0001558370-23-008532 | 10-Q | XBRL Viewer

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CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Interest income
Loans and lease financing	$ 172,339	$ 103,732
Available-for-sale investment securities	18,688	32,107
Held-to-maturity investment securities	18,957
Other	3,561	782
Total interest income	213,545	136,621
Interest expense
Deposits	43,284	2,749
Short-term and long-term borrowings	2,563
Other	451
Total interest expense	46,298	2,749
Net interest income	167,247	133,872
Provision for credit losses	8,800	(5,747)
Net interest income after (provision) benefit for credit losses	158,447	139,619
Noninterest income
Service charges on deposit accounts	7,231	7,501
Credit and debit card fees	16,298	14,850
Other service charges and fees	9,162	9,654
Trust and investment services income	9,614	8,883
Bank-owned life insurance	5,120	(417)
Other	1,598	909
Total noninterest income	49,023	41,380
Noninterest expense
Salaries and employee benefits	56,032	48,226
Contracted services and professional fees	16,313	17,147
Occupancy	7,782	7,410
Equipment	9,736	5,977
Regulatory assessment and fees	3,836	2,224
Advertising and marketing	1,994	2,028
Card rewards program	8,085	6,883
Other	14,789	14,147
Total noninterest expense	118,567	104,042
Income before provision for income taxes	88,903	76,957
Provision for income taxes	22,085	19,238
Net income	$ 66,818	$ 57,719
Basic earnings per share (in dollars per share)	$ 0.52	$ 0.45
Diluted earnings per share (in dollars per share)	$ 0.52	$ 0.45
Basic weighted-average outstanding shares (in shares)	127,453,820	127,556,242
Diluted weighted-average outstanding shares (in shares)	128,033,812	128,121,126

Investment Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investment Securities

Schedule of amortized cost and fair value of securities


	March 31, 2023								December 31, 2022
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. Treasury and government agency debt securities	$	130,936	$	—	$	(10,708)	$	120,228	$	163,309	$	—	$	(12,327)	$	150,982
Government-sponsored enterprises debt securities		45,000		—		(675)		44,325		45,000		—		(699)		44,301
Mortgage-backed securities:
Residential - Government agency		65,261		—		(5,964)		59,297		66,792		—		(7,069)		59,723
Residential - Government-sponsored enterprises		1,276,130		—		(143,876)		1,132,254		1,317,718		—		(157,263)		1,160,455
Commercial - Government agency		281,009		—		(45,938)		235,071		282,700		—		(44,847)		237,853
Commercial - Government-sponsored enterprises		126,057		—		(9,290)		116,767		130,612		—		(11,039)		119,573
Commercial - Non-agency		21,964		—		(831)		21,133		21,964		—		(493)		21,471
Collateralized mortgage obligations:
Government agency		715,004		—		(78,402)		636,602		738,524		—		(85,202)		653,322
Government-sponsored enterprises		516,458		—		(65,266)		451,192		533,103		—		(70,971)		462,132
Collateralized loan obligations		249,889		—		(12,478)		237,411		249,877		50		(8,606)		241,321
Total available-for-sale securities	$	3,427,708	$	—	$	(373,428)	$	3,054,280	$	3,549,599	$	50	$	(398,516)	$	3,151,133

Government agency debt securities	$	54,386	$	—	$	(4,694)	$	49,692	$	54,318	$	—	$	(5,674)	$	48,644
Mortgage-backed securities:
Residential - Government agency		45,860		—		(5,716)		40,144		46,302		—		(6,294)		40,008
Residential - Government-sponsored enterprises		104,868		—		(11,607)		93,261		106,534		—		(12,978)		93,556
Commercial - Government agency		30,606		—		(5,544)		25,062		30,544		—		(5,229)		25,315
Commercial - Government-sponsored enterprises		1,147,009		111		(117,007)		1,030,113		1,150,449		—		(138,451)		1,011,998
Collateralized mortgage obligations:
Government agency		1,060,910		—		(104,573)		956,337		1,080,492		—		(122,378)		958,114
Government-sponsored enterprises		1,763,805		—		(181,013)		1,582,792		1,798,178		—		(207,045)		1,591,133
Debt securities issued by states and political subdivisions		53,917		—		(6,840)		47,077		53,822		—		(7,768)		46,054
Total held-to-maturity securities	$	4,261,361	$	111	$	(436,994)	$	3,824,478	$	4,320,639	$	—	$	(505,817)	$	3,814,822

Schedule of amortized cost and fair value of debt securities by contractual maturity


	March 31, 2023
	Amortized		Fair
(dollars in thousands)	Cost		Value
Available-for-sale securities
Due in one year or less	$	44,758	$	44,068
Due after one year through five years		60,529		57,863
Due after five years through ten years		177,638		165,278
Due after ten years		164,864		155,888
		447,789		423,097

Mortgage-backed securities:
Residential - Government agency		65,261		59,297
Residential - Government-sponsored enterprises		1,276,130		1,132,254
Commercial - Government agency		281,009		235,071
Commercial - Government-sponsored enterprises		126,057		116,767
Total mortgage-backed securities		1,748,457		1,543,389
Collateralized mortgage obligations:
Government agency		715,004		636,602
Government-sponsored enterprises		516,458		451,192
Total collateralized mortgage obligations		1,231,462		1,087,794
Total available-for-sale securities	$	3,427,708	$	3,054,280

Held-to-maturity securities
Due in one year or less	$	—	$	—
Due after one year through five years		—		—
Due after five years through ten years		10,232		9,141
Due after ten years		98,071		87,628
		108,303		96,769

Mortgage-backed securities:
Residential - Government agency		45,860		40,144
Residential - Government-sponsored enterprises		104,868		93,261
Commercial - Government agency		30,606		25,062
Commercial - Government-sponsored enterprises		1,147,009		1,030,113
Total mortgage-backed securities		1,328,343		1,188,580
Collateralized mortgage obligations:
Government agency		1,060,910		956,337
Government-sponsored enterprises		1,763,805		1,582,792
Total collateralized mortgage obligations		2,824,715		2,539,129
Total held-to-maturity securities	$	4,261,361	$	3,824,478

Schedule of gross unrealized losses and fair values of securities in a continuous loss position

Time in Continuous Loss as of March 31, 2023

Less Than 12 Months

12 Months or More

Total

Unrealized

(dollars in thousands)

Losses

Fair Value

Losses

Fair Value

Losses

Fair Value

U.S. Treasury and government agency debt securities

(505)

19,453

(10,203)

100,775

(10,708)

120,228

Government-sponsored enterprises debt securities

(675)

44,325

—

(675)

44,325

Mortgage-backed securities:

Residential - Government agency

—

(5,964)

59,297

(5,964)

59,297

Residential - Government-sponsored enterprises

(7,523)

176,840

(136,353)

955,414

(143,876)

1,132,254

Commercial - Government agency

(90)

4,453

(45,848)

230,618

(45,938)

235,071

Commercial - Government-sponsored enterprises

(1,647)

43,342

(7,643)

73,425

(9,290)

116,767

Commercial - Non-agency

(831)

21,133

—

(831)

21,133

Collateralized mortgage obligations:

Government agency

(1,047)

33,970

(77,355)

602,632

(78,402)

636,602

Government-sponsored enterprises

(2,445)

38,871

(62,821)

412,321

(65,266)

451,192

Collateralized loan obligations

(7,764)

155,133

(4,714)

75,278

(12,478)

230,411

Total available-for-sale securities with unrealized losses

(22,527)

537,520

(350,901)

2,509,760

(373,428)

3,047,280


	Time in Continuous Loss as of December 31, 2022
	Less Than 12 Months				12 Months or More				Total
	Unrealized				Unrealized				Unrealized
(dollars in thousands)	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
U.S. Treasury and government agency debt securities	$	(2,962)	$	83,870	$	(9,365)	$	67,112	$	(12,327)	$	150,982
Government-sponsored enterprises debt securities		(699)		44,301		—		—		(699)		44,301
Mortgage-backed securities:
Residential - Government agency		(7,069)		59,723		—		—		(7,069)		59,723
Residential - Government-sponsored enterprises		(73,954)		645,338		(83,309)		515,117		(157,263)		1,160,455
Commercial - Government agency		(15,852)		108,842		(28,995)		129,011		(44,847)		237,853
Commercial - Government-sponsored enterprises		(7,348)		94,657		(3,691)		24,916		(11,039)		119,573
Commercial - Non-agency		(493)		21,471		—		—		(493)		21,471
Collateralized mortgage obligations:
Government agency		(74,797)		596,907		(10,405)		56,415		(85,202)		653,322
Government-sponsored enterprises		(21,916)		198,108		(49,055)		264,024		(70,971)		462,132
Collateralized loan obligations:		(8,606)		170,042		—		—		(8,606)		170,042
Total available-for-sale securities with unrealized losses	$	(213,696)	$	2,023,259	$	(184,820)	$	1,056,595	$	(398,516)	$	3,079,854

Accumulated Other Comprehensive Income (Loss) (Tables)

3 Months Ended

Mar. 31, 2023

Accumulated Other Comprehensive Income (Loss)

Schedule of changes in accumulated other comprehensive income (loss)


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2022	$	(871,813)	$	232,559	$	(639,254)
Three months ended March 31, 2023
Investment securities:
Unrealized net gains arising during the period		25,038		(6,679)		18,359
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		11,708		(3,123)		8,585
Net change in investment securities		36,746		(9,802)		26,944
Cash flow derivative hedges:
Unrealized net losses arising during the period		(442)		118		(324)
Reclassification of net losses included in net income		1,303		(348)		955
Net change in cash flow derivative hedges		861		(230)		631
Other comprehensive income		37,607		(10,032)		27,575
Accumulated other comprehensive loss at March 31, 2023	$	(834,206)	$	222,527	$	(611,679)


			Income
	Pre-tax		Tax		Net of
(dollars in thousands)	Amount		Benefit		Tax
Accumulated other comprehensive loss at December 31, 2021	$	(165,967)	$	44,274	$	(121,693)
Three months ended March 31, 2022
Investment securities:
Unrealized net losses arising during the period		(538,085)		143,534		(394,551)
Net change in investment securities		(538,085)		143,534		(394,551)
Cash flow derivative hedges:
Unrealized net losses arising during the period		(1,716)		458		(1,258)
Net change in cash flow derivative hedges		(1,716)		458		(1,258)
Other comprehensive loss		(539,801)		143,992		(395,809)
Accumulated other comprehensive loss at March 31, 2022	$	(705,768)	$	188,266	$	(517,502)

Summary of changes in accumulated other comprehensive income (loss), net of tax



	Pensions								Accumulated
	and		Available-for-Sale		Held-to-Maturity		Cash Flow		Other
	Other		Investment		Investment		Derivative		Comprehensive
(dollars in thousands)	Benefits		Securities		Securities		Hedges		Income (Loss)
Three Months Ended March 31, 2023
Balance at beginning of period	$	(5,431)	$	(292,175)	$	(336,946)	$	(4,702)	$	(639,254)
Other comprehensive income		—		18,359		8,585		631		27,575
Balance at end of period	$	(5,431)	$	(273,816)	$	(328,361)	$	(4,071)	$	(611,679)

Three Months Ended March 31, 2022
Balance at beginning of period	$	(24,390)	$	(97,303)	$	—	$	—	$	(121,693)
Other comprehensive loss		—		(394,551)		—		(1,258)		(395,809)
Balance at end of period	$	(24,390)	$	(491,854)	$	—	$	(1,258)	$	(517,502)

Fair Value (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value

Schedule of assets and liabilities measured at fair value on a recurring basis

Fair Value Measurements as of March 31, 2023

Quoted Prices in

Significant

Active Markets for

Other

Significant

Identical Assets

Observable

Unobservable

(dollars in thousands)

(Level 1)

Inputs (Level 2)

Inputs (Level 3)

Total

Assets

U.S. Treasury and government agency debt securities

—

120,228

—

120,228

Government-sponsored enterprises debt securities

—

44,325

—

44,325

Mortgage-backed securities:

Residential - Government agency⁽¹⁾

—

59,297

—

59,297

Residential - Government-sponsored enterprises⁽¹⁾

—

1,132,254

—

1,132,254

Commercial - Government agency

—

235,071

—

235,071

Commercial - Government-sponsored enterprises

—

116,767

—

116,767

Commercial - Non-agency

—

21,133

—

21,133

Collateralized mortgage obligations:

Government agency

—

636,602

—

636,602

Government-sponsored enterprises

—

451,192

—

451,192

Collateralized loan obligations

—

237,411

—

237,411

Total available-for-sale securities

—

3,054,280

—

3,054,280

Other assets⁽²⁾

1,141

8,731

—

9,872

Liabilities

Other liabilities⁽³⁾

—

(35,861)

(1,200)

(37,061)

Total

1,141

3,027,150

(1,200)

3,027,091

(1)	Backed by residential real estate.

(2)	Other assets classified as Level 1 include money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets.

(3)	Other liabilities include derivative liabilities.

	Fair Value Measurements as of December 31, 2022
	Quoted Prices in		Significant
	Active Markets for		Other		Significant
	Identical Assets		Observable		Unobservable
(dollars in thousands)	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
Assets
U.S. Treasury and government agency debt securities	$	—	$	150,982	$	—	$	150,982
Government-sponsored enterprises debt securities		—		44,301		—		44,301
Mortgage-backed securities:
Residential - Government agency⁽¹⁾		—		59,723		—		59,723
Residential - Government-sponsored enterprises⁽¹⁾		—		1,160,455		—		1,160,455
Commercial - Government agency		—		237,853		—		237,853
Commercial - Government-sponsored enterprises		—		119,573		—		119,573
Commercial - Non-agency		—		21,471		—		21,471
Collateralized mortgage obligations:
Government agency		—		653,322		—		653,322
Government-sponsored enterprises		—		462,132		—		462,132
Collateralized loan obligations		—		241,321		—		241,321
Total available-for-sale securities		—		3,151,133		—		3,151,133
Other assets⁽²⁾		5,376		10,945		—		16,321
Liabilities
Other liabilities⁽³⁾		—		(49,268)		(851)		(50,119)
Total	$	5,376	$	3,112,810	$	(851)	$	3,117,335

(1)	Backed by residential real estate.

(2)	Other assets classified as Level 1 include mutual funds and money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets.

(3)	Other liabilities include derivative liabilities.

Summary of changes in Level 3 liabilities measured at fair value on a recurring basis


	Visa Derivative
(dollars in thousands)	2023		2022
Three Months Ended March 31,
Balance as of January 1,	$	(851)	$	(5,530)
Total net losses included in other noninterest income		(1,963)		(1,480)
Settlements		1,614		1,216
Balance as of March 31,	$	(1,200)	$	(5,794)
Total net losses included in net income attributable to the change in unrealized losses related to liabilities still held as of March 31,	$	(1,963)	$	(1,480)

Summary of estimated fair value of financial instruments not required to be carried at fair value on a recurring basis

March 31, 2023

Fair Value Measurements

Quoted Prices in

Significant

Active Markets

Other

Unobservable

for Identical

Observable

Inputs

(dollars in thousands)

Book Value

Assets (Level 1)

Inputs (Level 2)

(Level 3)

Total

Financial assets:

Cash and cash equivalents

865,592

253,705

611,887

—

865,592

Investment securities held-to-maturity

4,261,361

—

3,824,478

—

3,824,478

Loans⁽¹⁾

13,894,150

—

13,353,156

Financial liabilities:

Time deposits⁽²⁾

2,587,402

—

2,546,680

—

2,546,680

Short-term borrowings

250,000

—

249,991

—

249,991

Long-term borrowings

500,000

—

498,537

—

498,537


	December 31, 2022
			Fair Value Measurements
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Unobservable
			for Identical		Observable		Inputs
(dollars in thousands)	Book Value		Assets (Level 1)		Inputs (Level 2)		(Level 3)		Total
Financial assets:
Cash and cash equivalents	$	526,624	$	297,502	$	229,122	$	—	$	526,624
Investment securities held-to-maturity		4,320,639		—		3,814,822		—		3,814,822
Loans⁽¹⁾		13,793,922		—		—		13,138,787		13,138,787

Financial liabilities:
Time deposits⁽²⁾	$	2,476,050	$	—	$	2,423,231	$	—	$	2,423,231
Short-term borrowings		75,000		—		74,991		—		74,991

(1)	Excludes financing leases of $327.1 million at March 31, 2023 and $298.1 million at December 31, 2022.

(2)	Excludes deposit liabilities with no defined or contractual maturity of $18.7 billion as of March 31, 2023 and $19.2 billion as of December 31, 2022.

Significant unobservable inputs used in fair value measurements for Level 3 assets and liabilities measured at fair value on a recurring basis


	Quantitative Information about Level 3 Fair Value Measurements at March 31, 2023
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Visa derivative	$	(1,200)	Discounted Cash Flow	Expected Conversion Rate - 1.5991⁽¹⁾	1.5514-1.5991
				Expected Term - 3 months⁽²⁾	0 - 6 months
				Growth Rate - 26%⁽³⁾	10% - 38%


	Quantitative Information about Level 3 Fair Value Measurements at December 31, 2022
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Visa derivative	$	(851)	Discounted Cash Flow	Expected Conversion Rate - 1.5991⁽¹⁾	1.5514-1.5991
				Expected Term - 3 months⁽²⁾	0 - 6 months
				Growth Rate - 26%⁽³⁾	10% - 38%

(1)	Due to the uncertainty in the movement of the conversion rate, the current conversion rate was utilized in the fair value calculation.

(2)	The expected term of 3 months was based on the median of 0 to 6 months.

(3)	The growth rate was based on the arithmetic average of analyst price targets.

Noninterest Income and Noninterest Expense (Tables)

3 Months Ended

Mar. 31, 2023

Noninterest Income and Noninterest Expense

Schedule of components of net periodic benefit cost


	Income line item where recognized in	Pension Benefits				Other Benefits
(dollars in thousands)	the consolidated statements of income	2023		2022		2023		2022
Three Months Ended March 31,
Service cost	Salaries and employee benefits	$	—	$	—	$	147	$	215
Interest cost	Other noninterest expense		2,059		1,361		220		144
Expected return on plan assets	Other noninterest expense		(883)		(783)		—		—
Recognized net actuarial loss (gain)	Other noninterest expense		719		1,268		(379)		(101)
Total net periodic benefit cost		$	1,895	$	1,846	$	(12)	$	258

Regulatory Capital Requirements (Details) $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Common equity tier 1 capital to risk-weighted assets
Amount	$ 1,945,199	$ 1,912,767
Ratio (as a percent)	0.1197	0.1182
Minimum Capital Ratio (as a percent)	0.0450	0.0450
Well-Capitalized Ratio (as a percent)	0.0650	0.0650
Tier 1 capital to risk-weighted assets
Amount	$ 1,945,199	$ 1,912,767
Ratio (as a percent)	0.1197	0.1182
Minimum Capital Ratio (as a percent)	0.0600	0.0600
Well-Capitalized Ratio (percent)	0.0800	0.0800
Total capital to risk-weighted assets
Amount	$ 2,128,520	$ 2,090,502
Ratio (as a percent)	0.1309	0.1292
Minimum Capital Ratio (as a percent)	0.0800	0.0800
Well-Capitalized Ratio (as a percent)	0.1000	0.1000
Tier 1 capital to average assets (leverage ratio)
Amount	$ 1,945,199	$ 1,912,767
Ratio	0.0826	0.0811
Minimum Capital Ratio (as a percent)	0.0400	0.0400
Well-Capitalized Ratio (percent)	0.0500	0.0500
First Hawaiian Bank (FHB)
Common equity tier 1 capital to risk-weighted assets
Amount	$ 1,932,081	$ 1,895,693
Ratio (as a percent)	0.1189	0.1171
Tier 1 capital to risk-weighted assets
Amount	$ 1,932,081	$ 1,895,693
Ratio (as a percent)	0.1189	0.1171
Total capital to risk-weighted assets
Amount	$ 2,115,402	$ 2,073,428
Ratio (as a percent)	0.1301	0.1281
Tier 1 capital to average assets (leverage ratio)
Amount	$ 1,932,081	$ 1,895,693
Ratio	0.0821	0.0804

Noninterest Income and Noninterest Expense - Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Noninterest Income and Noninterest Expense
Operating lease income related to lease payments	$ 1.6	$ 1.5
Lease income related to variable lease payments	$ 1.8	$ 1.6

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 28, 2023
Cover page
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-14585
Entity Registrant Name	FIRST HAWAIIAN, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	99-0156159
Entity Address, Address Line One	999 Bishop Street, 29th Floor
Entity Address, City or Town	Honolulu
Entity Address, Postal Zip Code	96813
Local Phone Number	525-7000
City Area Code	808
Title of 12(b) Security	Common Stock
Trading Symbol	FHB
Security Exchange Name	NASDAQ
Entity Address, State or Province	HI
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		127,597,497
Current Fiscal Year End Date	--12-31
Entity Central Index Key	0000036377
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and due from banks	$ 253,705	$ 297,502
Interest-bearing deposits in other banks	611,887	229,122
Available-for-sale, at fair value (amortized cost: $3,427,708 as of March 31, 2023 and $3,549,599 as of December 31, 2022)	3,054,280	3,151,133
Held-to-maturity, at amortized cost (fair value: $3,824,478 as of March 31, 2023 and $3,814,822 as of December 31, 2022)	4,261,361	4,320,639
Loans and leases	14,221,272	14,092,012
Less: allowance for credit losses	147,122	143,900
Net loans and leases	14,074,150	13,948,112
Premises and equipment, net	278,121	280,355
Other real estate owned and repossessed personal property	91	91
Accrued interest receivable	79,200	78,194
Bank-owned life insurance	473,255	473,067
Goodwill	995,492	995,492
Mortgage servicing rights	6,299	6,562
Other assets	796,366	796,954
Total assets	24,884,207	24,577,223
Deposits:
Interest-bearing	12,579,155	12,824,383
Noninterest-bearing	8,702,345	8,864,646
Total deposits	21,281,500	21,689,029
Short-term borrowings	250,000	75,000
Long-term borrowings	500,000	0
Retirement benefits payable	101,622	102,577
Other liabilities	422,073	441,612
Total liabilities	22,555,195	22,308,218
Commitments and contingent liabilities (Note 13)
Stockholders' equity
Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 141,291,086 / 127,573,680 as of March 31, 2023; issued/outstanding: 140,963,918 / 127,363,327 as of December 31, 2022)	1,413	1,410
Additional paid-in capital	2,540,653	2,538,336
Retained earnings	769,791	736,544
Accumulated other comprehensive loss, net	(611,679)	(639,254)
Treasury stock (13,717,406 shares as of March 31, 2023 and 13,600,591 shares as of December 31, 2022)	(371,166)	(368,031)
Total stockholders' equity	2,329,012	2,269,005
Total liabilities and stockholders' equity	$ 24,884,207	$ 24,577,223

Regulatory Capital Requirements - Capital Conservation Buffer (Details)	Mar. 31, 2023	Dec. 31, 2022
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Effective CET1 capital to risk-weighted assets (as a percent)	0.1197	0.1182
Effective Tier 1 capital to risk-weighted assets (as a percent)	0.1197	0.1182
Effective total capital to risk-weighted assets (as a percent)	0.1309	0.1292
Capital conservation buffer
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items]
Effective CET1 capital to risk-weighted assets (as a percent)	0.07
Effective Tier 1 capital to risk-weighted assets (as a percent)	0.085
Effective total capital to risk-weighted assets (as a percent)	0.105
Capital requirements above regulatory rate (as a percent)	0.025

Allowance for Credit Losses - Rollforward of the Reserve for Unfunded Commitments (Details) - Reserve for unfunded commitments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	$ 33,835	$ 30,322
Provision	2,364	(1,364)
Reserve for unfunded commitments, ending balance	36,199	28,958
Commercial and Industrial
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	7,811	8,615
Provision	(658)	693
Reserve for unfunded commitments, ending balance	7,153	9,308
Commercial real estate
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	2,004	2,114
Provision	(312)	(325)
Reserve for unfunded commitments, ending balance	1,692	1,789
Construction
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	7,470	8,963
Provision	1,482	(917)
Reserve for unfunded commitments, ending balance	8,952	8,046
Residential Lending: Residential Mortgage
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	30	15
Provision	(13)	(12)
Reserve for unfunded commitments, ending balance	17	3
Home equity line
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	16,483	10,546
Provision	1,853	(780)
Reserve for unfunded commitments, ending balance	18,336	9,766
Consumer Portfolio Segment [Member]
Reserve for unfunded commitments:
Reserve for unfunded commitments, beginning balance	37	69
Provision	12	(23)
Reserve for unfunded commitments, ending balance	$ 49	$ 46

Revenue from Contracts with Customers - Contract Balances (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) item
Revenue from Contracts with Customers
Signing bonuses received from vendors, in prior years \| item			2
Contract liabilities	$ 2,500,000		$ 2,700,000
Increase in recognized revenues and contract liabilities	200,000	$ 300,000
Change in contract liabilities due to changes in transaction price estimates	$ 0	$ 0

Deposits - Interest-bearing or Noninterest-bearing (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
U.S.:
Interest-bearing	$ 11,681,158	$ 11,936,775
Noninterest-bearing	7,800,992	7,978,046
Foreign:
Interest-bearing	897,997	887,608
Noninterest-bearing	901,353	886,600
Total deposits	$ 21,281,500	$ 21,689,029

Loans and Leases (Tables)

3 Months Ended

Mar. 31, 2023

Loans and Leases.

Schedule of components of loans and leases


	March 31,		December 31,
(dollars in thousands)	2023		2022
Commercial and industrial	$	2,268,332	$	2,235,897
Commercial real estate		4,106,200		4,132,309
Construction		913,959		844,643
Residential:
Residential mortgage		4,318,742		4,302,788
Home equity line		1,095,365		1,055,351
Total residential		5,414,107		5,358,139
Consumer		1,191,552		1,222,934
Lease financing		327,122		298,090
Total loans and leases	$	14,221,272	$	14,092,012

Loans and Leases - Components (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Loans and leases
Loans and leases	$ 14,221,272	$ 14,092,012
Outstanding loan balances, deferred loan costs and fees	57,500	56,100
Accrued interest receivable related to loans and leases recorded separately	62,400	61,600
Consumer, commercial and industrial, commercial real estate and residential real estate loans pledged to collateralize the borrowing capacity at the FRB	1,600,000	1,700,000
Home equity line
Loans and leases
Loans and leases		1,055,351
Real estate
Loans and leases
Loans and leases	5,414,107	5,358,139
Commercial and Industrial
Loans and leases
Loans and leases	2,268,332	2,235,897
Commercial and Industrial \| Real estate
Loans and leases
Loans and leases	2,268,332	2,235,897
Commercial real estate
Loans and leases
Loans and leases	4,106,200	4,132,309
Commercial real estate \| Real estate
Loans and leases
Loans and leases	4,106,200	4,132,309
Construction
Loans and leases
Loans and leases	913,959	844,643
Construction \| Real estate
Loans and leases
Loans and leases	913,959	844,643
Residential mortgage
Loans and leases
Loans and leases	4,318,742	4,302,788
Properties in the process of foreclosure	3,200	2,800
Residential mortgage \| Home equity line
Loans and leases
Loans and leases	1,095,365
Home equity Line
Loans and leases
Loans and leases	1,095,365	1,055,351
Home equity Line \| Real estate
Loans and leases
Loans and leases	1,095,365	1,055,351
Consumer Portfolio Segment [Member]
Loans and leases
Loans and leases	1,191,552	1,222,934
Consumer Portfolio Segment [Member] \| Real estate
Loans and leases
Loans and leases	1,191,552	1,222,934
Lease financing
Loans and leases
Loans and leases	327,122	298,090
Asset Pledged as Collateral \| Federal Home Loan Bank \| Residential mortgage
Loans and leases
Loans and leases	$ 3,500,000	$ 3,500,000

Commitments and Contingent Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingent Liabilities

Schedule of financial instruments with off-balance sheet risk


	March 31,		December 31,
(dollars in thousands)	2023		2022
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit	$	6,825,318	$	6,760,395
Standby letters of credit		243,965		244,275
Commercial letters of credit		6,040		7,299

Mortgage Servicing Rights - Quantitative Assumptions Used for MSRs (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Minimum
Quantitative assumptions used in determining lower of cost or fair value of MSRs
Conditional prepayment rate (as a percent)	6.92%	7.02%
Life in years (of the MSR)	3 years 7 months 9 days	3 years 4 months 6 days
Weighted-average coupon rate (as a percent)	3.55%	3.55%
Discount rate (as a percent)	10.40%	10.41%
Maximum
Quantitative assumptions used in determining lower of cost or fair value of MSRs
Conditional prepayment rate (as a percent)	12.25%	13.58%
Life in years (of the MSR)	7 years 3 months 29 days	7 years 4 months 13 days
Weighted-average coupon rate (as a percent)	6.16%	6.24%
Discount rate (as a percent)	10.57%	10.54%
Weighted Average
Quantitative assumptions used in determining lower of cost or fair value of MSRs
Conditional prepayment rate (as a percent)	7.04%	7.11%
Life in years (of the MSR)	7 years 2 months 4 days	7 years 2 months 12 days
Weighted-average coupon rate (as a percent)	3.68%	3.68%
Discount rate (as a percent)	10.52%	10.51%

Derivative Financial Instruments - Clearinghouse Margin and Collateral (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Derivative contracts
Initial margin cash collateral posted	$ 1.5	$ 1.2
Interest rate swaps
Derivative contracts
Financial instruments pledged as collateral	19.2	29.9
Cash pledged as collateral	1.5	1.2
Received cash as collateral	39.1	48.1
Chicago Mercantile Exchange (CME) and London Clearing House (LCH)
Derivative contracts
Variation margin	$ 30.0	$ 39.2

Deposits

3 Months Ended

Mar. 31, 2023

Deposits

Deposits

7. Deposits

As of March 31, 2023 and December 31, 2022, deposits were categorized as interest-bearing or noninterest-bearing as follows:


(dollars in thousands)	March 31, 2023		December 31, 2022
U.S.:
Interest-bearing	$	11,681,158	$	11,936,775
Noninterest-bearing		7,800,992		7,978,046
Foreign:
Interest-bearing		897,997		887,608
Noninterest-bearing		901,353		886,600
Total deposits	$	21,281,500	$	21,689,029

The following table presents the maturity distribution of time certificates of deposit as of March 31, 2023:


	Under		$250,000
(dollars in thousands)	$250,000		or More		Total
Three months or less	$	186,517	$	447,744	$	634,261
Over three through six months		141,036		583,966		725,002
Over six through twelve months		395,557		427,780		823,337
One to two years		185,920		71,394		257,314
Two to three years		57,854		15,888		73,742
Three to four years		36,343		3,925		40,268
Four to five years		24,169		8,444		32,613
Thereafter		865		—		865
Total	$	1,028,261	$	1,559,141	$	2,587,402

Time certificates of deposit in denominations of $250,000 or more, in the aggregate, were $1.6 billion and $1.5 billion as of March 31, 2023 and December 31, 2022, respectively. Overdrawn deposit accounts are classified as loans and totaled $1.7 million and $2.5 million as of March 31, 2023 and December 31, 2022, respectively.

Allowance for Credit Losses - Loan Modified to Borrowers Experiencing Financial Difficulty (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	$ 794,000
Commitments to extend credit, standby letters of credit, and commercial letters of credit	7,100,000,000
30 - 59 Days Past Due
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	9,000
Total Past Due
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	9,000
Current
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	785,000
Commercial and Industrial
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	96,000
Commercial and Industrial \| Current
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	96,000
Construction
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	231,000
Construction \| Current
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	231,000
Commercial real estate
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	4,000
Commercial real estate \| Current
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	4,000
Residential mortgage
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	34,000
Residential mortgage \| Current
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	34,000
Consumer Portfolio Segment [Member]
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	429,000
Consumer Portfolio Segment [Member] \| 30 - 59 Days Past Due
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	9,000
Consumer Portfolio Segment [Member] \| Total Past Due
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	9,000
Consumer Portfolio Segment [Member] \| Current
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	420,000
Interest Rate Reduction
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	362,000
Amortized Cost Basis of Modified Loans That Subsequently Defaulted	10,000
Interest Rate Reduction \| Commercial real estate
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	$ 4,000
Reduced weighted-average contractual interest rate	0.75%
Interest Rate Reduction \| Consumer Portfolio Segment [Member]
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	$ 358,000
% of Total Class of Financing Receivable	$ 0.03
Reduced weighted-average contractual interest rate	13.51%
Amortized Cost Basis of Modified Loans That Subsequently Defaulted	$ 10,000
Term Extension
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	432,000
Term Extension \| Commercial and Industrial
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	$ 96,000
Added weighted-average years to the life of loans	3 years
Term Extension \| Construction
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	$ 231,000
% of Total Class of Financing Receivable	$ 0.03
Added weighted-average years to the life of loans	2 years 10 months 24 days
Term Extension \| Residential mortgage
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	$ 34,000
Added weighted-average years to the life of loans	5 years 10 months 24 days
Term Extension \| Consumer Portfolio Segment [Member]
Financing Receivable, Modifications [Line Items]
Amortized Cost Basis	$ 71,000
% of Total Class of Financing Receivable	$ 0.01
Added weighted-average years to the life of loans	4 years 7 months 6 days
Combination - Interest Rate Reduction and Term Extension
Financing Receivable, Modifications [Line Items]
Commitments to extend credit, standby letters of credit, and commercial letters of credit	$ 5,000,000.0

Transfers of Financial Assets - Carrying Amounts of Assets Pledged as Collateral, Borrowings and Other Transactions (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Financial Instruments Owned and Pledged as Collateral [Line Items]
In-substance debt defeasance	$ 0	$ 0
Carrying amounts of the assets pledged as collateral
Securities for reverse repurchase agreements	0	0
Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investment securities pledged as collateral	3,000,000	3,200,000
Assets pledged as collateral	8,052,960	8,297,830
Asset Pledged as Collateral \| Public deposits
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investment securities pledged as collateral	2,800,000	3,000,000
Public deposits \| Asset Pledged as Collateral with Right [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investment securities pledged as collateral	2,760,479	2,977,693
Federal Home Loan Bank Advances [Member]
Carrying amounts of the assets pledged as collateral
Borrowing capacity	1,700,000	2,500,000
Federal Home Loan Bank Advances [Member] \| Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Assets pledged as collateral	3,493,694	3,451,070
Federal Reserve Bank Advances [Member]
Carrying amounts of the assets pledged as collateral
Borrowing capacity	1,200,000	1,200,000
Federal Reserve Bank Advances [Member] \| Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Assets pledged as collateral	1,646,765	1,704,803
ACH transactions \| Asset Pledged as Collateral without Right [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Assets pledged as collateral	131,344	133,173
Interest rate swaps \| Asset Pledged as Collateral without Right [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Assets pledged as collateral	$ 20,678	$ 31,091

Noninterest Income and Noninterest Expense

3 Months Ended

Mar. 31, 2023

Benefit Plans

Noninterest Income and Noninterest Expense

16. Noninterest Income and Noninterest Expense

Benefit Plans

The following table sets forth the components of net periodic benefit cost for the Company’s pension and postretirement benefit plans for the three months ended March 31, 2023 and 2022:


	Income line item where recognized in	Pension Benefits				Other Benefits
(dollars in thousands)	the consolidated statements of income	2023		2022		2023		2022
Three Months Ended March 31,
Service cost	Salaries and employee benefits	$	—	$	—	$	147	$	215
Interest cost	Other noninterest expense		2,059		1,361		220		144
Expected return on plan assets	Other noninterest expense		(883)		(783)		—		—
Recognized net actuarial loss (gain)	Other noninterest expense		719		1,268		(379)		(101)
Total net periodic benefit cost		$	1,895	$	1,846	$	(12)	$	258

Leases

The Company recognized operating lease income related to lease payments of $1.6 million and $1.5 million for the three months ended March 31, 2023 and 2022, respectively. In addition, the Company recognized $1.8 million and $1.6 million of lease income related to variable lease payments for the three months ended March 31, 2023 and 2022, respectively.

