Loans and Allowance for Credit Losses (Tables)

9 Months Ended

Sep. 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 September 30, 2021 and December 31, 2020.

	September 30,		December 31,
(in thousands)	2021		2020
Commercial non-real estate	$	9,416,990	$	9,986,983
Commercial real estate - owner occupied		2,812,926		2,857,445
Total commercial and industrial		12,229,916		12,844,428
Commercial real estate - income producing		3,467,939		3,357,939
Construction and land development		1,213,991		1,065,057
Residential mortgages		2,351,053		2,665,212
Consumer		1,623,116		1,857,295
Total loans	$	20,886,015	$	21,789,931

Allowance for Credit Losses by Portfolio Class

The following tables present activity in the allowance for credit losses (ACL) by portfolio class for the nine months ended September 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. 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 ACL activity for the nine months ended September 30, 2020.

				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
	Nine Months Ended September 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		(32,369	)		(1,722	)		(34,091	)		(231	)		(267	)		(218	)		(9,874	)		(44,681	)
Recoveries		6,579			363			6,942			100			1,548			933			4,636			14,159
Net provision for loan losses		(17,594	)		(10,642	)		(28,236	)		11,752			(5,167	)		(18,484	)		(7,999	)		(48,134	)
Ending balance - allowance for loan losses	$	106,309		$	57,133		$	163,442		$	121,095		$	22,576		$	31,073		$	33,335		$	371,521
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		(176	)		(131	)		(307	)		124			(383	)		(8	)		(387	)		(961	)
Ending balance - reserve for unfunded lending commitments		4,353			250			4,603			1,223			22,311			11			798			28,946
Total allowance for credit losses	$	110,662		$	57,383		$	168,045		$	122,318		$	44,887		$	31,084		$	34,133		$	400,467
Allowance for loan losses:
Individually evaluated	$	113		$	33		$	146		$	20		$	20		$	447		$	202		$	835
Collectively evaluated		106,196			57,100			163,296			121,075			22,556			30,626			33,133			370,686
Allowance for loan losses	$	106,309		$	57,133		$	163,442		$	121,095		$	22,576		$	31,073		$	33,335		$	371,521
Reserve for unfunded lending commitments:
Individually evaluated	$	—		$	—		$	—		$	—		$	—		$	—		$	—		$	—
Collectively evaluated		4,353			250			4,603			1,223			22,311			11			798			28,946
Reserve for unfunded lending commitments:	$	4,353		$	250		$	4,603		$	1,223		$	22,311		$	11		$	798		$	28,946
Total allowance for credit losses	$	110,662		$	57,383		$	168,045		$	122,318		$	44,887		$	31,084		$	34,133		$	400,467
Loans:
Individually evaluated	$	5,929		$	5,618		$	11,547		$	4,004		$	127		$	5,083		$	1,315		$	22,076
Collectively evaluated		9,411,061			2,807,308			12,218,369			3,463,935			1,213,864			2,345,970			1,621,801			20,863,939
Total loans	$	9,416,990		$	2,812,926		$	12,229,916		$	3,467,939		$	1,213,991		$	2,351,053		$	1,623,116		$	20,886,015

				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
	Nine Months Ended September 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		(364,123	)		(1,828	)		(365,951	)		(2,211	)		(7	)		(170	)		(13,640	)		(381,979	)
Recoveries		4,831			659			5,490			46			549			1,078			4,360			11,523
Net provision for loan losses		401,155			41,336			442,491			78,661			12,325			17,613			27,378			578,468
Ending balance - allowance for loan losses	$	148,051		$	66,021		$	214,072		$	104,652		$	29,695		$	51,773		$	48,482		$	448,674
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		(3,786	)		187			(3,599	)		1,599			6,046			(11	)		(3,813	)		222
Ending balance - reserve for unfunded lending commitments		5,960			475			6,435			2,048			21,704			6			1,333			31,526
Total allowance for credit losses	$	154,011		$	66,496		$	220,507		$	106,700		$	51,399		$	51,779		$	49,815		$	480,200
Allowance for loan losses:
Individually evaluated for impairment	$	27,304		$	1,344		$	28,648		$	24		$	169		$	416		$	456		$	29,713
Collectively evaluated for impairment		120,747			64,677			185,424			104,628			29,526			51,357			48,026			418,961
Allowance for loan losses	$	148,051		$	66,021		$	214,072		$	104,652		$	29,695		$	51,773		$	48,482		$	448,674
Reserve for unfunded lending commitments:
Individually evaluated	$	992		$	—		$	992		$	—		$	—		$	—		$	5		$	997
Collectively evaluated		4,968			475			5,443			2,048			21,704			6			1,328			30,529
Reserve for unfunded lending commitments:		5,960			475			6,435			2,048			21,704			6			1,333			31,526
Total allowance for credit losses	$	154,011		$	66,496		$	220,507		$	106,700		$	51,399		$	51,779		$	49,815		$	480,200
Loans:
Individually evaluated for impairment	$	73,139		$	11,124		$	84,263		$	5,549		$	1,837		$	6,064		$	3,924		$	101,637
Collectively evaluated for impairment		10,184,649			2,768,283			12,952,932			3,401,005			1,094,312			2,748,324			1,941,994			22,138,567
Total loans	$	10,257,788		$	2,779,407		$	13,037,195		$	3,406,554		$	1,096,149		$	2,754,388		$	1,945,918		$	22,240,204

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.   

