2021		Year Ended December 31, 2020
Core deposit intangibles
Gross carrying amount at the beginning of the year	$	88,109	$	80,730
Additions during the period	—		7,379
Accumulated amortization	(23,408)		(21,205)
Net book value	$	64,701	$	66,904
Amortization during the year	$	2,203	$	8,749
Other intangibles
Gross carrying amount at the beginning of the year	$	2,000	$	38,970
Additions during the period	—		200
Reductions due to sale	(1,317)		(17,435)
Accumulated amortization	(683)		(20,385)
Net book value	$	—	$	1,350
Amortization during the year	$	33	$	1,443

Summary of changes in balance of mortgage servicing rights asset and mortgage servicing rights valuation allowance

A summary of changes in the balance of the MSRs asset and the MSRs valuation allowance is as follows:

($ in Thousands)	Three Months Ended March 31, 2021			Year Ended December 31, 2020
Mortgage servicing rights
Mortgage servicing rights at beginning of period	$	59,967		$	67,607
Additions from acquisition	—			1,357
Additions	3,348			13,667
Amortization	(6,388)			(22,664)
Mortgage servicing rights at end of period	$	56,927		$	59,967
Valuation allowance at beginning of period	$	(18,006)		$	(302)
(Additions) recoveries, net	10,578			(17,704)
Valuation allowance at end of period	$	(7,428)		$	(18,006)
Mortgage servicing rights, net	$	49,500		$	41,961
Fair value of mortgage servicing rights	$	49,541		$	41,990
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)	$	7,313,308		$	7,743,956
Mortgage servicing rights, net to servicing portfolio	0.68		%	0.54		%
Mortgage servicing rights expense(a)	$	(4,190)		$	40,369

(a) Includes the amortization of mortgage servicing rights and additions / recoveries to the valuation allowance of mortgage servicing rights, and is a component of mortgage banking, net on the consolidated statements of income

Summary of estimated future amortization expense

The following table shows the estimated future amortization expense for amortizing intangible assets:

($ in Thousands)	Core Deposit Intangibles		Mortgage Servicing Rights
Nine Months Ending December 31, 2021	$	6,608	$	8,345
2022	8,811		11,550
2023	8,811		8,909
2024	8,811		6,983
2025	8,811		5,547
2026	8,811		4,466
Beyond 2026	14,038		11,125
Total Estimated Amortization Expense	$	64,701	$	56,927

XML

Short and Long-Term Funding (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Breakdown of short & long-term debt balances

The following table presents the components of short-term funding (funding with original contractual maturities of one year or less) and long-term funding (funding with original contractual maturities greater than one year):

($ in Thousands)	March 31, 2021		December 31, 2020
Short-Term Funding
Federal funds purchased	$	7,450	$	7,070
Securities sold under agreements to repurchase	131,057		185,901
Federal funds purchased and securities sold under agreements to repurchase	138,507		192,971
Commercial paper	51,171		59,346
Total short-term funding	$	189,678	$	252,317
Long-Term Funding
Bank senior notes, at par, due 2021	$	300,000	$	300,000
Corporation subordinated notes, at par, due 2025	250,000		250,000
Finance leases	1,091		1,128
Capitalized costs	(1,362)		(1,663)
FHLB advances	1,629,966		$	1,632,723
Total long-term funding	2,179,694		2,182,188
Total short and long-term funding	$	2,369,372	$	2,434,505

Remaining contractual maturity of securities sold under agreements to repurchase

The remaining contractual maturity of the securities sold under agreements to repurchase on the consolidated balance sheets as of March 31, 2021 and December 31, 2020 are presented in the following table:

	Remaining Contractual Maturity of the Agreements
($ in Thousands)	Overnight and Continuous		Up to 30 days		30-90 days		Greater than 90 days		Total
March 31, 2021
Repurchase agreements
Agency mortgage-related securities	$	131,057	$	—	$	—	$	—	$	131,057
Total	$	131,057	$	—	$	—	$	—	$	131,057
December 31, 2020
Repurchase agreements
Agency mortgage-related securities	$	185,901	$	—	$	—	$	—	$	185,901
Total	$	185,901	$	—	$	—	$	—	$	185,901

XML

Derivative and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary Of Other derivative instruments not designated as hedging instruments

The following table presents the total notional amounts and gross fair values of the Company’s derivatives, as well as the balance sheet netting adjustments as of March 31, 2021 and December 31, 2020. The derivative assets and liabilities are presented on a gross basis prior to the application of bilateral collateral and master netting agreements, but after the variation margin payments with central clearing organizations have been applied as settlement, as applicable. Total derivative assets and liabilities are adjusted to take into consideration the effects of legally enforceable master netting agreements and cash collateral received or paid as of March 31, 2021 and December 31, 2020. The resulting net derivative asset and liability fair values are included in other assets and accrued expenses and other liabilities, respectively, on the consolidated balance sheets.

	March 31, 2021								December 31, 2020
	Asset				Liability				Asset				Liability
($ in Thousands)	Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value		Notional Amount		Fair Value
Not designated as hedging instruments
Interest rate-related instruments	$	3,654,732	$	121,020	$	3,654,732	$	28,382	$	3,639,679	$	192,518	$	3,639,679	$	25,680
Foreign currency exchange forwards	448,395		3,044		439,381		2,828		411,292		4,909		398,890		4,836
Commodity contracts	70,633		5,808		70,758		5,098		87,547		12,486		83,214		11,155
Mortgage banking(a)(b)	292,704		11,171		408,500		—		226,818		9,624		335,500		2,046
Gross derivatives before netting			$	141,043			$	36,308			$	219,537			$	43,716
Less: Legally enforceable master netting agreements			2,643				2,643				1,936				1,936
Less: Cash collateral pledged/received			1,581				17,583				10,879				25,625
Total derivative instruments, after netting			$	136,819			$	16,082			$	206,722			$	16,155

(a) Mortgage derivative assets include interest rate lock commitments and mortgage derivative liabilities include forward commitments.

(b) Includes $4 million forward commitment fair value.

Schedule of cash flow hedging instruments, statements of financial performance and financial position location

The table below identifies the effect of fair value hedge accounting on the Corporation's consolidated statements of income for the three months ended March 31, 2021 and 2020:

	Location and Amount of Gain or (Loss) Recognized in Income on Fair Value and Cash Flow Hedging Relationships
	Three Months Ended March 31,
	2021				2020
($ in Thousands)	Interest Income		Other Income (Expense)		Interest Income		Other Income (Expense)
Total amounts of income and expense line items presented on the consolidated statements of income in which the effects of the fair value hedge is recorded	$	(485)	$	—	$	(322)	$	(262)
The effects of fair value hedging: Gain or (loss) on fair value hedging relationships in Subtopic 815-20
Interest contracts
Hedged items	(485)		—		(322)		(262)
Derivatives designated as hedging instruments(a)	—		—		—		—

(a) Includes net settlements on the derivatives.

Gain (loss) on derivative instruments not designated as hedging instruments

The table below identifies the effect of derivatives not designated as hedging instruments on the Corporation's consolidated statements of income for the three months ended March 31, 2021 and 2020:

	Consolidated Statements of Income Category of Gain / (Loss)  Recognized in Income	Three Months Ended March 31,
($ in Thousands)		2021		2020
Derivative Instruments
Interest rate-related instruments — customer and mirror, net	Capital markets, net	$	2,938	$	(3,090)
Foreign currency exchange forwards	Capital markets, net	143		(122)
Commodity contracts	Capital markets, net	(621)		746
Interest rate lock commitments (mortgage)	Mortgage banking, net	(2,708)		9,928
Forward commitments (mortgage)	Mortgage banking, net	(6,300)		(10,262)

XML

Balance Sheet Offsetting (Tables)

3 Months Ended

Mar. 31, 2021

Offsetting [Abstract]

Balance sheet offsetting of derivative assets and liabilities

The following table presents the interest rate, commodity, and foreign exchange assets and liabilities subject to an enforceable master netting arrangement. The interest, commodity and foreign exchange agreements the Corporation has with its commercial customers are not subject to an enforceable master netting arrangement and are therefore excluded from this table:

	Gross Amounts Recognized		Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets				Net Amounts Presented on the Consolidated Balance Sheets		Gross Amounts Not Offset on the Consolidated Balance Sheets
($ in Thousands)			Derivative Liabilities Offset		Cash Collateral Received						Net Amount
Derivative assets
March 31, 2021	$	4,496	$	(2,643)	$	(1,581)	$	272	$	—	$	272
December 31, 2020	13,441		(1,936)		(10,879)		626		—		626
	Gross Amounts Recognized		Gross Amounts Subject to Master Netting Arrangements Offset on the Consolidated Balance Sheets				Net Amounts Presented on the Consolidated Balance Sheets		Gross Amounts Not Offset on the Consolidated Balance Sheets
($ in Thousands)			Derivative Assets Offset		Cash Collateral Pledged						Net Amount
Derivative liabilities
March 31, 2021	$	20,393	$	(2,643)	$	(17,583)	$	167	$	—	$	167
December 31, 2020	27,951		(1,936)		(25,625)		390		—		390

XML

Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters (Tables)

3 Months Ended

Mar. 31, 2021

Commitments and Contingencies Disclosure [Abstract]

Summary of lending-related and other commitments

The following is a summary of lending-related commitments:

($ in Thousands)	March 31, 2021		December 31, 2020
Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale(a)(b)	$	10,102,713	$	10,010,492
Commercial letters of credit(a)	7,301		3,642
Standby letters of credit(c)	247,473		278,798

(a) These off-balance sheet financial instruments are exercisable at the market rate prevailing at the date the underlying transaction will be completed and, thus, are deemed to have no current fair value, or the fair value is based on fees currently charged to enter into similar agreements and was not material at March 31, 2021 or December 31, 2020.

(b) Interest rate lock commitments to originate residential mortgage loans held for sale are considered derivative instruments and are disclosed in Note 10.

(c) The Corporation has established a liability of $3 million for both March 31, 2021 and December 31, 2020, as an estimate of the fair value of these financial instruments.

Schedule Of Unfunded Commitments [Table Text Block]

The following table presents a summary of the changes in the allowance for unfunded commitments:

($ in Thousands)	Three Months Ended March 31, 2021		Year Ended December 31, 2020
Allowance for Unfunded Commitments
Balance at beginning of period	$	47,776	$	21,907
Cumulative effect of ASU 2016-13 adoption (CECL)	N/A		18,690
Balance at beginning of period, adjusted	47,776		40,597
Provision for unfunded commitments	3,000		7,000
Amount recorded at acquisition	—		179
Balance at end of period	$	50,776	$	47,776

XML

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Assets and liabilities measured on recurring basis at fair value

The table below presents the Corporation’s financial instruments measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020, aggregated by the level in the fair value hierarchy within which those measurements fall:

($ in Thousands)	Fair Value Hierarchy	March 31, 2021		December 31, 2020
Assets
Investment securities AFS
U.S. Treasury securities	Level 1	$	53,693	$	26,531
Agency securities	Level 2	14,904		25,038
Obligations of state and political subdivisions (municipal securities)	Level 2	433,182		450,662
Residential mortgage-related securities
FNMA / FHLMC	Level 2	1,910,954		1,461,241
GNMA	Level 2	123,365		235,537
Commercial mortgage-related securities
FNMA / FHLMC	Level 2	94,349		22,904
GNMA	Level 2	389,411		524,756
Asset backed securities
FFELP	Level 2	325,933		327,189
SBA	Level 2	8,160		8,584
Other debt securities	Level 2	3,000		3,000
Total investment securities AFS	Level 1	$	53,693	$	26,531
Total investment securities AFS	Level 2	3,303,257		3,058,910
Equity securities with readily determinable fair values	Level 1	1,684		1,661
Residential loans held for sale	Level 2	153,151		129,158
Interest rate-related instruments(a)	Level 2	121,020		192,518
Foreign currency exchange forwards(a)	Level 2	3,044		4,909
Commodity contracts(a)	Level 2	5,808		12,486
Interest rate lock commitments to originate residential mortgage loans held for sale	Level 3	6,917		9,624
Forward commitments to sell residential mortgage loans	Level 3	4,255		—
Liabilities
Interest rate-related instruments(a)	Level 2	$	28,382	$	25,680
Foreign currency exchange forwards(a)	Level 2	2,828		4,836
Commodity contracts(a)	Level 2	5,098		11,155
Forward commitments to sell residential mortgage loans	Level 3	—		2,046

(a) Figures are presented gross before netting. See Note 10 and Note 11 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

Assets and liabilities measured at fair value using significant unobservable inputs (level 3)

The table below presents a rollforward of the consolidated balance sheets amounts for the three months ended March 31, 2021 and the year ended December 31, 2020, for the Corporation's mortgage derivatives measured on a recurring basis and classified within Level 3 of the fair value hierarchy:

($ in Thousands)	Interest rate lock commitments to originate residential mortgage loans held for sale		Forward commitments to sell residential mortgage loans		Total
Balance December 31, 2019	$	2,527	$	710	$	1,817
New production	72,659		(3,505)		76,164
Closed loans / settlements	(76,001)		(12,587)		(63,414)
Other	10,439		17,427		(6,988)
Mortgage derivative gain (loss)	7,097		1,335		5,762
Balance December 31, 2020	$	9,624	$	2,046	$	7,579
New production	$	16,629	$	(1,203)	$	17,832
Closed loans / settlements	(14,186)		2,501		(16,687)
Other	(5,151)		(7,598)		2,447
Mortgage derivative gain (loss)	(2,708)		(6,300)		3,593
Balance March 31, 2021	$	6,917	$	(4,255)	$	11,171

Equity securities without readily determinable fair value

The following table presents the carrying value of equity securities without readily determinable fair values still held as of March 31, 2021 that are measured under the measurement alternative and the related adjustments recorded during the periods presented for those securities with observable price changes. These securities are included in the nonrecurring fair value tables when applicable price changes are observable. Also shown are the cumulative upward and downward adjustments for the Corporation's equity securities without readily determinable fair values as of March 31, 2021:

($ in Thousands)
Equity securities without readily determinable fair values
Carrying value as of December 31, 2020	$	13,444
Carrying value changes	—
Additions	544
Carrying value as of March 31, 2021	$	13,989
Cumulative upward carrying value changes between January 1, 2018 and March 31, 2021	$	13,444
Cumulative downward carrying value changes/impairment between January 1, 2018 and March 31, 2021	$	—

Assets and liabilities measured on nonrecurring basis at fair value

The table below presents the Corporation’s assets measured at fair value on a nonrecurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall:

				Consolidated Statements of Income Category of Adjustment  Recognized in Income	Adjustment Recognized on the Consolidated Statements of Income(c)
($ in Thousands)	Fair Value Hierarchy	Fair Value
March 31, 2021
Assets
Individually evaluated loans(a)	Level 3	$	93,201	Provision for credit losses	$	(1,613)
OREO(b)	Level 2	10,326		Other noninterest expense	3,681
Mortgage servicing rights	Level 3	49,541		Mortgage banking, net	10,578
December 31, 2020
Assets
Individually evaluated loans(a)	Level 3	$	138,752	Provision for credit losses	$	97,519
OREO(b)	Level 2	6,125		Other noninterest expense	3,747
Mortgage servicing rights	Level 3	41,990		Mortgage banking, net	(17,704)

(a) Includes probable TDRs which are individually analyzed, net of the related allowance for credit losses.

(b) If the fair value of the collateral exceeds the carrying amount of the asset, no charge off or adjustment is necessary, the asset is not considered to be carried at fair value, and is therefore not included in the table.

(c) Includes the full year impact on the consolidated statements of income

Schedule of assumptions for fair value as of balance sheet date of assets or liabilities that relate to transferor's continuing involvement

The table below presents information about these inputs and further discussion is found above:

March 31, 2021	Valuation Technique	Significant Unobservable Input	Range of Inputs			Weighted Average Input Applied
Mortgage servicing rights	Discounted cash flow	Discount rate	9%	-	14%	9%
Mortgage servicing rights	Discounted cash flow	Constant prepayment rate	10%	-	45%	16%
Individually evaluated loans	Appraisals / Discounted cash flow	Collateral / Discount factor	25%	-	38%	34%

Estimated fair values of financial instruments

Fair value estimates are set forth below for the Corporation’s financial instruments:

		March 31, 2021				December 31, 2020
($ in Thousands)	Fair Value Hierarchy Level	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial assets
Cash and due from banks	Level 1	$	356,285	$	356,285	$	416,154	$	416,154
Interest-bearing deposits in other financial institutions	Level 1	1,590,494		1,590,494		298,759		298,759
Federal funds sold and securities purchased under agreements to resell	Level 1	—		—		1,135		1,135
Investment securities AFS	Level 1	53,693		53,693		26,531		26,531
Investment securities AFS	Level 2	3,303,257		3,303,257		3,058,910		3,058,910
Investment securities HTM, net	Level 1	1,000		1,019		999		1,024
Investment securities HTM, net	Level 2	1,856,088		1,971,459		1,877,939		2,027,852
Equity securities with readily determinable fair values	Level 1	1,684		1,684		1,661		1,661
Equity securities without readily determinable fair values	Level 3	13,989		13,989		13,444		13,444
FHLB and Federal Reserve Bank stocks	Level 2	168,281		168,281		168,280		168,280
Residential loans held for sale	Level 2	153,151		153,151		129,158		129,158
Loans, net	Level 3	23,809,389		23,723,543		24,068,022		24,012,738
Bank and corporate owned life insurance	Level 2	680,831		680,831		679,647		679,647
Derivatives (other assets)(a)	Level 2	129,872		129,872		209,913		209,913
Interest rate lock commitments to originate residential mortgage loans held for sale (other assets)	Level 3	6,917		6,917		9,624		9,624
Forward commitments to sell residential mortgage loans (other assets)	Level 3	4,255		4,255		—		—
Financial liabilities
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts	Level 3	$	26,115,814	$	26,115,814	$	24,725,451	$	24,725,451
Brokered CDs and other time deposits(b)	Level 2	1,561,352		1,566,421		1,757,030		1,766,200
Short-term funding	Level 2	189,678		189,672		252,317		252,303
FHLB advances	Level 2	1,629,966		1,693,172		1,632,723		1,760,727
Other long-term funding	Level 2	549,729		576,183		549,465		578,233
Standby letters of credit(c)	Level 2	2,549		2,549		2,731		2,731
Derivatives (accrued expenses and other liabilities)(a)	Level 2	36,308		36,308		41,671		41,671
Forward commitments to sell residential mortgage loans (accrued expenses and other liabilities)	Level 3	—		—		2,046		2,046

(a) Figures are presented gross before netting. See Note 10 and Note 11 for information relating to the impact of offsetting derivative assets and liabilities and cash collateral with the same counterparty where there is a legally enforceable master netting agreement in place.

(b) When the estimated fair value is less than the carrying value, the carrying value is reported as the fair value.

(c) The commitment on standby letters of credit was $247 million at March 31, 2021 and $279 million at December 31, 2020. See Note 12 for additional information on the standby letters of credit and for information on the fair value of lending-related commitments.