Derivative Financial Instruments - Free-Standing (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Minimum
Derivative financial instruments
Derivative, Floating rate			4.62%
Maximum
Derivative financial instruments
Derivative, Floating rate			7.12%
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps
Derivative financial instruments
Notional Amount	$ 2,796,954		$ 2,849,776
Positive fair value, derivative asset			3,178
Negative fair value, derivative liability	30,043		$ 42,365
Net interest expense	$ 0	$ 0
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps \| Minimum
Derivative financial instruments
Derivative, Floating rate	5.14%
Fixed interest rate (as a percent)	2.39%		2.39%
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps \| Maximum
Derivative financial instruments
Derivative, Floating rate	7.66%
Fixed interest rate (as a percent)	5.78%		6.13%
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps \| Customer swap program
Derivative financial instruments
Notional Amount	$ 2,800,000		$ 2,800,000
Positive fair value, derivative asset			3,200
Negative fair value, derivative liability	30,000		$ 42,400
Upfront fees on the dealer swap	$ 100	$ 1,000

Fair Value - Unfunded Loan and Lease Commitments and Letters of Credit (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Unfunded loan and lease commitments and letters of credit
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit		$ 7,000,000
Fair Value, Inputs, Level 3 [Member]
Unfunded loan and lease commitments and letters of credit
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit	$ 7,100,000	7,000,000
Estimated fair value of unfunded loan and lease commitments and letters of credit	$ 50,900	$ 48,500

Earnings per Share

3 Months Ended

Mar. 31, 2023

Earnings per Share

Earnings per Share

15. Earnings per Share

For the three months ended March 31, 2023, the Company made no adjustments to net income for the purpose of computing earnings per share and there were 221,000 antidilutive securities. For the three months ended March 31, 2022, the Company made no adjustments to net income for the purposes of computing earnings per share and there were no antidilutive securities. For the three months ended March 31, 2023 and 2022, the computations of basic and diluted earnings per share were as follows:


	Three Months Ended March 31,
(dollars in thousands, except shares and per share amounts)	2023		2022
Numerator:
Net income	$	66,818	$	57,719

Denominator:
Basic: weighted-average shares outstanding		127,453,820		127,556,242
Add: weighted-average equity-based awards		579,992		564,884
Diluted: weighted-average shares outstanding		128,033,812		128,121,126

Basic earnings per share	$	0.52	$	0.45
Diluted earnings per share	$	0.52	$	0.45

Earnings per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings per Share

Schedule of computations of basic and diluted earnings per share


	Three Months Ended March 31,
(dollars in thousands, except shares and per share amounts)	2023		2022
Numerator:
Net income	$	66,818	$	57,719

Denominator:
Basic: weighted-average shares outstanding		127,453,820		127,556,242
Add: weighted-average equity-based awards		579,992		564,884
Diluted: weighted-average shares outstanding		128,033,812		128,121,126

Basic earnings per share	$	0.52	$	0.45
Diluted earnings per share	$	0.52	$	0.45

Allowance for Credit Losses - Past-Due Status (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financing Receivable, Recorded Investment, Past Due
Loans and leases	$ 14,221,272	$ 14,092,012
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	4,469	3,234
30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	34,923	46,065
60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	4,875	10,934
90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	13,037	9,698
Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	52,835	66,697
Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	14,168,437	14,025,315
Commercial and Industrial
Financing Receivable, Recorded Investment, Past Due
Loans and leases	2,268,332	2,235,897
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	461	291
Commercial and Industrial \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	2,766	2,682
Commercial and Industrial \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	5	769
Commercial and Industrial \| 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,617	1,441
Commercial and Industrial \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	4,388	4,892
Commercial and Industrial \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	2,263,944	2,231,005
Commercial real estate
Financing Receivable, Recorded Investment, Past Due
Loans and leases	4,106,200	4,132,309
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	1,346
Commercial real estate \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	3,421	4,505
Commercial real estate \| 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	2,073	727
Commercial real estate \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	5,494	5,232
Commercial real estate \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	4,100,706	4,127,077
Construction
Financing Receivable, Recorded Investment, Past Due
Loans and leases	913,959	844,643
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	102
Construction \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	901	109
Construction \| 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	102
Construction \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,003	109
Construction \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	912,956	844,534
Lease financing
Financing Receivable, Recorded Investment, Past Due
Loans and leases	327,122	298,090
Lease financing \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	24
Lease financing \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	24
Lease financing \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	327,098	298,090
Residential mortgage
Financing Receivable, Recorded Investment, Past Due
Loans and leases	4,318,742	4,302,788
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	58	58
Residential mortgage \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	893	3,681
Residential mortgage \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	2,355	1,983
Residential mortgage \| 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	4,399	2,572
Residential mortgage \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	7,647	8,236
Residential mortgage \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	4,311,095	4,294,552
Home equity Line
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,095,365	1,055,351
Home equity Line \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	4,149	5,161
Home equity Line \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	898	1,381
Home equity Line \| 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	2,343	2,072
Home equity Line \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	7,390	8,614
Home equity Line \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,087,975	1,046,737
Consumer Portfolio Segment [Member]
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,191,552	1,222,934
Loans and Leases Past Due 90 Days or More and Still Accruing Interest	2,502	2,885
Consumer Portfolio Segment [Member] \| 30 - 59 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	22,769	29,927
Consumer Portfolio Segment [Member] \| 60 - 89 Days Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,617	6,801
Consumer Portfolio Segment [Member] \| 90 Days or Greater Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	2,503	2,886
Consumer Portfolio Segment [Member] \| Total Past Due
Financing Receivable, Recorded Investment, Past Due
Loans and leases	26,889	39,614
Consumer Portfolio Segment [Member] \| Current
Financing Receivable, Recorded Investment, Past Due
Loans and leases	1,164,663	1,183,320
Residential Lending: Residential Mortgage
Financing Receivable, Recorded Investment, Past Due
Loans and leases		4,302,788
Home equity line
Financing Receivable, Recorded Investment, Past Due
Loans and leases		$ 1,055,351
Home equity line \| Residential mortgage
Financing Receivable, Recorded Investment, Past Due
Loans and leases	$ 1,095,365

Long-Term Borrowings

3 Months Ended

Mar. 31, 2023

Long-Term Borrowings

Long-Term Borrowings

9. Long-Term Borrowings

Long-term borrowings consisted of the following as of March 31, 2023 and December 31, 2022:


(dollars in thousands)	March 31, 2023		December 31, 2022
FHLB fixed-rate advances⁽¹⁾	$	500,000	$	—
Total long-term borrowings	$	500,000	$	—

(1)	Interest is payable monthly.

As of March 31, 2023, the Company’s long-term borrowings consisted of $500.0 million in FHLB fixed-rate advances with a weighted average interest rate of 4.71% and maturity dates in September 2024. The FHLB fixed-rate advances require monthly interest-only payments with the principal amount due on the maturity date. There were no long-term borrowings as of December 31, 2022. The FHLB fixed-rate advances and remaining borrowing capacity were secured by residential real estate loan collateral as of March 31, 2023 and December 31, 2022.

As of March 31, 2023, future contractual principal payments and maturities of long-term borrowings were as follows:


	Principal
(dollars in thousands)	Payments
2023	$	—
2024		500,000
2025		—
2026		—
2027		—
Total	$	500,000

Short-Term Borrowings

3 Months Ended

Mar. 31, 2023

Short-Term Borrowings

Short-Term Borrowings

8. Short-Term Borrowings

At March 31, 2023 and December 31, 2022, short-term borrowings were comprised of the following:


(dollars in thousands)	March 31, 2023		December 31, 2022
Federal funds purchased	$	—	$	75,000
Short-term FHLB repo advance		250,000		—
Total short-term borrowings	$	250,000	$	75,000

As of March 31, 2023, the Company’s short-term borrowings consisted of a $250.0 million short-term FHLB repo advance with a 5.00% annual interest rate that matured in April 2023. As of December 31, 2022, the Company’s short-term borrowings consisted of $75.0 million in federal funds purchased with a 4.35% annual interest rate that matured in January 2023. As of March 31, 2023 and December 31, 2022, the Company had a remaining line of credit of $1.7 billion and $2.5 billion available from the FHLB, respectively. The FHLB repo advance and remaining borrowing capacity were secured by residential real estate loan collateral as of March 31, 2023 and December 31, 2022. As of both March 31, 2023 and December 31, 2022, the Company had an undrawn line of credit of $1.2 billion available from the FRB. The borrowing capacity with the FRB was secured by consumer, commercial and industrial, commercial real estate and residential real estate loans as of March 31, 2023 and December 31, 2022. See “Note 6. Transfers of Financial Assets” for more information.


	Three Months Ended March 31,
(dollars in thousands)	2023			2022
Federal funds purchased:
Weighted-average interest rate at March 31,		—	%		—	%
Highest month-end balance	$	150,000		$	—
Average outstanding balance	$	67,056		$	—
Weighted-average interest rate paid		4.43	%		—	%
Short-term FHLB repo advance:
Weighted-average interest rate at March 31,		5.00	%		—	%
Highest month-end balance	$	250,000		$	—
Average outstanding balance	$	52,778		$	—
Weighted-average interest rate paid		5.02	%		—	%

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
Cash dividends declared (in dollars per share)	$ 0.26	$ 0.26

Allowance for Credit Losses (Tables)

3 Months Ended

Mar. 31, 2023

Allowance for Credit Losses

Schedule of activity in the allowance by class of loans and lease

Three Months Ended March 31, 2023

Commercial Lending

Residential Lending

Commercial

Home

and

Real

Lease

Residential

Equity

(dollars in thousands)

Industrial

Estate

Construction

Financing

Mortgage

Line

Consumer

Total

Allowance for credit losses:

Balance at beginning of period

14,564

43,810

5,843

1,551

35,175

8,296

34,661

143,900

Charge-offs

(791)

—

(122)

(135)

(4,782)

(5,830)

Recoveries

246

—

177

2,166

2,616

Provision

(3,499)

630

(70)

(760)

1,003

9,113

6,436

Balance at end of period

14,038

40,311

6,473

1,481

34,320

9,341

41,158

147,122


	Three Months Ended March 31, 2022
	Commercial Lending								Residential Lending
	Commercial		Commercial								Home
	and		Real				Lease		Residential		Equity
(dollars in thousands)	Industrial		Estate		Construction		Financing		Mortgage		Line		Consumer		Total
Allowance for credit losses:
Balance at beginning of period	$	20,080	$	42,951	$	9,773	$	1,659	$	34,364	$	5,642	$	42,793	$	157,262
Charge-offs		(706)		—		—		—		—		(43)		(4,109)		(4,858)
Recoveries		53		14		—		—		16		28		2,148		2,259
Provision		(267)		2,273		(865)		(297)		(3,492)		(543)		(1,192)		(4,383)
Balance at end of period	$	19,160	$	45,238	$	8,908	$	1,362	$	30,888	$	5,084	$	39,640	$	150,280

Schedule of activity in the Liability for Credit Losses for Off-Balance-Sheet Financial Instruments

Three Months Ended March 31, 2023

Commercial Lending

Residential Lending

Commercial

Home

and

Real

Lease

Residential

Equity

(dollars in thousands)

Industrial

Estate

Construction

Financing

Mortgage

Line

Consumer

Total

Reserve for unfunded commitments:

Balance at beginning of period

7,811

2,004

7,470

—

16,483

33,835

Provision

(658)

(312)

1,482

—

(13)

1,853

2,364

Balance at end of period

7,153

1,692

8,952

—

18,336

36,199


	Three Months Ended March 31, 2022
	Commercial Lending								Residential Lending
	Commercial		Commercial								Home
	and		Real				Lease		Residential		Equity
(dollars in thousands)	Industrial		Estate		Construction		Financing		Mortgage		Line		Consumer		Total
Reserve for unfunded commitments:
Balance at beginning of period	$	8,615	$	2,114	$	8,963	$	—	$	15	$	10,546	$	69	$	30,322
Provision		693		(325)		(917)		—		(12)		(780)		(23)		(1,364)
Balance at end of period	$	9,308	$	1,789	$	8,046	$	—	$	3	$	9,766	$	46	$	28,958

Schedule of amortized cost basis by year of origination and credit quality indicator

The amortized cost basis by year of origination and credit quality indicator of the Company’s loans and leases as of March 31, 2023 was as follows:

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

Amortized

(dollars in thousands)

2023

2022

2021

2020

2019

Prior

Cost Basis

Total

Commercial Lending

Commercial and Industrial

Risk rating:

Pass

66,587

338,534

412,459

48,560

167,698

178,991

921,651

13,566

2,148,046

Special Mention

152

16,591

202

994

2,526

1,548

2,557

283

24,853

Substandard

—

594

274

1,058

958

1,422

11,043

15,390

Other ⁽¹⁾

5,223

14,426

6,965

3,780

3,312

2,287

44,050

—

80,043

Total Commercial and Industrial

71,962

370,145

419,900

54,392

174,494

184,248

979,301

13,890

2,268,332

Current period gross charge-offs

—

711

—

791

Commercial Real Estate

Risk rating:

Pass

105,554

880,292

661,523

321,162

521,596

1,533,711

56,034

—

4,079,872

Special Mention

—

163

—

551

7,031

11,490

659

—

19,894

Substandard

—

172

—

5,808

305

—

6,285

Other ⁽¹⁾

—

149

—

149

Total Commercial Real Estate

105,554

880,455

661,523

321,885

528,627

1,551,158

56,998

—

4,106,200

Current period gross charge-offs

—

Construction

Risk rating:

Pass

15,219

152,263

333,608

89,515

103,855

141,243

20,349

—

856,052

Special Mention

—

213

—

213

Substandard

—

486

—

486

Other ⁽¹⁾

817

29,615

16,206

2,991

2,160

4,478

941

—

57,208

Total Construction

16,036

181,878

349,814

92,506

106,228

146,207

21,290

—

913,959

Current period gross charge-offs

—

Lease Financing

Risk rating:

Pass

51,664

99,102

22,653

42,081

37,333

72,254

—

325,087

Special Mention

—

388

—

470

Substandard

—

184

1,372

—

1,565

Total Lease Financing

51,664

99,102

23,041

42,347

37,342

73,626

—

327,122

Current period gross charge-offs

—

Total Commercial Lending

245,216

1,531,580

1,454,278

511,130

846,691

1,955,239

1,057,589

13,890

7,615,613

Current period gross charge-offs

—

711

—

791

(continued)


															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
(continued)													Amortized		Amortized
(dollars in thousands)	2023		2022		2021		2020		2019		Prior		Cost Basis		Cost Basis		Total
Residential Lending
Residential Mortgage
FICO:
740 and greater	$	61,686	$	550,291	$	1,044,555	$	546,035	$	235,535	$	1,057,166	$	—	$	—	$	3,495,268
680 - 739		11,937		75,088		118,790		86,202		35,379		145,363		—		—		472,759
620 - 679		2,776		11,464		17,424		9,946		9,243		36,678		—		—		87,531
550 - 619		—		2,613		2,865		2,447		825		12,487		—		—		21,237
Less than 550		—		530		2,445		1,498		275		7,276		—		—		12,024
No Score ⁽³⁾		4,909		19,766		14,573		6,773		10,494		61,168		—		—		117,683
Other ⁽²⁾		4,425		18,205		18,013		13,511		9,064		35,164		13,306		552		112,240
Total Residential Mortgage		85,733		677,957		1,218,665		666,412		300,815		1,355,302		13,306		552		4,318,742
Current period gross charge-offs		—		—		—		—		—		122		—		—		122

Home Equity Line
FICO:
740 and greater		—		—		—		—		—		—		824,038		1,304		825,342
680 - 739		—		—		—		—		—		—		190,187		2,440		192,627
620 - 679		—		—		—		—		—		—		52,239		1,728		53,967
550 - 619		—		—		—		—		—		—		12,734		1,566		14,300
Less than 550		—		—		—		—		—		—		5,370		661		6,031
No Score ⁽³⁾		—		—		—		—		—		—		3,098		—		3,098
Total Home Equity Line		—		—		—		—		—		—		1,087,666		7,699		1,095,365
Current period gross charge-offs		—		—		—		—		—		—		116		19		135

Total Residential Lending	$	85,733	$	677,957	$	1,218,665	$	666,412	$	300,815	$	1,355,302	$	1,100,972	$	8,251	$	5,414,107
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	122	$	116	$	19	$	257

Consumer Lending
FICO:
740 and greater		40,337		158,451		96,174		46,618		37,211		24,636		114,058		161		517,646
680 - 739		23,366		97,741		56,306		29,741		24,169		15,970		70,708		441		318,442
620 - 679		7,022		44,839		26,924		12,728		14,484		11,731		33,772		860		152,360
550 - 619		750		10,172		9,698		6,475		7,647		7,519		11,937		855		55,053
Less than 550		122		4,446		5,400		4,078		4,951		4,518		4,329		526		28,370
No Score ⁽³⁾		866		2,376		8		—		16		36		36,396		167		39,865
Other ⁽²⁾		76		1,588		4,060		348		1,136		—		72,608		—		79,816
Total Consumer Lending	$	72,539	$	319,613	$	198,570	$	99,988	$	89,614	$	64,410	$	343,808	$	3,010	$	1,191,552
Current period gross charge-offs	$	—	$	635	$	681	$	312	$	614	$	867	$	1,471	$	202	$	4,782

Total Loans and Leases	$	403,488	$	2,529,150	$	2,871,513	$	1,277,530	$	1,237,120	$	3,374,951	$	2,502,369	$	25,151	$	14,221,272
Current period gross charge-offs	$	—	$	695	$	681	$	312	$	634	$	1,700	$	1,587	$	221	$	5,830

(1)	Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score.

(2)	Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating.

(3)	No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

The amortized cost basis by year of origination and credit quality indicator of the Company’s loans and leases as of December 31, 2022 was as follows:

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

Amortized

(dollars in thousands)

2022

2021

2020

2019

2018

Prior

Cost Basis

Total

Commercial Lending

Commercial and Industrial

Risk rating:

Pass

359,881

422,567

54,656

170,222

51,476

137,257

894,384

15,715

2,106,158

Special Mention

2,059

240

1,371

2,643

184

1,431

22,897

378

31,203

Substandard

625

289

1,117

1,092

668

885

14,733

19,474

Other ⁽¹⁾

17,679

7,721

4,329

3,965

1,881

1,167

42,320

—

79,062

Total Commercial and Industrial

380,244

430,817

61,473

177,922

54,209

140,740

974,334

16,158

2,235,897

Commercial Real Estate

Risk rating:

Pass

889,583

695,882

319,838

565,587

395,474

1,173,163

48,081

—

4,087,608

Special Mention

170

—

555

14,878

512

11,398

675

—

28,188

Substandard

—

173

—

1,704

14,485

—

16,362

Other ⁽¹⁾

—

151

—

151

Total Commercial Real Estate

889,753

695,882

320,566

580,465

397,690

1,199,197

48,756

—

4,132,309

Construction

Risk rating:

Pass

124,464

261,536

96,423

97,000

88,973

84,704

25,957

—

779,057

Special Mention

—

221

—

221

Substandard

—

490

—

511

Other ⁽¹⁾

29,694

21,339

4,686

2,201

3,784

2,196

954

—

64,854

Total Construction

154,158

282,875

101,109

99,422

92,778

87,390

26,911

—

844,643

Lease Financing

Risk rating:

Pass

113,563

24,052

43,497

37,502

6,004

67,687

—

292,305

Special Mention

—

411

2,498

1,299

—

4,208

Substandard

—

197

1,357

—

1,577

Total Lease Financing

113,563

24,463

46,192

38,813

6,015

69,044

—

298,090

Total Commercial Lending

1,537,718

1,434,037

529,340

896,622

550,692

1,496,371

1,050,001

16,158

7,510,939

(continued)

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

(continued)

Amortized

(dollars in thousands)

2022

2021

2020

2019

2018

Prior

Cost Basis

Total

Residential Lending

Residential Mortgage

FICO:

740 and greater

557,636

1,064,444

560,463

245,241

165,258

920,100

—

3,513,142

680 - 739

73,929

112,672

82,416

40,355

22,126

130,508

—

462,006

620 - 679

12,320

13,804

9,881

3,649

3,054

35,441

—

78,149

550 - 619

2,455

2,246

1,791

263

601

6,955

—

14,311

Less than 550

—

1,321

367

—

966

5,304

—

7,958

No Score ⁽³⁾

22,289

14,671

6,820

10,599

15,921

47,245

—

117,545

Other ⁽²⁾

18,970

18,211

15,287

9,201

9,124

29,128

9,202

554

109,677

Total Residential Mortgage

687,599

1,227,369

677,025

309,308

217,050

1,174,681

9,202

554

4,302,788

Home Equity Line

FICO:

740 and greater

—

817,123

2,059

819,182

680 - 739

—

171,117

2,714

173,831

620 - 679

—

45,368

2,100

47,468

550 - 619

—

7,485

1,029

8,514

Less than 550

—

1,151

481

1,632

No Score ⁽³⁾

—

4,724

—

4,724

Total Home Equity Line

—

1,046,968

8,383

1,055,351

Total Residential Lending

687,599

1,227,369

677,025

309,308

217,050

1,174,681

1,056,170

8,937

5,358,139

Consumer Lending

FICO:

740 and greater

200,887

111,047

53,534

43,912

24,951

8,432

125,126

185

568,074

680 - 739

99,787

67,140

37,260

31,751

15,874

7,665

72,101

514

332,092

620 - 679

25,949

29,587

14,226

16,872

9,672

6,488

31,854

937

135,585

550 - 619

3,017

5,475

5,226

8,056

5,396

3,924

11,269

854

43,217

Less than 550

656

1,351

2,286

3,779

1,869

1,593

3,541

443

15,518

No Score ⁽³⁾

3,205

258

—

38,805

227

42,599

Other ⁽²⁾

1,615

4,082

353

1,368

—

78,430

85,849

Total Consumer Lending

335,116

218,940

112,885

105,789

57,786

28,131

361,126

3,161

1,222,934

Total Loans and Leases

2,560,433

2,880,346

1,319,250

1,311,719

825,528

2,699,183

2,467,297

28,256

14,092,012

(1)	Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score.

(2)	Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating.

(3)	No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

Schedule of aging analyses of past due loans and leases

March 31, 2023

Past Due

Loans and

Greater

Leases Past

Than or

Due 90 Days

30-59

60-89

Equal to

or More and

Days

90 Days

Total

Total Loans

Still Accruing

(dollars in thousands)

Past Due

Current

and Leases

Interest

Commercial and industrial

2,766

1,617

4,388

2,263,944

2,268,332

461

Commercial real estate

3,421

—

2,073

5,494

4,100,706

4,106,200

1,346

Construction

901

—

102

1,003

912,956

913,959

102

Lease financing

—

327,098

327,122

—

Residential mortgage

893

2,355

4,399

7,647

4,311,095

4,318,742

Home equity line

4,149

898

2,343

7,390

1,087,975

1,095,365

—

Consumer

22,769

1,617

2,503

26,889

1,164,663

1,191,552

2,502

Total

34,923

4,875

13,037

52,835

14,168,437

14,221,272

4,469


	December 31, 2022
	Past Due												Loans and
					Greater								Leases Past
					Than or								Due 90 Days
	30-59		60-89		Equal to								or More and
	Days		Days		90 Days		Total				Total Loans		Still Accruing
(dollars in thousands)	Past Due		Past Due		Past Due		Past Due		Current		and Leases		Interest
Commercial and industrial	$	2,682	$	769	$	1,441	$	4,892	$	2,231,005	$	2,235,897	$	291
Commercial real estate		4,505		—		727		5,232		4,127,077		4,132,309		—
Construction		109		—		—		109		844,534		844,643		—
Lease financing		—		—		—		—		298,090		298,090		—
Residential mortgage		3,681		1,983		2,572		8,236		4,294,552		4,302,788		58
Home equity line		5,161		1,381		2,072		8,614		1,046,737		1,055,351		—
Consumer		29,927		6,801		2,886		39,614		1,183,320		1,222,934		2,885
Total	$	46,065	$	10,934	$	9,698	$	66,697	$	14,025,315	$	14,092,012	$	3,234

Schedule of amortized cost basis of loans and leases on nonaccrual status


	March 31, 2023
	Nonaccrual
	Loans
	and Leases
	With No		Nonaccrual
	Allowance		Loans
(dollars in thousands)	for Credit Losses		and Leases
Commercial and industrial	$	633	$	1,158
Commercial real estate		727		727
Residential mortgage		1,551		6,896
Home equity line		596		4,903
Total Nonaccrual Loans and Leases	$	3,507	$	13,684


	December 31, 2022
	Nonaccrual
	Loans
	and Leases
	With No		Nonaccrual
	Allowance		Loans
(dollars in thousands)	for Credit Losses		and Leases
Commercial and industrial	$	665	$	1,215
Commercial real estate		727		727
Residential mortgage		1,560		6,166
Home equity line		596		3,797
Total Nonaccrual Loans and Leases	$	3,548	$	11,905

Schedule of loans modified to borrowers experiencing financial difficulty


		Interest Rate Reduction
		Three Months Ended
		March 31, 2023
		Amortized	% of Total Class
(dollars in thousands)		Cost Basis	of Financing Receivable
Commercial real estate	$	4	n/m	%
Consumer		358	0.03
Total	$	362	n/m	%

n/m – Represents less than 0.01% of total class of financing receivable.


		Term Extension
		Three Months Ended
		March 31, 2023
		Amortized	% of Total Class
(dollars in thousands)		Cost Basis	of Financing Receivable
Commercial and industrial	$	96	n/m	%
Construction		231	0.03
Residential mortgage		34	n/m
Consumer		71	0.01
Total	$	432	n/m	%

Schedule of financial effect of the modifications made to borrowers experiencing financial difficulty


		Interest Rate Reduction
		Financial Effect
		Three Months Ended March 31, 2023
Commercial real estate		Reduced weighted-average contractual interest rate by 0.75%.
Consumer		Reduced weighted-average contractual interest rate by 13.51%.


		Term Extension
		Financial Effect
		Three Months Ended March 31, 2023
Commercial and industrial		Added a weighted-average 3.0 years to the life of loans.
Construction		Added a weighted-average 2.9 years to the life of loans.
Residential mortgage		Added a weighted-average 5.9 years to the life of loans.
Consumer		Added a weighted-average 4.6 years to the life of loans.

Schedule of amortized cost basis of modified loans that subsequently defaulted


	Three Months Ended March 31, 2023
	Amortized Cost Basis of Modified Loans That Subsequently Defaulted
(dollars in thousands)	Interest Rate Reduction
Consumer	$	10
Total	$	10

Schedule of aging analysis of the amortized cost basis of the performance of loans that have been modified in the last 12 months


		March 31, 2023
		Past Due
						Greater Than
						or Equal to
		30-59 Days		60-89 Days		90 Days		Total
(dollars in thousands)		Past Due		Past Due		Past Due		Past Due		Current		Total
Commercial and industrial	$	—	$	—	$	—	$	—	$	96	$	96
Commercial real estate		—		—		—		—		4		4
Construction		—		—		—		—		231		231
Residential mortgage		—		—		—		—		34		34
Consumer		9		—		—		9		420		429
Total	$	9	$	—	$	—	$	9	$	785	$	794

Schedule of Receivables, Troubled Debt Restructurings by Creditors


	Three Months Ended
	March 31, 2022
	Number of	Recorded		Related
(dollars in thousands)	Contracts⁽¹⁾	Investment⁽²⁾		ACL
Consumer	144	$	1,759	$	202
Total	144	$	1,759	$	202

(1)	The number of contracts does not include TDRs that have been fully paid off, charged off, or foreclosed upon by the end of the period.

(2)	The recorded investment balances reflect all partial paydowns and charge-offs since the modification date and do not include TDRs that have been fully paid off, charged off, or foreclosed upon by the end of the period.

Schedule of TDRs that defaulted in period within 12 months of their permanent modification date


	Three Months Ended
	March 31, 2022
	Number of	Recorded
(dollars in thousands)	Contracts⁽¹⁾	Investment⁽²⁾
Commercial and industrial	1	$	216
Consumer	142		1,991
Total	143	$	2,207

(1)	The number of contracts does not include TDRs that have been fully paid off, charged off, or foreclosed upon by the end of the period.

(2)	The recorded investment balances reflect all partial paydowns and charge-offs since the modification date and do not include TDRs that have been fully paid off, charged off, or foreclosed upon by the end of the period.

Allowance for Credit Losses - Troubled Debt Restructuring Disclosures Prior to Adoption of ASU 2022-02 (Details) $ in Thousands	3 Months Ended	15 Months Ended
	Mar. 31, 2022 USD ($) item	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Troubled debt restructuring modifications
Number of Contracts \| item	144
Recorded Investment	$ 1,759
Related ACL	$ 202
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit			$ 7,000,000
Commitments related to borrowers who had loan terms modified in a TDR			100
Loans modified in TDRs that experienced a payment default
Number of Contracts, Defaulted TDRs	143
Recorded Investment, Defaulted TDRs	$ 2,207
Commercial and Industrial
Loans modified in TDRs that experienced a payment default
Number of Contracts, Defaulted TDRs \| item	1
Recorded Investment, Defaulted TDRs	$ 216
Consumer Portfolio Segment [Member]
Troubled debt restructuring modifications
Number of Contracts \| item	144
Recorded Investment	$ 1,759
Related ACL	$ 202
Loans modified in TDRs that experienced a payment default
Number of Contracts, Defaulted TDRs \| item	142
Recorded Investment, Defaulted TDRs	$ 1,991
Other real estate owned and repossessed personal property
Loans modified in TDRs that experienced a payment default
Number of foreclosed properties \| loan		1
Real estate property held from a foreclosed TDR		$ 100	100
Commitments to extend credit
Troubled debt restructuring modifications
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit		6,825,318	6,760,395
Standby letters of credit
Troubled debt restructuring modifications
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit		243,965	244,275
Commercial letters of credit
Troubled debt restructuring modifications
Aggregate commitments to extend credit, standby letters of credit and commercial letters of credit		$ 6,040	$ 7,299

Fair Value - Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Assets with fair value adjustments on a nonrecurring basis
Fair value	$ 0		$ 0
Assets, Fair Value Adjustment	$ 0	$ 0

Deposits (Tables)

3 Months Ended

Mar. 31, 2023

Deposits

Schedule of deposits by category


(dollars in thousands)	March 31, 2023		December 31, 2022
U.S.:
Interest-bearing	$	11,681,158	$	11,936,775
Noninterest-bearing		7,800,992		7,978,046
Foreign:
Interest-bearing		897,997		887,608
Noninterest-bearing		901,353		886,600
Total deposits	$	21,281,500	$	21,689,029

Schedule of maturity distribution of time certificates of deposit

The following table presents the maturity distribution of time certificates of deposit as of March 31, 2023:


	Under		$250,000
(dollars in thousands)	$250,000		or More		Total
Three months or less	$	186,517	$	447,744	$	634,261
Over three through six months		141,036		583,966		725,002
Over six through twelve months		395,557		427,780		823,337
One to two years		185,920		71,394		257,314
Two to three years		57,854		15,888		73,742
Three to four years		36,343		3,925		40,268
Four to five years		24,169		8,444		32,613
Thereafter		865		—		865
Total	$	1,028,261	$	1,559,141	$	2,587,402

Deposits - Maturity Distribution of Time Certificates of Deposits (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Maturity distribution of time certificates of deposit
Three months or less	$ 634,261
Over three through six months	725,002
Over six through twelve months	823,337
One to two years	257,314
Two to three years	73,742
Three to four years	40,268
Four to five years	32,613
Thereafter	865
Total	2,587,402
Under $250,000
Maturity distribution of time certificates of deposit
Three months or less	186,517
Over three through six months	141,036
Over six through twelve months	395,557
One to two years	185,920
Two to three years	57,854
Three to four years	36,343
Four to five years	24,169
Thereafter	865
Total	1,028,261
$250,000 or More
Maturity distribution of time certificates of deposit
Three months or less	447,744
Over three through six months	583,966
Over six through twelve months	427,780
One to two years	71,394
Two to three years	15,888
Three to four years	3,925
Four to five years	8,444
Total	$ 1,559,141

Deposits - Time Certificate Denominations and Overdrawn Accounts (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Deposits
Time certificates of deposit in denominations of $250,000 or more, in the aggregate	$ 1,600.0	$ 1,500.0
Overdrawn deposit accounts classified as loans	$ 1.7	$ 2.5

Long-Term Borrowings (Tables)

3 Months Ended

Mar. 31, 2023

Long-Term Borrowings

Schedule of components of long-term borrowings


(dollars in thousands)	March 31, 2023		December 31, 2022
FHLB fixed-rate advances⁽¹⁾	$	500,000	$	—
Total long-term borrowings	$	500,000	$	—

(1)	Interest is payable monthly.