		September 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	$		9,948	$		5,449	$		52,836	$		15,268
Commercial real estate - owner occupied			6,720			5,379			13,856			7,038
Total commercial and industrial			16,668			10,828			66,692			22,306
Commercial real estate - income producing			4,249			3,922			6,743			—
Construction and land development			1,238			—			2,486			1,116
Residential mortgages			25,964			1,598			40,573			1,705
Consumer			12,238			250			23,385			—
Total loans	$		60,357	$		16,598	$		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 nine months ended September 30, 2021 and 2020. All such loans are individually evaluated for credit loss.

	Three Months Ended
($ in thousands)	September 30, 2021						September 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		—	$	—	$	—		—	$	—	$	—
Commercial real estate - owner occupied		—		—		—		—		—		—
Total commercial and industrial		—		—		—		—		—		—
Commercial real estate - income producing		—		—		—		—		—		—
Construction and land development		—		—		—		—		—		—
Residential mortgages		1		196		196		5		1,358		1,358
Consumer		—		—		—		2		25		25
Total loans		1	$	196	$	196		7	$	1,383	$	1,383

	Nine Months Ended
($ in thousands)	September 30, 2021						September 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		3		515		538		14		3,424		3,424
Consumer		4		86		86		7		89		89
Total loans		10	$	7,536	$	7,559		25	$	4,273	$	4,273

Aging Analysis of Past Due Loans by Portfolio Class

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

September 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	$	5,623	$	2,100	$	14,568	$	22,291	$	9,394,699	$	9,416,990	$	7,228
Commercial real estate - owner occupied		5,761		762		1,548		8,071		2,804,855		2,812,926		142
Total commercial and industrial		11,384		2,862		16,116		30,362		12,199,554		12,229,916		7,370
Commercial real estate - income producing		1,175		1,474		5,441		8,090		3,459,849		3,467,939		1,346
Construction and land development		369		733		1,035		2,137		1,211,854		1,213,991		57
Residential mortgages		3,799		5,579		17,567		26,945		2,324,108		2,351,053		254
Consumer		13,750		3,108		7,331		24,189		1,598,927		1,623,116		943
Total	$	30,477	$	13,756	$	47,490	$	91,723	$	20,794,292	$	20,886,015	$	9,970

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 segment and vintage for term loans and by revolving and revolving converted to amortizing at September 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		$	3,916,476	$	3,333,009	$	2,308,701	$	1,374,599	$	1,105,917	$	1,520,061	$	2,582,321	$	105,856	$	16,246,940
Pass-Watch			40,835		59,789		71,484		31,238		22,528		82,569		47,600		15,253		371,296
Special Mention			15,346		3,105		6,857		11,061		19,648		8,613		11,841		1,296		77,767
Substandard			26,982		51,212		38,745		17,302		27,220		22,332		25,384		6,666		215,843
Doubtful			—		—		—		—		—		—		—		—		—
Total Commercial Loans		$	3,999,639	$	3,447,115	$	2,425,787	$	1,434,200	$	1,175,313	$	1,633,575	$	2,667,146	$	129,071	$	16,911,846
Residential Mortgage and Consumer Loans:
Performing		$	330,316	$	461,269	$	401,774	$	265,787	$	367,106	$	973,576	$	1,128,048	$	5,619	$	3,933,495
Nonperforming			433		1,101		1,902		3,599		5,614		25,114		1,424		1,487		40,674
Total Consumer Loans		$	330,749	$	462,370	$	403,676	$	269,386	$	372,720	$	998,690	$	1,129,472	$	7,106	$	3,974,169

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 September 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.

	September 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	$	9,032,981	$	2,659,738	$	11,692,719	$	3,363,503	$	1,190,718	$	16,246,940
Pass-Watch		204,260		68,660		272,920		79,328		19,048		371,296
Special Mention		46,263		24,878		71,141		4,739		1,887		77,767
Substandard		133,486		59,650		193,136		20,369		2,338		215,843
Doubtful		—		—		—		—		—		—
Total	$	9,416,990	$	2,812,926	$	12,229,916	$	3,467,939	$	1,213,991	$	16,911,846

	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

	September 30, 2021						December 31, 2020
(in thousands)	Residential mortgage		Consumer		Total		Residential mortgage		Consumer		Total
Performing	$	2,323,682	$	1,609,813	$	3,933,495	$	2,622,422	$	1,832,885	$	4,455,307
Nonperforming		27,371		13,303		40,674		42,790		24,410		67,200
Total	$	2,351,053	$	1,623,116	$	3,974,169	$	2,665,212	$	1,857,295	$	4,522,507