XML

Retirement Plans (Tables)

3 Months Ended

Mar. 31, 2021

Retirement Benefits [Abstract]

Net period benefit cost for the pension and postretirement plans

The components of net periodic pension cost and net periodic benefit cost for the RAP and Postretirement Plan for the three months ended March 31, 2021 and 2020 were as follows:

	Three Months Ended March 31,
($ in Thousands)	2021		2020
Components of Net Periodic Benefit Cost
RAP
Service cost	$	2,075	$	2,165
Interest cost	1,623		2,008
Expected return on plan assets	(6,430)		(6,405)
Amortization of prior service cost	(18)		(19)
Amortization of actuarial loss (gain)	1,050		808
Total net periodic pension cost	$	(1,701)	$	(1,444)
Postretirement Plan
Interest cost	$	13	$	20
Amortization of prior service cost	(19)		(19)
Total net periodic benefit cost	$	(6)	$	1

XML

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Selected segment information

Information about the Corporation’s segments is presented below:

	Corporate and Commercial Specialty
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Net interest income	$	93,161	$	107,753
Net intersegment interest income (expense)	6,684		(10,726)
Segment net interest income	99,845		97,028
Noninterest income(a)	43,031		38,733
Total revenue	142,876		135,761
Provision for credit losses	17,509		12,172
Noninterest expense	57,725		54,304
Income (loss) before income taxes	67,642		69,284
Income tax expense (benefit)	12,649		12,940
Net income	$	54,993	$	56,344
Allocated goodwill	$	525,836	$	530,144

	Community, Consumer, and Business
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Net interest income	$	68,275	$	74,927
Net intersegment interest income (expense)	12,875		18,665
Segment net interest income	81,150		93,592
Noninterest income	46,128		53,350
Total revenue	127,278		146,942
Provision for credit losses	5,099		5,108
Noninterest expense	97,346		113,777
Income (loss) before income taxes	24,834		28,057
Income tax expense (benefit)	5,215		5,892
Net income	$	19,618	$	22,165
Allocated goodwill	$	579,156	$	661,244

	Risk Management and Shared Services
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Net interest income	$	14,465	$	20,261
Net intersegment interest income (expense)	(19,559)		(7,939)
Segment net interest income	(5,094)		12,322
Noninterest income	6,184		6,223
Total revenue	1,091		18,545
Provision for credit losses	(45,612)		35,720
Noninterest expense	20,275		24,110
Income (loss) before income taxes	26,427		(41,285)
Income tax expense (benefit)	6,737		(8,613)
Net income	$	19,690	$	(32,672)
Allocated goodwill	$	—	$	—

	Consolidated Total
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Net interest income	$	175,902	$	202,942
Net intersegment interest income (expense)	—		—
Segment net interest income	175,902		202,942
Noninterest income(a)	95,343		98,306
Total revenue	271,245		301,248
Provision for credit losses	(23,004)		53,001
Noninterest expense	175,347		192,191
Income (loss) before income taxes	118,903		56,056
Income tax expense (benefit)	24,602		10,219
Net income	$	94,301	$	45,838
Allocated goodwill	$	1,104,992	$	1,191,388

XML

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2021

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Summary of activity in accumulated other comprehensive income (loss)

The following tables summarize the components of accumulated other comprehensive income (loss) at March 31, 2021 and 2020, including changes during the preceding three month periods as well as any reclassifications out of accumulated other comprehensive income (loss):

($ in Thousands)	Investment Securities AFS		Defined Benefit Pension and Postretirement Obligations		Accumulated Other Comprehensive Income (Loss)
Balance December 31, 2020	$	41,325	$	(28,707)	$	12,618
Other comprehensive income (loss) before reclassifications	(23,979)		—		(23,979)
Amounts reclassified from accumulated other comprehensive income (loss)
Investment securities losses (gains), net	39		—		39
Personnel expense	—		(37)		(37)
Other expense	—		1,050		1,050
Interest income	518		—		518
Income tax (expense) benefit	5,851		(253)		5,598
Net other comprehensive income (loss) during period	(17,571)		760		(16,811)
Balance March 31, 2021	$	23,754	$	(27,947)	$	(4,193)
Balance December 31, 2019	$	3,989	$	(37,172)	$	(33,183)
Other comprehensive income (loss) before reclassifications	26,419		—		26,419
Amounts reclassified from accumulated other comprehensive income (loss)
Investment securities losses (gains), net	(6,118)		—		(6,118)
Personnel expense	—		(38)		(38)
Other expense	—		808		808
Interest income	556		—		556
Income tax (expense) benefit	(5,225)		(193)		(5,418)
Net other comprehensive income (loss) during period	15,632		577		16,209
Balance March 31, 2020	$	19,620	$	(36,595)	$	(16,974)

XML

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2021

Revenue Recognition [Abstract]

Disaggregation of revenue by Major source

The Corporation's disaggregated revenue by major source is presented below:

	Corporate and Commercial Specialty
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Wealth management fees	$	22,414	$	20,106
Service charges and deposit account fees	4,905		3,551
Card-based fees(a)	435		515
Insurance commissions and fees	24		76
Other revenue	685		788
Noninterest income (in-scope of Topic 606)	$	28,463	$	25,036
Noninterest income (out-of-scope of Topic 606)	14,568		13,697
Total noninterest income	$	43,031	$	38,733
	Community, Consumer, and Business
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Wealth management fees	$	—	$	710
Service charges and deposit account fees	9,935		11,665
Card-based fees(a)	9,325		9,045
Insurance commissions and fees	50		22,529
Other revenue	3,579		2,286
Noninterest income (in-scope of Topic 606)	$	22,889	$	46,235
Noninterest income (out-of-scope of Topic 606)	23,239		7,115
Total noninterest income	$	46,128	$	53,350

	Risk Management and Shared Services
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Service charges and deposit account fees	15		5
Card-based fees(a)	4		47
Insurance commissions and fees	2		3
Other revenue	389		23
Noninterest income (in-scope of Topic 606)	$	409	$	77
Noninterest income (out-of-scope of Topic 606)	5,775		6,146
Total noninterest income	$	6,184	$	6,223
	Consolidated Total
	Three Months Ended March 31,
($ in Thousands)	2021		2020
Wealth management fees	$	22,414	$	20,816
Service charges and deposit account fees	14,855		15,222
Card-based fees(a)	9,764		9,607
Insurance commissions and fees	76		22,608
Other revenue	4,653		3,096
Noninterest income (in-scope of Topic 606)	$	51,762	$	71,348
Noninterest income (out-of-scope of Topic 606)	43,581		26,958
Total noninterest income	$	95,343	$	98,306

(a) Certain card-based fees are out-of-scope of Topic 606.

Revenue recognition 606

Below is a listing of performance obligations for the Corporation's main revenue streams:

Revenue Stream	Noninterest income in-scope of Topic 606
Service charges and deposit account fees	Service charges and deposit account fees consist of monthly service fees (i.e. business analyzed fees and consumer service charges) and other deposit account related fees. The Corporation's performance obligation for monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Other deposit account related fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges and deposit account fees is primarily received immediately or in the following month through a direct charge to customers’ accounts.
Card-based fees(a)	Card-based fees are primarily comprised of debit and credit card income, ATM fees, and merchant services income. Debit and credit card income is primarily comprised of interchange fees earned whenever the Corporation's debit and credit cards are processed through card payment networks. ATM and merchant fees are largely transactional based, and therefore, the Corporation's performance obligation is satisfied, and related revenue recognized, at a point in time. Payment is typically received immediately or in the following month.
Trust and asset management fees(b)	Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and other customer assets. The Corporation's performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end market value of the assets under management and the applicable fee rate. Payment is generally received a few days after month end through a direct charge to the customers’ accounts. The Corporation's performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered.
Brokerage and advisory fees(b)	Brokerage and advisory fees primarily consist of investment advisory, brokerage, retirement services, and annuities. The Corporation's performance obligation for investment advisory services and retirement services is generally satisfied, and the related revenue recognized, over the period in which the services are provided. The performance obligation for annuities is satisfied upon sale of the annuity, and therefore, the related revenue is primarily recognized at the time of sale. Payment for these services are typically received immediately or in advance of the service.

(a) Certain card-based fees are out-of-scope of Topic 606.

(b) Trust and asset management fees and brokerage and advisory fees are included in wealth management fees.

XML

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Lease, Cost and Cash Flows

Operating and finance lease costs and cash flows resulting from these leases are presented below:

	Three Months Ended March 31,
($ in Thousands)	2021		2020
Operating lease costs	$	2,240	$	2,623
Finance lease costs	39		36
Operating lease cash flows	2,963		2,731
Finance lease cash flows	40		21

Components of lease expense

The lease classifications on the consolidated balance sheets were as follows:

($ in Thousands)	Consolidated Balance Sheets Category	March 31, 2021		December 31, 2020
		Amount
Operating lease right-of-use asset	Premises and equipment	$	32,071	$	31,994
Finance lease right-of-use asset	Other assets	854		962
Operating lease liability	Accrued expenses and other liabilities	36,079		36,425
Finance lease liability	Other long-term funding	1,091		1,128

Operating lease information

The lease payment obligations, weighted-average remaining lease term, and weighted-average discount rate were as follows:

	March 31, 2021					December 31, 2020
($ in Thousands)	Lease payments		Weighted-average lease term (in years)	Weighted-average discount rate		Lease payments		Weighted-average lease term (in years)	Weighted-average discount rate
Operating leases
Equipment	$	385	2.24	0.46	%	$	386	2.49	0.46	%
Retail and corporate offices	33,707		5.94	3.27	%	34,036		6.04	3.33	%
Land	6,165		8.83	3.10	%	6,385		8.99	3.09	%
Total operating leases	$	40,257	6.33	3.22	%	$	40,806	6.45	3.27	%
Finance leases
Land	$	1,105	1.40	1.05	%	$	1,145	1.65	1.05	%
Total finance leases	$	1,105	1.40	1.05	%	$	1,145	1.65	1.05	%

Amortization of operating lease liabilities

Contractual lease payment obligations for each of the next five years and thereafter, in addition to a reconciliation to the Corporation’s lease liability, were as follows:

($ in Thousands)	Operating Leases		Finance Leases		Total Leases
Nine Months Ending December 31, 2021	$	6,591	$	132	$	6,724
2022	7,111		973		8,084
2023	6,010		—		6,010
2024	5,274		—		5,274
2025	4,110		—		4,110
Beyond 2025	11,160		—		11,160
Total lease payments	$	40,257	$	1,105	$	41,362
Less: interest	4,178		14		4,192
Present value of lease payments	$	36,079	$	1,091	$	37,170

XML

Acquisitions Staunton Acquisition (Details) - USD ($) $ in Thousands		3 Months Ended
	Feb. 14, 2020	Sep. 30, 2020	Mar. 31, 2021	Mar. 31, 2020
February 14, 2020
Fair value of liabilities assumed			$ 0	$ 479,985
First Staunton Bancshares [Member]
Purchase Accounting Adjustments
Cash and cash equivalents	$ 0
Investment securities AFS	(24)
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	0
Loans	(4,808)
Premises and equipment, net	(3,005)
Bank owned life insurance	9
Core deposit intangibles (included in other intangible assets, net on the face of the consolidated balance sheets)	7,379
OREO (included in other assets on the face of the consolidated balance sheets)	670
Other assets	2,795
Deposits	1,285
Other borrowings	61
Accrued expenses and other liabilities	179
February 14, 2020
Cash and cash equivalents	44,782
Investment securities AFS	98,743
Federal Home Loan Bank and Federal Reserve Bank stocks, at cost	781
Loans	369,741
Premises and equipment, net	4,865
Bank owned life insurance	6,770
Goodwill	14,812	$ 15,000
Core deposit intangibles (included in other intangible assets, net on the face of the consolidated balance sheets)	7,379
OREO (included in other assets on the face of the consolidated balance sheets)	762
Other assets	7,692
Total assets	556,328
Deposits	438,684
Other borrowings	34,613
Accrued expenses and other liabilities	6,730
Fair value of liabilities assumed	480,028
Total consideration paid	$ 76,300

XML

Acquisitions, PCD Loans (Details) $ in Thousands	Feb. 14, 2020 USD ($)
Business Combinations [Abstract]
Purchase price of loans at acquisition	$ 77,221
Allowance for credit losses at acquisition	3,504
Non-credit discount/(premium) at acquisition	(951)
Par value of acquired loans at acquisition	$ 79,774

XML

Acquisitions (Details Textuals) $ in Thousands					3 Months Ended
	Dec. 11, 2020 USD ($) branch	Sep. 12, 2020 branch	Jun. 30, 2020 USD ($)	Feb. 14, 2020 USD ($) branch	Mar. 31, 2021 USD ($)	Sep. 30, 2020 USD ($)	Mar. 01, 2021 USD ($)	Feb. 26, 2021 USD ($)	Dec. 31, 2020 USD ($)	Jun. 14, 2019 branch
Business Acquisition [Line Items]
Deposits					$ 27,677,166			$ 31,000	$ 26,482,481
Huntington National Bank
Business Acquisition [Line Items]
Business Combination, Control Obtained Description	4% purchase premium on deposits transferred	4% purchase premium on deposits
New Communities | branch										10
First Staunton Bancshares [Member]
Business Acquisition [Line Items]
Effective Date of Acquisition				Feb. 14, 2020
Business Acquisition, Name of Acquired Entity				First Staunton
Business Combination, Control Obtained Description				The purchase price was based on an assumed 4% deposit premium at announcement.
New Communities | branch				9
Acquired Net Branches | branch				7
Goodwill				$ 14,812		$ 15,000
PCD - HTM Securities				0
PCD - AFS Securities				0
Total consideration paid				$ 76,300
ABRC
Business Acquisition [Line Items]
Total consideration paid			$ 266,000
Pre-tax book gain on sale			$ 163,000
Peoria, IL [Member]
Business Acquisition [Line Items]
Disposed Net Branches | branch		5
Deposits	$ 180,000
Southwest Wisconsin [Member]
Business Acquisition [Line Items]
Disposed Net Branches | branch	2
Deposits	$ 53,000
Whitnell
Business Acquisition [Line Items]
Disposal Group, Including Discontinued Operation, Consideration							$ 8,000
Gain (Loss) on Sale and Maturity of Other Investments, Before Tax					$ 2,000

XML

Summary of Significant Accounting Policies, Credit Loss Adoption Impact (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Off-Balance Sheet, Credit Loss, Liability	$ 50,776	$ 47,776		$ 21,907
Cumulative Effect, Period Of Adoption, Adjusted Balance
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Off-Balance Sheet, Credit Loss, Liability			$ 40,597

XML

Summary of Significant Accounting Policies Narrative (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Jan. 01, 2020	Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Held to maturity allowance for credit loss	$ (63)	$ (67)
Retained Earnings (Accumulated Deficit)	2,520,144	2,458,920
Off-Balance Sheet, Credit Loss, Liability	50,776	47,776		$ 21,907
Allowance for Loan Losses [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Financing Receivable, Allowance for Credit Loss	352,938	383,702		201,371
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Off-Balance Sheet, Credit Loss, Liability	$ 50,776	$ 47,776		$ 21,907
Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Off-Balance Sheet, Credit Loss, Liability			$ 18,690
Accounting Standards Update 2016-13 | Allowance for Loan Losses [Member] | Cumulative Effect, Period Of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Financing Receivable, Allowance for Credit Loss			112,457
Accounting Standards Update 2016-13 | SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Cumulative Effect, Period Of Adoption, Adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Off-Balance Sheet, Credit Loss, Liability			$ 18,690

XML

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Calculations for basic and diluted earnings per common share
Net income	$ 94,301	$ 45,838
Preferred stock dividends	(5,207)	(3,801)
Net income available to common equity	89,094	42,037
Common shareholder dividends	(27,661)	(28,264)
Unvested share-based payment awards	(209)	(128)
Undistributed earnings	61,224	13,645
Undistributed earnings allocated to common shareholders	60,836	13,555
Undistributed earnings allocated to unvested share-based payment awards	387	90
Undistributed earnings	61,224	13,645
Basic
Distributed earnings to common shareholders	27,661	28,264
Undistributed earnings allocated to common shareholders	60,836	13,555
Total common shareholders earnings, basic	88,497	41,819
Diluted
Distributed earnings to common shareholders	27,661	28,264
Undistributed earnings allocated to common shareholders	60,836	13,555
Total common shareholders earnings, diluted	$ 88,497	$ 41,819
Weighted average common shares outstanding	152,355	154,701
Effect of dilutive common stock awards	1,333	918
Diluted weighted average common shares outstanding	153,688	155,619
Basic earnings per common share	$ 0.58	$ 0.27
Diluted earnings per common share	$ 0.58	$ 0.27

XML

Earnings Per Common Share (Details Textuals) - shares shares in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Approximate anti-dilutive stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	3	4

XML

Stock-Based Compensation Fair Value Assumptions of Stock Options (Details)	12 Months Ended
	Dec. 31, 2020 $ / shares
Retirement Benefits [Abstract]
Dividend yield	3.50%
Risk-free interest rate	1.60%
Weighted average expected volatility	21.00%
Weighted average expected life	5 years 9 months
Weighted average per share fair value of options	$ 2.39

XML

Stock-Based Compensation, Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Stock Options Shares Outstanding, Beginning balance (in shares)	6,473
Exercised	615
Forfeited or expired	35
Stock Options Shares Outstanding, Ending balance (in shares)	5,823	6,473
Options exercisable (in shares)	4,240
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]
Stock Option Outstanding, Weighted Average Exercise Price, Beginning balance (in usd per share)	$ 19.77
Exercised	15.96
Forfeited	20.99
Stock Option Outstanding, Weighted Average Exercise Price, Ending balance (in usd per share)	20.17	$ 19.77
Options Exercisable, Weighted Average Exercise Price (in usd per share)	$ 20.19
Stock Options Outstanding, Weighted Average Remaining Contractual Term	6 years 2 months 15 days	6 years 2 months 23 days
Options exercisable, Weighted Average Remaining Contractual Term	5 years 4 months 20 days
Stock Options Outstanding, Aggregate Intrinsic Value, Beginning balance	$ 2,005
Stock Options Outstanding, Aggregate Intrinsic Value, Ending balance	13,099	$ 2,005
Options exercisable, Aggregate Intrinsic Value	$ 10,154

XML

Stock-Based Compensation, Restricted Stock Activity (Details) shares in Thousands	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding Shares, Beginning balance (in shares) | shares	2,293
Granted | shares	771
Vested | shares	571
Forfeited | shares	28
Outstanding Shares, Ending balance (in shares) | shares	2,466
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding, Weighted Average Grant Date Fair Value, Beginning balance (in usd per share) | $ / shares	$ 20.70
Granted, Weighted Average Grant Date Fair Value | $ / shares	19.59
Vested, Weighted Average Grant Date Fair Value | $ / shares	21.69
Forfeited, Weighted Average Grant Date Fair Value | $ / shares	24.13
Outstanding Weighted Average Grant Date Fair Value, Ending balance (in usd per share) | $ / shares	$ 19.72

XML

Stock-Based Compensation (Details Textuals) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award
Intrinsic value of stock options exercised	$ 3,000	$ 1,000
Total fair value of vested stock options	$ 3,000	3,000
Minimum
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	0.00%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	150.00%
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award
Recognized compensation expense for vesting	$ 403	$ 2,000
Unvested share-based payment awards	$ 2,000
Remaining requisite service periods, extend through	first quarter of 2024
Performance-based Restricted Stock Award
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years	3 years
Service-based Restricted Stock Award
Share-based Compensation Arrangement by Share-based Payment Award
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years	4 years
Restricted Stock Award
Share-based Compensation Arrangement by Share-based Payment Award
Recognized compensation expense for vesting	$ 3,000	$ 9,000
Recognized compensation expense for accelerated vesting	1,000
Unvested share-based payment awards	$ 24,000
Remaining requisite service periods, extend through	first quarter of 2025

XML

Investment Securities, AFS and HTM Securities Amortized Costs and Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Investment securities AFS
Amortized Cost	$ 3,323,846	$ 3,028,399
Gross Unrealized Gains	42,885	60,612
Gross Unrealized (Losses)	(9,782)	(3,570)
Fair Value	3,356,949	3,085,441
Investment securities HTM
Investment securities HTM, net	1,857,150	1,879,005
Held-to-maturity, Gross Unrealized Gains	118,544	149,938
Held-to-maturity, Gross Unrealized Loss	(3,154)	0
Held-to-maturity, Fair Value	1,972,541	2,028,943
Fair Value, Inputs, Level 2
Investment securities AFS
Fair Value	3,303,257	3,058,910
Investment securities HTM
Investment securities HTM, net	1,856,088	1,877,939
Held-to-maturity, Fair Value	1,971,459	2,027,852
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | FFELP
Investment securities AFS
Fair Value	325,933	327,189
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Other Debt And Other Equity Securities
Investment securities AFS
Fair Value	3,000	3,000
Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | SBA
Investment securities AFS
Fair Value		8,584
Fair Value, Inputs, Level 1
Investment securities AFS
Fair Value	53,693	26,531
Investment securities HTM
Investment securities HTM, net	1,000	999
Held-to-maturity, Fair Value	1,019	1,024
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Other Debt And Other Equity Securities
Investment securities AFS
Fair Value	1,684	1,661
U. S. Treasury securities
Investment securities AFS
Amortized Cost	54,237	26,436
Gross Unrealized Gains	0	95
Gross Unrealized (Losses)	(544)	0
Fair Value		26,531
Investment securities HTM
Investment securities HTM, net	1,000	999
Held-to-maturity, Gross Unrealized Gains	20	25
Held-to-maturity, Gross Unrealized Loss	0	0
U. S. Treasury securities | Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring
Investment securities AFS
Fair Value	53,693	26,531
Agency Securities
Investment securities AFS
Amortized Cost	15,000	24,985
Gross Unrealized Gains	0	53
Gross Unrealized (Losses)	(96)	0
Agency Securities | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Investment securities AFS
Fair Value	14,904	25,038
Obligations of state and political subdivisions (municipal securities)
Investment securities AFS
Amortized Cost	411,964	425,057
Gross Unrealized Gains	21,218	25,605
Gross Unrealized (Losses)	0	0
Fair Value	433,182	450,662
Investment securities HTM
Investment securities HTM, net	1,455,462	1,441,900
Held-to-maturity, Gross Unrealized Gains	106,933	133,544
Held-to-maturity, Gross Unrealized Loss	(994)	0
Held-to-maturity, Fair Value	1,561,401	1,575,445
Obligations of state and political subdivisions (municipal securities) | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Investment securities AFS
Fair Value	433,182	450,662
FFELP
Investment securities AFS
Amortized Cost	325,812	329,030
Gross Unrealized Gains	1,675	1,172
Gross Unrealized (Losses)	(1,554)	(3,013)
Fair Value	325,933
Investment securities HTM
Investment securities HTM, net	0
Held-to-maturity, Fair Value	0
SBA
Investment securities AFS
Amortized Cost	8,216	8,637
Gross Unrealized Gains	0	0
Gross Unrealized (Losses)	(57)	(53)
Fair Value	8,160
Investment securities HTM
Investment securities HTM, net	0
Held-to-maturity, Fair Value	0
SBA | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Investment securities AFS
Fair Value	8,160	8,584
Other debt securities
Investment securities AFS
Amortized Cost	3,000	3,000
Gross Unrealized Gains	0	0
Gross Unrealized (Losses)	0	0
FNMA / FHLMC | Residential Related Securities
Investment securities AFS
Amortized Cost	1,910,644	1,448,806
Gross Unrealized Gains	5,956	12,935
Gross Unrealized (Losses)	(5,647)	(500)
Fair Value	1,910,954
Investment securities HTM
Investment securities HTM, net	47,480	54,599
Held-to-maturity, Gross Unrealized Gains	2,471	2,891
Held-to-maturity, Gross Unrealized Loss	0	0
Held-to-maturity, Fair Value	49,951	57,490
FNMA / FHLMC | Commercial mortgage-related securities
Investment securities AFS
Amortized Cost	93,902	19,654
Gross Unrealized Gains	2,330	3,250
Gross Unrealized (Losses)	(1,883)	0
Fair Value	94,349
Investment securities HTM
Investment securities HTM, net	63,844	11,211
Held-to-maturity, Gross Unrealized Gains	157	0
Held-to-maturity, Gross Unrealized Loss	(2,138)	0
Held-to-maturity, Fair Value	61,863	11,211
GNMA [Member] | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Commercial mortgage-related securities
Investment securities AFS
Fair Value	389,411	524,756
GNMA [Member] | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Residential Related Securities
Investment securities AFS
Fair Value	123,365	235,537
GNMA [Member] | Residential Related Securities
Investment securities AFS
Amortized Cost	119,913	231,364
Gross Unrealized Gains	3,451	4,176
Gross Unrealized (Losses)	0	(3)
Fair Value	123,365
Investment securities HTM
Investment securities HTM, net	87,717	114,553
Held-to-maturity, Gross Unrealized Gains	3,353	4,260
Held-to-maturity, Gross Unrealized Loss	0	0
Held-to-maturity, Fair Value	91,070	118,813
GNMA [Member] | Commercial mortgage-related securities
Investment securities AFS
Amortized Cost	381,158	511,429
Gross Unrealized Gains	8,254	13,327
Gross Unrealized (Losses)	0	0
Fair Value	389,411
Investment securities HTM
Investment securities HTM, net	201,648	255,742
Held-to-maturity, Gross Unrealized Gains	5,611	9,218
Held-to-maturity, Gross Unrealized Loss	(21)	0
Held-to-maturity, Fair Value	207,238	264,960
FNMA / FHLMC | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Commercial mortgage-related securities
Investment securities AFS
Fair Value	94,349	22,904
FNMA / FHLMC | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring | Residential Related Securities
Investment securities AFS
Fair Value	$ 1,910,954	$ 1,461,241