Schedule of maturities of long-term borrowings


	Principal
(dollars in thousands)	Payments
2023	$	—
2024		500,000
2025		—
2026		—
2027		—
Total	$	500,000

Investment Securities

3 Months Ended

Mar. 31, 2023

Investment Securities

Investment Securities

2. Investment Securities

As of March 31, 2023 and December 31, 2022, investment securities consisted predominantly of the following investment categories:

U.S. Treasury and debt securities – includes U.S. Treasury notes and debt securities issued by government agencies and government-sponsored enterprises.

Mortgage-backed securities – includes securities backed by notes or receivables secured by mortgage assets with cash flows based on actual or scheduled payments.

Collateralized mortgage obligations – includes securities backed by a pool of mortgages with cash flows distributed based on certain rules rather than pass through payments.

Collateralized loan obligations – includes structured debt securities backed by a pool of loans, consisting of primarily non-investment grade broadly syndicated corporate loans with additional credit enhancement. These are floating rate securities that have an investment grade rating of AA or better.

Debt securities issued by states and political subdivisions – includes general obligation bonds issued by state and local governments.

As of March 31, 2023 and December 31, 2022, the Company’s investment securities were classified as either available-for-sale or held-to-maturity. Amortized cost and fair value of securities as of March 31, 2023 and December 31, 2022 were as follows:


	March 31, 2023								December 31, 2022
	Amortized		Unrealized		Unrealized		Fair		Amortized		Unrealized		Unrealized		Fair
(dollars in thousands)	Cost		Gains		Losses		Value		Cost		Gains		Losses		Value
U.S. Treasury and government agency debt securities	$	130,936	$	—	$	(10,708)	$	120,228	$	163,309	$	—	$	(12,327)	$	150,982
Government-sponsored enterprises debt securities		45,000		—		(675)		44,325		45,000		—		(699)		44,301
Mortgage-backed securities:
Residential - Government agency		65,261		—		(5,964)		59,297		66,792		—		(7,069)		59,723
Residential - Government-sponsored enterprises		1,276,130		—		(143,876)		1,132,254		1,317,718		—		(157,263)		1,160,455
Commercial - Government agency		281,009		—		(45,938)		235,071		282,700		—		(44,847)		237,853
Commercial - Government-sponsored enterprises		126,057		—		(9,290)		116,767		130,612		—		(11,039)		119,573
Commercial - Non-agency		21,964		—		(831)		21,133		21,964		—		(493)		21,471
Collateralized mortgage obligations:
Government agency		715,004		—		(78,402)		636,602		738,524		—		(85,202)		653,322
Government-sponsored enterprises		516,458		—		(65,266)		451,192		533,103		—		(70,971)		462,132
Collateralized loan obligations		249,889		—		(12,478)		237,411		249,877		50		(8,606)		241,321
Total available-for-sale securities	$	3,427,708	$	—	$	(373,428)	$	3,054,280	$	3,549,599	$	50	$	(398,516)	$	3,151,133

Government agency debt securities	$	54,386	$	—	$	(4,694)	$	49,692	$	54,318	$	—	$	(5,674)	$	48,644
Mortgage-backed securities:
Residential - Government agency		45,860		—		(5,716)		40,144		46,302		—		(6,294)		40,008
Residential - Government-sponsored enterprises		104,868		—		(11,607)		93,261		106,534		—		(12,978)		93,556
Commercial - Government agency		30,606		—		(5,544)		25,062		30,544		—		(5,229)		25,315
Commercial - Government-sponsored enterprises		1,147,009		111		(117,007)		1,030,113		1,150,449		—		(138,451)		1,011,998
Collateralized mortgage obligations:
Government agency		1,060,910		—		(104,573)		956,337		1,080,492		—		(122,378)		958,114
Government-sponsored enterprises		1,763,805		—		(181,013)		1,582,792		1,798,178		—		(207,045)		1,591,133
Debt securities issued by states and political subdivisions		53,917		—		(6,840)		47,077		53,822		—		(7,768)		46,054
Total held-to-maturity securities	$	4,261,361	$	111	$	(436,994)	$	3,824,478	$	4,320,639	$	—	$	(505,817)	$	3,814,822

During the year ended December 31, 2022, the Company reclassified at fair value approximately $4.6 billion, in available-for-sale investment securities to the held-to-maturity category. The related total unrealized after-tax losses of approximately $372.4 million remained in accumulated other comprehensive loss to be amortized over the estimated remaining life of the securities as an adjustment of yield, offsetting the related accretion of the discount on the transferred securities. No gains or losses were recognized at the time of reclassification. Management considers the held-to-maturity classification of these investment securities to be appropriate as the Company has the positive intent and ability to hold these securities to maturity. There were no securities transferred from available-for-sale investment securities to the held-to-maturity category during the three months ended March 31, 2023.

Accrued interest receivable related to available-for-sale investment securities was $8.9 million as of both March 31, 2023 and December 31, 2022. Accrued interest receivable related to held-to-maturity investment securities was $7.7 million and $7.5 million as of March 31, 2023 and December 31, 2022, respectively. Accrued interest receivable is recorded separately from the amortized cost basis of investment securities on the Company’s unaudited interim consolidated balance sheets.

Proceeds from calls and sales of investment securities were $0.2 million and nil for the three months ended March 31, 2023, and $1.0 million and nil, respectively, for the three months ended March 31, 2022. The Company recorded gross realized gains of nil and gross realized losses of nil for the three months ended March 31, 2023 and 2022. The income tax benefit related to the Company’s net realized loss on the sale of investment securities was nil for the three months ended March 31, 2023 and 2022. Gains and losses realized on sales of securities are determined using the specific identification method.

Interest income from taxable investment securities was $34.0 million and $29.2 million, respectively, for the three months ended March 31, 2023 and 2022. Interest income from non-taxable investment securities was $3.6 million and $2.9 million, respectively, for the three months ended March 31, 2023 and 2022.

The amortized cost and fair value of debt securities issued by the U.S. Treasury, government agencies, government-sponsored enterprises and states and political subdivisions, non-agency mortgage-backed securities and collateralized loan obligations as of March 31, 2023, by contractual maturity, are shown below. Mortgage-backed securities and collateralized mortgage obligations issued by government agencies and government-sponsored enterprises are disclosed separately in the table below as remaining expected maturities will differ from contractual maturities as borrowers have the right to prepay obligations.


	March 31, 2023
	Amortized		Fair
(dollars in thousands)	Cost		Value
Available-for-sale securities
Due in one year or less	$	44,758	$	44,068
Due after one year through five years		60,529		57,863
Due after five years through ten years		177,638		165,278
Due after ten years		164,864		155,888
		447,789		423,097

Mortgage-backed securities:
Residential - Government agency		65,261		59,297
Residential - Government-sponsored enterprises		1,276,130		1,132,254
Commercial - Government agency		281,009		235,071
Commercial - Government-sponsored enterprises		126,057		116,767
Total mortgage-backed securities		1,748,457		1,543,389
Collateralized mortgage obligations:
Government agency		715,004		636,602
Government-sponsored enterprises		516,458		451,192
Total collateralized mortgage obligations		1,231,462		1,087,794
Total available-for-sale securities	$	3,427,708	$	3,054,280

Held-to-maturity securities
Due in one year or less	$	—	$	—
Due after one year through five years		—		—
Due after five years through ten years		10,232		9,141
Due after ten years		98,071		87,628
		108,303		96,769

Mortgage-backed securities:
Residential - Government agency		45,860		40,144
Residential - Government-sponsored enterprises		104,868		93,261
Commercial - Government agency		30,606		25,062
Commercial - Government-sponsored enterprises		1,147,009		1,030,113
Total mortgage-backed securities		1,328,343		1,188,580
Collateralized mortgage obligations:
Government agency		1,060,910		956,337
Government-sponsored enterprises		1,763,805		1,582,792
Total collateralized mortgage obligations		2,824,715		2,539,129
Total held-to-maturity securities	$	4,261,361	$	3,824,478

At March 31, 2023, pledged securities totaled $3.0 billion, of which $2.8 billion was pledged to secure public deposits and $194.4 million was pledged to secure other financial transactions. At December 31, 2022, pledged securities totaled $3.2 billion, of which $3.0 billion was pledged to secure public deposits and $207.8 million was pledged to secure other financial transactions.

The Company held no securities of any single issuer, other than debt securities issued by the U.S. government, government agencies and government-sponsored enterprises, taken in the aggregate, which were in excess of 10% of stockholders’ equity as of March 31, 2023 or December 31, 2022.

The following tables present the unrealized gross losses and fair values of securities in the available-for-sale portfolio by length of time that the 284 and 275 individual securities in each category have been in a continuous loss position as of March 31, 2023 and December 31, 2022, respectively. The unrealized losses on available-for-sale investment securities were attributable to changes in interest rates, relative to when the investment securities were purchased, and not due to the credit quality of the investment securities.

Time in Continuous Loss as of March 31, 2023

Less Than 12 Months

12 Months or More

Total

Unrealized

(dollars in thousands)

Losses

Fair Value

Losses

Fair Value

Losses

Fair Value

U.S. Treasury and government agency debt securities

(505)

19,453

(10,203)

100,775

(10,708)

120,228

Government-sponsored enterprises debt securities

(675)

44,325

—

(675)

44,325

Mortgage-backed securities:

Residential - Government agency

—

(5,964)

59,297

(5,964)

59,297

Residential - Government-sponsored enterprises

(7,523)

176,840

(136,353)

955,414

(143,876)

1,132,254

Commercial - Government agency

(90)

4,453

(45,848)

230,618

(45,938)

235,071

Commercial - Government-sponsored enterprises

(1,647)

43,342

(7,643)

73,425

(9,290)

116,767

Commercial - Non-agency

(831)

21,133

—

(831)

21,133

Collateralized mortgage obligations:

Government agency

(1,047)

33,970

(77,355)

602,632

(78,402)

636,602

Government-sponsored enterprises

(2,445)

38,871

(62,821)

412,321

(65,266)

451,192

Collateralized loan obligations

(7,764)

155,133

(4,714)

75,278

(12,478)

230,411

Total available-for-sale securities with unrealized losses

(22,527)

537,520

(350,901)

2,509,760

(373,428)

3,047,280


	Time in Continuous Loss as of December 31, 2022
	Less Than 12 Months				12 Months or More				Total
	Unrealized				Unrealized				Unrealized
(dollars in thousands)	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
U.S. Treasury and government agency debt securities	$	(2,962)	$	83,870	$	(9,365)	$	67,112	$	(12,327)	$	150,982
Government-sponsored enterprises debt securities		(699)		44,301		—		—		(699)		44,301
Mortgage-backed securities:
Residential - Government agency		(7,069)		59,723		—		—		(7,069)		59,723
Residential - Government-sponsored enterprises		(73,954)		645,338		(83,309)		515,117		(157,263)		1,160,455
Commercial - Government agency		(15,852)		108,842		(28,995)		129,011		(44,847)		237,853
Commercial - Government-sponsored enterprises		(7,348)		94,657		(3,691)		24,916		(11,039)		119,573
Commercial - Non-agency		(493)		21,471		—		—		(493)		21,471
Collateralized mortgage obligations:
Government agency		(74,797)		596,907		(10,405)		56,415		(85,202)		653,322
Government-sponsored enterprises		(21,916)		198,108		(49,055)		264,024		(70,971)		462,132
Collateralized loan obligations:		(8,606)		170,042		—		—		(8,606)		170,042
Total available-for-sale securities with unrealized losses	$	(213,696)	$	2,023,259	$	(184,820)	$	1,056,595	$	(398,516)	$	3,079,854

At March 31, 2023 and December 31, 2022, the Company did not have any available-for-sale securities in an unrealized loss position with the intent to sell and determined it was more likely than not that the Company would not be required to sell these securities prior to recovery of the amortized cost basis. As the Company had the intent and ability to hold the remaining available-for-sale securities in an unrealized loss position as of March 31, 2023 and December 31, 2022, each security with an unrealized loss position in the above tables has been further assessed to determine if a credit loss exists. As of March 31, 2023 and December 31, 2022, the Company did not expect any credit losses in its available-for-sale debt securities and no credit losses were recognized on available-for-sale securities during the three months ended March 31, 2023 and for the year ended December 31, 2022.

As of March 31, 2023 and December 31, 2022, the Company’s investment securities were comprised primarily of debt securities, mortgage-backed securities and collateralized mortgage obligations issued by the U.S. Government, its agencies and government-sponsored enterprises, with under 4% of the investment securities comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better. For investment securities issued by the U.S. Government, its agencies and government-sponsored enterprises, management has concluded that the long history with no credit losses from these issuers indicates an expectation that nonpayment of the amortized cost basis is zero, and these securities are explicitly or implicitly fully guaranteed by the U.S. government. The U.S. government can print its own currency and its currency is routinely held by central banks and other major financial institutions. The dollar is used in international commerce, and commonly is viewed as a reserve currency, all of which qualitatively indicates that historical credit loss information should be minimally affected by current conditions and reasonable and supportable forecasts. For collateralized loan obligations and debt securities issued by local state and political subdivisions, these securities are investment grade and highly rated and carry either sufficient credit enhancement or days cash on hand to support timely payments of principal and interest. As a result, the Company does not expect any future payment defaults and has not recorded an allowance for credit losses for its available-for-sale and held-to-maturity debt securities as of March 31, 2023 or December 31, 2022.

The Company held approximately 120,000 Visa Class B restricted shares as of both March 31, 2023 and December 31, 2022. These shares continued to be carried at $0 cost basis as of both March 31, 2023 and December 31, 2022.

Commitments and Contingent Liabilities - Financial Instruments with Off-Balance Sheet Risk (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial instruments with off-balance sheet risk
Contract amount		$ 7,000,000
Commitments to extend credit
Financial instruments with off-balance sheet risk
Contract amount	$ 6,825,318	6,760,395
Standby letters of credit
Financial instruments with off-balance sheet risk
Contract amount	243,965	244,275
Commercial letters of credit
Financial instruments with off-balance sheet risk
Contract amount	$ 6,040	$ 7,299

Investment Securities - Pledged Securities and Concentration Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Concentration of risk
Credit losses recognized on securities	$ 0	$ 0
Asset Pledged as Collateral
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investment securities pledged as collateral	3,000,000,000.0	3,200,000,000
Asset Pledged as Collateral \| Deposits [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investment securities pledged as collateral	2,800,000,000	3,000,000,000.0
Asset Pledged as Collateral \| Other financial transactions
Financial Instruments Owned and Pledged as Collateral [Line Items]
Investment securities pledged as collateral	194,400,000	207,800,000
Non-government issuer
Concentration of risk
Securities of issuers in excess of 10% of stockholders' equity	$ 0	$ 0

Allowance for Credit Losses - Credit Quality Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Financing Receivable, before Allowance for Credit Loss, Total	$ 14,221,272,000		$ 14,092,012,000
Current period gross charge-offs:
Total, Current period gross charge-offs	5,830,000	$ 4,858,000
Loss
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Financing Receivable, before Allowance for Credit Loss, Total	0		0
Residential Lending: Residential Mortgage
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022			687,599,000
2022/2021			1,227,369,000
2021/2020			677,025,000
2020/2019			309,308,000
2019/2018			217,050,000
Prior			1,174,681,000
Revolving Loans Amortized Cost Basis			9,202,000
Revolving Loans Converted to Term Loans Amortized Cost Basis			554,000
Financing Receivable, before Allowance for Credit Loss, Total			4,302,788,000
Residential Lending: Residential Mortgage \| 740 and greater
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022			557,636,000
2022/2021			1,064,444,000
2021/2020			560,463,000
2020/2019			245,241,000
2019/2018			165,258,000
Prior			920,100,000
Financing Receivable, before Allowance for Credit Loss, Total			3,513,142,000
Residential Lending: Residential Mortgage \| 680 - 739
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022			73,929,000
2022/2021			112,672,000
2021/2020			82,416,000
2020/2019			40,355,000
2019/2018			22,126,000
Prior			130,508,000
Financing Receivable, before Allowance for Credit Loss, Total			462,006,000
Residential Lending: Residential Mortgage \| 620 - 679
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022			12,320,000
2022/2021			13,804,000
2021/2020			9,881,000
2020/2019			3,649,000
2019/2018			3,054,000
Prior			35,441,000
Financing Receivable, before Allowance for Credit Loss, Total			78,149,000
Residential Lending: Residential Mortgage \| 550 - 619
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022			2,455,000
2022/2021			2,246,000
2021/2020			1,791,000
2020/2019			263,000
2019/2018			601,000
Prior			6,955,000
Financing Receivable, before Allowance for Credit Loss, Total			14,311,000
Residential Lending: Residential Mortgage \| Less than 550
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2022/2021			1,321,000
2021/2020			367,000
2019/2018			966,000
Prior			5,304,000
Financing Receivable, before Allowance for Credit Loss, Total			7,958,000
Residential Lending: Residential Mortgage \| No Score
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022			22,289,000
2022/2021			14,671,000
2021/2020			6,820,000
2020/2019			10,599,000
2019/2018			15,921,000
Prior			47,245,000
Financing Receivable, before Allowance for Credit Loss, Total			117,545,000
Residential Lending: Residential Mortgage \| Fico Other
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022			18,970,000
2022/2021			18,211,000
2021/2020			15,287,000
2020/2019			9,201,000
2019/2018			9,124,000
Prior			29,128,000
Revolving Loans Amortized Cost Basis			9,202,000
Revolving Loans Converted to Term Loans Amortized Cost Basis			554,000
Financing Receivable, before Allowance for Credit Loss, Total			109,677,000
Home equity line
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis			1,046,968,000
Revolving Loans Converted to Term Loans Amortized Cost Basis			8,383,000
Financing Receivable, before Allowance for Credit Loss, Total			1,055,351,000
Home equity line \| 740 and greater
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis			817,123,000
Revolving Loans Converted to Term Loans Amortized Cost Basis			2,059,000
Financing Receivable, before Allowance for Credit Loss, Total			819,182,000
Home equity line \| 680 - 739
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis			171,117,000
Revolving Loans Converted to Term Loans Amortized Cost Basis			2,714,000
Financing Receivable, before Allowance for Credit Loss, Total			173,831,000
Home equity line \| 620 - 679
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis			45,368,000
Revolving Loans Converted to Term Loans Amortized Cost Basis			2,100,000
Financing Receivable, before Allowance for Credit Loss, Total			47,468,000
Home equity line \| 550 - 619
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis			7,485,000
Revolving Loans Converted to Term Loans Amortized Cost Basis			1,029,000
Financing Receivable, before Allowance for Credit Loss, Total			8,514,000
Home equity line \| Less than 550
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis			1,151,000
Revolving Loans Converted to Term Loans Amortized Cost Basis			481,000
Financing Receivable, before Allowance for Credit Loss, Total			1,632,000
Home equity line \| No Score
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis			4,724,000
Financing Receivable, before Allowance for Credit Loss, Total			4,724,000
Total loans
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	403,488,000		2,560,433,000
2022/2021	2,529,150,000		2,880,346,000
2021/2020	2,871,513,000		1,319,250,000
2020/2019	1,277,530,000		1,311,719,000
2019/2018	1,237,120,000		825,528,000
Prior	3,374,951,000		2,699,183,000
Revolving Loans Amortized Cost Basis	2,502,369,000		2,467,297,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	25,151,000		28,256,000
Financing Receivable, before Allowance for Credit Loss, Total	14,221,272,000		14,092,012,000
Current period gross charge-offs:
2022, Current period gross charge-offs	695,000
2021, Current period gross charge-offs	681,000
2020, Current period gross charge-offs	312,000
2019, Current period gross charge-offs	634,000
Prior, Current period gross charge-offs	1,700,000
Revolving Loans Amortized Cost Basis, Current period gross charge-offs	1,587,000
Revolving Loans Converted to Term Loans Amortized Cost Basis, Current period gross charge-offs	221,000
Total, Current period gross charge-offs	5,830,000
Residential Portfolio Segment [Member]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Financing Receivable, before Allowance for Credit Loss, Total	4,318,742,000		4,302,788,000
Current period gross charge-offs:
Prior, Current period gross charge-offs	122,000
Revolving Loans Amortized Cost Basis, Current period gross charge-offs	116,000
Revolving Loans Converted to Term Loans Amortized Cost Basis, Current period gross charge-offs	19,000
Total, Current period gross charge-offs	257,000
Residential Portfolio Segment [Member] \| Fico Other
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	85,733,000
2022/2021	677,957,000
2021/2020	1,218,665,000
2020/2019	666,412,000
2019/2018	300,815,000
Prior	1,355,302,000
Revolving Loans Amortized Cost Basis	1,100,972,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	8,251,000
Financing Receivable, before Allowance for Credit Loss, Total	5,414,107,000
Residential Portfolio Segment [Member] \| Residential Lending: Residential Mortgage
Current period gross charge-offs:
Total, Current period gross charge-offs	122,000
Residential Portfolio Segment [Member] \| Home equity line
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis	1,087,666,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	7,699,000
Financing Receivable, before Allowance for Credit Loss, Total	1,095,365,000
Current period gross charge-offs:
Revolving Loans Amortized Cost Basis, Current period gross charge-offs	116,000
Revolving Loans Converted to Term Loans Amortized Cost Basis, Current period gross charge-offs	19,000
Total, Current period gross charge-offs	135,000
Residential Portfolio Segment [Member] \| Home equity line \| 740 and greater
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis	824,038,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,304,000
Financing Receivable, before Allowance for Credit Loss, Total	825,342,000
Residential Portfolio Segment [Member] \| Home equity line \| 680 - 739
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis	190,187,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	2,440,000
Financing Receivable, before Allowance for Credit Loss, Total	192,627,000
Residential Portfolio Segment [Member] \| Home equity line \| 620 - 679
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis	52,239,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,728,000
Financing Receivable, before Allowance for Credit Loss, Total	53,967,000
Residential Portfolio Segment [Member] \| Home equity line \| 550 - 619
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis	12,734,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	1,566,000
Financing Receivable, before Allowance for Credit Loss, Total	14,300,000
Residential Portfolio Segment [Member] \| Home equity line \| Less than 550
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis	5,370,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	661,000
Financing Receivable, before Allowance for Credit Loss, Total	6,031,000
Residential Portfolio Segment [Member] \| Home equity line \| No Score
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Revolving Loans Amortized Cost Basis	3,098,000
Financing Receivable, before Allowance for Credit Loss, Total	3,098,000
Home equity Line
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Financing Receivable, before Allowance for Credit Loss, Total	1,095,365,000		1,055,351,000
Consumer Portfolio Segment [Member]
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	72,539,000		335,116,000
2022/2021	319,613,000		218,940,000
2021/2020	198,570,000		112,885,000
2020/2019	99,988,000		105,789,000
2019/2018	89,614,000		57,786,000
Prior	64,410,000		28,131,000
Revolving Loans Amortized Cost Basis	343,808,000		361,126,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	3,010,000		3,161,000
Financing Receivable, before Allowance for Credit Loss, Total	1,191,552,000		1,222,934,000
Current period gross charge-offs:
2022, Current period gross charge-offs	635,000
2021, Current period gross charge-offs	681,000
2020, Current period gross charge-offs	312,000
2019, Current period gross charge-offs	614,000
Prior, Current period gross charge-offs	867,000
Revolving Loans Amortized Cost Basis, Current period gross charge-offs	1,471,000
Revolving Loans Converted to Term Loans Amortized Cost Basis, Current period gross charge-offs	202,000
Total, Current period gross charge-offs	4,782,000	4,109,000
Consumer Portfolio Segment [Member] \| 740 and greater
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	40,337,000		200,887,000
2022/2021	158,451,000		111,047,000
2021/2020	96,174,000		53,534,000
2020/2019	46,618,000		43,912,000
2019/2018	37,211,000		24,951,000
Prior	24,636,000		8,432,000
Revolving Loans Amortized Cost Basis	114,058,000		125,126,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	161,000		185,000
Financing Receivable, before Allowance for Credit Loss, Total	517,646,000		568,074,000
Consumer Portfolio Segment [Member] \| 680 - 739
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	23,366,000		99,787,000
2022/2021	97,741,000		67,140,000
2021/2020	56,306,000		37,260,000
2020/2019	29,741,000		31,751,000
2019/2018	24,169,000		15,874,000
Prior	15,970,000		7,665,000
Revolving Loans Amortized Cost Basis	70,708,000		72,101,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	441,000		514,000
Financing Receivable, before Allowance for Credit Loss, Total	318,442,000		332,092,000
Consumer Portfolio Segment [Member] \| 620 - 679
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	7,022,000		25,949,000
2022/2021	44,839,000		29,587,000
2021/2020	26,924,000		14,226,000
2020/2019	12,728,000		16,872,000
2019/2018	14,484,000		9,672,000
Prior	11,731,000		6,488,000
Revolving Loans Amortized Cost Basis	33,772,000		31,854,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	860,000		937,000
Financing Receivable, before Allowance for Credit Loss, Total	152,360,000		135,585,000
Consumer Portfolio Segment [Member] \| 550 - 619
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	750,000		3,017,000
2022/2021	10,172,000		5,475,000
2021/2020	9,698,000		5,226,000
2020/2019	6,475,000		8,056,000
2019/2018	7,647,000		5,396,000
Prior	7,519,000		3,924,000
Revolving Loans Amortized Cost Basis	11,937,000		11,269,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	855,000		854,000
Financing Receivable, before Allowance for Credit Loss, Total	55,053,000		43,217,000
Consumer Portfolio Segment [Member] \| Less than 550
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	122,000		656,000
2022/2021	4,446,000		1,351,000
2021/2020	5,400,000		2,286,000
2020/2019	4,078,000		3,779,000
2019/2018	4,951,000		1,869,000
Prior	4,518,000		1,593,000
Revolving Loans Amortized Cost Basis	4,329,000		3,541,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	526,000		443,000
Financing Receivable, before Allowance for Credit Loss, Total	28,370,000		15,518,000
Consumer Portfolio Segment [Member] \| No Score
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	866,000		3,205,000
2022/2021	2,376,000		258,000
2021/2020	8,000
2020/2019			51,000
2019/2018	16,000		24,000
Prior	36,000		29,000
Revolving Loans Amortized Cost Basis	36,396,000		38,805,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	167,000		227,000
Financing Receivable, before Allowance for Credit Loss, Total	39,865,000		42,599,000
Consumer Portfolio Segment [Member] \| Fico Other
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	76,000		1,615,000
2022/2021	1,588,000		4,082,000
2021/2020	4,060,000		353,000
2020/2019	348,000		1,368,000
2019/2018	1,136,000
Revolving Loans Amortized Cost Basis	72,608,000		78,430,000
Revolving Loans Converted to Term Loans Amortized Cost Basis			1,000
Financing Receivable, before Allowance for Credit Loss, Total	79,816,000		85,849,000
Residential Mortgage loans
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022			687,599,000
2022/2021			1,227,369,000
2021/2020			677,025,000
2020/2019			309,308,000
2019/2018			217,050,000
Prior			1,174,681,000
Revolving Loans Amortized Cost Basis			1,056,170,000
Revolving Loans Converted to Term Loans Amortized Cost Basis			8,937,000
Financing Receivable, before Allowance for Credit Loss, Total			5,358,139,000
Residential Mortgage loans \| Residential Lending: Residential Mortgage
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	85,733,000
2022/2021	677,957,000
2021/2020	1,218,665,000
2020/2019	666,412,000
2019/2018	300,815,000
Prior	1,355,302,000
Revolving Loans Amortized Cost Basis	13,306,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	552,000
Financing Receivable, before Allowance for Credit Loss, Total	4,318,742,000
Current period gross charge-offs:
Prior, Current period gross charge-offs	122,000
Total, Current period gross charge-offs	122,000
Residential Mortgage loans \| Residential Lending: Residential Mortgage \| 740 and greater
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	61,686,000
2022/2021	550,291,000
2021/2020	1,044,555,000
2020/2019	546,035,000
2019/2018	235,535,000
Prior	1,057,166,000
Financing Receivable, before Allowance for Credit Loss, Total	3,495,268,000
Residential Mortgage loans \| Residential Lending: Residential Mortgage \| 680 - 739
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	11,937,000
2022/2021	75,088,000
2021/2020	118,790,000
2020/2019	86,202,000
2019/2018	35,379,000
Prior	145,363,000
Financing Receivable, before Allowance for Credit Loss, Total	472,759,000
Residential Mortgage loans \| Residential Lending: Residential Mortgage \| 620 - 679
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	2,776,000
2022/2021	11,464,000
2021/2020	17,424,000
2020/2019	9,946,000
2019/2018	9,243,000
Prior	36,678,000
Financing Receivable, before Allowance for Credit Loss, Total	87,531,000
Residential Mortgage loans \| Residential Lending: Residential Mortgage \| 550 - 619
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2022/2021	2,613,000
2021/2020	2,865,000
2020/2019	2,447,000
2019/2018	825,000
Prior	12,487,000
Financing Receivable, before Allowance for Credit Loss, Total	21,237,000
Residential Mortgage loans \| Residential Lending: Residential Mortgage \| Less than 550
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2022/2021	530,000
2021/2020	2,445,000
2020/2019	1,498,000
2019/2018	275,000
Prior	7,276,000
Financing Receivable, before Allowance for Credit Loss, Total	12,024,000
Residential Mortgage loans \| Residential Lending: Residential Mortgage \| No Score
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	4,909,000
2022/2021	19,766,000
2021/2020	14,573,000
2020/2019	6,773,000
2019/2018	10,494,000
Prior	61,168,000
Financing Receivable, before Allowance for Credit Loss, Total	117,683,000
Residential Mortgage loans \| Residential Lending: Residential Mortgage \| Fico Other
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	4,425,000
2022/2021	18,205,000
2021/2020	18,013,000
2020/2019	13,511,000
2019/2018	9,064,000
Prior	35,164,000
Revolving Loans Amortized Cost Basis	13,306,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	552,000
Financing Receivable, before Allowance for Credit Loss, Total	112,240,000
Commercial and Industrial
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	71,962,000		380,244,000
2022/2021	370,145,000		430,817,000
2021/2020	419,900,000		61,473,000
2020/2019	54,392,000		177,922,000
2019/2018	174,494,000		54,209,000
Prior	184,248,000		140,740,000
Revolving Loans Amortized Cost Basis	979,301,000		974,334,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	13,890,000		16,158,000
Financing Receivable, before Allowance for Credit Loss, Total	2,268,332,000		2,235,897,000
Current period gross charge-offs:
2022, Current period gross charge-offs	60,000
2019, Current period gross charge-offs	20,000
Prior, Current period gross charge-offs	711,000
Total, Current period gross charge-offs	791,000	$ 706,000
Commercial and Industrial \| Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	66,587,000		359,881,000
2022/2021	338,534,000		422,567,000
2021/2020	412,459,000		54,656,000
2020/2019	48,560,000		170,222,000
2019/2018	167,698,000		51,476,000
Prior	178,991,000		137,257,000
Revolving Loans Amortized Cost Basis	921,651,000		894,384,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	13,566,000		15,715,000
Financing Receivable, before Allowance for Credit Loss, Total	2,148,046,000		2,106,158,000
Commercial and Industrial \| Special mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	152,000		2,059,000
2022/2021	16,591,000		240,000
2021/2020	202,000		1,371,000
2020/2019	994,000		2,643,000
2019/2018	2,526,000		184,000
Prior	1,548,000		1,431,000
Revolving Loans Amortized Cost Basis	2,557,000		22,897,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	283,000		378,000
Financing Receivable, before Allowance for Credit Loss, Total	24,853,000		31,203,000
Commercial and Industrial \| Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022			625,000
2022/2021	594,000		289,000
2021/2020	274,000		1,117,000
2020/2019	1,058,000		1,092,000
2019/2018	958,000		668,000
Prior	1,422,000		885,000
Revolving Loans Amortized Cost Basis	11,043,000		14,733,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	41,000		65,000
Financing Receivable, before Allowance for Credit Loss, Total	15,390,000		19,474,000
Commercial and Industrial \| Other Indicator
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	5,223,000		17,679,000
2022/2021	14,426,000		7,721,000
2021/2020	6,965,000		4,329,000
2020/2019	3,780,000		3,965,000
2019/2018	3,312,000		1,881,000
Prior	2,287,000		1,167,000
Revolving Loans Amortized Cost Basis	44,050,000		42,320,000
Financing Receivable, before Allowance for Credit Loss, Total	80,043,000		79,062,000
Commercial real estate
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	105,554,000		889,753,000
2022/2021	880,455,000		695,882,000
2021/2020	661,523,000		320,566,000
2020/2019	321,885,000		580,465,000
2019/2018	528,627,000		397,690,000
Prior	1,551,158,000		1,199,197,000
Revolving Loans Amortized Cost Basis	56,998,000		48,756,000
Financing Receivable, before Allowance for Credit Loss, Total	4,106,200,000		4,132,309,000
Commercial real estate \| Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	105,554,000		889,583,000
2022/2021	880,292,000		695,882,000
2021/2020	661,523,000		319,838,000
2020/2019	321,162,000		565,587,000
2019/2018	521,596,000		395,474,000
Prior	1,533,711,000		1,173,163,000
Revolving Loans Amortized Cost Basis	56,034,000		48,081,000
Financing Receivable, before Allowance for Credit Loss, Total	4,079,872,000		4,087,608,000
Commercial real estate \| Special mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022			170,000
2022/2021	163,000
2021/2020			555,000
2020/2019	551,000		14,878,000
2019/2018	7,031,000		512,000
Prior	11,490,000		11,398,000
Revolving Loans Amortized Cost Basis	659,000		675,000
Financing Receivable, before Allowance for Credit Loss, Total	19,894,000		28,188,000
Commercial real estate \| Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2021/2020			173,000
2020/2019	172,000
2019/2018			1,704,000
Prior	5,808,000		14,485,000
Revolving Loans Amortized Cost Basis	305,000
Financing Receivable, before Allowance for Credit Loss, Total	6,285,000		16,362,000
Commercial real estate \| Other Indicator
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
Prior	149,000		151,000
Financing Receivable, before Allowance for Credit Loss, Total	149,000		151,000
Construction
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	16,036,000		154,158,000
2022/2021	181,878,000		282,875,000
2021/2020	349,814,000		101,109,000
2020/2019	92,506,000		99,422,000
2019/2018	106,228,000		92,778,000
Prior	146,207,000		87,390,000
Revolving Loans Amortized Cost Basis	21,290,000		26,911,000
Financing Receivable, before Allowance for Credit Loss, Total	913,959,000		844,643,000
Construction \| Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	15,219,000		124,464,000
2022/2021	152,263,000		261,536,000
2021/2020	333,608,000		96,423,000
2020/2019	89,515,000		97,000,000
2019/2018	103,855,000		88,973,000
Prior	141,243,000		84,704,000
Revolving Loans Amortized Cost Basis	20,349,000		25,957,000
Financing Receivable, before Allowance for Credit Loss, Total	856,052,000		779,057,000
Construction \| Special mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2020/2019			221,000
2019/2018	213,000
Financing Receivable, before Allowance for Credit Loss, Total	213,000		221,000
Construction \| Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2019/2018			21,000
Prior	486,000		490,000
Financing Receivable, before Allowance for Credit Loss, Total	486,000		511,000
Construction \| Other Indicator
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	817,000		29,694,000
2022/2021	29,615,000		21,339,000
2021/2020	16,206,000		4,686,000
2020/2019	2,991,000		2,201,000
2019/2018	2,160,000		3,784,000
Prior	4,478,000		2,196,000
Revolving Loans Amortized Cost Basis	941,000		954,000
Financing Receivable, before Allowance for Credit Loss, Total	57,208,000		64,854,000
Lease financing
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	51,664,000		113,563,000
2022/2021	99,102,000		24,463,000
2021/2020	23,041,000		46,192,000
2020/2019	42,347,000		38,813,000
2019/2018	37,342,000		6,015,000
Prior	73,626,000		69,044,000
Financing Receivable, before Allowance for Credit Loss, Total	327,122,000		298,090,000
Lease financing \| Pass
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	51,664,000		113,563,000
2022/2021	99,102,000		24,052,000
2021/2020	22,653,000		43,497,000
2020/2019	42,081,000		37,502,000
2019/2018	37,333,000		6,004,000
Prior	72,254,000		67,687,000
Financing Receivable, before Allowance for Credit Loss, Total	325,087,000		292,305,000
Lease financing \| Special mention
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2022/2021			411,000
2021/2020	388,000		2,498,000
2020/2019	82,000		1,299,000
Financing Receivable, before Allowance for Credit Loss, Total	470,000		4,208,000
Lease financing \| Substandard
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2021/2020			197,000
2020/2019	184,000		12,000
2019/2018	9,000		11,000
Prior	1,372,000		1,357,000
Financing Receivable, before Allowance for Credit Loss, Total	1,565,000		1,577,000
Commercial Lending
Financing Receivable, Excluding Accrued Interest, before Allowance for Credit Loss, by Origination Year [Abstract]
2023/2022	245,216,000		1,537,718,000
2022/2021	1,531,580,000		1,434,037,000
2021/2020	1,454,278,000		529,340,000
2020/2019	511,130,000		896,622,000
2019/2018	846,691,000		550,692,000
Prior	1,955,239,000		1,496,371,000
Revolving Loans Amortized Cost Basis	1,057,589,000		1,050,001,000
Revolving Loans Converted to Term Loans Amortized Cost Basis	13,890,000		16,158,000
Financing Receivable, before Allowance for Credit Loss, Total	7,615,613,000		$ 7,510,939,000
Current period gross charge-offs:
2022, Current period gross charge-offs	60,000
2019, Current period gross charge-offs	20,000
Prior, Current period gross charge-offs	711,000
Total, Current period gross charge-offs	$ 791,000

