Loans and Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2021

Accounts Notes And Loans Receivable [Line Items]

Loans, Net of Unearned Income

The following table presents loans, net of unearned income, by portfolio class at March 31, 2021 and December 31, 2020.

	March 31,		December 31,
(in thousands)	2021		2020
Commercial non-real estate	$	10,091,342	$	9,986,983
Commercial real estate - owner occupied		2,795,104		2,857,445
Total commercial and industrial		12,886,446		12,844,428
Commercial real estate - income producing		3,411,028		3,357,939
Construction and land development		1,122,141		1,065,057
Residential mortgages		2,488,792		2,665,212
Consumer		1,756,452		1,857,295
Total loans	$	21,664,859	$	21,789,931

Allowance for Credit Losses by Portfolio Class

The following tables show activity in the allowance for credit losses by portfolio class for the three months ended March 31, 2021 and 2020, as well as the corresponding recorded investment in loans at the end of each period. Effective January 1, 2020, the Company adopted the provisions of Accounting Standards Codification (ASC) 326, “Financial Instruments – Credit Losses,” using a modified retrospective basis. ASC 326, commonly referred to as CECL, prescribed a change in computing allowance for credit losses from an incurred methodology to a life of loan methodology. The difference between the December 31, 2019 incurred allowance and the CECL allowance is reflected as a cumulative effect of change in accounting principle in the table below.

				Commercial			Total			Commercial
	Commercial			real estate-			commercial			real estate-			Construction
	non-real			owner			and			income			and land			Residential
(in thousands)	estate			occupied			industrial			producing			development			mortgages			Consumer			Total
	Three Months Ended March 31, 2021
Allowance for credit losses
Allowance for loan losses:
Beginning balance	$	149,693		$	69,134		$	218,827		$	109,474		$	26,462		$	48,842		$	46,572		$	450,177
Charge-offs		(17,512	)		(347	)	$	(17,859	)		(194	)		(248	)		(109	)		(3,694	)		(22,104	)
Recoveries		1,899			37		$	1,936			-			159			206			1,549			3,850
Net provision for loan losses		(5,144	)		(2,301	)	$	(7,445	)		6,899			(1,200	)		(6,420	)		603			(7,563	)
Ending balance - allowance for loan losses	$	128,936		$	66,523		$	195,459		$	116,179		$	25,173		$	42,519		$	45,030		$	424,360
Reserve for unfunded lending commitments:
Beginning balance	$	4,529		$	381		$	4,910		$	1,099		$	22,694		$	19		$	1,185		$	29,907
Provision for losses on unfunded commitments		2,642			131			2,773			439			(617	)		3			54			2,652
Ending balance - reserve for unfunded lending commitments		7,171			512			7,683			1,538			22,077			22			1,239			32,559
Total allowance for credit losses	$	136,107		$	67,035		$	203,142		$	117,717		$	47,250		$	42,541		$	46,269		$	456,919
Allowance for loan losses:
Individually evaluated	$	4,564		$	1,242		$	5,806		$	22		$	21		$	486		$	739		$	7,074
Collectively evaluated		124,372			65,281			189,653			116,157			25,152			42,033			44,291			417,286
Allowance for loan losses	$	128,936		$	66,523		$	195,459		$	116,179		$	25,173		$	42,519		$	45,030		$	424,360
Reserve for unfunded lending commitments:
Individually evaluated	$	190		$	51		$	241		$	—		$	—		$	—		$	-		$	241
Collectively evaluated		6,981			461			7,442			1,538			22,077			22			1,239			32,318
Reserve for unfunded lending commitments:	$	7,171		$	512		$	7,683		$	1,538		$	22,077		$	22		$	1,239		$	32,559
Total allowance for credit losses	$	136,107		$	67,035		$	203,142		$	117,717		$	47,250		$	42,541		$	46,269		$	456,919
Loans:
Individually evaluated	$	20,132		$	10,047		$	30,179		$	4,363		$	131		$	5,241		$	2,779		$	42,693
Collectively evaluated		10,071,210			2,785,057			12,856,267			3,406,665			1,122,010			2,483,551			1,753,673			21,622,166
Total loans	$	10,091,342		$	2,795,104		$	12,886,446		$	3,411,028		$	1,122,141		$	2,488,792		$	1,756,452		$	21,664,859