XML

Investment Securities, AFS and HTM Contractual Maturities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Amortized Cost
Available for Sale, Due in one year or less	$ 9,575
Available for Sale, Due after one year through five years	79,504
Available for Sale, Due after five years through ten years	357,498
Available for Sale, Due after ten years	37,624
Available for Sale, Total debt securities	484,201
Available for Sale, amortized cost	3,323,846	$ 3,028,399
Fair Value
Available for Sale, Due in one year or less	9,588
Available for Sale, Due after one year through five years	79,813
Available for Sale, Due after five years through ten years	373,906
Available for Sale, Due after ten years	41,472
Available for Sale, Total debt securities	504,778
Investment securities AFS, at fair value	$ 3,356,949	3,085,441
Available for Sale, Ratio of Fair Value to Amortized Cost	101.00%
Amortized Cost
Held to Maturity, Due in one year or less	$ 35,299
Held to Maturity, Due after one year through five years	47,810
Held to Maturity, Due after five years through ten years	179,382
Held to Maturity, Due after ten years	1,193,970
Held to Maturity, Total Debt Securities	1,456,461
Held to Maturity, Amortized Cost	1,857,150	1,879,005
Fair Value
Held to Maturity, Due in one year or less	35,587
Held to Maturity, Due after one year through five years	49,383
Held to Maturity, Due after five years through ten years	188,263
Held to Maturity, Due after ten years	1,289,186
Held to Maturity, Securities, Debt Securities	1,562,420
Held to Maturity, Total debt securities at fair value	$ 1,972,541	2,028,943
Held to Maturity, Ratio of Fair Value to Amortized Cost	106.20%
SBA
Amortized Cost
Available for Sale, amortized cost	$ 8,216	8,637
Fair Value
Investment securities AFS, at fair value	8,160
Amortized Cost
Held to Maturity, Amortized Cost	0
Fair Value
Held to Maturity, Total debt securities at fair value	0
FFELP
Amortized Cost
Available for Sale, amortized cost	325,812	329,030
Fair Value
Investment securities AFS, at fair value	325,933
Amortized Cost
Held to Maturity, Amortized Cost	0
Fair Value
Held to Maturity, Total debt securities at fair value	0
FNMA/FHLMC | Residential Related Securities
Amortized Cost
Available for Sale, amortized cost	1,910,644	1,448,806
Fair Value
Investment securities AFS, at fair value	1,910,954
Amortized Cost
Held to Maturity, Amortized Cost	47,480	54,599
Fair Value
Held to Maturity, Total debt securities at fair value	49,951	57,490
FNMA/FHLMC | Commercial mortgage-related securities
Amortized Cost
Available for Sale, amortized cost	93,902	19,654
Fair Value
Investment securities AFS, at fair value	94,349
Amortized Cost
Held to Maturity, Amortized Cost	63,844	11,211
Fair Value
Held to Maturity, Total debt securities at fair value	61,863	11,211
GNMA | Residential Related Securities
Amortized Cost
Available for Sale, amortized cost	119,913	231,364
Fair Value
Investment securities AFS, at fair value	123,365
Amortized Cost
Held to Maturity, Amortized Cost	87,717	114,553
Fair Value
Held to Maturity, Total debt securities at fair value	91,070	118,813
GNMA | Commercial mortgage-related securities
Amortized Cost
Available for Sale, amortized cost	381,158	511,429
Fair Value
Investment securities AFS, at fair value	389,411
Amortized Cost
Held to Maturity, Amortized Cost	201,648	255,742
Fair Value
Held to Maturity, Total debt securities at fair value	$ 207,238	$ 264,960

XML

Investment Securities, HTM Credit Quality Indicators (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	$ 1,857,150	$ 1,879,005
Not Rated [Domain]
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	193
US Treasury Securities
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	1,000	999
US Treasury Securities | Not Rated [Domain]
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	0
Obligations of state and political subdivisions (municipal securities)
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	1,455,462	1,441,900
Obligations of state and political subdivisions (municipal securities) | Not Rated [Domain]
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	193
FNMA / FHLMC
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	47,480	54,599
FNMA / FHLMC | Not Rated [Domain]
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	0
GNMA
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	87,717	114,553
GNMA | Not Rated [Domain]
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	0
us-Federal Home Loan Mortgage Corporation Certificates And Obligations (FHLMC) And Federal National Mortgage Association Certificates And Obligations (FNMA), Commercial
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	63,844	11,211
us-Federal Home Loan Mortgage Corporation Certificates And Obligations (FHLMC) And Federal National Mortgage Association Certificates And Obligations (FNMA), Commercial | Not Rated [Domain]
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	0
GNMA
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	201,648	255,742
GNMA | Not Rated [Domain]
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	0
AAA
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	984,363	1,004,357
AAA | US Treasury Securities
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	1,000	999
AAA | Obligations of state and political subdivisions (municipal securities)
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	582,675	567,252
AAA | FNMA / FHLMC
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	47,480	54,599
AAA | GNMA
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	87,717	114,553
AAA | us-Federal Home Loan Mortgage Corporation Certificates And Obligations (FHLMC) And Federal National Mortgage Association Certificates And Obligations (FNMA), Commercial
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	63,844	11,211
AAA | GNMA
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	201,648	255,742
AA
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	860,882	860,607
AA | US Treasury Securities
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	0	0
AA | Obligations of state and political subdivisions (municipal securities)
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	860,882	860,607
AA | FNMA / FHLMC
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	0	0
AA | GNMA
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	0	0
AA | us-Federal Home Loan Mortgage Corporation Certificates And Obligations (FHLMC) And Federal National Mortgage Association Certificates And Obligations (FNMA), Commercial
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	0	0
AA | GNMA
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	0	0
A
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	11,711	14,041
A | US Treasury Securities
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	0	0
A | Obligations of state and political subdivisions (municipal securities)
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	11,711	14,041
A | FNMA / FHLMC
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	0	0
A | GNMA
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	0	0
A | us-Federal Home Loan Mortgage Corporation Certificates And Obligations (FHLMC) And Federal National Mortgage Association Certificates And Obligations (FNMA), Commercial
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	0	0
A | GNMA
Schedule of Held-to-maturity Securities [Line Items]
Investment securities HTM, net	$ 0	$ 0

XML

Investment Securities Gain/Loss Sale of Securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]
Gross gains on AFS securities	$ 36	$ 6,198
Gross (losses) on AFS securities	(75)	(80)
Investment securities gains (losses), net	(39)	6,118
Proceeds from sales of investment securities	$ 51,295	$ 365,239

XML

Investment Securities, AFS and HTM Securities Gross Unrealized Losses (Details) $ in Thousands	Mar. 31, 2021 USD ($) security	Dec. 31, 2020 USD ($) security
Investment securities AFS
Unrealized losses on available for sale securities, less than 12 months	$ (8,171)	$ (685)
Unrealized losses on available for sale securities, 12 months or more	(1,611)	(2,885)
Total unrealized losses on available for sale securities	(9,782)	(3,570)
Fair value of unrealized losses on available for sale securities, less than 12 months	898,632	192,720
Fair value of unrealized losses on available for sale securities, 12 months or more	149,402	178,681
Total fair value of unrealized losses on available for sale securities	$ 1,048,033	$ 371,400
Available-for-sale, Number of Securities
Available for sale, number of securities, less than 12 months | security	35	27
Available for sale, number of securities, 12 months or more | security	29	16
Investment securities HTM
Unrealized losses on held to maturity securities, less than 12 months	$ (3,154)	$ 0
Unrealized losses on held to maturity securities, 12 months or more	0	0
Total unrealized losses on held to maturity securities	$ (3,154)	$ 0
Held-to-maturity, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, 12 Months or Longer | security	0	0
Fair value of unrealized losses on held to maturity securities, less than 12 months	$ 126,218	$ 325
Fair value of unrealized losses on held to maturity securities, 12 months or more	0	0
Total fair value of unrealized losses on held to maturity securities	$ 126,218	$ 325
Held-to-maturity, Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions, less than 12 Months | security	41	1
SBA
Investment securities AFS
Unrealized losses on available for sale securities, less than 12 months	$ 0	$ (53)
Unrealized losses on available for sale securities, 12 months or more	(57)	0
Total unrealized losses on available for sale securities	(57)	(53)
Fair value of unrealized losses on available for sale securities, less than 12 months	0	8,379
Fair value of unrealized losses on available for sale securities, 12 months or more	7,750	0
Total fair value of unrealized losses on available for sale securities	$ 7,750	$ 8,379
Available-for-sale, Number of Securities
Available for sale, number of securities, less than 12 months | security	0	14
Available for sale, number of securities, 12 months or more | security	14	0
Obligations of state and political subdivisions (municipal securities)
Investment securities AFS
Unrealized losses on available for sale securities, less than 12 months	$ 0
Unrealized losses on available for sale securities, 12 months or more	0
Total unrealized losses on available for sale securities	0
Fair value of unrealized losses on available for sale securities, less than 12 months	910
Fair value of unrealized losses on available for sale securities, 12 months or more	0
Total fair value of unrealized losses on available for sale securities	$ 910
Available-for-sale, Number of Securities
Available for sale, number of securities, less than 12 months | security	1
Available for sale, number of securities, 12 months or more | security	0
Investment securities HTM
Unrealized losses on held to maturity securities, less than 12 months	$ (994)
Unrealized losses on held to maturity securities, 12 months or more	0
Total unrealized losses on held to maturity securities	(994)
Fair value of unrealized losses on held to maturity securities, less than 12 months	62,908
Fair value of unrealized losses on held to maturity securities, 12 months or more	0
Total fair value of unrealized losses on held to maturity securities	$ 62,908
Obligations of state and political subdivisions (municipal securities) | Held to maturity, number of securities, less than 12 months
Investment securities HTM
Number of held to maturity securities in a continuous unrealized loss position | security	33
Obligations of state and political subdivisions (municipal securities) | Held to maturity, number of securities, 12 months or more
Investment securities HTM
Number of held to maturity securities in a continuous unrealized loss position | security	0
FFELP
Investment securities AFS
Unrealized losses on available for sale securities, less than 12 months	$ 0	$ (129)
Unrealized losses on available for sale securities, 12 months or more	(1,554)	(2,885)
Total unrealized losses on available for sale securities	(1,554)	(3,013)
Fair value of unrealized losses on available for sale securities, less than 12 months	0	9,267
Fair value of unrealized losses on available for sale securities, 12 months or more	141,652	178,681
Total fair value of unrealized losses on available for sale securities	$ 141,652	$ 187,948
Available-for-sale, Number of Securities
Available for sale, number of securities, less than 12 months | security	0	1
Available for sale, number of securities, 12 months or more | security	15	16
Other Debt securities
Investment securities AFS
Unrealized losses on available for sale securities, less than 12 months		$ 0
Unrealized losses on available for sale securities, 12 months or more		0
Total unrealized losses on available for sale securities		0
Fair value of unrealized losses on available for sale securities, less than 12 months		2,000
Fair value of unrealized losses on available for sale securities, 12 months or more		0
Total fair value of unrealized losses on available for sale securities		$ 2,000
Available-for-sale, Number of Securities
Available for sale, number of securities, less than 12 months | security		2
Available for sale, number of securities, 12 months or more | security		0
US Treasury Securities
Investment securities AFS
Unrealized losses on available for sale securities, less than 12 months	$ (544)
Unrealized losses on available for sale securities, 12 months or more	0
Total unrealized losses on available for sale securities	(544)
Fair value of unrealized losses on available for sale securities, less than 12 months	53,693
Fair value of unrealized losses on available for sale securities, 12 months or more	0
Total fair value of unrealized losses on available for sale securities	$ 53,693
Available-for-sale, Number of Securities
Available for sale, number of securities, less than 12 months | security	5
Available for sale, number of securities, 12 months or more | security	0
Agency Securities
Investment securities AFS
Unrealized losses on available for sale securities, less than 12 months	$ (96)
Unrealized losses on available for sale securities, 12 months or more	0
Total unrealized losses on available for sale securities	(96)
Fair value of unrealized losses on available for sale securities, less than 12 months	14,904
Fair value of unrealized losses on available for sale securities, 12 months or more	0
Total fair value of unrealized losses on available for sale securities	$ 14,904
Available-for-sale, Number of Securities
Available for sale, number of securities, less than 12 months | security	1
Available for sale, number of securities, 12 months or more | security	0
FNMA/FHLMC | Residential Related Securities
Investment securities AFS
Unrealized losses on available for sale securities, less than 12 months	$ (5,647)	$ (500)
Unrealized losses on available for sale securities, 12 months or more	0	0
Total unrealized losses on available for sale securities	(5,647)	(500)
Fair value of unrealized losses on available for sale securities, less than 12 months	756,359	163,002
Fair value of unrealized losses on available for sale securities, 12 months or more	0	0
Total fair value of unrealized losses on available for sale securities	$ 756,359	$ 163,002
Available-for-sale, Number of Securities
Available for sale, number of securities, less than 12 months | security	24	7
Available for sale, number of securities, 12 months or more | security	0	0
FNMA/FHLMC | Commercial mortgage-related securities
Investment securities AFS
Unrealized losses on available for sale securities, less than 12 months	$ (1,883)
Unrealized losses on available for sale securities, 12 months or more	0
Total unrealized losses on available for sale securities	(1,883)
Fair value of unrealized losses on available for sale securities, less than 12 months	72,435
Fair value of unrealized losses on available for sale securities, 12 months or more	0
Total fair value of unrealized losses on available for sale securities	$ 72,435
Available-for-sale, Number of Securities
Available for sale, number of securities, less than 12 months | security	2
Available for sale, number of securities, 12 months or more | security	0
Investment securities HTM
Unrealized losses on held to maturity securities, less than 12 months	$ (2,138)
Unrealized losses on held to maturity securities, 12 months or more	0
Total unrealized losses on held to maturity securities	(2,138)
Fair value of unrealized losses on held to maturity securities, less than 12 months	41,105
Fair value of unrealized losses on held to maturity securities, 12 months or more	0
Total fair value of unrealized losses on held to maturity securities	$ 41,105
FNMA/FHLMC | Commercial mortgage-related securities | Held to maturity, number of securities, less than 12 months
Investment securities HTM
Number of held to maturity securities in a continuous unrealized loss position | security	6
FNMA/FHLMC | Commercial mortgage-related securities | Held to maturity, number of securities, 12 months or more
Investment securities HTM
Number of held to maturity securities in a continuous unrealized loss position | security	0
GNMA | Residential Related Securities
Investment securities AFS
Unrealized losses on available for sale securities, less than 12 months	$ 0	$ (3)
Unrealized losses on available for sale securities, 12 months or more	0	0
Total unrealized losses on available for sale securities	0	(3)
Fair value of unrealized losses on available for sale securities, less than 12 months	253	9,784
Fair value of unrealized losses on available for sale securities, 12 months or more	0	0
Total fair value of unrealized losses on available for sale securities	$ 253	$ 9,784
Available-for-sale, Number of Securities
Available for sale, number of securities, less than 12 months | security	1	2
Available for sale, number of securities, 12 months or more | security	0	0
Investment securities HTM
Unrealized losses on held to maturity securities, less than 12 months		$ 0
Unrealized losses on held to maturity securities, 12 months or more		0
Total unrealized losses on held to maturity securities		0
Fair value of unrealized losses on held to maturity securities, less than 12 months		325
Fair value of unrealized losses on held to maturity securities, 12 months or more		0
Total fair value of unrealized losses on held to maturity securities		$ 325
GNMA | Residential Related Securities | Held to maturity, number of securities, less than 12 months
Investment securities HTM
Number of held to maturity securities in a continuous unrealized loss position | security		1
GNMA | Residential Related Securities | Held to maturity, number of securities, 12 months or more
Investment securities HTM
Number of held to maturity securities in a continuous unrealized loss position | security		0
GNMA | Commercial mortgage-related securities
Investment securities AFS
Unrealized losses on available for sale securities, less than 12 months	$ 0	$ 0
Unrealized losses on available for sale securities, 12 months or more	0	0
Total unrealized losses on available for sale securities	0	0
Fair value of unrealized losses on available for sale securities, less than 12 months	78	287
Fair value of unrealized losses on available for sale securities, 12 months or more	0	0
Total fair value of unrealized losses on available for sale securities	$ 78	$ 287
Available-for-sale, Number of Securities
Available for sale, number of securities, less than 12 months | security	1	1
Available for sale, number of securities, 12 months or more | security	0	0
Investment securities HTM
Unrealized losses on held to maturity securities, less than 12 months	$ (21)
Unrealized losses on held to maturity securities, 12 months or more	0
Total unrealized losses on held to maturity securities	(21)
Fair value of unrealized losses on held to maturity securities, less than 12 months	22,205
Fair value of unrealized losses on held to maturity securities, 12 months or more	0
Total fair value of unrealized losses on held to maturity securities	$ 22,205
GNMA | Commercial mortgage-related securities | Held to maturity, number of securities, less than 12 months
Investment securities HTM
Number of held to maturity securities in a continuous unrealized loss position | security	2
GNMA | Commercial mortgage-related securities | Held to maturity, number of securities, 12 months or more
Investment securities HTM
Number of held to maturity securities in a continuous unrealized loss position | security	0

XML

Investment Securities (Details Textual) - USD ($)	3 Months Ended			12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2019	Dec. 31, 2020
Investment Securities Information [Line Items]
Debt Securities, AFS, Principal Sold		$ 281,000,000
Gain (Loss) on Sales of Mortgage Backed Securities (MBS)		$ 6,000,000
Pledged Financial Instruments, Not Separately Reported, Securities	$ 1,500,000,000			$ 1,600,000,000
Interest receivable	86,466,000			90,263,000
Debt Securities, Held-to-maturity, Nonaccrual, Interest Income	0			0
Debt Securities, Held to Maturity, Past Due	0			0
Held to maturity allowance for credit loss	(63,000)			(67,000)
Federal Home Loan Bank Stock	82,000,000			82,000,000
Federal Reserve Bank Stock	87,000,000			87,000,000
Equity securities with readily determinable fair values, Fair Value	$ 2,000,000			2,000,000
Visa Restricted Stock Owned. Total	77,996
Visa Restricted Stock Owned at Fair Value	77,000
Visa Restricted Stock Donated			42,039
Visa Restricted Stock Owned at Zero Cost		996
Equity securities	$ 14,000,000			13,000,000
First Staunton Bancshares [Member]
Investment Securities Information [Line Items]
Carrying amount of Securities Sold		$ 84,000,000
Held-to-maturity Securities [Member]
Investment Securities Information [Line Items]
Interest receivable	12,000,000			14,000,000
Available-for-sale Securities [Member]
Investment Securities Information [Line Items]
Interest receivable	8,000,000			8,000,000
Federal Home Loan Bank Certificates and Obligations (FHLB) [Member]
Investment Securities Information [Line Items]
Interest receivable	944,000			972,000
Federal Reserve Bank Stock [Member]
Investment Securities Information [Line Items]
Interest receivable	$ 370,000			$ 0

XML

Loans Composition (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Loans and Leases Receivable Disclosure [Line Items]
Loans	$ 24,162,328	$ 24,451,724
Interest receivable	86,466	90,263
Loans and Finance Receivables [Member]
Loans and Leases Receivable Disclosure [Line Items]
Interest receivable	64,000	66,000
PPP
Loans and Leases Receivable Disclosure [Line Items]
Loans	836,566	767,757
Commercial and industrial
Loans and Leases Receivable Disclosure [Line Items]
Loans	7,664,501	7,701,422
Commercial real estate — owner occupied
Loans and Leases Receivable Disclosure [Line Items]
Loans	883,237	900,912
Commercial and business lending
Loans and Leases Receivable Disclosure [Line Items]
Loans	9,384,303	9,370,091
Commercial real estate — investor
Loans and Leases Receivable Disclosure [Line Items]
Loans	4,260,706	4,342,584
Real estate construction
Loans and Leases Receivable Disclosure [Line Items]
Loans	1,882,299	1,840,417
Commercial real estate lending
Loans and Leases Receivable Disclosure [Line Items]
Loans	6,143,004	6,183,001
Total commercial
Loans and Leases Receivable Disclosure [Line Items]
Loans	15,527,307	15,553,091
Residential mortgage
Loans and Leases Receivable Disclosure [Line Items]
Loans	7,685,218	7,878,324
Home equity
Loans and Leases Receivable Disclosure [Line Items]
Loans	651,647	707,255
Other consumer
Loans and Leases Receivable Disclosure [Line Items]
Loans	298,156	313,054
Total consumer
Loans and Leases Receivable Disclosure [Line Items]
Loans	$ 8,635,020	$ 8,898,632