Investment Securities - Amortized Cost and Fair Value of Securities (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Available for sale debt securities
Amortized Cost	$ 3,427,708,000	$ 3,549,599,000
Unrealized Gains		50,000
Unrealized Losses	(373,428,000)	(398,516,000)
Total available-for-sale securities, Fair value,	3,054,280,000	3,151,133,000
Held to maturity securities
Amortized Cost	4,261,361,000	4,320,639,000
Unrealized Gains	111,000
Unrealized Losses	(436,994,000)	(505,817,000)
Total held to maturity, Fair value,	3,824,478,000	3,814,822,000
Available-for-sale investment securities
Accrued interest receivable related to available-for-sale investment securities	8,900,000	8,900,000
Accrued interest receivable related to held to maturity investment securities	7,700,000	7,500,000
Reclassification of available for sale securities to held to maturity	0	4,600,000,000
Other comprehensive income (loss), transfer of securities from available for sale to held to maturity		(372,400,000)
Gains (losses) recognized on reclassification, transfer of securities from available for sale to held to maturity		0
Collateralized Loan Obligations
Available for sale debt securities
Amortized Cost	249,889,000	249,877,000
Unrealized Gains		50,000
Unrealized Losses	(12,478,000)	(8,606,000)
Total available-for-sale securities, Fair value,	237,411,000	241,321,000
U.S. Treasury and government agency debt securities
Available for sale debt securities
Amortized Cost	130,936,000	163,309,000
Unrealized Losses	(10,708,000)	(12,327,000)
Total available-for-sale securities, Fair value,	120,228,000	150,982,000
Held to maturity securities
Amortized Cost	54,386,000	54,318,000
Unrealized Losses	(4,694,000)	(5,674,000)
Total held to maturity, Fair value,	49,692,000	48,644,000
Government-sponsored enterprises debt securities
Available for sale debt securities
Amortized Cost	45,000,000	45,000,000
Unrealized Losses	(675,000)	(699,000)
Total available-for-sale securities, Fair value,	44,325,000	44,301,000
Residential - Government agency
Available for sale debt securities
Amortized Cost	65,261,000	66,792,000
Unrealized Losses	(5,964,000)	(7,069,000)
Total available-for-sale securities, Fair value,	59,297,000	59,723,000
Held to maturity securities
Amortized Cost	45,860,000	46,302,000
Unrealized Losses	(5,716,000)	(6,294,000)
Total held to maturity, Fair value,	40,144,000	40,008,000
Residential - Government-sponsored enterprises
Available for sale debt securities
Amortized Cost	1,276,130,000	1,317,718,000
Unrealized Losses	(143,876,000)	(157,263,000)
Total available-for-sale securities, Fair value,	1,132,254,000	1,160,455,000
Held to maturity securities
Amortized Cost	104,868,000	106,534,000
Unrealized Losses	(11,607,000)	(12,978,000)
Total held to maturity, Fair value,	93,261,000	93,556,000
Commercial - Government agency
Available for sale debt securities
Amortized Cost	281,009,000	282,700,000
Unrealized Losses	(45,938,000)	(44,847,000)
Total available-for-sale securities, Fair value,	235,071,000	237,853,000
Held to maturity securities
Amortized Cost	30,606,000	30,544,000
Unrealized Losses	(5,544,000)	(5,229,000)
Total held to maturity, Fair value,	25,062,000	25,315,000
Commercial - Government-sponsored enterprises
Available for sale debt securities
Amortized Cost	126,057,000	130,612,000
Unrealized Losses	(9,290,000)	(11,039,000)
Total available-for-sale securities, Fair value,	116,767,000	119,573,000
Held to maturity securities
Amortized Cost	1,147,009,000	1,150,449,000
Unrealized Gains	111,000
Unrealized Losses	(117,007,000)	(138,451,000)
Total held to maturity, Fair value,	1,030,113,000	1,011,998,000
Commercial - Non -agency
Available for sale debt securities
Amortized Cost	21,964,000	21,964,000
Unrealized Losses	(831,000)	(493,000)
Total available-for-sale securities, Fair value,	21,133,000	21,471,000
Government agency
Available for sale debt securities
Amortized Cost	715,004,000	738,524,000
Unrealized Losses	(78,402,000)	(85,202,000)
Total available-for-sale securities, Fair value,	636,602,000	653,322,000
Held to maturity securities
Amortized Cost	1,060,910,000	1,080,492,000
Unrealized Losses	(104,573,000)	(122,378,000)
Total held to maturity, Fair value,	956,337,000	958,114,000
Government-sponsored enterprises
Available for sale debt securities
Amortized Cost	516,458,000	533,103,000
Unrealized Losses	(65,266,000)	(70,971,000)
Total available-for-sale securities, Fair value,	451,192,000	462,132,000
Held to maturity securities
Amortized Cost	1,763,805,000	1,798,178,000
Unrealized Losses	(181,013,000)	(207,045,000)
Total held to maturity, Fair value,	1,582,792,000	1,591,133,000
Debt securities issued by states and political subdivisions
Held to maturity securities
Amortized Cost	53,917,000	53,822,000
Unrealized Losses	(6,840,000)	(7,768,000)
Total held to maturity, Fair value,	$ 47,077,000	$ 46,054,000

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Available-for-sale investment securities, amortized cost	$ 3,427,708	$ 3,549,599
Held-to-maturity investment securities, fair value	$ 3,824,478	$ 3,814,822
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	300,000,000	300,000,000
Common stock, issued (in shares)	141,291,086	140,963,918
Common stock outstanding (in shares)	127,573,680	127,363,327
Treasury stock (in shares)	13,717,406	13,600,591

Commitments and Contingent Liabilities

3 Months Ended

Mar. 31, 2023

Commitments and Contingent Liabilities

Commitments and Contingent Liabilities

13. Commitments and Contingent Liabilities

Contingencies

On November 2, 2020, a lawsuit was filed in Hawaii Circuit Court by a Bank customer related to the sale of credit facilities that the Bank had previously extended to the customer. The customer asserts claims against the Bank for interference with the customer’s contract and business opportunity, unfair methods of competition and declaratory and injunctive relief. The outcome of this legal proceeding is uncertain at this point. Based on information available to the Company at present, the Company cannot reasonably estimate a range of potential loss, if any, for this action. Accordingly, the Company has not recognized any liability associated with this action. Management disputes any wrongdoing and the case is being vigorously defended.

In addition to the litigation noted above, various legal proceedings are pending or threatened against the Company. After consultation with legal counsel, management does not expect that the aggregate liability, if any, resulting from these proceedings would have a material effect on the Company’s unaudited interim consolidated financial position, results of operations or cash flows.

Financial Instruments with Off-Balance Sheet Risk

The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby and commercial letters of credit which are not reflected in the unaudited interim consolidated financial statements.

Unfunded Commitments to Extend Credit

A commitment to extend credit is a legally binding agreement to lend funds to a customer, usually at a stated interest rate and for a specified purpose. Commitments are reported net of participations sold to other institutions. Such commitments have fixed expiration dates and generally require a fee. The extension of a commitment gives rise to credit risk. The actual liquidity requirements or credit risk that the Company will experience is expected to be lower than the contractual amount of commitments to extend credit because a significant portion of those commitments are expected to expire without being drawn upon. Certain commitments are subject to loan agreements containing covenants regarding the financial performance of the customer that must be met before the Company is required to fund the commitment. The Company uses the same credit policies in making commitments to extend credit as it does in making loans. In addition, the Company manages the potential credit risk in commitments to extend credit by limiting the total amount of arrangements, both by individual customer and in the aggregate, by monitoring the size and expiration structure of these portfolios and by applying the same credit standards maintained for all of its related credit activities. Commitments to extend credit are reported net of participations sold to other institutions of $89.7 million and $90.5 million at March 31, 2023 and December 31, 2022, respectively.

Standby and Commercial Letters of Credit

Standby letters of credit are issued on behalf of customers in connection with contracts between the customers and third parties. Under standby letters of credit, the Company assures that the third parties will receive specified funds if customers fail to meet their contractual obligations. The credit risk to the Company arises from its obligation to make payment in the event of a customer’s contractual default. Standby letters of credit are reported net of participations sold to other institutions of $8.6 million and $8.1 million at March 31, 2023 and December 31, 2022, respectively. The Company also had commitments for commercial and similar letters of credit. Commercial letters of credit are issued specifically to facilitate commerce whereby the commitment is typically drawn upon when the underlying transaction between the customer and a third-party is consummated. The maximum amount of potential future payments guaranteed by the Company is limited to the contractual amount of these letters. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. Collateral held supports those commitments for which collateral is deemed necessary. The commitments outstanding as of March 31, 2023 have maturities ranging from April 2023 to September 2026. Substantially all fees received from the issuance of such commitments are deferred and amortized on a straight-line basis over the term of the commitment.

Financial instruments with off-balance sheet risk at March 31, 2023 and December 31, 2022 were as follows:


	March 31,		December 31,
(dollars in thousands)	2023		2022
Financial instruments whose contract amounts represent credit risk:
Commitments to extend credit	$	6,825,318	$	6,760,395
Standby letters of credit		243,965		244,275
Commercial letters of credit		6,040		7,299

Guarantees

The Company sells residential mortgage loans in the secondary market primarily to the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation that may potentially require repurchase under certain conditions. This risk is managed through the Company’s underwriting practices. The Company services loans sold to investors and loans originated by other originators under agreements that may include repurchase remedies if certain servicing requirements are not met. This risk is managed through the Company’s quality assurance and monitoring procedures. Management does not anticipate any material losses as a result of these transactions.

Foreign Exchange Contracts

The Company has forward foreign exchange contracts that represent commitments to purchase or sell foreign currencies at a future date at a specified price. The Company’s utilization of forward foreign exchange contracts is subject to the primary underlying risk of movements in foreign currency exchange rates and to additional counterparty risk should its counterparties fail to meet the terms of their contracts. Forward foreign exchange contracts are utilized to mitigate the Company’s risk to satisfy customer demand for foreign currencies and are not used for trading purposes. See “Note 12. Derivative Financial Instruments” for more information.

Reorganization Transactions

On April 1, 2016, a series of reorganization transactions were undertaken to facilitate FHI’s initial public offering. In connection with the reorganization transactions, FHI distributed its interest in BancWest Holding Inc. (“BWHI”), including Bank of the West (“BOW”) to BNP Paribas (“BNPP”) so that BWHI was held directly by BNPP. As a result of the reorganization transactions that occurred on April 1, 2016, various tax or other contingent liabilities could arise related to the business of BOW, or related to the Company’s operations prior to the restructuring when it was known as BancWest Corporation, including its then wholly owned subsidiary, BOW. The Company is not able to determine the ultimate outcome or estimate the amounts of these contingent liabilities, if any, at this time.

Mortgage Servicing Rights

3 Months Ended

Mar. 31, 2023

Other Assets.

Mortgage Servicing Rights

5. Mortgage Servicing Rights

Mortgage servicing activities include collecting principal, interest, tax, and insurance payments from borrowers while accounting for and remitting payments to investors, taxing authorities, and insurance companies. The Company also monitors delinquencies and administers foreclosure proceedings.

Mortgage loan servicing income is recorded in noninterest income as a part of other service charges and fees and amortization of the servicing assets is recorded in noninterest income as part of other income. The unpaid principal amount of residential real estate loans serviced for others was $1.4 billion as of both March 31, 2023 and December 31, 2022. Servicing fees include contractually specified fees, late charges, and ancillary fees, and were $0.9 million and $1.0 million for the three months ended March 31, 2023 and 2022, respectively.

Amortization of mortgage servicing rights (“MSRs”) was $0.3 million and $0.7 million for three months ended March 31, 2023 and 2022, respectively. The estimated future amortization expenses for MSRs over the next five years are as follows:


	Estimated
(dollars in thousands)	Amortization
Under one year	$	910
One to two years		809
Two to three years		718
Three to four years		634
Four to five years		560

The details of the Company’s MSRs are presented below:


	March 31,		December 31,
(dollars in thousands)	2023		2022
Gross carrying amount	$	69,290	$	69,273
Less: accumulated amortization		62,991		62,711
Net carrying value	$	6,299	$	6,562

The following table presents changes in amortized MSRs for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
(dollars in thousands)	2023		2022
Balance at beginning of period	$	6,562	$	8,302
Originations		17		84
Amortization		(280)		(736)
Balance at end of period	$	6,299	$	7,650
Fair value of amortized MSRs at beginning of period	$	15,193	$	12,243
Fair value of amortized MSRs at end of period	$	15,169	$	13,585

MSRs are evaluated for impairment if events and circumstances indicate a possible impairment. No impairment of MSRs was recorded for the three months ended March 31, 2023 and 2022.

The quantitative assumptions used in determining the lower of cost or fair value of the Company’s MSRs as of March 31, 2023 and December 31, 2022 were as follows:


	March 31, 2023							December 31, 2022
						Weighted							Weighted
	Range					Average		Range					Average
Conditional prepayment rate	6.92	%	-	12.25	%	7.04	%	7.02	%	-	13.58	%	7.11	%
Life in years (of the MSR)	3.61		-	7.33		7.18		3.35		-	7.37		7.20
Weighted-average coupon rate	3.55	%	-	6.16	%	3.68	%	3.55	%	-	6.24	%	3.68	%
Discount rate	10.40	%	-	10.57	%	10.52	%	10.41	%	-	10.54	%	10.51	%

The sensitivities surrounding MSRs are expected to have an immaterial impact on fair value.

Fair Value

3 Months Ended

Mar. 31, 2023

Fair Value

Fair Value

17. Fair Value

The Company determines the fair values of its financial instruments based on the requirements established in Accounting Standards Codification Topic 820 (“Topic 820”), Fair Value Measurements, which provides a framework for measuring fair value under GAAP and requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Topic 820 defines fair value as the exit price, the price that would be received for an asset or paid to transfer a liability, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date under current market conditions.

Fair Value Hierarchy

Topic 820 establishes three levels of fair values based on the markets in which the assets or liabilities are traded and the reliability of the assumptions used to determine fair value. The levels are:

◾

Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access.

◾

Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

◾

Level 3: Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect the Company’s own estimates of assumptions that market participants would use in pricing the asset or liability (“Company-level data”). Level 3 assets and liabilities include financial instruments whose value is determined using unobservable inputs to pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation.

Topic 820 requires that the Company disclose estimated fair values for certain financial instruments. Financial instruments include such items as investment securities, loans, deposits, interest rate and foreign exchange contracts, swaps and other instruments as defined by the standard. The Company has an organized and established process for determining and reviewing the fair value of financial instruments reported in the Company’s financial statements. The fair value measurements are reviewed to ensure they are reasonable and in line with market experience in similar asset and liability classes.

Additionally, the Company may be required to record at fair value other assets on a nonrecurring basis, such as other real estate owned, other customer relationships, and other intangible assets. These nonrecurring fair value adjustments typically involve the application of lower-of-cost-or-fair-value accounting or write-downs of individual assets.

Disclosure of fair values is not required for certain items such as lease financing, obligations for pension and other postretirement benefits, premises and equipment, prepaid expenses, deposit liabilities with no defined or contractual maturity, and income tax assets and liabilities.

Reasonable comparisons of fair value information with that of other financial institutions cannot necessarily be made because the standard permits many alternative calculation techniques, and numerous assumptions have been used to estimate the Company’s fair values.

Valuation Techniques Used in the Fair Value Measurement of Assets and Liabilities Carried at Fair Value

For the assets and liabilities measured at fair value on a recurring basis (categorized in the valuation hierarchy table below), the Company applies the following valuation techniques:

Available-for-sale securities

Available-for-sale debt securities are recorded at fair value on a recurring basis. Fair value measurement is based on quoted prices, including estimates by third-party pricing services, if available. If quoted prices are not available, fair values are measured using proprietary valuation models that utilize market observable parameters from active market makers and inter-dealer brokers whereby securities are valued based upon available market data for securities with similar characteristics. Management reviews the pricing information received from the Company’s third-party pricing service to evaluate the inputs and valuation methodologies used to place securities into the appropriate level of the fair value hierarchy and transfers of securities within the fair value hierarchy are made if necessary. On a monthly basis, management reviews the pricing information received from the third-party pricing service which includes a comparison to non-binding third-party broker quotes, as well as a review of market-related conditions impacting the information provided by the third-party pricing service. Management also identifies investment securities which may have traded in illiquid or inactive markets by identifying instances of a significant decrease in the volume or frequency of trades, relative to historical levels, as well as instances of a significant widening of the bid-ask spread in the brokered markets. As of March 31, 2023 and December 31, 2022, management did not make adjustments to prices provided by the third-party pricing services as a result of illiquid or inactive markets. The Company’s third-party pricing service has also established processes for the Company to submit inquiries regarding quoted prices. Periodically, the Company will challenge the quoted prices provided by the third-party pricing service. The Company’s third-party pricing service will review the inputs to the evaluation in light of the new market data presented by the Company. The Company’s third-party pricing service may then affirm the original quoted price or may update the evaluation on a going forward basis. The Company classifies all available-for-sale securities as Level 2.

Derivatives

Most of the Company’s derivatives are traded in over-the-counter markets where quoted market prices are not readily available. For those derivatives, the Company measures fair value on a recurring basis using proprietary valuation models that primarily use market observable inputs, such as yield curves, and option volatilities. The fair value of derivatives includes values associated with counterparty credit risk and the Company’s own credit standing. The Company classifies these derivatives, included in other assets and other liabilities, as Level 2.

Concurrent with the sale of the Visa Class B restricted shares, the Company entered into an agreement with the buyer that requires payment to the buyer in the event Visa reduces each member bank’s Class B conversion rate to unrestricted Class A common shares. During 2018 through 2022, Visa funded its litigation escrow account, thereby reducing each member bank’s Class B conversion rate to unrestricted Class A common shares from 1.6483 to the current conversion rate of 1.5991. The Visa derivative of $1.2 million and $0.9 million was included in the unaudited interim consolidated balance sheets at March 31, 2023 and December 31, 2022, respectively, to provide for the fair value of this liability. The potential liability related to this funding swap agreement was determined based on management’s estimate of the timing and the amount of Visa’s litigation settlement and the resulting payments due to the counterparty under the terms of the contract. As such, the funding swap agreement is classified as Level 3 in the fair value hierarchy. The significant unobservable inputs used in the fair value measurement of the Company’s funding swap agreement are the potential future changes in the conversion rate, expected term and growth rate of the market price of Visa Class A common shares. Material increases (or decreases) in any of those inputs may result in a significantly higher (or lower) fair value measurement.

Assets and Liabilities Recorded at Fair Value on a Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 are summarized below:

Fair Value Measurements as of March 31, 2023

Quoted Prices in

Significant

Active Markets for

Other

Significant

Identical Assets

Observable

Unobservable

(dollars in thousands)

(Level 1)

Inputs (Level 2)

Inputs (Level 3)

Total

Assets

U.S. Treasury and government agency debt securities

—

120,228

—

120,228

Government-sponsored enterprises debt securities

—

44,325

—

44,325

Mortgage-backed securities:

Residential - Government agency⁽¹⁾

—

59,297

—

59,297

Residential - Government-sponsored enterprises⁽¹⁾

—

1,132,254

—

1,132,254

Commercial - Government agency

—

235,071

—

235,071

Commercial - Government-sponsored enterprises

—

116,767

—

116,767

Commercial - Non-agency

—

21,133

—

21,133

Collateralized mortgage obligations:

Government agency

—

636,602

—

636,602

Government-sponsored enterprises

—

451,192

—

451,192

Collateralized loan obligations

—

237,411

—

237,411

Total available-for-sale securities

—

3,054,280

—

3,054,280

Other assets⁽²⁾

1,141

8,731

—

9,872

Liabilities

Other liabilities⁽³⁾

—

(35,861)

(1,200)

(37,061)

Total

1,141

3,027,150

(1,200)

3,027,091

(1)	Backed by residential real estate.

(2)	Other assets classified as Level 1 include money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets.

(3)	Other liabilities include derivative liabilities.

	Fair Value Measurements as of December 31, 2022
	Quoted Prices in		Significant
	Active Markets for		Other		Significant
	Identical Assets		Observable		Unobservable
(dollars in thousands)	(Level 1)		Inputs (Level 2)		Inputs (Level 3)		Total
Assets
U.S. Treasury and government agency debt securities	$	—	$	150,982	$	—	$	150,982
Government-sponsored enterprises debt securities		—		44,301		—		44,301
Mortgage-backed securities:
Residential - Government agency⁽¹⁾		—		59,723		—		59,723
Residential - Government-sponsored enterprises⁽¹⁾		—		1,160,455		—		1,160,455
Commercial - Government agency		—		237,853		—		237,853
Commercial - Government-sponsored enterprises		—		119,573		—		119,573
Commercial - Non-agency		—		21,471		—		21,471
Collateralized mortgage obligations:
Government agency		—		653,322		—		653,322
Government-sponsored enterprises		—		462,132		—		462,132
Collateralized loan obligations		—		241,321		—		241,321
Total available-for-sale securities		—		3,151,133		—		3,151,133
Other assets⁽²⁾		5,376		10,945		—		16,321
Liabilities
Other liabilities⁽³⁾		—		(49,268)		(851)		(50,119)
Total	$	5,376	$	3,112,810	$	(851)	$	3,117,335

(1)	Backed by residential real estate.

(2)	Other assets classified as Level 1 include mutual funds and money market funds that have quoted prices in active markets and are related to the Company’s deferred compensation plans. Other assets classified as Level 2 include derivative assets.

(3)	Other liabilities include derivative liabilities.

For Level 3 assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022, the significant unobservable inputs used in the fair value measurements were as follows:


	Quantitative Information about Level 3 Fair Value Measurements at March 31, 2023
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Visa derivative	$	(1,200)	Discounted Cash Flow	Expected Conversion Rate - 1.5991⁽¹⁾	1.5514-1.5991
				Expected Term - 3 months⁽²⁾	0 - 6 months
				Growth Rate - 26%⁽³⁾	10% - 38%


	Quantitative Information about Level 3 Fair Value Measurements at December 31, 2022
				Significant
(dollars in thousands)	Fair value		Valuation Technique	Unobservable Input	Range
Visa derivative	$	(851)	Discounted Cash Flow	Expected Conversion Rate - 1.5991⁽¹⁾	1.5514-1.5991
				Expected Term - 3 months⁽²⁾	0 - 6 months
				Growth Rate - 26%⁽³⁾	10% - 38%

(1)	Due to the uncertainty in the movement of the conversion rate, the current conversion rate was utilized in the fair value calculation.

(2)	The expected term of 3 months was based on the median of 0 to 6 months.

(3)	The growth rate was based on the arithmetic average of analyst price targets.

Changes in Fair Value Levels

For the three months ended March 31, 2023 and 2022, there were no transfers between fair value hierarchy levels.

The changes in Level 3 liabilities measured at fair value on a recurring basis for the three months ended March 31, 2023 and 2022 are summarized below:


	Visa Derivative
(dollars in thousands)	2023		2022
Three Months Ended March 31,
Balance as of January 1,	$	(851)	$	(5,530)
Total net losses included in other noninterest income		(1,963)		(1,480)
Settlements		1,614		1,216
Balance as of March 31,	$	(1,200)	$	(5,794)
Total net losses included in net income attributable to the change in unrealized losses related to liabilities still held as of March 31,	$	(1,963)	$	(1,480)

Assets and Liabilities Carried at Other Than Fair Value

The following tables summarize for the periods indicated the estimated fair value of the Company’s financial instruments that are not required to be carried at fair value on a recurring basis, excluding leases and deposit liabilities with no defined or contractual maturity.

March 31, 2023

Fair Value Measurements

Quoted Prices in

Significant

Active Markets

Other

Unobservable

for Identical

Observable

Inputs

(dollars in thousands)

Book Value

Assets (Level 1)

Inputs (Level 2)

(Level 3)

Total

Financial assets:

Cash and cash equivalents

865,592

253,705

611,887

—

865,592

Investment securities held-to-maturity

4,261,361

—

3,824,478

—

3,824,478

Loans⁽¹⁾

13,894,150

—

13,353,156

Financial liabilities:

Time deposits⁽²⁾

2,587,402

—

2,546,680

—

2,546,680

Short-term borrowings

250,000

—

249,991

—

249,991

Long-term borrowings

500,000

—

498,537

—

498,537


	December 31, 2022
			Fair Value Measurements
			Quoted Prices in		Significant		Significant
			Active Markets		Other		Unobservable
			for Identical		Observable		Inputs
(dollars in thousands)	Book Value		Assets (Level 1)		Inputs (Level 2)		(Level 3)		Total
Financial assets:
Cash and cash equivalents	$	526,624	$	297,502	$	229,122	$	—	$	526,624
Investment securities held-to-maturity		4,320,639		—		3,814,822		—		3,814,822
Loans⁽¹⁾		13,793,922		—		—		13,138,787		13,138,787

Financial liabilities:
Time deposits⁽²⁾	$	2,476,050	$	—	$	2,423,231	$	—	$	2,423,231
Short-term borrowings		75,000		—		74,991		—		74,991

(1)	Excludes financing leases of $327.1 million at March 31, 2023 and $298.1 million at December 31, 2022.

(2)	Excludes deposit liabilities with no defined or contractual maturity of $18.7 billion as of March 31, 2023 and $19.2 billion as of December 31, 2022.

Unfunded loan and lease commitments and letters of credit are not included in the tables above. As of March 31, 2023 and December 31, 2022, the Company had $7.1 billion and $7.0 billion, respectively, of unfunded loan and lease commitments and letters of credit. The Company believes that a reasonable estimate of the fair value of these instruments is the carrying value of deferred fees plus the related reserve for unfunded commitments, which totaled $50.9 million and $48.5 million at March 31, 2023 and December 31, 2022, respectively. No active trading market exists for these instruments, and the estimated fair value does not include value associated with the borrower relationship. The Company does not estimate the fair values of certain unfunded loan and lease commitments that can be canceled by providing notice to the borrower. As Company-level data is incorporated into the fair value measurement, unfunded loan and lease commitments and letters of credit are classified as Level 3.

Valuation Techniques Used in the Fair Value Measurement of Assets and Liabilities Carried at the Lower of Cost or Fair Value

The Company applies the following valuation techniques to assets measured at the lower of cost or fair value:

Mortgage servicing rights

MSRs are carried at the lower of cost or fair value and are therefore subject to fair value measurements on a nonrecurring basis. The fair value of MSRs is determined using models which use significant unobservable inputs, such as estimates of prepayment rates, the resultant weighted average lives of the MSRs and the option-adjusted spread levels. Accordingly, the Company classifies MSRs as Level 3.

Collateral-dependent loans

Collateral-dependent loans are those for which repayment is expected to be provided substantially through the operation or sale of the collateral. These loans are measured at fair value on a nonrecurring basis using collateral values as a practical expedient. The fair values of collateral are primarily based on real estate appraisal reports prepared by third-party appraisers less estimated selling costs. The Company measures the estimated credit losses on collateral-dependent loans by performing a lower of cost or fair value analysis. If the estimated credit losses are determined by the value of the collateral, the net carrying amount is adjusted to fair value on a nonrecurring basis as Level 3 by recognizing an ACL.

Other real estate owned

The Company values these properties at fair value at the time the Company acquires them, which establishes their new cost basis. After acquisition, the Company carries such properties at the lower of cost or fair value less estimated selling costs on a nonrecurring basis. Fair value is measured on a nonrecurring basis using collateral values as a practical expedient. The fair values of collateral for other real estate owned are primarily based on real estate appraisal reports prepared by third-party appraisers less disposition costs, and are classified as Level 3.

Assets and Liabilities Recorded at Fair Value on a Nonrecurring Basis

The Company may be required to record certain assets at fair value on a nonrecurring basis in accordance with GAAP. These assets are subject to fair value adjustments that result from the application of lower of cost or fair value accounting or write-downs of individual assets to fair value.