				Commercial			Total			Commercial
	Commercial			real estate-			commercial			real estate-			Construction
	non-real			owner			and			income			and land		Residential
(in thousands)	estate			occupied			industrial			producing			development		mortgages			Consumer			Total
	Three Months Ended March 31, 2020
Allowance for credit losses
Allowance for loan losses:
Beginning balance	$	106,432		$	10,977		$	117,409		$	20,869		$	9,350	$	20,331		$	23,292		$	191,251
Cumulative effect of change in accounting principle		(244	)		14,877			14,633			7,287			7,478		12,921			7,092			49,411
Charge-offs		(40,713	)		(514	)		(41,227	)		(830	)		—		(141	)		(5,540	)		(47,738	)
Recoveries		2,226			81			2,307			7			234		212			1,214			3,974
Net provision for loan losses		119,297			23,414			142,711			37,627			16,761		14,877			17,129			229,105
Ending balance - allowance for loan losses	$	186,998		$	48,835		$	235,833		$	64,960		$	33,823	$	48,200		$	43,187		$	426,003
Reserve for unfunded lending commitments:
Beginning balance	$	3,974		$	—		$	3,974		$	—		$	—	$	—		$	—		$	3,974
Cumulative effect of change in accounting principle		5,772			288			6,060			449			15,658		17			5,146			27,330
Provision for losses on unfunded commitments		5,182			289			5,471			280			13,205		—			(1,268	)		17,688
Ending balance - reserve for unfunded lending commitments		14,928			577			15,505			729			28,863		17			3,878			48,992
Total allowance for credit losses	$	201,926		$	49,412		$	251,338		$	65,689		$	62,686	$	48,217		$	47,065		$	474,995
Allowance for loan losses:
Individually evaluated for impairment	$	67,404		$	102		$	67,506		$	458		$	23	$	312		$	195		$	68,494
Collectively evaluated for impairment		119,594			48,733			168,327			64,502			33,800		47,888			42,992			357,509
Allowance for loan losses	$	186,998		$	48,835		$	235,833		$	64,960		$	33,823	$	48,200		$	43,187		$	426,003
Reserve for unfunded lending commitments:
Individually evaluated	$	7,215		$	—		$	7,215		$	—		$	—	$	—		$	—		$	7,215
Collectively evaluated		7,713			577			8,290			729			28,863		17			3,878			41,777
Reserve for unfunded lending commitments:		14,928			577			15,505			729			28,863		17			3,878			48,992
Total allowance for credit losses	$	201,926		$	49,412		$	251,338		$	65,689		$	62,686	$	48,217		$	47,065		$	474,995
Loans:
Individually evaluated for impairment	$	253,790		$	4,184		$	257,974		$	7,300		$	3,350	$	4,625		$	1,280		$	274,529
Collectively evaluated for impairment		9,067,550			2,727,136			11,794,686			3,225,483			1,095,376		2,975,360			2,150,247			21,241,152
Total loans	$	9,321,340		$	2,731,320		$	12,052,660		$	3,232,783		$	1,098,726	$	2,979,985		$	2,151,527		$	21,515,681

Composition of Nonaccrual Loans and Without an Allowance for Loan Loss by Portfolio Class

The following table shows the composition of nonaccrual loans and those without an allowance for loan loss, by portfolio class.   