XML

Loans, Credit Quality Indicator by Vintage Year (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	$ 23,745	$ 69,246
Financing Receivable, Revolving	3,087,079	3,173,996
Financing Receivable, Originated in Current Fiscal Year	1,663,836	6,590,550
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	6,287,678	5,127,451
Financing Receivable, Originated Two Years before Latest Fiscal Year	4,711,270	3,189,745
Financing Receivable, Originated Three Years before Latest Fiscal Year	2,880,788	1,937,912
Financing Receivable, Originated Four Years before Latest Fiscal Year	1,633,471	1,770,647
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	3,898,205	2,661,424
Total	24,162,328	24,451,724
Special Mention [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	602
Financing Receivable, Revolving	7,775	11,341
Financing Receivable, Originated in Current Fiscal Year	3,514	99,324
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	96,877	141,213
Financing Receivable, Originated Two Years before Latest Fiscal Year	170,076	98,320
Financing Receivable, Originated Three Years before Latest Fiscal Year	123,240	958
Financing Receivable, Originated Four Years before Latest Fiscal Year	9,703	22,498
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	18,360	9,911
Total	429,545	383,566
Pass [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	21,671	27,819
Financing Receivable, Revolving	3,055,640	3,149,039
Financing Receivable, Originated in Current Fiscal Year	1,641,033	6,413,278
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	6,085,644	4,873,347
Financing Receivable, Originated Two Years before Latest Fiscal Year	4,462,823	2,960,705
Financing Receivable, Originated Three Years before Latest Fiscal Year	2,673,970	1,892,247
Financing Receivable, Originated Four Years before Latest Fiscal Year	1,593,822	1,716,226
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	3,792,071	2,570,534
Total	23,305,003	23,575,376
Potential Problem [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	1,800	2,565
Financing Receivable, Revolving	23,479	13,483
Financing Receivable, Originated in Current Fiscal Year	19,279	59,116
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	87,565	51,593
Financing Receivable, Originated Two Years before Latest Fiscal Year	58,729	106,947
Financing Receivable, Originated Three Years before Latest Fiscal Year	40,720	6,038
Financing Receivable, Originated Four Years before Latest Fiscal Year	6,761	11,426
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	27,955	33,324
Total	264,488	281,928
Nonaccrual Loan [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	274	38,260
Financing Receivable, Revolving	184	133
Financing Receivable, Originated in Current Fiscal Year	10	18,831
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	17,592	61,298
Financing Receivable, Originated Two Years before Latest Fiscal Year	19,643	23,773
Financing Receivable, Originated Three Years before Latest Fiscal Year	42,859	38,669
Financing Receivable, Originated Four Years before Latest Fiscal Year	23,185	20,496
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	59,819	47,655
Total	163,292	210,854
Total commercial
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	21,409	56,745
Financing Receivable, Revolving	2,401,249	2,436,370
Financing Receivable, Originated in Current Fiscal Year	1,212,394	4,390,063
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	4,068,409	3,610,033
Financing Receivable, Originated Two Years before Latest Fiscal Year	3,406,483	2,547,526
Financing Receivable, Originated Three Years before Latest Fiscal Year	2,310,939	918,783
Financing Receivable, Originated Four Years before Latest Fiscal Year	730,967	839,831
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	1,396,867	810,485
Total	15,527,307	15,553,091
Total commercial | Special Mention [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	7,298	10,272
Financing Receivable, Originated in Current Fiscal Year	3,514	99,311
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	96,757	140,803
Financing Receivable, Originated Two Years before Latest Fiscal Year	170,035	97,964
Financing Receivable, Originated Three Years before Latest Fiscal Year	123,143	813
Financing Receivable, Originated Four Years before Latest Fiscal Year	9,569	22,361
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	17,565	8,562
Total	427,882	380,086
Total commercial | Pass [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	19,609	17,524
Financing Receivable, Revolving	2,372,034	2,414,537
Financing Receivable, Originated in Current Fiscal Year	1,189,673	4,216,457
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	3,869,571	3,359,482
Financing Receivable, Originated Two Years before Latest Fiscal Year	3,161,950	2,325,808
Financing Receivable, Originated Three Years before Latest Fiscal Year	2,111,718	880,708
Financing Receivable, Originated Four Years before Latest Fiscal Year	700,255	797,441
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	1,341,977	760,973
Total	14,747,179	14,755,405
Total commercial | Potential Problem [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	1,800	2,565
Financing Receivable, Revolving	21,916	11,561
Financing Receivable, Originated in Current Fiscal Year	19,207	57,916
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	87,055	50,905
Financing Receivable, Originated Two Years before Latest Fiscal Year	58,167	106,295
Financing Receivable, Originated Three Years before Latest Fiscal Year	40,026	6,038
Financing Receivable, Originated Four Years before Latest Fiscal Year	6,636	11,247
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	27,227	32,150
Total	260,234	276,111
Total commercial | Nonaccrual Loan [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	36,655
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	0	16,379
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	15,026	58,845
Financing Receivable, Originated Two Years before Latest Fiscal Year	16,330	17,460
Financing Receivable, Originated Three Years before Latest Fiscal Year	36,052	31,224
Financing Receivable, Originated Four Years before Latest Fiscal Year	14,507	8,781
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	10,098	8,801
Total	92,012	141,490
Total commercial | PPP
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	292,213	767,757
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	544,353	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	0	0
Total	836,566	767,757
Total commercial | PPP | Special Mention [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	1,642	3,988
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	3,434	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	0	0
Total	5,076	3,988
Total commercial | PPP | Pass [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	281,120	745,767
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	527,971	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	0	0
Total	809,091	745,767
Total commercial | PPP | Potential Problem [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	9,450	18,002
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	12,948	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	0	0
Total	22,398	18,002
Total commercial | Commercial And Industrial Financing Receivable [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	3,809	24,045
Financing Receivable, Revolving	2,198,196	2,194,534
Financing Receivable, Originated in Current Fiscal Year	383,045	1,417,548
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	1,330,929	1,509,575
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,428,343	1,292,938
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,221,448	502,962
Financing Receivable, Originated Four Years before Latest Fiscal Year	391,692	321,471
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	710,849	462,394
Total	7,664,501	7,701,422
Total commercial | Commercial And Industrial Financing Receivable [Member] | Special Mention [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	7,298	10,159
Financing Receivable, Originated in Current Fiscal Year	96	2,719
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	3,805	39,854
Financing Receivable, Originated Two Years before Latest Fiscal Year	59,502	37,042
Financing Receivable, Originated Three Years before Latest Fiscal Year	48,156	113
Financing Receivable, Originated Four Years before Latest Fiscal Year	207	215
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	185	67
Total	119,249	90,169
Total commercial | Commercial And Industrial Financing Receivable [Member] | Pass [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	2,009	4,628
Financing Receivable, Revolving	2,170,406	2,177,138
Financing Receivable, Originated in Current Fiscal Year	378,782	1,389,260
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	1,303,573	1,435,519
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,333,680	1,182,302
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,119,175	483,957
Financing Receivable, Originated Four Years before Latest Fiscal Year	389,390	305,998
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	694,910	453,734
Total	7,389,917	7,427,908
Total commercial | Commercial And Industrial Financing Receivable [Member] | Potential Problem [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	1,800	2,565
Financing Receivable, Revolving	20,492	7,237
Financing Receivable, Originated in Current Fiscal Year	4,166	19,331
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	17,407	28,413
Financing Receivable, Originated Two Years before Latest Fiscal Year	34,437	56,580
Financing Receivable, Originated Three Years before Latest Fiscal Year	37,587	2,269
Financing Receivable, Originated Four Years before Latest Fiscal Year	1,761	6,477
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	6,294	1,179
Total	122,143	121,487
Total commercial | Commercial And Industrial Financing Receivable [Member] | Nonaccrual Loan [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	16,852
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	0	6,238
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	6,143	5,789
Financing Receivable, Originated Two Years before Latest Fiscal Year	725	17,014
Financing Receivable, Originated Three Years before Latest Fiscal Year	16,530	16,623
Financing Receivable, Originated Four Years before Latest Fiscal Year	334	8,781
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	9,461	7,414
Total	33,192	61,859
Total commercial | Commercial real estate — owner occupied
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	11,868	1,150
Financing Receivable, Revolving	21,538	21,621
Financing Receivable, Originated in Current Fiscal Year	59,656	191,847
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	183,520	221,107
Financing Receivable, Originated Two Years before Latest Fiscal Year	213,178	128,660
Financing Receivable, Originated Three Years before Latest Fiscal Year	129,123	102,012
Financing Receivable, Originated Four Years before Latest Fiscal Year	83,479	152,067
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	192,743	83,598
Total	883,237	900,912
Total commercial | Commercial real estate — owner occupied | Special Mention [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	0	113
Financing Receivable, Originated in Current Fiscal Year	0	1,882
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	5,014	3,122
Financing Receivable, Originated Two Years before Latest Fiscal Year	2,080	300
Financing Receivable, Originated Three Years before Latest Fiscal Year	0	658
Financing Receivable, Originated Four Years before Latest Fiscal Year	424	264
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	260	0
Total	7,777	6,339
Total commercial | Commercial real estate — owner occupied | Pass [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	11,868	1,150
Financing Receivable, Revolving	20,916	18,022
Financing Receivable, Originated in Current Fiscal Year	59,551	185,861
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	174,514	209,069
Financing Receivable, Originated Two Years before Latest Fiscal Year	210,032	128,360
Financing Receivable, Originated Three Years before Latest Fiscal Year	128,471	99,546
Financing Receivable, Originated Four Years before Latest Fiscal Year	81,020	147,366
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	184,983	79,111
Total	859,487	867,335
Total commercial | Commercial real estate — owner occupied | Potential Problem [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	622	3,486
Financing Receivable, Originated in Current Fiscal Year	105	4,104
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	3,992	8,916
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,066	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	652	1,490
Financing Receivable, Originated Four Years before Latest Fiscal Year	2,035	4,437
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	7,493	3,747
Total	15,965	26,179
Total commercial | Commercial real estate — owner occupied | Nonaccrual Loan [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	0	318
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	7	740
Total	7	1,058
Total commercial | Commercial and business lending
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	15,677	25,195
Financing Receivable, Revolving	2,219,734	2,216,154
Financing Receivable, Originated in Current Fiscal Year	734,913	2,377,152
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	2,058,802	1,730,682
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,641,521	1,421,598
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,350,571	604,974
Financing Receivable, Originated Four Years before Latest Fiscal Year	475,170	473,539
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	903,592	545,992
Total	9,384,303	9,370,091
Total commercial | Commercial and business lending | Special Mention [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	7,298	10,272
Financing Receivable, Originated in Current Fiscal Year	1,738	8,589
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	12,253	42,976
Financing Receivable, Originated Two Years before Latest Fiscal Year	61,582	37,342
Financing Receivable, Originated Three Years before Latest Fiscal Year	48,156	771
Financing Receivable, Originated Four Years before Latest Fiscal Year	631	479
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	444	67
Total	132,102	100,496
Total commercial | Commercial and business lending | Pass [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	13,877	5,778
Financing Receivable, Revolving	2,191,322	2,195,160
Financing Receivable, Originated in Current Fiscal Year	719,454	2,320,888
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	2,006,059	1,644,588
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,543,712	1,310,662
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,247,646	583,503
Financing Receivable, Originated Four Years before Latest Fiscal Year	470,410	453,364
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	879,893	532,845
Total	9,058,495	9,041,009
Total commercial | Commercial and business lending | Potential Problem [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	1,800	2,565
Financing Receivable, Revolving	21,114	10,723
Financing Receivable, Originated in Current Fiscal Year	13,721	41,437
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	34,347	37,329
Financing Receivable, Originated Two Years before Latest Fiscal Year	35,502	56,580
Financing Receivable, Originated Three Years before Latest Fiscal Year	38,238	3,759
Financing Receivable, Originated Four Years before Latest Fiscal Year	3,796	10,915
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	13,786	4,926
Total	160,506	165,668
Total commercial | Commercial and business lending | Nonaccrual Loan [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	16,852
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	0	6,238
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	6,143	5,789
Financing Receivable, Originated Two Years before Latest Fiscal Year	725	17,014
Financing Receivable, Originated Three Years before Latest Fiscal Year	16,530	16,941
Financing Receivable, Originated Four Years before Latest Fiscal Year	334	8,781
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	9,468	8,154
Total	33,200	62,917
Total commercial | Commercial real estate — investor
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	30,774
Financing Receivable, Revolving	154,649	172,335
Financing Receivable, Originated in Current Fiscal Year	351,662	1,366,364
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	1,252,057	1,140,297
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,118,634	763,933
Financing Receivable, Originated Three Years before Latest Fiscal Year	673,414	288,533
Financing Receivable, Originated Four Years before Latest Fiscal Year	234,276	363,779
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	476,014	247,343
Total	4,260,706	4,342,584
Total commercial | Commercial real estate — investor | Special Mention [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	1,776	90,235
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	83,975	97,333
Financing Receivable, Originated Two Years before Latest Fiscal Year	104,806	12,339
Financing Receivable, Originated Three Years before Latest Fiscal Year	16,161	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	8,897	21,882
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	17,121	8,465
Total	232,735	230,254
Total commercial | Commercial real estate — investor | Pass [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	10,971
Financing Receivable, Revolving	153,847	171,497
Financing Receivable, Originated in Current Fiscal Year	344,412	1,249,644
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	1,106,623	976,332
Financing Receivable, Originated Two Years before Latest Fiscal Year	989,271	720,237
Financing Receivable, Originated Three Years before Latest Fiscal Year	635,944	271,987
Financing Receivable, Originated Four Years before Latest Fiscal Year	208,367	341,658
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	445,269	211,360
Total	3,883,733	3,942,714
Total commercial | Commercial real estate — investor | Potential Problem [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	802	838
Financing Receivable, Originated in Current Fiscal Year	5,473	16,343
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	52,576	13,575
Financing Receivable, Originated Two Years before Latest Fiscal Year	8,952	30,911
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,787	2,279
Financing Receivable, Originated Four Years before Latest Fiscal Year	2,840	239
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	13,321	27,209
Total	85,752	91,396
Total commercial | Commercial real estate — investor | Nonaccrual Loan [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	19,803
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	0	10,141
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	8,883	53,056
Financing Receivable, Originated Two Years before Latest Fiscal Year	15,605	446
Financing Receivable, Originated Three Years before Latest Fiscal Year	19,522	14,267
Financing Receivable, Originated Four Years before Latest Fiscal Year	14,173	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	302	309
Total	58,485	78,220
Total commercial | Real Estate Construction
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	5,732	776
Financing Receivable, Revolving	26,865	47,880
Financing Receivable, Originated in Current Fiscal Year	125,819	646,547
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	757,550	739,055
Financing Receivable, Originated Two Years before Latest Fiscal Year	646,328	361,996
Financing Receivable, Originated Three Years before Latest Fiscal Year	286,953	25,277
Financing Receivable, Originated Four Years before Latest Fiscal Year	21,520	2,513
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	17,262	17,150
Total	1,882,299	1,840,417
Total commercial | Real Estate Construction | Special Mention [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	0	487
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	529	494
Financing Receivable, Originated Two Years before Latest Fiscal Year	3,648	48,283
Financing Receivable, Originated Three Years before Latest Fiscal Year	58,826	42
Financing Receivable, Originated Four Years before Latest Fiscal Year	42	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	0	30
Total	63,045	49,336
Total commercial | Real Estate Construction | Pass [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	5,732	776
Financing Receivable, Revolving	26,865	47,880
Financing Receivable, Originated in Current Fiscal Year	125,807	645,925
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	756,890	738,561
Financing Receivable, Originated Two Years before Latest Fiscal Year	628,967	294,910
Financing Receivable, Originated Three Years before Latest Fiscal Year	228,127	25,219
Financing Receivable, Originated Four Years before Latest Fiscal Year	21,478	2,420
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	16,815	16,768
Total	1,804,950	1,771,682
Total commercial | Real Estate Construction | Potential Problem [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	12	135
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	131	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	13,713	18,803
Financing Receivable, Originated Three Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	93
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	119	15
Total	13,977	19,046
Total commercial | Real Estate Construction | Nonaccrual Loan [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	0	16
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	327	338
Total	327	353
Total commercial | Commercial Real Estate
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	5,732	31,549
Financing Receivable, Revolving	181,515	220,215
Financing Receivable, Originated in Current Fiscal Year	477,481	2,012,911
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	2,009,607	1,879,352
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,764,962	1,125,929
Financing Receivable, Originated Three Years before Latest Fiscal Year	960,368	313,810
Financing Receivable, Originated Four Years before Latest Fiscal Year	255,796	366,292
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	493,275	264,493
Total	6,143,004	6,183,001
Total commercial | Commercial Real Estate | Special Mention [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	1,776	90,722
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	84,504	97,827
Financing Receivable, Originated Two Years before Latest Fiscal Year	108,453	60,622
Financing Receivable, Originated Three Years before Latest Fiscal Year	74,987	42
Financing Receivable, Originated Four Years before Latest Fiscal Year	8,939	21,882
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	17,121	8,494
Total	295,780	279,590
Total commercial | Commercial Real Estate | Pass [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	5,732	11,746
Financing Receivable, Revolving	180,712	219,377
Financing Receivable, Originated in Current Fiscal Year	470,219	1,895,569
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	1,863,513	1,714,893
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,618,239	1,015,146
Financing Receivable, Originated Three Years before Latest Fiscal Year	864,072	297,205
Financing Receivable, Originated Four Years before Latest Fiscal Year	229,845	344,078
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	462,084	228,127
Total	5,688,683	5,714,396
Total commercial | Commercial Real Estate | Potential Problem [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	802	838
Financing Receivable, Originated in Current Fiscal Year	5,486	16,479
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	52,708	13,575
Financing Receivable, Originated Two Years before Latest Fiscal Year	22,665	49,714
Financing Receivable, Originated Three Years before Latest Fiscal Year	1,787	2,279
Financing Receivable, Originated Four Years before Latest Fiscal Year	2,840	332
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	13,440	27,224
Total	99,728	110,442
Total commercial | Commercial Real Estate | Nonaccrual Loan [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	19,803
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	0	10,141
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	8,883	53,056
Financing Receivable, Originated Two Years before Latest Fiscal Year	15,605	446
Financing Receivable, Originated Three Years before Latest Fiscal Year	19,522	14,283
Financing Receivable, Originated Four Years before Latest Fiscal Year	14,173	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	630	647
Total	58,813	78,573
Total consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	2,336	12,501
Financing Receivable, Revolving	685,830	737,626
Financing Receivable, Originated in Current Fiscal Year	451,442	2,200,487
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	2,219,269	1,517,417
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,304,787	642,218
Financing Receivable, Originated Three Years before Latest Fiscal Year	569,850	1,019,128
Financing Receivable, Originated Four Years before Latest Fiscal Year	902,504	930,816
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	2,501,338	1,850,939
Total	8,635,020	8,898,632
Total consumer | Special Mention [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	602
Financing Receivable, Revolving	477	1,069
Financing Receivable, Originated in Current Fiscal Year	0	13
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	121	410
Financing Receivable, Originated Two Years before Latest Fiscal Year	40	356
Financing Receivable, Originated Three Years before Latest Fiscal Year	96	145
Financing Receivable, Originated Four Years before Latest Fiscal Year	133	137
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	795	1,349
Total	1,663	3,480
Total consumer | Pass [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	2,062	10,294
Financing Receivable, Revolving	683,606	734,502
Financing Receivable, Originated in Current Fiscal Year	451,360	2,196,822
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	2,216,072	1,513,865
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,300,872	634,897
Financing Receivable, Originated Three Years before Latest Fiscal Year	562,252	1,011,539
Financing Receivable, Originated Four Years before Latest Fiscal Year	893,567	918,785
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	2,450,094	1,809,561
Total	8,557,824	8,819,971
Total consumer | Potential Problem [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	1,563	1,922
Financing Receivable, Originated in Current Fiscal Year	72	1,200
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	510	689
Financing Receivable, Originated Two Years before Latest Fiscal Year	561	652
Financing Receivable, Originated Three Years before Latest Fiscal Year	694	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	126	179
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	728	1,174
Total	4,254	5,817
Total consumer | Nonaccrual Loan [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	274	1,605
Financing Receivable, Revolving	184	133
Financing Receivable, Originated in Current Fiscal Year	10	2,452
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	2,566	2,454
Financing Receivable, Originated Two Years before Latest Fiscal Year	3,313	6,313
Financing Receivable, Originated Three Years before Latest Fiscal Year	6,807	7,445
Financing Receivable, Originated Four Years before Latest Fiscal Year	8,678	11,714
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	49,722	38,854
Total	71,280	69,364
Total consumer | Residential mortgage
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	449,452	2,187,918
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	2,208,058	1,493,903
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,284,324	621,983
Financing Receivable, Originated Three Years before Latest Fiscal Year	552,885	1,005,290
Financing Receivable, Originated Four Years before Latest Fiscal Year	890,386	923,105
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	2,300,113	1,646,124
Total	7,685,218	7,878,324
Total consumer | Residential mortgage | Special Mention [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	121	355
Financing Receivable, Originated Two Years before Latest Fiscal Year	0	330
Financing Receivable, Originated Three Years before Latest Fiscal Year	37	102
Financing Receivable, Originated Four Years before Latest Fiscal Year	133	126
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	525	537
Total	816	1,450
Total consumer | Residential mortgage | Pass [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	449,381	2,185,240
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	2,205,662	1,490,589
Financing Receivable, Originated Two Years before Latest Fiscal Year	1,280,604	615,118
Financing Receivable, Originated Three Years before Latest Fiscal Year	545,743	998,072
Financing Receivable, Originated Four Years before Latest Fiscal Year	881,884	911,797
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	2,257,349	1,612,971
Total	7,620,622	7,813,788
Total consumer | Residential mortgage | Potential Problem [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	72	1,200
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	510	689
Financing Receivable, Originated Two Years before Latest Fiscal Year	561	652
Financing Receivable, Originated Three Years before Latest Fiscal Year	674	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	126	179
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	582	1,028
Total	2,524	3,749
Total consumer | Residential mortgage | Nonaccrual Loan [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	0	0
Financing Receivable, Originated in Current Fiscal Year	0	1,478
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	1,765	2,271
Financing Receivable, Originated Two Years before Latest Fiscal Year	3,160	5,882
Financing Receivable, Originated Three Years before Latest Fiscal Year	6,431	7,116
Financing Receivable, Originated Four Years before Latest Fiscal Year	8,243	11,003
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	41,657	31,587
Total	61,256	59,337
Total consumer | Home Equity Loan [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	2,153	12,421
Financing Receivable, Revolving	528,455	572,041
Financing Receivable, Originated in Current Fiscal Year	81	3,022
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	2,866	13,141
Financing Receivable, Originated Two Years before Latest Fiscal Year	11,713	16,216
Financing Receivable, Originated Three Years before Latest Fiscal Year	13,981	11,952
Financing Receivable, Originated Four Years before Latest Fiscal Year	10,745	6,518
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	83,805	84,364
Total	651,647	707,255
Total consumer | Home Equity Loan [Member] | Special Mention [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	596
Financing Receivable, Revolving	25	631
Financing Receivable, Originated in Current Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0	39
Financing Receivable, Originated Two Years before Latest Fiscal Year	0	14
Financing Receivable, Originated Three Years before Latest Fiscal Year	60	39
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	4
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	265	804
Total	350	1,532
Total consumer | Home Equity Loan [Member] | Pass [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	1,891	10,224
Financing Receivable, Revolving	526,777	569,389
Financing Receivable, Originated in Current Fiscal Year	71	2,057
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	2,080	12,968
Financing Receivable, Originated Two Years before Latest Fiscal Year	11,595	15,792
Financing Receivable, Originated Three Years before Latest Fiscal Year	13,535	11,594
Financing Receivable, Originated Four Years before Latest Fiscal Year	10,333	5,803
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	75,385	76,165
Total	639,776	693,767
Total consumer | Home Equity Loan [Member] | Potential Problem [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	0
Financing Receivable, Revolving	1,563	1,922
Financing Receivable, Originated in Current Fiscal Year	0	0
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0	0
Financing Receivable, Originated Two Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Three Years before Latest Fiscal Year	20	0
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	146	146
Total	1,729	2,068
Total consumer | Home Equity Loan [Member] | Nonaccrual Loan [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	262	1,600
Financing Receivable, Revolving	91	100
Financing Receivable, Originated in Current Fiscal Year	10	965
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	786	134
Financing Receivable, Originated Two Years before Latest Fiscal Year	118	410
Financing Receivable, Originated Three Years before Latest Fiscal Year	366	319
Financing Receivable, Originated Four Years before Latest Fiscal Year	413	711
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	8,008	7,249
Total	9,792	9,888
Total consumer | Other consumer
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	183	81
Financing Receivable, Revolving	157,375	165,585
Financing Receivable, Originated in Current Fiscal Year	1,908	9,547
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	8,345	10,374
Financing Receivable, Originated Two Years before Latest Fiscal Year	8,749	4,019
Financing Receivable, Originated Three Years before Latest Fiscal Year	2,984	1,886
Financing Receivable, Originated Four Years before Latest Fiscal Year	1,374	1,192
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	117,421	120,451
Total	298,156	313,054
Total consumer | Other consumer | Special Mention [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	0	5
Financing Receivable, Revolving	452	438
Financing Receivable, Originated in Current Fiscal Year	0	13
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	0	16
Financing Receivable, Originated Two Years before Latest Fiscal Year	40	11
Financing Receivable, Originated Three Years before Latest Fiscal Year	0	4
Financing Receivable, Originated Four Years before Latest Fiscal Year	0	7
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	5	8
Total	497	498
Total consumer | Other consumer | Pass [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	171	70
Financing Receivable, Revolving	156,829	165,114
Financing Receivable, Originated in Current Fiscal Year	1,908	9,525
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	8,330	10,309
Financing Receivable, Originated Two Years before Latest Fiscal Year	8,674	3,987
Financing Receivable, Originated Three Years before Latest Fiscal Year	2,974	1,872
Financing Receivable, Originated Four Years before Latest Fiscal Year	1,351	1,185
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	117,360	120,425
Total	297,427	312,416
Total consumer | Other consumer | Nonaccrual Loan [Member]
Financing Receivable, Allowance for Credit Loss [Line Items]
Financing Receivable, Revolving, Converted To Term Loan	13	5
Financing Receivable, Revolving	93	33
Financing Receivable, Originated in Current Fiscal Year	0	9
Financing Receivable, Originated in Fiscal Year before Latest Fiscal Year	15	49
Financing Receivable, Originated Two Years before Latest Fiscal Year	35	21
Financing Receivable, Originated Three Years before Latest Fiscal Year	10	10
Financing Receivable, Originated Four Years before Latest Fiscal Year	23	0
Financing Receivable, Originated Five or More Years before Latest Fiscal Year	56	18
Total	$ 231	$ 140