There were no assets with nonrecurring fair value adjustments held as of March 31, 2023 and December 31, 2022. Additionally, there were no nonrecurring fair value adjustments for both the three months ended March 31, 2023 and 2022.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Commitments and Contingent Liabilities - Commitments to Extend Credit, Participations Sold (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Commitments to extend credit
Commitments
Participations sold to other institutions	$ 89.7	$ 90.5
Standby letters of credit
Commitments
Participations sold to other institutions	$ 8.6	$ 8.1

Derivative Financial Instruments - Visa Class B Restricted Shares (Details) - Class B restricted shares $ in Millions	12 Months Ended
	Dec. 31, 2016 USD ($) shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 28, 2018	Dec. 31, 2017
Visa
Visa Class B Restricted Shares
Net realized gain related to the sale of stock	$ 22.7
Number of shares sold \| shares	274,000
Visa Derivative
Visa Class B Restricted Shares
Conversion rate		1.5991		1.6483	1.6483
Derivative liability value		$ 1.2	$ 0.9

Derivative Financial Instruments - Gains and Losses Recognized in Income, Fair Value Hedges (Details) - Loans and lease financing - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest rate swaps
Gains and losses related to derivatives
Recognized on interest rate swap	$ 1,189	$ 1,512
Hedged item
Gains and losses related to derivatives
Recognized on hedged item	$ (1,284)	$ (1,617)

Investment Securities - Proceeds from Calls and Sales, Realized Gains and Losses and Interest Income Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Proceeds from calls and sales of investment securities and other assets
Proceeds from calls of investment securities	$ 0.2	$ 1.0
Proceeds from sales of investment securities	0.0	0.0
Debt Securities, Available-for-sale, Realized Gain (Loss) [Abstract]
Gross realized gains on sales of investment securities	0.0	0.0
Gross realized losses on sales of investment securities	0.0	0.0
Income tax benefit related to net realized loss on sale of investment securities	0.0	0.0
Interest income from taxable and nontaxable investment securities
Interest income from taxable investment securities	34.0	29.2
Interest income from non-taxable investment securities	$ 3.6	$ 2.9

Fair Value - Changes in Fair Value Levels and in Level 3 Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair value
Amount of transfers between hierarchy levels	$ 0	$ 0
Visa derivative \| Visa Derivative
Changes in Level 3 liabilities measured at fair value on a recurring basis
Balance	(851)	(5,530)
Total net (losses) gains included in other noninterest income	(1,963)	(1,480)
Settlements	1,614	1,216
Balance	(1,200)	(5,794)
Total net (losses) gains included in net income attributable to the change in unrealized gains or losses related to liabilities still held	$ (1,963)	$ (1,480)

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contracts with Customers
Net interest income	$ 167,247	$ 133,872
Not in scope of Topic 606	6,159	71
Total noninterest income	49,023	41,380
Total revenue	216,270	175,252
Retail Banking
Revenue from Contracts with Customers
Net interest income	108,920	94,048
Not in scope of Topic 606	1,702	1,091
Total noninterest income	24,267	23,315
Total revenue	133,187	117,363
Commercial Banking
Revenue from Contracts with Customers
Net interest income	40,939	35,088
Not in scope of Topic 606	1,111	1,918
Total noninterest income	17,888	18,655
Total revenue	58,827	53,743
Treasury and Other
Revenue from Contracts with Customers
Net interest income	17,388	4,736
Not in scope of Topic 606	3,346	(2,938)
Total noninterest income	6,868	(590)
Total revenue	24,256	4,146
Service charges on deposit accounts.
Revenue from Contracts with Customers
Revenue by type of service	7,231	7,501
Service charges on deposit accounts. \| Retail Banking
Revenue from Contracts with Customers
Revenue by type of service	6,541	6,650
Service charges on deposit accounts. \| Commercial Banking
Revenue from Contracts with Customers
Revenue by type of service	626	346
Service charges on deposit accounts. \| Treasury and Other
Revenue from Contracts with Customers
Revenue by type of service	64	505
Credit and debit card fees
Revenue from Contracts with Customers
Revenue by type of service	15,710	14,242
Credit and debit card fees \| Commercial Banking
Revenue from Contracts with Customers
Revenue by type of service	14,414	13,026
Credit and debit card fees \| Treasury and Other
Revenue from Contracts with Customers
Revenue by type of service	1,296	1,216
Other service charges and fees.
Revenue from Contracts with Customers
Revenue by type of service	7,104	7,713
Other service charges and fees. \| Retail Banking
Revenue from Contracts with Customers
Revenue by type of service	6,171	6,563
Other service charges and fees. \| Commercial Banking
Revenue from Contracts with Customers
Revenue by type of service	420	781
Other service charges and fees. \| Treasury and Other
Revenue from Contracts with Customers
Revenue by type of service	513	369
Trust and investment services income
Revenue from Contracts with Customers
Revenue by type of service	9,614	8,883
Trust and investment services income \| Retail Banking
Revenue from Contracts with Customers
Revenue by type of service	9,614	8,883
Other.
Revenue from Contracts with Customers
Revenue by type of service	3,205	2,970
Other. \| Retail Banking
Revenue from Contracts with Customers
Revenue by type of service	239	128
Other. \| Commercial Banking
Revenue from Contracts with Customers
Revenue by type of service	1,317	2,584
Other. \| Treasury and Other
Revenue from Contracts with Customers
Revenue by type of service	$ 1,649	$ 258

Fair Value - Visa Derivative (Details) - Visa Derivative $ in Thousands	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jun. 28, 2018	Dec. 31, 2017
Class B restricted shares
Fair value
Conversion rate	1.5991		1.6483	1.6483
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 [Member]
Fair value
Derivative Liability	$ 1,200	$ 900
Derivatives Not Designated as Hedging Instruments
Fair value
Derivative Liability	$ 1,200	$ 851

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total
Balance at Dec. 31, 2021	$ 1,406	$ 2,527,663	$ 604,534	$ (121,693)	$ (354,998)	$ 2,656,912
Balance (in shares) at Dec. 31, 2021	127,502,472
Increase (Decrease) in Stockholders' Equity
Net income			57,719			57,719
Cash dividends declared			(33,151)			(33,151)
Equity-based awards	$ 3	3,132	(460)		(3,197)	(522)
Equity-based awards (in shares)	183,835
Other comprehensive (loss) income, net of tax				(395,809)		(395,809)
Balance at Mar. 31, 2022	$ 1,409	2,530,795	628,642	(517,502)	(358,195)	2,285,149
Balance (in shares) at Mar. 31, 2022	127,686,307
Increase (Decrease) in Stockholders' Equity
Treasury Stock Balance					(368,031)	368,031
Balance at Dec. 31, 2022	$ 1,410	2,538,336	736,544	(639,254)		$ 2,269,005
Balance (in shares) at Dec. 31, 2022	127,363,327					127,363,327
Increase (Decrease) in Stockholders' Equity
Net income			66,818			$ 66,818
Cash dividends declared			(33,114)			(33,114)
Equity-based awards	$ 3	2,317	(457)		(3,135)	(1,272)
Equity-based awards (in shares)	210,353
Other comprehensive (loss) income, net of tax				27,575		27,575
Balance at Mar. 31, 2023	$ 1,413	$ 2,540,653	$ 769,791	$ (611,679)		$ 2,329,012
Balance (in shares) at Mar. 31, 2023	127,573,680					127,573,680
Increase (Decrease) in Stockholders' Equity
Treasury Stock Balance					$ (371,166)	$ 371,166

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI https://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Investment Securities - Amortized Cost and Fair Value, by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Amortized Cost
Due in one year or less	$ 44,758
Due after one year through five years	60,529
Due after five years through ten years	177,638
Due after ten years	164,864
Total contractual maturities	447,789
Available-for-sale investment securities, amortized cost	3,427,708	$ 3,549,599
Fair Value
Due in one year or less	44,068
Due after one year through five years	57,863
Due after five years through ten years	165,278
Due after ten years	155,888
Total contractual maturities	423,097
Total available-for-sale securities, Fair value,	3,054,280	3,151,133
Amortized Cost
Due after five years through ten years	10,232
Due after ten years	98,071
Total contractual maturities	108,303
Amortized cost	4,261,361	4,320,639
Fair Value
Due after five years through ten years	9,141
Due after ten years	87,628
Total contractual maturities	96,769
Total held to maturity, Fair value,	3,824,478	3,814,822
Mortgage-backed securities:
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	1,748,457
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	1,543,389
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	1,328,343
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	1,188,580
Residential - Government agency
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	65,261
Available-for-sale investment securities, amortized cost	65,261	66,792
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	59,297
Total available-for-sale securities, Fair value,	59,297	59,723
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	45,860
Amortized cost	45,860	46,302
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	40,144
Total held to maturity, Fair value,	40,144	40,008
Residential - Government-sponsored enterprises
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	1,276,130
Available-for-sale investment securities, amortized cost	1,276,130	1,317,718
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	1,132,254
Total available-for-sale securities, Fair value,	1,132,254	1,160,455
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	104,868
Amortized cost	104,868	106,534
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	93,261
Total held to maturity, Fair value,	93,261	93,556
Commercial - Government agency
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	281,009
Available-for-sale investment securities, amortized cost	281,009	282,700
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	235,071
Total available-for-sale securities, Fair value,	235,071	237,853
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	30,606
Amortized cost	30,606	30,544
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	25,062
Total held to maturity, Fair value,	25,062	25,315
Commercial - Government-sponsored enterprises
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	126,057
Available-for-sale investment securities, amortized cost	126,057	130,612
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	116,767
Total available-for-sale securities, Fair value,	116,767	119,573
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	1,147,009
Amortized cost	1,147,009	1,150,449
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	1,030,113
Total held to maturity, Fair value,	1,030,113	1,011,998
Collateralized mortgage obligations
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	1,231,462
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	1,087,794
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	2,824,715
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	2,539,129
Government agency
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	715,004
Available-for-sale investment securities, amortized cost	715,004	738,524
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	636,602
Total available-for-sale securities, Fair value,	636,602	653,322
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	1,060,910
Amortized cost	1,060,910	1,080,492
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	956,337
Total held to maturity, Fair value,	956,337	958,114
Government-sponsored enterprises
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	516,458
Available-for-sale investment securities, amortized cost	516,458	533,103
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	451,192
Total available-for-sale securities, Fair value,	451,192	462,132
Amortized Cost
Mortgaged-backed securities and collateralized mortgage obligations	1,763,805
Amortized cost	1,763,805	1,798,178
Fair Value
Mortgaged-backed securities and collateralized mortgage obligations	1,582,792
Total held to maturity, Fair value,	$ 1,582,792	$ 1,591,133

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income	$ 66,818	$ 57,719
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	8,800	(5,747)
Depreciation, amortization and accretion, net	10,827	15,581
Deferred income tax provision	4,330	15,059
Stock-based compensation	2,320	3,135
Other losses	1,223	1,566
Originations of loans held for sale	(1,468)	(6,566)
Proceeds from sales of loans held for sale	1,447	6,194
Change in assets and liabilities:
Net increase in other assets	(9,536)	(33,509)
Net (decrease) increase in other liabilities	(2,128)	12,830
Net cash provided by operating activities	82,633	66,262
Available-for-sale securities:
Proceeds from maturities and principal repayments	119,692	383,290
Proceeds from calls and sales		970
Purchases		(563,925)
Held-to-maturity securities:
Proceeds from maturities and principal repayments	68,854
Proceeds from calls	220
Other investments:
Proceeds from sales	13,984	2,690
Purchases	(42,251)	(2,841)
Loans:
Net (increase) decrease in loans and leases resulting from originations and principal repayments	(88,408)	180,505
Purchases of loans	(48,741)	(114,677)
Proceeds from bank-owned life insurance	4,932
Purchases of premises, equipment and software	(1,555)	(2,695)
Proceeds from sales of other real estate owned		176
Other	(1,614)
Net cash provided by (used in) investing activities	25,113	(116,507)
Cash flows from financing activities
Net (decrease) increase in deposits	(407,529)	454,284
Net increase in short-term borrowings	175,000
Proceeds from long-term borrowings	500,000
Dividends paid	(33,114)	(33,151)
Stock tendered for payment of withholding taxes	(3,135)	(3,197)
Net cash provided by financing activities	231,222	417,936
Net increase in cash and cash equivalents	338,968	367,691
Cash and cash equivalents at beginning of period	526,624	1,258,469
Cash and cash equivalents at end of period	865,592	1,626,160
Supplemental disclosures
Interest paid	40,937	3,545
Income taxes paid, net of income tax refunds	1,761	2,124
Noncash investing and financing activities:
Operating lease right-of-use assets obtained in exchange for new lease obligations	$ 1,306	761
Transfers to loans and leases from loans held for sale		$ (834)

Transfers of Financial Assets

3 Months Ended

Mar. 31, 2023

Transfers of Financial Assets

Transfers of Financial Assets

6. Transfers of Financial Assets

The Company’s transfers of financial assets with continuing interest may include pledges of collateral to secure public deposits and repurchase agreements, FHLB and FRB borrowing capacity, automated clearing house (“ACH”) transactions and interest rate swaps.

For public deposits and repurchase agreements, the Company enters into bilateral agreements with the entity to pledge investment securities as collateral in the event of default. The right of setoff for a repurchase agreement resembles a secured borrowing, whereby the collateral pledged by the Company would be used to settle the fair value of the repurchase agreement should the Company be in default. The counterparty has the right to sell or repledge the investment securities. The Company is required by the counterparty to maintain adequate collateral levels. In the event the collateral fair value falls below stipulated levels, the Company will pledge additional investment securities. For transfers of assets with the FHLB and the FRB, the Company enters into bilateral agreements to pledge loans as collateral to secure borrowing capacity. For ACH transactions, the Company enters into bilateral agreements to collateralize possible daylight overdrafts. For interest rate swaps, the Company enters into bilateral agreements to pledge collateral when either party is in a negative fair value position to mitigate counterparty credit risk. Counterparties to ACH transactions, certain interest rate swaps, the FHLB and the FRB do not have the right to sell or repledge the collateral.

The carrying amounts of the assets pledged as collateral to secure public deposits, borrowing arrangements and other transactions as of March 31, 2023 and December 31, 2022 were as follows:


(dollars in thousands)	March 31, 2023		December 31, 2022
Public deposits	$	2,760,479	$	2,977,693
Federal Home Loan Bank		3,493,694		3,451,070
Federal Reserve Bank		1,646,765		1,704,803
ACH transactions		131,344		133,173
Interest rate swaps		20,678		31,091
Total	$	8,052,960	$	8,297,830

As the Company did not enter into reverse repurchase agreements or repurchase agreements, no collateral was accepted as of March 31, 2023 and December 31, 2022. In addition, no debt was extinguished by in-substance defeasance.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

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+ Details

Accumulated Other Comprehensive Income (Loss) - Changes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pre-tax Amount
Other comprehensive income (loss), Pre-tax Amount	$ 37,607	$ (539,801)
Income Tax Benefit (Expense)
Other comprehensive income (loss), Income Tax Benefit (Expense)	(10,032)	143,992
Net of tax
Balance	2,269,005	2,656,912
Other comprehensive income (loss)	27,575	(395,809)
Balance	2,329,012	2,285,149
Accumulated Other Comprehensive Income (Loss)
Pre-tax Amount
Accumulated other comprehensive income (loss), beginning balance, Pre-tax Amount	(871,813)	(165,967)
Accumulated other comprehensive (loss) income, ending balance, Pre-tax Amount	(834,206)	(705,768)
Income Tax Benefit (Expense)
Accumulated other comprehensive income (loss), beginning balance, Income Tax Benefit (Expense)	232,559	44,274
Accumulated other comprehensive loss, ending balance, Income Tax Benefit (Expense)	222,527	188,266
Net of tax
Balance	(639,254)	(121,693)
Other comprehensive income (loss)	27,575	(395,809)
Balance	(611,679)	(517,502)
Pensions and Other Benefits
Net of tax
Balance	(5,431)	(24,390)
Balance	(5,431)	(24,390)
Investment securities
Pre-tax Amount
Unrealized net gains (losses) arising during the period, Pre-tax Amount	25,038	(538,085)
Reclassification of net losses (gains) to net income, Pre-tax Amount	(11,708)
Other comprehensive income (loss), Pre-tax Amount	36,746	(538,085)
Income Tax Benefit (Expense)
Unrealized net losses (gains) arising during the period, Income Tax Benefit (Expense)	(6,679)	143,534
Reclassification of net gains (losses) to net income, Income Tax Benefit (Expense)	(3,123)
Other comprehensive income (loss), Income Tax Benefit (Expense)	(9,802)	143,534
Net of tax
Unrealized net (losses) gains arising during the period, Net of tax	18,359	(394,551)
Reclassification of net (gains) losses to net income, Net of tax	(8,585)
Other comprehensive income (loss)	26,944	(394,551)
Cash Flow Derivative Hedges
Pre-tax Amount
Unrealized net gains (losses) arising during the period, Pre-tax Amount	(442)	(1,716)
Reclassification of net losses (gains) to net income, Pre-tax Amount	1,303
Other comprehensive income (loss), Pre-tax Amount	861	(1,716)
Income Tax Benefit (Expense)
Unrealized net losses (gains) arising during the period, Income Tax Benefit (Expense)	118	458
Reclassification of net gains (losses) to net income, Income Tax Benefit (Expense)	348
Other comprehensive income (loss), Income Tax Benefit (Expense)	(230)	458
Net of tax
Balance	(4,702)
Unrealized net (losses) gains arising during the period, Net of tax	(324)	(1,258)
Reclassification of net (gains) losses to net income, Net of tax	955
Other comprehensive income (loss)	631	(1,258)
Balance	$ (4,071)	$ (1,258)

Mortgage Servicing Rights - Changes in Amortized MSRs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in amortized mortgage servicing rights
Balance at beginning of year	$ 6,562	$ 8,302
Originations	17	84
Amortization	(280)	(736)
Balance at end of year	6,299	7,650
Fair value of amortized MSRs at beginning of year	15,193	12,243
Fair value of amortized MSRs at end of year	15,169	13,585
Impairment of MSRs recorded	$ 0	$ 0

Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2023

Accumulated Other Comprehensive Income (Loss)

Accumulated Other Comprehensive Income (Loss)

10. Accumulated Other Comprehensive Loss

Accumulated other comprehensive loss is defined as the revenues, expenses, gains and losses that are included in comprehensive loss but excluded from net income. The Company’s significant items of accumulated other comprehensive loss are pension and other benefits, net unrealized gains or losses on investment securities and net unrealized gains or losses on cash flow derivative hedges.

Changes in accumulated other comprehensive income (loss) for the three months ended March 31, 2023 and 2022 are presented below:


			Income
			Tax
	Pre-tax		Benefit		Net of
(dollars in thousands)	Amount		(Expense)		Tax
Accumulated other comprehensive loss at December 31, 2022	$	(871,813)	$	232,559	$	(639,254)
Three months ended March 31, 2023
Investment securities:
Unrealized net gains arising during the period		25,038		(6,679)		18,359
Reclassification of net losses to net income:
Amortization of unrealized holding losses on held-to-maturity securities		11,708		(3,123)		8,585
Net change in investment securities		36,746		(9,802)		26,944
Cash flow derivative hedges:
Unrealized net losses arising during the period		(442)		118		(324)
Reclassification of net losses included in net income		1,303		(348)		955
Net change in cash flow derivative hedges		861		(230)		631
Other comprehensive income		37,607		(10,032)		27,575
Accumulated other comprehensive loss at March 31, 2023	$	(834,206)	$	222,527	$	(611,679)


			Income
	Pre-tax		Tax		Net of
(dollars in thousands)	Amount		Benefit		Tax
Accumulated other comprehensive loss at December 31, 2021	$	(165,967)	$	44,274	$	(121,693)
Three months ended March 31, 2022
Investment securities:
Unrealized net losses arising during the period		(538,085)		143,534		(394,551)
Net change in investment securities		(538,085)		143,534		(394,551)
Cash flow derivative hedges:
Unrealized net losses arising during the period		(1,716)		458		(1,258)
Net change in cash flow derivative hedges		(1,716)		458		(1,258)
Other comprehensive loss		(539,801)		143,992		(395,809)
Accumulated other comprehensive loss at March 31, 2022	$	(705,768)	$	188,266	$	(517,502)

The following table summarizes changes in accumulated other comprehensive income (loss), net of tax, for the periods indicated:



	Pensions								Accumulated
	and		Available-for-Sale		Held-to-Maturity		Cash Flow		Other
	Other		Investment		Investment		Derivative		Comprehensive
(dollars in thousands)	Benefits		Securities		Securities		Hedges		Income (Loss)
Three Months Ended March 31, 2023
Balance at beginning of period	$	(5,431)	$	(292,175)	$	(336,946)	$	(4,702)	$	(639,254)
Other comprehensive income		—		18,359		8,585		631		27,575
Balance at end of period	$	(5,431)	$	(273,816)	$	(328,361)	$	(4,071)	$	(611,679)

Three Months Ended March 31, 2022
Balance at beginning of period	$	(24,390)	$	(97,303)	$	—	$	—	$	(121,693)
Other comprehensive loss		—		(394,551)		—		(1,258)		(395,809)
Balance at end of period	$	(24,390)	$	(491,854)	$	—	$	(1,258)	$	(517,502)

Long-term Borrowings (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Long-Term Debt	$ 500,000	$ 0
Maturities of Long-Term Debt [Abstract]
2024	500,000
Total long-term debt	500,000	$ 0
Federal Home Loan Bank Advances [Member]
Debt Instrument [Line Items]
Long-Term Debt	$ 500,000
Weighted average interest rate	4.71%
Maturities of Long-Term Debt [Abstract]
Total long-term debt	$ 500,000

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income	$ 66,818	$ 57,719
Other comprehensive income (loss), net of tax:
Net change in investment securities	26,944	(394,551)
Net change in cash flow derivative hedges	631	(1,258)
Other comprehensive income (loss)	27,575	(395,809)
Total comprehensive income (loss)	$ 94,393	$ (338,090)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Transfers of Financial Assets (Tables)

3 Months Ended

Mar. 31, 2023

Transfers of Financial Assets

Schedule of carrying amounts of assets pledged as collateral


(dollars in thousands)	March 31, 2023		December 31, 2022
Public deposits	$	2,760,479	$	2,977,693
Federal Home Loan Bank		3,493,694		3,451,070
Federal Reserve Bank		1,646,765		1,704,803
ACH transactions		131,344		133,173
Interest rate swaps		20,678		31,091
Total	$	8,052,960	$	8,297,830

Reportable Operating Segments - Selected Business Segment Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Selected business segment financial information
Net interest income (expense)	$ 167,247	$ 133,872
Provision (Benefit) for credit losses	(8,800)	5,747
Net interest income after (provision) benefit for credit losses	158,447	139,619
Noninterest income	49,023	41,380
Noninterest expense	(118,567)	(104,042)
Income before provision for income taxes	88,903	76,957
(Provision) benefit for income taxes	(22,085)	(19,238)
Net income	66,818	57,719
Total assets	24,884,207		$ 24,577,223
Retail Banking
Selected business segment financial information
Net interest income (expense)	108,920	94,048
Provision (Benefit) for credit losses	(2,563)	1,841
Net interest income after (provision) benefit for credit losses	106,357	95,889
Noninterest income	24,267	23,315
Noninterest expense	(75,843)	(70,220)
Income before provision for income taxes	54,781	48,984
(Provision) benefit for income taxes	(13,266)	(12,150)
Net income	41,515	36,834
Commercial Banking
Selected business segment financial information
Net interest income (expense)	40,939	35,088
Provision (Benefit) for credit losses	(3,873)	2,542
Net interest income after (provision) benefit for credit losses	37,066	37,630
Noninterest income	17,888	18,655
Noninterest expense	(27,770)	(26,505)
Income before provision for income taxes	27,184	29,780
(Provision) benefit for income taxes	(6,330)	(7,253)
Net income	20,854	22,527
Treasury and Other
Selected business segment financial information
Net interest income (expense)	17,388	4,736
Provision (Benefit) for credit losses	(2,364)	1,364
Net interest income after (provision) benefit for credit losses	15,024	6,100
Noninterest income	6,868	(590)
Noninterest expense	(14,954)	(7,317)
Income before provision for income taxes	6,938	(1,807)
(Provision) benefit for income taxes	(2,489)	165
Net income	$ 4,449	$ (1,642)

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contracts with Customers

Summary of revenues disaggregated by type of service and business segments

Three Months Ended March 31, 2023

Treasury

Retail

Commercial

and

(dollars in thousands)

Banking

Other

Total

Net interest income⁽¹⁾

108,920

40,939

17,388

167,247

Service charges on deposit accounts

6,541

626

7,231

Credit and debit card fees

—

14,414

1,296

15,710

Other service charges and fees

6,171

420

513

7,104

Trust and investment services income

9,614

—

9,614

Other

239

1,317

1,649

3,205

Not in scope of Topic 606⁽¹⁾

1,702

1,111

3,346

6,159

Total noninterest income

24,267

17,888

6,868

49,023

Total revenue

133,187

58,827

24,256

216,270

(1)

Most of the Company’s revenue is not within the scope of ASU No. 2014-09, Revenue from Contracts with Customers. The guidance explicitly excludes net interest income from financial assets and liabilities as well as other noninterest income from loans, leases, investment securities, derivative financial instruments and bank-owned life insurance.


		Three Months Ended March 31, 2022
					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Net interest income⁽¹⁾	$	94,048	$	35,088	$	4,736	$	133,872

Service charges on deposit accounts		6,650		346		505		7,501
Credit and debit card fees		—		13,026		1,216		14,242
Other service charges and fees		6,563		781		369		7,713
Trust and investment services income		8,883		—		—		8,883
Other		128		2,584		258		2,970
Not in scope of Topic 606⁽¹⁾		1,091		1,918		(2,938)		71
Total noninterest income		23,315		18,655		(590)		41,380
Total revenue	$	117,363	$	53,743	$	4,146	$	175,252

(1)

Most of the Company’s revenue is not within the scope of ASU No. 2014-09, Revenue from Contracts with Customers. The guidance explicitly excludes net interest income from financial assets and liabilities as well as other noninterest income from loans, leases, investment securities, derivative financial instruments and bank-owned life insurance.

Reportable Operating Segments (Tables)

3 Months Ended

Mar. 31, 2023

Reportable Operating Segments

Schedule of selected business segment financial information

Treasury

Retail

Commercial

and

(dollars in thousands)

Banking

Other

Total

Three Months Ended March 31, 2023

Net interest income

108,920

40,939

17,388

167,247

Provision for credit losses

(2,563)

(3,873)

(2,364)

(8,800)

Net interest income after provision for credit losses

106,357

37,066

15,024

158,447

Noninterest income

24,267

17,888

6,868

49,023

Noninterest expense

(75,843)

(27,770)

(14,954)

(118,567)

Income before provision for income taxes

54,781

27,184

6,938

88,903

Provision for income taxes

(13,266)

(6,330)

(2,489)

(22,085)

Net income

41,515

20,854

4,449

66,818


					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Three Months Ended March 31, 2022
Net interest income	$	94,048	$	35,088	$	4,736	$	133,872
Benefit for credit losses		1,841		2,542		1,364		5,747
Net interest income after benefit for credit losses		95,889		37,630		6,100		139,619

Noninterest income		23,315		18,655		(590)		41,380
Noninterest expense		(70,220)		(26,505)		(7,317)		(104,042)
Income (loss) before (provision) benefit for income taxes		48,984		29,780		(1,807)		76,957

(Provision) benefit for income taxes		(12,150)		(7,253)		165		(19,238)
Net income (loss)	$	36,834	$	22,527	$	(1,642)	$	57,719

Derivative Financial Instruments - Cash Flow Hedges (Details) - Derivatives designated as hedging instruments - Interest rate swaps and collars - Cash Flow Hedges - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative financial instruments
Pretax net losses reclassified from accumulated other comprehensive income to interest income from loans and lease financing	$ 1,303
Other comprehensive income (loss)
Derivative financial instruments
Pretax net losses recognized in other comprehensive income on cash flow derivative hedges	$ (442)	$ (1,716)

Fair Value - Assets and Liabilities Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Total available-for-sale securities, Fair value,	$ 3,054,280	$ 3,151,133
Collateralized Loan Obligations
Assets
Total available-for-sale securities, Fair value,	237,411	241,321
Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	3,054,280	3,151,133
Other assets	9,872	16,321
Liabilities
Other liabilities	(37,061)	(50,119)
Total
Net Assets (Liabilities)	3,027,091	3,117,335
Fair Value, Measurements, Recurring \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Assets
Other assets	1,141	5,376
Total
Net Assets (Liabilities)	1,141	5,376
Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	3,054,280	3,151,133
Other assets	8,731	10,945
Liabilities
Other liabilities	(35,861)	(49,268)
Total
Net Assets (Liabilities)	3,027,150	3,112,810
Fair Value, Measurements, Recurring \| Significant Unobservable Inputs (Level 3)
Liabilities
Other liabilities	(1,200)	(851)
Total
Net Assets (Liabilities)	(1,200)	(851)
U.S. Treasury and government agency debt securities
Assets
Total available-for-sale securities, Fair value,	120,228	150,982
U.S. Treasury and government agency debt securities \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	120,228	150,982
U.S. Treasury and government agency debt securities \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	120,228	150,982
Government-sponsored enterprises debt securities
Assets
Total available-for-sale securities, Fair value,	44,325	44,301
Government-sponsored enterprises debt securities \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	44,325	44,301
Government-sponsored enterprises debt securities \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	44,325	44,301
Residential - Government agency
Assets
Total available-for-sale securities, Fair value,	59,297	59,723
Residential - Government agency \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	59,297	59,723
Residential - Government agency \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	59,297	59,723
Residential - Government-sponsored enterprises
Assets
Total available-for-sale securities, Fair value,	1,132,254	1,160,455
Residential - Government-sponsored enterprises \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	1,132,254	1,160,455
Residential - Government-sponsored enterprises \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	1,132,254	1,160,455
Commercial - Government agency
Assets
Total available-for-sale securities, Fair value,	235,071	237,853
Commercial - Government agency \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	235,071	237,853
Commercial - Government agency \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	235,071	237,853
Commercial - Government-sponsored enterprises
Assets
Total available-for-sale securities, Fair value,	116,767	119,573
Commercial - Government-sponsored enterprises \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	116,767	119,573
Commercial - Government-sponsored enterprises \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	116,767	119,573
Commercial - Non-government mortgage \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	21,133	21,471
Commercial - Non-government mortgage \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	21,133	21,471
Government agency
Assets
Total available-for-sale securities, Fair value,	636,602	653,322
Government agency \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	636,602	653,322
Government agency \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	636,602	653,322
Government-sponsored enterprises
Assets
Total available-for-sale securities, Fair value,	451,192	462,132
Government-sponsored enterprises \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	451,192	462,132
Government-sponsored enterprises \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	451,192	462,132
Collateralized Loan Obligations \| Fair Value, Measurements, Recurring
Assets
Total available-for-sale securities, Fair value,	237,411	241,321
Collateralized Loan Obligations \| Fair Value, Measurements, Recurring \| Significant Other Observable Inputs (Level 2)
Assets
Total available-for-sale securities, Fair value,	$ 237,411	$ 241,321

Reportable Operating Segments - Business Segments (Details)	3 Months Ended
	Mar. 31, 2023 segment location
Reportable operating segments
Number of business segments \| segment	3
Retail Banking
Reportable operating segments
Number of Branches \| location	51

Derivative Financial Instruments - Notional Amounts and Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Notional amounts and fair values of derivatives
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Derivatives designated as hedging instruments \| Interest rate swaps
Notional amounts and fair values of derivatives
Notional Amount	$ 267,500	$ 267,500
Asset Derivatives	8,464	7,276
Liability Derivatives	(5,681)	(6,840)
Derivatives designated as hedging instruments \| Interest rate collars
Notional amounts and fair values of derivatives
Notional Amount	200,000	200,000
Asset Derivatives	267	491
Liability Derivatives	(137)	(63)
Derivatives Not Designated as Hedging Instruments \| Interest rate swaps
Notional amounts and fair values of derivatives
Notional Amount	2,796,954	2,849,776
Asset Derivatives		3,178
Liability Derivatives	(30,043)	(42,365)
Derivatives Not Designated as Hedging Instruments \| Visa Derivative
Notional amounts and fair values of derivatives
Notional Amount	93,312	121,013
Liability Derivatives	(1,200)	(851)
Derivatives Not Designated as Hedging Instruments \| Foreign exchange contracts
Notional amounts and fair values of derivatives
Notional Amount	$ 241	$ 210

Reportable Operating Segments

3 Months Ended

Mar. 31, 2023

Reportable Operating Segments

Reportable Operating Segments

18. Reportable Operating Segments

The Company’s operations are organized into three business segments – Retail Banking, Commercial Banking, and Treasury and Other. These segments reflect how discrete financial information is currently evaluated by the chief operating decision maker and how performance is assessed and resources allocated. The Company’s internal management process measures the performance of these business segments. This process, which is not necessarily comparable with similar information for any other financial institution, uses various techniques to assign balance sheet and income statement amounts to the business segments, including allocations of income, expense, the provision for credit losses, and capital. This process is dynamic and requires certain allocations based on judgment and other subjective factors. Unlike financial accounting, there is no comprehensive authoritative guidance for management accounting that is equivalent to GAAP.

The net interest income of the business segments reflects the results of a funds transfer pricing process that matches assets and liabilities with similar interest rate sensitivity and maturity characteristics and reflects the allocation of net interest income related to the Company’s overall asset and liability management activities on a proportionate basis. The basis for the allocation of net interest income is a function of the Company’s assumptions that are subject to change based on changes in current interest rates and market conditions. Funds transfer pricing also serves to transfer interest rate risk to Treasury.

The Company allocates the provision for credit losses from the Treasury and Other business segment (which is comprised of many of the Company’s support units) to the Retail and Commercial business segments. These allocations are based on direct costs incurred by the Retail and Commercial business segments.

Noninterest income and expense includes allocations from support units to the business segments. These allocations are based on actual usage where practicably calculated or by management’s estimate of such usage. Income tax expense is allocated to each business segment based on the consolidated effective income tax rate for the period shown.

Business Segments

Retail Banking

Retail Banking offers a broad range of financial products and services to consumers and small businesses. Loan and lease products offered include residential and commercial mortgage loans, home equity lines of credit and loans, automobile loans and leases, secured and unsecured lines of credit, installment loans and small business loans and leases. Deposit products offered include checking, savings, and time deposit accounts. Retail Banking also offers wealth management services. Products and services from Retail Banking are delivered to customers through 51 banking locations throughout the State of Hawaii, Guam and Saipan.

Commercial Banking

Commercial Banking offers products that include corporate banking related products, commercial real estate loans, commercial lease financing, secured and unsecured lines of credit, automobile loans and auto dealer financing, business deposit products and credit cards. Commercial lending and deposit products are offered primarily to middle-market and large companies locally, nationally and internationally.

Treasury and Other

Treasury consists of corporate asset and liability management activities including interest rate risk management. The segment’s assets and liabilities (and related interest income and expense) consist of interest-bearing deposits, investment securities, federal funds sold and purchased, government deposits, short- and long-term borrowings and bank-owned properties. The primary sources of noninterest income are from bank-owned life insurance, net gains from the sale of investment securities, foreign exchange income related to customer-driven cross-border wires for business and personal reasons and management of bank-owned properties. The net residual effect of the transfer pricing of assets and liabilities is included in Treasury, along with the elimination of intercompany transactions.

Other organizational units (Technology, Operations, Credit and Risk Management, Human Resources, Finance, Administration, Marketing, and Corporate and Regulatory Administration) provide a wide range of support to the Company’s other income earning segments. Expenses incurred by these support units are charged to the business segments through an internal cost allocation process.

The following tables present selected business segment financial information for the periods indicated.