		March 31,						December 31,
	2021							2020
(in thousands)		Total nonaccrual			Nonaccrual without allowance for loan loss			Total nonaccrual			Nonaccrual without allowance for loan loss
Commercial non-real estate	$		27,650	$		6,841	$		52,836	$		15,268
Commercial real estate - owner occupied			11,804			6,946			13,856			7,038
Total commercial and industrial			39,454			13,787			66,692			22,306
Commercial real estate - income producing			4,818			4,273			6,743			—
Construction and land development			1,689			—			2,486			1,116
Residential mortgages			40,715			1,603			40,573			1,705
Consumer			21,758			—			23,385			—
Total loans	$		108,434	$		19,663	$		139,879	$		25,127

Troubled Debt Restructurings Modified by Portfolio Class

The tables below detail by portfolio class TDRs that were modified during the three months ended March 31, 2021 and 2020. All such loans are individually evaluated for credit loss.

	Three Months Ended
($ in thousands)	March 31, 2021						March 31, 2020
			Pre- Modification		Post- Modification				Pre- Modification		Post- Modification
	Number		Outstanding		Outstanding		Number		Outstanding		Outstanding
	of		Recorded		Recorded		of		Recorded		Recorded
Troubled Debt Restructurings:	Contracts		Investment		Investment		Contracts		Investment		Investment
Commercial non-real estate		3	$	6,935	$	6,935		1	$	395	$	395
Commercial real estate - owner occupied		—		—		—		—		—		—
Total commercial and industrial		3		6,935		6,935		1		395		395
Commercial real estate - income producing		—		—		—		—		—		—
Construction and land development		—		—		—		—		—		—
Residential mortgages		1		210		210		1		256		256
Consumer		1		54		54		3		34		34
Total loans		5	$	7,199	$	7,199		5	$	685	$	685

Aging Analysis of Past Due Loans by Portfolio Class

The tables below present the aging analysis of past due loans by portfolio class at March 31, 2021 and December 31, 2020.

March 31, 2021	30-59 days past due		60-89 days past due		Greater than 90 days past due		Total past due		Current		Total Loans		Recorded investment > 90 days and still accruing
(in thousands)
Commercial non-real estate	$	7,175	$	1,484	$	24,690	$	33,349	$	10,057,993	$	10,091,342	$	4,474
Commercial real estate - owner occupied		2,777		499		9,036		12,312		2,782,792		2,795,104		—
Total commercial and industrial		9,952		1,983		33,726		45,661		12,840,785		12,886,446		4,474
Commercial real estate - income producing		914		1,441		5,426		7,781		3,403,247		3,411,028		775
Construction and land development		2,310		88		913		3,311		1,118,830		1,122,141		—
Residential mortgages		28,856		7,117		20,321		56,294		2,432,498		2,488,792		303
Consumer		6,036		1,916		11,212		19,164		1,737,288		1,756,452		1,340
Total	$	48,068	$	12,545	$	71,598	$	132,211	$	21,532,648	$	21,664,859	$	6,892

December 31, 2020	30-59 days past due		60-89 days past due		Greater than 90 days past due		Total past due		Current		Total Loans		Recorded investment > 90 days and still accruing
(in thousands)
Commercial non-real estate	$	7,963	$	2,564	$	39,530	$	50,057	$	9,936,926	$	9,986,983	$	583
Commercial real estate - owner occupied		1,525		753		13,663		15,941		2,841,504		2,857,445		955
Total commercial and industrial		9,488		3,317		53,193		65,998		12,778,430		12,844,428		1,538
Commercial real estate - income producing		1,494		798		5,744		8,036		3,349,903		3,357,939		182
Construction and land development		4,168		284		2,001		6,453		1,058,604		1,065,057		—
Residential mortgages		29,319		9,858		27,886		67,063		2,598,149		2,665,212		912
Consumer		12,215		5,012		11,714		28,941		1,828,354		1,857,295		729
Total	$	56,684	$	19,269	$	100,538	$	176,491	$	21,613,440	$	21,789,931	$	3,361

Credit Quality Indicators by Segment and Portfolio Class

The following table presents credit quality disclosures of amortized cost by class and vintage for term loans and by revolving and revolving converted to amortizing at March 31, 2021. The Company defines vintage as the later of origination, renewal or restructure date.