XML

Loans Credit Quality Indicator (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	$ 24,162,328	$ 24,451,724
Commercial and industrial
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	7,664,501	7,701,422
Commercial real estate — owner occupied
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	883,237	900,912
Commercial and business lending
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	9,384,303	9,370,091
Commercial real estate — investor
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	4,260,706	4,342,584
Real estate construction
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	1,882,299	1,840,417
Commercial real estate lending
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	6,143,004	6,183,001
Total commercial
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	15,527,307	15,553,091
Residential mortgage
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	7,685,218	7,878,324
Home equity
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	651,647	707,255
Other consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	298,156	313,054
Total consumer
Financing Receivable, Credit Quality Indicator [Line Items]
Loans	$ 8,635,020	$ 8,898,632

XML

Loans Past Due Status (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Summarized details of Loans
Current(a)	$ 23,982,264	$ 24,202,209
Nonaccrual(b)(c)	163,292	210,854
Loans and Leases Receivable, Net of Deferred Income, Total	24,162,328	24,451,724
Nonaccrual Loans, Current Portion	$ 99,000	$ 128,000
Percent of current nonaccrual loans	61.00%	61.00%
Financing Receivable, Nonaccrual, Interest Income	$ 0	$ 0
Financing Receivable, Nonaccrual, No Allowance	16,000	28,000
30-59 Days Past Due
Summarized details of Loans
Total Past Due	13,597	18,077
60-89 Days Past Due
Summarized details of Loans
Total Past Due	1,500	18,985
90+ Days Past Due
Summarized details of Loans
Total Past Due	1,675	1,598
PPP
Summarized details of Loans
Current(a)	836,566	767,757
Nonaccrual(b)(c)	0	0
Loans and Leases Receivable, Net of Deferred Income, Total	836,566	767,757
PPP | 30-59 Days Past Due
Summarized details of Loans
Total Past Due	0	0
PPP | 60-89 Days Past Due
Summarized details of Loans
Total Past Due	0	0
PPP | 90+ Days Past Due
Summarized details of Loans
Total Past Due	0	0
Commercial and industrial
Summarized details of Loans
Current(a)	7,630,593	7,633,269
Nonaccrual(b)(c)	33,192	61,859
Loans and Leases Receivable, Net of Deferred Income, Total	7,664,501	7,701,422
Commercial and industrial | 30-59 Days Past Due
Summarized details of Loans
Total Past Due	444	2,819
Commercial and industrial | 60-89 Days Past Due
Summarized details of Loans
Total Past Due	82	3,300
Commercial and industrial | 90+ Days Past Due
Summarized details of Loans
Total Past Due	190	175
Commercial real estate — owner occupied
Summarized details of Loans
Current(a)	883,229	899,480
Nonaccrual(b)(c)	7	1,058
Loans and Leases Receivable, Net of Deferred Income, Total	883,237	900,912
Commercial real estate — owner occupied | 30-59 Days Past Due
Summarized details of Loans
Total Past Due	0	158
Commercial real estate — owner occupied | 60-89 Days Past Due
Summarized details of Loans
Total Past Due	0	215
Commercial real estate — owner occupied | 90+ Days Past Due
Summarized details of Loans
Total Past Due	0	0
Commercial and business lending
Summarized details of Loans
Current(a)	9,350,388	9,300,506
Nonaccrual(b)(c)	33,200	62,917
Loans and Leases Receivable, Net of Deferred Income, Total	9,384,303	9,370,091
Commercial and business lending | 30-59 Days Past Due
Summarized details of Loans
Total Past Due	444	2,977
Commercial and business lending | 60-89 Days Past Due
Summarized details of Loans
Total Past Due	82	3,516
Commercial and business lending | 90+ Days Past Due
Summarized details of Loans
Total Past Due	190	175
Commercial real estate — investor
Summarized details of Loans
Current(a)	4,196,221	4,251,571
Nonaccrual(b)(c)	58,485	78,220
Loans and Leases Receivable, Net of Deferred Income, Total	4,260,706	4,342,584
Commercial real estate — investor | 30-59 Days Past Due
Summarized details of Loans
Total Past Due	5,999	1,024
Commercial real estate — investor | 60-89 Days Past Due
Summarized details of Loans
Total Past Due	0	11,769
Commercial real estate — investor | 90+ Days Past Due
Summarized details of Loans
Total Past Due	0	0
Real estate construction
Summarized details of Loans
Current(a)	1,880,995	1,839,073
Nonaccrual(b)(c)	327	353
Loans and Leases Receivable, Net of Deferred Income, Total	1,882,299	1,840,417
Real estate construction | 30-59 Days Past Due
Summarized details of Loans
Total Past Due	977	991
Real estate construction | 60-89 Days Past Due
Summarized details of Loans
Total Past Due	0	0
Real estate construction | 90+ Days Past Due
Summarized details of Loans
Total Past Due	0	0
Commercial real estate lending
Summarized details of Loans
Current(a)	6,077,216	6,090,644
Nonaccrual(b)(c)	58,813	78,573
Loans and Leases Receivable, Net of Deferred Income, Total	6,143,004	6,183,001
Commercial real estate lending | 30-59 Days Past Due
Summarized details of Loans
Total Past Due	6,976	2,015
Commercial real estate lending | 60-89 Days Past Due
Summarized details of Loans
Total Past Due	0	11,769
Commercial real estate lending | 90+ Days Past Due
Summarized details of Loans
Total Past Due	0	0
Total commercial
Summarized details of Loans
Current(a)	15,427,603	15,391,150
Nonaccrual(b)(c)	92,012	141,490
Loans and Leases Receivable, Net of Deferred Income, Total	15,527,307	15,553,091
Total commercial | 30-59 Days Past Due
Summarized details of Loans
Total Past Due	7,420	4,992
Total commercial | 60-89 Days Past Due
Summarized details of Loans
Total Past Due	82	15,284
Total commercial | 90+ Days Past Due
Summarized details of Loans
Total Past Due	190	175
Residential mortgage
Summarized details of Loans
Current(a)	7,619,602	7,808,294
Nonaccrual(b)(c)	61,256	59,337
Loans and Leases Receivable, Net of Deferred Income, Total	7,685,218	7,878,324
Residential mortgage | 30-59 Days Past Due
Summarized details of Loans
Total Past Due	3,494	8,975
Residential mortgage | 60-89 Days Past Due
Summarized details of Loans
Total Past Due	479	1,410
Residential mortgage | 90+ Days Past Due
Summarized details of Loans
Total Past Due	387	308
Home equity
Summarized details of Loans
Current(a)	639,503	692,565
Nonaccrual(b)(c)	9,792	9,888
Loans and Leases Receivable, Net of Deferred Income, Total	651,647	707,255
Home equity | 30-59 Days Past Due
Summarized details of Loans
Total Past Due	2,002	3,071
Home equity | 60-89 Days Past Due
Summarized details of Loans
Total Past Due	350	1,731
Home equity | 90+ Days Past Due
Summarized details of Loans
Total Past Due	0	0
Other consumer
Summarized details of Loans
Current(a)	295,556	310,200
Nonaccrual(b)(c)	231	140
Loans and Leases Receivable, Net of Deferred Income, Total	298,156	313,054
Other consumer | 30-59 Days Past Due
Summarized details of Loans
Total Past Due	681	1,039
Other consumer | 60-89 Days Past Due
Summarized details of Loans
Total Past Due	589	560
Other consumer | 90+ Days Past Due
Summarized details of Loans
Total Past Due	1,098	1,115
Total consumer
Summarized details of Loans
Current(a)	8,554,661	8,811,060
Nonaccrual(b)(c)	71,280	69,364
Loans and Leases Receivable, Net of Deferred Income, Total	8,635,020	8,898,632
Total consumer | 30-59 Days Past Due
Summarized details of Loans
Total Past Due	6,177	13,085
Total consumer | 60-89 Days Past Due
Summarized details of Loans
Total Past Due	1,417	3,701
Total consumer | 90+ Days Past Due
Summarized details of Loans
Total Past Due	$ 1,485	$ 1,423

XML

Loans, Troubled Debt Restructurings Performing and Nonaccrual (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performing Restructured Loans	$ 40,820	$ 52,092
Nonaccrual Restructured Loans(a)	17,624	20,190
Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performing Restructured Loans	11,985	12,713
Nonaccrual Restructured Loans(a)	2,114	6,967
Commercial real estate — owner occupied
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performing Restructured Loans	1,488	1,711
Nonaccrual Restructured Loans(a)	0	0
Commercial real estate — investor
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performing Restructured Loans	13,627	26,435
Nonaccrual Restructured Loans(a)	220	225
Real estate construction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performing Restructured Loans	256	260
Nonaccrual Restructured Loans(a)	109	111
Residential mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performing Restructured Loans	10,462	7,825
Nonaccrual Restructured Loans(a)	13,537	11,509
Home equity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performing Restructured Loans	1,929	1,957
Nonaccrual Restructured Loans(a)	1,644	1,379
Other consumer
Financing Receivable, Troubled Debt Restructuring [Line Items]
Performing Restructured Loans	1,073	1,191
Nonaccrual Restructured Loans(a)	$ 0	$ 0

XML

Loans, Loans Modified in a Troubled Debt Restructuring (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) loan	Mar. 31, 2020 USD ($) loan
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | loan	25	30
Recorded Investment(a)	$ 5,999	$ 4,899
Unpaid Principal Balance(b)	$ 6,025	$ 6,175
Commercial and industrial
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | loan	0	1
Recorded Investment(a)	$ 0	$ 48
Unpaid Principal Balance(b)	$ 0	$ 48
Commercial real estate — owner occupied
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | loan	0	1
Recorded Investment(a)	$ 0	$ 290
Unpaid Principal Balance(b)	$ 0	$ 321
Commercial real estate — investor
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | loan	4	1
Recorded Investment(a)	$ 1,693	$ 570
Unpaid Principal Balance(b)	$ 1,693	$ 1,740
Real estate construction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | loan	0	1
Recorded Investment(a)	$ 0	$ 122
Unpaid Principal Balance(b)	$ 0	$ 122
Residential mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | loan	20	18
Recorded Investment(a)	$ 3,876	$ 3,592
Unpaid Principal Balance(b)	$ 3,902	$ 3,668
Home equity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | loan	1	8
Recorded Investment(a)	$ 430	$ 277
Unpaid Principal Balance(b)	$ 430	$ 277

XML

Loans, Troubled Debt Restructurings Subsequent Default (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) loan	Mar. 31, 2020 USD ($) loan	Dec. 31, 2020 USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | loan	1	5
Recorded Investment	$ 97	$ 476
Ytd Restructured Loans Still On Nonaccrual	3,000
Possible Liquidity Issues [Member]
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing Receivable, Troubled Debt Restructuring	$ 49,000		$ 68,000
Residential mortgage
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | loan	1	3
Recorded Investment	$ 97	$ 388
Home equity
Financing Receivable, Troubled Debt Restructuring [Line Items]
Number of Loans | loan	0	2
Recorded Investment	$ 0	$ 88