Treasury

Retail

Commercial

and

(dollars in thousands)

Banking

Other

Total

Three Months Ended March 31, 2023

Net interest income

108,920

40,939

17,388

167,247

Provision for credit losses

(2,563)

(3,873)

(2,364)

(8,800)

Net interest income after provision for credit losses

106,357

37,066

15,024

158,447

Noninterest income

24,267

17,888

6,868

49,023

Noninterest expense

(75,843)

(27,770)

(14,954)

(118,567)

Income before provision for income taxes

54,781

27,184

6,938

88,903

Provision for income taxes

(13,266)

(6,330)

(2,489)

(22,085)

Net income

41,515

20,854

4,449

66,818


					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Three Months Ended March 31, 2022
Net interest income	$	94,048	$	35,088	$	4,736	$	133,872
Benefit for credit losses		1,841		2,542		1,364		5,747
Net interest income after benefit for credit losses		95,889		37,630		6,100		139,619

Noninterest income		23,315		18,655		(590)		41,380
Noninterest expense		(70,220)		(26,505)		(7,317)		(104,042)
Income (loss) before (provision) benefit for income taxes		48,984		29,780		(1,807)		76,957

(Provision) benefit for income taxes		(12,150)		(7,253)		165		(19,238)
Net income (loss)	$	36,834	$	22,527	$	(1,642)	$	57,719

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI https://asc.fasb.org/topic&trid=2134510

+ Details

Allowance for Credit Losses - Collateral-Dependent Loans and Leases (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Residential Real Estate [Member]
Financing Receivable, Nonaccrual [Line Items]
Amortized cost basis of collateral-dependent loans	$ 8.1	$ 8.2

Derivative Financial Instruments - Counterparty Credit Risk and Credit-Risk Related Contingent Features (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Derivative contracts
Counterparty credit risk adjustments	$ 0	$ 100,000
Credit-risk-related contingent features
Aggregate fair value of derivative instruments in a net liability position	0		$ 0
Collateral posted for derivatives in a net liability position	0		$ 0
Interest rate swaps
Derivative contracts
Collateral thresholds for derivative agreements with credit risk related contingent features	$ 300,000

Derivative Financial Instruments - Amounts Recorded in Balance Sheets Related to Cumulative Basis Adjustments (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative Financial Instruments
Carrying Amount of the Hedged Asset	$ 58,995	$ 60,189
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Asset	$ (8,505)	$ (7,311)

Fair Value - Financial Instruments not Required to be Carried at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial assets:
Held-to-maturity investment securities, fair value	$ 3,824,478	$ 3,814,822
Lease and lease commitments excluded
Financing leases	327,100	298,100
Deposit liabilities with no defined or contractual maturity	18,700,000	19,200,000
Carrying Amount
Financial assets:
Cash and cash equivalents	865,592	526,624
Held-to-maturity investment securities, fair value	4,261,361	4,320,639
Loans	13,894,150	13,793,922
Financial liabilities:
Time deposits	2,587,402	2,476,050
Short-term borrowings	250,000	75,000
Long-term borrowings	500,000
Estimated Fair Value
Financial assets:
Cash and cash equivalents	865,592	526,624
Held-to-maturity investment securities, fair value	3,824,478	3,814,822
Loans	13,353,156	13,138,787
Financial liabilities:
Time deposits	2,546,680	2,423,231
Short-term borrowings	249,991	74,991
Long-term borrowings	498,537
Estimated Fair Value \| Fair Value, Inputs, Level 1 [Member]
Financial assets:
Cash and cash equivalents	253,705	297,502
Estimated Fair Value \| Fair Value, Inputs, Level 2 [Member]
Financial assets:
Cash and cash equivalents	611,887	229,122
Held-to-maturity investment securities, fair value	3,824,478	3,814,822
Financial liabilities:
Time deposits	2,546,680	2,423,231
Short-term borrowings	249,991	74,991
Long-term borrowings	498,537
Estimated Fair Value \| Fair Value, Inputs, Level 3 [Member]
Financial assets:
Loans	$ 13,353,156	$ 13,138,787

Regulatory Capital Requirements

3 Months Ended

Mar. 31, 2023

Regulatory Capital Requirements

Regulatory Capital Requirements

11. Regulatory Capital Requirements

Federal and state laws and regulations limit the amount of dividends the Company may declare or pay. The Company depends primarily on dividends from FHB as the source of funds for the Company’s payment of dividends.

The Company and the Bank are subject to various regulatory capital requirements imposed by federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct material effect on the Company’s and the Bank’s operating activities and financial condition. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of its assets and certain off-balance sheet items. The capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

Quantitative measures established by regulation to ensure capital adequacy require the Company and Bank to maintain minimum amounts and ratios of Common Equity Tier 1 (“CET1”) capital, Tier 1 capital and total capital to risk-weighted assets, as well as a minimum leverage ratio.

The table below sets forth those ratios at March 31, 2023 and December 31, 2022:


					First Hawaiian				Minimum		Well-
	First Hawaiian, Inc.				Bank				Capital		Capitalized
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Ratio⁽¹⁾		Ratio⁽¹⁾
March 31, 2023:
Common equity tier 1 capital to risk-weighted assets	$	1,945,199	11.97	%	$	1,932,081	11.89	%	4.50	%	6.50	%
Tier 1 capital to risk-weighted assets		1,945,199	11.97	%		1,932,081	11.89	%	6.00	%	8.00	%
Total capital to risk-weighted assets		2,128,520	13.09	%		2,115,402	13.01	%	8.00	%	10.00	%
Tier 1 capital to average assets (leverage ratio)		1,945,199	8.26	%		1,932,081	8.21	%	4.00	%	5.00	%

December 31, 2022:
Common equity tier 1 capital to risk-weighted assets	$	1,912,767	11.82	%	$	1,895,693	11.71	%	4.50	%	6.50	%
Tier 1 capital to risk-weighted assets		1,912,767	11.82	%		1,895,693	11.71	%	6.00	%	8.00	%
Total capital to risk-weighted assets		2,090,502	12.92	%		2,073,428	12.81	%	8.00	%	10.00	%
Tier 1 capital to average assets (leverage ratio)		1,912,767	8.11	%		1,895,693	8.04	%	4.00	%	5.00	%

(1)	As defined by the regulations issued by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation (“FDIC”).

Federal regulations require a 2.5% capital conservation buffer designed to absorb losses during periods of economic stress. The capital conservation buffer is composed entirely of CET1, on top of these minimum risk weighted asset ratios, effectively resulting in minimum ratios of (i) 7% CET1 to risk-weighted assets, (ii) 8.5% Tier 1 capital to risk-weighted assets, and (iii) 10.5% total capital to risk-weighted assets. As of March 31, 2023, under the bank regulatory capital guidelines, the Company and Bank were both classified as well-capitalized. Management is not aware of any conditions or events that have occurred since March 31, 2023, to change the capital adequacy category of the Company or the Bank.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

Loans and Leases

3 Months Ended

Mar. 31, 2023

Loans and Leases.

Loans and Leases

3. Loans and Leases

As of March 31, 2023 and December 31, 2022, loans and leases were comprised of the following:


	March 31,		December 31,
(dollars in thousands)	2023		2022
Commercial and industrial	$	2,268,332	$	2,235,897
Commercial real estate		4,106,200		4,132,309
Construction		913,959		844,643
Residential:
Residential mortgage		4,318,742		4,302,788
Home equity line		1,095,365		1,055,351
Total residential		5,414,107		5,358,139
Consumer		1,191,552		1,222,934
Lease financing		327,122		298,090
Total loans and leases	$	14,221,272	$	14,092,012

Outstanding loan balances are reported net of deferred loan costs and fees of $57.5 million and $56.1 million at March 31, 2023 and December 31, 2022, respectively.

Accrued interest receivable related to loans and leases was $62.4 million and $61.6 million as of March 31, 2023 and December 31, 2022, respectively, and is recorded separately from the amortized cost basis of loans and leases on the Company’s unaudited interim consolidated balance sheets.

As of March 31, 2023, residential real estate loans totaling $3.5 billion were pledged to collateralize the Company’s borrowing capacity at the Federal Home Loan Bank of Des Moines (“FHLB”), and consumer, commercial and industrial, commercial real estate and residential real estate loans totaling $1.6 billion were pledged to collateralize the Company’s borrowing capacity at the Federal Reserve Bank of San Francisco (“FRB”). As of December 31, 2022, residential real estate loans totaling $3.5 billion were pledged to collateralize the Company’s borrowing capacity at the FHLB, and consumer, commercial and industrial, commercial real estate and residential real estate loans totaling $1.7 billion were pledged to collateralize the Company’s borrowing capacity at the FRB. Residential real estate loans collateralized by properties that were in the process of foreclosure totaled $3.2 million and $2.8 million as of March 31, 2023 and December 31, 2022, respectively.

In the course of evaluating the credit risk presented by a customer and the pricing that will adequately compensate the Company for assuming that risk, management may require a certain amount of collateral support. The type of collateral held varies, but may include accounts receivable, inventory, land, buildings, equipment, income-producing commercial properties and residential real estate. The Company applies the same collateral policy for loans whether they are funded immediately or on a delayed basis. The loan and lease portfolio is principally located in Hawaii and, to a lesser extent, on the U.S. Mainland, Guam and Saipan. The risk inherent in the portfolio depends upon both the economic strength and stability of the state or territories, which affects property values, and the financial strength and creditworthiness of the borrowers.

Allowance for Credit Losses - Nonaccrual Loans and Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases With No Allowance for Credit Losses	$ 3,507		$ 3,548
Nonaccrual Loans and Leases	13,684		11,905
Interest income recognized on nonaccrual loans and leases	100	$ 0
Accrued interest receivables written off, Interest income reversed	200	$ 200
Commercial and Industrial
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases With No Allowance for Credit Losses	633		665
Nonaccrual Loans and Leases	1,158		1,215
Commercial real estate
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases With No Allowance for Credit Losses	727		727
Nonaccrual Loans and Leases	727		727
Residential mortgage
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases With No Allowance for Credit Losses	1,551		1,560
Nonaccrual Loans and Leases	6,896		6,166
Home equity Line
Financing Receivable, Nonaccrual [Line Items]
Nonaccrual Loans and Leases With No Allowance for Credit Losses	596		596
Nonaccrual Loans and Leases	$ 4,903		$ 3,797

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2023

Revenue from Contracts with Customers

Revenue from Contracts with Customers

14. Revenue from Contracts with Customers

Revenue Recognition

In accordance with Topic 606, Revenue from Contracts with Customers, revenues are recognized when control of promised goods or services is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. The Company only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services that are promised within each contract and identifies those that contain performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Disaggregation of Revenue

The following table summarizes the Company’s revenues, which includes net interest income on financial instruments and noninterest income, disaggregated by type of service and business segments for the periods indicated:

Three Months Ended March 31, 2023

Treasury

Retail

Commercial

and

(dollars in thousands)

Banking

Other

Total

Net interest income⁽¹⁾

108,920

40,939

17,388

167,247

Service charges on deposit accounts

6,541

626

7,231

Credit and debit card fees

—

14,414

1,296

15,710

Other service charges and fees

6,171

420

513

7,104

Trust and investment services income

9,614

—

9,614

Other

239

1,317

1,649

3,205

Not in scope of Topic 606⁽¹⁾

1,702

1,111

3,346

6,159

Total noninterest income

24,267

17,888

6,868

49,023

Total revenue

133,187

58,827

24,256

216,270

(1)


		Three Months Ended March 31, 2022
					Treasury
	Retail		Commercial		and
(dollars in thousands)	Banking		Banking		Other		Total
Net interest income⁽¹⁾	$	94,048	$	35,088	$	4,736	$	133,872

Service charges on deposit accounts		6,650		346		505		7,501
Credit and debit card fees		—		13,026		1,216		14,242
Other service charges and fees		6,563		781		369		7,713
Trust and investment services income		8,883		—		—		8,883
Other		128		2,584		258		2,970
Not in scope of Topic 606⁽¹⁾		1,091		1,918		(2,938)		71
Total noninterest income		23,315		18,655		(590)		41,380
Total revenue	$	117,363	$	53,743	$	4,146	$	175,252

(1)

For the three months ended March 31, 2023 and 2022, substantially all of the Company’s revenues under the scope of Topic 606 were related to performance obligations satisfied at a point in time.

The following is a discussion of revenues within the scope of Topic 606.

Service Charges on Deposit Accounts

Service charges on deposit accounts relate to fees generated from a variety of deposit products and services rendered to customers. Charges include, but are not limited to, overdraft fees, non-sufficient fund fees, dormant fees and monthly service charges. Such fees are recognized concurrent with the event on a daily basis or on a monthly basis depending upon the customer’s cycle date.

Credit and Debit Card Fees

Credit and debit card fees primarily represent revenues earned from interchange fees, ATM fees and merchant processing fees. Interchange and network revenues are earned on credit and debit card transactions conducted with payment networks. ATM fees are primarily earned as a result of surcharges assessed to non-FHB customers who use an FHB ATM. Merchant processing fees are primarily earned on transactions in which FHB is the acquiring bank. Such fees are generally recognized concurrently with the delivery of services on a daily basis.

Trust and Investment Services Fees

Trust and investment services fees represent revenue earned by directing, holding and managing customers’ assets. Fees are generally computed based on a percentage of the previous period’s value of assets under management. The transaction price (i.e., percentage of assets under management) is established at the inception of each contract. Trust and investment services fees also include fees collected when the Company acts as agent or personal representative and executes security transactions, performs collection and disbursement of income, and completes investment management and other administrative tasks.

Other Fees

Other fees primarily include revenues generated from wire transfers, lockboxes, bank issuance of checks and insurance commissions. Such fees are recognized concurrent with the event or on a monthly basis.

Contract Balances

A contract liability is an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration (or the amount is due) from the customer. The Company received signing bonuses from two vendors in prior years, which are being amortized over the term of the respective contracts. As of March 31, 2023 and December 31, 2022, the Company had contract liabilities of $2.5 million and $2.7 million, respectively, which it expects to recognize over the remaining term of the respective contracts with the vendors. For the three months ended March 31, 2023, the Company’s recognized revenues increased and contract liabilities decreased by approximately $0.2 million due to the passage of time. For the three months ended March 31, 2022, the Company’s recognized revenues increased and contract liabilities decreased by approximately $0.3 million due to the passage of time. There were no changes in contract liabilities due to changes in transaction price estimates.

A contract asset is the right to consideration for transferred goods or services when the amount is conditioned on something other than the passage of time. As of March 31, 2023 and December 31, 2022, there were no material receivables from contracts with customers or contract assets recorded on the Company’s unaudited interim consolidated balance sheets.

Other

Except for the contract liabilities noted above, the Company did not have any significant performance obligations as of March 31, 2023 and December 31, 2022. The Company also did not have any material contract acquisition costs or use any significant judgments or estimates in recognizing revenue for financial reporting purposes.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Mortgage Servicing Rights (Tables)

3 Months Ended

Mar. 31, 2023

Other Assets.

Schedule of estimated future amortization expense for MSRs


	Estimated
(dollars in thousands)	Amortization
Under one year	$	910
One to two years		809
Two to three years		718
Three to four years		634
Four to five years		560

Schedule of details of the Company's MSRs


	March 31,		December 31,
(dollars in thousands)	2023		2022
Gross carrying amount	$	69,290	$	69,273
Less: accumulated amortization		62,991		62,711
Net carrying value	$	6,299	$	6,562

Schedule of changes in amortized MSRs


	Three Months Ended March 31,
(dollars in thousands)	2023		2022
Balance at beginning of period	$	6,562	$	8,302
Originations		17		84
Amortization		(280)		(736)
Balance at end of period	$	6,299	$	7,650
Fair value of amortized MSRs at beginning of period	$	15,193	$	12,243
Fair value of amortized MSRs at end of period	$	15,169	$	13,585

Schedule of quantitative assumptions used in determining lower of cost or fair value of MSRs


	March 31, 2023							December 31, 2022
						Weighted							Weighted
	Range					Average		Range					Average
Conditional prepayment rate	6.92	%	-	12.25	%	7.04	%	7.02	%	-	13.58	%	7.11	%
Life in years (of the MSR)	3.61		-	7.33		7.18		3.35		-	7.37		7.20
Weighted-average coupon rate	3.55	%	-	6.16	%	3.68	%	3.55	%	-	6.24	%	3.68	%
Discount rate	10.40	%	-	10.57	%	10.52	%	10.41	%	-	10.54	%	10.51	%

Short-Term Borrowings (Tables)

3 Months Ended

Mar. 31, 2023

Short-Term Borrowings

Schedule of short-term borrowings


(dollars in thousands)	March 31, 2023		December 31, 2022
Federal funds purchased	$	—	$	75,000
Short-term FHLB repo advance		250,000		—
Total short-term borrowings	$	250,000	$	75,000

Schedule of selected information for short-term borrowings


	Three Months Ended March 31,
(dollars in thousands)	2023			2022
Federal funds purchased:
Weighted-average interest rate at March 31,		—	%		—	%
Highest month-end balance	$	150,000		$	—
Average outstanding balance	$	67,056		$	—
Weighted-average interest rate paid		4.43	%		—	%
Short-term FHLB repo advance:
Weighted-average interest rate at March 31,		5.00	%		—	%
Highest month-end balance	$	250,000		$	—
Average outstanding balance	$	52,778		$	—
Weighted-average interest rate paid		5.02	%		—	%

Earnings per Share (Details) - USD ($)	3 Months Ended
Earnings per Share (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Earnings per Share
Adjustments to net income (in dollars)	$ 0	$ 0
Antidilutive securities (in shares)	221,000	0
Numerator:
Net income	$ 66,818,000	$ 57,719,000
Denominator:
Basic: weighted-average shares outstanding (in shares)	127,453,820	127,556,242
Add: weighted-average equity-based awards (in shares)	579,992	564,884
Diluted: weighted-average shares outstanding (in shares)	128,033,812	128,121,126
Basic earnings per share (in dollars per share)	$ 0.52	$ 0.45
Diluted earnings per share (in dollars per share)	$ 0.52	$ 0.45

Investment Securities - Unrealized Gross Losses and Fair Values of Securities in a Continuous Loss Position (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) security shares	Dec. 31, 2022 USD ($) security shares
Securities in the available-for-sale portfolio in a continuous loss position
Number of individual securities in a continuous loss position \| security	284	275
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	$ (22,527,000)	$ (213,696,000)
12 Months or More Unrealized Losses	(350,901,000)	(184,820,000)
Total Unrealized Losses	(373,428,000)	(398,516,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	537,520,000	2,023,259,000
12 Months or More Fair Value	2,509,760,000	1,056,595,000
Total Fair Value	3,047,280,000	3,079,854,000
Allowance for credit losses, investment securities	$ 0	$ 0
Investment securities comprised of collateralized loan obligations rated AA or better and obligations issued by local state and political subdivisions rated AA or better	4.00%	4.00%
Class B restricted shares \| Visa
Time in Continuous Loss, Fair Value
Shares held \| shares	120,000	120,000
Cost basis	$ 0	$ 0
U.S. Treasury and government agency debt securities
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(505,000)	(2,962,000)
12 Months or More Unrealized Losses	(10,203,000)	(9,365,000)
Total Unrealized Losses	(10,708,000)	(12,327,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	19,453,000	83,870,000
12 Months or More Fair Value	100,775,000	67,112,000
Total Fair Value	120,228,000	150,982,000
Government-sponsored enterprises debt securities
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(675,000)	(699,000)
Total Unrealized Losses	(675,000)	(699,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	44,325,000	44,301,000
Total Fair Value	44,325,000	44,301,000
Residential - Government-sponsored enterprises
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(7,523,000)	(73,954,000)
12 Months or More Unrealized Losses	(136,353,000)	(83,309,000)
Total Unrealized Losses	(143,876,000)	(157,263,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	176,840,000	645,338,000
12 Months or More Fair Value	955,414,000	515,117,000
Total Fair Value	1,132,254,000	1,160,455,000
Residential - Government agency
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses		(7,069,000)
12 Months or More Unrealized Losses	(5,964,000)
Total Unrealized Losses	(5,964,000)	(7,069,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value		59,723,000
12 Months or More Fair Value	59,297,000
Total Fair Value	59,297,000	59,723,000
Commercial - Government agency
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(90,000)	(15,852,000)
12 Months or More Unrealized Losses	(45,848,000)	(28,995,000)
Total Unrealized Losses	(45,938,000)	(44,847,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	4,453,000	108,842,000
12 Months or More Fair Value	230,618,000	129,011,000
Total Fair Value	235,071,000	237,853,000
Commercial - Government-sponsored enterprises
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(1,647,000)	(7,348,000)
12 Months or More Unrealized Losses	(7,643,000)	(3,691,000)
Total Unrealized Losses	(9,290,000)	(11,039,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	43,342,000	94,657,000
12 Months or More Fair Value	73,425,000	24,916,000
Total Fair Value	116,767,000	119,573,000
Commercial - Non -agency
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(831,000)	(493,000)
Total Unrealized Losses	(831,000)	(493,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	21,133,000	21,471,000
Total Fair Value	21,133,000	21,471,000
Government agency
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(1,047,000)	(74,797,000)
12 Months or More Unrealized Losses	(77,355,000)	(10,405,000)
Total Unrealized Losses	(78,402,000)	(85,202,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	33,970,000	596,907,000
12 Months or More Fair Value	602,632,000	56,415,000
Total Fair Value	636,602,000	653,322,000
Government-sponsored enterprises
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(2,445,000)	(21,916,000)
12 Months or More Unrealized Losses	(62,821,000)	(49,055,000)
Total Unrealized Losses	(65,266,000)	(70,971,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	38,871,000	198,108,000
12 Months or More Fair Value	412,321,000	264,024,000
Total Fair Value	451,192,000	462,132,000
Collateralized Loan Obligations
Time in Continuous Loss, Unrealized Losses
Less Than 12 Months Unrealized Losses	(7,764,000)	(8,606,000)
12 Months or More Unrealized Losses	(4,714,000)
Total Unrealized Losses	(12,478,000)	(8,606,000)
Time in Continuous Loss, Fair Value
Less Than 12 Months, Fair Value	155,133,000	170,042,000
12 Months or More Fair Value	75,278,000
Total Fair Value	$ 230,411,000	$ 170,042,000

Regulatory Capital Requirements (Tables)

3 Months Ended

Mar. 31, 2023

Regulatory Capital Requirements

Schedule of regulatory capital ratios


					First Hawaiian				Minimum		Well-
	First Hawaiian, Inc.				Bank				Capital		Capitalized
(dollars in thousands)	Amount		Ratio		Amount		Ratio		Ratio⁽¹⁾		Ratio⁽¹⁾
March 31, 2023:
Common equity tier 1 capital to risk-weighted assets	$	1,945,199	11.97	%	$	1,932,081	11.89	%	4.50	%	6.50	%
Tier 1 capital to risk-weighted assets		1,945,199	11.97	%		1,932,081	11.89	%	6.00	%	8.00	%
Total capital to risk-weighted assets		2,128,520	13.09	%		2,115,402	13.01	%	8.00	%	10.00	%
Tier 1 capital to average assets (leverage ratio)		1,945,199	8.26	%		1,932,081	8.21	%	4.00	%	5.00	%

December 31, 2022:
Common equity tier 1 capital to risk-weighted assets	$	1,912,767	11.82	%	$	1,895,693	11.71	%	4.50	%	6.50	%
Tier 1 capital to risk-weighted assets		1,912,767	11.82	%		1,895,693	11.71	%	6.00	%	8.00	%
Total capital to risk-weighted assets		2,090,502	12.92	%		2,073,428	12.81	%	8.00	%	10.00	%
Tier 1 capital to average assets (leverage ratio)		1,912,767	8.11	%		1,895,693	8.04	%	4.00	%	5.00	%

(1)	As defined by the regulations issued by the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation (“FDIC”).

Accumulated Other Comprehensive Income (Loss) - Changes, Net of Tax (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Net of tax
Balance	$ 2,269,005	$ 2,656,912	$ 2,656,912
Unrealized net losses related to the transfer of securities from available-for-sale to held-to-maturity			(372,400)
Other comprehensive income (loss)	27,575	(395,809)
Balance	2,329,012	2,285,149	2,269,005
Accumulated Other Comprehensive Income (Loss)
Net of tax
Balance	(639,254)	(121,693)	(121,693)
Other comprehensive income (loss)	27,575	(395,809)
Balance	(611,679)	(517,502)	(639,254)
Pensions and Other Benefits
Net of tax
Balance	(5,431)	(24,390)	(24,390)
Balance	(5,431)	(24,390)	(5,431)
Investment securities
Net of tax
Other comprehensive income (loss)	26,944	(394,551)
Available-for-sale Investment securities
Net of tax
Balance	(292,175)	(97,303)	(97,303)
Other comprehensive income (loss)	18,359	(394,551)
Balance	(273,816)	(491,854)	(292,175)
Held-to-Maturity Investment Securities
Net of tax
Balance	(336,946)
Other comprehensive income (loss)	8,585
Balance	(328,361)		(336,946)
Cash Flow Derivative Hedges
Net of tax
Balance	(4,702)
Other comprehensive income (loss)	631	(1,258)
Balance	$ (4,071)	$ (1,258)	$ (4,702)

Allowance for Credit Losses

3 Months Ended

Mar. 31, 2023

Allowance for Credit Losses

Allowance for Credit Losses

4. Allowance for Credit Losses

The Company maintains the ACL that is deducted from the amortized cost basis of loans and leases to present the net carrying value of loans and leases expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectibility of the reported amount of loans and leases. While management utilizes its best judgment and information available, the ultimate appropriateness of the ACL is dependent upon a variety of factors beyond our control, including the performance of our loan portfolio, the economy, changes in interest rates and the view of the regulatory authorities toward loan classifications. The Company’s methodology is more fully described in our Annual Report on Form 10-K for the year ended December 31, 2022.

The Company also maintains an estimated reserve for unfunded commitments on the unaudited interim consolidated balance sheets. The reserve for unfunded commitments is reduced in the period in which the off-balance sheet financial instruments expire, loan funding occurs, or is otherwise settled.

Rollforward of the Allowance for Credit Losses

The following presents the activity in the ACL by class of loans and leases for the three months ended March 31, 2023 and 2022:

Three Months Ended March 31, 2023

Commercial Lending

Residential Lending

Commercial

Home

and

Real

Lease

Residential

Equity

(dollars in thousands)

Industrial

Estate

Construction

Financing

Mortgage

Line

Consumer

Total

Allowance for credit losses:

Balance at beginning of period

14,564

43,810

5,843

1,551

35,175

8,296

34,661

143,900

Charge-offs

(791)

—

(122)

(135)

(4,782)

(5,830)

Recoveries

246

—

177

2,166

2,616

Provision

(3,499)

630

(70)

(760)

1,003

9,113

6,436

Balance at end of period

14,038

40,311

6,473

1,481

34,320

9,341

41,158

147,122


	Three Months Ended March 31, 2022
	Commercial Lending								Residential Lending
	Commercial		Commercial								Home
	and		Real				Lease		Residential		Equity
(dollars in thousands)	Industrial		Estate		Construction		Financing		Mortgage		Line		Consumer		Total
Allowance for credit losses:
Balance at beginning of period	$	20,080	$	42,951	$	9,773	$	1,659	$	34,364	$	5,642	$	42,793	$	157,262
Charge-offs		(706)		—		—		—		—		(43)		(4,109)		(4,858)
Recoveries		53		14		—		—		16		28		2,148		2,259
Provision		(267)		2,273		(865)		(297)		(3,492)		(543)		(1,192)		(4,383)
Balance at end of period	$	19,160	$	45,238	$	8,908	$	1,362	$	30,888	$	5,084	$	39,640	$	150,280

Rollforward of the Reserve for Unfunded Commitments

The following presents the activity in the Reserve for Unfunded Commitments for the three months ended March 31, 2023 and 2022:

Three Months Ended March 31, 2023

Commercial Lending

Residential Lending

Commercial

Home

and

Real

Lease

Residential

Equity

(dollars in thousands)

Industrial

Estate

Construction

Financing

Mortgage

Line

Consumer

Total

Reserve for unfunded commitments:

Balance at beginning of period

7,811

2,004

7,470

—

16,483

33,835

Provision

(658)

(312)

1,482

—

(13)

1,853

2,364

Balance at end of period

7,153

1,692

8,952

—

18,336

36,199


	Three Months Ended March 31, 2022
	Commercial Lending								Residential Lending
	Commercial		Commercial								Home
	and		Real				Lease		Residential		Equity
(dollars in thousands)	Industrial		Estate		Construction		Financing		Mortgage		Line		Consumer		Total
Reserve for unfunded commitments:
Balance at beginning of period	$	8,615	$	2,114	$	8,963	$	—	$	15	$	10,546	$	69	$	30,322
Provision		693		(325)		(917)		—		(12)		(780)		(23)		(1,364)
Balance at end of period	$	9,308	$	1,789	$	8,046	$	—	$	3	$	9,766	$	46	$	28,958

Credit Quality Information

The Company performs an internal loan review and grading or scoring procedures on an ongoing basis. The review provides management with periodic information as to the quality of the loan portfolio and effectiveness of the Company’s lending policies and procedures. The objective of the loan review and grading or scoring procedures is to identify, in a timely manner, existing or emerging credit quality issues so that appropriate steps can be initiated to avoid or minimize future losses.

Loans and leases subject to grading primarily include: commercial and industrial loans, commercial real estate loans, construction loans and lease financing. Other loans subject to grading include installment loans to businesses or individuals for business and commercial purposes, overdraft lines of credit, commercial credit cards, and other credits as may be determined. Credit quality indicators for internally graded loans and leases are generally updated on an annual basis or on a quarterly basis for those loans and leases deemed to be of potentially higher risk.

An internal credit risk rating system is used to determine loan grade and is based on borrower credit risk and transactional risk. The loan grading process is a mechanism used to determine the risk of a particular borrower and is based on the following factors of a borrower: character, earnings and operating cash flow, asset and liability structure, debt capacity, management and controls, borrowing entity, and industry and operating environment.

Pass – “Pass” (uncriticized) loans and leases, are not considered to carry greater than normal risk. The borrower has the apparent ability to satisfy obligations to the Company, and therefore no loss in ultimate collection is anticipated.

Special Mention – Loans and leases that have potential weaknesses deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for assets or in the institution’s credit position at some future date. Special mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification.

Substandard – Loans and leases that are inadequately protected by the current financial condition and paying capacity of the obligor or by any collateral pledged. Loans and leases so classified must have a well-defined weakness or weaknesses that jeopardize the collection of the debt. They are characterized by the distinct possibility that the bank may sustain some loss if the deficiencies are not corrected.

Doubtful – Loans and leases that have weaknesses found in substandard borrowers with the added provision that the weaknesses make collection of debt in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

Loss – Loans and leases classified as loss are considered uncollectible and of such little value that their continuance as an asset is not warranted. This classification does not mean that the loan or lease has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this basically worthless asset even though partial recovery may be effected in the future.

Loans that are primarily monitored for credit quality using FICO scores include: residential mortgage loans, home equity lines and consumer loans. FICO scores are calculated primarily based on a consideration of payment history, the current amount of debt, the length of credit history available, a recent history of new sources of credit and the mix of credit type. FICO scores are updated on a monthly, quarterly or bi-annual basis, depending on the product type.

The amortized cost basis by year of origination and credit quality indicator of the Company’s loans and leases as of March 31, 2023 was as follows:

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

Amortized

(dollars in thousands)

2023

2022

2021

2020

2019

Prior

Cost Basis

Total

Commercial Lending

Commercial and Industrial

Risk rating:

Pass

66,587

338,534

412,459

48,560

167,698

178,991

921,651

13,566

2,148,046

Special Mention

152

16,591

202

994

2,526

1,548

2,557

283

24,853

Substandard

—

594

274

1,058

958

1,422

11,043

15,390

Other ⁽¹⁾

5,223

14,426

6,965

3,780

3,312

2,287

44,050

—

80,043

Total Commercial and Industrial

71,962

370,145

419,900

54,392

174,494

184,248

979,301

13,890

2,268,332

Current period gross charge-offs

—

711

—

791

Commercial Real Estate

Risk rating:

Pass

105,554

880,292

661,523

321,162

521,596

1,533,711

56,034

—

4,079,872

Special Mention

—

163

—

551

7,031

11,490

659

—

19,894

Substandard

—

172

—

5,808

305

—

6,285

Other ⁽¹⁾

—

149

—

149

Total Commercial Real Estate

105,554

880,455

661,523

321,885

528,627

1,551,158

56,998

—

4,106,200

Current period gross charge-offs

—

Construction

Risk rating:

Pass

15,219

152,263

333,608

89,515

103,855

141,243

20,349

—

856,052

Special Mention

—

213

—

213

Substandard

—

486

—

486

Other ⁽¹⁾

817

29,615

16,206

2,991

2,160

4,478

941

—

57,208

Total Construction

16,036

181,878

349,814

92,506

106,228

146,207

21,290

—

913,959

Current period gross charge-offs

—

Lease Financing

Risk rating:

Pass

51,664

99,102

22,653

42,081

37,333

72,254

—

325,087

Special Mention

—

388

—

470

Substandard

—

184

1,372

—

1,565

Total Lease Financing

51,664

99,102

23,041

42,347

37,342

73,626

—

327,122

Current period gross charge-offs

—

Total Commercial Lending

245,216

1,531,580

1,454,278

511,130

846,691

1,955,239

1,057,589

13,890

7,615,613

Current period gross charge-offs

—

711

—

791

(continued)


															Revolving
															Loans
															Converted
	Term Loans												Revolving		to Term
	Amortized Cost Basis by Origination Year												Loans		Loans
(continued)													Amortized		Amortized
(dollars in thousands)	2023		2022		2021		2020		2019		Prior		Cost Basis		Cost Basis		Total
Residential Lending
Residential Mortgage
FICO:
740 and greater	$	61,686	$	550,291	$	1,044,555	$	546,035	$	235,535	$	1,057,166	$	—	$	—	$	3,495,268
680 - 739		11,937		75,088		118,790		86,202		35,379		145,363		—		—		472,759
620 - 679		2,776		11,464		17,424		9,946		9,243		36,678		—		—		87,531
550 - 619		—		2,613		2,865		2,447		825		12,487		—		—		21,237
Less than 550		—		530		2,445		1,498		275		7,276		—		—		12,024
No Score ⁽³⁾		4,909		19,766		14,573		6,773		10,494		61,168		—		—		117,683
Other ⁽²⁾		4,425		18,205		18,013		13,511		9,064		35,164		13,306		552		112,240
Total Residential Mortgage		85,733		677,957		1,218,665		666,412		300,815		1,355,302		13,306		552		4,318,742
Current period gross charge-offs		—		—		—		—		—		122		—		—		122

Home Equity Line
FICO:
740 and greater		—		—		—		—		—		—		824,038		1,304		825,342
680 - 739		—		—		—		—		—		—		190,187		2,440		192,627
620 - 679		—		—		—		—		—		—		52,239		1,728		53,967
550 - 619		—		—		—		—		—		—		12,734		1,566		14,300
Less than 550		—		—		—		—		—		—		5,370		661		6,031
No Score ⁽³⁾		—		—		—		—		—		—		3,098		—		3,098
Total Home Equity Line		—		—		—		—		—		—		1,087,666		7,699		1,095,365
Current period gross charge-offs		—		—		—		—		—		—		116		19		135

Total Residential Lending	$	85,733	$	677,957	$	1,218,665	$	666,412	$	300,815	$	1,355,302	$	1,100,972	$	8,251	$	5,414,107
Current period gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	122	$	116	$	19	$	257

Consumer Lending
FICO:
740 and greater		40,337		158,451		96,174		46,618		37,211		24,636		114,058		161		517,646
680 - 739		23,366		97,741		56,306		29,741		24,169		15,970		70,708		441		318,442
620 - 679		7,022		44,839		26,924		12,728		14,484		11,731		33,772		860		152,360
550 - 619		750		10,172		9,698		6,475		7,647		7,519		11,937		855		55,053
Less than 550		122		4,446		5,400		4,078		4,951		4,518		4,329		526		28,370
No Score ⁽³⁾		866		2,376		8		—		16		36		36,396		167		39,865
Other ⁽²⁾		76		1,588		4,060		348		1,136		—		72,608		—		79,816
Total Consumer Lending	$	72,539	$	319,613	$	198,570	$	99,988	$	89,614	$	64,410	$	343,808	$	3,010	$	1,191,552
Current period gross charge-offs	$	—	$	635	$	681	$	312	$	614	$	867	$	1,471	$	202	$	4,782

Total Loans and Leases	$	403,488	$	2,529,150	$	2,871,513	$	1,277,530	$	1,237,120	$	3,374,951	$	2,502,369	$	25,151	$	14,221,272
Current period gross charge-offs	$	—	$	695	$	681	$	312	$	634	$	1,700	$	1,587	$	221	$	5,830

(1)	Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score.

