Loans and Allowance for Credit Losses (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2021 and December 31, 2020.

	June 30,		December 31,
(in thousands)	2021		2020
Commercial non-real estate	$	9,532,710	$	9,986,983
Commercial real estate - owner occupied		2,809,868		2,857,445
Total commercial and industrial		12,342,578		12,844,428
Commercial real estate - income producing		3,419,028		3,357,939
Construction and land development		1,295,036		1,065,057
Residential mortgages		2,412,459		2,665,212
Consumer		1,679,429		1,857,295
Total loans	$	21,148,530	$	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 six months ended June 30, 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. For the six months ended June 30, 2020, the difference between the December 31, 2019 incurred allowance and the CECL allowance is reflected as a cumulative effect of change in accounting principle.

				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
	Six Months Ended June 30, 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		(28,932	)		(1,682	)		(30,614	)		(231	)		(256	)		(207	)		(6,618	)		(37,926	)
Recoveries		4,187			287			4,474			—			1,164			437			3,099			9,174
Net provision for loan losses		(12,425	)		(5,967	)		(18,392	)		14,537			(642	)		(12,607	)		(4,653	)		(21,757	)
Ending balance - allowance for loan losses	$	112,523		$	61,772		$	174,295		$	123,780		$	26,728		$	36,465		$	38,400		$	399,668
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		1,174			(73	)		1,101			244			(1,470	)		(6	)		(252	)		(383	)
Ending balance - reserve for unfunded lending commitments		5,703			308			6,011			1,343			21,224			13			933			29,524
Total allowance for credit losses	$	118,226		$	62,080		$	180,306		$	125,123		$	47,952		$	36,478		$	39,333		$	429,192
Allowance for loan losses:
Individually evaluated	$	2,675		$	669		$	3,344		$	21		$	21		$	437		$	204		$	4,027
Collectively evaluated		109,848			61,103			170,951			123,759			26,707			36,028			38,196			395,641
Allowance for loan losses	$	112,523		$	61,772		$	174,295		$	123,780		$	26,728		$	36,465		$	38,400		$	399,668
Reserve for unfunded lending commitments:
Individually evaluated	$	241		$	—		$	241		$	—		$	—		$	—		$	—		$	241
Collectively evaluated		5,462			308			5,770			1,343			21,224			13			933			29,283
Reserve for unfunded lending commitments:	$	5,703		$	308		$	6,011		$	1,343		$	21,224		$	13		$	933		$	29,524
Total allowance for credit losses	$	118,226		$	62,080		$	180,306		$	125,123		$	47,952		$	36,478		$	39,333		$	429,192
Loans:
Individually evaluated	$	13,642		$	7,079		$	20,721		$	4,018		$	129		$	6,347		$	2,663		$	33,878
Collectively evaluated		9,519,068			2,802,789			12,321,857			3,415,010			1,294,907			2,406,112			1,676,766			21,114,652
Total loans	$	9,532,710		$	2,809,868		$	12,342,578		$	3,419,028		$	1,295,036		$	2,412,459		$	1,679,429		$	21,148,530

				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
	Six Months Ended June 30, 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		(339,566	)		(1,706	)		(341,272	)		(1,501	)		(5	)		(141	)		(10,736	)		(353,655	)
Recoveries		3,299			107			3,406			46			451			761			2,543			7,207
Net provision for loan losses		375,050			37,211			412,261			71,210			13,965			23,479			27,509			548,424
Ending balance - allowance for loan losses	$	144,971		$	61,466		$	206,437		$	97,911		$	31,239		$	57,351		$	49,700		$	442,638
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		(2,900	)		427			(2,473	)		649			10,455			5			(3,369	)		5,267
Ending balance - reserve for unfunded lending commitments		6,846			715			7,561			1,098			26,113			22			1,777			36,571
Total allowance for credit losses	$	151,817		$	62,181		$	213,998		$	99,009		$	57,352		$	57,373		$	51,477		$	479,209
Allowance for loan losses:
Individually evaluated for impairment	$	12,619		$	1,237		$	13,856		$	457		$	55		$	477		$	377		$	15,222
Collectively evaluated for impairment		132,352			60,229			192,581			97,454			31,184			56,874			49,323			427,416
Allowance for loan losses	$	144,971		$	61,466		$	206,437		$	97,911		$	31,239		$	57,351		$	49,700		$	442,638
Reserve for unfunded lending commitments:
Individually evaluated	$	751		$	—		$	751		$	—		$	—		$	—		$	—		$	751
Collectively evaluated		6,095			715			6,810			1,098			26,113			22			1,777			35,820
Reserve for unfunded lending commitments:		6,846			715			7,561			1,098			26,113			22			1,777			36,571
Total allowance for credit losses	$	151,817		$	62,181		$	213,998		$	99,009		$	57,352		$	57,373		$	51,477		$	479,209
Loans:
Individually evaluated for impairment	$	89,314		$	9,982		$	99,296		$	6,222		$	1,007		$	5,710		$	3,970		$	116,205
Collectively evaluated for impairment		10,375,966			2,752,277			13,128,243			3,344,077			1,127,952			2,871,606			2,040,294			22,512,172
Total loans	$	10,465,280		$	2,762,259		$	13,227,539		$	3,350,299		$	1,128,959		$	2,877,316		$	2,044,264		$	22,628,377

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.   