XML

Loans, Changes in the Allowance for Loan Losses by Portfolio Segment (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Mar. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Balance at beginning of period	$ 47,776	$ 21,907	$ 21,907
Off-Balance Sheet, Credit Loss, Liability	47,776	21,907	47,776	$ 50,776	$ 47,776
Provision for credit losses	3,000		7,000
Balance at end of period	50,776		47,776
Allowance for credit losses on loans
Provision for credit losses	(23,004)	53,001
Allowance for Loan and Lease Losses [Roll Forward]
Balance at beginning of period	383,702
Balance at end of period	352,938		383,702
Financing Receivable, Allowance for Credit Loss, Additional Information [Abstract]
Total allowance for loan losses	383,702		383,702	352,938	383,702
Loans [Abstract]
Loans and Leases Receivable, Net of Deferred Income, Total				24,162,328	24,451,724
Cumulative Effect, Period Of Adoption, Adjusted Balance
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						$ 40,597
First Staunton Bancshares [Member]
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Provision for credit losses			179
Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						18,690
PPP
Loans [Abstract]
Loans and Leases Receivable, Net of Deferred Income, Total				836,566	767,757
Commercial and industrial
Loans [Abstract]
Loans and Leases Receivable, Net of Deferred Income, Total				7,664,501	7,701,422
Commercial real estate — owner occupied
Loans [Abstract]
Loans and Leases Receivable, Net of Deferred Income, Total				883,237	900,912
Commercial and business lending
Loans [Abstract]
Loans and Leases Receivable, Net of Deferred Income, Total				9,384,303	9,370,091
Commercial real estate — investor
Loans [Abstract]
Loans and Leases Receivable, Net of Deferred Income, Total				4,260,706	4,342,584
Real estate construction
Loans [Abstract]
Loans and Leases Receivable, Net of Deferred Income, Total				1,882,299	1,840,417
Commercial real estate lending
Loans [Abstract]
Loans and Leases Receivable, Net of Deferred Income, Total				6,143,004	6,183,001
Total commercial
Loans [Abstract]
Loans and Leases Receivable, Net of Deferred Income, Total				15,527,307	15,553,091
Home equity
Loans [Abstract]
Loans and Leases Receivable, Net of Deferred Income, Total				651,647	707,255
Total consumer
Loans [Abstract]
Loans and Leases Receivable, Net of Deferred Income, Total				8,635,020	8,898,632
Allowance for Loan Losses [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	383,702	201,371	201,371
Financing Receivable, Allowance for Credit Loss	352,938	201,371	201,371	352,938	383,702
Recoveries	8,410		11,422
Net Charge offs	(4,764)		(100,631)
Gross up of allowance for PCD loans at acquisition			3,504
Provision for credit losses	(26,000)		164,457
Balance at end of period	352,938		383,702
Allowance for credit losses on loans
Recoveries	8,410		11,422
Net Charge offs	(4,764)		(100,631)
Gross up of allowance for PCD loans at acquisition			3,504
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(13,174)		(112,053)
Net Charge offs	(4,764)		(100,631)
Allowance for Loan Losses [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						313,828
Allowance for Loan Losses [Member] | First Staunton Bancshares [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses			2,543
Allowance for Loan Losses [Member] | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						112,457
Allowance for Loan Losses [Member] | PPP
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	531	0	0
Financing Receivable, Allowance for Credit Loss	607	0	0	607	531
Recoveries	0		0
Net Charge offs	0		0
Gross up of allowance for PCD loans at acquisition			0
Provision for credit losses	76		531
Balance at end of period	607		531
Allowance for credit losses on loans
Recoveries	0		0
Net Charge offs	0		0
Gross up of allowance for PCD loans at acquisition			0
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	0		0
Net Charge offs	0		0
Allowance for Loan Losses [Member] | PPP | Cumulative Effect, Period Of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						0
Allowance for Loan Losses [Member] | PPP | First Staunton Bancshares [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses			0
Allowance for Loan Losses [Member] | PPP | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						0
Allowance for Loan Losses [Member] | Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	142,793	91,133	91,133
Financing Receivable, Allowance for Credit Loss	142,793	91,133	142,793	124,707	142,793
Recoveries	4,490		7,004
Net Charge offs	1,367		(73,316)
Gross up of allowance for PCD loans at acquisition			293
Provision for credit losses	(19,453)		71,355
Balance at end of period	124,707		142,793
Allowance for credit losses on loans
Recoveries	4,490		7,004
Net Charge offs	1,367		(73,316)
Gross up of allowance for PCD loans at acquisition			293
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(3,123)		(80,320)
Net Charge offs	1,367		(73,316)
Allowance for Loan Losses [Member] | Commercial and industrial | Cumulative Effect, Period Of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						144,052
Allowance for Loan Losses [Member] | Commercial and industrial | First Staunton Bancshares [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses			408
Allowance for Loan Losses [Member] | Commercial and industrial | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						52,919
Allowance for Loan Losses [Member] | Commercial real estate — owner occupied
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	11,274	10,284	10,284
Financing Receivable, Allowance for Credit Loss	11,274	10,284	11,274	11,786	11,274
Recoveries	4		147
Net Charge offs	4		(272)
Gross up of allowance for PCD loans at acquisition			890
Provision for credit losses	508		1,967
Balance at end of period	11,786		11,274
Allowance for credit losses on loans
Recoveries	4		147
Net Charge offs	4		(272)
Gross up of allowance for PCD loans at acquisition			890
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	0		(419)
Net Charge offs	4		(272)
Allowance for Loan Losses [Member] | Commercial real estate — owner occupied | Cumulative Effect, Period Of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						8,433
Allowance for Loan Losses [Member] | Commercial real estate — owner occupied | First Staunton Bancshares [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses			255
Allowance for Loan Losses [Member] | Commercial real estate — owner occupied | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						(1,851)
Allowance for Loan Losses [Member] | Commercial and business lending
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	154,598	101,417	101,417
Financing Receivable, Allowance for Credit Loss	137,099	101,417	101,417	137,099	154,598
Recoveries	4,494		7,151
Net Charge offs	1,370		(73,588)
Gross up of allowance for PCD loans at acquisition			1,183
Provision for credit losses	(18,869)		73,853
Balance at end of period	137,099		154,598
Allowance for credit losses on loans
Recoveries	4,494		7,151
Net Charge offs	1,370		(73,588)
Gross up of allowance for PCD loans at acquisition			1,183
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(3,123)		(80,739)
Net Charge offs	1,370		(73,588)
Allowance for Loan Losses [Member] | Commercial and business lending | Cumulative Effect, Period Of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						152,485
Allowance for Loan Losses [Member] | Commercial and business lending | First Staunton Bancshares [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses			663
Allowance for Loan Losses [Member] | Commercial and business lending | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						51,068
Allowance for Loan Losses [Member] | Commercial real estate — investor
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	93,435	40,514	40,514
Financing Receivable, Allowance for Credit Loss	93,435	40,514	93,435	89,243	93,435
Recoveries	2,854		643
Net Charge offs	(5,886)		(22,277)
Gross up of allowance for PCD loans at acquisition			753
Provision for credit losses	1,694		71,933
Balance at end of period	89,243		93,435
Allowance for credit losses on loans
Recoveries	2,854		643
Net Charge offs	(5,886)		(22,277)
Gross up of allowance for PCD loans at acquisition			753
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(8,739)		(22,920)
Net Charge offs	(5,886)		(22,277)
Allowance for Loan Losses [Member] | Commercial real estate — investor | Cumulative Effect, Period Of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						42,555
Allowance for Loan Losses [Member] | Commercial real estate — investor | First Staunton Bancshares [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses			472
Allowance for Loan Losses [Member] | Commercial real estate — investor | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						2,041
Allowance for Loan Losses [Member] | Real estate construction
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	59,193	24,915	24,915
Financing Receivable, Allowance for Credit Loss	54,243	24,915	24,915	54,243	59,193
Recoveries	31		49
Net Charge offs	29		31
Gross up of allowance for PCD loans at acquisition			435
Provision for credit losses	(4,979)		25,854
Balance at end of period	54,243		59,193
Allowance for credit losses on loans
Recoveries	31		49
Net Charge offs	29		31
Gross up of allowance for PCD loans at acquisition			435
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(3)		(19)
Net Charge offs	29		31
Allowance for Loan Losses [Member] | Real estate construction | Cumulative Effect, Period Of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						32,382
Allowance for Loan Losses [Member] | Real estate construction | First Staunton Bancshares [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses			492
Allowance for Loan Losses [Member] | Real estate construction | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						7,467
Allowance for Loan Losses [Member] | Commercial real estate lending
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	152,629	65,428	65,428
Financing Receivable, Allowance for Credit Loss	152,629	65,428	152,629	143,486	152,629
Recoveries	2,885		692
Net Charge offs	(5,857)		(22,246)
Gross up of allowance for PCD loans at acquisition			1,188
Provision for credit losses	(3,286)		97,787
Balance at end of period	143,486		152,629
Allowance for credit losses on loans
Recoveries	2,885		692
Net Charge offs	(5,857)		(22,246)
Gross up of allowance for PCD loans at acquisition			1,188
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(8,742)		(22,938)
Net Charge offs	(5,857)		(22,246)
Allowance for Loan Losses [Member] | Commercial real estate lending | Cumulative Effect, Period Of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						74,937
Allowance for Loan Losses [Member] | Commercial real estate lending | First Staunton Bancshares [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses			964
Allowance for Loan Losses [Member] | Commercial real estate lending | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						9,508
Allowance for Loan Losses [Member] | Total commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	307,226	166,846	166,846
Financing Receivable, Allowance for Credit Loss	280,585	166,846	166,846	280,585	307,226
Recoveries	7,379		7,844
Net Charge offs	(4,487)		(95,834)
Gross up of allowance for PCD loans at acquisition			2,371
Provision for credit losses	(22,155)		171,641
Balance at end of period	280,585		307,226
Allowance for credit losses on loans
Recoveries	7,379		7,844
Net Charge offs	(4,487)		(95,834)
Gross up of allowance for PCD loans at acquisition			2,371
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(11,865)		(103,677)
Net Charge offs	(4,487)		(95,834)
Allowance for Loan Losses [Member] | Total commercial | Cumulative Effect, Period Of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						227,422
Allowance for Loan Losses [Member] | Total commercial | First Staunton Bancshares [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses			1,627
Allowance for Loan Losses [Member] | Total commercial | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						60,576
Allowance for Loan Losses [Member] | Residential mortgage
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	42,996	16,960	16,960
Financing Receivable, Allowance for Credit Loss	45,215	16,960	16,960	45,215	42,996
Recoveries	134		500
Net Charge offs	(109)		(1,367)
Gross up of allowance for PCD loans at acquisition			651
Provision for credit losses	2,328		(6,864)
Balance at end of period	45,215		42,996
Allowance for credit losses on loans
Recoveries	134		500
Net Charge offs	(109)		(1,367)
Gross up of allowance for PCD loans at acquisition			651
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(243)		(1,867)
Net Charge offs	(109)		(1,367)
Allowance for Loan Losses [Member] | Residential mortgage | Cumulative Effect, Period Of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						50,175
Allowance for Loan Losses [Member] | Residential mortgage | First Staunton Bancshares [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses			403
Allowance for Loan Losses [Member] | Residential mortgage | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						33,215
Allowance for Loan Losses [Member] | Home equity
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	18,849	10,926	10,926
Financing Receivable, Allowance for Credit Loss	16,371	10,926	10,926	16,371	18,849
Recoveries	583		1,978
Net Charge offs	344		259
Gross up of allowance for PCD loans at acquisition			422
Provision for credit losses	(2,822)		(4,781)
Balance at end of period	16,371		18,849
Allowance for credit losses on loans
Recoveries	583		1,978
Net Charge offs	344		259
Gross up of allowance for PCD loans at acquisition			422
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(238)		(1,719)
Net Charge offs	344		259
Allowance for Loan Losses [Member] | Home equity | Cumulative Effect, Period Of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						22,575
Allowance for Loan Losses [Member] | Home equity | First Staunton Bancshares [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses			374
Allowance for Loan Losses [Member] | Home equity | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						11,649
Allowance for Loan Losses [Member] | Other consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	14,630	6,639	6,639
Financing Receivable, Allowance for Credit Loss	14,630	6,639	14,630	10,767	14,630
Recoveries	315		1,101
Net Charge offs	(511)		(3,689)
Gross up of allowance for PCD loans at acquisition			61
Provision for credit losses	(3,351)		4,462
Balance at end of period	10,767		14,630
Allowance for credit losses on loans
Recoveries	315		1,101
Net Charge offs	(511)		(3,689)
Gross up of allowance for PCD loans at acquisition			61
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(827)		(4,790)
Net Charge offs	(511)		(3,689)
Allowance for Loan Losses [Member] | Other consumer | Cumulative Effect, Period Of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						13,655
Allowance for Loan Losses [Member] | Other consumer | First Staunton Bancshares [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses			140
Allowance for Loan Losses [Member] | Other consumer | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						7,016
Allowance for Loan Losses [Member] | Total consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Balance at beginning of period	76,475	34,525	34,525
Financing Receivable, Allowance for Credit Loss	76,475	34,525	76,475	72,353	76,475
Recoveries	1,031		3,579
Net Charge offs	(277)		(4,797)
Gross up of allowance for PCD loans at acquisition			1,134
Provision for credit losses	(3,845)		(7,183)
Balance at end of period	72,353		76,475
Allowance for credit losses on loans
Recoveries	1,031		3,579
Net Charge offs	(277)		(4,797)
Gross up of allowance for PCD loans at acquisition			1,134
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(1,308)		(8,376)
Net Charge offs	(277)		(4,797)
Allowance for Loan Losses [Member] | Total consumer | Cumulative Effect, Period Of Adoption, Adjusted Balance
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						86,405
Allowance for Loan Losses [Member] | Total consumer | First Staunton Bancshares [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Provision for credit losses			917
Allowance for Loan Losses [Member] | Total consumer | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Financing Receivable, Allowance for Credit Loss						51,880
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member]
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Balance at beginning of period	47,776	21,907	21,907
Off-Balance Sheet, Credit Loss, Liability	47,776	21,907	47,776	50,776	47,776
Provision for credit losses	3,000		7,000
Balance at end of period	50,776		47,776
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						40,597
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | First Staunton Bancshares [Member]
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Provision for credit losses			179
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						18,690
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and industrial
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Balance at beginning of period	22,311	12,276	12,276
Off-Balance Sheet, Credit Loss, Liability	22,311	12,276	22,311	24,728	22,311
Provision for credit losses	2,417		13,972
Balance at end of period	24,728		22,311
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and industrial | Cumulative Effect, Period Of Adoption, Adjusted Balance
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						8,278
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and industrial | First Staunton Bancshares [Member]
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Provision for credit losses			61
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and industrial | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						(3,998)
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate — owner occupied
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Balance at beginning of period	266	127	127
Off-Balance Sheet, Credit Loss, Liability	304	127	127	304	266
Provision for credit losses	38		135
Balance at end of period	304		266
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate — owner occupied | Cumulative Effect, Period Of Adoption, Adjusted Balance
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						127
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate — owner occupied | First Staunton Bancshares [Member]
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Provision for credit losses			4
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate — owner occupied | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						0
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and business lending
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Balance at beginning of period	22,577	12,403	12,403
Off-Balance Sheet, Credit Loss, Liability	22,577	12,403	22,577	25,033	22,577
Provision for credit losses	2,455		14,108
Balance at end of period	25,033		22,577
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and business lending | Cumulative Effect, Period Of Adoption, Adjusted Balance
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						8,405
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and business lending | First Staunton Bancshares [Member]
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Provision for credit losses			65
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial and business lending | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						(3,998)
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate — investor
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Balance at beginning of period	636	530	530
Off-Balance Sheet, Credit Loss, Liability	636	530	636	651	636
Provision for credit losses	15		(141)
Balance at end of period	651		636
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate — investor | Cumulative Effect, Period Of Adoption, Adjusted Balance
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						776
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate — investor | First Staunton Bancshares [Member]
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Provision for credit losses			2
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate — investor | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						246
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Real estate construction
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Balance at beginning of period	18,887	7,532	7,532
Off-Balance Sheet, Credit Loss, Liability	18,887	7,532	18,887	19,309	18,887
Provision for credit losses	422		(7,038)
Balance at end of period	19,309		18,887
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Real estate construction | Cumulative Effect, Period Of Adoption, Adjusted Balance
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						25,879
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Real estate construction | First Staunton Bancshares [Member]
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Provision for credit losses			45
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Real estate construction | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						18,347
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate lending
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Balance at beginning of period	19,523	8,062	8,062
Off-Balance Sheet, Credit Loss, Liability	19,960	8,062	8,062	19,960	19,523
Provision for credit losses	437		(7,179)
Balance at end of period	19,960		19,523
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate lending | Cumulative Effect, Period Of Adoption, Adjusted Balance
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						26,655
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate lending | First Staunton Bancshares [Member]
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Provision for credit losses			47
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Commercial real estate lending | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						18,593
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total commercial
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Balance at beginning of period	42,101	20,465	20,465
Off-Balance Sheet, Credit Loss, Liability	42,101	20,465	42,101	44,993	42,101
Provision for credit losses	2,892		6,929
Balance at end of period	44,993		42,101
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total commercial | Cumulative Effect, Period Of Adoption, Adjusted Balance
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						35,060
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total commercial | First Staunton Bancshares [Member]
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Provision for credit losses			112
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total commercial | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						14,595
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Home equity
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Balance at beginning of period	3,118	1,038	1,038
Off-Balance Sheet, Credit Loss, Liability	2,919	1,038	1,038	2,919	3,118
Provision for credit losses	(199)		(577)
Balance at end of period	2,919		3,118
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Home equity | Cumulative Effect, Period Of Adoption, Adjusted Balance
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						3,629
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Home equity | First Staunton Bancshares [Member]
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Provision for credit losses			66
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Home equity | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						2,591
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Other consumer
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Balance at beginning of period	2,557	405	405
Off-Balance Sheet, Credit Loss, Liability	2,557	405	2,557	2,865	2,557
Provision for credit losses	307		649
Balance at end of period	2,865		2,557
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Other consumer | Cumulative Effect, Period Of Adoption, Adjusted Balance
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						1,909
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Other consumer | First Staunton Bancshares [Member]
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Provision for credit losses			0
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Other consumer | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						1,504
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total consumer
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Balance at beginning of period	5,675	1,443	1,443
Off-Balance Sheet, Credit Loss, Liability	5,675	1,443	5,675	5,783	5,675
Provision for credit losses	108		72
Balance at end of period	5,783		5,675
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total consumer | Cumulative Effect, Period Of Adoption, Adjusted Balance
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						5,538
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total consumer | First Staunton Bancshares [Member]
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Provision for credit losses			66
SEC Schedule, 12-09, Reserve, Off-balance Sheet Activity [Member] | Total consumer | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability						4,095
Allowance for Loans Losses and Unfunded Commitments [Member]
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Recoveries	8,410		11,422
Net Charge offs	(4,764)		(100,631)
Gross up of allowance for PCD loans at acquisition			3,504
Allowance for credit losses on loans
Balance at beginning of period	431,478	223,278	223,278
Allowance for Credit Losses on Loans	431,478	223,278	431,478	$ 403,714	$ 431,478
Recoveries	8,410		11,422
Net Charge offs	(4,764)		(100,631)
Gross up of allowance for PCD loans at acquisition			3,504
Provision for credit losses	(23,000)		171,457
Balance at end of period	403,714		431,478
Percent of Loans				1.67%	1.76%
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(13,174)		(112,053)
Net Charge offs	(4,764)		(100,631)
Allowance for Loans Losses and Unfunded Commitments [Member] | Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						354,425
Allowance for Loans Losses and Unfunded Commitments [Member] | First Staunton Bancshares [Member]
Allowance for credit losses on loans
Provision for credit losses			2,722
Allowance for Loans Losses and Unfunded Commitments [Member] | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						131,147
Allowance for Loans Losses and Unfunded Commitments [Member] | PPP
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Recoveries	0		0
Net Charge offs	0		0
Gross up of allowance for PCD loans at acquisition			0
Allowance for credit losses on loans
Balance at beginning of period	531	0	0
Allowance for Credit Losses on Loans	607	0	0	$ 607	$ 531
Recoveries	0		0
Net Charge offs	0		0
Gross up of allowance for PCD loans at acquisition			0
Provision for credit losses	76		531
Balance at end of period	607		531
Percent of Loans				0.07%	0.07%
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	0		0
Net Charge offs	0		0
Allowance for Loans Losses and Unfunded Commitments [Member] | PPP | Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						0
Allowance for Loans Losses and Unfunded Commitments [Member] | PPP | First Staunton Bancshares [Member]
Allowance for credit losses on loans
Provision for credit losses			0
Allowance for Loans Losses and Unfunded Commitments [Member] | PPP | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						0
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and industrial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Recoveries	4,490		7,004
Net Charge offs	1,367		(73,316)
Gross up of allowance for PCD loans at acquisition			293
Allowance for credit losses on loans
Balance at beginning of period	165,105	103,409	103,409
Allowance for Credit Losses on Loans	165,105	103,409	165,105	$ 149,435	$ 165,105
Recoveries	4,490		7,004
Net Charge offs	1,367		(73,316)
Gross up of allowance for PCD loans at acquisition			293
Provision for credit losses	(17,037)		85,327
Balance at end of period	149,435		165,105
Percent of Loans				1.95%	2.14%
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(3,123)		(80,320)
Net Charge offs	1,367		(73,316)
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and industrial | Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						152,330
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and industrial | First Staunton Bancshares [Member]
Allowance for credit losses on loans
Provision for credit losses			469
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and industrial | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						48,921
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate — owner occupied
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Recoveries	4		147
Net Charge offs	4		(272)
Gross up of allowance for PCD loans at acquisition			890
Allowance for credit losses on loans
Balance at beginning of period	11,539	10,411	10,411
Allowance for Credit Losses on Loans	11,539	10,411	11,539	$ 12,090	$ 11,539
Recoveries	4		147
Net Charge offs	4		(272)
Gross up of allowance for PCD loans at acquisition			890
Provision for credit losses	547		2,102
Balance at end of period	12,090		11,539
Percent of Loans				1.37%	1.28%
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	0		(419)
Net Charge offs	4		(272)
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate — owner occupied | Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						8,560
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate — owner occupied | First Staunton Bancshares [Member]
Allowance for credit losses on loans
Provision for credit losses			259
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate — owner occupied | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						(1,851)
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and business lending
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Recoveries	4,494		7,151
Net Charge offs	1,370		(73,588)
Gross up of allowance for PCD loans at acquisition			1,183
Allowance for credit losses on loans
Balance at beginning of period	177,175	113,820	113,820
Allowance for Credit Losses on Loans	162,132	113,820	113,820	$ 162,132	$ 177,175
Recoveries	4,494		7,151
Net Charge offs	1,370		(73,588)
Gross up of allowance for PCD loans at acquisition			1,183
Provision for credit losses	(16,414)		87,961
Balance at end of period	162,132		177,175
Percent of Loans				1.73%	1.89%
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(3,123)		(80,739)
Net Charge offs	1,370		(73,588)
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and business lending | Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						160,890
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and business lending | First Staunton Bancshares [Member]
Allowance for credit losses on loans
Provision for credit losses			728
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial and business lending | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						47,070
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate — investor
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Recoveries	2,854		643
Net Charge offs	(5,886)		(22,277)
Gross up of allowance for PCD loans at acquisition			753
Allowance for credit losses on loans
Balance at beginning of period	94,071	41,044	41,044
Allowance for Credit Losses on Loans	94,071	41,044	94,071	$ 89,894	$ 94,071
Recoveries	2,854		643
Net Charge offs	(5,886)		(22,277)
Gross up of allowance for PCD loans at acquisition			753
Provision for credit losses	1,709		71,792
Balance at end of period	89,894		94,071
Percent of Loans				2.11%	2.17%
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(8,739)		(22,920)
Net Charge offs	(5,886)		(22,277)
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate — investor | Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						43,331
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate — investor | First Staunton Bancshares [Member]
Allowance for credit losses on loans
Provision for credit losses			474
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate — investor | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						2,287
Allowance for Loans Losses and Unfunded Commitments [Member] | Real estate construction
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Recoveries	31		49
Net Charge offs	29		31
Gross up of allowance for PCD loans at acquisition			435
Allowance for credit losses on loans
Balance at beginning of period	78,080	32,447	32,447
Allowance for Credit Losses on Loans	73,552	32,447	32,447	$ 73,552	$ 78,080
Recoveries	31		49
Net Charge offs	29		31
Gross up of allowance for PCD loans at acquisition			435
Provision for credit losses	(4,557)		18,816
Balance at end of period	73,552		78,080
Percent of Loans				3.91%	4.24%
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(3)		(19)
Net Charge offs	29		31
Allowance for Loans Losses and Unfunded Commitments [Member] | Real estate construction | Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						58,261
Allowance for Loans Losses and Unfunded Commitments [Member] | Real estate construction | First Staunton Bancshares [Member]
Allowance for credit losses on loans
Provision for credit losses			537
Allowance for Loans Losses and Unfunded Commitments [Member] | Real estate construction | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						25,814
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate lending
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Recoveries	2,885		692
Net Charge offs	(5,857)		(22,246)
Gross up of allowance for PCD loans at acquisition			1,188
Allowance for credit losses on loans
Balance at beginning of period	172,152	73,490	73,490
Allowance for Credit Losses on Loans	163,446	73,490	73,490	$ 163,446	$ 172,152
Recoveries	2,885		692
Net Charge offs	(5,857)		(22,246)
Gross up of allowance for PCD loans at acquisition			1,188
Provision for credit losses	(2,849)		90,608
Balance at end of period	163,446		172,152
Percent of Loans				2.66%	2.78%
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(8,742)		(22,938)
Net Charge offs	(5,857)		(22,246)
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate lending | Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						101,591
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate lending | First Staunton Bancshares [Member]
Allowance for credit losses on loans
Provision for credit losses			1,011
Allowance for Loans Losses and Unfunded Commitments [Member] | Commercial real estate lending | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						28,101
Allowance for Loans Losses and Unfunded Commitments [Member] | Total commercial
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Recoveries	7,379		7,844
Net Charge offs	(4,487)		(95,834)
Gross up of allowance for PCD loans at acquisition			2,371
Allowance for credit losses on loans
Balance at beginning of period	349,327	187,311	187,311
Allowance for Credit Losses on Loans	349,327	187,311	349,327	$ 325,578	$ 349,327
Recoveries	7,379		7,844
Net Charge offs	(4,487)		(95,834)
Gross up of allowance for PCD loans at acquisition			2,371
Provision for credit losses	(19,262)		178,569
Balance at end of period	325,578		349,327
Percent of Loans				2.10%	2.25%
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(11,865)		(103,677)
Net Charge offs	(4,487)		(95,834)
Allowance for Loans Losses and Unfunded Commitments [Member] | Total commercial | Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						262,482
Allowance for Loans Losses and Unfunded Commitments [Member] | Total commercial | First Staunton Bancshares [Member]
Allowance for credit losses on loans
Provision for credit losses			1,739
Allowance for Loans Losses and Unfunded Commitments [Member] | Total commercial | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						75,171
Allowance for Loans Losses and Unfunded Commitments [Member] | Residential mortgage
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Recoveries	134		500
Net Charge offs	(109)		(1,367)
Gross up of allowance for PCD loans at acquisition			651
Allowance for credit losses on loans
Balance at beginning of period	42,996	16,960	16,960
Allowance for Credit Losses on Loans	45,215	16,960	16,960	$ 45,215	$ 42,996
Recoveries	134		500
Net Charge offs	(109)		(1,367)
Gross up of allowance for PCD loans at acquisition			651
Provision for credit losses	2,328		(6,864)
Balance at end of period	45,215		42,996
Percent of Loans				0.59%	0.55%
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(243)		(1,867)
Net Charge offs	(109)		(1,367)
Allowance for Loans Losses and Unfunded Commitments [Member] | Residential mortgage | Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						50,175
Allowance for Loans Losses and Unfunded Commitments [Member] | Residential mortgage | First Staunton Bancshares [Member]
Allowance for credit losses on loans
Provision for credit losses			403
Allowance for Loans Losses and Unfunded Commitments [Member] | Residential mortgage | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						33,215
Allowance for Loans Losses and Unfunded Commitments [Member] | Home equity
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Recoveries	583		1,978
Net Charge offs	344		259
Gross up of allowance for PCD loans at acquisition			422
Allowance for credit losses on loans
Balance at beginning of period	21,967	11,964	11,964
Allowance for Credit Losses on Loans	21,967	11,964	21,967	$ 19,290	$ 21,967
Recoveries	583		1,978
Net Charge offs	344		259
Gross up of allowance for PCD loans at acquisition			422
Provision for credit losses	(3,021)		(5,358)
Balance at end of period	19,290		21,967
Percent of Loans				2.96%	3.11%
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(238)		(1,719)
Net Charge offs	344		259
Allowance for Loans Losses and Unfunded Commitments [Member] | Home equity | Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						26,204
Allowance for Loans Losses and Unfunded Commitments [Member] | Home equity | First Staunton Bancshares [Member]
Allowance for credit losses on loans
Provision for credit losses			440
Allowance for Loans Losses and Unfunded Commitments [Member] | Home equity | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						14,240
Allowance for Loans Losses and Unfunded Commitments [Member] | Other consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Recoveries	315		1,101
Net Charge offs	(511)		(3,689)
Gross up of allowance for PCD loans at acquisition			61
Allowance for credit losses on loans
Balance at beginning of period	17,187	7,044	7,044
Allowance for Credit Losses on Loans	13,631	7,044	7,044	$ 13,631	$ 17,187
Recoveries	315		1,101
Net Charge offs	(511)		(3,689)
Gross up of allowance for PCD loans at acquisition			61
Provision for credit losses	(3,044)		5,111
Balance at end of period	13,631		17,187
Percent of Loans				4.57%	5.49%
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(827)		(4,790)
Net Charge offs	(511)		(3,689)
Allowance for Loans Losses and Unfunded Commitments [Member] | Other consumer | Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						15,564
Allowance for Loans Losses and Unfunded Commitments [Member] | Other consumer | First Staunton Bancshares [Member]
Allowance for credit losses on loans
Provision for credit losses			140
Allowance for Loans Losses and Unfunded Commitments [Member] | Other consumer | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						8,520
Allowance for Loans Losses and Unfunded Commitments [Member] | Total consumer
Financing Receivable, Allowance for Credit Loss [Roll Forward]
Recoveries	1,031		3,579
Net Charge offs	(277)		(4,797)
Gross up of allowance for PCD loans at acquisition			1,134
Allowance for credit losses on loans
Balance at beginning of period	82,150	35,968	35,968
Allowance for Credit Losses on Loans	78,136	$ 35,968	35,968	$ 78,136	$ 82,150
Recoveries	1,031		3,579
Net Charge offs	(277)		(4,797)
Gross up of allowance for PCD loans at acquisition			1,134
Provision for credit losses	(3,738)		(7,112)
Balance at end of period	78,136		82,150
Percent of Loans				0.90%	0.92%
Allowance for Loan and Lease Losses [Roll Forward]
Charge offs	(1,308)		(8,376)
Net Charge offs	$ (277)		(4,797)
Allowance for Loans Losses and Unfunded Commitments [Member] | Total consumer | Cumulative Effect, Period Of Adoption, Adjusted Balance
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						91,943
Allowance for Loans Losses and Unfunded Commitments [Member] | Total consumer | First Staunton Bancshares [Member]
Allowance for credit losses on loans
Provision for credit losses			$ 983
Allowance for Loans Losses and Unfunded Commitments [Member] | Total consumer | Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Allowance for credit losses on loans
Allowance for Credit Losses on Loans						$ 55,975