(2)	Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating.

(3)	No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

The amortized cost basis by year of origination and credit quality indicator of the Company’s loans and leases as of December 31, 2022 was as follows:

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

Amortized

(dollars in thousands)

2022

2021

2020

2019

2018

Prior

Cost Basis

Total

Commercial Lending

Commercial and Industrial

Risk rating:

Pass

359,881

422,567

54,656

170,222

51,476

137,257

894,384

15,715

2,106,158

Special Mention

2,059

240

1,371

2,643

184

1,431

22,897

378

31,203

Substandard

625

289

1,117

1,092

668

885

14,733

19,474

Other ⁽¹⁾

17,679

7,721

4,329

3,965

1,881

1,167

42,320

—

79,062

Total Commercial and Industrial

380,244

430,817

61,473

177,922

54,209

140,740

974,334

16,158

2,235,897

Commercial Real Estate

Risk rating:

Pass

889,583

695,882

319,838

565,587

395,474

1,173,163

48,081

—

4,087,608

Special Mention

170

—

555

14,878

512

11,398

675

—

28,188

Substandard

—

173

—

1,704

14,485

—

16,362

Other ⁽¹⁾

—

151

—

151

Total Commercial Real Estate

889,753

695,882

320,566

580,465

397,690

1,199,197

48,756

—

4,132,309

Construction

Risk rating:

Pass

124,464

261,536

96,423

97,000

88,973

84,704

25,957

—

779,057

Special Mention

—

221

—

221

Substandard

—

490

—

511

Other ⁽¹⁾

29,694

21,339

4,686

2,201

3,784

2,196

954

—

64,854

Total Construction

154,158

282,875

101,109

99,422

92,778

87,390

26,911

—

844,643

Lease Financing

Risk rating:

Pass

113,563

24,052

43,497

37,502

6,004

67,687

—

292,305

Special Mention

—

411

2,498

1,299

—

4,208

Substandard

—

197

1,357

—

1,577

Total Lease Financing

113,563

24,463

46,192

38,813

6,015

69,044

—

298,090

Total Commercial Lending

1,537,718

1,434,037

529,340

896,622

550,692

1,496,371

1,050,001

16,158

7,510,939

(continued)

Revolving

Loans

Converted

Term Loans

Revolving

to Term

Amortized Cost Basis by Origination Year

Loans

(continued)

Amortized

(dollars in thousands)

2022

2021

2020

2019

2018

Prior

Cost Basis

Total

Residential Lending

Residential Mortgage

FICO:

740 and greater

557,636

1,064,444

560,463

245,241

165,258

920,100

—

3,513,142

680 - 739

73,929

112,672

82,416

40,355

22,126

130,508

—

462,006

620 - 679

12,320

13,804

9,881

3,649

3,054

35,441

—

78,149

550 - 619

2,455

2,246

1,791

263

601

6,955

—

14,311

Less than 550

—

1,321

367

—

966

5,304

—

7,958

No Score ⁽³⁾

22,289

14,671

6,820

10,599

15,921

47,245

—

117,545

Other ⁽²⁾

18,970

18,211

15,287

9,201

9,124

29,128

9,202

554

109,677

Total Residential Mortgage

687,599

1,227,369

677,025

309,308

217,050

1,174,681

9,202

554

4,302,788

Home Equity Line

FICO:

740 and greater

—

817,123

2,059

819,182

680 - 739

—

171,117

2,714

173,831

620 - 679

—

45,368

2,100

47,468

550 - 619

—

7,485

1,029

8,514

Less than 550

—

1,151

481

1,632

No Score ⁽³⁾

—

4,724

—

4,724

Total Home Equity Line

—

1,046,968

8,383

1,055,351

Total Residential Lending

687,599

1,227,369

677,025

309,308

217,050

1,174,681

1,056,170

8,937

5,358,139

Consumer Lending

FICO:

740 and greater

200,887

111,047

53,534

43,912

24,951

8,432

125,126

185

568,074

680 - 739

99,787

67,140

37,260

31,751

15,874

7,665

72,101

514

332,092

620 - 679

25,949

29,587

14,226

16,872

9,672

6,488

31,854

937

135,585

550 - 619

3,017

5,475

5,226

8,056

5,396

3,924

11,269

854

43,217

Less than 550

656

1,351

2,286

3,779

1,869

1,593

3,541

443

15,518

No Score ⁽³⁾

3,205

258

—

38,805

227

42,599

Other ⁽²⁾

1,615

4,082

353

1,368

—

78,430

85,849

Total Consumer Lending

335,116

218,940

112,885

105,789

57,786

28,131

361,126

3,161

1,222,934

Total Loans and Leases

2,560,433

2,880,346

1,319,250

1,311,719

825,528

2,699,183

2,467,297

28,256

14,092,012

(1)	Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score.

(2)	Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating.

(3)	No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

There were no loans and leases graded as Loss as of March 31, 2023 or December 31, 2022.

Past-Due Status

The Company continually updates its aging analysis for loans and leases to monitor the migration of loans and leases into past due categories. The Company considers loans and leases that are delinquent for 30 days or more to be past due. As of March 31, 2023 and December 31, 2022, the aging analysis of the amortized cost basis of the Company’s past due loans and leases was as follows:

March 31, 2023

Past Due

Loans and

Greater

Leases Past

Than or

Due 90 Days

30-59

60-89

Equal to

or More and

Days

90 Days

Total

Total Loans

Still Accruing

(dollars in thousands)

Past Due

Current

and Leases

Interest

Commercial and industrial

2,766

1,617

4,388

2,263,944

2,268,332

461

Commercial real estate

3,421

—

2,073

5,494

4,100,706

4,106,200

1,346

Construction

901

—

102

1,003

912,956

913,959

102

Lease financing

—

327,098

327,122

—

Residential mortgage

893

2,355

4,399

7,647

4,311,095

4,318,742

Home equity line

4,149

898

2,343

7,390

1,087,975

1,095,365

—

Consumer

22,769

1,617

2,503

26,889

1,164,663

1,191,552

2,502

Total

34,923

4,875

13,037

52,835

14,168,437

14,221,272

4,469


	December 31, 2022
	Past Due												Loans and
					Greater								Leases Past
					Than or								Due 90 Days
	30-59		60-89		Equal to								or More and
	Days		Days		90 Days		Total				Total Loans		Still Accruing
(dollars in thousands)	Past Due		Past Due		Past Due		Past Due		Current		and Leases		Interest
Commercial and industrial	$	2,682	$	769	$	1,441	$	4,892	$	2,231,005	$	2,235,897	$	291
Commercial real estate		4,505		—		727		5,232		4,127,077		4,132,309		—
Construction		109		—		—		109		844,534		844,643		—
Lease financing		—		—		—		—		298,090		298,090		—
Residential mortgage		3,681		1,983		2,572		8,236		4,294,552		4,302,788		58
Home equity line		5,161		1,381		2,072		8,614		1,046,737		1,055,351		—
Consumer		29,927		6,801		2,886		39,614		1,183,320		1,222,934		2,885
Total	$	46,065	$	10,934	$	9,698	$	66,697	$	14,025,315	$	14,092,012	$	3,234

Nonaccrual Loans and Leases

The Company generally places a loan or lease on nonaccrual status when management believes that collection of principal or interest has become doubtful or when a loan or lease becomes 90 days past due as to principal or interest, unless it is well secured and in the process of collection. The Company charges off a loan or lease when facts indicate that the loan or lease is considered uncollectible.

The amortized cost basis of loans and leases on nonaccrual status as of March 31, 2023 and December 31, 2022 and the amortized cost basis of loans and leases on nonaccrual status with no ACL as of March 31, 2023 and December 31, 2022 were as follows:


	March 31, 2023
	Nonaccrual
	Loans
	and Leases
	With No		Nonaccrual
	Allowance		Loans
(dollars in thousands)	for Credit Losses		and Leases
Commercial and industrial	$	633	$	1,158
Commercial real estate		727		727
Residential mortgage		1,551		6,896
Home equity line		596		4,903
Total Nonaccrual Loans and Leases	$	3,507	$	13,684


	December 31, 2022
	Nonaccrual
	Loans
	and Leases
	With No		Nonaccrual
	Allowance		Loans
(dollars in thousands)	for Credit Losses		and Leases
Commercial and industrial	$	665	$	1,215
Commercial real estate		727		727
Residential mortgage		1,560		6,166
Home equity line		596		3,797
Total Nonaccrual Loans and Leases	$	3,548	$	11,905

For the three months ended March 31, 2023 and 2022, the Company recognized interest income of $0.1 million and nil, respectively, on nonaccrual loans and leases. Furthermore, for both the three months ended March 31, 2023 and 2022, the amount of accrued interest receivables written off by reversing interest income was $0.2 million.

Collateral-Dependent Loans and Leases

Collateral-dependent loans and leases are those for which repayment (on the basis of the Company’s assessment as of the reporting date) is expected to be provided substantially through the operation or sale of the collateral and the borrower is experiencing financial difficulty. As of March 31, 2023 and December 31, 2022, the amortized cost basis of collateral-dependent loans were $8.1 million and $8.2 million, respectively. As of March 31, 2023 and December 31, 2022, these loans were primarily collateralized by residential real estate property. As of both March 31, 2023 and December 31, 2022, the fair value of collateral on substantially all collateral-dependent loans were significantly in excess of their amortized cost basis.

Loan Modifications to Borrowers Experiencing Financial Difficulty

The Company adopted the provisions of Accounting Standards Update (“ASU”) No. 2022-02, Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures, on January 1, 2023. This update eliminates the accounting guidance on troubled debt restructurings (“TDRs”) for creditors in Subtopic 310-40, updates the requirements related to accounting for credit losses under Topic 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. For additional information, see “Note 1. Organization and Basis of Presentation.”

Commercial and industrial loans with a borrower experiencing financial difficulty may be modified through interest rate reductions, term extensions, and converting revolving credit lines to term loans. Modifications of commercial real estate and construction loans with a borrower experiencing financial difficulty may involve reducing the interest rate for the remaining term of the loan or extending the maturity date at an interest rate lower than the current market rate for new debt with similar risk. Modifications of construction loans with a borrower experiencing financial difficulty may also involve extending the interest-only payment period. Interest continues to accrue on the missed payments and as a result, the effective yield on the loan remains unchanged. Modifications of residential real estate loans with a borrower experiencing financial difficulty may be comprised of loans where monthly payments are lowered to accommodate the borrowers' financial needs for a period of time, including extended interest-only periods and reamortization of the balance. Modifications of consumer loans with a borrower experiencing financial difficulty may involve interest rate reductions and term extensions.

Loans modified with a borrower experiencing financial difficulty, whether in default or not, may already be on nonaccrual status and in some cases, partial charge-offs may have already been taken against the outstanding loan balance. Loans modified with a borrower experiencing financial difficulty are evaluated for impairment. As a result, this may have a financial effect of impacting the specific ACL associated with the loan. An ACL for impaired commercial loans, including commercial real estate and construction loans, is measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or if the loan is collateral-dependent, the estimated fair value of the collateral, less any selling costs. An ACL for impaired residential real estate loans is measured based on the estimated fair value of the collateral, less any selling costs. Management exercises significant judgment in developing these estimates.

The following tables present, by class of financing receivable and type of modification granted, the amortized cost basis as of March 31, 2023, related to loans modified to borrowers experiencing financial difficulty during the three months ended March 31, 2023:


		Interest Rate Reduction
		Three Months Ended
		March 31, 2023
		Amortized	% of Total Class
(dollars in thousands)		Cost Basis	of Financing Receivable
Commercial real estate	$	4	n/m	%
Consumer		358	0.03
Total	$	362	n/m	%

n/m – Represents less than 0.01% of total class of financing receivable.


		Term Extension
		Three Months Ended
		March 31, 2023
		Amortized	% of Total Class
(dollars in thousands)		Cost Basis	of Financing Receivable
Commercial and industrial	$	96	n/m	%
Construction		231	0.03
Residential mortgage		34	n/m
Consumer		71	0.01
Total	$	432	n/m	%

n/m – Represents less than 0.01% of total class of financing receivable.

The following tables describe, by class of financing receivable and type of modification granted, the financial effect of the modifications made to borrowers experiencing financial difficulty during the three months ended March 31, 2023:


		Interest Rate Reduction
		Financial Effect
		Three Months Ended March 31, 2023
Commercial real estate		Reduced weighted-average contractual interest rate by 0.75%.
Consumer		Reduced weighted-average contractual interest rate by 13.51%.


		Term Extension
		Financial Effect
		Three Months Ended March 31, 2023
Commercial and industrial		Added a weighted-average 3.0 years to the life of loans.
Construction		Added a weighted-average 2.9 years to the life of loans.
Residential mortgage		Added a weighted-average 5.9 years to the life of loans.
Consumer		Added a weighted-average 4.6 years to the life of loans.

The following table presents, by class of financing receivable and type of modification granted, the amortized cost basis, as of March 31, 2023, of loans that had a payment default during the three months ended March 31, 2023 and were modified in the 12 months before default to borrowers experiencing financial difficulty. The Company is reporting these defaulted loans based on a payment default definition of 30 days past due:


	Three Months Ended March 31, 2023
	Amortized Cost Basis of Modified Loans That Subsequently Defaulted
(dollars in thousands)	Interest Rate Reduction
Consumer	$	10
Total	$	10

Performance of the loans that are modified to borrowers experiencing financial difficulty is monitored to understand the effectiveness of the Company’s modification efforts. As of March 31, 2023, the aging analysis of the amortized cost basis of the performance of loans that have been modified in the last 12 months related to borrowers experiencing financial difficulty was as follows:


		March 31, 2023
		Past Due
						Greater Than
						or Equal to
		30-59 Days		60-89 Days		90 Days		Total
(dollars in thousands)		Past Due		Past Due		Past Due		Past Due		Current		Total
Commercial and industrial	$	—	$	—	$	—	$	—	$	96	$	96
Commercial real estate		—		—		—		—		4		4
Construction		—		—		—		—		231		231
Residential mortgage		—		—		—		—		34		34
Consumer		9		—		—		9		420		429
Total	$	9	$	—	$	—	$	9	$	785	$	794

The Company had commitments to extend credit, standby letters of credit, and commercial letters of credit totaling $7.1 billion as of March 31, 2023. Of the $7.1 billion at March 31, 2023, there were commitments of $5.0 million to lend additional funds to borrowers experiencing financial difficulty for which the Company had modified the terms of the loans in the form of an interest rate reduction or a term extension during the three months ended March 31, 2023.

Troubled Debt Restructuring Disclosures Prior to Adoption of ASU No. 2022-02

Prior to the adoption of ASU No. 2022-02, the Company accounted for a modification to the contractual terms of a loan that resulted in granting a concession to a borrower experiencing financial difficulty as a TDR. On January 1, 2023, the Company adopted ASU No. 2022-02, which eliminated TDR accounting prospectively for all restructurings occurring on or after January 1, 2023. Loans that were restructured in a TDR prior to the adoption of ASU No. 2022-02 will continue to be accounted for under the historical TDR accounting until the loan is paid off or subsequently modified. The disclosures below related to TDRs for prior periods are presented in accordance with Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors.

Commercial and industrial loans modified in a TDR may have involved temporary interest-only payments, term extensions, and converting revolving credit lines to term loans. Modifications of commercial real estate and construction loans in a TDR may have involved reducing the interest rate for the remaining term of the loan, extending the maturity date at an interest rate lower than the current market rate for new debt with similar risk, or substituting or adding a new borrower or guarantor. Modifications of construction loans in a TDR may have also involved extending the interest-only payment period. Interest continued to accrue on the missed payments and as a result, the effective yield on the loan remained unchanged. Residential real estate loans modified in a TDR may have been comprised of loans where monthly payments were lowered to accommodate the borrowers' financial needs for a period of time, including extended interest-only periods and reamortization of the balance. Modifications of consumer loans in a TDR may have involved temporary or permanent reduced payments, temporary interest-only payments and below-market interest rates.

Loans modified in a TDR may have already been on nonaccrual status and in some cases, partial charge-offs may have already been taken against the outstanding loan balance. Loans modified in a TDR were evaluated for impairment. As a result, this may have had a financial effect of impacting the specific ACL associated with the loan. An ACL for impaired commercial loans, including commercial real estate and construction loans, that had been modified in a TDR was measured based on the present value of expected future cash flows discounted at the loan's effective interest rate or if the loan was collateral-dependent, the estimated fair value of the collateral, less any selling costs. An ACL for impaired residential real estate loans that had been modified in a TDR was measured based on the estimated fair value of the collateral, less any selling costs. Management exercised significant judgment in developing these estimates.

The following presents, by class, information related to loans modified in a TDR during the three months ended March 31, 2022, presented in accordance with Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors:


	Three Months Ended
	March 31, 2022
	Number of	Recorded		Related
(dollars in thousands)	Contracts⁽¹⁾	Investment⁽²⁾		ACL
Consumer	144	$	1,759	$	202
Total	144	$	1,759	$	202

(1)	The number of contracts does not include TDRs that have been fully paid off, charged off, or foreclosed upon by the end of the period.

(2)	The recorded investment balances reflect all partial paydowns and charge-offs since the modification date and do not include TDRs that have been fully paid off, charged off, or foreclosed upon by the end of the period.

The above loans were modified in a TDR through reduced payments or below-market interest rates.

The Company had commitments to extend credit, standby letters of credit, and commercial letters of credit totaling $7.0 billion as of December 31, 2022. Of the $7.0 billion at December 31, 2022, there were commitments of $0.1 million to lend additional funds related to borrowers who had loan terms modified in a TDR.

The following table presents, by class, loans modified in TDRs that have defaulted in the period below within 12 months of their permanent modification date for the period indicated, presented in accordance with Subtopic 310-40, Receivables—Troubled Debt Restructurings by Creditors. The Company was reporting these defaulted TDRs based on a payment default definition of 30 days past due:


	Three Months Ended
	March 31, 2022
	Number of	Recorded
(dollars in thousands)	Contracts⁽¹⁾	Investment⁽²⁾
Commercial and industrial	1	$	216
Consumer	142		1,991
Total	143	$	2,207

(1)	The number of contracts does not include TDRs that have been fully paid off, charged off, or foreclosed upon by the end of the period.

(2)	The recorded investment balances reflect all partial paydowns and charge-offs since the modification date and do not include TDRs that have been fully paid off, charged off, or foreclosed upon by the end of the period.

Foreclosed Property

As of both March 31, 2023 and December 31, 2022, residential real estate property held from one foreclosed residential mortgage loan of $0.1 million was included in other real estate owned and repossessed personal property shown in the unaudited interim consolidated balance sheets.

Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Derivative Financial Instruments

Summary of notional amounts and fair values of derivatives held


	March 31, 2023						December 31, 2022
			Fair Value						Fair Value
	Notional		Asset		Liability		Notional		Asset		Liability
(dollars in thousands)	Amount		Derivatives⁽¹⁾		Derivatives⁽²⁾		Amount		Derivatives⁽¹⁾		Derivatives⁽²⁾
Derivatives designated as hedging instruments:
Interest rate swaps	$	267,500	$	8,464	$	(5,681)	$	267,500	$	7,276	$	(6,840)
Interest rate collars		200,000		267		(137)		200,000		491		(63)
Derivatives not designated as hedging instruments:
Interest rate swaps		2,796,954		—		(30,043)		2,849,776		3,178		(42,365)
Visa derivative		93,312		—		(1,200)		121,013		—		(851)
Foreign exchange contracts		241		—		—		210		—		—

(1)	The positive fair values of derivative assets are included in other assets.

(2)	The negative fair values of derivative liabilities are included in other liabilities.

Schedule of net gains and losses recognized in income related to derivatives in fair value hedging relationships


	Gains (losses) recognized in	Three Months Ended
	the consolidated statements	March 31,
(dollars in thousands)	of income line item	2023		2022
Gains (losses) on fair value hedging relationships recognized in interest income:
Recognized on interest rate swap	Loans and lease financing	$	1,189	$	1,512
Recognized on hedged item	Loans and lease financing		(1,284)		(1,617)

Schedule of amounts related to cumulative basis adjustments for fair value hedges

Cumulative Amount of Fair Value

Hedging Adjustment Included in the

Carrying Amount of the Hedged Asset

(dollars in thousands)

March 31, 2023

December 31, 2022

March 31, 2023

December 31, 2022

Line item in the consolidated balance sheets in which the hedged item is included

Loans and leases

58,995

60,189

(8,505)

(7,311)

Summary of effect of cash flow hedging relationships


	Three Months Ended
	March 31,
(dollars in thousands)	2023		2022
Pretax net losses recognized in other comprehensive income on cash flow derivative hedges	$	(442)	$	(1,716)
Pretax net losses reclassified from accumulated other comprehensive income to interest income from loans and lease financing		1,303		—

Summary of impact on pretax earnings of derivatives not designated as hedges


	Net gains (losses) recognized	Three Months Ended
	in the consolidated statements	March 31,
(dollars in thousands)	of income line item	2023		2022
Derivatives Not Designated As Hedging Instruments:
Interest rate swaps	Other noninterest income	$	(378)	$	—
Visa derivative	Other noninterest income		(1,963)		(1,480)
Foreign exchange contracts	Other noninterest income		—		6

Fair Value - Significant Unobservable Inputs Used in Fair Value Measurements (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) M	Dec. 31, 2022 USD ($) M
Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Expected Conversation Rate \| Discounted cash flow \| Weighted Average
Fair value
Measurement input	1.5991	1.5991
Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Expected Conversation Rate \| Discounted cash flow \| Minimum
Fair value
Measurement input	1.5514	1.5514
Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Expected Conversation Rate \| Discounted cash flow \| Maximum
Fair value
Measurement input	1.5991	1.5991
Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Expected Term (in months or years) \| Discounted cash flow \| Minimum
Fair value
Measurement input	0	0
Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Expected Term (in months or years) \| Discounted cash flow \| Maximum
Fair value
Measurement input	6	6
Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Growth Rate (percentage) \| Discounted cash flow \| Weighted Average
Fair value
Growth Rate (as a percent)	26.00%	26.00%
Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Growth Rate (percentage) \| Discounted cash flow \| Minimum
Fair value
Growth Rate (as a percent)	10.00%	10.00%
Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Growth Rate (percentage) \| Discounted cash flow \| Maximum
Fair value
Growth Rate (as a percent)	38.00%	38.00%
Fair Value, Measurements, Nonrecurring
Fair value
Assets \| $	$ 0	$ 0
Fair Value, Measurements, Nonrecurring \| Fair Value, Inputs, Level 3 [Member] \| Visa derivative
Fair value
Liabilities \| $	$ (1,200,000)	$ (851,000)
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Expected Term (in months or years) \| Discounted cash flow
Fair value
Measurement input	3
Fair Value, Measurements, Recurring \| Fair Value, Inputs, Level 3 [Member] \| Visa derivative \| Expected Term (in months or years) \| Discounted cash flow \| Weighted Average
Fair value
Measurement input	3	3

Organization and Basis of Presentation

3 Months Ended

Mar. 31, 2023

Organization and Basis of Presentation.

Organization and Basis of Presentation

1. Organization and Basis of Presentation

First Hawaiian, Inc. (“FHI” or the “Parent”), a bank holding company, owns 100% of the outstanding common stock of First Hawaiian Bank (“FHB” or the “Bank”), its only direct, wholly owned subsidiary. FHB offers a comprehensive suite of banking services, including loans, deposit products, wealth management, insurance, trust, retirement planning, credit card and merchant processing services, to consumer and commercial customers.

The accompanying unaudited interim consolidated financial statements of First Hawaiian, Inc. and Subsidiary (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations.

The accompanying unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair presentation of the interim period consolidated financial information, have been made. Results of operations for interim periods are not necessarily indicative of results to be expected for the entire year. Intercompany account balances and transactions have been eliminated in consolidation.

Use of Estimates in the Preparation of Financial Statements

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events, actual results may differ from these estimates.

Loan Modifications to Borrowers Experiencing Financial Difficulty

Loan modifications are assessed by the Company to determine: (1) whether the borrower is experiencing financial difficulty and (2) whether the Company granted the borrower a modification or combination of modifications in the form of one or more of the following modification types: principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay and/or a term extension. If both criteria are met, then the loan modification is subject to additional evaluation for credit losses and enhanced disclosure requirements.

Generally, a non-accrual loan that has been modified with a borrower experiencing financial difficulty remains on non-accrual status for at least six months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower’s ability to meet the revised payment terms is uncertain, the loan remains on non-accrual status.

Allowance for Credit Losses

The allowance for credit losses for loans and leases (the “ACL”) is a valuation account that is deducted from the amortized cost basis of loans and leases to present the net amount expected to be collected from loans and leases. Loans and leases are charged-off against the ACL when management believes the loan or lease balance is deemed uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The Company’s ACL and the reserve for unfunded commitments under the Current Expected Credit Losses (“CECL”) approach consist of quantitative and qualitative estimates. The Company’s methodology leverages two quantitative models: a one-variable forward-looking macroeconomic model that estimates the impact of management’s economic outlook and a transition probability matrix that estimates expected losses over the long run. The quantitative estimation is overlaid with qualitative adjustments to account for current conditions and forward-looking factors not captured in the quantitative model. Qualitative adjustments that are considered include adjustments for regulatory determinants, model limitations, model maturity, and other current or anticipated events that are not captured in the Company’s historical loss experience.

The Company generally evaluates loans and leases on a collective or pool basis when similar risk characteristics exist. However, loans and leases that do not share similar risk characteristics are evaluated on an individual basis. Such loans and leases evaluated individually are excluded from the collective evaluation. Individually assessed loans are measured for estimated credit loss (“ECL”) based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral, less estimated selling costs, if the loan is collateral-dependent.

Management reviews relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts about the future. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors.

The Company utilizes a Probability of Default (“PD”)/Loss Given Default (“LGD”) framework to estimate the ACL and the reserve for unfunded commitments. The PD represents the percentage expectation to default, measured by assessing loans and leases that migrate to default status (i.e., nonaccrual status, loan modifications to borrowers experiencing financial difficulty, 90 days or more past due, partial or full charge-offs or bankruptcy). LGD is defined as the percentage of the exposure at default (“EAD”) lost at the time of default, net of any recoveries, and will be unique to each of the collateral types securing the Company’s loans. PD and LGD’s are based on past experience of the Company. The ECL on loans and leases is calculated by taking the product of the credit exposure, lifetime default probability (“LDP”) and the LGD.

The ECL model is applied to current credit exposures at the account level, using assumptions calibrated at the portfolio segment level using internal historical loan and lease level data. The Company estimates the default risk of a credit exposure over the remaining life of each account using a transition probability matrix approach which captures both the average rate of up/down-grade and default transitions, as well as withdrawal rates which capture the historical rate of exposure decline due to loan and lease amortization and prepayment. To apply the transition matrices, each credit exposure’s remaining life is split into two time segments. The first time segment is for the reasonable and supportable forecast period over which the transition matrices which are applied have been adjusted to incorporate current and forecasted conditions over that period. Management has determined that using a one-year time horizon for the reasonable and supportable forecast period for all classes of loans and leases is a reasonable forecast horizon given the difficulty in predicting future economic conditions with a high degree of certainty. The second time segment is the reversion period from the end of the reasonable and supportable forecast period to the maturity of the exposure, over which long-run average transition matrices are applied. Management elected to use an immediate reversion to the mean approach. Lifetime loss rates are applied against the amortized cost basis of loans and leases and unfunded commitments to estimate the ACL and the reserve for unfunded commitments, respectively.

On at least a quarterly basis, management convenes the Bank’s forecasting team which is responsible for reviewing the economic forecast model inputs and outputs and approving the resulting economic adjustment. The model uses a one-variable econometric model to produce factors that modify the long-run default rate assumptions used in the CECL model. These factors are applied to calculate the economic adjustment over the Reasonable and Supportable Forecast Period. At the meeting, management is presented with the economic forecast model input and output as well as the resulting economic adjustment. Depending on the current economic conditions, a range of inputs and outputs may be presented, in which case, using judgment, management will select an input and output.

The economic forecast framework also allows management to use judgment in selecting the economic model input in cases where management’s outlook diverges from the official forecasts, and to apply qualitative dollar overlays to account for other economic related conditions not captured in the economic forecast model but are expected to potentially impact losses.

The team also reviews other relevant economic variables and economic factors at the time of the meeting that could potentially impact future losses. These materials are presented to the economic forecasting team as they are economic in nature. If determined to be relevant and needing to be considered in the ACL estimate, these risks will be included in the ACL estimate through a qualitative dollar overlay that is determined using either quantitative analysis or qualitative judgment, or a mix of both. These other factors could include inflation indicators, personal income, or visitor arrivals, for example.

At present, the Company has identified three portfolio segments in estimating the ACL: commercial, residential real estate and consumer lending. The Company’s commercial portfolio segment is comprised of four distinct classes: commercial and industrial loans, commercial real estate loans, construction loans and lease financing. The key risk drivers related to this portfolio segment include risk rating, collateral type, and remaining maturity. The Company’s residential real estate portfolio segment is comprised of two distinct classes: residential real estate loans and home equity lines of credit. Specific risk characteristics related to this portfolio include the value of the underlying collateral, credit score and remaining maturity. Finally, the Company’s consumer portfolio segment is not further segmented, but consists primarily of automobile loans, credit cards and other installment loans. Automobile loans constitute the majority of this segment and are monitored using credit scores, collateral values and remaining maturity. The remainder of the consumer portfolio is predominantly unsecured.

Regarding accrued interest receivable, the Company made accounting policy elections to (1) not measure an ACL on accrued interest receivable, (2) write-off accrued interest receivable by reversing interest income and (3) present accrued interest receivable separately from the related financial asset on the balance sheet. Furthermore, regarding collateral-dependent financial assets, the Company elected the practical expedient to use the fair value of collateral at the reporting date when recording the net carrying amount of the asset and determining the ACL for a financial asset for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty based on the Company’s assessment as of the reporting date.

Accounting Standards Adopted in 2023

In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-01, Derivatives and Hedging (Topic 815), Fair Value Hedging –Portfolio Layer Method. This update clarifies the guidance in Topic 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. Under current hedge accounting guidance, the “last-of-layer” method enables an entity to apply fair value hedging to a stated amount of a closed portfolio of prepayable financial assets without having to consider prepayment risk or credit risk when measuring those assets. The hedged item represents a single layer within that closed portfolio. This update expands the scope of this guidance to allow entities to apply the “portfolio layer” method to portfolios of all financial assets, including both prepayable and nonprepayable financial assets. The current model is expanded to (1) explicitly allow entities to designate multiple layers in a single portfolio as individual hedged items and (2) also allow entities the flexibility to use any type of derivative (or combination of derivatives) by applying the multiple-layer model that aligns with its risk management strategy. Although no assets may be added to a closed portfolio once it is designated in a portfolio layer method hedge, at any time after the initial hedge designation, new hedging relationships associated with the portfolio may be designated and existing hedging relationships associated with the portfolio may be dedesignated to align with an entity’s evolving strategy for managing interest rate risk on a timely basis. Under the portfolio layer method, the basis of the portfolio assets is generally adjusted at the portfolio level rather than being allocated to individual assets within the portfolio, except when the allocation of basis adjustments is required by other areas of GAAP. The intent of this update is consistent with the FASB’s efforts to better align an entity’s financial reporting with the results of its risk management strategy and to further simplify the hedge accounting model. The Company adopted the provisions of ASU No. 2022-01 on January 1, 2023, and it did not have a material impact on the Company’s consolidated financial statements.

In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. This update eliminates the accounting guidance on troubled debt restructurings (“TDRs”) for creditors in Subtopic 310-40 and amends the guidance on vintage disclosures to require disclosure of current-period gross charge-offs by year of origination. This ASU also updates the requirements related to accounting for credit losses under Topic 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. The Company adopted the provisions of ASU No. 2022-02 on January 1, 2023, and it did not have a material impact on the Company’s consolidated financial statements. See “Note 4. Allowance for Credit Losses” for required disclosures related to this new guidance.

Enactment of the Inflation Reduction Act of 2022

On August 16, 2022, the U.S. government enacted the Inflation Reduction Act (IRA) which, among other changes, created a new corporate alternative minimum tax (AMT) based on adjusted financial statement income and imposes a 1% excise tax on corporate stock repurchases. These provisions became effective January 1, 2023. The enactment of the IRA did not have a material impact on the Company’s consolidated financial statements.

Recent Accounting Pronouncements

The following ASUs have been issued by the FASB and are applicable to the Company in future reporting periods.

In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842), Common Control Arrangements. This update clarifies the accounting for leasehold improvements associated with common control leases. Prior to this update, Topic 842 generally required leasehold improvements to have an amortization period consistent with the shorter of the useful life of those improvements or the remaining lease term. This update will require leasehold improvements associated with common control leases to be (1) amortized by the lessee over the useful life of the leasehold improvements to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset (the leased asset) through a lease, and (2) accounted for as a transfer between entities under common control through an adjustment to equity if, and when, the lessee no longer controls the use of the underlying asset. In addition, this update also subjects leasehold improvements to the impairment guidance in Topic 360, Property, Plant, and Equipment. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of evaluating the impact that this new guidance may have on the Company’s consolidated financial statements.