		June 30,						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	$		19,124	$		5,275	$		52,836	$		15,268
Commercial real estate - owner occupied			8,115			5,489			13,856			7,038
Total commercial and industrial			27,239			10,764			66,692			22,306
Commercial real estate - income producing			5,061			3,932			6,743			—
Construction and land development			2,012			—			2,486			1,116
Residential mortgages			32,775			2,928			40,573			1,705
Consumer			16,464			1,583			23,385			—
Total loans	$		83,551	$		19,207	$		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 and six months ended June 30, 2021 and 2020. All such loans are individually evaluated for credit loss.

	Three Months Ended
($ in thousands)	June 30, 2021						June 30, 2020
Troubled Debt Restructurings:	Number of Contracts		Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment		Number of Contracts		Pre- Modification Outstanding Recorded Investment		Post- Modification Outstanding Recorded Investment
Commercial non-real estate		—	$	—	$	—		2	$	350	$	350
Commercial real estate - owner occupied		—		—		—		—		—		—
Total commercial and industrial		—		—		—		2		350		350
Commercial real estate - income producing		—		—		—		—		—		—
Construction and land development		—		—		—		1		15		15
Residential mortgages		1		109		132		8		1,810		1,810
Consumer		3		32		32		2		30		30
Total loans		4	$	141	$	164		13	$	2,205	$	2,205

	Six Months Ended
($ in thousands)	June 30, 2021						June 30, 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		3	$	745	$	745
Commercial real estate - owner occupied		—		—		—		—		—		—
Total commercial and industrial		3		6,935		6,935		3		745		745
Commercial real estate - income producing		—		—		—		—		—		—
Construction and land development		—		—		—		1		15		15
Residential mortgages		2		319		342		9		2,066		2,066
Consumer		4		86		86		5		64		64
Total loans		9	$	7,340	$	7,363		18	$	2,890	$	2,890

Aging Analysis of Past Due Loans by Portfolio Class

The tables below present the aging analysis of past due loans by portfolio class at June 30, 2021 and December 31, 2020.

June 30, 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	$	4,819	$	6,947	$	14,061	$	25,827	$	9,506,883	$	9,532,710	$	1,657
Commercial real estate - owner occupied		2,321		245		8,422		10,988		2,798,880		2,809,868		5,614
Total commercial and industrial		7,140		7,192		22,483		36,815		12,305,763		12,342,578		7,271
Commercial real estate - income producing		1,771		29		4,894		6,694		3,412,334		3,419,028		—
Construction and land development		370		358		1,313		2,041		1,292,995		1,295,036		23
Residential mortgages		3,052		4,314		21,404		28,770		2,383,689		2,412,459		755
Consumer		6,547		2,262		8,559		17,368		1,662,061		1,679,429		876
Total	$	18,880	$	14,155	$	58,653	$	91,688	$	21,056,842	$	21,148,530	$	8,925

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 June 30, 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		$	3,105,699	$	3,786,344	$	2,522,262	$	1,519,030	$	1,168,590	$	1,700,798	$	2,374,150	$	106,518	$	16,283,391
Pass-Watch			35,706		65,397		93,299		32,980		39,412		94,821		75,154		6,880		443,649
Special Mention			13,328		2,734		7,601		11,757		15,009		9,447		13,030		2,184		75,090
Substandard			34,137		57,537		46,726		17,937		45,110		25,747		22,488		4,830		254,512
Doubtful			—		—		—		—		—		—		—		—		—
Total Commercial Loans		$	3,188,870	$	3,912,012	$	2,669,888	$	1,581,704	$	1,268,121	$	1,830,813	$	2,484,822	$	120,412	$	17,056,642
Residential Mortgage and Consumer Loans:
Performing		$	238,432	$	429,863	$	433,925	$	314,469	$	417,118	$	1,063,622	$	1,135,616	$	6,421		4,039,466
Nonperforming			305		1,284		2,396		5,053		9,446		30,531		1,998		1,409		52,422
Total Consumer Loans		$	238,737	$	431,147	$	436,321	$	319,522	$	426,564	$	1,094,153	$	1,137,614	$	7,830	$	4,091,888

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 June 30, 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.

	June 30, 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	$	9,095,043	$	2,612,208	$	11,707,251	$	3,300,199	$	1,275,941	$	16,283,391
Pass-Watch		237,873		111,000		348,873		79,590		15,186		443,649
Special Mention		45,555		23,258		68,813		4,176		2,101		75,090
Substandard		154,239		63,402		217,641		35,063		1,808		254,512
Doubtful		—		—		—		—		—		—
Total	$	9,532,710	$	2,809,868	$	12,342,578	$	3,419,028	$	1,295,036	$	17,056,642

	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

	June 30, 2021						December 31, 2020
(in thousands)	Residential mortgage		Consumer		Total		Residential mortgage		Consumer		Total
Performing	$	2,377,581	$	1,661,885	$	4,039,466	$	2,622,422	$	1,832,885	$	4,455,307
Nonperforming		34,878		17,544		52,422		42,790		24,410		67,200
Total	$	2,412,459	$	1,679,429	$	4,091,888	$	2,665,212	$	1,857,295	$	4,522,507