XML

Loans Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Loans Information [Line Items]
Interest receivable	$ 86,466		$ 90,263
Financing Receivable, Nonaccrual, Interest Income	98	327
Recorded Investment, loans modified in troubled debt restructuring	$ 5,999	$ 4,899
Restructured Loans Subsequently Accruing	3,000
Ytd Restructured Loans Still On Nonaccrual	3,000
Loans and Finance Receivables [Member]
Loans Information [Line Items]
Interest receivable	64,000		66,000
Possible Liquidity Issues [Member]
Loans Information [Line Items]
Financing Receivable, Troubled Debt Restructuring	49,000		$ 68,000
Possible Liquidity Issues [Member] | Commercial And Industrial Financing Receivable [Member]
Loans Information [Line Items]
Financing Receivable, Troubled Debt Restructuring	36,000
Possible Liquidity Issues [Member] | Commercial Real Estate Portfolio [Member]
Loans Information [Line Items]
Financing Receivable, Troubled Debt Restructuring	$ 13,000

XML

Goodwill and Other Intangible Assets, Summary of Core Deposit and Other Intangibles (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Dec. 31, 2019
Summary of core deposit intangibles and other intangibles
Other intangible amortization	$ 2,236	$ 2,814
Core Deposit Intangibles
Summary of core deposit intangibles and other intangibles
Gross carrying amount at the beginning of the year			$ 88,109	$ 80,730
Additions during the period	0		7,379
Accumulated amortization	(23,408)		(21,205)
Net book value	64,701		66,904
Other intangible amortization	2,203		8,749
Other Intangibles
Summary of core deposit intangibles and other intangibles
Gross carrying amount at the beginning of the year			2,000	$ 38,970
Additions during the period	0		200
Accumulated amortization	(683)		(20,385)
Net book value	0		1,350
Other intangible amortization	33		1,443
Other Intangibles | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Summary of core deposit intangibles and other intangibles
Reductions due to sale	$ (1,317)		$ (17,435)

XML

Goodwill and Other Intangible Assets, Mortgage Servicing Rights Roll-Forward (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Mortgage servicing rights
Mortgage servicing rights at beginning of period	$ 59,967	$ 67,607
Additions from acquisition	0	1,357
Additions	3,348	13,667
Amortization	(6,388)	(22,664)
Mortgage servicing rights at end of period	56,927	59,967
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward]
Valuation allowance at beginning of period	(18,006)	(302)
(Additions) recoveries, net	10,578	(17,704)
Valuation allowance at end of period	(7,428)	(18,006)
Mortgage servicing rights, net	49,500	41,961
Fair value of mortgage servicing rights	49,541	41,990
Portfolio of residential mortgage loans serviced for others (“servicing portfolio”)	$ 7,313,308	$ 7,743,956
Mortgage servicing rights, net to servicing portfolio	0.68%	0.54%
Mortgage servicing rights expense(a)	$ (4,190)	$ 40,369

XML

Goodwill and Other Intangible Assets, Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Core Deposit Intangibles
Estimated future amortization expense
Nine Months Ending December 31, 2021	$ 6,608
Year ending December 31, 2022	8,811
Year ending December 31, 2023	8,811
Year ending December 31, 2024	8,811
Year ending December 31, 2025	8,811
Year ending December 31, 2026	8,811
Beyond 2026	14,038
Net book value	64,701	$ 66,904
Other Intangibles
Estimated future amortization expense
Net book value	0	$ 1,350
Mortgage Servicing Rights
Estimated future amortization expense
Nine Months Ending December 31, 2021	8,345
Year ending December 31, 2022	11,550
Year ending December 31, 2023	8,909
Year ending December 31, 2024	6,983
Year ending December 31, 2025	5,547
Year ending December 31, 2026	4,466
Beyond 2026	11,125
Net book value	$ 56,927

XML

Goodwill and Other Intangible Assets (Details Textuals) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Valuation Allowance for Impairment of Recognized Servicing Assets, Additions (Deductions) for Expenses (Recoveries)	$ (10,578)	$ 17,704
Goodwill [Line Items]
Goodwill	1,104,992	1,109,300
Other Intangibles | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member]
Goodwill [Line Items]
Decrease of other intangible assets	$ 1,317	$ 17,435

XML

Short and Long-Term Funding, FHLB Advances (Components of Short-term and Long-term Funding) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Short-term Funding [Abstract]
Federal funds purchased	$ 7,450	$ 7,070
Securities sold under agreements to repurchase	131,057	185,901
Federal funds purchased and securities sold under agreements to repurchase	138,507	192,971
Commercial paper	51,171	59,346
Total short-term funding	189,678	252,317
Long-Term Funding
Corporation subordinated notes, at par, due 2025	250,000	250,000
Finance lease liability	1,091	1,128
Capitalized costs	(1,362)	(1,663)
FHLB Advances - long-term
FHLB advances	1,629,966	1,632,723
Total long-term funding	2,179,694	2,182,188
Total short and long-term funding	2,369,372	2,434,505
Bank senior notes, at par, due 2021
Long-Term Funding
Senior notes	$ 300,000	$ 300,000

XML

Short and Long-Term Funding (Remaining Contractual Maturity of the Securities Sold Under Agreements to Repurchase) (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items]
Repurchase agreements	$ 131,057	$ 185,901
Overnight and Continuous
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items]
Repurchase agreements	131,057	185,901
Up to 30 days
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items]
Repurchase agreements	0	0
30-90 days
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items]
Repurchase agreements	0	0
Greater than 90 days
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items]
Repurchase agreements	0	0
Agency mortgage-related securities
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items]
Repurchase agreements	131,057	185,901
Agency mortgage-related securities | Overnight and Continuous
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items]
Repurchase agreements	131,057	185,901
Agency mortgage-related securities | Up to 30 days
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items]
Repurchase agreements	0	0
Agency mortgage-related securities | 30-90 days
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items]
Repurchase agreements	0	0
Agency mortgage-related securities | Greater than 90 days
RemainingContractualMaturityoftheSecuritiesSoldUnderAgreementtoRepurchase [Line Items]
Repurchase agreements	$ 0	$ 0

XML

Short and Long-Term Funding (Long-term Funding Narrative) (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended
	Aug. 13, 2018	Nov. 30, 2014	Mar. 31, 2021	Dec. 31, 2020
Long-Term Funding
Carrying Value of Securities Purchased under Agreements to Resell and Deposits Paid for Securities Borrowed			$ 192,000
Fixed Interest Rates, Finance Leases			1.00%
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances			$ 1,629,966	$ 1,632,723
Two Thousand Eighteen Senior Notes [Member] [Domain]
Long-Term Funding
Debt Instrument, Issuance Date Month, Year	August 2018
New Senior Debt Issued	$ 300,000
Debt Instrument, Maturity Date Month, Year	August 2021
Debt Instrument Call Date Earliest Month Year	July 2021
Debt Instrument, Interest Rate, Stated Percentage	3.50%
Two Thousand Fourteen Subordinated Notes
Long-Term Funding
Debt Instrument, Issuance Date Month, Year		November 2014
Junior Subordinated Debentures Issued		$ 250,000
Debt Instrument, Term		10 years
Debt Instrument, Maturity Date Month, Year		January 2025
Debt Instrument Call Date Earliest Month Year		October 2024
Subordinated Borrowing, Interest Rate		4.25%

XML

Derivative and Hedging Activities, Derivative Instruments Not Designated as Hedging Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value, Inputs, Level 3
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Derivative Asset	$ 4,255	$ 0
Derivatives (trading liabilities)	0	2,046
Fair Value, Inputs, Level 3 | Forward commitments (mortgage)
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Derivative Asset	4,255	0
Fair Value, Inputs, Level 2 | Interest rate-related instruments — customer and mirror | Fair Value, Measurements, Recurring
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Derivative Asset	121,020	192,518
Derivatives (trading liabilities)	28,382	25,680
Fair Value, Inputs, Level 2 | Commodity contracts | Fair Value, Measurements, Recurring
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Derivative Asset	5,808	12,486
Derivatives (trading liabilities)	5,098	11,155
Asset
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Derivatives (trading and other assets), fair value	141,043	219,537
Less: Legally enforceable master netting agreements	2,643	1,936
Less: Cash collateral pledged/received	1,581	10,879
Derivative Asset	136,819	206,722
Liability
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Derivatives (trading and other liabilities), fair value	36,308	43,716
Less: Legally enforceable master netting agreements	2,643	1,936
Less: Cash collateral pledged/received	17,583	25,625
Derivatives (trading liabilities)	16,082	16,155
Not designated as hedging instruments | Asset | Interest rate-related instruments — customer and mirror
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Notional Amount	3,654,732	3,639,679
Not designated as hedging instruments | Asset | Foreign currency exchange forwards
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Notional Amount	448,395	411,292
Not designated as hedging instruments | Asset | Commodity contracts
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Notional Amount	70,633	87,547
Not designated as hedging instruments | Asset | Mortgage banking(a)(b)
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Notional Amount	292,704	226,818
Not designated as hedging instruments | Liability | Interest rate-related instruments — customer and mirror
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Notional Amount	3,654,732	3,639,679
Not designated as hedging instruments | Liability | Foreign currency exchange forwards
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Notional Amount	439,381	398,890
Not designated as hedging instruments | Liability | Commodity contracts
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Notional Amount	70,758	83,214
Not designated as hedging instruments | Liability | Mortgage banking(a)(b)
Derivative Instruments Not Designated as Hedging Instruments [Abstract]
Notional Amount	$ 408,500	$ 335,500

XML

Derivative and Hedging Activities Income impact of Fair Value and Cash Flow Hedge (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Fair Value, Inputs, Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset	$ 4,255		$ 0
Derivatives (trading liabilities)	0		2,046
Interest rate lock commitments (mortgage) | Fair Value, Inputs, Level 2 | Fair Value, Measurements, Recurring
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset	3,044		4,909
Derivatives (trading liabilities)	2,828		4,836
Interest Rate Lock Commitments and Forward Commitments Total | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset	11,171
Mortgage banking(a)(b) | Fair Value, Inputs, Level 3 | Fair Value, Measurements, Recurring
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative Asset	6,917		9,624
Other Assets [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives (trading and other assets), fair value	141,043		219,537
Derivative Asset	136,819		206,722
Other Liabilities [Member]
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivatives (trading and other liabilities), fair value	36,308		43,716
Derivatives (trading liabilities)	16,082		$ 16,155
Interest Income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(485)	$ (322)
Other Income (Expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	(262)
Not Designated as Hedging Instrument, Economic Hedge [Member] | Interest Income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	(485)	(322)
Not Designated as Hedging Instrument, Economic Hedge [Member] | Other Income (Expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	(262)
Designated as Hedging Instrument | Interest Income
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	0	0
Designated as Hedging Instrument | Other Income (Expense)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Change in Unrealized Gain (Loss) on Hedged Item in Fair Value Hedge	$ 0	$ 0

XML

Derivative and Hedging Activities Derivative Impact on Perfomance (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Other Liabilities [Member]
Derivative Instruments
Derivatives (trading and other liabilities), fair value	$ 36,308		$ 43,716
Derivatives (trading liabilities)	16,082		16,155
Other Liabilities [Member] | Fair Value, Inputs, Level 2
Derivative Instruments
Derivatives (trading and other liabilities), fair value	36,308		41,671
Derivatives (trading liabilities)	36,308		$ 41,671
Capital markets, net | Interest rate-related instruments — customer and mirror, net
Derivative Instruments
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	2,938	$ (3,090)
Capital markets, net | Foreign currency exchange forwards
Derivative Instruments
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	143	(122)
Capital markets, net | Commodity contracts
Derivative Instruments
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(621)	746
Mortgage banking, net | Interest rate lock commitments (mortgage)
Derivative Instruments
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	(2,708)	9,928
Mortgage banking, net | Forward commitments (mortgage)
Derivative Instruments
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (6,300)	$ (10,262)

XML

Derivative and Hedging Activities (Details Textuals) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Investment securities and cash equivalents pledged as collateral	$ 67,000	$ 72,000
Derivative collateral right to reclaim cash	21,000	$ 31,000
Balance Sheet Recording of Fair Value Hedge [Line Items]
Forward commitment fair value	4,000
Designated as Hedging Instrument
Balance Sheet Recording of Fair Value Hedge [Line Items]
Derivative Liability Notional Amount, Terminated			$ 500,000
Underlying Hedged Asset, Amortized Cost Basis	534,000
Deferred (Gain) Loss on Discontinuation of Fair Value Hedge	$ 3,000

XML

Balance Sheet Offsetting (Details) - Interest Rate Contract - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Derivative assets
Gross Amounts Recognized	$ 4,496	$ 13,441
Derivative Liabilities Offset	(2,643)	(1,936)
Derivative Asset, Collateral, Obligation to Return Cash, Offset	(1,581)	(10,879)
Net Amounts Presented on the Consolidated Balance Sheets	272	626
Gross Amounts Not Offset on the Consolidated Balance Sheets	0	0
Net Amount	272	626
Derivative liabilities
Gross Amounts Recognized	20,393	27,951
Derivative Liability, Fair Value, Gross Asset	(2,643)	(1,936)
Derivative Liability, Collateral, Right to Reclaim Cash, Offset	(17,583)	(25,625)
Net Amounts Presented on the Consolidated Balance Sheets	167	390
Gross Amounts Not Offset on the Consolidated Balance Sheets	0	0
Net Amount	$ 167	$ 390

XML

Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters, Summary of Lending Related and Other Commitments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule of lending-related and other commitments [Line Items]
Lending related commitments, fair value	$ 0	$ 0
Commitments to extend credit, excluding commitments to originate residential mortgage loans held for sale(a)(b)
Summary of lending-related and other commitments
Lending related commitments	10,102,713	10,010,492
Commercial letters of credit(a)
Summary of lending-related and other commitments
Lending related commitments	7,301	3,642
Standby letters of credit(c)
Summary of lending-related and other commitments
Lending related commitments	247,473	$ 278,798
Standby letters of credit, fair value	$ 3,000

XML

Commitment, Changes in the Allowance for Unfunded Commitments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Jan. 01, 2020
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Balance at beginning of period	$ 47,776	$ 21,907
Off-Balance Sheet, Credit Loss, Liability	47,776	47,776
Provision for credit losses	3,000	7,000
Balance at end of period	$ 50,776	47,776
Cumulative Effect, Period Of Adoption, Adjusted Balance
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability			$ 40,597
First Staunton Bancshares [Member]
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Provision for credit losses		$ 179
Accounting Standards Update 2016-13 | Cumulative Effect, Period Of Adoption, Adjustment
Off-Balance Sheet, Credit Loss, Liability [Roll Forward]
Off-Balance Sheet, Credit Loss, Liability			$ 18,690

XML

Commitments, Off-Balance Sheet Arrangements, Legal Proceedings and Regulatory Matters (Details Textuals) - USD ($)	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items]
Off-Balance Sheet, Credit Loss, Liability	$ 50,776,000			$ 47,776,000	$ 21,907,000
Provision for credit losses	3,000,000			7,000,000
Expense Related to Qualified Affordable Housing Projects	8,000,000	$ 6,000,000
Remaining Investment in Qualified Affordable Housing Projects	277,000,000			268,000,000
Variable Interest Entity Reporting Entity Involvement Unfunded Obligation Amount	119,000,000			118,000,000
Qualified Affordable Housing Investments, Impairment Loss	0		$ 0
Loans Repurchased Under Make Whole Requests	$ 2,000,000			10,000,000
Loans Sold To Outside Investors Loss ReimbursementSettlement Paid	109 thousand		no
Loans Sold To Outside Investors Original Amount	$ 14,700,000,000
Loans Sold To Outside Investors Remaining Outstanding Amount	6,500,000,000
Mortgage Repurchase Reserve	1,000,000			2,000,000
Residential Mortgage Loans Sold With Recourse Risk	27,000,000			36,000,000
Residential Mortgage Loans Sold With Credit Recourse Risk	31,000,000			33,000,000
UnconsolidatedProjectsLowIncomeHousing [Member]
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items]
Other Investments	280,000,000			272,000,000
PrincipalInvestmentCommitment [Member]
Commitments, Off-Balance Sheet Arrangements, and Contingent Liabilities (Textuals) [Line Items]
Other Investments	$ 23,000,000			$ 25,000,000