In March 2023, the FASB issued ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. This update expands the population of tax equity investments for which a reporting entity may elect to apply the proportional amortization method (“PAM”). Under current guidance, an entity can only elect to apply the PAM to investments in low-income housing tax credit (“LIHTC”) structures. This update permits an entity to make an election to account for tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the PAM if certain conditions are met. An accounting policy election is made to apply the PAM on a tax credit program-by-program basis rather than electing to apply the PAM at the reporting entity level or to individual investments. By applying the PAM, a reporting entity must account for the receipt of the investment tax credits using the flow-through method under Topic 740, Income Taxes, even if the entity applies the deferral method for other investment tax credits received. For all tax equity investments accounted for using the PAM, this update also requires the use of the delayed equity contribution guidance. LIHTC investments not accounted for using the PAM will no longer be permitted to use the delayed equity contribution guidance. In addition, LIHTC investments accounted for using the equity method must apply the impairment guidance in Subtopic 323-10, Investments—Equity Method and Joint Ventures—Overall. Further, LIHTC investments that are not accounted for using the PAM or the equity method must use the guidance in Topic 321, Investments—Equity Securities, when accounting for equity investments. In addition, the amendments in this update require specific disclosures that must be applied to all investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the PAM, including investments within that elected program that do not meet the conditions to apply the PAM. Such disclosures include the nature of its tax equity investments and the effect of such investments and related income tax credits and other income tax benefits on its financial position and results of operations. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of evaluating the impact that this new guidance may have on the Company’s consolidated financial statements.

Derivative Financial Instruments - Derivatives Not Designated as Hedges (Details) - Derivatives Not Designated as Hedging Instruments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Impact on pretax earnings of derivatives not designated as hedges
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Noninterest Income, Other Operating Income	Noninterest Income, Other Operating Income
Interest rate swaps
Impact on pretax earnings of derivatives not designated as hedges
Net Gains (Losses) on Derivatives Not Designated As Hedging Instruments	$ (378)
Visa Derivative
Impact on pretax earnings of derivatives not designated as hedges
Net Gains (Losses) on Derivatives Not Designated As Hedging Instruments	$ (1,963)	$ (1,480)
Foreign exchange contracts
Impact on pretax earnings of derivatives not designated as hedges
Net Gains (Losses) on Derivatives Not Designated As Hedging Instruments		$ 6

Organization and Basis of Presentation (Policies)	3 Months Ended
Organization and Basis of Presentation (Policies)	Mar. 31, 2023
Organization and Summary of Significant Accounting Policies
Organization and Basis of Presentation	First Hawaiian, Inc. (“FHI” or the “Parent”), a bank holding company, owns 100% of the outstanding common stock of First Hawaiian Bank (“FHB” or the “Bank”), its only direct, wholly owned subsidiary. FHB offers a comprehensive suite of banking services, including loans, deposit products, wealth management, insurance, trust, retirement planning, credit card and merchant processing services, to consumer and commercial customers. The accompanying unaudited interim consolidated financial statements of First Hawaiian, Inc. and Subsidiary (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The accompanying unaudited interim consolidated financial statements and notes thereto should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, all adjustments, which consist of normal recurring adjustments necessary for a fair presentation of the interim period consolidated financial information, have been made. Results of operations for interim periods are not necessarily indicative of results to be expected for the entire year. Intercompany account balances and transactions have been eliminated in consolidation.
Use of Estimates in the Preparation of Financial Statements	Use of Estimates in the Preparation of Financial Statements The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Management bases its estimates on historical experience and various other assumptions believed to be reasonable. Although these estimates are based on management’s best knowledge of current events, actual results may differ from these estimates.
Loan Modifications to Borrowers Experiencing Financial Difficulty	Loan Modifications to Borrowers Experiencing Financial Difficulty Loan modifications are assessed by the Company to determine: (1) whether the borrower is experiencing financial difficulty and (2) whether the Company granted the borrower a modification or combination of modifications in the form of one or more of the following modification types: principal forgiveness, an interest rate reduction, an other-than-insignificant payment delay and/or a term extension. If both criteria are met, then the loan modification is subject to additional evaluation for credit losses and enhanced disclosure requirements. Generally, a non-accrual loan that has been modified with a borrower experiencing financial difficulty remains on non-accrual status for at least six months to demonstrate that the borrower is able to meet the terms of the modified loan. However, performance prior to the modification, or significant events that coincide with the modification, are included in assessing whether the borrower can meet the new terms and may result in the loan being returned to accrual status at the time of loan modification or after a shorter performance period. If the borrower’s ability to meet the revised payment terms is uncertain, the loan remains on non-accrual status.
Allowance for Credit Losses	Allowance for Credit Losses The allowance for credit losses for loans and leases (the “ACL”) is a valuation account that is deducted from the amortized cost basis of loans and leases to present the net amount expected to be collected from loans and leases. Loans and leases are charged-off against the ACL when management believes the loan or lease balance is deemed uncollectible. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The Company’s ACL and the reserve for unfunded commitments under the Current Expected Credit Losses (“CECL”) approach consist of quantitative and qualitative estimates. The Company’s methodology leverages two quantitative models: a one-variable forward-looking macroeconomic model that estimates the impact of management’s economic outlook and a transition probability matrix that estimates expected losses over the long run. The quantitative estimation is overlaid with qualitative adjustments to account for current conditions and forward-looking factors not captured in the quantitative model. Qualitative adjustments that are considered include adjustments for regulatory determinants, model limitations, model maturity, and other current or anticipated events that are not captured in the Company’s historical loss experience. The Company generally evaluates loans and leases on a collective or pool basis when similar risk characteristics exist. However, loans and leases that do not share similar risk characteristics are evaluated on an individual basis. Such loans and leases evaluated individually are excluded from the collective evaluation. Individually assessed loans are measured for estimated credit loss (“ECL”) based on the present value of expected future cash flows discounted at the loan’s effective interest rate or the fair value of the collateral, less estimated selling costs, if the loan is collateral-dependent. Management reviews relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts about the future. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency levels, or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values, or other relevant factors. The Company utilizes a Probability of Default (“PD”)/Loss Given Default (“LGD”) framework to estimate the ACL and the reserve for unfunded commitments. The PD represents the percentage expectation to default, measured by assessing loans and leases that migrate to default status (i.e., nonaccrual status, loan modifications to borrowers experiencing financial difficulty, 90 days or more past due, partial or full charge-offs or bankruptcy). LGD is defined as the percentage of the exposure at default (“EAD”) lost at the time of default, net of any recoveries, and will be unique to each of the collateral types securing the Company’s loans. PD and LGD’s are based on past experience of the Company. The ECL on loans and leases is calculated by taking the product of the credit exposure, lifetime default probability (“LDP”) and the LGD. The ECL model is applied to current credit exposures at the account level, using assumptions calibrated at the portfolio segment level using internal historical loan and lease level data. The Company estimates the default risk of a credit exposure over the remaining life of each account using a transition probability matrix approach which captures both the average rate of up/down-grade and default transitions, as well as withdrawal rates which capture the historical rate of exposure decline due to loan and lease amortization and prepayment. To apply the transition matrices, each credit exposure’s remaining life is split into two time segments. The first time segment is for the reasonable and supportable forecast period over which the transition matrices which are applied have been adjusted to incorporate current and forecasted conditions over that period. Management has determined that using a one-year time horizon for the reasonable and supportable forecast period for all classes of loans and leases is a reasonable forecast horizon given the difficulty in predicting future economic conditions with a high degree of certainty. The second time segment is the reversion period from the end of the reasonable and supportable forecast period to the maturity of the exposure, over which long-run average transition matrices are applied. Management elected to use an immediate reversion to the mean approach. Lifetime loss rates are applied against the amortized cost basis of loans and leases and unfunded commitments to estimate the ACL and the reserve for unfunded commitments, respectively. On at least a quarterly basis, management convenes the Bank’s forecasting team which is responsible for reviewing the economic forecast model inputs and outputs and approving the resulting economic adjustment. The model uses a one-variable econometric model to produce factors that modify the long-run default rate assumptions used in the CECL model. These factors are applied to calculate the economic adjustment over the Reasonable and Supportable Forecast Period. At the meeting, management is presented with the economic forecast model input and output as well as the resulting economic adjustment. Depending on the current economic conditions, a range of inputs and outputs may be presented, in which case, using judgment, management will select an input and output. The economic forecast framework also allows management to use judgment in selecting the economic model input in cases where management’s outlook diverges from the official forecasts, and to apply qualitative dollar overlays to account for other economic related conditions not captured in the economic forecast model but are expected to potentially impact losses. The team also reviews other relevant economic variables and economic factors at the time of the meeting that could potentially impact future losses. These materials are presented to the economic forecasting team as they are economic in nature. If determined to be relevant and needing to be considered in the ACL estimate, these risks will be included in the ACL estimate through a qualitative dollar overlay that is determined using either quantitative analysis or qualitative judgment, or a mix of both. These other factors could include inflation indicators, personal income, or visitor arrivals, for example. At present, the Company has identified three portfolio segments in estimating the ACL: commercial, residential real estate and consumer lending. The Company’s commercial portfolio segment is comprised of four distinct classes: commercial and industrial loans, commercial real estate loans, construction loans and lease financing. The key risk drivers related to this portfolio segment include risk rating, collateral type, and remaining maturity. The Company’s residential real estate portfolio segment is comprised of two distinct classes: residential real estate loans and home equity lines of credit. Specific risk characteristics related to this portfolio include the value of the underlying collateral, credit score and remaining maturity. Finally, the Company’s consumer portfolio segment is not further segmented, but consists primarily of automobile loans, credit cards and other installment loans. Automobile loans constitute the majority of this segment and are monitored using credit scores, collateral values and remaining maturity. The remainder of the consumer portfolio is predominantly unsecured. Regarding accrued interest receivable, the Company made accounting policy elections to (1) not measure an ACL on accrued interest receivable, (2) write-off accrued interest receivable by reversing interest income and (3) present accrued interest receivable separately from the related financial asset on the balance sheet. Furthermore, regarding collateral-dependent financial assets, the Company elected the practical expedient to use the fair value of collateral at the reporting date when recording the net carrying amount of the asset and determining the ACL for a financial asset for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty based on the Company’s assessment as of the reporting date.
Accounting Standards Adopted in 2023	Accounting Standards Adopted in 2023 In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2022-01, Derivatives and Hedging (Topic 815), Fair Value Hedging –Portfolio Layer Method. This update clarifies the guidance in Topic 815 on fair value hedge accounting of interest rate risk for portfolios of financial assets. Under current hedge accounting guidance, the “last-of-layer” method enables an entity to apply fair value hedging to a stated amount of a closed portfolio of prepayable financial assets without having to consider prepayment risk or credit risk when measuring those assets. The hedged item represents a single layer within that closed portfolio. This update expands the scope of this guidance to allow entities to apply the “portfolio layer” method to portfolios of all financial assets, including both prepayable and nonprepayable financial assets. The current model is expanded to (1) explicitly allow entities to designate multiple layers in a single portfolio as individual hedged items and (2) also allow entities the flexibility to use any type of derivative (or combination of derivatives) by applying the multiple-layer model that aligns with its risk management strategy. Although no assets may be added to a closed portfolio once it is designated in a portfolio layer method hedge, at any time after the initial hedge designation, new hedging relationships associated with the portfolio may be designated and existing hedging relationships associated with the portfolio may be dedesignated to align with an entity’s evolving strategy for managing interest rate risk on a timely basis. Under the portfolio layer method, the basis of the portfolio assets is generally adjusted at the portfolio level rather than being allocated to individual assets within the portfolio, except when the allocation of basis adjustments is required by other areas of GAAP. The intent of this update is consistent with the FASB’s efforts to better align an entity’s financial reporting with the results of its risk management strategy and to further simplify the hedge accounting model. The Company adopted the provisions of ASU No. 2022-01 on January 1, 2023, and it did not have a material impact on the Company’s consolidated financial statements. In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures. This update eliminates the accounting guidance on troubled debt restructurings (“TDRs”) for creditors in Subtopic 310-40 and amends the guidance on vintage disclosures to require disclosure of current-period gross charge-offs by year of origination. This ASU also updates the requirements related to accounting for credit losses under Topic 326 and adds enhanced disclosures for creditors with respect to loan refinancings and restructurings for borrowers experiencing financial difficulty. The Company adopted the provisions of ASU No. 2022-02 on January 1, 2023, and it did not have a material impact on the Company’s consolidated financial statements. See “Note 4. Allowance for Credit Losses” for required disclosures related to this new guidance.
Enactment of the Inflation Reduction Act of 2022	Enactment of the Inflation Reduction Act of 2022 On August 16, 2022, the U.S. government enacted the Inflation Reduction Act (IRA) which, among other changes, created a new corporate alternative minimum tax (AMT) based on adjusted financial statement income and imposes a 1% excise tax on corporate stock repurchases. These provisions became effective January 1, 2023. The enactment of the IRA did not have a material impact on the Company’s consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements The following ASUs have been issued by the FASB and are applicable to the Company in future reporting periods. In March 2023, the FASB issued ASU No. 2023-01, Leases (Topic 842), Common Control Arrangements. This update clarifies the accounting for leasehold improvements associated with common control leases. Prior to this update, Topic 842 generally required leasehold improvements to have an amortization period consistent with the shorter of the useful life of those improvements or the remaining lease term. This update will require leasehold improvements associated with common control leases to be (1) amortized by the lessee over the useful life of the leasehold improvements to the common control group (regardless of the lease term) as long as the lessee controls the use of the underlying asset (the leased asset) through a lease, and (2) accounted for as a transfer between entities under common control through an adjustment to equity if, and when, the lessee no longer controls the use of the underlying asset. In addition, this update also subjects leasehold improvements to the impairment guidance in Topic 360, Property, Plant, and Equipment. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of evaluating the impact that this new guidance may have on the Company’s consolidated financial statements. In March 2023, the FASB issued ASU No. 2023-02, Investments—Equity Method and Joint Ventures (Topic 323), Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method. This update expands the population of tax equity investments for which a reporting entity may elect to apply the proportional amortization method (“PAM”). Under current guidance, an entity can only elect to apply the PAM to investments in low-income housing tax credit (“LIHTC”) structures. This update permits an entity to make an election to account for tax equity investments, regardless of the tax credit program from which the income tax credits are received, using the PAM if certain conditions are met. An accounting policy election is made to apply the PAM on a tax credit program-by-program basis rather than electing to apply the PAM at the reporting entity level or to individual investments. By applying the PAM, a reporting entity must account for the receipt of the investment tax credits using the flow-through method under Topic 740, Income Taxes, even if the entity applies the deferral method for other investment tax credits received. For all tax equity investments accounted for using the PAM, this update also requires the use of the delayed equity contribution guidance. LIHTC investments not accounted for using the PAM will no longer be permitted to use the delayed equity contribution guidance. In addition, LIHTC investments accounted for using the equity method must apply the impairment guidance in Subtopic 323-10, Investments—Equity Method and Joint Ventures—Overall. Further, LIHTC investments that are not accounted for using the PAM or the equity method must use the guidance in Topic 321, Investments—Equity Securities, when accounting for equity investments. In addition, the amendments in this update require specific disclosures that must be applied to all investments that generate income tax credits and other income tax benefits from a tax credit program for which the entity has elected to apply the PAM, including investments within that elected program that do not meet the conditions to apply the PAM. Such disclosures include the nature of its tax equity investments and the effect of such investments and related income tax credits and other income tax benefits on its financial position and results of operations. This update is effective for fiscal years beginning after December 15, 2023, including interim periods within those fiscal years. Early adoption is permitted. The Company is in the process of evaluating the impact that this new guidance may have on the Company’s consolidated financial statements.

Organization and Basis of Presentation (Details)	3 Months Ended
Organization and Basis of Presentation (Details)	Mar. 31, 2023 item
Capitalization
Loan modification, period of nonaccrual status	6 months
Estimated credit loss model, forecast horizon	1 year
Number of Portfolio Segments	3
Commercial Lending
Capitalization
Number of distinct classes within portfolio segment	4
Residential mortgage
Capitalization
Number of distinct classes within portfolio segment	2
First Hawaiian, Inc. (FHI)
Capitalization
Outstanding common stock owned (as a percent)	100.00%

Short-Term Borrowings - Components and Selected Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Short-term borrowings
Short-term borrowings	$ 250,000	$ 75,000
Long-term borrowings	500,000	0
Federal Funds Purchased [Member]
Short-term borrowings
Short-term borrowings		$ 75,000
Annual interest rate		4.35%
Highest month-end balance	150,000
Average outstanding balance	$ 67,056
Weighted-average interest rate paid (as a percent)	4.43%
Federal Home Loan Bank Advances [Member]
Short-term borrowings
Short-term borrowings	$ 250,000
Annual interest rate	5.00%
Weighted-average interest rate (as a percent)	5.00%
Highest month-end balance	$ 250,000
Average outstanding balance	$ 52,778
Weighted-average interest rate paid (as a percent)	5.02%

Derivative Financial Instruments

3 Months Ended

Mar. 31, 2023

Derivative Financial Instruments

Derivative Financial Instruments

12. Derivative Financial Instruments

The Company enters into derivative contracts primarily to manage its interest rate risk, as well as for customer accommodation purposes. Derivatives used for risk management purposes consist of interest rate swaps and collars that are designated as either a fair value hedge or a cash flow hedge. The derivatives are recognized on the unaudited interim consolidated balance sheets as either assets or liabilities at fair value. Derivatives entered into for customer accommodation purposes consist of various free-standing interest rate derivative products and foreign exchange contracts. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under these arrangements for financial statement presentation purposes.

The following table summarizes the notional amounts and fair values of derivatives held by the Company as of March 31, 2023 and December 31, 2022:


	March 31, 2023						December 31, 2022
			Fair Value						Fair Value
	Notional		Asset		Liability		Notional		Asset		Liability
(dollars in thousands)	Amount		Derivatives⁽¹⁾		Derivatives⁽²⁾		Amount		Derivatives⁽¹⁾		Derivatives⁽²⁾
Derivatives designated as hedging instruments:
Interest rate swaps	$	267,500	$	8,464	$	(5,681)	$	267,500	$	7,276	$	(6,840)
Interest rate collars		200,000		267		(137)		200,000		491		(63)
Derivatives not designated as hedging instruments:
Interest rate swaps		2,796,954		—		(30,043)		2,849,776		3,178		(42,365)
Visa derivative		93,312		—		(1,200)		121,013		—		(851)
Foreign exchange contracts		241		—		—		210		—		—

(1)	The positive fair values of derivative assets are included in other assets.

(2)	The negative fair values of derivative liabilities are included in other liabilities.

Certain interest rate swaps noted above, are cleared through clearinghouses, rather than directly with counterparties. Those transactions cleared through a clearinghouse require initial margin collateral and variation margin payments depending on the contracts being in a net asset or liability position. As of March 31, 2023 and December 31, 2022, the amount of initial margin cash collateral posted by the Company was $1.5 million and $1.2 million, respectively. As of March 31, 2023 and December 31, 2022, the variation margin was $30.0 million and $39.2 million, respectively.

As of March 31, 2023, the Company pledged $19.2 million in financial instruments and $1.5 million in cash and received $39.1 million in cash as collateral for interest rate swaps. As of December 31, 2022, the Company pledged $29.9 million in financial instruments and $1.2 million in cash and received $48.1 million in cash as collateral for interest rate swaps. As of March 31, 2023 and December 31, 2022, the cash collateral includes the excess initial margin for interest rate swaps cleared through clearinghouses and cash collateral for interest rate swaps with financial institution counterparties.

Fair Value Hedges

To manage the risk related to the Company’s net interest margin, interest rate swaps are utilized to hedge certain fixed-rate loans. These swaps have maturity, amortization and prepayment features that correspond to the loans hedged, and are designated and qualify as fair value hedges. Any gain or loss on the swaps, as well as the offsetting loss or gain on the hedged item attributable to the hedged risk, is recognized in current period earnings.

At March 31, 2023 and December 31, 2022, the Company carried one interest rate swap with a notional amount of $67.5 million, which was designated and qualified as a fair value hedge for a commercial and industrial loan. As of March 31, 2023 and December 31, 2022, the interest rate swap had a positive fair value of $8.5 million and $7.3 million, respectively. The swap matures in 2041. The Company received a USD Federal Funds floating rate and paid a fixed rate of 2.07%.

The following table shows the gains and losses recognized in income related to derivatives in fair value hedging relationships for the three months ended March 31, 2023 and 2022:


	Gains (losses) recognized in	Three Months Ended
	the consolidated statements	March 31,
(dollars in thousands)	of income line item	2023		2022
Gains (losses) on fair value hedging relationships recognized in interest income:
Recognized on interest rate swap	Loans and lease financing	$	1,189	$	1,512
Recognized on hedged item	Loans and lease financing		(1,284)		(1,617)

As of March 31, 2023 and December 31, 2022, the following amounts were recorded in the unaudited interim consolidated balance sheets related to the cumulative basis adjustments for fair value hedges:

Cumulative Amount of Fair Value

Hedging Adjustment Included in the

Carrying Amount of the Hedged Asset

(dollars in thousands)

March 31, 2023

December 31, 2022

March 31, 2023

December 31, 2022

Line item in the consolidated balance sheets in which the hedged item is included

Loans and leases

58,995

60,189

(8,505)

(7,311)

Cash Flow Hedges

The Company utilized interest rate swaps to reduce asset sensitivity and enhance current yields associated with interest payments received on a pool of floating-rate loans. The Company entered into interest rate swaps paying floating rates and receiving fixed rates. The floating-rate index (Bloomberg Short-Term Bank Yield Index, or “BSBY”) corresponds to the floating-rate nature of the interest receipts being hedged (based on USD Prime). The swaps provided an initial benefit to interest income as the Company received the higher fixed rate, which persisted while the floating rate remained below the swap’s fixed rate. By hedging with interest rate swaps, the Company minimized the adverse impact on interest income previously associated with a low interest rate environment on floating-rate loans.

As of March 31, 2023 and December 31, 2022, the Company carried two interest rate swaps with notional amounts totaling $200.0 million, with a negative fair value totaling $5.7 million and $6.8 million, respectively. The swaps mature in 2024. The Company received fixed rates ranging from 1.70% to 2.08% and paid 1-month BSBY.

The Company also utilized interest rate collars to manage interest rate risk and protect against downside risk in yields associated with interest payments received on a pool of floating-rate assets. The floating-rate index of the collars (Secured Overnight Financing Rate, or “SOFR”) corresponds to the floating-rate nature of the interest receipts being hedged (based on 1-month USD LIBOR). Interest rate collars involve the payments of variable-rate amounts if the collar index exceeds the cap strike rate on the contract and receipts of variable-rate amounts if the collar index falls below the floor strike rate on the contract. No payments are required if the collar index falls between the cap and floor rates. By hedging with interest rate collars, the Company mitigates the adverse impact on interest income associated with possible future decreases in interest rates.

As of March 31, 2023 and December 31, 2022, the Company carried two interest rate collars with notional amounts totaling $200.0 million. As of March 31, 2023, these interest rate collars had a positive fair value of $0.3 million and a negative fair value of $0.1 million. As of December 31, 2022, these interest rate collars had a positive fair value of $0.5 million and a negative fair value of $0.1 million. The collars mature in 2025 and 2027. The interest rate collars had a floor strike rate of 2.00% and cap strike rates ranging from 5.31% to 5.64%.

The interest rate swaps and collars are designated and qualify as cash flow hedges. To the extent that the hedge is considered highly effective, the gain or loss on the interest rate swaps and collars is reported as a component of other comprehensive income (loss) and reclassified into earnings in the same period that the hedged transaction affects earnings.

The following table summarizes the effect of cash flow hedging relationships for the three months ended March 31, 2023 and 2022:


	Three Months Ended
	March 31,
(dollars in thousands)	2023		2022
Pretax net losses recognized in other comprehensive income on cash flow derivative hedges	$	(442)	$	(1,716)
Pretax net losses reclassified from accumulated other comprehensive income to interest income from loans and lease financing		1,303		—

The estimated net amount to be reclassified within the next 12 months out of accumulated other comprehensive income (loss) into earnings is $5.7 million as a decrease to interest income from loans and lease financing. As of March 31, 2023, the maximum length of time over which forecasted transactions are hedged is approximately five years.

Free-Standing Derivative Instruments

For the derivatives that are not designated as hedges, changes in fair value are reported in current period earnings. The following table summarizes the impact on pretax earnings of derivatives not designated as hedges, as reported on the unaudited interim consolidated statements of income for the three months ended March 31, 2023 and 2022:


	Net gains (losses) recognized	Three Months Ended
	in the consolidated statements	March 31,
(dollars in thousands)	of income line item	2023		2022
Derivatives Not Designated As Hedging Instruments:
Interest rate swaps	Other noninterest income	$	(378)	$	—
Visa derivative	Other noninterest income		(1,963)		(1,480)
Foreign exchange contracts	Other noninterest income		—		6

As of March 31, 2023, the Company carried multiple interest rate swaps with notional amounts totaling $2.8 billion, all of which were related to the Company’s customer swap program, with a negative fair value of $30.0 million. The Company received floating rates ranging from 5.14% to 7.66% and paid fixed rates ranging from 2.39% to 5.78%. The swaps mature between October 2023 and June 2040. As of December 31, 2022, the Company carried multiple interest rate swaps with notional amounts totaling $2.8 billion, all of which were related to the Company’s customer swap program, with a positive fair value of $3.2 million and a negative fair value of $42.4 million. The Company received floating rates ranging from 4.62% to 7.12% and paid fixed rates ranging from 2.39% to 6.13%. These swaps resulted in net interest expense of nil during both the three months ended March 31, 2023 and 2022.

The Company’s customer swap program is designed by offering customers a variable-rate loan that is swapped to fixed-rate through an interest rate swap. The Company simultaneously executes an offsetting interest rate swap with a swap dealer. Upfront fees on the dealer swap are recorded in other noninterest income and totaled $0.1 million and $1.0 million for the three months ended March 31, 2023 and 2022, respectively.

Visa Class B Restricted Shares

In 2016, the Company recorded a $22.7 million net realized gain related to the sale of 274,000 Visa Class B restricted shares. Concurrent with the sale of the Visa Class B restricted shares, the Company entered into a funding swap agreement with the buyer that requires payment to the buyer in the event Visa reduces each member bank’s Class B conversion rate to unrestricted Class A common shares. During 2018 through 2022, Visa funded its litigation escrow account, thereby reducing each member bank’s Class B conversion rate to unrestricted Class A common shares from 1.6483 to the current conversion rate of 1.5991. Under the terms of the funding swap agreement, the Company will make monthly payments to the buyer based on Visa’s Class A stock price and the number of Visa Class B restricted shares that were sold until the date on which the covered litigation is settled. A derivative liability (“Visa derivative”) of $1.2 million and $0.9 million was included in the unaudited interim consolidated balance sheets at March 31, 2023 and December 31, 2022, respectively, to provide for the fair value of this liability. There were no sales of these shares prior to 2016. See “Note 17. Fair Value” for more information.

Counterparty Credit Risk

By using derivatives, the Company is exposed to counterparty credit risk if counterparties to the derivative contracts do not perform as expected. If a counterparty fails to perform, the Company’s counterparty credit risk is equal to the amount reported as a derivative asset, net of cash or other collateral received, and net of derivatives in a loss position with the same counterparty to the extent master netting arrangements exist. The Company minimizes counterparty credit risk through credit approvals, limits, monitoring procedures, executing master netting arrangements and obtaining collateral, where appropriate. Counterparty credit risk related to derivatives is considered in determining fair value.

The Company’s interest rate swap agreements include bilateral collateral agreements with collateral requirements, which begin with exposures in excess of $0.3 million. For each counterparty, the Company reviews the interest rate swap collateral daily. Collateral for customer interest rate swap agreements, calculated as the pledged asset less loan balance, requires valuation of the pledged asset. Counterparty credit risk adjustments of nil and $0.1 million were recognized during the three months ended March 31, 2023 and 2022, respectively.

Credit-Risk Related Contingent Features

Certain of the Company’s derivative contracts contain provisions whereby if the Company’s credit rating were to be downgraded by certain major credit rating agencies as a result of a merger or material adverse change in the Company’s financial condition, the counterparty could require an early termination of derivative instruments. The aggregate fair value of all derivative instruments with such credit-risk related contingent features that are in a net liability position was nil at both March 31, 2023 and December 31, 2022, for which the Company posted nil in collateral in the normal course of business. If the Company’s credit rating had been downgraded as of March 31, 2023 and December 31, 2022, the Company may have been required to settle the contracts in an amount equal to their fair value.

Derivative Financial Instruments - Fair Value Hedges and Cash Flow Hedges (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($) derivative	Dec. 31, 2022 USD ($) derivative
Other comprehensive income (loss)
Fair hedges carried
Accumulated other comprehensive income (loss) into earnings	$ 5,700
Hedge term	5 years
Derivatives designated as hedging instruments \| Interest rate swaps
Fair hedges carried
Notional amounts	$ 267,500	$ 267,500
Derivatives designated as hedging instruments \| Interest rate swaps \| Fair value hedges
Fair hedges carried
Number of interest rate swaps \| derivative	1	1
Notional amounts	$ 67,500	$ 67,500
Positive fair value	$ 8,500	$ 7,300
Fixed interest rate (as a percent)	2.07%	2.07%
Derivatives designated as hedging instruments \| Interest rate swaps \| Cash Flow Hedges
Fair hedges carried
Number of derivatives carried \| derivative	2	2
Notional amounts	$ 200,000	$ 200,000
Negative fair value	$ 5,700	$ 6,800
Derivatives designated as hedging instruments \| Interest rate swaps \| Cash Flow Hedges \| Minimum
Fair hedges carried
Fixed interest rate (as a percent)	1.70%	1.70%
Derivatives designated as hedging instruments \| Interest rate swaps \| Cash Flow Hedges \| Maximum
Fair hedges carried
Fixed interest rate (as a percent)	2.08%	2.08%
Derivatives designated as hedging instruments \| Interest Rate Collar [Member]
Fair hedges carried
Notional amounts	$ 200,000	$ 200,000
Derivatives designated as hedging instruments \| Interest Rate Collar [Member] \| Cash Flow Hedges
Fair hedges carried
Number of derivatives carried \| derivative	2	2
Notional amounts	$ 200,000	$ 200,000
Positive fair value	300	500
Negative fair value	$ 100	$ 100
Floor strike rates	2.00%	2.00%
Derivatives designated as hedging instruments \| Interest Rate Collar [Member] \| Cash Flow Hedges \| Minimum
Fair hedges carried
Cap strike rates	5.31%	5.31%
Derivatives designated as hedging instruments \| Interest Rate Collar [Member] \| Cash Flow Hedges \| Maximum
Fair hedges carried
Cap strike rates	5.64%	5.64%

Mortgage Servicing Rights - Estimated Future Amortization Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Other Intangible Assets
Unpaid principal amount of consumer loans serviced for others	$ 1,400,000		$ 1,400,000
Contractually specified fees, late charges, and ancillary fees	900	$ 1,000
Amortization of mortgage servicing rights	280	$ 736
Details of MSRs
Gross carrying amount	69,290		69,273
Less: accumulated amortization	62,991		62,711
Net carrying value	6,299		$ 6,562
Mortgage servicing assets
Estimated future amortization expenses for MSRs over the next five years
Under one year	910
One to two years	809
Two to three years	718
Three to four years	634
Four to five years	$ 560

Noninterest Income and Noninterest Expense - Net periodic benefit cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pension Plan
Components of net periodic benefit cost
Interest cost	$ 2,059	$ 1,361
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Noninterest Expense	Other Noninterest Expense
Expected return on plan assets	$ (883)	$ (783)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Noninterest Expense	Other Noninterest Expense
Recognized net actuarial loss (gain)	$ 719	$ 1,268
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Noninterest Expense	Other Noninterest Expense
Total net periodic benefit cost	$ 1,895	$ 1,846
Other Benefits
Components of net periodic benefit cost
Interest cost	$ 220	$ 144
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Noninterest Expense	Other Noninterest Expense
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Noninterest Expense	Other Noninterest Expense
Recognized net actuarial loss (gain)	$ (379)	$ (101)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Noninterest Expense	Other Noninterest Expense
Total net periodic benefit cost	$ (12)	$ 258
Other Benefits \| Salaries and employee benefits
Components of net periodic benefit cost
Service cost	$ 147	$ 215

Allowance for Credit Losses - Activity in ACL by Class of Loans and Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Rollforward of the Allowance for Credit Losses
Balance at beginning of year	$ 143,900	$ 157,262
Charge-offs	(5,830)	(4,858)
Recoveries	2,616	2,259
Provision	6,436	(4,383)
Balance at end of year	147,122	150,280
Commercial Lending
Rollforward of the Allowance for Credit Losses
Charge-offs	(791)
Commercial and Industrial
Rollforward of the Allowance for Credit Losses
Balance at beginning of year	14,564	20,080
Charge-offs	(791)	(706)
Recoveries	246	53
Provision	19	(267)
Balance at end of year	14,038	19,160
Commercial real estate
Rollforward of the Allowance for Credit Losses
Balance at beginning of year	43,810	42,951
Recoveries		14
Provision	(3,499)	2,273
Balance at end of year	40,311	45,238
Construction
Rollforward of the Allowance for Credit Losses
Balance at beginning of year	5,843	9,773
Provision	630	(865)
Balance at end of year	6,473	8,908
Lease financing
Rollforward of the Allowance for Credit Losses
Balance at beginning of year	1,551	1,659
Provision	(70)	(297)
Balance at end of year	1,481	1,362
Residential mortgage
Rollforward of the Allowance for Credit Losses
Charge-offs	(257)
Residential mortgage \| Residential Lending: Residential Mortgage
Rollforward of the Allowance for Credit Losses
Balance at beginning of year	35,175	34,364
Charge-offs	(122)
Recoveries	27	16
Provision	(760)	(3,492)
Balance at end of year	34,320	30,888
Residential mortgage \| Home equity line
Rollforward of the Allowance for Credit Losses
Charge-offs	(135)
Home equity line \| Home equity line
Rollforward of the Allowance for Credit Losses
Balance at beginning of year	8,296	5,642
Charge-offs	(135)	(43)
Recoveries	177	28
Provision	1,003	(543)
Balance at end of year	9,341	5,084
Consumer Portfolio Segment [Member]
Rollforward of the Allowance for Credit Losses
Balance at beginning of year	34,661	42,793
Charge-offs	(4,782)	(4,109)
Recoveries	2,166	2,148
Provision	9,113	(1,192)
Balance at end of year	$ 41,158	$ 39,640