	Term Loans
	Amortized Cost Basis by Origination Year
		2021		2020		2019		2018		2017		Prior		Revolving Loans		Revolving Loans Converted to Term Loans		Total
Commercial Loans:
Pass		$	1,785,609	$	4,899,613	$	2,713,484	$	1,641,419	$	1,257,878	$	1,928,878	$	2,353,884	$	28,649	$	16,609,414
Pass-Watch			28,339		70,487		88,986		45,747		42,878		102,659		79,774		3,716		462,586
Special Mention			15,621		3,150		24,326		4,087		15,110		9,743		13,567		550		86,154
Substandard			9,571		73,499		41,404		20,353		47,528		34,410		33,912		784		261,461
Doubtful			—		—		—		—		—		—		—		—		—
Total Commercial Loans		$	1,839,140	$	5,046,749	$	2,868,200	$	1,711,606	$	1,363,394	$	2,075,690	$	2,481,137	$	33,699	$	17,419,615
Residential Mortgage and Consumer Loans:
Performing		$	106,606	$	410,414	$	465,522	$	369,198	$	489,147	$	1,179,718	$	1,154,507	$	4,138		4,179,250
Nonperforming			193		2,268		4,723		6,317		10,586		38,452		3,403		52		65,994
Total Consumer Loans		$	106,799	$	412,682	$	470,245	$	375,515	$	499,733	$	1,218,170	$	1,157,910	$	4,190	$	4,245,244

Total Commercial [Member]

Accounts Notes And Loans Receivable [Line Items]

Credit Quality Indicators by Segment and Portfolio Class

The following tables present the credit quality indicators by segment and portfolio class of loans held for investment at March 31, 2021 and December 31, 2020. The Company routinely assesses the ratings of loans in its portfolio through an established and comprehensive portfolio management process. In addition, the Company often examines portfolios of loans to determine if there are areas of risk not specifically identified in its loan by loan approach.

	March 31, 2021
(in thousands)	Commercial non-real estate		Commercial real estate - owner- occupied		Total commercial and industrial		Commercial real estate - income producing		Construction and land development		Total commercial
Grade:
Pass	$	9,623,336	$	2,601,254	$	12,224,590	$	3,282,794	$	1,102,030	$	16,609,414
Pass-Watch		263,754		106,179		369,933		80,597		12,056		462,586
Special Mention		56,639		19,152		75,791		4,374		5,989		86,154
Substandard		147,613		68,519		216,132		43,263		2,066		261,461
Doubtful		—		—		—		—		—		—
Total	$	10,091,342	$	2,795,104	$	12,886,446	$	3,411,028	$	1,122,141	$	17,419,615

	December 31, 2020
(in thousands)	Commercial non-real estate		Commercial real estate - owner- occupied		Total commercial and industrial		Commercial real estate - income producing		Construction and land development		Total commercial
Grade:
Pass	$	9,439,264	$	2,641,423	$	12,080,687	$	3,219,155	$	1,033,060	$	16,332,902
Pass-Watch		314,739		114,358		429,097		89,968		22,820		541,885
Special Mention		79,613		46,239		125,852		5,989		5,751		137,592
Substandard		153,367		55,425		208,792		42,827		3,426		255,045
Doubtful		—		—		—		—		—		—
Total	$	9,986,983	$	2,857,445	$	12,844,428	$	3,357,939	$	1,065,057	$	17,267,424

Residential Mortgage and Consumer [Member]

Accounts Notes And Loans Receivable [Line Items]

Credit Quality Indicators by Segment and Portfolio Class

	March 31, 2021						December 31, 2020
(in thousands)	Residential mortgage		Consumer		Total		Residential mortgage		Consumer		Total
Performing	$	2,445,620	$	1,733,630	$	4,179,250	$	2,622,422	$	1,832,885	$	4,455,307
Nonperforming		43,172		22,822		65,994		42,790		24,410		67,200
Total	$	2,488,792	$	1,756,452	$	4,245,244	$	2,665,212	$	1,857,295	$	4,522,507