XML

Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	$ 3,356,949	$ 3,085,441
Fair Value, Inputs, Level 1
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	53,693	26,531
Fair Value, Inputs, Level 2
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	3,303,257	3,058,910
Fair Value, Inputs, Level 3
Assets, Fair Value Disclosure [Abstract]
Trading assets	4,255	0
Liabilities, Fair Value Disclosure [Abstract]
Trading liabilities	0	2,046
Fair Value, Inputs, Level 3 | Forward commitments (mortgage)
Assets, Fair Value Disclosure [Abstract]
Trading assets	4,255	0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Other Debt And Other Equity Securities
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	1,684	1,661
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Total investment securities AFS
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	53,693	26,531
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | SBA
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities		8,584
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | FFELP
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	325,933	327,189
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Other Debt And Other Equity Securities
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	3,000	3,000
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Total investment securities AFS
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	3,303,257	3,058,910
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Residential loans held for sale
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	153,151	129,158
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Interest rate-related instruments — customer and mirror, net
Assets, Fair Value Disclosure [Abstract]
Trading assets	121,020	192,518
Liabilities, Fair Value Disclosure [Abstract]
Trading liabilities	28,382	25,680
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Foreign currency exchange forwards
Assets, Fair Value Disclosure [Abstract]
Trading assets	3,044	4,909
Liabilities, Fair Value Disclosure [Abstract]
Trading liabilities	2,828	4,836
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commodity contracts
Assets, Fair Value Disclosure [Abstract]
Trading assets	5,808	12,486
Liabilities, Fair Value Disclosure [Abstract]
Trading liabilities	5,098	11,155
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Mortgage banking(a)(b)
Assets, Fair Value Disclosure [Abstract]
Trading assets	6,917	9,624
FNMA / FHLMC | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial mortgage-related securities
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	94,349	22,904
FNMA / FHLMC | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Residential Related Securities
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	1,910,954	1,461,241
GNMA [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Commercial mortgage-related securities
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	389,411	524,756
GNMA [Member] | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Residential Related Securities
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	123,365	235,537
US Treasury Securities
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities		26,531
US Treasury Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	53,693	26,531
Obligations of state and political subdivisions (municipal securities)
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	433,182	450,662
Obligations of state and political subdivisions (municipal securities) | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	433,182	450,662
Agency Securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	14,904	25,038
SBA
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	8,160
SBA | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Assets, Fair Value Disclosure [Abstract]
Available-for-sale Securities	$ 8,160	$ 8,584

XML

Fair Value Measurements Financial Instruments Classified Within Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Interest rate lock commitments to originate residential mortgage loans held for sale
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning Balance	$ 9,624	$ 2,527
New production	16,629	72,659
Closed loans / settlements	(14,186)	(76,001)
Other	(5,151)	10,439
Mortgage derivative gain (loss)	(2,708)	7,097
Ending Balance	6,917	9,624
Forward commitments to sell residential mortgage loans
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning Balance	2,046	710
New production	(1,203)	(3,505)
Closed loans / settlements	2,501	(12,587)
Other	(7,598)	17,427
Mortgage derivative gain (loss)	(6,300)	1,335
Ending Balance	(4,255)	2,046
Total derivatives
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]
Beginning Balance	7,579	1,817
New production	17,832	76,164
Closed loans / settlements	(16,687)	(63,414)
Other	2,447	(6,988)
Mortgage derivative gain (loss)	3,593	5,762
Ending Balance	$ 11,171	$ 7,579

XML

Fair Value Measurements Equity Securities Without Readily Determinable Fair Values (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Equity Securities Without Readily Determinable Fair Value Amount [Roll Forward]
Carrying value as of December 31, 2020	$ 13,000
Additions	544
Carrying value as of March 31, 2021	14,000
Fair Value, Inputs, Level 3
Equity Securities Without Readily Determinable Fair Value Amount [Roll Forward]
Carrying value as of December 31, 2020	13,444
Carrying value changes	0
Carrying value as of March 31, 2021	13,989
Cumulative upward carrying value changes between January 1, 2018 and March 31, 2021	13,444
Cumulative downward carrying value changes/impairment between January 1, 2018 and March 31, 2021	$ 0

XML

Fair Value Measurements, Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis
Mortgage servicing rights	$ 49,541		$ 41,990
Mortgage banking, net	(10,578)	$ 9,098
Equity securities	14,000		13,000
Investment securities gains (losses), net	15,673		15,106
Fair Value, Inputs, Level 3
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis
Equity securities	13,989		13,444
Investment securities gains (losses), net	13,989		13,444
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis
OREO(b)	10,326		6,125
Other noninterest expense	3,681		3,747
Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3
Assets and Liabilities Measured at Fair Value on a Non-recurring Basis
Individually evaluated loans(a)	93,201		138,752
Provision for credit losses	(1,613)		97,519
Mortgage servicing rights	49,541		41,990
Mortgage banking, net	$ 10,578		$ (17,704)

XML

Fair Value Measurements Fair Value Unobservable Level 3 Measurements (Details) - Fair Value, Inputs, Level 3	3 Months Ended
	Mar. 31, 2021
Discounted Cash Flow | Mortgage Servicing Rights | Minimum
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate	9.00%
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Prepayment Speed	10.00%
Discounted Cash Flow | Mortgage Servicing Rights | Maximum
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate	14.00%
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Prepayment Speed	45.00%
Discounted Cash Flow | Mortgage Servicing Rights | Weighted Average [Member]
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate	9.00%
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Prepayment Speed	16.00%
Appraisals/Discounted Cash Flow | Impaired Finance Receivable | Minimum
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate	25.00%
Appraisals/Discounted Cash Flow | Impaired Finance Receivable | Maximum
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate	38.00%
Appraisals/Discounted Cash Flow | Impaired Finance Receivable | Weighted Average [Member]
Assumption for Fair Value as of Balance Sheet Date of Assets or Liabilities that relate to Transferor's Continuing Involvement [Line Items]
Assumption for Fair Value of Assets or Liabilities that relate to Transferor's Continuing Involvement, Discount Rate	34.00%

XML

Fair Value Measurements, Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Financial assets
Cash and due from banks	$ 356,285	$ 416,154
Interest-bearing deposits in other financial institutions	1,590,494	298,759
Federal funds sold and securities purchased under agreements to resell	0	1,135
Investment securities HTM, net	1,857,150	1,879,005
Investment securities held to maturity, fair value	1,972,541	2,028,943
Available-for-sale Securities	3,356,949	3,085,441
Equity securities with readily determinable fair values, Fair Value	2,000	2,000
Equity Securities without Readily Determinable Fair Value, Amount	14,000	13,000
Investment securities gains (losses), net	15,673	15,106
FHLB and Federal Reserve Bank stocks	168,281	168,280
Residential loans held for sale	153,151	129,158
Loans, net	23,809,389	24,068,022
Bank owned life insurance, fair value	680,831	679,647
Financial liabilities
Short-term funding	189,678	252,317
FHLB advances	1,629,966	1,632,723
Letters of Credit Outstanding, Amount	247,000	279,000
Total long-term funding	2,179,694	2,182,188
Fair Value, Inputs, Level 1
Financial assets
Investment securities HTM, net	1,000	999
Investment securities held to maturity, fair value	1,019	1,024
Available-for-sale Securities	53,693	26,531
Investment securities available for sale, fair value	53,693	26,531
Equity securities with readily determinable fair value, Carrying Amount	1,684	1,661
Equity securities with readily determinable fair values, Fair Value	1,684	1,661
Fair Value, Inputs, Level 2
Financial assets
Investment securities HTM, net	1,856,088	1,877,939
Investment securities held to maturity, fair value	1,971,459	2,027,852
Available-for-sale Securities	3,303,257	3,058,910
Investment securities available for sale, fair value	3,303,257	3,058,910
Financial liabilities
Brokered CDs and other time deposits	1,561,352	1,757,030
Brokered CDs and other time deposits, fair value	1,566,421	1,766,200
Short-term funding	189,678	252,317
Short-term funding, fair value	189,672	252,303
Long-term funding, fair value	576,183	578,233
Advances, Fair Value Disclosure	1,693,172	1,760,727
Standby letters of credit	2,549	2,731
Standby letters of credit, fair value	2,549	2,731
Total long-term funding	549,729	549,465
Fair Value, Inputs, Level 2 | Other Assets [Member]
Financial assets
Derivative Asset	129,872	209,913
Derivatives (trading and other assets), fair value	129,872	209,913
Fair Value, Inputs, Level 2 | Other Liabilities [Member]
Financial liabilities
Derivatives (trading liabilities)	36,308	41,671
Derivatives (trading and other liabilities), fair value	36,308	41,671
Fair Value, Inputs, Level 3
Financial assets
Equity Securities without Readily Determinable Fair Value, Amount	13,989	13,444
Investment securities gains (losses), net	13,989	13,444
Loans, net, fair value	23,723,543	24,012,738
Derivative Asset	4,255	0
Financial liabilities
Noninterest-bearing demand, savings, interest-bearing demand, and money market accounts	26,115,814	24,725,451
Noninterest-bearing demand, savings, interest-bearing demand, and money market deposits, fair value	26,115,814	24,725,451
Derivatives (trading liabilities)	0	2,046
Fair Value, Inputs, Level 3 | Mortgage banking(a)(b) | Fair Value, Measurements, Recurring
Financial assets
Derivative Asset	6,917	9,624
Fair Value, Inputs, Level 3 | Forward commitments (mortgage)
Financial assets
Derivative Asset	$ 4,255	$ 0

XML

Fair Value Measurements (Details Textuals)	3 Months Ended
	Mar. 31, 2021
Fair Value Measurements (Textuals) [Abstract]
Fair Value Inputs Closing Ratio	89.00%

XML

Retirement Plans, Components of Net Periodic Benefit Cost for the Pension and Postretirement Tables (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
RAP
Net period benefit cost for the pension and postretirement plans
Service cost	$ 2,075	$ 2,165
Interest cost	1,623	2,008
Expected return on plan assets	(6,430)	(6,405)
Amortization of prior service cost	(18)	(19)
Amortization of actuarial loss (gain)	1,050	808
Total net periodic pension cost	(1,701)	(1,444)
Postretirement Plan
Net period benefit cost for the pension and postretirement plans
Interest cost	13	20
Amortization of prior service cost	(19)	(19)
Total net periodic pension cost	$ (6)	$ 1

XML

Retirement Plans (Details Textuals) (Details) - USD ($) $ in Millions			3 Months Ended
	Feb. 15, 2020	Feb. 14, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
First Staunton Bancshares [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Effective Date of Acquisition		Feb. 14, 2020
Business Acquisition, Effective Date of Retirement Eligibility	Feb. 15, 2020
RAP
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]
Defined Benefit Plan, Description			The Corporation has a noncontributory defined benefit retirement account plan, the RAP, covering substantially all employees who meet participation requirements. The benefits are based primarily on years of service and the employee’s compensation paid. Employees of acquired entities generally participate in the RAP after consummation of the business combinations. Any retirement plans of acquired entities are typically merged into the RAP after completion of the mergers, and credit is usually given to employees for years of service at the acquired institution for vesting and eligibility purposes.
Defined Benefit Plan, Weighted Average Interest Crediting Rate			2.80%		2.80%
Defined Benefit Plan, Plan Assets, Contributions by Employer			$ 0	$ 0

XML

Segment Reporting (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Income Statement Data Abstract
Net interest income	$ 175,902	$ 202,942
Net intersegment interest income (expense)	0	0
Segment net interest income	175,902	202,942
Noninterest income(a)	95,343	98,306
Total revenue	271,245	301,248
Provision for credit losses	(23,004)	53,001
Noninterest expense	175,347	192,191
Income (loss) before income taxes	118,903	56,056
Income tax expense (benefit)	24,602	10,219
Net income	94,301	45,838
Segment Balance Sheet Data
Allocated goodwill	1,104,992	1,191,388
Operating Segments | Corporate and Commercial Specialty
Segment Income Statement Data Abstract
Net interest income	93,161	107,753
Net intersegment interest income (expense)	6,684	(10,726)
Segment net interest income	99,845	97,028
Noninterest income(a)	43,031	38,733
Total revenue	142,876	135,761
Provision for credit losses	17,509	12,172
Noninterest expense	57,725	54,304
Income (loss) before income taxes	67,642	69,284
Income tax expense (benefit)	12,649	12,940
Net income	54,993	56,344
Segment Balance Sheet Data
Allocated goodwill	525,836	530,144
Operating Segments | Community, Consumer, and Business
Segment Income Statement Data Abstract
Net interest income	68,275	74,927
Net intersegment interest income (expense)	12,875	18,665
Segment net interest income	81,150	93,592
Noninterest income(a)	46,128	53,350
Total revenue	127,278	146,942
Provision for credit losses	5,099	5,108
Noninterest expense	97,346	113,777
Income (loss) before income taxes	24,834	28,057
Income tax expense (benefit)	5,215	5,892
Net income	19,618	22,165
Segment Balance Sheet Data
Allocated goodwill	579,156	661,244
Operating Segments | Risk Management and Shared Services
Segment Income Statement Data Abstract
Net interest income	14,465	20,261
Net intersegment interest income (expense)	(19,559)	(7,939)
Segment net interest income	(5,094)	12,322
Noninterest income(a)	6,184	6,223
Total revenue	1,091	18,545
Provision for credit losses	(45,612)	35,720
Noninterest expense	20,275	24,110
Income (loss) before income taxes	26,427	(41,285)
Income tax expense (benefit)	6,737	(8,613)
Net income	19,690	(32,672)
Segment Balance Sheet Data
Allocated goodwill	$ 0	$ 0

XML

Segment Reporting (Details Textuals) $ in Millions	3 Months Ended
	Mar. 31, 2021 USD ($) segment
Segment Reporting [Abstract]
Number of Reportable Segments | segment	3
Whitnell
Segment Reporting [Abstract]
Gain (Loss) on Sale and Maturity of Other Investments, Before Tax	$ 2
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (Loss) on Sale and Maturity of Other Investments, Before Tax	$ 2

XML

Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	$ 12,618
Investment securities losses (gains), net	(75)	$ (80)
Personnel expense	(104,026)	(114,200)
Interest income	(518)	(556)
Total other comprehensive income (loss)	(16,811)	16,209
Ending Balance	(4,193)
Investment Securities AFS
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	41,325	3,989
Other comprehensive income (loss) before reclassifications	(23,979)	26,419
Investment securities losses (gains), net	39	(6,118)
Personnel expense	0	0
Other expense	0	0
Interest income	518	556
Income tax (expense) benefit	5,851	(5,225)
Total other comprehensive income (loss)	(17,571)	15,632
Ending Balance	23,754	19,620
Defined Benefit Pension and Postretirement Obligations
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	(28,707)	(37,172)
Other comprehensive income (loss) before reclassifications	0	0
Investment securities losses (gains), net	0	0
Personnel expense	(37)	(38)
Other expense	1,050	808
Interest income	0	0
Income tax (expense) benefit	(253)	(193)
Total other comprehensive income (loss)	760	577
Ending Balance	(27,947)	(36,595)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) [Roll Forward]
Beginning Balance	12,618	(33,183)
Other comprehensive income (loss) before reclassifications	(23,979)	26,419
Investment securities losses (gains), net	39	(6,118)
Personnel expense	(37)	(38)
Other expense	1,050	808
Interest income	518	556
Income tax (expense) benefit	5,598	(5,418)
Total other comprehensive income (loss)	(16,811)	16,209
Ending Balance	$ (4,193)	$ (16,974)

XML

Revenue from Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	$ 51,762	$ 71,348
Noninterest income (out-of-scope of Topic 606)	43,581	26,958
Total noninterest income	95,343	98,306
Insurance commissions and fees
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	76	22,608
Wealth management fees
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	22,414	20,816
Service charges and deposit account fees
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	14,855	15,222
Card-based fees(a)
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	9,764	9,607
Other revenue
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	4,653	3,096
Corporate and Commercial Specialty
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	28,463	25,036
Noninterest income (out-of-scope of Topic 606)	14,568	13,697
Corporate and Commercial Specialty | Insurance commissions and fees
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	24	76
Corporate and Commercial Specialty | Wealth management fees
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	22,414	20,106
Corporate and Commercial Specialty | Service charges and deposit account fees
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	4,905	3,551
Corporate and Commercial Specialty | Card-based fees(a)
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	435	515
Corporate and Commercial Specialty | Other revenue
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	685	788
Community, Consumer, and Business
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	22,889	46,235
Noninterest income (out-of-scope of Topic 606)	23,239	7,115
Community, Consumer, and Business | Insurance commissions and fees
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	50	22,529
Community, Consumer, and Business | Wealth management fees
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	0	710
Community, Consumer, and Business | Service charges and deposit account fees
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	9,935	11,665
Community, Consumer, and Business | Card-based fees(a)
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	9,325	9,045
Community, Consumer, and Business | Other revenue
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	3,579	2,286
Risk Management and Shared Services
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	409	77
Noninterest income (out-of-scope of Topic 606)	5,775	6,146
Risk Management and Shared Services | Insurance commissions and fees
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	2	3
Risk Management and Shared Services | Service charges and deposit account fees
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	15	5
Risk Management and Shared Services | Card-based fees(a)
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	4	47
Risk Management and Shared Services | Other revenue
Disaggregation of Revenue [Line Items]
Noninterest income (in-scope of Topic 606)	389	23
Operating Segments [Member] | Corporate and Commercial Specialty
Disaggregation of Revenue [Line Items]
Total noninterest income	43,031	38,733
Operating Segments [Member] | Community, Consumer, and Business
Disaggregation of Revenue [Line Items]
Total noninterest income	46,128	53,350
Operating Segments [Member] | Risk Management and Shared Services
Disaggregation of Revenue [Line Items]
Total noninterest income	$ 6,184	$ 6,223

XML

Leases Lease, Cost and Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Operating lease costs	$ 2,240	$ 2,623
Finance lease costs	39	36
Operating lease cash flows	2,963	2,731
Finance lease cash flows	$ 40	$ 21

XML

Leases Components of Lease Expense (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Operating lease right-of-use asset	$ 32,071	$ 31,994
Finance lease right-of-use asset	854	962
Operating lease liability	36,079	36,425
Finance lease liability	$ 1,091	$ 1,128

XML

Leases Operating Lease Information (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Total lease payments	$ 40,257	$ 40,806
Operating Lease, Weighted Average Remaining Lease Term	6 years 3 months 29 days	6 years 5 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	3.22%	3.27%
Finance Lease, Liability, Payment, Due	$ 1,105	$ 1,145
Finance Lease, Weighted Average Remaining Lease Term	1 year 4 months 24 days	1 year 7 months 24 days
Finance Lease, Weighted Average Discount Rate, Percent	1.05%	1.05%
Equipment
Lessee, Lease, Description [Line Items]
Total lease payments	$ 385	$ 386
Operating Lease, Weighted Average Remaining Lease Term	2 years 2 months 26 days	2 years 5 months 26 days
Operating Lease, Weighted Average Discount Rate, Percent	0.46%	0.46%
Retail and corporate offices
Lessee, Lease, Description [Line Items]
Total lease payments	$ 33,707	$ 34,036
Operating Lease, Weighted Average Remaining Lease Term	5 years 11 months 8 days	6 years 14 days
Operating Lease, Weighted Average Discount Rate, Percent	3.27%	3.33%
Land
Lessee, Lease, Description [Line Items]
Total lease payments	$ 6,165	$ 6,385
Operating Lease, Weighted Average Remaining Lease Term	8 years 9 months 29 days	8 years 11 months 26 days
Operating Lease, Weighted Average Discount Rate, Percent	3.10%	3.09%
Finance Lease, Liability, Payment, Due	$ 1,105	$ 1,145
Finance Lease, Weighted Average Remaining Lease Term	1 year 4 months 24 days	1 year 7 months 24 days
Finance Lease, Weighted Average Discount Rate, Percent	1.05%	1.05%

XML

Leases Amortization of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands

3 Months Ended

Mar. 31, 2021

Dec. 31, 2020

Leases [Abstract]

Amortization of operating lease liabilities

Contractual lease payment obligations for each of the next five years and thereafter, in addition to a reconciliation to the Corporation’s lease liability, were as follows:

($ in Thousands)	Operating Leases		Finance Leases		Total Leases
Nine Months Ending December 31, 2021	$	6,591	$	132	$	6,724
2022	7,111		973		8,084
2023	6,010		—		6,010
2024	5,274		—		5,274
2025	4,110		—		4,110
Beyond 2025	11,160		—		11,160
Total lease payments	$	40,257	$	1,105	$	41,362
Less: interest	4,178		14		4,192
Present value of lease payments	$	36,079	$	1,091	$	37,170

Operating Leases

Nine Months Ending December 31, 2021

$ 6,591

2021

7,111

2022

6,010

2023

5,274

2024

4,110

Beyond 2025

11,160

Total lease payments

40,257

$ 40,806

Less: interest

4,178

Present value of lease payments

36,079

36,425

Finance Leases

Nine Months Ending December 31, 2021

132

2022

973

2023

0

2024

0

2025

0

Beyond 2025

0

Total lease payments

1,105

1,145

Less: interest

14

Present value of lease payments

1,091

$ 1,128

Total Leases

Nine Months Ending December 31, 2021

6,724

2022

8,084

2023

6,010

2024

5,274

2025

4,110

Beyond 2025

11,160

Total lease payments

41,362

Less: interest

4,192

Present value of lease payments

$ 37,170

XML

Leases (Details Textuals) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Lessee, Lease, Description [Line Items]
Additional operating leases	$ 15	$ 17
Minimum
Lessee, Lease, Description [Line Items]
Operating lease terms	1 year
Additional operating lease terms	1 year
Maximum
Lessee, Lease, Description [Line Items]
Operating lease terms	42 years
Additional operating lease terms	6 years

XML

Label	Element	Value
Series C Preferred Stock [Member]
Preferred Stock, Dividends, Per Share, Cash Paid	us-gaap_PreferredStockDividendsPerShareCashPaid	$ 0.3828125
Preferred Stock, Dividends, Per Share, Cash Paid	us-gaap_PreferredStockDividendsPerShareCashPaid	0.3828125
Series D Preferred Stock [Member]
Preferred Stock, Dividends, Per Share, Cash Paid	us-gaap_PreferredStockDividendsPerShareCashPaid	0.3359375
Series E Preferred Stock [Member]
Preferred Stock, Dividends, Per Share, Cash Paid	us-gaap_PreferredStockDividendsPerShareCashPaid	$ 0.3671875